Registered No 1151841
The Bala Lake Railway Trust Report and Accounts of the Trustees for the Year ended 30 April 2025
Thanks to Major Supporters, Donors and Grant Funders
SHCOSMITHS)
Registered No 1151841
The Bala Lake Railway Trust Trustees Report for the Year ended 30 April 2025
The Trustees present their Report for the year from 1 May 2024 to 30 April 2025.
Reference and administrative information
The Bala Lake Railway Trust (‘the Trust’) was formed on 12 February 2013 and was registered on 30 April 2013 with the Charity Commission – Charity No: 1151841
The Trustees are as follows:
Julian Birley Chairman appointed 12 February 2013 Christina Kennedy appointed 4 April 2013 Toby Watkins appointed 4 April 2013 Roger Hine appointed 12 February 2013 resigned 4 April 2013 Reappointed 4 Dec 2014
The Trustees were chosen for their specific expertise in railway and heritage preservation, and business experience.
Structure, governance and management
The management and duties of the Trustees are set out in the Trust Deed, which is filed with the Charity Commission. The Trustees have complied with the requirement to hold at least two meetings a year, which can be electronic. The Trustees have appointed Christina Kennedy as Secretary to undertake the administrative management and Roger Hine to undertake the day-to-day financial management of the Trust.
The Trustees will consider the appointment of further Trustees, or the replacement of Trustees as the need arises.
Objectives.
The objectives of the Trust as defined in the Trust Deed, are to advance education and learning and to promote public benefit through the preservation, restoration, maintenance and exhibition of steam railway locomotives and other railway artefacts, establishing facilities for the safe-keeping and exhibition of them and the provision of information and education about the history of such locomotives and other railway artefacts directly associated with the slate industry of North Wales and in particular those regions of Dinorwic and Penrhyn. It is also to establish facilities for the sustainable safe keeping and exhibition of the artefacts whilst providing information for education and learning about the history of such locomotives, rolling stock and associated artefacts of the slate industry.
Overview
The main activity during the year has continued to be based around Prosiect y Ddraig Goch, (The Red Dragon Project) which is a scheme to realise the dream of The Bala Lake Railway to extend the line from its current remote northern terminus at Penybont, 1200 meters into Bala Town itself
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arriving at a new station close to the town centre. This will provide public benefit not only to the surrounding communities but also to visitors to the railway and the local area.
In Sept 2024 the Trust secured the planning permission for the extension of the line. The permission was subject to certain conditions being satisfied which required the provision of further information. Following a further funding appeal the majority of the work has been completed to enable these to be discharged. The Trust hopes these will be discharged by the end of 2025.
The Trustees have regard to the public benefit regulations and are aware that, as the project is still in development stages, there is limited general public benefit derived from the project at present.
Fundraising
Total donations excluding grants for the year amounted to £67,911 (2024, £73,026). Funds have continued to benefit from appeals through the railway press and at railway events and donations of services. Our thanks go to all who have contributed, and we look forward to their continued support, including volunteers and consultants whose time commitments and donated services are estimated to be approximately £80,000 (2024 £60,000) for the year.
In Nov 2017, a sponsorship scheme was launched to help raise funds for the Red Dragon appeal. This appeal is now closed to new donors and has raised a total of £83,890 and the costs of benefits to be allocated upon competition of the project are estimated at £2,000.
The Trust is grateful to NUCLEAR Restoration Services (NRS), formerly Magnox, who awarded the Trust a grant of £36,725 to assist with the additional planning fees needed for the resubmission.
The analysis of specific restricted funds is detailed in Note 2 on Page 6.
Costs
Expenditure for the year amounted to £34,727 (2024 £84,761) of which £774 (2024 £752) relates to general expenditure. Other costs related to fundraising totalled £1,314 (2024 £2,756). Donations made to Bala Lake Railway Ltd for the Red Dragon Project planning application costs were £31,137 (2024 £81,252) and costs to a Quantity Surveyor paid direct by the Trust were £855 (2024 NIL). Land acquisition costs were £648 (2024 NIL).
So many people have kindly donated their time and services to enable the project to progress and have helped keep our costs to date to a minimum. Our continued thanks go to all those who are providing this valuable support, and in particular to our solicitor Lisa Williams and Caulmert Ltd Structural Engineers.
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Future Activities
The Trustees are planning the phased construction programme and looking to secure funding of £4.5m from Government and Private Sector funders to progress the construction in planned phases.
Approved by the Trustees on 21 Oct 2025 and signed on their behalf by
Julian Birley Chairman
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The Bala Lake Railway Trust Accounts for year ending 30 April 2025
| Income and Expenditure Accounts | Income and Expenditure Accounts | Income and Expenditure Accounts | Income and Expenditure Accounts | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||||||
| Income | Restricted | Unrestricted | Total | Restricted | Unrestricted | Total | ||||
| Donations | General | £0.00 | £2,049.01 | £2,049.01 | ||||||
| Gift Aided donations | General | £0.00 | £0.00 | £0.00 | £0.00 | |||||
| Donations | Red Dragon | £8,406.44 | £8,406.44 | £63,824.96 | £63,824.96 | |||||
| Gift Aided donations | Red Dragon | £4,738.15 | £4,738.15 | £6,173.60 | £6,173.60 | |||||
| Donations | Coalition | £350.00 | £350.00 | £0.00 | ||||||
| Gift Aided donations | Coalition | £3,000.00 | £3,000.00 | £0.00 | ||||||
| Donations | Fundraising | £8,000.00 | £8,000.00 | £0.00 | ||||||
| Donation | Points | £5,000.00 | £5,000.00 | £0.00 | ||||||
| Gift Aid reclaim | £1,691.44 | £1,691.44 | £978.24 | £978.24 | ||||||
| Grants | Red Dragon | £36,725.00 | £36,725.00 | £0.00 | ||||||
| Loan | £0.00 | £0.00 | ||||||||
| Bank Interest | £3,698.81 | £3,698.81 | £2,260.08 | £2,260.08 | ||||||
| Total Income | £67,911.03 | £3,698.81 | £71,609.84 | £70,976.80 | £4,309.09 | £75,285.89 | ||||
| Expenditure | ||||||||||
| Red Dragon donations to BLR | £31,137.25 | £31,137.25 | £81,252.36 | £81,252.36 | ||||||
| Red Dragon costspaid btyTrustQS | £855.00 | £855.00 | £0.00 | |||||||
| fundraisingcosts | £1,313.56 | £1,313.56 | £2,756.00 | £2,756.00 | ||||||
| General expenses | £714.00 | £714.00 | £660.00 | £660.00 | ||||||
| Bank charges | £60.00 | £60.00 | £92.40 | £92.40 | ||||||
| Donations from donated funds | £0.00 | £0.00 | £0.00 | |||||||
| Land acquistion costs | £647.60 | £647.60 | £0.00 | |||||||
| Landpurchases | £0.00 | £0.00 | ||||||||
| Total Expenditure | £33,953.41 | £774.00 | £34,727.41 | £84,008.36 | £752.40 | £84,760.76 | ||||
| Net income foryear | £33,957.62 | £2,924.81 | £36,882.43 | -£13,031.56 | £3,556.69 | -£9,474.87 | ||||
| plus b/fwdprevyear | £102,963.00 | £37,256.00 | £140,219.00 | £115,995.00 | £33,699.00 | £149,694.00 | ||||
| Excess to Reserves | £136,920.62 | £40,180.81 | £177,101.43 | £102,963.44 | £37,255.69 | £140,219.13 | ||||
| Analysis of restricted funds | Analysis of restricted funds | Analysis of restricted funds | at 30/04/25 | |
|---|---|---|---|---|
| Points | donated 2025 to us | £5,000 | ||
| Coalition | £3,350 | |||
| Fundraising | £8,000 | |||
| Red Dragon Appeal General | £120,571 | |||
| £136,921 |
The notes on page 6 form part of these accounts.
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The Bala Lake Railway Trust Statement of Assets and Liabilities as at 30 April 2025
| UnRestricted | Restricted | 2025 | 2024 | ||
|---|---|---|---|---|---|
| Notes | Notes funds |
funds | Total | ||
| Monetary assets | |||||
| Cash | Nil | Nil | Nil | Nil | |
| Bank deposit a/c | 2,3 | £36,593 | £136,921 | £173,514 | £138,639 |
| Bank current a/c | 2.3 | £3,587 | £0 | £3,587 | £393 |
| £40,180 | £136,921 | £177,101 | £140,219 |
Gift aid due for repayment as at 30 April 2025 amounted to £1,796 (2024 £1,532) Insurance costs in respect of Trustee Liability are paid for by the Bala Lake Railway.
The following other contingent liabilities at the year-end were: Balance of funds for payment of land £34,650 Balance of funds for payment of warehouse £70,000
See Note 4 £104,650 (2024 £104,650)
Bala Lake Railway - £50,000 commitment to the flood defences work to be paid once planning has been approved and funding for the construction secured.
Land Assets at 30 April 2025 were valued at cost paid to date £146,560 (2024 £146,560) being land and railway assets such as track etc.
The Trust has taken the loan of ‘The Coalition’ locomotive for a period of 25 years. The Trust will raise funding for the restoration to enable it to be operated on the railway premises during the period of the loan.
The notes on page 6 form part of these accounts.
These financial statements were approved by the Trustees on 21 October 2025
Julian Birley Chairman
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Registered No 1151841
The Bala Lake Railway Trust Notes to the Accounts for year ending 30 April 2025
1 Accounting policies The financial statements have been prepared in accordance with section 42(3) of the Charities Act 1993 using the receipts and payments basis.
2 Restricted Funds
These funds have been donated for special purposes, the majority of which relate to the extension of the line to Bala Town (The Red Dragon Project). These funds cannot be used for general purposes without the prior written agreement of the donors.
3 Unrestricted funds and Reserves The Trustees have a policy to hold reserves for general use of a minimum of £500, being sufficient to cover general expenditure in the event of an emergency.
Free reserves at the end of the financial year stood at £40,180 (2024: £37,256).
4. Land Purchases for Bala Town Station
The Trust has exchanged contracts for the land and warehouse purchase at Bala, valued at £38,500 and £77,500, subject to the title being registered. Whilst the ownership is secure, this is subject to registration initially by the prior owner’s solicitor.
5. Related Party transactions
The commitment of £50,000 (see page 5) is noted as a related party transaction because Julian Birley was also a director of the Bala Lake Railway Limited until 27 June 2025.
Donations received from Capital Returns Trustees Limited are noted as related party transactions because Christina Kennedy is the ultimate beneficial owner of the company.
There were no other connected third-party transactions during the year.
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Contact Addresses
Chairman
Julian Birley e-mail: julian.birley@balalakerailwaytrust.org.uk Tel: 07831 120564
Secretary, Governance and Charity Administration
Christina Kennedy Allways West Shepton Shepton Mallet Somerset BA4 5UH e-mail: christina.kennedy@balalakerailwaytrust.org.uk Tel: 07710 252155
Financial Administration
Roger Hine New Inn, Friog, Fairbourne, Gwynedd, Wales LL38 2NX e-mail: roger.hine@balalakerailwaytrust.org.uk Tel: 07979 914170
Website:
http://www.thebalalakerailwaytrust.org.uk
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The Bala Lake Railway Trust
Independent examiner's report to the trustees of The Bala Lake Railway Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 April 2025.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act: or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Martin Barrett ;
Williams Denton Cyf Chartered Certified Accountants Glaslyn Ffordd y Parc Parc Menai Bangor Gwynedd LL57 4FE
Date: 21 October 2025
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