THE SIGNALLING RECORD SOCIETY
Annual report and financial statements
For the year ended
31 December 2023
SRS
Founded 1969
Charity No 1176506
FOR THE YEAR ENDED 31 DECEMBER 2023
ANNUAL REPORT AND FINANCIAL STATEMENTS
CONTENTS
| Trustees’ annual report ..................................................................................................................... | 3 - 6 |
|---|---|
| Independent examiner’s report.......................................................................................................... | 7 |
| Statement of receipts and payments ................................................................................................. | 8 |
| Statement of assets and liabilities ..................................................................................................... | 9 |
| Notes to the financial statements ...................................................................................................... | 10 - 13 |
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TRUSTEES’ ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees present their report and financial statements together with the independent examiner’s report for the year ended 31 December 2023.
| REFERENCE AND ADMINISTRATIVE DETAILS | REFERENCE AND ADMINISTRATIVE DETAILS | ||
|---|---|---|---|
| Charity name | The Signalling Record Society | ||
| Charity number | 1176506 | ||
| Contact address | 5 Vale Rise | ||
| Penkridge | |||
| Stafford | |||
| ST19 5LG | |||
| Website address | www.s-r-s.org.uk | ||
| Current trustees | < Vacant > | Chair | |
| Peter Davenport | Secretary | ||
| Lucy Anderson | Appointed 15/07/2023 | Joint treasurer | |
| Michael Wilks | Appointed 15/07/2023 | Joint treasurer | |
| Richard Foster | |||
| Michael R Instone | |||
| Charles Melton | Appointed 13/05/2023 | ||
| Stephen Sharpe | |||
| Other trustees who | Paul Armstrong | Resigned 13/05/2023 | |
| served during the year | Michael Brougham | Appointed 11/03/2023 | Resigned 30/11/2023 |
| Francis Dalrymple-Hamilton | Died 11/03/2023 | ||
| Chris Hall | Resigned 11/03/2023 | ||
| John Lacy | Resigned 20/02/2024 | ||
| Chris Togwell | Appointed 11/03/2023 | Resigned 13/05/2023 | |
| Bankers | Lloyds Bank plc | ||
| 1 Vicar Street | |||
| Kidderminster | |||
| DY10 1DE | |||
| Independent examiner | Mark Heaton FCCA FCIE DChA | ||
| K M Chartered Accountants | |||
| Burnley Wharf | |||
| Manchester Road | |||
| Burnley | |||
| BB11 1JG |
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FOR THE YEAR ENDED 31 DECEMBER 2023
TRUSTEES’ ANNUAL REPORT
STRUCTURE GOVERNANCE AND MANAGEMENT
Governing document
The Signalling Record Society ("the Society") is a Charitable Incorporated Organisation ("CIO") that was registered on 03 January 2018 and governed by its constitution from that date. It was previously a non-charity unincorporated association founded in 1969.
Appointment of trustees
The constitution provides for a minimum of three and a maximum of twelve trustees. At each AGM, at least one-half of the trustees shall retire from office, but will remain eligible for re-election. Trustees shall be appointed by the members at the AGM or by the trustees at any other time.
Organisational structure
Membership of the Society is open to anyone who is interested in furthering its purposes.
Risk assessment
Much of our archive is housed in premises rented by the London and North Western Railway Society at Kenilworth. One of the biggest risks facing the Society is the potential that they could be required to vacate the premises on six months notice, thus requiring us to move within a similar timescale, which would incur significant cost. We therefore continue to hold £10,000 in a designated fund towards that possibility.
OBJECTIVES AND ACTIVITIES
Objects
The object of the Society is to advance the education of the public in all aspects of railway signalling, and all associated science, technology and research, in the British Isles and overseas, in particular but not exclusively by:
-
promoting the study and preservation of information, drawings, photographs, and other material pertaining to railway signalling and related organisations and subjects through the creation of a website and archive of material which will be made available to the public;
-
publishing and disseminating for the public benefit the useful results of research undertaken in furtherance of the object and publishing other materials likely to advance the object of the Society in the form of a journal, books or in other formats;
-
arranging meetings, visits, lectures, exhibitions and similar or related activities in furtherance of the object of the Society; and
-
engaging in such other lawful activities, including co-operation with or subscribing to or affiliation with other bodies having purposes in whole or in part similar to that of the Society, as may be considered conducive or incidental in furtherance of the object.
Activities
During the year, the Society has continued with its activities to fulfil its purposes.
In preparing this report and financial statements, the trustees have had regard to the guidance issued by the Charity Commission on public benefit and are satisfied that all of its activities continue to provide public benefit.
Membership
Our membership has continued to grow as the following table shows:
| Members at the start of the year Add: New members and members rejoining Less: Members leaving or not renewing Members at the end of the year |
2023 2022 |
|---|---|
| 784 775 66 50 (60) (41) |
|
| 790 784 |
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FOR THE YEAR ENDED 31 DECEMBER 2023
TRUSTEES’ ANNUAL REPORT
ACHIEVEMENTS AND PERFORMANCE
We made valuable additions to our photographic, paper and digital archives through a mix of donations and purchases. About 2000 images were scanned as part of the additions process.
Society educational visits were made to the Epping Ongar Railway and to 34 Network Rail signal boxes in England.
We published two new books: Production and Design of Signal Box Diagrams, BR Scottish Region, Volume 7 of our Signal Box Register series covering the North Eastern and Hull & Barnsley Railways. A new version of our combined volume of signal box registers on CD was also published.
We published in excess of 300 pages of material for the information and education of our members and the public. Three meetings were held online and Society literature was distributed to a variety of locations, including heritage railways and museums.
One meeting with speakers making presentations was held in London in October.
Our display stand was at Guildex and Warley model railway exhibitions. At the latter, we presented our Norman Cadge award for the Best Signalled Layout to South Pelaw by John Donnelly.
Our members have provided signalling expertise to a number of heritage railways and to the National Railway Heritage Awards.
The leadership of the Society was strengthened during the year with new trustees joining us and a decision to segregate governance and operational issues into separate activity streams. The editorial arrangements for our journals were rearranged and strengthened and we now have an active working group of helpers.
A strategic review of the Society’s activities was commenced with the aim of ensuring that no current activity is overlooked and that various suggested developments and opportunities to broaden the appeal of the Society are not lost to sight.
FINANCIAL REVIEW
Overview
Our principal sources of income are membership fees, donations, associated gift aid, and sales of books, whereas expenditure is primarily printing and distribution of the "Record", publishing books and expanding our archive. The following table provides a summary of receipts and payments for the year:
| Receipts Payments Surplus/(Deficit) for the year |
2023 2022 |
|---|---|
| £ £ 43,837 33,153 (44,484) (31,582) |
|
| (647) 1,571 |
Reserves policy
Our realisable reserves at the end of the year were as follows:
| Total funds as at 31 December 2023 Less: Stock of books for resale Less: Funds held on term deposit Less: Designated funds Less: Restricted funds Free reserves as at 31 December 2023 |
2023 2022 |
|---|---|
| £ £ 72,190 69,411 (4,000) - (38,700) (33,100) (19,000) (16,439) - (1,017) |
|
| 10,490 18,855 |
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TRUSTEES’ ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
Free reserves exclude the value of books and other items for resale, as they are relatively slow moving. Also excluded are funds held on fixed term deposit with a maturity of more than three months, along with designated funds set aside for specific future purposes.
The trustees consider that holding readily accessible reserves, at the start of each year, of around 12 months expenditure is appropriate to meet the financial liabilities of the Society, given that a significant portion of each year’s subscription income is received in the latter part of the previous year.
On this basis, free reserves for the start of 2024 will be £29,360. Whilst less than the target level, the trustees are satisfied that this is acceptable.
FUTURE PLANS
We expect to have a presence at two model railway exhibitions in 2024: Wakefield in August and Guildex in September.
It is anticipated some more educational visits to signal boxes will take place.
An open meeting will be held in London and we intend to hold a meeting in the West Midlands during the year.
We aim to publish another 300 or so pages of information and it is likely that two new books will be published during the year.
Strategic review activity will continue during the year with some of the developments and opportunities actioned.
APPROVAL
This report, which has been prepared in accordance with the Charities Act 2011, was approved by the trustees on 02 October 2024 and signed on their behalf by:
Michael Wilks
Michael Wilks
Trustee
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INDEPENDENT EXAMINER’S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
Independent examiner's report to the trustees of The Signalling Record Society
I report on the financial statements of The Signalling Record Society ("the Charity") for the year ended 31 December 2023, which are set out on pages 8 to 13.
Respective responsibilities and basis of report
As the Charity's trustees, you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Charity's financial statements carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
Having 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 section 130 of the Act; or
-
the financial statements do not accord with those records.
I confirm that there are no other matters to which your attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Mark Heaton
Mark Heaton FCCA FCIE DChA
K M Chartered Accountants
Burnley Wharf Manchester Road Burnley BB11 1JG 07 October 2024
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STATEMENT OF RECEIPTS AND PAYMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
| Receipts Subscriptions and donations Trading receipts Investment income Payments SRS "Record" and newsletters Other publications Archive Exhibitions Administration Governance costs Purchase of fixed assets Surplus/(Deficit) for year Transfers between funds Net movement in funds Balance as at 01 January 2023 Balance as at 31 December 2023 |
Note | Unrestricted Designated Restricted Total Total Funds Funds Funds 2023 2022 |
|---|---|---|
| 5 6 7 8 9 10 11 |
£ £ £ £ £ 29,850 - 515 30,365 26,983 12,738 - - 12,738 5,806 734 - - 734 364 |
|
| 43,322 - 515 43,837 33,153 |
||
| 18,315 - - 18,315 16,952 8,218 944 - 9,162 3,394 4,519 6,602 1,532 12,653 6,621 481 - - 481 401 2,255 - - 2,255 1,326 1,618 - - 1,618 1,587 |
||
| 35,406 7,546 1,532 44,484 30,281 - - - - 1,301 |
||
| 35,406 7,546 1,532 44,484 31,582 |
||
| 7,916 (7,546) (1,017) (647) 1,571 (10,107) 10,107 - - - |
||
| (2,191) 2,561 (1,017) (647) 1,571 69,136 16,439 1,017 86,592 85,021 |
||
| 66,945 19,000 - 85,945 86,592 |
The Notes on pages 10 to 13 form an integral part of these financial statements.
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STATEMENT OF ASSETS AND LIABILITIES
AS AT 31 DECEMBER 2023
| Bank and cash balances Bank current account Bank deposit account Bank term deposit PayPal account Other cash assets Stocks for resale Other debtors Fixed assets Exhibition display equipment IT equipment Heritage assets Liabilities Subscriptions received in advance Other creditors |
Note | Unrestricted Designated Restricted Total Total Funds Funds Funds 2023 2022 |
|---|---|---|
| 12 13 |
£ £ £ £ £ 2,725 - - 2,725 891 24,971 19,000 - 43,971 52,602 38,700 - - 38,700 33,100 549 - - 549 - |
|
| 66,945 19,000 - 85,945 86,593 |
||
| 4,000 - - 4,000 - 156 - - 156 - |
||
| 4,156 - - 4,156 - |
||
| - - - - 512 975 - - 975 1,300 - - - - - |
||
| 975 - - 975 1,812 |
||
| 18,870 - - 18,870 18,244 16 - - 16 750 |
||
| 18,886 - - 18,886 18,994 |
The Notes on pages 10 to 13 form an integral part of these financial statements.
These financial statements, which have been prepared in accordance with the Charities Act 2011, were approved by the trustees on 02 October 2024 and signed on their behalf by:
Michael Wilks
Michael Wilks
Trustee
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FOR THE YEAR ENDED 31 DECEMBER 2023
NOTES TO THE FINANCIAL STATEMENTS
1. Basis of preparation
These financial statements have been prepared on the receipts and payments basis in accordance with the Charities Act 2011.
There have been no changes to the basis of preparation or to the previous year’s financial statements.
2. Fund accounting
-
(a) Unrestricted funds are those that can be expended at the discretion of the trustees in the furtherance of the objects of the charity.
-
(b) Designated funds are unrestricted funds that the trustees have set aside for particular purposes. The designation is administrative only and does not restrict the trustees’ ability to apply the funds.
-
(c) Restricted funds are those that may only be used for specific purposes. Restrictions arise when specified by the donor, or when funds are raised for specific purposes.
-
(d) The purposes of the funds are shown in Note 16.
3. Taxation
-
(a) The charity is not liable to corporation tax or capital gains tax on its charitable activities.
-
(b) The charity is not registered for VAT, thus all costs are shown inclusive of VAT charged.
4. Transactions with trustees and related parties
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(a) No remuneration was paid to trustees during the year or in the previous year.
-
(b) Travelling expenses totalling £153 (2022: £125) were reimbursed to three (2022: two) trustees.
-
(c) There were no transactions with related parties during the year or in the previous year.
5. Subscriptions and donations
| Donations Membership fees Gift Aid Other donations |
2023 2022 |
|---|---|
| £ £ 24,543 22,128 4,858 4,359 449 496 |
|
| 29,850 26,983 |
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
6. Trading receipts
| Sales Archive surplus Back numbers and other publications Books Drawings "Record" SRVS Signal box registers Ties and binders "Record" and newsletters "Record" production "Record" distribution Newsletters |
2023 2022 |
|---|---|
| £ £ 1,296 257 496 158 3,997 1,651 1,530 1,472 949 780 4,404 1,488 66 - |
|
| 12,738 5,806 |
|
| 2023 2022 |
|
| £ £ 9,476 6,864 6,453 7,206 2,386 2,882 |
|
| 18,315 16,952 |
7. "Record" and newsletters
8. Publications for resale
| Bookstall Printing drawings Register development Register expenses Register printing Scanning drawings Signal box alterations |
Unrestricted Designated Total Total Funds Funds 2023 2022 |
|---|---|
| £ £ £ £ 5,658 - 5,658 309 - 309 214 - 944 944 465 762 - 762 821 - - - 923 915 - 915 438 574 - 574 533 |
|
| 8,218 944 9,162 3,394 |
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
9. Archive
| Purchases Storage |
Unrestricted Designated Restricted Total Total Funds Funds Funds 2023 2022 |
|---|---|
| £ £ £ £ £ - 6,602 1,532 8,134 2,237 4,519 - - 4,519 4,384 |
|
| 4,519 6,602 1,532 12,653 6,621 |
10. Administration
| Administration Advertising and marketing Bank charges Events and meetings Insurance IT software and consumables Membership expenses Telephone and internet Sundries 11. Governance costs AGM and board meetings Annual accounts Independent examiner's fee Professional fees |
2023 2022 |
|---|---|
| £ £ - 292 - 112 582 311 142 119 96 - 603 306 531 - 190 - 111 186 |
|
| 2,255 1,326 |
|
| 2023 2022 |
|
| £ £ 317 235 515 477 786 660 - 215 |
|
| 1,618 1,587 |
12. Stocks for resale
Stocks of books and other items for resale are valued at the lower of cost or estimated realisable value.
13. Heritage assets
The Society owns a considerable quantity of heritage items, both physical and digital. It is not practical to attribute a value to these assets, many of which have been gifted to the Society over a number of years.
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FOR THE YEAR ENDED 31 DECEMBER 2023
NOTES TO THE FINANCIAL STATEMENTS
14. Movements in funds
| Unrestricted funds General Designated funds Archive (Relocation) Archive (Purchase) Enterprise Restricted funds Archive (Purchase) Total funds |
As at As at 31/12/2022 Receipts Payments Transfers31/12/2023 |
|---|---|
| £ £ £ £ £ 69,136 43,322 (35,406) (10,107) 66,945 |
|
| 10,000 - - 10,000 - - (6,602) 10,602 4,000 6,439 - (944) (495) 5,000 |
|
| 16,439 - (7,546) 10,107 19,000 |
|
| 1,017 515 (1,532) - - |
|
| 86,592 43,837 (44,484) - 85,945 |
15. Transfers between funds
-
£10,602 was transferred from the general fund to the archive (purchase) fund to cover the costs incurred in 2023 and to provide funding for 2024.
-
£495 was transferred from the enterprise fund to the general fund as the trustees consider that holding £5,000 in that fund is sufficient.
16. Purposes of funds
General
Enterprise
Unrestricted funds that can be expended at the discretion of the trustees in furtherance of the objects of the charity.
Designated funds set aside towards the cost of projects where some preliminary investment is required and some time may elapse before it is recovered.
Archive (Relocation) Designated funds set aside to cover removal and other costs in the event that the archive needs to be relocated.
Archive (Purchase)
Designated funds set aside for the purchase of suitable material for the archive.
Archive (Purchase) Restricted fund for donations received specifically for the purchase of suitable material for the archive.
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