| Legal Advisor | R J L Stones |
|---|---|
| 91 Linden Way | |
| London | |
| N14 4NG | |
| Treasurer | S B Cheetham |
| Daubentons | |
| Staplow | |
| Ledbury | |
| HR8 1NP | |
| Bankers | Natwest Bank plc |
| PO Box 877 | |
| 31 Cheapside | |
| London | |
| EC2V 6HT | |
| CAF Bank (Charity Aid Foundation) | |
| 25 Kings Hill Avenue | |
| West Mailing | |
| Kent | |
| ME19 4TA |
| Unrestricted | Restricted | Total funds | Total funds | ||
|---|---|---|---|---|---|
| Note | Funds | Funds | ' 2023 |
2022 | |
| E | E | E | E | ||
| Income: | |||||
| Donations and legacies | 4 | 1,238,459 | 187,153 | 1,425,611 | 456,218 |
| Income from other trading activities: | |||||
| Commercial trading operations | 6 | 10,051,737 | − | 10,051,737 | 7,616,761 |
| Investment income | 7 | 46,862 | 2,425 | 49,287 | 4,514 |
| Other Income | 6 | 1,661,363 | − | 1,661,363 | 98,208 |
| Total income | 12,998,421 | 189,578 | 13,187,998 | 8,175,701 | |
| Expenditure | |||||
| Costs of raising funds: | |||||
| Commercial trading operations | 6/10 | 11,461,828 | 11,461,828 | 7,330,113 | |
| Expenditure on charitable activities: | |||||
| Grants committed | 8 | 72,347 | 281,748 | 354,095 | 561,103 |
| Total expenditure | 11,534,175 | 281,748 | 11,815,923 | 7,891,216 | |
| Net income! (expenditure) and net | |||||
| movement in funds for the year | 1,464,246 | (92,170) | 1,372,075 | 284,485 | |
| Transfers between funds | (91,975) | 91,975 | |||
| Other recognised gains/(losses) | |||||
| Gains/(losses) on investment assets | 814 | (239,162) | (238,348) | 36,353 | |
| Actuarial gains/(losses) on defined benefit | |||||
| pension schemes | 109,000 | 109,000 | 180,000 | ||
| Net movement in funds | 1,482,085 | (239,358) | 1,242,727 | 500,838 | |
| Reconciliation of funds | |||||
| Total funds brought forward | 8,423,809 | 443,320 | 8,867,129 | 8,366,293 | |
| Total funds carried forward | 9,905,894 | 203,962 | 10,109,856 | 8,867,131 |
| for year ending 31 D | ece | m | ber 2023 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Group | Charity | Charity | |||||||||
| Note | 2023 | 2022 | 2023 | 2022 | ||||||||
| £ | £ | e | £ | |||||||||
| Fixed assets | ||||||||||||
| Tangible Assets. | 16 | 37,217,525 | 37,087,253 | 94,800 | 96,081 | |||||||
| Investments Current assets |
Total fixed assets | 17 | 19,365 37,236,890 |
**. ** | 277,159 .. 37,364,412 |
. | 50,711 145,511 |
308,505. 404,586: |
||||
| Stock and WIP | 18 | 770,865 | 837,780 | |||||||||
| Debtors | 19 | 875,760 | 942,058 | 46,160 | 28,039 | |||||||
| Cash at bank and in | hand | 4,689,866 | 3,296,321 | 2,563,172 | 1,446,780 | |||||||
| Total current assets | 6,336,491 | 5,076,159 | 2,609,332 | 1,474,819 | ||||||||
| Liabilities | ||||||||||||
| Creditors falling due Net Current assets |
within | 1 year | 20 | 1,748,273 4,588,218 |
1,571,642 3,504,517 |
153,458 2,455,874 |
130,145 1,344,674 |
|||||
| **Total assets less current ** | liabilities | 41,825,108 | 40,868,929 | 2,601,385. | 1,749,260 | |||||||
| Creditors:.falling.due after. more than ,1 year. | 22 | 30,115,588 | 30,301,685 | |||||||||
| , „ . . ..... Defined benefit pension |
scheme | 25 | 695,000 | 586,000 | ||||||||
| " | 1 | • :r• | ,Net assets. | 12,404,520 | 11,153,244 | 2,601,385 | 1,749,260 | |||||
| The funds of the charity: Unrestricted income funds |
26, | . | 9,905,694. | 8,423,809 | 2,397,423 | 1,305,940 | ||||||
| Restricted income funds | • 203,962 " | • | 443,320 | 203,962 | 443,320 | |||||||
| Non−controlling interest | 2,294,663 | 2,286,115 | ||||||||||
| **Total c ** | harity funds | 12,404,520 | 11,153,244 | 2,601,385 | 1,749,260 |
| Year ended | Year ended | |||
|---|---|---|---|---|
| 31/12/2023 | 31/12/2022 | |||
| E | ||||
| Net incoming resources before revaluations | 1,242,727 | 284,485 | ||
| Investment income less interest payable | (49,287) | (4,514) | ||
| Depreciation | 1,503,832 | 1,455,377 | ||
| Release of grant against depreciation | (288,604) | |||
| Pension fund non−cash movement | 109,000 | |||
| (Profit) / Loss on disposal of assets | 36,353 | |||
| Loss on Investments | 238,546 | (30,800) | ||
| (Increase) / decrease in debtors | 66,298 | (391,081) | ||
| (Increase) / decrease in stock | 66,915 | (366,991) | ||
| Increase! (decrease) in creditors | 176,631 | 210,886 | ||
| Increase / (decrease) in long term creditors | (186,097) | (332,501) | ||
| Cash from operations | 2,879,961 | 861,214 | ||
| CASH FLOW STATEMENT | ||||
| Net cash inflow from operating activities | 2,879,961 | 861,214 | ||
| Returns on investments and servicing of finance | ||||
| Cash Flows from investing activities | ||||
| (Gain)/Loss on investments | 238,546 | 36,353.00 | ||
| Purchase of investments | ||||
| Disposal of investments | (19,248) | |||
| Capital expenditure and financial investment | (1,634,289) | (1,111,586) | ||
| Proceeds on disposal of assets | ||||
| Taxation | ||||
| Tax paid | 28,583 | |||
| Cash flows from financing activities | ||||
| Repayment of interest free loan | (100,000) | 100,000 | ||
| Repayment of bank loan | ||||
| Cancellation of Debenture Stock | ||||
| **Increase/(decrease) in cash and cash equivalents in the ** | year | 1,393,553 | (114,020) | |
| **Reconciliation of net cash flow to movement in net cash ** | **and ** | liquid | ||
| resources | ||||
| Increase/(Decrease) in cash in the year | 1,393,553 | (114,020) | ||
| Cash and liquid resources at | ||||
| 1 January | 3,296,321 | 3,410,341 | ||
| Cash and liquid resources as at 31 December | 4,689,875 | 3,296,321 | ||
| Reconciliation of net cash flow to movement in net debt | ||||
| Change in cash in year | 1,393,553 | (212,344) | ||
| Net movement on loans | ||||
| Net debt at 1 January | 2,806,533 | 3,018,877 | ||
| Net debt at 31 December | 4,200,087 | 2,806,533 | ||
| Analysis of net cash and liquid resources | ||||
| At 01/01/23 | Movement | At 31/12/23 | ||
| in year | in year | |||
| E | E | E | ||
| Cash at bank and in hand | 3,301,460 | 1,388,415 | 4,689,875 | |
| Bank overdraft | (5,139) | 5,139 | ||
| 3,197,997 | 1,393,554 | 4,689,875 |
| 2023 | 2022 | |
|---|---|---|
| Donations and Legacies | 1,425,611 | 456,218 |
| Investment Income | 1,148 | 1,115 |
| Interest Income | 25,630 | 1,281 |
| 1,452,390 | 458,613 | |
| Expenditure on charitable activities | 361,914 | 570,511 |
| Net Income/(Expense) | 1,090,475 | (111,898) |
| Other recognised gains/(losses) on investment assets | (238,348) | 36,353 |
| Total funds brought forward | 1,749,258 | 1,824,803 |
| Total funds carried forward | 2,601,385 | 1,749,258 |
| Represented by: | ||
| Restricted Income funds | 203,962 | 443,318 |
| Unrestricted Income funds | 2,397,423 | 1,305,940 |
| 2,601,385 | 1,749,259 | |
| 4 Income from donations and legacies | ||
| 2023 | 2022 | |
| Donations | ||
| Gifts and Gift Aid | 54,336 | 45,121 |
| Donations | 538,791 | 178,370 |
| Legacies | 832,486 | 232,727 |
| 1,425,612 | 456,218 |
| 5. Income from charitable activities | ||
|---|---|---|
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2023 | 2022 | |
| Incoming Resources | ||
| Donations and Gifts | 593,126 | 222,407 |
| Legacies | 832,486 | 232,727 |
| Subtotal: Incoming resources from generated funds | 1,425,612 | 455,134 |
| Investment Income | 1,148 | 1,115 |
| Interest Receivable | 25,630 | 1,281 |
| Subtotal: Incoming resources for generating funds | 26,778 | 2,396 |
| Total income from charitable events | 1,452,390 | 457,530 |
| Ffestlnlog | |||||||
|---|---|---|---|---|---|---|---|
| Railway | |||||||
| Heritage | Welsh | Welsh | |||||
| Ffestiniog | The | Ltd and | Highland | Highland | |||
| Railway | Festiniog | Ffestiniog | Light | Railway | |||
| Holdings | Railway | Futures | Railway | Construction | 2023 | 2022 | |
| Ltd | Company | Limited | Limited | Ltd | Total | Total | |
| f | £ | £ | £ | £ | £ | £ | |
| Turnover | 2,796,345 | 7,263,416 | 9,981,411 | 7,529,723 | |||
| Cost of sales | (1,946,319) | (6,257,721) | (8,204,040) | (5,560,605) | |||
| Gross Profit | 850,026 | 1,005,694 | 1,855,720 | 2,047,467 | |||
| Administration expenses | (475,925) | (1,953,816) | (2,429,741) | (2,110,723) | |||
| Other operating income | 1,077,773 | 1,077,773 | 531,364 | ||||
| Net Interest receivable/(payable) | 8,716 | 13,794 | 22,509 | (5,785) | |||
| Net Profit/(Loss) | 382,816 | 143,445 | 526,261 | 462,323 | |||
| FRS 17 actuarial gaini(loss) | |||||||
| Tax on profit on ordinary activities | (28,583) | − | (28,583) | (485) | |||
| Minority Interest in profits of subsidiary | 8,548 | 8,548 | 20,751 | ||||
| Profits/(losses) attributable to the Trust | 354,233 | 151,993 | 506,226 | 482,589 | |||
| 354,233 | 151,993 | 506,226 | 482,589 | ||||
| . |
| General | DJA/Regenerative | Emergency | ||||||
|---|---|---|---|---|---|---|---|---|
| Fund | Kyral Fund | LYD | Railway | Workshop | Appeal | Total | ||
| 6 | 6 | 6 | 6 | 6 | 6 | 6 | ||
| Grants | 73,628 | − | 280,467 | 354,095 | ||||
| Sundries | 319 | 319 | ||||||
| Total | 73,947 | 280,467 | 354,414 |
| General | DJA/Regenerative | Emergency | |||||
|---|---|---|---|---|---|---|---|
| Fund | Kyral Fund | LYD | Railway | Workshop | Appeal | Total | |
| 6 | 6 | 6 | 6 | 6 | 6 | 6 | |
| Direct grant support | 354,095 | − | 1,281 | 355,376 | |||
| Net cost funded | |||||||
| from donations and legacies | 354,095 | 1,281 | 355,376 |
| General | Governance | |||
|---|---|---|---|---|
| support | function | Total | Basis of | |
| £ | £ | £ | apportionment | |
| Sundry Expenses | 319 | 319 | Invoiced | |
| Auditors Remuneration | 4,920 | 4,920 | 57.50% | |
| Fund raising costs | 1,300 | 1,300 | Invoiced | |
| Total | 1,300 | 5,239 | 6,539 |
| 11 Net Incomel(expenditure) for the year | ||
|---|---|---|
| 2023 | 2022 | |
| This is stated after charging: | ||
| Depreciation | 1,502,732 | 1,455,772 |
| Release of grants against depreciation | (288,604) | (288,604) |
| Audit fees | 4,920 | 4,536 |
| Leasehold Amortisation | 1,281 | 1,281 |
| 1,220,329 | 1,172,985 |
| 2023 | 2022 | |
|---|---|---|
| Wages and salaries | 3,148,455 | 2,428,063 |
| Social security costs | 265,356 | 174,010 |
| Pension costs | 40,513 | 39,910 |
| 3,454,324 | 2,641,983 |
| The average monthly number as follows: |
of full−time equivalent employees ( | including casu |
|---|---|---|
| 2023 | 2022 | |
| Number | Number | |
| Full Time | 78 | 69 |
| Part Time | 17 | 21 |
| Sesonal | 36 | 38 |
| 131 | 128 |
| Charity only | ||||
|---|---|---|---|---|
| **Long leasehold ** | Plant machinery | Total | Trust Long | |
| land and | and motor | Leasehold | ||
| buildings | vehicles | Property | ||
| Cost: | ||||
| As at 1 January 2023 | 11,520,621 | 42,718,323 | 54,238,944 | 126,825 |
| Additions | 1,270,445 | 363,844 | 1,634,289 | |
| (Disposals) | ||||
| 12,791,066 | 43,082,167 | 55,873,233 | 126,825 | |
| Depreciation/Amortisation: | ||||
| As at 1 January 2023 | (5,148,610) | (12,003,081) | (17,151,691) | (30,744) |
| Charge for the year | (911,710) | (592,307) | (1,504,017) | (1,281) |
| Depreciation on disposal | ||||
| Eliminated on disposal | ||||
| (6,060,320) | (12,595,388) | (18,655,708) | (32,025) | |
| Net book value: | ||||
| As at 1 January 2023 | 6,372,011 | 30,715,242 | 37,087,253 | 96,081 |
| As at 31 December 2023 | 6,730,746 | 30,486,779 | 37,217,525 | 94,800 |
| 17 Investments | ||||||
|---|---|---|---|---|---|---|
| Charity only | ||||||
| Listed | Unlisted | Total | Listed | Unlisted | Total | |
| Group and Trust | ||||||
| Cost or valuation: | ||||||
| A l l January 2023 | 277,154 | 5 | 277,159 | 277,154 | 31,351 | 308,505 |
| Purchase of new | ||||||
| Disposals | (19,248) | (19,248) | (19,248) | (19,248) | ||
| Revaluation | (238,546) | (238,546) | (238,546) | (238,546) | ||
| Impairment | − | − | − | |||
| At 31 December 2023 | 19,360 | 5 | 19,365 | 19,360 | 31,351 | 50,711 |
| 2023 | 2022 | |
|---|---|---|
| General Fund (cost £9,869) | 18,434 | |
| Restricted Funds: | ||
| Kyral Fund (cost £90,607) | 19,360 | 258,720 |
| 19,360 | 277,154 |
| 18 Stock and WIP | ||||
|---|---|---|---|---|
| Group | Charity | |||
| 2023 | 2022 | 2023 | 2022 | |
| £ | £ | £ | £ | |
| Stock | 490,308 | 366,687 | ||
| WIP | 280,557 | 471,093 | ||
| 770,865 | 837,780 | • | ||
| 19 Debtors | ||||
| Group | Charity | |||
| 2023 | 2022 | 2023 | 2022 | |
| Trade debtors | 214,667 | 482,542 | ||
| Other debtors | 46,955 | 172,573 | 24,998 | 5,553 |
| Taxation and social security | 160,751 | 22,486 | 21,161 | 22,486 |
| Prepayments and | ||||
| Accrued income | 453,387 | 264,457 | ||
| 875,760 | 942,058 | 46,160 | 28,039 |
| Group | Charity | |||
|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |
| £ | £ | £ | £ | |
| Bank loan | − | 5,139 | ||
| Unsecured Loans | 98,261 | |||
| Trade creditors | 272,813 | 363,503 | ||
| Other creditors | 290,029 | 736,617 | − | |
| Accruals and deferred income | 956,961 | 411,783 | 153,458 | 130,145 |
| Taxation and social | − | − | ||
| Security costs | − | 54,355 | ||
| Corporation tax | 130,209 | 245 | ||
| 1,748,273 | 1,571,642 | 153,458 | 130,145 |
| Group | Charity | |
|---|---|---|
| Balance as at 1 January 2023 | 405,024 | |
| Movement in year | (551,937) | |
| Balance as at 31 December 2023 | 956,961 |
| Group | Charity | |||
|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |
| Deferred capital contributions | 30,099,828 | 30,285,925 | ||
| Bank Loan | ||||
| Ffestiniog Railway 4% debenture stock | 15,760 | 15,760 | ||
| 30,115,588 | 30,301,685 |
| Employee Benefit Obligations | ||
|---|---|---|
| 2023 | 2022 | |
| Present value of funded obligations | (1,437,000) | (1,437,000) |
| Fair value of scheme assets | 2,132,000 | 2,023,000 |
| Present value of unfunded obligations | 695,000 | 586,000 |
| Unrecognised past service cost | ||
| Deficit | 695,000 | 586,000 |
| Related deferred tax asset | ||
| Net liability | 695,000 | 586,000 |
| Amounts in the balance sheet | ||
| Liabilities | ||
| Assets | 695,000 | 586,000 |
| Net | 695,000 | 586,000 |
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Current service cost | ||
| Interest on obligation | ||
| Expected return on scheme assets | (47,000) | (676,000) |
| Past service cost | 8,000 | 38,000 |
| Losses / (gains) on curtailments and settlements | (70,000) | 458,000 |
| Total | (109,000) | (180,000) |
| Actual return on scheme assets | 164,000 | (413,000) |
| Changes in the present value of the Defined Benefit Obligation | ||
| Opening defined benefit obligation | 1,437,000 | 2,161,000 |
| Service Cost | − | |
| Interest Cost | 69,000 | 40,000 |
| Actuarial losses / (gains) | (14,000) | (642,000) |
| Losses / (gains) on curtailments | ||
| Liabilities extinguished on settlements | ||
| Liabilities assumed on business combinations | ||
| Exchange difference on foreign schemes | ||
| Benefits paid | (55,000) | (122,000) |
| Closed defined benefit obligation | 1,437,000 | 1,437,000 |
| Changes in the fair value of Plan Assets | ||
| Opening fair value of scheme assets | 2,023,000 | 2,567,000 |
| Expected return | 94,000 | 45,000 |
| Actuarial gains / (losses) | 70,000 | (467,000) |
| Assets distributed on settlements | ||
| Contributions by employer | ||
| Assets acquired in business combinations | ||
| Exchange difference on foreign schemes | − | |
| Benefits paid | (55,000) | (122,000) |
| Closing fair value of scheme assets | 2,132,000 | 2,023,000 |
| 2023 | 2022 | |||
|---|---|---|---|---|
| 2023 | Percentage | 2022 | Percentage | |
| Asset | Asset | Asset | Asset | |
| Split | Split | Split | Split | |
| £ | % | £ | % | |
| Equities | 856,000 | 40 | 940,000 | 43 |
| Property | 318,000 | 15 | 298,000 | 12 |
| Fixed Interest | 922,000 | 43 | 761,000 | 43 |
| Cash | 36,000 | 2 | 24,000 | 2 |
| Total | 2,132,000 | 100 | 2,023,000 | 100 |
| 2023 | 2022 | |
|---|---|---|
| Discount rate at 31 December | 4.5% | 4.7% |
| Expected return on plan assets at 31 December* | 4.7% | 1.8% |
| Future revaluation in deferment | 2.9% | 3.1% |
| Future pension increases | 3.1% | 3.1% |
| Post retirement mortality | S2PXA, CM! 2022 with | S2PXA, CMI 2019 with |
| minimum of 1.25% pa | minimum improvement of 1.25% p.a. | |
| Life expectancy for 65 year old male | 21.1 | 21.6 |
| Life expectancy for 65 year old female | 23.2 | 23.5 |
| 2023 | 2022 | 2022 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| The pension charges In the group | profit and loss account for the | ||||||||||
| period were: | |||||||||||
| Closed defined benefit scheme | 63,340 | 39,910 | |||||||||
| Current money purchase scheme | 43,212 | 45,019 | |||||||||
| 106,552 | 84,929 | ||||||||||
| The above amounts including administration costs In relation to the defined | benefit scheme. | ||||||||||
| Amounts recognised in the statement | of total recognised gains and losses: | 2023 | 2022 | ||||||||
| The present value of unfunded obligations | (695,000) | (586,000) | |||||||||
| 26 Analysis of charitable funds | |||||||||||
| **Analysis of movements in unrestricted ** | funds | ||||||||||
| Balance 1 | incoming | Resources | Other recognised | Transfers | Funds 31 | ||||||
| January 2023 | resources | expended | gains/posses) | **Between ** | Funds | December 2023 | |||||
| £ | £ | £ | £ | £ | £ | ||||||
| General Fund | 1,305,941 | 1,263,937 | ( | 359,334 ) | 814 | ( | 91,975) | 2,119,380 | |||
| Non Charitable Trading funds | 7,117,870 | 11,734,484 | ( | 11,174,841 ) | 109,000 | 7,786,513 | |||||
| 8,423,811 | 12,998,421 | (11,534,175) | 109,814 | (91,975) | 9,905,894 | ||||||
| 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 | Other recognised | Transfers | Funds 31 | |||||
| restricted fund | January 2023 | resources | expended | gains/(losses) | **Between ** | Funds | December 2023 | ||||
| £ | £ | £ | £ | £ | £ | ||||||
| Endowment | 5 | 5 | |||||||||
| Kyral Fund | 319,841 | − | (239,162) | 80,679 | |||||||
| Workshop | 96,081 | − | (1,281) | 94,800 | |||||||
| Lyd Fund | 2,393 | 1,085 | − | − | 3,478 | ||||||
| DJA/Regenerative Railway | − | 188,492 | (280,467) | 91,975 | − | ||||||
| C2 Fund | 25,000 | − | − | 25,000 | |||||||
| 443,319 | 189,577 | (281,748) | (239,162) | 91,975 | 203,962 | ||||||
| Non−controlling interests | 2,286,115 | 8,548 | 2,294,663 | ||||||||
| 11,153,244 | 13,196,546 | (11,815,923) | (129,348) | 12,404,520 |
| 27 Analysis of group net ass | ets between f | unds | |||
|---|---|---|---|---|---|
| Other net | Creditors | ||||
| current | of more | ||||
| Fixed | assets/ | than one | |||
| Assets | Investments | (liabilities) | year | Total | |
| General | 19,360 | 2,378,065 | 2,397,425 | ||
| Endowment | 5 | 5 | |||
| Kyral Fund | 19,360 | 61,318 | 80,678 | ||
| Workshop | 94,800 | 94,800 | |||
| DJA/Regenerative Railway | |||||
| Lyd Fund | 3,477 | 3,477 | |||
| C2 Fund | 25,000 | 25,000 | |||
| Total | 94,800 | 38,725 | 2,467,860 | 2,601,385 |