DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

**Registered number: 00899248 Charity number: 272616** 

## **GREAT WESTERN SOCIETY LIMITED** 

**(A company limited by guarantee)** 

**DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023** 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **CONTENTS** 

||Page|
|---|---|
|**Reference and administrative details of the Company, its Directors and advisers**|1 - 3|
|**Directors' report**|4 - 13|
|**Independent auditors' report on the financial statements**|14 - 17|
|**Consolidated statement of financial activities**|18|
|**Consolidated balance sheet**|19 - 20|
|**Company balance sheet**|21 - 22|
|**Consolidated statement of cash flows**|23|
|**Notes to the financial statements**|24 - 52|





**(A company limited by guarantee)** 

## **GREAT WESTERN SOCIETY LIMITED** 

## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS DIRECTORS AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2023** 

## **Directors** 

R A Preston, Chair* ** J B O'Hagan, Deputy Chair** C M Thompson, Treasurer (resigned 7 January 2023)* 

M A Middleton (resigned 8 October 2022) 

R J Varley, Secretary A J Keys* R Walker-Jones L Donaldson 

M Khan 

J B Crouch, Treasurer from 7 January 2023 (appointed 21 May 2022)* 

*Members of the Finance & General Purposes Committee **Members of the Capital Development Management Committee 

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DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **Company registered number** 

00899248 

## **Charity registered number** 

272616 

## **Registered office** 

Didcot Railway Centre Didcot Oxfordshire, OX11 7NJ 

## **Vice president** 

A R Croucher 

## **Company secretary** 

R J Varley 

## **Independent Auditors** 

Wellers Accountants Statutory Auditors Kineton House 31 Horse Fair Banbury Oxon OX16 0AE 

## **Bankers** 

Lloyds Bank Plc Market Place Didcot OX11 7LQ 

Santander Bank plc Bridle Road Bootle L30 4GB 

National Westminster Bank plc 131 Crockhamwell Road Woodley Reading RG5 3XZ 

## **Investment Managers** 

Evelyn Partners (formerly Smith & Williamson) 25 Moorgate London EC2R 6AY 

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DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

**GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

**REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS DIRECTORS AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023** 

## **Chief Executive** 

C Hetherington 

## **Senior Management Team** 

C Hetherington, Chief Executive* ** R J G Antliff, Civil Engineering** M F Bodsworth, Business Support Manager R Jermyn, General Manager** Ms G Pearce, Finance Manager* R King, Education 

*Members of the Finance & General Purposes Committee **Members of the Capital Development Management Committee 

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DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **DIRECTORS' REPORT FOR THE YEAR ENDED 31 JANUARY 2023** 

The Directors present their annual report together with the audited financial statements of the Company for the 1 February 2022 to 31 January 2023. The annual report serves the purposes of both a Trustees' report and a Directors' report under company law. The Directors confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). 

Since the group and the Company qualify as small under section 383 of the Companies Act 2006, the Group strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted. 

## **Objectives and activities** 

## **a. Policies and objectives** 

The Society has the following aims and objects (as amended by changes made to the Memorandum and Articles of Association on 19 September 2015): 

1) To preserve, restore and operate as a permanent public exhibition and museum, steam and other railway locomotives, rolling stock and equipment with particular reference to the former Great Western Railway (GWR) and its successors since nationalisation on 1 January 1948 i.e. the Western Region of British Railways (BR), both for historical and educational purposes. 

2) To make available for public reference to the history, equipment and operation of the former Great Western Railway and its successors. 

The principal activity of the Society during the year under review was that of promoting the Great Western Railway and its successors in all its fields by ensuring the organisation's agreed policies for achieving its objectives were pursued. 

## **b. Strategies for achieving objectives** 

The Society will endeavour to monitor and increase the funding available from entrance fees, appeals, grant making bodies and its trading and retailing activities. It will also continue to control expenditure to ensure that activities are conducted in the most cost effective manner and endeavour to increase the number of volunteers and enhance their skills. 

## **c. Activities undertaken to achieve objectives** 

The provision of new attractions with particular emphasis on providing more family friendly exhibits and activities focused on education and interpretation. The promotion of new restoration projects, which will be of a wide interest, to enhance the museum collection and encourage the involvement of people. 

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DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

**DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023** 

## **Objectives and activities (continued)** 

## **d. Public Benefit** 

The Directors have had regard to the Charity Commission's guidance on public benefit and supplementary guidance on advancing education and fee charging. 

The Society, through the Didcot Railway Centre, provides a heritage experience where visitors can trace the development of railways from the earliest days through the evolution and development of the former Great Western Railway and its successors. The Railway Centre is normally open to the public throughout the year and is also available for educational purposes and supports the national curriculum. An opportunity is also provided for anybody to volunteer to become involved in all aspects of operating a working Heritage Museum. This ranges from practical work on preservation and restoration to management and administration, and training is provided to enable volunteers to enhance their skills. 

## **e. Volunteers** 

Apart from a core of paid staff the majority of the Society’s operational, restoration and conservation activities are undertaken by volunteers. It is estimated the volunteer input into various Society activities during the year was in excess of 50,000 hours. The Board again wishes to express its sincere thanks to all those members who have supported the Society at the Railway Centre and within the Group during the year. 

## **Achievements and performance** 

## **a. Main achievements of the Company** 

The financial year 2022-23 was the first without restrictions due to the pandemic since 2019-20 but the Russian Invasion of Ukraine in February 2022 and the impact on commodity prices has meant another year of careful financial management at Didcot. The refurbishment of the Coal Stage water tank was completed in August 2022 and we were grateful for generous donations and a helpful grant from the Railway Heritage Trust to ensure this landmark structure is good for another 50 years. 

Our visitor numbers and membership subscriptions have increased and enable our finances to be in reasonable shape as an even more ambitious program of major works is about to commence with the development of the new access ramp to the site. A large amount of preparation work has taken place since the winter but we fully recognise when large scale construction work gets underway this needs to be carefully managed. The Capital Development Funds set aside for this project from a large legacy a few years ago will be used to fund this development. We remain grateful to those who remember the Great Western Society in their wills. 

The return to steam in April 2022 of 4079 Pendennnis Castle was a memorable occasion and after a period of running in at Didcot the locomotive has now been flying the flag for the GWS on tour at several heritage lines in 2023. The successful 4 Castles event Didcot hosted in March 2023 has re-emphasised how much affection and demand there is for innovative events to attract the enthusiast fraternity. 

We recognise that Didcot has to attract a younger family friendly audience and the Paddington events held along with a brand new Christmas Event in December 2022 and the construction of a new Pannier Tank inspired play area will ensure there’s plenty on offer for our younger members. 

The long running restoration of loco 1466 is getting closer to completion as material shortages ease and we are hopeful of seeing it in steam later in 2023 with a proper launch event scheduled for 2024. 

Cost challenges remain and once the ramp is built our focus will turn to the Engine Shed. Ongoing roof repairs were carried out during 2022/23 but we realise a much more comprehensive programme of repair and renewal 

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DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023** 

## **Achievements and performance (continued)** 

will be required. Plans are being developed and prospective funders identified to help with such an ambitious project to preserve the jewel in the DRC crown. 

The next few years are looking really exciting with more loco and rolling stock restorations underway to ensure Didcot remains in the premier league of heritage railway preservation. 

## **b. Charitable Activities** 

During the year the Centre was open for 63 Discovery (Static) Days, 113 Running (Steaming and Special Event) and there were 33,200 visitors during the year. Total income from entrance fees was £496,961 which was 4.8% higher than £473,819 in 2022. 

Charitable trading income from loco and facilities hire plus sales from catering and the shop totalled £331,445 which was 8.6% higher than £305,144 in 2022. 

Donations and legacy income increased from £404,483 to £557,170 whilst grants decreased from £157,328 to £116,454 as the grants received from the Arts Council in support during Covid 19 and under the Government’s CJRS Scheme ended in the previous year. The Board is very thankful for support from The Railway Heritage Trust in 2022/23 and also from a number of individuals who continue to support the Society. 

Membership numbers increased to 3,339 from 3,287 last year and income increased from £96,493 to £98,122. 

The charity’s subsidiary company Great Western Retail Sales Limited made a gift aided contribution to the charity of £121,470 (2022 £144,761). The prior year benefited from a film hire out contract that was not repeated and higher input costs on food impacted the margins in catering. 

Overall unrestricted income increased to £1,103,812 (2022 £1,057,480) and total income was £1,696,734 (2022 £1,465,300). 

The total of voluntary restricted fund income for restoration and preservation was £508,940 as compared to £382,789 for last year. 

Expenditure overall for restoration and preservation increased from last year and amounted to £1,663,287 as compared to £875,782 last year. The Water Tower restoration was £477,041 and locomotives with notable levels of expenditure included Loco 1014, Loco 1466 and Loco 4709. Expenditure on Loco 4709 included the acquisition of component parts from Loco 7027 and full and final settlement of these amounts will be made in the coming financial year. Further sums totalling £56,408 were spent in connection with the Access Ramp. 

The expenditure on the promotion of the Great Western Railway and Western Region of BR amounted to £476,843 as compared with £409,133 last year. 

Staff costs increased to £402,930 compared to £362,268 in 2022 reflecting a full year of employment cost compared to prior year where certain staff were furloughed and part-time staff hours reduced especially when DRC was closed until April 2021 the previous financial year. 

Total unrestricted expenditure was £1,314,664 (2022 £983,674) and overall total expenditure for the year was £2,355,117 (2022 £1,455,638). 

The Directors view the excess of unrestricted fund expenditure over income of £210,852 (2022 surplus £71,983) as a necessary investment in the future of DRC. A further deficit is predicted in 2023/24 when the ramp is completed as the amounts set aside in the Capital Development Fund are used for their intended purpose. 

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DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

**GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023** 

## **Achievements and performance (continued)** 

The unrestricted funds decreased from £2,473,742 to £1,895,505 at the year end and restricted funds decreased from £687,083 to £606,637. 

## **c. Fundraising activities and income generation** 

Fund raising activities have continued throughout the year with significant amounts raised to help complete the Coat Stage water tower project. The creation of Large Loco and Small Loco funds helps to direct funds to the latest loco overhauls. 

The new build loco restricted funds for Loco 1014 and Loco 4709 continue to make good progress. 

A new CRM system has been implemented to improve management’s abilities at accessing grants and other funding sources in the future. 

Excluding legacies and grants overall donations were £355,188 compared to £310,323 in 2022 which the Directors view as a good achievement. 

## **d. Factors Relevant to Achieve Objectives** 

The Railway Centre is an outside working heritage museum and is very dependent on admissions which can vary considerably with adverse weather. Restoration projects rely almost entirely on voluntary contributions which can vary depending on the particular interests and priorities of the contributors. As in the past the level of legacy income has continued to have an impact on the activities of the Society. 

## **Financial review** 

## **a. Going concern** 

The Directors have reviewed the forecasts for the next financial year. DRC returned to normal operations in 2022 after the pandemic and as such some of these significant uncertainties have dissipated. Costs continue to be managed carefully and there is a full programme of events in place to attract visitors and income to Didcot. Some notable legacies are also in progress. 

Taking into account the level of reserves, as noted in b. below, the Directors have a reasonable expectation that the company and group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. 

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DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

**DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023** 

## **b. Reserves policy** 

Reserves are needed to bridge the gap between income received and the spending needed to maintain and run Didcot Railway Centre as well as unplanned for expenditure. The Directors consider that reserves, apart from funds designated for specific purposes or otherwise committed, are required at a level equating to between three and six months expenditure so as to ensure the day-to-day activities of the Society may continue without disruption. This is particularly important given the seasonal nature of a significant proportion of the Society's income. 

However, the GWS Board also acknowledges that the Society's activities need to be constantly developed if it is to continue to attract visitors and members. Consequently, on receipt of large legacies the Directors believe, wherever possible, such monies should be set aside and designated for future projects including developing Didcot Railway Centre into an up to date visitor attraction and associated activities. Due consideration is always given as to how this money should be utilised in the future so as to achieve the Society's charitable objectives and provide the maximum benefit to the Society, its members and those visiting the Didcot Railway Centre. 

The balance on the unrestricted funds at 31 January 2023 was £1,895,805 (2022 - £2,473,742), of which £1,021,311 (2022 - £965,672) was represented by fixed assets, £765,092 (2022 - £1,182,423) had been set aside for the Capital Development Fund, £71,982 (2022 - £71,982) has been set aside for specific purposes and £8,150 (2022 - £5,608) was held by regional groups which leaves free reserves of £32,140 (2022 - £248,057). This compares with actual three to six months expenditure of approximately £290,000 based on the current year’s expenditure. The Directors recognise free reserves are currently low but consider that given the funds set aside for specific purposes, which could be released back to free reserves, along with further legacies due the charity has sufficient funds to continue operating in the foreseeable future although they will continue to look to increase the free reserves over the coming years. 

## **c. Material investments policy** 

The Directors have a general power to invest and disinvest the Charity’s funds in furtherance of the charity’s objects. 

The Directors have engaged Evelyn Partners as investment managers using their execution only service whereby they will initially carry out specific instructions for the investment of surplus funds in the short to medium term in Government Bonds with a view to minimal risk of capital loss whilst maximising the income such investments might obtain. 

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DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

**GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023** 

## **d. Principal funding** 

The principal funding is from donations, legacies, appeals, grants, entrance fees, membership subscriptions and charity trading profit. In general, funding from entrance fees, membership subscriptions, grants and the charity trading profit has supported the operation of the Railway Centre whilst funding from donations, legacies and appeals has supported restoration, conservation and development. 

The group balance sheet shows total funds of £2,502,442 (2022 - £3,160,825). Included in the total funds is an amount of £606,637 (2022 - £687,083) which is restricted. These monies have been either raised for, and their use restricted to specific purposes, or they comprise donations subject to donor imposed conditions. Full details of these restricted funds can be found in note 19 to the accounts together with an analysis of movements in the year. 

Funds totalling £765,092 (2022 £1,182,423) have been designated and set aside by the Directors for the Capital Development Fund, and £71,982 (2022 - £71,982) have been designated and set aside by the Directors for restoration, conservation and development purposes. An analysis of the movements in the funds is set out in note 19 to the accounts. 

## **Structure, governance and management** 

## **a. Constitution** 

Great Western Society Limited (GWS) is a registered charity (Charity Registration No: 272616) and also a company limited by guarantee. The charitable company was formed in 1961, incorporated in 1967 and is governed by a Memorandum and Articles of Association. 

## **b. Methods of appointment or election of Directors** 

The management of the company and the group is the responsibility of the Directors who are elected and coopted under the terms of the Articles of Association. 

The Directors constitute trustees of the charitable company for the purpose of charity legislation. 

The GWS Board comprises 3 honorary officers, Chairman, Deputy Chairman, Treasurer and up to a maximum of 15 other members. Following co-option to the GWS Board, both officers and other members have to stand for election at the next Annual General Meeting. Thereafter the officers are re-elected by the GWS Board on an annual basis at the meeting immediately following each Annual General Meeting. One third of the GWS Board, excluding the officers and co-opted members, who have been longest in office since their election have to retire and offer themselves for re-election at each Annual General Meeting. 

In accordance with the articles of association, Mrs R Walker-Jones and Mr A J Keys retire by rotation and being eligible offers themselves for re election. 

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DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023** 

## **Structure, governance and management (continued)** 

## **c. Organisational structure and decision-making policies** 

## **Great Western Society Limited** 

Within the group structure Great Western Society Limited (the GWS) sits at the top of the hierarchy; it is managed and controlled by the GWS Board. Didcot Railway Centre is operated by Great Western Society Limited, which receives the majority of the group's income and meets all expenditure. The Centre is an accredited museum (AN1463) and run mainly on a voluntary basis; but a small number of permanent staff are employed to undertake the day-to-day running. 

Great Western Society Limited is responsible for the Didcot Railway Centre site and buildings. It also owns some items of rolling stock and artefacts, although the majority of the former are vested in and owned by Great Western Preservations Limited, whilst the Society's collection of small relics and artefacts are held by the Great Western Trust. 

The Directors consider the Board of Directors, Chief Executive and the senior management team comprise the key management personnel of the charity in charge of directing and controlling, running and operating the business and charity on a day to day basis. 

The Board is supported by a Finance & General Purposes Committee whose membership is made up of a number of the Directors, the Chief Executive and the Finance Manager. Its terms of reference includes being responsible to the Board for the effective management and control of the financial affairs, assets and human resources and formulate for approval of the Board strategies and policies for the effective financial management of the Society and its subsidiary and discharge other responsibilities that may be delegated to it such as oversight of the statutory audit of the accounts. 

The Board is also supported by a Capital Development Management Committee whose membership is made up of a number of Directors and individuals whose expertise is in the management of capital projects. Its terms of reference includes being responsible to the Board for the development of a Capital expenditure strategy and the subsequent effective management and control of individual projects through to completion. 

The Board has also engaged, with support from AIM (Association of Independent Museums) as part of their Helping Heritage Organisations Prosper programme, in performing a governance review in the light of current best practice, to ensure the Directors are confident in their responsibilities as directors and charity trustees and to bring the Board together as a catalyst for enhancing relationships and understanding across the Board. This has led to a strategic review through a series of Away Days to confirm the way forward in the light of the pandemic. 

## **Didcot Railway Centre Limited** 

The company is a dormant company, (Registered Company Number 2570530) and is a subsidiary of Great Western Society Limited. All Directors are members of the Society and members of the GWS Board. 

## **Great Western Retail Sales Limited** 

The company (Registered Company Number 2570514) is a subsidiary of Didcot Railway Centre Limited and undertakes all the Society's trading activities. This includes shop sales, catering, locomotive hiring, etc. All its taxable profits are gift aided to the Society on an annual basis. All Directors are members of the Society with a strong representation coming from the GWS Board. 

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DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

**GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

**DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023** 

## **Structure, governance and management (continued)** 

## **Great Western Restaurants Limited** 

The company is a dormant company (Registered Company Number 2564895) and is a subsidiary of Didcot Railway Centre Limited. All Directors are members of the Society and members of the GWS Board. 

## **Great Western Preservations Limited** 

This is a registered charity (Registered Charity Number 1122630) and a private company limited by guarantee (Registered Company Number 2007483) with no share capital. It is managed by a Board of Directors, which meets twice a year. All the Directors are members of the Society and includes representation from the GWS Board. The majority of the group’s collection of locomotives, carriages and wagons is vested in the name of the Great Western Preservations Limited. 

## **Great Western Trust** 

The Trust is a registered charity (Resgistered Charity Number 289008) and is managed by a Board of Trustees, which meets four times a year. All are members of the Society. Great Western Society Limited has the sole power to appoint trustees. 

All of the Group's collection of "Small Relics" (including small artefacts, drawings, prints, photographs, name and number plates, etc.) is vested in the Trust. 

## **Management Co-ordination** 

The GWS Board has in attendance representatives from Great Western Preservations Limited and the Great Western Trust. 

For the purpose of museum accreditation, Great Western Society Limited is the governing body of Didcot Railway Centre and members of Great Western Preservations Limited and Great Western Trust attend GWS Board meetings. The Accreditation Mentor receives minutes of the GWS Board meetings and is invited to attend at least one Board meeting a year. In addition, other meetings may be held during the year concerning specific topics. All are members of the Great Western Society. 

## **d. Pay policy for key management personnel** 

All the Directors give of their time freely and no Director received any remuneration in the year for their services as Directors. Details of Director’s expenses and related party transactions are disclosed in notes 13 and 27 to the accounts. 

The pay of all staff is reviewed annually and normally increased in accordance with average earnings. In view of the nature of the charity and its activities, the Directors benchmark against pay levels locally. 

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DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023** 

## **Structure, governance and management (continued)** 

## **e. Financial risk management** 

The GWS Board has a risk management strategy which comprises a review of the principal risks and uncertainties that the charity and its subsidiaries face and the establishment of policies, systems and procedures to mitigate those risks as far as is practicable. 

Financial sustainability is the major risk for both the charity and its trading subsidiary. Attention is also focussed on risks arising following the pandemic and in particular those surrounding the difficulties in retaining and recruiting staff, on non-financial risks such as health and safety of volunteers as well as protecting visitors against accident whilst visiting the Didcot Railway Centre. Many of the activities are also subject to the legislation which applies to mainline rail operations and full compliance is therefore essential. These risks are managed by ensuring accreditation is up to date, having robust policies and procedures in place and regular awareness training for staff and volunteers working in operational areas. 

## **Plans for future periods** 

## **Future developments** 

The receipt of a substantial legacy three years ago has enabled the conservation of the coal stage and water tower to be completed in 2022 and plans are now at an advanced stage for a new visitor entrance ramp to be constructed. 

It is envisaged that major fundraising initiatives will be needed in the next few years to ensure the Engine Shed is able to be conserved. A focus on family friendly facilities is also key in order to broaden the visitor base and generate additional income. 

## **Members' liability** 

In the event of the Society being wound up, members and those within one year of ceasing to be members, are required to contribute an amount not exceeding £1 per person. 

## **Employee consultation and equal opportunities** 

All employees are kept regularly informed of developments as and when they occur by staff consultation and senior management. 

The company and the group has implemented a number of detailed policies in relation to all aspects of personnel matters including: Equality, Access, and Health & Safety policies. 

Full details of these policies are available from the company and the group's offices and on the Society’s website. 

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DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

**GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023** 

## **Statement of Directors' Responsibilities** 

The Directors (who are also the Directors of the Company for the purposes of company law) are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Company law requires the Directors to prepare financial statements for each financial year. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and Company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Directors are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP (FRS 102); 

- make judgments and accounting estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 

- Group will continue in business 

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## **Disclosure of information to auditors** 

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that: 

- so far as that Director is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and 

- that Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information. 

## **Auditors** 

The auditors, Wellers, have indicated their willingness to continue in office. A resolution proposing Wellers be re-appointed as auditors of the company will be put to the Annual General Meeting. 

Approved by order of the members of the board of Directors and signed on their behalf by: 

___________________________ **R A Preston** 

14-07-23 Date: 

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DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GREAT WESTERN SOCIETY LIMITED** 

## **Opinion** 

We have audited the financial statements of Great Western Society Limited (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 January 2023 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 January 2023 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. 

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DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GREAT WESTERN SOCIETY LIMITED (CONTINUED)** 

## **Other information** 

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Directors are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Opinion on other matters prescribed by the Companies Act 2006** 

In our opinion, based on the work undertaken in the course of the audit: 

- the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements. 

- the Directors' report has been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report. 

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion: 

- the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or 

- the parent charitable company financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of Directors' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report. 

Page 15 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GREAT WESTERN SOCIETY LIMITED (CONTINUED)** 

## **Responsibilities of directors** 

As explained more fully in the Directors' responsibilities statement, the Directors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the Directors are responsible for assessing the Group's and the parent charitable 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 unless the Directors either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. 

## **Auditors' responsibilities for the audit of the financial statements** 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

- Through  consultation  with  Trustees  we  obtained  an  understanding  of  the  laws  and  regulations  that could reasonably be expected to have a material effect on the financial statements. 

- The  outcome  of  these  enquiries  and  the  relevant  laws  and  regulations  were  communicated  throughout our team as well as consideration during team briefing on how fraud may occur in the charity. 

- We  identified  the  laws  and  regulations  to  have  a  direct  effect  on  the  financial  statements  as  being the  UK financial  reporting  standards,  Charities  Act,  and  trust  law.  There  were  no  additional  fundamental laws  and regulations  identified  related  to  the  operating  aspects  of  the  business  that  may  have  a material  effect  on  the financial statements. 

- Audit procedures undertaken in response to the potential risks relating to irregularities comprised of: inquiries with management as to whether the charity complies with such laws and regulations, a review of board minutes and a review of the grant application and approval process. 

No  instances  of  material  non-compliance  were  identified.  However,  the  likelihood  of  detecting irregularities, including  fraud,  is  limited  by  the  inherent  difficulty  in  detecting  irregularities,  the effectiveness  of  the  entity’s controls,  and  the  nature,  timing  and  extent  of  the  audit  procedures performed.  Irregularities  that  result  from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report. 

Page 16 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GREAT WESTERN SOCIETY LIMITED (CONTINUED)** 

## **Use of our report** 

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. 


## **Christina Nawrocki (Senior statutory auditor)** 

for and on behalf of **Wellers** 

Accountants Statutory Auditors 

Kineton House 31 Horse Fair 

Banbury 

Oxon 

OX16 0AE 

18-07-23 Date: 

Page 17 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JANUARY 2023** 

|**Note**<br>**Income from:**<br>Donations and legacies<br>3<br>Charitable activities<br>4<br>Other trading activities<br>5<br>Investments<br>6<br>**Total income**<br>**Expenditure on:**<br>Raising funds<br>7,8<br>Charitable activities<br>9<br>**Total expenditure**<br>**Net (expenditure)/income before net**<br>**losses on investments**<br>Net losses on investments<br>**Net (expenditure)/income**<br>Transfers between funds<br>19<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>Net movement in funds<br>**Total funds carried forward**|**Unrestricted**<br>**funds**<br>**2023**<br>**£**<br>**164,684**<br>**595,083**<br>**333,053**<br>**10,992**<br>**1,103,812**<br>**212,725**<br>**1,101,939**<br>**1,314,664**<br>**(210,852)**<br>**-**<br>**(210,852)**<br>**(367,085)**<br>**(577,937)**<br>**2,473,742**<br>**(577,937)**<br>**1,895,805**|**Restricted**<br>**funds**<br>**2023**<br>**£**<br>**508,940**<br>**-**<br>**81,396**<br>**2,586**<br>**592,922**<br>**2,262**<br>**1,038,191**<br>**1,040,453**<br>**(447,531)**<br>**-**<br>**(447,531)**<br>**367,085**<br>**(80,446)**<br>**687,083**<br>**(80,446)**<br>**606,637**|**Total**<br>**funds**<br>**2023**<br>**£**<br>**673,624**<br>**595,083**<br>**414,449**<br>**13,578**<br>**1,696,734**<br>**214,987**<br>**2,140,130**<br>**2,355,117**<br>**(658,383)**<br>**-**<br>**(658,383)**<br>**-**<br>**(658,383)**<br>**3,160,825**<br>**(658,383)**<br>**2,502,442**|_Total_<br>_funds_<br>_2022_<br>_£_<br>_561,811_<br>_570,312_<br>_331,112_<br>_2,065_<br>_1,465,300_<br>_170,723_<br>_1,284,915_<br>_1,455,638_<br>_9,662_<br>_(1,823)_<br>_7,839_<br>_-_<br>_7,839_<br>_3,152,986_<br>_7,839_<br>_3,160,825_|
|---|---|---|---|---|



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

The notes on pages 24 to 52 form part of these financial statements. 

Page 18 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee) REGISTERED NUMBER: 00899248** 

## **CONSOLIDATED BALANCE SHEET AS AT 31 JANUARY 2023** 

|**Note**<br>**Fixed assets**<br>Tangible assets<br>14<br>**Current assets**<br>Stocks<br>15<br>Debtors<br>16<br>Investments<br>17<br>Cash at bank and in hand<br>Creditors: amounts falling due within one<br>year<br>18<br>**Net current assets**<br>**Total assets less current liabilities**<br>**Total net assets**<br>**Charity funds**<br>Restricted funds<br>19<br>Unrestricted funds<br>19<br>**Total funds**|**28,297**<br>**150,983**<br>**507,247**<br>**1,065,316**<br>**1,751,843**<br>**(270,712)**|**2023**<br>**£**<br>**1,021,311**<br>**1,021,311**<br>**1,481,131**<br>**2,502,442**<br>**2,502,442**<br>**606,637**<br>**1,895,805**<br>**2,502,442**|_20,093_<br>_111,540_<br>_765,868_<br>_1,541,946_<br>_2,439,447_<br>_(244,294)_|_2022_<br>_£_<br>_965,672_|
|---|---|---|---|---|
|||||_965,672_<br>_2,195,153_|
|||||_3,160,825_|
||||||
|||||_3,160,825_|
|||||_687,083_<br>_2,473,742_|
||||||
|||||_3,160,825_|



Page 19 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

# **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee) REGISTERED NUMBER: 00899248** 

# **CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 JANUARY 2023** 

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. 

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. 

The financial statements were approved and authorised for issue by the Directors and signed on their behalf by: 

___________________________ 

**R A Preston** 

14-07-23 Date: 

The notes on pages 24 to 52 form part of these financial statements. 

Page 20 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee) REGISTERED NUMBER: 00899248** 

**COMPANY BALANCE SHEET AS AT 31 JANUARY 2023** 

|**Note**<br>**Fixed assets**<br>Tangible assets<br>14<br>**Current assets**<br>Stocks<br>15<br>Debtors<br>16<br>Investments<br>17<br>Cash at bank and in hand<br>Creditors: amounts falling due within one<br>year<br>18<br>**Net current assets**<br>**Total assets less current liabilities**<br>**Total net assets**<br>**Charity funds**<br>Restricted funds<br>19<br>Unrestricted funds<br>19<br>**Total funds**|**15,854**<br>**216,604**<br>**507,247**<br>**1,015,027**<br>**1,754,732**<br>**(256,483)**|**2023**<br>**£**<br>**1,004,193**<br>**1,004,193**<br>**1,498,249**<br>**2,502,442**<br>**2,502,442**<br>**606,637**<br>**1,895,805**<br>**2,502,442**|_7,068_<br>_243,509_<br>_765,868_<br>_1,390,652_<br>_2,407,097_<br>_(202,678)_|_2022_<br>_£_<br>_956,406_|
|---|---|---|---|---|
|||||_956,406_<br>_2,204,419_|
|||||_3,160,825_|
||||||
|||||_3,160,825_|
|||||_687,083_<br>_2,473,742_|
||||||
|||||_3,160,825_|



Page 21 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

# **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee) REGISTERED NUMBER: 00899248** 

# **COMPANY BALANCE SHEET (CONTINUED) AS AT 31 JANUARY 2023** 

The Company's net movement in funds for the year was _£_ (658,383) _(2022 - £7,839)_ . 

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. 

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. 

The financial statements were approved and authorised for issue by the Directors and signed on their behalf by: 

................................................ **R A Preston** 

Date: 

14-07-23 

The notes on pages 24 to 52 form part of these financial statements. 

Page 22 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED** 

## **(A company limited by guarantee)** 

## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2023** 

|**Note**<br>**Cash flows from operating activities**<br>Net cash provided by operating activities<br>22<br>**Cash flows from investing activities**<br>Dividends and interests from investments<br>Purchase of tangible fixed assets<br>Proceeds from sale of investments<br>Purchase of investments<br>(Increase)/Decrease in short term investments<br>**Net cash provided by/(used in) investing activities**<br>**Cash flows from financing activities**<br>**Net cash provided by financing activities**<br>**Change in cash and cash equivalents in the year**<br>Cash and cash equivalents at the beginning of the year<br>**Cash and cash equivalents at the end of the year**<br>23|**2023**<br>**£**<br>**(642,178)**<br>**13,578**<br>**(106,651)**<br>**50,983**<br>**-**<br>**207,638**<br>**165,548**<br>**-**<br>**(476,630)**<br>**1,541,946**<br>**1,065,316**|_2022_<br>_£_<br>_76,148_<br>_1,258_<br>_(86,568)_<br>_-_<br>_(51,999)_<br>_(6,887)_<br>**(144,196)**<br>**-**<br>**(68,048)**<br>_1,609,994_<br>_1,541,946_|
|---|---|---|



The notes on pages 24 to 52 form part of these financial statements 

Page 23 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

**GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023** 

## **1. Accounting policies** 

## **1.1 Basis of preparation of financial statements** 

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. 

Great Western Society Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. 

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements. 

## **1.2 Income** 

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Company, can be reliably measured. 

Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. 

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 

Page 24 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

**GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023** 

## **1. Accounting policies (continued)** 

## **1.3 Expenditure** 

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. 

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. 

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. 

All expenditure is inclusive of irrecoverable VAT. 

## **1.4 Government grants** 

Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Consolidated statement of financial activities as the related expenditure is incurred. 

## **1.5 Interest receivable** 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 

## **1.6 Tangible fixed assets and depreciation** 

Tangible fixed assets costing £5,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. 

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. 

Page 25 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

# **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

# **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023** 

## **1. Accounting policies (continued)** 

## **1.6 Tangible fixed assets and depreciation (continued)** 

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. 

Depreciation is provided on the following bases: 

Buildings - over the life of the lease Long-term leasehold property - over the life of the lease - Plant and machinery 10% straight line - Fixtures, fittings and equipment 12% 15% to 33.3% - straight line - Catering equipment 20% to 100% - reducing balance 

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. 

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated statement of financial activities. 

## **1.7 Investments** 

Investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities. 

Investments in subsidiaries are valued at cost less provision for impairment. 

Investments held as fixed or current assets are shown at cost less provision for impairment. 

## **1.8 Stocks and work in progress** 

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. 

## **1.9 Debtors** 

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 

## **1.10 Cash at bank and in hand** 

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

Page 26 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

**GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023** 

## **1. Accounting policies (continued)** 

## **1.11 Liabilities and provisions** 

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 

## **1.12 Financial instruments** 

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 

## **1.13 Pensions** 

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year. 

## **1.14 Fund accounting** 

General funds are unrestricted funds which are available for use at the discretion of the Directors in furtherance of the general objectives of the Group and which have not been designated for other purposes. 

Designated funds comprise unrestricted funds that have been set aside by the Directors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. 

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. 

Investment income, gains and losses are allocated to the appropriate fund. 

Page 27 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023** 

## **2. Critical accounting estimates and areas of judgment** 

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 

Critical accounting estimates and assumptions: 

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. 

## Critical areas of judgment: 

The critical areas of judgement relate to recognition of legacy income, valuation of investments and the clasification between short term deposits and cash at bank. 

## **3. Income from donations and legacies** 

|Donations<br>Legacies<br>Grants<br>Donations<br>Legacies<br>Grants<br>Government grants|**Unrestricted**<br>**funds**<br>**2023**<br>**£**<br>121,088<br>27,142<br>16,454<br>164,684<br>_Unrestricted_<br>_funds_<br>_2022_<br>_£_<br>_14,383_<br>_20,311_<br>_124,762_<br>_19,566_<br>_179,022_|**Restricted**<br>**funds**<br>**2023**<br>**£**<br>234,100<br>174,840<br>100,000<br>508,940<br>_Restricted_<br>_funds_<br>_2022_<br>_£_<br>_295,940_<br>_73,849_<br>_13,000_<br>_-_<br>_382,789_|**Total**<br>**funds**<br>**2023**<br>**£**<br>**355,188**<br>**201,982**<br>**116,454**|
|---|---|---|---|
||||**673,624**|
||||_Total_<br>_funds_<br>_2022_<br>_£_<br>_310,323_<br>_94,160_<br>_137,762_<br>_19,566_|
||||_561,811_|



Page 28 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023** 

## **4. Income from charitable activities** 

|Entrance fees<br>Subscriptions and enrolment fees<br>**Total 2023**<br>Entrance fees<br>Subscription and enrolment fees<br>_Total 2022_|**Unrestricted**<br>**funds**<br>**2023**<br>**£**<br>496,961<br>98,122<br>595,083<br>_Unrestricted_<br>_funds_<br>_2022_<br>_£_<br>_473,819_<br>_96,493_<br>_570,312_|**Total**<br>**funds**<br>**2023**<br>**£**<br>**496,961**<br>**98,122**|
|---|---|---|
|||**595,083**|
|||_Total_<br>_funds_<br>_2022_<br>_£_<br>_473,819_<br>_96,493_|
|||_570,312_|



## **5. Income from other trading activities** 

## **Income from fundraising events** 

|Appeal income<br>Raffles<br>Other income<br>**Total 2023**|**Unrestricted**<br>**funds**<br>**2023**<br>**£**<br>-<br>-<br>1,608<br>1,608|**Restricted**<br>**funds**<br>**2023**<br>**£**<br>66,737<br>3,934<br>10,725<br>81,396|**Total**<br>**funds**<br>**2023**<br>**£**<br>**66,737**<br>**3,934**<br>**12,333**|
|---|---|---|---|
||||**83,004**|



Page 29 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023** 

## **5. Income from other trading activities (continued)** 

## **Income from fundraising events (continued)** 

|Raffles<br>Other income<br>_Total 2022_|_Unrestricted_<br>_funds_<br>_2022_<br>_£_<br>_-_<br>_977_<br>_977_|_Restricted_<br>_funds_<br>_2022_<br>_£_<br>_18,738_<br>_6,253_<br>_24,991_|_Total_<br>_funds_<br>_2022_<br>_£_<br>_18,738_<br>_7,230_|
|---|---|---|---|
||||_25,968_|



## **Income from non charitable trading activities** 

|Charity trading income - (GWRS)<br>Charity trading income - (GWRS)|**Unrestricted**<br>**funds**<br>**2023**<br>**£**<br>331,445<br>_Unrestricted_<br>_funds_<br>_2022_<br>_£_<br>_305,144_|**Total**<br>**funds**<br>**2023**<br>**£**<br>**331,445**<br>_Total_<br>_funds_<br>_2022_<br>_£_<br>_305,144_|
|---|---|---|



## **6. Investment income** 

|**Unrestricted**<br>**funds**<br>**2023**<br>**£**<br>Interest on Government Stocks<br>10,817<br>Bank interest receivable<br>175<br>**Total 2023**<br>10,992|**Restricted**<br>**funds**<br>**2023**<br>**£**<br>-<br>2,586<br>2,586|**Total**<br>**funds**<br>**2023**<br>**£**<br>**10,817**<br>**2,761**|
|---|---|---|
|||**13,578**|



Page 30 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023** 

## **6. Investment income (continued)** 

|Interest on Government Stocks<br>Bank interest receivable<br>_Total 2022_|_Unrestricted_<br>_funds_<br>_2022_<br>_£_<br>_1,807_<br>_218_<br>_2,025_|_Restricted_<br>_funds_<br>_2022_<br>_£_<br>_-_<br>_40_<br>_40_|_Total_<br>_funds_<br>_2022_<br>_£_<br>_1,807_<br>_258_|
|---|---|---|---|
||||_2,065_|



## **7. Expenditure on raising funds Costs of raising voluntary income** 

|**Unrestricted**<br>**funds**<br>**2023**<br>**£**<br>Advertising and marketing<br>372<br>**Costs of raising voluntary income (continued)**|**Restricted**<br>**funds**<br>**2023**<br>**£**<br>2,262|**Total**<br>**funds**<br>**2023**<br>**£**<br>**2,634**|
|---|---|---|
||||



||_Unrestricted_|_Restricted_|_Total_|
|---|---|---|---|
||_funds_|_funds_|_funds_|
||_2022_|_2022_|_2022_|
||_£_|_£_|_£_|
|Advertising and marketing|_714_|_4,126_|_4,840_|



Page 31 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023** 

## **7. Expenditure on raising funds (continued)** 

## **Charity trading expenses** 

|**Unrestricted**<br>**funds**<br>**2023**<br>**£**<br>Charity trading expenses<br>139,334<br>Charity trading expenses - loss on disposal<br>1,961<br>Charity trading expenses - wages<br>60,950<br>Charity trading expenses - national insurance<br>3,445<br>Charity trading expenses - pension<br>528<br>Charity trading expenses - depreciation<br>3,758<br>**Total 2023**<br>209,976|**Total**<br>**funds**<br>**2023**<br>**£**<br>**139,334**<br>**1,961**<br>**60,950**<br>**3,445**<br>**528**<br>**3,758**|
|---|---|
||**209,976**|



Page 32 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023** 

## **7. Expenditure on raising funds (continued)** 

## **Charity trading expenses (continued)** 

|Charity trading expense<br>Charity trading expenses - loss on disposal<br>Charity trading expenses - wages<br>Charity trading expenses - national insurance<br>Charity trading expenses - pension<br>Charity trading expenses - depreciation<br>_Total 2022_|_Unrestricted_<br>_funds_<br>_2022_<br>_£_<br>_112,740_<br>_704_<br>_48,140_<br>_1,728_<br>_348_<br>_2,034_<br>_165,694_|_Total_<br>_funds_<br>_2022_<br>_£_<br>_112,740_<br>_704_<br>_48,140_<br>_1,728_<br>_348_<br>_2,034_|
|---|---|---|
|||_165,694_|



## **8. Investment management costs** 

|Investment management fees<br>Investment management fees|**Unrestricted**<br>**funds**<br>**2023**<br>**£**<br>2,377<br>_Unrestricted_<br>_funds_<br>_2022_<br>_£_<br>_189_|**Total**<br>**funds**<br>**2023**<br>**£**<br>**2,377**|
|---|---|---|
|||_Total_<br>_funds_<br>_2022_<br>_£_<br>_189_|



Page 33 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023** 

## **9. Analysis of expenditure on charitable activities** 

## **Summary by fund type** 

|Promotion of the GWR and Western Region of BR<br>Restoration and preservation of locomotives and depot<br>**Total 2023**<br>Promotion of the GWR and Western Region of BR<br>Restoration and preservation of locomotives and depot<br>_Total 2022_<br>**Analysis of expenditure by activities**<br>Promotion of the GWR and Western Region of BR<br>Restoration and preservation of locomotives and depot|**Unrestricted**<br>**funds**<br>**2023**<br>**£**<br>476,843<br>625,096<br>1,101,939<br>_Unrestricted_<br>_funds_<br>_2022_<br>_£_<br>_409,133_<br>_407,944_<br>_817,077_<br>**Activities**<br>**undertaken**<br>**directly**<br>**2023**<br>**£**<br>171,021<br>1,638,723<br>1,809,744|**Restricted**<br>**funds**<br>**2023**<br>**£**<br>-<br>1,038,191<br>1,038,191<br>_Restricted_<br>_funds_<br>_2022_<br>_£_<br>_-_<br>_467,838_<br>_467,838_<br>**Support**<br>**costs**<br>**2023**<br>**£**<br>305,822<br>24,564<br>330,386|**Total**<br>**2023**<br>**£**<br>**476,843**<br>**1,663,287**|
|---|---|---|---|
||||**2,140,130**|
||||_Total_<br>_2022_<br>_£_<br>_409,133_<br>_875,782_|
||||_1,284,915_|
||||**Total**<br>**funds**<br>**2023**<br>**£**<br>**476,843**<br>**1,663,287**|
||||**2,140,130**|



## **10. Analysis of expenditure by activities** 

Page 34 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023** 

## **10. Analysis of expenditure by activities (continued)** 

|Promotion of the GWR and Western Region of BR<br>Restoration and preservation of locomotives and depot<br>_Total 2022_|_Activities_<br>_undertaken_<br>_directly_<br>_2022_<br>_£_<br>_119,019_<br>_847,207_<br>_966,226_|_Support_<br>_costs_<br>_2022_<br>_£_<br>_290,114_<br>_28,575_<br>_318,689_|_Total_<br>_funds_<br>_2022_<br>_£_<br>_409,133_<br>_875,782_|
|---|---|---|---|
||||_1,284,915_|



## **Analysis of direct costs** 

|Staff costs<br>Depreciation<br>Great Western Echo costs<br>Event staging costs<br>Repairs and maintenance of locomotives, rolling stock,<br>buildings and tracks<br>Rent, rates and water<br>Insurance<br>Coal and oil<br>Electricity<br>Site cleaning and security<br>**Total 2023**|**Promotion**<br>**of the GWR**<br>**and**<br>**Western**<br>**Region of**<br>**BR**<br>**2023**<br>**Restoration**<br>**and**<br>**preservatio**<br>**n of**<br>**locomotives**<br>**and depot**<br>**2023**<br>**£**<br>**£**<br>-<br>102,811<br>-<br>36,031<br>38,489<br>-<br>132,532<br>-<br>-<br>1,287,731<br>-<br>15,755<br>-<br>80,477<br>-<br>64,131<br>-<br>32,965<br>-<br>18,822<br>171,021<br>1,638,723|**Total**<br>**funds**<br>**2023**<br>**£**<br>**102,811**<br>**36,031**<br>**38,489**<br>**132,532**<br>**1,287,731**<br>**15,755**<br>**80,477**<br>**64,131**<br>**32,965**<br>**18,822**|
|---|---|---|
|||**1,809,744**|



Page 35 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023** 

## **10. Analysis of expenditure by activities (continued)** 

## **Analysis of direct costs (continued)** 

|_Promotion of_<br>_the GWR_<br>_and Western_<br>_Region of BR_<br>_2022_<br>_£_<br>Staff costs<br>_-_<br>Depreciation<br>_-_<br>Great Western Echo costs<br>_35,901_<br>Event staging costs<br>_83,118_<br>Repairs and maintenance of locomotives, rolling stock,<br>buildings and tracks<br>_-_<br>Rent, rates and water<br>_-_<br>Insurance<br>_-_<br>Coal and oil<br>_-_<br>Electricity<br>_-_<br>Site cleaning and security<br>_-_<br>_Total 2022_<br>_119,019_|_Restoration_<br>_and_<br>_preservation_<br>_of_<br>_locomotives_<br>_and depot_<br>_2022_<br>_£_<br>_93,616_<br>_33,516_<br>_-_<br>_-_<br>_546,834_<br>_24,706_<br>_67,888_<br>_30,224_<br>_28,505_<br>_21,918_<br>_847,207_|_Total_<br>_funds_<br>_2022_<br>_£_<br>_93,616_<br>_33,516_<br>_35,901_<br>_83,118_<br>_546,834_<br>_24,706_<br>_67,888_<br>_30,224_<br>_28,505_<br>_21,918_|
|---|---|---|
|||_966,226_|



Page 36 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023** 

## **10. Analysis of expenditure by activities (continued)** 

## **Analysis of support costs** 

|Staff costs<br>Depreciation<br>Bank charges and interest<br>Sundry expenses<br>Travel and subsistence<br>Postage and telephone<br>Stationery and office supplies<br>Staff expenses<br>Affiliation fees<br>Computer software<br>Profit/loss on disposal of assets<br>Governance costs<br>**Total 2023**|**Promotion**<br>**of the GWR**<br>**and**<br>**Western**<br>**Region of**<br>**BR**<br>**2023**<br>**Restoration**<br>**and**<br>**preservatio**<br>**n of**<br>**locomotives**<br>**and depot**<br>**2023**<br>**£**<br>**£**<br>235,196<br>-<br>-<br>9,056<br>16,666<br>-<br>18,547<br>1,256<br>215<br>-<br>8,349<br>-<br>6,998<br>-<br>1,816<br>-<br>1,239<br>-<br>7,089<br>-<br>205<br>-<br>9,502<br>14,252<br>305,822<br>24,564|**Total**<br>**funds**<br>**2023**<br>**£**<br>**235,196**<br>**9,056**<br>**16,666**<br>**19,803**<br>**215**<br>**8,349**<br>**6,998**<br>**1,816**<br>**1,239**<br>**7,089**<br>**205**<br>**23,754**|
|---|---|---|
|||**330,386**|



Page 37 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023** 

## **10. Analysis of expenditure by activities (continued)** 

## **Analysis of support costs (continued)** 

|_Promotion of_<br>_the GWR_<br>_and Western_<br>_Region of BR_<br>_2022_<br>_£_<br>Staff costs<br>_218,436_<br>Depreciation<br>_-_<br>Bank charges and interest<br>_18,330_<br>Sundry expenses<br>_19,303_<br>Travel and subsistence<br>_21_<br>Postage and telephone<br>_7,745_<br>Stationery and office expenses<br>_5,363_<br>Staff expenses<br>_1,896_<br>Affiliation fees<br>_258_<br>Computer software<br>_11,626_<br>Governance costs<br>_7,136_<br>_Total 2022_<br>_290,114_<br>**Auditors' remuneration**<br>Fees payable to the Company's auditor for the audit of the Company's<br>annual accounts<br>Fees payable to the Company's auditor in respect of:<br>All assurance services not included above<br>All non-audit services not included above|_Restoration_<br>_and_<br>_preservation_<br>_of_<br>_locomotives_<br>_and depot_<br>_2022_<br>_£_<br>_-_<br>_8,379_<br>_-_<br>_9,492_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_10,704_<br>_28,575_<br>**2023**<br>**£**<br>**12,954**<br>**4,200**<br>**6,600**|_Total_<br>_funds_<br>_2022_<br>_£_<br>_218,436_<br>_8,379_<br>_18,330_<br>_28,795_<br>_21_<br>_7,745_<br>_5,363_<br>_1,896_<br>_258_<br>_11,626_<br>_17,840_|
|---|---|---|
|||_318,689_|
|||_2022_<br>_£_<br>_11,840_<br>_-_<br>_6,000_|



## **11. Auditors' remuneration** 

Page 38 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023** 

## **12. Staff costs** 

|**Group**<br>_Group_<br>**Company**<br>**2023**<br>_2022_<br>**2023**<br>**£**<br>_£_<br>**£**<br>Wages and salaries<br>**373,336**<br>_336,926_<br>**312,386**<br>Social security costs<br>**24,637**<br>_20,752_<br>**21,192**<br>Contribution to defined contribution pension<br>schemes<br>**4,957**<br>_4,590_<br>**4,429**<br>**402,930**<br>_362,268_<br>**338,007**<br>The average number of persons employed by the Company during the year was as follows:<br>**Group**<br>**2023**<br>**No.**<br>Restoration and preservation of locomotives, rolling stock and depot and<br>promotion of the GWR and Western Region of BR<br>**4**<br>Management and administration<br>**7**<br>Commercial trading<br>**15**<br>**26**|_Company_<br>_2022_<br>_£_<br>_288,786_<br>_19,024_<br>_4,242_|
|---|---|
||_312,052_<br>_Group_<br>_2022_<br>_No._<br>_4_<br>_5_<br>_8_|
|||
||_17_|



The number of full time staff in 2023 is 10. All other members of staff are part time workers. 

No employee received remuneration amounting to more than £60,000 in either year. 

The key management personnel of the Charitable company comprise the Directors, the Chief Executive, the Civil Engineering Manager, General Manager, Marketing and Events Manager, Finance Manager  and Education Manager. The total employment benefits of the key management personnel of the Company were £132,166 (2022 - £139,544). 

In addition to permanent employees, the Society relies upon volunteers for help in both the restoration and preservation of locomotives, rolling stock and depot, and fund raising. 

Page 39 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

**GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023** 

## **13. Directors' remuneration and expenses** 

During the year, no Directors received any remuneration or other benefits _(2022 - £NIL)_ . 

During the year ended 31 January 2023, no Director expenses have been incurred _(2022 - £NIL)_ . 

Page 40 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023** 

## **14. Tangible fixed assets** 

## **Group** 

|**Cost or valuation**<br>At 1 February 2022<br>Additions<br>Disposals<br>At 31 January 2023<br>**Depreciation**<br>At 1 February 2022<br>Charge for the year<br>On disposals<br>At 31 January 2023<br>**Net book value**<br>At 31 January 2023<br>_At 31 January 2022_|**Long-term**<br>**leasehold**<br>**property**<br>**£**<br>**142,200**<br>**56,408**<br>**-**<br>**198,608**<br>**28,436**<br>**2,844**<br>**-**<br>**31,280**<br>**167,328**<br>_113,764_|**Plant and**<br>**machinery &**<br>**Buildings**<br>**£**<br>**1,107,419**<br>**36,671**<br>**-**<br>**1,144,090**<br>**415,857**<br>**23,831**<br>**-**<br>**439,688**<br>**704,402**<br>_691,562_|**Fixtures and**<br>**fittings**<br>**£**<br>**286,707**<br>**-**<br>**(41,001)**<br>**245,706**<br>**135,627**<br>**18,412**<br>**(40,796)**<br>**113,243**<br>**132,463**<br>_151,080_|**Catering**<br>**equipment**<br>**£**<br>**36,720**<br>**13,572**<br>**(9,429)**<br>**40,863**<br>**27,454**<br>**3,758**<br>**(7,467)**<br>**23,745**<br>**17,118**<br>_9,266_|**Total**<br>**£**<br>**1,573,046**<br>**106,651**<br>**(50,430)**<br>**1,629,267**<br>**607,374**<br>**48,845**<br>**(48,263)**<br>**607,956**<br>**1,021,311**<br>_965,672_|
|---|---|---|---|---|---|



Page 41 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023** 

## **14. Tangible fixed assets (continued)** 

## **Company** 

|**Cost or valuation**<br>At 1 February 2022<br>Additions<br>Disposals<br>At 31 January 2023<br>**Depreciation**<br>At 1 February 2022<br>Charge for the year<br>On disposals<br>At 31 January 2023<br>**Net book value**<br>At 31 January 2023<br>_At 31 January 2022_<br>**Stocks**<br>Goods for resale<br>Consumables<br>Other|**Long-term**<br>**leasehold**<br>**property**<br>**Plant and**<br>**machinery &**<br>**Buildings**<br>**Fixtures and**<br>**fittings**<br>**£**<br>**£**<br>**£**<br>**142,200**<br>**1,107,419**<br>**286,707**<br>**56,408**<br>**36,671**<br>**-**<br>**-**<br>**-**<br>**(41,001)**<br>**198,608**<br>**1,144,090**<br>**245,706**<br>**28,436**<br>**415,857**<br>**135,627**<br>**2,844**<br>**23,831**<br>**18,412**<br>**-**<br>**-**<br>**(40,796)**<br>**31,280**<br>**439,688**<br>**113,243**<br>**167,328**<br>**704,402**<br>**132,463**<br>_113,764_<br>_691,562_<br>_151,080_<br>**Group**<br>_Group_<br>**Company**<br>**2023**<br>_2022_<br>**2023**<br>**£**<br>_£_<br>**£**<br>**10,717**<br>_11,053_<br>**-**<br>**1,726**<br>_1,972_<br>**-**<br>**15,854**<br>_7,068_<br>**15,854**<br>**28,297**<br>_20,093_<br>**15,854**|**Long-term**<br>**leasehold**<br>**property**<br>**Plant and**<br>**machinery &**<br>**Buildings**<br>**Fixtures and**<br>**fittings**<br>**£**<br>**£**<br>**£**<br>**142,200**<br>**1,107,419**<br>**286,707**<br>**56,408**<br>**36,671**<br>**-**<br>**-**<br>**-**<br>**(41,001)**<br>**198,608**<br>**1,144,090**<br>**245,706**<br>**28,436**<br>**415,857**<br>**135,627**<br>**2,844**<br>**23,831**<br>**18,412**<br>**-**<br>**-**<br>**(40,796)**<br>**31,280**<br>**439,688**<br>**113,243**<br>**167,328**<br>**704,402**<br>**132,463**<br>_113,764_<br>_691,562_<br>_151,080_<br>**Group**<br>_Group_<br>**Company**<br>**2023**<br>_2022_<br>**2023**<br>**£**<br>_£_<br>**£**<br>**10,717**<br>_11,053_<br>**-**<br>**1,726**<br>_1,972_<br>**-**<br>**15,854**<br>_7,068_<br>**15,854**<br>**28,297**<br>_20,093_<br>**15,854**||**Total**<br>**£**<br>**1,536,326**<br>**93,079**<br>**(41,001)**<br>**1,588,404**<br>**579,920**<br>**45,087**<br>**(40,796)**<br>**584,211**<br>**1,004,193**<br>_956,406_<br>_Company_<br>_2022_<br>_£_<br>_-_<br>_-_<br>_7,068_|
|---|---|---|---|---|
||||||
||||||
||||||
||||||
||||||
||||||
||||||
|||**15,854**||_7,068_|



## **15. Stocks** 

Page 42 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023** 

## **16. Debtors** 

|**Due within one year**<br>Trade debtors<br>Amounts owed by group undertakings<br>Other debtors<br>Prepayments and accrued income<br>**Current asset investments**<br>Short term savings deposits<br>Investment in UK government gilts|**Group**<br>**2023**<br>**£**<br>**16,380**<br>**-**<br>**4,360**<br>**130,243**<br>**150,983**<br>**Group**<br>**2023**<br>**£**<br>**507,247**<br>**-**<br>**507,247**|_Group_<br>_2022_<br>_£_<br>_11,211_<br>_-_<br>_7,340_<br>_92,989_<br>_111,540_<br>_Group_<br>_2022_<br>_£_<br>_714,885_<br>_50,983_<br>_765,868_|**Company**<br>**2023**<br>**£**<br>**-**<br>**91,470**<br>**4,359**<br>**120,775**<br>**216,604**<br>**Company**<br>**2023**<br>**£**<br>**507,247**<br>**-**<br>**507,247**|_Company_<br>_2022_<br>_£_<br>_(277)_<br>_144,761_<br>_7,340_<br>_91,685_<br>_243,509_<br>_Company_<br>_2022_<br>_£_<br>_714,885_<br>_50,983_<br>_765,868_|
|---|---|---|---|---|



## **17. Current asset investments** 

Page 43 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023** 

## **18. Creditors: Amounts falling due within one year** 

|Trade creditors<br>Amounts owed to group undertakings<br>Other taxation and social security<br>Other creditors<br>Accruals and deferred income|**Group**<br>**2023**<br>**£**<br>**180,734**<br>**-**<br>**13,986**<br>**3,462**<br>**72,530**<br>**270,712**|_Group_<br>_2022_<br>_£_<br>_52,468_<br>_-_<br>_3,444_<br>_1,189_<br>_187,193_<br>_244,294_|**Company**<br>**2023**<br>**£**<br>**179,098**<br>**9**<br>**8,076**<br>**3,462**<br>**65,838**<br>**256,483**|_Company_<br>_2022_<br>_£_<br>_50,830_<br>_9_<br>_(4,732)_<br>_1,189_<br>_155,382_<br>_202,678_|
|---|---|---|---|---|



Page 44 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023** 

## **19. Statement of funds** 

## **Statement of funds - current year** 

|**Unrestricted**<br>**funds**<br>**Designated**<br>**funds**<br>Fixed asset<br>fund<br>Steaming fees<br>Capital<br>Development<br>Fund<br>**General funds**<br>General Fund<br>**Total**<br>**Unrestricted**<br>**funds**<br>**Restricted**<br>**funds**<br>Heavy Freight<br>(3822/7202)<br>Locomotive<br>1338<br>Locomotive<br>1340<br>Locomotive<br>2999<br>Locomotive<br>3738<br>Locomotive<br>4079<br>Churchward<br>Heritage (1363)|**Balance at 1**<br>**February**<br>**2022**<br>**£**<br>**965,672**<br>**71,982**<br>**1,182,423**<br>**2,220,077**<br>**253,665**<br>**2,473,742**<br>**99,932**<br>**11,026**<br>**-**<br>**42,133**<br>**28,334**<br>**21,239**<br>**40,828**|**Income**<br>**£**<br>**-**<br>**-**<br>**10,817**<br>**10,817**<br>**1,092,995**<br>**1,103,812**<br>**10,847**<br>**96**<br>**-**<br>**4,215**<br>**247**<br>**766**<br>**170,317**|**Expenditure**<br>**£**<br>**(48,845)**<br>**-**<br>**(2,377)**<br>**(51,222)**<br>**(1,263,442)**<br>**(1,314,664)**<br>**(3,059)**<br>**-**<br>**(4)**<br>**(9,026)**<br>**-**<br>**(28,683)**<br>**-**|**Transfers**<br>**in/out**<br>**£**<br>**104,484**<br>**-**<br>**(425,771)**<br>**(321,287)**<br>**(45,798)**<br>**(367,085)**<br>**-**<br>**-**<br>**4**<br>**(37,322)**<br>**(6,658)**<br>**6,678**<br>**-**|**Gains/**<br>**(Losses)**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**|**Balance at**<br>**31 January**<br>**2023**<br>**£**<br>**1,021,311**<br>**71,982**<br>**765,092**|
|---|---|---|---|---|---|---|
|||||||**1,858,385**|
|||||||**37,420**|
|||||||**1,895,805**|
|||||||**107,720**<br>**11,122**<br>**-**<br>**-**<br>**21,923**<br>**-**<br>**211,145**|



Page 45 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023** 

## **19. Statement of funds (continued)** 

## **Statement of funds - current year (continued)** 

|Locomotive<br>1466<br>Didcot<br>Development<br>Locomotive<br>1014<br>Locomotive<br>4709<br>Victorian<br>Carriage<br>50 Ton Crane<br>Large Loco<br>Fund<br>Carriage Shed<br>Extension<br>Carriage and<br>Wagon<br>Capital<br>Development<br>Fund<br>Water Tower<br>Fund<br>Diamond<br>Jubilee (60th<br>Anniversary)<br>Fund<br>Other<br>Restricted<br>Funds<br>**Total of funds**|**Balance at 1**<br>**February**<br>**2022**<br>**£**<br>**-**<br>**52,502**<br>**37,832**<br>**80,190**<br>**45,581**<br>**21,622**<br>**73,442**<br>**-**<br>**51,395**<br>**-**<br>**(7,093)**<br>**-**<br>**88,120**<br>**687,083**<br>**3,160,825**|**Income**<br>**£**<br>**10,881**<br>**12,668**<br>**59,704**<br>**79,073**<br>**7,869**<br>**271**<br>**1,514**<br>**-**<br>**30,781**<br>**-**<br>**189,154**<br>**-**<br>**14,519**<br>**592,922**<br>**1,696,734**|**Expenditure**<br>**£**<br>**(86,974)**<br>**(18,334)**<br>**(89,098)**<br>**(270,115)**<br>**(8,713)**<br>**(4,849)**<br>**(273)**<br>**(636)**<br>**(19,046)**<br>**-**<br>**(477,041)**<br>**-**<br>**(24,602)**<br>**(1,040,453)**<br>**(2,355,117)**|**Transfers**<br>**in/out**<br>**£**<br>**76,093**<br>**-**<br>**(13,612)**<br>**13,612**<br>**-**<br>**-**<br>**12,045**<br>**5,466**<br>**18,599**<br>**-**<br>**294,980**<br>**-**<br>**(2,800)**<br>**367,085**<br>**-**|**Gains/**<br>**(Losses)**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**|**Balance at**<br>**31 January**<br>**2023**<br>**£**<br>**-**<br>**46,836**<br>**(5,174)**<br>**(97,240)**<br>**44,737**<br>**17,044**<br>**86,728**<br>**4,830**<br>**81,729**<br>**-**<br>**-**<br>**-**<br>**75,237**<br>**606,637**<br>**2,502,442**|
|---|---|---|---|---|---|---|



Page 46 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023** 

## **19. Statement of funds (continued)** 

## **Statement of funds - prior year** 

|**Unrestricted**<br>**funds**<br>**Designated**<br>**funds**<br>Fixed asset<br>fund<br>Steaming fees<br>Capital<br>Development<br>Fund<br>**General funds**<br>General Fund<br>**Total**<br>**Unrestricted**<br>**funds**<br>**Restricted**<br>**funds**<br>Heavy Freight<br>(3822/7202)<br>Locomotive<br>1338<br>Locomotive<br>1340<br>Locomotive<br>2999<br>Locomotive<br>3738<br>Locomotive<br>4079<br>Churchward<br>Heritage (1363)|_Balance at_<br>_1 February_<br>_2021_<br>_£_<br>_923,737_<br>_71,982_<br>_1,252,628_<br>_2,248,347_<br>_210,265_<br>_2,458,612_<br>_90,036_<br>_11,025_<br>_305_<br>_44,648_<br>_28,331_<br>_50,012_<br>_40,597_|_Income_<br>_£_<br>_-_<br>_-_<br>_1,807_<br>_1,807_<br>_1,055,673_<br>_1,057,480_<br>_10,878_<br>_1_<br>_-_<br>_6,892_<br>_3_<br>_4,203_<br>_231_|_Expenditure_<br>_£_<br>_(43,929)_<br>_-_<br>_(189)_<br>_(44,118)_<br>_(939,556)_<br>_(983,674)_<br>_(982)_<br>_-_<br>_(20,046)_<br>_(6,005)_<br>_-_<br>_(30,976)_<br>_-_|_Transfers_<br>_in/out_<br>_£_<br>_85,864_<br>_-_<br>_(70,000)_<br>_15,864_<br>_(72,717)_<br>_(56,853)_<br>_-_<br>_-_<br>_19,741_<br>_(3,402)_<br>_-_<br>_(2,000)_<br>_-_|_Gains/_<br>_(Losses)_<br>_£_<br>_-_<br>_-_<br>_(1,823)_<br>_(1,823)_<br>_-_<br>_(1,823)_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_|_Balance at_<br>_31 January_<br>_2022_<br>_£_<br>_965,672_<br>_71,982_<br>_1,182,423_|
|---|---|---|---|---|---|---|
|||||||_2,220,077_|
|||||||_253,665_|
|||||||_2,473,742_|
|||||||_99,932_<br>_11,026_<br>_-_<br>_42,133_<br>_28,334_<br>_21,239_<br>_40,828_|



Page 47 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023** 

## **19. Statement of funds (continued)** 

## **Statement of funds - prior year (continued)** 

|Locomotive<br>1466<br>Didcot<br>Development<br>Locomotive<br>1014<br>Locomotive<br>4709<br>Victorian<br>Carriage<br>50 Ton Crane<br>Large Loco<br>Fund<br>Carriage Shed<br>Extension<br>Carriage and<br>Wagon<br>Capital<br>Development<br>Fund<br>Water Tower<br>Fund<br>Diamond<br>Jubilee (60th<br>Anniversary)<br>Fund<br>Other<br>Restricted<br>Funds<br>**Total of funds**|_Balance at_<br>_1 February_<br>_2021_<br>_£_<br>_170_<br>_54,268_<br>_53,379_<br>_63,164_<br>_42,691_<br>_20,372_<br>_-_<br>_13,248_<br>_50,083_<br>_26,497_<br>_-_<br>_32,668_<br>_72,880_<br>_694,374_<br>_3,152,986_|_Income_<br>_£_<br>_10,165_<br>_29,553_<br>_82,326_<br>_97,651_<br>_10,555_<br>_1,250_<br>_73,442_<br>_1_<br>_442_<br>_-_<br>_15,551_<br>_37,789_<br>_26,887_<br>_407,820_<br>_1,465,300_|_Expenditure_<br>_£_<br>_(135,856)_<br>_(29,319)_<br>_(98,234)_<br>_(81,664)_<br>_(7,665)_<br>_-_<br>_-_<br>_(3,085)_<br>_-_<br>_(26,497)_<br>_(22,644)_<br>_(2,868)_<br>_(6,123)_<br>_(471,964)_<br>_(1,455,638)_|_Transfers_<br>_in/out_<br>_£_<br>_125,521_<br>_(2,000)_<br>_361_<br>_1,039_<br>_-_<br>_-_<br>_-_<br>_(10,164)_<br>_870_<br>_-_<br>_-_<br>_(67,589)_<br>_(5,524)_<br>_56,853_<br>_-_|_Gains/_<br>_(Losses)_<br>_£_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_(1,823)_|_Balance at_<br>_31 January_<br>_2022_<br>_£_<br>_-_<br>_52,502_<br>_37,832_<br>_80,190_<br>_45,581_<br>_21,622_<br>_73,442_<br>_-_<br>_51,395_<br>_-_<br>_(7,093)_<br>_-_<br>_88,120_<br>_687,083_<br>_3,160,825_|
|---|---|---|---|---|---|---|



Page 48 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023** 

## **20. Summary of funds** 

## **Summary of funds - current year** 

|Designated funds<br>General funds<br>Restricted funds|**Balance at 1**<br>**February**<br>**2022**<br>**£**<br>**2,220,077**<br>**253,665**<br>**687,083**<br>**3,160,825**|**Income**<br>**£**<br>**10,817**<br>**1,092,995**<br>**592,922**<br>**1,696,734**|**Expenditure**<br>**£**<br>**(51,222)**<br>**(1,263,442)**<br>**(1,040,453)**<br>**(2,355,117)**|**Transfers**<br>**in/out**<br>**£**<br>**(321,287)**<br>**(45,798)**<br>**367,085**<br>**-**|**Balance at**<br>**31 January**<br>**2023**<br>**£**<br>**1,858,385**<br>**37,420**<br>**606,637**|
|---|---|---|---|---|---|
||||||**2,502,442**|



## **Summary of funds - prior year** 

|Designated<br>funds<br>General funds<br>Restricted<br>funds|_Balance at_<br>_1 February_<br>_2021_<br>_£_<br>_2,248,347_<br>_210,265_<br>_694,374_<br>_3,152,986_|_Income_<br>_£_<br>_1,807_<br>_1,055,673_<br>_407,820_<br>_1,465,300_|_Expenditure_<br>_£_<br>_(44,118)_<br>_(939,556)_<br>_(471,964)_<br>_(1,455,638)_|_Transfers_<br>_in/out_<br>_£_<br>_15,864_<br>_(72,717)_<br>_56,853_<br>_-_|_Gains/_<br>_(Losses)_<br>_£_<br>_(1,823)_<br>_-_<br>_-_<br>_(1,823)_|_Balance at_<br>_31 January_<br>_2022_<br>_£_<br>_2,220,077_<br>_253,665_<br>_687,083_|
|---|---|---|---|---|---|---|
|||||||_3,160,825_|



## **21. Analysis of net assets between funds** 

## **Analysis of net assets between funds - current year** 

|**Unrestricted**<br>**funds**<br>**2023**<br>**£**<br>Tangible fixed assets<br>1,021,311<br>Current assets<br>1,285,206<br>Creditors due within one year<br>(410,712)<br>**Total**<br>1,895,805|**Restricted**<br>**funds**<br>**2023**<br>**£**<br>-<br>466,637<br>140,000<br>606,637|**Total**<br>**funds**<br>**2023**<br>**£**<br>**1,021,311**<br>**1,751,843**<br>**(270,712)**<br>**2,502,442**|
|---|---|---|



Page 49 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023** 

## **21. Analysis of net assets between funds (continued)** 

## **Analysis of net assets between funds - prior year** 

|Tangible fixed assets<br>Current assets<br>Creditors due within one year<br>**Total**|_Unrestricted_<br>_funds_<br>_2022_<br>_£_<br>_965,672_<br>_1,752,364_<br>_(244,294)_<br>_2,473,742_|_Restricted_<br>_funds_<br>_2022_<br>_£_<br>_-_<br>_687,083_<br>_-_<br>_687,083_|_Total_<br>_funds_<br>_2022_<br>_£_<br>_965,672_<br>_2,439,447_<br>_(244,294)_<br>_3,160,825_|
|---|---|---|---|



## **22. Reconciliation of net movement in funds to net cash flow from operating activities** 

|Net income/expenditure for the year (as per Statement of Financial<br>Activities)<br>**Adjustments for:**<br>Depreciation charges<br>Gains on investments<br>Dividends, interests and rents from investments<br>Loss on the sale of fixed assets<br>Decrease/(increase) in stocks<br>Increase in debtors<br>Increase in creditors<br>**Net cash provided by/(used in) operating activities**|**Group**<br>**2023**<br>**£**<br>**(658,383)**<br>**48,845**<br>**-**<br>**(13,578)**<br>**2,168**<br>**(8,204)**<br>**(39,444)**<br>**26,418**<br>**(642,178)**|_Group_<br>_2022_<br>_£_<br>_7,839_<br>_43,929_<br>_1,823_<br>_(2,065)_<br>_704_<br>_9,078_<br>_(9,864)_<br>_24,704_<br>_76,148_|
|---|---|---|



Page 50 



DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023** 

## **23. Analysis of cash and cash equivalents** 

|Cash in hand<br>**Total cash and cash equivalents**|**Group**<br>**2023**<br>**£**<br>**1,065,316**<br>**1,065,316**|_Group_<br>_2022_<br>_£_<br>_1,541,946_|
|---|---|---|
||||
|||_1,541,946_|



## **24. Analysis of changes in net debt** 

|Cash at bank and in hand<br>Liquid investments|**At 1**<br>**February**<br>**2022**<br>**£**<br>**1,541,946**<br>**50,983**<br>**1,592,929**|**Cash flows**<br>**£**<br>**(476,630)**<br>**(50,983)**<br>**(527,613)**|**At 31**<br>**January**<br>**2023**<br>**£**<br>**1,065,316**<br>**-**|
|---|---|---|---|
||||**1,065,316**|



## **25. Pension commitments** 

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £4,957 (2022 - £4,590) Contributions totalling £1,046 (2022 - £789) were payable to the fund at the balance sheet date and are included in creditors. 

## **26. Related party transactions** 

The Company has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Company at 31 January 2023. 

The charity has taken advantage of the exceptions under FRS8 which means the group does not require disclosure of transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is party to the transaction is wholly owned by a member of that group 

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DocuSign Envelope ID: A0D887E6-45E6-406E-B873-AD5F1476B779 

## **GREAT WESTERN SOCIETY LIMITED** 

## **(A company limited by guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023** 

## **27. Principal subsidiaries** 

The following were subsidiary undertakings of the Company: 

|**Names**|**Company**|**Registered office or principal**|**Principal activity**||**Class of**|**Holding**|**Included in**|**Included in**|
|---|---|---|---|---|---|---|---|---|
||**number**|**place of business**|||**shares**||**consolidation**||
|Great Western Retail Sales Limited|02570514|Didcot Railway Centre, Station|Trading, catering and||Ordinary|100%|Yes||
|||Road, Didcot, Oxfordshire, OX11|operation of a shop||||||
|||7NJ|||||||
|Didcot Railway Centre Limited|02570530|Didcot Railway Centre, Station|Dormant||Ordinary|100%|Yes||
|||Road, Didcot, Oxfordshire, OX11|||||||
|||7NJ|||||||
|Great Western Restaurants Limited|02564895|Didcot Railway Centre, Station|Dormant||Ordinary|100%|Yes||
|||Road, Didcot, Oxfordshire, OX11|||||||
|||7NJ|||||||
|The financial results of the subsidiaries for the year were:|||||||||
|**Names**|||**Income**|**Expenditure**||**Profit/(Loss)**||**Net assets**|
||||**£**||**£**|**/ Surplus/**||**£**|
|||||||**(Deficit) for**|||
|||||||**the year**|||
|||||||**£**|||
|Great Western Retail Sales Limited|||**331,445**||**209,976**|**121,469**||**2**|
|Didcot Railway Centre Limited|||**-**||**-**|**-**||**6**|
|Great Western Restaurants Limited|||**-**||**-**|**-**||**9**|



The financial results of the subsidiaries for the year were: 

Page 52 



Docusign En¥ÈlopÈ ID". AOD887E6-45E6-4(KE-887MD5F1476B779