REGISTERED COMPANY NUMBER.. IVJ542449 (England 8nd Wales}
REGISTERED CHARITY NUMBER: 1064178
Re
rt of the Trusttts a*d
Finaneial StstemeDts for tbe Year Ended 30 Se temlxr 2022
for
Ffestinio
Railwa
'AC3819QI'
1CVOY2023
COMPANIES HOUSE
M3
Dunn & Ellis Cyf
Chartered Accountantslststuiory Auditors
Chartered Accourtiants
Adeilad Si David's Building
Stryd Lombard Stre
Porthmado8
Gwynedd
LL49 9AP

Ffe5tinio
Railwa Soeie
Conttrtts of the Finanei*l Ststem
for the Year Ended 30 Se
tember
022
ge
Report of the Trnsttts
Report of the Independent Auditor5
9 to 12
Statement ol Finan¢i*l Activiti¢$
13
Balance Sheet
14
Cash Flow Statement
15
Notes to the Ca$h Flow St*ten)eDt
16
Notes to the Fin*ntial St*teTh¢nts
17 to 30

Ffesiinio
R•ilw•
Socitt
Istered number: 110542449
ort of the Trust
for the Year Emded 30 Se tember 2022
The trustees who are also direciors of the charity for the purposes of the Cornpanr¢s Act 2006. pr¢sent their report with
the financial ststements of the charity for the year ended 30 Septemiv 2022. The trusttts have adopted the provision5
of Accounting and Reporting by Charities.. Statement of Recommcnded Practice applicable to charities preparing their
accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)
{effectiYe l January 2019).
Introduction
Train services continued to operate largely pre-IxM)ktd exFKrience5 during th¢ year with th¢ Ffe5tiniog Railway
ofyering Woodland Wanderer Services to Tanybwlch and Mountain Spirit servic¢s to Blaenau Ffestiniog. 'Hop-on. hop
otT facilities to Inter￿edIate stations w¢r¢ introdur¢d ¢m the Mountain sp.irit 5¢rvic¢s later in the year. initially to
Society mernbers and later to the 8enerdl public.
The Society h&$ b¢en pleas¢d to have worked with th¢ COMp￿Y during the yw to as5is¢ with the impl¢m¢ntation of the
National Lonery Heritage Fund Bosion Lodge Inierpretaiion and Development project (the NLHF project) - Ihe match
funding for which has been provided in equal amounts by the Society and the Ffes¢iniog and Welsh Highland Railways
TTUSt. The S￿)ety's Chairnan has been a member of ihe Project Board during this period. Ex¢ell¢nt progress has b¢en
rnad¢ wilh the int¢rpr¢¢ation pwrt of the woject and the results of the outreach effort hav¢ exceeded ¢xp¢thtions.
The capital works element of th¢ projed suff¢r¢d what wuld hav¢ b¢¢n a major difficulty when the lenders for the No
physical work packages at Bosion Lodge were rerumed at much higher values than expected. This was caused by the
unprecedented levels of infl￿10n within the construction industsy had been created by shortages following th¢ s¢art
of the war in Ukraine. Following some importani value enginttring by the construction team, and th¢ offer of further
f￿anCial support from both the Trust and Sociery. the NLHF agreed io increase its grdnt to wver th¢ additional rosts.
Physical work ha5 now 51art¢d on site. The Society Board formally signed off its iarg¢st ¢v¢r 5Lngl¢ grant to support this
proj¢ct in ¢aTly 2023. This l¢v¢l of 5UPPOrt wa5 only p0s5ibl¢ du¢ to th¢ g¢n¢rosity of Society members for which the
Directors are very gratefiLI.
The Sociery was able to hold a'face-io-fa¢e' Annual General Meeting for the rust lime in three years at its 2022 ev¢Dt.
This was supponed by a growing number of activities over that weekend designed to giv¢ members better access io
operations and developments around the Ffe5tiniog Railway.
The Society has comtnenced work on a new Developmeni Strategy which is intended to suppon the Company5 new
business plan.'The Regenerdiive Railway.. li is intrnded this new documeni will be published during 2023.
The Society has been pleased w have been able ￿ help suppon the Festiniog Railway Company thToughout what has
been another challenging year. Voluntttrs and members of the Society have been able to assisi in d¢liv¢ring an outtum
which is very encouraging given the difficult time5 that we are still experiencing. The directors have been pleased io
engage in collaborative discussions with the Company and look forward to being able to continue this approach in
2023.
oBJE￿IVEs AND ACTIVITIES
Objeclive5 and &im5
The principal objective and aim of the Charity in the year under review was to advance the education of the public
through the cOnsery￿10n of the Ffestiniog Railway. In practical iern)s. the activiiies of the charitable Company in
furth¢ranc¢ of its obj¢¢lives are to support the Feuiniog Railway Company in its pr￿ervatIOn and operation of the
Ff¢sliniog Railway.
Publie benefit
The trustees confm thai they have cornplied with theTr dulies as set out in Section 17(5) of the 2011 Charities Act io
have due regard 10 the publir b¢nefii guidance publi5h¢d by th¢ Charity Ci)mmi5sion.
Page I

Ffestin
Railwa
islered numbtr: 00542449
Re
ort of the Trust
nded 30 Se tember 2022
0￿ECTIVEs AND A￿1VITIEs
Volunteering
Volunteering returned to what might be described &$ a 'n¢w norniaf during the year_ The regular ￿0UpS. including
Minib&8h, M¢gaba5h, Gigabash. Young Volunteers Training Week, Electrical Working Party and rnwDy other5, retum¢d
to action although, in m051 cases. wilh smaller numbers involved. Individual volunteer$ sUP￿rted the Operntions and
Locomotive departments with a very credible number of locomoiive turns being covered by volunteers. Some
difficulties occurred in resour¢ing sufficient volunteer5 within the Operations departtnent. Approximately 50Vo of the
total staff time during 2022 w05 covered by volunteer5 which is worth a very significant amount of money to the
Company. The appointment of an ¢ngin¢ering volunteer5 manager as part of the NLHF project should help to
r¢invigoTate and expatjd the volunieer contribution to th¢ Company.
FINANCIAL REVIEW
Flnancial p051tiDn
The financial year 2022 saw a marked increase in ihe income due to the Society compered to prior years. This is
primarily due to an #dvance ¢)n a large legacy being accnjed for in ihe year. For 2022 we saw £23.243 in legacies being
received, with th¢ bal¥n¢e being r¢corded as yearend debtors. As a comparison some £315.285 was shown as income in
Ihe year before. This is th¢ $ingl¢ r¢&50n thai ha5 ¢nabl¢d the Society to confidently support the major NLHF project at
Bosion Lodge whilst also ¢n4bling th¢ Society to continu¢ to supwrt other projxts.
Don￿lonS are much reduced in 2022. refle￿illE the success of th¢ Linda appeal in 2021 which ratsed £90.000 in a
remarkably short length of time. The separaie appeal io support the NLHF project was launched halfway through the
financial year but. to date. has noi been so successful meaning thai the overall donations profile is lower. Despite this.
general fund donations have been more PTevaleni in 2022.
Subscriptions in¢om¢ saw an increase due to the recent ¢I￿nge in the level of subscription4 despite the small decrease
member$.
The spend profile for the Society remained faiTly consi5t¢nt arr055 th¢ sp¢ctrum. A5 in previou5 years, th¢ most
significani costs are ihe grants made to the Fesiiniog Railway Company 10 SUPSK)rt projects. The largest individual
contribution was £IOO,000 (out of a totsl £l18.000) 10 5UPPOrt the bulk purchase of plastlc sleepers at an advantageous
price, which should facilitate railway relaying projrfts for many years to come. Major proi¢¢ts included.. £42,429 a5 th¢
NLHF project commences in eam¢st- £28,496 to ￿mmenc¢ lh¢ renov*ion of Penrhyn Station building- £13,112 to
purchase handheld tampers io incre&se the effectivenes5 of $tsff and volunt¢er5 on Permanent Way work and £1 1,334
supporting RhÉw Goch electrical work io improve reliability and longevity. Other major projects supported during the
year included the commencemeni of Linda's overhaul (£20.120) and the continuation of ihe restoration of the Kejy
Styart 4415 di¢s¢l locomotive (£12,638).
Pa8¢ 2

Ffestinio
Rgilwa
Socie
istered number: 00542449
Re
ort of the Trusiee5
for the Year En
FINANCIAL REVIEW
Finaneial Review
Finaneial position
The excess ineorne over expenditure for the year amowited to £724.756 (2021." excess income over expenditure of
£271,349) and there were no transfcrs between the reserv¢s in the year (2021.. NIL). tktails of d2re¢t charitable
expendi￿re can be found in the Statemcnt of Financial Activiti¢5.
The Society's total ￿nd balat)ce at the end of 2022 was £2.317.999 (2021: £1.593,243).
PriThcipal funding sollrtes
The Society has been pleased to be able to Continuc to SUPE￿ the management and operdlion of the hostels ai
Minffordd and Penrhyn which are so impottani io supporting volunteer involvement. The restrictions over the last two
years meant that bed nights have been much reduttd but these have now rewrned to someihing ¢105¢ to previous
numbers. The Board deterrnined not to increase fe¢s for 2022r23 to fiLrth¢r 5UPW)rt th¢ increase in volltnteer numbers.
This is a policy that h&% receivcd much appreciation from Ix)th the c￿1panY and individual volunteers.
Hostel income recovered somewh* in 2022 vs the heavy COVID years of 2020 and 2021. Overall income remains less
primarily due to the re5trict¢d (Kcupancy over the winter and slower build up to regular usage as COVID fews sub5hded
and full capacity wL5 regained.
H0￿cl costs were higher ihan comparnbl¢ peric#Js, with this primarily bein8 du¢ to thc timing costs incurred. which
resulted in a higher cost during the 2022 p¢riod.
Membershi
Numbets and reco
nitlori
As in previous yèaTS. the majority of the Soctetys income came from the continued support of its mu¢h-valu¢d
members. Th¢ classificwion and breakdown of fee-paying membership5 are as follows.
22 2
Full members
Senior citizens
Associate
717
820
,548, 1.552
Senior citizen5 associate
352
372
Family main
Family- spouse I partner
Family- child
Juniors
106
104
103
103
177
16
23
Volunteer SDJdents
27
Life
Covenanted life
Senior citizen life
136(1 1266
70
109
175
Associate life
179
Honorary lift member5
Total membership
4.830 4.978
Page 3

stinio
Railw* Societ
istered number: 00542449
Re
ort of the Trustees
ror the Year Ended 311 Se
¢embtr 2022
FINANCIAL REVIEW
The Society's membership year runs from the 1st January to thc end of December. which differs from its accounting
year by three months. As a resuli, the Society a¢cnJes a proportion of its annual membership income so as lo il
over to the relevant accounting Fr￿￿.
The Society 15 also aware that some membus have prepaid their memb¢rthtp by a varying number of years, and again,
these identified amounts ar¢ carried over to th¢ ￿levant accounting perio(Ls. The samc approach is also undertaken for
Diamond Jubilee Appeal donors who are provided with Society membership.
Life and associaied life membership fees represeni one off Contr1E￿tiOnS by these members for coniinued lifelong
membership. in order that the Society's continuing obligaiions to these members is adequately reflected in it5 finmcial
staiements. life membership incorne received is accrued and written off over a 10 year period. which is wnsidered by
the Trustees io produce a reasonable approximation of expecied a¢cnJed benefit and matches the approath undertaken
by two similar organisations.
WThilst il is disappointing to report that memberthip dipr*d further below 5,000 at year-end {with 4.830 members
Cornp￿d with 5205 at the end of 2020) thi5 l5 Still a respectable posilion given the challenges presented by the
p4nd¢mi¢ and th¢ r¢5ultant inflationary hit.
Fundraisin
At (he beginning of 2022. Virgin Fsnance closed their Virgin Giving scheme for onlin¢ donation5 and other payments.
This enabled a transition to the Charities Aid Foundation which allows ¢ampaigns to be 5Ct up and provides a user-
friendly experience when donaiing using mobile phones. This also allows QR codes to be readily printed onto
ndrai5ing leaflets.
The major appeal durin8 the year has been io support the NLHF projeci which raised over £30,000. including Gift Aid.
to date.
The Mountsinttr fund has doubled in ihe year and sits with a year¢nd balance of just ounder £38,000 - this has enabled
the team to begin planning the re5¢oration and 5ub5equent return to traffic. The majoriry of the incom¢ is wming from
individual 5UPPQrt¢rs donating a standard arnount of £12.65 which reflects the locomotive's works number- 1265. The
success of this funding rn¢¢hani5m to dat¢ give5 an indication of the bre&Jth of support for this locomotive and, more
wid¢ly, the gr¢a¢¢r int¢rest in locomotive restoratiijn compated with infrastructure projects. Additional fundraising
includes proc¢eds from rnerchandise sales and from the 'guess the time of towing Mountain¢er across the Cob. even¢
held over August Bank holiday.
Th¢ England fund is now F￿￿Sed on rdi5in8 monies io returning Prince io traffic. With th¢ launch of the on train
¢Dvelop¢5 for Prin¢¢ in the Spring. this raised £ 19.839 including Gift Aid the daily management of this activity by
Peter Wilkinson makes this an extremely effective source of fundraising. At the end of the season, we were also able to
add the QR codes to the envelopes w allow those not carying cash ¢0 wily make donations online from the comfort of
Iheir carriage whilst on the move.
Investtn¢nt polity and Objectives
The Society has adopted a ¢onserv*tve investhient plan. which ensure5 all surplus fund5 arc invested in an inÉerest-
bearin8 account with Naiwest bank. This low-risk approach involves regular re-balancing of investments between
curreni and reserve accounts. However. the convenience of having all funds in once place, does come with the risk that
only the fw5 £85,000 will be cov¢red by the FCA guardntce. With a view io minimising thi5 risk, th¢ Trustee5 are
currenily considering ali¢mativ¢ inv¢stm¢n¢ plans.
Interest earned is a]located monthly 4cr055 all liA¢ with the balances in those fund5 at the beginning of the
month.
Pag¢ 4

Ffestinio
Railw
ie
islered number: l)0542449
Re ort of the Tru51ees
for the Year Ended 30 Se
tem
r20
FINANCIAL REVIEW
Re$erves policy
The Societys policy is to mainTain an adequate reserve so as io enable tl to discharge its charitable objectives and meet
its ongoing day to day requwements. This being the cas< the tsusiees consider that twelve months of general fijnd
expenditure is an #ppropriate level of reserve lo meet the day-to-day running costs of the chariry including maintaining
production of th¢ in-house magazin¢ and 5UPPOrt for the running of the volunteer hostels. with this amounting to a sum
of £65,000.
The main need of ¢our5e 15 to hold suffi¢i¢nl reserve5 for its core objective of supporting the Ffe5tiniog Railway. which
includes colleciing unrestricted, designated. and restricted funds for a number of proje¢ts. adrnini5tering and collecting
moneys from the amiual appeals as well a5 fd15ill8 and maintaining 5UtTJcient general funds to rncet its obligation5 for
committed charitable objecis. As at the end of 2022 the Societys rnain funds stood at:
strl
1gif￿. £1.657,865 (2021: £890.465)
The restricted funds held by th¢ charity ar¢ only available for use on Sp￿lfIC proj¢cts which ar¢ tak¢n forward Is
resources become available to th¢ Festiniog Railway Company. A detailed analysis of the5¢ projttts is disclosed in note
16 of the financial statements.
I funds= £660.134 (2021.. £702,778)
The Societys'free. reserve for the year being a surplus of £660.125 (2021: a Surplus of £702.769).
Although at first glance the uncommitted fvnd balance appears large. the difference is earniarked for a progrnmme of
grant application5 from the Fe5tiniog Railway Company over a four-year period that meei the objectiV¢5 of th¢ ¢h8rity.
In parti¢ular, a £475,000 sum ha5 been ¢ommitt¢d to support th¢ National Lottery Heritage Fund tnt¢rpretAtion and
Boston L¢)dg¢ Works project of this some £42.429 was paid over in th¢ year.
EVENTS SINCE THE YEAR END AND FUTURE PLANS
As mentioned above (he Society committed £475.000 of its fijnds as match-funding for the National WAbttery Heritsg¢
Fund Inwretation and Boslon Lodge wo￿5 Project over a three-year period commencing in April 2022, a small
¢ontribution, towards th¢ initial c05t, was rnade in the year. and p05t year C￿ due to the infl*ion¥ry impacts on the
projecL a fuTtheT £93,900 h45 sinc¢ b¢¢n Contribu￿1.
With regard to legacies, kindly left io the Society my memiw associates end others. perhaps unconnected until rtow,
the trnstees are aware of a number of substsntial ￿queSts being left to the Society- However, due to the uncertainties
surrounding the valuation and timing of such re¢eipts, no provision for these have been made ihe fmancial
statements.
No other post balance sheet events that require rewjrting or disclosing in the accounts have occurred since 30
Sepiember 2022.
rRucfuRE, GOVERNANCE AND MANAGEME]¥T
Governing document
The charity is controlled by its governing documenL a memorandum and articles of a550¢iaiion. #nd Constitutes
limited company, limited by guarantee. as defmed by the Companies Act 2006.
Induetlon ind tr*lning trustees
As part of their induction, new Board memlw are made aware of their reswnsibiliiies as board members. The
induction includes an introduction io the objectives, $cope. and policies of the charitsble fijnds. Charity Commission
infomiatiort on trustee responsibility and copies of the previous yeals annual report and accounts are provided.
Page 5

Ffestinio
Railwa
Soeie
i5tered number: 00542449
ort of the Trustees
for the Ye*r Ended 3
t¢mber 2022
srRUCTURE, GOVERNANCE AND MANAGEMENT
Relationship with third parti¢5
At ihe year end the Society holds five ordinary 5hare5 and one preference share in the Fesriniog Railway Company,
which have all been bequeathed io the Society. Thi5 wnslitules a minority share and does not give any control to the
Soci¢ty. The Sociery makes granL% io the F¢stiniog Roilway Company as part of the pursuance of the main activities of
th¢ Society.
The Society also has the righi io nominate to the Ffestiniog Railway Twsl¢¢s for appointment one place on the Board of
the F¢stiniog Railway Company as part of a recipr(Kal arrangement.
The Society interacts with area and functional group4 which have the common aims of supporting the Ffestiniog
Railway.
Ri$k man*Eem¢nt
The trust¢es have a duty to identify and review the risks to which the chariry is exposed and io ensure appropriate
controls are in plac¢ ¢0 provide reasonabl¢ assurance againsi fraud and e￿Or.
Related party and key man*gerneDt personnel
The trnstees consider the only key management personnel of the charity to k the board of trustt£s, who are in charge of
directing, controlling. njnning and operèiing the tharity on a daY-t￿daY b&sis. Details of the tru5tees' remuneratLOn,
exp¢n5es #nd related party transacrions are disclosed in a note to the accounts.
REFERENCE AND ADMINISTRATIVE DETAILS
Reglstered CompHny number
00542449 (England and Wales)
Registered Ch*rity number
1064178
Regis¢¢red office
Harbour Station
Porthmadog
Gwynedd
LLA9 9NF
Trustees
Mr G Col¢
MrGPBond
Mr P J Hawkins
Mr D R Jones
Mr S G Miller
MrNCSrnith
Mr M N Wolsl¢nholrne
Dr A F Tu¢k¢r
Mr L G Graham-Taylor
Mrs C M Knowles
Mrc M Tucker
(resigned 30.4.22)
{4ppointed 30.4.22)
(appointed 30.4.22)
Vlee-Presidents
Rev Dr R F BuxlOII
Mr A Heywood
MrTN Oulton
Mr A J Savage
MrH Wilson
Comparty Secrttsries
Mr J E Fenner-stsciety secretary
Mr S Chartets- Deputy secretary (apN)inted 13.422)
Page 6

FfestiThio
Railwa
Soeiet
iSter¢d number: 00542449
Re
rt of the Trustees
f r the Yur Ended J
ternber 2022
REFERENCE AND ADMINISTRATIVE DETAIIS
A¢countsnts & Auditors
Dunn & Ellis Cyf
Chartered ACcountan￿Sta1ut0ry Auditor5
Adeilad St David's Building
Styd Lombard Street
Porthmadog
Gwynedd
LL49 9AP
Bankers
National We5Thinster Bank plc
2nd Flo
Bryn Eiria5
Abergele Road
Colwyn Bay
LL29 SBY
EVENTS SINCE THE END OF THE YEAR
Inforniation relating to events since the end of th¢ y¢ar 15 given in the note5 10 th¢ financial stat¢m¢nts.
STATEMENT OF TRUSTEES. RESPONSIBILITIES
The trustees (who are also the directors of Ffestiniog Railway Society for th¢ FAkrw)s¢s of ¢ompany law) ar¢ responsibl¢
for preparing the Report of the Trusttts and the financial ststernents in accordance with applicable law and United
Kingdom Accounting Standards (Unitrd Kingdom Generally Accepted Accounting Practice).
Company law requires the Iwstees to prepare financial sraiernents for e￿h financial year which give a tw¢ and fair
view of th¢ 5tat¢ of affair5 of the Iharitsbl¢ company and of th¢ incoming r¢S0UT￿5 and appli¢ation of resources,
including the income and expenditure. of the ¢haritabk company for that peri￿￿. IA preparing those fu)ancial
statements. the rnjsiees are required io
s¢l¢ct suitable accounting policies and then apply them consimently.
ob5¢rve th¢ m¢thods and principles in the Charity SORP.
mak¢ judg¢meDts and estimat¢5 are reasonable and PTudenL
prepare the fllwlcial $tal¢ments on th¢ goin8 conc¢rn b¥15 unless it is inappropriate to prcsumc that thc tharitable
company will continue in business.
The trustees are responsible for keeping prow ￿COUn1]ng records which di￿10$¢ with rewnable ￿¢U￿&£Y at any tirne
the flnancial wsition of the Charitable cornpany and to enable them to ensure that the financial 5taternent5 comply with
the Cotnpanies Act 2006. Th¢y are also re5pon5ible for safeguarding the assets of th¢ charitsble wmpany and hence for
takin8 reasonable steps for the pr¢vention and d¢tection of fraud and other irre8ularitie$.
In so far as the trustees are aware..
there is no relevant audit inforniation of which the charitsble company's audiiors are unaware. and
thc trustee5 have taken all steps that they ought 10 have thken io make themselves aware of any relevant audit
infomiaiion and to establish that the auditor5 are aware of that infonnatLOn.
Page 7

Ffe5tini
R9ilwa
' tered nurnber. 005424
Re
ort of the T￿Ste¢S
lor the Ye*r Ended 30 Se t¢mbÈ
022
ATJDITORS
Th¢ auditor4 Dunn & Elli5 Cyf, will b¢ propwd for f￿ap￿In￿lenI at thc forthcoming Annual Gtheral Meeting.
Approved by ord
IxTrard of trustees 01) ........ ....
. and signed on its behalf by:
Trustee
Page 8

ort ofthe Inde
Ffe5tinio
R3ilw
endent Auditors to the Members of
Societ
1Stered number- 110542449
Opinion
We have audited the financial statemenis of FfeKiniog Railway Society (Ihe 'charitsble company) for the year ended
30 September 2022 which comprise the Statement of Financial Activities, the Balance Shed, the Cash Flow Statement
and notes to the flnartcial siatements. including a sumTnary of significant accounting policies. The financial reporting
framework that has been applied in their preparaiion is applicable law and United Kingdom Accounting Stsndprds
(UDtted Kingdom Generally Accepted A￿Ounting Practice).
In our opinion the financial 5talements'.
give a tru¢ and fair vi¢w of th¢ 5tat¢ of the Charitable ¢¢)mpany'5 affairs 15 at 30 Septernb¢r 2022 2nd of its irtcorning
resources and application of resources, including iL% incomc and expenditure, for the year then ended.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice" and
have been prepared in accordance with (he requirements of the Companies Aci 2006.
Basis for opinion
We conductrd our audit in acKordance with International Standards on Auditing (UK) (ISAS (UK)) and appli¢able law.
Our r¢sponsibilit1¢5 under those standards are further described in the Audiiors. responsibilities for the audit of the
financial siatemenis section ofour report. We are independent of the charithble company in accordance with the ethical
requirements that are relevant io our audit of the financial stsiements in the UK. including the FRC'S Ethi¢al Standard,
and we have fulfilled our other ethical restx)nsibilities in accordance with these requirements. W¢ believe that th¢ audit
evidence we have obtsined is sufficient and appropriaie (o provide a basis for our opinion.
Conclusion5 relating to going concern
In audiring ihe financial statemenE we have wncluded that the trustees, ￿ of the going concern basis of acwunting in
the preparntion of the financial slat¢ments i5 wropri•t¢.
Based on the work we have perfornied. we have not identified any M￿erial uncertainties relating to events or conditions
thai. individually or collectively. may casi significani doubt on the charitable company's ability to continue ￿ a going
Concern for a period of ai least Iw¢lv¢ month5 from wh¢n th¢ financial statements are authorised for issue.
Our responsibilitie5 and th¢ Tesponsibiliti¢S of the trustees with respe￿ to going concern are described kn the relevant
sections of thi5 rtport.
Other inforni*tts)n
The trustees are responsible for the other inforniation. Th¢ other inforrnation comprises the inforniation included in the
Annual Report. other than the fmancial statements Jnd our Report of the IndeT*ndent Auditors thereon.
OUT opinÉon on the financial statements does not cover the other infomiaiion and. except to the ¢xtent otherwise
explicitly stated in our report, we do noi express any forn? of a5suranc¢ conclusion th¢r¢on.
In cOnn￿tiOn with our audit of the financial statements, our responsibility is to read the other infomiation and, in doing
50, consider wheihcr the other inftsrnlation is materially inconsisteni with the financial statements or our knowledge
obtained in the audit or otherwise appears to be maierially misstsied. If we identify such material inconsistencies or
apparent material misstatements, we are required io d￿em)ine whether this gives ri5t to a rnaterial rnisstatement in the
financial statements themselves. If, based on the work we have perfonned, we conclude that there is a M￿e￿al
rniSStat¢ment of this oth¢r infonnation. wt are required to report that fact. We have nothing io rewt in this regard.
Opinitins other matters preseribed by the Compa#ies Aet 21J06
In our opinion, based on the work undertaken in the course of the audit..
the inforniation given in the Report of the TThsiees for the fiftancial y¢ar for which the financral statements are
prepared is consisteni with the fmancial 5tat¢rnents- and
the Report of the TnIste￿ has been prepared in aKordance with applicable legal requirements.
Page 9

Re
ort of the Inde
Ffestinio
Railwa
endertt Auditors to the Members or
Societ
istered number: 0054244
Matters ott whi¢h w¢ gre required to report by ex¢eptioD
In the light of the knowledge and understanding of the charirable company artd its environment obtained in the course
of ih¢ audit. we have not ideniified material misststrments in the Report of the Trustees.
We have nothin8 to in respect of the following matters where the Companies Act 2￿0 requires us to report to
you if. irt our opinion=
adequate accounting records have not been kept or rekn adequate for our audit have not been received from
branches not vistted by us. or
the financial stat¢ments are not in agreement with the accounting records and retums. or
certain disclosure5 of trusttts, remunerdiion 5p¢cified by law are not made. or
we have not received all the information and explanations we require for our audiL or
the trustees were not entitled to take advantage of the 5rnall companie5, exemption from the requirement to prepare a
Strategic Report or in preparing the Rep)rt of the Tru5tee5.
R¢$ponsibilitie5 of trustees
As explained more fully in the Siatement of Tn￿¢¢C5. Respon5ibiliiies, the mistees (who are also ihe director5 of tht
charitable company for the purposes of compony law) are re5ponsibl¢ for the preparaiion of the fmancial ststements and
for being satisfied that they give a true and fair view, and for such internal control as the trustees detennine 15 necessary
io enable the preparation of fmancial statements that are free from material mi55tatement, whether due to fraud or error.
In preparing the financial statements, the trustces are reS￿nSIble for &Sses5ing thc charitable company's ability to
continue as a going concern. disclosing, as applÈcable. rnatters related to going concern and using the going concem
basis of accounting unless the trusttts either intend io liquidate the charitable company or to cease operaiions, or have
no realisric alternative but io do so.
Our responsibilities for the audit of the fin*ncial 5¢*tements
Our objectives are to obiain reasonable assurance about whether the financial 5tstem¢nts as a whol¢ are free from
material misstat¢ment, wh¢th¢r du¢ lo fraud or ¢rror, and to i55ue a R¢FKJrt of th¢ Inde￿ndent Auditors that includes
our opinion. Reasonable assurdn¢¢ is a high lev¢1 of assuranc¢ but is not a guardntee that an audit cortducied in
accordance with ISAS (UK) will always detect a M￿trIal misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected io
influence the economic decisions of useTS taken i)n the basis of these financial sratements.
The extent to which our procedures are capable of deieain8 iTregularitie5. including fraud 15 detailed ￿l￿W..
Identifying and isstssing potential risks related to irregulariltes
In ideniifying and assessing risks of m*erial misstatement in respeci of iryulariti4 including fraud and non-
ompliance with laws and regulation5. we considered the following:
IdeDtifyiDg and ¥sse55ing potentill risks:
the nature of the industry and sector, control environment and business t*rfom)ance.
results of our enquiries of managerneni and those charged with govemance about their own ideniification and
assessment of the risks of irregularities.
any matters we identified having obtained and reviewed the charitsble company's inforn)ation of its policies and
procedures relating io:
identifyin8. evaluatin& and complying with laws and regulaiions and whether it was aware of any
in5tanc¢s of non.compliance.
detecting and responding to the risks of fraud and whether it had knowledge of any arts￿1. 5U5pe¢te¢ or
alleged fraud.
the internal ¢ontro15 ¢sth1i5hed to mitigat¢ risks of frnud or DOn-￿p11￿￿ with l#w$ and r¢gulaiion$'
aDd
any matters discussed among the audit engagement teani includin& if relevant, ex*mal specialists, any
tax or other valuations of note etc.
Page 10

ort ofthe Inde
Ffestinio Railwa
endtnt Auditors to (he Members of
Societ
15tered number: IJ0542449
As a result of these procedures, we considered the opp)rtunilies and in¢¢ntiv¢s that may exist within the charitable
company for fraud and identified the gr￿e$l potrntial for fraud to be in relation to revenue recognition. with specific
procedur¢5 b¢ing performed here. Additionally. and in common with all audiL% under ISAS (UK), we are also required
to perfortn spccific pnKedures to reswnd io th¢ risk of management override.
We also obtsined an understsAding of the legal and regU￿tory frameworks that the ¢haritsbl¢ company op¢rat¢s in,
focusing on provisions of those law5 and r¢gulatioThs that had a direct ¢ff¢tt on th¢ d¢t¢rnination of mal¢rial amounts
and disclosures in the fthancial Stsiements. The k¢y laws and regulation5 we wn5Ldered in this cont¢xt includ¢d the
Companies Act 2006. UK GAAP and any oiher laws and regulations thai although might not have a dtrect effect on the
financial sthtements, compliance with which may be fundamental to the charitable compangs ability to 0￿rate or to
avoid a maierial penalry.
Audit response to risks identified
Our procedures to respond to risks ideniified included the following=
reviewing the finan¢ial ststemeni di￿[￿$￿re$ and t¢stiTtg io supporting thum¢nt#tion to ￿se$S compliance with
provisions of relevant laws and regulalions d¢scrit%d as having a direct effect on the financial ststements.
enqutrirtg of management and ihose charged with governance concerning acttlal and potential litigation and claims.
perfomiing analytical procedures to identify any unusual or urtexpecied relationships ihai may indicate risks of
material misstatement due io fraud.
reading the minutes of meetings of those charged with governance and enquire about any WTreSpOnd¢D￿ or issu¢$
raised with relevant regulatory trf)die5.
obtained an understanding of, through di5CUSsions Wtth managemenl the basis of recognising income. and
in addressing the risk of fraud through management override of controls, tesiing the appropriaieness of journal
entries and other adjustsnents. assessing whether the judgements made in making accouniing e5tirnates ar¢
indicative of a poieniial bias. and evaluaiing the business rationale of any significant transadions th* ar¢ unusual
or outside the nonnal Course of business.
We also ¢ommunicat¢d relevant identified laws and regulation5 and potential fraud risks to all engagement team
members and Temained alert to any indication5 of fraud or non-compliance with laws and regulations throughout the
audit.
A further description of our responsibilities for the audit of the financial staiements 15 louted on the Financial
Reporting Council's website at www.fr¢.or8.uklauditorsrespwisibilitie5. This description fonns part of our Report of the
IpdependeTrt Auditors.
Pagell

Ort oftlte Inde
Ffestinio
Railwa
endent Auditors to the Mtmbtrs of
Socie
i5tered number: 00542449
Use of our report
This report is made solely io the charitable compan￿5 m¢rnb¢r4 a5 a body, in accordance with Chapter 3 of Part 16 of
the Companies Aci 2006. Our audit work has been undertaken so that we mighi stste to the charithble company'5
members those matters we are required to state to th¢rn in an audilors. report and for no otheT purpose. To the ￿lIeSt
ext¢n¢ p¢nnitted by law. we do noi accept or aSsU￿t re5pon5ibility to anyone oth¢r than th¢ charitabl¢ company and th¢
charitable company's members as a bc4Jy, for our audil worK for this r¢wtrrt, ty for the opinions we hav¢ fonn¢d.
gll5_
Gareth Lloyd Jones ACAFCCAf
(Senior Statutory Auditor)
for aThJ on behalf of
Dunn & Elli5 Cyf
Sta￿lory Auditors
Adeilad St David's Building
Stryd Lombard Street
Porthm2dog
Gwynedd
LL49 9AP
Date..
Page 12

Ffesltnio
R%ilw*
Socie
Staternent of Financial Aetivities
Incor
or•tin
an Income and Ex
nditsre Ateount
for the Year Ended 30 Se tember 2022
30.9.22
Total
fund
30.9.21
Totsl
funds
Unrestricted Restri¢tsd
fund
fund5
Notes
INCOME AND ENDOWMENTS FROM
Donations, legacies & gift aid
ISO373
800J89
950,662
521,615
Charitable aftivities
Hostel incom¢
Subscriptions
15019
114.045
15,819
114,1145
9,306
100,394
Raising charitable fund5
Investsneni income
7th88
791
7.688
2,428
392
Total
288 610
800 781 ￿97
635257
EXPEf4DITURE ON
Raising charitable funds
42312
42,212
40.668
Ch4ritable a¢tivities
H05*1 expen5¢S
Donalions to the FR Company
55.750
212.786
SS.750
2S6.782
39.084
274,890
43996
Gov¢rnan¢¢ and support
Total
320 645
363 908
NET INCOMEI(EXPENDITVRE)
Transfer$ between fvnds
(32.029)
7S6.785
724,756
271,349
17
Net movement in funds
(42,644)
767,400
724,756
271.349
RECONCILIATION OF FUNDS
Total fund5 brought forward
702,778
89(1,46S
lJ93,243
1,321,894
TOTAL FUNDS CARRIED FORWARD
1593 243
The n￿eS forn) part of thts¢ fMwi¢ial statements
Pa8¢ 13

Ffesti￿1
R#ilw
. tered Th￿￿bEr. 00542449
Balgnce Shttt
Jo
lember
022
30.9.22
Total
funds
30.9.21
Total
funds
UnrestTiL*ed
nd
Resthcied
funds
FIXED ASSETS
Tangible &ss¢ts
Invesvnents
12
13
CURRENT ASSEr6
Debtors
Cash ai bank
14
222.943
641h18
S￿￿93
Im9J36
684.606
1.064.866
804JOi
I￿05J9)
2J29,954
1.749.472
CREDITORS
Amounts f811in8 due within 01￿ year
15
(138,11811)
(7528)
(145ffi118)
186.980)
NET CURRENT Assfts
1662 492
TOTAL ASSETS LLSS CURRENT
LIABILITIES
726.490
1ffi57J65
2J84J55
1,662,501
CREDITORS
Amounts falling dlte after more than one yeaT
16
(66J56)
(66J56)
(69,258)
NET ASSETS
17
1 593 243
FUNDS
Unrestricted fuDds
Restricted fvnd5
660,134
702.778
5 890.465
TOTAL FUNDS
2J17 999
1593 243
Thc5e [￿anCIal stalerncnts have been prepared in aGo)¥dattce with th¢ provisions applicable to charitable companies
subject to iht small companies. ￿81￿¢.
The fi
cial ststemeTrts were apprDvvJ by the B(th of Trus*￿ and auilKsrised for issu¢ on
were SI￿¢0 on its bebalf by:
MrGPBoD
ole- Trustee
Th¢ notes part of the5c fmancial statements
Pase 14

Ffestini
ilw¥J
Societ
Cash Flow St8ternent
for the Year Ended 30 Se
tember 2022
30.922
30.921
No
Cash flow$ from operating activities
Cash generated from operations
391593
Nei cash provided by operating aciivities
384
391593
Cash flows from investing *etivities
Interest receiv¢d
N¢t ¢ash providcd by investing ¥tivi¢i¢s
514
Change in t*sh and ¢a5h equivalents iD
th¢ reporting period
Cash aDd cash tquiyalents at the
beginning of the reporting period
385.752
393.107
671759
C*sh *rtd easb equiv*leDts *t ibe of
the reporting ptriod
1450 618
1064 866
The nrfes forn) part of these financial statements
Page 15

Ffe$tiTri
Railwa
Soeie
te5 to the Cash Flow Staternent
for the Year Endtd 30 Se ternber 2022
RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERA TING
ACTIVITIES
30.9.22
30.9.21
Nel income for the reporting period (*s per the StatemeDt of Financi¥l
Activities)
Adjustments for:
Interest received
(IncTeas¢ydecreas¢ in debtors
In¢rw¢/{decrease) in creditors
724,756
271,349
(I,A83)
(394,730)
(1,514)
137.932
Ne¢ c45h provided by oper*tions
391593
ANALYSIS OF CHANGES IN NET FUNDS
At 1.1021
Cash flow
At 30.9.22
Net CHsh
Cash at bank
6 385 752
1450618
14YI618
Totsl
66 385 7S2
14S06J8
The not¢s form part of these finan¢ia] slatements
Page 16

Ffestinio
Railw
Societ
Notes lo the Fin#nci•l Statemen
for
rEn
311 Se tember 2022
STATUTORY INFORMATION
Ffestiniog Railway Society is a limited company. limited by guardntee &$ defmed by the Companie5 Act 2006
and is registered in England and Wales. The company is also registered as a charity with the Charity
Commission. The company's registered numbers and registered office address can be found under the
"Reference and administrative details" seclion of th¢ Report of ihe Trustees.
ACCOUNTING POLICIES
Basis of preparing the fin*neial statements
The [￿￿l¢la1 5tatem¢nts of th¢ charitsble company. which is a public benefii entity urmler FRS 102, have been
prepared in accordanc¢ with the Chariti¢s SORP (FRS 102) 'Accounting and Reporting by Charities.. Ststement
of Recommended Practice appIl￿ble to chariiies preparing their accounts in a¢cordanc¢ with the Financial
Reporting SrandaTd applicable in the UK and Republic of Ireland (FRS 102) (eff¢¢tive l January 2019),,
Financial Reporting Standard 102 Financial Reporting Standard applicable in the UK and Republit of
Ireland. and th¢ Companies Ad 2006. The financial staiements have been prepared under the historical Cost
conv¢ntlOD. with the exception of InV￿tMents whTch are included ai markd value.
Itteomt
Incoming resources
All incoming resources are included on the Ststement of Financial Adivities whcn it 15 probable that the income
will be received. and the amount can be mea5UTcd reliably. This is in keeping with the requirements of the
abov¢rnenlion¢d accounting swidards. The Society has thus developed the following policy for recognising
incoming resourc¢5=
a. it has entitlemenL
b. it is probabl¢ ihe amounts will be received. and
¢. wh¢n the amount can be reliably measure
Income from governrnent and other grdnts, wheth¢r 'capitsl' grants or 'revenue' grants. is recogni5ed when th¢
charity has entitlement to the funds. any perfomance condilions attached io ihe grants have been meL it is
probable ihat the inwme will ￿ rrfeived, and the amount can be measur¢d reliably and is not deferr¢d.
For legaei¢s, eniitlement is taken &$ the earli¢r of the dale on which ¢ither. the tharity i$ aware ihai probate h&$
been granted. the estate h&8 been finalised and notification has been made by the executorfs) io the Society ihat a
distribution will be made. or when a distribuiion is received from the esiate. Receipi of a legacy. in whole or in
part, Is only considered probable when the amowji can bt mea5ur¢d reliably, and the chariry has been notified of
the executorfs intention to make a distribution. l*Th¢re legacies have be¢n notifled to the charity, or the charity is
aware of the granting of probate. and the criteria for income recognilioft have not been mel. then the legacy 15
treated as a contingent asset and disclosed if malerial.
Int¢Test on fund5 held on deFKJsit is included when receivable and the amount can be measur¢d reliably by the
charity,. this is nonnally upon noiification of th¢ interest paid OT payable by the Bank.
Donaiions ar¢ generally recorded ￿￿n receipt.
Subscription and S(Ki¢ty membership income are recognised according to the above criteria with the exception
of amounts Teceived and deemed io be received in advance, whi¢h are deferred until the income recognition
criteria are met=
Annual membership relaiing io thrtt Thvelfth of the membership income is deftrred until the subsequent
period.
Advan¢¢d membership receipts are deferred and Teleased in the perkod to which they relate.
Diamond Jubilee Appeal income is received for a 5-year m¢mE¢rship period and is deferred and
apportioned accordingly.
Lif¢ and associated life meM￿TShip income is deferred and amorti5¢d of a deemed 10-year period. which
1$ ¢omm¢nsurnt¢ to th¢ policy adoNed by w other similar organisalions.
Page 17
conttnu¢d...

Ffestini
Railwa
Soeie
Notes to the Fin8nei#l StaternentS- Colltin
for the Year Ended 311
tem
22
ACCOUNTING POLICIES- Continued
EXpendIt￿re
Rtsourees expended, ineluding prtrnary purpose donations
Liabilities are recogrtised expenditure soon as th¢r¢ is 8 legal or constructive obligation ¢ornrnitting the
ch¥iry to that expenditure, it is prob3bl¢ that a transfer of economic benefits will be required in settlement and
the amount Of the obligation can be M￿ured reliably. Expenditur¢ i5 accounted for on an accruals basis and ha5
been Classified under headings thai aggregate all cost related to the category. Where cost5 cannot be directly
attributed to particular headings, thry have L*en allLKated to activities on a basis con5i5tcnt with the use of
resources.
In order for donations to meet thi5 recognition criieri< agreements in principle io provide funding for proposed
projects are not recognised until valid expense claims are made io the s￿Iety, diKussed by its board and
approved for rcleLse.
Tangible fixed Assets
Tangible fixed asset additions are capitslised if they cost more than £l,01)O and can be used for more than one
year. Qualifying assets are iniiially recognised ai their cost price and are subsequenily recorded at cost, less
accumulated depreciation and less amounts recognised in respect of impairnient.
DePr￿lation 15 provided at the following annual rates in order to write off ￿$¢t over its ¢5titnated useful
Plant and rnachin¢ry is d¢preci*ed over 5 years on a $trdight line basis.
No depreciaiion has been charged in these 7uounts in respeci of office equipment and ScKi¢ty Film5.
which have been depreciated in previous years to their nominal residual value.
Taxation
The chariry is exempt from corporation tax (ffl its charithble activiiies.
Fund aeeounting
Unrestrictrd funds can be used in accordance with the charitsble objectives at the discretion of the In￿le¢s.
Restricted funds can only be used for particular restric1￿ Purposes within th¢ Obj￿15 Qf th¢ charity.
Restriction5 aris¢ wh¢n sp¢cifi¢d by th¢ donor or when funds are rdised for particular restricted purposes.
Further explanation of the nawre and purpose of each fimd is included in th¢ notes to the fiDan¢ial stat¢rnents.
Con¢e55ionary loans to the Fe5tiniog Railw•y Company
As part of its re5POn5¢ to the r¢striction5 irnP05¢d due to the Coronaviru$ outbreal the Sociery sei forth a plan to
support th¢ Company tlwugh this unpreted¢nt¢d chall¢nge. As part of this a loan of £250,000 was made to the
Company in April 2020. which then followed by a fittther £150,000 ai the beginning in July 2020.
Borh these loans were treared as being repayable on demaTrJ and are inieresi free. Since their initial drawdown
by the Company. repayment have been made. either through the conversion of balances to notional donations for
work Ca￿led oui on certain projec￿ or though 'cash' repayinents. As ￿ the end of Sept¢mb¢r 2022 th¢ balance
on these stood at £118,804.
lrt line with th¢ provisions within th¢ aKounling stsndard& th¢s¢ 10on$ are re¢ognis¢d initially at ¢OSl. with
repayments or conv¢rsiMs to grants being ￿0g￿lS¢d in th¢ relevant wiods.
Voluntary assistsnee
The charitable company has no employees and many of its members give freely of their time to cany out all of
the aciivities of the company. These voluntsry contributions are not included in the accounts.
Page 18
continued...

Ffestinl Railwa
Notes t the Finineial
t¥terneNts-
￿tIn￿ed
for the Year Endtd 30 Se
iember 2022
DONATION& LEGACIES & GIFf AID
30.9.22
30.9.21
Donations
Gift aid
Legacies
95.770
39.069
815
167,530
38,800
315285
521615
RAISING CHARITABLE FUNDS
30.9.22
30.9.21
Magazine In￿Me
Sundry uJ¢ome
5.043
2.308
120
INVESTMENf INCOME
3￿9.22
30.9.21
Deposii account inierest
INCOME FROM CHARITABLE AcfiviTIES
30.9.22
30.921
Activity
Hostel income
Subscription5
Hostel income
Adult subscription5
Family & assoeiate
membership
Subscription5
Studeni & junior memb￿Ship Subscriptions
Life membership
Subscripuons
1SJ19
85J88
9,306
73,516
11,613
954
10.221
880
129 861
Pase 19
continued..

tinio
e5 to the FI￿#￿¢141 St4tem¢nts- cÉ)Trtio
he Yegr E ded 30
ternber 2022
RAISING CHARITABLE FUNDS
AdmiTristrative expenses
30.9.22
30.9.21
M8ga2in¢
Registry expenses
Sundries
34,464
3J52
34.961
2,420
CHARITABLE ACTIVITIES COSTS
Direct
Costs
Hostel expenses
Donations to the FR Company
S5,7SO
256 782
312 532
SUPPORT COSTS
Governan¢¢
costs
Finance
Totals
Other resources expended
io.
AUDITORS, REMUNERATION
30.9.22
30.9.21
Fee$ payable to the charity's auditors forthe audit of the charity's financial
5tateTnents
Accountancy costs
3.880
3,530
TRUSTEES. REMUNERATION AND BENEFITS
There were no trustees. remuneration or other I￿¢fits for th¢ year ended 30 September 2022 nor for the ye8r
ended 30 Sept¢rnber 2021.
Trustees. expenses
There were no tTU5tee5' expense5 paid for the year en¢kd 30 September2022 nor for the year ended
30 Septernber 2021.
Page 20
continued...

Flestini
Railw*
Societ
Notes to the Financial Statements- continued
for the Year Ended 30 S¢ tember 2022
12.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- 2021 SOFA
Unrestrictrd
fund
Restricted
funds
Total
fijnds
INCOME AND ENDOWMENTS FROM
Donations, legacies & gift aid
341.611
180.004
521.615
Charitable #etivities
Hostel income
Subscriptions
9,306
100,394
9.306
100,394
Raising ¢haritabl¢ fijnds
Investment incotne
2,428
2.428
35
Total
455 218
180039
635 257
EXPENDITURE ON
Raising charitsble funds
40.668
40,668
Charitabl¢ a¢tivities
Host¢l exper￿$
Donation5 to the FR Company
39,084
233,403
39,084
274,890
41.487
Govemance and support
Tot#1
322421
NET INCOME
132.797
138,552
271.349
RECONCILIATION OF FUNDS
Totsl fiJnds brought fonward
569.982
751,912
1.321.894
TOTAL FUNDS CARRIED FORWARD
702 779
890 464
1593 243
13.
TANGIBLE FIXED ASSETS
Plani and
machinery
Office
equipment
So¢iety
films
Tota15
COST
At l October 2021 and 30 September 2022
409
DEPRECIATION
At l October 2021 and 30 Sepiember 2022
408
NET BOOK VALUE
At 30 September 2022
At 30 September 2021
Th¢ net book value at 30 Septrmber 2022 represents r￿ed assets u%d for the manag¢ment and administration of
the Charity.
Page21
¢ontinued...

Ffestinio
Railwa
So¢ie
Notes to the Financial StAtements- continued
for the Year Ended 30 Se tember 2022
14.
FIXED ASSET IJ4VEsfMENTS
Fixed
asset
hnvesknents
MARKET VALUE
Ai l October 2021 and 30 September 2022
r4ET BOOK VALUE
At 30 Sept¢mb¢r 2022
At 30 September 2021
There were no investsneni assets outside the UK.
The above figures Consi￿ of:
. Th¢ Festiniog Railway Comppny 100 5% p￿ferenCe shares of £10 each- at cost- £1
b. 5 Ordin￿ shares of £ l each - at cost- £5
In the opinion of the trustees. th¢ maTkd valu¢ of the shares is similar to their cost.
DEBTORS: AMOU]YTS FALLll¥G DUE WITHIN ONE YEAR
30.9.22
30.9.21
Gift aid debtor
Festiniog Railway Company loan
Legacies
VAT
77.633
118.804
880,491
72,492
243,804
366,082
684 606
16.
CREDITORS: AMOUNTS FALLING DUE WITHIJY ONE YEAR
30.9.22
30.9.21
Trade creditors
Ac¢rued FR Company donalion$
Dee & Mersey group
FR heriiage group
Subscription5 and donaii¢)ns received in advance
Accrued expenses
3,042
68,058
7.90
14,1162
45,586
8,598
16,809
7.900
14,049
33,159
Page 22
continu¢d...

inio
Notes
the Finaneial Statements- continued
for the Year Ended 30 St tembtr 2022
17.
CREDITORS: AMOUIYTS FALLING DUE AFTER MORE THAN ONE YEAR
30.9.22
30.9.21
Subscriptions and donati(Ins rx¢ived in advance
66
18.
MOVEMENT IN FUIYDS
Net
movemeni
in fund5
Transfers
be￿Cen
funds
Ai
1.10.21
At
30.9.22
Unrestricted funds
General fund
702.778
(32,029)
(1(1,615)
060,134
Re5trieted funds
Her1￿Se fund
Volunte¢r h05tel fi￿d
Minffordd Ststion
Tan y Bwlch Ststion
Kids Training Week
Lineside vehicle
Linda
England Ltt05
Lilla maintenance
Mounthin¢¢r
KetT Stuart diesel 4413
James Spooner
Bug Boxes
First class interior
LAG drains
Archives
Waggon tracks
Pemian¢nt way
Health, Safety and others
Ashover
Earl of Merioneth
Rhiw Goch signal box
Volunteer tools
Blaenau Ff¢stiniog Siation
Hugh Napier
Heritage Buildings
Covid-19
Staiions
7,139
1,554
3,540
(149)
6.895
25,SlJ
73,A7S
45,075
180
37.77J
20,062
61,371
78,385
525
I￿$3
8,497
942
A36,SS9
2,006
12.040
270
3212
2.193
9.885
21.997
89542
22,77
180
17.944
29,718
57,652
82,IM
524
4300
7539
941
135224
2.1)04
12.032
276
222
143
519
765
354.213
23.177
zoi
(682)
(3,040)
516
(19.607)
19W9
127
{1,66O)
3240
2,466
17,135
(10246}
2.879
(3.655)
2.694
590
(A,824}
693
(523)
265
iJJs
(221)
143
2,214
1,4SS
354,699
26.142
1,44S
451
486
981
250
239
1.984
TOTAL FUNDS
93
3 724 756
Page 23
ontinued...

Ffestin.
Notes to the Financial Statemertis- eontin
for the Yur Ended 30 Se tembtr 2022
18.
MOVEMETrIT IN FUNDS- continued
Net movement in fu￿1¥ included in the above are as follows:
In¢oming
resources
Resources
expended
Movement
in funds
Unrestrieted fvnds
General fijnd
288.616
(320,645)
(32,029)
Restricted funds
Heritsge fund
Volunteer hostel fund
Minffordd Station
Tan y Bwlch S￿[lOn
Kids Training Week
Lineside vehicle
Linda
England Locos
Mountaineer
Kerr Stuart diesel 4415
James Spooner
Bug Boxe5
First cl&%s interior
LAG drains
Archives
Waggon tracks
PernianeTLt way
Health, s&fety and oihers
Ashover
Rhiw Goch signal knx
Blaenau Ffe5tiniog Ststion
Hugh Napier
Herirag¢ Buildings
Covid-19
Stations
86
274
1283
405
5J6
513
I9￿39
17.135
2J92
2879
52
{73)
(1,965)
(3.445)
201
(682)
(3,040)
516
(19,6117)
19.839
17,135
(10,246)
2.879
(3,655)
(20,1211)
(12,638)
(3,707)
(1026)
(1,824)
693
693
lJ35
lJ35
(222)
(221)
1,445
451
486
98J
750 000
1,44S
451
486
981
8110 781
756 785
TOTAL FUNDS
364 641
724 756
Page 24
continued...

Ffestinio
Railwa
Soc
et
N tes to the FiTrancial S
ed30
atementS- CODlinued
tember 2022
18.
MOVEMENT IN FUNDS- tontinued
Comparatives for movement in fuThds
Transfers
between
fvnds
At
1.10.20
movement
in funds
At
30.9.21
Unre5trided funds
General fund
569.982
132,796
702,778
Reslricted funds
Heritage fund
Volunteer h05tel fund
Minffordd Station
Tan y Bwlch Station
Kid5 Trdining We¢k
Lineside vehicle
Linda
England Locos
Lilla maint¢nance
Mountsineer
Kerr Stuart diesel 4415
James Spooner
Bug Boxes
Ftrst class interior
LAG drains
Archives
Waggon tracks
Pernianent way
Health, safery and oihers
Ashover
Earl of Merioneth
Rthiw Ooch signal box
Volunteer iools
Blaenau Ffe5tiniog Stauon
Hugh Napier
Heritage Buildings
CoYid-19
6.546
.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
454
7.000
1,553
3.213
2,193
9,885
24,997
89,542
22,770
180
17.944
29,717
57,652
82,040
524
4,200
7.539
941
135.224
2,004
12.032
276
222
143
519
765
354,213
505
(853)
12,185
87,443
278
(983)
13.522
18.778
3,233
(10.481)
(411)
292
136,700
.997
4.037
277
1,154
145
519
7,971
354.058
(1.476)
7.995
(932)
(2)
(7.206)
155
751912
138 553
TOTAL FUNDS
1321894
271349
1593.243
Page 25
continued...

Railw
Notes to the Financial Statements- eontinued
for ihe Y￿r Ended 30 Se tember
022
MOVEMENT IN FUNDS- to4tin¥ed
Comparative net mov¢m¢nt in funds. included in the above are as follows..
Incoming
resour
R¢sollrces
expended
Movement
in funds
U*restrieted funds
Geneial fijnd
455.218
(322,422)
132,796
Restricled fund5
Heritage fund
Minffordd s￿l0n
Tan y Bwlch Ststion
Lin¢sid¢ vehicle
Linda
England Locos
Lilla maintenance
Mounlainttr
K¢rr Stuart di¢scI 4415
James Swoner
Bug Boxes
Firsr class interior
LAG drains
Archives
Pennanent way
Health, safety and others
Ashover
Earl of Merioneth
Rhiw Goch signal box
Volunteer tools
Hugh Napier
Heritsge Buildings
Covid-19
454
3,199
2,201
12,185
87,443
278
454
505
{853)
12.185
87.443
278
(983)
13,522
18,778
3,233
(10,481)
(2.694)
{3,054)
(983)
13,522
29.072
3233
(10,294)
(10,485)
(i)
(424)
{695)
(3.608)
13
987
2.132
(411)
292
(1.476)
7,999
(4)
7,995
(i)
(932)
{2)
(7.206)
155
(932)
1.104
155
(8.310)
180039
138553
TOTAL FUNJ)S
635
363 908
271349
Page 26
continued...

Ff tinio
Railwa
Socie
Notes to the Financial St*ttments- eontinued
for the Year Ended 30 Se tember 2022
MOVEMENT IN FUNDS- tontinued
A current year 12 months and prior year 12 months combKned position is as follows..
Net
movern¢Dt
in funds
Transfers
between
funds
Ai
1.1020
At
30.9.22
Unre51rict¢d funds
Ge￿eTaI fund
569.982
100.767
(10.615)
660,134
Restricted fumds
Heritage fund
Volunteer hostel fvnd
Minffordd Station
Tan y Bwlch Stsiion
Kids Training Week
Lineside vehicle
Linda
England Loc05
Lilla maintenance
Mountaineer
KeTh Stuart diesel 4415
Jame5 Spooner
Bug Boxes
First cl&% interior
LAG drains
Archives
Waggon tracks
Perrnanent way
Health. safety and others
Ashover
Earl of Merion¢th
Rhiw Goch signal box
Volunteer tools
Blaenau Ffesiiniog Station
Hugh Napier
Heritag¢ Buildings
Covid-19
Stations
6,546
,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
7247
941
136,700
1.997
4.037
277
1.154
145
519
7,971
354.058
7,125
540
53
7.139
1.554
3,541
{149)
6.895
25.513
73,175
45.075
180
37,773
20,061
61,371
78,385
525
1,853
8.497
942
136,559
2,006
12,040
276
706
(1.535)
(3.040)
12.701
67,836
20.117
(983)
30,657
8.532
6.112
(14.136)
128
(1.660)
50
3.240
2.466
2,694
589
(2.235)
985
(523)
265
(141)
8.003
(i)
(1,153)
(2)
,445
{6,755)
143
2,214
,455
354,699
26,142
730 000
250
239
17,033
1,984
751912
895 338
1657 865
TOTAL FUNDS
1321894
996 105
2317999
P8g¢ 27
continued...

Fftslinio
Railw¥
Societ
Notes to the Financial Siatements- et)rttinued
the Ytar Ended 30 Se
tember 2022
18.
MOVEMENT IN FUNDS- con¢iTru¢d
A ¢urrent year 12 months and prior y¢ar 12 months cornbined nei movement in funds, included in the abov¢ are
a5 follows..
Incoming
Tesources
Resource5
expended
Movement
in fund5
Unreslri¢t¢d funds
General fund
743.834
(643.067)
100.767
Restricted funds
Heritage fund
Volunteer hostel fund
Minffordd Station
Tan y Bwlch Station
Kids Trdining Week
Lineside vehicle
Linda
England Lwjs
Lilla maintenance
Mountsineer
Kerr Stuart diesel 4415
James Spooner
Bug Boxes
First class interior
LAG draius
Archives
Waggon track5
Permanent way
Health. safety and others
Ashover
Earl of Merioneih
Rhiw Goch signal
Volunteer too15
Blaenau Ffestiniog Swion
Hugh Napier
Herithge Buildings
Covid-19
Ststion5
540
540
3,473
3.484
405
12.701
87.956
20.117
(2,767)
(5.019)
(3.445)
706
(1,535)
(3,040)
12,701
67.836
20,117
(983)
30,657
8,532
6,112
(14,136)
{20,120)
(983)
30,657
31,464
6.112
56
(22.932)
(14.192)
15
1,680
(2.250)
(695)
(2.235)
985
3.467
(3,608)
(141)
8.007
(4)
8.003
(1.154)
(1.153)
(2)
1,445
(6,755)
641
17.033
750 000
(i)
1.445
1,555
{8.310)
17.033
750 000
980 820
895 338
TOTAL FUNDS
1724 654
728 549
996 105
Unrestricted FuDds
Se¢ the Reserve5 Policy for fvll detail&
Restritted Funds
Thev I nteerH
el Fund is for the h05tel in Pertthyn.
The Herita
e Fund was set up in 1998 -paithership funding- with The Festtniog Railway Trust for the
Ffestiniog Railway Heritsge ProjecL encompassing carriag¢5 15 and 16 and slate wagon r¢5toration. The ￿nd is
used io supp)r( heritsge minded projecr5.
Th E landl
s Fund was set up to fvnd the rebuild of Prince and upon completion of that loco is the home
of funds raised for (he re51oralion to working g)ndilion of fellow England loco Welsh Pony.
Pag¢ 28
Continued...

Ffestinio
Railw8 Soeie
Notes to the Finarteial Statements- contin4ed
for the Yegr Ended 30 Se tember 2
22
MOVEMENf IN FUNDS- tontittued
TheBu
B x FUTKI is available for use on all heritage carriages.
TheFi
t-class Interior Fund has been set up as a resuli of the 21x14 Life Memberfs Ap￿1 io enhance fw5t class
accommOd￿J0Tt on the Ffestiniog Railway.
The Lill Maintenance Fund s¢t up in 1998, aims to rnise money to contribuie towards the ongoing maintenance
of the locomotive.
¢xi5ts 10 return the ALCO loco kn traffic in ￿ ¢li)5e as ws5ibl¢ to its Current fonn.
The
ins Furtd h¥$ been set up following a large donation foT the PUTfA)ses of supplying materia15 for the
future maintenance of the drati)age infrastsu¢tur¢ on the Ff¢s¢iniog Railway.
TheAr
hiyes Fun
has been s¢t up has part of an aprKal to improve the conditlODS ftsr the preservation of the
priceless collection of Ffestiniog Railway archive inforniation.
Th Pernianen
strucDJr¢s.
nd has been Sel up as a resuh of a legaGy specified specifically for embanknients and
Staiion
Fund is a new fund that has been set up as a resuh of a legacy specified specifically for expenditure
relating to the Ststions along the lin¢.
Othe
include funds for health and safety projects and volunteer entertainment wuipm¢nL
CeTheral Fund Appropri*tiODS
Donations to the Festiniog Railway Company in respect of..
2022
2021
NRHA Plaqu¢
Boston Lodge points
Bosion Lodge NHLF
TYB Tearoorn flooring
363
11.009
33,566
42.429
4,033
4,000
525
TYB Ststion House
Pern)aneni Way
Bandsaw
Penrhyn Hostel
Minffordd sration
183.196
4.500
28.496
519
L¢afl¢ts
Baseplate51Slcepers
Rhiw Goch
250
100,000
I l J34
13.112
9.692
215
Tamper
Gravity Trains
Other
Totals
212.786
233.403
Page 29
continued..

Fre
tinio
R3ilw8
Soeie
Note5 to the Fin
Dcial Statements- continued
for the Year EDded 30 Se tember 2022
19.
RELATED PARTY TRAJYSAcfioNS
AS stated in th¢ principal adiviti¢S 5tt¢ion of th¢ trnste¢s' r¢por¢ the purpose of the cornpany is to support the
restordtion of the Ffesliniog Railway. For many years, there has b¢en an arrangernent wh¢reby the company
nominated on¢ director onto the board of The F¢51iniog Railway Company and thai company nominated a
person to 5Lt on the board of this company. During the year. the Sociery nominee was Sam Miller. Sam Miller
did not receive any benefit from the fyiety duiing the year.
During the year the Ffestiniog Railway Society made donations rotslling £256,782 (2021.. £274.89]) to Th¢
Festiniog ILiilway Company. The makeup of which betng made up of current year dortafions amounting to
<205,793 (2021: £74,888). a conversion of thc covid supwrt loart of £nil (2021= £183.196) and year end accruals
arnounting to £50.989 (2021= £16,807)-
The Soctety also had tranwiion5 with relai¢d groups and the FR Co during the year, and at the year end the
F¢stiniog Railway Company ￿0￿nI owed to the SoGiety Slo(yJ at £118,804 {2021-. £243.804). with this amount
being included within debtors on ihe balance sheet. The Society also rethined fijnds on behalf of th¢ Dee &
Mersey and FR Heritage gr￿p& with the 10th] held within creditors amounting ￿ £21,962 (2021: £21.949).
20.
POST BALANCE SHEET EVENTS
acles
With regard to legacies, kindly left to the Society my members. associ￿C5 and oiher5 perhap5 unconnected until
now, the trustees are aware of a number of subslaniial bequests being left to the Society. with a portion already
recognised as yearend debtors. However. no provision for has been made in th¢ f￿ancial statements for any
legacies with uncertainlies SUTfouDding their valuation and tirnin
NLHF Boston L
e Herita e Resiordtion and Inie
retsrion
ect
In April 2021 the board held an extrdordinary meeting ￿ dI￿u5$ the agreelnent to grant the FRCO the sum of
£475.014. to be specifically used as match fijnding for the Int¢rprewion and B05ton Lodge project sponsored by
the National Lottery Heri(age Fund. With this being a 50•h contribution towards the totsl matched funding
required from the FRCO as part of the NLHF Bosion Lodge Heritage and In[e￿retalion ttroject. The remainfftg
50Yo colltributioft was being contributed by the F&VIHR Tn￿t.
The granl was to be drawn down in tranth¢s over a three-year periL¥I. with onty a small contribution. toward5
the initial ¢05ts. some £42,429, being made in the year. Post year end. du¢ to the inflationary irnpacts on the
projeci. a fither £93.900 has since been contributed.
No other p05t balance sheei events require rep)rting or disclosing in the a￿oUnts have ￿Cll[red since 30
September 2022.
Page 30