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
B￿ght 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 Ut￿lItIeS 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 1￿clUded 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 mA￿ER5 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.
mA￿ER5 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 pro￿ded 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,
Investm*nt 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 financ￿al 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 Guara￿ee 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 ACtI￿tIeS
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
G￿lt 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 ha￿D8 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
R￿paIrS 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 ￿rt￿rthe 5t#utor¥flftw¢141 statthrefflts.
35-