THE cash-strapped West Somerset Railway made a loss of over £800,000 in the 15 months up to March this year, putting a question-mark over its future as a going concern, shareholders will be told at their annual meeting.

The unprecedented trading deficit of £807,000 will be revealed to shareholders at their annual meeting on December 14, with the delayed annual report and accounts showing the 22-mile-long heritage line was losing £12,000 a week.

Closure of the line for three months last winter and expensive work on the track ordered by the Office of Road and Rail were major reasons for the loss.

In a report to shareholders, Taunton independent auditors A C Mole and Sons said the trading loss had significantly reduced the railway’s cash reserves to £292,917 with current liabilities of £96,638.

They added: “The railway remains in need of regular and significant capital investment.

“In recent years, this investment has been financed from cash reserves as the level of profit generated has not been sufficient.

“In the future, the company will need to generate more profit or identify other ways to finance this continued investment in the railway.

“Future forecasts include a number of assumptions, including revenue generated from special events, which may or may not be achieved.

“These events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern.”

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