Trustees Report 2024
The year has been characterised by continuing rising costs as the whole country experienced increases across the board in the cost of living. Early in the year the museum decided that a reduction in people’s disposable income was anticipated and thus gave continuing weight to providing value for money in considering admission prices for the year. Because of the general economic situation and uncertainty over the outcome of the expected general election it was resolved to maintain the admission prices at 2022 levels but also make a slight increase in the cost of food available at the museum’s volunteer run café.
To summarise the financial results our overall income was down slightly, which seems to have been a trend on many similar organisations. In simple terms the number of visitors was slightly down but café takings were up and again the café made a significant profit, which contributed to the overall income. In spite of there being slightly less visitors in total it seems likely that people spent more time (and money) in the café, which would account for the café being very busy on most operating days. The café profit was also helped by generous donations of various types of homemade cakes, which also proved very popular.
The driver for a fiver days proved very successful again this year as did the quarry operating days although the lack of steam traction in the second half of the season almost certainly had an effect on visitor numbers.
On the administration front the museum one Trustee has departed for pastures new and another has stood down for health reasons. The search for additional replacement Trustees will be an objective for next year. The museum was able to take advantage of a Museums Development Midlands initiative which saw the museum site inspected by a professional security advisor. The security measures the museum has in place received favourable comment and his further recommendations will be considered in due course.
To mark the 50[th] anniversary of the 13 mile walk of a giant quarry excavator from Rutland to Corby the museum put on a themed exhibition which lasted all year and which was favourably received resulting in a number of related donations from museum visitors.
During 2024 the museum was able to deliver 19 railway operating days plus a short poignant remembrance event which marked the actual 80[th] anniversary of the sinking of two Japanese “Hell Ships” with consequent loss of life of allied prisoners of war locked in the ships holds.
During the year the museum was able to host two private visits by vintage vehicle groups and the museum continues to allow its lands to be used for the training of military working dogs without charge.
Monetary donations received at the museum in 2024 have increased significantly in comparison to the previous year. In summary 2024 was the good year and it has allowed the museum to maintain its expenditure on exhibit repairs and conservation . Most 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 still some limited room for some modest increases next year if required although admission prices are again to stay at the 2022 level for the forthcoming year reflecting the overall economic climate.
The decision to only open on non-operating Sundays in August seems well justified. The results from the viewing only open days on advertised Tuesdays and Thursdays were a little patchy but the café has generally performed well on Thursdays
Steady progress continued with the conservation of two museum owned diesel locomotives and a box van intended for museum use has been completed. Work has also progressed on an infrastructure project to provide undercover accommodation for mobile plant.
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 2025 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 2024
Registered Number: 05409096 England and Wales RUTLAND RAILWAY MUSEUM Report of the Directors and Unaudited Financial Statements Period of accounts stsrt date: 01 April 2023 End date: 31 March 2024
RUTLAND RAILWAY MUSEUM Contents Page For the year ended 31 March 2024 Company information Directors, report Accountants, report Income statement Statement of financial position Notes to the financial statements Detailed Income Statement 12 2of13
RUTLAND RAILWAY MUSEUM Company Information For the year ended 31 March 2024 Directors Mr David Mervyn Atkinson Mrs Anne Bickers Mr Thomas Selby Ms Clova Townhill Mr Clive Wood Registered Number 05409096 Registered Office 4 MAIN STREET STANFORD ON SOAR LOUGHBOROUGH LE12 SPY Trading Address Cottesmore Iron Ore Mines Sidings Ashwell Road Cottesmore, Oakham Rutland LE15 7BX Accountants White Knight Accountancy Limited 6, Crown Passage Uppingham Rutland LE15 9NB Secretary Ms Sophie Ann Bruton 3of13
RUTLAND RAILWAY MUSEUM Directors, Report For the year ended 31 March 2024 Director's report and financial statements The directors present hislherltheir annual report and the financial statements for the year ended 31 March 2024. Directors The directors who served the company throughout the year were as follows: Mr David Mervyn Atkinson Mrs Anne Bickers (from 1610312024) Mr Thomas Selby (from 1610312024) Ms Clova Townhill Mr Clive Wood Mr Bryan Francis Dodd Ms Heather Owen (from 0110412023 to 1610312024) This report was approved by the board and signed on its behalf by: Mr David Mervyn Atkinson Director Date approved: 02 December 2024 4of13
RUTLAND RAILWAY MUSEUM Accountants, Report For the year ended 31 March 2024 Accountant's report You consider that the company is exempt from an audit for the year ended 31 March 2024 . You have acknowledged, on the balan sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year. In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us. We have not carried out an audit or any other review, and consequentty we do not express any opinion on these accounts. l+Vhite Knight Accountancy Limited 31 March 2024 V*Jhite Knight Accountancy Limited 6, Crown Passage Uppingham Rutland LE15 9NB 02 December 2024 5of13
RUTLAND RAILWAY MUSEUM Income Statement For the year ended 31 March 2024 Notes 2024 2023 Turnover 45,758 (26,234) 19,524 (22,961) 26,926 Cost of sales (21,089) 5,837 (22,347) 604 Gross profit Administrative expenses Other operating income Operating loss Other interest re1vable and similar income (3,437) 17 (15,906) 20 Profitl(Loss) on ordinary activities before taxation Tax on profit on ordinary activities Profitl(Loss) for the financial year (3,420) {15.886) (3.420) (15.886) 6of13
RUTLAND RAILWAY MUSEUM Statement of Financial Position As at 31 March 2024 Notes 2024 2023 Fixed assets Tangible fixed assets 192,602 194,641 192,602 194,641 Current assets Debtors 1,605 2,837 1,395 14,660 Cash at bank and in hand 4,442 (12,218) (7,776) 16,055 (22,450) (6,395) Creditors: amount falling due within one year Net current assets Totsl assets less current liabllities 184,826 184,826 188,246 188,246 Net assets Capital and reserves Profit and loss account 184,826 188,246 188.246 Members. funds 184,826 For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities: 1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476. 2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These financial statements have been prepared in accordance with the provisions applicable to companies subjed to the small companies regime. 7of13
RUTLAND RAILWAY MUSEUM Statement of Financial Position As at 31 March 2024 The financial statements were approved by the board of directors on 02 December 2024 and were signed on its behalf by: Mr David Mervyn Atkinson Director 8of13
RUTLAND RAILWAY MUSEUM Notes to the Financial Statements For the year ended 31 March 2024 General Infonnation RUTLAND RAILWAY MUSEUM is a private company, limited by guarantee, registered in England and Wales, registration number 05409096, registration address 4 MAIN STREET, STANFORD ON SOAR LOUGHBOROUGH, LE12 SPY. The trading address ofthe company is Cottesmore Iron Ore Mines Sidings, Ashwell Road, Cottesmore, Oakham, Rutland, LE15 7BX. The presentation currency is £ sterling. 1. Accounting policies Significant accounting policies ststement of compliance These financial statements have been prepared in Complian with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. Basis of preparation The financial statements have been ppared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordan with the accounting policies. The financial statements are prepared in sterling which is the functional currency of the company. Turnover Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. Tangible fixed assets Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impainnent. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: Plant and Machinery 25 % Straight Line 2. Other operating income 2024 2023 Arts Council & other grant funding 604 604 9of13
RUTLAND RAILWAY MUSEUM Notes to the Financial Statements For the year ended 31 March 2024 3. Operating profiV(loss) 2024 2023 The operating loss is stated after charging: Depreciation of tangible fixed assets 3,087 2,997 4. Other interest receivable and similar income 2024 2023 Bank interest received 17 17 20 20 5. Tangible fixed assets Cost or valuation Land and Buildings Plant and Cornputer Machinery Equipment Total At 01 April 2023 Additions 186.454 13,080 1,048 5,000 204,534 1,048 Disposals At 31 March 2024 Depreciation At 01 April 2023 Charge for year On disposals At 31 March 2024 Net book values 186,464 14,128 5,000 205,582 9,893 3,087 9,893 3,087 12,980 12,980 Closing balance as at 31 March 2024 Opening balance as at 01 April 2023 186,454 186,454 1,148 3.187 5,000 5,000 192,602 194,641 10of13
RUTLAND RAILWAY MUSEUM Notes to the Financial Statements For the year ended 31 March 2024 6. Debtors: amounts falling due wlthin one year 2024 2023 Trade Debtors 1,605 1.605 1,395 1,395 7. Creditors: amount falling due wlthin one year 2024 2023 Trade Creditors Accruals Other Creditors 6,372 1,316 4,530 12,218 15,615 1,315 5,520 22,450 8. Profit and loss account 2024 Balance at 01 April 2023 Loss for the year Balance at 31 March 2024 188,246 (3.420) 184,826 9. Company Limited by Guarantee The company is limited by guarantee and therefore has no shares. 11 of13
RUTLAND RAILWAY MUSEUM Detailed Income Statement For the year ended 31 March 2024 2024 2023 Turnover Rolling stock & engineering sales Donations, Grft Aid & memberships Private owner agreementslspecial events Entrance fees, shop & café receipts 820 21,554 1,570 22,634 45,758 5,376 1,675 19,055 26,926 Cost of sales Spares, servicing & engineering costs Coal, oil & diesel Café purchases 16,296 7,306 2,632 11,515 7,991 1,583 (26,234) 19.524 (21,089) 5,837 Gross profit Administratlve expenses Accountancy Fees Legal and Professional Fees (Allowable) Light, Heat & Power Grounds & premises repairs & maintenance Bank Charges Merchant bank Charges Depreciation Charge. Plant & Machinery Advertising General Insurance Printing, postage & stationery Telephone Health & safety training Sundew Project expenses 1,303 13 1,302 13 3,243 1,356 112 1,506 167 560 532 2,997 5,966 6,102 66 3,087 4,496 8,046 142 536 536 816 67 (22,961) {22,347) Other operating income Arts Council & other grant funding 604 604 Operating loss Other Interest recelvable and similar income Bank interest reiVed (3,437) (15,906) 17 20 12of13
RUTLAND RAILWAY MUSEUM Detailed Income Statement For the year ended 31 March 2024 17 20 ProfiU(Loss) on ordinary activlties before taxation ProfiU(Loss) for the financial year (3,420) (1 5,886) (3,420) (15,886) 13of13
Registered Number: 05409096 England and Wales RUTLAND RAILWAY MUSEUM Report of the Directors and Unaudited Financial Statements Period of accounts stsrt date: 01 April 2023 End date: 31 March 2024
RUTLAND RAILWAY MUSEUM Contents Page For the year ended 31 March 2024 Company information Directors, report Accountants, report Income statement Statement of financial position Notes to the financial statements Detailed Income Statement 12 2of13
RUTLAND RAILWAY MUSEUM Company Information For the year ended 31 March 2024 Directors Mr David Mervyn Atkinson Mrs Anne Bickers Mr Thomas Selby Ms Clova Townhill Mr Clive Wood Registered Number 05409096 Registered Office 4 MAIN STREET STANFORD ON SOAR LOUGHBOROUGH LE12 SPY Trading Address Cottesmore Iron Ore Mines Sidings Ashwell Road Cottesmore, Oakham Rutland LE15 7BX Accountants White Knight Accountancy Limited 6, Crown Passage Uppingham Rutland LE15 9NB Secretary Ms Sophie Ann Bruton 3of13
RUTLAND RAILWAY MUSEUM Directors, Report For the year ended 31 March 2024 Director's report and financial statements The directors present hislherltheir annual report and the financial statements for the year ended 31 March 2024. Directors The directors who served the company throughout the year were as follows: Mr David Mervyn Atkinson Mrs Anne Bickers (from 1610312024) Mr Thomas Selby (from 1610312024) Ms Clova Townhill Mr Clive Wood Mr Bryan Francis Dodd Ms Heather Owen (from 0110412023 to 1610312024) This report was approved by the board and signed on its behalf by: Mr David Mervyn Atkinson Director Date approved: 02 December 2024 4of13
RUTLAND RAILWAY MUSEUM Accountants, Report For the year ended 31 March 2024 Accountant's report You consider that the company is exempt from an audit for the year ended 31 March 2024 . You have acknowledged, on the balan sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year. In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us. We have not carried out an audit or any other review, and consequentty we do not express any opinion on these accounts. l+Vhite Knight Accountancy Limited 31 March 2024 V*Jhite Knight Accountancy Limited 6, Crown Passage Uppingham Rutland LE15 9NB 02 December 2024 5of13
RUTLAND RAILWAY MUSEUM Income Statement For the year ended 31 March 2024 Notes 2024 2023 Turnover 45,758 (26,234) 19,524 (22,961) 26,926 Cost of sales (21,089) 5,837 (22,347) 604 Gross profit Administrative expenses Other operating income Operating loss Other interest re1vable and similar income (3,437) 17 (15,906) 20 Profitl(Loss) on ordinary activities before taxation Tax on profit on ordinary activities Profitl(Loss) for the financial year (3,420) {15.886) (3.420) (15.886) 6of13
RUTLAND RAILWAY MUSEUM Statement of Financial Position As at 31 March 2024 Notes 2024 2023 Fixed assets Tangible fixed assets 192,602 194,641 192,602 194,641 Current assets Debtors 1,605 2,837 1,395 14,660 Cash at bank and in hand 4,442 (12,218) (7,776) 16,055 (22,450) (6,395) Creditors: amount falling due within one year Net current assets Totsl assets less current liabllities 184,826 184,826 188,246 188,246 Net assets Capital and reserves Profit and loss account 184,826 188,246 188.246 Members. funds 184,826 For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities: 1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476. 2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These financial statements have been prepared in accordance with the provisions applicable to companies subjed to the small companies regime. 7of13
RUTLAND RAILWAY MUSEUM Statement of Financial Position As at 31 March 2024 The financial statements were approved by the board of directors on 02 December 2024 and were signed on its behalf by: Mr David Mervyn Atkinson Director 8of13
RUTLAND RAILWAY MUSEUM Notes to the Financial Statements For the year ended 31 March 2024 General Infonnation RUTLAND RAILWAY MUSEUM is a private company, limited by guarantee, registered in England and Wales, registration number 05409096, registration address 4 MAIN STREET, STANFORD ON SOAR LOUGHBOROUGH, LE12 SPY. The trading address ofthe company is Cottesmore Iron Ore Mines Sidings, Ashwell Road, Cottesmore, Oakham, Rutland, LE15 7BX. The presentation currency is £ sterling. 1. Accounting policies Significant accounting policies ststement of compliance These financial statements have been prepared in Complian with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. Basis of preparation The financial statements have been ppared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordan with the accounting policies. The financial statements are prepared in sterling which is the functional currency of the company. Turnover Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. Tangible fixed assets Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impainnent. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: Plant and Machinery 25 % Straight Line 2. Other operating income 2024 2023 Arts Council & other grant funding 604 604 9of13
RUTLAND RAILWAY MUSEUM Notes to the Financial Statements For the year ended 31 March 2024 3. Operating profiV(loss) 2024 2023 The operating loss is stated after charging: Depreciation of tangible fixed assets 3,087 2,997 4. Other interest receivable and similar income 2024 2023 Bank interest received 17 17 20 20 5. Tangible fixed assets Cost or valuation Land and Buildings Plant and Cornputer Machinery Equipment Total At 01 April 2023 Additions 186.454 13,080 1,048 5,000 204,534 1,048 Disposals At 31 March 2024 Depreciation At 01 April 2023 Charge for year On disposals At 31 March 2024 Net book values 186,464 14,128 5,000 205,582 9,893 3,087 9,893 3,087 12,980 12,980 Closing balance as at 31 March 2024 Opening balance as at 01 April 2023 186,454 186,454 1,148 3.187 5,000 5,000 192,602 194,641 10of13
RUTLAND RAILWAY MUSEUM Notes to the Financial Statements For the year ended 31 March 2024 6. Debtors: amounts falling due wlthin one year 2024 2023 Trade Debtors 1,605 1.605 1,395 1,395 7. Creditors: amount falling due wlthin one year 2024 2023 Trade Creditors Accruals Other Creditors 6,372 1,316 4,530 12,218 15,615 1,315 5,520 22,450 8. Profit and loss account 2024 Balance at 01 April 2023 Loss for the year Balance at 31 March 2024 188,246 (3.420) 184,826 9. Company Limited by Guarantee The company is limited by guarantee and therefore has no shares. 11 of13
RUTLAND RAILWAY MUSEUM Detailed Income Statement For the year ended 31 March 2024 2024 2023 Turnover Rolling stock & engineering sales Donations, Grft Aid & memberships Private owner agreementslspecial events Entrance fees, shop & café receipts 820 21,554 1,570 22,634 45,758 5,376 1,675 19,055 26,926 Cost of sales Spares, servicing & engineering costs Coal, oil & diesel Café purchases 16,296 7,306 2,632 11,515 7,991 1,583 (26,234) 19.524 (21,089) 5,837 Gross profit Administratlve expenses Accountancy Fees Legal and Professional Fees (Allowable) Light, Heat & Power Grounds & premises repairs & maintenance Bank Charges Merchant bank Charges Depreciation Charge. Plant & Machinery Advertising General Insurance Printing, postage & stationery Telephone Health & safety training Sundew Project expenses 1,303 13 1,302 13 3,243 1,356 112 1,506 167 560 532 2,997 5,966 6,102 66 3,087 4,496 8,046 142 536 536 816 67 (22,961) {22,347) Other operating income Arts Council & other grant funding 604 604 Operating loss Other Interest recelvable and similar income Bank interest reiVed (3,437) (15,906) 17 20 12of13
RUTLAND RAILWAY MUSEUM Detailed Income Statement For the year ended 31 March 2024 17 20 ProfiU(Loss) on ordinary activlties before taxation ProfiU(Loss) for the financial year (3,420) (1 5,886) (3,420) (15,886) 13of13