West Somerset Railway General Discussion

I would suggest that everything does appear to be going well on the WSR, until one examines the most recent accounts of the WSR PLC.

£ 1/2 million owed to the bank, everything morgaged up to the hilt, and precious little spent on the track to keep up with wear apart from a bit at Doniford.

And the elephant in the room/accounts of 53808 and it's "provision" of some £230,000 becoming due next year.

And not a note in the accounts as to how the WSR PLC proposes to fund the statutory ground it relied upon in the Notice to Quit over Washford or fund a climb down and buy out the SDRT assets at Washford namely the track and sheds.

A very poor set of accounts, in my opinion, for what my opinion is worth.

 

One could repeat JJP's report to the recent accounts of the WSR PLC and that stated by the auditors...

"a material uncertainty exists that may cast doubt on the company's ability to continue as a going concern".

And that is notwithstanding the multitudinous other reservations and concerns I have with the accounts soon to be presented to the WSR PLC AGM for approval.

 

re :the question about this £230,000 what though if the WSR, say " We can't pay this, and we can't even think about starting any overhaul with in 2-3 years, what happens then, could the Trust commission another railway, say the MHR to overhaul the loco, and the trust take something, such as an Mk1 coach from the WSR PLC as full settlement of whats owed to it, and the host railway accepts this mk1 as part payment for the overhaul, Whats the market value of an operational Mk1 coach?

 

so, that wouldn't work, then, i thought it would be more than that, personally speaking, if the trust were to pursue the PLC, for payment, if they were to renege on the agreement, does the PLC have anything like that amount in disposable Assets, might that also lead to the collapse of the PLC, Be fitting though if the group they threw out, because of rash temper tantrums, ended up deciding the future or not of the line.

 

https://find-and-update.company-inf.../01010188/charges/CplYaSecQLa73SyiemIxs25XjBQ

 

And thanks for free use of the loco!

 

I can't see the trust agreeing to that, unless there was a new board in place, and persueing it would bring about the total collapse of the WSR,
There would need to be some binding agreement legally drawn up and signed, with a payment schedule in place, just to walk away write off what had been agreed would be a very bitter taste indeed, and one that would drive yet another nail into the WSR'S hopes of surviving, as there would be zero good will towards the PLC, should that happen, it would also harden minds, against offering support for the current board,

 

From what I gather (happy to be corrected if wrong) is that the 7F is under an agreement to 2035 hereby the WSR has use of the loco in exchange for the responsibility of overhauling and maintenance. If the liability of £230,000 is for past use of the loco, the S & D Trust would be entitled to try to claim it. My point was that if it were for the pending overhaul and the WSR does not have the money, the parties agreeing to rescind the remaining term of the contract would remove the financial liability to the WSR and return the loco to the Trust so that it can look at a future for it elsewhere.

 

I'll take that as a "no" then to @martin1656 's question.

 

Been trying to read through all the legalese in this document and not had a lot of luck understanding but I think there is a restriction in there that prohibits the company from disposing of any asset without the banks permission. Can anyone who knows more about these things confirm this please?

 

Lovely image Robin. But that looks suspiciously like the IOW in the background so is it not in the wrong railway thread?

 

The Plc accounts for the year ending March 2021 confirm that as of that date the Plc
( and hence the West Somerset Railway ) was in a parlous position.

We ( those who wish to see the Railway survive ) have to hope the apparently good
trading position recorded in June, July and August ( and hopefully September ) ,
the encouraging bookings for Christmas events and donations/grants prove
sufficient for the Plc to enter April 2022 as a ‘going concern’.

I fail to see ( bearing in mind forum posters are adamant they want the WSR to
survive ) what is the purpose of a continual outpouring ( of sniping, wild imaginings,
and what ifs mixed with the products of Noddy’s visit to a Business School ) on this
forum, other than to discourage support for the Railway.

This is not a ‘cavalry’ posting: rather an expression of innate ‘sadness’

Michael Rowe

 

Agreed. While I strongly disapprove of kicking the S&DRT out of Washford, I welcome any good news that improves the WSR's prospects. At times like this, we must 'back the home team'.

 

Isn't that more or less what the WSR and SDRT agreed to do, about a year or so ago? That's why it's running on the MHR these days (earning money for its future overhaul), and not on the WSR (any more).

Noel