Tunbridge Wells & Eridge - Charities report

REGISTERED COMPANY NUMBER: 02129019 (England and Wales)

REGISTERED CHARITY NUMBER: 1039493

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 January 2025

for

The Tunbridge Wells & Eridge Railway

Preservation Society Limited

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

24

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 2025. 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 2019).

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. A secondary objective is to provide social facilities for our members.

ACHIEVEMENTS AND PERFORMANCE

The Society's biggest asset is its approximate 85% share investment in the operating company, a position it was able to maintain and strengthen during 2024. This investment is key to fulfilling the principal objective

of the society to preserve the railway line between Tunbridge Wells and Eridge, its rolling stock, building

and artefacts of historic interest. The volunteers of the society provide the majority of the workforce of the

operating company from the leadership team to the entire operations and commercial teams, and the

training and support of these volunteers is another key objective of the society.

The 2024 season saw a full programme of events and activities. Our team of volunteers and the management teams of the Society and Operating Company continued to steer both the society and railway through the challenges that operating a heritage railway brings, and to ensure the railway remains in the best position to offer an enjoyable and educational day out for our visitors. In the background, teams have continued with many virtual meetings initiated during Covid-19 which have proved to be productive and value volunteers time, many of whom would have to travel significant distances for meetings, however we have also reintroduced some face to face meetings.

The society supported the operating company in the operation of its fourth season of Polar Express services which carried in excess of 40,000 visitors during November and December. This event is not only a great commercial success, but also provides seasonal employment and development opportunities, particularly to younger members of the railway and the local community.

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 £111,976 (2024: £146,021). This decrease was due to decreased legacies received this year. The net surplus for the year amounted to £104,875 (2024: £52,386). 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 Society and the Operating company are further considering options for the future development and improvement of the Tunbridge Wells West station site, and are also making plans to refurbish or replace several strategic trackside assets. The Groombridge Old Station sub lease was renewed in October 2023 for a further 4 remaining years by the Society.

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

Separate meetings are held for the Trustees and the Leadership Team of the railway, with a joint Trustee Leadership meeting quarterly. There is also a joint Finance sub-committee, to advise and make recommendations on financial strategy to both companies. This will play a key role in the resolution of the civil engineering challenges the railway faces. In addition, the Trustees and the directors of Wealden Railway Company Limited have nominated observers at each other's meeting.

MEMBERSHIP

This has remained stable. Post January 2024, the Trustees have continued to evaluate replacement of the membership system.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

02129019 (England and Wales)

Registered Charity number

1039493

Registered office

West Station

Nevill Terrace

Tunbridge Wells

Kent

TN2 5QY

Trustees

Mr J S Nye London Underground manager

Mr M L Dives Project manager

Mr D C Cross Accountant (resigned 15/8/2024)

Mr M J Dodd IT professional

Mr C J Kilpatrick Engineer (appointed 15/8/2024)

Mr T J N Veacock Railway support engineer (appointed 15/8/2024)

Independent Examiner

Ian Jenkins BSc FCA

Swindells LLP

Chartered Accountants

Wilson House

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 29 October 2025 and signed on its behalf by:

Mr J S Nye - Trustee

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 2025.

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

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.

Ian Jenkins BSc FCA

Swindells LLP

Chartered Accountants

Wilson House

48 Brooklyn Road

Seaford

East Sussex

BN25 2DX

30 October 2025

2025

2024

Unrestricted

Restricted

Total

funds

Notes

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

47,441

30,598

78,039

102,754

Charitable activities

Restoration of rolling stock and improvement of facilities

12,416

-

12,416

13,546

Investment income

3

18,744

5

18,749

12,445

Other income

2,706

66

2,772

17,276

Total

81,307

30,669

111,976

146,021

EXPENDITURE ON

Raising funds

4

83

456

539

35

Charitable activities

5

Restoration of rolling stock and improvement of facilities

1,006

5,556

6,562

93,600

Total

1,089

6,012

7,101

93,635

NET INCOME

80,218

24,657

104,875

52,386

RECONCILIATION OF FUNDS

Total funds brought forward

714,912

532,093

1,247,005

1,194,619

TOTAL FUNDS CARRIED FORWARD

795,130

556,750

1,351,880

1,247,005

2025

2024

Unrestricted

Restricted

Total

funds

Notes

£

FIXED ASSETS

Tangible assets

10

49,301

130,000

179,301

180,930

Investments

11

440,789

-

440,789

400,789

490,090

130,000

620,090

581,719

CURRENT ASSETS

Debtors

12

3,072

14,624

17,696

19,405

Cash at bank and in hand

320,883

412,126

733,009

671,240

323,955

426,750

750,705

690,645

CREDITORS

Amounts falling due within one year

13

(18,915

)

-

(18,915

)

(25,359

)

NET CURRENT ASSETS

305,040

426,750

731,790

665,286

TOTAL ASSETS LESS CURRENT LIABILITIES

795,130

556,750

1,351,880

1,247,005

NET ASSETS

795,130

556,750

1,351,880

1,247,005

FUNDS

16

Unrestricted funds

795,130

714,912

Restricted funds

556,750

532,093

TOTAL FUNDS

1,351,880

1,247,005

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 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 provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 29 October 2025 and were signed on its behalf by:

Mr J S Nye - Trustee

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 2019)', 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 charitable company 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.

The financial statements are prepared on a going concern basis.

The financial statements are presented in Sterling, which is the functional currency of the Society, and rounded to the nearest pound.

Going concern

The trustees consider that there are no material uncertainties about the Society's ability to continue as a going concern.

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 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.

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

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.

2.	DONATIONS AND LEGACIES

2025

2024

£

Appeals and donations

42,155

44,410

Legacies

35,884

57,844

Grants

-

500

78,039

102,754

Grants received, included in the above, are as follows:

2025

2024

£

South East Water

-

500

3.	INVESTMENT INCOME

2025

2024

£

Interest on cash deposits

18,749

12,445

4.	RAISING FUNDS

Raising donations and legacies

2025

2024

£

Fundraising costs

539

35

5.	CHARITABLE ACTIVITIES COSTS

Support

Direct

costs (see

Costs

note 6)

Totals

£

Restoration of rolling stock and
improvement of facilities

(29,289

)

35,851

6,562

6.	SUPPORT COSTS

Information

Management

Finance

technology

Other

Totals

£

Restoration of rolling
stock and improvement
of facilities

19,431

428

194

15,798

35,851

Included in support costs are fees payable to the independent examiner for the examination of the accounts amounting to £6,355 (2024 - £5,950).

Support costs, included in the above, are as follows:

2025

2024

Restoration

of

rolling

stock and

improvement

of

Total

facilities

activities

£

Light and heat

205

-

Postage and stationery

4,049

3,898

Advertising

2,060

1,590

Sundries

364

54

Computer costs

2,256

1,731

Accountancy

6,355

5,950

Bookkeeping

3,352

2,845

Legal fees

790

4,633

Bank charges

428

453

Repairs and renewals

194

-

Establishment costs

8,523

8,829

Depreciation of tangible fixed assets

7,275

6,900

35,851

36,883

7.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2025

2024

£

Depreciation - owned assets

7,275

6,901

8.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 January 2025 nor for the year ended 31 January 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 January 2025 nor for the year ended 31 January 2024.

9.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

funds

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

70,721

32,033

102,754

Charitable activities

Restoration of rolling stock and improvement of facilities

13,546

-

13,546

Investment income

12,445

-

12,445

Other income

1,009

16,267

17,276

Total

97,721

48,300

146,021

EXPENDITURE ON

Raising funds

35

-

35

Charitable activities

Restoration of rolling stock and improvement of facilities

38,172

55,428

93,600

Total

38,207

55,428

93,635

NET INCOME/(EXPENDITURE)

59,514

(7,128

)

52,386

The Tunbridge Wells & Eridge Railway

Preservation Society Limited

Notes to the Financial Statements - continued

for the Year Ended 31 January 2025

9.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

Unrestricted

Restricted

Total

funds

£

RECONCILIATION OF FUNDS

Total funds brought forward

655,399

539,220

1,194,619

TOTAL FUNDS CARRIED FORWARD

714,913

532,092

1,247,005

10.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

COST

At 1 February 2024

215,094

4,904

219,998

Additions

5,646

-

5,646

At 31 January 2025

220,740

4,904

225,644

DEPRECIATION

At 1 February 2024

37,330

1,738

39,068

Charge for year

6,049

1,226

7,275

At 31 January 2025

43,379

2,964

46,343

NET BOOK VALUE

At 31 January 2025

177,361

1,940

179,301

At 31 January 2024

177,764

3,166

180,930

11.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

MARKET VALUE

At 1 February 2024 and
31 January 2025

440,789

PROVISIONS

At 1 February 2024

40,000

Provision written back

(40,000

)

At 31 January 2025

-

NET BOOK VALUE

At 31 January 2025

440,789

At 31 January 2024

400,789

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:

Wealden Railway Company Limited

Registered office: West Station, Nevill Terrace, Tunbridge Wells, Kent, TN2 5QY

Nature of business: Operation of train service and restoration

%

Class of share:

holding

Ordinary

85

31/1/25

31/1/24

£

Aggregate capital and reserves

676,757

568,187

Profit/(loss) for the year

108,570

(14,702

)

12.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Amounts owed by group undertakings

1,196

Other debtors

3,544

6,369

VAT

1,692

270

Prepayments and accrued income

11,264

11,570

17,696

19,405

13.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Other loans (see note 14)

-

4,333

Trade creditors

-

1,501

Amounts owed to group undertakings

11,713

8,288

Accruals and deferred income

7,202

11,237

18,915

25,359

14.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

Amounts falling due within one year on demand:

Other loans

-

4,333

15.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

Within one year

5,639

6,478

Between one and five years

4,800

10,439

16,917

16.	MOVEMENT IN FUNDS

Net

Transfers

movement

between

At

At 1.2.24

in funds

funds

31.1.25

£

Unrestricted funds

General fund-charity

694,941

79,678

-

774,619

Crisis fund

19,971

540

-

20,511

714,912

80,218

-

795,130

Restricted funds

Eridge Fund

30,673

265

-

30,938

Sutton Fund

157,653

1,097

-

158,750

1317 Fund

27,547

(1,843

)

-

25,704

North Downs Fund / Jinty

202,466

7,835

-

210,301

J94 Fund

2,494

120

-

2,614

Carriage & Wagon Maintenance Fund

38,304

1,000

-

39,304

Class 12 Fund

1,763

-

1,763

Class 10 Fund

16,155

-

(2,200

)

13,955

Topham Fund

16,607

-

16,607

Groombridge Signalling Fund

9,553

7,837

2,200

19,590

Landslip Appeal Fund

3,578

137

-

3,715

Class 09 Fund

4,999

-

4,999

Dining Train

301

-

301

Eridge Two Fund

20,000

790

-

20,790

Broom Lane Bridge Appeal

-

7,419

-

7,419

532,093

24,657

-

556,750

TOTAL FUNDS

1,247,005

104,875

-

1,351,880

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

Unrestricted funds

General fund-charity

80,767

(1,089

)

79,678

Crisis fund

540

-

540

81,307

(1,089

)

80,218

Restricted funds

Eridge Fund

265

-

265

Sutton Fund

1,097

-

1,097

1317 Fund

1,375

(3,218

)

(1,843

)

North Downs Fund / Jinty

10,963

(3,128

)

7,835

J94 Fund

120

-

120

Carriage & Wagon Maintenance Fund

1,000

-

1,000

Groombridge Signalling Fund

8,293

(456

)

7,837

Landslip Appeal Fund

137

-

137

Eridge Two Fund

-

790

Broom Lane Bridge Appeal

7,419

-

7,419

30,669

(6,012

)

24,657

TOTAL FUNDS

111,976

(7,101

)

104,875

Comparatives for movement in funds

Net

Transfers

movement

between

At

At 1.2.23

in funds

funds

31.1.24

£

Unrestricted funds

General fund-charity

636,008

58,933

-

694,941

Crisis fund

19,391

580

-

19,971

655,399

59,513

-

714,912

Restricted funds

Eridge Fund

50,062

611

(20,000

)

30,673

Sutton Fund

141,508

16,145

-

157,653

1317 Fund

21,068

6,479

-

27,547

North Downs Fund / Jinty

195,475

6,991

-

202,466

J94 Fund

3,011

(517

)

-

2,494

Carriage & Wagon Maintenance Fund

42,509

(4,205

)

-

38,304

Class 12 Fund

1,763

-

1,763

Class 10 Fund

47,534

(33,579

)

2,200

16,155

Topham Fund

16,242

365

-

16,607

Groombridge Signalling Fund

11,236

517

(2,200

)

9,553

Landslip Appeal Fund

3,386

192

-

3,578

Class 09 Fund

5,231

(232

)

-

4,999

Dining Train

195

106

-

301

Eridge Two Fund

-

20,000

539,220

(7,127

)

-

532,093

TOTAL FUNDS

1,194,619

52,386

-

1,247,005

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

Unrestricted funds

General fund-charity

97,141

(38,208

)

58,933

Crisis fund

580

-

580

97,721

(38,208

)

59,513

Restricted funds

Eridge Fund

611

-

611

Sutton Fund

16,890

(745

)

16,145

1317 Fund

6,807

(328

)

6,479

North Downs Fund / Jinty

17,716

(10,725

)

6,991

J94 Fund

-

(517

)

(517

)

Carriage & Wagon Maintenance Fund

167

(4,372

)

(4,205

)

Class 10 Fund

4,929

(38,508

)

(33,579

)

Topham Fund

365

-

365

Groombridge Signalling Fund

517

-

517

Landslip Appeal Fund

192

-

192

Class 09 Fund

-

(232

)

(232

)

Dining Train

106

-

106

48,300

(55,427

)

(7,127

)

TOTAL FUNDS

146,021

(93,635

)

52,386

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.

Crisis Fund

An appeal was made for financial support to help with the impact of the Covid-19 pandemic, and the funds received by this appeal have been designated from general funds for this purpose. The funds have been extremely valuable in ensuring we could get through months of not operating due to the pandemic. We have been extremely fortunate as our supporters have given generously, and without these funds we may not have got through so well.

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 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.

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.

Class 10 Fund

Following its return to service in 2014, this fund remained to cover future maintenance costs involved in operating the locomotive. Now that this locomotive has been sold, this fund is being wound down and monies attributed to the owners will be returned.

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.

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.

Ground investigation works have taken place, with a good collaborative working relationship between the Railway's Consultant Civil Engineer and a dedicated Project Manager. This provided valuable data about the earthworks, which aids understanding for designing/suggesting a full package of restorative works.

We currently monitor the water levels in the embankment via boreholes installed during the ground investigations, this is crucial to the operation of the Railway.

The Railway now needs to fund the corrective works, possibly using a Civil Engineering company due to the workload on our current volunteer workforce. This isn't going to be cheap and costs have spiralled in recent years. We estimate that it's going to cost in the region of £340,000 work will include, South side clearance, South side toe drainage, North side clearance, North side toe drainage, North side bank work, Track reinstatement, South side bank work plus any ancillary works.

The Society want to continue supporting Wealden in this crucial package of infrastructure works.

Class 09 Fund

During 2016 year Govia Thameslink Railway donated its Class 09 shunter 09026 to the Society. 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.

Dining Train Fund

Our joint ambition with Wealden Railway Company Limited is for a dedicated dining train, rather than using seats on our regular service trains. This vision is slowly coming into focus with the arrival of Mark I coach number 3131 from an external overhaul, and now awaiting its turn in the Carriage and Wagon workshops. Further funds are needed for conversion of a coach into a kitchen coach, and possibly the acquisition of another coach.

Jinty Fund

In April 2019 the society purchased Jinty steam locomotive 47493 which has been based on the line for a significant time. The society's trading subsidiary also acquired a maintenance fund to be used towards the overhaul in order to obtain a ten year ticket for the locomotive to operate. Following the sale of the "North Downs" locomotive, the trustees of the North Downs fund agreed that the balance of the fund be put towards the new Jinty Fund.

The Jinty Fund balance currently shows the funds raised less fund raising expenses incurred. It does not show the £125,667 loan repayments which have been paid out of the unrestricted general fund to date. The purpose of the Jinty Fund is to raise £130,000 for the capital cost and additional funds to cover cost of this fund raising. Any funds raised in excess of this will be used to create a future maintenance fund. At this stage in the life of the fund and for simplicity, the Trustees have opted not to transfer these repayments until the full £130,000 is raised. The Society is responsible for meeting the monthly repayments, and the Jinty Fund will reimburse the general fund for these payments at a date to be determined by the Trustees.

Eridge Two Fund

This represents the grant of £20,000 received in the year ended 31 January 2023 from Govia Thameslink Railway, which had been allocated to the Eridge Fund. As these funds are for a future project to repair and improve the station canopy and the external appearance of the buildings on platforms 2/3 at Eridge station, a transfer was made in the previous year from the Eridge Fund to this new fund.

Broom Lane Fund

The purpose of the fund is to raise money for the works associated with the replacement of Broom Lane Bridge and associated enabling works. This fund is only for the project. If there's funds remaining at the end of the project, these an be transferred to a Civils Capital investment fund.

17.	RELATED PARTY DISCLOSURES

During the year, donations amounting to £665 (2024: £2,895) were received from trustees.

Wealden Railway Company Limited

Subsidiary

2025

2024

£

Amount due to related party at the balance sheet date

(10,517

)

(7,092

)

No interest is charged on loans between group companies.

During the year, grants were paid to Wealden Railway Company Limited amounting to £nil (2024: £500). In addition, no amounts (2024: £16,000) was returned by Wealden Railway Company Limited from grants previously paid.

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.