Charfty registration number 280918 (England and Wales)
Company registration number 1068690
THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
LEGALAND ADMINISTRATIVE INFORMATION
Trustees
MrAJ Bary
Mrs L C Buckman
Mr G M Deegan
Mr S Duddy
Mr l M Fambank
Mr G N Felton
Mr M l Flynn
Mr K Laird
Mr S M Oates
Ms M J Pardington
MrCIPrice
MrMHSmith
Mr P Taylor
Mr I Whiuam
Mr J D Woodhams
(Appointed 2 January 2024)
(Appointed 29 June 2024)
(Appointed 29 June 2024)
(Appointed 18 April 2025)
Secretary
Mr I Whitlam
Charity number (England and Wales)
280918
Company number
1068690
Regi8t8red office
The Railway Statii)n
Havenstreet
Ryde
Isle of Wight
P033 4DS
Audilor
Moore (South) LLP
33 The Clarendon Centre
Salisbury Business Park
Dairy M8adow Lane
Salisbury
Wiltshir8
SP12TJ
Bankers
Lloyds Bank PIC NwNPOrt
22 St Thomas Square
Newport
Isle of Wight
P030 1SQ
Sollcltors
Eldridges Solicitors
36 St Jamas Street
Newporl
Isle of Wight
P030 1LF

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
CONTENTS
Page
Trustees, report
Independent auditorfs ￿port
Statement of firk2ncial activities
10
Balance sheet
11
Statement of cash flov
12
Note5 to Ihe financial statements
13-30

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees presents its annual report and financial statements for th8 year 8nd8d 31 December 2024.
The financial statements have been prepared in acwrdance wth the accounting policies set out in nole 1 to Ihe
financial statements and comply with the charity's govemlng doGument. the Companies Act 2006, FRS 102 "The
Financial Reporting Standard applicable in the UK and Republic of I￿land. and the Chariiies SORP "kcounling
and Reporting by Charities: Statement of Recommended Practi￿ applicable to charities preparing their accounts in
accordance wth the Finanaal Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)..
Objectlves and actlvllies
The princtpal aclivity of the group in the year under review continued to be the retention, prese￿a￿On. restoration
and op8ration of a portion of Ihe railways in the Isle of Wight as a pemianent exhibition and working museum for the
advancement of techni￿1. historical and general education. The Railway is accredited as a museum byArts Councll
England.
PubllG benefit
The trustees has paid due regard to guidance issued by Ihe Charity Cornmission in deciding what activities the
charity should underiake. The Trustees undersland the requirèments sel out in Section 17(5) of the Charitie5 Act
2011 and take the view thal The Isle of Wighl Railway Company Limited. also known as The Isle of Wight steam
Railway. completely satisfies all guidanc8 issues by the Charity Commission with respect to public benefit.
Volunt89rs
The charity is very grateful for the significant work contributed by volunteers and for the donat￿nS re￿iVed both for
specAfic projects and general funds. The trustees also wish to acknowledge with thanks the bequests the charity has
received from the wlls of members and friends of the Raiiway who have sadly passed away.
Achievements and perfomian¢•
Significanf a¢tiwties and achievements against obieclives
Th8 Railway had a more challenging year of trading and operation in 2024. with a drop in visitor numb8rs to the
Island and general economic pressures. Additiorially. changes to employment ￿$ts including the nat￿nal minimum
vtsge, and the rising cost of supplies has inuea5ed costs. with additional employment costs not abating into 2025.
Mitigations going forward include a review of staffing resources. developing more business vrfithin the local Island
mark8l. in(xeasing dwell tim8 on site and growing secondary spend.
There were three significant safety or cornpliance events througkM)ul 2024, all of which were notified to Ihe
appropriate aulhorities.
Fundraising pracfiGes
The Railway does not employ or contract a professional furKJraiser: a Partnerships and Fundraising Officer was
employed on a temporary six-month contract during 2024.
Flnancial réview
Total incorne for Ihe charity for the year amounted to £2.600.231 {£2.550.111 in 2023). Expenditure on raising fijnds
amounted to £850.445 (£679,323 in 2023), charitable activilies direct costs £1,434,654 (£1.329,429 in 2023).
charitable activities, share of support and governance costs £132.904 {£128,929 in 2023). other expenditure £4.834
(£3,167 in 2023) The overall surplus for the year was £177.394 (£409.263 in 2023}.
An Extraordinary General Meeting was held in December 2024 to appoint Moor8 {South)LLP as the comp￿ny'S
auditors. who have conducted the audit of these accounts.
Following the audit process they have drawn to the attention of the company a number of longstanding practices
which, in their opinion. do not comply wth current best practice. They are also recA)mmending several longstanding
financial policies are r8viewed. A Finance Working Group has been established to oversee the Railway's finances
and make recommendations io the Board. The group consists of senior managers. trustèes and outside ffinancial
experts.

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Going concem
Al the time of approving the financial statements. the trustees has a reasonable 8xpectation that the group and the
charity has adequate resources to continue in operational existents for the foreseeable future. Thus the trustees
continue to adopt the going concern basis of accounting in prepating the financial statements. This ass8ssment has
been m8de following a revi8w of budgets prepared for the next twelve months, current performance and cashfiow
modelling that maintain the trustees, position thal the group continues to be a going concern.
ReseryesJx)licy
The current policy of the charitable company is to maintain unrestricted funds, which ar8 the free reserves of th8
charitable company, at a levèl which equates to approximately four monihs unrestricted expenditure In order to
avoid operating cashflow problems. The auditors in their evaluation ol our accounting procedures have
recommended that this policy is reviewed. The overall reserves of the charity held on 31 De￿mber 2024 amounted
to £5,700.368 of which £188,915 are held for restricted purposes. Reserves of £3.560.489 ara held as r￿ed assets
including investments. £754.242 of reserves relating to legacies ￿ceiVed have been designated for specific
purposes by trustees, and £141.216 has been designated towards work required for the Train Story 2 project. This
leaves £1,055,506 of free. unrestricted resenies.
This level of free reserves is considered by the trustees lo be sufficTrent to meet the reserves policy sel out abovg.
Of designated funds approximately £145.000 will be spent during 202516 on the completion of th8 E1 restoration
project. Ashey Station and an adjoining parcel of land were purchased for £675,000 in Aprtl 2025. utilising a £300k
commercial Mortgage and the balance from reserves.
This level of reserve5 has been maintsined throughout the year.
Principal funding sources
The charitys principal funding sources continue lo be from donations aThJ memb8rship incoma. shop sales,
catering, ticket sales and other special events income. The charity has also benefitted from grant funding of £50k for
the new playground although this was spent in 2025. Once the cosl of generating these funds has been deducted
the tnajority of the remaining ftjnds are used in support of the charity's key objectives.
Inv8Stm8ntpolicy
Under the charity's goveming document. the tTUStees have the power to invest the monies of the chalitable
company not immediately ￿quIred. in any such nianner as the trustees may from time to tinie determine.
Majorrisks
The trustees have exam(ned the major strategic business and operatronal risks which Ihe charitable company faces
and confirms that systems have been established to enable regular reFM)rts to b8 produced so that the necessary
steps can be taken to lower those risks as far as is reasonably practical.
Tho tNstees are conscious of the risks posed by economic uncertainty, the increases to cost of living 2nd rises in
minimum wages and National Insuran￿ Contributions. Th8 Isle of Wight as a whole has suffered a downtum in
popularity as a lourist destination in recent years, a rnarkel the Railway has relied upon heavily in the past. Actions
are set out above in Iha Achievements and Performance section to address these challenges.
The Trustees have adopted a strategy to continue to manage Costs robustly while investlng in revenue generation
through additional and improved marketing and capital invesltnent in facilities to generats incr8ased secondary
spend.
Plans for future perlods
The Trustees have begun a restructuring of the organisation in tenns of staffing. management and ￿VernanCe to
deliver a rnore stralegic approach and streamline the business operation. They wll also identify better and wider
utilisation of volunteers to ensure that our paid staff are utilise(I where required, effectively and efficiently.

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Slructure, governance and management
The Isle of Wight Rallway Cornpany Limited is constituted und8r its Memorar]dum and Artides of AsS￿lation and is
a registered charity no. 289018. It was Incorporated on 13 August 1972. Its subsidiary. IWR Trading Limited was
incorporated on 1 December 1992.
The Isle of Wighl Railway Company Limited is a registered charitable company limited by guarantee, not having any
share Gapital. Members guarantee to pay during their membership and within one year after Ih8y cease to b2 a
member. in the event of a winding up order. a sum not axceeding five pounds for paymenl of debts and liabilities
contracted by the charwiable company before they ceased to be a member.
The members of the Iwslees. who are also the directors for ihe purpose of company law. and who served during the
year and up to the dats of signature of the financial statements were:
MrAJ Barry
Mrs LC Buckman
Mr G M Deegan
Mr S Duddy
Mr l M Fambank
Mr G N Felton
Mr M l Flynn
Mr S Futcher
Mr K Laird
Mr S M Oates
Ms M J Pardington
MrCIPri
MrSMSmart
Mr M H Smtth
Mr P Taylor
MrPGVail
Mr I Whitlam
Mr J D Woadhams
(Appointed 2 January 2024)
(Reslgned 29 June 2024)
(Appointed 29 June 2024)
(Appoinled 29 June 2024)
(Appointed 18 April 2025)
(Resigned 29 June 2024)
(Resigned 20 January 2025)
Recruitment and appoinlment of truste8S
Any fvlly paid-up member of the charitable Company may put their name foThvard for membership of the Board
subject to compliance with article 33 (d) {1} of the companys Articles of Associalion. In addition, the Board has the
right lo invile fully paid-up members to put their rRmes forward. Elections to the Board are subject to a confidential
vote of members at the company's Annual General Meeting. Those members unable to attend may vote by proxy.
The Board also has the right to co￿OPl additional members onto the Board at any time during lh8 year to fill
vacancies. but thes8 nominées will then be subject to th8 818ction process at the subsequent Annual General
Meeting. Matters relating to the membership of the Board are fully covered in articles 31-37 of the charitable
company s Articles ofAssociation.
An induction is provided to n8W trustees by the Company Secretary. Development and Iraining for truslees is
provided throughout their term of Offi￿ where needs are id8ntifi8d. The process for the selection and recruitinant of
new trustees is currentty under review wlth the view of increasing diversity.

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Organisational structure
The Board has the responsibility for establishing policy. DelSvery of these policy deci￿onSI5 responsibility of a
Chief Exe￿tIVe. who works wth the charitsble companrfs Heads of Department who cover the following operations:
rolling stock, rail infrastnJ¢ture. estates. health and safety. operating. retail and catering. marketing, heritag8 and
leaming, finance, human resources and administration. An organisational r8view process was started during 2024
with a view to streamlining the organisation by 2026. All staff and volunteers working within these departments are
responsible to th8ir H8ad of Departmenl. A management structura exists whereby all Heads of Department currently
report to the Chief Executive, who in tum is responsible to the Board.
M Morgan-Huws was appoinled Chief Executive with effect from 1 July 2024 followin9 a six-month p8riod as Interim
General Manager.
Pay and remuneration for all staff. including key management personnel. is detemiined by the Board ahead of the
start of the financial year. The Board considers the rate of inflation and local and sector market rates. Variations may
be made during the y8ar to reflect recruitment requ1￿MentS or arising from changes to Indivldual posts.
other matters
COMPANY SUSTAINABILrrY STATEMENT
The Railway recognises knat. as a responsible organisalion. it has both moral and legal obligations to act in 8
sustainable manner to reduce where possible and practtcal. its impacl on the wider environmenl.
It aims to do so by minimising ils consumption of natural resources. effective and efficient use of those resources,
reducing waste generation and repurposing and rewcling of waste where possible. thereby reducing its impact on
the nalur81 environment. promoting biodiversity on lis land holding and minimising pollution in all fomis arislng from
its operations.
Dlsclosure of Informatlon to auditor
Each of the trustees has confirnied that there is no information of which they are aware which is relevant to the
audit, bul of which th8 auditor is unaware. They have further confirmed that Ihey have taken appropriate steps to
identfy such relevant information and to establish that the auditor is aware of such information.
statement of trustees. responsibilities
The trustees, who are also the direclors of The Isle of Wight Railway Company Limited for the purpose of cornpany
law, is responsible for preparing the Trusiees. Report and th8 finanaal statements in accordance with applicable law
and United Kingdom Accounting Standards (United Kingdom Generally Atr￿pted knounling Practice}.
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair
viaw of tha state of affairs of the charity and of the incoming resources and application of resources, induding the
income and expenditure. of the charitable company for that year.
In preparing these financial stat8mants. the Irustees is required to:
- select suitable accounting policies and then apply them consistently.
- observe the methods and principles in the Charities SORP:
- make judgements and estirnates that are reasonable and prudenL
slat8 wh8th8r applicable UK Accounting Slandards have been followed. subject to any materlal departures
disclosed and explained In the finanoal slatements" and
- prepare the financial statements on Ihg going 0)n￿M basis unless it is inappropriate to presuTne that the charity
will ¢ontinue in operation.
The trustees is responsible for keeping adequate aCc￿unting recorts that disdose wtth reasonable accuracy at any
lime the financial position of the charty and enable tt to ensure that the financial statements COTTply with the
Companies Act 2006. It is also responsible for safeguarding the assets of the charity and hen￿ for taking
r8asonable steps for the prevention and delection of fraud and olher irregularities.

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2024
Audttor
In accordance with the companys arbdes, a resolution proposing that MO0￿ (South) LLP be reappdnted as auditor
ofthe company wiu be pui al a General Meeting.
Iru
tees, re
ort was approved by the Trustees.
MrPTa
Date: ......
19.,,.Ilvg.v+... 2oLf

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
Opinion
We have audited the financial statements of The Isle of Wight Railway Company Limited {the 'charitW) for the year
ended 31 December 2024 which comprise Ihe statement of financial adtvilies, the balance sheet, the statement of
cash flows and not8S to the financial statements. including signfficant accounting policias. Tha financial reporting
framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards.
including Fin8nci81 Reporling Standard 102 The Financial Repottsng Standard applicable in the UK and Republic ol
Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the finan(xal statements=
give a true and fair view of Ihe state of the charitable COMpa￿S affairs as al 31 December 2024 and of its
incoming resources and application of resources, for the year then ended.
have been properly prepared in accordance wilh Unite(l Kingdom Generally Accepted Accounting Practi￿.
and
have been prepared in accordan￿ with the requirements of the Companies Act 2006.
Basis for opinion
We conduded our audii in accordan￿ with International Standards on Auditing (UK) (ISAS (UK)) and applicable
law. Our r8sponsibilitias under those stsndards are further described in the Auditorfs responsibilities for the audil ol
the financial statements section of our report. W8 are independent of the charity in accordance with the ethical
requiremenls that are relevant to our audtt of the financial statements in the UK. including the FRC'S Ethical
Standard, and we have fulfilled our other elhical responsibilities in accordanc& with Ih8se requirements. We believe
that th8 audit èvid8nce we hav8 obtained is sufficient and appropriate to provide a basis for our opinion.
Con¢lusions relating to golng concern
In 8uditing the financial statements. we have concluded that Ihe trustees. use of the going concen basis of
accounting in the preparation of the financ￿1 statements is appropriate.
Based on Ihe work we have perfomied, we have not identtfied any material uncertainties relating to events or
conditions that. individually or collectively. may cast significant doubt on the chaiity's ability to continue as a going
concern for a period of at least tw8lv8 months from when the financial stalements are authorised for issua.
Our responsibililies and the rasponsibilities of the trustees with respect to going concem a￿ described in the
relevant sections of this report.
other intorniatTon
The other Infomation comprises the information induded In the annual report other than the financial stslements
and our auditorfs report thereon. The trustees is responsible for the other information contained within the annual
report. Our opinion on the financial statements does not cover the other infomiation and we do not express any form
of assuran￿ conclusion Ihereon. Our responsibility is to read the other infomiation and, in doing so, consider
whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in
the course of the audit, or otherwise appears to be materially misstated. If we identfy such material inconsistencies
or apparent material misstatements, we are required lo detemiine whether this gives rise lo a material misstatement
in lh8 financial statements th8mselves. If. based on the work w8 hav8 perfonned. we conclude that there is a
material misstatement of this olher Information. we are required to report that facL
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothlng to Teport in respecl of the followtng matters Tn relation lo which the Charities (Accounts and
Reports) Regulations 2008 requires us to report to you rf. in our opinion..
the information given in the financial statements is inconsistent in any material respect wth the trustees,
report: or
sufficient accounting records have not been kept" or
the finanGi81 statements are nol in agreement with the a¢￿Unt￿g reGords' or
we have not received all the infomiation and explanalions we require for our audit.

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
Rasponslbllltles of trustees
As explained more fully in th8 Statement of trustees. responsibilities. the trustees. who are also the dlrectors of the
charity for the purpose of company law, ts responsible for the preparation of the financial statements and for belng
satisfied that they give a true and fair vi8w. and for such intemal control as the trustees determines is necessary to
enable the preparation of financial statements that are free from material misstat8m8nt. whether due to fraud or
error. In preparing the financial statements. Ihe trustees is responsible for assessing the chartiy's abilily to conlinue
as a going concern. disdosing, as applicable, matters related to going conc8m and using the going concem basis of
accounting unless the trustees either intend to Itquidate Ihe tharitable company or to cease operations. OT have no
realistic alternalive bul to do so.
Audilorfs r88ponsibilities for the audlt of tho financlal statements
We have been appointed as auditor under section 144 of Ihe Charittes Act 2011 and report in accordance with the
Act and relevant regulations mad8 or having effect thereunder.
Our objectives are to obtain reasonable assuranco about whether the financial statements as a whole are free from
matertal misstatement, whether due to fraud or error. and to issue an auditorfs report that includ8s our opinion.
Reasonable assurance is a high 18vel of assurance bul is not a guarantee that an audit conducted in accordance
wilh ISAS (UK) will always detect a material misstatement when it exists. Misstatements arise from fraud or
e￿or and are considerèd material rf. individually or in the aggregate. they could reasonably be expecied to influ8nce
the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities is available on Ihg Financial Reporting Council's websile at: https.'Il
www.fr¢.org.uklauditorsr8sponsibilities. Thls descAiption fomis part of our auditorfs report.
The extent to whlch our procedures are Capable of detecting irregularities, including fraud. is delailed below.
Explanatlon as to what extent Ihe audit was considered capable of dotocting irregularttles, In¢ludlng fraud
The objectives of our audit in respect of fraud, are. to identify and assess the risks of matetial misslatement of the
accounts due to fraud. to obtain sufficienl appropriate audit ewdence regarding the assessed risks of malerial
misstatemenl due to fraud. through designing and implernenting appropriate responses to those assessed risks.
and lo respond appropriately to inStan￿S of fraud or suspe¢led fraud identified during the audit. However. the
primary responsibility for the prevention and detection of fraud rests with both management and thos8 charged with
governance of the charity.

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
Our approach was as follows:
The engagement partner selected staff for the audit. led by persons vAio it was deemed had sufficient
experience and who had the required comFdence and skills to be able to identify or recognis8 non-
compliance with laws and regulations.
We obtained an understanding of the legal and regulatory requirements applicable to the charity and we
considered Ihe most signtfiixnt to be the Charities Acl 2011. th6 Companies Act 2006 the Charity SORP,
UK financial reporting standards as issued by Ihe Financial Repo￿.ng Council. UK tax legislation and the
Office of Road and Rail.
We obtained an understanding of how the charity is complying with thes8 frameworks by maklng enquiries
of those chaTged wth govemance and senior management Ihal are charged with responsibility for
ensuring 18gal and regulatory compliance is adhered to. We enquired of management and those charged
with governance as to any known instances of nonwcompliance or suspected non-compliance with laws
and regulations.
We assessed the susceptibility of the charitys financial statements to material misstatement, including how
fraud might occur. and the inherent difficulty in deiecling irregularities by holding discussions wilh
management and those charged with responsilxlity for ensuring legal and regulatory complian(x is
adhered to and considered the intemal controls in place to mitigate identified risks. As a result. a fraud risk
was identified relating to management oveFtide.
In addtknon to the possibility of management override of controls. areas considered higher risk relaling to
the presentation of infom)ation in the financial statements includ8d the recognition of ￿venue and
idenlification and appropriate disdosure of relaled party tran5aclions.
We assessed the control environment, documenting the systems. controls and processes adopted and
und8rtook an assessment of risk identified in designing our audit approach which incorporates a
combination of controls testing. where appropriate. analylical review and substantive procedures involving
tests of transackn.ons and balances. Any ir￿Ular1t[es noted were discussed with management and those
charged wtth g0veMan￿ and we obtained additional corroborative evidence as required.
To address the risk of fraud through management oveTtide we:
perfomied analytical procedures to identify any unusual or unexpected reialionships:
tested joumal entries lo identify any unusual transactions.,
lested items of expenditure to ensure that they were valid and rAKieclly allocated in the nominal ledger,
reviewed restricted expenditure to ensure funds were spenl in line with the terms of the applied rastriclion.
In response lo the risk of irregularities with regards lo completeness of income we=
completed analybcal work to evaluate inconsistencies and significant variances in income strearns-
reviewed third party docum8ntalion to o)nfimi that relevant entries were reflected in the accounting
records.,
reviewed transactions b8for8 arKI after the year end lo ensure they had been allocated to the correct
period. and:
reviewed fund balances for any misallocation of income sources.
In response to the rtsk of irregularities with regards to non-disdosure of related parties we-.
viewed trustee's declaration of interests for m8ntion of ￿[ble related parties:
performed searches of publi¢ registers for any related parties associated with trustees"
agreed disclosures to source rec(Jrds. induding approval: and
reviewed minutes of meetings for mention of any potential related party.

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
There are inherent limitations in our audit procedures desuibed above. The more removed that laws and
regulations are from financial transactions. the less likely it is that we would be¢orne aware of non-compliance.
Auditing standards also limit the audti procedu￿5 required to identify non-compliance wilh laws and regulations to
8nquiry of th8 director5 and other managem8nt and the inspeclion of regulatory and legal correspondence, rf any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may
involve deliberate concealment or collusion.
Use of our report
This report is made solely to the charity's trustoes, as a body. in accordance with Part 4 of the Charities (Accounts
and Reports) Regulations 2Q08. Our audit work has been undertaken so thal we might state to the charitys trustees
those
we
re required to state to them In an auditor's report and for no other purpose. To the fullest ext8nt
perm
we do not accepl or assume responsibility to anY¢￿e other than the charity 2nd the charity's
. for our audit Work. for this report, or for the opinions we have fomied.
edb
bo
onald
utory Auditor)
For and on behalf of Moore (South) LLP, Stslutory Auditor
CharteredAccountants
33 The Clarendon Centre
Salisbury Business Park
Dairy Meadow Lane
Salisbury
Wiltshire
SP12TJ
23 August 2025
Moore {South) LLP is eligible for appointment as auditor of Ihe chatity by virtu8 of its eligibility for appointment as
auditor af a rximpany under section 1212 of the Companies Act 2006.

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITUREACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
Unrestricted Restrlcled
funds
funds
2024
2024
Totsl Unrestricted Restricted
funds
funds
2023
2023
Total
2024
2023
Notes
Income and endowments from:
Donations and18gacies
Charitable aclivilies
Other trading activities
Investrnents
Other income
464.096
1.344.318
451.802
57.327
158.957
123.731
587.827
1.344,318
451,802
57.327
158,957
611.805
1.287.834
396.451
30.634
137.722
77,055
688,860
8.610 1,296.444
396,451
30,634
137,722
Total incom8
2.476.500
123.731 2.600.231
2.464.446
85,665
2.550,111
Expenditure on:
Raising funds
Charitable actwilies
Other expenditure
843.781
1.514.809
4.834
6.664
850.445
52.749 1,567,558
4.834
676.873
1.402,312
3,167
2,450
679,323
56,046 1.458,358
3,167
14
Total expenditure
2,363.424
59.413 2.422.837
2,082,352
58,496 2.140,848
Net in¢orne
113,076
64.318
177.394
382,094
27.169
409.263
Transfers beiween
funds
24.578
(24.578)
57.658
(57.658)
Net movement In
funds
11
137.654
39.740
177.394
439,752
(30,489)
409.263
Recon¢lllatlon of funds:
Fund balances at 1 January
5.373.799
149.175 5.522.974
4.934,047
179,664 5,113,711
Fund balances at 31 December
5.511.453
188.915 5,700,368
5,373,799
149.175 5.522,974
The statement of financial aclivities includes all gains and losses recognised in the year. All income and expenditure
derive from ¢￿tInUIng activities.
10-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
2024
2023
Notes
Flxed assets
Tanglble assets
H&ritagÈ assèts
InVeStn￿nIS
16
17
18
3.175.370
38S.119
10.000
3,039,360
218.047
10,CA)O
3,570.489
3.267,407
Current assets
Stocks
Debtors
Cash al bank and In hand
32.043
526.601
1,803.138
36.423
245.010
2,195.957
21
2.361.782
2.477,390
Credlt4Jrs: amounts fallin9 due within
one year
22
1231.903)
(221.823)
Net current assetg
2.129,879
2.255.567
Total assets less current Ilabllities
5.700.368
5.522.974
The funds of the charfty
Restrlcled Income funds
Unregbicted funds
24
25
188.915
5.511.453
149.175
5.373,799
5.700.368
5.522.974
These financial ststements have been prepared in accordance with Ihe provi5tons appticable to companles subieGt
to ihe small ¢ompanies regime.
nan
'al statements were approved by the board oftrustees on ..
MrP
or
Company reglstration number 1068690 (England and IAèles)
11

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
2024
2023
Notss
Cash flows from operatlng actlvltles
Cash generated from operations
32
116.318
664,181
Investing activities
Purchase of tangible fjxed assets
Proceeds from disposal of tangible fixed
assets
Purchase of heritage assets
Investment income received
(363.928)
(411.294}
2,895
(205,431)
57.327
(54.869)
30,634
Net cash used In Investing adivitles
{509.137)
{435.529)
Net cash generated from financing activities
Net {decrease)lincrease in cash and cash
èquivalents
{392,819)
228.652
Cash and cash equivalents at beginning of year
2.195.957
1.967.305
Cash and cash equivalents at end of year
1.803,138
2.195.957
12-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Accounting policies
Charlty Infomiatlon
The Is18 of Wight Railway Company Limited is a private company limrted by guarantee incorporated in
England and Wales. The registered office is The Railway Station. Havenstreet. Ryde. Isle of Wight. P033
4DS.
1.1 Accountlng conventlon
The financial statements have been prepared in accordano with the charivs goveming document. the
Companies Act 2006. FRS 102 Yhe Financial Reporting Stsndard applicable in the UK and Republic of
Ireland" and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended
Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard
applicable in Iha UK and Republic of Ireland (FRS 102). The Charity is a Public Benefit Entity as defined by
FRS 102.
The financial statements are prepared in sterling. which is the functional currency of the charity. Monetary
amounts in these financial statements a￿ rounded to the nearest £.
The financial statements have been prepared under the historical cost CA)nvention. The principal accounting
policies adopted are set out below.
1.2 Golng GonGern
At the time of approving the financial statements. the trustees has a reasonable expectation Ihat the chartty
has adequate resources to continue in operalional existence for the foreseeable fulure. Thus th8 trustees
continue to adopt the going concem basis of accounting in preparing the finan¢lal statements.
1.3 Charltable funds
Unrestricted funds are available for use at tha discrotion of trustees in fvrtherance of their charitable
objectives.
Restricted funds are subject to specrfic con¢Jitions by donors or grantors as to how they may be used. The
purposes and uses of the restrided funds are set out in the notes lo the financial statements.
1.4 Income
Income is recognised when the charity is legally entifled to il after any perfomiance conditions hava baan m&t.
the amounts can be measured reliably, arKI it is probabl8 that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified
of the donation, un18ss perfomiance conditions require deferral of the amount. Income tsx recoverable in
relalton to donations received under GiftAi(J or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or other4vise if the charity has been notified of an impending distribution,
the amount is known. and receipt is expected. If the amounl is not known. the lega(ry is treated as a
contingent asset.
Grants are recognlsed when unconditional entitlement lo the income is passed to the charitable company.
Where there are performance related terms and conditions that musl be met before unconditional entitlemenl
passes lo the charitable company, the income is recognised once il is highly probabl8 that these will be met.
or il is carried forward to the next accounling pèriod. WI￿re no such conditions exist the income is
rocognised when it is re￿ived.
13-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Accounting pollcles
(Continued)
1.5 Expendlture
Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit to a
third party, it is probable that a transfer of e(x)rK)tnic benefrts will be required in settlem8nL and the amount of
the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the tolal of d]r￿t costs and
shared costs. induding support costs involved in Underta￿n9 each activity- Oirect costs attributable to a slngle
activity are allocated direcuy to that activity. Shared costs which contribute lo more than one activity and
support costs vthich are not attributablè to a single activity are apportioned be￿een those aclivilEs on a basis
Consistent with the use of resources. Central staff c05t5 are allocated on the basis of lime spenL and
depreciation charges ar8 allocated on Ihe portion of the assefs use.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at Cost and subsequently measured at cost or valuation. net of
depreciation and any impairment losses.
Depreciation is recognÉsed so as to write off the cost or valuation of assets less their residual values over their
useful lives using Ihe reducing balance method unless otherwse ststed:
Freehold land
Freehold property
Improvemenls to propety
Tools & Equipment
Permanenl way
Office Equipment
Motor vehicles
Not depreoated
31J/o per annum
20% per annum
25Yo per annum
5% per annum
20°h per annum
25¥0 per annum
Assels in the cours8 of construction are not depreciated until the asset is brought Into use.
The gain or loss arising on the disposal of an asset is detetmined as th8 dtfference between the sa18 proceeds
and the carrying valu8 of tha assel. and is recognised in the statement of finan(ial aGtivities.
1.7 Herltage assets
It is the charitys policy not to capiialise any heritage assets where it is not possible to place any reliable value
on them.
All heritage assets that can be reliably valued are includ8d on the balan￿ sheet at cost or valuation less
accumulated deprectation.
The depr8ciation policies for the heritage assets are as fdlows on a straight line basis:
No.38, Barclay 0-6-OT Ajax
10 /0 per annum on cost from date brought tnto service
Ivatt Engines ovethaul costs
10Yo per annum on cost from date brought Into service
Drewry Rail¢ar
5Yo per annum on cost from date brought into servic
Island Heritage Locomotives Ovethaul Costs 10Yts P8r annum on cosl from date brought into service
Assets being overhauled or in the course of construction are nol depreciation until the asset is brought into
US8.
The charity has a Collection of working steam locomotives and rolling stock. which are held to support their
objectives of education and maintenance of the Isle of Wight Steam Railway. The trustees do not consider thal
reliable Cost or valuation can be obtained for the majority of the locomotsves in th8ir co118ction. due to the rarity
and lack of liquÈd market for them. The charity does not therefore recognise these assets on the balance
sheet.
14-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Accountlng pollcles
(Contlnued)
1.8 Flxed asset Investments
Fixed asset invesim8nts are intttally measured at transaction price exduding transaction costs. and are
subsequently measured at fair value at each reporting date. Changes in fair value a￿ recognised in net
incomel{expenditure) for the year. Transactron costs are expensed as incurred.
A subsidiary is an entity wntrolled by the charity. Control is the power to govem the finanaal and operating
policies of the entity so as to obtain ban&fits from its activities.
1.9 Impalrnient of flxed assets
At 8ach r8porting end date. Ihe charÉty reviews the carrying amounts of its tangible assets to d8tem)ine
whether there is any indication thal those assets have suffered an impainnent loss. If any such ind￿ation
exists. the recoverable amount of the asset is estimated in order to determine the extent of the impairment
loss (if any}.
1.10 stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cosl
comprises direct malerials and. where applicable. direct labour costs and those overh8ads that have been
ncurred in bringing tho stocks to their present location and condition. Items held for distribution at no or
nominal consideration are measU￿d the lower of repla￿nien1 cost and cost.
Net realisable value is tha estimated selling price 18ss all estimated costs of completion and ¢osts to be
incurred in marketing, selling and dislribution.
1.11 Cash and cash equivalents
Cash and cash equivalents include cash in hand. deposits held at call with banks, other short-term liquid
inveslments with original maturities of three months or less, and bank overdrafts. Bank overdrafis are shown
wthin borrowings in current liabilities.
1.12 Flnanclal Instruments
The charity has elected to appty the provisions of Section 11 '8asic Financtal Insttuments. and Section 12
'Other Financial Instruments Issues. of FRS 102 lo all of its financial instruments.
Financial instruments are recognised in the charitys balance sheet when the charity becomes party to the
contractual provistons of the instfument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements. when
there is a legally 8nforcaable right to set off th8 tecognised amounts arKI there is an intention to settle on a net
basis or to realise the asset and settle the liability simultaneously.
Bas1¢ flnancial assets
Basic financial assets, which indude debtors and cash and bank balan￿s, ale initially measured 81
transaction price including transaction costs and are subs8quently carried at arnortised cosl using the effeclive
interest method unless the arrangement consttiutes a financing transaclion. where the transaction is
measured at the pr8sent value of the future receipts discounted at a market rate of interest. Financial assets
dassified as receivable within one year are not amortised.
15

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Accounting policios
(Continued}
Basic financial liabilitles
Basic financial liabil￿es, includtng creditors and bank toans are inilially recognised at transaction price unless
the arrangement constitutes a financing transaction, where Ihe debt instNment is measured at the present
value of the future payments discounted at a market rate of interest. Financial liabilities dassified as payable
within one year are not amortised.
Debt instruments are subsequenuy carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services Ihat have been acquired in the ordinary course of
operations from suppliers. Amounts payable are dassified as current liabilities if payment is due within one
year or less. If not. they are presented as non-current liabilities. Trade credttors are recognised initially at
transaction price and subsequently measured al amortised cost using ihe effective interest method.
Derecognition of financlal Ilabllltles
Financial liabilities are derecognised when the charity's contradual obligations expire or are discharged or
cancelled.
1.13 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which Ihe employee's SerVi￿S are
received.
T8rmination b8nefits are recognised immediately as an expense when the charity is demonstrably committed
to terminate the employment of an employee or lo provide terfflinalion benefits.
1.14 Retirement benefits
Payments lo defined contribution retirement benefit schemes are charged as an expense as they fall due.
Crlllcal accounting estimates and judgements
In the application of the charitys accounting policies. the trustees is required to make judgements. estimates
and assumptions aboul the carrying amount of assets and liabilities that are not readily apparent from other
sourc8s. The estimates and associated assumptions ar8 based on historical experience and other factors that
are considered to be relevant. Adual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised where the revision affects cffily Ihal
period. or in the period of the revision and future periods where the revision affects both current and future
periods.
Income from donatlons and legacles
Unrestrlcted Reslricted
funds
funds
2024
2024
ToLIl Unrestrtcted Restricted
funds
funds
2023
2023
Total
2024
2023
Donations and gifts
Legacies
Grants
171.112
253.258
39.726
123.731
294,843
253.258
39.726
166.341
427.675
17.789
77.055
243.396
427.675
17.789
464,096
123.731
587.827
611.805
77.055
688,860
16-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Income from charitable activities
Unrestrlcted Restricted
funds
funds
2024
2024
Total Unrestrl¢ted Restricted
funds
funds
2023
2023
Total
2024
2023
Ticket sales
ricket sales
Other income
1285.093
3,734
1.285.093
3.734
1.253.842
1,253.842
Membership subscriptions
Other incame
55.491
55.491
33.992
8.610
42.602
1.344.318
1.344.318
1,287,834
8,610 1.296.444
Membership subscriptions are recognised evenly over tweive months frcxn the date the membership was
taken out. During the previous year. it was IdentiF￿d that these had not been deferred correctly. The effect
was not sufficient io require an adjustment io ihe results. therefore the previous year membership figures
appear lower Ihan actual membership numbets for that year.
Income from other trading activlties
Unrestricted Unrestrict8d
funds
ftinds
2024
2023
Fundraising events
Other income
440.875
10.927
367.601
28.850
other trading activities
451,802
396.451
Income from Inveslm8nts
Unrestricted Unrestricted
funds
fund5
2024
2023
Interest r￿1Vable
57,327
30,634
17-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
other Income
Unrestrfcted Unrestricted
funds
funds
2024
2023
Income from trading subsidiary
158,957
137.722
ExpondTtur• on raising funds
Unrestricted Restrlcted
funds
funds
2024
2024
Total Unrestricted Restricted
funds
funds
2023
2023
Total
2024
2023
Fundraising and publicity
Financial Costs
Special events
Volunteer deparlmenl
expenses
Advertising
Other fundraising costs
Staff costs
Depreciation and
impairment
Support costs
18.075
103.813
18,075
103,813
16.967
88,471
16.967
88.471
13,157
176.704
68,682
168.543
13.157
176.704
75.346
168.543
15,224
117.753
41.798
111.888
15.224
117,753
44.248
111,888
6.664
2,450
47.537
247.270
47,537
247.270
50,700
234.072
50.700
234.072
843.781
6.664
850.445
676.873
2,450
679.323
18-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Expenditure on charitable acuvltles
Raijway infrastructure and rolling stock Railway infrastructure and rolling stock
Unrestricted Restrlcted
Total Unrestrlcted Restricted
Total
funds
funds
funds
2024
2024
2023
2024
2023
2023
Dlrect ¢osts
Staff costs
Deprecialion and
impairmant
Rolling Stock and
infrastructure
running costs
Rolling Stock refurb
Sundry
Operating costs
Printing, posting and
siationery
Repairs &
Maintenance
Cleaning
Legal & Professional
IRN Membership
Audit and
acwuntsncy
Museum expenditure
665.097
16.104
681.201
602,263
45.881
648.144
211.011
211,011
183.009
183.009
277.105
37.525
26.631
9.179
277.105
37.525
26.631
9.179
254,706
17.838
5.939
2.760
254.706
17.838
5.939
2,760
531
531
78.857
5,483
16.040
27.884
22.022
100.879
5.483
16.040
27.884
158,177
5.716
350
25,476
10.165
168.342
5,716
350
25,476
15.815
11.051
15.815
25.674
8.230
8.388
8.230
8.388
14.623
1.381.905
52.749
1.434.654
1,273.383
56,046
1,329.429
Share of support and governance costs (see note 10)
Support
132.904
132.904
128,929
128,929
1.514.809
52,749
1.567.558
1.402,312
56.046
1.458,358
Anatysls by
fund
Unrestrtcted funds
Reslricted funds
1,514.809
1.514.809
52.749
1.402.312
1.402.312
56.046
52.749
56.046
1.514,809
52.749
1.567.558
1,402.312
56.046
1.458.358
19-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10 Support Costs allocated to activities
2024
2023
Staff costs
Insurance
Printing, post and stationery
Heat. light and water
Telephone
Rates
Health and Saf8ty
Rent
144.263
85.878
19.218
94.329
10,063
5.291
1.132
20.000
141.431
76.938
15.413
91.206
8.890
4.377
4,746
20.000
380.174
363.001
Analysed between"
Fundraising
Railway infrastructure and rolling stock
247,270
132.904
234.072
128.929
380.174
363,001
11 Net movement in funds
2024
2023
The net movement in funds is stated after ¢hargingl(crediting):
Fees payable for the audit of the charity's financial statements
Depreciation of owned tangible fixed assets
Depreciation of heritage assets
Loss on disposal of tangibl& fixed assets
12,000
220.189
38.359
4,834
8.230
199.291
34.418
3,167
12 Trustees
None of the trustees (or any persons connected with them) received any remuneration OT benefits from the
charity during the year.
13 Employees
The average monthly nurnber of employees during th8 year vras:
2024
Number
2023
Number
43
40
-20-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13 Employees
(Continued)
Employment costs
2024
2023
Wages and salaries
Social security costs
Other pension cosls
920.315
59.389
14,303
845.715
44.341
11,407
994.Q07
901.463
There were no employees whose total employee beneffts (exduding employer pension contributions) within
the r8POrting period was more than £60.000.
Remuneratlon of key management personnel
The remuneration of key management personnd was as follows:
2024
2023
Aggregate eamings
98.425
83,926
The key rnanag￿nent personnel of the charity comprise the Chief Executive and Chief Finance offi￿r.
14 Other expendlture
Unrestricted Unrestricted
funds
funds
2024
2023
Net105s on disposal of tangible fixed assets
4.834
3,167
15 Taxation
Th8 charity is exempl from taxation on its activities because all its inccwne is applied for charitable purposes.
21

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
16 Tanglble flxed assets
Froehold land Improvements
& Proparty
to property
Tools &
Equipment
Offic•
Equipment
Motor
vehicles
Total
Cost
At 1 January 2024
Additions
Disposals
2.788.415
98.528
883.962 1,442,849
82,318
137.370
(24,759)
130.826
181.099 5.427,151
17.735
27.977
363.928
(3.152) {11.025)
{38.936)
At 31 December 2024
2.886.943
966.280 1,555.460
145.409
198.051
5.752.143
Deprociation and
impairnient
At 1 January 2024
Depraciation charged in the
year
Eliminated in respect of
disposals
716,937
727,039
797.469
77.682
68,664 2.387.791
51.006
47.849
73.797
13.984
33.553
220.189
(23.932)
(2.452)
(4.8231
{31,207)
At 31 December 2024
767.943
774,888
847.334
89.214
97,394 2,576.773
Carrylng amount
At 31 December 2024
2.119.000
191.392
708,126
56.195
100.657 3,175,370
At 31 Decamb8r 2023
2.071,478
156.923
645,380
53,144
112.435 3.039,360
Assets in the course of construction amounted lo £227,606 at the year end. £202.074 is included wlhin
Freehold propety and £25.532 is induded within Permanent way, tools. equipment.
17 Herltage assets
Island
Heritage
Locomotive
Overhaul
Costs
Ajax
Ivatts
Drewry
Total
Cosl
At 1 January 2024
Additions
45.478
309.644
123.944
69.354
479,066
205.431
136,077
At 31 Decembei 2024
136.OTI
45.478
309.644
193.298
684.497
At 1 January 2024
Depreciation charged in year
45.478
205.179
30.964
10,362
3.454
261.019
38,359
3.941
At 31 December 2024
3.941
45.478
236.143
13.816
299,378
Carrying amount
At 31 December 2024
132,136
73.501
179.482
385,119
At 31 December 2023
104.465
113.582
218.047
-22-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17 Heritage ass8ts
(Contlnued)
There are heritage assels in the rA)urse of construction at the year end amounting to £166.020. £96.666 is
included within Island Heritage Locornolive Overhaul costs relating to E1 W2 Yamioulh and W8 Freshwater
and £69.354 is included wiihin the Dewry r81atirtrJ lo a trailer car build.
The trustees considar Heritage Assets to comprise locomotives, coa(*es. wagons. infrastructure and artefa¢ts
which were or could have been a part of the Isle of Wight railway system and emanating from one or more of
the following." (1) the Island's pre-Grouping railway Companies. (2) The Southern Railway, {3) British Railways
Southem Region, (4) their successor organisations. The collection consists of fifteen locomotives {12 steam, 3
diesel), details of which can be found on the charivs website: http:Iliwsteamrailway.co.uklheritagelour-rolling
stockqocomolivesl. These locomotives are used to transport the public. in furlherance of the charitys
objeGiives.
Two locomotives, Ivatt 46447 and Austerity Juno are on contracted loans to Ihe East Sotnerset Railway and
Nation81 Railway Museum respectively. Some other I(￿Orn0tiVe assets are occasionally loaned out on a short
term basis to other steam railways or if suitable promotional opportunibes arise. The remainder of tha
colleciton. when not in use. are maintained and mostly stored in the Train Story facility at the Isle of Wight
Steam Railway.
It is not possible to get a reliable estimat8 of th8 value of the collection. There are three Ioc3)motives reported
on the balance. sheet, AJax. Ivatt 41313 and fvatt 46447. The remaining lo(x)motives are not reported on the
balance sheet as their valuation trannot be readily assessed in accordan￿ with accounting policy 2c. Ajax
was purchased and therefore was included in the balance sheet at this cost. Svatt 41313 and 46447 w￿8
donated to the Isle of Wight Steam Rai]way by the tvatt L0￿mOtiVe Trust and the only amounts capitalised are
the costs of bringing the assets into working condition as the value of the assets cannot b8 r8adily assessed.
Thes8 costs are considered by the trustees to have a useful lrfe of 10 years. the time until the next overhaul is
required.
The locomotrves are maintained by specialised 8ThJine8rs at the Isle of Wight Steam Railway and the steam
locomotivas undergo a complete overhaul after not more than 10 years use to ensure they are kept in pristine
condition. A register of the iepairs compleled and required is held by the charity. Costs of these repairs are
recognlsed In the accounts in the period they are incurred. All acquisition5 and disposals of heritage ass8ls
must first be approved by the board of trustees and a register of heritage assets is maintained and held in the
museum. This register wll be made available to the public on request.
Ivatts 46447 and 41313 are both beirKJ depreciated on a straight line basis over 8 10 year term from the dates
which they entered s8lVIC8.
18 Fixed asset inveslments
othér
investments
Cost or valuatlon
At 1 January 2024 & 31 December 2024
10,000
Carrying amount
At 31 December 2024
10.000
At 31 December 2023
10,000
-23-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18 Flxed asset Investhients
(Continued)
2024
2023
Other investments rL)mprise"
Notes
Investments in subsidiaries
19
10,000
10,000
19 Subsidiaries
These financial statements are separate ¢haiity financial statements for The Isle of Wight Railway Company
Limiled.
Details of the charity's subsidiaries at 31 December 2024 as follows:
Name of undertaklng
Regjslered
office
Nature of buslness
Class o*
shares held
Yr* Held
Dlrect Indirect
IWR Trading Limited
The Railway
Station,
Havenstreet,
Ryde. Isle Of
Wight. P033
4DS
Trading subsidiary engaged in Ordinary
catering and relail souvenir
shares
sales to raise funds for the
tharity.
100.1)0
20 Stocks
2024
2023
Raw materials and consumables
32,043
36,423
21 Debtors
2024
2023
Amounts falllng due within one year:
Trade debtors
Amounts owed by subsidiary Ltndertakings
Other debtors
Prepayments and accrued income
10.555
205.810
211.545
98,691
34,008
70,494
57,839
82,669
526.601
245.010
-24-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
22 Creditors" amounts falllng due wlthln one year
2024
2023
Notes
Covenanted loans
Other taxation and social security
Payments ￿CeIVed on account
Trade creditors
Other creditors
Accruals and deferred income
100
17.991
94.308
66.876
3.369
49.259
100
18.608
75,830
93.229
5,948
28,108
231.903
221,823
23 Retlrement beneflt schemes
2024
2023
Deflned ¢ontrlbutlon s¢hemes
Charge to profit or loss in respect of dgfined Ix)nlribulion schemes
14.303
11.407
The charity operates a defined contribution pensron scheme for all qualifying employees. The assets of the
scheme are held separately from those of the charity in an independently administered fund.
24 Restricted funds
The restrtcted funds of the charity comprise Ihe unexpended balances of donalKins and grants held on trust
subject to spectfic (x)nditions by donors as to how Ihay may be used.
At 1 January
2024
Incomlng
resources
Resources
oxpended
Transfers
At31
December
2024
Carriaga and wagon resloration
The Museum fund
Maycock fund
IWSR 200 Club
Wootton
Drewry railcar
Calbourne
Possible acquisition fund
Invincible
58.650
19.290
8.817
7.726
31.377
85,104
8.513
295
5.325
19.695
(40.465)
(14.623)
103.289
13.180
9.112
10,601
24.962
(2.450)
(1.875)
(24.235)
(343)
1.973
4.865
16.477
1,973
7,990
17,808
3.125
1.331
149,175
123,731
(59.413)
{24,578)
188,915
-25-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
24 Restrictsd funds
(Contlnued)
Previous year".
At 1 January
2023
Incoming
resoU￿e$
Resources
expended
Transfers
At31
December
2023
Carriage and wagon restoration
The Museum fund
Maycock fund
IWSR 200 Club
Wootton
Drewry railcar
Galboume
Possible acquisition fvjnd
Invincible
72.546
28,756
8.450
7,207
38,387
4.530
31.985
8.661
367
6.780
34.108
237
1.973
50
(45.881 }
(6,8g)}
58.650
19,290
8.817
7,726
31,377
{11.237)
(2.450)
(3.275)
(3.811)
(37,843)
(4.767)
1.973
4.865
16.477
4.815
14.973
179.664
85.665
(58.4%)
(57.658)
149,175
Carrjage and v￿gon restoration - for the restoration of carrtages and wagons including grant income.
Museum fund - in the furtheran￿ of the development of Ihe museum {heritage and leaming).
Maycock fund - in coach and wagon restoration
IWSR 200 fund - for the provision of volunteer facilities and otrEr designaled projecls.
Wootton - restorationlrenovation of Wootton Station.
Dréwry Railcar- restoration of the Srewry Railcar and its related trailer car
Calbourne - restoralion of Calboume
Invincible - restoration of Invincible
Possible acquisition - towards th8 acquisition of a Specif￿ locorrrf)tive for display should it become availabl8
25 Unrastrlcted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which ar8
not subject to specific conditions by donors and grantors as to how they may be used. These Include
designated funds which have been set aside out of unreslricted fijnds by the trustees for specific purposes.
At 1 January
2024
Incoming
resources
Resources
expended
Transfars
At31
December
2024
Designaled I legacies fund
Train Story 2 d8signatad fund
Fixed Asset reserve
General funds
931.750
156.561
3.257.407
1.028.081
112.472
(92.831)
{2.245)
(197.149)
{13.100)
303.082
{68.255)
754.242
141,216
3.560,489
1.055,506
2.364,028
(2,268,348)
5.373.799
2.476.500
(2.363.424)
24.578
5.511,453

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2S Unrestrl¢ted funds
(Contlnued)
Prevlous year:
At 1 January
2023
Incoming
resources
Resources
expended
Transfers
At31
December
2023
Designated I lega¢Ses fund
Train Story 2 designaled fund
Fixed Asset reserve
General funds
662,866
230,717
3.028.120
1.012,344
427.675
{22.463)
(22.580)
(136,328)
(51,576}
229,287
16,275
931.750
156.561
3.257.407
1.D28.081
2,036.771
{2.037.309)
4,934,047
2,464.446
(2.082.352)
57.658
5.373.799
Traln Story 2 reserve
Unrestricted funds set aside toward the proposed Train Story 2 development.
DesignatedlLegacles reserve
The designated I legacies reserve ¢on5ists of inrx)me received from legacies both where there is a desire for
the money to be spend on a particular project but no legal obligation and where they have been received with
no spe¢ific indication as to how the funds are spent.
Fixed asset reserve
The fund r8pr8sents Ihe amount of unrestricted fixed assets held by the tharity.
26 Analysis of net assets between funds
Unrestricted
funds
2024
Restrlcted
funds
2024
Total
2024
At 31 December 2024:
Tangible assets
Heritage assets
Investments
Current assetsl(liabilities)
3,175.370
385.119
10.000
1.940,964
3,175,370
385,119
10.000
2.129,879
188,915
5.511.453
188.915
5.700.368
Unrestricted
funds
2023
Restricted
funds
2023
Total
2023
At 31 December 2023:
Tangible assets
Heritage assets
Investments
Current assetsl(liabilittes)
3.039.360
218,047
10,000
2,106,392
3,039.360
218,047
10.000
2.255,567
149.175
5.373,799
149.175
5.522.974

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
27 Financial commitments, guarantees and wntlngent Ilabllities
The charity has unrecognised contingent assets totalling £Nil (2023 - £10.000) relating to legacies. which the
charity were notified of prior to the end of the year. Th8 contingent assets are estimated based on the
anticipaled residual value of the estate due to the charity. where it is considered that the payrnent is probable
but not virtually certain to be received.
28 Operatlng lease commltments
Lessee
At the r8POrting anil date thé charity had outstsnding commitmants for future minimum lease payments under
non-cancellable operating leases. which fall due as follows-
2024
2023
Within one year
Beiween two and five years
16.667
20,000
16.667
16,667
36,667
29 Capital commltments
Amounls contracted for but not promded in the financial statements:
2024
2023
Acquisition of property. plant and equipment
94.300
245.792
30 Events after the reportlng date
On 17th April 2025, the charity purchased Ashey ststion and associated buildings and land to the north for
£675.000.
On 18th February 2025. the charity ￿tered into a contract to construct a new playground for £59,390.
Subsequent to the year end. Ihe charity initiated a restructuring process. The process is ongoing and, at this
stage. it is not possible to provide a reliable estimate of the financial effect.
31 Related party transactions
Transactions wlth related partles
-28-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
31 Related party transacllons
(Continued)
During the year the Charittys subsldiary. IWR Trading Limited. paid the Charity £12,000 {2023 £7.985) in
relalion to rent. During the year. the Charity also received a management charge from IWR Trading Lunited
amounting to £50,853 {2023 £41.611) and a share of the General ManagerlChi8f Ex8CUtiV8 salary of £11.245
(2023:£12.101). The amount due from the subsidiary at 310ecember 2024 is shown in note 21.
The charity's subsidiary, IWR Trading Limited. made a distribution to the charity of £96,104 (2023 £88.126).
Trustees. remuneration and expenses
No tnjslee received any ramuneration for their role as trustee during the year (2023: £nil).
Six (2023". Four) twstees received reimbursem8nt for travel. accommodation and small sundry expenses of
£1,959 (2023: £1.068)
In accordance with the charitys Articles of Association. all trustees are paid-up members of th8 Railway.
Trustees receive the benefits available to both members and volunteers. These benefits are provided on the
same terms as those offered to the wider rnembership and volunteer base.
32 Cash generated from operations
2024
2023
Surplus for the year
177.394
409,263
Adjustments for:
Investrnent income recognised Tn statement of financial activities
Loss on disposal of tangible fixed assets
Depieciation and impairtn8nt of tangibl8 fixed assets
(57.327)
4,834
258.548
(30.634)
3.167
233.709
Movements in working capltal:
Decreasel(increase) in siocks
(Increase) in debtors
Increase in crediiors
4.380
(302,146)
10.080
(4,453)
(38.442)
91,571
Cash generatèd from operatlons
95.763
664,181
-29-

THE ISLE OF WIGHT RAILWAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
33 Analysis of changes in net funds
At 1 January
2024
Cash flows At 31 December
2024
Cash at bank and in hand
2.195.957
{392.819)
1,803.138
Loans falling due within one year
(100)
(100)
2.195,857
(392,819)
1.803.038