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
ServI￿S 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 su￿sS 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 be￿een 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 ￿n￿rtaIntIeS 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 re￿iVed 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 be￿een 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 eX￿edS 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 BOOk￿seS & 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 a￿sS 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 AV￿rd 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