Welshpool & Llanfalr Light Railway Preservation Co. Ltd.
Annual Report and Accounts 2024
Contents
Notice of Annual General Meeting .
Page 3
Report of the Board of Trustees .
Page 4
Independent Financial Examiner's report .
Page 19
Consolidated statement of financial activities... Page 2 1
Consolidated and charity balance sheets .
Page 22
Consolidated cash flow statement .
Page 23
Notes to the accounts
. Page 24
Minutes of the Annual General Meeting held on
18 May 2024
. Page 38

Administratlve detalls
Registered office
The Station
Llanfair Caereinion Welshpool
Powys SY21 OSF
Phone
01938 810441
Web
www.wllr.org.uk
Accountants
Cadwallader & Co LLP Chartered Accountants
Eagle House
25 Sevem Street
Welshpool
Powys SY2 17AD
Auditor
W R Partners
Hafren House
10 St. Giles Business Park
Newtown
Powys SY16 3AJ
Solicitors
Lanyon Bowdler LLP
4 St Martin's Street
Hereford HR2 7RE
Offie¢r$ and managers
Company Secretary Michael Reilly
General Manager
James Brett
Operations and Kevin Heywood
Infrastructure Manager
(until September)
Engineering Manager
James Mander

NOTICE OF ANNUAL GENERAL MEETING
The Annual Generaj Meeting of the Company will be held at the station, Llanfair
Caereinion, on Saturday 17 May 2025 at 3.30 p.m. for the purpose of transacting
the following business: _
Ordlnary Resolutions
To receive and adopt the audited consolidated financial statements and
the report of the trustees for the year ended 31 December 2024.
To elect directors. The Articles of Association stipulate that one-third of
directors shall retire annually. Steve Clews, Peter Green, David Jones
and Bob Mason retire by rotation. 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 Thomdike, Sir Philip
Williams snd Michael Whitehouse have confirmed their wiLIingness to
be re-elected.
Immediately after the end of the meeting, a members, forum will be held.
Any member entitled to attend, but not able to be present at the Annual Gener8J
Meeting, 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 form of proxy will be sent to
811 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 mission
The company is a registered charity whose charitable purpose is:
to advance the education of the public in the history and development of
railway locomotion by the preseruation of railway locomotives and/or
rolltng stock and/or historic railway lines.
The trustees who served during 2024 were..
Number of trustees, meetings attended
Actual /Possible
Steve Clews Chairman
Iain McLean Vice Ch(2irniC7n
Helen Ashby
Simon Bowden
Andrew Charman
John Forman
Peter Green
David Jones
Bob Mason
Ryk Parkinson
Anne-marie Wright
possible ottendance 5 Tneetings due to covering essentt.al operational requirements
The trustees cover the following skill areas.. staff, appeals, mechanical 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 COTnpany's work in 2024. It
Tneets the requirements for charity accounting prescribed by the Charities
SORP. It also meets the Directors, Report requirements prescribed in company
law.

status of the Charity
The Welshpool & Llanfair Light Railway Preservation Company was
incorporated as a company limited by guarantee in 1960 and obtained
charitable status in 1990. The charity 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 paying the annual
subscription.
The company has a wholly owned subsidiary, W&L Sales Ltd, which is not
a charity and has its own board and accounts. Its profits are 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 loc￿ 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 financial 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 financial 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 Financial statements.
The trustees, who are also directors of Welshpool & Llanfair Light Railway
Preservation Co. Ltd for the purposes of company law, 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 financial statements
the trustees are required to..

select suitable accounting policies and then apply them consistently.
observe the methods and principles in the Charities SORP 20 19 IFRS
make judgements and estimates that are reasonable and prudent.
state whether applicable UK Accounting Standards have been
followed, subject to any material departures 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 and other
irregularities.
In so far as the trustees are aware:
there is no relevant audit information 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 information 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 remuneration in the light of annual objectives and
perfomiance appraisal.
On appointment, trustees are provided with the Charity Commission's
current guidance for new trustees. Trustees are allocated specific
responsibilities according to their individual skills. Induction to the
charity's operations is not considered necessary as trustees are usually
drawn from the ranks of working members. They are encouraged, however,
to identify their own training needs. Trustees are provided with updates
and relevant information from regulatory bodies, including the Charity
Commission, Office of Rail and Road (ORRI, Rail Accident Investigation
Branch and the Heritage Railway Association.

Risk management
The company has a formal risk management process, identifying 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. Emerging
and changed risks are identified and documented at each board meeting.
An annual review of all six registers was held in the first quarter of 2024.
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.
Health and safety
The safety and welfare of visitors, staff and volunteers takes precedence
over all other activities. During 2024 the company had three reportable
incidents. Two were signals passed at danger (SPADI. The third was
derailment of the Wickham Trolley during the August gala event, which
resulted in injuries to three people. The RAIB was informed and accepted
that we would investigate internally. Relevant departments were briefed on
the recommendations from the investigation, which will also form part of
the annual safety audit action plan.
There were several minor operational incidents, near misses, and injuries
which were recorded and investigated using our internal processes, with
reporting to the Safety Management Team at each meeting, relevant safety
improvements instigated, and notices and briefings issued to staff. Incident
numbers and details of higher-level incidents were reported to trustees at
board meetings.
In response to the external safety audit conducted in January 2024, an
action plan, led by the general manager, has led to further improvements
to document control, competence management, risk assessments and
other measures. The Safety Management Team continued to meet regularly
during the year. Updating of the Operating Rule Book and Emergency
Response Plans continued with a target of implementation for the 2025
running season.
Staff continue to work with the Heritage Railway Association, our regulator
the ORR, other railways, and industry to share changes and best practice.
Staff attended a variety of safety related training courses throughout the
year including Working at Height, Ladder Safety, Lifting, and Food Hygiene.
Seven members of staff attended an externally provided course to qualify
as track patrollers, and four staff gained qualifications in the operation of
excavators and other plant.

Objectives
The principal objective of the company continues to be to advance the
education of the public in the history and development of railway
locomotion.
This encompasses the following three subsidiary objectives:
the preservation and operation of the eight-mile narrow gauge light
railway between Welshpool and Llanfair Caereinion.
the generation of funds to finance the acquisition and restoration of
flxed 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 benefit
The board has had regard to the Charity Commission's guidance on public
benefit. Of the charitable purposes set out in the Charities Act 20 1 I, the
railway principally contributes to b) the odvancement of education. .. and ]}
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 education 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
harm 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 of 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 charity.

Achlevements and performance
The company built upon recent experience to continue to rebuild passenger
numbers and revenue, with a consolidation of special events and
experiences. Trains operated on 177 days, 8 more than in 2023. We
continued to encourage online booking to help in managing capacity and
improving the visitor experience, with Llanfair boarding being promoted for
catering and first class services. Several new ticket categories were
introduced to better reflect our offering to single adult family units and
those with additional access needs. The continued challenging economic
climate saw passenger numbers down by 1,000 conpared to 2023, and
similarly down on the budget plan, primarily due to a shortfall in expected
Santa Special event footfall and poor weather.
Revenue similarly fell short of budget, but income per passenger increased
more than the average ticket price due to the nudge towards higher quality
or added experiences, such as on-train picnic hampers. Our afternoon tea
train delivery was brought back in-house and sold out on most dates.
Premium experiences continue to help fill trains at quieter times and
increase our income per visitor. Alongside afternoon tea and evening fish
chips specials, more dates were added for the gin & whislfjT tasting train
in partnership with a local distillery. Despite operating more days, the
railway ran fewer trains than in 2023, with more mid-week and low season
days having two rather than three timetabled round trips, helping improve
efficiency, offset the rise in operating costs and providing a shorter and
more attractive duty for most staff.
The year saw an improved three day beer and cider festival event hosted at
Raven Square station, a new Teddy Bears, Picnic family event, and two
externally delivered character events, Bluey and Paw Patrol, alongside
returning favourites, including the Easter 'Carrot Express, and Build-in-
Bricks activities, which helped drive traffic to our Llanfair Connections
Museum during May half-term. All these events helped bring in additional
income and new customers.
All departments at the railway contributed to these successes, often
adapting to operational changes at short notice. Timetables for the year
were planned around predicted available staff levels, and a good number
of new staff started with us and qualified in a range of roles. Despite this,
short notice cover during the peak season remained a challenge.
Track, infrastructure and buildings
At the start of the year a mainline point and track in the platform road at
Cyfronydd were replaced. The old 1902 rail was taken up and a new ballast
bed with new drainage, plastic sleepers and S30 rail laid. The point work
and track were ready for operation at Easter and the lever frame was fully
installed by mid-summer. New ballast walls just east of Golfa summit
should prevent the loss of ballast at the side of the embankment and help

stabilise the track. The retaining wall at Sign Hut Curve was extended,
again to retain ballast. Other locations also received attention.
Spot sleepering was used to replace more than 70 life expired sleepers. A
broken rail west of Banwy Bridge was replaced and numerous other
maintenance jobs carried out. Over 12 days of flailing took place, cutting
back all undergrowth and trees within reach. On completion, and atter
training several successors, Dave Tractor Dave, Davies retired. He is to be
thanked for faithfully flailing for many years. Thanks to externally provided
track inspection training, we now have six qualified track patrollers so that
Colin Bull, who has carried the burden for some time, can at long last
retire. He does so with our gratefuI thanks.
A failed culvert caused a sinkhole to appear under the track and stor
damage included a major landslip in a cutting on Golfa Bank. Increasingly
severe weather patterns mean that we need to be vigilant about the state
of our infrastructure. As part of this, a survey was carried out on our river
frontage, fortunately revealing nothing requiring urgent attention. We
similarly continue to monitor the condition of the Banwy Bridge.
Proposals for the repair and future use of the former Colinette building are
being developed following receipt of a substantial grant. Routine
maintenance of our other buildings, often unnoticed but essential, is
carried out by the midweek gang. A Lot of their effort this year has been
expended around Raven Square station. More volunteers are needed both
here and for the track gang, to maintain these vital functions of our railway.
Steam locomotives
In 2024 the steam locomotive fleet accumulated a total of 6588 miles, of
which No. l The Earl completed 5387 miles, No. 10 Sir Drefaldwyn 561
miles and ZB2 Zillertal (our No. 211, on-hire from the Zillertalbahn,
640 miles. Including for test and running-in purposes, No. I was in steam
on 151 days, No. 10 on 21 days and No. 21 on 20 days.
ZB2 was taken out of service in early July due to firebox stay failures which
were deemed beyond economic repair for an on-hire locomotive. The loco
was returned to the Zillertalbahn on 27th November.
No. 10 returned to traffic at the gala following completion of its finish
painting and lining. Locomotive No. 8 Dougal was despatched to the
Sittingbourne & Kemsley Light Railway in ApriI, where in exchange for their
assistance with repairing the boiler, the loco will enjoy a period on loan.
During the year we used up the last of our supply of Welsh steam coal from
Ffos y Fran and ran most of the year on Polish steam coal. With the cost
ol Polish coal being more attractive than recent deliveries of either Welsh
or bio-fuels, our average round trip fuel cost in 2024 was lower than in
both 2022 and 2023.
10

Rolling stock
The carriage fleet accumulated a mileage of 27774 in passenger service,
plus 413 miles on engineering trains due to the withdrawal of the mess
coach. Work continued throughout the year on refurbishing and
modifications to ex-RNAD wagon No. 41 to prepare it for mounting a
custom-built welfare unit for use as a new mess coach.
An order was placed with Alan Keef Ltd for two new rail wagons to replace
our ex-RNAD wagons Nos. 35 and 38 which had been withdrawn in 2023
due to excessive corrosion. The new wagons will incorporate our spare
Butterley-built (ex-Bowaterl wagon bogies suitably overhauled and will be
vacuum-fitted.
Diesel locomotives
The failure of ZB2 in early July plus the delay in getting No. 10 back into
service resulted in Diema locomotive No. 17 accumulating a significant
passenger train mileage when two train sets were operating. Overall, it
clocked-up 1726 miles in the year, including use on engineering trains. No.
7 Chattenden was in use throughout the year principally on engineering
trains although it did see limited passenger use at the gala.
Alishan Forest Railway diesel locomotive DL-34 (W&L No. 22) arrived back
at Llanfair in early April after having a vacuum brake system fitted over the
winter. Grondana couplings were fitted upon its return, and it was
ceremonially launched into service in May in the presence of
representatives of the Alishan Forest Railway. Subsequent test running
indicated that the performance of the second-hand exhauster built into the
vacuum system was sub-optimal and this has been stripped for
examination.
Educatlon and heritage
The railway meets its formal charitable purpose by preserving the heritage
and providing learning opportunities for all visitors. Educational
experiences include a varied timetable of heritage train rides, special events
and activities showcasing the story of the W&LLR from 1903 to the present
and its connections with the wider world of 2ft 6in gauge r￿lwayS.
Llanfair Connections and the Cloverlands Model Car Museum were open
to the public on 92 days and welcomed 4,021 visitors, a 73.5 % increase
over 2023. The opening of both facilities continued to be restricted by the
lack of volunteer stewards and our aim for the future continues to be to
open daily when trains are running.
New displays incorporating artefacts found in store on the railway included
an original cylinder from The Earl that had been replaced during the 1999-
2000 overhauls. A line phone from the original single telephone line along
the length of the railway, which continued in use for the first ten years of
11

preservation, and an insulator from the line, recovered from a surviving
telegraph pole between Heniarth and Llanfair Caereinion, formed the basis
of a small display about communications. From May to October, there was
a temporary exhibition about the Alishan Forest Railway.
A major re-arrangement of the Cloverlands Model Car Museum continued
throughout the year, together with the development of a permanent display
about the history of Formula I, enhanced by significant new acquisitions.
Welshpool display shed was opened regularly on operating days allowing
visitors to view No. 6 Monarcl4 No. 12 Joan, and other out of service
locomotives, alongside our heritage rolling stock.
Envlronment
We have put in place new arrangements for handling waste to comply
with new regulations. We are recycling wherever possible, even to the
point of collecting and re-cycling 'sawdust" arising from the drilling of
plastic sleepers to take track r]xings.
Ash dieback continues to make its presence felt with growing numbers of
lineside trees showing signs of the disease. It is likely that in due course
we will need to fell the affected trees and develop a plan to replant.
Severe storms saw the railway suffer fallen trees, not previously identified
as being at risk, both within our estate and from adjoining property.
Weather was also a cause of our first landslip for many years, near
Hanged Mans Tree on Golfa Bank. Here, a section of cutting slope
became saturated and material slumped onto the line, thankfully without
damage to the track bed itself, or disrupting services.
Fundralslng
The railway continued to benefit from generous donors and legacies, with
a spectacular fLnish, a large grant being secured in principle in December.
Income during the year was £107, 181 from donations including Gift Aid
reclaimable, £58,819 from legacies, and £12,2 19 in grants. The appeal for
the overhaul of locomotive No.7, and for improvements to our carriage fleet
for premium services, met its target and closed during the year. The
overhaul of No.7 will proceed as soon as Taiwanese diesel DL-34 is ready
for regular traffic after modifications and crew training.
In December we launched an appeal for £150,000 to fund the heavy
overhaul of locomotive No. 2 (GWR 8231 The Countess. The 0￿1ClaI launch
was on 30 December, to coincide with the New Year knThistle-up' to herald
Rail 200, which will run throughout 2025 on the bicentenary ofthe opening
of the Stockton & Darlington Railway. Various incentives were offered
including one for those able to donate the symbolic sum of £823. By the
launch day, the appeal was already at over a third of its target sum, thanks
to an extraordinary gift from a generous supporter.
12

At the same time, the railway received news of approval in principle of a
large grant application made for essential repairs to the structure of the
industrial units that house Llanfair Connections, our linked car museum
Cloverlands, and storage facilities. We applied in April, under Community
Ownership Fund, but progress stopped when the general election was
called. Then in November the new government announced that it would
complete the round that was in progress when the election was called
before closing the scheme. The grant was subject to contract negotiations
which started after the year end. It must be spent by mid-December 2025
at Latest.
W&L Sales
Catering sales increased I l % {£18,000) on 2023 but the tearoom remained
loss-making. Portion control was improved, but increased staffing levels
resulted in a 25 % increase in staff costs. From November, opening days
were reduced to concentrate on busier days, WLth a range of products that
we can serve profitably. Our in-house catering team took over afternoon
tea train catering. Feedback on this and our other on-train catering
offerings was very good. Thanks are due to both paid and volunteer staff
who make these experiences such a success.
Shop sales were 3 % lower, attributable to fewer 'blockbuster' new books
and our visitors watching their pennies in tougher financial times.
Thanks to better gross margins, however, the shop's contribution to
revenue was £1,000 higher. The service given by our enthusiastic and
dedicated volunteers to our visitors is much appreciated, as demonstrated
by the many cheerful passengers chatting to staff.
Membershlp and volunteers
The railway is fortunate in having the consistent support of its members,
many of them of 25 years plus standing. We welcomed 322 new members
in 2024 (2023 3761, another good year. Total membership at year end was
2,133, a net increase of 29. Dick Johnson stood down as one of the
membership team at the end of 2024. Dick's association with the railway
goes back over sixty years, to the very beginning of its preservation. He has
served the railway capably in many roles and we thank him for his care
and thoughtfulness in looking after members.
Trustees and management are grappling with the challenge of recruiting
sufficient volunteers to ensure the sustainability of the current operating
model. The number of volunteers remained largely stable and more local
people are getting involved, but the age profile is high. Over the next year
we hope to have a volunteer team member on duty every operating day to
try to encourage more volunteers.
13

Staff
In 2024 the company employed seven full time and one part time staff.
Around 220 part time volunteers contributed about 14 full-time equivalent
staff and there were some seasonal staff in the tea-room.
Development of a comprehensive Staff Guide was transformed into a Code
of Conduct and a suite of HR policies. These were posted on HOPS - the
company's document management system. A dedicated safeguarding team
was set up with David Plume being appointed as safeguarding officer and
Anne-marie Wright as safeguarding trustee.
Staff worked to ensure that salety regimes were maintained, marketing
and adminlstration conducted, and rostering managed. Recruitment and
training of sufficient staff to support activities across all areas of the
organisation remains a constant priority, however.
Catherine Smith joined us as part-time community engagement officer in
May with a remit for increasing our volunteer recruitment and engagement
with the local community, alongside working with the existing volunteer
liaison and safeguarding team to review our offering for existing volunteers.
Kevin Heywood left in September and his role as operations and
infrastructure manager has been restructured. Duty managers have taken
on operational oversight and the new post of infrastructure and buildings
manager has been created. This was advertised in late 2024 and filled in
early 2025.
Sarah Perry retired in December 2024 and her role of marketing and
administration assistant has been converted into a full-time position and
was to be advertised in early 2025. Ruth Davies was due to complete her
level 3 apprenticeship in business administration with us at the end of
January 2025. We thank her for her hard work over the past three years.
The trustees are most grateful to all the staff, full-time, seasonal and
volunteer, for their forbearance, patience, and hard work during another
difficult year.
Marketing
We continued with a range of marketing activities to attract different
audiences. Our traditional print leaflets were distributed throughout mid
and north Wales and Shropshire, with additional inclusion in bedroom
browser, packs at accommodation providers. Press releases and adverts in
local and enthusiast print publications were placed at core times
throughout the year. Banners, posters and new roadside signage helped
highlight the railway's events and tearoom to local and passing traffic and
we continue to take part in a range of joint marketing and discount card
schemes as part of the 'Great Little Trains of Wales,.
14

We ran sever8J targeted online advertising campaigns on a range of social
media platforms to highlight our events and catering experiences to a
broader family audience. The website was reviewed to improve browsing
speeds, navigation and integration, especially on mobile and tablet devices.
We were represented at a variety of shows and events, including the British
Tourism and Travel Show, Association of 16mm. Narrow Gauge Modellers
Show, Shrewsbury Flower Show and, for the first time, Oswestry and
Berriew shows. Targeted advertising helped group bookings to return to
pre-2019 levels. We continued to collect and analyse visitor feedback to
identify areas of improvement, with all tickets booked online being sent a
feedback form. A Visit Wales 'secret shopper, visit saw us retain our Visitor
Attraction Quality Assurance Standard, with an improved score, and we
were awarded a Trip Advisor Traveller's Choice Award, lor the fourth year
in a row. We were pleased to win Best Third Sector, organisation in the Mid
Wales Tourism Awards 2024-5
Financial review
Results and financial position
2024 was a good year financially. The dip in traffic income of £1 1,000 was
due to quieter than usual Santa trains but coal costs were also £1 1,000
lower. Despite straitened times, Gift Aid was £23,000 12023 £29,000).
Learning from 2023 experience meant that spending on special events was
£8,000 lower, while still delivering a varied programme for our different
audiences. Part of this saving was reallocated to marketing, particularly
social media. We also reprinted the Discovery booklets at our own expense,
the initial batch being grant-funded, since these are so popular with
younger visitors. We spent funds to make our IT hardware more resilient
and to make sure we benefit from HOPS as a way to make better use of
volunteer time.
Progress in returning catering to profitability was slower than expected and
losses, mainly on prepared food, were £28,000. This is being addressed for
2025.
Total income (consolidated statement of financial activities) was £980,000.
As well as traffic, retail and catering income, this included £12,000 of
grants supporting our community engagement officer, £7,000 in donations
to the appeal for the overhaul of No. 7 and £66,000 to start the No. 2
appeal. We received £59,000 more from the bequests of Charles Fisher,
Roy Laverick and Roger Pattie, and further auction proceeds from the
balance of Peter Hempson's model collection. The railway is most grateful
to the many supporters who have remembered us Èn their wills. Generous
interest rates (50/0) on our deposits with CCLA also helped generate £58,000
in investment income.
15

Note 3 shows the railway's operation and preservation costs. In addition to
the main capital projects capitalised separately, major project expenditure
relates to building inspections in preparation for capital projects and the
civil engineering winter trackwork. The external track costs in 2024 were
modest, as the larger spend items will come in February 2025 with the
work at Golfa.
Administrative costs {Note 6) detail the expenditure on operating the
railway, on W&L Sales, trading activities and on membership and
governance costs. Staff costs in railway operation reflect the addition of the
community engagement officer. W&L Sales includes our catering manager
and the casual staff engaged for the tearoom and mobile catering unit,
when open. Electricity usage is under investigation as it has increased
across the Llanfair site, notably in the workshop and catering, and 2024
contract prices did not reduce as much as we had hoped.
The CCLA investments (Notes 7 and 131 delivered £8,000 in dividends and
a valuation gain of £12,00012023 £18,000 gain). £30,000 has been added
to cover the board's updated estimate of the buffer needed against
unforeseen adverse events. The 2020/202 1 pandemic showed the benefit
of such a reserve.
Our consolidated statement of financial activities follows the format
required of all charities. Note 25 summarises the income and costs for our
different activities in a management accounts format. 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. Donations and legacies received in
2024 contributed £166,000 that can be applied to the priorities within the
business plan and as the match funding usually required for grants.
Capital expenditure in 2024 was £89,000. In heritage r￿ed assets this was
work on No. 8 and the lining of No. 10. In other r￿ed assets, it was work
on creating new offices in the industrial units, DL-34 modifications, the
mess coach and ex-RNAD van 2 13, the new air compressor and catering
equipment. £2 12,000 of spend for 2025 has already been committed.
Restricted funds
The charity has accepted donations and legacies for restricted funds only
when the aims of the fund fit within its overall objectives.
Existing restricted funds for No.2, No.7, No. 8, other diesels and viaduct
protection are planned to be used in the coming years. The 2020 Appeal,
Connections displays and carriage improvements are awaiting approval of
suitable projects. Funds for the restoration of locomotives No. 14, No. 6
Monarch, the Wickham trolIey and heritage wagons are for longer term
projects.
16

Designated funds
Designated funds include £2 12,000 contractually committed for future
capital expenditure and a fund earmarked for fitting out and displays as
our interpretation centre plans evolve.
Reserves polley
At the year end, the charity faces four months with little income but with
expenditure running higher than normal. This is when major work is
undertaken on civil and mechanical engineering, refurbishments, capital
items, and when W&L Sales restocks the shops and tearoom.
Reserves, in the form of freely available funds, are 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
months, unrestricted fund expenditure, plus any approved capital
expenditure not already received in the form of a restricted fund, as an
appropriate level of seasonal reserve. This is calculated to be £1,070,000.
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
Cornmission guidelines bearing in mind the railway's risk management,
the overall condition of the infrastructure and the level of insurance cover
we purchase. The trustees consider £310,000 to be an appropriate
additional reserve. Adding these two figures, reserves of £1,380,000 were
required at 31st December 2024. whilst actual investments, cash and
working capital available stood at £1,490,000.
Investment policy
The charity's Memorandum of Association gives the trustees discretion in
the investment of funds. The trustees consider that investments in CCLA
Investment Management's funds, designed specifically for charities, offer
appropriate investment vehicles. The short-term reserves are invested in a
deposit fund, which has consistently provided a better return than a
commercial bank or building society. Longer-term funds are invested in the
investment fund, which is an ethical fund.
The investment managers remain positive on the medium- and long-term
prospects for equities with their investments spread across regions and
sectors to help manage risk.
THE FUTURE
2024 continued in presenting the company with the challenge of attracting
sufficient volunteers and in consequence a further reduced timetable was
instigated. This resulted in a further increase in income from a reduced
17

number of trains. This operating model has therefore been carried over
largely unchanged into 2025.
The current business plan was published in May 2023 and is serving us
well. It will be updated in 2026. The major strategies that had been agreed
have been re-examined through an external advisor. In December we were
awarded a substantial grant to refurbish the Colinette building to secure it
for future use.
An external safety audit will be completed early in 2025, and the Safety
Management Team will add impetus to addressing the audit
recommendations.
The commercial challenges of 2024 will continue throughout 2025 but
should be mitigated by our progression to the 'new normal, operating
environment. Planning for 2025 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. The range
of events which have been trialled over the past few years has been
reviewed to focus on those which offer the best return and attract our core
visitors. We will consolidate the range of offerings that were available in
2024, including in on-train catering, as we move to bring catering back
into profit. The lessons learned from the last four years and considerable
visitor and volunteer feedback will be built on in 2025 as we push towards
increased operational income and contributions to the charity.
During 2025 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 even improve, the appearance
of the railway to ensure it remains attractive to visitors will continue. The
condition of buildings and significant infrastructure and their maintenance
will be 2025 priorities.
There will be an increased focus on volunteer recruitment and retention as
this has now become critical to the future of the company. This will involve
a more targeted initiative to campaign to fill volunteer posts and ensure an
efficient training process.
The charity remains extremely grateful for legacies and donations received
over past years. Where an indication of possible use for such finances has
been given, consideration will be given to accede to those wishes. It must
be stressed however, that unrestricted legacies and donations give the
railway consi
rably more flexibility of purpose in these difficult financial
times.
Steve Clews
Chairnian
22 March 2025
18

Independent Financial Examiner's report to the Trustees of
Welshpool & Llanfair Light Railway Preservation Co. Ltd.
I report to the charity Trustees on my examination of the accounts of the
Charitable Company for the year ended 31 December 2024.
Responsibilitles and basis of report
As the Trustees of the Charitable Company (and its directors for the
purposes of company law) you are responsible for the preparation of the
accounts in accordance with the requirements of the Companies Act 2006
I'the 2006 Act'l.
Having satisfied rnyself that the accounts of the Charitable Company are
not required to be audited under Part 16 of the 2006 Act and are eligible
for independent examination, I report in respect of my examination of the
Charitable Company's accounts carried out under section 145 of the
Charities Act 20 11 ('the 20 1 l Act,). In carrying out my examination I have
followed the Directions given by the Charity Commission under section
145151(bl of the 2011 Act.
Independent examiner's statement
Since the Charitable Company's gross income exceeded £230,000 your
examiner must be a member of a body listed in section 14D of the 2011
Act. I confirm that I am qualified to undertake the examination because I
am a member of ICAEW, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to
my attention in connection with the examination giving me cause to
believe:
accounting records were not kept in respect of the Charitable
Company as required by section 386 of the 2006 Act. or
the accounts do not accord with those records. or
the accounts do not comply with the accounting requirernents of
section 396 of the 2006 Act other than any requireTnent that the
accounts give a 'true and fair, view which is not a matter considered
as part of an independent examination" or
the accounts have not been prepared in accordance with the
methods and principles of the Statement of Recommended
Practice for accounting and reporting by charities
19

I have no concerns and have come across no other matters in connection
with the examination to which attention should be drawn in this report in
order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Charitable Company's Trustees, as a body,
in accordance with Part 4 of the Charities (Accounts and Reports)
Regulations 2008. My work has been undertaken so that I might state to
the Charitable Company's Trustees those matters l arn required to state to
them in an Independent examiner's report and for no other purpose. To the
fullest extent permitted by law, I do not accept or assume responsibility to
anyone other than the Charitable Company and the Charitable Company's
Trustees as a body, for my work or for this report.
Signed:
Dated..
John Fletcher BA IHons} FCA
WR Partners
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG
20

CoDsolidated statement of financial activities
for the year ended 3 1 December 2024
(incorporating the income and expenditure account)
UnrestrlctÈd
funds
Restricted
funds
TotaI
2024
Total
2023
Income from..
Note
Voluntary income
Donation5, legacies, and grants
123.603
78.102
201,705
204.887
ChGritable activities
Railway operdtion and preSen￿tIOn
434,302
434,302
445,680
Membership subscriptions
26,787
26.787
23.367
Other trading activities
Comrnercial trading operdtions
258,899
258,899
242,544
Investment income
47.831
10.504
58,33S
51,810
Total income
891,422
88,606
980.028
968,288
Expenditure on:
Charitable activsties
Railway operation and preservation
worlung
Railway operation and preservation
projects
Membership and governance
expenses
582.122
2.252
584,374
564.662
227,085
2.606
229,691
233,023
20,998
20,998
22,375
Other tmdin9 QCtivEties
Commercial trdding operations
260,645
260,645
256,448
Total expenditure
1.090,850
4,858
1,095,70
1,076,508
Net gain/[loss) on investments
13
12,000
12,000
18.000
Net income/(expenditure)
for the year
Gr05S transfers between ￿ndS
[187.428)
83,748
(103,680]
[90,220)
20
Net movement In funds forthe
year
(187.428)
63,748
[103,680)
[90,220)
ReconciliGtIDn offvnds..
Total funds brought forward
2.846,798
252.61S
3,099,41
3,189,633
Total funds carried forward
2,659,370
336.363
Z.995,73
3,099,413
The above results ure ull derivedfrom continuing accivities. Allgains and losses recognised in the pertod are included
obove. The surplus/(deficitJfor theyeurfor Cornp(EniesActpurposes comprises the net iThcomefor theyear including
theg(Ein on the rev(Tluation of the investments and omotlnts to o loss of£(103.68QJ,f2023 £90,22010ssJ.
21

Consolidated and charlty balance sheets
as at 31 December 2024
Group
Charlty
2024
Company Registration
No.00646238
2023
2024
2023
Fixed assets
Note
Heritage fixed assets
li
80Z,949
874,253
802.949
874,253
Other tangible fixed
assers
12
647,007
672,497
647,007
672,497
Investments
13
316,000
274,000
346,000
304,000
1.765.956
IA20,750
1,795,956
1,850,750
Current assets
Stocks
14
112,400
ioi,ioo
7.S(MJ
73,000
Debtors
15
104.587
107,680
120,950
132,145
COIF deposit account
920218
1,033,8H
920,218
1,033,844.
Bank accounts and cash
balances
16
207,50Z
177.122
201,689
164,661
1344,707
1.419.746
1.330,357
1,403,650
Creditors: amaunts falling due within one year
Trade creditors
44.451
49.884
44,451
49084
Other creditors including
tax and sacial security
17
3,251
4,696
3,251
4.696
Accruals and deferred
income
18
31,892
53,642
31,892
53,642
79.594
108,222
79,594
108,222
Net current assets
L265,113
1,311,524
1,250,763
1,29.1,428
Creditors: amounrs
talling due after more
than one year
18
35,336
32061
35,336
32B61
Total net assets
2,995.733
3,099,413
3,011383
3,113,317
The fvnds ofthe charlty..
Unrestricred Funds
2,39L798
Z,793,363
2,407,448
2,807,267
Designated Fund.$
267,572
S3,435
267,5T2
53,433
Total unrestricted Funds
19
2.659,370
2,846,798
2,675,020
2,860,7U2
Restricted income fut]ds
20
336,363
252,615
336.363
252,61)
Total funding
provided
2.995,733
3,099,413
3,011,383
3,113,317
The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The Tnernbers liave JiDt required ihe entily to obtain an audit fDr the year in question in accoi-dance with sectlDn 476 of the
Companies Act 2006.
No audit is required in accordance with section 144 of the Chariiies Acr 2011.
The trustee5 acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting. The
trustee5 acknowledge their responsibilities for complying with the requiretnents of the Act with respect to account2ng record5
and preparation ol financial statements.
The financial statements have been prepared in accordance with the provision5 applicable to entities subjeci to rhe small
companies regime,
The financial statement
ere approved and authorised for issue by the trustees on 22 March Z025 and signed on their behalf.
Steve C
s (Chairman of the Trustees)
lain McLean (Vice Chairman)
22

Consolidated cash flow statement
for the year ended 3 1 December 2024
Z024
2023
Note
Net cash provided by/(used in)
operating activities
23
27,683
Cash flows from investing activities:
Dividends from investments
23
7,799
7,783
Acquisition of heritage and other tangible fixed
assets
(88,728)
(184,400)
12
Disposal of tangible fixed assets
(Acquisition) / divestmeni of investment assets
13
(30,000)
Net cash provided by / (used in)
Anvesting actlvttles
(110,929)
Cash flow from financing activlties:
Finanang activities in year
Net cash provlded by/(used in)
financing activities
Change In cash and cash equivalents
in the year
22
(83,246]
Cash and cash equivalents ar beginning of year
22
1.210.966
Cash and cash equivalents at end of
year
23
1,127.720
23

Notes to the accounts
3 1 December 2024
l. Accountlng pollcles
Welshpool & Llanfair Light Railway Preservation Co Ltd is a limited company domiciled
and incorporated in England and Wales. The re￿stered office is at The Station, Llanfair
Caereinion, Welshpool, Powys, SY2 1 OSF. The cornpany is registered as a charity
(Number 10003781 with the Charity Commission. It is limited by guarantee and
controlled equally by all its members. The company meets the definition of a public
benefit entity under FRSI 02.
la) Basts of preparation
These financial statements have been prepared in accordance with the Statement of
Recommended Practice ISORPI of the Charity Commission (revised 2015), Financial
Reporting Standard IFRSI 102 and the Companies Act 2006, under the historical cost
convention, modified to include financial instruments at fair value where appropriate.
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 material uncertainties about the charitable group's ability to continue
as a going concern. The company therefore continues to adopt the going concern basis
in preparing these financial statements.
Ib) Judgements In applylng accountlng pollcles and key sources of estlmatlon
uncertainty
EstiTnates and judgements are continually evaluated and are based on historical
experience and other factors, including expectations of future events that are believed to
be reasonable under the circumstances.
The cornpany makes estimates and assumptions concerning the future. The resulting
accounting estimates will, by definition, seldom equal the related actual results. In the
opinion of the trustees there are no estimates and assumptions that have a significant
risk of causing a material adjustment to the carrying amounts of assets and liabilities
within the next financial year.
(cl Group financial 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 separate Statement of Financial Activities ISOFAI for the charity itself 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 formats to reflect the special
nature of the charity's activities.
Id) Ineome
(i) Charitable actiuihes
Income from railway fares is included in income in the period in which the relevant
journey takes place.
Subscriptions are brought into income in equal monthly instalments for each length of
membership. Life membership income is spread over twenty years.
(li) Other trading activities
Income from the commercial trading operations of W&L Sales Limited is included in
income in the period in which the sale is made.
lili) Donations, legactes, and grants
These are included in income when the charity is legally entitled to the incorne and the
amount can be quantified with reasonable accuracy.
24

(iu} Intangible incon
The group is heavily dependent on members who give their titne to assist in the activities
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.
lel Expenditure
All expenditure is included on an accruals basis and is recognised when there is a legal
or constructive obligation to pay for the goods or service. Rental 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 incurred. A major repair or
refurbishment, which gives rise to a significant and continuing economic benefit to the
charity by extending the useful life of the asset, is capitalised.
(li) Overhead allocation
Administration and management costs comprise those overhead expenses which, whilst
mainly related to the charitable activities, are not wholly so attributable. The proportion
relating to the organisational management of the charity and its compliance with
constitutional and statutory requirements is shown separately as Governance.
{iii} Pen￿on costs
Retirement benefits for certain employees are funded by defined contributions from the
group. Payments are made to approved pension providers. The group's contributions are
treated as expended in the period in which they become payable.
lfj Tanglble fixed assets and depreelatlon
The railway's f￿ed assets are categorised into Heritage and Other.
Heritage r￿ed assets are land, buildings, pennanent way, locomotives and rolling stock
which are of historical significance in the preservation of the railway or otherwise
integral to the broader objective of educating the public in the history and development
of railway locomotion. Other r￿ed assets are integral to the operation of the railway, but
of lesser historical significance and in some form replaceable.
Acquisitions are made by purchase or donation and assets 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 full working
order are charged to the income and expenditure account when incurred. Subject to the
trustees, approval, the company may dispose of f￿ed assets" though in the case of
heritage r￿ed assets this will only happen in very exceptional circumstances.
The company's policy and programme of maintenance is summarised in the trustees,
report and the company's website has details of its collection of locomotives and rolling
stock and the history of the line.
No depreciation is charged in respect of freehold land. Other assets are depreciated, so
as to write their cost down to estimated residual value. Depreciation is nornially charged
in equal annual instalments over their anticipated useful lives, as follows..
Pennanent way20/.
Site works4 %
Buildings2D/. 3°/0
Locomotives and rolling stock50/.
Plant and equipmentlo % - 20 %
Ig) Investments
Fixed asset investment8 are stated at market value at the balance sheet date. The
statement of financial activities (SOFA) includes the net gains and losses arising on
revaluations and disposals throughout the period.
25

Ihl Stocks
These are stated at the lower of cost or net realisable value, due allowance being made
for obsolete and slow-rnoving items. Donated items are included at estimated cost.
111 Cash and cash equlvalents
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 less, and bank
overdrafts. Any bank overdrafts are shown within borrowings in current liabilities.
(Jl Flnanelal assets and Ilabllltles
The company has elected to apply the provisions of Section I l Fasic Financial
Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its
financial instrurnents. Trade debtors, trade creditors and amounts 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.
{kl Equity instrnments
There were no equity instruments issued in the year.
(11 Fund accounting
Funds held by the charity are either..
Unrestricted fvnds - these are funds which can be used in accordance with the
charitable objects at the discretion of the trustees"
Designated fvnds - these are unrestricted lunds that have been set aside by the trustees
for particular purposes. or
Restricted fvnds - these funds, which 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. The balances of the funds represent the unspent balances.
Im) Contingent Income
The charity sometimes benefits from legacies with payment received over several years.
When further receipt is uncertain, amounts rnay be shown as contingent income.
2. Donations, legacles, and grants
Unrestrlcted
Restrlcted
2024
2023
Gift aided donations
17,317
74,848
92.165
79,496
Other donations
11,762
3,254
15,016
10,200
Legacies
Gift Aid on Fares
58,819
58.819
78,729
23,486
23,486
28,615
Grants- Powys Council
Grant5- Welsh Govt
7,328
12,219
12,219
519
Total 2024
123,603
78,102
201,705
204.887
Thtal 2023
118,564
86,3Z3
204.887
26

3. Railway operation and preservation
2024
2023
Turnover
Note
Fares
427,087
Keyse Cottage receipts
3,843
3,824
Solar panels and EV charging
income
1.605
4,4ZO
Sale of surplus Tnaterials and
parking
1.767
1,805
Other operating income
7,215
Income from railway operdtion
and preservation
434.302
Working expenses
Fuel
51,468
62.736
Repairs and maintenance..
Mechanical engineering
45,080
51.606
Civil engineering
43,783
42,675
Costs for special trnins & events
37,734
45,655
Loco hire fees
11,346
15.169
Keyse Cottage running expenses
2,219
2.035
Administration and management
costs
392.744
344,786
Total working expenses of railway operation
and preservation
584.374
Mafror project expenditure
Mechanical engineering
8.500
Civil engineering
44,169
22,639
Depreciation
1112
18S.522
201,884
[Gain)Iloss on disposal
Total major project Spend on railw3y operdtion
and preservation
229,691
Net cost of Tailway operation and preservation
379.763
27

4. Subsldiary's trading activlties
2024
2023
Note
Income- Shops
68.800
71,042
Income- Catering
190,099
171,502
Income- Consultancy
Total trading income
2S8,899
Less.. ShDPS Cost ofsales
35,812
38,784
Gross margin shops
47.9%
Le5s.' Catering cost of sales
90,944
98,160
Less.. Catering staff costs
109,859
87,617
Net margin after staff - catering
[5.6)%
Less.. Admini5tr3tion and
management costs
24,030
31,887
Total trading expenditure
260,645
Net (loss)/profit For the year
(1,746]
Subsidiary's balance sheet at year-end
2024
2023
Current assers -other
30.713
40,561
Curreni (liabiliues) other
Current assets / [liabilities}
with parent company
inter-company balance
[16,363)
124.465)
Net assets
14,350
16,096
W&L Sales Limited is o 100% ownedkubsidiary, with £30,000 share copitol.
5. Membership and governance expenses
Note
2024
2023
The Llanfair Railwaylournal
11,904
IZ,982
Membership expenses
4,93S
5,659
Governance costs
4.159
3.734
20,998
22,375
28

6. Adminlstratlon and management costs
Railway
operniion &
presemtion
Commercial
adlng W&L
Sales Ltd
Membership
and
governance
Trtal 2024
Total 2023
Establishment
Rent. raies. water and
insurance
40.385
40,385
t¥I,804
Electricity and heating
39,807
39.807
25,320
Equipment rental and
maintenance
7,7S3
7.753
5.340
Cleaning and hygiene
5upplie5
13,562
13.S6Z
13,634
Rent charged to trading
120,030}
20.030
81,477
20.030
101,507
86.098
Selling
Advertising and publicity
32.648
32,648
26,283
Administratlve
Stsff costs (Note 9)
199,8Z8
109,859
309,687
287.130
Trdvelling
1,879
1.879
1.422
External iraining
4,647
4,647
3.130
Telephone and radio
4,599
4,599
4.671
P05tage, stationery, and IT
costs
20,699
20,699
6.872
Independent audit/
examination fees
1.500
1,500
1.500
Accountancy fees
19.345
19,345
19,265
General expenses
8,835
7,594
16.429
13.130
Admin recharge to trading
[4,000)
4,000
255,832
113.8S9
9,094
378,785
337,120
Financial
Bank charges and booking
processing costs
22,787
22,787
24.182
2024 Total
392,744
133,889
9.094
535,727
473,683
2023
344,786
119,504
9.393
473,683
29

7. Investment income
20Z4
2023
CCLA Charity Investment Funds..
Investment fund shares
7,799
7.783
CCLA Deposit Fund
50,174
44,027
Interest
Interest on tsx
362
58,33S
51.810
Of which.. restricted
10,504
7,404
unrestr1c￿d
47,831
44,406
8. Taxatlon
No liability arises to corporation tax for the financial period by reason of the
company's charitable status and the donation by ￿ft aid of its net profits by
the subsidiary. There is no deferred taxation to be recognised.
9. Informatlon regarding trustees/directors and employees
2024
2023
((rJ Stofftosts during Èhe p8riod
were..
Wages and salaries
284,017
261,791
Social security costs
14,136
14,411
Other pension costs
11,534
10,928
309,687
287,130
No member Df staff received emoluments in excess of £60,000 [2023.. NII). Key managetRent received emoluments
of £47,500 {2023 £48,710). Tn addition to its Paid staff, the charity benefits from the substantial efforts ol over 220
working volunteer5.
[bJ A veroge number ofpersons employed
Number2024
Number 2023
Charity [lull time equivalent)
Subsidiary Ifull time equi￿lent)
li
io
The group etnployed 2612023 23) difterent employees during the year.
[cJ Trustees
As a charity, the cornpany is precluded Irom providing any emoluments for its tru5teesldirectors and the Articles of
Association of the subsidiary contain a similar provision.
Trustees received £217 as reitnbursetnent of travel expenses [2023.. ENil).
30

10. Related party transactlons
There were no related party transactions in the year. Of the trustees, Steve Clews
is a director of Oswestry and Borderlands Tourism Ltd, Shropshire Union Canal
Society, the Heritage Railway Association and the Heritage Rail Charitable Trust.
Robert Robinson is town clerk to Llanfair Town Council. Helen Ashby is chair of
the Friends of Sierra Leone National Railway Museum. Andrew Charman is chair
of Cloverlands Museum and editor of Narrow Gauge World. These trustees have
recused themselves from any discussions or decisions on topics that may have
given rise to a conflict of interest. Trnstees, as well as being volunteers, are also
among the many financial donors to the railway.
I l. Heritage r￿ed assets: group and charlty
Freehold land,
slts works,
buildings. and
pernixnent
way
Locomotlves
and rolling
stock
Other
plantand
equipment
Total
Cost
At 31 December 2023
596,266
1.501,979
12,507
2.110,752
Additions
4.284
4.284
CDisposals)
At 31 December 2024
596.266
1,506.263
12,507
2.IIS,036
Depreciation
At 31 December 2023
439,463
784.529
12,507
1,236,499
Charges for the period
13,661
61,927
75,588
[DisposalsJ
At 31 December 20Z4
453,124
846,456
12.507
1,312.087
Net book amount
31 December 2024
143,142
659,807
NIL
802,949
3 1 December 2023
156,803
717,450
NIL
874,253
There was nc capital expenditure contracted for at the period end (2023.. Nil).
Five-year summary of heritage fixed asset transactions:
Year
Year
Purchases
Major Items
2020
190,183
No. Iosir
Drgfaldwyn
No. l The Earl
2021
144,619
No. 10 Sir
Drefaldwyn
No. l The Earl
2022
77,342
No. 105ir
Dre[aldwyn
Sierra Leone
orrioge 1066
2023
101,878
Bowater wogons 610 631
Sierro Leone corriuge 1066
Mo. 10 Sir Drefaldwyn
Dougol
2024
4,284
31

12. Other tangible fixed assets: group and charlty
Freehold land, slte work5,
bulldlngs & permanent way
Locornotlves
& rolling stock
Other plant &
equipment
Cost
At 31 December 2023
878,624
501,960
411,644
Addition5
4.710
59,968
19,766
(Disposals)
182.6391
{2,167)
At 31 December 2024
883,334
479,289
429,Z43
Depreciation
At 31 December 2023
501,993
352,683
265.055
Charge for the period
13,194
46,873
49,867
IDisposalsl
(82,6391
12,1671
At 31 December 2024
515,187
316,917
312.755
Net book amount
31 December 2024
368,147
16Z,372
116.488
31 December 20Z3
376.631
149,277
146.589
There was £2 12.000 of capital expenditure contracted for at the period end [2023.. £24.000).
13. Investments
COIF charlty ￿ndS
Group
Charity
2024
Number
Z024
2023
IIivEStment Fund 5hare5
At I lanuary
14,119
Z74,000
256,000
274.000
atrnarkeivalve
Purchases
1,499
30,000
30,000
Gain/[lossl on investment
12,000
18,000
12.000
At 31 Decernber
al ￿Arket￿81￿¢
15,618
316,000
274,000
316,000
Shares in subsldlary
At 31 December atcost
30.000
30.000
316,000
274,000
346,000
Historic c05t
ar31 Dorember
177,000
147,000
Z07,000
The investment Iri the subsidiary represents the whole of rhe issued share capital, comprising ordinary
shares, ofW&L Sales Ltd (company number 030372351. W&L Sale5 Ltd carries OTI the commercial trading
activities of the group through shops and refreshment taeilities at station5 and away from the line and
donates its entire ner profit w the parent company by Gift Aid. The total OF its capital and reserves is
£14,350 (2023.. £16,096}. Further details on W&L Sales Ltd are shown in Note 4.
32

14. Stocks
Group
Charity
Z024
2023
2024
Stores
87,500
73.000
87,500
Goods for resale
24,900
28.100
112,400
ioi.ioo
87,500
15. Debtors
Group
Charity
2024
2023
2024
Trade debtors
19,785
17,440
19.785
Prepaytnents and accrued
income
32,300
42,725
32,300
VAT
11,298
12,726
11,298
Gift Aid recoverable
41,204
34,789
41,204
Amounr due from subsidiary
company
16,363
104,587
107,680
IZO,950
16. Bank overdraft
The group has overdrdlt facilities of £Nil (2023- £Nil).
17. Other creditors Includlng tax and soelal securlty
Group
Charity
2024
2024
2023
PAYE
3,251
4,696
3,251
3,251
4.696
3.251
18. ACc￿￿lS and deferred Income
Gmup
Charity
2024
2023
2024
Subscription5 in advance
55428
50,603
SS428
Les5.' falling due after more than
one year
(35,336)
[32,861J
(35.366)
Z0092
17.742
20092
Accruals and deferred income
11.800
35,900
11.800
31.892
53,642
31,892
33

19. Unrestricted funds
Balances
31 Dec
2023
Income
IExpenditsre)
Tran5fers/
revaluation
Balances
31Dec
2024
F￿e reserves
1,246,613
889,285
(994,OS6)
(200,000)
941,842
Reserves Used byNetFixed
A55ets
1,546,750
(96,794)
1.449,956
Totolgeneralfynds
2,793,363
889.385
(1,090,850)
{200,000)
2,391,798
Designotedfunds-future cGpitol pmjects
Museurr]Jlnterpretation
Cenrre
53,435
2,137
55,572
Capital coTnrnitrnent5
212,000
212,000
Total designated funds
53,435
Z.137
212,000
Z67,572
Total unrestricred funds
2,846,798
891.42Z
(1,090,850)
12,000
2.6S9,370
M17ny donations and legacierfund the purchG5e offixed assets, which are then deprecEated overfutureyeors. At 31 December2024,
£1,223,721 [2023.. EI,250,151J ofgenerolfvnds represents reserves that WEII match tuture depreciatton of ¢he ossets bDusht with
those donotion5 Gnd lesaci£%.
20. Restrlcted funds
Balances
31 Dec 2023
Income
(Expendlturel
Transfer
frotnlliol
uftresrricied
fund5
Balances
31De¢
2024
Restoraiion of
No,6 Monarch
7,289
292
7,581
Restoration Of No.14
29,333
1.303
30,636
Resioraiion of No. 8 Dougal
2,442
878
12,6061
714
Restoration of No. 2 The
Counte55
65,858
65,858
Zillertal carriages
maintenance
2,252
(2.252)
Carriage improvement fund
38,210
4.221
42.431
Heritage wagon lund
4,269
171
4,440
Overhaul OF No. 7
Chottgnde
88,324
10.809
99.133
Diesel maintenance
5,838
233
6,071
Wickham Trolley
547
547
Viaduct and bridges
protection
23.435
937
24,372
Connection5 di5play5
1,308
1,308
2020 appeal
51,223
2.049
53.272
252.615
88.606
14,858)
34
336,363

2 1. Analysts of group net assets by fund
Unrestrlcted
funds
Restritted
Total
funds
31 Dec2024
Tangible heritage and other fixed assets
1,449,956
1,449,956
Investments
272,796
43,204
316,000
Net current assets
971,954
293.159
1,265,113
Long term liabilities
[35,3361
(35,336)
2.659.370
336.363
2,995,733
22. Analysls of changes in net funds
At
31 Dec
2023
Cash flows
At
31 Dec
2024
Bank and cash balances
177,122
30,380
Z07,502
COIF Deposit account
1,033,844
C113,626)
920,218
1,210,966
(83.246)
1,127.720
23. Net eashllow from operatlng actlvltles
2024
2023
Net income/lexpenditure] per
Statemenr oFFinancial Activities
(103.680)
[90,220)
Adjust For non-ca5h items..
Depreciation
185,522
201,884
Net [gain)/loss on investments
(12,000)
[18.000]
Adjust lor working capital changes..
(Increase)/decrease in stocks
(11.300)
3.000
(Increase)/decrease in debtors
3.093
71,793
(Decrease)lincrease in creditors
[26.153)
41,009
Adjust for dividend5 received..
(shown Separately in Cashflow)
[7,799)
(7,783]
27,683
201,683
35

24. Statement of financial aetlvities:
Prioryear comparisons by fund type
Unrestricted
funds
Restrltted
funds
Total 2023
Income from:
Voluntary income
Legacies and donations
118,564
86,323
204.887
Charitable octivities
Railway operation and preserv3tion
445,680
445.680
Membership subscriptions
23.367
23.367
Qther Iroding octsviÈies
Commercial trading operations
Z42.544
242,544
Investment income
44.406
7,404
51,810
Total income
874,561
93,727
968,288
Expenditure on.
Raisin9fvnds
Choritllble uctivEties
Railway operation and preservation-
working
563,062
1,600
564.662
Railway operation and preservation-
projects
200,298
32,72S
233,023
Membership and governance expenses
22.375
22.375
Other tradins octivities
Commercial trading operation5
256.448
256,448
Total expenditure
1,042,183
34,325
1,076,508
Net gain/(loss) on investtnents
18,000
18,000
Net income/(expendlture) for the
year
[149,622)
59,402
[90,220)
36

25. Managenient accounts summary financials by activlty
Railway
operation
and
preservation
W&L
Sales
.Retail &
catering
Appeals &
Investment
income
Membershs
pand
governance
ZOZ4
2023
Income from daily
operating 2rtivities
434.302
258.899
58,335
26.787
778,323
763,401
Gift Aid on tares
23,486
23,486
28.615
Donations- earniarked
to running cost itetRs
3.750
Grants for running
costs.. local engaEemertl
/audtence research
12.2 19
12,219
7.847
Daily operating [costs)
[584,3741 (260,645)
120,9981
(866,017]
[843,48S]
Net income.. Daily
operations
[114,367)
[1,746)
58,335
5.789
(51,989)
(39,8721
Long terni income
Donations, Legacies, Grdnts (excluding items
above to ¢ovÈr daily opeTating ¢ostsl
166,000
166,000
164.675
ILDSS)IGains on investments
12,000
12,000
18,000
Long term projert expendlfyre
Major proleet lspendl
144,169)
(44.169)
[31.139)
(Depreciation)
(185,522)
(185.522)
[201.8841
Net IDcomel
(expenditure) by
activlty
[344,058]
11.746]
236,335
5.789
[103,680)
(90,220)
37