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|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|





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|||**Unrestricted**|**Restricted**|**Total funds**|**Total funds**|
|---|---|---|---|---|---|
||Note|**Funds**|**Funds**|**'**<br>**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<br>**Current assets**|||**Total fixed assets**||17||19,365<br>**37,236,890**|**. **|277,159 ..<br> **37,364,412**|**.**|50,711<br>**145,511**|308,505.<br>**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 <br>**Net Current assets**|within||1 year||20||_1,748,273_<br>**4,588,218**||_1,571,642_<br>**3,504,517**||_153,458_<br>**2,455,874**|_130,145_<br>**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_||||
|,<br>„ . .<br>.....<br>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:**<br>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|





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||**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**|
||||**.**|||||





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## 

||**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_**|



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## 

||**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<br>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**|





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|||||**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**|||





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## 

|**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**|





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|**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**|