TALYLLYN HOLDJNGS UIIITED IA Company knmited by Guarantee) REPORT AND FINANCIAL STATEPIENTS FOR THE YEAR ENDED 31 JANUARY 2022 4AB(lQ￿T* 1W0912022 COMPANIÈS HOUSE COMPANY NUMBER: 00511996 CHARITY NUMBER: 11>89053 TALYLLYN HOLDINGS LIMITED REPORT AND ACCOUNTS TO 31 JANUARY 2022 CONTEpirs PAGES: Refwence and adminrstralwe infomatN)n Trustees. Rewjrt 8-10 Audrtors. Rep(Kt COnso￿￿at8d SlaterrEnl of Finanaal Activities 12 Consoldated Balance Sheet 13 BaLan¢e Sheet 14 Consolbjated Statement of Cash Fl 1s-25 Not•s to the Aco)unts TALYLLYN HOLDINGS LIMITEO REPORT AND ACCOUNTS TO 31 JANUARY 2022 REFERENCE AND ADMINISTRATIVE INFORMATK)N Oirectors and Trustees F. M Hayes R.G.W. jcrf￿s E.J. Mann D.H.W Poutson C.K. Theobald D.G. Ventry Company S*¢rntary .AJ. Swnner Rtgistertd Office arf Stalion T￿Th LL36 9EY Auditors McBryJes Actountants LLP Nexus House Cray Road Sidtsjp Kent DA14 5DA "TALYLLYN HOLDINGS LlkWTED REPORT AND ACCOUNTS TO 31 JANUARY 2022 TRUSTEES, REPORT INTRODUCTION The Tru51ees, who a￿ abo Ihe DI￿d0r$ of the C¢)mpany for Ihe purpose$ of the Compan￿$ Ad. svbmrt Iheir Annual Report and Financial Staternents for the year ended 31st January 2022. The consolidated financial statements compty th Current stalulory requirernents. the Mernorandum and Artsdes ol Asstiuation and Ihe Statement of Recomrnended Practi￿ appI￿ats￿ to charities preparing thew accounts in accordanee with the Finallc4al Reporting Standard applrcable in the UK and Republic of Irela￿j IFRS 1021 (Chaiities SORP IFRS 102}1. PRINCIPAL ACTIVITY The Objecis of the Cornpany irldude the preservatb)n ofthe hisIN￿ Strvdwes and eouyment ofthe Talyllyn Railway and the promotion ol public knowledge of and attess to them. To Ihis end rt ts the benefi)al owner of all the Sha￿$ In the Talyllyn Railway Cornpany and the owner 0¢ ￿$see of variovs assets peripheral lo Ihat 0￿ershIp. The principal activity of the subsidiary IS that of operating and Maintaining the Tal￿ty￿ Raihrdy. The strategies employed to aCh￿ve these Dbjecti¥e5 are to". • ￿taIn the benef￿SaI ownership ol all the shares in Ihe Talyltyn Rathy Cornpany.. • control the Rai￿aY Company by the elect￿n of rts D1￿Clots ￿ aC￿rdance *ith established ￿stoM,. • raL8e money from In¢lividual$ and organiSat￿nS.. • make grants in accofdance Wbth its Objecl5'. encourage volunteers on the Raih¥ay. in particuL3r by Ihe provtsion of accomrnodatEon', • rnake loan5 to the Raihvay Company req￿￿ed by exCept￿nal ciroJm5tances. ACHIEVEMENTS ANO ACTivmES Inrtial hopes of a retum to Sorr￿ kind of nO￿alty in 2021 proved to be So￿What overyt1rn1511c, ahhough there were some considerabje irnprovernents. The Raihwdy siarte(I the year ffl the thifd lockdovm antl saw resth"ctions grndually eased throughout the year. On the posilNe 5Kle. the establishetl Covxj procedu￿$ We￿ tned and lestsd. so the Raiwdy was able to cope well with the various changes in the le9islation as Ihe number of Cases fludualed. Mu¢h hard worf( and veative Ihinking ￿Ent into the re-opening of the Narrow Gauge RaiKvay mUse￿M, provid¢ng our passengers Once MO￿ vAth a very w0rthvthl￿ extra atlraclK*n at ￿art. The work done enhanced the Museum. and is a good example of Ihe pandemi¢ having a posiiNe outojme for our bng-lerm slanding. Unsurprisingty, outdoor WO￿ was somev*hat easier io arrange. allhough as to be expected, numbers were somewhat limrted in the earl￿r part of the year. but the autumn ovtdoor sho**d a retum lo healthy nurnbers of volunteer5. 11 was also good to see ycxjnger volunteers able to retttrn- amongst other ac1Nii￿$. the Na¥v￿S PraCti￿d the art of slale fencin9, whilst Trad£siders carried out some very usefvl at Nant G*Emol - very appropriate as Ihis was the forty-fifth anniversary Of Ihe opening olthe extensK*n. As the ￿S￿l¢tIonS *ased we wert abk onc* ayain to provwje opportunkn.es lor trainin9 on the trains. s¢mething th• 51rider re9ulat10n$ had prevented. Other adiwlies were aNe lo resume irt a measll￿d way. wilh appropriate precaUt￿on$ bein9 taken. as the country gradually opene¢l up. O￿l￿e meetin9s however ¢ontinued to be Ihe nom). this time induding lull AGM. Muth has been leamed VAII be usefvl in Ihe frrtu￿. opening up possibilrtEs to those who cannot travel lo Tyvryn 50 easily. Planning has Continued for the development ol PeThd￿ and Ihe forn￿r Or¢har(I site. In realrty Ihe latter is an a￿8 whith has for many years been very overgrown. despite Ihe attractNe soundin9 histori¢ nanE_ Work also progressed on the new open and bog* carria9e$. the fomier bein9 carred out In-house. the 9radual ￿d￿tIon of ￿$triCt￿)n$. routine rnainlenance was easier to arrange an¢J carry out, and Ihe Rai￿aY generally 15 k)oking smarl arKS tidy. Despite the reductien in passeryr j¢)umeys compa￿￿ with a noftnal year, the RJiNvay is in 90(KJ finanual shape, and the genero￿tY of member5, both ￿ donations and legaues, vrds greatly appreuzted. We can Icok forward with some confvlenee to 2022 and lh• challenges that another year wil ur¥Jo&)tedty ￿1Th9. Traffic & Operatong The year ending 31st. January, 2022 sèw 76,521 passengeriowneys. an increase of 198.5% on the previous year. For Comparison the total for 201￿20. the last pr&Covid-19 year, VAS 94,811 and the highesl ever was 185.574 for 1973. Publio bookings were 34,699I202C￿2l." 11,234.. 201￿20.. 40.4431. The ￿$￿rgence of the disease at Ihe end of 2020. Ihe consequent lothn and subsequent restrictions did not allow the Railway to oterate a public seryKe unll 1sL May. Bookings We￿ sthll lor whole compartments and the var￿u$ sanilizing PrD(tdU￿S bstre Still wacticed. Teryorary ￿Stric￿0￿5 were imposed on rnembers, Iravel. Sorre of the Welsh rules We￿ easeij dunng August but rt steff￿d sen5blp to wait unth"I the end of the peak Serv￿ befo￿ makn'ng thanges on the Raihay H¢wever. from the beginning ol Septernber ￿ moved cb)ser io normal with indwidual li¢*ets 3vailab and trains serving all our siaion5 and hah5. TALYLLYN HOLDJNGS UMITED REPORT AND ACCOUNTS TO 31 JANUARY 2022 TRUSTEES. REPORT Because ol the late start to daity running an experiment VR5 made running weekends in November and 6arfy Deomber. Those in N¢)vembef vEre Com￿*￿0aMY successlLI but wrpeded tra￿Ing and pe￿anent way wL)rk and epe3t 15 not planned. Race th• Train was tartttlkd lor thè sècond year. The Quarryman naffe and headboard V+ere repurp￿(1 loi a variatK)n on the Vinta9e Train speoals. Sants spec￿1$ *pnt well and the normal postQhristmas Service ran. but several spec#al event5 late in the yearwere cancelkd as disease (ases rose again. At a hybrid meeting ￿ Septembef. 2020. the Chaimian and Secretary of Ihe Traffic & 13)grating Comrniltee re$igned and the conb"nving p2ndemie problems made it diffiDJl( to rneet traditionalty. Exlraordinary online meelin9s held in July, September and Oc¢ober, 2021 and si¥ volunteev repre5entstwe5 were elected. albeit unopposed. To resto￿ the p￿vIOuS ekcloral cyde. three wrtre thosen by lot to serve for one year and the other three received the standard tWs> year sentence. The e￿e￿ N*mbers met in November to seled the Commrtlee's olficers and a fvll lormal meetirvJ look pla￿ onh.ne on 9th. January 2022. Shop and Catèring The Shop and Catering actNrties of Ihè Tatyltyn RaI￿raY Company are importznl in generating a Su￿luS to further Ihe charrtable objectives of Tawtyn HoWiTrJs. The catering offering was ￿Str￿led for the majority of the year. with screens bving still in place until the autumn ￿"miting capaaty. However. that dhln'l r￿ssarilY mean a bad performance. with us a¢h￿VIng a ￿VenUe not dis51milar to 2018-2019 de5Prte 105ing ihe first quarter of trade to lockdown. al did hew maintain our profitablity was the prebooked ite￿￿ offe￿￿ to ¢JJstomers 31 th¢ poinl of booking. Hampers and C￿arn teas that We￿ wrchased H) advance helFed add ¥a￿e to the vi%il and reduceil the pressure on the catering servi￿ in the peak times. Englneerlng The Company's Object ol the preservation. ￿$tOratIOn, maintenance and proiection of thè strudures. rolling stod(. plant, equiprnent and artefacts ol the Talyltyn Railvrdy is largely an engineenng aclivty caTh*d out by the Talyltyn RaiKvay Cornpany wth the ol grant5 from the Charity. The govemrnertt resthctitrns plated the Railway in I¢xkdU4￿ at the start of the yeaf. whith alknved us to COn￿ntrale on Ihe worts we would nol nOm￿lty be ablè to tackle %wth the Raihvay operatiortal. Al the stsrt of the year lhe￿ were four sieam locorrntwes ope[at￿nal IND5. 2 Do5goch, 3 Sir Haydn, 4 Edward Thomas and 7 Tom Roltl. During the year. we brought No_6 Douglas back Into traffic for the Feak s8a50n, arKI No.2 Dolgoch rarb its final Irain in Oclober before comrrenring its overhaul. The overhaul of No.1 Talyltyn p￿9￿ssed. albert at a slower pace IhaTr we had hoped, wth the boiter woth being handkd by a TR volunteer at the MILI-Han15. and a contractor working in Tybyyn on the trames and axle boxe5. No.4 E¢Jward Thomas rnoved to the Corris RaiKvay for a week to lakt .part in their 9ala. and their Mo.7 had a recyrocal visit to Tfftn for ouf gala. Thi5 evenl a150 featured kn other 'Tattoo' class tocys. Slanhope and Diana. A ￿L¥le ofweeks wth b)Is of lorry movements and logislKs! The Corris eoach wa5 delive¥ed bad( from Slznegate Restorations %there Ihe bOd￿￿k had been overhauled. It was fftied onto the relurbished bog￿$ and returned to traffic in Sepiembef In tme for the gala. The new open eamage progressed with all Ihe frame and panels teing manufadured and painted and the chassis Thearing complelion. Existiny open camages wenl through the Works lor rnaintenan￿. ID olhew work. Ihe Aberdovey open wagoTh was outshopped and relurned to traffic. a new lamper arrived and was ni¢*named as Idris and aner many year5 the ￿akY Do￿0C￿ Wdler tank was replaced. We were partiwlarty pleased to see some of our staff membets attain chainsaw qU3￿r￿tionS and ￿ pass NVQS in pernianent way whilst an apprenti coryleted his training and was taken on as lull tsme member of 51aff. We aL80 recnjiled t%yo new employees. so end8d the yearwith a lul tsjrylernent ready forthe year ahead. Heatth & Safety The reduced train and fvrtoughing of enw)loyees due to Ih? CorDnavirus paTrJemi¢ had a c4ntinuin9 effect on rÈducTMO the nuffibèr$ oi a¢¢idénts ano ifiLidenl& &)rnÈaléd to P￿viouS years. Changed practi￿$ also had an effed, particularfy lod(ing of c8rria9e doors. There was one reportable intident, a train running frorn Abergynolvryn to Quarry Sidin9 wlhout Ihe Cor￿¢1 Token. The rnajorty of inadenis ￿tre near misses wth distraclion ¢ontinuing to be a cornrnon factor and Ihese have been used at ￿.￿.¥an¢ s8minar5 and rneetin95 to reinforce the safety message. Furthei Significant wort( vrds carried out in Ihe revew of Risk Assessn*nts, commwicating B￿fing Notès, and thanges to practvs in response to the pandemic. TALYLLYN HOLDINGS UMITED REPORT ANO ACCOUNTS TO 31 JANUARY 2022 TRUSTEES. REPORT A review of our safety managemenl pra¢kn￿ was carried out using the Office of Rail arKI R08d RM3 Risk Management Malurrty Model for Heritage RaiKvays. This hKJhlighted a shortage of resources In some key a￿aS and. after consideration by the Boa¥d, rt wa5 dec%led to appoint a Safety and Environmental Manager (Lvi Porrelt CDmmenced work on 14th March 20221. This new post VAI provKle kadershw to lurther improve safety Djllure and manage and redu￿ lis The D￿￿$ and Al¢ohol Politry was and re&ssued. ¥)duding the lin¥ts conlarnd in the HRA Guhdance and the ability to earry out 1￿CaUse and random tesb"ng. Heritage Perhaps the single ￿gest piece ol ne￿ over the past year was the awardin9 01 Worbj Heriiage Ststys to the Railvay as part of The Slate Landscape of NorihI￿( Wales. This invofved a signifKant amount of ￿￿rk includin9 adopting a ConsefwatK)n Mana9emenl Statement and Local Management Plan for the RaI￿aY. In addition. Conservation manageft￿nt Plans a￿ ¢utrently beiNJ kyepartd lor al our ￿NIfiCant hentage items. Imh the easing of Cowtj restrithons work resumed on several pr(yeds. nKJSt notabty the reeonstructicn of the watering point at Ty was completed sh¢dy after the eNJ ol the year, wlh Ihe fi￿t bcoffotwes ab￿ to lake waier ￿ March 2022. Th¢s was a rnonumenlal achieverrent produced many crynplimenlary comments. Other projects also untinued lo move ahead. Woth on the ￿bullJI￿g ol the CONIS Van body proceeded at Pendre. while Ihe chassis was rebuitt ai stanegate Restorath'ons. A suitable standard gauge wagon for the tran5hipment display al IAlharf was kindly donated by the 8n.std Harbour Rai￿aY and is also currently at Stanegale being restored. ￿en cornpleted, the dwL4y w￿1 denKsnstra(e how the 51aie Irom BrynegW was transkrred to the rnasn lir* and Iransported across the country and the worfa. Fundralslng The Company has continued lo receive generous 9iving from our supporters has Ènabled us to continue speoal proje¢ts and other aspects of keeping the Raihvay running. We have also ￿nts"nued to recefve si9nificaTht legaoes frorn those who have rememtered us in their wls. once again a￿ 9(atefvA lo al those who have helped us in this way. Thank you everyone for your support The Ty and Corris VanlAGM AppeaL8 rais*l over £9,(XK) and ES.LN)O ￿SpeCtivety and * thank everyone who ha5 helped us nwve forwards with these projects. One appeal fund we wouk1 16te people to ￿ntinUe to support 1$ the Young Velunleer's FundlGraham Guiword Fund. This ￿¥)$ support youn9 wth Ihe costs of being able to slay In Tywyn to volunteer on the Ra1￿Y to the benefft ofeveryone. We are gratebjl for Ihose who cornmit to gNe regularly lo the Rai￿VaY through the Heart of Goky 9roup and. on the 14th. May 2021 we hekl a special Founde￿, Day ￿￿bratIOn. Despite Covhd restrict*)ns. were able to run a historic train which was live streamed to our mernbe¥s who **re unabk to artend. We were also honoured to receNe an Earty Day Motion. sponsored by Local MP Liz Savi)￿ Robert5. recognisry our SeVent￿lh annNersary. We We￿ very disappointed ¢0 be tumed down for devebpmenl funding from the National Lottery Heritage Fund INLHFI lof the wh3rflPend￿ project in August. 2021, despite being encouraged to submr( an earfy appI￿at10n. This pul u5 badL at Square one and we hèd to submit a new Expressh)n ol Interest aeeepted, so nowwe arè working on a new appli¢ation.Iof the development funding. KEY PERFORMANCE INDICATORS The C¢mpany is (xjmmitted to self*valuation, measumg oryanisaiion both iniemally and extemally. Fina￿1?1 information is presenied to the Trustees at every ￿￿tin9- PUBLIC BENEFIT The Trustees have ￿ferred to the Charty Commission's guklanee on pvblic benefft vthen reviewng the Company's aims and objects and in planning lu¢ure adivit*s ol the Group. We consKJer Ihai the Group out its charitsble activilies for the benefit of the general publt. The Cornpany makes grants pnrnarity to ensure the $uMval of the Talyllyn Raitrrtay which wa5 the eartie51 narrnv-gauge rai￿aY conslructed vAth Ihe use ol sl*aiii arid Uie ￿M49e of passengers envisaged Irorn the outset. The Cornpany a150 makes grants to Indiv￿￿81$ who volunteer ¢)n the Railway and benefft educationally from the experients and undertakes direct educa￿onal work. Through the Talyltyn Rai￿aY Company rt PfovK1es employment in the area. induding Ihat ol three ap￿￿tI￿5 kaming valuable ski15, aim5 10 reath out to tl* local communrty, fo¥ exarrole by parbcapatsn9 in local events and provKling work experience lor schooL8 and colleges. Research in North Wale5 and e1Seknfie￿ shows Iha¢ heiitage raiNvays provide significant e￿n0M advantages to Iheif ￿¢41 a￿a$. TALYLLYN HOLDINGS UMITED REPORT AND ACCOUNTS TO 31 JANUARY 2022 TRUSTEES. REPORT FINANCIAL REVIEW ilsl the 2021-2022 year was z lithe more normal. after the very drnmatic year bst year. it still creales a very th"slorted picture and not one that is likely to be repeated. Again. comparwns with ea￿er years are very drffipjtt. Imth the Raihyay operatiry from Moy 2021. att￿)U￿ in a far frc*n nomwl manner wth the Cov*Y re5tr*cti0Th5 slill in pla then, it experienwl more nornwl trading inr>)mes and operating from Ihal rK)int. Funding from the second round of the Culture Recovery Fund of £IQO.O(X). a￿1 a $uc(tsshJl Business Inlerruptw)n Insurnn¢* Claim ¢f £89,470, 8180 significantty improved the finanual Ferforniance in the year. In addition. Costs Ve￿ Ca￿lu11Y rnanaged ahead of the reopening and fvl use made ol the Coronavinjs Job Retention S(thrne. The result being that as in the prior year Ihe Raihvay Company reporteo a rare surplus. vthich i% in fact even g￿ater than prior year. This in turn has ￿ated a very heamhy Cash posrtion vkn¢h tr)u￿ never have teen antiapaled at the beginnin9 of Ihe pandemt in Marth 2020 ￿ert Ihe posrfron fvxknd very ￿deed. The operations Ihrough the Rai￿aY Comparty since Ihe year end have relumed to a pre-pandemic normal with gooj visitor levels and revenue5 improving 2019 Ythich is now the benchrnark year. The cash reserves have also resutt in the operations not needing cash support from eilherthe s¢￿ty or HeAdings during the wnler 012021-2022. Talyltyn Holdin9S rtsell is carying substanbJ cash reseffts ¢Jue to o)ntinumg Successfvl lundrni&ng and a rtumber ol substant*l le9ac*$. The rr£rTthr5' loans taken at the ￿"rne of the acquisition ol Trefri have been repaid. The reserves held provided the Board wlh the confKJen¢e lo invest in much needed a￿a$ of the infrastructure wrth a number of smaller purchases bein9 made as ￿*1[ as ￿rge1 projects. These indude the Ihrep new bogie carriage5 being buih 8t Boslon L￿ge on the Ffestlnlog Rai￿¥8Y lsupwrted by a 9rant 01 £300,000 from the Coastal c0mrnuni￿"eS Fundl. the proposed heritage shed at Wharf, and also SUPPDrting necessary corthbution5 to projects such as the ¥edevelopmenl of Pendre, using the land ac4ul￿d. anKI mprovin9 and expandin9 volunteer accommodation. So, whilst the cash balance Seem large. and have gro*fft fvrther Sin￿ Ihe year eryl. easy lo see hrm Ihts can be Quickly utilk*ed. RESERVES POUCY The Tfuslees continualty review Ihe fvanoal performan￿ aThJ outtook and wth the Ralway Company's rnanagement onsider the risk$ Surrounding the Railway's core q)ernty"n9 and trading a¢tsvitie$. The Trustees are confident that they will continue to a¢trac¢ donations, kgacies and granis to support the RaiPrtay Company's liablitie5. The policy is to a¢cumulale fvnds adeqvate to cover expefidltu￿ cannot be aetsJralety predicted. taking reasonable ac£ounl of the Talyltyn Raithy Company's strategic plans for ￿r￿vraI and enhancemenL and to revwi the lovel of suth reserves ulady. The exceptional trading period follown9 Ihe easing of CovKI-19 resthdions has inc¥ea5ed the ￿Ve1 of reserves as desCr￿e￿ in Ihe Financial Rev*w above. The RaiTr*ay has now entered a new period of uncerlainty. with hvjh iThflalion pacting input ￿$t$ and an emerging ¢ost-of4iving ¢risi$ which in lum cxJuKI Impath on our ￿Ve] of demand. It is yel to be seen how these factors. tO9ether vAth ¢he War In Llkraine. wiu impact Ihe Railway's abilty lo cA)ver lulure expendrture. As al 31 January 2022, the Trustees bd*¥e that the kvel of ￿SeNe$ ￿maIN adequate to cover fvture dEmand5 which it is reasonab￿ to ant￿1p81e_ FUTURE PLANS A Straiejy for the Raihvay IDr ten yeats from 2014 w35 p￿Alshed in Decemter. 2013 and updated in 2016 for the period to 2025. This strategy remains in plate and is Consider￿ approwiat• by thè Trv5tees. It i¥ intended to complete a review of the strategy in the near terni STRUCTURE. GOVERNANCE AND MANAGEMENT Talyllyn Holdings Limrted was incorporated in 1952 under the Compan￿5 Acts as a Company Limited by Guarantee thout share Capital (Registraiion number. 5119961 and is g¢vemed by its Mernorandum and Artides of A$s￿l0110n which were adopted on 3rd. October, 1952 and upjated on 8th. D￿rnber 1973. 241h. February 1996. 31st. August 2001. 31st. May 2019 and 26th. August 2021. It was ￿lStered as a charity on 25th. October. 2001 with the Chartty Comrnis5ion lor England and WaJe5 (Registra￿0￿ number. lo8￿531. The uhimate conlroltsng organization is the Tatyltyn RaI￿aY PreSe￿allOn Sinety.. The Board met seven ye.lr ￿l￿41￿re£l tbo finanual ptisilw at each meetin9. TALYLLYN HOLDINGS LIIATED REPORT AND ACCOUNTS TO 31 JANUARY 2022 TRUSTEES, REPORT Trustees The Tw51ees who served durin9 the year to 31 January 2022 a￿ as fo￿". Keith Hayes (appointed 23 Odober 20211 Ga￿1￿ J¢)nes Eli$abelh Mann Oavhl Mitthell IresvJned 23 October 2021) Daniel Poulson Keith Theobald Davhl V8ntry Company SecrEtary.' Andrew Symei Chief FinaThc281 Offi￿1.. Garry Mumlo Re¢Tultm¢nt and Appolntment of New Trustees Truslees are appointed in accordan￿ Ihe Company's ArtKles of Assoryation as approved by the Charity Commission. The majority ol the Trustees are appointed by and from Ihe Counc41 of the Talyltyn Ra1￿Y P￿servatIon Society and a¥ such ha¥e con5bJerable exFerience ol*rrkng *ilh the exisling Im4ee& Indu¢tlon ond Trairtsn9 of Tru$tee$ New trustee$ are provided ￿th infonnat¥Jn on their rc4e and re$poThsits"Iit￿ a$ a trustee. tQgether wth a o)py ol the Mernorandum and Art￿5 of AssoaatK)n and Ihe lalest Report an(1 Financaal Statements. Trustees are kept up to date as appropriale %%ith developments wthin the chantable sector. Related Partles Trustees 8re obliged to disd05e any related part￿S or Conffi￿t$ of interest and may not take part in any vote at meelings which involves dec4sions ￿'ng made in resFect of agreernenis or 01her￿se with these partvès. Key Management Personnel rhe Charity ¢on$iders Its key mana9Ement personr￿ tts be TNstee$, the Company Seuetary and th8 Chi?r Finanual Officer. The Twstees and Officers are ajl Voluntee￿ and le￿1¥e no Temuneration trom the Company,. no Twstee was reimbutsed expenses in the year (2020.. £NilJ. It has no paKI employees. Rlsk Mana9¢ment The Tmslees are conf￿ent that the maior financial and non-financxal risks ffa￿d by the oryanisation a￿ being suilabty managed wAth systerns and procedures In Pla￿ to address and rnrt¥Jate these risks. The tharily'$ risks are managed by arelul maintenance of rts fixed as5et5, con5ervaiwe iTh¥estrnent of funds in hand and only makin9 9rants from those funds. A safeguarding policy is in for￿. STATEMENT OF TRUSTEES, RESPONSIBILmes The Trustees (who are also direclors of Tatyltyn Hddirqs Limited fr)r the pU￿oSe$ of Company lawl are reSpOns￿le for prepanng the T￿Slee5, Annual Report and the financial stalerrÉnts in accordance wth applKabk law and the Unrted Kingdom Accounb"ng Slan¢ard$ IUni¢ed ￿n￿10M Generali¥ A(tepled Ac£ountiThJ Prac11￿1. Company law requires thè Trustees lo prepare financial ststements for eath finanoal year vthich gNe a Irue and lair view of the state of affair5 of the charitsble Company and Group and ol the inojrning resource$ and appli¢ats"on of resources, incljding income and expe￿drtu￿. of the charl￿ble Company and Group for that pericd. In preparing these financial State￿￿nts, Twstees are fequired lo.. select suitable accounting polic*s and Ihen appty them ¢on5i5tentlr. observe the rnethods a￿1 pnnoples in the Cbaribes SORP". make iudgernents and estimates that are reasonable and pNdent'. state wheiher applicabk UK accounting standards have been tolowl. subject to any maierial departures disdosed and explained In the finanoal statements", and prepare the financial statements ￿ the 90ing concem basis unless rt is inappropftate to presum8 that the rharit3ble Cornpany and Group wll conts.nue in business. TALYLLYN HOLDINGS UMJTEO REPORT AND ACCOU14TS TO 31 JANUARY 2022 TRUSTEES. REPORT The Trustees are ￿SpOnSIb￿ lor keeping proper re0)￿ that dBL*)se wih ￿8$onable accuracy al any tsme the finanual posrtien of Ihe ¢hantable Cornpany and Group and eThèble them to ensure Ihat Ihe finanoal ststements cornply wilh the Cornpanies Act 2￿6. They are ak¢ ￿spOnsible lor safeguarding the assets of the charitsble Company and Group and hence forlaking reasonable steps forthe prevents.on detection 01 fraud and other irreguLqritEs. In so far as are aware.. The￿ is Tho rekvant aL*Jit infmmabon of the c*afrtable CL¥npanl5 aTrJ Group'5 audrtor 1$ unaware". an The Trustees have taken all Steps Ihat they ought to have taken to make thern5efves aware of any relevant audrt inlwmation a￿1 to estsbtsh that aLNJrtor is aware ol thai infomation. The Trustees reserve the rvJht ors a volunlary bas￿ under Ccfflpanies Act Sedion 454 to amenil Ihese fffjanekal ststements ifthey subsequenlty pwve to be defeclive. AUDITORS A resolution to reappoinl McBrkles Accountants LLP as aLhlrtor5 will be prr4)osed at Ihe Annual Ge￿ra1 Meeb"n9 Sn accordance wih Sedion 485 of the Conyan*s Ad 2￿6. s￿LL COMPANY EXEMPTIONS The above ￿pOrt has been prepared 41 attordartt wth 1he speual PVOVL¥h?ns ol Part 15 of Ihe Compani¢s Act 2006 relating to small companie$. This reportwas approved by the Board ofTrustees on .. hair of Trnstees Davvj Ventry TALYLLYN HOLDINGS LMrrED REPORT AND ACCOUNTS TO 31 JANUARY 2022 INOEPENDENT AUOITOR'S REPORT TO ThE MEMBÉRS AND TRUSTEES Opinlon We have audrted the finanaal stalernents of Tatyllyn Holyings Lwnited (the 'charitable Cornpany'l lor the year erKled 31 January 2022which comprtse Ihe Consolvjated Ststement ol Finanoal Aflivit*s. Consoh'dated Balan￿ Sheet. Balance Sheet, Consolidaled Staternent of Cashnow5 aTrJ notes to the finanual statements. induding a summary of $igThificant #ceounting polioes. The financial reporttng framework that has been applieil in their p￿parat￿)n is applicable law afid United Kingdom AccountiTh9 Standards. including Financial Reporting Standard 102 The Financial R8POrting Slandanl app￿able v] Ihe UK and RepuOlJc ollrgland (United Kwdom GeneralIyA￿pted Ac(ounbng pla￿1￿). In ow opinKJn. the financral staternents.. gNe a true and lair vi2w of the stste of the Group's and Ihe pawt ¢*aritsble Coffyanys aflairs as at 31 January 2022 and of the Group's inc4mirg resour￿$ and aPpli￿110n of reSoU￿es, induding ils ino)me arnl Èxpenditure, for the year then ended". have been property prepared in accordan￿ Uwtrted lQ"ngdom Generaly Actspted Accoun￿n9 Prathce.. and have teen prepared in accordan￿ wilh the req￿rEMents tsl the Companies Ad and the CharilE$ Acl 2011. Basls for opinion We condutted oui audit in 8￿rdanCe wilh Intematronal StsThJards on AuLIth"Ag IUKI I1￿ IUKII and applicable kw. Our ￿spOnsIbl11t￿$ under those standafds a￿ fvrther described in Ihe Audilorfs ￿SPonsibl11t￿$ for Ihe audrt of the financial slalements sethn of our report. We are independent ol Ihe chantable Company in accordance with the ethical requirements thal are relevant to our audit of the ffftanaal slatemeThls in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibdit￿$ in acwrdance ￿th these requ1￿mentS. We believe that the audit evidence ￿ have obtaine¢l is sufficenl and appropriate to kyovth a basis lor our O￿niOn. Conclusion$ relatlll9 to goin9 ¢on¢em In auditing the financial slatemenls. we have concbjded that the diredors, use of the 90in9 wn¢em basi8 of 8¢¢ounting in the preparation of the finanoal statements is appropriate. Based on Ihe work vo have perforrne(l. we have not identifr&d any material Un￿rtaIntieS relating to event5 or condrtion5 tha( indivklualty or colthi¥ety, may cast signif1￿nt doubl on the entity's a￿'IrtY to continue as a going COn￿M lor a period of al ￿ast twelve months from vthen the finanoal statements are aulhorised for issue. Our re5ponsbilitLes and the responsibilities of the directors wth re5peclto going coneem are desuthd in the relevant sections ofthis Other infonnation The Trustees are respons￿le for Ihe other infornation. The other infomial>on corry>rises Ihe inforrnation iThC￿ded in the annual ￿por1 other ihan the financial staiements and our audito¢s report Ihereon. OUT opinion on the financial slalements does not cover the olher information and. eX￿pt lo the extenl 01he￿iSe exp¢￿IdY stated In our report. we do not express any fomi of assurance condusion thereon. In connect&)n v*th our audit ol Ihe financial staternents, our respOnS￿l11ty is to read the other inforrnath?n and, in dosng so. ccn5¢der %*thelher the other informat￿n is materially inconsistent wilh the finan￿al slatements or oui knovAedge obtained in the audit or othewse appears to be materially missiated. If tdentity such rnaterial Nctsnsistsr￿$ or apparent material rnis5taiernents, we are required to detennine whethe¥ there is a material rnisstalement in Ihe financaal statements or a maleii81 M￿statement of the olher infom)ation. 11, b35ed on the we have perfDrrned, ojndude Ihat there 15 a material misstatement of thks other informattr)n. we are required to report thal fact We have nothing to report in this regard. Opinions on other mattets pr￿cribed by the Compani¢$ Act 2006 In our opinion. based on the woth undertaken in the course of the aud the information gNen in the Twstee$' ￿pOrt. which indudes the direths. wort ￿pa￿li fof Company law purposes. for the fin3noal year for whth the financial statements afe prepa￿ is cons¥stent ¥￿t￿ the finanual statements.. and the directors. ￿port wjduded vllhin the T¥ustees' report has been prepared in accordarte wth app1Ka￿e leg81 requirements. TALYLLYN HOLDINGS UMITED REPORT AND ACCOUNTS TO 31 JANUARY 2022 INOEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES Matt•Fs on whirh are requir￿ to r•port by •xc•plion In the light of the kno￿￿jge aw¥J uTrJerstsndirKJ ol the chari¢atle Ccryary aThJ rts enWrOnm￿t obtsined in the cfjurse ol audrt, we have r¥Jt idenlffied material mSStaten￿rfs in Twstee5' repyL WÈ have nolhing to repjrt in resFttt ofthe folkyM"rKJ nwers w) C558S OthBr than Ihose shown above. The noles on pages 15 10 25 lorm an integrnl part of Ih•se financ￿ slalements 12. TALYLLYN HOLDING5 UMrrEO CON50UDATED BALANCE SHEET AS AT 31 JANUARY 2022 2022 2021 FIXED ASSETS TangiNe fixed assets Heritage a5selS 1.586.690 379.953 1.582.826 395.809 10 1.966.643 1.978.635 URRENT ASSETS sio¢k$ and Sta￿$ Debtor5 Cash al bank 12 13 141.083 77,994 1.178.323 1.397.400 127.112 22.881 890.124 1,040.117 REDITORS: Amounts fallln9 due withln on? year 14 I￿.614 124.678 NET CURRWASSÉTS 1.2%.786 915,439 NET ASSETS 3 263 429 2 894 074 FUND BALANCES Re$lricted funds Unreslricled funds 16 16 1.123.272 2.140.157 1.240.730 1.653.344 3.263.429 2,894 074 Under the Companies Act 2006, s454. on a vo*Jntary bask%. Ihe dire￿￿$ tan amend these finantial ststements rf they 5ubsequeniiy prgve lo be defectNe. The accounls were approved ty the BO8￿ ofTrustees on... - and $tyJr*d by. David Ventry Eli5abeth Mam The notes on pages 15 10 25 lorm an ints9ral pwl ofthese ffinanu& stalements 13. TALYLLYN HOLDINGS UMtTED BALANCE SHEET AS AT 31 JANUARY 2022 2022 2021 FIXED ASSETS Tan9*lB fixed a$s•ts 480.432 467.174 480.432 467,174 CUARENT ASSETS Debtors Cash at bank 13 38.135 796.490 834.625 18.Q40 667.894 685.934 CREDITORS: falliny due within one y 14 NET CURRENT ASSETS 820.439 611.748 NET ASSETS 1.300.871 1.078.922 FUND BALANCES Restricted funds Unrestricted funds 38.174 1.262.697 27.812 1.051,110 1.300,871 1,078.922 Under Ihe Companies Act 2Cth. s4Y. on a vdunl*y basJ"s. th• th"red4ys can 3n*nd Ih•sè finanoai statements if they Subsequently prove lo be defe￿Ne. The accounts We￿ o)prov&l by the Boarf ofTrusiee5 on......... ..... .. 5*3ned by.. David Ventry Eh53beth Mam The notes on pages 15 10 25 lorm an ¥)le9r4 p*t of thes• fiTharwl ststements 14. TALYLLYN HOLDINGS UMITED CONSOUDATED STATEMENT OF CASH FLOWS 2022 2021 Reconclllatlon of net mo¥8m•nt In fund$ to nBW cash fltsw from op•r*ing actsvitlps Nel movement in Deprecialv)Th Decreasellincreasel in stock Decreasellincreasel in debtors Inueaselldecreasel in ueditors Bank intewl ￿￿Nable 369.355 81.026 113,9711 155.1131 124,0641 270.336 74,005 110,3651 102,051 123,1011 547 Net cosh infjowfrom op¢rnknn9 acbvibes 357,222 412.379 Ca$hflow from Investing actlvitle5 Bank intere51 receNed Proceeds from disposal of tangit4e assets Acquisibon of tang￿e assets 547 168.000 56,124 112.423 69,034 169,0231 h•n9* In ¢o$h and cash ¢qulval¢nts frJrth¢ year 288.199 524.802 Cash and cash equivalents at the be9innin9 of the ye•r 890.124 365.322 Cash and rash •9uivalgnts at th• end of the y 1.170 323 890.124 The no*¥ on pages 15 10 25 lrym an integral part olthese f￿anual stalements 15. TALYLLYN HOLDINGS UMITED NOTES TO nfE A¢¢OUNTS FOR THE YEAR ENDED 31 JANUARY 2022 ACCOUNTING POLICIES The finanual Statements have been prepared tn acuJrdaTrr* wrth Actouniing and Rep￿ti￿J by Charities.. Statement of Recommended Pradir* appli¢abk to charit*s p￿paring their accounts in acwrdance the Financial Reporting Standard applicable in Ihe UK and Repubk of Irdand IFRS 1021- Icharities SORP IFRS 10211 and applicab￿ regulatK>ns. The financHI statements have been p￿pared to show a Irue and laif and have departed fmm the Charitie5 IAc¢ounts and Reports) RegU￿tionS 2(X)8 only lo the extent ￿UIred to provide a 'tryJe and fair vie41. This departu￿ has Invofved followng Accounting arbd Reportny by ChaTrties preparing t￿1r accounts in a¢CA)rdance with the Financial Reporting Standard applicable in the UK and Republic of Ire￿n(l IFRS 1021 issued on 16 July 2014 rather Ihan the Accwnting and Reporting by chan1￿$.. Statement of RecommeThJed Practit* effective from 1 April 2005 which has since been wlhdrawTh. Talyllyn Holjmgs Linited n*ets the ¢JefinrtbJn of a benefft enfrty under FRS 102. Assets and liabilits?5 are initsally recognised at historical cost or transacl¥)n value ￿n￿sS olherwse $ta¢ed in the relevanl accounting policy notes. The followirvj a￿ the accounting policks vA)ich have teen appl*d ￿ dealing vAth material Items". al Golng concern The trustees have been encouraged to see trading ￿ve15 recovef a$ u￿ Covid-19 reStr￿lon5 were lifted during the year and the raiKYay was able to operate for much 9￿ater periotls than in the previous year. The group also contsnued to take advantage of the govemnRnt scheft*$ available in the lorrn of the Coronavirus Job Retention Stheme arbd vaaou5 recovery grant5. Looking ahea4 to the new finan¢sal year. Covid-19 restricbons have all but been removed rneaning that the raikny has been able to operate in its full ¢apacty and the trustees anb"tsPate tradin9 to rectsver lully and relum to Pre-paThdem￿ kvel$. In light of t￿$ and wilh Ihe Conbnued support of our donors, U* tiu$lee5 have confidence that the charity rema*)$ going concem for the lo￿Seeable futu￿. bl Group a¢¢ounts The financial statements consolidate Ihe re5uMs ol the chanty and ils vtholty ¢wmed subsidiary (Talyllyn Raikvay Companyl on a &"ne by line basis. A separate StalerneTrt of F￿ar4￿￿oI Acts"vities and IncoTr* and Expenditure Account lor the charity has not been presented because Talyltyn Hokjings Lirnrted ha5 taken advants9e of the extr￿lI0n alfwded by sectvjn 408 olthe Cofwjanies Act 2006. cl Funds stru¢tuYt Unrestricted in￿rne funds comprise those funds whith Ihe Trustees are to use f¢r any purpose in lUrther8n￿ of the chartsble objects. Unreslrided funds inthdÈ designated funds ￿ere the Trustees. at their discretion. have created a fund for a Specif￿ purpose. Restricted fijnds are funds are lo be used in accordan￿ speafic restrictions imposed by the L1onor or Intst d•ed. Furthef delails oleath fuTrJ are discknsed in the note5. dl Incoming resources All incorne is recognsed On￿ Charity ha$ entilthent ￿ the inc()r￿. there ￿ 51ffic￿nt ￿rtaInty ceyl and so it is prcbable that the wKome iyal be recewy. aThJ the amount of ineome reeeivable can be rneasured rella￿y. Voluntary sncome ts re(x)gntsed wthen they have been comrnuiicated in writiny with notification Df both the amount and settlenpn¢ dale. In the event that a donation is subjett to conditions that require a level ol perfom)anr*. b*fe)re. thp. rharity is entil￿d to Ihe hinds. the delerred and not recogni$ed untsl eilher those condrtton5 a￿ fulty met, or the lulfillmenl of those ￿ThJIb0ns is ¥tholly wdhin the contrd of t charrty and rt k8 probable that coTrJrbons *il be fvlfilkd ￿ the ￿pOIling penod. Inte￿5t on lund5 hebj on dep95it is in¢kJde(I wi notification of the Inte￿$1 paKI or payable by the bank. 16. TALYLLYM HOLDINGS LIMITED NOTES TO THE A¢¢OVNTS FOR THE YEAR ENDEO 31 JANUARY 2022 ACCOUNTING POUCIES Iconllnuedl e) Resources expended Liabifit*s are recognised as expenditure as soon as thert i8 a kgal or constructive obligation cornmiWin9 the tharity to that expendrture, rt ￿ probabk thèl sett￿ment wiu be required and the amount ol t obligabon ean be measured relrdbty. AJI expenditure is a¢c4unte(I for on an a¢c¥uals basis. expenses. indu(ling SUPPOrt wsls and govemanlx o)sts. a￿ alloca￿ or apporboned to the appI￿able expendilure heaL1ings in the statement of finanoal activit￿$. For mofe infomialion on this allocatK)n relet ty the note below. n Allo¢atlon of support and goweman¢* costs Support costs and 9overnance o)sts have been dtfferentiated from other eosls. Govemance costs comprise all costs involving the publ￿ a￿Un￿bility of the chanty and rts complkance regUlat￿n and 900d pra¢ti¢*. These costs indude costs related to statulLKy audit arKI ￿￿al fee5. Govemance LX)Sts and support costs relab.ng to ¢haiitable a￿TrIrtieS have been aFP)rtoned èppropriatety. The allocation ol support and governan￿ cosls is anatysed in the notes. gl ReseNes The regular. ￿n￿Strided In￿Me is Suffi)ent￿ coverthe day to Llay nj￿￿￿9 tslthe eharty. The agreed reserve poliy lor 2020r21 was lo have available a minimum of £S00.000 ¢0 £900,000 in unreslricled lund$. 8ased on the risk Profi￿ of Ihe In￿rne and expenditure. this was deemed an appropriate amount io cover any styjden inc¥eases in expendrture. or deueases in income. Any unrestricted funds hebj over and above thi5 ate regularfy [￿nItOred ¥￿th the nlentson ol using them to loThvatd the charty's objectives. The reserve policy is regularly assessed by the Twstees for approprialeftess. h) Tan9ible fixed assets l assets costing more than £1.0￿ are c4Ntalised at rtst A rev*w for Imp￿rMEnt of a asset is can*d out il events or chaThges in cycumslances indicate that the carwng value of any r￿ed asset may not be Trcoverable. Shortlalls befvveen Ihe carrying value of fLxed assws and their recoverabk are ￿Cogn￿ed as impairmenls. lrnpaiment Ios5e5 are recognised ID the Consolidated Ststement of Finaneial ActNrt*s. Tangibk frKed asseis are measured at cost, net ol deprwatK*n and any prov￿10￿ for Thpainnent. Deprecjation is provided at rates cathlaied io ￿lIe o(1 the cost of fLxed asset$. less their estimated r¢S￿Ual value. over their expected usefijl lives OTh Ihe fouowng basis.. Land and ￿￿1bjlng$ Plant, machinery, fixtures & frthThJs Comrnercial operations. Offi￿ and IT Over SO years Over 10 years er S years l Heritage assets The items induded %%ithin heritage assets relate to the Talyllyn RaiNvay and ao]uwed by the charity in accordan￿ vAth its ain to preserye and mainlain Ihe raihvay. Heritage asstts are ￿￿aSured at net of deprecaat#)n and any provision lor impaimient. Depreciatty)n is provKled al rates calculated to write Off the cost of fixed assets. kss their estimated re$klual value. over their expected useful lives on Ihe folbwing Permanent and infr351wudure Locomotives Ro114n9 Stod¢ Over 40 years Over 20 year5 Over 40 years 17. TALYLLYN HOLOINGS LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2022 ACCOUNTING POLICIES Icontinued jl Stock Stocks ￿nsiSt of 90¢)ds lo be sold in the shop and café as %5*11 as engineering and consumabb item¥ for us¢ on Ihe raih¥ay and are valued at Ihe kMf of ¢xJ$t and net ￿ar￿ab￿ value. At eath reporbng da¢e. sioc*s are asse$sed for impaimient. If stctks a￿ impaired. the impairrnent 1g$S 1$ re￿gniSed Immetjkitely in the Statement of Finanual Adi¥ths. k) Debtors Trade and other debtors reeognised al IhE sellkrnent amount due. Prepayments are valued at (he amount p￿Paid. Cash at bank and in hand Cash at barsk and In hand indudes cash and short temi hi9hty IKJuid investments a short maturity of three rnonths or less from Ihe date of acqU￿￿'0n. ml CreditoTr and prowsions C￿dItorS Provis￿￿$ are recogniBed where ihe charity has a present oblvjabon resulting from a past event that will prcbabty resutt in the transfer of funds to a third party and the amount due to settle Ihe ebloation can be rneasured or estirnated reliably. Creditors and provL8ions nom)ally retognised at tranSact￿n v31ue. n) Financial instruTnents Financial instruments a￿ classiffied and accounted for, acojrding to the sVbStan￿ ol the ￿ntraCtual arran9ement as financial a5sels or financ4al Iiabililies. The charity only has financial a$sets and liablilies of a kind Ihal qualty as basic finanaal ￿51ruMents. Ba￿C find[￿al instruments are inilially recogrused at transaction value. ol Funds The 9eneral fund comprises those mon￿. may be used to m2et tharitable objectives at the disuelion of the Trustees. The restricted tund represents those mon￿9 that can onty be used for a partiwlar purpose within the Dbjeclives of the chaibty. RestrKbon$ •i5e 4then speuf*d by the donor or %*en fvnds are raised for partiujlar restricted purpose. p) Key Judgements and eslimation$ E5timate¥ and judgements a￿ continualtyf evaluated and are based on h1sto￿al e¥perience and other laclor5, induding expectations of fijture events thal are beI￿ve￿ lo be ￿asonable under the circumsta￿¥. TALYLLYN HOLDINGS UMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2022 2. ANALYSIS OF INCOhlNG RESOURCES UnrtStii¢ted Restricted Funds Fund5 2022 2022 Totd Fun(ts Total Funds 2022 2021 G&neral dOna￿On5 and legac￿$ Tax ￿¢0Verable Grants 291.C 41.234 24,452 315.452 41.234 150.212 401,832 28.570 360,418 150.212 332.234 174.664 SC6,898 7￿.820 2* OTHER INCOME Unrestsi¢ied Resiri¢ted Fund5 F￿d5 2022 2022 Total Fund5 Total Furbds 2022 2021 Other incurn• 99.525 99.525 7.248 99.525 99.525 7.248 Other iThccffl• iTr¢lwles £89.47012021.. ENflI in ￿lativ* to business intemyth7ll insurance dwrns. 3. CHAWTA8LE EXPENSES Raising Charitable fvnds Govemance activitie5 Total 2022 Total 2021 Staff costs (Note 61 Support costs INote 41 Cost ef good5 solj RaIl￿aY operating c05t5 AudilNs' remuTh8ratiM fly all services 184,510 18,835 205.503 458.890 356.644 643,4fM) 375.479 205.503 143.704 12,S84 571,870 268,896 108,361 67,617 12,316 143.704 12.584 408.848 12.584 959.238 1.380.670 1.029,OSO Unrtstricted Restrlcted FurKIs Funds 2022 4. SUPPORT COSTS Total Funds Totsl Funds 2022 2022 2021 Renl, Raies and In$uran¢e Electricity, Water and Ga$ Prinlin9 and Ststi¢nery Adverbsing and Publicity Postsga and Telephone eank and Credit Cart charges C*anm9 and first aid A¢¢DuDton¢y S0th¥a￿ & 5yslwn5 Legal Fee5 HR Consul￿ncY HRA subscription & M￿ling •)pvn5•5 Grants payable Mès5roorTri suppliè5 and tree Staifivolunteer drink5 Refuse Cdleclion and disposal Premises Li¢en¢e$ Security and Aam) Consumables and disposables Compuier Runnin9 Expenses Miscellaneous Depreciation 28.953 51,636 4.768 45.409 21.727 18.807 10.915 21.ICKI 16,321 28.953 51,636 4.768 45.409 21.727 18,807 10,915 21,100 16.321 2.358 1.971 10,174 2,676 7.4S3 250 4.671 9.775 22.859 12.630 81.026 26,216 30,724 4.221 23.406 18.878 10.053 7.735 19.800 10.943 1.143 1.097 31 i8 5,243 250 3,853 4.019 12.937 13.434 74,￿$ 1.971 10.174 2.676 7.453 250 4.671 9.775 22.859 12.6x1 81.1)26 375 479 375.479 268.896 19. TALYLLYN HOUINGS UIMTeD NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2022 S. PRIOR YEAR STATEMENT OF NNANCIAL AcnviTIES Unrestricted Restrl¢ted 2021 2021 Totsl 2021 Donations, $ub$¢riptions and legaci05 In¢orne from charitable activitie5 Rail￿aY Income frorn other tra¢lng actlYlU Shep Catering Other Income Incorne from investrnen¢s TOTAL INCOME 254,659 536.161 790,820 251.177 251.177 94.332 155.272 7.248 547 763.235 94.332 155,272 7.248 547 1.299.396 536.161 Exponditure tsn raising funds Comrnercial Iradir¥J operations Expenditure on charitable activitles 230.S1S 329,917 230.515 798.545 46B.628 TOTAL EXPENDITURE 560.432 468,628 1.029.{￿0 Net rnOV8m?nt In fund5 202.803 67.S33 270.336 6. STAFF COSTS 2022 2021 Wages & salaries National insurance PenS￿n ¢o$ls Olher cts$ts ITravellin9 and ￿2￿1r9 ¢o5ts el¢) 570,651 33.173 28.892 10.684 497,720 30,718 26,204 17.228 643.4¢)0 571.870 No employee earned over £60.000 taxabk beneffts but exckn4ing empknyer pension contrthtiorts) during Ihe year. The average nvmberof ernployees during Ihe >*ar was as Ww4'. 2022 2021 CalerirwJ Engineerin9 Shop RaiKvay operats'ons aministrzt Mu5eurn 18 16 10 39 35 1¢ 5houkl be noled that th• averag• numbEr of vrnployee5 ¥KILth5 311erryloyee5 rvgardk•55 01 houv5 wothed 3nd not slated on a full tinè equivaknt basis. The nurnber5 are therefore hb3hty dithrted by seasonal staff workiTrJ short hours. 7. TrANSACTIONS VIITH TRUSTEES The tru$lee$ all give freety of their and expeitise *th)ut any fomi of remut)eratKJn or other ben6ffl in cash or bnd. During Ihe year ThD truslee rKei¥ed any rem￿ra1v)Th or eygertses. 20. TALYLLYN HOLDINGS UMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2022 FEES FOR AUOJT OF ACCOUNTS 2022 2021 Indgpeniknt audrtof8 fees 9.000 9.000 9. FIXED ASSETS GROUP Plan( m￿h￿￿ery. fixtures & f4ttings Commerclal operations,. Office and IT Land & bulldSn95 Motor vehlcles Total C05t eroughl forward Additions Disposal$ 2,003.CQ7 21.5CiI 130.526 7,631 9,250 14,995 31.384 24,908 2.174,167 69,034 Carrieis lorward 2,024.507 138 IS7 5S.292 2.243 201 Dep￿1011￿n Breughl forward Char9e Elimination on dsposal 534.407 38.589 42,929 13.307 2.312 3.1( 11.693 10.174 591.341 65.170 Carri¢d loTh¥ard S6.236 21 867 6S6511 NBV at 31 January 2022 1.451.511 81.921 16.833 34.425 1,566,690 NBV at 31 January 2021 1.4e8.eoo 87.597 6.938 19.691 1.582.826 CHARITY Land & ildings Total Cost 8rouyht forward Additions Disposals 465.696 21.500 485,696 21.500 Carried fortwérd 507.196 507,196 Depreclatoon Brought forward Charge EliminaiK)n ￿ dispos 18,522 8.242 18,522 8.242 Carried foNArd 26.764 26.764 NBV at 31 January 2022 480.432 480.432 NBV at 31 January 2021 467,174 467,174 21. TALYLLYN TrDLDINGS UIAITED NOTES TO THE ACCI)UNTS FOR THE YEAR ENDED 31 JANUARY 2022 10. HERITAGE ASSETS GROUP . Pe￿an¢￿t Lo¢omoiiv•5 way and & rolling irtha9tn￿tWe stock Cost BroughlfoNard Additions Oisposals 181.641 26Z.194 443.835 Carried foThMr(I 181.641 262.194 M3.835 Depre¢latlon Brought Iofward Charge Elimination on i*sposal 17.514 4.541 30.512 11,31S 48,026 15,856 Carried fO￿ard 22 OSS 41.827 NBV at 31 January 2022 159.586 220.367 379.953 NBV at 31 January 2021 164.127 231.682 395.809 Summary anafysi$ of H*ritag8 A5501 tTrnso¢bon$ 2022 2021 2020 2019 Additlons Assets purchased. development Total additions 38.042 38.042 7,798 7,798 87.883 87,883 Depreciation Assets purchased- development Sub lolal 15.856 15.856 15.540 15,540 15.094 15.094 11.771 11.771 22. TALYLLYN HOLDINGS UMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2022 11. INVESThIENTS ShaTe5 In group undertaklngs Charity Cost Talwlyn Raihvay Company ulldertakes Ihe trading activi￿$ of the gfOUP. The Pa￿fit chanty own$ 100% of the ordinary $har& capitol of this subsidiary, which is he￿ bewn the direct￿5 ¢ndwidualty. Its pnn¢wl putptsse is the running and rnaintenance of the Tal￿￿N Rai￿ay. A summary of the tradiTrJ r•5uIIs 15 5hry*•n bebw. 2022 2021 Turnover Exceptional itsm Cost of sales 1.543.945 1.048,343 1992,5741 1746,7481 Gross prorrt 551,371 301,595 Administrative expense5 1335.4351 1234,5201 Net profil 215.936 67.075 Retained earnir¥Js brought foTwatd Oonabon from Tawlyn Raik¥ay P￿SerVath)n Society 470.817 so.ooo 353.742 so.000 Retained eamings carriett Icrfward 736.753 470.617 11 STOCKS 2022 2021 Fuel & eonsumat4e5 Maintenance Work in pr¢h3fess-Assets under constn￿tIOTr GO￿j$ for resale 4,356 26.210 64.913 45.804 4,410 23.903 62.414 36.385 141.083 127112 The c05l o1510th$ ￿¢¢gnISed a5 an expense in the year •nounted lo £219.47412021." £230.7491. 13. DE8TORS Group 2022 Group 2021 harity 2022 Charity 2021 Trade deblor5 Prepayments and other deblors Taxation antj social seojrity Jnuunls due Irom 9roup l￿dertaki￿j& ArnLxJnlS diie trom related pwties 240 53.998 20.237 445 7.700 640 30,435 17,4L)J 17.896 77.994 1,349 22.881 38.135 18.040 21 TALYLLYN HOLDINGS UMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2022 1& CREDITORS: AMOUNTS FALUNG DUE ￿THIN ONE YEAR GrtyJp 2022 Group 2021 Charity 2022 Charity 2021 Trade credilors Accruals S deferred irscome Other uedito 51.501 47,727 27,716 35,7LK) 61,262 13.IXK) 1.186 IS.￿0 61.186 ICKI.614 124,678 14.186 74.188 16. OEFERRED INCOME arought forward at 1 February 2021 Amovnt rdeased to income eamed from Charitable a¢tivth$ Amounts re￿OSed 10 ￿lCome eametl from tradin9 actiw1￿$ Amounts defw¥8d in Ihe year for charitaNe acbwties Amounts deferred in Ihe year for tr￿ing aclM*es 11,787 11.9S11 12431 8.809 1,087 19.479 16. FUNDS Statement ol lunds- current year Balance at I FebNary 2021 Balance at 31 January 2022 Income Transfer Expendliure Unr•strid•d funds General lunds Desgnated funds 1.599.340 1.575.361 12.464} {1.oa6.0841 2.086.153 54,004 2,140,157 1.653.344 1.575,361 12.4641 11,086.0841 Restdcted funds Wharf Building Loco. No.3"Sir Haydn- Corri5 Coach Tracksider5 Fund Open ¢arriage5 Appeal Ty Dyir Appeal 2018 AGM Slrimmers Etc. Appeal 2019 AGM Carriage Heating Appeal 2020 AGM Lo¢0 injectors Appeal 2021 AGM.Corris Van Appeal Carbon Offsel DonalhJns Graham Guilfofd Fund Virtual V¢it Appeal Tarn￿ng Mach￿• I￿•31 1.tsJ1.426 84.270 38.042 628 130.3461 17.9771 13171 971,080 76.293 37.725 628 35 6.082 12,4991 13.C#)01 1.497 319 4.579 319 2.585 5,713 586 1,271 21,653 438 402 1.123.272 5.713 13.2501 1.271 5,230 16.597 438 11741 7.998 24,452 7.631 155.1941 1.151.550 R¢stri¢l¢d grants Culture Recovery Fund- Round I Gwynedd Council Covid Grant Coronaviws Job RetenDM Stherne Culture Recovery Fund- Round 2 89.180 189,1801 114.QWJI 138.2121 100.orjo 1239,3921 14.C 1W.000 150.212 89.180 1.Z40.730 174.664 1294.5861 1.123.272 2.894.D74 1.750.025 1.380.670 3.283.429 24. TALYLLYN HOLDINGS LIMITED NOTES TO THE ACCOUNTS FOR The YEAR ENDED 31 JANUARY 2022 The d8s*Jnated unr•$irKled fvnd ts albcated fvnds itywards Wharf rtSlriLaed It4nd. The fund for Ihe Wharf Buildin9 made possible ts ¢￿t￿[th"on of o larye acwnm(xlating th& Narrow GaL4• rathyay Museum, Shop and Catemg operation5 and offices, ¢￿￿eted in 21XIS. The fund for Loco No.3"Sir Haydn- contrbjted to the conyrehensNe rebuibj and relurb￿hrne￿I ol th15 historic loccffjotNe whKh was ¢ompleied in 2018. rhe fund for the Cornis Coach fatililaled Ihe •thn5iVt re￿￿lshMent of Ih? Corris Coach completed in 2021. The Graham Guiword Fund was created through 8 ￿aGY from Ihe We Graham Guifford to benefit ywng volunteers. tt 1$ now Used and adrninislered lo prov*e grants lo young pewe in ord8r thal they may spend Ivne volun18ering on the railway which mKJht olh8A*ise Mt be finanCI￿ty p)5sknle. It 15 bJ05tad by rwdonalions Imm time to time. Statement of funds- prloryear Balanc• at 1 F•bnwry 2020 Balance at 31 January 2021 Inc¢Jm• Transfer Exp8ndltu Unr¢stri¢ted funds Gene¢al lunds De$v4nated fun