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← Rother Valley Railway Heritage Trust

2024-12-31-accounts

Charity number: 1088452

ROTHER VALLEY RAILWAY HERITAGE TRUST

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

ROTHER VALLEY RAILWAY HERITAGE TRUST

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 5
Independent Auditor's Report on the Financial Statements 6 - 9
Consolidated Statement of Financial Activities 10
Consolidated Balance Sheet 11
Charity Balance Sheet 12
Consolidated Statement of Cash Flows 13
Notes to the Financial Statements 14 - 31

ROTHER VALLEY RAILWAY HERITAGE TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees Mr Gardner Crawley BSc(Eng) FICE (Chairman)
Mr David Felton FCA
Mr Michael Hart OBE
Mr Richard Broyd CBE
Mr David Keay CEng, FIMechE, 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
Medway Bridge House
1-8 Fairmeadow
Maidstone
Kent
ME14 1JP
Bankers
CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ

Page 1

ROTHER VALLEY RAILWAY HERITAGE TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their annual report together with the audited financial statements of the Charity for the 1 January 2024 to 31 December 2024. 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 is a majority owned subsidiary of the charity that 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 £1,025,000 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 refurbishment of Manning Wardle steam locomotive 'Charwelton' and the initial costs of construction of the new station building at Robertsbridge Junction Station.

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. At year end the group held cash in excess of £3M and reserves in excess of £9M which is deemed sufficient to enable the charity to carry out the possible reconstruction works through all of 2025 and into 2026. 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 2024

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 unrebuilt section of the railway is £6M, of which £2M was received during the year (2023 - £2M). Donors have pledged the remaining £2M 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 2024 were £3,189,756 (2023 - £2,158,403), 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 2024

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 2024 Approved by order of the members of board of and signed on their behalf by.. Trustees on Mr David ellon FCA 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 2024 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).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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 considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be necessary to the group’s ability to operate or to avoid a material penalty. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management, revenue recognition and its classification as restricted or unrestricted, and understatement of capital expenditure. Our audit procedures to respond to these risks included:

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.

In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Page 8

ROTHER VALLEY RAILWAY HERITAGE TRUST

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

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.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP

Ian Weekes

Medway Bridge House

1-8 Fairmeadow

Maidstone

Kent

ME14 1JP

Date: 28 October 2025

Crowe U.K. LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 9

ROTHER VALLEY RAILWAY HERITAGE TRUST

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Income from:
Donations and legacies
3
Other trading activities
4
Investments
5
Total income
Expenditure on:
Charitable activities
6
Total expenditure
Net income before net losses on
investments
Net losses on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net income attributable to the parent
charity
Net losses attributable to the parent
charity
Net expenditure attributable to non-
controlling interests
Total funds carried forward		 Unrestricted
funds
2024
£
2,011,079
2,008
51,192
2,064,279
171,869
171,869
1,892,410
-
1,892,410
6,946,281
1,892,423
-
8,838,704
(13)
8,838,691		 Restricted
funds
2024
£
194,397
-
-
194,397
13,128
13,128
181,269
(421)
180,848
100,352
181,269
(421)
281,200
-
281,200		 Total
funds
2024
£
2,205,476
2,008
51,192
2,258,676
184,997
184,997
2,073,679
(421)
2,073,258
7,046,633
2,073,692
(421)
9,119,904
(13)
9,119,891		 Total
funds
2023
£
2,162,842
2,501
7,416
2,172,759
160,466
160,466
2,012,293
-
2,012,293
5,034,340
2,012,271
-
7,046,611
22
7,046,633

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

The notes on pages 14 to 31 form part of these financial statements.

Page 10

ROTHER VALLEY RAILWAY HERITAGE TRUST CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Fixed assets Tangible assets Investments 10 5.575,619 63,255 4, 758,641 13,250 5.638,874 4, 771,891 Current assets Debtors Cash at bank and in hand 12 46,674 3.443,764 226, 633 2,057,357 3,490,438 2,283. 990 Current liabilitle8 Creditors.. amounts falling due within one year 13 (9,421) (9, 248) Net current assets 3,481.017 2, 274, 742 Total assets less current liabilities 9,119,891 7,046, 633 Totsl net assets 9,119,891 7,046,633 Charity funds Restricted funds Unrestricted funds Total funds attributable to the parent charity 15 15 281,200 100,352 8,838.436 6,946,013 9,119,636 7,046,365 Nonvcontrolling interests 255 268 Total funds 9.119,891 7, 046,633 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by. on vi Felton FCA The notes on pages 14 to 31 form part of these financial ststements. Page11

ROTHER VALLEY RAILWAY HERITAGE TRUST CHARITY BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Fixed assets Tangible assets Investments 10 11 441,954 77,754 441,954 37,749 519.708 479, 703 Current assets Debtors Cash at bank and in hand 12 66 3.400,336 200, 128 2,026,881 3,400.402 2.227. 009 Current liabilities Creditors: amounts falling due within one year 13 17,200) (6.000) Net current assets 3,393,202 2,221,009 Total assets less current liabilities 3,912,910 2,700, 712 Total net assets 3,912,910 2, 700,712 Charity funds Restricted funds Unrestricted funds 15 15 281,200 3.631,710 100,352 2,600,360 Total funds 3,912.910 2, 700,712 The financial statements were approved and authorised for issue by the Trustees on and signed on their behalf by.. Mr D*id elton FCA The tes on pages 14 to 31 form part of these financial statements. Page 12

ROTHER VALLEY RAILWAY HERITAGE TRUST

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Purchase of investments
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 14 to 31 form part of these financial statements		 2024
£
2,289,426
51,192
(944,211)
(10,000)
(903,019)
1,386,407
2,057,357
3,443,764		 2023
£
1,913,648
7,416
(191,725)
-
(184,309)
1,729,339
328,018
2,057,357

Page 13

ROTHER VALLEY RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 on a 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 £1,212,201 (2023 - surplus of £1,904,910).

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. At year end the group held cash in excess of £3M and reserves in excess of £9M which is deemed sufficient to enable the charity to carry out the possible reconstruction works through all of 2025 and into 2026. 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 on a line by line basis.

Page 14

ROTHER VALLEY RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024

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:

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 2024

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.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

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 2024

3. Income from donations and legacies

Unrestricted
funds
2024
Restricted
funds
2024
£
£
Donations
2,011,079
194,397
Unrestricted
funds
2023
Restricted
funds
2023
£
£
Donations
2,013,242
100,000
Similar incoming resources
-
49,600
2,013,242
149,600
4.
Income from other trading activities
Income from fundraising events
Unrestricted
funds
2024
£
Scrap sales
32
Rent received
1,976
2,008
Unrestricted
funds
2023
£
Rent received
2,501		 Total
funds
2024
£
2,205,476
Total
funds
2023
£
2,113,242
49,600
2,162,842
Total
funds
2024
£
32
1,976
2,008
Total
funds
2023
£
2,501

Page 18

ROTHER VALLEY RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

5. Investment income

Unrestricted
funds
2024
£
Interest receivable
51,192
Unrestricted
funds
2023
£
Interest receivable
7,416		 Total
funds
2024
£
51,192
Total
funds
2023
£
7,416

6. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2024
£
Charitable activities
171,869
Charitable activities		 Restricted
funds
2024
£
13,128
Unrestricted
funds
2023
£
160,466		 Total
2024
£
184,997
Total
2023
£
160,466

Page 19

ROTHER VALLEY RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

7. Analysis of expenditure by activities

Charitable activities
Charitable activities		 Direct
costs
2024
£
146,693
Direct
costs
2023
£
118,005		 Support
costs
2024
£
38,304
Support
costs
2023
£
42,461		 Total
funds
2024
£
184,997
Total
funds
2023
£
160,466

Charitable activities relate to the restoration and maintenance of the historic railway between Bodiam and Roberstridge station.

Analysis of direct costs

Tools and general consumables
Rolling stock restoration
Repairs and maintenance
Diesel
Depreciation
Governance costs
Total 2024		 Total
funds
2024
£
1,396
515
9,500
128
127,234
7,920
146,693		 Total
funds
2023
£
947
1,752
3,638
68
105,216
6,384
118,005

Page 20

ROTHER VALLEY RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

7. Analysis of expenditure by activities (continued)

Analysis of support costs

Rent
Insurance
Subscription
Legal & Professional
Repairs & Maintenance
Forestry & Gardening
Electricity & Heating Gas
Telephone & Broadband
Water
Waste collection
Bank charges
Health & Safety
Cleaning & Janitorial
Sundry expenses
Publicity and public relation expenses
Total 2024		 Total
funds
2024
£
5,752
6,114
177
859
2,916
4,906
3,317
974
103
1,258
238
995
23
7,821
2,851
38,304		 Total
funds
2023
£
7,125
5,271
170
899
-
8,334
4,525
884
531
1,119
204
407
46
4,501
8,445
42,461

Total 2024

8. Auditor's remuneration

The auditor's remuneration amounts to an auditor fee of £5,750 ( 2023 - £5,550 ).

9. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .

During the year ended 31 December 2024, no Trustee expenses have been incurred (2023 - £NIL) .

Page 21

ROTHER VALLEY RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

10. Tangible fixed assets

Group

Cost or valuation
At 1 January 2024
Additions
Disposals
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
On disposals
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Freehold
property
£
4,507,378
886,847
-
5,394,225
732,412
107,894
-
840,306
4,553,919
3,774,966		 Long-term
leasehold
property
Plant and
machinery
£
£
127,454
441,954
35,491
-
(3,605)
-
159,340
441,954
84,394
-
11,113
-
(3,605)
-
91,902
-
67,438
441,954
43,060
441,954		 Office
equipment
£
324,663
16,926
(2,963)
338,626
16,873
4,376
(2,963)
18,286
320,340
307,790		 Other fixed
assets
£
279,453
4,947
-
284,400
88,582
3,850
-
92,432
191,968
190,871		 Total
£
5,680,902
944,211
(6,568)
6,618,545
922,261
127,233
(6,568)
1,042,926
5,575,619
4,758,641

Page 22

ROTHER VALLEY RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

10. Tangible fixed assets (continued)

Charity
Cost or valuation
At 1 January 2024
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Plant and
machinery
£
441,954
441,954
441,954
441,954

11. Fixed asset investments

Group
Cost or valuation
At 1 January 2024
Additions
Revaluations
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Unlisted
investments
£
13,250
10,000
-
23,250
23,250
13,250		 Listed
investments
£
-
40,426
(421)
40,005
40,005
-		 Total
£
13,250
50,426
(421)
63,255
63,255
13,250

Page 23

ROTHER VALLEY RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

11. Fixed asset investments (continued)

Charity
Cost or valuation
At 1 January 2024
Additions
Revaluations
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Investments
in
subsidiary
companies
£
37,749
-
-
37,749
37,749
37,749		 Listed
investments
£
-
40,426
(421)
40,005
40,005
-		 Total
£
37,749
40,426
(421)
77,754
77,754
37,749

Group:

Unlisted investments represent Rother Valley Railway Limited's 93 ordinary shares (nominal value of £250 each) of The 4253 Locomotive Co Limited. 40 of these shares were acquired in the 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.

In the year quoted shareholdings in 9 listed investments were donated to to the Charity in specie by a supporter into the Robertsbridge Station Building Fund. These have been measured at market value as at acquisition date and revalued to fair value at year end.

12. Debtors

Due within one year
Other debtors
Prepayments and accrued income		 Group
2024
£
38,791
7,883
46,674		 Group
2023
£
217,115
9,518
226,633		 Charity
2024
£
66
-
66		 Charity
2023
£
200,128
-
200,128

Page 24

ROTHER VALLEY RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

13. Creditors: Amounts falling due within one year

Other creditors
Accruals and deferred income		 Group
2024
£
2,220
7,201
9,421		 Group
2023
£
3,247
6,001
9,248		 Charity
2024
£
-
7,200
7,200		 Charity
2023
£
-
6,000
6,000

14. Financial instruments

Financial assets
Financial assets measured at amortised cost
Financial assets measured at fair value
Financial liabilities
Financial liabilities measured at amortised
cost		 Group
2024
£
3,490,438
40,005
3,530,443
Group
2024
£
(9,420)		 Group
2023
£
2,283,989
-
2,283,989
Group
2023
£
(9,248)		 Charity
2024
£
3,400,402
40,005
3,440,407
Charity
2024
£
(7,200)		 Charity
2023
£
2,227,009
-
2,227,009
Charity
2023
£
(6,000)

Financial assets measured at amortised cost comprise cash at bank, prepayments and accrued income and other debtors. Financial assets measured at fair value comprise listed investments. 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 2024

15. Statement of funds

Statement of funds - current year

Unrestricted
funds
Designated
funds
Robertsbridge
Station Building
General funds
General Funds -
all funds
Minority interest
Total
Unrestricted
funds
Restricted
funds
BP Tank
Restoration
Fund
Charwelton
Restoration
Robertsbridge
Station Building
Total of funds		 Balance at
1 January
2024
£
-
6,946,013
268
6,946,281
6,946,281
352
-
100,000
100,352
7,046,633		 Income
£
Expenditure
£
-
-
2,064,279
(171,856)
-
(13)
2,064,279
(171,869)
2,064,279
(171,869)
-
-
1,447
(1,447)
192,950
(11,681)
194,397
(13,128)
2,258,676
(184,997)		 Transfers
in/out
£
50,000
(50,000)
-
(50,000)
-
-
-
-
-
-		 Gains/
(Losses)
£
-
-
-
-
-
-
-
(421)
(421)
(421)		 Balance at
31
December
2024
£
50,000
8,788,436
255
8,788,691
8,838,691
352
-
280,848
281,200
9,119,891

Page 26

ROTHER VALLEY RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

15. Statement of funds (continued)

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 £50,000.

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

During the year, the Trustees designated £50,000 from unrestricted funds to a designated fund to support the planned construction at Robertsbridge Station. This designation reflects the Trustees’ commitment to ensuring sufficient resources are available for this project.

Statement of funds - prior year

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

Page 27

ROTHER VALLEY RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

16. Summary of funds

Summary of funds - current year

Designated
funds
General funds
Restricted funds		 Balance at 1
January
2024
£
-
6,946,281
100,352
7,046,633		 Income
£
-
2,064,279
194,397
2,258,676
Balance at
1 January
2023
£
5,033,988
352
5,034,340		 Expenditure
£
-
(171,869)
(13,128)
(184,997)
Income
£
2,023,159
149,600
2,172,759		 Transfers
in/out
£
50,000
(50,000)
-
-
Expenditure
£
(160,466)
-
(160,466)		 Gains/
(Losses)
£
-
-
(421)
(421)
Transfers
in/out
£
49,600
(49,600)
-		 Balance at
31
December
2024
£
50,000
8,788,691
281,200
9,119,891
Balance at
31
December
2023
£
6,946,281
100,352
Summary of funds - prior year
General funds
Restricted funds
7,046,633

17. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
2024
£
Tangible fixed assets
5,294,419
Fixed asset investments
63,255
Current assets
3,490,438
Creditors due within one year
(9,421)
Total
8,838,691		 Restricted
funds
2024
£
281,200
-
-
-
281,200		 Total
funds
2024
£
5,575,619
63,255
3,490,438
(9,421)
9,119,891

Page 28

ROTHER VALLEY RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

17. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

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

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

19.

Net income for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Donations to investments
Loss/(gain) on investments
Dividends, interests and rents from investments
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 Group
2024
£
2,073,258
127,233
(40,426)
421
(51,192)
179,959
173
2,289,426
Group
2024
£
3,443,764
3,443,764		 Group
2023
£
2,012,293
105,213
-
-
(7,416)
(196,424)
(18)
1,913,648
Group
2023
£
2,057,357
2,057,357

Page 29

ROTHER VALLEY RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

20. Analysis of changes in net debt

Cash at bank and in hand
Capital commitments
Group
2024
£
Contracted for but not provided in these
financial statements
562,517		 At 1
January
2024
£
2,057,357
2,057,357
Group
2023
£
28,447		 Cash flows
£
1,386,407
1,386,407
Charity
2024
£
562,517		 At 31
December
2024
£
3,443,764
3,443,764
Charity
2023
£
-

21. Capital commitments

22. Related party transactions

During the year Rother Valley Railway Heritage Trust gave grants to Rother Valley Railway Limited totalling £1,025,000 (2023 - £247,500) in relation to various construction projects on reconstruction of the Rother Valley Railway. As at 31 December 2024 £Nil (2022 - £Nil) was owed to Rother Valley Railway Limited.

During the year rent of £1 (2023 - £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.

Page 30

ROTHER VALLEY RAILWAY HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

23. Principal subsidiaries

The following was a subsidiary undertaking of the Charity:

Name Company Registered office or principal Principal activity Holding
number place of business
Rother Valley 2613553 Robertsbridge Junction Station Reconstruction of the 99%
Railway Limited Station Road Kent & East Sussex
Robertsbridge Railway from Bodiam
East Sussex to Robertsbridge in
TN32 5DG East Sussex
The financial results of the subsidiary for the year were:
Name Income Expenditure
Profit/(Loss)		 Net assets
£ £
/ Surplus/		 £
(Deficit) for
the year
£
Rother Valley Railway Limited 175,601 (176,920)
(1,319)		 12,866

The financial results of the subsidiary for the year were:

Page 31