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 2024
CONTENTS
Page
Company information
Directors, report
Income & expenditure account
Balance Sheet
7-12
Notes to the financial statements

SOUTH WEST MAIN LINE STEAM COMPANY
Page I
OFFICERS AND OTHER INFORMATION
For the Year Ended 31st May 2024
DIRECTORS/TRUSTEES
Mr P H Gould - Chairman
Mr J Miller-vice Chairman (Resigned 18 October 2023)
Mr R C W Abbott-vice Chairman from 17 January 2024
Mr A Broadhead (Resigned 25 September 2023)
Mr P C Chainey (Resigned 24 May 2024)
Mr N Coultas (Appointed 21 February 2024)
Mr J W Dirring
Mr W E Gane (Appointed 18 October 2023)
Mr M Hibberd
Mr R W Johns
Mr A J Reese
Mrs H M Sims (Appointed 18 Ortober 2023)
Mr S R Sims (Appointed 18 October 2023)
MrAKSugg
Mr D R Woodland (Resigned 12 May 2024)
INDEPENDENT EXAMINER Mr S J Cook
CHARITY REGISTERED
Number 1043581
COMPANY REGISTERED
Number 2929246
REGISTERED OFFICE
Yeovil Junction Station
Stoford
Yeovil
Somerset
BA22 9UU
BANKERS
Barclays Bank plc
King George Street
Yeovil
Somerset
BA20 IPX

SOUTH WEST MAIN LINE STEAM COMPANY
Independent examiners report to the trustees of South West Main Line Steam
Company
K report to the charity trustees on my cxamination of the accounts of the company for
the year ended 31 May 2024.
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 responsible for ihe preparation of the accounts in accordance
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 Act and are eligible for independent examination. I
report in respect of my examination of your charity's accounts as carried out under
section 145 of the Charities Act 2011 ('the 201 l Act,). In carrying out my
examination I have followed the Directions given by the Charity Commission under
section 145(5) (b) of the 201 l Act.
Independent examiner's statement
I have completed my examination. I confirn] that no matters have come to my
attention in connection with the examination giving me cause to believ¢:
l Accounting records were not kept in respect of the Company as ￿quired by
section 386 of the 2006 Act; or
2 The accounts do not accord with those records" or
3 The accounts do not comply with the accounting requirements of section 396
of the 2006 Act other than any requirement 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 Rewrting Standard applicable in the UK and
Republic of Ireland (FRS 102).
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 und¢rstanding of the accounts to be reached.
S J Cook ACA
Croslands, l A Danielsfjeld Roa( Yeovil. Somerset BA20 2LR
14 March 2025

SOUTH WEST MAIN LINE STEAM COMPANY
Page 2
TRUSTEES. REPORT
For the Year Ended 31st May 2024
The Trustees (who are also Directors for the purposes of Company Law) submit their
annual report and the unaudited financial statements of the company for the year ended
31" May 2024. The provisions of the Statement of Recommended Practice 'Accounting
and Reporting by Charities. (SORP FRS 102
implemented l 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 Trustee5 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 continue5 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 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
The year ended 31 May 2024 was another successful twelve months, both in number
of visitors and also financially, despite the current financial restraints that many
people face. Our main focus continues to be on attracting families with younger
children although the railway enthusiast5 Visit, not only to look around but also
witness main line steam visits. These visits are still at a low level and have not
recovered to pre-covid numbers.
The first steam Punk and Classic Car event was held in August 2023 and will be
repeated due to its popularity. The other major events, Tractor & Train weekend,
Easter weekend and Model Railway exhibition all drew high numbers of visitors.
Halloween and in particular Santa Specials also contributed to the overall surplus the
Company achieved.

SOUTH WEST MAIN LINE STEAM COMPANY
Page 3
TRUSTEES. REPORT (CONTINUED)
For the Year Ended 31st May 2024
The sale on-line of bespoke Model Railway wagons continues to expand assisted by
the presence of volunteers at Model Railway Exhibitions in the West Country. The
Trustees very much appreciate the many hours volunteers put into Wessex Wagons in
attending shows, also processing and dispatching on-line orders.
Our volunteers are the life-blood of the Company who give generously of their time,
whatever the weather and often above and beyond wh3t would be expected. The
Company is also most grateful for the continuing donations towards the Toilet Block of
over £8,000 in this year.
The toilet block construction continues and by the year end the fabric of the building
had been complete with the internal fitting out along with other more minor matters.
Although it takes more time, volunteers are being used wherever possible to keep
costs down.
Although the surplus for the year was reduced from £37,156 to £16,014 this is after
amortising the cost of moving donated railway track in connection with the South
Chord project which cost £14,372 and the purchase of a significant amount of
replacement sleepers and fittings costing £7,455. The price for electricity led to an
increase in expenditure just under £5,000.
The Company's financial position continues to be satisfactory. The Trustees are aware
of some significant future expenditure in connection with the Transfer Shed roof and
overhaul of Andrew Barclay 'Lord Fisher,. Timing and totals are not yet known. This,
with the current economic conditions, will require caution to continue to be required.
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 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 apply them consistently;
Observe the methods and principles 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 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.

SOUTH WEST MAIN LINE STEAM COMPANY
Page 4
TRUSTEES. REPORT (CONTINUED)
For the Year Ended 31st May 2024
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 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 Tru.stees on 27 February 2025
P H Gould
Chairman and Trustee

SOUTH WEST MAIN LINE STEAM COMPANY
Page 5
INCOME AND EXPENDITURE ACCOUNT
For the Year Ended 31st May 2024
NOTE
2024
2023
INCOME
Operating expenses
124,612.27
110,079.94
114,130.73
77,017.96
14,532.33
37,112.77
Other Operating Income
Operating Surplus
Bank interest received
14,532.33
1,481.27
37,112.77
43.56
SURPLUS ON ORDINARY
ACTIVITIES
10
£16,013.60
£37,156.33
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 6
BALANCE SHEET
As at 31st May 2024
NOTE
2024
2023
FIXED ASSETS
Intangibles assets
Tangible assets
1,500.00
99,824.04
2,000.00
64,569.13
101,324.04
66,569.13
CURRENT ASSETS
Stocks
Debtors
Cash at bank & in hand
18,100.91
5,321.88
85,324.12
18,143.46
3,374.33
105,770.91
108,746.91
127,288.70
CURRENT LIABILITIES
Creditors
3,712.40
3,512.88
NET CURRENT ASSETS
105,034.51
123,775.82
TOTAL ASSETS LESS LIABILITIES
£206,358.55
£190,344.95
RESERVES
Income and expenditure account 10
Engine Overhaul Fund
10
Toilet Block Fund
10
172,354.48
34,004.07
0.00
159,340.88
31,004.07
0.00
£206,358.55
£190,344.95
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 2024 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 27 February 2025

SOUTH WEST MAIN LINE STEAM COMPANY
Page 7
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31st May 2024
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 Practice applicable to charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in the UK and
Republic of Ireland (FRS 102) (effettive l January 2015)-(Charities 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) 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.
c) Tangible fixed assets
Tangible fixed assets are stated at historic cost or transaction cost less accumulated
depreciation.
d) Depreciation
The leasehold property improvements (Engine Shed) 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.
The track extension is amortised at 100 % in the year of acquisition because in the
opinion of the directors the rai15 were donated and the costs relate to the transport only.
In the event of a winding up, the rails would have no or only a very limited value.
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 directors regularly review
this assertion.
The other equipment is being written off at the rate of 200/0 per annum on the straight
line basis, commencing in the year following the year of acquisition.
e) Stock
Stock relates to stock purchased for resale, unused coal & diesel and presents for the
following year's Santa Specials held 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.

SOUTH WEST MAIN LINE STEAM COMPANY
Page 8
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the Year Ended 31st May 2024
I. ACCOUNTING POLICIES (CONTINUED)
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.
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. EXPENDrruRE
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 to
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 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
Amortisation of tangible fixed assets
Depreciation of tangible fixed assets
2024
2023
500.00
14,954.33
1,079.63
500.00
582.18
1,709.63

SOUTH WEST MAIN LINE STEAM COMPANY
Page 9
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the Year Ended 31st May 2024
6. INTANGIBLE FIXED ASSETS
Goodwill
Cost
As at I. June 2023
Additions
2,500.00
0.00
As at 31" May 2024
£2,500.00
Amortisation
As at I" June 2023
Charge for the year
500.00
500.00
As at 31" May 2024
£1,000.00
Net Book Value
As at 31" May 2024
£1,500.00
As at I" June 2023
£2,000.00
7. TANGIBLE FIXED ASSETS
Engine
structure
Track
Shed & Buildings Extension
Toilet
Block
Cost
As at I" June 2023 29,109.11 6,292.40 11,474.50 17,409.45
Additions
0.00
0.00 14,372.15 31,064.64
As at 31, May 2024 29,109.11 6,292.40 25,846.65 48,474.09
Depreciation/Amortisation
As at I" June 2023
582.18 6,292.40 11,474.50
Charge for the year
582.18
0.00 14,372.15
0.00
0.00
As at 31" May 2024
1,164.36 6,292.40 25,846.65
0.00
Net Book Value
As at 31" May 2024 £27,944.75
£0.00
£0.00 £48,474.09
As at I" June 2023 £28,526.93
£0.00
£0.00 £17,409.45

SOUTH WEST MAIN LINE STEAM COMPANY
Page 10
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the Year Ended 31st May 2024
7. TANGIBLE FIXED ASSETS (CONTINUED)
Rolling
other
Stock equipment
Total
Cost
As at I" June 2023
Additions
15,689.33 65,876.82
0.00 5,852.08
145,851.61
51,288.87
As at 31" May 2024 15,689.33 71,728.90
197,140.48
Depreciation/Amortisation
As at I" June 2023
0.00 62,933.40
Charge for the year
0.00 1,079.63
81,282.48
16,033.96
As at 31" May 2024
0.00 64,013.03
97,316.44
Net Book Value
As at 31" May 2024 £15,689.33 £7,715.87
£99,824.04
As at I. lune 2023 £15,689.33 £2,943.42
£64,569.13
The company is in the process of building a toilet block and at 31 May 2024 it is still in
the course of construction. No amortisation will be provided until construction has been
completed and the block has been brought into use.
8. DEBTORS
Prepayments
Value added tax
2024
453.93
4,867.95
2023
92.50
3,281.83
£5,321.88
£3,374.33
9. CREDITORS
2024
2,644.90
367.50
700.00
2023
2,360.38
452.50
700.00
Sundry Creditors
Monthly subs and donations in advance
Ruston Fund
£3,712.40
£3,512.88

SOUTH WEST MAIN LINE STEAM COMPANY
Page 11
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the Year Ended 31st May 2024
10. RESERVES
Income &
Expenditure
Account
Engine
Overhaul
Fund
Toilet Block
Fund
Balance at l June 2023
159,340.88
31,004.07
0.00
Retained surplus for year
7,675.35
8,338.25
Transfer from general funds
-3,000.00
3,000.00
Transfer between reserves
8,338.25
-8,338.25
Balance at 31 May 2024
£172,354.48
£34,004.07
£0.00
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 eletted 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.
The toilet block fund is a designated fund for the construrtion of a toilet block. Monies
raised towards this project 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 2024 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 2024 the charity had annual commitments under non cancellable
operating leases as follows:
2024
2023
Operating lease5 which expire:
Over five years
£1,449.40
£1,328.00
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 authorised purchases
made personally on behalf of the company.

SOUTH WEST MAIN LINE STEAM COMPANY
Page 12
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the Year Ended 31st May 2024
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 interest bearing accounts
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.
b) Attention is also focused on non-financial risks arising from train operations,
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
Construction of the Toilet Block continues although completion is now expected in
March 2025 due to the use of volunteers wherever possible to contain costs. Planning
for the South Chord is in progress and more rail was recovered during September and
October 2023 which, added to the existing recovered stock, totals enough rail for the
project. Significant fundraising will be required for the other aspects. The sale of Model
Railway wagons continues to grow and it is anticipated that this trend will continue. The
cost of the overhaul of Lord Fisher will be significant and will require a long term view to
be assessed.
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 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
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.