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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## **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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**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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**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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**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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**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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## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Disclosure of information to auditors**
Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
- so far as that Director is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and
- that Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information.
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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:
- give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 January 2025 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
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## **GREAT WESTERN SOCIETY LIMITED (A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GREAT WESTERN SOCIETY LIMITED (CONTINUED)**
## **Other information**
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Directors are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinion on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements.
- the Directors' report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
- the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charitable company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.
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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)**
## **Responsibilities of directors**
As explained more fully in the Directors' responsibilities statement, the Directors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditors' responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- Through consultation with Directors we obtained an understanding of the laws and regulations that could reasonably be expected to have a material effect on the financial statements.
- The outcome of these enquiries and the relevant laws and regulations were communicated throughout our team as well as consideration during team briefing on how fraud may occur in the charity. - We identified the laws and regulations to have a direct effect on the financial statements as being the UK financial reporting standards, Charities Act, and trust law. There were no additional fundamental laws and regulations identified related to the operating aspects of the business that may have a material effect on the financial statements.
- Audit procedures undertaken in response to the potential risks relating to irregularities comprised of: inquiries with management as to whether the charity complies with such laws and regulations, a review of board minutes and a review of the grant application and approval process.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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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)**
## **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
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## **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.
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## **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.
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**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.
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## **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
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# **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.
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## **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_|
|---|---|---|
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**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.
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**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.
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**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.
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**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.
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## **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