REGISTERED COMPANY NUMBER: 04115126 (England and Wales) REGISTERED CHARITY NUMBER: 1087318 The Swanage Railway Trust (A Cornpany Lirnited by Guarantee) Amending Consolidated Accounts For the year ended 31 January 2023 •ACF45LGO* 2811012023 COMPANIES HCWSE
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The Swanage Railway Trust Forthe Year Ended 31January 2023 Contents Page Charity Information Chairman's Report Directors, Report 6-11 Independent Auditors, Report 12-15 Consolidated Statement of Financial Activities 16 Consolidated Balance Sheet 17 Charity Balance Sheet 18 Consolidated Ca5hflow Statement and Notes 19-20 Note5 to the Finoncial Statements 21-36
The Swanage Railway Trust Charity information COMPANY REGISTRATION NO: 4115126 CHARITY NO: 1087318 REGISTERED OFFICE: Station House Swanage Dorset, BH19 IHB DIRECTORSAND TRUSTEES {Collectively known as the Council of Management) G C Johns Ichairmanl R Coldham (Deputy Chairman) (Resigned October 20221 A L Moore (Resigned December 20221 E M Sellen N S C Coram IResiBned October 20221 P N Si115 TJ Parsons W S Trite (Resigned October 20221 M A Whitwam G W Carter (Resigned October 20221 W Sheret R Patterson {Appointed April 20221 F Roberts {Appointed October 20221 B Ford IAppointed October 20221 C Collins IAppointed October 20221 M Gould IAppointed Nov 20221 (Resigned January 20231 PROFESSIONAL ADVISERS BANKERS Barclays Bank PIC Barclays House Wimborne Road Poole Dorset BH15 2BB AUDITORS Ward Goodman Audit Services Limited 4 Cedar Park, Cobham Road Ferndown Industrial Estate Wimborne BH217SF
The Swanage Railway Trust Chairman's Strategic Report For the Year Ended 31 January 2023 We anticipated after the impart of the pandemic between 2020 and 2022 that trading in 2022123 would enjoy a bounce back to pre Covid levels enabling us to focu5 on Some key matters that had been put on hold while we addressed the impact of the pandemic. Regrettably due to factors outside our control the year under review, and represented by these accounts, turned out to be as challenging as any of the preceding years. The wat in the Ukraine and inflation badly affected our business. The rapid escalation of the war caused immediate increases in coal prices as supplies reduced. The impact being a doubling in price per ton up to £405 per ton over the course of a few month5. Similarly the impact of the war on energy production costs and other factors caused considerable inflationary pressures on our own costs. Linked to this projected significant price rises especially for home utilities affected our customers confidence and discretionary spend that led to a significant reduction in numbers using the Railway- down 25% in comparison with 2019. Events during the year, 'Road5 to Rail 'and the return of Flying Scotsman. provided welcome boosts to our visitor numbers and finances and made significant contributions toward5 reducing the trading deficit. In the second half of the year there was considerable focus on reducing costs and a voluntary redundancy programme held to remove any non-business critical posts in much the same way as the earlier programme conducted during 2020. The result of our own income reducing and our costs increasing explains the results posted by the Swanage Railway Company in these accounts. It is not a good plate to be partitularly as forecasting with certainty is difficult at present and will require considerable commitment and Confiden to turn this position around without a long term negative impact on the Railwav. These challenges have been felt across the whole heritage railway sector and are causing railway5 to revaluate their offer in a bid to maintain relevance and financial stability. It has been noted before in these reports that the Swanage Railwa5 business model needs changing to produce a surplus for re-investment. Indeed thal need was re-stated last year but meaningful progress slowed whilst the need to manage the business through these challenging trading times became our focus. The Trust has again supported the Company with a winter seasonal loan of £51)0,000 to enable activities to continue. This loan will be repaid, as has been the practise in recent years, with interest over the course of the summer. It is a necessary and vttal means of support to cover lean trading over the winter period. We continue to enjoy the support of a many volunteers and members of paid staff who gave the Railway incredible support over the year enabling it to operate safely and to provide an attractive experience for our Customers. The Trustees remain very grateful to each and every one ofyou for your commitment and sUPPOTt.
The Swanage Railway Trust Chairman's Strategic Report For the Year Ended 31 January 2023 Looking ft)rward the trading experience in 2022123 caused a more cautious approach to be taken for this year. The C'ompany factored in to its plans further cost reduttions including postponing non-critical projetts in order to target a positive outcome. Considerable focus is being given to additional special events including the return to steam of our own locomotive T3 563 and the re-introduction of the trial diesel seiCe to Wareham. Attention to the condition of rolling stock has been prioritised and other plans in hand to improve the quality of our customers experience. Elsewhere across the Railway maintenance and repair continues where essential to ensure that we can operate safely. More work is required to improve our catering offer and support to the shop to continue to grow their contribution to our customers experience and our income. There are further opportunities to pursue when resources allow. Both Museums. at Corfe Castle and Norden, are gradually becoming attrattions in their own right adding variety and interest for customer as well a5 providin8 further volunteering opportunities. We still need to pick up the challenge of moving to a sustainable basis and we hope that we will make progress with this during the year. Budgets and Business plans now contsin this as the overall objective. A new strategic plan will be prepared, after consultation. that further cements sustainability into our thinking. The Trustees recently, having reviewed the situation, are recommending to Member5 the implementation of a single larger charitable Railway Company with the existing Trust solely focused on receiving and passing on legacies. The new Board will consist of skilled and experienced Directors voted for by the Members. We are making progress With preparing for the Carriage Shed construrtion at Herston and construction is anticipated. funds permitting, starring in January 2024 with completion by Easter. The unpredictable position at present means that to a degree we should be prudent, maintaining our artivities and focusing on remaining viable until better conditions return. That does not stop us though from planning to meet our needs for better facilities and we will continue to do that and attempt to secure grant aid support for change to happen as soon as practicable. Finally, the Trustees would like to express their thanks to Andrew Moore who decided to step down as a Trustee and from his role as Honorary Treasurer to the Trust and Finance Dirertor of the Swanage Railway Company. He performed these roles successfully for us over many years and we are grateful to him for the commitment he gave the Railway over time. Thank you again for your ongoing support. Gavin Johns Chairman. SRT
The Swanage Railway Trust Dirertors Report For the Year Ended 31 January 2023 The directors are pleased to present their report together with the consolidated financial statements of the charity and its subsidiary company for the year ended 31 January 2023. STRucfuRE, GOVERNANCE AND MANAGEMENT CONSTITUTION The Swanage Railway Trust is a company limited by guarantee and a registered charity governed by its Memorandum and Articles of Association. Its Charity Number is 1087318 and its Company Number is 4115126. The legal and administrative infom)ation set out on page 3 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association, and the Statement of Recommended Practice- Accounting an(J Reporting by Charities {SORP FRS 1021. MANAGEMENT The Swanage Railway Trust has a single management body, the Board of Dirertor5 lalso known as the Council of Management), elected by the members for a two year period. Fifty percent of the directors are required to retire by rotation each year at the Trust's Annual General Meetings. The Council of Management delegate day to day responsibilities of managing the Railway to The Swanage Railwav Company's Senior Management Team, overseen by the Board. The Directors consider the following people to be part of Key Management. Directors; Andrew Moore IDirectorl Resigned December 2022 Kevin Potts (Director) Elizabeth Sellen IDirectorl Marcus Alldrick IDirectorl (Appointed June 20221 Gavirb Johns (Director) Keith Usher IDirectorl Nathan Au (Director) Trevor Parsons (Director) Robert Patterson (Director) IApF)ointed April 20221 Randy Coldham (Directorl (Appointed April 2022 and Resigned October 20221 Senior Managers: Lorna Lock IFinance and Personnel Manager) James Cox (Locomotive Carriage & Wagon Manager) Ashley Haines Ioperations Manager) Martin Trott (Passenger Services Manager) Barry Light (Permanent Way ManagerllResigned May 2022) Graham Froud Isteam Locomotive Superintendent) Andrew Haddon (Safety ènd Compliance Manager)
The Swanage Railway Trust Dirertors Report Forthe Year Ended 31 January 2023 Key Management Personnel are employed by the Swanage Railway Company and are remunerated in accordance with the pay structures estsblished by its Direttors who act with the authority delegated by the Council of Management. DIRECTORS MEEfiNGS The Council of Management meets 8 times a year. DIREoR INDu10N ANDTRAINING The directors of the charitable company are the trustees for the purpose of charity law and throughout this report are referred to as the directors. The Directors of the Trust are elected by the membership of the Trust or. in the case of the Secretary and Treasurer, can be appointed ex-officio in order to ensure that the Board has suitably experienced person5 in these positions. All Directors of the Trust are members of the Trust and as such are familiar with the overall goals of the Trust. A formal review of the Trust policies is held annually at the meeting following elections to ensure that these remain appropriate and that the new Directors are familiar with them. The Swanage Railway Trust provides a briefing pack to members considering standing for elertion to the Council of Management. This pack includes. inter-alia, a copy of the Trust's Articles of Association, a copy of the Trust's formal policies and a copy of CC3- The Charity Commission's guide for new Trust Direttors. Successful candidates are asked to confirm receipt of these in writing and that they understand the infomation contained therein. Any changes to the guidance issued by the Charity Commission will be considered by the appropriate director, and where necessary. discussed at a meeting of the Council of Management. oBJEIVEs AND ACTIVITIES The objectives of the Swanage Railway Trust. as set down in its Memorandum of Association, is to study, compile records on and acquire, restore. preserve and maintain railway lines, locomotives, rolling stock and other items of railway interest, and to provide training and instruction in such activities and in particular but without prejudice to the generality of the foregoing those associated with the Isle of Purbeck, the former London and South Western Railway, other Railways which were in existence in Southern England during and before the year of nineteen hundred and twenty-three. the Southern Railway, and the Southern Region of British Railways, and to enter in such agreements and to take all such steps as may be necessary for these purposes. and to organise, sponsor and support displays and such other show5 and events for the provision and Stimulation of information. education and interest in Such vehicles and other item5 of railway interest. The SRC Board use annual passenger numbers on the railway to measure the performance of the Group. A review of business describing how objectives and attivities have been achieved in the current year has been included in the Chairman's Strategic Report which starts on page 4.
The Swanage Railway Trust Oirectors Report For the Year Ended 31 January 2023 PUBUC BENEFIT The directors have given due regard5 to the requirement of the Charity Commission with respect to public benefit. RISK MANAGEMENT The directors have considered the major risks that the Swanage Railway Trust and its trading subsidiary face when developing strategies and strategic plans for the future. The major risks are lack of funding to prevent the Trust from achieving it5 objectives and operational issues for the trading subsidiary which will be enhanced in the future with operations to and from the main line. These risk5 may cause a delay in the Trust achieving its objectives or curtail the operations of the trading subsidiary. Where appropriate, directors obtain the assistance of experts in the various areas that are a risk to the Trust or its trading subsidiary. RELATED PARTIES The charity acknowledges a relationship with:_ The Swanage Railway Company Limited Southern Locomotives Hire Ltd Southern Locomotives Engineering Limited 71A Locomotive Ltd Class 3311 Presetvation Co. Ltd JMB Locomotive sei(e$ Drummond Locos Itd The 5wanage Railway Trust holds a controlling interest in the Swan3ge Railway Company Limited, which assists the Trust in meeting its objectives by operating the Swanage Railway and undertaking the associated trading activities. Whilst the company hès a paid staff it is still heavily dependent on the supply of volunteers by the Trust for the operation of its train services and the maintenance and development of the railwav. A number of the directors of the Swanage Railway Trust are a150 directors of the SwanaEe Railway Company Limited. It is current Trust policy that the majority of voting Directors of the Swanage Railw3y Company are also Directors of the Swanage Railway Trust. VOIUNTEERS The charity is heavily dependent on the volunteers who perform many different tasks to assist with the management. administration, maintenance and operation of the railway. FUNDRAISING STANDARDS INFORMATION The charity does not use professionol fundraisers or direct mail. Members receive regular communication through the magazine and appeal information is on the charity's website. The trustees are satisfied that there is no undue pressure on members of the public to donate to The Swanage Railway Trust.
The 5wanage Ilailway'frust Directors Report For the Year Ended 31 January 2023 FINANCIAL REVIEW The level of consolidated income has decreased largely because of the reduction of capital grants from outside organisations which were made to the trading subsidiary as those projects near completion although thi5 IS matched by a decrease in capital and revenue expenditure. Legary income in the Trust was also substantiallv greater this year. The Trust has continued to make grants to the Swanage Railway Company Limited for the restoration and construction of railway building5. track maintenance. locomotives and rolling stock which are part of the objectives of the Trust. Consolidated funds total £6,396,243 at 31 January 202312022 - £6.513,7481. There is a requirement for a high level of reserves given the substantial investment by the Trust and its subsidiary in fixed assets. RESERVES POLICY The Group has a requirement for a high level of reserves due to its lae investment in fixed assets and its trading subsidiary and for setting aside resources for future projects. Where funds have been raised for specific projects. the Group maintsins separate funds either as designated or restricted fund5- see notes 14 and 15. The available reserves of the Group are as follows: Total consolidated fund5 at 31 January 2023 Les5=_ Tangible Fixed assets Fixed asset investments Restricted funds held in bank balances Designated funds 6.396.243 5,599.628 3.486 244,795 801,419 1253,085) Free reserves are calculated by deducting fixed assets from the unrestricted {and undesignatedl reserves held at the year-end. The trustees are able to unde5ignate reserves if required. Funds in relation to fixed ossets would only be released on the sale of those assets. The Group will continue to invest in fixed assets and locomotwe overhaul in 2023124. Up to December 2022 the Directors review the finances of the Trust and its Subsidiary each month at the Council of Management meetings. The Finance Advisory Group, consistine of SRC Dirertor5. SRT Trustees and other members. is in place and meet on a regular basis throughtout the year to advise the Board and Trustees on financial matters.
The Swanage Railway Trust Directors Report For the Year Ended 31 January 2023 FUTURE PiANS The Group intends to use its strategic objectNes to utilise its resources and to develop its museum facilities and collections and to restore further items of equipment appropriate to its need for use on the Swanage Railway. STATEMENT OF DIREcfoRS' RESPONSIBILITIES The directors are responsible for preparing the Annual Report and the consolidated financial ststements in accordance with applicable law and United Kingdorn Accounting Standards (United Kingdom Generally Accepted Accounting Practicel- Company law requires the directors 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 the group and of the incoming resources and application of resources, including income and expenditu of the charitable company and the group for that period. In preparing these financial statements. the directors are required to.. Select suitable accounting policies and then apply them consistently,. Observe the methods and principles in the Charities SORP,. Make judgments and estimates that are reasonable and prudent- Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charitable group will continue in business. The directors are responsible for keeping proper accounting records that disc105e with reasonable accuracy at any time the financial position of the 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 of the group and hence for taking reasonable steps for the prevention and detettion of fraud and other irregularities. The directors are responsible for the Maintenance and integrity of the corporate and financial information included on the charitable compan5 website. Legislation in the United Kingdom governing the preparation and dissemination of financial information may differ from legislation in other jurisdictions. io
DSrectors Rei For the Ythv Ended 31j•U 2023 In sohr as the directors are aware: There is relevant audit informati(M) of whichthe chaTit3ble companrf5 3uditoT5 aTr unaware: The tTUStrts ha¥e taken all stepsthat they ¢)ughtto have taken to fflake them5efves aware of any rekvant audrt infomiation arnl to estsblish tht the auditor$3re aare of that Énformatth. The auditors, Ward Goodman. have eX$Sed theirwill1Thessto aPttheIr proVd re.appointrnent at the fOrthrn Annual General Nfeetfj Apwo¥edtybrtfjer G•in J thalmwi. SRT - 22 AQ8usF 2(Jts li
Report of the Independent Auditors of The Swanage Railway Trust For the Year Ended 31 January 2023 Opinion We have audited the consolidated financial statements of The SwanaEe Railway Trust (the parent company and its trading subsidiary, together'the group'l for the year ended 31 January 2023 which comprise the consolidated statement of financial activities, the group and parent charitable company balance sheets and the consolidated statement of cashflows and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practicel- In our opinion the financial statements.. give a true and fair view of the state of the group's and the parent charitable company'5 affairs as at 31 January 2023 and of the group's and parent charitable compan5 incomin8 resource5 and application of resources, including its income and expenditure, for the period then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our SponSibl11t1eS under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the group and the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which the ISAS IUKI require us to report to you where.. the direttorfs, use of the going concern basis of accounting in the preparation of the financial statements is not appropriate- or the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's or parent charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve month5 from the date wherb the financial statements are authorised for issue. 12
Report of the Independent Auditors of The Swanage RailwayTru5t For the Year Ended 31 January 2023 other information The trustees and directors are responsible for the other information. The other information comprises the information included in the annual report. other than the financial statement5 and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurafi conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the finantial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If. based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fart. We have nothin8 to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion- the financial statements are not in agreement with the accounting record5 and returns: or we have not received all the infomation and explanations we require for our audit. Responsibilitie5 Of Directors As explained more fully in the Statement of Directorfs Responsibilities set out on page eleven, the Directors are responsible for thÈ preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the dirertors determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group and parent charitable company's ability to continue as a going concern, disclosing, as applicable. matters related to goin8 concern and Using the going concern basis of accounting unless the directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 13
Report of the Independent Auditors of The Swanage Railway Trust For the Year Ended 31 January 2023 Our responsibilities for the audit of the financial ststements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mi55tatement, whether due to fraud or error. and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not o guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Mis5tatemerbts can arise from fraud or error and are considered material if. indtvidually or in the aggreBate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statement5. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respert of irregularities including fraud. The extent to which are capable of detecting irregularities, including fraud is detailed below.. - We obtained an understanding of the legal and regulatory frameworks applicable to the Group and the sertor in which they operate. We determined that the following laws and regulations were most significant-. the Companies Act 2006, the UK Corporate Governan Code. UK corporate taxation laws and UK government Covid-19 support schemes. - We obtained an understanding of how the Group are complying with those legal and regulatory frameworks by making inquires to the management. We corroborated our enquiries through our review of board minutes and papers provided to the Committee of Management. WE assessed the susceptibility Group's financial ststements to material misststement. including how fraud might occur. Audit procedures performed by the engagement team included: 11 Identifying and assessing the design effectiveness of controls management ha5 in place to prevent and detect fraud,. 21 Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process,. 31 Challenging assumptions and judgments made by management in its significant accounting estimate5,' 41 Identifying and testing journal entries. in particular any journal entries posted with unusual account combinations; and 51 Assessing the extent of compliance with the relevant law and regulations. A further description of our responsibilities for the audtt of the financial statements Is located on the Financial Reporting Council's website at www.frc.org.LtVauditor5re5ponsibilities. This description *oims part of our Report of the Independent Auditors. 14
Report of the Independent Auditors of The 5wanage Railway Trust Forthe Year end 31 January 2023 Use of our¥eport This report is made solelyttsthe Broup and charitable cornpany. Our audit work has been undertakeTh so that we might state to the 8roup and charitable cofftpanythose matters we a requir*J to stste to them in an auditors, reptsrtand for no other purpose. Tothe fullest extent pemittted by law. we do not accept or assume rèsponsibility to anyone otherthan the group and eharitsble company as a Fxth. for our 3udit worK forthis report. orforthe Opinions we have ftsmied. lan M Rodd Bsc FCA FCCA (Senity StatutoryAudiiorl For and on behalf of Ward GoodmartAudit Servtces Limrted Statutory Auditor 4 Cedar Park Cobham Road Ferndown Industrial Estate Wirnborne Dorset BH217SF Date: 23 |&12ozs 15
The Swanage Railway Trust Consolidated Statement of Financial Activities For the Year Ended 31 January 2023 (Incorporating the Consolidated Income and Expenditure Account) Unrestrirted fvnds 2023 Restricted funds Total Total 2022 Notés 2023 2023 Incoming Resources Voluntary Income- Appeals, donations, legacies and covenants Grant income 281,939 154,715 1,929 436,654 1,929 411,617 493,467 Actlvities for generating funds: Membership subscriptions Fund raising and other income Trading income Investment income 42,927 21,306 2.905,971 1.756 42.927 21,306 2.905.971 1,857 39.263 24,501 2,350,587 75 ioi Government grants 58,252 Total Incoming Resources 3.253,899 156.745 3.410.644 3.377,762 Resourees Expended Cost of generating funds Trading expenses Fundraising costs 3.406.945 5.720 3,406.945 5.720 2,543.271 8,952 Charitable activities 184,577 37,939 222,516 176.769 Total Resources Expended 3.597,242 37.939 3,635,181 2,728,992 Net Incoming Resources 1343.3431 118,806 1224,537 648.770 Provision for deferred taxation Revaluation adjustment Transfers between funds 108,132 ii.iooi {2,9831 108,132 11,ioo} 1142,4031 1,046 2,983 Net movement in funds 1239.2941 121,789 1117.5051 507,413 Funds at l February 2022 5.740.290 773.458 6,513.748 6.006,335 Funds at 31 January 2023 14,15 5.500,996 895.247 6,396,243 6,513,748 16
Consolldated Balanct Sheet As ai 31 January 2023 2022 Flxed Assels Tangible Fixed knets Fixed asset investrnents- listed Total fixed assets Notes 5599,628 5,437,437 3.486 4,S86 5.fA)3,114 5,442,023 Current Assets stocks Debtors and prepayments Cash at bank and in hand 84,055 73,237 387,006 102,783 1,517.852 1.902,491 1,988,913 2.078,511 li Cfedltors: Amountsfallh Creditors and accruals 877,327 1529,6741 1.111,586 1.548337 Tolal aSsetslessT1efit labjlitles 6 714 700 6 990 Coditors: Anthirts falliry th0fter morethan ye• {284,1851 1334,7091 PROVISICW4S FORUABiunES 134.2721 {142.4031 Unrestrided Funds; General funds Desigrtated fvnd5 Revaluation fund5 432Q375 4,712.346 801.419 596.742 371,202 371,202 ¢ ¢nn ?oo Restrictedfws Total furKIs 895.247 773,458 REGISTERED COMPANY NUMBER: 04115126 lEland and W*s) -TREO iTrlAiUI NUM15t These financial ststements were approNpd.b¥ the Ejirectors and auth)rised for issue on are 5Tred on their behalf by.. 2023. and TPa - Director Gcjoh 17
Balance Sheet As at 31 Jamiary 2021 Tangible Fixed A%sets Fi¥ed asset investments- listed Investment in subsk4iaries Tctsl fixed assots 0.541 1.132,853 3.486 4,586 470.605 470.605 1014.632 1,608,044 CuNentAsset$ Stocks Debtors and prepayrnents Cash at bank a1 in hand li 444,962 172,622 1,394,782 1,385.602 1,839.744 1.558.224 duev4lthln one ye• Creditors and accruals 12 1349.5411 1214.1131 NetCurrertA55ets IN,203 1,344,111 Total assets less tyrrent Ilablllties 3,3C,s3s 2,952,155 Cte(knt¢XS". ArnoWl111 due after mowe tln OTr2 v 1106.S821 153.0761 3.198,253 2A99,079 Unreslrirted Fwth: General funds Designated funds RevatUatn fijnds L50L587 1.528.879 801.419 S96,742 Réstricttunds Total funds 14 14 895,247 3.198.253 2 773.458 REGISTERÉO COMPANY NUM8ER: 041151261End and Wal&) REGISTERED CHARifi NUMBÉR: IC47318 siÉned on their haff by: ns- Director Cjoh 18
The Swanage Railway Trust Consolidated Cashflow Statement For the Year Ended 31 January 2023 Note 2023 2022 Net cash flows from operating artivitie5 18,838 1,055,428 Cash flows from investing activities Purchase of equipment Interest received Proceeds from sale of fixed assets IGain5llLosses on revaluation of investments 1389,6361 1225,4741 1.857 75 29,000 3,835 i.ioo 11,0461 Net cash flows from investing artivities 1357.6791 {222,6101 Cash flows from financing activities Capital repayment of Hire Purchase leases New loans in the year Interest paid Loans repaid loo,000 16.0001 145,7981 Net cash flows from financing actlvitles 145,798) 94.000 Net increaselldecreasel in cash and cash equivalents 384.6391 926,818 Cash and cash equivalents at the beginning of the year 1,902,491 975,673 Cash and cash equlvalents at the end of the year 1.517,852 1.902,491 Reconciliation to cash at bank and in hand: Cash at bank and in hand Bank overdraft5 1,517,852 1,902.491 Cash and cash equivalents 1,517.852 1,902,491 19
The Swanage Railway Trust Notes to the Consolidated Cashflow Statement For the Year Ended 31 January 2023 I Cash flows from operating activities 2023 2022 Net Surplus/lDeficitl 1224,5371 648,770 Adjustment for- Depreciation charges Reclassification of tangible fixed assets Gains/lLossesl on revaluation of investments Investment income Interest paid Impairment losses (Gainllloss on disposal of fixed assets 186.333 167.916 45,997 1.046 1751 6,000 ii.iooi 11,8571 8.624 12.110 172 Cash flows before movement in working capital 120,4271 869,826 Ilncreasel / Decrease in stock Ilncreasel l Decrease in debtors Increase I IDecreasel in creditors 110,8181 1284.2231 334,306 18,067 143,124 24,411 Cash generated by operations 18,838 1,055,428 2 Analysis of changes in net debt AtIFeb 2022 Cash flows At 31 Jan 2023 Cash and cash equivalents Cash at bank and in hand 1,902.491 1384.6391 1,517,852 Oebt Falling due within one year Falling due after one year 159,1671 1198,8331 9.167 18,3691 150,0001 1207,2021 1.644.491 1383.8411 1,260,650 20
The Swanage kailway Trust Notes to the Consolidated Accounts For the Year Ended 31 January 2023 I. ACCOUNTING POLICIES 1.0 Legal form The Swanage Railway Trust Limited. a public benefit company under FRS 102, 15 incorporated as a Company limited by guarantee, registered in England and Wales (company number 41151261. The registered office address is on page 3 of these accounts. The company is also a registered charity in England (charity number 10873181. The Swanage Railway Company Limited is incorporated as a Company limited by shares. registered in England and Wales (company number 014125681. The registered office address is on page 3 of these accounts. 1.1 Basis of preparation The Financial statements have been prepared under the historical cost convention as modified by the revaluation of the locomotives and rolling stock and are in accordance with Financial Reporting Standard 102. the Companies Act 2006 and the Charities Accounting Statement of Recommended Practice ISORP FRS 1021. 1.2 Basis of Consolidation The consolidated accounts present the financial statements of The Swanage Railway Trust and its Subsidiary the Swanage Railwoy Company Limited as if they formed a single entity- Intercompany transactions and balances have therefore been eliminated in full. The Group has taken advantage of section 408 of the Companies Act 2006 by not providing a separate statement of financial attivitie5 for the subsidiary. 1.3 Incoming Resources Membership income.. Annual subscription5 from members are included in full in the year they are received. Life membership subscriptions are credited to the life membership account and from there to income in equal annual instalments over ten years. Voluntary income and donations: All voluntary income and donations are accounted for gross when received. Due to the nature of donations and fund raising income the directors have no control over this until received and entered into the records. Trading income.. Income from the subsidiary trading company is included in the period in which it is 8enerated. Legacy income= Legacy income is recognised at the earlier of the charity being notified or the legacy being received. Government Grants.. Government grants shall be recognised in profit or loss on a systematic basis over the periods in which the entity recognises as expenses the related costs for which the grants are intended to compensate. 1.4Resources Expended All resources expended are classified urbder attivity headings that aggregate all costs related to the category. Cost of generating funds comprises the costs of fundraising and trading activities. Charitable activities include the costs incurred directly in the fulfillment of the Charitws objective5. Governance costs represent those costs of the strategic management of the charity and of complying with constitutional and ststutory requirements. 21
The Swanage Railway Trust Notes to the Consolidated Accounts For the Year Ended 31 January 2023 I.ACCOUNTING POLICIES- continued 1.4 Resources Expended (continued} Liabilities are recognised as resources expended once there 15 a legal or constructNe obligation to make a payment to a third party. All expenditure is included in the Statement of Financial Attivities on an accruals basis net of recoverable VAT. 1.5 Operating Leases Rentals payable under operating leases are charged to the Statement of Financial Activities as incurred over the term of the lease. 1.6 Tangible fixed Assets Fixed assets hre included at cost or valuation. Expenditure on repair5 and renewals and minor items of equipment is written off in the year in which it is incurred. Freehold land is not depreciated. 1.7 Herltage Assets Part of the Objectives of the Trust is to acquire, restore, presetve and manage heritage locomotives and rolling stock. These assets are included in the accounts of the Trust at valuation and are not subject to an annual depreciation thae, as in the opinion of the directors the nature of the assets concerned and the level of maintenance is such that there is no significant annual depreciation. Any permanent diminution in the value of such asset5 is charged to the Consolidated Statement of Financial A£tivities when recognised in accordance with FRS 102. Oetailed information on the locomotwes and rolling stock of the Trust and its subsidiary tompany can be found at www.swanager3ilway.co.uk. 1.8 Inlrastructurei plant and equipment Infrastructure, plant and equipment 15 Stated in the balance sheet at cost less accumulated depreciation. Depreciation 15 calculated to write off the cost of the assets concerned on either a straight line basis or a reducing balance basis over their estimated useful live5 at the following rates'.- Plant and machinery- Fixtures and fittings, plant and equipment- 20% Reducing balance Computer equipment- 25% Straight line Motor vehicles- IO% StraiBht line Rollirbg stock- Not depreciated Furniture- 20% Straight lille Fixtures and equipment- 20% Straight line Permanent way- 2% Straight line Buildings and railway structure5- 4% Straight line 22
The Swanage Railway Trust Notes to the Consolidated Accounts For the Year Ended 31 January 2023 I. ACCOUNTING POLICIES- continued 1.9 Impairment of Fixed assets Assets, other than those measured at fair value. are assessed for inditators of impairment at each balance sheet date. If there is objective evidence of impairment. an impairment Ios5 is retOEnised in the Statement of financial activities as described below. An Asset is irnpaired where there is objective evidence that. as a result of one or more events that occurred after initial recognition, that estimated recoverable value of the 35set has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. 1.105tocks Stocks are valued at the lower of cost or net realisable value. 1.11 Investments All investment5 in locomotive preservation groups are stated at C05t. Investment in the Trusys subsidiary company the Swanage Railway Company Limited is stèted at cost. Investments in listed entities are measured at market value at the year end. The listed investments were gifted to the Trust as part of a legacy in previous years and are held to earn investment income. The Trust has no plans or policies in place for further investment in listed entitie5. 1.12 Fund accounting Unrestricted funds are available to use to further any of the purpose5 Qf the charity, at the discretion of the trustees. Designated funds are unrestricted funds of the charity which have been set aside by the trustees to fund particular artivities of the charity. Restricted funds are donated for particular areas of the charity work or specific projects undertaken. Restrictions arise when specified by the donor. by the trust deed or when funds are raised for particular restricted purposes. 1.13 Flnancial instruments Financial instruments are recognised in the balance sheet when the Group becomes party lo the contractual provisions of the instrument. Basic financial a55ets,' Basic financial assets, wh5ch include trade and other receivables ènd cash and bank balances, are initiallv measured at transaction price including transattion costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts discounted at a rnarket rate of inteiest. Basic financial liabilities- Basic financial liabilities, including trade and other payables. bank loan5. and loans from group companies are initially recognised at transaction price. Financial liabilities due in more than one year are initially measured at transaction price and subsequently measured at amortised cost Using the effective interest method. 23
The Swanage Railway Trust Notes to the Consolidated Accounts For the Year Ended 31 January 2023 I. ACCOUNTING POLICIES- continued 1.13 Financial instruments (continued) Financial liabilities constituting financing transattions are initially measured at the present value of the future payments discounted at a market rate of interest. Derecognition of financial assets and liabilities,. Financial assets and liabilities are derecognised when the Group's contractual rights or obligations expire or are discharged. transferred or cancelled. 1.14 Significant judgement and estimate5 In the application of the group's accounting policies, which are described above. the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basi5. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The following are aa5 that are considered to be key sources of estimation uncertainty, there are no significant judgements to note. Useful life and residual values of tangible fixed assets: The economic useful life of tangible fixed asset5 and the expected residual value on future disposal is estimated by the Dirertors based on their knowledge and experience. The total carrying value of fixed assets at 31 January 2023 was £5,599,629. 1.15 Finance Leases Finance leases are measured at the present value of future lease payments and interest is ared using the sum of digits method. 1.16 Taxation The Trust is a registered charity and as such is entitled to certain tax exemptions on surpluses on any trading activities carried on in furtherance of the charity's primary objectives. Deferred Taxation - Svbsidary only.. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. Unrelieved tax losses and other deferred tax assets a recogni5ed only to the extent that it Is probable that they will be recovered against the reversal of deferred tax liabrlities or other future taxable profits. 24
The Swanage Railway Trust Notes to the Consolidated Accounts For the Year Ended 31 January 2023 2. Incoming resources Unrestricted Rertricted Funds Funds 2023 2023 Total Total 2022 2023 Voluntary income {Trust) Donations, legacies and covenants Gift aid Legacies Grant income Membership subscriptions Fundraising and other income Investment income 65,776 15.274 222.274 107.190 6,141 20.(MX) 1.929 172,966 21,415 242,274 1,929 42,927 21,306 1.857 236,501 37,650 137,066 23,505 39,263 24.501 75 42.927 21,306 1.756 ioi Totsl voluntary income from Trust 369,313 135.361 504.674 498,561 Activities for generating funds {Subsidiary Company) Heritage passenger fare income Wareham fare income Shop income Catering income Driver experience days other income Insurance claims Revenue grants Government grants 2.338,563 2,338,563 1,991.913 163,915 123.053 163,915 123.053 115,647 51.810 280.439 280,439 191.217 112,251) 112,2511 470,362 58,252 Total income from activities in subsidiary companv 2.893,719 2,893,719 2,879,201 Total consolidated incoming resources 3,263,032 135 361 3.398,393 3 377 762 25
The Swanage Railway Trust Notes to the Consolidated Accounts For the Year Ended 31 January 2023 3. Subsidiary results The Trust discharges its charitable objettives through its subsidiary the Swanage Railway Company LiTnited, a company incorporated in the UK. A summary of the trading results including intergroup trading is set out below. Audited accounts are filed with Companies House. 2023 2022 Turnover Cost of sales 2,981,420 11,438,024) 3,032,881 1789.0691 Gr055 profil 1,543,396 2.243.812 Administrative expenses 11.927.913) 11,689,843) Operating profit 1384,5171 553,969 Government grants Interest payable Interest receivable Other income 58,252 112,5341 23 18,6241 186 Net profit/ Ilossl on ordinary activitie5 1392,9551 599,710 Less.. Deferred taxation 108,132 1142,4031 Retained profitlllossl for the year 284.823 457,307 Net assets 1,196,678 1,589 633 26
The Swanage Railway Trust Notesto the Consolidated Accounts For the Year Ended 31 January 2023 4 Comparative Consolidated Statement of Financial Arti¥ities Unrestricted Restricted 2022 2022 Total Total 2021 Notes 2022 Incoming Resources Voluntary Income: Appeals, donations, legacies and covenants Grant income 214,156 469.962 197.461 23,505 411,617 493,467 747,283 5.400 Activities tor generating funds: Mèmbership subscriptions Fund raising ar¢d other income Trading income Investment income 39,263 24,501 2.350.587 69 39.263 24.501 2.350,587 75 38,414 24,297 996,060 1,043 Government grants 58,252 58,252 295,668 Totsl Incoming Resources 3.156.790 220,972 3,377.762 2,108,165 Resources Expended C05t of generating funds Troding expenses Fundraising costs 2.543.271 8.952 2.543,271 8.952 3,091,890 24,116 Charltable artivities 155.731 21.038 176,769 197,383 Total Re50Lsrces Expended 2,707.954 21,038 2,728,992 3,313,389 Net Incoming Resource5 448,836 199.934 648,770 11,205,224) Provision for deferred taxation Revaluation adjustment Transfers between funds 1142.4031 1,046 1142,4031 1.046 12,8791 Net movement in fund5 307,479 199,934 507,413 11,208.1031 Funds at l February 2021 5,432.811 573,524 6,006,335 7.214.438 Funds at 31 January 2022 14,15 5.740,290 773,458 6,513.748 6,006,335 27
The Swanage Railway Trust Notes to the Consolidated Accounts For the Year Ended 31 January 2023 5. Total Resources Expended Premises & railway running costs Admin. lanes and other Dep'n Total 2023 Total 2022 Charitable Activities: Rent Rates & utilities Printing & stationery Repairs & other Auditors remuneration lau(litl Auditors remuneration (non auditl Other legal and professional Total charitsble activities Costs of generating funds: Fundraising costs Trading costs Isubsidiary only) 102,864 15,920 102,864 15,920 28,673 61,861 5,748 6,477 973 222,516 77,951 12,079 33,878 44,567 3.948 4,206 140 176,769 28,673 36.793 5,748 6.477 973 78,664 18.234 6.834 137.018 6,834 5.720 1.327,934 5,720 3,406.945 8,952 2,543,271 1,904.687 174,324 Total cost of generating funds Total resource5 expended 1,904.687 2 041.705 1.333.654 1412.318 174,324 181.158 3.412,665 3 635 181 2,552,223 2 728.992 Included under trading cost5. above. are £9.27512022: £7.5901 of fees paid to the auditor of the subsidiary's financial Statements of which £6,86012022.. £5,160) were for audit services. 6. Staff costs Trust and Subsidi3ry 2023 2022 Wages and salaries Social security costs Pension cost5 982,602 83,964 16,243 1082 809 799.454 64,520 14,497 878,471 The 5wanage Railway Company Limited had 39 {2022= 371 employees at the year end, excludin8 directors. All staff Members are employed by SwanaBe Railway Company Limited. None of the directors of The Swanage Railway Trust or Company received any remuneration for their services. Expenses were reimbursed to the directors durin8 the year for out of pocket expenses incurred in accordance with their duties a5 directors. Ouring the year ended 31 January 2023, two trustee5 were reimbursed amounts totalling £nil12022.. £301 for travel expenses. Key Management Personnel salaries for the year to 31 January 2023 was £247.90812022- £224,C(J61- The Swanage Railway Trust and the Swanage Railway Company Limited are both heavily reliant on volunteer staff in all areas of their activities. There were no employees with emolvments above £60.000 in the SwanaEe Railway Company or Swanage Railway Trust. 28
SwallaBe RailwayTrL Notes to ihe Consolldaied Accounts For the Ywar Ended 31 JanLWry 2023 7. Tanzible ffrAed assèts b5idkTrry Plant Mathinery and Fattlr¢4and Assets Equipment Trust Plant M•thinery FreEd nd and HeriEaE and Assets Under Land Buiww As%Ets EqU1MEnt Con5truEtion Wav TotalTru5E Total Af i Peb 2022 911.387 1.031. LI.912 165.37U 12136SI 39.796 L283,713 3.387 l.82? 3,657 135.LKK>I 916314 5.869.461 Y).t 144.46$ 98?.047 3x6 189.515 33A 3.88S 7L502 L199,295 ?.068.756 214.523 389.636 157.3651 Oi¥osals 157.3651 139.7Y61 31 Jan 2023 911.387 1.031.634 3.387 L874.484 S.987.2CI) 30.1X J47.971 1.176.S62 33J98 2S.387 1,413.818 7.401.027 veprt¢iation At l Feb 2021 Chargefor t year 379.242 35.998 745,153 IOS.951 437.197 37529 1.564J71 179.4 36.731 29.711 837 66,442 1.631.319 6.835 186.333 11&2541 At 31Jan2023 415,240 471.518 42.r 3D,5qB 73,277 1,801,398 NetBookV¥lue 496.147 1.031.$34 532.145 1.D31.634 445.655 355.7S9 82 1.4019S6 102 1.460.630 882.604 916.314 4.2S9.( 4.304.584 30m) 105.242 1.176.562 30.ow 107.B4 987.04Y 3.35U 25.387 1.340.541 5.599.629 1.132.853 5.437.437 4.187 HeritageA5sets are all included at hriCal rost. 29
The Swanage Railway Trust Notes to the Consolidated Accounts For the Year Ended 31 January 2023 7. Tangible fixed assets (Continued) The group continues to acquire new heritage assets in accordance with its acquisitions policy. In the last five years, acquisltions have been made as follows: Heritage Assets 2023 2022 2021 2020 2019 Additions- Funded Additions- Donated Disposals (net book value) Proceeds from disposals Impairment to Heritage assets 189,515.CK) 165.370.00 245.000 212,067 201,508 11.5001 12501 132,5001 1181,5331 34.000 350 37,003 INVESTMENT IN THE SWANAGE RAILWAY COMPANY LIMITED (company number 01412568) The Trust discharges part of Its charitable objectNes through its subsidiary, the Swanage Railway Company Limited, which operates the Swanage Railway and undertakes the associated trading activities. The share structure of the Swanage Railway Company Limf(ed is such that The Swanage Railway Trust is the onlv shareholder who can hold voting 5hare5 in the Company. The effect of thi5 Structure is that The Swanage Railwav Trust controls the SwanaEe Railway Company Limited. The trust owns 96% of the issued share capital of The Swanage Railway Company Limited. An extract of the subsidiary's income statement 15 in note 2 to these accounts. An extract from the Balance Sheet of the SwanaEe Railway Company Limited at 31 January 2023 is as follows:_ 2023 2022 Fixed assets Current assets Current liabilities Total assets le55 current liabilities 4.259,090 4,304,585 284.883 656,003 1780,0671 1603.8541 3,763,906 4,356,734 Creditors due in more than one year Provisions for liabilities 12,426.208) 12,624,698) 134,2721 1142,4031 1.303 426 1 589 633 Called up share capital - owned by trust see page 18 Called up share capital- owned by members Revaluation reseThe Profit and loss account 470,605 470,605 16,3S8 16,358 371,202 371,202 445,261 731,468 1303 426 1 589 633 30
The Swanage Railway Trust Notes to the Consolidated Accounts For the Year Ended 31 January 2023 9. INVESTMENTS IN LISTED ENTITIES Market value at l February 2022 Additions Disposals Net investment IIOs5e5l/gains Market value at 31 January 2023 4,586 ii.iooi 10. STOCKS Trust and Subsidiary 2023 2022 Trust 2022 2021 Shop stocks for resale Catering stock Consumable stocks Special events Stock Driver experience 29.774 4.863 47.578 1.666 173 21,314 3,763 44,582 3.488 90 84.054 73.237 11. DEBTORS AND PREPAYMENTS Trust and Subsidiary 2023 2022 Trust 2023 2022 Trade debtors Loan to the 5wanage Railway Company Limited Other debtors Prepayments and accrued income VAT 26.359 18,405 4,014 135,719 276,269 13,629 15,331 444,962 26 13S.719 34,000 2,877 276.267 46,448 37,932 387,006 69,435 14,943 102,783 172 622 The total amount outstanding on the Winter Loan from Swana8e Railway Trust Limited to Swanage Railway Company Limited at 31 January 2023 was £nil12022.. £nill. Interest is charged at 1.5% above the bank5 base lending rate and the amount of interest charged in the year was £nil12022- £6.5341- At 31 January 2023, there was an other debtor of £135.71912022= £135,719) due from Swanage Railway Companv Limited to Swanage Railway Trust. 31
The Swanage Rallway Trust Notes to the Consolidated Accounts For the Year Ended 31 January 2023 12. CREDITORS AND ACCRUALS Trust and Subsidiary 2023 2022 TNst Due within one year 2023 2022 Trade creditors Taxation and social security Bank loans Members loans Life membership equalisation account Other creditors, accruals, deferred income 596,617 29,375 50,000 191,663 19,996 54,167 5,OCN) 10,000 248,848 529,674 326,015 149,856 5,000 10,000 49,257 214 113 11,700 189,635 877,327 11,700 23,525 361,241 Deferred income relates to ticket sales in advance for events taking place after the year end. Trust and Subsidiary 2023 2022 Trust Due more than one year 2023 2022 Members Loans Bank loan5 Life membership equalisation account Other creditors and accruals 53,000 154,202 51.458 25.525 284,185 3.000 195,833 47,858 88,018 334,709 53,000 3,000 51,458 2,124 106 582 47,858 2,218 53.076 13. LIFE MEMBERSHIP LifeTime membership subscriptions are credited to the accounts and released over ten years. The movements during the year were.' 2023 2022 Ordinary Life, Lifetime Travel and Premier Life Memberships brought forward New memberships in the year Premier life memberships released over 10 years Life member subscriptions released over 10 years Balance of life memberships at close of year Shown in: Creditors under l year Creditors over l year 57,858 61,858 17,000 6,000 111,7001 63,158 iio,0001 57,858 11,700 51,458 10.000 47,858 57,858 Both Premier Lrfe Membership and Ordinary Life membership have now closed to new applicants. The Life Time Travel Membership continues. 32
The Swanage Railway Trust Notes to the Consolidated Accounts For the Year Ended 31 January 2023 14. FUNDS The balance of the unrestricted fund may be reconciled as follows:_ Openin& Incoming Expenditure balance at Resourtes l February 2022 Trnnsfers Gainsl Closing {losse51 on balance at revaluation 31 January 2023 General funds - Charity Designated funds for: Restoration Other capital expenditure Other projects 4TC desiEnated T3 Restoration Carri3ge shed Strategic reserves Governante review Total designated Re5riCted funds; Museum Group Swanage 4TC Group T3 Restoration Carriage shed Total restricted Total Charity Funds 1.528.879 431.037 1232,4671 1224.7621 11.1001 1.501,587 69.650 64.307 68,805 18.323 118,052 207,605 50.OLKJ 14,081 {3.0611 126,5401 11621 (10,9351 20,697 69,735 58,464 68.643 18,323 113,649 207,605 250,000 15,000 801,419 {1.4201 12,9831 2,000 15,000 221.779 596,742 14,081 131.183) 152,227 239.137 305,576 76,518 773,458 2.899.079 44,882 7.772 104,091 {33,8181 163,291 246,909 412,650 72,397 895,247 3.198,253 2,983 14,1211 (37,9391 301.589 156.745 601.863 2.983 i.ioo General funds- Company 3.243.467 Revaluation reserve 371.202 Total - Consolldated 6 513.748 2.808.782 (3.225,4601 2.826,789 371.202 6,396,244 3.410.645 3.527,049 i.ioo 33
The Swanage Railway Trust Notes to the Consolidated Accounts For the Year Ended 31 January Z023 14. FUNDS- comparative note The bolance of the unrestricted fund may be reconciled as follows:. Opening Incoming Expenditure balance at Resources l February 2021 Transfers Gain51 Closing 1105sesl on balance at revaluation 31 January 2022 General funds- Charlty Designated funds for: Restoration Other capital expenditure Other projects 4TC designated T3 Restoration Carriage shed Strategic reserves Total designated Resricted funds; Museurn Group Swanage 4TC Group T3 Restoration Carriage shed Total restricted Totsl Charity Funds 1,800.383 327.518 1383,0881 {216.9801 1,046 1,528.879 67,406 89.552 69.337 18.323 23,052 112.478 12.195 19.9511 12,0981 15321 69,650 64,307 68.805 18.323 118,052 207,605 50,000 596,742 {23.1471 95.000 95,127 50,000 216,980 380.148 12.195 {12.581) 131,692 222,277 219.555 37.962 18,435 87,468 77,107 220.972 560.685 (17,4271 11,5751 11,4471 15891 121,038) 416,707 152,227 239,137 305,576 76,518 773.458 1.046 2,899.079 573.524 2 754.055 General funds- Companv Revaluatlon reserve Total - Consolidated 2,881,078 371.202 2.817.077 (2.454.689) 3,243,467 371,202 1046 6 513.748 3 377.762 2.871.396 The designoted funds for purposes as described above are designated and reviewed annualty by the Council of Management. Incoming resources are reiVed into the general fund and are subsequently reollocated to the designated funds at the discretion of the dirertors. The revaluation reserve is in respect of Heritage Assets and Listed Fixed Asset Investments. Included within general funds is £16,378 of share tapital representing non voting shares in Swanage Railway Company Limited which are owned by members of the company. The funds raised on issue of the shafes were included in unrestricted income and are not due back to shareholders. Minorrty shoholderS have no entitlement to profit. Transfers have been made from restricted funds to general funds to account for grants that have been fully expended on fixed assets in line with the restriction. The original restriction is therefore released on these funds. The purpose of each of the restricted funds is os follows'.- Museum Group -donations towards the upkeep and development of the Museums at Norden and Corfe The Swanage 4TC Group- fundraising for and restoration of a 4TC unit to be based at Swanage to provide a push-pull set workiii8 Wlth a Class 3311 diesel electric locomotive 34
The Swanage Railway Trust Notes to the Consolidated Accounts For the Year Ended 31 January 2023 15. RECONCILIATION OF TOTAL FUNDS TO NET ASSETS Fixed Bank Current Assets Credito <lyear Creditors
lyear Total General funds Designated funds Restricted funds Revaluation 4,571.623 9,837 650,452 371,202 481,475 791,582 244.795 405.092 1724.7181 1284,1851 4.449.287 801,419 895,247 371,202 65.969 1186.8811 5,603.114 1.517,852 471.061 911,599 284 185 6,396 243 15. RECONCILIATION OF TOTAL FUNDS TO NET ASSETS- comparative Fixed Assets Bank Assets Llabilities Total General funds Designated funds Restricted funds RevaSuation 4.410,532 9.837 650,452 371,202 1.004.954 586.905 310,632 175.888 1819.9051 4.771.469 596,742 774,335 371,202 132 1186.8811 5,442,023 1,902.491 176.020 1,006,786 6,513,748 16. FINANCIAL COMMITMENTS The group is committed to paying the following remaining lease payments on non-cancellable operating lease5,- Trust and Subsidiary 2023 Trust Z022 2023 2022 Lease expiring -in under l year -after l year but within 5 years -after 5 years 296,501 1,487.207 5.078.587 6.862.295 296,501 1.482,505 5,375,087 7,154,093 19.506 22,757 19.506 Locomotive hire agreements al The Swanage Railway Tru5Ys trading subsidiary. 5wanage Railway Company Limited, utilises the motive power and engineering support provided by Southern Locomotives Engineering Limited for which there is an agreement under which Swanage Railway Company Limited pays a fixed amount each year. As detailed in Note 17, 3 number of the directors of The Swanage Railway Trust and the directors of the trading subsidiary are also shareholders in Southern Locomotives Limited, the holding company of Southern Locomotives Engineering Limited. 35
The Swanage Railway Trust Notes to the Consolidated Accounts For the Year Ended 31 January 2023 16. FINANCIALCOMMITMENTS-continued The amount billed in respect of the year to the trading subsidiary by Southern Locomotives Hire Limited was £151,55012022- £97.0681. At the year end. an amount of £12,00012022.. £nill was owed to Southern Locomotives Hire Limited. bl The Swanage Railway Trust's trading subsidiary. Swanage Railway Company Limited. utilised the locomotive power provided by JMB Locomotive Services. The amount invoiced by JM8 Locomotive SeNices to the trading subsidiary for the supply of motive power in respect of the year was £154.44012022= £78,000). A totsl of E28,080 was the outstanding balance at the year end12022= £9,3601- 17. PROVISIONS FOR DEFERRED TAXATION The Swanage Railway Company, the subsidary of The 5wanage Railway Trust produced a net1055 before taxatlon of £392.955 for the year ending 31 January 2023. A deferred tax liability of £34,272 has been calculated as a result of timing differences and ha5 been accounted for as a liabilty in the Company'5 entity level accounts. This year the deferred tax liability has reduced by £108,132. This 15 due to the tax losses incurred in the period having an affect on the deferred liability calculation. The calculation has been disclosed in the Company's accounts for the year ended 31 January 2023. a copy of the Swanage Railway Company Limited's financial Statements are publicly available from Companies House. 18. RELATED PARTY TRANSAcfioNS Swanage Railway Company Limited is a 96% owned subsidiary of Swanage Railway Trust. The total amount outstanding on loans made to the company by Swanage Railway Trust at 31 January 2023 was £135,71912022: £135,719). Interest is charged on the above loans at 1.5% above the Bank of England base rate. Interest charged in the year to . 31 January 2023 was £nil12022'. £6.5341- Four Trustees of the Swanage Railway Trust have a shareholding in the parent of 3 Locomotive5 group which Swanage Railway group use as a supplier. During the year ended 31 January 2022, Swanage Railway Company la subsidiary of Swanage Railway Trust) made payrnents totalling £151.55012022- £97,068) to this supplier and there was E12,000 outstanding at the year end 12022.. £nil). These transactions were made with Swanage Railway Company, a member ofthe group. Trustees donated amounts totalling E30012022'.£1,2251 of which E300 was donated towards the T3 appeal. The remaining donations were without conditions. 36