2023-12-31-accounts

THE RAILWAY AND CANAL HISTORICAL SOCIETY

(A Company Limited by Guarantee)

Charity Registration Number: 256047 Company Registration Number: 00922300 (England and Wales)

AMENDED

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

For the Year Ended 31 December 2023

7 Grosvenor Gardens

Victoria London SW1W 0AF

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THE RAILWAY AND CANAL HISTORICAL SOCIETY

A company (No 922300) limited by guarantee and registered in England as a charity (No 256047)

Railway and Canal Historical Society Annual Report 2023

The Trustees, who are also the Company Directors for the purposes of the Companies Acts, present their Report for the year ended 31 December 2023.

Reference and administrative details:

Charity registration number 256047 Company registration number 00922300 (England & Wales) Registered office 7 Grosvenor Gardens, London, SW1W 0AF Website address www.rchs.org.uk

1. Trustees

Grahame Boyes Nicholas Higton Bob Bramson Gerald Leach Roger Brice Philip Lloyd (to 27 May 2023) Philip Brown Patrick Moss Peter Cleasby (from 27 May 2023) David Smith Peter Cross-Rudkin Roger Taylor (from 27 May 2023) Jane Ellis Andrew Wager Bob Haskins Ian Willis (from 27 May 2023) Rob Shorland-Ball (from 9 December 2023)

2. Principal officers

President Gerald Leach Hon Secretary Ian Willis Hon Treasurer David Smith Managing Committee Chairman Patrick Moss

Independent Examiner Scrutton Bland Limited, Fitzroy House, Crown Street, Ipswich IP1 3LG

Bankers CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling ME19 4JQ

Investment managers CCLA Investment Management Ltd, 1 Angel Lane, London EC4R 3AB

3. Structure, governance and management

a. Governing document

The Society is a company limited by guarantee, being governed in accordance with its Memorandum and Articles of Association dated 21 October 1967 (as subsequently amended). All members undertake to guarantee the liabilities to a maximum of £1 each.

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b. Membership

Membership of the Society is open to anybody interested in the history of transport, on application in writing and payment of the subscription.

c. Trustees

The members of the Council are the Trustees of the Society and are Directors for the purposes of the Companies Acts.

The Council comprises the President, up to eight Vice-Presidents, Hon Secretary, Hon Treasurer, one representative from each Regional Group and not fewer than six nor more than twelve members elected at the Annual Meeting. Although the election process does not guarantee it, in practice it is found that it yields a suitable balance of academic, professional and managerial expertise. New Trustees are given copies of the constitution, notes of guidance on the Society’s organisation and processes, and the Charity Commission’s publication ‘The Essential Trustee’.

d. Management

Policy issues are decided by the Council, subject to any decisions made at General Meetings. During 2023 the Managing Committee and Council tended to meet together to ensure maximum engagement of the latter in the strategic direction of the Society.

The Publications Committee deals with books and booklets published by the Society and offered for sale through the website shop. Other ad hoc ‘task and finish’ committees are established when necessary.

e. Personnel

The Society has no employees. All activities are undertaken by volunteers who are reimbursed only for necessary approved expenses. Members of the Publications Committee each receive a copy of all books published by the Society.

f. Related parties

The Society works cooperatively with other transport and historical societies. It is a corporate member of the Inland Waterways Association and the Association for Industrial Archaeology. The Society nominates a member to be on the Council of the Canal & River Trust.

4. Risks

The Society remains solvent but certain longer-term issues, identified in the previous annual reports, continue to cause concern.

• Membership fell by 5.8% due to both deaths and resignations. The 21% reduction in new members – from 47 to 37 – is a clear cause for concern, as is the tendency for new members to drop out within four years.

• Lack of volunteers for administrative positions in the local and national structure continues to be an issue.

There has been no discernible improvement in these features of the Society. Membership has declined slightly but given the estimated age profile of existing members, the possibility of an increased rate of decline in membership through natural causes is a potential risk.

5. Key Comments on 2023

• The financial stability of the Society has been maintained during 2023, building on the changes noted in the last Annual Report. During 2023 the Society resumed most aspects of the pre-pandemic delivery model, such as face to face meetings, walks, visits and residential weekends.

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• The organisation and management of the media archive received significant attention during 2023 and a dedicated group has continued to make substantial progress that is reported below.

• No Young Researcher Awards were made during 2023 but the Council and Managing Committee have decided to develop more effective use of research funds, particularly related to further development of the Media Archive as a tool for researchers.

6. Objective

The Society’s charitable objective is: ‘To promote, encourage and co-ordinate the study of the history of railways, canals and transport.’

Currently the principal methods of achieving this objective are:

• Providing forums for discussing and furthering research into British transport history.

• Publishing quality research; and

• Organising conferences, speaker meetings and visits to places of interest.

7. Charitable activities

a. General

The Trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties.

b. Publications

Books : One new title was published in the year

Festiniog Law: the shaping of a pioneering railway by Stephen Murfitt . This book was well received. It gives an account of the more important aspects of railway law as it influenced the development of the Ffestiniog and Welsh Highland Railways (FWHR), from the inception of the Festiniog Railway Company in 1832 to the present day.

Digital: All of the following publications are available on the RCHS website to everyone.

A Bibliography of the History of Inland Waterways, Railways and Road Transport in the British Isles, 2022. This bibliography of transport books and publications, edited by Matthew Searle and Grahame Boyes with the assistance from a number of RCHS members, was placed on the website.

Railway Passenger Stations of Great Britain – A Chronology by Michael Quick. This was originally published as a book. It has now been updated and converted to a digital version by Ted Cheers.

Chronology of Modern Transport in the British Isles 1945-2023 compiled by Matthew Searle. This is a publication of significant events in the history of transport and communication since 1945.

Transport Anniversaries compiled by Matthew Searle. At the beginning of each year the society produces a list of transport history anniversaries. These include events from 25, 50, 75, 150, 175, 200, 250, 300 and 400 years prior to the current year. The list for anniversaries falling in 2024 was published online during December 2023.

The Journal : continued to be produced and distributed without any interruption to its normal schedule during 2023. The usual three issues were produced and numbered 246-248 and represented parts 1-3 of volume 41. These issues contained 19 major articles (11 on railways, 4 on

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waterways, 2 on roads and 2 on ferries) together with the usual obituaries, book reviews and items of correspondence. The number of book reviews (69 over 36 pages) declined compared with those of previous years. Matthew Seale continued as Reviews Editor and maps are now regularly produced by John de Havilland.

The Bulletin : continues to be a bi-monthly publication intended for RCHS members only. Rob Shorland-Ball, the Bulletin Editor, has made it lively and attractive. Besides reports of upcoming Regional Group events and Special Interest Group activities, members submit pictures and stories of historical interest about railways and canals. It does not contain anything that non-members who chance upon it should not see and it may encourage some to join the Society.

The Road Transport History Association (RTHA) : The RTHA was wound up in December 2022 and we were given the opportunity to host their complete journal archive. It consists of 110 editions of their journal for the period from 1991 to 2022 and 6 supplementary papers. This archive is now on the RCHS website and is available to everyone.

c. Website

Website security continued to be monitored and, whilst no security breaches were reported through the year, additional measures were taken to ensure continuous smooth operation of the website for both members and visitors.

Net sales through the website shop of £11.2k, from approximately 400 orders, were well down on the £24k of 2022, but that year the shop was used for the spring weekend bookings (which it wasn’t in 2023) and there also had been a release of Early Railways Conference papers. Book sales at £3.2k (144 books) were down on 2022’s £7k, probably reflecting personal economic realities. £6k related to Membership products, including 33 new members.

The sending of email updates by Roger Taylor, usually with two issues per month, on upcoming Society activities continued to receive positive feedback. Efforts were initiated to add more items of interest to the members only area of the website, and plans were put in place to further this effort during the year. The web team focused on updating the Home Page to keep it topical, informative and attractive to both members and other visitors to the website. Assistance was provided to both the SIGs and the Regional Groups in keeping their pages up to date. The archive of SIG newsletters and research available to members continues to increase. Thanks are due to the small group of members assisting with these efforts and who, along with the core web team led by Roger Brice, can take pride in what is available from the website. However, there is more that could be achieved if additional volunteers come forward.

The Enhanced Search facility continues to be a substantial benefit to members. It allows you to enter a name or phrase; then it searches the entire publications database and lists all the documents where that name or phrase is found. You can then drill down to any of these documents and view the text where it appears.

d. Media Archive

During 2023, further progress was made with the Media Archive, which now includes 95,000 photographs, maps, engineering drawings, etc. Further notable Collections added during the year included the railway photographs of Stephen Duffell and Allan Brackenbury (a Society member since 1958), and the canal photographs of the late Stanley Holland. Around 54,000 of the images have either been scanned from hard copy prints, negatives and slides, or came to the Society as digital camera photographs. These digital images are being lightly edited where appropriate, prior to uploading to the RCHS Online Media Archive.

As a related activity, the very extensive photographic Collection of the late Ian Moss, a Society member since 1960, is being scanned and catalogued by his sons (both Society members) and, in due course, will be added to the Media Archive.

Some of the images came with a comprehensive caption, but in other cases it is very brief, so a vital task for knowledgeable Society members is to caption each image. Once online, comments can be

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posted to correct or enhance the caption information. The “Zenphoto” software utilised for the Online Archive has proved to be very suitable for our needs and continues to be enhanced under the technical leadership of our member, Adrian Moss. At the end of 2023, there were 9,768 images online, arranged into over 700 thematic album pages, and all free to view.

Collections currently being worked upon by our 33 volunteers include those of our late members Bertram Baxter, Hugh Compton, Ray Cook, Dennis Hadley, Edwin Shearing, Jeffrey Spence and Rodney Weaver, together with those of Stephen Duffell and Allan Brackenbury.

8. National Activities

• a. The Society’s AGM was held in Birmingham on 27th May following the presentation of the annual RCHS Transport History Book of the Year awards.

• b. Clinker Memorial Lecture : The lecture was delivered by John Nelson, a career railwayman who worked in both the public and private sectors. “(Not So) Open Access” covered this topic of railway history after privatisation. Attendance was limited on the day due to industrial action on the trains. The presentation was made available to a wider audience through a recording placed on the website, attracting a total of more than 166 further viewings.

9. Regional Group Activities

• a. East Midlands: During the year the group held a programme of eight lectures attended by an average of 14 members per meeting and seven outings attended by an average of 13 members. There were five committee meetings.

• b. London : The group restarted its activities and had its first meeting at a new venue, the Alan Baxter Gallery, Farringdon. A full and diverse programme for 2024 has been set up.

• c. North East: Six meetings were held. Four of these were held at our regular venue of York Explore Library in the centre of York. The other two were held by Zoom.

• d. North West: During 2023 the North West Group held 7 lecture meetings with subjects including the History of the Manchester, Bolton and Bury Canal, Navigation Road and All That, High Over the Alps – the Rhaetian Railways World Heritage Line, the Lives of the Boat Families who Worked on the Long Distance Narrow Boats, Oral Histories of the Great Central Railway in the East Midlands, and Railways around Preston from 1880. The average attendance was 22. The Group had 11 walks in the areas of Woodley, Chorley, Whelley, Preston Brook, Lancaster, Rufford, Trafford Park, and Poynton where there was a Christmas lunch.

• e. South West : This regional group, formed in 2021, covers south-west England and south Wales. The group is administered by a small planning team, which arranged a 2023 programme of diverse, educational and entertaining activities. In some cases this was through working with other organisations which has proved to be very beneficial to all parties. We put together a September weekend of interesting activities in Devon. This included canal walks, visits to railways old and new, a tour of the Railway Studies Collection at Newton Abbot, and convivial dinners in Exeter on two evenings.

Visits were arranged to Bridgwater/Highbridge, to Chippenham and to the Somersetshire Coal Canal. We had Zoom talks on the Exeter Ship Canal, the Looe and Caradon railway, and several in-person

• f. West Midlands: There were five live talks held at the Birmingham & Midland Institute during the year. No outdoor or promotional events were held during the year.

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10. Special Interest Groups (SIGs)

• a. Pipelines and Materials Handling : This Group was inactive during 2023 and the position of group coordinator is vacant. Its continued existence will be reviewed by Council during 2024.

• b. Road Transport : The group issued a listing of all Occasional Papers from 1992 to 2023 all of which are available to members by download from the website. Only one Notes & Queries paper was circulated in 2023.

• c. Air Transport: The group co-ordinator is now John Nestor. He issued two newsletters during the year, each containing 13 items. Membership of the group is 37.

• d. Early Railways : At the end of 2023 membership of the group stood at 210 an increase from 201 at the end of 2022. Seventeen new members joined the group in 2023. There was, however, one resignation, whilst a number of non-active email addresses were removed from the mailing list, hence the overall increase in membership by nine people from the 2022 figure. No new Occasional Papers or Circulars were distributed this year. However, they restarted in early 2024.

• e. Modern Transport: The group published four newsletters that appeared throughout the year covering all aspects of contemporary transport issues. A talk on a modern transport subject, the building of the HS2 Curzon Station in Birmingham was given on 18 November 2023 by the West Midlands Group at the Birmingham & Midland Institute.

• f. Railway Chronology: Although the membership of the group increased to 133 during 2023, the level of contributions for circulation within the group continued to decrease leading to just one 15-page newsletter and five mailings being produced during the year. An updated version (5.05) replacing version 5.04 of Michael Quick’s “Railway Passenger Stations of Great Britain” was released during September on the RCHS website containing additional updated information provided by the author.

• g. Railway History Research : There was a gratifying, albeit small, increase in the group’s membership during the year – up 8 to 100. However, group activity was slightly muted compared to recent years, with only 21 circulars issued during 2023. These included 5 ‘notes & queries’ (2 of which resulted in multiple responses from group members) and 15 ‘occasional papers’ (with 3 generating follow-up discussion within the group). Material from the circulars was consolidated into newsletters in February, August and December, which were emailed to group members and archived to the members’ area of the website, along with an updated cumulative index of all articles.

• h. Waterways History Research : The group continued to be very active during the year. The group submitted 15 Notes & Queries and several Occasional Papers, Photograph Queries, Reprints and Sources Papers, which are all available to members on the website.

11. Internet Discussion Group : The Internet Discussion Group continues to be active, posting an average of 59 messages a month. Membership is 75, nine more than 2022. This Group is sponsored by the Society but is open to, and welcomes, non-members who wish to join.

12. Other charitable activities

• a. Research and the academic community : The Society offers an annual award for the best paper, 4,000 to 6,000 words in length, submitted on a subject related to transport history by a person under the

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age of 30, with the winning paper and any others deemed worthy being published in the Journal . No papers were submitted during 2023.

• b. Research grants : No grants were made during 2023.

Developing a more effective use of the Society’s research funds will be addressed during 2024.

13. Transport History Book of the Year Awards

2023 marked the twentieth year of the Society’s Book Awards. Based on recommendations from its panel of book reviewers, the judges short-listed seven titles for consideration from the 84 books reviewed in the Journal issues of July and November 2022 and March 2023. Three category winners were announced at a ceremony in Birmingham on 27[th] May, immediately prior to the Society’s AGM.

The Railway History prize was awarded to Alfred Raworth’s Electric Southern Railway by Peter Steer, published by Pen & Sword.

The Reference Work prize went to Birmingham & West Midlands Railway Atlas (Second Edition) by Joe Brown, published by Crecy Publishing.

The Canal & Waterways prize went to Waterways and Means – Power, Money and Folly in Irish Waterways History by the late Brian Goggin, published by Troubadour Matador.

The judges chose Waterways and Means as the overall 2023 Transport history Book of the Year. The President presented awards to Peter Steer and Brian Goggin’s wife, Anne. Unfortunately Joe Brown was prevented from attending by an incident on the railway, so his publisher stood in for him.

14. Social Media and other publicity

Regular Facebook posts were made during the year, including notification of all RCHS meetings and walks where the organisers had provided appropriate descriptions of the event. Details of new Society publications were announced, together with invitations to join the Society, and various special offers. Transport history news items from external sources were also occasionally posted so that, in total, 150 illustrated posts were made in 2023, reaching a worldwide audience of 1,200 "followers", including RCHS members and those who might be enthused to join the Society.

The Clinker Memorial Lecture was advertised in Railway Magazine.

15. Membership

Membership fell by 5.8% during 2023. New memberships decreased and both lapsed memberships increased.

Total memberships on 31 December 2023

Category	At End 2023	At End 2022	Change during 2023
Individual memberships	661	693	-17
**Joint Memberships **	46	50	-4
Student memberships	12	20	-8
Complimentary memberships	2	2	0
**Total Memberships **	721	765	-29

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Changes During 2015-2023

	2023	2022	2021	2020	2019	2018	2017	2016	2015
Beginning of Year	765	793	776	795	795	795	799	824	825
**New memberships **	37	47	69	54	63	48	43	43	50
Less deceased members	-13	-13	-15	-16	-18	-16	-14	-6	-14
Less resignations	-26	-27	-18	-28	-29	-15	-24	-36	-18
Less lapsed & un-lapsed	-42	-35	-19	-27	-20	-20	-9	-25	-19
Individual to Double & vice versa				-2	4	3		-1
End of Year	721	765	793	776	795	795	795	799	824

16. Financial review

The Financial Statements of the Society show a satisfactory position for the year ended 31st December 2023. The Funds of the Society increased by 9.5% over the previous year mainly due to two factors.

Firstly, the market value of our Investments rose by £4,624. This value inevitably goes up and down day by day. During 2023 the values went up by £ 4,624, but in 2022 the values went down by £8,668. We bought the investments for £50,000 towards the end of 2016, so even at 31st December 2023 they were worth £14,510 more than the cost, and we are receiving about 3% income each year.

Secondly, the income of the Society increased by £3,064 over the previous year mainly due to a donation of £2,000 received from the RTHA on acceptance of their online publications archive, and to an increase of £1,426 in interest received on our cash balances.

Subscription income for 2023 was £19,688 and Income Tax recovered under the Gift Aid scheme was £4,174, both figures being slightly less than the previous year due to the reduction in membership.

Our other sources of income are mainly from Events, including meetings arranged by the Regions, and sales of Books. These items of income generally give rise to associated costs, and although the figures vary from year to year, they do not have a great effect on the excess of income over expenditure shown in the Accounts.

The number of physical meetings during the year increased substantially to nearer pre-pandemic levels. Consequently both the costs of £14,971 and the income of £15,140 were well over a third more than in 2022. However, they still generated a small surplus. Some of the lectures continued to be offered as a mixture of in-person and remotely by electronic means to reach a wider audience but were contained within these costs.

Bulletin costs continued to decline by £1,637 compared to the previous year as nearly all members now accept e-mail copies. However, the Journal costs increased substantially by £2,376 over the previous, mainly due to increases in the cost of postage as this publication is despatched to all members.

Bank Charges, which totalled £535 in 2023, including costs associated with Book sales were reduced from the previous year due to a greater use of bank transfers by members and the use of fewer cheques. We use the Charities Aid Foundation bank which offers banking facilities similar to the main clearing banks.

Similar to most organisations our cost of insurance increased to £414 (2022 - £282), but is still a lot less than in previous years.

The Society is financially well able to carry out its charitable obligations, but it is dependent on members being willing to arrange its activities, and on the recruitment of new members

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17. Plans for 2024.

Among the priorities for action in 2024 are:

• Developing means to attract new members through targetted advertising.

• Encouraging more research with a particular focus on the period since 1990.

• Continued development of the Media Archive.

• Improving the communication of the Society beyond its members through social media and a revised membership brochure.

• Consolidating the progress made in managing costs while delivering our charitable aim.

The report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Council, Ian Willis ( Hon Secretary) 17[th] September 2024

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Gt.TVe fj2130 THE RAILWAY AND CANAL HISTORICAL SOCIETY Acom an Limited b Guarantee Financial Statements For the Year Ended 31 December 2023

Page 1 THE RAILWAY AND CANAL HISTORICAL SOCIETY Acom an Limited b Guarantee STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Uniestricted Restricted Funds Funds Total 2023 Total Notes 2022 Income Donations and legacies Charitable activities Investments 27,669 28,085 2,679 27,669 28,896 3,769 26,098 28,793 2,379 811 1,090 Total income 58,433 1,901 60,334 57,270 enditure Charitable activities 48,643 3,943 52,586 51,744 Ex￿sS of income over expenditure 9,790 12,0421 7,748 5,526 Net Ilossèsl I gains on Investments Unrealised {losses) I gains 3,442 1,182 4,624 18,6681 Net movoments in funds 13,232 18601 12,372 13,1421 Fund balances al 1 January 2023 77,794 53,089 130.883 134.025 Fund balances al 31 December 2023 15 91,026 52,229 143,255 130,883 The Ststement of Financial Activities includes all gains and losses reeognised in the current and prior years. All income and expenditure derive from continuing aclivilies. The Slalement of Financial Activities also complies with the requirements for an Income 8nd Expenditure Account under the Companies Act 2006. 12

THE RAILWAY AND CANAL HISTORICAL SOCIETY Acom an Limitod b Guarantee Page 2 BALANCE SHEET S AT 31 DECEMBER 2023 2023 2022 Fixed assets Investments 64,510 59.886 Current assets Stocks Debtors Cash at bank 8nd in hand 10 9.231 826 79,411 10.700 150 68,741 89,468 79.591 Creditors.. amounts falling due withln one yèar 12 110,7231 18.5941 Net Gurrent assets 78,745 70.997 Total assets less current liabilities belng ngt 0$8ets 143.255 130,883 Funds Restricted funds Unreslri¢led fund$ 15 15 52,229 91,026 53,089 77.794 143.255 130,883 The company is entided to the exemption from the audrt requirement contsined In séction 477 of the Companies Act 20(￿, for the year ended 31 December 2023. No rnembÈr of the company has deposrted a notice, pursuant to section 478. requiring an audit of these accounts. The Trustees. ￿Sponsibl1111es for ensuring thai the company keeps accounty.ng record5 which comply with section 386 01 the Act and lor preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and ol its Incoming resources and applic8tion of ￿SoUrCeS. including its Income and expenditure, for the financial year in accordance with the requirernenls of seotions 394 and 395 and which othewi5e comply with the requirements of the Companies Act 2006 relating lo accounts. so far as applicable to the cornpany. These atcounts have b8en prepared in accordance with the provisiolls applicable lo companies subject to the Small compani85' regirne. The 8ccounts were approved by the Trustees and aulhorized for issue on 2) I4￿- 2024 David C Smith Trustee Company Reglstratlon No. 00922300 13

THE RAILWAY AND CANAL HISTORICAL SOCIETY Acom Page 3 an Limited b Guarantee NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting polleies Charity information The Railway and Canal Historical Society is a private company limited by guarantee incorporated in England and Wales. The registered office is 7 Grosvenor Gardens, Victoria, London, SW1W OAF. 1.1 Accounting convention The financial slalements have been prepared in accordance with the Charities SORP IFRS 1021- Accounting and Reporting by Chrities. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not lo prepare a Slalemenl of Cash Flows. The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are sel out below. 1.2 Going concern The accounts have been drawn up on a going concern basis. The financial stability of the Charity has been maintained during 2023, bLJilding on the changes noted in the last AnnLJal Reporl. During 2023 the Charity conliued to move back lo aspects of the pre-covid arrangements with more lace lo face meetings, bul without losing the increased reach of the virtual meetings. organised during Ihe covid virus lock down. The Trustees have reviewed the financial position and anlicipale that the charity will be able lo continue lo trade and meet ils liabilities 8S they fall due for the foreseeable future, being a period of 12 months from the dale of approval of these financial slalemenls. 1.3 Charitable funds Unrestricted funds arg available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Restricted funds are subject to specific conditions by donors as lo how they may be used. The purposes and uses of the reslricled funds are sel out in the notes lo the account5. 1.4 Incoming resources Subscriptions and Donations afft recognised on receipt, except for Subscriptions received between 1st October and 31st December, which relate lo the following year Income lax recoverable in relation lo income received under the Gift Aid regulab'ons is recognised al the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt Is expected. Other income is wognised when the charity is legally entitled lo it, after any performance conditions have been met. 14

THE RAILWAY AND CANAL HISTORICAL SOCIETY Acom Page 4 an Limited b Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CONTINUED 1.5 Expenditure Expenditure is recognised once there is a legal or eonslruclive obligation lo make payment to a third paty, il is probable that selllement will be required and the amount of the obligation can be measured reliably. Al expenditure is accounted for on an accruals basis. All expenses including support costs and govem8nce costs are allocated lo the applicable expenditure headings. Irrecoverable VAT is charged against the expenditure heading for which il was incurred. 1.6 Fixed asset investments Fixed asset investments are initially measured at transaction price and are subsequently measured al fair value at each reporting dale. Changes in fair value are recognised in the Income and Expenditure Account for the year. 1.7 Flnancial Instruments The Charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans lo related parties and investments in non-puttable ordinary shares. Financial assets that are measured al cost and amortised cost are 8ssessed al the end of each reporting period lor objective evidence of impairment. If objectwe evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right lo set off the recognised amounts and there is an intention to settle on a nel basis or lo realise the asset and settle the liability simultaneously. 1.8 Debtors Trade and other debtors are recognised at the selllemenl amount after any discount offered. Prepayments are valued al the amount repaid nel of any trade discounts due. 1.9 Creditors Short torm cr8dilors sre mea¥ured at the Iran5aCtion price. 1.10 Stocks Stocks are of Books for sale and are slated al the lower of cost and estimated selling price. 1.11 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held al call with banks, other short-term liquid Investments with original maturities of three months or les5. Critical aceountlng estimates and judgements In the application of the chaiity's accounting policies, the Trustees are required lo make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The eslimales and associated assumptions are based on histoncal experience and other laclors that are considered lo be relevant. Actual results may differ from these eslimales The eslimales and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounb.ng eslimales are recognised in the period in which the estimate is revised where the revision attecls only that period. or In the period of the revision and future periods where the revision affects both current and future periods. The accounts do not include any accounting estimates. 15

THE RAILWAY AND CANAL HISTORICAL SOCIETY Acom an Limited b Guarantee Page S NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CONTINUED Donatlons and legacios Unrèstricted Funds Restrlcted Funds Total 2023 Total 2022 Subscriptions Gift aid tax recovered Donations Legacies 19.688 4,174 3,807 19,688 4,174 3,807 20,076 4,618 1,404 27,669 27,669 26,098 In 2022. of the lolal donations and legacies, £26,079 was from unrestricted funds and £19 was from reslricled funds. Income from charitable activltles Unrestrleted Funds Restrleted Funds Total 2023 Total 2022 Publication fund income Isee note 141 Conference income Event income 12,945 12,945 811 15,140 11,986 S,814 10.993 811 15,140 28,085 811 28,896 28.793 In 2022, of the total income from charitable aclivilies, £22,979 was from unrestricted funds and £5.814 was from restricted funds. Investment income Unrestricted Funds Rgstricted Funds Total Total 2022 2023 Investments Cash 840 1,090 1,930 1,839 1,966 413 1,839 2,679 1,090 3.769 2,379 In 2022, of the lolal investment income, £1,250 was from unreslricled funds and £1,129 was from restricted funds. Trustees. remuneration and benefits No Twslees, remuneration or other benefits were paid for the year ended 31 December 2023 nor for the year ended 31 December 2022. Trustees. expenses No Trustees were reimbursed office expenses and travel costs during the ye8r12022 - NIL). Branches The financial aclivilies, assets and liabilities of all the charills branches have been included within these accounts. 16

THE RAILWAY AND CANAL HISTORICAL SOCIETY Acom Limited b Guarantee Page 6 NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 Charltable expenditure The charity undertook activities in relation to its charitable purposes in the year as follows.. Unrestricted Restricted Funds Funds Total 2023 Note 2022 Dlrect costs Journal production and distribution BLJlletin production and distribution Book production and distribution Conference expense5 Web expenses Zoom expenses Event expenses Special groups Book Awards Photographic collection expenses 14,204 1,505 8.016 14,204 1,505 8,016 2,343 550 280 14,971 11,828 3,142 9.584 6,913 283 144 10,757 154 1,200 357 14 2,343 550 280 14.971 1,600 1,600 1,660 1,660 41,186 3.943 45.129 44,362 Other charitable costs Advertising and Publicity Meeting costs Bank Charges Insurance Sundries 270 2,401 703 2,287 439 2,287 439 414 414 282 1,576 2,117 2,117 5,257 5,257 5,232 Governance Costs Accountancy and review costs 2,200 2,200 2,150 Total Charltable expenditure 48,643 3.943 52,586 51,744 In 2022, of the lolal Charitable expenditure, £43,631 was expenditure from unrestricted funds and £8,113 was expendilure from restricted funds. Investments 2023 2022 The investments are UK Unlt Trusts established for use by Charities. Balance al 1 January 2023 Additions Gains I (Losses) in the year- unrealized 59,886 68,554 4,624 18,6681 Ba12n¢e al 31 December 2023 64,510 59,886 The investments are shown at market value and the aggregate market value al 31 December 2023 was 64,510 12022 - £59.8861 Historical Cost at 1 January 2023 and 31 December 2023 17 50,000 50,000

THE RAILWAY AND CANAL HISTORICAL SOCIETY Acom Page 7 Limited b Guarantee NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 10 Stocks 2023 2022 Books held in stock 9,231 10,700 11 Debtors: amounts falling due wlthln one year 2023 2022 Prepayments 826 150 12 Croditors- amounts falling due within one year 2023 2022 Accruals Deferred Income Subscriptions Other creditors 2,100 2.000 6.947 1,676 5,221 1.373 10,723 8,594 Deferred Income Deferred income at 1 January Resources deferred during the year Amounts released from previous years Deferred income al 31 December 5,221 6.947 15,2211 7,654 5,221 17,6541 6,947 5,221 Subscriptions are amounts received before 31 December for the following calend2r year 18

THE RAILWAY AND CANAL HISTORICAL SOCIETY Acom an Limited b Guarantee Page 8 NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 13 Financial Instruments 2023 2022 Financial assets measured at fair value through income and expen(Jilure Financial assets measured at cost 64,510 80,237 59,886 68,891 144,747 128,777 Financial liabilities measured al cost (10,7231 18,5941 110,7231 18,5941 Financial assets measured al fair value through income and expenditure comprise investments. Financial assets measured al cost comprise bank balances and debtors. Financial liabilities measured at cost comprise of creditors. 14 Publlcation Fund 2023 2022 Within Unreslricled Charitable Activity income and expenditure are the following amounts Book Sales 11,381 Donations 64 Sundry Income 1,500 11,92D 66 12,945 Deduct.. Cost ol Sales Opening Stock Book Production and Liabilities 11,986 10,700 5,342 7,174 11,098 16,042 9,231 18,272 10,700 Deduct.. Closing Stock 6,811 1.109 7,572 1,865 Distribution Expenses Book Storage Bank Charge5 96 147 8,016 9,584 Increase in Publication Fund 4,929 2,402 19

THE RAILWAY AND CANAL HISTORICAL SOCIETY Acom Page 9 an Limited b Guarantee NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 15 Movement in Funds Expenditure and Losses At 01.01.23 Income Transfer At 31.12.23 Restricted Funds Research Fund Conference Fund Book Pnze Fund 4,263 19,834 28,992 4,263 18,302 29,664 811 2,272 2,343 1,600 53,089 3,083 3,943 52,229 Unrestricted Funds Geneial Fund Publication Fund Legacies Fund 26,317 32,844 18,633 48,930 12,945 40,627 8,016 34,620 37,773 18.633 77,794 61,875 48,643 91,026 Total Funds 130,883 64,958 52,586 143,255 16 Analysis of net assets between funds Unrestricted Restricted Funds Funds Total Funds At 31 December 2023 Investments Current assets Regional bank and cash balances Other bank and cash balances Other current assets Creditors due within one year 31,941 32.569 64,510 14,999 44,752 10,057 110,7231 14,999 64,412 10.057 110,723} 19,660 91.026 52,229 143,255 At 31 December 2022 Investments Current assets Regional bank and cash balances Other bank and cash balances Other current assets Creditors due within one year 28,499 31,387 59,886 15,861 31,178 10,850 18,594) 15,861 52,880 10,850 18,5941 21,702 77,794 53,089 130,883 20

THE RAILWAY AND CANAL HISTORICAL SOCIETY Acom Page 10 an Limited b Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CONTINUED 17 Regional Income and Expenditurg 2023 2022 Within Unrestricted Charitable Activity income and expenditure are the following amounts from the Regional Accounts Legacy Donations Gift aid lax recovered Sales of Books elc Event Incomes Interest 982 214 1,048 81 73 2,004 15,140 18 16.354 Deduct.. Meeting room costs Speakers expenses Other Event Costs Group Officers Expense5 Sundries 3,219 1,068 390 14,971 1,011 271 1,675 103 294 16,537 3,259 (Deficilsl 11831 1401 18 Related party disclosure The Trustees were the only Relalecl Parties during tha year ended 31 December 2023 and details of transactions are shown in Note 6. 19 Designatgd and Restricted Funds Designated Funds Publication Fund This Fund, which is not reslricled. exists to fund the Society's products'on of books. Legacy Fund This Fund consists of the proceeds of legacies received by the charity from members.11 is not a reslricled fund and can be used for appropriate charitable purposes al the discretion of the Society. 21

THE RAILWAY AND CANAL HISTORICAL SOCIETY Acom an Limited b Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Page11 CONTINUED 19 Designated and Restricted Funds Icontd..) Restricted Funds Research Fund This Fund is financed by donations from members and exists lo provide finaneial assistance lo persons undertaking research in suitable fields. Conference Fund The Society has received monies from other bodies so that the Society could lake over the administration INOT the organisalionl of some Early Railway Conferences. These amounts are reslricled to that purpose and if the Society wished lo slop administering the conferences, they would need lo be transferred lo the successor organisalion. Any surplus income trom these conferences is added lo the Fund. Book Prlze Fund This Fund is financed by the legacy from David Sl John Thomas. The capital and income of the fund may only be used to fund the annual book prizes. The administrative expenses involved are borne by the Society's General Fund. 20 Capital The charity is limited by guarantee. Every member of the charity undertakes lo guarantee the Iiabililies of the charity in the event of the same being wound up with such an amount as may be required bul not exceeding £1. 22

THE RAILWAY AND CANAL Acom P8ge12 ISTORICAL SOCIE an Lim rantÈe INDEPENDENT E MINER'S RepoRT OR T YE NDE 31 DECEMBE 202 Independ•Trt Exarnlne8 Report to tho Trustees of Rallway and Canal Hlstorf¢al Society I report lo the Twsiees Iwho are also Directors for the purpose ol company lawl on my 8x8minalion of Ihe ffnancial Slalemenis of The RaI￿vaY C8nal Hislorital Socieiy I'lhe Charilaty￿ CDmpany' or'lhe Charity) for Ihe year ended 31 De￿Mber 2023 which comprise the Slalemenl ol Financjal Activitses. the Balance Sheel and related notes. Thi4 report is made solety to Ihe Charity's T￿stEe$, as a body. in accordance with 5ecllon 145 of the Charilles Act 2011 My WOFk has been undemaken so that I muhl slaie lo the Charity's Tw51ees those mailers l am rÈqvired 10 Stale Io Ihem in this reporf and for no Other purpo$È To the fullest exlenl pertnilleo by law, I do not accept or assume responsibility lo anyone Olher than the Charity and the Charitvs Trustees as a body, for my work. for this reporf, or for the opinions I have forrned. RgsponsibillU&s aTrd basis of rèport A5 Ihe ITuslees of Charitable Company you are responsibk for Ihe preparation of the financial 51alements in accordance With the requlremenls of the Companies Aci 2006 l'ine 2006 Acl'l. Having $81isfied myself thal the financial Slalemenis of the chaii13ble company 8re not ￿qUIred lo be audiled under Part 16 01 the Act 4nd ale eligible lor Indepen(lenl exarninaiion, I iepofl in iespect of My examination of the Chaiilable Company's financial slalemenis c8rried out under sedion 145 01 Charilres Aci 2011 I'lhe 2011 Ad'l and In Carr￿ng out my exatninalion I have followed all the applicable Directions given by the Charity Comrnis510n under section 14515llbl of ihe 2011 Aci. An Independent exarninalion does not nvolve galherin9 all the e￿dents thai woul¢ be required in an aLhJil and consequenlly does not cover all the matters that an auditor considers In giving their opinion on the finan¢i31 51aiemenls. ThÈ plannirw) and conduct of èn audil goe5 beyonu the Iimiied assurance that an inlfependenl examination can provide. Consequenity i expre55 no opinion as lo whether Ihe fin8rLI81 slalemenls preseni a'lrue and fair, view and my report 15 limited lo those specific maiiets sel oui In the Independent Exminer's Sialemenl. Independènt E¥amln&fs Statemfynt I have compied my examination. I confirm th81 no tnalerial m8llers have cotne lo my aiienlion in conneuion with Ihe ex&minalion giving me cause 10 believe th41 in any mHler181 respecl.. accounting records were noi kept in rÈ$pe¢l of the Ch8riiable Company as required by Section 386 of the 2￿6 Acl.. or lif) the finanrxai 51alement5 do not accord with those recor(Is'. or liiil the finanoal 5ts1emenls do not compty with the accounting requ1￿mentS of sedion 396 01 the 2006 Aci other than any requirement that thè financial siaiem8nis give a 'irue and fair view which 15 not a maller considered as P8rt of an indepen¢eni examination, or Iivllhe fin8ncial statements have not been prepared in 8ccorda￿ with the methods anty principles ol the Sialemenl of Recommen(led Practi￿ lor accounting and reporting by chaiibes 8pplicable 10 chanlies preparing Iheir accounts In aceor¢ante wlh the Financial Reporung Standaid applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come 8cross Tr) other mallers in connetlion wlh the examination lo which aii8nlion should l)8 drawn In Ihis report in or¢er lo etTrable a proper understanding of the finanaHI 51alemenls 10 be rÈa¢hed. John PÈ For and on behalf of S¢nJtton Bland Limrted Fitzroy House Crown Street Ipswich. Suffolk IP1 3LG 23