| CONTENTS | PAGE |
|---|---|
| LEGAL AND AD MN ISTRATIVE DETAILS | 3 |
| TRUSTEES' REPORT | 4−8 |
| REPORT OF THE INDEPENDENT AUDITORS | 9−11 |
| CONSO LI DATED STATEM E NT OF FINANCIAL ACTIVITIES 12 | |
| CONSOLIDATED BALANCE SHEET | 13 |
| CONSOLIDATED CASH FLOW STATEMENT | 14 |
| NOTES TO THE FINANCAL STATEMENTS | 15−29 |
| Unrestricted | Restricted | Total funds | Total funds | ||
|---|---|---|---|---|---|
| Note | Funds | Funds | 2021 | 2020 | |
| £ | £ | E | £ | ||
| Income: | |||||
| Donations and legacies | 4 | 368,894 | 442,043 | 810,938 | 857,558 |
| Income from other trading activities: | |||||
| Commercial trading operations | 6 | 4,531,266.00 | 4,531,266 | 2,265,118 | |
| Investment income | 7 | 922.00 | 922 | 6,362 | |
| Other Income | 6 | 1,258,353.00 | − | 1,258,353 | 2,661,487 |
| Total income | 6,159,435 | 442,043 | 6,601,479 | 5,790,525 | |
| Expenditure | |||||
| Costs of raising funds: | |||||
| Commercial trading operations | 6/10 | 5,381,363 | 5,381,363 | 5,176,837 | |
| Expenditure on charitable activities: | |||||
| Grants committed | 8 | 39,881 | 375,367 | 415,248 | 1,099,718 |
| Total expenditure | 5,421,244 | 375,367 | 5,796,611 | 6,276,555 | |
| Net incomel (expenditure) and net | |||||
| movement in funds for the year | 738,191 | 66,676 | 804,868 | (486,032) | |
| Transfers between funds | 400,622 | (400,622) | |||
| Other recognised gains/(losses) | |||||
| Gains/(losses) on investment assets | (91,443) | (91,443) | 143,489 | ||
| Actuarial gains/(losses) on defined | |||||
| benefit pension schemes | 324,000 | 324,000 | 162,000 | ||
| Net movement in funds | 1,462,813 | (425,389) | 1,037,425 | (504,543) | |
| Reconciliation of funds | |||||
| Total funds brought forward | 6,493,520 | 835,347 | 7;328,868 | 7,833,411 | |
| Total funds carried forward | 7,956,333 | 409,958 | 8,366,293 | 7,328,868 |
| for year ending 31 Dec | ember 2021 | |||||
|---|---|---|---|---|---|---|
| Group | Group | Charity | Charity | |||
| Note | 2021 | 2020 | 2021 | 2020 | ||
| £ | E | E | £ | |||
| Fixed assets | ||||||
| Tangible Assets | 16 | 37,531,204 | 38,270,914 | 97,362 | 98,643 | |
| Investments | 17 | 246,359 | 337,802 | 277,705 | 369,148 | |
| Total fixed assets | 37,777,563 | 38,608,716 | 375,067 | 467,791 | ||
| Current assets | ||||||
| Stock and W IP | 18 | 470,789 | 1,251,565 | |||
| Debtors | 19 | 550,977 | 593,964 | 94,175 | 246,004 | |
| Cash at bank and in hand | 3,421,269 | 3,497,364 | 1,438,981 | 853,187 | ||
| Total current assets | 4,443,035 | 5,342,893 | 1,533,156 | 1,099,191 | ||
| Liabilities | ||||||
| Creditors falling due within 1 year | 20 | 1,360,756 | 2,426,988 | 83,521 | 42,150 | |
| Net Current assets | 3,082,279 | 2,915,905 | 1,449,635 | 1,057,041 | ||
| Total assets less current liabilities | 40,859,842 | 41,524,621 | 1,824,701 | 1,524,832 | ||
| Creditors: falling due after more than 1 year | 22 | 30,634,186 | 32,193,107 | |||
| Defined benefit pension | scheme liability | 25 | 406,000 | 83,000 | ||
| Net assets | 10,631,656 | 9,414,514 | 1,824,701 | 1,524,832 | ||
| The funds of the charity: | 26 | |||||
| Unrestricted income funds | 7,956,333 | 6,493,521 | 1,414,743 | 689,383 | ||
| Restricted income funds | 409,958 | 835,347 | 409,958 | 835,347 | ||
| Non−controlling interest | 2,265,364 | 2,085,646 | ||||
| Total charity funds | 10,631,656 | 9,414,514 | 1,824,701 | 1,524,730 |
| Year ended | Year ended | |||
|---|---|---|---|---|
| 31/12/2021 | 31/12/2020 | |||
| E | E | |||
| Net incoming resources before revaluations | 804,868 | (375,976) | ||
| Investment income less interest payable | (922) | (6,362) | ||
| Depreciation | 1,441,918 | 1,422,684 | ||
| Pension fund non−cash movement | 323,000 | (5,000) | ||
| (Profit) / Loss on disposal of assets | (39,509) | |||
| Loss on Investments | 85,922 | (127,412) | ||
| (Increase) / decrease in debtors | 42,987 | 63,474 | ||
| (Increase) / decrease in stock | 780,776 | (240,935) | ||
| Increase / (decrease) in creditors | (1,058,938) | 597,318 | ||
| Increase / (decrease) in deferred income | (1,558,921) | 354,437 | ||
| Cash from operations | 821,181 | 1,682,227 | ||
| CASH FLOW STATEMENT | ||||
| Net cash inflow from operating activities | 821,181 | 1,809,640 | ||
| Returns on investments and servicing of finance | ||||
| Cash Flows from investing activities | _ | |||
| (Gain)/Loss on investments | 143,489 | |||
| Purchase of investments | (223,778) | |||
| Disposal of investments | 229,299 | 151,500 | ||
| Capital expenditure and financial investment | (802,544) | (6,968,806) | ||
| Proceeds on disposal of assets | 51,934 | 6,144,499 | ||
| Taxation | ||||
| Tax paid | ||||
| Cash flows from financing activities | ||||
| Repayment of interest free loan | ||||
| Repayment of bank loan | ||||
| Cancellation of Debenture Stock | ||||
| **Increase/(decrease) in cash and cash equivalents ** | In the year | 76,092 | 1,280,322 | |
| **Reconciliation of net cash flow to movement in net cash ** | and | |||
| liquid resources | ||||
| Increase/(Decrease)in cash in the year | 76,092 | 1,152,911 | ||
| Cash and liquid resources at | ||||
| 1 January | 3,496,037 | 2,343,126 | ||
| Cash and liquid resources as at 31 December | 3,572,129 | 3,496,037 | ||
| Reconciliation of net cash flow to movement in net debt | ||||
| Change in cash in year | 76,092 | 1,152,911 | ||
| Net movement on loans | ||||
| Net debt at 1 January | 2,942,786 | 1,789,875 | ||
| Net debt at 31 December | 3,018,878 | 2,942,786 | ||
| Analysis of net cash and liquid resources | ||||
| **At ** | 01/01/21 | Movement | At 31/12J21 | |
| in year | in year | |||
| e | E | E | ||
| Cash at bank and in hand | 3,497,364 | (76,095) | 3,421,269 | |
| Bank overdraft | (1,327) | (9,601) | (10,928).. | |
| 3,496,037 | (85,696) | 3,410,341 |
| 2021 | 2020 | |
|---|---|---|
| Donations and Legacies | 810,938 | 857,555 |
| Investment Income | 705 | 900 |
| 811,643 | 858,455 | |
| Expenditure on charitable activities | 420,230 | 1,099,718 |
| Net Income/(Expense) | 391,413 | (241,263) |
| Other recognised gains/(losses) on investment assets | (91,443) | 143,489 |
| Total funds brought forward | 1,524,731 | 1,622,505 |
| Total funds carried forward | 1,824,701 | 1,524,731 |
| Represented by: | ||
| Restricted Income funds | 409,958 | 835,347 |
| Unrestricted Income funds | 1,414,743 | 689,383 |
| 1,824,701 | 1,524,730 | |
| 4 Income from donations and legacies | ||
| 2021 | 2020 | |
| Donations | ||
| Gifts | 70,423 | 112,228 |
| Donations | 496,627 | 696,348 |
| Legacies | 243,888 | 48,985 |
| 810,938 | 857,561 |
| 5. Income from charitable activities | ||
|---|---|---|
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2021 | 2020 | |
| Incoming Resources | ||
| Donations and gifts | 368,894 | 114,485 |
| Legacies | ||
| Subtotal: Incoming resources from generated funds | 368,894 | 114,485 |
| Investment Income | 705 | 900 |
| Subtotal: Incoming resources for generating funds | 705 | 900 |
| Total income from charitable events | 369,600 | 115,385 |
| Ffestiniog | |||||||
|---|---|---|---|---|---|---|---|
| Railway | |||||||
| Heritage | Welsh | Welsh | |||||
| Ffestiniog | The | Ltd and | Highland | Highland | |||
| Railway | Festiniog | Ffestiniog | Light | Railway | |||
| Holdings | Railway | Futures | Railway | Construction | 2021 | 2020 | |
| Ltd | Company | Limited | Limited | Ltd | Total | Total | |
| £ | £ | £ | £ | £ | £ | £ | |
| Turnover | 114,451 | 4,390,380 | (100) | (1) | (2) | 4,426,379 | 2,265,118 |
| Cost of sales | (106,535) | (3,519,024) | (3,625,558) | (2,644,915) | |||
| Gross Profit | 7,916 | 871,356 | (100) | (1) | (2) | 879,170 | (301,448) |
| Administration expenses | (305,884) | (1,354,982) | (1,660,866) | (2,693,567) | |||
| Other operating income | 102,458 | 1,564,844 | 1,667,302 | 2,661,487 | |||
| Net interest receivable/(payable) | 217 | 217 | 5,462 | ||||
| Net Profit/(Loss) | (195,293) | 1,081,219 | (100) | (1) | (2) | 885,823 | 328,067 |
| FRS 17 actuarial gain/(loss) | |||||||
| Tax on profit on ordinary activities | − | ||||||
| Minority interest in profits of subsidiary | 179,720 | 179,720 | 356 | ||||
| Profits/(losses) attributable to the Trust | (195,293) | 1,260,939 | (100) | (1) | (2) | 1,065,543 | 327,711 |
| (195,293) | 1,260,939 | (100) | (1) | (2) | 1,065,543 | 327,711 |
| Michael | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| General | Seymour | Emergency | |||||||||
| Fund | Kyral Fund | LYD | Fund | P5 | Workshop | Appeal | Total | ||||
| £ | £ | E | £ | £ | £ | £ | £ | ||||
| Grants | 39,881 | 139,720 | 3,257 | 231,109 | 413,967 | ||||||
| Sundries | 350 | − | − | 350 | |||||||
| Total | 40,231 | 139,720 | 3,257 | 231,109 | 414,317 |
| General | Governance | |||
|---|---|---|---|---|
| support | function | Total | Basis of | |
| £ | £ | £ | apportionment | |
| Sundry Expenses | 350 | 350 | Invoiced | |
| Auditors Remuneration | 4,320 | 4,320 | 57.50% | |
| Fund raising costs | 21,052 | 21,052 | Invoiced | |
| Total | 21,052 | 4,670 | 25,722 |
| 11 Net Incomel(expenditure) for the year | ||
|---|---|---|
| 2021 | 2020 | |
| This is stated after charging: | ||
| Depreciation | 1,440,637 | 1,421,402 |
| Release of grants against depreciation | (288,604) | (288,604) |
| Audit fees | 4,320 | 4,320 |
| Leasehold Amortisation | 1,281 | 1,281 |
| 1,157,634 | 1,138,399 |
| 12 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel | 12 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel | 12 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel |
|---|---|---|
| 2021 | 2020 | |
| Wages and salaries | 2,221,296 | 2,537,831 |
| Social security costs | 176,988 | 193,236 |
| Pension costs | 46,397 | 54,402 |
| 2,444,680 | 2,785,469 |
| The average monthly number were as follows: |
of full−time equivalent emplo | yees | (including cas |
|---|---|---|---|
| 2021 | 2020 | ||
| Number | Number | ||
| Full Time | 66 | 89 | |
| Part Time | 8 | 8 | |
| Sesonal | 28 | 19 | |
| 102 | 116 |
| Plant | Charity only | |||
|---|---|---|---|---|
| Long leasehold | machinery | Total | Trust Long | |
| land and | and motor | Leasehold | ||
| buildings | vehicles | Property | ||
| £ | £ | £ | £ | |
| Cost: | ||||
| As at 1 January 2021 | 10,851,804 | 41,713,624 | 52,565,428 | 126,825 |
| Additions | 364,024 | 340,635 | 704,659 | |
| (Disposals) | (3,000) | (18,995) | (21,995) | |
| 11,212,828 | 42,035,264 | 53,248,092 | 126,825 | |
| Depreciation/Amortisation: | ||||
| As at 1 January 2021 | (4,367,531) | (9,926,983) | (14,294,514) | (28,182) |
| Charge for the year | (423,225) | (1,018,693) | (1,441,918) | (1,281) |
| Depreciation on disposal | 2,100 | 17,444 | 19,544 | |
| Eliminated on disposal | ||||
| (4,788,656) | (10,928,232) | (15,716,888) | (29,463) | |
| Net book value: | ||||
| As at 1 January 2021 | 6,484,273 | 31,786,641 | 38,270,914 | 98,643 |
| As at 31 December 2021 | 6,424,172 | 31,107,032 | 37,531,204 | 97,362 |
| 17 Investments | |||||||
|---|---|---|---|---|---|---|---|
| Charity only | |||||||
| Listed | Unlisted | Total | Listed | Unlisted | Total | ||
| Group and Trust | |||||||
| Cost or valuation: | |||||||
| At 1 January 2021 | 337,797 | 5 | 337,802 | 337,797 | 31,351 | 369,148 | |
| Purchase of new | 223,778 | 223,778 | 223,778 | 223,778 | |||
| Disposals | (229,299) | (229,299) | (229,299) | (229,299) | |||
| Revaluation | (85,922) | (85,922) | (85,922) | (85,922) | |||
| Impairment | − | − | |||||
| At 31 December 2021 | 246,354 | 5 | 246,359 | 246,354 | 31,351 | 277,705 |
| 2021 | 2020 | |
|---|---|---|
| General Fund (cost £9,869) | 18,434 | 18,434 |
| Restricted Funds: | ||
| Kyral Fund (cost £90,607) | 227,920 | 319,363 |
| 246,354 | 337,797 |
| 18 Stock and WP | ||||
|---|---|---|---|---|
| Group | Charity | |||
| 2021 | 2020 | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Stock | 226,221 | 267,678 | ||
| WIP | 244,568 | 983,887 | ||
| 470,789 | 1,251,565 |
| Group | Charity | Charity | ||
|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Trade debtors | 246,587 | 123,930 | ||
| Other debtors | 129,912 | 319,566 | 50,000 | 215,000 |
| Taxation and social security | 44,276 | 31,037 | 44,276 | 31,004 |
| Prepayments and | ||||
| Accrued income | 130,202 | 119,431 | •••• | |
| 550,977 | 593,964 | 94,276 | 246,004 |
| Group | Charity | |||
|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Bank loan | 10,928 | 1,327 | ||
| Trade creditors | 509,672 | 248,420 | ||
| Other creditors | 563,127 | 1,889,002 | 83,521 | 42,150 |
| Accruals and deferred income | 208,328 | 248,234 | ||
| Taxation and social | − | − | ||
| Security costs | 68,701 | 40,005 | ||
| Corporation tax | ||||
| 1,360,756 | 2,426,988 | 83,521 | 42,150 |
| Group | Charity | |
|---|---|---|
| Balance as at 1 January 2021 | 248,234 | |
| Movement in year | 39,906 | |
| Balance as at 31 December 2021 | 208,328 |
| Group | Charity | |||
|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | |
| Deferred capital contributions | 30,618,426 | 31,427,347 | ||
| Bank Loan | 750,000 | |||
| Ffestiniog Railway 4% debenture stock | 15,760 | 15,760 | ||
| 30,634,186 | 32,193,107 |
| Employee Benefit Obligations | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Present value of funded obligations | (2,161,000) | (2,338,000) |
| Fair value of scheme assets | 2,567,000 | 2,420,000 |
| Present value of unfunded obligations | 406,000 | 82,000 |
| Unrecognised past service cost | ||
| Deficit | 406,000 | 82,000 |
| Related deferred tax asset | − | |
| Net liability | 406,000 | 82,000 |
| Liabilities | ||
|---|---|---|
| Assets | 406,000 | 82,000 |
| Net liability | 406,000 | 82,000 |
| 2021 | 2020 | |
|---|---|---|
| Current service cost | ||
| Interest on obligation | (5,000) | |
| Expected return on scheme assets | (119,000) | 291,000 |
| Past service cost | (15,000) | (11,000) |
| Losses / (gains) on curtailments and settlements | (190,000) | (113,000) |
| Total | (324,000) | 162,000 |
| Actual return on scheme assets | 219,000 | 159,000 |
| Changes in the present value of the Defined Benefit Obligation | ||
| Opening defined benefit obligation | 2,338,000 | 2,056,000 |
| Service Cost | ||
| Interest Cost | 28,000 | 42,000 |
| Actuarial losses / (gains) | (133,000) | 280,000 |
| Losses / (gains) on curtailments | ||
| Liabilities extinguished on settlements | ||
| Liabilities assumed on business combinations | ||
| Exchange difference on foreign schemes | ||
| Benefits paid | (72,000) | (40,000) |
| Closed defined benefit obligation | 2,161,000 | 2,338,000 |
| Changes in the fair value of Plan Assets | ||
| Opening fair value of scheme assets | 2,420,000 | 2,301,000 |
| Expected return | 29,000 | 46,000 |
| Actuarial gains / (losses) | 190,000 | 113,000 |
| Assets distributed on settlements | ||
| Contributions by employer | ||
| Assets acquired in business combinations | ||
| Exchange difference on foreign schemes | ||
| Benefits paid | (72,000) | (40,000) |
| Closing fair value of scheme assets | 2,567,000 | 2,420,000 |
| but are not eligible to join the AE schemes. There are no company contributions | to that scheme. | |
|---|---|---|
| 2021 | 2020 | |
| The pension charges in the group profit and loss account for the | ||
| period were: | ||
| Closed defined benefit scheme | 38,293 | 30,088 |
| Current money purchase scheme | 8,104 | 24,314 |
| 46,397 | 54,402 |
| The above amounts including administration costs in relation to the defined benefit s | cheme. | |
|---|---|---|
| Amounts recognised in the statement of total recognised gains and losses: | 2021 | 2020 |
| The present value of unfunded obligations | (406,000) | (82,000) |
| 26 Analysis of charitable funds |
| Balance 1 | Incoming | Resources | **)ther ** | recognised | Transfers | Funds 31 | |||
|---|---|---|---|---|---|---|---|---|---|
| January 2021 | resources | expended | gains/(losses) | **Between Funds ** | December 2021 | ||||
| General Fund | 689,386 | 369,544 | ( | 44,811 ) | 400,622 | 1,414,743 | |||
| Non Charitable Trading funds | 5,804,134 | 5,789,891 | ( | 5,376,433) | 324,000 | 6,541,592 | |||
| 6,493,521 | 6,159,435 | (5,421,244) | 324,000 | 400,622 | 7,956,333 | ||||
| General fund | The 'free reserves' after allowing for | all designated funds. | |||||||
| Non Charitable Trading funds | These are the funds of the subsidary companies/ | ||||||||
| Analysis of movements in | Balance 1 | Incoming | Resources | **)ther ** | recognised | Transfers | Funds 31 | ||
| restricted fund | January 2021 | resources | expended | gains/(losses) | **Between Funds ** | December 2021 | |||
| £ | £ | £ | £ | £ | £ | ||||
| Endowment | 5 | 5 | |||||||
| Ffestiniog Railway Fund | 62,677 | ( | 62,677 ) | ||||||
| Michael Seymour Fund | ( 842) |
842 | − | ||||||
| Kyral Fund | 414,651 | 100,000 | (139,720) | (91,443) | 233 | 283,721 | |||
| Workshop | 98,643 | ( | 1,281 ) | 2,562 | 99,924 | ||||
| Welsh Highland Rly | 14,234 | ( | 14,234 ) | _ | |||||
| Lyd Fund | 3,507 | 1,058 | (3,257) | 1,307 | |||||
| P5 | 193,630 | 248,812 | (231,109) | ( | 211,332) | ||||
| C2 Fund | 25,000 | 25,000 | |||||||
| Emergency Fund | 23,842 | 92,174 | − | ( | 116,016 ) | ||||
| 835,347 | 442,043 | (374,086) | (92,724) | (400,622) | 409,957 | ||||
| Non−controlling interests | 2,085,646 | 179,720 | 2,265,366 | ||||||
| 9,414,514 | 6,781,198 | (5,795,330) | 231,276 | 10,631,655 |
| 27 Analysis of group net as | **sets between ** | funds | |||
|---|---|---|---|---|---|
| Other net | Creditors | ||||
| current | of more | ||||
| Fixed | assets/ | than one | |||
| Assets | Investments | (liabilities) | year | Total | |
| General | 49,780 | 1,364,963 | 1,414,743 | ||
| Endowment | 5 | 5 | |||
| Ffestiniog Railway Fund | |||||
| Michael Seymour Fund | |||||
| Kyral Fund | 227,920 | 55,801 | 283,721 | ||
| Workshop | 99,924 | 99,924 | |||
| Welsh Highland Rly | |||||
| P5 Sus Rail | |||||
| Lyd Fund | 1,307 | 1,307 | |||
| C2 Fund | 25,000 | 25,000 | |||
| Emergency Appeal | |||||
| Total | 99,924 | 277,705 | 1,447,071 | 1,824,701 |