2024-12-31-accounts

REGISTEItED COI4IP.&IYI' IYI,'1IBER: 112188631 IEDgl¥nd 2nd IVAle51 REGISTERED CIIARITI. liIIIIBER: 1076037 Fin•4¢il SIAltmtthts frr ih+ Vr VTrdvd.11 l)ee•rnbvr 2014 for Vk r•lRhthld ftblw*y LlIMilvJ Ashmol¢ & Co %lrr¢l Ll8nJoven" SA200AR

V•le of Rhtidol Ri1￿Y iirnittd ConttDls of iht FioiM¢lAI $1leThonlS ror tho l'ear Eldtd 31 Dt¢tmbtr 2024 Reporl ofiht Tr#St¢s Repori ofiht InoeptThdeiii Audiro Cotsiolldttd Sliltmenl of Attlvitltl Blnte Shttli Clyh frlow SltemtAI Yolt$ l• Iht C•sh Flow SltMtif Yoit$ 10 Iht Flthithtknl SIAltmthis 19 to 32

of Rheidol Rllwy IAmiltd for Iht Vear Endtd JI Dtttwbtr 2024 Tli¢ Iriisl¢cs ivho arL' also diI¢¢iors uf IIK charitable par¢ni ¢omp•n)" foi Ik purpos¢s of ili¢ CompJiii¢s Aa ?006. pr¢s¢ni theii repi)rt iviih lh¢ linancial stsiements pf lh¢ rhariiable pMt i15 sub5ld1ar￿ Ilhe 'gfOUP I I the Year elldL￿ 31 D¢ixiiiber 1024."Ihc I￿￿ecS have wjopied Ik provi510n5 ￿[A￿Oun11n8 and Re1K￿1n8 b). Chayiiies.. StDtcni¢nt ol- R<conini¢iid¢d PI&L¢iLi ￿VvIll￿1C ￿ ¥IwiiiY) Pl¢PUllll¥ IhLir x¥uwitS jill Ili¢ I'jiwiiijdl Reporting StaThl?Id 4pplic•ble in Ihe IIK and R¢wbJic of [￿land IFRS 1021 leffeaive l J￿L4￿ry 20191. Payl

Vale of Rhewoi RI￿v liTh￿ed Keporl ollht Trustees ror the )'ar E¥dtd 31 Dtctmbtr 2024 OWECTIVESAND ACTIVJTILS Thi Chaiil> $ mdin obj¢rlis¢s arc lo ad%aneL I￿. of ihc p￿blIC iTrprwno f(￿h{Inti￿1￿g Mp￿j¢c￿l0n0fth￿. uxlul I&￿1¢5 olsuch restirehl tnaller5c0ncerni￿ narn)i% gauge Faili%ays iTh¢luding bul Troi li￿11￿0 10 the natrthv 8aug¢ rniliia!. iii Ihe Cou￿1). ol"C¢r¢digioTh ilhich ext¢nds from Ab¢r)￿￿)lh lu Iki 115 1Sridge and Iskwth Val¢ of Rheidol kailiia). ofo¢hL'rThili%a%s or Iram%%a15 iYhi¢h Br¢or ma) h¢ iiibJk¢d o[opC￿ted in ¢onjw)&y￿D Ihef¢iviih aNd mailtts concen]ing tht histor%'. buildin8 irdmM'a)'t rolling ￿0Cl. marhinen. and equwtm. hI￿OriCal OPLTAlion. Ihc rc5torDlion And ¥Wry¢Di 0￿￿1¥0￿ of th¢ V•lL o(Rh¢ith>l Rail￿0￿.. The thhj¢¢ti%'¢% its¢lud¢ a rninor toihe main objecis of Ik Odriii. in 2023 Thiih Charii!. LDmniission aprKoval enllbling th¢ Ch¥iry 10 advanc¢ the tslihc in li¥￿11".81llgtr r4ilMa)s in i SJosfih phicol llven wid¢v than Ihe C&uTht)' Thc achievcmini ol'Ehc objeciives ii.ill furfh¢r lh¢ C1wil)'s by cnsU[M￿ futu￿(￿mMuni1Y inler¢51 iii lh¢ Jail￿a). B). gro11iThg lh¢ pr<s¢nc¢ ond Incre￿ing ¥1￿101 humbcts Ihcctwil) isablc lu ¢duralc &$ man) m¢mb¢isof lh¢ publ1¢ as Jx)SSlble In Ihe narr0ma￿￿C Tallway. All'lvusiecs DThl senior p¢r%xtyr¢m•iTr thc obJ¢thiv¢s 0fihech￿ty. lTh<' ¢hnriiable eDm￿nY5 princi￿] iclivit). is Ihe ryolis1￿ of• MI￿L"lA$ mw¢um hy ih¢ yrorion rl'a namii'.BauBe Fall￿1> lin¢ 108¢ihu ￿1¢h •w¢led Mlilm Md fAcililies belwttn A￿l￿WIlh wd Ik4'il's RridB¢ iii Iho Oli￿15 Orc'¢￿11181￿n. In 2024 Ihe railway ¢8fVjL'd 42.IIX) PaWb8¢rs I￿￿ngLy ￿mbern I￿ 2023 41.918}. Ils op¢n rnonth5 for ¢￿￿,1118 pA%¢n8¢r$ ￿¢¢¢ frvm Inl¢ MllrLh Ihrow8h Ip cawl) Noycmber ￿lIh rvnin5 rnMin8 day and four irnins a d•%. in lh¢ high s4own. In a(kiiiion. Ih. 18ili%ay ryir•i¢d * %niall ofthan¢f wains. Working in t￿jUn￿l0￿ ￿likn tvtths promther athl Rill F.vthis I WMneT knikns lh¢ r4ilwa)' h051¢J IIK firsi Polar l..xpr4&4 train rid¢ ¢Y¥ni 10 ￿. h¢lJ in Wal¥s "Ih¢ (ir¢a¢ ￿,¢$I¥M Raihva), strrtd kcame the Sellin8 of thi North lknl¥. PRs8engv$ IrnY¢lkJ in rniliiB)' $ h¢ri188¢ ¢￿￿1¥1¢$ 4¥iih (i4rrnii atam I￿0￿￿￿11t Ihr(KIBhoiil Ihe e%'¢ni iihi¢h 1Oialled 65 perfmnBntt Tr tieni look pltte in Ik¢ember ￿l￿tea 4n •ddiiior419.0(X) Pl￿ngerS Ihi, roil¥¥a%. 'I'he Ffe4iniTrg Railway 5 IncrAn(>liie'PRlmerfon' %rthi rhe rnajoriiv ofihc)tar ai Ihe r•ilway. rLYwninB loihc railila) itiiii¥ll> hi¥Ld in b). thi. ￿1¥in#l Lthnpan). itt 191? lthiii•ll) diW•)- ikni tttUrnLd io I￿￿li b). I11¥ iYi)rk'%lIw￿. Ths it io r of ddilitywl wtsrling$ $Umth4t ￿21 i￿l￿di￿S Suided herilas¢ Iroins MhiLh ov¢d v¢r> populnr. I hL' railii"llJ Pthif ipalgd in a Ilike vs 1.rnih event iyiih Aran o¢le$ Mith t>rlis all¢mrAiTr8 lo Iki'il's Ilrid8e ahesd nf th¢ ir¥ln. A 51eam Ft51ival eveni held ovci the Auy51 bbk hol#la)' ttkend Mith lo¢rffiotive5 No 7, N'o & NCJ(ilJ No 60. WrcTh 3114. Margarel and Plllmc15ton all in steam. The G￿ll1￿1 Pacific I￿11¢ No 762 on display Ihe fir lim¢ ai thc 51Lni io ihL Suuih AfiiLWi Railwfftsball￿ hoppci. C01151iuLlioii a5 KVI)Ipl¢l¢d s)Ji iIK lji¢aE '¢st -Th¢ FngiTh¢ s]￿￿." f4Lilil) alloI15 V15iiOt5 ID VI¢%V Ihe iiork5 of the chattii ill¢ludiThg a numDLY or WOn￿l￿e5 ttiim Ihc Vo1¢ oi Rheidol mus¢iim

Vlt of Rheidol Railwy iiMittd Report of th¢ Tru51tt5 ror the Ycar Ended 31 D¢¢tmber 2024 Adniis5ion isco￿lP11ffl¢nl1n. forrnilMa} P￿E£r> A numb¢r of laigL L'.xhibilS ha%.¢ lakLn ¢¢ov¢ si•gt lh¢ displa). Ihis incl￿1¢%$1￿nord gwg¢ loci￿OI1￿L, fM)17. kiiniiii lh¢ Duk¢Jog b). kiaii a￿a￿￿e￿¢nI Milh tJIiith￿II Kail￿a). l-liis 1% r4rticularly filli￿g 8$ 111199 regthlorli ￿&ble￿ in the building b¢liv¢¢n kniyeth 1938 a￿1 IW. Th¢"l.-iv¢ Qii¢en' pr¢%ivusl! displaicd ar Notional Ttu#. P¢nth}Ib Ca511¢ 15 aniconiL Il'tlsh natA)iv gathge IoL01￿011¥¢ daiing froTh 1848 Bnd is aly> on loan for display in the muswm alongsiJ¢ a 4n@ause fdrriage also froni ihc Padani Two Dewinton I¢￿n￿1v¢S Pthdyrfryo Rc¢151onc arrived from the DNYofftMourbr￿Tr RailM7y (¢wdisplay. I'li¥ IF1¥ ol'MaN Rail￿aY cavri￿se 1-.68. reblora M ih¢ kn"Ork4wy ov¢r•nwMb¢rof y¢tsTO w￿d¢11yer¢d lo th¢ Inuseuin al￿ %tt11 i)n publii ¢Jisplai lor Ihc fi￿1 li￿￿. A number or￿￿ereXhibIiS from ih¢ V¥k of Rh¢idol colle¢lith have olen8¢en publicdispla). for Ihe Ilrsi ilme I￿11￿1￿8 ihe I".IN Worhl W•r Dlrk K¢rr ¢l¢(Iri¢ I￿oM￿lIe Couiiiei t￿￿m011% sabero No I IuLilliuIivL'. I.OLomoii¥e No g Prineeofwoles il'5 ¢¢nt¢nwy in 20?4 ￿￿lL¥ll n¢X inqJer4bie coNliiion. li M'BS k&p¢ on displa) throu8lKxsi il's annii'¢Nry')¢8r. pliqiie ￿n1'L,11¢d bj. Ihe Kail%%a} IILYila8e Tru￿ 10 romm¢morni¢ lh¢ pMi¢o enwan¢¢ frYAn l.otMknn Ilridge .Sl#ljiin-SINiih R4ilwH> l)rriLI'% %bhi¢h Iheemw¢tsi lh¢ mtss(¥n. A launLh Wa￿ h¥ld in I1￿ mus4um to ¢41•br￿# tho fornwl lttundl m)¢uil>. iiKlud¢d ￿lI￿nI ¢er¢moiiy b), Sieffan Robert& Deputy DiF¢clor forlauri5ni. IkY¢lopm¢iil •nd 5portJThl • sp¢cial txcutsion M'lili invii¢d Bil¢s￿. A nilm￿.r of 4)ccial CVLMIS Used Ihc F.n8ine Shcd in¥lvJiiig 4 ¢ommuiiii)" ffttnil) doy. lunthiime m￿$1¢ ¢un¢L¥rts iibih a numbtr and fknir& an ¢v¢ninB co￿¢¢n Miih a full orfh¢s1rn a Jwun8 ¢041￿tr5 dfy). sit punk 1¢51ival. l¢Mi¥il. mod¢l railm'ay t¥hikn"iiorb a rtm¢mbrntt caert 'I'lit railiva). licld a rrunion DrrornF Briiish Rlilknay ¢res th¢ Duk¢th8 Iocmboiive duri118 Iheiy tthreer ai Aberwslwiih shd. The rBiliYay JIe￿ Aiirnctinn Ji Mid AJrd% Ld w•s shom11￿¢1 &eam R4iliia> M¥szine R<'ad¢r5 Aivard. A numbEr (bfnthi"styJilcts Ihe ihEI Ihe Vikof Rheidd w15 nam¢dis Ihe £¢tond mo h¢￿￿¢•ful nhil ill Fiur¥P¢ ih• Vritht FpNpTe5% A neil. g￿ld¢bOOk for Ehe Vakof Rheidol RailMa)'. will be Teady for ihe 2025 xa$￿. A bLwJk abJul'CollecliDlI X. Ili¢ railiiay mu5¢um's colle(tioTh l%%hich ￿111 i￿lUde all il¢ms iiiheriled h), lh¢ tlaiity fmin ihL'tStale ol'Pcl¢r RDmpiiini. Is &1M¢￿ 10 b¢ on sai¢ In 2Q2J. rh¢ mlMa> putyllshed loan i.ord"s second IMK&. 'Ih¢ Wclth I'fflOSS hisiDry of Imiiiiiig in the hillsabove Akn7siuyih-Ik rn11￿>. irnwrfed Ihew¢ frryll D¢i'il's Bri¢J8¢ ioilK p)n al Abers4¢iiwth. A 8roiip DfphOl08rn￿etsh#¥c ¢oniiftued Ih¢iranniial hirtofa phoioBraphic irnin OTh Ih¢rnilwa) 10 embk heritage photographs of the rdil%bu)' lo be tak.th in thbusual and Trormall)" Ir￿c(C&s1￿￿ lntg1i4MLS. RL'StorlliioJ) o1.narn)￿-g3￿se herithBe ILKorno¢iYes and ¢arriaBes has conlwiied in ihe Charily s Surrev workshop. I'he re51oralio of a naTrOl%.g3￿ge 151e ofman C-omposi1¢ ¢*rri3Be k68 M"a5 compILx¢d Ind delivered for displa). in Iht in in ¢imc lor lh& o￿nin￿ In 2024. lh￿ ￿3%￿ratIon of th< Ru5lon ProLIDT paraftirt ID¢onioliv¢. li isanlicipii¢d this ￿111 b¢l￿￿piC￿d ITr 2025 al￿d¢ll5¢f¢d fordisplay ity m￿￿,￿M i I heLharil!' compleled ¢xlendkng Ils siorage lacililies ai L"apel SI￿￿>￿ In Akrnsiii)Ih so thai Ihe collttiion ol" narroi%-8auge lo¢omolivcs raThiagts iThhciiied fttrtn thctsme o(Pei¢r Ram￿￿ can bc brou8hi ￿ 10 Abtry#i¥)Ih from Suyrey. giiing 15(In of ￿ditIonal sw•g¢ irn¢ks

Valp Dr Rhiiotsi RIIWV UThiied Repoit ol¢ht Trusttts ror tht Ytar Eldtd 31 Dt¢tThbtr 21J14 IthL' Lharii). ini¢Trds rocommcnce a program ofreswraiion i%"OTk" 50 iha Ehes< th¢riicd iittnscan be displas¢d in Ilit Inus¢uni Dr opetsit on (he Vak of Rh¢t¢Jol Rail￿7￿ rout¢ for ￿￿1$£￿$. Somt¢xhtsiiswill b¢ w¢fvll! W¥pBr¢d for displas. ITh iheir prestrlied conditinm. (Mher% tn fiill ii"nrLiTrg Éhrder Th¥ Charit>" ¢¥ntiNuod 11$ I mile a io¥rlgrBel of r￿e¢PerIng ih•trL whtch u'ill conlinue tor ihe llexl f¢bur }ears io k'eep th¢ rnil%'a) Iwk in gotyj and safL' Movking ordcr. N¢goiiaiion and l¢galili¢s tonlbnues ililh the Ilrecoii Mountain RailM"a)' Co prpring I1￿ of Ilie assets and iii¥iii% ili¢ uyr1yii￿l u11￿￿1 I1￿ wiiilNT¥llu iTrfilK Cliariii. IL IW loconclLW￿ Ili¢ WllKllni¢ in 202J. A Caiegory red ￿orni hii Mid Wales in DLY¢mberlrringiThgMirh li Cl￿51{1¢1￿b￿dISrUpI1llll th rhc local areafjnd P0￿'¢r oiilag¢S. This lcd lo ￿ fllll da) olconccllcd Polllr L¥pr￿tr￿n$1ndO1cr 100 Ir¢¢sth7An rnilway moinly bL1￿cell Capel BBngor and D¢vil's Brid8¢. In Morch 2024 n bbxked cDlven Al Ihe 110￿h0¢ bthd C¥ML%ed ofihtith OA IhECUtve. Thi5w¥ir¢d lh¢ rnlIH￿. 10 be acr4)ssabxl a M￿￿¢(￿e￿ Ihe line fil IheNwtertf i01￿#¢ Ihe •rf of Iht A )wimtofd¢vek)pnni t Dewil' Brid8t$i￿lOn hxt stsrted to brino ihtfRcditI￿UPts Publle beheni Th¢ Yak. of Rh¢idol Ruilwa>' op¢ra510 Ih¢op¢wion of a Vicioryin mrrowv￿￿c rnilm'a) for th¢ Enefil i)fihr Pllhli¥. I'hL railiYB!' is op¢n to yll m¢ffi￿rS of i￿. public. Th¢ trtd>lic b¢Th¢fii fr¢n s¢c ihe p￿sCr¥¢d kJconithii¢s and 1011ing sluck in op¢ralia￿. V4riw5 far¢ CO￿¢¥10￿¥ ar¢ also •i'8ilabl¢ in¢lvdii¥ diKoui¥$ forchiwm and liv8¢ BY￿p5 ond both single 4ThJ r¢lum journo'$ ¥e iviliblt. ALc¥￿Ibl¥ loikls fwiliii¢sJr¢ in A￿rySt￿"Y1h D¢vil¥ IlridB¢. All Nns hav¢ 4¢¢L¥ibl¢ 81¢4< i%iih one thccc￿1blC open cllrri•8e iyiih vllfflp ucc¢%s and i l•r8er ￿1￿ckhAIrb￿) Ind oneFi￿Uwd carri￿ h•$ Jn ¢n¢lo¢¢d lar¥¢r Khtel ¢hair bly M"iih rnmp #¢¢sson eath irni Do85 are ￿e1C01)It lo Ir4v¢l witli ¢hird ¢lw for 0 small ¢h•r8¢ as1￿ wid¢do8s in fiN classi1￿ third I h¢ public funh¢r ￿￿¢fill from Ik op¢nin8 of lh¢ n¢w Mrnm"auB¢ rnblM?ymug¢um in th¢ Gr¢ai Railm'ay loconiolivL shed In Aberystiilih. ITh< I'rusttt$¢onfimi thai I￿. hye ¢umpld with req￿lIe￿¢￿t50(￿tlIortl7 (j￿r}lIeS Aci 2011 lo hDI'¢ du¢ regBwd lo Ihc public benefii 8￿dI￿ publi5h¢d b). Ihe Ch•ril)' Cammission E1￿knd•Rd W•k& SotlAI invesim#t$ I'hL' I'hariiy inl'e￿$ in 51alTiTrininB 10 ensure ¥iil in Ihe rmninB of I￿ rnilmw" rb sp¢cifK ski115 IniTrin8 a5 i¢qvircd. a large nurn￿r are IrBined fir51 aider5 ￿lIh [kr￿rIllaIOr5 on all station 511<5 aiid ir4iTr%. R￿ent ¢xamplis of irninin8 ar¢ mani￿1 h3Nlling. ￿{lIkIng ai h¢ighik ihain $811in& SWB) ill8 dkBiial m¥k'ilRIg.

V]• RhlA•l Rilwy Limited RtpTrrt of the Trmstees (or tht Ytr E•dtd JI Dett￿bEr 2024 OWECTIVES AND ACTIVITI Voluniet "I'he L'haril) solunittrs ￿h¢re pia¢iicabl¢ ha55¢en 8r¢th in ffti¥ith"48 iDlunt¢etsw¢th roles ii'hich provide a s¢nse of achicierncnl and fuifilihtni. Voluiii¢¢rs hay¢ very •¢u¥é m.iih gankning ￿livI11t5 a5 vrll garden areas up Ihe Apprènilteihlps I'hLri ar¢ a nunibti of apprenii¢¢s workiTrzal th¢ thwiiy which is somrfhin8 i5h(wd ￿t0￿1n￿ a￿1 wiy in th¢ T￿lure. AppI¢iiii¢ts l¢•rii skills u> ¢i)¥ii¥rLYiD¥ urwj re￿OrU110￿ ofh¢riia8¢ rn8iTrcs Q￿J￿rI￿8￿1n th¢ Chorblys worksliop in Aber!'s1￿%th. as 11'¥ll as 8wdin8 firith8 011 D1f&ii￿ Ird1￿. "nw Qharily rurr¢nlly 2 tngirttiing aprmli¢es. Out ol'ihe 14 llppr¢nlice5 ￿¢ruI1¢d b¢1￿¢¢1) X112 •NJ 20?3. wt have. Li]rrenlWPlthlices s￿1? h4v¢ b¢¢n And iiork Iwll iimt ai IhL' railwa).. J oth¢rs had retained hJv¢ sin¢¢ in iimemoi¢d on 10 ￿￿Ur¢S ne AfiiiFVEMEIYT AND PERFORhlANCE Illl￿.%¥ IS Ill¢J511r¢d iji P￿tri&l¢r iiuiil￿ Bs ifrl¥¢¢oniiny¢ io 8foM lh¢ Ch#ii)'¢4n ¢lewiy di4)IAS Ihar li Is rLailiiii¥ ninre wJplL' Irj fiirthei ils Trbj¢clii'es. FJNANCIAL REVIEIV lTrvt5tm¢ni polky Mie IrD51¢e5' iiivethiicllt wrnrrs•r¢ goivD¢d by Ik m¢mrrfw￿￿1i1 al￿ Arti¢ksofAMialM. Flnin¢l#l rlsk mnigtmeni 'I'IIL hoard ol'ifu%t¢iS has ()%¢rll r¢spon$ibiliiy ￿ m'i¢w Ihe sI￿1r1¢nI risk51owhKh the Brwp is¢xpo%d •nd UP $ysiems io Alkbiale such ri5 Prl#tlpil wurees 'I'IK' Q'lidtll) Is priiKiPdll) b>. ir4in far¢¥ W wblii dtwiion$ 10 lh¢ rrihva). arhd 4swrlaied Clift Ald i￿1 claiineQ from thi$. Ir 1$ also fund¥d b)" Iwious 8roni$ wh¢n Ihe cam kapplicd for •nd ai%ordid. Th¢ Charii). is nls() 511PP(Ifl¢d Dy lis went ¢haril) ¢11111) Ihe IfftyIIJ5 KIM￿On Natroli (iauge K4ilM4y TriiSL Granti I'hi Lhariiy ¢oniinv¢5 10 apply for all ￿h1¢h li could b¢ tniiiltyj 10 ensure il ￿￿1￿5 ￿rI1 funded 8￿j can coiiliiiuc lo ivork l011.ards i15objecliie& 'riie Charii) lias bttn b) Iht Ph!Ilis Rainwon Narm Gau8e Rthva). Iihe Charil}'s partni cniil!) partlLiilarl> in lunding r¢glornbi engin¢s [￿1 PThg 5

Yalt of Khtifjoi Kiiwy Limiled Repori of Ihc Tru5ttos ror the Year E•dtd JI De¢embtr 21J24 PEThIE'r lThhn lh￿ fniitslLYknf Ph) Ili¥ RAmpion Wsrrom. Cg118e Rolli￿). Tnist1iherhgvil}' s irnme4119le wArenl1 JILJ lili l Jul¥, ?fl19. slime •fih¢ &t%ti% inhcwii andlor for 0￿rall0￿ ofihe iail¥ia) Reseries poll¢y Th¢ Chwiiy s moin ￿￿1¥11> is lh¢ optrAiion ora narTUii-gwe #elm rail￿￿.Th¢l8l1kn1> is a ￿0{kIng ￿hICh ehar8e$ 18r¢$ 10 ￿k￿ngeT$ 111 onkr 10 mainiain 115 lTrCOIII¢. Th¢ op¢iaiiiiB w515 ¢ona of train rwuiiTrg CO￿ 88e& bd maintem￿¢ of wack. locomoii¥e& rollinB ￿Ork a￿d huildillg I'lw ￿￿1¢111￿ ilfvtli￿ll lip fi￿￿￿￿1118 nrwrxiin8 H rAilwM)' re of ￿1¢h ￿11811711￿1￿ IhAI il is HnliripAted Ihxi ill rniliia) %1 ill ali%o)'s k oblt 10 swid mort mtm¢> ros¢& ￿91￿1(nIr￿¢. i￿prOv¢￿¢￿t und dii'clopm¢ni, Ihwi 1¢ ean r4nvJ￿b1Y b• +xp•cid to raiÉ¢ from dc￿1110￿ and othff sundry MKom•. Ai ilie prcs¢nt iimc ihL irust¢¢s do ttOE ihty¢ftt¢ ¢¥F¢i 10 $¢D¢rni¢ lon8-i¢m or m¢diwni-Icm T¢5¢rir5. An). re￿[v¢S ilhich MB). BenLratcd durin8 4 financi31 rKri(wJ ar¢ io b¢ ￿lT•￿id 10 i futur¢ rn•iThi¢Nn¢¢ or ￿tI.(,10pM￿lI¢ h< L'bdrit) iiill ￿. r¢ii¥ivin¥ 11% i¢_XY1¢4 rrtblii! in 2025 wh¢n li iy wniiLifvI Ih41 th¢ (Th4riiy Mill huve LImpl¢￿¢j rurih¢r %Dks of &5S¢L5 i￿h¢r11¢d from lh¢ ¢5tole ofpffl¢r Jokn Rw)lon. A5 Dt 31 D¢r¢mb¢r 2024 funds •mouni¢d 10 £15.407.7171202 J .. £13.607.246 Ihif< ￿ere no r¢￿TiC¢L￿ (￿nds￿￿ 81 IhL yLYfLnded 311)¢cernbcr ?014 nor 31 2023. T j)lal LillkniiinLiiI fityiil Wi n(KIlUL%I Iii £fil.1.fiSTr I)￿ >car I I Ikieiiibrt 2024 aThl 11 lknymkr 2Q21. luiul fr¢¥ r¢s¢is¢5 454131 Iknym￿y 2024 10 f6.077.125 12023.. £971.325) GolnK tonrtr 'Ih4"I ru5¢4¢S•r¢ pf lh¢ 4ViniQJb lh￿ Ih¢ ¢hiiabl¢ ¢othyny is a 801118 ¢on¢¢m

v•￿ of Rheidol RI1￿Y Limilod Report of the Trustees tht Ytaw ENdtd JI Dtcembtr 1024 STRUCTI,'RL GOVERNANCE AIYD JIANAGEMEf4T I'h¢ IlulL of Rheidol Railwai Limiitd 154 chariiablt iLMnpans liniiled bi, shar¢5 in¢orwaied on 4 Noi'¢nilYr 1917. Th¢ ehariiable Lompany yas t￿bIl5hCd ￿￿<kr a Ileni¢D￿￿rn of Asso¢iiion %thh sti the objects and ￿￿"cr of ilic Ch&rii5 and is #oitmtyj uThJLY 115 Articles of AS￿l•ll0n. Irinine Ir￿￿• All ihc Trustees o( Ihe ChaTiEy art Dir¢¢iots lor thc purw5 of L•w. I"lT¢ is no limil tsD Iloii. lon8 lh¢ Tru$i¢¢9 Ar¢ allow¢d 10 %ry<. Th¢ Charii). sttks io T¢C￿lI Iru51e¢5 IIK aim of tnsuring Ihat the b￿￿1)¢¢ or skilly and kn￿ld by nvard of TIusl¢cs is TrMiiiilaiih¢d4th1 c¢l¢aiii Wp iIKobi¢ctllCs tsf ¢h< CThari¢y. Indurtlon ind IrAiilng of Truil¢ Iyiur 10 Ihtir ttppoinimeni. pro4Kclis¢ rru51tt5 w¢ proiid¢d ￿lih capi¢$ ol'thc maiD d￿liAnIS I¢￿11￿8 io Ik Lhaiiiy ilhich s¢1 oul lh¢ op¢ralian frnmoYoTk' ofihc CTharii)' irKlwJing Ihe MemoT8ThJuJi and Anicle& Ihc fin￿<1￿1 posiiion Pro%pLLIIVL Inisic¢5 ar¢ I￿¥11￿ lo lll1m￿ o nunib¢r of lknard m¢¢iings oflh¢ Tr4￿¢¢5 and of ih¢ CThariiy% PllT¢iII Ini¢i)' i%'h¢re Ih¢)' ha%'t an or￿￿￿11> 10 ¢Jiscuss Ih¢ ￿￿¥all￿ of I￿, Lhawili aiid lulu￿. pjaiis and vbjL'rliiL'S ¢aii he ess¢niiJl Iru511¢ ￿￿41 iou n¢cd lo whEI l'ou need lo (kn. a￿1"(h￿IllY I'rusl¢e.' Mhal's Involyed.. Prj¢ir lil iheir rtvnilll urviiTrlm¢Tri p￿￿￿￿'lIve nem Ure Ll) lliryltrle the Clwriiy C¢Mnmixxiiin'y Tru%tL l.'li8ibiliiy D¢¢larniion IIMRC"% Fil and Prn￿r P¢tson l)e¢lirniion. I IIL. da). lo day ru￿￿1￿$8 olihc group IS￿L.1￿￿d ID Llyv 4> lokK 110￿¢ver. th¢￿11￿31¥ T¢SFNwbilil) 4ThJ dL'iisiun.mikbn8 li¢$ i¥iih lh¢ Eloawd ofTrnsk¢s. I'h¢ Ilosr4J of Tn￿ hAs rTr¢t al rrBulo1 inlm•b IhTwglMbui 2024 lo inonirw iht ociiiiiies o(Ihe Chalily and ens￿re lis objttiives ire acliietrtd. Arrn8tthtnts for iiln8 rtmuAtrtl•n orkt) ptrsoniel ThLfL 15 DnL rcmun¢Al¢d Ll)r lp lolth hi¢h the Chaiity commissi(Con￿n1￿ lo. oTrJ liho i5excluded frorn Subsldljry undertklhK I hi Chwii) hiilus lh¢ cni1￿ iw¢d sh•r¢ ol" IIM) C)rdiTrpn' 51w¢s ol"Il ni V8le olKheidol Tr4dthg l.iMil¢ ¢onipaiiY inEorporai¢d iii l..nglaThJ aiid M'al¢ colli￿111. NtsiiiiKr ￿1146110. R¢81￿c[Ld otric¢. Patk Ai'LYiUC. Ak'ry411)Ih. C¢i¢digioTL SY23 IPfj. Th¢ rllrries tradiJL8 acliYiti¢s Mith Pltpose (TrfmisiNg nits￿) for don&iion lo Ihe ch4rity.

Vale off Kheidoi ￿1[**Y iAThited Riport of iht Tru51¢t5 for Ihe Ytar Eoded )1 Dett￿ber 2024 RF.FF.RF.ICE AI'D ADIIINISTIL4TII'E DETAILS Rtgistered Charity In76037 R¢gl$ier¢d omct Pcirk A%¢nii¢ Ab¢y!'qiiiylh CerediBion SY?3 Iifj Trwsie l Ap loltS PMK¢¢f % l.lln8cr J.N NILkiL' 11p￿InItd 0611)6n51 Aydilori SA20 OAR BaThktr5 B Trnk Dfsooilllnd (illl 4AQ C'AI.. ljttnk l.imilrd KL'ni Nll.'19 4JQ rarnhani Road fj1114YD I'ivo L¢nlral 541 C'ardiff

ll+ of Rh•idol Rilwy L4mitod Report oftht Truslees for iht ¥tT Eldtd JI Dtttmbtr 2024 STATEMEP4TOF TRUSTEES, RESPONSIBII.JTIES- tO#llthutd Lompani laii rtquI￿% lh¢ Irll5rtt￿ lo prepari fjnancial $LBt¢m¢Thts for ¢xb finartial )L'ar knhich giv¢ a Irue and fair Ili¢ %iai¢ 01 •llair% ol Ihc iharjthblc cninpan!. ill- Ihe inconiin8 re¥￿re¢S aw>licaiinn nl TCfoufL¢ including IIK 1￿cO]n& ¢.¥p¢ndiiur¢. of Ihe ehafiiable tomtAny for th wiod. In ptepaying lh[￿ financial gii¢mLlS. IhL¥ Iru%iL< art rc4uircd s¢le¢l sui1obl¢ accouniing ￿11¢1¢$ and then 4p1> ihem Co￿$￿￿￿. Ibh4eriL IhL In￿￿(￿1% winriple% in Ihp cl￿￿11> ￿￿P. mak¢ jiidgtmenis and ¢stimalL5 Ihal atL' rcasonablc and prepare the finaThcial ￿Ale171&ntS th¢ 8oin8 ¢on¢¢nh b¥sis ￿thI¢S8 li is inyproprÉ•￿ to presuN that rhe ch3rilAhle 01npJn) iiill roniinu¢ in bu$illess. Tl¢ Iru%l¢e% are I￿￿nSIble fi>r kt¢piiig rtcovJ% ￿hidI dikKe Miih r￿￿lah1¢ Bwurv!. ai èn), ill￿¢ lh¥ fiiillniiul w)siiion ofihL Lhariiablc cojnpan). 10 ¢nJbl¢ ih¢m io ¢nsur¢ tknt IhL' findniiul SW1LYnL￿l5 Lvmplj iliih lh< QompaniLS 2(XK>. I"hcy arL 31so rL¥AJnsibk for yf4yvardin8 th¥. ass¢tsof i￿. charilabk. LUnlPWI) and l( iaking rtasmable ￿ep$ lorlhe weveni￿Th dd¢ciion ol Itaud and olh¢r Ir￿￿JI￿riiIe In w far the Irustee5 llr¢ Biiwc.. ther¢ is i¢l¢%•ni audii infornaiioDOf￿h1Ch lh¢ ch4rithbk Saud&or$￿ ￿a￿Or¢.. and the IriJqlf¢S hA%e Inken nll Ihni ihry io hAve ialeTh io mAle thernYliY% m%ar¢ pf any rekvanl aiKlil information 10 esiablish Ihai Ih¢ ityJiiursre thw8w¢ ofihji inforniaiioTh. AIIDITORS 'I'IK- 4udilov& AJhmol< & Cw wbll b< prvpo*d fov Amudl Cp¢rt¢rnl M¢%'tln8. Apwov oid¢r of lh¢ boud uf Irvsi¥¢s ￿............................................. Si8￿d ￿ li¥ b¢hifb>': Pairi¢klK

Arpvn ofihr INdtpendenT Amdiiors Yo rbe TfI51tt5 of Valt o(Rhtidtyl Rxilway Limittd 14JL hayc audii¢d ihe rim￿1￿1 sM¢mcnis of Vale of Rh¢idol Railvi!. l.jmjledltli¢'¢h#ritabk ￿ern wrnpongl oiid its subNiJi&ri¢% Iihe 'grtsup I fow lh¢ l-ear <ndttl 31 Decen1￿r 2024 iwhich compDse the Staienieiif of Trilla￿(la1 Aill1'1t￿ IhL nalaiic¢ Sh¢¢i. lh¢ Ca.%h fioii Siam¢Thi and nol¢s lo Ihc fLThancial siaicm¢nl& iiirluding a 5umman vf Ngnifiianl fyicoiinlinr policie5. The financial rtrx)rtint frameiiotk Ihat ha% l)cen appliLYI in their NLI)ardiiM is aDplicllble End IliiilLd Kiiigth)ID A¥couMliiig %iaDdard4{11i)iid Kii)gthMI rJL.￿Llli, AcL¢]AdALLYwiiithg Pr￿IlLe1. In uiir opinion ihc fina￿731 thlcmcibl5' giv¢ a Irui and fail i'ici% of Ihi ofihe 8roup'sllff•irs Bs at JI D¢¢¢miw 2024 and (bf lis incoming re￿￿r￿sand applicaiion ol'rL'soure¢& sncluding ils lrtome ex￿ndlIure. foTih¢ )'¢ar thcn Lry)dcd.. IidiL I￿LI1 VIUVLJII VILw<￿ iii ivilli LliJj¢¢J Niii¥dwii Qui¢rdll) AlL¢y1￿ ALiWUillill¥ I'rMLIiL¢. iwJ haic bc¢n prerhired in Mith Eh¢ r¢qui￿rn¢￿￿ of * ComwiesAO 2WI6. sis (or opinlon 'L iDndiiLi¢d our aLvJil in accordarKe M'ilh Inlemzlional on Audiiir¥ IUKI IISAS {IIKII and Appliiabl¢ lau.. (Iiii [c5w￿%1￿1ll1l￿ DThd¢r ihD5¢ 51aiMlards are furth¢r de5c¥iW ID ih¢ Audiiorl r&wi)sibiliii¢£ the audil i)r th rinDn¢ifjl siDl¢m¢Thts s¢ciion of our r¢port. We art indepell&ni of Iht prw in 0¢¢or¢Ja￿t iiiih Ihe ￿h1(al re4uirtments ih3t 8Te r¢ki'ani io w audii orth¢ financial w¢m¢mis in ih¢ IIK. iffludimg the FRCS l.'Ihieal s￿lIdard. onJ 11¢ hus¢ fuifill¢d ow oih¢i ¢ihiril r¢sponsibiliii¢s ￿ accordance Miih these r¢qwr¢nnis Wt believe Ihai Ihe iidil eviJ¢fic¢ hiVobiAi￿d 15 swffici¢ni aod ￿prOpriate wide • basil foriwr ¢illWJn. Con¢lwJions relalini lo 8•iTri Iii audiiitl8 Ihi, fithinLial sl#liillinit i¥e h8v¢ Conclwjed thai the o(Ihegolrrf8 ¢th￿eM ￿$1$ of8c¢ouniln8 iii yi¥y¥i¥iiyii vr11￿ fillw￿l¥l •iriii¥iii) 1> vyJvwiM¥. BJ%L'J i)ii IhL %%L husc ￿rrI￿.￿. 11¢ ha%¢ I￿￿￿11f1L￿1 mul¢ri?l unc¢rtUiniiL￿lL1￿1I1¥ 11> LILnL% iiriiindiliim Ih41. individually or eolle¢iii¢ly. m•). easi 4iyifi¢aThi do￿￿1 On Ihe 8mup's ih'hiy 45 & soins L￿Ncern for perid ofai lelsi liyelvt mDnihs Irom %¥hen the finKIBI Aaiemtnls art I￿￿Orited for i55U¢. ()ur r¢wsibiliiies and Ik responsibiliiies of ih¢ InJMe¢s with res￿1 10 ¢on¢em ¥e described in Ihe relevani I'lii tfll%li¢% ar¢ ￿$￿)￿%1￿1¢ foi lh¢ ￿￿¢1 infrfft•iion. Th¢ ￿h¢r inforni•ii¢)n w￿r￿t$ lh¢ in(omlai￿ included in Ihe AJiiiiiThl Riport. oihLi IhDn ihe finoncial siernenls End owr o(Ih¢ A￿lliorS ih¢r¢on. (lui vpii)iuii Ilie finaiKial alcli￿lI$s dLK'S I1￿ tovtr Ilbc ￿ller iiifvniialiL¥I aixl. CXLYpI ￿ IIK 011￿￿7$¢ In iiiih our thi￿J1 ofihL' fin4ncial $i0￿M[￿LI owi r¢sp)nsibilsiJ is lfyfL'&I Ilir l￿f￿MIll￿ atyj. in doinB SD. (Qllsider i¥hLih¢r ihc oihcr infotmalion ts malerially Inc￿$14¢￿1 wilh Ik finiThcial ￿￿ein¢ll1￿ or oiir kiiniiledBe obiiin<d th¢ aiidil Trr oih<ii%iSC ￿p￿r$ 10 b¢ mll liyioll! MI￿￿1¢￿. If lie wjcnlifv 9Jch nial8 r¢qiiir¢5 U$ EO rerA)rt rTr)ou if. In ouropiniott.. lh¥ informaiion 8iven in lh¢ litpm of Eh¢ Iwst¢¢s 15 wy rnoieriol rew *ith th¢ fthBn¢ial siai¢men15'. ( Ih¢ groiip has k¢M nd¢4wtr a¢foimiin$ T¢¥ord$.' or Ihe financial siatemLnts are ftoi ITh ￿lL￿men[ ￿lIh Ihe K({￿nI1￿8 r¢cord5 aTrJ rdunig OT 11¢ hai'¢ noi r¢¢¢ivtd all th¢ inform•iiwL and ¢YplaTralirns rcwire forOwa￿j1i. Vag¢ lu

V1¢ of Rbtidol ￿1hway IArnittd xploiMeJ in iho s￿¢m￿l of RcspoDsibilitiC4 ihc Ink11￿5 (who ￿1￿ th( diTcclTrTJ of thG ¢haTilablc par¢nE comp311)' fN purpD5CS of c¢M￿PanY lam.) art tesKthmle for th¢ prep8raiioD Df the fiiiwcial SlJl¢mcn15 and lor bci118 saiisfi¢d Ill￿ ihr). ¥ii"c a truc aL41 fair i'i¢w. for SULh inicrrkal conirol a5 ihc Iru￿¢¢S det¢rmin¢ is rrfc¢w w ethabk Ihe pr¢par41ion or rimncial stal<ments Ihl free from m￿¢[181 This￿81's abilii) 10 oniillu¢ 0$ a golng LofiL¢m. di5i105in& as appJi¢abl¢. Imiiers Klalcd lo cm¢ knoiiTh In￿8￿¢¢$ 01 non ¢ompli8n¢¢. ¢1¢¥1111B aiNJ ￿$￿11￿j1nB 10 I￿ rbsks of fla￿] whthhu there is w. knO￿kos¢ of actual. su5tx¢ied . the iniemal eoniiols esthbli5ha kn miliBate ri5k5 offr4ud or nDn ¢unpliDn¢¢ Miih knwsliid ￿8￿11110Th A$ & ￿$1111 thf ihÈ%È prkntediif￿ Il-e cnn&ider Iht %itthifi¢anr IxM< rrwilAlinn% thAi hAv A dir¢d impxrl ihe riiianciHI %laleiii¢nis ar¢ ￿RP FRS102. aiml lh¢ coin￿￿1¢5 21M)6. Wt perfonned audii pro¢¢dur¢s 10 ¢Jel¢¢i non-iompliJnie ￿h1&h MB) have A ￿teriBl impAd on the finanflDI ￿￿eMe￿IS which bncluded Tcviciiin8 liThancial iai¢mthi diloY￿re$. The 8uJii thg?ginn¢ni Icam ideniifi¢d Ihe risk of Ma￿8¢m¢nI mrrride of ronirals As ¥n ¥r¢a where Ihc financial 5IL11<iiien15 Iiere nJn%i 511s¢¢pibl¢ io mai¢iial mi_4siaiemeni d￿¢ io fiaud. Pr(K￿Ul<S WromiL￿ iiiiluJ¢d bui i%Lre nol liniil¢d io cialualing Ihc IAb51ThCSS Triionalc bn TrlaliDn ￿ aTr)' 518iiilicanL UNS￿1 lrnnSXli0Th5 a￿d tran￿10￿5 tnii'rtxl iniu oulside the norm31 collr5c olbu5111ess. Pusell

Report of Ihe IRdeptndtTrt Auffliiofs th it IiusiIt5 01 Vlt of Rhcidol Railwiy Limil¢d In llddilion io the BIKkie. W￿¢d￿r¢S inclu&d-. . riViLiiinM lh¢ lin3ncial stsiemcni disclosures i￿1￿8 IOSUmXlin8 a￿$s¢0mPl￿￿e ￿"1th r¢l¢vaiii la￿5 aThJ r¢gulaiions • Lnqtiire% 4bt"mdlnAEemL'nl nd uiih tjivvrnH￿e roncerniThB lit1t￿lI￿ Xrtil rlritslÉ PLrlnrniiiig aiial)Iiial pri)cedi1￿ ￿ idthblifv )' ar une1￿1¢￿ rclaiN>ii%hip% ihai niaj. ilhtli¢aie tisk% lif m41¢fityl AiiS¥tawmont its fmud revi¢￿ of n1inllieso(rommiii￿ ni¢things rurih¢r d¢5¢rlwloD of our r¢¥)n$ltylllik$ row ih¢ a￿11 ofiht ￿n￿rts1 l(¢aLed oil Uie tr1¢une￿I Reporting Council's ii¢b5i il Mllll.fr¢.org.uvo￿1IoNt¥￿ibllllIt$. This foms p•rt of owr R¢wi orth¢ Iiid¢p¢nd¢ni A￿di1￿5 Use DIOUT rtporl I'lli% repiiri 1% niadc wk.ll 10 ihe $m￿P.% as 4 Ixkh. iii rnwdai¢ P•n 4 Clf lh¢ CThariii¢s IALLOUJII% aiid Reponsl Repulaiions 2(KJ8. Oui wjil hLs undert￿.¢￿ $0 Ihal miglll S￿e 10 IhL' gmp'$ Iruslcrs Ih05C b). law. lit do Mo¢ occtpi or H￿rn¢ rwsibilii%' 10 an>one ￿h¢r than Iht v(y> I￿j ilSliustrts85 a btyj!.. for our #iNlil 'ovk. fov ihi$ ¢x fwth• opinithi¢ (ovm•& A5hniol¢ & Lo L'hdtiLSL￿ ClrtillL￿ ALiliU￿iun1s %￿lull)rI AL#Iiii¥% l.'li¥iblLb Io nLI 18 aTr Q￿j110T in IL ofs¢diM 1211 ofiheCompnie# Act 2(i 9 %trLfl [.la￿d￿vLr)' A?11 Dnte.. Page 12

Vllt of Rheidol Railway liThiied C•tysolidttd Sttrnent tsf &itthcil AtiiYitit5 ror the Ytwr ￿ded JI Dtcembor 2014 31 12.24 Tthal rufyjs UTrKMricicd fw¥J RcsEriCtcd Tthal N￿¢5 INcor41E AND LNDOM'hllTr•TS FROM 473.894 473.894 544.335 Chrilibli irtivilies I.OP).8J3 440.449 65.6Sg 4.f175 .079.8J3 440.449 65.6¥11 4.875 1.105.478 545.101 Other trading a¢ii%'tlies lThvestment Total (Kpb.740 2.(￿.?40 2201.3ts1 EXPENDITUREON Rgi%in¥ ful￿% 2B8.249 288.249 284.548 C'hriiibl ieih.IlbE5 1.64J.022 1.643.022 I.5￿544 Toi#l 1.871.092 Ll ini'¢siiv¢nis 1.273 1.27J 'F.T INC.OMF. 134.742 134.742 Oihcr 8ains¢n fixtd a8*ts 1.665.729 1.663.729 170.388 IET ￿lovE￿IENT JN FI.'NDS 1.8tKJ.471 J02.688 RECOJYC.ILIATION OF FUTrID5 loial funds broughi forwud 12.973.596 633.650 13.607.246 13.104.558 TOTIll. FUNDS CARRIFD FORIV.4RD 14.774.(KTr7 633.650 1S.407.717 13.f4J7.246 The notrs frym ofth£s¢ fJnJwial sthiement5 P•ge 13

JI Dtcembty 2024 UwestricKd R¢4ritkd Totsl funds rotal runds ru Noleg FIIED ASSETS 5.598.804 3.708.21M> 5.598.8ts1 4.341.850 13.272.816 4,543.792 09.935 633.650 10 16 InVes￿￿ent property 4.632.147 4.632.147 13.939.151 6J3.6Y) 14.572,801 17,886,543 cIIRRE￿T ASSETS 17 18 19 108.913 2J).W7 762.916 tkbtnrs ai bgiik. al￿ iii Iw 441.710 5.629.436 5.6?9.436 1.185.957 185.9J7 1.092.776 (M￿.D1"10RS 20 1108.8321 IIW.8321 J'ET CIIRRF.NT ASSETS &077.125 6.077.123 971.325 TOTAI. ASSETS I.ESS ('IIRREYT I.JABII.ITIES 20.016.276 63J.650 20.649.926 18.857. C'RIDI"I'ORS Ihan on¢ >¢ar 15.242.209> (S.242,2￿*1 IS.250.6221 'ET ASSETS 14.774.(h7 633.650 IS.4D7.717 13.fA)7.246 FIINDS 23 14.774.(157 6J3.650 12.973.596 633.650 Lndoiimerti f￿ndS TOTAL FUNDS 15.407.717 11.(A)7.246 All ihe 8roup 5 ¥ILllli¢S d¢rii¢ fiom awion5durinB Ihe alx>ir iwo wioj TIK nthr> fvnii yi fiirdiKidl vagt 14

Vk of RhtittDI Rilw*y l.im&ted Charity Balance Sheet 31 Dtctmbtr 2014 31.12.24 Toial ruThJ$ u1￿¢￿ri&l(d fuTrJ funds Nol¢$ FIXED ASSETS Tangihl¢ a&%th$ Ilrriiage Aksels 5.591.804 3.70I.2fy) 5.598.8UI 4,341,850 13.272.816 4.543.792 69.935 633.650 16 16 27 Inv¢sim¢nt piop¢rty Siibsidiari. iTrvesimcni 4.632.147 4.632.147 13.Y3Y.251 63J.6JU 14.$72.YOI I7.886.￿) C'IIRREf•T ASSETS 22.3J6 62J.5¥Y 5.53fy.033 22.336 623.S¥Y 5 536.033 5.660 534.?78 5J8.638 i¥ 19 C'thth tti bank Jnd in 181.958 6.181.958 1.07&576 rRF1>5TnRS IIN.9331 1104.9331 I'ET CIIRRENT ASSETS 077.U25 6 077.025 971.225 TOTAI. ASSETS I.ESS C.-LIRREIT LIABII.ITIES 20.01&276 63J.650 20.649.92(> 18.857.86ff CRF.DITnRS 1S.212.21J9) 13.242.2L¥)I S.250.6221 Tr•£T ASSETS I4.774.1￿7 633.650 15.407.717 1.1.607.246 23 100 I?￿_la 633.650 lj 771 967 6J3.650 TOTAL FLINDS 15.407.717 I3.￿7.246 T¥￿ fvAm r￿rt tbf finxnciHI stHlewthl< P¥y IS

Y•t¢ ofRheldol Rallway LI•IMe Bxlnce Sheet- ¢onii•utd 31 Dtcember 2024 charilable parcni compan). and its wbswJiarie51'Ehe BrO￿p.) is Llbliiled to¢x¢mptirAJ from a￿1¢ ￿der Seciioii 477 f lh¢ Comp4Wits ALI 2tkn fortr i¢ar ¢lldoJ 31 Drt¢mbcr 2024. Ihe me￿￿'Ts hav¢ d¢Jx)silcd nolice. pursu3m kn SeetH)n 476 (Trfthe rnM[￿lesAcl 20tkn A￿111 thf ihee Th￿ tri&￿1￿¥$ #i.knoiwle4lBe iheir reswnsibiliii4% f4V ensurin8 thai Ihe group ke¢p5 accwrti￿B r¢¢ords Ihai ¢thw)lJ' m.ilh sec11￿% 386 a￿1 387 ofihe Compai¢s Aei 2006 ind prcpaTiiig financial slaiemtnts ll'bich gi¥e a Irue and TaiT I'ioI- of lh¢ ￿ale ol. attairs of IIK group as Ji Ihe ¢iid of S¢ri¢on$ 394 asvj 395 aThJ iihirh compl!. ￿1th th¢ T¢quiremenis of th¢ Lompani¢s Acf 2(￿￿ rel￿1Th$ 10 t1nal￿51I siirthitThL& so fara5applirabl¢ grrAp. ThL%¢ IiThHnci&l siaienkmis htsvc ts¢¢n w¥kr th¢ r¢qUI￿n￿nIS ofs¢rlion 144 ofthe CharilitsAd 2011. Th¢5¢ finanetol sthiemenis hair y¢p•r¢d in ￿1[h Ihe pNJii%ions atolieable ￿ ¢haTithbk ¢ampani¥ Iihje¢i ID Ihe qmAII vryime TIIL liiionLiuI siGttnl¢￿iS •pprvi'cd b). Ihe BoDrd of Trty¢¢s 0￿1 •uihorivd for issw o 7.5.rf?.r Z.PA< pnd ￿¢r¥ si8Md on its b¥*al(b)'. [/ Lh lljc IiotC5 tmrt ofthE5e Th￿￿[￿1 5tatancn Y4ge 16

Vlt of Rheidol Rilwy limltod Consolidtod Csb Flow Slqkm¢nt ror thc I'er Ended Jl Dvtmber 21J24 Jl.12.24 N￿t$ Cish fl•$ froNb operatin2 llctivilies L'ash ginerai¢d Iroin i)fvraiiDTrs 23&106 N'el ¢ash provid¢d by op¢raiiDg A¢iiviiies 236.106 C$h llowx from invt¥lin% aclivitiei I5)5.2￿? 1593.1401 153.9(>61 urihJs¥ orriytd &4sei investh¥Lmts dle uf tangibl¢ IjxLyI asxi% ale ol hLritag¢ osstls ale ol lsi¢d a%sei inveMments InlLfL'St r¥x¥iv¥d 13.3881 218.J87 12.Q65 3.269.1 (11 12.2N 7J.546 65.689 2.315 N¥1 lash Liyed in ini'¢51inz xiiiiiies 417527 CAih Irom fiThn¢lTr8 ¢tfvlllts rrpuyrncnis in I'cnr ('apiial repaymenis tn year 197.723 ?98 N¢1 rHJh provi(kd by finan¢in84¢1iviIi¢5 198.021 (_'hNnge in cish Ind ¢Aih eqibvltnls I 4.8thJ20 10.d CRsh And cash equi¥al¢nts •t Ih¢ beilnnlh8 of th reporlini perb)d 762.Y16 746.316 Cllsh And tash tqwiv•lent$ It lh¢ ¢•d •f Ihe rtPDrliThR period 762.916 The r￿M ()[th￿ fithantial ￿altMen•$ e l?

ofRhtbdol Rllway umiit N•ttS To Iht Casb 51temti for iht I'tr Endtd JI Detembtr 21124 REco￿,clLIATION OF NET INCONIE TO NETCASH FLOII" FRONI OPERATING ACTIVITIES Nti Im¢omt for iht ￿pOrtINg ptriod (IA pv the Stliemehi •[ FknntlAI 1.8(M1471 502.088 Adjuslmenls for: 16J.799 Jth743 12.08tii .oss¢s {Trn {Ptofiiiii(k55 on dispoul o(IIN¢d 11.665.729) {65.6891 15.8¢Y41 122Q.7611 Incr¢a¥¢ in gio¢ks IIIiLy¢a%¢i(d¢LrtY%¢ iii &hotS tkLrt&SL' In Lrediiors 110.9091 1299.11251 162.191 Not txsh provld¢d by opw•lioTri 23 ANALI'SIS OF CIIANGFS IY NET DÉBT Al 1.1.24 f•5h flow A131.12.24 Ntl ¢ih Lash ai •nd in hw 761916 4.806.52 5.629.436 761.916 4.866.520 5.629.4J6 Debi l inanci leases Ikbis14lliTrB An¢r l >*Br 15.25Q6221 15.242.209) 15.?5Q6221 8.413 15.242.209) TDtIl 14.487.7IAS) 4.874.933 387.227 VBEe IX

Noles lo the Fitttttil StitmeAts for iht Ytir Ended 31 De¢tmbtr 2024 ACCOU.YTIYG POLICIES Th¢ finarKi&l SialemL￿ls olthe chariiabl¢ ¢ompan) and 115 sub5idiar¥'. ￿ttl¢h is • public k,n¢fil efflili ￿nder FRS IfJ2. ha%,¢ bttii pr<￿ in ￿lIh Ihe I'h¥iiiLS IIIKV 11121 '.4ccouiiiiiig aiid Reponing b) Cknili¢s.' s￿lemen1 of R¢comnicth Prnrtir¢ applKublc 10 Lharilios preparing ih¥ir a¢¢ouiits in ac¢ordan¢¢ Milh ihc FiJwici41 Rew1ing applicabl¢ the IIK •nJ R¢publiL of Irf13nd IrRS 1021 ItJT¢ilii"¢ l Januar) 2015).. fincial R¢porting Sianthrd 102 Tli¢ fii>anrial R¢￿)nIng StandOTd Jpplicabl¢ in lh¢ IIK aNi Rcpublic o( Ittlantt ¥nd Ili¢ com￿1£5 Aci 2￿. Th¢ liiiaii¢ial S￿leIne￿I5 liab¢ t￿17 prepared uThkr iht h&Ej￿ICal cThfl c￿￿￿ellI1￿MI ￿lIh tht Lkcepliffl nf Inve￿￿1￿11t$ hi¢h arL' inLluded lli rnarK￿ w￿￿¢. ￿ M￿lfIed b) thcteyalullrwnof cotuin a51s. Pr¢yrllon offvnJolidAl¢d finAn ind lis s￿b$id1¥￿' uTidiriukin¥¥ draisn up 10 31 tk£Lynbcr 2024. No siaitnieiii ol liiiaii¢ial W￿l11¢S 1$w¢sui￿d for IliethaTiIy 95 pL￿111￿¢¢j ￿. gttiioii 4( of Ilir LUI￿PaI11¢SAcl ?(KJ6. Th¢ rhArilY A suwplusoft¢rtsx (orihe fiMrKiEI i'¢Hrof£iJoo.47112023.. £502.6881 A 3ubsidiar) is an ¢niiii' tMlroll¢d by lh¢ ¢hriiy. Control is achKLd whut Ihc chiriiy has Iht powLY lo 8ov¢m ih¢ fin0￿101 and Vrnling Jx)litics oran enlily obwin tr¢n¢fiL% fwoni its a￿1&111¢￿ Th¢ rL's￿li5 ol. subsvJiarKs Kquired or dispoxd of the )ear ¥t in Iht staleme￿I or riiillnciul Aciiviiies from ih¢ e(fe¢iive d￿￿ of4￿ls1110n or up ￿ ihe effeciii'e O&ie of disp)shl. 8$ •ppropriale. Where n¢¢¢ssDrJ'. ￿j11s1￿¢D1S ar¢ Imd¢ 10 Ih¢ financial ￿tleMen15 015ub5idiar￿5 ￿ ITrTin8 ih¢ir xcwiiiin8 ￿li¢lL% into liiK' with Ihox vfthc BW. Th¢ pllrihus¢ 01￿¢0￿￿1•n6 is vsed 10 ¢Oilnl lor bJ5irx5s combimions ihji r¢wli in lh oc4u¢siiion Trl. 5ul>sidiari¢s in ih¢ 8roup. The ora bjsiness ¢ombin81th is mtixrLd 4s ihe flir i'lu¢ of Ilit a%5LIIq 81%¢11. e41111>' Inslriimtnis issu¢d I￿1 l￿bilitI¢$ in¢uiw¢d or Ih¢ of L%chDnBC. plu5 ¢OSts din¥ily 4iirllw￿b)¢ 10 lh¢ busin¢ss ¢ombin81ion. Ideniifiible issel$ 4CqUiTed li•bs'liii¢s and ¢oiii¢n8eiii liabililics a55uill¢d in i l)u$inw wmbir41ioTr mtasur¢ iTriiiall%" ai Ihtir fair iiluLry il ￿4￿lSill￿ ¢Jai¢. An), ¢k¢¢ss ol'lh¢ cost of lh¢ ￿$•r￿&S¢0M￿.n￿lo￿ o¥tr Ihe Bcquirerfs ini¢te# in IhEncM ol'ih¢ idtniilKqble AS5ei& liabiliiies8nd ¢oniinBeni liibiliiies ttco8nlsed is rttordedi$ lwd￿111. InlerllcompDny Ir4nS8¢Ii(￿ bpbntts and unrt•lis¢d 81￿ IIK chuiiy ind 11$ SubS￿l￿rIe& Mhich are rc]Btcd portie& Ait eliininai¢d in f¥ll. Int£￿$roUP l)sxs •lw trtrf ityJit41¢ 411 imp4MNicm Iw¥ii¥> I￿U￿11111￿1l Iii Il con501idat¢d finBn¢ial ￿l¢¢Men15. Ac¢ounlinB ￿11(1¢5 of5ub5idiariu hai'e ivh¢r¢ n¢ttssnri" loeTr5￿C C0115iMciicY Iiirh Ihi polilies adopied b) th¢ Bro￿p. Nononirollin8 in1¢￿￿ in lh¢ n¢1 of con￿lIdaled 5uh5idi8ri¢s ar¢ id¢niiliLyi separarLls from ihL gmup's LYlUllS t￿y¥l•. Nowonirolling ¢nier¢a t(thsi*s ofthe ainauiir ofiliox imliri51S al Ihc dalc of Ihc original ￿sInesS cornbiiicd and IIK nDndcoiiirollinR $118th1thr'5 shaw ofch3ng¢s ill ￿￿11> SiliLC the dale ofih¢ comb11131ioN. Totsl <OmprL'￿'n$lyk incthmL' is 8iiribuia¥e lo nonvcontrollin8 Inter¢￿ ¢v¢n if Ihis rexilis in Ihc noTrLonltollill8 havinB a d¢fKit tMlaThce. Goln8Conuvn Thl group % ociiYili¢s and firture pl￿% arc sei in the Trn￿ttS Rq￿￿. The TruJiee5 hair a5S¢ssed Ihe rharily 5 abiliti to continue as a goiThB C(YllCCrn taking into ￿QU￿1 the fiNa￿claI Im￿cl5 ol Loiid.1g 'lh¢ 1'ni￿￿¥1 hyi'r LllnSldLTrd XiLwyI f4LiW5 ii) IbJTnlNE IhLIT L￿ClUsI￿n5 as￿ ￿tterher lh¢ ijse Iht going coNcetrL ba$1$ is 9ppropr￿le in prtyin@ fiMKial sM¢men& i￿luding r¢s¢ry<& liq￿idIty 0￿j 8ni1¢i￿led deniarsd (OT krvires. I"hE or8ani5alion has (￿￿1dE￿bk finaTrrial log¢th¢r ii.ilh ihe ￿￿kn11ed 5UPtKMi uhimait pattni, a chariiable Iriim. kls a Lymstqutnce. Ihe Tn￿¢¢5 Ihi Ihe is ￿rI1 placed 10 manate ils busiNss risk'$ $11¢¢¢ssfulli. Pos4 19

V •r Rhtidol R•ilwy iAmitod Iyotts to Iht FiNi•cial Sttth¢Dti (or the Ytr Endtd Jl Dtrenibtr 2024 The TrUs￿S hai¢ a r¢&g)nabk cxpcckiion thai Bro￿p has •qU￿. resource5 10 coniinue opcraiin8 suti¢ssfiill! fDr Ik (0￿Se￿￿b￿ [th￿r¢. for Ihesc Ih¢>' adopi IIK goi￿8 cMccrn ba$1% of accounts pttNYali(irt. All iii¢oNie is T¢¢O8nis¢d sn I￿. SiaieThent of FiThancial A¢liV￿leS c¥Ke Ihe charit). h35 t￿111￿￿7¢￿t 10 thr fL￿d& li is proboble thai lh¢ in¢om¥ iijll K- ￿¢¢11¢d ih¢ bc rncasurid Tiliabl!.. tk.firrcd incoine represents moni¢s rff¢ivtd for ptntyjs ith Iht fuiurc a￿d cowwiity relt&std 10 income th￿1￿8 the rtlevaThl li￿J. Grthts Retelvble (>rDn15 are rcrognis¥NI then youp has an ¢niiil¢nKnl lo thc fund5 aTrJ ¢Mdilions linkcd lo Ihc ¥rani have b¢¢Th mti. ￿'h¢r¢ perftrim8Ke ¢¢xKiilio￿5 arc allach¢d io ih¢ 8r8ni is ¢Hily rffogniscd 10 ¢h¢ ¢¥i¢iii Ih&l lh¢ Cliarii) h&% pmvi¢Jtd I1￿ yxrifia 8￿￿15 s¢rYirA C•pi&l VHllLS ar¢ ITh Ib¢ 814l¢in¢iil or in&￿101 ALliYilics in Ihe )'carofr¥Y¢iy. DonzlionF gre iihen received by ih¢ ¢h•riy. lth ih•i a doii•ijon is sybjrt to eoditiOnÈ ihai le4￿11< • l¢%el Trf r￿rI11[￿nrc h% Ihe charii) h¢fnr¢ lh¢ ¢harii)' 1% tnuil¢d lh¢ fund%. Ili¢ in¢n1￿c 1% Ikf¢Ned nnd f¢¢OEnis¢d uniil iih¢r Ils¢ rondilions Dvc fully md. or lkn¢ fvllilTr)¢nl of t1￿8¢ conditions is wholly iliihin ihe LOnlri)l of ih¢ charii>' ¥nd li is wthbk Ihi Ih¢se eon¢JiiiMswiII ￿ fulfilled in Ih¢ PLtitrJ. Inveilmtnt thcome In%¢%ini¢ni in¢()m¢ 1% •1 lh¢ lime ￿ in%¢4m¢ni I￿{￿￿L r5 IC4ciYthIL. Ini¢&lni¢iii rL'lurn iFI' I'jALd InveEiill¢ni [10￿1 A¢¢uMul￿10n I.-￿￿15 is shwn a% invesinitni iIKiTrn IMJI is wllcclcd in Ihc pricc or ¢ach unli and Iherefore rellethed in Ihe m¥kd 18lu¢ofihL' units ai Ih¢)tsrrf￿I thlL. TuFnov¢r is rewrthd n¢1 of awlicabk VAT. Expenditwr¢ I.IRbililieÉ are $ TryW x ihw• ss a l•@l (+liBution rvmmiltlTrB lh• charily lo ihal e¥JKndilurt. 11 15 wbAble Ihal a EraTh4f¢i of ¢wnoniic bvKfii% uill k rel￿1¢d im %¢iilcmrni and Ih4' 011)oiini of Ih¢ Trbligwiion b¢ Inea5urk. all￿all￿ b) fl￿¥4[￿. Capith. Siaif¢osts b). iiinc 5p¢nd 8nd oihcr¢osis by Iheir Page 20

V•k ofRh•4dol Rilwy IAMit•d f401¢s to tht FiAneil Siaithttis lor Iht Yer Endcd 31 Dectmbtr 2024 ¢oJl The￿. irKlu(k ihe L￿Ms &iiyibui•bk its ihc chariiics compli￿¢ with consThulN)nal ar￿ St￿Ul￿r} requirellienr& including auaii. Slrai¢8ic ￿la￿a8£m¢1)I 4￿j Intskes ¢Apcns¢ T4Dqible fixtd issds Indii idual Iiiid a55ets of aJ)5 l.a1￿? are i￿117￿11}. A% w. ￿1h$eq1￿Trl AcaiThiilAled 41rpreriAtinTh and subM4Uinl ailumulaiL￿ impaimiinl losk Work C￿￿pkl¢d in tht i¢sioMion ola5A￿S is f￿￿ed bi. Surp1￿￿$ fromthcVal¢of Rh¢ith)l Railma) l.imiitd d 5ToTr13 Ivoni ils ullim0t￿ Pty¢ill. th)Ilis Rampton RAblway I nbJl. Dcprciiaiion is iun¥iblL' fLXL'd •% ￿ Mri ￿51 Lr JLW aTr> c#imaicd rtsidiial saluL. oi¢r ih¢ir useful ee(thomi¢ life follom As$tl C'li$$ Dtprt¢itloM mtihod thd Ntt l.BtyJ aNI buildith8S are deNLi¢J. ￿hey8 &r¢ai raies fT01￿ ? 10 50)'¢81$ Plpnl •nd mH¢hincry Molor %'¥hi¢l¥s i(rh or21f6oT 25% %rai8hi liiie basis 20% ￿￿)8111 liiii basig V/• 5trgi8hi li¢ bui$oD Irack ￿lY Civil ¢n8in¢¢iin8 irn¢k Woodland is not subi¢d lTrd¢wr¢iMion Ilerlli¢ Ns$¢1¥ OwinB lo I￿. liniq￿. nJluFC of hcvilaBC osset& lh¢ of ohJ¢nin8 i'almtivns M"ould bc vncrou5 CIN￿p￿red M'iih the ¢Drrr5pondin8 I￿￿r11S io ihc cheriiabt¢ wmp•n)' lh¢ thsers of Ih¢ fin￿¢181 $11lL'meiiis. IhL' hLriiag¢ aiilS 1krrr0￿ th(bMii al oii8inal COM aThJ aT¢ iioi dcprtcithied M 111¢ IiWr¢s ui'E vf IliL 111)iiiivii Iliai ull lthe Df hLYilag¢ 45fels LS lo di5pID) thi￿7 in IIL pniposL'd iiiuuni. As niuch 41oLUI11¢1)thLbnn a4 io Ihc rffii¥¥YwiK¢ (bf 1111ogt 1% (Imaiiicd aiNJ rclaiiiLd h). Ili¢ Lhriinbl¢ l￿niP&Al. 11cce.￿ lo Ihc asxls is corefull) rnpnag¢d iii loi pr¢s¢rv81ion. 1.hc irusicLS rcii¢w lis1 of h¢vi188¢ ?ss¢is on an innual basis (or im￿•m￿l. Am). iwHinTh￿l ideTrlifi¢J 15 ￿¢08￿1$¢d in Ihe rin4rKial ￿41¢In¢ThiS ai lh¢ )¢ar ¢ThJ. TrIAed J55el InvulmeThls l.'i%L'd assei in%e#menik ￿￿tr ihan proBramme r¢￿ted inles1mL￿1& ￿ iKltyJed 81 IhL mark¢1 ialuc ai ih¢ procttd% and ih¢ir mark'ei valll¢ ?[ th¢ SE•rt ofih¢ J¢?r. or th¢ir tol. ￿ ate chrBed or ¢rLxlii¢d io lh¢ 51all1￿clI1 Pinaiiiibl Aill%llIL￿ 1111 EhL' ￿Y1￿j u(di5pusal. Ilnr¢alis¢d Bain5 aThJ Ioss¢s fcpresthi moi"tmLYM m Ma￿¢1 %"¥J¢5 th¢ >CHT aTrJ arc credi1L￿ or ¢haT8iNI ￿ lh¢ Sioi¢m¢Thi ofFiMn¢ial Acii%iiics bas¢d lh¢ Yahx w)¢W¢￿. l-J%h ¢4uival¢nE% LN)mpri cll%h on 4nd Cdll ￿hLy %tMirt terrn hi8111)' liquKI IThVe￿1￿ent￿ thui or¢ ￿￿d¥ll. wnlevlbble lo o knoMTr ￿MoUnt of N¢ 3¥bj¥ft lo uii iwisnifiranl ri3k or ¢hanBe in ialue. Currtnl a55tl InvcslmtTrtJ Ciirr4ni 1lsSLI in%i¥imnis ripr¢5m￿ funds Inv¢￿¢d in a trnn ini¢amert a p¢ri￿ ol'l¢ss 12 monihs 10 mBlurity. "ThL charil) nnl! h&% finaiicial fi￿￿￿(1a] lithliti¢5 0(a kil￿ ihai qualif) as basic financial in5truNI¢iii& gsi¢ lin)n¥ial W¢ initi?Ily rn¢0gnI￿ •1 tr•wiir*n rthd ih¢iT Pas¢21

V•lt ofRheidol RAilwiy limited Noie$ 10 the Financial 5taterneDts- eDDiinut the I'tar KTrdtd JI Dtrember 2024 ACCOUNTIYC POLICIES-¢ontlnutd Sio¢ki SIDLk 1% ialued ai Ihe ltsmcr ofc055 aThJ ¢Miniaied lliibg pric¢ ILscTr411) wiiplelt aiid ll. an¢rdue r¢ganJ r( ob301clc llnd 310￿ JE￿￿. %A-tcrMl￿d usins ihc fiitrin. riTJ¢Trvim¥¢h￿Il-1rOI. Taxllion The chariij is IOJbsidtr¢J 10 pass Iht ¢ests Sel QUL in paragraph I S￿l￿vIC 6 of ihe Finanee Aci 2010 al￿1 lIK￿lI11¢ 11 ineils Iht dr11￿1110￿ ol a chxJthbl¢ Compa￿1 I￿ lik LXYP)raiMMi purFth¢s. A¢¢ordi1￿l1'. lh¢ ¢haiii) is rM)ItniiallJ ¢xemp¢ [￿Xn l&iaiioTh in T￿peo o( in¢omt oi ¢llpitsl gain5 fLyeLl'L￿ iiiiknin cGIcB¢Kies cover¢d by Lhapi¢r J Parl I l ol lh¢ Corp)ri¥)n Tax Aci 2010 or SrtiiM 156 of I￿ Taiaiion of Chgrg¢abl¢ tiuins Act 1992. to th¢ ¢.xt¢ni yJ¢h in¢ome ¥¢ ¥plicd exclusiitly 10 ¢￿￿ble ¢osii oihtr pos1-￿I1rtThCn1 btntfils 'I'hL' ¥rDiip upKralLS a Qclincd ioniribuiion p¥iisithn SLhMn¢. Colrtri￿￿)ns pa￿bI¢ ￿ th¢ ¢hriiAble ¢unwy5 seheme rt ¢hary￿ w ihe 5iemenl or1.-￿In￿1 Aoiiyii¢s wiod io ￿thIeh i1￿, relale. IlJir¢%lricliJ fiinds ran in KciKdllnce ￿1th th¢ ¢hNithbl¢obi¢thiiri ￿ Ih¢diffr¢iN)n ￿lih¢ Resrrirl¢d funds onty b¢ us¢d for t￿l¢U￿r T¢Awieied purF4Ms wiihin objeths of Ihe chmii).. Kestrict￿n5 tsrise wjlitd by IhcdorrtH or iih¢n luTras•r¢ r•wdlorpanlr￿jw wry)05¢5. l.'iiJiiism¢ni fil￿% r¥pi¢Mni LiJDiribiiIii￿$ ￿4￿¢SLI i%h¢re lh¢ niTrlLd ilial lh¢ n71￿lL￿ ihiiiild b¢ k¢pl as ¥ap1141. Ih¢ in¢om¢ has b¢¢n in a¢LoTdaKe ￿lIh Ih¢ ￿￿5 of the ¢￿I0111￿l￿ts find iliLludL'd in lh¢ 4oi¢mtni of finwiAI ￿lI1111e& Fllrth¢r explDnalion ofih¢ nai￿r¢ pUry￿ of ¢Kh is irKlu¢kd ￿ th¢nc4¢5 10 the finincial siaiemenis. Page 22 coniinued...

V•l hf #h￿1￿1 Ri1￿Y L4rnit lor Iht )'tr Ended JI Dtttmbtr 2014 I)ONA TIONS AND LEGACIES Don&iioThs 544.335 473.894 544.133 OTHER TRADING ACTIVITIES 31.12.23 4.1)b 063 49.432 10.2tK) 370.5YK J.JV2 9.? 64,927 10.2 433.582 SolDr incomc %iirr¢> incornt Kl&na2¢m¢nt ¢hary¢ Vul¢ ofKh¢ithl I rHdin8 L 440.449 545.301 IP4VL241 ￿1￿￿4 I If4LVML 31.1124 31.1123 Cuff¢nl a55¢1 inv¢MM¢￿1 irKw 65.689 INCOME FRONI CIIARITABLK AcfiviTIES Triiln Par¥1 I'nr park Muscum rKcial ¢v¢ni$ A17.22t th94..117 Hiluiy Rail￿aY 14.456 67.655 149.445 3W.249 1.079.833 .105.478 tirnnis ￿¢1¥￿1. In¢1￿ in lh¢ pkn¢. at¢ as Vi511 Wale5 (irE￿I Raili%ay Ileriia8¢ Trum C'o85iil1 L'onimuiiii). CJrnni Ph)Iliy Rampion Narrow (Jllu￿ Railw*) f￿51 194.249 IV5.UUU Iw.000 149.445 149.445 399.249 onlinucd...

VIE oIRheidol KalhV•V Urnrted Notts lo Iht FinaTrcil SiiitmtH15 •conlithued for Iht I'tar Ended 31 D¢¢t￿bEr 2024 RAISI%'G FIIYDS Pthriftslith m3naEcmcnl Vole ofRhéi TTainJl)uildiiiglir4cK Cos lainlLIlJ￿¥ Railmly R4ilth*y 485.555 43.637 5&010 250.134 437.878 43.285 133.509 Wa8es 837.J36 8J4.281 SIIPPORT COSTS Cl￿.¢￿￿￿ 0Sts MRn4¢rnenl WA8es Ikpr¢kiaiiM & impaimKni 14onk ¢hai8¢s (ien¢rnl expenses 19L918 18S.019 19&918 14J(p) 77.285 101.148 24.309 77.285 l.c881 & prof A￿￿11 & %¢ountsnL)' 2.099 2.099 Trusi¥¥ m¢¢iinBs 781,7 2Q896 803.656 NlaN8emcTrl Wagts 145.388 5(4745 145.388 Cicnerdl c¥pens¢s Ilcal & l.ighi InEuraML¢ Aiidii & KcoiinlaTrci Prolessi(Hiol le¥$ "rrusiee meciings J8J.419 2x551 74.093 385.419 23.551 74.093 12.3r 29.793 12.5(X) ?9.793 45.QP2 Ini1￿(￿￿ i¥iihiJJ 8o%ThnaMr is a￿jil0[5 fcc amOu￿7￿8t0 (8.750 ihechaTiiabi¢ ror¢m con1p￿! 12023.. £&3331 Pa@e 24

Not& lo tbt Vinnri•l StslcmeNI5-rvnlinued (Or tbt I'tr Eldtd JI De¢¢•￿r 2024 NET INCONIFJIEXPENDITUREI iThcoml¢x￿J￿1lUr¢I 1$ stsied afttidwBiDpllcr 5&745 1170.3%RI io. 'rRusTLE5' Rkhll'NLIIA TION AYI) BLNLTrITS During Ili¥ )'¥ar lh¥ group ￿lad¢ Ihc folloiiiDg IraMsadiwisM'ith ￿￿¢¢ MI l. AP l.olo received rtmunewaiin of£77.4￿ I￿23.. £71.1XX)iduw1￿ ihe>'e¥. 'lThe chtsril> mod¢ empio)'4Y ¢ontsit¥Jlions hdthlf of Mr L AP l.•io w￿{￿11￿8 10 £1.32112023.. Th¢ r¢mun¢raiioD asi¢¢d wi l¢Y¢l ¥HI wovol Obl•￿d b). th¢ Cknarily cr￿misSI￿. R¢mun¢ralion II'JS Psid M. Ihc Val¢ olXh¢ith)l l.Id. No Iwst¥4S hDV¢ f¥¢¥ll'¢dony 01￿1 I￿¢r1￿ f¥om th¢¢bari￿. during Ih¢>w. l)urin8 ih¢ >'¢ar. Mr l.l!'r Ap l.(klo ¥¢¢ejved r¢mvnefdliiin vf ¢35.(XN) Int of VATI for iiprK irt rL,IAti¢Trn t( Ihe sAlc of prop¢niiS ¢4)nn¢Llixl iviih lh¢ 13ia of ￿l¢r Haimp￿n. P•ym¢iii in r¢5p¢a of I15¢5¢ s¢i¥iriy ure LoiisidLrtd ￿11)￿¢ the 5LYVC of ovdinllry duii¢s u 4Tr ¢mploytt oTh1 by ih¢ Val¢ ufRIiLidul RDilwA)' l.Id. TrU￿¢t$' t%pew F¢wr iru51te5 r<tti%"ed irvel of £2.657 fow Iheyt•rended 31 Ikcember 21)2412023.. £5911 STAFFCOSTS W4$4$ rmd *il•ri¢g Social Sec￿rIlY co51$ l.-InplTr!er5 P¢n3i 885.086 70.518 795,$15 54.684 15.198 gIL.YI¥ b)JYI StitlCale8orK Tlie nuThber o1.51llff emphjyed by hurily diirins ih¢ wa5 HS follo￿. 31.12.23 <lp¢rotiott of ihe iailmai. AdmIni￿1￿1￿n 5￿pp￿t Ji 33 35 37 The nuM￿t￿re￿pknj¢¢¥ fell wiihin t￿. fnlltM.in8hAt￿I4m￿' 31. 1124 31.12.23 £70.iNII.80,IKJO Page 25 ¢0niinv¢a..-

Vale of RD¢I¢OI Ri1￿Y P4otts to tht Th¢il Stitemenls-tonlinued (or tht I'tAr Edtd JI Dtrembtr 2024 11 CONIPARA TIVES FOR TIIE sfATEIIENT OF FINANCIAL ACTII'ITIES IteElrirlL'ÉI F.ndniime￿l fund% INCONIE Af4D ENIX)IV.IIENTS FRONI 4.JJS 544.335 Charitabl¢ o¢tiviii .105.478 -105.478 Olh¢r ITading4ciiviii¢s 545.301 515.301 2.315 3,875 (hhtr inLlX)ie 3.873 TolAI 2.201.304 EXPENDITUREON KDisin¥ l.unds 2¥4.54¥ 284.541 Chirllibl• eiivliles Rail￿￿Y 1.58d544 1.586.544 Totil 1.871.092 1.871.¢ N¢¢ ¥4in un inV¢￿￿¢n 2.￿8 NET INCOME 332.jllj 332.3Ql ()Ihcv yin ￿ fix¢d Hw¢ts 170.388 170.388 Nti movtnbtnl 502.688 502.688 RF.r.oNcii.IA TI()N nF FIINDS T￿41 fiinds btOV8hi forward 12.47(k.4X)8 6J3.65Q 13.104.558 TOTAL FIINDS C.IRRIED FORWARD 12.973.596 633.650 l.l.M57.246 Page 26 ¢th)iinued...

R•llwy UThit•d (or tht I'er E•d¢d 31 Dt¢tthbtT 20U IJ. PRIOR I EAR ADJLsffviEIT There ￿lJ￿51￿c￿l rel1￿ 10 Ihe)caTcth 31 t￿te￿￿2￿23. I& TANGIBLE FIIED ASSETS l.r¢¢hold opcrfy Pl￿1 and mhinv) Molor vthieles COST Ai l Jniiugry 2024 AddiiioDs RLYIN35Ificollo￿ from 11.018.Jg8 520.92) Iw.01 l.J?J.572 14.374 9.1 14.)51.770 5J5.297 190.018 (l.h15.h70) 4 632.1471 121.3051 Rwl&&sifi¢d 4$ inv¢Sthib¢Jbl 4.632.147) Al 31 Ik¢¢mb¢r ?U24 5.50? 827 31&641 9.8th) 829,208 DEPRECIA TION Ai l JaTruAry 2024 Lharg¢ for year lim OD disposAI 263.J26 107.vl 8lJ.(rf 53.¥5¥ 1.07R.955 12.2WI At 311)cccmbcT?ts24 ¥5 J71.3117 ￿257- 3.1120 1.230.464 P4bl' IIi>OK VALLL 5.131.520 461.401 5.880 5.59&81N Al )1 tkc¢rnb¢r 2023 11755.073 s(.wJ 7.14 I& HLHITIILE AS5ET5 IARKET VALUE Al l Joni1￿ 2024 4.543.79? 2A1) 112.2041 I)iS￿s￿l$ RcelAE%ified A4 fTeehold Ai JI ￿.¢crnbQr 2024 4..141.850 NET BOOK VALLE Ai 31 D¢cbmkr 2024 4.341.850 Ai.11 DeeEmher 2n2.1 1 $47 74? Il¢riid¥e a%ei% all held M. V#k ofRhe*kil Railwai" l.Id. Pose 27

Vlt olRheidol KlhVy IAirttfj Noies to Ihe FiTraTreil SiiitmtbllS-torttiThued for Ihe I"c4r Ended 31 D¢¢tthbtT 2024 i& FIXED ASSET II'VESThlENTS l.icd lnie￿Ir￿￿Thl Im'c5tmcnl IARKET VALIIE Al l Janiiary 2024 Ad¢Jili(>nS R¢¢lassified fiom freehold 3dl¢s PlULL'ds RewAluaiion mDscmeThl 69.935 2.338 69.935 2.338 4,632.147 17J.J4DI 1.273 4.632.147 1.273 Ai 31 tkccmtrtr 2024 4.632.147 4.631.147 NET BOOKVALLE Ai 31 Ikcember 2L124 4.632.147 .1.632.147 AL 31 DeLYmb¢r2O2J OY.gJJ 09.9JJ 'lThe ehariiy has ini'esimcnls in l.'Yclyn a￿1 RylT¢r r¢pr¢s¢nlin¢ Nil 11023.. IIPhl Nil 12023.. 21Y61 r¢sP¥¢liStI) o(Ih¢ ioial i¥e4m¢ni [￿(0110. Fixrd a￿¢1 inv¥slments hi%¢ rrrn8nis¢d 41 Ih¢w Ma￿lI %IIuL' lh¢ b&lan¢e shed dale. ThL' ini'esimL'nis h414 bv#rb rv(¢lwd llAd ony or in their volue be￿ r￿o￿ls¢d in th¢ SI￿¢￿¢￿1 y( l.inon¢jol The ¢¢)A oftht i$ay follo￿.. 2024 2023 Ilisi￿l¢ll tost ol inveAmen15 4131 ikr¢mlv 65.023 Th¢T¢ VK. l.b51¢d iiiie3lrTr¢nls ii¢re oil •1 niwkd bLWS ffi JI D¢LYmber 2024 by Lk Sio¢k Lx&hJ*8¢, All Il>ied IIivtsLllb4ni> #IMI Invr>iiii¢Mi pn4m> by V¥k of Rhrkjvl Kulliva> L¢d. 17. STOCKS 31.12.24 rlroup Gr(iup Chariiy g¢28 cont￿￿ed...

of Rh•idol Itll￿Y IJ￿11•d Nott5 to the Fin&￿tIll ￿1¢￿*￿ts-¢•uMUcd for Ihe I'tar Endtd JI Dtiember 2024 i& DEBTORS: ANIOUYTS FALLING DUE II'ITHIN ONE YEAR 31.12.24 31.12.23 31.12.24 Gnwp Gro Chariiv Charity Trode [k￿OIS OihLY D¢b¢ors Aiii¢4inlg owed b>. 8Th)up 8J.244 2￿.(%)0 J27.¢)$1 11.944 450 1.098 2¢XI.( 4¢)ty.095 33.645 45D VAT 6.560 450 16.761 450 PrL'paynithES wip CASH AT BAPIKAYD IN HAND Jl.12.24 31.12.23 31.12.24 GTQW> Gro Charii). CThAriiy C'ash on hon 978 5.021438 5.207 7J2.801 0.978 J.J29.OJJ 5.207 J2&J3J Cash per invesimeni portfolio 5 629.436 5.18.618 20. CREDITORS.. AhlOIINTS V.4LLING DVE WITIIIN OYE I'EAR 31.12.24 51.12.23 Group fjrowb Chrii) Chaiii) ¢rtrJiiors Soci315ecurii) and othtr¢rediiors Ac¢ru¢d ¢￿[￿￿5 2.320 89.502 21256 7b.yI15 1306 19.502 17.857 76.994 ra8G 29

Vak olRhtidol Railway iimittd (or th¢ )'¢r Endtd JI Derember 2014 CREDITORS.. AhlOUNTS F.4LLJNC DIIE AFfER IIORE THAN ONF. VFAR LoaiL4lfet n(At 221 5.2412(PJ 5.25Q.h22 22. LOANS 31.12.24 31.12.24 Group Group Charily Charily (hher L￿n$ fnllins thKiftcr l )'w 2LVI 5 2AI622 5 241209 5 250 622 Olhtr loJfis repr¢wi du¢ ioiht immedi•ie ￿reThI ¢oJyn).. Tlrtre i4 cwrrenil), no wuireineni 10 ￿￿.￿Y Ihij QUIJ￿￿jinSaTho￿nt. 2J. MoVL￿1￿r￿'I. 1.1 'IIP4JJS Nd iY•r iUsun¢nl IDoi¢m¢ni in fund5 Al 31.12.24 Al 1.1.24 liiniThl fund 1197J.$96 1.8W.471 14.774.067 F￿d0￿meTht fundj .nlknii￿¢n1 lU￿j 633.6J¢l 633.65 TOTAL TrIINDS I3.￿)1.246 1.8(M).471 Nd Miemeth in fu*d& inclthd in Iht althe folh)ws'. Imimi118 R¢￿￿1￿$ Gaiiisand loJs¢J Nlovrmeni CJ¥ii¥r?I fund IW.740 1.667.frt12 I.80￿471 TOTAL FUNDS I(KA.740 1.9Jl.2711 1.067.002 I.80￿471 toniinu¢d...

V1+ •f Rh•Mlol Rilwy LiThit f•r tbt Ytr Edtd 31 Dertmbtr 2024 23. IOVE)h IENT l%1 FUNDS. t•tyllNMtd Compriiivts for nbowtmtnt in fund5 N¢1 linnsfLrs Al Ar 1.1.23 rund5 ruNJs 11470,W7 502.688 12.973.596 R¢slrict¢d fundi Endowmtnt lunds n￿0￿1￿&￿1 luNI 633.650 633.650 TOTAL FIINDS 13.1rii,558 IJ.607.246 C'ompoyaiiY¢ ￿.1 m•Y¢m¢ni in in¢l￿•¢d th ih¢ •Frt)w¢ 45 folio&' InLumin8 urtes expeiidtd losses Gtiieml fiinsj 2.J71.692 11.871.092 2.088 502.688 TnTA I. FIINTh4 ?17169? {1 R71nq? ynxR ifl)A A y¢ar 12 mDnihs piov >tir 12 mmihscombined ￿￿1110￿ ￿a$foll￿.& mov¢ni inlllnth Ai Al 1.1.23 ljuslfflent runds Unrt5tritid (umds 1303.159 14.774.¢>h7 Restrltltd fw#ds Endr*Viment fundi ETrdoknm¢Thi fuNJ 633.650 633.650 TOTAL tr"VNDb 13.104.558 ?303.15 15.4V7.717 P•y31 con¢inucd...

V•it Of Rhtidol R•ilway ijmiie Noles Io iht Finanril StatoAtTrts- ¢oJiinued lor tht I'txr KTrdtd JI Ik¢e•iber 21124 13. hlOVEP4lENT 1% FIINDS- ¢oilNied A Lurrerjt ytar 12 M(￿lh% prinr)'eHr 12 mr￿1￿ net ITh Cli￿￿ inrliklvd ihft Af I￿omIn8 rtsX>uri<s Rafjurccs Ctains IossL G￿￿￿1 f￿Thd 4,43&432 13.802.363) 1.669.0 2.303.159 TOTAL FUNDS 4.43&432 3.8U13631 1.66Y.( 2.303.154 24. ULTlhlATE PARENI COfvIPA%Y I ￿ iornpanv $ imin¢di41¢ partni ￿ Vhvllis I18mwon Ntrtow Gx4e kailwlv Inrt Lharily no. 292Z40. RLwis14i¥U 4thlir55. Vul¢ vfRJXid￿l KH11￿). Pr Avenue. A￿}Si￿Y1￿. C-¢MIIWun. SY2J Ipa. Th¢5¢ flnancl•l Matrmentsare •i'aSlabk rtyu¢ from th¢ r¢8i¢r•t oifK¢or ik ChWI￿ Commission. KLLA'ILD PAKI'I. DISC'LOSllllkS l)uring the finantirtl veor Ihc ilift vf Dnc ol ￿ Irnsk¢5 ￿ld n ¥¢myn¢rol￿n of £4￿ 12023.. Nill 10 aiiemd Irusie¢ m¢¢iin2%. rttoid d¢iailed no￿% INJ ytiie minut¢5 of cvffj mcetiiw In ￿. cJriulai¢d In All Ir¢i%ire "Iht S￿rifiC rL'inlln¥Yllli￿ ii•s b)" lh¢ booDJ of Irumttsand is cMskrtd a fair ind r¢Asonable ainoiinl in Noi¢ 10 rLf¢r% iii ail.,ijl liTr Ihr thWiiiunHI r¢MunL￿]DM rLYitrtd b). Mv l.lJ'r w lulu in r¢4KI ¢bf ￿￿Ill￿n￿l ii(bik LIN￿'Muk&Tr O￿ts￿l¢ ofhits ¢ry1gy¢¢fjnd VIINDS -I-IIL' <'niliii¥niL'nl nind ILI.'IlLN 115 jlx'l% frum RTilith Rail & Ixt Aryil 19A9. 27. SVBSIDIARI. IINDERTA%INGS l-h¢ C'harily hDlds Ihe entire issued Sha￿ f3pilal of l(MJ Ordinary 5haws (if £1 ea¢h $11 Vall of Rkidol Tradii)Lr l.imiid. il LiXiiPin) inLikTw>fHled I￿ l-'Tr¥lxTrJ Wal¢ fiimp4ny ￿UM￿'r ri414647fl Mi'giN1￿rll i?￿1¢.1.- PHik A%wu¢. Ab¢rJ'$iwyih. CiYLMli8¢on. SY23 IPG. tom￿nY taff1¢$￿1 tradin8 aclivilies ￿lIh di¢ of roisins moilL￿ for donaiion io ihe Chaiii}'. Y&atlA.d Y¢4r I.1￿¢d 11.12.24 370.598 4JS.582 C-0￿ of Profit for lh¢ financkgl ￿rityJ Tht li*bilili<s ollh¢ J¥b4idiNry w¢r¢- CbrrL'nl a55e15 CNJlilvt5 J37.333 lJ37.23_1} 530.166 530.0661 Aggregaic 5h•r¢ capiial and T¢SCWVfS P¥ge 32