## **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
coM￿nY 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 k￿untancY
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 wo￿1
IApFointed 3 Augu8120221
(Appointed 21 JLly 20221
Small ¢ompany provisions
This report has been wopared in a¢o)rdance wlh the prow$ions ￿p￿ICable 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 depreCIat￿n
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 r￿Ognised 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 Ma￿h 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
coM￿nY 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 k￿untancY
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 wo￿1
IApFointed 3 Augu8120221
(Appointed 21 JLly 20221
Small ¢ompany provisions
This report has been wopared in a¢o)rdance wlh the prow$ions ￿p￿ICable 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 depreCIat￿n
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 r￿Ognised 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 Ma￿h 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