**Registered No. 01927652**
**CHOLSEY & WALLINGFORD RAILWAY PRESERVATION SOCIETY**
## **Trustees Report and Financial Statements**
**for the year ended 31 December 2023**
## **CHOLSEY & WALLINGFORD RAILWAY PRESERVATION SOCIETY**
## **Company Information**
## **Board of Directors**
Michael Palfrey (Chairman) Tim Fediw Andrew Midwinter John Sharman Robert Hill Peter Mitchell Mark Savery Natalie Wilson George Thomas
## **Secretary**
Vacant at time of publication
## **Registered Office**
5 Hithercroft Road Wallingford Oxfordshire OX10 9GQ **Registered Company No.:** 01927652 **Registered Charity No.:** 295279
**Bankers:** Barclays Bank plc SumUp Financial Institution plc
|**Table of contents**|**Page**|
|---|---|
|Company Information|1|
|Trustees Report|2-7|
|Statement of Financial Activities|8|
|Statement of Financial Position|9|
|Notes to the Financial Statements|11-16|
Page 1
## **Report of the Trustees for the year ended 31 December 2023**
## **Objectives, activities and purpose**
The Trustees have referred to the Charity Commission’s general guidance on Public Benefit when reviewing their aims and objectives and in planning future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.
The charity’s principal objective is to maintain and preserve the 4km stretch of standard gauge heritage railway line between Cholsey and Wallingford in Oxfordshire, being most of the former Wallingford branch of the Great Western Railway (GWR).
The Cholsey and Wallingford Railway Preservation Society (CWRPS) was formed to both conserve the line and provide a tourist service to generate the necessary funding. The Society ran its first public train on a small track section in 1985 with the first train travelling the full length of the line in 1997. During 2021 the Maidenhead Canopy project was completed as the first key stage of a strategic plan to develop the railway station site at Wallingford,and work has continued since to develop Wallingford station site including the recreation of a passenger canopy which enhances the station complex.
Strategic level plans are in place for a full station building which is planned to be built in stages.
In addition to conservation and tourist activities, the CWRPS works towards:
1. Keeping history alive by safeguarding its collection of historic artefacts through which its members and the public can actively view an aspect of social, technical and cultural history
2. Ensuring the financial stability of the organisation by endeavouring to establish continuity of income thereby ensuring the sustainability of the Society
3. Bringing together, in a not-for-profit environment, volunteers using a range of skills in the furtherance of the Society’s objectives.
## **Structure, Governance and Management**
## Governing document
The Cholsey & Wallingford Railway Preservation Society is a company limited by guarantee, incorporated on 1 July 1985 and registered as a charity. It is governed by its Memorandum of Association and Articles of Association. In the event of the company being wound up, each member is required to contribute £1 as limited by the guarantee.
## Recruitment and appointment of Trustee Board
The directors of the company are also charity trustees for the purposes of charity law and, under the company’s Articles of Association, are members of the Trustee Board. The Articles of Association require a proportion of the members of the Trustee Board to stand down each year.
Page 2
## **Report of the Trustees for the year ended 31 December 2023 (continued)**
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.
## Trustee induction and training
No formal selection or induction procedures exist aside from elections at the Annual General Meeting (AGM). Appointments to the Board arise at the via the nomination process at the AGM or by way of co-option on to the board from recommendations of existing board members or the Society membership at large. Such recommendations are invariably based on a proven record of service to the Society, or particular skill sets to enhance the society.
The board adopted a summary level skills matrix in 2024 to monitor the skills & development needs of the board to to help focus recruitment of future board members.
## Organisational structure
Under the Articles of Association, the maximum and minimum numbers of Board members is to be determined by the Society. The current maximum of 12 was adopted at the Extraordinary General Meeting in November 2019, and the minimum number is six. The Board is responsible for the strategic direction and policy decisions of the charity as well as all aspects of health and safety. It generally meets every month.
In addition to the Board, there are various sub-committees covering commercial operations and the Permanent Way.
## Co-operation with other organisations
The charity is a member of the Heritage Railway Association (HRA). 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 represents its members interests to government and other bodies and maintains high standards in the sector by requiring members to conform to the Association’s Code of Conduct. The HRA provides professional advice and other such help and assistance as appropriate.
## Risk Management
The Trustees have a risk management strategy which includes:
- a continuous review of its policies, systems and procedures to ensure consistency with best practice and to identify any potential risks and uncertainties
- the establishment of robust policies, systems and procedures to mitigate any risks and uncertainties identified
- the implementation of procedures designed to minimise or manage any potential impact on the Society should those risks materialise
Page 3
## **Report of the Trustees for the year ended 31 December 2023 (continued)**
Both trustees and volunteers alike are suitably trained, supported and supervised 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 charity.
The Board actively manages its financial risk by regular reviews of available funds and ensures that internal control risk is minimised by employing procedures that require all transactions to be properly authorised and recorded in the Society’s 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 performance
There are times when I take a moment to consider the progress we have made in the last few years, and I am stunned by the achievements of a dedicated band of volunteers working together for nothing other than the love of our railway. As ever, these wonderful people have my heartfelt gratitude. On that note, I will again take the opportunity to pay tribute to Tony Peters. Tony was a fount of knowledge when it came to railways, a dedicated volunteer and Board member and, above all, a good friend. He will be sadly missed by many people involved with heritage railways around the country.
We have run several highly successful events during 2023 and continued this momentum into 2024. The highlights being the cheese and wine train, the Murder Mystery, Bunkfest, Wallingford – Back to the Forties and the Wallingford Fryers. All these events were well attended and generated significant revenue for the railway. Many thanks to the organisers of each event.
Great progress has been made around Wallingford Station. Rob Ball and his team have completed the ‘Garden Canopy’ project in 2024 and a new coal clamp has been constructed. Despite capacity of the Santa Trains being limited in 2023, John Cook has recruited a sizable workforce, and returned the red TSO to traffic, which allowed us to double our capacity on the Santa trains from 2024. Looking forward to 2025, work has begun on restoring the Toad and the ‘new’ brake coach. Work has begun on installing a run round loop and inspection pit at Wallingford and we are also making progress towards the first phase of constructing a station building.
2023 turned out to be one of our most successful years to date. This isn’t just reflected in our finances but also the joy on the faces of both our loyal volunteers and our passengers.
It is our intention to continue to develop the railway in terms of the infrastructure and facilities, our ability to maintain and restore our rolling stock, improving our Permanent Way and our customer experience.
Page 4
## **Report of the Trustees for the year ended 31 December 2023 (continued)**
## **Financial Review**
The financial performance of the society has had a very strong year, although we are cognisant of the cost of living crisis and reduction in consumer discretionary spend which may have an our performance in the future.
## Income
Income during the year totalled £149,006 (2023: £219,516), this was primarily a result of strong sales from ‘The Santa Express’ and Bunk Fest. 2023 was our busiest ever year and 2024 has surpassed this record.
Other income £1,363 (2022: £14,385) related to the improvement of the selection of stock in the shop during the Santa season, and catering from the Coffee Stop.
## Expenditure
During the year, we continued to prudently invest in improving the site at Wallingford and our track and other structures where necessary. A significant amount of the expenditure related to the improving the station site.
There was a large unrestricted surplus for the year of £23,539 (2022: £121,634), which whist reduced on the prior year, due to the absence of ‘Polar Express’ is a near record normal year despite the drop in revenue associated with ‘The Polar Express’.
## Financial position
The Charity had cash reserves of £213,801 at 31 December 2023 (2023: £133,419) which is a record year end figure. This record cash position is in-spite of investment of around £44,000 in long term assets as well as other repairs and renewals that go to improve the railway.
## Investment policy
Under the Memorandum and Articles of Association, the Charity has the power to make any investments that the Trustees see fit.
## Reserves policy
In 2020 the Board of Directors opted to revise the reserves policy to ensure that the Society would have around 12 months’ worth of expenditure held in reserves, plus any required for the seasonality of income streams and future capital investment. This was reviewed again in 2023 and confirmed as appropriate.
Page 5
## **Report of the Trustees for the year ended 31 December 2024 (continued)**
The significant reserves (in excess of the policy) are being held to make improvements to the railway in the medium term including the strategic development of the Wallingford station site, additional resilience to rolling stock, continued maintenance of historical assets and continuous improvement to our permanent way. During 2022 the railway secured two additional vehicles a BSK (purchased during the year) and a TSO which was contractually committed to during 2022 and purchased in 2023. Both these are long terms assets and will require significant expenditure or both time and materials to bring into use. We are grateful for the volunteers we have who can make this happen.
The trustees believe that this will provide sufficient funds to cover a significant fall in revenue, or unplanned capital expenditure that may be required.
## Subsidiary Operation
The company has a 100% owned subsidiary in the year for potential trading and name protection reasons, at the date of signing of this report, the company is dormant, having not traded.
## **Trustees responsibilities in relation to the financial statements**
The charity trustees, who are also the directors of the Cholsey and Wallingford Railway Preservation Society for the purposes of company law, are responsible for preparing financial statements for each year 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 resources, including the income and expenditure. In preparing these financial statements, the trustees are required to:
- Select suitable accounting policies and apply them consistently
- Observe the methods and principles in the Charities SORP
- Make judgements and estimates that are reasonable and prudent
- State whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements
- Prepare the financial statements on a going concern basis unless it is inappropriate to presume the charity will continue in operation
The trustees are responsible for maintaining proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for
safeguarding the assets of the charity and hence for taking reasonable steps to prevent and detect fraud and other irregularities.
Page 6
Report of the Trustees for the year ended 31 December 2023 (continued)
Trustees
The Directors Set out have held office during the period I,: January 2023 to 31" December 2023
were as follows:
Mr Tim Fediw
Mr Rob Hill
Mr Andrew Midwinter
Mr Peter Mitchell
Mr Michael Palfrey
Mr Antony Peters
Mr Mark Savery
Mrjohn Sharman
Approved by the Trustees an(1 signed on their behalf by-.
Michael Palfrey
Chairman
Cholsey & Wallingford Railway Preservation Society
Date- 17 February 2025
Page 7
## **CHOLSEY & WALLINGFORD RAILWAY PRESERVATION SOCIETY**
## Statement of Financial Activities and Income & Expenditure account
## for the year ended 31 December 2023
|**Income:**
a) Generated funds:
i) voluntary income:
- donations & membership subscriptions
b) Charitable activities:
c) Investment:
d) Grants:
e) Other:
**Total income:**
**Expenditure:**
a) Costs of raising funds:
- voluntary income / activities for generating funds
b) Charitable activities:
c) Grants:
d) Governance:
**Total expenditure:**
**Net income and net movement in funds for the year**
Total funds brought forward:
**Total funds carried forward:**|Restricted
Unrestricted
2023
2023
2023
2022
£
£
£
£
-
20,126
20,126
22,081
-
109,104
109,104
155,039
-
297
297
30
18,116
-
18,116
27,981
-
1,363
1,363
14,385
**18,116**
**130,890**
**149,006**
**219,516**
-
105,418
105,418
87,968
38,116
-
38,116
7,981
-
1,933
1,933
1,933
**38,116**
**107,351**
**145,467**
**97,882**
**(20,000)**
**23,539**
**3,539**
**121,634**
20,000
266,917
286,917
165,283
**-**
**290,456**
**290,456**
**286,917**
Total Funds|2022|
|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
All income and expenditure derives from continuing activities.
Page 8
CHOLSEY & WALLINGFORD RAILWAY PRESERVATION SOCIETY
Statement of Financial Position at 31 December 2023
Re istered Com
an
No.: 1927652
2023
2022
Flxed Assets
Tangible Fixed Assets
Investments
466,666
446,977
466.666
446.977
Current Assets
Stock
Oebtors
Cash at bank and in hand
12.5CK)
765
213.801
ios.iii
133.419
227,066
238.530
Current Liabilities:
Creditors.. Amounts falling due within one year
20.648
7.982
Net Current Assets I ILiabilitlesl
206.418
230.548
Total Assets less Current Llabilities
673.084
677.525
Creditors.. Amount5 falling due after more than one year
382,628
390,608
290,456
286.917
Funds
Unrestricted Fund
Restricted Funds
290.456
266.917
20.000
286.917
290.456
For the year ending 31 December 2023 ihe Cornpany was eniitled ro exempiion fTf*ll audit under Sertion 477 of the
2006 Companies Act realtingto 5rnall £ornpan¥es
ThÈ Mernbers have not iequired the Company Toobtain an audit in acCordae with Section 476 01 thecompènies
Act 2LXI6.
The Oirector5 aiknowledgÈ their responsibilities for complytng th the requirernents of theAtt with respect to
accouniing records and ihe preparotion of aciounts
These actounts have been prepared inaccordance with the prowsions of the regime applicable to micro*ntities
These financial statements were approved and authorised fof issue by the 8oaid.
MichaÈl Palfrev
Date..
17 February 2025
Pa9
**CHOLSEY & WALLINGFORD RAILWAY PRESERVATION SOCIETY**
## Notes to the Financial Statements for the year ended 31 December 2023
## **1. Accounting policies**
## a) Basis of preparation
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 regime applicable to micro-entities and the Companies Act 2006.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
- b) Preparation of the accounts on a going concern basis
The future of the Charity is dependant upon the continued financial support of its members and the success of the operating days and events planned for 2025. The Trustees are of the opinion that the Charity can continue to operate for at least a period of one year from the date of approval of these financial statements and have therefore prepared them on a going concern basis.
## c) Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of any of the purposes of the charity. Restricted funds are where grants and donations are for a specific, generally legally binding use only. The Trustees can designate funds to a certain project.
## d) Income recognition policies
Items of income are recognised when all of the following criteria are met:
1. The Charity has entitlement to the funds
2. Any performance conditions attached to the item(s) of income have been met or are fully within the control of the Charity
3. There is sufficient certainty that receipt of the income is considered probable, and
4. The amount can be measured reliably
## e) Grants
Grant income is recognised when there is: 1) entitlement to the grant, 2) virtual certainty that it will be received and 3) sufficient measurability of the amount. For Grants that relate specifically to the creation of a capital asset, are recognised as a creditor and amortised inline with the related capital asset.
## f) Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measure reliably
Cost of generating funds comprises those costs associated with attracting future income:
1. Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature to support them
2. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and any costs linked to the strategic management of the Charity
3. Overheads, including office expenses, have been allocated to the main Charitable Activities
Page 10
**CHOLSEY & WALLINGFORD RAILWAY PRESERVATION SOCIETY**
## Notes to the Financial Statements for the year ended 31 December 2023
## g) Tangible fixed assets
Tangible fixed assets are capitalised at cost and depreciated at rates calculated to write off cost on a straight-line basis less estimated residual value of each asset over its estimated economic life. The annual rates are as follows:
|Track & ballast|2%|
|---|---|
|Land & buildings|5%|
|Maidenhead Canopy|2%|
|Plant & Machinery|15%|
|Catering & Other|20%|
## h) Stock
Stock is included at the lower of cost and net realisable value.
## i) Recognition of liabilities
Liabilities are recognised at the settlement amount where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
## j) Corporation tax
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objectives.
## k) Operating lease
Rentals applicable to operating leases: where 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 line basis over the lease term.
## **2. 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 member in respect of the guarantee is limited to £1.
Page 11
## **CHOLSEY & WALLINGFORD RAILWAY PRESERVATION SOCIETY**
## Notes to the Financial Statements
for the year ended 31 December 2023
||||2023
2022|
|---|---|---|---|
|**Note**|**3 **|**Charitable Activities**
Passenger receipts - Standard services
Polar express experience|£
£
109,104
49,972
-
105,067|
||||**109,104**
**155,039**|
|**Note**|**4 **|**Investment Income**||
|**Note**|**5 **|Interest received
**Grant Income**|**297**
**30**
**18,116**
**-**|
|**Note**|**6 **|The income has come from two sources:
The Railway Heritage Trust relating to the 'Maidenhead Canopy'
Accounting adjustment (£7,981)
Other smaller grants from local councils (SODC & WTC) £10,135
**Other Income**
Use of facilities
Rates Rebate
Sale of asset|Project - this is a non cash
1,363
11,663
-
2,222
-
500|
||||**1,363**
**14,385**|
Page 12
## **CHOLSEY & WALLINGFORD RAILWAY PRESERVATION SOCIETY**
## Notes to the Financial Statements
## for the year ended 31 December 2023
||||2023|2022|
|---|---|---|---|---|
||||£|£|
|**Note**|**7**|**Charitable Activities**|||
|||Operating Expenses|**105,418**|**-**|
|**Note**|**8**|**Grant Expenditure (specific material grants)**|**38,116**|**-**|
|||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|**24,222**|**17,987**|
|||No Trustee received renumeration.|||
|||Expenses received by Trustees relate to the cost|of purchase of materials||
|||and re-imbursed at cost|||
Page 13
## **CHOLSEY & WALLINGFORD RAILWAY PRESERVATION SOCIETY**
## Notes to the Financial Statements
for the year ended 31 December 2023
## **Note 11 Tangible Fixed Assets**
|"Maidenhead"
Canopy
£
Cost
At 1/1/2023
399,058
Additions
-
**At 31/12/2023**
**399,058**
Accumulated Depreciation
At 1/1/2023
15,962
Charge for the year
7,981
**At 31/12/2023**
**23,943**
Net Book Values
At 31/12/2023
375,115
At 31/12/2022
383,096|Track &
Ballast
£
40,349
14,108
**54,457**
17,726
1,090
**18,816**
35,642
22,623|Rolling
Stock
£
49,243
27,000
**76,243**
14,960
11,436
**26,396**
49,847
34,283|Land &
Buildings
£
21,674
-
**21,674**
14,875
1,105
**15,980**
5,694
6,799|Signal &
Telegraph
£
879
-
**879**
703
132
**835**
44
176|Plant &
Machinery
£
5,924
1,358
**7,282**
5,924
1,092
**7,016**
266
-|Catering &
Other
£
5,908
1,446
**7,354**
5,908
1,387
**7,295**
59
-|Office
Total
Equipment
£
£
1,417
524,452
-
43,913
**1,417**
**568,365**
1,417
77,475
-
24,223
**1,417**
**101,698**
-
466,667
-
446,977|
|---|---|---|---|---|---|---|---|
|||||||||
|
At 1/1/2023
Charge for the year
**At 31/12/2023**
Net Book Values
At 31/12/2023
At 31/12/2022||||||||
## **Note 12 Investment**
|Cost
At 1 January 2023
Provision
At**31 December 2023**|£
-
-
**-**|
|---|---|
The Charity's investment consists of ordinary shares in 4247 Ltd. The Charity owns one share (less than 1%) of the Ordinary Share Capital. The cost of this investment was £180, during the year ended 31 December 2020 the Directors re-assessed the likely return on investment and asessed the value as £nil. At 31st December 2023 the Directors reassessed and confirmed this value of being £nil.
Page 14
## **CHOLSEY & WALLINGFORD RAILWAY PRESERVATION SOCIETY**
## Notes to the Financial Statements
|||Notes to the Financial Statements||
|---|---|---|---|
|**Note**|**13 **|**Debtors**
for the year ended 31 December 2023|2023
2022
£
£|
|||VAT receivable|-
44|
|||Due from Polar Express experience|-
105,067|
||||-
105,111|
|||The amounts due in relation to the Polar Express was invoice and received after the year end||
|**Note**|**14 **|**Creditors - Amounts falling due within one year**||
|||Unwind of capital grant (Amortistation)|7,982
7,982|
|||VAT relating to trading activities|12,666
-|
||||20,648
7,982|
|**Note**|**15 **|**Creditors: Amounts falling due after more than one year**|382,628
390,608|
|||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 **|**Obligations Under Leases**||
|||At 31 December 2020 the charity made the following||
|||payments under non-cancellable operating leases:||
|||Land and buildings:||
|||Operating Leases which expire over 5 years|2,438
2,438|
Page 15
# **Independent examiner's report on the accounts**
## **Section A Independent Examiner’s Report**
**Report to the trustees/** Charity Name **members of** Cholsey & Wallingford Railway Preservation Society
|**On accounts for the year**
**ended**
**Set out on pages**|31stDecember 2023
**Charity no**
**(if any)**
295279|
|---|---|
|||
|||
||2-15|
I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended. 31/12/2023
**Responsibilities and** As the charity's trustees, you are responsible for the preparation of the **basis of report** accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
**Independent** I have completed my examination. I confirm that no material matters have **examiner's statement** come to my attention in connection with the examination (other than that disclosed below *) which gives me cause to believe that in, any material respect:
- the accounting records were not kept in accordance with section 130 of the Charities Act; or
- the accounts did not accord with the accounting records; or
- the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
**----- Start of picture text -----**
Date: 08/03/2025
Signed:
Name: Melanie Cornut
**----- End of picture text -----**
**Oct 2018**
1
**IER**
**Relevant professional qualification(s) or body (if any):**
MAAT
**Address:** 200 Crowmarsh Hill Crowmarsh Gifford, Wallingford Oxon OX10 8BG
## **Section B Disclosure**
Only complete if the examiner needs to highlight material matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners).
**Give here brief details of any items that the examiner wishes to disclose** .
**Oct 2018**
2
**IER**
IER
Oct 2018