REGISTERED COMPANY NUMBER: 03157171 IEng]and and W*les}
REGISTERED CHARITY NUMBER: 1094958
REPORT OF THE TRUSTEES AND
UNAiJDTfED FINANCIAL STATEMENTS
FOR THE YEAR EL¥DKD 31 DECEMBER 2025
FOR
CYMDEITHAS RHEILFFORDD ERYRI
ALSO KNOMTN AS
WELSH HIGHLAND IL41LWAY SOCIETY
Williams Denton Cyf
Chartered Certified Accountants
Glaslyn
Ffordd y Parc
Pa￿ M¢nai
Bangor
LL57 4FE

CYMDEITHAS RHEILFFORDD ERYRI
ALSO KNOIVN AS
WELSH HIGHIAND RAILWAY SOCIETY
CONTENTS OF THE FINAI¥4CIAL STATEMENrs
FOR THE YEAR ENDED 31 DECEMBER 2025
Page
Report of the Trusttts
IDdepende*t Examiner's Report
ststement of FI￿￿￿¢1•1 Activititt
Bil#nce Sbeet
9 to 10
Notes to the FI￿￿tte1*1 St#t¢ments
11 to 18
DetAlled St*tement of FI￿￿￿¢191 Atlivities
19 to 20

CYMDEITHAS RHEILFFORDD ERYIU
ALSO KNOWN AS
WELSH HIGHLAND RAILWAY SOCIETY
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2025
The trnstees who are also diTCCtors of thc charity for thc pu￿￿)6¢$ of th¢ Companieg Act 2006. present their report with
the financial sthtements of the charity for the yeaT ended 31 December 2025. The trustees have adopted the provisions of
Accounting and Reporting by Charities.. staten￿￿t of Recomtnended Practice applicable to charities Preparing their
a￿oUnts in a¢¢ordan¢¢ with th¢ Financial lieporting Standard applicable ID the UK and Republi¢ of treland {FRS 102)
(effective l January 2019).
0￿ECTIvEs AND ACTIVITIES
ObJe¢tlves And alms
The charilablc Company 15 established for the advancemeni of the educotion of lhe publi¢ by ¢n¢ouraging attd promoting
public ittterest in the Caernarfon to Portlllnadog Railway in¢ludittg the fornier Welsh Highland Railway (the WHR)
which closed in the 1930s. This includcs its history, restoratio￿ opeTation, railway locomotives and rolling stocK
mathin¢ry aDd ¢quipm¢Dt of historical and gcn¢ral intcr¢st.
The WHR is own¢d and operated by th¢ Futiniog Railway Company (the Company). The Societys members play a
leading part in the maintenance, development and operation of the WHR.
The most sig￿fiCallt proportiott of the Society's work involves sponsorltig and funding projeets around the railway.
Th¢s¢ rdng¢ from th¢ nwr¢ obviou$ thin8$ such as the restoration of I￿oMotiveS such as NG15 No134 Kalahari,
together with the maintenance and improvement of the tracl through to less glamorous tasks such as the constsuction of
station signs and other furniture.
Page

CYMDErrHAS RHEILFFORDD ERYIU
ALSO KF40Mry AS
WELSH HIGHLAND RAILWAY SOCIETY
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2025
ACHIEVEMENTS AND PERFORMANCE
Charit4ble activities
202$ saw the Society Continue to pursue its charitable objectives.
In conjunction with the Festiniog Railway Company the Society hosted a success￿1 AGM weekeThd in Sepiember 2025.
NG15 No134 K#lahari hauled a special train for supporters of th¢ proj¢¢t.
In F¢bruary w¢ W¢Te sorry to rw¢iv¢ ShaTon Gr¢gory'5 r¢sig[￿tiOn a$ a Dire¢tor. The board eo-opt¢d Grtha
Rumb¢low in her pla¢¢ and that appoinim¢nt w¥s ratifi¢d by th¢ rn¢mb¢rship at the AGM. W¢ ar¢ grydt¢ful to Sharon for
her Ikrd work as a Director alld are very pleased to welcome Graham.
We also rcc¢iv¢d thc T¢si￿ation of OUT Company Sc¢r¢tary Anthw Yal¢. lan Dunsire be¢n appoint￿ his $trAd
we very much appreciate bis experience and hard work
Toward5 the close of the 2025 season, Society directOTS again joined colleagues from th¢ Ff¢stiniog Railway So¢i¢ty to
support the COmpan￿S Bygones Weekend. Recognising the common aim of supporting thc ongoing maintcnancc,
development and nJt)ning of the Welsh Highland and the Ffestiniog Railways, Directors from both socicties mecl
regularly ano shar¢ ¢xampl¢$ of go[￿ pr¥¢ti¢e ond intiovation.
Tr S￿l¢ty was again pl¢&s¢d to work alon85id¢ th¢ Company staff in the plannithg and rurttiing of Santa trains. After
many years of successful operation we are now frequently welcoming the children of porwts who thernsclves wcrc
pass¢nger$ wh¢n th¢y w¢r¢ ¢hildr¢n. In addition to th¢ rwruitrn¢nt of volunte¢r elve5, who collectively contributed many
hours of volunteer iitne, teams of other Vol￿teerS were on hand to prepare and pack gifts, to welcomc and cntertain
children and families and to clean the trains in preparation for afternoon trips. For many local families, trips on our
bilingual Welsh and Englisb language Sallts traiDS are now an unmissable part of their Christmas, and, for the Society,
an ideal opportunity to pro[￿ote local inter¢st in the Railway, its history atwj locoJnotivt5. Seveial ￿ernber5 of the
Society Board volunteered over the Son¢a weeke[￿$ as footplat¢ ￿¢W, guards, Station hosts "head Elr.
Unfornmately a landslip near Waunfawr caused several trains to nuh only as far as Tryfan Junction.
These activities are only possible because of our volunteers and a vital &w¢t of th¢ So¢ietys puryjose is io support and
¢￿oUrage volunteering. It) addition to the many members have sup￿rted the Company through individual
volunteering as lo¢omotiv¢ crew and Guards, in Pern￿nent Way and customer servtce roles (such as hosts and stewards
in stations and on trains). r¢gular working parti¢s have been co-ordinated. Groups such as the Black Hand Gang,
Tuesday Gang aNJ the Tuesday Engineering Gang provided vital input throughout th¢ y¢ar into maint¢tMn¢¢ on and
around lh¢ track and at DAnas works and locomoiive shed. Oftcn all too unsung are the volunteers who perforn the
Societs4s administration; the membership ￿retaries, the treasurer and ¢ditor. Their Wal￿#ble work allows the Sociery to
deliver its objectives withoui incurring sigftificant expense. Excluding thc cost of printing and circulaling The Snowdon
Rah8er thc Societys expettses amount just over 6Q/o of our income. During the year our long serving treasurer Stcvc
Cheeseman handed over to his replacement Dave Aston. We are immcnsely graieful io Steve for his commitment and
di118¢n￿ ov¢r th¢ years and wsh him well. W¢ know h¢ remains availablc to offcr support, and Ii)ok foTward to working
with Davc.
R¢storation ofNG15 No134 Kalahari has b¢¢n a major for￿ of the Society's activitie5 for over a decade and a half. This
project has been ¢arri¢d out by a mixed team of volunteers and locally crnpl0y￿ F¢stiniog Railway Company staff.
Society fimding now exceeds three quarters of a million pounds. After fittther testing the locomotive entered limited
revenue service in 2025 and 1¢ is ¢xw¢¢d that the locomotivc will tak¢ J full plac¢ in th¢ railwa￿5 lowmotiv¢ flKt
during 2026.
The Society Board was d¢light¢d to se¢ work continue on th¢ long await￿ third class Carriage 2050. This proj¢
estimated to cost something approaching £200,000, is fi￿lY funded by donations to the Society and should ¢nter servic¢
An 2026. This will be the fourth new carriage paid for by the Sociery over a de£ade and a half at a tota] cost of over
£650,000.
Page 2

CYMDEITHAS RHEILFFORDD ERYIU
ALSO KNOWN AS
WELSH HIGHLAND RAILWAY SOCIETY
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2025
The appeal to support refurbishment and modifications to th¢ Combination Car nwnb¢r I￿1 did not rdise &s much as
hoped, including donations, Gift Aid and transfcrs from general fimds £17.925 has been allocated to this PTOJCCI.
The nmmey given for improved facilities for ttle Welsh Highland IwoDU>tl￿ bascd at B05ton Lodg¢ is ring fenced and
will only be US￿ for WHR loco facilitics at Boston LA)dge as OTiginally intended.
The Society has been able to provi(k continuing SUPPOrt to volunteers who travel from a distan¢¢ through its 'StatiorL
Vtew" awommodation at Dina$, which incorporates single and twin roonLS, a ￿1]Y fitted kitchen and comfortable sitting
room. Swe is also provided for caravans or motoALomes with electrical hook-up p(Trints and wat¢r taps. Rat¢s have been
maintained at existing levels ￿ ensure affordability foi all. 399 Dight stays w¢r¢ loggcd in th¢ cours¢ of 2025.
Four issues of the Society's journal, The Snowdon Ranger, were published during ihe year, continuing the aim of
k¢¢pin8 memb¢TS up lo date with what is happening on and around the Railway. Occasional arti¢l¢s on th¢ history of the
Railway and other ￿0¢lated topics have also b¢cn inclu(kd. Towards the end of the year it was announced that
publication of The SnowdoD Ranger would nM)ve towards ¢l¢¢ironi¢ forn]ats #iihough paper copies would remain
availabl¢ to members who request it. This move will save a lar8¢ proportion of the printing and d7stribution costs
relcasing funds to support the Societys ¢hari(abl¢ purpos¢.
Throughout 2025 work continued to update the Societys iygtems and processes. Work continued at an accelerated pace
developing a new on-line membership system. Our thanks go to Socicty Director Mark Gardner for hi5 llydlly hours work
dcsigning al￿ consiTuding the new syst¢m in conjunction with HOPS.
FuDdr8ising *etlvAtles
2025 saw ihe continued appeal to raise funds for the Testoration of NG15 No134 Kalahari realise a further £1 1,966. This
rigure ineludes cash donati¢)ns r¢Kiv¢d through the highly successful on train cnvclopes and th¢ l¢ftover CUTrency
initiativc as well as Gift Aid.
Thc appeal to raise ffijnds for reffjJrbi8]Jment and m(Klifjcations to the Combination Car number 1001 to provide
impr()v¢d facilities foT Pernhanent Way teams rdis¢d £10,555 including Glft Aid. Thi& was less than anticipat¢d and may
r¢fle¢t increasing fllwKial pressure on our donor5 and supporters.
FINANCIAL REVIEW
The main SOUTces of fimds sAnce the Societys inccption have been subscriptions, donation$ and bequests received from
its m¢Jnb¢rs and other supportets.
During 2025 th¢ Society donated £138.741 to th¢ Company (2024.. £105,380) as part of its objective to pronwt¢ and
support the WHR. The don8tion8 during 2025 ￿l￿tsd mostly to carriage 2050 with Continu￿ cxpcnditU￿ on locomotive
134 K21ahari.
At year end Society held Totsl Funds of £473,727 Of whieh £33,348 repTesented Restricted Funds and £401,045 various
Designated Funds leaving £39,334 in unallocated General FuDds.
Reserves po]icy
The Soci¢ty's policy is to maintain an adequat¢ ￿SerVe so as to enable it io dis¢harge its charitable objectives, meet its
ongoing day to day requirements, and maintain general funds to me¢t its obligations for conunitted WHR projects. The
Finance Director conducts r¢gulaT rcviews of currenl cash balanc¢5 and projected cash flow for the fortb¢oming thtee
years and r¢port$ accordingly to the board.
Page 3

CYMDEIThAS RHEILFFORDD ERYRI
ALSO KNOMry AS
WELSH HIGHLAND RAILWAY SOCIETY
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2025
FUTURE PLANS
The Soclery will coniillue its work supporting the development of th¢ W¢lsh Higl]lalld Railway and be a sponsor for
v4riety of ll¢w proje¢tg and ¢ontinuittg to support lottg teTtn #itns and proj¢¢t5. Ill particular in 2026 the So¢i¢ty hopes to
mplete th¢ project to restore NG15 No134 Kalahari and stt th¢ lo¢onM)tive ¢ntei full r¢veDue service and also see
constrnction of carriage 2050 wn)pl¢ted. We are working with ihe Company to further dev¢lop plans for improyed
lo¢omotive fa¢iliti¢ts at Boston Lodge atsd also continu¢ ￿rurb1S1)m¢lll of th¢ Combination ¢ar 1001. W¢ will b¢
supporting thc prOJ￿t lo rcfurbish carriage 2090.
STRUCTUR& GOVERNANCE AND MANAGEMENT
Governing document
The Society is controlled by its governing document, the Memoranduln & Articles of Association. and constitutes
linjited con]pany, lirnited by guarantee, as defined by the Companie5 Act 2006 arKI is a registered charity as defined by
the ChaTiti¢s A¢t 2011.
Board meetfings? reerultment and appolntment
The S￿le(Y tft￿IeeS held Tegular meetings during the year which were attended by S￿iety dirK¢ors & offic¢rs, aDd on
oceasion. representatives of the Company alld trusttts of The Ffestiniog and Welsh Highland Railways Trust (The
Trust).
Ail truste¢s ar¢ elected for a peri(xl of 3 years alld may offer themselves for r¢.¢l¢¢tion ev¢ry thr¢e year&
Wider netiyork
No on¢ person or body r¢lat¢d to the So¢i¢ty (by this we r¢f¢r to the Compatsy, Ihe Tnjst and associated Companics) has
the entitlement to appoint any of the Charitys t￿￿¢$. The Socie￿$ trnstees Jr¢ onty oppoint¢d by the melnbers of th¢
Sociery.
The Swi¢ty'$ r¢lationships its related parties do not directly impact the operating policies adopt¢d by it as no
related party ¢an irnpose a policy decision or change upon it. The StKietys role is to supp)rt the WHR and it does this
njainly by contributing financially io duly considered rcqu¢sts for funds from T¢lat¢d parties ID the furtherance of those
activities and obj¢rtiv¢s.
Related p*rdes, Remwier*tloD and Expenses Pollty
The trnstees ¢onsid¢r the So¢i¢ty's k¢y mana8¢m¢nt t¢arn to ¢onJpris¢ of tbe board of trnstees and tbe senior officers as
th¢y aT¢ task￿ diTe¢ting and controlling tbe operations of ihe Society OD a day-to-day basis. Th¢r¢ wer¢ no
directors, remuneration, expenses or related paty transactions in the year, and ihis confirmation is Llso diselosed by way
of a stanrtory note itt th¢ accounts.
Risk m#n*gement
The tNsrees have a duty to identify and review the risks to which the Socicty is ￿pOSed and to Msur¢ appr(priat¢
ontro]s ar¢ in place to proTride reasonable assurance agaI￿t fraud and em)r.
REFERENCE AND ADMINISTRATIVE DETAILS
Rt%ister¢d Company number
03157171 {England and Wal¢sl
Reglstered Ch4rlty nujnber
1094938
Reglgtered offlce
Stauon View
Dinas
Caernarfon
LL54 SUB
Page 4

CYMDEITHAS RHEILFFORDD ERYRI
ALSO KNOWTh AS
WELSH HIGHLAND RAILWAY SOCIETY
REPORT OF THE TRUSTEES
FOR THE YEAR EI¥DED 31 DECEMBER 2025
Trustees
IRKing
M W Gardner
A M Strachan
B E Mccormiek
Ms J M Charles
S Gregory (resigned 15.2.25)
D N Jones
R D B¢ntl¢y
C M tA)ve8rove
G E Rumbelow (appointed 27.4.25)
CompaDy S¢er¢t•ry
l M Dunsir¢
Independent Ex*mlner
Willhams D¢nton Cyf
Chartered Certified Accowjtants
Glaslyn
Ffordd y Parc
Paw Menai
Bangor
Gwynedd
LL57 4FE
B4nk¢rs
Barclays Bank ple
IKic¢st¢r
LE87 2BB
Metro Bank
One Southampton Row
London
WCIB SHA
Offleers
Richard Watson- MembeTship Secretary.
Bob Zeepvat- Editor of The Snowdon Ranger.
Dav¢ Russ¢ll - Ar¢hivist.
Dave Astot)- Treasurcr.
Dave Keni- President.
Cedric Lodge - Vice President.
Stuart McNair- Vice President.
EVENTS Sll¥CE THE END OF THE YEAR
Infornjation r¢lating to ¢ventS since the end of the year is given in the notes to the financial stat¢m¢nts.
Poge S

CYMDEITHAS RHEILFFORDD ERYIU
ALSO KNOWN AS
WELSH HIGHLAND RAILWAY SOCIETY
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2025
This rqjort bas P￿pa￿a in acwrdan¢¢ with th¢ 5pwial provisioDs of Part 15 of the Companies Act 2006 r¢latiD8
¢0 small companies.
Is
Approv¢d by order of the boord of on ...............
. and sI￿d on its behalf by".
J R King- Tn￿te¢
Pag¢ 6

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTELS OF
CYMDEMIAS RHEILFFORDD ERYRI
IDdepeDdent exim5tter's teport to the trustees of Cymdefitbas Rbelltfordd Eryrl ('the Company,)
I r¢port to the charity trnsiees on my examinaiion of the accounts of the Company for the year ¢nd¢d 31 Dcc¢mbcr 2025.
Re$ponsibilitie5 and b)Isls of report
As th¢ charity's trnslees of the Company (and also its dir￿10T$ for the PUTPOS¢S of company law) you are responsible for
the preparation of the ae¢ounts ID a￿lTdance with th¢ requir¢ments of the Companies Act 2006 ('the 2006 A¢t).
Having satisfied my6¢lf that the accounts of th¢ Company ar¢ not r¢quir¢d to b¢ auditrd under Part 16 of th¢ 2006 A
and are eligibl¢ for I￿1¢pendent examination, I report in resped of my cxamination of your charitys acco￿t8 as ca￿led
out under Section 145 of the Charitics Act 2011 {'the 2011 Act'>. In Carrying out my exatthination I bav¢ followed the
Directio￿$ giv¢D by th¢ Charity Commission u￿1¢r Scction 145(5) (b) of th¢ 2011 Act.
Ind¢p¢ndtrtt examlDer's Statement
I have cornpl¢t￿ my exan)inatioTh I confirni th&t no matters have come to my attention iti connection with the
exatnination giving me caus¢ to b¢li¢v¢:
accounting records wer¢ not kepi in r¢sp¢¢t of t]K Company as required by Section 386 of the 2006 A¢r or
the a¢COUth$ do not accord with those records. or
the accounts do not eomply wilh the aceounting requirements of S¢¢tion 396 of the 2006 Act other than any
requirement that the accounts give a ITue and fair view which is not a mattcr considered as part of an independent
¢xaminaiion,' OT
the accounts havc not bccn prq>aTed in accoTdaDce with thc methods and principles of the Ststemellt of
Reeonllnendcd Prdctice for accountsng and reporting by charities {applicable to charities preparing th¢ir arcounts
in accordance with the Financial R￿orting Standard applicabl¢ in th¢ UK and Republic ofireland (FRS 102)).
J have no eoncerns and have comc a¢ro$s no other matt¢r$ Connection with the examination to whicb attention should
bc dra￿1 in this report in order to enable a proper understanding of the account5 to be reached.
Mr Martill Barrett F
TA
Williams Denton Cyf
ajartered Qrtifled AccouDtants
Glaslyn
Ffordd y Parc
Parc Menal
Bangor
Gwynedd
LL57 4FE
Dat¢..
Page 7

CYMDEITHAS RHEILFFORDD ERYIU
ALSO KNOWN AS
WELSH HIGHLAND RAILWAY SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2(125
2025
Total
funds
2024
Total
funds
Unrestricted
fullds
Restricted
Notes
INCOME FROM
Donations and legacies
27J70
2249
29,619
34,008
Ch4rlt•ble actlvltles
Accommodation
Subscriptions and Appeals
3,959
89379
3,959
99,110
5.242
126.215
9W7
Other trading activities
Investment in¢¢)me
1,133
12,083
1,117
2,250
12,083
740
11.282
Total
133,824
13,203
147,027
177,487
EXPENDITURE ON
Ch•rltable #etlvllles
Gejjual
Donations to the Fesiiniog Railway Company
A¢¢gmJngdation
PriDting, stationery, postsge etc
Governallce and support
1,207
17,903
1,207
138,741
3.943
24.522
4,183
120,838
3943
24,522
4.183
105.380
4,674
26,885
3,772
Tot
153,486
19,110
172,596
140,711
NET INCOMEI{EXPENDITURE)
Tr3n5fen between fund5
{19,662)
(5.000)
(S,907)
5.1)00
(2S,569)
36,776
12
Net Dwvement In funds
(24,662)
(907)
(25,569)
36,776
RECONCILIATtON OF FUNDS
Totsi fi￿dS brought forward
405,1141
34.255
499,296
462,520
TOTAL FUNDS CARIUED FORWARD
440J79
33J48
473.727
499,296
The notes form part of these fiÉtsttcial statetnents
Pag¢ 8

cY￿1DErrHAs RHEILFFORDD ERYRI
ALSO KNOWN AS
WELSH HIGHLAND RAILWAY SOCIETY
BALANCE SHEET
31 DECEMBER 2025
2025
Tots71
fuDds
2024
Totsl
fimds
Ut)restricted
Restricted
Not¢$
FIXED ASSETS
Tan8ibl¢ ass¢Lq
Illvestm¢nts
2311.71MI
2311.700
230,7
230,701
230,701
230,701
CURRENT ASSETS
DebtOTS
Cash at bank
9,050
308,142
1.103
36,169
10.153
344Jll
14,874
336,877
317,192
37,272
354,464
351,751
CREDITORS
Amounts falling due within one year
10
(76,154
(3,924)
(811,1178)
{56,878)
NET CURRENf ASSETS
241,038
33J48
274J86
294,873
TOTAL ASSETS LESS CURRENT
LIABILITIES
471,739
33J48
505,1187
525,574
CREDITORS
Amollnts falling due after morc than one year
131J60)
{31 J60)
(26,278)
NET ASSETS
440?79
3JJ48
473,727
499,296
FUNDS
Unrcstricted fimds
Restricted funds
12
440,379
33,348
465,041
34,255
TOTAL FUNDS
473,727
499,296
The Charitsble company is ¢utided to exemption from audii und¢r S¢¢iion 477 of the Compallies Aet 2006 for th¢ year
ended 31 De¢¢mber 2025.
The members hav¢ not requiTed the company io obtsin an audit of its financial sl&tem¢nts for the year ended
31 De¢wJlxr 2025 in accordanee S¢¢tion 476 of the Companies Act 2006.
The I￿Ste¢S acknowledge their r¢4)0T￿Ib]l}1l￿ for
(a)
ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the
Compani¢s A¢1 2(M)6 aThl
pr¢paring fjnancial ststements which giv¢ a truc and fair view of the stat¢ of affairs of the charitsble ¢ompany as
at the end of c2cb f]nancial year and of its surplus or dcficii for each fiDan¢ial y￿[ in a￿ordanCe with the
r¢quirem¢nts of Scctions 394 and 395 and which otherwise comply with the requirements of th¢ Companies Act
21M)6 relating to financial ststementg, so far as 8ppli¢able kn the charitable coJnpaThy.
Ib)
Thc notcs fomi part of these fillaDcial slat¢mw
Page 9

CYMDEITHAS RHEILFFORDD ERYIU
ALSO KNOWN AS
WELSH HIGHLALYD RAILWAY SOCIETY
BALANCE SHEET- eDDtinued
31 DECEMBER 2025
These financial sLTrlements have been prepared in accordance with the provisions applicable to charitable companies
subject to the small compaDie5 regi￿.
The fi
ial statements were approved by th¢ Board of Trustees and authorised for issue
. and were signed oth its behalf by=
R D Bentley- Truslee
l R King- Trnste¢
The notes fom) part of these financial stat¢m¢nts
Pagc 10

CYMDEITHAS RHEILFFORDD ERYRI
ALSO KNOWN AS
WELSH HIGHLAND RAILWAY SOCIETY
NOTES TO THE FINAf4CIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
ACCOUNTING POLICIES
Ba$is of prep*ring th¢ finaTr¢l*l $t*ternentJ
The fillallcial statetnents of the charitable company, which is a public benefit entity undcr FRS 102, hav¢ b¢eth
PTepared in a¢¢ordan¢e with th¢ Charitk¢s SORP IFRS 102) 'Accounting and Reporting by Charities: Statement
of Reeommended PTrctice applicable to charilies preparing their accounts in accordance with th¢ Financial
R¢portlDg Standard appli¢abl¢ iti the UK and Republic of trelalld (FRS 102) (effective l January 2019),,
Financial Reporting Standard 102 The Financial Reporting Standard appli¢abl¢ in the UK R¢publi¢ of
Ireland, and the Companies Act 2006. The financial statements have been prepared under the historic81 c4)st
¢otsventio￿ ￿1th the exception of itivestn￿ts wl)ich are tncluded at market value.
IDcDme
All income 1$ recogniscd in th¢ Stat¢m¢nt of FinaA¢i&l A¢tivili¢s on¢¢ th¢ ¢harity ha$ entitlement to the fimds. it
is probablc that the income ￿ll11 be received and the anwunl can be measured reliably.
Expendfiture
Liabilitie5 are recognised as expendiftwe as S￿)n as there is a legal or constThctive obligaiion cornrnitting the
harity to that CXp￿dIturC. it is probabl¢ tbat a traDsfw of ¢conomic b¢n¢fits will b¢ requtred in settlement and
the amount of tbe obligation can be measwed reliably. Expenditure is accounted for on an accruals basis and has
been classified ullder headin8s that awegate all cost related to the ca¢egory. Where costs caDnot b¢ dir¢¢tly
attribut¢d to particul4r h¢adings th¢y hav¢ b¢¢n allooat¢d ty ¥¢tiviti¢S on a bashs consistent with the use of
T￿￿81b1e fixed assets
Fix¢d asscts arc capitslised if they cost more than £l,l)00 and aT¢ deemed to have a uKful life of mor¢ than fiv¢
years. Once capitalised, qualifying assets are disclosed in line with the following policies. ￿1¢h the tTUStees have
deemed appropriate in order foT th¢ fiDan¢ial stat¢m¢nts to reflect a and fair vi¢Me.
Station VicM'. was acquircd in 2017 for thc purposc of providing low c05t accornmodation to railway volllnteer5,
with this being one of the Societys primary objectives. The requirements aTe that a tangible fixed asset, l¢ss 11$
residual value, must be deprcciaied on a systematic basis OVLY its uscfvl cconomic life, however the trnstees aTe
of th¢ view that the prop¢ty bas a hi8h r¢sidllal value, which will r¢nMJve the need for depreciatlOD to be
charg¢d. Inst¢ad, an aJJnual in)pairni¢nt revicw wll b¢ und¢rtaken and a fvll revaluation will be Ca￿1￿ out on a
rolling S year b2SAS, with th¢ n¢xt r¢val￿ation b¢ing duc to bc r¢poTtd in thc 31 DKnnb¢r 2026 financial
slatements.
Th¢ aDnual impairnKnt r¢vi¢w, coupl¢d ￿7th 8 rolling 5 y¢ar revaluation poli¢y is deemed to b¢ suffici¢nt to
ensure tbai the departure from the Charities SORP (FRS 102). FRS 102 (efftttive l January 2019) and
Conw4nies Act 2006 requirem¢n¢s art llhlterial in Jwtwe.
The historical rdilwa
ass¢ts
Those recognised at a cost are comprised of a signal box sign, a mLHJel locomotive and the Nantlle map.
Although th¢s¢ might be ¢onsidered as histori¢ally important to th¢ rdilway, they ar¢ not currently considered to
be heritage assets. No depr¢¢iatiort is provided with r¢gard$ th¢s¢ as5¢ts, as its aff¢¢t upon th¢ firtkncial
Stalem¢nls is again deemed ¢0 be immaterial.
These departures from accounting standards. bclicved by the tsvstees to be nece&8ary for a and fair view to
be reported, are noi deemed io be material with regard their affect upon the financial statemettts.
TaxatlDD
The ¢liarity is exempt from corporation tax on its charitsble actlvities.
Pagell
¢ontinued...

CYMDEITHAS RHEILFFORDD ERYRI
ALSO KNOWN AS
WELSH HIGHLAND RAILWAY SOCIETV
NOTES TO THE FINANCIAL STATEMENTS- eontlnued
FOR THE YEAR ENDED 31 DECEMBER 21125
ACCOUNTING POLICIES- conthiued
FvDd %¢¢OUDtIDg
Unrestricled fund5 can be used in accordance with th¢ clwitable objectives at the di%retion of the trustees.
Restricted funds can only be used for particular r¢5tsicted purposes Within the objects of the charity. Restrictions
aris¢ whcn specifled by the donor or when ￿lld5 are rat5ed for particular restrict¢d Purpos￿.
Fwth¢r cxplanation of th¢ nalwc and purpose of each ffijnd is included in the llot¢s to the fiDallrial 3tstfflKnts.
OTHER TRADING AcrivrriES
2025
2024
Sales
Advertislng rev¢nue
1,117
1,133
192
548
2,25(1
740
INVLSTMENT INCOME
21125
2024
Inteyest
12,1183
11.282
NET INCOMEI(EXPENDITURE)
N¢t in¢omcl(¢xpenditure} is stated afier char8ingl(ereditin8)'.
2025
2024
A¢¢ountsn¢y f¢e$
2,490
2.435
TRUSTEES, REMUNERATION AND BENEFITS
There were no ttwtc¢s' i¢mun¢ratioD or other benefits for the year ended 31 December 2025 nor for the year
ended 31 Dtt¢mb¢r 2024.
Trustees. expenses
There wer¢ w trnSt¢C5' ¢xpenses paid for the year ended 31 Decenther 2025 Dor for the yw eryled
31 Dcccmbcr 2024.
Pag¢ 12
continued...

CYMDEITHAS RHEILFFORDD ERYRI
ALSO KNOWN AS
WELSH HIGHLAND RAILWAY SOCIETY
N(ITES TO THE FINANCIAL STATEMENTS- tontlDued
FOR THE YEAR ENDED 31 DECEMBER 2025
COMPARATIVES FOR THE STATEMENT OF FINANC]AL ACTIVITIES
Unrestiicted
funds
Restricted
fullds
Total
nds
INCOME FROM
Donations and legaei¢$
28,845
5,163
34.008
Cbarltable Aetlyitles
A¢¢ommodation
Subscriptions and Appea]s
5,242
104.036
5,242
126,215
22,179
Other trading a¢tiviti¢s
Inveslment income
740
11,282
740
11,282
TDt*l
150,145
27,342
177,487
EXPENDrruRE ON
Ch8rlt4ble a¢tlvltles
Donations to th¢ Festiniog Railway Conwally
A¢¢on￿￿odatiO￿
Printing, ststionery, postage et
Governance and support
18.109
4,674
26,885
3,772
87,271
105,380
4.674
26,885
3,772
Totsl
53.440
87271
140,711
NET 1NCOMEI{EXPEND￿uRE)
Tr*nsfeT$ between fund$
96,705
{60,6731
(59,929)
60,673
36.776
Net movement funds
36,032
744
36,776
RECONCILIATION OF FUNDS
Total fimds brought forward
429.009
33.511
462.520
TOTAL FUNDS CARIUED FORWARD
465.041
34.255
499,296
Page 13
continued...

CYMDEITHAS RHKILFFORDD ERYIU
ALSO KNOWN AS
WELSH FUGHLAND RAILWAY SOCIETY
I¥OTES TO THE FINANCIAL STATEMENTS- etsDt1￿lled
FOR THE YEAR EI¥DED 31 DECEMBER 2025
TAi¥GIBLE FIXED ASSETS
Dinas
signal
I￿X sig
Freehold
propety
Model
Locomolive
Nantlle
map
Totals
COST
At l January 2025 and
31 De¢¢mber 2025
230,011
375
Joo
225
230,71NI
NET BOOK VALUE
At 31 Decen￿er 2025
230,(1011
375
loo
225
230.700
At 31 D¢c¢mber 2024
230,000
375
100
225
230.700
FIXED ASSET INVESTMENTS
Unli$ted
inv¢gtrnts
MARKET VALUE
At l Jatsuary 2025 and 31 De￿nth¢r 2025
NET BOOK VALUE
At 31 D¢c¢mb¢r 2025
At 31 December 2024
Thcrc ￿[¢ no invcsttllcnl assets outside the UK.
DEBTORS: AMOUNTS FALLING DUE WITIIIN ONE YEAR
21125
2024
Trade debtors
Gift aid claims
Bcqucsts
Other debt(*
69
6,741
2.715
6,521
3J43
5,637
10,153
14.874
Pag¢ 14
¢ontinued...

CYMDEITHAS RHEILFFORDD ERYIU
ALSO KNOWN AS
WEISH HIGHLAND RAILWAY SOCIETY
NOTES TO THE FINANCIAL STATEMENTS- co￿￿tt￿ed
FOR THE YEAR ENDED 31 DECEMBER 2025
io.
CREDITORS: AMOUNTS FALIING DUE wrrHIN ONE YEAR
2025
2024
Trade creditors
Ac(Th￿IS and dcf¢rr¢d itwm¢
49,668
30,410
25,224
31.654
80,078
56.878
ii.
CREDTTORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR
2025
2024
Ac¢ruals and deferred income
3lJ60
26,278
12.
MOVEMENT IN FUNDS
Net
mov¢m¢nt
in funds
Transftrs
between
At
31.12.25
At 1.1.25
Unrestricted funds
General fund
Historical railway assets ￿lld
Station Vi¢w propety
Smallcr project allocation fuDd
Third class sal¢)on appeal fund
Boston Lodge Road 8 app¢al fiwd
Infrastructure Car 1001 fiuLd
S691
7110
247,479
12,593
157,4113
41,175
89,2611
(55,617)
39J34
700
247,495
6,668
86987
413711
17,925
16
(16.172)
(1113,416)
95
111355
IllJ47
33,000
7J71
465,041
{19,662)
{5.ilOIJ)
4411J79
Re5tTlcted fvnds
NG15 proj¢¢i
Kl project
624
33,631
15,028)
(879)
5,00
596
32,752
34,255
(5,907)
5.00
33J48
TOTAL FUNDS
499396
(25,569)
473.727
Page 15
continued...

CYMDEITHAS RHEILFFORDD ERYRI
ALSO KNOWN AS
WELSH HIGHLAND RAILWAY SOCIETY
NOTES TO THE FINANCIAL STATEMENTS- continued
FOR THE YEAR ENDED 31 DECEMBER 21125
12.
MOVEMENT IN FUNDS- continued
N¢t movement in fimds, included in th¢ 4bov¢ as follows:
Incoming
resourc¢s
Resource5
p¢nd¢d
Moyernent
Unrestrlcted funds
General fund
Station View property fund
STnallcr project allocation fund
Third ola$$ saloon app¢al fithd
Boston Lodge Road 8 appcal ￿lld
Infrastructur¢ Car 1001 fund
117,965
3,959
(28,70S)
(3,943)
{16.172)
1104,666)
89,260
16
{16,172)
1103,416)
95
10,555
1,250
95
10,555
133,824
{153.486)
(19,662)
Restricted funds
NGI 5 project
Kl projcct
13,082
121
{18,110)
(1.000)
(5,028)
(879)
13,203
119.110)
(5,907)
TOTAL FUNDS
147,027
(172,590
125,569)
Comp•ratlves for JDDv¢ment ID
Net
movcmcnt
in funds
TTansfcrs
bctwcen
funds
At
31.12.24
At 1.1.24
Unrestricted fvnds
General fund
Historical Tailway assets fi]nd
Staiion View property fund
sn￿ller project allocation fund
Third class ￿lOon app¢al fimd
Dinas facilities contingency fvnd
Bos¢on LiTrdge Road 8 app¢al fvnd
6.902
700
246,910
13.820
150,025
652
10,000
83,070
{84,281}
5,691
569
(8,512}
(9,59D
247,479
12.593
157,403
7.285
16,975
(652)
31.175
41.175
429,IM)9
96.705
(60,673)
465,041
Restrlcted funds
NGI S project
Kl project
(60.049)
120
60,673
624
33.631
33.511
33,511
(59,929)
60,673
34,255
TOTAL FUNDS
462,520
36,776
499,296
Page 16
continued...

CYMDErrHAS RHEILFFORDD ERYRI
ALSO KNOWN AS
WELSH HIGHLAND RAILWAY SOCIETY
NOTES TO THE FIIYANCIAL STATEMEL¥TS- eontfinued
FOR THE YEAR ENDED 31 DECEMBER 2025
12.
MOVEMENT IN FUNDS- fontiDued
compa￿]Ve net movettmjt in funds, included in the above are as follows:
I￿OMing
resources
ResouTC¢S
expended
Movemenl
Unrestrieted funds
Generdl fund
Ststion View prop¢ty fiu
Smaller project allocation fund
Third class saloon appeal fLmd
Boston Lodge Road 8 appeal ￿lld
113,728
5,242
(30,658)
{4.673)
{8.512)
(9,597)
83.070
569
{8.512)
{9.597)
31,175
31,175
150,145
(53,440)
96,705
Restrlcted funds
NG15 proj¢ct
Kl project
27,222
120
(87,271>
{60,049)
120
27.342
(87.271)
159.9291
TOTAL FUNDS
177.487
(140.711)
36.776
A currnt y¢ar12 months and prior year 12 months combined position is as follows:
Nel
movement
in funds
Transfers
At
31.12.25
At 1.1.24
fimds
Unrestrkted fuDds
General fimd
Historical railway assets fund
Station View property fiu
Smaller projrct allocation fund
Third class saloon appeal fiwd
Dinas facilities conting¢ncy fund
Boston Lod8e Road 8 appeal ￿nd
1llfr&stn￿lur¢ Car 1001
6,902
700
246,910
13,820
150,025
652
iO,IM)O
172,330
(139,898)
39,334
700
247,495
6,668
86,987
585
(24,684)
(113,013)
17,532
49,975
(652)
31,270
10,555
41.270
17.925
7.370
429,1)09
77.043
(65.673)
440,379
Re5trleted fund$
NG15 project
Kl project
{65.077)
(759)
65.673
596
32,752
33,511
33,511
{65,836)
65,673
33.348
TOTAL FUNDS
462,520
11,207
473,727
Page 17
continued...

CYMDEITHAS RHEILFFORDD ERYRI
ALSO KNOIIT+l AS
WELSH HIGHLAND K41LWAY SOCIETY
NOTES TO THE FINANCIAL STATEMENTS- tontinued
FOR THE YEAR ENDED 31 DECEMBER 2025
12.
MOVEMENT IN FUNDS- tontlllued
A ￿￿r¢nI ￿ar 12 months and prior year 12 months wmbined net mov¢m¢nt in fulld% i￿luded in the above are
as follows..
Incorning
r¢sources
Resources
¢xp¢nd¢d
Movement
in fujxls
Unrestrlcted fund8
General fimd
Staiion Vicw propcrty fimd
Smaller pn)ject allocation fijnd
Third class saloon appeal fimd
Boston Lodge Road 8 ap￿al fund
Infraslrwturc Car 1001 fimd
231.693
9.201
(59,363)
(8,616)
(24,684)
(114,263)
172,330
585
(24,684)
{113,013)
31,270
10,555
1.250
31,270
10,555
283.969
(206.926)
77,043
Restrlcted fuDd$
NG15 prOj￿t
Kl projttt
40,304
(105,381)
(1,000)
{65,077)
(759)
40.545
(106.381)
(65.836)
TOTAL FUNDS
324,S14
{313,307)
11.207
13.
REtATED PARTY DISCLOSURES
There wrte no re]ated party transactions for the year ended 31 tk¢wb¢r 2025.
14.
EVENTS Sll¥CE THE END OF THE YEAR
There bave been no events since the balance sheet date require disclosure.
Page 18

CYMDEITHAS RHEILFFORDD ERYRI
ALSO KNOWN AS
WELSH HIGHLAND ]L41LWAV SOCIETY
DETAILED STATEMENT OF FINANCIAL ACTtvTriES
FOR THE YEAR ENDED 31 DECEMBER 2025
2025
2024
INCOME
D&nYé¢lons aDd legacle5
Donations and lewies
Gift aid
7,559
22,1)611
9,140
24.868
29,619
34.008
Other tr4dln% 4¢tlvlti¢$
Sales
Advertlsing revcnue
1,117
1,133
192
548
2,25
740
Investment income
Int¢resl
12,083
11.282
Chartt4ble actlvltles
Annual SUb￿riptionS
Lif¢ membership
Diamond appeal
Sration view income
NG15 income
Kl in¢om¢
Third class saloon
Boston L￿d8¢ Road 8 appcal
Infrastructure Car 1001 fi￿d
70,0116
7,088
2,492
3.959
9.74•
97
I,lJOO
69,580
6,990
2,150
5242
22.083
25,316
&653
103,07S
131,4S7
Tot*1 Ineomillg r#our¢
147,027
177,487
EXPENDITURE
Charltable aetlvltles
Pgstsg¢ awl station¢ry
SundTies
Kl
NG15
Third Class saloon
(hher projects
Prop¢rty costs
24,522
1.54
1.000
16,903
104,666
16,172
3P43
26,885
426
87.271
9,597
8.512
4,674
168,746
137,365
This pag¢ docs not fonn part of th¢ 8tstutory fit￿￿la1 statements
Page 19

CYMDEITHAS RHEILFFORDD ERYRI
ALSO KNOWN AS
WELSH HJGHLAIYD RAILWAY SOCIETY
DETAILED STATEMENT OF FII¥ANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2025
2025
2024
Suppor¢ costs
M*n*gemettt
AGM expenses
51JO
475
Fknanee
Bank charges
860
436
GovernaD¢e ¢0sts
Accountants fees
2A9(1
2,435
Total resource5 expended
172J96
140,711
Net (expelldlture)Aneon
{25569)
36,776
This page does not forni part of the statrjtory finaneial statements
Page 20