REGISTERED COMPANI. NUhlBF.R: 06167.523 (F.ngl&nd and lTrales} REGISTERED CHARITY NUMBER: J127261 rt of the Tw%tees and UnalldilLd FinanLial Staicmcnis for thc Ycar EndLxl i I Ikccmbcr 2023 for The North Wales Coasi LI Limited i Railiva Gwyn ThThna5 and Co Litnitaj l Thomas Buildings Pwllheli Gwynedd LL53 SHH The North Wales Coast Li Limited i Railwav cont￿nt￿ uf tlii, Findni]￿l StdtLillLnl. for the Year Ended .) l Decernber ?013 Pag¢ R¢pDrt ol'the Tru%t¢t IndcpLndcnt Examinerfs RLport Siatemeni of Financial Aciivities Balance Sheet Noteb 10 the Financial Siatements 7 to 12 The North ￿'2[Cl C.oa_%t 1.1 hi Railw'iv Limited Tislcrcd nutnbcr-. 06167i?3 urt of thL Tru%tLL% for ihe Year Ended .31 Decernber 2023 The lrnslees who are also directors of the £hariry for the pllrtK)ses of I￿ Companies Aet '(NJ6. present their report with the financial btsttrntnts of the Lhdiily for the yeat t￿led 31 DeLLinbcr 20?3. The iiu%tct% huye ￿JUpted iht PlUVlSiDns of AcL'UUlltin¥ und Reporting by Charities.. Siaterneni of Recornmended Practice applicable to chanries prepanng theiT account5 In accoTdaTrce with the Financial Reporting Sthndard applicable in the UK and Republic of Ireland {FRS 102) {eff¢ctive l January 20191. OWECTIIIES AND ACTIVITIES Objectives #nd aims The Presern'aiion and ¢onservarion ofihe narrow gauge railway * Fairboume, Gwedd and all assi)ciaied buildings ot. hisiorical and archiiectural imwrtance. The P￿SerVation and collseTraiioll of the phtrsical and natural environment al the Penrhyn Peninsular. 'yn¢dd. Th¢ education of lht public in ¢he IfKal n4lturJl sTrcial history of FaiTboutn¢. Ihe %uFtouoding 41re(i Jnd the H4rrow gauge rail￿.￿y. The public appeal to raise funds to bring the loco Beddeelert back into setvice continUB5 and £5.264 was raised during ihe year. Renovaiions i(> Siation buildings commenced in ?0!0 and ￿ere completed in ?0? l. These included renoi'aiing ihe Poini canops roof ar Fdriboume sttjtion dnd rel(￿￿ting the office and ticket oifjce. In 2027 follow'in£ a profe%8ional &Nbe%to8 a%%e%%ment. it decided to rernove all asbestos and replace the entire roof of the WOTk"shop. In 20?? Ihe Trew roofing matenals were purchased. The work of removal tsf the as￿st0S and the old rLk)fand replacement with tlk new r(￿f took place successtully in the early part of ?023. ACHIEVEMENT AND PERFOILIL4NCE Charilable aL*ivitie5 Th¢ Chdriiy Loniinues 10 receive donaiions (Tom dedieaied supponers olihe Faitboume Railway and also Ihe general public. This has ensured that everyone Lan ilill benefit from traN'tlling on this historic gauge line learning alx)ui the history of Iht railway and enjo>'iii¥ the conservation arta at Penrhyn Point. There are good link5 with local residenLS. illany of whoni I'olunteer their services saving siaff time and ¢osis. As a]ready Kiaied. Ihe appeal io raise funds for tysioring Beddgelen 10 setvice. refetred to above. Loiilinuei. FINANCIAL REVIEW FlnaDeial wsition The Chariti s income during the year was derived from Wdssenger fares and donaiion5. ￿'￿tre donors had completed the relevani lax deL'lapdtiuiis, the Lharity was able to L'laim Gift Aid on the%e i]ondtiuns. ihe year, in rEtutn éor fulfillin¥ it4 role in njnning dnd maintaining the Railway. the chanty [C￿u￿eratCd it5 operating 5ub5idiary'. FairtK)urne Sieam Ra]l￿'aY Ltd ihe 5ufft o(£?60?76. At the balance sheet datt the rtserves of i939,91￿ ￿ere deemed to be at an appropriaie Itvel. .4t 3 Isi Dteember 20*2 ihe loan balance between The Chariry and the operating conipany qtood at £5? £8? The Trusiees do not consider thai a prcivision is required to be made againsi Ihe remaining balance 01£79.709 owed from the subsidiary as ai 3 Isi Deceinber 2023. Reserves poiiry Ir is Iht policy ofthe chariiy that unrtstricred funds wbich haie not been designated for a specific use should be maintained ar a level equiial¢nt to b¢M'¢en thrte and six month'5 expendirutt. Tht Tru5teE5 ron51der ihal re5eTh'ts ar th15 level ￿111 ensure that, Iii the event of a significant drop ITh funding. they will bt ablt io coniinut the chariry's cllrreni aciiN"iiies while consideration is gii'en lo ivays in whiLh additional funds n]ay bL fdiScd. This Icvcl of rcscr¥L% has bccn n]aintaInL￿ through(￿[ ihc yLar. The Charity aim lo keep a sum in reserve whi¢h would allow for final staff payn￿nts ¢0 other creditors should the operating ¢ompany to trade, This is ¢urrefitly estimated ￿ £?5.(￿. STRUCTIIRE. GOVERNANCE AND MANAGEiIIENT Governing document 'I'he iharily is iontrolled by it5 governing documenL a deed of trusl. and constirutes a limited colnpany, limiied b) guarantee, (lefinEd by thE Companivy Act 2(K]6. Recruitment sppnintment of new trustees Selection of new tnJstee5 is by Tecommendation bv existin tnLStees. Sufticient training will be provided to new trustee5 to enable them io carry out their duties with the te4uired degrtt of skill and care. Page I The North ￿'2[Cl C.oa_%t 1.1 hi Railw'iv Limited Tislcrcd nutnbcr-. 06167i?3 urt of thL Tru%tLL% for ihe Year Ended .31 Decernber 2023 STRUCTURE, GOVERNANCE AND MANAGEMENr R¢l*)t¢d pllrtits The Charity Is the sole shareholder in the operating cornpany. FairtXlUTne Steam railway Limited. The opernting company make5 a ¢harge t(1 the Charitw for operating the Railwa). on ity behalf and in order thot ihe Charity'b objects are fulfilled. Any profits after taA made by the operdtinbi company Shall be transferred lo the Charity,. REFERENCE AND ADTrItP*lSTRATIVE DETAItS Registered Comp4n!' number 06167523 (England and Wales) Regist¢red Ch•rity number 1127261 Reglstered offlce North W￿le4 Co>L%t Li¥ht Railwa) Beach Road Fairbourne Gwynedd LL_18 2EX Trustees Dr C Davies Compliance m￿a￿tr Dr S Hobbs Research Sci£iitisi Dr R G Mellon Company Direciorlscieniisi G Billinglon (appointed 30 6.24) Company Seerttar}' A M Sinimonds Independent Exgrniner Gw'yTr Trewrell Thornas Bsc Gwyrj ThDm&s and Co Limited l Thomas Buildings New Sireei PwllhLIi Gwyn¢dd LL53 SHH ACA Approved by order of the board of trustees on 25 Sepiember 2024 and signtd on its behalf by.. Dr C Davics- Tru%tce Page 2 Indc endent F.￿￿7111t15 Rc Thc Isorth Il'alcs Coait Li Limited on to the Trnstees ol hi Railw'a Independent examiner's report to the trustees of The W*les Co4st Light Railwa) Limited ('the Compgny, l Teport to the charity trustees on my examiDatitsn of the accounts of th¢ Cornpans for the ended 11 Ikcemitr 2023. Responsibilities and basi5 Df report the Lhurily'% tni%tets uf tht CotnPELny l￿d alsu ifs. dirL'ctoi4 fur the putPDtse% of LJtnpanv law'l you art responsible fur the preparation of the accounis in accordance with the requiremtnt5 of the Compavie5 Act 10(b I'the ?006 Acl'}. Havins >at15fied mvself that the account5 of ihe Conipany are not required to be audited ullder Part 16 of the 2006 Aci and are eligible for independeni examination. I report in re5￿cl of m5. examillaiion ol sour chatily s atcounis as carried oui under Section 145 of Ihc C-.haritics .4ct 2011 I'the IUI l ACYI. In carrying Out my examitration I havc followcd thc Dircttions given by the Charity Commission under Seciion 145151 Ibl of the 201 l Act. Independent examiner 5 5tateTTrent I havc coinplcied my examinaiion. I confinn thai no mailers have come to my auention in conneLliL￿ wilh tli¢ examination giving me causc lo bLIlL￿C= accounting records were noi kepi in respeci of ihe c.ompany as requtred by Section 186 of the 21K)6 Act- or the accoiinr% do not dccord with those recon*. or Ihe accounts do t￿1 comply with the accounljng reqU1￿MentS of Section 196 of the 2￿)6 Act other than any requirement that the aLcounts giTre a true and fail I'le￿ which is noi a tnart¢i ionsidei¢d Part of an independent eX￿in￿tion. or the accounts have noi been prepared in a¢cordance ￿'Ith the methods and prii)ciples of ihe Statement of Recommended Practice for accounting and reporting bv charities (applicable io chanties preparing their accounts ill accordance with the Financial Rtportill(F Stsndard JpplKable in the iiK and Republic of Ireland IFRS In21). have no conlerns and hai't come across no oihtr rnatters in ioAneciion wilh the examination to whiLh atlention shO￿d be dr&wn in tIIis report in order to enable a proper Unde￿(andIng ot the accounts to be reached. Gwyrj Trewren Thomas Bse ACA The In%titute of Chartered Accountants in Enqland and Wales Gwyn Thum￿1 4.290 14,139 1,018,4?9 1,038,833 TOTAL FUNDS C.4RRIED FORWARD Y48 939 900 1018429 The notes lorni part of these fuk￿claI siatements Page 4 The North ￿'2[Cl C.oa_%t 1.1 hi Railw'iv Limited Tislcrcd nutnbcr-. 06167i?3 BdlanLL ShLIt 31 Deceniber ?01.1 31.12.23 rotal 31.12.22 Total Unrestricied fund Restricted fund Noles FIXED ASSETS Taiinible ass¢t Investments 531.4?9 2(Kl.(K)I 731.43 3.765 53£ 194 ?00.001 735,IY5 535,772 200.001 735,773 3,765 CURRENf ASSETS Debtors Prepayments and accrutd incorne Cash at b￿nk l￿d in hand 79,7( 79,7119 84,719 224 19().843 284,786 113.143 191,042 15.187 15,187 1?¥.53(J 208,2.39 CREDITORS ,Imounts falling du¢ within on¢ year 10 {3.5341 (3.534) {2,130) NET CURRENT ASSETS 189.518 282 656 TOTAL ASSETS LESS CURRENT I.T ABII.ITTFS 920.94S 18,952 939,9(b I,n18,429 NF.T ASSETS FLIYDS 18.952 939 90 l Ql8429 Llnresrricied tiinds R¢stri¢ied funds TOTAL FUNDS 42n 94% 18.942 979900 1018429 The ihariiable ¢ompanv is entitled io exemption tft)m audit under s￿tiOn 477 of the Companies Act 201Ki tor the year ended 31 DeC￿nber 2023. The members have nol reqUI￿d the Lornpanv lo ob￿in an awlit of its financial sthtements for ihe year tnded 3 1 DeLtmbtr 2023 in accordaiice ￿'1th Section 47(1 ot the companie￿ Act=(M)(,. Th¢ Iruste¢s acknowledge their r¢sponsibilities for (a) eiisuring that the Charitable company kttps aicouniing Tetords that comply wilh Sections 386 and 387 of the Companies Aci 2006 and preparing financial siaiemenL8 which gil'e a tru¢ and fair view of the sthie of affairs of the charitable company as ai ihe end of c&ch fLnancial year and ot ils suTrlus or dcficit for cacb financial y&qr in accordancc with thc rcquircrncnts of ScLiions 394 and 395 and w'hich oiheTWlSt comply wilh th¢ requir¢Thents ol the Companies A£1 2￿0 relalillg lo financial 51aleTnentS, SO far as applic8ble to the charitable Company. (bl The notes lorni part of these fuk￿claI siatements Page 5 continued... The North ￿'2[Cl C.oa_%t 1.1 hi Railw'iv Limited Tislcrcd nutnbcr-. 06167i?3 BdlanLL ShLIt- LontinuL 31 Deceniber ?Il*.I The5t financial Slatetne￿l5 have been prepar¢d itt a¢¢ordance wjih the provisions applicable to clk7ritsble CDmpanies subject to the small companies regime. The Iinancial statements were approved by the Board of Trustees and authorised for issue on 25 September 2U24 and were sigiied on its behalf by.. ('. Davi¢s- Tn]slee S Hdbbs- Trustee R G Melton- Trustee The notes lorni part of these fuk￿claI siatements Page 6 The North Wales Coast Li Limited i Railwav Noli% lo thL FinllnLial 5iatimLnts for ihe Year Ended .31 December 2023 ACCOUNTING POLICIES BASIS of pr¢puring th¢ fingnei*l ¥#tcm¢ttts The financial slal¢nieDis of the chaDlable company. which is a public i￿nefIt eniity under FRS 102, have becn prepared in a¢¢ordaiice with the Chariiieb SORP (FRS 10?) 'ALcounting and Reporting bv Charities= Siatement of Recommended Praciice applicable to Charities preparing their accounis in accordance ￿'1th the Fil￿ncIal Reportin¥J Standard applicable in the UK aDd Republic ol Ireland IFRS 10?) i=ffe¢iii-e l Jarhuan. 20191,. Financial Reporting Siandard 102 'The Financial RLptsning siandaid applicable in tbc UK and Republic ot Iieland. and thc Q-.otnpanics Act 200b. Thc finajivial statcmeiits have been prepared under ihe hislorilal cosl ¢oni'eniion. with Ihe excepiion ot. ini'esimenis which are included ar market value. Income All incomc is roLognisLd in thL Sidlcmini of FinaDLial _4ciii'itlknb oncc thc chariiy has cntiilcmcnt lo ihc funds. it probable that ih- income ￿'ll1 be r￿el￿.Cd and the arnouni can be rneasuTed reliabl￿. Expemditur¢ Liabilitie5 are recognised as expeTKliture 35 soon as there 15 a legal or constructive obligation comrnilting the chanly lo that expendiiuie, il is probable that a ttansfer of economii benefits will be rquiied in setilcmeiil and the aniount of the obligdiion can be Measured reliably. Expendiiure is accounied for on an accwals basis and been ¥lassitied under headingws that aggrtgate all cost related to tht categorv. Il"here Costs cannot be directly attributed to particular headings they have been tlloraltd to activities on a basis consislcnt with the use ol. resources. T&ngible fjxed Assets Depreciation i5 provided at the t-ollowing annual rates in order to write off each a55et ovcr its estimated use￿[ life. Freehold property Plant and illthLhinery 0/￿ on cost Taxation The charity is exetnpt frotn cotpuration tsx on its- Lhantable xttvitits. Fund xecounti*g Unrestricted funds can be used in Kcordance with the charitable objeciives at the discretion of tlie trustees. RLstriLtLd fu￿￿5 L4in onlN bc U*Ld fur P4trtjLul4if ￿￿Tril1cd ￿1[hin thc ()bjccLS of thc Lharily. RcstriLiion% ari%L whc specified by the donor or￿.hen fvnds are raised for panicular resiricied purposes. Further explanation of the naluTe and purpose ot'each f￿nd 15 included in the tK)tes to the tinancial statements. OTHIR TRADING A￿1VITIEs 11.12.23 31 12.22 Train ricket sales Page 7 continued... The North Wales Coast Li Limited i Railwav Noli% lo thL FinllnLial 5iatimLntS- Lontit)￿l for ihe Year Ended .31 December tyO•I INI'ESTMENT IP*COME 31.1223 31.12.22 Rents receiv¢d Inierest on loan subsidiary Deposit aceounl ini¢r¢st 16.0 2,442 1,355 16,(KKI 2,533 ET INCOMEI(EXPENDITLRE) Nei in¢omd{expendiiuiel i$ siaied after chao*irtgl(cre4Jiling)= 31.12?3 -31.12.22 Depreiiaiion- owned as>ets Sury)lus on disposal of fix¢d &sseis 4,343 TRUSTEES, REMUNER.4TION AND BENEFITS Thcrc wLrc no Irustccs, rcmuncrdiion or other ￿nLF1ts for ycar cndcd _Il Dcc£mbtr 202_1 nor for thL ycar endcd 31 Decevnber 2022. TrM$tees' expe•$es There were no In￿lee$, expens￿ kmid for ihe year enthd 31 December 2023 nor fl￿ ihe year ended 31 December 2022. COMPAIL4TAVES FOR THE STATEIII£NT OF FINANCIAL ACTIVITIES Llnrtstrithed fund RestriLled nds Totsl funds INCOME AND ENDOIVMENTS FROM Donaiions and legacies 117.067 6,912 123,979 Ulher trading activities Invesimeni income Total 85,52V 5.52U 18.644 218 143 ??1 ?31 EXPENDITURE ON Charitable activitie5 Bcddgclcrt appeal Train fjperdtion Total 249 *22 24￿.Tr22 248 222 ?4X.547 325 NET INCOP¥lEIIE.XPENDITURE) Transfer5 bet￿een funds Net movernent in funds 26,9911 1,179 125,8121 6,587 1.179 5.408 (20.404 (20,404) Page 8 continued... The North Wales Coast Li Limited i Railwav Noli% lo thL FinllnLial 5iatimLntS- Lontit)￿l for ihe Year Ended .31 December tyO•I COMPARA TV*TS FOR THE STATEMEi4rr OF FINAf4CIAL AC[[￿,1T1ES- fo￿tinued Unrestricitd nd Restricted lunds Total funds RECONCILIA TION OF FUNDS Toial funds brouglil fonvard 1.070.102 8,731 1.038.8.43 TOTAL FUNDS CARRIED FORM'ARD 1018429 TAF4GIBLE FIXED ASSETS Freehold pn)terty Plant and machinery Toial COST Al l January 2023 249,400 338,￿￿) 3.765 341.771 587,406 Additioni Ai 31 DeLeinber 20?3 DEPRECIA Tior Ai l Jdnudry 2023 Charge for year Ai 31 DcLctnbcr 2023 P4ET BOOK V.4LUE Ai 31 Deieinber ?023 Ai 31 [kc¢￿bcr 2022 591 171 36,480 15,154 51,634 17.099 ?i(i 1?9?0 324.67: 5.35.194 535 772 FIXED ASSET INVESTI¥IENrs Unlisted MARtiET N'ALUE At l January ?02? and 31 December 2023 NET B(K)K V.4LUE At 31 December 20?3 At 31 Deceniber 2022 There were no investment a55ets outside the UK. Th¢ Company's ini'esim¢nts at th¢ balan¢¢ sheet date in the share Capital of ¢oinpanies in¢lude the followin!T'. Page 9 continued... The North Wales Coast Li Limited i Railwav Noli% lo thL FinllnLial 5iatimLntS- Lontit)￿l for ihe Year Ended .31 December tyO•I FIXED A&SET IN%￿ST￿lEP￿s- conliTh•ed FIxiTb•urnc Stctsm Rthilw'*i' Limit¢ R¢Ei5tered o￿Tce.. Fairbourne Railway Office.Beach Road.Faithurne.Wales Ll.18 2EX Natur¢ of business.. Operating a narrow gauge rdilway Class of share.. Ordinary holth.ng i( 31.12.?3 31.12.2 A￿lF regat¢ rapitrl re￿[Ve% ProfiL.Ilossl forthe year 18.793 16 1011 2.390 DEBTORS: AMOUNTS FALLING DUE I*'ITHIIY ONE YEAR 31.1223 31.12.22 Amounts ow¢d by group undertakings VAT 79,70 8?,582 2,137 Jo. CREDITORS: AMOUNTS FALLING DUE ITrITHIN 0￿E YEAR 31.1223 31.12.22 Trade ¢r¢ditors VAT Accrned expenses 2¥4 1.500 2.130 ii. MOVEfvIELYT IN FUF4DS Nei ioYeAieJit in funds At 31.12.23 At 1.1.23 Unrestricted funds GLnLral fund I.IMM290 {83,3421 920,948 Restrieted funds Bedd&i¢lert 14,139 18,952 TOT AI. FiINT)S 1018429 79 900 Page 10 continued... The North Wales Coast Li Limited i Railwav Noli% lo thL FinllnLial 5iatimLntS- Lontit)￿l for ihe Year Ended .31 December tyO•I mOvE￿IENT IN FUNDS- continued Net movejnent in funds. included in the dboye arL follows= Incoming rebourc&q Reiources exp¢iNl¢d Movement in ￿lid4' Unrestrieted funds General tiind 221,078 (304,4201 183,3421 Rv5tricted funds Buddgclerl 52fv1 14511 4,81J TOTAL FUNDS -3048711 78 5291 Companktiv£& tor mtyv¢MC￿t in funds Nei I￿o￿e￿Ient ID funds Transfers between funds At 1.1.22 31.12.22 Unrestricted funds General fund 1,030.102 126,9911 .179 1,004,290 Restricted funds Btddgelert .7_11 6.587 (1,1791 14,139 TOTAL FUNDS 1038 833 20.4()4 101842Y Comparativc net Tnov¢rn¢nt in fund5, iD¢luded in th¢ abow¢ arc a5 follow5.. Incoming rcsollrc Resources cxpcndcd Movemeni in fund UNrestrlcted funds GenEral lund 221231 (248 ?221 126.9911 Restriited funds BeddLielert 0.912 13251 6.587 TOTAL FUNDS ?48 q471 20 4041 Pagell continued... The North Wales Coast Li Limited i Railwav Noli% lo thL FinllnLial 5iatimLntS- Lontit)￿l for ihe Year Ended .31 December tyO•I mOvE￿IENT IN FUNDS- continued A curtL'llt ytur 12 ]nonths and piiur yLar 12 ￿onthS ci)mbinLd w￿ltIon iSlLti folluw>. et I￿0venIent in lunds Transfers between lunds At 31.12.23 Ai 1.1.22 Unrestricted funds General fund 1.030.102 (110,3331 .179 920.948 Restricted funds Bcddgclcrt 8.731 11,4 (1.17Y) 18,Y52 TOTAL FUP4DS 1.038.833 9iY A Lurrent yetsr 12 month5 and prior year 12 months cotnbined net movetnetjt in fund4 included in rhe ubove Ejre as follows.. Incoming resourL& Resources expeimled Moveineni in tund¥' UNre&trieted funds G¢neral tund 442,309 (552,6421 1110.3331 Restrieted funds Beddgelen 17761 11.400 TOTAL FUNDS 454 485 i534181 98 9331 J2. RELATED PARTh. DISCLOSURES During the year the subsidiary CO￿panY. Fairbourne Steatn Railwav Lirnited. received a grdnt froill ihe chariry of £260,276 (2022 £?21,500110 enable it 10 0￿rale the rni1￿.aY in line wilh the chariiy objeciiies. Ai the 3 Isi De¢ember 2023 ihe amount owing by Ihc subsidiarv company lo ihL charity was £7Y7(V) I_ffj22 £82 5821.Thc intcrcst chargcd on thc loan during tht pasi financial year wa5 £24421202? £2.5331. Page 12 This document was delivered using electronic communications and authenticated in accordance with the registrar's rules relating to electronic forni, authentication and manner of delivery under section 1072 of the Companies Act 2006.