REGISTERED COMPANY NUMBER: I)0542449 (Engl*nd Wales)
REGISTERED CHARITY NUMBER: 11)64178
Rt
rt of the Trustees **d
t*temen
for the Year EDdtd 30 Se tember 2020
for
Ffestin
Rxilw•
So¢1¢
Dunn & Ellis Cyf
Chartered ACCountan￿Sta1uttsry Auditors
Chanered A¢¢ountsnts
Adeilad St David's Building
Stryd Lombard Street
Portbmadog
Gwynedd
LL49 9AP
'A45SIC20'
0210612021
COMPANIES HOUSE
AIS
11210

Ffestinio
RAilw8
Socie
Contents of the Finanel*l St•terneRts
for the Year Ended 30 St
tember 2020
Pagt
Society Chairman's AGM Report
Report of tht Trustees
3 to I
Report of the Independent Audittsrs
12 to 13
Statement of Fin*n£ial Activiti
14
Bal#nce Sheet
15
Cs$h Flow S¢4ternenl
16
Notes to the Cash Flow Stattmtni
17
Notes to th¢ Finaneial Stalem¢Dts
18 to 32

Ffestini
Railwa
So¢ie
Socie
Ch*Trrnan's AGM Re
lor the Year Ended 311 Se
ternber 2020
2020 has been a most challen8rn8 year from the e8rly hints of ihe Arrival of the Covid-19 virus and the subwueni
lockdown of the UK - the Tailway had io immedi*ely prepare for the impaa li would have on almosi every aspect of
the or8aniwion. Lockdown was imposed iowards th¢ end of March resuliing in ihe Ii)ss of the lu¢rativ¢ tirnetsbl¢d
trains from E&st¢r onwards. Plans wer¢ developed to us¢ the fle¢t of heritsge urriag¢s wÈth compartrnents which were
adapted to becorne Covid compliant. this required the installation ofdividing panels mounted ort top of the seat backs to
separate each companment and maintain social distsncing. Up to sjx Iiains a day ran using the small locomotives,
njnning at 15mph io reduce the fiJel consumption and were completely stsffed by wolunie¢rs to keep th¢ ¢0sts to
minimum.
The return trip from mid-july until late October w&s IHbly as far as Tan y Bwlch. which allowed the passengers to enjoy
refr¢5hments at ihe "Tan y Bwl¢h Tea Room" served by art enthusiastic team led by Sandfa Bond and Deby Rowson
who welcorned the arrival of each train. They had recently taken over the café and converted it illto a very attractive tea
room which had become a favouritc venue for locals and Visito￿ alike. In a new environrnent tk¢kets to (ravel were only
sold on-line and entitled th¢ holder to oc¢upy a specific companmertl whL¢h was ¢omprehensively cleaned between
each departure. A large team of volunteer ststion hosts efficiently escorted pwengers to their compartment. A train wa5
only allowed 10 run if li was sufficiently booked to produce a profit and as a resulL some were inevitsbly cancell¢d. The
service that could be run w&T considered a great success and vi51tor5 understood and attepted the restrictions that the
Gov¢rnment had imposed, however li would never provide sufficient profit to maintsin the Company's nornial wage
The Company mad¢ several applications ftsr grants from Govemment fvnds set up to support businesses in Wales.
Some were successful and provided useful sums, but li still l¢ft the Company wilh a significant shortfall. It W&5
obs¢Tv¢d ihai heritsge railways in England were able to acce55 much larger grants than those made available in Wales.
In¢ome in recent years had b¢¢n around £6m and was li was in¢virable thai it would be only be in the region of £1 m by
the year end. "Survival" is the watch-word and it is to be hop¢d thai with vacctnes soon to be administered, 2021 rnight
bring some level of norniality bxk to the everyday wfomiance of the railway.
The Government furlough scheme was used but it didn't avoid one third ofthe paid staff being made redundant at the
end of (ktob¢r. Unfortunately, loyalty and commitrneni do not alway5 guarantee the future of a position on the payroll
and some longstanding employee5 1¢ft for pastures new. It was with great regret ihat we saw thern depart and we wish
them every success for the future.
Those who remain are now part of a much more strearnlined stsff structure which should retain many of the skills.
experience and knowledge requiT&J to maintain ihe infrastrucwre. engrneering and operational side of the railway.
However. there will have to be grtater de￿nde[]rY on volunteers and it is to be hoped that the unpaid workforce will be
retained and enthusiasm re8¢ner*ed * a tim¢ when the health of th¢ nation may still be in question.
Because of the lack of in¢ome. it w&$ thought qui1¢ early on that supporlers and members of the FR s￿lery and ¢he
Welsh Hi8hland Railway Society (CRhE) might be willing to donate to an Emerg¢ncy Appeal. A steady flow of
contributions brought in over £580,1)00 for whi¢h we r¢main immensely grate￿1.
In addition. th¢ two So¢ieiies and the Trust. (Th)w referred to &8 the Three Charities). each offered a loan of £400.000 to
the Company whi¢h, giv¢0 ihe circumstances, fomied a sub51aniial fighting fund. After the financial year end. nearly
50*A of the FRS contribuiion h&4 b¢¢n converted inio grdnts. The money used ai ihis time of crisis was tsken from the
general fund which is ¢on5tantly topped up by donattons and legacies received from our members- once again. we are
very grateful for their support. However, £300,000 which had previously been approved to support the Testoration of
Tan y Bwlch Station house w&% witlklrawD in order to b￿51 the availabl¢ fund&
The Society direciors are particularly pleased a1￿ul the coming together of ihe Societit5 and the Trust to support th¢
Company. Clearly, the "Ff¢sttniog Family- working in a more ¢ollabor*ive way makes a great deal of sense a5 all our
objectives are to ensure the long-terni survival of the rdilway. The dirrftors W¢1￿Me the burgeoning policy decails of
the fortntghlly Company knard meetings being shared with us and that we are given the chan¢¢ to off¢r ftedback and
ideas that might prove to be valuabl¢. The regular use of virtual meeting ieehnology has provided the facility to make
this an easy proposition. There is a desire that thi5 arTan8em¢nt will wntinue into the futur¢.
Meanwhile, the outcome is awaited of th¢ applic*ion to UNESCO for the slate industry of North Wale& including th¢
Ffestiniog Railway. to be registered as a World Heritage Siie. The second round bid for rhe National Lottery Heritsge
Fur￿ Boston Lixlge Works Int¢Tpr¢thtion amd Dewelopment Project is PToceeding. The earlier project to re-roof the
blacksmith'5 shop at Boston Lodge and rebuild its five tsll chimney5 was finally cornpleted. It had been partly funded
by the Soctety and illustrates the stsndard of work lh￿ should b¢ applied ro all the heritage buildings.
Pag¢ I

FfestiTri
Soei
oc5 Chfiirman'$ AGM Re
for tht Y¢gr Ended 30 Se
tember 20
The woikshops at B05ton Lodge have mad¢ the most of tlk coniract work available to which ha& attracted outside
incomq espccia]ly that received from th¢ ¢onstNuion of wriages. This included a Pickering brake-composlte WTiag¢
for the We15h Highland Heritage Raj"1￿Y and a Nortb Wales Narrow Gauge Ashbury tr￿81¢ brak¢-composiie carriage
which will help 10 complde the FR'S hiS￿riC carri3g¢ fleet. Th¢ ¢reaing shop ¢onstNcied a new underfrnme for the
National Trarnway Museum at Crich. Work was urnlertaken by skilltsj stsff in the e[¢￿]ng shop on Lilla and Hugh
Napier ftir which FRS had monty available in restri¢t¢d funds. Due to the successful fundraising, there was a150 rnoney
reserved specifically to finish the rcbuilding of the Gwrge England l¢)comotive Welsh Pony aTKI Gcnerdl Manager Paul
L*win w&% deterniined that it be finished by the l)egJ"tming of May.
Sadly. rnany of th¢ Company organise4A major events planned for 2020 were lo￿ to thc pandemic. These included the
re-enactment of the historic Fairlie trtal4 the Victorian weekend in (ktotw and th¢ sno￿110￿1an and lh¢ Snowdonian
Lirnit￿ fund-raising trait
The So¢idy AGM was alw a easualty and had io be converted to a Vi￿al event and ihe xconwanying weekend eyertt
for members abat)dor)ed. It was unfortunate that there were no preSen￿tionS where we were able to retognise the effort5
of volunteers. In rcccnt years our General Manager has always trieJJ io include some activity to attra¢t the interest of the
members aNI ¢0 $￿W gratitude to member5 for th¢ir coniinuing suppon. On this o¢tssion it was the turn of Welsh Pony
to be steamcd up and workin8 for the first tim¢. It was showrb live on Facebook and following advance publicity 27.000
people "tuned-in". At thc scaled dow￿ vimage event in Ottobcr thr loco was namcd at a ceremony l￿d at a v¢ry we4
Dduallt Station.
Social media is now b¢ing used extensively io market the rnilvdy. Thi5 rnay indi￿C the demise of the traditional
ti]netable leafld but it has allowal changes to be made to the timetsble or planTKd events, which h&5 been cssentia]
when lockdown was irnposed at Short noti¢e. The development of the on]iT* kilities also allowed tickets to be book￿1
remotely involving a rninimurn of on-sii¢ perg)onel and the purchase of sOu￿nirS frorn the shop to continue.
In 2019 the Booking OtTi¢¢ discovered 9)me membership cards fri)m Soci¢ties W¢T¢ b¢ing used ftaudulently
to obtain members. tickets when ihey were offered by people who were not memixrs. The FRS board readily ¢ommitte4J
to combat the problern by introducing new memberslu"p ￿d5 complde with a phOtO￿h of the registered hold¢r. They
began to be distributed by the registrar to those who werc renewing towards the end of the 2020. The ben¢fJts for
members are yet to be reviewed.
H. R. L. Wilson
2L Alkn
Pa8e 2

Ffestirti
Railw8
Socit
15tered number: 00542449
ort of the Tru51ees
for the Vtar Ended 30 S¢ temb¢r 2020
The trust¢e$. who are also directo￿ of the charity for the purposes of the Companies Act 2006. pTes¢nt their rryjort with
the financial statements of th¢ Charity for the year ended 30 September 2020. The trustees hav¢ adopted the provisions
of A¢¢ouniit)g and Reporting by Charities.. Statemenl of Recommended Prdctice applicable to charities preparing their
accounts in accordance wilh the Finaneial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102)
{effective l January 2019)-
OBJECTIVES AND ACTIvrriES
Objettive$ #nd aims
The principal obje¢iiv¢ and aim of the Charity in the year under review was ts) advance the education of the public
through the conseryation of ihe Ffesiiniog Railway for the publi¢ benefit and ihrough the promotion and encrTrurag¢m¢nt
of voluntary work in suppon of the Ffestiniog Railway. In practical tem)s, the aciiviti¢s of the ¢h8ritable company in
furtherance of its objects are to support The Festiniog Railway Comparty in its preservation and operation of the
Ffestiniog Railway.
Public benefit
The trustees confirm that they have complied with their duties as set out in Section 17(5) of the 2011 Charities Act to
have due regard to the publt¢ benefjt guida￿¢ published by the Charity Commission.
Volunteeri*g
Although not stri¢tly voluni¢¢rs, groups of apprenti¢¢s from Network Rail Wales spen¢ four we¢ks over the winter
monihs working with infrlstructure tearns frorn P¢rrnanent Way. Lineside and Signa15 and Tele8raph departmenls.
Twelve members of the Imperial College London Railway and Transport Society visired to advance the cabling and
laying of track in the new ca￿lage shed. This w&s supplemenied by rnember5 of the Dee and Mersey Group and later
the Rest of the World Gang who ¢ompleted further trxk laying there.
However. volunteering generdlly was fraught with problerns during the year with various levels of restriction imposed,
som¢ of which ￿OpPed work altogether and some which prevented volunteers travelling from England resylting in
many working parties being abandoned. All the main volunreering events in¢luding Megabash in Mar¢h. Ihe Volunt¢er
Re¢ruiimeni Weekend in April. Young Volunteer5, Trainin8 Week in ALtguM and Gigabash in October were cancelled.
The proJ￿t to clear the trackbed of the Dinas bra￿h iowards the bottom of the Llechwedd Quarry inclin¢, and an
assessment made regarding the w>ssibility of it being re0[￿￿ sometirn¢ in the fvture was also cancelled.
Various opportLLnities were thken by volunreer groups to carry out limited work irt iheir areas of activÈty berween th¢
various periods of lockdown. Penrhyn Hostel r¢mained ¢losed &s it qualified as a bunkhouse and could not b¢ used
during the pandemi¢. Thanks to the Hostel warden. limited ac¢omm(*d*ion was kept sanitized and available when
restriciions allowed in Minffordd.
The Lineside team were able io gath¢r a number of volunteets iogether to clear the brambles and vegetstion from the
line before the trdins could start running in mid-july and the S&T departmeni worked to ensure the 5ignalling
equipment would function at Rhiw Goch (whi¢h would see frequent use as part of the Covid strvi¢e). The Jasper Group
Colllinued with mainienance of the pole route irtcluding th¢ rectificaiion of damage caused by woodpeckers. Th¢
Tracksid¢ Drains volunteers wer¢ tn action clearing blockage5 aThl replacing drnins in many localion5 and installed over
70 new chamber lids that had been consirueted as a homework projeci in the garage of ieam members. The Friends of
Tan y Bwlch Station worked to enhance the station and envhrons to make ihem and the Tea Rooms an attracti¥e
destinaiion both for walkers and for those visiting by trdin. Thi5 pmved to be invaluable when the railway w&5 forced to
terminale Coyid-compliant trains there during the summer period.
Norn)ally ihe Parks and Gardens volunteers look aft¢r the rnany flower window boxes and gardens up and down
the line io ¢nsure there is a spl&sh of colour and to enhance the view from ihe iage windows. But this time there w&
an urgent need to prepare for ihe recomrnencement of train 5ervi¢e% and a Dew group of local volunteers was assembled
io recover the pre5¢ntstional stsndards lost during the pertod the railway was forced to c105e. A second group of local
volunteers a150 form¢d the Friends of Penrhyn Ststion ￿ help mainthin high sthndards there.
Page 3

Ffe
Railwa Soeie
'stertd Trumber: 011542449
Re
rt of the Trustees
for the Ytar End¢d 30 S¢ ttmber 2112
OBJECTIVES AND ACTIVITIES
The last major project rna5terminded by Eil¢¢n Clayton MBE before sh¢ sadly p&ssed away was th¢ restoration of the
Gweiihdy. the corrugated iron building in the car park at Minffordd Ststion. The project w&s led by Alan Norton and
involved a tearn of some 20 or so volunteers using a wide variety of skills. It was completed io a Very high standard, the
intention being to use il primarily as a warm and well*uipped workshop but is now so well apkN)tnted that it Could
also be used ￿ an exhibition hall or Meeting roorn. It w&% entered into the 2020 National Railway H¢ritage Awards and
dexrv¢dly won the Volunteeis, Award category. The result was announced at a virtual wemony late in the year.
Project l¢ader Alan Norton had previously sthrted ihe refurbishment and repainting of the metsl fooibridge ai Tan y
Bwlch back in 2018 but had been diverted to the Gweithdy restoration pioje¢L He returned with his volunt¢ef t¢3m to
frnish ihe job while the trdif15 were running during the better weather ofihe summer month5. The bridge now h&s new
5tsin1¢5s Meel mesh side-panels and a fresh colour scheme that looks very attraciive.
The Electrical Group continued wrth instsllation work in the new carriage shed, including pulling in Cables, hanging
lighting. fjxing power sockets 4nd Constructing distribution boards. Ifs a vast building and will tsk¢ tim¢ to ¢omplete.
The historic Kerr Stuart diesel 4415 is a restordtion project being ca￿led out following a Conservation Management
Plan. Ifs proving to be a very complex job for the voluntrets as some components are having io be remanufactured., it
will take tim¢ to work through to ¢ompleiion.
The Waggon Trxks team made great progress by Constructing and instslling end doors on their storage shed. They also
corhtinued to odvan¢¢ the backlog of waggon repairs which when Complete will rewrn further waggons io the
operational fleeL
The Archivists have continued to work through large quantities of paper records including personal collections provided
by dece&s¢d members. They are runnin8 out of space to sorL dL8ilise (using a new proftssional scanner). Catslogue and
store the pap¢rs and ar¢ looking for a convenient location for a suitable new building.
All the Trusiees, Company directors and dirrttor5 of the Societies are volunteers. The FR Society has a large team of
volunteer officials including those who look after membership matters. produ¢iion of ihe Mag￿ne. financial matter$
and secretsrial work. We offer our sincere thanks to tt￿1 all for th¢ir dedicat¢d h¢lp. and also to th¢ rn¢mber$
themselves for their loyal support.
Page 4

Ffestinio
RailwA
Socie
i$tered nurnbtr. 01)542449
Re
ort of the Trv5tees
for the Year Ended 30 Se Itmber 21120
FINANCIAL REVIEW
Finanei¥l positio*
The total operating surplus for th¢ year amounted to £3,756 (2019.. Surplus of £646.160) and there were no transf¢rs
between the reserves in the year (2019". £6.437)- Detsils of direct charitable expenditure can be found in the Ststement
of Financial Activities.
The Societys iotal fund balance at the end of 2020 w&% £1.321,894 (2019= £1.318.138).
Prin¢ip81 fundiAg sourees
Finance
With th¢ pandemic and the initial lockdown througknut the UK the COVID19 appeal was launched in conjunction with
the FFRWHR Tnjst and Welsh Highland Railway Society. Whilsi the overall appeal raised some £580.IJOO, the FR
Society fairly quickly raised £50.000 of this through the very kind arKI generous support of the members. The Society
Board also made available £400.000 in loans thai were paid over bcfore trains Starting running and the railway was able
to earn some portion of inwrne. These loans are inierest free and were expe¢t¢d to be in pla¢e for at least one year.
Soon after ihe year end. Slightly under half was converted into grdnts covering a number of significant Permanent Way
works carried out during the year.
The Society h&% seen a significant r¢duction in income during this finan¢ial y¢ar ¢ompar¢d io prior years but thi5 IS
prirnarily due to rhe significani legacies r￿e1ved in 2019 tothlling £711,582 Compared 10 £94.269 in the Current year.
We have seen 8 51ight decrease in membership Subscriptions during the year - this is mainly due to slightly reduced
annual membership r¢newals.
With the Hosrel ou¢ of bounds for the majority of the year due to lockdown and then limited occuparty possible in the
summer. it is understandable that the income is signifJ¢antly down in 2020. This is particularly disappointing noi io b¢
able io hav¢ ihe usage having recently invested in ihe improvements.
Despite limited activity. the Socrety ha5 continued to support projects where possible, even more n¢¢e5sary in this year
with limited extemal income ftir ihe Festinio8 Railway Cornpany. The rnajor project Wa5 the completion of the Welsh
Pony projec¢ for which the Society paid £55.710 in the year to fund the last steps of thf £260,000 projecL which of
¢ourse had the pleasing ourcome of seeing ih¢ l(Ko in ￿gUlar service once the COVIDI 9 servic¢s commenced in th¢
summer. It is worth recording ihai the Welsh Pony appeal has been one of the most successful appeals the Society has
run. with a combination of donation& on train envelopes aThJ standins orders raising the phenomenal sum,
$upplern¢nted by Gift Aid.
Other restricied fund projects supports included £4.820 from the Lilla filnd to ¢omplete aspects of the overhaul whilst
fellow Quarry Hunslet Hugh Napier was retubed and had sorne chassi5 work support¢d. with £8,690 paid durÉng ihe
year. The relayin8 work at Rhiw Plas was supported by £l1.753 from the Infrastructure ￿nd to improve the trackbed
and drainage there.
Fmm the general fvnd. another major proje¢1 supp)rted was the continuation of the rebuilding of the Boston Lodge
Bla¢ksmiths Shop. Again. drspite restrictions, 8ood pro8r¢ss was ¢v¢ntually made with the new roof completed,
chitnneys rebuild and l)eehives' insthlled. The Society support in this year was £73.442. Other contributions from the
general fund included £19.175 for points in Boslon i￿ge, £15.582 herithge waggons work. £17.810 for sleepers and
baseplates. The Society helped to provide 'prime the pump. funding for the National Heritsge Lott¢ry Fund application
for Boston Lodge. to the tune of £5.464.
osiels
As would be expected. due to the COVID19 situation, the ¢xcupan¢y of the hostel has been seve¥ely reduced. Until
March, we were following a slight upward trend until th¢ pand¢mi¢ stru¢k ar0 the host¢l was closed for three months
including all of April. May and June. Whilst we saw piecemeal lifting of the lockdown re51ri¢tions and ultimaiely th¢
resumption of rdilway servi¢es in July, the requirement5 for social distancing meant Minffordd hostel ¢ould only b¢
us¢d at a fraciion of its capacity due to the communal nature of the modules. At its peak in September. the hostel was at
200/* occupancy with a grand total of 205 bed nhghts. This 15 a clear disapp)bntm¢nt on the bxk of fiJrtheT investmEnt of
£20.260 in the quality of the host¢l and we look ftirward to a pickup in 2021.
Page S

Ffestin
Rgilwa
cie
istered number. 00542449
R¢
ort ol the Trnstees
for the Ye8r Ended 30 S¢ tember 2020
FINANCIAL REVIEW
Prinelpal [￿￿￿]ng sources
Membershi
dre
ition
As in previoLÉS years, Ihe rnajortty of the Sociews incorne cam¢ from the continued support of tts mu¢￿valued
members. The classification and breakdo￿) of fee paying memberships are a5 follows..
2019
929
1.535
209
378
140
137
253
25
57
2020
Full members
Senior ¢iiizens
Associate
Senior Giiizens associate
Family main
Family- spouse I paTts7er
Family- Child
Juniofs
Volunteer students
IA67
361
214
22
Life
Covtnanted life
Senior ¢itizen lif¢
Associate life
Honorary life members
1.366
78
92
lJ41
97
197
To￿1 m¢mbership
5.403
5305
The So¢iety'$ m¢mbership yeaT from thE 1st January to the end of December. which differ5 from its xrounling
year by three months. As a resulL th¢ So¢i¢ty x¢rues a proporrion of its annual membershtp incom¢ so as to carry it
over io the relevani accouniing period.
The Socitty is a150 aware that sotne Members have prepaid their mernbership by a varying number of years. and again,
these ideniified amounts are Ca￿led over to the relevant accounting periods. The same approach 15 also undertaken for
Diarnond Jubilee Appeal donors who are provided with Sociery membership.
Life and woctated life membership fees represent one off ￿￿trIbutIOnS by these members for continued lifelong
membership. In order that the Society5 continuing obligations to ihese members is adequarely reflected in its financial
stst¢ment$, lif¢ membership income receivcd 15 accrued and written off over an 10 year period. which is considered by
the Trustees to produce a reasonable approXim￿lOn of expected a¢crued benefii and marche5 the approach undenak¢n
by rwo sirnilar organisations.
Re
rt on the rnember5ht
numbers
Membe￿h]p fell by 200 over the year (mostly in annual subs) compared to tluctuation5 of around 50160 for the last few
couple of year5. we only have to 80 back a few years io see something Comparable eg 2016117 we lost 96. The number
not renewing is noi that much worse than sorne other years so we believe it is fair to say that ¢xisting memb¢rs hav¢
mostly Stuck with u5 through the year. Sadly the number of deceased members is double the normal rate and from the
letters received a number sadly succumbed to Covid-19.
Wher¢ we have noticed a difference is in new member recruithieni. The numbers joining us by Variou$ m¢ans (Web
site. printed torms etc) rernain comparabl¢ to last year apart from those joining as Instsnt MembeT5 ai Harbour Station,
down to 43 from 198 last year (whb¢h hs not surprishn8 given th¢ signifKantly r¢stri¢ted footf411 in the staiion this year).
We have only had one memb¢r making contsci abo￿ any forn) of refund.
Investmenl policy and obj¢£tives
The So¢i¢ty has adopted a con5ervaiive knvestment plan, which ensures all surplu5 fvnds are tnvest¢d in an interest-
bearing account with Natwest bank. This risk-free approach involve5 regular rebalancin8 of investments b¢twen
uffeni and reserve accounts. The intereu earned is allocat￿ monthly across all funds in line with the balances in those
fvnds ai ihe beginning of The month.
Page 6

Ffestinio
Railw8
Socie
ste
urnber.
0542449
ort of the Tru5tetS
f r the Ve*r Ended 30 Se tembtr 2020
FINANCIAL REVIEW
R¢5erves poliey
The Society's policy is io maiTrtain an adequate reserve so to enable it to discharge ie5 charitsble obj¢ctive5 and meet
its ongoing day io day requirements. This being the cas< the trustees c(snsider that twelve rnonths of general
expenditur¢ is an appropriate level of Fe5eYve to med ihe day-tO•day Tunning costs of thE charity including maintaining
production of the in-house rnagazine and support for the running of ihe volunieer hosiels. with this amounting io a sum
of £65,000.
The main need of ¢ours¢ is to hold sufficient reserves for its core objective of supporting the Ffestinitsg Railway. which
includes collecting unrestricted, designated 8nd ￿kn¢ted fvnds for a numb¢r of projects. adminisiering and collecting
moneys from the annual appeals as well as raising and mainlaining sutTLcieni general funds to me¢t its obligation5 for
committed charitable objects. As at the end of 2020 ihe So¢iety's main funds stood at-
estri
£751.913 {2019: £770.723)
The Testrhcted funds hEld by the chvity are only available for use on specific PToJects which are taken forward as
resources become available to the Festiniog Railway Company. A detailed analysis of these projects is dI￿10￿d in no¢¢
16 ofthe finan¢ial stsi¢ments.
General funds-. £569,981 (2019= £547.415)
The So¢iety's'fr¢e' reserve for the year being a surplus of £569.972 (2019= a surplus of £547,406).
Although at firsi glance the uncomTnitted fund balance appears large, the differen¢e is earnwked for a programme of
grant appli¢atiDns from the Fesiiniog Railway Company over a four year PEriod that Tneet the objectives of the charity-
Pa8e 7

Ffestinio
Railw
cie
istered muM￿r. OOS42449
Re
ort of the Trustees
for ihe Year Ended 30 Se lember 202(1
EVENTS sif4CE THE YEAR END AND FUTURE PtANS
As part of its response io the CoronaVin￿ ouibreak and ihe restrictions put in plav during March 2020. the Society
auihorised that a loan facility of £250.000 be made available to the Festiniog Railway Company. This amount to come
out of the So¢iety'5 a¢¢umulated cash reseryes. with thi5 being in addition lo a loan of £150,000 which wa5 made to the
Feminiog Railway Company ai the beginning of 2020. Both loans are interest free and repayable on 30 September 2023.
As ai the 30 Sepiember 2020. the amount outstanding a result of th¢ financial support provided to the Festini08
Railway Company amounied to £400.￿0.
Subsequeni to ihe financial year end, the board of trustees agreed to convert £183.196 of the financial loan support into
a grani. with this representing costs incurred by ihe Festiniog Railway Company infras¢rucrure projects ￿ Crossing
MawT. SpooneTS Hollow and Rhiw Pla5.
No other post balance sheei events that requir¢ reporting or dl￿10$1ng in the accounts have occurred since 30
Sept¢mb¢r 2020.
STRUCTURE, GOVERNANCE AJ¥D MANAGEMENT
Governing dotumenl
The ¢harity is ¢onirolled by its governin8 documenL a me[￿rand￿M and articles of associatio￿ and constitutes a
lirniied company, limited by guarantee. as defined by the Comparties Act 2006.
InduftlDB and training ofn¢w ¢rnstees
As part of th¢ir induction, new Board members are made aware of their responsibilities &s board member5. Th¢
induction includes an iniroduction to the objectives. scope. and policies of the charitable funds. Charity Commission
informaiion on trustee re5w)nsibÈlity and wpi¢s of th¢ p￿ViouS yeavs annual ffport and t¢￿￿n(S are provided.
Page 8

Ff¢stinio
Railwa
Socie
istered numb¢r." IJ0542449
rt of the Trustees
for the Year Ended 30 Se ternbtr 2020
STRUCTURE. GOVERNANCE AND MANAGEMEJYT
RelAtionship with third parties
At the year end the Soch¢ty holds five ordinary shares and one preference share in the Fe5tinio8 Railway Company,
wbi¢h have all been bequeathed to the Society. This ¢onsiitutes a minority share and does not give any control to the
Society. The Society makes grants to th¢ Fesiiniog Railway Company as parr of the pursuance of ihe main XiiVili¢5 of
the So¢iety.
The Society also has the righi w nominate io ihe Ffe￿In108 Railway TnLStees for appointment one place on the Board of
the Festiniog Railway Company part of 3 re¢iprocal arrangemenL
The So¢i¢ty int¢ra¢ts with area and functional group& whidk have the comrnon aims of supportin8 the Ffestiniog
Railway.
Risk m*Nag*ment
The trustees have a duty to identify and fe¥i¢w ihe risks to which the charity is exposed and to ensufe appropriate
controls are in place to provide reasonable assurance #gainst fraud and ¢rror.
Related party and key man#8ethettt ptrsotythel
The trustees consider lh¢ only key management personnel of the charity to be the board of trnstee5. who are in charge of
directing, controlling. running and operating the charity on a day to day basis. Deiai15 of the tru5tees' rernuneration.
¢xpens¢s and related party transactions ar¢ disclosed in a nots to th¢ xwunts.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
00542449 (Englarsd and Wales)
Reglstered Charity number
1064178
Registered 0￿]¢¢
Harbour Station
Porthmadog
Gwynedd
LL49 9NF
Trustees
Mr H R L Wilson
Mr G Cole
MrGPBond
Mr D J Charlton
Mr R M Collins
Mr P J Hawkins
Mr D RJones
Mr S G Miller
MrN C Smith
Mr M N Wolstenholme
Dr A F Tucker
Mr L G Graham-Taylor
Chairnian
tkputy ChaiM￿n
Treasurer
(resI￿ed 22.3.20)
(4>pointed 4.7.20)
VSct-Pre5idtTrts
Rev Dr R F Buxion
Mr A Heywood
Mr TN Oulton
Mr A J Savage
CompaDy S¢cret*ry
Mr J E Fenner
Page 9

Ffestinio
Railwa Socie
'$tsred tyvmber: l)0542449
Re
rt of ihe Trustee5
f Y the Ve4r Ended 30 Se
ttmber 21120
REFERENCE AND ADMINISTRATIVE DETAIIS
Audittsrs
Dunn & Elli5 Cyf
Chartered Accountants/Ststutory Audiior5
Adeilad Si David's Building
Stryd Lombard Street
Porthmadog
Gwynedd
LL49 9AP
B4Dkers
National Westrninsier Bank plc
2nd Fl¢)or
Bryn Eiri&s
Abergele Road
Colwyn Bay
LL29 8BY
Akl¢rmore bank plc
Apex Plaza
Forbury Road
Reading
RGI IAX
EVENTS SINCE THE END OFTHE YEAR
Information relating to ev¢nts since the end of the year is given in the Th)tes io the financial sthiements.
ST ATEMENT OF TRUSTEES, RESPONSIBILITIES
The trustees (who are also the direciors of Ffesliniog Railway Society for the purrM)se5 of company law) ar¢ responsible
for preparing the Annual Report and ihe financial siatements in accordance with applicable law #nd United Kingdom
Atcounting Standard5 (United Kingdom GeE)erally A¢cepied Accounting Practic¢)-
Company law requires ihe tnjsiees to prepar¢ financial sthtem¢nts for each financial year which give a true and fair
vi¢w of ihe slate of affairs of the charitable company and of the iTwming resources aTMI application of Te50urces.
including the income and expenditur¢, of th¢ charitsble company for that period. In preparing those finartcial
s¢a¢emenlS, the trustees are required to
select suitable accounting poli¢ie5 and then apply them consis*nily'
observe the methods and prI￿lpIeS in ihe Charity SORP-
rnake judgem¢nts and estimates that are reasonable and pruden(
prepare the financial statements on the going ¢onc¢rn basis unless it is inappropriate to presume that the charitable
company will continue in busine5S.
The trustees ar¢ r¢5ponsibl¢ for keeping proper accouniing records which disclose with reasonable accuracy at any time
Ihe financial position of the charitsble company and to enable them to ensure thai the financial slatements comply wilh
th¢ Companies Act 2006. They are a19) responsible for safe8uardin8 the of ihe ¢haritsble company and hence for
taking r¢asonable st¢ps for th¢ pieveTilion and detection of fraud and other irregularitie5.
STATEME]YT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
Sts far as the trustees are aware. there is no relevant infomiation (as defined by Section 418 of the Companies Act 2006)
of which the charitable company's auditors are wiawar¢. and exh tyustee has taken all the steps that they ought to have
taken as a irusiee in order io make them aware of any audii inforni*ion and to e5thblish that the charitable company's
auditors ar¢ aware of thai infomiation.
Page 10

Ffe5tiDiO
Raihv* Soei
'stered number:
0542449
ort f tlke Trust
e￿ber 2020
Approved by order of ihe board of trust￿ on ...'2£ .kni............ aThl sÉgrted on its behalf by.
Mr H R L Wilson- T￿￿et
Pagell

rt of the Inde
Ffestinio
Railwa
ndent Audilofs to the Members of
Socie
istered ￿umber. 00542449
Opirtion
We have audited th¢ financial 5taiements of Ffestiniog Railway Sociery (the 'charitsble company) for the year ended
30 September 2020 which comprise the Statement of Financial Activities, the Balance Sh¢e( the Cash Flow Statement
and notes to the financial staternents. including a surnrnary of significant accountin8 polirie5. The financial reporting
fram¢work thai has been applied in their preparation is applicable law and United Kingdom A¢couniin8 Standards
(United Kingdom Generally A¢¢epted Accounting Practice).
In our opinion the financial statements=
give a true and fair view of ihe swe of the charitable compan￿$ afyairs as at 30 September 2020 and of its incoming
Te50urces and application of resour￿$, in¢luding its income and expenditure, for th¢ year then ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Prdctice; and
have been prepared in accordaTKe with the requirements of the Companies Act 2006.
BA$is for opinion
We condu¢ied our audit in accordance with lrtternational Standards on Auditing (UK) {ISAs IUK)) and applicable law.
Our re5ponsibiliiies under those stsndards *e fvrther described im the Auditor5, responsibilities fof the audit of the
fIna￿la1 slat¢m¢nts S¢¢iion of our r¢pon_ We are ind¢pendent of ihe ¢harirable cornpany in X¢Ordan￿ wilh the ethi￿[
requirements that are relevdnt to our audit of the financial stat¢ments in the UK, including the FRC'S Ethical Standard.
ar￿ we have fulfilled OUT oiher ethi¢al responsibilities Jn accordance wÈth ihese requirements. We believe ihai th¢ audii
evidence we havt obtained is 5uffiGient and appropria* to provide a basis for our opinion.
Contlusions relating to going concern
We have nothin8 to report in re5pxI of the followin8 matters in relation to which the ISAS (UK) require us to report to
you where-
the irustees, tsse of the going concern IHsis of ¥counting in th¢ preparation of th¢ fjnancial statements is nol
appropriate" or
the trustees have not diKlosed in the financial staiements any identified rnat¢rial ur*certainties that May wl
518nificant doubt about the charitable company's ability to continu¢ io adopi the going concern basis of accounting
for a period of at least twelve month5 from ihe date when the financial $￿ernents are authori5ed for issue.
Other informAtion
The trustees are r¢sponsibl¢ for the other inftiM￿loll. The other informarion cornprises the information Includ￿ in the
Annual Report, other than the financial ststements and our Report of the IndepeNJ¢nt Audiiors ih¢reon.
Our opinion on th¢ financial ststem¢nts does t)ot cover the other infom)ation and. except io th¢ ¢xtent otherwise
explicitjy stated in our report. we do not express any form of as5uran¢e conclusion thereon.
In Connection wtth our audit of the financial 5tatem¢nts. our r¢sponsibiliry is to read the oiher information and. in doing
$0, consider whether the other infomi*ion is materially inconsistent with the flnancial statements OT our knowledge
obtained in the audit or otherwise appears io be materially missthied. If we identify such material inconsistencies or
apparent material misstatements. we arc required to determine whether there is a rnaterial misstatement in the financial
statements or a material mi55taiement of th¢ other inforni*ion. If. based on the work w¢ have p¢rforni¢d, we conclude
that ther¢ is a mat¢Tial missthiemeni of this other infom)ation. we are required to report that fact. We have nothing to
report in this regard.
Oplnions on other m*tters prescribed by the Compnies Act 21106
In our opinion, based on the work underraken in the course of ihe audit..
the infornbation given in the Reprt of the T￿St¢eS for ihe financial year for which the financial statements are
prepared is ¢onsis*nt Wlth the financial statements; and
Ihe Report of the Trnmees has been prepared in accordance with applicable legal requirements.
Page 12

of the Inde
endent Audilors lo th Members of
Ffestinio
Railwa Socie
istertd nurnber: 011542449
Matters on which we •r¢ required to report by eie¢ptioTh
In ihe light of the knowledge and undeT5tanding of the chaTitsble company and its environmeffl obtsined in the course
of the audiL we have noi ideniified ma*rial misstsiements in the Report of the Trnstres.
We have nothing io report in resp¢ct of the following matters wher¢ the Companies Act 2006 rwllires us to report to
you if. in our opinron=
adequate accounting records have not been kepi or re￿m$ adequate for our audit have not b¢¢n re￿Ived from
branches not VlSlted by us.. or
the financial statements are nol in agreernent with the accountrng record5 and returns; or
¢¢rtain disclosures of trustees, rernunerdtion specified by law are not rnade. or
we have noi received all the infom)atiOTt and explanations we require for our audil: or
the trustees were not entitled io take advantsge of the small companies exemption from the requirement to prepar¢ #
Str*egic Report or in preparing the Report of th¢ Trustees.
Responsibllities of trusttes
As explained more fully in the Ststem¢ni of TTus¢ees' Responsibiliiie& the trusiees {who are also the dire¢tors of the
charitable company for the purwjses of company law) are responsible for the preparation of the flnancial 5tatefflent5 and
for being satisfied thai ihey give a true and fair view. and for such intemal control as the trustees deiermine is nec¢ssary
to enable the preparation of financial staiem¢nts thw are fre¢ frorn maierial missra¢ement, whether due to fraud or error.
In preparing the financial srarements. the iwstees are responsible for assessing the charitable company's ability to
cO￿tinue as a going concern. di￿losIng, as appl]￿ble. mwers related to going concern and using the going concern
basis of accounting unless ihe trustee5 either intend to liquidate the charitsble company or to ¢e&se operations. or have
no realistic alternative but to do so.
Our responsibilitles for the audit of the r)n*nei*l 5t#¢ernents
Our objectives are tt> obthin r￿onable assurdrKe aboui whether the financi21 statements 15 a whole are free from
rnaterial misstatemenL whether due io fraud or error. and to issue a Report of the Independent Auditors thal includes
our opinion. R¢asonable &ssuranc¢ is a high level of assuTan¢e. but is nor a guarantee ihai an audit condu¢t¢d in
cordance with ISAS IUKI will always detect a malerial mis5tatemenl when li exists. Misstatements can arise from
fraud or error and are Considered material if. individually or in the aggre8ate. they could reasortably be expected io
inlluence the e¢onornic decisions of users tsken on the basis of these finan¢ial $￿teMents.
A fvrther d¢￿riptIOn of our responsibilitFes for the audit of the financial stsiements is located on the Financial
Reporting Council'5 website at www.frc.org.uk13ydirorsr¢sponsibiliti¢s. This descripiion forn￿ part of our Report of lh¢
Ind¢pend¢nt Audiiois.
Use of report
This report is made solely to ihe clwirable company's member& as a body. in accordance with Chapter 3 of Part 16 of
thr Companies Act 2006. Our audit work has b¢¢D undertsken $0 that w¢ might swe to ihe ¢harithle ¢ompaoy's
rnetnbers those matters we are required to sthie to them in an audiiors, report and for no other purpose. To the fulle51
extent permitted by law, we do not accept or &ssum¢ responsibility to anyone other than the ¢harithble Company and lh¢
charirable company's members as a body. for our audit work, for this repo¢ or for the opinions we have formed.
MTI
erth Williams (S¢ttior Staw Auditor)
for and on behalf of
Dunn & Ellis Cyf
Chartered Accountantslstahjtory Auditors
Adeilad St David's Building
Stryd Lombard Stree¢
Porthmadog
Gwynedd
LL49 9AP
Date.. 24 March 2021
Page 13

Ffe5tinio
Soci¢
St#terneNt or Financial Activities
lJ)eor
rati
sn Ineorne and Ex
nditure Acc
f r the Y¢•r Ended 30 St
ember 2020
30.9.20
Ttstil
fwnds
30.9.19
Total
fvnd$
Unrestricted
fvnd
Restricted
funds
No1¢5
INCOME AND ENDOWMENTS FROM
Donation￿ lega¢ie$ & gift aid
98J26
139W6
237062
806,697
Ch*ritsblt activities
Hostel income
Subscriptions
11,475
1118,048
11,475
10&048
22,846
117,825
Raising charitsble fijnds
Investment income
3,469
982
3,469
6.342
1,636
443
Tot*1
222JDO
139.979
362279
955.346
EXPENDITURE ON
Raising chariiable funds
41670
44fv70
51.840
Charitable activt¢i¢s
Hosiel expenses
Donaitons to the FR Company
42,793
103.666
42,793
262,455
58.384
190.347
IS8,789
Governanc¢ and support
8.615
Total
199,734
15&789
358J23
309.186
NET INCOMEI(EXPENDITURE)
22J66
(18*JO)
3.756
646,160
RECONCILIATION OF FUNDS
To¢41 bro￿@hI forward
547.41S
770,723
l J18,J38
671,978
TOTAL FUNDS CARRIED FORWARD
569.981
751913
.318.138
The notes fornj part of ihese financial ststements
Page l4

00S4
B81gllce Sheet
r 2112
30.920
Total
30.9.19
Toial
fv￿Js
lld
fijnds
Notes
FLXED ASSETS
Tangible assets
Investments
13
14
CURREprr ASSETS
Dcbtors
C&sh at bank
15
464.627
357Jii
463.418
1014.829
742J86
751.912
1,494298
1.478247
CREDITORS
Amounts falling due within one year
16
{1142OY)
(114299)
(108.637)
NET CURJI￿￿ ASSETS
7SI
628 177 ￿12 089
,369,610
TOTAL ASSETS LESS CURRENr
LIABILITIES
62&186
7SI,912
IJ80,098
1.369,619
CREDITORS
ATnounts falling due after more thaD ODe year
17
(58204)
(582IM}
(51,481)
NET ASSETS
21
12 1,318,138
FUNDS
Unre4rirfed fvnds
Restricted funds
18
569,982
751912
547,415
770 723
TOTAL FiTNDS
21
These financial statements have bctn pr* in x¢ordaDce with th¢ provisions applicable to ¢hariiable companies
subject to thE Stnajl sJ>mpaTries' regim&
The fIna￿jaI gai¢m¢nts were wrov¢O by the Board of Trus*es and authorised for is￿¢ on
.W....2*4.......... and w¢r¢ 5igKd on its beha]f by:
MrHRLWil
- Tnjstce
Mr G P Bond- Tru&ee
The note5 fonn part of thcse financial statements
Pa8c 15

Ffestini
RaiJw4
Socie
C*sh Flow St•teme•t
for the Year Ended 30 Se tember 2020
30.9aO
30.9.19
Notes
Cash Ilows from optrating a¢¢Svilies
Cash 8ener*ed from operations
344 494)
207.137
' Net cash (v￿d inyprovided by operating activiiies
344.494)
207,137
Cgsh flows from inve$ting Activiti¢s
Purchase of fixed asset inv¢srments
Interest received
1,425
1.636
Net ¢ash provided by investing activtties
1.635
Chang¢ in t2$h *nd ta5h equiv41tnts i
tht reporting period
Cash and c¥$h equivalents ** the
beginDing of th¢ reporting p¢riod
1343,069)
208,772
1.014J19
806.057
C•sh ¥nd tash ¢quiv*lents at th¢ ¢•d of
the r¢pbrtiDg periiMI
1.014.829
The notes forni part of these finwKial Statements
Pa8e 16

Ffestini
Railwa
Sotie
Notes lo the Cash Flow S¢3t¢ment
for the Year Ended 30 Se
ternber 2020
RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING
ACTIVITIES
30.9.2
30.9.19
Net incothe for the reporting PEriod (a5 per the StattThent ofFin*ncial
Activities)
Adjustments fDr.
Interest received
InCr￿e in debtors
Increase1(deCre￿) in creditors
3,756
646,160
(1.425)
{359,120}
12295
(1,636)
(366,221)
71 166)
Net eash (ustd invprnvided by optT*tiDTrY
344 494)
207,137
ANALYS15 OF CHANGFS IN NET FUNDS
At 1.10.19
Cash flow
At 30.9.20
Nel cash
Cash at bank
1,014.829
343.0691
671.760
1,014.829
343.069
671,7611
Total
071 760
The note5 forn) part of these financial statements
Pag¢ 17

Ffestin
Railwa
Socie
Nott$ to the Financial Ststements
for the Year Ended 30 Se
tember 20211
STATUTORY I]4FORMATIO
Ffestiniog Rarlway So¢iety 15 a IiTnited company. limitvj by guarantee a5 defined by the Companie$ Act 2006
and is registered in England and Wales. The company is also fegisiered as a ¢hatity Wlth rhe Charity
Comrnission. The company's registered numbers and registered office address can be found under the
"Reference and administrativ¢ detsi15" section of the Report of the Truste¢s.
ACCOUNTING POLICIES
Basis of preparing ihe financial statements
The financial statements of the charitsble Company, which is a public benefii entity under FRS 102, have been
prepared in accordanc¢ with th¢ Charities SORP (FRS 102) 'Accouniin8 and R¢porting by Charitaes.. Staternent
of Recommended PTaciice applicable to charities preparing their accounts in accordance with the Financial
Reporting Standard applicable in ihe UK and Republic of Ireland (FRS 102) (effective l January 2019).,
Financial Reporting Stsndard 102 The Financial Reporting Stsndard applicable in the UK and Republtc of
Ireland, and the Companie5 Act 2006. Th¢ financial sutements have be¢n prepared und¢r the histori￿1 c05t
conveniion, with the ¢xception of investments which are included at market value.
Incom¢
Ineornithg resources
All incomtn8 resources are in¢luded on the Statemeni of Fina￿la1 Activities when it is probable that the income
will be received and ihe amount can be measured reliably. This is sn keeping with the requirements of the
abovementioned accountin8 stsndards. The Society has thus developed the following ￿711¢Y for recognising
incoming resourees=
a. li has ¢ntitlemenL
it is probable the amounts will be received. and
c. wh¢n the amouni can b¢ reliably measured.
Incom¢ from govemment arKi other grants. whether 'capiral' graTts or'revenue, gran￿ is recognised when ihe
Charity has entitlement to the funds. any p¢rforrnan¢e conditions attached ¢0 ih¢ grants hav¢ been met, it 15
probable that the income will be received and the arnount can be mwured reliably and is not defe￿ed.
For le8acieK entitlement is taken a5 the earlier of the date on whi¢h either.. the charity 15 aware that probate ha5
been granted, the estate has been finaliscd and noiification has been rnade by the exttutorfs) to the Society that a
di5tribulion will be rnade. or when a distributi(Trn is received from ihe ¢stste. Receipr of a lega¢y, in whole or in
pao is only considered probable when the amount can b¢ rneasur￿ reliably and the charity has be¢n noiified of
the ¢x¢¢uto¢s intention to make a distribution. Where lego¢ies have been notified io the charity. or the charity is
awart of the grdnting of probate, and the criteria for in¢ome recognition have not been meL then the l¢ga¢y is a
treated as a contingent asset and diKlosed if m*erial.
Interest on funds held on deposit is included when rec¢ivable 8nd th¢ amouni can be measured reliably by the
charity. this is nomially upon notification of the interest paid or payable by the Bank.
Donations ar¢ g¢n¢rally rewrded upon ￿lPL
SubscTipiion and Society membership income are re¢ognised according to ihe above criteria with the exception
of amounts received and deemed to be received in advance, which ar¢ deferred until the income rewgnition
riteria ar¢ met-.
Annual membership r¢lating to th￿e b￿lfth of ihe membership inc(sme 15 deferred until the subsequent
period.
Advanced rn¢mbership rrfeipts are deferred and rele8sed in ihe period to which they r¢late.
Diamond Jubilee Appeal income is received for a S year membership period and is deferred and
apportioned accordingly.
Life and as50crated life membership income is deftrred aThJ amortised of a deemed l O year period, which 1$
commensuTate to the wjlicy adopled by to other similar organisations.
Pag¢ 18
continued...

Ffestinio
Railwa
Socie
Notes t the Finanei81 St8t¢ments- tonlinued
for the Year Endtd 30 St tember 21120
ACCOUNTING POLICIES- tontinu¢d
Expenditure
Resotsrtes expended. including primary P￿rpo￿ donations
Liabilities are re¢ogni5ed as expenditure a5 soon as ihere is a legal or constructive obligation cornmitting the
charity to that expenditure, it is probabl¢ thai a transfer of e¢onomic benefits will be required in settlement and
the amount of the obligation can be measured reliably. Expenditur¢ is accounted for on an accruals basi5 and ha5
been classified under headings that aggregate all cost related to the category. Where costs cannot be directly
attribuied io particular headings they have been allocated to activities on a basis consi￿ent with ihe use of
resources.
In order for donations io meet thrs recognition criieria. a8re¢ments in principle to provide funding for proposed
projects are noi recognised until valid expense claims are made to ihe Society. diseussed by its board and
approved for rel¢as¢.
Tangible fixed assets
Tangible fixed assei additions ar¢ ¢apitslised if th¢y ¢ost mor¢ ihan £1,000 and can be us¢d for more than on¢
y¢ar. Qualifying assets are inilially recognised at their cosl price and are subsequently recorded at cost. less
accumulated depreciation and less amounts recognised in respect of impairnient.
Depreciation is Provided ￿ ihe follow?ng annual rates in Order to ￿lte off each asset ov¢r its e5timthd use￿7
Plant and machinery is dep￿]￿ed over 5 years on a straighi line basis.
No deprecÈation h&$ be¢n Gharged in the5¢ acc4wnis in resp¢ct of offi¢¢ equipm¢ni and s￿Iety Film4 which
have been depreciated in previou5 years to their nominal residual valu¢.
Taxation
Th¢ ¢harity is exempi from corporation tax on tts charitable activities.
Fund accounting
Unresiricied funds can be used in a¢cordan¢e with the Charitable obje¢tives at th¢ discretion tsf the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity-
Re5tTlrtions arise wh¢n specified by ihe donor or when funds are raised ftir particular restrictrd pUr￿se$.
Further explanation of ihe nature and purpose of each fund is included in the notes to the financial staternents.
Conce5sionary loans to the Fe5tiniog Railway Compaoy
Frorn April 2020. &s part of its response to th¢ Coronavirus outbreak. the Society lent £250.000 to the Company.
This was followed by a ￿rther £150,000 lent to th¢ Company at th¢ beginning in July 2020.
Both th¢s¢ loans are repayable on 30 September 2021 and ar¢ intrrest free. Repayment dates rnay be exp¢￿ed to
be discussed furth¢r.
In line with the provisions with?n the accounting slandards, th¢5¢ loans ar¢ re￿gniSed initially at ¢osi, with
repayments or con￿r$10n$ to grants being recognised in the relevant periods.
Voluntary assi$t*ne
Th¢ company has no employees and many of its members give freely of their time to carry out all of lh¢
activities of th¢ Company. These voluntary contributions are not included in the a¢counts.
Pa8e 19
continued..

Ffestinio
Railw* Socie
Notes to the Fingntl81 St8lemeAtS- CDlltiTrued
for the Year Ended 30 Se tember 2020
DONATION& LEGACIES & GIFT AID
30.9.20
30.9.19
Donations
Gift aid
Legacies
108,930
34.663
66,238
28.877
711,582
237,862
306.697
RAISING CHARITABLE FUNDS
30.9.20
30.9.19
Magazine income
Sundry income
3,238
231
3,880
3,469
6,342
IJ¥VESTMENT INCOME
30.9.20
30.9.19
Deposit account interest
.425
1.636
INCOME FROM CHARITABLE ACTIVITIES
30.9.20
30.9.19
H05tel income
Subscripiions
Family & a5s0ciat¢
mernbership
Student & junior mernbership
Life membership
11,475
74.947
22.846
77.828
11,965
848
20,288
13,603
1,440
24,954
119,523
140.671
Page 20
continued...

Ffe$tinio
R¥ilw*
So¢ie
Notes to the Financi•l Siat¢ments- continued
for the Year Ended 30 Se
tember 2020
RAISING CHARITABLE FUNDS
Administrative expenses
30.9.211
30.9.19
Magazine
Registry ¢xpens¢s
Postage, prinitng & publicity
Sundries
38001
J.655
1,142
39.897
1,925
1.548
8,470
44,070
51,840
CHARITABLE ACTIVITIES COSTS
Direct
Costs
Hostel expense5
Donations to the FR Company
42,793
262 4SS
305
GOVERNANCE & SUPPORT COSTS
Governance
osts
Finance
Totals
Gov¢manc¢ and support rt¢.
io.
AUDITORS. REMUNERATION
30.9.20
30.9.19
Fees payabl¢ to the chariws auditors for the audit of th¢ ¢hariWs financial
statements
3210
2,920
Ac¢ountan¢y costs
2.79S
2.540
TRUSTEES, REMUNERATION AJ¥D BENEFITS
There were no trustees, remuneration or otkr ben¢fits for the year ended 30 S¢ptember 2020 nor for th¢ year
ended 30 Seprernber 2019.
Tr￿￿te¢s, exp¢nses
There were no trustees. expenses paid neither for the year end>J 30 S¢premb¢r 2020 Th)r for the year ended
30 Septelnber 2019.
Page21
onttnued...

Ffestinio
Railwg
Soci
Notes to the Financial Statements- ¢ODti4M
for the Year Endtd 30 Se tember 2020
12.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfiviTIES- 2019 SOFA
(Breakdown of ihe 2019 column from page 14)
Unrestricted
fvnd
Restri¢*d
fvnds
Total
fvnd5
INCOME AND ENDOWMEJYIS FROM
Donaiiofts, lega¢i¢s & gift aid
344.459
462,238
806.697
Charitable attivities
Hostel in¢orne
Subscriptions
22,846
17,825
22,846
117.825
Raising Charl￿ble funds
Investment income
6,342
810
6,342
1.636
826
Total
492282
463.064
955,346
EXPENDITURE ON
Raising ¢harithbl¢ fijnds
51,840
31,840
Charitable a¢tiviti¢5
Hosi¢l expenses
Donations to the FR Company
58.384
115.045
58.384
190.347
75.302
Governanee and support
8.615
8.615
Total
233.884
75.302
309.186
NET INCOME
258.398
387.762
646.160
T¥*nsf¢r$ between funds
(6.437)
6,437
Net movernent in
251.961
394.199
646.160
RECONCILIATIOJ4 OF FUNDS
Total funds browght forward
295.453
376.525
671,978
TOTAL FUNDS CARRIED FORWARD
547.414
770,n4
1,318.138
13.
TANGIBLE FIXED ASSETS
Plant and
m￿hinery
Office
equipmeni
Society
films
Totsls
COST
At l October 2019 ond 30 S¢pi¢mlxr 2020
4Vg
DEPRECIATION
At l O¢iober 2019 and 30 September 2020
408
NET BOOK VALUE
At 30 Septemb¢r 2020
At 30 September 2019
Page 22
ntinu¢d...

Ffe5tini
R•ilw8
ie
Notes to the FiTraneiAI Staternents- continued
for the Year Ended 30 St ternber 2020
13.
TANGIBLE FIXED ASSETS- ￿￿tIn￿ed
The ner book value at 30 Septernber 2020 represents fixed assets used for the management and administrydtion of
the ¢harity.
14.
FIXED ASSET INVEsfMENTS
Fixed
asset
investrnents
MARKET VALUE
At l October 2019 and 30 September 2020
NET BOOK VALUE
At 30 September 2020
At 30 September 2019
There were no investment assets Outside UK.
The above figures Consi￿ OF.
a. The Festini08 Railway Company l 00 5% prefererKe shares of £10 each- * cost- £1
b. S ordinary shar¢5 of £1 ea¢h- at wst- £5
In the opinion of the trustee4 the market Wdlue of the shares is similar to their cost.
15.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.20
30.9.19
Gift aid debtor
Fesiiniog Ratlway Company loan
Legacies
VAT
33.930
427,1)00
357,911
3.697
63,982
36,222
357,911
5.303
822,538
463,418
Page 23
continued..

Ffestini
Rai
Socie
N tes to the Fin*Trcial St*iemtthi$- ¢ontin￿ed
for the Ve4r Ended 30 Se t¢mb¢r 2020
16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.20
30.9.19
Trade credilols
A¢¢rued FR Company donations
Dee & Mers¢y group
FR heritage group
SubscFipiions and don*ions receiT4ed in advance
Accrued expenses
7.391
37.080
7,900
14,034
36.772
5.460
50JQO
7.91)0
14,048
35,95
6.0115
114309
108.637
17.
CREDITORS: AMOUNTS FALLING DUE A ￿ER MORE THAN ONE YEAR
311.9.2D
30.9.19
SubsLriptions and donations received in advaTKe
58.204
51,481
Page 24
continued...

Ffestinio
Railw
Iyotes to the Financial Statements- contlDued
for the Year Ended 30 Se
tember 2020
18.
MOVEMENT IN FVNDS
Net
movement
in fvnd5
Ai
1.10_19
At
30.920
Unregtriet¢d fund5
General fund
547.415
22,567
569,982
Restrieted fu￿d5
Heritag¢ fund
Volunteer hostel furtd
Minffordd Station
Tan y Bwlch Striion
Kids Training Week
Linesid¢ vehi¢le
Blanche
England Lo¢os
Lilla maintenance
Mounlaineer
Kerr Stuart diesel 4415
James Sp)oner
Bug Boxes
First class inierior
LAG drains
Archives
Waggon tracks
Pernianent way
Health. safety and others
Ashover
earl of M¢rion¢th
Rhiw Goch signal box
Volunteer tools
Blaenau Ffesiini08 Ststion
Hu8h Napier
Heriiage Buildings
Covid-19
6.292
1551
254
6,546
1,553
2,707
3,046
9,885
12,812
2,1199
22.492
1,163
4,422
10,940
54.419
92,521
S25
4,61 I
7247
941
136.700
1,997
4,037
277
2,707
3.IM3
52
12.798
2.096
7&202
5051
3,021
15,023
49,677
50.087
524
4,1132
2.799
441
148298
1.995
4,fi32
276
1,033
14
(55,710)
(4,688)
1,401
{4,083)
4,742
42.434
579
4.448
50
{11,598)
144
519
12,106
357911
14S
5A9
7.971
354,058
(4,135)
(3,853)
7,125
770.723
18.811
751,912
TOTAL FUNDS
l J18,138
3,756
321,894
Page 25
ntinued..

Ffestini
Railw* Sotie
Notes to tite Fin•TrciAI S¢•tern¢nts- ¢fjntiMued
for the Ye#r Ended 311
ternber 2020
18.
MOVEMENT IN FUNDS- ￿ntinued
Net movement in funds, i￿luded in the above 8r¢ as follows..
Incoming
Resources
exp¢nd¢d
Movemenl
in funds
Unrestricted funds
General fvnd
222JIKI
(199,73J)
22,567
Restricted f¥nds
Heritsge fund
Volunteer hostel fund
Minffordd Station
Tan y Bwlch Ststion
Kids Trainin8 Week
Lineside vehicle
Blanche
England L(Kos
Lilla mainlenancc
Mounthineer
Kerr Stuart diesel 441 S
James Spooner
Bu8 Boxes
First class inierior
LAG drains
Archives
Waggon ird¢ks
Permanent way
Healih, safety and others
Ashover
Earl of Merioneth
Rhiw Go¢h signal box
Vtslunteer tools
Hugh Napier
Heritage Buildin85
Covid-19
2$4
254
2,7117
2.707
973
14
60
1.033
14
2,157
132
1.401
4,026
4.742
42.434
(57167)
(4,820)
(55,710)
(4,688)
1.401
(4,083)
4.742
42,434
(8,109)
955
17.737
500
155
1376)
(13389)
579
4,448
soo
(11.598)
(11,753)
(8,6911)
13.946)
so.000)
(4,135}
(3.853)
93
158,790)
18,811)
TOTAL FUNDS
362279
3S8.523)
Page 26
ontinued.

Ffestinio
R*iJw*
Sott
Notes to the Financial StatementS- Colltinued
f r the Y¢ar Ended 30 Se
ttmber 2020
18.
MOVEMENT IN FUNDS- eoDtiDu¢d
Comparativu for movement •* funds- (2019 f￿*re$)
Net
movement
in funds
Trdnsftrs
between
funds
At
1.10.18
At
30.9.19
Unre5tritted funds
G¢n¢ral fund
295,453
258.399
16,437)
547,415
Restricted funds
Heritagc fund
Volunteer hosiel ￿nd
Minffordd Station
Tan y Bwlch Station
Kids Training Week
Lineside vehicle
Blanche
En8land Locos
Lilla maintenance
Mounraineer
Kerr s￿art diesel 4415
James Sp¢)oner
Bu8 Boxes
First cla55 interior
LAG drains
Archives
Waggoll tracks
Pernianent way
Health. safety and others
Ashover
Earl of Merioneth
Rhiw Goch signal box
Volunteer tools
Bla¢nau FfesthniD8 Ststion
Tunnel Portals
Hugh Napier
Heritsge Buildings
6,336
1.548
9.144
3.037
6,595
12,772
2.093
97.604
3.343
2.927
6.032
43.955
4.447
963
3.891
1.992
9.97J
147.993
1.990
4.026
276
(44)
6,292
1,551
(15.581)
6.437
3,043
8,852
12.798
2.096
78,202
5.851
3.021
15,023
49.677
50,087
524
4.032
2,799
441
148.298
1.995
4,032
276
1.153
144
519
2257
26
(19.402)
2,508
94
8.991
5.722
45.640
(4391
807
{9,532)
305
707
518
3212
(563)
(3212)
12,106
357.911
12.106
376.525
387.761
6.437
770.723
TOTAL FUNDS
671.978
646.160
1.318,138
Page 27
continued...

Ffestinio
R*ilw*
Soeie
Notes to th¢ Financial Statements- coAtinued
for the Ytar Ended 30 St tember 202
18.
MOVEMENT IN FUNDS- continued
Comparative nei rnovement in fund& included in the alM)ve are as follows:
Incoming
resources
Resources
expended
Mtsvement
in funds
Unrestricted fund$
General fund
492282
1233,883)
258,399
Restricted funds
Heritage fund
Volunteer hosiel ￿nd
Minffordd Station
Tan y Bwlch Siation
Kids Training Week
Lineside vehicle
Blanche
England Locos
Lilla mainLenan¢¢
Mountaineer
Ke￿ Stuart dies¢l 4415
James Spooner
Bug Boxes
First cl￿$ interior
LAG drains
Archiv¢s
Waggon track5
Pernianeni way
Health, safery and ￿h¢r$
Ashover
Rhiw Goch signal box
Volunteer tools
Blaenau Ffestini08 Station
Tunnel Ponals
Hugh Napier
Heritage Buildings
89
(133)
(44)
6.722
(22.303)
(15,581)
9.520
26
(7.263)
2,257
26
4,494
2,508
94
14.845
5,722
45,640
(23,896)
(19,402)
2.508
94
8,991
5,722
45,640
(439)
(5,854)
{440)
(633)
(1,465)
(9,548)
774
2272
16
305
807
(9.532)
305
(564)
(563)
{8)
12.106
357.911
(3204)
(3.212)
12.106
357,911
463.064
(75.303)
387,761
TOTAL FUNDS
955,346
309.186
646,160
Page 28
¢on(inued...

Ffestinio
Railwa
s￿1¢
Notes to the Finan¢iail Statement5- con¢iDued
for the Year Ended 30 Se
ternber 21120
18.
MOVEMENT IN FUNDS- ¢ontinu¢d
A current y¢ar 12 months and prior year 12 rnonths ¢ombin¢d posiiion 1$ as follows..
Net
moverneni
in fund5
Transfers
between
fijnds
Ai
1.10.18
At
30.9.20
Unrestricted funds
General fund
295.453
280.966
(6.437)
569.982
Restricted funds
Heritage fund
Volunteer hostel fund
Minlrordd Staiion
Tan y Bwlch Sthtion
Kids Training Week
Ltneside vehicl¢
Blanche
England Locos
Lilla maintenance
Mountaineer
Kerr Shjart diesel 4415
James Spooner
Bu8 Boxes
Fiist class interior
LAG drains
Archives
Waggon ¢ra¢ks
Perman¢nt way
Healih. safety and others
Ashover
Earl of Merioneth
Rhiw GcLh signal box
Volunteer too15
Blaenau Ffestiniog Statton
Tunnel Portals
Hugh Napier
Heritage Buildings
Covid.19
6,336
1.548
9.144
3,037
6.595
12.772
2.093
97.604
3.343
2.927
6.032
43.955
4,447
963
3.891
1,992
9.973
147,993
1.990
4.026
276
210
6.546
1,553
2.707
3.046
9.885
12,812
2,099
22.492
1,163
4.422
10,940
54.419
92,521
525
4.611
7,247
941
136,700
1,997
4.037
277
1.154
145
519
(12,874)
6.437
3,290
40
(75.112)
(2.180)
1,495
4.908
10,464
88.074
{438)
720
5255
(9.032)
(11.293)
707
518
3.212
(562)
(3.212)
7.971
354.058
7,125
7.971
354.058
7.125
376,525
368.950
6,437
751,912
TOTAL FUNDS
671.978
649.916
1.321.894
Page 29
continued...

Ffe
R*llwa
Socie
Notes to the Finantial Stst¢rnents- contiTru¢d
for the Year Ended 30 Se
tember 2020
18.
MOVEMENT IN FUNDS- toTrti*4ed
A ¢urrent ytaT 12 months and prioT year 12 months Combined net rnovement in fvnds, included in the abov¢ are
as follows=
Incoming
Resources
expended
Movement
in funds
Unre5tricled funds
General fund
714.582
(433.616)
280,966
Re5¢ri£t¢d funds
Heritsge fund
VolLtnteer hostel fvnd
Minffordd Starion
Tan y Bwlch Ststion
Kids Training Week
Lineside veht¢le
Blanche
England L&)¢os
Lilla rna1ntena￿e
Mountaineer
Kerr Stuart di¢s¢l 4415
James S￿O￿tr
Bug Boxes
First class interior
LAG drains
Archives
Waggon tracks
Perrnanent way
Health, safety and others
Ashover
Earl of Merioneth
Rhiw Goch signal box
Volunteer tools
Blaenau Ffestini08 Ststion
Tunnel Portals
Hugh Napier
Heritage Buildings
Covid-19
343
(133)
210
9.429
(22,303)
(12.874)
10,493
40
{7,203)
3,290
40
6.651
2,640
1.495
18,871
10.464
88.074
(81.763)
(4.820)
(75.112)
{2,180)
1.495
4.908
10.464
88.074
(438)
720
5,255
(9.032)
(11,2931
(13,963)
(440)
(1.009)
114,754}
(9.548)
(11.753)
1.729
20.009
516
460
(564)
(562)
(8)
16.661
358.004
57.125
(3.204)
(8.690)
13,946)
50.000)
(3,212)
7.971
354,058
7,125
603.043
234,093)
368,950
TOTAL FUNDS
1.317.625
667.709)
649.916
Unr¢stri£ted F￿ndS
See the Reserves Policy for full detsils.
Restricted Funds
The Volunteer Hostel Fund 15 for th¢ hos*1 in Penrhyn.
The Herita
e Fund was set up in 1998 as 'partnership fuThJing" with The Fwiniog Railway Trust for ihe
Ffestiniog Railway Heritsge Proje¢¢ encompassing carriages 15 and 16 and slate wagon r¢storation. The fund is
used to 511PPOrt herita8e minded proje￿.
The En
land Ioc05 Fund was set up to fund the rebuild of Prin¢¢ and upon completion of that loco is ihe home
of funds raised for the restoration io working condition of fellow England lo￿ We15h Pony.
Page 30
continued...

Ffesiinio
Railw8
Soci
Notes to the Fin•ncial S¢*tements- ¢ODtiDu
for the Year Ended 30 Se
ternber 1020
18.
MOVEMENT IN FUNDS- coTrtiThued
irst Class Interior Fund has been set up a5 a result of the Lift Memberfs Appeal to enhance first class
accornmodatton on the Ffestiniog Railway.
The Lilla Maintenance Fund set up in 1998. aims to rat5¢ money tt) contribute towards th¢ ongoing rn8intenance
of ihe I￿Orn011¥t.
The Mountaineer Fund exists to return the ALCO l(Ko to tralTic in as close Is possibl¢ to its CUTrent ftirm.
The Drains Fund has been set up following a large donaiion for the purposes of supplying materials for tb¢
future maintenance of the drainage infrastructure on the Ff￿lin108 Railway.
¢hiv
und has been sei up has part of an appeal to improve the conditions for the preservation of the
priceless collection of Ffestiniog Railway ar¢hiwe information.
he Trackbeds and Embartkments Fund has been sei up & a result of a legacy specified for that purpose.
OthET5 includt fijnds for heahh and Safety PToj¢¢ts and volunieer ¢ntenainm¢nt eguipm¢rn.
General Fund AppropriatiODS
Donations to the Fe5tiniog Railway Company in respect of:
2020
2019
£7,862
BL fence
BL points
Horticulture centre
Blacksmiths
Electrics
Fairlie / DE boiler
Heritage waggons
Hostel
Plas Smart
£19.175
£5,658
£19549 £73.442
£3,816
£11,443
£2.889
£15582
£20260
£575
£180
Slate benth
£135
Sundry
Baseplate51Sleepers
Boston Lodge NHLF
£17,964
19.
RELATED PARTY TRANSACTIONS
As stated in the principal a¢¢ivities section of the trustees, report. the PUTPts5e of the company 1$ to support th¢
restoration of ihe Ffestiniog Railway. For many years, there has been an attangement whereby the company
nominated on¢ director onto the board of The Fe5tinio8 Railway Cornpany and that company nominated a
person to sit on th¢ board of this company. During the year. the Society nominee Sam Mill¢r. Sam Miller
did not receive any benefii from the Society during the year.
During the year the Fftstinho8 Railway Society made donatl0115 lO￿lI1ng £262,455 (2019.. £190.347) to The
Festiniog Railway Cornpany. The makeup of which being Tnade up of curreni year donwion$ amouniing io
£262.455 {2019.. £154.965) and year end xcruals amounting to £nil (2019.. £35,384).
The Society also had trdnsaclions wilh related gmups and the FR Co during the year. and at the ￿&r end th¢
Festiniog Railway Company amount ow¢d to the So¢i¢ry siood at £427,000 (2019." £36222). with this amtsunt
being included within debtors on the balance Sheet. The Society also retained funds on behalf of th¢ Dee &
M¢rs¢y and FR Heritage group& with the totsl held within creditots amounting to £21.948 (2019.. £21.934).
Pag¢31
continved...

Ff¢stinio Railwa
Socie
N te5 t the Financial Statethtnt5- eontinutd
for the Year Ended 30 S¢ ttrnber 2020
20.
POST BALANCE SHEET EVENTS
A5 noted in the a¢¢ounts during 2020. the Ffe5tiniog Railway Society loaned £400,OIXI to th¢ Fe5tiniog Railway
Company lo support cash flow during the COVID pandemic. This loan is interest free. wiihout security and
repaydble in S¢pr¢rnbu 2021.
Subsequent io the financial year end. the board of trustees a8reed to conv¢rt £183,196 of th¢ financial loan
support into a gran¢ with ihis represeniing costs incurred by the Festiniog Railway Company infr8structure
projects at Crossing Mawr, Spoon¢rs Hollow and Rhiw Plas.
Page 32