2024-11-30-accounts

Charity number: 1191151

Romney Hythe and Dymchurch Railway Supporters Association CIO

Unaudited

Trustees' report and financial statements

For the year ended 30 November 2024

Romney Hythe & 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 & Dymchurch Railway Supporters Association CIO

Reference and administrative details of the Association, its Trustees and advisers For the year ended 30 November 2024

Trustees	P Newsome, Chair
	C Wrate (resigned 13 March 2024)
	G Johnson, Treasurer
	S Haynes, General Secretary
	J Bannister
	A White
	N Whitburn
	J Cleaver, Membership Secretary (resigned 24 January 2024)
	D Martin
	J Miller
	A Tatt (co-opted 4 April 2024)
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 Independent Examiner Samantha Rouse FCCA DChA Kreston Reeves LLP Chartered Accountants 37 St Margaret's Street Canterbury Kent CT1 2TU

Page 1

Romney Hythe & Dymchurch Railway Supporters Association CIO

Trustees' report For the year ended 30 November 2024

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 2023 to 30 November 2024.

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)'.

b. Activities undertaken to achieve objectives

Trustees work closely with the RH&DR in many areas, the high level of co-operation resulting in successful shared and individual events to the benefit of the public, Association members and the Railway. The two organisations are always mindful of the need to maintain separation between the Railway’s operational matters and the Association’s charitable object. 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 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.

Track replacement (with an expected life of 60 years) has been funded through a grant of £60,000. Overhaul of loco No. 7 Typhoon in has been supported through staged grant payments of £26,278. Further stage payments will be completed in the next 12 months to a total of £140,000. Track replacement was funded for £60,000. Additionally, the Association has committed to grant a further £55,000 for track replacement in 2025 and £130,000 budgeted for the overhaul of No. 5 Hercules in time for the Centenary celebrations in 2027.

Education and Heritage

A Heritage Tour took place on June 29th. Led by Andy Nash, the Association’s historian, the event was a sellout. A new professionally printed booklet was given to attendees and the whole event proved successful. Taking catering and ticket sales into account c.£2000 went into the railway’s coffers. When the Heritage Centre was first set up an agreement between the Railway Company and the Association gave us permission to occupy the old paint shop for a five year period. That agreement expired in April 2024. Pat Newsome for the Association and David Packer for the railway signed a renewal for a further five year period in March.

Work began during the year on seeking ways to improve our archiving and storage systems. With assistance from Andrew Hayward we met with a consultant who specialises in these issues. Following her initial advice we are seeking a grant for a scoping exercise which would identify what we need to do to improve the ways we collect and store items and also make them more accessible.

We continue to receive new donations of images, books and other items and we are a bit overwhelmed! Hence the need for professional advice. Inevitably we accept duplicate copies of books, postcards, Marshlander magazines and other items. More than we need for archive purposes. During the year we have therefore sorted out this surplus and begun to actively sell items, both at events on the railway, but also when giving talks to outside organisations and other promotional events. A useful source of revenue which can help fund our archiving.

Membership Services

The Association’s membership has gone from strength to strength, increasing by 342 from 3120 to 3462 during our financial year. A creditable result in hard economic times, reflecting the valuable membership benefits offered and no doubt contributed to by the efforts of the marketing and events functions which really got into gear

Page 2

Romney Hythe & Dymchurch Railway Supporters Association CIO

Trustees' report (continued) For the year ended 30 November 2024

Objectives and activities (continued)

this year. December 2023 saw the introduction of an increased number of membership categories which allowed more flexibility of options, particularly for families, and special low cost categories to try to attract younger members. The Association’s quarterly magazine continues to be offered in hardcopy, or pdf version emailed to members. From a low base, members taking up the pdf option has increased to 34% of the total and is comparable to last year. This represents a considerable saving on print and postage for the Association. The Membership area of operations continues to run satisfactorily with an exceptionally low number of complaints and a high level of service being provided.

Marketing, Fundraising and Events

An Association Facebook page was launched in February 2024 and now has 500 followers. TikTok has gained 1,061 followers and almost six thousand likes, proving an effective engagement tool. This engagement across all platforms has been very evident as follow-ups around events and merchandise sales.

Our Christmas cards sold well, the 2025 cards being launched at the Autumn gala and subsequently sold through our membership system. Calendars celebrating the 100th anniversary of locos No.1 and No. 2 were sold, largely through our membership system. RH&DRSA-branded hi-vis vests and gloves were provided for Young Enthusiasts Days along with support from Association volunteers. We ran the “Beat The Bug” Virtual Half Marathon which proved a successful fundraising initiative encouraging supporters to participate remotely, with our best ever take up rates.

Sales of merchandise were made at the Spring Gala in May 2024, at the Heritage Train in June 2024, and September saw a hugely successful Members’ Special Train including popular shed tours and engine cleaning for our younger members. Association volunteers have also participated in events such as model railway shows and the RH&DR’s ever popular bus rally.

The 200 Club continues to be a reliable source of funds.

The Group also re-vamped the membership leaflet for stations and sites in the local area to give us a better marketing tool to assist in growing membership.

Overall, fundraising, events and merchandise sales totalled £22,436, the cost of these sales amounted to £3,050. Therefore, the amount contributed by Marketing amounted to £19,386.

Finance, Liaison and Compliance

The principal work undertaken by the FLC in the course of the past year has been working with Graham Johnson and Chris Foy to bring about the transition of certain of the Treasurer functions ably carried out by Graham Johnson to Chris Foy. This is in preparation for the transition of the Treasurer role from Graham to Chris with effect from the 2025 Annual General Meeting, at which point Graham will retire as a trustee of the Association. In this interim period Chris is serving as Deputy Treasurer. Chris’ appointment will facilitate the preparation of management and annual accounts as well as the processing of Gift Aid transactions.

In addition to this, the FLC has prepared investment and anti fraud policies for the Association, as well as supporting the Trustees in the renewal of the licence for occupation of the Heritage Centre. The FLC has also reviewed the terms on which the overhauls of Typhoon and Hercules are being funded by the Association and put into place written agreements with the Railway, consistent with the requirements of the Charity Commission.

Page 3

Romney Hythe & Dymchurch Railway Supporters Association CIO

Trustees' report (continued) For the year ended 30 November 2024

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 & Dymchurch Railway Supporters Association CIO

Trustees' report (continued) For the year ended 30 November 2024

Financial review

a. Review of the year

Income has increased from £82,084 in 2023 to £304,415 in 2024, primarily due to the Association receiving a substantial legacy in the year. Expenditure has increased from £110,188 in 2023 to £133,919 in 2024. The charity had net gains on investments of £24,839 for the year, compared to a gain of £20,936 in 2023. This has resulted in a net surplus of £190,651 (2023: deficit of £7,168).

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 2024 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 £852,997 as at 30 November 2024.

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

RomnÈy Hythe & Dymchurch Railway Supportevs Associatlon CIO Trustees. report Icontlnued) For the year ended 30 November 2024 Structure, govemance and management Iwntinuedl Stètomont of Tru8t•es' responsibilities The Trustees are responsible for preparing the Trustees. reF4)rt and the financial statements in accordance Wilh applicable law and Uniled Kingdom Accounling Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England & Wales requires the Trustees lo p￿pare financial slatementg for each financial year which give a true and fair view of the stale of affairs of the Association and of 115 incoming resources and application of resources, induding ils income ar￿ expendituie. for that P8ri(MJ. In prep8ring Ihese financial statements, the Trustees ore required lo.. select suitable accounting policies and then apply them consislently. observe the mèthods and principles ol the Charities SORP IFRS 1021., make judgments and accounting estimates that are reasonable and pnjdenl.. stste whether applicable UK Accountsng Standards IFRS 1021 have been followed, subject to any material departures disdosed and explained in the finanryal slalernents., prepare the financial st81ements the going concem basis unless il is inappropriate to presume th81 the Association will continue in businès$. The Trusteès arè Tgsponsible lor keeping adequate accounting records th8t 8re sufficient to show and explain the Association's Irans8clion$ and disdose wilh reasonable accuracy al any lime the financi81 position ol th8 Association and enable them to ensure Ihal Ihe financial statements comply wlh the Chariiies Act 2011, the Charity IAccounls and Reports) Regulation5 2008 and the provi￿On$ of the Trust deed. They are 0150 responsible lor 5aleguaTding the assets of the Association and hence for taking reasonable steps for the pr¢vontian and do18ction of fraud and other irregularits86. Approved by order of the members of the bo8rd of Trustees and signed on their beh8ff by.. P Newsom• Chair Dale.. Page 6

Romney Hythe & Dymchurch Railway Supporters Association CIO

Independent examiner's report For the year ended 30 November 2024

Independent examiner's report to the Trustees of Romney Hythe & 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 2024.

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

Since the Association's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Association of Chartered Certified Accountants, which is one of the listed bodies.

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 2019.

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 & Dymchurch Railway Supporters Association CIO

Independent examiner's report (continued) For the year ended 30 November 2024

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: S M Rouse Dated: 15 May 2025

Samantha Rouse FCCA DChA

Kreston Reeves LLP Chartered Accountants 37 St Margaret's Street Canterbury Kent CT1 2TU

Page 8

Romney Hythe & Dymchurch Railway Supporters Association CIO

Statement of financial activities For the year ended 30 November 2024

Note Income from: Subscriptions, donations and legacies 3 Other trading activities 4 Other income 5 Total income Expenditure on: Raising funds 6 Charitable activities 7 Total expenditure Net income/(expenditure) before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Restricted funds 2024 £ - - - - - - - - - - 43,328 - 43,328	Unrestricted funds 2024 £ 282,979 11,344 10,092 304,415 4,684 133,919 138,603 165,812 24,839 190,651 662,346 190,651 852,997	Total funds 2024 £ 282,979 11,344 10,092 304,415 4,684 133,919 138,603 165,812 24,839 190,651 705,674 190,651 896,325	Total funds 2023 £ 72,396 8,572 1,116
				82,084 781 109,407
				110,188 (28,104) 20,936
				(7,168) 712,842 (7,168)
				705,674

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 H5rthe & Dymchurch Rallway Supporters Associatlon CIO Balance sheet As at 30 November 2024 2024 2023 Not• Flxtd assets Tangible assets Investments 3,265 481.724 12 506.562 508.202 484,989 Current a6s•ts Stocks Debtors Cash at bank an¢J in hand 375 84.687 206,768 13 200,LIOO 255.586 456.474 291,828 Cr8dilors'. 8mounts falling due ￿thIn one year 14 {68.3511 171,1431 Net current assets 388,123 220,685 Total a•8Ot• l••s curr•nt Ilabllltles 896,325 705.674 Total n•t a¥set• 896.325 705.674 Charlty fund• Restricted fund$ Unrestdcted funds 1S 43,328 852,997 43,328 662,346 Total funds 896,325 705.674 The finanaal statemenls were approved and authorised lor issu8 by the Tru$teos and signed on thgir beh81f by.. P Newsome Chair Dale.. The notes on pages 11 to 23 fomi part of thes¢ finan(ial Statements. Page 10

Romney Hythe & Dymchurch Railway Supporters Association CIO

Notes to the financial statements For the year ended 30 November 2024

1. General information

Romney Hythe and Dymchurch Railway Supporters Association CIO is a charitable incorporated organisation incorporated in England and Wales with the charity number 1191151. 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.

The financial statements are prepared in Pounds Sterling and are rounded to the nearest pound.

2.2 Going concern

The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Association to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Association has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Association's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3 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 & Dymchurch Railway Supporters Association CIO

Notes to the financial statements For the year ended 30 November 2024

2. Accounting policies (continued)

2.4 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.

2.5 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%

2.6 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.

2.7 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.

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Romney Hythe & Dymchurch Railway Supporters Association CIO

Notes to the financial statements For the year ended 30 November 2024

2. Accounting policies (continued)

2.8 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.

2.9 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.

2.10 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.

2.11 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.

2.12 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.

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Romney Hythe & Dymchurch Railway Supporters Association CIO

Notes to the financial statements For the year ended 30 November 2024

3. Income from donations and legacies

Subscriptions Donations Legacies Total 2023 4. Income from other trading activities Income from fundraising events Special trains and events 200 club Total 2023 5. Other incoming resources Miscellaneous income Marketing income Total 2023	Unrestricted funds 2024 £ 71,314 11,665 200,000 282,979 72,396 Unrestricted funds 2024 £ 2,650 8,694 11,344 8,572 Unrestricted funds 2024 £ 640 9,452 10,092 1,116	Total funds 2024 £ 71,314 11,665 200,000 282,979 72,396 Total funds 2024 £ 2,650 8,694 11,344 8,572 Total funds 2024 £ 640 9,452 10,092 1,116	Total funds 2023 £ 57,107 15,289 -
			72,396
			Total funds 2023 £ 1,365 7,207
			8,572
			Total funds 2023 £ 1,116 -
			1,116

Total 2023

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Romney Hythe & Dymchurch Railway Supporters Association CIO

Notes to the financial statements For the year ended 30 November 2024

5. Other incoming resources (continued)

6. Expenditure on raising funds

Fundraising trading expenses

Unrestricted funds 2024 £ Cost of goods sold 3,386 Fundraising expenses 1,298 4,684 Total 2023 781	Total funds 2024 £ 3,386 1,298 4,684 781	Total funds 2023 £ 781 -
		781

7. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted funds 2024 £ Resources expended 133,919 Total 2023 109,407	Total 2024 £ 133,919 109,407	Total 2023 £ 109,407

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Romney Hythe & Dymchurch Railway Supporters Association CIO

Notes to the financial statements For the year ended 30 November 2024

8. Analysis of expenditure by activities

Resources expended Total 2023 Analysis of direct costs General administration Magazine printing Postage and expenses Bank and credit card charges Subscriptions Heritage group Depreciation Professional fees Marketing Insurance Sundry expenses Membership cards Independent examiner's fee Analysis of support costs	Benefits to members 2024 £ 52,641 49,407	Payments to Romney, Hythe & Dymchurch Railway 2024 £ 81,278 60,000	Total funds 2024 £ 133,919 109,407 Total funds 2024 £ 8,096 15,152 7,620 53 331 409 1,625 333 3,246 - 196 13,060 2,520 52,641	Total funds 2023 £ 109,407
				Total funds 2023 £ 13,209 11,677 3,871 95 181 288 3,117 2,041 1,386 685 - 10,481 2,376
				49,407

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Romney Hythe & Dymchurch Railway Supporters Association CIO

Notes to the financial statements For the year ended 30 November 2024

8. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Track renewals Loco overhauls 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 2024 £ 55,000 26,278 81,278 2024 £ 2,520	Total funds 2023 £ 60,000 -
		60,000
		2023 £ 2,376

Page 17

Romney Hythe & Dymchurch Railway Supporters Association CIO

Notes to the financial statements For the year ended 30 November 2024

10. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 30 November 2024, expenses were reimbursed for five trustees coming to a total of £2,544 (2023 - £1,661). Of the £2,544 reimbursed, £Nil was left owing to a trustee at the year end.

11. Tangible fixed assets

Cost or valuation At 1 December 2023 At 30 November 2024 Depreciation At 1 December 2023 Charge for the year At 30 November 2024 Net book value At 30 November 2024 At 30 November 2023	Share medallion £ 15 15 - - - 15 15	Four-wheel coach £ 6,500 6,500 3,250 1,625 4,875 1,625 3,250	Office equipment £ 5,406 5,406 5,406 - 5,406 - -	Storage container £ 3,360 3,360 3,360 - 3,360 - -	Total £ 15,281
					15,281
					12,016 1,625
					13,641
					1,640
					3,265

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Romney Hythe & Dymchurch Railway Supporters Association CIO

Notes to the financial statements For the year ended 30 November 2024

12. Fixed asset investments

R H D R CBS shares £ Cost or valuation At 1 December 2023 137,621 Revaluations - At 30 November 2024 137,621 Net book value At 30 November 2024 137,621 At 30 November 2023 137,621	R H D R Light Railway Company £ 250 - 250 250 250	Other investments £ 343,852 24,839 368,691 368,691 343,852	Total £ 481,723 24,839
			506,562
			506,562
			481,723

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 CBS) with 15.19% of the Company's issued share capital.

There has been insufficient trading in shares of the R H D R CBS 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 iincorporation. On 30th November 2024, the Fund Managers valued the total investment at £368,691 including accumulated interest. The increase in value of £24,839 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.

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Romney Hythe & Dymchurch Railway Supporters Association CIO

Notes to the financial statements For the year ended 30 November 2024

13. Debtors

Due within one year Other debtors Prepayments and accrued income 14. Creditors: Amounts falling due within one year Accruals and deferred income	2024 £ - 200,000 200,000 2024 £ 68,351	2023 £ 81,260 3,427
		84,687
		2023 £ 71,143

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Romney Hythe & Dymchurch Railway Supporters Association CIO

Notes to the financial statements For the year ended 30 November 2024

15. Statement of funds

Statement of funds - current year

Unrestricted funds General fund Investment revaluation account Restricted funds Black Prince overhaul fund Special Project fund Loco Overhauls fund Total of funds	Balance at 1 December 2023 £ 442,079 220,267 662,346 10 18,318 25,000 43,328 705,674	Income £ 304,415 - 304,415 - - - - 304,415	Expenditure £ (138,603) - (138,603) - - - - (138,603)	Gains/ (Losses) £ - 24,839 24,839 - - - - 24,839	Balance at 30 November 2024 £ 607,891 245,106
					852,997
					10 18,318 25,000
					43,328
					896,325

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 2024. The balance is being carried forward.

Loco Overhauls fund - Amounts donated for the Overhaul of the steam locomotives owned by the railway.

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Romney Hythe & Dymchurch Railway Supporters Association CIO

Notes to the financial statements For the year ended 30 November 2024

15. Statement of funds (continued)

Statement of funds - prior 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 62,371 669,514 10 18,318 25,000 43,328 712,842	Income £ 82,084 - - 82,084 - - - - 82,084	Expenditure £ (110,188) - - (110,188) - - - - (110,188)	Transfers in/out £ 511 - (511) - - - - - -	Gains/ (Losses) £ - - 20,936 20,936 - - - - 20,936	Balance at 30 November 2023 £ 442,079 137,471 82,796
						662,346
						10 18,318 25,000
						43,328
						705,674

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Romney Hythe & Dymchurch Railway Supporters Association CIO

Notes to the financial statements For the year ended 30 November 2024

16. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total	Restricted funds 2024 Unrestricted funds 2024 £ £ - 1,640 - 506,562 43,328 413,146 - (68,351) 43,328 852,997	Total funds 2024 £ 1,640 506,562 456,474 (68,351) 896,325

Analysis of net assets between funds - prior period

Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total	Restricted funds 2023 £ - - 43,328 - 43,328	Unrestricted funds 2023 £ 3,265 481,724 248,500 (71,143) 662,346	Total funds 2023 £ 3,265 481,724 291,828 (71,143) 705,674

17. Related party transactions

The Romney Hythe and Dymchurch Railway Supperters 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 Supperters Association CIO at 30 November 2024.

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 Trustee’s report on page 3, the Association and the Railway work together to ensure that they each use their respective resources best to meet their charitable objectives and in doing so 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 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 works. The amount of payments made in the year ended 30 November 2024 amounted to £26,278.

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