## **THE SOMERSET & DORSET RAILWAY TRUST LTD**
(A company limited by guarantee)
## **REPORT & FINANCIAL STATEMENTS**
## **Year ending 31st December 2023**
Charity number 1158865
Company number 8945535
Registered address:
2 Victoria Grove, Bridport, Dorset DT6 3AA
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## **Report of the Directors for the year ending 31 December 2023**
The Trustees are pleased to present their annual Directors’ report together with the consolidated financial statements of the charity and its trading subsidiary for the year ending 31 December 2023 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**
This Report coincides with the end of our tenure at Washford. When the Trust was given Notice to Quit the site in February 2020, a terrifying prospect faced your board of trustees. Where would we go? What would be the prospects for the future? What financial effect would it have? These questions were gradually answered by the sheer dedication of many in our wonderful trust and with Trustees and volunteers coming up with the solutions. The last items of rolling stock departed during 2023 and finally, the two small diesel shunters were sold to new homes. The restored Fruit D is a classic example of how our partnership with other S&D organisations is proving a success. It is now providing a useful display space and audio-visual facility for visitors at Shillingstone.
In many ways we were fortunate in having our year-long notice to quit extended by three years due to the Covid crisis. We would have struggled to move our assets in time, and we would have been very vulnerable. Our Appeal to members to raise funds for the exit in mid-2020 was highly successful with £46,000 raised. It was clear that our trust had received a great deal of sympathy for our dilemma and these funds were able to cover the costs of transport and legal fees associated although I am pleased to report that we were able to offset many of the haulage costs in the deals we arranged.
The final problem to solve was the site at Washford itself and we decided in the Spring of 2023 to enter negotiations with the West Somerset Railway Heritage Trust. This was absolutely crucial because the site containing our main shed and layout of track, which had been accumulated over some 40 or more years, had to be either removed or sold. We did our sums, and the demolition of the site came out in tens of thousands of pounds and with the final clearing up of contamination, we were facing costs estimated at £100,000. We would have retained the track and points but with nowhere to store them; that would have been very costly in itself. We finally came to a financial deal with the WSRHT in January 2024 and they are now the residents at Washford.
With the financial deal at Washford and our general financial stability, we can now look to the future and begin to work on our strategy. Our 7F No. 53808 had its final runs in the autumn of 2023. Much background work has already begun on its next overhaul, and we will be looking at various options for its return to steam taking into account the commitment of the West Somerset Railway to participate with its financial obligations. Top of our list of objectives will be to give more dedication to our extensive artefact collection. Some items are on display with our two partners at Midsomer Norton and Shillingstone and we have some items also at Alresford. We will be exploring further displays to bring the S&D to many more people in the future and with our large collection of photographs, this will form a major aspect of the Trust in upcoming years. We have our two unrestored S&D coaches to put back into good order, hopefully with our new partners at the North Dorset Railway. Partnerships are certain to be a main focus in the future.
All of this has been accomplished by people – all volunteers and dedicated to the Trust. Our volunteers at Washford have been key to our exit from that site and I cannot thank enough those who did so much work, often in difficult conditions, to dismantle the contents of the shed, find alternative locations for our many tools
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and machinery and fill endless skips with rubbish. In all of this process we have assisted several other trusts; the SDRHT at Midsomer Norton, the NDR at Shillingstone, the Lynton and Barnstaple Railway, the Westonzoyland Light Railway, the Watercress Line, and others.
And so, we look forward to the future. Safeguarding our collections, keeping our locomotives operational, developing partnerships, and increasing our membership will protect the Trust for future generations to come.
My thanks go to the other Trustees and officers for their support and knowledge in the past year. I would finally like to thank Ian Young who was my predecessor and who took us through the first three years of the difficult exit period. Ian is one of the Trust’s longest-serving volunteers having taken on many of the management positions over the years.
Roger Hardingham (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.
- 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 everimproving 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 2023, 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 4.
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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 continued to evolve the established organisational structure with clear accountabilities.
## **Members and volunteers**
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. Over the course of 2023 new volunteers have offered their services including with management, heritage, sales, and membership. During 2024 the Trust is looking for volunteers to assist in a variety of roles. The Trustees are already conscious of the need to supplement its existing heritage and conservation history volunteer base and sales and administrative support.
## **Activities, achievements, and performance**
## _Locomotives:_
53808 was in service at the Mid-Hants Railway fleet during 2023, with the boiler certificate expiring at the end of the year. It was used sparingly but was used for Galas, a Special Train swansong, and a final weekend in steam during November. The MHR hire agreement expired at the end of the boiler certificate, and the locomotive is currently in store at Ropley. Since it moved to the MHR in 2020 it has been in steam for 147 days clocking up over 9,000 miles in service.
The pre-existing 10-year operating agreement with the West Somerset Railway remained suspended until the boiler certificate expired 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 overhaul funding which will reflect WSR’s usage since the previous overhaul. The original agreement remains in place and discussions have commenced with WSR regarding their contractual commitment to carry out the overhaul.
Kilmersdon returned to service in August 2022 after overhaul under a hire agreement with MHR for the locomotive to be based at Ropley for the period of its new 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. During 2023 the locomotive was steamed for 44 days, including 24 days as Percy for Thomas and Friends weeks. The locomotive was hired out to the Somerset & Dorset Joint Railway at Midsomer Norton for Halloween and Christmas events. The locomotive should be financially secure through the full term of the boiler certificate and the Trust will have funding for the 2032 overhaul.
Immediately prior to cessation of vehicle movements at Washford the two Diesel shunters were sold externally as they had become surplus to the Trust’s requirements. The ex-Bath Gas Works Ruston shunter was sold to the Vale of Berkeley Railway Preservation Trust at Sharpness, and the ex ROF Puriton Andrew Barclay shunter was sold to a group at the Leiston Works Railway in Suffolk.
## _Museum Collection and Collaboration Arrangements_
During 2023 the Trust entered into a collaboration agreement with the North Dorset Railway at Shillingstone. This involved two vans, the two unrestored coaches and a number of museum artefacts transferring to Shillingstone. These items join the two wagons and the Binegar crane transferred in 2021.
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Towards the end of 2023 the Wells Hut was donated to the Somerset & Dorset Heritage Railway Trust at Midsomer Norton where it will be restored. The preexisting loan agreements from 2021 continue and the number of items loaned increased during 2023.
Arrangements at the Mid-Hants Railway have continued during the year with eight vans and wagons on long term loan arrangements, museum artefacts most of which have been displayed in the museum in Alresford Goods Shed. and the Burnham signal box now at Ropley. The museum is a joint venture with MHR with some MHR artefacts also on display and has been open most weekends the railway was operational. Discussions are underway about developing the museum displays at MHR.
Coach 4 was the last vehicle to leave Washford. Negotiations are being concluded for the coach to move on loan to a covered location where it will be available for the public to appreciate.
The Peat Railway exhibits remain at the Westonzoyland Pumping Museum on long term loan. The exhibits have been incorporated into the existing WZL displays and have been operational at recent WZPM open days.
During the year four wagons and a small number of non-S&D artefacts were sold externally. The signal box equipment configured to replicate Midford was loaned to the Tarka Railway project in Devon.
## _Washford_
As a result of the notice to vacate Washford by West Somerset Railway plc in 2020, the Trust relinquished the station building in January 2022 and retained the right to remain at the Washford site until November 2023.
Great progress was made to vacate the site by that date and outline agreement had been reached with the new tenants of the site, West Somerset Railway Heritage Trust to sell them the workshop building, all the trackwork in the yard and the piece of land we owned adjacent to the A39. In mid-November it became clear that delays in negotiation between WSR plc and WSRHT would impact our sale agreement with WSRHT, and WSR plc granted the Trust a further 2-month lease extension to January 2024. (see post balance sheet event in Note 22)
The site has been closed to visitors throughout the year. The Washford volunteer team continued to meet weekly through until the end of November and cleared the site, including demolition of the accommodation block behind the Wells Hut, and supervision of a succession of low loaders removing rolling stock and artefacts from the site. The work put in by the Washford volunteers has been unstinting, dedicated and loyal hard work in challenging circumstances and the Trustees are deeply appreciative of their efforts.
A further shipping container was purchased and filled with larger museum artefacts including vintage S&D coach parts. A total of four containers were shipped off site in December, one to Shillingstone and three to a secure compound in Somerset.
## _Fund Raising_
2023 has seen the return of a full year of Fund-Raising Events following Covid. The Model Railway Exhibition in January included a high-quality O Gauge layout of Bridgwater S&D modelled as it would have been in 1904 by member Trevor Gibson. This generated considerable local interest, which contributed to a higher-than-normal attendance of 450. The Special Train was again held at Mid Hants Railway in July, and 103 members and guests enjoyed a return journey on the MHR behind 53808, which was marketed as the pre overhaul swansong. The Annual Raffle raised £4,001 (net) for the “53808 Tender Tank” Appeal.
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## _Sales Income_
A retail sales trading subsidiary, The Somerset & Dorset Railway Trading Co Ltd, was set up during 2022. (see notes 12 and 13 to the financial statements) and started trading on 1 July 2022. It is fully owned and controlled by the Trust and its Trustees serve as directors of the trading company.
In March 2023 Nigel Davies, the Sales Manager, had a stroke and was unable to continue with his sales activities. David Grimwood, a former Trustee, stepped into the breach at short notice. There have been a number of enforced changes because of the change in personnel. The end of Covid restrictions has seen a continued reduction in online sales, and this has not been made up by sales from other sources.
During the year, the Trust introduced Dapol produced exclusive limited runs both in “O” and “OO” gauge of a wagon in the livery of “Pylle Blue Lias Lime & Selinitic Cement Works”. Just before the end of the year the Trust took delivery of a further 4 Dapol wagons in both “O” and “OO” gauge which were launched in early January 2024. This led to a much higher than normal stockholding at the end of the year.
Further editions of three Trust “blue books” were delivered in the year – “Swift & Delightful”, “Southbound with the Pines Express”, “53808 A S&D Engine”. These continue to sell steadily. One of the Trust’s book suppliers, Strathwood Press offered Trust members a discount of 10% which applies to their complete range, and furthermore pay a continuing monthly commission to the Trust (25%) relating to all books sold to members.
## _Video & Photographic Collection_
Progress has continued in digitising and cataloguing the Trust’s photographic collection, including the recently acquired G A Richardson collection. The number of images available for purchase via the website is now nearly 1,350. Over 100 images were provided for the “Pictorial Atlas of the S&DJR” which boosted collection income.
## _Volunteer Management_
Communications to members Identification of volunteers to assist with moving to and operating at its new museum sites has been a priority. Appeals at the AGM and in the “Pines Express” for volunteers to step forward in a variety of roles have had only limited response. Individual approaches to members able to take on specific roles has been more fruitful (see page 7).
## _Communications and Website_
Communications to members have continued via the website, Facebook, and newsletters in addition to the quarterly “Pines Express” which continues to be successful and is highly respected in the heritage railway community. A continuing flow of interesting articles and member research has enabled the 44-page size to be maintained throughout the year.
## _Funding and Appeals_
The “Progressing Our Future” Appeal was closed formally in 2021. Member donations have continued to be generous. Trustees are immensely grateful to all members and well-wishers who have donated to the Trust and continue to do so. Fundraising plans for the overhaul of 53808 have been considered, and dependent upon discussions with West Somerset Railway, will be implemented as appropriate without delay.
Legacy income reverted to more normal level (£5,941) following the receipt in 2022 of two larger legacies from the estates of former members, totalling £126,103. Similarly to other legacies received in recent years this cash has been designated for future use on appropriate project(s).
Until the Trust’s liabilities arising from vacating Washford were known in full, expenditure on coach restoration and any project expenditure with collaboration partners had been deferred until 2024.
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## _Meetings_
It was again possible to hold a physical Annual General Meeting with a Zoom attendance option on 22 April. This was attended by 23 members in person and 17 members via Zoom. The Trustees met by Zoom video conference on ten occasions.
## _Membership_
Subscriptions which had not increased by many years were increased at the beginning of 2023. Membership of the Trust has reduced slightly, with 718 members at the end of the year. There were 45 new memberships in the year.
## _Resilience--_
Despite the heavy workload of moving the collection and vacating Washford, Trustees have continued work on the structure and governance of the Trust. 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 activity and the challenges of working on multiple sites with no designated central base.
## _Governance_
On 1 September, the registered office was moved from Washford to 2 Victoria Grove, Bridport. Trustees are grateful to Bruce Kenway, the independent examiner, for making his business premises available to act as the registered office,
## **Organisation structure**
The Trust adopted an organisation structure which is reviewed regularly. In 2023 it has evolved to encompass new and revised roles which are and will be required because of revised methods of operating. During 2023 there were notable departures. In March Nigel Davies stepped down as Sales Manager but remains as a Trustee in a non-executive capacity. In July Ian Young resigned as Chairman and Trustee after very many years of service on the Committee and more recently as a Trustee and since 2018 Chairman. This was followed in late September by the news of the sudden, and unexpected death of Ian’s son Andy, who was the Trust’s Membership Secretary.
2023 has also marked the end of volunteering at Washford where a small team has faithfully turned up every week in all weathers for over 40 years. Whilst some of the latest volunteers had multiple roles within the Trust which will continue, there are several volunteers who, consequently, have ceased active involvement.
Roger Hardingham was elected Chairman in July, Rob Bentley was elected as a Trustee at the AGM and has taken on the heritage portfolio, David Grimwood stepped in as Interim Sales Manager, and Tim Deacon became Membership Secretary in November.
With the impending retirement of some of our existing volunteers, there is an ongoing and pressing need to recruit volunteers to provide support in managing our extensive collection, and in the fund raising, administrative, sales fund raising and financial areas. 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 £42,651 resulting from income from the sale of assets, donations, locomotive hire fees, net sales income, and heightened levels of interest income. Of the closing unrestricted funds balance, £68,798 is
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in the General fund with the remainder designated (see note 20 for details). Restricted funds reduced from £32,592 to £17,095 due to preplanned expenditure on exiting Washford.
Closing cash and deposit balances were still unusually high due to the exceptional income in 2022 and 2023 although it anticipated that this will reduce significantly over the next 18 months. It remains policy to invest funds at United Trust Bank and CCLA and to add a further provider specialising in charity finance suitable for the Trust’s needs, At December 31 2023, £85,000 was held at CCLA in a no notice deposit, and £81,643 was held at United Trust Bank in two 12 month charity bonds maturing in June 2024 and December 2024 earning interest at a fixed rate of 4.41% and 5.00% respectively.
In 2016, the Trustees determined that a minimum of 4 months of unrestricted general expenditure should be held in reserves. At the end of 2023, this threshold was comfortably exceeded. It is anticipated that the future position will exceed the 4-month threshold.
The Trustees have concluded from their review of financial activities and forward expenditure requirements 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 2024 include:
## _Strategy_
Trustees will commence discussions on the future strategy of the Trust early in the year and the overdue Strategy Review, including member consultation, will be prepared, and published, It will form the basis of decision making going forward,
## _Locomotives_
Trustees will continue discussions with the West Somerset Railway regarding 53808 in line with contractual stipulations. Until these are finalised no decision can be made as to the timing and scope of the ten yearly overhaul, which is due following the expiry of the boiler certificate at the end of 2023.
Kilmersdon will continue to play its part at the Mid-Hants Railway, particularly during Thomas events. There will be opportunity to conclude further appropriate external hiring arrangements.
## _Coaches_
Trustees will conclude arrangements to rehouse Coach 4 at a location where it can be appreciated by the public and under cover. Decisions on the future of the two unrestored coaches, currently at Shillingstone, will be informed by the strategy review.
## _Museum Collection and Collaboration Arrangements_
Now that the collection has all moved from Washford, work will continue with our partners at the Mid-Hants Railway at Alresford, the North Dorset Railway at Shillingstone and the Somerset & Dorset Heritage Railway Trust at Midsomer Norton to ensure appropriate and regularly refreshed displays, the attendant security arrangements and to explore further cooperation to be developed in a manner that benefits all parties.
Work will commence on a comprehensive audit of all artefacts in the collection to ensure our records are full and complete and to optimise the storage of items not currently on display.
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## _Washford_
Trustees will conclude work on the agreement with West Somerset Railway Heritage Trust. to sell them the workshop building, trackwork in the yard and land in order to fully vacate the site by 31 January 2024. (see post balance sheet events in Note 22)
## _Fund Raising and Sales Income_
The Model Railway Exhibition was held in January 2024, and the Annual Raffle will generate funds to go towards the overhaul of 53808. The 200+ Club will continue to generate funds for the Trust.
Opportunities at MHR and elsewhere to have a sales stall and other fundraising will be taken up.
The Trading Company will continue to create Retail Sales opportunities online by careful introductions of further of its own publications and limited-edition model wagons.
## _Volunteer Management_
There is a requirement for additional assistance in a number of areas. Trustees will pursue a programme of identifying and recruiting volunteers to assist at its new sites, and 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. Attention will be given to keeping members informed by email, newsletters and in the “Pines Express”.
## _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. Future resilience will involve Trustees taking full account of new working arrangements and the challenges of working on multiple sites.
## _Funding and Appeals_
A small fundraising group will 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 assuring the future of locomotive 53808, coach restoration 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:
|_Directors and Trustees_|I M Young|Chairman (to 14 July 2023) (resigned as director 14 July 2023)|Chairman (to 14 July 2023) (resigned as director 14 July 2023)|
|---|---|---|---|
||R C Hardingham|Chairman (from 15 July 2023)|Locomotives, Rolling Stock|
||R Bentley|(elected 22 April 2023)|Heritage|
||A N Davies|||
||R D W Ormston||Communications|
||M J Rice|(resigned 1 February 2023)||
||M Stanistreet||Health & Safety; Washford Exit|
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|_Principal Officers_|M Stanistreet||Health & Safety Officer|
|---|---|---|---|
||R D W Ormston||Magazine Editor|
||A J M Young|(to 25 September 2023)|Membership Secretary|
||T Deacon|(from 1 November 2023)|Membership Secretary|
||S R Gillett||Museum Collections Assistant|
||D Temple||Museum Displays Coordinator|
||M J Rice||Treasurer|
||E L Lambe|(to 5 December 2023)|Washford Team Leader|
|_Advisers_|Martin & Co|Bridport||
||HSBC Bank plc|Yeovil||
||Nantes|Weymouth||
|_Company number_|8945535|||
|_Charity number_|1158865|||
|_Registered Office_|2 Victoria Grove,|Bridport, Dorset DT6 3AA||
## **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.
## 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. The Board meets either face to face with a Zoom online attendance option, or online via Zoom. Other officers attend Board meetings as required.
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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 21 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:
- partner organisations not being able to withstand the current pressures of the UK cost of living “crisis”
- breakdown of one or more collaborations leading to difficulties in housing museum and vehicle collection
- potential inability to recruit members to stand as a Trustee or volunteers to work at new locations and for vacant or soon to be vacant roles within the Trust
- the successful overhaul of 53808 expected to commence in 2024 is critically dependent on WSR being able to meet its contractual liabilities which has a knock-on effect relating the Trust’s ability to fund the overhaul in a timely manner.
- the lack of a home base may impact many of the Trust’s plans and could lead to a decline in the Trust’s fortunes.
## Medium term risk:
- a newly dispersed collection presents challenges in keeping track of all museum items especially those not currently on display,
- lack of agreed strategy potentially leading to loss of focus and visibility, a declining membership and delay decision making and incur additional cost.
- inability to keep members feeling involved with the Trust’s activities as the membership is predominantly from older age groups.
- the inability to recruit and encourage new, younger, members.
- project selection and financial control for funds in hand.
Impact of macro risks on Trust:
- the future of the heritage railway movement faces unprecedented challenges as a result of climate change, and the eradication of fossil fuels. The potential inability of heritage railways to operate the Trust’s steam locomotives might render overhaul plans to be financially uneconomic.
Other risks are addressed by maintaining 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.
## **Trustees’ responsibilities in relation to the financial statements**
The charity Trustees (who are also Directors of The Somerset & Dorset Railway Trust Ltd for the purposes of company law) are responsible for preparing a Trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
11
Company law require5 the chaty Truslee5 to prepare finaal ststements for eath ar which give a tR5e and fair view
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the financial KX)sOn of thartty and to ènabEe them to that the finonoal ststements comply the
Companies Art 21Th. They are akn re¥K)nsiNe for safeguardiThJ the assets of the dwTity atKI heoce tsking rea%)nable
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preparing their rew)¢ of whth the independent exami is unaware. and.
The Trustees, ha9 made erUl11e5 of felLW Directo aThl the independent examirw that thry ought to
have individually taken, have each tsken all steps that helshe obh.ged to take as a Director it) order to make
themselves aware of any relevant information arKI to eStsl5h that the tTh4ewdent eK2miner ts aware of that
informatiorL
y ordw ol the Board of Trustees
R HardIngha (Chairman)
14 March 2024
INDEPEIYDENT EXAMINER'S REPORT
-1 o the Trustces of The Somerset & Do1 Railway Tru Ltd on th¢ accounts for the year cnded 31 st
De¥¢mber ?023.
This rcport is made solely to the charitv's Trustees. M) examinaiion work has been undetlaken so that I
nTr]l stale to the charity"'.s trustees those matters l am requircd to stste to them in an examiners rcw)rt and
for no other purpose. To thc fullest ¢xtent pemiitted bv laii. I do not accepi or assutne responsibilit), to
an}'one other than the ¢harity and the charity"s trusiees as a by. for my worl for this repory or for the
opinions I have fom)ed.
Respeclive responsibilities of Society, Board Members and the examiner
As the charity" s tnistees of. the Company (and also its directors for the purpos¢s of companj law) you are
rcsponsiblc for the preparation of the a¢Lounts in ac¢ordan¢e with th¢ requirements of the Companies Act
2006 {thc 2006 Act).
Having satisfied myself thai ihe accounls of the Companv a not required to be audited under Part 16 of the
2006 Act and arc eligible for independent cxamination. I rcport in respect of my examination of)wour
charity s accounts as carried out under section 145 of thc Chariti¢s Act ?0 I l (Ihe ?022 Act). In caming out
my examination. I have folloi¥ed the Diredions given b). Ihe Charit), Cowntnission under section 145{5)(b) of
the 201 l A¢t.
Basis of independent Examiner's $tatement
An examination includes a revieiv of the accountino records kept by the Company. and a Comparisoii of the
accounis psented with those records. It also iiicludes considerdtion of anv unusual items or disclosures in
the accounts. and sceking explanations from th¢ Board MeTnbers ¢oncerning any such malters. 'l-he
procedures undertaken do not pro]de all the evidence that OUld bc required in an audit, aiid coiis¢quently I
do not express an audil opinion on the ac¢vunts.
Independent examiuer's statement
In the course of my cxamination. no matter has COTne to my attention
hich gives mc reasonable caus¢ iu IKlieve thal in anv material rcspecL the Board Metnbers hav¢ not
mct the rcquiremenls to ensure that =
proper a¢Lounting rordS are kcpt
ac¢ounts are prepared which aore¢ with the accounting rccords and complv with generally
accepted a¢¢ounting requiremenis: or
b)
to which, in my opiniott. attenlion should be drdwn in order lo enable a proper understanding of the
accounts to be reAched.
Signed
Date I Ith MaTch 2024
Name
Bruce
eginald Ke
Chartered Certified Accountant
Address
2, VICTORA GROVE. BRIDPORT, tX)RSET, DT6 3AA
## **THE SOMERSET & DORSET RAILWAY TRUST LTD**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES**
## **for year ending 31st December 2023**
|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
20
Accumulated fund carried forward
20
Net incoming resources for the year
before transfers
Net incoming resources for the year|**2023**
**2023**
**2023**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total Funds**
**£**
**£**
**£**
**18,799**
**-**
**18,799**
**13,671**
**932**
**14,603**
**5,635**
**5,292**
**10,927**
**43,697**
**-**
**43,697**
**6,808**
**-**
**6,808**
**88,610**
**6,224**
**94,834**
**24,302**
**17,311**
**41,613**
**2,585**
**1,291**
**3,876**
**3,574**
**3,120**
**6,694**
**30,461**
**21,722**
**52,183**
**58,149**
**(15,498)**
**42,651**
**0**
**0**
**0**
**58,149**
**(15,498)**
**42,651**
**265,822**
**32,593**
**298,415**
**323,971**
**17,095**
**341,066**|2022
Total
Funds
£
12,880
140,370
10,504
35,587
1,731|
|---|---|---|
|||201,071|
|||40,490
1,957
4,836|
|||47,283|
|||153,788
0
153,788
144,627|
|||298,415|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
14
THE SOMERSEf & Do£T RAILWAY TRUST LTD
CONSOUDATED BALANCE SHEETS
as at 31st December 2023
15.T26
15.T26
101
Inv¢styn¥its
1114
101
15
16
17
147
4.617
31.042
166.633 164.615
128.600
104,123
166,633 164,e45
128.600
11)4,123
Barth & (¥shin
LESS
18
19
31911 282
329809 znB31
15
341
3231 2&5.V23
17,119S
32U51 261.
f7m4
32,593
341
.415
341
293.5
The notes at pages 16 to 21 ffrfm part olthwatc(xJnt5
(xnpanie5 regime.
2(X)6 rda*ir¥J to 5rn•4 comnI
DiTectors' ¥eskyM%L¥lroe
The members not reqwred the c(ryany to obtain ofits ¢jts frxthe yearin in actordat*e 1th
on47&
Signed on behalf of the board of di0
R Hard1h3rn. Chairnn
14 March 2024
15
## **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 9 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. _Group accounts_ These financial statements consolidate the results of the charitable company and its wholly owned subsidiary on a line-by-line basis. Transactions and balances between the charitable company and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two companies are disclosed in the notes of the charitable company’s balance sheet. A separate statement of financial activities for the charitable company itself is not presented as the charitable company has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.
- c. _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.
- d. _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.
- e. _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.
- f. _Interest receivable_ Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity.
- g. _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.
- h. _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.
- i. _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 to comply with museum regulations prevailing at that time.
- j. _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:
16
|_Asset Category_|_Annual Rate_|
|---|---|
|Land|Nil|
|Buildings & Trackwork|10%|
|Rolling Stock|5 %|
|Engineering Equipment|10%|
|Office & Other Equipment|10 – 20%|
Steam locomotives owned by the charity are not capitalised and details by individual asset are found at Note 11.
- k. _Stock_ Stock of books, DVDs and other items for resale is included at the lower of cost or net realisable value.
- l. _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.
- m. _Cash at bank and in hand_ Cash at bank and in hand includes cash and short term highly liquid investments.
- n. _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
20
Grants and specific donations
20
Gift Aid
20
Legacies
20|**2023**
**2023**
**2023**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total Funds**
**£**
**£**
**£**
**3,474**
**-**
**3,474**
**-**
**40**
**40**
**4,256**
**892**
**5,148**
**5,941**
**-**
**5,941**
**13,671**
**932**
**14,603**|2022
Total
Funds
£
6,198
6,000
2,069
126,103|
|---|---|---|
|||140,370|
Details of the income into specific restricted funds can be found in Note 20.
The charity 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**
|**me from charitable activities**|||
|---|---|---|
|Notes
Raffle
20
Model railway display
Special train
20
Other events
S&D 200 Club|**2023**
**2023**
**2023**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total Funds**
**£**
**£**
**£**
**-**
**5,292**
**5,292**
**3,093**
**-**
**3,093**
**1,110**
**-**
**1,110**
**54**
**-**
**54**
**1,378**
**-**
**1,378**
**5,635**
**5,292**
**10,927**|2022
Total
Funds
£
5,331
1,614
1,831
30
1,698|
|||10,504|
17
## **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, 20|**2023**
**2023**
**2023**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total Funds**
**£**
**£**
**£**
**17,700 -**
**17,700**
**4,844 -**
**4,844**
**16,905 -**
**16,905**
**(13,141) -**
**(13,141)**
**8,608 -**
**8,608**
**9,092 -**
**9,092**
**2,440 -**
**2,440**
**6,652 -**
**6,652**
**1,373 -**
**1,373**
**35,672 -**
**35,672**
**43,697 -**
**43,697**|2022
Total
Funds
£
24,265
3,782
15,224
(4,844)|
|---|---|---|
|||14,162|
|||10,103
3,009|
|||7,093
272
28,221|
|||35,587|
## **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
Washford relocation costs
Locomotive maintenance
Locomotive overhaul
Carriage maintenance
Wagons maintenance
Website, publicity, other events
17
Museum purchase
10
Museum displays and administration
Depreciation
11|**2023**
**2023**
**2023**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total Funds**
**£**
**£**
**£**
**9,742 -**
**9,742**
**6,078 -**
**6,078**
**2,681 -**
**2,681**
**1,313 -**
**1,313**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**17,311**
**17,311**
**35 -**
**35**
**-**
**-**
**-**
**275 -**
**275**
**-**
**-**
**-**
**1,284 -**
**1,284**
**-**
**-**
**-**
**854 -**
**854**
**2,040 -**
**2,040**
**24,302**
**17,311**
**41,613**|2022
Total Funds
£
10,043
5,416
470
1,172
696
347
400
2,736
(1,013)
14,869
10
244
1,596
1,000
477
2,028|
|---|---|---|
|||40,490|
## **8. Cost of generating funds**
|Cost of generating funds -
- Raffle
20
- Model Railway Display|**2023**
**2023**
**2023**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total Funds**
**£**
**£**
**£**
**-**
**1,291**
**1,291**
**2,585 -**
**2,585**
**2,585**
**1,291**
**3,876**|2022
Total Funds
£
1,313
644|
|---|---|---|
|||1,957|
18
## **9. Governance and support costs**
|AGM and board meetings
HRA subs, travel, stationery, postage
Trustees' travel expenses
Legal and Professional fees
20
Volunteer Management expenses
Membership administration
Examiner's fee and expenses|**2023**
**2023**
**2023**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total Funds**
**£**
**£**
**£**
**1,100 -**
**1,100**
**1,147 -**
**1,147**
**125 -**
**125**
**-**
**3,120**
**3,120**
**140 -**
**140**
**667 -**
**667**
**395 -**
**395**
**3,574**
**3,120**
**6,694**|2022
Total Funds
£
992
526
673
1,313
-
968
365|
|---|---|---|
|||4,836|
The charity has no paid employees (2022: None).
The charity Trustees were not paid nor received any other benefits from the charity (2022: None). No Trustees were reimbursed expenses in attending Trustees’ meetings (2022: None) in accordance with procedures laid down by the Trustees. No charity Trustee received payment for professional or other services supplied to the charity (2022: None)
## **10. Heritage assets**
In 1988 all items then classified as museum items were written off as an expense 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 £21,800 to the end of 2023. 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 and updated in March 2022. Detailed records of the collection are kept.
## **11. Tangible fixed assets – company only**
|`
**Cost**
Brought forward
Additions in the year
Transfer to Current assets
Disposals in the year
Carried forward
**Depreciation**
Brought forward
Transfer to Current assets
Disposals in the year
Charge for the year
Carried forward
**Net Book Value**
31st December 2022
31st December 2023|**Totals**
**£**
136,094
3,144
(89,174)
(13,849)
36,215
120,367
(84,557)
(13,089)
2,040
24,761
15,727|**Buildings,**
**Rolling**
**Engineering**
**Office**
**Land &**
**stock**
**equipment**
**& other**
**Trackwork**
**equipment**
**£**
**£**
**£**
**£**
98,457
13,185
5,227
19,226
2,250 -
-
894
(86,562) -
(692)
(1,920)
(4,710)
(1,900)
(4,535)
(2,704)
9,435
11,285 -
15,496
88,527
10,925
5,227
15,689
(83,097) -
(692)
(768)
(4,710)
(1,140)
(4,535)
(2,704)
944
100 -
996|
|---|---|---|
|||1,663
9,885 -
13,213|
|||9,930
2,260 -
3,537|
||11,454|7,772
1,400 -
2,282|
19
The charity owns two steam locomotives. Both locomotives are operational and do not qualify to be treated as heritage assets.
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 ran out in December 2023. The Trust entered into a short-term agreement with Mid-Hants Railway Ltd to hire the locomotive for this period and has been responsible for invoicing and collecting steaming fees from Mid-Hants Railway. In 2023 income includes £8,078 in respect of hiring fees for 53808 (see note 5) (2021: £24,440).
Locomotive ‘Kilmersdon’ was acquired in 2010 at nil cost after many years on loan. Since then, it has been overhauled twice in 2012 and 2022, These costs and minor costs since then have been treated as an expense. In 2023 income includes £9,379 in respect of hiring fees for Kilmersdon (see note 5) (2022: £3,000).
## 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.
The charity owns 100% of the issued share capital of The Somerset & Dorset Railway Trading Company Ltd, a company set up in 2022 and which commenced activities in July 2022. See Note 13 for further details. -
|External Investment
Investment in group undertaking|**2023**
2022
**£**
£
**1**
1
-
-
**1**
1
**Group**|**2023**
2022
**£**
£
**1**
1
**100**
100
**Parent Charity**|
|---|---|---|
|||**101**
101|
## **13. Subsidiary undertakings**
The Somerset & Dorset Railway Trading Co Ltd is the wholly owned trading subsidiary of the charity. The trading subsidiary was incorporated on 19 May 2022, and retail stock was transferred on 1 July 2022 from which date the subsidiary commenced trading. The subsidiary operates the sales activities of the charity. A summary of the subsidiary’s financial statements from inception is set out below:
|nts from inception is set out below:|||
|---|---|---|
||**2023**|2022|
||**£**|£|
|Retail Sales|**19,073**|14,274|
|Cost of sales|**(8,608)**|(8,405)|
|Gross profit|**10,465**|5,869|
|Administrative expenses|**(1,850)**|(1,112)|
|Profit for the financial year|**8,615**|4,757|
|Changes in equity:|||
|Total comprehensive income for the year|**8,615**|4,757|
|Gift aided donation to parent charity|**(13,350)**|-|
|Retained profit carried forward|**(4,735)**|4,757|
20
## **14. Parent charity**
The parent charity’s results are:
|ults are:|||
|---|---|---|
||**2023**|2022|
||**£**|£|
|Gross income|**99,571**|196,315|
|Net incoming resources for the year|**52,185**|47,285|
## **15. Stock**
|Retail Stock
Locomotive consumables stock|**2023**
2022
**£**
£
**13,141**
4,844
**5,607** -
**18,748**
4,844
**Group**|**2023**
2022
**£**
£
-
-
**5,607** -
**Parent Charity**|
|---|---|---|
|||**5,607** -|
## **16. Assets for sale – charity only**
At 31 December 2023 certain fixed assets relating to the Washford site were transferred to current assets as provisional agreement had been reached to sell them to a third party (see page 5 and Note 22).
## **17. Debtors**
|Prepaid website costs
Prepaid insurance
Other prepaid expenses
Group balances
Other taxes recoverable
Accrued income|**2023**
2022
**£**
£
**154**
771
**7,299**
6,950
**1,356**
1,118
-
-
**9,582**
11,048
**12,651**
6,803
**31,042**
26,690
**Group**|**2023**
2022
**£**
£
**154**
771
**7,299**
6,950
**1,356**
1,118
**13,019** -
**9,582**
11,048
**12,651**
6,803
**Parent Charity**|
|---|---|---|
|||**44,061**
26,690|
## **18. Creditors: amounts falling due within one year**
|Creditors
Group balances
Accruals|**2023**
2022
**£**
£
**7,286**
5,957
-
-
**3,041**
2,619
**10,327**
8,576
**Group**|**2023**
2022
**£**
£
**7,286**
5,957
-
13
**3,041**
2,619
**Parent Charity**|
|---|---|---|
|||**10,327**
8,589|
## **19. Deferred income – charity only**
Deferred income comprises subscriptions received in advance for future years.
21
## **20. Analysis of group charitable funds**
_Movements in restricted funds_
|_ements in restricted funds_||
|---|---|
|**Restricted Funds**
Museum Collection
Coach Restoration
Progressing Our Future Appeal
53808 Tender Tank Appeal
Total Restricted Funds|**Opening**
**Incoming**
**Resources**
**Transfers**
**Closing**
**Balance**
**Resources**
**Expended**
**in year**
**Balance**
**01/01/2023**
**31/12/2023**
£
£
£
£
£
620 -
(620) -
-
3,727 -
-
-
3,727
23,780 -
(19,811) -
3,969
4,466
6,224
(1,291) -
9,398|
||32,592
6,224
(21,721) -
17,095|
- _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. The remaining funds were fully utilised in 2023 in contributing to the cost of safeguarding museum assets when they left Washford.
- _b) 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.
- _c) ‘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. It was closed in September 2021 (see page 5) and there have been no receipts since then. Costs, including legal and professional fees, rolling stock move costs, museum collection safety and move costs and Washford exit costs were £19,811 in 2023 (2022: £4,049). The remaining balance will be utilised in full over the course of 2024.
- _d) 53808 Tender Tank Appeal:_ The net proceeds of the 2022 and 2023 raffles were restricted for the purpose of constructing a new tender tank for 53808. The proceeds have been set aside to meet anticipated liabilities when this project gets underway.
## _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
53808 Tender Tank
Total Unrestricted Funds|**Opening**
**Incoming**
**Resources**
**Transfers**
**Closing**
**Balance**
**Resources**
**Expended**
**in year**
**Balance**
**01/01/2023**
**31/12/2023**
£
£
£
£
£
35,158
77,453
(43,813) -
68,798
12,628 -
-
-
12,628
67,010
8,078 -
-
75,088
(401)
9,379 -
-
8,978
141,049
5,941 -
-
146,990
404 -
-
-
404
8,143 -
-
-
8,143
1,831
1,110 -
-
2,941|
|---|---|
||265,823
101,961
(43,813) -
323,971|
- 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
22
now due following the expiry of the 10-year boiler ticket in December 2023. Fees designated in 2023 amount to £8,078 (2022: £24,440).
- 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 the 2021-22 overhaul. The overhaul was completed in 2022 and the fund was fully utilised leaving a small debit balance of £401. On 19 January 2023, the Trustees agreed to designate steaming fees earned since the 2022 overhaul in the first instance to offsetting this balance, and thereafter towards funding the next overhaul. Fees designated in 2023 were £9,379 (2022: £3,000).
- d) _Legacies_ : This represents one legacy received in 2023 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.
- a) _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. This represents such donations for 2021 and 2022. Trustees consider this balance sufficient to meet the final expected liabilities in exiting Washford and will be fully utilised by the end of 2024.
- b) _53808 Tender Tank:_ On 19 January 2023, the Trustees agreed to designate the net proceeds of the 2022 and 2023 Special Trains to contribute towards constructing a new tender tank for 53808 when this project gets underway as part of the upcoming overhaul.
## **21. Related party transaction**
Mr Roger Hardingham is the owner of South West Publications Ltd, a supplier of Kingfisher railway books and DVDs. During 2023 the Trust and its subsidiary purchased goods to the value of £194 from and sold goods to the value of £229 to South West Publications Ltd (2022: £92 and £441 respectively). At 31 December 2023 £143 was owing to South West Publications Ltd (2022: £92), and £ Nil was owing to the Trust (2022: £441)
## **22. Post Balance Sheet event**
The agreement with West Somerset Railway Heritage Trust. to sell them the workshop building, trackwork in the yard and land was finalised and signed on 30 January 2024 with effect from 1 February 2024.
_Cover picture:_
_53808’s last day in service – 4 November 2023 On the high embarkment west of Four Marks village on the Mid-Hants Railway._
_Photo by Rod Ormston_
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