Charity registration number 298142 Company reglstratlon numb&r 02193894 IEngland and Wales) THE DIESELAND ELECTRIC PRESERVATION GROUP LTD ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE DIESELAND ELECTRIC PRESERVATION GROUP LTD LEGAL AND ADMINISTRATIVE INFORMATION Trustees T D Courtney-clark M N Howard N Mccannon I W Robins A WRoyal P J Tucker Secretary I W Robins Charlty numb&r 298142 Company number 02193894 Registered office and oparational addross The Old Go¢)ds Shed Wiliton Station Ililon Somersel United Kingdom TA4 4RQ Independent examiner Matthew Webb FCA AzetsAudil Services Woodlands Court Truro Business Park Threemilestone Truro United Kingdom TR4 9NH Bankers Unty Trust Bank UK plc 9 Brindley Place Birmingham United Kingdom B1 2HB Sanlander UK plc Bridle Road Boolle Mer5eyside L30 4GB
THE DIESELAND ELECTRIC PRESERVATION GROUP LTD CONTENTS Page Trustees report Independent examinerfs report statement of financial activities Balance sheet Notes lo the financial ststemenls 9-20
THE DIESELAND ELECTRIC PRESERVATION GROUP LTD TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report and financial statement5 for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting Policies set out in note 1 to the financial statements and comply wth the Charity's Memorandum and Articles of Association, the Companies Act 2006 and 'Accounling and Reporting by Charities." Statement of Recommended Practice applicable lo charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffective 1 January 20191. The Diesel & Electric Presetvation Group Limited I'the Company or Charily'l. also known as the D&EPG, is a Private Company Limited by Guarantee registered in England & Wales at Companies House (registration number 021938941 and incorporated on 16th November 1987. The Company is also a registered charity (registered with The Charity Commission for England & Wales, registration number 2981421, whose principal activity is lo advance the education of the public in the history and development of diesel Iraclion on the railways of the West of England by the pieservalion and operation of diesel traction, particularly as il relates lo the Vvest of England. The Charity's principal office and registered address is The Old Goods Shed, Williton Stslion, Willilon, SOMERSET, TA4 4RQ. Objectlves and actlvltles The Company and Charity meets its principal artivity by maintaining and operating a Diesel Traction Depot al Williton on the Wesl Somerset Railway, which is home to the Charity's own fleet of six former British Rail IBRI mainline diesel locomotives dating from the early 1960s. The D&EPG also manages under contract an additional two ex-BR locomotives based at Willilon that are in the private ownership of a group member and one former industrial shunting locomotive that Is owned by the West Somersel Railway IWSRI. The fleet regularfy operates both public service and infraslruclure trains on The WSR. The late 1950s l early 1960s represent a very distinct and important period of change on Britain's railways as a result of the post-war Modernisation Plan and the wholesale replacement of steam traction wth early diesel locomotives. especially on the former British Railways Western Region where a unique approach was adopted. The D&EPG believes that il is both educationally and historically important that our locomotives from this period are able to be demonstrated to the public in a living, Working heritage setting. The D&EPG fulfils a cruual supporting role to the WSR plc, making locomotives available lo them on an 85 required basis and in support of their operations 365 days 8 year. Operating our depot and locomotives also enables both current and former railway staff lo relain, develop and share their skills with colleagues and the general public and provides an ex¢eplional environment of camaraderie including occasional social events and neOrkIng with other heritage railways and operating groups. The diesel depot is staffed on Tuesdays, Saturdays and occasional other days by a core of some 20 active volunteers, several of whom are currenly professional or former professional railway staff and who are drawn from a nationwde membership of over 300 supporting members. The charity's depot Is frequently open to the public for viewing as operation81 considerations and safely permit. The Charity's income has traditionally been derived primarily from mileage payments for locomotives miles operated (£34,480 during 2023, 2022.. £67,337) and from membership dues and donations received 1£70.640 including gift aid during 2023, 2022. £41,263). The Trustees have paid due regard lo guidance issued by the Charity Commission in relation to public benefit in deciding what activities the charity should undertake.
THE DIESELAND ELECTRIC PRESERVATION GROUP LTD TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and perforniance Flnanclal revlew The year in review represented a consolidation with D1661 and both Hymeks out of traffic for the majority of the year, and the return of D9526 back from the hire at the Kent & East Sussex Railway IK&ESRI. Diesel locomotive running on the West Somerset Railway IWSRI continued to see a summer diesel gala and the regular weekend diesel-hauled services, resulting in mileage receipts of £30,70012022". £30,1501. Our Clas5 14 'Teddy Bear, D9526 completed a long term hire on the K&ESR and our Class 47 D1661 47077 'NORTH STAR, whilst Continuing lo run on the North Yorkshire Moors Railway INYMRI, had a lengthy overhaul so was not out earning as much as the previous year. however the overhaul was at minimal Cost lo the group and we are very grateful to the NYMR for their assistsn¢e with the work undertaken. This gave a reduced total locomotive running income of £34.48012022'. £67,337). Donations clirnbed significantly to £65,05412022." £33,960) including contributions tolalling £25,13612022." £22,618) to two targeted fund-raising campaigns that were continued from the previous two years, one for the restoration of Class 14 'Teddy Bear. D9518 1£5,9391 and the other for the restoration of D1010 'EsTERN CAMPAIGNER, 1£19,1971. Donations lo these two funds are classified as Restricted Funds and can only be applied lo the project for which they were donated. After deducting expenditure on parts and materials for each project ID9518'. £7,481.. D1010'. £19,953), the shortfall of £2,298 has been offset against the funds carried forward from 2022, resulting in o separately identifiable restricted ftjnds ID9518'. -£768 .' D1010.' £17,859). The nel income from sales of books, DEPG-branded clothing and collectible items via the DEPG online store and through direct sales at events declined slightly to £6,399 12022.. £6,833), reflecting the continuing pressure on discretionary purchases. The number of members increased during the year, from 296 in January 2023 to 317 by the end of the year, and this continuing trend is attributed to the raised profile of the group resulting from regular e-mailings and website updates combined with improved social media coverage. However, membership revenue reduced to £5,58612022'. £7,303) due to the absence of the'catch up, effect that had boosted membership income in 2022. With the improved earning potential of the Group, the level of investment in infrastructure al Willilon has increased significantly, wth a new Oil Store being constructed, complete with spillage protection, for a lolal capital cost of £7,5821£1,466 of which was capilalised in 20221. An opportunity was taken lo acquire five 40-ft shipping containers for future use as storage facilities. The cost of moving these Containers resulted in an expense of £7,700 which represents good value for the items acquired. Plans lo acquire new 20-ft shipping contsiners lo replace life-expired units at Williton were deferred to 2024. Our locomotive fleet dales back to the earfy 1960s and spare parts are becoming more difficult lo obtain as each year passes. The Group became aware of opportunities to acquire spare parts from other heritage railway groups that were scaling down, the result being that spare parts lo the value of £4,289 12022.. NIL) were acquired and added lo stock. The Group intends to continue to commit funds lo the expansion of the spare parts stock - bul on an opportunistic basis. The Old Goods Shed at WIllVcon remains out of use due to further deterioration of the roof structure, repairs of which are likely to cost in excess of £150,000. Plans for the restoration and change of use of this 1862 Grade 11 listed structure are in progress wth the aim of allracting support from other organisations, but the future plans and costs have not yel been established so this liability remains our best eslimale. A provision of £250,000 has been allocated to this project lo cover the rising costs assouated with the work required. Considering all sources of income and after deducting expenditu, the resutt was a healthy operating surplus of £16,045 12022.. £47,333 excluding the £250,000 provision) during a year of heavy expenditure. This includes a reduction in restricted ftjnds of £2.298 12022.. increase of £10.7361 which was offset against the appropriate reserves for planned projects and major locomotive overhauls.
THE DIESELAND ELECTRIC PRESERVATION GROUP LTD TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 is the policy of the D&EPG that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent lo six months of expènditure. The Trustees considèr that reserves al this level will ensure that, In the event of a significant and unexpected drop In Income, they will be able lo Continue the D&EPG's current activities while consideration is given lo ways in which additional funds may be raised or expenditure reduced. The recognition of a provision in 2022 for the repair of the Old Goods Shed has resulted in a deficiency of free reserves of £118.668. The trustees continue lo explore all possible avenues lo fund the repair and reduce this shortfall. The Trustees have re•assessed the major risks ID which the Group is exposed and are satisfied that systems are in place to mitigate exposure lo these risks. At the end of 2023 the Trustees and Officers of the D&EPG identified no doubts that the Group would be able lo continue as a viable business. The diversification of income Sour$. the largeled fund-raising campaigns and the expanding membership have ensured that the D&EPG remains an ongoing concern. The D&EPG has no subsidiary companies or charities nor does it hold funds on behalf of any such separate organisalion. structure. governance and management The Charity is governed by a full Memorandum & Articles of Association and as a Private Company Limited by Guarantee wilhoul share capital, it has no shareholders or persons wth significant control. The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the dale of signature of the financial stslemenls were.. T D Courtney-clark M N Howard N Mccannon I W Robins A W Royal P J Tucker The D&EPG is managed on a day-lo-day basis in a¢cordance with the Company's Memorandum & Articles of Association, by a Board of Directors Comprising the Company's offirS and trustees and other members drawn from the active volunteer membership. The Board, which holds regular minuted meetings, is acutely aware of the nature of the D&EPG's Charitable Purposes lo not only maintain our heritage assets in a safe and operational condition lincluding the undertaking of minor and major overhauls as required),. and lo operate our depot in a safe, inclusive, welcoming and educational manner regardless or the race, ethnicity, language, sexual orientation or disability of the visitor I membei. O&EPG actively encourages the recruitment and training of younger pèople wherever practical and appropriate lo do so. None of the Trustees has any beneficial interest in the company. Al of the Trustees are members of the company and guarantee lo contribute £5 in the event of a winding up. The company's current policy conceming the payment of trade creditors is to follow the CBI'S Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1 DUI. The company's current policy Conrning the payment of trade creditors is to.. sellle the terms of payment with suppliers when agreeing the terms of each Iransaclion., ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts., and pay in accordance with the company's contractual and other legal obligations.
THE DIESELAND ELECTRIC PRESERVATION GROUP LTD STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees, who are also the directors of The Diesel and Electric Preservation Group Ltd for the purpose of company law, are iesponsible for preparing the Trustees Report and the financial stslemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingtlom Generally Accepted Accounting Practice). Company Law requires the Trustees to prepare financial slalements for each financial year which give a true and fair view of the slate of affairs of the Charity and of the incoming resou$ and application of resources, including the incorne and expenditure, of the charitable company for that year. In preparing these financial statements, the Trustees are required lo.. select suitable accounting policies and then apply them consistently", observe the methods and principles in the Charities SORP., make judgements and eslimales that are reasonable and prudent., stale whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial slalements", and prepare the financial slalemenls on the going concern basis unless il is inappropriate lo presume that the Charity will continue in 0ratIon. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy al any time the financial position of the Charity and 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 hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees report was approved by the Board of Trustees. M N Howard Dated.. Sep 16, 2024
THE DIESELAND ELECTRIC PRESERVATION GROUP LTD INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DIESELAND ELECTRIC PRESERVATION GROUP LTD I report lo the Trustees on my examination of the financial statements of The Diesel and Electric Preservation Group Ltd (the Charilyl for the year ended 31 December 2023. Responsibilities and basis of report As the Trustees of the Charity land also ils directors for the purposes of company lawl you are responsible for the preparation of the financial stslemenls in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of the Charity's financial statements carried OLJI under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examinerfs ststement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause lo believe that in any material respect". accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act,. or the financial 51alements do not accord with those records., or the financial statements do not Comply with the accounting requirements of section 396 of the 2006 Act 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., or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practi for accounting and reporting by charities applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the financial slalemenls lo be reached. vgbb Matthew Webb FCA Azels Audit Setvices Woodlands Court Truro Business Park Threemilestone Truro United Kingdom TR4 9NH Dated.. Sep 17, 2024
THE DIESELAND ELECTRIC PRESERVATION GROUP LTD STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlcted Restrlcted funds funds 2023 2023 Total Unrestrfcted Restrlcted funds funds 2022 2022 Total 2023 2022 Notes Income from: Donations and lègacies Charitable activities Other trading activities Investments 45,504 34,480 25,136 70,640 34,480 18,645 67,337 22,618 41,263 67,337 11,360 2,393 11,360 2,393 9,248 181 9,248 181 Totsl Income 93,737 25,136 118,873 95,411 22,618 118,029 Ex enditure on- Charitable activities 75,394 27,434 102,828 308,814 11.882 320,696 Net incomellexpenditurel for the yearl Net movement in funds 18,343 12,2981 16,045 1213,4031 10,736 1202,6671 Fund balances al 1 January 2023 105,389 19,389 124,778 318,792 8,653 327,445 Fund balances at 31 December 2023 123,732 17,091 140,823 105,389 19,389 124,778 The ststemenl of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from wntinuing aclivilies. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
THE DIESELAND ELECTRIC PRESERVATION GROUP LTD BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Flxed assets Tangible assets Heritage assets Investments 11 12 13 9,499 232,900 1,466 232,900 242,400 234,367 Curr&nt a$s9ts stocks Debtors Cash at bank and in hand 14 15 14,672 41,832 103,798 10,084 40,664 99,634 160,302 150,382 Creditors: amounts falling due within one year 16 111,8791 19,9711 Net current assets 148,423 140,411 Totsl assets less current Ilabllltle$ 390,823 374.778 Provlslons for Ilabllltles 1250,0001 1250,0001 Net assets 140,823 124,778 Income funds Restricted funds Unrestricted funds General unreslri¢ted funds Revaluation reserve 17,091 19,389 {63,6971 187,429 182,0401 187,429 123,732 105,389 140,823 124,778
THE DIESELAND ELECTRIC PRESERVATION GROUP LTD BALANCE SHEET ICONTINUED) AS AT 31 DECEMBER 2023 The company is enlilled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 Dember 2023. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect lo accounting records and the preparation of financial statements. The members have not required the company lo obtain an audit of ils financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial stslemenls were approved by the Trustees on . Sep 16, 2024 M N Howard Trustee Company reglstratlon number 02193894
THE DIESELAND ELECTRIC PRESERVATION GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Charity inforniation The Diesel and Electric PreseNation Group Ltd is a private company limited by guarantee incorporated in England and Wales. The registered Offi is The Old Goods Shed, Imllilon Station, Williton. SOMERSET, TA4 4RQ. 1.1 A¢¢ounllng ¢onvgntlon The financial statements have been prepared in accordance with the Charity's Memorandum and Articles of Association, the Companies Act 2006, FRS 102 °The Financial Reporting Standard applicable in the UK and Republic of Ireland. I'FRS 102.1 and the Charities SORP "Accounting and Reporting by Charities. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191. The Charity is a Publi¢ Benefit Enlily as defined by FRS 102. The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulleb'n 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of heritage assets. The principal accounting policies adopted are set out belc)w. 1.2 Going concern Al the lime of approving the financial slatemenls, the Trustees have a reasonable expectation that the Charity has adequate resources lo continue in operational existence for the foreseeable future. Thus thè Trustees continue lo adopt the going concern basis of accounting in preparing the financial slalements. There are no material uncertainties which may create significant doubt over the chairty's ability lo continue as a going concern. 1.3 Charitable funds Unrestricted funds are available for use al the discretion of the Trustees In furtherance of their charitable objectives. The revaluation reserve represents the net lunrealisedl gain arising on the revaluation of the heritage assets. Reslricled funds are subject lo specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial slatemenls. 1.4 Income Income is recognised when the charity has entitlement to the funds, any performance conditions attached ID the item of income have been mel, It is probable that the income wll be received and the amount can be measured reliably. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income lax recoverable in relation to donations received Ljnder GiftAid or deeds of covenant is recognised at the lime of the donation. Membership subscriptions are credited to the Statement of Financial Activities in the year to which they relate. Life membership subscriptions are credited lo the Statement of Financial Activiles in the year they are received, as no refunds are given for unused portions of membership. Income received in advance of provision of a sevice is deferred until criteria for income recognition are met.
THE DIESELAND ELECTRIC PRESERVATION GROUP LTD NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles Icontlnuedl Donated professional services and donated facilities are recognised as income when the charity has control over the item, any condrtions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with he Charib'es SORP IFRS 1021, general volunteer time is not recognised. On receipt, donated professional services and donated facilities are recognised on the basis of value of the gift lo the charity which is the amount the charity would have been willing to pay lo obtain services or facilities of equivalent economic benefit on the open market," a corresponding amount is then recognised in expenditure in the period of ceIpt. Interest on funds held on deposit is inclLJded when reIvable and the amount Can be measured reliably by the Charity.. this is normally upon notification of the interest paid or payable by the bank. 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit lo a third paty. it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the lolal of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributsble lo a single activity are allocated directly lo that activity. Shared costs which contribute to more than one activity and support costs which are not allributable lo a single activity are apportioned between those activities on 8 basis consistent with the use of resources. Irrecoverable VAT is Charged at cost against the artivity for which the expenditure was incurred. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost, nel of depreciation and any impaimient losses. Depreaalion is recognised so as lo write off the cost of assets less their residual values over their useful lives on the following bases.. Plant and equipment Oil Store 10 years Islraight linel 10 years Istraight linel Assets under construction are not depreciated. The gain or loss arising on the disposal of an asset is detemined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the slalement of finanaal activities. Items of equipment are capitslised where the purchase price eXed$ £1,000. 1.7 Heritage assets The charity owns various locomotives and freight vehicles which are held and maintained for their historical and cultural value. Such assets are classified as heritage assets within the financial stslemenls. A full description of the heritage assets is set out in Note 12. Heritage assets are valued al their most rent valuation, which is currenuy 2020. Additions between valuations are stsled al cost. Heritage assets are not depreciated as the trustees consider that they are artefacls of intrinsic value. Heritage assets are periodically reviewed for impairment, with any necessary impaitment losses being taken lo the Slalement of Financial Activits"es. 10-
THE DIESELAND ELECTRIC PRESERVATION GROUP LTD NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles Icontlnuedl 1.8 Flxed asset Investments The charitable company holds shares in an unquoted company, West Somerset Railway plc. The shares confer voting rights only and are held primarily lo further the Charity's charitable objectives, rather than for financial return. As such, they are dassrfied as programme-relaled investments on the balance sheet and measured al cost less impairment. 1.9 Impalrment of flxed assets At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to detemiine whether there is any indication that those assets have suffered an impaimienl loss. If any such indication exists, the recoverable amount of the asset is eslimaled in order lo determine the extent of the impaimienl loss lif any). 1.10 Stocks Stock indudes spare parts and scrap which have been donated to the charity or acquired over a number of years to provide spare parts for the charity's locomotives and restoration work. Much of the stock is unique and as such there Is no readily available market value. Donated stock is valued al an estimate of its fair value. Stocks purchased by the Charity are measured al the lower of cost and net realisable value. Nel realisable value is the estimated selling price less all estimated costs of ¢omplety'on and costs to be incurred in marketing, selling and distribution. 1.11 Cash and cash equlvalenls Cash and cash equivalents include cash in hand, deposits held al call wth banks, other short-lerm liquid investments with original malurilies of three months or les5, and bank overdrafts. Bank overdrafts are shown thin borrowngs in current Iiabililies. 1.12 Financial instruments The Charity has elected lo apply the provisions of Section 11 'Basic Financial Inslrumenls, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its finanaal instrLJmenls. Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the inslrumenl. Financial assets and liabilities are offset, w(th the net amounts presented in the financial slatemenls, when there is a legally enforceablè right to sel off the recognised amounts and the is an intention to settle on a nel basis or lo realise the asset and setue the liability simultaneously. Basic financial assets Basic financial assets. which include debtors and cash and bank balan¢es, are initially measured al transaction price including transaction costs and are subsequently carried at am0Sed cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted al a market rale of interest. Financial assets classified as receivable within one year are not amortised.
THE DIESELAND ELECTRIC PRESERVATION GROUP LTD NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles Icontlnuedl Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constilules a financing transaction, where the debt instrument is measured al the present value of the future payments discounted at a market rate of Interest. Financial Iiabililies classified as payable thin one year are not amortised. Debt instruments are subsequently carried al amortised cost, using the effective interest rale method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as CLJrrent liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequenuy measured al amortised cost using the effective interest method. Derecognition of financial liabilities Financial Iiabililie5 are derecognised when the Charity's contractual obligations expire or are discharged or cancelled. 1.13 Provisions Provisions are recognised when the Charity has a legal or constructive present obligation as a result of a past event, rt is probable that the Charity will be required lo settle that obligation and a reliable estimate can be made of the amount of the Dbligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligats"on. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised al present value. Vvhen a piovision is measured at present value, the unwinding of the discount is recognised as a finance cost in nel incomellexpenditurel in the period in which it arises. Critical accounting estimates and judgements In the application of the Charity's accounting policies, the members are required lo make judgernenls, eslimales and assumptions about the carrying amount of assets and Iiabililies that are not readily appaienl from other sources. The eslimales and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The eslimales and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities Include the inputs and estimates used in determining the valuation of heritage assets and the èstimates used in determining the repair provision for the Old Goods Shed. 12-
THE DIESELAND ELECTRIC PRESERVATION GROUP LTD NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Donations and legacies Unrestricted Restricted funds funds Total Unrestricted funds Restricted funds Total 2023 2023 2023 2022 2022 2022 Donations and gifts Membership fees 39,918 5,586 25,136 65,054 5,586 11,342 7,303 22,618 33,960 7,303 45,504 25.136 70.640 18.645 22,618 41,263 Charitable activities 2023 2022 Locomotive hire 34,480 67,337 13-
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THE DIESELAND ELECTRIC PRESERVATION GROUP LTD NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Net movernent in funds 2023 2022 Net movement in funds is staled after Chargin(CreditingI Accounts preparation fees (Azetsl Independent examination fees IAzetsl Depreciation of owned tangible fixed assets 1,815 1,815 328 1,650 1,650 Trustees None of the Trustees lor any persons connected with Iheml received any remuneration during the year, bul two trustees were reimbursed a lolal of £1,255 in respect of Iravelling expenses12022- £nill. Employees The average monthly number of ernployees during the year was.. 2023 Number 2022 Number Total There were no employees whose annual remuneration was more than £60,000. Staff and key management personnel The ¢haritable company does not have any employee$ 12022.. none). Trustees do not receive any remunerab'on as a result of their office. Totsl benefits paid lo key management personnel were £nil 12022 10 Taxallon The charity is exempt from corporation lax as all its income is charitable and is applied for charitable purposes. 15-
THE DIESELAND ELECTRIC PRESERVATION GROUP LTD NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 11 Tangible fixed assets A558t5 under onstruGtion Plant and equipment Oil Store Total Cost At 1 January 2023 Additions Transfers 1,466 6,116 17,5821 24.063 2,245 25.529 8,361 7,582 Al 31 December 2023 26,308 7,582 33,890 Depreciation and impaimient Al 1 January 2023 Depreaation charged in the year 24,063 75 24,063 328 253 Al 31 December 2023 24,138 253 24,391 Carrying amount Al 31 December 2023 2,170 7,329 9,499 Al 31 December 2022 1,466 1,466 Tangible fixed assets consist of the Heritage Diesel Visitor Cenlre displays, models. display equipment, viewing and maintenance access staging, and the members, messroom cabin, together wth equipment used in the overhaul and resloralion of railway vehicles. 16-
THE DIESELAND ELECTRIC PRESERVATION GROUP LTD NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 12 Heritage assets At 1 January 2023 and at 31 Dacomber 2023 232,900 The valuation of the locomotives was reassessed by the trustees as at 31 Dernber 2023 with regard lo retsnt market sales of similar locomotives and their current eondilion and are satisfied there is no material change from the prior year. Locomotives- Class 14 0-6-0 D.H. Nos. D9518 & D9526 Class 35"Hymek" D.H. Nos. D7017 & D7018 Class 4718 Brush D.E. No. 01661 North Slal, Class 52 "Western D.H. No. D1010 Western Campaignerf, Freight vehicles.. Brake van No. B952527 Ferry van No. B787158 Lowmac No. B904146 Open wagon No. GW118904 Vanwide No. B784676 The charrtable company enters into agreements with the owners of diesel locomotives wherein the charitable company becomes the custodian of those locomotives for a specified period. Under the agreements the charitable company is responsible for the administration of the locomotives, their maintenance and operation whilst on Wesl Somersel RaIVaY. The charitable company does not recognise these locomotives as assets on ils balance sheet. The agreements in force al 31 Dember 2023 were.. Clive Burrows.. Class 33 x 2 Nos. D6568 & D6575 both for the fifteen years expiring 29th August 2029. Wesl Somersel Railway.. Andrew Barclay (k4-ODH 578 for ten years expiring on 01st May 2031. 13 Investments 184,000 ordinary shares in Wesl Somersel Railway plc". Historic costs Less.. impairment 14,400 114,3991 At 1 January 2023 and at 31 D&¢emb&r 2023 The shares were purchased in 1995. Since 2002, West Somerset Railway plc has had a nil dividend policy, which has meant that the shares have no readily ascertainable market value. Accordingly the trustees have written the value of the shares down lo £1. 17-
THE DIESELAND ELECTRIC PRESERVATION GROUP LTD NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 14 Stocks 2023 2022 Components Spare parts Finished goods and goods for resale 1,009 10,289 3,374 1,009 6,000 3,075 14,672 10,084 15 Debtors 2023 2022 Amounts falllng due wlthln one year: Trade debtors Other debtors Prepayments and accrued income 4,506 4,248 33,078 5,898 5,394 29,372 41,832 40,664 16 Creditors: amounts falling due within one year 2023 2022 Trade creditors Accruals and deferred income 7.806 4,073 6,114 3,857 11,879 9,971 17 Provisions for liabilities 2023 2022 Old Goods Shed repairs 250,000 250,000 The Old Goods Shed at Willilon Slalion was built in 1862 to a Brunel broad gauge design by the Bristol & Exeter Railway. The stone-built slate-roofed building has been the home of the DEPG since 1980 and became a Grade 11 listed building in 1984 Ilisting number 13456611. The DEPG entered into a 35-year lease agreement with the Wesl Somerset Railway for the Williton Goods Yard site in 1994 and the Old Goods Shed is included within the boundary of the Goods Yard. The building has since fallen into disrepair bul the lease indudes obligations for the DEPG lo maintain the building, so remedial work will need lo take place before the end of the lease lemi129th August 20291. The building was vacated al the end of 2020 due lo concems about the structural safety. The eslimaled cost of the remedial work depend5 on the planned future use of the building. The previous usè of the building as a locomotive repair bay cannot justify the repair cost, so work is taking place to establish a plan for a community use facility that would be funded by multiple parties. The repair cost for the roof structure is estimated al approximately £150.000 with a ftjrther £100,000 needed for additional woothork. 18-
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THE DIESELAND ELECTRIC PRESERVATION GROUP LTD NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 19 Operating lease commitments Al the reporting end dale the Charity had oulslanding commitments for future minimum lease payments under non<ancellable operating leases, which fall due as follows.. 2023 2022 Ilhin one year BebNeen two and five years In over five years 8,502 2,258 8,502 10,758 10,761 19,262 20 Related party transactlons There were no disclosable related paty transactions during either the current or the prior year. -20-