West Somerset Railway General Discussion

There are ways of managing that though, usually by making sure you have clearly advertised secondary purposes.

 

Correct.

Failure to set aside the cash (which with sound advice, can accrue 7% per annum, trust me on that) is simply mortgaging the future. The moment that a payment defaults may well be the tipping point i.e. it becomes a debt recovery exercise. The first signs include only being able to pay a few grand a month and comments in your annual accounts. You can't live off a credit card.

 

I think you underestimate the degree to which investments can be used by charities - my references to church fabric funds are not accidental, and can include significant amounts of money either set aside against a rainy day, or given in legacies. The value erosion is a lot less than you suggest.

However, my musings assume sufficient free cashflow in the first place.

 

A lot of us would love to know how to accrue 7% pa without great risk.

 

Yes and no. If you are running a specific appeal, then generally yes. ("We are raising money towards X, but if insufficient funds accrue, it will be put towards Y"). But if you have money donated through a legacy for a specific purpose, it is much harder and might just end up sitting there gradually eroding in value.

My general point though for companies is that they obtain best value by spending money when they have it on the project of greatest value, rather than hoarding it for the future; and therefore that takes a budgeting process that is based around a view of future operations. ("In order to ensure we have sufficient locos in traffic in 2028, we need to spend £300k in our loco overhaul budget this year"). You don't achieve that by saying "Loco A is two years into its ticket, and is building up a nice pot of money for when its next overhaul commences in the mid 2030s" and meanwhile find you have a full-blown loco crisis in 2027.

Tom

 

Getting yourself a competent independent financial adviser would be an excellent starting point.

 

How does 80064 fit into that theory ?

 

If the S&DRT had been sharper they would not have got themselves into this mess. If the WSR continues to struggle then payments for 53808 will be one of the first things to be put on hold. Is there a contractual agreement or if the tap is turned off is the S&DRT's only alternative to resort to legal action? This is an organisation that signed a long lease for Washford then, a couple of years later, was thrown off the site and their collection scattered to the winds. The terms of the lease must have been heavily in the WSR's favour. No doubt before long the "return 53808 to steam" appeal will be starting.

 

I don't think that GWR only thing was an actual thing? @Big Al 44422's deal was terminated and probably rightly so given it is now awaiting overhaul. 53808 was the only other non GWR locomotive. 80064 is an ideal locomotive for the railway, as 80136 showed. Let's not forget 6695's deal was also terminated.

 

Nobody told me this, perhaps we should cancel our two Gala guests booked for next time round for not being Great Western enough...!!

 

This year I have fired designs from the LNER, LNWR, Furness Railway, Hawthorn Leslie & Hunslet on the WSR. That doesn't sound very western to me! I challenge anyone to try and hire 'pick and mix' locomotives for a significant term at the moment. it's rather challenging. It's a suppliers market right now! It is fair to say owners of Western engines feel more comfortable hiring engines for non event purposes to other western railways. The same could be said for SR types (SLL is a prime example here). Plus, the GWR designs in service this year have varied quite considerably (pannier, hall, 66xx, etc). The railway definitely isn't against welcoming engines from other regions, but maintaining a somewhat standard fleet does not hurt. 80064 joining that in the not too distant future should help bring some balance. On the railways 2024 performance, my gut feel is that it feels busier than 2023 with a wider range of demographics riding the trains. For sure the small piece our little gala team owns have definitely seen significant year on year growth despite cost increases. Those that have regularly attended our steam galas probably can testify to that.

 

Wasn’t there a precedent for the WSR PLC defaulting on a debt of £91,000 owed to the WSRA for the sale of WSRA (Promotions) Ltd in the summer of 2020? (The payment being due in February 2020 as I recall).

Lots of very ‘odd’ things happened in February 2020 all connected with decisions and actions of the WSR PLC that month by a few individuals.

Given that in 2020 the WSR PLC defaulted on payment of the £91,000 to the WSRA, what comfort can be gained by those of us who are members of the SDRT that the payments towards 53808 will be honoured?

 

I think its best to just sit and wait, rather than condem the PLC at least give them the chance to stick to the deal, Do I trust them? No , but I am prepared to be proven wrong, As regards the Anti anything but GWR , stance, whilst the voluenteers may not have been, there was one trustee, who was openly anti there being any other railway presence on the railway, by presence, I mean station sites etc, and not so much to do with locos, and he never accepted the S&D presence , And its my belief that he jumped on the S&D Trust's not being able to gift the PLC money,as a reason to achieve his aim, and found a willing chairman, who for his own reasons, was not going to accept no from anyone, I of course could be wrong in this, but it wouldn't not be the first time someone has used underhand methods to use others to do their dirty work,

 

But then there is the virtual WSR you read about here and the real one in Somerset itself! They can be quite different........

 

I think it was a theory of one individual, well known on here for being a conspiracy theorist with very convoluted reasoning.......

 

Re-read my post. There is a world outside the WWW. And I note you sarcasm, as usual.
Why do I knock the WSR? Because the only thing keeping it going is the volunteers - they work wonders but that is all they can do, keep it going. There is no development, no progress with the business, no real plan or direction. As far as I can see the railway has stagnated. What is different (better) now from three years ago? (that has not been achieved by the volunteers) It's staggered from one year to the next with fiascos like the WSRHT election and the S&D debacle, surviving only by using up it's cash reserves. I'll give praise where I think praise is due (like suggesting the gala team could be better at communications/publications than the current setup) but I will also 'have a pop' where I think it is deserved. That's my opinion. If you disagree, fine. You happily post your opinions, I'll post mine.

 

I think that some of your statements need to be more qualified than they are ! 53808 is now at another home, but whether that home is any better placed to restore it than the WSR was is open to question. They were not able (as yet)to overhaul either of thet wo NRM locos they had, and have not so far been able to start on their own 45379 or 73096. 41312 will be falling due soon too . Will the MHR give precedence to 53808 over one of their own, owned, locos? I'm not sure that they will, and I'm not sure that 53808's owners will be able to cope without their help. Any appeal to the MHR membership will be competing for the resources needed for the MHR's own locos.

 

The MHR website (if up to date) shows the following re locos - in service 4 (of which one is Kilmersdon & another "Thomas") & 12 out of service. Form you own opinion as to the financial, practical & timescale burden which this represents.

 

Will the two NRM locos not be subject to what the NRM want to do? Thought I had read (Trackside?) that only one of them was being considered for further running. Even the T9 at Swanage only has approval for an assessment. Swanage has apparently an ownership issue and hence work has stopped from what has been posted here. No idea on the others.