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 2024 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 contnt uf tlii, Findni]l StdtLillLnl. for the Year Ended .) l Decernber ?014 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 2024 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 tled 31 DeLLinbcr 20?4. 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 PSerVation 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 lo raise tullds to bring th- loco Beddgelert back inl0 service continues and £11.009 was raised during the year. .4CHIEVEMENTS AND PERFoRf.4NCE Charitable activities The C"hariiy Lontinues lo i¢e¢ive donations from dediialcd supporteT5 of the FairlMTrUTt]¢ Railway and also the genetal publiL. This has ensured that everyone can siill benetii trom iraielling OTJ this ljistoric nrro. gauTre line learningw aiK>Ui the history ot ihe railway and enjoying the conservation area at PCnrh Point. There are good links '1th local residents, man}, of whom Trolunteer their services %ttvig %lali time and cost%. As already Staled. th¢ appeiil io rdise fund5 tor restoring Btddgrl¢rt to seTrire. reteired to dbove. coniinues. FINANCIAL REI'IEW Ffinanelal w)sitlon T'he chrity, inLome durin¥ the year wa% derived fruni p&gsaiger fares and don&tion%. where don had conipleied ihe relevdnr tdx declarations, the chariry able io claim Gift.4id on these thnaiions. During the year. in ren]rn for fulfilling IL% role in Nnning and mailliailling Ruilwa>'. the Lhariiy rcrnunerated its operating subsidiary, FtiirtM)urne Stedrn R&i]'aY Ltd the of £2i0931. At the balanLe sheet date the reseThe8 of £9097:8 ere (kemed io be ai an 3ppropri)tr l•"el. A¢ 31 s¢ December 2023 the loan balance beiween The Charity and the operating companv stood at £79.709. The Tn]siets do not consider that a Prols1on is required to be made the remxinin¥ balanL'e ot'£76.980 owed from the subs'idiary a¥ at 3 l¥t DeL-ember 2024. Reserves polity It is the policv ot the charity that unrestrtcttd tunds which haie not been desi¥nated for a specifjc use should be maintained ar a level equiNalent its beiween Ihree and six monih's expendiiure. The Ttustees ¢onsider Ihat resenjes ai ihis level will ensure ihai, in the ei'eni uf a 4i¥nifiLdnt drop in funding, Ihcy will bc ablc iu LunlinuL ihc Chri. Lurrcni aLtivitiTri whilc con%idcration ib givcn io wuys in which addiiiollal funds ma). be raised. This level of reserves bas been maintsined through(wi Lhe year. The Chaiily aim to ktep a Sum in $tre which would allow for final stafTpayThnts lo other credilots should Ihe opetating company ctast to Irade, this is currently esiirnaitd at £?5.0(K). STRUCTURE. GOVERNANCE AND MANAGEMENT Governing dUMent The ¥harily is controlled by its governin¥ documenr, a deed of trust. and constitutes a liivijted company. limited &Tuaraiitee, as defitjecl bv rhe CompArties Aci Recruitment and appointment ol new tnistees Selection of ntw trublees is bv recomTnendation by existing trttes. SutTicient trdining will be provided to new trustees to enable thewn ID carry out theirdutits with the requi d¢¥if¢ of Skill and care. Rel#led pgrties The Charity is the sole shareholder in the operating cornpany. Fairknume SttaTTr railway Limiled. The Operating cornpany make5 a charge to ihe Charity for operniing ihe Railwa5, on ils h8]r and in order ih#i the Chariry'b objecis are fulfilled. Any profits after lax made by the operating company %hall be tran%terred to the Charity. Page I
The North '2[Cl C.oa_%t 1.1 hi Railw'iv Limited Tislcrcd nutnbcr-. 06167i?3 urt of thL Tru%tLL% for ihe Year Ended .31 Decernber 2024 REFERENCE AND ADT*lThlSTRA DET Alls Registered Companv nllmber 06167573 IEn¥l4Lnd und Wule%l Reglstered Charlty number 127261 Re%i$tered office Norih IVJles Co&st Light Railwa) Eleach Road Fairbourne CJWyThtdd LLIX 2EX Trustees Dr C DVIeS complian Nlanager Dr S Hobbs Research Scientist Dr R G M¢lioll Compuny DirtLtor/scientist G Billin&10n lappoinied 30.6.24) Company SecTel#ry A M Sitnmonds Independent Examiner Gwyn Trewren Thomas Bsc Gwyn Thoma% and Co Limited l Thomas Buildings New st¢t Pwllheli Gedd LL5J SHH AC'A Approved by order of the board of tyusiees on 21 September 2025 and signd on haIr by.. Dr C Davies- Trustee 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 Wles 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 2024. Responsibilities and basi5 Df report the Lhurily'% tni%tets uf tht CotnPELny ld 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 re5cl 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 bLIlLC= 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 t1 comply with the accounljng reqU1MentS 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 eXintion. 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 shOd 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 Thum1 <ind Cu Limitcd l Thomas Buildings New Street Pwllheli Gwynedd LL5J SHH 29 September 2025 Page 3
The North Wales Coast Li Limited i Railwav SiJtitnLnt of Financial ALtii'itic% for ihe Year Ended .31 December 2024 31.12.24 rotal 31 12.23 Total Unrestricied fund Restricted fund Noles INC.olE AND ENDOII'MENTS FROi¥I Di)naiions and l¢¥Tacie& 124.291 135 300 122.803 Othcr trading aLtivitiCS Investment income Other income Tolal 91.147 1g.W 91.147 19.904 82.642 19.7Y7 i.iuo 226 42 •15..142 246,351 EXPENDITIThiE ON Charitable artii'itles Bedd¥elen appeal Trdin operaiion Total 8,420 8.420 26S.10. 27fi. j)3 451 -304.4?0 304.%71 68.103 )6X.103 .420 NET INCOMEI(EXPENDITURE) 32.7611 2,589 130.172) (78529 RECONCILIATION OF FUNDS Total funds brought fonvard 920.948 18,952 939,900 1,018,429 TOTAL FUNDS C.4RRIED FORWARD ¥88 187 939 guo The notes lorni part of these fukclaI siatements Page 4
The North '2[Cl C.oa_%t 1.1 hi Railw'iv Limited Tislcrcd nutnbcr-. 06167i?3 BdlanLL ShLIt 31 Deceniber ?014 31.12.24 rotal 31.12.23 Total Unrestricied fund Restricted fund Noles FIXED ASSETS Taiinible ass¢t Investments 5?7 2?9 2(Kl.(K)I 7?7.23 3.765 530.994 ?00.001 73ts,YY5 53f,194 200.001 735,IYS 3,765 CURRENf ASSETS Debtors Cash at bank and in hand 76.980 76.9fl0 10"_? 829 180,%09 79,709 128.5_30 20X,239 103.033 17.776 CREDITOILS Amounts fallin&? due within one )rar 10 (2,Q761 (3534) NET CURRENT ASSETS 160.957 178733 204 705 TOTAL ASSETS LESS CURRENT LIABILITIES 888.187 21.541 909,728 939,900 NL"I ASSETS FLNDS Unrestricted funds Resrricied ti)nd. 1188 187 21.541 939 9UO 888,187 920.948 TOTAL FUNDS 939 YOU The chariitsble companv is eniitled to exemption from audit ujjder StIOn 477 of the Companies Act 2006 for the year ended 31 December 2024. The members have not required Ihe comparty 10 obtsin an awjii of ils firtancial ststements for ihe year ended 3 l December 2024 i accordance wilh Sectioii 476 of tht Companies Act ThL IriT%te¢% a¢knowl¢dg¢ th¢ir rpOn$1b1litl&s for lal ensuring that the charitable eompany keeps accouniing rOrdS that ¢omply wilh Sections .186 and 387 of th¢ C.ompanio Act 2006 and Ibl prepariiig finaneial 4la¢ement¥ which giiie a Tnje and fair view of Ihe %iaie of affairs Ot'ihe charital)le company *% at the end ot each finan¥ial )'ear kmd OC lis surplus or defi¢ii for each financial year in accordance with ihe requirernenis L)f Se¢iions 3)L 4 alld _IY5 and whieh oihcrwi8L comply with thc rcquircmcDts ot thc Cowics Aci 21A16 rclaring lo finallcial %iatcmLnt8, 80 lar as applicable ¢0 the chantable company. The notes lorni part of these fukclaI 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 ?11*4 The5t financial Slatetnel5 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 23 September 2U25 and were sigiied on its behalf by.. ('. Davi¢s- Tn]slee S Hdbbs- Trustee R G Melton- Trustee The notes lorni part of these fukclaI siatements Page 6
The North Wales Coast Li Limited i Railwav Noli% lo thL FinllnLial 5iatimLnts for ihe Year Ended .31 December 2024 ACCOUNTING POLICIES BASIS of pr¢puring th¢ fingneil ¥#tcm¢ttts The financial slal¢nieDis of the chaDlable company. which is a public inefIt 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 FilncIal 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 rel.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 xecountig Unrestricted funds can be used in Kcordance with the charitable objeciives at the discretion of tlie trustees. RLstriLtLd fu5 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 fnd 15 included in the tK)tes to the tinancial statements. OTHIR TRADING A1VITIEs 11.12.24 31 12.23 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 ty0•4 INI'ESTMENT IPCOME 31.1224 31.12.13 Rents receiv¢d Inierest on loan subsidiary Deposit aceounl ini¢r¢st 16.0 2,395 16,(KKI 2,442 ET INCOMEI(EXPENDITLRE) Nei in¢omd{expendiiuiel i$ siaied after chaoirtgl(cre4Jiling)= 31.12?4 -31.12.23 Depreiiaiion- owned as>ets Sury)lus on disposal of fix¢d &sseis 4,2(K 4,343 TRUSTEES, REMUNER.4TION AND BENEFITS Thcrc wLrc no Irustccs, rcmuncrdiion or other nLF1ts for ycar cndcd _Il Dcc£mbtr 2024 nDr for thL ycar endcd 31 Decevnber 2023. TrM$tees' expe•$es There were no Inlee$, expens kmid for ihe year enthd 31 December 2024 nor fl ihe year ended 31 December 2023. COMPAIL4TAVES FOR THE STATEIII£NT OF FINANCIAL ACTIVITIES Llnrtstrithed fund RestriLled fund Totsl funds INCOME AND ENDOIVMENTS FROM Donaiions and legacies 117,539 5,264 122,803 Ulher trading activities Invesimeni income Other inLome Total S2,(A2 19.797 1,100 221078 2.642 19.797 i.ioo 226 342 EXPELYDITLRE or4 Charit*bk #etiYitie5 Beddnelert appeal Trait] operntion Total 451 451 304.490 -104.871 3C4.42 3(4.420 451 NET INCOTrIEI(EXPENDITURE) (83.3421 4,81.3 (78529) Page 8 continued...
The North Wales Coast Li Limited i Railwav Noli% lo thL FinllnLial 5iatimLntS- Lontit)l for ihe Year Ended .31 December ty0•4 COMPARA TV*TS FOR THE STATEMEi4rr OF FINAf4CIAL AC[[,1T1ES- fotinued Unrestricitd nd Restricted fuThd Total funds RECONCILIA TION OF FUNDS Toial funds brouglil fonvard l.(K4.290 14,139 1.018.429 TOTAL FUNDS CARRIED FORM'ARD 9?0.948 939 900 TAF4GIBLE FIXED ASSETS Freehold pn)terty Plant and machinery Toial COST Al l Januarv 2014 and 31 Dec¢mber 2024 DEPRECIA TIO Ai l J4nuary ?IT24 Charge for year Ai 31 De¢ember 2Q?4 NET BOOK I'.4LUE Ai 31 DrLcmbLr 1024 Ai 31 December 2023 341771 591 171 38,878 17.099 55,977 Q.177 108222 2105?2 322.772 -324 r)72 530 994 535 194 FIXED A&SET INI'ESTMENTS Unlisted inVetments' MARKET VALUE At l January 24 and 31 Decembtr 2024 ET BOOK V.4LUE At 31 D¢c¢mber 2014 At 31 Deiember 2023 There were no invesimeni assets OUlSLde Ihe UK. The Company's invesim¢nts at ihe balanee she¢t dat¢ in the share ¢apital of ¢oinpanies in¢lude the follDwing.' Page 9 continued...
The North Wales Coast Li Limited i Railwav Noli% lo thL FinllnLial 5iatimLntS- Lontit)l for ihe Year Ended .31 December ty0•4 FIXED A&SET IN%STlEPs- conliTh•ed FIxiTb•urnc Stctsm Rthilw'i' Limit¢ R¢Ei5tered oTce.. 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.?4 31.12.23 AlF reat¢ rapitrl re[Ve% ILo$8yprofit for the vear 118.3.37 DEBTORS: AMOUNTS FALLING DUE I'ITHIIY ONE YEAR 31.1224 31.12.23 Amounts ow¢d by group undertakings CREDITORS: AMOUNTS FALLING DUE W'ITHIN OL%E I'EAR 31.1224 31.12.23 Trade Creditors VAT Accrued expenses 1.75 ?84 576 2.076 ii. MOVEi¥IENT IN Fuf4DS Nei movenent At 31.12.24 At 1.1.24 Unrestricted funds General tund 920.948 {32,7611 888,187 Restrirted fllnils Beddgelert 18,952 2,589 21,541 TOTAL FUNDS 30 17)) 1)09 728 Page 10 continued...
The North Wales Coast Li Limited i Railwav Noli% lo thL FinllnLial 5iatimLntS- Lontit)l for ihe Year Ended .31 December ty0•4 mOvEIENT 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 235,342 (268,1031 132,7611 Rv5tricted funds Buddgclerl 11,Th19 2,589 TOTAL FUNDS 276 5231 30 1721 Companktiv£& tor mtyv¢MCt in funds Nei movenient in fidS At 31.12.23 At 1.1.23 Unrestricted funds General fund I,IKM290 {83,3421 920,948 Restricted funds Beddgelert 14.1_19 4.g1_3 18,952 TOTAL FUNDS 1 O1¥429 78 5291 939 90U 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 221,078 (304,4201 183.3421 Restriited funds BeddLielert 14511 4.813 TOTAL FUNDS 304 8711 78 5291 Pagell continued...
The North Wales Coast Li Limited i Railwav Noli% lo thL FinllnLial 5iatimLntS- Lontit)l for ihe Year Ended .31 December ty0•4 mOvEIENT IN FUNDS- continued A curtL'llt ytur 12 ]nonths and piiur yLar 12 onthS ci)mbinLd wltIon iSlLti folluw>. Net movement in funds At 31.12.24 At 1.1.23 Unrestricted funds General fund I.(MH,290 1116,1031 888,187 Restricted funds Bcddgclert 14.139 7,402 21,541 TOTAL FUNDS I.OIX4?9 108 7011 YOY 72X 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 450,420 (572,5231 Restrieted funds Beddgelen 18,8711 7.402 TOTAL FUNDS 477 693 i813941 108 7011 J2. RELATED PARTh. DISCLOSURES During the year the subsidiary COpanY. Fairbourne Steatn Railwav Lirnited. received a grdnt froill ihe chariry of £250,931 (2023 £?60,?76110 enable it 10 0rale the rni1.aY in line wilh the chariik objeciiies. Ai the 3 Isi De¢ember 2024 ihe amount owing by thL subsidiary Lon)pany lo thc charity was £76.9xu {•023 £79.71v)i.The intercst cbargcd oli Ihc loan durin¥ thL pasi financial year wa5 £2.3951?02i £? 4421. Page 12
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