Why Your Legacy is Important
Since its inception over fifty years ago, the Isle of Wight Steam Railway has put together a collection of national importance depicting the Island’s railways from their earliest days to the present. Revenue from passenger fares and our shop and café sales covers our day-to-day running costs but will never pay for the major capital projects needed to move the Railway forward. Legacies have provided vital funding for past achievements and will remain essential to ensuring we can continue to carry out our exciting plans for the future.
This painting by Matthew Cousins shows how a restored Ashey station might look if we could purchase the building.
What Recent Legacies Have Achieved
Legacies have paid for the following projects, either in full, or by providing match funding:
- Constructing our Train Story Discovery Centre.
- The restoration of Ivatt locomotive 41313
- Building our volunteer hostel
- Constructing the rolling chassis for the trailer car of the Ryde Pier Tram
- The purchase and eventual restoration of the E1class locomotive No 2 Yarmouth
- Building our events barn, and the surrounding landscaping
- Restoring the ex Midland Railway crane
- Upgrading our car park
Restoration of the Ryde Pier Tram has been partly paid for by a legacy. This also covered building the rolling underframe for the trailer car. Significant funding is now needed to construct a replica trailer car body.
Our Vision for the Future
Much has been achieved in recent years; however we have ambitious plans to enhance our facilities and restore more of the Island’s railway heritage. Your legacy could help fund:
- Construction of a trailer car body for the Ryde Pier Tram
- Completing the Edwardian station at Wootton with a goods shed and period signalling
- Extending Train Story to provide additional undercover storage and a museum
- Restoring carriage 1106 to become an 8½ compartment Third
- Restoration of a complete train of 1864 Isle of Wight Railway Oldbury carriages
- Improved workshop facilities for our locomotives
- The purchase and restoration of Ashey station house
- In the long term, possibly building a ‘new’ Island locomotive
For many supporters, the construction of a new IWR Beyer Peacock locomotive is an ultimate dream. However the cost, in excess of £1 million, can probably only ever be met by legacies.
Your Gift – The Help it can Give
Any gift, irrespective of size, will make a difference. Many of our recent developments have been funded partly or entirely by legacies.
Examples of how a gift can be used:
- £1,000 will buy a new set of period enamel signs
- £4,000 will buy a replica pre-Grouping signal for Wootton station
- £10,000 will buy a new set of doors for a bogie carriage
- £50,000 will provide climate controlled storage facilities for our museum archive
- £100,000 will restore carriage 1106
- £500,000 will pay for the restoration of a complete train of Oldbury carriages
- £1.5 Million will pay for the construction of a ‘new’ Island locomotive
Oldbury No 10 was restored partly thanks to funding received from a television programme production company. IWR Oldbury First No 21 is currently being restored. We have a further four carriages awaiting restoration: additional funding will speed up the process of recreating a complete train of these unique vehicles.
Different Types of Legacy
- A Pecuniary Legacy is a gift of a specific amount, for example £50,000.
- A Residuary Legacy is a gift of part or all of your estate after expenses and other legacies have been paid. Depending upon your circumstances, this is the best way of benefiting the Railway as the value of your gift will tend to maintain its value in real terms.
The Importance of Legacies
Making a will is important. If you do not do so there is a very real risk that your estate will not be distributed as you had intended and loved ones may not be adequately provided for. Your will can protect them and ease their distress at a very difficult time
A will also provides an opportunity to make a difference to a cause close to your heart by leaving a lasting gift which, perhaps, has not been possible during your lifetime. As our Railway is a registered charity (Reg 280918), your legacy will be free of Inheritance Tax. Please consider remembering us in your will and help ensure we can continue to educate, inform and inspire future generations.
The Next Step
If you would like to discuss things further, please contact us at legacy@iwsteamrailway.co.uk or write to The General Manager, Isle of Wight Steam Railway, The Railway Station, Havenstreet, Ryde, Isle of Wight PO33 4DS