Registered No. 01927652 CHOLSEY & WALLINGFORD RAILWAY PRESERVATION SOCIETY Trustees Report and Financial Statements for the year ended 31 December 2021 •A8D8LSJN' 2410W2022 COMPANIES HOUSE A07
CHOLSEY & WALLINGFORD RAILWAY PRESERVATION SOCIETY Company Information B¢Mrd of Dirertors Dr Tony Stead Ichairmanl Mr john Cook Mr Tim Fediw Mr Matthew Gleave. Dr LULY Millard Mr Peter Mitchell Mr Michael Palfr•y Mr Mark Savery Mr George Thomas Secretary Mrs 8everley Mannering Registered Office 5 Hithercroft Road Wallingford Oxfordshire OXIO 9GQ R¢gi5ttred Company Ilo.: 01927652 Rei5stered Ch4brity No.: 295279 Bankers: Barclays Bank plc Table of contents Company Information Trustees Report Statement of Finantial ActNtties Statemèftt of Financial Position Notes to the Financial Statements io 11-16 Page I
Report of the Trustees for the year ended 31 December 2021 Obje¢tlv•s. artivitses and purpose The Trustees havè rèferred to the Charity Commission's general guFdantÈ on Public BenÈfft when reviewing their aims and objectives and in planning futurè activities. In partitular. the trustees onsider how planned artNities will contribute to the aims and objertives they have seL The charivs principal objective is to maintain and preserve the 4km stretch of stsndard gauge heritage railway line beeeTr Cholsey and Wallingford in Oxfordshire, being most of the fomier Wallinglord branch of the Great Western RaiaY IGWRI. The Cholsey and Wallingford Railway Preservation Society ICWRPSI was formed to both conserve the line and provide a tourist semce to generate the necessary fundin8. The Society ran its first public train on a small trad1 Section in 1985 with the first train travelling the full length of the line in 1997. In the 2021 the Maidenhead Canopy project was completed as the first key stage of a Strategic plan to dèvelop thè railway station site at Wallingford. In addition to cofis*Thakn"on and ttyjrist actr¥tknes. the CWRP5 works toward5: Keeping history alive by safeguarding its collertion of historic artefacts through which its members and the wblic can actively view an aspect of soaal. technical and cultural history Ensuring the financial stability of the organisation by endeavouring to establish continuity of income thereby ensuring the 5U5tsinability of the society Bringing together. in a not-for-profit environment volunteets using a range of skills in the furtherance of the Societys objectives. Structure. G¢)vemance ar Man•¢ement Governin doojment The Cho15ey & Wallingford Railway Preservation Society is a company limited by guarantee, incorporated on l July 1985 and registered as a charity. It is governed by its Memorandum of Association and Articles of Association. In the event of thè company being wound up, each member is required to contnbute £1 as limited by the guarantee. Retruitment and a ointmtnt of Trustee Board The directors of the company are also charity trustees forthe purposes of charty law and, under the Compan$ Articles of Association. are membets of the Trustee Board. The Artides of Association require a proportion of the membèrs of the Trustee Board to Stand down each year. All members are advised of the retiring trustees prior to the AGM and are invited to make nominations accordingly. The Board has a range of financial. operational. engineering and management backgrounds. Page 2
Report of the Trustees for the year ended 31 December 2021 {continued) ust inin No formal selection or inductron prOdre$ exist aside from elertions atthe Annual General Meeting IAGMI. Appointments to the Board arise at the via the nomination proces5 at the AGM or by way of co-option on to the board from recommendation5 of existing board members or the Society membership at large. Such recommendations are invariabty based on a pr¢)ven record Of seThice to the Society. or parti£ular Skill sèts to enhance the society. anisational structure Under the Articles of Assoaation. the maximum and minimum numbers of Board Members is to bè detèm)ined by the Society. The current maximum of 12 was adopted at the Extraordinary General Meetin8 in Novèmber 2019. and thè minimum number is six. The Board is responsible for the strategic direction and policy decisions of the charity as well as all aspects of heah and safety. It generally meets e¥ery month. In addition to the Board, there are VaTiOUS sub-committeès covering commèrcial opÈrations and the Permanent Wav. nisati Thè thartty is a memberof the Heritage RailWayA5S1atron IHRA). The HRA promotes the interest of its mèmbers in the htritage and tourist railway and tramway sector and encourages good practice in all field5. It rèpresents its members intèrests to govtmment and other bodies and maintains high standards in the sector by requiring members to conform to the Association's Code of ConducL The HRA provides professional advice and other such help and assistance as appropriate. R-sk Mana The Trustèes have a risk management strategy which includes-. a contynuous review of its policies, system5 and pro¢edure5 to ensure consistenry with best practice and to Ident any potential risks and uncertainties the establishment of robust policies, systems and procedures to mitigate any risks and uncertainties identified the implementation of procedures de5iened to minimise or manage any potential impact on the Society should those risks materialise Both trustees and volunteers alike are suitably trained. supported and supeNised as they carry out their activities for the charity. Appropriate and adequate insurance is in place to provide cover for those carrying out work for and on behalf of the charrty. Page 3
Report of the Trustees for the year ended 31 December 2021 (contlnued) Despr(e the strong post recovery after Covid-19, the financial sustainability eontinue5 to be the major financial risk for the Soeiety. The Board attivety manages its financial risk by regular reviews of available funds and ensures that internal control risk is minFmised by employing procedures that require all transaction5 to be properly authorised and recorded ITr the Sou"eVs accounts. Furthermore, it 5trivestt> increase its resources. Th)t only from its main activities- passen8er, shop and café operations- but also from subscripttons and donations. ieve and rforntanc• With the Covid closures of 2020 still continuing in 2021 the year stsrted slowty with new arrangements. As with many visitor attractions online bookn"n& allocation of seats. partilion5 between seats etc were all introduced. With repairs completed to the ends of our Brake coach we were able to run with one Open coach and the Brake coach and restoration of the second Open coach commenced. During the 2020 loekdown the Cholsey'coffee Stop, m(y4ed to Wallingford, bringing in some much- needetl income for the railway bLrt also giving the railway a presence Tuesday-saturday. This hzd demonstrated that there is a market for good quality refreshments in the area and so, given that fewer passengers would be allowed to travel on each train. we introduced a tealcoffee plus cake seNice where refreshments were placed on the table just prior to passèngers getting on. This proved very sucte5sful with about 75% of all advanced bookings opting for refreshments. thus greatty improvtng the'sècondary spend. by visitors. The highlight of the year was the openin& by Sir Peter HenLty, of the Maidenhead Canopy, but before this Michael Portillo had listed the railway Ibecause of the Canopy) as one of his seven'must visit railways, when lockdown finished in a Daily Telegraph artrde. It was parttcularly fitting to have Lady Judy McAlpine preserrt at the opening too as her husband. Sir Bill. had been so supportive of the idea of relocatin8 the tanopy to Wallingford. Sir Peier and two previous Area Managers (Lord Bradshaw and Mark Hopwoodl all agreed that the canopy looked superb in its new home, and probably btttei than it ever did in their time as ManaEersf Indeed, later in the year the railway was award the prestigious 'Chaimans Award, from the NRHA (National Railway Heritage Award) and featured in several articles in the Railway Press. For the opening WÈ hired in GWR Pannier 6412 from Bodmin Railway which prthied very popular and was even used for our first ever Photo Charter. Later in the year we brought in Jessie,. a Hunslet from Pontypool and Blaenavon Railway, for the 40's weekend. However. it was the'winston Churchill. impersonator and the lovely lady singers ILily. Sallie, Ill) that stole the show and their photo even made it into the Daily Telegraph. To see CWR making it to the National Dailies once in year was a surprise but 1C*- truty a sign that the railwav has greatly improvedl Page 4
Report of the Trustees for the year ended 31 December 2020 (continued) At the beginning of the year discussions were held with PNP aut a possible collaboration to bring 'Polar Expre5S' to Wallinord in 2021 instead of our usual Santa offering. By coincidence tid(ets went on sale for Polar Express the same dty as Canopy opening and we heard of long'queues. online to buy tickets. To run the event required the hiring of rollinB Stock and five Mk 3 coache5. a Mk I generator car. an air-braked 08 diesel as well as the USA S160 loco all had to be hired. In all some 24 lorry movements were needed. in itself quite an undertakin& and it attracted the makers of thè TV programme Train Truckers,. In all around 25.(OJtickèts were sold and whilst our portton of the ticket price may be small the total income has made a massive differenct to our financial fortu[. Unfortunately, the last five Polar Express running days were lost as some of the actors contracted Covid and so we ended the year as we started closed due to Covid but in a fflh improved financbal position and a recor(J year for visitors and income. Maintaining and improving the railway within an entirely volunteer-based organisation requires the goodwill and participation of the volunteérs and WÈ ère continually grateful for thèir input but are always keen to attract morè. We must also thank Grundon who continue to support the railway in a myriad of different ways. Fina141 Re¥lew The financial perfomiance of the society was impacted by COVID-19 at the Start of the yezr and by Polar Express at the Ènd of the year. Income during the year totalled £146.81512020.. £34.42?). this was as a result of the recovery from Covtd, celebrations of the opening of the MaKlènhead Canopy and sutcessful Christmas Evènt. WÈ continue to be grateful to our members and general public for the si8nfficant donations received duringthe ar. Other income £20,12512019.' £6,227) related to the set up of a °PDP-up" coffee shop on site and use by commercial operators for testing equipment The incom• from the coffee shop has been a welcome help during the period we were unable to run passenKer trains in the early part of the year and has improved footfall and awareness of the railway in the local community. Ex nditure During the year, we continued to prudendy invest in improving the site at Wallingford and our track and other structures where necessary. Asigntficant amount of the expenditure related to the improving the station site. Page S
There was a large surplus for the year of £61,75112019 Deficit: £2,087). as a resurt of the Covid-19 bountè bacl improved marketing and the vasdy improved visrtof experience in 2020. Financial osition The Charity had cash re5erye5 of £109.452 at 31 December 202112020- £72.7491. Investment oli Under the Memorandurn and Artide5 of As%Kiation. the Charity has the power to make anv investments that the Trustees See fit In 2020 the 8oard of Directors opted to change the reserves policy to ensure that the Society would havè around 12 months. worth of expenditure held in reserve5. plus zny required for the seasonality of income Streams. This w35 reviewed again in 2021 and confirmed as appropriate. The significant reserves lin excess of the policy) are being held to make improvements to the railway in the mèdium tèrm including the strategic development of the Wallingford station 51te. additional resilience to rolling stock and continuous improvement to our permanent way. The trustees believe that this will provide sufficient fund5 to cover a 5ignfficant fall in revenue. or unplanned capital expenditure that may be required. The company established a IC•)% owned subsidiary in the year, at the date of signi1 of this report, the company is dorniant. Page 6
Report of the Trustees for the year ended 31 December 2021 (continued) Trustees respoMib115ties ITr relation to the financl•l Statements The charity trustÈes, who a also thÈ directors of the Cholsey arHI Wallingford Railway Preservation Society for the purposes of company law, are responsible for prèparing finantial statèments for each vear which provide a true and fair view of the state of affairs of the Company and of the incoming resources and the application of those resour$. including the income and expenditure. In prÈparin8 thtst finantial statements. the trustees are required to.. Selecl Suitable accounting policies and apply them con515tently Observe the methods and principles in the Charities SORP Make jydgernents and estimates that are rèasonable and prudent State whether applicable accounting standards and statements of recommendèd practice have been followed. subjett to any material departures disclosed and explained in the financial statements Prepare the financial statemènts on a going concern basis unless it is inapproprh3te to pSuMe the charrty will continue in operation The trustees are responsiblefor maintaining prop& %counting records that dtsclose with reasonable accura at any time the financial posrtyon of the charity and to enable them to ensure that the financial statements comply with the CornpaniesArt 2(. They are 3150 responsible for safeguarding the assets of the tharity and henee fortaking reasonable steps to prevent and detect fraud and other irregularities. Page 7
Report of the Trustees for the year ended 31 December 2021 {continued) Trustees The Dirertors set out have held office duringthe yearwere as follows.. Mr John Cook" Ms Tracey Evans (resigned I November 20211 Mr Tirn Fediw Mr Matthew Gleave (appointed 12" February 20211 Mr Andrew Mrdwinter lappointed I November 2021. resi8ned I" May 20221 Dr Lucy Millard (appointed I November 20211 Mr Pèter Mitchell Mr Michael Pawrey Mr Antony Peters Iresigned I November 20211 Mr Mark Savery lappointed 12, February 20211 Dr Anthony Stead Mr George Thomas Approved by t Tr stees and signed on their behalf by: Dr Tony Stead Chairman Cholsey & Wallingford Railway Preservation Society Date.. IDAugust 2022 Page 8
CHOiSEY & wALLlF0RD RAILWAY PRESERVATION SOCIErY Statement of Financial Activitie5 and Income & Ex for the ear ended 31 December2021 nditure account Restrirted unStrICted 2021 2021 Total Funds 2021 2020 Income: al Generated funds.. il voluntary incornÈ'. - donations & membership subscriptions it) artivities fgr generating funds: - other income bl Charitable activities: el Investment: dl Grants-. el Other- fl Grants reclassified a5 capital Total income: 15.687 15.687 16.838 78.776 78,776 28 373,708 6,227 1362.3741 34.427 59.897 16.523 20.125 76.420 20.125 144,1971 146.815 1414,1971 15.700 131.115 enditure: al Costs of raisire funds.. voluntary incorne l actNitips for generating funds bl Charitable attivities: cl Grants: dl Governance.. el Grants reclassified as Capital Total expendlturÈ: 63,559 63.559 52,384 1,933 136.6841 81,192 35.515 362,374 1,179 1362,3741 36,694 52,384 1,933 136.6841 15.700 65,492 Net income and net movement In funds for the year 65,623 65,623 12,2671 Total funds brought forward= Total lund5 carried forward: 99,660 165.283 99,660 165.283 101,927 99,660 The Statemerrt ol Financral Activities includes all gains and 1055es recognised in the yèar. All income and expenditure derives from continuing activit.
CHOLSEY & WALUNGFORD RAILWAY PRESERVATION SOCIETY Statement of Financial Position at 31 December 2021 istered Com No.: 1927652 2021 2020 Fixed Assets Tangible Fixed Assets Investments 418.532 387,822 418,532 387.822 Current Assets Stock Oebtors Cash at bank and in hand 43.870 109.452 1,463 72,749 153.322 74,212 Current Liabllities: Creditors= Amounts falling due within one year 7.321 Net Current Assets I (Liabilitles) 146,(KJl 74,212 Totsl Assets less Cuffent Liabilities S64.533 462.034 Creditors= Amounts falling due after more than one year 399.250 362,374 165.283 Funds Unrestricted Fund 165.283 99.660 165.283 99,660 For the year endlng 31 December 2021 the Company was entiUed to exemption from audit under Sertion 477 of the 20C6 Companles Att realting to small companies The Members have not required the Companyto obtain an autlit in accordance with Section 476 ofthe Companies Art 2(MJ6. The Directors acknowledge their responsibilities for eompl¥inB With the requirements of the Art with respect to accounting records and the preparation of accounts These accounts have been prepared in accordancewith the provIon$ of the regime èppltcable to rnitro*ntities These financial statements were approved and authorised for issue by the 8oard. Dr Tony Stead Date: 10 Augu5t2022
CHOiSEY & WAWNGFORD RAILWAY PRESERVATION SOCIErY Notes to the Financial Statements for the ar ended 31 December 2021 A¢counting policies al 8asis of aration The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the rewrne applicable to micr¢Hntities and the Companie5 Act 2006. re Assets and liatmlities are initially recognised at histor1 cost or transaction value unless otherwise stated in thÈ relevant accountin8 policy notes. aration of the accounts on a oin tt)ncern basis The future of thè Chartty is dependant upon the tontinued financial support of its rnembers and the success of the operating days and events planned for 2022 & 2023. The Trustees are of the opinion that the Charity can continue to operate for at least a period of one yèar from the date of approval of these financial statements and have therefore prepared them on a going concern basis. cl Fund accountin Unrestrided funds are available for use at the distretion of the trustees in furtherance of any of the pijrposes of the charity. Restrirted funds a where grants and donations are for a spècific, general legally binding use onty. The Trustees can designate funds to a certain project. dl Income reco nition olicies Items of income are recognised when all of the followbng criteria are met= l. The Charity has entttlerront to the funds 2. Any performance conditions attached to the itemlsl of income have been met or are fully within the control of the Charity 3. There 15 sufficient certainty that recwpt of the income is considered probablè. and 4. The amount can be measured reliab el Grants Grant income is rec¢xnised when there is.. il entitlement to the grant, 21 virtual certainty that it will b• received and 31 sufficient measurability of the amount. For Grants that relate specifically to the creation of a catal asset, are rtcognised as a credrtor and amorti5ed inline with the related czpital asset. enditurè Expenditure is TecoEnised once there is a legal or construrtive obligation to makè a payment to a third party. it is probable that setwement will be required. and the amount of the obligation can be measure reliab Cost of generating funds comprises those costs assooated with attracting future income- l. Charitable expenditure cornprises those costs incurred by the Charity in the delivery of its 4ctivities and Services for its beneficiaries. It includes both costs that can be allocated dirertly to suth actTrvities and those c<)s15 of an indirect nature to support them 2. Governance costs indude those costs associated with meeting the constitutional and statutory requirements of the Charity and any costs Irnked to the 5tTate8Trc managernent of the Charity 3. Overheads. including offKe expenses. have been allocated tothe main Charitable Activities Poge 11
CHOLSEY & WAWNGFORD RAILWAY PRESERVATION SOCIETY Notes to the Financial Statements for the ear ended 31 December 2021 ible fixed assets Tangible fixed assets are caytalised at cost and deplated at rates calojlated to write off cost on a straight4ine basis less estimated re*dual Value of each asset over its estimated economic life. The annual ratès are as follows: Track & ballast Land & buildings Maidenhead Canopy Plant & Machinery Catering & Other 2% 5% 15% h) Stock Stock is included at the lower of cost and net realisable valut. Liabilities aye r@cognised at the settlement amount Wre the charity ha5 a present obligation resulting from a past event that will probably result in the transfer of funds to a third party antl the amount due to settle the obligation can be measured or Èstimated reliably. oration tax rhe charity is exempt from tax on income and gains falling within section 505 of the Taxes Art 1988 or section 256 of the Taxation of Chargèable Gains Act 1992 to the extent that these are applied to its charttable objertivès. ratin lease Rentals applrcable to operating leases: where substantially all of the benefits and risk of ownership remain with the lessor, these are charged to the income and expendituie account on a straight line basis over the lease term. Legal of the Charlty The Charity is a company limited by guarantee and has no share capbtal. In the event of the Charity being wound up. the liability of each member in respect of the guarantee is limited to £1. Page 12
CHOLSEY & WALLINGFORD RAILWAY PRESERVATION SOCIETY Notes to the Financial Statements rthe ear ended 31 December 2021 Note J Attivities for generating funds Raffle The railway will continue to review if a raffle will restart Note 4 Charitable Activities Passenger receipts- Stsndard services Polar express experience 38,684 40,092 78.776 Note 5 Investment Incorne Interest received 19 Note 6 Grant Income 76A20 39.597 The income ha5 come from three sources.. The Railway Heritage Trust relating to the'maidenhead Canopy. Projèct- all restricted funds South Oxfordshire Distric Council in relation to Covid support- unrestirted funds, with no conditions on expenditure National Lottefy Grant to support Covid recovery and improvement Note 7 Other Income Use of facilities 20.125 6,227 20,125 6227 Note 8 Cost of Generating Voluntary Income Raffle costs Pa¢e 13
CHOLSEY & WALUNGFORD RAILWAY PRESERVATION SOCIETY Notes to the Financial Statements for the ear ended 31 December 2021 2021 2020 Note 9 Charitable Aclivities Operating Expenses 82.471 35.515 Note 10 Grant Expenditure 33.CM)O 362,374 Grant expenditure relates to the development of the Maidenhead Canopy project Note 11 Governance cost Trustee Indemnity insurance Other 1.933 1.179 1,933 1,179 Note 12 Net incoming resources for the year This is stated after charging: Depreciation 12,412 2.898 No Trustee received renumeration. Expenses received by Trustees relate to the cost of purchase of materials and re-imbursed at cost Page 14
(HIX5EY& WALUIIGFORD IIAILWAY PRESERVATION xIETy NoiÈstD thè financial Statemènts ndÈd 3 21 Note 13 TanbIethed Aets "Mai head" TTrck rtal ant teri At iiiD021 Additions JUW2021 36Z374 36,684 ,lJS8 34,475
).575 9.105 1&956 1298 9.105 2L254 1417 434.898 43,122 417 478.020 240 924 rnul At 11112021 Charge lor the year At3V12120II 16.2al 4,368 1,182 5.550 1417 47.076 12.412 7,981 7.981 1.365 7.573 132 572 16.920 .791 L417 Ne ook Values At3V1212021 At 3111212020 391.on 362.374 17.555 J4.345 1532 1897 X)7 439 240 358 L540 414532 387,822 4227 Mote 14 Investment Cost Al lJanu?ry 2021 Pfo¥isio At 31 De¢•mbEr1021 Ihe Charlty's investmentcongstsof rxdinary sharos in 4247 Lid. Th¢Charitywnsonesharo I$$ than l%1 of the Ordinary5harÈ Capital. The costof this iThYestmentwès EIW). durin8 theyearended 31 December 2D20 the Oire£tors rtra55essÈd the likèty return Cin in¥Estsent •fbd ases*d the 1¢ as£nil. At 31st Ikcember 2021 the Directors rea5S?55ed and confirmod ihisvalue of b1 £•d. Paae 15
CHOLSEY & WALLINGFORD RAILWAY PRESERVATION SOCIErY Notes to the Financial Statements for the ear ended 31 December 2021 2021 2020 Note 15 Debtors VAT receivable Due from Polar Express experience 3.778 40,092 43.870 1.463 1,463 The amounts due in relation to the Polar Express was invoice and received after the year end Note 16 Credltors- Amounts falling due within one year Unwind of capital grant {Amortistation) 7,321 7,321 Note 17 Credltors: Amounts falling due aftèr more than one year 399.250 362,374 In line with the accounting policy. the Hertiage Railway Trust grant relation to the "Maidenhead Canopy" will be amortised in line wtth the asset. Note 18 Obligations Under Leases At 31 December 2020the charity made the following payments under nOn-CanlIable operating leases= Land and buildings: Operatine Leases which expire over 5 years 2,438 2.438 Page 16