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 De￿haTr MrJJLeo MTT D Newholtse IApwinted 3 May 20251 {Apwinte(13 May 20251 (Apwnted 3 May 20251 Secretsry Mi G Davies Country of in¢orporntion v￿e￿ Kmigdom {EThJSand and bltslesl 00542449 Charity registration E￿nd and K¥le5 IC64178 Rey1st*￿ offic* Pcthmadcg Gwynedd LL49 9NF Auditor Champion Act(￿nIa￿lS LLP 2nd Floot Reluge House 3>37 Watergate R(Av ChEsier CHI 2LE FFESTINIOG RAILWAY SOCIETY CONTENTS Paye Trustees. ￿port Stalemenl olTrustees' resWsibi￿1>ps Independent aLtdilols rep¢)rt 8-10 Slaten￿t of firancial aclivrtie5 Balance sheel 12 Stslemenl ol cash fl(Ms 13 Notes lo the financial Stale￿￿TrIS 14-24 FFESTINIOG RAILWAY SOCIETY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2025 The Irustees wesent lI￿r annual repryt and fvwroal slaleffenls for the yeai ended 30 September 2025. The finanual staternenls have been prepared in acc￿daD￿ 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 PraL*e apPI￿a￿e to tharlI￿S preparing t￿1r a¢￿unt5 in accordance knrith Ihe FinancAal Reporting St*dard ￿p￿￿ble 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 edvcal*Dn of Ihe public th10￿h the ¢onservat￿n 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 p￿serva￿"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 H￿hland Railways Tnjst. wovhled equal amrAJnls of match n￿1￿ 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 r￿elp1 ol a National Rwhvay Heibiage AwaTd al a ceremony on 3 Decembe¢ 2025. Part of Ihis projecl induded a substsniial imwoverneni lo staff f3ty111￿s at 8oslon Lodge. The Society also funded a $m￿￿r but nonetheless vtsl improvÈmÈnl 10 Stall la(ilrties ai Glanypwll. This ssjpport was made kX)5sible by a legary prowded by a bng51andw member and volunteer. The 2025 season got olt lo a slwJth siart. not helted by the c(witinwNJ cosl of I￿7Thg ciists. The weèther then tumed exceplionalty dry over an t￿er￿led pe￿￿J whKth many trains havtng to be diesd havled. This all contributed to a polentiafty dffioJN finanoal F4)>tion. Fortunately. Ihank$ 10 a bt of hzré work and a relum lo more normal wealhei ￿dItIO1￿, the %tual￿n had rnuch improved by Ihe eThJ Of caleT¥Jai year. The Society Board has readity agreed to supp)rt the Company by alkss 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 sen￿r 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 ￿ern￿r5 through strategies ￿¢juding KDproving the benefils of rn￿nberShY, 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 Ir￿rease in ann￿1 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 Ir￿lease wlh over 9.31XJ folk7rtrs on Facebwk and 1.500 on Inslagram. Increased exposure on social rnedia wll help lo irKrease Ihe number of rr*rntsers, 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 al￿adY iEen made hz¥e been we4 received. A quest￿naire was distributed with the FRM ea￿ler 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 p￿8$7ng to see that the regular groups. indL4Ying Minib8sh. Meg8bash. Gig8bash, Young Volunfeers Trai*Trng 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 GIany￿1 10 Boston Lodge. AJI ol these proiecis are Sup￿￿ed by the Sociely. Indiv*dual volunteers work for the Opewaiion5 and Le￿M011ve departmenis wrth a very credible number of locomoknve lums betng r*Jvered 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 RheiIff￿￿o Eryn •)d Ihe Flestiniog ￿tl*h HighlaThJ Raitrway Twsi. Ho The Sooely has been ￿eaSed lo te ab￿ to contmue io SUp￿rt the rn￿3gernenI 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 $I￿h1 lall. The Hostels Su￿Group has been reformed by the Hostels Oirectoi and nuw inrjudes usefs. FRS dbie¢tors and oifKers. Followng an inuease in hosld fees for 20241 25, have been held for 2025r26 in a lurther measl1￿ to erKourage volunteering. Folk￿ng ¥eceipt of an up lo date Fire Risk Assessment and EWrK31 Inslallaiion CoThYlli￿ Report. the nece55ary steps have been taken to ￿date fi￿ Safety S￿nage. ￿.ghting, equipw*nt and all electncal c4rcuils have beern upgraded to meet oJrrent legal requIr￿entS. ¥Atyk has also LEen carried OLd to repair the fire escape balc0t1￿$ 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 rrx*m has been reconfigwed lo m￿niM1$e potential fire risks with new r￿mMerCIal 9rade washersldr*r5 b*ThJ inslalkd. FollowiThJ on from Ihe Cornpanls purrthase ol Crossry (Lott￿'s) Collèje in Quarry Lane. Mintl¢ydd. the Comp3ny also determined to buy back No. 3 Boslon Lodge trom Ihe penson I[￿1. The Sr**ty Board agreed lo F¥ovxle k)an of £90.(XIO to Ihe Company lo support Ihis purchase. Work conlinues ffi the hh3h standard res1orat￿ ol Tanyth*h Slation HtyJ5e. The instsllation of ￿ aw source heat pump arKI ￿sUlatIon rne3￿ that Ihe buHding 15 ncvl warrn and dry. Compjetion has laken a litue longer than prewicNJsly anticjpated bjl rt win be wcrfh Ihe wait. The Sctiety Boafd Js now discussing arrangements for letting Ihe property wlh Ihe Company. Thanks lo the generous supp(x1 of me￿bets ￿ Wa5 F4JSSEt4e to kYovKle just urKJe¥ £662,￿0 in gonl SUPPOrt ID the Fesliniog Railway CL￿panY in Ihe yew under review. Not only do the suptxrted projec15 contritwle to vdunieerin9 Bnd the COAser¥ation ol the Ffestiniog Raihvay. Ihey also make a signifrani Ly)ntribub"on to the c05t eHeclNenes$ of the business. This level ol su5)POrf is onty possible I￿U5e of Ihe cOntin￿d and get￿rouS SUPPOrt ol members. past and pre5enl, for whth the Society Board is very grateK*l. 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 S￿LesS￿l Boslon Lodge NLHF proiecj of £105,633, taking the total support of this proiecl lo f626.881. the largest project that the sC￿lety has suprA)rted. Income has remaned l*allhy al £424.760 the rna￿ Categ￿e$ of income remairknry soff*whal u)n5i5tent with pr%)r ye8r$. M&mberskn"p incoff* has shrmn a he8Jlhy i¢KTea5e tsn tIE bxk of the subsu1p1￿fi 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 red￿tK)n in to £12.(MXJ foll¢J*iThJ the last le* years of I￿ge bequesl5. FFESTINIOG RAILWAY SOCIETY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Gift Aid ￿MainS an importanl $I￿arn of lo the S[￿. wilh £35.636 ￿ 2025. with £25.623 coming from membeiship sth(rriptions. shwn9 the imrM)rtance and h￿h lake up of Gih Aid dedarations. Of other donations, same £1.¢￿9 was r&sed from Ihe £7.S55 couected from on Irath envdopes whth has been adminisiered aly by Pelei Wlk¥wn, who sadty passed away in Seplemtrm. The major expenditure items in the year a￿ the corrfribuiK￿s to Ihe Festitwg Raifvlay Company and tl* costs of running the h05tel, 3 Similar profile to years. Sorne highlights of the fmancial contribut￿$ 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￿•). COm￿et10n 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 BL*ldings fiJnd to continue the volunteer-leij work for Tan y 8vAch station house.. £50.1XX) frcth Ihe Slat￿nS lund to improve Ihe C￿opY * Blaenau Ffe$tiniog {Ihis follows on frcrfn Ihe inveslmenls made ￿$1 year on the plalforml.. £83.￿29 Ifom Ihe England lund to support Pfinrk's overhaul and relum 10 Iraff¢" £33.986 in respeth Of James Sr￿￿eT from Ihe Fairf￿ fund {arisfftg from the appeal airned to ensure the Earf of Merionelh wa5 not Stripped of Com￿ents).. £26.873 from Ihe carri¥ges fund lo SUp￿)rt Ihe qv81ity ￿paintS of viJ)tage carriages 18 and 19 Ihe Curfy Roof Van and an a(kJilional E30,CW came from Ihe stations fund to supwrt the lmw0veff￿nts 10 the ix)oknng oifice in Porthmadog. The hosiel co$ls are mv¢h higlw this yeat as e￿la 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 8￿mmodatIOn can rneet changing expe¢iations. partKul&1y as we seek Io C￿￿InUe to attract organised ￿0￿)$ 10 voknteer ￿ the ra￿waY. The Sooety iemains ￿ a gc4)d fina￿jaI kwxrfiDn. The Sooety's pol.cy is to maintain * *Jequ*e reserve so as ￿ enabk il lo diSCh￿e 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 h￿d sufficient reserves for its core otiedwe of SUPF4Nting the FfeslinK4 Rai￿ay. which inC￿deS collecting unrestrKled. des￿Jn3te￿ re$l￿ted lurvjs IOT a number of projects. administering and collecting rnonies from Ihe annual appeals as well as iaisiThJ and maintaining sufficient general lunds to meet 11$ obIvJath￿S for commitled chantable objects. As al Ihe end 012025. Ihe S￿ells main htnds stood al. Restricled lunds.. £2.106,79712024.. £2.356.939} The restr￿ted ￿ndS heltj by ￿ chanty are avalab* lor use on speoffic projeus vthich are laken loNard as sources become available to the FesiN¥og RaI￿aY Company. A anatysis of tr*se prLW is th"5dosed in note 17 01 the fina￿181 slaten￿￿t5 General lunds. ￿83,819￿2O24.. £412,470) The Sociells'free, reserve lor the year Èang a S￿￿tss 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 Se￿l¢e in early 2025 01 prin￿ foll￿1n9 oveihaul. the s￿tY 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 re￿1 that Petei MfiIAinson. been lookirrfj after thi5 activity. passed away in SepleFnber 2025. and wtu be rThJch tnis5ed. Fundraising forAkA) M￿j￿aIr￿er cont￿￿e5 vrith over £80.(XKI 50 far raised Ineaty £14.CO) in Ihi5 f￿an¢￿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 $tslw)n hcthjse and Ako Mountaineer. In conjunction wilh Ihe Company. Ihe eXF40rati¢￿ ol twwjns lor B*nau Ffe5t￿*)9 ststion cwlinue. Structure. governance and management The charity Is wntrolled by ils govemwig ¢Jocvment. a menM)randum article5 of asswialion. and ￿n$t11uteS a Itrniled cornparry. limiied by guaranlEe, as defi￿1 by CryniesAd 2(￿. rhe truslees, are a150 the ¢th￿￿Or5 for the pU￿oSe of cwwny law. and who seNed t￿rif￿a 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 De￿han MrJJLeo Mr T D Newhotjse (Re&gfied 3 May 2025) {Appynled 3 May 2W251 {Apwnied 3 k4ay 2￿￿5) 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 I￿t to forrnalty sland at the nexl electicffi. Indtsction training ollnsslees As part of their induction. new Board members are made aware of their respons￿￿￿9 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 pre￿ouS year's annual reFQrt and accounls are Pfovsded. Relafionshw with thfftrdpart￿S 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 $￿iety. This con51ilutes a minority share and does not gr¥e any control to Ihe Society. Sotiety makes grants to Ihe Fe￿In￿ Raihvay Company as parl of the pursuarjce ol the main 8ctivilie5 of the Soaety. The Society also has the righl to norninale to Ihe FfeStIn￿ Rathvay Twustees for 8rpointmènl place on ihe Board of the Festini09 Railway Company as part of a reC1w￿al arrangement. The Society inleract5 wilh area fundi￿31 group5. have the aims of svr4)DrtiN4 the Ffestiniog Ra1￿JaY. FFESTINIOG RAILWAY SOCIETY TRUSTEES, REPORT {INCLUDING DIRECTORS, REI>ORT) IcoMfiNUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Risk m8nageffienl The twstses have a duly to identify aryl re¥iw* ts risks to the i8 eylthed aThJ to ensur8 appmpriate R&lahonship vnlh Trlat8dpartt8s 7he tru5t8e$ o)nsider the only key rwem8rrt p￿sc￿ olthe lo be Ihe bJwd ofirust88s. are in chaTge of thr¢¢bng. ¢￿￿r￿J. nmnir¥J and O￿Tat￿vj the (*arity of a d￿.t￿ basis. Detsis 0Slhetru5tees' remuneratw)n. expenses related pwty transathons are thsdosed in a rwjte tts the auwnts. A￿11101 In a¢rKJrdance the compan*s art￿(1&5, 3 ￿$t4U￿￿ propogr¥J tF•t AttoJ)tants LLP l)e reapptynt8d as audiw ofthe company pul at a Ger*rnl Meelirvj. MrG an Date.. FFESTINIOG RAILWAY SOCIETY STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 30 SEPTEMBER 2025 The trustees. who a￿ 2Lso Ihe dbrectiNs of Ffe$￿ R*kny 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 ￿n9￿orn Generalty AC￿ptedAcCOuntin9 Prauicel. Company18w reouires the Iru$tees lo prepate fmanoal slatefflents tor each f¥)anoal year whKh 9ive a true and fair view of Ihe slate ot affairs tsf the Charity and ol Ihe incomin9 resovrce5 and application d reSOu￿e$. indudw)g Ihe income and expenthture. ofihe charitabk oyyyny lor that year. In preparing Ihese financial slalemenls. the Injstees 3re required lo". - selecl sulta￿e accwntirMJ polKies and Ihen aF*￿ them consistentty: - obserye the melhods and principles in Ihe Charit￿S SORP.. make jud9efnents and e51imates thal are reasonable and pntdenl". state whelher applic*Ae UK Acc￿n￿￿9 StaThJards have been fc4knved. SL￿led lo any material éepartures disclosed and explained in Ihe finaroal stateff*nts." 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 kee￿Th9 adequate accountirvJ recotds that disclD5e wilh reasonable ¥cuT￿Y any lime Ihe financial position of the t￿￿lty 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 deteL￿￿O of fraud atLd olhw 11regu￿[1￿es. 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 st*emenl ol financial actNilies. the balance sheel. the slalemeni of cash fflows and notes lo the finanual slalements. including svJnificanl 8¢￿u￿11nY ￿￿4e$. 7he finanoal rewrtiTrg Ifamev40rk Ihal has been 3pplied fft Iheir preparabon is applicab￿ law aftd Unrted KiThJdom AC￿n¢t￿9 S￿ndardS. induding Financral Reporting S13ThJard 102 The Finénci81 Re￿rtIng Slandartl gpplKaNe ift the UK and Republic of Irel8nd (United Kingdom GeneraltyAwted Ac¢ovrbtin9 pra￿l¢e). In oUropw￿n, the financial slaiements". give 8 true and fair view of thÈ slate of Ihe Charitab￿ compan￿$ affays as at 30 September 2025 and ol rts incoming resources an(J applicatKJn of resoUr￿S. the year Ihen ended". have been pr¢)pety prepar*J in a(E0Tda￿e wlh Unrfed Generally Ac(tpled A¢￿Un11n9 pr￿lce.. and have been prepared in accorda￿ wilh the reqU¥err￿ls of Ihe cOmw￿&sACl 2Cth. 8asis for OF#nion We ¢ondu¢ted our audit in ac￿rdanCe ￿th Inlemati(x￿I Stsndatrmed a ￿uSIon on Ihe risk of rTh$slaten￿I due lo itwulaiilies indudin9 fraud pA)d lailored our procedures ac¢tsrding to Ihis rtsk assessn*ni. The key procedures w¢ to (letect irregularities includin9 fraud during the cours¢ of the audit inclLJdÈd- Identifying and testing jouwnal eniries irTr ovefall ar￿￿ntir￿j cecords. In partiwlar those that were s¥Jnificanl and UllU5ual. Re¥￿Ing the financial staternenl discloswes aThl (letemNrwng whether ac(a)unbng k￿lC￿eS have been appropiialety appl*d. - Reviewiw and thallenging Ihe assumptws and MJd9ements used by manage￿ftt in their sismifrart accounlin9 estimates. - AssessiThJ Ihe extent of compliarts. or bck ol. the relevant L3ws and regu13tions. - Dowmenting and verfy*ig 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 dESC￿bed at￿Ve. The more removed Ihal laws and re9ulatiotbs are from financial transadions. the less likety it is Ihat WÈ w￿jId 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 resp￿1￿.1111es is a¥ailab* Financial Rewling Cwnul's website ai.. hitps.'Il Vo￿.fr¢.Or9.ykjaudrtOrsresp0￿sibIll1ies. 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 aSs￿me res￿n&b￿1ty to anyone olher than the charity and the charit￿$ InJ51ee5 as bc*. lor our audil Wc￿, thi5 reFtyNI. or lor the (ynM?ns have kffi￿d. Susan Harris MA ACA (ser￿Or Statutory Auditor) For and on behalf of Champm)nA￿0UTrtWts 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 Tan￿ble 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 cred￿18. 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 Rai￿aY Society is a pThte cLryany limile(I by 9uaranlee infxwwated n En9land arKI Wales The registered Offi￿ is Harboui SI8￿)n. Porfhmadog. G￿nethJ. LL49 9NF. 1.1 Basi$ of preparation The financial Staler￿￿t5 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 RecOmme￿Ied Practice aP￿Kable lo charilies preparin9 Ihwr accounts in act0rdan￿ with the Financial Reporting Standard applicable in Ihe UK aTrJ Rep￿trA￿ of Ireland {FRS 1021- leffecli¥e 1 Jan￿ry 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 cOnt￿lE in operalional exisIen￿ the loreseeable future. Thus Ihe trustees conlinue to &*)pl the corKem basis ofaCCo￿￿￿9 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$tri(ied we sel (Krt in the notes lo the fvanc431 statements. End￿fflenl lunds are subieci lo speok Cr￿dI10n$ by thjnors Ihai the ca￿101 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 re￿191. Other ate has been granted, the estate has been fioalised an¢J notifiraiiDn has been made by the executorlsl to Ihe sC￿letY thal a distribution will be made. or when a disltibution is receNed frotn the esiale. Receipt of a legacy, in whole or in part. is onty ￿)ns￿ered probable when Ihe atnounl be tpea5ured reliably, the charity has beerb noIrf￿￿ of li￿ execulorfs tntenb.on lo make a distrit￿iOn. ￿ere legaaes have been notif12d lo the charity. oi Ihe tharity ts awa￿ of Il* grant¥vJ of pr¢>baie. and the uileiia for income recy*ilk)n have not been met. then the legacy is treated as a contingent asset and disdosed rf malerial. Income from govem1T￿l anij other grants. whets*r'capitaf granls or'revenue. 9rants. is recognised when the charity h35 enkn"lJemenl lo Ihe funds. any perforrnan￿ oyrtliti(￿s amafthed to the grants have been tnel. it 15 obable that the ino)me will be received. arm1 the artsjnl caTr be measured felkibly and is not defe￿ed. 14 FFESTINIOG RAILWAY SOCIETY NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accounting policies Icontsnuedl Subscription and SOC￿ n*mbership income a￿ reccgni5ed according to Ihe above r￿leria wilh Ihe except￿n of arnounls ieceNed and deewth to be received in advance. %%thich are deferred urtil Ihe income recognrtion criteria are rnet". Annual MeMbe￿IP relalirwj to 3112 of Ihe mernbe￿hp 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¢)rt*oned a¢o)rdirKJly. LrfÈ and 3sswated hle rnembetship #Kome is deferred aThJ amorti5ed over a 1￿year 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 P3*J of payable ty U)e Bank. 1.5 Expenditure Expenditvre is Tecogn%sed ¢)nce tt￿re is a legal w constructive oWKJaiN)n to Ifarsfer econorn￿ benefit to a Ihirf Ihe lolal of dired cosls shared costs. induding support costs invO￿e￿ in undertaking each actNity. Direct costs attributable to a single aclivity are allocated direclly lo thai ￿￿rty. Shared costs wh￿h contribule.to more Ihan one activity and support cost$ which are not altrttxrtabie to a $u)gle adivty are appwlioned btheen those aCt￿lI1e$ on a basis consistent wilh the use of resoLwces. In order lor dfy)alK)ns lo meet Ih15 recognrtion (Jiieria. agreements in principle to wovKle lurnling for proposed projects ale not recognised ￿til valKI expense cbins are made to the knety. dis¢vs$ed by Ils board and approved lor rdease. 1.6 Tangible fixed assets Tangible fixed assets are inthalty measured at cou and subsequenlty measured al cost or Valua￿0Th. nel of depreciatK)n and any impaim)eni ￿sSeS. Depreciation is recogni5ed so as to write oll Ihe (x)sl or valuat￿￿ of assets ￿s$ thew ￿S￿l￿al values over their useful lives on the foll¢￿1n9 ba5es'. Plant aThJ eouipmenl Office equipment Sooety films 2¢Yh per strawJhl line. 20% per annum slraight lire. 20% per annum Stra￿h114"n￿. The gain or h)ss on Ihe disposal of an asset is dete￿IDed as the difference befv¥een the Sa￿ proceeds the G8rrying value of the assel. and 1$ re¢oJnised in the slaternent of finar￿181 a¢twities. 1.7 Fixed a55et investmtnts FiKed asset investment5 are initially ff*asured 21 Irans2clion pl￿e exthdin9 trans2clion costs, and are subsequently ￿￿sSured at laif Val￿ al each ￿￿rtir￿j date. Charoes in tsir value are recognised in net incomellexpenditurel lor the year. TransactK)n cosis a￿ expensed as incurred. 15- 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$¢ts Al each reporiing end dale, Ihe charity re¥tews the c3rryir*J aryv)unts 01 it5 t3rKJible assets its determir V4helhef there is any indicatMM Ihat those assets have suffered an impairn￿nt Ioss. 11 any such indication exi51s. the recoverabk amount ol the assel is eslimaled in order to determlne Ihe extenl of Ihe impabrment ss lif any). 1.9 Cash and cash equivalents Cash and (ash equivaknts indude cash in hand. detKJsilS held al call wilh banks. olher short-lerrn IK)uid invesifflenls with Orig￿#4 matuiit*s of t￿ee mnihs or ￿S8. and bank overdrafts. Barth overdrafts are 5howTh within boryowin9s in ¢Xl￿ni liabilit*$. 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 ￿ Inle￿S1 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 claitr*d from ihe Sttiety. In line wtth the wvis￿n$ 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 activit*s 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 ar￿UnI of assets armj liabilities that are not readity apparenl ffom other sources. The eslimales and assooaled assumpth￿S 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 Ong￿ng basis. Revisions lo acD)unting eslifflales are recognised in the pef*od 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 Oona*ons 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 Subse￿p￿)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 un￿stricted lund5 186.415 139.955 Income fr¢Mn investments Unfy$tricted Re5triGtÈd fund5 funds 2025 2025 Tothi Unrestrtd¢d R¢stri¢ted fursds funds 2024 2024 Tot*1 2025 2024 Interesl re￿IV3b1e 42,764 83.116 125.880 43.237 74,878 118.115 FFESTINIOG RAILWAY SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2025 Expenditure on charitable activit￿5 Charitsble activitie$ 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 raI￿aY 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 un￿sIn￿e￿ 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$'. 2025 2024 Number Nurnber Totsi There were no empbyees whose annual Femunefation was th￿ £60.CKO. 10 Taxation The ¢h81ity is exempi trom its actwrties because all ils In￿Me is apphed for Ch￿ilable purposes. 11 Tangible fixed assets Plant and Office Soci*ty ffiIM5 Totsl Cost Al 1 Odobef 2024 3.045 AI 30 Seplemi*r 2025 3.045 Depreciation and irnpatmient Al 1 October 2024 3,042 At 30 Seplember 2025 3.042 Carrying amount AI 30 Seplernber 2025 At 30 Sepiember 2024 12 Fixed asset investments Unlisted investments Cost or valuation At 1 Odober 2024 & 30 September 2025 Carrying amount At 30 September 2025 AI 30 Septentrr 2¢X4 19- FFESTINIOG RAILWAY SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 13 Debtors 2025 2024 Amounts frdlling viithin one year_ Gift aid debtors Other debtors 35.387 140.709 47.587 56,487 178.096 104.074 14 Creditors.. arnounts falling due withtn one year 2025 2024 otes Deletred income Trade creditors Olher ¢reditoYs Accrua15 16 51.129 147.432 15.255 55.188 47,219 14.145 7,5Q) 221.816 124,052 15 Creditors". amounls falling dtse after mort than otte ye*r 2025 2024 Delerred incr*ne 16 103223 88.471 16 Deferred income 20Z5 2024 Aiising from Sub$crir4KJns in Ad¥an 154.352 143.659 Oefeffed income bs inC￿ded in fffianiial $￿eMentS as fo1(r￿.. 2025 20Z4 Deferred income is irthled ￿￿kn1￿-. Currenl liabihlies Non-current lia￿"&11es 51.129 103,223 55.188 88.471 154.352 143.659 Movements in the year FFESTINIOG RAILWAY SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2025 16 Deferred income Icontinuedl Oeleired income al l October 2￿14 Released from prewous perirxys Resouices ijeferred in Ihe year 143.659 155.1881 65.881 112.693 141.1091 72.075 Delerred irthme al 30 Seplember 2025 154.352 143,659 17 Restricled fund5 The reslrKted funds of Ihe ¢harity CoM￿lSe the unexpended balances ol th)nati￿$ 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 c￿r￿ge$ 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 Un￿tr￿ted 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 Cu￿en1 aSSet￿lI1a1￿Iitt$) 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$5els Investments Curfent a5se1511liats-liliesl Lon9 tefm liabilitles 4).932 188.471) 2.356.939 2,857,871 188.4711 412.470 2.356.939 2.769.409 Related party tr3￿ctIOnS As slated In Ihe winapal actmlies seclion of the trvslees. report. the purpose ol Ihe company is 10 SLtpwt the feslo¥ation ol the Ffesliniog Ratlway. FCK many years. thefe has been an arrangement whereby the company minaled one director onlo Ihe boa¢d of The Fe51InK￿ Rathvay Company and that corvpany nominaled a person to 511 on Ihe board ol Ihis c(xnpany. At the siart end of Ihe year. Graham Cole wès the Soc ntyn¥)ee. Graharn Cole has Th)t received any benefl frcth the Sou"ety dunn9 ye*. Ourin9 the year. Ihe Flesiinw Raikny SL**ty made th)nati(x￿ totallng £661,989 12024.. £651,849) lo The Festin￿9 RaiK¥ay Company The Sooety also had IFarwdKins ￿1h rdaled gTOUP$ 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 i￿￿tle￿ wilhin deblws on Ihe balance sheet and is ￿terest-free. The Soc*ty 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 activi1￿5 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-