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2025-01-31-accounts

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

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 2025

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

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 - 15
Independent auditors' report on the financial statements 16 - 19
Consolidated statement of financial activities 20
Consolidated balance sheet 21 - 22
Company balance sheet 23 - 24
Consolidated statement of cash flows 25
Notes to the financial statements 26 - 56

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

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 2025

Directors

R A Preston, Chair* **

J B O'Hagan, Deputy Chair**

R J Varley, Secretary*

J B Crouch, Treasurer

A J Keys

L Donaldson

M Khan

J Plant

R J Heron

L A Walsham (appointed 20 April 2024)

M A Middleton (appointed 13 October 2024)

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Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

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 CBE

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: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

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 2025

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* K A White, 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: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

DIRECTORS' REPORT FOR THE YEAR ENDED 31 JANUARY 2025

The Directors present their annual report together with the audited financial statements of the Company for the year 1 February 2024 to 31 January 2025. 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 January 2022).

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: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

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 2024-25 was a year of consolidation with paid visitor numbers to Didcot of 36,515 versus 38,253 in the prior year. Our own locomotive Pendennis Castle celebrated its 100-year anniversary during the year and this was marked by a special event to recognise the hard work put in by the volunteers to return her to working order after several years out of service. The ongoing delays to restoration and return to use of loco 1466 meant the launch event was postponed and the loco is not expected to be operational until late 2025.

The Access Ramp was completed and formally opened in April 2024. Various snagging issues were overcome and so the final cost was marginally over budget but this improved access to Didcot Railway Centre 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.

A new commercial arrangement was entered into with First Great Western Railway that saw some of their IET train sets stored at Didcot during Christmas 2024 as HS2 construction works at Old Oak Common severely limited access to their main storage and maintenance site at North Pole Depot. We are hopeful this will continue for 2025 and beyond.

We were very grateful to receive a large seven figure legacy during the year and the majority of this is being retained to help with the engine shed restoration in future 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. To this end we submitted a bid to the National Lottery Heritage Fund in November 2024 to help us restore the engine shed and in February 2025 we were pleased to receive notification that a development grant of £184,000 has been awarded to help us apply for a full Heritage Fund grant in due course.

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GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

Achievements and performance (continued)

The success of this project is key as we move forward as a weatherproof engine shed is vital to preserve our collection of engines in and to provide activities in the additional rooms opened up for public use. 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.

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. Younger volunteers must be attracted in ever greater numbers to ensure we maintain a viable operation and plans are in place to address this.

b. Charitable Activities

During the year the Centre was open for 63 Discovery (Static) Days, 113 Running (Steaming) Days and there were 36,515 visitors during the year. Total income from entrance fees was £676,377 which was 16% higher than £584,204 in 2024.

Charitable trading income from loco and facilities hire plus sales from catering and the shop totalled £502,135 which was 30% higher than £387,400 in 2024 as we benefited from filming income from Didcot, loco hire out to other railways, shop income 22% higher than prior year and catering income 7% higher than prior year.

Donations and legacy income increased from £1,094,479 to £2,489,545 with one individual legacy totalling £1.9 million. £1.0 million of this has been set aside for future investment in the engine shed restoration. 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.

Grant income was £12,737 versus £12,284 in 2024. Much of this grant income relates to hosting events for underprivileged residents in Didcot and the surrounding area.

Membership numbers fell slightly from 3,293 in 2024 to 3,284 this year with income from membership decreasing from £101,681 to £99,478.

The charity’s subsidiary company Great Western Retail Sales Limited made a gift aided contribution to the charity of £219,057 (2024 £140,208). This was driven by one off income from filming at Didcot coupled with good Loco hire out income and both shop and catering were more profitable than prior years.

Overall unrestricted income increased to £3,496,125 (2024 £1,888,421) and total income was £3,853,845 (2024 £2,232,098).

The total of voluntary restricted fund income for restoration and preservation was £314,898 as compared to £323,733 for last year.

Expenditure overall for restoration and preservation amounted to £1,133,246 as compared to £958,824 last year. The Access Ramp project incurred costs of £244,526 that have been capitalised and there were ongoing restoration costs for Loco 1014, Loco 1363, Loco 1466, Loco 4709 and Loco 7202.

The final capitalised cost of the access ramp totalled £1,020,003 and as this has now been brought into use this asset will be depreciated over the lifetime of the remaining lease.

The expenditure on the promotion of the Great Western Railway and Western Region of BR amounted to £723,923 as compared with £577,332 last year.

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Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

Achievements and performance (continued)

Staff costs increased to £500,461 compared to £478,227 in 2024. Many roles are paid at national living wage rates and these increased 9.8% as per the legislative increases in April 2024. Other roles had increases to keep them in-line with local market rates.

Total unrestricted expenditure was £1,887,483 (2024 £1,552,291) and overall total expenditure for the year was £2,145,263 (2024 £1,785,937).

The Directors view the surplus of unrestricted fund expenditure over income of £1,608,642 (2024 Surplus £336,130) as excellent but acknowledge the impact legacy income has on this performance.

As a result, General funds have been able to be replenished but with the Engine Shed roof project being the next significant multi-million pound project ongoing diligence is required to ensure all monies are spent well.

The unrestricted funds increased from £2,231,935 to £3,912,379 at the year end and restricted funds increased from £716,668 to £751,815. It should be noted that of these unrestricted funds £2,311,519 relate to fixed assets that are non-cash assets.

c. Fundraising activities and income generation

Fund raising activities have continued throughout the year with significant amounts raised to help with the new build locos 1014 and 4709. The Heavy Freight Group shop at Didcot continues to raise notable amounts for the restoration of loco 7202. The creation of Large Loco and Small Loco funds helps to direct funds to the latest loco overhauls

During 2024 a new Engine Shed fund was created and this attracted donations of £46,821. This will be built upon in future years as this becomes the main focus of fundraising on site at Didcot.

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. With significant legacy income received in 2024 funds are invested for use at a later date.

Financial review

a. Going concern

The Directors have reviewed the financial forecasts for the year ahead as part of the 2025-26 budget setting process. With designated capital development and general funds standing at £1,528,878 as at 1 February 2025 and with further legacy income expected in 2025 and, 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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GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

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 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 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 2025 was £3,912,379 (2024 £2,231,935), of which £2,311,519 (2024 £1,827,353) was represented by fixed assets, £1,252,436 (2024 £62,342) had been set aside for the Capital Development Fund, £71,982 (2024 £71,982) has been set aside for specific purposes which leaves free reserves of £276,442 (2024 £270,258). This compares with actual three to six months expenditure of approximately £300,000 based on the current year’s expenditure. The Directors are confident the Society has sufficient funds to continue operating in the foreseeable future.

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.

Other surplus funds are deposited into a selection of UK banking institutions to earn interest income whilst preserving the underlying capital investment.

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Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

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 £4,664,194 (2024 £2,948,603). Included in the total funds is an amount of £751,815 (2024 £716,668) 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 22 to the accounts together with an analysis of movements in the year.

Funds totalling £1,252,436 (2024 £62,342) have been designated and set aside by the Directors for the Capital Development Fund, and £71,982 (2024 £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 22 to the accounts. The Capital Development Fund is earmarked for use with the Engine Shed restoration project.

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GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

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.

An Extraordinary General Meeting was held on 7 June 2025 to pass a resolution to approve a new edition of the Articles of Association. The revision was carried out with professional legal advice and mainly relates to changes to Company and Charity legislation and good practice since the original document was adopted in 1967. A number of articles were clarified. Based on the legal advice a potential governance issued was addressed to ensure that members who put themselves forward for the Board meet certain criteria and are reviewed by a Nominations Committee before being passed to the Board for approval, and if so approved, are placed on the agenda for the AGM. The resolution was passed.

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GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

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 Capital Development Management Committee was disbanded in 2024 with its responsibilities now assigned to the Finance & General Purposes Committee and the GWS senior management team.

In 2025 the development stage of the Historic Engine Shed project will be directed by a project board.

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.

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.

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.

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GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

Structure, governance and management (continued)

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.

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 focused on risks 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.

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GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

Plans for future periods

Future developments

The award of the National Lottery Heritage fund grant in February 2025 to proceed with the development phase of the Engine Shed project will see this become the major focus of fundraising efforts in future years.

A focus on family friendly facilities is also key to broaden the visitor base and generate additional income. A renewed focus on education has seen the appointment of an additional Education Officer with a specific focus on senior school students to complement our existing work with primary school students.

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 2025

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 2025

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

Date: 23-07-25

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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 2025 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 17

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

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 18

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

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: 07-08-25

Page 19

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

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 2025

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 income before net gains on
investments
Net gains on investments
Net income
Transfers between funds
22
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
2,187,384
775,855
511,038
21,848
3,496,125
288,094
1,599,389
1,887,483
1,608,642
7,009
1,615,651
64,793
1,680,444
2,231,935
1,680,444
3,912,379		 Restricted
funds
2025
£
314,898
-
25,529
17,293
357,720
-
257,780
257,780
99,940
-
99,940
(64,793)
35,147
716,668
35,147
751,815		 Total
funds
2025
£
2,502,282
775,855
536,567
39,141
3,853,845
288,094
1,857,169
2,145,263
1,708,582
7,009
1,715,591
-
1,715,591
2,948,603
1,715,591
4,664,194		 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
-
446,161
-
446,161
2,502,442
446,161
2,948,603

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

The notes on pages 26 to 56 form part of these financial statements.

Page 20

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

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

CONSOLIDATED BALANCE SHEET AS AT 31 JANUARY 2025

Note
Fixed assets
Tangible assets
15
Current assets
Stocks
17
Debtors
18
Investments
19
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
20
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
21
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
22
Unrestricted funds
22
Total funds		 53,459
161,052
1,079,881
1,308,012
2,602,404
(220,329)		 2025
£
2,311,519
2,311,519
2,382,075
4,693,594
(29,400)
4,664,194
4,664,194
751,815
3,912,379
4,664,194		 42,172
118,609
-
1,208,796
1,369,577
(248,327)		 2024
£
1,827,353
1,827,353
1,121,250
2,948,603
-
2,948,603
2,948,603
716,668
2,231,935
2,948,603

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.

Page 21

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

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

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 JANUARY 2025

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: 23-07-25

The notes on pages 26 to 56 form part of these financial statements.

Page 22

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

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

COMPANY BALANCE SHEET AS AT 31 JANUARY 2025

Note
Fixed assets
Tangible assets
15
Investments
16
Current assets
Stocks
17
Debtors
18
Investments
19
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
20
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
21
Total net assets
Charity funds
Restricted funds
22
Unrestricted funds
22
Total funds		 14,592
399,023
1,079,881
1,107,106
2,600,602
(188,814)		 2025
£
2,281,804
2
2,281,806
2,411,788
4,693,594
(29,400)
4,664,194
751,815
3,912,379
4,664,194		 8,231
205,552
-
1,173,386
1,387,169
(229,694)		 2024
£
1,791,126
2
1,791,128
1,157,475
2,948,603
-
2,948,603
716,668
2,231,935
2,948,603

Page 23

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED

(A company limited by guarantee) REGISTERED NUMBER: 00899248

COMPANY BALANCE SHEET (CONTINUED) AS AT 31 JANUARY 2025

The Company's net movement in funds for the year was £ 1,715,591 (2024 - £446,161) .

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: 23-07-25

The notes on pages 26 to 56 form part of these financial statements.

Page 24

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2025

Note
Cash flows from operating activities
Net cash provided by operating activities
25
Cash flows from investing activities
Dividends and interests from investments
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash used in 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
26
The notes on pages 26 to 56 form part of these financial statements		 2025
£
1,698,872
48,902
(558,916)
183,880
(1,273,522)
(1,599,656)
-
99,216
1,208,796
1,308,012		 2024
£
467,104
31,202
(862,073)
-
-
(830,871)
-
(363,767)
1,572,563
1,208,796

Page 25

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

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 26

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

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 27

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

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 28

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

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 Finance leases and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated statement of financial activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.13 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.

Page 29

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

2. Accounting policies (continued)

2.14 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.

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 prepayments, provisions for obsolete and slow moving stock, accruals and apportionment of some costs between activity.

Critical areas of judgment:

The critical areas of judgements relate to recognition of legacy income and the valuation of investments.

4. Income from donations and legacies

Unrestricted
funds
2025
£
Donations
13,958
Legacies
2,160,689
Grants
12,737
2,187,384		 Restricted
funds
2025
£
279,250
35,648
-
314,898		 Total
funds
2025
£
293,208
2,196,337
12,737
2,502,282

Page 30

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

4. Income from donations and legacies (continued)

Donations
Legacies
Grants
Income from charitable activities
Entrance fees
Subscriptions and enrolment fees
Total 2025
Entrance fees
Subscription and enrolment fees
Total 2024		 Unrestricted
funds
2024
Restricted
funds
2024
£
£
38,149
287,831
732,597
35,902
12,284
-
783,030
323,733
Unrestricted
funds
2025
£
676,377
99,478
775,855
Unrestricted
funds
2024
£
584,204
101,681
685,885		 Total
funds
2024
£
325,980
768,499
12,284
1,106,763
Total
funds
2025
£
676,377
99,478
775,855
Total
funds
2024
£
584,204
101,681
685,885

5. Income from charitable activities

Page 31

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

6. Income from other trading activities

Income from fundraising events

Appeal and raffle income
Other income
Total 2025
Appeal and raffle income
Other income
Total 2024
Income from non charitable trading activities
Charity trading income - (GWRS)
Charity trading income - (GWRS)		 Unrestricted
funds
2025
£
1,492
7,411
8,903
Unrestricted
funds
2024
£
20
4,981
5,001		 Restricted
funds
2025
£
25,529
-
25,529
Restricted
funds
2024
£
15,847
-
15,847
Unrestricted
funds
2025
£
502,135
Unrestricted
funds
2024
£
387,400		 Total
funds
2025
£
27,021
7,411
34,432
Total
funds
2024
£
15,867
4,981
20,848
Total
funds
2025
£
502,135
Total
funds
2024
£
387,400

Page 32

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

7. Investment income

Unrestricted
funds
2025
Restricted
funds
2025
£
£
Interest on Government Stocks
18,483
-
Bank interest receivable
3,365
17,293
Total 2025
21,848
17,293
Unrestricted
funds
2024
Restricted
funds
2024
£
£
Interest on Government Stocks
20,300
-
Bank interest receivable
6,805
4,097
Total 2024
27,105
4,097
8.
Expenditure on raising funds
Costs of raising voluntary income
Unrestricted
funds
2025
£
Advertising and marketing
3,485
Costs of raising voluntary income (continued)
Restricted
funds
2024
£
Advertising and marketing
518		 Total
funds
2025
£
18,483
20,658
39,141
Total
funds
2024
£
20,300
10,902
31,202
Total
funds
2025
£
3,485
Total
funds
2024
£
518

Page 33

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

8. Expenditure on raising funds (continued)

Charity trading expenses

Unrestricted
funds
2025
£
Charity trading expenses
191,630
Charity trading expenses - wages
79,614
Charity trading expenses - national insurance
4,271
Charity trading expenses - pension
1,051
Charity trading expenses - depreciation
6,512
Total 2025
283,078		 Total
funds
2025
£
191,630
79,614
4,271
1,051
6,512
283,078

Page 34

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

8. Expenditure on raising funds (continued)

Charity trading expenses (continued)

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

9. Investment management costs

Unrestricted
funds
2025
£
Investment management fees
1,531
Unrestricted
funds
2024
£
Investment management fees
2,071		 Total
funds
2025
£
1,531
Total
funds
2024
£
2,071

Page 35

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

10. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2025
£
Promotion of the GWR and Western Region of BR
712,648
Restoration and preservation of locomotives and depot
886,741
Total 2025
1,599,389
Unrestricted
funds
2024
£
Promotion of the GWR and Western Region of BR
570,617
Restoration and preservation of locomotives and depot
734,985
Total 2024
1,305,602		 Restricted
funds
2025
£
11,275
246,505
257,780
Restricted
funds
2024
£
6,715
223,839
230,554		 Total
2025
£
723,923
1,133,246
1,857,169
Total
2024
£
577,332
958,824
1,536,156

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
2025
£
301,021
1,081,356
1,382,377		 Support
costs
2025
£
422,902
51,890
474,792		 Total
funds
2025
£
723,923
1,133,246
1,857,169

Page 36

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

11. Analysis of expenditure by activities (continued)

Promotion of the GWR and Western Region of BR
Restoration and preservation of locomotives and depot
Total 2024		 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

Analysis of direct costs

Staff costs
Depreciation
Great Western Echo costs
Event staging costs
Advertising
Repairs and maintenance of locomotives, rolling stock,
buildings and tracks
Rent, rates and water
Insurance
Coal and oil
Advertising
Site cleaning and security
Total 2025		 Promotion
of the GWR
and
Western
Region of
BR
2025
Restoration
and
preservatio
n of
locomotives
and depot
2025
£
£
-
124,582
-
61,346
49,577
-
173,693
-
77,751
-
-
584,115
-
14,976
-
88,757
-
63,365
-
73,009
-
71,206
301,021
1,081,356		 Total
funds
2025
£
124,582
61,346
49,577
173,693
77,751
584,115
14,976
88,757
63,365
73,009
71,206
1,382,377

Page 37

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

11. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Staff costs
Depreciation
Great Western Echo costs
Event staging costs
Advertising
Repairs and maintenance of locomotives, rolling stock,
buildings and tracks
Rent, rates and water
Insurance
Coal and oil
Advertising
Site cleaning and security
Total 2024		 Promotion of
the GWR
and Western
Region of
BR
2024
£
-
-
32,374
129,438
49,817
-
-
-
-
-
-
211,629		 Restoration
and
preservation
of
locomotives
and depot
2024
£
120,941
39,172
-
-
-
535,740
14,246
81,757
63,589
32,588
52,310
940,343		 Total
funds
2024
£
120,941
39,172
32,374
129,438
49,817
535,740
14,246
81,757
63,589
32,588
52,310
1,151,972

Page 38

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

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
Irrecoverable VAT
Loan interest
Governance costs
Total 2025		 Promotion
of the GWR
and
Western
Region of
BR
2025
Restoration
and
preservatio
n of
locomotives
and depot
2025
£
£
290,943
-
-
6,892
15,018
-
24,695
-
1,885
-
6,516
-
12,829
-
3,745
-
1,826
-
21,103
-
33,321
33,318
-
659
11,021
11,021
422,902
51,890		 Total
funds
2025
£
290,943
6,892
15,018
24,695
1,885
6,516
12,829
3,745
1,826
21,103
66,639
659
22,042
474,792

Page 39

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

11. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Promotion of
the GWR
and Western
Region of
BR
2024
£
Staff costs
280,399
Depreciation
-
Bank charges and interest
16,906
Sundry expenses
19,956
Travel and subsistence
721
Postage and telephone
7,471
Stationery and office expenses
12,712
Staff expenses
1,000
Affiliation fees
3,065
Computer software
13,958
Governance costs
9,515
Total 2024
365,703
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 non-audit services not included above		 Restoration
and
preservation
of
locomotives
and depot
2024
£
-
8,967
-
-
-
-
-
-
-
-
9,514
18,481
2025
£
14,242
7,800		 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
2024
£
12,429
6,600

12. Auditors' remuneration

Page 40

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

13. Staff costs

Group
Group
Company
2025
2024
2025
£
£
£
Wages and salaries
459,865
441,617
380,251
Social security costs
36,248
30,959
31,977
Contribution to defined contribution pension
schemes
4,348
5,651
3,297
500,461
478,227
415,525
The average number of persons employed by the Company during the year was as follows:
Group
Group
Company
2025
2024
2025
No.
No.
No.
Restoration and preservation of locomotives,
rolling stock and depot and promotion of the
Great Western Railway
5
4
5
Management and administration
7
10
7
Commercial trading
19
19
19
31
33
31		 Company
2024
£
369,400
27,289
4,651
401,340

Company
2024
No.
4
10
19
33

The number of full time staff in 2025 is 9 (2024 - 13). 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 £172,845 (2024 - £156,733).

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 41

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

14. Directors' remuneration and expenses

During the year, no Directors received any remuneration or other benefits (2024 - £NIL) .

During the year ended 31 January 2025, no Director expenses have been incurred (2024 - £NIL) .

Page 42

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

15. Tangible fixed assets

Group

Cost or valuation
At 1 February 2024
Additions
Transfers between classes
At 31 January 2025
Depreciation
At 1 February 2024
Charge for the year
Transfers between classes
At 31 January 2025		 Long-term
leasehold
property
£
945,338
254,134
(25,751)
1,173,721
34,124
17,516
-
51,640		 Buildings
£
-
244,526
775,477
1,020,003
-
18,160
168,341
186,501		 Plant and
machinery
£
1,232,432
56,000
(749,726)
538,706
472,109
18,537
(168,341)
322,305		 Catering
equipment
£
245,706
4,256
-
249,962
126,117
14,025
-
140,142		 Catering
equipment
£
67,864
-
-
67,864
31,637
6,512
-
38,149		 Total
£
2,491,340
558,916
-
3,050,256
663,987
74,750
-
738,737

Page 43

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

15. Tangible fixed assets (continued)

Group (continued)

Net book value
At 31 January 2025
At 31 January 2024		 Long-term
leasehold
property
£
1,122,081
911,214		 Buildings
£
833,502
-		 Plant and
machinery
£
216,401
760,323		 Catering
equipment
£
109,820
119,589		 Catering
equipment
£
29,715
36,227		 Total
£
2,311,519
1,827,353

Page 44

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

15. Tangible fixed assets (continued)

Company

Cost or valuation
At 1 February 2024
Additions
Transfers between classes
At 31 January 2025
Depreciation
At 1 February 2024
Charge for the year
Transfers between classes
At 31 January 2025
Net book value
At 31 January 2025
At 31 January 2024		 Long-term
leasehold
property
£
945,338
254,134
(25,751)
1,173,721
34,124
17,516
-
51,640
1,122,081
911,214		 Buildings
£
-
244,526
775,477
1,020,003
-
18,160
168,341
186,501
833,502
-		 Plant and
machinery
£
1,232,432
56,000
(749,726)
538,706
472,109
18,537
(168,341)
322,305
216,401
760,323		 Fixtures and
fittings
£
245,706
4,256
-
249,962
126,117
14,025
-
140,142
109,820
119,589		 Total
£
2,423,476
558,916
-
2,982,392
632,350
68,238
-
700,588
2,281,804
1,791,126

During the year, the Company decided to split out buildings from plant and machinery to provide a clearer understanding to the readers of the accounts.

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows: Plant and machinery - £54,133 (2024 - £Nil).

Page 45

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

16. Fixed asset investments

Company
Cost or valuation
At 1 February 2024
At 31 January 2025
Net book value
At 31 January 2025
At 31 January 2024		 Investments
in
subsidiary
companies
£
2
2
2
2

17. Stocks

Goods for resale
Consumables
Other		 Group
2025
£
25,589
2,627
25,243
53,459		 Group
2024
£
8,930
2,672
30,570
42,172		 Company
2025
£
-
-
14,592
14,592		 Company
2024
£
-
-
8,231
8,231

Page 46

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

18. Debtors

Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2025
£
38,423
-
70,704
51,925
161,052		 Group
2024
£
5,984
-
69,294
43,331
118,609		 Company
2025
£
1,611
275,648
70,704
51,060
399,023		 Company
2024
£
1,852
91,075
69,294
43,331
205,552

19. Current asset investments

Group Group Company Company
2025 2024 2025 2024
£ £ £ £
Listed investments (Bonds) 1,079,881 - 1,079,881 -

Page 47

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

20. Creditors: Amounts falling due within one year

Group
2025
£
Trade creditors
119,603
Amounts owed to group undertakings
-
Other taxation and social security
38,215
Obligations under finance lease and hire
purchase contracts
16,800
Other creditors
2,057
Accruals and deferred income
43,654
220,329
Creditors: Amounts falling due after more than one year
Group
2025
£
Net obligations under finance lease and hire
purchase contracts
29,400		 Group
2024
£
191,485
-
21,686
-
733
34,423
248,327
Group
2024
£
-		 Company
2025
£
117,291
9
11,153
16,800
2,057
41,504
188,814
Company
2025
£
29,400		 Company
2024
£
189,052
9
9,219
-
733
30,681
229,694
Company
2024
£
-

21. Creditors: Amounts falling due after more than one year

Page 48

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

22. Statement of funds

Statement of funds - current year

Balance at 1
February
2024
£
Unrestricted
funds
Designated
funds
Fixed asset fund
1,827,353
Steaming fees
71,982
Capital
Development
Fund
62,342
1,961,677
General funds
General Fund
270,258
Total
Unrestricted
funds
2,231,935
Restricted
funds
Heavy Freight
(3822/7202)
94,886
Locomotive
1338
11,122
Locomotive
6023
26,308
Broad Gauge
Engine House
22,119
Locomotive
3738
21,923
Small Loco
Fund
3,652
Churchward
Heritage (1363)
193,888		 Income
£
Expenditure
£
-
(74,750)
-
-
18,483
(1,531)
18,483
(76,281)
3,477,642
(1,811,202)
3,496,125
(1,887,483)
22,286
(39,986)
-
-
295
(400)
21,585
-
-
-
4,110
(3,000)
1,091
(26,565)		 Transfers
in/out
£
558,916
-
1,166,133
1,725,049
(1,660,256)
64,793
-
(11,122)
-
-
-
11,122
-		 Gains/
(Losses)
£
-
-
7,009
7,009
-
7,009
-
-
-
-
-
-
-		 Balance at
31 January
2025
£
2,311,519
71,982
1,252,436
3,635,937
276,442
3,912,379
77,186
-
26,203
43,704
21,923
15,884
168,414

Page 49

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

22. Statement of funds (continued)

Statement of funds - current year (continued)

Balance at 1
February
2024
£
Locomotive
1466
(55,425)
Didcot
Development
34,764
Locomotive
1014
7,521
Locomotive
4709
(39,317)
Victorian
Carriage
56,625
50 Ton Crane
29,544
Large Loco Fund
117,986
231 Club
17,488
Carriage and
Wagon
99,759
Ramp
51,943
Engine Shed
Restoration
-
Garden fund
-
Other Restricted
Funds
21,882
716,668
Total of funds
2,948,603		 Income
£
Expenditure
£
1,584
(58,069)
12,115
(2,235)
98,048
(54,825)
66,325
(3,643)
5,195
(2,963)
-
(81)
4,912
(6,178)
10,197
(25,473)
21,264
(2,413)
12,977
(127)
46,821
(6,000)
21,648
(11,070)
7,267
(14,752)
357,720
(257,780)
3,853,845
(2,145,263)		 Transfers
in/out
£
-
-
-
-
-
-
-
9,665
(9,665)
(64,793)
-
-
-
(64,793)
-		 Gains/
(Losses)
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7,009		 Balance at
31 January
2025
£
(111,910)
44,644
50,744
23,365
58,857
29,463
116,720
11,877
108,945
-
40,821
10,578
14,397
751,815
4,664,194

Page 50

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

22. Statement of funds (continued)

Statement of funds - prior year

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 6023
Broad Gauge Engine House
Locomotive 3738
Small Loco Fund
Churchward Heritage (1363)
Locomotive 1466
Didcot Development
Locomotive 1014
Locomotive 4709
Victorian Carriage
50 Ton Crane
Large Loco Fund
231 Club
Carriage and Wagon
Ramp		 Balance at
1 February
2023
£
1,021,311
71,982
765,092
1,858,385
37,420
1,895,805
107,720
11,122
25,988
22,045
21,923
-
211,145
-
46,836
(5,174)
(97,242)
44,737
17,044
86,728
15,965
83,128
-		 Income
£
-
-
20,300
20,300
1,868,121
1,888,421
18,095
-
320
74
-
3,652
1,111
4,971
14,005
59,348
89,635
11,888
12,500
31,258
10,590
19,961
52,461		 Expenditure
£
(56,031)
-
(2,071)
(58,102)
(1,494,189)
(1,552,291)
(30,929)
-
-
-
-
-
(18,368)
(60,396)
(26,077)
(46,653)
(31,710)
-
-
-
(9,067)
(3,330)
(518)		 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
3,652
193,888
(55,425)
34,764
7,521
(39,317)
56,625
29,544
117,986
17,488
99,759
51,943

Page 51

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

22. Statement of funds (continued)

Statement of funds - prior year (continued)

Other Restricted Funds
Total of funds		 Balance at
1 February
2023
£
14,672
606,637
2,502,442		 Income
£
13,808
343,677
2,232,098		 Expenditure
£
(6,598)
(233,646)
(1,785,937)		 Transfers
in/out
£
-
-
-		 Balance at
31 January
2024
£
21,882
716,668
2,948,603

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 Small Loco Fund To support restoration of small locomotives 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 52

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

23. Summary of funds

Summary of funds - current year

Balance at 1
February
2024
£
Designated
funds
1,961,677
General funds
270,258
Restricted funds
716,668
2,948,603		 Income
£
Expenditure
£
18,483
(76,281)
3,477,642
(1,811,202)
357,720
(257,780)
3,853,845
(2,145,263)
Balance at
1 February
2023
£
Income
£
1,858,385
20,300
37,420
1,868,121
606,637
343,677
2,502,442
2,232,098		 Transfers
in/out
£
1,725,049
(1,660,256)
(64,793)
-
Expenditure
£
(58,102)
(1,494,189)
(233,646)
(1,785,937)		 Gains/
(Losses)
£
7,009
-
-
7,009
Transfers
in/out
£
141,094
(141,094)
-
-		 Balance at
31 January
2025
£
3,635,937
276,442
751,815
4,664,194
Balance at
31 January
2024
£
1,961,677
270,258
716,668
Summary of funds - prior year
Designated funds
General funds
Restricted funds
2,948,603

24. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
2025
£
Tangible fixed assets
2,311,519
Current assets
1,850,589
Creditors due within one year
(220,329)
Creditors due in more than one year
(29,400)
Total
3,912,379		 Restricted
funds
2025
£
-
751,815
-
-
751,815		 Total
funds
2025
£
2,311,519
2,602,404
(220,329)
(29,400)
4,664,194

Page 53

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

24. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Unrestricted
funds
2024
Restricted
funds
2024
£
£
Tangible fixed assets
1,827,353
-
Current assets
592,909
776,668
Creditors due within one year
(188,327)
(60,000)
Total
2,231,935
716,668
25.
Reconciliation of net movement in funds to net cash flow from operating activities
Group
2025
£
Net income for the period (as per Statement of Financial Activities)
1,715,591
Adjustments for:
Depreciation charges
74,750
Gains on investments
9,761
Dividends, interests and rents from investments
(48,902)
Increase in stocks
(11,287)
Decrease/(increase) in debtors
(42,443)
Increase/(decrease) in creditors
1,402
Net cash provided by operating activities
1,698,872
26.
Analysis of cash and cash equivalents
Group
2025
£
Cash in hand
1,308,012
Total cash and cash equivalents
1,308,012		 Total
funds
2024
£
1,827,353
1,369,577
(248,327)
2,948,603
Group
2024
£
446,161
56,031
-
(31,202)
(13,875)
32,372
(22,383)
467,104
Group
2024
£
1,208,796
1,208,796

Page 54

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

27. Analysis of changes in net debt

Cash at bank and in hand
Finance leases
Liquid investments		 At 1
February
2024
£
1,208,796
-
-
1,208,796		 Cash flows
New finance
leases
£
£
99,216
-
-
(46,200)
-
-
99,216
(46,200)		 At 31
January
2025
£
1,308,012
(46,200)
-
1,261,812

28. Pension commitments

The group contributes into 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 £4,710 (2024 - £4,141) Contributions totalling £1,480 (2024 - £28) were payable to the fund at the balance sheet date and are included in creditors.

29. 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 2025.

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.

30. Post balance sheet events

As at 31 January 2025 (the reporting date) the charity had been notified of several residuary legacies. However, the values of these legacies were uncertain at that time, for example because estate executors were awaiting the sale of properties.

As at the date the financial statements were approved, amounts totalling £368,654 had been received in respect of three of these legacies. These amounts have not been accrued in the financial statements as, at the reporting date, the amounts were either not capable of being reliably measured or their receipt was not considered probable.

For the remaining legacies, no further information had been received prior to the financial statements being approved. As such, these legacies have also not been accrued.

Page 55

Docusign Envelope ID: 4ADE75DA-F3AD-4101-912F-EC80C1F04D62

GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

31. 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 502,135 283,078 219,057 2
Didcot Railway Centre Limited - - - 6
Great Western Restaurants Limited - - - 9

Page 56