Dorset’s Swanage Railway is following in the steps of the West Somerset Railway by undertaking a complete governance review of both the Swanage Railway Trust (SRT) and Swanage Railway Company (SRC).
A letter signed by SRT chairman Gavin Jones and his SRC counterpart Liz Sellen was sent to members during May. It outlined the need for the review, stating the governance structures, which date back to the early 2000s, are not necessarily fit for today’s “larger and complex operation”.
The letter goes on to highlight the risks associated with the levels of income (circa £3million per year) and trading margins, which “mean that even marginal adverse fluctuations in income can impact financial viability”.
It would seem the lesson of the West Somerset Railway, which came within a whisker of insolvency late last year, has been influential in the railway taking this action, along with a new governance code issued by the Charity Commission.
A review panel of seven people has been established under chairman Robert Patterson, who over the next few months will look at whether the SRT and SRC has the right governance/management structures, the right composition of skilled directors and trustees, and how the governance compares to recommended practice. The panel hopes to deliver its findings at the AGM this autumn.
Discover the FULL story in the brand new June issue, on sale now! Click here to get hold of yours.
Railway ReadsFrom the history of steam through to 21st century rail transport news, we have titles that cater for all rail enthusiasts. Covering diesels, modelling, steam and modern railways, check out our range of magazines and fantastic subscription offers.
Get The Railway Hub Weekly Round-upEnter your e-mail address below and you will receive weekly rail news straight into your inbox...
You can unsubscribe at any time.
About the Author
- Face masks to be compulsory on public transport from June 15 - 4th June 2020
- Police close case of rail worker Belly Mujinga’s COVID-19 death - 3rd June 2020
- Tube stations begin phased return - 3rd June 2020