The Isle of Wight Railway Company Limited Audited Financial Statements For the Year Ended 31 December 2023
THE ISLE OF WIGHT RAILWAY COMPANY UMITED Iumlted by Guarantee •nd not ha¥ln8 any share capttall Pale Charlty Information Trystee5' Report Independent Audltors, Report Consolldated Statement of Flnjncial ActSvltles io Consolldated 8a13nce Sheet li Holdln8 Company 8alaDce Sheet 12 Consolidated Ca5hflow Statement 13-14 Holdlng Company Cashllow Statement 17-30 Notes to the A¢counts Oetalled Income and Expendlture Account 31 Schedule of Expenditure Tradlng Company Detailed Income and Expendlture Account 34-35
.THE ISLE OF WIGHT RAILWAY CQMPANY LIMITED ILSmited by Guarantee and not havln8 any share rapltal CHARITY INFORMATION REGISTERED OFFICE AND PRINCIPAL ADDRESS The Railway Station Havenstreet Isle of Wight P033 4DS COMPANY NO 10686go IEn8land and W31esl CHARITY NO 280918 DIRECTORS AND TIIUSTEES The dlrectors of rhe charitable company I'the ch3riry"l are its trustees for rhe purpose of charlty law an(J throughout this report are collectlvely referred to as rhe trustees. The trustees serving durlng the year and since the ye3r end wcre follows.. Anthony 8arrv Lorraine Buckman Stephen Casrle Graharn Deegan Stuart Duddy 15a?c Farnbank George Felton Slmon Futcher Marc Morsan-Huw5 Stephen Oates Slephen 5rnart Malcolm Srnith Peter Taylor (Chairman) Peter Voll lain Whitlam john Woodhams CHANGES IN TAUSTEES OURING AND AFTER THE YEAR john Woodhams Appointed 17 lune 2023 Mark Flyftn Appolnied 2 January 2024 Stephen Castle Resigned 17 lune 2023 Marc Morgan-Huws Reslgned 11 December 2023 SECRETARY laln Whitlam FORM OF ACCOLINTS Consolld3ted accounts of The Isle ol Wl8ht Railway Company Limited and IWR Trading Limlted. CHARITABLE STATUS The CLTrmpany Is a UK Re8lstered Cliarlty No. 280918 BANKERS Lloyds Bank PLC 22 St Thoma5 Square Newport Isle of Wight P030 ISQ SOLICITORS Eldridge5 36-37 St James, Street Newport Isle of Wight P030 ILG REGISTERED AUOITORS Bght 8rown Limitéd Exchange House St Cross Lane Newport 151e of Wight P030 SBZ
THE ISLE OF WIGHT RAILWAY COMPANY UMITED (Llmlted by Guarantee and not hawln8 any share capital) TRUSTEES. REPORT FOR THÉ YEAR ENDED 31 DÉCEMBER 2023 The trustees wbo are also directors ol the charity lor ihe purposes ol the Companie5 Act 2006. present their annual report with the financial statemertts ol the group. parenr company and irs subsidiary undertaking5 lor the year ended 310ecember 2a23 which has been prepared in accordance wirh statutory requirements (FR5102 and FRS 102 SORPI and the charitable corvpany's 8overning docurnent. This report Ilso contains the Ilems requlred of a directors. repart lor the purposes of the Campanies Ait 2006. The legal and adrrinistrative information set out on page 2 forms part ol this report. GOVERNANCE Thp. 151e ol Wight Railway Company Llmited Is CDnstituted under its articles and rnemorardum and is a registered charity no. 280918. It was incorporated on 13th Augusi 1972. Irs subsidiary IWR Trad1ng Limlted was incorporated 1st December 1992. The Isle ol Wight Railway CDmpany Limited is a registered charitable company limlted by guarantee, not havin8 any share rapltal. Mernbers guarantee to Vdv duriiig their momberrhip and wlthln onp ypxr 31ter they cease lo be Member. in the event ol a wlnding-up order, 3 Sum not exceedin8 live pounds lor payment of debts and liabilities contracted by the charitable company before they ceased to be a mernber. APPOINTMENT OF TRUSTEES Any lully paid member ol ihe charitable company may put their name forward lur i*embershlp ol thc 8oard subject to compliance ol art1cle 33 Idl Ill of the compdny'5 Articles ol As50Clètion. In addltlon, the Board has the right to Invit¢ lully pald up members to Pill Ihelr name5 forward. Elections to the Board are subject to a confideniial vote of member5 ar the company'5 Annual General MÈeting. Those member5 unable to attend such meeting may vote bv proxy. ThL, Board alsD has the fight to co.opt adéitional m¢rnbers on to the Board at any tlme during thr. year to lill v)cancles but these nominees wlll then be subject to the electlon process at ihe subsequent Anllual General Meeiin8. Malters re1atinE to mernbership ol the 8oard are fully covered in ariicles 31 37 01 the charltable cornpany's èrticles ol associatlon. An induct5oll 15 provided to new tru5tee5 by the company secretary. More detailed tralnlng ol trustees is something Ihat the governance committee 1$ 5eekin8 to develop during 2024125. ORGANISATIONAL STRUCTUAE The 8oard has the responsibility lor establishlng pol(Y. Dellvery ol thesE policy deci51ons is the responsibility ol the General hAana8er who works wlth the charitèble company's Headg of Oepartment who cover the following operalions.. rolling stock. rall Infrastructure, estates, healih and safetVJ operating, retail and catering, commercial, herilage and learning. finance and administr3tion. A11 stalf and volunteer5 working wittrin these departments are respon91b1e tc their Head ul Department. A managemenr structure has been designed whereby all heads ol department report to the General Manager, who is responsible 10 Ihe Board. All new irustee5 are given induction tralning, and training durlng the year, on the work of the charlty and on speciflc i5sue5. The General Manager also oversees the charlty's wholly owned UK tTadln8 subsldiary, through which the shop and atering outlet5 are operated. The general manager during thE year was S 8ackhouse who left in December 2023 and was Succeeded by M Morgan- Huws alter hi5 reslgnatlon from the board of trustees in December. Pay and rÈmuneration for all Staff, including key managernent personnel, 15 deterrnined by the board ahead of the start of rhe financial year. The board considers the rate of inflation and locèl and sector market rate5. Variation5 mav be made during the year to reflect recruitment requlrements or arising from changes to Individual posts.
THE ISLE OF WIGHT RAILWAY COMPANY LIMITED ILimlted by GuarantEe and not havlng any share £apltall TRUSTEE5' REPORT FOR THE YEAR ENDED 31 OECEMBER 20za- COP4TINUED OBJÉCTIVES AND ACTIVITIES The principal actlvity of the charitable company In the year under review continuEd to be the retention, preservation, restoration and operation of a portion of the railways in the IslÈ of Wight a5 3 permanent exhibltion and working museurn for the adv3nc@ment ol technical, historical and Beneral education. The Rallway Is accredited as a museum by Arts Council England. ACHIEVEMENTS AND PERFORMANCE The Railway had a successful year of trading and operatlon in 20Z3. There were no significant safety or compliance event5. Tho Rallway w35 sutsject to a periodic inspection by the office of Rail and Road. Tradlng was strong against a depressed market. autperformin£ many of ¢ur peers in the visitor rnarkel and heritage railway sector. Vlsltor number5 rose by 8round 3% and Tevenues strongly to praduce an increased trading surplus and to allow an increase in balances and reserves. Volunteer and mernbershlp numbers rose Ihroughoul the year. A number ol significant projects tornmenced or continued during the year. These proiects furthered the preservation and education objectives ol the charlty - the Smallbrook Sration Improvefflenl Project. the resrorarion ol the El locornotlve and the Wootton Goods Shed and 51gnalling projects. The Railway en8a8ed wlth 130,000 members of the public who vlslted the Rallway in 2023. the largest number anv vear to date. The year provided a solid base lor the Aailway heading into 2024, allowirTrg conlinued capital investment in the year ahead 4lmed ?t providin8 further financlal stability. VOLUNTEÉRS, DOPIATIONS & BEQUESTS The charlty Is very grateful lor the work contributed by volunteers and for rhe donations received both for speclflc projects and general funds, The trustees also wish to acknowled8e with thanks the bequests the charity ha5 Teceived Irum the wi115 01 mernbers and frlEnd5 of the Rallway who have sadly passed awav. PUBLIC 8ENEFIT The Board of Trustees understand5 the requlrernents as set out In 5ectlon 17151 of the Cfvarities Act 2011 and takes the view that The Isle of Wight Railway Cornpany Limited completely satisfies 311 gkjidance iSSUEcI by the Charitv Commis51on with re8ard to public beneflt. RESULTS FOR THE FINANCIAL YEAR Tot31 income for both the charity and subsidiary for the yeaf amounted to £3,161,268 12022.. £2,681,873). Administr3tlon and event costs arnounted to E624,407 12022.. E497,8591. shop. caterlng and show empenditure arnounted tc E667,200 12022.. £608,541), expenditure on runnin8 and rnainlaining the Railway amounted ro £1,449,97012022.. £1,267,207) The overall surplus for the year arnounted to E419,69112022.. E310,5921. RE5ERVE5 POLICY It 15 the policy ol the charitable company to malntain unrestricted funds. which are the free reserves of the charitable company, at a level which equates to approximately foLSr month5 unrestricted expenditure in order to avoid operating cashflow problem5. The overall reserves of the group held Jr 31 December 2023 Bmounted to E5,672,383 of which £149,175 are held For restricted purpose5. Reserves of £3,300.109 are held as fixed assets Including investments, £931,750 of reserves rElatlng to legacies received have been de518nafed for speclfic purpD5es bv trustee5, and £156,561 has been designated roward5 work required lor the Train Story 2 project. This leave5 £1.134,788 of free unrestricted reserves. This level ol free reserves is consldered by the trustee5 to be sufficlent to meet the reserves policy of approximatelv four months, expenditure.
THE ISLE OF WIGHT RAILWAY COMPANY LIMITED (Llmited by Guarantee and not having any share ¢apitall TAUSTEES, REPOAT FOR THE YEAR ENOEO 31 DECEM8ER 2023- CONTINUED RESERVES POLICY Icot)tinuedl 01 designated funds approximately E150,000 will be spent betrfveen 2024 and 2026 on the completion of the El restoration. The remainder is held in expectation of property purchases at short notice, and as yet planned but unscheduled building projects. R15K MANAGEMEfiT The Iru5tees have examlned the major strategic, busines5 and operarional Tisks which the charitable company face5. Systems have been established to enable regular report5 to be produced so that the necessary steps can be taken to reduce those risks. he rru5tees are conscious ol the risks posed by economic uncertalnty and the Increased cost ol living, They are also alive to the recent history ol sl8nilicant volatility and Increase5 in rhe price of UtlItIeS and coal. The rru5tees ha¥e adopted a strategy to continue ro manage costs robustly, while investing in revenue 8eneration through additional and improved tlldikeliiig aiid c)pital invcitmcnt In facilities ihat 8enerarp inr.rpaspd secondary Spend. Work Is dvanced to Increase the volurne of proactive fundralslng and to Identify low-risk investment in further revenue generatlon, PAINCIPAL FUNDING SOURCES The charlty's principal fundin8 sources continue ro be from donatlUflS diid n)ember5hlp Income, shop, caterlng, tlcket sales and other special events income. The charity h05 also benefited from grant lundin8, Once the costs of generating these lund5 has been deducted. the majority of the remaining lunds are used in support of the key oblectl¥es ol the charity, that Is ihe maintenance and running ol the Railwav. FUNDKAISING The Railway does not employ ur contr3ct a professional fundraiser or commercial participator. There have been no complaints in respect of our fundraising activities and no undertaklngs are in place in relation to our lundralsing actlvities. We fundraise in an ethical and non-pressured manner. Oversight ol fundraising rests with the trustees. INVESTMENT POLICY Under the charity'5 8overning docurnent, the trustee5 have the power to Invest the monles of the charitable company not immediately required. in any such manner as ihe trustees may from time to time dettrmlne. FUTURE PLANS Looking ahead, the trustees have be8un a restructuring uf the organ15ation in terms of staffing and rnana8ement. The restructuring will provide more 5rrategic Gapacity and addltion31 management capacity lor the growln@ organ15arion in a last-developing and uncertain world. Th15 will allow rhe identification and management of future headwinds and risks, while developing opportunities to further secure the financial and organisational sustain3billty el the Flallway. COMPANY 5USTAINA8ILITY STATEMÉNT The Company recu8nises that a5 3 responsible organ15ation It has obligations, both in law and morally, to act In a Sustainable manner to reduce where possible and practical. its impact on rhe wider environment. It aims to do 50 by rninlmi5in8 Its consumption of natural resources, effective use ol those resource5, redurtion, reuse and recyclin8 of waste, reducln8 Its 5mpact Dn the natural environment, promoting biodiversity on its land holdings and minimising pollution in 311 forms arising from its operatlons.
THE ISLE OF WIGHT RAILWAY CQMPANY LIMITED ILimlted by Guarantee and not hzvinl any sharE ¢apltall TRUSTEES, REPORT FOR TIIE YEAA ENDED 310ECEMBER 2023- CONTINUED TRUSTEES. RESPONSIBILITIES Company law requires the trustees to prepare flnancial 5tarements lor Each finanri81 year in accordante with applicable law and United Kingdom Generally Accepted Accounting Przctice (UK GAAPI. Under company low the trustees must not approvE the financial 5t3temÈnts unless they are satlsflEd that they glve a true and lair vlew of the stale of alf3ir5 01 the company and of the income and expenditure of the cpfflpany for that period. In preparin8 those tinancial statement5, the trustee5 are required to.. select suitable accounting policies and then apply thern cons$tent1v', make ludgernents and estimates that are reasonable and prudent., prepare the flnanclal statements on the going concern ba51s unles5 It Is Inappropriate lo presume that the company will continue,, determine how 3mountrs are presented within Item5 In the statement Df financial activities and balance sheet, h3ving regard ro the substance of rhe repurted Iransaclions or arran6eTnents, ccordance with 8enerally accepted accounting prlnciples or prèctlce. The trustees are responsible lor keeping proper accounting records which disclose with reasonable accuracy at any time the Financial position of Ihe cornpany and 10 enable them l¢J ensure that the financial 5tatemenis comply with Ihe Companies Act 2006. They are also responsible lor safeguarding the assets ol the comparty and hence lor takin8 reasonable steps for the prevention and derection of fraud and other Irre8ularitle5 as well as lor the rnainlenance and Integrity of the corporate and flnancial inlorrnation 1clUded on the charlly's webslte. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUOITORS So lar as the trustee5 are aware. there Is no relevant audit information las defined by Section 418 01 the Companles cl 20061 of which the company's auditors are unaware, and each director ha5 taken all rhe steps thar he or she ought to have taken as a director in order to make hirnself or hLarseif aware of any relevant audit information and io e5tabllsh that rhe COTnpany'5 auditors are aware ol that Information. Thi5 report ha5 been prepared in accordance with rhe special provisions of the Cornpanies Act 2006 relating to small companies. v Order ol the Board PETER TAV CHAIRMAN) Date.. 27 June 2024
THE ISLE OF WIGHT RAILWAY COMPANY LIMITED (Limited by Guarantee and not havin& any share capitall REPORT OF THE INOEPENDENT AUOITQRS TO THE MEMBERS OF ThE ISLE OF WIGHT RAILWAY COMPANY LIMITED OPINION We have audited the financial 5tatement5 01 The Isle of Wi8ht Railway Company Limited (the 'parent charitable company, and its sub51diary (the 'ch3ritèble group'l lor rhe year ended 31 December 2023 which comprise the consolidated staremenr ol linan¢ial activiries Ilncorporating an income and expenditure account), consolidated balance sheet. parent charitable company balance sheet, consolidated statement ol cashflows, parent charitable company statement ol cashflows and notes to the Financial statements, including a surnmary of significant accounting policieg. The financial reportin8 framework that h35 been applied in rhelr preparètlon is applicable law and United Kingdom Accounting Standafds, Including Flnanclal Reporting Standard 102 The Financial Rep()rtin8 Standard applicable in the iJK and Republic ol Ireland Iunited l(in8dom Genorally Accepted AccourLting Practice), In our opinion, the Ilnanclal statement5.' Give a true and lair view ol the stare of the charltable group's and parent compèny'5 affairs as at 31 Oecember 2023 and of the charitable group5, Incorring resource5 and appllcarion Df resources lor the year then ended., have been properly prepared in accordance with United Kingdom tseHeralSy ALLgyleLI Accounting Proctlcc applicable to Smaller Entities,. and have been prepared in accordance with the requirements of the Cornpanie5 Act 2fY)6. BASIS FOA OPINION We conducted our audit In accordance with International Standards on Auditln8 IUKI IISAS IUKII and applicable law. Our responsibilitie5 under those standard5 are further described in the auditor'5 responsibilities lor the audit Df the financial 5taiementS 5ectlon of Dur report. We are independent ol the charitable group in accordance with Ihe ethical requirernents that are rclevani to Dur audit of rhe financial statements in the UK. Including the FRC'S Ethical Standèrd, and we have lulfllled our other eihical re5pon5ibilities sn accordance with rhese requirements. We believe thai the audit evidence we have obtained is sufficient and appropriate Lo provide a basis lor our opinlon. CONCLUSIONS RELATING TO GOING CONCERN We have nothin8 ro report in respect ol ihe lollowin8 matters in relation to which the ISA5 IUKI require us to reporr to you where.. the trustees, use of the going concern tsasts ol occounling in the preparatlon cl the linancial statements Is not appropriate., or the trustees have not disclosed in the financial 5tarements any identilieLI material uncertainties that may cast signiflcant doubt about. the charitable group'5 or the pèrent charltable company's ability to continue to adopt the going concern basls nf accountin8 for a period ol èt least twelve months from the date when the flnancial 5taternents are èuthorised for issue. OTHER INFORMATION The other information comprise5 the information included In the annual report, other than the financial statements and our auditDrs report thEreon. The trustees are responsible for the other infprmation. Our opinion on the financiol 5taiements doe5 nDt cover the Information and, except to the extenl otherwise explicitly stated ID our report. we do not express any form of assurance conclusion rhereon. In connection with our audit cf the financial statements, our responsibility is tD read the other information and, in doin8 50, consider whether the other information is materially inconsistent with the financial statements or our knowled8e obtained in the audit cr otherwise appear5 to be materi311y misstated. If we identify such material incon515tencies or apparent material misstatements. we are required to deterrnine whether there 15 a material misstaternent in the financlal Statements or a material rnisstaternent of the other inlorrnation. If, based on the work we h3ve perfDrrned, we conclude that there 15 a rnaterial misstatement of this other inlorrnation, we are required to report that fact. We have nothing to report in thls regard.
THE ISLE OF WIGHT RAILWAY COMPANY LIMITED ILimited by Guarantee and not havlng any share <4pitsII RÉPOAT OF THE INDEPENDENT AUDITORS TO THÉ MEMBÉRS OF THE ISLE OF WIGHT RAILWAY COMPANY LIMITED- CONTINUED OPINION ON OTHER mAER5 PRESCRlbEO BY THE COMPANIE5 ACT Z006 In our opinlon. based on the work undertaken in the course of the audit.. The Information given In the trustees, report, which includes the dirEttor5' report prepared for the purposes of company law. for the financial year for which the financial Statements are prepared Is consistent with the financial statements., and the directDrs' report Included wlthin the trustees, report has been prepared In accDrdance with appllcable legal requlrements. mAER5 ON WHICH WE ARE REqUIRED TO REPORTBY EXCEPTION In the light of rhe knowledge and under5tandin8 Df the charitable group and the parent charitable Company and ils envlronrnent obtained in the course of the audit. we have not identified rnaterial misstatemen15 In the director5, report included within the trustees. report. We have nothing lo report in respect of the Following matters where the Companles Act 2006 requlre5 US to report te you il, in our oplnion.. dequare accounting records have noi been kept by the pareni company. or return5 adequate for our ¥udii have not been recelved from branches not visited byi or the parent charitzble compèny financlal statements are not in agreement wilh the accountin8 records and returns,. or certain disclosures Df trustee5' remuneratlon spe¢ilied by law are not made,. or we have not recelved èll the informarion and explanations we require lor our audit. The trustees were nDt entitled lo prepare the linoncial st3lements in dccordance wilh the sm311 companle5 re8ime and Lake advantage of the small cornpanie5' exemprions In preparln8 the trustees report and from the requirement to prepare a 5trateglc report, RESPONSI8ILITIES OF TRUSTEES As explained more lully in the trustees. responsibilities statement set out on page 5 in ihe trustees, report, the trustees (who are also the director5 01 the charitablE CDmpany lor the purposes ol company lawl are respon51ble lor the preparation ol the flnanclal 5tatement5 and for belng satlslied that they 8lve a true and fair view, and for such Internal control a5 the trustee5 deterrnine 15 necessary ro enable the preparation of financSal sratement5 thar are free from material misstaternent, whether due to fraud or error. In preparing the Ilnancial statements, the truslees are responslble lor assesslng the group's and the parent company's ability ro continue as a 8oin8 CDncern, disclosin8, as applicable. matters related to goin8 concern and usin8 the going concern basis of accounting unles5 the trustees either intend to liquldate rhe company pr to ce35e operations, or have no reallstic alternative but to do $0. AUDITOR'S RESPONSIBILiflES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance abotjt whether the fin3ncial statement5 a5 a whole are free frorn material misstatement. whether due to fraud or errDr, and to Issue an auditor'5 report that include5 our opinS0n. Reasonable assurance is a hi8h level of 35surance, but is not a 8uarantee that an audit conducted in accordancE Wlth ISAS IUKI will always detect a material misstatement when It exists. Misstatements can arise from fraud or error and are consldered material If, Indivldually or in the aggregate, they could reasonably be expected to influence the econDmic decisions ot users taken on the basi5 of these financial statements. Irregularities, including fraud, are instance5 of non-compliance with laws and regulations. We design procedure5 in line wirh our responsibilities, outlined above. to detect malerial m155tatements in respect of irregularities, includin8 fraud. In accordance with ISA5 IUKI the auditor exercise5 profe55ignal jud8ement and Tnaintains professional scepticisrn throughout rhe audit. The extent to whtch our procedures are capable of detectin8 irregularities, Including fraud 15 detailed below..
THE ISLE OF WIGHT RAILWAY COMPANY LIMITED ILlmlted by Guarantee and not having any share capital) REPORT OF THÉ INDEPENDENT AUOITORS TO THÉ MEMBERS OF THE ISLE OF WIGHT RAILWAY COAAPANY LIMITED- CONTINUED A5 part ol planning our audit we determined materiality and assessed the rlsks of material misstatemenr in the financial statements. 8asEd on our understanding tsl the charitaèle company and the group we Identlfied the prlncipal risks to both the charitable company and the 8roup as mana8ement override ol controls, risk of mlsclassiflcation of expenses between capital and revenue, and potentlal for fratsd in respect al revenue reco8nition particularly in respect of cash income. Audit procedures performed by Lhe engagernenr team included.. A reviÈw ol journals made in preparing ihe final results lor preparation of the accounts, and a review ol accounting estimares made by m3na8eNent. Revlew to ensure there are no Iran5actl¢ns that have no apparent business or charltable purpose, or rh3t have been processed outside the usual accollllting systems. Extension of the sample sizes for audit testing carrled out In relatSon to cash income, and consideration and testlng ol conrrols In pldL¥ dl uuiid thls Income. Exren510n of s3mple slies for audit lesting carrled out around additions. and review ol additions and repairs cost5 ta ensure they are appropriately classllled. Discusslon5 wlth management. including conslderatlon ol any known or suspected instantes of non-compliance with laws and re8ularion5 or Ir3ud. Ther@ are inherent limitations in thE audit procedures described ibove, and the lurrher removed non.comp15ance with laws and regulations 15 from event5 and rransactions reflected In the financial statements. the less Ilkely we are to become aware of it. The risk of not detecting a material misstaiement due lo fraud is higher than the fisk ol net detecting one re%ultlng from error, as fraud may involve delSber•te concealment or Intentional mlsrepresent3tions. A further descriptlon ol our fesponsibilities lor the audit ol the financial Statements 15 located on the Flnancial Reporting Council's website at.. www.frc.org.uklavditorsre5ponsibilitie5. This description forms part ol our auditor's report. USE OF OVR AEPORT This repori Is made solely to the company'5 members, as a body. in accordance with Section$ 495 and 496 01 the Companies Act 2006. Our audit work has been undertaken so that we might state to the cornp3ny'5 member5 those m3tters we are required Io 5rate to them In an 4udirof's Teport and for no other purpose. To the fullest extent permitted by law, we do not accept or assurne responsibility to anyone other than the company and the company's members as a body, for our audit work. Igr thls report, or for the Dpinions we have formed. GAVIN KELLY, ACA, FCCA ISENIOR STATufoRY AUOITORI for and on behalf of Bright Brown Lirnited Chartered Accountants statutory Auditor EMchangE House 5t Cr05s Lane Newporr Isle of Wi8ht P030 SBZ
THE ISLE OF WIGHT RAILWAY COMPANY LIMITED ILlmlted by Guarantee and not havlng any share capltall C014SOLIOATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 310ECEM8ER 2023 Unrestricted Restricted Funds Funds 2023 Total funds 2022 Total fund5 as restated Notes INCOME AND ENDOWMENTS FROM Voluntary Income Donation5 Grants Legacies Charltable actlvlties Tlcket sale5 Membership subscriptions Othèr tr?dlng artlvltl•s SpecSal events Shop, caterlng and show income Other income Inve5tmenls Interest received 166,341 17,789 427,675 77,055 243,396 17.789 427,675 232,270 6.470 IllS,41 fi 1,253,842 33.992 1,2S3,842 42,602 1,144,575 59,209 8.610 367,601 747,703 28,BS0 367,601 747,703 28,850 334,220 685.152 10.9S9 31,810 31,810 3.702 Total 3,075,603 85,665 3,161,268 2,681,873 EXPENDITURE ON Ralslng Funds Administration and eveni costs Shop, caterin8 and show expenditL4re Charltable a¢tlvltle5 Runnlng and malntaining the Rallwav 615.067 667,200 9,340 624,407 667,200 497,859 608,541 1,400,814 49,156 1,449,970 1,267,207 Total 2,683,081 58,496 2,741,577 2,373,607 Unr*allsed ialnsll105se51 on lfive5tments NET IIYCOMEIIEXPENOITUREI Transfer between lunds li 2,326 392,522 27,169 419,691 310,59Z 153 57,658 157,6581 Net movement In funds 450,180 130,4891 419.691 310,592 RECONCILIATION OF FUNDS Total funds brought forward 5,073,028 179.664 5,252,692 4,942,100 TOTAL FVNOS CARRIED FORWARD 5,523,208 149,175 5,672,383 5,252,692 CONTINUING OPERATIONS All income and expenditure has arisen from continuing activities. The notESon pagES 17 tu 30form part of the52 fhianclal staternpnts. io
THE ISLE OF WIGHT RAILWAY COMPANY LIMITED Company No- 1068690 Charity No- 280918 ILlmlted by Guarantee and not having any share capltall CONSOUDATED 8ALANCE SHEET FOR THÉ YEAR ENDED 31 DECEMBER 2023 2023 2022 Note FIXEO ASSETS Tangible assets Heritage assets Investments loa IOC 3,082,062 218,047 2,872,693 197.596 li 3,31X),109 3.070,289 CURREN7 ASSETS Slvik Debtor5 Cash at bank and in hand 12 13 127,997 192,366 Z,291,019 2,611.382 123.069 l67,720 2,039,951 2,330,740 CREOITORS Arnounts falllng due wirhin one year l4 1239,1081 1148,3371 NET CURRENT ASSETS 2,372,274 2, 182,403 NET A55ETS 5,672,383 5,252.6Y2 FUND5 Unrestricted funds Restricted funds 15a 151 5,523,208 149,175 5,073,028 179,664 5,67?,383 £,25?.,692 There are no 5hareholder5' funds as the company15 Ilmired by guarantee. These financial statements have been prepared In accordènce wlth the speclal prov5slorts ol part 15 of the Compènies Act 2006 relating to small companies. The Ilnanclal statement5 were approved by the Board of Tru5tee5 on 27 lune 2024 and were signed on Its behalf by.. PETER T MANI The n*s on PagE5 17 to 30 form pJrtof thesefinancial statements. li-
THE ISLE OF WIGHT RAILWAY COMPANY LIMITED CL)mpany No.. 1068690 Charlty No: 280918 ILIMlted by Guarantee and not havln8 any share capltall PARENT CHARITABLE COMPANY &ALANCÉ SHEET FOR THE YEAR ENOED 31 DECEM8ER 2023 2023 2022 Note FIXED A5SET5 Tarigible assets Heritage assets Investments lob ioc li 3,039,360 218,047 10,0 3,267,407 2,830,524 197.596 io,aoo 3,038,120 CURRENT ASSETS Stock Debtors Cash at bank and in hand 12 13 36.423 245,010 31,970 206,568 1,967,305 2,205,843 2,477,390 CREDITORS Amounts falllng due within one year 221,8231 1130,2521 NET CUARENT ASSETS 2,255.567 2.075,591 NET ASSETS 5,522.974 5,113,711 FUNOS Unrestrlcted funds Restricted funds 15b 15b 5,373,799 14g.175 4.934,047 179.664 5,522,974 S,IL3,711 There are no shareholder5. funds as the company is Iimlted by guarantee. These Ilnaneial st3tements have been prepared in accordance with the special prgvlslons of part IS ol the Companies Act 2006 relatln8 to small companies. The ffln3nclal statement5 were apprtsved by the Board of Trustees on 27 June 2024 and were signed on Its behalf by,. PETER FA HAIRMANI The noteson pages 17 to 30form part of thESEKnaDcial statementy. 12-
THE ISLE OF WIGHT RAILWAY COMPANY LIMITED (Llmlted by Guarantee and not having any share ¢apltzll CONSOLIOATED CASHFLOW STATEMÉNT FOR TAÉ YEAR ENDED 31 DECEMBER 2023 2023 2022 Note Cash flows from operating activltie5 Cash generated from operaticns 698,92L 496.417 Net cash proded by (used inl operatSng actlvltles 698.921 496,417 Cash flows from investin8 a¢tlvltles: Purchase ol tangible fixed assets Proceeds Dn sale of lan8ible fixed assets Proceeds on Sale of invEStrnents Inierest received 1479,6631 1417,0601 1,500 4,307 J.702 31.810 Net cash provlded by (used Inl Invesllnq Jctl¥fjtl•s 1447,8S31 1407,5511 Net cash provlded by lused In) Ilnancin8 artlvltles Repayment ol loan capital 1229,1671 Net Cash provlded by Iu5ed Inl Ilnancln8 actlvltles 1229,1671 Change in cash and cash equlvalent5 In the reporlitt4 perlod 251,068 1140,3011 C•sh and cish equl¥4lents at the beilnn5ng of the reportlni perlod 2,039,951 2,180,252 Cash Ind tash equival•nts at the end of the reportln8 porlod 2,291,019 2.039,951 13
THE ISLE OF WIGHT RAILWAY COMPANY LIMITED (Limited by Guarantee and not ha¥ln8 any share capltall NOTES TO THE COPISOLIDATED CASHFLOW STATEMENT FOR THE YEAR ENDED JI DECEMBER Z023 I RECONCILIATION OF NET INCOMEIIEXPENDITUREI TO NET CASH FL¢WI FROM OPERATING ACTIVITIES 2023 2022 Net Income fLir tht reportlng perlod las per the statement of flnanclal actlvttiesl Adjustments for: Depreciation char8es Loss on dlsposal of assets interest received Unre31ised lossÉsllgaln51 on Invostmonts Decrea5e/llncreasel in stock Oecrease/llncrea5el in debtors Increase/ldecreasel in creditors 419,691 310,592 241,246 8,597 131,8101 Z23,439 3,263 13,7021 12,3261 14,9281 114,4471 124,6461 134.1141 90,771 13,712 Net cash provlded by (used Inl operating actiwitles 698,921 496,417 -14-
THE ISLE OF WIGHT RAILWAY COMPANY LIMITED ILSmsie*J by Guarantee and not ha¥lng 4ny share capbtall PARENT CHARITABLE COMPANY CA5HFIOW STATEMENT FOR THÉ YEAR ENDED 31 OECEMBER Z023 2023 2022 Note Cash flows from operatlnl activitles Cash generated from operations 664,181 652,645 N4t cash pro¥lded by lused Inl operating actlvlt5e5 664.L81 652,645 Cash flows trom inve5tin8 activltles: Purchase of tanglble flxed 35setS Proceeds on sale of tangible fixed assets Proceeds on sale of Inve5trnents Interest received 1466,1631 1406,3181 I,soo 4,307 3,614 30,634 Net cash provlded by lused inl Investing a¢tivltle5 1435,5291 1396.897 Net cash prgvlded by Iu5ed In) financln6 ictlvltses Rep)yment tsl loan capltal 1229,167 Net cash provlded by Iu5ed In) financln¢ actlvltles 229,1671 Clian8e In cush and cash equlvalents In ihe reportlnl perlod 228,652 26,581 Cash and cash equlvalent$ at the beiinnlnK of the reporting perlod L,967,305 1,940.724 Cash and cash egulvalents at the end of the reportln& porlod 2,195,957 1,967,30S -15-
THEISLE OF WIGHT RAILWAY COMPANY LIMITED (Limited by Guarantee and not havlng any Share capital) NOTES TO THE PARENT CHARITABLE COMPANY CASHFLOW STATEfvIENT FOR THE YEAR ENDED 31 DECEMBER 2023 I RECONCILIATION OF NET INtOMEIIEXPENDITUREI TO NET CASH FLOW FROM OPERATINfj AcfiviTIES 2023 2012 Net income for the report5ni perlod Adjustments for.. Depreciarion charges Loss on disposal of assets Interest received Unrealised IDS5e5llgain51 on investments Decreasellincreèsel in stock De£rease/lincre35el In debtor5 Increase/ldecreasel In credltors 409,263 379,161 233,708 3,167 130,6341 21S.99S 2,335 13,6141 12,3261 14,4531 114,5961 138,4421 62.804 91,572 12.886 Net Cash provided by (used Inl operating activities 664,181 652.645 16-
THE ISLE OF WIGHT RAILWAY COMPANY LIMITED ILlmlted by Guarantee and not having any shafe ¢apltall NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OECEM8ER ZOZ3 I GENERAL INFORMATION The Isle of Wight Railway Company Lirnited Is a prlvate company lirnitEd by guarantÈe and incorporated in England. The financial staterNen15 are presented in Sterling, which 15 the functional currency ol ihe charitable group. There are no material uncertairities about the charity's ability to continue. The Isle of Wighr R3ilwav Company Limited constitutes a public beneflt entity as defined by FRS 102. Z ACCOUNTING POLICIES a Basls ot preparing the flnan¢ial Statements The financial Jioroments of the charitable company, which is a PLièlic hpnpf5f pnrity ijndp.r FRS 102. have been prepared in accordance with the Charities SOAP IFRS 1021 'Accountin8 2nd Reporting by Charltie5,' Statement of Recommended Pr3Ctice applicable to charities preparlng their accounts in accordance with rhe Finanelal Reporting Standard applicable In Ilie UK and Republic of Ireland IFRS L021 leffECtive l January 20191,, Financial Keportlng Standard 102 'Tlie FiiidllLial Reporting 4tandard applicable in tho UK and Republlc of Ireland,, thp Companie5 Act 2006 and the Charities Act 2011. The financial statements have been prepared under the hlstorlcal cost conventSon as modlfied by the revaluatlon of listed fixed asset inve5tmenrs. b Basls of consolldatlon The con501idated financial siatements Incorporate the financial starements of the 151e of WighL Rdilway CDmpany Limited and its subsidlèry IWR Trddin8 Limited to 31 December eaih year. The accounts have been consolidated on a line by line bas15 and intra group transactions have been Èlimlnated on consolidation. c Hefltage Assets It Is Ihe charity's polity not to cJpitalise any herita8e assets whEre it is not possible to place any reliable value on them All hg.rita8c assets thai r.an be reliably vJlued 1% re inc1udod on Ihe balanr.p sheet at C05t OT valuaiion less accumulated depreclation. The chzrity has a collection ol working steam locomotive5 and rolling srock, whlch are held to support their objectlves of educatlon and rnaintenance ol the Isle of Wighi Steam Railway. The rrusteeJ do not consider that reliable c05t or valuation can be obtained lor the majority ol the locomotives in their collectlon, due to the rarity and lack ol liquid market for them. The charlty does not therefore recognise these asset5 on the balance sheet. d PropertV* Pl•nt and Equlpment Property, plènt and e4uiprnent has been valued at cost less accumulated depreciation. e Depi'eciation Depreciation Is provided on the following tangible fixed a55ets, at rates calculated to write oll rhe cost ol each Zsset over it5 anticipated useful life using the reducing balance method unle55 OtheTW15e stated. Freehold land Freehold property Permanent wav Motor vehicles Tools and n115cellaneous equipment No, 38. Barclay 0-6-OT Ajox l¥att Engines 46447 and 41313 Drewry Railcar office equipmenr lrnprovements to propertv A5set5 in the course of construction Not deprEClated 3% per annum S%perannum Z5% per annurn Z5% per annum IO% per annum on c05t from date brought into service IO% per annum on cost from date brought Into service 5% per annum on c05t Irom-date bruught Into service 20% per annum 20% per annum Not depreciated until the asset is brought into use 17-
THE ISLE OF WIGHT RAILWAY COMPANY LIMITED (Limited by Guarantee and not having any share capltall NOTES TO THE ACCOUNTS FOR THE YEAR ENDEO 31 OECEMBER 2023 2 ACCOUNTING POLICIES ICONTINUEDI f Investmenls Investments in listed Èntitles are Initlally recognised at cost, or where such assets are donated at the fair value at rhe date ownership passed ro ihe charity. Subsequently, listed investments are rneasured at fair value through the profit or loss account. Fair value will be determined by rhe actlve marker price. Investments in unlisted entiti25 are measured at cost less amortisation a5 no falr value ¢an be rellably determined. g Stocks Stock is valued at the lower of cost and net realisable value. In determlning the Value, c05t 15 the c05t Incurred In br1nging each product to Its present location and condifion. Net reallsable value Is based on estimated sellin8 price les5 further cost5 expected to be incurred to completion and disposal. h Income Voluntary Incom? Voluntary incorne 15 reco8nlsed in the Stztement of Financial Activities once the charifable company has eniitlernemr to the funds. it Is probèble that the Income will be received and the amount can be measured For donations Ihis Is 8enerally upon recelpt, In the Individual company accounrs donatlon5 from the tradlng subsldiary are also recognised cn receipt. For legacies this Is when the charity is notified al an Impendlng distrlbuiion or receipt of a legacy, provided the value ol the incoming resources can be rneasured with sufficient reliabilitv. Gr3nt5 zre reco8nlsed when uncondltlonal entitlement to the Income Is passed to the charitable company. Where there are performance relateLI terms and conditiong that must be met before unconditional entitlement passes to the charitable Company, the income is recognised once it is hi8hly Pfobable that these will be met. Where no such conditions exist the income Is recognised when It Is recelved. Charltable and Other Tradln£ Actlvbtle5 Incowe from trading activlliÈs, Including travel tlckets, speclal Èvents tickets, shop, caterlng and shows Income, Is recognised. net tsf VAT and all other sales taxe5 when the goods are delivered or servlces are provided. MembEf5hip income 15 recognised evenly over the perlod the membership re13res to, Investmnt Income Interest recelvable 15 recognisEd over the period it Is accrued except where there are conditions Imposed that must be met before interest is recelved, Where rhis is the case the incom? is recognised once the conditions have been met. i Expenditure Liabilities are recognlsed a5 expenditure as soon as there is a legal or constructiv obligation commltting the harity to that expenditure. it is probable that a tran51er ol economic benefits will be required In Settlement and the amount ol the obligation can be Measured reliably. Expenditure is 3ccounted fDr on an accruals basis and ha5 been classifled under heading5 that aBgregate all cost related to the category Where costs cannot be directly attributed t¢> particular headings they have been allocated to activities on a basis consistent wlth the use of the resources. 18-
THE ISLE OF WIGHT RAILWAY COMPANY LIMITED (Limited by Guarantee arsd not havlng any share capltall NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 2 ACCOUNTING POLICIES ICONTINUEDI l Taxatlon The charity is exempt from corporation tax on its charitable acthvities. k f und Accountln8 Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used Iof particular purpose5 Wlthin the objects ol the charity. Restrictions arise when specltled by the donor or when funds are ralspd for partlcular restricted purp05e5 Further explanatlon of the nèture and purpose ol Each fund is Included in the notes to the financal staiement5. I Ponslon costs and other post-retirement bpnpfiti The charitablt company operates a deflned contribulian pension scheme. Contributions payable to the charltablp company's pension scheme are charged to the Statement of Financial Acrivities in the period to whlch they reliilv. m Creditors Shon term creditors are measured at transaction linvoicel price. Loans and other financial liabilitie5 are initially recognised al transaction price net ol any transaction cost5 and 5utssequently measured at amorrlsed cost determined using the effp.ctive interesr method. n G0Sng Concern The accounis are prepared on a 8oing concern basi5. There are no uncertainties about the charitable company'5 abllily to continue as J goin8 concern. UnrestrScted Reitrl¢ted Total funds 2023 2013 2023 Total funds 2022 3 GRANT5 RECEIVABLE Other eranrs 17,789 17,789 6,470 17,789 17,789 6,470 4 INVESTMENT INCOME Interest from UK bank accounts 31.810 31,810 3,702 5 MEMBERSHIP SU8SCRIPTIONS Membership subscripticns are recugnised evenly over 12 months from the date the rnembership was taken out. It has been Identified that these have not been deferred fulSy Into the following year where the mernbership extends past the year end in previous year's accounts. The ellect 15 not sullicient to require an adlustment to Past year'5 results but as a result of updatins the calculBtlon thls year mEmbership Income appears lower than it otherwise would based on actual membership numbers. To clarify the effect of this adjustment, mernbership numbers were 2,031 at 31 December 2023 and 1,824 at 31 December 2022. 19-
THE ISLE OF WIGHT RAILWAY COMPANY LIMITED IL5mSted by Guarantee ond not having any share capltall NOTES TO THE ACCOUNTS FOR THE YEAR ENOED 31 OECÉM8ÉR 2D23 Costs of Generatln% Funds Charitable Actlvtties Rallway and locomotlves Admin and Tradln& Caterln8 evertt costs and show5 Total 2023 Total 2022 6 EXPENDITURE Direct expendlture Employee costs Aolling stock and Infrastructure runnln8 Costs Rolling stock refurb Operating costs Repairs and maintenancp IRN rnernber5hip costs Cleènln8 Cost of goods sold Publiclty and 3dvertlsing Voltsnteer department e¥pen5E5 Special events Printlng, P05t and stationerv Insurance Sundry expenses Le8è1 and prole5slonal Audif r1nd aceouniancy Bad debrs 111,888 166.385 648,144 926,417 747,2S5 254.706 17,838 2,760 L68.342 25.476 5,716 254,706 17,838 2,760 L82,026 2S.476 S,716 333,318 124,412 15,224 139,590 4,876 6,928 43,432 350 13,250 231.502 44.60S 2.403 135,135 20,668 6,269 308,371 95,368 6,411 139,456 3,551 6,755 54,491 361 ,n70 91 36,365 223,439 3,263 13,684 333,318 6,659 117.753 15,224 99,309 4,345 40,281 531 6,928 40 37,453 5.939 3SO 8,230 5,020 16,967 50,700 3,167 15,447 7,537 5,430 32,414 241,246 8,597 Depreciation Loss on dlsposal of assets L83,009 456,806 6(X),729 1,321,041 2.378,576 2,073,829 Support costs Artl¥lty Salary costs Premises costs Basi5 of Allocatlon Time spent Floor area used Costs of Generatin8 Funds Charbtable Actlvitles Aallway and Lo¢omotives Admln and Tradln¥ CaterlnK event Costs and shows Total 2023 Total 2022 Employee CDSts Insurance Printing, post and 5tationEry Heat, li8ht and water Telephone Rates Rent Health and safety 123,045 7.694 10,789 18.241 4.445 438 2,000 949 18,386 46,163 141,431 76,938 L5,413 91,206 8.890 4,377 20.000 4,746 95,165 66.393 14,436 82,671 8,944 7,068 18,333 6,768 23,081 4.624 27,362 2,667 1,313 6,000 1,424 45,603 1,778 2,626 12,CA)O 2,373 167,601 66,471 128,929 363,001 299,778 Total expenditure 624,407 667,200 1,449,970 2,741,577 2,373,607 -20-
THE ISLE OF WIGHT RAILWAY COMPANY LIMITED (Limited by Guarantee and not havlni any share capitsll NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DEC£M8ER 2023 6 EXPENDITUAÉ (Continued) It has been Identified that Volunfeer department expenses was being incSuded within Repair5 and maintenance cost and this has now been shown in irs own heading under Admin and events Costs. The corrparaiives have been updated to reflect thi5 resultln8 in last year's Repairs and Maintenance costs being reduced by the £6,411 now shown within Volunteer department expenses above. 8alances on the Slatement of Financi31 Activity have also been restated Lo reflect that this adjustment reduces Charitable costs and increases Admin and events costs for the 2022 year by £6,All. 2013 2022 7 GROUP OPERATING SURPLUS (iroup oper3lln8 surplu%1s 4fLei Llidi¥iiig. Auditors, remuner4tlon Auditors, remuneration non-audlt lees Expenditure on operatin8 leases DepTP.C13tiort Loss on disposal OF fixed assets 10,925 2,325 20,000 241,246 8,597 5,920 2,150 18,333 223,439 3.263 and after creditlng.. Interesl received 31,810 3,702 8 EMPLOYEES AND TALISTEES Gr05S salaries Employers natlonal insurance contributions Pension Costs Trainin8 Costs 995,747 53,554 13,904 4,643 784.223 41,415 9,971 6,811 Total ernployee costs 1,067,848 842,420 The average nurnber ol employee5 for the year amounted to 24 Full tirne12022 221. 14 part time12022 - 121. and 12 se3sonal12022 - 141. Of these a total 0140 ernployees worked for rhe charity and 10 fgr the trading tompany. No employee5 recelved remuneration of £60,000 or higher. No Trustee5 earned a salary during either the current Dr prevlous year. 9a PARENT COMPANY INCOME AND EKPENOITURE ACCOUNT No Incttme and Expenditure Account 15 pre5entEd for the Isle of Wight Railway Company Limlted as permitted by sectlon 408 of the Corvpanies Act 2006. The Surplus stated In the accounts for the year ended 31 Decernber 2023 Was E409,263 12022.. E379,1611, comprlsln8 Unrestricted funds surplus before transfers of £382,094 12022.. É335,6l71 and restricted funds surplus before transfers of £27,16912022'. £43,544). 9b SUBSIDIARY COMPANY INCOME AND EXPENDITURE The turnDver for IWR Trading Limited lor the year ended 31 December 2023 was £747,70312022.. £685,152). The net surplus after tax and before donations to the charity lor the year ended 31 December 2023 was £98,55512022.. £92.8371. Total assets at 31 Oecember 2023 were £247,21312022.. £224,382), total liabilitie5 wer2 £87,80212022.. £75.4001 and shareholder's funds arnountEd to £159,41112022.. £148,982). It5 prirnary activity is trading in support of The Isle of Wi8ht Railway Company Ltd. -21-
THE ISLE OF WIGHT RAILWAY COMPANY LIMITED ILimited by Guarantee and not having any share capltall NQTÉS TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER IOZ3 loa TANGIBLE FIX2D ASSETS- GROUP Permanent Propertv Wayi tools, Offlce Motor Flxtures Freèhold Improve- equlprnent equipment vehl¢les & fittings property ment5 rotzl Cost At l J3nuary 2023 Additions Disposals At 31 Decefflber 2023 1,299,032 123,841 IL2,151 116.241 2,635,999 859,077 5,146,341 146,249 17,448 70,296 13.500 152,416 24,885 424,794 12,4321 110.463 11,3481 115,8591 130,L021 1.442,849 130,826 181.099 113,882 2,788,415 883,962 5,fJ41,033 Oepreclatlon At l January 2023 Charge for year Disposals At 31 December 2023 741,210 58,649 12,390 797,469 71,823 32.509 74,072 13,221 37,479 7,537 17,3621 11.3241 110,4291 77,682 68,664 71,180 665,123 688,911 2,273.648 51,814 38,128 206,828 121,5051 716,937 727,039 2.458,971 Net book value Ai 31 December 2023 645,380 53.144 112,435 42,702 2,071,478 156,923 3,082.062 At 31 December 2022 5S?,822 52,018 79,642 42,169 1,970,876 170,166 2,872,693 lob TANGIBLE FIXEO ASSETS. COMPANY Perman•nt way. tools, Off5ce Motor equlpm•nt equlpm•nt vehlcles Property Freehold Improve- property ments Total Q>st At I lanuary20Z3 Additions Disposals At 31 December 2023 1,299,032 123,841 111.l51 2,635,999 859,077 5,030,100 146,249 17,448 70,296 152,416 24,885 411,294 12,432 110,4631 11,3481 142431 1.442,849 130,826 181,rJ99 2,788,415 883,962 S,427,151 Depreclatlon At l January 2023 Charge lor year Disposals At 31 December 2023 741,210 71.823 58,649 13,221 12,3901 17,3621 797,469 77.682 32.509 37,479 1,324 68.664 665,123 688,9ll 2.199,576 51,814 38,128 199,291 111,0761 716.937 727,039 2.387,791 Net ljook value At 31 December 2023 645,380 53,144 112,435 2,071,478 156,923 3,D39,360 At 31 December 2022 557,822 52,018 79,642 1.970,876 170,166 2,830,524 Assets in the course of construction In both the group and the company amountpd to £62,200 at the year end. £48,682 Is Included within Freehold property and £13.518 is inc5uded within Permanent way, too15. equipment. 22
THE ISLE OF WIGHT RAILWAY COMPANY LIMITED ILlmlted by Guaranlee and not having any share capttall NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OECEM8ER 2023 IOC HERITAGE ASSETS Group Drewry Cornpanv l¥atts Drewcv AiaK Ivatts Total Alax Total Cost At I january 2023 Addifion5 At 31 Dcccmber 2023 fjS,478 45,478 309,644 69,075 424,197 54.869 54,869 l23,944 479,0fi6 45,478 309,644 69,075 54,869 309.644 123.944 424,197 54,869 479.066 309,644 45,478 Depreciation At 113nuary 2023 Lharge lor year Al 310ecember 2023 45,478 4S,478 L74,215 30,9G4 205,179 6,908 226,601 34,418 10,362 261,019 45,478 174,215 30,964 205,179 6,908 226,601 14,4111 26l,019 45,478 10,362 Nti book value At 31 December 2023 104.465 113,582 218,047 104,465 IL3,582 218,047 At 31 December 2022 135,429 62,167 197,596 135,429 62,167 197,596 The trustees consider Heritage A5seis io cornprise locomotives, coaches, wagons, Infrasiructufe and artelacts whlch were or could have been a pèrt of the Isle of Wiéht ('ailw3V System and ernanutlng ITDM one or more of the following.-111 Iho Is13nd's pre-Grouping railway cornpanies.121 The southern Rallway,131 Br5tish Railway5 Southern Reglun,141 Ilieir Successor orgAniSiltioris. Tho collection consists ol fifteen locomotivos112 steom, 3 diegell. details of which can be found on the charity's web51te.' htrp'.Iliwstearnrailway.to.uklheritagelour-rollln8' stockllocomotivesl, These locomotive5 are used to rran5POft the public, In furiherance of the charity's objectives. Two locowotlve5, Ivètt 46447 and Austerity Juno are on contracted loans to the East 5omerset Railway and Natlonal Flallway Museum respectively. 5gme Dther locornotlve assets are occasionally loaned out on b short term ba51S tD Other steam railways or il Suitable promotional opportunities arise. The remainder of the collection, when not in use, are maintained and mostly stored In the Traln Siory faciliEV at the 151e of Wight Steam R311w3y. It Is not possible tc get a reliable estimate of the value of the collection. There are three locomotlves reported on the balance sheet, Ajox, Ivart 41313 and Ivatt 46447. The remaining locomotive5 are not reported on the balance sheet as their ¥a1uation cannot be readily assessed in accordance with accountin8 pollcy 2£. AJox was puvchased and rherelore was included in the balance sheet at this cost. Ivatt 41313 and 46447 were donated to the Isle of Wi8hi Stcam Railway by the Ivatt Locomotive Trust and the only amounts capitalised are the costs of bringing the assets into working cond1tion as the value of the assets cannot be readily 355essed. These costs are consldered bv Lhe Iru5tees to have a useful life of 10 years, the time until Ihe next overhaul is required. The locomotive5 are maintained by speclallsed engineers at the Isle of Wight Steam Rallway and the steam locomotiyes undergo a eomplete overhaul after not rnore than 10 years use to ensure they are kept ID pristine conL11tion. A register ol the repalrs completed and required Is held by the charity. Costs ul these repairs are retO8nised in the SOFA in the period they are incurred. All acqu151tion5 and d15posals of heritage èssets must first be approved by the board of trustees and a reg15ter ol heritage assets is malntained and held in the museum. Thls register will be made available to the public oll request. Ivatts 46447 and 41313 are both being dEpreciated on a straight line basis over a 10 year term from the dates which they entered service. In 2023 there were additlon5 of E54.869 to heritage asset5 12022.. Nil 2021.. £69,075, 2020.. ENIL, 2019.. £NILI. There were rno disposals of any heritage assets, nor any impairrnent5 during the year. gr any of ihe last four reporting periods. -23
THE ISLE OF WIGHT RAILWAY COMPANY LIMITED Iumlted by Guartyntee znd not havlng •ny $h3re czpltall NOTE5 TO THE ACCOUNTS FOR THE YEAR ÉNDED 31 OECEMBER 2023 Group Companv 20Z3 2022 2023 2022 11 FIXED ASSET INVESTMENTS LISTED INVESTMENTS FAIR VALUE At l January 2023 Additions Flevaluations Disposals 1,981 1,981 2,326 14.3071 2,326 14,3071 At 31 December 2023 The listèd investments were share5 bequearhed to the charlty. UNLISTED INVESTMENTS Investment In subsidiary èt cost 10.000 io,ooo Total fixed asset inve5tmenrs 10,000 10,000 The 5ubsidiiry, which Is Included in the charltable company's accounts, 15 as follows.. Narne Reg15tered offlce IWR Tralling Lirnited (Company No. 027694461 The same a5 that ol The 151e ol Wl8ht Rallwav Company Limlted as detalled on page 2 Retail services England and Wale5 SO ordlnary El shares loo% One vote per share £747,703 £159,411 Pr5nclpal Actlvltv Country of Incofporatlon Shares Held Proportlon Held Votlng Rlghts Turnover at year eftd Net a55ets at year end Group Cornpanv 1023 2022 2023 2012 12 STOCK Caterln8, bar and show Shop Santa stock, coal and other stock 9.846 81.728 36.423 15,427 75,672 31,970 36.423 31,970 127,997 123,069 36,423 31,970 -24-
THE ISLE OF WIGHT RAILWAY COMPANY LIMITED ILlmlted by Guarantee and not hav5 any share capftall NOTES ro ThE ACCOUNTS FOR THÉ YEAR ENDED 31 DECEMBER 2023 Group Companv 2023 2022 2023 2022 13 DEBTORS Trade debrors Amounts owed by group undertaklngs Other debtors 34,094 22,618 34,008 21,954 70.494 57,315 140,S08 127,299 158,272 145,102 192,366 167,720 245.010 206,568 14 CREDITORS.. AMOUNTS DUE WITHIN I YEAR Trade creditors Covenanted loan Taxation and social securltv Accruals other tredltors 103,862 loo 19,375 33,564 82,207 69,051 100 12,880 38,456 27.850 93,229 loo 18,608 28,108 81,778 56,771 12,394 34,173 26,814 239,108 148.337 221,823 130,252 -2S-
THE ISLE OF WIGHT RAILWAY COMPANY LIMITED (Llmited by Guarantee and not havlng any share capitall NOTES TO THE ACCOLINTS FOR THE YEAR ENDED 31 QECEM8EA 2023 8alance 0110112013 Income Total lunds 3111212023 Expense Translers 1Sa MOVEMENT IN FiINDS- GROUP Ltnrestrlcted lunds General fund 1,109,156 2,647,928 12,638,0381 15,742 I,l34,788 Fixed asset reserve Train Story 2 reserve Des18nated I legacles reserve Total unrestricted funds 3.070,285 229,820 230,717 122,5801 ISl.S761 662.866 427,675 122,4631 1136.328 5,073,028 3,075,603 12,683,081) 3.300,109 156,561 931,750 J,i23,208 Ilestrlcted fund5 Carria8e and wa8on re5torarion The Mtsseum fund Maycock fund IWSR 200 Club Wootton Orewry Railcar Culbourrte 72.546 28,756 8,4SO 7,207 38,387 4,530 31,985 8,661 367 6,780 34.108 237 1,973 50 1,504 85,665 145,88LI 16,8901 111,2371 58.650 19,290 8,817 7.726 31,377 12,4501 13,2751 13.8111 137,8431 14,7671 1,973 4,B65 16,477 149,175 4,819 14.973 179,664 T0131 restricted lund5 158,4961 157,6581 Total Funds 5,252,692 3,161,268 12,741,577) 5,672,383 1Sb MOVEMENT IN FUND5- COMPANY Llnrestrlcted funds General fund 1,012,344 2,036,771 12,037,3091 16,275 1,028,081 Fixed asset reserve Train Story 2 reserve Designated I legacies reserve Total unrestricted funds 3.028,120 229,287 230,717 122,5801 151,5761 662,866 427,675 122,4631 1136,3281 4,934,047 2,464,446 12,082,352) 57,658 3,257,407 156,561 931,750 5,373,799 Restrl¢ted fvnds Carriage and wagon restoration The Museurn fund Maycock fund IWSR 200 Club Wootton Orewry Railcar CulbournE Possible acqulsition Invincible Total restricted funds 72,546 28,756 8,4SO 7,207 38,387 4,530 31,985 8,661 367 6,780 34,108 237 1.973 so 1,504 85,665 145,8811 16,8901 58,650 19.290 8.817 7,726 31,377 111,1371 12,4501 13,2751 13,8111 137,8431 14,7671 1,973 4,865 16,477 149,175 4,815 14,973 179,664 158,4961 157.6581 Total Funds 5,113,711 2,550,111 12,140,848) 5,522,974 -26-
THE ISLE OF WIGHT RAILWAY COMPANY LIMITED (Limlted by Guaraee and not ha*in8 any 5hafe capital) NOTES TO THE ACCOUNTS FOR THE YEAR ENOEO 310EC£M8ER 20Z3 2023 Total Fund5 2022 Total Funds Unr•strlcted Ilestricted Funds Funds Ik ANALYSIS OF NET ASSET5 BÉTWEEN FUNDS Group Fixed asset5 Current asset5 3,300,109 2.462.207 1239.1081 5.523,208 3,300,109 149,175 2,511,382 1239,1081 149.175 5,672,383 3,070,289 2,330,740 1148,3371 5,252,G92 CnmpAnv Flxed a55etS Current assets 3,267,407 2,328,219 1221,8231 5.373,799 3,267,407 149.17S 2,477,390 1221.8231 149.175 S.532,974 3,038,120 2,205,843 1130,2521 5,113,711 15d DETAIL5 OF FUNDS Traln Story 2 resorve Unrestricted lund5 Set aside towards rhe proposed Train story 2 development. Deslinated I leia¢les reserv• The De518nated I legacie5 reserve consists of in£ome received from le8acie5 bDth where there is a deslre lor the rnoney to be spent on a particular project but no le8al obllgatlon and where they have been received with no specific indication as to how the funds are spent. Flxed asset reserve This fund represents the amount ol unre5tri¢ted fixed a5$ets held by the charSty. Re5trlrted funds Carri38e and wagon restoration - lor the restoration of carriages and wagon5 includlnl grant Income Museum fund- in the furtherance ol the development of the mtJseuTn Iheritage and learning) Maycock fund In coach and wagon restoration IWSR 2[ fund - lor the provision of volunteer facilities and other d2signated prolects Wootton re5toration/renov3tion ol Wootton station Orewry Rallcar - restoration ol the Drewry Railcar and its related traller car Colbourne restoration of Cttlbourng Invinclble resroration of Invincible Possible acqulsition toward5 the acqulsltion of a specific locomotive for display should it become available Transfers between fvnd5 Transfers out ol funds and into the fixed aSSEt fund represent equipment and other lon8 term assets purchased by those funds. but which are Now available a5 fixed assets for the general unrestricted use of the chèritv. Depreciation of those 3S5et5 15 then transferred out of the fixed asset reserve to offset the charge to the general fund. Transfers. into funds represent transfers between funds correctlng the allocation of costs incorrectlv allocated in the prevlous year. -27-
THE ISLE OF WIGHT RAILWAY COMPANY LIMITED ILlmited by Guarattte2 and not havlng any sharg capltsll NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 Balance 0110112022 Income Total funds ail1212022 Ejtpense Translers Ise PRIOR YEAR COMPARATIVES FOR THEMOVEMENT IN FUNOS- GROUP Unrestylcted funds General fund 1,303,457 2,373.847 12,275,315) 1292.8331 2,883.411 186.878 120,1331 250,850 555,95S 207,642 118,9931 181,7381 4.742,823 2,sBt,489 12,314,441) G3,lJf7 1.109,156 Fixed asset reserve Train Story 2 r@serve Designated I legacies fund Total unrestricted funds 3,070.289 230,717 662.866 5,073,028 Restrlrt*d funds Carriage and wa8on restoration The Museum fund Maycock fund IWSR 200 Club Wootton Drewry Railcar Colbotsrne The Grand Plan P055ible acquisition Invinclble Total restricied lund5 90,623 24,380 8,099 2,023 60,740 25,019 9,158 351 7,880 46,579 4,S30 143,0961 14,7821 72,546 28,756 8,450 7,201 38,387 4,530 12,6961 IS.2001 162,7321 31 425 4,815 8,141 199,277 14251 4,815 14,973 179,664 6,867 100,384 156.8401 163,IS71 Totèl Funds 4,942,100 2,681,873 12,371,281) 5,252,692 151 PRIOR YEAR COMPARATIVES FOR THE MOVEMENT IN FUNDS- COMPANY Unrestrlcted lund$ General fund 1,135,705 1,895,258 11,728,IS71 1290,4621 2.843,613 1.012,344 Fixed asset reserve Train Story 2 reserve Designated / legacies fund Total unrestricted funds 184,507 120,1331 250,850 555,955 207,642 118.9931 181,7381 4,535,273 2.102,900 11,767.2831 63,157 3,028,120 230,717 662,866 4,934,047 Restrlcted funds Carria8e and wagon restoration The Museum fund Maycock fund IWSP 200 Club Wootton Drewry Railcar C¢71bourne The Grand Plan Possible acquisitioll Invir)cible Total restrirted funds 90,623 24,380 8,099 2,023 60.740 25,019 9,158 351 7,880 46,579 4,530 143.0961 14,7821 72.546 28,756 8,450 7,207 38.387 4,530 12.6961 I6,2) 162.7321 31 425 4,815 8,141 L99,277 14251 4.815 14.973 179,664 6,867 100,384 156,8401 163,1571 Total Funds 4,734,550 2,203,284 11,824,123) 5,113.711 -28-
THE ISLE OF WIGHT RAILWAY COMPANY LIMITED (Limfjted by Guar•ntee and not havsng any share ¢apitall NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 16 RELATED PARTY DISCLOSURES Faur12012. Threel trustees received reimbursemeni for travel. accommodation and srnall sundry expenses of É1,06812022.. E7441. 17 CAPITAL COMMITMENTS Signllicant cap5tal expenditure contracted lor ar the end ol the reportln8 period but not reco8nised as liabilities amounted to E245,792 at the year end12022.. E134,3501. 18 OTNER FINANCIAL COMMITMENT5 At 31 Decernber 2023 the ch3rity hèd cornmltments under non-cancellable operatin8 lease5 as fDIIow5', Group Company 2013 1022 2013 2022 Due within one year Due after one year but no13ter than five years 20,000 16,667 20.000 36,667 20,000 L6,667 20,000 36,667 36,667 56,667 36.667 56,667 19 CONTINGENT ASSÉTS The charity has unrecognised contingent assors iotalling ÉIO,000 12022. £150.0101 rclatln8 to legacies, which the charity were nolifSed ol prior to the end of the year. The contingenl asset5 are esrlmated based on the aniicipated residual value ol ihe estate due 10 the Ghdrilv. where It 15 Gonsidered rhat paymerit Is probable but not virtually certain to be received. -29-
THE ISLE OF WIGHT RAILWAY COMPANY LIMITED (Llmited by Guarahtee and not having any share caplt811 NofES TO THE ACCOUNTS FOR THE YEAR ENDEO 31 DÉCEMBEA 2023 Unre$trlcted Restricted Funds Fund$ as restated Total 2022 •$ restated 20 PRIOR YEAR COMPARATIVES FOR ThE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Voluntary Incorne OonatlOn5 Grant4 Le8acie5 Charltable Artlvlties 141,253 6,170 205.316 91,017 232,270 6,470 205,316 1,144,575 49,842 1.144,575 59,209 Membershlp 5ubscriptlons Other Tradin8 ACtItIeS Special events Shop, catering ènd show Income Other Income Investment5 Interest received 9,367 334,220 685,152 10,959 334,220 685,152 10,959 3,702 3,702 Total 2,581,489 LOO.384 2,681,873 EXPENDITURE ON Ralsln8 Funds Admlnlstratlon and event costs Shop, catering and show expenditure Charltable Jrtlvltles Runnlng and maintainin8 rhe Railwav 490,381 608,541 7,478 497,859 608,541 1,217,845 49,362 1,267,207 Tot41 2,316,767 56,840 2,373,607 Unreallsed galnslllossesl on Invtstments 2,326 2,326 NET INCOMEIIEXPENOITUREI 267,048 43,544 310,592 Transfer between funds 63,157 163,1571 Net movement In fund5 330,205 119,6131 310,592 RECONCILIATION OF FUNDS Total lund$ brought forward 4,742,823 199,277 4.942.100 TOTAL FUNDS CARRIED FORWARD 5,073,028 179,664 5.252,692 -30-
THE ISLE OF WIGHT RAILWAY COMPANY LIMITED (Llmlted by Guarantee and not having any share capltall OÉTAILED INCOME AND ÉXPENOITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 UNRESTRICTED FUNDS Income Travel tickets Platform tickets Santa specials othor )pccial evcnir Membership Subscriptions Bank Interest received Management charge to subsldiarv L,237,427 16,415 113,979 25.B,622 33,992 30,634 41.61L 8,9n? 427,675 27,933 1,131,882 12,693 IL3,467 220.753 49,842 3,6L4 37.260 7,985 205,316 10.9S9 Legacies Sundry income Donatlons General donations Glt aid donation from subsldiarv 166,341 88.126 L41,253 161,406 Grants Other grants 17,789 6,470 Total Income 2,464.446 2,102,900 Expendlture Engineerin8 Marketlng and opprating Sites and estates Herita8e and learning Admini5trarion Mernbershlp Finance costs Depreciation Revaluations o11151ed inve5trnenis 689.463 377,313 245,362 31,536 451,129 25,476 25,197 236,876 610,332 287,400 186,560 31,620 387,954 10,668 26,744 218,331 12,3261 2,082,352 1.767,283 Surplus of income over expenditure on unrestrlcted funds 382,094 335,617 This page dae5 not form part of the stavjrtrry fiTrancia 5fdternent5 31
THE ISLE OF WIGHT RAILWAY COMPANY LIMITED ILlmlt•d by Guarantee and not ha¥lng any share ¢apltall SCHEDULE OF EXPENDITURE FOR THE YEAR ENDED 31 OECEMBER 2023 2023 zoii En8lneerln Employèe Costs Fuel and coal Other locomotive running costs Carria8e and wagon fflaintenance Permanent way maintenance Workshops RolliD8 Stock repairs and refurbishment Other desl8nated fund enslneerlng costs 383,874 131.382 32,657 16,OSO 67.495 17,?04 17.838 22,463 330,596 133,837 26,63L 20.409 40.235 14,353 25,278 18,993 689,463 610,332 Mzrketlng and op•iatlng 113,9 147,749 15,224 2.760 531 11,162 40,609 45,378 92,093 107,732 6,411 2,403 275 6,317 40,OIB 32,151 Ernployee costs Volunteer department expense5 Operatlng cost5 Printing and artwork EKhlbltion5 and sundrles Santa 5peclals Other 5pecia15 377,313 287,400 Sitès and estat45 Repair 3nd malntenance Cleanlng and consumables Employee tosts 135,714 5,716 103,932 95,045 6.269 85,246 245,362 186,560 Herltage and learnlng Employee costs Educatlon General daily expense5 20,664 1,528 9.344 21.840 302 9,478 31,536 31,620 Admlnlstratlon Ernployee costs Insurance Printlng, stationery and postage Heat. Light and Water charges Health and Safety and company doctor Telephone AGM & annual report Sundry expenses Subscription5 Legal and professional fees Rates 194,720 76,938 15,413 91,206 4,746 8,890 952 27,312 6.225 350 4,377 20,000 136.576 66.393 14.436 82,671 6.768 .944 1,221 39,588 5.595 361 7.068 18.333 451.129 387,954 Thls page doe5nQt IDrm parr of thèstatutoryflDanual Statements. 32
THE ISLE OF WIGHT RAILWAY COMPANY UMITED ILimited by Guarantee and not haD8 any Sha capltall SCHEDULE OF EXPENDITURE FOR THE YEAR ENDED 31 OECEMBER 2023 20Z3 2022 Membership IslLTnd Roil News Sundry 22,900 2,576 20,371 297 25,476 20,668 Flnance costs Audit fees 6ad debts Bank charge5 8ank Interest Lredit card charges Miscellaneous 8.230 4.900 91 1,378 1,877 4.897 13,790 1,189 1,184 25,197 26,744 Depreclatlon Motor vehicles Track and equipment Office equlpment Improvement5 to propertv Freehold property LocomoLivL Drewry Railcar Losses on disposal of a$5et5 37,479 58,649 13,221 38,128 51,814 30.964 3,454 3,167 26,547 46.068 13,005 42,542 53,416 30,964 3,454 2,335 236,876 218,331 Total unrestrlGted expendlture 2.082,352 1,769,609 Thi5pagE does not form partof the Statutoryfinanrlal 5tsremenrs 33
IWR TRADING LIMITED OETAILED TRADING AND PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 OECEMBER 2023 1023 2022 Shop Takings C05t pf 53les Openin8 Stock Purchase5 Wage5 Closing Stock 237,270 248,648 75,672 129,059 6,948 181.7281 81,424 126,945 7,336 175,6721 129.951 107,319 140,033 108,615 Gross Proflt Credit card char8e5 Repairs and renewals 12,959 1.727 11.703 688 14,686 92,633 12.391 96,224 Net Prollt Catarlng Takin85 Calbourne Roam bookings Costs of sales Openin8 Stock Purchases W3ge5 ClosinÉ stock 415,630 7,088 352.713 8,358 6.444 172,832 147,336 8,0621 8,563 150.893 120,289 6,444 318,SS0 104,168 273,301 87',770 Gros5 pvoflt RpaIrS and renewè15 10,890 9,417 10,890 93,278 9,427 78,343 Net profft 8•r Takln85 Costs of %ale5 Openin8 stock Bar purchase5 Closing stock 64,225 53,956 1,663 31,902 764 781 30,384 11,663 32,801 31.424 29,502 24,454 Gr055 prollt Repairs and renewals 1,067 I,067 30,357 N•t profit 24,454 Shows and Speclal events Takings DlrErt ¢usts Openin8 Stock Site costs and administratio Closing stock 23.490 21,476 7,320 40,280 11,0201 54,811 17,3201 46,580 123,0901 47,971 126,4951 Gross profltlllossl show publicity 6,659 3,217 6,659 3,217 129,7121 169,309 Net profitlllossl Troding Profrt 129,7491 186,519 Thl8p4ge daejfiotform gart olthestatutory Thnancial $laEEment5.
IWR TRADING LIMITED DeTAILEDTRADING AND PROFrr ANO LOSS ACCOUNT FOR THÉ YEAR ENDED 11 DECEMBER 2023 20Z3 2022 Trodlni pwfft 186,519 L69,309 Overheids Rent 7,985 6,928 41.611 12,101 40 5,020 7,537 2.488 5.430 7,985 6,755 37.260 10,013 98 3,170 7,443 2,909 928 Insurance Management ch4rge5 Generèl Manager Sundry expense5 udlt fees Depreciatlon 8ank charges Loss on dl$posal ot tanaible assets 89,140 76.561 Tot•1 Thet profft 97,379 92,748 Bank interest received 1.176 88 Net profflt b•lor* ald donatlon 98,55S 92,836 Oonatlons to Isle of Wlght Rallw)v 188,1261 1161.4061 Retalfiod yoflt 1110151 10,429 168,5701 ThK4paydoEsnot lorm rtrthe 5t#utor¥flftw¢141 statthrefflts. 35-