WEST SOMERSET RAILWAY HERrrAGE TRUST LIMITED REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Company Registratlon Number 1079916 Registered Charlty Number 265564
WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE) INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 *Age No. Report of the Trustees Audit Report 12 Statement of Financial Activities 16 Balance Sheet 17 Statement of Cashflows 19 Notes to the Financial Starements 20
WEST SOMERSET RAILWAY HERITAGE TRUST UMITED (fHE) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The Board of Trustees present their repon together with the financial statements for the year ended 3 1st December 2024. Charlty Detalls The Trust was incorporated on 2 November 19n a5 a company limited by guarantee and as a registered charity. Ir is governed by its Memorandum and Anides of Association. Proposals to amend and upda¢e the Arcicles %vere approved by Members at the Trust AGM on 14 November 2020. The revised Articles were put to M¢mber5 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 Sfatlon. Bishops Lyde¥d. Taunton, Somerset TA4 3B Alms and Purpose The Aim5 and Purpose of the Trust are refiected in its Objects which are set out in its Articles of Association as amended in July 2021. These are: To advance the educarion of the public In raikY lines. equipment and buildings and their heritage in particular by. { l) Establlshln£. man¥'ng and operating railway museums: (2) Delivering educauonal workshops and ralks to the public at large. including to school zroups, swdents and families.. and (3) The restoration and mana8em¢nt of historic carriazes and Great Western Railway and other rolling stock and related artefacts for use on the We$t Somersec Railway or for display and interpre¢auon. The Articles are supported by a range of Powers vested in the Trnst Board detaS of which can be found wlfhin the knicle5 of A%s4xiation on the Trust Website. There were no chanzes to the Objects or Powers during 2024. The Board of Trustees and the volunteer workforce are delr¥erlnz the ObjecTS through: Management and development of the Museums ac B•'shops Lydeard and Blue Anchor,. A comprehenslve Learning and Education Prozramme and: Contlnuin&the Heritaie Carriages Restoration programme which Is now based at Wa5hford. Dirertors and Trustees The Trustee5 at the date of this Report were as follows: MH Thompson {Chainnan) SV Willlams (ViCe-Chaimn and Company Secretary) DH Fraser (Treasurer) H E Anson M Brown l K Coleby J W Robinson G W Evens (resigned September 2024) CW Bolt (resigned February 2025) I Camp C Darke (appointed April 2025) J Water5
WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (fHE) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued) During 2024, G Evens st¢xJd down as a Trusree. In 2025. C Bolt stood down as a Trustee. The election of Trustees. who are Directors of the Chariry. okes place at the Annual Generdl Meeting of the Members held each year to cor15ider the annual report and accounts. The Trustees have the ability to co-opt new Trustees between Annual General Meetings. At the AGM held on 28 September 2024.1 Camp, I Coleby and S Williams were reappointed as Trustees and Directors and C Bolt and J Robinson were fornially elected as Trusoes and Directors. Chris Darke wa5 co-opced to the Board in April 2025 with the pordolio lead for Communicatsons and IT and 15 Puttinz himself forward for election as a Trustee at the 2025 AGM. Trust Governance and our People There have been a number of activities in relation to governance during 2024. Trustees undertook and completed an update of the Business Plan which was then published in early 2025 covering the period 2025 to 2026. Because the Trust bu&iness agenda has become more complex. the review process wlll now be annual, There were a number of changes to portfollo responsibilities during the period ID question. Chris Bolt having stepped down from the Board and relinquished responsibility for Communications and IT, has retained hi$ role as Membership Secretary. He now reports to Sceve Williams as Company Secretary. Matt Sutron as Website Manager 15 now accounrable to Chris Darke and the Trust Board15 looklnz co recruit a volunteer Comrnunications Assistant who. rf we are successful. may well be in post by the time of the AGM. Last year Members were aO¥lsed thaL because of illness. Helen Anson had reduced her hours as Learning and Education Officer. Trustees were delighted when Helen advised that she was able to return 10 2 days a week in May 2025. September 2024 saw Geoff Evens step down from the Trust Board and volunteerlng after many years $erving In a number of different capacitie5 on the WSR. Geoff undertook some sterling work on the initial phases of Accrediration with leadership responsibiliry subsequently passing to Steve Williams. Tru5rees were delighted to learn in May 2025 that Geoff wrshed to rerum as a Museum volunteer and15 now once araln part of the Museum team. There have been some very positive developments within the Model Railway Group with the creation ofa leadership in support of George Leu. This now includes Chrls D¥ke. Rob Morley and a returning Matt Jackson. MRG has some exciting plans for the future and 15 busy recruiting operators to enable it to offer a more susrnined service on the.days on which the Gauge Museum is open. In a similar vein. the ongoing work on Accreditation prepardtion (See below) led to a Strengthening of the Museum Management team with Ajan Tilley being appointed a5 Assistant Curntor. Per Over as Trust Archivist and MODES Lead and Mike Boyce as CollectioTr5 Care and Management Lead. As a re5uIE lan Coleby has now taken on the role of Trust Historian. The Trust has bten extremety fortunate in being able to continue to both retain existing high.quality volunteers but aiso recruit small number5 of new people with exciting and relevant Skill sets which contribute to our professionalism and ability to improve the offer and public benefit that the charity delivers. Examples include access to exwrise in occupational therapy. speech and language therapy and videography.
WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE) REPORT OF THE TRUSTEES FOR THE YEAR ENDED I I DECEMBER 2024 (Continued) The hard work and dedication of all the volunteers within what is a small charity 15 refiected in the number of "working hours" which are thought w be in excess of 30,000 per annum. The Trust does not'count" working hours on a regular or sustainable ba515 as this is an extremety difficult process ro enacL These numbers are therefore estimates based on inforn)al calcularion5 at various polnts over the 12 month period. Underpinning the'people" agenda has been the work led byjohn Roblnson, lan Camp. John Waters and Helen Anson ¢Jn implementauon of our People Plan and Volunteer Strategy. This ha5 enabled the Trust to offer. tailored role profiles to tiptimise existing skills and new expercise. Updated arr4ngements for Safeguarding and DBS certification wlth nomsnated team Safeguarding Officers and cerrificated safeguarding training. Development and training opportunities and che ability to wuki role within the Trust. A new Volunteer 4reemffit settinz out respective responsibilities and expec¢atlons. New roles for existing Volunteers with multiple skill Sets. Examples indude the Museum Management Team and the Model Railway Group (se¢ below). The emergence of People Development Plans including a formal Tru5c induction programme and Volunteer Handbook Trust Buslness Plan The Trust sets out it work programme within a three-year Business Plan which currently covers the period 2024 to 2026. There was a refresh in 2025 together with a SPifiC additional work programme covering Accreditsoon implementation. The Business Plan. the key stfdtegic objectives for 2024 and 2025 yre. To eomplete the acquisition and fit our ofthe ensineerlni facilities at W3shft>rd and to secure long-term lease with West Somerset Railway PLC. These have been achieved and alongslde ¢ompletion of Carriage 6705, is enabling the Trust to move on to the next Selected vehlcle which is Carrlage 3639. To Complete the refvrbishment and reincerpretatlon of 81ue Anchor Museum. Due to continued infrastructure problems beyond the control of the Trust this has only been partially achieved in time for the 2025 operaung season. The agreed work programme will be cornpleted (subject ro the absence of any further Infrasrructure delays) In time for the 2026 operating Son. To seek formal accreditation from the Arts Council for the Gauge Museum at Bishops Lydeard. Fomowing a comprehensive and out of work by a Trust subzroup, the application for accreditation has be submitted four month5 ahead of schedule. To maintain and develop the scope and reach of our Education and Learning Programme. To introduce portfolio based budgets. Originally Kheduled for 2024 these were established from January 2025 onwards.
WEST SOMERSET RAILWAY HERITAGE TRUST UMITED (fHE) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued) To maintain good financial and corpornte governance discipline acros5 all Trust activicies. This has been successfully achieved but better than expected levels of discreuonary Income received will lead to zreater challenges and requirements from 2025 onwards. There is more defall on achievemencs. changes in priorityes and new objectives In the following sections of the ReporL Further inforn)auon is ayailable from the Trust website. The Museums Members will be aNr4re tha¢ we now operate as one Museurn on two sites. ier the last 18 month& the Trust offering has zone from strength to 5¢rength as th¢ Museum t¢am, under the leadership of lan Camp with suppon from Helen Anson. has built on the Strong loundations created following complerion of the National Heritage Lot*ry project in 2022. Significant developments in the Gauze Museum have included: Development of an audiovisual prozramme for our sleeplng car 9038 thus enabllng people who are unable to walk through the coach to hear about its history and role on the Great Western Railvrdy. 4greement on the upgradinz of the Museum electrics and installation of heating in the Lower Ground Floor. These will be cornpleted at the er of the 2025 operating sea50n. Creauon of a wlder emergency exlt ac the back of the building on the Ground Floor to a slmilar timescale. Improvements to the stair¥Yay and baniscers leading from the Ground Floor to the Lower Ground floor. Creation of a similar audlovisual programme for the model railway for those people unable to manage the stairs to the Upper floor. Expansion of our retail activities. Onzoini development of the learning porral. The Trust Board is also now con51dering revised proposals k¥r the construction of a covered canopy over the Cattle Dock at Bishops Lydeard together with the provtsion ofvolunteer and visitor welfare facilities as recommended in the externalty commissioned acces1 audit (see below). The PLC Is supportive of this development and the specification is being finalised for Board approvai in August before being sent to our architects for costing. The Trust has also established a working group w prepare proposals for a Visicor Cencre whi¢h would, subjett to approval, be located in the car park behind Platform 2. Work is at an early stsge but this is likely to be a MUmIllion pound development for which extern fundraising will be required. As part of the Accreditation prepararion programme (see below). the Trust commissioned an external survey of access arrangements for people with impaired mobility and other disabilities. This vrds underraken by the West of England Centre for Independent Living IWELCIL) and their Report d5 received at the end of January 2025. The Trust 15 workrng on re5pondinz to the recornmendacions made and has aho showed these with the PLC for the areas for which they are responsible. A number of improvements have already been made and other5 will follow as opportuni¢y and resources allow. menfioned abov< an example of an early response has been the move to create an improved emergency exic for wheelchair and mobiliry users which it is hoped to have In place.at the end of the 2025 operating season. The Trust Board has now approved
WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED cfHE) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued) investment of around £1 1000 for an improved electrical system in the Gauge Museum together th heating for the Lower Ground Floor as well as the emergency exit referred to above. 2024 a150 sadly saw a concinuation of the infraStruCre problems previously reported at Blue Anchor Museum which meant that the Trust Vfi5 unable to proceed with its plan5 for reopening the Museum for the season. However. thanks to the dedication. perseverance and hard work of the Blue Anchor volunteer team under the leadership ofjohn Anson as Projett Manager and the support of the PLC Infrastrucwre team. these issues were sufficiendy overcome as to enable the Museum to reopen at the b¢'nnIng of April 2025. Mention must also be. made here of the help and support given by the Blue Anchor station team and particularly its Station Manager, Rolm'n Wichard for thIch the Trust is extremety zrateful. Total investment in this project has been in excess of £25,000. The Museum opening in 2025 will be followed by a final phase completion progrnmme at the end of the operdting season which will see display cases and the fvll range of artefatts intended for dlsplay at Blue Anchor made available in time for 2026. There will alm) be a fonnal reopening of the Museum within the same time period. Museum Accredltadon Museum Accredi¢ation is designed to en¢ouraze all museurn5 and galleries to meet an agreed standard in how they are run. how they manage their collectyons and how they enzage with their users. Ac¢redirauon is deslgned to build confidence in how museums manage collections in trust for society, and how they manage public resources and to reinforce a sbared. ethical *?y of doing things for everyone involved In running a museu Bullding on the progress made in 2023, work has continued .in relatlon to seeking formal Accreditation for the Gauge Museum at &'5hop5 Lydeard. The application process is rigorous and Involves a significant amount of work In Seprnber 2024. the working group vras s¢rengrhened with the addition of Aan Tilley. Pecer Over and Mike Boyce to the existing group of Steve Williams, Helen Anson, lan Camp and John Roblnson. Followinz a substantsal amount of additional work Including review and updating of previously azrttd material. all the Trusc policies and procedures required for A¢credi¢ation applicaoon have now been completed and the application made to the Ar¢s Council in June 2025. However, having completed this significant programme of work the focus is now turning to implementation <regardk5s of the outcome of the application process) ro ensure that the Trust (an operdte to the standards required. Model Railway Group (MRG) With the new leadership Kroup in plac¢ MRG has moved forward in th¢ last 12 to 18 months with new volunteer recruitmenL an incrwe in operacing days. revised operating practices and r05ter arrangements. These have been underpinned by a new policy document setting out the vision for how MRG viill move forw¥d with the support of the Trust Board. A specific budzet is now available to MRG as part of the new financial arrangemen¢s across the charity. Learning and Education and Community En¥Jgement Programrne (LECEP) 2024 saw a conunuation of the excellent work and reputation.that Helen Anson and the learning team have esfablished not jusf within the Trust but across the WSR and beyond particularty with regard to the primary schools network in SomerseL Hizhlights of last year's programme included:
WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (fHE} REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 (Contlnued) Finalisation of the concepts and content for reinterpreration of the Blue Anchor Museum offer ready for when the building was arilable. Continuation of the School's Programme induding themed events such as focus on wartime evacuation$ and the 150 anniversary of the railway. Pursuing a new inifiarive around zue5t lectures which have been led and primarily delivered by our President Chris Austin and have been very well received by a rdnge of community groups and interests in the local area and beyond. Extending the interpretation of learninz into the relarionsF4ip between the rdilway and the environment building on the 2023 "Wild Escape" project with the development of the cattle dock and rdrden area in front of Station Hou$e as hands-on discovery areas for younz families. For the 2025 season. events have moved to another level. The LECEP is offerln% Funher collaboration with local youps in a different rdnge of partnership and outreach settings. The Trust is also benefiunz from new inputs as a result of acquiring specialist volunteer expertise in occupational ther4py and speech and lan£uaze therapy. Updated and iaryeted school Sessions relaced to STEM requlrements for learnlng and this time also including natural hl$tory. Updated and refreshed Resource boxes and School outreach se55ions. These also include special event learning packs for schools. Enhancing the range of interdctive acuvities available within the Gauze Museum with particular reference to the new Learning Portal available on the Museum touch screen. New Museum Trdils, knily fun events. the Garden Experience and the use of the Lower Ground Floor as exhibition and performance space. The Railway 200 Progrdmme for 2025 will feature a number of these elements as part of the Trust ¢ontrFbution to the overall WISR approach. An example Is the expansion of the Guest Le¢wre Programme under Chris Austin's leadership which will see up to 25 additional speakers doin8 sessions across the local community during rhe year about the VrfSR, its history and its relauonship to West Somerset. In addition. as the Trust ArchNe continues to develop and is Ydlidated to Accreditation standards. it is hoped to offer research opportunitiè5 CO otder learners who wish to avail themselves of the rich source of material held by the charity. Heritage Carrlag¢s Programme (HCP) The 2024 acquisition of the shed, workshop and Yard trnckwork ar Viashford has been a m4.or step change for the Herirage Carriages Team and their work on carrtage restoration within the TNSL Fic out of the shed and workshop 15 now subsonrialty complete. With the help of the PLC, all the rolling Stock was successfvlty transferred from Williwn and Dunscer. Coach 6705 has been completed and had its ffirst operarional run on the WSR as par¢ of the Spring Gala festival. Trust members and volunteers were gNen the opporniniry of parucipating in a "test run" the day before the Gala in a Special train whith included a second Collett carnage (1086) hired from the Severn Valley RailvAy behind Al X tank engine Fenchurch. This byds a fantasric event and enloyed by all who participated. 6705 remained coupled to 1086 and both perf¢mbed viell ac the Gala. Our first vintage November 2024 saw the Tnjst Board come to a decision about the preferred configurntion for restoration of Coach 3639. This will be substantially in it$ 1908 variant but with the end compartment Used to illustfdte it5 role as an ambulance vehicle during the First and Second World Wars. Fundraising has bezun and a fornul campawi established during 2025.
.WEST SOMERSET RAILWAY HERITAGE TRUST UMITED ITHE)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
(Continued)
This year also saw the fornMI transfer of ownership of the strip of land behind Wa5hford statbon
adjacent to the A358 to the Trusc
Sadly, discussions abo the possibility of restoring the horse box currendy at Bishops Lydeard and
matching it to an underfrdme which has been generously donated by the company to the Trust have
not progressed. This is due to a number of fattors including emerynz greater priorities within the
TrusL However, the projert will be revisited in due course as and when capacity and resources
allow.
In line with the agreement reached with the PLC, the Trust has prepared proposals for the re•
e5tablishmenc of staff welfare facillties adjacent to the engineering shed usin8 the same footprint as
the previous owners. These were approved by the Trust Board in May 2025 and are 5UPPOrted by
the PLC. Plans are also being developed for a locauon within the yard to enable the par¢ coach 9037
which was acquired from Cornwall to be rescored and these are also Subject to Board decision. Up
¢0 the end of 2025, the Trust will have invested in excess of £120,1)00 in the Washford site.
The next big project at Washford will be the development proposals to erett a covered canopy
over che sidings to provide greacer protection for the remwning fleet awaionz restoration. This will
be a subsfanual infrastructtsre and financial undertaking and will require the agreement of the PLC.
A crucial faccor in being able ro progress such a substantial and expenswe undertaklng will also be
the agreement of the PLC to a siznificanc extension of the current lease on the site.
The Trust Board has also 5UPPOrted the recommendatlon from the Herirage Carriages Restoration
Team that Coach 5131 should nor be restored and that it should be cannibalised for spare part5
with.the residual componenrs being released for scrap
RISK Safety and Compllance
As vlth other oryani5ations ¢)n the WSR. the Trusf ukes its responsibilities for safety and
compliance very seriously indeed. The charity Is forrunate in havlng a Trustee with speclalist
knowledge In thls area. Martin Brown has been leading a progrdmme of work to introduce risk
assessmen¢s across the Trust working with the Washford en&T'neerhi g team and more recenrty with
the Gauge Museum team.
Attsntion has also been ziven to upd•dng the Trust Corporate Risk Re&'ster. Worf( undertaken by
small pr4ett group wlll be considered by the Trust Board in JutylAuzu$L
Communicatlons and IT
With the change in Trustee responsibilities. Chrls Darke is now taklng foThvard implementation of
the Trust Communications Plan. The prepardtory and planninz work on modernisauon of the Trust
IT arrangements ha5 now also been agreed by the Board and the chariry will migraie to Microsoft
Office 365 and its supporcing function5. Additionalty, the Trust is investing in QuickBooks to support
ongoing budgetary management and control. This will require an inltial invesunent of around £3000
plus ongoin8 operauonal costs which are currently being worke
WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (fHE) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued) Finan<¢ 2024 saw the Trust commit signrficant expenditure to the acquisition of the shed and facilities at Washford together with an annual cost of £15,000 over l O years for leasing the site from rhe PLC. This led to a short-terni reduction in the overdll level of fvnds available. However. in the latter half of 2024. the charity was notified about a number of significant legacy donations which 1¢ began receiving during the year. In September 2024, the Trust was advised that it was to be the $0!e beneficiary of a malor legary t¢¢allin8 £2.7 million. The lezacy is a complex one covering a number of different a55et types which will accrue to the charity over a period of time but wthich are beinz reported within these Statutory Accounts because they were notified dunng 2024. The combined impatt of donatrons and legacy income means that the Trust ended the financial year with total Net Assets of £3.6 million. The implicatlons for the Trust of suth substantial bequests goes beyond simpty it5 ability to deliver more of it5 business prioriues more quickly. 1¢ requires the charity to widen its financial governance remit in order to fulfil its financial responsibilirie5 as directed by the Charity Commisslon and other regulatory bodies and le¥al requirements. A$ such therefore the Trust Board is putting into place a new Investmen¢ Strategy and matching policy which will See the creation of an Investment Panel a5 a Sub CoMmite of the Board to be advised by an Independent Financial Adviser who will be selected through competitive tender. One of the other necessary changes in line with financial regulation5 has been to move from Independent Examinauon starus of our Accounts to that of havinz a full AudiL Thi$ is being underraken by A C Mole who were appoinred by the Board as a result of a separdte competitNe tder and inter¥iew process. A review and updating of financial policies and procedures including our reseeS policy 15 also underrtay ro reflect the change in status of the Trust's financial acuvitie5 and future requlrements. Banklng and investment arrangements will also change through delivery of the Investment Policy and the Trust will also benefir from the advic¢ of AC Mole to ensure thac we are working withln the approprlate financial rezulatory framwwork The Trust has continued ro invest in 1 aspects of its core acrivities including workin8 at height equipmeni at Washford. reinrPreratson of Blue Anchor Museumland improvements at the Gauge Museum. Helen Anson sered a grant of £5.000 w oke forward th¢ Learning and Education Talking Nature project whi¢h is being delivered in ParUrShiP with Corford St Luke Primary School in 2025. Following discussion5 in 2024, March 2025 saw the introduction ofportfolio based budgets coverlng Heritage Carriages Rescoration, Museums. Learning and Education, Communicafions and IT and General Admini5trauon. This is a new initiative within the Trust and will be carefully monirored against the criteria for expenditure agreed by the Board. Enhancement of Tru$t activities over the 18 month period together with an increase In both recurrent and nonrecurrent expenditure has inevi¢abty led to higher annual costs which will continue to be the case for the foreseeable future. Details are provided below. Annual Income during 2024 excluding Legacie5 is around £32.000 and expenditure. excluding Carriage Restoraoon has increased to over £40.IY)O. In 2025 ahd. beyond this will rise further as. following investment at Washford. there will be increasing In5uraTrts and enerzy charges. so will rlse to over £50,000 per year. During 2025 Capital expenditure was made totallins £93.000 which was Possible due to past Legacy income. The receipts from Legacies notified during 2024 will not materilse into cash receipts until 2025126 but have to be recorded as Income in line with SORP Accounting rule5. The $0 far unreceived vatues are sho¥vn In Oebtors on the Balance Sheet. The annual negative Income shows the benefit and reliance the Trust has in Legacy receipts. It is essential these receipts are managed carefully to provide both an improved Charity and Incorne Generauon to enable the Trust to continue its activiue5.
WEST SOMERSET RAILWAY HERITAGE TRusf LIMITED (fHE) REPORT OF THE TRUSTEES FOR THE YEAR ENDÈD 31 DECEMBER 2024 (Continued) The Trust ended this financial year with a Cash Balance of £225,648 (2023 £337.905). Cash available without notice was £22.833 (2023 £96,184). This decrease is mainty due to high financi commitments in late 20231early 2024 whilst purchasing the facility at Washlord. Funds held on deposit in a hLgh interest bearing 95 day notice Atcount were 1167,814 (2023 £205.910). The Trust also held Long Term Deposits to cover the expected Annual Expenses of £35,000 (2023 £35,000. During 2025 the Board approved increasing the long rm deposir5 designed to cover our expected annual expenditure co £1 00.tI)O. As a result of a large inerease in funds since the year end thls will have no adverse effect on the Trust being able to cover any h¥h unexpected expendicure. Toral funds of the charity as at 31 st December 2024 scood at £3,64D,566 (2023: £671,725) of which £119,950 (2023: £125.223) is restrirted and £3,520.616 (2023.. £546.502) unrestricted. Within unrestricted fund5 are fed a5set5. heritage assets and inve5rrnent5 wtsling £310,150 (2023: 224,745) and lezacy debtors (funds which are yet to be receiyed) of £3.001.835 {2023: nll). Thls leaves free reserves of £208.631 (2023: £321.757). Membérship The Trust has seen a small but steady increase in the number of Members over the last 18 months, Membership now srands ac 114. During the year. work vns undertaken to improve and redesign the Member5 Newsletter which now appears in January and Juty and is sent to all members. Two interim updates are also issued by email only, tozether with time sensitive updates. Key Objectlves Por The Rest of 2025 And Into 2026 The currenf Business Plan is due for a lurther refresh and update at the end of 2025 and beginning of 2026. This'will be a reviww of the current stntegic direction and key objertives and will be significantly influenced by the timing and receipt of final legacy benefics from the current knom group of donations. The emphasis is likely to be le55 around a fundamental chanze in scrnte8ic directlon than a 8reater focus on privatisaoon against key objectives particularly those involving capital projects. These will be assessed against Capacify. capability. funding and opportunity gwen that they will inevitabty requlre the support and consent of the West Somerset RlWaY PLC as thé operator and landlord. One of the main inlluences will also be the impact of the Str3twc Change Prowamme initiated by the PLC in mid-2025 Invo1n8 the main organisations on the railvoy. The Trust is a key player In this work and will be pur5uinz its Iwsiness aspirations both within and alongside thls emerging Programme. Underpinning the work prozramme will be the important and necessary actAvities aroun& Corpordte governance induding a new Pr¢xurement Policy. Financial Governance including Investment Management and Implementatlon of the assoclated policies and procedures. There will be a full review of likely available resources and their attribution to projects as part of the development of a formal Capital Progrdmme for 2026 onwards. Risk Management and Compliance People Developmen( Recruitment and Surce5sion Planning. The Trust will continue to recruit andlor replace new Trustees as required and expand its volunteer workforce by a range of means indudirvd traditional advertisemeni word-of-mouth and social media
WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (fHE) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued) Museum Accrediration Standards Comptsance (assuming succe55fiJl outcome of the Accreditauon application) Key Strategic objectives for 2026 will therefore indud& l. Completion of the refurbi5hmen¢ and reinterpretarion of Blue Anchor Museum with the aim of reopening in full to the public from Apn'l 2026. A working group is already in place to achieve this. 2. Finalisation of proposals an¢J funding arrangements for the proposed Visitor Centre ac Bishops Lydeard. Thi5 will also include preparation of external fundinz applications. A working group is already in place to achieve this. 3. Hnalisatlon of proposals and funding arrnngements for the proposed Catde Dock Covered Canopy and volunteerfvisitor welfare facilities at &'shops Lydeard. This is also likely to Include preparation of external funding applicafi¢n$. A workinz zroup is already in place to achieve this. 4. Preparation of proposals for covered accommodation at Washford for stored carriages either awaiting restoration or on compleuon. transferred to other locations. This will require external lundinz as well as Trust resources. A working zrotsp will need to be esfabllshed for this project. S. Continuation of the restoration progrdmme for Carriaze 3639 and potentially starting work on a second vehicle yec to be agreed. The 3639 progrdmme will be subject to an external fundlnz application. Working arrangements are already in place for this projecL 6, Ensuring delivery and coniinuauon of the corpornte requirements summarised earfier. A work prozramme already exists to take f¢)nrard and build on existing actlylty. 7. Extending the scope and reach of the Trust offered to visltors and local communities through the Education and Learning Programme, improving on communication including soclal media refreshing our museum displays including making information on artefacLS digirally available. Work programmes are already in place to supporr delivery. How Our Artlvltles Dellver Publlc Benefit The Trustees confinn that they have referred to the Chariw Commission generdl guidance on public benefit when reviewing the Trust's objectives and activities. and will continue co do so in planning the Trust's future attNiues. Factors which V•llll influence the Trustees, decisions on priority activitie5 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 opportuni¢ies for the public to view both the Museums and carriages Under restordtion. 10
WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (ThE) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 ' (cOfttinu) Statem•nt of Trust4es' Responsibilitios The trustees (who are also directors of West S¢xnerset Raihvay H¥itage T$t Limited for the purposes of company law) are responsible for preparing the Trustees, Reporr (incorporating the dlrectors. reporc) and the financlal sratements in accordants wrth applicable law and United Kingdom Accounting Standards. Induding Financial Reporting Standard 101. The Financial Reportlng Standard appllcable in the UK and Repubjk of Ireland (United Kingd Generalty Accepted Accounting PTrctice). Company law requires the trustees to prepare flnancial statements for each financial year which give a true and fair view of the state of affairs of the tharitable company and of the income and exp{tur& of the charirable company for that Fwiod. In preparing these financial statements. the trustee5 are required to: • select sultable accountinz pDllcles and then appty them con$tst, observe the methods and prlnciples in the Charities SORP. make judgments and accounting eKSmates that are reasonaNe and pruden¢ state whether applicable UK Accountlng Stsndards have been followed, subjett to any material depar¢ures disclosed and explained in the financlal sratementy and epare the financlal statements on the going concern basls unless it is inapyowkte to presume that the dwitable c¢xnpany wlll contlnue In business. The trns¢¢¢s are responslble for nllintsini Froper accountlry record$ whlth disclose wlth reasonable accurdcy at any time the financial posltlon of the chthrable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safe8uarding the assets of the charitable company and hence for raking reasonable steps for the prevenoon and detectlon of fraud and other irregulari. In so far as the trustees are awa there 1$ no relevant audlt inforn)atlryb of whlth th¢ charltable c¢mparf¥ auditors ar¢ Unavft and the trustees have taken all step5 that they 0¢ to have taken to make themselves adre of relwdnt audit infornlltlon and to establish that the audltors are aware of that Informafjon. The trustees are rnsponsible for the malntenance and inceyty of the ct)rpor2te and financlal Information included on the tharirable company's websi. Leg'islation in the United Kingdom zovernlng the preparauw and dissemination of financial statements may diff¥ from legisLation In other Furlsdlttions. Thls report has been prepared In accordance with the speclal ravisions of Part 15 of the Companies Act 2(K)6 relating to small companle BYO the Board sv Sec ugurt 2025
'WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (fHE) INDEPENDENT AUDrroRS' REPORT TO THE TRUSTEES OF WEST SOMERSET RAILWAY HERITAGE TRUST FOR THE YEAR ENDED 31 DECEMBER 2024 Oplnlon We have audited the firkincial staternenfs of Wesc Somerset Railway Heritage Trust ("the charirable company.) for the year ended 31 December 2024 which comprise Statement of Financial Ac¢iviues, the Balance Sheec the Statement of Cash Hows and notes to the financial statements. including significant accountrng policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kinzdom Accounting Standards, indudlng FRS 102 The Financial Reporting Scandard applicable in the UK and Republic of Ireland (United Kingdom Generalty Accepted Accounting Practice). In our opinion the financial statements: glve a true and fair view of the state of the charit3ble company's affairs as at 31 December 2024 and of its income and expenditure for che year then ended,. have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been. prepared In accordance with the requirements olthe Charitie5 Ac¢ 2011. Basls for oplnlon We conducted our audit in accordanee with International S¢andards on Auditing {UK) (ISAS (UK>) and applicable law. Our responsibilities under those standards are further descrlbed in the Auditor's responsibilities for the audit of the financial sratements secuon of our reporL We are independent of the charitsble company in accordance with the ethical requirements that are relevant to our audit of the financial starements In the UL induding the FRC'S Ethical Sondard, and we have fulfilled our other ethical responsibilities in accordance vlith these requirements. We beiieve thac the audic evidence we have obtained is sufficient and appropriate tt) provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial s¢atements. we have concluded that the trusrnes. use of the goini concern basis of accounung in the prepararion of the financial statements 15 appropriate. Based on the work we have perfomed. we have not identified any material uncerrainties relating ¢0 events or condiuons tha( individually or collertively. may cast significant doubt on the charitable company's ablllry to Continue as a going concern for a period of at least 12 months from when the financial sta¢ements are authorised for issue. Our responsibiliues and the responsibilities of the trustees with re5pert to zoinz concern are described in the relevant secrions of this reporL Other matters . The comparative figures are unaudited. 12
"WEST SOMERSEf RAILWAY HERITAGE TRUST UMITED (fHE) INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF WEST SOMERSET RAILWAY HERITAGE TRUST FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) Other informatlon The other information comprises the information included in the annual repor4 incltsding the trustees, repor4 other than the financial 5Qtements and our auditorfs report thereon. The trustees are responsible for the other information contained within the annual reporL Our opinion on the financial statements doe5 not cover the other inforniation and. except to the extent otherwise eX1c1Y soted in our repor¢ we do not express any form ol assurdnce conclusion thereon. Our responsibility is to read the other infonnation and. in doing so. consider whether the other information is materially inconslstent with the financial statements or our knowledge obtained in the course of the audi4 or otherwise appears to be materially misstated. If we Identify such material incon5iStencies or apparent material misstatements. we are required ¢0 determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed. w¢ condude that there is o material misstatement of this other information. we are re<wired to report that facL We have nothing ro report in this regard Matters on whlch we are requlred to report by exception In the light of the knowledge and understanding of the charitable company and its envlronment obtained in the course of the audiE we have not identified material misstatements in the Trustees. Annual ReporL We hav¢ nothinz co report In respect of the following marters In relarion to which the Charities (A¢counrs and Reports) Regulations 2008 require us to report to you rf. In our opinion,. adequate ac¢ountlnz records have not been kept or returns adequate for our audit have not been received from branches not visiod by us,. the financial statemenu are not in agreement with the accoUnnI records and returns,. certain disclosures of ¢rustees' remunera¢ion specified by law are not made. or we have not received all the information and explanations we require lor our aud1¢ Respon5ibilitles of the Trustees As explained more fulty in the Statement of Trustees. Respon5ibiliues, the Trustee5 (who are a150 the directors ol the charitable cornpany for the purp05e5 of company law} are responsible for the preparauon of the financial sratements and for being satisfted that they give a true and fair view, and for such internal control as they dethrn)ine is necessaty to enable the preparation of finanaal statements that are free from material misstatemenL whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for assesslng the company's ability to continue as a going concern. disclosing. as applicable. matters related to going concern and using the going concern basis of accounting unles5 the Trustees either intend ro liquidate the company or to cease operati0115. or have no realistic alrnatiVe but to do so. 13
WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (fHE) INDEPENDENT AUDrroRS' REPORT TO THE TRUSTEES OF WEST SOMER5ET RAILWAY HERITAGE TRUST FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) Audltor5' responsibilitie5 for the audit of the Ilnancial statements We have been appointed auditors under Secuon 144 of the Charities Att 2011 and report in accordance with the Act and releyant regulations made or having effect thereunder. Our oblective$ are to obtain reasonable assurance about whether the financial statements as a whole are free from material mi55taremenL whether due to fraud or error. and to issue an auditor'5 report that includes our opinion. Reasonable a55urance is a hh level of assurnnce. but is not a guarantee that an audi¢ conducted in accordance with ISAS (UK) wlll afr4Yays detect a materf misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf. individually or in the aggregate, they could reasonably be expected to infiuence the economic decisions of users taken on the ba$15 of these financial statements. Irregularldes. including fraud. are insrances of non-compliance laws and regulations. We design procedures in Ilne with our responslbilide$. outiined above. to detect material mi$5¢atements in respect of irre8ularities, including frnud. The extent to which our procedures are capable of detecflng irrezulariries. including frnud is derailed below. Identlfylng and assessSng potential risks of material misstatement due to Irregularltles We considered the following when idenufying and assessing ri5k5 of material missfatemenr due to Irregularities, includinz fraud and non-compliance with laws and. regulations: rhe lezal and regulaiory framework in which the charitable company operates the secfor in vthich the charifable company operdtes the control environment and controls estsbli5hed w mitlrdte such risks the results of our enquiries of management about their idenofication and assessmenc of risks of irregularities dlscu55ions with the audit engagement team about where fraud mlght occur the incentives for fraud. Laws and regulations which are considered to be significant ro the charitable company include those relating to the requirements of financial reporting framework FRSI 01 the Companies Act 2006, the Charities Acc 201 I. UK ttx lev'slation, employment law and health and safety. In addition. we consider other law5 and regulation whith may not directly Impact the financial statements but may impact on the operation of the charitable company. As a result of these procedures we concluded. in acc¢xdance with In*rnational Auditing Standards. that a risk in relatlon to the potertial for management override of controls existed. 14
WEST SOMERSET RAILWAY HERITAGE TRUST UMITED (fHE) INDEPENDENT AUDrroRS' REPORT TO THE TRUSTEES OF WEST SOMERSET RAILWAY HERITAGE TRUST FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) Audit responses to risks identified We undertook audit procedures to respond to the risk5 identified. and designed our audit testing to respond to these risks. The additional procedures we undertook included the followin gaining an understanding of the Charl¢•b company's procedures for ensuring compliance with laws and regulafions resting the appropriatenes5 of journal encries and other adjustments considerlng whether accounting e5trmates were indicative of potential bias considering whether any transacrions arose outside the nokmaj course of business making enquiries of m3nagemen¢ orroboratinz our enquiries through review o18oard Minutes and correspondence. We also communicated relevant laws and reguladons and potential fraud rlsks to all engagernenr team members and remained alert to any indicators of fraud or non<ompliance with lav and regulations throughout the audiL A further description of our responsiblliries for the 3udlt of the financial statements Is located on the Financial Reporting Council'5 website at This description forms part of our auditor's rert A C Mole LLP is etigible for appointment as audi¢or of the charitable company by virtue of its ligibly lor appointment auditor of a company under section 1212 of the Companies Act 2006, Use of our report This report is made solety to the charitable company's members. as a body. in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken $0 that we might state to the charitable company's members those matters we are required to srate to them in an auditor'5 report and for no other purpose. To the fullest extent perniltted by law, we do nor accept or assume responsibility TD anyone other than the charitable company and the charitable company's members as a body, lor our avdit work for this reporL or for the opinions we have fornied. A C Mole LLP Chartered Accountants and Statutory Auditor Srafford House Blackbrook Park Avenue Taunton Somerset TAI 2PX Date Attstr tsLr ' 15
WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (fHE) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 Note Unrestricred Restricted Totsl Funds Funds Funds 2024 Total Funds 2023 Income froffL Donations and lepcles 3.030.035 5.265 3,035.300 16.404 Investments 9.188 9.188 7.890 Other trddlnz activities 1.270 930 2.200 1,134 Tot21 income 3.040.493 6.195 3,046.688 25,428 Expenditure on: Charitable activitles 56.917 20.930 77,847 47,854 Total expenditure 56.917 20,930 77.847 47,854 Net Incomel{expendicure) 2.983.576 {14.735) 2.968,841 {22.426) | Transfers (9.462) 9.462 Net movement of funds 1974.114 (5.273) 1968,841 (22,426) Reconciliatlon of funds: Brought forward 546.S02 125,223 671.725 694,151 Carried lOrdrd 3,520.616 119.950 3.640.566 671,n5 All income and expendiwre derive from con(inuin% ac¢ivi(ies. The ststement of financial activities indudes all gains and losses recognised during the year. 16
"WEST SOMERSET RAILWAY HERITAGE TRUST UMITED (fHE) BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2024 As Restated 2023 Note 2024 Fixed assets Tan8itAe assets Heriuge a55ets Investments 98.604 310,646 5.500 15.354 308,465 5.5tX) Current assets Stock 1.133 10 3.009.995 22S,648 3.236.776 1,059 6.375 337.095 344.529 Debtors Cash at bank Credltors Amoun£ fallin8 due within one year 10.960 1123 Net current a$5ets 3.225.816 342.4061 Net as$•ts 3.640,566 671,725 Represented br Capltal and reserves Unrestricted Funds Restricted Funds 3.520,616 119.950 546,502 125,223 Reserrfe Fund 14 3,640,566 17
WEST SOMERSET RAILWAY HERrrAGE TRUST UMrrED cfHE) BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) The Trustee5 acknowledge their responsibility for. ensuring that the company keeps accounting records which comply with secuons 386 and 387 of Companies Act 2(K)6 and b. preparing financial statwnents which gfve a t and falr vlew of the state of affairs of the company as at tPKe end of each financial year armd of irs profit or loss for each financral year in accordance with the requirement of 5ecrlons 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relati to firAncial statements. so far as applicable to the company. The notes form part of these financial statements. These finandal $tatemerrfs have been prepared in accordance wlth the provlsions of Part I S of the Companies Art 20)6 relatlng to srnall companies. Company R•glrtrathn Number 1079916 Rezlrtered Charity Numb¢r 265564 ON BEHALF OF THE BOARD DHF Trustee S Willlams Trustee Apwoved by the Board on AUgt 2025 18
WEST SOMERSET RAILWAY HERITAGE TRUST UMITED (fHE) STATEMENT OF CASHFLOWS FOR THE YEAR EDED 31 DECEMBER 2024 Note 2024 2023 Ca5hllows from operatlng artivities Net movement in fiJnd5 1968.841 (21426) Adjustments to ca5hflows from nowash items Depreciatlon Investment income 9,857 9,188 2.969,510 732 7,890 (29,584) Worklng capital adjustments (Increase)Idecrease in stocks (Increase) in debtors Increase In creditor5 Net cashflows from opera¢inz activities (74) (3.tX)3.620) 8.837 25.347 10 {3,121) 245 31.919 Cashflows from Investing acdvltles Interest receivable and similar income Purchase of tanwble fixed a5sers Purchase of herirage assets Ne¢ £hflOws from investing acts'¥icies 9.188 (93,107) 2.181 86,100 7,890 (12,512) 70 4,692 Net {decrease) in cash and cash equNalents (111,444 {36,611) Cash and cash equivalenu at l January Cash and cash equivalents ac 31 December 337,095 225.648 373,706 337,095 19
WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (fHE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 I. SUMMARY OF SIGNIFICAMf ACCOUNTING POLICIES (a) General informatlon and basis of preparntlon West Somerset RailvAy Heritage Trust Limited is a private company limiced by zuarantee, registered in England & Wales. The company is rezistered as a chariry with the Charirie5 Commission. In the event of the chariry being wound up. the liabilicy in respect of the guarnntee is limited to £ l O per member of the charity. The address of the registered office and the nature of the charicy'5 operations and principal activities are ziven in the Tru5tees' report The charity constituces a public benefrt entity a5 defined by FRS 102. The financial statements have been prepared under the historical Cost convention with Irn$ recognised at C05t or transaction value unless stated otherwise within these notes. The financi $tements have been prepared in accordance with Accounrinz and Repor¢ing by Charities.. Staoment of Recommended Practlce {appliable to charities preparing their accounts In accordance with the Financial Reporting Srandard applicable in the UK and Republic of Ireland {FRS 102)) {i$5ued in October 2019) - (Charities SORP (FRS 102)). the Financial Reportin8 Standard applicable in the UK and Republic of Irefand (FRS 102) and the Companies Act 2006. The financlal statements are prepared on a going concern basis. The financial statements are presented in sterfing whlch is the functional currency of the charity and rounded to the nearest Él. The significant accounting policies applied in the preparation of these financial statements are set out below. These policie5 have been consis¢¢nrly applied to all years presenced unless otherwlse staced. (b) Fund ac¢ountln8 The unrestricted general funds represent the accumulation of the charity's income and expenditure that has not been earmarked for specific projects and is noc considered by Trustee5 to be for restricted purposes. To the extent that the fund is represented, by readily realisable assets. it provides a means of financing the day-ro4ay operations. Rescricted income funds are those 4Jonated for use In a parcicular area or for specffjic purposes. the us¢ of which is restricted to that area or purpose. (c) Income recognition All income is recognised once the Charity has entitlement to the incom4 ir is probable that the income will be received and the amount of the income receivable can be measured reliably. Donaoons are recognised in the Statement of Fuianciaj Activiue& in the periryl in which they are received. Income from grants is recogni5ed when the Charity has entidement to the funds. any performance conditions attached to the grants have been rneE it 15 probable that the income will be received and the 3mount can be measured reliably and is not deferred. 20
WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) (c) Income recognitlon (contlnued) Lega¢ies are recoinised at the earlier of the date that either. the Charity is aware that probate has been granted. the estate has been finali$ed and notification has been made by the executor(s) to the Trust that a disrribuuon will be mad& or when a distribution is received from the estate. Receipt ol a legary. in whole or in parL is onty considered probable when the amount can be measured reliabty and the Charity ha5 been notified of the executor's intention to make a distribution. Vrfhere lezacie5 meet the criteria for income recognition but have not been received at the balance sheet da they are recognised in lezacy income and other debtw. Ihere.legacies have been notified ro the Charlry or the Charity is aw¥e of the zrantlng of probate and the criterria for income recognition have not been me( then the leDcy is treated as a contingent asset and disclosed if macerial. {d) ExpendSturn l expenditure 15 recognised once there is a legal or construcrive,obligation to tha¢ expenditure. it 1$ probable settlement is required and the amount can b¢ measured reliabty. All costs are allocated to the applicable expenditure heading that aggrepte similar costs to that cate80ry. Where costs Cannot be directly attribufed co particular h¢adings they have been allocated on a basis cons15n¢ with the use of resources. Irrecoverable VAT is charged azain5t the category expenditure for which 1¢ 4$ incurred. Charitable expendlture Comprises those costs Incurred by the Charity in the delivery of its acflvlties and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an Indirect nature necessary to supporr them. (e).Support costs allocatlon Support Costs include centd functtons and have been allocated to octiviry cost eaworles on a basis consi$tent with the use of resources. The analysis of these costs is included in note 4. (Q Tanglble fixed assets Tangible fixed assets are stated at ¢QSt (or deemed cost) or valuaooD less accumulated depreciaoon and subsequenc accumulated impairrnent losses. {g) Depreclatlon Depreciation is provided on tangible red assets so far as ro write off the cost or valuarion. les5 any estimated residual value. over their expecttd useful econornic lrfe as follows: Asset dass Depreciation rate Plant and Equipment l 0% per annum. commencinz the year following acquisition. Buildings 2% per annum. Track 25% reducing balanc No depreciation has been charged on freehold land. 21
'WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (fHE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) (h) Heritage assets All expenditure on the carriages restoration is capitalised as heritage a55ets. Depreciarion is not provided on assets under restorntion because in the opinion of the Tru5tee5 the difference between net realisable value and revalued amount at the end of their estimated useful economic lrfe is likely to be negli&'ble. (i) Investments Investments (in unquoted shares) are stated at cost less provision for pernianent diminution in Ydlue. O) Stocks Scocks are stated at the lower of cosc and net realisable Value. (k) Cash and cash equlvalents Cash and cash equivalenrs comprise cash on hand and call deposits, and other short-terni highly liquid invesfments that are readity convertible to a known amount of cash and are subject to an insignificanc risk of chanze In valu¢. (l) Debtors and creditors rncelvable I payable withln ono r Debtors and creditors with no stated interest rate and receivable or pardble within one year are recorded at transaction prlee. Any loyes arising from impairment are recognised in expenditure. (m) Tax The Charity is a registered charity and is. therefore, exemp¢ from liability to taxation on its incorne and capital gains. to the exrent that such income or plns are applied exclusivety to charirable purposes. (n) Financial instruments The ChariEY only enter5 into basic financial insrruments that result In the recoznition of financial assets and liabllltles such as trade and other debtors and creditors together with loans to related parties. Debt in5¢ruments. such as (rade debtors and creditors. are iniualty measured at trdnsacrion price and subsequentty measured at amortised ¢0SL Financial assets are assessed at the end of vdch reporting perlod for objective evidence of ImpairmenL If obj'ectyve evidence of impairnient is found. an impairment103s is recognised in the income $tatemenL (o) Crltical accountlng Judgements and estlmatlon uncert¥nty The preparation of the financial sratements in conforniiry with FRS 102 requires management to make judgement4 estimas and assumptions that affect the application of policies and reported amounts of assets and liabilitie5. incom4 and expenses. Estimates and judgements are continually evaluated and are based on historical experience and other factors. including expectation5 of fvture events tha¢ are believed to be reasonable under the circumstances.
' WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED cfHE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) (o) Critical accounting judzements and estlmation uncertainty (contlnued) The Charity makes estimates and assumptions concerning the fuwre. The resulting accounting estimates will, by definiuon, seldom equ the related actyal resurr4. The Trustees consider that rhe following cridcal accounting esrimates and judgements which have a significant risk of causing a material adjustment to the arrying amoun¢s of assets and liabilities within the next financial year. Heritsge assets represent fNe carriazes held by the trusL Where c¢ka1. heritaze assets are Included at COSL Depreciation 15 not provided on assets under restordtion because in the opinion of the Trustees the difference between net reali5able value and revalued amount at the end of thelr estimated useful economic lrfe is likely to be negli&ble. There is a risk that the actual currenc value of herirage assets andlor their net realisable value at the end of thelr useful economic lives is different to these esumate5. Estimate oflegocy income A debtor of £3,001,835 has been recognised in respert of four leDcies due to the Charity. This reflects the Tru5tees' best esrimace of the amount receivable at the balance sheet date. The related estates are still in the hands of the solicitors and the final amounts ultimately received could vary from the amount r¢coznised at the balance sheet date. (p) Golng concern The financlal $tatements have been prepared on a goinz concern basis as the Trustees believe that no material uncertainties about the ability of the Chariry to continue to opernre for the foreseeable future exisc The Trustees have considered the level of funds held and the expected level of Income and expenditure for 12 months from authorising these financial staremenrs. The budgeted income and expenditure is sufficient with the level of reserves for the Charity co be abl¢ to continue as a going concern. (q) Prlor perlod adjustment Where an error or omission is ideniified in respect af comparative figures thls is adjusted in the precedinz perlod. 2. INCOME FROM DONATIONS AND LEGACIES 2024 Total 2023 Total unrestricted Restricted Grdnts Donarions Legacies Gift Aid Total 19,688 3,001835 4,512 3.030.035 4.212 23.900 3.002.835 5.565 3,035.3iy) 11,764 1,916 1724 16,404 1,053 5,265 During the period to 31 December 2023, donations and legacies recetved totallinz £4,957 were restricted.
'WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) 3. TRUSTEES AND OTHER EMPLOYEES During the period £100 (2023: Nil) of trdvellinz expenses was reimbursed to one (2023.. none) Trustee. No remunerauon or expenses have been paid to or for the Trustee5 or any persons connected with them in the period ended 31 December 2024 (2023.. £nil). The company has no employees {2023.. None). 4. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES 2024 Total 2023 Total Unrestricted Restricted Support ¢osrs: Insurance Rent Salary contributions 1.236 14.550 6.170 1,227 1.250 1463 15.800 6,170 2,323 8.391 8.937 Administration - Independent examiner's fees Audit fees 1,098 8.760 8,760 Other 1.585 Depreciation Other 9,857 16,3 9,857 34,797 732 24,788 1&453 To(al 56.917 20,930 77.847 47,854 During the period to 31 December 2023. expendicure on charitable attiviiies included £1 0,911 of restricted expenditure. 5. NET INCOME Net income is stated after chary'n& 2024 2023 Depreciation Operaun% lease costs Auditor'5 remuneration Predecessor firm - Independent examiner's remunerntion 9.857 15.800 8.670 732 &391 1.098 24
WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) 6. TANGIBLE FIXED ASSETS Land and Buildings Plant & MKhinery Track Total Cost As at 31 December 2023 Addicion5 As at 31 December 2024 16,086 21.211 37.297 16,086 93,107 109.193 41,896 41,896 30.( 30.000 Depreclatlon As at 31 December 2023 Charge for year As at 31 December 2024 732 1.592 1324 732 9.857 l O,S89 765 765 7.500 7.500 Net Book Value As at 31 December 2024 41.131 34.973 22.500 98.604 A5 at 31 December 2023 15.354 15,354 7. HERITAGE ASSETS C05t As ac 31 December 2023 Additions As at 31 thc¢mber 2024 308,465 2,181 310.646 Summary Analysls of Herltage Asset Transartlons 2020 2021 2022 2023 2024 Purchas•s 6705 3639 9038 9037 7SS 3,910 70 1154 634 7.603 2424 27 As at 31 December 2024. heritage assets represent ten carriages and a horse box held by the Trust.
WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (THE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) 8. INVESTMENTS Cost As at 31 December 2023 As at 31 December 2024 118.250 118,250 Impalrnient ProvisSon As at 31 December 2023 As at 31 December 2024 111750 I 11750 Net Book Value As at 31 December 2023 As at 31 December 2024 5.500 5.500 The Cost ol Investments Consts of. Four One Six O Limited West Somerset Railway plc £5.500 £ l ordinary share$ 1883,467 (2023 - 2.747,32T) l Op ordinary shares Impalmient Proylslon The shareholding in West Somerset Railway plc ha5 been acquired over a number of years and ¢on5ists both of shares subscribed for and shares acqulred by bequest and donation. All shares acquired in the period were ¢hrou8h bequests and donations. The Trustees have considered the carrying Yalue of the invutmen¢ and concluded that the Articles of INSR plc are Such thac the investment is of nezlizible material value Ind therefore full provision has been made. Whils¢ WSR plc and INSRHT Ltd are separate legal enuties and each conducLS its ovrn activities, the nature ol these activities is such that the entiiies mainun co-operation. The Trustees consider thaf continued investment In WSR plc is of direct benefit ro WSRHT Ltd in pursuing i¢s charitable objecuves. No impairment provision has been made in respect of the holdiny in Four One Six O Ltd. buc the TrusTres will keep this under review. 26
WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (fHE) NOTES TO THE FINANCIAL STATEMEKfs FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) 9. STOCK 2024 2023 Goods for resale 1.133 1,059 I O. DEBTORS 1024 2023 Trade Debtor5 Legacies Gift Aid Income Due WSR PIC 468 3,001,835 8.160 1595 3.312 6.375 3.009,995 I I. CREDITORS: Amounts falllng due wlthln one year 2024 2023 Other Credicors 10,960 2.123 12. COMPANY LIMITED BY GUARANTEE The company is limited by guarantee and does nor have a Share Caw't21. In the event of the company being wound up, each member. or person who has ceased to be a member within 4¢1¥¢ months ofwinding up, undertakes to confribuce the sum of LIO to the wirKlinz up, rf the company is insolvent. 13. AUDITORS IINDEPENDENT EXAMINER'S REMUNERATION 2024 2023 Auditor's remuneration Predecessor firm - Independent examiner'$ remuneration 1.098 8.670 1,098 The 2024 a¢counrs required an audit under the Charities Act 2011. as the Charity's income exceeded Ilmlllion. An audit is required rf income exceeds £lmillion or income exceeds £250,000 and total assets exceed £3.26 million. 27
WEST SOMERSET RAILWAY HERITAGE TRUST UMITED (THE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (contlnued) 14. FUND RECONCILIATION Balance at 31.12.2023 Income Expenditure Transfer5 Balance at 31.12.2024 Unrestricted Funds General Fund 341.032 3.025,274 (30.011) (44.473) 3.291,822 Deslgnated fvnds Heri¢age Carriages Projec¢ (HCP) 6705 32.329 15.219 (26,290) (616) {56.91 T) 31241 53.499 173.141 546.502 3,040.493 2.770 175,295 (9.462) 3.520.616 Balance at 31.12.2023 Income Expendlture Transfers Balance at 31.12.24 Restrlcted Funds 3639 9038 9037 Horse Box Signal Box Herltage Museum5 28.336 78,863 2,424 1861 993 10.821 560 365 125,223 72 28.336 78,865 1451 1861 (399) 27 5,780 {17.097) 6.705 {560) 1817 9.462 6,209 HLF WSR Support 300 &195 (3.362) (20,930 120 119,950 The Restllcted FurKls listed beknv have been se¢ up ro allow the re£elpt d monie5 to be used for a specified use by the person15 donatlng m¢w ro che Trust. 3639- Restoraclon of GWR carrmge 3639 Colletr ToplLthr 3rd Class. Ex Ambulance CCh 9038 - Restoratlon of1897 Vlc¢orfan Sle4>ing Carriage number 9038 9037 . Rest4¢ of a SlI0n of 1897 Vktorkn Sleeplnz Carriage number 9037 Horsebox . Kestcrdtlon of GVVR Horsebox &gnal Box Herftage (SBHFI - Acqulslth)n aThJ kmllation into ggnal Boxes items of a heritage nature. Museums- Contribution to the runninz of the Gauge Muwm at Blue Andw and &'sh¢ps Lydeard arKI a150 the Model RaIlaY at Bishops Lydeard HLF . Management of a Grant recelved frorn the Heritage Fund to Up8rade the gauge Museum at Bishops Lydeard and develop i Learning and Sthools Outreath fa¢illty. IhSR Support - Donarions received to assist the Tru to assist the Wert Somerset Ra1Y malntaln and pro¢ett its Heritage Assets. 28
WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (fHE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) PRIOR PERIOD FUND RECONCILIATION Balance at 31.12.2022 Balance at 31.12.2023 Income Expendlture Transfers Unrestricted Funds Generdl Fund 368,768 19.062 (28.421) (18.377) 341,032 Heritage Carriages Projec¢ (HCP) 6705 31329 715 {7.9S I ) (571) (36.943) 7.236 32,329 173,071 574.168 173.141 546.502 19,777 (10,500) Balance at 31.12.2022 Income Expendlture Transf•rs Balance at 31.12.23 Restrlcted Funds 3639 9038 9037 Horse 8ox Signal Box Heriwe Museurns 24,428 78,863 1424 1861 893 9.889 560 65 119.983 (67) (370) 3.975 370 28.336 78,863 1424 2.861 993 10.821 560 365 125,223 5.251 (10.474) 6.ISS HLF WSR Support 300 5.651 (10.911) 10,500 29
WEST SOMERSEf RAILWAY HERITAGE TRUST UMITED (fHE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) IS. ANALYSIS OF ASSETS BETWEEN FUNDS Unrestricted Funds Restricted Funds 2024 Total Fixed assets Heritsge assets Invesunents Current assets Current liabilities 98.604 206,046 5.500 3.221.057 (10.591) 3.520.616 98.604 310.646 5,500 3,236,776 (10,960) 3,640,566 104.600 15,719 (369) 119,950 2023 Total Unrestrlcted Funds Rostricted Funds Fixed assets Heritage assets Investments Current assets Current liabilities 1 S.354 203,891 5.5IXI 323.086 (1.329) 546,502 15,354 308.465 5,500 344,529 {2,123) 671.725 104,574 21.443 1794) 125.223 16. TRANSACTIONS WITH DIRECTORS During the year the Conwany made donations CO4rd5 the salary costs of Helen Anson, who is directly ¢mployed by West Somerset Railway Pl4 totallinz £6.170 (2023 £9.937). 17. RELATED PARTf TRANSACTIONS There were no related party trdnsattions in the year {2023: none). 18. OPERATING LEASE COMMITMENTS At 31 December 2024 the company had annual commitments under non-cancellable operatinz leases, total future minimum operaring lease payments are as follows:. 2024 2023 Land and buildings Within one year Due in 2- 5 years Due greater than S years 16,249 64.996 76.421 157.666 14,500 5,000 47.504 67.004 30
WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (fHE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JI DECEMBER 2024 (continued) 19. PRIOR PERIOD RESTATEMENT Heritage osset dossificotion The prior year comparatives have been restated to reflect a corrertion to the classification of her1e assets. Previousty heritsge assets were classthed within fanwble fixed assets. However In accordance with the Statement of Recommended Prdctice. separate classification as heritage assets is more appropriate. £308.465 has therefore been reclassified from tangibk fixed assets to heritage assets. There is no impacc on total assets from this adjustmenL 20. PRIOR PERIOD STATEMENT OF FINANCIAL AcfiviTIES Unr¢styicted Resrricced Funds Funds Total Funds 2023 Income from: Donations and leza¢ie5 11.447 4.957 16,404 Investments 7.890 1 Other rradlng a¢uvitles 694 1.134 Total income 19.777 5,651 25.428 Expenditure on: Charitable acfiviues 36,943 10.911 47.854 Total expenditure 36.943 10.911 47.854 Net incomel(expeTrditure) (17.166) (5.260) (21426) Transfers {10.500) 10.500 Net movement of funds (27.666) 5.240 {22.426) Re¢onciliation of funds: Brought fjorrd 574,168 119,983 694,151 Carried forward 546.502 125.223 671.725 1 31
WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (fHE) The followlng pages do not forni part of the statutory Ilnanclal statements 32
WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (fHE) ANALYSIS OF FUNDS FOR THE YEAR ENDED 31 DECEMBER 2024 GENERAL HCP 6705 Vnrests4ct•d Funds FUND Income From Donations and Legacies Grants Income Tax Recover4ble OD Donations Investsnents Other Trading Activitie5 3.010.778 11.745 3.022,523 3,000 1.803 9.188 505 1709 4.512 9,188 1,270 765 Total Income 3.025.274 15.219 3,040,493 Transfer5 (H.473) 31241 1770 (9.462) Expendlture On EXPENDITURE ON CHARITA8LE ACTIVITIES Depreciadon Insurance Rent Salaries Administration Auditors Remunerdrlon Other Other Support Costs Totsl Expenditure 9,857 294 9,857 1.236 14.550 6.170 316 14,550 616 6,170 8.760 8,760 4.930 11.414 30.011 26,290 16,344 56.917 616 Net 2.995.263 11.071 616 1983,576 Net after transfers Additions to Fixed A$5ets 2.950.790 21.170 75.396 17.711 1154 1154 2,974,114 95.261 Net Including CAPEX 1875,394 3.459 2,878,853 Balances at 31 st December 2024 Fixed Assets Curren¢ Assets Currenc Liabilities Total 85.941 48.819 175.390 310,150 3,214.703 6,341 13 3.221.057 .822 1.661 10,591 3291822 S3499 175295 3S20616 33
WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED cfHE) ANALYSIS OF FUNDS FOR THE YEAR ENDED 31 DECEMBER 2024 (contlnued) 3639 9038 SBHF Income Frorn Donation5 and Legacies Grants Income Tax Recoverable on DoDation5 Imiestsnencs O¢her Trading Activitles 92 23 Total Income Transfers 72 27 Expenditure On EXPENDITURE ON CHARITA8LE ACTIVITIES Insurance Rent Salaries Administratlon Auditors Remuneration Other Oiher Support Costs Total Expenditure 399 399 Net 399 Net after transfers Additions io Fixed Assets Net induding CAPEX 27 27 27 Balances at 31 st Dec¢mhr 2024 Fixed Asset5 Current Assets Current Liabilitie5 Toial 23,714 76,843 4.634 1092 12 28 336 78 865 1451 1451 1.592 1.269 2.861 34
WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (fHE) ANALYSIS OF FUNDS FOR THE YEAR ENDED 31 DECEMBER 2024 (contlnued) Museun Comprisin8 Mod.Rwy Income From Donations and Legacies Grancs Income Tax Recoverdble on Donarions Investments Other Trading Activities 3,484 396 970 871 99 930 930 Total Income Trdnsfers 5.780 6,705 6.705 5.285 495 Expendlture On EXPENDITURE ON CHARITABLE ACTIVITIES Raising Fund5 Grants Acqui54tions Insurance Rent Salaries Consultants Administrdtlon Independent Exarniner's Fee Other 756 1,250 2n 742 508 Other Support Co$ts 15.091 9,218 4.832 17.097 10,232 5.824 1,041 Nec 11.317 10,232 539 546 Net after trdnsfers Addifions to Fixed Asse¢s Net including CAPEX (4.612) (3,52n (539) (546) 4.612 3.52 539 Balances at 31 Deeember 2024 xed Assets Current Assefs Current Liabilities Total 6.496 287 222 4.245 22 65 1029 35
WEST SOMERSET RAILWAY HERITAGE TRUST LIMITED (fHE) ANALYSIS OF FUNDS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) HLF WSR Total TOTAL Restrictod Income From Donations and Legacies Grants Income Tax Recoverdble on Donation5 Invesrments 240 4.212 3,026,735 1.053 5.565 9.188 Other Trnding Aciivities 930 2.200 To¢al Income 300 6,195 3.046,688 Trnnsfers (560) 2,817 9.462 Expendlture On EXPENDITURE ON CHARITABLE ACTivrriES Depreciarion Insurance Rent Salaries Administration Auditors Renumeration Other Other Support Co$ts Total Expenditure 9,857 1463 15,800 6,170 1,227 1.250 8,760 3,362 3.362 18.453 20.930 34.797 77.847 Net 3.062 14,735 1968.841 Net after transfers Addlrions ¢0 Fixed Assets Net including CAPEX ($60) (245) 5,273 27 5,246 2.979,387 95.288 2.884,099 245 Balances at 31 st De<emb•r 2024 Fixed Assets Current Assets Current Liabilits'es Total 104.600 15.719 369 120 119950 414,750 3,236,776 10.960 3 640 566 120 36