RECISTERED COMPANY NUhlBER: 02188631 ￿nI11￿d aDd Wlles) REGISTEiiED CHA￿Ty 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¢ TT￿te¢S l kn) 8 Report of the INdepeDdent AudltOTS 9 to 11 Cons01id4ted Statement of ￿a￿tIll 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 R*llF*y 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 ¢E￿IltieS ptepating their ￿C(X￿ts 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#ilw*y 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¢[n￿8 Darrow VFuge rnilways iticluditig but not limited to the narrow gauge railway in the ¢ounty of Ceredigi¢tt whicb ex*end8 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 objecti￿5 includ¢ a rninor ￿endment to the main Obi￿ts of the Charity made iti 2023 with Cl￿rity CollllDi55iOU approval ¢uabling the ChaTity to advancc the education of the ￿bIle in Da￿0W-&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 iL*ff$t in th¢ railway. By growing th¢ pr¢s¢nc¢ iThcrea5ing visitor tLumb¢rs the Charity is able toeducale 18 many mejnbers of the public as po55ibie in the narrow-gwg¢ rdilwdy. Atl TNsttts and seDiof F¢TSODS remain focus¢d OD the objectivu of the ￿3[￿ty. Objettlves. strategies and #etivities Tb¢ ¢baritable cott)patsy's princip&l activity is the provisiots of a wthing by tIK OPEratiotL of a narrow-gauge railway litte together with 85sociatd statioD 8Dd n￿l￿teD1￿ce r￿lI111¢S l*tweets Ab￿s￿ and D¢vil's Bridge in the ¢outtty of Ceredigion. ID 2023 th¢ railway ¢aTried 4l.9l8 passen8ers Ipa&senw ID 2022 w¢r¢44.386). Its open months for caTryill8 pa&5¢ngers ¥¢ March throu8h to Novembu with tsaitts nmuillgevtty day and fi)w traiDS aday in the bJ"gb seasoth. Th¢ Charity cotttitsues its progran￿e of maintenance athd re￿wallOn of Irtotnotivcs and carriage5 operating OD the rout¢ and in 2023 thi5 iDGluded the followitL¥ ¢￿TLed out in the Alwtwyth WOW. * Th¢ ¢ompl¢tion of th¢ r¢novatioD of a se¢otLd Firrt cl￿ CaTriag¢ No I I which put itiio passellgeT C4Tryill8 rvice. Thi5 has ¢nabltd ¢v¢ry pa%sthger tsain to have th¢ option of 4 fir&tiV￿ and carria8es h&8 CollliJ￿ed in the Charity's SuFrey worksI￿p. In August 2023 the Ditk Kerr locomouve arrived from Surr¢y for display ill the DEW ]DuseullL The restoratiott of a narrow-gaugc Isle of CoTnpo5Lte r8rriag¢ F68 is du¢ to be completed and debvetal for display in the Dew museum il) spring 2024. Work continu¢5 on T¢Stora(ion of tbe Ruston P￿¢￿[F¥raffiTh loromoti￿. The CIMrity proJM)ses to extetHI its storage faci]ities at Cap¢1 Bangor strtio￿ itt Alxry#wyth so that the COll￿tiOn of narrow-gauge locomotives and carriages inherited froTtt the ¢5tate of Peter Rampion can be brought up to A￿rystWyth from Suyrey. The Charity intends to commence a progrojn of ttstoration wotk so that the￿ be th"splayed the Jjjuseum or opertie oll the Val¢ of Rheidol Railway roul¢ for pas5ettgets. Some cxhibits will be carefully piepared for display in their pte$eTvd condition. others reSt0￿d ty full Wo￿1￿8 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 SO￿ett￿t in 2024. Publ1¢ b¢nefit Th¢ Val¢ of Rh¢ith)l Railway operates the O￿allOn ora Vi¢toriaD naTfow-8auge rnilwsy for thc &nefJt of the publio Th¢ railway is opell to all D￿nberS 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 ithSc￿nts 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¢ryStW￿h- 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 E￿land 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 $it¢s and tiaitts. R￿ellt ex￿pIeS of traiDill8 are manual handling. working al heigh￿ chain 5awin& 5prayiThg and digital matkeli V*le of ￿￿el￿oI ￿lIF¥y 14mited Rtport of the Trustets for tbe Ytar Elldtd 31 Detemb¢r 2011 0￿ECTlYLS AND AcrtVtrt&s Volunt¢¢n Tb¢ Cbarity u5¢s volunt¢¢rs wb¢re prdciicable atsd h&$ seen 8reAt su¢te&8 itt poviding Yolutlte￿5 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 wo￿1￿8 at th¢ charity whÉcb 15 something thatis boped to w￿]DUc ￿)d grow itl th¢ future. App￿￿tIC¢S learn skills in Cngtn￿ring 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 perform*net Indkators Succfss is in Pa￿n8¢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 tn￿te¢s. inv¢51m¢Trt powcts are governed by the Melt￿1￿￿ and Article5 ofknocialioiL FIDanclal rlsk management The board of tsijslees has overall respon5hbility to revicw the51￿]f￿ant 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 a￿1 &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 8r*Jts 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 0￿1¢¢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 R*thv¥y Limited Report ofthe Trllstees foT ¢ht Year Ended 31 DKember 20Z3 t*gaty 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 rai1￿y. 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 I￿01￿￿tiV￿, 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 fa￿s. d(￿ti¢J￿ ar#1 othersttttthy in¢oTlle. At the piesent th¢ trust¢￿ do not the￿rore ¢XFttt to 8enetate 10ts84enn w wdiurn-tcrnh reserves. ADY reserves which u]ay b¢ g¢n¢rat¢d ¢kning a fwLci¥I are eXp￿￿j to ￿ attrib1￿ toa fvtur¢ mainteEwice or developmeot projttt. As at 31 D¢¢cmbcr 2￿23 total funds 8mounted to £13.11)7246 (2022 testated.. £13,104J581. Ther¢ w¢r¢ no T¢strict￿ fi￿d$ as 8t th¢ year ¢nded 31 December 2023 Dor 31 D￿mber 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 T￿￿te¢S are of the OPiDion that the clwi"table CoM￿Y 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 I￿0[￿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 appo￿ted au additional Tnjske during th¢year and briDgs fi￿e￿Ineering expe￿Se to the Board IDdu¢tlOD and traillittg of Trnstees Prior to their appointm¢nt* Pff*pective tslL%tees are pmvided with ccoies of the &>¢YDnents ttlatill8 to the Charity which set out the op¢ration fra￿tWOrk 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 Tn￿1¢¢.. ￿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. latt*g¢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 rtmuDer*tloD 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 Ch*ity holds the entire i55u¢d 51we capilal of ILN) Ordinary shar￿ of £1 in Volt of Rtheidol TradiD8 LI￿1￿ ¥ compatty Inco￿orated in Englalld aÈ)d Wa]e4 Compgny Number 09146470. R¢gi5t¢red otTJce.' PaTk Avenue, Aberystwyth. Ceredigiw SY23 IPG. The cOmpa￿Y 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$, Ihe trustee5 are reqllired io select sllitable accouniing policies and ¢hen apply Ihem consistenily: observe the nieihods and principles in ihe Charity SORP., Inake judgetnenis and e5tiniates thai are reasonable and prudeni- prepare the tinancial statemen15 on th¢ going ¢onceTn basis unless li ts inappropriate to presume Ihat ihe chariiable company ii'ill Coniinue in busine55. The trustces are responsible for keeping proper accounting record5 11.hich disclose i%ith reasoJ)able accuracy at an), iinie the rtnancial position of ihe ¢haiiiable cornpany and io enable ihem to ell5ure ihai Ihe financial stateinents comply ii'iih the Conipanies Act 2006. They are also Te5ponsible for safeguarding the a55eis of ihe charitable conipany and hence for taking reasonable steps for Ihe prevention and delection of frdud and other irtegularilies. In so far a5 the trustees are aware.. Iheie is no relevant audit information of ivhich Ihe charitable conipan) s auditors are unaivare,. and the tTU5tee5 have taken all steps thai ihey ought to have taken to make themselves awaTe of any relevant audit information and lo establish that ihe audiiors are ai%'are of that itlformalion. AUDITORS The audiiors, Ashmole & Co. will be proposed for ￿-ap oinimeni at the forfhcoming Annual General Meeiing. Approved by ord of the board of truste¢s on ...... and signed on lis behalf by.. L Ap lolo slee Page 8 Report ofthe Independent Auditors to the T￿1￿￿$￿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 D￿ember 2023 which Comprise the Staletn¢nt of Finan¢ial A¢tiviti¢$, the Balanc¢ ShttL the Cash Flow Statement and not¢s to th¢ finajjcial Stat￿eD￿ I￿lUding 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 resour￿5 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 Wujren￿ts 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 t1￿1 of at l¢a5t twelvE UM)&ths from wheD the fiDaDcial stat¢ll￿nIS 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 f￿ancial slatemerLts. our [espo￿lb]I1ty is lo read the other thfoTmatiOD in doing so. consider whether the other Inforn￿tiOn is malcrially incoDsistent with the fuw*ial 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 our9￿11. Page 9 Report of the ItsdtpelldeDt AuditorJ to the Trustees of V*k of Rheldol Ralhyay Lln)Ittd ReSPOD$lbllitl¢s of trujttu As ¢xpl¥in¢d Jnote hjlly the Statemetsi of Trusrees. Respots8LTr)ilities. the trustrts Iwbo also th¢ dir¢ctOTS of the charitable par¢nl company for the purposes of compatty law) are rewosible for the preparalton of th¢ fuwicial 5tst¢ments atld for b¢ing satisfied that they Bive a ttue alld fatr view. atsd for wth in￿rnal c4)tLtrol as th¢ trustees d¢lernsn¢ is llecessary to enable the preparation of fmaKiaJ ststements th&t are free from mat¢rial ujisstatemeoi. whether due to fwd or error. tn preparing th¢ fu￿¢1￿1 state0￿tt￿ the I￿￿t￿S ate re5t*Jnuble fora5sesshng th¢¢b￿ltable tAreDt Comp￿￿5 ability to continue as a goiDg concern, dis¢lositt8, as applicable. D)alleTS relai¢d io going ctstsetrn and usÉng th¢ going wncern basis of a£rountitig utt14￿ the trustees either Int￿ to liquidate th¢ cbaTitabl¢ patetst ¢ompany or to opetatiOL8, or have DO realisti¢ alt¢EDative but 10 do so. Our TespoDsibllitle$ for the *lldlt ofthe finaDti¥l Statements We bave b¢en apFQillt¢d &8 a￿lItOrS under SectiOD 144 of the Clwiti&5 Ad 2011 Ind rcwt irL accordance with th¢ A¢t aLd relcvant regulatiot15 made or havittg effect ther￿er. (hjr objectlVC5 ar¢ to obtain Teasonable assuranc¢ obout wh¢th¢r thr f￿ancIal state￿￿1￿ a5 a wbolc ar¢ fr¢¢ from tnaterial mi5stst¢meDt, whether due to fraud or e¥ror. to issue a Rqx*rt 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￿ inGh￿iD8 fiaud i8 delailed Ixlow: lu idethtifyitig and assessing ri5k5 tsf tsJateri&l mis5ts*meDt in rry¢c¢ of 1￿CgUkn1les, 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 aff￿t the fLttancial 5ts¢em¢nts or have a fijndamental effect rn OFtra¢ioDS eg Cbariti¢s Ad 2011. h¢alth and 5af¢ty le￿3[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 doCu￿e￿￿tion to assess ¢ompliance with t¢l¢vant laws and regulatioDs - enqui￿5 of ]naDagement and thosc cbargedwith governall￿ WnCCrnitLg ackn￿1 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 de￿ripl10n 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 t￿tte￿ we are required to state to th¢m in ajj audito￿. [C￿rt 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 V*k of Rbeldol Rthy limited Conso15d#ted Stalemettt of Fknantial AttiVi￿v￿ 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 t￿leS form part of these flnancial staienxeDts Pa8e 12 Vale of Rheldol R*llw¥y L4mi CoDsolldAted Bal*Dce 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 L￿￿1T 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 EDdOWzn￿t 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 B*laDC¢ Sheet 31 D¢ttmb¢r 2011 31.1123 31.12.22 Total restated Not¢5 F￿ED 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 4.501,891 633￿50 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 633￿50 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)si*d notice. pursuant to Section 476 of the CooJpatiit5 Act 2006 TEquirillg an audit of thes¢ fin8Lrial statetnenls. Th¢ tn￿ten5 would be otte10￿8 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.. V*le of Rheldol R￿lY Illl￿ted 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 stILe￿Ie 6 of the FtDODCe A¢t 2010 alld therefore is meets the der￿li10n of 8 chgritable compgny for UK corw￿10￿ lax putposts. AccordiDglytr th¢ ¢barity is POteJ)tÈally exempt from t￿ation 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¢l￿11¥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 Ch￿lty. R¢stri¢tioDS aTise wbett sp￿lfIed 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 drtT*e[Kebe￿een 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]rn￿l 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¢. Tr*de creditOTS Trade creditors ar¢ thligatiolls io pay for g￿l$Or5e[¥1cts that bave been wuwed ill the ordinary ¢ouTse of busine&% from suppli¢T5. Accoutsts payable are classified as CUTretht Itabilibes if th2 C￿￿]ty does not have an UDconditioThal righ¢ at the end of the reporting petiod, to defet settlement ofthecreditor fo[ at least Nvelve months after the reporting dats. If there is aD uncotHlitioDal risht to defers¢ttj￿i¢Trt forat1¢*st twelve wonths after the reporting date. they ate prtsenkd as DotL-oureDt I￿￿bilIties. Ttade creditors arc re￿￿nIsed illitially at the transaction price atLd sth$qv￿¢fy M¢wsU￿ at grDtbrti5¢d ￿5t usiDg th¢¢ffecuve intertst mcthod. Borrowkngs Bo￿OW1n8$ 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¢¢¢m￿r 2023 DONATIONS AfiD LEGACIES 31.12.23 31.12.22 as Teststed Gifts Donations 9.250.055 544.335 10 034 859 OTHER TRADING AcT￿mE8 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 r￿tated OJrreJJi a￿et 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 R*l]w*y IJthlted Notes to the FIDaDtlal Statements- eoDtIDued for the Year Ended 31 December 2023 RAISbYG FUNDS InvestmeD¢ m*D*8tmtDt eo4$ 31.12.23 31.12.22 as reslated Portfolio manag¢m¢nt 519 CHARITABtE ACTIVITIES COSTS SuppDrt ¢osts 1$¢¢ Jjotr 8} Totals Railway 1 118.827 752 265 1871092 SUPPORT COSTS Govemallee tosts Totals Railway 752 265 ltt¢luded within gov¢n)anc¢ o>sts 15 audiiors. fee aJnouDtinB to £8J33 forthe ckn"¢able parent compaDy (2022.. £6.656} and £2.467 for the 5ub5idiary (2022= £3,388) NET tYCOMEI(EXPEf4DITURE) Net in¢omel{expenditure} 15 ststcd •ft¢r¢lwBlligl{credititi8)'. 31.12.23 31.12.22 restatal Auditors, fee Auditor5, f¢¢ for audit work D¢pr¢ciatson- owll¢d &8sets sU￿lU￿{d¢fl¢il) on dtsposal of r￿ed &wts 10.8(M) 5.4(Kl 56.745 170 388) 6.656 3,388 55,972 io. TRUSTEESI RE￿[UNERAT[oN AND BENEFITS t￿rIng th¢ year the 8roup made the following tran5a¢ti(wwith knJste&8.' Mr L AP tAJlo re¢eived remunuation of £71.{￿ (2022.. £68,000}duriti8 ts y¢ar. The charity Ttwk to￿loYer t*nSiOD contributions on b¢half of Mr L AP U)lo atnourLtiDg to £1321 (2022.. £1.32l) The rem￿¢Tation wL% a￿d alboard kvcl and approval o￿l￿ed foi theChg4ttyCommi55ion. No ￿jS{te5 havc T￿ClY¢d other benefits from the charityduring th¢ yrar. P4e 22 continued.. Vah of Rbeldol Rallway lJmlte41 Notes to the FiDaD¢ig1 StatemeDts- contiDlltd for the Y¢#r Ended 31 December 2023 io. TRUSTEES. REMUNERATIOIY AND BENEFITS-eoDti•ued Trllittts tXPÈDses ODe tru5tc¢ rffcivcd travel expe￿SeS of £591 forthe Year¢I¥J￿ 31 De£¢mkn2023 {2022.. Nil) ij. STAFF COSTS 31.12.23 31.12.22 Wag¢5 and salaries Social security costs Etuploycts P¢tL5iOD 795.515 54,684 795,066 61,519 869621 Slaff C•tegoTie$ 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 SrATEfv￿Nf OF FINANCIAL ACTIVIIIES Unre￿ntied Resfricted EDd0￿￿eDt 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 fi￿d Tota &8 ￿ststed TraD$feT5 betw¢¢u funds 651551 651551 Net moverntnt In ￿ndS IOJ31506 (651551) 9,679,955 RECONCILIATION OF FUNDS Total fund5 brought fonYaTd 2,139.402 651551 633.650 3,424,603 TOTAL FUNDS CARIUED FORWARD 12 470.908 633 650 13 104558 13. PIUOR YEAR ADJUSTMENr Prior ycaradjustm¢utTDa(k forduplicaiion ertNs ondebtors for £149.639. 14. TANGIBLE FIXED ASSETS Freehold Plant8lld Motor v¢hic1¢5 Totsls COST At l Jattuary 2023 Additions Disposals 12,482.109 584.489 lJ14.921 8.651 9.81KI 13.806.830 593,140 At 31 2023 99 1323 572 14351771 DEPRECIATION Al l January 2023 Charge for year 263.326 758.884 ,022.210 At 31 December 2023 263.326 1078 955 NET BOOK VALUE At 31 December 2023 12755073 13 At 31 DecemF*r 2022 12218.783 556.037 12784620 15. HERtTAGE A￿ET8 Total I¥IARKET VALUE At I January 2023 Additiotjs Disposa]s 4.SOI,891 53,966 At 31 D¢¢¢JJxber 2023 4 543 792 NET BOOK VALUE At 31 De¢embei 2023 4 543 792 At 31 D￿embEr2D22 4 501891 Pag¢ 24 contiThued... V*le of Rheldol R#llwxy IJmltt Notes to the Fth*D¢lal StattmeDts- toDtIDued for the Ye*r Ended 31 December 2023 FIXED A&SET IP4VESTMENTS Li$tvement 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 fi￿t￿. 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#- cothtkn￿td 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 fi￿d 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¢ t￿1 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 Aru￿e￿t year 12 andprior y¢4r 12 motsths coDthined position is 85 follows: Nd TTan5f¢r5 b¢tw¢¢n year *liuslment move￿1 At 31.12.23 Atl.1.22 UDrestTlCted funds General fi￿d 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 R*Uway [1D￿ted 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¢[r￿t 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. RegL5*r¢d offi¢¢ addre￿". Vale of Rheidol Railway, P•k AlxrysNyth. Cercdigiot4 SY23 IPG. The5¢ fjnatscial statements arc availablc upon rquest from the regist￿￿ officcor Ch￿lty CoTrllnissioL. 2& REIATED PARTY DISCIAYSURFS There We￿ tKb ￿lat￿Paty traJJsactioD5 forthcyeareDd¢d 31 D￿tt￿2023. 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 fInanc￿l PEriod The asse15 alld Ilabllltlts of the subsldi*ry 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