## **Trustees’ Annual Report for the period** **From 1[st] January 2020 To 31[st] December 2020 Charity name: Dean Forest Railway Society Charity registration number: 1183538** ## **Objectives and Activities** |Summary of the purposes of
the charity as set out in its
governing document|The objects of the charity are:
(1) To preserve, restore, develop and operate the Dean
Forest Railway;
(2) To advance the education of the public in railway history
and in particular the preservation and development of
the Dean Forest Railway, the former Severn and Wye
Joint Railway and other railways in or around the Forest
of Dean, including the history of associated canals,
plateways and tramways and connected industries;
(3) To advance education by training in craft, engineering,
business and all other skills pertinent to the maintenance
and operation of a heritage railway as the trustees
consider appropriate.| |---|---| |Summary of the main
activities in relation to those
purposes for the public
benefit, in particular, the
activities, projects or
services identified in the
accounts.|The charity’s members undertake voluntary work to
operate, restore and develop the Dean Forest Railway.
Throughout the period under review, our ‘working’
volunteers have operated the railway, and training has been
provided by our members to newly recruited volunteers, in
the necessary skills for operation of the heritage railway.
We provide funds for enhancement projects at the railway,
where they are in accordance with our charitable purposes.
During 2020, our main focus was working to ensure the
survival of the Dean Forest Railway as a whole, given the
substantial threat posed to the railway’s very existence by
the global pandemic. We assisted the wider Dean Forest
Railway in a number of ways, including a substantial
Emergency Appeal and much needed volunteer-efforts to
re-establish train services in a COVID-safe way once
restrictions allowed.
Other major activities included the purchase of the fleet of
Mark 1 coaches used at the Dean Forest Railway and the
recovery of a substantial amount of trackwork from the Wye
Valley line which was donated to the Society by Network
Rail.| ||Other projects which we funded were concluded during the
year, such as the Parkend Waiting Shelter reconstruction,
whilst progress was made on development of the new
accommodation coach siding area.
We continue to publish the quarterly Dean Forest Railway
magazine, which includes a mixture of articles educating
the readership about current activities at the heritage
railway, and on the history of railways in the Forest of Dean.
We have raised funds through a number of sources during
the period in question, mainly membership subscriptions, a
raffle, and donations.| |---|---| |Statement confirming
whether the trustees have
had regard to the guidance
issued by the Charity
Commission on public
benefit|The Trustees have complied with their duty to have due
regard to the commission’s public benefit guidance when
exercising any powers or duties to which the guidance is
relevant.| ## **Additional information** |Policy on grant making|The charity has a specific grant-making policy, which is
available to applicants. In summary, the Trustees require
projects to be fully costed before we will consider funding
them, and require a written explanation of how the project
meets with our charitable purposes before it will be
considered for funding. Most projects are managed from
within the Trustees, but if not procedures are in place for
financial management and reporting of each funded project.| |---|---| |Policy on social investment
including program related
investment|N/A| |Contribution made by
volunteers|The charity has no paid employees – all of its work and
organisation is done by volunteers.
The contribution made by volunteers to the charity’s work is
significant – we estimate over 15,000 hours of voluntary
work was provided during the period covered by this report
to operate, develop and restore the railway by our
volunteers. Their work ranges from that of the Trustees,
through fundraising and membership administration, to
railway operation, engineering and restoration activities.| ## **Achievements and Performance** |Summary of the main
achievements of the charity,
identifying the difference the
charity’s work has made to
the circumstances of its
beneficiaries and any wider
benefits to society as a
whole.|In addition to the wider work of our members in operating,
developing and restoring the Dean Forest Railway during
this reporting period, the charity has made some specific
achievements which are outlined below:
**COVID-19 Response**
In March 2020, the country was placed into a nationwide
lockdown in response to the spread of COVID-19, and the
Dean Forest Railway was forced to close to visitors and,
initially, to all volunteers. To this end, some of the Trustees
joined the railway’s Emergency Team, which was quickly
set up to manage the day to day response to the pandemic
alongside Directors of the Dean Forest Railway Company
Limited, and Forest of Dean Railway Limited.
We launched a highly successful “Emergency Fund”
appeal, which raised £69,263 during 2020. This enabled us
to invest £50,000 in the Forest of Dean Railway Limited, via
share purchase, which provided much needed capital to
help ensure that the basic fixed costs of the railway were
met and that it remained secure and did not run out of funds
prior to reopening. Our usual fundraising raffle also formed
part of the Emergency Fund appeal during 2020. The
remainder of the funds raised were spent directly on
essential maintenance and development activities. The
Trustees undertook much publicity work around the appeal,
including appearances on local radio, to boost the profile of
the DFR during the lockdown period.
In addition to financial support, many of our members
provided many hours of voluntary work to operate, maintain
and develop the railway once COVID-restrictions allowed.
**Coaching Stock**
In early 2020, the Trustees concluded the purchase of the
eight Mark 1 coaches and the XP64 coach, formerly owned
by the Forest of Dean Railway Limited. This transfer has a
number of benefits, including the coaching stock being
eligible for various grants and other sources of funding not
open to a limited company, plus it ensures that the coaches
are secure in the ownership of a registered charity. The
Society now has an operating agreement in place with the
Operating Company, to hire the coaches to the company for
a fixed monthly sum. This provides an income which is
ring-fenced within the Society accounts for coach
restoration and maintenance. During 2020, two coaches
were repainted, and the restoration of a third coach was
progressed substantially. Should the Society ever decide to
sell the coaches, the agreement with the Company gives it
first refusal to repurchase the coaches at their original sale
price. As such, the coaches are collectively valued at this
fee.
**Fiftieth Anniversary Activities**
In early 2020, much effort was put into organising
Anniversary activities to celebrate the 50thanniversary of
the original formation of the Dean Forest Railway| |---|---| Preservation Society, in 1970. These activities were postponed to 2021 due to the pandemic. **Wye Valley Track Recovery Project** Phase 2 of this ongoing project took place during mid to late 2020, as COVID-19 restrictions were eased making it possible for volunteers to undertake work recovering redundant track which had been donated by Network Rail. Some 500 concrete sleepers and 700 yards of flat-bottom rail were lifted from the Wye Valley line by our volunteers, and transported back to Lydney Junction for storage. These materials are available for use in renewals and extensions. The costs associated with recovering the track materials are approximately 20% of the cost of purchasing equivalent materials on the open market. **Extension and Development Activities** During 2020, much effort was put in to planning developments at the Dean Forest Railway by our members, in collaboration with the Forest of Dean Railway Limited Development Director, including redevelopments at Lydney Junction to provide new engineering and undercover storage facilities, together with much work on the safety case for Travellers’ Rest Level Crossing, which is key to a northern extension. **Hunslet No. 3806** _**Wilbert**_ During late 2020, the Trustees purchased a 50% share in this locomotive, which enabled it to be returned to the railway from the premises of a contractor where it was incurring substantial storage fees. The Trustees have agreed to work with the Company to evaluate the locomotive, and formulate a restoration and fundraising plan in due course. **Parkend Waiting Shelter** This project was completed in early 2020. It received a “Highly Commended” award at the National Railway Heritage Awards, and is a credit to our members who constructed it. **Volunteer Accommodation Coach** Some progress was made during 2020 on redeveloping the siding where the Volunteer Accommodation Coach will be installed, however the COVID-19 situation hampered progress significantly. **Uskmouth No. 1 Restoration** Again, plans to restore this locomotive in time for the 50[th] anniversary of the Society’s original formation were massively impacted by the COVID-19 lockdowns which occurred during 2020. However, a full inspection and repair plan for the locomotive and its boiler was undertaken, and work has progressed steadily during 2020 where the pandemic permitted. We hope to see Uskmouth back in service in 2022. **Young Volunteers Group** This group was re-started after a long period of inactivity during 2020, and has developed into regular monthly working sessions for young members aged below 16, undertaking a range of light maintenance and improvement projects. **Other Achievements** During 2020, we have also continued to produce the Dean Forest Railway Magazine, and maintained its new 48 page, all colour format. We also obtained grant funding in support of the Emergency Fund, and restoration started on our Conflat wagon. ## **Financial Review** |Review of the charity’s
financial position at the end
of the period|Please note: any comparisons given are against the
previous 8 month reporting period running from May 2019
to December 2019.
Significant work has been completed as part of approving
the Society Accounts for 2020. This year we are including
the Receipts and Payments Account as per 2019, but we
have also produced a P&L and Balance Sheet for 2020.
The former is calculated on a cash basis, while the new
additions are produced on basis of accruals. We believe
this now gives a clear view of the financial state of the
Society, which continues to move from strength to strength
allowing us to effectively support the Dean Forest Railway.
2020 proved to be an extraordinary year in many ways, and
this was demonstrated through the financial performance of
the Society which, through the opening of the Emergency
Fund and the incredible generosity of our supporters, saw
record totals of donations in order to support the DFR and
ensure its continued existence. Having received £75,476 of
donations and grants throughout the year, this figure beats
2019 on a monthly average basis even though raffle income
was included in the latter. In 2020, the raffle income was
significantly impacted as raffle ticket sellers were unable to
pass through the train. Despite this, £6,640 was raised
towards the Emergency Fund appeal.
Membership Subscriptions were largely stable, with an
average of £1,729 compared to £1,542 in 2019.
Control continued to be tight over expenditure with all of our
activities reporting a surplus of £89,990 (compared to
£29,482 in 2019). The significant surplus was largely re-
invested in shares in the Forest of Dean Railway Limited, in
order to inject capital into the company at a time of crisis.
The DFRS shareholding stood at 224,588 shares at the end
of 2020, compared to 168,153 at the end of 2019.
The charity’s railway vehicle assets held an overall value of
£113,225 as at the end of 2020. These included some 13
coaches, a number of wagons, and a 50% share in
Austerity locomotive ‘Wilbert’.| |---|---| ||The DFRS was unable to attend any exhibitions or public
events during 2020 to promote the railway, due to COVID.
The DFRS continues to outperform against its budgets. The
cash position at the end of 2020 showed £131,635 in the
bank compared to £120,170 in 2019. Included in this value
at the end of 2020 was £20,000 held as a General Reserve,
building the resilience of the Society to unexpected shocks;
though hopefully none as serious as the 2020 pandemic!| |---|---| |Statement explaining the
policy for holding reserves
stating why they are held|A reserve policy was introduced in 2019 following the
incorporation of the DFRS as a CIO; £10,000 of
unrestricted income per annum is set aside into a General
Reserve fund, which will be invested when appropriate to
provide a long-term source of income through interest.| |Amount of reserves held|£20,000 as at 31st December 2020| |Reasons for holding zero
reserves|N/A| |Details of fund materially in
deficit|No funds were materially in deficit| |Explanation of any
uncertainties about the
charity continuing as a going
concern|The trustees have no concerns about the charity continuing
as a going concern.| ## **Structure, Governance and Management** |Description of charity’s
trusts:|N/A| |---|---| |Type of governing document|
The governing document is a CIO Association Constitution
based on the Charity Commission’s model.| |How is the charity
constituted?|Charitable Incorporated Organisation (CIO)| |Trustee selection methods
including details of any
constitutional provisions e.g.
election to post or name of
any person or body entitled
to appoint one or more
trustees|Up to 12 Trustees are elected by the membership as
outlined in the Constitution. The Trustees also have the
ability to appoint (co-opt) a further four Trustees in order to
fill any identified skills gaps.| |**Additional information (optional)**
You may choose to include further statements where relevant about:|| |Policies and procedures
adopted for the induction
and training of trustees|The charity has no formal policy for the induction and
training of trustees, but requirements are met by ad-hoc
training arranged as required by the Chair and other
trustees.| |The charity’s organisational
structure and any wider
network with which the
charity works|The charity is administered by the Trustees, who meet on
an approximately monthly basis. Within the Trustees, sub-
committees cover subjects such as Fundraising,
Volunteering & Publicity, Education etc.| |Relationship with any related|The charity works closely with Forest of Dean Railway| |---|---| |parties|Limited, a not-for-profit company which owns the Dean| ||Forest Railway. The charity is a ‘Person with significant| ||control’ within the company, as it owns over 25% of the| ||issued shares. We have a Memorandum of Understanding| ||with the company which covers how we work together on| ||delivering the Charity’s aims.| ## **Reference and Administrative details** |Charity name|Dean Forest Railway Society| |---|---| |Other name the charity uses|DFRS, DFR Society.| |Registered charity number|1183538| |Charity’s principal address|Norchard Station
New Mills
Forest Road
Lydney
GL15 4ET| ||| **Names of the charity trustees who manage the charity** |1
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13|**Trustee name**|**Office (if any)**|**Dates acted if not for whole**
**year**|**Name of person (or**
**body) entitled to**
**appoint trustee (if**
**any)**| |---|---|---|---|---| ||Alastair Clarke|Chair of Trustees||-| ||James Graham|Vice-Chair of
Trustees||-| ||TimothyMcLennan|Treasurer||-| ||Susan Williams|HonorarySecretary||-| ||Roger Phelps||Resigned 13thFeb 2020|-| ||Ian Pope|||-| ||Adam Williams|Membership
Secretary||-| ||Adrian Copley|||-| ||Daniel Winter|||-| ||David Churton|||-| ||Robert Alpin|||-| ||Robert Harris|Press Officer||-| ||Jan van der Elsen||Appointed 24thOctober
2020|-| ## **Declarations** **The trustees declare that they have approved the trustees’ report above.** **Signed on behalf of the charity’s trustees** |**Signature(s)**
**Full name(s)**
**Position (e.g. Secretary,**
**Chair, etc)**
**Date**|
Alastair Clarke
Timothy McLennan

Chair of Trustees
Treasurer
26thOctober 2021| |---|---| ||26thOctober 2021| ## **Dean Forest Railway Society (CIO) Profit and Loss** For the year ended 31 December 2020 |**Account**|**2020**|**2019**| |---|---|---| |**Turnover**||| |Memberships|20,742|12,339| |Other Revenue|0|607| |Donations|70,476|43,006| |Donation of RailwayVehicle|0|4,500| |Donation of Shares|2,429|2,590| |Interest Income|42|34| |Vehicle Hire|15,200|13,600| |2020 Xmas Raffle|1,194|0| |Event Tickets|192|0| |Gift Aid|15,453|0| |Grants|5,000|0| |2020 Main Raffle|5,446|0| |**Total Turnover**|**136,173**|**76,675**| |**Cost of Sales**||| |ProcessingFees|408|113| |**Total Cost of Sales**|**408**|**113**| |**Gross Profit**|**135 765**
**,**|**76 563**
**,**| |**Administrative Costs**||| |Advertising& Marketing|310|1,105| |General Expenses|974|937| |Postage,Freight & Courier|1,851|2,388| |Printing& Stationery|6,270|4,592| |Subscriptions|435|182| |Exhibition Stand|0|68| |Equipment|563|0| |Locomotive Hire|0|525| |Raffle Prize Money|350|0| |Museum Contribution|0|471| |Volunteer Training|257|0| |Repairs & Maintenance|4,296|27,452| |Carriage Maintenance|5,621|695| |Carriage Repair|1,930|0| |Carriage Restoration|1,260|165| |Uskmouth Restoration|2,159|0| |Extension Work|2,160|0| |**Long Siding Work**|**609**|**0**| |LydneyJunction Improvement Works|622|0| |Parkend Works|391|0| |Wye ValleyProject Costs(2020)|7,638|0| |Depreciation|8,080|8,500| |**Total Administrative Costs**|**45,775**|**47,080**| |||| |**Operating Profit**|**89,990**|**29,482**| |||| |**Profit on Ordinary Activities Before Taxation**|**89,990**|**29,482**| |||| |**Profit after Taxation**|**89,990**|**29,482**| |||| |**Statement of other comprehensive income**||| |Revaluation of fixed assets|0|(3,300)| ||**0**|**(3,300)**| |**Retained Earnings **|**89,990**|**26,182**| ## **Notes** - 2019 comprised of 8 months (May - Dec) - In 2019, 'Donations' included Donations, Grants and Raffle Proceeds. In 2020 these are split out separately - Project work has been split out in 2020, compared to the previous year when this was combined under Repairs and Maintenance ## **Dean Forest Railway Society (CIO) Balance Sheet** For the year ended 31 December 2020 |**Account**
**2020**
**2019**|**Account**
**2020**
**2019**| |---|---| |**Fixed Assets**|| ||**Tangible Assets**| ||RailwayVehicle
113,225
97,300| ||Shareholdingin FoDRL
224,588
168,153| ||Shareholdingin DFR DMU Group
500
500| ||Shareholdingin DFR Heritage Wagon Group
295
295| ||**Total Tangible Assets**
**338,608**
**266,248**| |**Total Fixed Assets**
**338,608**
**266,248**
**Current Assets**|| ||**Cash at bankand in hand**| ||Accommodation Acc
12,342
12,947| ||C&W Acc
22,260
22,252| ||Carriage Account
11,630
0| ||Draw Account
75
11,726| ||Locomotive Account
18,088
20,296| ||MembershipAcc
1,080
45| ||Reserve Acc
66,160
52,904| ||**Total Cash at bank and in hand**
**131,635**
**120,170**| ||A**ccou**n**ts**R**ece**iv**ab**l**e**
**3,**24**0**
12**6**| ||VAT receivable
2,478
0| |**Total Current Assets**
**137,353**
**120,296**
**Creditors: amounts falling due within one year**|| ||Accounts Payable
1,243
893| ||VATpayable
0
922| |**Total Creditors: amounts falling due within one year**
**1,243**
**1,816**
**Net Current Assets(Liabilities)**
**136,110**
**118,480**
**Total Assets less Current Liabilities**
**474,718**
**384,728**
**Net Assets**
**474,718**
**384,728**
**Capital and Reserves**|| ||Retained Earnings brought forward
384,728
358,546| ||Current Year Profit
89,990
26,182| |**Total Capital and Reserves**
**474,718**
**384,728**
**Asset Register**
**Vehicle**
**2020**
**2019**
GWR Collett Corridor coach no. 5863
4,500
4,500
BR Mark 2 TSO no. M5175
18,587
19,500
BR Mark 2a TSO no. W5341
30,818
23,500
BR Mark 1 BCK no. 21267
34,020
37,800
BR ‘Shark’ van no. 993901
3,000
3,000
**Co**nfl**a**t w**ago**n n**o**.**50**4**8**17
1**,000**
1**,000**
Fuel tanker wagon no. 48525
1,500
1,500
BR 20T Brake van no. 955224
2,000
2,000
Fuel tanker wagon no. 749676
1,500
1,500
Dogfish no. 992873
1,500
1,500
Midland Brake no. 732268
1,500
1,500
50% ownershipof Austeritylocomotive 'Wilbert'
10,000
-
8 x Mk.1 coaches + XP64 coach
3,300
-
**TOTAL**
**113,225**
**97,300**|| ||GWR Collett Corridor coach no. 5863
4,500
4,500| ||BR Mark 2 TSO no. M5175
18,587
19,500| ||BR Mark 2a TSO no. W5341
30,818
23,500| ||BR Mark 1 BCK no. 21267
34,020
37,800| ||BR ‘Shark’ van no. 993901
3,000
3,000| ||**Co**nfl**a**t w**ago**n n**o**.**50**4**8**17
1**,000**
1**,000**| ||Fuel tanker wagon no. 48525
1,500
1,500| ||BR 20T Brake van no. 955224
2,000
2,000| ||Fuel tanker wagon no. 749676
1,500
1,500| ||Dogfish no. 992873
1,500
1,500| ||Midland Brake no. 732268
1,500
1,500| ||50% ownershipof Austeritylocomotive 'Wilbert'
10,000
-| ||8 x Mk.1 coaches + XP64 coach
3,300
-| ||**TOTAL**
**113,225**
**97,300**| ## **Notes** - Each vehicle is depreciated by 10% per annum, to a minimum of estimated scrap value, plus any value added through restoration spend during the year - The Mark 1 coaches and XP64 coach are valued at a collective £3,300 - the contractual resale option price to the FoDRL ## ## ## ## ##