Charlty reglstratlon number 271589 Q)mpany reglstratlon number01261079 (England and Wales) EAST SOMERSET RAILWAY COMPANY LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 OLDMLL
EAsf SOMERSET RAILWAY COMPANY LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees R C Masters C R Cooke C E Hopkins SJ Ma5ter5 D R Sharp E Lavender N J Dixon (Appointed 29 May 20231 (Appointed 29 May 20231 Charlty nurnber 271589 Company number 01261079 Re8lstered offl<e Cranmore Rallway Stadon Cranmore SHEPTON MALLET Sornerset Independent examlner Old Mlll Ac¢ountsncy Llmlted Blshopbrook House Cathedral Avenue WELLS Somerset 8A5 IFD Bankers Lloyds TSB 24- 26 Hlgh Street WELLS Somerset BA5 2SJ Soli¢itor5 Chubb Bulleid Limited 7 Market Place WELLS Sorner5et BA5 2RJ
EAST SOMERSET RAILWAY COMPANY LIMITED TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present theSranThual report and financial ststernents for the year ended 31 December 2023. The accounts have been prepared in accordance with the accounting politie5 Set out In note I to the accounts and compty with the charily'5 governlng document. the Companies kt 2006 and 'Accounting and RepoTting by Charlties.. Ststement of Recommended Practice applicable to charlties preparing their accounts in accordance wlth the Flnancial Reportyn8 Standard applicable in the UK and Republic of Ireland IFRS 1021. leffethve l January 20191. ObA8¢iiv¢$ and athVIeS The Principle activities and charitable tsbjecknves of the East Somerset Railway Cornpany la150 known a5 ESRI are to preserve, operate and exhlblt for publlc benefit for educauonèl and Instructyonal purposes and to sttmulate and encoura8e Interest In steam and other rallway locomotlves. rollin8 Stock and other machlnery and equlpment of hlstorl£al Interest. The wholly owned subsidiary companyj Cranmore Railway Company Llmlted, operates a retall shop and a restaurant. It also run5 a carriaKe overhaul and repalr buslness. Cranmore Train Maintenance Service5. The trustees have pald due regard to gUIdan Issued by the Charity Cornm155lon In de¢idinB what act6vSUÈs the charltv should undertake. The trustees conlirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit wheth rÈvlewlng the charity's aims and objectives in plannlnE future athvSt(es. The directors are very Erateful to the many enthuslasdc and dedicated volunteers without whom the railway could not operate. The ESR has over 100 volunteer members of whom about 40 work regularty at the Rallway. ThSs amounts to the equivalent of 12-15 full tfme staff. Work Is carrled out Sn all departments as5istin8 in operations, track, site and bullding malntenance, S&T, work5hop5, shopi ticket office and management. Achlevement$ and performance In a rIOd when a number of herita8e railways have struggled, the ESR has continued to make good progre55. With the help of Bood publitlty In soclal medla and the press for recent achievernent5, VlSltor numbers and Intome have increased. Additional dining Services have a150 been introduced in response to strong public dernand and incotne from thls source have signlh-cantly increased. Operation of the café under a concesslon arrangement has proved hl8hSy successful. Services offered have been expanded and footfall and Income have dramatically increased, from whl¢h the ESR recelves a much-lmproved Income. Sufficient fund5 have been generated from operatlons to support a range of improvements. The laTge5t expense of over EIOOK has been spent on track renewals but it is expected that the need for this level ol expenditure will be reduced in future. Several development projects have been identified. mainly aimed at improvlnE fa¢llStles and attra¢dons for visltor5. which. subject to fundingi It 15 hoped wlll move frlrward In the comingyear. The ESR Chalrman has stood down from thls role but continue5 as a Trustee. A new Chalrman has been appolnted but no other chan8es to the Board have been made. 2024 Is expected to be simtlarty prolitable. but income from contract locomodve overhauls will cease in the following two vears to enable work to be ¢arrled out on an ESR locomotive. Thi5 wlll greatly redu funds aVaIlab for malntenance and improvements and steps are being taken now to manage expendlture accordingly. Application for grant fundlng where appli¢able Is also belng considered. Fundralslng In addiiion to ralslng funds through operations, fund5 have also been raised from donations, through gift aid. variou5 commercial schemes such 35 Easyfundralslng and small grants. Projects forwhich a malor grant would be needed are under consideration. Funding for ongoing improvements at the Railway has mainly been provided from surplus Income. Professional help for fundraising has not so far been sought but has been consldered for major projeLts. A5 a charlty we do not directly solicit don3tion5 and have never employed elther dlrectly employed or 3 party collectors.
EAST SOMERSET RAILWAY COMPANY LIMITED CONTENTS Trustees, report Independent emamlner's report Statement of financial activities Balance sheet Statement of cash flows Notes to the financial 5tateFnents 9-22
EAST SOMERSET RAILWAY COMPANY LIMITED TRUSTEES, REPORT {CONTINUED)IINCLUDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 fjolng ¢on¢ern After making appropriate enqulries, the trustees have a reasonable expectation that the charlty has adequate resources to continue in operational existence for the foreseeable future. Forthis reason they continue to adopt the 801ng concern basls In preparing the financial statements. Adoption of the going concern basis can be found in the Accounting Policles. Flnonclal revlew The reserves of the charity that a freely avallable for the use at the year end are as foSlows.' 2023 2022 Total funds of the charlty Less: Deslgnated funds Unre5trirted funds only reallsable on dlsp05al of fixed assets 715,250 624,664 166,0001 166,WOI 1464,8141 1393.3951 184.436 165,269 The East Somer5et RaiaY Board understands the need to Improve the flnanclal StsbIlY of the charity by bullding a cash serve. Whilst the tinancial performance of the Railway has irnproved considerably in recent years, the need to fund improvernent5 and a backlog ol repalrs to Infrastructure, tfack etc, has requlred most avallable cash to be used. The Board conttnues to look for way5 to e5tsblish a reserve fund. The trustees have assessed the major risks to which the charity is exposed. and are satisfied that systerns are in place to miti8ate exposure lo the rnajor risks. Plansforthe future Although extendln8 the track maIThs a dlstant prospect. the Railway has signilicant development Flans in rnany other areas. This year. with the help of additional volunteer staff 11 Is hoped to make proÉress on the track, rolling stock, slgnalllng, and Infrastructure. Strucliirej 8overnance and management The charlty is a tompany IlmSted by guarantee incorporated and registered as a charity on 2 June 1976. The 8uarantor5 arp the rnember5 to the extent of £1 e3¢h. The governlng documents of the charlty are the Memorandum and Arkncle of Associaknon dated 2 June 1976. A5 amended by re501uknon 13 May 2017. The trustees, who are also the directors for the PUTP05e of company law, and who served durlng the year and up to the date of Signatu of the h'nancial siatemenrs We.. R C Masters C R Cooke C E Hopkln5 SJ Masters D R Sharp E Lavender NJDlxt IAppolnted 29 May 20231 (Appointed 29 May 20231
EAST SOMERSET RAILWAY COMPANY LIMITED TRUSTEES, REPORT (CONTINUED){INCLUDING DIRECTORS, REPORTI FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees, are appolnted at the annual 8eneral meetin8 by the members. The trustees may appolnt new trustees between 3nnual general meetings but such appointments must be ratified at the next annual general meeting. Trustees seek to thI15kill gap5 a5 far a5 POS51ble when looklng fLir new board tnernbers. As a charlty the ESR malntslns board of trustees and operate5 In Ilne wlth recornrnended p¥actlce. The ESR promotes è pollcy of In¢lusivlty whlch Is appl1 to our siaff, volunteers and vlsltors. We have IrNested In external traSnln8 in relation to vulnerable people. A5 an operational railway the ESR ha5 to provlde a board Structu that fulfils its oblSRaUons utyler the Transport & Works The day to day management of the charlty Is de1e8ated to Slmon Bendlns who was appolnted as buslness manager during the year. Statement of trustees. responslbllltles The trustees, who are also the directors of East Somer5et Railway Cornpany Llrnhed lor thÈ purpose of company law, are responslble for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdorn ACCOUnnE Standards luned Kingdom GenerallyAccepted Accounting Practice). Company Law requlres the trustees to prepare financial statements for each financial year which give a true and falr vlew of the State of affair5 of the charlty and of the Incoming resources and application of resources, including the incorne and expenditure. of the charitable cornpany for that year. In preparing these tinan¢ial statements, the trustees are requlred to.. - select sultable accountlng pollcies and then appty them conslstentty,. - observe the methods and prlnclples In the Charffjes SORP,. rnake judgements and esumates that are reasonable and prudent,. state whether appliCae UK Accounting Standards have been followed, subject to any material departure5 d15c105ed and explained In the ftnancial statements.. and prepare the financlal statements on the 8olng concern ba51s unless It Is Inappfoprlate io piesume that the charlty wlll ntfinue In operatlon. The trustees are responsible for keeping ade4uate accounting record5 that disclose with reasDnable accuracy at any ttme the flnancial position of the charsty and enable them to ensure that the financial statements comply with the Companies Act 2CK16. They are also responslble for safeguarding the assets of the charlty and hence for tskingreasonable Steps for the PreVeOn and detecdon of fraud and orher brglarIt1Qs. The tfUStees' eport wa5 approved by the Board of Trustee5. R C Masters Trustee Dated.. D R Sharp Trustee Dated.. 24
EAST SOMERSET RAILWAY COMPANY LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF EAST SOMERSET RAILWAY COMPANY LIMITED I report to the trustees on my examination of the financial ststement5 of East Sorner5et Railway Cornpany Limlted Ithe ¢harityl for the year ended 31 December 2023. Responslbllltles and basls of report As the trustees ol the charity land a150 It5 dlrectors for the purposes of wmpany lawl you are responslble lor the preparatlon of the flnanc131 statements In accordance with the requirement5 of the Companies Act 2005 (the 2006 A¢tl. Havlng satisfied rnyself that the f(nancial statements of the charlty are not requlred to be audited under Part 16 of the 2006 Act and are eli8ible for independent examination, I report in respect of rny exarnination of the tharity's financial statements tarrled out under section 145 of the Charities Act 2011 Ithe 2011 Actl In carrying out rny examination I have followed all the applicable Direction5 given by the CharSty Commlsslon under section 14515llbl of the 2011 Act. Independent examIne$ statement Since the tharity's gross income exceeded £250.000 your examiner must be a rnember of a body listed in Section 145 of the 2011 Act. I confirm that l am qualSfied to undertake the examlnation because l am a member the Institute of Chartereé Accountants in England and Wale5. which is one of the listed bodles. I have cornpleted my examlnauon. l ¢onfirm that no matters have come to my attentlon In connethon wlth the examlnation glving me cause to believe that in any material respect.. accounting records were not kept in respect of the charlty as requlred by sethon 386 of the 2006Act; or the linancial statements do not accord with those record5,' or the linancial statements do not £omply with the accountinR requlremems of sethon 396 of the 2006 Att Other than any reqylrement that the accounts glye a true and fair view which 15 not a matter considered as part of an indeperbdent exarnination,. or the fianCial Statements have not been prepared In accordance wlth the methods and PrfncleS of the Statement of Recommended Practice for accounting and reporknng by charities applltable to charities preparlnÉ thelr accounts In accordance wlth the Flnanclal Repothng5tsndard applicable in the UK and Republic of Ireland IFRS 1021. I have no Concerns and have come across no other matters in connection with the examination to which attention Should be drawn in thi5 report in orderto enable a proper understanding ot the linancial statements to be reached. TIM Lerwlll, FCA Old Mlll Accountsncy Llmlted Blshopbrook House Cathedral Avenue WELLS Somerset 8A5 IFD 1910912024 Dated..
EAST SOMERSET RAILWAY COMPANY LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrl¢t¢d funds 2023 Total 2022 Notes Income and endowments from: Donation5 and legacies Charltable atrfvltles Other trading activities Other income 134,563 393,262 45.905 53,996 80,412 326.736 35,735 37,737 Total Income 627,726 480.620 endlture on.. Raising funds 21,315 32A20 CharSt3ble actlvldes 51S,825 491.799 Total re50urce5 expended 537.140 524.619 Net Incomellexpendlturel for the yearl Net movement In funds 90,586 143,9991 Fund balances at ljanuary 2023 624,664 668,663 Fund balances at 31 December 1023 715,250 624.664 The ststement of fln8ndal also complles wlth the requirements for an Income and expenditure account under the Cornpanle5 Act 2006.
EAST SOMERSET RAILWAY COMPANY LIMITED BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Flxed assets Tanglble assets Investments 14 Is 464,814 25.000 393.395 25.000 489.814 418,395 Current assets stocks Debtors Cash at bank and In hand 16 17 3.300 68.806 200.608 7,124 67.083 211,031 272,714 285,238 Credltors: amounts falllng due wlthln ono year 147,2781 178.9691 Net current assets 225.436 206,269 Total a$sets le$s Cufrent Ilablllties 715.250 624,664 In¢ome funds nrestrlcted funds Designated fund5 General unrestricted funds 21 21 66.000 649.250 66.000 SS8,664 715,250 624,664 715.250 624,664
EAST SOMERSET RAILWAY COMPANY LIMITED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2023 The company is enutled to the eKemptron from the audit requirement contsined in 5tion 477 of the Companies Act 2006. for rhe year ended 31 December 2023. The mernber5 have not required the company to obtsin an audit of its financial statements for the y&r In questton In accordance with section 476. The directors acknowledge thelr responsibl11e5 for complylng wlth the requlrements of the Companles Acr 2006 wlth respect to ac£oundng records and the preparadon of ftnancSal statements. These fin3nti315tatetnents have been prepaied in accordance with the provisions applicable to companles subject to the small companie5 regime. Zf The accounts were approved by the Trustees on......... ...... R C Masters Trustee D R Sharp Trustee Company Reg15trn0n No. 01261079
EAST SOMERSET RAILWAY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 DECEMBER 2023 A¢countlng pollde5 Charlty Informatlon East Somerset Rallway Company Liwnited is a prlvate cornpany limlted by guarantee incorporated In England and Wales. The re8istered offite Is Cranmore Railway Station, Cranmore. SHEPTON MALLET, Somerset. BA4 4QP. 1.1 A¢¢ountlng convention The accounts have bpen prepared in accordance wlth the charitv's governlng dotumenL the Companle5 Art 26 and "Accounting and Reporting by Charities.. Statement of Recommended Practice appllcable to £harlties preparing thelr accounts In accordance with the Flnanclal Reporknng Standard appllcable In the UK and Republlc of Ireland IFRS 1021" (effective l January 20191. The £harlty Is a Publlc Benefit Entity as delined by FRS 102. The financlal statements are prepared In sterlln& whlch is the functional c¢Jrren¢y of the charity. Monetary amounts In these flnancial staternent5 are rounded to the nearest £. The linandal statement5 have been prepared under the hlsrorlcal cost convention. The prlncipal accountin8 policie5 adopted are set out below. The charity ha5 taken advantage of the exernpdon under section 400 of the Companles Act 26 not to prepare eonsolldated accounts. The financlal statements present Informarfon about the charlty as an Sndlvldual entity and fiot about it5 group. L2 Goln8 concern At the time of approvlng the finzncial statements, the trustees have a reasonable expectatton that the ¢harlty has adequate Tesources to continue In operational existence for the foreseeable future. Thus ihe trustees continue to adopt the going concem basls of accounting In preparlng the thnancial atements. 1.3 Charltable funds Unrestricted funds are availablefor use atthe discreth)n of the trustee5 in Furthera of thelrcharltable objectives. Designated funds comprlse fund5 whlch have been set aside al the discretion of the trustees for specific purposes. The purposes and uses of the dÈsl8nated fund5 are set out In the notes to the financial 5tatemersts. 1.4 Incomln8 re50ur¢es Income Is re¢ognlsed when the charity Is legally entitled to it after any performance condition5 hwe been met. the amourbts can be measured rellably. and it is probable Ihat income will be received. Cash donations are recognised on recelpt. Other donation5 are recognlsed once the ChartY has been nottfled of the donation, unless performance condition5 requSre deferral of the arnount. Income tax recoverable in retiOn to donations received under Gift Ald or deeds of covenant Is recognlsed at the time ol the donauon. Legacle5 are re¢oÉnlsed on recelpt or otherwlse If the charity has been notslled of an impending di5trlbutlon. the amount is known, and re¢elpt Is expected. If the amount is not known. the legacy 15 tated as a contingent asset. Grants received to asslst with specific expenditure are released to the statement of nancIal athlttes as the expenditure is incurred. Income is only deferred when.. Fees are recelved Sn advance of the event lo whlch they relate.. The donor specifies that the grant or donation must only be used In future accounting periods,. and The donor has Imposed condiknons whl¢h must be met before the charfty has unwnditional entitlement.
EAST SOMERSET RAILWAY COMPANY LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 310ECEMBER 2023 2023 2022 Notes Cash flows from operndnK act1vlt5 Cash generated from operatlons 25 114,645 26,492 Investlng attS¥lde$ Purchase of tangible fixed a$$ets 1125,0681 149,2101 Net Cash used In Investlng acilvltles 1125,a681 149,2101 Flnanclng actlvlde$ Repayment of borrowfjngs 12,6981 Net ¢a$h used In t5nanclng a¢tlvllle$ 12,6981 Net decrease In ¢ash and cash equlvalents 110.4231 125.4161 Cash and cash equlvalent5 at beginnin8 of year 211,031 236A47 Cash and cash equlvalents at end of year 21X),608 211,031
EAST SOMERSET RAILWAY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 ACcoUnnI poll¢1è5 (Continued) 1.9 Sto¢ks Stock5 are stated at the lower of tost and esMated selllng prlce less Costs to complete and sell. Cost compr15es dlrert materlals and, where appli¢able, direct labour tosts and those overheads that have been incurred in bringing the stocks to their present location and condition. Itern5 held for dlstrlbudon at no or nornin31 consideration a measured the lower of repl3Ment cost and cost. Net realisable value Is the estlmated selllng prlce less all esrnated tosts of completlon and costs to be Incurreil In marketin& selling and distrSbufjon. 1.10 Co$h ond cash equlvalent5 Cash and cash equlvalenrs Include tash In hand, deposlts held at cèll wlth banks, other short-term liquid investments wlth ori8lnal maturities of three month5 or less, and bank overdrafts. Bank overdraft5 are shown wlthln borrowings in current liabilities. 1.11 Flnanclal Instruments Flnanci41 in5trumÈnts are recognised in the charity's balance sheet when the charity becorne5 party to the ¢ontrattual provisions of the in5trurnent. Financlal a$set5 and Ilablllyes are offset, wlth ihe net arnounts presented In the financial ststements, when there Is a legally enforceable right to Set off the re¢o8nlsed amounts and there Is an intention to settle on a net basis or to rea1ise the asset and settle the Ilabllity simultaneou51v. 8oslcfvunclol#Mets 6aslc tinanclal assets, which include debtors and cash and bank balance5, are initially measured at transaction price Includlng transatttorn costs and are subsequently carried at amorknsed cost using the effective interest method unless the arrangement COll5titute5 a linancing transacknon. where the transa¢tion Is measured at the pre5ert value of the fvture receipts discounted at a market rate of interest. Financial assets cla55ilied as re¢eSvable wlthin one year are not arnorknsed. Boslcfvonclttllloblllttes Ba51t lin3ncial liabiliknes. including creditors and bank loans are Inltlally recognlsed at transactfjon prlce unless the arrangernent constttutes a financing transaction, where the debt Instrument is rnea5ured at the presert value of the future paymenis discounted at a market rate of Interest. Financial Ilabillttes classifled as payable within one year are not am0Sed. Debt Instruments are subsequently carrled at amortised cost. using the effertive interest rate rnethod. Trade credltors are obligations to pay for goods or servS¢es that have been acqulred In the ordlnary wurse of operattons from suppliers. Amounts payable are classified as current liabilities il payment Is due within one year or less. If not, they are presented as non-current Ilabllltyes. Trade credltors are reco8n15ed initially ar transacdon price and 5ubseqLtently measured at am0Sed cost usin8 the effecuve l#tÈrÈst method. Dereropnlllon oAJFnondolllobllitie5 Financial liabilities are dÈrecognlsed when the charitV5 contractual obllgaifjons expire or are dixh3rged orcance11ed. 1.12 Employee benefits The cost ol any unused hollday entitlement is recogni5ed in the period in whlch the employee's service5 are receNed. Termination bEnefits are recognised immediately a5 an expense when the charity is dernon5trably commltted to terminate the ernployment of an employee or to provide termination benefits. -li-
EAST SOMERSET RAILWAY COMPANY LIMITED NOTES TOThE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Acwuntinz policie5 Icontlnuedl Interest on fvnds held on deposit is included when retelvable and the amount can be measured reliably by the charlty,. thls Is Thormalty upon notiflcation of the Interest pald or repaydble by the Bank. Incoffle 15 meaSUd at the fair value of the consIderaOn recelved or recelvable and represent5 amounts receivable for 800ds and service5 provided in the normal course of buslness, net of dlscounts, VAT and other sale5 related tsxes. 1.5 Re$our¢e$ empended Expendlture Is recognlsed once there Is a legal or constructlve obllBalfon to make payment to a thlrd party, It Is probabty that 5ettl2ment wlll be required and the amount of the obligation can be measured rellablv. Fundraislng costs are those Incurred seeklng voluntary contributions and do not Include the costs of dlsseminatsng Information Is support of the charitable activities. Support costs are those ¢D5ts Sncurred directly in sUPPOrt of expenditure on the object5 of the charity. Governance costs are those incurred in connection with the administratton of the charlty and compllance wlth cot)sdtutronal and statutory requirements. 1.6 Tan8lblefixed assets Tinglble lixed assets are Initial measured at cost and subsequently measured at cost orvaluafjon, net of depreciation and any Impairment1055es. Depreciation is reco8nlsed so as to wrlte off the cost or valu3knon of assets less their resldual values over thelr useful 1Sves on the following bases: Plant and rnachlnery FiKture5, fittings & equipment RollinB Stock 15% reduclng balance I IO% stralght line 15% reducinE balance Not depretlated The depTeciaYon on rolllne srotk is Enil, this 15 due to the company's commitment to restore the 355ets to their original condition and to maintain and preserve them in that state. It Is consldered that the estimated residual value is at least equal to cost. Rolllng stock is introduced at cost and rewalued In line with insurance valuations of these assets a$ thls Is deemed the most a¢curats eth0n of their value to the charity. The 8ain or loss arlsin8 on the disposal of an asset Is dÈtÈrmlnÈd as the difference between the sale proceeds and the carrying value of the asset, and Is recognised in net incomellexpenditurel for the year. AJI assets cothng more than £750 are capitsli5ed. 1.7 Flxed asset Inve51rnerbts FIKed asset Investments are Snlttally measured at transaction price excluding transaction Costs, and arÈ subsequently MeaSud at lalr value at each reporknng date. Changes in fair value are reco8nSsed In net Sncomellexpenditurel for the year. Transaction costs are expensed as incurred. A subsidiary 15 an entity controlled by the tharlty. Control 15 the power to 8overn the financial and operattng pollcles of the entity so as to obtaln benelit5 frorn its activities. 1.8 Impalment of1Sxed assets At each reportlng end date, the charity reviews the carrying amounts of its tsngible assets to determine whether there s any indication that those assets have suffered an impalrment loss. If any such Indlcation exist5, the recoverable amount of the asset Is estlmated In ordÈrto determSne the extent of the Impairment loss lif anyl. io-
EAsf SOMERSET RAILWAY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 310ECEM8ER 2023 Chailtsble attlvltle5 2023 2022 Fares and Admis5iOnS 393,262 326,736 Othertradlng act5v1E$ 2023 2022 Fundraisin8 evems 45,905 35,73S other Income 2023 2022 Jbscrlptions Booklng fee5 and sundry Income Wine and Dine income 5.967 29.808 18,221 7,116 17,310 13,311 53,996 37,737 Ralslngfunds 20Z3 2022 Fundrai51ll Stagln8 fundraising events 21,315 32,820 -13-
EAST SOMERSET RAILWAY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng polldes Iconllnuedl 1.13 Rellrement benlits Payment5 to dellned contr5bUon retlrement benefit schemes are charged as an expense as they fall due. 1.14 Leases Rentals payable under operating leases, includlng any lease Incentives recefved, are charged a5 an expense on a straighi line basis over the term of the relevant lease. 1.15 Government grants Government 8rants are reco8nised at the fair value of the asset recelwl or ye1able when there Is reasonable assurance that the grant conditions will be met and the Brants will be received. Governrnent grants relating to turnover are recognised as Income over the perlod5 when the related cost5 are incurred. Grants relating to an asset are recognised In Income systematically overthe asset's expected useful life. If part of such grant Is deferred it Is recognlsed a5 deferred incorne rather than belng deducted from the asset's Carrying amount. Cfltical accoUnng estlmates and ludgementS In the application of the charity's accounting policies. the trustees are requlred to make jud8ement5, estimates and assumpknons about the carrying amount ol assets and Ilabilities that are not readily apparent from other sources. The esumates and assoclated as5urnption5 are based on h15torical experience and other fattors that a ¢on51dered to be relevant. Actual result5 may differ from these e5tim3tes. The e5hmate5 and unde¥lying assurnptions are revlewed on an ongolng basls. Revlslons to accountlng estimates are recogni5ed in the period in whith the estimate is revised where the revls4on affect5 only that pericd, or in the period of the revision and future perlods where the revSslon affect5 both current and future periods. Key sources of estlmatlon uncertalnty The estrrn3tes and assumptions which have a si8niffcant flsk of causlng a material adju5trneTht to the carrylng amount of assets and Ilabllldes are as follows. E5dmated useful Ilves of tanglble Ilxed assets In deterrnlning the estimated useful life the charity considers the expected physlcal wear and te3r ol the asset. Donatlons and legacles 2023 2022 Donations and gifts Governrnent grants Glft Ald from subsidiary 61,654 62,342 11,000 7,070 72,909 12.
EAsf SOMERSET RAILWAY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support ¢osts Support costs Governance costs Z025 zozz Staff costs Deprlation Advertlslng and Markettng Postage. Stationery and Telephone Bank Interest znd Charges Credit Card Charges Sundry LeBal and Professional A¢¢ountancy Fees Bad Debt Provision 75.691 53,649 26,860 12.641 5,112 8,763 2,437 1,482 1,9SO 10.800 75,691 53.649 26.860 12,641 5,112 8.763 2.437 1,482 1,950 10,800 70.423 42,344 23,885 16,672 285 5,486 2,726 1,288 1,8(M> Independent Examiners Fees Direclor's insurance 1,650 981 1,650 981 1,600 949 199,385 2.631 202.016 167,458 Anglysed between Charitable activities 199.385 2,631 202,016 167.458 Support Eosts Includes payments to the independent examlner of £1.95012022..£1.8001 for accountancy servlces and £nil12022..£nill for other servlces. 10 Net movement In funds 2023 zoiz The net movement In funds15 ststed after¢harglng/lcrediting)'. Depreciation of owned tanglble lixed assets 53.649 42,344 11 TruM¢es None of the trustees lor any persons connected with thernl re¢elved any remuneratlon or benefits from the charlty during the year. 15.
EAST SOMERSET RAILWAY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 CharStable a¢ttvlde5 2021 2021 Motive. Power and Operntions avll EnÉlneering Workshop Consumables Santa Specials Freight Charterand Loco Hire Peppa Plg The Waywe Were Rent and Rates Services InsurarKe Repairs and overhaul costs Paddington Property ExpEnses Peter Rabblt 75,369 60,341 4.377 33,901 21,364 51,059 78,09D 6,411 25.562 39,860 3,205 2,072 23,387 43.591 26,872 14,159 1,350 7,223 1,500 24.136 43,587 26,258 18,157 1,625 2,430 2.264 313,809 324.341 Share of 5UPPOrt cost5 (see note 91 Share of governan c05ts15ee note 91 199,385 2,631 164,909 2,549 515,825 491,799 Analysls by fund Unrestricted fund5 515,825 491,799 515,825 491,799 14-
EAST SOMERSET RAILWAY COMPANY LIMITED NOTES TO THE FINANCIALSTATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Tan8lble flxed assets Plant and machlnery Fixiures. Rollinz siork Itthngs & equlpment Totsl At l January 2023 Addition5 433,725 106,641 55.758 1,107 124,875 17.320 614,358 125.068 At 31 December 2023 540,366 56.865 142,195 739,426 Depreclatlon and Impalrment Al l January 2023 Depreciatlon Charged In the year 176.952 51,722 44,011 1,927 220.963 53,649 At 31 December 2023 228,674 45.938 274,612 Carrying amount At 310ecernber 2023 311,692 10,927 142.195 464.814 At 31 Dember 2022 256,773 11,747 124,875 393,395 Rolllng stock includes trains that are occasionally rented out on an operating lease basis. Suth rentals are normally for short perlods, and when not being leased the assets are used in the day to day athvlfjes of the charltv. Rolllng stock has been revalued in line with insurance valuations of these assets as this is deemed the m05t aCcure reflection of thelr value to the ¢harlty. The directors believe that these values are relevant in raOn to market value at 31 December 2023. The original cost tsf these assets Ss £50,462. 17-
EAST SOMERSET RAILWAY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 12 Employees The average monthly number of employees during the year was.. 2023 Number 2022 Number Employment Costs 2013 2022 Wa8es and salarles Soclal security costs Other pen51on costs 71,690 3,363 638 67.713 2,170 540 75,691 70,423 There were no employees who recelved employee beneflts of more than £60,000. 13 Taxatlon The charlty Is exempt from taxation on Its athvSdes because all Income Is applled for charitable purposes. 16-
EAST SOMERSET RAILWAY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Credltors: amounts falllnt due wlthln one yÈar 2023 ZOZ2 Notes Othertaxation and social securitv Deferred income Trade credftors other cred1tors Accruals 746 7.359 14,554 165 24,454 122 7,031 60,536 126 11,154 19 47,278 78,969 19 Deferred Income 2023 2022 other deferred Intome 7,359 7.031 2023 2022 Current liabilities 7.359 7,031 7,359 7,031 Movement In the year 20Z3 2022 At l January 2023 Amount released to Income earned from charltable athvltfjes Amount deferred In the year 7,031 17.0311 7,359 9,485 19,4851 7.031 At 31 December 2023 7.359 7,031 Deferred Income relate5 to vouchers purchased In 2023 ro be used In 2024. R¢llrement beneflt scheme5 Defined corrtrlbulion schemes The charity operates a defined contrSbution pension scherne for all qualifyin8 employee5. The assets of the scherne are held separately from those ol the charity in an independently adm1n1sted lund. The charge to the profit or105$ In respect of defined contrlbution schemes was E63812022..£5401. At 31 December 2023, the charlty had a Ilablllty for pension payment owlng of £16512022..£1261. -19-
EAST SOMERSET RAILWAY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEfvIBER 2023 15 Flxed asset Investments Other Inve5tmer Cost orvalyatFon At l January 2022 & l January 2023 25.WD Carryln8 amount At 31 December 2023 25,D At 31 December 2022 25.¢JJO 2023 2022 Other Investments comprlse.. Note5 Investments In subs5dlarle5 24 25,000 25.0 ThE ¢harlty's ImiestrnÈnt reprèsents 100% ol the ordinary share capital of the subsidiary undertaklng Cranmore Rallway Company Limlted, which carrSes on the trading activlkne5 of the Eroup and 15 reE(51ered In England IRegi5tered Number 010944131. The a88re8ate Share capitsl and reserve5 of the subsidiary at 31 December 2023 amounted to £25,00012022..£25,01)01 16 stocks 1023 2022 Raw rnateria15 and con5urnable5 3,300 7,124 17 Debtors 2023 2022 Arnounts falllnl due wlthln oneyear: Trade debtors Amounts owed by subsldlary unéertaklngs Other debtors Prepayments and accrued income 3,533 24.317 26.686 14.270 35,668 17.881 12.669 68,8C 67,083 18-
EAST SOMERSET RAILWAY COMPANY LIMITED NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 22 Operailng lease commltments At the reporting end date the Charlty had outstandlng commltments for future mlnlmum lease payments under non- CanlIable operan8 lea5e5, whlch fall due as follows.. 2023 2022 Within one year Between two and flvÈ years In overfi.ve years 21,016 79,915 407,583 21,016 82.681 425,833 508,514 529,530 23 Related partytransacilons Transathonswlth related pardes During the yearthe charity entered into the followlng transactions with related parties.. 2023 2022 Key rnana8ement personnel 17,430 During the year there were tranCtionS between East Somerset Railway Cornpany and subsidiary CranTT¥Jre Railway Company. Facllldes costs recharged of £24,70212022..£23,5321 were payable by Cranmore Railway Company in the ye3r. At year end, E24,31712022..E35,6681 was due frorn subsidiary Cranmore Railway Companv. Trustee S Masters Is an employee of the Dartmouth Steam Rallway and Rlverboat Company. During theyear £nll12022.. £nlll was recelved from Dartmouth Steam Rallway and Rlverboat Company for servlces, whlch was Involced under normal market condltion5. Sub$idlarles These linancial 5tatement5 are separate charity financial 5tatementsfor East Somerset Rallway. Details of the charity's subsidiarle5 at 31 December 2023 are as follows: Name of undertaklng Reglslered offlce Nature of busSness Class of shares held % Held Dlrect Indlrert Cranrnore Railway Cornpany Cranmore, Nr Umtied Shepton Mallet. SomerseL BA4 4QP Carries on the trading èthvlties ofofdinary the group. IIK>.00 -21-
EAST SOMERSET RAILWAY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 zi Unre5trlcted fund5 The unrestricted funds of the charity comprise the unexpended balances of donation5 and grants which are not sublect to specSfic condltyons by donors and Brantors as to how they may be used. These Include deslgnated funds whlch have been set a51de out of unrestrSrted funds by the trustÈÈs for speclflc purposes. Movement In funds Inromln Re$¢ur¢e$ Balance at 31 Resoue$ Expended December 2023 alance at I January 2023 46447 Fund Lady Nèn Fund 62,000 4.000 62.0 4,¢JJO Designated funds 66.ODO 66,0 General fund5 558,664 627,726 1537.1401 649,250 Total unrestrlcred funds 624,664 627,726 1537.1401 715.250 Prloryear Movement In funds Incomlng Resources Balance at 31 Resources Expended December 2022 Balance at I January Z022 46447 Fund 62,000 4,000 62,000 4,000 Lady Nan Fund De51Bnated funds 66,000 GÈneral lunds 602,663 480,620 1524,6191 558,664 Total unrestricted funds 668,663 480,620 1524.6191 624.664 The 46447 Fund has been set aside towards the next overhaul. The Lady Nan Fund has been set aside towards the next overhaul. -20-
EAST SOMERSET RAILWAY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 25 Cash generated from op¢ratlon$ 2023 2022 Surpluslldeflcltl for the year 90,586 143,9991 Adju5trnents for.. Depreclatyon and Impalm)ent of tangible fixed assets S3.649 42,344 Movements in workin8 capital-. Decrea5e/lincreasel Sn sio¢ks lIncaSe>1deCfea$e In debtors IDecreasel/lntrease In credltors In¢rease/ldecreasel in deferred iThcome 3,824 11.7231 132.0191 328 14,6271 23.905 11,323 12,4541 Cash generated from operntlons 114,645 26.492 26 Analy$ls of Changes In net funds The charity had no material debt during the year. -22-