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 reCent￿r been granted planning perrnission to erect the Stoke Canon SI￿31 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(mp￿V aTrd
resources and the application of those resoufces. Inc￿dI￿￿ Gtrie &*4w*Jrture.
preparing these financial ststements, tlle trustpes are required to=
Select suitèble accrnJnting polKies and app*¢ tTr*m 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 C￿3￿rty a*t'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 TaTh￿b)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•cOm￿r 2012
The Charity'5 lnVe￿rnent 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