2022-12-31-accounts

CONTENTS
CONTENTS	PAGE
PROFILE
LEGAL AND ADNNISTRATIVE DETAILS
TRUSTEES' REPORT	4-8
REPORT OF THE INDEPENDENT AUDITORS	9-11
CONSOLI DATED STATEMENTOF FINANCIAL	12
ACTIVITIES
CONSOLIDATED BALANCE SHEET	13
CONSOLIDATED CASH FLOW STATEMENT	14
NOTES TO THE FINANCIAL STATEMENTS	15-29

Secretary	R D Holton
	Soprano
	Fleecy Court
	Chapel Green
	Napton-on-the-Hill
	CV47 8PA
Legal Advisor	RJ LStones
	91 Linden Way
	London
	N14 4NG
Treasurer	J D Scarisbrick
	9Chatham Road
	Old Trafford
	Manchester
	M16 ODR
Bankers	Natwest Bank pic
	PO Box877
	31 Cheapside
	London
	EC2V 6HT
	CAF Bank (Charity	Aid Foundation)
	25 Kings Hill Avenue
	West Mailing
	Kent
	ME194TA

					Unrestricted	Restricted	Total funds	Total funds
				Note	Funds	Funds	2022	2021
					6	6		f.
Income:
Donations and legacies				4	455,133	1,085	456,218	810,938
income from other	trading	activities:
Commercial trading	operations			6	7,616,761.00		7,616,761	4,531,266
Investment income				7	4,514.00		4,514	922
Other Income				6	98,208.00		98,208	1,258,353
Total income					8,174,616	1,085	8,175,701	6,601,479
Expenditure
Costs ofraising funds:
Commercial trading	operations			6/10	7,330,113		7,330,113	5,381,363
Expenditure on charftsl&ie activities:
Grants committed					559,822	1,281	561,103	415,248
Total expenditure					7,889,935	1,281	7,891,216	5,796,611
Net incomei(expenditure)			and net
movement in funds for the			year		284,681	(197)	284,485	804,868
Transfers between	funds				2,795	(2,795)
Other recognised	gains/(losses)
Gains/(losses) on investment			assets			36,353	36,353	(91,443)
Actuarial gains/(losses) on		defined benefit
pension schemes					180,000		180,000	324,000
Net movement in funds					467,476	33,362	500,838	1,037,425
Reconciliation offunds
Total funds brought	forward				7,956,333	409,958	8,366,293	7,328,868
Total funds cerned	forward				8,423,809	443,320	8,867,131	8,366,293

for year ending	31 Decemb	er 2022
					Group	Group	Charity	Charity
				Note	2022	2021 6	2022	2021f
Fixed assets
Tangible Assets				16	37,087,253	37,531,204	96,081	97,362
Investments				17	277,159	246,359	308,505	277,705
		Total fixed assets			37,364,412	37,777,563	404,586	375,067
Current assets
Stock and WIP				18	837,780	470,789
Debtors				19	942,058	550,977	28,039	94,175
Cash at bank and in hand					3,296,321	3,421,269	1,446,780	1,438,981
		Total current assets			5,076,159	4,443,035	1,474,819	1,533,156
Liabilities
Creditors falling	due within	1 year		20	1,571,642	1,360,756	130,145	83,521
Net Current assets					3,504,517	3,082,279	1,344,674	1,449,635
Total assets less current		liabilities			40,868,929	40,859,842	1,749,260	1,824,702
Creditors: falling due alter more than			1 year	22	30,301,685	30,634,186
Defined benefit	pension scheme liability			25	586,000	406,000
		Net assets			11,153,244	10,631,656	1,749,260	1,824,702
The funds ofthe charity:				26
Unrestricted income funds					8,423,809	7,956,333	1,305,940	1,414,743
Restricted income funds					443,320	409,958	443,320	409,958
Non-controlling	interest				2,286,115	2,265,364
		Total charity funds			11,153,244	10,631,655	1,749,260	1,824,701

The Ffestiniog and Welsh Highland	The Ffestiniog and Welsh Highland	The Ffestiniog and Welsh Highland	Railways	Trust	Trust			Yearended	Yearended
Statement ofCash Flows and	Consolidated			Statement ofCash Flows				31/12/2022	31/12/2021
for year ending 31 December 2022
Net incoming resources before	revaluations							284,485	804,868
Investment income less interest	payable							(4,514)	(922)
Depreciation								1,457,053	1,441,918
Pension fund non-cash movement									323,000
(Profit) / Loss on disposal ofassets								36,353	(39,509)
Loss on Investments								(30,800)	85,922
(Increase) / decrease in debtors								(391,081)	42,987
(Increase) / decrease in stock								(366,991)	780,776
Increase / (decrease) in creditors								210,886	(1,058,938)
Increase / (decrease) in deferred		income						(332,501)	(1,558,921)
Cash from operations								862,890	821,180
CASH FLOW STATEMENT
Net cash inflow from operating	activities							862,890	821,180
Returns on investments and servicing			offinance
Cash Flows from investing activities
(Gain)/Loss on investments								36,353.00
Purchase of investments									(223,778)
Disposal of investments									229,299
Capital expenditure and financial		investment						(1,111,586)	(802,544)
Proceeds on disposal ofassets									51,934
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		(212,344)	76,091
Reconciliation ofnet cash flow		to movement		in	net cash and		liquid
resources
Increase/(Decrease) in cash in Cash and liquid resources at	the year							(212,344)	76,091
1 January Cash and liquid resources as	at 31 December							3,410,341 3,197,997	3,334,250 3,410,341
Reconciliation ofnet cash flow		to movement		in net debt
Change in cash in year Net movement on loans								(212,344)	76,091
Net debt at 1 January Net debt at 31 December								3,018,877 2,806,533	2,942,786 3,018,877
Analysis ofnet cash and liquid resources
						At 01/01/22		Movement	At 31/12/22
								in year	in year
								6	8
Cash at bank and in hand Bank overdraft						3,421,269 (10,928)		(218,133) 5,789	3,203,136 (5,139)
						3,410,341		(212,344)	3,197,997

					2022	2021f
Donations and Legacies					456,218	810,938
Investment Income					1,115	705
Interest Income					1,281
					458„613	811,643
Expenditure on charitable		activities			570,511	420,230
Net Income/(Expense)					(111,898)	391,413
Other recognised gains/(losses)			on investment	assets	36,353	(91,443)
Total funds brought	forward				1,824,803	1,524,833
Total funds cerned	forward				1,749,258	1,824,803
Represented by:
Restricted Income funds					443,318	410,060
Unrestricted Income	funds				1,305,940	1,414,743
					1,749,259	1,824,803
4 Income from donations		and	legacies
					2022	2021
Donations					8	6
Gifts and Gift Aid					45,121	70,423
Donations					178,370	496,627
Legacies					232,727	243,888
					456,218	810,938
5.Income from charitable		activities
					Unrestricted	Unrestricted
					funds	funds
					2022	2021
						6
Incoming Resources
Donations and Gifts					222,407	368,894
Legacies					232,727
Subtotal: Incoming	resources		from generated	funds	455,134	368,894
Investment Income					1,115	705
Interest Receivable					1,281
Subtotal: Incoming	resources		for generating	funds	2,396	705
Total income from	chadtable		events		457,530	369,599
						18)pag-

						Ffestiniog
						Railway
						Heritage	Welsh		Welsh
				Ffestiniog	The	Ltd and	Highland		Highland
				Railway	Festiniog	Ffestiniog	Light		Railway
				Holdings	Railway	Futures	Railway	Construction		2022	2021
				Ltd 6	Company 6	Limitedf	Limited 6		Ltd 8	Total 6	Total 6
Turnover				2,043,919	5,564,256	(100)		(1)	(2)	7,529,723	4,426,379
Cost ofsales				(1,480,221)	(4,080,385)					(5560605)	(3625558)
Gross Profit				563,699	1,483,871	(100)		(1)	(2)	2,047,467	879,170
Administration	expenses			(368,319)	(1,742,404)					(2,110,723)	(1,660,866)
Other operating income Net interest receivable/(payable)				9,000 (7,893	522,364 2,108					531,364 (5,785)	1,667,302 217
Net Profit/(Loss)				196,487	265,939	(100)		(1)	(2)	462,323	885,823
FRS 17actuarial		gain/(loss)
Tax on profit on		ordinary activities		3,458	(3,943)					(485)
Minority interest in profits ofsubsidiary Profits/(losses) attributable to the Trust				199,945	20,751 282,747	(100)		(1)	(2)	20,751 482,589	179,720 1,065,543
Net Profit/(Loss)				199,945	282,747	(100)		(1)	(2)	482,589	1 065543

		General	Governance
		support	function	Total	Basis of
		6	F	6	apportionment
Sundry	Expenses		335	335	Invoiced
Auditors	Remuneration		4,536	4,536	57.50%
Fund raising costs		4,537		4,537	Invoiced
Total		4,537	4,871	9,408

11 Net Inc	omel(expenditure) for the year
		2022	2021
This is stated after charging:		6
Depreciation		1,455,772	1,440,637
Release of	grants against depreciation	(288,604)	(288,604)
Audit fees		4,536	4,320
Leasehold	Amortisation	1 281	1,281
		1,172,985	1,157,634

12Analysis ofstaff costs, trustee remuneration	and expenses,	and expenses,	and the cost of key management
	2022		2021
	6
Wages and salaries	2,428,063	2,221,296
Social security costs	174,010		176,988
Pension costs	39,910		46397
	2,641,983	2,444,681

The average monthly number the year were as follows:	offull-time equivalent emplo	yees (	including	casu
	2022		2021
	Number		Number
Full Time		69		66
Part Time		21		8
Sesonal		38		28
		128		102

				Charity only
	Long leasehold	Plant machinery	Total	Trust Long
	land and	and motor		Leasehold
	buildings	vehicles		Property
	6			6
Cost
As at 1 January 2022	10,978,564	42,269,529	53,248,093	126,825
Additions	564,307	449,394	1,013,701
(Disposals)	(22,250)	(600)	(22,850)
	11,520,621	42,718,323	54,238,944	126,825
Depreciation/Amortisation:
As at 1 January 2022 Charge for the year Depreciation on disposal	(4,745,923) (424,937) 22,250	(10,970,965) (1,032,116)	(15,716,888) (1,457,053) 22,250	(29,463) (1,281)
Eliminated on disposal
	(5,148,610)	(12,003,081)	(17,151,691)	(30,744)
Net book value:
As at 1 January 2022	6,424,172	31,107,032	37,531,204	97,362
As at 31 December 2022	6,372,011	30,715,242	37,087,253	96,081

17 Investments
						Charity only
	Listed	Unlisted		Total	Listed	Unlisted	Total
	E	E			E	E	E
Group and Trust
Cost or valuation:
At 1 January 2021	246,354		5	246,359	246,354	31,351	277,705
Purchase ofnew
Disposals
Revaluation	30,800			30,800	30,800		30,800
Impairment
At 31 December 2021	277,154		5	277,159	277,154	31,351	308,505

			2022	2021
			E
General	Fund (cost E9,869)		18,434	18,434
Restricted		Funds:
Kyral Fund		(costE90,607)	258,720	227,920
			277,154	246,354

18Stock and WIP
	Group			Charity
	2022	2021	2022		2021
	E	E	E		E
Stock	366,687	226,221
WIP	471,093	244,568
	837,780	470,789

19Debtors
		Group		Charity
		2022	2021	2022	2021
		E	E	E
Trade debtors		482,542	246,587
Other debtors		172,573	129,912	5,553	50,000
Taxation and	social security	22,486	44,276	22,486	44,175
Prepayments	and
Accrued income		264,457	130,202
		942,058	550,$77	28,039	94,175

			Group			Charity
			2022	2021	2022		2021
			F	6			6
Bank loan			5,139	10,928
Trade creditors			363,503	509,672
Other creditors			736,617	563,127	130,145		83,521
Accruals and	deferred	income	411,783	208,328
Taxation and	social
Security costs			54,355	68,701
Corporation	tax		245
			1,571,642	1,360,756	130,145		83,521

		Group	Charity
		6	6
Balance as	at 1 January 2022	208,328
Movement	in year	(196,696)
Balance as	at 31 December 2022	405,024

			Group		Charity
			2022	2021	2022	2021
			6	6	6
Deferred capital contributions			30,285,925	30,618,426
Bank Loan
Ffestiniog	Railway 4'lo debenture	stock	15,760	15,760
			30,301,685	30,634,186

Employee	B	enefit Obliga	tions
				2022	2021
				6	6
Present value		offunded obligations		(1,437,000)	(2,161,000)
Fair value	of	scheme assets		2,023,000	2,567,000
Present value		of unfunded	obligations	586,000	406,000
Unrecognised		past service	cost
Deficit				586,000	406,000
Related deferred tax asset
Net liability				586,000	406,000
Amounts	in	the balance	sheet
Liabilities
Assets				586,000	406,000
Net liability				586,000	406,000

		2022	2021
			E
Current service cost
Interest on obligation
Expected return on scheme assets		(676,000)	(119,000)
Past service cost		38,000	(15,000)
Losses / (gains) on curtailments	and settlements	458,000	(190,000
Total		180,000	324,000
Actual return on scheme assets		(413,000)	219,000
Changes in the present value	ofthe Defined Benefit Obligation
Opening defined benefit obligation		2,161,000	2,338,000
Service Cost
Interest Cost		40,000	28,000
Actuarial losses / (gains) Losses / (gains) on curtailments		(642,000)	(133,000)
Liabilities extinguished on settlements
Liabilities assumed on business	combinations
Exchange difference on foreign	schemes
Benefits paid Closed defined benefit obligation		(122,000 1,437,000	72,000 2,161,000
Changes in the fair value of Plan Assets
Opening fair value ofscheme assets Expected return		2,567,000 45,000	2,420,000 29,000
Actuarial gains / (Ioases) Assets distributed on settlements		(467,000)	190,000
Contributions by employer
Assets acquired in business combinations
Exchange difference on foreign	schemes
Benefits paid Closing fair value ofscheme assets		122,000 2,023,000	72,000 2,567,000

		2022		2021
	2022	Percentage	2021	Percentage
	Asset	Asset	Asset	Asset
	Split	Split	Split	Split
	F	o/o		'/o
Equities	940,000	43	1,116,000	43
Property	298,000	12	299,000	12
Fixed Interest	761,000	43	1,098,000	43
Cash	24,000	2	54,000	2
Total	2,023,000	100	2,567,000	100

					2022			2021
Discount rate at	31	December			4.7'/o			1 8o/o
Expected return on Future revaluation		plan assets at 31 in deferment	December"		1.8'/o 3 to/o			1.2'/o 2.7'/a
Future pension	increases				3.1'/o			2.7'/o
Post retirement	mortality			S2PXA,	CMI 2019with	S2PXA, CMI 2019with
			minimum	improvement	of1.25'/o p.a.	minimum	improvement	of1.25/o p.a.
Life expectancy	for	65year old male			21.6			21.6
Life expectancy	for	65year old female			23.5			23.5

scheme but	are not eligible to join the AE	sc	hemes. Ther	e ar	e no company	contributions to that schem	e.
						2022	2021
The pension	charges in the group profit and		loss account	for	the	2	6
period were:
Closed defined benefit scheme						32,627	38,293
Current money purchase scheme						6,683	8,104
						39,310	46,397
The above amounts including administrafion			costs in relation		to the defined	benefit scheme.
Amounts reoognised in the statement oftotal			recognised	gains and losses:		2022	2021
							6
The present	value ofunfunded obligations					586,000	406,000
26Analysis	ofcharitable funds
Analysis of	movements in unrestricted	funds

Analysis	ofmo	vements	in unre	stricted funds
									Other
				Balance 1	Incoming		Resources		recognised		Transfers	Funds 31
					resources		expended		gains/		Between	December
				January 2022					(losses)		Funds	2022
				6					6		6	6
General Fund				1,414,743	453,094	(		564,693 )			2,795	1,305,941
Non Charitable		Trading	funds	6,541,590	7,721,522	(	7,325,242 )		180,000			7,117,870
				7,956,333	8,174,616		(7,889,935)		180,000		2,795	8,423,809
General fund				The 'free reserves'	afier allowing		for	all designated	funds.
Non Charitable		Trading	funds	These are the funds ofthe subsidary				companies/
									Other
Analysis ofmovements			in	Balance 1	Incoming		Resources		recognised		Transfers	Funds 31
					resources		expended		gains/		Between	December
restricted	fund			January 2022					(losses)		Funds	2022
				6					6
Endowment
Ffestiniog	Railway Fund
Kyral Fund				283,721					36,353	(	233 )	319,841
Workshop Welsh Highland		Rly		99,924				(1,281)		(	2,562 )	96,081
Lyd Fund				1,308	1,085							2,393
P5
C2 Fund				25,000								25,000
Emergency	Fund
				409,958	1,085			(1,281)	36,353		(2,795)	443,319
Non-controfiing		interests		2,265,364	20,751							2,286,115
				10,631,655	8,196,452		(7,891,216)		216,353			11,153.242

These restricted	These restricted	These restricted	funds relate to the funds held for	funds relate to the funds held for	funds relate to the funds held for	the construction	the construction	and restoration	and restoration	ofthe	locomotives	noted above.
27Analysis		of	group net assets between funds
							Other net		Creditors
								current	of more
				Fixed				assets/	than one
				Assets	Investments		(liabilities)			year	Total
						6		6		6
General						49,780		1,256,161			1,305,941
Endowment							5					5
Ffestiniog	Railway			Fund
Kyral Fund						258,720		61,120			319,840
Workshop				96,081							96,081
Welsh Highland			Rly
P5 Sus Rail
Lyd Fund								2,391			2,391
C2 Fund								25,000			25,000
Emergency		Appeal
Total				96,081		308,505		1,344,672			1,749,258