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2024-01-31-accounts

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

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 2024

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

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 - 14
Independent auditors' report on the financial statements 15 - 18
Consolidated statement of financial activities 19
Consolidated balance sheet 20 - 21
Company balance sheet 22 - 23
Consolidated statement of cash flows 24
Notes to the financial statements 25 - 53

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS DIRECTORS AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2024

Directors

R A Preston, Chair ** J B O'Hagan, Deputy Chair R J Varley, Secretary A J Keys R Walker-Jones (resigned 30 March 2024) L Donaldson M Khan J B Crouch, Treasurer* J Plant (appointed 14 October 2023) R J Heron (appointed 25 November 2023) L A Walsham (appointed 20 April 2024)

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

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Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

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

President

The Lord Hendy of Richmond Hill, of Imber in the County of Wiltshire

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

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Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

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 2024

Investment Managers

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

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: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

DIRECTORS' REPORT FOR THE YEAR ENDED 31 JANUARY 2024

The Directors present their annual report together with the audited financial statements of the Company for the year 1 February 2023 to 31 January 2024. 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: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024

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 (DRC), 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 2023-24 was a successful one as visitor numbers to Didcot increased 14.8% to 38,253 with the standout event being the 4 Castles event in March 2023. Our locomotives such as Pendennis Castle and Lady of Legend have continued to be in demand for galas and this helps to maintain the Great Western Society in the premier league of heritage railway preservation. The restoration and return to use of loco 1466 has taken longer than planned but we are hopeful that in late 2024 the Society’s first ever engine will be back at Didcot and in steam for our members and visitors to enjoy once again.

The Access Ramp project was the major focus at DRC during the year with it being funded by legacies and generous donations from our members. The build was completed without disrupting our visitors and marks the culmination of years of planning. Despite the challenges of winter construction, the project was finished on time and close to budget.

Solving our access issues will enable us to explore ways to increase our visitor numbers over the next five years, aiming for financial sustainability. Our position as a “Living Steam Museum,” without the burden of maintaining extensive tracks, shields us from some of the financial pressures other heritage railways may face in the coming years.

We plan to grow our audience by producing innovative and creative events, providing an exceptional museum experience for enthusiasts, and becoming a top destination for families in our area.

Over the next five years, we intend to invest in our visitor facilities with an ambitious programme of works to fund and complete. We will also embark on our biggest restoration project ever: the engine-shed restoration. This building is central to all activities at DRC, and the work will need to proceed without halting the operation of our engines or detracting from our site as a visitor attraction. This is a tall order, but with good planning, it should be achievable.

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Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024

Achievements and performance (continued)

Despite on-going global uncertainties, we seem to be heading for calmer conditions, though significant obstacles remain. The supply and use of coal is our biggest challenge, and we must ensure the government listens to our industry's concerns and forms a balanced view that allows us to continue operating with coal. Additionally, the aging of our volunteer base, our most valuable resource, is an issue we cannot ignore. We need careful planning to offset the decline in volunteer numbers essential for running an effective, commercially viable Living Steam Museum. A museum hall full of interesting artifacts alone will not suffice.

With the completion of the access ramp and our plans for the next five years, we will become one of the leading living museums in the country.

b. Charitable Activities

During the year the Centre was open for 63 Discovery (Static) Days, 113 Running (Steaming and Special Event) and there were 38,253 visitors during the year. Total income from entrance fees was £584,204 which was 17.6% higher than £496,961 in 2023.

Charitable trading income from loco and facilities hire plus sales from catering and the shop totalled £387,400 which was 16.9% higher than £331,445 in 2023.

Donations and legacy income increased from £557,170 to £1,094,479 whilst grants decreased from £116,454 to £12,284. The Board is very thankful for support from individuals who regularly donate or respond to fundraising campaigns during the year and we’d like to acknowledge those individuals who have sadly passed away and remember the Society in their wills.

Membership numbers fell slightly from 3,339 in 2023 to 3,293 this year with income from membership increasing from £98,122 to £101,681.

The charity’s subsidiary company Great Western Retail Sales Limited made a gift aided contribution to the charity of £140,208 (2023 £121,470). Loco hire out income was very good and both shop and catering were more profitable than prior years.

Overall unrestricted income increased to £1,888,421 (2023 £1,103,812) and total income was £2,232,098 (2023 £1,696,734).

The total of voluntary restricted fund income for restoration and preservation was £323,733 as compared to £508,940 for last year.

Expenditure overall for restoration and preservation decreased and amounted to £958,824 as compared to £1,663,287 last year. The Access Ramp project incurred costs of £720,979 that have been capitalised and there were ongoing restoration costs for Loco 1014, Loco 1363, Loco 1466, Loco 4709 and Loco 7202.

The expenditure on the promotion of the Great Western Railway and Western Region of BR amounted to £577,332 as compared with £476,842 last year.

Staff costs increased to £478,227 compared to £402,930 in 2023. Many roles are paid at national living wage rates and these increased 9.7% as per the legislative increases in April 2023. Other roles had increases to keep them in-line with local market rates.

Total unrestricted expenditure was £1,552,291 (2023 £1,314,663) and overall total expenditure for the year was £1,785,937 (2023 £2,355,116).

The Directors view the surplus of unrestricted fund expenditure over income of £336,130 (2023 Deficit

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Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024

Achievements and performance (continued)

£210,851) as good as this covers the period of large investment at DRC with the Access Ramp project opening to the public in April 2024.

General funds were able to be replenished but with the Engine Shed roof project being the next significant project ongoing diligence is required to ensure all monies are spent well.

The unrestricted funds increased from £1,895,506 to £2,231,935 at the year end and restricted funds increased from £606,637 to £716,668.

c. Fundraising activities and income generation

Fund raising activities have continued throughout the year with significant amounts raised to help with the Access Ramp 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.

Excluding legacies and grants overall donations were £325,980 compared to £355,188 in 2023.

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 financial forecasts for the year ahead and with the access ramp project now completed the potential for cost over-runs has abated. The Directors have been notified of a substantial legacy due to complete in 2024 of which an interim distribution of £500,000 was received in June 2024.

Taking these factors into account and the management of reserves, as noted in item 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: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024

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 2024 was £2,231,935 (2023 £1,895,906), of which £1,827,353 (2023 £1,021,311) was represented by fixed assets, £62,342 (2023 £765,092) had been set aside for the Capital Development Fund, £71,982 (2022 £71,982) has been set aside for specific purposes and £8,150 (2023 £8,150) was held by regional groups which leaves free reserves of £262,108 (2023 £32,140). This compares with actual three to six months expenditure of approximately £290,000 based on the current year’s expenditure. The Directors are confident the Society has sufficient funds to continue operating in the foreseeable future as large legacies are due later in 2024.

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.

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 £2,948,603 (2023 £2,502,443). Included in the total funds is an amount of £716,668 (2023 £606,637) 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 £62,342 (2023 £765,092) have been designated and set aside by the Directors for the Capital Development Fund, and £71,982 (2023 £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 20 to the accounts. The Capital Development Fund has been used to cover the Access Ramp project.

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Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024

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 co opted 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, Mr R Heron and Ms L Walsham, having been co opted to the Board since the end of the year retire and being eligible offers themselves for re election.

In accordance with the articles of association, Mr M Khan retires by rotation and being eligible offers himself for re election.

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Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024

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: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024

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 (Registered 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.

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: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024

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 Access Ramp project was completed in April 2024 and enables wheelchair access to DRC for the first time as well as making the centre more family friendly as pushchairs can now use the ramp.

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 to broaden the visitor base and generate additional income.

Access to coal at reasonable prices is becoming more of a concern with the closure of the last Welsh coal pit meaning all heritage railways are dependent on imports from overseas.

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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GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024

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:

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:

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GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024

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.

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

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

_________ R A Preston

31-07-24 Date:

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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 2024 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:

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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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:

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:

Page 16

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

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:

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 17

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

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 directors, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the directors 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 directors 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

Date: 31-07-24

Page 18

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

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 2024

Note
Income from:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Total income
Expenditure on:
Raising funds
8,9
Charitable activities
10
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
783,030
685,885
392,401
27,105
1,888,421
249,263
1,303,028
1,552,291
336,130
1,895,805
336,130
2,231,935		 Restricted
funds
2024
£
323,733
-
15,847
4,097
343,677
518
233,128
233,646
110,031
606,637
110,031
716,668		 Total
funds
2024
£
1,106,763
685,885
408,248
31,202
2,232,098
249,781
1,536,156
1,785,937
446,161
2,502,442
446,161
2,948,603		 Total
funds
2023
£
673,624
595,083
414,449
13,578
1,696,734
214,987
2,140,130
2,355,117
(658,383)
3,160,825
(658,383)
2,502,442

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

The notes on pages 25 to 53 form part of these financial statements.

Page 19

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

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

CONSOLIDATED BALANCE SHEET AS AT 31 JANUARY 2024

Note
Fixed assets
Tangible assets
15
Current assets
Stocks
16
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within one
year
18
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
20
Unrestricted funds
20
Total funds		 42,172
118,611
1,208,796
1,369,579
(248,329)		 2024
£
1,827,353
1,827,353
1,121,250
2,948,603
2,948,603
716,668
2,231,935
2,948,603		 28,297
150,983
1,572,563
1,751,843
(270,712)		 As restated
2023
£
1,021,311
1,021,311
1,481,131
2,502,442
2,502,442
606,637
1,895,805
2,502,442

Page 20

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

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

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 JANUARY 2024

The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 151 of the Charities Act 2011.

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:

31-07-24

The notes on pages 25 to 53 form part of these financial statements.

Page 21

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

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

COMPANY BALANCE SHEET AS AT 31 JANUARY 2024

Note
Fixed assets
Tangible assets
15
Current assets
Stocks
16
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within one
year
18
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
20
Unrestricted funds
20
Total funds		 8,231
205,554
1,173,386
1,387,171
(229,694)		 2024
£
1,791,126
1,791,126
1,157,477
2,948,603
2,948,603
716,668
2,231,935
2,948,603		 15,854
216,604
1,522,274
1,754,732
(256,483)		 As restated
2023
£
1,004,193
1,004,193
1,498,249
2,502,442
2,502,442
606,637
1,895,805
2,502,442

Page 22

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

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

COMPANY BALANCE SHEET (CONTINUED) AS AT 31 JANUARY 2024

The Company's net movement in funds for the year was £ 446,161 (2023 - £(658,383)) .

The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 151 of the Charities Act 2011.

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

31-07-24 Date:

The notes on pages 25 to 53 form part of these financial statements.

Page 23

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2024

Note
Cash flows from operating activities
Net cash provided by operating activities
23
Cash flows from investing activities
Dividends and interests from investments
Purchase of tangible fixed assets
Proceeds from sale of investments
(Increase)/Decrease in short term investments
Net cash (used in)/provided by investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
24		 2024
£
467,104
31,202
(862,073)
-
-
(830,871)
-
(363,767)
1,572,563
1,208,796		 As restated
2023
£
(642,178)
13,578
(106,651)
50,983
714,885
672,795
-
30,617
1,541,946
1,572,563

The notes on pages 25 to 53 form part of these financial statements

Page 24

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

1. General information

Great Western Society is a private limited company by guarantee incorporated in England and Wales. The address of the registered office is Didcot Railway Centre, Didcot, Oxfordshire, OX11 7NJ.

2. Accounting policies

2.1 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), 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.

2.2 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 25

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

2. Accounting policies (continued)

2.3 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.

2.4 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.

2.5 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 26

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

2. Accounting policies (continued)

2.5 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.

2.6 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.

2.7 Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.8 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.

2.9 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 27

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

2. Accounting policies (continued)

2.10 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.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

2.11 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.

2.12 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.

2.13 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 28

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

3. 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 relate to accruals and prepayments.

Critical areas of judgment:

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

4. Income from donations and legacies

Unrestricted
funds
2024
£
Donations
38,149
Legacies
732,597
Grants
12,284
783,030
Unrestricted
funds
2023
£
Donations
121,088
Legacies
27,142
Grants
16,454
164,684		 Restricted
funds
2024
£
287,831
35,902
-
323,733
Restricted
funds
2023
£
234,100
174,840
100,000
508,940		 Total
funds
2024
£
325,980
768,499
12,284
1,106,763
Total
funds
2023
£
355,188
201,982
116,454
673,624

Page 29

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

5. Income from charitable activities

Unrestricted
funds
2024
£
Entrance fees
584,204
Subscriptions and enrolment fees
101,681
Total 2024
685,885
Unrestricted
funds
2023
£
Entrance fees
496,961
Subscription and enrolment fees
98,122
Total 2023
595,083		 Total
funds
2024
£
584,204
101,681
685,885
Total
funds
2023
£
496,961
98,122
595,083

6. Income from other trading activities Income from fundraising events

Appeal income
Raffles
Other income
Total 2024		 Unrestricted
funds
2024
£
20
-
4,981
5,001		 Restricted
funds
2024
£
13,723
2,124
-
15,847		 Total
funds
2024
£
13,743
2,124
4,981
20,848

Page 30

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

6. Income from other trading activities (continued)

Income from fundraising events (continued)

Appeal income
Raffles
Other income
Total 2023
Income from non charitable trading activities
Charity trading income - (GWRS)
Charity trading income - (GWRS)		 Unrestricted
funds
2023
£
-
-
1,608
1,608		 Restricted
funds
2023
£
66,737
3,934
10,725
81,396
Unrestricted
funds
2024
£
387,400
Unrestricted
funds
2023
£
331,445		 Total
funds
2023
£
66,737
3,934
12,333
83,004
Total
funds
2024
£
387,400
Total
funds
2023
£
331,445

7. Investment income

Unrestricted
funds
2024
£
Interest on Government Stocks
20,300
Bank interest receivable
6,805
Total 2024
27,105		 Restricted
funds
2024
£
-
4,097
4,097		 Total
funds
2024
£
20,300
10,902
31,202

Page 31

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

7. Investment income (continued)

Interest on Government Stocks
Bank interest receivable
Total 2023
8.
Expenditure on raising funds
Costs of raising voluntary income
Advertising and marketing
Costs of raising voluntary income (continued)
Advertising and marketing		 Unrestricted
funds
2023
£
10,817
175
10,992
Unrestricted
funds
2023
£
372		 Restricted
funds
2023
£
-
2,586
2,586
Restricted
funds
2024
£
518
Restricted
funds
2023
£
2,262		 Total
funds
2023
£
10,817
2,761
13,578
Total
funds
2024
£
518
Total
funds
2023
£
2,634

Page 32

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

8. Expenditure on raising funds (continued)

Charity trading expenses

Unrestricted
funds
2024
£
Charity trading expenses
162,413
Charity trading expenses - wages
72,217
Charity trading expenses - national insurance
3,670
Charity trading expenses - pension
1,000
Charity trading expenses - depreciation
7,892
Total 2024
247,192		 Total
funds
2024
£
162,413
72,217
3,670
1,000
7,892
247,192

Page 33

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

8. Expenditure on raising funds (continued) Charity trading expenses (continued)

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

9. Investment management costs

Unrestricted
funds
2024
£
Investment management fees
2,071
Unrestricted
funds
2023
£
Investment management fees
2,377		 Total
funds
2024
£
2,071
Total
funds
2023
£
2,377

Page 34

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

10. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2024
£
Promotion of the GWR and Western Region of BR
570,617
Restoration and preservation of locomotives and depot
732,411
Total 2024
1,303,028
Unrestricted
funds
2023
£
Promotion of the GWR and Western Region of BR
476,843
Restoration and preservation of locomotives and depot
625,096
Total 2023
1,101,939		 Restricted
funds
2024
£
6,715
226,413
233,128
Restricted
funds
2023
£
-
1,038,191
1,038,191		 Total
2024
£
577,332
958,824
1,536,156
Total
2023
£
476,843
1,663,287
2,140,130

11. Analysis of expenditure by activities

Promotion of the GWR and Western Region of BR
Restoration and preservation of locomotives and depot		 Activities
undertaken
directly
2024
£
211,629
940,343
1,151,972		 Support
costs
2024
£
365,703
18,481
384,184		 Total
funds
2024
£
577,332
958,824
1,536,156

Page 35

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

11. Analysis of expenditure by activities (continued)

Promotion of the GWR and Western Region of BR
Restoration and preservation of locomotives and depot
Total 2023		 Activities
undertaken
directly
2023
£
171,021
1,638,723
1,809,744		 Support
costs
2023
£
305,822
24,564
330,386		 Total
funds
2023
£
476,843
1,663,287
2,140,130

Analysis of direct costs

Staff costs
Depreciation
Great Western Echo costs
Event staging costs
Repairs and maintenance of locomotives, rolling stock,
buildings and tracks
Rent, rates and water
Insurance
Coal and oil
Electricity
Site cleaning and security
Total 2024		 Promotion
of the GWR
and
Western
Region of
BR
2024
Restoration
and
preservatio
n of
locomotives
and depot
2024
£
£
-
120,941
-
39,172
32,374
-
179,255
-
-
535,740
-
14,246
-
81,757
-
63,589
-
32,588
-
52,310
211,629
940,343		 Total
funds
2024
£
120,941
39,172
32,374
179,255
535,740
14,246
81,757
63,589
32,588
52,310
1,151,972

Page 36

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

11. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

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

Page 37

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

11. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Depreciation
Bank charges and interest
Sundry expenses
Travel and subsistence
Postage and telephone
Stationery and office supplies
Staff expenses
Affiliation fees
Computer software
Governance costs
Total 2024		 Promotion
of the GWR
and
Western
Region of
BR
2024
Restoration
and
preservatio
n of
locomotives
and depot
2024
£
£
280,399
-
-
8,967
16,906
-
19,956
-
721
-
7,471
-
12,712
-
1,000
-
3,065
-
13,958
-
9,515
9,514
365,703
18,481		 Total
funds
2024
£
280,399
8,967
16,906
19,956
721
7,471
12,712
1,000
3,065
13,958
19,029
384,184

Page 38

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

11. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Promotion of
the GWR
and Western
Region of
BR
2023
£
Staff costs
235,196
Depreciation
-
Bank charges and interest
16,666
Sundry expenses
18,547
Travel and subsistence
215
Postage and telephone
8,349
Stationery and office expenses
6,998
Staff expenses
1,816
Affiliation fees
1,239
Computer software
7,089
Loss on disposal of asset
205
Governance costs
9,502
Total 2023
305,822
Auditors' remuneration
Fees payable to the Company's auditor for the audit of the Company's
annual accounts
Fees payable to the Company's auditor in respect of:
All assurance services not included above
All non-audit services not included above		 Restoration
and
preservation
of
locomotives
and depot
2023
£
-
9,056
-
1,256
-
-
-
-
-
-
-
14,252
24,564
2024
£
12,429
-
6,600		 Total
funds
2023
£
235,196
9,056
16,666
19,803
215
8,349
6,998
1,816
1,239
7,089
205
23,754
330,386
2023
£
12,954
4,200
6,600

12. Auditors' remuneration

Page 39

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

13. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2024
£
441,617
30,959
5,651
478,227		 Group
2023
£
373,336
24,637
4,957
402,930		 Company
2024
£
369,400
27,289
4,651
401,340		 Company
2023
£
312,386
21,192
4,429
338,007

The average number of persons employed by the Company during the year was as follows:

Restoration and preservation of locomotives, rolling stock and depot and
promotion of the Great Western Railway
Management and administration
Commercial trading		 Group
2024
No.
4
10
19
33		 Group
2023
No.
4
7
15
26

The number of full time staff in 2024 is 13 (2023 - 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 £156,733 (2023 - £132,166).

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 40

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

14. Directors' remuneration and expenses

During the year, no Directors received any remuneration or other benefits (2023 - £NIL) .

During the year ended 31 January 2024, no Director expenses have been incurred (2023 - £NIL) .

Page 41

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

15. Tangible fixed assets Group

Cost or valuation
At 1 February 2023
Additions
At 31 January 2024
Depreciation
At 1 February 2023
Charge for the year
At 31 January 2024
Net book value
At 31 January 2024
At 31 January 2023		 Long-term
leasehold
property
Plant and
machinery &
Buildings
£
£
198,608
1,144,090
746,730
88,342
945,338
1,232,432
31,280
439,688
2,844
32,421
34,124
472,109
911,214
760,323
167,328
704,402		 Fixtures and
fittings
£
245,706
-
245,706
113,243
12,874
126,117
119,589
132,463		 Catering
equipment
£
40,863
27,001
67,864
23,745
7,892
31,637
36,227
17,118		 Total
£
1,629,267
862,073
2,491,340
607,956
56,031
663,987
1,827,353
1,021,311

Page 42

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

15. Tangible fixed assets (continued)

Company

Cost or valuation
At 1 February 2023
Additions
At 31 January 2024
Depreciation
At 1 February 2023
Charge for the year
At 31 January 2024
Net book value
At 31 January 2024
At 31 January 2023
Stocks
Goods for resale
Consumables
Other		 Long-term
leasehold
property
Plant and
machinery &
Buildings
Fixtures and
fittings
£
£
£
198,608
1,144,090
245,706
746,730
88,342
-
945,338
1,232,432
245,706
31,280
439,688
113,243
2,844
32,421
12,874
34,124
472,109
126,117
911,214
760,323
119,589
167,328
704,402
132,463
Group
Group
Company
2024
2023
2024
£
£
£
8,930
10,717
-
2,672
1,726
-
30,570
15,854
8,231
42,172
28,297
8,231		 Total
£
1,588,404
835,072
2,423,476
584,211
48,139
632,350
1,791,126
1,004,193
Company
2023
£
-
-
15,854
15,854

16. Stocks

Page 43

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

17. Debtors

Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2024
£
5,984
-
69,296
43,331
118,611		 Group
2023
£
16,380
-
4,360
130,243
150,983		 Company
2024
£
1,852
91,075
69,296
43,331
205,554		 Company
2023
£
-
91,470
4,359
120,775
216,604

Page 44

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

18. Creditors: Amounts falling due within one year

Trade creditors
Amounts owed to group undertakings
Other taxation and social security
Other creditors
Accruals and deferred income		 Group
2024
£
191,487
-
21,686
733
34,423
248,329		 Group
2023
£
180,734
-
13,986
3,462
72,530
270,712		 Company
2024
£
189,052
9
9,219
733
30,681
229,694		 Company
2023
£
179,098
9
8,076
3,462
65,838
256,483

19. Prior year adjustments

Investments of a liquid nature have been reclassified as cash at bank and in hand.

Page 45

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

20.
Statement of funds
Statement of funds - current year
Balance at 1
February
2023
£
Unrestricted funds
Designated funds
Fixed asset fund
1,021,311
Steaming fees
71,982
Capital Development Fund
765,092
1,858,385
General funds
General Fund
37,420
Total Unrestricted funds
1,895,805
Restricted funds
Heavy Freight (3822/7202)
107,720
Locomotive 1338
11,122
Locomotive 6023
25,988
Broad Gauge Engine House
22,045
Locomotive 3738
21,923
Churchward Heritage (1363)
211,145
Locomotive 1466
-
Didcot Development
46,836
Locomotive 1014
(5,174)
Locomotive 4709
(97,242)
Victorian Carriage
44,737
50 Ton Crane
17,044
Large Loco Fund
86,728
231 Club
15,965
Carriage and Wagon
81,729
Ramp
-
Cattle Wagon
-
Other Restricted Funds
16,071		 Income
£
Expenditure
£
-
(56,031)
-
-
20,300
(2,071)
20,300
(58,102)
1,868,121
(1,494,189)
1,888,421
(1,552,291)
18,095
(30,929)
-
-
320
-
74
-
-
-
1,111
(18,368)
4,971
(60,396)
14,005
(26,077)
59,348
(46,653)
89,635
(31,710)
11,888
-
12,500
-
31,258
-
10,590
(9,067)
20,249
(3,330)
52,461
(518)
8,625
(2,811)
8,547
(3,787)		 Transfers
in/out
£
862,073
-
(720,979)
141,094
(141,094)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Balance at
31 January
2024
£
1,827,353
71,982
62,342
1,961,677
270,258
2,231,935
94,886
11,122
26,308
22,119
21,923
193,888
(55,425)
34,764
7,521
(39,317)
56,625
29,544
117,986
17,488
98,648
51,943
5,814
20,831

Page 46

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

20.
Statement of funds (continued)
Statement of funds - current year (continued)
Balance at 1
February
2023
£
Income
£
Expenditure
£
606,637
343,677
(233,646)
Total of funds
2,502,442
2,232,098
(1,785,937)		 Transfers
in/out
£
-
-		 Balance at
31 January
2024
£
716,668
2,948,603

Page 47

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

20. Statement of funds (continued)

Statement of funds - prior year
Balance at
1 February
2022
£
Unrestricted funds
Designated funds
Fixed asset fund
965,672
Steaming fees
71,982
Capital Development Fund
1,182,423
2,220,077
General funds
General Fund
253,665
Total Unrestricted funds
2,473,742
Restricted funds
Heavy Freight (3822/7202)
99,932
Locomotive 1338
11,026
Locomotive 1340
-
Locomotive 2999
42,133
Locomotive 3738
28,334
Locomotive 4079
21,239
Churchward Heritage (1363)
40,828
Locomotive 1466
-
Didcot Development
52,502
Locomotive 1014
37,832
Locomotive 4709
80,190
Victorian Carriage
45,581
50 Ton Crane
21,622
Large Loco Fund
73,442
Carriage Shed Extension
-
Carriage and Wagon
51,395
Water Tower fund
(7,093)		 Income
£
-
-
10,817
10,817
1,092,995
1,103,812
10,847
96
-
4,215
247
766
170,317
10,881
12,668
59,704
79,073
7,869
271
1,514
-
30,781
189,154		 Expenditure
£
(48,845)
-
(2,377)
(51,222)
(1,263,442)
(1,314,664)
(3,059)
-
(4)
(9,026)
-
(28,683)
-
(86,974)
(18,334)
(89,098)
(270,115)
(8,713)
(4,849)
(273)
(636)
(19,046)
(477,041)		 Transfers
in/out
£
104,484
-
(425,771)
(321,287)
(45,798)
(367,085)
-
-
4
(37,322)
(6,658)
6,678
-
76,093
-
(13,612)
13,612
-
-
12,045
5,466
18,599
294,980		 Balance at
31 January
2023
£
1,021,311
71,982
765,092
1,858,385
37,420
1,895,805
107,720
11,122
-
-
21,923
-
211,145
-
46,836
(5,174)
(97,240)
44,737
17,044
86,728
4,830
81,729
-
Unrestricted funds
Designated funds
Fixed asset fund
Steaming fees
Capital Development Fund
General funds
General Fund
Total Unrestricted funds
Restricted funds
Heavy Freight (3822/7202)
Locomotive 1338
Locomotive 1340
Locomotive 2999
Locomotive 3738
Locomotive 4079
Churchward Heritage (1363)
Locomotive 1466
Didcot Development
Locomotive 1014
Locomotive 4709
Victorian Carriage
50 Ton Crane
Large Loco Fund
Carriage Shed Extension
Carriage and Wagon
Water Tower fund

Page 48

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

20. Statement of funds (continued)

Statement of funds - prior year (continued)

Other Restricted Funds
Total of funds		 Balance at
1 February
2022
£
88,120
687,083
3,160,825		 Income
£
14,519
592,922
1,696,734		 Expenditure
£
(24,602)
(1,040,453)
(2,355,117)		 Transfers
in/out
£
(2,800)
367,085
-		 Balance at
31 January
2023
£
75,237
606,637
2,502,442

Purpose of Designated Funds:

Fixed asset fund represents the net book value of the groups fixed assets. This is separately identified to give a clearer position of the general funds.

Capital Development Fund is ring fenced money from large legacies with the intention of spending this on big capital projects.

Purposes of Restricted Funds:

Heavy Freight (3822/7202) To support restoration of locomotives 3822 and 7202 Locomotive 1388 To support restoration of locomotive 1338 Locomotive 3738 To support restoration of locomotive 3738 Churchward Heritage (1363 To support restoration of locomotive 1363 Locomotive 1466 To support restoration of locomotive 1466 Locomotive 1014 To support restoration of locomotive 1014 Locomotive 4709 To support restoration of locomotive 4709 Locomotive 6023 To support restoration of locomotive 6023 Victorian Heritage To support restoration of Victorian Heritage coaches 50 Ton Crane To support restoration of 50T Crane Large Loco fund To support restoration of large locomotives 231 Club To support restoration of GWR carriages Cattle Wagon To support restoration of GWR Cattle Wagon Carriage and Wagon To support restoration of GWR carriages and wagons Broad Gauge Engine House To support restoration of GWR Broad Gauge Didcot Development To support development of DRC site Ramp To support GWR style fixtures & fittings for ramp

Page 49

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

21. Summary of funds

Summary of funds - current year

Balance at 1
February
2023
£
Designated funds
1,858,385
General funds
37,420
Restricted funds
606,637
2,502,442
Summary of funds - prior year
Balance at
1 February
2022
£
Designated funds
2,220,077
General funds
253,665
Restricted funds
687,083
3,160,825		 Income
£
Expenditure
£
20,300
(58,102)
1,868,121
(1,494,189)
343,677
(233,646)
2,232,098
(1,785,937)
Income
£
Expenditure
£
10,817
(51,222)
1,092,995
(1,263,442)
592,922
(1,040,453)
1,696,734
(2,355,117)		 Transfers
in/out
£
141,094
(141,094)
-
-
Transfers
in/out
£
(321,287)
(45,798)
367,085
-		 Balance at
31 January
2024
£
1,961,677
270,258
716,668
2,948,603
Balance at
31 January
2023
£
1,858,385
37,420
606,637
Designated funds
General funds
Restricted funds
2,502,442

22. Analysis of net assets between funds Analysis of net assets between funds - current year

Unrestricted
funds
2024
£
Tangible fixed assets
1,827,353
Current assets
592,911
Creditors due within one year
(188,329)
Total
2,231,935		 Restricted
funds
2024
£
-
776,668
(60,000)
716,668		 Total
funds
2024
£
1,827,353
1,369,579
(248,329)
2,948,603

Page 50

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

22. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

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

23. Reconciliation of net movement in funds to net cash flow from operating activities

24.

Net income/expenditure for the year (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Loss on the sale of fixed assets
Increase in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operating activities
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 Group
2024
£
446,161
56,031
(31,202)
-
(13,875)
32,372
(22,383)
467,104
Group
2024
£
1,208,796
1,208,796		 Group
2023
£
(658,383)
48,845
(13,578)
2,168
(8,204)
(39,444)
26,418
(642,178)
Group
2023
£
1,572,563
1,572,563

Page 51

Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

25. Analysis of changes in net debt

Cash at bank and in hand At 1
February
2023
£
1,572,563
1,572,563		 Cash flows
£
(363,767)
(363,767)		 At 31
January
2024
£
1,208,796
1,208,796

26. 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 £4,141 (2023 - £4,957) Contributions totalling £28 (2023 - £1,046) were payable to the fund at the balance sheet date and are included in creditors.

27. 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 2024.

The charity has taken advantage of the exceptions under FRS 102 Section 33, whereby disclosure need not be given of transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

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Docusign Envelope ID: F201B8A1-F941-438A-928D-E2457D79E4D6

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

28. Principal subsidiaries

The following were subsidiary undertakings of the Company:

Names Company Registered office or principal Principal activity Class of Holding 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 for Net assets
£ £ the year £
£
Great Western Retail Sales Limited 387,400 247,192 140,208 2
Didcot Railway Centre Limited - - - 6
Great Western Restaurants Limited - - - 9

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