RECISTERED COMPANY NUhlBER: 02188631 nI11d aDd Wlles) REGISTEiiED CHATy ANUMBER.. 1076037 Fhbxllfi¥l Statements for th¢ Y¢ar Ended 31 Detember 2011 V¢ of Rheldol RAllway lamlttd AshTnol¢ & Co 9 Broad Strcet Llandovery SA20 OAR
V•k of Rheldol Rallv4*y Ilmited ConteDts of the Finan¢lal StAtemeuts f•r th¢ Year EDded 31 Dtttmbtr 2023 Page R¢port of tb¢ TTte¢S l kn) 8 Report of the INdepeDdent AudltOTS 9 to 11 Cons01id4ted Statement of atIll Aetlvltles 12 Balance Sheets 13 15 Cailh Flow St%temeAt 16 Notes to the Cash Flow Statethent 17 Notts to the FIthattd StatemeL4ts 18 10 29
VAle of Rhtidol RllFy Iknilted Report of the Trustees for tbe Year Ended 31 D¢rernber 2023 Th¢ trusws who ar¢ also dir¢ctors of thc charitable patent wnpany for the of the CtsJnpanie5 Act 21KhS. present their report with the fitsaucial stat¢m¢nts of the ctrtaritable pateDt compally and its sllbsidiary (the 'Btoup') for the year ended 31 December 2023. The trust¢¢s have adopod the provisiotts of Accoutttmg aDd Reporting by Chariti¢s'. StatemeDI of RecoJll]nended Practi¢¢ applicable to ¢EIltieS ptepating their C(Xts iti atcotdauce with thc Financial Reporting StsDdard appli¢abl¢ in th¢ UK wjd Rcpublic of Irelaud IFRS 1021 (¢ff¢ctive l Jathuary 2019).
V•le •fRheldol R#ilwy L4mlted Rtport of the Trustée5 for tht Year EDdtd JI D¢¢¢mber 2023 OWECTIVFS AND ACTIVITIES Th¢ C&Ity'S maitt objectives are.. 0 8dvaD¢¢ th¢ ¢thwation of the public and to promote reseat¢h {iticldiDg the wblicati of the usehl results of sueb r¢s¢arch) itk tnatters conc¢[n8 Darrow VFuge rnilways iticluditig but not limited to the narrow gauge railway in the ¢ounty of Ceredigi¢tt whicb exend8 from Abery5ffj to Devil's Bridge attd is kDow a5 the V81¢ of Rheidol Railway and of oth¢r railways or tra]nw&ys whi¢lL aT¢ QT may bc worked or i)petaied iti efjnjullelioll therewith and maiters conc¢nJiDg th¢ hi$tOryi buildiD8s, traTuway$, ToUiDg 5tocK macbjnuy attd equipmenL the historical operaiioJL the r¢stora(ion current operation of the Vale oFRh¢idol Railway-. The above objecti5 includ¢ a rninor endment to the main Obits of the Charity made iti 2023 with Clrity CollllDi55iOU approval ¢uabling the ChaTity to advancc the education of the bIle in Da0W-&aU8e railways in geogwhical wider than the County of Certdigio The achi¢vemetLt of the obj¢ctiv¢s will fuTth¢r th¢ Charitys putrx)ses by etisuting ttIre commutiity iLff$t in th¢ railway. By growing th¢ pr¢s¢nc¢ iThcrea5ing visitor tLumb¢rs the Charity is able toeducale 18 many mejnbers of the public as po55ibie in the narrow-gwg¢ rdilwdy. Atl TNsttts and seDiof F¢TSODS remain focus¢d OD the objectivu of the 3[ty. Objettlves. strategies and #etivities Tb¢ ¢baritable cott)patsy's princip&l activity is the provisiots of a wthing by tIK OPEratiotL of a narrow-gauge railway litte together with 85sociatd statioD 8Dd nlteD1ce rlI111¢S ltweets Abs and D¢vil's Bridge in the ¢outtty of Ceredigion. ID 2023 th¢ railway ¢aTried 4l.9l8 passen8ers Ipa&senw ID 2022 w¢r¢44.386). Its open months for caTryill8 pa&5¢ngers ¥¢ March throu8h to Novembu with tsaitts nmuillgevtty day and fi)w traiDS aday in the bJ"gb seasoth. Th¢ Charity cotttitsues its prograne of maintenance athd rewallOn of Irtotnotivcs and carriage5 operating OD the rout¢ and in 2023 thi5 iDGluded the followitL¥ ¢TLed out in the Alwtwyth WOW. * Th¢ ¢ompl¢tion of th¢ r¢novatioD of a se¢otLd Firrt cl CaTriag¢ No I I which put itiio passellgeT C4Tryill8 rvice. Thi5 has ¢nabltd ¢v¢ry pa%sthger tsain to have th¢ option of 4 fir&<ia5s ¢arriage wbith bas b¢¢n hlly Fx)oked on many trains. ' The 5usp¢nsiorL in both First Cla55 rani#g¢s (No I l aDd 12) has also beu improved * Carriage No 4 has been in th¢ workshop for a cotnplete 0&ll1 andwill re<nler suvice for passengers in 2024. * The frames of calage No 16 hav¢ b¢¢n bb51ed and 5¢lwork r¢n¢wed. The platt is to th¢ Gkna55i5 to build 8 repliea heritage carriage based on th¢ original 1902 design. * Locoojoiive No 7 has been repainted in Great Western Railway livery &8 seen irLthe 19405 and 19505. * Locomotive No 8 bas been Tepaint¢d in Brit15h Railwoys black. • The paint workshop completed the painting 5¢t of 5¢vcn c8rrtage5 Dow canyin8 the British Raj.1y5 Trlood arhj U5taTd' livery of the19505. Th¢ c}lty will fijrther advance the cducation of th¢ public with a Dew narrow gaug¢ Tailway museum in the Great Western Railway shed at Aberystwyth. The official op¢Thing of th¢ new museum is schaluled for Spring 2024 where it will b¢ open daily exhibiting part of the Charitys locomotive and rolliog stock colltiO. Th¢ museum for two pr¢vi•v days with free enty in the (ktober half tenn holiday and a(tracied 31K) visitOT5. The Charity pvrrha5ed a Ford M(xlel T car adapted njn on a narrowau8e rnilway. a repb'ca of a ]ine itispection vehicle which opeTat¢don the Main¢ 2 railway system in the USA. This will b¢ d¥ilayed in the Lew JJw¢uJn. A Th¢w signal box for AbEryStwyth w&% ¢onstsiJ¢ted in January 2023 similar to th¢ ohl Signal at ihe old Smithfield level cros5itLg. A new Bkill8 Office buildiDg in MaTch 2023 bow5iDg a bookiDg halL Jmv $Ip, offic¢5 and a staff Externally matching the brickwork on ow workshop building. it f¢atutts taiiway frattu¢s ill5Lde aDd out Pa8e 2
Vie of RILeldol RUY4•y tamlted Report of Ihe Trultees for the Y¢&r EDded 31 D¢I)er 2023 Three ncw books were cojnmissiotled in the year. a new Bwdeknk for th¢ Vale of Rh¢idol Railway. ready for the 2025 season. A new book aboul-collection X- the railway museum's colle¢iion (whicb will include all itetns inherited by the Charity from the estate of Peter Rarnpton). aiming b¢ on sa]¢ Christh% 2024. athd a new history book for the railway aiming to be ott sale Cbristiw 2025. A group of phoiogrnplLers have continued their aDThual hire of a pkntogrdphic charter train on th¢ railway to enable hcritsgephotographs of the rai]way to be tskeD ID uttusual aDd DOmllY ijJac¢essJTrle locaiionL Restoration work of narrow.8aug¢ h¢ritage l0cot)K>tiV and carria8es h&8 CollliJed in the Charity's SuFrey worksIp. In August 2023 the Ditk Kerr locomouve arrived from Surr¢y for display ill the DEW ]DuseullL The restoratiott of a narrow-gaugc Isle of CoTnpo5Lte r8rriag¢ F68 is du¢ to be completed and debvetal for display in the Dew museum il) spring 2024. Work continu¢5 on T¢Stora(ion of tbe Ruston P¢[F¥raffiTh loromoti. The CIMrity proJM)ses to extetHI its storage faci]ities at Cap¢1 Bangor strtio itt Alxry#wyth so that the COlltiOn of narrow-gauge locomotives and carriages inherited froTtt the ¢5tate of Peter Rampion can be brought up to ArystWyth from Suyrey. The Charity intends to commence a progrojn of ttstoration wotk so that the be th"splayed the Jjjuseum or opertie oll the Val¢ of Rheidol Railway roul¢ for pas5ettgets. Some cxhibits will be carefully piepared for display in their pte$eTvd condition. others reSt0d ty full Wo18 order. The Cbariry coDliDued it5 1 mile a year tsrget of re-sl¢¢p¢TiTrg work OD the tratK wthith will CODlinue for the n¢xt fivc years to keep the iailway Irack WO ID good attd safe working order. Negotiatiou l¢gaJiti¢s coDtiDues with the BTecon MounlaiD Railway Co for the purchase of the a55¢ts and bringing the operdtlOD under the ut)xlxella of th¢ Ctwity. It is W to con¢lude the pmcess SOettt in 2024. Publ1¢ b¢nefit Th¢ Val¢ of Rh¢ith)l Railway operates the OallOn ora Vi¢toriaD naTfow-8auge rnilwsy for thc &nefJt of the publio Th¢ railway is opell to all DnberS of the publiG. The pub]J"c Catt bettefit from T4wJ xe Ibe preseNd lowmotives and rolling stock in operatioD. Vatious fate concessions are a]so available ill¢ding ithScnts for cbilthED and large groups and both single atrA retutlljourney5 ar¢ av8ilable. Acc$1]e toilets facilities aT¢ in b)th Ab¢rystwyth atsl Devifs Bridge. All trains ar(Hsibl¢ ta$. with one accessible opett tatiia8e with rarnp access and a larger wheel¢hair bay and onc FitsLIGuard raTriag¢ bas an etsclosed larger wheel chatr baywith TBTDP acccss on eacFL traiti. Dogs are weletsme to trdv¢l with P&engerS in Ibird cl for a srnall charge as are bmid¢ th)g5 in flrst class aDd third class for a sojall ¢haTg¢. Th¢ publiG will further benefjt from the openiti8 of the nallow-gauge rnilway musewll in th¢ GT¢at Western Railway locomotiv¢ Sh ia Ab¢ryStWh- official openillg sched¥lcd to b¢ SprinB2024. Th¢ TTUSt¢¢s coThfllm that they bave eomplied with th¢ r4uireDKnts of secuon 17 Clarilies Act 2011 to have due T¢g8rd to th¢public benefit 8uidaDce publisl*d by thc C&arityCommissiott for Eland aThl Wales. Sotlll lllvtstmeDts The Charity invests in statTtraining to en$ll vitsl in th¢ running of the railway and rc5toration of beritsg¢ CDgines and Carriages are not lost tD 2023 tt had aTttonthly av¢r4g¢ of37 employees. All etnployccs Frtaefjt from ijxternal tiaining th¢ir rolcs as well 1% extenkl job Specif skius trKiniThg as requ a large number are trained fnt aid¢T5 with Deflbrillators now ots au station $it¢s and tiaitts. Rellt expIeS of traiDill8 are manual handling. working al heigh chain 5awin& 5prayiThg and digital matkeli
Vle of eloI lIF¥y 14mited Rtport of the Trustets for tbe Ytar Elldtd 31 Detemb¢r 2011 0ECTlYLS AND AcrtVtrt&s Volunt¢¢n Tb¢ Cbarity u5¢s volunt¢¢rs wb¢re prdciicable atsd h&$ seen 8reAt su¢te&8 itt poviding Yolutlte5 with ro1¢5 which Provide a S¢DS¢ of 8chi¢v¢tDetht and fuifiimenL Volunt¢¢rs bav¢ b¢¢D vy artive with gard¢thtDg activitifs at Abcrysw slation &5 well • oth¢r gard Artss up th¢ line. 19 bench¢s from the slalion5 atMI halts were takeo Capel Bangor lor paintiog inthc wintCT. AppTenticesblps There ar¢ a DunJb¢r of aFgr¢D¢ice5 wo18 at th¢ charity whÉcb 15 something thatis boped to w]DUc )d grow itl th¢ future. ApptIC¢S learn skills in Cngtnring te5toralioD of IKrilage urri4ges in th¢ Cbariiys Workshop IL Aberystwyth. a5 well as guarding and fving on opernting trains. The CFLarity ewrcntly bas 2 engillce apprentices rtcruitrd ID Seplember 2023 OD a3 year program. the last wave of apprentices cotnpleted their course5 in June 2023. Out ofthe 15 appr¢ntL¢U reciuited bchveell 2012 and 2023. we have 2 Cumt arwentscG%and 6 have been relained attd work fvll time at the s8ilway. 5 othus had been retaiacd have siocc in iimc twedon kn pastur&s ACHIEVEMENT AND PERFORMANCE K¢y noll-tinalltknl performnet Indkators Succfss is in Pan8¢r numb#4 ¥ if thes¢ ¢ontillu¢ to 8mw the thatity w Gl¢ady display that it is r¢aching mor¢ p¢opl¢ to furttKr its obj¢(ti. FINANCIAL REVIEW Investment policy The tnte¢s. inv¢51m¢Trt powcts are governed by the Melt1 and Article5 ofknocialioiL FIDanclal rlsk management The board of tsijslees has overall respon5hbility to revicw the51]fant risks to whiclLthcgtOUP 15 extosed aDd set up systems lo alleyiatc such risks. PrintipAI fundknz sourees Th¢ ChaTity is prittcipally futsled by traitt tares and pub]ic donations to the railwèy a1 &ssociated Gift Aid that £att be claimed from this. It is also fwjded by various grants as and wh¢n th¢s¢ can b¢ awlitd for and awarded. The Charity is aL80 SUPPOttsd by its parellt charity etstity the Phylli5 Rwnptotl Numiw Gauge Ralh wayTnLrf. GrllDt$ Th¢ Charity Cottlttiues to apply for all 8rJts to whicFL it could bt eDtitied to C&8UR it ttmaitis well fijllded attd ca ontillue 10 work towards its objectives. ID 2023 th¢ Chwity T¢1V¢ a graJJt of £194249 Visit Wale& the fmal PayD%nt for dLe Wales to th¢ WoTld proj¢ and £I05,OQO from th¢ Railw3y H¢ritage Trust for the asseDknlyletection of the South E&st¢m bilway T(Ktrley Strttt 01¢¢5 PQrtiCO gs a n¢w ¢ntrgnc¢ lo the tnuseu]n hall. The Charity has bttn supp)rtcd by th¢ Phyllis Rampton Nam)w Gauge Railw Tru (th¢ Charity5 par¢nt cntityl particularly ID fimding rcstoration work OD ¢llgin¢s aDd ta¥riages. hge4
Vile of Rbeldol Rthv¥y Limited Report ofthe Trllstees foT ¢ht Year Ended 31 DKember 20Z3 tgaty P¢l¢r John Rampton. the founder of the Phyllis RamptoTh Narrow Gauge RailwayTrull{the Charity's immediat¢ par¢nt} died on 3 July 2019. Some of the assets inh¢Titd from his estate &% shown OD th¢Broup's BalaDce Sheet will b¢ 501d to g¢Derate bjnds to be reitkvestsd to achi¢v¢ the group's chaTi&ble objectivrs. Th¢r¢ate alsoll DutDb¢r ofh¢ritag¢ 8ss¢ts whieb the group platss to place in the new and aims to restore oth¢r5 forthe Musell all(Vor for opcrdtioL of th¢ railway. Reserves pollcy The Charity's main attivity is the operation of a narniw.gauge steam rai1y. Tr railway is i working mu5¢um which ckargcs fares to passen8ers in order kn aIntaIn its illcomL The operatillg costs cojjsist of traiti ruulling CO5 and Ibe mailltenattce of I01tiV, rolliDg Stock and buildings. The cost Sts¢Ire of setting up. financing WMI operating a railway are of such rnagnithd¢ that it is aDticip&tcd tbat the railway will always be able to spend more money on nmniJJ8 costs. maiDie]JaiJceb improv¢Trt and development. tban it catt rewnably b¢ ¢xFGtd to roi5¢ from fas. d(ti¢J ar#1 othersttttthy in¢oTlle. At the piesent th¢ trust¢ do not therore ¢XFttt to 8enetate 10ts84enn w wdiurn-tcrnh reserves. ADY reserves which u]ay b¢ g¢n¢rat¢d ¢kning a fwLci¥I are eXpj to attrib1 toa fvtur¢ mainteEwice or developmeot projttt. As at 31 D¢¢cmbcr 223 total funds 8mounted to £13.11)7246 (2022 testated.. £13,104J581. Ther¢ w¢r¢ no T¢strict fid$ as 8t th¢ year ¢nded 31 December 2023 Dor 31 Dmber 2022. Totsl ¢ndowrThent fwld amowjted to £633.650 as at the ytAT ended 31 DecemEw2023 and31 Ikcember2022. Total free Teservcs as at 31 December 2023 amoulltal 10 £971,325 (2022.. £806.487) Colng roDeern The Tte¢S are of the OPiDion that the clwi"table CoMY is a going¢on¢¢T Page 5
Vak of Rh¢idol Railny Lamil¢d Report of the TnLitees for tbt Ye#r Ettdtd JI D¢temb¢r2023 STRUC111RE. GOVERNANCE AND MANAGEMENr Covernlllg dotument The Val¢ of Rheidol Railway Limited is a tlwitsble cottJp8tsy ]imiied by sbares I0[rated on 4 Novembcr 1987. The charitabl¢ company W&8 estab]ished under a Memorattdum of Association which Set out the Objec and power of the arity and is gov¢rDed under its Articles of Associatkon. Induetion gnd tralttkng of trusttes A]1 the Trust¢¢s of the Clwity are Diredors for the pu[Po5 of compgny law. Tkn is no limit on how IoDg th¢ ore allowed to serve. The Chariry sttks to rxruii tL¢W with tk aitiL of enstirins that the balance of skills and ¢xp¢ri¢n¢e held by the Board of Trusttts is maintsined and relevant ¢0 tk obJ"ectivesof the Charity. Patritk Keef wa5 appoted au additional Tnjske during th¢year and briDgs fieIneering expeSe to the Board IDdu¢tlOD and traillittg of Trnstees Prior to their appointm¢nt Pffpective tslL%tees are pmvided with ccoies of the &>¢YDnents ttlatill8 to the Charity which set out the op¢ration fratWOrk of the Charity includiThg tbc MemordndwD alld Articles, the financia] position alld controls as sel out in th¢ latsst fmatteial ststemcnts. Prospective new trustees are itiviied to attend a numb¢T of Board mcctings of the Ttllstets atvl of the Charil)ts parent ettlity wbtrc they bav¢ an opportlllliry to discuss the opcratiOD of thc Charity •Dd firture p13DS alld objectives catt be explaittcd to them. Proydiye trustees are also provtded with ¢opifs of the (brity Co[Ju]SsiOnS Guidatsce - 'The ¢sselltial ttustee what you ll¢¢d to kllow. WI you need do" aDd-Cbarity Tn1¢¢.. that'S involv, Ptitsi 10 their formal appoinlm¢nt prospective tsew tNsiees are also required th rompl¢t6 th¢ Charity Cothtnissiott's TtU5t¢¢ Eligibility Declaration and HMRCS Fit atsd PmperPetsoJJ Declaration. lattg¢ment The day to day nJtinill8 of tkne group ¥5 d¢kgaI to Llyt ap Iolo. However. the uliimatrrewnsibility and dccision-m&ing lies with the Board of TTU5¢5. The Board of TTUStees h&8 met at regular ititrrvals throughout 2023 to monitor the activities of the Charity ond cllsurc its objective5 ar¢ arhieved. Arrxngements for stttlrtg rtmuDertloD of key personrt¢l There is one remunerated Ttusiee. Llyr ap Iolo. wbich th¢ Cknity Cotijmtssiott cMsthted to, who is excluded from Board Mceling5 r¢vi¢wing his remutmtLOD. Subsldlary uDdertakiD# The Chity holds the entire i55u¢d 51we capilal of ILN) Ordinary shar of £1 in Volt of Rtheidol TradiD8 LI1 ¥ compatty Incoorated in Englalld aÈ)d Wa]e4 Compgny Number 09146470. R¢gi5t¢red otTJce.' PaTk Avenue, Aberystwyth. Ceredigiw SY23 IPG. The cOmpaY c•rrics out trading a¢tiviiieswithth¢ pwps¢ of Aisin8 tt)lleY f donation to the chaTity. Pa8e 6
Valt fjf Rhtidol R*llway Limited Rtport oftbt Trust lor the Ytar Ellded 31 Dtttthb¢r 2023 REFERENCE AfiD ADMINISTRATtVE DETAIIS Reglstered CompAny 02188631 (England and Wa1¢5) Rtgtstered Charity number 1076037 Reglstered office ParkAvellue AberysTh¥yth CeredigioD SY23 IPG Trnstees L Ap Iolo PJNEIIis Drc R Hi88S P M Keef (appoittted 28.723) S Lattger Audltors Ashmol¢ & Co 9 Broad Str¢¢t Llandovery Canllarthrnshir¢ SA20 OAR BonkeTS Royal Bank of Scotlarwj 10 North Street Guildford GUI 4AQ CAF Bank Limited 25 Kittgs HÉll Aveoue Kin8s Hill W¢51 Malliti8 Kent ME194JQ SolicitOTS Stevens & Bollon LLP Wey Hou5¢ Farnham Road Guildford Surrey GUI 4YD Pag¢ 7
I'Ale of Rheidol RailM'A)' Limit Report of the Tru5tec5 for the Year Ended 31 D¢teThber 2023 STATEMEIYT OF TRUSTEF.S' RESPONSIBILITIES- fontinued Company laiv require5 Ihe trusiees to prepare financial siaiements for each financial )'ear Ivhich give a ITue and fair view of Ihe siaie of affair5 of the ¢haTilable coinpany and tsf the incoinirsg resources and applicaiion of resources, including ihe income and expendiiure, of the charitable cowtbpany for iliai period. In piepaTing those finaiicial staiemeni$, Ihe trustee5 are reqllired io select sllitable accouniing policies and ¢hen apply Ihem consistenily: observe the nieihods and principles in ihe Charity SORP., Inake judgetnenis and e5tiniates thai are reasonable and prudeni- prepare the tinancial statemen15 on th¢ going ¢onceTn basis unless li ts inappropriate to presume Ihat ihe chariiable company ii'ill Coniinue in busine55. The trustces are responsible for keeping proper accounting record5 11.hich disclose i%ith reasoJ)able accuracy at an), iinie the rtnancial position of ihe ¢haiiiable cornpany and io enable ihem to ell5ure ihai Ihe financial stateinents comply ii'iih the Conipanies Act 2006. They are also Te5ponsible for safeguarding the a55eis of ihe charitable conipany and hence for taking reasonable steps for Ihe prevention and delection of frdud and other irtegularilies. In so far a5 the trustees are aware.. Iheie is no relevant audit information of ivhich Ihe charitable conipan) s auditors are unaivare,. and the tTU5tee5 have taken all steps thai ihey ought to have taken to make themselves awaTe of any relevant audit information and lo establish that ihe audiiors are ai%'are of that itlformalion. AUDITORS The audiiors, Ashmole & Co. will be proposed for -ap oinimeni at the forfhcoming Annual General Meeiing. Approved by ord of the board of truste¢s on ...... and signed on lis behalf by.. L Ap lolo slee Page 8
Report ofthe Independent Auditors to the T1$r of Rheidol Railway (ed Oplnlo W¢ hav¢ 8udit¢d the financial statements of Vale of Rheidol Railway Limited (tk 'cbatitsble p3r¢Tht COtnpaDII and its subsidiaries (the 'gTOUP') for the year ellded 31 Dember 2023 which Comprise the Staletn¢nt of Finan¢ial A¢tiviti¢$, the Balanc¢ ShttL the Cash Flow Statement and not¢s to th¢ finajjcial StateD IlUding a swnmary (kf 5ignificaDt awowjting polici¢5. The financial reportin8 framewo that bas bttD applied in theiT preparaiioll is appli¢4ble ]aw attd Unit¢d Kingdotn Accounting Standards (Uttiied KinBdonJ Generalty Acc¢pt¢d Amuoun8Practiee). In ow opiniotl the fmaDcial ststemerjts.. give a twe and fair view of the stale ofthe poup's affairs &s at 31 t)¢c¢mber 2023 of its illcoming resour5 alld application of r¢sourcc4 inclwJiDg its income and expenditttre. for Ibe yeartheTrended. have been PTOP¢Tly prepared in accordattte with U]Jited Kingdom G¢n¢raJly Awed Ac¢outtbD8 bave beeD prepared in ac¢otdall¢e with the Wujrents of the CoTDpani¢5Ad20(h6. Basls for oplnloD We cottductcd our audit in aceordattce with Standarth ¢)n AuditiDg IUK)IISAs (UK}} applicable l&w. Our responsiTr)ilities under those standards are fijnher desttibed in th¢ AuditQT5' responsibilities foT th¢ audit of th¢ fLDancial 5tst¢ments sectiott of ¢Jur rern We are indepeDdent of the gtoup iti a¢¢ordance with th¢ cthir81 requiremmts that are relevant to our audit of the fthajjcial staiemettts in the VK iticlwliL8 the FRC'5 Ethical Stand3r and we have bjifilled our other etbical respojtsibilities ijj accord¢ with th¢5¢ requitrtn¢nt& W¢ b¢li¢v¢ that the audit evidett¢e we bave obtained is suffi¢iettt attd apptOPTiate to provide a b&5is fWoutop]otL Con¢luslons Teiatkng to golDg e•D¢e In auditittg the fioallcial slatemenLS. we bave eonclllded that the knJst¢& w¢ of thpgoing basis ofaccountinB in the ptepatatioo of the fthattciai statethettts Ès appropriate. Based OD the woik we have perfoTtne4 we have ideDtified w materiol unc¢rtainti¢s l&tIng ¢0 eVCDtsor conditioJ)s that, individually or coll¢ctiv¢lyJ tnay rast significant doubt on th¢ group's ability to wnthhue as a Boing concern for a t11 of at l¢a5t twelvE UM)&ths from wheD the fiDaDcial stat¢llnIS authoTis¢d fori55 Our r¢5p¢m5ibiliti¢5 th¢ ryn5ibilitiw of th¢ trllSt¢ with r¢5p¢¢¢ to goin8¢oK¢rn arc dcscriw iti the relevatst sections of this r¢port. Other luforwa¢lon The tru5te¢s are re5ponsibl¢ for thc oth¢r iDformation. The oth¢r informatiotl cornpri5cs the infonution ittcluded its th¢ Arthual Report. other ibajj the financial statements amd our Report of ihe Independent AudsiOTsthereoll. Our opinion on the fmancial stat¢m¢nts does nol cover the other iDfornation attd. exeept to th¢ tent otherwTrs¢ explicitly stsied in our report. we do not express any fonn of assurance conclusion thereo Ir connection with our audit of the fancial slatemerLts. our [espolb]I1ty is lo read the other thfoTmatiOD in doing so. consider whether the other InforntiOn is malcrially incoDsistent with the fuwial stalemeDts or OUT knowledge obtaitied in tbe audit or othetivise appears ¢0 be matcrially misstated. If we idelltify $uch rnat¢rial inconsistencies or apparent matertal tDiSSLiiemertts. we are required lo d¢terminc whether this givcs ti5e to a tnalerial rni55tatement in the fi]ktt¢ial statejnents thethselves. If. based on the work we have performe4 we tonrknik tbat there 15 a material TDi55tateJ]]ent of tbis other infortDatiOlI, we are wuired to rewt thai fact. We haye ]ng to retM>rt io this regard. Matters ott whlch we xre regulred to report by exteptlon We have ttotbing to report IL respect of the followitiB matters where the Charities (ArrouDts Reports) ReBulations 2008 r¢quir¢s us to r¢port to you if, inouropilliDn'. th¢ informati¢)n givell iTh the RqKKt of the Ttusttts is I]81$¢ent iti ally mat¢Tial respect with the fitsatt¢ial statements. or the group has not kcpi adeW¢ accounting rccords: or the fJJJatt¢ial statements are not in agreement widh the accouDting cordS whd w or we have tLOt received all the iDfoFmation attd eKplattaiioDs we requhre for our911. Page 9
Report of the ItsdtpelldeDt AuditorJ to the Trustees of Vk of Rheldol Ralhyay Lln)Ittd ReSPOD$lbllitl¢s of trujttu As ¢xpl¥in¢d Jnote hjlly the Statemetsi of Trusrees. Respots8LTr)ilities. the trustrts Iwbo also th¢ dir¢ctOTS of the charitable par¢nl company for the purposes of compatty law) are rewosible for the preparalton of th¢ fuwicial 5tst¢ments atld for b¢ing satisfied that they Bive a ttue alld fatr view. atsd for wth inrnal c4)tLtrol as th¢ trustees d¢lernsn¢ is llecessary to enable the preparation of fmaKiaJ ststements th&t are free from mat¢rial ujisstatemeoi. whether due to fwd or error. tn preparing th¢ fu¢11 state0tt the ItS ate re5tJnuble fora5sesshng th¢¢bltable tAreDt Comp5 ability to continue as a goiDg concern, dis¢lositt8, as applicable. D)alleTS relai¢d io going ctstsetrn and usÉng th¢ going wncern basis of a£rountitig utt14 the trustees either Int to liquidate th¢ cbaTitabl¢ patetst ¢ompany or to opetatiOL8, or have DO realisti¢ alt¢EDative but 10 do so. Our TespoDsibllitle$ for the lldlt ofthe finaDti¥l Statements We bave b¢en apFQillt¢d &8 alItOrS under SectiOD 144 of the Clwiti&5 Ad 2011 Ind rcwt irL accordance with th¢ A¢t aLd relcvant regulatiot15 made or havittg effect therer. (hjr objectlVC5 ar¢ to obtain Teasonable assuranc¢ obout wh¢th¢r thr fancIal state1 a5 a wbolc ar¢ fr¢¢ from tnaterial mi5stst¢meDt, whether due to fraud or e¥ror. to issue a Rqxrt of the Independent Auditors that includes our optiiioo. Reasonabl¢ assurance is a bigb level of assuranK but l5 not a 8ua(antee that an audit conducted sc¢ordatt¢e with JSA5 (UK) will always ddcct a material mi55ta¢cm¢n¢ wh¢n il exisL8. Miss&qtemcDts ¢an arise from fraud er error and ar¢ wnsid¢red matsrial if. individually or ID the aggT¢gat¢. they could reasonably be expected to i1)fluenc¢ the economic decisions of uscrs tsken on th¢ b&5is of r]llaJciai staknluts. The txtellt to wbich our proc¢thwes ¢pablc ofdctecting Irregulariti inGhiD8 fiaud i8 delailed Ixlow: lu idethtifyitig and assessing ri5k5 tsf tsJateri&l mis5tsmeDt in rry¢c¢ of 1CgUkn1les, iticludittg fraud and lloD-compliarytt with laws alld regui¥tion4 w¢ collsidered the following.. - natur¢ of the charity and the5ector ID which iÈot*f8te& - the l¢gal and tegulatory framework in which the cbarity and in paTticul•r tkn¢ laws snd regulaiious that dir¢Gtly afft the fLttancial 5ts¢em¢nts or have a fijndamental effect rn OFtra¢ioDS eg Cbariti¢s Ad 2011. h¢alth and 5af¢ty le3[aLl0. - r¢sult5 Of enquiries of mattagemeDt and those cbar8ed with governaDC¢ - aDy matters identified relaiiJJ8 to the charity'5 P)IkCi and piocedures for id¢ntifyin& evaluaiiti8 and coD]plying with laws and regulation5. gnd wbether there w¢r¢ any kThown itistaJ)ces of tlon complianc¢. - dele¢tiJJg 8t r¢5pon¢Jing to the risks of and whetber thete is any knowted8e of acbjal. su5¢d or alleged fraud. - tbe internal contro15 Cstablished miiigaie risks of frJudor complian¢e with la and rcgulatioLs. As a result of perfonning th¢ Blx>ve, we did rw)t id¢ntify w kcy audit ttlatrd to poiential risk of fraud or non QTnpliati¢e with laws r¢guJatiO In additiou to the above. our proc¢duT¢5 iucluded.. - r¢viewing the fthancial stst¢rJvit disclosurts aThJ t¢5ting to 5UPN)rtiL8 doCuetion to assess ¢ompliance with t¢l¢vant laws and regulatioDs - enqui5 of ]naDagement and thosc cbargedwith governall WnCCrnitLg ackn1 ard litigatioll alld ¢]ai]ns - perforn)8 analytical pr(Kedu$ to idthtify aDy unusual or wiexpected reJatiODthips tbat may indicate risks of materkal misstaletnerti due to fraud - r¢vi¢w of rnfftuies of committee meetkn8S . WTitten repr¢nI2tilJn$ A fjjrther d¢5cription of our spO[l51b]IitirS foi the audL"t of th¢ finanwl sttem¢nts is IIKat¢d on th¢ FiTwJrial Reporting Cwncil's website at wivw.frc.QTg.uklauditi)Isrewn5ibiliti¢& This deripl10n forn pgrt of OUT Report of th¢ Independent Auditors. Pa8e 10
Report of the IndepeDdeDt Audllorn to the Tru5teeJof Vale of Iltheidol RallTvay Umlttd USÈ ofour report Thi5 T¢POrt is Tnade sol¢ly to th¢ gToup¥ trusiee4 35 8 W, itk accordance wtth Pgrt 4 of the Clariti¢5 (Accounts Reports) Regulations 2008. OUT audit work h&$ be¢D und¢rtaken so thai we ght state to the group's trastecs those ttte we are required to state to th¢m in ajj audito. [Crt and for other pwp05¢. To th¢ fullcst ¢xt¢nt peThnit*d by law, we do rtoi accept or r¢spon5ibility lo auyoDe oth¢r than the group8nd its twst¢es a5 a b(KJy. for ouraudit work, forthi5 TqvrL or f¢K th¢ OPiDiODS webave fornj Ashrnole & Co Eligibl¢ to act Jn awjitor in t¢nns of SectÉon 1212 ofthe Cornpani¢5 Aci 2LI 9 Broad Strect Llandovery Cartnartb¢u5tL SA20 OAR Pagcll
Vk of Rbeldol Rthy limited Conso15d#ted Stalemettt of Fknantial AttiViv ror the Yt&r Ended JI December 2023 31.1123 Total 31.12.22 Total fijtsd od a5 restated Notes INCOME AND KNDOWMEIYTS FROI%I Donations alld legatie$ 544.335 544J35 10.034.859 Ch#rltablt ¢dTAt1¢5 Railway 1.105.478 1.105.478 751,682 Othu tradingactivities lllv¢5ttntDt illCOllLe Other incom¢ 545 JOI 2.315 174263 545JOI 2.315 174 63 564,702 16,526 Total 2.371692 371.692 11371136 EXPENDITURE ON Raisitig fijllds 519 519 ChArftable Actlvllles Railway Trddujg 1.58A544 1,586.544 .456.325 234 856 Total 1871.092 1871.092 1691181 Net gains on investsnents NET INCOME 502.688 502.688 9.679,955 RECONCILIATIOLN OF FUNDS Total funds brougllt foTwaTd As pi¢viously reported Prior year adjustment 12.620.547 149.639 633ffj50 13.254.197 149.639 3,424,603 13 A8 restAted I2,470,)8 633.650 13,104,558 3.424.603 TOTAL FUNDS CARRIED FORWAIiD 633,650 46 13.104 558 The tleS form part of these flnancial staienxeDts Pa8e 12
Vale of Rheldol Rllw¥y L4mi CoDsolldAted BalDce She¢t 31 Det¢mber 2011 31.12.23 Tot41 31.12.22 Total fund •$ re5taf¢d Notes FIXED A&SErs Tangible ass¢ts H¢ritag¢ awts IDveslm¢nts 14 Is 16 13.272.816 3.910.142 13272,816 4,543,792 12.784.620 4,501,891 633.650 17252.893 633.650 17,886.543 17.350.970 CURRErfr ASSETS Skncks Debtors Cash at bank aDd ID Imnd 17 18 19 108.913 220.947 762.916 108.913 220.947 762.916 98.(1( 101,568 746317 1.092.776 l.W2.776 945.889 CREDITORS Amowits fallin8 due within otte (121.451) (121,451) (139,402) r4ET CURRENT ASSETS 25 971325 806 487 TOTAL ASSETS LESS CURRENf L1T 18224218 633h50 18.857.868 18.157.457 CPIDITORS Amounts fallillg due after]nore on¢ year 21 {5250.622} (5250,6221 (5,052,899) NET ASSETS 12973596 633650 13 104558 FUNDS 24 Unr¢stricted fuj EDdOWznt fiu$ 12,973,596 12,470,908 633 650 TOTAL FUTr4DS 13607246 IJ 104 558 All th¢ 8roup's attivilies derive from colltiniJin8 0tthii0 during thc aknvc twoperi(vls. Th¢ notes fotm part of these fitiatrial statemths gel3
Y¢ of Rheidol R•llw•y Lirni¢ed Charity BlaDC¢ Sheet 31 D¢ttmb¢r 2011 31.1123 31.12.22 Total restated Not¢5 FED A&SErs Tangibl¢ assets H¢ritage assets ILV¢Stm¢nts 14 15 16 13272.816 3.910.142 13,272.816 4,543.792 12,784,620 4.501,891 63350 17252.913 633.6SO l7.886.643 17,351,070 CURRENf ASSETS Stocks Debtors Casb at bank aTKI iu hand 17 18 19 534278 381.131 551874 538 638 .078,576 1.078.576 938,665 CREDITORS Atnounts fallitt8 due within olle yfar 20 {I07.351) (I07JS1} 11322781 r4ET CURRENT AssErs 971 25 971225 806 487 TOTAL ASSETS LESS CURREIWT LIABILITIES 18224218 63350 18.857.868 18.157.457 CREDITORS Atnounts fallittg due aftermore than oneyear 21 15,250,622) {5.250.6221 {5,052,899) r4ET ASSETS l2 973 596 633 650 46 13 104558 FUNDS Called up share capital Unre5tri¢ted fut EDdowTn¢nt funds 100 12.973.496 12,470.808 633 650 TOTAL FUNDS 6 13 104558 The rharitable parent company and its sub5idiaties {'the group.) is eDtiiled to exemyion from audii tstthr Sectiott 477 of ¢h¢ Compatiies Act 2006 for the year eDd¢d 31 D¢¢ethber2023. The m¢mb¢TS have not dep)sid notice. pursuant to Section 476 of the CooJpatiit5 Act 2006 TEquirillg an audit of thes¢ fin8Lrial statetnenls. Th¢ tnte<S acknowledge their responstbiliti¢s for la) ¢usuriDg that the group keeps a¢¢outLting that comply with SeclK)n$ 386 aThl 387 of th¢ Cotnpani¢s Art 2006 and preparing financial 5tat¢ments which give a Irne and fair view of the sts* of affaiTS of the group a5 at the end of each fmanckal y¢ar and of its Surplus or deficit for ca¢b fi[11 year COrdance with the requirements of S¢clion5 394 aud 395 and which otherwise comply with the wuiremetttsof th¢ Companies Act 2006 relating to ru)aocial Statements. so far as applicable to th¢ group. (b) The tsotes form part of th¢5¢ finla1 statertxen Pag¢ 14
Valt of Rheidol Railmay Limittd Balance Sheet- fonlinued 31 December 2023 These financial statements have been audited under the requiremenis of Seciion 44of th¢ Chariiies Act 2011. These financial siaiements have been prepared in accoidance ii'ith ihe PTovision5 applicable to choriiable companies subject to the small companie5 regime. The financial staiements were approved by Ihe Board of Trnsttes and authorised for issue on and ivere signed on its behalf by= LApl Trslee The notes fomi part of ihese finan¢ial siakments Page 15
Vle of Rheldol Raoway L4mite conwdltd Cash Flow Stateent for tbe Year Ended 31 Dec¢mb¢r 2023 31.1223 31.12.22 as r¢5ts1 N(bt¢s Ca5b flow5 froTh operating lldivities Cash gen¢rated from operations 236.lths 9 803 708 Net casb providedby Owdting activities 9 803 708 Csh flows from inveslillg 4rtivi¢ie5 lJr¢hase of tsDgibl¢ red a&%ets l1relse of heritage a&8ets Purebase Orred assei itivesonents Sale of tattgible fiKed assets Sale of heTitage &ssets Sale of fixed asset investments Jnlerest received {593,140) (s3,} (3 J88} 218J87 I2.5 18.999.337) 11.210.872) (13.3401 117.833 7.049 2.082 15 N¢t rash os¢d iti iDvestinB activities 10 080 059 Casb flows from fuLneillg adiviti¢s Loan repayments in year Capilal repaymettts In year 197.713 298 252.217 975 Net cash provided by fLDaLciDg activities 251242 Change ID cash aDd ¢&5b ¢qlY kn the reportlng perlod Casb And Casb equivalents at the beglnnlnz of the reporting period (16.6X)) (25.109) 746 16 771425 Cssh athd tsb tqulvgltnts #t the end or the reportiDg period 746 746316 Thc notes form part of these fillancl sratemett Pog¢ 16
V4k ofRheidol Rih•y L4mited Note5 to the Csh FIoY4 St&tement for the Ytar Ettded 31 Dtttmber 2023 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING 31.12.23 31.12.22 as restated N¢t itttojlle for the ttportloz ptrAod {As per Ihe StatemeAt of Attlvitltj) Adjustments for: Depieciation eharges Losses ots investments IProfit)noss disposal of fLx¢d a&Yts ILtert8t e1Ved 50S,988 9,679,955 56,745 12,088) {170?88) (2,315) 55.973 16.450 (16.5261 3,692 (10.357} {2.765} In¢T¢ase iti sto<ks {In¢reLseydeerease IJJ debtor5 Decre&%e iti creditors (10,909) (299.825) N¢t ¢asb provlded by oper8tloDs 9 803 708 ANALYSIS OF CHANGES IP4 NET DEBT At 1.1.23 Cath flow At 31.12.23 P4¢1 ¢xsh Cash at bank atld in baDd 762916 746 762 916 Dtbt Financ¢ leases D¢bts falling due after l year 1298) 197 723 15 052 899 15 250 622 198021 Total 41 (4) (4 487 706 The DOt¢5 forni part of these fintIal statemeDL Pag¢ 17
Vle tsf Rheidol Raihvay iijllittd Notts to the Fittnclal Statements ror the Year Ended 31 Dtttmbtr 2023 ACCOUNTING POIJCILS Statement of compliance The fmancial 51at¢m¢nts have been pryred ID ac[dan¢¢With Accounts atyj Reportin8 by Cbaritics.. Stsiemeot ofRecon)ts)ended Practice (app]icable th cFLaritiespreparJng th¢iraccouuts attordatsce with the Fitmncial Reporting Standard app]icable ith tbe UK and Repubb"c of Ir¢laud (FRS 102))lissues in Ociobcr 20191- (Charities SORP (FRS 102)). thc FinarL¢ial RwniDg Stsndatd applicable tbe UKand Republic of Ireland IFRS 102). the Cornpani¢s Ad 26 aDdtbe Cbariti¢sAct2011. Bajffis of prep4Tlng the JID4Dtl41 statemeDts Vale of Rheidol Railway Limited mttts the dcfmition of a publi¢ b¢D¢fv e]Aity Utth FRS 102. A58ets and liabilitics ar¢ initially [wod bisfori¢ ¢05t or lTrutIOn valu¢ wkss otherwise sta(ed in the relevant accounting policy noits. Preparatlon oftODaolldaled slateJn¢Dts The consolidated fLnan¢ial stat¢m¢ntS COT1501idat¢ th¢ Y8t¢TnrnL8 of the charity 8lld its subsidiary undeTtakiti8s drawn up to 31 Dettmber 2023. No $tatemettt of fancIal acthvities is presentyj for the chLty gs P¢Tmittedby sectioD 408 of the Compatties A 2006. The charity mad¢ aprofit aftwtsx forth¢ financial y¢ar of £502,688 (2W22 reSted.. £9.679.9551 A subsidiary is all etttity cootrolled by the clwity. Control is acbi¢v¢d wher¢ the Chatity lths the power to govern th¢ fJ]xattcial attd operatsn8 po]icies of entity 50 95 to obtsiD b¢Defits from its tivsti¢s. The results of Subsidiaries acqti1d or di4)osed of during the yw are inclDled in the 51at¢mcD¢ of r]natLcial activili¢s from the effeciive date of acquisitioth or up to the effectsve d of di5p)sal. gs &ppropriRt¢. Wh¢r¢ Dwe553ry1 Rdjustsllents are made to the fancIal slatements of subsidiarie5to t(iugtheiT accounting poli¢i¢s into IiDe With th05¢ of the gNMJp. The purcha8¢ method of acrountitLg is used 10 a¢toutti forFxJsill combioaiions that result in thc acquisition of subsidiaric5 in the gtoup. The cost of a bushties5 combinatiOD 15 mcasurcd as thc fair valu¢ of the assets 8Lven. equity iD5tnun¢nts i55v¢d aud ]iabiiities incurred or assumed at the of exchge, plus costs directly attribuiable to the busin9 cotnbi]JatioL Identifthble assets acquired and liabilities and cootingent liabilities assumed ij) a busiDeSS combination rneae initia]Iy aE their fair values ai the acquisiuott dale. Any excess of the st of the business combination overthc acquitds interesi in the rw fair wlueof the ideJJiifiable assets, ]iabilities and contingent liabiiitics r¢rogni5ed is recorded as BTh)dwill. subsidiaries. wbich arc related parti¢5. or¢ ¢l1mllted in full. Interwup losses ate also eliminated but rnwy i1]&1¢ an it[1]t that reqyirc5 r¢¢ognition in th¢ COD501idatcd fiLattcial stalen*nts. AccouDti]J8 p)]icies of subsidiaries have been rhaDg¢d where necessary to ¢D5UT¢ CQllSiSte]JGy with the poli¢i¢s adopted by th¢ gtoup. Non-con11]ln8 interests in th¢ net a55ets of cfjnsolidawl subsidi1¢5 ar¢ identified separately from the group's equity Ihereio. Non-controlling interest consists of thc arnounl of those uJt¢resls at the date of the original busirtess combined aThd the non-controllin8 sbareknldetr5 share of chaTrg¢s in quity sinc¢ th¢ date of the ¢0oJbinatiott. Total comprehensive iDcoJne is atttibuiable to t¥m-rontrolliDg illterest even if this results in the nOD-controllillg interest having a deficit baJanc¢. Income All income is recogni%¢d IN Ststettlettt of FanCIal Activiti¢s oDce th¢ cbariiy has eDtitlem¢tLt kn the fimd4 il ts probable that the incotDe will b¢ r1ved attd the amountcan mwwed lIablY. Grants Receivable GTartts are recognised then the group att etttillement to the fwids and wnditioDs linked to the grant bave bE¢D et. Where perfOrnIe collditioD5 aT¢ attached io the graDt èod arc y¢t lo be met, th¢ iuwu)¢ 15 r¢cogn15¢d 8$ B ]iabi]ity atsj iJ)cluded on the bala[¢ sheet 18 deferr•l ineffjc to b¢ 1¢45¢ Pa8e 18 continued...
Vle of Rheidol WTY4y Lamlted Notu to tbe FlnDtlal Stattlll¢Dts- ¢OJLtiDutd for ¢he Year Ended JI Det¢mb¢r 2023 Cifts in kind Gifts in kiDd are reeo8nised in diff¢r¢n¢ ways depetldent bow they #r¢ wdby the c]Jarity. li1Th05¢ donated for resale produce in¢orn¢ when they are gold. They arevalutd the amount acttthlly realis¢d. (i11Th05e donated for ooward ttaDsiTrission to beneficiaries e included inthe StstemeDI of Ftllallcia] ActivitL¢5 incomiDg resources attd resourc¢s ¢xp¢lld when they aTr distributed. They areValUal the amount th¢ charity would bave had to payto acqu¢ th¢m. (Ili)Th doDated foruse by tbe cbarity iLself Hr¢ iDcluded when ttteivable. Thcyare valued at the amouttt th¢ charity would haveb8d lo pay to atquite th¢tn. DoDations DonatioDS are recogthised when the tbATity ha5 bccD notificd ID writi08 ofboth the atnOULt and setti¢m¢Dt date. In the event thal a dottaiion is subj1 to ¢onditioos thai requi a level of pcrfomiauce by the charity before the charity is entitled to the fjlllds. the ineome d¢f¢rred gnd Dot reco8msd unts] either these toDdition5 Rr¢ fully ttL¢¢ or the fijifjlmelli of those cormlitiiyus is wholly withirL the conrrol of the charity atsd it is probabl¢ thal tlkese cotLdition5 will be fijlfilled in the Tewtitigperio(L EIpendlture Liabilities are cogniSed &8 expenditurt #5 soon as thffc 15 8 lesal or eoDSthEctive obligation Committing the charity to that expeoditure. Lt is Ptobable that a tran5ftr of economic ben¢fits will be reqllited s¢ttl¢m¢nt and the amoukt of the obli8atiott call b¢ m¢&SUT¢d Tcliabty. ExpeDditure is ae£ollllttd fot ou aD ¥crua15 basss and has been ¢lassified U1¢[ headiD8S that agwgat¢ all cost relatrd lo the catrgory. Wjere costs caDnOt be d¢¢I]Y attributed to particular beadB$ th¢y bave bcen alkuted to acuviiies on a bw con515tt with the of resout¢es. Ckarltable #tlivltiés Chatitsbl¢ ¢xpEnditur¢ cowpri5¢s thosc costs Incued by the charAry in t d¢Jtv¢ry of its activities and seNice$ f¢)r it5 beneficiari¢s. It inclwie5 both costs that can be allocaod dirtyxiy t• 5uth actiMticB and those of a]J indI¢t DatUT¢ necessary to 5UPPOrt them. GoverllAttt¢ ¢o$ts These intlude the costs attsibutable to the ChltieS. comp]i3ncc with con#IknlÈott SJMI 51atutory requiremettts. includin8 audit, $trdtegi¢ rtwem¢nt alld t cxpeD5t5. Tanglble Ilxtd assets Individual fixed asseis of atty vallle are illitially rrd¢d os c¢)5L IS any gjbsequeot atrumulated depreciation aDd subsequent accumulated impalml loss¢s. Work cotnpleted ill the restoration of &ss¢ts i5 fiwd¢dby suTrluses from the Vale of RbEithI Railway Limited attd loatss from Phyllis RatDpkn)D Narrow G&ug¢ R8ilwayTn D¢Prlation L5 provid¢d at thc following annual rat¢5 ID order to write off et over its estimated 4L5¢ful PJaDt audTn¥bin¢ry Motor Ychicle5 at vwiablc rd*s 21Y/o straight linc basis Heritage a55et¥ Owing to the unique DaDJre of heritsge a55ets. the cost of obtstttiD8 valuatr>n5 would be otte108 coJnpar¢d with the corresponding bellefits to the charitable cotDp&ny and ihe users of thc fiDancial statetiiettts. Th¢ h¢ritage assets are therefore shown at original cost and are not deprttiattyj. The obj'ective of heritage tssets is to display them in the proposed museum. As much documelltstion as to the proveDJnccof herithge assets is obtained and relaincd by the charitsblc ¢omparÈy. Access to the ass% is carefvlly mamged in order forpreservation. Page 19 continued..
Vle of Rheldol RlY Illlted rlotes to the Fknantlal Statements- ¢ontknued for the Year Ended JI December 2023 ACCOUNTING POLICIES- coRtIMued Stocky Stock is valued at the lower of c05tand ¢stima¢ed Selling price Icss cost totowletc and scll. aftu dtse re8ard for obsolete attd slow moving C05t in dets1m1 using the fwsl-iD. fu5t-oui methoj (FIFO). Tlxallo the charity is COD5id¢red to pw the t¢5tS 5¢t out in pardwh I stILeIe 6 of the FtDODCe A¢t 2010 alld therefore is meets the derli10n of 8 chgritable compgny for UK corw10 lax putposts. AccordiDglytr th¢ ¢barity is POteJ)tÈally exempt from tation ID rrycct of incorn¢ or rawthl 8aiD5 received within tegO[l¢S coveied by £hapt¢r 3 Part I l of the CoTPOTation Tax Act 2010 or Sectiots 256 of the TaKation of Chargeable Gains Act l992. to the extrDt that suth inrouKorgaiw are appli¢d ¢x¢l11¥c1YlO ctrthritabk putposcs. Futtd ACCOWItIDg U]eStricted futtds can be used ID accoDknwitb th¢ thTitthk objetttves at the disctetiotl ofth¢ 1Th5t¢¢ Restricted fiLuds catt only be usd ts particular rcstrict¢d within the objects of the Chlty. R¢stri¢tioDS aTise wbett splfIed by the donoT or wb¢n fw¥t5 rdised fatpatiieular restricted pwposc5. Further explatsation of the Daturc andpuTpos¢of¢ach fund ts included in the nthsto thc firwlcial ststrments. Fiied lllvestments Fixed a5S¢t inv¢5tsDents, other than pro8Tamm¢ relat inY¢slm¢nts, are included at the mathl value at the balance sh¢¢t date. Rrali5LMI 8aitis and losscs on iDvcstm¢nts are calcul&fedas the drtTe[Kebeeen sales proceeds alld their market value at the start of the year. ortheir sub5¢qU¢lltw( dar¢ ¢haTg¢d or creditedto the statement of Financial Activities the perhod of distwl. UJJrcalised gains and losw rgjiesent thc movement in the mgTk¢t vglu¢s a]ting the yeaT arttr&lited or ¢har8ed lo the SlatemeDt of Finantial Activities based on the rnaTk¢t YJlu¢at year CDd. Trade Debtors Ttade debtor5 are vmwits du¢ from customets f¢x metchaDJiscsold or ry1c r0)ed w th¢ ordiw ¢ourse of busines Trade debtors are reco8nised initially al the ttansacuon price. They svb5equenity measured at amortis¢d cost using the effective itiier&8t m¢thod.1¢55 provision for impa]rnl A provision fortbe impairment oftrade d¢btors is established then there i5 objective evidence that the tharity will not be able to collcctall amounts du¢ accordillg to the 0ri8itial terms of th¢ r¢c¢ivabl&8. C•sh ¢sb equlvaleDts Cash and cash cquivalent5 tomprise cash onhjnd 8t call deposit attd short teuD highly ]iquid investments that aT¢ r¢adily tonvertible to aknown wuount of atkd aresubjectto all itisiwfic4ttt risk of ctLang¢ in v¥lv¢. Trde creditOTS Trade creditors ar¢ thligatiolls io pay for gl$Or5e[¥1cts that bave been wuwed ill the ordinary ¢ouTse of busine&% from suppli¢T5. Accoutsts payable are classified as CUTretht Itabilibes if th2 C]ty does not have an UDconditioThal righ¢ at the end of the reporting petiod, to defet settlement ofthecreditor fo[ at least Nvelve months after the reporting dats. If there is aD uncotHlitioDal risht to defers¢ttji¢Trt forat1¢st twelve wonths after the reporting date. they ate prtsenkd as DotL-oureDt IbilIties. Ttade creditors arc renIsed illitially at the transaction price atLd sth$qv¢fy M¢wsU at grDtbrti5¢d 5t usiDg th¢¢ffecuve intertst mcthod. Borrowkngs BoOW1n8$ are classified 85 curr¢Tht liabilities unless th¢ charity h4d3n UDron¢thtion&l right kn defer s¢ttt¢m¢nt of the liability for at le&8t nvelve months aft¢T the WOrnD8 dale. Page 20 Continu..
Vgk of Rheidol Ralhvay Umited Nott5 to the Fln#n¢ial Stat¢m¢uts- ¢ontiDued ror tbt Year Elld¢d 31 D¢¢¢mr 2023 DONATIONS AfiD LEGACIES 31.12.23 31.12.22 as Teststed Gifts Donations 9.250.055 544.335 10 034 859 OTHER TRADING AcTmE8 31.1123 31.12.22 as restst¢d Rcntal incorn Book income Solar incom¢ Surrcy incom¢ Mana8cmcDt charge Vale of Rheidol Tradtng t 5.302 5,292 (1,6) 3,723 249,637 10,21XI 297 450 9.290 64,927 10.21)0 455 582 545 301 YVESTMEprf LYCOME 31.12.23 31.12.22 a5 rtated OJrreJJi aet itivestment income INCOIME FROM CHARITABLE AcfiviTIES 31.12.23 31.12.22 as rcstated Activity RailwBy Railway Railway Train far¢5 Car park 694.317 11.912 399 249 751.682 1 105.478 Grants receive(L illclud¢d ID thr ttiH)ve. art &s follo. 31.12.23 31.12.22 &$ restat&l Visit Wales Grartl Railway Hetitage Trust Co&stal Commu]Jity Grant 194.249 105.OtK) 8e2l continued...
Vlie of Rheldol Rl]wy IJthlted Notes to the FIDaDtlal Statements- eoDtIDued for the Year Ended 31 December 2023 RAISbYG FUNDS InvestmeD¢ mD8tmtDt eo4$ 31.12.23 31.12.22 as reslated Portfolio manag¢m¢nt 519 CHARITABtE ACTIVITIES COSTS SuppDrt ¢osts 1$¢¢ Jjotr 8} Totals Railway 1 118.827 752 265 1871092 SUPPORT COSTS Govemallee tosts Totals Railway 752 265 ltt¢luded within gov¢n)anc¢ o>sts 15 audiiors. fee aJnouDtinB to £8J33 forthe ckn"¢able parent compaDy (2022.. £6.656} and £2.467 for the 5ub5idiary (2022= £3,388) NET tYCOMEI(EXPEf4DITURE) Net in¢omel{expenditure} 15 ststcd •ft¢r¢lwBlligl{credititi8)'. 31.12.23 31.12.22 restatal Auditors, fee Auditor5, f¢¢ for audit work D¢pr¢ciatson- owll¢d &8sets sUlU{d¢fl¢il) on dtsposal of red &wts 10.8(M) 5.4(Kl 56.745 170 388) 6.656 3,388 55,972 io. TRUSTEESI RE[UNERAT[oN AND BENEFITS trIng th¢ year the 8roup made the following tran5a¢ti(wwith knJste&8.' Mr L AP tAJlo re¢eived remunuation of £71.{ (2022.. £68,000}duriti8 ts y¢ar. The charity Ttwk toloYer t*nSiOD contributions on b¢half of Mr L AP U)lo atnourLtiDg to £1321 (2022.. £1.32l) The rem¢Tation wL% ad alboard kvcl and approval oled foi theChg4ttyCommi55ion. No jS{te5 havc TClY¢d other benefits from the charityduring th¢ yrar. P4e 22 continued..
Vah of Rbeldol Rallway lJmlte41 Notes to the FiDaD¢ig1 StatemeDts- contiDlltd for the Y¢#r Ended 31 December 2023 io. TRUSTEES. REMUNERATIOIY AND BENEFITS-eoDti•ued Trllittts tXPÈDses ODe tru5tc¢ rffcivcd travel expeSeS of £591 forthe Year¢I¥J 31 De£¢mkn2023 {2022.. Nil) ij. STAFF COSTS 31.12.23 31.12.22 Wag¢5 and salaries Social security costs Etuploycts P¢tL5iOD 795.515 54,684 795,066 61,519 869621 Slaff C•tegoTie$ The nwDberof staff ¢mploycd by the charity dwing the y¢ar was 8$ follo. 31.12.23 31.12.22 Opcralion of the railway Administration and gjpport 33 35 37 40 The number of unploytts whose emolumeDts fell withiD the followiLB w&s.' 31.12.23 31.12.22 £60.IMII-70.000 £70.001-80.000 12. COMPARATIVES FOR THE SrATEfvNf OF FINANCIAL ACTIVIIIES Unrentied Resfricted EDd0eDt Total as restated INCOME AP4D ENDOWMEhYS FROM Donations aThd l¢wi¢s 10,034,859 10.034,859 Charitabl¢ actiTriti¢s Railway 751,682 751,682 Other trading 4ctivitic5 InvesttDeDt itKOm¢ Other income 564,702 16.526 67 564,702 16,526 Total 11371 136 11371 136 EXPENDITiTRE ON Charitable activities Railway 1691181 1691181 NET C0 9.679.955 9.679.955 Pag¢ 23 continucd..
Vale of Rbeidol Rallway iamlted Notes to the FiDaDcixI St&tew¢Dts-eontiDDed for the Ye4r Ended 31 Dec¢1)T 2023 12. COMPARATIVES FOR THE STATEII IENT OF FtNANCIAL ACTtVITtES- continvd Utw¢strict¢d Restiicted Endown¢nt fid Tota &8 ststed TraD$feT5 betw¢¢u funds 651551 651551 Net moverntnt In ndS IOJ31506 (651551) 9,679,955 RECONCILIATION OF FUNDS Total fund5 brought fonYaTd 2,139.402 651551 633.650 3,424,603 TOTAL FUNDS CARIUED FORWARD 12 470.908 633 650 13 104558 13. PIUOR YEAR ADJUSTMENr Prior ycaradjustm¢utTDa(k forduplicaiion ertNs ondebtors for £149.639. 14. TANGIBLE FIXED ASSETS Freehold Plant8lld Motor v¢hic1¢5 Totsls COST At l Jattuary 2023 Additions Disposals 12,482.109 584.489 lJ14.921 8.651 9.81KI 13.806.830 593,140 At 31 2023 99 1323 572 14351771 DEPRECIATION Al l January 2023 Charge for year 263.326 758.884 ,022.210 At 31 December 2023 263.326 1078 955 NET BOOK VALUE At 31 December 2023 12755073 13 At 31 DecemFr 2022 12218.783 556.037 12784620 15. HERtTAGE AET8 Total I¥IARKET VALUE At I January 2023 Additiotjs Disposa]s 4.SOI,891 53,966 At 31 D¢¢¢JJxber 2023 4 543 792 NET BOOK VALUE At 31 De¢embei 2023 4 543 792 At 31 DembEr2D22 4 501891 Pag¢ 24 contiThued...
Vle of Rheldol R#llwxy IJmltt Notes to the FthD¢lal StattmeDts- toDtIDued for the Ye*r Ended 31 December 2023 FIXED A&SET IP4VESTMENTS Li$t<l iDvestments MARKET VALUE At l Jauuary 2023 Additiotts Revaluatio 64,459 3,388 At 31 December 2023 NET BOOK VALUE At 31 D¢[llb¢r 2023 At 31 December 2022 Cost or vaJuatiOD at 31 D¢¢¢mber 2023 is reprtseDted by.. Listed investojents VaJu8tiOn iti 2023 If listed investmlts had t1 they would bav¢ been at thr followitig b]stle81 cost.. 31.12.23 31.1122 &8 reststed Co$1 Listed inveslm¢nts vallled on anopen maTkct basis on 3 D¢tember2023 IFY th¢ tmdon Stk Excballge. 17. STOCKS 31.12.23 1.1222 31.12.23 31.12.22 Gro Group Charity aJ8rity •S T¢5FAt¢d StoGk Pa8e 25 Contin&..
Vak of Rheidol Rallway iamited Notes to Ihe FknaDci41 Stat¢wents- coDtilllltd for tbt Year Ended 31 Deeemb¢r 2023 DEBTORS: AMOUNTS FALLING DUE WllTH OYE YEAR 31.1123 31.12.22 31.12.23 31.12.22 ChaTity as rettatsd Trade Debtors 56.619 1.098 499,085 33,645 450 10.426 318.000 42,255 450 VAT 16.764 450 34.736 450 PrepaymettL8 Oth¢r Debtors IWIP) 91 19. CASH AT BANKAND IN HAND 31.12.23 31.12.22 31.12.23 31.12.22 Charity a5 restsled reswed Cash on hat Cash at bank Cash per inve5tmcntportfolio 6.333 733.545 5.207 528.583 6.333 539.102 752.861 20. CREDITORS: AMOUNTS FALLING DUE WITHlf4 ON4 E YEAR 31.12.23 31.12.22 31.12.23 31.12.22 Group Charity Charity as r¢5tated Hire Purchase Trade CT¢ditor5 Soci*l security aud other ¢ditorS AccDJed exper¢5 (298) 45.553 78.367 (298} 44.724 78.369 28,256 76.995 l7.857 76.994 Pag¢ 26 continu1..
V•ie of Rheidol Rallway L4wited for tb¢ Year Ended 31 D¢tember 2023 21. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 31.12.23 31.12.22 restsi Loans (see note22) 5 052 899 22. LOAf4S 31.12.23 31.12.22 31.12.23 31.12.22 Group Gmup restated Cbarity r¢stat¢d Other Loans falling due after l year Otherloalls r¢pT¢s¢nt an amoutsl duc tothe IrMOI¢ p8r¢nt Cthtwny. Tkr¢ is currotlyno requiremetti to repay this outstanding a]notsl LEASING AGREEMENTS Minimum Ite payments undErhite purch&8e fall due as follow5.' 31.12.23 31.12.22 as r¢stst¢d Net obligations repayablc.. Within ou¢ year 298 24. MOVEMENT IN FUNDS Net nu>vement in fimd5 At 31.12.23 Atl.1.23 adjuslmenl UDre5tri¢ted fwids General 12.620.547 (149ffj39) 502.688 12.973.596 EndOw¢llt funds ELdowra¢nt fund 633.650 633.650 TOTAL FUYDS 13.254.197 149 639 502 688 13 607 246 Net mov¢m¢nt iti fit. includd in the alx)ve ate as folloTrE: IncoD)iDg R¢50urce5 Gains **d Movement iti fi]nds Uttrestrlcted funds General fvnd 2.371.692 11,871,Q)2) 2,1188 502.688 TOTAL FUYDS 2 371692 1871 IW2 502 688 Page 27 continued..
Vak ofRheidol Railway Iafftited Notes to the FiDaDcial Statemeffit#- cothtkntd for the Y¢ar Ended 31 December 2023 MOVEMENT IN FUNDS- Compwtatlves for movtmtnt ID fDnds Nc4 movetD¢tst Transfers veerÈ Dds At 31.12.22 Ai 1.1.22 UDrestrlc¢ed fwids Getleral fid 2.139.402 9.679,955 651.551 12.470,908 RestTiCted fvnds Restricied fund 651551 (651.551) EDdowmeDt fund$ Endowm¢nt fiuld 633.650 633.650 TOTAL FUP4DS 3.424.603 9 679 955 13 IrA 558 Compardtiv¢ t1 rimiveitsetht itt included in thcui¥)v¢ ar¢ B5 follow Resout expended Movement in fiLods r¢SoU¢S Uxrestrlcted funds General fund I1.37l.136 {1.691,181) 9,679,955 TOTAL FUNDS 11371.136 1691.1811 9 679 955 Aruet year 12 andprior y¢4r 12 motsths coDthined position is 85 follows: Nd TTan5f¢r5 b¢tw¢¢n year *liuslment move1 At 31.12.23 Atl.1.22 UDrestTlCted funds General fid 2.139.402 10.182.643 651.551 12.973.596 Restricted furtdj Rcstrict¢d fw 651.551 (651.551) EndoFment fund5 Ertdowment fiuxl 633.650 633.650 TOTAL FUNDS 3 424 603 10 182643 13 607 246 Pag¢ 28 continued...
Vale otRheid•l RUway [1Dted Notes to the Fknanelal Statements- eontinved for the Year Ended 31 De¢embeT 2023 MOVEMENT IN FUNDS. eotttknued A cutrent year 12 months and prior year 12 rnonth5 combin¢d nct mov¢[rt in fw)d5. illclud¢d in the above are a5 follows= iic50w¢es GaiDS alld Movetttnt ¢xp¢nbJ 1055eS ijj fuLds UDr¢stTltted fun Genwal fiLttd 13223,943 {3,043,388) 2.088 10,182,643 TOTAL FUNDS 13 223 943 2.088 10 182643 25. ULTIMATE PARENTCOMPANY Th¢ company's immediate parent 15 Phylli$ Rauhptott Narrow GauBe Raitw&y Tn]5L Cbatity ]10. 292240. RegL5r¢d offi¢¢ addre". Vale of Rheidol Railway, P•k AlxrysNyth. Cercdigiot4 SY23 IPG. The5¢ fjnatscial statements arc availablc upon rquest from the regist officcor Chlty CoTrllnissioL. 2& REIATED PARTY DISCIAYSURFS There We tKb latPaty traJJsactioD5 forthcyeareDd¢d 31 Dtt2023. 27. FUNDS The elldowmcrLt fimd latr5 to assets from British Rail 4t Aplil 1989. 2& SUBSIDIARY UNDERTAKINGS The Charity holds the eDlir¢ issued shate capitsl of ILN) Ordinary 51we5 of£1 ¢ach in Vale of Rheidol Trading Limited. a cotnpany incorporat¢d in Ets8larMI atld Wale5. Company nwnb¢r 09146470. R¢gistered office.. Park Avenue, Aberystwyth. Ceredigion. SY23 IPG. The ¢ompaDy ¢arries trading activitics with the PUT5M)se of raisiDg Tnoney fordojjalion to th¢ ctlarity. Summary proflt #Dd loss ctouDt- y EThJed Y¢aT End 31.12.23 31.12.22 Incom¢ Cost of 5a1¢5 455582 455582 297.450 297 450 Profit for the fInancl PEriod The asse15 alld Ilabllltlts of the subsldiry were: Curr¢nt a55ets Creditor5 530.166 530J)66) 342.743 Awegale share Capital r¢settv l(KJ This pa8e do&% not form partof the ststuw financial #atements Pa8e 29