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|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|
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|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|
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|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||
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||||||||||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|
##
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##
|||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|
##
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##
|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|||
##
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|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|
##
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||||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|
##
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