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 I￿Signed 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
nuM￿r
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 Ra1￿Y Limited a majorrty owne<l sub$vJiary of the charty continues to act on the reconstruction of
the Kent & East Sussex RaiKvay from Bodiam to Robertsbridge in E8St Sussex lo pre8eNe the heritage of the
historic rai￿aY.
The chaiity makes grants to achieve these objectives.
In setting objectives 8nd planning for activities, the Trustees have gNen due consideration lo general guidan
published by the Charty CommissKJn reL8ling lo Publ￿ benefit, including the guidance 'PUbl￿ benefit.. running
charity IPB2)'.
Achlevements and performan
a. Rgvl¢w ol aGtlvltles
In preparing a review of the actThiitie$ 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'.-
m*e$ donations for the acquisition, preserv*ion and restorat￿n of loccmolives, rolling stock and other i(ern$
of hi$toriul, oper*ional, educational and 98n8ral inter85t,'
' maintain8, improves and develops the raithy and the land. works and buildings relating thereto..
enGourages and promotes the interest, $upport and participatK*n of young people in the rai￿￿, and maintains
a public museum of objects of interest in the history of th8 raiKvay.
d. Fundralslng regulatlon
Rolher Valley Rallway Herltage Trust complles wlth sector ￿st practice. No complalnts were received with
regards lo fvndraising throughout the course of the year and no professional fundraisers or commercial partners
conducted fundraising as charity represgnlalives. The board of trustees monrtOTS and manages its fvndraising
regubtion and complignce which are discussad at board maètings.
Donations received come from a variety of donots. with the maiorily coming from two main supporterg of the
charty. The Trustees regard f(s relationship with donors as highty important and il looks to fetain th8 SUPPOrt ol
ils donors for many ￿al$ lo come.
Trustees are ¢¢)nllnuing to look for further donor8 and will be implementiNJ new poI￿leS to help aod Ulè
progression of the Tesloration project.
Flnanclal rovlew
a. ReseNes pollcy and future developments
The Trustees re9ulady r￿leW the reserves poSit￿n 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 Tal￿aY 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 Ra1￿Y 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 T￿￿te08
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 Ong￿n9 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 A￿oUntIng 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 applicat￿n 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 provIs￿nS 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 Rai￿aY 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 S￿nificant 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 a￿1rdance 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 fU￿llEed 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 re5ponsibilit￿5 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$8d on the work we have performed, we tonelude that there is a material
misslalemenl of this other inf0m￿tion, we are required to report th8t f8Ct.
We have nothing lo report in this regard.
Matters on whlch wo ar8 rgquirnd to roport by 8xc•ption
We have nothing to report in respeGt of the foll0v￿n9 matters where the Chariti88 {Accounts and Report8)
Regulation8 2008 requires us lo report lo you rf, in our opinion..
the informatK)n giv¥n in the TTu$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 w￿h
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$, oudined Bbove, to detect material misstatements in respect of irregularities,
Includin9 fraL*S. The extent to which our procedures are capable of detecting irregularities, including fraud is
detailed bek)w'.
We obtained an understsnding of the legal and regulatory framewort<s within vthich the charitable company
operates, fc¢u$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 fTaL*J.
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-¢oMpl￿nee',
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
CoMp￿X 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 unaVoida￿e 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 nOr￿QMplI?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$e financi•l stsl*mnl$.
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 HER￿AGE 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￿ appli￿ble lo charities
p￿ParIng 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 Rai￿aY 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 nQtrf￿d 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 Ex￿ndItur•
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 allO￿ted 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 allO￿ted 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
cc*nmilment. bLrt not accrued as expgndrturg.
All expenditure is inclusive of ir￿0Verable 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 be￿een 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
rneasu￿d al their settlement value wlh the except￿n 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 acc￿￿8n￿ 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
Un￿StnCte£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 re￿iVed
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 D￿ernber 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 hold1￿J in Rothar Vallèy RaI￿aY
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$trJ ¢ost
358,225
770.405
Gioup
2022
Group
2027
FlnancSal Ilabllltles
Fin8nci8115abll￿￿e8 measured al am0￿Se￿ cost
{9,2681
(9,433)
Financial a55et5 ￿￿asUred al arnortised ¢osl comprise ¢a$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 charnVe￿0n 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 Rai￿aY Heritage Trust gav& grants to Rolher Valley Raihvay Limited
lotalling £385,00012021 £792,500) in relation lo various ¢onslruc*ion projects on ieconslrudion of the
Rother Valley RaI￿aY. As at 31 December 2022 £Nil 12021 - £NiD was owed to Rolher Valley Ra1￿Y
Limited.
During the year rent of £1 12021- £11 was paid by Rother Valley Rai￿aY Limlted lo Rolher Valley Rai￿aY
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 Rai￿aY
Limited. As al 31 December 2022 £Nil12021 - £Nil} was owed by Rother Valley RaiK¥ay Limited. D GIl￿tt
resigned as a director of Rother Valley Rai￿aY 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