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
#102

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 Railwa￿5 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 se￿iCe 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.
DIRE￿oR INDu￿10N 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.
oBJE￿IVEs 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 se￿i(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 la￿e 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 compan￿5 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$3re a￿are of that Énformatth.
The auditors, Ward Goodman. have eX￿$Sed theirwill1￿Thessto a￿PttheIr proV￿d re.appointrnent at the
fOrth￿rn￿￿ 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 compan￿5 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 aSsetsless￿T1efit labjlitles
6 714 700 6 990
Coditors: Anthirts falliry th￿0fter 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
Restrictedfw￿s
Total furKIs
895.247 773,458
REGISTERED COMPANY NUMBER: 04115126 lE￿land and W*s)
-TREO iTrlAiUI
NUM15t
These financial ststements were approNpd.b¥ the Ejirectors and auth)rised for issue on
are 5￿Tred 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 a￿1 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". ArnoW￿l11￿1￿ due after mowe tl*n OTr2 v
1106.S821 153.0761
3.198,253 2A99,079
Unreslrirted Fwth:
General funds
Designated funds
RevatUat￿n fijnds
L50L587 1.528.879
801.419
S96,742
Réstrict￿tunds
Total funds
14
14
895,247
3.198.253 2
773.458
REGISTERÉO COMPANY NUM8ER: 041151261E*nd 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 tha￿e, 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 a￿a5 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 a￿r￿ed 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
FreE￿d ￿nd and HeriEaE
and Assets Under
Land Buiww
As%Ets EqU1￿MEnt 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 h￿riCal 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 re￿iVed 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 sho￿holderS 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