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2023-12-31-accounts

Charity number: 1088452

ROTHER VALLEY RAILWAY HERITAGE TRUST

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

ROTHER VALLEY RAILWAY HERITAGE TRUST

CONTENTS

Page
Reference and Administrative Details ofthe Charity, its Trustees and Advisers 1
Trustees’ Report 2-5
IndependentAuditor's Report on the Financial Statements 6-9
Consolidated Statement of Financial Activities 10
Consolidated Balance Sheet 11
Charity Balance Sheet 12
Consolidated Statement ofCash Flows 13
NotestotheFinancialStatements 14-32

ROTHER VALLEY RAILWAY HERITAGE TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023

Trustees Mr Gardner Crawley BSc(Eng) FICE (Chairman)
Mr David Felton FCA
Mr Michael Hart OBE
Mr Richard Broyd CBE
Mr David Keay CEng, FlMechE, FIET
Mr David Slack FRICS, FIAgrM, MRAC, BEM
Dr Stephen Murfitt LLB, LLM, PhD
Charity registered
number 1088452
Principal office Robertsbridge Junction Station
Station Road
Robertsbridge
East Sussex
TN32 5DG
Independent auditor Crowe U.K. LLP
Riverside House
40 -46 High Street
Maidstone
Kent
ME14 1JH
Bankers CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME194JQ

Page 1

ROTHER VALLEY RAILWAY HERITAGE TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report together with the audited financial statements of the Charity for the 1 January 2023 to 31 December 2023. The Trustees confirm that the Annual report and financial statements of the charity and the group comply with the current statutory requirements, the requirements of the charity and the group's governing document and the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" issued in 2015.

Objectives and activities

a. Policies and objectives

The objects of the charity are to preserve for the benefit of the public of Kent 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 (including any building as defined in section 336 of the Town and Country Planning Act 1990) or structures of particular beauty or historical, architectural or constructional interest.

Rother Valley Railway Limited a majority owned subsidiary of the charity continues to act on the reconstruction of the Kent & East Sussex Railway from Bodiam to Robertsbridge in East Sussex to preserve the heritage of the historic railway.

The charity makes grants to achieve these objectives.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance ‘Public benefit: running a charity (PB2)’.

Achievements and performance

a. Review of activities

In preparing a review of the activities for the year, the Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities.

During the year, the charity gave grants totalling £247,500 to its subsidiary in accordance with its objectives. These grants were principally towards the continuation of the restoration of the historic trackbed between Bodiam and Robertsbridge station. In addition, further grants were made for the costs of installation and commissioning of the ex Hither Green turntable at Robertsbridge Junction Station and the costs of fabrication of a new boiler for Manning Wardle steam locomotive "Charwelton”.

b. Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

Page 2

ROTHER VALLEY RAILWAY HERITAGE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and performance (continued)

c. Public benefit

The Trustees consider that the charity's objectives are for the public benefit and that its activities, achievements and performance are consistent with its objectives.

To achieve its objectives the charity:-

d. Fundraising regulation

Rother Valley Railway Heritage Trust complies with sector best practice. No complaints were received with regards to fundraising throughout the course of the year and no professional fundraisers or commercial partners conducted fundraising as charity representatives. The board of trustees monitors and manages its fundraising regulation and compliance which are discussed at board meetings.

Donations received come from a variety of donors, with the majority coming from two main supporters of the charity. The Trustees regard its relationship with donors as highly important and it looks to retain the support of its donors for many years to come.

The Trustees are continuing to look for further donors and will be implementing new policies to help aid the progression of the restoration project.

Financial review

a. Reserves policy and future developments

The Trustees regularly review the reserves position of the charity and will only carry out projects if the necessary reserves are available. The total expenditure anticipated for the reconstruction of the remaining unrebuilt section of the railway is £6M, of which £2M was received during the year. Donors have pledged the remaining £4M to complete the reconstruction of the trackwork. The charity continues to seek funding to enable the balance of the facilities to be completed.

The charity's free reserves as at 31 December 2023 were £2,187,639 (2022 - £361,857), the free reserves being defined by the Charity Commission as unrestricted reserves less the fixed assets needed to undertake the objectives of the charity.

On the 9th May 2023, the Department for Transport granted the application by the Rother Valley Railway Ltd for a Transport & Works Act Order. This TWA Order obliges the Company to complete the reconstruction of the railway between Bodiam and Robertsbridge in East Sussex and gives it the necessary powers to do so.

Page 3

ROTHER VALLEY RAILWAY HERITAGE TRUST

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, governance and management

a. Constitution

The charity is an unincorporated association registered with the Charity Commission and constituted under a Trust Deed dated 17 January 2001. Its objects and powers are set out therein.

b. Method of appointment or election of Trustees

The management of the charity and the group is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

c. Charity governance code

The Trustees have taken note of the new Charity Governance Code. The Trustees have attended seminars in the year and are now implenting policies to comply with the Code.

d. Risk management

The Trustees have given consideration to the major risks to which the Trust is exposed, and have considered the systems designed to mitigate exposure to these risks, in particular regular Trustee's meetings with a careful review of the Trust's funding and available resources to ensure sufficient monies are held to meet and manage the Trust's costs and current and ongoing commitments.

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 4

ROTHER VALLEY RAILWAY HERITAGE TRUST

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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Page 5

ROTHER VALLEY RAILWAY HERITAGE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ROTHER VALLEY RAILWAY HERITAGE TRUST

Opinion

We have audited the financial statements of Rother Valley Railway Heritage Trust (the ‘parent charity’) and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 6

ROTHER VALLEY RAILWAY HERITAGE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ROTHER VALLEY RAILWAY HERITAGE TRUST (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charity or to cease operations, or have no realistic alternative but to do so.

Page 7

ROTHER VALLEY RAILWAY HERITAGE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ROTHER VALLEY RAILWAY HERITAGE TRUST (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the SORP 2015.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management. Our audit procedures to respond to these risks included:

. analytical procedures to identify any unusual or unexpected relationships; . testing the appropriateness of journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements; and

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

Page 8

22 October 2024

ROTHER VALLEY RAILWAY HERITAGE TRUST

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted Restricted Total Total
funds funds funds funds
2023 2023 2023 2022
Note £ £ £ E
Income from:
Donations and legacies 3 2,013,242 149,600 2,162,842 17,304
Other trading activities 4 2,501 - 2,501 10,550
Investments 5 7,416 - 7,416 1,306
Total income 2,023,159 149,600 2,172,759 29,160
Expenditure on:
Charitable activities 6 160,466 - 160,466 146,316
Total expenditure 160,466 - 160,466 146,316
Net income/(expenditure) 1,862,693 149,600 2,012,293 (117,156)
Transfers between funds 15 49,600 (49,600) - -
Net movement in funds 1,912,293 100,000 2,012,293 (117, 156)
Reconciliation of funds:
Total funds brought forward 5,033,988 352 5,034,340 5,151,496
Net income attributable to the parent
charity 1,912,271 100,000 2,012,271 (117,231)
6,946,259 100,352 7,046,611 5,034,265
Net income attributable to non-
controlling interests 22 - 22 75
Totalfundscarriedforward 6,946,281 100,352 7,046,633 5,034,340

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 14 to 32 form part of these financial statements.

Page 10

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ROTHER VALLEY RAILWAY HERITAGE TRUST
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;

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CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023
2023 2022
Note £ £
Fixed assets
Tangible assets 10 4,758,641 4,672,131
Investments 11 13,250 13,250
4,771,891 4,685,381
Current assets
Debtors 12 226,633 30,209
Cash at bank and in hand 2,057,357 328,018
2,283,990 358,227
Creditors: amounts falling due within one
year 13 (9,248) (9,268)
Net current assets 2,274,742 348,959
Total assets less current liabilities 7,046,633 5,034,340
Net assets excluding pension asset 7,046,633 5,034,340
Total net assets 7,046,633 5,034,340
Charity funds
Restricted funds 15 100,352 52
Unrestricted funds 15 6,946,013 5,033,742
Total funds 7,046,365 5,034,094
Non-controlling interests 268 246
7,046,633 5,034,340
The financial statements were approved and authorised for issue by the Trustees on
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The notes on pages 14 to 32 form part of these financial statements.

TeBage 11

ROTHER VALLEY RAILWAY HERITAGE TRUST

CHARITY BALANCE SHEET AS AT 31 DECEMBER 2023

2023 2022
Note £ £
Fixed assets
Tangible assets 10 441,954 441,774
Investments 11 37,749 37,749
479,703 479,523
Current assets
Debtors 12 200,128 -
Cash at bank and in hand 2,026,881 321,976
2,227,009 321,976
Creditors: amounts falling due within one
year 13 (6,000) (5,700)
Net current assets 2,221,009 316,276
Total assets less current liabilities 2,700,712 795,799
Total net assets 2,700,712 795,799
Charity funds
Restricted funds 15 100,352 352
Unrestricted funds 15 2,600,360 795,447
Totalfunds 2,700,712 795,799

Theys5 financial; Ge); statements Poly5 were approved and authorisedand sigred: onfor theirissue behalfby by:? the Trustees on Vn Mr Dayid/Felton FCA

The notes on pages 14 to 32 form part of these financial statements.

Page 12

ROTHER VALLEY RAILWAY HERITAGE TRUST

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2023|2022| |£|E| |Cash|flows|from|operating|activities| |Net|cash|used|in|operating|activities|1,913,648|360,257| |Cash|flows|from|investing|activities| |Dividends,|interests|and|rents|from|investments|7,416|1,306| |Purchase|of tangible|fixed|assets|(191,725)|(385,431)| |Purchase|of|investments|-|(11,250)| |Net cash|used|in|investing|activities|(184,309)|(395,375)| |Change|in|cash|and|cash|equivalents|in|the|year|1,729,339|(35,118)| |Cash|and|cash|equivalents|at|the|beginning|of the|year|328,018|363, 136| |Cash|and|cash|equivalents|at|the|end|of the|year|2,057,357|328,018| |The|notes|on|pages|14|to|32|form|part|of these|financial|statements|

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Page 13

ROTHER VALLEY RAILWAY HERITAGE TRUST

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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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  1. General information

The principal activity of the charity during the year was to preserve for the benefit of the public of Kent 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 structures of particular beauty or historical, architectural or constructional interest.

The charity is an unincorporated charity which is registered in England and Wales (1088452).

The address of the registered office is:

Robertsbridge Junction Station Station Road Robertsbridge East Sussex TN32 5DG

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: 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 (FRS 102 Section 1A small entities) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

Rother Valley Railway Heritage Trust constitutes a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Statement of Financial Activities (SOFA) and Balance Sheet consolidate the financial statements of the charity and its subsidiary undertaking. The results of the subsidiary are consolidated ona line by line basis.

No separate SOFA has been presented for the charity alone as permitted by Charities SORP (FRS 102).

The net income and expenditure account for the year dealt with in the accounts of the charity was a surplus of £1,904,910 (2022 - deficit of £393,571).

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

2.2 Basis of consolidation

The financial statements consolidate the accounts of Rother Valley Railway Heritage Trust and all of its subsidiary undertaking. The results of the subsidiary are consolidated ona line by line basis.

Page 14

ROTHER VALLEY RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.3 Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

2.4 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

For donations, entitlement is taken as the earlier of the date of which either: the chairty is aware the donation is being provided or upon receipt.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Support costs are those costs incurred directly in support of expenditure 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 fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

Page 15

ROTHER VALLEY RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.5 Expenditure (continued)

Charitable activities and Governance costs are costs incurred on the charity's educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.

2.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.7 Tangible fixed assets and depreciation

Tangible fixed assets costing £50 or more are capitalised.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment.

Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Permanent way - 2% straight line Buildings and structures - 10% straight line Land - No depreciation Equipment - 25% straight line Rolling stock - 5%/10% straight line

2.8 Investments

Investments are stated at market value at the balance sheet date. The Statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year.

Investments in subsidiaries are valued at cost less provision for impairment.

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 16

ROTHER VALLEY RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

2.12 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

2.14 Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

Tangible fixed assets: the directors annually assess both the residual value of these assets and the expected useful life of such assets based on experience.

Page 17

ROTHER VALLEY RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

3. Income from donations and legacies

Unrestricted Restricted Total
funds funds funds
2023 2023 2023
£ £ £
Donations 2,013,242 100,000 2,113,242
Similar incoming resources - 49,600 49,600
2,013,242 149,600 2,162,842
Unrestricted Restricted Total
funds funds funds
2022 2022 2022
£ £ £
Donations 11,054 6,250 17,304

4. Income from other trading activities Income from fundraising events

Unrestricted Total
funds funds
2023 2023
£ £
Rent received 2,501 2,501
Unrestricted Total
funds funds
2022 2022
£ £
Scrap sales 1,645 1,645
Rent received 8,905 8,905
10,550 10,550

Page 18

ROTHER VALLEY RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

5. Investment income

Unrestricted Total
funds funds
2023 2023
£ £
Interest receivable 7,416 7,416
Unrestricted Total
funds funds
2022 2022
£ £
Interest receivable 1,306 1,306

6. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds Total
2023 2023
£ £
Charitable activities 160,466 160,466
Unrestricted Restricted
funds funds Total
2022 2022 2022
if £ £
Charitable activities 33,828 112,488 146,316

Page 19

ROTHER VALLEY RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

7. Analysis of expenditure by activities

Direct Support Total
costs costs funds
2023 2023 2023
£ £ E
Charitable activities 118,005 42,461 160,466
Direct Support Total
costs costs funds
2022 2022 2022
£ £ £
Charitable activities 121,235 25,081 146,316
Analysis of direct costs
Total Total
funds funds
2023 2022
£ £
Tools and general consumables 947 12,089
Rolling stock restoration 1,752 480
Repairs and maintenance 3,638 1,275
Diesel 68 15
Depreciation 105,216 101,826
Governance costs 6,384 5,550
Total2023 118,005 121,235

Page 20

ROTHER VALLEY RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

re Analysis of expenditure by activities (continued)

Analysis of support costs

Total Total
funds funds
2023 2022
£ E
Rent 7425 6,072
Insurance 5,271 5,081
Subscription 170 260
Legal & Professional 899 803
Forestry & Gardening 8,334 5,082
Electricity
& Heating Gas		 4,525 3,469
Telephone & Broadband 884 792
Water 531 170
Waste collection 1,119 1,036
Bank charges 204 169
Health & Safety 407 15
Cleaning & Janitorial 46 93
Website charges - 374
Sundry expenses 4,501 1,665
Publicity and public relation expenses 8,445 -
Total2023 42,461 25,081

8. Auditor's remuneration

The auditor's remuneration amounts to an auditor fee of £5,550 (2022 - £5, 700).

9. Trustees’ remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - ENIL).

During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - ENIL).

Page 21

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ROTHER VALLEY RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

11. Fixed asset investments
Unlisted
investments
Group £
Cost or valuation
At 1 January2023 13,250
At 31 December 2023 13,250
Net book value
At 31 December 2023 13,250
At 31 December2022 13,250
Investments
in
subsidiary
companies
Charity £
Cost or valuation
At 1 January 2023 37,749
At 31 December2023 37,749
Net book value
At 31 December 2023 37,749
At31December2022 37,749

Group

Unlisted investments represent Rother Valley Railway Limited's 53 ordinary shares (nominal value of £250 each) of The 4253 Locomotive Co Limited. 45 of these shares were acquired in the previous year. This represents less than 4% of the share capital.

Charity

Shares in group undertakings represent Rother Valley Heritage Trust's holding in Rother Valley Railway Limited.

Page 24

ROTHER VALLEY RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

12. Debtors

Group Group Charity Charity
2023 2022 2023 2022
£ £ £ £
Due within one year
Other debtors 217,115 19,224 200,128 -
Prepayments and accrued income 9,518 10,985 - -
226,633 30,209 200,128 -
Creditors: Amounts falling due within one year
Group Group Charity Charity
2023 2022 2023 2022
£ £ £ £
Other creditors 3,247 3,968 - -
Accruals and deferred income 6,001 5,700 6,000 5,700
9,248 9,268 6,000 5,700
Financial instruments
Group Group Charity Charity
2023 2022 2023 2022
£ £ £ £
Financial assets
Financial assets measured at amortised cost 2,283,989 358,227 2,227,009 321,796
Group Group Charity Charity
2023 2022 2023 2022
£ £ £ £
Financial liabilities
Financial liabilities measured at amortised
cost (9,248) (9,268) (6,000) (5,700)

13. Creditors: Amounts falling due within one year

14. Financial instruments

Financial assets measured at amortised cost comprise cash at bank, prepayments and accrued income and other debtors.

Financial liabilities measured at amortised cost comprise other creditors and accruals.

Page 25

ROTHER VALLEY RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

  1. Statement of funds

Statement of funds - current year

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Balance|at| |Balance|at|1|31| |January|Transfers|December| |2023|Income|Expenditure|in/out|2023| |£|£|£|£|£| |Unrestricted|funds| |General|Funds-|all|funds|5,033,742|2,023,137|(160,466)|49,600|6,946,013| |Minority|interest|246|22|-|-|268| |5,033,988|2,023,159|(160,466)|49,600|6,946,281| |Restricted|funds| |BP|Tank|Restoration|Fund|352|-|-|-|352| |Turntable|Fund|-|49,600|-|(49,600)|-| |Robertsbridge|Station|Building|-|100,000|-|-|100,000| |352|149,600|-|(49,600)|100,352| |Total|of funds|5,034,340|2,172,759|(160,466)|-|7,046,633|

----- End of picture text -----

Restricted funds are funds which have been given for a particular purpose or project. These funds have been 'ring fenced' for use in support of the aims of the respective fund.

The Robertsbridge Station Building fund refers to a reserve held for a new building to be constructed at the Robertsbridge station. A donation was received in the year for this project of £100,000.

Other funds are restricted in line with the purpose indicated in the name of the fund.

Page 26

ROTHER VALLEY RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

15. Statement of funds (continued)

Statement of funds - prior year

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Balance|at| |Balance|at|of| |1|January|December| |2022|Income|Expenditure|2022| |£|£|£|£| |Unrestricted|funds| |General|Funds|-|all|funds|5,044,735|22,835|(33,828)|5,033,742| |Minority|interest|171|75|-|246| |5,044,906|22,910|(33,828)|5,033,988| |Restricted|funds| |BP|Tank|Restoration|Fund|352|-|-|352| |Charwelton|Restoration|41,530|-|(41,530)|-| |Gazebo|Fund|92|-|(92)|-| |Turntable|Fund|64,616|-|(64,616)|-| |Shares|- 4253|Locomotive|Company|-|6,250|(6,250)|-| |106,590|6,250|(112,488)|352| |Total|of funds|5,151,496|29,160|(146,316)|5,034,340|

----- End of picture text -----

Page 27

ROTHER VALLEY RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

16. Summary of funds

Summary of funds - current year

Balance at
Balance at 1 31
January Transfers December
2023 Income Expenditure in/out 2023
£ £ £ £ £
General funds 5,033,988 2,023,159 (160,466) 49,600 6,946,281
Restricted funds 352 149,600 - (49,600) 100,352
5,034,340 2,172,759 (160,466) . 7,046,633
Summary offunds - prioryear
Balance at
Balance at 31
1 January December
2022 Income Expenditure 2022
£ £ £ £
General funds 5,044,906 22,910 (33,828) 5,033,988
Restricted funds 106,590 6,250 (112,488) 352
5,151,496 29,160 (146,316) 5,034,340

Summary of funds - prior year

17. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted Restricted Total
funds funds funds
2023 2023 2023
£ £ £
Tangible fixed assets 4,658,289 100,352 4,758,641
Fixed asset investments 13,250 - 13,250
Current assets 2,283,990 - 2,283,990
Creditors due within one year (9,248) - (9,248)
Total 6,946,281 100,352 7,046,633

Page 28

ROTHER VALLEY RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

17. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Unrestricted Restricted Total
funds funds funds
2022 2022 2022
£ £ £
Tangible fixed assets 4,672,131 - 4,672,131
Fixed asset investments 13,250 - 13,250
Current assets 357,875 352 358,227
Creditors due within one year (9,268) - (9,268)
Total 5,033,988 352 5,034,340

18. Reconciliation of net movement in funds to net cash flow from operating activities

Group Group
2023 2022
£ E
Net
income/expenditure		 for the year (as per Statement of Financial
Activities) 2,012,293 (117,156)
Adjustments for:
Depreciation charges 105,213 101,826
Dividends, interests and rents from investments (7,416) (1,306)
Decrease/(increase) in debtors (196,424) 377,060
Decrease in creditors (18) (167)
Netcashprovidedbyoperatingactivities 1,913,648 360,257

19. Analysis of cash and cash equivalents

Group Group
2023 2022
£ £
Cash in hand 2,057,357 328,018
Total cashandcashequivalents 2,057,357 328,018

Page 29

ROTHER VALLEY RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

20. Analysis of changes in net debt

At 1 At 31
January December
2023 Cash flows 2023
£ £ £
Cash at bank and in hand 328,018 1,729,339 2,057,357
328,018 1,729,339 2,057,357

Page 30

ROTHER VALLEY RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

21. Capital commitments

Group Group Charity
2023 2022 2022
£ £ £
Contracted for but not provided in these financial statements 28,447 7,527 -

22. Related party transactions

During the year Rother Valley Railway Heritage Trust gave grants to Rother Valley Railway Limited totalling £247,500 (2022 - £385,000) in relation to various construction projects on reconstruction of the Rother Valley Railway. As at 31 December 2023 £Nil (2022 - ENil) was owed to Rother Valley Railway Limited.

During the year rent of £1 (2022 - £1) was paid by Rother Valley Railway Limited to Rother Valley Railway Heritage Trust.

The charity does not have any employees. The key management personnel are considered to be the trustees who receive no remuneration.

23. Principal subsidiaries

The following was a subsidiary undertaking of the Charity:

Name Company Registered office or principal Principal activity number place of business Rother Valley Railway Limited 2613553 Robertsbridge Junction Station Reconstruction of the Station Road Kent & East Sussex Robertsbridge Railway from Bodiam East Sussex to Robertsbridge in TN32 5DG East Sussex

Holding

----- Start of picture text -----
99%
----- End of picture text -----

The financial results of the subsidiary for the year were:

Page 31

ROTHER VALLEY RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |23.|Principal|subsidiaries|(continued)| |Name|Income|Expenditure|_Profit/(Loss)|Net|assets| |E|£|/|Surplus/|£| |(Deficit)|for| |the|year| |£| |Rother Valley|Railway|Limited|156,204|(153,979)|2,225|14,183|

----- End of picture text -----

Page 32