## **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
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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