Watercress Line Heritage Railway Trust Limited
The Charity's objects are to preserve, restore, maintain, operate, exhibit, educate, instruct, stimulate, promote and encourage interest in heritage railways, locomotives, rolling stock, buildings, artifacts and equipment and to foster and support railway preservation. It provides strategic direction to its subsidiary, Mid-Hants Railway Ltd, which operates the Watercress Line.
Financial health, per its FY2025 accounts
The accounts state that the group reported a net deficit of £2,544,173 for the year ended 31 March 2025, primarily due to a significant write-down in the value of rolling stock assets. Despite this deficit, the trustees confirm that the group has adequate resources to continue as a going concern, supported by firm bank support and active cost management measures.
What the accounts disclose
“In the band £80,001 - £90,000 1” — page 30
“At the year end this criteria was not met but action has been taken since the year end to bring this in line.” — page 10
“During the year, a locomotive was sold for £225,000 to a company controlled by an individual considered to be a related party of Mid-Hants Railway Ltd, and therefore of the group. The transaction took place at arm's length basis.” — page 40
Structured financials (annual return, FY ending 31/03/2025)
Trustees
- Baron Michael Edward David de Styrcea
- Gregory Hamilton Watson
- Jonathan Charles Robert Morris
- Sabrina Lee-Anne Marsden
- Stephen Nicholas Evans
Income and spending
| Financial year end | Income | Spending |
|---|---|---|
| 31/03/2025 | £3.7m | £3.8m |
| 31/03/2024 | £3.8m | £3.4m |
| 31/03/2023 | £3.9m | £4.9m |
| 31/03/2022 | £4.6m | £3.8m |
| 31/01/2021 | £3.1m | £2.7m |
Common questions
Is Watercress Line Heritage Railway Trust Limited financially healthy?
Per its FY2025 accounts: The accounts state that the group reported a net deficit of £2,544,173 for the year ended 31 March 2025, primarily due to a significant write-down in the value of rolling stock assets. Despite this deficit, the trustees confirm that the group has adequate resources to continue as a going concern, supported by firm bank support and active cost management measures. Its FY2025 accounts were audited by Azets Audit Services.
What does the highest-paid employee of Watercress Line Heritage Railway Trust Limited earn?
Per its FY2025 accounts, the highest-paid employee was in the £80,001 - £90,000 band.
Who funds Watercress Line Heritage Railway Trust Limited?
Funders whose own accounts filings name Watercress Line Heritage Railway Trust Limited as a grant recipient include THE LILLYWHITE FAMILY TRUST.
Known funders
| Funder | Year | Amount | Purpose (as stated by the funder) |
|---|---|---|---|
| THE LILLYWHITE FAMILY TRUST | FY2023 | £1k |
Government & lottery funding
| Funder | Date | Amount | Purpose |
|---|---|---|---|
| The National Lottery Heritage Fund | 24/08/2020 | £250k | "COVID19 Mid Hants Railway Ltd & Mid Hants Railway Preservation Society Ltd" |
| The National Lottery Heritage Fund | 13/06/2014 | £1.3m | "Canadian Pacific - Engineering a Future from the Past" |
| The National Lottery Heritage Fund | 19/12/2011 | £12k | "Research & Interpretation of Kings Cross Station Footbridge" |
| The National Lottery Heritage Fund | 25/05/2010 | £332k | ""Mind the Gap" - Transferring Heritage Engineering Skills Across the Generations" |
| The National Lottery Heritage Fund | 18/09/2008 | £765k | "Mid Hants Railway: Redevelopment and Enhancement of the Railway's Buildings, Public Access and Activities, Training and Education" |
| The National Lottery Heritage Fund | 29/11/2005 | £50k | "Ropley Wheel Drop and Paintshop Project" |
| The National Lottery Heritage Fund | 25/08/1998 | £250k | "Alresford Station LSWR Goods Shed - Restoration" |
Funders of similar charities
| Funder | Similar charities funded | Amount to them |
|---|---|---|
| GRANTSCAPE | 1 | £100k |
| THE ROGER & DOUGLAS TURNER CHARITABLE TRUST | 1 | £68k |
| WILLIAM ADLINGTON CADBURY CHARITABLE TRUST | 1 | £20k |
| THE HILARY AWDRY CHARITABLE TRUST | 1 | £11k |
| THE GEORGE CADBURY TRUST (GEORGE HENRY T AND LAURENCE J CADBURY SECTIONS) | 1 | £9k |
| DR RADCLIFFE'S TRUST | 1 | £8k |
| THE EARL FITZWILLIAM CHARITABLE TRUST | 1 | £3k |
| THE GRIMMITT TRUST | 1 | £3k |
Charities like this
- THE PONTYPOOL AND BLAENAVON RAILWAY COMPANY (1983) LIMITED
- WEST SOMERSET RAILWAY HERITAGE TRUST LTD
- THE KENT AND EAST SUSSEX RAILWAY COMPANY LIMITED
- BODMIN RAILWAY HERITAGE TRUST
- THE BLUEBELL RAILWAY TRUST
- CHINNOR AND PRINCES RISBOROUGH RAILWAY ASSOCIATION LIMITED
Side by side with its peers
| Charity | Income | Top pay band | Staff >£60k | Reserves vs policy | Fundraising cost | Going concern |
|---|---|---|---|---|---|---|
| Watercress Line Heritage Railway Trust Limited | £3.7m | £80,001 - £90,000 | — | below | — | no doubt |
| THE PONTYPOOL AND BLAENAVON RAILWAY COMPANY (1983) LIMITED | £234k | — | 0 | unclear | — | no doubt |
| WEST SOMERSET RAILWAY HERITAGE TRUST LTD | £88k | — | 0 | unclear | — | no doubt |
| THE KENT AND EAST SUSSEX RAILWAY COMPANY LIMITED | £2.7m | — | 1 | unclear | — | no doubt |
| BODMIN RAILWAY HERITAGE TRUST | £105k | — | 0 | unclear | — | noted |
| THE BLUEBELL RAILWAY TRUST | £1.5m | — | 0 | unclear | — | no doubt |