West Somerset Railway General Discussion

I can advise that in 2016, the final year for which I can speak with personal knowledge, there were considerable sums of money both invested and cash in hand, totalling some £0.75 million at both start of year, and end of year. This can be confirmed by inspection of the year end accounts for 2016 at Companies House. Approximately two thirds of this was monies allocated to the future overhauls of locomotives 53808, 7828 and 9351.

Since the 1990's the WSR plc had always had a procedure for banking funds to be used for the overhaul of the steam locomotives that were not hired in and paid for on a daily or mileage rate. In the 2010's the amounts banked were then generally around £5 per mile run (any mileage including light engine runs), in addition at each year end interest of approx 3% was added to the existing banked amount. The fund was not used for running repairs or maintenance but occasionally used for major component replacement that would usually have occurred at overhaul, such as replacement superheater elements.

For example at the end of 10 years operation and 97,000 miles run 9351 had some £370,000 in its overhaul fund. These funds were strenuously protected!

It is not correct to say that "it seems that little or no provision has been made over a period of many years," unless many years only refers to the recent 4 years for which I have no details.

Andy.

Edit - I can't comment on what may have happened since then, or how the money may have been spent.

 

Is this money still in the bank?

 

Frank, if I want to know any information about say West Coast Railways, Tornado or say the Battle of Britain Memorial Flight, where would I look?

 

I'll state now i do not work/volunteer on the WSR.

Shouldn't we all support the WSR instead of creating speculation, fake news etc?

 

It depends how you count it.

Provision in the accounts for locomotive overhauls under long term agreements is £118,537 at 31.3.2019 (note p.13, p. 38). Whether that £118k is enough to pay for overhauls as they fall due, I don't know (note the 2018/2019 accounts reduced the provision for overhaul of 53808 by £287,302). If you're talking about a cash fund to also cover company assets you'd need to adjust accordingly.

The PLC's "profits" statement of 1 June (different period, to 31.3.20) gave a total cash at bank of £340,000 (excluding £100,000 owed to WSRA), exceeding the provision(s). So yes, it had cash to cover the provision, but the provision might not be enough to cover the costs (if you see what I mean). And in any case it has loans, so is the cash covering debt or is it covering overhauls?

None of this accounts for provisions for track replacement, for example.

The WSR's not alone in this by the way, other railways' book provisions for track, rolling stock and the like aren't adequate (find me a loan-free railway sitting on seven figure reserves to pay for future bridge work, overhauls and rerailing!). They tend to pay out of surpluses/profits, which brings us back round to the discussions above and the WSR's "stunning" profit figure.

Patrick

 

Worth remembering that those who are criticising the WSR *do* care, and that is precisely *why* they are criticising, because they (we) worry that the current course will lead to failure. If we didn't care, we wouldn't criticise, but just watch the ship carry on heading straight towards the rocks.

 

i know how much are lies on here, it makes me laugh.

 

Depends what information you want Matt 37401. If you do a google search for any of these you will find various possibilities other than just the "owners" website.

 

so you'd rather have the old board back who ran the WSR to breaking point? at least the new board are working hard to turn this around.

 

So you find people lying funny?? I find it sad, especially when their lies get found out time and time again, but I guess it depends on who , or whom you wish to believe .Are the " New board " really turning things round, or heading for the rocks?

 

It is funny, because they have people who actually believe them. I know one person on here who puts the WSR in a bad light but other railways where he volunteers at they don't have a good word about him.

 

No, I'd rather have the WSR competently run, just like everyone else. I worry that the current regime isn't doing that. My evidence for that is as follows:
- Lack of freely available HR policies, and them not being applied to "troublemakers" whom the chairman did not like.
- Telling the now former WSRA chairman to "F*** off".
- The eviction of the S&D Trust
- The actions subsequent to the eviction of the S&D Trust (all of the unprofessional press releases etc.)
- Casting considerable doubt on the WSR's ability to keep to its legal obligations when it comes to locomotive contracts (most notably 53808)
- The unique inability among large and medium sized heritage railways to re-open following the corona virus crisis, and the poorly worded, late, survey.
- The poor way in which the 4110 debacle was handled, irrespective of the need to sell it to raise funds.

I'm sure there's other stuff I've forgotten, but that feels like enough for me. For what it's worth, I'm not interested in all the speculation about trying to sell land off, there seems to me to be too little to go on, whereas the above all seems fairly concrete to me, unless you can say otherwise?

 

Fine words, Alex, and I've no doubt that some critics are as you say.

Sadly there are a few on this forum who seem dead keen in seeing the railway close down. Glass always half empty, unwilling to chip in with encouragement, just negativity all the time, seem to know everything but can't give details.

We WSR supporters are also worried. What would help is encouragement to get things changed - not constant criticism of everything about the WSR. Those who say they do care need to do a whole lot more than simply criticising on a thread like this.

We need real help to pull the thing back - not a shove over the side.

Now watch...

Steve

 

I do so hope the WSRA has a Lien on its Assets transferred to the plc, but yet to be paid for, to cover the unpleasant eventuality of the plc going bust when they would become part of the pot over which the bank will have control?

That said I am confident they will have covered that eventuality as they have legal representation in their trustees.

 

My feeling is that those who wish the WSR to fail really are in the minority here Steve, and I certainly wouldn't apply that description to any of the WSR volunteers (or ex volunteers) who post here.

I appreciate the sentiment of "well, come and help then" but I don't think that really stands up, not for casual supporters. It's not for us to change an organisation we might or might not donate money to, but have no more involvement in than that. I've got my own railway I'm heavily involved in, others have other things. It's for the WSR to reform itself. It seems that some volunteers who *have* put their heads above the parapet haven't remained volunteers, so it's understandable that others may not wish to do the same.

That said, I do intend to write to the WSRA petitions address, but as I said above, I'm involved in my own railway and that has taken up much of my very sparse free time, beginning again precisely when the address opened!

 

Surely that would be a prerequisite or would they expect us to blindly cough up whatever they told us they needed?

 

Please give me a good reason why I should open my wallet to support the West Somerset, compared to a railway like say the Severn Valley or North Norfolk?

 

Good to know and from that particular perspective very good but what provision was made for the wear and tear on the permanent way?

 

please private message me with your reason.

 

So you don't work or volunteer at the WSR but know more than everyone else about its issues?

Yeah, right.

I'm going to stop feeding this troll now. Not sure why I rose to the bait TBH.