Welshpool & Llanfaxr Llght Rallway Preservation Co. Ltd.
Annual Report and Aeeounts 2022
Contents
Notice of Annual General Meeting ... Page 3
Report of the Board of Trustees ... Page 4
Independent auditor's report .
. Page 19
Consolidated statement of fmancial activities...Page 22
Consolidated and ch￿lty balallce sheets ... Page 23
Consolidated cash flow statement ... Page 24
Notes to the accounts .
. Page 25
Minutes of the Annual General Meeting held on 15
May 2022 ... Page 40

Admlnlstratxve details
Registered office
The Station
LI9￿(aIr CaereinioTL We15hpool
Powys SY21 OSF
Phone
01938810441
Web www.wl]r.org.uk
Aeeountants
Cadwallader & Co LLP Chartered Accountants
Eagle House
25 Severn Street
Welshpool
Pomys SY2 17AD
Auditor W R Partner8
Hafren House
10 St. Giles Business Park
Newtown
Powys SY16 3AJ
Solicitors
Lanyon Bowdler LLP
4 St Martin's Street
Hereford HR2 7RE
C¢)mpany Secretary Michael Reilly
General Manager
J8rnC5 Brett
Operations and
Infrastructure Manager
Kevin Heywood
Engineering Manager
James Mander
Company number 00646238(Wale5)
Registered charity nutnber 1000378

NOTICE OF ANIqUAL GENERAL MEETING
The Annual General Meeting of the Company will be held at the station,
Llanfair Caereinion on Saturday 13 May 2023 at 5.00 p.m. for the purpose
of tr8fAsacting the following business:_
Ordinary Resolutions
To receive and adopt the audited consolidated fmancial
statements and the report of the trustees for the year ended
31 December 2022.
To appoint WR Partners as auditors of the Company and to
authorise the directors to determine their remuneration.
To elect directors. The Articles of Association stipulate that one-
third of directors shall retire annually. Oliver Edwards, John
Forman and Robert Robinson retire by rotation and William
Bickers-Jones has resigned. There are four vacancies. Details of
those offering themselves for election are given in a separate
leafiet sent to members.
To elect a president. The Earl of Powis has indicated his
willingness to be re-elected.
To elect vice presidents. Alan Higgins, Tony Thorndike, and Sir
Philip Williams have indicated their willingness to be re-elected.
Immediately after the end of this meeting, a members, forum will be held.
Any member entitled to attend, but not able to be present at the Annual
General Meetin& may appoint a proxy to attend and vote on a poll in his
or her stead and that proxy need not be a member of the company. A forni
of proxy will be sent to all members eligible to vote and should be deposited
at the Registered Office at least forty-eight hours before the meeting.
Associate members may attend but not vote at the Annual General
Meeting. Only persons producing their current membership cards or duly
appointed proxies will be admitted to the Meetings.
By order of the Board
Michael Reilly,
Company Secretary

REPORT OF THE BOARD OF TRUSTEES
Our mlsslon
The company is a registered charity whose formal charitable purpose is-
to advance the education of the public in the history and development of
railway locomotion by the preseruation of roilwoy IocoTnotives and/or
rolling stock and/or historic milway lines.
The trustees who served during 2022 were:
Number of trystees, meetings t2ttended
Actual/Possible
Steve Clews Chairnian
lain McIEan Vice Chairnian
Helen Ashby
William Bickers-Jones
Simon Bowden
Andrew Charman
Oliver Edwards
John Fornian
Peter Green
David Jones
Bob Mason
Robert Robinson
The trustees cover the following skill areas: staff, appeals, mechanicaj and
civil engineering, finance. health and safety, education, heritage, product
marketing, business management and legal. Professional advice is sought
as appropriate.
This report sets out the trustees, account of the company's work in 2022. It
meets the requirements for charity accounting prescribed in the Charities
SORP. It also meets the Directors, Report requirenlents prescribed in company
law.

Status of the ¢harity
The Welshpool & Llanfair Light Railway Preservation Company was
incorporated as a company limited by guarantee in 1960 and obtained
Ch￿Itable status in 1990. The chaJity has no share capital and the liability
of each member, in the event of winding up, is limited to £1. The governing
documents are the Memorandum and Articles of Association of the
company. Anyone may become a member by payment of the annual
subscription.
The company has a wholly owned subsidiary, W&L Sales Ltd, which is not
a charity and has its own b0￿d and accounts. Its profits gift aided to
the preservation company.
The charity can have up to twelve trustees. Members of the board of
trustees are directors of the company for Companies Act purposes. The
articles prescribe that the trustees are elected by the members. As a
courtesy to local government, which has been supportive of the company
throughout its history, customarily local councils have been invited to
nominate a trustee, whose appointment is Subject to approval by members
in the usual way.
Governance and management
The trustees are required by law to prepare financi81 statements, which give
a true and fair view of the affairs of the charity and the group at the end of
the financial year and of the fmancial activities, total recognised gains or
losses and cash flows of the group for the year.
The trustees are of the opinion that in Preparing the financial statements
on the following pages appropriate accounting policies have been
consistently applied, supported by reasonable and prudent estimates and
judgments, and all applicable accounting standards have been followed.
They are also satisfied that the group has adequate resources to meet its
operational needs for the foreseeable future and accordingly they continue
to adopt the going concern basis in preparing the flnancial statements.
The trustees (who are also directors of Welshpool & Llanfair Light Railway
Preservation Co. Ltd for the purposes of company lawl are responsible for
preparing the Trustees, Annual Report and the financial statements in
accordance with applicable law and United Kingdom Accounting Standards
(United Kingdom Generally Accepted Accounting Practice}.
Company law requires the trustees to prepare financial statements for each
financial year. Under company law the trustees must not approve the
financial statements unless they are satisfied that they give a true and fair
view of the state of the charitable company and of the incoming resources
and application of resources, including the income and expenditure, of the

charitable company for that period. In preparing these fmancial statements
the trnstees are required to:
select suitable accounting policies and then apply them consistently.
observe the methods and principles in the Charlties SORP 2019 {FRS
make judgements and estimates that are reasonable and prudent.
state whether applicable UK Accounting Standards have been
followed, subject to any material dep8Jtures disclosed and explained
in the financial statements.
prepare the financial statements on the going concern basis unless it
is inappropriate to presume that the charitable company will
continue in operation.
The trustees are responsible for keeping adequate accounting records that
disclose with reasonable accuracy at any time the financial position of the
charitable company and enable them to ensure that the financial
statements comply with the Companies Act 2006. They are also responsible
for safeguarding the assets of the charitable company and hence for taking
reasonable steps for the prevention and detection of fraud arAd other
irregularities.
In so far as the trustees are aware:
there is no relevant audit inforniation of which the charitable
company's auditor is unaware. and
the trustees have taken all steps that they ought to have taken to
make themselves aware of any relevant audit inforniation and to
establish that the auditor is aware of that information.
The board meets regularly during the year and subgroups of board
members meet from time to time as business requires.
The general
manager is appointed by the trustees to carry out the policies laid down by
the board and to manage the day-to-day operations of the charity. To
facilitate effective operations, the general manager has been given
authority, within terms of delegation approved by the trustees, for
operational matters, including the employment of other staff. The trustees
have agreed a written schedule of matters reserved to the board, copies of
which may be obtained from the company secretary. The board sets the
general manager's rernuneration in the light of annual objectives and
perfonnance appraisal.
On appointment, trustees are provided with the Charity Commission's
current guidance for new trustees. Trustees allocated specific
responsibilities according to their individual skills. Induction to the
ch￿Ity'S operations is not considered necessary as trustees usually
drawn from the ranks of working members. However, they are encouraged
to identify their own training needs. Trustees are provided wÉth the updates
and relevant information from regulatory bodies, including the Ch￿lty
Commlssion, Office of Rail and Road IORRI, Rail Accident Investigation
Branch and the Heritage Railway Association.

Rlsk management
The company has a formal risk management process, identitying in detail
the risks to which it is exposed.
The board of trustees keep six registers of risks to the business. These
cover risks at a company level relating to commercial, external, finance,
governance, operations, and personnel matters, both short- and long-term.
A trustee takes the lead responsibility for the process and a representative
from the board or management takes ownership of each register. Emergent
and changed risks are identified, discussed, and documented at each
board meeting. An annual review of all six registers was held in January
2022.
The railway management reviews and manages operational risk through a
documented risk assessment and mitigation process. The process is
managed by the safety officer with heads of department providing
departmental input. These risk assessments were extensively reviewed and
updated during 2022 following the 202 1 safety audit.
Health and safety
The safety and welfare of visktors, staff and volunteers takes precedence
over all other activities. There were no reportable incidents on the railway
in 2022. There were several operational incidents, ne￿ misses, and
injuries which were recorded and investigated using our internal processes
with reporting to the board at each meeting, relevant safety improvements
instigated and notices and briefings issued to staff.
Restrictions imposed in response to the Covid- 19 pandemic were gradually
phased out during the first half of the year in line with Welsh Government
guidance but screens at Se￿iCe points, hand sarLitiser stations and the
continued encouragement of advance booking to prevent overcrowding
were retained to provAde rèassurance.
In response to the 2021 safety audit an action plan, led by the general
manager and safety officer, has seen improvements to document control.
competence management, a new incident and near miss reporting system,
internal auditing and other progressive measures.
Railway staff continue to work with the Heritage Railway Association, other
railways, and industry to share changes and best practice. Staff attended
a variety of safety-related training courses throughout the year including
rirst aid, asbestos awareness, food hygiene and allergy awareness.
The railway continues to invest in new equipment to provide a safe and
efficient working environment. A new tractor with front loader was
purchased to mechanise several manual handling tasks.

ObJe¢tlves
The principal objective of the company continues to be to advance the
education of the public in the history a￿d development of railway
locomotion.
This encompasses the following three subsidiary objectives:
the preservation and operation of the eight-mile narrow gauge light
raklway between Welshpool and Llanfair Caereinion.
the generation of funds to finance the acquisition and restoration of
r￿ed assets and for the operation of the railway, including the
necessary maintenance, renewals and replacements.
the continued encouragement of an active membership to provide the
necessary volunteer manpower and to preserve or acquire the
appropriate skills.
Publlc beneflt
The board has had regard to the Ch￿lty Commission's guidance on public
benefit. Of the charitable purposes set out in the Charities Act 2011, the
r￿lWaY principally contributes to bj the advance￿ent of education... and 11
the advancement of the arts, culture, heritage, or science...
The public benefits of the charity are:
the preservation of one of the first British railways built under the
auspices of the Light Railways Act 1896;
the conservation of its heritage assets and equipment for public
enjoyment.
the educatÉon of the public in the history of railway locomotion;
the preservation and passing down of craft skills.
In carrying out these benefits to the public, the charity seeks to minimise
harni to the environment.
Any member of the public may:
travel on the public scheduled services.
view the stations and buildings without payment whenever the railway
is open.
view how the railway and its operations feature in the landscape at any
time.
All members ol the company are eligible to train for any volunteer job on
the line, including skilled and safety-critical jobs, subject only to health
and safety assessments. Company members enjoy concessionary travel on
the railway, but all other private benefits of membership are incidental to
the aims and objectives of the Ch￿lty.

Aehlevements and perfornianee
The railway built upon the successful service developed during 2021 to
rebuild passenger numbers and revenue wlth an expanded programme of
special events and experiences. A timetable was delivered that could be
operated in line with Covid-secure precautions if restrictions had been
reintroduced. Trains operated on 179 days with a mixture of one- and two-
hour trips from Llanfair Caereinion proving popular with visitors.
Welshpool station was opened on more days than during the previous two
years, with more trains serving it arAd the reintroduction of regular
passenger boarding there from June.
Despite the impact of the rising cost of living on customer spending,
passenger numbers were 92% of 2019 levels. Revenue from r￿lWaY
operations exceeded the budget and marked an increase of over £lOO,000
compared with 20 19. The year saw the welcome return of our Steam Gala
and Santa Specials in their traditional formats alongside the introduction
of new events which drew in different audiences. Premium experiences,
catering and special events helped increase our income per passenger,
ensuring the company ended the year in a stable financial position.
Our station tearoom reopened at the start of the year serving its traditional
fare. A cooperative Model was operated 8longside the outside catering unit
provided by 4 Seasons which offered alternative hot food, bringing in
additional revenue and providing a service to the wider community on days
the te￿00M was not open.
All departments at the railway contributed to these successes, often
adapting to operational changes at short notice. Operating staff shortages
during the peak season required short notice reductions in the timetabled
services. The engineering team worked hard to keep both No. l The Earl
and ZB2 Zillertal in service, alongside m81(ing substantial progress on
major overhaul projects and supporting the work of other departments.
Our civil engineering and buildings departments worked year-round to
maintain the railway infrastructure and estate, ensuring its safety and
operational reliability. Alongside taclding the backlog of tasks due to
various restrictions of the past two years, the major notable success was
the rebuild and commissioning of Sylfaen station passing loop to increase
our operational flexibility.
Our Ilanfair Connections, VASitor centre welcomed a regular flow of
visitors, boosted by the arrival of Cloverlands Model Car Museum from its
previous premises in Montgomery. Its collection was installed and opened
in stages during the year, enhancing the scope of displays for our VASitors.
Behind the Scenes, our staff worked to ensure that safety regimes were
maintained, marketing and administration e￿icientIY conducted, and
roster8 managed. Recruitment and training of sufficient volunteers to

support activities across all areas of the railway remains a constant priority
however.
Track. infrastrnctllre and bulldlngs
The railway now has a qualified civil engineer on the team, enabling
progress in more areas.
Significant work included re-railing at Tanllan, Cwm Curves, Llanfair
station area, Castle loop, and Mill Curves. Tree maintenance and removal
of storni damaged trees obstructing the line continues to be a major
feature. One drawback was a shortage of rolling stock for works trains but
recommissioning of our Baguley-Drewry railear The Wasp aided flexibility,
especiajly for lighter work.
The midweek gang was busy all year, with projects including refurbishment
of S&T equipment, numerous instances of drain clearance and assorted
plumbing repairs, supplementary work to the shop and ticket office
counter at Llanfair, and the perennial grass cutting, shrub taming, and
gutter clearance. Roof leaks were a major contributor to problems in 2022,
and quotations are now being sought for re-roofing the fonner Colinette
building.
Welshpool station was repainted, &nd drainage work to reduce the
persistent flooding at the rear of the Colinette building and around the
ashpit area undertaken. This involved laying a new drain, new manholes
and a connection to the dr8in which previously discharged straight from
the A458 road onto our track bed.
Steam locomotlves
In 2022 the steam locomotive fleet accumulated a total of 7476 miles of
which No. l The Earl completed 5418 rniles (72%) and locomotive ZB2
Zillertal, on-hire from the Zillertalbahn, 2058 miles128%1. Including for
test 8￿d running-in purposes, No. I was in steam on 167 days. ZB2 on 60
days. The number of steaming days for one loco is a W&L record in
preservation, this previously being 149 for No. 2 in 2019, but the Tnileage
is not, the record being 59 15, also for No. 2 that year. The difference is
due to the significarLt number of trip8 run only to Castle in 2022.
Work continued at Llanfair on the overhaul of No. 10 &r Drefaldwyn.
Due to difficulties with the supply of steam coal, much of the year was
spent running the locomotives on ajternative fuels as described below in
Environment., These operations included extensive trialling of the various
types available. Whether coal or ally forni of ￿10-fUel,, towards the end of
the year our solid fuel costs were more than twice those of 202 1.
io

Rojling stock
The carriage fleet accumulated a mileage of 27405 in passenger service
during 2022. SLR carriage 1066 was dispatched to Statfold on 4th April for
conversion from 3rd to 2nd class. Carriage C572 was withdrawn in October
due to corrosion to the Llanfair end headstock, upon which repair work
started before the ye￿-end. The two ex-RNAD ammunition wans - W&L
numbers 86 & 87 - had Grondana couplings fitted and the majority of the
bodywork refurbishment has been completed.
Diesel locomotlves
Diesel locomotive No. 7 Chattenden was failed during the year due to
unacceptably worn tyre profiles.
The wheelsets were subsequently
removed and dispatched to the VOR workshops at Aberystwyth for
reprofiling. With the wheelsets removed, the opportunity was being taken
towards the end of the year to recondition the a￿eboXeS.
Diema locomotive No. 17 saw extensive service on engineering trains in
addition to accumulating 704 miles on passenger trains.
No. 20 The Wasp had not seen service during 2020-21 but with No. 7
unavailable our small personnel carrier proved of use to the track gang
towards the end of the year.
Educatlon and heritage
The railway meets its formal charitabIe purpose by preserving the heritage
and providing learning opportunities for all visitors.
tn 2022 Llanfair Connections was open to the public between Febru8ry half
term and October half terni and welcomed 3,389 visitors during the year.
Opening continued to be restricted by the lack of volunteer stewards and
our goal for the future is to open daily when trains running.
Mid-year saw volunteer steward Dave Plume take over responsibility for
the maintenance and operation of Llanfair Connections as manager,
leavAng Helen Ashby as head of department to concentrate on collections
development and management. During 2022 a new exhibition about wool
was added, reflecting the original purpose of the railway and the forn)er
use of the Colinette building as a wool factory. A new display on the early
years of preservation was also added, and the children's activities that had
been removed during the Covid restrictions were reinstated.
Family activities and education resources linked to the Paddington Bear
event proved very popul￿ and will be used as a template for future special
events.
li

The transfer of the Cloverlands Model Car Museum from Montgomery has
added to the displays in Llanfair Connections and is proving very
successful.
Collections management standards were improved through the transfer of
the collections inventory into the HOPS database and through the setting
up of a collections working group to discuss and agree potential
acquisitions, disposals and new interpretation across the railway.
Envlronment
We continued to take steps to reduce our carbon footprint, conducting
trials with two types of smokeless coal briquettes alld one bio-fuel
alternative. Our engineering team and loco crews adapted our locomotives
and their operating techniques accordingly and we subsequently gave
feedback to the producers to help improve their products. With heavy
overhauls of our diesel locomotives planned, consideration is being given
to adapting them to run on altematives to fossil-based ￿e1.
Similarly in the refurbishment of buildings, consideration has been given
to improving the fabric and their services to ensure we adopt the best of
current practices and ensure their longevity.
In 2022 we started using sleepers made from recycled plastic. Though more
expensive than timber or concrete and needing the track gang to develop
new methods of handling and use, they are predicted to have a very long
life) good performance and reduce our C￿bOn footprint over the long term.
We have moved away from reactive cutting back of lineside vegetation 8nd
aim to become more pro-active in its management, paying attention to the
impact on flora and fauna and our legacy to future generations.
Fundratslng
It was another good Ye￿ for voluntary income. The llailway Transfornied,
appeal, for coaches and diesel locomotive Cl￿ttenden, contributed over
£55,000 donation income. Outline drawings for a new first-class coach
were drawn up, and we sent ex-sierra IEone Railway coach 1066 to a
contractor for an upgrade. Legacy income was no less than £467,000, with
more to come in 2023 as some estates were being wound up. We also
received a small amount of grarkt and consultancy income.
W85L Sales
The further relaxation of Covid restrictions in 2022 allowed both the shops
and the tearoom to be open. The departure of the tearoom manager in early
August, while saving salary costs, reduced the ability to manage them as
12

effectively as hoped. The contracted mobile catering unit remained in place
at Llanfair. The result was an overall contribution to the parent charity of
almost £37.000. In 2023 we will operate our own catering unit, and this
should increase sales considerably. Staffing of both shops proved
problematic but a rebuild of the shop counter at Llanfair will allow Station
Masters to cover the shop as well as ticket sales, easing staffing
requirements. The trustees would like to thank all those who contributed
over the year to the running of the shops and tearoom.
Membershlp and volunteers
The railway is fortunate in having the consistent support of its members,
many of them of 25 ye￿8 plus standing. Total membership at the end of
2022 was 1,916, which is 100 fewer than in December 202 1. We had 176
new members but 267 left, including 26 who passed away. Lower
recruitment is attributable to visitors who, having already booked online,
e less inclined to join as members on the day. We do gain many new
members through our social media presence, but recruitment at the
railway will receive additional focus in 2023. Members also encouraged
to invite friends and colleagues to join.
The volunteer liaison committee completed a survey gKving it a clear picture
as to how many volunteers we have and where there is need for more
recruitment. A more flexible approach to training was adopted, so it should
be easier for volunteers to progress in their chosen area of interest.
Staff
In 2022 the company employed seven full-time and one part-time staff.
plus there are around 220 part-time volunteer staff contributing about 24
full-time equivalent staff 3nd some seasonal staff in the tea-room. This is
a considerable reduction in volunteers on previous years and resulted in
an unavoidable reduction in services. Trustees are grappling with the
problem.
During the year the Covid safe operations strategy and rules were slowly
reduced to zero in line with government guidance. Development of a
comprehensive staff guide was started.
In February Ruth Davies was appointed as events apprentice, a new role
enabling us to organise more events.
In March James Mander was appointed as engineering manager and has
settled into his role well with a noticeable increase in volunteers in the
department.
13

Also in March, Stephen Garner was appointed as catering supervisor but
left at the end of August. Recruitment of his replacement started towards
the end of the ye￿.
The trustees are most grateful to all the staff, paid, seasonal and volunteer,
for their forbearance, patience, and h￿d work during another difficult
year.
Marketlng
The year 2022 saw continued development of our marketing efforts. Online
marketing is now central to our promotional efforts using our website and
social media channels to good effect. We contknue to see high levels of
engagement with offers for special occasions such as afternoon tea. Our
leajlet layout was revised and improved with new artwork produced to
celebrate the 120th anniversary of the construction of locomotive Nos. I
and 2. Limited options in the leallet distribution market mean that we are
bringing in a more local focus, with direct contact between the railway and
individual attractlons and accommodation providers. Introduced in 202 1
with our new booking system, our anonymous post-visit survey collection
continued to give us considerable evidence about the views of our visitors.
Senior management and trustees review these to ensure that our events.
experiences and facilities continue to meet visitors, expectations.
Flnanclal revlew
Results and flnanclal posltlon
The trustees are of the opinion that in prep￿ing the financial statements
and related notes, appropriate accounting policies have been consistently
applied, supported by reasonable and prudent estimates and judwents,
and that all applicable accounting Stand￿dS have been followed. They are
also satisfied that the group has adequate resources to meet its operational
needs for the foreseeable future and accordingly they continue to adopt the
going concern basis in preparing the fmancial statements.
Traffic income, boosted by experimenting with a wide range of events and
special experiences of on-train catering and first-class travel was up an
impressive 57 % ' 260/0 {£78,0001 if we allow for 202 1 still being affected by
the pandemic. For the first time we offered vÈsitors the opportunity to Gift
Aid their fares, this generated an additional £27,000.
Unfortunately cost increases absorbed much of the extra income, with coal
and alternative solid fuels £50,000 higher while events cost £60,000 to put
on. Re-opening the tearoom, while a great step fOrnv￿d, involved costs of
£25,000, including recruiting our own catering manager.
14

W&L Sales, surplus, which the railway relies on as a contribution to day-
to-day operations, was £37,0001202 1 £33,000), some £20,000 lower than
the amount typically contributed in past yea￿.
The railway's electricity prices for 2022 were still on a f￿ed price contract.
For 2023 these will treble, resulting in an additional £20,000 cost.
Total incoming resources (consolidated statement of financial activities)
were again above £1 million at £1,215,000 due to:
Traffic income recovering after the pandemic and rising a further
26 % due to new events and other initiatives:
More operating days resulting in more retail sales and catering
benefAtting from the tearoom re-opening.
National Lottery Heritage Fund support on audience research and
training.
£83,000 in donations from our many supporters, including
donations with fares and supplernented by Gift Aid.
£535,000 in legacies from ch￿leS Fisher, David Th0n￿s, Ian
Waters, Roger Pattie and Roy Laverick.
Rising interest rates, so that the funds we hold for reserves and
upcoming major projects generated an extra £10,000.
Note 3 shows the railway's operation and preservation costs. In addition to
the main capital projects capitalised separately, major project expenditure
here includes winter track relays and costs relatÉng to assessing locomotive
No.14 (ex-SLR 851. Costs for special trains and events include the
incrementaL costs for events such as hiring in locomotives, artists, fees and
Christmas presents for Santa trains.
Administrative costs {Note 61 show marketing £22,000 lower as 202 1 had
one-off costs for the new website 8nd online booking. External training is
£4,000 higher as we made more use of this with some topics supported by
the NLHF gr8llt. Hygiene costs include PPE; we include the cost here even
when the relevant volunteer makes a contribution, which goes to
donations. Thanks are due to those who have helped in this way. IT costs
are £10,000 lower as 202 1 had the Solidworks sOftw￿e purchase, but in
the sub-section Financial, we have extra costs on card processing and
online booking due both to the higher volume of sales and the greater level
of inforniation and control we have with our new EPOS system.
Staff costs were higher than 2021 as we had two additional permanent
staff: a catering manager and an events apprentice.
The CCLA investments (Notes 7 and 131 delivered &8,000 in dividends, but
the valuation at 31 December 2022 was £33,000 lower {2021 had a
£35,000 gain). The valuation has improved since Ye￿-end and this
investment is held for the long-tenn.
15

Our consolidated statement of financial activities follows the forniat
required of all Ch￿ItIeS. It shows all incorne and expenditure on one sheet
but does mix long-term and short-tenn activities. Note 25 summarÈses the
income and costs for our different activities in a management accounts
forniat. This shows both day-to-day income and costs by activity, including
those donations and grants given to cover specific operating expenses.
Long-term donations are shown separately below, along with how they are
spent, sometimes in a different period from when they were received. The
additional cost of our audit is also shown as an audit is only required when
Income exceeds £lmillion. The generosity of members and other
supporters meant that donations and legacies received in 2022 earmarked
for long-tenn projects contributed £581,000 that can be applied to the
many priorities within the business plan.
Capital expenditure in 2022 was £225,000. In ￿eritage r￿ed assets, this
was work on converting carriage SLR 1066 to second class and towards
completing No. 10 Sir Drefaldwyn. In 'Other tangible r￿ed assets, it was
improvement works to enable us to rent part of our units to Cloverlands
museum, overhauled bogies for caThiage MAV 430, work on the tool vans,
a new tractor, two defibrillators, our EPOS systern, a new air compressor
and other replacement equipment. We have also capitalized transport costs
for locomotive DL-34 (paid in advance of delivery) and will amorttze these
over its expected loan period from 2023.
Contlngent Income
The charity is expecting further payTnents from two legacies already
notified. The amounts could not be estimated with reasonable certainty at
the date of this report, but the total could be £40.000.
Restrlcted funds
The charity has accepted donations arAd legacies for restricted funds only
when the aims of the fund fit within its overall objectives and business
plan. During the ye￿, £49,000 was transferred to the carriage
improvement fund from unrestricted funds as the original donor was
known to have an interest in caJriage improvement though the funds were
not donated with any restriction specified.
Existing restricted funds for No.7 Chattenden and other diesels, carriage
improvements and maintenance, and viaduct protection are planned to be
used in the coming years. The 2020 appeal and heritage wagon funds are
awaiting approval of suitable projects. Funds for the restoration of
locomotives No. 14, No. 8 Dougal and No. 6 Monarch for longer term
projects.
16

Designated fund
The trustees have a designated fund earmarked for fLtting out and displays
as our interpretation centre plans evolve.
R¢8erves poll¢y
At the year end, the charity faces four months with little income but with
expenditure rnnning higher thaji norn]al. This is when major work is
undertaken on civil and mechanical engineering, refurbishment, and
capital items, when coal stocks are replenished and when W&L Sales
restocks the shops and te￿00m.
Reserves, in the forni of freely available funds, therefore needed to cover
this period and the start of the operating season until an adequate cash
flow builds up from takings, usually in June. The trustees consider six
rnonths, unrestricted fund expendkture, plus any approved capital
expenditure not already received in the form of a restricted fL￿d, as an
appropriate level of seasonal reserve. This is cajculated to be £550,000.
The trustees have also decided to retain long term investments, not only to
provide bridging finance for restoration, capital projects or purchases until
any relevant appeal generates the required money, but also to provide a
margin for contingencies. This figure is calculated in line with Charity
CommÈssion guidelines bearing in mind the railway's risk management,
the overall condition of the infrastructure and the level of insurance cover
we purchase. The trustee8 consider £250,000 to be an appropriate
additional reserve. Adding these two figures. reserves of £800,000 were
required at 31st December 2022, whilst actual investments, eash and
working capital readily available (so excluding stock) stood at £1,560,000.
Investment pollcy
The charity's Memorandum of Association gives the trustees discretion in
the investment of ftmds. The trustees consider that investments in the
CCLA Investment Ma￿agement'S funds, destgned specifically for charities,
offer appropriate investment vehicles. The short-tern] reserves are invested
in a deposit account. which has consistently provided a better return tha
a commercial bank or building society. Longer-term funds are invested in
the investment fund untts which is an ethical fund.
The investment managers remain positive on the medium- and long-tenn
prospects) preferring equities to fixed income assets.
THE FUTURE
2022 carried on in presenting the company with major challenges. We were
fortunate to have returned an excellent performance Compared to 20 19 but
with very different operations. Because of the pandemic and subsequent
17

commercial uncertainty, the pl8nned update of the business plan was
further delayed into 2023. The major strategies that had been signed off
are being rebased due to the reduction in numbers of operational staff.
Development of the next ten-year business plan will be completed during
the first half of 2023.
A safety audit will be completed early in 2023 to allow off-season time to
address the recommendations from the last audit. There will be a focus on
addressing the subsequent recommendations prior to a follow up audit at
Ye￿ end.
Uncertainties and commercial chajlenge will continue throughout 2023 as
we face the cost-of-living crisis and a knorm81' that has changed since 20 19.
Planning has concentrated on ensuring that reduced resources can cope
with the timetable. our high end offering and events have been further
prioritised to increase spend per visitor. However, some flexibility, with a
degree of short-range planning will still be needed. As in 2022, this will
need excellent operational communication and marketing with a focus on
regular updates. We will consolidate the range of offerings that were given
in 2022, including increasing the range of catering as we bring our mobile
catering unlt into operation. The lessons leamed from the last three years
and considerable visitor and volunteer feedback will be built on as we push
towards increased operational income and contribution to the charity.
The major projects advisory group was reactivated during 2022 and this
will be invaluable in infonning the business plan as we continue to evaluate
our options for site development.
During 2023 we will continue to build on networking and lobbying through
connections with HRA, GLTW and expansion of our liaison railways and
organisations.
The efforts to preserve and improve the appearance of the railway to ensure
it remains attractive to visitors will be prioritised in 2023 and beyond, with
efforts made to further catch up on previously deferred maintenance.
During 2023 there will be an increased focus on volunteer recruitment as
this has now become critical to the future of the company. This will involve
a more focused campaign to volunteer posts.
The charity remains extremely grateful for legackes and donations received
over past years. Where an indication of possible use for such finances has
been given, consideration will be gkven to accede to those wishes. It must
be stressed however, that unrestricted legacies and donations give the
railway considerably more flexibility of purpose in these difficult financial
times.
Steve Clews
Chairm8n 18 m￿ch 2023
18

Independent Audltor's report to the Trust¢¢s of Welshpool & Llanfair
Llght Raliway Preserntlon Co. Lt(L
OpknAon
Wc have audited the financial statements of Welshpool & Llanfair Light Railway
Preservation Co. Ltd. Ithc frarent charitable company) and its subsidiaries Ithe 'group'l
for the year ended 31 December 2022 which comprise the consolidated statement of
rinancial activities, the con801idat¢d bajance sheet, the parent charitable company
balance sheet. the consolidated cash flow statement and notes to the financi8J
statements, including significant accounting policies. The fjnancial reporting framework
that has been applied in their preparation 18 applicable law and United Kingdom
Accounting Standards, including Financial Reporting Standard 102 The Financial
Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom
Generally Accepted Accounting Practicel.
In our opinion the f￿anCIal statcrnents".
givc a true and fair view ofthe state of the ￿0up'S and parent charitable company'$
affairs as at 3 1 December 2022, and of the group's incoming resources and application of
rcsources, including its incorne and expenditurc, for thc ycar thcn cnd¢d.
have been properly prepared in accordance United Kingdom Generally
Accepted Accounting Practice. and
have been prepared in accordance with the requirements of the Companies Act
2006 and the Charities Act 2011.
Basis for oplnlon
We eondueted our audit in accordance with International Standards on Auditing IUKI
{ISAs IUKII and applicable law. Our reswnsibilities under those standards are further
described in the auditor rcsponsibilities for the audit of the financial statements section
of our report. We are independent of the group and parent charitablc company in
accordance with the cthical requirements that are relevant to our audkt of the financial
statement$ in the UK, including the FRC'S Ethic￿ Standard. and we have fulfilled our
other ethical responsibilities in accordance with these requirements. We believe that thc
audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Con￿ll$10n6 relatlng to golng concern
In auditing the financial statements. we have concluded that the trustees. use of the going
concern basis of accounting in the preparation of the financi8] statements is appropriate.
Based on the work we have perforrned, we have not identified any rnaterial uncertainties
relating to events or conditions that, individually or collectively, may cast $ignifLcant doubt
on the group and parent charitable company's ability to continue as a going concern for
a pcriod of at least twelve months from when the financial statements are authorised for
issue.
Our responsibtlities and the responsibilities of the twstees with respect to going concern
are described in the relevant sections of this report.
Other Infornwtlon
The other information compri8e$ the infonnation included in the Report of the BoO￿ of
Trustees, other than the financial statements and our auditor's report thereon. The
trustees are responsible for the other information contained within the Report of the Board
of Trustccs. Our opinion on the financial statements does not cover the other information
and. except to the cxtent othe￿iSe explicitly stated in our report, we do not expre$$ any
form of assurance conclusion thereon. Our responsibility is to read the other information
and, in doing 80. eonsider whether the othcr inforTnation is materially inconsistent with
the financial statements OT our knowledge obtained in the course of the audit or othcrwise
appe￿ts to be materially misstated. If wc identify such material inconsistencies or
apparent material misstatements, we are required to determine whether this gives rise tr)
a mateTial misstatement in the financial statements themselves. If, based on the work wc
19

have pcrfgrmed. we conclude that there is a matcrial rnisstatcmcDt of this other
infonnation, we required to report that fact.
We have nothing to report in this regard.
Oplnlon on other Iiiatter8 pre8¢rlbed by the Companles Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the tru$tee$' report lor the financial year for which the
financial statements are prepared is consistent with the financial statetnents. and
the annual report has been prepared in accordance with applicable legal
rcquirements.
Matters on which we are requlred to report by exception
We have nothing to report in rc$pect of the following matters in relation to which the
Charities Aet 2011 requires us to report to you if, in our opinion:
adequate and sufficient accounting records have not been kept by thc parent
charitable coLnpany> or returns adequate for our audit have not been received from
branches not visited by us. or
the parent charitable company's f￿anCIal statements are not in agreement with
the accounting records and returns,. or
certain disclosures of directors, remuneration specified by law are not made. or
wc have not received all the inforniation 8J)d explanations we require for our audit"
or
the trustees were not entitlcd to prepare the financial st&tements in accordance
with the small cornpanies, regime and take advantage of th¢ small COTnpanies' exemptions
in preparing the Report of thc Board of T￿SteeS and from the requirement to prepare a
strategic report.
Respon81bllltle8 of trustees
As explained more fully in the trustees, responsibilities statement included in the Report
of the Board of Trustees, the trustees (who aJe also the directors of the parent charitablc
company for the pury)oses of cornpany lawl are responsible for the preparation of the
rinancial statements and for being satisfied that they give a t￿e and fair view. and for
such internal control as the trustees detennine is necc88ary to enable the preparation of
financial statements that are free frorn rnaterial misstatement. whether due to fraud or
error.
In preparing the financial Statements. the trustees are responsible for asse88ing the group
and parent charitable company's ability to continu¢ as a going concern. disclosing> a8
applicable. matters related to going ¢oncern and using the going concern basis of
accounting unless the trustees either intend to liquidate the group or parent charitable
company or to cease operations. or have no realistic alternative but to do 80.
Audltor re8pon¥lbllltle$ fr•r the audlt of the flnanelal 8tat¢ment8
We have been appointed auditor under section 151 of the Charities Act 2011 and report
in accordance with this Act.
Our objectives are to obtain reasonable assurance about whether the financial statement8
as a whole arc free from material rnisstaternent, whether due to fraud or error, and to
issuc an auditor's report that includes our opinion. Reasonable assurance is a high level
of assuTance, but is not a guarantee that an audit conducted in accordance with ISAS
IUK) will always dctcct a rnaterial misstatemcnt whcn it cxists. Misstatements can arise
from fraud or error and considered material il, individually or in the aggregate, they
could reasonably be expected to infIuence the economic decisions of users taken on the
basis of these financial statements.
Irregularities. including fraud, instances ofnon-compliance with laws and rcgul&tions.
We design procedures in line with our resp)nsibilities. outlined above, to detect material
misstatements in respect of irregularities, including fraud. The extent to which our
procedures are capable of detecting irrcgulayities. including fraud is detailed below:
The audit tearn obtained an understanding of the legal and regulatory frameworks that
are applicable to the charitable company 8nd determined that the m08t significant are
those that relatc to the reporting framework (Charities SORP IFRS 1021, the Companies
20

Act 2006 and the Charities Act 2011, the relevant tsx compjiance regulations,
employ￿¢At law, Health and S8lety Regulations and the EU General Data Protection
Regulation IGDPRI.
Wc understood how the charitable Company and group complying with these
framework8 by ll￿1ng enquiries of managernent. those charged with governarlce and
th0￿ responsible lor legal and compliance procedures. We also reviewed board Minutes
to identify any recorded instances of irrcguiarity or non-compliance that thight have a
material impact on the financial statements.
We as8es8ed the susceptibility of the charitable company and group's fujancial statements
to material misstatement, including how fraud might occur by meeting with key
rnanagcment and those charged with governance to understand where they considered
there was 8usceptibility to fraud. Based on our understandingj procedures involved
enquiries of management and those charged with governance, tuanual journal entry
testing, cashbook rcviews for large and unusual items and the challenge of significant
accounting estimates used in preparing the financial statements.
Because of the inherent litnitations of an audit. there is a risk that we will not detect all
irregularities, including those leading to a material misstatement in the financial
statements or non-compliance with regulation.
This risk incrca8C8 the more that
compliance with a law or regulation is removed from the events and transactions reflected
in the financial statements, as we will be less likely to become awarc of instances of non-
compliance. The risk is also greater regarding irregularities occurring due to fraud rather
than error, as fraud involves intentional concealment, forgery. collusion, omission or
misrepresentation.
A further description of our responsibilities is av8ilable on the FRC'S website at:
https.'//www.frc.org.uk/auditors/audit-assurance/auditor-s-re8ponsibilities-for-the-
audit-of-thc-r1ldescription-of-the-audito￿/oE2OA8o % 99s-responsibilities-for.
This
description form8 part of our auditor's rcport.
Use of our report
This rewrt is madc solely to the charitablc cornpany's trustees, as a body> in accordance
with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has
been undertaken so that we might state to the charitable company's trustccs those
matters we are required to state to them in an auditor's rcp)Tt and for no other purpose.
To the fullest extent permttted by law, we do not accept or assume responsibility to anyone
other than the charitable company and the charitable Company's t￿SteeS as a body. for
our audit work, for this report. or for the opinions we have formed.
WR Partners
Chartered Accountants
Statutory Auditors
Hafren House
10 St. Giles Business Park
Newtown
Powys
SY16 3AJ
24 March 2023
21

Consolidated statement of fuAncial actlvltles
for the year ended 3 1 December 2022
(incorporating the income and expenditure account}
UDrestricted
funds
Re5trirted
Totsl
2022
Total
2021
Income from:
No
VoluRtsrylncoFné
Donarions, legacies, and grants
622,400
12.059
634,459
IJ)S0,SS6
Churttobleactj￿tIe5
Railwayop¢ratioll andprEservatio
Membership subsaiptions
387.705
387,705
348,660
21,629
21.629
20.861
Otfvertroding activjties
Commercial tradlng (kperatiODS
153.BOO
153.800
84.239
lnve5bnentln￿￿È
12,870
4,520
17.390
7,576
Total income
I,J98.404
16.579
1214,983
I,Sll,892
Expenditure on:
ChcritGbleoctivitiÉs
Railway operation and pre5e]*aOon
- WOTking
Railway operatiortand preservation
projects
Membership and governanee
expenses
509,061
4,604
$13,665
SZ2,266
208,678
61.225
269.903
316,88B
28.269
28269
20,Z23
OthertrGdlng octivitles
Jmmercial tradingopeiition$
141.486
141.486
66,20B
Total expenditure
887,494
65,829
953.323
925.585
Net8alrt/[los$l oti investynents
Net Ancome/(espenditure)
for the year
Gross transfersbetween fi]nds
13
(33,000)
{33,0001
35,000
277,910
[49,ZS0]
228,660
621.307
zo
148,5331
48,533
Net movettkeniln futsd$forthe
year
Reconciliotton offynd5".
Total funds brou8hiforward
229,377
(7171
228,660
621.307
2.767,043
193.930
2.960.973
1339,666
Total funds carried
forward
2,996,420
193,213
3,189,633
2,960,973
The above resultsareallderivedfrofft£orttillUiTrg activittes Allgoins and105sesrecG9Ntsedln theperlodore included
above. Thesurplus/(deficitJfor they¢arforComponlesActpurposescomprises thenetincomefortheyeorincludlrtg
thegain on the revaluation oftheinvescmentsondumountsto asurplusof£228,660 {2021 £6ZIJ07suryltssJ.
22

Consolidated and charity balance sheets
as at 3 1 December 2022
Group
Charity
Company RegLsEratioii
No￿0646238
2022
2021
2022
2021
Fixed assets
Note
Herltage fixed assets
li
85S350
85&350
Othertsn￿b[e fixedassets
12
655474
655,474
Investroents
13
2￿1￿10
289,OtK) 286JM
319,(NJO
I￿0￿34 L799BZ4 USO334
29,824
Current assets
Stocks
14
104100
9SZOO
73WO
Debtor5
15
179hTJ
15&245
179,473
1598
COIFdepositaccount
984035
8OQ679
98¢￿35
800.679
Bankaccvuntsandcash b31ances
16
2￿￿65 234984
IW30
216014
IA69ArJ
1209.100 L430.530
1249.S71
Creditors: amounts f311in8 due within onEyear
'rrade creditors
1¥230
37,703
IV30
37Tr7
Othercredirors Indudingtsx at
social security
3289
1608
n￿l$and deferred income
18
54285
$1,059
72.183
10%364
Net current assets
1191238 135WS
I1442O7
Creditors: aniounts Fallin8due
aftorrnoTC than Dneyear
18
31270
31.fE9
3LO89
Total net8ssets
3,189fi33 2,960.973
3,177J19
1941942
The funds ofthe charlty:
Unrestricted fi]nds
2,91WI
51.879
171fi675
Z,934227
2*99fj44
5Q368
Designated funds
Totsl unrestritted funds
19
19W20
I767,￿3
19B4.106
2.749X>I2
Restricted Èncome tunds
20
193213
191930
193213
193,930
Total funding provided
IIWJW3 1960,973
&177J19
1941942
The entitywHS entitled to èxÈmpti(bn fmm #tsdltU￿dèrIÈthftn 477 thft￿ r￿Mpan1è¢Act2￿Qfi.
rhe members have not requiredthe entityto obtain atLauditfortheyearin question inaccordance ￿thsectiOn 476 ofthe
Companie5 Art 2006.
HoweveT, an audit isrequlred In accordance wirh settion L44ofthe CharitiesAcr2011.
The W$￿e$ acknowledge their responsibilities FOT comply￿8 with thc requircTDentsoFthe Artwith resp¢cttoaccDunting
Tetord5and preparation of financial ststomenr&
The financial staternentshave bcen PTppared illa¢¢tsrdancewththE provislonsappl(cable to entitiessubjertto the Small
companies regime.
The financial statements were approved and authorised for issue by the Trustees on 18 March 2023
and ssgned on their b
Ifb
Steve Cle
s (Chakrman of the Trustees)
lain McLean (Vice Chairman)
23

Consolldated cash flow statement
for the year ended 3 1 December 2022
202Z
2021
Nute
Net cash provided by/(used In)
operating activities
23
367.364
538.988
Cash flows from Anvesting activities:
25
Dividends inv¢stnLents
7.663
7.466
Acqui*titrnof herita￿ and othertsnDble
flKed assers
t224.790J
1169.B27)
12
Di5PDsal oftsnglble fix¢dassets
(Acquisltton) / divestment ofinvesttnent
a55ets
13
Net cash provlded by l (used
In] Investing a¢tivities
(217.127)
1162,3611
Cash flow from flnanclng activities:
Pinancingacbvities Inyear
Net cash provfided by/{used in)
rinanclng activities
Change in cash and cash
equivalents in the year
Cash and cash equivalentsatbeginnin8of
year
22
150,Z37
376,6Z7
22
L035,663
659,036
Cash and cash equivalents at
end of year
zz
1,185,900
1,03S,663
24

Notes to the aeeounts
31 December 2022
l. A¢¢ountlng poll¢le$
The Welshpool & Llanfair Light Railway Preservation Co Ltd 1$ a limited company
dorniciled and incorporated in England and Wales. The registered office is at The
Station, Llanfair Caereinion, Welshpool, Powys, SY21 OSF. The company is rc8iStcred as
a charity (Numbcr 10003781 with thc Charity Commission. It is limited by guarantee
and controlled equally by all its members. The company meets the definition of a public
bcncfit cntity undcr FRS 102.
lal Basls of preparation
These financial statements have been prepared in accordance with the Statement of
Recommended Practice ISORW of the Charity Cornmission (revised 20151, Financial
Reporting Standard IFRSI 102 and the Companies Act 2006, under the historical cost
convention, modified to include financial instruments at fair value where approprtate.
Investments are included at market value.
The company's functional currency is GBP sterling.
After reviewing the company's forecasts, the trustees have a reasonable expectation that
the Company has adequate resources to continue operating for the foreseeable future
and there are no rnaterial uncertainties about the Charitable group's ability to contrnue
as a going concern. The company thcrefore continues to adopt the going concem basis
in prcparing these financial statements.
(b) Judgements in applyAng a¢¢ountitig poli¢ie8 and key tsources of estimation
un¢ertalnty
Estimates and judgements are continually evaluated and are based on historical
experience and othcr factors, including expectations of future events that are believed to
be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future. The resulting
accounting estimates will, by definition, seldo￿ equ8J the related actual results. In the
opinion of the trustees there are no estimates and assumptions that have a significant
risk of causing a tnaterial adjustsnent to the carrying amounts of assets and liabilities
within the next financial year.
Icl Group fmancial statements
These financial statements consolidate the results of the charity and its wholly-owned
subsidiary. W&L Sales Ltd (registered in England and Wales:030372351. on a line by line
basis.
A scparate Statement of Financial Activities ISOFAI for the ch￿lty itsell is not presented
because it has taken advantage of the exemptions afforded by section 408 of the
Companies Act 2006. The charity has also availed itself of paragraph 411) of Schedule I
of the Companies Act 2006 and adapted the Companies Act forrnats to reflect the special
nature of the Charity's activities.
Id) Income
li) Charitable activt£ies
Income from railway fares is included in income in the period in which the relevant
joumey takes place.
Subscriptions are brought into income in equal monthly instalment8 for each length of
rnembership. Life rncmbership income ts spread over twenty years.
ij Other trading activities
Income from the cornmercial trading operations of W&L Sale8 Limited is included in
income in thc pcriod in which the sale is rnade.
25

{uiJ Donations, legacies, and gmnts
These are included in income whcn the eharity is legally entitled to thc income and the
amount can be quantified with reasonable accuracy.
ftu) Inttmgible incoTne
The group is heavily dependent on members who give their time to assist in th¢ a¢tivities
and running of the charity and in staffing the trading outlets of W&L Sales Ltd. No
monetary value is placed on this time in these financial statements" nor is any value
attributed to individual gifts in kind valued at less than %1.000.
le) EKpendlture
All cxpcnditure is included on an accruals basis and is recognised when there is a legal
or constructive obligation to pay for the gO￿lS or scrvice. Rentsl payments are charged
to income on a straight-line basis over the period to which they relate.
(i) Repairs and maintenance
Expenditure is written off in the period in which it is incurrcd. A rnajor repair or
refurbishment, which gives rise to a significant and continuing economic bencfit to the
charity by extendÉng the useful life of the asset, AS capitalised.
(iij Ouerheod allocation
Administration and rnanagement Costs comprise those overhead expenses which, whilst
rnainly related to the charitable activities, are not wholly so attributable. The proportion
relating to the organisational management of the ¢harity and its compliance with
constitutional and statutory requirements L8 shown separately as Govemance.
(iiij PensTon costs
Rctirement benefits for certain employees are funded by defined contributions from the
group. Payments are made to approved pension provider8. The group'ts contributions are
treated as expended in the period in which they become payable.
lfj Tangibkc r￿d assets and depre¢iation
The railway's fixed assets are categorised into Heritage and Other.
Heritage r￿ed assets are land, buildings. permanent way> locomotives and rollxng stock
which are of historical significance in thc preservation of the railway or otherwise
integral to the broader objective of educating the public in the history and development
of railway locomotion. Other fLYd assets are integral Éo thc 0￿ration of the railway> but
of lesser historical sigrLificance and in some form replaceable.
Acquisitions are made by purchase or donation and assct$ are included at cost. or
estimated cost if donated. Major restoration work to assets that have been out of use for
some time is also capitalised at cost. Maintenance costs to keep assets in lull working
order are charged to the income and expenditure account when incurred. Subject to the
tru8tees' approval, the company may dispose of r￿ed assets. though in the case of
heritage f￿¢d assets this will only happen in very exceptional circumstances.
The company's policy and programme of maintenance is summarised in the trnstees,
report and the company's website has details of its collection of loeomotives and rolling
stock and the history of the line.
No depreciation is charged in respect of freehold land. Other assets are depreciatcd. so
as to write their cost down to estitnatcd residuat value. Depreciation is nornially Cha￿ed
in equal annual instsjments over their anticipated useful lives, as follows..
26

Permanent way 20/0
Site 40
WQTks
Locomotives and rolling stock 5¥0
Plant and equipment IOQA - 20Q/o
Igl Investments
Fixed asset investments are stated at market value at the balance shcet date. The
statement of financial activities ISOFAI includes the net gains and losses arising on
revaluations and disposals ti]roughout the period.
Ihl Stocks
These are stated at the lower of cost or net realisable value, due allowance being rnade
for obsolete and slow-moving items. Donated items are included at estimated cost.
111 Cash and cash equlvalentB
Cash and cash equivalents include cash in hand. deposits held at call with banks. other
short-terni liquid investments with original maturities of three months or le$$, and bank
ovcrdrafts. Any bank overdrafts are shown within borrowings in currcnt liabilitics.
l Flnaneial assets and liabilities
The company has elected to apply the provisions of Section I I Sasic Financial
InSt￿mentS, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its
f￿anCIal instruments. Tradc debtors. trad¢ crcditors and aEnounts due from the
subsidiary company are recognised initially at transaction price. These obligations are
intended to be settled within one year and are therefore not discounted using the
effective interest method. Transaction cost represents their fair value.
Ikl EquAty knstruments
There were no equity instrnments issued in the year.
11) Fund ac¢ountlng
Funds held by the charity ￿e either:
Unrestiictedfimds- these are funds which can be used in accordance with the
charitable objects at the discretion of the tNstees'
Des￿natedfvnds- these are unrestricted funds that have been set aside by the trustees
for particular puryo$es' or
Restrictedfvnds- these funds. whxeh arise from grants or donations made for a Specific
purpose, can only be used for that particular purpose within the objects of the charity.
Restrictions arise when stipulated by the donor or grantor or where funds are raised for
a specified purpose. Thc balanccs of the fuThds repTesent the unspent balanccs.
Iml Contlttgent Income
The charity will benefit from further fxnal payments from two legacies already received in
large part. The amounts are not certain but could total £40,000.
27

2. Donatlons. lega¢les. and grnnts
Vnrestri(ted
RÈstrirtèd
2022
2021
Glftald¢d donatlons
39,445
10.093
49,538
83,886
Odierdonatitslls
4,215
L966
181
23J14
Legaries
535271
S35,271
580,302
GiftAid on fares
26096
Z6M96
Furlough support
2.083
Grants- EU TAIS
673
673
58.705
Grants- Powys Countil
Is.000
Grants- Heritsge
iAittery Fund
15.900
1&900
22.900
Grants- Cultural
Recovery Furtd
264,366
Totsl 2022
62Z,400
12.059
634,459
1,050,556
Yotal 2021
987,804
62,752
1.050.556
28

3. RaAhvay operatlon and preservation
202Z
Z021
Turnover
Note
Fares
378.845
241,532
Keyse co￿ge receipts
923
2,664
Solar pancls LllCDThe
4.472
L681
Sale ofsurplus materiaLsand
parkin& Insurance rec¢lpt
3.465
102.783
OrheroperatingincDme
8.860
107.128
Income from railway operation
3nd prese￿atron
387.705
348.660
Working expenses
Fuel
70,650
zi,zzo
Repairs and mainteft2nce'.
Mechanieal engine¢ring
45,736
89.2Z7
engineerin8
25.632
70.255
Co$ts for specia] trains&events
67.953
7.260
co hire fees
13,401
18.498
Keyse Cottage Tunningcxpebses
J*67
1,299
Mministration and
managetnentCOSts
yo￿1 working expenses ofr3ilwayoperation
and preserwdtion
288.626
314,5Q7
513,66S
5Z2,266
Major project expendlture
MEchanical en￿Theeylng
2.000
15.629
Ciwl engineering
96,523
126,986
Depredation
171,380
174,273
J2
IGainl}loss on dw05al
To131 major prolertspend on rallwayoperatioll
and preservation
269.903
316,888
Net cost of rallway operation and
preservation
395￿63
490.494
29

4. Sllbsldlary's tradlng actAvities
2022
2021
Note
Income- Consultancy
1,550
Income- Caterlt)g
77,850
28,7SS
Sncornc- Shops
74.400
5S,484
Total trading income
153.800
84,239
Less.. CateringcostGfsalcs
40.112
17,488
Cmss tearoom profit
48.596
39.Z%
Less: Shopsc05tofsalEs
39,760
26.237
Grossshops proftt
46.6%
52.7%
t*ss: Administration and
managementcosts
61,614
22,4B3
Totsi trad5ngexpendl￿re
141,486
66,208
Net profit for the year. to bedonatedto parent
cotnpanyby8iftald
12.314
18,031
Subsidiary's balance sheet at year-end
2022
2021
Currentassets-other
3&935
41.170
Cu￿ent Iliabilitiesj-other
(7.139]
Currentassets/ Iliabilitiesl- inter-COllLpany
b31ance with parentcotnparty
3.379
14000
Net assets
4Z.314
48,031
W&LSolosknmit¢d iso IIIO% own¢d5vbsidiary. with £30.0005hcrecapitol.
5. Membershlp and governance expenses
Ilots
2022
2021
The Llanfair Railwaylourrtal
11.954
11,921
Membership expense5
5.753
1,230
Governance costs
10,562
7.072
28,269
20,223
30

6. Admlnistratlon and n￿nagernent costs
ilailway
operation&
preseyvatlon
Mtmbershlp
and
govermance
Total 2022
Total 2021
tradin8W&L
SalesLtd
Establishment
RenL rat¢s. waterand
Insurance
38,386
38386
32.896
Electriciryand heaong
8.966
4966
10,957
Equiptnentrental alld
maintenance
4,419
4A19
5.267
Cleaningand hygiene
supplie5
12,928
12.928
16,820
Rentcharged to trading
112,5281
12,528
52.171
ia528
64.699
65.940
Selling
AdvertlslnE and publicity
31,120
31,120
52,794
Administrative
stsff etssts {Note 9)
151,637
35.549
187,186
162,785
Travelling
1,017
1.017
670
External training
6￿73
6.873
3.236
Tolephone3nd radio
4.084
4.084
3,447
PostrgÈ.statiottery.and
IT cosrs
4.381
4,381
14.362
Independentaudirl
examination fee5
8,500
8,500
7,072
Aceountsncy fees
17,690
17,690
16.485
General expenses
5.918
1,537
7AIS
15.270
7.813
Adwin recharge to tradlng
(iioooi
12,000
179.600
49,086
16.315
245,001
215.870
Financial
Bank chargesand booiart8
protrsslng costs
25.735
25,735
10,688
Z022 Total
288.626
6L614
14315
366.555
345,29Z
2021
314,507
22,483
8J02
5.292
31

7. Investment income
2022
2021
CCLALharity Invesbnentfunds..
- Investsnentfundshaies
7,663
7,466
CCLA DewsitAccount-Intsrest
9.693
57
Banklttteresr
Intereston t3X
34
53
17.390
7,576
OFwhi¢h.. restricted
4.5ZO
164B
nresthcted
IZ,870
1,928
8. Taxatlon
No liability arises to corporation tsx on the surplus for the fmancial period by
reason of the company's charitable status and the donation by gift aid of its
net profLts by the subsidiary. There is no deferred taxation to be recognised.
9. Infornwtlon regardlng tTU8tee8ldirectora and employee$
20Z2
Z021
[a)Stttffcosts duriRgtheperit
were..
WaEesandsalarie$
170.067
146.811
Sotial security costs
9,659
9,242
Otherpension costs
7.460
6,732
IW7.186
162,785
No mcmber ofsraff received etDolurnents incxccss of E60.000 IZQZI: Nill. The Cenerdl Managerfse]nolutnents
wore in the rangc £40,001 to E45.000. In addition to its tyaid stafCtho£baTity bejjefirs fvom th¢ subsrantlal efforts
ofover 250 workingw)lunteEf5.
(bJAveruoenumberOfpe￿0￿Se￿￿1Dyed
NuMberZOZZ
Number2021
Charity Ifull titne equivaleni)
Subsid23ry Ifull titno equ2valent)
Thegroup ernpioyed 18 differon¢ompioyees duringtheyeaT.
A5 a chaTity, the companyis precludedfrotn pr￿dIng8j)YeMo1UMentsfOr its trusteesldirertors andtheArticle5
oFAs50ciation ofthe subsTdiary containasirnilarprovisiort.
TrLJsrees received £Nil a5 reimbursementoftravel expenses [2021-. £Nil).
32

10. Relr4ted party transaetlons
There were no related party transactions in the year. Of the trustees, Steve Clews
is a director/trustee of Oswestry Borderlands Tourism Ltd, the Heritage
Railway Association, the Heritage Rail Charitable Trust and the Shropshire Union
Canal Society. Robert Robin80n is town clerk to Llanfair Town Council. Helen
Ashby is chair 0£ the Friends of Sierra Leone National Railway Museum and William
Bickcrs Jones is also a trustcc of that organisation. Andrew Charman is a trustee
of Cloverlands modcl car museum and editor of Narrow Gauge World and Helen
Ashby and Oliver Edward8 are heritage consultants to several railways. If any of
these perceived a conflict of interest, thcy would have withdrawn from discussions
and decisions on that topic.
11. Heritage tlxed a88etB: group and ehaTIty
Freeholdlan
slte work
btslldltlgs. and
perm2hent
way
Locomotlves
aTLd rolliDg
stock
Other
plantand
equipmeDt
Total
Cost
At 31 Dettmber 2021
596,266
L322.759
12,507
1,931,53Z
Addimons
77,342
77,342
IDi5P05als)
At31 DecembEr2022
596.266
1.400,101
12.507
2,008,874
Depreciation
At 31 December 2021
409,228
654A47
12507
1.076.182
Charges for the ptTfjod
15.117
63,290
78,407
IDisposalsl
Ar31 DecernberZO22
424,345
717,737
12.507
1,154,589
Net book amount
31 December 2022
171.921
682.364
NIL
854.285
31 DeceThber 2021
187,03B
668.312
NIL
855,350
There was £85,000 capital expend5wre contracted foratthe perlod end[2021: Nill.
Flve-year summary of herltage tlxed a$s¢t transactions:
Year
year
Purchases
Malorilettis
Z018
S3,783
No. lOSlrDrefa1d￿
Welshpoolshed
No. 10 SirDrefvldwy
No. l The Eurl
2019
147,662
2020
190.183
No. 10 SirDrefvldwyn
Nth l The Eorl
2021
144.619
IOStrDrefaldwJ
No. l ThtEurl
2022
77,342
No. 10 S7rD￿f41dwyn
Slena Leone ￿rriage 1066
33

12. Other tangible r￿d a88etb: group and Charlty
Freehold land, siteworks,
bulldings & pernjanentvray
Loeomotives
&rolling5tock
Other plant&
equip]nent
Total
Cost
At31 DecetnbEr2021
882.945
391,174
300,940
1,575,059
Additions
3,999
84.543
5&906
147.449
IDisposa151
18,3201
12,3011
110.6211
At 31 Decernber 2022
878.624
4YS.717
357.54S
L711.886
Depreciatio
At 31 Dcccrnber 2021
437,769
289,023
192.793
919,585
Charge for the period
35,546
29.76Z
27,665
92,973
IDlspos*L%l
18,3201
12,3011
(10,6211
At31 Do¢tstnber2022
Net book amount
464.995
318.78S
ZI&IS7
1001,937
31 December 2022
413,629
156.932
139.388
709,949
31 December 2021
445,176
102,151
108,147
655.474
Therewa$ £20.000 ofupital expendirure collrrarted for*the period end (2021.. £30,000].
13. Investments
COIF charity (unds
Group
N￿￿ljer
2022
2021
2022
2021
InvestmentFund shares
At I january
14,119
289.000
2S4,000
289.000
254,000
*))arketv￿Ue
Disposa15
Gainlllossl on invesrment
fr(rfnchahEe5nvalue
(33.0001
35,000
(33.QOO)
35,000
Ai31 J)ecember
14,119
299,000
2S6,000
289,000
almatrkelwalue
Shares In subsidiary
At31 December
30,000
30.000
30.000
2S6.000
289.000
286.000
319.000
Hlstoi4ccostat31
D¢wNbor
147JJOO
147.000
177.000
177.000
The investment In the subsidiary represents the whole ofthe issued share capltal, comprlsSng ordlnary
shares. of W&L Sale5 Ltd (company number 030372351. W&L Sales Ltd carries on the ￿mMerCIal
trading activities of the group through sliop5 and refreshment facilities at stations and away from the
line and donates its entire net profit to the pai*nt compatty by Clit Aid. The totsl OF its capital and
reservesis£42,31412021.. E46,0311. further derails on W&LSalesLtdare showzL in NDte4.
34

14. Stock8
Group
Ch•rity
20ZZ
2021
2022
2021
Store5
79,1100
73,000 79,000
73,000
Goods forresale
25,100
21200
104,100
95.200
79,000
73,000
IS. Debtors
Group
Ch•rfty
2022
2021
2022
2021
Trade debtors
11.860
163
11,860
163
Prepayments and
acerned Income
IIOA27
90,395
110.427
90,395
VAT
28.829
50,659
28,829
52.292
GIftAid recoverdble
28.357
17.028
28.357
17.028
179.473
158,245
179.473
IS9,878
16. Bank overdraft
The group has overdraftfacilitiesof£Nil (2021- £Nill.
17. Other credltor8 Including tax and tsQ¢Aal $e¢urity
Group
ChaTftv
2022
2021
2022
2021
PAYE
3.Z89
2,608
3.Z89
2,608
Amountdue ro subsldlary
pany
3,379
14.000
3.289
2.608
6,668
16.608
18. Accruals and defezred in¢ome
fjroup
Charity
2022
20ZI
20ZZ
zozi
Subscriptions inadvan
4&49S
46.148
46,495
46.148
Less.. falling due atiei.
more d13n one year
(3LZ701
131.0891 (31.270)
(31,089]
15.ZZS
15,059
15.225
IS.059
Accruals and deferred
income
39.060
41,500
39,060
36.000
S4,285
56.559
54.285
51,059
35

19. Unrestrlcted funds
Baknces
310Éc
2021
l]KoThe
IExpÈndlturel
Transfers/
revaluation
B313nre$
Xl Dec
21122
Generol[unds
2.716fi75
1,194893
(887.494]
(81,S33)
2.944.541
pe￿￿atedfvnd5-￿lureC￿pIt￿lpr0]eCts
Museum/lrtterpreratyon
Centre
50.368
1.511
51079
50.368
1.511
51,879
Totsl unrestricted
2,767.043
1.198,404
(8B7.494)
(81.S33)
2,996.420
manydonotionsand1egacl￿fytt4 thepurchoseoir￿ed￿sSets. whkh ore then depreclotEdoverfutvrèyears.AÈ31 DEceFRber2022,
EI.345.684 (Z021.. £1,340,154J olGÉnemlfvnds r¢presentsreserves thut will ￿0t(h￿tUre depreciutiON of the otsets bought wrth
thosedonoÈTonsondlE9aciÉs.
20. Restricted fvttds
BaLince5
31 Dec2021
Income
(ExpendltUTel
Tran5f¢r
Iroml[tol
B¥ianr¢
31 Der
202Z
fvnds
REttoratiort of
No.6 Monurch
6.700
252
6.9S2
Restorarion of No.14
29.ZUO
L012
11000)
28292
Restoration of No. 8 Dougal
824
797
1.621
Zillortal cartia@es
malotenance
3.631
109
3.740
Carriage itnprtrvemenifvnd
49,889
B.70Z
159,2251
48,533
47.899
Heritsge wagon fund
Overhaul of No. 7
Chattenden
4.024
121
4,145
ZL370
3,293
Z4.663
Dl¢sel ma5ntsnan
7,693
247
12,2721
5.668
Viadurtand brldges
prorecuon
24,421
663
12,3321
22.752
2020 appeal
46.098
1,383
47,481
193,930
1&579
(65029J
48.533
193,213
36

21. Analysis of group net a88et8 by fund
Unrestrirted
funds
Restrtrted
funds
Totsl
31 Dec2022
Tan￿ble heritsgeand other fixed assets
1.564,234
L564,Z34
Investments
219,135
3AB65
Z56.000
Nelcurrenta￿ets
1,244,321
156.348
1,400.669
tA)ll8teT]n Ilabillues
(31,Z70)
{31.270}
2.996.420
193,Z13
3.189.633
22. AJalysls of changes In net funds
Al
31 Dec
2021
Cash flows
At
31 Dec
2022
Bankand Cash balances
234.9B4
133,1191
20L865
COIF Deposltaccount
800,679
193.356
9￿,03s
I,D35,663
150,237
1,185.900
23. Net ca8hllow fronL operating activities
2022
2021
Net incomellexpcnditurel per
Statstnentof Flnancia] AcDwties
228,660
621,307
Adjust for non-cash items..
Depreciarion
171,380
174.273
Net16ainl/loss on invesbnents
33,000
135,0001
Adjusiforworkin8 capital changew.
Ilntrease)/decrease in5tods
(8,900)
IZO,7001
{InLTeasellde£rease In debtots
(21,228)
(51,8591
1141,S671
IDecreasell)Trcrea52 in creditors
(27,885)
Adjust For dividends recelved..
(shOwnSeparate￿Y in C3shflowl
17.663)
(7.466)
367364
538.988
37

24. Statement of flnanclal activities:
Prlor year comparisons by fund type
UnTestrictod
nds
RestFirted
fuDds
Total 2021
Income from:
VoluRthryincoffle
Legacles3nd donabons
9B7,804
62,752
1,050,556
Charitableo¢tivittes
Railway op6ratson and preservation
MetnbeTship subscrSpUons
348.66
348,660
20,861
20￿61
Orhertn7ding UCttvitiEs
Cu]nll*rcial tradlngoperations
84.239
84,Z39
Investmentincorne
1,928
5.648
7,576
Total income
1,443.492
6B.400
1,511.892
Expendlture on:
Raisingfvnds
Ch6riÉublÉottfvlUes
Railway operdtion andpresÈTVa150n-
WOT￿￿8
518.676
3.590
522,266
F2ilwayoperation and preservatiOtI-
projects
275,094
41.794
316,888
Membership andgoVern3n￿ expertses
20,223
20.223
Other tradingactivities
Commercial tradingoper*ions
66,208
66.208
Total expenditure
Netgain/llossl ort investments
6811,201
15.384
925,585
35,000
35,000
Net income/(expenditure) for the
year
59&291
23,016
62L307
38

25. Management accounts summary tlnan¢lals by activity
Rallway
opera￿on
aTLd
preservatson
W&L
Sales
Appea15 & Membershlp
Investment
income
2022
2021
goverllance
Income frotn daily
operatingactiwties
397.705
153,800
17,390
21,629
580.524
461,336
GiftAid on fare5
26,896
26,896
DDnauons- earmarked
to running cortitems
6250
4,SSO
10.800
Granrs - forrunning
05rs. audTreneE
research / pandemic
15,900
15.900
149.266
DallyopEraUn8 (costs)
(513h651 {141,4861
120,7691
[675.920)
1602,6971
Net kncome.. Dally
operndons
(76,9141
11314
17.390
&410
(41.800)
7,905
Long term income
DOnatt0￿. Le8athesGrants
580.863
580,863
901,290
ILoss)IGaSns onlnvesEtnetsts
133.OOQ)
(33.000)
35,000
IAudltfeel- IncreasedcD5tOueto ￿£￿tr
(7,500)
(7,500)
16,000)
l•ngtem proJertexp¢ndithre
M4orproiect [spcndl
t9&5231
198.523)
11416151
[DepreclatiOrtI
1171.380)
(171,380J
1174,273)
Net Inromel
(expEnd5ture) by
activlty
1346,8171
12314
565.2S3
(2,090)
228.660
621.307
39

M3nutes of 2022 Annual General Meetlng
WELSHPOOL & LLATIFAIR LIGHT RAILWAY PRESERVATIOII CO LTD
SIKty tlthd Annual General Meetlng held at l.oop
on Sunday IS May 2022 at the Statlon. Llanfair Caerelnion. Powy8
Present:
Sir Philip William$ (Vice President) David Jone$
Stevc Clews (Chairman
Bob Mason
Oliver Edwards
James Brett (General Manager)
John Fornian
Michael Reilly Icompany Secretary)
and 27 othcr members, including 18 by video-link
Steve Clews chaired the meeting
Apologles for Absence
Apologics were received from the Earl of Powis IPrcsidentl, Tony Thorndike (Vice-
Pr¢5Ldentl, William Bickers-Jones. John Davies. Wendy Elliott, Kaye Forn]an, Peter Green,
Rowan Joachim, lain McIEan, Meianie-Jane Martin, John Nunn, Elizabeth and Ruth
Parkinson, Richard Pearson. Robert Robinson. Richard Thomas. and Chris and Ros
Tigwell.
l. Minute$ of the Annual General Meetlng on 16 May 2021
The minutes of the previous AGM were agreed as a true record. There were no matter8
aTising.
2. Audlted Consolldated Financlal Statenwnts and Report of the Tyu8tee8 for the
year ended 31 December 2021
Steve Clews highlighted the main points of the annual report.
Trains began operating from lat May but continued social distancing restrictions meant
that we carried fewer passengers than in 2019 and with most trains only running to
Castle Caereinion and return. Although the tea-room remained closed, the mobile
catering unit at Llanfair was a continued success and irnproved efficiency meant
operating income showed an improvement over 2019.
LA)comotive No. I returned from overhaul at the Vale of Rheidol Railway and work
continued on the overhaul of No. 10. The extension to the Welshpool shed was largely
completed, while the Fenc¢2Fence, Buildings and Midweek tearns plus the track gang
had continued thcir vital maintenance work. The company thanked all volunteers and
paid staff for their support. most of the latter having been furloughed for a period at the
start of the year. St811 changes had seen Charl¢s Spencer replaced as General Manager
by James Brett and the departure of Engineering Manager Richard Featherstone, while
Matthew Dawe had spent six months with us as Community Development oificer. They
were all thanked for their contributions to the railway.
In response to a question from Steve Everett, Steve Clews explained that all departments
had been asked to identify arrears of malntenance for inclusion in the ncxt business
plan. These would be ranked by priority for attention as the plan was implemented.
Steve Davidson then expressed concern about the votsng procedures for annual
meetings, claiming that encouraging mernbers to vote by proxy meant the ballot was no
longer secret. The secretary explained that under the Companies Act we had a legal
obligation to offer proxy voting. This was also more democratic as it allowed all members
a vote. We had encouraged its use during thc pandemic whcn attendance at the
meetings was restricted but precautions were taken to maintain confidentiality and
40

voting at the Tnccting itself continued to be po88iblc. Following further discussion about
proxy votingj the secretary undertook to produce a report providing a breakdown of
voting patterns.
Bob Mason then summarised the main features of the Consolidated Financial
Statetnents. Although we had expected 202 1 to be a tough year. traffic income frorn
regular operations was higher than in 2019. thanks to several innovations, espeeially
the introduction of a First-class option. This had enabled us to make a srnall operating
surplus which, combined with more pandemic-related grant income plus some generous
legacies and donations? placed us in a very strong position.
In response to Tom Brady, he said that our overall performance placed us in the upper
quartile of heritage railways in tems of financial sustainability ULanagement. The
railway was well run, and the future looked rosy. In reply to Malcolm Elliot. he said that
the new business plan should be ready by September. Malcolm Elliot also observed that
the company was the only orga￿lSatiOll of which he was a rnember that did not issue a
printed annual report. In reply> the secretary pointed out that the move to place the
report on the website had b¢cn approved by members at the 20 19 AGM and printed
copies continued to be available on reouest.
Bruce Lawson asked why we used two sets of aeeountants, to which Bob Mason
explained that Cadwalladers acted as our book-keepers and WR Partners were our
auditors. John Forman, spcaking on behalf of Dick Johnson, askcd whether the AGM
could be held on a Saturday rather than a Sunday in alternate years. Th¢ chairman
agreed to consider this.
The adoption of the Annual Report of the Trustees and the Audited Consolidated
Financial Statements was then proposed by Stephen Everett and seconded by Bruce
Lawson. On a vote, adoption was approved by 372 in favour and 2 ag8inst, with six
votes withheld.
Steve Clews then gave a brief report on developments in the first half of 2022. Jarnes
Mander, Ruth Davies and Stephen Garner had all joined the paid staff as Engineering
Manager, Events Apprentice and Catering Supervi80r respectively. A new Extended
Leadership Team had been Sct up and held an 'awayday' to improvc collaboration and
collectively look for ways of improvement. we had opcrated successfully at th¢ Fcbruary
half-tenn despite bad weather including local flooding and progre$$ had been made with
csscntial maintenance and overhauls. With the availability of Welsh coal incr¢asingly
uncertain. trials had takcn placc with alternative fuel, so far with reasonable result8
although it was considerably more expensive.
3. Election of TruBteeB
As he was a candidate for re-election, Steve Clews stepped down for this itern and John
Forman took the chair. Since there were four eandidates for four places the Articles
required a single-stage ballot. The ballot was held, and all four e8ndidate8 received more
votes in favour than against. Steve Clews, Peter Green, David Jones, and Bob Mason were
therefore all re-elected to the board.
4. Ele¢tlon of Pre8ldent
Steve Clews resumed the chair and proposed that the Earl of Powis be elected President,
which was seconded by Richard Green and a￿eed ur￿n[mouS1y.
5. Eleetlon of Vlee Presidents
Th¢ following nominations were made: Alan Higgins. Tony Thorndike, and Sir Philip
Williams. With the consent of the ￿eCting, the nominations were put collectively and
a8reed, Malcoltn Elliot proposing and Steve Davidson seconding.
There being no further business, the meeting closed at 2. 10pm.
41