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
#55

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 Eg￿5Pment Equlpm•n¢
Trust
P*iffl4nent
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