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West Somerset Railway General Discussion

Discussion in 'Heritage Railways & Centres in the UK' started by gwr4090, Nov 15, 2007.

  1. Mike Birch

    Mike Birch New Member

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    You would also potentially need to add in some payments from the Government under the Coronavirus Job Retention Scheme.
     
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  2. D1039

    D1039 Guest

    Fair point. I'd considered that but thought it'd probably been taken into account in the lower outgoings (wages, also lower NI, no business rates etc.) implicit in the £150k pm against the higher number in previous years' accounts. That could be total tosh of course, the post was just to put into context the talk of the PLC's financial position ("if the business is as close to failure as many on here would suggest", as you described it earlier) and how any 2021 appeal shortfall might be "raised by grants or other commercial means" (PLC's words).

    For the record the SVRCT appeal launched in May (13th in Branch Lines) and included the raffle proceeds from April. The WSR appeal was 7th June.

    Patrick
     
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  3. Pete Thornhill

    Pete Thornhill Resident of Nat Pres Staff Member Administrator Moderator Friend

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    What about the charges? They are registered against pretty much everything in PLC ownership if not everything, is it possible to mortgage them with the charges against them?
     
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  4. Pete Thornhill

    Pete Thornhill Resident of Nat Pres Staff Member Administrator Moderator Friend

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    Yes, I did say roughly the same time, fact is even if you adjust to allow for an earlier start, the SVR appeal still eclipses the WSR one by some margin.
     
  5. jma1009

    jma1009 Well-Known Member

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    Factor in the impending crystallising of matters pertaining to 53808, that I can only allude to, then we have a 'hit' in the next WSR Plc accounts of variously some £250,000.
     
  6. jnc

    jnc Well-Known Member

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    I kind of get the sense that the outside heritage community is telling the volunteers on the WSR 'keeping your head down and staying out of things and just doing your job is no longer an option, if you want to have a railway to volunteer on in the future'. The problem is, with the Trust election now past, I'm not sure there's going to be another chance to do anything.

    Noel
     
  7. jma1009

    jma1009 Well-Known Member

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    (And don't take my word for it - ask Bob Meanley or Robin Coombes or Alastair Meanley)
     
  8. The Dainton Banker

    The Dainton Banker Well-Known Member

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    Quick answer : No !
    AIUI the bank has a general lien over most, if not all, of the company's assets. This provides the security for their loan even after allowing for a "fire-sale" situation where assets sell for a good deal less than their usual market value. "Book value" has no meaning if this occurs. Whether the company has obtained the maximum borrowing limits available from the bank against this security is not known to us and nor should it be unless the company management decide to reveal it.
     
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  9. Pete Thornhill

    Pete Thornhill Resident of Nat Pres Staff Member Administrator Moderator Friend

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    As I thought, even if they could somehow use them as collateral, the bank charges would take priority anyway in any sale.
     
  10. free2grice

    free2grice Part of the furniture Friend

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    Latest news thanks to wsr.org.uk

    ''I would like to say a massive 'thank-you' to everybody who has worked so hard to re-start the West Somerset Railway's operations this season.

    It has been such a difficult time, but you have all contributed so much to our re-start and now we see the results, the whole railway looks fantastic!

    During the closed period, the paid staff continued their work in often difficult conditions, but they never complained and the excellent results of their work are now plain to see. Our valued volunteers continued to support us and, every time I travel along the line, I continue to be amazed by what you have all done.

    Our locomotives and coaches are in the best state they have been for years and are a credit to the line. Thanks to the efforts of the hand-weeding gangs last year, and the weedkilling train we ran earlier this year, the track-bed looks amazing. The stations are so well turned-out and, as ever, there has been great feedback from our visitors commenting on the friendliness and the helpfulness of you, the staff. Thank you all.

    Our behind-the-scenes work is vital too, and the work on getting our compliance systems up-to-date and managing the financial side of things has been particularly important.

    For example, our financial results look encouraging. For June, the results for the month show a small profit of £2,524 compared to a budgeted loss of £110,120. Fare income was £80,301 in June 2021 compared with a budget of £45,640. The budget was anticipating a 50% reduction due to COVID-19 restrictions and reduced capacity. However, a significant number of the trains that ran during the month were close to full capacity!

    Income in June was boosted by works we completed on the Seaward Way Level Crossing of £25,955, retail income of £28,183, plus restoration income of £11,607.

    Overall, this is a great result and puts us in a good position for the rest of the year.

    Of course, there is still much to do. We have launched a £1M 'SOS' appeal to keep the railway operational into next year and to ensure we have the resources to improve the track. We still need regular donations to this campaign, and these can be made to the plc direct, or through the WSRA or the WSRH, and there are links to do so on all of these web pages.

    The overall message is that we are looking to invest much more in our railway, in the track, the stock, the infrastructure and our heritage. The pandemic has been a big blow to us all, but we now intend to build back stronger than before. We intend firmly that the West Somerset Railway will retain its place as one of the country's premier heritage lines. We have everything going for us.

    Thank you so much, yet again, for your work and support and let's keep it going!''

    Jonathan Jones-Pratt, WSR PLC Chairman

    - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

    ''The budget was anticipating a 50% reduction due to COVID-19 restrictions and reduced capacity. However, a significant number of the trains that ran during the month were close to full capacity!''

    The WSR don't appear to be able to gauge how many passengers are willing to travel. The turnover for travel during 2020 was simply thrown away. <BJ>

     
    Last edited: Aug 6, 2021
  11. martin1656

    martin1656 Nat Pres stalwart Friend

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    Such is the frequency of appeals for money from the PLC, How long before we see signs at Minehead saying, Please have your wallets ready for inspection at the ticket barrier :)
     
  12. 35B

    35B Nat Pres stalwart

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    That's mean - I'd absolutely expect any publicity to be pushing the need for donations to the appeal, celebrating the good news and using it to reinforce the need for more.

    That said, I do agree strongly with @free2grice's assessment of what this says about the quality of the plc's forecasting and understanding of the market. It suggests some very pessimistic assumptions underpinning the planning, and is I inadvertently revealing about the approach to 2020.
     
  13. Gladiator 5076

    Gladiator 5076 Part of the furniture

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    What does
    "Income in June was boosted by works we completed on the Seaward Way Level Crossing of £25,955,"

    Is the railway being paid for work undertaken for SCC?
     
  14. RailWest

    RailWest Part of the furniture

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    See post #39741 et seq :)
     
  15. Lenny

    Lenny New Member

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    When did they put in a ticket barrier at Minehead?
    Are they planning any more??
     
  16. gwilialan

    gwilialan Well-Known Member

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    STILL working on getting the compliance systems up to date???? Is it any wonder that the ORR visits have become quite regular over the last couple of years?
     
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  17. Gladiator 5076

    Gladiator 5076 Part of the furniture

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    Is that not the same weekend as the S & D Gala at the MHR? I suppose some may do both but out of the two I know which offering would make me spend my money attending.
     
  18. ruddingtonrsh56

    ruddingtonrsh56 Member

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    To be fair though it is probably very difficult to pick a weekend in September/October where there isn't another Autumn Steam Gala going on elsewhere. Most 'premier' lines are likely going to be looking to run a steam gala if they can, now that restrictions mean that they can
     
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  19. free2grice

    free2grice Part of the furniture Friend

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    It will be the WSR home fleet and a diesel or an S&D themed gala with 'City of Wells' and 53808. :rolleyes:

    The Hampshire Alps it is then. <BJ>
     
  20. Maunsell907

    Maunsell907 Member

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    Good news. Sad that some reactions from here onwards on this forum appear to be to look for downsides.
    (They are reminiscent of a political party reacting to good news from their opponents. )

    I have had no involvement in either 2020 or 2021 but as an outsider I can understand the budgetary
    conservatism. ( whilst accurate budgeting is a prerequisite; failing that better to be conservative than
    ‘gung ho’ ) I wonder how many Heritage Railway services in 2020 generated fare and associated
    revenue that actually covered the marginal costs associated with running the service.

    (I agree that running trains, even if at a loss would have been good for morale, but the WSR volunteers
    appear to have more than endured. )

    On Tuesday I had cause to meet for lunch in Minehead a friend, who happens to be a leading writer
    and commentator on Railway matters. He travelled from Bishops Lydeard on the 10.15. He noted
    230 passengers, competent performance by 7822, enthusiastic and welcoming volunteers at
    Bishops Lydeard and well organised bus connection from Dunster. He returned in the afternoon
    behind 5199, all ran smoothly.

    let us all hope ( and encourage/support ) that the WSR builds up sufficient reserves to not only
    survive 21/22 winter but emerges healthy. If the performance against budget as per June
    continues then the shortfall previously enunciated wrt the loss of the second tranche will be
    overcome. All donations to the SOS fund will then be available for maintenance.

    Michael Rowe
     
    Last edited: Aug 6, 2021

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