West Somerset Railway - Removal of the PLC Chairman and related matters

An unarguable statement.

Robin
MCILT MIRO

 

As far as 4110 is concerned there was a recent suggestion that it be sold. I think, but am not sure, that view may have changed. Also earlier in the year the the Association made a firm commitment (according to their website) to progress with restoration of 4165. This seem to stall and a few weeks ago authorisation to re-commence work was given.
Initially a joint restoration appeal was to have been launched for 4110, 4561 and 7821. This seems to no longer be the case.

 

I believe you mean 4561?

With no completion date in sight!

 

Assuming the donor is indeed a taxpayer.

At least one friend of mine has been caught out in the past: she had a declaration in place and did not revoke it when her income dropped below the £10,000 mark. A few months later she was rather surprised to receive an HMRC letter advising her she owed them the Gift Aid money the charity had innocently but erroneously claimed.

This may well affect the more elderly, income-limited but asset-rich heritage railway donor.

 

Mike
A business in the normal sense of the word (don't plan to spend more that you take just to operate each year) would have said some while ago.

"Bugger this, we need to cut costs and maximize the income without taking expensive risks or increasing costs again, lets do XYZ"

That this has not happened over the past 12 months except some small cost controls I find very difficult to understand.

I do not feel that a say 10% to 12.5 % overspend against income is unmanageable at the moment however the situation cannot carry forward to next year

It is not Rocket Science.

Additionally the apparent blaming of the WSRA of the most things including it seems the weather is passing the buck.

Time for some people to stand aside and let others help the WSR get back on course.

Jeff

 

Steven, in his post 706, mentions donations to charities for specific purposes. This can ensure that things close to peoples hearts get done or purchased. As a charity treasurer I know it works well - even if it makes more work at year end! That should ensure your donation does not get spent in a manner or on a cause you would not wish it to.

 

Thanks, post amended.

 

The person running the charities Gift Aid scheme, should after the end of the financial year, provide their Gift Aid donors with a letter informing them how much they paid in that year and advising them to cancel their gift aid donation if no longer a qualifying tax payer.
They can still donate, of course, but it would not qualify for Gift Aid.

 

Neither the recent share issues by the SVR nor the GWSR were eligible for the Enterprise Investment Scheme - even though the GWSR had been earlier advised that their issue qualified.

 

Depends what you call major but the GWSR has had share issues recently. Is there that large a universe of lines, major or not, with plcs? Some of those that have a plc may be constrained by their structure - e.g. the Bluebell will only issue if the Society can inject enough to maintain its 75% holding, the GCR may need to consider the dilution issue for its major shareholders, the NYMR plc sub is deeply unattractive because it only makes available non-voting shares etc.

I wonder whether a prospectus is actually needed for a share issue of the size likely to be made, as Schedule 11A Part 2 9(1) of the Financial Services and Markets Act 2000 (inserted by the Prospectus Regulations 2005), read in conjunction with Clause 85(5) of the Act, suggests there is an exemption if the total offer is less than EUR5 million or equivalent? It is difficult to read the legislation as there seem to have been several subsequent changes. A prospectus of course may still be useful, and drafting one can be a useful exercise for management.

 

Oh indeed - my main point was just that not all donations are increased by Gift Aid; a donation to charity of £10 does not automatically mean £12.50 in the bank.

 

I don't recall any other major preserved railway Share Issues in recent years

You evidently don't regard the GWSR - who ran share issues in 2014 and 2016 - as a major preserved railway?

 

An oversight I'm sure, however both that and the recent SVR share issues were for major new developments, these kind of projects especially the former are more likely to attract support than for replacing worn out infrastructure. By all means have a new share issue with the risk that it may or may not do little more than cover it's setting up costs.

Sawdust.

 

"Not me Guv" "but don't know which end of a balance sheet to start with." Now we know why from this admission the PLC are in such a mess.Hold your head in shame.

 

That is not a trivial consideration; in my administration of Gift Aid for a church I receive a steady flow of people telling me with regret that they are no longer eligible to Gift Aid their donations. In some cases, I suspect that ceasing to have to complete a Self Assessment Tax Return is confused with no longer paying Income Tax and therefore being elegible to Gift Aid donations.

Likewise, a relatively trivial but easily forgotten cost of running a scheme and one where Higher Rate Taxpayers are most keen to know their position at the year end.

 

Interesting. I've never had a letter like that from any of the charities I have Gift Aid declarations with.

 

There was talk of the Association taking the Gift Aid scheme on board. It was pointed out that they had lost a lot of money not subscribing to it. It does not appear that it has yet been implemented.

 

Are you saying every director should be a financial boffin ? Surely its horses for courses, and someone concentrating on safety would surely be a useful part of the team of many talents? Should John and Paul have not offered Ringo the job because he did not play a guitar ?

 

Some charities are not regulated by the Charity Commission. The whole Gift Aid scheme, as with anything to do with taxation, is a minefield of legislation. I have those who are in full time employment who direct me in what I should or should not do in respect of Gift Aid. I follow their directions.

 

Nor did I till I started running Gift Aid... I don’t believe it’s a requirement to provide one, but a recipient charity does have to be able to provide a receipt where requested. I regard the letters as a basic courtesy to regular donors, and as a way to prompt updates.


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