ND WELSH HIGHLAND RAILWA TRUSTEES, REPORT & AccouKrs For the Year Ended 31 December 2025 Charity Re8lStration Number 239904
TRUSTEES, REPORT AND ACCOUNTS FOR THE YEAR TO 31 DECEMBER 2025 PROFILE A FastSniog Railway Twst was cr88ted in 1954 when the late Mr. Alan P8gl8r provided funds to awulre a Ix)nlrolllng interest in The FeslinKMJ Railway Company (the "Compan) and arrarKJed for stock to be transfgffed directy to Ihe Trust from the previous shareholdèrs. Tho airn was for ownership of that Ignowned raiw to be S8re in welkjisposed hands in perpeluty. Th8 Trusl was subsoqu8nly reconslftuted and regstered as a ¢arity on 10 Nov8mber 1964 and has amongst its slated aims the erKouragement and s(wort of charltable purposes connected with r81frw8ys, particularly the Ffostiniog Ra.aY ('). The Trustees are appointed under a stheme approved by the Charity Commissioners and Inwrporaled in an amended Trust Deed daled 30 September 1998. With the approval of the Charity Commission, the Trusi Deed was further amended on 5 October 2012 to change Ils name lo The Ff8stlnlog and Welsh HighL9Th1 Railways Tnjst (Ymddiiiedolaeth Rheilffyrdd Ffestsnlog ac Eryn in Welsh} and to make a number of administrive changes., fiJrth8r adminlstrative changes were made on 15 Aprfl 2018 and 21 Febnry 2025. Runnlng Ihe Trust is an enb'rely voluntsry and unpaid activity. Trust income is priMarY from fts,8Trj legacies and from the profits of a wholly ONed trading company. Ffestlniog RaIVaY Hohjlngs Limited. TP¥s expk)its commercial OprtunitIeS, notably th8 Ffestinlog Tra1 business, tho1 wg not FM)$8iL4e for the C(Mnpany. The Trust owns the gr8al majority of all dasses of Kssued share capitsl and debentures of the Crynpany and nominates the Company's Dlrectors. The Company has operated Ihe Ffestiniog Raibway slncè its inception in 1836. Under Trust (rwnership, the Company has also ro-lnstaled and n¢y44 operates the onr dernltct Welsh HighLqnd RaiaY shares the FfeSt1nTr RaiNvay'$ Hart)our station at Porthmadog. runs to Dinas JUn¢ft and has boen extended lo Caemarfon. The Tnjst expects that the Company's annual costs and sorrn. bul not all, mar rer101$ WIN be )vered by bts annual revenues. The Trust's SUPFK)rt is focussed on improvement projects aml eath has Its own Project plan. Proffts from the Ffestiniog Travel business add lo the Trust's funds available for Such devek)pmenL The Trust does not rK)m)alty in'at8 charitable work Lxrt reswnds to requests fnxn olhar interested brJJi8s for grants to support actsmtses allgned with its charitsble aims. A considerable collectkjn of artefacls, Yecords and ephemera exists concerning the rnilways. No longer required for the rah%vays' operation and maintenan. these constitute an important and hlstoricalty signrficant record. Trustths seek to ensure Ihat arranpm8nts aro in pla( for the continued safe keeping of Il*se items and Iheif maintenance. After o)nsullation wlth the Trustees, a Heritage Advisory Committee {indud¥ al least one Trustee) has been established by the Company lo oversee the care of these special items. to ensure thelr protection and to enhancg Iheir value to the communty. Constraints of firAnce and spac4 mean It is not currently possible to mount a permanenl display of historic artefacts. However, the complete pre-1954 archive is nNI 8¥9ilable at Gwynedd Archives in Caemarfon. r) The spelling of Festsniog"in the Companys name is legalty wrrect 8nd refl8ds contempornry Welsh u88ge in 1832 when the Company was created by Act of Parti8ment. How8vor. the Tmst and the Companyhav8 now adopted currenl Wetsh spelllng of -Ffesliniog"in day to day uSe and this is used thug1h)ut the reffoiThlerof this Pn)file and Ihe T&0•$, Report.
LEGAL AND ADMINISTRATIVE DETAILS Hafbour Station Porthmadog LL49 9NF Registered Charity Number Secrntary R D Hdton Soprano Fl88cy Court Chapd Green NaplonthlhtrHill CV47 8PA Legal Pdfvi8of R J L Slonos 91 Llnden W8y N14 4NG S B Cheetham Daubentons Staplcy Lodb HR8 1NP 8ankers Natwest Bank C PO Box 877 31 Cheapside London EC2V 6Frr CAF Bank {Charity Aid Foundation) 25 Kings Hill Avenue West Mailing Kent ME194TA
TRUSTEES, REPORT YEAR ENDED 31 DECEMBER 2025 TRUSTEES Dr J D C A Prideaux CBE (Chaimn>. Mr R Broyd CBE: Dr D R Gw OBE; Mr D R Jonos: Mr N F Burbidge The Tn108$ pr8sent their We and the aCcnts k)r the yeaf W)dgd 31 Do@r 2025. 8tat•m•nt of TTusts••' R••poMlblllllos The Tntstses are responsible preparirKJ Ihè TnJsl888' reiKKt and Ihe financial slatements in a¢¢ordance with applicatjlg law arKI Unlted Klngdom G8neraly A¢w)ted Acc¢)untif¥a Practlce. Charity Law requires the Trustees to prepare financial statements that give a tJue and falr vbow of the stste of affairs of the charity and the group. of inr))ming rosourcs and the appJi¢8tion of tho80 resources vAth5n the group for each financAal ye8r. TNstees aro required to.. Selecl sultsble ac4xJUnry polIc>S arKI thon apply thom con&st8nlly; Observe the rnetl¥)ds arKI prtn(aples of the Chaiities SORP: Make judgements and estimates Ihat are rea$able and prudent: ststè whelh8r applicable accountlng standards hav8 béen fdlthved. subjecl to any m8t8rial departures dlsdosed and expkqined In thè flnanaal statements arKI Prepare tho financlal slal8m8nts on Ihe ong(wng nCern basis unless It18 inw)propriate to pSUrne thal the Tfusl WIH witffiue in operation. The Trust8 aro resporlblo fof ensurlNJ that accountsW rneord$ ar• kept that disclos8 the flnandal posllon olthe charity wth reasonat4e accuracy 818ny time and an80 Trusl8as to énsure that the statements compty wrth Ihe Chariti65 Acl 2011 Tegulalions made thereunder. They are also responsible for safeguarding the assets of the charity aThl the group by taking reasonable 8t8ps for the prevention and doteclion ol frJd and other IrreWritI9s. ObJ•etlv•s and AclMtI•s The objectfves of the Trust are-such tharllable purposes connected with railways as the Twstees detemiin8-. In selecting appropriate purtw)ses, Ihe Trustees are requirnd to egpo¢ialty Ir in mlnd charitable purpose8 connected wilh Ihe knpany. The Trustees bjfil these alms thmugh athioes almed at the charitable purpose of advanclng heritage. These include: Providing fvnding to 8UPWt the c¢)ntinued of the Ffth'nw Railway and Ihe reconstructed Welsh Highl&Thl Ratrway and Holding a o)nlrolling Mterest In the CThnpany to ensure that it continues to operate in accordance the Trusf$ objeclives and to enable it to oversee the prosarvation of hlstoric rolling stock. archrves arKI other artefacts relating to the ralwayS. Prlnclpal Actlvltl•• and R•vl•w of th• Y•ar Income was agan primarity from legacies. donations {induthng a sizeable donab'r)n from Ffeslinh)g Travel) and from investment income. Totsl income in 2025 was £709,323 (2024£829.887). Income from legaues was £138.31812024.' £181.61s18r from all gffts and donations {induding Ffestiniog Travel and glft aid where applble) was £512,089 <2024 .'£530.331).
Governance costs in 2025 were £10.535 (2024.'£10,1001 of which about two thirds ar8 audit fees
and the bulk of Ihe remainder wEre lundraisir¥J costs. Adrninistration costs are minimal as all
Trustees and Officers of the Trust are unpaid and dedine to daim personal expenses.
In response lo requests from the Cryany. new o)mmilmènts were madé t¢)tsn9 £449,OLKI
(2024. £470.OLL)). Commitments in 2025 included fd$ for provision of improved carrtage storage
and remodelling faciliti'e5 al Dinas. addilional fijnds to complete the refurbishment of firs18$$
carriage Glatyn, additional funds necessary lo complete replac£m8nt of the roof of the 1900
erecting shop at Boslon Lodge, refUfbishMt of rness 1001. fittsry out a new tool van for PW
operats'ons and knrKling the 8mployTrent of a Head of Volunt88ring by the Company. For this lasl
commitment, the fijnding will be shared equally by this Trust and the trwo supporting societies.
These comn¥lments win be dlavm dth¥n as gwants by the Company over time as the work 18
mpleled.
In 2025 the Company drew down £761,567 (2024.. £893.3891 againsl eadier Gommitmonts. This
indudpd th8 refurtjishment of first
pandemic. An after-tax wofft of £298,5 12024: £352.662) was usod to maintsin reserves {essential for a travel business} and to conbnue payment ol charitable donats'ons to the Twst. A donats'on of £275,000 was paid to the Trust by Ffestiniog Holdwy Ltd In 202512024:£310,0001. Publlc Bonofft In planning theii artivities, the Tnjstees gave due ryd to the wdance on public beneffit issu8d by th8 Charity Commission. The Flestlnlog Ralhvay is of enormous signfficance to both the world-wide developmènt of narrow- gauge rallw8ys and the industrial hislw of North Wales. Much of Ihe 0ri9inal infrastructure architecture. induding Ihe ongy1 worf(s at Boston Lodge. h8$ been retained. Motivè FM)wer aThJ olh8r rolling stock of outstarKling histor81 and t8chnical interest continue to bo operatgd and, togeth8r historic art8facts on display in Porthmadog. are visible to all. The restoration of the We18h HFghland Raitrway has reconsllluted anoltrffjr major part of the narrowguge network historicalty proposed for the reglon. The company has business and technical archives dating from its 1832 inception as a statutory company. The88 ar8 depoted wlth Gwynedd Archives in Ca8rn8rfon and freoly availabl& as a rnsource for Tesearchers. PreSer¥all of h8rftsg8 FxovKles an educational and recreational resource which b8ngfits Ihe communty as a who40. The railways run through (and provth access to) the Glastsm Landscape of Historical Signrf¢ance and the Snowdonla NaOon81 Park. Reo)gnition ol the )ntributiOn to public benefft has comè from the Inscnplion of the Fle8tinlog Ralhmy as a UNESCO Worfd Heritage sits {part ol The Slatft Landscape of North Wesl Wales). The Company $4w)rts k)¢ ConynIty ty sponsoring WKI parllcipating #i local events and by providing re90urces and woth experience fr>r local sctN)ds. It is not easy to fiThJ high quallty Jobs In GW8dd- particularly outside the pubh"c sector. The r8lways are notjust one oflhe18rg8st employers in the area, but have bocorne a noted centre of excollance In area5 suth as carriage building and rn8thanical engineering, and so offer local pewe an OPFQrtunlty to dgvelop skllls which would not otherwise exist in such a reThte area. Many of our pemianent staff are reuuited localty ond have Welsh as a first language. The Trustees will ¢onlinua to sponsor estsblishéd methrs of ¢)ur pamn0n1 staff who do not rrentlY spéak Welsh but would like to do so. The NLHF pro¢1 at 8oston Lodgé has includad provlslon of d8dcated rgsources to further and enhance volunteer activity in interpretation of the railway's irnpact on the comnwnity Icurrenuy and hisloricallyl and has créaiod aPpr1C4St#P p0Son9 4XXffjfing work8 adrninlstration, proje managoment and interpfetstion. Our local CornnnIty, wlwth ts dassified as an accrf1Ca1IY disadvantaged area, beneffts diréctly from the railway3, activilies iKrt also Indlrecty from benefits accruing to local eM0yerS and other businesses. Th8 overal benefit to the region has been the subj'ect of academic studies and has b8en estimated to be over £21kn per annum and to support around 400jobs. This lev•1 of economic rA>ntr1lIi0n is recognbsed as common ground in diS8$10n wth Government and lo1 intsr98ts. Slruthr•, Gov•manc• •nd MwMg•m•nt Relallonshlps belween the Trust and ts Company we wvemed by Ihe Trust De•J SUppknnIed by a Relationslmp Agement dated 6 (ktober 2023 This reFlaced eartier Memoranda of undetsnding betsyeen lh8 Tnjsl and Ihe Company daled 26 July 2010 and 31 Juty 2003. Trustees a apFxxnted for five years (and may bè reappoint•J for further lenns) under a scheme approved by the Charity Commissioner arMJ which is reflectèil in the Trust Deed.
Mr M L Smllh retired as a Truslee at the end of 2024 and Mr N F Burbidge was appoinled his successor for a five year term with effect from l January 2025. Retiring Trustees may be appointed as Emeritus Trustees for a pericxl of three years. They are Dot Trustees but attend meetings of the Tmslees by invitation in order to make their exp8rienrA available to th8 Trust. Mr M L Srnth b8came an Emeritus Trustee with effect from 1 January 2025. The Twstees mel fonnally on three occasions in 2025. Individual Trustees arwj Officers attendod numerous other meetings and [lCtiOnS thrghout the yeaf. The Tfusl has no ernoYeeS and work by Trustees and Officer5 is voluntary. The Trustees are gratgful that approximatoly foty perc8nt of thè h)urs worked on the railways is undertaken by some 1300 unpaid volunteers. Synlficanl effort has t8 mad8 in 2025 to better accouni for both the number of active volunleers and the volurrteer hours worked in support of the railways. In 2025 Truslees passed a resolution to amend the Tnjst Deed to remove certain restricts'ons on 811glblllty to be the Chair of Ihe Trust. Tlys chang8 w8s notrfd to. and approved by, The Charity Commission. Tru8tse$ also approved regjatlons which darified prorUreS for the conduct of Twst business. On advice from the Tn$ Treasurer, and after C$0nn9 requirements for liquidity. Trustees 8pproved measur8S to improve relum on assets through us8 ol rnney m8rkel and eqimty fvnds. A review of Trust polide$ reVbed a rwibor ol gaps which Trnstéès f8lt should bé addr8ssod. Additional policies will be h1 forward for approval by Tn1885 in 2026. A review of the Trust's Register of CcKrflicts resulted in STh Wting after per8onno1 ¢hange8. Th8 Gènoral of Ihe Twst supwrts Iho Trusfs g•noral charilable purposes incluLlng the TfUSt'6 heritage and arthNe re8wnsibililies. In addition to the General Fund, Ihe Trust m8intsin$ several reslrided funds for varlous moro specific charflablo wrpo•es whore donor8 wlsh to support 8 particular project. The Truste88 confimi thal the cartty h88 c(xnrAthJ wilh curr1 statutory requirements, its Trust Deed and the prlnclples of Ihe Charftlos SORP (FRS 102). Rl•k Manag•rn•rt In Ociobw 2022 Trustee8 condu(Xed a d&tailed of tho: Prinrypal rfsk8 and uncertainlies Ihat affect the charity and Measuros in place to rnibwè th8 fisk$ idtified and nwguros to minimiso or manage (as far as reasonably practicabl•) any Impact on the charfty shoukj th088 rfsks materlallse The charity's rfsk regislor wo8 updaled as a result of thls review. Subsequent annud revlows hav8 ¢onfimRd that Ihe risk Tegister remains appropriate. The Company and Ffests'niog Raimiay Holdings Limited maintain their own annually reviéwéd risk assessments. The Trust rec8Nes regular reports from theffl highhghlsng areas of concem. Safety. which is the principle operational risk for the Conpany. is subject to an annual, ind8pendènt third- party review. Grnnt Award Pollcy Grants are made in support of specifK approved and budgeted proiecls and must be approved by the Trusteos. Grants payable are ac(¥)unted for when a Constructive ob1tqa1n has been entered Into. The value of such grants unpaid al year end is accrnd. Inv•¥lmont Policy Apart from its holdings of shares and stock of the Company aTrJ ol Ffestiniog Raihvay Fh)IdiThJ8 Limited, the Trust's investments afe limited to secunts'es donated to the Trust which are held to
generate incom8 arKVor the oppc*bJrwty for gain. An upd8ted Im81m0nt policy Is eXpted to be approved in 2026. Pay Pollcy for Sonlor Slaff No Tnjstee. or Trust offKial. re¥1 any rnrnuneralion in 2024. Impaet of Corona Vlrus Any resldu81 impacts from the cwona iirus pandemic have twn Mnsolldated Into Trust and npany operating procedurns. Neither the Trusl N its subsldlary I))nW has any outstsndwvJ loans resullng from th• rnwt pandemic. The TnJst8es have revie4vod the T•8$ of the Trust and consider that unmstriclod funds are $uffic4enl lo rneet the Trusl's comrnilments aTrJ otherf¢)rese8alk calls tjn its fimd$. Reser1816 of tho charity ar8 monitored on an crying basis to ensLwe Ihat they remain sufficienL At 31 Dacember 2025. total Tnjst reser¥es V•pro £2.536.476 {2024: £2.597,142). Dr J D Prld8aux On behalf ol the Trusteos 19 June 2026
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
THE FFESTINIOG AND WELSH HIGHLAND
RAILWAYS TRUST
Oplnlon
We have audited the financ4al statements of The Ffostiniog arKI Welsh Highland RaiNvays Trust {th8
'chariV) for the year ended 31 Dernbef 2025 which comprise the Statement ol Financial Activiti8S.
the Balance Sheet and notes to the financial statements, including a summary of significant accountsng
p)li¢ies. The financial reFK)rting framewoth that has been apled in their preparation is applicable law
and United Kingd¢)m Accountir¥J StaTrJards {United Kingthjm Generally Accepted Accounting Practic8}.
In our op1n1 the financial statefflents:
give a true and fair view of the stats of the charty8 affairs os 31 31 Dember 2025 and of its
InrA)mirvJ rosources and applicats'on ol resources. kjr the year then endèd:
have been propedy prepared In accordance with Unrted lthngdom Generally Accepted Accountin9
PrKtrce: and
. have been pr8parod in acaKdanco wlth the requirements of the Charibes Acl 2011.
Ba•1• for oplnlon
We conducted our autht in accordance wlih Internauonal Standards on Auditing {UKI (ISAS {UKI) and
applicable law. Our resp(SIbIlitieS under those standards arg further descnbed In the Auditorn,
responsibilities lor the audit of the financial statem8nts section of our r8pct. We are indepondenl of
the charbty In accor
Matl•r• on T*hlch w• ar• r•qulr•d to r•port by oxe•pllon We have nothlng to repc¥t in resp of the folky1n9 Matte where the Charities (ALxounts and Reports) Regulations 2008 requires us to reFKYt to you rf, in our opin. lh8 infomialion given in the Report of the Trustees is inL>)nsist8nt in any material respeL% the financS01 stalernents,. suifi¢ient accounting ro(ths have been kept", or Ihe financlal statements are not in agreement th8 a¢counlir¥J records and retums. or We have not rKeived all the Infornt aThd ex[allOnS we require for our aud Responslbllhhs ol trusteos As explained more fvlty in the Statement of Trustees. Respcrtsibllitles. the trustees are responsible for the pr8paratlon of the financlal statements whith give a true and fair viwl, and for Such intemal c¥)ntrol as the trustees detèmiine is necessary to enable the preparation of flnanclal statemants Ihal are free frorn malenal misststemont. whether due lo fraud errLY. In preparing th8 financial statements, the truslees aro rnsponsible for assessing the chartvs ability to contlnue a8 a goirvJ conM. disdowng, as apice. matters Telatgd lo golng Corarn and using the golng concem b9 of acc(xmting unless the trustees eiltw intend to liquidate the charity or to a$8 operatK)ns. or have no realislic alternati bul to do 80.
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE FFESTINIOG AND WELSH HIGHLAND RAILWAYS TRUST Our responsibilftl•s for th• audlt of th• financial stalemonts We have been appointed as audItS under Se(lion 144 of the Chariti'es Act 2011 and raport in accordanc with the Act and relevant regjlations made or having effect thereundor. Our objectives are to obtain reasonatrje assurance abcwt whether the financlal statements as a whole are free from material misstalemenL vthelher due to fraud or error. and to issue a Report of Ihe Independent Auditors that indudes our opinion. Reasona8 assurance is a high level of assurance. but is not a guarantee that an audll condu<Xed in a¢cordarKe ISAS (UK) wll always delect a material misstalemenl when rt exists. Misststements can arise frcrtn fraud or error and are consid8red material rf, indNvJually or in thé a9gregate, they could reasonabty be expected to influence the economic der2sion$ ol users taken on the basis cl these finaniial statements. The extent to whlch our procedures are (•pable of d818ding irrewlarities. indudmg fraud is detailed We gained an understandlng of the lepl rawlatory framlork applicabb8 to the company and the industy in which It op8rales, arnl consklerod the risk of acts by company that wern contrary to applicable laws and regulations. Including fraud. We d•sign8d audlt procedures to reSp(d to the rlsk, rec4yilslng that Ihe risk ol not dol•¢ting a maledal misstslement due to fraLKI is hIr than the rfsk of not detecting 0 results'ng from error. ag fraud may Invoive dellberate concoalmenl by, for 0Xnple, or intgntional misrepfesentallon8, or through collu5hon. We Iocuss8d on law8 ond regulalions whith could give ri80 lo a matertal misstatement in the tlnancial statements, Induding. but not limlted to, the c1panIeS Act 20(h3 and UK tax legislation. Our tssls Included agreeing the financial slatement disGlosures to underlying supporting documentallon. enqulrle$ with managemenl and enquiries of legal couns•l. Thore are inhefent limilalions in the audit proradur8 described above and, the further removed non4xJnpliance lth laws and r8gulallons Is from the events and Iransactlons reflected in the financral staternents, the less likely we would bocome aware of it. We did nol Mjentfy any key audit matter8 rolaling to i1wewi. includiry fraud. As in all ow audlts, we also addressed Ihe risk of management ovorTide of inlemal ntrol8. induding test'ng jrnal$ and evaluating whether there was evidence of trAas by the dir8ctix5 that rapTegented 8 risk of material misgtalgmont due to fraud. A fUrtr d08cription of our responsibillii88 for Ihe audH of Ihe finanaal Ststements is located on th8 Financial Reporting Council's website at V¥4YW.frc.org.ukIauditornre¥ft$ibIIltseS. This description fomis part of our Re{ of the Indepermlent Audrtors.
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE FFESTINIOG AAD WELSH HIGHLAND RAILWAYS TRUST Us• of our f•port This repLYt is made sdely to th8 chantys tr. as a b(xfy. in aecfxd8 vAth Port 4 of Ihe Charilles (Accwnts and Reports) Regulab'ons 2008. Our audit work has been undertaken so that wg Mh1 slate to Ihe charity's truste8s those matters w8 are required to stste lo them in an audRor5' feport 8nd for no other purpose. To the fullesl extent pemitted by law, we do )1 accept or assume responsibility to anyone other Ihan Ihe charity and the chartys trust885 as a body. for OUT a11 w. for thts reporL or for the opinions we have fom)ed. Wllllams Denton Chartèred Certified Accountants Statutory Atsdllors Glaslyn Ffordd y Parc Parc M8nai Bangor Gwynedd LL57 4FE Dal•: .......................,.....................
Fleatinity3 and W•J•h H4hland R¥ifvw• TnMI Consolhjatad Statwnwt FiThanch?l Aclmtyes linduthr4 coniolKlat•d and •kltr• t•L foi ye •TrJiThJ 31 D•cember 2025 Tot•1 Iwd• Tol41 lun 2024 Fun In¢•m•'. 374.819 375,408 712.825 10.229,831 95.681 I,2,508 10,229.831 95,869 I2[),508 10,389.157 753,451 1.709,686 InOnt incw 188 Total Ine•m• 11JOOA36 12,94fj.11• ExP•nd1 Conwn•rci•l tr•th'rv4 t¥•rntw8 Exp•ntlvm ¢h•nt•bkn xb'vitw.. wo 11.142,522 11,142.S22 12,083,967 750.508 760.e87 893,389 T•)tsl •xp•ndl 11.•OII 11.903. 12.977,311 MOV• In fvnd• forth• >wr (1.974J 132,237) Trnn•f•rn lJ•lw••n lund• Oth•r ncogni•d g•in•l(lo••) G•lTrsllbM81 on in%lM•nI ••MI• 94,895 {19,360J Adu•rf41 gairnlll08btsl on d•fmd b•rrf p•nsKin #drn 71.024 70.721 R•¢•nclNBtIDn of Total fundl brwht forw• 9.969.827 184,429 10,154,259 10.109,8S8 Totsl ld• e•Trl•d fomrd 10 128 to t64 26• Th• Itsl•ffn1 ol 11n•Ik •fANrt* TndwJ•• •W g•ffW •nd lo•M• r•¢owi••d in th• yw. +4Jl n¢om• •r •yi)drtw• dori frem
Th• Ff•sbF¥c•J Weh Tr&ghlAnd PA•ip TnAt CwwlbJal•d 84nc Sh••t for y4¥r •ndiry 31 O•¢wthb•r 2025 Grnup 24 Chlrfty 2024 2028 202$ Flx•d 16 17 37.049,049 37.480.ce7 93.519 Totsl hlx•d 4•••1• 37 092 Currqnl 4•••t• stock WIP 310.521 1.016.383 5.480.840 515.581 1.649,258 5.052 896 10 119.988 2 537.363 .259 2711691 C••h •t b•nk in h•1 T•tsl a•m•ts Lknbllll Cr•Slor• l••ng llNn l > N•t Currnnt ••••ts 567.382 242 442 4 641175 272 Tol•l M••ts l••• ¢un•nl H•blllll•• 41.6•1,729 411)ON45 31.4n 1107.142 Cr•dltorn.' du• •llDr mcn 1 J 2P.932.7f• JQ.470.343 25 2 13147• 142 Th• fvnd• ol th• ¢h•rltr. Unr11 irKome fvnd• R•strictqd incom• funds 10.040.151 184.128 2.310,033 9,969.827 184.432 2,296.843 2,354.536 183,936 2,322.712 104.430 Toknl £h¥ltylmd• ckn 138 01 lh• Ch#riTh•i kn12011. Th•M attg>unts acurdBnr th• provi4)n• ol P•rt 1S of th• C¢rnp•Thw kt r¥ting to Ind tnststu h amud a¢0)ts r•4uw•d by Th• th)t•• It p•0• 15 to 29 fomi p•rt ol S#Jn•l................................................. Dr J D pr oft lh•l al th• tswts•• P2
TM Ffwlwibg 4nd HhJhknY R• TNst
St•t•W of Cisl Fltws and cons0•1• St•tsm•rt ¢fCath Fk
for yeargrJing 31 OK•n•f 202S
70,721
195.8691
1.882,623
{288.6041
44.403
1153.4511
1,536.488
1280.6041
knveslrr•Tht incaTh Iw8 int•rMt Yab
D•pr6cLqlknn
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Fnd 4¢¢¢wnl The colts olthe Tntyt hlotr• ollho colli al I)11 pl**. 2.$%10 33% strw tAhJatim, IcArfed f•Jl tya r•4 wbshjary 1978. bAMd wi mwket
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J Th• •umm•ry Iln•nl p•rforn ofth• X24 Oonaon8 and Legad¢• Irp4estment I[Orr •rMt IrKoffl• 37S,408 275 58.640 712.825 6.367 110.685 4x323 •21M7 497.sw M•1 In¢•nlEwrn•l .895 119.300) 2W.142 1001.384 I?,142 R•itilthd IrKom• 183,938 2,354.530 184.430 2,322.712 1107 142 ¥24 Glh ond 011 P4d 43.815 193.278 138.319 40.844 490.367 181.815 L•g•J•8 375M• 712J21 fu 24 DoMtrJwA •rKI Gins Lega4•1 Subtstsl: In¢•m1 lrnm 237.089 138.319 375 5x1.331 181.615 711.•46 6,138 110.695 11112• 50.915 51.911 434.323 421.775
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