The Isle of Wight Railway Company Limited
Audited Financial Statements
For the Year Ended 31 December 2022

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
lilmited by Guarantee and not havlng any share capltall
CONTENTS
Page
Chairman's and Financial Report
General Manager's Report
Futurè Vlsien
Charity Information
rrustÈe5' Report
9-11
IndependentAuditors' Report
12-14
Consolid3ted Statement of Flnancl81 Activities
15
Consolidated Balante Sheet
16
HDldin8 Company Balance Sheet
17
onsolidated Cashflow Statement
18-19
klold5n8 Company Cashftow Ststement
20-21
Notes to the Accounts
22-36
Detailed Income and Expenditure Account
37
Schedule of Expenditure
38-39
Tradln8 C¢>mpany Detalled Income and Expenditure Account
40-41

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
Iumlted byGuarantee and not having any 5hafe rapltall
CHARITY INFORMATION
REGISTERED OFFICE
AND PRINCIPALADDRESS
The Rallway Statlon
Haveftstreet
Isle of Wight
P033 4DS
COMPANY NO
1(168690 IEn¥8nd and W31egl
CHARITY NO
280918
DIRECTORS AND TRUSTEES
The directors of the charitable company I"thÈ tharity'l are Its trustees for the purpose of charity law
and throughout thls report are collectlvely referred to as the trustees. The tru5tee5 serving durln8
the year and slnce the year end were as follows:
Anthony Barry
Lorraine 8uckman
Stephen Castle
Graham Dee8an
Stu8rt Duddv
Isaac Farnbank
George Felton
Simon Futcher
Marc Mwgèn-Huws
Stephen Oates
Stephen Smart
Malcolm Smith
PeterTaylor Ichaimianl
Peter Vail
lain Whitlam
CHANGES IN TRUSTEES DURING THE YEAR
Lorraine Buckman
Isaac Farnbank
Peter Vai
Derek Bishop
Peter Conway
And￿W Merritt
Appointed Illune 2022
Appointed 11 lune 2022
Appointed 11 June 2022
Resi8ned 11 June 2022
Resigned 11 lune 2022
Resigned 11 lune 2022
SECREtARY
lain Whitlam
FORM OF ACCOUNTS
Consolldated accounts of The Isle of Wight Railwav
Company Llmlted and IWR Tradlng Ilmlted.
CHARITABLE STATUS
Tho company is a UK Registered Charlty No. 280918
BANKERS
Uoyds Bank PLC
22 St Thomas Squa
Newport
Isle of Wight
P030 ISQ
SOLICITORS
Eldridges
36-37 Stjames, Streèt
Newport
Isle of Wl8ht
P030 ILG
REGISTERED AUDITORS
Brlght BrowD Llmited
Exchange House
St Cross Lane
Newport
Isle of Wight
P030 5BZ

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
(Llmlted by Guarantèe and not havlng any share capital)
TRUSTEES. REPORT FOR THE YEAR ENDED JI DECEMBER 2022
The trustees who are also dirertors of the charity for the purpose5 of thè Companiès Att 2006. present their annual
report with the fSnancial statements of the group. parent company and its subsidiary und£rtakin8s for the year
ended 31 December 2022 which has been prepared in accordance wlth ststutory requlrements IFRS102 and FRS 102
SORPI and the charitable company's governlng document.
The légal and administrative infomiatlon set out on pagp 8 form5 part of this report.
GOVERNANCE
The 151e ol Wight Railway Company Llmlted is constitutèd under its articles and mernorandum and Is a Feglstered
charity no. 280918. It was inwrporated on 13th Au8ust 1972. Its subsidiary IWR Trading Limited was incorporated
1st December 1992.
The Isle of Wight RaihNay Company Llmited is a re8iStered Charitable company 1￿MIted by gltarantee, not havln8 any
share capital. Members 8uarantee to pay durlng their mErrbership and within one year after they cease to be a
Mernber, in the event of a windlng-up order, a sum not exceeding five pounds for payment of debts and li0bilities
contracted by the charitable company before they c2a5ed to be a member.
AppoINfMENT OFTRUSTEES
Any fully paid mernber of the charitable company may put thelr name forward for membership of the Board sublect
to compliance of article 33 Idl lil of the companV5 Artlcles of Association. In addltion, the Board has the right to
invite lu15y paid up tnembers tts put their names forward. Election5 to the Board are subleet to a CDnfidentlal vote of
members at the compan￿5 Annual G£n£ral Meetln8. Those members unable to attend such meeting may vote by
proxy. The Board also has the right to c&opt additional members on to the Board at any time durfng the year to fill
vèc3ncie5 but these nominees will then t)e subject to the election process at the subsequent Annual General
Meetlng. Matters relatini to rnember5hip of the Board are fully covered in artides 31 - 37 of the charitable
company's articles of assoclatlon.
ORGANISATIONALSTRUCTURE
The Board h85 the responsibility for éstabli5hin8 pollcy. Delivery of these pollcy decisions is the responsibllity of the
General Manager who works with the char&table mmpany's Heads of Department who cover the followSn8
operations.. rolling Stock, rail infrastructure, estates, health and safety, operatin& retail and catering, commerdal.
heritage and learnin& finante and admlnistfation. All Staff and volunteèrs workin8 Wlthin these departments are
responsible to their Head of Department, A managernent 5tNcture hès been designed whereby all heads of
department report to the General Manager, whD 55 re5ponsitsle to the Board. All new trustees are given induction
tralnin& and training during the year. on the work of the Eharity and on specific Issues.
The General Manager also oversees the charity's wholly owned UK tradin8 subsidiary, throu8h which the shop and
catering Dutlets are operated.
RISK MANAGEMENT
The trustee5 have examined the Major strategic, business and operatlonal risks which the charitsble company faces
and confirm that systerns have been e5tabllshed to enable regtjlar reports to be pruduced 50 that the necessary steps
C3n be taken to lessen those risks.
VOLUNTEERS, DONATIONS & BEQUESTS
The Charity is very grateful for the work contributed by volunteers and for the donations recelved both for 5pecifiE
projects and gpneral funds. The trustees also wish to acknowledge with thanks the bequests the charity h31 rec@ived
from the wi115 of members and friends of the Railway who have sadly passed away.

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
ltimltèd by Guarantoè and not ha¥lng any shave tapltsll
TRUSTEES, REPORT FOR TPIE YEAR ENDED 31 DECEMBER 2022- CONTINUED
OBJECTIVESAND ACTIVITIES
The principal activity of the charitable cornpany in the year under review continijed to be the retention, preserwation.
restgration Bnd operation of a portion ol the railways In the Isle of WiBht as a permanent exhibition and working
museum for the advancement of technical, hlstorical and 8eneral education. Thè Rallway is accredlted as a rnuseum
by Arts Council En8land.
CHARITY'S ￿1N OBJECTIVES IN THE YEAR
An overview of the charity's attivities during ihe year is Included in the precedSn8 annual reviews. Further
nformation is available in the recent editions of Island Rail News. The Board publlshed a Strategic Vision Document in
lune 2CQ9, which was revised in 2013 and again in 2017.
ACHIEVEMENTSAND PERFORMANCE
The achievements and performance of the charity during the year are detailed on pages 2 to 6 of thi5 annual report.
The trustees report thaL In thelr oplnlon, thSs has been a successful year for the charity.
RESULTS For< TPIE FINANaAL YEAR
Total income for both the charlty and subsidiary for the year amounted to £2,681,873 12021.. £2.618,5931.
Administration and event costs amounted to £491,448 12021.. £381,826), shop, catering ènd show expenditure
amounted to £608.541 12021.. E600.2241. Èxpenditurè on rur*ning and maintalnlng the Railway amounted to
£1,273,61812021.. £987,094> The Overall surplus for the year amounted to £310.59212021.' £648,5061.
RESERVES IIOLICY
It is the policy of the charitable company to mainta*n unrestricted fund5, which are the Iree reserv￿ of the charltable
company, at a level which equates to approximately four months unrestrlcted expenditure in order to avoid
operatln8 cashftow problems. The overall ￿serveS of the group held gt 31 December 2022 amounted to £5,252,692
of whlch £179,664 are held for restrirted purposes. Resetve5 of £3,070,289 aro held as fixed assets including
investmènt5, £662,866 of reserves relating to legacies received have been designated for specific purposes by
trusteès. 8nd £230,717 has been designated toward5 work required for the Train Story 2 project. This leaves
£1.109,156 of freè unrestricted reseryes.
This level of free reserves is wnsidered by the trustees to be sufficlent to meet the ￿SerVeS pollcy of approximately
lour months, expenditure.
PRINCIPAL FUNDING SOURCE5
The charlty's principal fundin8 sourtÈs continue to be from donations and membership income, shop, caterSn& tlcket
sale5 and other specsal events Income. The charity ha5 a150 benefited from 6raDt funding. Once. the costs of
generating these funds has been deducted. the majority of the remaining funds are used in support of the key
objectives of the charity, that is the malntenancè and running of the Railway.
INVESTMENT POLICY
Undèr the charity's 8ovemin8 documeFJL the trustees have the p¢Jwer to invest the monies of the charitable
comparny not immediately required. in any such manner as the trustees may from time to time deterlnine.
FUTURE PL4NS
Details of the charlty's strategy plans are publlshed on the webslte www.5wsteamrailway.co.uk. Thls Includes the
Strate&it Vision Docum@nt from which detailed p13ns for the f￿tUre will be produced. These plans are summarised on
page 6.
PUBLIC 8ENEFIT
The Board of Trustees understands the requirements as set out in Section 17151 of the Charlties Att 2011 and takes
the view that The Isle of Wight Railway Company knmited completely satisfies all guidance ￿SUed by the Charity
Commission with regard to public benefit.
io-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
Iumlted by Guarantee and not havlng any Share capitall
TRU5TEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 1022- CONTINUED
COMPANYSUSTAINA8IUTY STATEMENT
The Company recognise5 that as a responsible organisation It has obllgations, both in law and morallyi to act in è
sustainable manner to redu￿ where possible and practical, it5 impact on the widèr énvironment.
It aims to do so by mlnimlsing its consurnption of natural resources, eflective use of those resources, reduction, reuse
and rerycling of waste, reduclng its Impact on the natural environmenL promoting biodlversity on its land holdings
and tninimlsln8 pollutlon In all forms arising from its operations.
TRiJSTEES' RESPONSIBIUTIES
Company 13w reguires the truste￿ to prepare financial 5tatement5 for each finandal year in accordance with
applitable law and United KSn8dom Generally Accepted Accounting Practice (UK GAAPI. Under cornpany law the
trustees must not approve the financial statements un5*55 they are satisfied that they gwe a true and falr vlew of the
state of allairs of the company and of the intome and expenditUfe of the company for that perlod. In preparing
those financial statements, the trustees a￿ requlred to..
select suttable accountln8 polieies and then apply them ¢on555tentty',
make judgements and estimate5 that are reasonable and prudent.,
prepare the finantial statemènts ¢n the going concem basis unless it is Inapproprlate to prEsurne that the
companywlll continue,.
determine lTrow amounts are presented withln items in the ststement of financial art*vities and
balance sheeL having regard to the substsnce of the reported transactlon5 or arrangements, In
accordance with 8enerally accepted accountln8 princlples or practice.
The trustees ar& responsible for keeping proper accounting recofds whith disclose with reasonable accuracy at any
time thè linancial position of the company and to enat>le them to ensure that the fSnanclal statements comply with
the Companie5 Act 2006. They are also responslble for 53feguardlng the assets of the company and hence for tskin8
reasonable 5tep5 for th& prevention and detectlon ol fraud and other irregularities as well as for the maintenance
and intè8rity of the corporate ènd financial information included on the charity's wèbsite.
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the trustees are aware, there is no relevant audit information las deftned by Section 418 of the Comp6nies
Act 20061 of whSch the company's auditors are unaw3fE, and each dlrector has taken 311 the steps that he or she
ought to have taken a5 a dlrector in ordei to make himself or he15elf aware of any relevafit audit information and to
estsblish thatthe CDmpany's auditors are aware of that information.
This report has been prepared in accordan￿ with the special provisions of the Companies Act 20C6 relatlng to small
companies.
v Order of the Board
PETER TAY
ICHAIRMANI
Date..
li-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
(Llmlted byGuarantèe and not hav1￿ any share capital)
REPORT OF YHE INDEPENDENT Auf)ITORS TO THE MEMBERS OF THE ISLE OF WIGHT
RAILWAY COMPANY LIMITED
OPINION
We have audited the financial staternents of The Isle of Wight Railway Company Limited (the 'parent charitable
company, and its subsidiary (the 'charitable group'l for the year ended 31 December 2022 which comprise the
CDn501idated statement of financial activities (incorporating an income and expenditure accovntl, consolidated
balance shEeL Parent charitable company balance sheeL consolldated ststement of cashflows, parent charitable
company statement of cashflows and notes to the f&n3ncial statements. including a summary of significant
accounting policies. The financial report￿fig framework th3t has been applied in their prèpaTation is applitrable 18W
and United Kingdom Accounting Standards, Including Financial Reportlng Standard 102 The Financlèl Reportlng
Standard applicable in the UK anij Republic of Ireland Iunlted Kln8dom Generally Attepted Accounting Practice).
In our opinion, the financial statements..
Give a true and fair view of the state of the charitBble group's and parent company's aff4ir5 a5 at 31 December
2022 and of the charltable Broups, incoming resources and appllcation of resources ftjr the year then ended.,
have beeh propedy prepared in accordance with United Kingdom Generally Accepted Accountin8 Practice
appllcable to Smaller Entities., and
have been prepared in 3ccordance with the requirements of the Companles Act 20D6.
8ASIS FOR OPINION
We conducted our audit in accordance with Intemational standards Dn Auditing IUKI IISAS IUKII and appllcable law.
Our responsibllities under those Standards are furthe¥ described in the auditor's responsibilities for the )tsdit of the
flnancial statements sectlon of our report. We are independent of the chèrltable group in accordance with the ethical
re9ulrements that are relevant to our audit of the linanclal ststements in the UK, includln6 the FRCS Ethical
Standard, and we have fulfilled our other ethital responsibilities in accordance with these requirement5. We believe
thatthe audit evidence wp have obtsined is sufficlent and appmpriate to provide a basis for our oplnion.
CONCLUSIONS RELATING TO GOING CONCERN
We have nothing to report in respect of the followln8 matters in relation t¢ whirh the ISAS IUKI require us to report
to you where..
the trustees, use of the going concem basis ol accountin8 In the preparation of the financial statements 15 not
appropriate,. or
the trustees have not disclosed in the ffnanclal ststements any identified material uncertainties that may cast
S￿EnIfiCant doubt about the charitable group's or the parent ch3rit3ble company's ability to continue to adopt the
80inE CDncein basis of accounting lor a period of at least twelve months from the date when the financial
statements are authori5ed for Issue.
OTHER INFORMATION
The other information comprlse5 the tnformation included in the annual reporL other than the f)nanclal statements
and our auditors report thereon. The trustees a￿ responsible for the other informatlon. Our opinion on the financial
statements doe5 not cover the Information and, except to the extent othèrwise explicitly stated in Dur reporL we do
not express any form of assurancÈ conclusion thereon.
In connection wlth our audit of the financial ststements. our responslblllty is to read the other information and, in
dolng so, consider whether the other Information is matèfially inconsistent with the financial statements Of OL(r
kno%rfedge obtained in the audit or otherwise appears to be rnaterially misstated. If we identtfv such material
inconsistencies or èpparent material misstatements, we are required to detem)Ine whether there is a material
m15Statement in the financial statements or a material misstatement of the other information. If, based ¢>n the work
we have performed, we conclude that there is a material misststement of thls other information, we are rèquired tD
report that fact.
We have nothing to report In thls ￿gard.
-12-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
(Llmited by Guafantee and not having any share £apital}
REPORT OFTHE INDEPENDENT AUDITORS TO THE MEMBERS OF THE ISLE OF WIGHT
RAILWAY COMPANY LIMITED- CONTINUED
OPINION ON OTHER mA￿ER5 PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion. based on the work undertaken in the course of the audit..
Thè information given In the tru5tees' reporL which includes the directors, report prepared for the purposes of
company law, for the financial year for which thè financial statements are prepared is cornslstent with the
flnancial ststements., and
the directors, report Included within the trustees, r2port have been prepared in accordance with appllcable legal
Tequiremen
TTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPYION
In the light of Ihe knowledge and understanding of the charitable group and the pa￿nt charitable cornpany and Its
environment obtained in the course of the audit, we have not identified material mis51atements in the dirèrtors,
report Included within the trusteps, report.
We have nothSng to report In respect of the following matter5 Whe￿ the Companies Act 2006 require5 U5 tu report to
you if. Sn our opinion..
adequate ateountlng ￿COrdS have not been kept by the parenl company, or returns adequate for our audit have
not been recelved from branches not visited by.. or
the parent charitèble company flnanclal statements are not In aS￿eMent with the accountlng records
and returns., or
certain disdosures of tru5tee5' remuneration specified by law are not made- or
• we have not received all the information and explanation5 WÈ regulre for our audit.
The tnJ5tees were not entitled to prepare the financial statements in actordanee with the small companles
regime and take advanta8e of the small companies, exemptions in preparing the trustees repcrt and from the
requirement to prep3re a strategic report.
RESPON51BILITIE5 OF TRUSTEES
As explained Fnoie fully In the trustees, respon51bllities statement set out on page 11 in the trustees, report, the
trustees (who are a150 the diretiors of the charitable company for the purposes of cornpany lawl are respons5ble for
the prepèfatlon of the financial statements and for being satisfied that they give 3 true and fair vlew, and for such
internal control as the trustees determine is necessary to enable the preparation of financlal statpments that 3re free
from material misstatement, whether due to fraud or error.
In preparing the financial stotements, the trustees are responsible for assessing the Broup's and the parent
company'5 ability to continue as a going concern, disclosing, as applicable, m3tters related to 8oin8 concern and
sing the 8oing concern basi5 of accounting unless the trustee5 either intend to liquidate the company or to cease
operations, or have FTro realistic alternative bul to do so.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIALSTATEMENTS
Our objectives are to obtaln reasonable assurance about whether the linancial ststernents as a whole are free from
materlal mi5StatemenL whether due to fraud or error, and to 1$5ue an auditor's report th3t Includes OL+r opinion.
Reasonable assurance is a high level of a5surnnce, but IS Dot a guarantee that an auLlit CDnducted in accordaD¢e with
ISAS IUKI will alway5 detect a material misstaternent when it eX15t5. Mi5Statements can arlse from fraud or error and
are tonsSdered material If, Individually or in the aggreBate. they could reasonably be expected to influence the
economic decisions of users tsken on the basis of these financial statements.
Irregularities. including fraud, are instance5 of non-compliance with laws and rÈgulètions. WÈ design procedure5 in
line with our responsibilities, outlined above, to detect material misstatements in respect of irwegularitie5, includirig
fraud. The extent to which our procedures are capable of detectlng irregularities, Including fraud is detallèd below..
-13-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
(Llmlied byGuarantee and not hav4n8 any share capltall
REPORT OFTHE INDEPENOENT AUDITORS TO THE MEMBERS OF THE ISLE OF WIGHT
AILWAY COMPANY UP4tITED- CONTINUED
As part of planning ovr audit wé determinèd materiality and assessed the risk5 of materlal misstatemènt in the
fifiancial ststements. Based on our understanding of the charitable cornpany and the 8roup we identified the
Pfincipal rlsks to both the tharltable company and the 8roup as management override of controls. rlsk of
misclasslfl¢ation of expenses between capital and rpvenue. and potential for fraud in respect of revenue recoBnStion
particularly in rpspÈct of cash income.
Audit proceduTes perforrned by the engagement team included..
A revièw tsf journals made in preparing the final results for preparation of the accounts, and a revlew of
actountin£ estimate5 made by management.
Rewew lo ensure there are no tran5action5 that have no apparent business or charitablè purpose, or that have
been processed outslde the usual accounting systems.
Extension of the sample size5 for audit testing carried out in relafjon to cash income, and consideratlon and
test+ng of contro15 in place around thls incorne.
Extension of sample SiLe5 foT audit testing carrled out around addltions. and review of addltlon5 and repair5 costs
to ensure they are approprlately dassified.
Discusslons wlth mana8emÈnt. including conslderatlon of any known or suspectèd instantes of non-compllance
with laws and regulations or fraud.
There are inherent limitation5 in the audlt procedures described above, and the further removed non-compllance
with laws and regulations is from events and transactions reflected in the financlal statements, the less likely we are
to become aware ol it. The risk of not detectin8 a material misstaiement due to fraud is higher than the risk ol not
detecting one resulting from error. as fraud may involve deliberate concealment or intentional mlsrepresentstlons.
A further description of our responsibilities for the audit of th2 financial statements 15 IDcated on the. Financial
Reportlng Council's website at.. www.frc.org.uklauditor5responsibilities. This description forms part of our audltorfs
report.
USE OF OUR REPORT
This report is madè solely to the company's members, as a body, acconlance with Sections 495 and 496 of the
Companies Act 2006. Our audlt work has been undertaken so that we might state to the company's rnember5 those
matters we are reguired to state to them in an auditor's report and for nu uther purpose. Tu the fullest extent
permitted by lèw, we do not accept or assume responsibility to anyone other than the company and the company's
members as a body. for our audit wort, for this report, or for the opinlons we have formed.
GAVIN KELLY, ACA, FCCA ISENIOR STATUTORY AUDITORI
for and on behalf ol Bright 8rown Limlted Chartered Accountsnts
Statutory Auditor
Exchan8e House
St Cross L3ne
Newport
Isle of Wight
P030 5BZ
Date..
-14-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
(Llmited by Guaraffitee and not h3vlng any sharè capliall
CONSOLIDATED STATEMENT OF FINANCIAL AcfiviTIES INCORPORATING AN
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
un￿strICted Restrlcted
Fund5
Funds
2022
Total funds
2021
Total funds
35 re5tateiJ
Notes
INCOMEAND ENDOWMENTS FROM
Voluntary Intome
Donations
Grants
Leg3aes
CharTrtablè artlvltlÈs
ricket sales
Merntsershlp subscriptions
Other tradlnK actlvltle5
Special events
Shop, catering and show income
Other income
Investments
Interest received
141,253
6.470
205,316
91,017
232,270
6,470
205,316
292,100
81,517
112,(M)2
1.144.575
49.842
1,144,575
59,209
1,048,157
49,829
9,367
334,220
685,152
10,959
334,220
685,152
10.959
285,108
740,756
8.737
3,702
3.702
387
Total
2,581,489
100,384 2,681,873
2,618,593
EXPENDITURE ON
Raislng Funds
Administration and event costs
Shop, c8terln8 and show expendlture
Chafltable artlvltles
Running and maintaining the Railwav
Totsl
483,970
608,541
7,478
491,448
608.541
381,826
600,224
1.224,256
49,362 1.273,618
987,tY34
2,316,767
56,840 2,373,607
1,969,144
Unrea115ed 8alnslllossesl on investrnent5
NET INCOMEIIEXPENDITUREI
TrJn5fÈr between lund5
li
2,326
2,326
19431
267,U48
43,544
310,592
648,506
16a
63,157
163,1571
Net movemÈnt In funds
330,205
119,6131 310.592
648,506
RECONCILIATION OF FUNOS
Total funds brought foiward
As prevlously reported
Prior year adjustment
As re5tsted
4,689,068
53,755
199,277 4,888,345
53,755
4,293,594
4,742,823
199,277 4,942,100
4,293.594
TOTAL FUNDS CARRIED FORWARO
5,073,028
179,664 5,252,692
4.942.100
CONTINUING OPEIiATIONS
All income and expenditure has afisen from continuing actlvities.
note5 o¥ipa8es22 ID36 form PWEof these financknl $rats￿nIs.
-15-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
Company No: 106865M)
Charlty No.. 280918
ILlmlted by Guarantee 3Dd not h3¥ing any share tapltall
CON50UDATED BALANCE SHEET
FOR THE YEAR ENDED 31 DECEMgFR IL122
2022
2021
as restated
Note
FIXEDA55ET5
TaTIBible assets
Heritage assets
Investments
loa
ioc
li
2.872.693
197,596
2,649.416
232,014
1.981
2,883,411
3,070,289
CURRENT ASSErs
Stock
Debtor5
Cash at bank and in hand
12
13
123,069
167,720
2,039,951
2,330,740
108,622
133,606
2.180,252
2,422.480
CREDITOR5
Amounts falling due within one year
1148.3371
1184,6241
NET CURRENT ASSETS
2,182,403
2,237,856
TOTALASSETS LESS CURRENT LIABILITIES
5,252,692
5,121.267
CREDITORS
Amounts f811ing due after one year
15
1179,1671
NET ASSETS
5.252.692
4,942,100
FUNDS
Unrestrlcted funds
Restrlcted funds
5,073,028
179,664
4,742.823
199,277
164
5,252,692
4,942,ILX)
There a￿ no shareholder5, funds as the company Is Ilmlted by guarantee.
These financial ststements have been prepared in accordance with the special provislons of part 15 of the
Companies Act 2006 relating to small companies.
The financlal statements were approved by the Board of Trustees on
Slgned on Its behalf bv..
and were
PETER TAYLOR IC
MANI
ThÈrt0￿ on pa8e522 to 36form ￿rtoftkese nnanclal ststements.
-16-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
Company No: 1068690
Charlly No.. 280918
{Um¥ted by Guarantee and not having any share capital)
PARENT CHARITABLE COMPANY BALANCE SHEET
FOR THE YEAR ENDED 31 DECEMBER 2022
2022
2021
Note
FIXED ASSETS
TangSble assets
Heritage assets
Investments
lob
IOC
li
2,830,524
197.596
10,000
3,038,120
2,609.618
232,014
11,981
2,853,613
CVRRENT ASSETS
stock
DÈbtors
C3sh at bank and in hand
31,970
206.568
1,967,305
2,205,843
17,374
269,372
1.940,724
2.227,470
13
CREDITORS
Amounts falling due withln one year
14 1130,2521
1167,3661
NET CURRENT ASSETS
2,075,591
2.060.104
TOTALASSETS LESS CURRENT UABILITIES
5,113,711
4.913.717
CREDITORS
Amounts falling due after one year
15
1179,1671
NET ASSETS
5,113,711
4,734.550
FUNDS
Umrestrlcted funds
Restricted funds
16b
16b
4,934,D47
179,664
4,535,273
199,277
5,113,711
4,734,550
There are no shareholders, funds as the Company Is Ilrnlted by guarantee.
These fin3nclal ststements have been prepared in accordance wth the speclal prtrvlsions of part 15 of the
Companies Act 2006 relating to small companie5.
The financlal statements were approved by the Board of Trustees on
si8ned Dn Its behalf by..
and were
PETER T
Ic
AMANI
The ftTrtE5 paB￿ 22 to 36forTh part Df thp5Eflnanclal St8￿mEntS.
17-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
ILimited by Guarantee and not having any Share capital)
CONSOLIDATED CASHFLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
2022
2021
Note
Cash flowsfrom operailng attlvliles
Cash generated from operations
496,417
782.470
Net ￿$h provlded by lused Inl operalln8 artlvStle5
496,417
782,470
Cash flows from In¥estlng attivitles:
Purchase of tangible fixed a55ets
Proceeds on salè of tangible fixed assets
Proceeds on sale of investments
Inte￿$t re￿￿￿ed
1417,0601 1221,8781
1,500
4,307
3,702
387
N* cJ5h provKled by (used In) Inwstlng a¢tlvltles
1407,5511 1221,4911
Net cash prowded by (used Inl flnanclng attlvhies
PYoceed5 of borrowing
Repayment oflgan capita
1229,1671 120,8331
Net cash pro￿ded by (used Inl flnancln8 Bctlvhles
1229,1671 120,8331
Change In cash and cash equlvalents In the
reportlng period
1140,3011
540,146
Cash and cash equlvalents at thè beginnln8 ol the
repprting period
2,180,252 1,640.106
Cash and cash equlvalents at the end of thè
repurting period
2.039,951 2,180,252
18-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
ILlmited by Guarantee and not having any share capital)
NOTES TO THE CONSOLIDATED CASHFLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
I RECONaLIATION OF NEf INCOMEIIEXPENDITUREI TO NET CASH FLOW FROM OPERATING ACTIVITIES
2022
2021
Net lfttome for the reportlng pwlod las pèr the statement
of Ilnanclal attlvitlesl
Adjustments for,.
Deprethatlon charges
Loss on di5PDsal of assets
interest rètèived
Unrealisèd Ioss&5/lgains1 on ir¥vestments
Decreaselllncfeasel (n stock
Decreaselllncreasel In debtors
Increaselldecreasel In creditors
310,592
648,506
223,439
177,564
3,263
4,796
13,7021
13871
12,3261
943
114.4471 114,0951
134.1141 170,8481
13,712
35,991
Net cash provided by lused inl operatin8 activSt4es
496.417
782,470
19-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
liimited by Gu3r3Dtee and not havin8 any Share capital)
PARENT CHARffA8LE COMPANY CASHFLOW STAYEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
2022
2021
Note
Cash flows from operailng actlvltles
Cash generated from operations
652,645
570,086
Net ¢ash provkled by Iu5ed Inl operatln8 aCtl¥ltles
652,645
570,086
Cash flows from Investing artlvltses:
Purchase ol tangible fiyed assets
Proceeds ofi sale of tan6ible fixed asset5
Proceeds on sale of investments
Interest received
1406,3181 1217,0841
1,5LKI
4,307
3.614
376
Nèt Cash provided by Iu5ed In) Inve$tln8 actlvltles
1396,8971 1216,7081
Net cash provlded by (used In) flnancins attlvlt]es
Proceeds of borrowing
Repayment olloan iaplta
1229,1671 120,8331
Net cash providÈd by lused Inl finan¢ln8 actiwltles
229,1671 120,8331
Change In cash and ￿5h equlvalents In the
reporting perlod
26,581
332,545
Cash and cash egulvalents at the beWnnln8 of the
reportlng perlod
1.940.724 1,608.179
Cash and cash equlvalents at the end of the
reporting period
L967,305 1,940,724
-20-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
(Limited by Guarantee and not having any share ¢apltall
NOTES TO THE PARENT CHARITABLE COMPANY CASHFLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
I RECONCILIATION OF INCOMEIIEXPEhlDITUREI TO NET CASH FLOW FROM OPERATING ACTIVITIES
2022
2D21
Nèt Income for the reportlng perlod las per the statement
of Ilnanclal actlvltlesl
Adlustments for..
Depreciation charges
Loss tsn di5posèI of assets
Interest recelved
Unrealised losses/(gainsl on investments
Decrea5e/lincreasel in stock
Decrea5e/lin£reasel in debtor5
Increase/ldecreasel in creditor5
379,161
496.541
215.995
2.335
13,6141
12,3261
114.5961
62,804
12,886
170,540
4,015
13761
943
2,310
1134,7201
30,833
Net cash provided by Iu5ed inl operating activitie5
652,645
570.086
-21-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
ILimlted by Guarantee and not having any Share capital)
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2022
I GENERAL INFORMATION
The I￿e tsf Wi8hi Railway CDrnpany Llrnited Is a private company Ilmited by guarantee and Incorporated in
Eng13nd. The financial statements a￿ prEsented in Stprling, which is the funttlonal currency of the charitable
group. There are no materlaS uncertaintles about the charity's ability to continue. The Isle of Wi8ht Railway
Company Limlted constitutes a public benefit entity as defined by FR5 102.
2 ACCOUNTING POLICIES
a Basls of preparing the financial statements
The financial statements of the charitable company, whlch is a public beneflt entlty under FRS 102. have been
prepared in accordan￿ with the Charities SORP IFRS 1021 'Accounting and Reporting by Charilies.. Ststement of
Recommended Practice applicable to charities preparing their accounts in accordance with the Financial
Reporelng Standard appl￿C3b1e in the UK and Republic of Ireland IFRS 1021 leffective l January 20151,, Financial
Reporting Standard 102 'The Financial Reporting Stsndard applic3ble in the LIK and Republic Df Irelond,, the
Companies Act 2006 and the Charitie5 Act 2011. The financial stèternefits have been prepared under the
historical cost colivention as modified bythe re¥alUa￿On of listed fixed asset InV￿tMents.
b Basls of Consolldatlon
The consolidated financlal statements incurporale the financial statements of the Isle of Wight Railway
CoFnpaFJy Limited and it5 subsidiary IWR Tradlng knmited to 31 December each year. The accounts have been
con5015date(J on a line by line basis and intra group transactions have been ellminatèd on tonsolidation.
t Heritage Assets
It is the ch3ritls policy nDt to capitalise any heritage assets where it Is not posslble to plè￿ any reliable value
on them. All heritage assets that can be reliably valued are Included on the balance sheet at cost or valuation
less accumulated depreciatlon. The charity has a collertion of wtsrking steam locomotlves and rolling stock,
which are held to support their objectives of education and maintenance of the Isle of Wight Steam Railway.
The trustees do not con51der that reli3ble cost or valuation can be obtained for the majority of the locomotives
in their collertion, due to the rarity and lack of liquid rnarket for them. The chaTlty does not therefore recognlse
thèse assets on the balance sheet.
d Propemi. Plant and Equlpment
Property, plant and equiprnent has been valuèd at tost less accumulated depreclation.
e Depretiatlon
Depreaation Is provided on the following tan8ible fixed assets, at rate5 calculated to write off the cost of eath
asset over its anticipated useful life usln8 the reduclng balance method unless otherwise stated.
Freehold property
Permanent way
Motor vehicles
rools 3nd miscellaneous equipment
No. 38, 8arclay 0-6-OT Ajux
+watt Engine5 46447 and 413
Drewry Railcar
Office equipmeni
Improvement5 to property
Assets in the course of contruction
3% per annum
5% per annum
25% per annum
25% per annum
IO% per annu￿ on cost from date brought into service
IO% per annum on cost from date brought into Service
5% per annum on cost from date brought into service
20% per annum
20% Per annum
Not depreciated until the 355et Is brought into use
22-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
Iumlted by Guarantee and not havlng any share c•pitsll
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Z ACCOUNTING POUCIE5 ICONTINUEDI
f Invèstmènts
Investmenls in listed entities are initially recognised at cosL Of where such assets are donated at the fair Wdlue
at the date ownership passed to the charity, Subsequentlyj listed investments are measured at fair value
through the prDfft or Ioss account. Falr value will be determined by the actTve mèrket pr5ce.
Inv&trnellts iT> unlisted entitie5 are measured at cost less 8rnorti5ation a5 no fair value can be reliably
cfetem)Ined.
g Stocks
stock is valued at the lower of cost and net ￿alIsable value. In detertnining the value, cost Is the cost incurred
in brin8lng each product to its present location and condition. Net realisable value is based on estimated Selling
price less further costs expected to bE incurred to completion and disposal.
h Income
Voluntary Income
Voluntary incDme 15 recognised in the Statement of Finantlal Activlties once the charitable company has
entitlement to the funds, kt is probable that the income will be received and the amount can be measured
For donation5 this is generally upon recelpt. In the indiwdual company accounts donations from the tradln8
subsidiary arÈ also recugnised on receipt.
For legacies th￿S is when the charity is notified of an impending distribution Dr recelpt of a le8acyJ provided the
Value of the 5n¢oming resources can be measured with sufficient reliability.
Grants are recognised when uncondltional entitlement to the Income Is P￿Sed to the charitable company.
Where there are performance related terms and condition5 that must be met before uncondltional entitlement
passes to the chaiitable Eompany, the income Is recognised once it is hjghly probable that these wlll be met.
Wherè rho such conditlons exlst the income is reco8nised when it 15 re￿iVed.
Charltsble and Other TradlngActliitles
Income frorn Irading activlties. including travel tickets, special events tKkets. shop, caterin8 and shows income,
is recD8nised, net of VAT and all other sales taxes when the goods are delivered or se￿1￿$ are provided.
Membership incorne 15 recognlsed evenly over the period the rnember5hip relate5 to.
Investment Intome
Inte￿st recÈivable is recognised over the period it is accnted except where thEre are conditlons imp05ed that
must be met before interest is received. Where this is the case the income is recogfiised once the conditions
have been met.
l Ekpendlture
Liabilities are reco8nlsed a5 expenditure as soon as there is a legal or constructive obli8Btion committing the
charlty to that expenditure, it is prctbable that a transfer of economic benefit5 wlll be re4ulred in settlement
and the amount of the obllgation can be rneasured reliably. Expenditu￿ 1% accounted for on an accruals basis
and has been classified und@r headings that aggregate all cost relèted to the category. Where costs cannot be
directly 3ttributed to particular headin8S they have been allocated to activltles on a ba515 consistent with the
use of the resources.
-23-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
ILlmlted by Guarantee and not havln8 any share caplt¥l
NOTES TO THE ACCOUNTS
FOR THE YEAR ENOED 31 DECEMBER 2022
2 ACCOUNTING POUCIES ICONTINUEDI
l Taxatlvn
The charity is exempt from corporatlon tax on Its charltable actlvitie
k Fund Accounilng
Unrestricted funds can be used In accordance with the charitable objectives at the dlscretlon of thè trustees.
Restrlcted fund5 can only be used for particular purposes within thè objects of the chartty. Restrictlons arlse
when spècilied by the donor orwhen funds are ralsed for paiticular restricted purposes
Further explanatlon of the nature and purpose of each fund 15 induded in the notes to the financial ststEments.
I Penslon t05ts and other post.retlrement beneffts
The charftable company operate5 3 defined COn￿bUt10n pension scheme. Contributions payable to the
charitable company's pension scheme are charged to the Statement of Financial Activities in the perlod to
which they relate.
m Credltors
Short term C￿dItorS are measured at transaction (invol￿) price.
Lctans and other fi'nancial liabilities are initially re¢o8nlsed at transartlon price net of any trafisactlOFI C05ts and
subsequÈntly meèsured at 3mortised cost determined usin8 the effective interest method.
n Go5ng Concern
The accounts are prepared on a going con￿rn ba515. There are no Un￿rtaInt￿e5 about the charitable companV5
abllSty to Continue as a going concern.
Unre5trbcted Restricted Total lund5 Total funds
2022
Z022
2022
2021
3 GRANTS RECEWABLE
Coronaviru5 Job Retentlon Scheme
Other grants
27,435
54,082
6,470
6,470
6,470
6,470
81.517
4 INVESTMENT INCOME
Interest frorn UK bank accounts
3,702
3,702
387
5 PRIOR YEAR AD)U5TMENT
It has been identSfied that legacy income of E53,755 received In eady January 2022 should have been
recognised as in¢tsme in the 2021 atcounts. The comparative fi8urps have been restated to reflect an increase
in legacy Income for that year, with a torresponding increase in other debtor5. The effects of this change mean
that last year's unrestricted surplus is now Shown as £53,755 greater than originally reported, and funds carried
forward 3t 31 Decernber 2021 We￿ also increased by this amount to £4,942,100 for the group, and £4,734,550
for the parent charity.
Had the above adjustment not been made these funils would be reco8nlsed a5 legacy income during 2022 and
therefore the adjustment has had no effect on the group or parent charity's financial posltion as at 31
Decembpr 2022.
-24-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
(Limlted by Guarantse ond not havlng any share capital)
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2022
G)sts of GÈneratln8 Funds
Charltabl•
Actlvltles
Rallway and
Locomotlve5
Admbn and Tradln8 CaterlnB
event costs
and 5how5
Total
2022
Tota
2021
6 EXPENDITURE
Dlrect expendlture
Employee costs
Locomotive running costs
Rolling Stock refurb
Operating costs
Repairs and maintenan
IRN membership costs
aeanin8
C05t of 8oods sold
Publlcity and advertSsing
Special events
Printin& post and 5tstionery
Insurance
Sundry e¥penses
Legal and professional
Audit accountancy
Bad debts
Financial costs
Depreciation
Loss on disposal of assets
73,820
137,638
535,797
231,502
44,605
2,403
131.431
20,668
6,269
747,255
231.502
44,605
2,403
141.546
20.668
6.269
308,371
95.368
139,456
3,551
6,755
54,491
361
8,070
91
36,365
223.439
3,263
655.289
124,848
22,705
3,427
78,595
26,714
5,728
315,373
78,705
113,241
5,356
6,400
45,465
991
7,550
10,115
308,371
3,217
54,811
92,151
84,645
3,276
275
6,755
98
49,387
5,006
361
4,9CKJ
3.170
91
21,753
39,552
2,335
14,612
7,443
928
33.727
177,564
4,796
176,444
367,010
547,158
1.159,661
2.073,829
1,706,474
Support costs
Artivlty
Sèlary tosts
Premlses costs
Ba%ls of Allocatlon
Time spent
Floor area used
Costs of Generat1￿ Funds
Charltable
Activitles
Railway and
Locomo￿Ve5
Admln and Trad1￿ Caterfn8
event costs
and shows
Total
2022
Total
2D21
Employee costs
Insurance
Printingi P05t and Stationery
Heat, light and water
Telephone
Rates
Rent
Health and safety
82.794
6,639
10,105
16,534
4,472
707
1,833
1,354
12,371
39,836
95.165
66,393
14,436
82,671
8.944
7.068
18,333
6,768
89,383
56,684
14,637
68,510
8.454
4,812
I8,￿0
2,190
19,918
4,331
24,801
2.683
2,120
5,5(X)
2,030
41,336
1.789
4.241
ii,oc
3,384
124,438
61,383
113,957
299,778
262,670
Total expendlture
491,448
608.541
1,273,618
2.373,607
1,969,144
-25-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
Iumlted by Guarantee and not havln8 any shale capitsll
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2022
2021
7 GROUP OPEIiATING SURPLUS
Group operatin8 surplus
Auditors, remuneratlon
Audltors, remuneratlon non-audlt fees
Expenditure on operatin8 leases
Dèprèciation
Loss on disposal of fixed assets
5,920
2,150
13,5(X)
219,985
3,263
5,400
2,150
13,500
174,110
4,796
and after creditln8'.
Interest received
3,702
387
8 EMPLOYEES AND TRUSTEES
Gross salaries
Employers national Insurance tontributions
Pension Costs
TralnlnB Costs
784,223
41.415
9,971
6,811
696.321
34.596
8,867
4,888
Total employee costs
842,420
744,672
The average number of ernployee5 for the year amounted to 22 full time12021- 211, 12 part tlme12021- 151, and
14 seasonal12021- 81. Of thesè a tot31 of 35 employees worked for the tharlty ènd 13 for the tradln8 company. No
employee5 received remuneratlon of £6O.(M)O or h(gher.
DL*rin8 2021 two rnember5 of staff who were connected to trustees were employed by the charity eaming a total of
£14,574. This 15 permissible accordin8 to the charity's articles and memorandum. In 2022 there were no emplLJyees
related to trustees. No Trustees eamed a salary during elther the current or previous year.
9H PARENT COMPANY INCOMEANO EXPENDITURE ACCOUNT
Ng Income and Expendlture Account is presented for the Isle of Wight Railway Company Limited as permitted bv
section 408 of the Companles Act 2006. The surplus stated in the accounts for the year ended 31 December 2022
wa5 £379,161 12021.. £496,541), comprising unrestricted fund5 surplus before transfe￿ of £335,617 12021..
£411,832) and restrirted funds surplus befoTe transfer5 01 £43,54412021.. £84.7091.
9b SUBSIDIARY COMPANY INCOME AND EXPENDITURE
The turnover for IWR Trading Limited for the year ended 31 December 2022 was £685.15212021.. £740,756). The
net surplus after tax and before donations to the charity for the year ended 31 December 2022 was £92,83712021..
£161,248). Total assets at 31 December 2022 were E224,38212021.. £371,075), total liabilltles were £75,40012021-
£153,524) and shareholder's tund5 amounted to £148,982 12021.. £217,551). Its primary actlvlty is trading in
SUPPDrt of The Isle of Wight Rallway Company Ltd.
-26-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
(Llmlted by Guarantee and not havln8 any ghare tapitall
NOTES TOTHE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2022
loa TANGIBLE FIXEDASSETS- GROUP
Permanent
Property
wayi tools.
Offlce
Motor
F4Xture5
Freehokl Improve-
equlpment egulpment vehlc1è5 & Ilttln85 pruperty
ments
Total
Cost
At l January 2022
Addltion5
Disposals
At 31 December 2022
1,160,091
117,610
10,750 112,462 2,587,317 766,847 4.755.077
143,341
16,914 105,151
10,742
48,682
92,230
417,060
14,4CM)I 110.6831 13,7501 16,9631
125,7961
1,299.032
123,841 112,151 116,241 2.635,999 859.077 5,146,341
Depreclotlon
At l January 2022
Charge for year
Disposals
At 31 December 2022
697,553
46,068
12,4111
741.210
67,665
9,703
72.664
13,W5
26,547
7,443
18,8471 13,7411 16,035
71,823
32,509
74.072
611,707 646,369 2,105,661
53,416
42,542
189,021
121,0341
665,123 688,911 2,273,648
Net book value
At 31 December 2022
557,822
52.018
79,642
42,169 1,970,876 170,166 2,872,693
At 31 December 2021
462,538
49,945
1,047
39,798 1,975,610 120,478 2,649,416
lob TANGIBLE FIXEDASSETS- COMPANV
Permanent
Property
way,tools. Offlce Motor Freehold lrnprove- Total
egulpment egulpmem vehic105
property
ments
Cost
At l January 2022
Additions
Disp05a15
At 31 December 2022
1,160,091 117,610 10,750 2,587,317 766,847 4,642,615
143,341
16,914 105,151
48,682
92,230
406,318
14,4001 110,6831 13.7501
118,8331
L299,032 123,841 112.151 2,635,999 859,077 5,030,100
Depreciatlon
At I january 2022
Charge for year
Disposals
At 31 December 2022
697,553
67,665
9,703
46.068
13,lJJ5 26,547
12.4111 18.8471 13,7411
741.210
71,823 32,509
611,707 646,369 2,032,997
53,416
42,542
181,578
114,9991
665,123 688,911 2,199,576
Nèt book value
At 31 December 2022
557,822
52,018
79,642 1,970,876 170,166 2.830,524
At 31 December 2021
462,538
49.945
1.047 1,975,610 120,478 2,609,618
Assets in the course of construction in both thè group and the CDmp3ny èmounted to £62,200 at the year end.
£48,682 Is included wlthln Freedold property and £13,518 is induded within Permanent way, tools, eqvlpment.
-27-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
(Llmlted by Guarantee and not ha¥lng ahy sharè capltall
NOTES YO THE ACCOUNT5
FOR THE YEAR ENDED 31 DECEMBER 2022
IOC HERITAGE ASSETS
Group
Drewry
Company
Ivatts
Drewry
Alax
l¥atts
Total
Ajam
Total
Cost
At l January 2022
Additions
At 31 Decernber 2022 45,478
45,478
309,644
69,075 424,197
45.478
309,644
69,075
424.197
309,644
69,f175 424,197
45,478
309,644
69,075
424.197
Depreclatlon
At 113nuary 2022
Charge foryear
At 31 December 2022 45,478
45,478
143,251
30,964
174,215
3,454 192,183
3,454
34,418
6,908 226,601
45,478
143,251
30,964
174,215
3,454
3,454
6,908
192,183
34,418
226,601
45,478
Net l)ook value
At 31 December 2022
135,429
62,167 197,596
135,429
62,167
197,596
At 31 December 2021
166,393
65.621 232,014
166,393
65,621
232,014
The trustee5 ¢on5ider Heritage Assets to comprise locomotives. coaches, wagons. infrastructijre 3nd artefacts
which were or could have been a part of the 151e of Wight railway system and emanating from one or rnore of the
following.'111 the Island's pre-Grouping raiSway ¢ompanles,121 The Southern Railway,131 Brit￿Sh Railways S￿Jthern
Re8ion.141 their successor organisations. The collection consists of Ilfteen locomotives112 steam, 3 diesel), details
of which can be found on the chaflty's webslte.. http.'/liwsteamrallway.co.uk/heritage/our-rolling-
stocklocomotlves/. Thèse locomotives are used to tiansport the public, in furtherance of the charity's objectives.
Two locomotlVe5, Ivatt 46447 and Austerity Jyno are on contracted loans to the East Somerset Railway and
National Railway Musetsm respectively. Some other locomotive assets are occasSonally loaned out Dn a short term
basis to other steam railways or if suitable promobon31 opportunitles arlse. The remainder of the collection, when
not In use, are maintained and mostly stored in theTrain Story fac*lity at the Isle of Wight Steam Railway.
It is not posslble to get a rellable estimate of the value of the collettion. There are three locomotives reported on
the balance sheet, Aiux, Ivètt 41313 and Ivatt 46447. The remainlng locomotives aré not reported on the balance
sheet as their valuation connot be readily assessed in accordance with accountlng policy 2c. Aiux was purchased
and therefore was included in the balance Sheet at this cost. Ivatt 41313 and 46447 were donatèd to the Isle of
Wlght stearn Railway by the Ivatt Locomotive Trust and the only amounts capitallsed are the costs of bringing the
assets into worknng condition as the value of the assets cannot be readily assesspd. These costs are considered bv
the trustees to have a useful life of 10 years, the time until the nèxt overhaul 15 required.
The locomotives are maintalned by speciali5ed englneer5 8t the Isle of Wlghi Steam Itailway and the Steam
locomotives under80 a complete overhaul aftor not more than 10 years use to ensure they are kept in pristine
condition. A register of the repalrs completed and requiied 15 held by the charity. Costs of these repalrs are
recognlsed in the SOFA In the perlod they are incurred. All acquisition5 and disp05a15 of heritage assets must first
be approved by the board of trustees and a register of herltsge assets is maintbined and held In the museum. This
register will be made available to the public on request.
atts 46447 and 41313 &re trtoth being dep￿tIated on a strèlght line b85is over a 10 year term from the dates
whlch they entered servi￿.
There were no èddition5 of hÈrltsge a55ets in the year.12021.. £69.075. 2020.. £NIL, 2019.. £NIL, 2018.. £Nil, 2017..
£44,014, 2016.. £70,646). There were no disp05a15 of any herita8e assets, nor any impairments during the year, or
any of the last four reporting periods.
-28-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
(Umlted by Guarantee and not havln8 any shaye capltal)
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Group
Company
2022
2021
2022
2021
11 FIXED ASSET INVESTMENTS
LISTED INVESTMENTS
FAIR VAWE
At l J3nuary 2022
Additions
Revèluation5
Disposals
1,981
2,924
1.981
2,924
2,326
14,3071
19431
2,326
14.3071
19431
At 31 De￿mber 2022
1,981
1,981
The Ilsted Investments are shares begueathed to the charity.
UNUSTED INVESTMENTS
Investment in subsidiary at cost
10.000
10,000
Tutal r(xed asset investments
1,981
io,(M)o
11.981
The subsldlary. which +s included In the charilable compa*7y's a￿ount5, is as follows..
Name
Re8lsiered offite
IWR Trading Llm5ted Icompany No. 02769446
The same as that of The Isle of Wlght Railway
Company Limited as detailed on page 8.
R2tail Services
En6land and Wales
50 ordlnary £1 shares
loo%
One vote per share
Prlntipal Adlvliv
Country of Incorporatlon
Shares Held
Prijportlon Held
VotlnB Rl8hts
Group
Cornpany
2022
2021
as restated
2022
2021
as restated
12 STOCK
Caterin& bar and show
Shop
Santa stock, coal and other stock
15,427
75,672
31,970
9.824
81,424
17,374
31,970
17,374
123.069
108,622
31,970
17,374
13 DE8TORS
Trade debtors
Amounts owed by group undertaklngs
Olher debtors
22,618
16,079
21,954
16.079
57,315 136,163
127,299
117,130
145,102 117,527
167,720
133,606
206.568 269,372
-29-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
{Limited by Gu3rantee anil not having any sh3re capital)
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Group
Company
2022
2021
2022
2021
14 CREOITORS.. AMOUNT5 OUE WttHIN I YEAR
Bank loans
Trade credltors
Cowenanted loan
Taxatson and social security
Accrua15
Other tredito
50.000
44,959
loo
12,748
39,978
36,839
50,0(KI
32,183
loo
11.980
36.662
36,441
69,051
loo
12,880
38,456
27.850
56,Tll
100
12,394
34,173
26,814
148,337
184,624
130,252
167,366
15 CREDttORS: AMOUNTS DUE AFTER I YEAR
Loan due In'morÉ thafi l year
179.167
179,167
The bank loan, taken out In July 2020, was repaid in full during the year.

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In

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
ILimited by Guarantee and not having any share capltall
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2022
TDtal
Funds
2021
Total
Funds
unreS￿rted Restrlctsd
Funds
Funds
16e ANALYSIS OF NET ASSEfs BETWEEN FUNDS
Group
Fixed a55ets
Current assets
Current liabilities
Long temi Ilabilitie5
3,070,289
2,151,076
1148,3371
3,070,289
179.664 2,330,740
1148,3371
2.883.411
2,368.725
1184,6241
1179,1671
4,888,345
5,073,028
179,664 5,252,692
Companv
Fixed assets
Current assets
3,038,120
2,026,179
1130,2521
3,038.120
179,664 2,205,843
1130,2521
2,853,613
2,173,715
1167,3661
1179,1671
4,680,79S
Long tp.rm Ilabilltles
4.934,047
179,664 5,113.711
16d DETAILS OF FUNDS
Train Story 2 reservè
Unrestricted funds Set as54Je towards the proposed Train Story 2 development.
Deslgnated / legacies reserve
The Desi8nated i legacie5 reseive consists of income recelved from legades both where there is a d*ire for tht
money to be spent on a partScular project but no legal obli8ation and where they have been received with no
specific indlcation as to how the funds a￿ spent.
Flxed a55et reserve
This fund represents the amount of unrestricted fixed a55et5 held by the charity.
Restrlcted funds
Carriage and wagon restoratlon-for the restoratlon of cairia8es and wa8ons ￿nClUdIng grant incorne
Museum fund- In the furtherance Df the development of the museum (heritage and leamin81
Maycock fund- coach and wagon re5toratlon
WSR 200 fund- for the provlsion of volunteer facilitles and other designated projects
Wootton- restoration/renovation of Wootton Station
Drewry Railear- restoration of the Drewry Railcar ond its related trailer car
Calbourne restoration of Colbourne
Invincible restoratlon of Invincible
Possible acquisition towards the acqulsltion of a SPEciflc locomotive for dlsplay should It become available
The Grand Plan- New buildin8s at Havenstreet a5 descrlbed In the strategic vision
Transfer5 between funds
Transfers out of funds and into the Ilxed asset fund repfe52nt equipment and other long term assets purchased
by those fund5, but which are now available as fixed assets for the geneTal unrestricte(J use of the charlty.
DÈprea3tion of those assets Ss then transferred out of the fixed asset re¥eNe to offset ihe thargè to the 8enÉral
fund. Transfers into funds represent transfers between funds correctinE the allocation of costs incorrectty
allocated in thè previou5 year.
-33-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
ILlmited by Guarantee and Ybot havlng any share c3pital}
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2022
8alance
0110112021 Income
as restated
Total funds
3111212021
as restated
Expense Transfers
16e PRIOR YEAR COMPARATIVES FOR THE MOVEMENT IN FUNDS- GflOUP
Unrestrlrtèd funds
General fund
771,198 2,383.477 11,930,360)
79,142
1.303,457
Flxed agset reserve
Deslgnated I legacies fund
Toial unrestricted funds
2,844,836
38,575
553,092
112,052
11.3721 1107,817
4,169,126 2,495,529 11.931.732)
9.90)
2,883,411
555,955
4.742,823
Restricted fund5
Carria8e and waEon restorat(on
The Museum fund
Maycock fund
IWSR 200 Club
Wootton
Drewry Railcar
Calbourne
The Grand Plan
Possible acquisltlon
Invincible
Total restrlcted funds
43,068
11,337
8,016
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
,623
24,380
8,099
2,023
60.740
19,9001
31
425
4,815
8,141
199,277
425
4,755
1,989
124,468
6.152
123.064
138.3551 19,9001
Total Funds
4,293,594 2,618.593 11,970,087)
4,942.100
16f PRIOR YEAR COMPARATIVES FOR THE MOVEMENT IN FUNDS- COMPANY
Unrestrkted funds
General fund
758,421 1,683,274 11,382,122)
76,132
1.135,705
Flxed asset reserve
Desl8nated / legacSes fund
Totsl unrestricted funds
2,802.028
41.585
553.092
112,052
11,3721 1107,8171
4,113.541 L795,326 11,383,4941
9,900
2.843.613
555,955
4,535,273
Re5tritted funds
C3rriage and wagon re5toratiofi
The Museum fund
Maycock lund
IWSR 200 Club
Wootton
Drewry Railcar
Culbourne
The Grand PlaTh
PO￿lbIe acoui51tlon
Invincible
Total restricted funds
43,068
11,337
8.016
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
8,099
2,023
60,740
19,9(J)I
31
425
4,815
8.141
199,277
425
4,755
1.989
124,468
60
6,152
123,064
138,3551
19,9001
Totsl Funds
4,238,009 1,918,390 11,421,849)
4,734,550
34-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
ILlmlted tsy Guarantee and not havin8 any share capltal}
NOTESTO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEM8ER 2022
17 RELATED PARTY DISCLOSURES
Thfee12021.' Eightl trustees received reimbu15Èment for travel, accommodatlon and small Sundry expenses
of £744 12021: £4341. Total donations received from trustees in the year amounted to £7,643 12021..
£19,748).
18 CAPITALCOMMITMENT5
Significant capital expend5tvre contracted for at thè end of the reporting period but not recognised as
liabilltjes amounted to £134,350 at the year end12021'. £62,450).
19 CONTINGENT ASSETS
The charity has ￿n￿cognISed contingent assets totallin8 £150,01012021.'£nlll. Contingent assets relète to a
legacy, which the charfty were notifled of durSn8 the yÈ3r. The charity has recognised an interim payment tsf
£170,000 within le8acy income in respect of thi5 legacy durlng the year. The contingent asset relates to the
remaining residual value ol the estate being held on account, 8ased on our asse55ment of the lact5 and
circUmsta￿CeS of these future payments at the year end, we conslder it is probable but not virtualw certain
that these payments will be received.
-35-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
Iumlted by Guarantsè and not havlng any share capitall
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 20Z2
UMr￿trIrted Restrlcted
Funds
Funds
Total
2021
19 PRIOR YEAR COMPARATIVES FOR THE STATEMENT OF FINANCIALAcnviTIES
INCOME AND ENDOWMENTS FROM
Voluntsry Income
Donations
Grant5
Legacies
Charltable Actlvltles
Travel tickets
Membership subscriptions
Other Tr3dln8 Activitle5
Special events
Shop, catering and show Income
Other income
Investments
Interest received
192,183
68,017
58.247
99,917
13,500
292,100
81,517
58,247
1,048,157
40,182
1,048,157
49,829
9,647
285,108
740.756
8,737
285.108
740,756
8,737
387
387
Total
2,441,774
123,064
2,564,838
EXPEPIDITURE ON
RalsSng Funds
Administration and event costs
Shop, catering and show expenditure
Charltsble actlvltSes
Running and maintalnlng the Railwav
369,592
600,224
12,234
381,826
600,224
960,973
26,121
987,094
1,930,789
38,355
1.969,144
Unreallsed gains1110%5e5} on Investments
19431
19431
NEF INCOMEIIEXPENDITUREI
510,042
84,709
594,751
Transfer between funds
9,900
19,9(J)I
Nèt movement In funds
519,942
74,&)9
594,751
RECONCILIATION OF FUNOS
Total fun(Js brou8htforward
4,169,126
124,468
4.293,594
TOTAL FUNDS CARRIED FORWARD
4,689.068
199.277
4,888,345
-36-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
Iljmlted by Guarantèè and not havln8 any share capital)
DETAILED INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
2022
2021
UNRESTRICTED FUNDS
Incoffle
Travel tickets
Platform tlckets
Santa specials
Other special events
Membership subscription5
Bank interest received
Management thar8e to subsidiary
Rent received
Legaoes
Sundry incorne
1,131,882
12,693
113,467
220,753
49,842
3,614
37,260
8,985
205,316
9,959
1.035,133
13,024
108,243
176,865
40,182
376
32.807
12.143
58,247
4,579
Donatlons
General donations
Gift aid donation from subsidiary
141,253
161,4D6
192,183
9,283
Grants
Rural Pbyments Agencv
Coronavirusjob Retentlon Scheme
Other grants
17,924
40,582
6,470
Total Income
2,102,900
1,741,571
Expendlture
Engineering
Marketing and Operating
Sites and e51ates
Herlta8e and lebTnin8
Administratlon
Membership
Finance costs
l)epreciation
Revaluations of listed investments
610,332
2go,989
192.971
31,620
387,954
20,668
26,744
218,331
12,3261
448,042
230,812
143,018
8,520
326,364
26,714
24,525
174.556
3,687
1.767,283
1,386,238
Surplus of Income 0￿r expèndlture on unre5tr1ctÈd funds
335.617
355,333
ThIsp38edoes notfomi part clthestalut0ryfin3￿al stsiements.
-37-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
(LIMIt￿ by Guarantèt atsd not havlng any 5harÈ tapltall
SCHEDULE OF EXPENDITURE
FOR THE YEAR ENDED 31 DECEMBER 2022
2022
2021
En8ineerlng
Employee costs
Fuel and coal
Other locomotive running c05t5
Carriase and wagon maintenance
Permanent way maintenance
Workshop5
Rolling stock repairs and refurbishment
(Principally W24, Oldbury 21, and SECR63751
Other designated fund engineering costs
330,596
133,837
26,631
20,409
40,235
14.353
25,278
303,135
63,850
20,193
8,873
18,458
15,525
18,008
18,993
610,332
448,042
Markettng and operatlng
PUbliC￿tY
Employee cost5
Opefatin8 Costs
Prillting and artwork
Exhibitions and sundries
Santa spècials
other specials
92,093
107,732
2.403
275
6,317
40,018
32,151
75,447
91,072
3,427
737
10,908
28,402
20,819
280,989
230.812
Slte5 and e51ates
Repair and maintenance
Cleaning and ¢onsumables
Employee costs
101.456
6,269
85,246
61,060
5,728
76.230
192.971
143.018
Her&tage and learning
f mployee costs
Education
General daily expenses
21,840
302
9,478
1.958
125
6,437
31,620
8,520
Administratron
Employee costs
Insurancè
Printing, siationery and postage
HeaL Light and Wèter charges
Health and safety and company doctor
Telephone
AGM & annual report
Sundry expènsès
Subscriptions
Legal lind professlonal fees
Rates
Rent
136,576
66,393
14,436
82,671
6,768
8,944
1,221
39,588
5,595
361
7,068
18,333
117,553
56,684
14,637
68,510
2,190
8,454
571
30,330
3,632
991
4,812
18,orA)
287.954
326,364
Tklspagedoe$ not part of Ihe5tatutory finanoalstatemwts.
-38-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
(Llmited by Guarantee anil not having any shafe capital}
SCHEDULE OF EXPENDITURE
FOR THE YEAR ENDEO 31 DECEMBER 2022
2022
2021
Membership
151and Roll News
Sundry
20,371
297
21,788
4,926
20,668
26,714
Flnance ¢osts
Audit fees
Bad debt5
Bank charge5
Bank Interest
Credlt card charges
Misc@Ilaneous
Other interest
Revaluations of listed investments
4.900
91
1,877
4,897
13,790
1,189
4,750
1,370
5,561
12,124
720
26,744
24,525
Deprtciatlon
Motor vehicle5
Track and equipment
Offlce eqijlpment
Improvements to property
F￿ehOld propertv
Locomotlve
Drewry Rallcar
Losses on disposal of assets
26,547
46,068
13,005
42.542
53,416
30,964
3,454
2,335
349
38.427
12.486
30,119
54,742
30,964
3,454
4,015
218,331
174,556
Total Ub)rÈstritted expendbture
1.769.609
1,382,551
TNspage doe5nDtform part clthe statutoiyfinandal st*ernEnts.
-39-

IWR TRADING LIMITED
DETAILEO TRADINGAND PROFIT AND LOS5 ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
2022
2021
Shop
Takings
Cost of Sales
Opening 5totk
Purchases
Wages
Closlng Stock
248.648
292,158
81,424
126,945
7,336
175.6721
64,467
175.485
10,385
181,4241
140,033
108,615
168,913
123,245
Gn>s$ Profli
Credlt card charges
Repairs and renewals
11,703
688
10,974
1,550
12,391
96,224
12.524
110,721
Net Proflt
Catering
Taking5
Calbouine Room booking5
Costs of sales
Opening siock
Purchases
Wages
aosing Stock
352,713
8,358
370,044
6,713
8,563
150,893
120,289
16,4441
9,855
132,547
115.744
18.5631
273,301
87,770
249,S83
127,174
Gr05s wofbt
Repairs and renewals
9,427
11.251
9,427
78,343
11,251
115,923
Net profft
Bar
Takin85
Costs of sales
Openln8 Stock
Bar purchases
Closing stock
53,956
43,728
781
30.384
11,6631
371
23,416
17811
29,502
24,454
23,(XJ6
20,722
Net profft
Shows and speclal events
Takings
Olrert C05tS
Opening Stock
Site costs and administration
C105ing stock
21,476
28,1
480
54,811
17,3201
50,718
1480
47,971
126,4951
50,238
122,1251
Gf0s5 profitlllossl
Sh¢M publicitv
3,217
3,258
3,217
129,7121
3,258
125,3831
Net profft11105s1
Tradln8 Profft
169,309
221,983
Thlspw8e doe5 Dot lorm yrtof IhestaiutoryfinaDchl Str0ten￿nts.

IWR TRADING LIMITED
DETAILED TRADING AND PROFIT AND IOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
2022
2021
Tradlng profit
169,309
221,983
Other Income
Government grants received
9,511
Overheads
Rent
Insurance
Managernent charge5
Gener31 Mana8ef
Sundry expenses
Audit lees
Dep￿ti￿tiO
8ank char8es
Losg on disposal of tan8lble a55ets
7,985
6,7S5
37.260
10,013
98
3,170
7,443
2.909
928
7,985
6,4(Kl
32,807
9,470
13
2,800
7.023
2,978
781
76,561
70.257
Total net profft
92,748
161.237
Bank interest received
li
Nèt proflt before 81ft aSd donatlon
92.836
161,248
Donations to Isle of W58ht Railway
116L4061
19,2831
Retained profft/ Ilossl
168,5701
151,965
Th15 page doe5not forrn p3rt 01 the ststutoryfinanc4a15tatements.
-41-