Trustees’ Annual Report for the period
From 1[st] January 2023 To 31[st] December 2023
Charity name: Dean Forest Railway Society Charity registration number: 1183538
Objectives and Activities
| SORP reference | ||
|---|---|---|
| Summary of the purposes of the charity as set out in its governing document |
Para 1.17 | 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. |
Para 1.17 and 1.19 |
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. The year has been focussed on the continuation of ongoing major projects, including improvements to our carriage fleet and the restoration of the peckett locomotive, Uskmouth I. We continue to publish the 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, raffles, grant funding, and donations. |
||
|---|---|---|
| Statement confirming whether the trustees have had regard to the guidance issued by the Charity Commission on public benefit |
Para 1.18 | 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 (optional) You may choose to include further statements where relevant about:
| SORP reference | ||
|---|---|---|
| Policy on grant making | Para 1.38 | 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 |
Para 1.38 | N/A |
| Contribution made by volunteers |
Para 1.38 | 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 20,000 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. |
| Other |
Achievements and Performance
| SORP reference | ||
|---|---|---|
| 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. |
Para 1.20 | 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: Restoration of Uskmouth I Work continued on the restoration of Uskmouth I, fully funded by the Dean Forest Railway Society, with the aim to have it operational by 2024. Acquirement of Andrew Barclay Locomotive During 2023, the Society worked with a group of private individuals to acquire by donation the locomotive Andrew Barclay 0- 4-0ST no. 2221. This will allow further locomotive works to be progressed after the completion of Uskmouth I, both preserving a historical locomotive and providing fulfilling work for our volunteers. Carriages Work has continued to increase our fleet through restoration of carriages, and maintain our current running carriages, including some major work to the steam heating and beginning the re-upholstering of many of the current running stock. This allows the railway to continue to allow visitors to experience the railway’s historical line in comfort. It also provides skilled work for our carriage and wagon volunteers, as they continued to work on TSO 4862. Work also continued on the Society’s accommodation coach, which, when ready, will allow overnight accommodation for volunteers on site. The accommodation coach is expected to be available for use in 2024. Raffles Our annual raffles (including our spring, autumn and Christmas raffles), raised £23,097 in total, allowing the society to keep funding volunteer-led projects. Young Volunteers Group The young volunteers group have continued to grow their ranks, continuing light maintenance jobs, as well as getting involved in multiple children’s events throughout the year to promote volunteering at the railway to more young people. |
Other Achievements The Society continued to produce the ‘Dean Forest Railway Magazine’, espousing the achievements of the railway and providing historical pieces about the railway. The Society Stand attended multiple events throughout the year, promoting both the railway and the Society specifically. A new volunteering group was also created to more quickly process new volunteers and get them into their desired departments, allowing for greater efficiency.
Additional information (optional) You may choose to include further statements where relevant about:
| Achievements against objectives set |
Para 1.41 | |
|---|---|---|
| Performance of fundraising activities against objectives set |
Para 1.41 | |
| Investment performance against objectives |
Para 1.41 | |
| Other |
Financial Review
| Financial Review | ||
|---|---|---|
| Review of the charity’s financial position at the end of the period |
Para 1.21 | 2023 saw an overall increase in assets of £19,752 compared to 2022. This was largely driven by the donation of Andrew Barclay 0-4-0ST no. 2221, which has been valued at £15,000 in unrestored condition. In late 2024, work on this locomotive has started as the restoration of Peckett locomotive ‘Uskmouth No. 1’ reaches its conclusion. The Society also purchased Wickham trolley no. 4254 in 2023 for the nominal sum of £1, on the basis that the DFRS would fund the remaining work required to bring it into serviceable condition. This is progressing well, and we thank Michael Keenoy for his work so far on this project. Turnover decreased from £164,386 in 2022 to £131,740 in 2023. The cause of this is a particular drop in donations, from £64,071 to £31,571. Membership fees and hire fees remained largely stable from 2022. The change in economic environment saw a large increase in interest income, in addition to a six-month fixed term investment made at during 2023. Raffle takings saw a drop from £24,711 to £20,608, which is in line with previous years. We continue to be grateful to our ticket sellers and those involved with organising the rosters, and of course all our supporters who enter our raffle each year. Expenditure for the year decreased from £95,890 to £62,684, meaning that the overall increase in earnings remained stable between 2022 and 2023. Restoration work again comprised 50% of the expenditure, with a roughly equal split between carriage restoration work on TSO 4862 and Peckett 0-4-0ST ‘Uskmouth No. 1’. Importantly, the Society continues to make provisions for the future by retaining £50,000 in a general reserve at the end of 2023. |
| Para 1.22 | 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 | Para 1.22 | £50,000 as at 31st December 2023. |
| Reasons for holding zero reserves |
Para 1.22 | N/A |
|---|---|---|
| Details of fund materially in deficit |
Para 1.24 | No funds were materially in deficit. |
| Explanation of any uncertainties about the charity continuing as a going concern |
Para 1.23 | 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 (trust deed, royal charter) |
Para 1.25 | The governing document is a CIO Association Constitution based on the Charity Commission’s model. |
| How is the charity constituted? (e.g unincorporated association, CIO) |
Para 1.25 | 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 |
Para 1.25 | 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 |
Para 1.51 | 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 |
Para 1.51 | The charity is administered by the Trustees, who meet on an approximately monthly basis. Within the Trustees, sub- groups cover subjects such as Fundraising, Volunteering & Publicity, Education etc. |
| Relationship with any related parties |
Para 1.51 | The charity works closely with Forest of Dean Railway 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. |
| Other |
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 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 |
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 | |||
| Adam Williams | Membership Secretary |
|||
| Adrian Copley | ||||
| Daniel Winter | ||||
| David Churton | ||||
| Robert Harris | ||||
| Ian Pope | ||||
| Stan Rudge | Appointed February 2023 |
|||
– Corporate trustees names of the directors at the date the report was approved
Director name N/A
Name of trustees holding title to property belonging to the charity
| Trustee name | **Dates acted if not for whole year ** | |
|---|---|---|
| N/A | ||
Funds held as custodian trustees on behalf of others
Description of the assets N/A held in this capacity Name and objects of the N/A charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for N/A safe custody and segregation of such assets from the charity’s own assets
Additional information (optional)
Names and addresses of advisers (Optional information)
| Type of adviser Name Address |
Type of adviser Name Address |
Type of adviser Name Address |
|---|---|---|
| Name of chief executive or names of senior staff members (Optional information) | ||
Exemptions from disclosure
Reason for non-disclosure of key personnel details
N/A
Other optional information
Declarations The trustees doclare that they have approved the truste•s' report abov•. Signed on behalf of th• charlty'8 trustees Signatu Full name(s) Posltlon leg Secretary, Chalr, elc} James ArKlrew Graham Susan Williams Chair (at time of signing> Honorary SeGretary Oate 3011012024
Dean Forest Railway Society (CIO) Balance Sheet
For the year ended 31 December 2023
| Account | 2023 | 2022 | 2021 |
|---|---|---|---|
| Fixed Assets | |||
| Tangible Assets | |||
| Railway Vehicle | 145,363 | 128,089 | 104,883 |
| Machinery | 46,617 | 44,124 | 5,350 |
| Office Equipment | 127 | 142 | - |
| Shareholding in FoDRL | 240,311 | 228,111 | 226,821 |
| Shareholding in DFR DMU Group | 500 | 500 | 500 |
| Shareholding in DFR Heritage Wagon Group | 295 | 295 | 295 |
| Total Tangible Assets | 433,213 | 401,261 | 337,849 |
| Total Fixed Assets | 433,213 | 401,261 | 337,849 |
| Current Assets | |||
| Cash at bank and in hand | |||
| Accommodation Acc | 11,557 | 11,691 | 11,705 |
| C&W Acc | 22,470 | 22,274 | 22,263 |
| Carriage Account | 54,061 | 29,113 | 27,459 |
| Draw Account | 0 | 0 | 0 |
| Locomotive Account | 0 | 6,904 | 17,531 |
| Membership Acc | 1,441 | 1,033 | 1,000 |
| Reserve Acc | 138,965 | 124,679 | 104,605 |
| Total Cash at bank and in hand | 228,494 | 195,695 | 184,562 |
| Accounts Receivable | 5,080 | 4,800 | 4,817 |
| Total Current Assets | 233,574 | 200,495 | 189,379 |
| Creditors: amounts falling due within one year | |||
| Accounts Payable | 1,097 | 6,268 | 204 |
| VAT payable | 1,433 | 1,085 | 918 |
| Total Creditors: amounts falling due within one year | 2,530 | 7,352 | 1,123 |
| Net Current Assets(Liabilities) | 231,045 | 193,143 | 188,256 |
| Total Assets less Current Liabilities | 664,258 | 594,404 | 526,105 |
| Net Assets | 664,258 | 594,404 | 526,105 |
| Capital and Reserves | |||
| Retained Earnings brought forward | 594,404 | 526,105 | 474,718 |
| Current Year Income (Expenditure) | 68,855 | 68,299 | 51,387 |
| Total Retained Earnings | 663,259 | 594,404 | 526,105 |
| Revaluation Reserves | 999 | - | - |
| Total Capital and Reserves | 664,258 | 594,404 | 526,105 |
Asset Register
| Description | 2023 | 2022 | 2021 |
|---|---|---|---|
| GWR Collett Corridor coach no. 5863 | 4,500 | 4,500 | 4,500 |
| BR Mark 2 TSO no. M5175 | 17,410 | 15,855 | 16,728 |
| BR Mark 2a TSO no. W5341 | 22,716 | 24,963 | 27,736 |
| BR Mark 1 BCK no. 21267 | 24,863 | 27,556 | 30,618 |
| BR ‘Shark’ van no. 993901 | 3,000 | 3,000 | 3,000 |
| Conflat wagon no. 504817 | 1,000 | 1,000 | 1,000 |
| Fuel tanker wagon no. 48525 | 1,500 | 1,500 | 1,500 |
| BR 20T Brake van no. 955224 | 2,000 | 2,000 | 2,000 |
| Fuel tanker wagon no. 749676 | 1,500 | 1,500 | 1,500 |
| Dogfish no. 992873 | 1,500 | 1,500 | 1,500 |
| Midland Brake no. 732268 | 27,974 | 22,415 | 1,500 |
| 50% ownership of Austerity locomotive 'Wilbert' | 10,000 | 10,000 | 10,000 |
| 8 x Mk.1 coaches + XP64 coach | 3,300 | 3,300 | 3,300 |
| BR Mark 1 CK no. 15984 | 8,100 | 9,000 | - |
| Wickham Trolley Works No. 4254 | 1,000 | - | - |
| Andrew Barclay 0-4-0ST no. 2221 | 15,000 | - | - |
| Thompson Hydraulic Fast Clipper, serial no. FC20311027 | 200 | 200 | 200 |
| Thompson Hydraulic Fast Clipper, serial no. FC20110004 | 150 | 150 | 150 |
| Rexquote T4 20T TWIN AXLE RAIL TRAILER, serial no. 101199-6, plant no. RT193 | 4,050 | 4,500 | 5,000 |
| RRV Flail Mower | |||
| Robustrack Flail Mower LS5 1000 | 4,860 | 5,400 | - |
| Robustrack Quick hitch mounting bracket for Flail LS5 | 270 | 300 | - |
| RRV Log Grab | |||
| Robustrack KAR 02 for C110F - link adapter | 339 | 377 | - |
| Robustrack Log Grab RM2 1650 SP | 2,666 | 2,962 | - |
| Robustrack Log Grab Rotor C110 F (GR104DB) | 1,769 | 1,966 | - |
| Robustrack GMR rotator Mounting Bracket - Quick Hitch | 242 | 269 | - |
| Komatsu PW130ES-6K no.331 | 26,076 | 28,000 | - |
| 20ft Container | 5,995 | - | - |
| ZZapCS20+ Coin Counter & Sorter | 127 | 142 | - |
| 192,107 | 172,355 | 110,233 |
Dean Forest Railway Society (CIO) Income & Expenditure
For the year ended 31 December 2023
| Account | 2023 | 2022 | 2021 |
|---|---|---|---|
| Turnover | |||
| Memberships | 14,429 | 14,111 | 16,160 |
| Donations | 31,571 | 64,071 | 50,424 |
| Raffle | 20,608 | 24,711 | 19,202 |
| Hire and Sales | 51,156 | 52,565 | 47,378 |
| Gift Aid | 8,666 | 8,830 | 6,306 |
| Interest Income | 2,285 | 99 | 15 |
| Other Revenue | 3,024 | 0 | 0 |
| Total Turnover | 131,740 | 164,386 | 139,485 |
| Cost of Sales | |||
| Processing Fees | 200 | 198 | 255 |
| Total Cost of Sales | 200 | 198 | 255 |
| Gross Income (Expenditure) | 131,540 | 164,189 | 139,231 |
| Administrative Costs | |||
| Operating Costs | 10,278 | 19,419 | 17,242 |
| Project Funding | 7,043 | 6,494 | 12,208 |
| Maintenance | 1,668 | 6,501 | 7,696 |
| Restoration | 29,004 | 45,295 | 33,959 |
| Other DFR Funding | 115 | 8,144 | 8,062 |
| Equipment | 206 | 2,028 | 334 |
| Depreciation | 14,370 | 8,008 | 8,343 |
| Total Administrative Costs | 62,684 | 95,890 | 87,844 |
| Operating Income(Expenditure) | 68,855 | 68,299 | 51,387 |
| Retained Earnings | 68,855 | 68,299 | 51,387 |
Income
| Raffle | 2023 | 2022 | 2021 |
|---|---|---|---|
| 2020 Xmas Raffle | 0 | 0 | 656 |
| 2021 Main Raffle | 0 | 0 | 16,431 |
| 2021 Santa Raffle | 0 | 4,669 | 2,115 |
| 2022 Main Raffle H1 | 0 | 9,733 | 0 |
| 2022 Main Raffle H2 | 0 | 7,049 | 0 |
| 2022 Santa Raffle | 3,660 | 3,260 | 0 |
| 2023 Main Raffle H1 | 8,784 | 0 | 0 |
| 2023 Main Raffle H2 | 8,163 | 0 | 0 |
| Total | 20,608 | 24,711 | 19,202 |
| Donations | 2023 | 2022 | 2021 |
| Monetary Donations | 16,371 | 29,481 | 33,191 |
| Donation of shares | 200 | 1,290 | 2,233 |
| Donation of Railway Vehicle | 15,000 | 28,000 | 0 |
| Grants | 0 | 2,300 | 15,000 |
| Legacies | 0 | 3,000 | 0 |
| Total | 31,571 | 64,071 | 50,424 |
| Hire and Sales | 2023 | 2022 | 2021 |
| Vehicle Hire | 50,080 | 48,260 | 44,100 |
| Book Sales | 214 | 3,732 | 2,793 |
| Merchandising | 594 | 572 | 455 |
| Event Tickets | 269 | 0 | 0 |
| Magazine Sales | 0 | 0 | 30 |
| Total | 51,156 | 52,565 | 47,378 |
| Other Revenue | 2023 | 2022 | 2021 |
|---|---|---|---|
| Filming Income | 2,880 | 0 | 0 |
| Scrapped Material | 144 | 0 | 0 |
| Total | 3,024 | - | - |
| Expenditure | |||
| Operating Costs | 2023 | 2022 | 2021 |
| Advertising & Marketing | 456 | 607 | 0 |
| General Expenses | 639 | 191 | 2,390 |
| Postage, Freight & Courier | 779 | 5,641 | 4,381 |
| Printing & Stationery | 3,726 | 10,520 | 9,202 |
| Subscriptions | 533 | 582 | 794 |
| Raffle Prize Money | 800 | 850 | 475 |
| Exhibition Stand | 7 | 228 | 0 |
| Locomotive Hire | 0 | 800 | 0 |
| Filming Expenses | 1,650 | 0 | 0 |
| Stock for Refreshment Stand | 650 | 0 | 0 |
| Merchandising Recharge | 1,038 | 0 | 0 |
| Total | 10,278 | 19,419 | 17,242 |
| Project Funding | 2023 | 2022 | 2021 |
| Extension Work | 0 | 0 | 139 |
| Long Siding Work | 0 | 0 | 1,279 |
| Lydney Junction Improvement Works | 72 | 790 | 6,156 |
| Parkend Works | 6,694 | 5,704 | 4,498 |
| Wye Valley Project | 0 | 0 | 136 |
| Norchard Memorial Garden | 120 | 0 | 0 |
| Norchard Improvement Works | 156 | 0 | 0 |
| Total | 7,043 | 6,494 | 12,208 |
| Maintenance | 2023 | 2022 | 2021 |
| Repairs & Maintenance | 1,500 | 275 | 4,989 |
| Carriage Maintenance | 23 | 4,335 | 2,707 |
| Accommodation Coach Maintenance | 144 | 1,891 | 0 |
| Total | 1,668 | 6,501 | 7,696 |
| Restoration | 2023 | 2022 | 2021 |
| Wagon Restoration | 0 | 552 | 250 |
| Carriage Restoration | 14,387 | 33,660 | 18,150 |
| Uskmouth Restoration | 14,618 | 11,084 | 15,560 |
| Total | 29,004 | 45,295 | 33,959 |
| Other DFR Funding | 2023 | 2022 | 2021 |
| Volunteer Training | 0 | 1,750 | 750 |
| Whitecroft Cable Repair | 0 | 4,046 | 7,312 |
| Sundry Materials | 115 | 1,890 | 0 |
| Woodwork Shop Build | 0 | 458 | 0 |
| Total | 115 | 8,144 | 8,062 |
Dean Forest Railway Society
Independent Examiners Report for the year ended December 2023 (1183538)
Confirmation of continued appointment as Independent Examiner received via email.
I can confirm that I am a qualified accountant (FCCA) and do not have any related parties in connection with DFRS as described under Direction 2 of CC32 – Independent examination of charity accounts.
Independent Examiners Report for Dean Forest Railway Society.
I report to the trustees on my examination of the accounts of DFRS for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Additional note
In 2023, the Trustees and volunteers, in collaboration with other organisations within the DFR umbrella, continued to strengthen the organisation with a focus on enhancing its facilities. Their hard work and dedication in acquiring new assets, as well as maintaining, repairing, and restoring existing ones, are critical to the organisation’s future success. The management and funding of these efforts present no concerns regarding the organisation's status as a going concern.
Signed:
Name: Elaine Bailey
Relevant professional qualification or membership of professional bodies (if any): Association of Chartered Certified Accountants
Address: 92 Gilpin Avenue, Hucclecote, Gloucester. GL3 3DF
Date: 23/10/2024