2021-12-31-accounts

THE SOMERSET & DORSET RAILWAY TRUST LTD

(A company limited by guarantee)

REPORT & FINANCIAL STATEMENTS

Year ending 31st December 2021

Charity number 1158865

Company number 8945535 Registered address:

The Railway Station, Washford, Watchet, Somerset TA23 0PP

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Report of the Directors for the year ending 31 December 2021

The Trustees are pleased to present their annual Directors’ report together with the financial statements of the charity for the year ending 31 December 2021 which are also prepared to meet the requirements for a Directors’ report and accounts for Companies Act purposes.

The report of the directors has been prepared taking advantage of the small companies’ exemption of section 415A of the Companies Act 2006.

Chairman’s review

The year under review has seen the same level of activity as 2020, if not more. That will be clear from the content of the pages which follow. Highlights of the year have been progress with other heritage railways, particularly the Watercress line and the Somerset & Dorset Heritage Railway Trust. We agreed arrangements for displaying some of our collection at both railways and featured at their respective Gala weekends. In particular, the opening of the new joint museum at Alresford in October, was a significant achievement by both parties.

Management time spent on certain activities has been much greater than others, the negotiations which surrounded the new lease with the West Somerset Railway being a prime example. It was decided that a core of Trustees would be involved in day-to-day decisions, and they were ably aided by other members who had relevant skills, which included legal and business acumen. A key part of the Trust’s strategy was the appointment of solicitors. The Board felt it was incumbent on the Directors to conduct the negotiations in as a professional and transparent way as possible and regarded taking legal advice not as an unwanted expense but as a wise investment.

As usual, a great deal has been conducted by a relatively small proportion of the membership. New membership applications, or renewals, often display the words “Too far away to help” and for many who would like to assist with the museum or restoration work this could well be the case. However, there is so much which can be carried out at home. Examples already exist, such as membership administration and the Annual Raffle. Roles yet to be filled include Company Secretary, Volunteer Coordinator, Fundraising, to name but three. The sustained increase in membership brings a greater responsibility for the Board to seek further human, as well as financial, resources.

I would like to pay tribute to George Judd, who passed away during the year after a lengthy illness. He was, perhaps, best known for the years he spent organising the Annual Raffle. However, his contribution goes much further back than that, having served on the then Committee for many years. As Ivo Peters might have said, a true friend of the S&D.

Now that the Trust has the time it needs to leave Washford in a timely and orderly fashion, we cannot now look back and it is not a time to be resentful or regretful. The Trust will be looking at new opportunities over the next year, in addition to those already underway, with renewed enthusiasm.

Ian Young (Chairman)

Purposes and activities

The charity’s objects are specifically restricted to the following:

• to advance the education of the public about the history and social and economic impact of the Somerset & Dorset Railway, its antecedents and its successors, on local communities, in the context of Britain’s railway heritage;

• to establish and maintain a museum for the benefit of the public relating to the Somerset & Dorset Railway and railway heritage generally, and to preserve or restore historic railway items for public display and demonstration;

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• to provide or assist in the provision of facilities in the interests of social welfare for recreation or other leisure time occupation of all individuals, including those who have need of such facilities by reason of their youth, age, infirmity or disability, financial hardship or social circumstances, with the object of improving their conditions of life.

As a result of the exceptional events in 2020 the Trustees refined their strategic vision:

• The Trust is looking to exhibit its collection, both of rolling stock and museum artefacts, at locations and in a manner to attract a larger footfall and/or relevance to the ‘S&D Story’.

• The Trust needs to make sure that its future operations are financially sustainable. The Trust is looking for collaborative partnerships with other like minded organisations.

• Its locomotives need to be operational in a manageable way so that they can continue to be used as flagships of the collection in realistic settings. The Trust recognises that its ability to undertake restoration and engineering work may be financially constrained for a period and will plan a restoration and maintenance programme for the next 10 years in line with this.

• The Trust is actively seeking to increase its educational role, making use of new locations and audiences to promote the S&D. It is also seeking to develop its research and archival function to provide an ever improving resource to modellers and railway historians.

In shaping its objectives for the year and planning its activities the Trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PB2)’.

In planning the programme for 2021, the Trustees paid particular attention to activities involving public benefit, primarily involving re-establishing museum displays to bring the “S&D Story” to the attention of a larger and wider audience. Details are incorporated into ”Activities, Achievements and Performance” on page 3.

In order to do this the Trust worked to attract, encourage and support members and volunteers; secure financial resilience for the Trust; and build positive relationships and partnerships with related organisations. Trustees have worked on a forward action plan and have continued to evolve the established organisational structure with clear accountabilities.

Members and volunteers

The Trustees have increased the frequency of member communications via the website and Facebook, and by post in addition to the quarterly magazine, “Pines Express”. The Board continues working to strengthen the Trust’s volunteer management. Continued attention has been given to the Trust’s membership database as a resource to identify and nurture future volunteers, as the Trust is now operating over a wider geographical footprint than in recent years. During 2021 it has been particularly pleasing to welcome new volunteers including a number of members local to Alresford to man the museum. During 2022 the Trust is looking for further volunteers within sensible travelling distance of its new museum locations to assist in a variety of roles. The Trustees are already conscious of the need to supplement its existing heritage, conservation and history volunteer base and administrative support. Now the future at Washford is clearly defined, Trustees are keen to reaffirm support and encouragement for the volunteers based there.

Activities, achievements and performance

Locomotives

53808 was in service at the Mid-Hants Railway fleet for much of the 2021 operating season. The MHR hire agreement runs until the end of the current boiler certificate on a daily steaming fee basis. The locomotive moved to Alresford in August 2020. In its first full year at MHR it was in steam for 70 days clocking up over 4,250 miles in service.

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The pre existing 10 year operating agreement with the West Somerset Railway remains suspended for the period until the boiler certificate expires with the Trust retaining the cash for steaming fees on the strict understanding that it be made available for the overhaul of the locomotive. The suspension agreement clarifies WSR’s requirement to provide funding which will reflect WSR’s usage since the previous overhaul. The original agreement remains in place and WSR’s contractual commitment to carry out the overhaul is unaffected.

Following the expiry of Kilmersdon’s 10 year boiler ticket in January 2020 and Covid related delays it was transported by road from Helston to the Mid-Hants Railway in March 2021 where it was assessed for overhaul. Arising from this Trustees contracted with MHR to overhaul the locomotive, including purchase of new tyres at a cost not to exceed £45,000. It is expected that the overhaul will be completed in Spring 2022.

In June 2021 Trustees signed a hire agreement with MHR for Kilmersdon to be based at Ropley for the period of its next 10 year boiler certificate. This provides for it to be used by MHR on a daily steaming fee basis, and to be available for hire by the Trust to other heritage railways. A key part of the MHR usage will be for the locomotive to be used as “Percy” during their Thomas events and be painted green. Trustees have agreed on the strict understanding that the livery is “colliery green” as it was during its time at Kilmersdon Colliery. This arrangement should enable the locomotive to be financially secure through the full term of the next boiler certificate and provide funding for the 2032 overhaul.

Museum Collection and Collaboration Arrangements

Arrangements at the Mid-Hants Railway have crystallised during the year with eight vans and wagons having transferred to the MHR on long term loan arrangements, a number of museum artefacts have transferred, most of which form the basis of a museum display in Alresford Goods Shed, and the Burnham signal box which has transferred to Ropley. The museum was opened for the MHR October Gala with a provisional display, which will be worked on and upgraded for 2022. The museum is a joint venture with MHR with some MHR artefacts also on display and will be open every day the railway is operational.

Two wagons and the Binegar crane transferred to the North Dorset Railway at Shillingstone on long term loan. The wagons will be part of the NDR operational fleet.

The Peat Railway exhibits transferred to the Westonzoyland Pumping Museum on long term loan. The exhibits have been incorporated into the existing WZL displays.

In September the Trust signed an agreement with the Somerset & Dorset Heritage Railway Trust at Midsomer Norton to loan several museum artefacts. This was notable in that it was the first collaboration between the two Trusts since the S&DHRT was formed some 25 years ago. Some of the items are on long term loan, others on short term loan to be refreshed regularly with shorter term displays.

In March the Trust announced that it was entering a collaboration agreement with the Avon Valley Railway at Bitton to transfer some vehicles and some museum artefacts, on a long term loan basis, with the intention of creating a joint museum based principally in museum display vehicles. This arrangement is still being worked on with further progress expected in the first half of 2022.

Washford

On 11 February 2020 the Trust received notice via solicitors acting for West Somerset Railway plc to vacate Washford by February 2021. In October 2020, after a period of discussion between the parties, WSR offered the Trust an opportunity to stay at Washford on a 10 year lease. Given the advanced nature of collaboration plans elsewhere the Trust requested that the new lease be for the yard only and that the station be handed back to WSR. Although it had been anticipated that these negotiations would complete early in 2021, this was not the case. In the first instance WSR granted a six month extension of the notice to vacate to August 2021, but when it became clear that the August deadline was in jeopardy the Trust instructed its solicitors to lodge a Court claim including a defence against the Notice to Quit. This effectively gave a further four month period prior to serving the claim in which to agree a new lease.

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By this time WSR’s offer of a 10 year lease had been withdrawn and the parties agreed on a 2 year lease which was eventually agreed in principle at the end of November 2021 and formally signed and enacted on 20 January 2022. On that date the Trust relinquished the station building, and retained the right to remain at the Washford site until November 2023.

The Washford volunteer team have continued to work on a variety of projects and to keep the site clean and tidy. Although the station building has been cleared and effectively unused during the year activity in the workshops has included preparing a number of vehicles for transfer to their new locations, most notably considerable renovation work to the ex LMS Covered Carriage Truck which is currently expected to become one of the museum vehicles at Bitton on the Avon Valley Railway. As part of the station clearance the signalling display and equipment in the platform signal box, which was set up to recreate the Midford box, has been dismantled carefully and put into storage.

Fund Raising and Sales Income

Regrettably some Fund Raising Events were not able to be held in 2021. The Model Railway Exhibition in January was cancelled due to Covid restrictions and it was not possible to arrange a Special Train at the MHR. The Annual Raffle was reinstated with a new promoter, Brian Read, and the results were the best for many years with £5,763 (net) being raised for the “Progressing Our Future” Appeal. Washford Station has been closed throughout the year which has meant that no events could be held there. The Autumn Gala at MHR included a fund raising sales stall which was reasonably successful.

Sales income was reliant on a strong online presence for the second year running boosted by in house publishing and limited edition model wagons. In total sales income slightly exceeded that of 2020 at a similar overall gross margin.

Volunteer Management, Communications and Website

Identification of volunteers to assist with moving to and operating at its new museum sites has been a priority. Encouragingly several volunteers have offered to man the museum at Alresford. During the year the Trust benefitted from the enthusiasm and application of three new directors to clearing Washford station and signal box and physically transporting museum items to their new locations. Work continued to strengthen the resilience of the Trust and to ensure an appropriate range of skills and interests is represented in the management of the Trust.

Communications to members have continued via the website, Facebook, and newsletters in addition to the quarterly “Pines Express”. During the year a website blog was added which provides detail of progress with our moves and work currently being undertaken.

The ecommerce site migrated to an updated platform, Woocommerce, in April 2021 and advantages from this change are being systematically implemented across the whole website.

Resilience and Governance

Despite the heavy workload of moving the collection and vacating Washford Trustees have continued work on the structure and governance of the Trust. The events of the last two years have brought about an increased resilience. It has highlighted the need to ensure succession planning, and to encourage officers and Trustees with appropriate skills to step forward so that the Trust can prosper in the future, taking account of the increased locomotive hire activity, greater online sales activity and the new challenges of working on multiple sites.

Funding and Appeals

The “Progressing Our Future” Appeal has been successful in raising sufficient funds (over £47,300 including Gift Aid) to transfer the collection to new locations, As a result, the Appeal was closed formally as at 30 September 2021. Donations received since then are being designated to contribute towards the potential costs of evacuating Washford. Trustees have been encouraged by and are immensely grateful to the large number of members and well wishers who have donated to the appeal.

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Trustees have considered the funding requirements of other projects, notably for Kilmersdon’s overhaul, where a significant donation has been promised and commercial arrangements entered into with Mid Hants Railway to ensure sufficient funding is available, and for 53808’s overhaul which will be due in 2023. Other projects such as restoration of Coaches 98 and 114 and any project expenditure with collaboration partners have been deferred until the position on current projects is clearer.

Impact of Covid-19

Unlike in 2020 it has been possible for the Washford volunteer team to convene weekly right through the year, observing social distancing and hygiene protocols. The West Somerset Railway did operate trains for part of the season but no trains stopped at Washford.

All the fund raising events were cancelled, with the exception of the Annual Raffle, the draw for which was conducted remotely. It was not possible to take the sales stall to a number of steam rallies, model railway exhibitions and similar, although attendance at two galas at the Mid-Hants Railway did occur.

It was again not possible to hold a physical Annual General Meeting and a Zoom meeting was held on 24 April. This was attended by 48 members from around the country. The Trustees met by Zoom video conference on 11 occasions and recommenced in person bi-monthly meetings in July, albeit with a Zoom attendance option.

Whilst stall sales remained at a dramatically reduced figure the large increase in online sales experienced in 2020 was improved upon in 2021.

Financially, the Trust has not been hit as hard as many charities as many of its income streams were unaffected by the lockdown. As our finances are strong enough, and the challenges we face are not Covid related, we have not been able to apply for Cultural and Heritage Recovery grants in 2021.

Membership

Membership of the Trust has consolidated the significant increase seen in 2020 and increased further to 782, up from 755. There were 81 new memberships in the year.

Regulatory Inspection

Office of Road and Rail inspectors visited the site in December 2020 and carried out a full and successful inspection. The Trust has agreed with ORR on all matters raised to operate the site on the basis of a new lease with WSR being in place. In reality there are likely to be only sporadic operations prior to leaving the site.

Pines Express’ and website

The ‘Pines Express’ magazine continues to be successful, and particularly praised by new members. A high standard of articles and member research has enabled the increased size to 44 pages to be maintained throughout the year. An online historical index for the “Pines Express” and its predecessor publications has been made available to members during the year. The website has benefitted from the upgrade to the ecommerce site and together with the Facebook page has proved invaluable in keeping members and others up to date with news during the year. An innovation in 2020 was the appearance of a website blog which has highlighted work done at Washford, progress with our various moves and the progress of our steam locomotives.

Sales Developments

The online ecommerce site had yet another record year. There have been three in house publications during the year – an updated and reintroduced “53808 – a Somerset & Dorset Engine”, a second print run of the reprinted “Southbound with the Pines” and just before the end of the year a new publication “Steam Locomotive Performance on Somerset & Dorset and Wessex lines”. This latter title is from articles by Anthony Davies first published in the “Pines Express” over many years supplemented by other similar material relating to other Wessex lines.

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During the year, Dapol produced exclusive limited runs for the Trust both in “O” and “OO” gauge of two private owner wagons in the liveries of “Read and Son” of Binegar and “John Board & Co Ltd” of Dunball.

These initiatives continue to be very successful, and in doing so attract a wider clientele to the website.

Photographic Collection

Progress has continued in digitising and cataloguing the Trust’s photographic collection. The number of images available for purchase via the website is now over 1,000.

Organisation structure

The Trust adopted an organisation structure which is reviewed regularly. In 2021 it has evolved to encompass new and revised roles which are and will be required as a result of new collaborations and revised methods of operating in the future. In 2021 the Board assigned responsibility for planning and implementing the exit from Washford to Mark Stanistreet. For the period that Chris Ruddick was on the board he was responsible for planning the move of the museum collection to new sites and keeping the remainder of the collection safely. We were fortunate in securing Andy Norman’s services to take over as Secretary in January 2021 but he felt unable to continue in post in August 2021. The opening of the new museum display at Alresford has generated considerable interest and we have been successful in recruiting a small number of volunteers to assist with manning the museum and developing the displays. We have also secured the assistance of local members who are prepared to assist with the potential move to Avon Valley Railway.

The Trustees have identified the need to recruit further volunteers at its new sites, volunteers to provide support in administrative, sales and financial areas and most importantly on the museum side. Trustees continue to welcome offers to volunteer from members and others to assist the Trust in whatever way they can.

Current board responsibilities are shown on page 9.

Financial review

There was a net inflow of £12,204 in the year boosted by Appeal donations, locomotive hire fees, and net sales income. Of the closing unrestricted funds balance, £35,230 is in the General fund with the remainder designated (see note 16 for details). Restricted funds increased from £28,940 to £35,229 as a result of Appeal funds held which will be utilised in 2022.

The financial impact of Covid lockdowns and restricted activity has had only limited impact on the Trust’s finances in 2021. Income from Sales held up well with continuing reduced event sales being offset by higher online sales. Income from fund raising events was badly hit but it is hoped that this will be substantially restored in 2022. The Trust has been fortunate that the largest current income and expenditure stream is locomotives which has not been impacted by the pandemic in 2022. The Trust will be able to withstand pandemic related impacts at the level experienced this far financially for a period of at least two years.

In 2016, the Trustees determined that a minimum of 4 months of unrestricted general expenditure should be held in reserves. At the end of 2021 this threshold was exceeded at 5.4 months. It is anticipated that the future position will exceed the 4 month threshold.

It is policy to invest funds at United Trust Bank and CCLA. At December 31 2021, £58,000 was held at CCLA in a no notice deposit, and £64,001 was held at United Trust Bank in two 12 month charity bonds maturing in June 2022 and December 2022 earning interest at a fixed rate of 0.85% and 1.25% respectively.

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The Trustees have concluded from their review of financial activities and forward expenditure requirements, including the potential impact of further Covid restrictions and the various impacts of moving the museum collection and rolling stock, that the charity is a going concern and accounts have been prepared on this basis. Review of financial performance is an important agenda item at Trustees’ meetings.

Plans for future periods

Plans for 2022 include:

Locomotives

53808 will continue as a mainstay of the Mid Hants Railway, but as the locomotive is in the final year of its 10 year boiler ticket it is to be expected that operational difficulties with the locomotive may arise more frequently.

Later in the year Trustees will look to open discussions with the West Somerset Railway regarding the 10 year overhaul.

Kilmersdon is expected to return to service in Spring 2022 and be operational at the Mid Hants Railway. Once the locomotive is fully run in consideration will be given to appropriate external hiring arrangements.

Museum Collection and Collaboration Arrangements

The joint museum with the Mid-Hants Railway at Alresford will be developed further prior to the operating season and advantage taken of educational and publicity initiatives where appropriate. The Burnham Signal Box will have a suitable museum display installed at Ropley. Further cooperation with MHR will be explored.

The joint museum with the Somerset & Dorset Heritage Railway Trust at Midsomer Norton will be reviewed during the year, a new short term display installed and educational and publicity initiatives explored. Current discussions regarding further cooperation will be developed in a manner that benefits both Trusts.

The proposed collaboration agreement with the Avon Valley Railway will be negotiated in the first half of the year with the objective of moving items to Bitton before the end of 2022.

Trustees remain open to other collaborative opportunities.

Washford

The Trust has agreed a 2 year lease with the West Somerset Railway plc which was eventually signed and enacted on 20 January 2022. On that date the Trust relinquished the station building, and retained the right to remain at the Washford site until November 2023.

Safe and secure transfer of assets to new locations is a priority and an orderly plan for evacuating the site will be put into effect. A comprehensive work programme is being drawn up and implemented.

Remaining operation of the site, and in particular the movement of stock, is strictly in accordance with the requirements of the Office of Road and Rail and prevailing Health & Safety legislation.

Fund Raising and Sales Income

Fund Raising Events will be reinstated as soon as possible. Whilst the Model Railway Exhibition in January 2022 had to be cancelled it is hoped to hold an exhibition later in the year. A special train for members and guests at the Mid-Hants Railway is being organised for the 56[th] Anniversary of closure of the line on 6[th] March 2022. Plans for the Annual Raffle are well advanced and funds will be raised to go towards a new tender tank for 53808.

Opportunities at MHR and elsewhere to have a sales stall and other fundraising will be taken up.

The trust will continue to create Retail Sales opportunities online by careful introductions of further of its own publications and limited edition model wagons.

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Volunteer Management

During the next two years there will be a requirement for additional assistance in a number of areas. Trustees will pursue a programme of identifying and recruiting volunteers to assist with moving from Washford and at its new sites. Volunteers will also be required to assist with operations at those new sites.

There is a need to supplement our current volunteers working in administration and fund raising, finance, museum and curatorial positions.

Work will continue to strengthen the resilience of the Trust and to ensure an appropriate range of skills and interests is represented in the management of the Trust.

Communications and Website

Communications to members and the wider heritage railway movement remain vital during this period of transition. Attention will be given to keeping members informed by email, newsletters and in the “Pines Express”. The website will be enhanced as new facilities become available and the Trust can harness them to its advantage.

Photographic Collection and Digitisation of records

The digitisation and availability of the Trust’s photo library will continue to be worked on. Opportunities to add to the Trust’s collection of unique images will be pursued carefully.

Resilience and Governance

Trustees will continue their work on the structure and governance of the Trust. In particular a review of the Articles of Association and a review of the Collection and Disposals Policies have been commenced and will be discussed at an early Board meeting in 2022 and updated as appropriate. In parallel to this a comprehensive Strategy Review, which will include member consultation, is being prepared and will form the focus of Trustees’ discussions through the year. Work is well advanced on creating a retail sales trading subsidiary and to register the Trust for Valued Added Tax.

Future resilience will involve Trustees taking full account of new working arrangements as we exit Washford, particularly the challenges of working on multiple sites.

Funding and Appeals

A small fundraising group will be set up to coordinate future funding requirements to be identified in the Strategic Review and to consider the optimal means of raising funds for projects in the short to medium term such as the costs of moving from Washford, assuring the future of locomotive 53808 and project expenditure with collaboration partners.

Administrative details

The Directors of the charitable company (the charity) are its Trustees for the purpose of charity law. The Trustees and principal officers serving during the year and since the year end, together with the portfolios currently held are:

Elected Directors and Trustees	I M Young	Chairman	(Governance, Volunteers)
	A N Davies		(Sales, Washford Site)
	R C Hardingham		(Locomotives ,Rolling Stock)
	A Norman	(elected 24 April 2021; resigned 9 August 2021)
	R D W Ormston		(Communications)
	M J Rice		(Finance)
	C Ruddick	(elected 24 April 2021; resigned 27 September 2021)
	M Stanistreet	(elected 24 April 2021)	(Health & Safety; Washford Move Project)
	P J C Trenchard		(Partnerships, Heritage)
Secretary	A Onibonoje	(resigned 8 January 2021)
	A Norman	(appointed 29 January 2021; resigned 9 August 2021)

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Principal Officers
Health & Safety Officer	M Stanistreet
Magazine Editor	R D W Ormston
Membership Secretary	A J M Young
Museum Collections Assistant	S R Gillett
Museum Displays Coordinator	D Temple
Strategic Adviser	D Meaden
Treasurer	M J Rice
Webmaster	A Beale
Washford Restoration Team Leader	E L Lambe
Charity number	1158865
Company number	8945535
Registered Office	The Railway Station, Washford, Watchet, Somerset TA23 0PP
Advisers
Independent examiner	Martin & Co	Bridport
Bankers	HSBC Bank plc	Yeovil
Solicitors	Nantes	Weymouth

Structure, Governance and Management

Governing Document

The Somerset & Dorset Railway Trust Ltd is a company limited by guarantee governed by its Memorandum and Articles of Association dated 14 August 2014. It is registered with the Charity Commission. Existing members of the Somerset & Dorset Railway Trust transferred to the present Trust when the charities were listed on the Register of Mergers on 4 March 2015. New members apply for membership. In the event of the charity’s dissolution, members resolve that any net assets will be passed directly for the objects, or any charity for purposes similar to the objects or to any charity for use for particular purposes that fall within the objects. Members are liable up to £10 per member for any debts remaining after dissolution.

Appointment of Trustees

As set out in the Articles of Association the Chairman of Trustees is appointed by the Trustees. Trustees are elected in rotation for three years by members either in person at the AGM or by proxy vote. The Trustees have the power to coopt Trustees who stand until the following AGM.

All members are circulated with invitations to nominate Trustees prior to the AGM advising them of the retiring Trustees and requesting nominations for the AGM. When considering appointing Trustees the Board has regard to the requirement for any specialist skills needed.

Trustee induction and training

New Trustees are briefed on: their legal obligations under charity and company law, the Charity Commission guidance on public benefit, and informed of the content of the Memorandum and Articles of Association, the Board of Trustees and decision making processes, the business plan and recent financial performance of the charity. Trustees attend appropriate external training events where these will facilitate the undertaking of their role.

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Organisation

The Board of Trustees administers the charity. To facilitate effective operations, the Board has authority to delegate certain operational matters to working groups and volunteer officers. During the pandemic the Board has met online on a more regular basis. Towards the end of 2021 the Board has started to transition back to fewer regular face to face meetings, whilst retaining the option for online meetings. Other officers attend Board meetings as required.

Related parties and co-operation with other organisations

None of the Trustees receive remuneration or other benefit from their work with the charity. Any connection between a Trustee or senior officer of the charity with a related party must be disclosed to the full Board of Trustees in the same way as any other contractual relationship with a related party. Details of related party transactions are disclosed in note 17 to the accounts. In accordance with Trust policy Trustees withdraw from decisions where conflicts of interest arise.

Risk management

The Trust has identified a number of risks which are more numerous than has been the case in past years. Trustees address these risks regularly and ensure that adequate monitoring and mitigation is in place to deal with them.

Short term heightened level of risk:

• potential inability to exit Washford before the end of the lease

• breakdown of one or more collaborations leading to difficulties in housing museum and vehicle collection

• potential inability to recruit volunteers for exit and relocation work and at new locations

• ability to retain existing volunteer base is key to keeping the Trust on an even keel during a period of change

Medium term risk:

• the successful overhaul of 53808 expected to commence in 2023 is critically dependent on WSR being able to meet its contractual liabilities

• a newly dispersed collection presents new challenges in keeping track of all museum items

• the ability to keep true to the Trust’s objectives in a changed environment

• the ability to retain an individual identity across a number of locations and activities

• the ability to fund all planned programmes may not be possible

Impact of macro risks on Trust:

• the future of the heritage railway movement faces unprecedented challenges as a result of climate change, eradication of fossil fuels and the ability to recover fully post Covid. Whilst spreading the risk across multiple arrangements with different partners, the Trust is exposed to more uncertainty if any of those partners fail to recover as is currently anticipated

• whilst the Trust is currently able to withstand the financial effects of the Covid pandemic this cannot be sustained indefinitely.

Other risks are being addressed by maintaining up to date risk assessments of Trust activities, contingency planning where appropriate, emphasis of safe working practices and the development of, maintenance of, adherence to and monitoring of robust policies and regular training.

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Trustees. responsibilities in relation to the financial statemerrts The tharity Trustees (WI￿ are a150 Diretto￿ ol The & Lkyset Raihvay fnjst Ltd for the purpose5 of company law) are responsible for preparing a Trustees. annual report and financtal staternents in accordan￿ with applicable law and United Kingdom Accounting Stsndards Iuntted knngdom Generèlty Accepted A(c￿ntIng Prartice). Company law requires the tharity Trustees to prepare financial 5tstements fof each year whith give a true and fair view of the state of affairs of the tharttsble compary a￿1 of the incoming resour￿ and application of resources induding income and expendiiur¢ of the chartty for the perio(L In preparing the financial statements the Trustees are required to: Select suitsble ￿CoUnting policies and then appty them consistenty. Observe the methods and principles in the Chartties SORP. Make judgements and esEinwtes that are rea%)nable and pruden¢ Stste whether aP￿[cable UK ￿Counting standards have been followed subjert to any material departures disclosed and explained in the financial Statemen Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in busines The Trustees are reSpO￿ble for keeping proper accounting records that dtsclose wtth reasonable accuracy at any time the finanoal position of the tharity and to enable them to en9Jre that the financial statefflerrts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the tharity and hen￿ tsking r&uinable steps for the prevention and detecÈion of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitys website. Legislaiion in the United knngdoTn go¥effling the preparation and dissemination of financial statements may differ from legislation in other jurisdiction Statement as discbosure to the indeper￿ent examiner In so far as the Trustees a￿ av￿re at the time of approvirMJ the Trustee5' annual repo There is no relewant information. being inf0M￿On needed by the indepe￿Ient examiner in connection with preparing their report of which the independent examiner is unaware, and; The Trustee5. having made enquiries of fellow DirectOf5 arKI the independent examiner that they ¢)ught to have individualty tskerL have each tsken all steps that he/she is obliged to tske as a Director in order to make them5etves aware of any relewdnt Informa￿ and to establish that the independent examiner is aware of that information. By order of the Board of Trustees l M Young (Chairman) 12 March 2022 12

Martin & Company Chartered Tax Advisers & Accountants 2 Vletorla Grovo. Brldport, Dorset DT6 SAA Tel". 01308 42Z151 Email.. InfofKsmartinandcompany.uk.com Web.. www.martinandcompany.uk.com INDEPENDENT EXAMINER'S REPORT To the Trustees of The Som¢rset & Dorset Railway Trust Ltd on the accounts for the year ended 31 st December 2021. This report is made solely to the charity's trustees. My exomination work has been undertaken so that I might state to the charity's trustees thos¢ matters l am required to state to them in an examiners" report and for no other purpose. To the fullesl exlent perniitted by law, I do not accept or assume responsibility to anyone other than the charity and th¢ charity's trustees as a body, for my work, for this repory or for the opinions I hav¢ fornied. Respective responsibilities of Society Board Members and the e￿rniner As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the accounts of the Company are not required to audiied under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as Ca￿led out under section 145 of the Charities Act 2011 (the 2022 Act). In carrying out my examination. I have followed the Directiot)s given by the Chartty Commission under section 145(5Mb) of the 201 l Act. Basis of Independent Examiner's statsment An examination includes a review of the accounting records kept by the Company and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the a¢¢ounts. and s¢eking explanations from the Board Members concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audil opinion on the a￿OuntS. Independenl examiner's statement In the course of my examination, no matter has wme to my attention which gives me reasonable cause to believe that, in any material resp¢cL the Board Members have not met the requirements to ensure that . proper accountin8 records are kept accounts are prepared which agree with the accounting r￿OrdS and comply with genernlly accepted accounting requirements. or b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of th¢ a¢¢ounts to be reached. Signed Date 9th March 2022 Name Bru¢ ginald Kenwa Chartered Certified Accountant Address 2. VICTORA GROVE, BRIDPORT, DORSET. DT6 3AA CELEBRATING Dlr•ctors.. Rodn•yVarnd•ll CTA i Bruc• K•nw•y FCCA Managers.. Jacky Hornlblow 8AFCA l Al•xandra CaddyATT Martln& CompanylsatradlrwJDJme of M4rtln•ndC¢Jmpany18rldportl Ltd. A*9lSt•r4d Offlcè". 2 VIctor￿GrOve. Brldport. Dor5¢t DT63AA Rqglst•rqd lTrEn9Lindand Wal•sn& 5555048 YEARS

THE SOMERSET & DORSET RAILWAY TRUST LTD

STATEMENT OF FINANCIAL ACTIVITIES

for year ending 31st December 2021

Notes INCOMING RESOURCES Subscriptions Donations and grants 3 Charitable activities 4 Other activities 5 Investment income 6 Total incoming resources RESOURCES EXPENDED Expenditure on charitable activities 7 Cost of generating funds 8 Governance and support costs 9 Total resources expended Transfers between funds Accumulated fund brought forward 16 Accumulated fund carried forward 16 Net incoming resources for the year before transfers Net incoming resources for the year	2021 2021 2021 Unrestricted Funds Restricted Funds Total Funds £ £ £ 11,818 11,818 8,464 11,826 20,290 1,640 7,050 8,690 43,536 43,536 295 295 65,753 18,876 84,629 57,086 9,246 66,332 0 1,287 1,287 2,752 2,054 4,806 59,838 12,587 72,425 5,915 6,289 12,204 0 0 0 5,915 6,289 12,204 103,484 28,940 132,424 109,399 35,229 144,628	2020 Total Funds £ 12,055 49,081 3,871 16,377 381
		81,765
		26,672 1,126 7,220
		35,018
		46,747 0 46,747 85,677
		132,424

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

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THE SOMERSEf & DORSET RAILWAY TRusf LTD BALANCE SHEET as at 31st December 2021 2(Y20 FIXED ASSEts Tangible Assets 11 12 19.695 11,993 CURR￿ ASSErs Retail stLX Debtors and 3,387 11.602 73,787 39,664 13 16.234 122.001 10.232 152.249 Bank & cash in hand LESS CURREKf LIABILMES Falliry due within ore year Creditors and accruaL 14 15 19.354 2,552 5,458 8.010 27.317 NEf CURRE1￿ AWS 124.932 120,430 NET ASSEtS 144628 REPRESEN7ED BY." 16 16 109,399 103.484 28.940 ACCUMULATED FUNDS 144.628 132.424 The rKrtes at pages 16 to 22 fonn pat ofthese ￿cOunts ffinancial statements have been prepared in acconIan￿ with the pl0visK#￿ applicable to companre5 SUbi￿t to the small companieg regime For the year ending 31 D￿ember 2021 thè company was entided tts exanptton from aLtdit ￿¥￿er knion 477 of the Companies Act 2W6 rdating to smaH cornpanies. recto￿ resy)nsilMliti The Mem1￿ ha¥e rK)t rEquwed the company to obktn an ajdit of rts accrMnts for the year in question in accordan￿ with Section 476: Thè directors acknovAtrJe their ￿5F￿)rtsibil1ties for c(NnFing wtth ts requirements of the A£t W4th resF￿rt to accounting The financial statements VoEtE approved and authortsed for issue Board rn 12 MBrth 2022 Signed on behalf of the board of directors l M Young, Chairman 12 March 2022

THE SOMERSET & DORSET RAILWAY TRUST LTD

NOTES ON THE ACCOUNTS

1. Accounting Policies

• a. General information and basis of preparation The Somerset & Dorset Railway Trust Ltd is a company limited by guarantee incorporated in England within the United Kingdom. The address of the registered office is given in the company information on page 10 of these financial statements. The financial statements are presented in sterling which is the functional currency of the company. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

• b. Preparation of the accounts on a going concern basis The accounts have been prepared on a going concern basis as the Trustees have no material uncertainties about the charity’s ability to continue operating.

• c. Income recognition policies Items of income are recognised and included in the accounts when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met or fully within the control of the charity, there is sufficient certainty that the receipt of the income is considered probable and the amount can be measured reliably. Income received in advance, such as future year membership subscriptions, is deferred until the criteria for income recognition are met. Since the amount and timing of receipt of legacy income are unpredictable, it is accounted for only when received.

• d. Donated services and facilities The value of items received as donations to the charity would be difficult to quantify, and therefore not assessed. Consequently, they are not included in the accounts.

• e. Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity.

• f. Fund accounting Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the Trustees have decided at their discretion to set aside for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular activities of the charity.

• g. Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that a settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

• h. Heritage assets Accounting standard FRS30 applies to all heritage assets that are held principally for their contribution to knowledge and culture, having historical and other qualities. In 1988 the net book value of all items then classified as museum items, including steam locomotive 53808, was written off as an expense in order to comply with museum regulations prevailing at that time.

• i. Tangible fixed assets Individual fixed assets are capitalised at cost and are depreciated over their estimated useful economic lives on a straight line basis as follows:

Asset Category	Annual Rate
Land	Nil
Buildings & Trackwork	10%
Rolling Stock	5 %
Engineering Equipment	10 – 20%
Office & Other Equipment	10 – 20%

Steam locomotives owned by the charity are not capitalised and details by individual asset are found at Note 11.

• j. Stock Stock of books, DVDs and other items for resale is included at the lower of cost or net realisable value.

• k. Debtors Debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid after taking account of any discounts due.

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• l. Cash at bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments.

• m. Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably and are recognised at their settlement value after allowing for any discounts due.

2. Legal Status of the Charity

The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is restricted to a maximum of £10 per Trustee.

3. Income from donations and grants

Notes General donations Grants and specific donations 16 Gift Aid Legacies 16	2021 2021 2021 2020 Unrestricted Funds Restricted Funds Total Funds Total Funds £ £ £ £ 4,436 4,436 3,830 0 7,511 7,511 38,535 2,027 4,315 6,342 6,716 2,001 2,001 0 8,464 11,826 20,290 49,081

Details of the income into specific restricted funds can be found in Note 16.

The charity greatly benefits from the involvement and enthusiastic support of its many volunteers, details of which are given in the annual report. In accordance with accounting standards, the economic contribution of volunteers is not measured in the accounts.

4. Income from charitable activities

Raffle Model railway display S&D 200 Club	2021 2021 2021 2020 Unrestricted Funds Restricted Funds Total Funds Total Funds £ £ £ £ 7,050 7,050 0 0 0 2,666 1,640 1,640 1,205 1,640 7,050 8,690 3,871

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5. Income from other activities

Notes Retail Sales Less : Cost of Sales: Stock 1 January _Add:_Purchases _Less:_Stock 31 December Gross Profit _Less:_Post, packing and sundry costs Retail sales contribution Photo collection income Loco hire and other income 11, 16	2021 2021 2021 2020 Unrestricted Funds Restricted Funds Total Funds Total Funds £ £ £ £ 23,193 23,193 20,226 3,387 3,387 3,460 12,066 12,066 9,990 (3,782) (3,782) (3,387) 11,671 0 11,671 10,063 11,522 0 11,522 10,163 3,108 3,108 2,700 8,414 0 8,414 7,463 472 472 249 34,650 34,650 8,665 -0.02 43,536 0 43,536 16,377

6. Investment income

All investment income arises from money held in interest bearing deposit accounts.

7. Expenditure on charitable activities

Notes Magazines Insurance Museum electricity Museum rent, water, phone etc. Museum safety and security Museum maintenance Shed, track, equipment maintenance 16 Washford relocation costs Locomotive maintenance Locomotive overhaul Carriage maintenance Wagons maintenance Website, publicity, other events 13 Museum displays and administration Depreciation 11	2021 2021 2021 2020 Unrestricted Funds Restricted Funds Total Funds Total Funds £ £ £ £ 8,903 8,903 7,873 4,717 4,717 3,904 1,854 1,854 2,218 1,525 1,525 1,473 1,540 1,540 1,911 130 130 2,053 598 598 631 9,246 9,246 6,454 0 6,454 3,108 26,147 26,147 23 23 482 1,774 1,774 0 1,710 1,710 823 363 0 363 692 1,348 1,348 1,504 57,086 9,246 66,332 26,672

8. Cost of generating funds

Cost of generating funds - - Raffle - Model Railway Display	2021 2021 2021 Unrestricted Funds Restricted Funds Total Funds £ £ £ 1,287 1,287 0 0 0 1,287 1,287	2020 Total Funds £ 0 1,126
		1,126

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9. Governance and support costs

AGM and board meetings HRA subs, travel, stationery, postage Trustees' travel expenses Legal and Professional fees Membership administration Examiner's fee and expenses	2021 2021 2021 Unrestricted Funds Restricted Funds Total Funds £ £ £ 469 469 859 0 859 105 105 2,054 2,054 923 923 396 396 2,752 2,054 4,806	2020 Total Funds £ 703 870 323 3,968 978 378
		7,220

The charity has no paid employees (2020: None).

The charity Trustees were not paid nor received any other benefits from the charity (2020: None). No Trustee were reimbursed expenses in attending Trustees’ meetings (2020: None) in accordance with procedures laid down by the Trustees. No charity Trustee received payment for professional or other services supplied to the charity (2020: None)

10. Heritage assets

In 1988 all items then classified as museum items were written off as an expense in order to comply with museum regulations prevailing at that time. This amounted to £2,940 historical cost, £2,581 net book value. Since then the cost of additional museum items has been written off as an expense against income when incurred, totalling £20,800 to the end of 2021. No asset value is carried in the accounts for heritage assets held by the charity, whether obtained by purchase or donation.

The charity’s collection of museum exhibits also includes donated items. The charity has a museum collection acquisitions and disposals policy, adopted by the Trustees in July 2015. Detailed records of the collection are kept.

11. Tangible fixed assets

Cost Brought forward Additions in the year Disposals in the year Carried forward Depreciation Brought forward Disposals in the year Charge for the year Carried forward Net Book Value 31st December 2020 31st December 2021	Buildings, Rolling Engineering Office Totals Land & stock equipment & other Trackwork equipment £ £ £ £ £ 152,089 91,503 13,375 15,124 32,087 9,072 8,622 0 0 450 (54) 0 0 0 (54) 161,107 100,125 13,375 15,124 32,483 140,095 87,833 10,649 15,026 26,587 (32) 0 0 0 (32) 1,348 45 157 49 1,097 141,411 87,878 10,806 15,075 27,652 11,993 3,670 2,726 98 5,500
	19,695 12,247 2,569 49 4,831

The charity owns two steam locomotives. Both locomotives are operational and do not qualify to be treated as heritage assets.

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Locomotive 53808 had a book cost of £42,635 in 1988 when it was written out of the accounts, along with the heritage assets. It is subject to a long term hire agreement with West Somerset Railway plc whereby the hirer is responsible for all maintenance and overhaul costs. The current agreement expires on 30 April 2030. In 2020 the West Somerset Railway agreed to suspend the agreement for a period up until the boiler certificate runs out, currently expected to be at the end of 2022. The Trust has entered into a short term agreement with Mid-Hants Railway Ltd to hire the locomotive for this period, and is responsible for invoicing and collecting steaming fees from Mid-Hants Railway. In 2021 income includes £34,650 in respect of hiring fees for 53808 (see note 5) (2020: £7,920).

Locomotive ‘Kilmersdon’ was acquired in 2010 at nil cost after many years on loan. Overhaul costs in 2011-2012 (£37,000) and minor costs since then were treated as an expense. The next overhaul commenced in 2021 and costs of £26,147 were expensed.

12. Investments

The charity holds 5,150 shares in West Somerset Railway plc which were donated in previous years. These shares are considered to have no marketable value.

13. Debtors

Prepaid website costs Prepaid insurance Other prepaid expenses Accrued income	2021 2020 £ £ 1,665 1,110 4,720 3,019 1,430 1,569 8,419 5,904 16,234 11,602

14. Creditors: amounts falling due within one year

Creditors Accruals	2021 2020 £ £ 16,422 1,043 2,932 1,509 19,354 2,552

15. Deferred income

Deferred income comprises subscriptions received in advance for the following year, and, in 2020, for payment received in respect of security deposit received from Helston Railway Preservation Company Ltd in respect of hire of ‘Kilmersdon’.

16. Analysis of charitable funds

Movements in restricted funds

Restricted Funds Museum Collection Kilmersdon Tyres Coach Restoration Progressing Our Future Appeal Total Restricted Funds	Opening Incoming Resources Transfers Closing Balance Resources Expended in year Balance 01/01/2021 31/12/2021 £ £ £ £ £ 620 0 0 620 3,053 0 3,053 3,727 0 0 3,727 21,540 18,876 (12,587) 27,829
	28,940 18,876 (12,587) 0 35,229

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• a) Museum Collection: This represents a single specific donation for the acquisition of appropriate items for the Trust’s museum collection and display at Washford. There has been no expenditure in 2021 (2020: £180).

• b) Kilmersdon Tyres Fund : The net proceeds of the 2018 raffle were restricted for the purpose of renewing the tyres on Kilmersdon’s driving wheels. The proceeds have been set aside to meet this anticipated liability which will be utilised in full in 2022.

• c) Coach Restoration Fund: The net proceeds of the 2019 raffle were restricted for the purpose of restoring vintage coaches 98 and 114. The proceeds have been set aside to meet anticipated liabilities when this project gets underway.

• d) ‘Progressing Our Future’ Appeal: This appeal was launched in April 2020 to take the Trust forward into the next period of its long existence whilst meeting the many challenges facing it in the near future including the consequences of the WSR Notice to Leave and the Covid-19 pandemic. The Appeal was closed in September 2021 (see page 5). Receipts, including Gift Aid, were £18,876 in 2021 (2020: £28,646) and costs, including legal and professional fees, rolling stock and locomotive move costs, museum collection safety and move costs and Washford exit costs were £12,587 in 2021 (2020: £7,106). It is likely that the balance of £27,829 will be utilised in full over the course of the next 2 years.

Movements in unrestricted funds

Unrestricted Funds General Fund Designated Funds: Coach Restoration (including coaches 98/114) 53808 Overhaul Kilmersdon Overhaul Legacies Baker Memorial Exit from Washford Total Unrestricted Funds	Opening Incoming Resources Transfers Closing Balance Resources Expended in year Balance 01/01/2021 31/12/2021 £ £ £ £ £ 42,524 26,397 (33,691) 35,230 12,628 12,628 7,920 34,650 42,570 27,063 0 (26,147) 916 12,945 2,001 14,946 404 404 2,705 2,705
	103,484 65,753 (59,838) 0 109,399

• a) Coach Restoration Designated Fund (including coaches 98 & 114): During 2014 the Trustees agreed to set aside £38,700 from Unrestricted General funds to cover full restoration of Coach 4, and restoration of the two other vintage coaches (98/114). After the completion of Coach 4 in 2016 a balance of £12,628 is therefore available to contribute towards the restoration and/or conservation of the two remaining unrestored vintage coaches.

• b) 53808 Overhaul Fund: On 15 January 2021 the Trustees agreed to designate hiring fees earned whilst 53808 is on hire at Mid-Hants Railway to create a fund to contribute towards funding for the next overhaul which is due following the expiry of the 10 year boiler ticket currently expected to be at the end of 2022. Fees designated in 2021 amount to £34,650 (2020: £7,920).

• c) ‘Kilmersdon’ Overhaul Fund: On 21 January 2017 the Trustees agreed to designate hiring fees earned since ‘Kilmersdon’ was overhauled in 2012 to create a fund to provide funding for future overhauls. The next overhaul has now commenced and costs of £26,147 were incurred in 2021. This fund will be utilised in full in early 2022.

• d) Legacies : This represents one legacy received in 2021 and a number received in prior years. The Trustees have agreed to designate these amounts whilst an appropriate use for the money is identified.

• e) Baker memorial : This represents donations received from the funeral of the Trust’s late Chairman, Godfrey Baker in 2018. The Trustees have agreed to designate this amount whilst an appropriate use for the money is identified.

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• f) Exit from Washford: On 22 January 2022 the Trustees agreed to designate donations from members received since the closure of the “Progressing Our Future” Appeal to create a fund to contribute towards the costs of evacuating Washford. Since 1 October 2021 these have amounted to £2,705.

17. Related party transaction

Mr Roger Hardingham is the owner of Kingfisher Productions, a supplier of railway books and DVDs. During 2021 the Trust purchased goods to the value of £303 from, and sold goods to the value of £88 to Kingfisher Productions (2020: £528 and £Nil respectively). At 31 December 2021 £154 was owing to Kingfisher Productions (2020: £Nil), and £88 was owing to the Trust (2020: £Nil)

18. Post balance sheet event

On 20 January 2022 the Trust signed and enacted a 2 year lease for the yard at Washford. On that date the Trust relinquished the station building, and retained the right to remain at the Washford site until November 2023. There was no material financial impact in 2021 arising from this transaction.

Cover picture:

Ian Young, Chairman of the Trust (right) and Richard Lacey, Chairman, Mid-Hants Railway Ltd. pictured on the platform at Alresford on 15 July 2021 when a large quantity of Trust museum artefacts were delivered to Alresford, marking the start of a major new chapter for the Trust.

Picture: David Temple

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