**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**<br>**number**<br>1088452<br>**Principal office**<br>Robertsbridge Junction Station<br>Station Road<br>Robertsbridge<br>East Sussex<br>TN32 5DG<br>**Independent auditor**<br>Crowe U.K. LLP<br>Medway Bridge House<br>1-8 Fairmeadow<br>Maidstone<br>Kent<br>ME14 1JP<br>**Bankers**<br>CAF Bank Ltd<br>25 Kings Hill Avenue<br>Kings Hill<br>West Malling<br>Kent<br>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: 

- makes donations for the acquisition, preservation and restoration of locomotives, rolling stock and other items of historical, operational, educational and general interest; 

- maintains, improves and develops the railway and the land, works and buildings relating thereto; 

- encourages and promotes the interest, support and participation of young people in the railway; and maintains a public museum of objects of interest in the history of the railway. 

## **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: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles of the Charities SORP (FRS 102); 

- make judgments and accounting estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. 

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: 

- give a true and fair view of the state of the Group's and of the parent charity's affairs as at 31 December 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **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: 

- the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or 

- the parent Charity has not kept sufficient accounting records; or 

- the parent Charity financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **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: 

- enquiry of management about the Group’s policies, procedures and related controls regarding compliance with laws and regulations and if there are any known instances of non-compliance; 

- examining supporting documents for all material balances, transactions and disclosures; 

- enquiry of management and review and inspection of relevant correspondence where deemed necessary; 

- • evaluation of the selection and application of accounting policies related to subjective measurements and complex transactions; 

- analytical procedures to identify any unusual or unexpected relationships; 

- testing a sample of donations to confirm completeness and accuracy, and that these are being spent in accordance with the donor's wishes; 

- reviewing a sample of items expensed to ensure these were not capital in nature; and 

- a review of accounting estimates for biases. 

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**<br>**Income from:**<br>Donations and legacies<br>3<br>Other trading activities<br>4<br>Investments<br>5<br>**Total income**<br>**Expenditure on:**<br>Charitable activities<br>6<br>**Total expenditure**<br>**Net income before net losses on**<br>**investments**<br>Net losses on investments<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>Net income attributable to the parent<br>charity<br>Net losses attributable to the parent<br>charity<br>Net expenditure attributable to non-<br>controlling interests<br>**Total funds carried forward**|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>**2,011,079**<br>**2,008**<br>**51,192**<br>**2,064,279**<br>**171,869**<br>**171,869**<br>**1,892,410**<br>**-**<br>**1,892,410**<br>**6,946,281**<br>**1,892,423**<br>**-**<br>**8,838,704**<br>**(13)**<br>**8,838,691**|**Restricted**<br>**funds**<br>**2024**<br>**£**<br>**194,397**<br>**-**<br>**-**<br>**194,397**<br>**13,128**<br>**13,128**<br>**181,269**<br>**(421)**<br>**180,848**<br>**100,352**<br>**181,269**<br>**(421)**<br>**281,200**<br>**-**<br>**281,200**|**Total**<br>**funds**<br>**2024**<br>**£**<br>**2,205,476**<br>**2,008**<br>**51,192**<br>**2,258,676**<br>**184,997**<br>**184,997**<br>**2,073,679**<br>**(421)**<br>**2,073,258**<br>**7,046,633**<br>**2,073,692**<br>**(421)**<br>**9,119,904**<br>**(13)**<br>**9,119,891**|_Total_<br>_funds_<br>_2023_<br>_£_<br>_2,162,842_<br>_2,501_<br>_7,416_|
|---|---|---|---|---|
|||||_2,172,759_|
|||||_160,466_|
|||||_160,466_|
|||||_2,012,293_<br>_-_|
|||||_2,012,293_|
|||||_5,034,340_<br>_2,012,271_<br>_-_|
|||||_7,046,611_<br>_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**<br>Net cash used in operating activities<br>**Cash flows from investing activities**<br>Dividends, interests and rents from investments<br>Purchase of tangible fixed assets<br>Purchase of investments<br>**Net cash used in investing activities**<br>**Change in cash and cash equivalents in the year**<br>Cash and cash equivalents at the beginning of the year<br>**Cash and cash equivalents at the end of the year**<br>The notes on pages 14 to 31 form part of these financial statements|**2024**<br>**£**<br>**2,289,426**<br>**51,192**<br>**(944,211)**<br>**(10,000)**<br>**(903,019)**<br>**1,386,407**<br>**2,057,357**<br>**3,443,764**|_2023_<br>_£_<br>_1,913,648_<br>_7,416_<br>_(191,725)_<br>_-_<br>**(184,309)**<br>**1,729,339**<br>_328,018_<br>_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: 

- 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 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**<br>**funds**<br>**2024**<br>**Restricted**<br>**funds**<br>**2024**<br>**£**<br>**£**<br>Donations<br>2,011,079<br>194,397<br>_Unrestricted_<br>_funds_<br>_2023_<br>_Restricted_<br>_funds_<br>_2023_<br>_£_<br>_£_<br>Donations<br>_2,013,242_<br>_100,000_<br>Similar incoming resources<br>_-_<br>_49,600_<br>_2,013,242_<br>_149,600_<br>**4.**<br>**Income from other trading activities**<br>**Income from fundraising events**<br>**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>Scrap sales<br>32<br>Rent received<br>1,976<br>2,008<br>_Unrestricted_<br>_funds_<br>_2023_<br>_£_<br>Rent received<br>_2,501_|**Total**<br>**funds**<br>**2024**<br>**£**<br>**2,205,476**|
|---|---|
||_Total_<br>_funds_<br>_2023_<br>_£_<br>_2,113,242_<br>_49,600_|
||_2,162,842_|
||**Total**<br>**funds**<br>**2024**<br>**£**<br>**32**<br>**1,976**|
||**2,008**|
||_Total_<br>_funds_<br>_2023_<br>_£_<br>_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**<br>**funds**<br>**2024**<br>**£**<br>Interest receivable<br>51,192<br>_Unrestricted_<br>_funds_<br>_2023_<br>_£_<br>Interest receivable<br>_7,416_|**Total**<br>**funds**<br>**2024**<br>**£**<br>**51,192**|
|---|---|
||_Total_<br>_funds_<br>_2023_<br>_£_<br>_7,416_|



## **6. Analysis of expenditure on charitable activities** 

## **Summary by fund type** 

|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>Charitable activities<br>171,869<br>Charitable activities|**Restricted**<br>**funds**<br>**2024**<br>**£**<br>13,128<br>_Unrestricted_<br>_funds_<br>_2023_<br>_£_<br>_160,466_|**Total**<br>**2024**<br>**£**<br>**184,997**|
|---|---|---|
|||_Total_<br>_2023_<br>_£_<br>_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<br>Charitable activities|**Direct**<br>**costs**<br>**2024**<br>**£**<br>146,693<br>_Direct_<br>_costs_<br>_2023_<br>_£_<br>_118,005_|**Support**<br>**costs**<br>**2024**<br>**£**<br>38,304<br>_Support_<br>_costs_<br>_2023_<br>_£_<br>_42,461_|**Total**<br>**funds**<br>**2024**<br>**£**<br>**184,997**|
|---|---|---|---|
||||_Total_<br>_funds_<br>_2023_<br>_£_<br>_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<br>Rolling stock restoration<br>Repairs and maintenance<br>Diesel<br>Depreciation<br>Governance costs<br>**Total 2024**|**Total**<br>**funds**<br>**2024**<br>**£**<br>**1,396**<br>**515**<br>**9,500**<br>**128**<br>**127,234**<br>**7,920**<br>**146,693**|_Total_<br>_funds_<br>_2023_<br>_£_<br>_947_<br>_1,752_<br>_3,638_<br>_68_<br>_105,216_<br>_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<br>Insurance<br>Subscription<br>Legal & Professional<br>Repairs & Maintenance<br>Forestry & Gardening<br>Electricity & Heating Gas<br>Telephone & Broadband<br>Water<br>Waste collection<br>Bank charges<br>Health & Safety<br>Cleaning & Janitorial<br>Sundry expenses<br>Publicity and public relation expenses<br>**Total 2024**|**Total**<br>**funds**<br>**2024**<br>**£**<br>**5,752**<br>**6,114**<br>**177**<br>**859**<br>**2,916**<br>**4,906**<br>**3,317**<br>**974**<br>**103**<br>**1,258**<br>**238**<br>**995**<br>**23**<br>**7,821**<br>**2,851**<br>**38,304**|_Total_<br>_funds_<br>_2023_<br>_£_<br>_7,125_<br>_5,271_<br>_170_<br>_899_<br>_-_<br>_8,334_<br>_4,525_<br>_884_<br>_531_<br>_1,119_<br>_204_<br>_407_<br>_46_<br>_4,501_<br>_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**<br>At 1 January 2024<br>Additions<br>Disposals<br>At 31 December 2024<br>**Depreciation**<br>At 1 January 2024<br>Charge for the year<br>On disposals<br>At 31 December 2024<br>**Net book value**<br>At 31 December 2024<br>_At 31 December 2023_|**Freehold**<br>**property**<br>**£**<br>**4,507,378**<br>**886,847**<br>**-**<br>**5,394,225**<br>**732,412**<br>**107,894**<br>**-**<br>**840,306**<br>**4,553,919**<br>_3,774,966_|**Long-term**<br>**leasehold**<br>**property**<br>**Plant and**<br>**machinery**<br>**£**<br>**£**<br>**127,454**<br>**441,954**<br>**35,491**<br>**-**<br>**(3,605)**<br>**-**<br>**159,340**<br>**441,954**<br>**84,394**<br>**-**<br>**11,113**<br>**-**<br>**(3,605)**<br>**-**<br>**91,902**<br>**-**<br>**67,438**<br>**441,954**<br>_43,060_<br>_441,954_|**Office**<br>**equipment**<br>**£**<br>**324,663**<br>**16,926**<br>**(2,963)**<br>**338,626**<br>**16,873**<br>**4,376**<br>**(2,963)**<br>**18,286**<br>**320,340**<br>_307,790_|**Other fixed**<br>**assets**<br>**£**<br>**279,453**<br>**4,947**<br>**-**<br>**284,400**<br>**88,582**<br>**3,850**<br>**-**<br>**92,432**<br>**191,968**<br>_190,871_|**Total**<br>**£**<br>**5,680,902**<br>**944,211**<br>**(6,568)**<br>**6,618,545**<br>**922,261**<br>**127,233**<br>**(6,568)**<br>**1,042,926**<br>**5,575,619**<br>_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**<br>**Cost or valuation**<br>At 1 January 2024<br>At 31 December 2024<br>**Net book value**<br>At 31 December 2024<br>_At 31 December 2023_|**Plant and**<br>**machinery**<br>**£**<br>**441,954**|
|---|---|
||**441,954**|
||**441,954**|
||_441,954_|



## **11. Fixed asset investments** 

|**Group**<br>**Cost or valuation**<br>At 1 January 2024<br>Additions<br>Revaluations<br>At 31 December 2024<br>**Net book value**<br>At 31 December 2024<br>_At 31 December 2023_|**Unlisted**<br>**investments**<br>**£**<br>**13,250**<br>**10,000**<br>**-**<br>**23,250**<br>**23,250**<br>_13,250_|**Listed**<br>**investments**<br>**£**<br>**-**<br>**40,426**<br>**(421)**<br>**40,005**<br>**40,005**<br>_-_|**Total**<br>**£**<br>**13,250**<br>**50,426**<br>**(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**<br>**Cost or valuation**<br>At 1 January 2024<br>Additions<br>Revaluations<br>At 31 December 2024<br>**Net book value**<br>At 31 December 2024<br>_At 31 December 2023_|**Investments**<br>**in**<br>**subsidiary**<br>**companies**<br>**£**<br>**37,749**<br>**-**<br>**-**<br>**37,749**<br>**37,749**<br>_37,749_|**Listed**<br>**investments**<br>**£**<br>**-**<br>**40,426**<br>**(421)**<br>**40,005**<br>**40,005**<br>_-_|**Total**<br>**£**<br>**37,749**<br>**40,426**<br>**(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**<br>Other debtors<br>Prepayments and accrued income|**Group**<br>**2024**<br>**£**<br>**38,791**<br>**7,883**<br>**46,674**|_Group_<br>_2023_<br>_£_<br>_217,115_<br>_9,518_<br>_226,633_|**Charity**<br>**2024**<br>**£**<br>**66**<br>**-**<br>**66**|_Charity_<br>_2023_<br>_£_<br>_200,128_<br>_-_<br>_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<br>Accruals and deferred income|**Group**<br>**2024**<br>**£**<br>**2,220**<br>**7,201**<br>**9,421**|_Group_<br>_2023_<br>_£_<br>_3,247_<br>_6,001_<br>_9,248_|**Charity**<br>**2024**<br>**£**<br>**-**<br>**7,200**<br>**7,200**|_Charity_<br>_2023_<br>_£_<br>_-_<br>_6,000_|
|---|---|---|---|---|
||||||
|||||_6,000_|



## **14. Financial instruments** 

|**Financial assets**<br>Financial assets measured at amortised cost<br>Financial assets measured at fair value<br>**Financial liabilities**<br>Financial liabilities measured at amortised<br>cost|**Group**<br>**2024**<br>**£**<br>**3,490,438**<br>**40,005**<br>**3,530,443**<br>**Group**<br>**2024**<br>**£**<br>**(9,420)**|_Group_<br>_2023_<br>_£_<br>_2,283,989_<br>_-_<br>_2,283,989_<br>_Group_<br>_2023_<br>_£_<br>_(9,248)_|**Charity**<br>**2024**<br>**£**<br>**3,400,402**<br>**40,005**<br>**3,440,407**<br>**Charity**<br>**2024**<br>**£**<br>**(7,200)**|_Charity_<br>_2023_<br>_£_<br>_2,227,009_<br>_-_|
|---|---|---|---|---|
||||||
|||||_2,227,009_|
|||||_Charity_<br>_2023_<br>_£_<br>_(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**<br>**funds**<br>**Designated**<br>**funds**<br>Robertsbridge<br>Station Building<br>**General funds**<br>General Funds -<br>all funds<br>Minority interest<br>**Total**<br>**Unrestricted**<br>**funds**<br>**Restricted**<br>**funds**<br>BP Tank<br>Restoration<br>Fund<br>Charwelton<br>Restoration<br>Robertsbridge<br>Station Building<br>**Total of funds**|**Balance at**<br>**1 January**<br>**2024**<br>**£**<br>**-**<br>**6,946,013**<br>**268**<br>**6,946,281**<br>**6,946,281**<br>**352**<br>**-**<br>**100,000**<br>**100,352**<br>**7,046,633**|**Income**<br>**£**<br>**Expenditure**<br>**£**<br>**-**<br>**-**<br>**2,064,279**<br>**(171,856)**<br>**-**<br>**(13)**<br>**2,064,279**<br>**(171,869)**<br>**2,064,279**<br>**(171,869)**<br>**-**<br>**-**<br>**1,447**<br>**(1,447)**<br>**192,950**<br>**(11,681)**<br>**194,397**<br>**(13,128)**<br>**2,258,676**<br>**(184,997)**|**Transfers**<br>**in/out**<br>**£**<br>**50,000**<br>**(50,000)**<br>**-**<br>**(50,000)**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**|**Gains/**<br>**(Losses)**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**(421)**<br>**(421)**<br>**(421)**|**Balance at**<br>**31**<br>**December**<br>**2024**<br>**£**<br>**50,000**|
|---|---|---|---|---|---|
||||||**8,788,436**<br>**255**|
||||||**8,788,691**|
||||||**8,838,691**|
||||||**352**<br>**-**<br>**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**<br>General Funds - all funds<br>Minority interest<br>**Restricted funds**<br>BP Tank Restoration Fund<br>Turntable Fund<br>Robertsbridge Station Building<br>**Total of funds**|_Balance at_<br>_1 January_<br>_2023_<br>_£_<br>_5,033,742_<br>_246_<br>_5,033,988_<br>_352_<br>_-_<br>_-_<br>_352_<br>_5,034,340_|_Income_<br>_£_<br>_2,023,137_<br>_22_<br>_2,023,159_<br>_-_<br>_49,600_<br>_100,000_<br>_149,600_<br>_2,172,759_|_Expenditure_<br>_£_<br>_(160,466)_<br>_-_<br>_(160,466)_<br>_-_<br>_-_<br>_-_<br>_-_<br>_(160,466)_|_Transfers_<br>_in/out_<br>_£_<br>_49,600_<br>_-_<br>_49,600_<br>_-_<br>_(49,600)_<br>_-_<br>_(49,600)_<br>_-_|_Balance at_<br>_31_<br>_December_<br>_2023_<br>_£_<br>_6,946,013_<br>_268_|
|---|---|---|---|---|---|
||||||_6,946,281_|
||||||_352_<br>_-_<br>_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<br>funds<br>General funds<br>Restricted funds|**Balance at 1**<br>**January**<br>**2024**<br>**£**<br>**-**<br>**6,946,281**<br>**100,352**<br>**7,046,633**|**Income**<br>**£**<br>**-**<br>**2,064,279**<br>**194,397**<br>**2,258,676**<br>_Balance at_<br>_1 January_<br>_2023_<br>_£_<br>_5,033,988_<br>_352_<br>_5,034,340_|**Expenditure**<br>**£**<br>**-**<br>**(171,869)**<br>**(13,128)**<br>**(184,997)**<br>_Income_<br>_£_<br>_2,023,159_<br>_149,600_<br>_2,172,759_|**Transfers**<br>**in/out**<br>**£**<br>**50,000**<br>**(50,000)**<br>**-**<br>**-**<br>_Expenditure_<br>_£_<br>_(160,466)_<br>_-_<br>_(160,466)_|**Gains/**<br>**(Losses)**<br>**£**<br>**-**<br>**-**<br>**(421)**<br>**(421)**<br>_Transfers_<br>_in/out_<br>_£_<br>_49,600_<br>_(49,600)_<br>_-_|**Balance at**<br>**31**<br>**December**<br>**2024**<br>**£**<br>**50,000**<br>**8,788,691**<br>**281,200**|
|---|---|---|---|---|---|---|
|||||||**9,119,891**|
|||||||_Balance at_<br>_31_<br>_December_<br>_2023_<br>_£_<br>_6,946,281_<br>_100,352_|
|**Summary of funds - prior year**|||||||
|General funds<br>Restricted funds|||||||
|||||||_7,046,633_|



## **17. Analysis of net assets between funds** 

## **Analysis of net assets between funds - current period** 

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



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## **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<br>Fixed asset investments<br>Current assets<br>Creditors due within one year<br>**Total**|_Unrestricted_<br>_funds_<br>_2023_<br>_£_<br>_4,658,289_<br>_13,250_<br>_2,283,990_<br>_(9,248)_<br>_6,946,281_|_Restricted_<br>_funds_<br>_2023_<br>_£_<br>_100,352_<br>_-_<br>_-_<br>_-_<br>_100,352_|_Total_<br>_funds_<br>_2023_<br>_£_<br>_4,758,641_<br>_13,250_<br>_2,283,990_<br>_(9,248)_<br>_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)<br>**Adjustments for:**<br>Depreciation charges<br>Donations to investments<br>Loss/(gain) on investments<br>Dividends, interests and rents from investments<br>Decrease/(increase) in debtors<br>Increase/(decrease) in creditors<br>**Net cash provided by operating activities**<br>**Analysis of cash and cash equivalents**<br>Cash in hand<br>**Total cash and cash equivalents**|**Group**<br>**2024**<br>**£**<br>**2,073,258**<br>**127,233**<br>**(40,426)**<br>**421**<br>**(51,192)**<br>**179,959**<br>**173**<br>**2,289,426**<br>**Group**<br>**2024**<br>**£**<br>**3,443,764**<br>**3,443,764**|_Group_<br>_2023_<br>_£_<br>_2,012,293_<br>_105,213_<br>_-_<br>_-_<br>_(7,416)_<br>_(196,424)_<br>_(18)_<br>_1,913,648_<br>_Group_<br>_2023_<br>_£_<br>_2,057,357_<br>_2,057,357_|
|---|---|---|



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## **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<br>**Capital commitments**<br>**Group**<br>**2024**<br>**£**<br>Contracted for but not provided in these<br>financial statements<br>**562,517**|**At 1**<br>**January**<br>**2024**<br>**£**<br>**2,057,357**<br>**2,057,357**<br>_Group_<br>_2023_<br>_£_<br>_28,447_|**Cash flows**<br>**£**<br>**1,386,407**<br>**1,386,407**<br>**Charity**<br>**2024**<br>**£**<br>**562,517**|**At 31**<br>**December**<br>**2024**<br>**£**<br>**3,443,764**|
|---|---|---|---|
||||**3,443,764**|
||||_Charity_<br>_2023_<br>_£_<br>_-_|



**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. 

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## **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**<br>**Profit/(Loss)**||**Net assets**|
|||**£**||**£**<br>**/ Surplus/**|**£**|
|||||**(Deficit) for**||
|||||**the year**||
|||||**£**||
|Rother Valley Railway Limited||**175,601**|**(176,920)**<br>**(1,319)**||**12,866**|



The financial results of the subsidiary for the year were: 

Page 31