The Ffestiniog and Welsh Highland Railways Trust was originally the Festiniog Railway Trust. This was registered as a charity (No 239,904) on November 10th 1964. It replaced a 1955 non-charitable Declaration of Trust by Alan Pegler to hold the shares of the Festiniog Railway Company that he bought in 1954. The Trust now holds a controlling interest in all classes of shares in the Company.
The Festiniog Railway Company also owns the Welsh Highland Railway. As the controlling shareholder of the Festiniog Railway Company, the Trust appoints the Company directors but takes no part in the day to day running of the two railways.