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 S8￿re 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 administr*ive changes., fiJrth8r adminlstrative changes were made on 15 Aprfl 2018 and 21 Febn￿ry 2025. Runnlng Ihe Trust is an enb'rely voluntsry and unpaid activity. Trust income is priMar￿Y from ￿fts,8Trj legacies and from the profits of a wholly ON￿ed trading company. Ffestlniog RaI￿VaY Hohjlngs Limited. TP¥s expk)its commercial Op￿rtunitIeS, notably th8 Ffestinlog Tra￿1 business, tho1 wg not FM)$8iL4e for the C(Mnpany. The Trust owns the gr8al majority of all dasses of Kssued share capitsl and debentures of the Crynpany and nominates the Company's Dlrectors. The Company has operated Ihe Ffestiniog Raibway slncè its inception in 1836. Under Trust (rwnership, the Company has also ro-lnstaled and n¢y44 operates the onr* dernltct Welsh HighLqnd Rai￿aY shares the FfeSt1nTr￿ RaiNvay'$ 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, ma￿r rer￿101$ 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 uS￿e and this is used th￿ug1h)ut the reffoiThlerof this Pn)file and Ihe T￿&0•$, Report. LEGAL AND ADMINISTRATIVE DETAILS Hafbour Station Porthmadog LL49 9NF Registered Charity Number Secrntary R D Hdton Soprano Fl88cy Court Chapd Green NaplonthlhtrHill CV47 8PA Legal Pdfvi8of R J L Slonos 91 Llnden W8y N14 4NG S B Cheetham Daubentons Staplcy Lodb HR8 1NP 8ankers Natwest Bank ￿C PO Box 877 31 Cheapside London EC2V 6Frr CAF Bank {Charity Aid Foundation) 25 Kings Hill Avenue West Mailing Kent ME194TA TRUSTEES, REPORT YEAR ENDED 31 DECEMBER 2025 TRUSTEES Dr J D C A Prideaux CBE (Chaim￿n>. Mr R Broyd CBE: Dr D R Gw OBE; Mr D R Jonos: Mr N F Burbidge The Tn￿108$ pr8sent their We￿* and the aCc￿nts 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 rosourc*s and the appJi¢8tion of tho80 resources vAth5n the group for each financAal ye8r. TNstees aro required to.. Selecl sultsble ac4xJUn￿ry 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$￿able and prudent: ststè whelh8r applicable accountlng standards hav8 béen fdlthved. subjecl to any m8t8rial departures dlsdosed and expkqined In thè flnanaal statements arKI Prepare tho financlal slal8m8nts on Ihe ong(wng ￿nCern basis unless It18 inw)propriate to p￿SUrne thal the Tfusl WIH witffiue in operation. The Trust￿8 aro respor*lblo fof ensurlNJ that accountsW rneord$ ar• kept that disclos8 the flnandal posllon olthe charity wth reasonat4e accuracy 818ny time and an8￿0 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 fr*Jd and other IrreW￿ritI9s. 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 I￿r 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 ral￿wayS. 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 appl￿ble) 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¢)ts￿n9 £449,OLKI (2024. £470.OLL)). Commitments in 2025 included f￿d$ for provision of improved carrtage storage and remodelling faciliti'e5 al Dinas. addilional fijnds to complete the refurbishment of firs1￿8$$ carriage Glatyn, additional funds necessary lo complete replac£m8nt of the roof of the 1900 erecting shop at Boslon Lodge, refUfbishM￿t 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 and tool van for PW work. SignFfKant •xp8nditiJre on Irnprovlng carr￿8 storage and facillties at Dinas c4)ntbnu8d during the y8ar. In 2025. Ffestiniog and Welsh Highland Raitrways Herltsge Ltd, wholly owrnd by the Company. was wound up. Responsibilty fcy advlsing th• Company on heritage matters and proposed herltagè proiocts passed to a n￿Y fomed Henb> Advisory Committee (HACI. The Trust and the Company collaborated on establishirvj Termg of rOforen￿ for the HAC whlch indudes nK￿lIoTing the ¢x)ndition of heritsge rolllng stock. The skim5 and quality ofdesign and uafi8manship of the workshop staff at Boston Lodg8 known f8r arKI wide and aro a long-term benefit to the *x9anisation. Extemal work overhauling locomots'ves and buildin9 carrlages for other nam>￿gaUge thays wovided welc¥)me ine(xne help dofray the Companls costs in 2025. Al Ihe Cornpany AGM in Juty 2025. Twslees (as majority shargtrb)Ider) supwled r&appoinknent of Stephen Murfitt, 08VKI Keay arKI Mike Hart as Dlrector3 of Ihe Company. The 'lrterpreIa￿ and Boston Lodge ProJ8rf sUpp￿d by the N8tlonal Lottery Heritag8 Fund {NLHF) has been a substantial (£5.2million) proi8Ct. The Trust (along wtth The Fostiniog Railw8y Sod8ty} have pro¥ided 5ubstantlal grants to rnatch the NLHF I￿ntri￿￿{lOn. Resloratlon of horft8 buildings was com￿eted durrng 2024. Interpretation 8sp8rls of the proié¢t. which Indudg guided tours of Bostcm Lodge and workstrws teachiThJ heritage $kiMs. were undertaken during 2025. he R•g8nernti￿ Ralhv8K. published t(ywards the end of 2022, sets Ixrt the vtslon. stralogy and roadmap for the railways over the next decade ￿ so. The till8 of this thKument refiocts our intent lo develop the raI￿VaY sustainably without losirvJ that whith is excellent and which we have In￿rited fr(xn previous generations. As a consequence we aim lo pass on to future genorations 8 railway whlch is Ihiiwng. rewafding to SLVPOrters. neKJhb(MWS and a*tom8rs. and wdl poslttonod for ils third century of operallon. Signth¢ant incr•ases in the costs of empk)ymenl Issues wlth the quality and high cost of coal contiThMI to present challenges In 2025. Hot dry weather brought additi'onal difficulties with a number of cancelled and signtficanty delayed trains. Tourist footfall in North Wales was subdued and traffic rovenues remained flat versus 2024. Tho Company continued and èxtended offioency measurgs onginally introduced to ￿rnbat the effects of the pandemic.and, ￿th Very rarefijl management of costs, was able to post an improved surplus of £50.670 {2024: £9,157). Any surplus is always reinvested into basK exwbthiure on maintenance or routine projects on the fra$trnctu￿ for the railways. Ff8stinw)g Travel. operated by Ffgstiniog Ralway Holth'ThJs Ltd {8 ￿*m)llY owned subsidiary ao the Trust) , continued lo enjoy pfofftable trading in 2025 having recovered the ground k)st during the 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 ongy￿1 worf(s at Boston Lodge. h8$ been retained. Motivè FM)wer aThJ olh8r rolling stock of outstarKling histor￿81 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 depo￿ted 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)¢￿ Cony￿nIty 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 GW￿8dd- 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 reTh￿te 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 pam￿n0n1 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 aPpr￿1C4St#P p0S￿on9 4XXffjfing work8 adrninlstration, proje managoment and interpfetstion. Our local Cornn￿nIty, wlwth ts dassified as an accrf￿1Ca1IY disadvantaged area, beneffts diréctly from the railway3, activilies iKrt also Indlrecty from benefits accruing to local eM￿0yerS 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>ntr1l￿Ii0n is recognbsed as common ground in diS￿8$10n wth Government and lo￿1 intsr98ts. Slruthr•, Gov•manc• •nd MwMg•m•nt Relallonshlps belween the Trust and ts Company we wvemed by Ihe Trust De•J SUppkn￿nIed by a Relationslmp Ag￿ement dated 6 (ktober 2023 This reFlaced eartier Memoranda of unde￿tsnding betsyeen lh8 Tnjsl and Ihe Company daled 26 July 2010 and 31 Juty 2003. Trustees a￿ apFxxnted for five years (and may bè reappoint•J for further lenns) under a scheme approved by the Charity Commissioner arMJ which is reflectèil in the Trust Deed. Mr M L Smllh retired as a Truslee at the end of 2024 and Mr N F Burbidge was appoinled his successor for a five year term with effect from l January 2025. Retiring Trustees may be appointed as Emeritus Trustees for a pericxl of three years. They are Dot Trustees but attend meetings of the Tmslees by invitation in order to make their exp8rienrA available to th8 Trust. Mr M L Srnth b8came an Emeritus Trustee with effect from 1 January 2025. The Twstees mel fonnally on three occasions in 2025. Individual Trustees arwj Officers attendod numerous other meetings and [l￿CtiOnS thr￿ghout the yeaf. The Tfusl has no ern￿oYeeS and work by Trustees and Officer5 is voluntary. The Trustees are gratgful that approximatoly foty perc8nt of thè h)urs worked on the railways is undertaken by some 1300 unpaid volunteers. Synlficanl effort has t￿8￿ mad8 in 2025 to better accouni for both the number of active volunleers and the volurrteer hours worked in support of the railways. In 2025 Truslees passed a resolution to amend the Tnjst Deed to remove certain restricts'ons on 811glblllty to be the Chair of Ihe Trust. Tlys chang8 w8s notrf*d to. and approved by, The Charity Commission. Tru8tse$ also approved regjatlons which darified pror￿UreS for the conduct of Twst business. On advice from the Tn￿￿$ Treasurer, and after C￿$￿￿0nn9 requirements for liquidity. Trustees 8pproved measur8S to improve relum on assets through us8 ol rnney m8rkel and eqimty fvnds. A review of Trust polide$ reV￿bed a rwibor ol gaps which Trnstéès f8lt should bé addr8ssod. Additional policies will be ￿h1 forward for approval by Tn￿1885 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 c*artty h88 c(xnrAthJ wilh curr￿1 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$ id￿tified 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 ob1tqa1￿n has been entered Into. The value of such grants unpaid al year end is accrn￿d. 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 Im￿81m0nt policy Is eXp￿ted 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 $uffic4enl lo rneet the Trusl's comrnilments aTrJ otherf¢)rese8alk calls tjn its fimd$. Reser￿18￿16 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 De￿rnbef 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 ap￿led 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 D￿ember 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 r8pc*t. We are indepondenl of the charbty In accord of at least twdve months froffl th8 finanaal slatémonts are aU￿￿rised for issue. Our responsibilities and the responsibilitS8s of the truste•s rnsp8ct to going concem are descrlbed in the relevant sections ol this reporL Oth•r knfomwllon The trustees 8re responsible for tho other infomiatlon. Tho other Infomation comprises the infomMtbn Indudod In the Annual Repor(0th8r than the fin8niial statements and our Report of the Independent Audilors Ihereon. Our opinlon on the finanaal slatements does not cover thé otP*r infornats'on and, ex￿p1 to extent otherwige expliatty stated in our rfjFrt we do nol extrn ary foffli of assuran￿ conduslon thereon. In ¢c￿neCtI￿ V•ryth our audit of the finan(¥al slatem8nts. our responsits'lity is to road the other infom)at￿n and, in doing so. consder b**lh8r the other infomwtion is matari8lly inconsi8lent with the ffinancial slatgrnents or our kn¢Tr￿edge obtained in lh• audit or olh8rwise appears to be matsrially n%sslaled. If we identify such material inconsistencles or apparont material misstatements, W8 are roquired to detemiine whether thts gives rise to a mat￿181 misstatement in the financial statements themselvès. If. based on the wor* we have Fwfomed. we ¢oncludg that there is a material misststement of this other informath)n, we are required to report that fact. We hav8 nothing lo report in this rega￿. 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 folky1￿n9 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 Inforn￿t￿ 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 con￿M. disdowng, as ap￿ic￿e. matters Telatgd lo golng Cor￿arn and using the golng concem b￿9 of acc(xmting unless the trustees eiltw intend to liquidate the charity or to ￿a$8 operatK)ns. or have no realislic alternati￿ bul to do 80. REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE FFESTINIOG AND WELSH HIGHLAND RAILWAYS TRUST Our responsibilftl•s for th• audlt of th• financial stalemonts We have been appointed as audIt￿S under Se(lion 144 of the Chariti'es Act 2011 and raport in accordanc￿ with the Act and relevant regjlations made or having effect thereundor. Our objectives are to obtain reasonatrje assurance abcwt whether the financlal statements as a whole are free from material misstalemenL vthelher due to fraud or error. and to issue a Report of Ihe Independent Auditors that indudes our opinion. Reasona￿8 assurance is a high level of assurance. but is not a guarantee that an audll conduwr (1.974J 132,237) Trnn•f•rn lJ•lw••n lund• Oth•r ncogni*•d g•in•l(lo••￿) G•lTrsllbM8*1 on in%￿lM•nI ••MI• 94,895 {19,360J Adu•rf41 gairnlll08btsl on d•fmd b•rrf p•nsKin #d￿rn 71.024 70.721 R•¢•nclNBtIDn of Total fundl brwht forw• 9.969.827 184,429 10,154,259 10.109,8S8 Totsl l￿d• e•Trl•d fomrd 10 128 to t64 26• Th• Itsl•ff￿n1 ol 11n•￿Ik •fANrt* TndwJ•• •W g•ffW •nd lo•M• r•¢owi••d in th• yw. +4Jl n¢om• •r￿ •yi)drtw• dori￿ frem Th• Ff•sbF¥c•J We*h Tr&ghlAnd PA•*ip TnAt CwwlbJal•d 8*4nc* Sh••t for y4¥r •ndiry 31 O•¢wthb•r 2025 Grnup 24 Chlrfty 2024 2028 202$ 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. Unr￿1￿1￿￿ 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 t*nststu* 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 l*h•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 yeargr*Jing 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 Rel•a8• of gwt •9•￿* d•pF•d* P•rffi￿ fvrKI nDn Plel debt at 1 J•Th￿ry N•¢ d•bl4t 31 D•g•mb•r 4563112 4563112 An•￿18 •f r•1 u•h and Hgdd At 31A¥2S C￿h at b•nk aNJ in hand B•nlr vd•rdraft 5.052.898 427,945 5.480.041 P3 Nots• on th• 1 A¢countkng Pollc finarod stat￿ents are as folbws.. •) B••l• of w•pw•lknn St8n(Jard apF4ut4e M) UK Rewblic of trel￿d IFRS 102) (offoL*￿ 1 Jw•y 20151. (ch•rt￿ SORP IFRS 10211, FirbAr￿￿ R•FQrtry sI￿d￿￿ UK •vJ RepJt* ol kel￿d IFRS 1tr21 WKI tho Comwm Fkntknk4J aNJ TnMI moots th• dthibjn ol • t￿offt FRS 102 A•••t8 r￿￿(11. bl Oroup IIMncW •tst•m•nts 0131 Dwib¢r, aro on a In8 t*ii in tho s1th1￿rt ol ISOFAI. Dotal 1nfonnatic￿ Ihew tr&thng is inttrfwatad In r•X• 8 to l**&• C*FX'td m*le ty tho Tftat to companm we exp8W8 in th• SOFA arKI ¢OPtsb baLgru as ¢1 Incon￿ R••our¢ it•mlsl of ii¢wm• been mel rt 1$ pr￿&4• tho1 the whl te receThr•J arrfl ts •rrthnt can be m••v•d reliabty. anted, lh• •8tat• ha8 been finalmd arwj be•n mad• ty tr• •xwN(sl totr* Tnmt tr￿1 a dlitn"trAthn b8 m*J•. or a dlth'tmfil￿ 18 TecoNwJ from tm estate. R•rAkrt ol a l&w. In ￿ or in p￿. Is only consth obo)le be moxw•d rdlal* *wJ Iho dwty has boan Mlfi¢d ofthg e¥wJtcJ.131 7.0•1.1 IV2P.ts)I IOX571 RW7.6Y fR6 11 ￿￿*1#9*￿0••I ia 10.93 117.4 7•5 7W•87 37 Jnth4• 7•1 FkY4 WFfAld LYD AppMI T• *ns Ollhe issthd ¢4 Ftesl"rar4 Il&ts•y ￿. >x¥rthe tswtmjoe ILI CoTrortlonT•x•d L•nq Wqld T•lal bulldln Prop•rty C￿t AA ai l J**wy 202J 14,36è.079 9.439 43.tt3.204 2n.542 07.6n303 1.182.981 128.025 19 278 $10 43 S86 746 51830 •1 l 2Q25 (1.001,1111 (972.38TJ IlJ,187,wi ra1,192,IKI 21.6521 11.S94.019) .3081 112811 16 al l JuMthry202S 095 420 37 J al 31 D•¢•ff*•r 2025 pil T•lll i J￿￿120￿ 3I.JSI AtJ1 0•¢•Al￿>?￿l wp 131.U 1.110M•• 31.41• IS7AX* ￿7$• ¥13n 4llA61 342.1¢3 Xl ¢r•dhw•: •ounl•l•llrwJ 81.210 302.440 ,s•y 1.405,110 61,333 731.282 1.371b96 242,442 3S&678 82.712 1.378.898 (28.2241 1x1 15.7tt+ 15, (1.329.tth) 791.trfyJ Der 791.C#XI 25 P•Mions (Contlr 2025 2024 Inler•8t on owion Expecttrd retum on sctr•m• P•Bt •er¥ic* ￿1 L088M I Igths) ¢)n wrtaknents ••tUern•nls Totsl 15,tX)O 1143,( 11,C A¢￿01 rdum on 8thim• *•• 109,IX)O 47,lJXI ChAng•• In th• pM••rt valu• of th• D•fin•d B•r￿¢ Ot41pdoTr Opeity d•fin•d bon•fil obhpllon S•rw* Cost Inl•r?* Colt Acluafial to8￿• 1194kn1 L06ses 1199in¥) on ojrtallrn LMbili1i￿ •xlinw'sh8d on Mtlhmorf• Li•bllitlo8 aSS￿ned on IJAings8 Gombinallu Exthan98 dfft&r•n￿ on fornbn Khwn•• B•n•fit• p•id Clos•d dofin•d b•Mnt oblwk 1.329.IMXI 1.437.(KXI 74.( I118.0￿) 1338fts) 1￿9( c￿n4•¥ In th• f•lr v•lu• of Pl•n A•¥•tB Op•nlNJ hir ¥￿u• of th•ff*• ••ut• Expècted r•twn AL*u8ri•l 9*kn1 1 A88•ts di$tsibuled on s•thfjrn•nts Cu)tributions by •mphy A•￿ts acquired In comtinalkm Ex￿￿ge dIffer•￿e for•lpn Admini•tr•tion Expense6 Paid 8en•fits pald CIo8in9 fw v•lu• ol ￿hOrn• a8Mts 2.120.(WJO 2.132,C 109,(th) (la,￿1} (49.ty)0) 2 107 (MJO 2 120 P16 21 P•n•lon• IContlnii•d) mamber8' AVCS. 2025 2024 A•••t 702.rjxi 183.CO) Fix•d Inbrn81 Dhrnified Furn C•8h Tot 1.521,LW) 248.0 41 12 16 11x1 17 1LX) Prknclp•l A¢tsarf•l A••uTrtyl¢>M •• th• B•l•nM 8h••t l)•1• l•xpv•M•d # w•l#thd •ww•o•1} aHurnpkn• u••d by th• 4clu•ry *• t•stKl*n•io clv)wn 4 r•rvp ol • quumpOor• D￿tt￿nt ratè at 31 D•t*nber Exp•ct•d on at 3101¢•Th FU￿re r•v8tyJ4tw in d&fwm•nt 5.3% 5% 2.8% S2p￿ CMI 2014T￿lh of 1.25% P￿1 r•b'r•mthl mort•l*ty S2PXA CMI 2023 w o11.2S% Llf• •wtwicy ts 65 y•ar ald m4f• 21.7 23.9 21.0 23.2 •nOu'p8t•d balance in the ￿•￿,$ in%*•kn•nt r•)tiltho. P17 20.122 91 F¥n¢•41 G•Y•rnl P￿3 2.￿.?12 7,847.115 3,728 1 711.1021 11.Q•7 J•0 { 11.1￿.7¢81 2.J54.5Jl 9$ •1 WFwd 61.731 Fw .147 ¢2Fw 102 Ff••tlnloB R•**•y Fup Pund IVty*•h¥ IV•l•h Fw T*1 12.3fj0.e14 En41D￿n*rt Fl•slknbg Fund F￿d •1.7J• 92230 Yl•hh R PS Sui Flalb Lyd F￿d C2 FvThl 5.145 &141 T*1 P19