2024-10-31-accounts

Registered number: 01007871 Charity number: 262481

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Trustees' report and financial statements

for the year ended 31 October 2024

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Financial Headlines

for the year ended 31 October 2024

· The Company’s consolidated income for the year ended 31st October 2024 was £2,566,945 compared with £2,521,044 in 2023.

· The Company recorded a net consolidated deficit of £124,680 in 2024 compared with a deficit of £42,590 in 2023 (page 44).

· Colonel Stephens Railway Enterprises Ltd, the wholly owned trading subsidiary, which includes all the commercial activities, achieved sales of £821,002 compared with £721,722 in the previous year and a pre charitable donation profit of £142,640 compared with a profit of £77,727 in 2023 (page 48).

· The total net cash in the balance sheet at the year-end was £262,103 compared with £357,998 in 2023 (see below).

• Total visitor numbers during the year increased by 9% (see below).

6-Year Net Cash and Debt Profile (year end)

CAF Bank Loan Other Loans Total Capital Cash at Bank and In Hand Total Net Cash / (Debt)	2024 2023 2022 2021 2020 2019 (182,763) (222,690) (260,749) (300,518) (339,936) (357,008) (16,459) (26,534) (36,363) (55,012) (79,000) (34,000)
	(199,222) (249,224) (297,112) (355,530) (418,936) (391,008) 461,325 607,222 802,684 1,119,680 495,018 661,831
	262,103 357,998 505,572 764,150 76,082 270,823

The figures for cash include Advance Bookings.

Visitor Numbers

Service Trains / Admissions Pullman Dining Trains	2024 2023 2022 2021 2020 2019 65,902 60,889 56,664 35,210 30,362 83,907 3,922 3,163 2,937 2,087 647 3,085
	69,824 64,052 59,601 37,297 31,009 86,992

Platform Tickets = 2,699 in 2024 (2023: 2,275)

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Contents

for the year ended 31 October 2024

	Page
Reference and administrative details of the Charity, its Trustees and Advisers	1
Trustees' report	2 - 6
Independent auditor's report on the financial statements	7 - 10
Consolidated statement of financial activities	11
Consolidated balance sheet	12
Company balance sheet	13
Consolidated statement of cash flows	14
Notes to the financial statements	15 - 41
The following pages do not form part of the statutory financial statements:
Appendix I - Consolidated detailed Income and Expenditure Account	42
Appendix II - Schedule to the detailed Income and Expenditure Account	43
Appendix III - Colonel Stephens Railway Enterprises Limited Accounts	44 - 45

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Reference and administrative details of the Charity, its Trustees and Advisers for the year ended 31 October 2024

Constitution

The Kent and East Sussex Railway Company Limited is a company limited by guarantee and a registered charity. Charity Number: 262481. Company Number 01007871.

Directors and Trustees

The Directors of the Charitable Company ('the Charity') are its Trustees for the purposes of charity law and throughout this report are collectively referred to as the Trustees.

The Trustees serving during the year and at the date of this report were as follows:

S A Marsh 1 Chairman (until 2 November 2024) D J Bilsby 1 Chairman (appointed from 2 November 2024) I C Legg 1 Finance Director G A Crouch (resigned 25 January 2025, deceased 4 April 2025) P D Shaw 1 (retired 2 November 2024) M J Hyner D J Nibloe N D Sime P E Vidler R M White A Papworth J Wilkinson 1 (appointed 25 January 2025)

1 also directors of Colonel Stephens Railway Enterprises Limited at the date of this report

Registered office

Tenterden Town Station, Station Road, Tenterden, Kent, TN30 6HE

Company Secretary and Assistant Company Secretary

J Cobbett - Company Secretary D Raimbach - Assistant Company Secretary

Senior management team

R Coombes (General Manager), A Freeman (Commercial Manager), P Salmon (Operations Manager), A Brice (C&W Delivery Manager), B Richards (Infrastructure Manager), M Gooch (Pullman Manager), M deCol (Accountant)

Independent auditor

Kreston Reeves LLP, Chartered Accountants, Statutory Auditor, 2nd Floor, Maritime Place, Quayside, Chatham Maritime, Chatham, Kent, ME4 4QZ

Bankers

CAF Bank Limited, PO Box 289, West Malling, Kent, ME19 4TA National Westminster Bank plc, 58 High Street, Tenterden, Kent, TN30 6AX

Solicitors

Rix & Kay LLP, The Courtyard, River Way, Uckfield, East Sussex, TN22 1SL

Page 1

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Trustees’ report

For the year ended 31 October 2024

The Trustees are pleased to present their report together with the financial statements of the Charity for the year ended 31 October 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' (FRS 102) in preparing the annual report and financial statements of the Charitable Company.

Legal and administrative information set out on pages 1 and 2 forms part of this report. The financial statements comply with Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and 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).

Our purposes and activities

The purposes of the Charity are to preserve, restore and operate the whole or parts of the railway from Tenterden in Kent to Robertsbridge in Sussex (known as The Kent & East Sussex Railway) as a permanent public exhibition and museum, which includes the preservation, display and operation of steam and other locomotives, rolling stock, equipment, and other relics. The Charity thereby aims to contribute to technical, historical, and general education concerning the operation of a rural light railway.

The Trustees consider that the Charity's objectives are for the public benefit and that its activities, achievements, and performance are consistent with its objectives having had regard to Charity Commission guidance, including the guidance "Public Benefit: running a charity (PB2)".

To achieve its objects the Charity: -

• operates a heritage railway service with authentic locomotives and rolling stock.

• acquires, preserves, and restores steam and other locomotives, rolling stock and relics of historical, operational, educational, and general interest.

• maintains, improves, and develops the railway and the land, works and buildings relating thereto.

• • encourages and promotes the interest, support, and participation of young people in the railway by establishing and maintaining contacts with schools, universities etc.; and

• maintains a public museum and library of objects of interest to the history of the railway, its founder, Colonel Stephens, and his other railways.

The major area of activity of the Charity continues to be the operation of a heritage railway service as a means of demonstrating and exhibiting steam and other railway locomotives, rolling stock etc., which provides funding for the restoration of engines, carriages and wagons and the railway itself.

The Charity offers people the opportunity to experience the delights of the steam age, and to understand this historic means of travel which changed the face of Britain. For others it offers the opportunity to volunteer their time, helping us maintain and renovate the locomotives, carriages, and other infrastructure and providing a number of well-being benefits for the volunteers themselves.

For many years, the Charity has also run special events including "Santa Specials". While providing a valuable source of income to assist with various preservation and other similar projects, such events are important in encouraging and promoting the interest of young people in the railway. In furtherance of this aim the Charity has close links with the education departments of local authorities, as illustrated by our "Evacuation Experience", now regarded by many schools in Kent and East Sussex as an essential ingredient in their teaching of this aspect of modern history, through our Junior Engineer days, and by our partnership with The Terrier Trust CIO and Global London Learning to create an immersive educational programme for primary school children in the London Borough of Tower Hamlets.

Members and volunteers

The Trustees greatly value the support given by the members. At 31 October 2024, the membership stood at 2,441, including approximately 582 active volunteers. The Charity and its wholly owned trading subsidiary is grateful for the continued efforts of their volunteers whose contributions are integral to the growth, development, and operation of activities.

Page 2

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Trustees’ report

For the year ended 31 October 2024

Colonel Stephens Museum

The museum offers free admission to all visitors when the railway is operational. Museum costs are mainly paid from the proceeds of sale of donated books and model railway equipment.

Financial review

The Company and its subsidiary recorded a deficit of £124,724 for the year. This compares with a deficit of £42,590 in 2023. Legacy income, which is always unpredictable, rose to £71,508 in 2024 from £47,314 IN 2023.

Passenger numbers rose to 69,824 in 2024 from 64,052 (9%) but were significantly lower than the 80,000/90,000 annual totals that we were achieving in the pre Covid era and which we must aim for if we are to achieve a surplus.

Our gross cash at the year-end was £461,325 compared with £607,222 at October 2023. These figures Included substantial advance booking income for the 2024 Santa trains, but less than last year as 1 less day was run in December 2024. Our CAF loan was reduced during the year from £222,690 to £182,763 in accordance with the Bank agreement.

Going concern statement

The start of the 2024/25 year saw income under budget from a lower take up of Santa special services than budgeted. This was offset to some degree by starting public services in February with running on weekends. The budget also assumed that the new Rother Valey Limited dining train would start in March. Due to issues in completing the vehicle this will not now start until July.

Despite the underperformance in budgeted income costs have been controlled. Locomotive hire fees have been reduced and expenses in the Locomotive engineering function have been lower than budget. As the Rother Valley Ltd launch has been delayed; staff wages in catering and catering food costs have not been as great as budgeted.

An exceptional write down of the capital value of locomotive that has left the Railway has been made.

Excluding the exceptional accounting adjustment, the operating profit to the end of May is on budget.

The Rother Valley Railway Heritage Trust made a grant to the K&ESR of just over £100k to help pay for ongoing expenditure. A further grant payment is expected from them shortly to provide support to the Railway to improve the free cash available in the business to pay for various developments.

In recognition of the difficult national trading conditions at present control of expenditure is vigorous as well as new product development to attract segments of the market that are less susceptible to economic downturn. We are working with a Theatre company to run some evening Murder Mystery’s on the train; A family offer will be run over the summer; school groups are being targeted; a number of low cost small events using the new marquee are being promoted.

The directors therefore feel that although it will be a challenging year, the support of the Rother Valley Railway Trust and marketing product developments will mean the business will be stronger at the end of the year.

Outlook for 2025

The financial budget for the current year has a steady state income line due to the continuing economic uncertainty.

The financial year started slowly. Whilst the Santa Specials for the 2024 season achieved similar income to that for the previous year, we did not achieve the hoped-for passenger numbers and as a result of increased costs the bottom-line contribution of the event was below budget. Post event analysis shows that the market of ‘standard class’ family groups weakened (whereas First Class packages held up well) and a new Premium product did well for its first year.

Page 3

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Trustees’ report

For the year ended 31 October 2024

In the current calendar year we have seen a small increase in visitor numbers at the start of the year when trains were run on weekends in February and March, but the economic climate has put a lot of pressure on the tourist sector in the Spring. A continuing strong partnership with a third party is bringing significant new business to the Railway. The Dwaves of Steam, Diesel Gala and 1940s large scale events and smaller ones all are contributing reduce the impact of Santa budget shortfall.

Income, expenditure and cash flow forecasts are updated on a monthly basis, with actions being taken to both increase income and manage costs.

Investment powers and policy

Under the memorandum and articles of association, the Charity has the power to make any investment which the Trustees see fit.

Reserves policy

The Trustees have reviewed the reserves of the Charity. The review considered the nature of the income and expenditure streams and the need to match variable income with fixed commitments and the nature of the reserves.

The unrestricted reserves of the Group decreased in the year by £31,896 to £1,385,714 (see Note 22). The unrestricted reserves are maintained to meet the Charity's ongoing unrestricted charitable expenditure as well as the longer-term financing of the Charity.

Restricted reserves have decreased by £92,784 to £1,521,860 and the purpose of these funds is detailed in Note 21 in the financial statements.

The Group normally meets its day-to-day working capital requirements through internally generated revenues. The nature of the Group’s activities is such that there can be considerable variation in the timing of cash inflows.

At 31 October 2024, the Group had net current assets of (£170,543), which include cash at bank and in hand of £461,325. These funds include amounts held to enable the Charity to operate during the winter months when income levels are much reduced; sums received in advance for future bookings; and balances in respect of restricted funds. Further details in respect of the latter are provided in note 21.

Structure, governance, and management

Governing document

The Kent and East Sussex Railway Company Limited is a company limited by guarantee governed by its memorandum and articles of association. It is registered as a charity with the Charity Commission.

Anyone can apply to become a member of the Company. At the year-end there were 2,441 members (2023: 2,726) each of whom undertakes to contribute an amount not exceeding £1 in the event of the winding up or dissolution of the Charity.

Recruitment and appointment of Trustees

As set out in the articles of association the Chairman of the Trustees is elected by them. Every Trustee who has served for a term of three years must retire from office. A retiring Trustee is eligible for re-election by the Members. The Trustees have the power at any time to appoint any member to be a Trustee, either to fill a casual vacancy or as an addition to the existing Trustees.

Page 4

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Trustees’ report For the year ended 31 October 2024

Trustee induction and training

New Trustees are briefed informally on their legal obligations under charity and company law, the content of the memorandum and articles of association, the committee, and decision-making processes, and recent financial performance of the Charity. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Organisation

A Board of Trustees of up to ten members, who meet or communicate monthly, administers the Charity. There are subcommittees covering individual areas of activity and individual Trustees have taken responsibility for monitoring the activities in specific operational areas. They report points for action at Trustee meetings. A General Manager is appointed by the Trustees to manage the day-to-day operations of the Charity.

The non-charitable trading activities are conducted through the wholly owned trading subsidiary, Colonel Stephens Railway Enterprises Limited.

A wholly owned subsidiary, Robertsbridge 20/20 Limited, has been incorporated to investigate the long-term objective of operating the railway to Robertsbridge. This Company is dormant.

The Company has 3 subsidiary companies which are listed in Note 15, together with the relevant shareholdings.

Key management personnel

The Board of Trustees is responsible for setting Policies and Instructions including those relating to Safety. The Board monitors the performance of the Management team against these Policies and Instructions and directs the General Manager accordingly. Key Management consists of the General Manager who oversees day-today operations, as well as Departmental Managers, some of whom are remunerated. The remuneration of the General Manager and the Employed Departmental Managers is set by the Board.

Related parties

Details of related parties are provided in Note 24 to the accounts.

Principal risks and uncertainties

The Trustees actively review the strategic business and operational risks to which the Charity is exposed and systems have been established to enable regular reports to be submitted to them. Arising from these regular reporting procedures the Trustees can take all necessary steps to lessen any risk to the Charity. The principal risks and uncertainties facing the Charity are as follows:

• The recovery of visitor numbers following the Covid-19 pandemic, Russian war in Ukraine and economic uncertainty.

• Competing tourist attractions - the market in which the Charity operates is relatively competitive, and therefore the attractions of competing tourist destinations could result in losing income to them. The Charity manages this risk by providing quality and innovative attractions to engender public interest in the Charity's heritage locomotives and other assets.

• Health and safety - attention is focused on non-financial risks relating to safety issues arising from the operation of the railway. This is monitored by a Safety Committee chaired by the General Manager.

• Financial risk – specifically the impact of the rises to cost-of-living on disposable incomes and increases in costs such as utilities and coal. A key element in the management of financial risk is the regular review of the Charity's internal management accounts and cash flow generally against budget. Cash resources are reviewed on a weekly basis.

• Environmental sustainability – the continuing availability of coal is essential as is the need for the Charity to act in a responsible manner that minimises our impact on the climate and environment

• Loss of key personnel or fewer people willing to volunteer their time - these would present significant operational difficulties for the Charity. The Trustees seek to ensure that key paid personnel are appropriately remunerated, and efforts are made to encourage volunteering.

Page 5

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Trustees’ report For the year ended 31 October 2024

The Charity also regularly issues policy documents dealing with risk management.

Trustees

The Trustees in office during the year and at the date of this report are set out on page 1. No Trustee is remunerated by the Charity or its trading subsidiary.

Trustees' responsibilities in relation to the financial statements

The Trustees as Directors are responsible for preparing the Report of the Trustees and the financial statements in accordance' with applicable law and regulation.

Company law requires the trustees to prepare financial statements for each financial period. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the situation of the Charity and of the results of the Charity 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 in the charities SORP.

• make judgements and estimates that are reasonable and prudent.

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with Companies Act 2006 and the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In accordance with company law, as the Company's Directors, we confirm that:

• so far as we are aware, there is no relevant audit information of which the Charity's auditors are unaware; and

• as the Directors of the Company we have taken all the steps that we ought to have taken in order to make ourselves aware of any relevant audit information and to establish that the Charity's auditors are aware of that information.

All Directors have signed declarations to the effect that they are fit and proper persons to act for the Charity in accordance with the requirements of the Finance Act 2010.

By order of the Trustees:

D J Bilsby Chairman

Date:

17[th] July 2025

Page 6

The Kent & East Sussex Railway Company Limited (a company limited by guarantee)

Independent auditor’s report to the Members of the Kent and East Sussex Railway Company Limited For the year ended 31 October 2024

Opinion

We have audited the financial statements of The Kent and East Sussex Railway Company Limited (the 'Parent Charitable Company') and its subsidiaries (the 'Group') for the year ended 31 October 2024 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

• In our opinion the financial statements:

• give a true and fair view of the state of the Group's and Parent Charitable Company's affairs as at 31 October 2024 and of the group's income and application of resources, including its income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group and Parent Charitable Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 7

The Kent & East Sussex Railway Company Limited (a company limited by guarantee)

Independent auditor’s report to the Members of the Kent and East Sussex Railway Company Limited For the year ended 31 October 2024

Opinion on other matters prescribed by the Companies Act 2006

• In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Trustees' report (incorporating the Strategic report) for the financial year for which the financial statements are prepared is consistent with the financial statements.

• the Trustees' report and the Strategic report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the Group and Parent Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report including the Strategic report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion:

• adequate and sufficient accounting records have not been kept by the Parent Charitable Company, or returns adequate for our audit have not been received from branches not visited by us; or

• the Parent Charitable Company's financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of Trustees' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the Directors of the Charitable Company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and Parent Charitable Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or Parent Charitable Company or to cease operations, or have no realistic alternative but to do so.

Page 8

The Kent & East Sussex Railway Company Limited (a company limited by guarantee)

Independent auditor’s report to the Members of the Kent and East Sussex Railway Company Limited For the year ended 31 October 2024

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Capability of the audit in detecting irregularities, including fraud

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks.

Based on our understanding of the group and charitable sector generally, and through discussion with the Trustees and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the engagement team included:

• Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations and fraud; and

• Challenging assumptions and judgements made by management in its significant accounting estimates; and

• Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and

• Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud; and

• Conducting interviews with appropriate personnel to gain further insight into the control systems implemented, and the risk of irregularity; and

• Reading minutes of meetings of those charged with governance and reviewing correspondence with relevant regulatory authorities; and

• Physical inspection of tangible assets susceptible to fraud or irregularity; and

• Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and

• Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation; and

• Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Page 9

The Kent & East Sussex Railway Company Limited (a company limited by guarantee)

Independent auditor’s report to the Members of the Kent and East Sussex Railway Company Limited For the year ended 31 October 2024

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the charitable company's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees.

• Conclude on the appropriateness of the Trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the Charitable Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitable Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

James Peach FCA (Senior statutory auditor)

for and on behalf of Kreston Reeves LLP

Chartered Accountants Statutory Auditor Chatham Maritime

Date: 22.07.2025

Page 10

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Consolidated Statement of financial activities (incorporating income and expenditure account) for the year ended 31 October 2024

Note Income from: Donations Legacies Gift aid Membership subscriptions Charitable activities Other grants Other trading activities Interest Share of associate net income Total income Expenditure on: Raising funds Charitable activities 7 - 10 Total expenditure Net income/(expenditure) Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds attributable to the parent 22 Total funds Non-controlling interest brought forward 20 Non-controlling interest movement in the year 20	Unrestricted funds 2024 £ 39,921 71,508 23,402 52,364 1,468,694 - 820,958 556 (2,150) 2,475,253 469,743 2,142,546 2,612,289 (137,036) 105,096 (31,940) 1,540,036 (38,691) 1,501,345 (122,426) 6,751 1,385,670	Restricted funds 2024 £ 91,648 - - - - - - - - 91,648 - 79,336 79,336 12,312 (105,096) (92,784) 1,614,644 (92,784) 1,521,860 - - 1,521,860	Total funds 2024 £ 131,569 71,508 23,402 52,364 1,468,694 - 820,958 556 (2,150) 2,566,901 469,743 2,221,882 2,691,625 (124,724) - (124,724) 3,154,680 (131,475) 3,023,205 (122,426) 6,751 2,907,530	Total funds 2023 £ 166,895 47,314 30,821 45,761 1,426,013 81,179 721,722 784 555
				2,521,044
				443,153 2,120,481
				2,563,634
				(42,590)
				-
				(42,590)
				3,197,390 (42,710)
				3,154,680
				(122,546) 120
				3,032,254

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 15 to 43 form part of these financial statements.

Page 11

The Kent and East Sussex Railway Company Limited (A company limited by guarantee) Registered number: 01007871

Consolidated balance sheet as at 31 October 2024

Note Fixed assets Intangible assets 13 Tangible assets 14 Heritage assets 14 Investments 15 Current assets Stocks 16 Debtors 17 Cash at bank and in hand 27 Creditors:amounts falling due within one year 18 Net Current Liabilities Total assets less current liabilities Creditors:amounts falling due after more than one year 19 Net assets Charity funds Restricted funds 21 Unrestricted funds 22 Total funds Non-controlling interests 20	31,297 138,119 461,325 630,741 (801,284)		2024 £ - 3,305,180 16,511 11,204 3,332,895 (170,543) 3,162,352 (139,103) 3,023,249 1,521,860 1,385,714 2,907,574 115,675 3,023,249	33,517 108,718 607,222 749,457 (749,522)	2023 £ - 3,324,115 16,511 13,354
					3,353,980 (65) 3,353,915 (199,235)
					3,154,680
					1,614,644 1,417,610
					3,032,254 122,426
					3,154,680

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees on 17 July 2025 and signed on their behalf by:

D J Bilsby Chairman

I C Legg Trustee

The notes on pages 15 to 43 form part of these financial statements.

Page 12

The Kent and East Sussex Railway Company Limited (A company limited by guarantee) Registered number: 01007871

Company balance sheet as at 31 October 2024

Note Fixed assets Tangible assets 14 Heritage assets 14 Investments 15 Current assets Debtors 17 Cash at bank and in hand Creditors:amounts falling due within one year 18 Net current assets Total assets less current liabilities Creditors:amounts falling due after more than one year 19 Net assets Charity funds Restricted funds 21 Unrestricted funds 22 Total funds	135,451 429,183 564,634 (735,185)		2024 £ 3,100,202 16,511 147,055 3,263,768 (170,551) 3,093,217 (139,103) 2,954,114 1,521,860 1,432,254 2,954,114	138,284 492,892 631,176 (631,016)	2023 £ 3,120,926 16,511 149,205
					3,286,642 160 3,286,802 (199,235)
					3,087,567
					1,614,644 1,472,923
					3,087,567

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees on 17 July 2025 and signed on their behalf by:

D J Bilsby I C Legg Chairman Trustee

The notes on pages 15 to 43 form part of these financial statements.

Page 13

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Consolidated statement of cashflows for the year ended 31 October 2024

Cash flows from operating activities Net cash used in operating activities (note 26) Cash flows from investing activities Purchase of tangible fixed assets Net cash used in investing activities Cash flows from financing activities Repayments in borrowing Net cash provided by / (used in) financing activities Changes in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year (note 27)		2024 £ 61,343 (157,282) (157,282) (50,002) (50,002) (145,941) 607,222 461,281	2023 £ 43,478 (191,004)
			(191,004) (47,936)
			(47,936) (195,462) 802,684
			607,222

The notes on pages 15 to 43 form part of these financial statements.

Page 14

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Notes to the financial statements for the year ended 31 October 2024

1 General information

The Kent and East Sussex Railway Company Limited is a company limited by guarantee in the United Kingdom. In the event of the Charitable Company being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charitable Company. The address of the registered office is given in the Charity information on page 1 of these financial statements. The nature of the Charitable Company's operations and principal activities are set out on page 2.

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), the Charities Act 2011, and the Companies Act 2006.

The Kent and East Sussex Railway Company Limited 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 consolidated statement of financial activities (SOFA) and consolidated balance sheet consolidate the financial statements of the Company and its subsidiary undertakings Colonel Stephens Railway Enterprises Limited, Robertsbridge 20/20 Limited, and the Company's controlling interest in 6619 Limited. The results of the subsidiaries are consolidated on a line by line basis.

The financial statements are presented in UK pound sterling, which is the Charity's functional currency, and rounded to the nearest pound.

2.2 Group financial statements

The financial statements consolidate the results of the Charity and its wholly-owned subsidiary companies, Colonel Stephens Railway Enterprises Limited and Robertsbridge 20/20 Limited. In addition the Charity owns 53.75% of 6619 Limited, which is consolidated on a line by line basis, and also has an associated company, Tenterden Railway Company Limited. A separate Statement of Financial Activities, or income and expenditure account, for the Charity itself is not presented because the Charity has taken advantage of exemptions afforded by section 408 of the Companies Act 2006.

2.3 Going concern

Notwithstanding the deficit of £124,724 for the year and the negative net current liabilities at the balance sheet date the accounts have been prepared on a going concern basis. The justification of this treatment is as follows:

The principal risk the Group faces is the ability to generate sufficient income to cover expenditure. Additional income is being secured post year end.

The Trustees continue to implement a series of cost reduction and income generation measures to mitigate the risks largely generated by the cost of living crisis.

The Trustees have provided assurances to suggest the Group will continue to operate for a period of 12 months from the date of signature of these financial statements.

Page 15

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Notes to the financial statements for the year ended 31 October 2024

2 Accounting policies (continued)

2.4 Income

Charitable activities

Income from fares and charter trains is included in income in the period in which the journey is taken.

Donations, Subscriptions, Grants, Legacies and Similar Income

Income from donations, subscriptions (including life), grants, legacies and similar income is included when receivable, except as follows:

• when donors specify that donations and grants given to the Charity must be used in future accounting periods, the income is deferred until those periods.

• when donors impose conditions, which have to be fulfilled before the Charity becomes entitled to use such income, the income is deferred and not included until the preconditions for use have been met.

• when donors specify that donations and grants, including capital grants, are for particular purposes, which do not amount to pre-conditions regarding entitlement, the income is included in restricted funds when receivable.

Income from commercial trading operations

The trading subsidiary's income is recognised as earned when goods and services are provided, net of value added tax.

2.5 Volunteers and donated services and assets

The value of voluntary services provided by members and others is not incorporated into these financial statements on the basis that no financial cost is borne by a third party.

Where assets are provided to the Charity as a donation that would normally be purchased from a third party, the donated asset is included in the financial statements at an estimated valuation.

2.6 Expenditure

Expenditure is recognised when a liability is incurred on an accruals basis. Costs are classified as follows:-

• Charitable activities include expenditure in relation to the operation and maintenance of the railway, rolling stock and stations and include both the direct costs and support costs relating to these activities.

• Costs of raising funds are those costs attributable to attracting voluntary and similar income and those incurred in relation to commercial trading activities that raise funds.

• Support costs include central functions that have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating staff costs by reference to an estimate of the overall time spent and other costs by their estimated usage. They include those costs incurred in the governance of the Charity and its assets, which are primarily associated with constitutional and statutory requirements.

Page 16

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Notes to the financial statements for the year ended 31 October 2024

2 Accounting policies (continued)

2.7 Intangible assets and amortisation

Intangible assets costing £Nil or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

Amortisation is provided on the following basis:

Goodwill 5 years straight line

2.8 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Depreciation is provided on all tangible fixed assets, other than freehold land and assets in the course of reconstruction, at annual rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:-

Permanent way, bridges and buildings 2% / 10% straight line Car park 10% straight line Railway locomotive and rolling stock 2% / 10% straight line Plant 10% straight line Furniture and equipment 10% / 25% / 33% straight line

The railway loco stock includes costs associated with work arising from ten year boiler inspections of locomotives on long term loan to the railway from third parties.

At each reporting date, the Charity reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss.

Recoverable amount is the higher of fair value less costs to sell and value in use.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in the Statement of Financial Activities.

Recognised impairment losses are reversed if the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised in the Statement of Financial Activities.

Page 17

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Notes to the financial statements for the year ended 31 October 2024

2 Accounting policies (continued)

2.9 Heritage assets

Since April 2011 the Charity has held many thousands of papers and artefacts comprising the Colonel Stephens Railway Museum collection. The collection in existence at the date of transfer to the Charity is not recognised in the balance sheet as cost information is not readily available and the Trustees believe that the benefits of obtaining valuations for these items would not justify the cost. Many of the items in the collection were acquired by individuals on behalf of, and subsequently donated to, Colonel Stephens Railway Museum over a period of 30 years.

The Charity's management policy in respect of its heritage assets is summarised in Note 14. Individual heritage assets acquired after April 2011 and costing up to £1,000 (up to 31 December 2014 £500) or more have been capitalised. The capitalised cost is not subject to depreciation in view of the nature of the collection.

2.10 Investments

Investments in subsidiary and associate undertakings are recognised at cost less any provisions for impairment.

(i) Subsidiary undertakings

Investments in subsidiaries are valued at cost less provision for impairment.

(ii) Associated undertakings

Investments in associates are stated at the amount of the Company's share of net assets. The Statement of financial activities includes the Company's share of the associated companies' profits after taxation using the equity accounting basis.

2.11 Stocks

Stocks are valued at the lower of cost and net realisable value. Cost comprises direct costs of purchase that have been incurred in bringing the stock to its present location and condition.

2.12 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid.

2.13 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.

Page 18

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Notes to the financial statements for the year ended 31 October 2024

2 Accounting policies (continued)

2.14 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 Charity 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. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

2.15 Leasing and hire purchase

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risk and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance lease are recognised as assets at the lower of each asset's fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the Balance Sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the Statement of Financial Activities so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

The Group has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into prior to the date of transition of the standard to continue to be charged over the period to the first market rent review rather than the term of the lease.

Page 19

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Notes to the financial statements for the year ended 31 October 2024

2 Accounting policies (continued)

2.16 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 Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group 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.

2.17 Taxation

The Kent and East Sussex Railway Company Limited is a registered charity and accordingly no provision is considered necessary for taxation.

2.18 Employee benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The pension scheme cost charged in the period represents contributions payable by the Charity or its trading subsidiaries into individual stakeholder pension schemes.

Page 20

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Notes to the financial statements for the year ended 31 October 2024

3 Critical accounting estimates and areas of judgement

In the application of the Charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from their sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Critical judgements

The critical judgements that the trustees have made in the process of applying the Charity's policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.

Assessing indicators of impairment

In assessing whether there have been any indicators of impairment of assets, the trustees have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no material indicators of impairments identified during the current financial period.

Provision for dilapidations

No provision has been made for dilapidations on hired assets. This is on the basis that at the end of the year trustees had not been notified by any of the owners of the hired assets that they wished to terminate their agreements and, where applicable, therefore require the Charity to undertake repairs to put the hired asset back into its state of repair at the time it was first made available to the Charity.

While it is recognised that during the course of the operation of hired assets, wear and tear will occur, no provision is made because:

• the amount of any obligation cannot be estimated reliably; and

• it is more likely than not that the Charity will not be required to make payment to the hirers of the assets for dilapidations.

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Estimating value in use

Where an indication of impairment exists the trustees will carry out an impairment review to determine the recoverable amount, which is the higher of fair value less cost to sell and value in use. The value in use calculation requires the trustees to estimate the future cash flows expected to arise from the asset and a suitable discount rate in order to calculate the present value.

Page 21

The Kent & East Sussex Railway Company Limited (A company limited by guarantee)

Notes to the financial statements for the year ended 31 October 2024

3 Critical accounting estimates and areas of judgement (continued)

Determining residual values and useful economic lives of tangible assets (property, plant and equipment)

The Charity depreciates tangible fixed assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation and maintenance programmes.

Judgement is applied by management when determining the residual values for tangible fixed assets. When determining the residual value management aim to assess the amount that the Charity would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.

4 Financial activities of the Charity

Gross income Total expenditure on charitable activities Cost of raising funds Interest payable and similar charges (net of interest received) Net income/(expenditure) Total funds brought forward Total funds carried forward Represented by: Restricted income funds Unrestricted income funds	Year EndedYear Ended 31.10.2024 £ 31.10.2023 £ 2,090,219 2,063,425 (2,030,165) (1,938,590) (174,313) (163,587) (17,404) (18,304)
	(131,663) (57,056) 3,087,567 3,144,623
	2,955,904 3,087,567
	1,521,860 1,614,644 1,432,254 1,472,923
	2,954,114 3,087,567

Page 22

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Notes to the financial statements for the year ended 31 October 2024

5 Raising funds - commercial trading operations

The wholly-owned trading subsidiary, Colonel Stephens Railway Enterprises Limited, pays all of its profits to the Charity under a deed of covenant. A summary of its trading results is shown below:

Summary of profit and loss account Turnover Cost of sales and administration expenses (including group recharges) Net (loss)/profit Payments to charity - deed of covenant Retained in subsidiary	Year EndedYear Ended 31.10.2024 £ 31.10.2023 £ 821,002 721,722 (678,362) (643,995)
	142,640 77,727 (142,640) (63,226)
	- 14,501

Colonel Stephens Railway Enterprises Limited paid the Charity £201,680 in respect of train charter charges during the year (2023 - £200,920).

The assets and liabilities of the subsidiary were:

Current assets Creditors: amounts falling due within one year Aggregate of share capital and reserves	Year EndedYear Ended 31.10.2024 £ 31.10.2023 £ 90,671 152,535 (90,664) (152,528)
	7 7

Page 23

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Notes to the financial statements for the year ended 31 October 2024

6 Analysis of expenditure on charitable activities

Analysis of expenditure on charitable activities
Locomotive and rolling stock operating expenses Permanent way and building upkeep Insurance costs Rent and rates Salaries and wages Event expenses Depreciation Museum expenses Support costs (note 8) Governance costs (note 9)	Year Ended Year Ended Year Ended 31.10.2024 Unrestricted funds £ 31.10.2024 Restricted funds £ 31.10.2024 Total funds £ 852,302 41,173 893,475 28,968 - 28,968 79,698 - 79,698 6,453 - 6,453 439,363 - 439,363 175,305 - 175,305 130,903 38,163 169,066 20,529 - 20,529 176,239 - 176,239 41,069 - 41,069
	1,950,829 79,336 2,030,165

Locomotive and rolling stock operating expenses Permanent way and building upkeep Insurance costs Rent and rates Salaries and wages Event expenses Depreciation Museum expenses Support costs (note 8) Governance costs (note 9)	Year Ended Year Ended Year Ended 31.10.2023 Unrestricted funds £ 31.10.2023 Restricted funds £ 31.10.2023 Total funds £ 842,308 21,399 863,707 41,947 - 41,947 62,486 - 62,486 3,041 - 3,041 402,953 - 402,953 173,431 - 173,431 125,481 43,196 168,677 15,380 - 15,380 169,933 - 169,933 37,035 - 37,035
	1,873,995 64,595 1,938,590

Page 24

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Notes to the financial statements for the year ended 31 October 2024

7 Allocation of support costs

Allocation of support costs
Administrative salaries etc. Advertising and publicity Telephone, postage and stationery Membership, magazine printing and distribution Office and other expenses Training Depreciation Administrative salaries etc. Advertising and publicity Telephone, postage and stationery Membership, magazine printing and distribution Office and other expenses Training Depreciation	Year Ended Year Ended Year Ended 31.10.2024 Operation of railway £ 31.10.2024 Costs of raising funds £ 31.10.2024 Total funds £ 86,634 83,591 170,225 39,356 39,356 78,712 6,263 6,263 12,526 - 15,661 15,661 18,953 18,953 37,906 18,689 - 18,689 6,344 807 7,151
	176,239 164,631 340,870
	Year Ended Year Ended Year Ended 31.10.2023 Operation of railway £ 31.10.2023 Costs of raising funds £ 31.10.2023 Total funds £ 86,685 83,641 170,326 33,480 33,480 66,960 6,260 6,260 12,520 - 16,090 16,090 15,315 15,315 30,630 22,034 - 22,034 6,159 783 6,942
	169,933 155,569 325,502

Page 25

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Notes to the financial statements for the year ended 31 October 2024

8 Governance costs

Audit fees Legal and professional fees Bank, loan and credit card fees and charges Audit fees Legal and professional fees Bank, loan and credit card fees and charges 9 Interest payable and similar charges Interest on bank loan repayable	Year Ended Year Ended Year Ended 31.10.2024 Operation of railway £ 31.10.2024 Costs of raising funds £ 31.10.2024 Total funds £ 6,453 6,453 12,906 1,483 1,483 2,966 33,133 1,746 34,879	Year Ended Year Ended Year Ended 31.10.2024 Operation of railway £ 31.10.2024 Costs of raising funds £ 31.10.2024 Total funds £ 6,453 6,453 12,906 1,483 1,483 2,966 33,133 1,746 34,879
	41,069 9,682 50,751
	Year Ended Year Ended Year Ended 31.10.2023 Operation of railway £ 31.10.2023 Costs of raising funds £ 31.10.2023 Total funds £ 5,347 5,347 10,694 1,023 1,023 2,046 30,665 1,648 32,313
	37,035	8,018 45,053
		Year EndedYear Ended 31.10.202431.10.2023 £ £ 17,404 18,304

Page 26

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Notes to the financial statements for the year ended 31 October 2024

10 Staff costs Wages and salaries Social security costs Other pension costs	Group Group Company Company 2024 £ 2023 £ 2024 £ 2023 £ 716,707 669,098 559,577 532,194 52,973 41,804 40,320 31,238 12,839 12,530 9,691 9,847
	782,519 723,432 609,588 573,279

The average number of full-time equivalents employed by the Group and Company during the year, excluding the Trustees, was:

Office, management and commercial Maintenance, restoration and operation The corresponding average monthly headcount expressed was:		2024 No. 2023 No. 24 22 4 4
		28 26
		2024 2023 No. No. 48 43

The corresponding average monthly headcount expressed was:

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

		2024	2023
		No.	No.
In the band £60,001	- £70,000	1	1

The Trustees received no remuneration or benefits in kind for the year ended 31 October 2024 (2023 - £Nil).

Expenses of £1,316 (2023 - £1,620) were reimbursed to 3 Trustees during the year (2023 - 1) in relation to travel costs.

The key management personnel of the Charity comprise the Trustees, the General Manager and other Managers. The total employee remuneration of the key management personnel of the Charity, including employer's national insurance contributions, for the year ended 31 October 2024 was £273,526 (2023 - £265,399).

Page 27

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Notes to the financial statements for the year ended 31 October 2024

11 Retirement benefit schemes

Defined contribution schemes

The Charity pays into individual pension schemes for the benefit of employees. The assets of the schemes are held separately from those of the Charity in independently administered funds. The pension cost and charge represents contributions payable by the Charity to the funds and amounts to £12,839 (2023 - £12,530). At 31 October 2024 there were outstanding pension contributions of £2,389 (2023 - £Nil).

12 Intangible assets

Group Cost At 1 November 2023 At 31 October 2024 Amortisation At 1 November 2023 At 31 October 2024 Net book value At 31 October 2024 At 31 October 2023	Goodwill £ 8,307
	8,307
	8,307
	8,307
	-
	-

Page 28

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Notes to the financial statements for the year ended 31 October 2024

13 Tangible fixed assets

Group

Group
Cost or valuation At 1 November 2023 Additions Disposals At 31 October 2024 Depreciation At 1 November 2023 Charge for the year Depreciation on disposal At 31 October 2024 Net book value At 31 October 2024 At 31 October 2023	Railway Freehold land, locomotive and rolling stock permanent way, bridges (including) expenditure on Furniture & Motor & buildings hired items) Plant equipment vehicles Total £ £ £ £ £ £ 3,644,724 2,332,677 294,274 201,919 1,100 6,474,694 - 120,426 35,727 1,129 - 157,282 - - - - - -
	3,644,724 2,453,103 330,001 203,048 1,100 6,631,976
	1,623,369 1,110,748 231,925 184,124 413 3,150,579 86,824 71,735 10,232 7,151 275 176,217 - - - - - -
	1,710,193 1,182,483 242,157 191,275 688 3,326,796
	1,934,531 1,270,620 87,844 11,773 412 3,305,180
	2,021,355 1,221,929 62,349 17,795 687 3,324,115

Page 29

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Notes to the financial statements for the year ended 31 October 2024

13 Tangible fixed assets (continued)

Charity

		Railway
		locomotive and
	Freehold land,	rolling stock
	permanent	(including)
	way, bridges	expenditure on		Furniture &	Motor
	& buildings	hired items)	Plant	equipment	vehicles	Total
	£	£	£	£	£	£
Cost or valuation
At 1 November 2023	3,734,173	2,082,677	294,274	201,919	1,100	6,314,143
Additions	-	120,426	35,727	1,129	-	157,282
Disposals	-	-	-	-	-	-
At 31 October 2024	3,734,173	2,203,103	330,001	203,048	1,100	6,471,425
Depreciation
At 1 November 2023	1,666,007	1,110,748	231,925	184,124	413	3,193,217
Charge for the year	88,613	71,735	10,232	7,151	275	178,006
Depreciation on disposals	-	-	-	-	-	-
At 31 October 2024	1,754,620	1,182,483	242,157	191,275	688	3,371,223
Net book value
At 31 October 2024	1,979,553	1,020,620	87,844	11,773	412	3,100,202
At 31 October 2023	2,068,166	971,929	62,349	17,795	687	3,120,926

Page 30

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Notes to the financial statements for the year ended 31 October 2024

13 Tangible fixed assets (continued)

Heritage assets

The Charity has, since April 2011, been entrusted with the papers and artefacts comprising the Colonel Stephens Railway Museum collection. No value is, however, recognised in the balance sheet in respect of the collection in existence at the date of transfer to the Charity, as explained in note 2.9. A member of the Board and one who is appointed by the Colonel Stephens Railway Enterprises Ltd Board on an annual basis administers this collection. The museum had 14,840 visitors during the year.

Funding for further acquisitions will come from donations. The Museum will continue to dispose of donated goods, which have no relevance to the collection (principally models and books) to help fund its operations. The Museum committee has delegated powers to use these funds to acquire significant items that will enhance the collection.

Cost of the museum collection:

£

At 1 November 2023 and 31 October 2024 16,511

Summary analysis of heritage asset transactions in excess of £1,000 (£500 prior to 1 January 2015):

31.10.2024 31.10.2023 31.10.2022 31.10.2021 31.10.2020 31.10.2019 £ £ £ £ £ Purchases at cost - - - - - -

Page 31

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Notes to the financial statements for the year ended 31 October 2024

14 Fixed asset investments

Group Market value At 1 November 2023 Share of associates profit /(loss) At 31 October 2024 Historical cost	Investments in associates £ 13,354 (2,150)
	11,204
	10,000

The investment of £11,204 (2023 - £13,354) represents the fair value of the Company's investment in Kent and East Sussex Railway Adventures Company Limited comprising 38 (2023 - 38) ordinary shares, therefore holding a percentage of 16.51% in the companies shares.

Subsidiaries

i). The wholly-owned trading subsidiary, Colonel Stephens Railway Enterprises Limited, which is incorporated in England, pays all its profits to the Charity by deed of covenant. Colonel Stephens Railway Enterprises Limited operates the Wealden Pullman and other dining trains, the buffet and other catering facilities, the book and gift shop, and all commercial trading operations carried on by the group. The investment cost is shown as £7.

ii). The wholly owned subsidiary, Robertsbridge 20/20 Limited, which is incorporated in England, continues to be dormant. The investment cost is shown as £1.

iii). The investment costing £135,843 (2023 - £135,843) represents the Company's investment in 6619 Limited comprising 2,058 (2023 - 2,058) ordinary shares, which represents a 53.73% (2023 - 53.73%) interest. This company owns a former GWR locomotive with the same number.

Associates

i). Tenterden Railway Company Limited, the Company formerly known as The Kent & East Sussex Railway Company Limited, a company limited by guarantee and incorporated in England, also continues to be dormant. KESR has no financial interest in Tenterden Railway Company Limited, however both companies share directors.

Page 32

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Notes to the financial statements

for the year ended 31 October 2024

14 Fixed asset investments (continued)

Company Market value At 1 November 2023 Share of associates profit /(loss) At 31 October 2024 Historical cost 15 Stocks Goods for resale 16 Debtors Trade debtors Amounts owed by group undertakings VAT and gift aid Prepayments and accrued income	Investments in Shares in group undertakings participating interests Total £ £ £ 135,851 13,354 149,205 - (2,150) (2,150) 135,851 11,204 147,055 135,851 10,000 145,851 Group Group Company Company 2024 £ 2023 £ 2024 £ 2023 £ 31,297 33,517 - -	Investments in Shares in group undertakings participating interests Total £ £ £ 135,851 13,354 149,205 - (2,150) (2,150)
		135,851 11,204 147,055
		135,851 10,000 145,851
	Group Group Company Company 2024 £ 2023 £ 2024 £ 2023 £ 2,221 1,964 1,328 - - - - 27,988 23,577 2,396 23,577 8,663 112,321 104,358 110,546 101,633
	138,119 108,718 135,451 138,284

Page 33

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Notes to the financial statements for the year ended 31 October 2024

17 Creditors: amounts falling due within one year

Bank loans Trade creditors Amounts due to group undertakings Other taxation and social security Accruals and deferred income Deferred income Deferred income at 1 November 2023 Resources deferred during the year Amounts released from previous periods Deferred income at 31 October 2024		Group Group CompanyCompany 2024 2023 2024 2023 £ £ £ £ 60,11949,989 60,11949,793 150,330 140,982 141,796 130,309 - - 24,565 - 18,810 - 12,789 - 572,025558,551495,916450,914 801,284 749,522 735,185 631,016
		Group GroupCompanyCompany 2024 £ 2023 £ 2024 £ 2023 £ 509,988 624,749 413,080 568,236 499,913 509,988 435,829 413,080 (509,988)(624,749) (413,080)(568,236) 499,913 509,988 435,829 413,080

Page 34

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Notes to the financial statements for the year ended 31 October 2024

18 Creditors: amounts falling due after more than one year

Bank loans Included within the above are amounts falling due as Due in two to five years Bank loans Over five years Bank loans	Group Group CompanyCompany 2024 2023 2024 2023 £ £ £ £ 139,103 199,235 139,103 199,235 follows: Group GroupCompanyCompany 2024 £ 2023 £ 2024 £ 2023 £ 139,103 199,235 139,103 199,235 - - - -

Included within the above are amounts falling due as follows:

The current portion of the secured loan amounts to £43,660 (2023 - £39,888) and this is included under creditors falling due within one year. The CAF Bank loan which commenced in August 2013 is repayable in monthly instalments of £4,735 (at year end date), and interest is charged at a rate of 3.0% per annum over bank base rate. The total outstanding loan balance due to CAF Bank at 31 October 2024 amounted to £182,763.

All property of the Charity is subject to either a fixed or floating charge in favour of CAF Bank Limited as security for the bank loan.

The Statement of Recommended Practice requires disclosure of the amount of the secured loans as a proportion of the value of the assets charged. However, in the opinion of the Trustees, obtaining an up-to-date version of these assets would not provide benefits commensurate with the costs involved.

19 Non-controlling interests

At 1 November 2023 Non-controlling interests recognised in the year At 31 October 2024	2024 £ 122,426 (6,751)
	115,675

Page 35

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Notes to the financial statements for the year ended 31 October 2024

20 Restricted funds - group and company - 2024

The income funds of the group include restricted funds arising from grants, donations etc. received for specific purposes. The movements during the year were as follows:

Bodiam extension Rolvenden carriage shed 6619 Limited Aries Pullman Car Terrier 150 Other projects	Balance at 01.11.2023 £ Income £ Expenditure £ Transfers in/(out) £ Balance at 31.10.2024 £ 687,254 - (26,181) - 661,073 411,285 - (9,338) - 401,947 13,414 - - - 13,414 76,945 130 - - 77,075 156 863 (1,019) - - 425,590 90,655 (42,798) (105,096) 368,351
	1,614,644 91,648 (79,336) (105,096) 1,521,860

The funds for other projects relate to grants and donations in respect of work for individual projects of restoration and improvement of rolling stock and infrastructure.

The movements in the major restricted fund cash balances, which form part of the ‘Other projects’ fund, are analysed as follows:

	Balance at	Income	Expenditure	Transfers	Balance at
	01.11.2023			in/(out)	31.10.2024
	£	£	£	£	£
Aries Pullman Car	23,401	130	-	-	23,531
Panier 1638	-	39,303	(21,570)	-	17,733
Cavell Van	9,753	545	(56)	-	10,242
GWR Railcar Appeal	48,232	4,268		(35,427)	17,073
Kit Kat Van	2,226	-	-	-	2,226
Museum - Miller legacy and general	39,851	1,000	(1,000)	-	39,851
Pullman Donations	66,544	15,094	(3,995)	(41,178)	36,465
Ready for Robertsbridge	25,423	600	-	-	26,023
Environmental Sustainability Funds	24,450	-	(15,450)	-	9,000
Heritage Buildings	27,106	1,558	(7,269)	-	21,395
Knowle Restoration Fund	10,000	-	-	-	10,000
	276,986	62,498	(49,340)	(76,605)	213,539

Page 36

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Notes to the financial statements for the year ended 31 October 2024

Restricted funds - group and company - 2023

The income funds of the group include restricted funds arising from grants, donations etc. received for specific purposes. The movements during the year were as follows:

Bodiam extension Rolvenden carriage shed 6619 Limited Aries Pullman Car Terrier 150 Other projects	Balance at 01.11.2022 £ Income £ Expenditure £ Transfers in/(out) £ Balance at 31.10.2023 £ 713,435 - (26,181) - 687,254 420,623 - (9,338) - 411,285 13,414 - - - 13,414 76,815 130 - - 76,945 - 945 (789) - 156 291,498 205,077 (28,287) (42,698) 425,590
	1,515,785 206,152 (64,595) (42,698) 1,614,644

The funds for other projects relate to grants and donations in respect of work for individual projects of restoration and improvement of rolling stock and infrastructure.

21 Unrestricted funds - 2024

General funds At 1 November 2023 (Deficit)/Surplus for the year Transfers in At 31 October 2024 Designated funds At 1 November 2023 Deficit for the year Transfers in At 31 October 2024 Non-controlling interest At 1 November 2023 Movement in the year At 31 October 2024 Total	Group Group Company Company 2024 £ 2023 £ 2024 £ 2023 £ 1,448,807 1,626,760 1,381,695 1,573,994 (141,118) (209,631) (143,140) (223,977) 105,096 31,678 105,096 31,678
	1,412,785 1,448,807 1,343,651 1,381,695 91,229 54,845 91,228 54,844 (2,625) 25,364 (2,625) 25,364 11,020 11,020
	88,604 91,229 88,603 91,228 (122,426) (122,546) - - 6,751 120 - -
	(115,675) (122,426) - -
	1,385,714 1,417,610 1,432,254 1,472,923

The funds held by non-controlling minority interests, are all in respect of the investment in 6619 Ltd.

Page 37

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Notes to the financial statements for the year ended 31 October 2024

The movements in the unrestricted designated fund cash balances are analysed as follows:

Museum C&W extension	Cash balance at Cash received Cash spent other Cash balance at 01.11.2024 £ £ expenses £ 31.10.2024 £ 2,024 19,227 (16,514) 4,737 £ - (5,338) (5,338)
	2,024 19,227 (21,852) (601)

22 Analysis of net assets between funds

Analysis of net assets between funds - current year:

Intangible fixed assets Tangible fixed assets Heritage assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year Analysis of net assets between funds - prior year: Intangible fixed assets Tangible fixed assets Heritage assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year	Unrestricted funds 2024 £ Restricted funds 2024 £ Total funds 2024 £ - - - (1,332,151) 1,332,151 - - - - - 3,162,352 3,162,352 2,833,540 (2,972,643) (139,103) - - - - - -
	1,501,389 1,521,860 3,023,249
	Unrestricted funds 2023 £ Restricted funds 2023 £ Total funds 2023 £ - - - 1,990,936 1,333,179 3,324,115 - 16,511 16,511 - 13,354 13,354 497,857 251,600 749,457 (749,522) - (749,522) (199,235) - (199,235)
	1,540,036 1,614,644 3,154,680

Page 38

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Notes to the financial statements for the year ended 31 October 2024

23 Related party transactions

i). The Charity as a mutual body receives annual subscriptions from its members.

ii). The late G A Crouch has personal interests in certain items of locomotive and rolling stock, which are made available to the Charity and, in consideration, are maintained by the Charity.

iii). The trustees of the late G A Crouch, I C Legg, S A Marsh, P D Shaw, P Vidler, D Bilsby and N D Sime are members or shareholders of organisations which own certain items of locomotive, rolling stock and other equipment, which are made available to the Charity, and in consideration, are maintained by the Charity.

iv). The Charity is a member of The Terrier Trust CIO and has a 25% interest in the Terrier locomotive 'Bodiam' owned jointly by the Trust which has been included in fixed assets. D J Nibloe, P E Vidler, R M White and M J Hyner are also members of The Terrier Trust CIO and in addition D J Nibloe and M J Hyner are Trustees of that Trust.

v). M J Hyner was a Director of 6619 Limited (resigned from 6619 Limited on 7 November 2022) and N D Sime is a Director of the same company (appointed 14 December 2022), a company that the Charity has a 51% controlling interest of, which owns a locomotive which is made available to the Charity. J Cobbett, the company secretary, is secretary of 6619 Limited.

vi). Due to the close relationship the Charity has with its trading subsidiary, Colonel Stephens Railway Enterprises Limited, there are inter-company transactions undertaken within the ordinary course of business.

vii). The charity paid the Herdman Association, £120 for the hire of space for a board meeting. D J Nibloe has significant influence over this entity.

viii). The Trustees made donations to the Charity during the year, totalling £184.

24 Operating lease commitments

As at 31 October 2024 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year Later than 1 year and not later than 5 years		2024 £ 2023 £ 14,022 8,610 33,675 10,794
		47,697 19,404

Page 39

The Kent and East Sussex Railway Company Limited (A company limited by guarantee)

Notes to the financial statements for the year ended 31 October 2024

25 Reconciliation of net movement in funds to net cash flow from operating activities

Net income/(expenditure) for the year (as per Statement of financial activitie Adjustments for: Depreciation charges Loss on disposal of fixed assets Amortisation charges Share of associate loss/ (profit) Decrease/ (increase) in stocks (Increase)/ decrease in debtors Increase/ (decrease) in creditors Net cash provided by operating activities 26 Analysis of cash and cash equivalents Cash in hand	Group Group 2024 2023 £ £ (131,475) (42,710) - 176,217 170,404 - 3,803 - 1,663 2,150 (555) 2,220 (788) (29,401) 25,888 41,632 (114,227)
	61,343 43,478
	Group Group 2024 2023 £ £ 461,325 607,222

27 Contingent liabilities

The Company is grateful to have had the beneficial use of a number of locomotives from private owners, typically over a ten-year period. The Company's obligation has been to restore the locomotives to their pre-agreement condition within a defined period at the end of the agreements. Some of these locomotives remain out of use following the expiry of the agreements without the necessary repairs having been commenced or carried out.

It is the intention of the company to restore all locomotives under hire agreements, to the appropriate condition as soon as facilities and finances permit. Due to the uncertain timing of when works can be done and current supply chain issues, it is not possible to quantify the amounts involved.

Page 40

The Kent and East Sussex Railway Company Limited

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 October 2024

29. Principal subsidiaries and associates

The principal subsidiaries of the Charity were:

Names	Company	Registered office or	Principal activity	Class of	Holding	Included in
	number	principal place of		shares		consolidation
		business
Colonel Stephens	02668156	Tenterden Town	The provision of	Ordinary	100%	Yes
Railway Enterprises		Station, Tenterden,	catering services
Limited		Kent, TN30 6HE	and a small gift
			shop, on behalf of
			its parent
			company.
Robertsbridge 20/20	03838535	Tenterden Town	Dormant	Ordinary	100%	Yes
Limited		Station, Station Road,
		Tenterden, Kent, TN30
		6HE
6619 Limited	08012491	Tenterden Town	The restoration of	Ordinary	53.73%	Yes
		Station, Station Road,	the 6619
		Tenterden, Kent, TN30	Locomotive
		6HE

The financial results of the subsidiaries for the year were:

Names	Income	Expenditure	Surplus/	Net assets
	£	£	(Deficit) for	£
			the year
			£
Colonel Stephens Railway	821,002	(821,002)	-	7
Enterprises Limited
Robertsbridge 20/20 Limited	-	-	-	1
6619 Limited	197	-	197	250,000

The following was an associate of the Charity:

Name	Fair value of	Registered	Class of	Holding
	investment	office or	shares
	at 31	principal place
	October	of business
	2024
	£
Kent and East Sussex Railway Adventures	11,204	Rolvenden Layne,	Ordinary	16.51%
Company Limited		TN17 4NL

Page 41

The Kent & East Sussex Railway Company Limited (A company limited by guarantee)

Consolidated detailed Income and Expenditure Account for the year ended 31 October 2024

Income before legacies: Fares and donations to travel Santa Special receipts Membership subscriptions Donations Gift aid Gift cards write off Wealden Pullman Gift shop takings Buffet and catering Railway Experience Days Footplate tasters Glamping coach profit share Hire of locomotive Rental income Filming income Sundry income Other grants Government support Direct operating expenses Train charter costs Administration expenses Finance charges Depreciation Surplus/ (deficit) before legacy income Add: legacy income Share of associates profit / (loss) Total surplus/ (deficit) for the year	Parent Company Designated Funds Colonel Stephens Intra-Group Transactions Total 2024 Total 2023 1,069,114 - - (201,680) 867,434 864,426 501,260 - - - 501,260 506,703 52,364 - - - 52,364 45,761 254,982 19,227 - (142,640) 131,569 65,902 23,402 - - - 23,402 30,821 8,460 - - - 8,460 42,786 - - 398,465 - 398,465 352,277 - - 85,372 - 85,372 73,455 - - 324,211 - 324,211 281,186 - - 11,685 - 11,685 14,804 - - 125 - 125 - - - 1,144 - 1,144 - - - - - - 2,000 5,750 - - - 5,750 12,220 1,433 - - - 1,433 - 84,869 - - - 84,869 61,842 - - - - - 42,450 - - - - - 38,729
	2,001,634 19,227 821,002 (344,320) 2,497,543 2,435,362
	1,879,738 21,852 577,496 (142,604)2,336,482 2,214,445 - - 201,680 (201,680) - - 159,648 - 41,870 - 201,518 159,110 17,404 - (44) - 17,360 18,258 138,054 - - (1,789) 136,265 130,306
	2,194,844 21,852 821,002 (346,073) 2,691,625 2,522,119
	(193,210) (2,625) - 1,753 (194,082) (86,757) 71,508 - - - 71,508 47,314 (2,150) - - - (2,150) 555
	(123,852) (2,625) - 1,753 (124,724) (38,888)

Page 42

The Kent & East Sussex Railway Company Limited (A company limited by guarantee)

Schedules to the detailed Income and Expenditure Account for the year ended 31 October 2024

1. Direct operating expenses Cost, fuel, oil and water Hire of locomotives Operating department expenses Signals and telegraph expenses Permanent way and civil engineering expenditure Forestry and conservation Loco department costs Carriage and wagon departments costs Rent & rates Repair and maintenance of buildings JCB Lease Hire Electricity and power Cleaning Insurance Wages, national insurance and pension Advertising and publicity Event expenses: Santa Special Other Museum overheads

Total 2024 Total 2023 189,353 235,143 237,623 193,717 36,273 19,990 3,185 4,424 26,002 37,458 4,748 11,091 158,052 122,856 36,775 74,166 6,453 3,041 84,204 60,393 16,594 16,523 104,397 105,515 25,237 24,381 79,698 62,486 609,588 573,279 70,222 67,080 131,062 143,507 39,743 29,924 170,805 173,431 20,529 15,380 1,879,738 1,800,354

2. Train Charter costs

The Company has reviewed its charter charges to Colonel Stephens Railway Enterprises Ltd. The charge per train is now £3,010 for each of the 67 trains rostered. This is considered to be fair and reasonable.

3. Administration expenses Audit Telephone, postage and stationery Membership, magazine printing and distribution expenses Legal and professional fees Training and personnel costs Office and other expenses Computer expenses Bank charges Credit card charges 4. Finance charges Bank loan interest 5. Depreciation and amortisation Charge for the period (gross of eliminating adjustment) Goodwill amortisation Less: amortisation of capital grants and donations received in		12,905 12,526 15,661 2,966 18,689 33,668 28,389 3,457 31,387 159,648 17,404 176,217 - (38,163) 138,054	10,693 12,519 16,091 2,045 22,034 9,785 20,723 3,296 29,017 126,203
			18,304
			175,291 (1,663) (43,196) 130,432

Page 43

The Kent & East Sussex Railway Company Limited (A company limited by guarantee)

Colonel Stephens Railway Enterprises Limited

Colonel Stephens Railway Enterprises Limited
Balance sheet As at 31 October 2024 Current assets Stock Trade debtors Other debtors Amounts owed by group undertakings Cash at bank and in hand Creditors: amounts falling due within one year Trade creditors Amounts owed to group undertakings Other taxation and social security Accruals and deferred income Net assets Capital and reserves Called up share capital Profit and loss account Shareholders funds	8,534 - 6,021 76,109	Year ended 31/10/2024 31,297 893 1,775 24,565 32,141 90,671 10,672 27,988 6,267 107,601 (90,664) 7 7 - 7	Year ended 31/10/2023 33,517 1,964 2,725 - 114,329 152,535 (152,528)
			7
			7 -
			7

Page 44

The Kent & East Sussex Railway Company Limited

(A company limited by guarantee)

Colonel Stephens Railway Enterprises Limited Trading and profit and loss account For the year ended 31 October 2024

Sales 1 Less: cost of sales 2 Gross trading profit/(loss) Less: Overhead expenses Audit Accountancy Repairs and maintenance Light and heat Printing, postage and stationery Credit card charges Bank charges Plus: interest received Net profit/(loss) before charitable donation Less: charitable donation Net profit/(loss) Schedules to the trading and profit and loss account For the year ended 31 October 2024 1. Sales Wealden Pullman and Sunday lunches Gift shop takings Buffet and catering Railway Experience Days Footplate tasters Glamping coach profit share 2. Costs of sales Wealden Pullman purchases and expenses Gift shop purchases and expenses Buffet purchases and expenses Train charter costs and fares Wages and national insurance Staff pension scheme costs Consumable tools	Year ended 31/10/2024 821,002 643,893 177,109 11,455 1,450 11,289 2,872 381 6,292 774 34,513 44 142,640 (142,640) - Year ended 31/10/2024 398,465 85,372 324,211 11,685 125 1,144 821,002 81,403 48,333 137,318 201,680 169,783 3,148 2,228 643,893	Year ended 31/10/2023 721,722 611,413
		110,309
		10,693 1,600 9,312 3,275 50 6,887 811
		32,628
		46
		77,727 (63,226)
		14,501
		Year ended 31/10/2023 352,277 73,455 281,186 14,804
		721,722
		84,219 55,818 117,556 200,920 147,470 2,683 2,747
		611,413

Page 45