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|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|





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|||**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|





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||**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**|





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||||**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**|





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||||||**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**|



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||**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 <br>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**|





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|||**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**|





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|**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|



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|**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**|||



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||**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**|





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||**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**|



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||**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**|||





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|**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|



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|Liabilities|||
|---|---|---|
|Assets|406,000|82,000|
|Net liability|406,000|82,000|





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||**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|





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|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|(<br>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**|





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|**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**|