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REGISTERED COMPANY NUMBER: 06167523 (England and Wales)
REGISTERED CHARITY NUMBER: 1127261














Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 December 2023

for

The North Wales Coast Light Railway
Limited

The North Wales Coast Light Railway
Limited






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Report of the Trustees 1 to 2

Independent Examiner's Report 3

Statement of Financial Activities 4

Balance Sheet 5 to 6

Notes to the Financial Statements 7 to 12

The North Wales Coast Light Railway
Limited (Registered number: 06167523)

Report of the Trustees
for the Year Ended 31 December 2023


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES
Objectives and aims
The preservation and conservation of the narrow gauge railway at Fairbourne, Gwynedd and all associated buildings of historical and architectural importance. The preservation and conservation of the physical and natural environment at the Penrhyn Peninsular, Gwynedd. The education of the public in the local natural and social history of Fairbourne, the surrounding area and the narrow gauge railway.

The public appeal to raise funds to bring the loco Beddgelert back into service continues and £5,264 was raised during the year. Renovations to Station buildings commenced in 2020 and were completed in 2021. These included renovating the Point canopy roof at Faribourne station and relocating the office and ticket office. In 2022, following a professional asbestos assessment, it was decided to remove all asbestos and replace the entire roof of the workshop. In 2022 the new roofing materials were purchased. The work of removal of the asbestos and the old roof and replacement with the new roof took place successfully in the early part of 2023.

ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Charity continues to receive donations from dedicated supporters of the Fairbourne Railway and also the general public. This has ensured that everyone can still benefit from travelling on this historic narrow gauge line learning about the history of the railway and enjoying the conservation area at Penrhyn Point. There are good links with local residents, many of whom volunteer their services saving staff time and costs. As already stated, the appeal to raise funds for restoring Beddgelert to service, referred to above, continues.

FINANCIAL REVIEW
Financial position
The Charity's income during the year was derived from passenger fares and donations. where donors had completed the relevant tax declarations, the charity was able to claim Gift Aid on these donations. During the year, in return for fulfilling its role in running and maintaining the Railway, the charity remunerated its operating subsidiary, Fairbourne Steam Railway Ltd the sum of £260276. At the balance sheet date the reserves of £939,900 were deemed to be at an appropriate level. At 31st December 2022 the loan balance between The Charity and the operating company stood at £82,582. The Trustees do not consider that a provision is required to be made against the remaining balance of £79,709 owed from the subsidiary as at 31st December 2023.

Reserves policy
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained ar a level equivalent to between three and six month's expenditure. The Trustees consider that reserves ar this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The Charity aim to keep a sum in reserve which would allow for final staff payments to other creditors should the operating company cease to trade, This is currently estimated at £25,000.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees
Selection of new trustees is by recommendation by existing trustees. Sufficient training will be provided to new trustees to enable them to carry out their duties with the required degree of skill and care.


The North Wales Coast Light Railway
Limited (Registered number: 06167523)

Report of the Trustees
for the Year Ended 31 December 2023


STRUCTURE, GOVERNANCE AND MANAGEMENT
Related parties
The Charity is the sole shareholder in the operating company, Fairbourne Steam railway Limited. The operating company makes a charge to the Charity for operating the Railway on its behalf and in order that the Charity's objects are fulfilled. Any profits after tax made by the operating company shall be transferred to the Charity.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
06167523 (England and Wales)

Registered Charity number
1127261

Registered office
North Wales Coast Light Railway
Beach Road
Fairbourne
Gwynedd
LL38 2EX

Trustees
Dr C Davies Compliance Manager
Dr S Hobbs Research Scientist
Dr R G Melton Company Director/scientist
G Billington (appointed 30.6.24)

Company Secretary
A M Simmonds

Independent Examiner
Gwyn Trewren Thomas BSc ACA
Gwyn Thomas and Co Limited
1 Thomas Buildings
New Street
Pwllheli
Gwynedd
LL53 5HH

Approved by order of the board of trustees on 25 September 2024 and signed on its behalf by:





Dr C Davies - Trustee

Independent Examiner's Report to the Trustees of
The North Wales Coast Light Railway
Limited

Independent examiner's report to the trustees of The North Wales Coast Light Railway Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.








Gwyn Trewren Thomas BSc ACA
The Institute of Chartered Accountants in England and Wales

Gwyn Thomas and Co Limited
1 Thomas Buildings
New Street
Pwllheli
Gwynedd
LL53 5HH

26 September 2024

The North Wales Coast Light Railway
Limited

Statement of Financial Activities
for the Year Ended 31 December 2023

31.12.23 31.12.22
Unrestricted Restricted Total Total
fund fund funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 117,539 5,264 122,803 123,979

Other trading activities 2 82,642 - 82,642 85,520
Investment income 3 19,797 - 19,797 18,644
Other income 1,100 - 1,100 -
Total 221,078 5,264 226,342 228,143

EXPENDITURE ON
Charitable activities
Beddgelert appeal - 451 451 325
Train operation 304,420 - 304,420 248,222
Total 304,420 451 304,871 248,547

NET INCOME/(EXPENDITURE) (83,342 ) 4,813 (78,529 ) (20,404 )


RECONCILIATION OF FUNDS
Total funds brought forward 1,004,290 14,139 1,018,429 1,038,833

TOTAL FUNDS CARRIED FORWARD 920,948 18,952 939,900 1,018,429

The North Wales Coast Light Railway
Limited (Registered number: 06167523)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Unrestricted Restricted Total Total
fund fund funds funds
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 531,429 3,765 535,194 535,772
Investments 8 200,001 - 200,001 200,001
731,430 3,765 735,195 735,773

CURRENT ASSETS
Debtors 9 79,709 - 79,709 84,719
Prepayments and accrued income - - - 224
Cash at bank and in hand 113,343 15,187 128,530 199,843
193,052 15,187 208,239 284,786

CREDITORS
Amounts falling due within one year 10 (3,534 ) - (3,534 ) (2,130 )

NET CURRENT ASSETS 189,518 15,187 204,705 282,656

TOTAL ASSETS LESS CURRENT
LIABILITIES

920,948

18,952

939,900

1,018,429

NET ASSETS 920,948 18,952 939,900 1,018,429
FUNDS 11
Unrestricted funds 920,948 1,004,290
Restricted funds 18,952 14,139
TOTAL FUNDS 939,900 1,018,429

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


The North Wales Coast Light Railway
Limited (Registered number: 06167523)

Balance Sheet - continued
31 December 2023

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 25 September 2024 and were signed on its behalf by:





C Davies - Trustee





S Hobbs - Trustee





R G Melton - Trustee

The North Wales Coast Light Railway
Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Freehold property - 2% on cost
Plant and machinery - 10% on cost

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2. OTHER TRADING ACTIVITIES
31.12.23 31.12.22
£    £   
Train ticket sales 82,642 85,520


The North Wales Coast Light Railway
Limited

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. INVESTMENT INCOME
31.12.23 31.12.22
£    £   
Rents received 16,000 16,000
Interest on loan subsidiary 2,442 2,533
Deposit account interest 1,355 111
19,797 18,644

4. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.12.23 31.12.22
£    £   
Depreciation - owned assets 4,343 -
Surplus on disposal of fixed assets (1,100 ) -

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.


6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
fund funds funds
£    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 117,067 6,912 123,979

Other trading activities 85,520 - 85,520
Investment income 18,644 - 18,644
Total 221,231 6,912 228,143

EXPENDITURE ON
Charitable activities
Beddgelert appeal - 325 325
Train operation 248,222 - 248,222
Total 248,222 325 248,547

NET INCOME/(EXPENDITURE) (26,991 ) 6,587 (20,404 )
Transfers between funds 1,179 (1,179 ) -
Net movement in funds (25,812 ) 5,408 (20,404 )

The North Wales Coast Light Railway
Limited

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted Restricted Total
fund funds funds
£    £    £   

RECONCILIATION OF FUNDS
Total funds brought forward 1,030,102 8,731 1,038,833

TOTAL FUNDS CARRIED FORWARD 1,004,290 14,139 1,018,429

7. TANGIBLE FIXED ASSETS
Freehold Plant and
property machinery Totals
£    £    £   
COST
At 1 January 2023 249,400 338,006 587,406
Additions - 3,765 3,765
At 31 December 2023 249,400 341,771 591,171
DEPRECIATION
At 1 January 2023 36,480 15,154 51,634
Charge for year 2,398 1,945 4,343
At 31 December 2023 38,878 17,099 55,977
NET BOOK VALUE
At 31 December 2023 210,522 324,672 535,194
At 31 December 2022 212,920 322,852 535,772

8. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
MARKET VALUE
At 1 January 2023 and 31 December 2023 200,001
NET BOOK VALUE
At 31 December 2023 200,001
At 31 December 2022 200,001

There were no investment assets outside the UK.

The company's investments at the balance sheet date in the share capital of companies include the following:

The North Wales Coast Light Railway
Limited

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. FIXED ASSET INVESTMENTS - continued

Fairbourne Steam Railway Limited
Registered office: Fairbourne Railway Office,Beach Road,Fairbourne,Wales Ll38 2EX
Nature of business: Operating a narrow gauge railway
%
Class of share: holding
Ordinary 100
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 121,183 118,793
Profit/(loss) for the year 2,390 (16,103 )

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Amounts owed by group undertakings 79,709 82,582
VAT - 2,137
79,709 84,719

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 1,750 -
VAT 284 -
Accrued expenses 1,500 2,130
3,534 2,130

11. MOVEMENT IN FUNDS
Net
movement At
At 1.1.23 in funds 31.12.23
£    £    £   
Unrestricted funds
General fund 1,004,290 (83,342 ) 920,948

Restricted funds
Beddgelert 14,139 4,813 18,952

TOTAL FUNDS 1,018,429 (78,529 ) 939,900

The North Wales Coast Light Railway
Limited

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 221,078 (304,420 ) (83,342 )

Restricted funds
Beddgelert 5,264 (451 ) 4,813

TOTAL FUNDS 226,342 (304,871 ) (78,529 )


Comparatives for movement in funds

Net Transfers
movement between At
At 1.1.22 in funds funds 31.12.22
£    £    £    £   
Unrestricted funds
General fund 1,030,102 (26,991 ) 1,179 1,004,290

Restricted funds
Beddgelert 8,731 6,587 (1,179 ) 14,139

TOTAL FUNDS 1,038,833 (20,404 ) - 1,018,429

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 221,231 (248,222 ) (26,991 )

Restricted funds
Beddgelert 6,912 (325 ) 6,587

TOTAL FUNDS 228,143 (248,547 ) (20,404 )

The North Wales Coast Light Railway
Limited

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Net Transfers
movement between At
At 1.1.22 in funds funds 31.12.23
£    £    £    £   
Unrestricted funds
General fund 1,030,102 (110,333 ) 1,179 920,948

Restricted funds
Beddgelert 8,731 11,400 (1,179 ) 18,952

TOTAL FUNDS 1,038,833 (98,933 ) - 939,900

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 442,309 (552,642 ) (110,333 )

Restricted funds
Beddgelert 12,176 (776 ) 11,400

TOTAL FUNDS 454,485 (553,418 ) (98,933 )

12. RELATED PARTY DISCLOSURES

During the year the subsidiary company, Fairbourne Steam Railway Limited, received a grant from the charity of £260,276 (2022 £221,500) to enable it to operate the railway in line with the charity objectives. At the 31st December 2023 the amount owing by the subsidiary company to the charity was £79709 (2022 £82,582).The interest charged on the loan during the past financial year was £2442 (2022 £2,533).