Company re9iStratFon nurnber OD542449 (England and Wale51 Charity registration numbèr l(4178 (England and Wales) FFESTINIOG RAILWAY SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 •AF2K13HM 21105r2026 COMPANES H¢JJSE A24 10
FFESTINIOG RAILWAY SOCIETY LEGAL AND ADMINISTRATIVE INFORMATION Trustees klr G P 8oThJ k4r G Cole MrRD8enl Ms C M Kn(Mles PAr L Grahan¥Tayk Mr N C Smilh MrPJHawk MrBWFrith MrA P DehaTr MrJJLeo MTT D Newholtse IApwinted 3 May 20251 {Apwinte(13 May 20251 (Apwnted 3 May 20251 Secretsry Mi G Davies Country of in¢orporntion ve Kmigdom {EThJSand and bltslesl 00542449 Charity registration End and K¥le5 IC64178 Rey1st offic Pcthmadcg Gwynedd LL49 9NF Auditor Champion Act(nIalS LLP 2nd Floot Reluge House 3>37 Watergate R(Av ChEsier CHI 2LE
FFESTINIOG RAILWAY SOCIETY CONTENTS Paye Trustees. port Stalemenl olTrustees' resWsibi1>ps Independent aLtdilols rep¢)rt 8-10 Slatent of firancial aclivrtie5 Balance sheel 12 Stslemenl ol cash fl(Ms 13 Notes lo the financial StaleTrIS 14-24
FFESTINIOG RAILWAY SOCIETY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2025 The Irustees wesent lIr annual repryt and fvwroal slaleffenls for the yeai ended 30 September 2025. The finanual staternenls have been prepared in accdaD Ihe ac£ouTrting policvès set out M note 1 to the financial slatements and comply wrth Ihe charitys govemtng document. the Companies Ad 2006 and "Ar£ounting and Rep)rting by CharitEs'. Statement ol Rernmmended PraLe apPIae to tharlIS preparing t1r a¢unt5 in accordance knrith Ihe FinancAal Reporting Stdard pble in the UK Republ ol IrÈPaThd IFRS 1021" (effective 1 January 2019). Objectives and activities The principal objectNe and airn of the Charrty Ihe year under revth¥ was lo advance the edvcalDn of Ihe public th10h the ¢onservatn ol Ihe Ffestinw Aaihvay. In prathcal Eerms. the a¢tivilies of Ihe charitable cofflpany in lutlherance of ils objecfft.ves are to suppryt the Fest)9 Rathvay CNnpany in rt5 pserva"On and opErats"on of Ihe Fle5tinH)g Railway. The Iru5tees have paid due te9atd lo by Ihe Chaity Commissh)n in deLyding what aLlivities Ihe ¢harity should undertake. Achievements and perfowmance The year ending 30 Seplembei 2025 has been anolher successffijl year fcrf Ihe Ffr5imiog Rathw Soriety (the Society). The together with the Flesiiniog 2rMI Welsh Hhland Railways Tnjst. wovhled equal amrAJnls of match n1 lo Ihe NLHF Boslon Lodge project whth was substanlialty compkled in Ntsvember 2024. The formal opening ¢ereFnony, in con}unct wilh 5eTriLK 51aff Irom tl Na140nal Lottery. wa5 held al B051on Lod9e on 1 May 2025. The svccess ol Ihe projeu was 0)gnIsed by relp1 ol a National Rwhvay Heibiage AwaTd al a ceremony on 3 Decembe¢ 2025. Part of Ihis projecl induded a substsniial imwoverneni lo staff f3ty111s at 8oslon Lodge. The Society also funded a $mr but nonetheless vtsl improvÈmÈnl 10 Stall la(ilrties ai Glanypwll. This ssjpport was made kX)5sible by a legary prowded by a bng51andw member and volunteer. The 2025 season got olt lo a slwJth siart. not helted by the c(witinwNJ cosl of I7Thg ciists. The weèther then tumed exceplionalty dry over an terled peJ whKth many trains havtng to be diesd havled. This all contributed to a polentiafty dffioJN finanoal F4)>tion. Fortunately. Ihank$ 10 a bt of hzré work and a relum lo more normal wealhei dItIO1, the %tualn had rnuch improved by Ihe eThJ Of caleT¥Jai year. The Society Board has readity agreed to supp)rt the Company by alk<ating IuTKls to a nLrnter of prosecls Ihat will conlinue to help improve the trading posit¥. One major ccffjlribubon to Ihe trading position and the feel¥ of well being IhrtyJghcrt the RaIaY was the very sslu$ evenl held In June 2025 that combined celebratK)ns lor the FR'S 70th anniversary of If'new Compary, wrth Ihe 200th anniversary of the owin9 01 the Slocklon and Dartington Railway. The ScCeSS of the'2(Kl Wheds on the Cob. event and the NLHF Boslon Lodge proied was rewnised by recwpt of a'Ratrway Spe¢kql Award, at the Herilage R8ilwayAssocialx)n award5 Dn 7 March 2026. ov nc The Souety Board fTas had a lul complement of Diredots follon9 the May 2025 Annual General Meeling {AGMI. The Board has continued to revw and update Its Development Straiegy which wa5 iolroduced at the 2024 AGM and reported in subsequent issue5 vf the Ffestnw Raipway Mwne {FRMI. Revised 9Da15 have been Set and shared with members in Ihe FRM. A key part of the overall Strategy of Ihe Socty 15 set ojt theAFIKks oIA5sctyin. It i8 apprOprie that this key (8ocurrienl is feviewed from lime lo li to ensufe ihal it remains rekvanl and rneets the requsrements of current legislation. The Sc<v2ty Board consuKed with rnembers on Ihe wcposed tharges towds the etKI of the yeaf under ievipw and a resdution seekw adcykn of Ihe fmal versicm of Ihe revised Arte$ ofA8swation will be conside by mernbers al Ihe 2026 AGM.
FFESTINIOG RAILWAY SOCIETY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Memb The So¢ty had 4.660 wmbers as al 3fMh Seplen3W 2025. of 36% were lile MberS and 64% were annu?1 rrmbers In Ihe lasl year. fle was an over3H of 34 lrfe mernbe. Thi5 In¢yease wa5 the nel of 59 new life members (Df which 40 converfed Irom an31 metnbetshipl Ip5s Ihe k>ss of 25 mernbers we We inlormed had sadty passed away. In respect of annual ments¢s. Ihere was an overall dmp of 203 annual rntsers. Thi5 was Ihe nel of 445 new annual members1ess the loss of 648 annual Members linduding Ihe 40 converted lo lsfe membership and S8 we were infomed had s•lly passeil wyl. The breakd(n of membership numbers is as fdk)ws". 2025 2024 Annual mernbers 619 134 163 1.422 1,517 355 359 118 119 114 118 181 187 19 13 17 12 2.979 3.182 Associate full Senior citizen Associate senr atiien Fatnily- 1st adull Family- 2nd adLAI Farnily chiklren Junior Under 25 Ivdunleer staffj Total Life rnembers 1,246 1.246 189 Associate lull Ser>iof cilizen Associate seni(Y crtizen Covenanted Honorary Total 133 82 76 1,681 1,647 Totsi mtrnbership 4.660 4,829 hilst Ihe Sooety 8tsè is ased wrth the wc(ss ol its Strategies to attract new member5 il conlinue5 to also wotk hard lo irnprove retenllon of ernr5 through strategies ¢juding KDproving the benefils of rnnberShY, keeKKng annual fee increa5e5 lo a miThmvm, %¥l¥lst also launchirvJ a ijifect de"t P3ymenl option and planning lo in1rodu an 3MfactNe three memberslNp pthge. The Sor• Board 15 Thjl seeking an Irrease in ann1 subsusptions for 2027. munic8ti The Society Board has mvested to brin9 the So(iety websile up to dale with a modem desi9n aF¥J a rnember5' area. Work on this projea is •¢thir¥J its condu5H)n aThJ is expected lo be launLI L3ter in 2026. The Sooety's presence on socia metha conlinues to Irlease wlh over 9.31XJ folk7rtrs on Facebwk and 1.500 on Inslagram. Increased exposure on social rnedia wll help lo irKrease Ihe number of rrrntsers, volunteers and travelling cuslLxmers. The Sooety Board welcomed lain Mccall to Ihe FRM produclion team as the new editor. Some changes in the style of presentation have aladY iEen made hz¥e been we4 received. A questnaire was distributed with the FRM ealer in the year under review 2N1 the feedback received was very pc6itive.
FFESTINIOG RAILWAY SOCIETY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Volunteering ha5 conlinued lo provide approximately 45% ol Ihe total 513ff bme durin9 2024125 which is worth a very significant of rDoney lo Ihe Compary. 11 is p8$7ng to see that the regular groups. indL4Ying Minib8sh. Meg8bash. Gig8bash, Young Volunfeers TraiTrng Week. Eleclric81 Wort(tng Party. Dr8ins G8ft9 and m2ny olheis have cxjntinued Iheir importanl work. The Alco Gmup are conlinuing Ihthr proied lo rebuild the Mounlairteer lowmotive which has now moved frorn GIany1 10 Boston Lodge. AJI ol these proiecis are Suped by the Sociely. Indivdual volunteers work for the Opewaiion5 and LeM011ve departmenis wrth a very credible number of locomoknve lums betng rJvered by volunteers. The eal)n of a Wunteer Steerin9 Grotsp. With represeniation from the Swety. has slarted the pro¢ess of enhawng the volunieer expÈrience for >ndNNluals aThJ the Company. The new volunteerin9 team, headed up by lain IMlkinsDn. Starfed woth In November 2025 and is Joinlly funded by the SIKEty, Cymdeilhas RheiIffo Eryn •)d Ihe Flestiniog tlh HighlaThJ Raitrway Twsi. Ho The Sooely has been eaSed lo te ab to contmue io SUprt the rn3gernenI and operalion ol Ihe hostels at Minffordd and Penthyn which are so irnrx)rtanl to encouraging ¥olvnleer imiolvernenl and ts one of the key aclivities carrted oul by the Society. Weekend usage has Uffitinued lo grow over and above the svJnifKanl Increase repDrted in the previous year aNhough owerall Lsage has seen a $Ih1 lall. The Hostels SuGroup has been reformed by the Hostels Oirectoi and nuw inrjudes usefs. FRS dbie¢tors and oifKers. Followng an inuease in hosld fees for 20241 25, have been held for 2025r26 in a lurther measl1 to erKourage volunteering. Folkng ¥eceipt of an up lo date Fire Risk Assessment and EWrK31 Inslallaiion CoThYlli Report. the nece55ary steps have been taken to date fi Safety Snage. .ghting, equipwnt and all electncal c4rcuils have beern upgraded to meet oJrrent legal requIrentS. ¥Atyk has also LEen carried OLd to repair the fire escape balc0t1$ adjoinin9 modules 1 and 2 and rnc¢Ju 4. The heating in Ihe knJnge and library has been fijlly re51ored and new cunains have been fitted Ihioughoul all mrM1ules and in the louThJe. The laundry rrxm has been reconfigwed lo mniM1$e potential fire risks with new rmMerCIal 9rade washersldrr5 bThJ inslalkd. FollowiThJ on from Ihe Cornpanls purrthase ol Crossry (Lott's) Collèje in Quarry Lane. Mintl¢ydd. the Comp3ny also determined to buy back No. 3 Boslon Lodge trom Ihe penson I[1. The Srty Board agreed lo F¥ovxle k)an of £90.(XIO to Ihe Company lo support Ihis purchase. Work conlinues ffi the hh3h standard res1orat ol Tanythh Slation HtyJ5e. The instsllation of aw source heat pump arKI sUlatIon rne3 that Ihe buHding 15 ncvl warrn and dry. Compjetion has laken a litue longer than prewicNJsly anticjpated bjl rt win be wcrfh Ihe wait. The Sctiety Boafd Js now discussing arrangements for letting Ihe property wlh Ihe Company. Thanks lo the generous supp(x1 of mebets Wa5 F4JSSEt4e to kYovKle just urKJe¥ £662,0 in gonl SUPPOrt ID the Fesliniog Railway CLpanY in Ihe yew under review. Not only do the suptxrted projec15 contritwle to vdunieerin9 Bnd the COAser¥ation ol the Ffestiniog Raihvay. Ihey also make a signifrani Ly)ntribub"on to the c05t eHeclNenes$ of the business. This level ol su5)POrf is onty possible IU5e of Ihe cOntind and getrouS SUPPOrt ol members. past and pre5enl, for whth the Society Board is very grateKl. The is still a lol to ths in order lo continue to move from a 'SUstainab. lo a 'Re9eneralive' raih¥ay and the SoDety Board aTKI it5 offic£15 will continue lo provide as rnuch supp)rt a5 Possible to achieve this ambituM. Financial wlew Followi a Coup of years of inueasirs ovefall lund$ avalable, the Sttiety has seen a se¢ond year ol a nel re¢JLCtion in fvnds as the %gnific£nt support for Ihe FfestinKg Raikvay cthveighs Ihe income in the year. This is in Ime wth the sC¢ty Board's expectalM)ns. rethJdirM) in fvnds 01 £378.793 vs £262.256 last year. Significantly. Ihis year saw the 1351 paywÉnls made sn respeci of Ihe SLesSl Boslon Lodge NLHF proiecj of £105,633, taking the total support of this proiecl lo f626.881. the largest project that the sClety has suprA)rted. Income has remaned lallhy al £424.760 the rna Catege$ of income remairknry soffwhal u)n5i5tent with pr%)r ye8r$. M&mberskn"p incoff has shrmn a he8Jlhy i¢KTea5e tsn tIE bxk of the subsu1p1fi rate changes wbilst inleresl income ha5 a150 shown an¢knr good year, with the Kwestment polKy delIverw a hearthy retum The most S¥Jn1firanttha5 is the redtK)n in to £12.(MXJ foll¢JiThJ the last le* years of Ige bequesl5.
FFESTINIOG RAILWAY SOCIETY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Gift Aid MainS an importanl $Iarn of lo the S[. wilh £35.636 2025. with £25.623 coming from membeiship sth(rriptions. shwn9 the imrM)rtance and hh lake up of Gih Aid dedarations. Of other donations, same £1.¢9 was r&sed from Ihe £7.S55 couected from on Irath envdopes whth has been adminisiered aly by Pelei Wlk¥wn, who sadty passed away in Seplemtrm. The major expenditure items in the year a the corrfribuiKs to Ihe Festitwg Raifvlay Company and tl costs of running the h05tel, 3 Similar profile to years. Sorne highlights of the fmancial contribut$ to the Festinw Raikvay Cornpany indude. from Ihe General Fund. the final payments respect of the NLHF project al Boslon Lodge 1£105.6331. Tan y Bwkh play areè improvemenls including Ihe new surface1£38.6371. Boslon Lodge hfiing Jacks1£34.1•). COmet10n work at Pla5 Smart1£23.7261 and support lor Taliesin's o¥erh8uI (£10.1XX)}. From the reslricled ftsnds. these indude £138.1 from Heritage BLldings fiJnd to continue the volunteer-leij work for Tan y 8vAch station house.. £50.1XX) frcth Ihe SlatnS lund to improve Ihe CopY * Blaenau Ffe$tiniog {Ihis follows on frcrfn Ihe inveslmenls made $1 year on the plalforml.. £83.29 Ifom Ihe England lund to support Pfinrk's overhaul and relum 10 Iraff¢" £33.986 in respeth Of James SreT from Ihe Fairf fund {arisfftg from the appeal airned to ensure the Earf of Merionelh wa5 not Stripped of Coments).. £26.873 from Ihe carri¥ges fund lo SUp)rt Ihe qv81ity paintS of viJ)tage carriages 18 and 19 Ihe Curfy Roof Van and an a(kJilional E30,CW came from Ihe stations fund to supwrt the lmw0veffnts 10 the ix)oknng oifice in Porthmadog. The hosiel co$ls are mv¢h higlw this yeat as ela efforf has been into Ihe mainienano awKJ upkeep of the hostel. As the hostel is now U)irty yeats okl, Il is imptsrfant that the quality of Ihe 8mmodatIOn can rneet changing expe¢iations. partKul&1y as we seek Io CInUe to attract organised 0)$ 10 voknteer the rawaY. The Sooety iemains a gc4)d finajaI kwxrfiDn. The Sooety's pol.cy is to maintain * Jeque reserve so as enabk il lo diSChe its objeclwes and meei its onwing day to ¢Jay requirerrents. This beirrfj Ihe c3se. the trustees con5ide¥ Ihal tsvefve months ol general fund expenditu i% an appropriate e1 ol reset¥e to rneel the day-io•ay running costs ol Ihe tharty induding maintaiiiing production of Ihe iTrhouse magaZIr and ihe running of ihe volunteer ste15, with this amovnling lo a sum 01 £142,(). The rnain need ol course 15 to hd sufficient reserves for its core otiedwe of SUPF4Nting the FfeslinK4 Raiay. which inCdeS collecting unrestrKled. desJn3te re$lted lurvjs IOT a number of projects. administering and collecting rnonies from Ihe annual appeals as well as iaisiThJ and maintaining sufficient general lunds to meet 11$ obIvJathS for commitled chantable objects. As al Ihe end 012025. Ihe Sells main htnds stood al. Restricled lunds.. £2.106,79712024.. £2.356.939} The restrted ndS heltj by chanty are avalab lor use on speoffic projeus vthich are laken loNard as sources become available to the FesiN¥og RaIaY Company. A anatysis of tr*se prLW is th"5dosed in note 17 01 the fina181 slatent5 General lunds. 83,8192O24.. £412,470) The Sociells'free, reserve lor the year Èang a Stss of £2B3.81912024." a swpIu5 of £412.4701.
FFESTINIOG RAILWAY SOCIETY TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT} (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Fundr8lSS Imlh the re-eThtry into Sel¢e in early 2025 01 prin foll1n9 oveihaul. the stY switched the on tTrin envelope appeal to suppori the lorthc(xniThJ overhaul ol ever powkr Blanche. This iassed nearly £10.¢Y)O including Gift Aid despite lY bwng in pla for pJt of the year. It 15 to re1 that Petei MfiIAinson. been lookirrfj after thi5 activity. passed away in SepleFnber 2025. and wtu be rThJch tnis5ed. Fundraising forAkA) MjaIrer conte5 vrith over £80.(XKI 50 far raised Ineaty £14.CO) in Ihi5 fan¢91 year) - this has allowed the team aTra the raiK¥ay lo commit to the signifKant wc¥k5 to retvrn the loco to traffic after an absenc£ ol fftnly years. Gttt Aid In the year any)unted to £35.636. how Hnportanl lh is lo ts SorAety. Play)s for futurÈ periods The major projects that will Contin lo be 5UPF#Nled in 2026 a Tan y Bwkh $tslw)n hcthjse and Ako Mountaineer. In conjunction wilh Ihe Company. Ihe eXF40rati¢ ol twwjns lor Bnau Ffe5t)9 ststion cwlinue. Structure. governance and management The charity Is wntrolled by ils govemwig ¢Jocvment. a menM)randum article5 of asswialion. and n$t11uteS a Itrniled cornparry. limiied by guaranlEe, as defi1 by CryniesAd 2(. rhe truslees, are a150 the ¢thOr5 for the pUoSe of cwwny law. and who seNed trifa ihe year and up to the date of 5isnabJre of the financial stalement5 were.. rGP8ond Mr G Cole Mr R 0 Bentley Mr C M Tucker IAS C M Knowle5 Mr L Graharn-Tayknr MrNCSmith K4r P J Hawkins MIèWFrth MrAP Dehan MrJJLeo Mr T D Newhotjse (Re&gfied 3 May 2025) {Appynled 3 May 2W251 {Apwnied 3 k4ay 25) IApwnted 3 May 2025) Rectvilmenl and appoinlmentof tnjstees All trustees are elected for a period of 3 year5 and have to stand kn reeleLIK)D every lh yeat5.rf continuing. This election happens al Ihe AGM. Even rf someone Cwpted durirwj the yew, Ihey 51111 It to forrnalty sland at the nexl electicffi. Indtsction training ollnsslees As part of their induction. new Board members are made aware of their respons9 as board members. The iThJuclion indu(ks an introducton lo the objedives. Sr and pdicEs of the charitable lunds. Cbarity corntnis5iOn inforrnalion on Iruslee responsI'11ty and copies of the preouS year's annual reFQrt and accounls are Pfovsded. Relafionshw with thfftrdpartS At the year end Ihe Society holds five ordinary sha$ ar¥J one Preferer share in the Fesliniog Raih¥ay Company. whth have all been bequeathed ¢0 the $iety. This con51ilutes a minority share and does not gr¥e any control to Ihe Society. Sotiety makes grants to Ihe FeIn Raihvay Company as parl of the pursuarjce ol the main 8ctivilie5 of the Soaety. The Society also has the righl to norninale to Ihe FfeStIn Rathvay Twustees for 8rpointmènl place on ihe Board of the Festini09 Railway Company as part of a reC1wal arrangement. The Society inleract5 wilh area fundi31 group5. have the aims of svr4)DrtiN4 the Ffestiniog Ra1JaY.
FFESTINIOG RAILWAY SOCIETY TRUSTEES, REPORT {INCLUDING DIRECTORS, REI>ORT) IcoMfiNUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Risk m8nageffienl The twstses have a duly to identify aryl re¥iw ts risks to the i8 eylthed aThJ to ensur8 appmpriate R&lahonship vnlh Trlat8dpartt8s 7he tru5t8e$ o)nsider the only key rwem8rrt psc olthe lo be Ihe bJwd ofirust88s. are in chaTge of thr¢¢bng. ¢rJ. nmnir¥J and OTatvj the (arity of a d.t basis. Detsis 0Slhetru5tees' remuneratw)n. expenses related pwty transathons are thsdosed in a rwjte tts the auwnts. A11101 In a¢rKJrdance the compans art(1&5, 3 $t4U propogr¥J tF•t AttoJ)tants LLP l)e reapptynt8d as audiw ofthe company pul at a Gerrnl Meelirvj. MrG an Date..
FFESTINIOG RAILWAY SOCIETY STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 30 SEPTEMBER 2025 The trustees. who a 2Lso Ihe dbrectiNs of Ffe$ Rkny SW for the purw of o)mpany law. are sponsible lor prepaftng the TwsteÈs' Report and the finwai stalemenls in accordance wrth aPp"¢aMe law United Kingdom Aca)uniing Standards {Uniled n9orn Generalty ACptedAcCOuntin9 Prauicel. Company18w reouires the Iru$tees lo prepate fmanoal slatefflents tor each f¥)anoal year whKh 9ive a true and fair view of Ihe slate ot affairs tsf the Charity and ol Ihe incomin9 resovrce5 and application d reSOue$. indudw)g Ihe income and expenthture. ofihe charitabk oyyyny lor that year. In preparing Ihese financial slalemenls. the Injstees 3re required lo". - selecl sultae accwntirMJ polKies and Ihen aF them consistentty: - obserye the melhods and principles in Ihe CharitS SORP.. make jud9efnents and e51imates thal are reasonable and pntdenl". state whelher applicAe UK Accn9 StaThJards have been fc4knved. SLled lo any material éepartures disclosed and explained in Ihe finaroal stateffnts." and - Pfepare the finznLial 51atemefrts cfi the going concem basis un$ it wwpropriale to Presu* Ihat Ihe charity 11 Contin in operalMw. The trustees are re5ponsibk lor keeTh9 adequate accountirvJ recotds that disclD5e wilh reasonable ¥cuTY any lime Ihe financial position of the tlty arwj ble Ihem to enswe thal financial slalernenl$ Comply wilh Ihe Companies Acl 20[ They are also iespOnwb for safe9uafding the 35seis of the tharty and hence fr)r tÈkin9 reasonable steps for the preven1 and deteLO of fraud atLd olhw 11regu[1es.
FFESTINIOG RAILWAY SOCIETY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF FFESTINIOG RAILWAY SOCIETY Opinion We have audited the finènch81 slaternent5 of Flestiniog Raihway S(K¢ty Ilhe 'chaiity'l fLY the year ended 30 Seplember 2025 which comprise Ihe stemenl ol financial actNilies. the balance sheel. the slalemeni of cash fflows and notes lo the finanual slalements. including svJnificanl 8¢u11nY 4e$. 7he finanoal rewrtiTrg Ifamev40rk Ihal has been 3pplied fft Iheir preparabon is applicab law aftd Unrted KiThJdom ACn¢t9 SndardS. induding Financral Reporting S13ThJard 102 The Finénci81 RertIng Slandartl gpplKaNe ift the UK and Republic of Irel8nd (United Kingdom GeneraltyAwted Ac¢ovrbtin9 pral¢e). In oUropwn, the financial slaiements". give 8 true and fair view of thÈ slate of Ihe Charitab compan$ affays as at 30 September 2025 and ol rts incoming resources an(J applicatKJn of resoUrS. the year Ihen ended". have been pr¢)pety preparJ in a(E0Tdae wlh Unrfed Generally Ac(tpled A¢Un11n9 prlce.. and have been prepared in accorda wilh the reqU¥errls of Ihe cOmw&sACl 2Cth. 8asis for OF#nion We ¢ondu¢ted our audit in acrdanCe th Inlemati(xI Stsndat<ls on Audiling (UK) IISAS IUKII and aWi¢ab law. Our re5FK)nsibililies unde¢ IIK)se $landatds are furthÈr dewibB(l in Ihe Audilorfs SPono{l11{eS lor Ihe 8udil ol the financial statemenls Sett)n ol our fekrt. We are irKlependent of Ihe charrty In a¢CDrdance wilh Ihe eihtcal requiiemenls that are relevant io our au¢Jit of Ihe financial slatemertis in the VK. indud1 the FRC'S Elhi¢al Slandaid. arKI we have fulfilled other eth¥ rewgbilities in aCC8e wlh these requirement$. believe that the audil eviden we have obla4ned 15 suffKnt and appfopriaie to provK1e a basis for Our opinK)n. Conelusii)ns rlatin9 to going ¢on¢em In audrting the finanoal slatwnents. we have conduded Ihat 1he Trustee$, use of g)ing Cont bèsi5 of accounting w the pffeparation of the fina131 $laterrnts is appropriale. Based on the work we Ilave performed. we have pjentified any maIla1 uncertainties relating to ever)ts or condstions thal, i1luallY Of colledively, may casl signifjcant doubl on Ihe charity's alitY lo conlinue as a going toncem for a period ofat least ts¥ee rnonths frcffj when the finK•a1 statements are aulkjrised lor issue. Our responsibilities and the re5pcffl$ibdth$ ol Ihe trustees ¥Alh resped to go¥¥J concem are described in the elevant sections of this POrt. Other information The other informalicxi comprises Infl$n in the annL¢I rewjrt olher than Il fina181 stslemenis and our audi10rf5 report thereon. The truslees are res[K)nsib for the olher inltrmaiion coniained within the annual report Our tynwjn on Ihe finanual 51aternent5 does nDI cover the other inf(matiDn arKI we do nol exp$$ any form ol as5ufance conduson ifreon. Ou¥ respw5iix.lity is lo read the cther 1nftymatl armj, in 50. consider byhelher the other infom)ation is mateiiamy in¢on5islent vrith Ihe ffinaTrial StatenIS or our knowled9E obtained in the course of the au¢Jfl. or otheTh¥ise aFpears to be maieriany rrK5Stated. If we entty such rnaterial iDconsislenues ts¥ 3pparent maleii31 trysstalernenls, we are reqLllred to ¢Jelermire whelher this gives rise lo a material rni5Stalement in the financial stalements theMsee$. If. based on Ihe rk we have pertormed. we cfjndude Ihal there is rnalerial rnisstalement of thi5 Other in1ormati. we are requiied to report Vial faLI. We have rKJthin9 to report in thi5 regard_ Matters on whith we are required to report by excèption We fvave nothing lo rekKNI in respecl of the foll11ng malters relation lo whKh Ihe Charitses (Accounts and Reports) Regulations 2008 requires us lo report lo you if. in our opinion." the fOrrnaIn given in Ihe financial staiernenls 15 ificLXlSiStent in ary malerkgl respect wth Ihe TnJslees' report., or suffiu.ent accovnlir*J reccwtts have nol been kept: or Ihe financial stalernerts are noi in agfeemit with the &(thJnlw¥J wxyds: we ha¥e rnl ieceived am the informaliM and exF4anation$we require for our audi(.
FFESTINIOG RAILWAY SOCIETY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF FFESTINIOG RAILWAY SOCIETY Responsibilities ol trUSt¢es As explained more fulty in the 51atement of Truslees. resKthgbifilS. the trustee5. who are also the directors ol the ¢hatity for the purpDse ol company law. are responsible foi the preparatw)n of the financ43151alerynls and foi Èeing sa115fied Ihai trey give a tn&e and fair view. and for such iniemal control a5 the Iruslees delewmine is necessary lo enable the prepa¥31ion of financial 51aiements Ilwt ale free from materi81 mi5St3lemenl. whelheF due lo fraud or error. In preparing the finala1 slaiemenls. the Iruslee5 a responsible for assessing Ihe ¢hanty'S ability lo continue as a going concern. disdosin9. as applicatAe. maltefS related 10 9owwJ concern and usng Ihe goi concern bass of arunlIj unles5 the tru51ees •lher intend to Iuld31e the charitable company or to cease oper81ions. or have no [ealist amemalive bvt to do so. Auditorfs responsibilitie5 for the audit of the financial statements We have been appointed as auoilty Lm(kr se¢b"Th) 144 of ihe Chawrties Atl 2011 and rep)rt in acrxJrd)r with the Ad and relevant regulations made or havirva effect thereundef. Our obiectNes are to obtain reasonabk assurarte abovl Whellr the ffinaroal staternenls a5 a we are free In)m material mi5Stalement. whelher due to fratyJ of err(. and 10 issve an au¢Jrtorfs rep that indLJdes our op¢nion. Reasonable assurance is a high level of assurance but Is nol a 9uaranlee that an at conduded in Ordance w(th ISA5 IUKI will always deteu a rnalerial tryS5tatement when il exists. Mi5Stalemenls can ar6e from fraucl or error and are considered maletial rf, indivKlv31ty or in the aggregate, Ihey could reasonatty be expeded to itfflvence the econornK decisons of users taken on Ihe basts ol Ihe5e finarKial stalemenls. Irregularities. including fralhl, are instan$ of n[-CO)I1ance with laws and ¥egulèlions deygn procedures in lirÉ with ouf respX)nsibilils, oullsned above, lo detect material misslalemenls in respecl of iffegularitie5. including fr8Ltd. The extent to which our prcttdu¥es are Capab of deieckng irrwAali$. rnclLMNJ fraud. 15 delaw below. Extent to which the audbt is considered capable ol detecting irregulaiities, including frud The sp¢)nsibllity for the prevention and delectwjn of irwularrf$. induding fravd. lies with Ihe Iruslees and with those charged wilh gO¥emare. The objecVe$ of ouc aLxlil in resped of irregularities and f¢aud are to assess the risk of material misstaiemenl ol the fancial slatements due to fraud. to obtain sult•ent. apwopriale audit evHlence regarding assesseil risks and to respoTrJ appror#iately to fra) suspected fravLI identthed during the audit. As part gf planning proces$ - We enguired ol m3na9emÈni Ihe $y$tems and conlroLs Ihe tharilable comp3ny has in place. the areas of t finanual Slaiemenls that are mostty susceplible to Ihe risk ol iriegvL7nties and fraL. and whether there was ary known, suspected crf aleged fraud. Mana9ernenl did nol inform us of any knrrwn. suspecled or alleged Iraud. - We obtained an underslaThJiThJ of the kg31 aimj Teguklory trawewoTk5 aFp1Kae lo the charrtable company. deterrnined that the fdlowing weve mD51 relevanl.. FRS 102. ComwS Act 2CK6. Charibes Aci 2011 aryj compliance wrth hearth and safety Law5. We wnsidered the irKentives and opp)rtLmilEs that exisl in the company. induthr the exlent ol managernenl bias, which present a potential for irregularits and fraud to be perpÈtraled. and tadore(l our risk asses5rnenl BrLordin91y. - Usin9 our knowledge ol Ihe charilable compary. tO9elher TIh Ihe Os(thsions I1 wilh manJement at the planning stage. we fr>rmed a uSIon on Ihe risk of rTh$slatenI due lo itwulaiilies indudin9 fraud pA)d lailored our procedures ac¢tsrding to Ihis rtsk assessnni. The key procedures w¢ to (letect irregularities includin9 fraud during the cours¢ of the audit inclLJdÈd- Identifying and testing jouwnal eniries irTr ovefall arntirj cecords. In partiwlar those that were s¥Jnificanl and UllU5ual. Re¥Ing the financial staternenl discloswes aThl (letemNrwng whether ac(a)unbng klCeS have been appropiialety appld. - Reviewiw and thallenging Ihe assumptws and MJd9ements used by manageftt in their sismifrart accounlin9 estimates. - AssessiThJ Ihe extent of compliarts. or bck ol. the relevant L3ws and regu13tions. - Dowmenting and verfyig all signffjcant related party balances and tr3nsaclk)ns.
FFESTINIOG RAILWAY SOCIETY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF FFESTINIOG RAILWAY SOCIErY There we inherent limilations in wr avdit w((8dures dESCbed atVe. The more removed Ihal laws and re9ulatiotbs are from financial transadions. the less likety it is Ihat WÈ wjId become aware of non-compliance. Audrting Siandards a150 limrt Ihe audil pr(dureS required to identify non-cAMmpliarre wilh laws and regulal¢Dns lo enquiry of the Iruslees and other management and the inspe¢lion ol regvlalory and le9al ¢orresponden¢È, if any. M8leria1 rnissiaiements thal arise due lo fraud can be harder to deleci Ihan IfM)se Ihat arise from error as ihey may involve delibefale concealmenl or cdlusw. A further description ol ovr resp1.1111es is a¥ailab Financial Rewling Cwnul's website ai.. hitps.'Il Vo.fr¢.Or9.ykjaudrtOrsresp0sibIll1ies. This de5CriFlw)n fovrn5 part of our aLKhto¢s repjvl. Use of our report This reporf 15 made 501ety to Ihe chariws truslees. 35 a ljoty, in accordarre wrth P3rl 4 of the Ch3rilies (Account5 and Reports) Regulations 2008. Our audit work h85 been undertaken so Ihal we might siale to Ihe charity's trustees those rnallers we are required to state lo them in an audilw's weF¢Jrt and no other purpose. To the fvllesl exlenl perrnitled by law. we do not accept or aSsme resn&b1ty to anyone olher than the charity and the charit$ InJ51ee5 as bc. lor our audil Wc, thi5 reFtyNI. or lor the (ynM?ns have kffid. Susan Harris MA ACA (serOr Statutory Auditor) For and on behalf of Champm)nA0UTrtWts LLP. StaiLAory Auditr Charte Accountants 2nd Floor Refvge Hotsse 33-37 Wdlef9ate Row Chester CH12LE 14 March 2026 Champion Accountants LLP is eltgiN2 apwnknienl as auditor ol thÈ cha(ity by virtue of ils ehgibilty for aptx)intmeni as audrtof of a company mjer section 1212 01 the Compar¥esAa 20(. 10-
FFESTINIOG RAILWAY SOCIETY STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2025 Unrestricted Restricied funds funds Total Unrestrictèd Restricted fund5 funds 2024 2024 Total 2025 2025 2025 2024 Note5 Income from.. Oonations and legac$ Charitable activithe5 Investments 79.271 166,415 42.764 $3.194 132.465 166.415 125.880 183.572 139.955 43,237 62.188 245.760 139,955 118.115 83.116 74.878 Total inc¢)m¢ 288.450 136.310 424.7e4) 3e6.764 137.IA 503.830 Expenditure on.. Charilable aclivities 417.101 386.452 803.553 .205 259.881 766,086 Total Èxpenditure 417.101 386.452 803.553 s.205 259.881 766.086 Net expenditure 1128.651) 1250.1421 1378.793) 1139,441) 1122.8151 (262.2561 Transfers beh¥een 314 13141 Net m¢vem¢nt in tunds {128,6511 {250.1421 1378,793) {139.12n 1123,1291 1262,2561 Reconciliation of lund5-. Fund balances al 1 October 2024 412.470 2.356.939 2,769.409 551.597 2.480.fth 3.031.665 Fund b8lan¢es at 30 SeptÈmb¢r 2025 283.819 2.1¢.797 2.1.616 412.470 2.356.939 2.769,409 The staterrent offinanaal ac¢ivilies indudes all gains aTrJ tosses reco in yew. AJI incorre aN1 expenditure derive from conltnuw acJi¥ibes. 11
FFESTINIOG RAILWAY SOCIErY BALANCE SHEET AS AT 30 SEPTEMBER 2025 2025 2024 Tanble a55ets lllvestments 11 12 Debtors Cash at bank in hwKI 13 176,lJ96 2,539,550 104,074 2.877.849 2.715,646 1981.923 ¢rediloTr: amounts fallirva duo one year 14 (221.8161 1124,0521 1493,830 2,857.871 T4)tal assets 1888 ¢urv•nt W>ilibes 2,493.839 2.857.880 cred18. amwntsfalliTr3 thio after morè onè year 15 1103.223) 188.4711 Net as8•ts 2.3S¥),616 2.769,409 Tho funds ofth• clwity Re5tn'ded inroTne frjnds 17 2.11%.797 283.819 2,356.939 412.470 2.39).616 2.769.409 The fman MrGC ch 12-
FFESTINIOG RAILWAY SOCIETY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2025 2024 Cash Ilows from oper•ting •ctivilie5 Cash absorbed by oper2iws 21 1464.1791 (321,2681 Investing acdvities Inve5trnent incorne recewed 125.880 118.115 Net cash generated from investing activities 125.880 118.115 Net cash used in financing actiwties Nel decrease in cash and cash equivalents 1338,2991 (203.1531 Cash and cash ewi¥alent5 al beginrwn9 of year 2.877.849 3.081.1)02 Cash and cash equivalents at end of year 2,539,550 2.877,849
FFESTINIOG RAILWAY SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
A¢¢)untiny pollcies
Charity infomiation
Ffesliniog RaiaY Society is a pThte cLryany limile(I by 9uaranlee infxwwated n En9land arKI Wales The
registered Offi is Harboui SI8)n. Porfhmadog. GnethJ. LL49 9NF.
1.1 Basi$ of preparation
The financial Stalert5 have been prepared in accordance wth Ihe charitys governin9 doDJment. ihe
Companies Ad 2. FRS 102 Vhe Financial Reporting Standard applicab in the UK and Republic of
Ireland" I-FRS 102.1 and Ihe CharilE5 SORP -Ac£ounlin9 and Rewjrting by Charilies.. Slalemenl of
RecOmmeIed Practice aPKable lo charilies preparin9 Ihwr accounts in act0rdan with the Financial
Reporting Standard applicable in Ihe UK aTrJ ReptrA of Ireland {FRS 1021- leffecli¥e 1 Janry 20191. The
charity is a Public Benefrt Enlity as defined by FRS 102.
The financial slalerrents a Fyepared in slerfin9. whith 6 Ihe fundional wrrew ol the charity. Monetsry
amounts in these financial slalements are rounded to Ihe nearest £.
The financial s¢alement$ have been prepa under Ihe histLwi¢al cost corwention. The printspal accounling
pdioes ad¢)pled are set out telow.
1.2 Going concem
Al the tirTE ol approving the finantsal staiefflenls. the trustees have a reasonab expectatK)n that the charity
has adequale resources to cOntlE in operalional exisIen the loreseeable future. Thus Ihe trustees
conlinue to &)pl the corKem basis ofaCCo9 preparry ts finawal staierrents.
1.3 charitab lunds
Unrestricted funds are avaik7ble lor use disr>etic of Ihe truslees furtheran of the charitable
objectives.
Reslrtled funds are subjecl to speofK ¢(lIK by or granlor5 as to they rvay be v5ed. The
purposes and uses ofthe re$tri(ied we sel (Krt in the notes lo the fvanc431 statements.
Endfflenl lunds are subieci lo speok CrdI10n$ by thjnors Ihai the ca101 must be mainlained by the
charity.
1.4 Income
Income is recognised when IhÈ tharity is Wlty entilled tt) il after any perf(mn¢e have been mel,
the amwnts can be meagwed reliatAy. il is wobaue thai iwjme wai be re[e0.
Cash th)nati$ a Tecognised on re191. Other
FFESTINIOG RAILWAY SOCIETY
NOTES TO THE FINANCIAL STATEMENTS ICONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Accounting policies
Icontsnuedl
Subscription and SOC nmbership income a reccgni5ed according to Ihe above rleria wilh Ihe
exceptn of arnounls ieceNed and deewth to be received in advance. %%thich are deferred urtil Ihe income
recognrtion criteria are rnet".
Annual MeMbeIP relalirwj to 3112 of Ihe mernbehp irKorne is deferred un14 Ihe slthequent
peri.
Advwed membership 1$ are deletted leaSe in Ihe p)0 to which Ihey rdale.
DiamTrMI JubTlee Appeal in¢oTY is re(tTrved a &year membership period and is defenEd and
app¢)rtoned a¢o)rdirKJly.
LrfÈ and 3sswated hle rnembetship #Kome is deferred aThJ amorti5ed over a 1year period, which
is cormnensurale to the wlicy ad¢JNed by othef.gmilar orwisabon5.
Interest on fund5 held on deposit is inchjded when receNable and Ihe arfvjvnl can te measured reliabw by the
ch•,. this 15 upth) noifftalion ofthe inlerest P3J of payable ty U)e Bank.
1.5 Expenditure
Expenditvre is Tecogn%sed ¢)nce ttre is a legal w constructive oWKJaiN)n to Ifarsfer econorn benefit to a
Ihir
FFESTINIOG RAILWAY SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accounting policies (Continued) 1.8 Impxirmenl of fixed as$¢ts Al each reporiing end dale, Ihe charity re¥tews the c3rryirJ aryv)unts 01 it5 t3rKJible assets its determir V4helhef there is any indicatMM Ihat those assets have suffered an impairnnt Ioss. 11 any such indication exi51s. the recoverabk amount ol the assel is eslimaled in order to determlne Ihe extenl of Ihe impabrment ss lif any). 1.9 Cash and cash equivalents Cash and (ash equivaknts indude cash in hand. detKJsilS held al call wilh banks. olher short-lerrn IK)uid invesifflenls with Orig#4 matuiits of tee mnihs or S8. and bank overdrafts. Barth overdrafts are 5howTh within boryowin9s in ¢Xlni liabilit$. 1.10 Taxation The chafty is exempl from CL¥PLKaliDn lax ort it5 thaiitabk actryities. 1.11 Ctyneessionary loans to the Festiniog Railviay Company Thesè loans were Ireated as being repayabk on demand and InleS1 Iree. Since their initkil drwthvn by Ihe Company. repayments have been rnade erthef throtyh con¥efspon ol balances to nolional donaiions for Work carried an certain projects. or IhifMN3h 'cash' repayments. There is a separate loan advan¢ed to Festin109 Rai¥8Y Company 01 £27.(XX) lo cover Gqshfltrw drflerences btheen projects bw'ng ndertaken a[ hJn¢J5 bein9 claitrd from ihe Sttiety. In line wtth the wvisn$ wilhin Ihe xcwnt1r slandar¢ts. these bans recognised initialty al 5t. with repayments or ¢onvefsion$ 10 9ranls being re¢o9nised in Ihe relev8nl peTh)ds. 1.12 Volunl¥ry assistance The charitable company has no employees and many of ils members gNe Ireety of their twne to carry tyJi al of Ihe activits of the cfjrnpany. These volunlary rnntritrMJtions are not induded in the ac(yJunlS. Crilical accounting estimates and ivdgements In the application of Ihe charily s accounlin9 p&eS. Ihe trustees afe required 10 make judgements, esl¢mates and assumptions abo¢Jt Ihe carrying arUnI of assets armj liabilities that are not readity apparenl ffom other sources. The eslimales and assooaled assumpthS are based on hislorical experience and olhef laclors that a consiisered to be relevant. Aclual results rn3y differ ffom these eslwrwtes. The eslimaies and undetyir#J assvmplM)ns are revTewed on an Ongng basis. Revisions lo acD)unting eslifflales are recognised in the pefod in which Ihe eslimate is re¥ised where the revis)n affects onty Ihat period. or in the period of Ihe wisM)n futwe where the re¥isifm allecls both rfeTht and lulvre pwK)ds. Intome Irom donatYODS and leyttGies Unrestricted Re$tri¢ted "funtls Total Unrtstri¢ted Re$tri¢ted fut)ds nds 2024 Totsl 202S 2025 2025 2024 2024 Oonaons arKJ grfis Leg£oes Gift Aid 37.348 12.(KX) 29.923 47.481 84.829 12.frtKI 44.214 103.030 36.328 55.919 100.133 103.030 42,597 5.713 6.269 79.271 53.194 132,465 183.572 62.188 245,760 16_
FFESTINIOG RAILWAY SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 In¢ome from dtsnatytyns and legacies Icontinuedl Income fr¢)m charitable activities Charitable Charitable activstses activitiès 2025 2024 Subsep)n ¢nc(ffie H05tel income Magazine inrjjme Sundry In¢ome 134.523 25.662 5.190 1.040 112.424 21,179 5.679 673 166.415 139.955 Analysis by fund unstricted lund5 186.415 139.955 Income fr¢Mn investments Unfy$tricted Re5triGtÈd fund5 funds 2025 2025 Tothi Unrestrtd¢d R¢stri¢ted fursds funds 2024 2024 Tot*1 2025 2024 Interesl reIV3b1e 42,764 83.116 125.880 43.237 74,878 118.115
FFESTINIOG RAILWAY SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2025 Expenditure on charitable activit5 Charitsble activitie$ Charitsble a¢itvitio$ 2025 2024 Direct costs Donations to Ffestii¥og Railway CLvYpany Hoslel expenses Magazine produclion c051s Re9lStry expenses Sundry eypen5es Postage and prinliny costs Olher raIaY suppxt 661.989 60.616 34.214 2.072 8.771 4,357 651.849 54.419 40.027 1.415 4.559 1,567 792,019 7S5,892 Share of 5UPPOrt and 9ovemance costs (see note 71 Supp)rt GovefTTr3rKe 3.194 7,000 803.553 766.086 Analysis by fund unsIne lunds Restricted fund5 417 101 386.452 506,205 259.881 803.553 766.086 Support costs allocated to a¢tiviiie5 2025 2024 Bank ¢harge5 Audrt fees 3,534 8,CX)O 3,194 11,534 10,194 Analysed between". Charilable activities 11,534 10,194 Trustees None of the Irustees lor any perscmis connected wih recei¥ed ary munefallon or beneffils from the charity during the year. 18
FFESTINIOG RAILWAY SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEJWBER 2025 Employees The average monlw numbwol empbyees dwirvj ihe year vR$'. 2025 2024 Number Nurnber Totsi There were no empbyees whose annual Femunefation was th £60.CKO. 10 Taxation The ¢h81ity is exempi trom its actwrties because all ils InMe is apphed for Chilable purposes. 11 Tangible fixed assets Plant and Office Socity ffiIM5 Totsl Cost Al 1 Odobef 2024 3.045 AI 30 Seplemir 2025 3.045 Depreciation and irnpatmient Al 1 October 2024 3,042 At 30 Seplember 2025 3.042 Carrying amount AI 30 Seplernber 2025 At 30 Sepiember 2024 12 Fixed asset investments Unlisted investments Cost or valuation At 1 Odober 2024 & 30 September 2025 Carrying amount At 30 September 2025 AI 30 Septentrr 2¢X4 19-
FFESTINIOG RAILWAY SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 13 Debtors 2025 2024 Amounts frdlling viithin one year_ Gift aid debtors Other debtors 35.387 140.709 47.587 56,487 178.096 104.074 14 Creditors.. arnounts falling due withtn one year 2025 2024 otes Deletred income Trade creditors Olher ¢reditoYs Accrua15 16 51.129 147.432 15.255 55.188 47,219 14.145 7,5Q) 221.816 124,052 15 Creditors". amounls falling dtse after mort than otte yer 2025 2024 Delerred incrne 16 103223 88.471 16 Deferred income 20Z5 2024 Aiising from Sub$crir4KJns in Ad¥an 154.352 143.659 Oefeffed income bs inCded in fffianiial $eMentS as fo1(r.. 2025 20Z4 Deferred income is irthled kn1-. Currenl liabihlies Non-current lia"&11es 51.129 103,223 55.188 88.471 154.352 143.659 Movements in the year
FFESTINIOG RAILWAY SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2025 16 Deferred income Icontinuedl Oeleired income al l October 214 Released from prewous perirxys Resouices ijeferred in Ihe year 143.659 155.1881 65.881 112.693 141.1091 72.075 Delerred irthme al 30 Seplember 2025 154.352 143,659 17 Restricled fund5 The reslrKted funds of Ihe ¢harity CoMlSe the unexpended balances ol th)nati$ èTKS grants hekj on Irusi subject lo specifK conilD"on5 by d(wr5 as to they may be used. At l October 2024 Incoming resources Resource5 expended Translers At30 September 2025 Herilage Fund Minffordd Station Tan y Bwkh Slati 815 191 776 349 73 9.480 4.261 795 1,332 1.617 18.724 20.286 79.838 21.319 43.004 28.351 1.123,706 15.071 3.366 150.783 227,418 326.iX)4 31,442 4,070 3.314 13.2YSI Hugh Nap[ En9land Locos Linda Mountaineer Kerr Sluart diesel 4415 James Spooner Vintsge Carriages SlatifX)S Archiv85 Waggon Trar*$ Permanent way Heritage Buildings Intra5truclure Health & Safely aThJ Ot 76,398 9.382 64,354 15.809 70.$22 53.372 1.172,YJ8 19.$26 1.239 144.014 163.629) 10.9)4 19.216 9.059 13.7321 {3.5491 133.9861 126.8731 I80,0) 16.0311 1.852 30.708 1.576 2.127 6.769 17.504 16.993 4,975 1138,1361 125.9451 11,276) 334. 27,743 2.356,939 136.310 1386.452) 2.106.797 21
FFESTINIOG RAILWAY SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 17 Restricted funds (Continued} previo year. At 1 O¢tober 2023 In¢oming resources Resources expended Tron$fers At30 Septernber 2024 Heritage Fund Volunteer H051els' Fun(1 Minffordd Slatson Tan y Bwlch Ststion Kids Week Lineside Vehide Hugh Napie¥ England Locx)$ Linda Mounlaineer Kewr Siuart ¢JEsel 4415 James Spooner Vintage crge$ Slalions LAG drains Archive5 Waggon Trath$ Perrnanenl way Herila9e Buildings Infrasirudvfe Heakn & Safety aNI Oth8 7.615 1.567 3.913 834 7,017 32.414 1.485 82.865 42.562 51.505 10.T26 64.072 79.124 1.245,019 11.567) 157 2.875 4.070 3.314 983 16.302) 132.4021 112) 14.217 818 19.451 8.208 6.49) 2.922 29.155 (20.6841 133.9981 16.6031 13.1251 76.398 9.382 64.354 15.809 70,522 53.372 1,172,998 {28.6741 1101.1761 (1.3421 10.280 19,526 1.239 144.014 348,050 334.956 27,743 138,465 356.261 321,588 21.281 5,549 15.274 13.4 6.776 123,485) 11281 13141 2.480.(68 137.066 1259.B811 13141 2.356.939 18 Unrestricted fund5 The unTestriLyed funds of the charity cwpnse the unewded baances ofdonatit)ns and grants which are not subj'ec¢ lo speryft conditi(ms by do[)[S and grant0 as to hc*w they may bÈ vsed These indudÈ designated fvnds whth have been set aswje oul of Untrted fuThJs by the Iwsiees for speufic purposes. At 1 O¢itsber 2024 In¢oming Resourres resourc¢s expended Transfers At30 Sepiemb¢r 2025 General funds 412.470 288,450 1417.101) 283.819 Previoys year: At 1 October 2023 Incoming resource5 Resources expended Transfers At30 September 2024 Geneol funds 551.597 366.764 15C6.2051 314 412.470
FFESTINIOG RAILWAY SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 q9 Analysis of net a$$ets between funds iltsrestritted funds 2025 RÈstrtcted lunds 2025 Total 2025 At 30 September 2025-. Tzngible assets Investments Cuen1 aSSetlI1a1Iitt$) Lony term liakn'lrties 387,033 1103.2231 2.1C6.797 2,493.830 1103.2231 283.819 2.IC6.797 2.3.618 Unrestricted Restricted funds 2024 Total 2024 2024 At 30 September 2024-. Tangible a$5els Investments Curfent a5se1511liats-liliesl Lon9 tefm liabilitles 4).932 188.471) 2.356.939 2,857,871 188.4711 412.470 2.356.939 2.769.409 Related party tr3ctIOnS As slated In Ihe winapal actmlies seclion of the trvslees. report. the purpose ol Ihe company is 10 SLtpwt the feslo¥ation ol the Ffesliniog Ratlway. FCK many years. thefe has been an arrangement whereby the company minaled one director onlo Ihe boa¢d of The Fe51InK Rathvay Company and that corvpany nominaled a person to 511 on Ihe board ol Ihis c(xnpany. At the siart end of Ihe year. Graham Cole wès the Soc ntyn¥)ee. Graharn Cole has Th)t received any benefl frcth the Sou"ety dunn9 ye. Ourin9 the year. Ihe Flesiinw Raikny SLty made th)nati(x totallng £661,989 12024.. £651,849) lo The Festin9 RaiK¥ay Company The Sooety also had IFarwdKins 1h rdaled gTOUP$ 3wKI Ihe Festinw Rafiway CcThpany dumg the year and, al the year en%J. balance due from Festiniog Raihmay Company was £117.00012024: £27.000} This amounl is itle wilhin deblws on Ihe balance sheet and is terest-free. The Socty also retained fun(Is on behatr ol the FR Herilage grwp, with Ihe lotal hekl wthin creditors arrwitir¥J to £15.25512024.. £14,094). -23.
FFESTINIOG RAILWAY SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 21 Cash generated from operations 2025 2024 Oeficiifoi Ihe year {378.793) (262.2561 Adjustments lor. Investment income reco9nised 51atemenl of fmanoal activi15 1125,8801 1118.1151 Ilovernenls in vthing captal.. Ilncreasel in debt$ Increase in ueditcrfs Increase in defe income 112.0221 101.823 10.693 111.2331 39,370 30.6 Cash absotbed by operation$ 1464.1791 1321.268) 22 Anatysis of changes in nel fLbnds The charity had no material debl thjring the yew. -24-