THE FFESTINIOG AND WELSH HIGHLAND RAILWAYS TRUST TRUSTEES, REPORT AND ACCOUNTS For the year ended 31 December 2024 TRUSTEES, REPORT AND ACCOUNTS FOR THE YEAR TO 31 DECEMBER 2024 PROFILE A Festlnlog Railway Trust was crealed in 1954 when th8 late Mr. Aan Pegler provided funds lo acquire a controlling interest in The Festiniog Railway Company (the 'Company°) and a￿anged forstock to be Iransferred directly the Trust from previous shareholders. The aim was for the future of thal r8nowned railway to be secure in well-disposed hands in perpetuity. The Trust was subsequenuy reconstituted and registered as a charity on 10 November 1964 and has amongsl its stated aims the encouragement arKI support of charitable purposes connected vmth railways. particUla￿Y the Ffestiniog Railway {"). The Trustees are appointed under a scheme approved by the Charity Commissioners and incorporated in an amended Trust Deed dated 30 September 1998. With the approval of the Charity Commission, the Trust D88d was further amended on 5 October 2012 to change the name of the Tru51 to The Ffestiniog and Welsh Highland Railways Trust (Ymddiriedo18eth Rh8ilffyrdd Ffestiniog ac Eryn in Welsh) and to make a number of administrative changes; further administrative chang8s were made on 15 April 2016. Running the Trust is an entirety voluntary and unpaid activity. Trust income is primarily from gifts and legacies and from the profits of avtholly owned trading company. Ffestiniog Railway Holdings Limited. Th1$ 8xploits commercial opportunities, notably the Ffestiniog Travel business, that are not possible for the Company. The Trust owns the great majority of all classes of issued share ￿pital and debentures of the Company and nominates the Company's Directors. The Company has operated the Ffestiniog Rai￿aY since its inception in 1836. Under Trust ownership, the Company has also re-instated and now operates the once d8relicl Welsh Highland Railway which shares the Ffestiniog Railway's Harbour station at Porthmadog, runs to Dinas Junction and has been extended to Caernarfon. The Twsl expects that Ihe Companws annual costs and some. but not all, major renewals will be covered by ils annual revenues. Improvement projects are funded by the Trust, or one of the supporting societies. and 8ach has their own project plan. Profits from the Ff8sllnlog Travel business add to the Trusfs funds available for such development. The Trust does not nomally Initiate charitable work bul responds to requests from other interested bodies for grants to support 8ctivitses aligned with its charitable aims. A consid8r8ble collection of artefacts, records and ephemera exists concerning the railways. No longer required for the railways. op&ralion and rnaintenance, these constitute an importanl and historically significant record and responsibility. Trustees seek to ensure that arrangements are in place for the continued safe keeping of these items and their maintenance. Ffestiniog and Welsh Highland Railways Heritage Limited IFtWHRHL}. with DIrectO￿ nominated by the Trustees. was formed and is owned by the Company to overse8 the Ca￿ of these speaal Ilems, to ensur8 their protection and lo enhancg their value to the community. Trustees and the Company have consulted on whether this remains the most appropriat8 way to safeguard the raI￿aYS heritage. As a result FIWHRHL wlll be wound up in 2025 and altemative arrangements put in place. Constraints of finance and space mean il Is not curTenlly possible to mount a pemanent display of historic artefacts. However. the complete pre-1954 archlve Is now available at Gwynedd Archives in Caernarfon. { ) The spelling of °Festiniog° in the Company's name is legally cOr￿¢t and rgflects contempor8ry Welsh usag9 in 1832 when (he Company w8s crealed by Act of Parfi8ment. However. the Tnist and the Company have now adopted the currenl Welsh spelling of"Ffestiniog"in day to day usage and this is used throughout the remainder of this Profile and the Trustees. Report. LEGAL AND ADMINISTRATIVE DETAILS Harbour Station Porthmadog Gwynedd LL49 9NF Registered Charriy Numb8r 239904 Secretary R D Holton Soprano Fleecy Court Chapel Green Napton-on-th8-Hill CV47 8PA Legal Advisor R J L Stones 91 Linden Way London N14 4NG Tréasurer S 8 Ch8etham Daubentons Staplow Ledbury HR8 1NP Bankers Na￿veSt Bank plc PO Box 877 31 Cheapsid8 London EC2V 6HT CAF Bank (Charity Aid Foundation) 25 Kings Hill Avenue W6St Mailing Kent ME19 4TA TRUSTEES, REPORT YEAR ENDED 31 DECEMBER 2024 TRUSTEES Dr J D C A Prideaux CBE (Chaimian): Mr R Broyd CBE: Dr D R Gwyn OBE; Mr D R Jones.. Mr M L Smith The Trustees present Iheir report and the accounts for the year ended 31 Decgmber 2024. Statoment of Truslee$' Responslbllllles The Trustees are re$ponsibl8 for preparing the Trustees, report and the financial stslements in arKordance with applicatAe law and Unrted Kingdom Generally Acoepted ACC￿nting Practice. Charity Law requires the Trustees to prepare financi81 statements thai glve a true and fair view of the slale of affairs of the chanty and the group, of incoming resources and the application of those resources within th8 group for each financial year. Trustees are required to.. select suitable accounting policies and then apply them consistently. observe th8 meth¢xls and principles of the Charities SORP. make judgements and estimates that are reasonable and prudent; state whether appllcable accounting standards have been followed, subject to any malerial departures disclosed and explained in thè financial statements and prepare the financial ststements on the ongoing concern basis unless it is inappropriate to presum8 that Ihe Trust will continu8 in operation. The Trust88s are responsible for ensuring that accounting records are kept that disclose the financial position of th& charity with reasonable accuracy at any time and enable Truslees to ensure that thè statements comply with the Charities Act 2011 and regulations made thereunder. They are also responsible for safeguarding the assets of the charity and the group by tsking rèasonable stéps for Ihe prevention and deteclion of fraud and oth&r irregularities. Oblectlves and Actlvltles The objectivès of the Ttusl are °such charitable purposes connected with railways as the Truste8S detennine.. In selecling appropriate purposes, the Trustees are required to especially bear in mind charitable purposes Connected with the Company. The Trustees fulfil these aims through activities aimed at the charitable purpose of advancing heritage. These indude.. providing funding to support the continued operation of the Ffestiniog Rai￿aY and the reconstructed Welsh Highland Railway and holding a controlling inlerest in the Company lo ensure that it continues to operate in accordance with the Trnst's objectives and to enable it to oversee the preservation of historic rolling stock, archrves and other artefacts ￿lating to the railways. Principal Actlvities and Rovlew of the Year The Trust's income was again primarily from donations and18gacies (with gift aid on these where applicable). donations from Ffestiniog Travel and from investrnent income. In 2024, income from legacies was £181,615 (2023.. £832,486) and from all gifts and donations {including from Ffestiniog Travel) was £531,211 (2023 -£593,126). Total income in 2024 was £829.887 {2023:£1,452.3901. Total income in 2024 was in line with that of the last several years, total income in 2023 having been boosted by a particulady large and generous legacy. Annual governance cosls over the lastflve years have averag8d £16,302 of vhlich about thirds are fundraising costs and the bulk of the remainder audit costs. Administration costs are minimal as all Trustees and Officers of the TIu5t are unpaid and decline to Claim expenses. In response lo requests for the funding of projecls from the Company, new commilmenls totalling £470,000 12023.. £1.120,000) We￿ made. Commilments in 2024 induded a very sizeable commitmentfor remodelling at Dinas. Commitmenls were also made to fund work on the upgrading of facilities at Boston Lodge, locomotive refurbishment, conversion of WHR service cars to more environmentally friendly battery operation. a nèw lool van for PW operatsons, major overhaul of Pulman observation car Glaslyn, scoping for improved facilities al Beddg8lert station and purchase of a historically important building adjacent to our facilities at Minffordd. These commitments will be drawn down by the Company a$ grants over time as the work Is completed. In 2024 the Company drew dovm £893,389 (2023: £354,095) against earlier commitments. This included the Trusvs contribution towards the match funding of the NLHF'S Boston Lodge project. enhanced facilities 81 Boston Lodge oulside the scope of the NLHF project, repair and refijrbishment of the tollgate steps, refurbishment of Pulman car Bodysgall8n, creation of a PW tool van. conversion ofthe WHR service cars to battery operation, the major overhaul of tsyo steam locomotives, inslallation of micro ETS on the WHR, the commencement of remodelling al Dinas and construction of replica NWNGR Ashbury brak8vans. In 2024 the Board of Ffestiniog and Welsh Highland Raifways Heritsge Lld IFIWHRHL), wholty owned by the Company, continued to be responsible for appraisin9 and advising the Company on proposed heritage projects. Monitoring the condition of heritage rolling Stock was conlinued during Ihe year. Trustees and the Company have consulted on whether this remains the most appropriate way to Safeguard the railways, heritage. As a result. FfWHRHL will be wound up in 2025 and alternative arrangements put in place. Theskillsand qualityofdesign and craftsmanshipoftheworkshop staff at Boston Lodge are known far and wide and are a long-tenn benefit to Ihe organisation. Extemal work ovethauling locomotives and building carriages for other na1row￿aUge railways provided welcome income to help defray the Company5 Costs in 2024. At the Company AGM 2024, Trustees las majority shareholder) support8d a resolution that Jo Charles. Colin Lea and Henry Noon be ap￿Inted Direclors of the Company. During the year work continued on the -Interpretaton and Boston Lodge Projecf supported by the National Lottery Heritag8 Fund {NLHF}. This is a substantial {£5.2millionl project which has be8n delivered on budget and with only minimal delay. The Trust (along with Th8 Festiniog Railway Society) have provided substantial grants lo match the NLHF conlribution. Restoration of heritage buildings was completed during 2024. Intefprelation aspecls of the project. which indude guided tours of Boston Lodge and workshops leaching heritage skills. were initiated during 2024 and will ntinue through 2025. he Regenerative Railway., published towards the end of 2022. sets out the vision, strategy and foadmap for the railways over the next decade or so. The title of this document reflects our intent to develop the rai￿aY sustsinably without losing that whith is excellent and which we have inhented frorn previous generations. As a consequence we aim to pass on to future generations a railway which is thriving, rewarding to supporters. neighbours and customers and well positioned for its Ihird century of operation. During 2024, the Company continued and 8xtended efficiency m8asure8 introduced originally to combat the effects of the pandemic. Traffic receipts were essentially flat versus 2023 but there wère increases in the costs of employm8nt and the c£sst of coal remained very high. Nevertheless the Company was 8ssenlially at breakeven in 2024 having made a surplus of £34,444 in 2023. Any surplus is always reinvested into basic expenditure on maintenance or routine projects on the infrastwcture for the railways. Ffesliniog Travel, operated by Ffestiniog RaiNvay Holdings Ltd, continued to enjoy very considerably improved trading conditions in 2024 having recovered the ground lost during th8 pandemic. A profit of £365,334 {2023.' £382.088) was used to maintain reserves (essential for a Iravel business) and to resume payment of charitsble donation5 to Ihe Trust. A donation of £310,000 was paid to the Trusl by Ffestiniog Holdings Ltd in 2024. Public Beneflt In planning their activities, the Trustees gave due regard lo the guidance on public benefit issued by the Charity Commission. Tho Ffestiniog Raimfay is ofenormous significance lo both the world-wide devel¢)pment of narrow- gauge railways and the industri21 history of North Wales. Much of the original infrastructure and architedure, including the original works al Boston Lodge, has been retained. Motive power and other rolling stock of oulslanding historical and technical interest CA)ntinue to be operated and, together with historic artefacls on display in Porthmadog. are visible lo all. The réstoration of the Welsh Highland Railway has reconstituted amther major part of the narrow4auge nehvork historically proposed for the region. The company has business and technical 8￿h1VeS dating from its 1832 inception as a statutory company. These are deposited with Gwynedd Archives in Caernarfon and freely available as a resource for researchers. Preservation of this heritage provides an educational and recreational resource which benefits the community as a whole. The railways run through land provide access to) the Gl8slyn Landscape of Historical Significance and the Snowdonia Nalional Park. Recognilior) of the contribution to public benefit has come from the inscription of the Ffestiniog Rai￿aY as a UNESCO Worfd Heritage site (part of The Slatè Landscape of North West W81es). The Company supports the local community by sponsoring and participabng in local events and by providing reseurces and work experien￿ for local schools. It is not easy lo find high quality jobs in Gwynedd- particulady outsid& Ihe public sector. The railways are not just one of the largest employers in Ihe area. bul have become a noted centr8 of excellen¢e in areas such as carriage building and mechanical engineering, and so offer local people an OPF¥)rtunity to develop skills which would not otherwise exist in such a remote area. A majority of our pemianent staff are recruited locally and over half speak Welsh as a first language. The Trustees will continue to sponsor established members of our permanent staff who do nol currently speak Welsh but would like to do so. The NLHF project at Boston Lodge has included provision of d8dicated resources to further and enhance volunteer activity in interpretation of the railway's impact on the community (currently and historically) and has created apprenticeship positions covering works administration, project management and interpretation. Our local community, whith is classified as an economically disadvanlaged area, benefits direcuy from the railways, activities but also indirecuy from benefits accruing to local employers and other businesses. The overall benefit to the region has been the subject of academic sludies and is now estimated to be over £20m pèr annum and to support around 400 jobs. This level of economic contribution is recognised as common ground in discussion with Government and local interests. Structure. Governance and Managomont Relationships be￿een the Trust and the Company are governed by the Trust Deed supplemented by a Relationship Agreement dated October 6th 2023. This replaced earlier Memoranda of Understanding be￿een the TNst and the Company dated 26 July 2010 and 31 Juty 2003. Trustees are appointed for five years (and may be reappoinled for furthèr terms) under a scheme approved by the Charity Commissioner and which 15 refleded in the Trust Deed. Dr D W Roberts MBE retired as a Trustee and Mr D R Jones was appointed his successor with effect from 23 February 2024. Mr Jones will sérv8 the remainder of Dr Roberts tern until 31 Décèmber 2027. A retiring Trustee may be appointed as an Emeritus Truslees for a perfod ofthree yéars. They are not Trustees but attend me8tings of the Trustees by invitation in order lo make their experience avallablè to the Trust. In February 2024 Dr D W Roberts MBE became an Emeritus Trustee. Julian Scarisbrick. previously Trust Treasurer, b8came a Diredor of The Company during 2023. Trustees appointed Stephen Cheetham 89 Trust Tr8asurer with effecl from February 2024. The Trustees met formally on three o￿as1onS In 2024. Individual Truslees and Officers attended numerous other meetings and functions throughoul Ihe year. The Trust has no employees and work by Trustees and Officers is voluntary. The Trustees are grateful that approximately fity percent of Ihe hours worked on the railways is undertaken by some 1000 unpaid volunteers. The General Fund of the Trust supports the Trusys general charitable purposes including the Trust's heritage and archive responsibililies. In addition to the General Fund. the Trust mainlains several restricted funds for various more specific charitable purposes where donor3 wish to support a particular project. The Trustees confim that the charity has complied with current statLrtory requirements, its Trust Deed and the principles of the Charities SORP IFRS 102). Rlsk Managemenl In October 2022 Trustees conducted their a review of the principal risks and uncertainties that affect the charity and measures in pla￿ to mitigate the risks identified and measures to minimise or manage (as far as reasonably practicable) any impact on the charity should those rtsks malerialise The Charity's rfsk register was updated as a result of this review. Subs8quent annual reviews have confimied that the risk register remains appropriate. The Trust's operating subsidlarles maintain their own annually reviewed risk assessments. The Trust receives regular reports from all its subsidiarie5 highlighting areas of concem. Safety, which is the principle operational risk for the Company, is subj'ect to an annual, independent third-party review. Grant Award Policy Grants are made in support of specrfic approved and budgeted projects and must be approved by the Twslees. Grants payable are aG¢ounted for when a constructive obligation has been entered into. The value of such grants unpaid ai year end is accrued. Invo$tmonl Pollcy Apart from its holdings of shares and stock of the Company, tha Trust's inveslrnents are limited to securities donated to the Trusl which are held to generate income andlor the opportunity for gain. Pay Policy for Sonior Staff No Trustee, or Trust official. receNed any remuneratlon In 2024. Impact of Corona Vlrus Any residual impacts from the corona virus pandemic have been consolidatgd into Trust and ompany 0￿rating procedures. N8itherthe Company nor the Trust has any outstanding loans resulting from the recent pandemic. R8seNes The Trustees have reviewed the reserves of the Trust and consider that unrestrict8d furKls are sufficient to meet the Trusys commitments and otherforeseeable calls on ils funds. Reserve levels of the charity are monitored on an ongoing basis to ensure that they remain sufficient. Al 31 Dècember 2024. totsl consolidated reserves were £10,159,012 (2023: £10,109.856> ofwhith £184,432 (2023: £203,962) were in restricted funds. Dr J D Prideaux On behalf of th8 Trustees 13 June 2025 The Ffeslinh)g and W81sh Highland RaiK¥8￿ Trust Consolidated StaternBnt of Flnandal ActNiti85 ncluding cgnsdidated income and e¥p8Th1iture account) for year ending 31 Docen*)er 2024 Unrestrl¢t•d Funds Restrlcted Funds Total funds 2024 Totsl fund¥ 2023 Note Income: Donations aThd InGome from otherlrading aclivitses.. Commercial tradlng ope￿￿on¥ Inv85trnent income Other Income 711,946 879 712.825 1,425.611 10,369,157 153.219 1,709.686 10,369.157 153,451 1,709,686 10,051,737 49,287 1,661,363 232 Total Incorne 12￿4￿,008 12.945,119 13.187,998 Expèndlturt Cost5 ofrdising fvnds.. Commerclal tradlng operations Expen6th1￿ on chant8ble 8ctivtb6$.' Grants committed 8110 12.083.967 12.083.967 11,460.547 892.308 1,281 893,389 355,376 Totsl •xp•ndltur• 12.976.075 1,281 12,977.356 11.81S,923 N•t Incornel(exp•ndfturn) and net movem•nt in funds for thè y•ar (32,067) (170) (32.23T) 1,372.075 Transf•rs bgtwe•th funds othèr ￿tOon1$ed galnglOosses1 Gathslllosses} on investment assets (19.360J (19,360) (238.348J Actuarial gainslllossesl on defined bengfft pension schemes 96.000 96,000 109,000 Net movernent li fuTrJs 63,933 (19,530) 44,403 1,242.727 Reconclllatlon otlunds Total funds broughl forward 9.905,894 203.962 10,109,856 8,867.129 Toial fund$ ¢arrlod forward 9,969.827 184A32 10.154,259 10,109 856 The slatew￿t of financial aetwities includ8s all gains and losses recogni8ed in the year. All Income and expendttur8 derive Irom continuing ACtI￿t￿. The Fleslnl¢yJ and Wdsh Hlghland Railvtays Trust Consolldated Balance Shget for year ending 31 D•c8mber 2024 Group 2024 Group 2023 Charlty 2024 Char1ty 2023 Note Fixed a8set$ Tanglble A$8ets Invesbnents 16 17 37,480,OB7 37,217.525 19,365 37236.890 93,519 31,351 124.870 94,800 50.711 404.580 Tglal Ilxed assets 37A80,092 Current a$$ets stock and WIP Debtors Cash at bank and in hand 18 19 515,581 1.649.258 5,052,896 7.217,73S 770.865 875.760 4.689,866 6.336A91 26,259 2.711.691 2.737.950 46.1eO 2,563,172 1A74.819 Totsl currBnt aS8•ts Llabllltle* Credrtors tslling dug wlthln 1 year Not Current ass•t$ 20 2,567.382 4,650,353 1,748,273 4.588,218 355,678 2.382.272 153.458 1.344.674 Total a￿¥t* Iws culront Ilabllltl•s 41130,445 41,825,108 1507.q42 1,749.280 Cr•dlts)rs.' falllng due after than 1 ￿&r 22 30.470.343 30,115.588 Defined benefft pension ￿h&rne 25 791,000 695.000 N•t o$••ts 12 12A04 520 2.$07,142 1749 260 Th? f4Tnd8 of thè eharfty: Unre$tricled incomè lunds Restricted IncL)me funds Non-controlling interest 26 9,969,827 184,432 2,296.843 s,￿5,894 203.962 2,294,664 2.322,712 184,430 2.397.42S 203.960 Total ¢harfty fvnd$ 12 451102 12A04 520 1749 260 Th• trust8•s have prepar8d group accounts In ac¢￿dance wilh sedon 398 of th8 Companies Act 2￿6 8nd sect￿￿ 138 of the Charitle$ Act 2011. These accounts are in aceordance wth the $pecial provlsions of Part 15 of the Comp8nvdS Att relah.ng to 8m811 comp#n￿$ and con$titiJte th8 annual a¢courts required by the Companies A¢t 2006 and are lor cir¢ula¢kJn to mernb8rs ol the company. Th8 notès at page 15 to 29 fomi part oflhase aecounts. Slgned.................. Dr J D Prideaux on betsqm of thg Irust88 Date:........ P2 The FfèstiThog and Welsh Hlghland Railways Trust Slalernènt of Cash Flows and Consolld8ted Statement of Cash Flows for year ending 31 2024 Yèar èndod 3111212024 Year end•d 3111212023 Nel incoming rèsources beforè rèvaluations Investment inwne less intèrest Payable DÉpreua1￿n Release of grant against depreclathon Pension fund non-cash movement (Profill l Lo$s on disposal of a5$0ts Loss on Inveslmgnts Ilrb¢reasel / decrease in dèbtors Ilncre8sel / decrease in stock Increase I (dec￿8$e) in credltors In¢wse I Idecreasel In long temi cr8ditors 44,403 1153.451) 1,536.488 1288.604} 96.000 1,242.727 149,2871 1.503,828 1288,6041 109,000 238,546 66,298 66.915 176,631 1186,0971 1773.498} 255,284 819.109 354.755 Cash from oporatltsns 1,890.486 2.879,957 CASH FLOW STATEMENT Net C4sh Inflow from oFeratiThJ activities Relums on investments and seNicing of finan¢¢ Cash Flows from Invostlng activitiès IGainyLoss on invèstments Purchase of inveslments Disposal of invèstments Capital expenditure and fftnancial Investrnent Proceeds on disposal of assots Taxatlon Tax paid Cash flows from fIna￿ing actlvttl•s Repayment tsf intèrèst free loan R&paym&nt of bank loan Canc•llathon of Debenture Sto¢k Increasellde¢r•as•l In cash and ¢4$h •qulvalonts In the year 1,890.486 2.879,957 19.3601 238.546.00 119,2481 11.634,2891 12,213.0981 18.801 28,583 1100,0001 323,171 1,393,549 Ro¢onclllatlon of cash flow to movement in nèt cash and liquld r•sour¢•$ IncreasellDe¢reasel In cash in the year Cash Ilquid resourcgs at 1 January Cash and liquid r•sour¢es as at 31 De¢•mb•r 1323,1711 1,393,549 4.889,870 4,366,699 3,296,321 4,689.870 RKoneillatlon of net cash Ilow to movomtrnt In not d•bt Change in Cash in yèar Net movomenl on loans Nel debt at 1 January N•t d•bt at 31 ￿¢•mber 1323,1711 1.393,553 4,200,086 3.876,915 2,806.533 4,200.086 Analy$i$ of not ¢ash and Ilqutd r￿Our£08 At 01101124 Movement in y•or At 31112124 in year C￿h al bank and in hand Bank overdraft 4.689,875 1323.1711 4,366.704 4,669.875 323,171 4,366.704 P3 Notes r*n the a¢¢ounts 1 Aeeountlng Policieg The prfncipal accounting polic￿$ 8dopted, judgements and kay sources of estimation uncertainty in th& preparation of the financial stalèmenls are a$ follows.. al B•$l$ of pr•paratlon The financial statements have bèen prepared in ac¢ordan¢e ￿th Accounb'ng ar￿ Reporting by ¢harft￿s.' Slalement rA Recommended Pr8Ctice applicable to Cha￿￿9$ preparing their awunts In accordance with the Financial ReportSn9 Stsnd8rd applScable in the UK and Republic of Ireland {FRS 1021 leffective 1 January 20151- Ichallties SORP IFRS 10211, the Financial Roportlng StandaTd applicable In thè UK and Republic of Ireland IFRS 1021 and the Companiès Act 2006. Thè FfÈstlniog and Welsh Highland Railways Trust meet$ the definition of a public b&nefit entity under FRS 102. Assets and liabilities ats initially reco9nised at historical ¢ost or transaction value unless otherwise ststed In the relevant ac¢ouniSng poliey notels). b) Group fln*n¢Sal $tatom•nts The results of thÈ trusfs subsidiary undertakirrfJs, all ol which are in¢orporated in the United Klngdom and have ygar ends of 31 Dècember, are cgnsolld8te(l on a line by line basis In the Stalemerbl of Financial Acknvities ISOFAI. Detail infomiation on their trading is incorporated in note 6 to ihese accounts. Capltel grants made by th& Trust to subsldiary companlès are expenses in the SOFA and dlsclosed within dÈf8tTad capSlal ContribU￿.0n$ In the balanee shaat as the TNstees do not regard such sums as being Properly funds of the charsty. cl Incomlng R•sourco9 Income is recognised when Ihe ¢harfty has the entillernent te the funds. any perfomanee condltlons attad)ed lo the itsmls} of income havè bèan met. it is probable that the income wll be reethved and the amount L¥n be rneasured reliably. Incomè from govemrnenl and olher grants, ￿eth￿r,CaPIta1. grants or'rgvonue, grants. Is recognisad ￿en the d)aiity has gnlillèmènt to the funds. any performance condillons attached to the grants have begn m81. il is probable that Ihe income will be received and tha amount Gan be measurod re1￿bty and is not dgferr•d. For legacles, enlillem*nt is taken as the earfigr of tha dal& on which either. tho charity is awar8 that probate has been granl•d, the estate has been finalised and notrfication has be9n mado by Ihe executor{sl to the Trust that a distribution 11 be made. or when a distribution Is recebved from th8 ostsle. Recèipt of a18gacy. in whol• or In part. is only considgred ptobable when the 8mounl can be measured rÈli8bly and Ihe charity h#$ been notified of the executorfs intentbn to make a di51ribulion. d} Donat•d s•rYtc•s and faeilitiès Thè charfty received help and support in the fomi of volLJntary assistance. Voluntary asslstan(* is not Induded in the accounts. It Is not s)ossible lo quantfy the amount of such asslslan¢&. •) Intèrèst recelvabl• Interest on funds held on deposit is included th8n r•c•Svable and amunt can be measured reliably by th• ¢hority.' this is nomally upon notification of thè int8rgst paid or PAy8ble by the Bank. P4 fj Fund accounting Unrestricted fijnds ar• available lo spend on aetiviles that furthèr any of the purposes of charity. Deslgnaled fijnds are unresldeted funds of Ihe charity which the trustees have dgddgd al their discration to sel aside to Use for a $p8eifie purpose. Reslrieted funds are establishod In respect of spe¢ifi¢ actlvlll&s of th8 Trust, tr￿se are sel out in notè 2210 these accounts. gl Expendlture Expenditure is recognis¢d once Ihere is a legal oi conslnjdive obligauon to make a payment to a third party.1118 prob8ble that settk8menl wll be required and the amount of th6 obligation can be rneasured rdiably. Expenditure Is elasslfled under the follvwing ￿ttvIty heading$= Costs of raising funds compwtse the costs of commercial Ir8dlng includlng lh8 rail transport costs, retail rosts. catering ¢￿sts and hclid8y Costs. Expenditure on eharitable 8dvMes indud8s the CAxts of grants Other expenditure represènts those ilttms not falllng into any other hgadlng. h) Apportlonm•nt ofco•ts The costs of the Trust f811 dSreclly into the he￿lIngS of the SOFA. Thè Costs of th8 two main tradlng subsidlaries are allO￿ted lo the most appropriate SOFA heading. The ￿$ts of the Welsh Highland RalNvay Construdi¢n Company Limited are also induded as relating lo Ch￿table activities as they relate dlrectly to the develtspment of the railways. The costs of Ffestlniog Railway Holdings Limited are included as fLJndraising trading as that ccthpany exploits commerciel opportunitles available to it. Therefore t)0 separate breakdown of the allocation of support costs is required. 11 Operating l•4 Rentsls payable under operatirvJ le8s6s ara charged lo the proflt and loss acc¥)unl on a straight line basis over the period of the lease. Jl Tanglble flxtrd assets Tangiblè fixed ass8ts are capitalised and Induded at cost. T￿ Ca￿t￿lIS8t10n policy 1$ lo Indude all items In gXC8SS of £100. DeprÈelation is pro¥rided lo wrile4)ff the cost or valuatlon. lèss estimated residual values. of all tsngJ)le fixed assets. xcapt freehc4d hnd, over their exp8cled usefijl livas. Depreciation Is provided at tha followng rntes.. Pemianènt way- 2% per annum stralght line Locomotives and rollin9 Stock- 3.330k por annum straight line Bulldings and plant- 2.SY• to 33% per annum straight Ilna MotorV&hkles- 25°A per annum réducing balance Long leasehold prop•ty- over the period of thè lease In future all additions to laryltle assets will be stsled al cost. Where existlng unimpaired flxed assets are staled 31 valuation. Icarried out by a director of a subsrdlary entity in 1978. based upon estimaleil open market valuè$ prevailing at that time), tr)e 9roup has taken 8dvantagg of the transitional arrangements in FRS 15 to retain the l)ook values. P5 kl Sto¢k Stocks and worf( In progress are Valu￿ at lower of cost. Including 8ppropri8le overhead gxponses and n¢1 rèalisable value. 11 O•btors Tradè and other debtors are recognised al the sethemont amunt due after any tr*le dlscounl offered. Pr&paymenls are valuèd at the amount prepaid net of any trade discounts due. ml C•$h at bank and In hand Cash al bank and cash in hand includ8s cash and short tem hlghly liquSd inve$tmènts a short maturfty of three n￿nthS or less from the date of a¢quisillon or op8nlng of deposlt or similar account. n) Cr•dltors and pr*￿181￿n3 Cre(litors and provisions are recognised where the charfty has a present obligation resulting from a pasl event that will probably result Sn Ihe transfer of funds to a third party and the amunt due to setue tho obligthn can measwed or estimaled rellably. Creditors and provision$ are normally Tecogni5g¢J al their settlèment amount after allowing for any trade dlscounts due. o} Flnanclal Instruments The trust only has finandal assets and financial liabl1￿leS of a kind that qualfy as basic financSal instrumnts. B8sIc financial in$truments we initially Tgcognised al Iransoction value and subsequenlly measwed at Ihelr settlement value. p) Penslons On 1st May 2014 the group establlshed iwo auio enrolmenl group pgrsonal pension schèmès IAEI. Employer and employeé contribuuons to these schemes are made in accordan￿ wlh the ratès laid down by govemment lègislat￿n and are charged in the year in which they arisè. The FRS 17 liability in respect of the defined benefit scheme has b￿n Includod in the financial statsments. 2 Logal Statu$ of th• Trust The Trust is an unincorporated charity and operated under 8 trust deed. P6 3 Th• syrnmary financial P•rf0rm•n￿ ¢*f th• eh*rfty alon• 2024 2023 Donations and Legacie5 Inveslment In￿rne ITrte￿t Incorne 712025 6,367 110.695 1,425,611 1,148 2S,630 829,887 1.452,389 Ex￿ndIt￿re on charitable adivilies 904,169 361,915 N•t lTr¢•rMIIExpoftB•I (740821 11.09Q.4741 Other recognl58d galnslllossesl on Inv881menl assets 119,3601 1238.3481 Tolal funds tnughtfornord 2.601,384 1.749.258 Tt)tal funds carrl•d forward 2,507,142 2.W1,384 Represented by. Restrf¢ted Income fv￿j5 Unr8Stricted Incoffle fvnd$ 184.430 2.322,712 2.$07,142 203,960 2.397.424 2.801,384 4 In¢om• from donatlon8 and Iw¢l•s 2024 2023 Donallons Grfls and GIftAd Don81b)ns Logac 40,844 490.367 181,615 54,335 538,791 832,486 71Z.825 1,425,612 S. Intome from charilable •¢tb¥ltles Unr•strfetsd funds 2024 Unr•strl¢l•d lund8 2023 In¢omlng Rosourco Donations 8nd Gffts Leg8Gles Svbtotal: In¢omln9 rn¢our¢•8 from g8norat•d luthd$ Invesim6nt Income t&￿$t Receiktbltt Subtotal: In¢omlng R$¢urc•8 for g•n•r•tlng fund$ 530,331 181,615 711.946 6.135 110.695 116,829 593.126 832,486 1,425.612 1,148 25,630 26.TT8 Totsl Incom•liom ¢hafft0kn￿ •Y•nts 828.775 1,452,390 P7 6. Incomg •arn•d from other act1￿11•$ The Trust has tM) pAndpal trading subsKliari88 which afft into￿orated ￿ the UK. The F•sUnlog Rallway Company Iln ￿lch the Twst has a cont¥ollkng Int¢rest In each category of sharel owns and operates tho Ffasliniog and Welsh Highland Light Ralhvay Sn North Wales. Ffestlnltsg Ral￿waY Holdings Ltd is a tholly owThed 5ubsidlary gnd trades as a travel and ti¢kel agency and lour operator. A summary ol their trading results In81 of inter-company Iradlngl is shovm below. Accounts foT both CA)mpanies have be•n audlted. Those for FfèBtinit>J Rabmay Holdings Ltd have bogn flled al Companies House and those forThe Fesllnlo9 Railway Gompany arè aV8118b￿ on request from Harbour Station, Porthmadog, Gwynedd, LL49 9NF. In addl￿"on. The Fesuniog R211way Cornwy h8s three olly O%*TEd Subs￿￿ar￿s, Welsh Hlghland L wht Raihvay Ltd and Welsh Highland Rallway Conslru¢tknn Ltd Ibolh ineorwated In the UK), whkh are invc4vetl In thè r8vlv81 of the Welsh Hlghland Ra1￿Y 8nd Ff¢stinK)g Railway Heritsge Limited has had no tradin9 actNty during the period. Ffesbntog Fubjres Lirnited hokl$ £250 of Festinlog R81MBy compsny ordnary stocK of whlch $om& lsjtsintty Dwned wlth 0th8r8'. In 011 ¢as8s. ownershlp wlll evonlually revert to the wmpany. R￿v•y Ltdw N￿Wan￿ R*5fway 2023 T471al COm￿nY Urknd L￿1*￿ Tthl Tumww 3,N3.51Q 7.342,Cel lo.551￿1 9.981.411 48gA87 198515 .DdQ 1,143,110 IW5.721 1521.0301 12.685,6581 .179,6991 12A29.7411 1.601,968 1M77.773 1O1¥DS 1*227 526.251 FR$ 17aCtsMr￿19aln￿￿K$l Tox on Frf¢r*onordkwid¥llE 1116701 14,7931 117A24 2.179 140.983 128.5831 4Z664 $06226 )6.￿¥ PB 7 In￿￿m￿nI Incom SDrrteoflh&woW inwr¢of£8.967120YJ'. E1.148larf8oBfrom rnrywtr￿hj lThth&trHL¥rysubshJWtg Fund KbnlFuThd LYD Vl¢ykBhop Totsl Gr•r46 891389 523 712 89J.36 Total EweThlibxe¢n¢harftabl•adiities wayt904.78912023".£381.9151olhtdch£898,938**1 Utrt•ltlthd (2D23.'£359.$341. Fund Kyrtl FuNd P5 Wth*•hop DIT¢￿￿ 1281 SW.670 Notcoktfvrthd frDmdrmiiuts 8945 IVel•h h￿h￿nd ￿4￿￿yFU￿d Thg greNs wnrnitt•daThY p•N4duDr*ih1yo¥4￿ m*Dtyfw4fwJthk¢onknirwJprogrArnmeb>rnstarnrnDr*oiih•F1•5Unhg Rallwal5 NIlW￿￿lIVe8. ￿MaIn1￿j (*)mW althDy•pr8ndwertlL*thg off￿￿0 ofth? Ff•sti￿OR￿1lWalI&¢or*9S arwj I￿p￿￿m￿l￿ io Nsiorfc￿ bulldityion The T￿￿tI￿*ItyldbthSth@cO￿ts ulits supwd fijncwons. NthenithhthlèA kn)99 rnW•toths ￿m*￿e•fu￿￿10Tr. H•vry thntilbBd1ts9)vemarrtx costs. the rerr•SrdngsuppJrt Ly>&ta ttyJth **hgovoMun￿¢￿ts￿r• btheenthg lour kgyth0rf1￿￿9a5NVI1￿j ￿Yer10k•￿lS80 r￿¥￿) intr*￿1. R•fwknth IDN• baW* rtrapw￿l￿BMa￿Jts*ar￿￿S0f5UppOrt￿wj9jyornar￿ Analysis of Support and gov•rnan¢o costs G•n•ral support Govemane• function Total Basls of apportionm•nt Sundry Expènsès Auditors Remuneralfion Fund rai$ing costs 323 5.22 323 5.226 4.550 Invoiced Invoic8d Involced 4,550 Total 550 10.099 Support and gov8manca Costs are £10.09912023: £6,539). 11 Ngt Ineomel(expendltureJ for th• ￿0T 2024 2023 Th18 Is statod after ¢harglng: Dèpraciation Rel$èse of grants againsl dgpréclation Audit fees Leasehold Amorti$ation 1.542.720 1288.604} 5,226 1.281 1.260,623 1,502.732 {288.6041 4,920 1.281 1.172,985 12 Analpls of staff costs, trust•0 r•mun•ration •nd èxpens•s. and thg cost ¢rf k•y managemtnt personnel 2024 2023 VV89es and salari6s Soci81 security costs Pension costs 3.268,666 270,716 64,027 3,603.409 3.148.455 265,356 40,513 3.454,324 Pènsion costs are allocated to Activ￿•S in proportion to the related staffing costs incurred and ar8 wholly charged lo unrestricted lunds. The charity Iru8teè$ were not paid or re¢givèd any other benefits from 8mploymenl wlh th& Trust or its Subsidiary in the year12023'.£NILI 13 Staff numb? Thg av8rage monthly number of full-lime 8quwalent employees (including casual and part-tfime staffj during the year were as follows". 2024 Numbgr 2023 Nvmbgr Full Time Part rim8 S&son81 84 13 43 140 78 17 36 131 pio 14 R•l•tsd ￿rtY tran84¢1 The Ffe¥tiniog and Webh HPJNand Rallways Trust has a 0)nt￿lI￿ry Inlgrnst In the Fe$tlnk)g RaI￿aYCompany. and #Iso owns all ollhe issued Share capll81 of Ff8Stiniog Rai￿aY Holdings Ltd. Durfng the ￿&r the trust made a number of grants tsr charitablt purposes. all of wh￿h werÈ In CanneC￿"¢n with the 8bove merbtk>ntrd th)mpanbs. Further delalsofgranls ¢ommitted and paKI durin9 th? yoarcan befound in Note 8 tothese accounts. Furth•r Snformatlon ￿nCernI￿ sub¥idprie& Is provhled In note 6. 15 Corporatlon Taxatlon Th8 charity is exempt from tax on income and gBinsfalling wtthln section 505 of Ihe Taxe$ Act 1988 orswl¢ffj 252 of th& T8xalion ofehargeab￿ Galrns Acl 1992 to the ox¢gnl that these ￿ applled to its tharitab￿ objects. 16 Tan4blo flxod a¥wts •charfty lal80 Cl￿￿1$￿9 thatofthè group Chtrlty onty Trusi Lonp Loa$ghold Propt Long leaS•￿Id Pl8nt machln•ry land and 4nd motor bulldlttg$ ¥8hl¢lo$ Tot81 Cost.. A8 at 1 J￿u￿ry 2024 Additffjn$ IDi¥)osal¥l 12,791,1)68 1,598.013 43,082,167 615.085 1414.0481 55.873,233 2,213.098 1414.0481 126,825 14,389,079 43.283204 57.672.283 126,825 DeweThat￿nlAYTrOrt1È8t￿J￿'. A8 at 1 J￿v￿ry 2024 Charge forlhe ￿ar Depreciation on di5POSo1 ininated on dk8p)sal 16.060.320) 1944,4921 112,$95.3881 118.655.7081 1591,9961 11,536,488) 132,025 11,2811 004.812 13.187.384 20.192,196 Net book vakne.. AS 8t 1 January 2a24 730.746 30,486,779 37.217,525 94.600 As at 31 DectmbBr2024 67 3•.095 820 37 410 087 #J,S19 pii 17 Invtslm•nts Chorlty only Lknt•d L•t)Il$ted UstAd Unllsted Tolal Totsi Group and Trust Colt or￿lua￿•￿'. At 1 January 2024 Purch3s0 of nAW Disposa$ Rev8lu8ti IMpairn￿nt At 31 D•¢•mber 2024 19,360 19.365 19.360 31,351 50.711 119,360 119,3601 119.3601 119,3801 31,351 31.351 Th& aggregate m¥k•l vaL* of the Ilstsd In¥8Stments lall of are Ilst8d on a recogni58d ttc*k 8xthèngol wa$ 88 foll￿.. 2024 2023 G•neral Fund Icosl £9,869) Rèstrithed Funds.. KyrAI Fund I￿st £90.6071 19.360 19.960 Thp unli61ed I￿￿$1M￿tS oflhe Trus1 are disdosed fumy h the baanc8 sh8etoflhg Trust an pAgè 8. Tr Ilsled ¥￿t￿OnI8r• h8ld to prov0￿ an Investrn?nl relum. 18 Stock lhd WIP Oroup Charlty 2024 2023 2024 2023 Stock wip 340,933 174,648 51S.581 490,308 280.551 770,866 1$ D•trknr• Oroup Charlty 2024 2023 21123 Tradtr dèblorg Olher debto T8XBtion and Sttral 68¢urfty Propaymonts and Acc￿￿d Incorne 1,110,649 38,416 157,630 214.667 46.955 160,751 24,999 21.161 20,277 342,563 453.387 I,WJ,258 875,760 20,259 46.160 P12 20 Crgdilors: amounts falllng du• wlthln one yg Group Charlty 2024 2023 2024 2023 Bank loan Unsacured Loans Trad8 creditor5 Othor credttors Ac¢mals and deferr8d inccffla Taxath)n and swkil Secuwity C051s Corporati¢)n tax 81.333 731.282 303,526 1,378.896 98,261 272,813 290,029 956,￿1 355,678 153.458 92,345 130,209 2.567,382 355,678 153458 Deferred carAtal contribulions are gffts and grants roc8ivad by the Tnjsys subsith8ry companies In respect of ¢aF4tal 8xponditufe incurred by them. 21 Deforred income GTQUP Charlty Balance a$ at 1 January 2024 Movement In year 956,961 1421,9351 B8larK8 88 Ot 31 D8￿ber 2024 1,378,896 22 Crothtors: amount$ falllng due after more than one year Group 2024 Chirity 2024 2023 2023 Delerred capital contributions Bank Loan Ffe5tiniog R8llway 4% deb8nture Stock 30.454,583 30,099,828 15.760 15.760 30115588 P13 23 Continggnt Li*bllEtI•s The assets of oflhe subsidiary cornpanies of Tfust. Welsh Highland Llght Rallway Ltd, arè secur8d by way tsf a debttntuffj belng a fixed and Iloating charge In favour of The Mlllennlum Commission as of th8 conditions for that body providing funding for the rabuilding of the Welsh Hlghland Railway from Caernarfon lo Rhyd Ddu. The legal agreement between the company and The Millennlum Commission gives th8 Commission Ihe power lo lake over the assets of the company in Ihe event the cornpany fail$ to rainstate the railway and commence passtrnger operations on temis agreed with The Mlllennium Cornmisslon. Resldual ¢laims amounting to £164.000. relating lo lh8 construc1￿ of Phase 4 of the Welsh Hlghland Roilwtay. have been received from eontractors. The Company dESp￿eS these clairns and Is of the view that nothing further is payable Sn respèct of Ihose contracts. Al the ¥￿ent time it is not poss*Jlè to quanlrfy the ev9ntual outcome of theso Glaims. 24 Capltal Commitin?nt Thè subskliary entities had a131 December 2024 nil (2023: nll) capital commrfmènts eontracted for but not provided for. 25 Pensions One of the subsidiary companies of thè Trust has put in pths ￿n￿on provlsion5 for its stsff. Untll 31 Odober 2001, tho subsldiary company operated a fundad defined benefit p8nsSon schen* providing benefits based on the final rèmuneration. The asse15 gf that scheme are held $6parately from those of the company In an indèpendently administered fund. Thè funding of the schomè Is assessed in attorr percentage g￿lt of the scheme assets as a percentsge of lotsl plan assets 8nd the eypected relum were as follows:. 2024 Per¢*ntag• Asjgt Spllt 2023 P•rcèntage Asset Split 2024 As$•t Spllt 2023 Asset Spllt Equities Propety Fixed Interest Cash Total 702,000 183,000 866.000 369,000 2.120,000 33 856,000 318,000 922,OOfl 36,000 2.132.0(Kl 40 15 43 41 17 100 100 The subsidiary company expects to make no contributions to its defined benefil pgn$ion schemè in 2023. Prlnclpal Actuarial Assumptions a¥ th• Balance Sheet Dats {•xpresstd a8 w•lghtsd averages) The as$umptions used by the actuary are the bèsl estimates chosèn from a range of posslNe assumptions whlch. due to the limg$cal8 covered, may not necessarily be out in pracl'ce. 2023 5.3/ 4.5• 3.0% 3.0% S2PXA. CMI 2023 with minimurn of 1.25Vr* pa 21.0 23.2 2023 4.5YD 4.7% 2.90 3.1% S2PXA, CMI 2022 wth mlnimum of 1.25% pa 21.1 23.2 Discount rale al 31 Decgmber Expeci8d retum on k4an assets al 31 December. Future revalualion in deferrnent Futurè pension increases Post reliremgnt mortality Life expectancy for 65 year old ma Life expectan￿ for 65 year old female ' The overall expected rale of retum is calculated by weighing the indNidual rate5 in a¢cordBnce with the anticipatgd balance in Ihe plan's inveslment wjrtfolio. P17 2S P•m¥l•n* {C•nIln￿11 On 1 Mw2014 ths sUbsklLArycomp￿Y t51abighod w nèw Auto enidmerf 0￿P per90nal penBk)rn sc1￿m# ￿E S¢hernes1, onu for n￿)nthlY p3kl empi0>￿es a[￿ for wéekty pak4 emFloyees. Ertpfoyfjr￿1 erryloyee cu)tribution8 ￿ thesesth9rrhry5 ar* made ocrordan¢• wth th6 ratss Igld down bygDvgmrtpTrt législallon. Thtrsubshllary ¢rmiparyrétsir* • 818kohoklèrpBnsion scherne for any stsff who *ish to￿￿ a cornp8nyws4on schem? butaio Mt i91￿e tojoin Ihg AE $thdm86. Thore no Con￿any¢￿ntrIbUllonts to Ihat scr￿M•. 2024 2423 PBnBK>n chargBS in t￿￿0￿) rrfofil and Iw ¥countfoit pert(yJ ￿r*.. clo￿ lefined benefd ad￿ curremmo￿Y Wr￿￿È schorne 73,387 43.195 116.582 63,340 43,212 106,552 Tr*abDV? arrw)unts IndthllrvJ athn15trath)n cos15 ITr td8tlontothedefined benefit s¢￿Me. knounts re¢ollnls8d 5talemEnl oflDW ￿￿￿L$ed galn5 and kn$¥trs.' 2Q24 Ttw pTB¥8rrtv￿￿ ofuifunded Obli￿1￿ 91.000 950DO 26 Anatyjli of Cha￿l•ble alys￿ ofm•wm•nts ID unreththd fund$ 8alJnu I J&nuAry￿24 In¢omlTrg R•8Mw Othllr r•wnltsod expended gdn¥llfosguI Trinsf4 F¥nds31 B•tw••n Fw¢• Do¢•*b•r2fy24 General Fund Norn chaTts￿errddknY 2,397.423 7,￿￿71 711,946 1 898.9361 12,232.OB2 1 12,on,1371 2.210.432 7.759.393 86,000 12976 071 9.909 827 General fur Non Charitablo fr4dV￿1￿￿5 The Yree TeseNes' after81￿r￿ Ic¢dl d￿￿￿81¥d I￿￿$. These are th2funds of th? ¥ub¥*J$ryctynpan*8 AIys1s of mDv•rnents Ih rn¥ivl¢t•d fund Ball￿e 1 J*ntllry 2024 Resourc•• (Ilh•v •xp4nded g11n￿lI•S9¢s] TraDsf4rs Fund# 31 B•twHn F￿d* Decernb•T2024 E￿JDwr￿t Ffe5tinw Fqalw Fund Kyyal Fund w0￿$hop Welsh HIghl￿d Ry Lyd P5 C2 Fund EThgr96ncy Fund 80,678 94,800 119.3601 61,550 93,$19 3.477 879 4,357 25.1)00 25.OQO 443.319 281 9.360 184,432 NOn￿l￿11n9 ￿lareSts 2,294.e64 2,179 2.296,843 11153,244 12 947 298 11977.356 12 451102 R•$lrktod fund d•scAptlons Ffvstlniog Rallway Fund Thls fund was s8t up as a general fund focussed entirely on the Flestlniong Railway to 8ttraet monles from dorwjrs who V4ished their donation to be used exclu5wely for benefft of th¢ Ffestinbg Railway. Kyral Fund This fund was ¢reatsd to aceommdate donations Irom a Trustee Wish￿ to Mainta￿ contml over which projg¢ts hi5 donations would 5UPPOrt. Effect￿ely. Ihtyrttforn. the Trust is CU8todian trusta• of Ihe rnonK8s In Ihat fund. Workshop Fund DU￿n9 1999 the Trust recewed grants and donation$ amountlng to £126,825 in order to construcl a carritige and wagon wothshop for the ￿$tur0ti￿n of historical vehicles at B05ton Lodge. The workshop has been constructed on land held on a 99 year lease from The Ffestiniog Railway Company ond the expenditurè is bekng amortlsed ovar the period of the lease. Welsh Hlghland Fund This wa$ craated to receive donatK)ns int8nded solely to contribute to the ¢03ts of Te4ening the Wolsh HI￿18nd Ralh¥ay from Caamarfon to Porthmadog. Monles are used prirnarily to support r8c¢)n8truction of Ihe infrastructurè l.e. track b8d, the track Itself. bridges. ststions. etc., although some specific donallons hava bo6n or wlll be u58d to supporl constNction of the new first class carriages lor the railway. This fund also In¢lud85 thè Pullman F￿d which is now In¢lud8d within this Fund. Lo¢omotEv8 Funds These restricted funds relate to the fund¥ held for1he c￿nStrUCtiOn and restoratlon of the Io¢Lvnthvos Kjted above. 27 Anatysis of group net •¥88ts between funds Other n•t ¢redito current of more #S5etsl than one Inv8stffl8nts Illabllltlesl #r Fixèd A6s¢ts Ttstsl General Endowment Ff&stSniog Railway Fund Kyral Fund Workshop Welsh Highland Fly PS Su$ Rail Lyd Fund C2 Fund Emergency Appeal 2,322,712 2.322.713 61,550 61.$50 93.519 93,519 4.355 25.000 4355 25,000 Total 93.519 2,413,617 2 507.142 P19