OpenCharities

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

2023-12-31-accounts

WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED

REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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 2023

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 10

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 2023

The Board of Trustees present their report together with the financial statements for the year ended 31st December 2023.

Charity Details

This is the second 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 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) H E Anson M Brown I K Coleby G W Evens M Jackson (Resigned 23[rd] September 2023) I Camp M Lee (Resigned 26th January 2023) J Waters (Appointed 26[th] January 2023)

During 2023, M Jackson stood down as a Trustee.

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 23rd September 2023, H Anson, M Brown and M Thompson were reappointed as Trustees and Directors and J Waters was formally elected as a Trustee and Director. John Robinson was co-opted in January 2024 with the portfolio lead for safeguarding and coordinator for Human Resources and is putting himself forward for election as a Trustee at the 2024 AGM.

Objects and Powers

There were no changes to the Objects and Powers of the Trust during 2023.

Trust Governance

There have been a number of activities in relation to governance during 2023.

Trustees undertook and completed a review of the Business Plan which was then published in April 2024 covering the period 2024 to 2026. The review will now be on a biannual basis.

There were a number of changes to portfolio responsibilities during the period in question. Martin Brown assumed responsibility for safety (including health and safety) and in addition to his work around Washford (see below) he also led on development of

1

WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

the new corporate risk register which will be finalised during 2024. John Robinson (as reported above) became the new Safeguarding Lead and will coordinate the Trust work around HR through a new People Plan.

Steve Williams, in addition to his role as Vice Chairman and Company Secretary, has assumed portfolio responsibility for PR and Communications. To assist with these activities, Sarah Hayes (previously with the PLC) was appointed as PR and Communications Coordinator and Matt Sutton, Website Manager, is now accountable to Steve Williams.

Following Board discussions, Don Fraser has relinquished operational responsibility for Member issues (but retaining Board accountability). These have been assumed by Chris Bolt who has rejoined the Trust as Membership Secretary (see below).

The Board has agreed that more communication and interaction with Members is now needed and this will be at the forefront of Chris Bolt’s work going forward. Additionally, Trustees have agreed that the charity should look at Corporate Membership and also potentially Sponsorship to complement the work on Fundraising.

Due to health and other personal issues, the Trust Board accepted a request from Helen Anson that she reduce her PLC contract as Learning and Education Officer. The Board is confident that we will continue to receive an excellent and high quality service from Helen and is delighted that she felt able to remain imposed.

Following the departure of Matt Jackson as Model Railway Group (MRG) Manager and following an internal recruitment process, George Legg was appointed as the new MRG Manager. Given his work and other commitments, it was agreed that this would not be a Board appointment but that Ian Camp as Museum Curator would represent MRG on the Board and the Manager role would be accountable to the Curator

The Museums

2023 saw a consolidation and organic development of the displays and materials at The Gauge Museum at Bishops Lydeard. Ian Camp and the volunteer steward team continue to rotate items and railway “themes” to maintain visitor interest and engagement. The Trust was able to install a card reader for donations during the year and one of the particular highlights took place in November when the Trust hosted an event to mark Armistice Day in the First World War which was attended by representatives from 40 Commando at Norton Barracks together with dignitaries from the Parish and Town Councils as well as WSR volunteers. The service was taken by the former Bishop of Taunton and new relationships forged such that the event is planned to be repeated in 2024.

Perhaps one of the more significant achievements has been that of the Archiving Team. Using the MODES computer system, Peter Over, Mike Boyce and Alan Tilley have documented and digitised 4000 items that are either owned or in the stewardship of the Trust. Despite having acquired additional storage space through containers located at Bishops Lydeard, these are many more that the Trust can hope to exhibit or make available to visitors and therefore, it is likely that some degree of disposal (possibly through auction) will occur during 2024.

Sadly, progress on the renovation and reinterpretation of Blue Anchor has continued to be dogged by problems with external infrastructure and water ingress problems. The team working at Blue Anchor has been strengthened by the addition of John Anson as Project lead working with Robin Wichard and the Blue Anchor station staff to try and resolve the issues and come up with a workable solution. It is still uncertain as to whether the Museum will reopen in 2024 but every effort is now being made to try and achieve this in collaboration with the PLC infrastructure team.

Museum Accreditation

2

WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

Museum Accreditation is designed to encourage all museums and galleries to meet an agreed standard in how they are run, how they manage their collections and how they engage with their users. Accreditation is designed to build confidence in how museums manage collections in trust for society, and how they manage public resources and to reinforce a shared, ethical way of doing things for everyone involved in running a museum .

The Arts Council England manages the scheme to ensure that museums are at the very heart of our cultural identity; they are places for sharing stories, ideas and connections. Museum collections are much more than individual objects, they are irreplaceable public assets. They are our heritage, and people trust museums to safeguard them for the next generation. Museums shape communities, whether that is by bringing together people with shared interests or providing places and events that draw local communities together.

Work has continued in relation to seeking formal Accreditation for the Gauge Museum at Bishops Lydeard. The application process is rigorous and involves a significant amount of work. The focus in 2023 has been a review of the Trust policies and procedures to ensure that these comply with Arts Council guidance and standards together with completing Phase 2 of the application process which focuses on organisational health. The Trust has until 2025 to make its application. The benefits of Accreditation are that the Trust is recognised to be operating the Museum to nationally agreed standards and that this is a significant advantage when it comes to seeking external fundraising in support of Trust developments and activities. 2024 will see a focus on Users and their Experience as Phase 3 of the Application process. The Trust is fortunate in having Helen Anson as a Trustee who in the context of this work, is also acting as an external Adviser to the Trust working with Southwest Museums Network to ensure that the Group that is overseeing the application is working to the right requirements.

Model Railway Group

The Board would like to take this opportunity to pay tribute to the work of Matt Jackson who, for family reasons, stood down as MRG Manager in 2023. Matt was instrumental in galvanising the team to pursue a number of upgrades to the model and to astutely acquire more and/or replacement rolling stock at affordable prices. The layout was also open more often during 2023 than in previous years and it is intended that the trend should continue in 2024 under George Legg’s leadership.

One of the interesting events last year was the acquisition through donation of an extensive three rail Hornby OO collection. It is intended that some of these items would be put on display this year but, in the absence of a suitable space and opportunity to both display and/or run the entire collection, it is possible that the Trust may seek to dispose of the bulk of the collection either through auction or some other mechanism in order to raise funds both for MRG and the wider charity.

Learning and Education and Community Engagement Programme

The Learning, Education and Community Engagement work continues to grow and evolve from the original concept in 2019 focusing on primary schools to reaching a much wider audience of both younger people and adults. One of the highlights of 2023 was the “Wild Escape” programme linking wildlife to heritage and art designed to encourage both family activities and individual children’s learning. Bug hotels, herb trail and discovery banks were all part of the summer experience. Helen Anson and the team also worked with Ian Camp and the Museum stewards to undertake a programme of family events throughout the year including linking with PLC special events such as the 40s weekend. The Trust continued to host primary school visits both within the museum and in conjunction with the PLC providing train trips.

Heritage Carriages Programme (HCP)

The biggest single event by far in 2023 (and indeed arguably for some considerable time in history of the Trust) was the acquisition of the shed, workshop and yard

3

WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

trackwork at Washford from the Somerset and Dorset Railway Trust (SDRT). Following a protracted series of negotiations with the SDRT and the PLC, the Trust took possession of these assets in January 2024 and began the process of vacating Williton. The transfer of rolling stock to Washford will take some time to complete during 2024.

In addition to the ownership of the assets, the Trust had entered into a 10 year lease with the PLC for the use of the site and also has a licence which gives the charity control over the strip of land behind the station platform at Washford. As part of the agreement with the PLC, the Trust will also contribute to the development and evolution of Washford station with the possibility that Trust artefacts could be exhibited at Washford in addition to our Museums sites at Bishops Lydeard and Blue Anchor.

Obviously, the fit out plan for the engineering base at Washford has been the priority for the Heritage Carriages Restoration team in the past few months together with a rigorous process of ensuring that we are safety compliant on site.

The carriage restoration work continues. Carriage 6705 is now installed in the Washford shed and is being prepared with the aim of the carriage potentially being operational during the 2024 season subject to satisfactory progress and fitness to run examination. The focus on Carriage 3639 has been work on the corridor wall panels and the end frames in order to construct new end wall frames from CAD drawings. Windows are also receiving intention.

It is intended to launch a formal appeal for funds to help with the restoration of 3639 in 2024. The Trust was fortunate in having a generous donation from one of its supporters toward the cost of mobilisation at Washford and the costs of running a proper engineering facility (as opposed to the open-air arrangements at Williton) will be an ongoing consideration for the Trust Board.

Discussions also opened with the PLC about the possibility of restoring the horse box currently at Bishops Lydeard and matching it to an underframe which has been generously donated by the company to the Trust at no cost. It is hoped that a restoration project can be established during 2024 for which external funding will be required. If successful, it is intended to both show the horsebox as a static exhibit and potentially to run it as part of a heritage train in due course.

Finance

The Trust continues to be in good financial health as the statutory accounts clearly demonstrate. In 2023, the charity continued to enjoy a positive financial position with the receipt of additional legacy funding and lower than expected outputs in terms of project expenditure. Income for operational expenditure has however slowed as there have been fewer receipts from visitor income, member subscriptions, donations and grants. Nonetheless, the charity ended the year with total resources of £671,000.

During 2023 the Lease at Williton was renewed which led to site Clean up Costs (£5K) on top of Legal Costs(£7K) and an increase of nearly £10K in annual costs. This was followed in early 2024 with the opportunity to purchase the old S&D building at Washford and transfer our Carriage restoration operation to under cover facilities. However, the challenge for the charity is going to be that of generating sufficient operational revenue to ensure that all its current activities and future aspirations as set out in the Business Plan can be adequately funded. The work of the Finance and Governance Group established in early 2023 identified an action plan for fundraising which the Trust Board has adopted and which is now the subject of implementation. This includes both initiatives to raise recurrent operational income together with targeted fundraising for specific projects.

One example of the major potential opportunities for fundraising will, on completion of the MOD ES digitisation programme, lie in the holding of an auction to dispose of items that the Trust no longer wishes to hold. This will be undertaken in line with our Disposals Policy and the funds raised will used to support Trust activities across its Business Plan work programme.

Currently work is underway developing Policies to cover the treatment of Heritage

4

WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

Assets, Grants and Legacies and Donated Goods and Services which will be approved in 2024.

Membership

The Trust has continued to experience a fall in membership during 2023 with active Members now totalling 98.. The Trust Board recognised the need to deal with this issue and following discussions, Chris Bolt returned to the Trust as Membership Secretary. A major was started at the beginning of 2024 to increase the number of Members and retain their interest in the Trust. Some success is already being experienced.

The Board further agreed that more communication and interaction with Members is now needed together with improvements in internal systems. This will be at the forefront of Chris Bolt’s work going forward. Additionally, Trustees have agreed that the charity should look at Corporate Membership and also potentially Sponsorship to complement the work on Fundraising.

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.

Byo

----- Start of picture text -----
SV Williams
Secretary
----- End of picture text -----

July 2024

5

WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

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

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2023, which are set out on pages seven to seventeen.

Responsibilities and basis of report

As the charity’s trustees of the company (who are also the directors of the company for the purpose of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 16 of the Companies Act 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination, I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that:

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.

6

WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

Sally Eva FCCA GSS Accountants Ltd Chartered Accountants Rumwell Hall Rumwell Taunton, Somerset TA4 1EL Date: 31[st] July 2024

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023

STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 DECEMBER 2023		 STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 DECEMBER 2023
Statement of Financial activities
Note
Unrestricted
Funds
Restricted
Funds
Total Funds
2023		 Total
Funds
2022
£
£
£		 £
Income from:
Donations and legacies 2 9,632
4,048
13,680		 149,989
Grants -
-
-		 5,310
Income tax recoverable on
donations		 1,815
909
2,724		 3,002
Investments 7,890
-
7,890		 1,213
Other trading activities 440
694
1,134		 1,165
Total income 19,777
5,561
25,428		 160,679
Depreciation 732
-
732		 -
Expenditure on:
Raising funds -
-
-		 -
Charitable activities 4
36,211
10,911
47,122		 72,094

7

WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

Total expenditure 36,943
10,911
47,854
72,094
Net movement of funds (17,166)
(5,260)
(22,426)
88,585
Brought forward 574,168
119,983
694,151
605,566
Transfers (10,500)
10,500
-
-
Carried forward 546,502
125,223
671,725
694,151

All income and expenditure derive from continuing activities.

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

8

WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2023

Balance sheet
Note 2023 2022
£ £ £ £
Fixed assets
Tangible assets 6 323,819 311,969
Investments 7 5,500 5,500
Current assets
Stock 8 1,059 1,600
Debtors 9 6,375 3,254
Cash at bank 337,095 373,706
344,529 378,560
Creditors
Amount falling due within
oneyear		 10 2,123 1,878
Net current assets 342,406 376,782
Net assets 671,725 694,151
Represented by:
Capital and reserves
Unrestricted Funds 546,502 574,168
Restricted Funds 125,223 119,983
Reserve Fund 12 671,725 694,151

The charitable company is entitled to exemption from audit under section 477 of the Companies Act 2006 for the period ended 31 December 2023.

The members have not required the charitable company to obtain an audit of its financial statements for the period ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

9

WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

BALANCE SHEET

FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)

The Trustees acknowledge their responsibility for:

The notes form part of these financial statements.

These financial statements 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

----- Start of picture text -----
D H Fraser
----- End of picture text -----

----- Start of picture text -----
S Williams
----- End of picture text -----

----- Start of picture text -----
TRUSTEES
----- End of picture text -----

Approved by the Board on 25[th ] July 2024

10

WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) General information and basis of preparation

West Somerset Railway Heritage Trust 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 5 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-today operations.

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

11

WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

(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.

Grants and Legacies are recognised as Income on receipt of funds.

(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.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)

(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.

Depreciation on Plant and Equipment is provided at 10% per annum commencing the year following acquisition

(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

12

WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

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.

The Trust amended its Reserves Policy and amended them£20,000 to cover the running of the Gauge Museums at Bishops Lydeard and Blue Anchor and £10,000 in respect of Other Trust Activities.

(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.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)

(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

2023 2022
Unrestricted Restricted Total
£ £ £ £
Grants – Heritage - - - 5,310
Lottery & Taunton and
Som. W Council

13

WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

Donations
Legacies
Total		 7,716
4,048
11,764
13,283
1,916
-
1,916
136,706
9,632
4,048
13,680
155,299

During the period to 31 December 2022, donations and legacies received totalling £9,727 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 2023 (2022: £nil). The company has no employees (2022: None).

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)

4. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

2023 2022
Unrestricted Restricted Total
£ £ £ £
Activities undertaken
directly:
HLF project - - - 4,541
Other Grants - - -
-

14

WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

Total direct activities
Acquisitions
Depreciation
Investment Write off
Support costs:
Insurance
Rent
Salaries
Administration -
- Independent
examiner’s fees
- other
Other
Total support costs
Total		 -
-
-
4,541
-
-
-
-

732
-
-
-
732
-
-
1,103
1,220
2,323
2,088

7,141
8,937
1,250
-
8,391
8,937
4,900
7,712
1,098
-
1,098
665
1,585
- 1,585
1,056
16,347
8,441
24,788
51,132
36,211
10,911
47,122
67,553
36,943
10,911
47,854
72,094

During the period to 31 December 2022, charitable activities included £47,586 of restricted expenditure.

5. INDEPENDENT EXAMINER’S REMUNERATION

The independent examiner’s remuneration amounts to an independent examination fee of £1,098 (2022 - £665).

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)

6. TANGIBLE FIXED ASSETS - COACHES

Cost

£ £

As at 31 December 2022

311,969

15

WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

Additions
6705
3639
9038
9037
Plant & Equipment
As at 31 December 2023
Depreciation
As at 31 December 2022
Provision
As at 31 December 2023
Net Book Value
As at 31 December 2023
As at 31 December 2022
7. INVESTMENTS
Cost
As at 31 December 2022
As at 31 December 2023
Impairment Provision
As at 31 December 2022
As at 31 December 2023
Net Book Value
As at 31 December 2022
As at 31 December 2023		 70
3910
-
8602		 -
12,582
324,551
-
732
732
323,818
311,969
£
118,250
118,250
112,750
112,750
5,500
5,500

The Cost of Investments consists of:

Four One Six O Limited £5,500 £1 ordinary shares
West Somerset Railway plc 2,747,327 (2022 - 2,508,317) 10p ordinary shares

16

WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (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 cooperation. 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

Goods for resale
9. DEBTORS

Trade Debtors

Gift Aid income due

WSR Plc

 2023
£
1,059
2023
£

468
2,595
3312
6,375		 2022
£
1,600
2022
£
45
3,209
-
3,254

10. CREDITORS: Amounts falling due within one year


Other creditors
 2023
£
2,123
 2022
£
1,878

11. COMPANY LIMITED BY GUARANTEE

The company is limited by guarantee and does not have a Share Capital. In the

WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (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.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)

12. FUND RECONCILIATION

Unrestricted Funds
General Fund
Heritage Carriages
Project (HCP)
6705
Restricted Funds
3639
9038
9037
Horse Box
Signal Box Heritage
Museums
HLF
WSR Support		 Balance at
31.12.2022		 Income Expenditur
e		 Transfers Balance
at
31.12.202
3
£ £ £ £ £
368,768
19,062
(28,421)
(18,377)
341,032
32,329
715
(7,951)
7,236
32,329
173,071
-
(571)
641
173,141
574,168
19,777
(36,943)
(10,500)
546,502
Balance at
31.12.2022
Income		 Expenditur
e		 Transfers Balance
at
31.12.202
3
£ £ £ £ £
24,428
-
(67)
3,975
28,336
78,863
-
(370)
370
78,863
2,424
-
-
-
2,424
2,861
-
-
-
2,861
893
100
-
-
993
9,889
5,251
(10,474)
6155
10,821
560
-
-
-
560
65
300
-		 - 365
119,983
5,651
(10,911)
10,500
125,223

18

WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

33

13. ANALYSIS OF ASSETS BETWEEN FUNDS

Fixed assets
Current assets
Current liabilities		 Unrestricted Funds Restricted Funds Total
£
329,319
344,529
(2,123)
671,725		 Total
£
329,319
344,529
(2,123)
671,725
£ £
224,745 104,574
323,686 21,443
(1,329) (794)
546,502 125,225

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)

14. TRANSACTIONS WITH DIRECTORS

During the tear the company made donations towards the salary costs of Helen Anson, who is directly employed by West Somerset Railway Plc, totalling £8,937 (2022 £7,712).

19

WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (fHE) 20

WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

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

ANALYSIS OF FUNDS FOR THE YEAR ENDED 31 DECEMBER 2023

Income From
Donations and Legacies
Grants
Income Tax Recoverable on
Donations
Investments
Other Trading Activities
Total Income		 GENERAL
HCP
6705
Unrestricted
FUND
Funds
9,000
632
-
9,632
-
-
-
-
1,732
83
-
1,815
7,890
-
-
7,890
440
-
-
440
19,062
715
-
19,777

21

WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

Transfers (18,377) 7,236 641 (10,500)

Expenditure On
EXPENDITURE ON CHARITABLE
ACTIVITIES
Investment Write-down
Depreciation
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
2023
Fixed Assets
Current Assets
Current Liabilities
Total		 -
-
-
-
732
-
-
732
-
-
-
-
-
-
-
-
229
303
571
1,103
-
7,141
-
7,141
8,937
-
-
8,937
.
-
-
-
1,098
-
-
1,098
1,585
-
-
1,585
15,840
507
-
16,347
28,421
7,951
571
36,943
(9,359) (7,236)
(571)
(17,166)
(27,736
-
70
(27,666)
8,102 500
70
8,672
(35,838)
(500)
-(36,338)
20,351
31,158
173,236
224,745
321,355
1725
6
323,086
(1,174)
(54)
(101)
(1,329)
340,532 32,829 173,141
546,502

ANALYSIS OF FUNDS FOR THE YEAR ENDED 31 DECEMBER 2023 (contd)

3639 9038/7 Horse SBHF
Box
Income From
Donations and Legacies - - - 80
Grants - - - -
Income Tax Recoverable on
Donations - - - 20

22

WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

Investments
Other Trading Activities
Total Income
Transfers
Expenditure On
EXPENDITURE ON CHARITABLE
ACTIVITIES
Raising Funds
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
2023
Fixed Assets
Current Assets
Current Liabilities
Total		 -
-
-
-
-
-
-
-
-
-
-
100
3,975
370
-
-
-
-
-
-
-
-
-
-
-
-
-
-
67
370
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
67
370
-
-
(67)
(370)
-
100
3,908
-
-
3,908
-
-
-
-
-
-
100
23,714
79,267
1593
-
4,634
2,088
1268
993
(12)
(66)
-
-
28,336 81,289
2861
993

23

WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

ANALYSIS OF FUNDS FOR THE YEAR ENDED 31 DECEMBER 2023 (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
2023
Fixed Assets
Current Assets
Current Liabilities		 Museums
------ Comprising -------
BA
BL
Mod.Rwy
3,728
-
3,221
507
-
-
-
-
829
-
728
101
-
-
-
-
694
-
694
-
5,251
-
4,643
608
6155 6155
- -
-
-
-
-
-
-
-
-
-
-
-
-
783
282
501
-
1,250
742
508
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8,441
5,131 2,668
642
10,474
6,155
3677
642
(5,223) (6,155)
966
(34)
932
-
966
(34)
932
-
966
(34)
-
-
-
-
12,095
5,228
4,291
2,576
(716)
(239)
(477)
-

24

WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (fHE) Total 11.379 4.989 3.814 2.576 25

WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

ANALYSIS OF FUNDS FOR THE YEAR ENDED 31 DECEMBER 2023 (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
Depreciation
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
2023
Fixed Assets
Current Assets		 HLF
WSR
Total
Restricted
-
240
4,048
-
-
-
-
60
909
-
-
-
-
694		 TOTAL
13,680
-
2,724
7,890
1,134
-
300
5,651		 25,428
-
-
10,500
-
-
-

-
-
-
-
-
-
-
-
1,220
-
-
1,250
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8,441
-
-
10,911
-
300
(5,260)
-
-
5,240
-
-
3,910		 -
732
-
-
2,323
7,300
8,937
-
1,098
1,585
25,879
47,854
(22,426)
(22,426)
12,582
-
300
1,330		 (35,008)
-
-
104,574
-
365
21,443		 329,319
344,529

26

WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE)

Current Liabilities - - (794) (2,123) Total - 365 125,223 671,725

27