2022-12-31-accounts

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Company registration number: 02188631 Charity registration number: 1076037

Vale of Rheidol Railway Limited

(A company limited by share capital) Annual Report and Financial Statements for the Year Ended 31 December 2022

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| ) : : ) | ; MMO Limited | Wellesley House ; 204 London Road | Waterlooville | Hampshire : PO7 7AN

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Vale of Rheidol Railway Limited

Contents

Reference and Adininistrative Details	]
Strategic Report	2
Trustees' Report	3 to7
Independent Auditors' Report	8 to 1]
Consolidated Statement ofFinancial Activities	12 to 13
Consolidated Balance Sheet	14
Balance Sheet	15
Statement ofCash Flows	16
NotestotheFinancialStatements	17to38

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Vale of Rheidol Railway Limited

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	Reference and Administrative Details	Reference and Administrative Details
Trustees	DrC RH Higgs
	MrLA Iolo
	MrC § Langer
	Mr P JN Ellis
CharityRegistrationNumber	1076037
Company Registration Number	02188631
RegisteredOffice	The charity is incorporated in England ParkAvenue Aberystwth Ceredigion	.
	SY23 IPG
Principal Office	Park Avenue
	Aberystwth
	Ceredigion
	SY23 1PG
Auditor	MMOLimited Wellesley House
	204 London Road
	Waterlooville
	Hampshire
	PO7 7AN
Bankers	RoyalBankofScotland
	Guildford
	10 North Street
	Guildford GUI 4AQ
	Santander
	Customer Service Centre
	Bootle
	Merseyside
	L30 4GB
	CAF Bank Limited
	25 Kings Hill Avenue
	Kings Hill
	West Malling
	Kent
	ME194JQ

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Vale of Rheidol Railway Limited

Strategic Report for the Year Ended 31 December 2022

The trustees, who are directors for the purposes of company law, present their strategic report for the year ended 31 December 2022, in compliance with s414C of the Companies Act 2006.

Achievements and performance

Key non-financial performance indicators

Success is measured in passenger numbers, as if these continue to grow the charity can clearly display that it is reaching more people to further its objectives.

Financial review

Policy on reserves

The charity's main activity is the operation of a narrow gauge steam railway. The railway is a working museum which charges fares to passengers in order to maintain its income. The operating costs consist of train running costs, wages, and the maintenance of track, locomotive, rolling stock and buildings.

The cost structure of setting up, financing and operating a railway are of such a magnitude that it is anticipated that the railway will always be able to spend more money in running, maintaining and improvement and development, than it can reasonably be expected to raise from fares, donations and other sundry income.

The trustees do not therefore expect to generate long term or medium term reserves, Any reserves which may be generated during a financial period are expected to be attributed to a future maintenance or development project.

Principal funding sources

The charity is principally funded by train fares and public donations to the railway and the associated Gift Aid that can be claimed from this. It is also funded by various grants as and when these can be applied for and awarded. The charity is also financially supported by its parent the Phyllis Rampton Narrow Gauge Railway Trust.

The strategi€ yeport was approved by the trustees ofthe charity on loft and signed on its behalf by: LAKlo

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Vale of Rheidol Railway Limited

Trustees' Report

Yale of Rheidol Railway Limited

Trustees Report

The Trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors’ report of the charitable company for the year ended 31 December 2022.

Objectives and activities

Objects and aims

The charitable company’s activity is the provision of a working museum by the operation of a narrow-gauge railway line and associated station and maintenance facilities between Aberystwyth and Devils Bridge, Ceredigion.

The charity’s main objectives are:

The provision of a working museum by operating as a narrow-gauge railway line and associated stations between Aberystwyth and Devils Bridge, Ceredigion; including its associated station, workshop and museum assets.

To advance the education of the public and to promote research (including the publication of the useful results of such research) in matters concerning narrow gauge railways and in particular the narrow gauge railway in the County of Ceredigion which extends from Aberystwyth to Devils Bridge and is known as the Vale of Rheidol Railway and of other railways or tramways, rolling stock, machinery and equipment, the historical operations, the restoration and the current operation of the Vale of Rheidol Railway.

The achievement of the objectives will further the charity’s purposes by ensuring future community interest in the railway. By growing the presence and increasing visitor numbers the charity is able to educate as many members of the public as possible. Al! Trustees and senior persons within the charity remain focused on the objectives of the charity.

Objectives, strategies and activities

In 2022 the railway carried 44,386 passengers (passenger numbers in 2021 were 42,690 - a shorter season post covid).

In April 2022 a newly restored Great Western Railway first class carriage was launched for operation on the railway. The restoration took fourteen months work to complete. The restoration follows the period design of the 1930s with all joinery and marquetry crafted in house at the charity’s workshop. Seats were also crafted in traditional materials and techniques with cloth specially woven to a Great Western Railway period design. Top light windows depict a period first class carriage. In 2022 this first class carriage was available to be booked by the public on two journey times on train running days. In April 2022 work commenced on the restoration of an additional Great Western Railway first class carriage.

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The charity’s Bayer-Garratt locomotive, purchased in 2021, worked its full season on passenger trains in 2022.

This year has seen the start of the redevelopment of the charity’s Great Western Railway loco shed into a new Railway Museum and function space in Aberystwyth, anticipated to be completed for opening to the public in late 2023/Spring 2024.

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Vale of Rheidol Railway Limited

Trustees’ Report

In July 2022 the charity purchased a locomotive — Jung No 1261 of 1908 0-6-2WTT Graf Schwerin Lowitz. It is a valuable and important additions to the charity’s collection and will be available for viewing by the public in the new Museum,

Public benefit

The Vale of Rheidol Railway operates to demonstrate the operation of a Victorian narrow-gauge railway for the benefit of the public.

The railway is open to all members of the public, The public can benefit from and see the preserved locomotives and rolling stock in operation. Various fare concessions are also available on the railway including discounts for children and large groups and both single and return journey fares are available.

Disabled toilets are available in both Aberystwyth and Devil’s Bridge. One open carriage with ramp access and a larger bay on each tarin set facilities disabled access on all train journeys. The newly restored first-class carriage has one enclosed disabled space available.

The Trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Social investment policies

The charity invests in staff training to ensure vital skills in the running of the railway and restoration of heritage engines and carriages are not lost.

Apprenticeships

There are a number of apprentices working at the charity which is something that is hoped to continue and grow in the future.

Apprentices learn skills in engineering and restoration of heritage engines and carriages in the charity’s workshop in Aberystwyth, as well as guarding and firing on operating trains.

Two new engineering apprentices were recruited in September 2022 and out of the eleven apprentices recruited between 2012 and 2021 seven have been retained and employed full time in the workshop.

Grants

The charity applies for all grants to which it could be entitled to ensure it remains well funded and can continue to work towards its objectives.

The charity received grants from Visit Wales and the Coastal Community Fund as a contribution to the development of Aberystwyth station to include the Great Western Railway loco shed in Aberystwyth into a heritage Railway Museum and event space.

The charity has been supported by the Phyllis Rampton Narrow Gauge Railway Trust (the charity’s parent entity) in restoration work on engines and carriages and in improving public access to the railway in Aberystwyth.

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Vale of Rheidol Railway Limited

Trustees' Report

Legacy

Peter John Rampton, the founder of the Phyilis Rampton Narrow Gauge Railway Trust (the charity’s parent entity), died on 3 July 2019. His sister Ann Archer generously donated part of his estate to the charity including a number of heritage engines and rolling stock which were received in 2022. The charity plans to place a number of these in the new Museum and aims to restore other for the Museum and/or for operation of the railway.

Use of volunteers

The charity encourages the use of volunteers where practicable and has seen great success in providing volunteers with roles which provide a sense of achievement and fulfilment.

Going concern

The Trustees are of the opinion that the charitable company is a going concern.

Trustees and Offices

The Trustees and officers serving during the year and since the year end were as follows:

Trustees:

Dr CR H Higgs

Mr LA Tolo

Mr C § Langer

Mr P JN Ellis

Mr P Keef (appointed 28 July 2023)

Structure, governance and management

Nature ofgoverning document

The Vale of Rheidol Railway Limited is a charitable company incorporated on 4 November 1987. The charitable company was established under a Memorandum of Association which established the objects and powers of the company and is governed under its Articles of Association.

Recruitment and appointment of Trustees

All the Trustees of the charity are directors for the purposes of company law. There is no time limit on how long the Trustees are allowed to serve. The charity seeks to recruit new Trustees with the aim of ensuring that the balance of skills and experience held by the board of Trustees is maintained and relevant to the objectives of the charity.

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Vale of Rheidol Railway Limited

Trustees' Report

Induction and training of Trustees

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All the Trustees undergo an induction programme when joining the charity. The subjects covered are the obligations of Trustees; the main documents which set out the operation framework for the charity including the Memorandum and Articles; the financial position and controls as set out in the Jatest financial statements; future plans and objectives. New Trustees have a meeting all existing Trustees and are provided with copies of the Charity Commission’s Guidance — “The essential Trustee: what you need to know, what you need to do” and “Charity Trustee: what’s involved”. New trustees are also required to complete the Charity Commission’s Trustee Eligibility Declaration and HMRC’s Fit and Proper Person Declaration.

Arrangements for setting key management personnel remuneration

There is one remunerated Trustee, for which consent was obtain from the Charity Commission. Aside from the Chief Executive R Gambrill, no other key personnel are remunerated by the charitable company.

Statement of trustees’ responsibilities

The trustees (who are also the directors of Vale of Rheido! Railway Limited for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the parent charitable company and the group and of the incoming resources and application of resources, including its income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concer basis unless it is inappropriate to presume that the parent charitable company will continue in business.

The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the parent charitable company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the parent charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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Vale of Rheidol Railway Limited

Trustees' Report

Disclosure of information to auditor

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information, The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware. The annyAl report was approved by the trustees of the charity on eho[ ena signed on its behalf by: rLA Plo ruste

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Vale of Rheidol Railway Limited

Independent Auditor's Report to the Members of Vale of Rheidol Railway Limited

Opinion

We have audited the financial statements of Vale of Rheidol Railway Limited (the ‘charitable parent company’) and its subsidiaries (the 'group') for the year ended 31 December 2022, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Balance Sheet, Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group's and parent charity's affairs as at 31 December 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• • have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance 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 preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concem for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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Vale of Rheidol Railway Limited

Independent Auditor's Report to the Members of Vale of Rheidol Railway Limited

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• ¢ the Strategic Report and Trustees' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Trustees' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have noi been received from branches not visited by us; or

• the parent charitable company financial statements are not in agreement with the accounting records and returns: or

• certain disclosures of trustees remuneration specified by law are not made; or

• « we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Statement of trustees' responsibilities (set out on page 6), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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Vale of Rheidol Railway Limited

Independent Auditor's Report to the Members of Vale of Rheidol Railway Limited

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misslatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

• Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

• Reviewing minutes of meetings of those charged with governance;

¢ Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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Vale of Rheidol Railway Limited

Independent Auditor's Report to the Members of Vale of Rheidol Railway Limited

Use of our report

This report is made solely to the charitable parent company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable parent company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Mrs Gillian McIntosh (Senior Statutory Auditor) For and on behalf of MMO Limited, Statutory Auditor

Wellesley House 204 London Road Waterlooville Hampshire PO7 7AN

av-ol ql da23...

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Vale of Rheidol Railway Limited

Consolidated Statement of Financial Activities for the Year Ended 31 December 2022 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

		Unrestricted	Restricted	Endowment	Total
		funds	funds	funds	2022
	Note	£	£	£	£
Income and Endowments from:
Donations and legacies	3	10,097,452	-	-	10,097,452
Charitable activities	4	751,682	-	-	751,682
Other trading activities	5	267,252	-	-	267,252
Investment income	6	16,526	-	-	16,526
Other income	7	3,367	-	-	3,367
Total income		11,136,279	-	“	11,136,279
Expenditure on:
Charitable activities	8	(1,306,685)	-	-	(1,306,685)
Total expenditure		(1,306,685)	-	-	(1,306,685)
Net income		9,829,594	-	-	9,829,594
Transfers between funds		651,551	(651,551)	-	-
Netmovement in funds		10,481,145	(651,551)	-	9,829,594
Reconciliation offunds
Total funds brought forward		2,139,301	651,55]	633,650	3,424,502
Totalfundscarriedforward	23	12,620,446	-	633,650	13,254,096

The notes on pages 17 to 38 form an integral part of these financial statements. Page 12

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Vale of Rheidol Railway Limited

Consolidated Statement of Financial Activities for the Year Ended 31 December 2022 (including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

		Unrestricted	Restricted	Endowment	Total
		funds	funds	funds	2021
	Note	£	£	£	£
Income and Endowments from:
Donations and legacies	3	1,078,213	-	-	1,078,213
Charitable activities	4	533,778	-	-	533,778
Other trading activities	5	19,189	-	-	19,189
Investment income	6	3,175	-	-	3,175
Total income		1,634,355	-	-	1,634,355
Expenditure on:
Charitable activities	8	(824,817)	-	-	(824,817)
Total expenditure		(824,817)	-	-	(824,817)
Net income		809,538	-	-	809,538
Netmovement in funds		809,538	-	-	809,538
Reconciliation offunds
Total funds brought forward		1,329,764	651,551	633,650	2,614,965
Totalfundscarriedforward	23	2,139,302	651,551	633,650	3,424,503

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All of the group's activities derive from continuing operations during the above two periods, The funds breakdown for 2021 is shown in note 23.

The notes on pages 17 to 38 form an integral part of these financial statements. Page 13

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Vale of Rheidol Railway Limited

(Registration number: 02188631) Consolidated Balance Sheet as at 31 December 2022

		2022	2021
	Note	£	£
Fixed assets
Tangible assets	15	12,784,620	3,975,538
Heritage assets	16	4,501,891	3,298,068
Investments		70,898	56,894
		17,357,409	7,330,500
Current assets
Stocks	18	5,660	4,426
Debtors	19	530,770	-418,86]
Cash atbank and in hand	20	545,436	604,990
		1,081,866	1,028,277
Creditors: Amounts falling duewithin one year	21	(132,280)	(133,592)
Net current assets		949,586	894,685
Total assets less current liabilities		18,306,995	8,225,185
Creditors: Amounts fallingdue aftermore than one year	22	(5,052,899)	(4,800,682)
Net assets		13,254,096	3,424,503
Funds ofthe group:
Endowment funds		633,650	633,650
Restricted income funds
Restricted funds	23	-	651,551
Unrestricted income funds
Unrestricted funds		12,620,446	2,139,302
Totalfunds	23	13,254,096	3,424,503

The finanfdal statements on pages 12 to 38 were approved by the trustees, and authorised for issue on iw hie}2e23 and signéf on their behalf by:

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The notes on pages 17 to 38 form an integral part of these financial statements. Page 14

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Vale of Rheidol Railway Limited

(Registration number: 02188631) Balance Sheet as at 31 December 2022

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2022|2021| |Note|£|£| |Fixed|assets| |Tangible|assets|15|12,784,620|3,975,538| |Heritage|assets|16|4,501,891|3,298,068| |Investments|70,998|56,994| |17,357,509|7,330,600| |Current|assets| |Stocks|18|5,660|4,426| |Debtors|19|530,770|418,861| |Cash|at bank|and|in|hand|20|545,436|604,990| |1,081,866|1,028,277| |Creditors:|Amounts|falling|due|within|one|year|21|(132,280)|(133,592)| |Net|current|assets|949,586|894,685| |Total|assets|less|current|liabilities|18,307,095|8,225,285| |Creditors:|Amounts|falling|due|after|more|than|one|year|22|(5,052,899)|(4,800,682)| |Net|assets|13,254,196|3,424,603| |Funds|of the|charity:| |Endowment|funds|633,650|633,650| |Restricted|income|funds| |Restricted|funds|23|-|651,551| |Unrestricted|income|funds| |Called up|share|capital|100|100| |Unrestricted|funds|12,620,446|2,139,302| |Total|unrestricted|funds|12,620,546|2,139,402| |Total|funds|23|13,254,196|3,424,603| |The|financigf|statements on pages|12 to 38 were approved by the trustees, and authorised for issue on we|hiefeoe?| |and|signe?|on|their|behalf by:|

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The notes on pages 17 to 38 form an integral part of these financial statements. Page 15

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Vale of Rheidol Railway Limited

Statement of Cash Flows for the Year Ended 31 December 2022

		2022	2021
	Note	£	£
Cash flows from operating activities
Net cash income		9,829,594	809,538
Adjustments to cash flows from non-cash items
Depreciation		55,972	88,596
Investment income	6	(16,526)	(3,175)
Financial instrument net (gains) losses through statement offinancial
activities		(1,183,682)	(448,591)
Loss on disposal offixed assets held for the charity's own use	10	(16,450)	-
		8,668,908	446,368
Working capital adjustments
Increase in stocks	1k	(1,234)	-
Increase in debtors	19	(111,909)	(188,555)
Decrease in creditors	21	(337)	(30,998)
Decrease in deferred income	22	:	(24,749)
Netcash flows from operating activities		8,555,428	202,066
Cash flows from investing activities
Interest receivable and similar income	6	16,526	3,175
Purchase oftangible fixed assets	15	(8,999,337)	(404,811)
Sale of tangible fixed assets		134,283	4,449
Purchase ofinvestments		(19,778)	(16,773)
Sale ofinvestments		2,082	4,601
Net cash flows from investing activities		(8,866,224)	(409,359)
Cash flows from financing activities
Repayment ofloans andborrowings	21	252,217	529,310
Repayment ofcapital element offinance leases and HP contracts		(975)	(2,897)
Netcash flows from financing activities		251,242	$26,413
Net (decrease)/increase in cash and cash equivalents		(59,554)	319,120
Cash and cash equivalents at I January		604,990	285,870
Cashandcashequivalentsat31December		$45,436	604,990

The notes on pages 17 to 38 form an integral part of these financial statements. Page 16

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Vale of Rheidol Railway Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

1 Charity status

The charity is limited by share capital, incorporated in England . The address of its registered office is: Park Avenue Aberystwth Ceredigion SY23 IPG The principal place of business is: Park Avenue Aberystwth Ceredigion SY23 IPG

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated,

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

Vale of Rheidol Railway Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

/

! : ! : 7

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Basis of consolidation

The consolidated financial statements consolidate the financial statements of the charity and its subsidiary undertakings drawn up to 31 December 2022.

No statement of financial activities is presented for the charity as permitted by section 408 of the Companies Act 2006. The charity made a profit after tax for the financial year of £9,815,293 (2021 - £809,538).

Page 17

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Vale of Rheidol Railway Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

A subsidiary is an entity controlled by the charity. Control is achieved where the charity has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The results of subsidiaries acquired or disposed of during the year are included in the statement of financial activities from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and Hiabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the charity and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.

Going concern

The trustees consider that there are no material uncertainties about the group's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the group.

Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Page 18

| Grants receivable : Grants are recognised when the group has an entitlement to the funds and any conditions linked to the grants have | been met, Where performance conditions are attached to the grant and are yet to be met, the income is recognised as | a liability and included on the balance sheet as deferred income to be released. | Gifts in kind | Gifts in kind are recognised in different ways dependent on how they are used by the charity: : (i) Those donated for resale produce income when they are sold. They are valued at the amount actually realised. : (ii) Those donated for onward transmission to beneficiaries are included in the Statement of Financial Activities as ; incoming resources and resources expended when they are distributed. They are valued at the amount the charity would have had to pay to acquire them.

5

(iii) Those donated for use by the charity itself are included when receivable. They are valued at the amount the | charity would have had to pay to acquire them. | Expenditure : All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable

Vale of Rheidol Railway Limited 7 Notes to the Financial Statements for the Year Ended 31 December 2022

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

| Support costs . Support costs include central functions and have been allocated to activity cost categories on a basis consistent with : the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent | and other costs by their usage. | : Governance costs : These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses. 3 Taxation : : The charity is considered to pass the tests set out in Paragraph | Schedule 6 of the Finance Act 2010 and therefore it | meetsexemptthefromdefinitiontaxationofin a charitablerespect of company income orforcapital UK corporationgains receivedtax purposes,within categoriesAccordingly,coveredthebycharityChapteris potentially3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Page 19

Vale of Rheidol Railway Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Tangible fixed assets

Individual fixed assets of any value are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Work completed in the restoration of assets is funded by surpluses from the Vale of Rheidol Railway Limited and loans from the Phyllis Rampton Narrow Gauge Railway Trust.

Heritage assets

Owing to the unique nature of the heritage assets, the costs of obtaining valuations would be onerous compared with the corresponding benefits to the charitable company and the users of the financial statements. The heritage assets are therefore shown at original cost and are not depreciated. The objective of heritage assets is to display them in the proposed museum. As much documentation as to the provenance of heritage assets is obtained and retained by the charitable company. Access to the assets is carefully managed in order for preservation.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

==> picture [451 x 87] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Asset|class|Depreciation|method|and|rate| |Buildings|that|are|under|considerable| |Land|and|Buildings|maintenance|are not|depreciated,|others| |are|at|rates|from|7|to|50 years|straight|line| |Plant|and|machinery|10%|or 20% or 25%|straight|line| |Motor vehicles|20%|straight|line| |Civil|engineering|and|track|2%|straight|line|on track|only|

----- End of picture text -----

Fixed asset investments

Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

Stock

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).

Page 20

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Vale of Rheidol Railway Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current Habilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Page 21

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Vale of Rheidol Railway Limited

Notes to the Financia] Statements for the Year Ended 31 December 2022

Foreign exchange

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.

The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity {attributed to non-controlling interests as appropriate).

Other exchange differences are recognised in the Statement of Financial Activities in the period in which they arise except for:

1) exchange differences on transactions entered into to hedge certain foreign currency risks (see above);

2) exchange differences arising on gains or losses on non-monetary items which are recognised in other comprehensive income; and

3) in the case of the consolidated financial statements, exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised in other comprehensive income and reported under equity.

Fund structure

Unrestricted income finds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the group.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Financia] instruments

Classification

Financial assets and financial liabilities are recognised when the group becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Page 22

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Vale of Rheidol Railway Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the group intends cither to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial] asset expire or are settled, b) the group transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the group, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

,

Financial Jiabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires,

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Page 23

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Vale of Rheidol Railway Limited

Notes to the Financial] Statements for the Year Ended 31 December 2022

Debt instruments

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.

(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.

(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).

(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.

(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.

(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.

Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Investments

Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.

Page 24

Vale of Rheidol Railway Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

3 Income from donations and legacies

		Unrestricted
		funds	Total
		General	funds
: £ £
: Donations and legacies;
:	Donations from individuals	847,397	847,397
		Gifts in kind	9,250,055
		Total for 2022	10,097,452
	Total for 2021	1,078,213	1,078,213
	4 Income from charitable activities
	**	**
	751,682 751,682
		Total for2022	751,682 SEE
		Total for2021	533,778
:
'

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7 | |

Page 25

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Vale of Rheidol Railway Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

5 Income from other trading activities

	Unrestricted
	funds	Total
	General	funds
	£	£
Trading income;
Other trading income	267,252	267,252
Total for 2022	267,252	267,252
Totalfor2021	19,189	19,189

6 Investment income

		Unrestricted
		funds	Total
		General	funds
		£	£
Other	income from fixed asset investments	16,526	16,526
Total	for 2022	16,526	16,526
Total	for2021	3,175	3,175

• 7 Other income

		Unrestricted
		funds	Total
		General	funds
		£	£
Rental	income	3,367	3,367
Total	for2022	3,367	3,367

==> picture [31 x 10] intentionally omitted <==

----- Start of picture text -----
Page 26
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Vale of Rheidol Railway Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

8 Expenditure on charitable activities

		Unrestricted
		funds	Total
		General	funds
	Note	£	£
Train costs		556,851	556,851
Staffcosts		202,357	202,357
Allocated support costs	9	314,808	314,808
Governance costs	9	232,669	232,669
Total for 2022		1,306,685	1,306,685
Totalfor2021		824,817	824,817

In addition to the expenditure analysed above, there are also governance costs of £232,669 (2021 - £235,130) which relate directly to charitable activities. See note 9 for further details.

9 Analysis of governance and support costs

Governance costs

	Unrestricted
	funds	Total
	General	funds
	£	£
Staffcosts
Wages and salaries	132,036	132,036
Audit fees
Audit ofthe financial statements	6,656	6,656
Legal fees	3,761	3,761
Marketing and publicity	17,794	17,794
Depreciation, amortisation and other similar costs	72,422	72,422
Total for 2022	232,669	232,669
Totalfor2021	235,130	235,130

Page 27

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Vale of Rheidol Railway Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

10 Net incoming/outgoing resources

Net incoming resources for the year include:

==> picture [448 x 60] intentionally omitted <==

----- Start of picture text -----
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2022|2021| |£|£| |Audit|fees|6,656|11,304| |Loss|on|disposal|of fixed|assets|held|for the|group's|own|use|16,450|-| |Depreciation|of fixed|assets|55,972|88,597|

----- End of picture text -----

11 Trustees remuneration and expenses

During the year the group made the following transactions with trustees:

Mr LA Iolo Mr LA Iolo received remuneration of £68,000 (2021: £55,000) during the year.

The remuneration was agreed at board level and approval obtained from the Charity Commission.

No trustees have received any other benefits from the charity during the year,

Page 28

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Vale of Rheidol Railway Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

12 Staff costs

The aggregate payroll costs were as follows:

|

==> picture [450 x 84] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |2022|2021| |£|£| |Staff costs|during|the|year|were:| |Wages|and|salaries|325,521|212,099| |Other|staff costs|8,872|6| |334,393|212,105|

----- End of picture text -----

The monthly average number of persons (including senior management / leadership team) employed by the group during the year expressed as full time equivalents was as follows:

==> picture [449 x 63] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |2022|2021| |No|No| |Operation of the|railway|35|35| |Administration|and|support|5|5| |40|40|

----- End of picture text -----

29 (2021 - 29) of the above employees participated in the Defined Contribution Pension Schemes.

The number of employees whose emoluments fell within the following bands was:

==> picture [450 x 116] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2022| |No| |£60,001|-|£70,000|2| |13|Auditors’|remuneration| |2022|2021| |£|£| |Audit|of the|financial|statements|6,656|11,304|

----- End of picture text -----

Page 29

Vale of Rheidol Railway Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

14 Taxation

The group is a registered charity and is therefore exempt from taxation.

Page 30

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Vale of Rheidol Railway Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

15 Tangible fixed assets

Group

Group
	Land and	Furniture and
	buildings	equipment	Motor vehicles	Total
	£	£	£	£
Cost
At	January 2022	3,660,469	1,281,307	-
Additions	8,821,640	36,447	141,250	8,999,337
Disposals	-	(2,833)	(131,450)	(134,283)
At 31 December 2022	12,482,109	1,314,921	9,800	13,806,830
Depreciation
At I January2022	263,326	702,912	-	966,238
Charge for the year	-	55,972	-	55,972
At 31 December2022	263,326	758,884	-	1,022,210
Net book value
At 31 December 2022	12,218,783	556,037	9,800	12,784,620
At 31 December 2021	3,397,143	578,395	-	3,975,538
Charity
	Land and	Furniture and
	buildings	equipment	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January2022	3,660,469	1,281,307	-	4,941,776
Additions	8,821,640	36,447	141,250	8,999,337
Disposals	-	(2,833)	(131,450)	(134,283)
At 31 December 2022	12,482,109	1,314,921	9,800	13,806,830
Depreciation
At I January 2022	263,326	702,912	-	966,238
Charge for the year	-	55,972	-	55,972
At 31 December 2022	263,326	758,884	-	1,022,210
Net book value
At 31 December 2022	12,218,783	556,037	9,800	12,784,620
At31December2021	3,397,143	$78,395	~	3,975,538

Page 31

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Vale of Rheido! Railway Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

16 Heritage assets

Group

Group
		Other heritage
		asset class 1	Total
		£	£
Cost
At 1 January 2022		3,298,068	3,298,068
Additions		1,210,872	1,210,872
Disposals		(7,049)	(7,049)
At 31 December 2022		4,501,891	4,501,891
Depreciation
At 31 December 2022		-	-
Net book value
At 31 December 2022		4,501,891	4,501,891
Charity
		Other heritage
		asset class 1	Total
		£	£
Cost
At 1 January 2022		3,298,068	3,298,068
Additions		1,210,872	1,210,872
Disposals		(7,049)	(7,049)
At 31 December2022		4,501,891	4,501,891
Depreciation
At 31 December 2022		-	-
Net book value
At 31 December 2022		4,501,891	4,501,891
17 Fixed asset investments
Group
		2022	2021
		£	£
Other investments		70,898	56,894
	Page32

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Vale of Rheidol Railway Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Other investments

	Listed
	investments	Total
	£	£
Cost or Valuation
At	January 2022 Revaluation	56,894 (3,692)
Additions	19,778	19,778
Disposals	(2,082)	(2,082)
At 31 December 2022	70,898	70,898
Net book value
At 31 December2022	70,898	70,898
At 31 December 2021	56,894	56,894
Charity
	2022	2021
	£	£
Other investments	70,898	56,894
Shares in group undertakings and participating interests
	Subsidiary
	undertakings	Total
	£	£
Cost
At 1 January 2022	100	100
At 31 December2022	100	100
Net book value
At 31 December 2022	100	100
At31December2021	100	100

Page 33

”

Vale of Rheido! Railway Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Other investments

			Listed
			investments	Total
			£	£
Cost or Valuation
At	January 2022			56,894
Revaluation			(3,692)	(3,692)
Additions			19,778	19,778
Disposals			(2,082)	(2,082)
At 31 December 2022			70,898	70,898
Net book value
At 31 December 2022			70,898	70,898
At 31 December 2021			56,894	56,894
18 Stock
	Group		Charity
	2022	2021	2022	2021
	£	£	£	£
Stocks	5,660	4,426	5,660	4,426
19 Debtors
	Group		Charity
	2022	2021	2022	2021
	£	£	£	£
Trade debtors	160,065	41,473	160,065	41,473
Due from group undertakings	328,000	257,936	328,000	257,936
Prepayments	450	450	450	450
VAT recoverable	42,255	119,001	42,255	119,001
Other debtors	-	]	-	I
	530,770	418,861	530,770	418,861

Page 34

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Vale of Rheidol Railway Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

20 Cash and cash equivalents

20 Cash and cash equivalents
	Group		Charity
	2022	2021	2022	2021
	£	£	£	£
Cash on hand	6,333	4,474	6,333	4,474
Cash at bank	539,103	600,516	539,103	600,516
	545,436	604,990	545,436	604,990
21 Creditors: amounts fallingdue within one year
	Group		Charity
	2022	2021	2022	2021
	£	£	£	£
Trade creditors	44,724	57,742	44,724	57,742
Hirepurchase andfinance leases	(298)	677	(298)	677
Other taxation andsocial security	78,369	65,688	78,369	65,688
Accruals	9,485	9,485	9,485	9,485
	132,280	133,592	132,280	133,592

22 Creditors: amounts falling due after one year

		Group		Charity
		2022	2021	2022	2021
		£	£	£	£
Other	loans	§,052,899	4,800,682	5,052,899	4,800,682

Page 35

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Vale of Rheidol Railway Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

23 Funds

Group

Group
							Balance at
	Balance	at 1					31
	January		Incoming		Resources		December
	2022		resources		expended	Transfers	2022
	£			£	£	£	£
Unrestricted funds
General
General	2,139,302		11,136,279		(1,306,686)	651,551	12,620,446
Restricted funds
Restricted	651,551			-	-	(651,551)	-
Endowment funds
Expendable
Endowment	633,650			-	-	-	633,650
	633,650			-	-	-	633,650
Total funds	3,424,503		11,136,279		(1,306,686)	-	13,254,096
							Balance at 31
	Balance at				Incoming		Resources
	January 2021			resources		expended	2021
			£		£	£	£
Unrestricted funds
General
General		1,329,764			1,873,846	(1,064,308)	2,139,302
Restricted funds
Restricted		651,551			-	-	651,551
Endowment funds
Expendable
Endowment		633,650			-	-	633,650
		633,650			-	-	633,650
Totalfunds		2,614,965			1,873,846	(1,064,308)	3,424,503

Page 36

Vale of Rheidol Railway Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Charity

Charity
									Balance at
	Balance	at	1						31
	January			Incoming		Resources			December
	2022			resources		expended		Transfers	2022
	£				£		£	£	£
Unrestricted funds
General
Unrestricted	2,139,302			11,137,513		(1,307,920)		651,551	12,620,446
Restricted funds
Restricted	651,551				-		-	(651,551)	-
Endowment funds
Expendable
Endowment	633,650				-		-	-	633,650
	633,650				-		-	-	633,650
Total funds	3,424,503			11,137,513		(1,307,920)		-	13,254,096
									Balance at 31
	Balance at 1				Incoming		Resources		December
	January 2021				resources			expended	2021
			£			£		£	£
Unrestricted funds
General
Unrestricted		1,329,764				1,676,238		(866,700)	2,139,302
Restricted funds
Restricted			651,551				-	-	651,551
Endowment funds
Expendable
Endowment			633,650				-	-	633,650
			633,650				-	-	633,650
Totalfunds		2,614,965				1,676,238		(866,700)	3,424,503

The specific purposes for which the funds are to be applied are as follows:

The endowment fund relates (o assets from British Rail as at 1 April 1989.

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=

.

Vale of Rheidol Railway Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

.

24 Analysis of net funds

Group

Group
				At 31
	.		At 1 January	December
			2022	2022
			£	£
Cash at bank and in hand			604,990	604,990
Net debt		,	604,990	604,990
				At 31
			At 1 January	December
			2021 —	2021
			£	£
Cash at bank and in hand			285,870	285,870
Net debt			285,870	285,870
25Relatedpartytransactions

Group

Charity

26 Parent and ultimate parent undertaking

;

The company’s immediate parent is Phyllis Rampton Narrow Gauge Railway Trust, incorporated in England.

These financial statements are available upon request from the registered office or the Charity Commission.

Page 38