2020-12-31-accounts

CONTENTS		PAGE
LEGAL AND ADNNISTRATIVE DETAILS
TRUSTEES' REPORT
REPORT OF THE INDEPENDENT AUDITORS		9-11
CONSOLIDATED STATEMENT OFFINANCIAL	ACTIVITIES	12
CONSOLIDATED BALANCE SHEET
CONSOLIDATED CASH FLOW STATEMENT		14
NOTES TO THE FINAN(RL STATEMENTS		15-29

for year ending 31 Dece	mbe	r 2020
				Unrestricted	Restricted	Total funds	Total funds
			Note	Funds	Fundsf	2020 K	2019
Income:
Donations and legacies			4	114,485	743,073	857,558	950,712
income from other trading	activities:
Commercial trading operations			6	2,265,118		2,265,118	8,308,720
Investment income			7	6,362		6,362	3,659
Other Income			6	2,661,487		2,661,487	465,554
Total income				5,047,451	743,073	5,790,524	9,728,645
Expenditure
Costs ofraising funds:
Commercial trading operations			6/10	5,176,837		5,176,837	8,492,567
Expenditure on charitable	activities:
Grants committed			8	297,118	802,600	1,099,718	1,338,551
Total expenditure				5,473,955	802,600	6,276,556	9,831,118
Net incomel(expenditure)	and net
movement in funds for the		year		(426,505)	(59,527)	(486,032)	(102,473)
Transfers between funds
Other recognised gains/(losses)
Gains/(losses) on investment		assets		(3,869)	147,358	143,489	349,149
Actuarial gains/(losses) on	defined
benefit pension schemes				162,000		162,000	100,000
Net movement in funds				(592,374)	87,831	(504,543)	346,676
Reconciliation offunds
Total funds brought forward				7,085,895	747,516	7,833,411	7,486,735
Total funds carried forward				6,493,521	835,347	7,328,869	7,833,411

for year ending	31Decem	ber 2	020
							Group	Group	Charity	Charity
						Note	2020	2010	2020	2019
							6	6	6	6
Fixed assets
Tangible Assets						16	38,270,914	38,967,174	96,643	99,924
investments						17	337,802	361,790	369,146	393,136
		Total	fixed		assets		38,608,716	39,328,064	467,791	493,060
Current assets
Stock and WIP						18	1,251,565	1,010,630
Debtors						19	593,964	657,438	246,004	54,103
Cash at bank and in hand							3,497,364	2,349,536	853,187	1,213,909
	Total current				assets		5,342,893	4,017,604	1,099,191	1,268,012
Liabilities
Creditors falling	due within	1 year				20	2,426,968	1,634,196	42 150	138,570
Net Current assets							2,915,905	2,183,408	1,057,041	1,129,442
Total assets less current		liabilities					41,524,621	41,512,372	1,524,832	1,622,502
Creditors: falling due after		more	than	1 year		22	32,193,107	31,838,670
Defined benefit	pension scheme		liability			25	83,000	245,000
			Net		assets		9414514	9918702	1)524~832	1 622 502
The funds ofthe charity:						26
Unrestricted income funds							6,493,521	7,085,895	689,383	874,986
Restricted income funds							835,347	747,516	835,347	747,516
Non-controlling	interest						2,085,646	2,085,291
	Total charity				funds		9,414,514	9,918,702	1,524,730	1,622,502

for year ending 31Decembe	r	2	020
								Year ended	2	0 0
								1 12/2020	31/12/2019
Net incoming resources before		revaluations						(375,976)		(102,473)
Investment income less interest		payable						(6,362)		(3,659)
Minority interest in subsidiary	company			result						45,485
Depreciation								1,422,684		1,431,063
Pension fund non-cash movement								(5,000)		(3,000)
(Profit) / Loss on disposal of assets										2,482
(Increase) / decrease in debtors								63,474		244,367
(Increase) / decrease in stock								(240,935)		87,914
Increase / (decrease) in creditors								597,318		(379,934)
Increase / (decresse) in deferred			income					354,437		203,891
Cash from operations								1,809,640		1,526,135
CASH FLOW STATEMENT
Net cash inflow from operating		activities						1,809,640		1,526,136
Returns on investments and servicing offinance
Cash Flows from investing	activities
(Gain)/I oss on investments								143,489		349,149
Purchase ofinvestments										(157,500)
Disposal of investments								151,500		303,997
Revaluation on Investments								(127,412)		(173,280)
Capital expenditure and financial			investment					(6,968,806)		(1,782,525)
Proceeds on disposal ofassets								6,144,499
Taxation
Tax paid										2,316
Cash Rows from financing	activities
Repayment ofinterest free loan
Repayment ofbank loan
Cancellation ofDebenture Stock
Increase/(decrease) in cash	and cash			equivalents		in the year		1,152,911		68,293
Reconciliation ofnet cash flow			to movement		ln	net cash	and
liquid resources
Increase/(Decrease) in cash	in	the year						1,152.911		68,293
Cash and liquid resources at
1 January								2,343,126		2,274,833
Cash and liquid resources	as at 31 December							3,496,037		2,343,126
Reconciliation of net cash flow			to movement		in	net debt
Change in cash in year								1,152,911		68,293
Net movement on loans
Net debt at 1 January								1,789,875		1,721 502
Net debt at 31 December								2,942,786		1,789,875
Analysis ofnet cash and liquid			resources
						At	01/01/20	Movement	At	31/12/20
								in year		in year
Cash at bank and in hand Bank overdraft						2,349,536 ~0.470		6 1,147,828 5,083	6 3,497,364 ~7.327
										14 ] F a g-

									2020	2019
									6	6
Donations	and Legacies								857,555	1,100,712
Investment		Income							900	1,115
									858,455	1,101,827
Expenditure		on charitable		activities					1,099,718	1,352,416
Net Income/(Expense)									(241,264)	(250,589)
Other recognised gains/(losses)						on investment	assets		143,489	349,149
Total funds		brought	forward						1,622,505	1,523,945
Total funds		carried	forward						1,524,730	1,622,505
Represented		by:
Restricted	Income funds								689,383	747,516
Unrestricted		Income	funds						835,347	874,989
									1,524,730	1,622,505
4 Income	from donations				and	legacies
Donations									2020f	2019 6
Gifts									112,228	79,022
Donations									696,345	764,561
Legacies									48,985	107,130
									857,558	950,713
5.Income	from charitable				activities
									Unrestricted	Unrestricted
									funds	funds
									2020	2019
									6	6
Incoming	Resources
Donations	and giRs								114,485	114,440
Legacies
Subtotal:	Incoming		resources			from generated		funds	114,485	114,440
Investment		Income							900	1,115
Subtotal:	Incoming		resources			for generating		funds	9OO	1,115
Total income from			charitable			events			115,385	115,555

								Ffestinlog
								Railway
								Heritage	Welsh		Welsh
						Ffestiniog	The	Ltd and	Highland		Highland
Turnover						Railway Holdings	Festiniog Railway	Ffestiniog Futures	Light Railway		Railway Construction	2020	2019
						Ltdf	Company	Limited 6	Limited 6		Ltd 6	Total 6	Total 6
						569,114	1,774,455	(100)		(1)	(1)	2,265,118	8,308,720
Cost ofsales						521.326	2,123589					2,644,915	6,363,793
Gross Profit						47,788	(349,134)	(100)		(1)	(1)	(301,448)	1,924,927
Administration	expenses					(397,643)	(2,295,099)				(825)	(2,693,567)	(2,050,258)
Other operating	income					77,803	2,583,683					2,661,487	465,554
Net interest receivable/(payable)						5,429	33					5462	2 544
Net Profit/(Loss)						(266,623)	(68,517)	(100)		(1)	(826)	(328,067)	342,767
FRS17actuarial		gain/(loss)
Taxon profit on ordinary			activities										836
Minority interest		in profits	ofsubsidiary				356					356	45,485
Profits/(losses)	attributable			tc the	Trust	(266,623)	(60,161)	(100)		(1)	(826)	(327,711)	298,119
Amounts included in consolidation						266,623	60,161	100)		1	826	327,711	298119
Cmt of raising		funds
						2020	2019
					Note	6	6
Cost ofsales						2,644,915	6,383,793
Administration	expenses					2,693,567	2,050,258

				Michael
	General	Kyral		Seymour			Emergency
	Fund 8	Fund 8	LYOf	Fund 8	P5 f	Workshop f	Appeal 8	Total f
Grants	292,314	108,229	14,329	15,539	187,492	1,281	461,000	1,080,184
Sundries	610							610
Total	292 924	108,229	14,329	15,539	187492	1,281	461,000	1,080,794

					Michael
		General	Kyral		Seymour			Emergency
		Fund 8	Fund 8	LYD 8	Fundf	P5 8	Workshop 8	Appeal f	Total
Direct grant support		297,118	108,229	14,329	15,539	202,223	1,281	461,000	1,099,719
Net cost funded
from donations	and legacies	297,118	108,229	14,329	15,539	202,223	1,281	401,000	1,099,719

		General	Governance
		support	function	Total	Basis of
		E	E		apportionment
Sundry	Expenses		610	610	Invoiced
Auditors	Remuneration		4,194	4,194	57.50%
Fund raising costs		14,731		14,731	Invoiced
Total		14,731	4,804	19,534

11Net Incom el(expenditurej	for the year
		2020	2019
This is stated after charging:		E	E
Depreciation		1,421,402	1,432,344
Release of grants against depreciation		(288,604)	(300,204)
Audit fees		5,923	10,548
Leasehold Amortisation		1,281	1,281
		1,140,002	1,143,969

12Analysis ofstaff costs, trustee remuneration	and expenses,	and expenses,	and the cost ofkey management	personnel
	2020		2019
	F		E
Wages and salaries	2,537,831	3,033,461
Social security costs	193,236		171,051
Pension costs	54,402		76,722
	2,785,469	3,281,234

The average monthly number o were as follows:	ffull-time equivalent employees (in	cluding casu
	2020	2019
	Number	Number
Full Time	89	90
Part Time	8	6
Seasonal	19	49
	116	145

16 Tangib	le	fixed asset	s - charity (also co	mprising that of	the group)
				Plant		Charity only
			Long leasehold	machinery	Total	Trust Long
			land and	and motor		Leasehold
			buildings	vehicles		Property
			6	6
Cost:
As at 1 January 2020			10,967,899	45,176,401	56,144,300	126,825
Additions			262,228	6,608,693	6,870,921
(Disposals)			(378,323)	(10,071,470)	(10,449,793)
			10,851,804	41,713,624	52,565,428	126,825
Depreciation/Amortisation:
As at 1 January 2020			(4,023,607)	(13,153,518)	(17,177,125)	(26,901)
Charge for	the year		(419,150)	(1,003,534)	(1,422,684)	(1,281)
Depreciation		on disposal	75,226	4,230,069	4,305,295
Eliminated	on	disposal
			4,367,531	9,926,983	14,294,514	28,182
Net book value:
As at 1 January 2020			6,944,292	32,022,883	38,967,175	99,924

17 Investments
						Charity	only
	Listedf	Unlisted		Totalf	Listed f	Unlisted f.		Total f
Group and Trust
Cost or valuation:
At 1 January 2020	361,885		5	361,890	361,885	31,351		393,23
Purchase ofnew
Dieposals	(151,500)			(151,500)	(151,500)		-	(151,st
Revaluation	127,412			127,412	127,412		-	127,41
Impairment
At 31December 2020	337,797		5	337,802	337,797	31,351		369,14

20 Cred	itors	: amount	s falling due withi	n one year
				Group			Charity
				2020	2019	2020		2019
				6	6	E		6
Bank loan				1,327	6,41 0
Trade creditors				248,420	292,772
Other creditors				1,889,002	877,271	42,150		138,570
Accruals	and deferred		income	248,234	605,001
Taxation	and	social
Security	costs			40,005	52,742
Corporation		tax
				2,426,988	1,834,196	42	150	138,570

		Group	Charity
		6	6
Balance as	at 1 January 2020	605,001
Movement	in year	(356,767)
Balance as	at 31 December 2020	24&,234

22 Credit	ors: amounts falling	due after mo	re than one year
			Group		Charity
			2020	2019	2020	2018
			8	6		6
Deferred	capital contributions		31,427,347	31,822,910
Bank Loan			750,000
Ffestiniog	Railway 4% debenture	stock	15,760	15,760
			32,193,107	31 &38,670

Amounts recog	nised in the C	onsolidated Statement of Financial A	ctivities
			2020f	2019
Current service cost
Interest on obligation			(5,000)	(3,000)
Expected return	on scheme assets		291,000	133,000
Past service cost			(11,000)	(21,000)
Losses / (gains)	on curtailments	and settlements	113000	209 000
Total			162,000	100000
Actual return on	scheme assets		159,000	266,000
Changes In the	present value	ofthe Defined Benefit Obligation
Opening defined	benefit obligation		2,056,000	1,962,000
Service Cost
Interest Cost			42,000	54,000
Actuarial losses	/ (gains)		280,000	112,000
Losses / (gains)	on curtailments
Liabilities extinguished on settlements
Liabilities assumed on business		combinations
Exchange difference on foreign schemes
Benefits paid			40,000	72,000
Closed defined benefit obligation			2,338,000	2,056000
Changes in the	fair value of Plan Assets
Opening fair value ofscheme assets			2,301,000	2,107,000
Expected return			46,000	57,000
Actuarial gains /	(losses)		113,000	209,000
Assets distributed	on settlements
Contributions by	employer
Assets acquired	in business combinations
Exchange difference on foreign schemes
Benefits paid			40 000	72000
Closing fair value	ofscheme assets		2,420,000	2,301,000

			2029	2019	2019
Discount rate at	31 December		1.2'/o	2.0'/o
Expected return	on plan assets at 31	December"	2.0'/o	2.7'/o
Future revaluation in deferment			2.2'/o	2.2'/o
Future pension	increases		2.2'/o	2.2'/o
Post retirement	mortality	S2PXA	, CMI 2019with	82PXA, CMI 2018
		min improvement of1.25'%%d p.a.		min improvement	of1.:
Life expectancy	for 65year old male		21.6	21.5
Life expectancy	for 65year old female		23.5	23.4

scheme but are	n	ot	eligibl	e to	join	the	AE	schemes.	There are no co	mp	any contrib	utio	ns to that sc	heme.
													2020	2019
The pension charges			in the group			profit and loss account for the							6	6
period were:
Closed defined	benefit scheme												30,088	31,348
Current money	purchase			scheme									24314	45,374
													54402	76722
The above amounts			including		administration costs in				relation to the	defined benefit		scheme.
Amounts recognised			in the statement				oftotal recognised gains and			losses:			2020	2019
													6
The present value		of	unfunded		obligations								82,000	245,000
26Analysis of	charitable funds
													Other	Other
												recognised		recognised	Funds 31
Analysis ofmovements				in			Balance 1		Incoming	Resources			gains I	gains I	December
unrestricted funds						January 2020			resources	expended			(losses)	(losses)	2020
								6	6				6	6	6
General Fund								874,989	115,385 (		297,118)	(	3,869 )		689,386
Non Charitable	Trading funds						6,210,906		4,932,066 (	5,338,838)					5,804,134
							7,085,895		5,047,450	(5,635,956			(3,869)		6,493,521
General fund						The Vree reserves'			afier allowing	for	afi designated		funds.
Non Charitable	Trading funds					These		are the funds ofthe subsidary			companiesl
													Other	Other
												recognised		recognised	Funds 31
Analysis of movements				in			Balance 1		Incoming	Resources			gains I	gains I	December
restricted funds						January 2020			resources	expended			(losses}	(losses)	2020
								6	8		8		6	6	6
Endowment								5							5
Ffestiniog Railway		Fund						62,677							62,677
Michael Seymour		Fund						14,697			(15,539)				(842)
Kyral Fund								375,522			(108,229)		147,356		414,651
Workshop								99,924				(	1,281 )		98,643
Welsh Highland	Rly							14,234							14,234
Lyd Fund								16,509	1,327		(14,329)				3,507
p5								138,948	256,904		(202,222)				193,630
C2 Fund								25,000							25,000
Emergency Fund									484,842		(461,000)				23,842
								747,516	743,073		801,319		146,077		835,347
Non-controling	interests						2,085,291		356						2,085,647
							9	918,703	5,790,880		6,437,275		142,208		9,414,515