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 be￿eeTr Cholsey and Wallingford in Oxfordshire, being most of the fomier
Wallinglord branch of the Great Western Rai￿aY 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 prO￿d￿re$ 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 hea￿h 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 RailWayA5S￿1atron 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 a￿ut a possible collaboration to bring
'Polar Expre5S' to Wallin￿ord 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 ffl￿h 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.
Fina￿141 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
p￿SuMe 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 & wALLl￿F0RD RAILWAY PRESERVATION SOCIErY
Statement of Financial Activitie5 and Income & Ex
for the
ear ended 31 December2021
nditure account
Restrirted un￿StrICted
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 provI￿on$ 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 histor￿1 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 ca￿tal 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 dep￿lated 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 W￿re 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 Tan￿bIethed A￿ets
"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¥Ests￿ent •fbd ases*d the ￿1￿¢ as£nil. At 31st Ikcember 2021 the Directors rea5S?55ed
and confirmod ihisvalue of b￿1￿ £•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-Can￿lIable operating leases=
Land and buildings:
Operatine Leases which expire over 5 years
2,438
2.438
Page 16