Registered No. 01927652 CHOLSEY & WALLINGFORD RAILWAY PRESERVATION SOCIETY Trustees Report and Financial Statements for the year ended 31 December 2022
CHOLSEY & WALLINGFORD RAILWAY PRESERVATION SOCIETY Company Information Board of Dlrectors Michael Palfrey Ichairmanl TITn Fediw Matthew Gleave Robert Hill Peter Mitchell Mark Savery john Sharman George Thomas Secretary Sian Harper Re81stered Office 5 Hithercroft Road Wallingford Oxlordshire OXIO 9GQ Reg5stered Company No.. 01927652 Reglstered Charlty No.. 295279 Bankers: Barclays Bank plc Table of contents Page Company Information Trustees Report Statement of Financial Actlvltie5 Statement ol Financial Position Notes to the Financial Statements io 11-16 Page I
Report of the Trustees for the year ended 31 December 2022 Oblectlves. artlvltles and purpose The Trustees have rele¥red to the Charity Commission's general guidance on Public Benefit when reviewing their aims and objectives and in planning future activities. In particular. the trusrees consider how planned activities will contribute to the aims and oblertives they have set. The charitvs principal objective is to maintaln and preserve the 4km stretch of Standard gauge heritage railway line between Cho15ey and Wallingfoid in Oxlordshire, being most ol the forrner Wallingford branch ol the Great Western Railwav IGWRI. The Cholsey and Wallingford Railway Preservation Society ICWRP51 was forrned to both conseNe ihe line and provide a tourist service to generate the nece55ary funding. The Society ran its first public train on a small track section in 1985 with the first tiain travellit)g rhè full length of the line sn 1997. Ouring 2021 the Maidenhead Canopy project Wa5 completed as the first key stage of a strategic plan to develop the railway station site at Wallin8ford,and work has continued 51nce to develop Wallingford station site. In addilion lo conseryation and tourist activities, the CWRPS works towards.- Keeping history alive by safeguarding its collection of historic artefacts through which its members and the public can actively view an aspect ol social, technical and cultural hkstory Ensuring the financial stability ol the org3nisation by endeavouring to establish continuity of income thereby ensuring the sustainability of the Society Bringing together. in a not-fof-profit environment, volunteers using a range of skills in the furtherance of the Socievs objÈctives. Structure. Governance and Management Governin document The Cho15ey & Wallingford Railway Preservation Society is a company limited by guarantee. incorporated on I july 1985 and registered as a charity. It is governed by its Memorandum ol Association and Articles of Association. In the event of the company being wound up. each member is required to contrbbute £1 a5 limited by the guarantee. Recruitment and a ointment of Trustee Board The direLtor5 of the company are also charity trustees for the purposes of charity13w and, under the ¢ompanVs Articles of Association, are members of the Trustee Board. The Articles of Assoclation require a proportic)n of the members of the Trustee Board to stand down each yeai. All members are advised of the retiiing trustees piior to the AGM and are invited to make nomination5 accordingly. The 8oard has a range of financial, operational. engineering and management backgfounds. Page 2
Report of the Trustees for the year ended 31 December 20221continued) Trustee inductlon and fainin No formal seleetlon Dr inductlon procedures exist aside from elettlons at the Annual General Meetin8 IAGMI. Appolntments to the Board arise ai the vla the nofnination process at the AGM or by way of co-option on to the board Irom recommendations ol existing board members or the Society membership at laf8e. Such recommendatlons are invariably based on a proven record ol service to the Society, or partlcular sklll sets to enhance the societv. Or anisational structure Under the Article5 of Association. the maximum and miftimum numbefs of Boafd members is to be deiermined by the Sotiety. The current maximum 0112 was adopted at the Extraordinary General Meetin8 in November 2019. and the minimum numbei is six. The Board is responsible for the strategic direction and policy decisions of the charlty as well as all aspect5 of health and safety. It generally meet5 every month. In addition to the Board, there are variou5 sub-committees covering commercial operations and the Permanent Wav. Co-o eratlon wlth other or anisations The tharlty is a member of the Heritage Rallway Association IHRAI. The HRA promotes the interest of its members in the heritage and tourist railway and tramway sector and encourages good practice In all fields. It repfesents its members interests to government and other bodies and malntains high standards in the sertor by requiring members to conform to the Assoclation's Code of Condvct. The HRA provides professional advice and other such help and assistance as approp¥late. Risk Mana ement The Trustees have a risk management strategy which include5. a continuous ieview ol its pollcies, 5y5teffls and procedures to enstbre consistency with best practice and to Ideniify any potential iisks and uncertalnries Ihe establishment of robust policles, systems and procedures to mitigate any rhsks and uncertainiies identified the Implementatlon ol procedures designed to minimise or manage any potential impatt on the Society should those 11sks materlalise Both trustees and volunteef5 alike awe svltably trained, supported and supervSsed a5 they carry out thelr actlvltles for the chaflty. Appfopriate and adequate insurance is In place to provide covei for those carrying out work for and on behalf of the charity. Pa8e 3
Report of the Trustees for the year ended 31 December 2022 (continued) Despite the strong post recovery after Covid-19. the flnancial sustainability and increaslng prices (particularly coal and fuel) continues to be the major financial risk for the Society. The Board activelv manages its financial risk by regular reviews of available funds and ensures that internal control risk is minlmised by employing procedures that require all transaction5 to be properly authori5ed and recorded in the SocieVs accounts. Furthermore, it strives to increase its resources, not only from its main activities - passenger, shop and café operations- but also from subscriptions and donations. Achievements and erformance Since the last Trustee's report. the Rallway has made further Strides in the right direction and the Board would like to take this opportunity to thank all of our volunteers for their hard work and dedication to improving our facilities and enhancing the enjoyment our passengers experience when they visit us. We were visited by an Inspector from the ORR towards the end of 2022. This could have been seen as a very daunting prospect, but the Board took the view that it had the potential to be a very constructive experience. Thanks to the effort of a number of members, including several Board members, we were able to demonstrate to the Inspector our commitment to running a safe operation and instilling the right sort of culture within the organization. The Inspector did high highlight some areas for improvement but felt that we had the right attitude and were striving to make the required changes. We are due for a return visit to check on progress on the 3rd October 2023. We ran another successful Polar Express event in November and December 2022 during which we carried around 30,000 passengers. Whilst we weren't affected by Covid-19 this time we did have to deal with the effects of some very cold weather. Polar Express has again provided a significant boost to our finances. It is with some sadness that I have to report that, due to the lack of a suitable car park in close proximity to the station, Polar Express will not be taking place in 2023. We are actively seeking a solution to this problem and, in the meantime, will be running our own Santa Specials, tickets for which are selling very well. To improve our resilience as a commercial entity, we have purchased two Mark I coaches from the Colne Valley Railway, one TSO and one BSK. Both coaches require some restoration before they can enter traffic and work is already underway on the BSK. Our 08 diesel locomotives have all been receiving some attentlon. The most obvious evidence of this is just how shiny Lion is starting to look, but much more significant work has gone on 'under the bonney. This is very much an ongoing process but should, hopefully, allow these nearly 70 year old locomotives to carry on providing motive power for years to come. Page 4
Report of the Trustees for the year ended 31 December 2022 Icontinuedl We have reCentr been granted planning perrnission to erect the Stoke Canon SI31 t#)x and Work rnay soon commence on preparing the area in whKh rt will be srtuated. We don't yet have a date Iof Its 3mval at Wallingfofd. bvt we continue io luiise with Nerwofk Rail and we aim to be re31fy 10 start construction once rt hos been delivered. We have held a number of very su¢ce55ful event$ again this year. The 40s weekend was ar)other resounding success, our fish and chip tfains have sold out. Bunkfest trains were busier rhan last year, and In 2023 shortly belore the AGM. we h3d a sold out murder mystery train in con}unction with the Agatha Christie event organiied by Wallingfvrd Town Council. We are very 8r3telul to those volunteers who or8an15ed or participated in making those events so SLKcessful. One of the suggestions made the ORR Inspector was that we have OLsr Permanent Way assessed by an independent expert. This inspection took place in September. and we are pleased to report Ihat the Permanent Way engineer we appointed was broadly happy with what he found. He drd rM)int out a couple of issues that needed addressing and we have made signific3nt progress wrth those issues. We have also made further improvemenis to Wallingford station_ The kiosk has been constructed, the platform surface has been s¢gnificantly improved at the north end. and further fencing has been Installed. We would like to take the opportun%ty to thank Grundon for their continued support. We are hoping to finalise 3 deal to bring in a steam locomotNe for the Christmas event and, at the same time, secure a locomotNe for next year. Ilde have taken steps to build relationships with other hefltage railways and we hope to see the frurts ol these effons in the coming years. As a wholly volunteer run organization, we are continually looknng for new volunteers. Our new website will provide an attractive 'shop windov/ and we are planning 3 social rnedi3 recruitment drive. We have also scheduled some volunteer induction da to give people the opportunity to learn about the ra>lway. see what we do and hopelulw join our efforts. The railway continues to 80 from srrength to strength and that fjs due io the efforts of some very talented and commttted people. Flnandal Re The financial performance ol the society has had a very strong year, although we are cognisant ol the cost of lfving crisis and feduction in consumer discretionary spend which may have an our performance in the future. Income Income during the year totalled £219,51612021.. £146.8151, Ihis was primarily a result ol strong sales from 7he Polar Express., as well as growth in passenger receipts of 32% acfOSS the rest ol our events. Page 5
Report of the Trustees for the year ended 31 December 20221contlnuedl Other income £14,38512021'. £20,125) related to the Sel up of a 'pop.Ltp" coffee shop on slle and Use by commerclal operators for te5tln8 equlpment and sale ol a heritage vehlcle to a group more suited to restore the vehicle in question. Ex endlture During the year, we continued to prudently invest in improvln8 the site at Walllngford and our track and other Structures where necessary. A Significant amount of the expenditure relaied to the improvin8 the statlon site. There was a lar8e surplus foi the year of £121.63412021.. £65,623), as a result of both Polar Expre55, and the vastly improved visitor experience in 2022. Financial 051tion The Charity had cash feserves of £133,419 at 31 December 202112020.. £109.4521 with a further £IOS,O(K) of receivables due in January & February 2022 relating to the Polar Expre55 experience. Investment Under the Memorandum and Articles of Association. the Charity has the power to make any investment5 that the Trustees see lit. Reserves In 2020 the Board of Directors opted to revise the reserves policy to ensure that the Society would have around 12 rnonths, worth of expenditure held in reserves, plus any required for the sea50nality of income streams. This wa5 reviewed again in 2021 & 2022 and confirmed a5 appropriate. The significant reserves lin excess of the polity) are being held to make impiovements to the railway in the medium term including the strategic development of the Wallingford station site. additional resilience to rolling stock, continued maintenance of historic31355ets and continuous improvement to our permanent way. During 2022 the railway secured two additional vehitle5 a BSK Ipvrchased during the yearl and a TSO which was contractually committed to duiing 2022 and purchased in 2023. The trustees belleve that this will provide sufficient funds to cover a significant fall in revenue. or unplanned capital expenditure that may be required. Subsidla eratlon The company ha5 a 100% owned subsidiary in the year for potential tradin8 and name protection reasons, at the date of signing of thi5 report. the company is dormant. Page 6
Report ol the Trustees for the ye2f ended 31 Decefflbef (CQ¥ltinued) The charity trustees, wtho are also th• directofs of th CTr ar¢ Society for rhe purposes of compar'i I. arK reS-,Èr rKppafifg, >Yat).,0r each vÈ3r which provTrde 8 true and lèir view of the >txts c/ Jffdyrs of tl. C(mpV aTrd resources and the application of those resoufces. IncdI Gtrie &4wJrture. preparing these financial ststements, tlle trustpes are required to= Select suitèble accrnJnting polKies and app¢ tTrm conslstvrtty ObseThe the methods and winciples Charrties SORP Make judgement5 3ThJ estimates that are r#asona ard wtsJeftt State whether applK3ble 3CCOLEnting standards aro statements ol fec0mnw prxti(e have beÈn followed. SLtrbject to ma"Kerial departures disctoseé and expla¥ financial ststements Prepaie the financial statements on a going conwn l>asi5 unle5$ ¢ Is inappropriate ¢0 presume the charity will continue in operation The trustees are responsible for mainiainrng Pfoper 3ccountsng records tha dis¢k)5e with reasonable accuracy at any time the f¢nancial POSFttoft of the C3rty at'40 enabÈ •them EO ensLKe that the financial st3tements compl¥ wrth the Companies Ar. 2C#36. Therf are alsc w.sible k¥ safeguarding the assets of thp charity and hence for taking reasonab[• Steps' pr*wert and detert fravd and other Érregulartiies. Page 7
Report of the Trustees for the year ended 31 December 2022 (continued) Trustees The Directors set out have held offlce during the period I" January 2022 to 31, December 2022 were a5 follows.. Mr JDhn Cook IRetired at the AGM- 17, September 20221 Mr Tim Fediw Mr Matthew Gleave Mr Andrew Midwinter IReslgned- I" May 2022 Paul Mine (Appointed at the AGM- 17, September 20221 Dr Lucy Millard Mr Peter Mitchell Mr Michael Palfrev Mr Antony Peters Mr Mark Savery Dr Anthony Stead (Retired at the AGM- 17, September 20221 Mr GeorgeThomas Approved by the Trustees and slgned on their behalf by: Michael Palfrey Chairman Cholsey & Walllngford Railway Pre5ervatlon Society Date:Ueptember 2023 Page S
CHOLSEY & WALLINGFORD RAILWAY PRESERVATION SOCIErY Stat ment of Financlal Activi ie5 and Income & Ex endi ure accoun lor the ear ended 31 December 2022 Ae5trlcted Unrestricted 2022 Total Funds 022 2022 2021 Income: al Generated lunds.. il voluntary income.. donations & membeTshlp 5ubscrlption5 lil actlvities for 8enerating funds.. - other income bl Charitable activitie5'. cl Investmènt.. d) Grants.. el Other.. fl Grants reclassified as capital Total Income., 22,081 22,081 15,687 155,039 155,039 30 27,981 14,385 78,776 27.981 76.420 20.125 144,1971 146,815 14.385 27,981 191.505 219,516 EM endilure: al Costs of raising funds.. voluntary income / activities lor 8eneratin8 funds bl Charitable activities.. cl Grants.. dl Governance.. el Grants reclas5illed as capital Total expendlture: 87,968 87,968 7,981 1,933 63,559 52,384 1,933 136,6841 81,192 7,981 1,933 7,981 89,901 97,882 Net In¢ome and net movement Sn funds for thè y*ar 20.000 101,604 121,634 65,623 Total funds brought forward.. Total funds carried forward: 165,283 266,887 165,283 286.917 99,660 165,283 20,000 The Statement of Financlal Activities includes all gains and losses recognlsed in the year. All 5ncome and expenditure derlves from contSnuin8 actlvlties.
CHOLSEY & WALLINGFORD RAILWAY PRESERVATION SOCIEr Statement of Financlal Positlon at 31 December 2022 Re Istered Com an No.: 1927652 2022 2021 Flxed Assets Tangible Fixed Asset5 Investments 446,977 418,532 446,977 418,532 Current Assets Stock Debtors Cash at bank and in hand 105,111 133,419 43,870 109,452 238,530 153,322 Current Llabllltles: Creditors.. Amounts falling due within one year 7,982 7,321 Net Current Assets I ILlabllltle51 230,548 146,001 Total Assets le55 Current Llabllltles 677,525 564,533 Creditors.. Amounts fallin8 due after more than one year 390,608 399,250 286,917 165,283 Funds Unrestricted Fund Restrlcted Funds 266,917 20,000 286,917 165,283 165.283 For the year endin8 31 Decernber 2022 the Company was entitled to exemptlon from audit under Sethion 477 01 the 2006 Companies Act realtln8 to 5rnall cornpanlès The Members have not requlred the Company to obtaln an audlt In accordance wlth Secrlon 476 01 the Companles Att 2CKJ6, The Directors aeknowledge thelr re5pon51bllltle5 for complylng wlth the requlrements ol the Act wlth respect to accountln8 fecords an(J rhe preparatlon ol accounts These accounts have been prepared ITh accordance wlth the provlslons ol ihe re8lme appllcable to rnlcro-entitles These financial statements were approved and authori5ed for155ue by the Board. Mlehael Pallrev Date.. 2 & 5epternber 2022
CHOLSEY & WALLINGFOAD RAILWAY PAESERVATION SOCIEri Accountlni pollcles The Ilnanclal statements have been prepared In accordance with Accountin8 and Reporting bv Charitles.. Stalement of Recommended Practice applicable to charitles preparSn8 thelr a¢¢ounts in ccordonce wlth the re8lme applicable to micro-entitie5 and the Companies Act 2006. Assets and Ilab11iiies are Inltlally fecognlsed ar h1510rlcal c05101 transactlon value unless oihen¥ise Slated in the relevant accountlng pollcy notes. aratlon ol the accounts on a oin concern basls The future of the Charlty Is dependant upon the continued financial support of its members and the success of the operatlng days and events planned lor 2023 8 2024. The Trustees are ol the opinion that the Charlty can contlnue to operate lor at least a period of one year from the date of approval ol these linancial Statements and have therefore prepared them on a golng concern basis. accounti Unrestricted funds are available lor use at the discretion of the trustee5 in furtherance of any of the purp05e5 of the charlty. Restrlcted funds are where grants and donations are lor a specific, generaslv legally blnding use only. The Trustees can designate funds to a certain project. dl Inctsrne reco nitlon es Item5 of income are recogni5ed when all of the following criteria are met.. l. The Charlty has entitlement to the funds 2. Any performance conditions attached to the itemlsl of income have been met or are fully within the cgntrol ol the Charlty 3. There Is 5uificient certainty that retelpt olthe income Is consideied probable, and 4. The amount can be measured reliably el Grant5 Grant irtcome is recognised when there is.. 11 entitlement to the grant, 21 virtual certainty that it will be received and 31 sufflcSent measurability of the aFnount. For Grants that relate specifically to the creation of a capital asset. are reco8nised as a creditor and amortised inline with the ielated capital asset. Empendlture Is reco8nised once there Is a legal or constfuctive obligation to make a payment to a third party, rt is probable that settlement will be required, and the amount tsl the obligation can be measure reliably C05t of 8enerating funds ¢omprises those costs assoclated with attractln8 future lrtcome.. Charitable expendSture comprlses those costs incurred by the Charity In the delivery ol its activitlès and servlces for its beneficiaries. It Includes both costs that can be allocated directly io suth a¢tlvitle5 and those Costs of an indirect nature to support thèm 2. Governance costs include those costs assoc5ated with meetin8 the constitutlonal and statutory requirements of the Charlty and any costs Ilnked to the 5trateBlc management of the Charitv 3. Overheads, including office expenses, have been allocated to the maln Charltable Activities Page 11
CHOLSEY & WALLINGFORD RAILWAY PRESERVATION 50CIETV No Finan ments lor the earend d31D ible fixed assets Tangible fixed assets are capitalised at cosi and depreciated at rate5 calculated to write off cosl on straight-line bas55 less estlmated residual value ol each asset over its estlmated etenomic life. The annual rates are as follows.. Track & ballast Land & buildings Maidenhead Canopy 2% Plant & Machinery 15% Catering & Other 2% h) Stock stock is Included at the lower of cost and net realisable value. il Reco Liabilities are recogni5ed at the settlement amount where the charity has a present obligation resulting from a past event that will probably iesult in the transfer of lund5 to a third party and the amount due to settle tFie obligatlon can be measurèd or estimated reliably. oration t The charity is exempt from tax on income and gains falling within section 505 of the Tames Act 1988 or section 256 01 the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objectives. eratin lease Rentals applicable to operating lea5es'. whère substantially all of the benefits and risk of ownership remain with the lessor, these are charged to the income and expenditure account on a straight lirse basis over the lease term. Legal status of the charity The charity is a company limited by guarantee and has no share capital. In the event of the Charity being wound up. the liability of each rnembeT In respect of the guarantee 15 limited to £1. Pase 12
CHOLSEY & WALLINGFORD RAILWAY PRESERVATION SOCIETY Notes to the Fin lor rhe ear ended 310ecember nt 02 02 Note 3 Charltable Actlvltl•s Passenger receipts Standard servlces Polar express experlence 49.972 105,067 155,039 38,684 40.092 78,776 Nole 4 Investment Income Interest received 30 Note 5 Grant Income 27,981 76.420 The income has come from two sources.. The Railway Heritage Trust relating to the 'Maidenhead Canopy, Project this Is a non cash Accountiri8 adjustment1£7,9811 GWR Communlly Grant whlch was spent during 2023 on capital and non-capital station Improvements1£20,0001 Note 6 Other Incorne Use of facilitles Rates Rebate Sale of asset 11,663 2,222 500 14,385 20,125 20.125 During the year the society sold a surplus heritage vehicle to the Rail Trolley Tfust The drop in use ol facilities relate5 to reduce use by a contractor using the line for testing. Pa8e 13
CHOLSEY & WAILINGFORD RAILWAY PRESERVATION SOCIETY Notes to the Flnancial Statements for the ear ended 31 December 2022 2022 2021 Note 7 Charitable Artlvlties Operating Expenses 87,968 82,471 Note 8 Grant Expendlture 7,981 33,000 Expenditure relates to the depreciation of the Maidenhead Canopy The GWR fund was fully spent in 2023 Note 9 Governance cost Trustee Indemnity insurance 1,933 1,933 1,933 1,933 Note 10 Net Incoming resources for the year This is stated after charging: Depreciation 17,987 12,412 No Trustee received renumeration. Expenses received by Trustees relate to the cost of purchase of materials and re-imbursed at cost Page 14
CHOLSEY & WALUNGFORD RAILWAY PRESEAVATION SOCIETY pm ar ended 31 D tember 20 140te 11 TaThb)e Flxed A55ets Cos¢ At 11112022 399.OS8 34.475 5.874 4Cl.349 9,105 40,138 49,243 21,254 420 11.674 879 5,924 5,908 1.417 478,020 46.432 524.451 AddiIion5 At 31IIZI1022 399.058 879 5.924 5.908 1.417 Accumvlatett Oe At 11112022 7,981 7.981 15,961 16,920 7.573 7.387 14,96Q 13,791 I.OB4 14.875 572 131 703 5.550 358 5.908 1,417 59.488 1?,987 77,475 Char8e for the yeaf At 31IW1022 240 5,924 17.726 1,417 AI 3111212023 At 3111212022 383,096 391.077 22.623 17.555 34,283 1,532 6.799 7.463 176 307 446.977 418.532 Z40 358 Note 12 lftve5rrnert Cost At I january 7022 Al 31 D•cOmr 2012 The Charity'5 lnVernent consists of ordinary shares In 4247 Ltd. The Chaiity OWll5 one Share (less ihan 1%> ol the Ordinary5hare Cap5tal. The ¢05t ol ihls Invesimeni £180, durin8 theyear ended 310tcember 2020 the Dlrectors f&a5se5sed Lhe likely returrt Otl Invtsirnent and asessed Ihe value a5 £nil. At 31st Oecember 2022 Ihe Direcrors reasses5td and confirmed Ih15 valueof bein8 £nll. Pa8e 15
CHOiSEY & WALLINGFORD RAILWAY PRESERVATION SOCIETY Notes to the Financial Statements for the ear ended 31 December 2022 2022 2021 Note 13 Debtors VAT receivable Due from Polar Express experlence 44 105,067 105,111 3,778 40,092 43,870 The amounts due in relation to the Polar Express was invoice and received after the year end Note 14 Credltor5 - Amounts falllng due wlthln one year Unwind of capital grant (Amortistationl 7,982 7.982 7,321 7,321 Note 15 Credltors: Amounts falllng due after more than one year 390,608 399,250 In line with the accounting policy, the Hertiage Railway Trust grant relation to the 'Maidenhead Canopy" will be amortised in line with the asset. Note 16 Obllgatlon5 Under Leases At 31 December 2020 the chariry made the followin8 payments under non-cancellable operating lease5'. Land and buildings: Operating Leases which expire over 5 years 2,438 2.438 Page 16