REGISTERED COMPANY NUMBER: 04115126 (En8land and Wales) REGISTERED CHARITY NUMBER: 1087318 The 5wana8e Railway Trust (A Company Llmited by Guarantee) Consolldated Account$ For the year ended 31 January 2024 ADE05FEA 1811012024 COMPANIES HOUSE A10
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The Swanage Railway Trust For the Year Ended 31 January 2024 Contents Page Charity Information Chairman's Report 4-5 Direclvrs. Report 6-11 Independent Auditors, Report 12-15 Consolidated Statement of Financial Actlvities 16 Consolidated Balance Sheet 17 Charity Balance Sheet 18 Consolldated Cashflow Statement and Notes 19-20 Notes to the Financial Statements 21-36
The Swanage Railway Trust Charity information COMPANY REGISTRATION NO: 4115126 CHARITY NO: 1087318 REGISTERED OFFICE.. Station House Swanage Dorset, BH19 IHB TRUST DIREcfoRS IReferred to as Trustees) F E Roberts (Chairl W Sheret (Deputy Chair) G C Johns (Secretary) R Patterson (Treasurer) A Atkins IAppointed October 20231 D Bennett IAppointed October 20231 C Collins B Ford C Hardy (Appointed October 20231 l Kapur IAppointed October 20231 T J Parsorss (Resigned Au8USt 20231 E M Sellen P N Sills (Resigned October 20231 M A Whitwam PROFESSIONAL ADVISERS BANKERS Barclays Bank PIC Barclays House Wimborne Road Pt)ole Oorset BHIS 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 2024 This is my first Report as your Chair of the Swanage Railway Trust, and it covers the financial year ending on 31. January 2024. The business of the Swanage Railway Trust is mana8ed by the Trustees who are all members of the Council of Management Trust,- its subsidiary is the Swanage Railway Company Limited with a Board of Directors. All trustees and directors are UK re8i5tered directors at Companies House in London. Our busine55 remains seasonal, susceptible to variations in the weather, with the Company again required additional financial support from the Trust during the winter months. as is detailed in these accounts. In common with many heritage railways the Swanage Railway, experienced tough trading condition5 as recovery continued in the aftermath of the Pandemic. There have been other pressures induced by the war in Ukraine and inflation in general; the later in particular impactin8 on the cost of infrastructure works and new builds such as the Herston Carriage Shed. Whilst the slow recovery of passengèr numbers was evident throu8h summer 2023, thls will have been assisted bv the 'Kids for a Quid. initialive having a rather more positive effect on visitor numbers than income. An earlier measure to reduce Company costs resulted In the reduction In two steam train running in peak periods and as a consequence the number of hired locomotives being reduced from four to three, These two actions alone saved the Company considerable costs and whilst this was not universally welcomed it was necessary. Further consideration of locomotive aspects also took place notably the completion of T3 Class 563 and on80in8 discusslons with Orummond Locomotive Limited In respect of the M7. During the year, the Company was assisted with a £IOO,000 Trust 8rant to operate services to Wareham for the first time since 2017 and fulfilled the Trust obligations relating to the contract with the Dorset Council, by operatin8 a second190 dayl trial. The Trust's Financial Advisory Group was reformed. and renamed, during summer 2023 and in mid-september it reported seriou5 concerns over the financial position of the Company. As reported to members at the Trust's Annual General meeting on 13th October. a Business Review Group formed of Gavin John5, Robert Patterson and Frank Roberts. The Group. supported by a wide variety of others across the Railway, conducted a wide-ranging review. Whist the focus was primarily on consideration of the business of the Company. the Recovery Business Plan was approved by Company Directors and endorsed by Trustees soon after the end of this reportin8 period. Without doubt the 2023 Wareham Service was an operational success, and due to natlonal rall strlkes on some days the only trains at Wareham were the Swanage Railway services. However, as part of the winter review the Company commissioned a comprehensive and independent review of Wareham operations. and determined that without external grant support. the Wareham service would be unsustainable and could jeopardise the future operations of the Company. Operation of the Wareham service coupled to the financial arrangements with Polar Expre55, Wlth the absence of income from advance ticket sales. meant that the Company had acltte cash flow issues during the winter requirin8 substantial Trust support for the Companv.
The Swanage Rallway Trust Chairman'5 Strategic Report For the Year Ended 31 January 2024 After considerable consideration. a £370.000 winter loan was approved by trustees. arrangements being supported by a debenture secured a8ainst Company assets arranged throu8h our bank and solicitors. A crucial aspect of the arrangement'was the provision of a 3-year Recovery Bu5ine55 Plan developed by the Business Review Group. One of the highlights of the year was the re-commissioning into service of T3 locomotive No 563 (the onlv locomotive owned by the Trust) after 3 £600K restoration appeal. The rededication ceremony on 7th October was attended by many guests who saw thi5 Victorian icon brought back to life, and the event was covered in the national pre55. Subsequent work has improved the performance ofthe locomotive which is now able to haul 5- carriiage trains. At thÈ Trust's Annual General Meetin8, the Save Your Railway appeal was launched, and by the end ofjanuary had raised £ 104,6S3. Le8acies to the Trust also continued during the year and durin8 2023124 this amounted to £275,000. In addition to a number of new trustees who joined the Council of Management at the first meetin8 on 4th November 2023. the Trust has been keen to support all its constituent groups which fall under its umbrella. Worthy of note are: Purbeck Minin8 Museum secured £1SOk of external grant towards the creatlon of woodland walks The Heritage Carriage Group commissioned Maunsell cariage1346 into service. The youth 8roup 'The Sy8nets' remains extremely popular with a lon8 waitin8 list of prospective member5 Corfe Museum recently received accreditation and started work on rebuilding exhibit5 With lottery grant support. Looking to future governance the Trust has re-affirmed its commitment to a unitary charitable governance model and the motion at the October 2023 provided Trustees with a mandate to continue with this work. Trustees would like to express their grateful thanks to Peter Sills and Andrew Moore who stepped down from the Council of Management. and to Trevor Parsons and Kelth Usher who also left the Board durin8 this reporting period. Collectively they have offered substantial support to Swana8e Railway over many years. In addltion, I wish to offer my personal thanks to everyone who supported the Rallway during this reporting period, in whatever endeavour, whether that be a member of staff (paid or volunteer) or as a supporter. Last winter was an extremely challengin8 time durin8 which we conducted the third structure review since Covid-19,' six months after the Introduction of a new Plan there are indeed clear si8ns of recovery. Rob Chair, Swanage Railway Trust Date.. 31st August 2024
The Swanage Railway Trust Directors Report For the Year Ended 31 January 2024 The directors are pleased to present their report together with the con501idated financial statements of the charitv and its 5ub51dlary company for the year ended 31 January 2024. STRUCTURE, 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 adminlstrative information set out on page 3 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Associatlon. and the Statement of Recommended Practice- Accounting and Reporting by Charities ISORP FRS 1021. MANAGEMENT The Swanage Railway Trust has a single management body, the Board of Director5 (also known 35 the Council of Managementl, 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 dele8ate day to day responsibilities of managing the Railway to The Swanage Railwav Company's Senior Mana8ement Team, overseen by the Company Board or Directors. The Directors consider the following people to be part of Key Mana8ement. Dlrectors; NAU G J Johns T Parsons IResi8ned Au8USt 20231 R Patterson (Resigned February 2023, reappointed November 2023) K Potts F E Robert5 (Appointed from November 20231 E Sellen K Usher IResi8ned October 20231 M Alldrick (Resigned February 20231 Senior Managers: J Cox ICarri38e & Wagon Manager) G Froud (Steam Locomotive Superintendentl A Haddon (Health Safety and Compliance Manager) A Haines (Operations Manager) L Lock (Finance and Personnel Manager) M Trott IPa55enger Services Managerl
The Swanage Railway Trust Directors Report For the Year Ended 31 January 2024 Key Management Personnel are employed by the Swana8e Railway Company and are remunerated in accordance with the pay structures established by its Directors who act wlth the authority delegated by the Council of Management. OIRECTORS MEETINGS The Council of Management meets 8 times a year with a number of additional on-line meetin8S. DIRECTOR INDucfioN ANO TRAINING The directors of the charitable company are the trustees for the purpose of charlty law and throuBhout 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 persons in these positlons. All Directors of the Trust are member5 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 wlth them. The Swanage Railway Trust provides a briefing pack to members considerin8 Standing for election to the Council of Management, Thi5 pack include5, inter-alia, a copy of the Trusvs Articles of Association, a copy of the Trust's formal policies and a copy of CC3 - The Charity Commission's 8uide for new Trusi Directors. Successful candidates are asked to confirm receipt of these in writing and that they understand the information contained therein. Any changes to the guidance issued by the Charitv Commission will be considered by the appropriate director. and where necessary. discussed at a meeting of the Council of Management. OBJECTIVES AND ACTIVITIES The objectives of the Swanage Railway Trust, as set down in its Memorandum of Assoclation, is to study. compile records on and acquire, restore, preserve and maintaln railway Ilnes, 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 fore80ing 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 shows and events for the provision and stimulation of information. education and Interest in such vehicles and other items of rallway interest. The SRC 8oard use annual passenger numbers on the railway to measure the performance of the Group. A review of business describing how objectives and activities have been achieved in the current year ha5 been included in the Chairman's Strategic Report which starts on page 4.
The Swanage Railway Trust Directors Report For the Year Ended 31 January 2024 PUBLIC BENEFIT The directors have 8iven due regards to the requirement of the Charity Cornmission with respect to public benefit. RISK MANAGEMENT The major risks that the Swan3ge Railway Trust and its trading subsidiary face the Swanage Railway Company Limlted have been considered by separate review groups. The major risks considered by the Trust are= Lack of funding and difficulties in fundraising to prevent the Trust from achievin8 its objectives which leads to inability to fund key infrastructure and heritage projects Adverse tradin8 conditions of it's subsidiary Diff iculties in recruiting volunteers These risks may cause a delay in the Trust achieving its objectives or curtail the operations of the trading subsidiary, RELATED PARTIES The charity acknowledges a relationship with..- The Swana8e Railway Company Limited Southern Locomotives Hire Ltd Southern Locomotives Engineering Limited 71A Locomotive Ltd Class 3311 Preservation Co. Ltd JMB Locomotive Services Drummond Locos Ltd National Railway Museum 563 Locomotive Group The Swanage Railway Trust hold5 a controllin8 interest In the Swana8e Railway Company Llmited, which assists the Trust in meetin8 Its objectives by operating the Swanage Railway and undertaking the associated trading activities. Whi15t the company has 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 railway. A number of the directors ofthe Swanage Railway Trust are also directors of the Swana8e Railway Companv Limited. It is current Trust policy that the majority of voting Directors of the Swanage Railway Company are also Directors of the Swanage Railway Trust. VOLUNTEERS The charity is heavily dependent on the volunteers who perform many different tasks to asslst wlth the management, administration, maintenance and operation of the railwav. FUNDRAISING STANDARDS INFORMATION The charity does not use professional fundraisers or direct mall. Member5 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 Swanage Railway Trust Directors Report For the Year Ended 31 January 2024 FINANCIAL REVIEW The level of consolidated income has decreased largely because of the reduction of capital grènts f rom outside organisations which were made to the trading subsidiary as those projects near completion although this is matched by a decrease in capital and revenue expenditure. Legacy Income in the Trust was also substantially 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 rollin8 Stock which are part of the objectives of the Trust. Consolidated fund5 total £6.653.439 at 31 January 202412023- £6,265,677). There is a requirement for a high level of reserves given the substantial investment by the Trust and its subsidiary in fixed asset5, RESERVES POLICY The Group has a requirement for a high level of reserves due to its large investment in fixed assets and its tradin8 subsidiary and for settin8 a51de resources for future projects. Where funds have been raised for specific projects, the Group malntains separate funds either as designated or restricted funds - see notes 14 and 15. The available reserves of the Group are as follows,, Total consolidated funds at 31 January 2024 Less'.- Tan8ible Fixed assets Fixed asset investments Restricted funds held in bank balances 6,653,439 5,653,133 95,160 166,468 738.678 Free reserves are calculated by deducting fixed a55ets f rom the unrestricted land undesi8natedl reserves held at the year-end. The trustees are able to unde5i8nate reserves if required. Funds in relation to fixed assets would only be released on the sale of those a55et5. The Group will continue to invest in flxed assets and locomotive overhaul in 2024125.
The Swanage Railway Trust Directors Report For the Year Ended 31 January 2024 FUTURE PLANS The Group intends to use its strategic objectives to utillse 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 Railwav. STATEMENT OF DIRECTORS, RESPONSIBILITIES The directors are responsible for Preparing the Annual Report and the consolidated financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 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 expenditure of the charitable company and the group for that period. In preparinB these financial statements, the dlrector5 are required to.. Select suitable accountlng policles and then apply them consistently.. Observe the methods and principle5 in the Charities Statement of Recommended Practice ISORPI,. Make judgmenls and estimates that are reasonable and prudent: Prepare the financial statements on a 80in8 concern basls unless it Is inappropriate to presume that the charitable group will continue in business. The dlrectors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companles 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 detection of fraud and other irregularities. The dlrectors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial information may differ from legislation in other jurisdictions. io
The Swanage Ra51way Trust Dirertors Report For the Year Ended 31 January 2024 In so far as the directors are aware: There is no relevant audit information of which the charitable company's auditors are unaware; The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. The Auditors, Ward Goodman, have been Informed that the Swanage Railway intends to appoint a new audltor at their respective Trust and Company Annual General Meetings on Saturday 12th October 2024. Ward Goodman has expressed its willingness to ensure a smooth transfer to the new Auditor. The Chair of the Swanage Railway Trust, on behalf of the Swana8e Railway Company Limited and all constituent group5, wishes to place on record an appreciation in respect of the hi8h level of assistance and support received from Ward Goodman, since it took over its audit role f rom Shipleys LLP in 2013. Approved by Order of the Dlrectors Ro erts Bsc MCIRO Chalr. Swanage Railway Trust Date.. 31st Au8U5t 2024 li
Report of the Independent Auditors of The 5wanaEe Railway Trust For the Year Ended 31 January 2024 Opinlon We have audited the consolidated financial statements of The Swana8e Railway Trust (the parent company and its trading subsidiary, together'the group'l for the year ended 31 January 2024 which comprise the consolidated statement of financial artivitie5, the group and parent charitable company balance sheets and the consolidated statement of cashflows and the notes to the financial statements. The flnancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standard5 (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statementS'. 8ive a true and fair view of the state of the group's and the parent charitable company's affairs as at 31 January 2024 and of the group's and parent charitable companvs incoming resources and application of resources, includin8 Sts 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. 8asis for oplnion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUKII and applicable law. Our responsibilities 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 U K. includin8 the FRC'S Ethlcal Standard, and we have f ulfilled our other ethical responslbilities In accordance wlth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide basis for our opinion. Con¢lu5i0ns relatin8 to golng 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 dlrector's, use of the going concern basis of accountin8 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 charltable company's abilily to continue to adopt the 8oin8 concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. 12
Report of the Independent Audltors of The Swanage Railway Trust For the Year Ended 31 January 2024 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 statements 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 assurance 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 materlally inconsistent with the flnancial 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 fact. We have nothing to report in this regard. Matters on whlch we are requlred to report by exceptlon 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 ihe accounting record5 and returns,, or we have not received all the Information and explanatlons we require for our audlt. Responslbllitles of Dlrectois As explained more fully'in the Statement of Director's Responsibilities set out on page eleven, the Directors are responsible for the preparation of the f inancial statements and for being satisfied that they give a true and fair view, and for such internal control as the dlrectors determine 15 necessary to enable the preparation of financial statements that are free from material misstaiement, 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 going concern and usin8 the goin8 concern basis of accounting unle55 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 2024 Our responslbilities for the audit of the financial statements 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 hi8h level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material mi55tatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to Influence the economlc decisions of users taken on the basis of these f inancial statements. 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 respect of irregularities includin8 fraud. The extent to which are capable of detectin8 irregularities, including fraud is detailed below.. We obtained an understanding of the legal and regulatory frameworks applicable to the Group and the sector in which they operate. We determined that the following law5 and regulations were most Sl8nificant: the Companies Act 2006, the UK Corporate Governance Code, UK corporate taxation laws and UK government Covid-19 support schemes. We obtained an understandin8 of how the Group are complying with those legal and regulatory frameworks bv makin8 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 statements to material misstatement, including how f raud might occur. Audit procedures performed by the engagement team included.. 11 Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud,. 21 Understandlng how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the f inancial reporting proces5.' 31 Challen8in8 assumptions and judgments made by mana8ement in its Sl8nificant accounting estimates: 41 Identifying and testin8 journal entries, in particular any journal entries posted with unusual account combinations,. and 51 Asse55ing the extent of compliance with the relevant law and regulations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description forms part of our Report of the Independent Auditors. 14
Report of the Independent Auditors of The Swanage Railway Trust For the Year Ended 31 January 2024 Use of our report This report is made solely to the group and charitable company. Our audit work has been undertaken so that we ml8ht state to the group and charitable company those matters we are required to State to them In an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the group and charitable company as a body, for our audit work. for this report, or for the opinions we have formed. lan M Rodd BSC FCA FCCA (Senior Statutory Auditor) For and on behalf of Ward Goodman Audit Services Limited Statutory Auditor 4 Cedar Park Cobham Road Ferndown Industrial Estate Wimborne Dorset BH217SF Date.. 31st August 2024 15
The Swanage Railway Trust Consolidated Statement of Financial Activities For the Year Ended 31 January 2024 (Incorporating the Consolldated Income and Expendlture Account) Unrestrirted funds 2024 Restrlcted funds Total 2024 Total 2023 as restated Notes 2024 Incoming Resource$ Voluntary Income: Appeals. donations, legacies and covenants Grant income 492,609 267,251 150.690 759,860 150,691 436,654 1.929 Actlvitles for 8enerJtlng funds: Membership subscriptions Fund raising and other Income Trading income Investment income 52.351 23.341 2,842.915 37.879 52.351 23,341 2,842,915 39,880 42.927 21,306 2.905.971 1,857 2,001 Government grants Total Incomln8 Re50ur¢e$ 3,449,096 419,942 3.869,038 3,410,644 Resources Expended Cost of generating funds Trading expenses Fundraisin8 Costs 3,263.853 6,015 3.263,853 6,015 3,439,587 5,720 Charltable actlvlties 243,417 52,934 296.351 222.516 Total Resources Expended 3.513,285 52,934 3,566,219 3,667,823 Net In¢ominz Resources 64,189 367,008 302,819 257.179 Provision for deferred taxation Revaluatlon adjustment Transfers between funds 12.154 72,789 13,280) 12,154 72,789 108,132 ii.iooi 3.280 Net rnovement In funds 17,474 370,288 387,762 1150,147) Funds at l February 2023 5,370,430 895,247 6.265,677 6.415.824 Funds at 31 January Z024 14.1S 5,387,904 1,265,535 6.653,439 6.265.677 16
The Swanage Railway Trust Consolidated Balance Sheet As at 31 January 2024 2024 2023 as restated Fixed Assets Tangible Fixed Assets Fixed asset investments - listed Total flxed assets Notes 5,653,133 5,469,062 95,160 3,486 5,748,293 5,472,548 Current Assets Stocks Debtors and prepayments Cash at bank and in hand io li 85,361 84,055 412,969 387,006 1,605,085 1,517.852 2,103.415 1,988,913 Credltors: Amounts falllns due withln one year Creditors and accruals 12 1969.3481 1877.3271 Net Current Assets 1,134,067 1.111,586 Totsl assets less cufrent liabilities 6 882 360 6 584 134 Creditors: Amounts falling due after more than one year 12 1206.804) 1284, 1851 PROVISIONS FOR LIA8ILITIE5 122,1171 134,2721 Net Assets Unrestrirted Fund$: General funds Designated fund5 Revaluation funds 6 653 439 6 265 677 4,035,750 4.197,809 782,587 801,419 569,567 371.202 s,387,904 S,370,430 14 Restricted funds Total funds 14 15 1,265,535 895,247 6 653 439 6 Z65 677 REGISTERED COMPANY NUMBER: 041151261England and Wale5) REGISTERED CHARITY NUMBER: 1087318 These financial statements were approved by the Directors and authorised for issue on 315t August 2024 and are signed on their behalf by.. GCJohn5- tor Director 17
The Swanage Railway Trust Balance Sheet As at 31 January 2024 2024 2023 Notes Fixed Assets Tangible Fixed Assets Fixed asset investments - listed Investment in subsidiaries Total fixed asset5 1.515.113 1,340,541 95,160 3,486 470,60S 470,605 2,080,878 1.814,632 Current Assets Stocks Debtors and prepayments Cash at bank and in hand io li 785,663 444,962 1,524,019 1.394,782 2,309,682 1,839,744 Credltors: Amounts fallln8 due within one year Creditors and accruals 12 1583,1111 {349,5411 Net Current Assets 1,726,571 1,490,203 Total a55ets less current Ilabllltles 3,807,449 3,304,83S Credltors: Amounts fallln8 due after more than one year 12 1102.5981 1106,5821 Net Assets Unrestrirted Fund$: General f unds Designated funds Revaluation funds 3,704,851 3,198,153 1,656,729 1,501,587 782.587 801,419 14 2,439,316 2,303,006 Restricted funds Total funds 14 14 1,265,535 895,247 3,704,851 3,198,253 REGISTERED COMPANY NUMBER: 04115126 (En8land and Wales) REGISTEREO CHARITY NUMBER: 1087318 These financial statements were approved by the Oirectors and authorised for issue on 31st Au8USt 2024, and are Signed on their behalf by: GCJohns-D ect F Roberts - Director 18
The Swanage Railway Trust Consolidated Cashflow Statement For the Year Ended 31 January 2024 Note 20Z4 2023 as restated Cash flows from operatlng actlvlties: Cash generated from operations Interest received Interest paid 627,451 39.880 {12.9361 27.462 1,857 18.6241 Net cash provided by (used Inl operating artivitles 654,39S 20,695 Cash flows from Investing artlvltles Purchase of equipment Proceeds from Sale of fixed assets IGainsl/Losses on revaluation of investments Purchase of investments 1344,2SI} 1389,6361 29,000 I,ioo 172,7891 1100.1251 Net cash flows from investin8 activities 1517,165) 13S9,536} Cash flows from flnanclng artlvltles Capital repayment of Hire Purchase leases New loans in the year Interest paid Loans repaid 149,9971 145.7981 Net cash flows from flnanclng actlvltie$ 149,997) (45,7981 Net Increase/(decreasel In cash and cash equivalents 87,233 384,6391 Cash and cash equivalents at the beginning of the year 1,517,852 1,902,491 Cash and cash equlvalents at the end of the year 1 605,085 1,517,852 Reconclliation to cash at bank and in hand; Cash at bank and in hand Bank overdrafts 1,605,085 1,517,852 Cash and cash equlvalents 1,605,085 1517 852 19
The Swanage Ilailway Trust Notes to the Consolidated Cashflow Statement For the Year Ended 31 January 2024 I Cash flows from operating actlvlties 2024 2023 as restated Net Surplusl{Deficitl 302,819 {257,1791 Adjustment for; Depreciation charges Reclasslflcation of tangible f ixed asset5 GainsllLossesl on revaluation of investments Investment income Interest paid Impairmenilosses IGainl/loss on disposal of fixed asset5 228,060 218,975 72.789 {39.8801 12,936 11,100) 11,8571 8,624 13,363 12,110 Cash flows before movement in workin8 Capltal 590,087 120.4271 Ilncreasel l Decrease in stock Ilncreasel l Decrease in debtors Increase / (Decrease) in creditors 11,3061 110,8181 125.9631 1284,2231 64,633 342.930 Cash 8enerated by operations 627,451 27,462 2 Analysis of changes in net debt AtIFeb 2023 as restated At 31 Jan 2024 Cash flows Cash and cash equlvalents Cash at bank and in hand 1,517,852 87,233 1,605.085 Oebt Fallin8 due within one year Fallin8 due after one year 150,0001 1207,2021 150,0001 1157,2051 49,997 1,260,650 137,230 1.397.880 20
The SwanaEe Railway Trust Notes to the Consolidated Accounts For the Year Ended 31 January 2024 I. ACCOUNTING POLICIES 1.0 Legal form The Swanage Railway Trust Limited, a publlc benefit company under FRS 102. 15 incorporated as a Company Ilmited 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 1087318}. The Swanage Railway Company Limited is incorporated as a Company limited by shares, registered in England and Wales (company number 014125681. The re8lStered off ice address is on page 3 of these accounts. 1.1 Basls of preparation The Financial statements have been prepared under the historical cost convention as modified by the revaluation of the locomotives and rolling 51ock and are in accordance with Financial Reporting Standard 102, thÈ Companies Act 2006 and the Charities Accounting Statement of Recommended Practice ISORP FRS 1021. 1.2 Basis of Consolidatlon The consolidated accounts present the financial statements of The Swana8e Railway Trust and its subsidiary the Swana8e Railway Company Limited as if they formed a single entity. Intercompany transactions and balances have therefore been ellminated in full. The Group has taken advantage of section 408 of the Companie5 Act 2006 by not providing a separate statement of financial activities for the subsidiary. 1.3 Incomln8 Resources Membership income.. Annual subscriptions 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 ralslng income the directors have no control over this untll received and entered into the records. Trading Income- Income from the subsidiary trading company is included in the period in which it is generated. Le8a¢y income.. Legacy income is recognised at the earlier of the charity being notified or the le8acy bein8 received. Government Grants.. Government grants shall be reco8nised in profit or loss on a systematic basis over the periods in which the entity recognises as expenses the related costs for which the grant5 are intended to compensate. 1.4 Resources Expended All resources expended are classified under activity headin8S that aggregate all costs related to the category. Cost of generating funds comprises the costs of fundraising and trading activities. Charitable activities include thÈ costs incurred directly in the f ulfillment of the Charity's objectives. Governance cost5 represent those costs of the strategic management ofthe charity and of complyln8 Wlth constitutional and statutory requirements. 21
The Swanage Railway Trust Notes to the Consolidated Accounts For the Year Ended 31 January 2024 I. ACCOUNTING POLICIES- eontlnued 1.4 Resources Expended Icontinuedl Liabilities are recognised as resources expended once there is a legal or constructive obligation to make a payment to a third party. All expenditure is included in the Statement of Financial Activities on an accruals basis net of recoverable VAT. 1.5 Operatlng Leases Rentals payable under operating leases are char8ed to the Statement of Financial Activities as incurred over the term of the lease. 1.6 Tangible Flxed Asset5 Fixed assets are included at cost or valuation. Expenditure on repairs and renewals and minor items of equipment Is written off in the year in whlch it 15 incurred. Freehold land is not depreciated. 1.7 Herftage Assets Part of the Objectives of the Trust is to acquire. restore. preserve and manage herita8e locomotives and rolling stock. These assets are included in the accounts of the Trust at valuation and are not subject to an annual depreciation charge, 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 assets is charged to the Consolidated Statement of Financial Activities when recognised in accordance with FRS 102. Detalled Information on the locomotive5 and rolling stock of the Trust and its subsidiary company can be found at WWW.swanagerailway.co.uk. 1.8 Infrastructure, plant and equipment Infrastructure, plant and equipment 15 Stated in the balance sheet at cost less accumulated depreclation. Depreciation is calculated to write off the cost of the assets concerned on either a straight line basis or a reducin8 balance basis over their estimated usef ul lives at the followlng rates=_ Plant and machinery,. Fixtures and fittings, plant and equipment- 20% Reducing balance Computer equipment- 25% Stralght Ilne Motor vehicles- IO% Straight line Rolling Stock- Not depreciated Furniture- 20% Straight line Fixtures and equipment - 20% Straight line Long leasehold - over the term of the lease Permanent way- 2% Straight line Buildings and railway structures - 40A Strai8ht line Freehold land - not depreciated 22
The Swanage Railway Trust Notes to the Consolbdated Accounts For the Year Ended 31 January 2024 I. ACCOUNTING POLICIES - continued 1.9 Impairment of Fixed assets Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impalrment10s5 Is recognised in the Statement of financial activities as described below. An Asset is impalred where there is objective evidence that, as 3 result of one or more events that occurred after initial recognition. that estimated recoverable value of the asset has been reduced. The recoverable amount of an asset Is the higher of its fair value le55 Costs to sell and its value in use. 1.10 Stocks Stocks are valued at the lower of cost or net realisable value. 1.11 Investments All investments in locomotive preser¥ation groups are stated at cost. Investment in the Trust's subsidiary company the Swanage Railway Company Limited is stated 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 plan5 or policies in place for further investment in listed entltles. 1.12 Fund accountln8 Unrestricted funds are available to use to further any of the purposes of the charity, at the dlscretion of the trustees. Desi8nated funds are unrestricted funds of the charity which have been set aside by the trustees to fund particular activities of the charity. Restricted funds are donated for particular areas of the charily work or specif ic projects undertaken. Restrictions arise when specified by the donor, by the trust deed or when funds are raised for particular restricted purposes. 1.13 Financial Instruments Financial instruments are CO6n1sed in the balance sheet when the Group becomes party to the contractual provi5i0ns of the instrument. Basic financial assets; Basic financial assets, which include trade and other receivables and cash and bank balances. are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost usin8 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 market rate of interest. Basic financial liabilities,. Basic f inancial liabilities, including trade and other payables. bank loans, and loans from group companies are initially reco8nised at transaction price. Financial liabilitie5 due in more than one year are initially measured at transaction price and subsequently measured at amort15ed c05t using the effective interest method. 23
The Swanage Railway Trust Notes to the Consolidated Accounts For the Year Ended 31 January 2024 I. ACCOUNTING POLICIÉS- continued 1.13 Financlal instruments (continued) Financial liabilities constituting f inancing transactions are initially measured at the present Value of the future payments discounted at a market rate of interest. Oerecognition of f inancial 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 518nlflcantJud8ement and estlmates In the application of the group's accounting policies, which are described above, the directors are required to make judgements, estimates and a55umption5 about the carrying amounts of assets and liabilitie5 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 basis. Revisions to accountin8 estlmates 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 followin8 are areas 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 assets and the expected residual value on future disposal is estimated by the Directors based on their knowledge and experience. The total carrying value of fixed assets at 31 January 2024 was £5.637,397. 1.15 Flnance Leases Finance lease5 are measured at the present value of future lease payments and interest is accrued usin8 the sum of di8lts method. 1.16 Taxatlon The Trust is a registered charity and as such is entitled to certain tax exemptions on surpluses on any tradln8 activlties carried on in furtherance of the charity's primary objectlves. Deferred Taxation - Subsldary only.. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timin8 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 timin8 difference. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it 15 probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. 24
The Swanage Rallway Trust Notes to the Consolidated Accounts For the Year Ended 31 January 2024 2. Incoming resources Unrestricted Restrirted Funds Funds 2024 2024 Total 2024 Total 2023 as restated Voluntary income (Trustl Donations. legacie5 and covenants Gift aid Legacies Grant income Membership subscriptions Fundraising and other income Investment income 160,798 14,748 317,064 239,136 28.115 399.934 42,863 317,064 150,690 52,351 23,341 39,880 172,966 21,415 242,274 1,929 42.927 21,306 1,857 150,690 52,351 23,341 37,879 2.001 Total voluntary Income from Trust 606,181 419.942 1.026,123 504,674 Activities for generatlng funds (Subsidlary Company) Herita8e passenger fare income Wareham fare income Shop income Catering income Other income Insurance claims Revenue grants Government grants 2,229,815 2.229.815 2,338,563 185,759 145,632 281.709 185.759 145,632 281,709 163,915 123,053 280.439 Total Income from activlties In subsidlary company 2,842,915 2.842,915 2,905,970 Total consolidated In¢omlng resources 3 449 096 419 942 3 869 038 3 410 644 25
The Swanage Railway Trust Notes to the Consolidated Accounts For the Year Ended 31 January 2024 3. Subsidiary results The Trust discharges its charitable objectives through its subsidiary the Swanage Railway Company Limited, a companv incorporated in the UK. A summary of the tradin8 results includin8 inter8roup trading is set out below. Audited accounts are filed with Companies House. 2024 2023 as restated Turnover Cost of sales 3,013.671 11,345,225) 2,981,420 11.439.408) Gross proflt 1,668,446 1,542.012 Administrative expenses 11.850,9811 11,960,555) Operating profit 1182,535) 1418,5431 Government grants Interest payable Interest receivable Other income 133,658) 65 18,6241 186 Net profitl Ilossl on ordinary activities 1216,128) 1426.9811 Less.. Deferred taxation 12,154 108.132 Herita8e asset revaluation 198,365 Total Comprehenslve Income for the year 318 849 Prlor year adjustment 1130,5661 Total Comprehensive Income since last annual report 136 175 Net assets 1,167,251 1.172.860 Prlor year adjustment A prior year adjustment was made in the subsidiarles accounts. which has impacted the accounts for the group. During the year ended 31 January 2024 the board conducted a full review of f ixed assets. Within Assets Under Construction, an asset to the value of £326,4 15 was identified which has been in operation for 5 years. A prior year adjustment has therefore been completed to recognise the asset within Plant & Machinery as a rolling stock asset which is depreciated over a 10 years straight line basis. The overall effect on the brought forward reserves as a result of the depreciation charge is a reduction of £130,566. 26
The Swanage Railway Trust Notes to the Con501idated Accounts For the Year Ended 31 January 2024 4 Comparatlve Con501idated Statement of Flnanclal Actlvltles Unrestricted Restrirted 2023 2023 as reststed as restated Total 2023 as reststed Total 2022 Notes Incomin8 Resources Voluntary Income". Appeals, donations, legacies and covenants Grant income 281,939 154,715 1,929 436,654 1.929 411,617 493,467 Actlvltles for 8eneratlng funds: Membership 5ubscriptSons Fund raisin8 and other income Trading income Investment income 42,927 21.306 2,905,971 1,756 42,927 21,306 2,905.971 1,8S7 39,263 24.501 2,350,587 75 ioi Government grants 58,252 Total Incomin8 Resources 3,253,899 IS6,745 3,410,644 3,377,762 Resources Expended Cost of 8eneratlng funds Trading expenses Fundraising costs 3,439,587 5,720 3,439,587 S,720 2,S43,271 8.952 Charltable actlvltles 184,577 37,939 222,516 176.769 Total Resources Expended 3,629,884 37,939 3,667,823 2,728,992 Net In¢omin8 Resour¢es 1375,9851 118,806 1257,179 648,770 Provision for deferred taxation Revaluation adjustment Transfers between funds 108,132 11,ioo} {2,983} 108.132 ii.ioo) 1142,4031 1,046 2,983 Net movement in funds 1271,936) 121.789 {150,1471 507,413 Funds at l February 2022 5.642,366 773.458 6,415,824 6,006,33S Funds at 31 January 2023 14,15 5,370,430 895,247 6,265,677 6,513,748 27
The Swanage Railway Trust Notes to the Consolidated Accounts For the Year Ended 31 January 2024 5. Total Resources Expended Premlse5 & railway running costs Admln, salaries and other Dep'n Total 2024 Total 2023 Charitable Activities: as restated 108,457 15.326 108,457 15,326 55.976 84,404 6,050 9,886 4,153 284,252 112,0991 6,015 3.263,853 102,864 15,920 28,673 61,861 5,748 6,477 973 222,516 Rates & utilities Printing & stationery Repairs & other Auditors remuneratlon lauditl Auditors remuneration (non audit) Other legal and professional Total char5table activities Costs of generating funds.. Fundraising costs Tradin8 Costs (subsidiary only) 55,976 36,924 6.050 9.886 4,153 112.989 37,780 9,700 161.563 9,700 6.015 1,477,846 5.720 3,439,587 1.579,747 206,260 Total cost of generatlng funds Total resources expended 1.579,747 1741310 1,483,861 1596 850 206,260 215 960 3,269,868 3 554 120 3,445,307 3 667 823 Included under trading costs, above. are £9,75012023.- £9,275) of fees paid to the auditor of the subsidiary's financial statemenis of which £7,20012023'. £6,860) were for audit services. 6. Staff costs Trust and Subsldlary 2024 2023 as restated 982,602 83,964 16,243 1082 809 The Swana8e Railway Company Limited had 3512023.. 391 employees at the year end, excludin8 directors, All staff members are employed by Swanage Railway Company Limited. None of the directors ofThe Swana8e Railway Trust or Company received any remuneration for their servlces. Expenses were reimbursed to the directors during the year for out of pocket expenses incurred in accordance with their duties as directors. Wa8es and salaries Social security costs Pension costs 938,610 76,491 17.507 1032 608 Key Management Personnel salaries for the year to 31 January 2024 was £214,19312023: £247.9081. The Swanage Railway Trust and the Swanage Railway Company Limited are both heavlly reliant on volunteer staff in all areas of their activities. There were no employees with emoluments above £60,000 in the Swanage Railway Company or Swanage Railway Trust. 28
Tht 5wana8e Rallway Trust Note5 to the Consolidated Ac¢ountS Forthe Year Ended 31 January 2024 7. Tlnilble fixed a5s•ts Subsldllry Plam Machln¢ry Sfvop Lityd •nd H¥tal¢ •nO Flttlnis and Oulldlnii Almts Eg5Pment Equlpm•n¢ Trust Piffl4nent W•y•nd Other Assetsvhdtt Asslts Cmitrurtlon Plant M•chlThEry Loni Horttaie aThd A5s•1s UndEr Ltii•hdd Asi•is Equlpm•N Constwctlon Tot•1 Compiny L4nd and TotilTru51 Tot•1 Cost Al J Feb 2023 911.387 1,031.635 1.610.128 3,387 1,874,484 556,189 30,755 5,987,210 30.755 177.971 12,350 1,176,567 3CV,196 33.898 25.387 950 L,413.818 7,401,OI8 313,4% 344,251 14,0041 198,365 198.365 81,240 126,1)Xl 881,375 L,230,CI 31.217 1,593,034 26,Q)8 3,387 1,9W.492 188.133 1188.1331 190,321 188,133 1,171.500 A$ 31 Jan 2024 555,727 6.164.015 33.898 26.337 1,610,189 7,774.204 Al l Feb 2023 Charge for the yo•r 415.240 968,624 3,3QS 471,517 1,858,686 106,261 42,729 30,548 645 73,277 1,931,963 21,799 228,050 58,577 123,942 18 45,924 9.055 11,099 dlspD541 At 31 lan 2024 138,9521 2.025.995 453,617 1,053,614 3,321 515,441 51,784 12,099 31,193 95.076 2,121,071 Nei Bty)k V•ly• At 3118n 2024 Ai 31 lan 2013 427.758 1,230.000 496.147 1.031.635 539.420 641.504 64 1,38S.OSI 82 1.402,967 SSS,727 556,18g 4,13U,020 4.128.524 138.537 176,034 1.171.500 135,242 1,176.562 2,705 3,350 26,337 25.387 1.515.113 5,653,133 1.340,541 5.469,LKS HerStage asset5 were revalued as ai 31st January 2024. The 5ubsidl?ry cornpjny ¢•piibl expendlture durln8 the year ¢omprised the con5tru¢tion of • n¢w forth liftin8 jacks In Ihe 8oods shed road. 29
The 5wanage Railway Trust Notes to the Consolidated Accounts For the Year Ended 31 January 2024 7. Tanzible fixed assets (Continued) The group continues to acquire new heritage assets in accordance with its acquisitions policy. In the last f ive years, acquisitions have been made as follow5.. Heritage Assets 2024 20Z3 2022 2021 2020 Additions - Funded Addltlons - Donated Disposals Inet book valuel Proceeds from disposals Impairment to Heritage assets 300,196 189.515 165,370 245,000 212,067 11,500) {2501 (32,500) 188 133.00 350 INVESTMENT IN THE SWANAGE RAILWAY COMPANY LIMITED (company number 014115681 The Trust discharges part of its charitable objectives 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 Limlted is such that The Swanage Railway Trust is the only shareholder who can hold voting shares in the Company. The effect of this Structure 15 that The Swanage Railway Trust controls the Swanage Railway Company Llmited. The trust owns 96% of the Issued share capital of The Swana8e Railway Company Limited. An extract of the subsidiary's income statement Is in note 2 10 these account5. An extract from the Balance Sheet of the Swanage Railway Company Limited at 31 January 2024 is as follows:. 20Z4 2023 as restated 4,138,020 4,128,524 248.066 284,883 1974,0301 1780,067) 3.412.056 3.633,340 Fixed assets Current asset5 Current liabilities Total asset5 le55 current liabilities Creditors due in more than one year Provisions for liabilities 12,222,688) 12,426,208) 122,1171 134,272} 1167 251 1 172 860 Called up share capltal - owned by trust see page 18 Called up share capital- owned by members Revaluation reserve Profit and loss account 470,605 16.358 569,567 110,721 1167 251 470,60S 16.358 371,202 314.695 1 172 860 30
The Swanage Railway Trust Notes to the Consolidated Accounts For the Year Ended 31 January 2024 9. INVESTMENTS IN LISTED ENTITIES Market Value at l February 2023 as restated Additions Disposals Net investment Ilosses)18ains Market value at 31 January 2024 3,486 100.125 {8,4511 10. STOCKS Trust and Subsidlary 2024 2023 a5 restated Trust 2024 2023 as restated Shop stocks for resale Caterln8 Stock Consumable stocks Special events stock Driver experience 33.895 3.541 47,763 29.775 4,863 47.578 1,666 173 162 11. DEBTORS AND PREPAYMENTS Trust and Subsldlary 2024 2023 as restated Trust 2024 2023 as restated Trade debtors Loan to the Sw3na8e Railway Company Limited Other debtors Prepayments and accrued income VAT 45,971 26,359 124 455.719 289,767 23,288 16,765 785 663 4,014 135,719 276,269 13.629 15.331 444 962 289,767 S3,751 23,480 412 969 276,267 46.448 37,932 387 006 The total amount outstanding on the Winter Loan from Swanage Railway Trust Limited to Swanage Railway Company Limited at 31 January 2024 wa5 £320.000 (2023: £nill. Interest is charged at 1.5% above the banks base lending rate and the amount of interest charged in the year was £20,722 {2023 - £nill. At 31 January 2024. there was an other debtor of £455.719 {2023: £135,719) due from Swanage Railway Company Limited to Swana8e Railway Trust. 31
The Swanage Railway Trust Notes to the Consolidated Accounts For the Year Ended 31 January 2024 12. CREDITORS ANO ACCRUALS Trust and Subsidiary 2024 2023 as restated Trust Due within one year 2024 2023 as restated Trade creditors Taxation and social security Bank loans Members loans Life membership equalisation account Other creditors. accruals. deferred Income 684,089 18.336 so,000 596,617 29,37S so,000 549,641 326,015 12,930 203,992 969 347 11,700 189,635 877 327 12.930 20,540 583 111 11.700 23.526 361 241 Deferred income relates to ticket sales in advance for events takin8 place after the year end. Trust and Subsidiary 2024 2023 as restated Trust Due more than one year 2024 2023 as restated Members Loans Bank loans Life membershlp equali5ation account Other creditors and accruals 53,000 104,205 49,598 53,000 154,202 51,458 25,525 284 185 53,000 53,000 49,598 51.458 2,124 106 582 206 804 102 598 13. LIFE MEMBERSHIP LifeTime membership sub5crlptions are credited to the accounts and released over ten years. The movements during the year were: 2024 2023 as restated 57.858 Ordinary Life, Lifetime Travel and Premier Life Membership5 brou8ht forward New memberships in the year Premler 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 63,158 12,300 17,000 112,9301 62,528 111,7001 63,158 12,930 49,598 11,700 51,458 80th Premier Life 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 Foi the Year Ended 31 January 2024 14. FUNDS The balance of the unrestricted fund may be reconciled as follows:. Openlng Incoming Expenditure balance at Resources l February 2023 Transfers Galnsl Closing (losses) on balance at revaluation 31 January 2024 General funds- Charlty Designated funds for: Restoration Other capital expendlture Other projects 4TC designated T3 Restoration Carriage shed Strategic reserves Governance review Total designated Resricted funds; Museum Group Swanage 4TC Group T3 Restoration Carriage shed Total restrlcted Total Charity Funds 1.501,587 721.722 1463,6241 22,620 (125.576) 1.656,729 69.735 58,464 68,643 18.323 113.649 207.605 250,000 15,000 801.419 8,834 78,569 32.564 68,643 17,772 112,434 207,605 250.000 15,000 782,587 125.9001 15511 11,2151 8,834 11,766) 125.9001 163,291 246,909 412,650 72,397 895,247 3 198 253 186,653 10,666 222,623 152,9341 3,280 300,290 257.575 635,273 72.397 1,165,535 3 704 851 419,942 1150 498 (SZ,9341 518 324 3,280 125 576 General funds - Company Revaluation reseNe Total - Consolldated 2,696,222 371.202 6 265 677 2,718.S41 (3,035.740) 2,379,022 198,365 569,567 72 789 6 653 440 3 869,039 3,554,064 33
The Swanage Railway Trust Notes to the Consolidated Accounts For the Year Ended 31 January 2024 14. FUNDS- comparative note The balance of the unrestricted fund may be reconciled as follows:_ Opening Incoming Expenditure balance at Resources l February 2022 Transfers Gains/ Closing (losses) on balance at revaluation 31 January 2023 General funds- Charlty Oesignated funds for. Restoration Other capital expenditure Other projects 4TC designated T3 Restoration Carriage shed Strateglc reserves Governance review Total designated Re5WiCted funds; Museum Group Swanage 4TC Group T3 Restoration Carriage shed Total restrlcted Total Charity Funds 1.528,879 431,037 1232,4671 {224,762) (1,1001 1.501.587 69.650 64,307 68,805 18,323 118,052 207.605 50,000 14,081 13,0611 126,540) 11621 {10,9351 20,697 69,735 58.464 68.643 18,323 113,649 207.605 250,000 15,000 801.419 11,4201 {2,9831 200,000 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 7,772 104.091 133,818) 163,291 246,909 412.650 72.397 895,247 3 198 253 2,983 14,1211 137,9391 301 $89 156,745 601863 2,983 General funds - Companv Revaluatlon reserve Total - Consolidated 3,243,467 371,202 6 513 748 Z.808,782 (3,125,460) Z,696,222 371,202 6 265 677 3 410 645 3 S27 049 The desi8nated funds for purposes as described above are designated and reviewed annually by the Council of Management. Incomin8 resources are received Snto the general fund and are subsequently reallocated to the designated funds at the discretion of the directors. The revaluation reserve is in respect of Heritage Assets and Listed Fixed Asset Investments. Included within general funds is £ 16,378 of share capital representin8 non voting shares in Swanage Rallway Company Limited which are owned by members of the company. The funds raised on issue of the shares were Included in unrestricted income and are not due back to shareholder5. Minority shareholders have no entitlement to profit. Transfers have been made from restrlcted 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 as follows'.- Museum Group-donations toward5 the upkeep and development of the Museums at Norden and Corfe The Swanage 4TC Group-fundraising for and restoration of 3 4TC unit to be based at Swanage to provide a push-pull set working with a Class 3311 diesel electric locomotive 34
The Swanage Railway Trust Notes to the Consolidated Accounts For the Year Ended 31 January 2024 15. RECONCILIATION OF TOTAL FUNDS TO NET ASSETS Fixed Bank Current Assets Assets Creditors <lyear Creditors
lyear Total General funds Designated funds Restricted funds Revaluation 4,046,702 32.957 1,099,067 569,567 688,987 749,630 166,468 264,177 {807,3121 1156,8041 4,035.750 782.587 150,0001 1,265,535 569,567 234,153 1184,1531 5 748 293 1605 085 498 330 991465 206 804 6 653 439 15. RECONCILIATION OF TOTAL FUNDS TO NET ASSETS - comparative FIMed Assets Bank. Assets Liabllltles Total General funds Desi8nated funds Restricted fund5 Revaluation 4,571,623 9.837 650,452 371.202 481,475 791,582 244,795 405,092 11,008,903) 4.449,287 801.419 774,335 371.202 65,969 1186,881) 5 603 114 1517 852 471061 1 195 784 6 396 243 16. FINANCIAL COMMITMENTS The group is committed to payin8 the followin8 remainlng lease payments on non-cancellable operating leases,. Trust and Subsldlary 2024 Trust 2024 2023 2023 Lease expiring -in under l year -after l year but within 5 years -after 5 years 299,188 1,484,520 4,782,085 6 565 793 296,501 1.487,207 5.078,587 6 862 295 19,506 Locomotive hire agreements al The Swana8e Railway Trust's trading subsidiary. Swanage 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. A5 detailed further in this note. a number of the directors of The Swanage Railway Trust and the director5 of the tradlng subsidiary are also shareholders in Southern Locomotives Limited, the holding company of Southern Locomotives Engineering Limited. 35
The Swanage Rallway Trust Notes to the Consolidated Accounts For the Year Ended 31 January 2024 16. FINANCIAL COMMITMENTS - continued The amount billed in respect of the year to the trading subsidiary by Southern Locomotlves Hire Limited was £156,00012023 - £151,550). At the year end. an amount of £12.00012023: £12,000) 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 JMB Locomotive Services to the trading subsidiary for the supply of motive power in respect of the year was £168,48012023.. £154,440). A total of £28,080 was the outstanding balance at the year end12023.. £28,080}. 17. PROVISIONS FOR DEFERRED TA)LATION The Swanage Railway Company, the subsidary of The Swanage Railway Trust produced a net1055 before taxatlon of £215,830 for the year endin8 31 January 2024. A deferred tax liability of £22.238 has been calculated as a result of timing differences and has been accounted for as a liabilty in the Company's entity level accounts. This year the deferred tax liability has reduced by £12,033. This is due to the tax losses incurred In the period having an affect on the deferred liability calculation. The calculation ha5 been disclosed in the Company's accounts for the year ended 31 January 2024, a copy of the Swana8e Railwav Company Llmited's financial statements are publicly available from Companies House. 18. RELATEO 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 2024 was £455.719 {2023'. £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 2024 was £20,72212023.. £nill. Four trusteesldirectors have a shareholding in the parent of a Locomotives group which Swanage Railway 8roup use as a supplier. For the year ended 31 January 2024, Swana8e Railway Group (though the subsidiary company) had transactions totalling £156,000 {2023: £151.5501. There was £12.000 outstanding at the year end12023: £12.0001. Trustees donated amount5 totalling £70012023.. £3001 of which £400 was donated towards the T3 appeal. The remainin8 donations were without conditions. 36