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 raik￿Y 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 deta￿S 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-Chaim￿n 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. Pe￿r 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 SP￿ifiC additional work
programme covering Accreditsoon implementation. The Business Plan. the key stfdtegic objectives
for 2024 and 2025 y￿re.
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 S￿on.
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 MU￿mIllion 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 infraStruC￿re 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 Sep￿rnber 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<l through.
The Trust Websi￿ 15 also undergoing signiftcant development and rein*rpretation in order to
improve its accessibility and funcrionality fi>r users. Sociai media usage will become increa5inzly
important par¢icularty in looknng to reach out to younger age groups. To 5UPPOrt the enhanced work
involved. the Trust is seeking to recruit a voluntary Communicaoons Assistant and it is hoped to
have somebody. in post by the AGM.

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 CoMmit￿e 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 t￿der and inter¥iew process.
A review and updating of financial policies and procedures including our rese￿eS 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. rein￿rPreratson of Blue Anchor Museumland improvements at the Gauge
Museum. Helen Anson se￿red a grant of £5.000 w oke forward th¢ Learning and Education Talking
Nature project whi¢h is being delivered in ParU￿rShiP 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
materi￿lse 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 f￿ed 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 kno*m
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 R￿lWaY 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 Invo￿1n8 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 a￿dre 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 r*avisions 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 eX￿1c1￿Y 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 accoUn￿nI 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 al￿rnatiVe 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 h￿h 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 re￿rt
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 lOr￿drd
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 AUg￿t 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 I￿rn$
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 cons15￿n¢ 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 r￿ed 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 estima*s 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 Con￿sts 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 C￿Ch
9038 - Restoratlon of1897 Vlc¢orfan Sle4>ing Carriage number 9038
9037 . Rest￿4¢￿ of a S￿lI0n 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 RaIl￿aY 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 Ra1￿Y 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 CO￿4rd5 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
her1￿e 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 fjor￿rd
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