REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Trustees' Report and |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Somerset & Dorset Railway Heritage |
Trust |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Trustees' Report and |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Somerset & Dorset Railway Heritage |
Trust |
Somerset & Dorset Railway Heritage |
Trust |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Trustees' Report | 1 | to | 8 |
Independent Examiner's Report | 9 |
Statement of Financial Activities | 10 |
Balance Sheet | 11 | to | 12 |
Notes to the Financial Statements | 13 | to | 22 |
Somerset & Dorset Railway Heritage |
Trust (Registered number: 03038464) |
Trustees' Report |
for the Year Ended 31 March 2024 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019). |
OBJECTIVES AND ACTIVITIES |
Objectives and Activities |
The Trust and S&DJR Company have distinct but over-lapping functions. The Trust is responsible for property, railway assets, funding, heritage, education and publications. The Company oversees railway operations and all commercial activity, with support from the Trust. The Company is owned by the Trust and the Trust endorses recommendations from the Company to add to the working Directors. The Trust leaves all aspects of commercial activity to the Company There are now different Trustees & Directors on both Boards which represents good governance. Profits made by the Company are gifted to the Trust. |
Volunteers, their responsibilities and relationships with the railway |
The Trust values all its members whether sedentary or active, but working volunteers are particularly appreciated. The value of volunteer contributions, assuming a £50 per day cost, is constant at around £300K per annum. |
There is no doubt that volunteers are the lifeblood of any railway and two way communication is important. |
Somerset & Dorset Railway Heritage |
Trust (Registered number: 03038464) |
Trustees' Report |
for the Year Ended 31 March 2024 |
ACHIEVEMENT AND PERFORMANCE |
Achievement & Performance |
Overview of the year and project development |
Highlights for 2023 to 2024 |
Whilst the Company reports separately on its achievements, there is reference to some of these below where they relate to the gifted profit to the Trust: |
The Trust's income for the year was £126660 and expenditure was £75512. |
General donations have, as with other heritage railways, dropped considerably but the Trust is currently financially stable through good governance and management. |
Membership stood at 965 as at April 2024 down from 1093 in April 2023. This represents a 12% decrease through deaths and non-renewals. |
Gift Aid continues to be a significant income source. |
The Trust purchased a significant section of the trackbed from the southern side of Chilcompton Tunnels to the Redan Bridge using part of the Sainsbury legacy and is working closely with Chilcompton Parish Council on its rehabilitation and fencing. |
The Trust continued to support the S&DJR Company in all the events it was able to organise with Trust volunteers taking on safety critical roles for the Company and providing support staff for all events. |
For much of the year, there was no steam engine available the Company but the DMU came into its own to ensure that the Company was able to pass across the maximum profits possible to the Trust. |
The return to the area of the Somerset & Dorset Railway Trust's Kilmersdon for the Santa Specials was successful, despite its high hire and operating costs in comparison to other similar size locomotives. |
Joyce was out of action for the whole period with its superheater problems which are still currently being resolved. |
Work on the 9F continues at the workshop in Poole and on site at Midsomer Norton where possible. |
Funding for the 9F restoration is by totally separate income streams and separate bank account to the day to day running of the Trust and does not affect core Trust activities and priorities. |
Gaining planning permission for the Somervale Sidings is proving to be very difficult with lengthy delays due to workloads within B&NES planning and ecological departments. |
Prices across building suppliers have continued to rise above inflation and are not expected to fall again. This has serious implications for the heritage sector. |
Bill Trite's SR 12ton Box Van has now been fully restored on his behalf at his expense. |
Prospects for 2024-25 |
Planning permission achieved for Somervale Sidings. |
Seeking planning permission for a halt at the Chilcompton end of the line. |
Attracting more volunteers in all areas and recruiting new younger and more diverse Trustees, Company Directors and service managers. |
Ensuring that all members who are eligible for Gift Aid have signed the necessary documentation to enable us to enhance every donation by 25% as this provides a very important income stream. Many more members will pay income tax this year but they can help the Trust if they do. |
Site developments |
The planning application to install two storage sidings on our Somervale land was achieved in 2024-2025. |
We are seeking planning permission for a halt at the Chilcompton end of the line. |
Railway and commercial operations |
The Trust continued to support the S&DJR Company in all the events it was able to organise with Trust volunteers taking on safety critical roles for the Company and providing support staff for all events. |
Membership |
Total membership in March 2024 stood at 965 - down from 1095 in March 2023. |
Heritage |
The museum opens regularly with a select band of willing helpers. |
Buildings |
Somerset & Dorset Railway Heritage |
Trust (Registered number: 03038464) |
Trustees' Report |
for the Year Ended 31 March 2024 |
In accordance with the terms of our lease arrangements, the building stock owned by B&NES has been kept safely maintained.Many other important repairs were undertaken last year and will continue in 2024 and into 2025. |
Press and Publicity |
The website has been instrumental in keeping the public informed of events and appeals. Full use of social media such as Facebook and Instagram is increasingly being made to publicise appeals and events and changes to timetables that were unforeseen. We have many followers on Facebook. Donations via the website is a valuable income source. For the Company the Digi Tickets system is a great success. |
Safety considerations |
Safety remains paramount in relation to the site overall, the running lines and train provision. The Trust carries out an annual inspection of the facilities to address all safety issues and creates the necessary budget allocations to cover urgent or ongoing needs. In line with the recommendation of the Heritage Railway Association Operating & Safety committee the Trust considers the most recent safety issues and any reported incidents as its first Agenda Item. |
Governance |
Trustees meet every month to discuss policy and other matters. The Chairman, Secretary and Finance Director are appointed at the first meeting after the AGM. Sub committees of the Trust are created where necessary, but any spending decisions of those sub committees, unless specifically delegated will be ratified by a majority of Trustees. Where a meeting is not imminent, such decisions will be taken by email but these are now ratified at the next available meeting. At present all meetings are via Microsoft Teams, Company minutes are a regular agenda item for Trust meetings and vice versa. Joint meetings of the Company Directors and Trustees are held as and when necessary. Conference calls on specific areas are also held where necessary. |
Both Trust and Company have embraced the Heritage Railway Association. Office of Road & Rail Risk Management Maturity Module (known as RM3) to help them assess 10 areas essential for the running of a heritage railway including Governance, Competence and Risk Assessment. RM3 is a self-assessment tool designed to increase safety on all heritage railways and instil a culture of continuous improvement. It is due to have a review of its governance procedures by an independent assessor from another heritage railway and will act upon the recommendations accordingly. |
The Trust sets an annual income and expenditure budget. It will alter this where circumstances change (e.g. reducing expenditure if income is expected to be lower than expected). Budget holders can spend up to the limit of their budget but must take cognisance of Trust cash flow in consultation with the Finance Director - expenditure is expected to be spread across the whole of the financial year. |
Where a newly proposed item of expenditure arises, the budget holder must complete a budget justification form which sets out where the income to cover the expenditure will be found. The Trust holds a special interest bearing legacy account and has the power to invest such income as it sees fit using independent financial advice. |
The Trust maintains a minimum of two signatories to pay invoices and sign any legal documents that may have a subsequent financial commitment and two signatories are needed to change any aspects of the Trust's accounting procedures or the primary user. Trustees are not obliged to accept the lowest quotation, or to seek a minimum of three quotations for every contractual obligation they enter. Whilst this would be the ideal, Trustees have the right to consider other aspects than simple financial costs. All decisions will be minuted for audit purposes. In all financial aspects, the Trust follows, where applicable, Charity Commission's guidelines for financial propriety. |
Formal links to our local schools |
The Trust has special formal links to our local schools. Norton Hill Academy has since our inception provided us with parking facilities at weekends when their facilities are not required by the school for which we are extremely grateful. We also have strong links to Fosseway special school and with the Norton Hill Primary school. |
Liaison with Midsomer Norton Town Council, Radstock Town Council, Bath & North East Somerset Council, and Mendip Council |
2023-24 saw us continuing to enhance the links with our local councils and although funding available through them has been reduced drastically over the last ten years, it is important to continue the links as these will be essential as we look to expand our operations on the existing single and double track sections and then north and south. |
Liaison with other Somerset & Dorset organisations |
The Trust continues to maintain links with the various organisations either on the S&D or associated with it. |
Liaison with the Heritage Railway Association |
Somerset & Dorset Railway Heritage |
Trust (Registered number: 03038464) |
Trustees' Report |
for the Year Ended 31 March 2024 |
The Trust is a member of the HRA which produces regular guidance notes on all aspects of railway operations, the work and requirements of trustees and company directors. John Baxter is the HRA's Secretary to their Operating and Safety Committee and provides regular updates on aspects of HRA operations. In addition, a number of local heritage railways both standard and narrow gauge, covering Somerset, Bath & North East Somerset, Bristol, Wiltshire, South Gloucestershire and Gloucestershire meet occasionally to discuss matters of mutual concern. |
The wider Community |
The ambitions of the Trust acknowledge the heritage value of the Somerset and Dorset Railway line and the heritage value of Midsomer Norton Station. The Trust has an increasing understanding of the opportunity it has to bring social, economic, health, well-being and environmental benefits to the community of Midsomer Norton and its hinterland. With the expansion of reopened sections of line, there is also the potential to improve the economic fortunes and the social, health and environmental prosperity of neighbouring communities and to connect these communities with all the recognised benefits that result from this. |
Publications |
The S&D Telegraph has been issued on a regular basis throughout the year. |
Communications with members |
Apart from social media and our website we continue to use the secure system called Mail Chimp to contact individual Trust members regarding appeals. Clearly, we can only use this to contact those members who have provided a valid email address. As time goes on, we will use this to remind members relating to the renewal of their annual membership. We still have several members who do not have an email address or, if they do, have not contacted us about this - they will continue to receive paper copies of communications. If you wish us to switch over to using an email address please let the Trust Secretary or Membership Secretary know (address details are in every Telegraph). |
Financial Review [Summary] |
Financial results for 2023-2024 were on budget with outgoings of £75512 against income of £126660 Major routine spending was again on membership (including the Telegraph), insurance and utilities. Main routine income sources were the transferred surplus from the Company, membership fees, legacies and donations. We continue to ensure that our regular expenditure items are met from regular income as opposed to reliance on legacies. These are normally assigned to specific projects after consultation with the family of the donor. |
Somerset & Dorset Railway Heritage |
Trust (Registered number: 03038464) |
Trustees' Report |
for the Year Ended 31 March 2024 |
FINANCIAL REVIEW |
STATEMENT OF PUBLIC BENEFITS OF THE CHARITY |
Under the Charities Act 2006, Trustees must report on their charity's public benefits in their Annual Report, showing the types and nature of the benefits that justify its continued charitable status. Benefit reporting should be proportionate and appropriate to the charity's circumstances. This table shows benefits provided in 2023 -2024. |
CHARITY OBJECTS (from Memorandum of Association). |
Restoration and use of S&DJR route and running stock. |
CORRESPONDING CLASS OF PUBLIC BENEFIT | ACTIVITIES PROVIDING BENEFITS IN 2023-24 | PRINCIPAL BENEFICIARIES |
Accessible historic railway for visitors. | Development, repair and expansion of railway and station buildings. | General public. Visitors. Volunteers. Trust Members. |
Conservation of cultural history | Restoration of historic locomotives, carriages and wagons. | General public. Visitors.Volunteers. Trust Members. |
Associated environmentalconservation | Extension of trackbed in accordance with environmental considerationsfor wildlife and tree preservation | General public.Visitors. |
Preservation and display of S&DJR artefacts and documents. | Dynamic and static museum facilities in three locations on site.Upgrading and variation of internal museum displays. | General public. Visitors. Volunteers. |
Research into the S&DJR andassociated local history. | Research facility. Educational resource.Responding to queries on the S&DJR. | Visitors. Students. Volunteers. Trust Members. Historians. |
Public education about the S&DJR. | Continuing publication of the"Telegraph" magazine and"Between The Lines"newsletter. Escorted group visits for schools, railway societies and general public. S&D orientated film shows at other society locations. | Visitors. Students. Volunteers. Trust Members. Historians. |
Provision of recreational facilities. | Extension of permissive lineside path. Improved access for disabled visitors. Management of ecological spaces.Photographic/filming events. | General public. Walkers. Visitors. Photographers. Film Makers. |
Provision of educational and training facilities to those restoring the S&DJR. | Training for safety-critical roles on railway operations and general 'mutual improvement' classes. Personal track safety. Hygiene, first aid and museum accreditation related courses.. | Railway volunteers. |
Somerset & Dorset Railway Heritage |
Trust (Registered number: 03038464) |
Trustees' Report |
for the Year Ended 31 March 2024 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The Charity is a company limited by guarantee, as defined by the Companies Act 2006. The Trust is managed by a board of up to nine Trustees elected at the Annual General Meeting. Trustees have power to co-opt to fill a vacancy that occurs during the year with that newly co-opted Trustee having full voting rights and serving until the next AGM when he or she would need to stand for election for the remainder of the term of the vacancy. Membership of the Trust is by subscription under various categories. |
The Somerset & Dorset Joint Railway Company is a share-limited company and subsidiary of the Trust. It is controlled on behalf of Trust members through the Trustees' majority voting rights and their right to appoint all Directors except for one appointed by the ordinary shareholders. The Company and thus the Trust own the rights to the production of the Somerset & Dorset Railway Company crest but allows those organisations with a direct S&D link to use this free of charge |
The Trustees set the overall policy and budget giving consideration to proposals put forward by the Company. The Trust holds assets such as property, rolling stock and infrastructure. |
The Company is responsible for the commercial operation of the Trust's assets including railway operations and the hiring in of visiting locomotives and coal purchased for their operation, catering and the retail outlets. All profits are gifted back to the Trust, normally at the end of the financial year that runs to the 31st March. Work on the Trust's assets is financed by the Trust and can be carried out using either outside contractors or volunteers according to the skill of the latter. |
The Trust is responsible for membership, the Telegraph magazine, the museum and education of the public in the S & D heritage. It is also responsible for the purchase or lease of land, obtaining planning permissions, appointing consultants as deemed necessary, the purchase of locomotives and rolling stock, on-site security, insurance and fundraising. |
Changes to Trustees |
Brian Litherland and Chris Ruddick resigned in April 2023. Keith Bottomley was appointed in October 2023. |
Induction and training of new Trustees |
Recruitment of sufficient competent Trustees is recognised as an ongoing issue for small charities. The Trust issues guidance that allows prospective Trustees to consider their own suitability for the role before applying as candidates. |
Trustees are expected to act in a collaborative manner whilst a member of the Trust Board and associated sub committees from time to time appointed, applying and accepting collective, democratic decision making. They are not expected to be a Trustee simply for their own ends or for that part of the railway operation with which they are primarily associated. |
Relationship between the Charity and Related Parties |
There are no relationships between the Trust and related parties that fall within the requirements for disclosure under the Charity Commission's SORP requirements |
The Trust is a member of the Heritage Railway Association and the Bristol Area Railway Heritage Group (BARHG) which comprises of a number of heritage railways based in Somerset, Wiltshire, Bristol, Gloucestershire, South Gloucestershire, Bath & North East Somerset, Gloucestershire and South Wales. They meet on a four monthly basis to discuss matters of mutual concern and benefit.The Trust has periodically met informally with The Somerset & Dorset Railway Trust, The North Dorset Railway Trust (based at Shillingstone on the S&D), The New Somerset & Dorset Railway (which promotes full restoration of the S&D), the Gartell Railway and those volunteers restoring Spetisbury and Midford Stations. |
Somerset & Dorset Railway Heritage |
Trust (Registered number: 03038464) |
Trustees' Report |
for the Year Ended 31 March 2024 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Charity number: 1045547 First established in 1995 |
Company Registered Number: 3038464 (Company limited by guarantee) |
VAT Registration Number: 940 7713 22 |
Registered office: |
Midsomer Norton South Station |
Silver Street |
Midsomer Norton |
Nr Bath |
Somerset |
BA3 2EY |
Trustees: |
Malcolm Barton - Finance Director |
John Ronald Baxter - Company Secretary |
Roger Burfitt - Vice Chairman |
Joseph Cosgrave - Agenda & Minutes Secretary |
Philip Howard Jones |
Stephen Lacey - Chairman |
Barrie Papworth - Chief Mechanincal Engineer |
Keith Bottomley |
Brian Litherland resigned in April 2023 |
Chris Ruddick was appointed in September 2022 in place of Terry Rodgers but resigned in April 2023. |
Independent examiner: |
David R Johnson & Co |
Chartered Certified Accountants |
110A Cher |
Minehead |
Somerset |
TA24 5EW |
Bankers: |
HSBC |
41 Southgate Street |
Bath |
Somerset |
BA1 1TH |
Legal Advisers (note that the Trust has also used other legal advisers where their expertise is associated with railway issues) and where there may be a conflict of interest where Thatcher & Hallam are acting on behalf of the other party. |
Thatcher & Hallam |
Island House |
Midsomer Norton |
BA3 2HJ |
Insurance Brokers: |
We insure through Aviva which is a recognised insurer for a number of heritage railways through: |
Ernest R Shaw Ltd |
Heritage Rail Unit 9 |
Caroline Point |
62 Caroline Street |
Birmingham B3 1UF |
Somerset & Dorset Railway Heritage |
Trust (Registered number: 03038464) |
Trustees' Report |
for the Year Ended 31 March 2024 |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
Approved by the Board of Trustees on |
Independent Examiner's Report to the Trustees of |
Somerset & Dorset Railway Heritage |
Trust |
Independent examiner's report to the trustees of Somerset & Dorset Railway Heritage Trust ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
Having satisfied myself that the accounts of the Company 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 your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. |
Independent examiner's statement |
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: |
1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts 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 |
4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). |
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. |
David Robert Johnson |
David R Johnson & Co |
Chartered Certified Accountants |
110A Cher |
Minehead |
Somerset |
TA24 5EW |
19 October 2024 |
Somerset & Dorset Railway Heritage |
Trust |
Statement of Financial Activities |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Other trading activities | 2 |
Investment income | 3 |
Total |
EXPENDITURE ON |
Raising funds |
Net gains/(losses) on investments | ( |
) |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 830,720 |
Somerset & Dorset Railway Heritage |
Trust (Registered number: 03038464) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
Heritage assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 14 | ( |
) | ( |
) | ( |
) |
NET ASSETS |
FUNDS | 15 |
Unrestricted funds | 651,196 |
Restricted funds | 179,524 |
TOTAL FUNDS | 830,720 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
Somerset & Dorset Railway Heritage |
Trust (Registered number: 03038464) |
Balance Sheet - continued |
31 March 2024 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
Somerset & Dorset Railway Heritage |
Trust |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. |
The accounts have been prepared by the Trustees on a going concern basis which they consider appropriate, having taken into consideration the uncertainty of the future trading activities of the Trust over the next twelve months caused by the Covid-19 pandemic. |
Financial reporting standard 102 - reduced disclosure exemptions |
The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland': |
• | the requirements of Section 7 Statement of Cash Flows. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Rolling stock | - |
Fixtures and fittings | - |
Buildings and grounds etc | - |
Heritage assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: |
Plant and machinery etc. - 5% and 10% on reducing balance |
Locomotive 9F number 92207 - not provided |
Stocks |
Stock of fuel has been valued at cost. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Somerset & Dorset Railway Heritage |
Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
1. | ACCOUNTING POLICIES - continued |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
At a meeting of the trustees on 28th May 2017 it was agreed that the balances on various long outstanding restricted funds be released to finance current expenditure plans. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
2. | OTHER TRADING ACTIVITIES |
31.3.24 | 31.3.23 |
£ | £ |
HMRC interest | - | 34 |
3. | INVESTMENT INCOME |
31.3.24 | 31.3.23 |
£ | £ |
Surplus on realisation of investments | 3,098 | - |
Bank interest |
4. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
31.3.24 | 31.3.23 |
£ | £ |
Depreciation - owned assets |
5. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
Somerset & Dorset Railway Heritage |
Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
6. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
31.3.24 | 31.3.23 |
Trustees |
7. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Other trading activities |
Investment income |
Total |
EXPENDITURE ON |
Raising funds |
Net gains/(losses) on investments | ( |
) | ( |
) |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 659,114 | 177,547 |
TOTAL FUNDS CARRIED FORWARD | 651,196 | 179,524 | 830,720 |
Somerset & Dorset Railway Heritage |
Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | TANGIBLE FIXED ASSETS |
Buildings |
Fixtures | and |
Rolling | and | grounds |
stock | fittings | etc | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
9. | HERITAGE ASSETS |
Total |
£ |
MARKET VALUE |
At 1 April 2023 | 192,560 |
Additions |
At 31 March 2024 | 202,953 |
PROVISIONS |
At 1 April 2023 | 56,989 |
Charge for year | 7,317 |
At 31 March 2024 | 64,306 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Somerset & Dorset Railway Heritage |
Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
10. | FIXED ASSET INVESTMENTS |
Shares in |
group | Listed |
undertakings | investments | Totals |
£ | £ | £ |
MARKET VALUE |
At 1 April 2023 | 314,766 |
Disposals | ( |
) | (146,548 | ) |
Revaluations | 2,137 |
At 31 March 2024 | 170,355 |
PROVISIONS |
At 1 April 2023 | - | 25,812 | 25,812 |
Revaluation adjustments | - | 2,137 | 2,137 |
At 31 March 2024 | - | 27,949 | 27,949 |
NET BOOK VALUE |
At 31 March 2024 | 1,000 | 141,406 | 142,406 |
At 31 March 2023 | 1,000 | 287,954 | 288,954 |
There were no investment assets outside the UK. |
Cost or valuation at 31 March 2024 is represented by: |
Shares in |
group | Listed |
undertakings | investments | Totals |
£ | £ | £ |
Valuation in 2024 | - | 169,355 | 169,355 |
Valuation in 2024 | 1,000 | - | 1,000 |
1,000 | 169,355 | 170,355 |
The company's investments at the balance sheet date in the share capital of companies include the following: |
Registered office: Within the United Kingdom |
Nature of business: Operating trains and running ancillary trading |
% |
Class of share: | holding |
£ | £ |
Aggregate capital and reserves |
Somerset & Dorset Railway Heritage |
Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
11. | STOCKS |
31.3.24 | 31.3.23 |
£ | £ |
Stock of fuel |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Other creditors |
Accrued expenses |
The Other Creditors balance of £32500 relates to part of an unsecured loan from 92207 Railway Company Limited due on 1st October 2024 following the purchase of the 9F locomotive number 92207 on 1st October 2022 in the sum of £150000. |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
The balance of £97500 relates to part of an unsecured loan from 92207 Railway Company Limited payable by installments of £32500 on 1st October 2024, 1st October 2025, and 1st October 2026 following the purchase of the 9F locomotive number 92207 on 1st October 2022 in the sum of £150000. |
Somerset & Dorset Railway Heritage |
Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
15. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.4.23 | in funds | 31.3.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 651,196 | 33,518 | 684,714 |
Restricted funds |
Carriage & Wagon Fund | 4,882 | (30 | ) | 4,852 |
Museum Fund | 1,306 | (159 | ) | 1,147 |
Track and Land Fund | 107,322 | (5,238 | ) | 102,084 |
Diesel Fund | 6,728 | (336 | ) | 6,392 |
Building Fund | (16 | ) | (16 | ) | (32 | ) |
Heritage Coaching Stock Fund | 21,124 | (2,580 | ) | 18,544 |
TCL Coach | 2,634 | (125 | ) | 2,509 |
Toilets | 824 | - | 824 |
Wickham Trolley Fund | 2,842 | (142 | ) | 2,700 |
SK Purchase Fund | 14,533 | - | 14,533 |
Land purchase Fund | - | 6,817 | 6,817 |
Truck Fund | 5,531 | (2,375 | ) | 3,156 |
CSK Coach Appeal | 6,305 | (314 | ) | 5,991 |
9F Locomotive Fund | 5,509 | 22,128 | 27,637 |
17,630 |
TOTAL FUNDS | 51,148 | 881,868 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 96,930 | (63,412 | ) | 33,518 |
Restricted funds |
Carriage & Wagon Fund | - | (30 | ) | (30 | ) |
Museum Fund | 265 | (424 | ) | (159 | ) |
Track and Land Fund | 135 | (5,373 | ) | (5,238 | ) |
Diesel Fund | - | (336 | ) | (336 | ) |
Building Fund | - | (16 | ) | (16 | ) |
Heritage Coaching Stock Fund | 60 | (2,640 | ) | (2,580 | ) |
TCL Coach | - | (125 | ) | (125 | ) |
Wickham Trolley Fund | - | (142 | ) | (142 | ) |
Land purchase Fund | 6,817 | - | 6,817 |
Truck Fund | 325 | (2,700 | ) | (2,375 | ) |
CSK Coach Appeal | - | (314 | ) | (314 | ) |
9F Locomotive Fund | 22,128 | - | 22,128 |
( |
) | 17,630 |
TOTAL FUNDS | ( |
) | 51,148 |
Somerset & Dorset Railway Heritage |
Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
15. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
movement | At |
At 1.4.22 | in funds | 31.3.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 659,114 | (7,918 | ) | 651,196 |
Restricted funds |
Carriage & Wagon Fund | 4,914 | (32 | ) | 4,882 |
Museum Fund | 1,295 | 11 | 1,306 |
Track and Land Fund | 112,532 | (5,210 | ) | 107,322 |
Diesel Fund | 7,082 | (354 | ) | 6,728 |
Building Fund | - | (16 | ) | (16 | ) |
Heritage Coaching Stock Fund | 23,316 | (2,192 | ) | 21,124 |
TCL Coach | 2,765 | (131 | ) | 2,634 |
Toilets | 824 | - | 824 |
Wickham Trolley Fund | 2,992 | (150 | ) | 2,842 |
SK Purchase Fund | 14,533 | - | 14,533 |
Truck Fund | 681 | 4,850 | 5,531 |
CSK Coach Appeal | 6,613 | (308 | ) | 6,305 |
9F Locomotive Fund | - | 5,509 | 5,509 |
177,547 | 1,977 | 179,524 |
TOTAL FUNDS | 836,661 | (5,941 | ) | 830,720 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 94,672 | (76,778 | ) | (25,812 | ) | (7,918 | ) |
Restricted funds |
Carriage & Wagon Fund | - | (32 | ) | - | (32 | ) |
Museum Fund | 321 | (310 | ) | - | 11 |
Track and Land Fund | 120 | (5,330 | ) | - | (5,210 | ) |
Diesel Fund | - | (354 | ) | - | (354 | ) |
Building Fund | - | (16 | ) | - | (16 | ) |
Heritage Coaching Stock Fund | 255 | (2,447 | ) | - | (2,192 | ) |
TCL Coach | - | (131 | ) | - | (131 | ) |
Wickham Trolley Fund | - | (150 | ) | - | (150 | ) |
Truck Fund | 4,850 | - | - | 4,850 |
CSK Coach Appeal | 23 | (331 | ) | - | (308 | ) |
9F Locomotive Fund | 5,509 | - | - | 5,509 |
11,078 | (9,101 | ) | - | 1,977 |
TOTAL FUNDS | 105,750 | (85,879 | ) | (25,812 | ) | (5,941 | ) |
Somerset & Dorset Railway Heritage |
Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
15. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1.4.22 | in funds | 31.3.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 659,114 | 25,600 | 684,714 |
Restricted funds |
Carriage & Wagon Fund | 4,914 | (62 | ) | 4,852 |
Museum Fund | 1,295 | (148 | ) | 1,147 |
Track and Land Fund | 112,532 | (10,448 | ) | 102,084 |
Diesel Fund | 7,082 | (690 | ) | 6,392 |
Building Fund | - | (32 | ) | (32 | ) |
Heritage Coaching Stock Fund | 23,316 | (4,772 | ) | 18,544 |
TCL Coach | 2,765 | (256 | ) | 2,509 |
Toilets | 824 | - | 824 |
Wickham Trolley Fund | 2,992 | (292 | ) | 2,700 |
SK Purchase Fund | 14,533 | - | 14,533 |
Land purchase Fund | - | 6,817 | 6,817 |
Truck Fund | 681 | 2,475 | 3,156 |
CSK Coach Appeal | 6,613 | (622 | ) | 5,991 |
9F Locomotive Fund | - | 27,637 | 27,637 |
177,547 | 19,607 | 197,154 |
TOTAL FUNDS | 836,661 | 45,207 | 881,868 |
Somerset & Dorset Railway Heritage |
Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
15. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 191,602 | (140,190 | ) | (25,812 | ) | 25,600 |
Restricted funds |
Carriage & Wagon Fund | - | (62 | ) | - | (62 | ) |
Museum Fund | 586 | (734 | ) | - | (148 | ) |
Track and Land Fund | 255 | (10,703 | ) | - | (10,448 | ) |
Diesel Fund | - | (690 | ) | - | (690 | ) |
Building Fund | - | (32 | ) | - | (32 | ) |
Heritage Coaching Stock Fund | 315 | (5,087 | ) | - | (4,772 | ) |
TCL Coach | - | (256 | ) | - | (256 | ) |
Wickham Trolley Fund | - | (292 | ) | - | (292 | ) |
Land purchase Fund | 6,817 | - | - | 6,817 |
Truck Fund | 5,175 | (2,700 | ) | - | 2,475 |
CSK Coach Appeal | 23 | (645 | ) | - | (622 | ) |
9F Locomotive Fund | 27,637 | - | - | 27,637 |
40,808 | (21,201 | ) | - | 19,607 |
TOTAL FUNDS | 232,410 | (161,391 | ) | (25,812 | ) | 45,207 |
16. | CAPITAL COMMITMENTS |
In January 2019 the Board agreed to purchase land at a cost of £3000, plus all legal charges, from the estate of Clarice Wells deceased once Probate has been executed. |
17. | RELATED PARTY DISCLOSURES |
The charitable company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
18. | POST BALANCE SHEET EVENTS |
The Trustees have yet to draw down the residual balance in respect of a substantial legacy from the estate of Peter Sainsbury deceased. |