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2021-12-31-accounts

WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED

REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Company Registration Number 1079916 Registered Charity Number 265564

WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Page No. Page No.
Report of the Trustees 1
Independent Examiner’s Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9

The following pages do not form part of the Statutory Accounts:

Analysis of Funds 19

WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

The Board of Trustees present their report together with the financial statements for the year ended 31st December 2021.

Charity Details

This is the first full year Report of the charity under its new name West Somerset Railway Heritage Trust Ltd.

The Trust was incorporated on 2 November 1972 as a company limited by guarantee and as a registered charity. It is governed by its Memorandum and Articles of Association. Proposals to amend and update the Articles were approved by Members at the Trust AGM on 14 November 2020. The revised Articles were put to Members at an EGM on Thursday, 22 July 2021 and were approved and can be found on the Trust website.

The registered office is The Railway Station, Bishops Lydeard, Taunton, Somerset TA4 3BX.

Directors and Trustees

The Trustees at the date of this report were as follows:

MH Thompson (Chairman) SV Williams (Vice-Chairman and Company Secretary) DH Fraser (Treasurer) HE Anson M Brown IK Coleby GW Evens M Jackson M Lee

There were two new Trustee appointments made in 2021. On 18th March 2021, Michael Lee was co-opted to the Board. On 20[th] May 2021, Martin Brown was Co-opted to the Board. Alan Smithers ceased to be a Trustee from 22[nd] July 2021. It is worth noting that on 17[th] March 2022, Ian Camp, the new Museums Curator was co-opted to the Trust Board.

The election of Trustees, who are Directors of the Charity, takes place at the Annual General Meeting of the Members held each year to consider the annual report and accounts. The Trustees have the ability to co-opt new Trustees between Annual General Meetings. At the AGM held on 18th September 2021, IK Coleby and HE Anson were reappointed, and M Brown and M Lee were formally elected as Trustees and Directors.

Objectives and Activities

At the Trust AGM on 14 November 2020, Members gave their approval to a revision of the Trust Objects which are now:

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WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

stock for use on the WSR or for display and interpretation of the rail travel experience over time.

In addition, Members voted to support further changes to the Articles of Association which were put forward at the 2020 AGM to enable the Trust to apply for formal accreditation of the Gauge Museum from the Arts Council. These changes were a condition of accreditation. All of these were approved at the EGM in July 2021.

The move from West Somerset Steam Railway Trust to West Somerset Railway Heritage Trust was enacted through the Charity Commission in January 2021. This final step in constitutional change thus enabled the Trust in 2021 to continue its focus on:

Trust Governance

Having completed the review of the Articles and the other associated constitutional changes summarised above, there has not been too much additional work around governance undertaken in 2021. However, the opportunity has been taken to ensure that all relevant General Meetings and Trust Board minutes are regularly published on the website and through Facebook thus ensuring continued transparency both for Members and those more widely across the WSR and elsewhere as to the activities of the Trust.

The Museums

Following a reappraisal of the management arrangements for the two museums at Bishops Lydeard and Blue Anchor, in September 2021 the Trust appointed Ian Camp as Curator for both sites. Ian, working with other Trustees and volunteers, has continued to build on the benefits of the Gauge Museum Project at Bishops Lydeard with further enhancements to the exhibits and artefacts on display, the benefits from which are being seen in 2022. Also completed were some much-needed small infrastructure enhancements including lighting and wiring as part of enhancing the internal fabric of the building.

The Trust also finalised its proposals for the development of Blue Anchor Museum. Unfortunately, due to issues around infrastructure repairs and the absence of sufficient volunteers to adequately steward the Museum, the Trust Board reluctantly concluded that it would not be possible to open Blue Anchor to the public during the 2022 season. The target is now to prepare the Museum in its revised and improved form in preparation for March 2023.

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WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

Behind-the-scenes, the Trust made significant progress in reviewing its policies and procedures such that we now have in place new/updated documents covering:

Considerable progress was also made in using the MODES museums software to review and update our artefacts asset registers and research materials. The Trust was also successful in passing the first stage of the Arts Council Museum Accreditation process such that we go into 2022 with an action plan and working with the local mentor to further develop standards and processes as we work toward full accreditation. This work is being led by Geoff Evens.

The Gauge Museum also now benefits from a new Visitor Guide coordinated and collated by Ian Coleby and Matt Sutton. This will be updated for Blue Anchor on completion of the outstanding infrastructure work and refurbishment programme including new artefacts and displays.

The need to find a storage and display solution for coach 6705, and requirement to develop expanded exhibition space for artefacts and materials, led the Trust Board to propose to the PLC in late 2021 that a business case for covered accommodation over the cattle dock, together with an expanded Gauge Museum, be developed. The PLC has supported the development of an option appraisal process and the Trust has commissioned a specialist conservation and heritage architect to work with it. The output from these proposals is now available and, subject to agreement with the PLC, they will be finalised and the business case with the funding requirement completed. The Trust will then go out to fundraise for this exciting new opportunity to encourage more visitors to Platform 1 at Bishops Lydeard with the attendant benefits to the Gauge Museum, Model Railway and the opportunity to view additional heritage rolling stock.

Developing the Model Railway Group

Despite the continued restrictions imposed by Covid 19 during the first part of 2021, the Model Railway Group has continued to build on its work in 2021 led by Matt Jackson. The Group has undertaken further improvement work to the track and layout structures and has taken the opportunity to acquire additional locomotives and rolling stock at very reasonable prices. The layout has been operated by MRG volunteers on most weekends when the Museum has been open, and also on special event days.

Learning and Education Programme

While the on-site delivery of the learning programme has continued to be affected by the uncertainty around Covid 19, the situation has nonetheless offered an opportunity to develop our outreach, loans and digital packages far sooner than we had originally anticipated. Our website has developed to the point now where we can offer the option of downloading digital resource packs directly, which we trialled in April and May when we launched two new packs to commemorate the end of broad gauge and the Queen’s Jubilee respectively.

Helen Anson was confirmed as the Learning and Education Officer for a further three years and has been working in collaboration with Chris Austin to enhance the visitor experience within the Sleeping Car, developing displays to support visitor understanding

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WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

of late 19[th] century travel. The goal of producing a more family friendly museum has been further enhanced by updates to the museum trail and the addition of a range of handson activities on the lower floor, including discovery boxes, child-sized period costumes and a model train set so that children can build their own layout. Visitor response to these developments so far, has been extremely positive.

The digital touchscreen ‘Learning Portal’ continues to be a popular attraction and Helen and Chris have continued to develop and update content for this, making more of our vast photo archive available to the public as well as adding quizzes and puzzles for children (and the young at heart). Recent work with the WSRTV team will hopefully yield a new video about the museum which will be accessible to visitors online as well as through the portal. The sheer scope of the project means that this very much continues to be a work in progress as we move towards an ever more comprehensive digital story of the history and heritage of the WSR and the socio-economic background against which it has operated in the last 150 years.

Despite the challenges presented by Covid, the onsite and outreach side of the learning programme is gradually coming back to life, with several school visits taking place in the Autumn term and this year looking even brighter, with schools visiting us from as far out as Barnstaple.

Heritage Carriages Restoration

Despite the restrictions and challenges of Covid 19, work continued in 2021 to progress the Heritage Carriages Project. The HCP volunteers (Tuesday, Wednesday and Thursday gangs) worked tirelessly toward the completion of coach 6705 and started work on coach 3639. Funding from the Heritage Lottery Fund Emergency Support Grant enabled the Trust to acquire tarpaulins for each of the vehicles stored at Williton and Dunster West and these were installed by the HCP volunteers coordinated by Chris Austin.

A significant development in November 2021 was the receipt of a report by Andrew Forster which was commissioned by the Trust Board on the future of the heritage carriages fleet. This report set out the current situation, priorities for restoration and funding and a suggested way forward. The report was accepted by the Trust and has formed the basis for current thinking and project planning for the next phase of carriage restoration as we move through 2022.

Part of that report also dealt with emerging ideas for storage and display of 6705 when complete. Unfortunately, it wasn’t possible to finalise the fitness to run examinations for the coach in 2021, but this is on schedule for 2022.

Unfortunately, due to the need to focus on preparations for reopening and running the WSR in 2021, it was not possible to finalise the proposals of the Covered Accommodation Working Group. This report, which will cover both operational and heritage rolling stock from the point of view of carriage sheds, restoration and repair and storage and display accommodation, will be finished in 2022. The Trust has made a significant contribution to this work and it is intended that agreed solutions will be taken forward as part of the Business Plan and funding secured over the next three or so years to meet the Trust needs.

Finance

The Trust continues to be in good financial health as the statutory accounts clearly illustrate. In 2021, despite the continued impact of the pandemic, the charity has managed to further consolidate its financial position through a combination of membership fees,

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WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

grants, donations and legacies. Receipts in the year were £259,507 (2020 - £112,003), the vast majority of which consisted of legacies, and included £17,790 (2020 - £37,200) in grants. The Trust has received additional legacy funding in the first part of 2022. This has enabled the Trust Board to allocate hypothecated funds to individual programmes as part of its updated Business Plan between 2022 and 2025. Details can be found in the Business Plan which has been published on the Trust website. Further information on the Trust financial position for 2021 can be found in the statutory accounts.

Membership

Following the large increase in membership in mid-2020 when a number of members submitted proposals prior to the AGM, numbers have dropped down dramatically as people did not renew their membership in 2021. At the end of 2021, active members totalled 128. Whilst this is disappointing, new members are joining.

How our activities deliver the public benefit

The Trustees confirm that they have referred to the Charity Commission general guidance on public benefit when reviewing the Trust’s objectives and activities, and will continue to do so in planning the Trust’s future activities.

Factors which will influence the Trustees' decisions on priority activities include the heritage value of the carriages under restoration and of artefacts acquired for display in the Museums, and the need to ensure that there are sufficient opportunities for the public to view both the Museums and carriages under restoration.

Statement of Trustees’ responsibilities

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

By Order of the Board

SV Williams Secretary

21[st] July 2022

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WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF WEST SOMERSET STEAM RAILWAY TRUST LIMITED

I report on the accounts of the company for the year ended 31 December 2021, which are set out on pages four to fifteen.

Respective responsibilities of Trustees and examiner

The Trustees (who are also the directors of the company for the purpose of company law) are responsible for the preparation of the accounts. The charity’s Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is required.

Having satisfied myself that the charity is not subject to audit under Part 16 of the Companies Act 2006 and is eligible for independent examination, it is my responsibility to:

Basis of independent examiner’s report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

Fiona Westwood FCA DChA Monahans Chartered Accountants Blackdown House Blackbrook Park Avenue Taunton, Somerset TA1 2PX 29[th] July 2022

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WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2021

Statement of Financial activities Statement of Financial activities
Note Unrestricted Restricted
Total Funds		 Total Funds
Funds Funds
2021		 2020
£ £
£		 £
Income from:
Donations and legacies 2 233,348 3,705
237,053		 62,696
Grants 17,790 -
17,790		 37,200
Income tax recoverable on 1,909 738
2,647		 10,655
donations
Investments 70 -
70		 190
Other trading activities 1,860 87
1,947		 1,262
Total income 254,977 4,530
259,507		 112,003
Expenditure on:
Raising funds - -
-		 -
Charitable activities 4
40,988		 11,068
52,056		 110,727
Total expenditure 40,988 11,068
52,056		 110,727
Net movement of funds 213,989 (6,538)
207,451		 1,276
Brought forward 255,249 142,866
398,115		 396,839
Transfers (1,996) 1,996
-		 -
Carried forward 467,242 138,324
605,566		 398,115

All income and expenditure derive from continuing activities.

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

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WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2021

Balance sheet
Note 2021 2020
£ £ £ £
Fixed assets
Tangible assets 6 293,865 293,231
Investments 7 5,500 5,500
Current assets
Stock 8
1,808		 1,413
Debtors 9
3,708		 157
Cash at bank 302,357 107,526
307,873 109,096
Creditors
Amount falling due within 10
1,672		 9,712
oneyear
Net current assets 306,201 99,384
Net assets 605,566 398,115
Represented by:
Capital and reserves
Unrestricted Funds 467,242 255,249
Restricted Funds 138,324 142,866
Reserve Fund 12 605,566 398,115

The company is entitled to exemption from audit under section 477 of the Companies Act 2006 for the period ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

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WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2021 (continued)

The Trustees acknowledge their responsibility for:

The notes form part of these financial statements.

These accounts have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

D H Fraser

TRUSTEES

S Williams

Approved by the Board on 21[st] July 2022

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WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) General information and basis of preparation

West Somerset Steam Railway Trust Limited is a private company limited by guarantee, registered in England & Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office and the nature of the charity’s operations and principal activities are given in the Trustees’ report on pages 1 to 4 of these financial statements.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2015.

The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Fund accounting

The unrestricted general funds represent the accumulation of the charity’s income and expenditure that has not been earmarked for specific projects and is not considered by Trustees to be for restricted purposes. To the extent that the fund is represented by readily realisable assets, it provides a means of financing the day-to-day operations.

Restricted funds represent the funds received by the charity for a particular purpose as directed by the donors.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 (continued)

(c) Income recognition

All income is recognised once the charity has entitlement to the income, it is certain that the income will be received, and the monetary value can be measured with sufficient reliability.

(d) Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on the accruals basis and has been classified under headings that aggregate all costs related to that category. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of costs.

(e) Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs and governance costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings, they have been allocated to expenditure on charitable activities on a basis consistent with use of the resources.

The analysis of these costs is included in note 4.

(f) Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

(g) Depreciation

All expenditure on the carriages’ restoration is capitalised. Depreciation is not provided on assets under restoration because in the opinion of the Trustees the difference between net realisable value and revalued amount at the end of their estimated useful economic life is likely to be negligible.

(h) Investments

Investments are stated at cost less provision for permanent diminution in value.

(i) Stocks

Stocks are stated at the lower of cost and net realisable value.

(j) Cash at bank

Cash at bank comprises instant access bank accounts and short term highly liquid investments with a maturity of 12 months or less from the date of opening the deposit account.

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WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 (continued)

(k) Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(l) Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

(m) Going concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

2. INCOME FROM DONATIONS AND LEGACIES

Grants – Heritage
Lottery & Taunton and
Som. W Council
Donations
Legacies
Total		 Unrestricted
Restricted
2021
Total
2020
£
£
£
£
17,790
-
17,790
37,200
8,333
3,705
12,038
61,696
225,015
-
225,015
1,000
251,138
3,705
254,843
99,896

During the period to 31 December 2020, donations and legacies received totalling £41,844 were restricted.

3. TRUSTEES AND OTHER EMPLOYEES

No remuneration or expenses have been paid to or for the Trustees or any persons connected with them in the period ended 31 December 2021 (2020: £nil). The company has no employees (2020: None).

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WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 (continued)

4. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Activities undertaken
directly:
HLF project
Other Grants
Acquisitions
Investment Write off
Support costs:
Insurance
Rent
Salaries
Administration -
- Independent
examiner’s fees
- other
Other
Total support costs
Total		 Unrestricted
Restricted
Total
2020
£
£
£
£
-
24,522
8,305
-
8,305
24,522
25,472
-
-
-
-
-
-
-
-
250
990
936
1,926
1,219
3,649
4,896
508
-
4,157
4,896
5,324
370
1,152
-
1,152
654
2,839
- 2,839
3,921
2,940
1,319
4,259
73,517
16,466
2,763
19,229
85,005
40,988
11,068
52,056
110,727

During the period to 31 December 2020, charitable activities included £94,261 of restricted expenditure.

5. INDEPENDENT EXAMINER’S REMUNERATION

The independent examiner’s remuneration amounts to an independent examination fee of £1,152 (2020 - £654).

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WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 (continued)

6. TANGIBLE FIXED ASSETS - COACHES

Cost
As at 31 December 2020
Additions
6705
3639
9038
As at 31 December 2021
Depreciation
As at 31 December 2020
Provision
As at 31 December 2021
Net Book Value
As at 31 December 2021
As at 31 December 2020
. INVESTMENTS
Cost
As at 31 December 2020
As at 31 December 2021
Impairment Provision
As at 31 December 2020
As at 31 December 2021
Net Book Value
As at 31 December 2020
As at 31 December 2021		 -
634
-		 £
293,231
634
293,865
-
-
-
293,865
293,231
£
118,250
118,250
112,750
112,750
5,500
5,500

7. INVESTMENTS

The Cost of Investments consists of:

Four One Six O Limited £5,500 £1 ordinary shares West Somerset Railway plc 2,304,767 (2020 - 2,067,317) 10p ordinary shares

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WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 (continued)

Impairment Provision

The shareholding in West Somerset Railway plc has been acquired over a number of years and consists both of shares subscribed for and shares acquired by bequest and donation. All shares acquired in the period were through bequests and donations.

The Trustees have re-considered the carrying value of the investment and concluded that the Articles of WSR plc are such that the investment is of negligible material value and therefore full provision has been made.

Whilst WSR plc and WSRHT Ltd are separate legal entities and each conducts its own activities, the nature of these activities is such that the two entities maintain co-operation. The Trustees consider that continued investment in WSR plc is of direct benefit to WSRHT Ltd in pursuing its charitable objectives.

No impairment provision has been made in respect of the holdings in Four One Six O Ltd, but the Trustees will keep this under review.

8. STOCK
2021 2020
£ £
Goods for resale 1,808 1,413
9. DEBTORS
2021 2020
£
 £
Trade Debtors - 21
Gift Aid income due 2,783 136
WSR Plc 925 -
3,708 157
10. CREDITORS: Amounts falling due within one year
2021 2020
£ £
Other creditors 1,672 9,712

11. COMPANY LIMITED BY GUARANTEE

The company is limited by guarantee and does not have a Share Capital. In the event of the company being wound up, each member, or person who has ceased to be a member within twelve months of winding up, undertakes to contribute the sum of £10 to the winding up, if the company is insolvent.

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WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 (continued)

12. FUND RECONCILIATION

Unrestricted Funds
General Fund
Heritage Carriages
Project (HCP)
6705
Restricted Funds
3639
9038
Horse Box
Signal Box Heritage
Museums
HLF
WSR Support		 Balance at
31.12.2020		 Income Balance at
31.12.2021
Expenditure
Transfers
£ £ £ £ £
51,607
254,977
(36,603)
(6,382)
263,599
32,329
-
(3,903)
3,903
32,329
171,313
-
(482)		 483
171,314
255,249
254,977
(40,988)		 (1,996) 467,242
Balance at
31.12.2020		 Income Balance at
31.12.2021
Expenditure
Transfers
£
£
£
£
£
15,577
1,247
(61)
61
16,824
78,865
-
(311)		 310
78,864
2,861
-
-
-
2,861
653
140
-
-
793
17,938
2,568
(2,391)		 577
18,692
6,697
87
(8,305)
1,048
(473)
20,275
488
-
-
20,763
142,866
4,530
(11,068)		 1,996
138,324

13. ANALYSIS OF ASSETS BETWEEN FUNDS

Fixed assets
Current assets
Current liabilities		 Fixed assets
Current assets
Current liabilities		 Fixed assets
Current assets
Current liabilities		 Fixed assets
Current assets
Current liabilities

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WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 (continued)

14. TRANSACTIONS WITH DIRECTORS

During the year the company made donations towards the salary costs of Helen Anson, who is directly employed by West Somerset Railway plc, totalling £4,896 (2020 - £370).

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WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

The following pages do not form part of the statutory financial statements

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ANALYSIS OF FUNDS FOR THE YEAR ENDED 31 DECEMBER 2021

Income From
Donations and Legacies
Grants
Income Tax Recoverable on
Donations
Investments
Other Trading Activities
Total Income
Transfers
Expenditure On
EXPENDITURE ON
CHARITABLE ACTIVITIES
Investment Write-down
Grants
Acquisitions
Insurance
Rent
Salaries
Consultants
Administration
Independent Examiner’s Fee
Other
Other Support Costs
Total Expenditure
Net
Net after transfers
Additions to Fixed Assets
Net including CAPEX
Balances at 31st December
2021
Fixed Assets
Current Assets
Current Liabilities
Total		 GENERAL
HCP
6705
Unrestricted
FUND
Funds
233,348
-
-
233,348
17,790
-
-
17,790
1,909
-
-
1,909
70
-
-
70
1,860
-
-
1,860
254,977
-
-
254,977
(6,382)
3,903
483
(1,996)
-
-
-
-
24,522
-
-
24,522
-
-
-
-
254
254
482
990
-
3,649
-
3,649
4,896
-
-
4,896
-
-
-
-
1,152
-
-
1,152
2,839
-
-
2,839
2,940
-
-
2,940
36,603
3,903
482
40,988
218,374
(3,903)
(482)
213,989
211,992
-
1
211,993
-
-
-
-
211,992
-
1
211,993
5,660
30,658
172,410
208,728
258,839
1,716
(1,011)
259,544
(900)
(45)
(85)
(1,030)
263,599 32,329 171,314
467,242

19

WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

ANALYSIS OF FUNDS FOR THE YEAR ENDED 31 DECEMBER 2021 (contd)

Income From
Donations and Legacies
Grants
Income Tax Recoverable on
Donations
Investments
Other Trading Activities
Total Income
Transfers
Expenditure On
EXPENDITURE ON
CHARITABLE
ACTIVITIES
Raising Funds
Grants
Acquisitions
Insurance
Rent
Salaries
Consultants
Administration
Independent Examiner’s Fee
Other
Other Support Costs
Total Expenditure
Net
Net after transfers
Additions to Fixed Assets
Net including CAPEX
Balances at 31st December
2021
Fixed Assets
Current Assets
Current Liabilities
Total		 3639
9038
Horse
SBHF
Box
1,152
-
-
112
-
-
-
-
95
-
-
28
-
-
-
-
-
-
-
-
1,247
-
-
140
61
310
-
-
-
-
-
-
-
-
-
-
-
-
-
-
61
311
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
61
311
-
-
1,186
(311)
-
140
1,247
(1)
-
-
634
-
-
-
1,881
(1)
-
140
12,201
76,843
1,593
-
4,633
2,076
1,268
793
(10)
(55)
-
-
16,824 78,864
2,861
793

20

WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

ANALYSIS OF FUNDS FOR THE YEAR ENDED 31 DECEMBER 2021 (contd)

Income From
Donations and Legacies
Grants
Income Tax Recoverable on
Donations
Investments
Other Trading Activities
Total Income
Transfers
Expenditure On
EXPENDITURE ON CHARITABLE
ACTIVITIES
Raising Funds
Grants
Acquisitions
Insurance
Rent
Salaries
Consultants
Administration
Independent Examiner’s Fee
Other
Other Support Costs
Net
Net after transfers
Additions to Fixed Assets
Net including CAPEX
Balances at 31st December
2021
Fixed Assets
Current Assets
Current Liabilities
Total		 Museums
------ Comprising -------
BA
BL
Mod.Rwy
2,050
-
1,656
394
-
-
-
-
518
-
420
98
-
-
-
-
-
-
-
-
2,568
-
2,076
492
577
-
577
-
-
-
-
-
-
-
-
-
-
-
-
-
564
204
360
-
508
-
508
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,319
614
88
617
2,391
818
956
617
177
(818)
1,120
(125)
754
(818)
1,697
(125)
754
(818)
1,697
(125)
-
-
-
-
19,268
14,152
3,301
1,815
(576)
(496)
(80)
-
18,692 13,656 3,221
1,815

21

WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

ANALYSIS OF FUNDS FOR THE YEAR ENDED 31 DECEMBER 2021 (contd)

Income From
Donations and Legacies
Grants
Income Tax Recoverable on
Donations
Investments
Other Trading Activities
Total Income
Transfers
Expenditure On
EXPENDITURE ON
CHARITABLE ACTIVITIES
Investment Write-down
Grants
Acquisitions
Insurance
Rent
Salaries
Consultants
Administration
Independent Examiners Fee
Other
Other Support Costs
Total Expenditure
Net
Net after transfers
Additions to Fixed Assets
Net including CAPEX
Balances at 31st December
2021
Fixed Assets
Current Assets
Current Liabilities
Total		 HLF
WSR
Total
Restricted
-
391
3,705
-
-
-
-
97
738
-
-
-
87
-
87		 TOTAL
237,053
17,790
2,647
70
1,947
87
488
4,530		 259,507
1,048
-
1,996
-
-
-

8,305
-
8,305
-
-
936
-
-
508
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,319
8,305
-
11,068
(8,218)
488
(6,538)
(7,170)
-
(4,542)
-
-
634		 -
-
32,827
1,926
4,157
4,896
-
1,152
2,839
4,259
52,056
207,451
207,451
634
(7,170)
488
(3,908)		 208,085
-
-
90,637
(473)
20,763
48,328
-
-
(641)
(473) 20,763
138,324		 299,365
307,872
(1,671)
605,566

22