REGISTERED COMPANY NUMBER: 02129019 (England and Wales) REGISTERED CHARrrY NUMBER: 1039493 Report of the Tru5tee5 and Unaudited Financial Statements for the Year Ended 31 January 2025 for The Tunbridge Wells & Eridge Rallway Preservation Society Llmlted Swindells LLP Chartered Accountants Wilson House 48 Brooklyn Roed Seaford East Sussex BN25 2DX
The Tunbridge Wells & Eridge Rallway Preservation Society Limited Contents of the Financial Statements for the Year Ended 31 January 2025 Page Report of the Trustees Independent Examlner's Report Statement of Flnancial Activities Balance Sheet Notes to the Flnancial Statements 9 to 24 Detailed Statement of Financial Activltles 25 to 26
The Tunbridge Wells & Eridge Railway Preservation Soclety Llmlted Report of the Trustees for the Year Ended 31 January 2025 The trustees who are also directors of the charity for the purpose5 of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 January 2025. The trustees have 8dopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland l FRS 1021 (effective l January 20191. OBJECTIVES AND A1VITIEs Objectives and aims The principal objective of the company is to advance the education and preserve for the public good, the railway line between Tunbridge Wells and Eridge, its rolling stock, buildings and ancillary artefacts of historical interest. A secondary objective is to provide social facilitie5 for our members. ACHIEVEMENTS AND PERFORMANCE The Society's biggest asset is its approximate 85Yo share investment in the operating company, a position it was able to maintain and strengthen during 2024. This investment is key to f ulfilling the principal objective of the society to preserve the railway line between Tunbridge Wells and Eridge, its rolling stock, building and artefacts of historic interest. The volunteers of the society provide the majority of the workforce of the operating company from the leadership team to the entire operations and commercial teams, and the training a nd support of these volunteers is a nother key objective of the society. The 2024 season saw a full programme of events and activitie5. our team of volunteers and the management teams of the Society and Operating Company continued to steer both the society and railway through the challenges that operating a heritage railway brings, and to ensure the railway remains in the best position to offer an enjoyable and educational day out for our visitors. In the background, teams have continued with many virtual meeting5 initiated during Covid-19 which have proved to be productive and value volunteers time, many of whom would have to travel significant distances for meetings, however we have also reintroduced some face to face meetings. The society supported the operating company in the operation of its fourth season of Polar Express Services which carried in excess of 40,000 visitors during November and December. This event 15 not only great commercial success, but also provides seasonal employment and development opportunities, particularly to younger members of the railway and the local community. FINANCIAL REVIEW Reserves pollcv The members have established a policy whereby the reserves of the charity are maintained to enable the society to continue to meet its objectives now and in the future. The total incoming resources of the charity during the year amounted to £111,976 {2024.' £146,021). This decrease wa5 due to decreased legacies received this year. The nèt surplus for the year amounted to £104,875 12024: £52,386). The major source of funding remains donations and legacies. The trustees acknowledge the continuing support given by volunteer labour, without which the railway would not be able to operate. Page I
The Tunbridge We115 & Eridge Railway Preservation Society Llmlted Report of the Trustees for the Year Ended 31 January 2025 FUTURE PLANS The Society and the Operating company are further considering options for the future development and improvement of the Tunbridge Wells West station site, and are a150 making plans to refurbish or replace several strate£ic trackside assets. The Groombridge Old Station sub lease was renewed in October 2023 for a further 4 remaining year5 by the Society. STRucfuRE, GOVERNANCE AND MANAGEMENT Governing document The Tunbridge Wells & Eridge Railway Preservation Society is a company limited by guarantee, governed by its memorandum and articles of association as adopted on incorporation on 7 May 1987. Recruitment and appointment of new trustees The Board of Trustees may at any time appoint any member of the Society as a member of the Board. The Board of Trustees shall be comprised of not less than four members up to a maximum of sixteen members. OrEanisational structure Separate meetings are held for the Trustees and the Leadership Team of the railway, with a joint Trustee Leadership meeting quarterly. There Is also a joint Finance suEFcommittee, to advise and make recom mendations on f inancial strategy to both companies. This will play a key role in the resolution of the civil engineering challenges the railway faces. In addition, the Trustees and the directors of Wealden Railway Company Limited have nominated observers at each other's meeting. r*AEMBERSHIP This has remained Stable. Post January 2024. the Trustees have continued to evaluate replacement of the membership system. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 02129019 (England and Wales) Registered Charity number 1039493 Registered office West Station Nevill Terrace Tunbridge Wells Kent TN2 5QY Trustees Mr J S Nye London Underground manager Mr M L Dive5 Project manager Mr D C Cross Accountant (resigned 1518120241 Mr M J Dodd IT professional Mr C J Kilpatrick Engineer {appoit)ted 15/812024) Mr T J N Veacock Railway support engineer (appointed 15/8120241 Page 2
The Tunbridge Wells & Eridge Railway Preservation Society Limited Report of the Trustees for the Year Ended 31 January 2025 REFERENCE AND ADMINISTRATIVE DAlLs Independent Examlner lan Jenkins Bsc FCA Swindells LLP Chartered Accountants Wilson House 48 Brooklyn Road Seaford East Sussex BN25 2DX This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order of the board of trustees on . and signed on its behalf by: Mr J S Nye- Trustee Page 3
Independent Examlner's Report to the Trustee5 of The Tunbridge Wells & Eridge Railway Preservation Soclety Llmited Independent examiner's report to the trustees of The Tunbridge Wells & Eridge Railway Preservation Society Limited ('the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31January 2025, Responsibilities and ba5Is of report As the charity's trustees of the Company land also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 200S I'the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 20111'the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145{5) {bl of the 2011 Act. Page 4
Independent Examlner's Report to the Trustees of The Tunbridge Wells & Erldge Railway Pre5ervatlon Society Llmlted Independent examiner's statement I have completed my examination, I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act,. or the accounts do not accord with those records,. or the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination,. or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and rèporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the U K and Republic of I reland (FRS 10211. I have no concerns and have come across no other matter5 in connection with the examination to which attention should be drawn in this report in arder to enable a proper understanding of the accounts to be reached. lan Jenkins Bsc FCA Swindells LLP Chartered Accountants Wilson House 48 Brooklyn Road Seaford East Sussex BN25 2DX Date: Page 5
The Tunbridge Wells & Eridge Railway Preservation Society Limited statement of Financial Activitie5 (Incorporating an Income and Expenditure Account) for the Year Ended 31 January 2025 2025 Total fund5 2024 Total fund5 Unrestricted Restricted funds funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 47,441 30,598 78,039 102,754 Charltable activities Restoration of rolling stock and improvement of facilities 12,416 12,416 13,546 Investment income Other income 18,744 2,706 18,749 2,772 12,445 17,276 66 Total 81,307 30,669 111,976 146,021 EXPENDfiuRE ON Raising funds 83 456 539 35 Charitable activities Restoration of rolling stock a nd improvement of facilities 1,006 5,556 6,562 93,600 Total 1,089 6,012 7,101 93,635 NET INCOME 80,213 24,657 104,875 52,386 RECONCILIATION OF FUNDS Total funds brought forward 714,912 532,093 1,247,005 1,194,619 TOTAL FUNDS CARRIED FORWARD 795,130 556,750 1,351,880 1,247,005 The notes form part of these financial statements Page 6
The Tunbrldge Wells & Eridge Railway Pre5ervatlon Society Limited Balance Sheet 31 January 2025 2025 Total funds 2024 Total funds Unrestricted Restricted funds funds Notes FIXED AssErs Tangible assets Investments io li 49,301 440,789 130,000 179,301 440,789 180,930 400,789 490,090 130,000 620,090 581,719 CURRENT ASSETS Debtors Cash at bank and in hand 12 3,072 320,883 14,624 412,126 17,696 733,009 19,405 671,240 323,955 426,750 750,705 690,645 CREDITORS Amounts falling due within one year 13 118,9151 118,915) {25,359) CURRENT ASSErs 305,040 426,750 731,790 665,286 TOTAL ASS5 LESS CURRENT LIABILrriES 795,130 556,75Q 1,351,880 1,247,005 NET ASSErs 795,130 556,750 1,351,880 1,247,005 FUNDS Unrestricted f unds Restricted f unds 16 795,130 556,750 714.912 532,093 TOTAL FUNDS 1.351,880 1,247,005 The charitable company is entitled to exemption from audit under Section 477 of the Companie5 Act 2006 for the year ended 31 January 2025. The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006. The notes form part of these financial statements Page 7 continued...
The Tunbridge Wells & Eridge Rallway Preservation Soclety Llmlted Balance Sheet- continued 31 January 2025 The trustee5 acknowledge their responsibilities for la} ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and {b) preparing fi nancial statements whlch give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or def icit for each financial yea r in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The fina tatements were approved by the Board of Trustees and authorised for issue on and were SiEned on its behalf by.. Mrj S Nye- Trustee The notes form part of these financial statements Page 8
The Tunbrldge Wells & Eridge Railway Preservation Soclety Llmlted Nots5 to the Flnancial Statements for the Year Ended 31 January 2025 ACCOUNTING POLICIES Basls of preparing the financial statements The financial statements of the charitable companyj which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charitie5- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Com panies Act 20D6. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of I reland,: the requirements of Section 7 Statement of Cash Flows. The financial statements are prepared on a going concern basis. The financial statement5 are presented in Sterling, which is the functional currency of the Society, and rounded to the nearest pound. Golng concern The trustees consider that there are no material uncertainties about the Society's ability to continue as a going concern. Income All income is recogni5ed in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the incorne will be received and the amount ca n be measured reliably. Life membership is recognised in the year received and 15 not deferred. Annual subscriptions are recognised in the period in which they relate to with prepaid subscriptions being recognised as deferred income. Voluntary income (including donations and legacies) is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Incorne derived from charitable activities is recognised as earned (that is, as the related goods or services are provided). Income received in advance of events is recognised as deferred income until the event takes place. Investment income is recognised on a receivable basis. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate, Page 9 continued,..
The Tunbridge Wells & Eridge Railway Preservation Society Limited Notes to the Financial Statement5. continued for the Year Ended 31 January 2025 ACCOUNTING POLICIES- continued Expenditure Liabilities are recognised as expenditure as soon a5 there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benef its will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Costs of generating funds are the costs associated with attracting voluntary income. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property Costs by floor area, or per capita, stafF costs by the time spent and other costs by their usage. Irrecoverable VAT is charged against the category of resources expended for which it was incurred. Tangible fixed assets Individual fixed assets costing £100 or more are initially recorded at cost. Depreciation is provided on tangible fixed assets SO 85 to write aff the c05t or valuation, less any estimated residual value, over thei r expected useful economic life as follows: Plant and machinery Rolling stock 3 years straight line a nd 15°A reduci ng balance 15 years straight line once restoration work is completed Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Investments Investments in subsidia ries are valued at cost less provision for impairment. Page 10 continued...
The Tunbrldge Wells & Eridge Railway Preservation Sodety Llmlted Notes to the Financial Statements- continued for the Year Ended 31 January 2025 DONATIONS AND LEGACIES 2025 2024 Appeals and donations Legacies Grants 42,155 35,884 44,410 57,844 500 78,039 102,754 Grants received, included in the above, are as follows.. 2025 2024 South East Water 500 INVESTMEr INCOME 2025 2024 Interest on cash dep051t5 18,749 12,445 RAISING FUNDS Ra151ng donatlons and legacles 2025 2024 Fundraising cost5 539 35 CHARrrABLE AcnviTIES COSTS Support costs (see note 61 Direct Costs Totals Restoration of rclling stock and improvement of facilities 129,2891 35,851 6,562 Page 11 continued...
TheTunbridge Wells & Eridge Railway Preservation Soclety Limlted Notes to the Financlal Statements- continued for the Year Ended 31 January 2025 SUPPORT COSTS Information technology Management Finance Other Totals Restoration of rolling stock and improvement of faci lities 19,431 428 194 15,798 35,851 Included in support costs are fees payable to the independent examiner for the examination of the accounts amounting to £6,355 (2024- £5,950). Support costs, included in the above, are as follows: 2025 Restoration 2024 rolling stock and improvement Total activities facilities Light and heat Postage and stationery Advert15ing Sundries Corllputer costs Accountancy BDokkeeping Legal fees Bank charges Repairs and renewals Establishment costs Depreciation of tan8ible fixed assets 205 4,049 2,060 364 2,256 6,355 3,352 790 428 194 8,523 7,275 3,898 1,590 54 1.731 5,950 2,845 4,633 453 8,829 6,900 35,851 36,883 Page 12 continued...
The Tunbridge We115 & Erldge Rallway Preservation Society Limited Notes to the Financial Statements- continued for the Year Ended 31 January 2025 INCOMEI(EXPENDrruRE) Net income/lexpenditure) is stated after charging/lcreditingl: 2025 2024 Depreciation - owned assets 7,275 6,901 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 January 2025 nor for the year ended 31 January 2024. Trustees, expenses There were no trustees, expenses paid for the year ended 31 January 2Q25 nor for the year ended 31January 2024. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted funds funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 70,721 32,033 102,754 Charitable aLtivities Restoration of rolling stock and improvement of facilities 13,546 13,546 Investment income Other income 12,445 1,009 12,445 17,276 16,267 Total 97,721 48,300 146,021 EXPENDITURE ON Raising fund5 35 35 Charitsble activities Restoration of rolling stock and improvement of facilitie5 38,172 55,428 93,600 Total 38,207 55,428 93,635 NET INCOME/(EXPENDITURE) 59,514 17,1281 52,386 Page 13 continued...
The Tunbridge Wells & Eridge Railwav Preservation Society Limited Notes to the Financial Statements- continued for the Year Ended 31 January 2D25 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fund5 funds Total funds RECONCILIATION OF FUNDS Total funds brought forward 655,399 539,220 1,194,619 TOTAL FUNDS CARRIED FORWARD 714,913 532,092 1,247,005 10. TANGIBLE FIXED ASSETS Plant and machinery Computer equipment Totals COST At l February 2024 Additions 215,094 5,546 4,904 219,998 5,646 At 31 January 2025 220,740 4,904 225,644 DEPRECIATION At l February 2024 Charge for year 37,330 6,049 1,738 1,226 39,068 7,275 At 31January 2025 43,379 2,964 46,343 NET BOOK VALUE At 31 January 2025 177,361 1,940 179,301 At 31 January 2024 177,764 3,166 180,930 Page 14 continued...
The Tunbridge Wells & Eridge Rallway Preservatlon Society Llmlted Notes to the Flnanclal Statements- continued for the Year Ended 31 January 2025 ii, FIXED ASSET INVESTMETr¥rs Shares in group undertaking MARKEf VALUE At l February 2024 and 31January 2025 440,789 PROVISIONS At l February 2024 Provision written back 40,000 140,0001 At 31 January 2025 NEf BOOK VALUE At 31 January 2025 440,789 At 31 January 2024 400,789 There were no investment assets Outside the UK. The company's investments at the balance Sheet date in the share capital of companies include the following: Wealden Railway Company Llmited Registered office: West Station, Nevill Terrace, Tunbridge We115, Kent, TN2 5QY Nature of business- Operation of train service and restoration Class of share: Ordinary holding 3111/25 3111124 Aggregate capital and reserves Profit/lloss) for the year 576,757 108,570 568,187 114,7021 Page 15 continued...
The Tunbridge Wells & Erldge Rallway Preservation Society Limited Notes to the Finandal Statements- continued for the Year Ended 31 January 2025 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Amounts owed by group undertakings Other debtors VAT Prepayments and accrued income 1,196 3,544 1,692 11,264 1,196 6,369 270 11,570 17,696 19,405 13. CREDITORS: AMOUNTS FALLING DUE WtfHIN ONE YEAR 2025 2Q24 Other loans Isee note 141 Trade creditors Amounts owed to group undertakings Accruals and deferred incDrne 4,333 1,501 8,288 11,237 11,713 7,202 18,915 25,359 14. LOANS An analysis of the maturity of loans is given below.. 2025 2024 Amounts falling due within one year on demand., Other loans 4,333 15. LEASING AGREEMENTS Minimum lease payment5 under non-cancellable operating leases fa11 due as follows.. 2025 2024 Within one year Between one and five years 5,639 4,800 6,478 10,439 10,439 16,917 Page 16 continued...
TheTunbridge Wells & Eridge Railway Preservatlon Society Limited Notes to the Flnancial Statement5- continued for the Year Ended 31 January 2025 16. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31.1.25 At 1.2.24 Unrestricted funds General fund-charitv Crisis fund 694,941 19,971 79,678 540 774,619 20,511 714,912 80,218 795,130 Restricted funds Eridge Fund Sutton Fund 1317 Fund North Downs Fund l Jinty J94 Fund Carriage & Wagon Maintenance Fund Class 12 Fund Class 10 Fund Topham Fund Groombridge Signalling Fund Landslip Appeal Fund Class 09 Fund Dining Train EridgeTwo Fund Broom Lane Bridge Appeal 30,673 157,653 27,547 202,466 2,494 38,304 1,763 16,155 16,607 9,553 3,578 4,999 301 20,000 265 1,097 11,843) 7,835 120 1,000 30,938 158,750 25,704 210,301 2,614 39,304 1,763 13,955 16,607 19,590 3,715 4,999 301 20,790 7,419 {2,2001 7,837 137 2,200 790 7,419 532,093 24,657 556,750 TOTAI FUNDS 1,247,005 104,875 1,351,88Q Page 17 continued...
The Tunbrldge Wells & Erid£e Railway Pre5ervatlon Society Llmlted Notes to the Flnancial Statements- continued for the Year Ended 31 January 2025 16. MOVEMENT IN FUNDS - contlnued Net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fundThcharity Crisis fund 80,767 540 11,089) 79,678 540 81,307 11,089) 80,218 Restricted fund5 Eridge Fund Sutton Fund 1317 Fund North Downs Fund l Jinty J94 Fund Carriage & Wagon Maintenance Fund Groombridge Signalling Fund Landslip Appeal Fund Eridge Two Fund Broom Lane Bridge Appeal 265 1,097 1,375 10.963 120 1,000 8,293 137 265 1,097 {1,8431 7,835 120 1,000 7,837 137 790 7,419 13,218) 13,1281 14561 790 7,419 30,669 16,012) 24,657 TOTAL FUND5 111,976 {7,101) 104,875 Page 18 continued...
The Tunbridge Wells & Eridge Railway Preservation Society Limited Notes to the Financial Statements- continued for the Year Ended 31 January 2025 16. MOVEMENT IN FUNDS- continued Comparatives for movement In funds Net movement in funds Transfers between funds At 31.1,24 At 1.2.23 Unrestricted fund5 General fund-charity Crisis fu nd 636,008 19,391 58,933 580 694,941 19,971 555,399 59,513 714,912 Restricted funds Eridge Fund Sutton Fund 1317 Fund North DDwns Fund / Jinty J94 Fund Carriage & Wagon Maintenance Fund Class 12 Fund Class 10 Fund Topham Fund Groombridge Signalling Fund Landslip Appea l Fund Class 09 Fund DiningTrain Eridge Two Fund 50,062 141,508 21,068 195,475 3,011 42,509 1,763 47,534 16,242 11,236 3,386 5,231 195 611 16,145 6,479 6,991 15171 14,2051 120,000) 30,673 157,653 27,547 202,466 2,494 38,304 1,763 16,155 16,607 9,553 3,578 4,999 301 20,000 133,5791 365 517 192 12321 106 2,200 12,2001 20,000 539,220 17,1271 532,093 TOTAL FUNDS 1,194,619 52,386 1,247,005 Page 19 continued...
The Tunbridgewells & Eridge Railway Pre5erdation Society Limited Note5 to the Financial Statements- continued for the Year Ended 31 January 2025 16. MOVEMENT IN FUND5- continued Comparative net movement in funds, included in the above are as follows,. Incoming resources Resources expended Movement in funds Unrestricted funds General fund-charity Crisis fu nd 97,141 580 138,208) 58,933 58D 97,721 (38,208) 59,513 Restrlcted funds Eridge Fund Sutton Fund 1317 Fund North Downs Fund l Jinty J94 Fund Carriage & Wagon Maintenance Fund Class 10 Fund Topham Fund Groombridge Signalling Fund Landslip Appeal Fund Class 09 Fund Dining Train 611 16,890 6,807 17,716 611 16,145 6,479 6,991 15171 14,2051 (33,5791 365 517 192 12321 106 1745) 1328) (10,725) {5171 14,372) 138,508) 167 4,929 365 517 192 12321 106 48,300 155,427) 17,1271 TOTAL FUNDS 146,021 193,6351 52,386 General Funds General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes. Crisis Fund An appeal wa5 made for financial Support to help with the Impact Df the Covid-19 pandemic, and the funds received by thi5 appe41 have been designated from general funds for this purpose. The funds have been extremely valuable in ensuring we could get through month5 of not operating due to the pandemic, We have been extremely fortunate as our supporters have given generouslyi and without these funds we may not have got through so well. Erid8e Extension Fund Following the re-opening through to Eridge in 2011, the purpose of thi5 fund has been amended to raise money for the costs involved in re-instating run-round facilities at Eridge station and the provision of a dedicated catering outlet on the platform. Page 20 continued...
The Tunl)ridge Wells & Eridge Railway Preservation Society Limited Notes to the Financial Statement5- continued for the Year Ended 31 January 2025 16. MOVEMENT IN FUNDS- continued Sutton Fund The purpose of this fund 15 to raise money f or the restoration of AIA Terrier Class 0-6T locornotive "Sutton" number 32650 which was brought to the Spa Valley Railway during 2004 by its owners, the London Borough of Sutton, for determination of work necessary for its restoration. If the locomotive is repaired by the Railway it will have a 10 year operating agreement with the Council. The restoration work has progressèd slowly in recent years but is expected to be completed in the next few years subject to the availability of volunteer manpower. 1317 Fund The purpose of this fund is to raise money for the restoration of Oxted DEMU unit number 1317 centre coach. Unit 1317 was Sold to the charity at a notional cost of £100 + VAT by its previou5 owners Porterbrook Leasing Company Limited. Unit 1317 was one of the two units which ran on the last day of service on the line - 6 July 1985. The centre coach of this unit has subsequently been donated to the charity by its previous Dwners, The Hampshire and Sussex Preservation Society. This coach was restored externally away from the railway and returned to the Spa Valley Railway in 2008. Internal restoration has now commenced with the hope that it will be returned to service as complete 3-car unit. J94 Fund J94 Cla55 locomotive number 68077 was previously owned by the Keighley & Worth Valley Railway but has now been purchased by a group of Society members. It is undergoing restoration by the Society back to full working order. The project is ongoing and likely to take several years to complete. Carrlage & Wagon Maintenance Fund (formerly Kate Appeal Fund) Following the conclusion of all work on the bar car Kate, the fund has reverted back to the Carriage & Wagon Maintenance Fund with the balance to be used to renovate a Kitchen Car for dining trains. Class 12 Fund The Bulleid Class 12 0-6-0 diesel shunter has effectively been withdrawn from service following the August 2013 Diesel Gala as it is awaiting a major overhaul. Class 10 Fund Following its return to Sewi in 2014, this fund remained to cover future maintenance costs involved in operating the locomotive. Now that this locomotive has been sold, this fund is being wound down and monies attributed to the owners will be returned. Topham Fund 'Topham' 15 a W G Bagnall 0-6-0 industrial steam locomotive that was previously owned by the North Downs Steam Railway and Is now a society asset. It is awaiting a major overhaul and funds are being sought to enable the restoration of this unique locomotive to commence. Page 21 continued...
The Tunbridge We115 & Eridge Railway Preservation Society Limited Notes to the Financial Statements- continued for the Year Ended 31 January 2025 16. MOVEMENT IN FUNDS- continued Groombridge Signalling Fund This fund was created to raise money towards the installation of signalling at Groombridge to facilitate two-train operation. This continues to aid the benefit of thè Operations Department for the enhancement of operational flexibility and capacity of the railway to run more trains and particularly driver experience courses on operating days thus continuing the increase in train operation revenue. The work has already delivered two train passing and third train shuttle recessing capability that has generated additional revenue as above but requires f urther work for finalisation of the programme. Landslip Appeal Fund During the hea rainfall in November 2012, the railway suffered a major landslip on the embankrnent on the High Rocks side of the A26 bridge. This has resulted in the running line being slewed across to the second track of the double-track formation. Ground investigation works have taken place, with a good collaborative working relationship between the Railway's Consultant Civil Engineer and a dedicated Project Manager. This provided valuable data about the earthworks, which aid5 understanding for designing/suggesting a full package of restorative works. We currently monitor the water levels in the embankment via borehole5 installed during the ground investigations, thi5 15 crucial to the operation of the Railway. The Railway now needs to fund the corrective work51 Possibly using a Civil Engineering company due to the workload on our current volunteer workforce. This isn't going to be cheap and costs have spiralled in recent years. We estimate that it's going to cost in the region of £340,000 work will include, South side clearance, South side toe drainage, North side clearance, North side toe drainage, North side bank work, Track reinstatement, South side bank work plus any ancillary works. The Society want to continue supporting Wealden in this crucial package of i nfrastructure works. Class 09 Fund During 2016 year Govia Thameslink Railway donated its Class 09 shunter 09026 to the Society. It wa5 serviceable for a short period during 2016 before being withdrawn for a major reconstruction and overhaul. The costs involved in getting the locornotive to the railway and it5 ongoinB reconstruction and overhaul are being capitalised with the routine maintenance costs incurred during its short period in service being charged to this f und. These costs will be covered by income from a running agreement with the Wealden Railway Company Limited once the overhaul is completed and the locornotive is back in service. Dining Train Fund Our joint ambition with Wealden Railway Company Limited is for a dedicated dining train, rather than using seats on our regular service trains. This vision is slowly coming into focus with the arrival of Mark I coach number 3131 from an external overhaul, and now awaiting its turn in the Carriage and Wagon workshops. Further funds are needed for conversion of a coach into a kitchen coach, and po55ibly the acquisition of another coach. Page 22 continued...
The Tunbridge Wells & Eridge Railway Preservation Society Limited Notes to the Financial Statements- continued for the Year Ended 31 January 2025 16. MOVEMENT IN FUNDS- continued Jlnty Fund In April 2019 the society purchased Jinty steam locomotive 47493 which has been based on the line for a significant time. The society's trading subsidiary also acquired a maintenance fund to be used towards the overhaul in order to obtain a ten year ticket for the locomotive to operate. Following the Sale of the 'North Down5 locomotive, the trustees of the North Downs fund agreed that the balance of the fund be put towards the newjinty Fund, The Jinty Fund balance currently shows the fund5 raised less fund raising expenses incurred. It does not show the £125,667 loan repayments which have been paid out of the unrestricted general fund to date. The purpose of the Jinty Fund 15 to raise £130,000 for the capital cost and additional funds to cover cost of this fund raising. Any funds raised in excess of this will be used to create a future maintenance fund. At this stage i n the life of the fund and for simplicity, the Trustees have opted not to transfer these repayments until the full £130,000 is raised. The Society is responsible for meeting the monthly repayments, and the Jinty Fund will reimburse the general fund for these payments at a date to be determined by the Trustees, Eridge Two Fund Thi5 represent5 the grant of £20,000 received in the year ended 31 January 2023 from Govia Thameslink Railway, which had been allocated to the Eridge Fund. As these funds are for a future project to repair and improve the station canopy and the external appearance of the buildings on platforms 2/3 at Eridge station, a transfer was made in the previous year from the Eridge Fund to this new fund. Broom Lane Fund The purpose of the fund is to raise money for the works associated with the replacement of Broom Lane Bridge and associated enabling works. This fund is only for the project. If there's funds remaining at the end of the project, these an be transferred to a Civils Capital investment fund. 17. RELATED PARTY DISCLOSURES During the year, donations amounting to £66512024: £2,895) were received from trustees. Wealden Railway Company Limited Subsidiary 2025 2024 Amount due to related party at the balance sheet date 110,517) 17,0921 No interest is charged on loans between group companies. During the year, grants were paid to Wealden Railway Company Limited amounting to £nil 12024: £5001. In addition, no amounts12024: E16,0001 was returned by Wealden Railway Company Limited from grants previously paid. Page 23 continued...
The Tunbridge Wells & Eridge Railway Preservation Society Limited Notes to the Financial Statements- continued for the Year Ended 31 January 2025 18. ULTIMATE CONTROLLING PARTY The company is controlled equally by the Trustees. 19. MEMBERS, LIABILITY The charity 15 a private company limited by guarantee and consequently doe5 not have share capital. Each of the rnembers is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. Page 24
The Tunbrldge Wells & Eridge Railway Preservatlon Society Limited Detailed Statement of Financial Activities for the Year Ended 31 January 2025 2025 2024 INCOME AND ENDOWMENTS Donations and legacles Appealsand donations Legacies Grants 42,155 35,884 44,410 57,844 500 78,039 102,754 Investment income Interest on cash deposit5 18,749 12,445 Charitable activities Subscriptions 12,416 13,546 other income Other income Grants returned 2,772 1,276 16,000 2,772 17,276 Total incoming resources 111,976 146,021 EXPENDITURE Raising donation5 and legacies Fundraising costs 539 35 Charitable activities Grants and donation5 paid out TOM owner5 group running fee5 Impairment of investment 10,711 18,709 38,008 140,0001 (29,2891 56,717 Support cost5 Management Light and heat Postage and stationery Carried forward 205 4,049 4,254 3,898 3,898 This page does not form part of the statutory financial statements Page 25
The Tunbrldge Wells & Eridge Railway Preservatlon 5oclety Limited Detailed Statement of Flnanclal Actlvltles for the Year Ended 31 January 2025 2025 2024 Management Brought forward Advertising Sundries Computer costs Accountancy Bookkeeping Legal fees 4,254 2,060 364 2,256 6,355 3,352 790 3,898 1,590 54 1,731 5,950 2,845 4,633 19,431 20,701 Flnance Bank charges 428 453 Information technology Repairs and renewals 194 Other Establishment costs Plant and machinery Computer equipment 8,523 6,049 1,226 8,829 5,674 1,226 15,798 15,729 Total resources expended 7,101 93,635 Net income 104,875 52,386 Thi5 page does not form part of the statutory financial statements Page 26