REGISTERED COMPANY NUMBER: 03040336 (Ei llglnnd Wale8) GISTERED CIIARITY NUMBEIL. 1046614 REPORT FTHETR MEN FOR THE YEAR ENDED 31sr DECEMBER 2 FOR LL4NGOLLEN RAILWAY TRUST LIIrIED M. D. Coxey w]d Co. Limited Chartered AccoUntltS and Stamtory Auditors 25 Grosvenor Road Wrcxliam LLII IBT
GOLLEN RAILWAY TR CONfENfs OF THE FINANCIAL TATE FOR THE YEAR ENDED 31STDECEIKfftER 2024 Page Rcport of the TTU5tee5 Slaternent of Trnstees, Responsibilitieg Report of the Independent Auditors 8 10 11 Statan¢nt of Financial Activities 12 Balance Sheet 13 Casb Flow Statem¢nt 14 Notes to the Casli Flow Statement 15 Not¢5 to the Financial Statements 16 to 26 Dda11 Stat¢m¢nt of Financial Activities 27 to 28
LLANGOLLEN RAIL AY LIMITED REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31ST DECEMBER 2024 The ttues who are also direclors of the charity foi, th¢ purpose of the Companies 2006) pr¢$¢nt theii. report with the financial gtatem&ils of the charity for the year ended 31st December 2024. This report has been prepared in accoi'dance with the small cornpany I'egirne of the Companies Act 2006. The trusÉ¢es have adopted the provisions of the Statement of Recommend Practice {SORP) Accounting &nd reporting by Charities 2011. The trustees l]av¢ ¢oinpli¢d with the duty in scclion 17(5) of the 2011 Chariti¢s A¢1. OWEcfivEs AND ACTivrriEs Objectives and aims Th¢ obj¢dive5 of the cbarity remain the sam4 being to support the rest.tion, preservation and operation of the Llangollen RaiLway for the E¢nefit of th¢ publi¢. This 15 achieved by m¢an8 of ¢ducatioll, particularly related to engineeriiig and the history of railways locally & natioi)ally, in the natural environm¢iJt of th¢ Dee Valley which conlrli )ules to heath and wellbeing. The illain objwtives for the year are:. - The manag¢ment, maintenance and rcstoration of a heritage rdilway. ~ The eiicouragemenl of volunteer actlvity in supFrf)rt of the abDve aims. - The preservation of heritage skills. - Prescrving the railway and its history for the public in an immersive, infomiative, educationd style. - Expanding meMbebip of the rnilway, - tlic conlinucd improvement of our governance alld accoun¢ability, Publi¢ benefit The Llangolleii Railway has a very high profile both l(Kally and nationally and its iiileraction with ih¢ public is vital. Tlie public and the towns of LIgolIen &nd Convell benefit enonnougly by tbe railway's pmsence ag a tourism, leisure, transport and educatioiial facility. The line first q)ened in the 18605 and is Oated to 21st centhry standards in a way that in addition ID being education allows a fun and safe experien¢G knowing that parti¢ipatioii is helping to presenre real history for th¢ firture. Tb¢ Railway is opcn to all, ¢ithcr on a vi5iloT level ffl. a5 an opportunity to volunteer as a wotting member. Everyone is welcome" has always been a coillerstone of th¢ Railwdy'5 phi1050phy and since restoration started over forty years ago it bas provided ali ¢nlianGillg experi¢nG¢ for innumerable people locally, nationally and intcrnationally. The Railway hag a very significant effect on the lo¢al economy both in the ernployment it provides and also the number of visitor5 it attrncts to the Dee Valley aiidNorth East Wales, Statement of compllHnce Th¢ trustees have referred to the Charity Commission's general guidance on public InefIt when reviewing the 2024 activities and inaking plans for future periods, and klicvc that they have cornplied with their duty to have due Tegard lo this guidance, Volunteers Volunteers represent a considerable human resource contribution to the operntioii of our Herit&ge Railway, throughout all of the operational, engineering, commercial and ¢ustom¢r focussing depai'Lrnents. This inevitably serves as an intrinsic component of a viabl¢ and sustainable business. ThiDugh a volullte¢r fram¢work aiid policy of engagemenL induGtion, trainin& and ongoing supervision, volunt¢¢rs are integrated within the smaLI employ¢e to ensure tlie Railway can deliveA' its charitable purpose being the primary custodian of a hetitag¢ railway, whiGh centi'es on the inta'pretation and pr¢s¢ation of an industrial heritage attrdction for public beiiefit. The project therefore contributes to wider ¢onimunity identity, whilst serving as an additional e¢onomic drivcr for the wider local and regioiial tourism and business sectors. The Railway currently has 380 registered volunteer4 with approximately 250 volunteers routinely rostering on a weekly basis (during opatIonal periods). The volunteer framewot* allows for peopl¢ (many of the older age bkets), to remain active and involved in a project tIL¢y arc ¢nthu5iaslic about, whi15t equlY in the knowldge they are sUPPOrting a charitable cause. Page I
LLANGOLLEN RAILWAY TRUST LIMrfED FOR THE Y£AR ENDED 31ST DECEMBER 2024 STRATEGIC PORT Aclilevementg alld perforjnance Charitable actlvltles We CltInUed our usual programme of special event5 alongside day-to4ay Dp¢tations, We a150 continued to make overdue ImproveentS to our infrastructure and coaching stock. None of this would have been possible without the efforts of a great many volunteers w01ng alongside the paid staff. As ever, we owe a huge debt of gratitude to all Concerned, Counterculture Partn¢rship rq)ort¢d lo the board following their review on governaThw 0ratiOnS and strategic plans for the future. The Shared Prosperity Fund grnnt £375,000 has funded the review above but a]so enabled us to iiivest in volunteer Co-ordinalion and training) th¢ customer exp¢ri¢n¢e, ]d ¢nviroiim¢ntal protection, not least alternatives to burning fossil fuels. Fln4ndal perforniance Ii h&g bc¢n a challenging ycar, Whilst tiGkel salcs were slightly in exc of 2023, sales have not recovered to prfrpandemic levels. Inevitably this impacts on our ability to cov¢r op¢rational c05ts, Cash resources have covered the losg but inevitably these are finite. Outlook A major continuing concern for the TrusL the heritage railway sector generally and numerous other organi5ation5 which rely on volunteers, bcth national and lo¢al, bÈg stnall, is the availability of volunteers. Our null]be remain about 30Yo down and this is reflected across the voluntary sectoi. as a whole. This leads to concerns also for the preservation of heritage skills. We are working with local collegcg, for example, to ty to address this by m¢ans of work experience and apprentishAps, The Cost of living crises remains a major concern in tenns of passfflger numbcr5, costs and itnpact on our voluTrtccrs. The trustees will continue to atst cautiously as regards motive power and discretionary spffld. The enviroJllDent This is also an obvious concern for thc sector alld is being addressed by the Heritage Railway Association as best il can. Whilst it Gan be said Ibal stearn power in the industry coniributes very little to the ov¢rall probl¢m, that particular argument doesn% really sland s¢rutiny. The fa¢t is, tak¢n together witli all tbc other so-c&tLed Minor contributorn, il all adds up lo the big problem the world faces. Thff¢ ar¢ no ¢asy Solutions to th¢ fuel issue currently but greener alternativ£s are being developed and tested. We are working with OUT public sector and third sector paTtners on carbon offs¢t a¢tivitie5. Flnanctal revlew InVestnnt policy and objectlves The n&ture of the trust's funding is sueh that there will never be enough funds to do everything we wish to achieve in terms of lietitage restoration, The Trust continues to depend very heavily on donation4 legacies and grants to cany out larger projects in particular, for example tbe building of Corwen Station, It is the board's policy Éo continu¢ to operate debt-frec witl) the exception of the odd &naLI finance leas¢ whiGh may be expedient. In this regt we have to bear in mind there is a working ¢apital need January to June in partÉ¢ular of approximately £3(NJ,000. Where surplus funds ari8¢ th¢s¢ are invesl¢d in short tsrm interest bearing deposit accounts, Page 2
LLANGOLLEN RA]LWAY TRUST LIMITED REPORT OF THE TRUS FOR THE YEAR ENDED 31 TDE EMBER 2 8TRATEGIC REPORT riinAn¢i41 review Reserves poliey The trustees have consider&1 the level of reserves the ¢hariiy ought to maintain to ffldeavour to cnsure financial viability for the long term. Ideally we would have a capital reserve of £IOO,000 to towards a major cata8trophe or other significant, unforeseeii n¢al, Cash resources do not pennit this curr¢iitly howw¢r ovcr and above workiiig capitaj rcquii'emcnts. The account with Barclays Bank also holds the £30,000 Advance Sales Reserve created in the wake of our experience in the administrntion and eventual liquidation of LlanEollen Railway PLC. Reytrictsd fimds Total Restricted funds 1,138,(K14 R¢stricted Tal1b]e assets Restricted Intangible assets Restl'L¢t¢d debtor Restricted fimds held for thture periods (Bank).. (1,050,598) (16,458) (61,093) 9,855 Unrestri¢t¢d fijnds: Designated funds: 936,681 330,000 Prlnelpal rlsks and untertAlntles Tlie charitabl¢ company's opeTErtions exp05e it to a variety of financial risks including price risk, credit risk. liqutdity risk and Cash flow risk. The charitable company's principal financial instrlunents comprise sterling bank accounts tog¢th¢r with trade debtors and trade creditors that arise directly from operations. Price risk - Pric¢ Tisk 15 lTrged by inonitoring the maTkeL current rates of inflation and costing Products and s'ViCeS in accordance withthe5e factors. Credit risk - Credit risk is mit1g.ed by monitoring and nlla8 the credit limits given to our ¢ustom#rs. Liquidity risk - Liquidity risk 15 managed by matntaining sufticient casb balances for wo18 capital during the first 6 months of th¢ ycar, a balanced mix of iiicomc streams, and managing closely the debtorOcreditors mix. Stock holdings are i'elativety low. Casli 'flow risk Cash flow risk 15 managed through care[ budgeting. our cre41it managem¢nt prncedures and negotiation of payment terms where prncticable. riinancinl wnd risk management objectives and poliel Th¢ trustees r¢vi¢w th¢ risk r¢gisL¢r at least annually and revlew the major risks to which the CoMpY is exposed. Tlie principal risks to Llangollen Ratlway Trust Litnited as at 31st Decembei. 2024 w¢re', - Failure to secure grant fundiiig to fulfil tli¢ OaniSatIOn,5 business plan - Fo. perforn]ance or dissatisfaction with the qUlty of delivery to all of customers . Loss of business-critical staff and volunteers - Cost of living/¢n¢rgy ¢risis impacting custom1 and volunteers Pagc 3
AY TRUST LINIrrED REPORT OF THE TRUSTEES FOR THE YEARENDED 31ST DECEMBER 2024 srRucfuRE, GOVERNANCE AND MANAGEMENr Governing documelll Llangollen Railway Trust Limited is a ¢otnpany limited by guarantee governed by its Memoralldum and Articles of Asso¢iation datd 6th March 1995. It is registered as a charity with tlie Charity comls$I0n, number 1046614. Anyone over the age of 18 can becoine a member of the company, Eacli member agrees lo contribute £1 in tlie event of the ctwity being wound up, GoYernan¢e Revlew Following the externa] i'eview in 2020, Counteiculture Partnership undeitook a furth review in 2024. Whild there re11 more to do, we do have the policies and procedures of a well-rnan&ged 21 st century charity and company of our size. We havc a cle. framework of responsibility to provide leadership and oversitht. A number of advisers in other, I'elated fields joifted the board during the year. Tliey have brought additional breadth and depth lo diseusgion and decision making. Appointment of new trustees As set out in Ibe i¥rticles of Association one third of the trustees rctire by rotatioii each year and shall if they so wish offer themselves for re-ele£Éion. The trustws have the power to CD-OPt such trusterfs) as they see fit, such trnsteels) Co-opted shall be appointed until the following AGM, where they may stand for fonnal appointment. OrganisRtionRI structure The board of trustees, which shall number a minimum of f1. with no maximum numb¢r8, administers the charily. Declslon maklng LRT has a small employed senior ManageMt team (frnsl Manager, Chief Engineer & Ope]ztions Manager). All have experience of Organisational Mmagcment within th¢ chaTitabl¢ and hcritagc scGtor8 sp¢¢ifi¢ ¢0 organisations that have both engillei1]g and publi¢/tourism components. The senior rnanagers oversee a strategic section of 4 principal divisions - Organisation/AdministratLon, Op¢rational, Engir)¢¢ring and Volimt¢¢ring. Fach division incorporates several ¢ads of departnts, within tliem, which serve lo directly oversee each dwartmental plan, which has been ldOr5ed and mandated by the Sen(or Matwtnent Tearn. The Senior Managemeni Team is answerable to the Board of Trustees which through a Framework of ResE)onsibility' outlines deleg&ted authorities to the Matlageell1 tew who in turn will work closely with their wective departnicnts and HOD5, Th¢r¢ is a r¢gular progrdrnm¢ of SP¢GAfi¢ sub-¢onMnitte¢ and full boat71 meetings. Eh department has a plan of activity, be it engineering, interpretation or commercially focued. Each plan incorporates its action4 in ali economic se1, into the Organisation's budget forecasL which 18 directly {dailylweeldy) overgeen by the senior management team, with the BO.d collectively affording 5CTUtiny via subcornrnittee or full board m¢etings. Due to the close communication betw the HODS, the Senior Managonent Team and the Board, it is felt suitable ov¢r8ight is assured and any unexpected situations, requiring sinall or significant decision making are therefo Tobustly addressed. Should additional advice be required to inform internal organisxtAona] d¢¢isioii making, ¢,g voluntcer ma11agemenl or HR inatters (inGludiiig payroll) etc, the Boai'd and mallage¢nt team will work collaboratively witli suitable ext¢mal agencies and seek oplnion. This is exampled with utilising an external FIEi company to support ongoing staffing mattcr5, to workiiig with lik¢-mind¢d volunteerlcharity organisations to develop robust policies and procedui'es. LRT has now developed an organisatioiial strategy which aims to d¢monstr&te a rnatur¢ approach to sustainabillty, whilst appTeciating1¢5son5 learnt froin the past. The strategy is based on the following strncture. - PurySe- Our Charitable Objectiv¢s - Principles - Collaboration, Cornmunicatlo CoJDpliance and Cohesion - Priorities - l. Governanc¢ and Leadership, 2. Commitm¢nt to H'ltage PrcservatlDn, 3. Public Benefit. 4. Financial Resilience, 5. Volunl'eer Experience - Plan8 . purposeful and costed to support each priority. Page 4
LLANGOLLEN RAILWAY TRUST LIMtrED RTOF FOR THE YEAR ENDED 31 ST DECEMBER 2ff24 STRUCTURE, GOVKRNANCE AND MANAGEMEI NT Ittdvctlon tr4llllng of new trustees New twstees undergo a training proc£ss to explain to than their 5tatu¢ory obligations undcr rli&rity and company law, the M¢morandum and Articles of Association, the organisational struGture and decisioii-making process. Trustees a encouraged to attend suitable ¢xl¢rnai events where these will enhance the substance and quality of their rol¢. All trust¢¢s, both existing and newly appM)inted, are required to confirm that they liave itad alld uiiderstood the Charity Commission booklet CC3, The esseiitial trustee, what you need to know, wh&t you need to do Related pRrties Llai)gollen Railway Trust has a w111Y-0wnea subsidiary, being Llangollcn & Convai Railway (Trading) Limited. This company is aith has iwi doirnant for M]Y years. REfiERE( NCE AND ADMINISTiLITIVEI DETAtLS Registered Company Truber 03040336 (England and W&les) Reglstered Charity niunber 1046614 Registered office The Station Abbey Road Llangollen Denb1]Shirt LL20 8SN P J Cole5 (rcsigned 31.12.2024) P H Fre£th (ChainTLan) R J Cir&sey P J Edwards (resigned 08.11.2024) M Theobald P Br¢wer R E Carter (appointed 21.09.2024) Company Setretary R J Creasey Auditors M. D. Coxey and Co. Limited Chart¢red Awuiitallts and Ststutory AuditOTS 25 Grosvenor Road Wrexharn LLII IBT Bankers Balay9 Business Direct Leicester LE87 2BB AUDoRs The auditors, M. D. CoK¢y and CD. Limited, will be proposed for re-appointment at the forthcoming Annual General Meeling. Page 5
LLANGOLLEN IL4ILWAY TRusf LIMrrED FTHETR EES FOR THE YEAR ENDED 3 1ST DECEMBER 2024 Report of the truslees, in¢orporaling a stra¢egtc r¢port, approvd by order of thc EK>ard of trusle&s, as the compaiiy dii'ectors, on 12111 Septenther 2025 and signed Qll the board's behalf by.. R J caSeY- Trustee Page 6
LLAN . RAILWAY TRUST LItTED STATEM8NT OF TRUSTEES, BESPONSIBILITIE FOR THE YEAR ENDED 31ST DECEMBER 2024 The Iruslees (who are also the dir¢¢tors of Ljangollen Railway Ti'ust Limited for th¢ purposes of comp&ny law) a responsible for prep.11]g the Report of the Trustees and the finan¢ial statements in aCCordce with appli¢able law and United Ilingdom Accounting Standards (United Kingdom Geiierally Accepted Accounting PctiCe). Coinpany law r¢quir¢s ihe ts'ustc¢s to prcpwr fin&ncial statements for each financial year which give a tme and fair view of the state of affairs of the clwitable company and of the incoming i'¢sour¢es aiid application of reUeS, including tbe income and expenditure, of the charitable ¢oinpany for that period. In preparing tbose financial slalcment5, the li'ustees are required to s¢l¢¢t suitabl¢ cOUntIng policie5 and then apply them consistently observe the meth(Kls and prlnciples in the Charity SORP. makejudgem¢nts and estimates that ar¢ reasonable aid prudent. state whetlier applicable accounting standards have been followe subject to any material dwartures dis¢lo$ed and explained in Ihe finanGial s¢atth]ents' prepare the financial stal'ements On the going concern basis unless it is inappropriate to presume that the Chitable cotnpany will continue in business. The trustees are responsible for keeping proper accountlllg records which disclose with reasonable accuracy at any time the financial position of the Glwitable company and to enable thein lo ensure that tlie financial statements IP]Y with the Companies A¢t 2006. Th¢y are al80 responsibl¢ for Safeguarding the assets of the charilable compaiiy and hence for taking reasonable steps for the prcvcntion and dcteGtion of fraud and other irr¢gulw'iti¢s, In so far as the trLe¢S are aware., th¢r¢ is no l¢vlI audit infornialiolt oFwliicli the charitable company's auditors are unaware. and th¢ trnslees have taken all Steps that they ougbt to hav¢ taken to inak¢ thcrn5elves aware of any relevaiil audit infolation and to ¢stablish ihat the auditors arc aware of tbat InfOrnll0ll. Page 7
REPORT OF THE INDEPENDENT AUDrroRS TO TIIB LLANGOILEN RAILWAY TRUST LIMITED ERS OF Opinion We have alld1t the financial statements of Llangollen Railway Trust Limited (Ilie 'ChItable cornpany,) for the year ended 31st Decembei. 2024 which coinprise the Statement of Financial Activities, the Balan¢e Sh¢el, the Cash Flow Statemeiit and note8 to the financial statements, including a summary of sigiiifi¢ant a¢¢ounting policies. The financial i'eporting framNvork that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (Ulllted Kingdom Geno711y A¢¢¢pt¢d AoUnting Practice). In our opinion the fIiianeial statements.. give a tme and fail. view of the sl&te of the charitable company's affaiL3 as at 31 st December 2024 and of ils incoming rc50urcc5 and applicatioi) of resDUTces, including its income and expenditui'e, for the year then ended. have been propei'ly pr¢pared in a¢cordanGc willi United Kingdom Generally A¢cepted Accounting Prnctice. and have been prepared in accordance with the requiLetn¢nls of thc Companies Act 2006. Basis for oplnion We condud¢d our audit in accordance with Inlemational stands on Auditing (UIC) (tSAs (UK)) and applicabl¢ law. Our responsibilities under those standards are further dcsGribed in the Auditord responsibilities for the audit of th¢ fil]C1a1 statements section of our report. W¢ are indq)endcnt of the chaJitabl¢ ¢otThpally in accordance with the elliical requirements that are relevant to our audit of tbe financial stat¢mfflts in th¢ UK including tbe FRC'S Ethical Staiidard, and we have thlfilled our other ethickll i'espongibilities in accordance with tbes¢ rquir¢m¢nts, We believe that th¢ audit cvid¢n¢¢ w¢ hav¢ obtained is sufficient and propriate to provide a basis for our cyinioti. Condusi(bns r¢l4ting to going coneern trt auditing the financial staternents, w¢ hav¢ concluded that the I'rustees, use of the going concem basis of accouiiting in the preparatiffli of the financial statements is appropriate. Based on the work we have performed, we have not identified lY material uncertainties relating to events or conditions tliat, individually or collectively, may cast significant doubt oll the charitable company'B ability to continue as a going concem for a period of at l¢ast twclvtt mont115 from when tbe fman¢ial statements arc auth0ri5ed for issue. Oui. responsibilities and the responsibilitieg of the trustets with respect to going ¢on¢¢m arc described in thc relevant secLions of this report. Other inforniatioll The trustees are responsibl¢ for th¢ other infoiTration. The other infornutioii comprises the information included in the AnDu¢il Report, other than the financial staternents and ourR¢port of tbe Independent Auditors thereoii. Our opinion on tlie financial statement5 does not cover tbe other infomiation and, except to the extent otherwise ¢xpli¢i¢ly Stat iii our por( we do not eApifss any form of assurdnce conclusion thereoll. In connection witb oui. audit of the fmanGial stateMrts, oui re4)onsibility is lo read the other illformatioii and, in doing so, consider whether the other infonnalion is materially inconsistent willi the financial statements or knowledge obtained in the audit or otherwise appears to be inaterially misstated, If we id¢ntify such material inconsist¢ncies or apparent material tnisstatements, we arc required to detemine whether this gives rise lo a material rnisstatement in the financial stat¢m¢nts th¢ms¢lvcs, If, based on the work w¢ have rformed, we conclude that there is a material misslthment of this other Infom¢10 w¢ ar¢ r¢quired to ryOTI that fact. W¢ have notliiiig to report in this regard. Oplnlon8 on other matters prescribed by the Companies Act 2(Mh5 In our opinion, based on the work undertaken In the course of the audit: the infom]ation giveii in the Rel of the Tmstees for the financial year for which the fin1claI statements are pryared i8 consistent with the financial sta*menls' and the Rq)ort of th¢ Trusttrs has bc¢n prepared in accOrdlce with applicable legal requirements. Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBE LLANGOLLEN RAILWAY TRUST LIMIfED Matters on JYhl¢h we Rre required to report by exeeptioll In the light of the knowledge and undetstanding of the chw'itable MpanY and its envir)Ment obtailled in the course of Ihe audiL we hav¢ not identified material mi&statemcnts in the Report of the TDJstees. W¢ hav¢ nothing to i'4)ort in tr5pect of the following matters Whe the CDn]panie5 Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not beet] kept or rdurns adequate for our audit have not been rcc¢ived from branches not visited by us" oi, the financial staten¢nls are not in agreanent with the accounting records and return4 or certain dIs¢losu of trustees, i'emuneration specified by law are not made,. or we have not received all tbe infomlalion alld ¢xplanalions wc requii'e for our audit. Responslbllltles of trustees As explained more 1]Y in the Statement of Trustees, Responsibilities, the trustees (who are also the directors of Ibe charitable company for the purposes of company law) are sPOil51b]E for the preparation of the financial statements and for being satisfied thai they give a truc and fair view, and for such internal conti'ol as the twstees detsmiine is necessary to cnable the preparation of financial stateMts that w'e free from material misstatcmenL whcther due to fraud or error, In preparing the financial statements, the trnstees are Ksponsible for ass&8sing the charitable ¢ompany'5 ability to continue &8 a going ¢onccrn, disclosing* as applic&ble, Matte related to going concern and using the goiDg concern basis of a¢Gounting unles5 the trustees either intend to liquidate tb¢ charitable Company or to ccase (yerdtion8, or have no realistic alternative but to do so. Page 9
F THE INDEPENDENf AUDrroRS TO THE MEMBERS OF GOL TR ITED Our respomibilitles for the Audlt of the flnanctsl statements Our objective5 are to obtaiii [O[lab]e assutwice about wl)¢thei' the fill]¢al statements as a whole are fr¢¢ from Tnateri&l misstatement, whether due to fraud or error, and to issue a Report of the Indep¢lldent Audito that includes our opinion. Reasonable assurance 18 a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material Inisstatement when it exists. Misstatements Can arise from fffwd or error and are considered material if, individually or ill the aggregate, they oould r¢asonably be expected to influence the economic decision8 of users taken on the basis of thes6 fLna]i¢ial 5tat¢ments. Our approach to id¢ntifying and assessing ihe risks of mateiial tnisstatement in respect of irregularities, includillg fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement temi collectively liad the appropriate competence, ¢apabilities and ski115 to identify or recognise non-compliance with applicable laws and rcgulations. we identified the laws ld regul10n8 applicable to th¢ ¢ompally through discussions with d1CtOrS and other management we sessed the extent of compliance with the laws and regulations identified above through making enquiri&s of managernent al inspecting legal corresw>ndence' and iden¢ified laws and rrgulations were communicatsl within the audit team regularly and the team remaiiicd alert to lllStan¢cs of non-compliance tbroughout th¢ audit, We assessed the susceptibility of the company's fitwicial statements lo material Misstatllent, including obtaining an understanding of how fraud miglit occur, by.. making enquiries of rnanagement as lo wh¢re they consideird there was susceptibility to fraud, their kllowledge of actu&l, SUSP¢Gted and all¢ged frnud,. and - considering the internal controls in pl to mitigate risks of fraud and non-compliance with laws and iegulations,, To address the risk of fraud tl]rough management bias and override of controls, we.. - perfomied analytical procedures to identify any unusual or unexpected re[lon81]ipS,. - tested jow'nal entries to idltify unusual taCtiOns. a5$¢ed whether judgen]ents and sUMptiOnS mad¢ ill del¢rmining accounting estimates were indicative of potential and - inv¢stigated the rationale behind significant or unusual transactions, T1 are inherent limitations in our audit prilureS desGribed abov¢. Thc mol'e i'¢moved that laws and r¢gulalions a fN)m financial ta¢tiOnS the less likety it l5 that we would becorne aware of non-¢ompli8nce. iiuditing andardS also limil tbe audit procedures requir¢d lo id¢nlify non4omplianc£ with laws and Tegulations to enquiry of the directors and other mmagem¢t)t and th¢ inspection of regulatory and legal cotTespondence, if any. Material misstatements tt)at arise due to frdud can be harder to detect than those that arisg from error as they may iiivolv¢ deliberate coiicealment OT coIIusioii. A rther d¢scription of our re8pon5ibilities for the audit of the financial statements is l(Kated oil the Financial Reporting Council's w¢bsit¢ a¢ www.frc.Drg.uk/auditorsre5ponsibililies. This description foms part of our Rq)Drt of tlLe Indq)endent Auditors. Page 10
T OF THE ]NDEPENDT A S TO THE MEMBERS OF LLANGOLLEN WAY TRUST L Use of our repprt Tbis i'eport is Inade solely tt) the cliaritable company's m¢inb¢rs, a5 a iM)dy, in accordance with Chapttt 3 of Part 16 of the Companies Act 2006. Our audit work has b¢en undertaken 80 that we might State to the ch'itablC compan)Hs MeInbe those matters we are quired to state to thern in an auditors, i'¢port and foi no otber purpos¢, To the fullest extent pennitted by law, we do not accept or assume responsibility to anyone oth. than the charitable company and the ¢haritablc ¢ompany'5 member5 as a body. foi. our audit worK for this i'eport, or ft)i' the opinions we have formed. Joaniic Evans (Senior Statutory Auditor) for and on behalf of M, D, Cox¢y and Co. Limitcd Chartei'ed Ac¢owrtants and Statutory Auditots 25 $v¢nOT Road Wrexharn LLI I IBT 12th Septanber 2025 Page 11
LLANGOLL AY TED STATEMENT OF FINANCIAL AcrivrriES COBPORATING AN INCO[¥ AND EXPENDITURE ACCO END 31ST DECEMBER 2024 31.12.24 Total ftlnds 31.12.23 Total funds Unrestricted nds Restricted fijnd Notcs INCOME AND EI NDOWMENTS FROM Donations and legacies 90,087 288,790 378,877 240,444 Other Iradiltg activities Investmellt income 1,114,625 3.579 1,1 l4,625 3,579 1,082,848 4,254 Total 1,208,291 288,790 1,497,081 1,327,546 EXPENDiTtJRE ON Raising fimds 762,159 270297 1,032,456 902,933 CharltAbie actlvltl4s General costs Fropcrty Gosts 561.320 37,042 26,988 45.869 588J08 82,911 $48,364 129,043 Tot 1,360,521 343,154 1,703,675 1,580J40 NEI T INCOMEI(LXPENDfTURE) (152,230} (54,364) (206,594 > (252,794) RECONCILIATION OF FUNDS Total funds brought forward 1,418,911 1,192,368 2,611,279 2,864,073 'roTAL FUNDS CARRIED FORWARD 1266,681 1,138,004 2,4(M,685 2,611279 The notds form part of these financial statements P¢ 12
LLANGOLLEN RAIL AY BALANCE SHEET 31ST DECEMBER 2024 31.12.24 Total funds 31.1223 Tal funds Unr¢8trided funds Restricted rund Not¢s FtXED ASSETS Intangible assets Tangible assets luvestmenty. 12 13 14 5,6(KJ 1,057997 16,458 1,050,598 22,058 2,108,595 25,358 2,186,532 I,C3,598 1,067,056 2,130,654 22LI,891 CURRE ASSETS Stocks Debt(Trrs Cash at bal and in hand 15 16 23,159 44,506 248,3S6 23,159 105,599 258211 18,575 175,519 483985 61,093 9,855 316,021 70,948 386969 678,079 CREDITORS Amoullts falling due within one year 17 (112938) (112,938) (278,691) NKT CURRENT ASSETS 203,083 70,948 274,031 399388 TOTAL ASSETS LESS CURRENT LKABILITIES 1.266,681 1,138,004 2,404,685 1611,279 NET ASSETS 1,266,681 1,138,004 2,404,685 2,611,279 18 Unre8tri¢tcd funds Restricted thnds. Restricted 1,266,681 1,418.911 1,138,004 1,192,368 TOTAL FlirDs 2,404,685 2,611,279 The financial sements w¢re ap.0Ved by the Board of Tru81ee8 and auth0ri5cd for i5suc on 12th Sq)tember 2025 and were signa on its b¢half by: R J Creas¢y- Trus Tlie notes fomi part of these financial stat¢tn¢nts Page 13
LANGOLLEN RAILWAY TRUST LltvIrrED CASH FLOW STATEMENr FOR THE YEAR ENDED 31sr DECEMBER 2024 31.12.24 31,12.23 Notes Cash floivs from operAting Activities Cash g¢nerat¢d from operations (218,274) 36.497 Net ¢h (used ill}Iprovided by operating activitie8 (218.274) 36,497 Cash flows from investlng #¢tiwitleg Purchase of tangible fixed assets Sale of tangible fixed assets (7,500) (190,806) 1,500 Net cash used in investing activities (7,500) (189,306) Change In cash and cash equivHlents ill the repor11g period Cash and ¢ash equivalents At the beginning of the reporting p¢rlod {225,774) (152,809) 483,985 636,794 CAsh and cash equivalents at the end of the reporling perjod 258,211 483,985 The notes form part of these financial statements Page 14
LLANGOLLEN RAILWAY TRUST LIMITED N(yfES TO THE CASH FLOW STATEMENr FOR THE YR4R ENDED 31 TDE EMBER 2024 RECONCItJATION OF NET EI XPEtNDrruRI TO NET CASH fiLOW FROM OPEI RATING AcrIvrriES 31.12.24 31.12.23 Net expendlthre for the repordng perlDd (as per the StAtement of FlnftnclAI Acdvldes) Adjustments for: Depr¢¢iation charges Loss on disposal of fiK¢d ass¢ts Decrease/{increase) in group debtors (InCrease)IdeWe in stocks Decr¢ase in deb (Decreaseyincreasc in Grcditors (206,594) (252,794) 88,737 90,602 40,241 {348) 18,480 38,651 101,665 3,530 (4,584) 66,390 (165,753) Net caslA (used in)IproTrryded by operattons {218,274) 36,497 ANALYSIS OF CHANGES IN NET FUNDS At 1.1.24 Cash flow At 31.12.24 Net cash Cayh at bank and in hand 483,985 (225,774) 258,211 483,985 (225,774} 258,211 Total 483985 (225,774) 258.211 The notes fomi part of th fin&ncial stat#ments Page 15
LLAN LL TRUS LIMITED NOTE CIAL STATE FOR THE YEAR ENDED 31 ST DECEMBEEi 2024 ACCOUNTING POLICIES Basis of preparing the finttncial 8tatem¢nts The financial statements of the charitable cotnpany, which is a public benefit entity under FRS 102, have be¢n prepared in cOrdanCe with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statetn¢nt of Recommended Practice applicable to cl]ariti&s prepariiig their CoUnt$ in a¢cordaiice with Ihe Financial Rq)orting Standai'd appliGable ii) Ihc UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial RetK)rling Standard applicable in the UK and Rcpublic of Irelandl ]d the Companies Act 2006. The fii]ancial statements have be¢n prepared under the historical cost convention. with the exception of investments which 'e included at market value. The Iru5tees consider that there no terIal uncertainties about the Trust's ability to continue as & going concern. StAtus And prlnclpal Actlvltles Llangollen Railway Thist Litni*d is & company limited by guarantee, incorporated in Eiigland al Wal¢s. Its Registered Office is The Station, Abbey Road, Llangoll¢n, Denbighshii'¢, LL20 8SN, The prtncipal activity of the company is that of the repair and maintenan¢¢ of traL]SPOrt ¢quipm¢nt. FlnanclAI reportlng stRndftrd 102 - rediiced d18closllre exemptlons The chaLilable cotnpany ha5 taken advantage of the following d1105Ure exemptions in prqjaring these financial stat¢ments, &8 p¢rmitted by FRS 102 Th¢ Fillallcial Reporting Standard applicable in Ihc UK and Republic of Ireland,: the requii'ements of paragrapbs 11.42, 11.44, 11.45, 11.47, 11.48{aXiii), 11.4S(a)(iv), 11.48(b) and 11.48(c)' th¢ rcquirements of paragrnphs 12.26, 12.27, 12.29(a), 12,29(b) and 12,29A. SigftificAnt judgemettts and tiMat¢S In the applicatioll of the Company's accouiiting policies, roanagement are required lo tnak¢ judgements, estinTrtes and assumptiong about carrying values of assets and liabilities that are not readily available fro (rtl sources. The estirnats and uiiderlying assumptions are based on historical expienCe and Dllier factors that are consid¢r¢d to be r¢levanl. A¢tual r¢sults may differ from Ihe5c estimates. The key judgem¢nt8 and sources of estimalion un¢¢rtainty that have a 5LgnifiGant effect on tbe amounts recognised in the financial statements described lOw. - Estimated useful lives and sidUEll values of fixed assds.. The oarrying value of fixed assets are reviewed each year end for Indicators of Trnpairnient trigger5. If such triggers exi¢ management would be required to carry out a forn1 in]pairni¢nt review using a disfouiited cash flow mod¢l to det¢rniin¢ th¢ir value in use oll a ¢ash-g¢n¢rating unil basis. The value in use calculation r¢quirGs management to estimate the future cash flows expected to lse from the cash-gen¢rating unit and a sustainable discount rate in order to ca]culate the prcsent va]ue. D¢preciation of tangible fixed assets has been based on estimated use[ lives and residual values deemed appropriate by ¢b¢ dii'ectors. Estimated useful liv¢s and r¢sidual valu¢s arc r¢vi¢wcd annua]ly and revised as appropriatc. Revisions take into account estimated usefill lives used by other companies operating in the 5ectoi' and actual asset lives and residual values, as evidenced by disposals during cutyent and prior ac¢ounting periods. In¢o]nc All inco¢ i¥ wognised in th¢ Stat¢ment of Financtal Activities once tlie charity has eiititlement to the funds, it is probable tl)at the income will be re¢eivuL and the llOUTht can be rneasured reliably. Page 16 continued...
ILANGOLLEN RAILWAY TRUST LIMITED N(yfES T R THE FINAN TEMENfs . continu ED 31ST DECEMBER 2 ACCOUNTING POLICIES- condnued Expendiliire Liabilities are recognised as expenditur¢ as soon as there is a legal OT constructiv¢ obligation coinmitting the ch'Ity to that expenditure, it is probable tl]at a transfei. of ecollomic benefits will b¢ requii'ed in setllern¢nt aiid the amount of the obligation can be measured reliably. Expenditur¢ is aG¢ount¢d for on an accThals basis and has been classified under headings tliat aggregate &ll cost related to the category. Where costg ¢anMot be directly attribut lo particul. headings they have be¢n allocat lo activities on a basis consistent with the us¢ of RalBlng fund8 Costs of generating funds comprise those costs directly attributable to the comm¢r¢ial activities of the Tw8t. Ch&ritRble activities The cosis direclly attributable to th¢ mainta)ancc of tbe railways. Donations to other chM'ities are allocated to charitable activiti¢s. Goodwill Goodwill, being the Ount paid in connecti] with the acquisition of a bu8iness in 2021, is being amortised evenly over its estiinated useful life of ten years. Tanglble fixed a88ets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Land, Buildings and Improvements Plant and machineiy Rolling stock Motor vehicles Computer equipment Th¢ l¢ngth of the lease at varying rdte5 on cost 2/D on cost IOO/o on cost 330/0 on c()st Exp¢iidilure of a capital natur¢ is recognised as an addition to fDo¢d assels, All fixed se15 aTe stated at cost. RelAted party exemption The charitable company has taken advaiilage of exemption, under the terms of Financial Reporting Standth 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland,, not to disclose related party transactions wilh wholly owncd subsidiaiig5 WLthin the group. Stocks Stocks are valued at the lower of cost and net realisable valu¢, after making due allowance frir obs1¢ and slow oving ifrms, Taxatioll The ch'ItY is exempt fn)m CooratIon tsx on its Gliltable activities. ri aceountiiig Unrestricted llds can be used in accordance with the ¢haritabl¢ objectives at the discretion of the tru*ces, Restricted funds caD only be used foi. particular restricted pu0$% within the objects of the charity. Restrictions 15e whe41 specified by the donor or when funds are raised for particular resli'icted puryoses. Further explonation of tbe nature and purpose of each fund is in¢luda in th¢ notes to the fillancial statoments, Hire pUrc1Se and leaslng commltments Rentals p&id undei. operating lease8 are cliarged to the Statetnent of Financial Activities on a straight line basis ov¢r th¢ period of the lease, Page 17 continued...
LLANGOLLEN RAILWAY TRUST LIMrrED NOTES TO THE FINAN ntinued FOR THE YEAR ENDED 31 ST DECEMBER 2024 ACCOULYTING POLICILS - contIned Pension ¢ost$ oth¢r post-retirement benefits The charitable company operates a defined contribution pension sGhcnie. Contributions payable to the charitable company'5 pension SCI are charged to tbe Statement of Financial Activities in the perirKI to which they irlate. Financiol In$tniment$ The foll¢Mving assets liabilitie5 ate classified as fJnancia] ins¢Nmenls . trade debtors and trade creditors. Trade debtors and trade creditors are m¢asured at tbe undiscovnt¢d amount of cash or other ¢onsideration expected to be paid or received. Financial assets are assessed at the end of each rq)orting period for objective evid]ce of impairn]ent. If objediv¢ ¢vid¢n¢e of impainnent is founl ali irnpainnent loss is r¢cognis¢d in profit alld1055. The cliarity's functional and presentational currency is the Pound Steriiiig (£). DONATIONS AND LEGACIES 31.12.24 31.12.23 Total funds Unr¢stri¢t¢d futtds R¢stricled funds funds Donations Gift aid Legacies Grant income 79,755 IOJ32 80,4tM) 10,332 52,755 2,614 52,493 132,582 288,145 288,145 90,087 288,790 378.877 240,444 GrdnL% reGeived, included in the above, are as follows.. 31.12.24 31.12.23 LKvelil up fund Shared PrOsp.Ity DCC Cost of living grant 103,552 29,030 286,145 2,000 288,145 132,582 OTllER TRADING ACTlVtTtEs 31.12.24 Total funds 31.12.23 Tolv41 funds UnrestiicteAI funds Restricted funds Cafe in¢omc Ti¢ket sales Subscriptlons Magazines, raffles ajid looomotive hire Holiday lelling income Other sales 100,432 894,340 20,804 53,000 12,789 33,260 100,432 894,340 20,804 53,000 12,789 33,260 104,(M)2 864,072 20,480 47,453 24,087 22,754 1,114,625 1,114,625 1,082,848 Page 18 Continued...
LLANGOIL RAtL AY TRUST LIMrrED NOTES TO THE FINANCIAL TA FOR THE YEAR ENDED 31 ST DECEMBER 2024 IIyVF3Tl NT INCOM 31.12.24 Total funds 31.12.23 Totsl funds Unrnsti'icted nds Restricted nds Bank int¢rest 3,579 3,579 4,254 RAISING FUNDS Other trAding artivlties 31,l2,24 Total funds 31.12.23 Total nds Uiir¢striGtcd funds Restricted funds Purchases Staff Gost5 Hire of plant and mhinery Bad debts Steaming expenses Holiday letting expenses 221,052 319,466 95,906 3,991 112,856 8,888 14,215 256,082 235,267 575,548 95,906 3,991 112,856 8.888 322,451 414,673 73,403 80,361 12,045 762,159 270,297 1,032,456 902,933 CHARITABLE ACTivfTIES COSTS Support costs (see not¢ 7) Direct Costs Totals General costs Property costs 4,735 583,573 82,911 588,308 82,911 4,735 666,484 671,219 SUPPORT COSTS Management Finan¢e Other Totals Gelleral costs Prop¢rty Costs 367,787 29,137 1,822 213,964 53,774 583,573 82,911 396.924 1,822 267,738 666,484 Page 19 continued.,,
LLANGOLLEN RAILWAY TRUST LllvIfTED ST NTS - continu FOR THE YEAR ENDED 31ST DECEMBER 2024 NLI T INCOMEI(II XPENDrruRE) N¢t incomel{expendItu) is stated after Chargin(Crediti1]g).' 31.12.24 31.12.23 Depr¢¢iAtion- owned assets Hire of plant and macbineiy Deficit on disposal of fixed assets Goo(hvill amortisation Audito remunerntion 85,437 95,906 87,302 73,403 40241 3,300 6,300 3,300 6,615 TRUSTKES, REMUNERATION AND BENEfilTS There were iio trustees, remunerdtion or other benefits foi. the year ended 315t December 2024 nor for the year Ided 3 1st December 2023. Tru8tee8' expense5 Therc were no ti'ustees, expenses paid for th¢ year ended 31st Duember 2024 nor for the year ended 31st December 2023. io. STAFF cogrs 31.12.24 31.12.23 Wages and salaries S<Kial security costs Other pensioii Gosts 528,701 37,842 9,W5 386,650 22,732 5,291 575,548 414,673 Key management wages and saI.1c5 in the year amount to £154,941 The averdge monthly nunlber of employees dui'ing the year was as follows.. 31.12.24 23 31.12.23 20 Administration No employees receiv¢d emolutnents in excess of £60,000. ii. COMPARATIVII S FOR THE STATEMENT OF FINANCIAL ACTlVtTIES Unrestricted fuiids Restricted fund Total nds INCOME AND KNDOWMENfs FROM Donations and legacies 74,312 166,132 240,444 Other trading activities InVtment income 1,082,848 4.254 1,082,848 4,254 To¢aI 1,161,414 166,132 1,327,546 EXPENDITURK ON Raising funds 824.419 78,514 902,933 Page 20 continued..,
LLANGOLLEN RAILWAY TR N(YrEs TO THE FINANCIAL STATEMENTS . Dn FOR THE YEAR ENDED 31 ST DECEMBER 2024 ii. COMPARATIVES FOR THEI STATEMENf OFI FINANCIAL ACTIVITIES . continued Unr¢strithd Restricted funds fund Total funds Charitable activitie5 General costs Property costs 545,864 85,675 2,500 43,368 548,364 129,043 Total L.455,958 124,382 1,580,340 NEI T INCOIIIEI(EXPENDITURE) Tr&nsfers between funds (294,5H ) 730,803 41,750 {730,803) (252,794) Net movement In funds 436,259 (689,053) (252,794) RECONCILIATION OF FtrNDS T(1 funds brouglil foiivard 982,652 1,881,421 2,864,073 TOTAL FUNDS CARIUED FORWARD 1,418,911 1,192,368 2,611,279 12. INTANGIBLE FIXED ASSETS Goodwill COST At 1st January 2024 and 31st D¢¢¢mb¢r 2024 33,000 AMORTISATION At 1st January 2024 Charge for year 7,642 3,300 At 31st Dccffliber 2024 10,942 T BOOK VALUE At 31st December 2024 22,058 At 3151 DecKmber 2023 25,358 Page21 coiitlnued...
LLANGOLLEN RAILWAY TRUST LIMITED in FOR THE R ENDED T DECEMBE 24 13. TANGIBLEI fiIXEI D ASSET6 LanLL Buildiiigs Plant and rnachinery Rolling stock Improv¢ments COST At Is¢ January 2024 Additions lJ93,452 2,500 160,294 1,407,499 5,000 At 31st D¢cernb¢r 2024 lJ95,952 160,294 1,412,499 DEPRECIATION Al 1st January 2024 Charge for year 271,210 34,039 48,367 I4,009 466,524 31,554 Ai 31st December 2024 305,249 62,376 498,078 NET BOOKVALUEI 31st December 2024 1,090,703 97,918 914,421 At 31st DeMber 2023 1,122.242 111.927 940,975 Motor vehicles Cornputer eqLJipm¢llt Totals COST At 1st January 2(Y24 Addilions 3,8(M) 16,530 2,981,575 7,500 A¢ 315t Decemb¢r 2024 3,800 16,530 2,989,075 DEPRECIATION At Isl JanLWy 2024 Chgrge for year 745 380 8,197 5,455 795,043 85,437 At 31st De]ber 2024 1,125 13,652 880,480 NET BOOK VALUE At 3 1st December 2024 2.675 2,878 2,108,595 At 3 1st December 2023 3,055 8,333 2,186,532 Pag¢ 22 continued,,.
LLANGOLIEN RAILWAY TRUST LIMrrED in FOR THE YEAR ENDED 31 T DECEMBEIi 2 24 14. FIXED ASSET INVESTMKNTS Shal'es in group undertakings MARKET VALtIE At 1st January 2024 and 3 1st December 2024 NET BOOK VALU At 3 1st December 2024 At 3 1st December 2023 There w¢r¢ no investment assetg outside the UIL Th¢ ¢ompany's investments at the balance sheet date in the she capital of cornpanies include th¢ fDllowing,' Uangollen & Corwen RAilTVlly (frAding) Limited R¢gist¢r¢d office.. Tbe Station, Abbey Road, Llangollen, Denbigh8hir4 LL20 8SN Nature of business: Hire of locomotives Class of share.. Ordinary liolding loo 31.12.24 31.12.23 Aggrcgaie capital and rdsei'ves Loss for the ye (4,632) (392) (4,240) (420) 15. STOCKS 31.12.24 31.12.23 St(Kks 23,159 18,575 16. DEBTORS: AMOUI¥4TS FALLINC DUE WITHIN ONE YEAR 31.12.24 31.12.23 Tre debtors Arnounts owed by group undertakings VAT Prewdyment5 Emd a¢¢rued income Gift aid 5,472 2,553 3,530 14,674 154,600 162 6,945 88,680 4,502 105,599 175,519 Pag¢ 23 continued...
LLANGOLLEN L4ILWAY TRUST L]MrrED THE FOR THE YEAR ENDED 31ST DECEMBER 2024 17. cREDORS. AMOUI¥4TS IIALLING DUE wrrHIN oriE YICAR 31.12.24 31.12.23 Trade creditors Social security and other taxes Other ¢ditOrS Acci'uals and defeed income 33,448 22,049 8,655 48,786 201,796 20.559 34,028 22 J08 112,938 278,691 18. MOVEMENT IN FUNDS Net movement in funds T1'ansf'S bdween fund8 At 1.1.24 31.12.24 Ullrcstrlctsd fid8 G¢neral fund Designated fund 1,088,911 330,000 (152,230} 200,000 (200.000) 1,136,681 130,000 1,418,911 (152,230) 1,266,681 Restricted funds Restricted 1,192,368 {54,364) 1,138,004 TOTAL FUNDS 2,611,279 (206,594) 2,404,685 Net movcinent in fuiids, iiiclud¢d in the above ar¢ as follows: Inc4ming resouTces Resources expended Movement in funds Unrestricted funds General fund 1,208,291 (1,360,521) (152,230) Restricted funds Restricted 288,790 (343,154) (54,364) T(yfAL FtiNDS 1,497,081 (1,703,675) (206,594) Pag¢ 24 continued...
ILANGO AY OTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 31ST DECEMBER 2024 18. MOVEI MENT IN FiJNDS - eootiniied Compxratlves for movement In fullds Nel movement in Thds Trangf¢rs bctwc¢n funds At 31,12.23 At 1.1.23 Unrertrictsd funds General fund Designated thnd 982,652 (294,544) 400,803 330,000 1,088,911 330,000 982,652 (294544) 730,803 1,418,911 Restrieted funds Restricted 1,881,421 41,750 (730,803) 1,192.368 TOTAL fi UNDS 2,864,073 (252,794) 2,611,279 comparnt1 n¢t movement in fundi in¢lud¢d in the above are as follows: Incoming Movement in funds expended Unrestricted fund8 G]eral fund 1,161,414 (1,455,958) (294.544) Restrl¢t¢d ndS Restricted 166,132 (124,382) 41,750 TiyfAL FUNDS 1,327,546 (1,580,340) (252,794) A current yw 12 months ld Prior year 12 month8 cornbin position is as follow5: Net rnovem¢nt in funds Transfers b¢tween funds At 31.12,24 At I,1,23 Ullrestrficted ndS General fund Designated thnd 982,652 (446,774) 600,803 130,000 1,136,681 130.(XI0 982,652 (446,774) 730,803 1,266,681 Restrict funds Restricted 1,881,421 (12,614) (730,803) 1,138,004 TOTAL FUNDS 2,864.073 (459,388) 2,404,685 Page 25 continu...
LLANGOLLEN RAILWAY TRUST LIMITED TE ANcE TATE Itinued FOR THE YEAR E ED31 T DECEMBER 2024 18. MOVEMENT fiUNDS- continued A current y¢ar 12 months prior year 12 monihs mbli1¢d nct inovernent in funds, included in the above are &8 follows.. Incoming re50ul.ces Resources expended Movemem in funds Unrestrlcted funds General fund 2,369,705 (2,816,479) (446,774) Restricted fund8 R¢stri¢t¢d 454,922 (467,536) (12,614) TOTAL FUNDS 2.824,627 (3,284,015) (459,388) Re8tri¢t¢d Fwids: Pannier Fld 7754 Wagon Fund Corwen Extension riail Appeal SPF grant TSO Coach Cowans . Crane Fund CCRD- capital Full steam ahead fund Cffl'wen canopy DCC Gr11 - platform project Balance b/fiYd 16,000 418 662,838 4,991 29,030 955 8,000 56,642 106,078 156267 151,149 Income TrAnsfer8 li xpenditure BAIAnce clfwd 1,856 396 642,801 4,367 61.093 935 8,000 29,313 91,142 151,532 146,569 (14,789) (22) (20,037) (624) {254,082) {20) 286,145 (27,329) (14.936) (6,735) (4,580) 2,000 1192 368 288 343 154J 19. CAprrAL COMMTTMCI NTS 31.12.24 31.12.23 Contracted but noi provided for in tli¢ financial statements 20. RELATEI D PARTY DISCLOSURES There were no r¢lat¢d party transtionS for the year ended 315t Decemb. 2024, 21. GUARANTEES BY MEMBERS The compajiy is limited by guattntee. Each member has agre&l to pay £1 in the event if the charity being wound Page 26
LLANGOLLEN RAtLWAY TRUST LJMITED ANCIAL AC AR ENDED 31ST DECEMBER 2 31.12.24 31,l2,23 INCOME AP4D ENIIOWMENTS DoiiAttOllS and legft¢ies Donations Gift aid Legacies Grallt in¢4)m¢ 80,4(K) 10,332 52,755 2,614 52,493 131582 288,145 378,877 240,444 Other tradlng a¢tfvhles Cafe inGorne Ticket sales Subscriptions Magazine5, raffles and 1motIve hire Holiday letting incorne Other sal¢s 100,432 894,340 20,804 53,000 12.789 33,260 104,002 864,072 20,480 47,453 24,087 22,754 1,114,625 1,082,848 Invegtment tncome Bank int¢r¢st 3,579 4,254 Tot#1 incoming resources 1,497,081 1,327546 Other trNding nctivities Purchases Catering purchases and ¢onsumabl¢s Wages Social security Pensions Hire of plan¢ tmd inachinery Bad debts Steaming ¢xpenses Holiday letting expense& 157,974 77,293 528,701 37,842 9,005 95,906 3,991 112,856 8,888 240,239 82212 386,650 22,732 5291 73,403 80,361 12,045 1,032,456 902,933 Ch8ritoble ftetivlti¢s Adveitisiiig 4,735 2,415 Support eosts Manydgement Rent and rntes Insurance Light and heat Telephone Canied foiw&Yl 29,137 107,122 72,478 15,481 224,218 36,739 102,086 99,269 16,497 254,591 This page does not form part of the statutory financial StementS Page 27
LLANGOLL AYTR Ll ED DETAILED STATEMEKf OF FINANCIAL A FOR THE YEAR ENDED 3 1ST DECEMBER 2024 31,12,24 31.12.23 Management Brought forward Printing, stationery and adveitisiiig Lega] and professional Sundri Accountancy Travel and motor expenseg Training and recruitment Subsci'iplioiis 224,218 14,476 74,236 40,076 9,447 10,037 4,283 20,151 254,591 12,716 10,553 32,824 8,198 11,750 6,704 13,125 396,924 350,461 nance Bank Charges 1,822 3.139 Other Ryirs and mainlenan¢e Contractors Goodwill Lan(L building and itnpi'ovement depreciation Plant and machinery dq)rwiation Dcpn of i'ollxng stock Motor vebicles Computer equipment Profit on sale of tangible fixed asset8 56,765 122,236 3,300 34,039 14,009 31,554 380 5,455 95,259 95,290 3JOO 34,007 15,910 31,550 380 5,455 40,241 267,738 321,392 Total resources expended 1,703,675 1,580,340 Net expendithre (206,594) (251794) Tliis page does not toim part of the statutory fmancial statements Page 28