Charity Registration Number: 1166144 Historical Model Railway Society Accounts For the Year Ending 31 December 2024 JANE ASCROFT ACCOUNTANCY LIMITED Chartered Accountants Enterprise House Harmire Enterprise Park Barnard Castle County Durham DL12 8XP
Historical Model Railway Society Accounts Year Ended 31 December 2024 Page Trustees. Annual Report Independent Examineff s Report lo the Trustees Staternenl of Financial Activitie5 Stslemenl of FinanGial Position Notes to the Accounts The Following Pages Do Not Form Part of the Accounts Detailed Statement of Financial Activities 17
Historical Model Railway Society Trustees. Annual Report Year Ended 31 December 2024 The trustees present their report and the unaudited accounts of the charity for the year ended 31 December 2024. Ob"ectives and Activities HMRS is an active Society and Educational Charity with worldwide membership. Its objectives are to provide support to those interested in historically accurate railway modelling and through ils publications, library, archives, drawings, photography collections and company stewards lo provide information and answer quests.ons from modellers and railway historians alike. HMRS is often a first point of call for historical railway research. The Society publishes historical railway books and produces transfers for those modelling in 4mm and 7mm scales which fomi the main element of its trading aclivilies. Over the last few years, due to continuing donations, the museum and study centre has become increasingly congested. Therefore, starting al the end of the year, Iruslees and volunteers tEgan a thorough examination of the building lo determine the most efficient way of using the space available. However, this cannot be continued forever and the trustees have, at their meetings been discussing the possibility of obtaining further space. Achievements and Perfomiance During 2024 the Society worked lo ils Management Budget In providing services to Members, preserved railways, the public and a number of business organisations. The Society has continued to publish Journals and newsletters for members and other interested parties. The society attended eight shows during the year which generated a reasonable amount of income. It is hoping lo attend a similar number of shows during 2025, with the intention of raising the profile of the society within the hobby. Sales of transfers has continued lo be good via the website. Over the last two years the society has spent a considerable amount of money in the restocking of transfers. These come at an increased cost but, after a modest pnce increase, a reasonable margin is being maintained. The Society has a pem)anenl Museum and Study Centre at Swanwick Junction, Derbyshire. It has a collection of over 300,000 engineering drawings, over 200,000 photographs and many tx)oks and magazine5. When new items are received they are sorted and stored. Work has continued throughout the year and conb.nues apace lo digilise this collection, All issues of the society's Journals are now available to members on the website. The society is, as ever, indebted to the volunteers who help run and support the Society. Due to ongoing difficulties in a¢ssing our Museum and Study Centre at Swanwick, the society is still having to Spa out visits by volunteers lo ensure that someone is in attendan when required. Public Benefit The society's main activities and who they help are descyibed elsewhere in this report. Ai the society's activities are undertaken lo further its charitable purposes for the public benefit. The Trustees have had regard lo the Charity Commission's guidan on public benefit throughout the year when deciding on the activities of the charity. The society strives to make ils catalogued material available on line wherever possible. Financial Review The Society has main income sources, memtership subscriptions and trading activities principally through the sale of books and transfers. The objective of the Society is to provide and develop its ServIS to Members and the public. A rolling Management Budget is maintained with the aim of achieving a minimum of a small operating surplus each year. This is reviewed by the Executive Committee at each meeting and then fully reviewed annually.
Historical Model Railway Society Trustees. Annual Report (continued) Year Ended 31 December 2024 structure Governance and Mana ement HMRS is a CIO (charity number 1166144} registered with the Charity Commission on 21st March 2016. Up to 15 Trustees are elected annually at the Annual General Meeting which will be held in October this year. 11 is proposed to do this by Zoom again this lime following the susS of the 2024 meeting. Each year one fifth of the Trustees retire but if they so wish they can be nominated again. Nominations to be a Trustee is confirmed by 2 members within a sel timescale ahead of the AGM. Should there be more than one nomination for a position a ballot will be held which includes postal voting. The rules of the Society make provision for the ts"mescales and process lo achieve this. In practice the newsletter of the Society updates Members of the EC position and timescales for nominations. Reference and Administrative Details Registered charity name Historical Model Railway Society Charity registration number 1166144 Principal office Clo Butterley Station Ripley Derbyshire DE5 3QZ The Trustees Mr A McGill Mr J Hancock Mr A Straw Mr A O VinrEnt Mr M Allerton Mr S Leleux Mr A Jacques Mr l Mccormac Mr l Davie ITreasurerl Mr R Griffilhs Mr T Birch Mr D Smith Mr J Ambler Mr C Levin Mr J Hobden Mr R Crockell MrSLea Mr J Lonergan (Retired 17 May 20241 (Reliied 5 Octobei 20241 (Co-opted 14 November 20241 (Retired 5 October 20241 (Retired 5 October 20241 (Appointed 5 October 20241 (Appointed 5 October 20241 (Appointed 5 October 20241 (Appointed 5 October 20241 (Appointed 5 October 20241 (Appointed 5 October 20241 (Appointed 5 October 20241 IAppoinled 5 October 20241 Independent Examiner Jane Ascroft FCA MA (Cantabl Enterprise House Harmire Enterprise Park Barnard Castle County Durham DL12 8XP
Historical Model Railway Society Trustees. Annual Report (continued) Year Ended 31 December 2024 The trustees, annual report was approved on . trustees by: and signed on behalf of the board of Mr A Jacques Trustee
Historical Model Railway Society Independent Examinerfs Report to the Trustees of Historical Model Railvmy Society Year Ended 31 December 2024 I report lo the trustees on my examination of the accounts of Historical Model Railway Society I'lhe charily'l for the year ended 31 December 2024. Responsibilities and Basis of Report As the Iruslees of the charity you are resFX)nsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'the Acl'l. I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515)Ibl of the Act. Independent Examiner's Statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect." accounting records were not kept in respect of the charity as required by secb.on 130 of the Act", or the accounts do not accord with those records,. or the accounts do not comply with the applicable requirements (x)ncetning the fotm and content of accounts set out in the Charities (Accounts and Reports} Regulations 2008 other than any requirement that the accounts give a 'lrue and fairf view which is not a maller considered a5 part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper underslanding of the accounts lo be reached. Jane Ascroft FCA MA Icantab) Independent Examiner Enletprise House Harmire Enterprise Park Barnard Castle County Durham DL12 8XP
Historical Model Railway Society statement of Financial Activities Year Ended 31 December 2024 2024 Reslricled funds Total funds 2023 Unrestricted funds Totsl funds Note Income and endowments Donations and legacie5 Other trading activities Investment Income 44,421 35,501 5,139 85,061 70 44.491 35.501 S,334 85,326 44,909 30,268 4,445 79,622 195 Totsl Income 265 Expenditure Expenditure on raising funds.. Costs of other trading activities Expenditure on charitable activities Total expenditure 18,218 83,333 101,551 18,218 83,333 101,551 26,082 65,545 91,627 Net expenditure {16,490) 265 116,2251 112,0051 Transfers beeen fvnds 1859) 859 Net movement in funds {17,349) 1,124 (16,2251 112,0051 Reconciliation of fund5 Total funds brought fotward Total funds carrled forward 738,853 721,504 10,329 11,453 749,182 732,957 761,187 749,182 The stalemenl of financial acts"vilies includes all gains and losses reo)gnised in the year. l income and expenditure derive trom conb"nuing aGliMties. The notes on pages 7 to 15 form part of these accounts.
Historical Model Railway Society statement of Financial Position 31 December 2024 2024 2023 Note Fixed Assets Tangible fixed assets 15 281,754 294,551 Current Assets Stocks Debtors Cash at bank and in hand 16 17 170,836 10,441 284,997 145,392 9,831 306,544 466,074 461,767 Creditors: amounts falling due within one year Net Current Assets 18 14,871 7,136 451.203 732,957 732.957 454,631 749,182 749,182 Total Assets Less Current Liabilities Net Assets Funds of the Charity Reslricled funds Unreslricled funds 11.453 721,504 732,957 10,329 738,853 749,182 Total charity funds 19 These accounts were approved by the board of trustees and authorised for issue on and are signed on behalf of the tx)ard by- Mr l Davie (Treasurer} Trustee The notes on pages 7 to 15 form part of these accounts.
Historical Model Railway Society Notes to the Accounts Year Ended 31 December 2024 General Information The charity is a public benefit entity and a registered charity In England and Wales and is unincorporated. The address of the principal office Is Clo Butterley Station, Ripley. Derbyshire, DE5 3QZ. ststement of Compliance These accounts have been prepared in Complian with FRS 102, 'The Finanaal Reporb"ng standard applicable In the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable lo charities preparing their accounts In accordan with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 (Charities SORP IFRS 10211 and the Charities Act 2011. Accounting Policies Basis of Preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investments measured at fair value through income or expenditure. The financial statements are prepared in slerting, which is the functional currency of the entity. The enlily is a Public Benefit Entity. Going Concern There are no material nrtaIntIeS about the Gharity's ability to continue. Judgements and Key Sources of Estimation Uncertainty The preparation of the financial stslemenls requires management lo make judgements, estimates and assumplK)ns that affect the amounts ieFX)rted. These estimates and judgements are continually remewed and are based on experience and other factors, including expectations of future events that are believed lo be reasonable under the circumstances. The Itustees consider that there are no significant estimates or judgements affecting these financial Statements. Fund Accounting Unreslricled funds are available for use at the discretion of the trustees in furtherance of the purposes of the charity. Designated funds are un¥estricled funds earmarked by the trustees for specific purposes. Reslricled funds are subjected lo restrictions on their expenditure imposed by the donor.
Historical Model Railway Society Notes to the Accounts (coniffnuedj Year Ended 31 December 2024 Accounting Policies (coniinued) Income All income Is included in the statement of financial activities when the charity is entitled to the income, any performance related conditions attached have been mel or are fully within the control of the charity, the income is considered probable and the amount can be quanlilied with reasonable aGGuracy. The following specific policies are applied to particular categories of income". Donations and legacy income is reiVed by way of donations, legacies, grants and gifts and is included in full in the Statement of Financial Activities when receivable. Where legacies have been notified lo the charity bul the criteria for income recognition have not been mel, the legacy is treated as a contingent asset and disclosed if material. Grants, where entillemenl is not conditional on the delivery of a specific performance by the charity, are recognised when the charity tecomes unconditionally entitled to the grant. Donated services and facilities are included at the value lo the charity, being the amount the charity would have been willing to pay lo obtain services or facilities of equivalent etxinomic benefit on the open matket. Investrnent income is included when receivable. Income from charitable trading activity is accounted for when earned. Income from grants, where related lo performance and specific deliverables, are accounted for as the charity eams the right to consideration by ils performance. Expenditure Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which Gannot be fully recovered, and Is reported as part of the expenditure to which il relates". Cosls of raising funds comprise the costs associated with allracting donations, grants and legacies and the costs of trading for fundraising purposes. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. 11 includes both wsts that can be allocated direclly lo such activities and those costs of an indirect nature necessary lo support them. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable acliwties. All costs are allocated beeen the expenditure categories of the SOFA on a basis designed lo reflect the use of the resour. Costs relating lo a particular activity are allocated directly, others are apportioned on an appropriate basis, as set out in the notes to the accounts. Tangible Assets Tangible assets are initially recorded al cost, and subsequently staled al Cost less any acGumulaled depreciation and impairment losses.
Historical Model Railway Society Notes to the Accounts (coniffnuedj Year Ended 31 December 2024 Accounting Policies (coniinued) Depreciation Depreciation is Calculated so as lo write off the cost or valuation of an asset, less ts residual value, over the useful economic life of that asset as follows". Leasehold Premises & Fittings Library & Exhibib"on Bookcases & Equipment Offi, Computer Equipment & Website Photographic Negatives & Collection Library Books & Archive Models, Layouts & Nameplates 5% reducing balance 3% reducing balance 10%125% reducing balance per annum 2% reducing balance 10% reducing balance 5% reducing balance Impairnient of Fixed Assets A review for indicators of impairment is carried out al each reporb.ng date, with the recoverable amount being estimated where such indicators exist Where the carrying value eXedS the recoverable amount, the asset is Impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting dale. stocks Stricks are measured al the lower of cost and estimated selling price less costs lo complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock lo ils present locatK)n and condrtion. Financial Instruments The charity only has financial assets and liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Debtors Trade and other debtors are recognised al the selllemenl amount due after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. Accrued income and tax recoverable is included at the best estimate of the amounts receivable at the balance sheet dale. Cash at Bank and in Hand Cash al bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of aojuisilion or opening of the deposit or similar account.
Historical Model Railway Society Notes to the Accounts (coniffnuedj Year Ended 31 December 2024 Accounting Policies (coniinued) Creditors Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds lo a third party and the amount due to setue the obligation can be measured or eslimaled reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due. Taxation The company is considered to pass the tests sel out in Paragraph 1 Schedule 6 of the Finan(* Act 2010 and therefore it meets the definib.on of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable putposes. Donations and Legacies Unreslricled Funds Restricted Total Funds Funds 2024 Donations Donations and royalties Subscriptions Gift aid 10,019 26,666 7,736 44,421 70 10.089 26,666 7,736 44,491 70 Unrestricted Funds Restricted Total Fund5 Funds 2023 Donations Donations and royalties Subscriptions Gift aid Refund of bequest transport costs 10,225 26,462 7,477 745 10,225 26,462 7,477 745 44,909 44,909 10
Historical Model Railway Society Notes to the Accounts (coniffnuedj Year Ended 31 December 2024 Other Trading Activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Sales of publications Sales of transfers Sales of photographic materials Sales of drawings Sales of wagons other sales 7,580 23,075 515 4,174 40 117 7,580 23,075 515 4174 40 117 4,583 20,763 710 3.865 73 274 4,583 20,763 710 3,865 73 274 35,501 35,501 30,268 30,268 Investment Income Unreslricled Funds Restricted Totsl Funds Funds 2024 Bank interest receivable other interest receivable 5,139 195 5,334 5,139 195 5,334 Unrestricted Funds Restricted Total Funds Funds 2023 Bank interest receivable Other interest receivable 4,264 15 166 4,430 15 4,279 166 4,445 Costs of Other Trading Activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Cosls of other trading activities - Membership schemes and social lotteries 18,218 18,218 26,082 26,082 Expenditure on Charitable Activities by Fund Type Unreslricled Funds Restricted Total Funds Funds 2024 Costs of charitable activrties 83,333 83,333 Unreslricled Funds Restricted Total Funds Funds 2023 Costs of Gharilable activrties 65,275 270 65,545 11
Historical Model Railway Society Notes to the Accounts (coniffnuedj Year Ended 31 December 2024 Expenditure on Charitable Activities by Activity Type Activities undertaken Total funds directly 2024 Totsl fvnd 2023 Cosls of ch8rilable activrties 83,333 83.333 65,545 10. Net Expenditure Nel expenditure is staled after chargingllcredilingl.. 2024 2023 Depreciation of tangible fixed assets 12,797 13,974 11. Independent Examination Fees 2024 2023 Fees payable lo the independent examiner for.. Independent examination of the accounts 450 450 12. Staff Costs and Emoluments The charity does not have any employees and has no plans to have any employees in the foreseeable future. The average head count of employees during the year was Nil12023.' Nill. No employee received employee benefits of more than £60,000 during the year (2023.. Nil). 13. Trustee Remuneration and Expenses No remuneration or other benefits from employmenl with the Gharty 01 a related enb.ty were received by the Iruslees. During the year 3 trustees were reimbursed for travel expenses and payments incurred on behalf of the charity. These payments tolalled £794 {2023- 1 trustee was reimbursed £3961. 14. Transfers Between Funds During the year £859 was transferred from unrestricted funds to restricted funds. This Ix)mprised contributions from membership subscriptions lo the Educational Award Fund_ 12
Historical Model Railway Society Notes to the Accounts (coniffnuedj Year Ended 31 December 2024 15. Tangible Fixed Assets 4t 1 January 2024 and 31 December 2024 Cost Leasehold Premises & Fittings Library & Exhibib"on Bookcases & Equipment Office, Computer Equipment & Websrte Photographic Negatives & Collection Library Books & Archives Models, Layouts & Nameplates 406,707 8,449 51,847 158,482 56,500 34,081 716.066 At 4t 1 January Charge for 31 December 2024 the year 2024 Depreciation Leasehold Premises & Fittings Library & Exhibits'on BOOkseS & Equipment Office, Computer Equipment & Website Photographic Negatives & Collection Library Books & Archives Models, Layouts & Nameplates 277,448 7,869 42,453 34,119 26,651 32,975 421,515 6,463 58 2,217 3,109 895 55 283,911 7,927 44,670 37,228 27,546 33,030 434,312 12,797 At At 31 December 31 December 2024 2023 Carrying amount Leasehold Premises & Fittings Library & Exhibits"on Bookcases & Equipment Offi, Computer Equipment & Website Photographic Negatives & Collection Library Books & Archives Models, Layouts & Nameplates 122,796 522 7,177 121,254 28,954 1,051 281.754 129,259 580 9,394 124,363 29,849 1,106 294,551 16. Stocks 2024 2023 Publications stock Transfer stock Paper stock 19.517 142.912 8.207 20,958 116,227 8,207 170.638 145,392 13
Historical Model Railway Society Notes to the Accounts (coniffnuedj Year Ended 31 December 2024 17. Debtors 2024 2023 Prepayments Gift aid debtor other debtors 2.194 7.637 610 1,922 7,477 432 10,441 9,831 18. Creditors: amounts falling due viithin one year 2024 2023 Accruals Royalties 14,243 628 6,017 1,119 7,136 14,871 19. Analysis of Charitable FuThJs Unrestricted funds At 31 December 2024 At 1 January 2024 Income Expenditure Transfers General funds 738,853 85,061 1101,5511 1859) 721,504 At 31 December 2023 At 1 Janijary 2023 Income Expenditure Transfers General funds 751,629 79,456 191,3571 1875) 738,853 Restricted funds At 31 December 2024 At 1 January 2024 Income Expenditure Transfers Butterfey PHQ Education Award Fund 1,799 8,530 10,329 107 158 1,906 9,547 11,453 859 265 859 At 31 December 2023 At 1 JanLJary 2023 Income Expenditure Transfers Butterfey PHQ Education Award Fund 1,690 7,868 109 57 1,799 8,530 {2701 {2701 875 9,558 166 875 10,329 14-
Historical Model Railway Society Notes to the Accounts (coniffnuedj Year Ended 31 December 2024 19. Analysis of Charitable Funds (¢oniifftJued) There are two reslricled funds". Museum and Study Centre IM & SCI This fund was created lo build the Museum and Study Centre and is the residual amount from the completion of the building. It Is funded by member donations. 11 has been retained recognising that future expenditure especially of a capital nature will be required on the building. Furthermore the Society was Involved in an unsuccessful Lottery Bid with the Midland Railway Trust in 2015 to develop Museum facilities al the Swanwick Junction site. This would have involved expanding the HMRS building for its archive, storage and public asS requirements. The M & SC is part of the Midland Railway Trust's large sile al Swanwick Junction. The building is attached lo a MRT building and holds a long lease. Further work is required lo ix)th buildings to achieve each party's aims and alternative sources of funding are currently being considered. Educational AVrd Fund This separate fund is provided as part of the Societys Educational Charity objecb.ves to provide financial SLJPPOrt to Individuals or groups looking in to the History of Britain's Railway Heritage_ Typically the grants are made lo individuals, schools or colleges. The EAF is funded by an annual levy of HMRS Members. 20. Analysis of Net Assets Between Funds Unreslricled Funds Restricted Total Funds Funds 2024 Tangible fixed assets Current Assets Creditors less than 1 year Net assets 281,754 454,621 114,8711 721,504 281,754 466,074 {14,871) 732,957 11,453 11,453 Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Current Assets Creditors less than 1 year Net assets 294,551 451,438 17,1361 738,853 294,551 461,767 17,1361 749,182 10,329 10,329 21. Other Financial Commitments The centre al Buttedey has been consltucted on land owned by Derbyshiie County Council and leased to Midland Railway Ttust Limited who have granted a sub-lease to the Society for a term of 79 years from l November 2000 to 31 DecEmber 2079. 22. Contingencies The Society has a continuing commitment lo comply with the lemis of the Underlease between the Society and Midland Railway Trust Limited in regard lo the maintenance of the building known as Bullerfey Museum and Study Cenlre. 15-
Historical Model Railway Society Management Infomiation Year Ended 31 December 2024 The Following Pages Do Not Fomi Part of the Accounts. 18-
Historical Model Railway Society Detailed Statement of Financial Activities Year Ended 31 December 2024 2024 2023 Income and endowments Donations and legacies Donations and royalties Subscriptions Gift aid Refund of bequest transport cost5 10,089 26,668 7,738 10,225 26,462 7,477 745 44,491 44,909 Other trading activities Sales of publications Sales of transfers Sales of photographic materials Sales of drawings Sales of wagons Other sales 7,580 23,075 515 4,174 4,583 20,763 710 3,865 73 274 117 35.501 30,268 Investment income Bank interest receivable Other interest receivable 5,334 4,430 15 5,334 4,445 Total Income 85,326 79,622 17
Historical Model Railway Society Detailed Statement of Financial Activities (con&nuedJ Year Ended 31 December 2024 2024 2023 Expenditure Costs of other trading activities Cost of publications Cost of transfers Cost of photographic material Cost of drawings other trading costs 4,356 11,481 659 438 1,284 18,218 6,770 15,926 1,288 1,036 1,062 26,082 Expenditure on charitable activities Buttedey M & SC expenses Library & exhibition expenses Light & heal expenses Insurance Educational Award Fund grants payable Area groups Storage costs Overall travel costs Professional fees AGM costs offi costs Depreciation Journal Newsletter Website design Membership Administration 12,116 1,798 16.507 3,989 5,162 2,834 7,465 3,698 270 657 1,059 413 1,193 2,003 3,706 13,974 9,579 7,178 4,335 2,019 65,545 534 1,972 751 1,104 432 3,669 12,797 11,563 10,370 4,691 1,042 83,333 Total expenditure 101,551 91,627 Net expenditure 116,2251 112,0051 18