REGISTERED COMPANY NUMBER: 00790125 (England and Wales)

REGISTERED CHARITY NUMBER: 1039817

Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31 December 2025

for

Welsh Highland Railway Limited

Page

Report of the Trustees

1

to

6

Independent Examiner's Report

7

Statement of Financial Activities

8

Balance Sheet

9

to

10

Cash Flow Statement

11

Notes to the Financial Statements

12

to

24

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 2025. 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

In pursuing the charity's objectives set out in its Memorandum of Association the directors continue to give careful consideration to the advice of the Charity Commission on public benefit. These objectives include:

a) to advance the education of the public in matters concerning railways; and

b) for the public benefit to provide or assist in the provision of facilities for the recreation and other leisure time operations in the interest of social welfare and with the object of improving conditions of life, with particular reference to the former narrow-gauge railway between Dinas and Porthmadog known as the Welsh Highland Railway.

The charity is continuing to develop its conservation work, and its interpretation to visitors to its operation in Porthmadog, including making further improvements to:

a) its museum/heritage centre, which illustrates the development of narrow-gauge railways in the area and around the world;

b) its demonstration railway which links physically with the re-instated Welsh Highland Railway at Pen y Mount Junction; and

c) the railway rolling stock and other railway artifacts in its care.

All are collectively marketed as the 'Welsh Highland Heritage Railway'.

Members' continued support in this is vital, whether as volunteers, donors or simply by supporting from a distance.

ACHIEVEMENTS AND PERFORMANCE

Visitor Numbers

Based on tickets sold the total number of visitors in 2025 was 9,147 compared with 9,569 in 2024, 9,502 for 2023, 8,563 for 2022, 4,474 for 2021, 561 for 2020 and 8,564 for 2019.

Museum/Heritage Centre

The museum, the newer part of which was completed in 2009, continues to be the centrepiece of our offer to our visitors. It contains a wide range of exhibits illustrating the development of the various narrow-gauge railways that operated in the area. There is an emphasis on participation, with visitors able to access several exhibits providing an interactive 'hands on' experience. It takes in the carriage shed, erected in 1984, which continues to house the locomotives and other operational rolling stock of the railway.

Train Service

Trains were operated and the museum opened on 158 days in 2025 compared with 166 days in 2024 compared with 147 days in 2023, 144 days in 2022, 82 days in 2021, 12 days in 2020 and 145 days in 2019.

The timetable remains under constant review, both in terms of days of operation, and the service offered. Our passenger numbers continue to be heavily dependent on public and school holidays, with daily patterns fluctuating according to weather conditions. Passenger reaction will continue to be monitored.

Fares were increased for 2025, examples being adult to £14.80 (from £14.00) and family to £38.80 (from £37.00).

Public comments suggest that our offer continues to represent good value for money.

All services have operated between Porthmadog and Pen y Mount.

Miniature Railway

The miniature railway continues to be very popular with our visitors.

Marketing

We have continued to use Facebook to provide a frequent stream of news, photographs and details of new sales items. This costs little more than time and is also a way of engaging instantly with potential customers.

An expanded range of driver experiences has been introduced, providing additional income as well as supporting the charity's objectives.

In pursuit of our search for new markets, we have continued to participate in the re-invigorated Great Little Trains of Wales marketing panel, now formally constituted as Great Little Trains of Wales Limited.

There continues to be a need for better researched information to help inform decisions on marketing strategy.

Volunteers

A small but faithful band of volunteers maintains the company's operations and infrastructure. We are pleased to have recruited several young enthusiastic staff to the railway who constitute a very welcome addition to complement those active but aging retirees who form the other significant group.

The company experiences the same problems of recruitment which affect other heritage railways, and voluntary organisations in general.

Membership

Membership numbers stabilised during the year. For historic reasons a disproportionate number of our members are life members.

The membership total at the end of 2025 was 525 (was 553), made up of Life 255 (was 261), Senior 154 (was 173), Full 52 (was 57), Associate 1 (was 0), Family 52 (was 49), Junior 3 (was 4), and Unwaged 8 (was 9).

Locomotives and Rolling Stock

Russell and Gelert

Steam locomotive Gelert was used throughout the season, and Russell until April when it was withdrawn for overhaul.

Emma, Glaslyn and Kinnerley

Diesel locomotive Emma worked most of the turns, with Glaslyn as standby. Kinnerley operated trains at the 45th anniversary event in August.

Baldwin

The locomotive returned from Vale of Rheidol Engineering at Aberystwyth following remedial work in March 2025 but did not operate during the running season owing to further remedial work being required.

Kathy

Overhaul of Kathy continued, based at Gelert's Farm. Completion and commissioning will provide welcome relief for Glaslyn, which has given forty years of service as main or standby passenger diesel locomotive.

Heritage Train

The heritage train performed satisfactorily throughout the 2025 season.

Health and Safety

The directors take the view that the safety of the travelling public and those working on the railway is paramount.

We are pleased that the charity was able to maintain its good safety record during 2025.

Land and Buildings

The re-cladding of the carriage shed was successfully completed in late winter 2025.

Work commenced on a project to build a new oil store on the site of the former garages.

Further works on the Company's land at Cae Hir continue to be deferred.

Risk Management

Detailed assessments of the risks facing the charity have been drawn up as part of a series of business plans prepared over the years, the most recent having been adopted by the Board in 2009. This is kept under constant review, with the risks identified being taken into account informally as part of the day-to-day operation of the company. The directors are working towards the preparation of a five year forward plan including a more comprehensive risk management strategy. A strategic vision document is also under development.

Staff and Directors

The directors wish to thank all of our members, volunteers, paid staff and sponsors for their manifold contributions during 2025. Our successes could not have been achieved without the hard work of a great many people, whether for just a few hours volunteering, or from a distance.

Access to the railway beyond Pen y Mount

The co-operation with the Ffestiniog Railway Company initiated in recent years has continued.

Several special trains hauled by Russell ran to Pont Croesor, Beddgelert and Caernarfon in April 2025. The trips were a great success providing enjoyment for many people and we wish to thank the Ffestiniog Railway Company for their kind co-operation in making this happen.

Appendix 1 - Directors Attendance at Board Meetings in 2025/26

Since the last AGM your Board met three times (to 2 May 2026). The number of meetings attended by each director was as follows:

M. Chapman

2

O. Mann

1

S. Currinn

1

N. Pell

3

N. Cutmore

1

E. Thomas

1*

H. Leslie

3*

R. Sinclair

1

M. Jones

3

A. Wray

2

Notes * ceased to be a director during the year

FINANCIAL REVIEW

Financial position

The results for the year are summarised in the Statement of Financial Activities on page 8, showing a net surplus on unrestricted funds of £47,302 (2024: £51,883), together with donations received for Special Projects of £10,748 (2024: £14,519).

There was a deficit on operating the railway of £2,399 (2024: £52,586) before donations.

Gross income from operating the Railway, including the contributions from the gift shop and cafe, amounted to £140,673 (2024: £109,949). Operating costs amounted to £143,071 (2024:£162,535)

Significant items in operating costs include wages £18,845 (2024: £19,082), insurance £23,147 (2024: £16,246), marketing £7,656 (2024: £7,522) and depreciation £30,725 (2024: £29,464).

Other income offsetting the operating deficit consisted of donations to general funds of £51,219 (2024: £102,743), donations to the ‘Resilience Fund’ of £935 (2024: £1,020), Welsh Government grants totalling £285 (2024: £285), and membership subscriptions of £8,188 (2024: £8,718). The costs of servicing the membership with Journals and other administration expenditure amounted to £4,541(2024: £4,744).

Cwmni Rheilfford Beddgelert cyf

As a charity we are required to operate our book and gift shop through a separate company in order to protect charity assets from commercial pressures. Shop sales decreased to £62,792 (2024: £64,092) resulting in a net surplus of £8,056 (2024: £6,623) after overheads. Cwmni Rheillfordd Beddgelert cyf bears half the staff wage cost of the ticket office and shop plus all the running costs of the building.

Reserves policy

The directors currently have a policy to maintain unrestricted reserves to support an operating season's expenditure. This is reviewed based on activities and the nature of the charitable company's income streams.

The calculation of the required reserves is an integral part of the charitable company's planning and budgeting processes and is reviewed on an annual basis. When capital expenditure has been authorised by the Trustees on projects that have been the subject of a specific appeal, the company transfers an equivalent sum from restricted funds to unrestricted reserves in order to recognise the expenditure during the year on the relevant project.

Restricted Funds (Special Projects)

There is a table under note 18 showing the donations received under fundraising for special projects, together with expenditure charged against each fund and the cumulative position.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity is a company limited by guarantee. The registered company number is 00790125 (England and Wales) and the registered charity number is 1039817.

The company's governing document is its Memorandum and Articles of Association. Each member has undertaken to contribute a maximum of £1 to the assets of the company in the event of its winding up.

Directors

The members of the Board are each elected by the membership and serve for a maximum term of three years.

There being no new candidates for directorship the existing directors continued to serve throughout the year, except for Mr E Thomas, who resigned in December. Mr G Farr continued to serve as Chairman until the AGM after which Mr N Cutmore and Mr N Pell assumed the role of Joint Chairmen. Mr O Mann took over as Deputy Chairman.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

00790125 (England and Wales)

Registered Charity number

1039817

Registered office

The Station Building

Tremadog Road

Porthmadog

Gwynedd

LL49 9DY

Trustees

M M Chapman

S G W Currinn

G Farr (resigned 13/9/2025)

M C Herbert (resigned 14/7/2025)

N Pell

R A Sinclair

N J Cutmore (appointed 22/6/2026)

O S Mann

M O S Jones (appointed 13/9/2025)

A G Wray (appointed 13/9/2025)

H F Leslie (resigned 22/6/2026)

E L Thomas (appointed 3/5/2025) (resigned 5/12/2025)

Company Secretary

R Menzies

Independent Examiner

RAA Thompson Jones Business Solutions Ltd

2 Heap Bridge

Bury

Lancashire

BL9 7HR

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The directors, who are also trustees for the purposes of the Charities Acts, are required by law to prepare financial statements which give a true and fair view of the state of affairs of the charity at the end of the financial year, and of the financial activities and total recognised gains or losses for the year.

The directors are of the opinion that, in preparing the financial statements, appropriate accounting policies have been consistently applied, supported by reasonable and prudent estimates and judgements and all applicable accounting standards have been followed. They are also satisfied that the charity has adequate resources to meet its operational needs for the foreseeable future, and accordingly, we continue to adopt the going concern basis in preparing the financial statements.

The directors are responsible for ensuring that the charity keeps accounting records which disclose with reasonable accuracy the financial position of the charity, and which enable us to ensure that the accounts comply with the Companies Act 2006 and Statement of Recommended Practice; Accounting and Reporting by Charities. The directors are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 1 November 2026 and signed on its behalf by:

R Menzies - Secretary

Independent examiner's report to the trustees of Welsh Highland 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 2025.

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.

Mark Jacobs FCA

RAA Thompson Jones Business Solutions Ltd

2 Heap Bridge

Bury

Lancashire

BL9 7HR

29 October 2026

2025

2024

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

Income and endowments from

Donations and legacies

2

52,154

10,748

62,902

117,425

Charitable activities

5

Charitable activities

-

-

-

3,321

Other trading activities

3

140,673

-

140,673

109,949

Investment income

4

1,945

-

1,945

2,986

Total

194,772

10,748

205,520

233,681

Expenditure on

Raising funds

Cost of Raising donations and legacies

6

4,399

-

4,399

4,744

Other trading activities

7

143,071

-

143,071

162,535

147,470

-

147,470

167,279

NET INCOME

47,302

10,748

58,050

66,402

Reconciliation of funds

Total funds brought forward

1,757,485

193,006

1,950,491

1,884,089

Total funds carried forward

1,804,787

203,754

2,008,541

1,950,491

Continuing operations

All income and expenditure has arisen from continuing activities.

The statement of financial activities includes all gains and losses recognised in the year.

2025

2024

Notes

£

£

Fixed assets

Tangible assets

12

1,330,090

1,330,563

Investments

13

75,000

75,000

1,405,090

1,405,563

Current assets

Stocks

14

2,500

8,200

Debtors

15

347,391

265,668

Cash at bank

273,266

307,568

623,157

581,436

Creditors

Amounts falling due within one year

16

(19,706

)

(36,508

)

Net current assets

603,451

544,928

Total assets less current liabilities

2,008,541

1,950,491

NET ASSETS

2,008,541

1,950,491

Funds

18

Unrestricted funds:

General fund

1,696,372

1,649,070

Revaluation reserve

108,415

108,415

1,804,787

1,757,485

Restricted funds

203,754

193,006

Total funds

2,008,541

1,950,491

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 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.

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 29 October 2026 and were signed on its behalf by:

R A Sinclair - Trustee

Cash flows from operating activities

Cash generated from operations

21

(5,367

)

14,985

Interest paid

(628

)

(274

)

Net cash (used in)/provided by operating activities

(5,995

)

14,711

Cash flows from investing activities

Purchase of tangible fixed assets

(30,252

)

(9,916

)

Purchase of fixed asset investments

-

(35,000

)

Interest received

1,945

2,986

Net cash used in investing activities

(28,307

)

(41,930

)

Change in cash and cash equivalents in the reporting period

(34,302

)

(27,219

)

Cash and cash equivalents at the beginning of the reporting period

307,568

334,787

Cash and cash equivalents at the end of the reporting period

273,266

307,568

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

GOING CONCERN

There are no material uncertainties about the charity's ability to continue.

CONSOLIDATION

The charity is not required to prepare consolidated accounts in accordance with the Charities Act 2011, and has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the charity and its subsidiary undertakings comprise a small group.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

INCOMING RESOURCES

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

1.income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

2.legacy income is recognised when receipt is probable and entitlement is established.

3.income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.

4.income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

RESOURCES EXPENDED

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

1.expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.

2.expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

3.other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

TANGIBLE FIXED ASSETS

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

DEPRECIATION

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property - 2% straight line

Rail, rolling stock and plant and machinery - Various rates between 10% reducing balance and 2% to 50% straight line

INVESTMENTS IN ASSOCIATES

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

IMPAIRMENT OF FIXED ASSETS

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

FUND ACCOUNTING

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

GOVERNMENT GRANTS

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attaching to them and the grants will be received.

Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

FINANCIAL INSTRUMENTS

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

LIMITED BY GUARANTEE

The charity is a company limited by guarantee, having no issued share capital. In the event of the charity being wound up the liability in respect of the guarantee is limited to £1 per member of the charity. The number of members at 31 December 2025 was 525 (2024 : 553).

2.	DONATIONS AND LEGACIES

Unrestricted

Restricted

Total funds

Unrestricted

Restricted

Total funds

funds

funds

2025

funds

funds

2024

£

£

£

£

£

£

Donations

General donations

34,695

-

34,695

86,097

-

86,097

Baldwin 590

-

6,642

6,642

-

10,793

10,793

Gelert restoration

-

60

60

-

60

60

Russell restoration

-

3,796

3,796

-

3,549

3,549

Heritage train fund

-

250

250

-

280

280

Resilience fund

935

-

935

1,020

-

1,020

Grants

Government grant income

285

-

285

285

-

285

Subscriptions

Membership subscriptions

8,183

-

8,183

8,718

-

8,718

Other donations and legacies

Covenanted donation from subsidiary company

8,056

-

8,056

6,623

-

6.623

52,154

10,748

62,902

102,743

14,682

117,425

3.	OTHER TRADING ACTIVITIES

2025

2024

£

£

Income from traffic

138,145

106,495

Cafe franchise fee

2,528

3,454

140,673

109,949

4.	INVESTMENT INCOME

2025

2024

£

£

Bank interest receivable

1,945

2,986

5.	INCOME FROM CHARITABLE ACTIVITIES

2025

2024

Activity

£

£

Other income- National Grid

Charitable activities

-

3,321

6.	COST OF RAISING DONATIONS AND LEGACIES

2025

2024

£

£

Membership administration

1,235

1,836

Journal costs

3,164

2,908

4,399

4,744

7.	OTHER TRADING ACTIVITIES

2025

2024

£

£

Support costs

143,071

162,535

8.	NET INCOME/(EXPENDITURE)

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

2025

2024

£

£

Depreciation - owned assets

30,725

29,464

Fees payable to the independent examiner for: Independent examination of the financial

3,095

2,930

9.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2025 nor for the year ended 31 December 2024.

TRUSTEES' EXPENSES

There were no trustees' expenses paid for the year ended 31 December 2025 nor for the year ended 31 December 2024.

10.	STAFF COSTS

The total staff costs and employee benefits for the reporting period are analysed as follows:

2025

2024

£

£

Wages and salaries

18,845

19,082

The average monthly number of employees during the year was as follows:

2025

2024

Train operating

2

2

Booking office

1

1

3

3

No employees received emoluments in excess of £60,000.

11.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

funds

funds

funds

£

£

£

Income and endowments from

Donations and legacies

102,743

14,682

117,425

Charitable activities

Charitable activities

3,321

-

3,321

Other trading activities

109,949

-

109,949

Investment income

2,986

-

2,986

Total

218,999

14,682

233,681

Expenditure on

Raising funds

Cost of Raising donations and legacies

4,744

-

4,744

Other trading activities

162,372

163

162,535