2025-03-31-accounts - Somerset And Dorset Railway Heritage Trust

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

Trustees' Report and Unaudited Financial Statements for the Year Ended 31 March 2025

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 2025

	Page
Trustees' Report	3 to 6
Independent Examiner's Report	7
Statement of Financial Activities	8
Balance Sheet	9 to 10
Notes to the Financial Statements	11 to 20
Detailed Statement of Financial Activities	21

Somerset & Dorset Railway Heritage Trust

Trustees' Report for the Year Ended 31 March 2025

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 2025. 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.

Highlights for April 2024 to March 2025

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:

The Trust’s income for the year was £665,804 and expenditure was £77,438.
General donations have, as with other heritage railways, continued to drop and is a cause for concern but the Trust is currently financially stable through good governance, management and legacies received.
A substantial legacy, in excess of £1.6 million, was notified from the estate of Fergus Callender. However, this will take around 18 months or more to be fully realised. The Trust’s aim is to ensure that these funds are used wisely, pump priming additional income via grants, with most of the income being allocated to the provision of a new engineering and maintenance depot and halt at Tunnel Lane within an estimated 5-year timescale.
The Trust published its Strategic Plan in October 2024 after considerable consultation with members and this forms the basis of what we intend to do over the next decade.
Membership stood at 947 as at April 2025 – it was 965 as at April 2024. This represents almost a 2% decrease mainly through deaths and non-renewals. We are actively seeking to recruit younger members to help us take the railway forward for future generations to enjoy. Volunteers working at Midsomer Norton, on the other hand, have grown slightly and we now have a new Volunteer Co-ordinator in Roy Kethro, who is doing sterling work on volunteer inductions.
Gift Aid continues to be a significant income source and steps continue to be taken to ensure that all who are eligible for Gift Aid are signed up with the Trust.
Work on the rehabilitation of the Redan Curve, using funds raised from the sale of a generous model railway collection donated by one of our new volunteers continued apace. The aim here is to make the route more accessible, and for future track laying. Trustees continue to work with Chilcompton Parish Council and Somerset Council as to future shared use.
The Trust continues 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.
For much of the year, the DMU was used extensively to ensure that the Company was able to pass across the maximum profits possible to the Trust. The Trust’s two diesel shunters, D4095 and D1120 also performed well on operating days.
The Company hired in a steam locomotive from the Dean Forest Railway in December 2024 which helped them achieve a very successful Santa season.

Issues relating to Joyce and its potential purchase remained unresolved at the end of March – subsequently its owner moved the engine to the Chinnor & Princes Risborough Railway.
Work on the 9F continues apace at workshops around the country including members facilities as well as at the in Poole site and at Midsomer Norton.
Planning permission for the Somervale Sidings was formally approved by the end of the calendar year, and subsequently the pre-commencement of work ecology mitigation requirements have been satisfied such that the project is now underway.
Trustees have met on several occasions with the newly elected MPs for the area we cover to appraise them of the Strategic Plan and how they can help us to achieve its aims.
We received numerous railway artefacts and equipment from the Somerset & Dorset Railway Trust after their having to vacate their former Washford premises for which we are extremely grateful.

Prospects for 2025-26

Planning permission to be pursued for the depot and halt at the Chilcompton end of the line.
Attracting more volunteers in all areas and recruiting new younger and more diverse Trustees, Company Directors and service managers.
Land transaction to purchase part of the existing trackbed.
More volunteer input/approval of projected £250K expenditure authorised around the station environs.
Supporting the Company in planning for the 60[th] anniversary of the closure of the S&D.
Increased future co-operation with the Somerset & Dorset Railway Trust.

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 2024 -2025.

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 2024-25	BENEFICIARIES
Accessible historic railway for	Development, repair and	General public.
visitors.	expansion of railway and station	Visitors.
	buildings.	Volunteers.
		Trust Members.
Conservation of cultural history	Restoration of historic	General public.
	locomotives, carriages and	Visitors.
	wagons.	Volunteers. Trust
		Members.
Environmental conservation	Extension of trackbed in	General public.
	accordance with environmental	Visitors.
	considerations for wildlife and
	tree preservation
Preservation and display of S&DJR	Dynamic and static museum	General public.
artefacts and documents.	facilities in three locations on site.	Visitors.
	Upgrading and variation of	Volunteers.
	internal museum displays.
Research into the S&DJR and	Research facility. Educational	Visitors.
associated local history.	resource. Responding to queries	Students.
	on the S&DJR.	Volunteers.
		Trust Members.
		Historians.

Public education about the S&DJR. Continuing publication of the Visitors.

	"Telegraph" magazine and	Students.
	"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	Walkers.
	disabled visitors. Management of	Visitors.
	ecological spaces.	Photographers.
	Photographic/filming	Film Makers.
	events.
Provision of educational and training	Training for safety-critical roles	Railway
facilities to those restoring the S&D	on railway operations and	volunteers
	general 'mutual improvement'
	classes. Personal track safety.
	Hygiene, first aid and museum
	accreditation related courses

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 Baxter - Company Secretary Keith Bottomley Roger Burfitt - Vice Chairman Joseph Cosgrave - Agenda & Minutes Secretary Philip Howard Jones Stephen Lacey – Chairman – Stephen resigned as Chairman and Trustee on 2/4/2025 Barrie Papworth – Chief Mechanical Engineer There is one vacancy.

Subsequent to Stephen’s resignation, Roger Burfitt took on the role of Acting Chairman and Keith Bottomley the role of Acting Vice-Chairman.

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

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

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

Roger Burfitt – Acting Chairman July 2024

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 2025.

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

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

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:

accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
the accounts do not accord with those records; or
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
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 FCCA

The Association of Chartered Certified Accountants

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

July 2025

Somerset & Dorset Railway Heritage Trust

Statement of Financial Activities for the Year Ended 31 March 2025 Unrestricted Restricted fund funds Notes £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 612,867 39,021 Investment income 3 13,916 - Total 626,783 39,021 EXPENDITURE ON Raising funds 4 67,071 10,367 NET INCOME 559,712 28,654 RECONCILIATION OF FUNDS Total funds brought forward 684,714 197,154 TOTAL FUNDS CARRIED FORWARD 1,244,426 225,808	31.3.25 Total funds £ 651,888 13,916 665,804 77,438 588,366 881,868 1,470,234	31.3.24 Total funds £ 122,294 4,366 126,660 75,512 51,148 830,720 881,868

Somerset & Dorset Railway Heritage Trust

Balance Sheet

31 March 2025

				31.3.25	31.3.24
		Unrestricted	Restricted	Total	Total
		fund	funds	funds	funds
	Notes	£	£	£	£
FIXED ASSETS
Tangible assets	9	538,391	115,761	654,152	631,346
Heritage assets	10	34,718	96,980	131,698	138,647
Investments	11	154,957	-	154,957	142,406
		728,066	212,741	940,807	912,399
CURRENT ASSETS
Debtors	12	11,352	2	11,354	6,438
Cash at bank		606,343	13,065	619,408	96,481
		617,695	13,067	630,762	102,919
CREDITORS
Amounts falling due within one year	13	(36,335)	-	(36,335)	(35,950)
NET CURRENT ASSETS		581,360	13,067	594,427	66,969
TOTAL ASSETS LESS CURRENT
LIABILITIES		1,309,426	225,808	1,535,234	979,368
CREDITORS
Amounts falling due after more than one year	Amounts falling due after more than one year 14	(65,000)	-	(65,000)	(97,500)
NET ASSETS		1,244,426	225,808	1,470,234	881,868
FUNDS	15
Unrestricted funds				1,244,426	684,714
Restricted funds				225,808	197,154
TOTAL FUNDS				1,470,234	881,868

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for

(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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

Roger Burfitt, Acting Chair, July 2025

Somerset & Dorset Railway Heritage Trust

Notes to the Financial Statements for the Year Ended 31 March 2025

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':

the requirements of Section 7 Statement of Cash Flows.

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.

Rolling stock - 5% on reducing balance Fixtures and fittings - 10% on reducing balance Buildings and grounds etc - 2% on reducing balance

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

Taxation

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

Fund accounting

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

Somerset & Dorset Railway Heritage Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

1. ACCOUNTING POLICIES - continued

Fund accounting

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. DONATIONS AND LEGACIES

3.

Donations Covenant from Company Legacies HMRC Gift Aid Membership fees Use of facilities Miscellaneous income Loco hire Insurance claims Grants received, included in the above, are as follows: Other grants INVESTMENT INCOME Surplus on realisation of investments Bank interest	31.3.25 £ 49,970 24,784 550,000 8,390 12,695 2,630 72 1,080 2,267 651,888 31.3.25 £ 8,390 31.3.25 £ 12,551 1,365 13,916	31.3.24 £ 81,539 11,117 - 14,615 12,097 2,926 - - - 122,294 31.3.24 £ 14,615 31.3.24 £ 3,098 1,268 4,366

Grants received, included in the above, are as follows:

Somerset & Dorset Railway Heritage Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

4. RAISING FUNDS

Raising donations and legacies

Raising donations and legacies
	31.3.25	31.3.24
	£	£
Carriage and wagon	5,715	4,176
Locomotives	1,682	6,855
Signals and telegraph	280	1,564
Buildings and grounds	11,064	6,016
Trackwork	3,350	-
Heat, light and power	5,692	5,221
Water	916	740
Postage and telephone	1,671	1,659
Administration	3,344	3,785
Insurance	8,651	8,593
Membership costs	2,983	8,403
Health and safety	1,935	918
Legal and professional charges	7,148	3,950
Rent	1,151	1,026
Bank charges	188	274
Heritage	323	424
Depreciation	21,345	21,908
	77,438	75,512
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
	31.3.25	31.3.24
	£	£
Depreciation - owned assets	14,396	14,591

5. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Somerset & Dorset Railway Heritage Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

7. STAFF COSTS

There were no staff costs for the year ended 31 March 2025 nor for the year ended 31 March 2024.

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

8.

Trustees No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 92,564 Investment income 4,366 Total 96,930 EXPENDITURE ON Raising funds 63,412 NET INCOME 33,518 RECONCILIATION OF FUNDS Total funds brought forward 651,196 TOTAL FUNDS CARRIED FORWARD 684,714	31.3.25 8 Restricted funds £ 29,730 - 29,730 12,100 17,630 179,524 197,154	31.3.24 8 Total funds £ 122,294 4,366 126,660 75,512 51,148 830,720 881,868

Somerset & Dorset Railway Heritage Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

9. TANGIBLE FIXED ASSETS

COST At 1 April 2024 Additions At 31 March 2025 DEPRECIATION At 1 April 2024 Charge for year At 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 10. HERITAGE ASSETS MARKET VALUE At 1 April 2024 and 31 March 2025 PROVISIONS At 1 April 2024 Charge for year At 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024	Rolling stock £ 433,141 17,660 450,801 74,190 8,266 82,456 368,345 358,951	Fixtures and fittings £ 11,684 - 11,684 4,955 426 5,381 6,303 6,729	Buildings and grounds etc £ 278,049 19,542 297,591 12,383 5,704 18,087 279,504 265,666	Totals £ 722,874 37,202 760,076 91,528 14,396 105,924 654,152 631,346 Total £ 202,953 64,306 6,949 71,255 131,698 138,647

Somerset & Dorset Railway Heritage Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

11. FIXED ASSET INVESTMENTS

Shares in group Listed undertakings investments £ £ MARKET VALUE At 1 April 2024 1,000 169,355 Revaluations - 12,551 At 31 March 2025 1,000 181,906 PROVISIONS At 1 April 2024 and 31 March 2025 - 27,949 NET BOOK VALUE At 31 March 2025 1,000 153,957 At 31 March 2024 1,000 141,406 There were no investment assets outside the UK. Cost or valuation at 31 March 2025 is represented by: Shares in group Listed undertakings investments £ £ Valuation in 2024 - 181,906 Valuation in 2024 1,000 - 1,000 181,906	Totals £ 170,355 12,551
	182,906
	27,949
	154,957
	142,406
	Totals £ 181,906 1,000 182,906

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
		31.3.25		31.3.24
		£		£
Aggregate capital and reserves			-	50,150

Somerset & Dorset Railway Heritage Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

		31.3.25	31.3.24
		£	£
	Amounts owed by group undertakings	5,854	2,955
	Other debtors	5,500	3,483
		11,354	6,438
13.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		31.3.25	31.3.24
		£	£
	Other creditors	32,500	32,500
	Accrued expenses	3,835	3,450
		36,335	35,950

The Other Creditors balance of £32500 relates to part of an unsecured loan from 92207 Railway Company Limited due on 1st October 2025 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 £65000 relates to part of an unsecured loan from 92207 Railway Company Limited payable by instalments of £32500 on 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.

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	At 1.4.24 £ 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	Net movement At in funds 31.3.25 £ £ 559,712 1,244,426 - 4,852 (108) 1,039 (4,984) 97,100 (320) 6,072 (355) (387) (793) 17,751 (119) 2,390 - 824 (135) 2,565 (1,415) 13,118 16,958 23,775 (845) 2,311 (298) 5,693 21,068 48,705 28,654 225,808 588,366 1,470,234

Somerset & Dorset Railway Heritage Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

15. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds General fund Restricted funds Museum Fund Track and Land Fund Diesel Fund Building Fund Heritage Coaching Stock Fund TCL Coach Wickham Trolley Fund SK Purchase Fund Land purchase Fund Truck Fund CSK Coach Appeal 9F Locomotive Fund TOTAL FUNDS	Incoming resources £ 626,783 215 120 - - 60 - - - 16,958 600 - 21,068 39,021 665,804	Resources Movement expended in funds £ £ (67,071) 559,712 (323) (108) (5,104) (4,984) (320) (320) (355) (355) (853) (793) (119) (119) (135) (135) (1,415) (1,415) - 16,958 (1,445) (845) (298) (298) - 21,068 (10,367) 28,654 (77,438) 588,366

Somerset & Dorset Railway Heritage Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

15. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

At 1.4.23 £ Unrestricted funds General fund 651,196 Restricted funds Carriage & Wagon Fund 4,882 Museum Fund 1,306 Track and Land Fund 107,322 Diesel Fund 6,728 Building Fund (16) Heritage Coaching Stock Fund 21,124 TCL Coach 2,634 Toilets 824 Wickham Trolley Fund 2,842 SK Purchase Fund 14,533 Land purchase Fund - Truck Fund 5,531 CSK Coach Appeal 6,305 9F Locomotive Fund 5,509 179,524 TOTAL FUNDS 830,720 Comparative net movement in funds, included in the above are as follows:	Net movement in funds £ 33,518 (30) (159) (5,238) (336) (16) (2,580) (125) - (142) - 6,817 (2,375) (314) 22,128 17,630 51,148	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

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 £ 96,930 - 265 135 - - 60 - - 6,817 325 - 22,128 29,730 126,660	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

Somerset & Dorset Railway Heritage Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

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 1.4.23 £ 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	Net movement At in funds 31.3.25 £ £ 593,230 1,244,426 (30) 4,852 (267) 1,039 (10,222) 97,100 (656) 6,072 (371) (387) (3,373) 17,751 (244) 2,390 - 824 (277) 2,565 (1,415) 13,118 23,775 23,775 (3,220) 2,311 (612) 5,693 43,196 48,705 46,284 225,808 639,514 1,470,234

Somerset & Dorset Railway Heritage Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

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 SK Purchase Fund Land purchase Fund Truck Fund CSK Coach Appeal 9F Locomotive Fund TOTAL FUNDS	Incoming resources £ 723,713 - 480 255 - - 120 - - - 23,775 925 - 43,196 68,751 792,464	Resources Movement expended in funds £ £ (130,483) 593,230 (30) (30) (747) (267) (10,477) (10,222) (656) (656) (371) (371) (3,493) (3,373) (244) (244) (277) (277) (1,415) (1,415) - 23,775 (4,145) (3,220) (612) (612) - 43,196 (22,467) 46,284 (152,950) 639,514

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. This is being progressed in the current financial year via a land swop with an area purchased as part of the Redan Curve purchase.

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. This is being progressed and should be resolved in this financial year. During the year the Trustees received £550,000 in respect of a legacy being part of the residual estate of Fergus Callender, deceased. The balance of the residual estate due to the Trust is estimated to realise a further approximated £550,000.

Somerset & Dorset Railway Heritage Trust

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Covenant from Company
Legacies
HMRC Gift Aid
Membership fees
Use of facilities
Miscellaneous income
Loco hire
Insurance claims
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
Trackwork
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 2025
31.3.25
31.3.24
£
£
49,970
81,539
24,784
11,117
550,000
-
8,390
14,615
12,695
12,097
2,630
2,926
72
-
1,080
-
2,267
-
651,888
122,294
12,551
3,098
1,365
1,268
13,916
4,366
665,804
126,660
5,715
4,176
1,682
6,855
280
1,564
11,064
6,016
3,350
-
5,692
5,221
916
740
1,671
1,659
3,344
3,785
8,651
8,593
2,983
8,403
1,935
918
7,148
3,950
1,151
1,026
188
274
323
424
21,345
21,908
77,438
75,512
77,438
75,512
588,366
51,148

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