**Charity number: 1191151**
## **Romney Hythe and Dymchurch Railway Supporters Association CIO***
## **Unaudited**
## **Trustees' report and financial statements**
## **For the year ended 30 November 2023**
- Name changed to "Romney Hythe and Dymchurch Railway Supporters Association CIO" by special
- resolution passed at the AGM on 10 June 2023.
**Romney Hythe and Dymchurch Railway Supporters Association CIO**
## **Contents**
||Page|
|---|---|
|**Reference and administrative details of the Association, its Trustees and advisers**|1|
|**Trustees' report**|2 - 6|
|**Independent examiner's report**|7 - 8|
|**Statement of financial activities**|9|
|**Balance sheet**|10|
|**Notes to the financial statements**|11 - 23|
**Romney Hythe and Dymchurch Railway Supporters Association CIO**
**Reference and administrative details of the Association, its Trustees and advisers For the year ended 30 November 2023**
|**Trustees**|P Newsome,Chair|
|---|---|
||C Wrate|
||G Johnson,Treasurer|
||S Haynes,General Secretary|
||J Bannister|
||A White|
||N Whitburn|
||J Cleaver,MembershipSecretary|
||D Martin(appointed 10 June 2023)|
||J Miller(appointed 26 July2023)|
|**Charity registered**
**number**
1191151
**Principal office**
Lee Bolton Monier-Williams
1 The Sanctuary
London
SW1P 3JT
**Accountants**
Kreston Reeves LLP
Chartered Accountants
37 St Margaret's Street
Canterbury
Kent
CT1 2TU||
Page 1
## **Romney Hythe and Dymchurch Railway Supporters Association CIO**
## **Trustees' report**
## **For the year ended 30 November 2023**
The Trustees present their annual report together with the financial statements of the Romney Hythe and Dymchurch Railway Supporters Association CIO (“Association”) for the period 1 December 2022 to 30 November 2023.
## **Objectives and activities**
## **a. Policies and objectives**
The principal objects of the Association are to preserve and maintain the historic miniature trains and associated elements on the Romney, Hythe and Dymchurch Railway (the Railway) for the benefit and education of the public, in particular but not exclusively by the provision of a heritage centre as well as financial and human resources.
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)'.
Page 2
**Romney Hythe and Dymchurch Railway Supporters Association CIO**
**Trustees' report (continued) For the year ended 30 November 2023**
## **Objectives and activities (continued)**
## **b. Activities undertaken to achieve objectives**
The Trustees continued to work with the Railway to determine how best the Railway and the Association might share their respective resources in order best to meet their respective charitable objectives. The Trustees see this as essential to ensure that the Association at all times continues to meet its charitable objectives as set out above. The matters under discussion included without limitation the funding of locomotive overhauls, track replacement, and a replica WW II armoured wagon to be built in time for the Railway’s centenary in 2027.
The Association funded the purchase of £60k worth of rail for winter re-laying and is funding the overhaul of loco No. 7, “Typhoon” in staged payments as the overhaul work progresses.
From a membership starting level of 2748 in December 2022 membership rose steadily over the year and finished in November 2023 at 3120. A review of membership categories was undertaken in January 2023 to look at whether the existing categories correctly reflected the demographics of today’s society. The Trustees considered that there were gaps so 4 additional categories were proposed and ratified at 2023 AGM for implementation in December 2023.
The Association’s quarterly magazine, The Marshlander, continued to be the main source of information for the Association's membership. Contributions to the magazine come from all quarters notably with continuing input from railway staff with their regular updates from different departments within the operating sphere.
With 96% of the membership online it has become easier to send out information such as an electronic version of The Marshlander magazine to those who are happy to receive a PDF (c. 33% of members), and details of special events and updates.
Increasing operating costs including rising Marshlander printing and postage costs, meant that increases in subscription rates were proposed and ratified at the 2023 AGM for implementation December 2023.
Trustees established a Marketing & Communications portfolio group and much work has been undertaken to implement the Association’s new name, new logo, and branding throughout its estate. The name change and brand were approved by members at the 2023 AGM in June, the intent being better to represent why the Association exists and to make it more attractive to a wider range of society, particularly looking for younger members. A very successful Special Members’ train was run 9th September to celebrate and promote the Association’s new name and image. Trustees expect the re-branding work to begin to pay dividends in 2024, enabling growth and breadth of membership in addition to having a brand more suited to serious fundraising efforts.
During the year the Association has continued to receive donations of images, artefacts and items for possible sale. These have needed to be archived which includes storing, digitising, and tagging. We continue to be called upon to provide historic material for both print and broadcast media and this year have supplied images to a production company making a programme about Kent for Channel 5. We also give talks on the railway to outside groups and have done several this year which both promote the railway, and have lead to modest financial donations. The Dymchurch Panel and several items at the New Romney Interpretation Centre were also updated during the year to show the new name and logo of the Association.
Page 3
**Romney Hythe and Dymchurch Railway Supporters Association CIO**
**Trustees' report (continued) For the year ended 30 November 2023**
## **Achievements and performance**
## **a. Investment policy and performance**
The Association’s policy on investment has been to maintain its significant shareholding in the Railway. The Association will review and report upon this policy in future. The Association reviewed its position with respect to reserves and special projects in early 2023 and, having undertaken appropriate due diligence, agreed that it would maintain a balance of free cash of £180,000 to ensure that it possessed the liquidity required to meet anticipated funding requirements in 2023 and 2024, taking account of the fact that annual income from subscriptions and interest is and continues to be expected to be sufficient in each year to fund the Association’s day to day cash requirements and to generate a small surplus.
The Trustees also reviewed the return made on the Edentree Amity Balanced fund investment into which they had resolved to invest £81,000 of cash held in the Associations’ CCLA account. The purpose of that investment had been to increase returns on the Association’s funds, given the low interest rate environment in 2020 and in the preceding decade. Between early 2020 when the investment had been made and late 2023, the performance of this investment had been volatile, with the value of the investment having only returned to its initial £81,000 amount after some substantial falls in its value. The Trustees considered this a disappointing performance, even allowing for the COVID pandemic and subsequent international tensions. Given the rise in interest rates, coupled with the withdrawal of Edentree’s amity backed fund, the Trustees undertook, through Joe Bannister as chair of the FLC and Graham Johnson as Treasurer, extensive discussions with CCLA .
Following those discussions, the Trustees resolved to invest reserves through funds managed by CCLA , which they considered more likely to generate a robust financial return on the Association’s resources while at the same time maintaining a risk profile that is appropriate to a charity whose ability to generate income is on occasion uncertain. That uncertainty reflects the extent to which much of that income has over time been dependent upon legacies which are by their nature impossible both to budget for and to predict. CCLA (https://www.ccla.co.uk/) CCLA is an asset manager which manages the investments of many major charitable or public bodies, including the Church of England. The Trustees consider in consequence that CCLA will be a more effective financial advisory partner for the Association than Edentree. In reaching this conclusion the Trustees noted in addition to the breadth of CCLA’s client base that CCLA manages as against owns the investments with which it deals. Consequently, working with CCLA does not result in the Association becoming excessively and inappropriately exposed to CCLA’s balance sheet.
The Heritage Interpretation Centre project is complete and within budget.
Page 4
**Romney Hythe and Dymchurch Railway Supporters Association CIO**
**Trustees' report (continued) For the year ended 30 November 2023**
## **Financial review**
## **a. Review of the year**
Income has decreased from £103,308 in 2022 to £82,084 in 2023, primarily due to the Association receiving no legacies in the year. Expenditure has increased from £39,402 in 2022 to £110,188 in 2023. The charity had net gains on investments of £20,936 for the year, compared to a loss of £54,588 in 2022. This has resulted in a net deficit of £7,168 (2022: surplus of £9.318).
## **b. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Association 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. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
## **c. Reserves policy**
Except where funds are being retained, any surplus is available for application towards the objects of the Association. This may take the form of providing support for the railway towards the cost of specific projects to be agreed between the Trustees and the Railways board of directors and as more particularly referred to in this report.
Reserves are held as either Restricted or Unrestricted Funds. Restricted Funds are funds that have been received for specific projects and can only be used for those purposes, as at 30 November 2023 Restricted Funds held by the association totalled £43,328. Unrestricted Funds can be used for any purpose providing that it is within the objects of the Charity. Unrestricted Funds totalled £662,346 as at 30 November 2023.
## **Structure, governance and management**
## **a. Constitution**
The Romney Hythe and Dymchurch Railway Supporters Association CIO is a registered charity, number 1191151. The Association was registered as a CIO registered with the Charity Commission of England and Wales on 4 September 2020 and re-registered with effect from 10th June 2023 to include the addition of “Supporters” in its name. The Association changed its name to to Romney Hythe and Dymchurch Railway Supporters Association CIO, by resolution of the members passed at the AGM held on the 10th June 2023. The Association is governed by its Constitution which, aside from the change in name referred to above, remains unaltered.
## **b. Methods of appointment or election of Trustees**
The management of the Association is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
Page 5
**Romney Hythe and Dymchurch Railway Supporters Association CIO**
**Trustees' report (continued) For the year ended 30 November 2023**
## **Structure, governance and management (continued)**
## **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 year which give a true and fair view of the state of affairs of the Association and of its incoming resources and application of resources, including its 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 Association will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Association's transactions and disclose with reasonable accuracy at any time the financial position of the Association 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 Association and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
**P Newsome** Chair Date: 08/05/2024
Page 6
**Romney Hythe and Dymchurch Railway Supporters Association CIO**
## **Independent examiner's report For the year ended 30 November 2023**
## **Independent examiner's report to the Trustees of Romney Hythe and Dymchurch Railway Supporters Association CIO ('the Association')**
I report to the charity Trustees on my examination of the accounts of the Association for the year ended 30 November 2023.
## **Responsibilities and basis of report**
As the Trustees of the Association you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Association's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Your attention is drawn to the fact that the Association has prepared the accounts in accordance with 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) 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.
I understand that 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.
I have completed my examination. I confirm that no 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 Association as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as 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 understanding of the accounts to be reached.
Page 7
## **Romney Hythe and Dymchurch Railway Supporters Association CIO**
## **Independent examiner's report (continued) For the year ended 30 November 2023**
This report is made solely to the Association's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Association's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Association and the Association's Trustees as a body, for my work or for this report.
Signed:
Dated: 09/05/2024
Susan Robinson BA FCA FCIE DChA
Kreston Reeves LLP Chartered Accountants Montague Place, Quayside Chatham Maritime ME4 4QU
Page 8
**Romney Hythe and Dymchurch Railway Supporters Association CIO**
## **Statement of financial activities For the year ended 30 November 2023**
|**Note**
**Income from:**
Donations and legacies
3
Other trading activities
4
Other income
5
**Total income**
**Expenditure on:**
Raising funds
6
Charitable activities
7
**Total expenditure**
**Net (expenditure)/income before net**
**gains/(losses) on investments**
Net gains/(losses) on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Restricted**
**funds**
**2023**
**£**
**-**
**-**
**-**|**Unrestricted**
**funds**
**2023**
**£**
**72,396**
**8,572**
**1,116**|**Total**
**funds**
**2023**
**£**
**72,396**
**8,572**
**1,116**|Total
funds
2022
£
93,840
8,963
505|
|---|---|---|---|---|
||**-**|**82,084**|**82,084**|103,308|
||**-**
**-**|**781**
**109,407**|**781**
**109,407**|680
38,722|
||**-**|**110,188**|**110,188**|39,402|
||**-**
**-**|**(28,104)**
**20,936**|
**(28,104)**
**20,936**|
63,906
(54,588)|
||**-**|**(7,168)**|**(7,168)**|9,318|
||**43,328**
**-**|
**669,514**
**(7,168)**|**712,842**
**(7,168)**|
703,524
9,318|
||**43,328**|**662,346**|**705,674**|712,842|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 11 to 23 form part of these financial statements.
Page 9
**Romney Hythe and Dymchurch Railway Supporters Association CIO**
## **Balance sheet As at 30 November 2023**
|**Note**
**Fixed assets**
Tangible assets
11
Investments
12
**Current assets**
Stocks
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one
year
14
**Net current assets**
**Total assets less current liabilities**
**Total net assets**
**Charity funds**
Restricted funds
15
Unrestricted funds
15
**Total funds**|**375**
**84,687**
**206,766**|**2023**
**£**
**3,265**
**481,724**
**484,989**
-
2,062
170,651
172,713
(8,280)
**220,685**
**705,674**
**705,674**
**43,328**
**662,346**
**705,674**|2022
£
6,362
542,047|
|---|---|---|---|
||||548,409
164,433|
||**291,828**
**(71,143)**|||
|||||
||||712,842|
||||712,842|
||||43,328
669,514|
||||712,842|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
**P Newsome** Chair Date: 08/05/2024
The notes on pages 11 to 23 form part of these financial statements.
Page 10
**Romney Hythe and Dymchurch Railway Supporters Association CIO**
**Notes to the financial statements For the year ended 30 November 2023**
## **1. General information**
Romney Hythe and Dymchurch Railway Supporters Association CIO is a charitable incorporated organisation and an exempt charity incorporated in England and Wales. The registered office is Lee Bolton Monier-Williams, 1 The Sanctuary, London, SW1P 3JT. The principal activities of the Association are to preserve and maintain the historic miniature trains and associated elements on the Romney, Hythe and Dymchurch Railway for the benefit and education of the public, in particular, but not exclusively by the provision of a heritage centre as well as financial and human resources.
## **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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Romney Hythe and Dymchurch Railway Supporters Association CIO meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **2.2 Income**
All income is recognised once the Association is entitled to recognise that income, it is probable that the income will be received and the amount of income receivable can be measured reliably onwards.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Association has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Association, can be reliably measured onwards.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
Page 11
**Romney Hythe and Dymchurch Railway Supporters Association CIO**
**Notes to the financial statements For the year ended 30 November 2023**
## **2. Accounting policies (continued)**
## **2.3 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.
Expenditure on raising funds includes all expenditure incurred by the Association to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Association's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
## **2.4 Tangible fixed assets and depreciation**
Tangible fixed assets costing £250 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
|Four-wheel coach|- 25%|
|---|---|
|Office equipment|- 25%|
|Storage container|- 25%|
## **2.5 Investments**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
Investments held as fixed assets are shown at cost less provision for impairment.
## **2.6 Stocks**
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Page 12
**Romney Hythe and Dymchurch Railway Supporters Association CIO**
## **Notes to the financial statements For the year ended 30 November 2023**
## **2. Accounting policies (continued)**
## **2.7 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.
## **2.8 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.
## **2.9 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 Association 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.
## **2.10 Financial instruments**
The Association 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.
## **2.11 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 Association and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Association 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.
Page 13
**Romney Hythe and Dymchurch Railway Supporters Association CIO**
## **Notes to the financial statements For the year ended 30 November 2023**
## **3. Income from donations and legacies**
|Subscriptions
Donations
Legacies
Donations to Special Projects fund
Total 2022
**4.**
**Income from other trading activities**
**Income from fundraising events**
Special trains and events
200 club
Total 2022
**5.**
**Other incoming resources**
Miscellaneous income|**Restricted**
**funds**
**2023**
**£**
-
-
-
-|**Unrestricted**
**funds**
**2023**
**£**
57,107
15,289
-
-|**Total**
**funds**
**2023**
**£**
**57,107**
**15,289**
**-**
**-**|Total
funds
2022
£
50,509
18,537
22,732
2,062|
|---|---|---|---|---|
||-|72,396|**72,396**|93,840|
|||||
Total
funds
2022
£
203
8,760|
||2,062|
91,778|93,840||
|||
**Unrestricted**
**funds**
**2023**
**£**
1,365
7,207|
**Total**
**funds**
**2023**
**£**
**1,365**
**7,207**||
|||8,572|**8,572**|8,963|
|||||Total
funds
2022
£
505|
|||8,963|8,963||
|||
**Unrestricted**
**funds**
**2023**
**£**
1,116|
**Total**
**funds**
**2023**
**£**
**1,116**||
Total 2022
505
505
Page 14
**Romney Hythe and Dymchurch Railway Supporters Association CIO**
## **Notes to the financial statements For the year ended 30 November 2023**
## **6. Expenditure on raising funds**
## **Fundraising trading expenses**
|Cost of goods sold
Just Giving costs
Total 2022|**Unrestricted**
**funds**
**2023**
**£**
781
-|**Total**
**funds**
**2023**
**£**
**781**
**-**|Total
funds
2022
£
586
94|
|---|---|---|---|
||781|**781**|680|
|||||
||680|680||
## **7. Analysis of expenditure on charitable activities Summary by fund type**
|Resources expended
Total 2022|**Unrestricted**
**funds**
**2023**
**£**
109,407|**Total**
**2023**
**£**
**109,407**|Total
2022
£
38,722|
|---|---|---|---|
||||
|
||38,722|38,722||
## **8. Analysis of expenditure by activities**
|Resources expended|**Benefits to**
**members**
**2023**
**£**
49,407|**Payments**
**to Romney,**
**Hythe &**
**Dymchurch**
**Railway**
**2023**
**£**
60,000|**Total**
**funds**
**2023**
**£**
**109,407**|Total
funds
2022
£
38,722|
|---|---|---|---|---|
38,722 - 38,722
Total 2022
Page 15
**Romney Hythe and Dymchurch Railway Supporters Association CIO**
## **Notes to the financial statements For the year ended 30 November 2023**
## **8. Analysis of expenditure by activities (continued)**
## Benefits to members
|General administration
Magazine printing
Postage and expenses
Bank and credit card charges
Subscriptions
Heritage group
Depreciation
Professional fees
Marketing
Insurance
Membership cards
Governance costs
Payments to Romney, Hythe & Dymchurch Railway
Track Renewal
**9.**
**Independent examiner's remuneration**
Fees payable to the Association's independent examiner for the
independent examination of the Association's annual accounts|**Total**
**funds**
**2023**
**£**
**13,209**
**11,677**
**3,871**
**95**
**181**
**288**
**3,117**
**2,041**
**1,386**
**685**
**10,481**
**2,376**|Total
funds
2022
£
12,324
11,746
2,767
91
256
2,557
3,095
3,726
-
-
-
2,160|
|---|---|---|
||**49,407**|38,722|
||**Total**
**funds**
**2023**
**£**
**60,000**|
Total
funds
2022
£
-|
||
**2023**
**£**
**2,376**|2022
£
2,160|
Page 16
**Romney Hythe and Dymchurch Railway Supporters Association CIO**
## **Notes to the financial statements**
**For the year ended 30 November 2023**
## **10. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
During the year ended 30 November 2023, expenses were reimbursed for five trustees coming to a total of £1,661 (2022 - £NIL). Of the £1,661 reimbursed, £9 was left owing to a trustee at the year end.
## **11. Tangible fixed assets**
|**Cost or valuation**
At 1 December 2022
At 30 November 2023
**Depreciation**
At 1 December 2022
Charge for the year
At 30 November 2023
**Net book value**
At 30 November 2023
At 30 November 2022|**Share**
**medallion**
**£**
**15**|**Four-wheel**
**coach**
**£**
**6,500**|**Office**
**equipment**
**£**
**5,406**|**Storage**
**container**
**£**
**3,360**|**Total**
**£**
**15,281**|
|---|---|---|---|---|---|
||**15**|
**6,500**|**5,406**|**3,360**|**15,281**|
||**-**
**-**|**1,625**
**1,625**|**4,564**
**842**|**2,730**
**630**|**8,919**
**3,097**|
||**-**|**3,250**|**5,406**|**3,360**|**12,016**|
||**15**|**3,250**|**-**|**-**|**3,265**|
||15|4,875|842|630|6,362|
Page 17
**Romney Hythe and Dymchurch Railway Supporters Association CIO**
## **Notes to the financial statements For the year ended 30 November 2023**
## **12. Fixed asset investments**
|**Cost or valuation**
At 1 December 2022
Disposals
Revaluations
At 30 November 2023
**Net book value**
At 30 November 2023
At 30 November 2022|**R H D R plc**
**shares**
**£**
**137,621**
**-**
**-**|**R H D R**
**Light**
**Railway**
**Company**
**£**
**250**
**-**
**-**|**Other**
**investments**
**£**
**404,177**
**(81,260)**
**20,936**|**Total**
**£**
**542,048**
**(81,260)**
**20,936**|
|---|---|---|---|---|
||**137,621**|**250**|**343,853**|**481,724**|
||**137,621**|**250**|**343,853**|**481,724**|
||137,621|250|
404,177|542,048|
Shares acquired from members and friends are in small blocks, often in units of 100 shares. These are usually purchased for a nominal sum or even donated. The Association is currently the largest shareholder in the railway holding company (R H D R plc) with 15.19% of the Company's issued share capital.
There has been insufficient trading in shares of the R H D R plc in recent years to establish a reliable market value for these shares. However, having regard to the Company's audited balance sheet, the trustees are of the opinion that should the Association attempt to dispose of its holding, they expect to realise in excess of the value shown above.
The holding of shares in the R H D R Light Railway Company represent the minimum holding required for directors of that company. These shares were acquired in order to allow the Association to be represented on the Railway's board of directors. It is understood that the only prospective purchaser for these shares would be a prospective director and that the shares would be sold at par.
During 2012, £200,000 was invested in a CCLA COIF Fixed Interest Investment Fund and a further £60,000 was invested during 2014 by the predecessor charity, which was then transferred to the CIO on incorporation. On 30th November 2023, the Fund Managers valued the total investment at £343,852 including accumulated interest. The increase in value of £20,424 has been carried to an Investment Revaluation Account. Any accumulated increase in value will be shown in the General Fund when this investment is liquidated. Please note the further £512 increase in value has been transferred out of the revaluation fund to recognise the disposal of the Edentree investment described below.
On 10th February 2020 £81,805 was invested in Edentree Investment Management by the predecessor charity, which was then transferred to the CIO on incorporation. This fund was valued at £81,260 on 2nd October 2023 at which point Edentree Investment Management declared they were to return the investment at it's full market rate to the CIO as the fund was closing. At 30 November 2023, the amount was yet to be received by the CIO, so it shows as an other debtor.
Page 18
**Romney Hythe and Dymchurch Railway Supporters Association CIO**
## **Notes to the financial statements For the year ended 30 November 2023**
|**13.**
**Debtors**
**Due within one year**
Other debtors
Prepayments and accrued income
**14.**
**Creditors: Amounts falling due within one year**
Share instalment scheme
Accruals and deferred income|**2023**
**£**
**81,260**
**3,427**|2022
£
-
2,062|
|---|---|---|
||**84,687**|2,062|
||**2023**
**£**
**-**
**71,143**|
2022
£
6,120
2,160|
||**71,143**|8,280|
The share instalment scheme was closed during the year ending 30 November 2022. Members were given the choice of a refund of the amount held in the scheme on their behalf or donate the amount to Association funds and they confirmed the decision to donate the amount to Association funds during the year ended 30 November 2023.
Page 19
**Romney Hythe and Dymchurch Railway Supporters Association CIO**
**Notes to the financial statements For the year ended 30 November 2023**
## **15. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted**
**funds**
General fund
Investment
account
Investment
revaluation
account
**Restricted**
**funds**
Black Prince
overhaul fund
Special Project
fund
Loco Overhauls
fund
**Total of funds**|**Balance at 1**
**December**
**2022**
**£**
**469,672**
**137,471**
**62,371**|**Income**
**£**
**82,084**
**-**
**-**|**Expenditure**
**£**
**(110,188)**
**-**
**-**|**Transfers**
**in/out**
**£**
**511**
**-**
**(511)**|**Gains/**
**(Losses)**
**£**
**-**
**-**
**20,936**|**Balance at**
**30**
**November**
**2023**
**£**
**442,079**
**137,471**
**82,796**|
|---|---|---|---|---|---|---|
||**669,514**|**82,084**|**(110,188)**|**-**|**20,936**|**662,346**|
||**10**
**18,318**
**25,000**|**-**
**-**
**-**|**-**
**-**
**-**|**-**
**-**
**-**|**-**
**-**
**-**|**10**
**18,318**
**25,000**|
||**43,328**|
**-**|**-**|**-**|**-**|**43,328**|
||**712,842**|**82,084**|**(110,188)**|**-**|**20,936**|**705,674**|
Black Prince overhaul fund - The balance of funds donated for the overhaul of Black Prince
Special Project fund - The Special Project Fund represents money donated by members to be passed to the Railway company to assist with the cost of major repair projects agreed between the Trustees and the company's directors. No payments were made during 2023. The balance is being carried forward.
Loco Overhauls fund - Amounts donated for the Overhaul of the steam locomotives owned by the railway.
Page 20
**Romney Hythe and Dymchurch Railway Supporters Association CIO**
## **Notes to the financial statements For the year ended 30 November 2023**
## **15. Statement of funds (continued)**
## **Statement of funds - prior year**
|Balance at
1 December
2021
£
**Unrestricted funds**
General fund
407,828
Investment account
137,471
Investment revaluation account
116,959
662,258
**Restricted funds**
Black Prince overhaul fund
10
Special Project fund
16,256
Loco Overhauls fund
25,000
41,266
**Total of funds**
703,524
**Summary of funds**
**Summary of funds - current year**
**Balance at 1**
**December**
**2022**
**£**
**Income**
**£**
General funds
**669,514**
**82,084**
Restricted funds
**43,328**
**-**
**712,842**
**82,084**|Balance at
1 December
2021
£
**Unrestricted funds**
General fund
407,828
Investment account
137,471
Investment revaluation account
116,959
662,258
**Restricted funds**
Black Prince overhaul fund
10
Special Project fund
16,256
Loco Overhauls fund
25,000
41,266
**Total of funds**
703,524
**Summary of funds**
**Summary of funds - current year**
**Balance at 1**
**December**
**2022**
**£**
**Income**
**£**
General funds
**669,514**
**82,084**
Restricted funds
**43,328**
**-**
**712,842**
**82,084**|Balance at
1 December
2021
£
407,828
137,471
116,959|Income
£
101,246
-
-|Expenditure
£
(39,402)
-
-|Gains/
(Losses)
£
-
-
(54,588)|Balance at
30
November
2022
£
469,672
137,471
62,371|
|---|---|---|---|---|---|---|
|||662,258|101,246|(39,402)|(54,588)|669,514|
|||10
16,256
25,000|-
2,062
-|-
-
-|-
-
-|10
18,318
25,000|
|||41,266|2,062|
-|-|43,328|
|||703,524|103,308|(39,402)|(54,588)|712,842|
||||
**Expenditure**
**£**
**(110,188)**
**-**|
**Transfers**
**in/out**
**£**
**-**
**-**|
**Gains/**
**(Losses)**
**£**
**20,936**
**-**|
**Balance at**
**30**
**November**
**2023**
**£**
**662,346**
**43,328**|
||**712,842**|**82,084**|**(110,188)**|**-**|**20,936**|**705,674**|
## **16. Summary of funds Summary of funds - current year**
Page 21
**Romney Hythe and Dymchurch Railway Supporters Association CIO**
## **Notes to the financial statements For the year ended 30 November 2023**
## **16. Summary of funds - prior year**
|General funds
Restricted funds|Balance at
1 December
2021
£
662,258
41,266|Income
£
101,246
2,062|Expenditure
£
(39,402)
-|Gains/
(Losses)
£
(54,588)
-|Balance at
30
November
2022
£
669,514
43,328|
|---|---|---|---|---|---|
||703,524|103,308|(39,402)|(54,588)|712,842|
## **17. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
**Total**|**Restricted**
**funds**
**2023**
**£**
-
-
43,328
-|**Unrestricted**
**funds**
**2023**
**£**
3,265
481,724
248,500
(71,143)|**Total**
**funds**
**2023**
**£**
**3,265**
**481,724**
**291,828**
**(71,143)**|
|---|---|---|---|
||43,328|662,346|**705,674**|
Page 22
**Romney Hythe and Dymchurch Railway Supporters Association CIO**
## **Notes to the financial statements For the year ended 30 November 2023**
## **18. Related party transactions**
The Romney Hythe and Dymchurch Railway Supporters Association CIO has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Romney Hythe and Dymchurch Railway Supporters Association CIO at 30 November 2023.
The Association is a separate legal entity from the Railway, although three Association trustees, Simon Haynes, Danny Martin and Joe Bannister are also members of the Railway’s Board of Directors. Danny Martin is the General Manager of the Railway. However, the Association does not play any part in the day to day management of the Railway. As is explained in section b of the Trustees’ report on page 3 of this Report, the Association and the Railway work together to ensure that they each use their respective resources best to meet their charitable objectives and in so doing to support the Railway. Part of that support has and continues to be the funding of locomotive overhauls. In the course of 2023, the Trustees resolved, after careful review of the actual and anticipated financial position of the Association to fund the full amount of the overhaul of Locomotive No 7 Typhoon through staged payments. That overhaul is being carried out at the Vale of Rheidol Railway (“VOR”) works. VOR was appointed to undertake that overhaul after a tendering process with John Fowler Engineering Limited as a result of which the Railway concluded that VOR’s bid was the most competitive and suitable to meet the Railway’s needs in respect of Typhoon. The amount of payments made in the year ended 30 November 2023 amounted to £Nil.
Page 23