COMPANY REGISTRATION NUMBER 01157099
SOUTH DEVON RAILWAY TRUST
FINANCIAL STATEMENTS
31 DECEMBER 2023
Charity Number 800299
PEPLOWS LIMITED
Chartered AGcountants & Statutory Auditor
Moorgate House
King Street
Newton Abbot
Devon
TQ12 2LG

SOUTH DEVON RAILWAY TRUST
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
CONTENTS
PAGE
Members of the Board and professional advisers
Trustees, Annual Report and Strategic Review
Independent auditor's report to the Trustees
14
Statement of financial activities
18
Income and expenditure account
19
Balance sheet
20
Cash flow statement
21
Notes to the financial statements
22

SOUTH DEVON RAILWAY TRUST
TRUSTEES, ANNUAL REPORT AND STRATEGIC REVIEW
YEAR ENDED 31 DECEMBER 2023
Directors
J K Morton
ARCash
R J Elliott
G Hooper
J Keohane MVO BEM
A L Taylor MCIPS
(appointed 14 January 2023)
P C Treglown MCIPR MloD
C Awilliams
Chairman and Operating
Mechanical Engineering
Fund Raising
Director
Volunteer Liaison
Director
Marketing
Director
Company Secretary
VPCoon
Company Number
1157099
Charity Registration Number
800299
Registered Office
The Station
Buckfastleigh
Devon
TQ11 ODZ
Auditors
Peplows Chartered Accountants
Moorgate House
King Street
Newton Abbot
Devon
TQ12 2LG
Business Address
The Station
Buckfastleigh
Devon
TQ11 ODZ
Bankers
Lloyds Bank plc
Fore Street
Okehampton
Devon
EX20 1 HJ
Solicitors
Ashfords LLP
Ashford House
Grenadier Road
Exeter Business Park
Exeter
Devon
EX13LH
Tozers LLP
Broadwalk House
Southernhay West
Exeter
EX11UA

SOUTH DEVON RAILWAY TRUST
TRUSTEES, ANNUAL REPORT AND STRATEGIC REVIEW
YEAR ENDED 31 DECEMBER 2023
The TrusteelDirectors present their report and the Financial Statements for the year ended 315t
December 2023.
Introduction
The Trustees are obliged by charity and company law to report on various matters,. the purpose of this
and the strategic review is to provide not only the relevant information but to enhance it. These reports
are lengthy as they also serve to give the necessary information required by the Charity Commission.
Following the announcement in 2020 and subsequent instigation of a significant reorganisation
programme for the South Devon Railway (SDR) as an enterprise those changes are now complete.
Following the conversion of the South Devon Railway Trust's (SDRT) subsidiary business South
Devon Railway PLC into a charitable community benefit society (CCBS) and renamed
South Devon Railway Limited (SDRL), SDRT handed over full day to day operational control to SDRL
on 13th March 2020 however for accounting purposes the effective date recorded was the I st January
2020.
It should be noted that these (SDRT) accounts reverted and now remain a single entity format as
SDRT is no longer part of the consolidation.
SDRT assumes its duties now as landlord for the property and assets leased to SDRL and retains the
function of fund raiser for the enterprise. Management and oversight of the retail and catering
business formerly undertaken by SDR PIC is operated by the wholly owned (by SDRL) and controlled
subsidiary South Devon Railway Retail and Catering Limited. South Devon Railway Engineering
Limited (SDRE) will remain as the SDR'S wholly owned (by SDRL) and controlled subsidiary
mechanical engineering business acting as the SDR'S commercial trading arm.
Both subsidiary businesses are responsible for the day-to-day management of their respective
commercial trading businesses whilst reporting to the SDRL board directly. Both boards are comprised
of non-executives and members of the SDRT andlor SDRL management team. Both subsidiary
boards perform the same roles as any company board overseeing the running of a company,
monitoring its budgets, profitability, and commercial direction with any taxable profits gift aided to the
parent organisation. Both subsidiary companies satisfy the Charity Commission's guidance on
charities undertaking trading activities.
SDRL accepts and undertakes independent responsibility for the safe operation of the railway.
Principal Objectives, Aims and Actlvities
By means of SDRL'S charitable objects being complementary despite the reorganisation programme
the object for which the Trust was established remains unaltered despite operational control now
being delivered by SDRL.
To advanGe public education in the history and development of railway transportation
systems in particular by the preservation, operation, and exhibiting of railway vehicles,
systems and equipn7ent and to foster and support heritage railway preseNation. In
pursuit of this object, the principal activity of the Trust is operating a heritage railway line
and museum that provides passengers with the opportunity to experience and learn
about rail travel as it was prior to 1968. In doing so the Trust, wherever possible, follows
the custom and praGtIGe of the Great Western Railway or that of British Railways
(Western Region).

SOUTH DEVON RAILWAY TRUST
TRUSTEES. ANNUAL REPORT AND STRATEGIC REVIEW
YEAR ENDED 31 DECEMBER 2023
There have been no changes in the above policies since the last report. Any surplus generated by its
activities is applied to its charitable purposes.
Our aims continued through the year to be focused on the long-term future of the railway and planning
for its future and will be delivered by SDRL with the financial support of the SDRT. In particular:
Increase visitor numbers and provide them with the chance to experience and learn about rail
travel as it would have been prior to 1966.
Operate safely in accordance with applicable legislation the Buckfastleigh to Totnes branch line
following the custom and practice of the Great Western Railway or British Railways (Western
Region) as far as possible.
Conserve and display rolling stock and artifacts related to rail travel and local history.
Provide a museum of railway transport and the local industry it served with full accessibility and
interpretation.
Provide students with educational facilities to learn about transport and local history.
Acquire other exhibits representing railway and local history should these become available and
either fill gaps in the collection or be worthy of preservation due to their historic importance.
The Trustees confirm that they have referred to the guidan￿ contained in the Charity Commission's
general guidance on public benefit when reviewing the charity's aims and objectives in planning future
activities.
Education Policies.. Public Benefit
The SDR has several strategies to advance public learning and benefit. These are both formal and
informal and delivered in conjunction with SDRL'S management prograrnme. Apart from the visitor
experience, this is supported by presentation, interpretation and guidebooks. the SDR further offers:
Free public access to its Museum and much of its collection on most days.
Opportunities to learn about locomotive management and driving.
Vocational training in railway skills for those wishing to learn about running a railway.
Guided tours and talks for school, professional and selected other parties.
Practical involvement in heritage engineering skills.
Participation in events such as °Heritage Open Days" allowing the public a look behind the
scenes and an opportunity to learn more about how the railway is operated and maintained.
The locomotives and rolling stock restored, maintained and used are from the period referred to in our
objeclive and we have a policy of reproducing accurate and appropriate liveries. Staff are encouraged
to wear appropriate uniforms that reflect the GWR and BR(W), buildings are painted in appropriate
colours and are decorated with period advertisements and other artefacts. Historic railway buildings,
equipment and structures from around the former GWR network have been rescued, rebuilt and
returned to their former use. These include station buildings, signal boxes, water towers. station
canopies, lamp huts, signalling & telegraph equipment and more. This is explained to visitors in the
SDR'S publicity material.
Our methods of working recreate the appropriate period, with the exception of safety critical elements
of the operation in which we are required to conform to all modern safety criteria and standards.

SOUTH DEVON RAILWAY TRUST
TRUSTEES, ANNUAL REPORT AND STRATEGIC REVIEW
YEAR ENDED 31 DECEMBER 2023
The SDR'S engineering division (SDRE) has collected a wide range of engineering equipment from the
former railway companies within Great Britain and these are used for the restoration, renovation.
rebuilding and maintenance of our own and other railways, historic rolling stock as referred to above.
This activity also keeps alive a host of traditional railway heavy and Sight engineering skills. By offering
the SDR'S specialist engineering services to other locomotive and railway operators, Ihese skills are
shared with peers around the country, while providing opportunities for the expansion and further
preservation of these historic skills.
The SDR'S museum has collected a valuable collection of historic railway relics and artefacts that tell
the story of the former Great Western Railway, the former Ashburton branch (which is today's South
Devon Railway) and railways in the West Country in general.
As well as providing a fascinating and educational attraction for visitors, the museum is the focal point
of the SDR'S activities for schools. The SDR provides a range of railway-themed educational activities
for school pupils of all ages. This ranges from topics such as the railways in wartime and the
evacuation of children to destinations such as the West Country. to the conversion of the old Great
Western Railway from Brunel's broad gauge to Stephenson's standard (or narrow) gauge over a
single weekend in 1892.
The SDR has appointed a Trustee with specific responsibility for heritage to ensure that the
educational heritage of the railway forms a central core of all activities and operations. He is a highly
respected expert in all aspects of railway heritage and particularly that of the GWR.
In the wider context the SDR contributes both directly and through its visitors to the economy of the
Southwest region, parts of which community have a high score on the national deprivation indices.
Governance
The SDR is a complex organisation with a variety of mechanisms that operate to present a working
railway that is largely staffed by volunteers.
The SDRT is a company with a share capital, but with liability limited by guarantee. subject to the
provisions of Companies Act 2006 and is governed by its Memorandum and Articles of Association. As
a registered charity, the SDRT is managed by a Board of unpaid directors acting as Trustees and is
subject to the requirements of Charities Act 2011. The Board management structure, which is designed
to achieve the SDRTS charitable objects, is described in more detail later in this report and kept under
review.
Governance Review
The Board now consists of eight Trustees. presently four of whom are also elected members of the
South Devon Railway Association's management committee,. one of those is also the Chairman of the
Dumbleton Hall Preservation Society (to be renamed South Devon Railway Locomotive Support
Group). one of them a director of the Devon Diesel Society.
SDRT and the three active companies in the South Devon Railway Group usually hold their Board
meetings on separate days, except for those which involve the external auditor, when they are held
consecutively, to minimise the auditor's time.

SOUTH DEVON RAILWAY TRUST
TRUSTEES, ANNUAL REPORT AND STRATEGIC REVIEW
YEAR ENDED 31 DECEMBER 2023
Trustees and their interests
The Trustees who served during the year and their interests in the company are as stated below:
Ordinary Shares
2023
2022
ARCash
R J Elliott
G Hooper
J Keohane MVO BEM
J K Morton (Chairman)
A L Taylor MCIPS
P C Treglown MCIPR MIOD
C A Williams
182.
182.
375
375
148
20
151
20
'Held jointly with Mrs J M Elliott
Mr R J Elliolt also holds 50 Founders, Shares (2022- 50). In the event of a poll vote a Founders, Share
entitles the holder to 10 votes per share.
The above were all Trustees at 30 October 2024, the date upon which the balance sheet was
approved and signed - J K Morton. having been Chairman of the Board for the whole of 2023.
The Trust is a registered charity and the Memorandum and Articles of Association do not permit the
Trustees to enjoy any remuneration from their office, but light refreshments are supplied during
meetings, at the Trust's expense. The Trust does not normally reimburse any Trustees with travelling
expenses, but if circumstances require an exceptional amount of travel, then a Trustee may be
reimbursed with a return rail fare or petrol money.

SOUTH DEVON RAILWAY TRUST
TRUSTEES. ANNUAL REPORT AND STRATEGIC REVIEW
YEAR ENDED 31 DECEMBER 2023
The Board
The SDRT Board is responsible for the strategic direction of the Trust. It determines and reviews policy.
The Trustees are responsible for matters such as Health & Safety and safeguarding the Trust's assets.
The SDRT Board considers both Health & Safety and Finance as standing agenda items at all SDRT
Board meetings. In addition, the SDRT Board:
receives the rninutes of its committees
approves the accounts and the content of the reports therein (see subsequent paragraphs)
receives the annual management letter. which is presented by the senior statutory auditor, when
board members have the opportunity to discuss any matters raised, face to face
commissions advice and guidance
receives reports from its Trustee portfolio holders and department heads.
Trustees
Members of staff or volunteer department heads may also attend meetings of the Board at the Trustees.
request to provide specific advice as required. Various departments usually submit reports for each
scheduled meeting. which are included within the Railway Manager's report. The Board generally meets
as and when required either in person or alternatively by electronic audio-visual means.
Recruitment and training of Trustees
A5though many decisions are consensual, the Trust Board operates on the principle of cabinet collective
responsibility. Thus, once decisions are made. all Trustees are expected to support those decisions
publicly. Expertise and an understanding of governance, together with a willingness and ability to get
actively involved in tasks and projects are considered fundamental. On that basis, there are currently
no non-executive directorltrustees. Any potential Trustee is expected to bring some added value to the
Board.
The pattern of recruitment in recent times has been to invite potential Trustees to full Board meetings
as non-voting participants. This enables both the existing Trustees and the candidate to form an opinion
of each other and their ability to work in harmony. At an appropriate point, an offer of co-option may be
made thereby bringing the new Trustee onto the Board until the next AGM, when formal eSection, in
accordance with the Memorandum and Articles of Association, takes place. Alternatively. the Health &
Safety Committee or the informal management meetings may be used as a proving ground. The South
Devon Railway Association has a long-established right to nominate two of their number as Trustees,
however their recruitment, selection for co-option and subsequent election are otherwise no different
from any other Trustee. Although it has never happened, nomination by the SDRA is not a guarantee to
eventual co-oplion and election.
The Trustees are constantly seeking to identfy suitable candidates. Training is appropriate to the
experience and knowledge of the new Trustee.. however, the recruitment process may act as an
induction period. New Trustees receive the last available report and accounts. together with the relevant
Charity Commission publications relating to the duties of Trustees and Companies House publications
relating lo the duties of directors.

SOUTH DEVON RAILWAY TRUST
TRUSTEES, ANNUAL REPORT AND STRATEGIC REVIEW
YEAR ENDED 31 DECEMBER 2023
Committees
Under the new structure it is anticipated SDRT will form two committees to assist in the efficient conduct
of business. Each has a functional role and appropriate delegated powers.
1. Fundraising Committee.
2. Property and Asset Management Committee.
Charitable and Political Contributions
There have been no Political Contributions (2022: £Nil) received in the year.
Investment powers
The Trust may invest monies not immediately required for its purposes in or upon such investments,
securities or propety as may be thought fit, subject to statutory requirements, as defined in the
Memorandum & Articles of Association. No opportunities to exercise these powers have occurred for
several years.
Taxation Status
In the opinion of the Directors, the Trust is an exempt charity within the meaning of schedule 3 of the
Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act
2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
Organisation of the Trust
Volunteers provide administrative support relating to fundraising. gift aid, and administration.
Review of the development and financial position of the Trust
A review of the development. activities and achievements of the Trust togetherwith its financial position
is set out in the Strategic Review. which has the approval of the Trustees.
Financial control
The Board as Trustees are all responsible for the affairs of the Trust and this includes the preparation
of the financial statements and the reports thereon of which this report is a part. The detail of the
preparation is delegated to the Finance Director and the Company Secretary, but the Board as a whole
approves all statements.
The final accounts are the audited record of the financial activity for the year.
A framework of procedures designed to provide proper financial controls is in place to ensure effective
stewardship and is reviewed at least annually. The accounting records are maintained by the accounts
team under the direction of the Finance Director and are subject to annual external audit. During the
year actual income and expenditure is monitored against the budget by the Finance Director. If
necessary. day-to-day priorities are adjusted.
The Finance Director reports to the Board. generally on an exception basis. Otherwise, as funds are
generated by operations. they are released to designated projects and budgets.

SOUTH DEVON RAILWAY TRUST
TRUSTEES, ANNUAL REPORT AND STRATEGIC REVIEW
YEAR ENDED 31 DECEMBER 2023
Relationship with other charitable and non-charitable organisations
The SDRT maintains membership of the Heritage Railway Association. the trade body for the heritage
railway industry, and is a leading contributor in their setting of industry standards and which may receive
approval by the Office of Rail and Road, the safety regulator for Heritsge Railways and theirworkshops.
Risk Management
SDRT recognises the need to identify risk to its business (financial. non-financial and operational) and
control measures are implemented where necessary. Formal risk assessments are reviewed and re-
assessed annually on a cyclical basis.
Commercial risks are minimised by ensuring there are adequate procedures in place and business
interruption cover is maintained against the possibility of an incident affecting the Trust's ability to
function. Appropriate insurance policies are maintained to provide cover in a number of other areas,
subject to underwriters, limitations.
Commercial risk is managed by separating asset ownership and commercial activities into independent
legal entities. South Devon Railway Limited (SDRL), South Devon Railway Retail and Catering Limited
(SDRR&C) and South Devon Railway Engineering Limited (SDRE). As separate legal entities, they
insulate the Trust against the risks of financial failure arising from their areas of activity, which is in
accordance with the recommendations of the Charity Commission. To this end, the Trust has formally
leased the land and buildings occupied by the shop, kiosk and café at Buckfastleigh, together with the
land occupied by Buckfast Buttertlies Ltd to SDRL.
Trustees, responsibilities
The Trustees (who are also directors of South Devon Railway Trust for Ihe purposes of company law) are
responsible for preparing the Trustees, Annual Report {induding the Strategic Report) and the financial
statements in ac£ordance with applicable law arKI United Kingdom Accounting Standards (United Kingdom
Generally A￿pted Accounting practi￿).
Company law requires the Trustees to prepare financial statements for each financial year. Under company
law the Trustees must not approve the financial statements unless they are satisfied that they give a true and
fair view of the state of affairs of the charitable company and of the incoming resources and application of
resources, including the income and expenditure, of the charitable company for that period. In preparing these
financial statements, the Trust￿S are required to:
sel￿t suitable accounting policies and then apply them consistently.
Observe the methods and principles in the Charities SORP 2019 (FRS 102).
Make judgments and estimates that are reasonable and prudenl.
Prepare the financial statements on the going concern basis unless it is inappropriate to presume
that the chartsble company will continue in operation.
The Trustees are responsible for keeping adequate aC￿Unting records that disdose with reasonable accuracy
at any time the financial position of the charitable company 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
charitable compary and hen￿ for taking reasonable steps for the prevention and detection of fraud and other
irregularities.
In so far as the Trustees are aware:
there is no relevant audit infomiation of which the charitable compary's audttor is unaware., and
the TrUSt￿S have taken all steps that they ought to have taken to make themselves aware of ary
relevant audit information and to establish that the auditor is aware of that information.
10-

SOUTH DEVON RAILWAY TRUST
TRUSTEES, ANNUAL REPORT AND STRATEGIC REVIEW
YEAR ENDED 31 DECEMBER 2023
Reserves policy
The majority of the Trust reserves are represented by heritage assets, premises and the railway. They
are not readily realisable. The specific purpose funds also form part of the reserves. The Trustees are
well aware of the need to build cash reserves as the opportunities arise. The seasonal nature of the
Trust's visitors means that cash reserves are usually committed to meeting requirements "out of
season"
Legacies
The Trustees have appointed the Company Secretary as °Legacies Officer. to promote bequests to the
Trust and have arranged with a local firm of solicitors to operate a Wills for Charity scheme. As the
South Devon Railway Association is not a charitable body, monies lefl to it may not be as tax efficient
to the estate as could be if the Money had been bequeathed to the Trust.
Financial position of the Charity
This is described in more detail in the Strategic Review below. The Trustees believe that the levels of
debt incurred in securing the railway for posterity and improving the infrastructure are at acceptable
levels. A programme for the renewal of the loan stock is in place. It remains the Trust policy to reduce
debt and to build up cash reserves to support winter cash requirements without recourse to borrowing
if possible. The Trustees regard the overall position of the Trust as being satisfactory.
Fund-raising standards
The Trustees aim to uphold the highest standards in its fundraising exploits. Funding from the general
public is raised by use of an °envelope scheme.. Donations are made in envelopes available on the
trains, on a purely voluntary basis. Trust Staff and volunteers do not have contact with the donors at
this point, which ensures that passengers do not feel any pressure or obligation to donate.
Auditors
In accordance with S144 Charities Act 2011. a resolution proposing that Michael Young of Peplows
Limiled Chartered Accountants be re-appointed as auditor of the company will be put to the Annual
General Meeting.

SOUTH DEVON RAILWAY TRUST
TRUSTEES, ANNUAL REPORT AND STRATEGIC REVIEW
YEAR ENDED 31 DECEMBER 2023
Strategic Review
Public Benefit
In setting objectives and planning activities for the year, the Trustees have given careful consideration
to ensuring that the Charity's activities are to the public benefit, and that they have had due regard to
the Charity Commission's guidance on public benefit.
Financlal Perfomiance 2023
In consideration of the charity's remit to act as landlords for the SDR'S property it is clear some forward
consideration must be given to the level of rent apportioned to its tenant(s). Particularly in respect of the
need for the charity to cover its regular outgoings the charity's guaranteed income is limited to any rents
due as clearly, donations are of an unpredictable nature.
On the 3rd October 2023 the Charity Commission under s.198(2)(b) of the Charities Act 2011 gave
several permissions for the Board to table resolutions in order that appropriate changes be made to both
the charity's benefit clause and consent to dissolution clause. Such changes were in advance of the
intended update to SDRT'S Articles of Association. The Board subsequently adopted the new Articles
of Association by way of a special resolution passed by the Board on the 26thof October 2023.
With the opportunity provided by the new articles, the Trustees will also be reviewing how all
organisations within the SDR Group can work more closely together to achieve the best results for the
railway, its volunteers and members.
The revised Articles address issues emanating from the now outdated originals held by the organisation.
The ability to hold meetings by electronic methods have proved very beneficial. Charity regulation has
change significantly since SDRT'S original inception with many elements of the original lext now being
considered non-compliant with charity law andlor best practice. The organisation now possess Articles
that are current, flexible within accepted Charity Commission guidance and practical.
Looking forward, once the final outcome of the SDRL share issue is known the SDRT Trustees will be
working with SDRL to review the future development plans for the railway estate to ensure that the most
productive return is secured for the investments in line with our charitable objeclives. Following joint
decisions on what will be the most urgent projects the Trustees will spearhead the raising of grant
funding to enable the these to be completed in an acceptable timescale.
The Trust now has a very clear future role. It is the owner of the propety assets of the railway as well
as all of the locomotives and rolling stock not in private hands, it is therefore responsible for ensuring
these are protected for future generations to enjoy. In addition, as a registered charity, the Trust plays
a key role in fund raising. The way forward is apparent under our fund-raising director, Richard Elliott,
for a small team to make headway with sourcing grants. The SDR has many potential opportunities for
grant applications, although any such applications need to be carefully constructed to compliment
effectively other forms of funding presently active. There is then a clear need for a focused and effective
team to take up this challenge.
12-

SOUTH DEVON RAILWAY TRUST
TRUSTEES, ANNUAL REPORT AND STRATEGIC REVIEW
YEAR ENDED 31 DECEMBER 2023
Locomotives and Rolling Stock
Monies now fully received following the sale of locomotives 3803 and 4920 Dumbleton Hall are presently
held in reserve readyfor reinvestment into the property once the nowwell extended planning application
is finally granted for the long-term development of the Buckfastleigh site.
With renewed volunteer vigour. work on Trust assets has expanded signtficantly during the year. The
overhaul of 1420 is presently back on course as well as the long overdue refurbishment of Saunders
House.
Loan Stock
Loan stocks remain a vital componenl of the financing structure of the SDR. Loan Stock investments
provide interest at a slightly lower rates than would be obtainable in the open market {from recognised
financial institutions) presently for these investors and is thus finance available to the SDR on largely
favourable terms. Loan notes are for fixed periods of time and are renewable. at the choice of the
investor. when they mature and many of our investors do so on a regular basis.
New loan stock offerings are usually linked to major capital projects and, most notably, the last one
being in 2018 which supported the purchase of the field adjacent to the station at Buckfastleigh.
No new loan stock was issued during 2023.
Specific Purpose Funds
Contributions continue to accrue for a range of specific purpose funds. The lease and transfer
agreements between SDRT and SDRL ensures SDRL continues to maintain the policies previously
agreed by SDRT in respect of all funding raised for specific purposes.
Outlook
With public confidence now largely returned to pre COVID levels, public events and social interactions
returning to normal. Work on the Trust's assets has similarly been reinvigorated with the Board fully
recognising the efforts of its paid and volunteer staff alike.
Whilst the Trusts cash position remains robust, careful planning with prudent policy controls need to be
continually exercised to ensure spending on both operational needs and development projects remains
within the Trusts financial capabilities.
Approved on 30 October 2024
Vernon Coon
Company Secretary
Registered office".
The Station
Dartbridge Road
Buckfastleigh
Devon TQ11 ODZ
13-

SOUTH DEVON RAILWAY TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
SOUTH DEVON RAILWAY TRUST (continued)
YEAR ENDED 31 DECEMBER 2023
Opinion
We have audited the financial statements of South Devon Railway Trust (Ihe 'charitable company.) for
the year ended 31 December 2023 which comprise SOFA, Income and Expenditure Account, Balance
Sheet, Cash Flow Statement and notes to the financial statements, including significant accounting
policies. The financial reporting framework that has been applied in their preparation is applicable law
and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial
Reporting Standard applicable in the UK and Republic of Ireland {United Kingdom Generally Accepted
Accounting Practice).
In our opinion the financial statements..
give a true and fair view of the slate of the charitable company's affairs as at 31 December 2023,
and of its incoming resources and application of resources, including its income and expenditure,
for the year then ended,.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice., and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and
applicable law. Our responsibilities under those standards are further described in the Auditor's
responsibilities for the audit of the financial statements section of our report. We are independent of the
charitable company in accordance with the ethical requirements that are relevant to our audit of the
financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other
ethical responsibilities in accordance with these requirements. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees. use of the going concern
basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed. we have not identified any material uncertainties relating to
events or conditions that, individually or collectively, may cast significant doubt on the charitable
company's ability to continue as a going concern for a period of at least twelve months from when Ihe
financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described
in the relevant sections of this report.
Other infomiation
The other information comprises the information included in the Trustees, annual report and strategic
review, other than the financial statements and our auditor's report thereon. The Trustees are
responsible for the other information contained within the annual report and strategic review. Our opinion
on the financial statements does not cover the other information and, except to the extent otherwise
explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read Ihe other information and, in doing so, consider whether the other
information is materially inconsistent with the financial statements, or our knowledge obtained in the
course of the audit or otherwise appears to be materially misstated. If we identify such material
inconsistencies or apparent material misstatements, we are required to determine whether this gives
14-

SOUTH DEVON RAILWAY TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
SOUTH DEVON RAILWAY TRUST (continued)
YEAR ENDED 31 DECEMBER 2023
rise to a material misstatement in the financial statements themselves. If, based on the work we have
performed, we conclude that there is a material misstatement of this other information. we are required
to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts
and Reports) Regulations 2008 require us to report to you rf, in our opinion:
the information given in the financial statements is inconslstent in any material respect with the
Trustees, report" or
the charitable company has not kept adequate accounting records,. or
the financial statements are not in agreement with the accounting records and returns. or
we have not re￿]Ved all the information and explanations we require for our audit.
Responsibilities of Trustees
As explained more fully in the Trustees. responsibilities statement set out on page 10, the Trustees (who
are also the directors of the charitable company for the purposes of company law} are responsible for
the preparation of the financial statements and for being satisfied that they give a true and fair view, and
for such internal control as the Trustees determine is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charitable
company's ability to continue as a going concern, disclosing. as applicable, matters related to going
concern and using the going concern basis of accounting unless the Trustees either intend to liquidate
the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in
accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that
includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an
audit conducted in accordance with ISAS {UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in respect
of irregularities. including fraud. The extent to which our procedures are capable of detecting
irregularities, including fraud is detailed below..
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities,
including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate
competence, capabilities and skills to identify or recognise non-compliance with applicable laws
and regulations.,
15-

SOUTH DEVON RAILWAY TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
SOUTH DEVON RAILWAY TRUST (continued)
YEAR ENDED 31 DECEMBER 2023
we identrfied the laws and regulations applicable to the charitable company through discussions
with directors and other management, and from our commercial knowledge and experience of the
relevant sectors.,
we focused on specific laws and regulations which we considered may have a direct material effect
on the financial statements or the operations of the charitable company, including charity law, gift
aid regulations, Transport and Works Order and Health & Safety Regulations.
we assessed the extent of compliance with the laws and regulations identified above through
making enquiries of management and inspecting legal correspondence., and
identified laws and regulations were communicated within the audit team regularly and the team
remained alert to instances of non-compliance throughout the audit.
We assessed the susceplibility of the charitable company's financial statements to material
misstatement, including obtaining an understanding of how fraud might occur. by:
making enquiries of management as to where they considered there was susceptibility to fraud,
their knowledge of actual, suspected and alleged fraud.
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws
and regulations. and
reviewing the operation. via testing andlor discussing with management, of internal controls in
place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we..
performed analytical procedures to identify any unusual or unexpected relationships.
tested journal entries (including movements in accruals and prepayments) to identrfy unusual
transactions,.
investigated the rationale behind signrficant or unusual transactions., and
reviewing the records past the accounting date for any indication of transactions that should be
reflected in these accounts.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed
procedures which included, but were not limited to..
agreeing financial statement disclosures to underlying supporting documentation.
enquiring of management as to actual and potential litigation and claims.,
reviewing correspondence with HMRC and the company's legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws
and regulations are from financial transactions. the less likely it is that we would become aware of non-
compliance. Auditing standards also limit the audit procedures required to identify non-compliance with
laws and regulations to enquiry of the directors and other management and the inspection of regulatory
and legal correspondence. if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error
as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council's website at:
https:Ilwww.frc.org.uklOur-WorklAuditlAudit-and-assurancelStandards-and-gUidan￿1standardS-and-
guidance-for-auditorslAuditors-responsibilities-for-audiUDescription-of-auditors-responsibilities-for-
audit.aspx. This description forms part of our auditor's report.
16-

SOUTH DEVON RAILWAY TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
SOUTH DEVON RAILWAY TRUST (continued)
YEAR ENDED 31 DECEMBER 2023
Use of our report
This report is made solely to the charitable company's Trustees. as a body, in accordan￿ with Part 4
of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that
we might state to the charitable company's members those matters we are required to state to them in
an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the charitable company and the charitable company's
Trustees as a body. for our audit work, for this report. or for the opinions we have formed.
MICHAEL YOUNG BSC FCA (Senior
statutory Auditor)
For and on behalf of
PEPLOWS LIMITED
Chartered Accountants
& Statutory Auditor
Moorgate House
King Street
Newton Abbot
Devon
TQ12 2LG
30 October 2024
17-

SOUTH DEVON RAILWAY TRUST
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 DECEMBER 2023
Unrestricted Restricted Endowment Total Funds Total Funds
Funds
Funds
Funds
2023
2022
Not8
Income and endowments
from:
Donations and legacies
Charitable activities
Investments
15,034
80,000
8,170
23,204
80,000
11,374
84,501
Total income and
endowments
95,034
8,170
03,204
95,875
Expendlture on:
Charitable activities
Other expenditure
224,790
2,625
13,865
238,655
2,625
138,013
2,625
Total expenditure
227,415
13,865
241,280
140.638
Net income
(132.381)
(5,695)
(138,076)
(44,763)
Other recognised (losses):
Other (losses)
Net movement in funds
(132,381)
{5,695)
(138,076)
(44,763)
Reconciliation of funds:
Total funds brought
forward
2,695,037
535,331
119,149
3.349,517
3,394,280
Total funds carried
forward
24
2,562,656
529,636
119,149
3,211,441
3,349,517
All income and expenditure derive from continuing activities.
The statement of financial activities includes all gains and losses recognised during the year.
The notes on pages 22 to 38 fomi part of these financial statements.
18-

SOUTH DEVON RAILWAY TRUST
INCOME AND EXPENDITURE ACCOUNT
YEAR ENDED 31 DECEMBER 2023
2023
2022
Note
INCOME
103,204
95,875
TOTAL INCOME
103,204
95,875
TOTAL EXPENDITURE
(202,759)
(116,076)
OPERATING (DEFICIT)
(99,555)
(20,201)
OTHER INCOME
Interest receivable and similar income
(99,555)
(20.201)
INTEREST PAYABLE
Interest payable- Loans
Interest payable: Loan stock
Interest payable: Bank loans
HP interest
{1,068)
{6,735)
(28,602)
{2,116)
(1,501)
(7,994)
(12,882)
(2,185)
(38,521)
(24,562)
RETAINED {DEFICIT) FOR THE
FINANCIAL YEAR
(138.076)
(44,763)
All of the above amounts relate to continuing activities.
The notes on pages 22 to 38 form part of these financial statements.
19-

SOUTH DEVON RAILWAY TRUST
BALANCE SHEET
31 DECEMBER 2023
2023
2022
Note
FIXED ASSETS
Intangible assets
Tangible assets
Investments
14
15
16
16,554
3,299,609
270,516
19,314
3,469.194
270,516
3,586,679
3,759,024
CURRENT ASSETS
Debtors
Cash at bank
17
149,236
375,190
260.210
377,770
524,426
637,980
CREDITORS: Amounts falling due
within one year
18
(502,798)
(569.322)
NET CURRENT {LIABILITIES)IASSETS
21,628
68,658
TOTAL ASSETS LESS CURRENT LIABILITIES
3,608,307
3.827,682
CREDITORS: Amounts falling due
after more than one year
19
(396,866)
3,211,441
{478,165)
3,349,517
NET ASSETS
CHARITY FUNDS
Endowment funds
Share capital
Capital redemption reseNe
Restricted funds
Unrestricted funds
Reva5uation reserve
21
118,674
475
529,636
2,403,997
158,659
3,211,441
118,674
475
535,331
2,536.378
158,659
22
23
TOTAL CHARITY FUNDS
3,349,517
These
are si
inancial statements were approved by the Members of the Board on the 30 October 2024 and
ed on their behalf by:
C A Williams
Director
Company Registration Number: 01157099
The notes on pages 22 to 38 form part of these financial statements.
-20-

SOUTH DEVON RAILWAY TRUST
CASH FLOW STATEMENT
YEAR ENDED 31 DECEMBER 2023
2023
2022
Nota
Cash flow from operating activities
25
(33,939)
(107,814)
Net cash flow from operating activities
33,939
107,814
Cash flow from investing activities
Payments to acquire tangible fixed assets
Receipts from sales of tangible fixed assets
Interest received
290.002
Net cash flow from Investing activities
290,002
Cash flow from financing activities
Receipts from issue of new long term loans
Repayment of long term loans
Repayment of finan￿ lease liabilities
Interest paid
204,913
{126.256)
(8,777)
(38,521)
(169,568)
(9,576)
(24,562)
Net cash flow from financing activitles
31,359
(203,706)
Net increase l (decrease) in cash and cash equivalents
(2,580)
(21,518)
Cash and cash equivalents at 1 January 2023
377,770
399.288
Cash and cash equivalents at 31 December 2023
375,190
377.770
Cash and cash equivalents consists of:
Cash at bank and in hand
375,190
377,770
Cash and cash equivalents at 31 December 2023
375,190
377,770
The notes on pages 22 to 38 fomi part of these financial statements.
21

SOUTH DEVON RAILWAY TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 DECEMBER 2023
ACCOUNTING POLICIES
General information and basls of preparation
South Devon Railway Trust is a company with share capital, but with liability limited by guarantee,
subject to the provisions of Companies Act 2006 and is governed, in the United Kingdom, by its
memorandum and Articles of Association. In the event of the charity being wound up, the liability
in respect of the guarantee is limited to £1 per member of the charity. The address of the registered
office is given in the charity information on page 3 of these financial statements. The nature of the
charity's operations and principal activities are to advance public education in the history and
development of railway transportation systems in particular by the preservation, operation, and
exhibiting of railway vehicles, systems and equipment and to fosler and support heritage railway
preservation. In pursuit of this object, the principal activity of the Trust is operating a heritage railway
line and museum that provides passengers with the opportunity to experience and learn about rail
travel as it was prior to 1966. In doing so the Trust, wherever possible, follows the custom and
practice of the Great Western Railway or that of British Railways (Western Region).
The charity constitutes a public benefit entity as defined by FRS 102. The financial statemenls have
been prepared in accordance with Accounting and Reporting by Charities: Statement of
Recommended practi￿ applicable to charities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019,
the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS
102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting
Practice.
The financial statements are prepared on a going concern basis under the historical cost
convention, modified to include certain items at fair value. The financial statements are prepared
in sterling and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set
out below. These policies have been consistently applied to all years presented unless otherwise
stated.
Funds structure
Unrestricted funds are available to use to further any of the purposes of the charity. Designated
funds are unrestricted funds of the charity which have been set aside by the Trustees to fund
particular future activities of the charity. Revaluation reserve is part of unrestricted funds created
from unrealised gains in fixed assets. Restricted funds are donated for particular areas of the charity
work or specific projects undertaken.
Transfers between funds are made in the following circumstances:
Where expenditure in accordance with a restricted fund exceeds the balance of the restricted fund,
the deficit is financed from general unrestricted funds.
Where the Trustees have designated funds for a specific purpose funds are transferred to I from
general unrestricted funds.
The element of the depreciation charge on revalued fixed assets that exceeds the historic cost
charge is released from the revaluation reserve to the general unrestricted fund.
-22-

SOUTH DEVON RAILWAY TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 DECEMBER 2023
ACCOUNTING POLICIES (continued)
Funds structure (continued)
Designated funds comprise unrestricted funds that have been set aside by the Trustees for
particular purposes. The aim and use of each designated fund is set out in the notes to the financial
statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed
by donors or which have been raised by the charity for particular purposes. The cost of raising and
administering such funds are charged against the specific fund. The aim and use of each restricted
fund is set out in the notes to the financial statements.
Endowmentfunds representthose assets which must be held permanently by the charity, principally
issued share capital. Income arising on the endowment funds can be used in accordance with the
objects of the charity and is included as unrestricted income. Any capital gains or losses arising on
the investments form part of the fund. Investment management charges and legal advice relating
to the fund are charged against the fund.
Incoming resources
All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity
is legally entitled to the income after any performance conditions have been met, the amount can
be measured reliably, and it is probable that the income will be received.
For donations to be recognised the charitywill have been notified of the amounts and the settlement
date in writing or payment will have been received. If there are conditions attached to the donation
and this requires a level of performance before entitlement can be obtained then income is deferred
until those conditions are fully met or the fulfilment of those conditions is within the control of the
charity and it is probable that they will be fulfilled.
Donated facilities and donated professional services are recognised in income at their fair value
when their economic benefit is probable, it can be measured reliably and the charity has control
over the item. Fair value is determined on the basis of the value of the gift to the charity. For example
the amount the charity would be willing to pay in the open market for such facilities and services. A
corresponding amount is recognised in expenditure.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS
102). Further detail is given in the Trustees. Annual Report.
Fixed asset gifts in kind are recognised when receivable and are included at fair value. They are
not deferred over the life of the asset.
For legacies, entitlement is the earlier of the charity being notified of an impending distribution or
the legacy being received. At this point income is recognised. On occasion legacies will be notified
to the charity however it is not possible to measure the amount expected to be distributed. On these
occasions, the legacy is treated as a contingent asset and disclosed.
Income from grants are recognised at fair value when the charity has entitlement after any
performance conditions have been met, it is probable that the income will be received and the
amount can be measured reliably. If entitlement is not met, then these amounts are deferred.
-23-

SOUTH DEVON RAILWAY TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 DECEMBER 2023
I. ACCOUNTING POLICIES (continued)
Incoming resources (Continued)
Income from trading activities includes incorne earned from fundraising events and trading activities
to raise funds for the charity. Income is received in exchange for supplying goods and services in
order to raise funds and is recognised when entitlement has occurred. Where applicable income is
recognised net of VAT.
In respect of trading contracts for specific customers, income represents the value of work done
in the year, including estimates of amounts not invoiced based upon the stage of completion of the
contract.
Investment income is earned through holding assets for investment purposes such as shares and
property. It includes dividends, interest and rent. Where it is not practicable to identify investment
management costs incurred within a scheme with reasonable accuracy the investment income is
reported net of these costs. It is included when the amount can be measured reliably. Interest
income is recognised using the effective interest method and dividend and rent income is
recognised as the charity's right to receive payment is established.
Endowment funds are in respect of share capital are permanent and non-distributable.
Donations I legacies of shares in South Devon Railway Trust.. These are recognised in the
Statement of Financial Activities at their current value at time of donation. Due to the charitable
nature of the company these shares are not entitled to an income and as such the market value is
considered to be at the issue price of £1 each. The Trust is not permitted to hold its own shares
so any shares received are immediately cancelled.
Resources expended
All expenditure is accounted for on an accruals basis and has been classified under headings that
aggregate all costs related to the category. Expenditure is recognised where there is a legal or
constructive obligation to make payments to third parties, it is probable that the settlement will be
required and the amount of the obligation can be measured reliably. It is categorised under the
following headings..
Costs of raising funds include the costs of running and operating rail services and related
support costs.
Expenditure on charitable activities include the costs of commercial trading and support costs
relating to the café. shop and engineering sales., and
other expenditure represents those items not falling into the categories above.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
Governance costs represent the costs of financing and the cost of complying with constitutional
and statutory requirements.
-24-

SOUTH DEVON RAILWAY TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES (continued)
Pension costs
Pension costs previously paid by SDRT have been transferred to SDRL.
Investments
Investments in subsidiary undertakings are included at historical cost
Due to the insignificant nature of other investments these have been included at cost.
Amortlsatlon
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value,
over the useful economic life. The intangible asset is considered to have an operating life of 20
years from acquisition of the statutory power to own and operate the Railway, which became
effective on 30 December 2009
Fixed assets
All fixed assets are initially recorded at cost, although assets held in 2000 are included at their
valuation fixed under the transitional provisions of FRS15 and FRS102.
Depreciation
Depreciation is calculated so as to write off the cost of an asset. less its estimated residual value.
over the useful economic life of that asset as follows:
Freehold Property
Land nil
Buildings 30 or 50 years straight line
Between 10 and 50 years straight line
25 % reducing balance
10 years straight line
10 years straight line
Track and infrastructure
Workshop and other equipment
Locomotives
Rolling stock
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for
obsolete and slow moving items.
Tax
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is
considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it
meets the definition of a charitable company for UK corporation tax purposes.
Golng concern
The financial statements have been prepared on a going concern basis as the Trustees believe
that no material uncertainties exist. The Trustees have considered the level of funds held and the
expected level of income and expenditure for 12 months from authorising these financial
statements. The budgeted income and expenditure is sufficient with the level of reserves for the
charity to be able to continue as a going concern.
-25-

SOUTH DEVON RAILWAY TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 DECEMBER 2023
VOLUNTARY INCOME
Unrestricted Restricted Total Funds Total Funds
Funds
Funds
2023
2022
Gifts
Legacies
608
3,570
4,178
4.125
14,426
4.600
19.026
7,249
Grants
15,034
8,170
23,204
11,374
INCOME FROM CHARITABLE ACTIVITIES
Unrestricted Total Funds Total Funds
Funds
2023
2022
Management charges I rent receivable
Other income
80,000
80,000
80,000
4,501
80.000
80,000
84,501
INVESTMENT INCOME
Unrestricted Total Funds Total Funds
Funds
2023
2022
Bank interest receivable
ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES
Unrestricted Restricted Total Funds Total Funds
Funds
Funds
2023
2022
Railway
Support costs - Railway
194,241
30,549
13.865
208,106
30,549
107,166
30,847
224,790
13,865
238,655
138,013
-26-

SOUTH DEVON RAILWAY TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 DECEMBER 2023
ANALYSIS OF OTHER EXPENDITURE
Unrestricted Total Funds Total Funds
Funds
2023
2022
Governance costs
2,625
2,625
2,625
2,625
2,625
2.625
ALLOCATION OF SUPPORT COSTS
Raislng Railway
funds
Total
2023
Total
2022
Finance
Amortisation
Office costs l Overheads
Other
4,789
2,760
23.000
4,789
2,760
23.000
5,087
2,760
23,000
Total
30,549
30,549
30.847
The Charities activities are split into different entities and therefore costs are recorded
separately and so do not require apportionment. The Charity does not expend money in an
attempt to raise funds so it is not appropriate to allocate costs to raising funds.
GOVERNANCE COSTS
2023
2022
Note
Auditor's remuneration
10
2,625
2,625
2,625
2,625
NET INCOMEI{EXPENDITURE) FOR THE YEAR ENDED 31 DECEMBER 2022
Net income is stated after charging l (crediting)..
2023
2022
Depreciation of tangible fixed assets
Loss l (Gain) on sale of tangible fixed assets
169,585
187,866
{105,262)
Amortisation of other intangible assets (included within note 14)
2,760
2,760
-27-

SOUTH DEVON RAILWAY TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 DECEMBER 2023
10. AUDITOR'S REMUNERATION
The auditor's remuneration amounts to an audit fee of £2.625 {2022 - £2.625).
11. STAFF COSTS AND EMOLUMENTS
Total staff costs were as follows:
2023
2022
Wages and salaries
Social security costs
Defined contribution pension costs
Particulars of employees:
The average number of employees and full time equivalent (FTE), of the charity, during the year
was Nil (2022- Nil).
No employees received total employee benefits (excluding employers pension costs) of more
than £60,000 during the year {2022- Nil)-
The charity receives the benefit of volunteer services, these are not quantified in the accounts as
this cannot be reliably quantified.
All of the Board of Trustees are volunteers and are included in the staff numbers above.
12. TRUSTEES, REMUNERATION
Other than travel expenses reimbursed in exceptional circumStan￿s. none of the Trustees
received any remuneration, which is in accordance with the Charity's governing document. During
the year £Nil (2022-. £Nil) has been reimbursed to Trustees.
13. INTEREST PAYABLE AND SIMILAR CHARGES
2023
2022
Bank loans and overdrafts
Loan stock
other loans
HP interest
28,602
6,735
1,068
2,116
38,521
12,882
7.994
1.501
2,185
24,562
.28-

SOUTH DEVON RAILWAY TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 DECEMBER 2023
14. INTANGIBLE FIXED ASSETS
CHARITY
Transport &
Works Act Order
COST
At 1 January 2023 and 31 December 2023
55.183
AMORTISATION
At 1 January 2023
Charge for the year
At 31 December 2023
35,869
2,760
38,629
NET BOOK VALUE
At 31 December 2023
16,554
At 31 December 2022
19,314
Transport & Works Act Order.. This is the capitalised costs of acquiring the statutory power to own
and operate the Railway, which became effective on 30 December 2009.
-29-

SOUTH DEVON RAILWAY TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 DECEMBER 2023
15. TANGIBLE FIXED ASSETS
Brought
forward
1Jan23
Carried
forward
31 Dec 23
Additions
Disposals
COST
Freehold Land and
buildings
Track and infrastructure
Workshop & Other
Equipment
Locomotives
Rolling stock
1.738,638
1,624,353
1,738.638
1,624,353
884,450
948,042
533,185
884,450
948,042
533,185
5,728,668
5,728,668
Brought
forward
1Jan23
Carried
forward
31 Dec 23
Charges
Disposals
DEPRECIATION
Freehold Land and
buildings
Track and infrastructure
Workshop & Other
Equipment
Locomotives
Rolling stock
178,385
660,493
19,340
56.984
197,725
717,477
714,593
481,315
224,688
26,518
52,419
14,324
741,111
533,734
239,012
2,429,059
2,259,474
169,585
Brought
forward
1Jan23
Carried
forward
31 Dec 23
NET BOOK VALUE
Freehold Land and buildings
Track and infrastructure
Workshop & Other Equipment
Locomotives
Rolling stock
1,560,253
963,860
169,857
466,727
308,497
1,540,913
906,876
143,339
414,308
294,173
3,469,194
3,299,609
-30-

SOUTH DEVON RAILWAY TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 DECEMBER 2023
15. TANGIBLE FIXED ASSETS (continued)
In respect of assets stated at valuations, the comparable historical cost and depreciation values
are as follows:
2023
2022
NBV of revalued tangible fixed assets:
Net book value at end of year
Historical cost:
At 31 Dec 22 and 31 Dec 23
418,329
418,329
578,411
578,411
Depreciatlon:
At1Jan23
Charge for year
At 31 Dec 23
340,172
340,172
340,172
340.172
Net historical cost value:
At 31 Dec 23
238,239
238,239
At1Jan23
238,239
238,239
The net historic cost value per class of asset is:
2023
2022
Track and infrastructure
Workshop & Other Equipment
Locomotives
Rolling stock
22,591
2,685
192,016
20,947
22,591
2,685
192,016
20.947
238,239
238,239
The directors revalued the assets held in 2000. Underthe transitional rules of FRS15 and FRS 102
this revaluation has not been updated.
16. INVESTMENTS
2023
2022
Cost:
At 1 Jan 2023 and 31 Dec 2023
270.516
270,516
Analysis of investments at 31 Dec 2023 between funds
Unrestricted
Funds
Restricted
Funds
Total Funds
2023
Total Funds
2022
Other investments
UK Group undertakings
other UK unlisted Securities
252,184
18,332
252,184
18,332
252,184
18,332
270,516
270.516
270.516
31

SOUTH DEVON RAILWAYTRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 DECEMBER 2023
16. INVESTMENTS (continued)
The Charity holds shares in the following companies incorporated in England and Wales. which
are included in these consolidated accounts..
South Devon Railway Limited (FCA number 03711951) - this company operates the shop and
kiosk at the Buckfastleigh railway station. The Charity holds 100 % of the Ordinary A shares and
9.2010 of the Ordinary shares. In accordance with the constitution of South Devon Railway Limited,
the Charity is intitled to one vote. so South Devon RailwayTrust does not exercise any control over
South Devon Railway Limited and therefore this company is not consolidated into group accounts.
5526 Limited (company number 02775522)- this company owns locomotive 5526, which is leased
to the Charity rent free. The Charity holds 76.1 % of the ordinary shares and voting rights. 5526
Limited is currently dormant and so is not consolidated into group accounts.
17. DEBTORS
2023
2022
Trade debtors
Other debtors
Prepayments and accrued income
108,135
12,908
28,193
228,135
12,908
19,167
149,236
260.210
Amounts owed by group undertakings are interest free and repayable on demand.
Trade debtors include £Nil (2022.. £73,297) that is repayable in greater than 12 months.
18. CREDITORS: Amounts falling due within one year
2023
2022
Bank loans and overdrafts
Amounts owed to associated undertakings
Taxation and social security
Taxation deducted
Other loans
Other creditors
Accruals
Loan stock
HP agreemenls
270,038
53,224
71,451
269,605
6,687
136,000
4,790
9,392
16,000
6,667
8,009
86,000
4.790
9.392
110,500
9,575
502,798
569,322
-32-

SOUTH DEVON RAILWAY TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 DECEMBER 2023
18. CREDITORS: Amounts falling due within one year (continued)
The following liabilities disclosed under creditors falling due within one year are secured by the
charity.,
2023
2022
Bank loans and overdrafts
HP agreements
270,038
6,667
71,451
9,575
276,705
81,026
The bank finance is secured by a first legal charge over the property known as Stations, buildings
and land at Buckfastleigh to Totnes Railway Line and an unlimited debenture incorporating a fixed
and floating charge.
The hire purchase agreements are secured on the assets financed.
Amounts owed bylto group or associated undertakings are interest free and repayable on demand.
19. CREDITORS: Amounts falling due after more than one year
2023
2022
Loan stock
Bank loans and overdrafts
HP agreements
Other loans
188,000
91,326
98,500
111.659
5,869
262.137
117,540
396,866
478.165
The following liabilities disclosed under creditors falling due after more than one year are secured
by the charity:
2023
2022
Bank loans and overdrafts
HP agreements
91,326
111,659
5,869
91,326
117,528
Details of securities are disclosed above in the note for amounts due in less than one year.
The following aggregate liabilities are repayable by instalments, and are due for repayment after
more than five years from the balance sheet date:
2023
2022
Bank loans and overdrafts
46,816
54,820
The bank loans are repayable by instalments. There are separate loans, interest is payable
1.75 % above Bank of England base rate.
-33-

SOUTH DEVON RAILWAY TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 DECEMBER 2023
20. CREDITORS - CAPITAL INSTRUMENTS
Creditors include finance capital which is due for repayment as follows:
2023
2022
Amounts repayable..
In one year or less or on demand
In more than one year but not more than years
In more than two years but not more than five years
In more than five years
428,705
236,748
113,301
46,816
277,526
113,300
310,045
54.820
825,571
755.691
The above liabilities comprise bank loans and loan stock.
21. ENDOWMENT FUNDS
Balance at Incoming Outgoing
1 Jan 2023 resources resources
Balance at
Transfers 31 Dec 2023
Endowment Funds &
Capital
119,149
119,149
-34-

SOUTH DEVON RAILWAY TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 DECEMBER 2023
22. RESTRICTED INCOME FUNDS
Balance at
1 Jan 2023
Incoming
resources
Outgoing Balance at
resources 31 Dec 2023
Dumbleton Hall RTSA fund
Hawksworth 2180 fund
GW development fund
Foundation fund
Restoration of loco 6412
33,811
400
720
1,830
1,010
34,821
400
1,610
3,500
4,600
890
1.670
4,600
36,761
8,170
44,931
reciatin
funds:
Nursery Pool Bridge - Heritage lottery
fund
Heritage Rolling Stock Conservation
Centre fund
1420 fund
Hawksworth 2180 fund
GW development fund
Gronk fund
Totnes signalling fund
Toilet block fund
Training building fund
station field fund
Site development fund
S & T Store in Totnes fund
, Play area
117,120
3,690
113,430
63,595
26,852
51,045
27,015
23,900
11,348
1,748
2,400
79,233
84,494
2,820
7,000
1,458
62,137
26,852
51,045
26,475
23,900
9,179
1,398
1,600
79,233
81,106
2,350
6,000
540
2,169
350
800
3,388
470
1,000
535,331
8,170
13,865
529,636
The restricted funds consist of the following..
Endowment funds and capital. This is the issued share capital of the company as follows:
2023
2022
Allotted, called up and fully paid 118,187 Ordinary shares of £1
each
Capital redemption reserve
487 Promoter shares of £1 each
118.187
475
118.187
475
487
119,149
119,149
-35-

SOUTH DEVON RAILWAY TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 DECEMBER 2023
22. RESTRICTED INCOME FUNDS (continued)
Dumbleton Hall RTSA fund: For the restoration or ongoing maintenance of locomotive 4920.
Hawksworth 2180 fund: For the restoration or ongoing maintenance of coach Hawksworth
2180.
GW development fund: Expenditure on any project relating to the Great Western Railway.
Foundatlon fund: For the support of maintenance and improvements on infrastructure and rolling
stock.
Restriction of Loco 6412.. For the restoration or ongoing mainlenance of locomotive 6412.
DEPRECIATING FUNDS..
These funds have already been expended on fixed assets,. the funds will decrease as these assets
depreciate.
Nursery Pool Bridge: Heritage lottery fund. This relates to the grant given by HLF as part of the
rebuilding of Nursery Pool bridge. This asset is being depreciated over a fifty year period and the
restricted fund is being utilised over the same period.
Heritage Rolling Stock Conservation Centre: For the construction of the Heritage Rolling Stock
Conservation Centre.
1420 fund: For the restoration or ongoing Maintenan￿ of locomotive 1420.
Hawksworth 2180 fund: For the restoration or ongoing maintenance of coach Hawksworth
2180.
GW development fund: Expenditure on any project relating to the Great Western Railway.
Gronk fund: To cover the restoration and depreciation costs of the new 09 shunter.
Totnes signalling fund: To be used on the signalling at and around the station at Totnes.
Toilet block fund: To be used on the replacement toilet block at Buckfastleigh station.
Training building fund: For the construction of a building to be used for training.
Station field fund.. For the purchase of the station field.
Site development fund: For the development of the sit at and around Buckfastleigh station.
S & T Store In Totnes fund: For the building and maintenance of the S & T Store in Totnes.
Play area: For the refurbishment of the play area in the grounds of Buckfastleigh station.
-36-

SOUTH DEVON RAILWAY TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 DECEMBER 2023
23. UNRESTRICTED INCOME FUNDS
Balance at Incoming Outgoing
Balance at
1 Jan 2023 resources resources Transfers 31 Dec 2023
Designated Fund-
Revaluation fund
General funds
158.659
2,536,378
2,695,037
158,659
2,403,997
95,034
227,415
95,034
227,415
2,562,656
Revaluation reserve: This represents the increase in value of fixed assets over original cost. The
reserve is being released to the general unrestricted fund to match the element of depreciation
charge in excess of the historic cost charge.
24. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Net current
Fixed Invest-
assetsl Long term
assets
ments (liabllities) liabilities
Total
Restricted Income Funds:
Endowment Funds & Capital
Restricted Funds
119,149
44,931
119,149
529,636
484,705
484,705
164,080
648,785
Unrestricted Income Funds:
Designated Funds
General Funds
158,659
2,672,799 270,516 (142,452) (396,866)
2,831,458 270,516 (142,452) (396,866)
3,316,163 270,516
21,628 (396,866)
158,659
2,403,997
2,562.656
Total Funds
3,211,441
25. RECONCILIATION OF NET INCOME I EXPENDITURE TO NET CASHFOW FROM
OPERATING ACTIVITIES
2023
2022
Net income for year
(138,076)
(44.763)
Interest receivable
Interest payable
Depreciation and impairment of tangible fixed assets
Amortisation and impairment of intangible fixed assets
(Profit) I loss on disposal of tangible fixed assets
(Increase)IDecrease in debtors
Increase in creditors
38,521
169,585
2,760
24.562
187.866
2,760
(105,262)
(86,843)
(86,134)
110,974
{217,703)
Net cash flow from operating activities
{33,939)
(107,814)
37-

SOUTH DEVON RAILWAY TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 DECEMBER 2023
26. ANALYSIS OF CHANGES IN NET DEBT
1 Jan 23 Cash flows
31 Dec 23
Cash and cash equivalents
Debt due within 1 year
Debt due after 1 year
Hire purchase agreements
(377,770)
267,951
472,296
15,444
2,580
(375,190)
422,038
396,866
6,667
825,571
154,087
(75,430)
(8,777)
69,880
755,691
377,921
72,460
450,381
27. RELATED PARTIES
The Charity is controlled by the Trustees of Dumbleton Hall Preservation Society through this and
the previous year. The ultimate controlling party is R J Elliott ACIB. who is the chairman of
Dumbleton Hall Preservation Society.
The following hold loan stock as at 31 December 2023 and 2022-
J Keohane MVO BEM, Trustee, £Nil (2022 £Nil)
R J Elliott ACIB, Trustee, £Nil (2022 £Nil)
C A Williams. Trustee, £30,000 (2022 £30,000)
Interest is payable at 3.5 % or 2.750/0.
The charity has taken interestfree loans from Trustees, the balance outstanding at 31st December
2023 is £32,000 (2022 - £62,000).
At the year end, the charity owes £53,224 (2022- £269,605) to an associate charity (South Devon
Railway Limited - SDRL). The loan is interest free and repayable on demand.
During the year..
The charity re￿iVed £80,000 (2022 - £80,000) rent from SDRL.
The charity paid donations to SDRL of £Nil (2022 - £Nil)-
-38-