Lynton and Barnstaple - Operations and Development

They are different in terms I believe

 

Taken from the friends of Bratton Station Facebook page

• Only 700 Friend ‘slots’ are available; you may buy more than one – with no upper limit of holdings. Please would you consider paying by BACS? It is so much easier than by cheque – though cheques are still acceptable. (see application form)
• Friends of Bratton is intended to be a stand-alone company, although formed initially through the efforts of Exmoor Associates’ shareholders and directors.
• All donors, unless they request anonymity, will have their names recorded on a permanent plaque, to be displayed at the station, and whether they are also bronze, silver etc
• Should the agreed purchase price be less than the asked for £325K, after legal costs have been deducted – any surplus will be returned to donors pro rata, unless they request it be used for L&B / EA railway purposes, eg Snapper, Chelfham etc
• By becoming a FoB, it is assumed that you agree that the acquisition of BF Station is solely to facilitate the reinstatement of the railway when the need arises.
• Rewards? Yet to be decided, once the property is secure and depending on the success of this scheme, things like certificates, framed prints etc will be considered.
• Whether the station remains as it is today – or work starts to revert it to its original form (as at Chelfham) will be decided by a vote among the Friends?
• Likewise, whether we seek to reinstate track to link up with the Trust’s trackbed to the north.
• Should this scheme to buy Bratton Fleming Station eventually prove unsuccessful, all monies will be returned to the would-be ‘Friends’
• By becoming a FoB, you are not buying shares in Exmoor Associates.
• Further information may be obtained from David Cameron, H/A 01277 353272, Mob 07971 048490, or email:- david@exmoor-associates.co.uk

 

EA has been careful not to use the word "share" in their description - they are offering "slots".

On a different matter, the L&B Surrey group are now taking pre-orders for the enlarged, updated, 6th ed. Brown, Prideaux and Radcliffe book: https://www.lynton-rail.org.uk/trus...ilway-bpr-6th-edition-currently-being-printed - £12.95 plus P&P

 

Am I alone in finding the whole structural setup around the L&B very complicated. This seems to be another construct, not part of the railway, but not part of Exmoor associates either.

If it's a donation, why not just say that is what it is, ideally collected through a charity so as to maximise the benefit of Gift Aid. I don't see anything in the description above that would preclude doing so.

Tom

 

Unfortunately it looks as if a new offer from a third party has been accepted for Bratton Fleming Station.
The estate agents again has it noted as under offer. The friends of Bratton are now urgently looking for additional funds in order to make a counter offer.
Full details on their facebok page:

https://www.facebook.com/pg/FriendsBrattonFleming/posts/

 

It is, but taking the long view, the reasoning is sound enough. It allows the operating railway the security of being ring-fenced within the wider L&B family, whilst enabling a project-specific land management branch freedom to re-establish the long lost "right of way". In reality, it's not much more than a extension of the reasonably common set up of "operating arm" and "trust" one finds in many places.

I've banged on before about anchoring our heritage lines firmly in their communities (and will continue to do so!). Exmoor Associates seems to me an ideal mechanism to facilitate this, as land acquisitions frequently contain much more than the stretch of formation which occasioned their purchase. Working with LAs and ENP to ensure disposal of the 'non L&B' land parcels has to come near the top of anyone's list of how to optimise such a process, plus it's something which involves a level of specialisation which could only serve to make life difficult for the folks who just want to get on with restoring stuff and operating it.

 

Considering issues not so far away, let's just hope that relationships continue to be harmonious and productive - I'm with @Jamessquared in feeling this is a very convoluted set-up that carries many pitfalls.

 

If I was a cynical person i might think that the estate agents are trying their very best to boost the price of the property. Is it in the public interest to withhold the identity of this mystery bidder? Contributors could find that the closer they get to the target another "bid" comes in to hike the price again!

 

The agents owe their duty to the vendor, and have no right to release the details of the bidder to others. Whatever outcomes we may want, it is a stretch to suggest that the purchase by the L&B is a matter of the public interest.

 

Why would you want the identity of the bidder, estate agents wont divulge that information in case of intimidation, i know i would not want like it if i were the bidder.

 

Show me a system anywhere, in any field, which doesn't come with pitfalls.

 

Fair comment, but some traps are more obvious than others

 

Perhaps those that do not know the structure of the L&B organisation may benefit from a read of this page https://www.lynton-rail.org.uk/page/corporate-information

Unlike several other heritage railway organisations, members of the L&B Trust own the railway and it's subsidiary trading company. Also, all other associated bodies are managed by L&B members and their makeup consists predominantly of L&B members - including the latest group "Friends of Bratton Fleming Station". Any suggestions as to what more could be done?

 

So (ignoring the 762 club) you have a Trust which owns an arms-length trading company - which I totally get. Then there is Exmoor Enterprise, which I can't see from that page what it does. Then there is Exmoor Associates, which seems too be a company to buy up property. But then you ask for money from a new group - the Friends of Bratton Fleming Station.

What I don't get is why you don't do the fundraising for the station as a ring-fenced fund within the charity? Why does it need another group, and one which can't benefit from Gift Aid? Each additional organisation has a management overhead - more significantly, if I am being asked for a donation, I want it really clear that that is what I am being asked for, and I want it to benefit to maximum possible amount from the taxation advantages of donating to a charity. Why does it need a separate company? What does that achieve that couldn’t be done by the L&B Trust directly - or for that matter, Exmoor Associates?

Tom

 

Tom, the main fundraising was being done via Exmoor Associates, but ringfenced as "Friends of Bratton" to make it clear where the raised funds were earmarked for. When I made my initial application, the form stated to use "FoB" as the BACS reference.
It seemed to make sense to me, at least.
However, your point about tax relief does ask a valid question, and one which I wondered about, myself

 

Indeed, though the information leaflet says:

Friends of Bratton is intended to be a stand-alone company
​

which made me wonder quite why another company was needed, with all the attendant administrative overhead.

Don’t get me wrong, a reinstated L&B is one of those schemes I would dearly love to see succeed. But I would also like to be clear which organisation I am donating to.

Tom

 

IIRC Exmoor Associates is a bunch of guys who decided to put their efforts in trying to buy back the parcels of land. They are not directly tied to the Woody Bay group, so do not benefit from any charity construction. My guess is that most of the shareholders are common though.

Friends of Bratton Fleming is Exmoor Associates, as I pointed out earlier (re the name of the account to which the payment is made).

I support as a (modest) shareholder both those behind Bratton Fleming, as well as the Blackmoor Gate project. You've got to try and acquire these places, even as you are running a small operating railway, which you don't want to drag down if something goes askew.

In fact I read in an early book about the line that it would never be rebuilt, it's impossible, so I thought - right, we'll see about that. Of course it won't happen if I keep my hand in my pocket, so I put on the table what I could. Together we are strong!

 

You forgot about the Blackmoor Gate Old Inn company Tom, and I think Rowley farm and Chelfham are also separate companies.

It is great that these parcels of land are being purchased and I don't think anyone would disagree with that, however Tom raises a good point as to why they need to be separate companies with separate overheads. Just create ring fenced funds within either the L&B or EA

Keith

 

I can see the sense in a separate company. If the railway directly tried to buy land then this could be a disadvantage (seller decides to add a premium ; opposition to selling). Now I know that anyone doing their research on Exmoor Associates would make the link but so far this policy seems to have worked if you read the FAQ.

 

Chelfham is owned by the Railway Company and there is an historical reson for this. Rowley Moor Farm and Distant Point are indeed separate companies but still managed by L&BR Trust members.