The Isle of Wight Railway Company Limited Audited Financial Statements For the Year Ended 31 December 2021 THE ISLE OF WIGHT RAILWAY COMPANY LIMITED (Llmltsd by Guararbtee and not havinganyshare caph311 CONTENT5 Chairman'sand Flnanci81 Report General M8nagÈr's Report Ful￿re Vislon Charfty Informat￿0￿ Trustees, Report 9-11 IndependpntAuditors' Report 12-14 Consolldated 5tstemÈntof Financlal Actlvltles 15 Consolldated 8alante Sheet 16 Holdlng Company Balance Sheet 17 Con501idated Cashflow Statèment 18-19 HoldinÉ Company Ca5hfiowStatement 20-21 otes to the Attourbts 22-35 Detalled Incoffle and Expendlture Account 36 SchÈd4Jle of Expendituie 37-38 Trath"ng Company Detailed Intome and Expendit￿re Account 39-40 THEISLE OF WIGHT RAILWAY COMPANY LIMITED (Llmited by Guarantee and not ha¥lng any share ¢apitsll CHAIRMAN'S REPORT ANO FINANCIAL REPORT To corrupt the tttle of a 196ty5 IV pro8rarnme'. 'That W35 the year that was,. And our Railw8(s 50th Annfversary was celebrèted in 8reat style despite Covid 19 still beinswlth us and 811 the restrictions that imposed. In prepar￿ng forthp Golden J4Jbilpe. the Board agreed an ambbtitsus 5erie5 01 evènts It wantÈd to take place, in addition to those important well supported favourite5, the 1940's wÈekend and the 5teaffl Show, a5 examples. These Tanged from celebratirFBthe move to Havènstreet on 24thJanuary 1971, the first tTain on Ilth Apyll 1971 to h05ting anotherRoyal vKslt. All of these took place and morè IntludSng thè form31 ￿nd0Ver of Ckss 483, 483￿? to the RaI￿aY by Claire Mann thÈ Managing Director of South Western Railway, The disappointrnent was that Covid 19 mÈant thèt the 24th January ￿ent had to be truncated but it was repeated in January 2022 ststhat we could properfy celebrate that fftomentOU5 ID 1971. When HRH Prln£e Michael DI KÈnt visited in July. he was able to unveil a memori31 plaque celebratlng the Ilves and contribution which over 230 member5, sadw no longer wlth us, had made tothe Rallway over those 50year5. New events were Introduced, for example the Summer Concert and the 1960,5 weEkend. These were well recer¥ed and It is Important that we keep iaDDvatlTh8 85 thi5 bfings new customels to the Rallway- there are Still many people on the Island who have yet to v*sit 115. Our 50th Annwersary Steam Gala included Class AIX 'Terrlerf ￿-0T 2638 BDdiam lothefwkse W14 Bembridgel lor a 3 week visit in June fromthe Kent and Eastsussex Bzilw4y. Theé¥ent includèd a trlplÈ hÈadÈrfrom HaverbStrÈÈt to WotsttDn where CalbournÈ, NÈwport and 8embndge were posed In addition io our excellent 'lsland Rail News, maga7.ine, 3 50th Anniversary book was pub115hed and l am 8rateful tD al those who COntr￿buted to a superb pulAiEatiDD and to Stuart Duddy ft)r I¥5 work in putting it all togÈihei a not inconsiderable task. Tuming now to buslness succe55. the Raihvay ha5 had a fantastK year in 2021 and all thi5 ￿e$￿te not being able to run trains until Ilth April. mi5$1nB the lutratlve Easter market. We had 115.wo visltors. Our overall Incorne from travel, retail and calerin8 5tsnds èt a record. The cash p051tion has fu recoverÈd frr>m thè outhovj Df ftjnds in 2020 of £0.109M as destribed in thefinanoal repDrt be￿w. Our customers cert2inly Il*e us- Ihere have been many positlve comments on social media and Trlp Advisor. We prDvide good, helpful and friendly 5eMce and that IS Dne of the major k￿$ ttr trur 5tstoss. The policy of Pfe bDDkiDg compartments, W￿th Covid 19 still the mtnd of our pisbll co￿tIn￿￿d tts be wÈl¢tsmed by them. One thing we tan n￿Ér understate Is that not onty have we run a safe Rallw8y. we havÈ run a cO￿d 19 safe Railwav. Further succe5S Was a¢hleved In winnlng the Red Funnel 202DI21 Gold award torbÈing the best large v15itor attTaction on thelsland. The other rnajDr new arrival on the Rallway has bepn Drèwry Railcar Na.2 and Its tvaller rar chassls. In the Autumn slgnlficant work was doTre on risk a5se55ments forthe opeiation of the Rallcar whith was successfulty brought into servlce on 23rd January thls year. Our slncere thanks must80 to Terry Hastln8s. Bob Huxtèble and the latÈVlv Orihofd who Tnade tht5 project PDsslblÈ. Its thÈ lotomotivo works ALtstcrty1>6-OT 192 Waglloner contlnued to hève slgniflcènt work undÈrtakÈn on its boiler which is now nearin8 ￿mpletion. Work wntlnues on the rebuild of LCDR Brake 3rd 4L15 od Oldbury 21 in Cèrria8e ènd Wagon workshop. The locomotive and carriaEe fleet all trwelled m8ny mlles In 2021 wlth a lot of 2 tr&ln day5, operation. Where THE ISLE OF WIGHT RAILWAY COMPANY LIMITED ILlmlted by Guarantee and not ha¥lng any share capitsll CHAIRMAN'S REPORT AND FINANCIAL REPORT therè WEre problems then thÈywere dealt with in a hlghly profession31 manner. Work onthe rebuild olthe Mldland Crane commenced and good pro8te55 *5 belng made. Turning to Imjr people, thpre havÈ been a number of change5. Unfortunately* two ol oJr IDrmÈr apprÈntlces left us, Aiden ?hBS joined us as an apprentice into Cafriaee and Wa8on and Slmon ? has Joined locomotive En8ineering. Sarah Gidln8 has been appointed MÈritaKe and Learnlng Manager, Adam James, È5taie5 ManagLY and lan Hodson, Rall Infrastructure Manager. I wish them all every success. I wish 8ob Huxtable a Very happy retlremÈnt and thank him for h15 many year5 with us in mènaaing. fifstly Englneering l*terly Rail Infrastructure. In rny loreword fortheWinter2021 edf(ion ol IRN I rèi5edthe subject olthe Board and Oiversity. Outof the 15 ¢urrenL all alp 8oard Olre¢tor5, On￿ 4 8r* worklng, the remainder are Yetired. In many ways the age Profilp of the BD3rd has risèn. s the Railw3y ilsell has matured butthls is s(*hething which needsto ch3nge with 3 start at the 2022 AGM. There are a numberof reason why th8n8È is needed. We need 8 broad and up to date rafige Df skills on the Board to deal wlth all aspects of runningwhat Is now a 5ign4flrantbusln￿s. Wp will beSee￿￿￿￿fUrtherrn3IOrBrantS legGoal gTr?in Story 21. GrBnt fundin8 bodies now have a 5Èriou5 lotrk at rhe BDard strutture ancl It Is Con￿￿able that ours would not Ilt the profile expected. In saylng this, aspects of running thÈ Railway itself- safÈty, tswations, ÈnelnÈerln& rail Infr8&t¢utture. estste5. hwliège and learnln8, flnènce and commercial will Cont￿nUe to require tjirectors to be sn p05Ition la5 Director5 with functional leadership Df these 5ppcific area51. This leads onto my own p051tion wherÈ I reach another milepost of the mid-sevèntie5 in Au8U5t 2D21. Hwin8 by that t￿me been on the btrardfor 22 years and with the prlvllegeof beingchairfftanfor the last 4, it is for me t05tepa5ide. Whi15t I wll stsrt the 2022 AGM. I will be standlng down from the ChaSr at an approprfate polnt vAth5n It. Derek Blshop has algo indicated that he will not be seeking re*lÈttion and I wantto thank him for hls Contrib￿lDn. You will see that Peter Vale. ourformei Gèneral Manager. has been nomlnèted tololn the Board and Sf elected, he would take on the other key robe that I perform as the Railway's Finantr tJireLtor, One of Dur young niembers who is qualified bDth as a 5Egnalman and a 8UBrd has also been nominated. I would commend 3ppointtng both. Flnally. I want to thank StÈve Backhouse. Dur Gener31 Mana8er for his lÈadership. innovation and tontributlon tD the success of our Railway. This is coupled with thaTrk5 to all our Managers, Stsff and last but by no r￿anS least to our Volunteer5 forall that has been done to make 2021, our Golden Jublke yebr, so Successful. We can lookfo￿ard to 2022 w<(h a high degree of optirni5rn 05 the expertations are that'stayCatio￿. wlll continue to be pOp￿13r. THE15LE OF WIGHT RAILWAY COMPANY LIMITED ILlmSted by Guarantee and not havlnK any share capltal} CHAIRMAWS REPORT AND FINANCIAL REPORT FINANCIAL REPORT In my 2020 I reported thalouTC05h pDsiiitin de£llnÈd overtheyear byÉO.109Mto £1.640M. In 2021 our Rallwaygenevafed gr05s intome of £2.56M I£I.IM more than 20201 and our cash p051tion on a I￿ke for like basi5 roseto £2.18M. Aftertakin8 into Bccountthe Bmount outstandlng on the Coronavirus bUS￿neSS loèn ICBILS) net tash stood excess off f 1.9M. By any measures this rePr￿ented a signlficant recovery. The loan Is beln8 fepaid wlththe out5tandingterm of 4year5 8 months at 31st Decernber 2021. Theoriginal Eapitèl amDunt of EO.25M has been set &5ide tDWHrd5 a malar new prolett. Train Story 2. whlch is in the concept5tage at prÈsent. This Is needd as we hève run out of space in Train Story meaning that valuable locomotives and rolling Stock have spent the Wlnter outslde rather than undercover. Whilst early May wa5 quiet we ihen became busy rlEht through the seasm leadlni to record income from Travel, special e¥ents, shop ènd cater*n8 whlch totalled in ex￿55 of £2.OM. There Is Jbsolutely no doubt that we benÈfiied from the stsycation market which pre￿112￿. Ou¥ Railway has morÈ than sufflclent funds to meetthe rapital expEndf(ure programme ol £0.53M for 2022 with a variety of projects planned, covering Hll aspects ol our Railway's buslness. One of the most notlceablÈ at tho present Is the renovation of ihe Station building whl¢h Is Ilkely to CO￿ clrca £70.0￿ but the work that is belng undertaken Is vltal to ensure ihe preservation olthis hlstorlc buildinB-the m05t important at Havenstreet. As I wrttÈ thi5 In mld-April, I tan rÈport that the 5easoTh has started wèll. It Is too early to p¥edlct the Impact that risln& energy costs and inflation will have on the holiday and lei5u¥e market this year. It is also difficult to predict how 0￿r own costs relatlnE to coal will be In￿Uenced by the rnarket and indeed. where wlll corne frDm, nowthatthere is no longer UK co31 avallable to buv. In conclu510￿. thi5 wlll bethe lasttimÈ I ￿11 be wrlUngthesÈ YÈporrs and I want to takeihls opportijnltytoihank ntyfellow directors, our managers, st8ff and vdunteers lorthe supportwhich I have received over my time as a Oirectorand18tter as Chairman of ourfant85tic heritage railway. Pètèr Conwav thalrman and Finanre Director THE ISLE OF WIGHT RAILWAY COMPANY LIMITED ILlmlted by GuaMnteE and not havlng any 5hJre capitsll GENERAL m￿GER's REPORT tlespite the ongoing challenges of the Covid-19 pandemic. 2021 was a very suecessfijl year wlth buoyant visitor numbers and an excellentfinancial performance. Thls places the Rallway In a stTong p05itk)n, ableto in￿t In its fijture. The year started In much mere thallenging circumstances amldst another nation31 k)¢kdown. 0￿e fdsualty wès our event to mark the Soth anniversary of 'thc Move. from Nowporl to Haven5treet, wlth member5 and SUPPDrters having to watch Calbourne's rÈturn to steaffl via our wekarn. In tot3120 operatSn8 days weie105t. includingthe valuablo EÈstÈr buslriÉss. The Rallway reopened or+ 12 April, colncldentally SOyÈ4rs to the day sIn￿ the flrsttraln in 1971. For a further flve weeks. we werereguired to keep mugÈum buildingc105ed andtravel restrlctiOn5 kept visitor frumbersvery subdued, geT¥erallv fluctuating between 100 and 150 passenger5 per day. Nevertheless we tomfortably tovered our tosts and h3d the worthwhilÈ benefit of m&irttsiniTTrE the competence of the operatlng team and keeping the liallway in the pubilc eye. Everythlng changed during the May half-tErffl vJeek when the Island was suddenly very by5VWlth holldaymakers,. a trend that corstlntsed right thTDugh a busy Summer and Autumn. In total we carried 105,(X)O pas5en8ers and welcomed a further 10,000 admisskn-onty w51tors to Haven5treet station. This would havÈ been higher had it not been for the restrict￿nS èt the 5tsrt Df the year which conservatlvely cost U5 20.WJ visitor5. With Island Line seNlces suspended lor m05t of the year, Only B handful of passengers were able to Hfrive vrd Smallbrook Jun¢tlon. With workcompletÈ,wewelcome our iestoratDnof ourllnk tothÈ natlonal rail networkbeinforthe2D22sea50n. The v35t majorily Df passen8Érs coritinued to book online, sUc￿￿fUllY stÈerlTrgthem te tralns wlth empty strats. As a result WÈ avolded the peaks and troughs seen in pre¥lousyÈars, with all tralns kept tomfortably full. Ou¥ pre-Grouping carriage5 ag81n tame Into their own with grDups Df 4 or mre atAe to reseNe thÈlrown compartment. Thps Is highly valued by otsr visitors,. offering both reassvfance and added valuÈ. Average spend per head In¢reaserfwith fare5 increa5edand stron8 setondary income. Our shop continuesto perform very well, b005ted by online sales. an our exclusive 00 gauge model of W24 Calbourne. Caterin2 spend returnÈd tts the pre- Covld leve15 seen in 2019. The real success story has been our T-junctlon ki05k which has benefitted from the newty- landscaped area around the Events Barn. With modest opÈr*iThB costs, T-junctlon 0￿rat￿5 very profitably and accounts for o¥er40% of all caterin8 income. Thi% commercial performah¢e is Underp￿nned by è high quality visltor e¥periente. as evidenced by our Vlsit England inspéction report and TripAdvlsor revIe￿. Credit here Eoes to everyone in the IW5R team lor lo¢kSng afterour vSsitors $0 well,. the human touch re31Iy doe5 rnake all the difference. We opÈrated a fvll programme of Spec181 EvÈnt5 vAthin the shortened season. helping to attrart 3 diverse audien￿. The newly launched 1960s Weekend, Summer Concert and Race the Train all attracted good nurnber5 3nd the alm Ss to bijild th￿e into Tegular features in our taleBdar. rt was encouraginR to welcume rewrd numbers to our CldÈr & Cheese Fesiival. Wiiard Week and Santa Speaal> Other pvents ehab￿ us to showcase tsur railway heritsge. A particular h*hllght wa5 the SDth annlversary Sab whith saw three Or￿in21 Islènr4 locomtstives actlon. We tODk advantage of the viskt from Kn¢wlelBernbrfdge to hold a separate Terrierweekend afewweeks later. Ourrnonthly Island Herita¥ÈTraln Days enable allow ustoshowcwe ourori8inal Island locornotlves haulinE per5od goods trai*5 orthe Ventnor West PU5h-pull set. Although thebusiness slde of the railwayiequlred muchol myfocu5 during theyear, Itwasverypfeaslng to notea number of slEnlfl¢8nt her￿ts￿e accomp115hments. Fl4gshlp locamative W24 Calbourne returned from her Overhaul in January 2021. Our thank5 80 to everyone in the team ho pulled out all the stOP5 to get her steaming agaln In tlme for our 50th annlversary cÈlÈbrations. We also saw thè io the151and of Drewr¥ RaSlcar No 2 (Dr the Ryde Pier Tram). As many members wlll know thls hos 104)g history wlth the IWSR. holdlng tho di4tinctlon el b&ng the 135t traiTh from Newpor¢ and carrylng passÈngÈrs in THE ISLE OF WIGHT RAILWAY COMPANY LIMITED lknmlted by Guarantee and not havlng any share capltall GENERAL MANAGER'S REPORT somewhat primitive fashion In the early 19705. The chèssls was then abandoned In a field for many decades before project team led by Terry Hasiings, Bob Huxtable and the late Vlv Ordiard set about returnins it to life. This team, supported byourcontrartor5atAlan Keef Itd. have donÈ a magniflcentjob of re-CTeatingthls uniquepieceof15Iènd raih¥ay herltsBe. Ant>ther new addltlon was 483Lh)7 Je55 Hafpef generously donated by South Western Railway. This now forms a popular new exhiblt in51de Tr&in Story where it attracts a new generation of enthusTrastS too youn8 to have wltnessed the age ol steam. Behindthe scene51 good prOgr￿$WaS madÈwlththÈ restoratlon of 1wR￿dbury Nts21. LCDR4115and theformer Mldljnd Raifv4aY Lrane. Dèsign work commentrd for the new boiler for Class El W2 Yarmouth, with the expettatk>n that an order wlll be p￿Ced In ZD22. Glven the uncÈrtalnty atthe start of theyear, we deliberately held baEk from significant£apSts15pending. NevÈrthelesswe invested £28,OL¥) In new bullhead rail, now installed near Deacon5 Lène BrKlge. We ptan to contirbue thi5 investment over several years, 3dding to thp long terrn susta￿abl11tY of the Railway. Work also ¢Dmmttsted on St￿ngthe￿ing the ChillinswDod Brook embankment east of HavefistrÈeL Part of a multl-year prolect to rettify this weak liTrk in our rur5nin8 With our reserves replenished, we have agreed a mDre èfflbitk)us capltal progrèmme for 2022 thot will invèstment ITh new tracki pkint, IT, and bulldltha repairs. includ+ng an extensive refurbishment of our orwlnal 1926 statlon buil*Jin8. OurthaTh￿ go io everyone the IWSR team for thelr hard work anrj commitment during the last 12 Tnonth5. We hre very f￿tunate to 3 very skilled team across a wlde range of discipllnes, ranEing from restoring h15toric rolling stock and maintalning our tracl ttj servin8 our visltors in our shop. calé and tl¢kÉt cffices. By working to8ethef we operate a safe and professional raSlway ènd a top-quallty Y5sitt￿ attTartlon. Durin8 2021 we welcomed new managers to our R3il Infrastructure, E5tatÈs ènd FleritaRe & Learnlng Departments,. we wekome their fresh ideas 3nd profe55ional e%pertlsÈ. Team survey5 Showed a slgnifitant improvement in lob satisfactio amonBSt both paid staff and voluntÈers,' neverthelets this is an area whp.rp. we. can continue to get better. learning from current best practtce. The forthcoming recruitmÈntDf pald Volunteer Development ManègeT wlll help strengthen thi5 kev area of oui organi5ation, Thank you to everyo￿ who has VO￿Unteered, v￿ltEd or suppgrted the Ra1fv4ay durlng 2021. The Covld-19 pandemk ha5 rtainty cfEated 3 nurnbÈr of Challenges. as well as unexpected opportunities. The Railway ha5 emerged in Eood heahh, rpadyto ctsnltnue developlng in theyears ahead. steve BatkhousÈ fj*nÈral Manapy THE ISLE OF WIGHT RAILWAY COMPANY LIMITED Iumlted by Guarantee and not havln8 any share tapltall FUTURE VISION Our toard of director5 has agreed a str3tegyforthe next 5 years, which complements the Railwa￿$ longer-term 5trateglc vislon. oor VIs￿n forthe next five years Is.. With a nationally renowned heritage railway at Its core, we will bÈ one of the Island'5 leading £uStural and visltor dÈstination5, presentinB high ouallty experiences for visitors to karn from ènd enjoy. We v4111 coniinue to be Buidetl by three core principles,. We are the guardlans of Isle of Wight railway heritage. Ènsuring that It ian be enjoyed by future genec8tlDns. We w411 carefully manage ovr bu51rip5s affid finances, not over-extending our rèsources. Safetywill underpin all our actlvlties. THE ISLE OF WIGHT RAILWAY COMPANY LIMITED (Lknlted byGuaiantee and not havlnB anyshare capilall CHARITY INFORMATION REGISTERED OFFICE AND PRINCIPAI ADDRESS The Rallwaystaiion Havenstreet 1s1È ol Wlght P033 4DS COMPANY NO 1068690 (England and Wal￿} CHARIIY NO 280918 DIRECTORS ANOTRUSfEE5 The direttors of the Iharitable company I'the charity") are its trwstees for the purpose of charlty law and thr￿hout this report 3re collectively referred to as the InJstee5. The tru51ee$ 5eMIi8 during the year and 5in¢e thÈ yèaf end were as follows: Anthony Barry Peterconway Ichairmanl Gets￿e Felton Andrevj Merritt Stephen Smart lain Wh*tlaffl Derek B15hop Graham Dee#an Slmon Futcher Marc MDrgaTr.Hvws MBlcDlrn Srnith PeterTaWor Stephen Castle Stuart Duddy James Loe Stephpn Oates John Suggett CHANGE5 IN TRUSTEES DURING THE YEAR Gr3h4m Deega AppDinted 17 July 2021 Jarne5 Loe Res￿Ened 17July2021 Appointed 17 July 2021 Resigned 17July 2021 M8rc Morgan-Huws John Suggett SECRETARY laln Whltlèm VORM OF ACCOUNTS Consolldèted #È¢ounts ttfThe Isle of Wight Railwav Ctrmpany LSmsied and IWR Tr2dlngUmttÈd. CHARITAoLe STATUS The tompany 15 3 UK Regislered Charity No. 280918 BANKERS Lloyd5 Bank PLC 22 StThoTnas Square Newport Isle of Wight P030 ISQ SOLiaTORS Eldrfd8es 36-?7 Stjarnes, Street Newport IS￿ of Wlght P030 IIG REGISTERED AUDITOR5 Brl#ht Brown Limited ExchanEe House St Crogs LanÈ lewport 51e oFWlght P030 5BZ THE ISLE OF WIGHT RAILWAY COMPANY LIMITED Iumlted by Guarantee and not havlnB èny sharè capltall TRUSTEES, REPORT FOR THE YEAR ENOEO 31 DECEMBER 1021 The trustees who arE a150 dIr￿lDr$ of the charity for the piJrpose5 of the Companies Act present their annual rÈport with the financlal statements of the groupi parent Èornpany ancl its SUbs￿l3ry undertakings for the year ended 31 Detembèr 2021 which has bÈÈn prÈpBred ID accordance wilh statutory requirements IFR5102 and FR$ 102 SORPI and the Charitab￿ iornpany's gtrvernlng dtscument, The legèl 3nd adminlstrative infotmatlon set out on pa8e B forms part olthls rerM)rt. GOVERNANCE The Isle of Wight fiallway Company Limited Is constltirted under its 3rtlcles and memorandum and 15 a resi5tered chèrity no. 280918. It wès iniorporated on 13th Au8USt 1972. It5 5ubsidièry IWR TradiM8 knmited was Incorpordted Oecember 1992. The Isle of Wight Railway Company Limited Is a reglstered charitable company IlmltÈd by guarantee, not havln8 any Share tapi(al. Members guar3niEe lo pay during their membership and wlthin one year after they cease ttr be a Member, In the event of H wiDdiTrE-up ordor, a sum not e¥ceedinE flvÈ potsnd5 for paymeTrt of dÈbts and liabilitles covtracted by the chèrltabk company before they ceased to be 3 member. APPOINTMENTOFTIiVSTEES Any fully paid member of the charitable company may put his name forward ft)r membership of the Board syblect to cc>mpliance of artitle 33 Idl111 of the company's Artlcles of Association. In addltlon, the Board has the rlght to invite fully paid up members to pui their name5 forward. Eleetlon5 to the Board are sublect to a confidefitial vote of embers at the company's Annual General MeetinE. Those members unable to attend such mèeting may vottr by proxy. The Board also has the right to co-opt additional members on te the BoaTd at any time rfurlng ihe year to flll vacancies but these nominees wlll thèn be subjeci to the olethon process at the subsequent Annual General Meetins. Matters relzting to membErsh￿p of the Board are fully covered in art￿leS 31- 37 of the ch8ritèble company's articles ol association. OR6ANISATIOfrIAL STRUCTURE The Board has the responsibility for establlshin8 policy. Dell¥ery of thesÈ FK>li¢y decislons IS the responsibllSty of thè GefiÈral Manager who works wlth the charltable ctrmpany's Heads of Department who cover the folbwng Dperations.. rolling Stock. r3[1 Infrastructure, e%tate5. health and Safety, operatin& ￿tall and carer5ng, commerc*al, heritage and loarnln& finance and èdmin15tration. All staff aftd volunteer5 worklhi within these departments are fesponsible to theii Head of Departn7ent. A management structure has been deslgned whereby all heads of dÈpartmÈnt report to the General Managef, who Is rèsponslble to the Board. All new trustees are yiven induction trainin& and tralning during the year. on the workof the charlty and on 5t*clfk Issues. The General M￿￿¥er also oversÈes the charity's wholly owned UK tradln8 subsidiJry4 throL4h whlch the shop and cateThn8OUtlets are operated. RISK MANA6EMENr The trustees ￿vè exarnlned the major Strate￿t, business and operational risks whSth the charltable company tsces al￿ confirm that systems have been established to Ènable regular report5 to be produced so that the necessary steps can be taken to lessen those rlsks. VOLUNTEEf¢5, DONATIONS & BEQUfSTS The chartty is very 6ratef￿ loy the work contrlbuted by volunteers and for thE donatlDns received both for 5pÈcthc projects and general %unds. The trustees also wish tD acknowled8È Wlth thank5 the bequests the charlty ha5 recelved from thè wi115 of members and friends olthE Rèllway who have sadly patsed èwav. THE ISLE OF WIGHT RAILWAY COMPANY UMITED ILlmlted by Guarantee andnot any share capltall TRUSTEES, REPORT FOR THE YEAR Et4DEO 31 DECEMBER 1021- coNllNUED OBJECTIVE5 AND ACTIVITIES The princlpal activity of the charit3bk company in thè year under revlew continued to be the rÈtèntlon, prese¥vation. re5toralion and oppratiorn of a y)rtiot) of the rallways In the Islo of Wlght as a pernianent exhibition and working mustum lor the advantemtnt of teehnlcal. historical and general ed￿ation. The Rallway Is ￿credited as a Ynuseum by Arts Council EnEland. CUARfiY's MAIN OBJECYIVESINTHEYEAR An ovefview of the charitV'5 BctIv￿tle5 durln8 the year is Intluded In the prttÈdin8 3nnual ievlÈws. Further Informatlon s avallablp In the Wlnrer 2022 editlon of Island Rail News. The Board published è Strategic Wsion Document in June 2009. which was revised in 2013 and again in 2017. ACIIIEVEMENTS AIID PERFORMA14CE The achievements and performance of the charitv durlng the Year are detsiled on page5 2 to 6 of thi5 annual report. The triJstÈe5 rÈport thaL in thÈlr Dplnlon, Can￿derIng thÈ challan8es COVID-19 has presented to all ch8rltlÈs thls has been a suctossful yoar for the charity. RESULTS FOR THE FINANCIAL YEAR Total income for both the charity and subsldkry for the year amounted to £2,564.838 12020.. £1,463,691). Adrninlstration 3rMI event costs arnounted to £381,826 12020.. £321,219>, shop. catering and show expenditure amounted to £6￿,224(202o.. £277,225). expÈnditure on iunning and maintalnlng the Railway amounted to £987,094 12020., £930￿4￿> The overall surplus forthe year amounted to £594,75112020.. deficit £69,288). IIE5ERVES POLICY It f5 the po1￿CY of ttrt cP￿ritablE company to maintaln tIn￿Str￿ctedf￿fids, whi¢h are the free reserye5 of the charitable company. èt a level whlch equates tD èpwoximatel¥ ftur months unrestrictod expÈndEtiJre In Drderto JvoSd operat5ng cashflow problems. The overall rese￿￿ of the group held at 31 De£ember 2021 amounted to £4,888,345 of which £199.277 hre held for rest￿Cted purp05e5. Reserves of £2,883,4113re held as fixed assets includlng investments. and £502,200 Df resevvè5 r2latlw to lÈgacl@s reeelved have beÈh designated for 5peclfic purp05e5 by tru5tee5. This leaves £1,303,457 of free unrvstdcted reserves. This level of free reserves is consldered by the trustees to be suffitknt to meet the reserves poll¢y of approx1r￿tefV four months. expendilure. PRINCIPAL FUNDING SOUACES The charity's prlntipal lundlng soijrces contSnuÈ to be from donatltshs #nd mernbeY5hip incorne. 5hckp, caterlnB, tlcket sales and atherspetlal pvents incomp.. The¢harity has al%0 bpnefited from grant funding. Once the costs of generating theso furid5 has been deducted, the majority of the Ipmaining funds ire used ID support of rhe key objectives of the tharlty. that Is the mèintenantÈ and runnln8of the Rai￿43v. INVESTMENT POLICY Undp.r the r.hariiVsgovp.rrlng document, the. trustees have the power to Invest the mDnles of the tharitable company not imrnediately required. in any such mannef as the tiustee5 mayfrom t1￿* to timt determlne. FUTURE PLANS Detalls of the charlty's strate8y plèns are publlshed on the website wvrn.iwste3mrailway.co.uk. Thls includes the Strate8ic Vision Document from which detalled plafts for the f￿tUre will be produced. These plart5 a¥e 5umrnan5ed on page 6. PUBUC BENEFIT The 8oa¥d of Trustees tynderstsnds the requ1￿ments Os set out In Section 17151 of the Chafi*ie5 Act 2011 and takes the vièw that The 151e of Wight Railway Company Limited COMp￿elY satk4fies all guidance 5ssued by the Charity Commission wth regard to public beneff(. io- THE ISLE OF WIGHT RAILWAY COMPANY LIMITED Illmlted byGuavantÈe and ttot havSw 8nyshare ¢apiiall TRUSTEES. REPORTFOR THE YEAII ENDED 31 DECEMBER 2019- CONTINUED COMPAP4YSUSTAINABIUTY5TATEMENT The Company recognises that a5 a responsible organisation it has obli8ation5, both in law and morally. to act In a 5UStainable malbner to reduce where p055ible and practlchl. Its Impact on the wlder envlronment. It alm5 to do 50 by MIn￿￿lS1n￿ Sts tonsumptlon of natural resources, effectwe ￿e0f those resources, reduction, rpuse and recydlng of waste. reducing ￿*5 impact on the natural p.nviranmenL promotlng ￿0d1ve[Sity on its land holding5 and minimisin8 pollution in all forms arisingfrom it5 operatlDns. TftUSTEE5' RESPONSIBIUTIES Company law reqU￿re5 the trvstees to prepare nhancial 5tstements each h"nancial year in accordance with applicablp law and United Klngdorn Generally ActEpted Accountins Practice (UK GAAPI. Under company law the tru5teE5 must not approve the finèncl81 statements unless they ère satlsfled that they give a t¥ue and fair view of the state of affalrs of the company and of the Income and expenditure ol the cOm￿nY forthat period. IA preparing those finan£i315tatements, thetru5tee5 ère required to= select suitable accc¢unilng pollcies and rhen apply them conslstently.. makeludgements and estimates th3t are rpasonable and prudent.. prepare thÈ finanL48l ststements on the goln8 contern basls unless it is Inapproprlète to presume that t company will ctsntinue". determine how amounts are presented withln items in the 5taterryent of li￿an(la4 actlvitie5 and balance sheet, havi1￿ regard to thè 5ub5tancÈ of the rÈported transattions or ar¥angptnÈt>ts. I atcordance wlth generalWaccepted accout)tin8 principles or prèctice. The trusiees are responsible lor keeping proper accounting records whlch d￿CloSe vrith reason4ble accuracy at anv time the financial p05itvn of the company athd to enable them to ensurÈ that thè flnanclal statements ¢¢mpty wlth thè Companies Act 2006. They are also responsible for sèfeguardln8 the assets of the tornpany ènd hence for taklng reasonable steps for the prevention and detection of fraud at)d other irregularities as well as for the maintenance 3nd integrity ofthe corporate and financial information included on the charitV'5web51te. STATEI4JE14T ASTO DISCLOSURE OF INFORMATION TO 14UDITORS So far as the trustees are aware, there is Do rel2vant audit infDrmBtiaD las deflned by Se£tion 418 of the Gjmpanres Act 20061 of wN¢h the compaThVs auds￿r5 are unaware. an(J eaih dlrector h3S taken all the step5 that hp orshe au8ht to have taken ès a director In order to make hiynself or herself aware of any relevant audlt Snfo¥matlon and ta establish that thp company'5 auditors3fe Èware of that iThformatlon. This report has been prepared accerdante wlth the 5peclal provi51Dns tsf the CotnpaniÈs Act 2006 relatin8 to Small comp8nie5. yorder ofthE Board PETERCONWAY ICHAIRMANI li THE15LE OF WIGHT RAILWAY COMPANY LIMITED ILlmitsd by Gu8ranteeand not h3vlng wny sham tapitall REPORT OFTHE INDEPENDEP4T AUDITORSTOThE MEMBERS OFTHEISLE OF WIGHT AAILWAY COMPAN¥ LIMrrED OPINION We have audited the financial statements of The Isle of Wlght Rallway Company Limlted (the 'p•rent tharltable company, and it5 Subsidiary Ithe 'ch3ritable gr0￿P.} for the year ended 31 O¢cember 2021 whlth CDmprlse the con501idèted statement of linancial actiV￿tieS Ilncorpor8tinÈ an Income and expÈNdlture accDuntl, consolldated bslance sheet, parent charitable CDfflpany balancè sheet, consolidated statÈmtnt of cashflows, parent charitablè company st3terrEnt of ca5hflow5 Ènd notes to the financial statement5, indudiw a summary of 51gnrficant &tcountln8 pollcle5. The financi31 rÈportinÉ framework that has been applied in thelr preparation is aptAitable lèw and Unlted Kingdom Accountlng Standards, Including Flnancial Reportlng Standard 102 The Flnanclal Reportin6 S￿ndard appllcable in the UK and Republlc of IrpK4nd Iunlted Klngdom Generalty Actept*d Accounting Practlcel. In our otAnion, theti￿ntIal siatement5'. Give a true and fair view of the state of the tharitab1e Rroup'5 and parÈnt tompanvs affairs as at 31 December 2021 aDd of the charitable Eroups, lncomlng reSoUr￿S and applicatlDn of TesDurcesfcf the yearthen ended.. have been properly prepared in accordance with Unlted Klngdom Generally Attepted Accountlng Pfacilce applicableto Sm3ller EntrftiÈs,' and havÈ been prÈpèred in actorthnce ￿th the requlrements of the CompaniesAct ZOD6. BASIS FOROPINION We conducted our audit in •E¢ordance wlth International 5tand3rds on Auditlng IUKI IISAS IUKII and appllcable law. Our respon5ibllit+e5 undèr those standèrds are lurther described in the audltorfs reswnslbilities for the audit of thè rinancial statements sectlon of our report. We are independent ol the charitable group in accordan￿ with the ethical requlrements that are relevarit to our audit of the fln8nclal statement5 ￿Tr the UK. includlng the FRC'S EthKal standard, and we ￿ve fulfilled fMJI Qther *thic£l responsibSlitie5 in accordancp wlth thÈso requirements. We believe that the audbt evidencewe have obtained ts suffioent aod app£oprlatÈ to pruvlde a b8sls for our oplTrion. CONCLU510NS REiATIt4GTO GOING CONCERN We have noth￿nI to repDrt In rcspect of the following matter5 ￿n rElatlon to whlch the ISAS IUKI requSre us to rewtto ythj whEre'. the trustees. use of the EoinB toocÈrn basis of accotsntlllE in the preparat￿￿ of the financ￿al statements Is not appfoprlate,. ar the trustees have rbot dlsc105Ed in the financial slatement5 any idETrtified material uncertalntles that may cast Snrficant doubt about the charltable 8roup'sor the parent charlt8ble company's abillty to continup to adopt the golng concern basis of acwunting fDr a perlod of ar least twe.lve T¥sonths from the date when the finanual ststements are a￿thOrIsed for ￿Ue. OTHER INFOR￿TION ThÈ ￿her Informatton comprlses the informatlon Included in the annual reporL other than the financial statements and our audiiors report thereon. The trustees are reSpgnsi￿￿ for the other Information. Our opinion on the financial statements doe5 cower th2 information and. except to the extent oiherwise explicitly stated in our report, we do not expres5 ènyform of assurance conclusvjn thereon. In connection wth our audit of the financial statements, our responsibility ks to read the other information and, in dolng so, considei whether the other Information is m*erially Incons￿Stent with the financlBI statements or our knowlodge obtained in the audit or otherwise 3PPEars to be materlally mi55tated. If we Idelltlfy such m8terial inconsistencie5 or apparent rnate¥ral tn155tatpmehts, we are requlred to determine whether there is a material mi55tatement the fSn8ncl•l statements or a material mi55tatement of the other information. If, based on the work we have perforrned, we conclude that there is a Thaterial mi4Staternent of this other ififormatlDn. we are re4uired tD reportthat fact. We have nothln8 to report In this re8ard. 12- THE ISLE OF WIGHT RAILWAY COMPANY LIMITED (Llmlted by 6￿￿tee and rtot ha¥tn8 anyshart tapStall REPORT OFTHE INDEPENDENT ALIDITORSYOTHE MEMBERS OF THE ISLE OFWIGHT RAILWAY COMPAIIY UMITED. CONTINUED OPINION ON OTHER MATfERS PRE5CRI8ED BY THE COMPANIESACT21)06 In our Dplnion, based on the work undertaken in the course of the audtl.. The information given the tru5tees' report. whlch Includes the directors, re.p)rt prepared for the pvrp05e5 of tompany law, for the flnancial ycarfor whlch the financial statements Jre prepared is ton5iStent with thefinancial statemtnrs.. ènd thè dlrèctors, report Indudod wlthln tho trustees, report have been prepared in a￿ordanCe ￿th applKable le8al requirements. MAThERS ON WHICH WE ARE REQUIREO TO RFPORTBY EXCE PT1014 In rhe light of the knowledge and under5tandlng of the charitable group and ihe parent charltable cornpany and its env￿r0D[￿ent obta￿ned ￿n the course pf the atsd￿, we have tK>t Identified materi41 misstatemÈnts in the Ilrettor5' report Included wlthin the trustees. report. We have nothlng to report In respect of the following matteT5 where the Companie5 Act 2(M)6 requires u5to repDrt to you if. in our opinbDn'. adequatp accounting records have not been kept by the parent company, or returns adequ8te lor our audit have not been received frorD branche5 TTrOt Vlslted by.. or the parent tharftsble company financial statements are not In agreement wlth the accountlnB records and returns," or • certaln dlsclosurès of trustÈes' remuneratlon Spetified b¥18w are not madÈ,' or we have not recei¥ed all the ￿nforMatION and eX￿anationSwe require for our audSt. The trustees were noi er*tiiled to wepare the finantsal statements In èccord*ncÈ with thè small ttsmpanies regime and tèkè ad¥antage of Ihe smèll cornpanies. exernpt4ons In pweparing the irustees report and Irom thÈ requlrementto prepare a stratÈgic report. RESPOIISIBILITIES OF TRUSTEES As Èxplained rnore fvlly in the ttU5tees' responsibilities 5tatemenr Set oui on page 11 In the trustees, repoiL t trustees (who are also the dlrectors of the tharitablp company for the purp05e5 of company lawl are responsible for the preparat*on of the f+n1nc￿aI statements and for bein8 satlsfled that they give a true and lair view, and for such Internal cuntrol as the trv5tee5 deiermine is necessary to enable the preparation of financlal statement5 th￿ are free from mater181 mlsstatemet)t. whEtherdue to fra￿d or efror. In preparing the financl31 staterr*nt5, the trustee5 are. re%pons4ble for assesslng the 8roup's and thÈ parent companv, ablllty to contlnu& as a going coneem, disclosing, as ￿p￿Icable, matters related io Eoing ctsncefn and using thÈ go￿ng concern ba515 of accounting unless Ihe trustees ef(her Inten(J tts Ilquidate tl* wmpany or to cease operatlDns. or have reallstic alternativp but to do 50. AUDITOR 5 RE5PONSIBILITIE5 FOR THE AUDITOF THE FINANCIAL STATEMEIITS Our object*ves are to obtèin reasonible as5UTance about whether thè flnÈncial statements as a whole a￿ free from matErial ml55tateme￿t, whether due to fraud or error, and to issue an auditerfs report that includes QUT O￿n￿On. Reasonable asSura￿e is a high level of assurante, btst Is not a 8uarantee that an audit conducted in accordan¢e with ISAS IUKI will always detect a materi31 mi5Statement when it exSst5. Misstatements can arise frDm fraud or error and are considered material If. indlvidually or in thè a￿regate, they could reasonably be expÈtted to irfuence the £onorDiC deci51on5 Of Use￿ taken on the basls of these financial statements. Irregular5tles. Includin8 fra￿￿, are InstantÈs of non-cr>mpliance wlth laws and reÈulatlon5. We deslgn proredures In line with our responsibil￿les, outllned abwe. to detett materlal misstatement5 in ￿SpeCt of SrreRularitie5, including frawl. Troextent to whlch our procedures are capable of detectSTr¥ irregvlaritlP5, Includin8 fraud ts detailed bèlow.. 13- THE ISLE OF WIGHT RAILWAY COMPANY LIMITED Iismlted by Guarantee and not hav1￿ anyshave cawtall REPORT OFTHE INOEPENDENT AUDITORS TOTHE MEMBERS OF THE ISLE OFWIGHT RAILWAYCOMPANY LIMITED- CONTIIIUEO AS part of plaTrnin8 our avdit we deterrnF￿￿ moteriality and a55es5ed the r￿Sk$ of materlal mlsstatement In the flt)anciol staiements. Based on uur underst2ndln8of thÈ tharitabltr company and the group we identified the pr*ncipal f15ks to both the charitable company and the group as management aveiride Df tontro15, risk of misclassification of expensÈs between capit31 aTht revenue, and potential for fraLMJ in respect of revenue recegnltion partlculady in respect of cash income. Audit procedures perfom)ed by the engagement team induded.. A rÈview of Journals madÈ in preparing the f5ftè1 results for preparatlon of the ac£ounts. and a re¥iew Df accc*untinÈestim*es mède by managemenL Review to ￿5￿re there are no tran5artlons that have no apparent buslnes5 or charitable purpose, or thèt have bÈen prO￿5$ed outsldethe vsual accounting sy5tem5. Exten$4on Df the sample size5for 3udlt testlrigcarried out relation to cash income. ènd conslderation and testing of controls In pkce around thls Income. Exten51on of sanwle sizes for audit testing cèirted out around additk)ns. and review of 3ddition5 and repalrs Costs to ensufe they are appfopriately classified. Oiscu5510nS Wlth manage￿nty including Con￿deratIon of any kr*tiwh ar Suspected in5tarKes of non-tompliancÈ with laws and re8ulations or frwd. There are inherent limltations In rhè audit procedures described above, and the further remDved non-compliance with laws 4nd regulations is from event5 ènd transactlons reflected in the f￿nancIal statements, the less likely WE are to becomÈ aware of it. The risk of not detecting a material misstatement duè to Iraud 15 higher than the rlsk of not detectlng one restsltithg from errof, asfraud may Involve deliberate conctalmÈnt or intÈntional misrepresentstlons. A further descriptioft of our responsiblllties for the audit of the flnanclal statements 15 located on the Fi￿r￿la1 RewrtinK Council's website at.. www.frc.org.uklèudrÉorsresponsibilities. Th￿ descrlption forms part of Dur auditorfs report. USE OF OUR REPORT Thls report Is made solely to the Company's members, as a body, In act0rd3n￿ w*th Sectlons 495 and 496 of the Compan¢es Act ZOD6. Dur audlt work ha5 been uTrdertaken so that we M￿h1 srate tD thè tompany's members those matters wp are re9uired to state to them In an atsditor'5 report and for no Dther purpose. To thÈ lullest extent permlttèd by law, we tlo not accept or assume respon51blllty to anyone other than the cempany and the toThpany's members a5 a body. lorour audltwork, forthis report, or for the oplnions we have formed. GAVIN KELLV, ACA. FCCA (SENIOR ￿ATuToRy AUDITORI forand on behalf of Bright 8rown LitnltÈd Chartefed Accountants ststutoryAuditoi Exchange House St Cros5 Lène Newport Isle of Wight P030 5BZ DatÈ'. 14- THE ISLE OF WIGHT RAILWAY COMPANY LIMITED lilmlted by 6￿￿a￿teea￿d not havln8 anyshHre ¢ap5tall CONSOLIDATED STATEMENTOF FINANCIAL ACTIVITIES INCORPORATING AN INCOME AND EXPENDITURE ACCOUP4T FOR THE YEAR ENDED 31 DECEMBER 2021 Unrestricted RÈ5tricted Fund5 Funds 2021 Total funds 2020 Total fund5 Notes INCOME AND ENDOWMENTS FRL)M Volunt¥rylntome Donations Grants Legacies Charllable artlvltles Travel tltkets Membership subsu5ptions Othertradln8 artlvltle5 Sp2Lyal events Shop, ¢aterln8and show income Other Income In¥esbmeNt5 Interest recelve 192,183 68,017 58.247 99,917 13,500 292,100 81,517 58,247 243,638 351.435 11,713 1,048,157 40,182 1.048,157 49,829 371,947 37,875 9,647 285,108 740,756 8.737 285.108 740.756 8.737 190.974 253,032 2,215 387 387 862 TDtal 2.441.774 123.064 2,564.838 1,463,691 EXPEPIDITURE OP4 aisln8 Funds Administration and event costs Shop. catering£nd Show pKpendituie Charlt•ble a¢¢Mties Rtsnning 2nd maintaininE the Rai￿ay 369,592 5W,224 12.234 381,826 6￿.224 321,219 277.225 9eA),973 26,121 987,094 930,848 Tgtal 1,930,789 38,355 1,969,144 1,529,292 Unreallsed 8aln8ll1ts￿sI on Srwestments io 19431 1941 13,6871 NETINCOMeiiEXPENDITUREI 510,042 84,7D9 594,751 169.28B Transfer between funds 154 9,900 9,9fMI Net mtyerDeAt In fvnd5 519,942 74.809 594,751 169.2881 RECONCILIATION OF FUNDS Total lumd5 brouBht forward 4.169,126 124,468 4,293.$94 4,362,882 TOTAL FUNDSCARftIED FORWARD 4.689,068 199,277 4,888,345 4,293,594 CONTINUING OPERATIONS All income and expeNllture has arisen from contlnuins actlvlties. TherthesonwBe5 22to3Sforfft Wt￿f￿@1lll￿r￿Il&TaleMeTrt¥ 15- THE ISLE OF WIGHT RAILWAY COMPANY LIMITED Compan¥ No: 1068650 Charlty No= 280918 Iumlted by GLwrantee and not ha¥ln8 any sha￿ capltall CONSOLIOATED BALANCESHEET FOR THE YEAR ENDED 31 DECEMBER ZOZI 2021 2020 NotÈ FIXED ASSETS Tanelble ￿Sets Heritage a55Pt5 Investmenis 9a 2,649,416 232,014 1,981 2,883,411 2,644,555 197,357 2,924 2,844,836 io CURRENT ASSETS StDck Debtors Cash at bank and in hond li 12 108,622 79,851 2,180,252 2,368,725 94.527 62.758 1,640.106 1,797.391 CREDrroRS Amounts falllngdue wjthln oTre year 13 1184,6241 lJ19,4661 NET CURRENT ASSETS 2,184,101 1,677,925 TOTALASSETS LESSCURRENT LIABILtTIES 5.067,S12 4522,761 CREDrroR5 Amounts fallingdue after one year 14 1179,1671 1229.1671 NET ASSETS 4.888,345 4,293,594 FUND5 UnrestrIc￿l funds Restricted fund5 15¥ 15a 4,689,068 199,277 4,169,126 124,468 4.888.345 4,293.594 There are nD 5harehDh*rs' funds asthe company is limlted by quèrante8. These financlal statement5 havE been prepared In actDrdancÈ with thÈ spÈcial provisions of part 15 of the Campanie5 Att 2006 relatlngto smèll companles. The finènci01 statements were approved by thÈ Board of Trustees o s￿Ded on Its behalf by.. .andwe PETER CONWAY ICNAIRMANI ThenDte5 pws22to 35forM partofd**lknwJalst*ÈmEnt -16- THE ISLE OF WIGHT RAILWAY COMPANY LIMITED Company No.. 1068VJO Char41y No.. 2809J8 Illmlted by Guarantse and not havln8 anyshaie capltall PARENTCHAWTABLE COMPANY BALA14CESHEET FOR ThE YEAR ENOEO 31 DECEMBER 2011 2021 2020 Note AXBD A55ETS TaThg￿ble assets Heritage a￿tt5 Investment5 gb 2,609,618 232,014 11,981 2￿53,6]3 2,601,747 197.357 12,924 2,812,028 io CURRENT ASSETS Stock Debtor5 Cash at bank and In hand li 12 17.374 215,617 1,940,724 2.173.715 19,684 134,652 1,608,179 L762,515 CREDITORS Amounts fallit)8 due w4thin onèyeèr 13 1167,3661 1107,3671 NET CURRENT ASSETS 2.006.349 1,655,148 TOTAIASSETS LESSCURRENTLIABIUTIES 4059,962 4,467,176 CREDITORS Amounts f3llln8 due after one year 14 1179,1671 1229,1671 NET ASSETS 4.680,795 4,238.IX)g FUND5 Unrestricted funds Restrlctod funds 15b 15b 4,481,518 199,277 4,113,541 124,468 4,680.795 4.238,009 There dre no shareholders, funds as thè cornpahv 15 lirnited by guarantee. ThÈse flnanci41 st&tement5 have been prepared In BI¢Drdance with the spÈtl31 provisions of part 15 of the Compan*es Act 2006 relating to SfDall companies. The financial 5t3tehYnts were approved by the Ooèrd of Trust@Ès tsn slgned on its behalf by.. and weTe PETER CONWAY ICH MAP41 rtotÈ50nyEe$22to 3Sform pariof the*iithThck15tatemEnt 17- THE ISLE OF WIGHT RAILWAY COMPANY LIMITED ILlmlt•d by GuarahteÉ and not havlnB anyshare rapltall CONSOLI(JATED CASHFLOW STATEMENT FOR THE YEAR ENDED JI DECEMBER 2021 2021 2020 Note Cash flowsfrom oper•tln8a¢tl¥W¢s Cash generated from operath)ns 782,470 123.12D Netca5h provlded bylused In) up¢ratln8 #ftlvll*S 781470 123,110 C¥h fiDWSfrDm knvestlnB arthrftl¥'. Purchase oftansible fixed assets lThtere5t recelved 1221,8781 1461,7401 387 862 NEt cash provlded by Iu5ed Inl invÈstin8 attlvklès 1221,4911 1460,8781 Nèt lash provlded by lu>ed ihl flrtattdng Pro￿ed5 Df borfDWln6 Repayment of loèn capital 229,167 120,8331 Nèt tash provlded by {￿ed in) flnanclns acththbes 120,833 229,167 Chang• In ¢ash and¢ash equ1v￿erfs In the reportln8 peilod 540,146 1108,5911 Cash and tash equlvalents atthe be8lnnSngof the reportlng perlod 1.640,J06 1,748,695 Cash and cash equi¥aletsts althe end of the reportlng perlod 1180,252 1.640,104 THE ISLE OF WIGHT RAILWAY COMPANY LIMITED ILimlted by Guarantee and not havln8aThy shwr8 taplt*ll NOTESTOTHE CQNSOLIDATEDCASHFLOW5TATEMENT FOR THE YEAR ENDED 31 OECEMBER 2021 I RECONCILIAMON OFNeT IIICOMEIIEXPENDITUREI TO NET fASH FLOW FROM OPERATIIIG ACTivinÉs 20ZI 202Q Net In¢Jmeftsrthe reportlng perfod la5 perthe statsment of flnandal actfvltlesl Adjustments for= DepreeiatSon charges LossoTr disposal of assets interest Teceived Unrealised los￿$1(￿￿nSI on Investments Decre35e/llncreasel In stock Decrease/lincre45el in dobtors IncreaselldEcreèsel in creditars 594.751 169,2881 177.564 4.796 13871 943 114,0951 117,0931 35,991 162.746 44 18621 3,687 16,8001 22,S07 11,086 Net cash provlded by (used Inl operatlng actlvltles 782,470 123,120 19- THE ISLE OF WIGHT RAILWAY COMPANY LIMITED ILlmtted by Guarantee and nol havlng anyshaye capttall PAREIIT CHARITABLE COMPANYCASHFLOWSTATEMENT FOR THEYEAR ENDED 31 DECEMBER ZOZI 2021 2020 14ote Cash flows from operatlnKactMtles Cash Bener*ed from operations 570,085 207,203 Nel ￿$h provlded bylused Inloperatlngactl¥(tles 570,085 207,203 Cash Ilowsfrom InvestIngact￿1t1ej'. Purchase of tangible tixed assets nterest received 1217.0841 1460,2761 376 836 NEt Cash ￿dert by Iu5ed In) Investln8a¢tlv611es 1216,7081 1459.4401 Net cash pro¥ldÈd by lu$od In) Ilnanclrrf actlv116es Proceeds of btsrrowing RÈpayment of loan capital 250,000 120,833 NetC88h pro¥lded bylused inlfi#an¢lng actfvltle5 120,8331 250.000 Chan8È In cash andUnt5 are prepared on a 8oln8 concem ba5k5. There are no uncertslTrtie5 about the tharitsble compan*5 ab￿11tytfj continue as a 8oin8 concern. Unrestrfcted Restrlcted TotallurL& Total lunds 2021 2021 2021 2D20 3 GRANTS RECEIVABLE CorDnèvlrus Job Retention Scliern2 Rural PaymentsAgenry Othergrants 27,435 27,435 178,353 116A57 56,625 4Q581 13,5DO 54,082 68,017 13,500 81,517 351,435 4 ItIVESTMENTIPdCOME Interest from UK b)nk accounts 387 387 862 -24- THE ISLE OF WIGHT RAILWAY COMPANY LIMITED ILlmlted by Guarnntee and Mt h8¥lb¥ anysthare c8wtsll NOTES TOTHE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 Costs otGenèr¥tltvd Funds C￿vItabl Art[￿1*$ Rallway and Admln and fvdlngcitsrlllg evont cos15 and shows Total 2021 Tot¥1 Z020 5 EXPENDMRE DIFert ¢xp¢ndlturÈ Employee costs locomotive rurmlngcost5 Rolling stock refurb Op2ratlng costs Repalrs and maintenance IRN mpmbprshlp cost5 Cleanins Cost olgood5 sold publicity and aifvÉrtising SpeciBI events Println& post and stat*onery Insurance Sundryexpensos Legèl ènd prDfe5sional Audit accountsncy Bad debts Financial costs Depreclatlon Loss on d15posèI of assets 46.425 13S.599 473,265 124,848 22,705 3,427 65,794 26,714 5,728 655,289 124,848 22,705 3.427 78.595 26,714 S,728 315,373 78,705 113,241 5,356 6.400 45,465 991 7,550 615,963 89.742 64.332 2,025 55.946 16,367 5,491 118,898 12,801 315,373 3.258 50.238 75,447 63,OD3 5,179 46,919 8,304 5,370 33,293 177 40,822 13 4,630 991 4.750 6,850 1,491 14,436 161746 19,775 12,835 4,015 13.952 7.023 781 33,727 177,564 4,796 157,705 267,501 548.238 890.735 1.706,474 1,293,791 Support costs Actmty Salary costs Prernlse5 Corts Basls of Allor*ivn Timp Spent Floor are2 used Costsof Genera￿￿1 Fundx Ch•rft8blÈ Artlvltles Rallwayahd Locomoil¥es Admkn And Tradin8 Catèrfty8 èvent tosts and $hDWS Total 2021 Total 2020 Employee costs Insurante Printing, post and stationery Heat, IiEht and water Telephone Rates Rent Health 3Thd safety 77.7fa 5.668 10,246 13,702 4,227 481 1,8D) 438 11,620 34,011 8Y,383 56,684 14,637 68,510 8,454 4,812 18,tx)o 2,1 83.209 58,621 6,801 49,918 5,074 2,226 18,000 11.652 17,005 4.391 20.553 2.536 L,4M 5.4QO 657 34.255 1,691 2,887 10,8CpJ 1,095 114,325 51.986 96,359 262,670 235,501 Total expendhure 381,826 60D,224 957,094 1,969,144 1,529,292 25- THE ISLE OF WIGFrr RAILWAY COMPANY LIMITED IUmil¢d byGtsaYantee and not havlngany shère capltall NOTÉSTO ThE ACCOUPITS FOR THE YEAR EIIDED 310ECEMBER 2021 2021 2020 6 GROUP OPERATING 5URPLV5 Group operatlng SUTplus12020.. deflckl 15 Stated after char8lnE'. Auditors, remuneration AuditDf5' remuneratlon non-auditfees Expendlture on eperatinE leases DepreciatlDn Loss on dlspos31 of Ilxed assets 5,4 2,150 13,500 174,110 4.796 4,70D 2,150 I8,￿0 162,746 44 and after creditlng.. Interest we￿i¥2d 387 862 7 EMPLOYEE5ANOTRU5TEÉS Gr055 salaries Employers natlonal Insurance ttsntributions Pension Costs Tffdlriin8 Costs 696,321 34,596 8,867 4,888 654,501 34.845 9,586 240 Total employee costs 744,672 699,172 ThE average number of employees for the year amounted to 21full tlmÈ12020- 251. 15 ￿rttime{202o- 181. and 8 seasonal 12020- 71. Of these a total of 31 employees worked for the charliy and 7 for the trading company, N employees recelved remunETatlon of £60.1)DO or hlgher. Tbvo12020.. Two) mÈmbers of stsff who ère connected to truste￿ were employed by the charity during the year Èarnin8 a tot81 of £14,57412020.. £24,295>. This15 perrni55ible aEcordin8 to the tharlty's aitlcles and memorandum. NDTrustee5 eamed a salary duringthe year12020.. £NILI. 8) PAAEPllCOMPANY INCOMEANO EXPENDITUREACCOUNT No Incgme ènd Expenditure Accouni 15 presented for the Isle of Wlght ￿llwaY Company Llmlted as perm4tred bv sectlon 408 of the CorDpanies Att 2006. The surplu5 stated In the ?ccourts for the year ended 31 December 2021 was £442,78612020.. £29,132), comprising unwtritted funds surplus beforp transfers of £358,07712D20.. £15.8291 and restricted funds surplus before transfers oF£84,70912020 deficrt..-£13.303I. 8b SVBSIDIARYCOMPANY INCOME A140 EKPENDITURE The turnover for IWR TrèdinE Limited lor the ye3r ended 31 Decembei 2021 wa5 £740,75612020.. E253.0351. Thp net surplus afterta¥ anrj before donationsto the charftyfoT the year ended 310ecember 2021 was £161,24812020.. £6,662). Total a55Pt5 at 31 December 2021 were £371.07512020.. £J49,5791, tot31 liabilities were É153,5241?.020.' £83,993) and shareholder'sfufftds amounted to E217.55112020.. £65,586). its prlmary acti￿ty is tradin8 In supw)rt of The15Ie olwight Railway Company Ltd. -26- THEISLE OF WIGHT RAILWAY COMPANY LIMITED lilmited byGvaraDtee and not ￿v$hare capltill NOTESTOThE ACCOUNT5 FOR THE YEAR ENDED 11 DECEMBER ZOII 9aTANGIBLE FIXED ASSET5- GROUP Perffian￿t Property wayi tools, ofll¢È Motor FIMtures Freehold lrnpro¥e- equlpment equipment vehkle$ & fittlngs property ments Total Cost At I january 2021 Addltlons [￿SPO5a1S At 31 Detember 2021 L082,851 118,739 77,494 28,426 12541 129,5551 1,160.091 117,610 10.750 110,888 2547,126 764,949 4.635,303 4,794 40.191 1.898 152,803 13,2201 133,0291 10.750 112.462 2,587.317 766,847 4,755,077 Depreclafjon At l January 2021 Chargc foTyeèr Dlsposals At 31 Detember 2021 659,377 38,427 251 80,722 12,486 IZ5,543 67,665 9,354 349 68M80 7,023 12,4391 72,664 555,965 616,250 1.990,748 54,742 30,119 143,146 28,2331 611,707 646,369 2,105,661 697,553 9,703 Net book vhlue At 31 Decembèr 2021 462,538 49,945 1.041 39,798 1,975,610 120,478 2,649,416 At 31 December 2020 423,474 38,017 1,396 42,8DB 1.990.161 148,699 2,644.555 9bTANG18LE FIXED AS5ET5- COMPANY Permanent Proplrty wayp too15, Offire Motor Freehold Improve- equipmÈnt equlpmént vÈhltles woperty ments Total At ljanijary 2021 Addltlons Di5pos&Is At 31 December2021 1,082,851 118.739 77,494 28,426 2541 129,5551 1,160,091 117.610 10.750 1547,126 764.949 4,524,415 40.191 1,898 148,(X)9 129,8091 10.750 1587.317 766.847 4.642,615 Dewedatlon At ljanuary 2021 Charge foryear Disposa15 At 31 Detember2021 659,371 80,722 38.427 12,486 12511 125,5431 697,553 67,665 9.354 349 556.965 616.250 1,922,668 54.742 30.119 136,123 25,7941 611.707 646,369 2,032.997 9,703 Net book wdlue At 31 Oecember 2021 462.538 49,945 .047 1,975.610 120,478 2,609.618 At 31 December2020 423,474 38.017 1,396 1,990.161 148,699 2,601.7J17 -27- THE ISLE OF WIGHT RAILWAY COMPANY LIMITED Illmlted by Guarantee and Dot ha¥ltw any$h•re tapiiall NOTESTO THEACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 9¢ HERITAGEASSETS Group Comparry l¥att5 Dr8wry Ivatts Total AJ•x Total At l January 2021 Addltlons At 31 DecembeT 2021 45.47B 45,478 309,644 355,122 69,075 69.075 69,075 424,197 45,478 309.644 355,122 69,075 424,197 69.075 69.075 309,644 45,478 309,644 Depweclatlon At l January 2021 Charge foryEar At 31 December 2021 45,478 45,478 112,287 30.964 143,251 157.765 3,454 34,418 3,4S4 192,IB3 45,478 112.287 30,964 143,251 157,765 34,418 192,183 3.454 3,454 45,478 Net btsDkvaluè At 31 Oecember 2021 166,393 65,621 232,014 166,393 65,621 232,014 Al 31 Decèmber 2020 197,357 197,357 197.357 197,357 ThÈ trustÈes tonsider Heritage A55et5 to compnse locomotfves, coaches, waÈoTrs. infrastructure and artefacts whKh were or Could have bÈen a part ol thÈ Isle tsf WiEht rèilway 5y5tem and em3natSnE from one or more of the following'.111 the Island's pre-Grouping r3ilw&y companlÈs,121 Thp SouthErn R3ilway,131 British Rallways Southern RegioD,141 the￿[ succes50r organisations. The colleciion consists Of fifteen lotofflotives112 ste3rn. 3 die5ell, details of whlch can be fwnd vn the charity's website.. http.'l/iwsteamrailway.Eo.uk/her4ta8e/our-rolling- 5tockllocomDtiVe51. ThL%e locomotlves are used to tr8nsport the puNic. in fuwtheTance ofthe charity's Dbjertives. Two locomotive5, Ivatt 46447 and Austerity Juno are on contracted loans to thè EastSomef5et Rèilway and Natlonal Rallway Museum respectively. Some Dther locomottve asspts arp acCa￿onallY loaned OLrt on a short terrn basis to other steam railways or if sultable promotional opportunities 8ri5e. The remainder of the tollettion, when not In use, are TF)aintHined and rnost￿ stored In theTrèln Story faclllty atthe Isle of Wight Steam Railway. It is not PD551blÈ to gÈt a rellable e5tim3te ot the value of the collectlon. There are threÈ locomotive5 reported on the balance sheet, Ajtyx, Ivatt 41313 and Ivatt 46447. The remainln8 locomotiv¥ are not reported on the balance sheÈt as their valuation caTrmt be readlly assessed in atcordance with accountin8 pollcy 2c. Aiux was purchased and therefore was intltsded In the balance sheet at thts cost. Iv3tt 41313 and 46447 were dDnatpd to the Isle of Wight Steam Railway by the Ivatt Locomotive Trust and thè only amount5 Capltalised are the costs of brin8jn& the assets intD worklng cond￿l￿n a5 rhe value of the assets iannot be readily &sessed, These costs are considèred by the trustees to have a u5Èfv1 Ilfe of 10 yeaf5, the time untillhe next overhaul Is required. The locomotives are maintained by speclallsed en8ineers ot the 151e of Wight Steam Railway and the steam locornotives vndergo a complete overhaul after not more than 10 yÈars USÈ io eTr5ure they are kept In pristine condltlon. A reÈister of the ￿paIrS iompleted and required is hE4d by the t￿rIty. Costs of these repalrs are recognised in the 50FA In the perlod they are Incurred. All acq￿lsIt10￿S ind d15posals of heTit8Ee assets must firrt be appro¥Èd by the board of tru5tee5 and a reEi5ter of herltage assets i8 ma￿￿tained and held in the museum. Thls reglsterwill be made availableto the public on request. atts46447 and 41313 are both being depreci3ied on a stralght line basis over a Ioyear term from the dètes whith they entered servlcè. There was an additlOA of a Orewry rallcar and the rollln8 chassis of tts related traller car as herkage atsets In thÈ year11010.. £NIL, 2019.. EPJIL. 2018.. ÈNil 2017.. £44,014, 2016.. £70,646>. fvre were no di5PVsals of any heritage ssets, nor any Imp8irmenis durine the year, or any of the13st four reptsriing periods. -28- THE ISLE OF WIGHT RAILWAY COMPANY LIMITED Illmhed by Guarantee and not havln8 8nyshare taplt811 NOTES TO THEACCOUIIT5 FOR THE YEAR ENDED 31 DECEMBER 2021 Gfoup Companv 2021 1020 2021 2020 ID FIXED ASSET IPIVESTMENTS LISTÈD INVESTMENTS FAIRVAIUE At l J3nuary 2021 Addition5 Revaluatbns 2.924 6,611 Z,924 6,611 19431 13,6871 19431 13,687) At 31 DÈcÈmbÈr2021 1,981 2,924 1,981 2,924 The Ilsted Investments are 5haie5 bequeathed to the charity- UNLISTED INVESTMEf4TS Investmenl in subshjiary 8t cest 10,0 iO.OLhJ Totsl flxed asset lryve5trnent5 1,981 2,924 11,981 12,924 The subsldlary, whlch ￿ IrKkJded ITr the charTrtsblp CDmpany's account5,1s as follows: Namè Re8lstered office IWR Ttsdlne Llmited (Company No. 02769446 The same as that of The Isle of Wight Railwav Campany timlted a5 detailed on pa8e 8. Retail Se￿ICe5 England and Wales 50 ordinary £1 shares IOD% One vote share Ptlndp41 Arllvity Country of Ihcworatl¢) Shales Held Proportlon Held Vollng Rl8hts fjroup Company ioio 2021 2020 11 STOCK Catering. bar and show Shop Santa stocK coal and otherstock 9.824 81,424 17,374 10,376 64,467 19,684 17,374 19,684 108,522 94,527 17,374 19.684 12 DEBTORS Trade debiors Amounts owed by 8roup undertaklng5 Other debtors 16.079 2,468 16,079 136,163 63,375 2,468 71,347 60,837 63,772 60,290 79,851 62,758 215.617 114,652 -29- THE ISLE OF WIGHT RAILWAY COMPANY LIMITED Illmlted by GuaianteÈand nDt havln8 ony sharetapiiall NOTESTO THEACCOU14TS FOR TrIEVEAP ENDED 31 DECEMBER 2021 Group Company Z021 2020 2021 2020 13 CREDIYORS.. A￿U￿T$ DUE WIT+•IN i YEAR eank loans Trade cr2ditofs CDveDanted loan Taxation and soclal security Accruals Othertrediior$ 50,C 44.959 LLK) 12.748 39,978 36.839 20,833 45,659 loo 12,016 38.233 2,625 50,LMJO 32,183 Iix) 11,980 36,662 36,441 20,833 38,204 11,289 34,534 2.407 184,624 119.466 167,366 107,367 14 CREDITOR&' AMOUNTS DUE AKER I YEA Loan in more thèn I year 179,167 229,167 179,167 229,167 The bank lean. taken out in Juty 2020, is rep3yable over 5 Veèrs wlth no penalty forearty repayment. The loan is interestfree fortheffir5t 12 months afterwhlch Interest 15 payable at 2.16% abDVe the base rate. -30- THE ISLE OF WIGHT RAILWAY COMPANY LIMITED IUmtt¢d by Guaiantse rttrt haVIng￿ ¥harÈ capltall NOTES foThE ACCOUNTS FOR THE YEAR ENDED YI DECEMBER 2021 Balance oVoil2021 Inrome Total fund5 3111212021 ExpEnse Trnb)5fer5 15a MOVEMENT IN FUNDS- GROUP Unre5trfcted fvnds Gcneral fund 771,198 2,383,471 11,930,360) 79.142 1,303,457 Flxed asset rÈserv DeS￿natEd I legacle5 fund Total unrestricted fund% 2,844,836 553,092 58.297 11.3721 4.169,126 2.441,774 11,931.7321 38,575 107,8171 2,883.411 502,2L)O 4.689,(68 ftestrlttÈd lunds Carriage and wagon restoratlon ThÈ Mu5eurn fund Maycock fund IWSR 200 Club Wootton Drewry Railcar CJlbourne The Grand Pla Posslble acquisitlon Invirtclble Total restricted fund5 43,068 11,337 8,Ok6 913 47,347 6,618 64,909 22,985 3.719 8.330 13,542 3,282 31 117.3481 19,9421 9D,623 24,380 8.099 2.023 60,740 17,2201 11491 19,900 31 425 4.815 8.141 199,277 425 4,755 1,989 124.468 60 6,152 123,064 13B.3551 19,90DI Total Funds 4,293.594 1564,838 11,970,087) 4,88B,345 15b MOVEME￿ IN FUNDS. COMPANY Unrestrlrted fund$ General fvnd 758,421 1,683,274 11.3B2.1221 76,132 1,135.705 Fixed a55et IpseNe De51gnated/ legacies fund Total Unrestr￿L￿d ftjnds 2,802,028 41,585 553.092 58.297 11,3721 1107,8171 4.113,541 1,74L571 IIJ83,4941 9,900 2.843,613 502,2 4,481,518 Restrlcted funds Cèrriage and wa8on restoration Thè Museum fund Mèycockfund IWSR 200 Club Woottan Drewry Railca¥ Culbourne The Grand Plan 43,068 11,337 g,016 913 47,347 6,618 64,903 22,985 3,779 8,330 13,542 3,282 31 117.3481 19,9421 13,6961 17,2201 11491 90,623 24,380 2,023 60,740 19.9001 31 425 4.815 8.141 IY9,277 425 4.755 1.989 124.d68 60 6,152 123,064 Invincible Total restrlcted fund5 138.3551 I9,9(￿) Totsl Funds 4,238,009 1,864,635 11,421,849) 4,680.795 -31- THE ISLE OF WIGHT RAILWAY COMPANY LIMITED ILlm￿d byGuarantee al￿ hoi havln8 any share NOTESTOThE ACCOUNTS FOR THE YEAR ENDED JI DECEMBER 2021 2021 Totsl Funds 2020 Total Fufids iknrestrlrted Re5trfrted Fund$ Funds 15£ ANALYSIS OF NET ASSETS BETWEEN FUt4DS Group Fixed assets Q*rrent assets 2,883,411 2,169,448 1184.6241 1179,1671 4,689.068 2,883.411 199.277 2,368,7Z5 1184.6241 lJ79,l571 199.277 4,888,345 2.844.836 1,797,391 lJ19,4661 1229,1671 4,293,594 LpngtÈrm Ilabllltles Company Fixed assets Current assets 2,853,613 1.974,438 1167,3661 1179,1671 4,481,518 2,853,613 J99,277 2.173.715 1167.3661 1179.1671 199,277 4,680.795 2,812,028 1,762,515 1107,3671 1229,167 4,238,009 15d DETAILS OF FLIMDS Dt5lBr￿ted1Iegade$IUlld Tho designatEd I lea￿leS fund consists of income received from le8ècSes where there is a desire for the money to be spent on a particular projett but no legal obll8atlon. Legacies have Blso been recelved whlch have no spÈclfic dlrection ès to howthe lund53rEspent. Mxed asset reser¥e Thls fund repre5ent5 the amount of unrestrlctedfixed assets hdd by the ch8rlty. Rertrfcted ￿Thd5 CèrriaÈe and wagon restorotion- for the restoration of tarriaRes and Wagons including grant income Museum fvnd- inthe furtheiènce of the development of the Ml￿euM Iheritagp and learning) Maytock fund- In coach and wa8on restDrBtion IWSR ?.(K) fund-for the provision of volunteerfaalitie5 and Dther desl8nated projects WoottOn- ￿StOr￿tIon1￿noV￿t10n of Wootton 5tatK)n Drewry Ralltar- re5tor8tion of the Drewfy Railcar and It5 rdated trailer£ar. Colbourne - resioration of Colbourne Invincible ￿$tOration of Invincible Possible acqvistion - tow4rd5 the acqulsftion of a speclflc locomotwe for display should it become The Grènd PlaTh- New bulldlrpgs * Havenstreet asdÈ5cribed in t￿￿trategIC ¥lslon Transfers between lund5 Tran4fer5 Out Df fuods and into the fixpd a55Ét fund rcprEsenl eoulpment and other long term a￿et5 purchased by thtrse funds. but which are now awdila￿e as fixed a55ets for the general unreslricted use of the charity. Depreciation of those a55et5 15 then tran5Ferred ovt of the f5Kèd asset reservÈ to offset the charge to the gerwal fund. Tr8nsfÈrs Into funds represent transfers between funds corrertlng the allocètlon of costs Incorrectty allocated in the previous year. 32- THE ISLE OF WIGHT RAILWAY COMPANY LIMITED (Lhlted byfjuarantee nDt havlw anyshare tèplt811 NOTES TOTHE ACCOUNTS FOR THE YEAR ENDED 31 DECEM8ER 2021 8alance OIIOJI2020 IrKarne Tdtallunds 3111212020 Expense Trarnsfers 15È PRIORVEARCOMPARATIVES FOR THE MOVEMENT IN FUNDS- GROUP VnFe5trt¢iÈrJfurtds General fund 868.917 1,21J,843 IIA15.2301 IOS,668 771.198 Fixed asset reserye Designated / legxies lund Total UnreStr￿ted funds 2,549,575 295.261 832.056 124,483 13,6871 1399,760 4.250,548 1,336,326 11.418.9171 1.169 2,844,836 553.092 4,169,126 Restrlrt•d fuNIs C3rriaÈÈ and wagon restoration The Museum fund M3ycock fund IWSR 200 Club Wootton Orewry Ralltar Ctslbotsrnt The Grand Plan Posslble acqui51tion Invinthble Total restTiCted fund5 31,890 11,534 8,705 2,358 50,611 226 1.364 425 3,2BQ 1.941 112,334 31.764 4.561 311 6,560 7,S08 31,004 44,032 127.0971 12,5181 11,OODI 18,rKJ51 15,3321 124,6121 145,3961 6,511 12,2401 43,068 11.337 8,016 913 47.347 6.618 150401 425 4,755 1,989 124,468 1.475 150 127,365 1114,0621 11,1691 Total Funds 4.362,882 Y,463,691 IL532,979 4,293,594 15f PRIOR YEAR COMPARATIVES FOR ThE MOVEMENT IN FVNDS- COMPANY Unrestrlcted lunds General fund 763.820 1,073,325 11.178,2921 99.568 758,421 Fixed èsset reserve DÈ51gnated / legacie$fund Total unrestricted fiJnd5 2,SOO,667 832,056 4,096,543 301.361 399.7601 1.169 1802,028 553,09Z 4,113.541 124,483 13,6871 1,197.8OB 11.181,9791 Rè5trlctedf￿TrdS CarriaEeand wagon restoratk>n The Museum fund Maytock fund IW5R 200 Club Wootton Drewry Railcar Colbouftte The Grand Plan 31,890 11.534 8.7 2,358 50,611 226 1,364 425 3,280 1,941 112,334 31,764 4,561 311 6,560 7,508 31,0ts4 44,032 127.0971 12,5181 11,oooi 18,0051 15,3321 124,6121 145,3961 6.511 12,2401 43,068 11,337 8.016 913 47,347 6.618 15,4401 425 4.755 1.989 124.468 1,475 150 127,365 InviFJ¢lble Total restrlcted funds 11021 1114,0621 11.1691 Total Funds 4,20B,877 1,325,173 11.296,0411 4,238.LK19 33- THE ISLE OF WIGHT RAILWAY COMPANY LIMITED (Llmlted byGuaraDteE and ntst havlng Bny sharè tapltall NOTESTOTHE ACCOVNT5 FOB THE YEAR ENDED 51 DECEM8ER 2021 16 RELATED PARTY D15CLOSURES Eight1202D.. ElÈhtl trustee5 received reimbursemÈnt for travel, accDmmodètion and small sundry expenses 01£42412020'. £5311. Total donations received from truste.es in theyear èmounted lo £19,748. 17 OTHER FINANCIAICOMMIThIÉNTS At 31 December 2D21 the tharity had commitrnents under non-cancÈllèble operating lea5e$ 8sfollows'. Group 2021 CompaThv 2021 20ZO 2020 Due within oneyÈar 13.5DJ 13.5tKt 13,500 13.500 18 CAPITALCOMMITMENTS Sienificant capital eXpend￿ure Contract￿ for at the end of the reportlng period but nt>t retO8nised as Ilabllitle5 amouDled tts E62,450 at the year Ènd12020.. £74.0001. THE ISLE OF WIGHT RAILWAY COMPANY LIMITED ILlmited by Gua¥•ntee and not ha￿mI shale rapit411 NOTESTOTHE ACCOUNTS FOR THE YEAR ENOEO 31 DECEMBER 2021 Unre*Yltted Re51rirted Fund5 Funds Yotsl 2020 19 PRIORYEAR COPIPARATIVES FOR THE STATEME1￿ OF FINANCIALACTwiriEs INCOMEAND ENDOWME14TS FROM Voluntary I￿oM￿ Donations Grants Legac Charitsblt ArtI￿lSeS Travel tlckets Membership5ub5cription5 OtherTradiDgAL*ivltles Spec￿1 2vents 5hopi caterTrng Brbd Show ificome Othpr Income lrtvesimeb Inter￿t re￿4V& 122.833 120.805 351.435 11,713 243,638 35L435 11,713 371,947 31,315 371,947 37.875 6,560 190,974 253,032 2.215 190.974 253.032 2.215 862 Tatsl 1,336,326 127,365 1.463,691 EXPENDITUflE ON Ralslng Funds Administration afid event Costs 5hopi taterln8and show e¥pendSture arIta￿e act￿tieS Running and malntaining the Rallwav 287,752 277,225 33.467 321.219 277,225 850.253 80,595 930,848 Totil 1,41S.230 114.062 1,529.292 Unrea115ed golnslllossesl on IrNestmenl$ 13,6871 13,6871 NET IPKOME/IEXPENDmJREI 182.5911 13,.103 169,2881 TraD51erl>etwÈen lunds 1.169 11,1691 pkt movemtn¢in futtds 18L4221 12.134 169,2881 RECONCILIATION OF FUNDS Totsl fund5 bTIM4ht fon¥ard 4,250,548 112,334 4,362,882 TOTAL FLINDS CARRIED FORWARD 4,169,J26 124.468 4.293,594 -35- THE ISLE OF WIGHT RAILWAY COMPANY LIMrrED Illmited by Guatarttee and not havlng anyshare capitall DÉTAILED IPICOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED31 DECEMBER 2021 2021 2020 UNRESTRICTEO FUND5 Incomo Travd tlckEts Plètform iickets S&nta specials Other special ￿ents Mtmbership subscriptions Bank interest recerved M¥n4gement charge to subsldiary Rent rocelved Legacies Sundry i￿r0m& J,035,133 13,024 108,243 176,865 40,182 376 32.807 12,143 58,247 4,579 367.038 96,899 94,075 31,315 836 23,r 10.942 11,713 17421 Donatlons Gener31 dDn3tion5 Gift aiddtsn3tlon from subsldiary 192,183 9.283 122,833 105,081 Grants Rural PayrnentsAgency Coronavlrosjob Retentlon Scheme Other Erants 116,457 156.827 56,625 17,924 40,582 Totsl InEome 1,741,571 1.197,808 EMpÈrtdlture Engineering Marketingand oper*ing sit￿ and estatès Heiitage ènd learNng Admintstr3tion MemberSh￿p Flnance costs Oepfeci3tion HevaluatioDs of listed ￿nVeStrI?Pnt5 448.042 23Q,812 14a,018 8,520 326,364 26,714 24.525 174.556 943 400.590 192,487 113.050 1,766 284,642 16,367 14,164 155,226 3,687 1,383,494 J,181,979 Surplus of Inwme overeKp•ndlture on ufirestrirted fvnds 358,077 15,829 Th15PIKE&JeSty)tfLvmp*rtofthe5tknJWfftna￿aI%1atstt￿Thts. -36- THE ISLE OF WIGHT RAILWAY COMPANY LIMITED ILimSted by Guafantee aNI not havln8 any share capltall SCHEDULE OF EXPENDITURE FOR THE YEAR ENDED 31 OECEMBER 2021 2021 2010 En￿neerIng Employeecosts Fucl coal Other locomotive running costs Carria8e and wagan maSntenan¢è Permanentway ma5ntenance Workshops Rolling stock le￿IrS and refurb15hment IPriAcipalW W24, Oldbvry 21, and SECR63751 Other de￿$Trated fund englneering cost5 303,135 63,850 20,193 8.873 IB,458 15.525 18.008 295.702 31,398 15,938 4,135 9,032 6,391 37,994 448,042 400,590 Mathtlngand operatln 75,447 91.072 3.427 737 10,908 28.402 20.819 45,280 99.413 1.548 225 5,613 28,219 12,189 Employee costs Optr8tinE COSt5 Pr￿ntIng a￿d artwork EKhib4tlois and sundrles Sènta specials Other specia15 230,812 192,487 SSte5 Èitates Repair and malntenan clean￿￿8 èNJ consumable5 Employe2 tosts 61,Q60 5,728 Y6,230 41,103 5,491 66A56 143,018 13,050 HerltaBe and learnkn8 Employee costs Educatlon General dallyexpense5 1,958 125 6,437 1,766 8.520 1,766 Admlntstratlon Empbyee costs Insurance Printingi 5tstioneryand p)sta8e Heat. kn8ht ènd Water chHr8Ès Health and Safety and Company doctor Telephone AGM & ènnual report su￿ry expensp5 Sub%¢riptions Leg81 and professional fÈes Rètes Rent 117,553 56,684 14.637 68,510 2,190 8,454 571 103.262 58.621 6,801 49,918 11,652 5,074 1,088 24,107 3.713 180 2.226 18,000 30.330 3,632 991 4,812 IB,((K) 326.364 284,642 Th51 dDE5rthfurTn￿0Ittk&tst￿l0ry Illlaficlal s￿￿￿ents. 37- THE ISLE OF WIGHT RAILWAY COMPANY LIMITED (Llmlted by Gu&ranteÈ and havlthE ami share¢apltall SCHEDULE OF EXPEIIDITURE FOR THE YEAR ENDED 31 DECEMBER 1021 2011 zo Membersh5p lslGnd RoilNews Sundry 21,788 4.926 15.109 L.258 26.714 16.367 FIna￿e costs Audit fees Bad debts Bank charges Bank interesl Credit card charges Miscellaneous Other interest RevaluatiDDS of listed InvestmÈnts 4,750 4,1 1,491 1,370 5.561 11124 720 7,791 378 24,525 14,164 Depreclatlo Motor vehides Track and equ1w￿efftt Offlce egulpment Improvements to propertv Ffeehold property Ltstomot￿Ve Drewry Railcar Losses on disposal of assets 349 38M27 12A86 30,119 54.742 30.964 3A54 4,015 465 34,670 9,504 37,175 42,413 30,964 35 174,556 155.226 Total ur*restrlcted expendlture 1.382,551 1.178,292 Thks p8ge daes DotfoTm parttsf thÈsL3tUWfln3DtLqststÈnWiS. 38- IWR TRADING LIMITED DEfAILEDTRADING AND PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 311)ECEMBER 2021 2021 2020 Shop Taking5 Cost of sales Opening stock Purchases W48es Closln8Stock 292,158 116,984 64,467 175,485 10,385 181,4241 63,218 66,461 3,315 164.4671 168,913 123,24S 68,527 48,4S7 Gross Prnfit Credlt card Charges Repair5 and ￿new015 10,974 1,550 4,852 2.781 12,524 110,721 7,633 40,824 Net Proflt CaterlnR Takings Calbotjrne Room boDklng5 Costsof sole5 OpeninE Stock Purchases W8ges Closlng stod( 37Q,044 6.713 127.593 9,8Jf5 132,547 115.744 18,5631 4,723 52,812 72,023 19,5551 249,583 127,174 119,703 7.920 Gross profft Repairs and renewals 11,251 8,544 11,251 115,923 8,544 16?.41 Net prortt Bar Taklngs Costs of sales Opening stock B#rpurchasÈs CIosln8Stock 43.728 BJ78 371 23,416 7811 445 4,874 3711 23,006 20,722 Nei profit 3,430 Showg and speclal event5 Takings Dlre£t costs Site cost5 and administration (k>S￿n8 stock 28.113 47 50,718 14801 1,478 50,238 IZL1251 1,478 11,4311 fjross prgfftlllDs51 ShDW publiclty 3,258 3,258 125,1831 Net proftt}IIDssl Tr4dlTr6 Pwollt 11,4311 221,983 42,199 Thtsp8Èdoesnutfomiwtdthèstètirtoryflnan(l￿S￿tÈMen15. -39- IWR TRADING LIMITED D￿AlLED TRADING AND PROFIT AND LOSSACCOUNT FOR THE YEAR ENDED 31 DECE MBER 1021 2021 Tradlng prt)tit 221,983 42,199 Otherlncome Government grants recelved 9,511 21.526 Ll¥ethead5 Rent Mana8ÈmÈnt tharges Insurance Audit fees Bank charges GÈnÈral Manager SuTrdryexpenses Depretlatlork Loss on dSsFMJ5è1 of tangible a55et5 7,985 32,807 6,400 7,985 23.000 5,370 2.750 I,oii 9,360 2,97B 9,470 13 7.023 781 7,555 70,257 57,0gJ Totsl I￿tPrO 161,237 6,635 Bank interest received 26 Net pyoflt before 61ft ald donatlon 161,248 6.661 Donations to151e Df Wight Rallwav 19,2831 1105,0811 Retslned wofft I Ilossl 151,965 198,420 This notformpartof ihtslatutoryfmMKlalst4trmeNts. -40-