1. Legal and Administrative information

Custodial Trustees

D Milton

M J Beale

Dr P J C Trenchard

J Edwards

Trust Committee (Management Trustees)

Officers

Dr P E Cattermole (Chairman)

M Gates (Museum Curator)

G Hooper (Secretary) [appt. 26.4.03]

E Melville (Treasurer)

Members

G R Baker

R W Pitman [resigned 4.10.03]

Mrs R Jacob

B R J Smith

J Lock [resigned 7.10.03]

J M Smith

G Moon

I M Young

Principal Location The Railway Station Washford Watchet Somerset TA23 0PP

Bankers HSBC, Loughton; NatWest, Midsomer Norton

Solicitors Stephens & Scown, Exeter

Insurance Brokers Griffin Commercial, Exeter

2 Status

The Somerset & Dorset Railway Trust (the Trust ) is a Registered Charity number 265098. It is governed by a Constitution which was last amended by the members of the Trust in General Meeting on 20 April 2002. Trustees are appointed and elected in accordance with the Constitution.

3 Organisation, Management and Decision-Making Structure

The property of the Trust is held by the Custodial Trustees in trust for the Trust in accordance with Clause 6J of the Constitution. The management of the Trust is vested in the Trust Committee which is responsible for the administration of the Trust affairs and for the general policy of the Trust in accordance with Clause 3B of the Constitution. During 2003, the Trust Committee met formally on seven occasions: 10 January, 15 March, 18 May, 12 July, 7 September, 11 October and 2 November. The Senior Custodial Trustee attended the meetings of 12 January, 18 May & 7 September. Two Custodial Trustees attended the meeting of 12 July One Custodial Trustee attended the meeting of 11 October.

Approximately one week in advance of every meeting, all Trustees are sent an agenda and other papers for the meeting. Responses to matters arising are made in writing. At the meeting, any Trustee may speak, but decisions are made by majority vote. Implementation of the decision is usually assigned to an individual, with a duty to report at a future meeting. Sub-committees are set up to report to the Trust Committee on more complex matters.

4 Membership

As at 1 August 2003 ( 2002 numbers in parenthesis ), there were 376( 367 ) Ordinary, 177( 191 ) Family, 241( 237 ) Senior, 1( 2 ) Junior and 6( 6 ) Corporate Members, total 801( 822 ). The continuing, but now increased, reduction in the number of family members has contributed significantly to the rising age profile of the remaining members during 2003.

5 Objects

The Objects of the Trust are for the public benefit as defined in its Constitution.

A To form and maintain a museum for the exhibition of items of historic interest formerly belonging to old railways and in particular, but not exclusively, the Somerset and Dorset Joint Railway, including signs, signals, posters, records and books, photographs, machinery, models, rolling stock, locomotives and buildings, such museum to be open to the public.

B To educate the general public in old railways, railway history and in particular, but not exclusively, the Somerset and Dorset Joint Railway and to show how these railways affected the industry of the area.

6 Co-operation with other charities and related parties

Informal liaison took place during 2003 with the West Somerset Railway Association (Reg. No. 1041901). There are no relationships between the Trust and related parties that fall within the requirements for disclosure under Charity SORP 2000.

7 Review of Activities in 2003

a) Management changes

Two management trustees resigned in the autumn.

b) Publications

The policy for the Trust's regular publications (journals) which was introduced in 2000 has been further strengthened during 2003. Both journals continue to appear at or close to their pre-announced publication dates, allowing for continuity of communication with Trust members. The magazines are simultaneously published as pdf files in the members' area of the website, thereby improving accessibility.

Pines Express Bulletin

As in most aspects of a voluntary organisation, the majority of work is left to the minority of people. The Pines Express is no exception. However, thanks to the dedication of the few, another year rolled on in the life of the Bulletin, with another four successful and, if comments received from the membership are anything to go by, enjoyable editions.

Over the last year, careful control of the costs of producing the Bulletin has been possible. This has not impaired the quality that we all expect from the publication.

It was intended to publish two themed editions each year but the availability of a sufficient quantity of quality themed articles has been difficult if not impossible to maintain. Thankfully the supply of general miscellaneous articles has saved the day. Unless the trend is broken by members voluntary efforts, the more general miscellaneous articles will prevail. Still, this is better than the other alternative, nothing. With the help of the membership, the continued success of Pines Express will be guaranteed.

Swift & Delightful Newsletter

Two editions were published in 2003, as planned. With a decreasing number of Trust activities to report upon, there has been in increase in the number of articles relating to non-S&D matters. The publication of photographs from the Maidment and related collections has generated much scholarly interest and has been generally well-received. It is to be hoped that a greater variety will stimulate more members to contribute to this colourful magazine.

Other

The Trust published a calendar and a Christmas card during 2003.

c) Electronic services

In accordance with the Trust's policy of becoming a information provider of excellence about the S&D and railways through the medium of its website, additional webspace has been purchased during 2003. A variety of new resource areas and facilities were progressively introduced.

Online Membership and Sales

2003 has seen the expansion of the online shopping section to include full Trust sales and regalia. Online membership is being taken up satisfactorily. These facilities are working rather well.

Members Only

This section is expanding as information is converted into electronic formats suitable for the internet. The rate of development depends entirely upon how much information is provided by members. Contributions have been sparse at times. All S&D stations are steadily being added to this section. More work is required in this area time and volunteers allowing. Members can gain ready access to the following areas:

Pines Express Bulletin back issues to download

Swift & Delightful Newsletter back issues to download

Museum Library Catalogue

Museum Catalogue Abstracts

Information about Stations

Information about Signalling

Life on the S&D (memoirs and anecdotes - more help needed here).

News

Reports of Trust activities are posted on the website as soon at they become available. Photographs are frequently added to illustrate news events along with fresh photography being added to the picture galleries. One member has been a great help in recent months un-earthing previously unseen photographs from his enormous collection.

Model Making

This has been represented well with the addition of Lyncombe Vale. There are several more model pictures to add provided by several Trust members. It is expected that further resources for modeller members will be provided, but it needs their input.

d) Exhibitions, Events, Meetings and Publicity

The twenty-nineth Annual Model Railway Display, held at Edington, was very successful with a large number of the public attending. Televised sport was probably responsible for a reduced attendance on the Sunday afternoon.

A special train organised by Trust volunteers under the 2-8-0 Hire Agreement ran on the West Somerset Railway on 14 June. The opportunity to travel on the railway at a subsidised rate was taken up by over 200 people. The occasion enabled the Trust to further one of its constitutional objects by illustrating the operation and style of an old railway.

Over the first weekend of July, the Trust's sidings were used to provide experience of Thomas & friends , the popular shunting demonstration using Kilmersdon , in disguise as Percy with the Trust's wagon fleet as The Troublesome Trucks .

The Trust gained good publicity through its participation in a new video, and has collaborated in a forthcoming Microsoft TrainSim„ package.

Educational meetings have been held on a regular basis by the Area Groups of the Trust. Illustrated talks formed the backbone of the meetings. A meeting in Sturminster Newton on 15 November attracted a large audience of members of the public

Planning and running events requires input from plenty of volunteers. In 2003, the number of events had to be reduced because fewer volunteers came forward.

e) Washford Museum

The Museum was open for 143 days during 2003. This included, for the first time, 28 December, the first Winter Gala day on the West Somerset Railway. 22 gallant volunteers staffed the museum and shop, many of whom lived over 50 miles from Washford.

Owing to an irreconcilable conflict between the requirements of Re:Source (the registration body) and the Trust Constitution, the Trust ceased to be a Registered Museum in September 2003 following the advice of the Charity Commission..

Archives

Significant progress has been made in adding a location index for the majority of the paper archives stored at Washford. Documents relating to the Trust have been bound and form a unique record from 1965 to the present day

Photographic collection

Progress has continued with sorting the photographs safely into albums. These are organised into stations along the line. The photographs are also being digitally scanned so that they can be viewed on computer. Again this has steadily progressed throughout the year. There are many requests for photographs throughout the year and where possible these are successfully dealt with. Ideally the photographic archive would be easily available to members via the web site or requested on compact disc, subject to copyright restrictions. The Eric Rimmer photographic collection has now become part of the Trust's main photographic collection after many years in the care of Laurie Poulton whom we thank for his dedication to this task. The Trust is known to own the copyright on the Rimmer collection and the idea is to make these photographs available on compact disk in the near future. These photographs will be of great interest to members modelling the S&D.

Coach Restoration

S&DJR First Class No. 4

The body is mounted on and bolted to a basically-sound ex-LMS steel six wheeled underframe, too modern but looks right . At the start of 2003, the much rebuilt wooden body shell had three doors hung. There are now five doors hung or nearly so, all four on the North side being panelled, and three there have nearly complete mouldings. Droplight frames are being reconstructed from parts salvaged from third class coach body No 114. These, and window glass and bolection mouldings, have yet to be fitted. The roof requires stripping and complete overhaul and re-covering, and attention to the lamp holes. Missing compartment partitions were replaced some years ago but other restoration of the interior has yet to begin. Subject to the availability of volunteers, we hope to complete the exterior on the North side during Spring 2004. On the South side one door is hung, three door frames remain to be fitted, panelled and given mouldings. Material is on hand to complete the doors, panelling and mouldings on the South side, but we aim to make the North side as presentable as possible first. Progress is slow, because the door frames require much modification before they will fit, and the team suffer time constraints because of other responsibilities.

The two volunteers working on this project travelled to the MR Centre, Butterley, in May to inspect and measure footboard brackets and borrow patterns for door and commode handles; and in September to attend a carriage restorers' convention.

S&DJR Third Class Coach No 114 (SR 1423) Highbridge, 1890 This body is in the shed sitting on an LMS fish van underframe which is slightly too long. S&DJR Third class No 98 (SR 1419 ) Cravens, 1894 The body is on a fish van underframe as No 114, stored outside under a tarpaulin.

There is no prospect of starting restoration of either third class coach unless more volunteers come forward, or a sum probably above £100,000 can be found to allocate for a contractor to do much of the work.

Wells Brakevan, No. 9

The components remain in dry store at Washford.

S & D Locomotive, No. 88

The locomotive continued its greatly extended overhaul throughout 2003. The West Somerset Railway have given no date for the completion of the overhaul and entering into service. The company began paying the Trust a monthly compensation fee during 2003. This fee continues until the locomotive returns to steam. The Management Trustees continue to take legal advice when necessary. A review meeting took place during 2003 with the Chairman and two Directors of the WSR plc. A number of matters remain unsatisfactory and unresolved.

The Management Committee will be considering further measures open to them to recover the locomotive or to obtain its early steaming during the first half of 2004.

Mineral wagon

Excellent progress has been made towards the completion of this project, which will be finished during the first half of 2004.

8 Plans for the Future

The reduction in the number of active volunteers has continued. The continuation of several key activities of the Trust has consequently significantly under threat. Whilst some essential maintenance has been let out to contract, the management of such contracts has fallen as an additional burden upon those members already committed fully.

Capital projects continued to be deferred and expenditure is being reduced. This is not because of lack of funding, but because of lack of volunteers. Your Management Committee regrets that it appears this is a continuing highly-regrettable trend.

Your Management Committee can only therefore develop and plan in areas which are not consuming undue volunteer input. It is hoped further to develop electronic services during 2004. However, it is likely that there will be a significant reduction in activities at Washford.

9 Fund Raising and the work of volunteers

Fund Raising

The 200 Club donated a welcome sum through its fund-raising efforts. The 2003 Annual Raffle was more closely targeted than in previous year, with consequent improvement in returns.

Further active steps and simplifications are being made to encourage Gift Aid donations.

Promotional Sales

The central sales operation and the Washford outlet took variable business in the year. Receipts were helped by the reselling of donated books. In the autumn, two key volunteers from within the sales team resigned. A full review of the sales operation was subsequently begun. Tighter budgetary controls on purchases and stock levels are in place. Substantial stock reductions and write-down took place over the autumn.

It was not a particularly busy year for Postal Sales . 212 orders were received, 23 of which have arrived via the website. Sales through these sources exceeded £3,200 in total.

10. Policy Statements

(a) Reserves

The Reserves of the Trust are the resources from income it has or can make available to spend at the Trustees' discretion in furtherance of the Trust's Objects once it has met its commitments and covered its planned expenditure. The Trustees direct that sums are to be held as reserves when it is their considered view that it is in the charity's best interest to do so. A review is made at least annually, normally at the time of the Budget meeting, and at other times as the Trustees consider prudent. The Trustees consider that the long-term and specialised nature of conservation and restoration work of the Museum rolling stock (especially the S&D carriages and building, Wells Brakevan, and locomotives) justifies the level of reserves currently maintained in order to facilitate progress when suitable skills become available. The Trustees recognise that reserves will need to be maintained at the current level and enhanced by further fund-raising if future plans to improve the housing and display of archives, rolling stock and museum items are to be realised.

(b) Investments

Investments are made in accordance with CC14. Several of the Trustees have wide investment experience and the Trustees do not consider it necessary to appoint an investment adviser. During 2003, all existing investments were placed on deposit with diversified institutions to which Section 67 of the Banking Act applied. The Trustees acquired a small shareholding in the West Somerset Railway plc (an unlisted company) during 2003 as a result of a gift for nil consideration.

(c) Grant-making & prizes

Grants are only made in exceptional circumstances in furtherance of the Charity's Objects, and will not be in total in excess of 5% of annual resources expended. They will only be awarded after due consideration by the Management Trustees. No grants were made in 2003. The monetary educational prize in memory of the late MJ Palmer was not awarded in 2003.

11. Risk Analysis

The Trustees have conducted an analysis of the major risks to which the charity is exposed. At most meetings of the Management Trustees, time is given to a review of the risks associated with the operations at Washford. Close liaison is maintained with the West Somerset Railway plc, the Heritage Railway Association and the Trust's Insurance Companies and Brokers. Officers of the Trust maintain procedures to control financial risks, and report to the Management Trustees.

The Trustees are aware of the continuing very substantial increases in insurance premiums over the period 2002 - 2004. These increases are outside the control of the Trustees. Only limited action has proved possible in order to reduce the financial burden on the resources of the Trust. If premiums continue to rise out of proportion to the Trust's income, the railway operations at Washford may have to be curtailed or cease altogether.

The Management Trustees intend to take advantage of the proposed legislation to convert the Trust to a Charitable Incorporated Organisation. Members of the Trust will be consulted on the proposed change when legislation is in place.

All the Trustees are concerned to note that the level of volunteer activity has declined to below the level at which the Trust can maintain several of its key activities. A programme of reduction of these activities is now advancing and will continue in 2004 and 2005 unless more, youthful members give their practical support. This Report and the Annual Accounts which appear on pages A1a to A3a in the printed version (available from the Secretary) were approved by the Management Trustees at a duly convened meeting held on Saturday 13 March 2004

Signed P E Cattermole Chairman