Tunbridge Wells & Eridge Railway Preserv - Charities report - 18.1
Tunbridge Wells & Eridge Railway Preserv - Charities report - 18.1
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements for the Year Ended 31 January 2018 |
| for |
| The Tunbridge Wells & Eridge Railway |
| Preservation Society Limited |
| The Tunbridge Wells & Eridge Railway |
| Preservation Society Limited |
| Contents of the Financial Statements |
| for the Year Ended 31 January 2018 |
| Page |
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 to 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 to 8 |
| Notes to the Financial Statements | 9 to 22 |
| The Tunbridge Wells & Eridge Railway |
| Preservation Society Limited |
| Report of the Trustees |
| for the Year Ended 31 January 2018 |
| The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present |
| their report with the financial statements of the charity for the year ended 31 January 2018. The trustees |
| have adopted the provisions of 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 2015). |
| OBJECTIVES AND ACTIVITIES |
| Objectives and aims |
| The principal objective of the company is to advance the education and preserve for the public good, the |
| railway line between Tunbridge Wells and Eridge, its rolling stock, buildings and ancillary artefacts of |
| historical interest. |
| Having re-opened the line between Birchden Junction and Eridge in March 2011 the society has been |
| looking to consolidate its achievements given the fragile economic climate at the moment. |
| In setting objectives and planning activities, the Trustees have given due consideration to general guidance |
| published by the Charity Commission relating to public benefit. The railway is open to all members of the |
| public and the charity provides benefit through its preservation work and the operation of its railway |
| services. |
| ACHIEVEMENT AND PERFORMANCE |
| The railway has been operating trains through to Eridge on most weekends between February and October |
| but is struggling to meet all the demand through a shortage of volunteers in all areas without which it will |
| be unable to operate a full service. |
| Dining trains have proved very popular and a good way to increase revenue, however an increase in |
| volunteers or the use of some paid staff will need to be considered to fulfil the demand. |
| Driver experience courses have helped raised funds for both the restoration of 1317's centre coach and to |
| offset costs for visiting locomotives without which the gala events would not be successful. |
| FINANCIAL REVIEW |
| Reserves policy |
| The members have established a policy whereby the reserves of the charity are maintained to enable the |
| society to continue to meet its objectives now and in the future. |
| The total incoming resources of the charity during the year amounted to £285,667 (2017: £82,663). This |
| increase was due to legacies received this year. The net surplus for the year amounted to £242,430 (2017: |
| £10,368). The major source of funding remains donations and legacies. The trustees acknowledge the |
| continuing support given by volunteer labour, without which the railway would not be able to operate. |
| FUTURE PLANS |
| The landslip in November 2012 has continued to prove to be more demanding upon time, labour and |
| materials than previously expected and continues to move with every bout of wet weather that we get. |
| However, plans are in hand to continue to stabilise the embankment as time permits. |
| The railway will need to invest in further dining train vehicles to improve capacity and quality of the service. |
| Plans are also in hand to increase the pool of suitably sized steam locomotives to reliably operate services. |
| The Tunbridge Wells & Eridge Railway |
| Preservation Society Limited |
| Report of the Trustees |
| for the Year Ended 31 January 2018 |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Governing document |
| The Tunbridge Wells & Eridge Railway Preservation Society is a company limited by guarantee, governed by |
| its memorandum and articles of association as adopted on incorporation on 7 May 1987. |
| Recruitment and appointment of new trustees |
| The Board of Trustees may at any time appoint any member of the Society as a member of the Board. The |
| Board of Trustees shall be comprised of not less than four members up to a maximum of sixteen members. |
| Organisational structure |
| The trustees, together with the directors of the operating subsidiary company (Wealden Railway Company |
| Limited) and departmental managers comprise the Management Committee of the Spa Valley Railway. This |
| committee meets on a regular basis to conduct the business of the railway as a whole. |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| Registered office |
| Trustees |
| - resigned 17/2/2017 |
| - resigned 7/6/2017 |
| Company Secretary |
| The Tunbridge Wells & Eridge Railway |
| Preservation Society Limited |
| Report of the Trustees |
| for the Year Ended 31 January 2018 |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Independent examiner |
| Swindells LLP |
| Chartered Accountants |
| 48 Brooklyn Road |
| Seaford |
| East Sussex |
| BN25 2DX |
| This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act |
| 2006 relating to small companies. |
| Approved by order of the board of trustees on |
| Independent Examiner's Report to the Trustees of |
| The Tunbridge Wells & Eridge Railway |
| Preservation Society Limited |
| Independent examiner's report to the trustees of The Tunbridge Wells & Eridge Railway Preservation |
| Society Limited ('the Company') |
| I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 January 2018. |
| Responsibilities and basis of report |
| As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
| Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. |
| Independent examiner's statement |
| Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of ICAEW which is one of the listed bodies |
| I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: |
| 1. | accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or |
| 2. | the accounts do not accord with those records; or |
| 3. | the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or |
| 4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. |
| I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached |
| Independent Examiner's Report to the Trustees of |
| The Tunbridge Wells & Eridge Railway |
| Preservation Society Limited |
| Ian Jenkins |
| ICAEW |
| Swindells LLP |
| Chartered Accountants |
| Wilson House |
| 48 Brooklyn Road |
| Seaford |
| East Sussex |
| BN25 2DX |
| 29 November 2018 |
| The Tunbridge Wells & Eridge Railway |
| Preservation Society Limited |
| Statement of Financial Activities |
| (Incorporating an Income and Expenditure Account) |
| for the Year Ended 31 January 2018 |
| 2018 | 2017 |
| Unrestricted funds |
Restricted funds |
Total funds |
Total funds |
| Notes | £ | £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies | 2 |
| Charitable activities |
| Other trading activities | 3 |
| Investment income | 4 |
| Total |
| EXPENDITURE ON |
| Raising funds | 5 |
| Charitable activities | 6 |
| Total |
| NET INCOME |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 532,957 |
| The Tunbridge Wells & Eridge Railway |
| Preservation Society Limited |
| Balance Sheet |
| At 31 January 2018 |
| 2018 | 2017 |
| Unrestricted funds |
Restricted funds |
Total funds |
Total funds |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 11 |
| Investments | 12 |
| CURRENT ASSETS |
| Debtors | 13 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 14 | ( |
) | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 16 |
| Unrestricted funds | 556,312 | 340,920 |
| Restricted funds | 192,037 |
| TOTAL FUNDS | 532,957 |
| The Tunbridge Wells & Eridge Railway |
| Preservation Society Limited |
| Balance Sheet - continued |
| At 31 January 2018 |
| The charitable company is entitled to exemption from audit under |
| Section 477 of the Companies Act 2006 for the year ended 31 January 2018. |
| The members have not required the company to obtain an audit of its financial statements for the year |
| ended 31 January 2018 in accordance with Section 476 of the Companies Act 2006. |
| The trustees acknowledge their responsibilities for |
| (a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
| These financial statements have been prepared in accordance with the special provisions of Part 15 of the |
| Companies Act 2006 relating to charitable small companies. |
| The financial statements were approved by the Board of Trustees on |
| The Tunbridge Wells & Eridge Railway |
| Preservation Society Limited |
| Notes to the Financial Statements |
| for the Year Ended 31 January 2018 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements of the charitable company, which is a public benefit entity under FRS 102, |
| 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 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard |
| applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements |
| have been prepared under the historical cost convention with the exception of investments which |
| are included at market value. |
| The charity has taken advantage of the following disclosure exemption in preparing these financial |
| statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and |
| Republic of Ireland': |
| - | the requirements of Section 7 Statement of Cash Flows. |
| Income |
| All income is recognised in the Statement of Financial Activities once the charity has entitlement to |
| the funds, it is probable that the income will be received and the amount can be measured reliably. |
| Life membership is recognised in the year received and is not deferred. Annual subscriptions are |
| recognised in the period in which they relate to with prepaid subscriptions being recognised as |
| deferred income. |
| Voluntary income including donations, grants and legacies is recognised where there is entitlement, |
| certainty of receipt and the amount can be measured with sufficient reliability. |
| Income derived from charitable activities is recognised as earned (that is, as the related goods or |
| services are provided). Income received in advance of events is recognised as deferred income until |
| the event takes place. |
| Investment income is recognised on a receivable basis. |
| The Tunbridge Wells & Eridge Railway |
| Preservation Society Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2018 |
| 1. | ACCOUNTING POLICIES - continued |
| Expenditure |
| Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation |
| committing the charity to that expenditure, it is probable that a transfer of economic benefits will be |
| required in settlement and the amount of the obligation can be measured reliably. Expenditure is |
| accounted for on an accruals basis and has been classified under headings that aggregate all cost |
| related to the category. Where costs cannot be directly attributed to particular headings they have |
| been allocated to activities on a basis consistent with the use of resources. |
| Costs of generating funds are the costs associated with attracting voluntary income. |
| Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities |
| and services for its beneficiaries. It includes both costs that can be allocated directly to such |
| activities and those costs of an indirect nature necessary to support them. |
| Support costs include central functions and have been allocated to activity cost categories on a basis |
| consistent with the use of resources, for example, allocating property costs by floor area, or per |
| capita, staff costs by the time spent and other costs by their usage. |
| Irrecoverable VAT is charged against the category of resources expended for which it was incurred. |
| Tangible fixed assets |
| Individual fixed assets costing £100 or more are initially recorded at cost. |
| Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any |
| estimated residual value, over their expected useful economic life as follows: |
| Plant and machinery | 3 years straight line and 15% reducing balance |
| Rolling stock | 15 years straight line once restoration work is completed |
| Taxation |
| The charity is exempt from corporation tax on its charitable activities. |
| Fund accounting |
| Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the |
| trustees. |
| Restricted funds can only be used for particular restricted purposes within the objects of the charity. |
| Restrictions arise when specified by the donor or when funds are raised for particular restricted |
| purposes. |
| Further explanation of the nature and purpose of each fund is included in the notes to the financial |
| statements. |
| Investments |
| Investments in subsidiaries are valued at cost less provision for impairment. |
| The Tunbridge Wells & Eridge Railway |
| Preservation Society Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2018 |
| 2. | DONATIONS AND LEGACIES |
| 2018 | 2017 |
| £ | £ |
| Appeals and donations |
| Legacies |
| 3. | OTHER TRADING ACTIVITIES |
| 2018 | 2017 |
| £ | £ |
| Fundraising income | 19,472 | 27,075 |
| 4. | INVESTMENT INCOME |
| 2018 | 2017 |
| £ | £ |
| Interest on cash deposits | 152 | 208 |
| 5. | RAISING FUNDS |
| Raising donations and legacies |
| 2018 | 2017 |
| £ | £ |
| Fundraising costs | 541 | 299 |
| 6. | CHARITABLE ACTIVITIES COSTS |
Direct costs |
Support costs |
Totals |
| (See note 7) |
| £ | £ | £ |
| Restoration of rolling stock and improvement of facilities | 18,781 |
23,915 |
42,696 |
| The Tunbridge Wells & Eridge Railway |
| Preservation Society Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2018 |
| 7. | SUPPORT COSTS |
| Management | Other | Totals |
| £ | £ | £ |
9,265 |
14,650 |
23,915 |
| Included in support costs are fees payable to the independent examiner for the examination of the |
| accounts amounting to £5,040 (2017: £5,160). |
| Support costs, included in the above, are as follows: |
| 2018 | 2017 |
| Restoration of rolling stock and improvement of facilities |
Total activities |
| £ | £ |
| Postage and stationery | 1,676 | 2,353 |
| Advertising | 1,891 | 2,080 |
| Sundries | 253 | 946 |
| Computer costs | 405 | 381 |
| Accountancy | 5,040 | 5,160 |
| Establishment costs | 9,454 | 9,481 |
| Depreciation of tangible fixed assets | 5,196 | - |
| 23,915 | 20,401 |
| 8. | NET INCOME/(EXPENDITURE) |
| Net income/(expenditure) is stated after charging/(crediting): |
| 2018 | 2017 |
| £ | £ |
| Depreciation - owned assets |
| 9. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31 January 2018 nor for |
| the year ended 31 January 2017. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 31 January 2018 nor for the year ended |
| 31 January 2017. |
| The Tunbridge Wells & Eridge Railway |
| Preservation Society Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2018 |
| 10. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricted funds |
Restricted funds |
Total funds |
| £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Charitable activities |
| Other trading activities |
| Investment income |
| Total |
| EXPENDITURE ON |
| Raising funds |
| Charitable activities |
| Total |
| NET INCOME | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | 347,429 | 175,160 | 522,589 |
| TOTAL FUNDS CARRIED FORWARD | 340,921 | 192,036 | 532,957 |
| The Tunbridge Wells & Eridge Railway |
| Preservation Society Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2018 |
| 11. | TANGIBLE FIXED ASSETS |
| Plant and machinery |
| £ |
| COST |
| At 1 February 2017 |
| Additions |
| At 31 January 2018 |
| DEPRECIATION |
| Charge for year |
| NET BOOK VALUE |
| At 31 January 2018 |
| At 31 January 2017 |
| 12. | FIXED ASSET INVESTMENTS |
| Shares in group undertakings |
| £ |
| MARKET VALUE |
| At 1 February 2017 |
| Additions |
| At 31 January 2018 |
| PROVISIONS |
| At 31 January 2018 | 60,000 |
| Provision written back | (20,000 | ) |
| At 31 January 2018 | 40,000 |
| NET BOOK VALUE |
| At 31 January 2018 | 284,489 |
| At 31 January 2017 | 245,189 |
| There were no investment assets outside the UK. |
| The company's investments at the balance sheet date in the share capital of companies include the |
| following: |
| The Tunbridge Wells & Eridge Railway |
| Preservation Society Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2018 |
| 12. | FIXED ASSET INVESTMENTS - continued |
| Nature of business: Operation of train service and restoration |
| % |
| Class of share: | holding |
| Ordinary | 80 |
| 31/1/17 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Other debtors |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Amounts owed to group undertakings |
| Accruals and deferred income |
| 15. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2018 | 2017 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| The Tunbridge Wells & Eridge Railway |
| Preservation Society Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2018 |
| 16. | MOVEMENT IN FUNDS |
At 1.2.17 |
Net movement in funds |
At 31.1.18 |
| £ | £ | £ |
| Unrestricted funds |
| General fund-charity | 340,920 | 215,392 | 556,312 |
| Restricted funds |
| Eridge Fund | 27,543 | 1,602 | 29,145 |
| Sutton Fund | 20,984 | 602 | 21,586 |
| 1317 Fund | 16,617 | 5,423 | 22,040 |
| North Downs Fund | 20,328 | - | 20,328 |
| J94 Fund | 8,489 | 138 | 8,627 |
| Carriage & Wagon Maintenance Fund | 24,444 | 19,842 | 44,286 |
| Class 12 Fund | 1,763 | - | 1,763 |
| Class 10 Fund | 22,743 | 5,357 | 28,100 |
| Topham Fund | 17,380 | 419 | 17,799 |
| Groombridge Signalling Fund | 32,518 | (7,754 | ) | 24,764 |
| Landslip Appeal Fund | 62 | 1,409 | 1,471 |
| Class 09 Fund | (834 | ) | - | (834 | ) |
| 27,038 |
| TOTAL FUNDS | 242,430 | 775,387 |
| The Tunbridge Wells & Eridge Railway |
| Preservation Society Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2018 |
| 16. | MOVEMENT IN FUNDS - continued |
| Net movement in funds, included in the above are as follows: |
| Incoming resources |
Resources expended |
Movement in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund-charity | 233,766 | (18,374 | ) | 215,392 |
| Restricted funds |
| Eridge Fund | 1,642 | (40 | ) | 1,602 |
| Sutton Fund | 1,641 | (1,039 | ) | 602 |
| 1317 Fund | 12,230 | (6,807 | ) | 5,423 |
| J94 Fund | 138 | - | 138 |
| Carriage & Wagon Maintenance Fund | 28,000 | (8,158 | ) | 19,842 |
| Class 10 Fund | 5,683 | (326 | ) | 5,357 |
| Topham Fund | 419 | - | 419 |
| Groombridge Signalling Fund | 219 | (7,973 | ) | (7,754 | ) |
| Landslip Appeal Fund | 1,929 | (520 | ) | 1,409 |
| ( |
) | 27,038 |
| TOTAL FUNDS | ( |
) | 242,430 |
| The Tunbridge Wells & Eridge Railway |
| Preservation Society Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2018 |
| 16. | MOVEMENT IN FUNDS - continued |
| Comparatives for movement in funds |
At 1.2.16 |
Net movement in funds |
At 31.1.17 |
| £ | £ | £ |
| Unrestricted Funds |
| General fund-charity | 347,429 | (6,509 | ) | 340,920 |
| Restricted Funds |
| Eridge Fund | 25,492 | 2,051 | 27,543 |
| Sutton Fund | 19,198 | 1,786 | 20,984 |
| 1317 Fund | 15,194 | 1,423 | 16,617 |
| North Downs Fund | 3,828 | 16,500 | 20,328 |
| J94 Fund | 8,290 | 199 | 8,489 |
| Carriage & Wagon Maintenance Fund | 24,378 | 66 | 24,444 |
| Class 12 Fund | 1,763 | - | 1,763 |
| Class 10 Fund | 16,998 | 5,745 | 22,743 |
| Topham Fund | 16,474 | 906 | 17,380 |
| Groombridge Signalling Fund | 42,220 | (9,702 | ) | 32,518 |
| Landslip Appeal Fund | 1,325 | (1,263 | ) | 62 |
| Class 09 Fund | - | (834 | ) | (834 | ) |
| 175,160 | 16,877 | 192,037 |
| TOTAL FUNDS | 522,589 | 10,368 | 532,957 |
| The Tunbridge Wells & Eridge Railway |
| Preservation Society Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2018 |
| 16. | MOVEMENT IN FUNDS - continued |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming resources |
Resources expended |
Movement in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund-charity | 44,749 | (51,258 | ) | (6,509 | ) |
| Restricted funds |
| Eridge Fund | 2,400 | (349 | ) | 2,051 |
| Sutton Fund | 2,679 | (893 | ) | 1,786 |
| 1317 Fund | 3,627 | (2,204 | ) | 1,423 |
| North Downs Fund | 16,500 | - | 16,500 |
| J94 Fund | 199 | - | 199 |
| Carriage & Wagon Maintenance Fund | 66 | - | 66 |
| Class 10 Fund | 7,178 | (1,433 | ) | 5,745 |
| Topham Fund | 1,075 | (169 | ) | 906 |
| Groombridge Signalling Fund | 1,357 | (11,059 | ) | (9,702 | ) |
| Landslip Appeal Fund | 2,737 | (4,000 | ) | (1,263 | ) |
| Class 09 Fund | 96 | (930 | ) | (834 | ) |
| 37,914 | (21,037 | ) | 16,877 |
| TOTAL FUNDS | 82,663 | (72,295 | ) | 10,368 |
| The Tunbridge Wells & Eridge Railway |
| Preservation Society Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2018 |
| 16. | MOVEMENT IN FUNDS - continued |
| General Funds |
| General funds are unrestricted funds which are available for use at the discretion of the Trustees in |
| furtherance of the general objectives of the company and which have not been designated for other |
| purposes. |
| Eridge Extension Fund |
| Following the re-opening through to Eridge in 2011, the purpose of this fund has been amended to |
| raise money for the costs involved in re-instating run-round facilities at Eridge station together with |
| the creation of disabled access on to the platform and the provision of a dedicated catering outlet on |
| the platform. |
| Sutton Fund |
| The purpose of this fund is to raise money for the restoration of A1A Terrier Class 0-6T locomotive |
| "Sutton" number 32650 which was brought to the Spa Valley Railway during 2004 by its owners, the |
| London Borough of Sutton, for determination of work necessary for its restoration. If the |
| locomotive is repaired by the Railway it will have a 10 year operating agreement with the Council. |
| The restoration work has progressed slowly in recent years but is expected to be completed in the |
| next few years subject to the availability of volunteer manpower. |
| 1317 Fund |
| The purpose of this fund is to raise money for the restoration of Oxted DEMU unit number 1317 |
| centre coach. Unit 1317 was sold to the charity at a notional cost of £100 + VAT by its previous |
| owners Porterbrook Leasing Company Limited. Unit 1317 was one of the two units which ran on the |
| last day of service on the line - 6 July 1985. The centre coach of this unit has subsequently been |
| donated to the charity by its previous owners, The Hampshire and Sussex Preservation Society. This |
| coach was restored externally away from the railway and returned to the Spa Valley Railway in 2008. |
| Internal restoration has now commenced with the hope that it will be returned to service as a |
| complete 3-car unit. |
| North Downs Fund |
| The purpose of this fund was to raise money for the repair of the 0-6-0T engine "North Downs". The |
| locomotive was sold during the year by the Society with any remaining funds being put towards the |
| Topham Fund. The assets were originally transferred from the North Downs Steam Railway Limited |
| during 2007 at nil value and, as such, do not appear in the Society’s balance sheet. |
| J94 Fund |
| J94 Class locomotive number 68077 was previously owned by the Keighley & Worth Valley Railway |
| but has now been purchased by a group of society members. It is undergoing restoration by the |
| society back to full working order. The project is ongoing and likely to take several years to |
| complete. |
| Carriage & Wagon Maintenance Fund (formerly Kate Appeal Fund) |
| Following the conclusion of all work on the bar car Kate, the fund has reverted back to the Carriage |
| & Wagon Maintenance Fund with the balance to be used to renovate a Kitchen Car for dining trains. |
| Class 12 Fund |
| The Bulleid Class 12 0-6-0 diesel shunter has effectively been withdrawn from service following the |
| August 2013 Diesel Gala as it is awaiting a major overhaul. |
| The Tunbridge Wells & Eridge Railway |
| Preservation Society Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2018 |
| 16. | MOVEMENT IN FUNDS - continued |
| Class 10 Fund |
| Following its return to service in 2014, this fund remains to cover future maintenance costs involved |
| in operating the locomotive. |
| Topham Fund |
| 'Topham' is a W G Bagnall 0-6-0 industrial steam locomotive that was previously owned by the North |
| Downs Steam Railway and is now a society asset. It is awaiting a major overhaul and funds are being |
| sought to enable the restoration of this unique locomotive to commence. The Society has been |
| approached by The Chasewater Light Railway & Museum Company Ltd to act as custodian on a long |
| term loan basis (not exceeding 25 years) to enable the restoration and operation of Topham in a |
| timely manner to celebrate its centenary and become a flagship locomotive of the Chasewater |
| Railway. Ownership of the Locomotive would remain with the Society during the loan period. |
| However this option has not been pursued. |
| Groombridge Signalling Fund |
| This fund was created to raise money towards the installation of signalling at Groombridge to |
| facilitate two-train operation. This continues to aid the benefit of the Operations Department for the |
| enhancement of operational flexibility and capacity of the railway to run more trains and particularly |
| driver experience courses on operating days thus continuing the increase in train operation revenue. |
| The work has already delivered two train passing and third train shuttle recessing capability that has |
| generated additional revenue as above but requires further work for finalisation of the programme. |
| Landslip Appeal Fund |
| During the heavy rainfall in November 2012, the railway suffered a major landslip on the |
| embankment on the High Rocks side of the A26 bridge. This has resulted in the running line being |
| slewed across to the second track of the double-track formation. In addition the embankment |
| requires piling and supporting with ongoing work expected over the next 12 months. Initial |
| estimates of the direct costs involved amount to £25,000 with upwards of £100,000 of indirect costs |
| including use of equipment and sales of scrap materials foregone as a result of being used in the |
| support work. This work had reached a hiatus with the departure at the end of 2015 of the Civils |
| Manager. The Railway's successor Consultant Civil Engineer delivered a report on the continuation |
| of the existing remediation works and the method of delivery in-house with volunteer labour. We |
| have appointed a (volunteer) Project Manager who along with our Consultant Civil Engineer and his |
| report on possible ways forward have interviewed three contractors for Ground Investigation works |
| as Phase 1 and remediation works as Phase 2. Once selected, funding for Phase 1 and partially of |
| Phase 2 can come from legacy funding left to the Railway; the balance will have to be fund raised. |
| Class 09 Fund |
| During 2016 year Govia Thameslink Railway donated its Class 09 shunter 09026 to the Spa Valley |
| Railway. It was serviceable for a short period during 2016 before being withdrawn for a major |
| reconstruction and overhaul. The costs involved in getting the locomotive to the railway and its |
| ongoing reconstruction and overhaul are being capitalised with the routine maintenance costs |
| incurred during its short period in service being charged to this fund. These costs will be covered by |
| income from a running agreement with the Wealden Railway Company Limited once the overhaul is |
| completed and the locomotive is back in service. |
| The Tunbridge Wells & Eridge Railway |
| Preservation Society Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2018 |
| 17. | RELATED PARTY DISCLOSURES |
| During the year, donations amounting to £6,435 (2017: £1,150) were received from trustees. |
| Wealden Railway Company Limited |
| Subsidiary |
| 2018 | 2017 |
| £ | £ |
| Amount due to related party at the balance sheet date | 8,812 | 714 |
| No interest is charged on loans between group companies. |
| 18. | ULTIMATE CONTROLLING PARTY |
| The company is controlled equally by the Trustees. |
| 19. | MEMBERS' LIABILITY |
| The charity is a private company limited by guarantee and consequently does not have share capital. |
| Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the |
| charity in the event of liquidation. |