Charfty number: 1088462 ROTHER VALLEY RAILWAY HERITAGE TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
ROTHER VALLEY RAILWAY HERITAGE TRUST cowrENTS Page Reforonco and Administrativo Dotsils of the Charity, its Trustoos and Advi50r8 Trustges. Report Independent Audltorfs Report on tho Flnan¢lal Statements Consolldated Statement of Flnanclal Actlvttles 10 Consolldated Balance Sheet 11 Charlty Balance Sheet Notes to thè Financial Statomgnts 12 13-29
ROTHER VALLEY RAILWAY HERITAGE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022 Trusl•es Mr Gardner Crawley BS¢lEng1 FICE Ichairman Mr David Fehon FCA Mr Michael Hart OBE Mr Graham Peters 8Sc DL ISigned 7 February 2022) Mr Richard Broyd OBE Mr DavKI Keay CEng, FIMechE, FI Mr David Slack FRICS, FIAgrM. MRAC, BEM Dr Stephen Murfrtt LLB, LLM, PhD (appointed 16 May 20221 Charty rogistar nuMr 1088452 Prlncipal office Robertsbridge Junction Station Station Road Rgbertsbridge East Suss8X TN32 50G Independent audltor Crtrue U.K. LLP Riverside House 40- 48 High Street Maidstone Kent ME14 1JH Bankers CAF 88nk Ltd 25 Kings Hill Avenue Kings Hill Wesl Malling Kent ME19 4JQ Page 1
ROTHER VALLEY RAILWAY HERITAGE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustee¥ present their annual report together wi(h the audited financial stslements of the Charity for the year 1 January 2022 10 31 December 2022. The TrusleeB confirm that the Annual report and financh218latement5 of the charity and the group ¢ompty with the current statutory requirements. the r4uirem8nl$ of the charity and the group's governing document and the provisions of the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities" issued in 2015. Obj9Ctlves and artlvhles . Pollclos and obiectives The objects of the charity are to preserve foi the benefrt of the public of Kent and East Sussex and of the nation the historical. architectural and conslruclional heritsge that may exist in and around Kent and East Sussex in buildings lincludin9 any building a5 defined in section 336 of the Town and Country Planning Act 19901 or slructurgs of particular beauty or historical, archriectural or conslTUrtional interest. Rother Valley Ra1Y Limited a majorrty owne<l sub$vJiary of the charty continues to act on the reconstruction of the Kent & East Sussex RaiKvay from Bodiam to Robertsbridge in E8St Sussex lo pre8eNe the heritage of the historic raiaY. The chaiity makes grants to achieve these objectives. In setting objectives 8nd planning for activities, the Trustees have gNen due consideration lo general guidan published by the Charty CommissKJn reL8ling lo Publ benefit, including the guidance 'PUbl benefit.. running charity IPB2)'. Achlevements and performan a. Rgvl¢w ol aGtlvltles In preparing a review of the actThiitie$ for the year, the Trustees have referred to the guidance contained in the Charity Commis$ion'$ g8neral guidance on public benefft when reviewing the Chartys aims and obie¢lives and in planning future activities. During the year. the charity gave grants lotalllng £385.000 lo its 8ubsldiary in accordance wlth Ils oblectlves. These grants enablad the conlinu*ion of the resloralion of the historic tTaGkbed betsveen Jundion Road and Robertsbridge Slalion. In addition, furthor grants wore mad8 for the costs of refurbi$hmenl of thg turntsble al Hither Green MPD, rjonated lo the Twsl, for in$lall81ion and reuse at Robertsbrtdge Junction Station, for the costs ol fabricating a new boiler for Manning Wardle steam locomotive "Charwef(on" and for the purchase of additional Shares in the 4253 Locomotive Ccmpany Ltd, 8 Steam locomotive for eventual use on the completed railway. b. Golng con¢•m After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources lo eonlinue in operallonal exlslence for the fore88eable future. For this reason they continue lo adcpt the going concom basis in preparing the financial statements. Further details regarding the adoption of the going concem basis can be found in the Accounting Policies. Page 2
ROTHER VALLEY RAILWAY HERITAGE TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Achievements and perfomlance Icontinuedl c. Publlc beneflt Th8 Trustees consider that the charills objectives are for the public benefit and that its activitie5. achievements ant6 pèrfom)ance art eonsistenl wrth ils objectives. To achi8ve its oliectwe8 the charity'.- me$ donations for the acquisition, preservion and restoratn of loccmolives, rolling stock and other i(ern$ of hi$toriul, operional, educational and 98n8ral inter85t,' ' maintain8, improves and develops the raithy and the land. works and buildings relating thereto.. enGourages and promotes the interest, $upport and participatKn of young people in the rai, and maintains a public museum of objects of interest in the history of th8 raiKvay. d. Fundralslng regulatlon Rolher Valley Rallway Herltage Trust complles wlth sector st practice. No complalnts were received with regards lo fvndraising throughout the course of the year and no professional fundraisers or commercial partners conducted fundraising as charity represgnlalives. The board of trustees monrtOTS and manages its fvndraising regubtion and complignce which are discussad at board maètings. Donations received come from a variety of donots. with the maiorily coming from two main supporterg of the charty. The Trustees regard f(s relationship with donors as highty important and il looks to fetain th8 SUPPOrt ol ils donors for many al$ lo come. Trustees are ¢¢)nllnuing to look for further donor8 and will be implementiNJ new poIleS to help aod Ulè progression of the Tesloration project. Flnanclal rovlew a. ReseNes pollcy and future developments The Trustees re9ulady rleW the reserves poSitn of the charity and wli l only carry out projects if the necessary reserves are available. The total expend(tUTe anticipated for the reconstruction of the remaining unrebuilt section of the TalaY 1$ £6M and the charity continues to se8k funding to enable this work lo be compl818d. The charty's free fftseNes as al 31 December 2022 were £353.673 (2021 - £641,0061, the free researves being defined by the Charty Commi88ion a8 unrestricted reserves 1888 the fixed asse18 needed to undertake the objectives of the chaTty. On the 9th May 2023, the D8partment for Transport granted the application by the Rothar Valley Ra1Y Lt¢J for Transport & Works Act Order which gives the necessary powers to complete the reconstruction of the rai between Bodiam and Robertsbridge in Ea8t Sussex. Page 3
ROTHER VALLEY RAILWAY HERITAGE TRUST TRUSTEES, REPORT ICONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2022 Stru¢turo, gov•man¢• and managom•nl a. ¢onstltutlon The charity is an uninc¢)rporaled association registered with the Charity Commission and constituted under a Trust Deed dated 17 January 2001.lts objects and powers are set out therein. b, Mothod of appointment or eloction of Tte08 The management of the Charty and the group is th8 re5ponsibilily of the frustees who are akgcled and co-OPt8d under the terms of the Trust deed. c. Charlty governan codè The Trustees have taken note of the new Charity Govemance Code. The Trustees have attended seminar8 in the year and are now implenting policies to comply with the Code. d. Rlsk managom•nt The Trustees have given consK4eration to the major risks to which the Trust is exposed, and have considered the systems designed lo miligale exposL¢re to these risks, in particular gUlar Trustee's meetings wlh a Careful review of the TrusV¥ funding and available resources lo ensure surricienl monies gre hekl lo meet and manage the Trust's costs and current and Ongn9 conYn(tments. Statement of Trustees. rnsponslbllities The Trustees are responsib for preparing the Trustees, Report and the financi81 statements in 8ccordance with applicable law and Uniknj lfjn9dom AoUntIng Slgndards (United Kingdom Gèneralty A¢pted Accounting Practical. The 18w applicable lo charities in Engbnd & Wale$ requires the Trustees to prepare financk81 stslements for each financial year which gwe a twe and fair view of the state of affairs of the Group and the Charity and of their ncoming resources and applicatn of re80urces. including thèir incom8 and expenditure. for that period. In preparing these financial slalemenls, thg Trustees are required lo.. S818Ct Suitab accounting policies and then apply them con8islently. observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting esllmales that are reasonable and prudent., slate whethèr applieable UK Accounting Standards IFRS 1021 have been followed. subl8Ct lo any materlal departures disclosed and explained in the financial slalemenls., pr8par8 the financial 3lateTnents on the going corKem basis unless il is inapproprk4te to piesume that the Group will continue in business. The Trustees are responsible for keeping adequate attounllng records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable ac¢ura¢y at any time the financi81 posilKin of the Group and the Charity and enabl& them to ensure that the financiol slalemenls comply wth the Charitie9 Act 2011, the Charty (Accounts and Reports) Regulations 2008 and the provIsnS of the Trust deed. They are also responsiblg for safeguarding the assets of the GTOUP and the Charty and hence for taking reasonab $lep5 for the provention and dataction of fraud and other irregulari(ies. Page4
ROTHER VALLEY RAILWAY HERITAGE TRUST TRUSTEES. RepoRT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Appr order ol the bers of th# board Of and signed on thalr b¢haM by.. TNstees on Mr Dav CA Page 5
ROTHER VALLEY RAILWAY HERITAGE TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ROTHER VALLEY RAILWAY HERITAGE TRUST Oplnlon We have audited the financial slalemenls of Rother Valley RaiaY Heritsge Trust (the 'parent charity'l and its subsidiarh?s Ilhe 'group'l for the year ended 31 December 2022 which comprise the Consolidated Statement of Financial Activities. the Consolidalgd Balance Sheet, the Charity Balan¢e Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of Snificant accounb'ng policies. The financial reporting framework that has been applied in their preparation is applicable Lgw and Unf(ed Kingdom Accounting Standards, including Financial Rewrting Standard 102 'The Financial Reporting Standard applicable in the UK and R8public of Iraland, Iuntted Kingdom Generally Accepted AG¢ountin9 Practi¢e). In our opinion the financial slatgm8nls'. give a true and fair view of the Stale of the Group's and of the parent chantys affairs as a131 December 2022 and of the Group's incoming resources and applicatKJn of resources. includiro its incom8 and expenditure for the yaar then ended., have been property prepared in acLordance with United Kingdom Generally Accepted Awounting Practice,. and have been prepared in a1rdance wf(h requiremènts of the Charf(ie$ Act 2011. Basls for oplnlon We conduGted our audi( in accordance wth International Standards on Auditing IUKI IISAS {UKI} and applicable law. Our SPOnSIbl11119s und8r thos8 standards are further describ8d in th8 Auditor's responsibilities for th8 audit of the financial statements $ectir>n of our report. We are independent of the GTtsUP in accordance wrth the ethical requirements that are relevant lo our audit of the finan¢k?I stslements in the United Kingdom, including the Financial Reporting Council's Ethical Stsndard, and we have fUllEed our other ethical responsibilities in accordance wrth these requirements. We belhwe th81 the audit evidence we have obtained Is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to going ¢onc•rn In auditing the finanei818tstements, we have conduded that the Trustees, use of the going concern basis of ?oUnts"n9 in the preparati)n of the financlal statements is appropriate. Based on th8 work we have performed. we have not identified any malerial uncertainlTes rt181ing lo events or cond((ions that, indivKlually OT collectively, may cast significant doubt on the Group's or the parent chartys abillty to continue as 8 goirKJ concern for a period of al least months from when the financial ststements are authoris&d for i8sue. Our re5ponsibilit5 and the responsibilthes of the Trustees with respect to going concern are descriked in the relgvant sections of this report. Page 6
ROTHER VALLEY RAILWAY HERrrAGE TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ROTHER VALLEY RAILWAY HERITAGE TRUST ICONTINUEDI Oth•r Information The other infomiation comprises the information inGluded in the Annual Rèport other than the financial 61atemenls and our Audilols Report thereon. The Truste8s are responsible for the other inforrnation contain within the Annual Report. Our opinion on the financial statements does not eT the other information and, except lo the extent othervrise explicrtty stal8d in our report. we do not express any fomi of assurance conclusK*n thereon. Our re8pon85bllhy is to re8d the olh8r information and, in doing 80. Gonsider whether the other inlomi8lign 1$ molerially inGonsistenl with thè financial $18lemenls or our knowlgdgg obtainad in th8 courso of the audit, or otherwise appears to be materially misstated. If we iolenlify such material inconsi$lencie$ or apparent material misslalemenls, we aro required to delernine whelh8r this gives rise lo a material misstatement in the financial statements themsefves. If, ba$8d on the work we have performed, we tonelude that there is a material misslalemenl of this other inf0mtion, we are required to report th8t f8Ct. We have nothing lo report in this regard. Matters on whlch wo ar8 rgquirnd to roport by 8xc•ption We have nothing to report in respeGt of the foll0vn9 matters where the Chariti88 {Accounts and Report8) Regulation8 2008 requires us lo report lo you rf, in our opinion.. the informatK)n giv¥n in the TTu$lo9$' RgPQrt is inconsistent in any materi81 respect with the financial sl8tement8', or the parent Charty has not kept sufficient accounting records,. or the parent Charity financial slalements are not in agreement with the accounting ffjcords and relums.. or we have not recewed all thg infomiotion and expl8nalion$ we require for our audlt. Rosponsibilltle5 of trustee8 As explainod more fully in the Trustees, Responsibilities Slal8menl. the Trusloes aro r8spon$ibl& for the preparation of the financial $latem8nls which give a true and fair view. and for such intemal control as the Trustees determine is necessary to enable the preparation of financial slatements that are free from material misslalement, whether due lo fraud or error. In preparing the financial stalemenls, the Trustees are responsible for assessing the Group's and the parent chariws abilty to ntinUe as a going concern, disclosing. as applicable, matters rglated lo going concem and using the going ¢on¢am basis of accounting unless the Trustees either intend lo liquidate the Group or the parent charity or lo cease operations, or have no realisti¢ allernalive bul to do so. Page 7
ROTHER VALLEY PAILWAY HERITAGE TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ROTHER VALLEY RAILWAY HERITAGE TRUST {CONTINUEDI Audito$ rgsponsibilitlas for the audit of the financial stat•ments We have been appointed as audrtor under section 152 of the Charkies Act 2011 and report In accordance wh th8 Act and relevant regulation8 made or having effect Ihereunder. Our obje¢lives are to obtsin reasonable assurance about whether the financial slalomenls as a whole are free from material misstatem8nt. wh8lh8r due to fraud or error, and lo issue an Audrtovs Report that includes our opinK)n. Reasonab assurance is a high level of assurance. bul is not a guarantee that an aud eondueted In accordance w((h ISAS IUKI will always delect a material mis¥talemenl when il exists. Misslalemenl$ Can arise from fraud or error and are considered material if, individually or in the aggregate, they coukl reasonably be expected to influence the economic decisions of users tsken on the basis of these financial ststements. Irregulanties, including fraud, are instances of norKompli8nce wrth laws and regulations. We design procedures in line th our responsibilitie$, oudined Bbove, to detect material misstatements in respect of irregularities, Includin9 fraLS. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed bek)w'. We obtained an understsnding of the legal and regulatory framewort<s within vthich the charitable company operates, fc¢u$ing on those laws and ragulations that have a direct effect on the delerminalion of materkal amounts and disclosures in the financial statements. The laws and regulations we considered in this context werethe SORP 2015. We identTfied the greatest fisk of maleTi81 impact on the financial statements from irregularities. including fTaLJ. to bè the override of conlrots by management. Our audit procedures to respond to these risks included.. enquiry of management about the Group'8 policie8. procedures and related controls regarding compliance with laws and regulalk)ns and if Ihare are any known instances of non-¢oMplnee', examining supporting document$ for all material balanc8S. transactions and disclosures; onquiry of management and review and inspection of relevant corresponden., gvalualion of the selection and applie81ion of 8eeounting policies related to subjectNe measuremenlg and CoMpX transactions., analytical procedures lo identify any unusual or unexpected relationships., testing Ihe appropriateness ofjournal entrio$ recordgd in the general led9er and other adjuslmgn15 madg in the preparation of the financial statements," and rgview of accounting estimate5 for biases. Owng lo the inherent limitations of an audit, there is an unaVoidae risk that we may not have detected some material misstslements in the financial statement5, even though we have property planned and performed our audit in accordance with audrting standards. We are not responsiblg for prevenb'ng non<ompliance and canMI bg expocted to deted nOrQMplI?nGe wi(h all laws and reguL9tions. These inherent limtslions are parti¢ularfy sKJnrfi¢anl in the case of mlsslatemenl resulting from fraud as this may Involve S¢)phisticaled schemes designed to avoid deleclion, including deliberate failure lo record Iransadions. Ilusion or the provision of intents'on81 misrepresentations. A furthor description of our responsibilitiès for the audit of the financk41 $ts18m•nts 1$ lo¢al8d on the Financkil Reporting Council's wabsrte al.. VhVW.frc.or -uklauditorsrey ¢)n8ith'litie$. This description forms part of our Audilorfs Report. Page 8
ROTHER VALLEY RAILWAY HERITAGE TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ROTHER VALLEY RAILWAY HERITAGE TRUST ICONTINUEDI Us• of our report This rgport is made solety to the ¢haritVs trustees, as a body, in accordance with Part 4 of the Charilk8s {Ac¢ounls and Reportsl Regulations 2008. Our audit work has been undertaken so that we might state to the charitls trustee5 those matters we are required to slate lo them in an Audf(orf$ Report and for no other purpose. To the fullest exienl pemiitted by law, we do not 8ccepl or assume responsibility lo anyone other than the charty and ils trustees, as a body, for our audf( work. for thi8 report, oi for the opinion8 we have formed. Crowe U.K LLP 18n Wed(e8 Riverside House 40- 46 High Street Maidstone Kent ME14 1JH Date.. I l October 2023 Crowe U.K. LLP are elKJible to act as audrtors in lenns of section 1212 of the Companies Act 2006. Page 9
ROTHER VALLEY RAILWAY HERITAGE TRUST CONSOUDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestrl¢ted frjnds 2022 R•stri¢ted funds 2022 Total funds 2022 Tot funds 2021 Notfr Income from: DonatiDns and legacie$ Other trnding activities Investrnents 11,064 10,650 1,306 17.304 10,660 1,306 932.460 7.440 43 Tol•l Income 21910 6.2SO 29.160 939.943 Expendlture on: Charitable activrti 33.828 112.488 146.316 128,307 Total expendlture 33,828 112,488 146,316 128.307 Net movement In funds 110,918) 110S,2381 {117,1561 811.636 Reconclllatlon of fund8: Total funds brought forward Net expenditure attributable to the parent charty 5.044,906 106,590 5,151,496 4,339,860 110,993 1106,2381 811, 669 6,033,913 362 5,034265 5,151,529 Nel incrxne attributsble lo non- controlling intere818 75 75 f33) Total funds carriod forward 5.033.988 352 5.034.340 5, 151. 496 The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 1310 29 fom part of thes8 financial stat8m8nty. Page 10
ROTHER VALLEY LwAy HERITAGE TRUST CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2027 Nots Fixed A••ets Tangible a¥sets Invéstmants 4,872,131 13,2BO 4.388,524 4,685,381 4.390.524 Current aB•ets Debtors Cash at b8hk and in hand 12 30,209 328,018 407.269 363, 136 358,227 770,405 Credf(¢rs' amunls 1811in9 due within one yèar 13 19,2681 (9.433) Net Currènt as$ets 348,959 760,972 Total 188ets less current Ilabi1Stl•s 5,034,340 5,151.496 Net ass•ts excludlno pension a¥get S,034,340 5, 151,496 Total net ai¥•t¥ 5,034.340 5, 151,496 Charlty fvnd• Restricted funds 352 106,59Q Unre51ricted fund5 5,033,742 5,044, 735 Total lundB 8,034,094 4151,325 Non-controlling intere•ts 171 5,034.340 5, 151.496 The slalements were app •d and authori$d for 1S6U? by th• Tiu$t•es on io J•23 and signed on th•ir b•haW by. MrDa ¢lton FCA The nol¢$ on p8905 13 to 29 form part ofthe$e financi•l stslmnl$. Page 11
ROTHER VALLEY FIAILWAY HERITAGE TRUST CHARITY BALANCE SHEET AS AT 31 DECEMBER 2022 2021 2031 Note Fixed a$$•t• Tangible 8asets Investmgnts 10 441,774 37.7 441, 774 37. 749 11 479,623 479.523 Curr•nl 0•sets Debtors C8sh et bonk and in hend 12 362,308 353,239 321.976 321.97e 715.547 Creditors: amunts falling dvè wlthln one y•ar 13 15,700) (5. 700) Not current 458ets 316,276 709.847 Totsl assèts le8¥ ¢urrent liabilitie8 793,799 1, 189.370 118ets exGludlnq p•n$ion Asset 795,799 1, 189.570 Total net as8et• 795,799 1. 189.370 Charlty lund¥ Reslrlcted lund$ Unrgstri¢tef1 lund5 15 15 352 795,447 tO8,590 Y.082, 780 Total fund• 795,799 1, 189,370 The st&tements were trpp v8d and aulhori5ed lor issue by the Trustees on and signed on Iholr b*half by. .10.13 MrD Felton FCA The not•$ on pag•s 13 to 29 form part of the¥e fmanciel slat8menl¥. Page 12
ROTHER VALLEY RAILWAY HERAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Ggngral Inforniatlon The principal activty of the charity during the year was to preserve for the benerrt of the public of Kenl and East Sussex and of the nation the historical, architectural and constructional heritage that may exist in and around Kent and East Sussex in buildings or slructur89 of particular bealtty or historical. architectural or constructional interest. The chanty is an unin¢ofporated ch8rily 1¢h 18 registered in England and Wales 110884521. The address of the registered office is.. Robertsbridge Junction Station Station Road Robertsbridge East Sussex TN32 5DG Ac¢ountlng pollcles 2.1 Basis of preparatlon of financial ststements The financial Slalemenl$ have been prepared in accordanee with the Charities SORP IFRS 102} Accounting and Reporting by Charities-. Statement of Recommended Practi applible lo charities pParIng their accounts in accord8nce wilh the Financial Reporting Sland8rd applicable in the UK and Republic of Ireland IFRS 102 Section IA small enliliesl leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102} and the Chartties Act 2011. Rolher Valley RaiaY Herrtage Trust constitutes a public benefit entity as defined by FRS 102. A8sels and liabilities are initially recognised at historical cost or transaction value unless othemise stsled in ihe relevant accounting policy. The Statement of Financial Activities ISOFAI and Balance Sheet consolidate the financial statements of the charity and (ts subsidiary undertaking. The results of the subsidiary are consolidated on a line by line b*$i$. No separate SOFA has been presenl8d for the ch8rTty alone as pgmirtted by Charities SORP IFRS 1021. The n61 income and expenditure account for the year dealt wlh in the accounts of the charity was a deficit Of £393.57112021 surplus of £81,494} After making appropriate enquiries, the Iru8tee8 have a reasonable expectation that the charity has adequate r&sources ID continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concem basis in prepanng the financial statements. 2.2 B481s of consolidatlon Th8 financial $tatem8nts consolidate the accounts of Rother Valley Raiw Herilage Trust and all of it$ $ubsidiary undertaking. Thg $It5 of the subsidiary are eonsolidated on a line by line basis. Page13
ROTHER VALLEY RAILWAY HERITAGE TrUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policies {continuodl 2.3 Income All income is recognised once the charily has enlttlement lo Ihe income, il is probable that the income will be received and the amount gf income weivable can be measured reliably. For legacies, entitlement is taken as th& Qarfier of the date on which erf(her.' the charity is aware that probate has been granted, the estate has been finalised and nolrfication has been made by the execulorlsl to the Trljst that a distributKJn will be made, or when a dislributton is received fiom the estate. Receipt of a legacy, in whole or in part. is only considered probable when the amount Can be measured reliably and the charty has been nQtrfd of the execulols intention lo make a distribution. Where legacies have bggn notrfigd to the charity, or tha ¢hanty 15 awarg of the granting of probate, and the criteria for income recognition have not been mel, then the legacy is Irealed as a conlingenl 888el and dlsdosès rf material. Income lax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donalion. Income tax recoverable in relation to investment income is re¢ogni$ed at the lime the investment income 1$ re¢ewable. 2.4 ExndItur• Expenditure is recognised on¢e there is a legal or constructive obligation to transfer gconomic benefit lo a third paty. rt is probabl8 thal a transf8r of aconomic benelrts will b8 required in settlement and the amount of the obligation can be measured reliabty. Expenditu is classrfied by aclivty. The ¢osls of each activity are made up of the total of direct costs and shared costs, including support costs invofved in undertaking each activrty. Direct costs attributable to a single aclimly are allOted directly lo that a¢tivity. Shared $1$ which contribute to more than one activty and support ¢osls which are not altributable lo a single 8divty are apportioned btheen those activities on a basis consistent with the use of resources. Central stsff costs 8re 811ocated on the basis of lime spent, and deprèciation harges allOted on the portion of the 88set'8 use. Support costs are those costs in¢urrod dirgrtly in 5UPPQrt of oxp8ndilurg on the objects of the charity. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional. such grants being recognised as expenditure when the conditions attaching are fvffilled. Grants offered subject to conditions which have not baen mel at the year end are noted as a ccnmilment. bLrt not accrued as expgndrturg. All expenditure is inclusive of ir0Verable VAT. Charitable activrtie$ and Governance are costs in¢urred on the charills educational operations, including support costs and costs relating lo the govemanGe of the charity apportioned to charitable actiwties. 2.5 Inter•st rnceivable Interest on funds held on deposit is in¢lutJed when receivable and the amount can be measured reliably by the Group,. thi8 is nomially upon notffication of the interest paid or pay8ble by the ingtilutic) whom the funds are deposrted. Page 14
ROTHER VALLEY RAILWAY HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 A¢¢oyntlng policlos lcontinuodl 2.6 Tanglble fixed a88ets and depr9clatlon Tangible ffix asset$ costing £50 or more are capitalised. A review for impairment of a fixed asset 1$ rrIed out ff evenl$ or ¢hanges in ¢ir¢umslanco$ indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls beeen the caryir value of fixed assèts and their recoverable amounts are recogni8ed as impairments. Impairmnt losses are rewJnised in the Statement of Flnancial Activth'es. Tangible fixed assets are carried al ¢osl, nat of d8preciation and any provision for iryairment. Depreeiation Is provided 81 rates calculated lo write off the cost of fixed assets, le88 their estimated residual value, over their expeded useful live8 on the following bases-. Permanent way Buildings and Structures Land Fixtures and fittings Equipment Rolling stock straight line 100kn straight line No depreciation 20% straight line 25 straight line 5W10% slr8ight line 2.7 Investments Investments are slated at market value at the balance sheet date. The Statement of financial activf(ies includes the net gains and losses arising on revauations and disposals throughout the year. Investments in subsidiaries are valued at cost less provisKJn for impairment. 2.8 D•btorn Trade and other dèbtors are fecognised al the 8ettlemenl amount after any trade discount offer. Prepayments are valued al the amount prepaid nel of any trade discounts due. 2.9 Cash at bank and In hand Cash al bank and in h#nd includes cash and short-lerm highty liquid investments with 8 short maturty of thrge months or less from the dale of acquisition or opening of the deposit or similar account. 2.10 Liabiliti05 and provisions Liabilit$ are recognised when there 18 an obllgation at the Balance Sheet dale 88 a re8ull of 8 past evenl, il is probable that a transfer of economic benefit will be required in settlement, and the arfKJunl of Ihe settlement can be estimatgd reliably. Liabilit are recognised at the amount that the charity anticipates (( wll pay to Sett the debt or the amount rt has recewed as advanced payments for the goods or setvlces il musl provide. Provisions are measured al the best ests'mate of the amounts required to sellle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, diswunled al the pr&tax discount rate that reflects the risk5 specific to the liabil. The unwinding of tha discount 19 recognised within interest payable and similar charges. Page 15
ROTHER VALLEY RAILWAY HERITAGE TRUST NOTES TO THe FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Ac¢ountlng poli¢i•s l¢ontinu8dl 2.11 Flnanclal Instruments The Group only has financial assets and financial liabili(ies of a kind that qualify as bas financi81 instruments. Basic financial instruments are initially recognised at transodion value and subsequently rneasud al their settlement value wlh the exceptn of bank loans which are subsequanl measurèd at amortised cost using the effective interest method. 2.12 Fund accountlng General funds are unrestricted funds which are available for use al the discretion of the Trustee5 in furtherance of the general objectives of the Group and whi¢h have not bgen dgsignatad for oth&r purposes. Restricted funds are funds which are lo be use(1 in acc8n wtth specAfic restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raisirwJ and odminislering such funds are charged against the speciffc fund. The aim and use of each restricted fund 15 set out in the note5 to the financial Statements. Investment income, gains and losses are allocated to the appropriate fund. 2.13 Crltlcal accountlng 68tlmate8 and ar•a8 of Judgmènt Estimates and judgments arg continually evaluated and are based on historical experience and other factors, including expectation$ of future gvents that are beli8vad lo be reasonabl8 under th8 circumstances. Critical accounting estimates and as8umplions: Tang&)le fixed ass&ls.' the directors annualty ass$ both the residual value of these assets and thg ewecled useful life of such assets based on experien¢8. Page 16
ROTHER VALLEY KAILWAY HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 In¢om• from donatlons and l•ga¢i•s Unrestricted Restricted funds funds 2022 2022 Totsl funds 2022 Donations 11,054 6,250 17,304 UnStnCte£l funds 2021 Restrided funds 2021 Tolal funds 2021 Donations 858, 182 74,278 932,460 Income from other trading activities Incomo from fundraising events Unrnstricted funds 2022 Total fund$ 2022 SGpp sales Rent reiVed 1,645 8,905 1.645 8.905 10,550 10.550 Unrestricted funds 2021 Total lunds 2021 Scrap sales Rent received 89 7,351 7,351 7,440 7,440 Pag817
ROTHER VALLEY RAILWAY HERrrAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Inv8slmont In¢omo Unrestrictsd fund$ 2022 Total funds 2022 Interest receivab 1,306 1.306 Unrestricted funds 2021 Total runds 2021 Interest receivable 43 43 Analysls of expendlture on charltable actEvlties Summary by fund type Unrestrfcted Restrfcled funds funds 2022 2022 Total 2022 Charitable adivili85 33,828 112.488 146,316 Unrestrict9d funds 2021 Restr7Cted funds 2021 Totgl 2021 Charitable activities 92,415 35,892 128,307 Pagg 18
ROTHER VALLEY RAILWAY HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Analysls of 8xpondlturo by a¢tlvltl Dlrect costs 2022 Support Costs 2022 Total funds 2022 Summary of expense type 121.235 25,081 146.316 Support costs 2021 Total funds 2021 costs 2021 Summary of expense type 110. 155 18, 152 128.307 Analysls of dlrttt costs Total lund$ 2022 Total fvnds 2021 Tools and general consumablos Rolling stock restoration Repairs and maintenance Diesel Depreciation Govemance costs 12.089 1, 138 2. 184 1. 109 1Q 100,014 5.700 1,275 15 101,826 5.550 Total 2022 121,235 110, 155 P48 19
ROTHER VALLEY RAILWAY HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Analy¥i$ of expenditure by actlvltles (¢ontinuedl Analysis of support costs Total funds 2022 Total funds 2021 R&nt Insurance Subsryiplion Legal & Professional Forestry & Gardening Electricity & H8aling Gas Telephone & Broadband Water Waste colledion Bank charges Hoalth & Safety Clganing & Janf(orial Website ¢harges Sundry expenses 6.072 5,081 260 803 6,082 3,469 792 5,001 5,027 260 13 1.097 1,760 711 170 1.036 169 15 93 374 1,665 350 898 339 175 244 2,277 Total 2022 25,081 18, 152 Audltorfs remuneration The aud((o¢s remunoralion amounts lo an audrtor fee of £5,55012021- £5,700). Trust•es' remuneration and expenses During the year, no Trustees rgceNgd any remungration or othgr benefts (2021- £NIL). During the year ended 31 December 2022. no Trustee expenses have been incurred (2021- £NILJ. Page 20
ROTHER VALLEY RAILWAY HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 10. Tanglble flx•d ass•ts Group Building Pgrnianont and way stNcturo3 Fixtures. fSttlngs and L•nd equipment Rolllng stock Total Cost or valuation Al 1 January 2022 Addrtions Disposals 4,180,860 160.634 127,454 441,774 133,794 167,986 13601 220.424 5.104.106 56,811 385.431 {3601 At 31 Docemb8r 2022 4,341,294 127,454 441,774 301.420 277.235 5A89.177 Depreclatlon At 1 January2022 Charge for the year On disposals 665.420 86.835 62.188 11.113 16,412 378 13601 a1.582 715.582 101.826 {3601 Al 31 December 2022 642.255 73,281 16,430 85.082 817.048 Net book value Al 31 De¢ember 2022 3,699,039 173 441,774 284,990 192,153 4,672,129 At 31 December 2021 3,625,240 6&286 441, 7T4 117,382 138.842 4,388,524 Charty Land Cost or valuatlon At 1 January 2022 441,774 At 31 December 2022 441,774 Net book value At 31 Dernber 2022 441.774 At 31 December 2021 441.774 Page21
ROTHER VALLEY RAILWAY HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 11. Flxgd a$$et Investmgnts Unll$tgd investments Group Cost or valuatlon At 1 January 2022 Additicfis 2,000 11,260 At 31 December 2022 13,250 Net b¢ok value At 31 Decènl)6r 2022 13.260 At 31 December 2021 Unlisted investments f8pf8senl Rolher ValW Railway Limrt&d's 53 ordinary 8hares {nominal value of £250 each) of The 4253 Locomglwe Co Limited. 45 of these shares were acquired in the year. This represenlg less than of the share capital. Charty Shares in group undertakings reprosent Rother Vallgy Hgrilag8 Twst's hold1J in Rothar Vallèy RaIaY mited. Trade inv8stm8nts ChaTIty Cost or valuation At 31 December 2022 37,749 Net bookvalue At 31 December 2022 37.749 At 31 Decemb&r2021 37,749 Pago 22
ROTHER VALLEY RAILWAY HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 12. Debtors Group 2022 Group 2021 Charlty 2022 Chaiity 2021 Due wlthln one year Other debtors Prepayments and accrued income 19.224 10.986 39.814 367,455 362,308 30.209 407,269 362,308 13. Credltors: Amounts falllng due withln on6 yoar Group 2022 Gmup 2021 Charity 2022 Chanty 2021 other creditors Accruals and deferred income 3.568 5.700 3,655 5, 778 5,700 5, TOO 9.268 9,433 6.700 5. 700 14. Flnancial Instruments Gi¢up 2022 Group 2021 Financial assets Financial asse15 measured al arrv)rti$trJ ¢ost 358,225 770.405 Gioup 2022 Group 2027 FlnancSal Ilabllltles Fin8nci8115ablle8 measured al am0Se cost {9,2681 (9,433) Financial a55et5 asUred al arnortised ¢osl comprise ¢a$h at bank and other debtors. Financial liabilf(ies measured al amortised cost comprise other creditors and accNals. Page 23
ROTHER VALLEY RAILWAY HERrrAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 16. Statement of funds Statemont of funds- ¢urrent year Balance at 1 January 2022 31 December 2022 Income Expendlture Unr•$tricted funds General Funds all funds Minoiily interest 5,044.735 171 22.835 76 133,828) 5,033.742 246 5,044,906 22,910 133,8281 5,033.988 RostriGt•d funds BP Tank Restoration Fund Charweknn Restoration Gazebo Fund TumlabL9 Fund Shares - 4253 Locomotive Company 352 41.630 92 64,616 352 141.530) (92) 164,8161 16.260) 6,250 106.590 6,250 1112,488} 352 Total of funds 5.151.496 29.160 (146.3161 5.034.340 Restricted funds are funds which have been given for a particular purpose or project. Thes$ funds have been 'ring fenced. for use in support of the aims of th8 respective fund. The charnVe0n Restoration Fund is monies for the rebuilding of a vintage 1917 Manning W8rdle 81eam Locomotive and grants were made during the year to further this cause. other funds are restricted in line with the purpose indicated in Ihg namg of the fund. Pagg 24
ROTHER VALLEY RAILWAY HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 15. Slatemenl of funds (conllnuedl Statement of funds - prlor year Balance al 37 D8cemb9f 2021 Balance at l January 202t Income Expenditure Unrostrlcted funds General Funds- al funds 4,271,656 865,665 f92.415} 5,044,906 R•stri¢ted funds BP Tank Restoration Fund Charwelton Restoration Gaz8bo Fund Tumtable Fund 352 50,030 92 17,730 352 41.530 92 64,616 18,500J 74,278 f27,392J 68,204 74,278 f35,892J 106.590 Total of fund$ 4,339,860 939,943 (128,307J 5,151,496 P&Jè 25
ROTHER VALLEY RAILWAY HERrrAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2022 16. Summary of funds Summary of funds - current year Balance at 31 December 2022 Balance at 1 January 2022 Income Expendmurè Gengral funds Restricted funds 6,1)44,906 106,690 22,91 6,250 133,828) 6.033.988 1112,488 362 5,151,496 29.160 1146.316) 5,034.340 Summary offunds- prloryear BalanGe 8t 31 December 2021 8818nce at 1 January 2021 Income Expenditure General lund$ Restricted fun(Is 4,271,656 68,204 86&665 74,278 (91415) 5,044,906 (35,892) 106,590 4,339,860 939,943 (128,307) 5, 151,496 Page 28
ROTHER VALLEY RAILWAY HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 17. Analysis of not assets bÉtW•on funds Anatysis of not ass•ts b•tw8en funds • curront year Unrnstrict•d R•ytrictod funds funds 2022 2022 Tot•1 funds 2022 Tangible fixed a88els Fixed asset investments Current assets Cre¢Jilors due wthin one year 4.672,131 13.250 357,875 19,268) 4,672.131 13.250 358.227 19,268) 352 Total 5,033,988 352 5.034.340 Analy$is of n•t a•1$ bgtw•*n funds . prior year Unrestricted funds 2021 R8sliTcfr8d funds 2021 Total funds 2021 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 4.388,524 4.388,524 663,815 (9,433) 106,590 770,405 (9,433) Totsl 5,044,906 106,590 5, 151,496 Page 27
ROTHER VALLEY RAILWAY HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 18. Capital MmItMents Group 2022 Group CharHy 2022 Charity 2021 Contracted for but not provided in these fin8n¢ial slalements 7.527 106,390 7,527 106,390 19. Related party transactlon8 During the year Rother Valley RaiaY Heritage Trust gav& grants to Rolher Valley Raihvay Limited lotalling £385,00012021 £792,500) in relation lo various ¢onslrucion projects on ieconslrudion of the Rother Valley RaIaY. As at 31 December 2022 £Nil 12021 - £NiD was owed to Rolher Valley Ra1Y Limited. During the year rent of £1 12021- £11 was paid by Rother Valley RaiaY Limlted lo Rolher Valley RaiaY Heritage Trust. During the year consultancy setvices of £Nil12021 - £19,240> were received from David Gillett Consulting Limited, a company of whKh D Gillett is a director of and was also a director of Rolher Valley RaiaY Limited. As al 31 December 2022 £Nil12021 - £Nil} was owed by Rother Valley RaiK¥ay Limited. D GIltt resigned as a director of Rother Valley RaiaY Limited on the 11th October 2021. The charity does not have any employees. Tho key management personnol arg considered to be tho trusta05 who recewe no remuneration. 20. Prfnclpal subsldlarles The folbwing was a subskliary undertaking of the Charity.. Name Company numbgr Reglstered offlce or prlnclpal Prlnclpal actlvlty place of busln9SS Rother Valley Railway Lim((ed 2613553 Robertsbrid9e Junction Stat)n Reconstruction of the Slalion Road Kent & East Sussex Robertsbridge Railway from Bodiam East Sussex lo Rob8rtsbridg8 in TN32 50G East Sussex H¢ldlng 990 Page 28
ROTHER VALLEY RAILWAY HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 20. Prlnclpal subsldlarles Icontlnuedl The financial results of the subsidiary lor the year wore.. Name In¢om• Exp•ndituro Profrtl{Los$l I Surplusl (Deflcltl for the year Net ass•ts Rolher Valley Railway Limited 137.582 (130,0801 7.602 11.960 Page 29