OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← The Somerset And Dorset Railway Trust Ltd

2024-12-31-accounts

THE SOMERSET & DORSET RAILWAY TRUST LTD

(A company limited by guarantee)

REPORT & FINANCIAL STATEMENTS

Year ending 31st December 2024

Charity number 1158865

Company number 8945535

Registered address:

2 Victoria Grove, Bridport, Dorset DT6 3AA

1

Report of the Directors for the year ending 31 December 2024

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 2024 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

2024 was the first year that the Trust was without a home base. From the 1960s through to 2023, the Trust had its headquarters either at Radstock or latterly at Washford. So we are now a very different looking organisation, but fortunately, a very strong one with a good financial base and several associations with other like-minded S&D heritage sites. As I have mentioned previously and at our 2024 AGM, our partnerships will be crucial to the future success of the Trust. 2024 was a year of following up our contacts at the North Dorset Railway’s Shillingstone base and the Somerset & Dorset Heritage Railway Trust at their Midsomer Norton station site. I have had very fruitful meetings at both locations during the year and have been very impressed by the way they are now both forging ahead with their respective plans. In the coming year, we will be adding more value to those relationships with improvements to our loaned rolling stock at the NDR where our Fruit D vehicle and CCT are being fitted out to allow more of our artefacts to be on display to the public. We are also starting plans to restore the two unrestored S&D coaches stored at Shillingstone and a small group has been formed to investigate that. Similar arrangements are planned at the MSN site where we now have our ‘Wells Hut’ building under restoration, although the ownership has now been passed to the S&DRHT as we no longer have a base for this building.

One major change to our artefact display in Hampshire has taken place with many of the station signs and other items passing back to Somerset. We moved them to the Westonzoyland Heritage Pumping Station site where they are being put on display in their newly built engine shed. They join our other items on show there in the shape of our Peat Railway rolling stock which have been popular with visitors. I thank the volunteers at all the above locations for their help in our mission to make our S&D collections accessible to the wider world.

2025 will see celebrations taking place to remember 200 years of railways in Britain. We too have an important anniversary to celebrate with the 100th birthday of our prized possession – 7F No. 53808. It will be 100 years in July 2025 that the locomotive was outshopped from the works of Robert Stephenson, at Darlington, strangely enough one of the locations central to the 200th anniversary of railways during the year. By the time to read this, our special appeal will have been launched to overhaul 53808 and what better way to make this all happen, by ensuring the appeal’s success.

Following one major agreement with the West Somerset Railway in 2023, we had another to complete in 2024. This was the agreement to ensure we could resolve the balance of monies due for the use of 53808 during a seven-year period in Somerset. I am pleased to say that I was able to sign an agreement in late December 2024 which not only obtained a considerable sum of past hire fees, but a release from all previous contracts between both parties which has allowed us to be free agents now and make our own way forward as locomotive owners. The final agreement will see the Trust receive £210,000 over a 5-year period. That sum, together with funds already collected for the hire of the engine at the Watercress Line over three years, will give us a very stable start to the overhaul. The plan is to begin the dismantling and assessment of the tender in the Spring of 2025 and a plan of work to rebuild it.

2

Every board of trustees or directors of any heritage organisation has to ensure that it has the people to carry out its objectives. We have been fortunate in having a team of dedicated people to carry out the many tasks, but I have to say that it is increasingly difficult to get more volunteers to take on responsibilities in crucial areas. We have been very fortunate in ‘finding’ Tim Deacon who is getting to grips with the membership secretary’s role. David Grimwood stepped down as Sales Officer in December and again, we were very lucky with Dave Gower coming up to take on this important job. I am delighted to say that Martin Rice has informed the Trustees that he will continue in the role of Treasurer for the foreseeable future. These good people took the strain off your Trustees, and I thank past officers and new ones for all the hard work they have completed during 2024. Without people, the Trust would not survive.

Roger Hardingham (Chairman)

Purposes and activities

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

The Trustees have adopted a strategic vision:

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 2024, the Trustees paid particular attention to activities involving public benefit, primarily involving developing 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.

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.

3

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 2024 new volunteers have offered their services including with management and sales. During 2025 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, restoration work and administrative support.

Activities, achievements, and performance

Locomotives:

53808 was stored out of service at the Mid-Hants Railway during 2024, pending overhaul. The MHR hire agreement expired at the end of the boiler certificate. MHR have removed the boiler tubes and determined the likely extent of work required to the boiler. In addition, there will be significant work required on the tender, including a new tender tank, and to the frames, chassis, and wheels.

In December 2024, the Trust signed an agreement with the West Somerset Railway releasing them from all obligations under the 53808 operating and maintenance agreements which had been in place in exchange for a payment of £210,000 to be paid in 60 monthly instalments. The first four payments were received before the end of the year in line with the agreement. (see Notes 12 and 19).

Kilmersdon is in service under a hire agreement with MHR for the locomotive to be based at Ropley for the period of its 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 2024 the locomotive was steamed for 35 days, including 16 days external hire to the Cholsey & Wallingford Railway 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.

Museum Collection and Collaboration Arrangements

Trustees concluded storage arrangements for Coach 4 at the One:One Collection at Margate on loan where it is under cover, safe and secure.

Existing collaboration agreements with the North Dorset Railway at Shillingstone and the Somerset & Dorset Heritage Railway Trust at Midsomer Norton have continued during the year. A team at Shillingstone has opened the Fruit D to the public as a cinema wagon and is working to refurbish the LMS CCT wagon for opening as a museum wagon.

Most of the artefacts previously on display at Alresford have been transported to the Westonzoyland Pumping Museum in Somerset where they are expected to go on display in 2025. The Peat Railway exhibits at WZPM have been incorporated into their WZL displays and have been operational at recent WZPM open days.

During the year, the Mid-Hants Railway decided to repurpose the museum room in Alresford Goods Shed and we took the decision to remove most of our artefacts there from public display and add them to the reserve collection in storage. Some transferred to WZPM. Eight vans and wagons remain on long term loan to MHR as previously. The Burnham signal box is at Ropley.

The reserve collection is in storage in containers at Shillingstone and at a secure location in Somerset. Following the removal of artefacts from Alresford, temporary off-site storage has been rented during the year. After further

4

work to consolidate the contents of the existing containers it is expected that the rented storage will not be required beyond mid-2025.

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 the remainder of the site in January 2024. The workshop building, all the trackwork in the yard and a piece of land owned adjacent to the A39 were sold to the new tenants of the site, West Somerset Railway Heritage Trust, for £55,000.

Fund Raising

The Model Railway Exhibition was held in January at Edington and was successful. The Annual Raffle raised £5,564 (net) for the “53808 Overhaul” Appeal.

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). It is fully owned and controlled by the Trust and its Trustees serve as directors of the trading company.

David Grimwood, who had been acting as Interim Sales Officer stood down in December 2024 and the new Sales Officer is David Gower.

Ecommerce sales during the year were at a record level boosted by the introduction of multiple Dapol produced exclusive limited runs both in “O” and “OO” gauge, and for the first time limited edition Peco produced wagons in “N” Gauge. Just before the end of the year the Trust took delivery of a further 2 Dapol wagons in “OO” gauge which were launched in early 2025. This led to a continued higher stockholding at the end of the year. Greater emphasis has also been placed on sales of second-hand books online which has been remarkably successful.

Video & Photographic Collection

Progress has continued in digitising and cataloguing the Trust’s photographic collection. The G A Richardson collection of S&D photographs is now completely digitised. The number of images available for purchase via the website is now over 1,500.

Volunteer Management

Communications to members Identification of volunteers to assist with continuing to operate 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.

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

Fundraising plans for the overhaul of 53808 have been worked on and will be implemented in early 2025.

Member donations have continued to be generous. Trustees are immensely grateful to all members and wellwishers who have donated to the Trust and continue to do so.

5

Legacy income (£1,700) in respect of two deceased former members was received in the year and we have been notified of one further legacy expected to be received in 2025. Similarly to other legacies received in recent years this cash has been designated for future use on appropriate project(s).

Meetings

It was again possible to hold a physical Annual General Meeting with a Zoom attendance option on 21 April. This was attended by 20 members in person and 12 members via Zoom. The Trustees met by Zoom video conference on five occasions, and in person on one occasion.

Membership

Membership of the Trust has increased slightly, with 732 members at the end of the year. There were 113 new memberships in the year.

Resilience

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 current and anticipated projects and the challenges of working on multiple sites with no designated central base.

Organisation structure

The Trust adopted an organisation structure which is reviewed regularly. It has evolved to encompass new and revised roles which are and will be required because of revised methods of operating. During 2024 the remaining Washford volunteers departed, Steph Gillett stepped down as Museum Collections Assistant and David Grimwood stepped down as Interim Sales Officer.

Mel Marshman, a former Washford volunteer, was elected as a Trustee at the AGM, and David Gower has become Sales Officer.

There is an ongoing and pressing need to recruit volunteers to provide support in managing our extensive collection, and in the fund raising, sales and administrative 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 8

Financial review

There was a net inflow of £291,157 principally impacted by two exceptional items: £55,000 from the sale of the Washford site and £210,000 from locomotive settlement contributions. Of the closing unrestricted funds balance, £74,644 is in the General fund with the remainder designated (see note 19 for details). Restricted funds increased from £17,095 to £226,512 mainly due to the locomotive settlement agreement.

Closing cash and deposit balances were still unusually high due to the exceptional income in 2023 and 2024 although it anticipated that this will reduce significantly over the next 18 months. It should be noted that £196,000 0f the settlement agreement is still to be received in cash. 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 2024, £85,000 was held at CCLA in a no notice deposit, and £85,411 was held at United Trust Bank in two 12 month charity bonds maturing in June 2025 and December 2025 earning interest at a fixed rate of 5.05% and 4.61% respectively.

6

In 2016, the Trustees determined that a minimum of 4 months of unrestricted general expenditure should be held in reserves. At the end of 2024, 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 2025 include:

Strategy

Trustees will continue discussions on the future strategy of the Trust and the issues facing the Trust. Trustees will discuss with members more detailed plans will be worked on.

Locomotives

Trustees concluded discussions with the West Somerset Railway in December 2024 regarding 53808 in line with contractual stipulations. These were finalised and monthly payments are now being received. This, together with funds already in hand (see note 19) will enable a start to be made on the overhaul. A new appeal will be launched in early 2025 to top up existing funds to ensure an early return to steam of the Trust's principal asset.

Kilmersdon will continue to be used at the Mid-Hants Railway, and as in 2024, will be hired out to external parties earning valuable income.

Coaches

It is hoped that the One:One Museum at Margate will soon be open when Coach 4 will be on display together with interpretation and Trust publicity boards and appreciated by the public. Discussions on the future of the two unrestored coaches, currently at Shillingstone, have progressed to draft agreement stage whereby full restoration is planned. This will continue to be worked on in the early part of the year.

Museum Collection and Collaboration Arrangements

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 that the Trust's collection is stored and on secure display at the various locations in an appropriate and safe environment. The artefacts, previously at Alresford, now at Westonzoyland Pumping Museum will be made available to view in their new locomotive shed during the year.

Meanwhile, work will continue 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.

Fund Raising and Sales Income

The Model Railway Exhibition will be held in July 2025, 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.

7

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 partner 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, particularly in view of the 53808 Appeal and funding for coach restoration. 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.

Funding and Appeals

Trustees will put to the forefront the requirement to raise funds and look at the many ways in which donations can be attracted using modern technology.

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.

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 R C Hardingham Locomotives, Rolling Stock
R Bentley Heritage
A N Davies
M S Marshman (elected 21 April 2024)
R D W Ormston Communications
M Stanistreet Health & Safety
Principal Officers M Stanistreet Health & Safety Officer
R D W Ormston Magazine Editor
T Deacon Membership Secretary
S R Gillett (to 21 April 2024) Museum Collections Assistant
M J Rice Treasurer
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

8

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.

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 20 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 Trustees address regularly and ensure that adequate monitoring and mitigation is in place to deal with them.

Short term heightened level of risk:

9

Medium term risk:

Impact of macro risks on Trust:

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).

Company law requires the charity Trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including income and expenditure, of the charity for the period. In preparing the financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

10

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in otherjurisdictions. Statement as disclosure to the independent examiner In so far as the Trustees are aware at the time of approving the Trustees, annual report: There is no relevant information, being information needed by the independent examiner in connection with preparing their report. of which the independent examiner is unaware. and. The Trustees, having made enquiries of fellow Dirertors and the independent examine., that they ought to have individually taken, have each taken all steps that he/she is obliged to take as a Director in order to make themselves aware of any relevant information and to establish that the independent examiner is aware of that informalion. By order of the Board of Trustees R Hardingham ( hairman) 27 March 2025 11

Martin & Company Chartered Tax Advisers & Accountants 2 Vlctoria Grove. Brldport, Dorsèt DT6 3AA Tel.. 01308 422131 Email.. lnfo@martlnandcompany.uk.com Web.. www.martlnandcompany.uk.com To the Trustees of The Somerset & Dorset Railway Trusi Ltd on ihe accounts for the year ended 31 st December 2094. INDEPENDENT EXAMINER'S REPORT This report is made solely to the charity"s trustees. MN. examination work has been undertaken so that I might state to the charity s truslees those matters l am required to state to them in an examiners report and for no other purpose. To the fullest extent pem]itted b}. la￿. I do nol accepi or assume responsibilit), to anj'one other than the charity and the charity"s trustees as a bod). for m). ￿ork. for this report. or for the opinions I liave fonned. Respective responsibilities of Society Board Members and the examiner As the charity's trustees of the Company (and also its directors for the purposes of companj law) vou are responsible for the preparation of the accounts in accordaiice iiith ihe requireinents of tlie Companies Act 2006 (the 2006 Act). Hak ing satisfied myself that the accounts of the Compan! aT¢ not required to be audited under Part 16 of the ?006 Act and are eligible for independent eNaminaiion. I report in respeci of m), examination of your charity's accounts as carried out under section 145 of the Charities Acl ?0 I l (the ?022 Act). In carrying out my examination, I haN'e followed the Directions gl￿'¢n b!. tlie Charity Commission under seclion 145{5)(b) of the 2011 Act. Basis of Independent Examiner's statement An examination includes a review of the accounting records kept by the Compan)i and a comparison of the accounts presented with those records. It also includes consideration of anj. unusual items or disclosures in the accounts, and seeking 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 audit opinion on the accounts. Independent examiner's Statement In the course of mv examination. no matter has come lo my attention which gives me reasonable cause to believe that. in any material respect, the Board Members have not met the requirements to ensure that i) proper accounting records are kept ii) accounts are prepared which agree with the accounting records and comply with generally accepted accounting requirements. or b) to which, in my opinion: attention should be drawn in order to enable a proper understanding of the accounts to be reached. Signed Date 27th March 2025 Name uce Regin Id Kenway Chartered Certified Accountant 2. VICTORA GROVE, BRIDPORT. DORSET. DT6 3AA Address DiTecti)r5: Rodney Varndell CTA l Bruce Kenway FCCA Managers.. Jacky Horniblow BA FCA l Alexandra Caddy ATT Martin& Company is atradin9 rwme of Martfjn and Compjny (Bridportl Ltd. Registered Office.. 2 Virtorfa Grove. 8ridport. Dorset DT6 3AA Re9i5tered in En9landand Wales no. 5555048

THE SOMERSET & DORSET RAILWAY TRUST LTD

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

for year ending 31st December 2024

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
19
Accumulated fund carried forward
19
Net incoming resources for the year
before transfers
Net incoming resources for the year		 2024
2024
2024
Unrestricted
Funds
Restricted
Funds
Total Funds
£
£
£
14,060
-
14,060
12,702
1,013
13,715
3,700
6,704
10,404
75,244
210,000
285,244
8,384
-
8,384
114,090
217,717
331,807
28,047
4,761
32,808
1,384
1,040
2,424
2,920
2,498
5,418
32,351
8,299
40,650
81,739
209,418
291,157
-
-
0
81,739
209,418
291,157
323,971
17,095
341,066
405,710
226,513
632,223		 2023
Total
Funds
£
18,799
14,603
10,927
43,697
6,808
94,834
41,613
3,876
6,694
52,183
42,651
0
42,651
298,415
341,066

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

All income and expenditure derive from continuing activities.

13

THE SOMERSEf & DORSET RAILWAY TRUST LTD CONSOUDATED BALANCE SHEETS as at 31st December 2024 Group Parent Charity 2024 2023 Notes 2024 2023 FIXED ASSETS Tangible Assets nvestmenls 11 12. 14 11,454 11,454 101 101 CURRENT ASSETS Stock Assets for sale Debtors and prepaymenls Debtors and prepaymenls due after one yeE Bank deposits Bank & cash in hand 15 18,292 18.748 4,617 31.042 5,607 5,607 4,617 44.C61 16 54,723 154,000 170,411 239 270 636 696 67,287 154,000 170,411 239 270 636 575 166,633 128 6CWJ 166,633 128 600 LESS CURRENT LIABILITIES Falling d£,'e wifhin one year Creditors and accruals Deferred income 17 18 3,657 10.327 3,657 10,327 NET CURRENT ASSETS 621774 329.611 622,653 329.489 NET ASSETS 632 223 341 Ce6 632 202 REPRESENTED 8Y.' Unrestricled funds Restricted funds 19 19 405,711 226,512 323,971 17.Ci35 405,691 226,612 323,951 17,094 ACCUMULATED FUNDS 632 223 632 203 341 ¢M5 The notes at pages 15 to 22 form part of these accounts These financial statements have been prepared in accordance with ihe provisions applicable lo companies subject to the small companies. regime, For the year ending 31 December 2024, the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to sff all companie& Directors. responsibilities: The members have not required the company to obtain an audit of its accounts for the year in question in accordance with Section 476. The directors acknowledge their responsibilities tor comptw'ng with the requirements of the Act with respect to accounting records and the preparation of account The financial statements were approved and autTrK)rised for issue by the Board on 27 March 2025 Signed on behalf of the board of directors R Hardingham, Chairman 27 March 2025 14

THE SOMERSET & DORSET RAILWAY TRUST LTD

NOTES ON THE ACCOUNTS

1. Accounting Policies

15

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

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
19
Grants and specific donations
Gift Aid
19
Legacies
19		 2024
2024
2024
2023
Unrestricted
Funds
Restricted
Funds
Total Funds
Total
Funds
£
£
£
£
4,690
-
4,690
3,474
-
-
-
40
6,312
1,013
7,325
5,148
1,700
-
1,700
5,941
12,702
1,013
13,715
14,603

Details of the income into specific restricted funds can be found in Note 19.

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

Notes
Raffle
19
Model railway display
Special train
Other events
S&D 200 Club		 2024
2024
2024
2023
Unrestricted
Funds
Restricted
Funds
Total Funds
Total
Funds
£
£
£
£
-
6,704
6,704
5,292
2,275
-
2,275
3,093
-
-
-
1,110
25
-
25
54
1,400
-
1,400
1,378
3,700
6,704
10,404
10,927

16

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, 19		 2024
2024
2024
2023
Unrestricted
Funds
Restricted
Funds
Total Funds
Total
Funds
£
£
£
£
29,425 -
29,425
17,700
13,141 -
13,141
4,844
13,875 -
13,875
16,905
(12,685) -
(12,685)
(13,141)
14,331 -
14,331
8,608
15,094 -
15,094
9,092
4,531 -
4,531
2,440
10,563 -
10,563
6,652
560 -
560
1,373
64,121
210,000
274,121
35,672
75,244
210,000
285,244
43,697

6. Investment income

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

7. Expenditure on charitable activities

generating funds
Notes
Magazines
Insurance
Washford electricity
Washford rent, water, phone etc.
Washford exit and relocation costs
19
Locomotive overhaul
19
Carriage maintenance
Wagons maintenance
Website, publicity, other events
16
Museum displays and administration
Depreciation
11
Cost of generating funds -
- Raffle
19
- Model Railway Display		 2024
2024
2024
Unrestricted
Funds
Restricted
Funds
Total Funds
£
£
£
10,718 -
10,718
6,114 -
6,114
(709) -
(709)
125 -
125
6,448
1,471
7,919
-
3,290
3,290
-
-
-
303 -
303
923 -
923
2,119 -
2,119
2,006 -
2,006
28,047
4,761
32,808
2024
2024
2024
Unrestricted
Funds
Restricted
Funds
Total Funds
£
£
£
-
1,040
1,040
1,384 -
1,384
1,384
1,040
2,424		 2023
Total Funds
£
9,742
6,078
2,681
1,314
17,311
-
275
-
1,284
854
2,040
41,613
2023
Total Funds
£
1,291
2,585
3,876

8. Cost of generating funds

17

9. Governance and support costs

AGM and board meetings
HRA subs, travel, stationery, postage
Trustees' travel expenses
Legal and Professional fees
19
Volunteer Management expenses
Membership administration
Examiner's fee and expenses		 2024
2024
2024
Unrestricted
Funds
Restricted
Funds
Total Funds
£
£
£
795 -
795
640 -
640
-
-
-
-
2,498
2,498
-
-
-
990 -
990
495 -
495
2,920
2,498
5,418		 2023
Total Funds
£
1,100
1,147
125
3,120
140
667
395
6,694

The charity has no paid employees (2023: None).

The charity Trustees were not paid nor received any other benefits from the charity (2023: None). No Trustees were reimbursed expenses in attending Trustees’ meetings (2023: None) in accordance with procedures laid down by the Trustees. No charity Trustee received payment for professional or other services supplied to the charity (2023: 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 2024. 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
Carried forward
Depreciation
Brought forward
Charge for the year
Carried forward
Net Book Value
31st December 2023
31st December 2024		 Buildings
Rolling
Office
Totals
stock
& other
equipment
£
£
£
£
36,216
9,435
11,285
15,496
36,216
9,435
11,285
15,496
24,760
1,662
9,885
13,213
2,006
944
100
962
26,766
2,606
9,985
14,175
11,455
7,773
1,400
2,282
9,450
6,830
1,300
1,320

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 was subject to a long-term hire agreement with West Somerset Railway plc whereby the hirer was responsible

18

for all maintenance and overhaul costs. In December 2024, the Trust signed an agreement with the West Somerset Railway releasing them from all obligations under these operating and maintenance agreements in exchange for a payment of £210,000 to be paid in 60 monthly instalments. In 2024 income includes £14,000 in respect of contributions received and £196,000 accrued income (see note 5).

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 2024 income includes £8,996 in respect of hiring fees for Kilmersdon (see note 5) (2023: £9,379).

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. of The Somerset & Dorset Railway Trading Company Ltd, a company which commenced activities in July 2022 (see Note 13).

The charity owns 100% of the issued share capital for further details. -

External Investment
Investment in group undertaking		 2024
2023
2024
2023
£
£
£
£
1
1
1
1
-
-
100
100
1
1
101
101
Group
Parent Charity

13. Subsidiary undertakings

The Somerset & Dorset Railway Trading Co Ltd is the wholly owned trading subsidiary of the charity. The trading subsidiary was incorporated and commenced trading in 2022. The subsidiary operates the sales activities of the charity. A summary of the subsidiary’s financial statements from inception is set out below:

2024 2023
£ £
Retail Sales 29,985 19,073
Cost of sales (14,331) (8,608)
Gross profit 15,654 10,465
Administrative expenses (3,704) (1,850)
Profit for the financial year 11,950 8,615
Changes in equity:
Total comprehensive income for the year 11,950 8,615
Gift aided donation to parent charity (11,950) (13,350)
Retained profit carried forward 0 (4,735)

14. Parent charity

The parent charity’s results are:

2024 2023
£ £
Gross income 331,809 99,571
Net incoming resources for the year 291,159 52,185

19

15. Stock

Retail Stock
Locomotive consumables stock		 2024
2023
2024
2023
£
£
£
£
12,685
13,141
-
-
5,607
5,607
5,607
5,607
18,292
18,748
5,607
5,607
Group
Parent Charity

16. Debtors

Prepaid website costs
Prepaid insurance
Other prepaid expenses
Group balances
Other taxes recoverable
Accrued income
Debtors and prepayments due within 1 year
Accrued income due after 1 year		 2024
2023
2024
2023
£
£
£
£
182
154
182
154
5,476
7,299
5,476
7,299
1,794
1,356
1,794
1,356
-
-
12,564
13,019
-
9,582
-
9,582
47,271
12,651
47,271
12,651
54,723
31,042
67,287
44,061
154,000 -
154,000 -
208,723
31,042
221,287
44,061
Group
Parent Charity

Accrued income includes £196,000 in respect of West Somerset Railway locomotive contributions (see page 4), of which £42,000 in receivable within 12 months and £154,000 thereafter (2023: £Nil)

17. Creditors: amounts falling due within one year

Creditors
Other taxes payable
Accruals		 2024
2023
2024
2023
£
£
£
£
290
7,286
290
7,286
3,367 -
3,367 -
-
3,041
-
3,041
3,657
10,327
3,657
10,327
Group
Parent Charity

18. Deferred income – charity only

Deferred income comprises subscriptions received in advance for future years.

19. Analysis of group charitable funds

Movements in restricted funds

Restricted Funds
Coach Restoration
Progressing Our Future Appeal
53808 Tender Tank Appeal
53808 Overhaul
Total Restricted Funds		 Opening
Incoming
Resources
Transfers
Closing
Balance
Resources
Expended
in year
Balance
01/01/2024
31/12/2024
£
£
£
£
£
3,727 -
-
-
3,727
3,969 -
(3,969) -
-
9,398 -
-
-
9,398
-
217,717
(4,330) -
213,387
17,095
217,717
(8,299) -
226,512

20

Movements in unrestricted funds

Unrestricted Funds
General Fund
Designated Funds:
Coach Restoration (including coaches 98/114)
Legacies
Baker Memorial
53808 Overhaul
53808 Tender Tank
Kilmersdon Overhaul
Exit from Washford
Future Development
Total Unrestricted Funds		 Opening
Incoming
Resources
Transfers
Closing
Balance
Resources
Expended
in year
Balance
01/01/2024
31/12/2024
£
£
£
£
£
68,798
48,270
(25,903)
(16,521)
74,644
12,628 -
-
-
12,628
146,990
1,700 -
-
148,690
404 -
-
-
404
75,088 -
-
-
75,088
2,941 -
-
-
2,941
8,978
8,996 -
-
17,974
8,143 -
(6,448)
(1,695) -
-
55,125 -
18,217
73,342
323,971
114,091
(32,351) -
405,711

21

20. Related party transaction

Mr Roger Hardingham is the owner of South West Publications Ltd, a supplier of Kingfisher railway books and DVDs. During 2024 the Trust and its subsidiary purchased goods to the value of £35 from and sold goods to the value of £Nil to South West Publications Ltd (2023: £194 and £229 respectively). At 31 December 2024 £35 was owing to South West Publications Ltd (2023: £143), and £ Nil was owing to the Trust (2023: £Nil)

Cover picture:

Restored S&DRT Coach No. 4 in its new position on the upper mezzanine floor at the One:One Collection museum being developed at the historic Hornby site in Margate in Kent.

Photo courtesy of Hornby One:One Collection

22