Charity registration number 1064178
Company registration number 00542449 (England and Walesl
FFESTINIOG RAILWAY SOCIETY
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

FFESTINIOG RAILWAY SOCIETY
LEGALAND ADMINISTRATIVE INFORMATION
Trustees
Mr G Bond
Mr J P Bowley
Mr G Cole
Mr R D Bentley
Mi C M Tucker
Ms C M Knowles
Mr L Grahatn-Taylor
DrA F Tucker
Mr N C Smith
Mr D R Jones
Mi P J Hawkins
(Appointed 10 June 20231
(Appointed 29 April 20231
Secretary
Mr J E Fenner
Charity number
1064178
Company number
00542449
Registered office
Harbour Station
Porthmadog
Gwynedd
LL49 9NF
Auditor
Champion Accounlanls LLP
2nd Floor Refuge House
33-37 Watergate Row
Chester
CH12LE

FFESTINIOG RAILWAY SOCIETY
CONTENTS
Page
Ttustees. report
statemet)t of Trustegs. responsibilities
Independent auditorfs report
ststement of financi81 activities
10
Balance sheet
Statement of cash flows
12
Notes to the finaacial statements
13-24

FFESTINIOG RAILWAY SOCIETY
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The trustees pwesent their annual report and finanaal statements for the year ended 30 September 2023.
The financial staternent5 have been prepared in accordance with the 8ccounting poliaes sel out In note 1 to the
finanual statements and comply with the charity's governing document. the Companies Act 2006 and Accounting
and Reporting by Charitie5". Statement of Recornmended Practice applicable to charities preparing their accounts in
accordance with the Fin8nual Reporting St8nd8id applicable in the UK and Republic of Ireland IFRS 1021"
{effective 1 January 20191.
Objectives and activitres
The principal objective and aim of the Chaiity in the year under review was to advance the education of the public
through the conservation of the Ffestiniog R8ihNay. In practical terms, the activities of the chantable company in
furtherance of its objectives are to support the Festiniog Railway Company in it5 preservation and opeiation of the
Ffestiniog Railway.
Public benefit
The trustees have paid dLJe regard to guidance issued by Ihe Charity Commission in deciding what activities the
chaiity should undertake.
Achievements and perforTftanee
Volunteering has continued to provide approximately 50°/o of the total staff time during 2023 which is worth a very
significant arnounl of rnoney to the Festiniog Railway Company. It is pleasing to see that the iegular groups,
including Minibash, Megabash. Gigabash, Young Volunteers Training Week, Electrical Working Party. Drains Gang
and many others have continued their important work. Individual volunteers supported the Operations and
Locomotive departments with a very credible number of locomotive lums being covered by volunteers. The
appointment of an engineering volunteers manager as part of the NLHF Inteipretation and Boslon Lodge Project
(also known as the Boston Lodge project) has helped lo significantly improve th8 management and planning of the
volunteer contribulion to the Cornpany.
Train servi￿$ continued to operate as largely pre-booked experien￿$ during the year with the FfeslinK)g Railway
offering Woodland Wanderer services to Tanybwlch, Mountain Spiril services to Blaenau Ffestiniog and, new for
2023. 8 Quarryman service from Blaenau to Porthmadog and return. Y Chware1wr l The Quarryman has been a
great suc¢e5s and has been well received in Blaenau itself. This excursion style type of operation is not lo
everybody's liking but it has helped to deliver a successful cotnmercial performance lor the Company, despi18
difficult trading conditions, which is not sotnelhing that every heritage railway has been able to achieve in the
current year. The Company's decision to maintain the current travel concessions was welcomed. This was made
possible bec8use the vast majority of mernbers followed the guidonce provided lor which the Directors are very
grateful.
The Soaety has been pleased to have worked with the Company during the year to assist with the irnplementation
of the NLHF Boston Lodge project - the match funding for which has been provided in equal amounts by the
Society and the Ffestiniog and Welsh Highland Rai￿aYS Trust. The Society's chairman has been a rnember of the
Project Board during this period. Excellent progress h8s been made with the inlerpietation part ol the project and
the results ol the outreach effort have exceeded expedations. We are looking forward to completion of the project
during the Company and Sopiety's 70th Anniversary year.
The Society was able to hold a second 'face-ttrface' Annual General Meeting in four years at bts 2023 event. Thts
was supported by a large number of events ()ver that weekend which were only available to members. These
events were designed to give membeis better access to opeialions and develcipmenls on the Ffestiniog Railway
and its environment. The whole weekend was well recewed by members.

FFESTINIOG RAILWAY SOCIETY
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The Board was pleased to be able to appoint Simon Artymiuk and Garelh Davies to the posts of M398zine Edittsr
and Assistant Secretary during the year. These posts are vital to the smooth 8nd successfvl operation of the
SoC￿ty.
The Soaety has been pleased to have been able to help support the Fesliniog Railway Company throughout wh8t
has been another challenging year. Volunteers and members of the Society have been able to assist in delivering
an outturn which is very encouiaging given the difficult times that we are still experiencing. The trustees I directors
are very grateful lor the generous donations from rnembers that have made such support possible.
The Soaety has been pleased to be able tts continue to support the management and operation of the hostels at
Minffordd and Penrhyn which are so itnportant to supporting volunteer involvement. Bed nights have continued lo
grow over and above the significant increase reported in the previous year which followed the limited use that was
possible during the period of COVID restrictions. Once again, your Board determined not to increase hostel fees lor
2023124 following the freeze in 2022123. In late 2022 the Soaety Board adopted the recommendation of the Hostels
committee to prc>vide younger volunteers with free hostel accommodation. These policies have influenced the
increase in bed nights and the conseqLJent increase in volunteer effort. This approach continues lo receive much
appreaation from bolh the Company and individual volunteers. Overall hostel income has continued lo recover from
the restricted years ol COVID, wrth overall income just short of 2019 figures.
The Minibash team have completed a very IhoTough refvrbishment of the exterior of Penthyn hostel which was paid
lor by the Society. The next Step will be to review and upgrade the intemal facilit￿e$.
It is pleasing to report a small increase in the total membership of the Soaety frorn 4.830 to a year fioure of 4.971.
The pioportion of life membership remains consistent al aiound 34°/o of the total population. whilst the increase in
the year is from families and full tnembers.
Financial review
The Society has had a recoid financial year, with overall fufids increasing by £713,666 whilst also seeing donations
lo the Festinlog Raithay Company of £506.725.
Income is dominated by further significant legaaes, which in this year totalled just over £1,000,000. on top of over
£782,00018St year. The primary legacies have been in resped of Stations1£500,0001 and infrasliuclufe1£432.5851.
We have already been able to support projects from these generous amounts, committing to the resurfacing of
Blaenau Station platform and reroofing of both Tan y Grisiau goods shed and Glan y Pwll workshop These legacies
will allow the the Society to support many mole projects including the plans 81 TYB Station House, Lottie's Cottage
and Blaenau Ffesliniog Station.
In addition to the substant181 legaues, subscription$ income and donations have remained strong. We have also
seen a big pickup in interest incotne to £25,901 as a combination of the larger amounts on bank deposit and the
higher interest rates now in play. Going forward into 2024 we expect to see a further signifi(xnt increase in interest
as we 1mplement a new investment strategy.
Expenditure has retnained similar lo previous yeèrs and, as in previous years, the contributions lo the Festiniog
Railway Cotnpany ietnain the biggest Part. Included in the donalions are the conversion of the remaining amount of
the COVID loan (initially £400,000) of £91,804 to grants. In addition, £175.851 of general funds were paid over in
respect of the NLHF project at Boston Lodge.
Projects supported from the restricted funds include the above mentioned rerooling5, rebuilding the access wall to
Tan y Bwlch station, work on T8n y Bwlch station house, Penrhyn station building and locos Linda and Kerr Stuart
4415.

FFESTINIOG RAILWAY SOCIETY
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
ReseNes policy
The Society's policy is to maintain an adequate reserve so as to enable il lo discharge its charitable objectives and
meet its ongoing day to day requirements. This being the case, the trustees consider that Iwelve months of general
fund expenditU18 15 an appropriale level of reserve to tHeet the day-to-day rLJnning costs of the charity includin9
maintaining prodLJclion of the in-house magazine and 5UPPOrt for the running of the volunteer hostels, with this
amounting lo a sum of £95,000.
The main need of course is to hold sufficient reserve5 for its core objective of supporting the Ffestiniog RaI￿aY,
which includes collecting unrestricted, designated and restrided funds for a number of projects, adrninistering and
collecting moneys from the annual appeals as well as raising and tnaintaining sufficient general I￿ndS to tneet its
obligations for committed charitable objects. As at Ihe end of 2023, the Society's main funds stood at."
Restricted funds.. £2,480,06812022". £1,657,865)
The ie5tiicted funds held by th8 charity are only available fof tJs8 on specffic projects which are taken forward as
resources become available lo the Festiniog Rai￿aY Company. A detailed analysis ol these projects is di5c5osed in
note 17 01 the finanaal stalemenls.
General funds." £551,59712022.' 660,1341
The Society's'free, reseNe for the year being 8 suiplus of £551,59712022'. 8 surplus of 2660.134}.
Fundraisin
The year has seen the continuance of the appeal lo raise funds to support the Boslon Lodge project- whilst nol as
successful as hoped foi. this IS still providing a Signifi￿￿1 contribution to the Society's ability to fund our share of the
project.
The on trains envelope appe81 tiansititsned lo supporting the Piince fund and its return lo Servi￿ in 2025. With
other donations, this raised a further £37,7￿ during the current year. putting the fund al £82,865 and in the position
to consider the commenTrment of work- Prince was the first working 51eam loco in presetvalion nearly 70 years
ago.
Other low appe815 currently underway indude Mountaineer, where the fund is now at a respectable £51.505 8nd
Linda, where the appeal exceeded the £60,000 target and went on to achieve 2107,649 (which will cover new
¢￿1nderS that will be required in the near teim).
Plans for future pertods
Subsequent to the year end, the Society 8gieed to convert the remaining balance ol the COVID loan that w8S
instl9aled in 2020. This remaining balance of £91,804 was converted into substantial grants lo the Festiniog
Railway Company which has been reflected in the 2023 financial year.
Structure, governance and management
The charity Is contfolled by its governing document, a memorandum and articles of assoaation, and constitutes 8
limited company, limited by guarantee, as defined by the CompaniesAct 2006.

FFESTINIOG RAILWAY SOCIETY
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The trustees, who are also the directors for the purp05e of company law, and who served during the year and up to
the dale of signature of the financial statements were..
MrG Bond
Mr J P Bowley
Mr G Cole
Mr R D Bentley
Mi C M Tucker
Ms C M Knowles
Mr L Graham-Taylor
DrA F Tud(er
Mr N C Smith
Mr D R Jones
Mr P J Hawkins
Mr S G Miller
(Appointed 10 June 2023)
(Appointed 29 April 20231
IRÈ5igned 29 April 20231
Recmitment and appointfftent of trustees
All trustees are elected for a period 013 years and have to stand for r&election every three years if continuing. This
election happens at the AGM. Even is someone is co-opted during the ye81. they still have lo formally stand at the
next election.
lTrduction and training olltuslees
As part of their induction, new Board mernbers 818 tnade aware of their responsibilities as board members. The
induction includes an introduction to the objectives, scope and policies of the chaiitable funds. Charity comrnission
inlomation on trustee iesponsibility and copies of the previous year's annual report and accounts are provided.
Relalionship with thiffdpartles
At the year end the Society hold5 ffive ordinary shares and one preference share in the Festiniog Rai￿aY Company,
which have all been bequeathed to the Society. This constitutes a Tninority share and doe5 not give any control to
the Souety. The Soaety makes grants to the Fesliniog R81h￿aY Cornpany as part of the pursuance of the main
activities of the Society.
The Society also has the right lo nominate to the Ffestiniog Raihvay Trustees ftsr appointment one place on the
Board of the Festiniog Railway Company as part of a reciprocal arrangernent.
The Society interacts with area and functional grtsups, which have the cornrnon aims ol supporting the Ffestiniog
Railway.
Risk managem8nt
The trustees have a duly to identify and review the risks to whTrch the charity is exposed and to ensure appropriate
controls are in place lo provide reasonable assurance 8gainst fraud and error.
Relètionship with ￿la1edpartIeS
The trustees consider the only key management personnel tsf the charity to be the board of tIUStees, who are in
charge of directing, controlling, running and operating the charity of a day-to-day basis. Details of the trustees,
remuneration, expenses and related party transactions are disd05ed in a note to the accounts.
Auditor
In accordance with the company's articles, a resolution pioposing that Champion Acwuntants LLP be reappointed
as auditor of the company will be put at a General Meeting.

FFESTINIOG RAILWAY SOCIETY
TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The Twslee
was approved by the Board of Trustees.
Ch
Dale..

FFESTINIOG RAILWAY SOCIETY
STATEMENT OF TRUSTEES, RESPONSIBILITIES
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The trustees, who are a150 the directors of Ffestiniog Railway Society for the purpose of company law, are
responsible for preparing the Trustees, Report and the financial stalemenls in accordan￿ with applicable law and
United Kingdom Accounting Standards (United Kingdi)m Generally Accepted Accounting Pra¢tice}.
Company Law requires the ITUStee5 to prepare financial statemenls for each financial year whi¢h give a true and fair
view ol the slate of affairs ol the chaiity and of the incDrning resources and application of resources. including the
income and expenditure, of the charitable company for that year.
In Pfeparing thes8 financial statements, the trustees are required to..
- select suitable awjunting poliaes and then apply them consistently.,
observe the methods and principles in the char￿e$ SORP.,
make judgements and estimates thal are reasonable and prudent., and
prepare the financial statements on the going concem basis unles5 It is inappropriate lo piesume that the chaiity
will continue in opeialion.
The tIUStees are responsible for keeping adequate accounting recoids that disclose with reasonable accur8cy at
any lime the finanaa1 position of the charity and enable them to ensure that the financial staternent5 comply with the
Companies Act 200S. They 8ie also responsible for safeguarding the assets of the charity and hents for taking
reasonable steps for the prevention and detection of fiaud and other irregularities.

FFESTINIOG RAILWAY SOCIETY
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF FFESTINIOG RAILWAY SOCIETY
Opinion
We have audited the finanaal statements of Ffesliniog Railway Society (the '¢harity'l for the year ended 30
September 2023 which comprise the statement of financial adivbties, the balance sheet, the staletllent ol cash flows
and notes to the financial s18lements, including significant accounting policies. The financial reporting framework
that has been applied in their preparation is applicable law and Unrted Kingdom AccouT)ling Standards, including
Finanoal Reporting Standard 102 The Financial Reporting Standard applicable in the UK antl Republic of Ireland
{United Kingdom Generally AC￿pIed Accounting Practice).
In our opinion, the financial statements..
give a true and lair view of the state of the charitable company's affairs as at 30 September 2023 and of its
incoming resources and application of resources, for the year then ended..
have been propeTly prepared in accordance with United Kingdom Geneially Accepted Accounting Practice.,
and
have been prepared in accordan￿ with the requirements of the Companies Act 21x16.
Basis for opinion
We conducted our audit in accordance with InternatTronal Standards on Auditing IUKI IISAS IUKI} and applicable
law. Our responsibilities under those standards ale further described in the Auditorfs responsibili1188 for the audit of
the financial st8t8mentS Section of our report. We are independent of the chaiity in accordance with the ethical
requirements that ale ielevant to our audit ol the financial statements in the UK, including the FRC'S Ethickl
Standard, and we have fulfilled our other ethical responsibilities in accordanee with these requirements. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees. use of the going concern basis of
accounting in the prep8ration of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material ￿n￿rtain{leS relating to events 01
conditions that, individually or collectively, may cast signilicant doubt on the charity's ability to continue as a going
concern for a period of at least tWe￿e months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concem aTe described in the
relevant sections of this report.
Other information
The othei inftsrmation comprises the infomation included in the annual report other than the financial statements
and our audrtorfs report thereon. The trustee5 are responsible for the other information contained within the annual
report. Our tspinion on the financial statements does not cover the other infomation and we do not express any form
of assurance conclusion thereon. our responsibility is to read the other information and, in doing so, consider
whether the othei informalion is rnaleiially inconsistent with the financial statements or our knowledge obtailled in
the course of the audit, or otherwise appeals to be materially misstated. If we identify such material inconsistencies
or apparent material tnisslatements. we ale required to determine whether thi5 gives rise to a material misstatement
in the financial slatetnents themse￿eS. If, based on the work we have performed. we condude that there is a
material misslalement of this other information. we 8Te required to report that fact.
We have nothing lo r&port in this regard.
Matters on whlch we are requbrèd to report by exception
We have nothing lo report in respect of the following matters in relation to which the Charities (Accounts and
Reports) Regulation5 2008 require us to report lo you if. in our opinion..
the infoimatun given in the financial statements is inconsislenl in any material respect with the TfUStees'
report.. or
sufficient accounting records have not been kept,. OT
the financial statements are not in agreement with the accounting records., OT
we hav8 not recewed all the information and explanations we require lor our audit.

FFESTINIOG RAILWAY SOCIETY
INDEPENDENT AUDITOR'S REPORT {CONTINUED)
TO THE TRUSTEES OF FFESTINIOG RAILWAY SOCIETY
Responsbbilities of trustees
As explained more fully in the statement of Trustees, responsibilities, the trustees, who are also the directors of the
charity for the purpose of company law, are responsible for the preparation of the f￿nanual statements and for being
satisfied that they give a tiue and fair view, and for such internal conliol as the trustees determine is ne￿SSary to
enable the preparation of financial statements that are free from material misstatement, whether due to fraud or
error. In pieparing the finanaal statements, the trustees are responsible foi assessing the Qhaiity5 ability to
continue as a going concem. disclosing, as applicable, rTratters related lo going concern and using the going
concern b8sis ol accounting unless the trustees either intend to liquidate the charitable company or lo cease
operations, or have no realistic alternative but lo do so.
Audltor's Tesponsibilltles for the audbt of the Ilnancial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the
Act and relevant regulations m8de or having effect theieunder.
Our objectives are to obtain reasonable assuran￿ about whether the financial staternent5 as a whole are free from
material miss18tement, whether due lo fraud or error, and to 155ue an audito¢s report that includes our opinion.
Reasonable assuiance is a high level of a55uranTr but is not a guarantee Ihal an audit coriducted in accordance
with ISAS IUKI will a￿ayS detect a material tni55tatement when it exists. Misstaterrents can arise from fraud or
error and are considered malerial if, individually or in the aggregate, they could reasonably be expected to intluence
the economic de¢isions of users taken on the basis of these financial statements.
Irregularities, including fiaud, are instan￿$ of non-compliance wilh laws and iegulations. We design procedures in
line with our responsibilities. outlined above. to detect tnaterial misstalernents in respect of irregulaiitie5, including
fraud. The extent to which Duf procedures ale capable of detecting irregu18rities, including fraud, 15 detailed below.
Extent to which the audit is Conside￿￿ capable of detectKng Irregularities, including fraud
The responsibility for the prevention and detection ol irregularities, including fraud, lies Wlth the trustees and with
those charged with governance. The objectives of our audit in ie5pect of irregularities and fraud are to assess the
risk of material misstatement of the financial statements due to fraud, to obtain sufficient. appropriate audit evidence
regarding the a55essed risks and to iespond appropriately to fraud or suspected fraud identified during the audit.
Audit procedures
We determine significant applicable laws and regulations Ihrovgh discussion with those ¢hafged with govemance
and our own knowledge of the industry and design audit procedures to help identify instances of non-compliance
with those laws and regulations that may have a fflaterial effect on the Iinancial statements.
Our approach is to consider the legal and regulatory frameworks directly applicable lo the financi81 Statements
reporting framework IIFRS 102 and the Companies Act 20061 and the relevant tax compliance regulations in the
UK., the nature ol the industry., the business perfoirnance and the key drivers for management remuneiation., the
control environment and the procedures in place to address identified risks, including management overiide, non-
compliance with laws and regulations and to prevent and detect fraud or irregularity. We communicate identified
laws and regulations throughout our team and remain alert to any indications of non-compliance throughout the
audit.
Our Pro￿duleS are designed lo provide reasonable assuiance that the financial statetllents are f￿e from material
misslalemenl or error and include.. enquiries of management and of staff in key ¢ornpliance functions., review of
minutes of rneeting5 of those chaiged with governance,. review and testing of manual fjournals and significant
transactions outside the nomal Qouise of business,. review of financial statement disclosures and testing lo
supporting documentat￿Orn., performance of analytical procedures.
We are not responsible for preventing non-compliance and due to the inherent limitations of an audit, as described
above, the audit cannot be relied upon lo delect all instances of non-cornpliance wilh laws and regulation5.
A further description of our responsibilities is available on the Financial Reporting Council's website al.. https".11
w¥vw.frc.org.ukJaudilorsre5ponsibilities. This de$￿pIlon forms part of our audiloi's ieport.

FFESTINIOG RAILWAY SOCIETY
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF FFESTINIOG RAILWAY SOCIETY
Use of our report
This report is made solely to the charty's trustees, as a body. in accordan￿ with part 4 of the Charrties IA¢¢oun15
and Reports) Regulations 2008. Our audit work has been undertaken so that we rnight State to the tharity's trustees
those mallers we are iequiied to state to them in an auditorfs report and for no other purpose. To the fullest extent
peimitled by law, we do not accept or assume responsibility lo anyone other than the charity and the charitys
trustees as a body, for our 8udit work. for this report, or for the opinions we have formed.
Susan Harris MAACA (Senior Statutory Auditorl
for and on behalf of Chawnpion Accountants LLP
I q ..Htr..LU yo L*
Chartered Accountsnts
statutory Auditor
2nd Floor Refuge House
3>37 Watergate Row
Chester
CH12LE
Charnpion Accountants LLP is eligible for appointrllent as auditor of the charity by virtue of ils eligibility for
appointment as auditOT of a company under section 1212 of the Companies Act 2006.

FFESTINIOG RAILWAY SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Unrestricted Restricted
funds
funds
2023
2023
Total Unrestricted Restricted
funds
funds
2022
2022
Total
2023
2022
Notes
Income fro¥n'.
Donations and legacies
Charitable activities
Investments
122,716
144,748
6,457
1,021,900
1,144,616
144.748
25,901
150,273
137.552
791
800,389
950,662
137,552
1.183
19,444
392
Total income
273,921
1,041,344
1,315.265
288.616
800.781
1,089.397
Charitable activities
382,458
219,141
601,599
320,645
43,996
364,641
Net Incomellexpenditu￿I
1108.5371
822,203
713,666
132,029)
756,785
724,756
Transfers between
funds
110,615}
10,615
Net movement in
funds
1108,5371
822,203
713,666
(42,6441
767.400
724,756
Re¢onciliation of funds:
Fund balances 3t 1 October
2022
660,134
1,657,865 2,317,999
702,778
890,465
1,593,243
Fund balances at 30
September 2023
551,597
2.480,068 3.031.665
660,134
1.657,865 2.317,999
The statement of financial activilps includes all g8ins and losses recognised in the year. All income and expenditure
derive from continuing 8Ctivilies.
10

FFESTINIOG RAILWAY SOCIETY
BALANCE SHEET
AS A T 30 SEPTEMBER 2023
2023
2022
Notes
Flxèd a$*ets
Tangible 8ssels
Investments
11
12
Current a¥sets
Debtors
Cash at bank and in hand
13
92,841
3.081,002
1,079,338
1,450,618
3,173,843
2,529,954
Credltors.. amounts falltng dug Within
one year
14
70,603
145,608
N*t eurranl a59è1$
3,103,240
2,384,346
Total assets less current liablliti&s
3.103,249
2,384,355
CTgdltors'. amounts falllng du• aft•r
mor8 than one year
18
171,5841
166,3561
Net assets
3,031,665
2,317,999
The funds of the charity
Restricted in¢ome ftjnds
Unrestricted fund$
17
2,480,068
551,597
1.857,865
660.134
3,031,665
2,317,999
The company Is entitled to the exemption from the audit requirement contained in section 477 of the Companies Aet
2006, for the year anded 30 September 2023, although an audit has been canied out under section 144 of th¢
Charities Act 2011.
Tha directtsfs ackno￿edge thelr responsiblllties for complylng wllh th$ requirements of the Companies Act 2006
with respect to accounting records and thè preparation of finantyal stateTnenl$.
The members have not required the company to obtain an Èudil of its finan¢i?I ststements under the requiremènts
of the Companies Act 2006, ftsr the year in qutsstiot) Tn 3ctordaneo with 58Gtlon 476.
These finandal statements have been prepared in accordanea ￿th the prowsions applicable to cornpanies subject
to th8 small companie¥ regime.
The financ
ents were approved by the tnjslees on ..
Co
pany registration number 00542449 (England and Wales)

FFESTINIOG RAILWAY SOCIETY
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2023
2022
Notes
Cash flows from operatlng activitie5
Cash generated from opeiation5
21
1,604,483
384,569
Investing activities
Investt¥ient income received
25,901
1,183
Net ¢ash genèrated from investirbg
a¢tiviti85
25.901
1,183
Net cash used in financing activitie$
Net Increase in cash and ta5h equivalents
1,630,384
385.752
Cash and cash equivalents at beginning of year
1,450.618
1,064,866
Cash and cash equivalents at end of year
3.081,002
1.450,618
12

FFESTINIOG RAILWAY SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Accountlng policies
Charity information
Ffestiniog Railway Society is a private company Sitnited by guarantee incorpoiated in England and Wdles. The
registered office is Haibour Station, Porthmadog. Gwynedd, LL49 9NF.
1.1 Accounting convention
The financial staternents have been prep31ed in accordance with the chaiitls goveming document, the
Companies Aol 2006, FRS 102 'The Financial Reporting Standard applirAble in the UK and Republic of
Ireland. I'FRS 102.1 and the Charities SORP "Accounting and Reporting by Charities.. Statement of
Recommended Pradice applicable lo charities preparing their accounts in accordance with the Financial
Reporting Standard applicable in the UK and Republic trf Ireland IFRS 1021" leffeclive 1 January 20191. The
arity is a Public Benerrt Entity as defined by FRS 102.
The financial statements ale prepa￿d in sterling, which 15 the functional currency of the charity. Monetary
amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting
policies adopted are set out below.
1.2 Going con¢em
At the time of approving the financial Statements. the trustees have a reasonable expectation that the charity
has adequate resources to continue in operational existen￿ lor the foreseeable fuluie. Thus the trustees
continue lo adopt the going concern basis of accounting in prep81ing the financial statements.
1.3 Charitable funds
Unrestricted funds 8re available for use al the discietion of the trustee5 in furtheran￿ of their charitable
objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The
purposes and uses of the restricted funds aTe set out in the notes to th8 financial slatemenls.
Endowrnent funds are subjecl to specific conditions by donors that the capital rnusl be rnaintained by the
charity.
1.4 Income
Income is recognised when the charity is legalty entitled to It after any performance Conditions have been met.
the amounts can be measured reliably, and il is piobable that income will be ieceived.
Cash donations are recogni5ed on reTripl Other donations are recognised once the charity ha5 been notified
of the donation, unless performan￿ conditions reqijife deferral of the arnount. Income tax recoverable in
relation to donations received under GiftAid 01 deeds of covenant is reoognised at the time of th8 donation.
For legacies, enlillemenl is taken as the earlier of the date on which either". the charity is aware that probate
has been granted, the estate has been finalised and notification has bèen made by the executor{sl to the
Society that a dislribufion will be made, or when a distribution is received trorn the estate. Receipt of a legacy.
in whole or in part, is only considered probable when the amount can be rneasured reliably, and the charity
has been notified ol the executoi's intention to make a distribution. Where legacies have been notified to the
charity, or the charily is awaie of the granting of probate, and the criteria for incotne recognition have not been
mel, then the legacy is treated as 8 contingent asset and disclosed if material.
Incorne from govemrnent and other grants, whethei'rapital, orants or'revenue, grants, is recogriised when the
chaiity has entitlement to the funds, any performance conditions attached to the grants have been rnet, it is
probable that the income will be received, and the arnount can be measufed reliab￿ and is not deferred.
13

FFESTINIOG RAILWAY SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Accounting policies
(Continued}
Subscription and Society rnembership income are recognised according to the above criteria Wlth the
exception of amounts received and deetned to be re￿iVed in advance, which are deferred until the income
r8cognition criteria are mel..
Annual membership relating to 3112 of the membership incotlle 15 deferred until the subsequent
period.
Advanced tnembership receipts are deferred and released in the period to which they relate.
Diamond Jubilee Appeal income is le￿iVed for a 5-year membership peiiod and is deferred and
apportioned accoidingly.
Life and associated life membership incotne 15 deferred and amort15ed over a 11>year period, which
is corrmensurate to the policy adopted by other similar organisations.
Interest on fund5 held on deposit is included when receivable and the amount can be measured reliably by the
charity., this 15 normally upon notifieation of the interest paid or payable by the Bank.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligalion lo transfei econornic benefit to a
third party, it is prob8ble that a transfer of economic benefits will be required in settlement, and the amount of
the obligation can be tneasured reliably.
Expenditure is classified by activity. The costs of each activity ale made up of the total of direct Costs and
shared costs, induding support COSts involved in undertaking each activity. Direct costs attribulab1e lo a single
activity are allocated directly to that aclivrty. Shared costs which oontiibute to more than one activity and
support costs which are not attribtrtable to a single activity are apportioned between those acltvilies on a basis
nsi5tent with the use of resources.
In older for donations lo meet this recognition criteria, agreements in principle to provide funding for proposed
projects are not recognised until valid expense claims are made to (he Society, discussed by ils board and
approved for release.
1.6 Tangible fixed assets
Tangible fixed assets are Initially measured at cost and subsequently measured at cost or valuation, net of
depreciation and any impairment losses.
Depreciation is reco9nised so as to write off the cost or valuation of assets less their residual values over their
useful lives on the following ba5es'.
Plant and equipment
offi￿ equiptnent
Society films
200/0 per annum straight line.
20°/D per annum 5tr8ight line.
20Vp per 8llllUtn straight line.
The gain or loss arising on the disposal of an ass8t is detemined as the difference belween the sale proceeds
and the carrying value of the asset, and is recognised in the statement of financial aCtI￿tIes.
1.7 Fixed asset Énve5tments
Fixed asset investments are ini118lly measured at transaclion price excluding transaction costs, and are
subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net
incornellexpenditurel for the year. Transaction costs are expensed as incurred.
14-

FFESTINIOG RAILWAY SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Accounting policles
(Continued)
1.8 Impairmenl of fixed assets
At each reporting end date, the charity reviews the carrying amounts of it5 tangible assets lo deteitnine
whether there is any indication that those assets have suffered an impairrnenl 1055. If any such indication
exists, the recoverable arnount ol the asset is eslirnated in order to determine the extent of the impairment
loss lif any).
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand. deposits held at call with banks, other 5hort-tem) liquid
investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown
within borrowings in current liabilities.
1.10 Taxatlon
The charity is exempt from corporation tax on its charitable activities.
1.11 Concessionary loan5 to the Festiniog Railway Company
As part of its response lo the restiictions imposed due to the Coronavirus outbreak, the Society set forth a
plan to support the Company through this unprecedented challenge. As part ol this, a 108n of £250,000 was
made lo the Company in April 2020, which was then followed by a further £150.000 at the beginning in July
2020.
Both these loans were treated as being repayable on demand and ale interest free. Since their initial
diawdown by the Company, repayments have been made either through the conversion of balances to
notional donations for work carried out on ¢ertain projects, or through 'cash' repayments. There is a separate
loan advanced to the Festiniog Railway Company of £27,000 to cover cashflow timing differences between
projects being undert8ken and funds being claitned from the Society.
In line with the provisions within the accounting standards, these loans are recognised initially at Cost, with
repayments or conversions lo granls being recognised in the relevant periods.
1.12 Voluntsry a8si5tance
The charrtable company has no ertiployees and many of its tlletnbers give f￿elY of their time to carry out all of
the actwities of the company. These voluntary contributions are not included in the accounts.
Critical accounting estimates and judgemènts
In the application of the charity's accounting policies, the trustees are required tts make judgetnents, estimates
and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions ale based on historical experience and other factors that
are considered lo be relevant. Actual ￿sUlts may differ from these estimates.
The estimates and undeilying assumptions are reviewed on an ongoing basis. Revisions lo accounting
estimates ale recognised in the period in which the estimate is revised where the revision affects only that
period, or in the period of the ievision and future periods where the revision affects both current and future
periods.
15-

FFESTINIOG RAILWAY SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Income from donatlons and legacies
un￿StrICted Restricted
funds
funds
2023
2023
Total Unrestricted Restricted
funds
funds
2022
2022
Total
2023
2022
Donations and gifts
Legacies receivable
Gift Aid
25,703
70,283
26,730
74,674
932.585
14,641
100.377
1,002,868
41,371
52,039
32.411
65,823
43.731
750,000
6.658
95,770
782.411
72,481
122,716
1.021,￿0
1,144,816
150,273
800,389
950,662
Income from charitable activities
Charitable Charitable
activities
activities
2022
2023
Subscription income
Hostel income
Magazine income
Sundry income
117,847
21,228
4,804
869
114,045
15,819
5,043
2,645
144,748
137,552
Analysis by fund
Unreslricled funds
144,748
137,552
Income from investments
Unrestricted Restricted
funds
funds
2023
2023
Totsl Unrestricted Restricted
funds
fund5
2022
2022
Total
2023
2022
nteresl Teceivable
6,457
19,444
25,901
791
392
1,183
16-

FFESTINIOG RAILWAY SOCIETY
NOTES TO THE FSNANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Expenditure on charitable activities
Charitable
activities
2023
Charitable
activities
2022
Direct costs
Donations to Ffesliniog Railway Cotnpany
Hostel expense5
Magazine productions costs
Registry expenses
Sundry expenses
Postage and printing costs
506,725
50.279
27,410
2,205
3.231
1,872
256.782
55,750
34,464
3,552
4,196
591,722
354,744
Share of support and governance costs l$ee not8 71
Support
Govemance
2,377
7,500
2,937
6,960
601,599
364,641
Analysis by fund
Unrestiicted funds
Restricted funds
382,458
219,141
320,645
43.996
601,599
364,641
Support costs allocated to activitleS
2023
2022
Finance costs
Govemance costs
2,377
7,500
2,937
S,960
9,877
9,897
Analysed between..
Charitable activities
9,877
9,897
Trustees
None of the trustees (of any persons connected with them} received any remuneration or benefits from the
charity during the year.
17

FFESTINIOG RAILWAY SOCIErf
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Employees
The 8v@iage monthly number of ernployees during the year was..
2023
Number
2022
Numbèr
Total
There were no employees whose annual remuneration was Tnore than £60,000.
10 Taxation
The charity is exempt from taxation on ils 8ctThrities because all its income is applied for charitable purposes.
11 Tangible fixed assets
Plant antl
eguipment
otlice Society film8
oqulpmont
Totsl
Cost
At 1 October 2022
1,100
1,536
409
3,045
AI 30 Sept8rnber 2023
1,11i0
1,536
409
3,045
Depreciation and impairrnent
At 1 October 2022
1,099
1.535
408
3.042
At 30 September 2023
1,099
1,535
408
3,042
Carrying amount
At 30 September 2023
At 30 September 2022
12 Fixed asset Investsnents
Unlisted
investments
Cost or valuation
At 1 October 2022 & 30 September 2023
Carrying amount
At 30 September 2023
AI 30 Septembei 2022
18

FFESTINIOG RAILWAY SOCIErf
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
12 Fixed asset investments
Icontinuedl
There were no investment assets outside the UK.
The above ffigures consist of..
8. The Festiniog Railway Company 100 5D/o piefeience shares of £10 each - 81 ¢osl- £1
b. 5 ordinary shares of £1 each- at cost- £5
In the opinion of the ttustees, the market value ol the shales is similar to their cost.
13 Debtors
2023
2022
Amounts falling due within one year=
Gift 8id debtors
Other debtors
34.706
58.135
77,633
1,001,703
92,841
1,079,336
14 Credltors: amounts falling due within one year
2023
2022
Notes
Deferred income
Trade cieditois
Other (xeditors
Accruals
16
41,109
45,586
3,042
90,020
6.960
21,994
7,500
70,603
145,608
15 Craditors: amounts falling due after morg than one year
2023
2022
Notes
DefeTred income
16
71.584
66.356
16 Deferred income
2023
2022
Arising from Subscriptions in Advance
112.693
111,942
Deferred income is included in the financial statements as follows..
19

FFESTINIOG RAILWAY SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
16 Deferred income
IContinued}
2023
2022
Defeired income is induded within".
41,109
71.584
45,586
66,356
Non-curient liabilities
112,693
111,942
Movements in the year.
Deferred income at 1 October 2022
Released fiotll pievious periods
Resources deferred in the year
111,942
145,586)
46,337
102,417
133,1591
42.684
Deferied inctsme at 30 September 2023
112.693
111,942
-20-

FFESTINIOG RAILWAY SOCIErf
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
17 Restrlcted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust
subject lo specif1c conditions by donors a5 to how they may be used.
At 1 October
2022
Incoming
resource5
Resources
expended
Transfers
At30
September
2023
Heiitage Fund
Volunteer Hostels, Fund
Minffordd Station
Tan y Bwlch Station
Kids Week
Lineside Vehicje
Hugh Napier
England Locos
Linda
Mountaineer
Kerr Stuart diesel 4415
James Spooner
Vintage Carriages
Stations
LAG drain5
Aichives
Waggon Tracks
Peim8nenl way
Heiitage Buildings
Infrastructure
Health & Safety and Others
7,139
1,554
3,356
28
6,895
25,513
1,455
45,075
73,176
37,773
20.062
61,371
78.385
750,(KIO
1,852
8,497
942
136,560
354,705
476
13
557
807
122
6,902
29
37,790
14,866
13,732
3,930
2,701
739
510,266
17
769
243
1,905
10,981
432,585
1,913
7,615
1,567
3,913
835
7,017
32,414
1,485
82,865
42,562
51,505
10,726
64,072
79,124
1,245,019
1,304
9,266
1.185
138,465
356,261
321.588
21,281
{45,4811
113.2651
115,2471
15861
{9,4251
1110,9981
124.159}
43,527
1,657,865
1,041,344
1219,1411
2,480,068
21

FFESTINIOG RAILWAY SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
17 Restricted funds
(Continued)
Previous yèar-.
At 1 October
2021
Incoming
resources
Resources
expended
Transfers
At30
Septernbèr
2022
Heritage Fund
Volunteer Hostels. Fund
Minffordd Station
Tan y Bwlch Station
Kids Week
Lineside Vehicje
Hugh Napier
England Locos
Linda
Mountaineer
Kerr Stuart diesel 4415
Jarnes Spooner
Vintage Carriages
Slalions
LAG drains
Archives
Waggon Tracks
Permanent way
Heritage Buildings
Health & Safety and Oth8is
7,000
1,553
3,212
2.193
9,885
24,997
765
22,TlO
89,542
17,944
29,718
57,652
82,040
86
53
7,139
1.554
3.356
28
6,895
25,513
1,455
45,075
73,176
37,773
20.062
61,371
78,385
750,000
1,852
8,497
942
136.560
354,705
43.527
274
1,283
405
516
451
19,839
513
17,135
2.392
2,879
52
750,000
1731
{1,9651
{3.4451
15n
11,4831
50
239
2,466
3.241
2,694
590
840
120,1201
112,638)
13,7071
4.200
7,539
941
135.224
354,213
39,077
11.8261
15241
265
693
1,335
486
2.438
{2221
2,234
890.465
800,781
143.9961
10,615
1,657,865
18 Unrestrlcted funds
The unrestricted funds of the charity comprise the unexpended balan￿$ of donations and grants which are
not subject to specific conditions by donors and giantor5 as to how they may be used. These Include
designated funds which have been set aside out of unie8trded funds by the trltslees for speofic putP05es.
At 1 October
2022
Incoming
resources
Resources
expended
Transfers
At30
September
2023
General lunds
660,134
273,921
{382,4581
551,597
Previous year..
At 1 October
2021
Incoming
re80LEfc8S
Resources
expended
Transfers
At30
September
2022
General funds
702,778
288,616
1320,6451
{10.6151
660,134
-22-

FFESTINIOG RAILWAY SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
19 Analysis of net assets between funds
Unrestricted
funds
2023
Restricted
funds
2023
Total
2023
Fund balances at 30 September 2023 are represented by=
Tangible assets
Investments
Current assetsllliabilitiesl
Long term liabilities
623.172
171.5841
2.480.(￿8
3,103,240
171.5841
551,597
2,480,068
3,031,665
Unre8tricted
funds
2022
Restricted
funds
2022
Total
2022
Fund balances at 30 Septernber 2022 are represented by=
Tangible assets
Investments
Current asselsllliabilitiesl
Long term liabilities
726,481
166.3561
1,657.865
2.384,346
166,3561
660,134
1.657,865
2,317,999
20 Related party transactions
As stated in the prinapal activities section of the trustees. report. the purpose of the company is to support the
restoration of the Ffestiniog Railway. Foi tnany years, there has been an arrangetnent whereby the company
nominated one director onto the board of The Festiniog Railway Company and that company nominated a
person lo sil on the board of this company. At the Start of the year, Sam Miller was the Society nominee. From
the 15th June 2023. Satll Miller stood down and was replaced by Graham Cole. Neither Sam Miller or
Graham Gole ieceived any benefit from the Society during the year.
During the year. the Ffestiniog Raithay Society made donations totalling £506,725 12022". £256,782) to The
Fesliniog Railway Cotnpany. The makeup of which being Tnade up of current year donation5 atnounting to
£414,921 12022.. £205,793), a conversion of the COVID support loan of £91,804 12022.. £nill and year end
accruals amounting lo £nil12022." £50,989>.
The Society also had transactions with related groups and the FR Co during the year, and al the year end the
Festiniog Railway Company arnount owed to the Society stood at £27,00012022'. £118,804>, with this amount
being included within debtors on the balance sheet. The Society 8150 retained funds on behalf of the Dee &
Mersey and FR Heritage groups. with the total held wrthin creditors amciLJnting to ￿1,994(2o22'. £21,962).
-23-

FFESTINIOG RAILWAY SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
21 Cash generated from operations
2023
2022
Sufplus for the year
713,866
724,756
Adjustments for..
Investment income recogntsed in statement of financial activities
{25,9011
11,1831
Movements in working capital..
Decreasellincre8sel in debtors
IDecreasellincrease in creditors
Increase in deferred income
986,495
170,5281
751
{394,7301
55,726
9,525
Cash g8nerated from operations
1,604,483
394,094
22 Analysis of change8 in net funds
The charity had no tHaterial debt during the year.
24-