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 athVI￿eS
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 Rai￿aY Board understands the need to Improve the flnanclal StsbIl￿Y 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 ACCOUn￿nE Standards lun￿ed 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 appliCa￿e 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
PreVe￿￿On and detecdon of fraud and orher br￿g￿larIt1Qs.
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 fi￿anCial Statements have not been prepared In accordance wlth the methods and Prfncl￿eS 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 5￿tion 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 responsibl11￿e5 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 Reg15trn￿0n 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 2￿6 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 2￿6 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 Char￿tY has been nottfled of the
donation, unless performance condition5 requSre deferral of the arnount. Income tax recoverable in re￿tiOn 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 t￿ated 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 act1vl￿t5
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
ACcoUn￿nI poll¢1è5
(Continued)
1.9 Sto¢ks
Stock5 are stated at the lower of tost and es￿Mated 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 repl3￿Ment cost and cost.
Net realisable value Is the estlmated selllng prlce less all es￿rnated 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
am0￿Sed.
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 am0￿Sed 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 meaSU￿d at the fair value of the consIdera￿On 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
MeaSu￿d 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 act5v1￿E$
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 ben*lits
Payment5 to dellned contr5bU￿on 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 ye￿1*able 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 accoUn￿ng 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
Depr￿lation
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 De￿mber 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 aCcur￿e
reflection of thelr value to the ¢harlty. The directors believe that these values are relevant in r￿a￿On 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 adm1n1ste￿d 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-
Can￿lIable opera￿n8 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 tran￿CtionS 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
Resou￿e$
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
lInc￿aSe>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-