OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-12-31-accounts

THE SIGNALLING RECORD SOCIETY

Annual report and financial statements

For the year ended

31 December 2024

SRS

Founded 1969

Charity No 1176506

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

CONTENTS

Trustees’ annual report ..................................................................................................................... 3 - 7
Independent examiner’s report ......................................................................................................... 8
Statement of receipts and payments ................................................................................................ 9
Statement of assets and liabilities .................................................................................................... 10
Notes to the financial statements ..................................................................................................... 11 - 14

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees present their report and financial statements together with the independent examiner’s report for the year ended 31 December 2024.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity name The Signalling Record Society 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 (Joint) treasurer
Richard Foster
Michael R Instone
Charles Melton
Stephen Sharpe
Other trustees who John Lacy Resigned 20/02/2024
served during the year Michael Wilks Joint treasurer Resigned 02/05/2025
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

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

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 onehalf 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 the SRS archive is housed in premises rented by the London and North Western Railway Society at Kenilworth. For some time, we have recognised that one of the biggest risks facing the Society is the potential that the LNWRS could be required to vacate the premises on six months’ notice, thus requiring us to move within a similar timescale. This would incur significant costs.

Following the change of ownership of the Kenilworth property and the uncertain business environment, we believe that this risk has increased significantly. Therefore, we have decided to increase the designated fund earmarked to support any significant change in the archive from £10,000 to £30,000. All other significant risks to the Society are covered by Insurance.

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:

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 its activities continue to provide public benefit.

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Membership

Our membership has continued to grow as the following table shows:

Our membership has continued to grow as the following table shows:
2024
2023
Members at the start of the year 790
784
Add: New members and members rejoining 58
66
Less: Members leaving or not renewing (54) (60)
Members at the end of the year 794
790

ACHIEVEMENTS AND PERFORMANCE

We have continued to expand our photographic, paper and digital archives through a mix of donations and purchases. On occasions purchases have been made to supplement the collections and fill in gaps.

Three well attended visits were made by members to signalboxes in Norfolk, Yorkshire, and Cheshire. In addition, colleagues from the FARSAP team continue to record material for posterity that is being uploaded to the Society’s website.

We were able to take advantage of a bulk purchase offer of a book covering the history and development of London and South Western Railway signalling. This proved extremely popular and shared a valuable reference work with members.

Signal box registers now cover all areas of Great Britain apart from Volume 2 - Midland Railway and Volume 5 - London and North Western & Lancashire and Yorkshire Railways.

The Signalling Record and News remain popular with members and have proven a valuable tool in attracting new members. In the last year four editions have been published totalling 328 pages. Work is in progress on a number of other publications with a number of authors.

The London Meeting which featured a number of speakers was once again popular. In 2025 we look forwards to an expanded programme of on-line meetings and an additional speaker meeting.

The Society attended two model railway shows during the year and this provided an opportunity to market a range of society publications.

Our plans and drawings remain attractive resources for members and authors which promotes the Society as well as achieving our strategic objectives.

Our new Trustees have been developing our financial and data systems with the aim of ensuring that the assets and expenditure of the Society are better recorded. The working groups established last year are now yielding benefits in spreading the load in a number of areas and providing an opportunity for members to get involved most typically in the production of the News and Record.

Strategically Trustees have been keenly aware of the uncertainty surrounding the archive premises and have been considering potential options. This work will continue in 2025. Separately Trustees have been working through the strategic priorities to ensure that opportunities aren’t missed to broaden the appeal of the Society.

FOR THE YEAR ENDED 31 DECEMBER 2024

TRUSTEES’ ANNUAL REPORT

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:

2024
2023
£
£
Receipts 43,408
43,837
Payments (38,764) (44,484)
Surplus/(Deficit) for the year 4,644
(647)

Reserves policy

Our realisable reserves at the end of the year were as follows:

Our realisable reserves at the end of the year were as follows:
2024
2023
£
£
Total funds as at 31 December 2024 74,139
72,190
Less: Stock of books for resale (2,500) (4,000)
Less: Funds held on term deposit (38,700) (38,700)
Less: Designated funds (30,000) (19,000)
Less: Restricted funds - -
Free reserves as at 31 December 2024 2,939
10,490

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. In total, our non-discretionary costs are in the region of £26,000 per annum, which forms the basis of our reserves target.

By October 2025, our fixed term investments will have matured, increasing our free reserves to several times what we need to hold to fund our normal year on year activities. That being said, as identified in our risk assessment, the Society faces a major unknown in the changing ownership of our archive premises. This justifies holding a higher level of reserves than would normally be the case, whilst still leaving sufficient operational funds for the Society.

On this basis, free reserves for the start of 2025 will be £22,524. Whilst less than the target level, the trustees are satisfied that this is acceptable.

FUTURE PLANS

We expect to attend at least two model railway exhibitions during the year and will also look at other opportunities as they arise.

The London meeting will be held again, and further on-line meetings are also planned. The meeting in the West Midlands remains an objective and some speakers have been approached.

We aim to publish an increased number of pages in the Record and News. In addition, we hope to publish works detailing the development of Westinghouse L Frames, Great Western and Western Region Signal Box Diagrams and Lever Description Plates.

The uncertainty about the current Archive premises will require Trustees to review options and potentially secure new premises in conjunction with the LNWRS. This will also provide an incentive to develop a better storage approach for an expanding archive.

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

APPROVAL

This report, which has been prepared in accordance with the Charities Act 2011, was approved by the trustees on 01 June 2025 and signed on their behalf by:

Lucy Anderson Trustee

INDEPENDENT EXAMINER’S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024, which are set out on pages 9 to 14.

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:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or

  2. 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 FCCA FCIE DChA

K M Chartered Accountants Burnley Wharf Manchester Road Burnley BB11 1JG 02 June 2025

STATEMENT OF RECEIPTS AND PAYMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted
Designated
Restricted
Total		 Total
Note Funds
Funds
Funds
2024		 2023
Receipts £
£
£
£		 £
Subscriptions and donations 5 29,636
-
80
29,716		 30,365
Trading receipts 6 12,023
-
-
12,023		 12,738
Investment income 1,669
-
-
1,669		 734
43,328
-
80
43,408		 43,837
Payments
SRS "Record" and newsletters 7 19,576
-
-
19,576		 18,315
Other publications 8 6,666
-
-
6,666		 9,162
Archive 9 5,482
3,490
80
9,052		 12,653
Exhibitions 247
-
-
247		 481
Administration 10 1,714
-
-
1,714		 2,255
Governance costs 11 1,509
-
-
1,509		 1,618
35,194
3,490
80
38,764		 44,484
Surplus/(Deficit) for year 8,134
(3,490)
-
4,644		 (647)
Transfers between funds (14,490)
14,490
-
-		 -
Net movement in funds (6,356)
11,000
-
4,644		 (647)
Balance as at 01 January 2024 66,945
19,000
-
85,945		 86,592
Balance as at 31 December 2024 60,589
30,000
-
90,589		 85,945

The Notes on pages 11 to 14 form an integral part of these financial statements.

STATEMENT OF ASSETS AND LIABILITIES

AS AT 31 DECEMBER 2024

Unrestricted
Designated
Restricted
Total		 Total
Note Funds
Funds
Funds
2024		 2023
Bank and cash balances £
£
£
£		 £
Bank current account 2,060
-
-
2,060		 2,725
Bank deposit account 19,632
30,000
-
49,632		 43,971
Bank term deposit 38,700
-
-
38,700		 38,700
PayPal account 197
-
-
197		 549
60,589
30,000
-
90,589		 85,945
Other cash assets
Stocks for resale 12 2,500
-
-
2,500		 4,000
Other debtors -
-
-
-		 156
2,500
-
-
2,500		 4,156
Fixed assets
IT equipment 650
-
-
650		 975
Heritage assets 13 -
-
-
-		 -
650
-
-
650		 975
Liabilities
Subscriptions received in
advance		 19,585
-
19,585		 18,870
Other creditors 15
-
-
15		 16
19,600
-
-
19,600		 18,886

The Notes on pages 11 to 14 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 01 June 2025 and signed on their behalf by:

Lucy Anderson Trustee

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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

3. Taxation

4. Transactions with trustees and related parties

5. Subscriptions and donations

2024
2023
Donations £
£
Membership fees 24,270
24,543
Gift Aid 4,590
4,858
Other donations 856
449
29,716
29,850

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

6. Trading receipts

7.
8.		 2024 2023
£
1,296
496
3,997
1,530
949
4,404
66
12,738
2023
£
9,476
6,453
2,386
18,315
Sales £
Archive Surplus 283
Back Numbers and Other Publications 413
Books 7,431
Drawings 1,932
SRSV Record 952
Signal Box Registers 973
Ties and Binders 39
12,023
"Record" and newsletters
2024
£
Record Production 7,786
Record Distribution 8,981
Newsletters 2,809
19,576
Publications for resale
Unrestricted
Total
Total
Funds
2024
2023
£
£
£
Bookstall 5,704
5,704
5,658
Manned Level Crossings 278
278
-
Printing drawings 233
233
309
Register development -
-
944
Register expenses -
-
762
Scanning drawings -
-
915
Signal box alterations 451
451
574
6,666
6,666
9,162

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9. Archive

Archive
Unrestricted
Designated
Restricted
Total		 Total
Funds
Funds
Funds
2024		 2023
£
£
£
£		 £
Purchases -
3,490
80
3,570		 8,134
Storage 5,482
-
-
5,482		 4,519
5,482
3,490
80
9,052		 12,653

10. Administration

10. Administration Administration
11. 2024
2023
£
£
Advertising and marketing 150
-
Bank charges 267
582
Data Protection Fee 35
-
Events and meetings -
142
Insurance 96
96
IT software and consumables 762
603
Membership expenses 170
531
Telephone and internet 105
190
Treasurer Resources 129
-
Sundries -
111
1,714
2,255
Governance costs
2024
2023
£
£
AGM and board meetings 116
317
Annual accounts 493
515
Independent examiner's fee 900
786
1,509
1,618

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.

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

14. Movements in funds

Movements in funds
As at As at
31/12/2023
Receipts
Payments
Transfers		 31/12/2024
Unrestricted funds £
£
£
£		 £
General 66,945
43,328
(35,194)		 (14,490) 60,589
Designated funds
Archive (Relocation) 10,000
-
-
20,000		 30,000
Archive (Purchase) 4,000
-
(3,490)		 (510) -
Enterprise 5,000
-
-
(5,000)		 -
19,000
-
(3,490)		 14,490 30,000
Restricted funds
Archive (Purchase) -
80
(80)		 - -
Total funds 85,945
43,408
(38,764)		 - 90,589

15. Transfers between funds

16. Purposes of funds

General

Enterprise

Archive (Relocation)

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.

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.