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2024-03-31-accounts

REGISTERED COMPANY NUMBER: 03038464 (England and Wales) REGISTERED CHARITY NUMBER: 1045547

Trustees' Report and

Unaudited Financial Statements for the Year Ended 31 March 2024

for

Somerset & Dorset Railway Heritage Trust

David R Johnson & Co Chartered Certified Accountants 110A Cher Minehead Somerset TA24 5EW

Somerset & Dorset Railway Heritage Trust

Contents of the Financial Statements for the Year Ended 31 March 2024

Page
Trustees' Report 1 to 8
Independent Examiner's Report 9
Statement of Financial Activities 10
Balance Sheet 11 to 12
Notes to the Financial Statements 13 to 22
Detailed Statement of Financial Activities 23

Somerset & Dorset Railway Heritage Trust

Trustees' Report for the Year Ended 31 March 2024

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and Activities

The Trust and S&DJR Company have distinct but over-lapping functions. The Trust is responsible for property, railway assets, funding, heritage, education and publications. The Company oversees railway operations and all commercial activity, with support from the Trust. The Company is owned by the Trust and the Trust endorses recommendations from the Company to add to the working Directors. The Trust leaves all aspects of commercial activity to the Company There are now different Trustees & Directors on both Boards which represents good governance. Profits made by the Company are gifted to the Trust.

Volunteers, their responsibilities and relationships with the railway

The Trust values all its members whether sedentary or active, but working volunteers are particularly appreciated. The value of volunteer contributions, assuming a £50 per day cost, is constant at around £300K per annum. There is no doubt that volunteers are the lifeblood of any railway and two way communication is important.

Page 1

Somerset & Dorset Railway Heritage Trust

Trustees' Report for the Year Ended 31 March 2024

ACHIEVEMENT AND PERFORMANCE Achievement & Performance Overview of the year and project development

Highlights for 2023 to 2024

Whilst the Company reports separately on its achievements, there is reference to some of these below where they relate to the gifted profit to the Trust:

Prospects for 2024-25

Site developments

The planning application to install two storage sidings on our Somervale land was achieved in 2024-2025. We are seeking planning permission for a halt at the Chilcompton end of the line.

Railway and commercial operations

The Trust continued to support the S&DJR Company in all the events it was able to organise with Trust volunteers taking on safety critical roles for the Company and providing support staff for all events.

Membership

Total membership in March 2024 stood at 965 - down from 1095 in March 2023.

Heritage

The museum opens regularly with a select band of willing helpers.

Buildings

In accordance with the terms of our lease arrangements, the building stock owned by B&NES has been kept safely maintained. Many other important repairs were undertaken last year and will continue in 2024 and into 2025.

Page 3

Somerset & Dorset Railway Heritage Trust

Trustees' Report for the Year Ended 31 March 2024

Press and Publicity

The website has been instrumental in keeping the public informed of events and appeals. Full use of social media such as Facebook and Instagram is increasingly being made to publicise appeals and events and changes to timetables that were unforeseen. We have many followers on Facebook. Donations via the website is a valuable income source. For the Company the Digi Tickets system is a great success.

Safety considerations

Safety remains paramount in relation to the site overall, the running lines and train provision. The Trust carries out an annual inspection of the facilities to address all safety issues and creates the necessary budget allocations to cover urgent or ongoing needs. In line with the recommendation of the Heritage Railway Association Operating & Safety committee the Trust considers the most recent safety issues and any reported incidents as its first Agenda Item.

Governance

Trustees meet every month to discuss policy and other matters. The Chairman, Secretary and Finance Director are appointed at the first meeting after the AGM. Sub committees of the Trust are created where necessary, but any spending decisions of those sub committees, unless specifically delegated will be ratified by a majority of Trustees. Where a meeting is not imminent, such decisions will be taken by email, but these are now ratified at the next available meeting. At present all meetings are via Microsoft Teams, Company minutes are a regular agenda item for Trust meetings and vice versa. Joint meetings of the Company Directors and Trustees are held as and when necessary. Conference calls on specific areas are also held where necessary.

Both Trust and Company have embraced the Heritage Railway Association. Office of Road & Rail Risk Management Maturity Module (known as RM3) to help them assess 10 areas essential for the running of a heritage railway including Governance, Competence and Risk Assessment. RM3 is a self-assessment tool designed to increase safety on all heritage railways and instil a culture of continuous improvement. It is due to have a review of its governance procedures by an independent assessor from another heritage railway and will act upon the recommendations accordingly.

The Trust sets an annual income and expenditure budget. It will alter this where circumstances change (e.g. reducing expenditure if income is expected to be lower than expected). Budget holders can spend up to the limit of their budget but must take cognisance of Trust cash flow in consultation with the Finance Director - expenditure is expected to be spread across the whole of the financial year.

Where a newly proposed item of expenditure arises, the budget holder must complete a budget justification form which sets out where the income to cover the expenditure will be found. The Trust holds a special interest bearing legacy account and has the power to invest such income as it sees fit using independent financial advice.

The Trust maintains a minimum of two signatories to pay invoices and sign any legal documents that may have a subsequent financial commitment and two signatories are needed to change any aspects of the Trust's accounting procedures or the primary user. Trustees are not obliged to accept the lowest quotation, or to seek a minimum of three quotations for every contractual obligation they enter. Whilst this would be the ideal, Trustees have the right to consider other aspects than simple financial costs. All decisions will be minuted for audit purposes. In all financial aspects, the Trust follows, where applicable, Charity Commission's guidelines for financial propriety.

Formal links to our local schools

The Trust has special formal links to our local schools. Norton Hill Academy has since our inception provided us with parking facilities at weekends when their facilities are not required by the school for which we are extremely grateful. We also have strong links to Fosseway special school and with the Norton Hill Primary school.

Liaison with Midsomer Norton Town Council, Radstock Town Council, Bath & North East Somerset Council, and Mendip Council

2023-24 saw us continuing to enhance the links with our local councils and although funding available through them has been reduced drastically over the last ten years, it is important to continue the links as these will be essential as we look to expand our operations on the existing single and double track sections and then north and south.

Liaison with other Somerset & Dorset organisations

The Trust continues to maintain links with the various organisations either on the S&D or associated with it.

Liaison with the Heritage Railway Association

The Trust is a member of the HRA which produces regular guidance notes on all aspects of railway operations, the work and requirements of trustees and company directors. John Baxter is the HRA's Secretary to their Operating and Safety Committee and provides regular updates on aspects of HRA operations. In addition, a number of local heritage railways both standard and narrow gauge, covering Somerset, Bath & North East Somerset, Bristol, Wiltshire, South Gloucestershire and Gloucestershire meet occasionally to discuss matters of mutual concern.

Page 3

Somerset & Dorset Railway Heritage Trust

Trustees' Report for the Year Ended 31 March 2024

The wider Community

The ambitions of the Trust acknowledge the heritage value of the Somerset and Dorset Railway line and the heritage value of Midsomer Norton Station. The Trust has an increasing understanding of the opportunity it has to bring social, economic, health, well-being and environmental benefits to the community of Midsomer Norton and its hinterland. With the expansion of reopened sections of line, there is also the potential to improve the economic fortunes and the social, health and environmental prosperity of neighbouring communities and to connect these communities with all the recognised benefits that result from this.

Publications

The S&D Telegraph has been issued on a regular basis throughout the year.

Communications with members

Apart from social media and our website we continue to use the secure system called Mail Chimp to contact individual Trust members regarding appeals. Clearly, we can only use this to contact those members who have provided a valid email address. As time goes on, we will use this to remind members relating to the renewal of their annual membership. We still have several members who do not have an email address or, if they do, have not contacted us about this - they will continue to receive paper copies of communications. If you wish us to switch over to using an email address please let the Trust Secretary or Membership Secretary know (address details are in every Telegraph).

Financial Review [Summary]

Financial results for 2023-2024 were on budget with outgoings of £75512 against income of £126660 Major routine spending was again on membership (including the Telegraph), insurance and utilities. Main routine income sources were the transferred surplus from the Company, membership fees, legacies and donations. We continue to ensure that our regular expenditure items are met from regular income as opposed to reliance on legacies. These are normally assigned to specific projects after consultation with the family of the donor.

Page 4

Somerset & Dorset Railway Heritage Trust

Trustees' Report for the Year Ended 31 March 2024

FINANCIAL REVIEW

STATEMENT OF PUBLIC BENEFITS OF THE CHARITY

Under the Charities Act 2006, Trustees must report on their charity's public benefits in their Annual Report, showing the types and nature of the benefits that justify its continued charitable status. Benefit reporting should be proportionate and appropriate to the charity's circumstances. This table shows benefits provided in 2023 -2024.

CHARITY OBJECTS (from Memorandum of Association).

Restoration and use of S&DJR route and running stock.

CORRESPONDING CLASS OF ACTIVITIES PROVIDING PRINCIPAL
PUBLIC BENEFIT BENEFITS IN 2023-24 BENEFICIARIES
Accessible historic railway for visitors. Development, repair and General public.
expansion of railway and station Visitors.
buildings. Volunteers.
Trust Members.
Conservation of cultural history Restoration of historic locomotives, General public.
carriages and wagons. Visitors.Volunteers.
Trust Members.
Extension of trackbed in accordance
with environmental
Associated considerationsfor wildlife and tree General public.Visitors.
environmentalconservation preservation
Preservation and display of S&DJR Dynamic and static museum General public.
artefacts and documents. facilities in three locations on Visitors.
site.Upgrading and variation of Volunteers.
internal museum displays.
Research into the S&DJR andassociated Research facility. Educational Visitors.
local history. resource.Responding to queries on Students.
the S&DJR. Volunteers.
Trust Members.
Historians.
Public education about the S&DJR. Continuing publication of Visitors.
the"Telegraph" magazine Students.
and"Between The Lines"newsletter. Volunteers.
Escorted group visits for schools, Trust Members.
railway societies and general Historians.
public. S&D orientated film shows
at other society locations.
Provision of recreational facilities. Extension of permissive lineside General public.
path. Improved access for disabled Walkers.
visitors. Management of ecological Visitors.
spaces.Photographic/filming Photographers.
events. Film Makers.
Provision of educational and training Training for safety-critical roles on Railway volunteers.
facilities to those restoring the S&DJR. railway operations and general
'mutual improvement' classes.
Personal track safety. Hygiene, first
aid and museum accreditation related
courses..

Page 5

Somerset & Dorset Railway Heritage Trust

Trustees' Report for the Year Ended 31 March 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The Charity is a company limited by guarantee, as defined by the Companies Act 2006. The Trust is managed by a board of up to nine Trustees elected at the Annual General Meeting. Trustees have power to co-opt to fill a vacancy that occurs during the year with that newly co-opted Trustee having full voting rights and serving until the next AGM when he or she would need to stand for election for the remainder of the term of the vacancy. Membership of the Trust is by subscription under various categories.

The Somerset & Dorset Joint Railway Company is a share-limited company and subsidiary of the Trust. It is controlled on behalf of Trust members through the Trustees' majority voting rights and their right to appoint all Directors except for one appointed by the ordinary shareholders. The Company and thus the Trust own the rights to the production of the Somerset & Dorset Railway Company crest but allows those organisations with a direct S&D link to use this free of charge

The Trustees set the overall policy and budget giving consideration to proposals put forward by the Company. The Trust holds assets such as property, rolling stock and infrastructure.

The Company is responsible for the commercial operation of the Trust's assets including railway operations and the hiring in of visiting locomotives and coal purchased for their operation, catering and the retail outlets. All profits are gifted back to the Trust, normally at the end of the financial year that runs to the 31st March. Work on the Trust's assets is financed by the Trust and can be carried out using either outside contractors or volunteers according to the skill of the latter.

The Trust is responsible for membership, the Telegraph magazine, the museum and education of the public in the S & D heritage. It is also responsible for the purchase or lease of land, obtaining planning permissions, appointing consultants as deemed necessary, the purchase of locomotives and rolling stock, on-site security, insurance and fundraising.

Changes to Trustees

Brian Litherland and Chris Ruddick resigned in April 2023. Keith Bottomley was appointed in October 2023.

Induction and training of new Trustees

Recruitment of sufficient competent Trustees is recognised as an ongoing issue for small charities. The Trust issues guidance that allows prospective Trustees to consider their own suitability for the role before applying as candidates. Trustees are expected to act in a collaborative manner whilst a member of the Trust Board and associated sub committees from time to time appointed, applying and accepting collective, democratic decision making. They are not expected to be a Trustee simply for their own ends or for that part of the railway operation with which they are primarily associated.

Relationship between the Charity and Related Parties

There are no relationships between the Trust and related parties that fall within the requirements for disclosure under the Charity Commission's SORP requirements.

The Trust is a member of the Heritage Railway Association and the Bristol Area Railway Heritage Group (BARHG) which comprises of a number of heritage railways based in Somerset, Wiltshire, Bristol, Gloucestershire, South Gloucestershire, Bath & North East Somerset, Gloucestershire and South Wales. They meet on a four monthly basis to discuss matters of mutual concern and benefit. The Trust has periodically met informally with The Somerset & Dorset Railway Trust, The North Dorset Railway Trust (based at Shillingstone on the S&D), The New Somerset & Dorset Railway (which promotes full restoration of the S&D), the Gartell Railway and those volunteers restoring Spetisbury and Midford Stations.

Page 6

Somerset & Dorset Railway Heritage Trust

Trustees' Report for the Year Ended 31 March 2024

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity number : 1045547 First established in 1995.

Company Registered Number: 3038464 (Company limited by guarantee)

VAT Registration Number: 940 7713 22

Registered office: Midsomer Norton South Station Silver Street Midsomer Norton Nr Bath Somerset BA3 2EY

Trustees:

Malcolm Barton - Finance Director John Ronald Baxter - Company Secretary Keith Bottomley Roger Burfitt - Vice Chairman Joseph Cosgrave - Agenda & Minutes Secretary Philip Howard Jones Stephen Lacey - Chairman Barrie Papworth – Chief Mechanical Engineer

Brian Litherland resigned in April 2023 Chris Ruddick was appointed in September 2022 in place of Terry Rodgers but resigned in April 2023. Keith Bottomley was appointed in October 2023.

There is one vacancy.

Independent examiner: David R Johnson & Co Chartered Certified Accountants 110A Cher Minehead Somerset TA24 5EW

Bankers:

HSBC 41 Southgate Street Bath Somerset BA1 1TH

Legal Advisers (note that the Trust has also used other legal advisers where their expertise is associated with railway issues) and where there may be a conflict of interest where Thatcher & Hallam are acting on behalf of the other party. Thatcher & Hallam Island House Midsomer Norton BA3 2HJ

Insurance Brokers: We insure through Aviva which is a recognised insurer for a number of heritage railways through: Ernest R Shaw Ltd Heritage Rail Unit 9 Caroline Point 62 Caroline Street Birmingham B3 1UF

Page 8

set & Dorset Railway Heritage Trust

Trustees' Report for the Year Ended 31 March 2024

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

Approved by the Board of Trustees on ... July 2024 and signed on its behalf by:

........................................................................ Mr S Lacey - Trustee

Page 8

Independent Examiner's Report to the Trustees of Somerset & Dorset Railway Heritage Trust

Independent examiner's report to the trustees of Somerset & Dorset Railway Heritage Trust ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 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 the 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 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.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were 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

  2. 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

  3. 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 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 understanding of the accounts to be reached.

David Robert Johnson David R Johnson & Co Chartered Certified Accountants 110A Cher Minehead Somerset TA24 5EW

Date: ....July 2024

Page 9

Somerset & Dorset Railway Heritage Trust

Statement of Financial Activities for the Year Ended 31 March 2024

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
92,564
Other trading activities
2
-
Investment income
3
4,366
Total
96,930
EXPENDITURE ON
Raising funds
63,412
Net gains/(losses) on investments
-
NET INCOME/(EXPENDITURE)
33,518
RECONCILIATION OF FUNDS
Total funds brought forward
651,196
TOTAL FUNDS CARRIED FORWARD
684,714		 Restricted
funds
£
29,730
-
-
29,730
12,100
-
17,630
179,524
197,154		 31.3.24
Total
funds
£
122,294
-
4,366
126,660
75,512
-
51,148
830,720
881,868		 31.3.23
Total
funds
£
105,374
34
342
105,750
85,879
(25,812)
(5,941)
836,661
830,720

The notes form part of these financial statements

Page 10

Somerset & Dorset Railway Heritage Trust

Balance Sheet 31 March 2024

Notes
FIXED ASSETS
Tangible assets
8
Heritage assets
9
Investments
10
CURRENT ASSETS
Stocks
11
Debtors
12
Cash at bank
CREDITORS
Amounts falling due within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
14
NET ASSETS
FUNDS
15
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
fund
£
546,738
36,563
142,406
725,707
-
6,438
86,020
92,458
(35,951)
56,507
782,214
(97,500)
684,714		 Restricted
funds
£
84,608
102,084
-
186,692
-
-
10,461
10,461
1
10,462
197,154
-
197,154		 31.3.24
Total
funds
£
631,346
138,647
142,406
912,399
-
6,438
96,481
102,919
(35,950)
66,969
979,368
(97,500)
881,868
684,714
197,154
881,868		 31.3.23
Total
funds
£
439,640
135,571
288,954
864,165
2,823
8,113
89,714
100,650
(36,595)
64,055
928,220
(97,500)
830,720
651,196
179,524
830,720

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

continued...

Page 11

Somerset & Dorset Railway Heritage Trust

Balance Sheet - continued 31 March 2024

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on ... July 2024 and were signed on its behalf by:

............................................. Mr S Lacey - Trustee

The notes form part of these financial statements

Page 12

Somerset & Dorset Railway Heritage Trust

Notes to the Financial Statements for the Year Ended 31 March 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The accounts have been prepared by the Trustees on a going concern basis which they consider appropriate, having taken into consideration the uncertainty of the future trading activities of the Trust over the next twelve months caused by the Covid-19 pandemic.

Financial reporting standard 102 - reduced disclosure exemptions

The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Heritage assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Plant and machinery etc. - 5% and 10% on reducing balance

Locomotive 9F number 92207 - not provided

Stocks

Stock of fuel has been valued at cost.

Taxation

The charity is exempt from corporation tax on its charitable activities.

continued...

Page 13

Somerset & Dorset Railway Heritage Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

1. ACCOUNTING POLICIES - continued

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

At a meeting of the trustees on 28th May 2017 it was agreed that the balances on various long outstanding restricted funds be released to finance current expenditure plans.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2. OTHER TRADING ACTIVITIES

2. OTHER TRADING ACTIVITIES
31.3.24 31.3.23
£ £
HMRC interest - 34
3. INVESTMENT INCOME
31.3.24 31.3.23
£ £
Surplus on realisation of investments 3,098 -
Bank interest 1,268 342
4,366 342
4. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
31.3.24 31.3.23
£ £
Depreciation - owned assets 14,591 11,781

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.

continued...

Page 14

Somerset & Dorset Railway Heritage Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

6. STAFF COSTS

The average monthly number of employees during the year was as follows:


Trustees
No employees received emoluments in excess of £60,000.
7.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
94,296
Other trading activities
34
Investment income
342
Total
94,672
EXPENDITURE ON
Raising funds
76,778
Net gains/(losses) on investments
(25,812)
NET INCOME/(EXPENDITURE)
(7,918)
RECONCILIATION OF FUNDS
Total funds brought forward
659,114
TOTAL FUNDS CARRIED FORWARD
651,196		 31.3.24

8
Restricted
funds
£
11,078
-
-
11,078
9,101
-
1,977
177,547
179,524		 31.3.23
7
Total
funds
£
105,374
34
342
105,750
85,879
(25,812)
(5,941)
836,661
830,720

Page 15

continued...

Somerset & Dorset Railway Heritage Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

8. TANGIBLE FIXED ASSETS

COST
At 1 April 2023
Additions
At 31 March 2024
DEPRECIATION
At 1 April 2023
Charge for year
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023
9.
HERITAGE ASSETS
MARKET VALUE
At 1 April 2023
Additions
At 31 March 2024
PROVISIONS
At 1 April 2023
Charge for year
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023		 Rolling
stock
£
391,934
41,207
433,141
65,479
8,711
74,190
358,951
326,455		 Fixtures
and
fittings
£
9,782
1,902
11,684
4,497
458
4,955
6,729
5,285		 Buildings
and
grounds
etc
£
114,861
163,188
278,049
6,961
5,422
12,383
265,666
107,900		 Totals
£
516,577
206,297
722,874
76,937
14,591
91,528
631,346
439,640
Total
£
192,560
10,393
202,953
56,989
7,317
64,306
138,647
135,571

Page 16

continued...

Somerset & Dorset Railway Heritage Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

10. FIXED ASSET INVESTMENTS

Shares in
group
Listed
undertakings
investments
£
£
MARKET VALUE
At 1 April 2023
1,000
313,766
Disposals
-
(146,548)
Revaluations
-
2,137
At 31 March 2024
1,000
169,355
PROVISIONS
At 1 April 2023
-
25,812
Revaluation adjustments
-
2,137
At 31 March 2024
-
27,949
NET BOOK VALUE
At 31 March 2024
1,000
141,406
At 31 March 2023
1,000
287,954		 Totals
£
314,766
(146,548)
2,137
170,355
25,812
2,137
27,949
142,406
288,954

There were no investment assets outside the UK. Cost or valuation at 31 March 2024 is represented by:

Shares in
group
Listed
undertakings
investments
£
£
Valuation in 2024
-
169,355
Valuation in 2024
1,000
-
1,000
169,355		 Totals
£
169,355
1,000
170,355

The company's investments at the balance sheet date in the share capital of companies include the following:

Somerset and Dorset Railway Company Limited

Registered office: Within the United Kingdom
Nature of business: Operating trains and running ancillary trading
%
Class of share: holding
Ordinary "A" shares of £1 each 100
31.3.24 31.3.23
£ £
Aggregate capital and reserves 50,150 50,150

continued...

Page 17

Somerset & Dorset Railway Heritage Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

11. STOCKS

STOCKS
31.3.24 31.3.23
£ £
Stock of fuel - 2,823
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£ £
Amounts owed by group undertakings 2,955 4,219
Other debtors 3,483 3,894
6,438 8,113
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£ £
Other creditors 32,500 32,500
Accrued expenses 3,450 4,095
35,950 36,595

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

The Other Creditors balance of £32500 relates to part of an unsecured loan from 92207 Railway Company Limited due on 1st October 2024 following the purchase of the 9F locomotive number 92207 on 1st October 2022 in the sum of £150000.

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

The balance of £97500 relates to part of an unsecured loan from 92207 Railway Company Limited payable by instalments of £32500 on 1st October 2024, 1st October 2025, and 1st October 2026 following the purchase of the 9F locomotive number 92207 on 1st October 2022 in the sum of £150000.

continued...

Page 18

Somerset & Dorset Railway Heritage Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

15. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
Carriage & Wagon Fund
Museum Fund
Track and Land Fund
Diesel Fund
Building Fund
Heritage Coaching Stock Fund
TCL Coach
Toilets
Wickham Trolley Fund
SK Purchase Fund
Land purchase Fund
Truck Fund
CSK Coach Appeal
9F Locomotive Fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
Carriage & Wagon Fund
Museum Fund
Track and Land Fund
Diesel Fund
Building Fund
Heritage Coaching Stock Fund
TCL Coach
Wickham Trolley Fund
Land purchase Fund
Truck Fund
CSK Coach Appeal
9F Locomotive Fund
TOTAL FUNDS		 At 1.4.23
£
651,196
4,882
1,306
107,322
6,728
(16)
21,124
2,634
824
2,842
14,533
-
5,531
6,305
5,509
179,524
830,720
Incoming
resources
£
96,930
-
265
135
-
-
60
-
-
6,817
325
-
22,128
29,730
126,660		 Net
movement
At
in funds
31.3.24
£
£
33,518
684,714
(30)
4,852
(159)
1,147
(5,238)
102,084
(336)
6,392
(16)
(32)
(2,580)
18,544
(125)
2,509
-
824
(142)
2,700
-
14,533
6,817
6,817
(2,375)
3,156
(314)
5,991
22,128
27,637
17,630
197,154
51,148
881,868
Resources
Movement
expended
in funds
£
£
(63,412)
33,518
(30)
(30)
(424)
(159)
(5,373)
(5,238)
(336)
(336)
(16)
(16)
(2,640)
(2,580)
(125)
(125)
(142)
(142)
-
6,817
(2,700)
(2,375)
(314)
(314)
-
22,128
(12,100)
17,630
(75,512)
51,148

continued...

Page 19

Somerset & Dorset Railway Heritage Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

15. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
Carriage & Wagon Fund
Museum Fund
Track and Land Fund
Diesel Fund
Building Fund
Heritage Coaching Stock Fund
TCL Coach
Toilets
Wickham Trolley Fund
SK Purchase Fund
Truck Fund
CSK Coach Appeal
9F Locomotive Fund
TOTAL FUNDS		 At 1.4.22
£
659,114
4,914
1,295
112,532
7,082
-
23,316
2,765
824
2,992
14,533
681
6,613
-
177,547
836,661		 Net
movement
in funds
£
(7,918)
(32)
11
(5,210)
(354)
(16)
(2,192)
(131)
-
(150)
-
4,850
(308)
5,509
1,977
(5,941)		 At
31.3.23
£
651,196
4,882
1,306
107,322
6,728
(16)
21,124
2,634
824
2,842
14,533
5,531
6,305
5,509
179,524
830,720

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Carriage & Wagon Fund
Museum Fund
Track and Land Fund
Diesel Fund
Building Fund
Heritage Coaching Stock Fund
TCL Coach
Wickham Trolley Fund
Truck Fund
CSK Coach Appeal
9F Locomotive Fund
TOTAL FUNDS		 Incoming
resources
£
94,672
-
321
120
-
-
255
-
-
4,850
23
5,509
11,078
105,750		 Resources
expended
£
(76,778)
(32)
(310)
(5,330)
(354)
(16)
(2,447)
(131)
(150)
-
(331)
-
(9,101)
(85,879)		 Gains and
Movement
losses
in funds
£
£
(25,812)
(7,918)
-
(32)
-
11
-
(5,210)
-
(354)
-
(16)
-
(2,192)
-
(131)
-
(150)
-
4,850
-
(308)
-
5,509
-
1,977
(25,812)
(5,941)

continued...

Page 20

Somerset & Dorset Railway Heritage Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

15. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Restricted funds
Carriage & Wagon Fund
Museum Fund
Track and Land Fund
Diesel Fund
Building Fund
Heritage Coaching Stock Fund
TCL Coach
Toilets
Wickham Trolley Fund
SK Purchase Fund
Land purchase Fund
Truck Fund
CSK Coach Appeal
9F Locomotive Fund
TOTAL FUNDS		 At 1.4.22
£
659,114
4,914
1,295
112,532
7,082
-
23,316
2,765
824
2,992
14,533
-
681
6,613
-
177,547
836,661		 Net
movement
in funds
£
25,600
(62)
(148)
(10,448)
(690)
(32)
(4,772)
(256)
-
(292)
-
6,817
2,475
(622)
27,637
19,607
45,207		 At
31.3.24
£
684,714
4,852
1,147
102,084
6,392
(32)
18,544
2,509
824
2,700
14,533
6,817
3,156
5,991
27,637
197,154
881,868

continued...

Page 21

Somerset & Dorset Railway Heritage Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

15. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Carriage & Wagon Fund
Museum Fund
Track and Land Fund
Diesel Fund
Building Fund
Heritage Coaching Stock Fund
TCL Coach
Wickham Trolley Fund
Land purchase Fund
Truck Fund
CSK Coach Appeal
9F Locomotive Fund
TOTAL FUNDS		 Incoming
resources
£
191,602
-
586
255
-
-
315
-
-
6,817
5,175
23
27,637
40,808
232,410		 Resources
expended
£
(140,190)
(62)
(734)
(10,703)
(690)
(32)
(5,087)
(256)
(292)
-
(2,700)
(645)
-
(21,201)
(161,391)		 Gains and
Movement
losses
in funds
£
£
(25,812)
25,600
-
(62)
-
(148)
-
(10,448)
-
(690)
-
(32)
-
(4,772)
-
(256)
-
(292)
-
6,817
-
2,475
-
(622)
-
27,637
-
19,607
(25,812)
45,207

16. CAPITAL COMMITMENTS

In January 2019 the Board agreed to purchase land at a cost of £3000, plus all legal charges, from the estate of Clarice Wells deceased once Probate has been executed.

17. RELATED PARTY DISCLOSURES

The charitable company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

18. POST BALANCE SHEET EVENTS

The Trustees have yet to draw down the residual balance in respect of a substantial legacy from the estate of Peter Sainsbury deceased.

Page 22

Somerset & Dorset Railway Heritage Trust

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Covenant from Company
HMRC Gift Aid
Membership fees
Use of facilities
Miscellaneous income
Other trading activities
HMRC interest
Investment income
Surplus on realisation of investments
Bank interest
Total incoming resources
EXPENDITURE
Raising donations and legacies
Carriage and wagon
Locomotives
Signals and telegraph
Buildings and grounds
Heat, light and power
Water
Postage and telephone
Administration
Insurance
Membership costs
Health and safety
Legal and professional charges
Rent
Bank charges
Heritage
Depreciation
Total resources expended
Net income		 Detailed Statement of Financial Activities
for the Year Ended 31 March 2024
31.3.24
31.3.23
£
£
81,537
69,956
11,117
4,278
14,615
11,223
12,099
13,812
2,926
5,375
-
730
122,294
105,374
-
34
3,098
-
1,268
342
4,366
342
126,660
105,750
4,176
11,415
6,855
15,275
1,564
130
6,016
7,657
5,221
3,397
740
1,377
1,659
1,586
3,785
2,696
8,593
8,272
8,403
5,570
918
2,606
3,950
5,247
1,026
1,026
274
378
424
310
21,908
18,937
75,512
85,879
75,512
85,879
51,148
19,871

This page does not form part of the statutory financial statements

Page 23