Trustees Report 2023
The year has been characterised by sharply rising costs as the whole country experienced significant increases across the board in the cost of living. Early in the year the museum decided that a significant reduction in people’s disposable income was inevitable and thus gave particular weight to providing value for money in considering admission prices for the year. Because of the economic situation it was resolved to peg the admission prices at 2022 levels but also make modest increases in the cost of food available at the museum’s volunteer run café. The 100% increases in the cost of fuel coal and diesel and electricity have been felt by the museum but these increases in costs have been offset by increased numbers of museum visitors and the addition of incidental sales of second-hand books and model railway items. More food costs have been incurred this year as museum visitor numbers increased.
On the administration front the museum put its earlier learning on succession planning for Trustees into practice and three new Trustees were recruited during 2023, including two additional female Trustees. An audit of skills has been carried out amongst Trustees with the aim of identifying any particular areas where future training would be beneficial. During the summer of 2023 the museum conducted a survey of visitor views through a questionnaire given that the last survey undertaken was pre-pandemic.
During 2023 the museum was able to deliver 20 railway operating days plus a special poignant remembrance event which marked the actual 80[th] anniversary of the completion of construction of the Burma-Siam Death Railway by allied prisoners of war under the Japanese occupation. The museum was honoured to welcome the Lord lieutenant of Rutland, the High Sherrif of Rutland, a military representative of the Australian High Commission, council leaders and relatives of former prisoners of war to the memorial event.
The museum’s quarry operating days again proved to be the most lucrative events throughout the year and generally the steam events were also better patronised. The Driver for a
Fiver diesel experience days have become increasingly popular and some days were near to full capacity. Visitor attendances improved markedly over the season which suggests that the revised advertising campaign and pricing policy has become increasingly effective.
Monetary donations received at the museum in 2023 have reduced significantly in comparison to the previous year but the cessation of post pandemic support grants from local government largely accounts for this change. In summary 2023 was the best year we have had for some years and it has allowed the museum to maintain its expenditure on exhibit repairs and conservation . Much of our income now has comes via electronic payment methods.
Whilst we have experienced significant growth in sales in the café this year research evidence suggest that our café prices remain the cheapest going so probably there is room for some modest increases next year although admission prices are again to stay at the 2022 level for the forthcoming year.
The decision to only open on non-operating Sundays in July and August seems well justified. The results from the viewing only open days on advertised Tuesdays and Thursdays were a little patchy and it has been decided to remove charging for future Tuesdays, but to maintain an open café on Thursdays.
The museum designed a new display to mark the 50[th] Anniversary of the closure Rutland’s last ironstone quarry at Exton Park . To supplement six panels of text and photographs, supplementing a scale model diorama of the quarry , the museum has also undertaken extensive conservation work on the last surviving diesel locomotive DE5 from this quarry.
Steady progress continued with the conservation of two museum owned diesel locomotives and a box van intended for museum use. Sad to report that the museum suffered wanton vandalism of some external exhibits earlier in the year resulting in broken windows, which have been expensive to replace. As a direct result of this experience CCTV has been installed to help deter such future acts.
Work is ongoing with refurbishment of a small wooden building to be used as a display location for equipment and artefacts associated with the operation of a wagon weighbridge on the quarry railway. It is now hoped to complete this project in 2024 when it will be opened to museum visitors.
The museum continues its regular and essential work on grounds maintenance for the benefit of the museum’s volunteer members and museum visitors. The museum relies on its volunteer workforce and a number of new volunteers have joined during the year. RbR 2023
Company reglstratlon numbor: 05409096 Rutland Rallway Mu8èum- Rggistorgd Chaflty No: 1115462 Trading os Rocks by Rall.. the Ilvlng Ironstong mus•um coMnY limited by guarantee Unaudtted financial statements 31 March 2023
Rutland Railway Museum - Registered Charity No- 1115462 Company limited by guarantee Contents Page Directors and other infomiati Directors report Accountants report Statement of comprehensive income Statement of financial position Statement of Changes in equity Notes to the financial Statements 8-10
Rutland Railway Musourn - Registered Charlty No: 1115462 Company Ilmited by guarantee Dtrectorn and other Inforniation Dlroctor6 Mr D M Atkinson Ms C Townhill Mr l Reeve MrBFDodd Mr I Smeeton Mr C Wood Ms H Owen (Appointed 3 August 20221 (Appointed 21 July 20221 (Appointed l April 20231 Socrotary Mrs Sophie Ann Bruton Company numb•r 05409096 Registered office 4 Main Street Stanford on Soar LoughboTough Leicestershire LE12 SPY Buslne88 address Cottesmore Iron Ore Mines Siding A5hwell Road Cottesmore Oakham, Rutland LE15 7BX Accountants White Knight kuntancY Limited 6 Crown Passage Uppingham Rutland LE15 9NB Bankers CAF Bank 25 Kings Hill Avenue Kin9$ Hill West Malling Kent ME19 4JQ Pago 1
Rutland Rallway Musèum - Regl¥tsr•d Charfty No: 1115462 Company Ilmited by guarantee Dlr•ctor8 report Yo¥r ended 31 March 2023 The directors present their rewt arN1 the unauttited Thnanclal statements of the company for th8 ar gnded 31 MarL* 2023. Dlr•etors The directors who s&rvad the company during the year wer8 as follows.. Mf D M Atkinson Ms C Townhill Mr l Re¢v8 MrBFDodd Mr I Smeeton Mr C wo1 IApFointed 3 Augu8120221 (Appointed 21 JLly 20221 Small ¢ompany provisions This report has been wopared in a¢o)rdance wlh the prow$ions pICable to mpanieS entiugd to the small companies exemption. Thls report was approved by the board of dlrectors on 30 Octobor 2023 and Soned on bèhaff of th8 board by.. Mr D M Athinson Director Pago 2
Rutland Rallway Musoum - Registered Charlty No: 1115462 Company Ilmlted by guarantee Accountants, report to the board of directors on the preparation ol th8 unaudited statutory flnancial 8tatoments of Rutland Railway Museum - Rogi$tsrnd Charity No: 1115462 Yearendod 31 March 2023 As described on the ststement of financial position. the directors of the company are responsible for the preparation of the financial Ststements for the year ended 31 March 2023 which comprise the slalement of comprehensive income. statement of financial posttion, statement of eh8nges in equity and related note5. You Consider that the wmpany is exempl from an audr( under the Companies Ael 20C6. In accordance wth your instructions we have compiled these unaudited financial ststemenls in order to as51sI you to fulfil your statutory sponsibl1411es, from the accounting records and from infom1ali and explanations supplied lo us. While Knight Accounlan¢y Limited 6 Crown Passage Uppingham Rutland LE15 9NB 30 October 2023 Page 3
Rutland Rallway Musgum - Rogisterod Charity No: 1115462 Company Ilmited by guarantee Statement of comprehensive income Year ended 31 Varch 2023 2023 2022 Note Tumover Cost of sales 26,926 121,089) 23.122 117,0311 Gross profit 5,837 6,091 Administrative expenses Other operating income 122,3471 604 131,3111 20,224 Opèratlng loss 115,9061 14,9961 Other intere81 receivable and simi18r income Los$ before taxation 20 {15,8861 14,9%) Tax on loss Loss for the financial yoar and total comprnhenssvg incoma 115,8861 14,9961 Al the activities of the company are from continuing operations. The not68 on pag98 8 to 10 fomi part of the80 financial 8t•tom•nts. Page 4
Rutland Railway Museum - Registgred Charlty No: 1115462 Company limited by guarantge statgment of financlal po8ltlon 31 March 2023 2023 2022 Nots Fixed as80ts Tangible assets 194.641 197,638 194,641 197,638 Current a81ets Debtors Cash al bank and in hand 1,395 14,660 585 10,374 16,055 10.959 Creditor8: amounts falllng due wlthln on? y•ar 122,450) 14,4651 Net current {Ilabllltloslla$s•ts 16.3951 6.494 Totsl assets le88 current liabilltl•$ 188,246 204.132 Net 0S80ts 188,246 204,132 Capital and reserve8 Profil and loss account 188,246 204,132 Mombe¥s fund$ 188.246 204.132 For the year ending 31 March 2023 the company was entitled lo exemption from audit under section 477 01 the Companies Act 2006 relating Its small companies. Directors responsibilities.. The members have not required the Company to obtsin an audrt of its financial ststements for the wr in question in accordance with section 476., The diiectors acknowledge their responsibilities for comptying with the requirements of the Act w(th respect lo a¢counbng records and the preparation of financial stalemenls. These financial slalements have been prepared in accordance ¥wth the provisions applicable to wmpanies subject lo the small companies. regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Stsndard applicable in the UK and Republic of Ireland,. Th• nototy on pages 8 to 10 forni part of thesé flnanclal statemontl. Pago 6
Rutland Rallway Museurn - R8glstered Charlty No." 1115462 Company Ilmit•d by guarantee StAtom•nt of financlal posltlon {contlnuodl 31 March 2023 Thes& financial statements were Bppioved by Ihe bo¥d of directors and aulhori%ed for is5 on 30 Octob 2023, an¢J ar9 swJne(l on behav of the board by. Mr O M Autinson Director Company ragistration numb8r. 05409096 The notss on pag•s 8 to 10 tomi part o12h¢ financial stat•m*nts. Pag• 6
Rutland Railway Museum - Registered Charity No: 1115462 Company limited by guarantee Statement of changes in equhy Year ended 31 March 2023 Profit and Total account At 1 Aprll 2021 209.128 209,128 Los5 for the year {4,9961 {4,9961 Total ¢omprohen8iv• income for tho year 14,9961 (4.9961 At 31 March 2022 and 1 Aprll 2022 204.132 204.132 Loss for the year 115.886) 115,8861 Total comprohen8lvo income for th• year 115.886) (15,8861 At 31 March 2023 188,246 188,246 Page 7
Rutland Railway Museum - Registered Charity No.. 1115462 Company limited.by guarantee Notes to the financSal statèments Year ended 31 March 2023 General informatlon The company is a private eompany limited by guarantee, registered in England & Wales. The add$5 of the registered office is 4 Main Slregt, Stanford on Soar, Loughborough, Leicestershire, LE12 SPY. Statsment of compliance These financial statements have been prepared in compliance wth the provisions of FRS 102, Section 1A, The Financial Reports'ng Standard applicable in the UK and Republic of Ireland,. Accounting policies Basls of preparatlon The financial statements have been prepared on the historic81 cost basis, as modrfied by the revaluatson of certsin financi assets and liabilities and investment properties measured at fair value through profit or1058. The financial statements are prepared in sterling, which is the functional currency of the entty. Turnover TuTnover is measured al the fair value of the consideration ceiVed or receivable for goods supplied and services rendered, nel of discounts and Value Added Tax. Revenue from the sale of goods Is Tecognised when the significant risks and rewards of ownership have transferred lo the buyer (usually on despatch of the g¢)odsl', the amount of revenue can be measured reliabty,. it is probable that the associaled economic benefits will flow to the entity,. and the costs incurred or lo be incurred in respect of the transactions can be measured reliably. Tangible assets Tangible a5set5 are initsalty'¢0rded at cost, and are subsequenty stated at cost less any accumijlaled depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded al the fair value al the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrwng amount of an asset as a result of a revaluation. is recognised in other comprehensive income and accumulated in capitsl and reserves, except lo the extent il reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset 8$ a result of revaluation is recognised in other comprehensive income lo the exient of any previousty recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and resetves in respect of that asset, the excess shall be recogni5ed profit or loss. Page 8
Rutland Railway Musèum - Reuisterod Charity No: 111 $462 Company limited by guarantèe Not•8 to the financial 8tatement8 (contlnuod} Year endod 31 MaKh 2023 Depreclatlon Depreciation is calculated so as to write off the Cost or valuation of an asset, less its residual value, over the useful economic lrfe of that asset a$ follows.. Freehold propety Plant and machinery Herstage Assets Not depreciated 25% straight line No depreCIatn If there is an indication that there has been a signrficant change in depreciation rate, usefvl life or residual value of tsngible assets. the depreciation is revised prospects'vely to refiect the new estimates. Govgmment grants Government grants are recognised al the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply wlh the conditions attaching lo them and the grants will be received. Government grants are recognised using the accrual model and the performan model. Under the accrual model, government gr8nts relating lo revenue are recognised on a syslemalic basis over the periods in which the ccxnpany recognises the related costs for which Ihe grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support lo the entity with no future relat&d costs aTe recognised in income in the period in which il becomes raceivable. Grants relating to assets are recognised in income on a systematic basis OV8T the expected useful life of the asset. Where part of a gTant re18ting to an asset is deferred, it is rOgnised as deferred income and not deducted from the carrying amount of the asset. Under the performance rnodel, where the grant does not impose specth'ed future performance-relaled conditions on the recipient, r( is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specrfied future perfomance-related conditions on the recipient, il is rec(yJnised in income only when the perfoTmance-Telaled conditions have been mel. Where grants received are prior to satisty'ng the revenue recognition cr(Éeria, they are iecognised as a Llmltod by guardnt•e Priv¥e Limited Company by guarantee wthout share capital use of'Limited' exemption Loss before taxatlon Loss before taxation is sL*ed after chargingllcreditingl.. 2023 2022 Depreciation of tsngible assets 2,997 2.999 Page 9
Rutland Ralhvay Museum - Registered Charlty No: 1115462 Company limlted by guarantee Notes to the financial statements Icontinuedl Year and•d 31 March 2023 Tangible assgts Freehold Plant and Tangible propety machinery assets- useT defined Total Cost At 1 Aprll 2022 and 31 March 2023 186,454 13,080 5,000 204.534 Depreciation At 1 April 2022 Charge for the year 6,896 2.997 6.896 2,997 At 31 March 2023 9,893 9.893 Carrying amount At 31 March 2023 186,454 3,187 5,000 194,641 At 31 March 2022 186.454 6.184 5,000 197,638 Debtor• 2023 2022 Trade debtors 1,395 585 Crgditovs: amounls falling due wlthln ono year 2023 2022 Trade creditors Other creditors 15,615 6,835 643 3,822 22,450 4,465 Pago 10
Rutland Railway Museum - RegFStered Charity No: 1115462 Company limited by guarantee The following pagM do not fomi part of the statutory •c¢ounts.
Rutland Railway Museum - Reglstered Charity No.. 1115462 Company limited by guarantee Detsilod Income Statement Yoar ended 31 March 2023 2023 2022 TuTnov¢r Rolling stock and engineering sales Donations, Gift Aid and memberships Private owner agreement51spe¢ial event$ Entrance fees. shop and cafe receipts 820 5,376 1.675 19,055 2,707 10,640 1,490 8,285 26,926 23,122 Cost of 8aleB Shop and catering costs Coal, oil & diesel Spares, seTvicAng and engineering costs 11,5831 17,9911 (11,5151 17781 13,1591 113,0941 (21,0891 117.0311 Gross profit 5,837 6,091 Gross profit percentsgo 21.7% 26.3% Overhead$ Administrative expenses 122,3471 (31.3111 122,347} {31,3111 Other op•rating incomo Local authority government grants- Cowd Arts Council and other grant funding 10,667 9,557 604 604 20,224 Operatlng loss 11 S,9061 (4,996) Op•rating loss parcont•g• 59.1% 21.6% Other interest receivable and similar income 20 Los$ before taxation 11 S,8861 14.9961
Rutland Rallway Musoum - Registgrgd Charity No: 1115462 Company limited by guarantee Detsilod Income statement Icontfnuedl Year endod 31 Mah 2023 2023 2022 Ovgrhaad8 Administratlve oxpen¥e¥ Insurance Curatorial items Light and heal Groundsl premises repairs & maintenance Printing, po$lage and stationery Advertising Telephone Legal and professional Health & safety training Accountancy fees Bank charges Credit card charge5 General expenses Depreciation of tangible assets 16,1021 15,7521 {1001 {2,0421 112,9191 12,3441 11,5061 1661 15,9661 15361 1131 18161 11,3021 11681 (5321 13.8581 15351 1601 11,4401 11.3021 11601 11441 12,997) 12.9991 122,347 {31,3111
Company reglstratlon numbor: 05409096 Rutland Rallway Mu8èum- Rggistorgd Chaflty No: 1115462 Trading os Rocks by Rall.. the Ilvlng Ironstong mus•um coMnY limited by guarantee Unaudtted financial statements 31 March 2023
Rutland Railway Museum - Registered Charity No- 1115462 Company limited by guarantee Contents Page Directors and other infomiati Directors report Accountants report Statement of comprehensive income Statement of financial position Statement of Changes in equity Notes to the financial Statements 8-10
Rutland Railway Musourn - Registered Charlty No: 1115462 Company Ilmited by guarantee Dtrectorn and other Inforniation Dlroctor6 Mr D M Atkinson Ms C Townhill Mr l Reeve MrBFDodd Mr I Smeeton Mr C Wood Ms H Owen (Appointed 3 August 20221 (Appointed 21 July 20221 (Appointed l April 20231 Socrotary Mrs Sophie Ann Bruton Company numb•r 05409096 Registered office 4 Main Street Stanford on Soar LoughboTough Leicestershire LE12 SPY Buslne88 address Cottesmore Iron Ore Mines Siding A5hwell Road Cottesmore Oakham, Rutland LE15 7BX Accountants White Knight kuntancY Limited 6 Crown Passage Uppingham Rutland LE15 9NB Bankers CAF Bank 25 Kings Hill Avenue Kin9$ Hill West Malling Kent ME19 4JQ Pago 1
Rutland Rallway Musèum - Regl¥tsr•d Charfty No: 1115462 Company Ilmited by guarantee Dlr•ctor8 report Yo¥r ended 31 March 2023 The directors present their rewt arN1 the unauttited Thnanclal statements of the company for th8 ar gnded 31 MarL* 2023. Dlr•etors The directors who s&rvad the company during the year wer8 as follows.. Mf D M Atkinson Ms C Townhill Mr l Re¢v8 MrBFDodd Mr I Smeeton Mr C wo1 IApFointed 3 Augu8120221 (Appointed 21 JLly 20221 Small ¢ompany provisions This report has been wopared in a¢o)rdance wlh the prow$ions pICable to mpanieS entiugd to the small companies exemption. Thls report was approved by the board of dlrectors on 30 Octobor 2023 and Soned on bèhaff of th8 board by.. Mr D M Athinson Director Pago 2
Rutland Rallway Musoum - Registered Charlty No: 1115462 Company Ilmlted by guarantee Accountants, report to the board of directors on the preparation ol th8 unaudited statutory flnancial 8tatoments of Rutland Railway Museum - Rogi$tsrnd Charity No: 1115462 Yearendod 31 March 2023 As described on the ststement of financial position. the directors of the company are responsible for the preparation of the financial Ststements for the year ended 31 March 2023 which comprise the slalement of comprehensive income. statement of financial posttion, statement of eh8nges in equity and related note5. You Consider that the wmpany is exempl from an audr( under the Companies Ael 20C6. In accordance wth your instructions we have compiled these unaudited financial ststemenls in order to as51sI you to fulfil your statutory sponsibl1411es, from the accounting records and from infom1ali and explanations supplied lo us. While Knight Accounlan¢y Limited 6 Crown Passage Uppingham Rutland LE15 9NB 30 October 2023 Page 3
Rutland Rallway Musgum - Rogisterod Charity No: 1115462 Company Ilmited by guarantee Statement of comprehensive income Year ended 31 Varch 2023 2023 2022 Note Tumover Cost of sales 26,926 121,089) 23.122 117,0311 Gross profit 5,837 6,091 Administrative expenses Other operating income 122,3471 604 131,3111 20,224 Opèratlng loss 115,9061 14,9961 Other intere81 receivable and simi18r income Los$ before taxation 20 {15,8861 14,9%) Tax on loss Loss for the financial yoar and total comprnhenssvg incoma 115,8861 14,9961 Al the activities of the company are from continuing operations. The not68 on pag98 8 to 10 fomi part of the80 financial 8t•tom•nts. Page 4
Rutland Railway Museum - Registgred Charlty No: 1115462 Company limited by guarantge statgment of financlal po8ltlon 31 March 2023 2023 2022 Nots Fixed as80ts Tangible assets 194.641 197,638 194,641 197,638 Current a81ets Debtors Cash al bank and in hand 1,395 14,660 585 10,374 16,055 10.959 Creditor8: amounts falllng due wlthln on? y•ar 122,450) 14,4651 Net current {Ilabllltloslla$s•ts 16.3951 6.494 Totsl assets le88 current liabilltl•$ 188,246 204.132 Net 0S80ts 188,246 204,132 Capital and reserve8 Profil and loss account 188,246 204,132 Mombe¥s fund$ 188.246 204.132 For the year ending 31 March 2023 the company was entitled lo exemption from audit under section 477 01 the Companies Act 2006 relating Its small companies. Directors responsibilities.. The members have not required the Company to obtsin an audrt of its financial ststements for the wr in question in accordance with section 476., The diiectors acknowledge their responsibilities for comptying with the requirements of the Act w(th respect lo a¢counbng records and the preparation of financial stalemenls. These financial slalements have been prepared in accordance ¥wth the provisions applicable to wmpanies subject lo the small companies. regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Stsndard applicable in the UK and Republic of Ireland,. Th• nototy on pages 8 to 10 forni part of thesé flnanclal statemontl. Pago 6
Rutland Rallway Museurn - R8glstered Charlty No." 1115462 Company Ilmit•d by guarantee StAtom•nt of financlal posltlon {contlnuodl 31 March 2023 Thes& financial statements were Bppioved by Ihe bo¥d of directors and aulhori%ed for is5 on 30 Octob 2023, an¢J ar9 swJne(l on behav of the board by. Mr O M Autinson Director Company ragistration numb8r. 05409096 The notss on pag•s 8 to 10 tomi part o12h¢ financial stat•m*nts. Pag• 6
Rutland Railway Museum - Registered Charity No: 1115462 Company limited by guarantee Statement of changes in equhy Year ended 31 March 2023 Profit and Total account At 1 Aprll 2021 209.128 209,128 Los5 for the year {4,9961 {4,9961 Total ¢omprohen8iv• income for tho year 14,9961 (4.9961 At 31 March 2022 and 1 Aprll 2022 204.132 204.132 Loss for the year 115.886) 115,8861 Total comprohen8lvo income for th• year 115.886) (15,8861 At 31 March 2023 188,246 188,246 Page 7
Rutland Railway Museum - Registered Charity No.. 1115462 Company limited.by guarantee Notes to the financSal statèments Year ended 31 March 2023 General informatlon The company is a private eompany limited by guarantee, registered in England & Wales. The add$5 of the registered office is 4 Main Slregt, Stanford on Soar, Loughborough, Leicestershire, LE12 SPY. Statsment of compliance These financial statements have been prepared in compliance wth the provisions of FRS 102, Section 1A, The Financial Reports'ng Standard applicable in the UK and Republic of Ireland,. Accounting policies Basls of preparatlon The financial statements have been prepared on the historic81 cost basis, as modrfied by the revaluatson of certsin financi assets and liabilities and investment properties measured at fair value through profit or1058. The financial statements are prepared in sterling, which is the functional currency of the entty. Turnover TuTnover is measured al the fair value of the consideration ceiVed or receivable for goods supplied and services rendered, nel of discounts and Value Added Tax. Revenue from the sale of goods Is Tecognised when the significant risks and rewards of ownership have transferred lo the buyer (usually on despatch of the g¢)odsl', the amount of revenue can be measured reliabty,. it is probable that the associaled economic benefits will flow to the entity,. and the costs incurred or lo be incurred in respect of the transactions can be measured reliably. Tangible assets Tangible a5set5 are initsalty'¢0rded at cost, and are subsequenty stated at cost less any accumijlaled depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded al the fair value al the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrwng amount of an asset as a result of a revaluation. is recognised in other comprehensive income and accumulated in capitsl and reserves, except lo the extent il reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset 8$ a result of revaluation is recognised in other comprehensive income lo the exient of any previousty recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and resetves in respect of that asset, the excess shall be recogni5ed profit or loss. Page 8
Rutland Railway Musèum - Reuisterod Charity No: 111 $462 Company limited by guarantèe Not•8 to the financial 8tatement8 (contlnuod} Year endod 31 MaKh 2023 Depreclatlon Depreciation is calculated so as to write off the Cost or valuation of an asset, less its residual value, over the useful economic lrfe of that asset a$ follows.. Freehold propety Plant and machinery Herstage Assets Not depreciated 25% straight line No depreCIatn If there is an indication that there has been a signrficant change in depreciation rate, usefvl life or residual value of tsngible assets. the depreciation is revised prospects'vely to refiect the new estimates. Govgmment grants Government grants are recognised al the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply wlh the conditions attaching lo them and the grants will be received. Government grants are recognised using the accrual model and the performan model. Under the accrual model, government gr8nts relating lo revenue are recognised on a syslemalic basis over the periods in which the ccxnpany recognises the related costs for which Ihe grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support lo the entity with no future relat&d costs aTe recognised in income in the period in which il becomes raceivable. Grants relating to assets are recognised in income on a systematic basis OV8T the expected useful life of the asset. Where part of a gTant re18ting to an asset is deferred, it is rOgnised as deferred income and not deducted from the carrying amount of the asset. Under the performance rnodel, where the grant does not impose specth'ed future performance-relaled conditions on the recipient, r( is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specrfied future perfomance-related conditions on the recipient, il is rec(yJnised in income only when the perfoTmance-Telaled conditions have been mel. Where grants received are prior to satisty'ng the revenue recognition cr(Éeria, they are iecognised as a Llmltod by guardnt•e Priv¥e Limited Company by guarantee wthout share capital use of'Limited' exemption Loss before taxatlon Loss before taxation is sL*ed after chargingllcreditingl.. 2023 2022 Depreciation of tsngible assets 2,997 2.999 Page 9
Rutland Ralhvay Museum - Registered Charlty No: 1115462 Company limlted by guarantee Notes to the financial statements Icontinuedl Year and•d 31 March 2023 Tangible assgts Freehold Plant and Tangible propety machinery assets- useT defined Total Cost At 1 Aprll 2022 and 31 March 2023 186,454 13,080 5,000 204.534 Depreciation At 1 April 2022 Charge for the year 6,896 2.997 6.896 2,997 At 31 March 2023 9,893 9.893 Carrying amount At 31 March 2023 186,454 3,187 5,000 194,641 At 31 March 2022 186.454 6.184 5,000 197,638 Debtor• 2023 2022 Trade debtors 1,395 585 Crgditovs: amounls falling due wlthln ono year 2023 2022 Trade creditors Other creditors 15,615 6,835 643 3,822 22,450 4,465 Pago 10
Rutland Railway Museum - RegFStered Charity No: 1115462 Company limited by guarantee The following pagM do not fomi part of the statutory •c¢ounts.
Rutland Railway Museum - Reglstered Charity No.. 1115462 Company limited by guarantee Detsilod Income Statement Yoar ended 31 March 2023 2023 2022 TuTnov¢r Rolling stock and engineering sales Donations, Gift Aid and memberships Private owner agreement51spe¢ial event$ Entrance fees. shop and cafe receipts 820 5,376 1.675 19,055 2,707 10,640 1,490 8,285 26,926 23,122 Cost of 8aleB Shop and catering costs Coal, oil & diesel Spares, seTvicAng and engineering costs 11,5831 17,9911 (11,5151 17781 13,1591 113,0941 (21,0891 117.0311 Gross profit 5,837 6,091 Gross profit percentsgo 21.7% 26.3% Overhead$ Administrative expenses 122,3471 (31.3111 122,347} {31,3111 Other op•rating incomo Local authority government grants- Cowd Arts Council and other grant funding 10,667 9,557 604 604 20,224 Operatlng loss 11 S,9061 (4,996) Op•rating loss parcont•g• 59.1% 21.6% Other interest receivable and similar income 20 Los$ before taxation 11 S,8861 14.9961
Rutland Rallway Musoum - Registgrgd Charity No: 1115462 Company limited by guarantee Detsilod Income statement Icontfnuedl Year endod 31 Mah 2023 2023 2022 Ovgrhaad8 Administratlve oxpen¥e¥ Insurance Curatorial items Light and heal Groundsl premises repairs & maintenance Printing, po$lage and stationery Advertising Telephone Legal and professional Health & safety training Accountancy fees Bank charges Credit card charge5 General expenses Depreciation of tangible assets 16,1021 15,7521 {1001 {2,0421 112,9191 12,3441 11,5061 1661 15,9661 15361 1131 18161 11,3021 11681 (5321 13.8581 15351 1601 11,4401 11.3021 11601 11441 12,997) 12.9991 122,347 {31,3111