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





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|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<br>Road||
||Old Trafford||
||Manchester||
||M16 ODR||
|Bankers|Natwest Bank pic||
||PO Box877||
||31 Cheapside||
||London||
||EC2V 6HT||
||CAF Bank (Charity|Aid Foundation)|
||25 Kings<br>Hill Avenue||
||West Mailing||
||Kent||
||ME194TA||





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||||||Unrestricted|Restricted|Total funds|Total funds|
|---|---|---|---|---|---|---|---|---|
|||||Note|Funds|Funds|2022|2021|
||||||6|6||f.|
|Income:|||||||||
|Donations<br>and legacies||||4|455,133|1,085|456,218|810,938|
|income from other|trading|activities:|||||||
|Commercial<br>trading|operations|||6|7,616,761.00||7,616,761|4,531,266|
|Investment<br>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<br>trading|operations|||6/10|7,330,113||7,330,113|5,381,363|
|Expenditure<br>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<br>in funds for the|||year||284,681|(197)|284,485|804,868|
|Transfers<br>between|funds||||2,795|(2,795)|||
|Other recognised|gains/(losses)||||||||
|Gains/(losses)<br>on investment|||assets|||36,353|36,353|(91,443)|
|Actuarial<br>gains/(losses)<br>on||defined benefit|||||||
|pension schemes|||||180,000||180,000|324,000|
|Net movement<br>in funds|||||467,476|33,362|500,838|1,037,425|
|Reconciliation<br>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<br>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:<br>falling due alter more than|||1 year|22|30,301,685|30,634,186|||
|Defined benefit|pension scheme<br>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<br>income funds|||||8,423,809|7,956,333|1,305,940|1,414,743|
|Restricted<br>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<br>and Welsh Highland|The Ffestiniog<br>and Welsh Highland|The Ffestiniog<br>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<br>resources before|revaluations|||||||284,485|804,868|
|Investment<br>income less interest|payable|||||||(4,514)|(922)|
|Depreciation||||||||1,457,053|1,441,918|
|Pension fund non-cash<br>movement|||||||||323,000|
|(Profit) / Loss on disposal ofassets||||||||36,353|(39,509)|
|Loss on Investments||||||||(30,800)|85,922|
|(Increase) / decrease<br>in debtors||||||||(391,081)|42,987|
|(Increase) / decrease<br>in stock||||||||(366,991)|780,776|
|Increase<br>/ (decrease)<br>in creditors||||||||210,886|(1,058,938)|
|Increase<br>/ (decrease)<br>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<br>and servicing|||offinance|||||||
|Cash Flows from investing<br>activities||||||||||
|(Gain)/Loss<br>on investments||||||||36,353.00||
|Purchase of investments|||||||||(223,778)|
|Disposal of investments|||||||||229,299|
|Capital expenditure<br>and financial||investment||||||(1,111,586)|(802,544)|
|Proceeds on disposal ofassets|||||||||51,934|
|Taxation||||||||||
|Tax paid||||||||||
|Cash flows from financing<br>activities||||||||||
|Repayment<br>of interest free loan||||||||||
|Repayment<br>of bank loan||||||||||
|Cancellation<br>of Debenture<br>Stock||||||||||
|Increase/(decrease)<br>in cash and||cash equivalents|||in the|year||(212,344)|76,091|
|Reconciliation<br>ofnet cash flow||to movement||in|net cash and||liquid|||
|resources||||||||||
|Increase/(Decrease)<br>in cash in <br>Cash and liquid resources at|the year|||||||(212,344)|76,091|
|1 January<br>Cash and liquid resources as|at 31 December|||||||3,410,341<br>3,197,997|3,334,250<br>3,410,341|
|Reconciliation ofnet cash flow||to movement||in net debt||||||
|Change<br>in cash in year<br>Net movement<br>on loans||||||||(212,344)|76,091|
|Net debt at 1 January<br>Net debt at 31 December||||||||3,018,877<br>2,806,533|2,942,786<br>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<br>in hand<br>Bank overdraft||||||3,421,269<br>(10,928)||(218,133)<br>5,789|3,203,136<br>(5,139)|
|||||||3,410,341||(212,344)|3,197,997|





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||||||2022|2021f|
|---|---|---|---|---|---|---|
|Donations<br>and Legacies|||||456,218|810,938|
|Investment<br>Income|||||1,115|705|
|Interest Income|||||1,281||
||||||458„613|811,643|
|Expenditure<br>on charitable||activities|||570,511|420,230|
|Net Income/(Expense)|||||(111,898)|391,413|
|Other recognised<br>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<br>by:|||||||
|Restricted<br>Income funds|||||443,318|410,060|
|Unrestricted<br>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<br>and Gifts|||||222,407|368,894|
|Legacies|||||232,727||
|Subtotal: Incoming|resources||from generated|funds|455,134|368,894|
|Investment<br>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-|





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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||2022|2021|
|||||Ltd<br>6|Company<br>6|Limitedf|Limited<br>6||Ltd<br>8|Total<br>6|Total<br>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<br>income<br>Net interest receivable/(payable)||||9,000<br>(7,893|522,364<br>2,108|||||531,364<br>(5,785)|1,667,302<br>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<br>interest<br>in profits ofsubsidiary<br>Profits/(losses)<br>attributable<br>to the Trust||||199,945|20,751<br>282,747|(100)||(1)|(2)|20,751<br>482,589|179,720<br>1,065,543|
|Net Profit/(Loss)||||199,945|282,747|(100)||(1)|(2)|482,589|1 065543|





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





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|||||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<br>Charge for the year<br>Depreciation<br>on disposal|(4,745,923)<br>(424,937)<br>22,250|(10,970,965)<br>(1,032,116)|(15,716,888)<br>(1,457,053)<br>22,250|(29,463)<br>(1,281)|
|Eliminated<br>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|





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|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|



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|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||||



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|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|





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||||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|



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|||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||



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||||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|||





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|Employee|B|enefit Obliga|tions|||
|---|---|---|---|---|---|
|||||2022|2021|
|||||6|6|
|Present value||offunded<br>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|





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





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|||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<br>on <br>Future revaluation||plan assets at 31 <br>in deferment|December"||1.8'/o<br>3 to/o|||1.2'/o<br>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<br>to that schem|e.|
|---|---|---|---|---|---|---|---|
|||||||2022|2021|
|The pension|charges<br>in the group profit and||loss account|for|the|2|6|
|period were:||||||||
|Closed defined benefit scheme||||||32,627|38,293|
|Current<br>money purchase scheme||||||6,683|8,104|
|||||||39,310|46,397|
|The above amounts<br>including<br>administrafion|||costs in relation||to the defined|benefit scheme.||
|Amounts<br>reoognised<br>in the statement oftotal|||recognised|gains and losses:||2022|2021|
||||||||6|
|The present|value ofunfunded<br>obligations|||||586,000|406,000|
|26Analysis|ofcharitable<br>funds|||||||
|Analysis of|movements<br>in unrestricted|funds||||||



|Analysis|ofmo|vements|in unre|stricted<br>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<br>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<br>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<br>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|





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|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||