Company registration number: 02928618 Charity registration number: 1044279 

## Aberglasney Restoration Trust 

(A company limited by guarantee) 

Annual Report and Financial Statements 

for the Year Ended 31 March 2022 



## **Aberglasney Restoration Trust** 

## **Reference and Administrative Details** 

**Trustees** Ms G M Hayward Ms M H Scutt Mr D G Lewis MBE Mr T O S Lloyd OBE Mr P T E Burgess Sir R D Evans Mr P G H Ratcliffe Mr D R Evans OBE Mr I Howell Mr R G Pugh Mr E W Bowen **Secretary** Mrs E Keatley **Charity Registration Number** 1044279 **Company Registration Number** 02928618 The charity is incorporated in Wales. **Registered Office** Aberglasney Gardens Llangathen Carmarthen Carmarthenshire SA32 8QH **Auditor** LHP Auditors Ltd Llys Deri Parc Pensarn Carmarthen SA31 2NF 

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## **Aberglasney Restoration Trust** 

## **Strategic Report for the Year Ended 31 March 2022** 

The trustees, who are directors for the purposes of company law, present their strategic report for the year ended 31 March 2022, in compliance with s414C of the Companies Act 2006. 

## **Achievements and performance** 

Our 2021 season commenced shortly after coming out of Covid-19 lockdown, but with some restrictions still in place. The gardens were in excellent condition as the garden staff, albeit reduced in numbers, had continued working throughout the period that the site was closed. 

Visitor numbers built quickly, however our shop remained closed, reopening April 12th, joined by the tearooms on April 26th, but for external seating only, with the whole site getting back to normal soon after. 

Visitor numbers remained buoyant throughout the year, resulting in strong sales. 

Our tearooms performed well, despite encountering a difficulty in recruiting staff, in common with the hospitality sector in general. 

Autumn saw the appointment of a new Director of Operations, Mr Jim Stribling, who undertook a restructuring programme in the office, enabling the team to operate more efficiently. 

The whole team has had to adapt to making the most of the difficult times, making sure we are offering the best visitor experience possible. 

Aberglasney Enterprises. 

The continued increase in visitor numbers also resulted in a sharp increase in membership. This has been very encouraging as it has been the aim of The Board for some time to focus on building membership numbers which result in secondary spend during return visits, benefiting both our shop and tearooms alike. 

The cottage lettings in line with the rest of the site were very strong due to the extra demand for holiday accommodation, as home based holidays were popular due to Covid restrictions. 

Overall we ended the year in a satisfactory position, especially as we were unable to hold our annual Winter Fair which under normal circumstances would be our most financially rewarding single event. 

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## **Aberglasney Restoration Trust** 

## **Strategic Report for the Year Ended 31 March 2022** 

## **Financial review** 

## _**Policy on reserves**_ 

Any monies and donations, considered by The Board to be surplus to operational requirements, shall be transferred to reserves, with the general intention that such reserves should be available for future development, restoration and maintenance. 

In the short term, the reserves are to be used on current projects. These projects need significant working capital as numerous stages will be in progress at any one time. 

Investments are to be used for capital works in future projects and large scale renovations. 

## _**Investment policy and objectives**_ 

The Trust has the benefit of the Cabot Endowment Fund and the Ethel Kerry Fund, both of which have been invested in portfolios managed by Sarasin & Partners, LLP, London. 

Both funds have been set up so that the capital is restricted, but the income is available to be drawn upon, should it become necessary. Both funds are linked to Aberglasney Restoration Trust for accounting purposes. 

The Trust, having received a legacy under the terms of the will of the late Mr John Spong, took the view that these funds should be held in a new development fund managed by Sarasin & Partners, together with accruals from The Cabot and Kerry funds whilst we await listed building consent which would enable commencement of the two future projects which will require substantial funding. 

## **Plans for future periods** 

## _**Aims and key objectives for future periods**_ 

As previously been reported, The Board have two projects under development. Allt Aberglasney is an area of woodland which The Trust purchased with the view of developing an Arboretum and native woodland. This would be the first Arboretum to be developed in Wales for many years, and an important addition to the gardens, which will add greatly to the visitor experience. 

The second project, named the Vinery Project, will see the building of a new tearoom, upgrading the existing catering facility, and the restoration of the adjoining Vinery. This project is essential to the continuing development of Aberglasney, and the requirement of a catering facility to match the excellence of the gardens. 

We are currently exploring the availability of grant assistance. However, the funds as reported above, will be required for these two projects. 

I must give thanks to my fellow trustees, and the senior officers of The Trust, who have worked tirelessly throughout this difficult period to keep the wheels rolling, together with staff, students and volunteers and we are confident that our policies are sustainable and Aberglasney can face a bright future. 

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## **Aberglasney Restoration Trust** 

## **Strategic Report for the Year Ended 31 March 2022** 

The strategic report was approved by the trustees of the charity on .................... and signed on its behalf by: 

......................................... Mr P T E Burgess Chairman and trustee 

Page 4 



## **Aberglasney Restoration Trust** 

## **Trustees' Report** 

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2022. 

## **Objectives and activities** 

## _**Fundraising disclosures**_ 

The aim of the trust is that all donations and legacies it receives should be applied to capital purposes. These primarily include development and improvement of the gardens and buildings, but also allow further acquisitions, compatible with the objectives of The Trust. If necessary, the trustees are authorised to utilise receipts from the above sources to support The Trust’s operational requirements. However, The Trustees are pleased to report that it has not been necessary since the gardens opened in 1999. 

## _**Public benefit**_ 

The Charity's principal functions are to continue to restore and maintain the Mansion and Gardens at Aberglasney, Llangathen, Carmarthenshire for the benefit of the public as a visitor attraction; to provide educational opportunities through offering student placements to aspiring gardeners and by receiving visiting parties from schools, gardening clubs etc.; and to create employment opportunities. We have referred to the Charity Commission's general guidance on public benefit when reviewing our aim and objectives. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set. 

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. 

## **Structure, governance and management** 

## _**Nature of governing document**_ 

Aberglasney Restoration Trust is a company, limited by guarantee and governed by its Memorandum and Articles. 

## _**Recruitment and appointment of trustees**_ 

Trustees are selected by the Board on the basis of requirement and recommendation. Trustees are introduced to the Trust by the Chairman of the Board and are provided with current information pertinent to the role of The Trustee. 

All new trustees are given : 

1. A copy of the Memorandum and Articles of Association of the Trust 

2. A copy of the latest available Report and Financial Accounts. 

3. A list of names, addresses, telephone numbers and where possible email addresses of all Trustees. 

4. A list of the principal officers and admin staff. 

5. A copy of the management structure. 

6. A copy of the minutes of the last Board meeting. 

7. A copy of the minutes of the last AGM. 

8. Details of the Professional Indemnity cover held. 

Page 5 



## **Aberglasney Restoration Trust** 

## **Trustees' Report** 

## _**Induction and training of trustees**_ 

New Trustees should undergo an orientation meeting to brief them on their legal obligations under charity and company law, the Charity Commission guidance on public benefit and inform them of the content of the Memorandum and Articles of Association, the committee and decision making processes and recent financial performance of the charity. 

The induction and training also apples to newly elected Directors of Aberglasney Enterprises Ltd. 

## _**Arrangements for setting key management personnel remuneration**_ 

The Board of Trustees and members of the Committees receive no remuneration. Where claimed, expenses are reimbursed. The salaries of all employees are determined by the Board of Trustees upon their appointment and by annual review. The Salaries Review Panel meets annually and makes their recommendations to The Board for approval. Their remuneration does not include any share options or long-term incentive scheme but the Trust is fully compliant with the new Pension regulations. 

## _**Organisational structure**_ 

The principal operational structure of the Trust comprises: 

There are ten Aberglasney Restoration Trust Board meetings a year and ten Aberglasney Enterprises Ltd Board meetings a year- every month except August and December. 

Prior to each of these board meetings , there is a meeting of the Finance and Forward Planning Committee – made up of P Burgess, R Evans , P Ratcliffe and J Atkin. 

## **Financial instruments** 

## _**Objectives and policies**_ 

The group's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the group’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The group does not use derivative financial instruments for speculative purposes. 

## _**Cash flow risk**_ 

The group’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The group uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures. 

Interest-bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows. 

Page 6 



## **Aberglasney Restoration Trust** 

## **Trustees' Report** 

## _**Credit risk**_ 

The group’s principal financial assets are bank balances and cash, trade and other receivables, and investments. The group’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. 

The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. 

The group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. 

## _**Liquidity risk**_ 

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the group uses a mixture of long-term and short-term debt finance. 

Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements. 

Page 7 



## **Aberglasney Restoration Trust** 

## **Trustees' Report** 

## **Statement of Trustees' Responsibilities** 

The trustees (who are also the directors of Aberglasney Restoration Trust for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. 

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to: 

- select suitable accounting policies and apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

The annual report was approved by the trustees of the charity on .................... and signed on its behalf by: 

......................................... Mr P T E Burgess Chairman and trustee 

Page 8 



## **Aberglasney Restoration Trust** 

## **Independent Auditor's Report to the Members of Aberglasney Restoration Trust** 

## **Opinion** 

We have audited the financial statements of Aberglasney Restoration Trust (the 'charitable parent company') and its subsidiaries (the 'group') for the year ended 31 March 2022, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, , Balance Sheet, Consolidated Statement of Cash Flows, Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice). 

- In our opinion the financial statements: 

- give a true and fair view of the state of the group's and parent charity's affairs as at 31 March 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

Page 9 



## **Aberglasney Restoration Trust** 

## **Independent Auditor's Report to the Members of Aberglasney Restoration Trust** 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Matters on which we are required to report by exception** 

In the light of our knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Trustees' Report. 

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: 

- the information given in the trustees’ report is inconsistent in any material respect with the financial statements; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 8), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

## **Auditor responsibilities for the audit of the financial statements** 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. 

Page 10 



## **Aberglasney Restoration Trust** 

## **Independent Auditor's Report to the Members of Aberglasney Restoration Trust** 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud. 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included: 

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; 

- Reviewing minutes of meetings of those charged with governance; 

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operation of the entity through enquiry and inspection; 

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; 

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. 

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## **Aberglasney Restoration Trust** 

## **Independent Auditor's Report to the Members of Aberglasney Restoration Trust** 

## **Use of our report** 

This report is made solely to the charitable parent company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable parent company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

...................................... LHP Auditors Ltd Llys Deri Parc Pensarn Carmarthen SA31 2NF 

Date:............................. 

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## **Aberglasney Restoration Trust** 

## **Consolidated Statement of Financial Activities for the Year Ended 31 March 2022 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)** 

|**Note**<br>**Income and Endowments**<br>Donations and<br>legacies<br>3<br>Charitable<br>activities<br>4<br>Other trading<br>activities<br>5<br>Investment<br>income<br>6<br>Other income<br>7<br>Total income<br>**Expenditure on:**<br>Raising funds<br>8<br>Charitable<br>activities<br>9<br>Total expenditure<br>Gains/losses on<br>investment assets<br>Net<br>income/(expenditure)<br>Net movement in<br>funds<br>**Reconciliation of funds**<br>Total funds<br>brought forward<br>Total funds<br>carried forward<br>23|**Unrestricted**<br>**funds**<br>**£**<br>**from:**<br>101,254<br>337,847<br>413,035<br>5,320<br>55,573<br>913,029<br>(142,895)<br>(707,776)<br>(850,671)<br>(42,912)<br>19,446<br>19,446<br>2,392,902<br>2,412,348|**Restricted**<br>**funds**<br>**£**<br>5,608<br>-<br>-<br>-<br>-<br>5,608<br>-<br>(25,574)<br>(25,574)<br>-<br>(19,966)<br>(19,966)<br>1,712,300<br>1,692,334|**Endowment**<br>**funds**<br>**£**<br>-<br>-<br>-<br>58,193<br>-<br>58,193<br>-<br>-<br>-<br>(13,177)<br>45,016<br>45,016<br>2,320,361<br>2,365,377|**Total**<br>**2022**<br>**£**<br>106,862<br>337,847<br>413,035<br>63,513<br>55,573<br>976,830<br>(142,895)<br>(733,350)<br>(876,245)<br>(56,089)<br>44,496<br>44,496<br>6,425,563<br>6,470,059|**Total**<br>**2021**<br>**£**<br>397,274<br>166,606<br>158,489<br>263<br>48,495|
|---|---|---|---|---|---|
||||||771,127|
||||||(53,254)<br>(514,941)|
||||||(568,195)<br>296,471|
||||||499,403|
||||||499,403<br>5,926,161|
||||||6,425,564|



All of the group's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 is shown in note 23. 

The notes on pages 20 to 40 form an integral part of these financial statements. Page 13 



## **Aberglasney Restoration Trust** 

## **(Registration number: 02928618) Consolidated Balance Sheet as at 31 March 2022** 

|**Note**<br>**Fixed assets**<br>Tangible assets<br>16<br>Investments<br>**Current assets**<br>Stocks<br>18<br>Debtors<br>19<br>Investments<br>20<br>Cash at bank and in hand<br>21<br>**Creditors: Amounts falling due within one year**<br>22<br>**Net current assets**<br>**Net assets**<br>**Funds of the group:**<br>**Endowment funds**<br>**Restricted income funds**<br>Restricted funds<br>23<br>**Unrestricted income funds**<br>Unrestricted funds<br>**Total funds**<br>23|**2022**<br>**£**<br>2,534,073<br>932,000<br>3,466,073<br>52,965<br>61,935<br>2,825,233<br>246,536<br>3,186,669<br>(182,683)<br>3,003,986<br>6,470,059<br>2,112,824<br>1,692,330<br>2,664,905<br>6,470,059|**2021**<br>**£**<br>3,483,900<br>-|
|---|---|---|
|||3,483,900|
|||44,930<br>7,549<br>2,317,808<br>694,333|
|||3,064,620<br>(122,956)|
|||2,941,664|
|||6,425,564|
|||2,320,361<br>1,712,297<br>2,392,906|
|||6,425,564|



For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. 

## Directors' responsibilities: 

• The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and 

• The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. 

The notes on pages 20 to 40 form an integral part of these financial statements. 

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## **Aberglasney Restoration Trust** 

## **(Registration number: 02928618) Consolidated Balance Sheet as at 31 March 2022** 

The financial statements on pages 13 to 40 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by: 

......................................... ......................................... Mr P T E Burgess Mr D R Evans OBE Chairman and Trustee Trustee 

The notes on pages 20 to 40 form an integral part of these financial statements. Page 15 



## **Aberglasney Restoration Trust** 

## **(Registration number: 02928618) Balance Sheet as at 31 March 2022** 

|**Note**<br>**Fixed assets**<br>Tangible assets<br>16<br>Investments<br>**Current assets**<br>Debtors<br>19<br>Investments<br>20<br>Cash at bank and in hand<br>21<br>**Creditors: Amounts falling due within one year**<br>22<br>**Net current assets**<br>**Net assets**<br>**Funds of the charity:**<br>**Endowment funds**<br>**Restricted income funds**<br>Restricted funds<br>23<br>**Unrestricted income funds**<br>Unrestricted funds<br>**Total funds**<br>23|**2022**<br>**£**<br>2,508,351<br>932,000<br>3,440,351<br>61,830<br>1,311,609<br>180,446<br>1,553,885<br>(101,321)<br>1,452,564<br>4,892,915<br>599,196<br>1,692,333<br>2,601,386<br>4,892,915|**2021**<br>**£**<br>3,478,724<br>-|
|---|---|---|
|||3,478,724|
|||(1,002)<br>586,072<br>652,740|
|||1,237,810<br>(86,151)|
|||1,151,659|
|||4,630,383|
|||588,439<br>1,712,300<br>2,329,644|
|||4,630,383|



For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. 

## Directors' responsibilities: 

• The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and 

• The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. 

The notes on pages 20 to 40 form an integral part of these financial statements. 

Page 16 



## **Aberglasney Restoration Trust** 

## **(Registration number: 02928618) Balance Sheet as at 31 March 2022** 

The financial statements on pages 13 to 40 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by: 

......................................... ......................................... Mr P T E Burgess Mr D R Evans OBE Chairman and Trustee Trustee 

The notes on pages 20 to 40 form an integral part of these financial statements. Page 17 



## **Aberglasney Restoration Trust** 

## **Consolidated Statement of Cash Flows for the Year Ended 31 March 2022** 

|**Note**<br>**Cash flows from operating activities**<br>Net cash income<br>**Adjustments to cash flows from non-cash items**<br>Depreciation<br>8<br>Investment income<br>6<br>Revaluation of investments<br>**Working capital adjustments**<br>Increase in stocks<br>18<br>(Increase)/decrease in debtors<br>19<br>Increase in creditors<br>22<br>Decrease in provisions<br>Net cash flows from operating activities<br>**Cash flows from investing activities**<br>Interest receivable and similar income<br>6<br>Purchase of tangible fixed assets<br>16<br>Net cash flows from investing activities<br>**Cash flows from financing activities**<br>Cash donations to endowment<br>Payments out of permanent endowment funds<br>Net cash flows from financing activities<br>Net (decrease)/increase in cash and cash equivalents<br>Cash and cash equivalents at 1 April<br>Cash and cash equivalents at 31 March|**2022**<br>**£**<br>44,496<br>64,111<br>(63,513)<br>56,089<br>101,183<br>(8,035)<br>(54,386)<br>59,727<br>(7,957)<br>90,532<br>63,513<br>(20,223)<br>43,290<br>(500,000)<br>(81,619)<br>(581,619)<br>(447,797)<br>694,333<br>246,536|**2021**<br>**£**<br>499,403<br>52,937<br>(263)<br>-|
|---|---|---|
|||552,077<br>(7,148)<br>14,140<br>52,602<br>(12,965)|
|||598,706|
|||263<br>(20,423)|
|||(20,160)|
|||-<br>(299,024)|
|||(299,024)|
|||279,522<br>414,811|
|||694,333|



All of the cash flows are derived from continuing operations during the above two periods. 

The notes on pages 20 to 40 form an integral part of these financial statements. Page 18 



## **Aberglasney Restoration Trust** 

## **Statement of Cash Flows for the Year Ended 31 March 2022** 

|**Note**<br>**Cash flows from operating activities**<br>Net cash income<br>**Adjustments to cash flows from non-cash items**<br>Depreciation<br>8<br>Investment income<br>6<br>Revaluation of investments<br>**Working capital adjustments**<br>(Increase)/decrease in debtors<br>19<br>Increase in creditors<br>22<br>Decrease in provisions<br>Net cash flows from operating activities<br>**Cash flows from investing activities**<br>Interest receivable and similar income<br>6<br>Purchase of tangible fixed assets<br>16<br>Net cash flows from investing activities<br>**Cash flows from financing activities**<br>Cash donations to endowment<br>Payments out of permanent endowment funds<br>Net cash flows from financing activities<br>Net (decrease)/increase in cash and cash equivalents<br>Cash and cash equivalents at 1 April<br>Cash and cash equivalents at 31 March|**2022**<br>**£**<br>262,533<br>58,596<br>(20,768)<br>45,232<br>345,593<br>(62,832)<br>15,170<br>(5,303)<br>292,628<br>20,768<br>(20,223)<br>545<br>(750,000)<br>(15,467)<br>(765,467)<br>(472,294)<br>652,740<br>180,446|**2021**<br>**£**<br>280,826<br>51,211<br>(263)<br>-|
|---|---|---|
|||331,774<br>20,908<br>36,600<br>(15,517)|
|||373,765|
|||263<br>(20,423)|
|||(20,160)|
|||-<br>(77,197)|
|||(77,197)|
|||276,408<br>376,332|
|||652,740|



All of the cash flows are derived from continuing operations during the above two periods. 

The notes on pages 20 to 40 form an integral part of these financial statements. Page 19 



## **Aberglasney Restoration Trust** 

## **Notes to the Financial Statements for the Year Ended 31 March 2022** 

## **1 Charity status** 

The charity is limited by guarantee, incorporated in Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. 

The address of its registered office is: Aberglasney Gardens Llangathen Carmarthen Carmarthenshire SA32 8QH 

## **2 Accounting policies** 

## **Summary of significant accounting policies and key accounting estimates** 

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. 

## **Statement of compliance** 

The financial statements have been prepared in accordance with 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. 

## **Basis of preparation** 

Aberglasney Restoration Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. 

## **Basis of consolidation** 

The consolidated financial statements consolidate the financial statements of the charity and its subsidiary undertakings drawn up to 31 March 2022. 

No statement of financial activities is presented for the charity as permitted by section 408 of the Companies Act 2006. The charity made a surplus after tax for the financial year of £259,444 (2021 - surplus of £499,403). 

Page 20 



## **Aberglasney Restoration Trust** 

## **Notes to the Financial Statements for the Year Ended 31 March 2022** 

A subsidiary is an entity controlled by the charity. Control is achieved where the charity has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. 

The results of subsidiaries acquired or disposed of during the year are included in the statement of financial activities from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group. 

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill. 

Inter-company transactions, balances and unrealised gains on transactions between the charity and its subsidiaries, which are related parties, are eliminated in full. 

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements. 

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. 

## **Going concern** 

The trustees consider that there are no material uncertainties about the group's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the group. 

## **Income and endowments** 

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. 

## _**Donations and legacies**_ 

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. 

Page 21 



## **Aberglasney Restoration Trust** 

## **Notes to the Financial Statements for the Year Ended 31 March 2022** 

## _**Grants receivable**_ 

Grants are recognised when the group has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released. 

## **Expenditure** 

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs. 

## _**Raising funds**_ 

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds. 

## _**Charitable activities**_ 

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. 

## **Support costs** 

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. 

## **Governance costs** 

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’ meetings and reimbursed expenses. 

## **Government grants** 

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income. 

## **Taxation** 

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 

Page 22 



## **Aberglasney Restoration Trust** 

## **Notes to the Financial Statements for the Year Ended 31 March 2022** 

## **Tangible fixed assets** 

Individual fixed assets costing £500.00 or more are initially recorded at cost. 

## **Depreciation and amortisation** 

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: 

**Asset class Depreciation method and rate** Freehold interest in land and buildings No depreciation charge Buildings 2% reducing balance basis Plant & equipment 20% & 25% reducing balance basis Fixtures & fittings 25% reducing balance basis Computer software & hardware 33.33% straight line basis 

## **Current asset investments** 

Current asset investments are included at the lower of cost and net realisable value / market value. 

## **Stock** 

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO). 

## **Trade debtors** 

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. 

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables. 

## **Cash and cash equivalents** 

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. 

## **Trade creditors** 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. 

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. 

Page 23 



## **Aberglasney Restoration Trust** 

## **Notes to the Financial Statements for the Year Ended 31 March 2022** 

## **Borrowings** 

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing. 

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. 

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. 

## **Fund structure** 

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the group. 

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. 

## **Pensions and other post retirement obligations** 

The charity operates a defined contribution pension scheme. Contributions are charged in the statement of financial activities as they become payable in accordance with the rules of the scheme. 

## **Financial instruments** 

## _**Classification**_ 

Financial assets and financial liabilities are recognised when the group becomes a party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities. 

Page 24 



## **Aberglasney Restoration Trust** 

## **Notes to the Financial Statements for the Year Ended 31 March 2022** 

## _**Recognition and measurement**_ 

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. 

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. 

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the group transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the group, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. 

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. 

## _**Investments**_ 

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment. 

Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored. 

## _**Fair value measurement**_ 

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique. 

Page 25 



## **Aberglasney Restoration Trust** 

## **Notes to the Financial Statements for the Year Ended 31 March 2022** 

## **3 Income from donations and legacies** 

|Donations and legacies;<br>Donations from companies, trusts and<br>similar proceeds<br>Donations from individuals<br>Gift aid reclaimed<br>Grants, including capital grants;<br>Government grants<br>Grants from companies<br>**4**<br>**Income from charitable activities**<br>Gardens & Mansion House<br>**5**<br>**Income from other trading activities**<br>Trading income;<br>Sales of goods and services<br>Events income;<br>Other events income|**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>(250,000)<br>306,252<br>45,002<br>-<br>-<br>101,254|**Restricted**<br>**funds**<br>**£**<br>-<br>5,000<br>-<br>-<br>608<br>5,608<br>**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>337,847<br>**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>412,549<br>486<br>413,035|**Total**<br>**2022**<br>**£**<br>(250,000)<br>311,252<br>45,002<br>-<br>608<br>106,862<br>**Total**<br>**2022**<br>**£**<br>337,847<br>**Total**<br>**2022**<br>**£**<br>412,549<br>486<br>413,035|**Total**<br>**2021**<br>**£**<br>-<br>105,342<br>31,211<br>260,721<br>-|
|---|---|---|---|---|
|||||397,274|
|||||**Total**<br>**2021**<br>**£**<br>166,606|
|||||**Total**<br>**2021**<br>**£**<br>158,489<br>-|
|||||158,489|



Page 26 



## **Aberglasney Restoration Trust** 

## **Notes to the Financial Statements for the Year Ended 31 March 2022** 

## **6 Investment income** 

|Interest receivable and similar income;<br>Interest receivable on bank deposits<br>Other income from fixed asset<br>investments<br>Other income from current asset<br>investments<br>**7**<br>**Other income**<br>Rental income|**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>18<br>5,302<br>-<br>5,320|**Endowment**<br>**funds**<br>**Expendable**<br>**£**<br>171<br>-<br>58,022<br>58,193<br>**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>52,726|**Total**<br>**2022**<br>**£**<br>189<br>5,302<br>58,022<br>63,513<br>**Total**<br>**2022**<br>**£**<br>52,726|**Total**<br>**2021**<br>**£**<br>263<br>-<br>-|
|---|---|---|---|---|
|||||263|
|||||**Total**<br>**2021**<br>**£**<br>47,325|



## **8 Expenditure on raising funds** 

## **a) Costs of trading activities** 

|**Note**<br>Costs of goods sold<br>Trading subsidiary costs|**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>179,117<br>13,056<br>192,173|**Total**<br>**2022**<br>**£**<br>179,117<br>13,056<br>192,173|**Total**<br>**2021**<br>**£**<br>66,262<br>4,012|
|---|---|---|---|
||||70,274|



Page 27 



## **Aberglasney Restoration Trust** 

## **Notes to the Financial Statements for the Year Ended 31 March 2022** 

## **b) Investment management costs** 

|**Note**<br>Allocated support costs<br>10|**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>(47,952)<br>(47,952)|**Total**<br>**2022**<br>**£**<br>(47,952)<br>(47,952)|**Total**<br>**2021**<br>**£**<br>(19,311)|
|---|---|---|---|
||||(19,311)|



|**9**<br>**Expenditure on charitable activities**<br>**Note**<br>Gardens & Mansion<br>House<br>Depreciation,<br>amortisation and other<br>similar costs<br>Staff costs<br>Allocated support costs<br>10<br>Governance costs<br>10|**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>244,465<br>33,020<br>420,248<br>3,303<br>6,740<br>707,776|**Restricted**<br>**funds**<br>**£**<br>-<br>25,574<br>-<br>-<br>-<br>25,574|**Total**<br>**2022**<br>**£**<br>244,465<br>58,594<br>420,248<br>3,303<br>6,740<br>733,350|**Total**<br>**2021**<br>**£**<br>181,437<br>51,211<br>268,374<br>244<br>13,675|
|---|---|---|---|---|
|||||514,941|



In addition to the expenditure analysed above, there are also governance costs of £6,740 (2021 - £13,675) which relate directly to charitable activities. See note 10 for further details. 

Page 28 



## **Aberglasney Restoration Trust** 

## **Notes to the Financial Statements for the Year Ended 31 March 2022** 

## **10 Analysis of governance and support costs** 

## **Governance costs** 

|Audit fees<br>Audit of the financial statements<br>Other fees paid to auditors<br>**11 Net incoming/outgoing resources**<br>Net incoming resources for the year include:<br>Audit fees<br>Depreciation of fixed assets|**Unrestricted**<br>**funds**<br>**General**<br>**£**<br>6,740<br>-<br>6,740|**Total**<br>**2022**<br>**£**<br>6,740<br>-<br>6,740<br>**2022**<br>**£**<br>6,740<br>58,594|**Total**<br>**2021**<br>**£**<br>7,000<br>6,675|
|---|---|---|---|
||||13,675|
||||**2021**<br>**£**<br>7,000<br>51,211|



## **12 Trustees remuneration and expenses** 

No trustees, nor any persons connected with them, have received any remuneration from the group during the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year. 

## **13 Staff costs** 

The aggregate payroll costs were as follows: 

|**Staff costs during the year were:**<br>Wages and salaries<br>Social security costs<br>Pension costs|**2022**<br>**£**<br>391,958<br>23,278<br>6,812<br>422,048|**2021**<br>**£**<br>245,926<br>17,554<br>6,544|
|---|---|---|
|||270,024|



The monthly average number of persons (including senior management / leadership team) employed by the group during the year expressed as full time equivalents was as follows: 

Page 29 



## **Aberglasney Restoration Trust** 

## **Notes to the Financial Statements for the Year Ended 31 March 2022** 

|Average number of employees<br>No employee received emoluments of more than £60,000 during the year.<br>**14 Auditors' remuneration**<br>Audit of the financial statements<br>**Other fees to auditors**<br>All other non-audit services|**2022**<br>**No**<br>35<br>**2022**<br>**£**<br>6,740<br>-|**2021**<br>**No**<br>18|
|---|---|---|
|||**2021**<br>**£**<br>7,000|
|||6,675|



## **15 Taxation** 

The group is a registered charity and is therefore exempt from taxation. 

Page 30 



## **Aberglasney Restoration Trust** 

## **Notes to the Financial Statements for the Year Ended 31 March 2022** 

## **16 Tangible fixed assets** 

## **Group** 

|**Cost**<br>At 1 April 2021<br>Additions<br>Transfers to/from investment property<br>At 31 March 2022<br>**Depreciation**<br>At 1 April 2021<br>Charge for the year<br>At 31 March 2022<br>**Net book value**<br>At 31 March 2022<br>At 31 March 2021<br>**Charity**<br>**Cost**<br>At 1 April 2021<br>Additions<br>Transfers to/from investment property<br>At 31 March 2022<br>**Depreciation**<br>At 1 April 2021<br>Charge for the year<br>At 31 March 2022<br>**Net book value**<br>At 31 March 2022<br>At 31 March 2021|**Land and**<br>**buildings**<br>**£**<br>3,547,478<br>11,110<br>(932,000)<br>2,626,588<br>160,108<br>25,361<br>185,469<br>2,441,119<br>3,387,370<br>**Land and**<br>**buildings**<br>**£**<br>3,547,478<br>11,110<br>(932,000)<br>2,626,588<br>160,108<br>25,361<br>185,469<br>2,441,119<br>3,387,370|**Furniture and**<br>**equipment**<br>**£**<br>426,705<br>4,500<br>-<br>431,205<br>319,573<br>30,112<br>349,685<br>81,520<br>107,132<br>**Furniture and**<br>**equipment**<br>**£**<br>368,330<br>4,500<br>-<br>372,830<br>292,435<br>24,597<br>317,032<br>55,798<br>75,895|**Computer**<br>**equipment**<br>**£**<br>56,328<br>4,613<br>-<br>60,941<br>40,869<br>8,638<br>49,507<br>11,434<br>15,459<br>**Computer**<br>**equipment**<br>**£**<br>56,328<br>4,613<br>-<br>60,941<br>40,869<br>8,638<br>49,507<br>11,434<br>15,459|**Total**<br>**£**<br>4,030,511<br>20,223<br>(932,000)|
|---|---|---|---|---|
|||||3,118,734|
|||||520,550<br>64,111|
|||||584,661|
|||||2,534,073|
|||||3,509,961|
|||||**Total**<br>**£**<br>3,972,136<br>20,223<br>(932,000)|
|||||3,060,359|
|||||493,412<br>58,596|
|||||552,008|
|||||2,508,351|
|||||3,478,724|



Page 31 



## **Aberglasney Restoration Trust** 

## **Notes to the Financial Statements for the Year Ended 31 March 2022** 

## **17 Fixed asset investments** 

|**Group**<br>Investment properties<br>**Investment properties**<br>**Cost or Valuation**<br>Transfers to/from Land and buildings<br>**Provision**<br>At 31 March 2022<br>**Net book value**<br>At 31 March 2022<br>There has been no valuation of investment property by an independent valuer.<br>**Charity**<br>Investment properties<br>**Investment properties**<br>**Cost or Valuation**<br>Transfers to/from Land and buildings<br>**Provision**<br>At 31 March 2022<br>**Net book value**<br>At 31 March 2022<br>There has been no valuation of investment property by an independent valuer.|**2022**<br>**£**<br>932,000|
|---|---|
||**Investment**<br>**properties**<br>**£**<br>932,000|
||-|
||932,000|
||**2022**<br>**£**<br>932,000|
||**Investment**<br>**properties**<br>**£**<br>932,000|
||-|
||932,000|
|||



Page 32 



## **Aberglasney Restoration Trust** 

## **Notes to the Financial Statements for the Year Ended 31 March 2022** 

## **18 Stock** 

|**18 Stock**|||
|---|---|---|
|Stocks<br>**19 Debtors**<br>Trade debtors<br>Due from group undertakings<br>Prepayments<br>VAT recoverable<br>Other debtors<br>**20 Current asset investments**<br>Shares in group undertakings and<br>participating interests<br>Listed other shares<br>**21 Cash and cash equivalents**<br>Cash on hand<br>Cash at bank|**Group**<br>**Charity**<br>**2022**<br>**£**<br>**2021**<br>**£**<br>**2022**<br>**£**<br>52,965<br>44,930<br>-<br>**Group**<br>**Charity**<br>**2022**<br>**£**<br>**2021**<br>**£**<br>**2022**<br>**£**<br>**2021**<br>**£**<br>16,545<br>(128)<br>5,413<br>(1,002)<br>-<br>-<br>46,000<br>-<br>8,361<br>-<br>8,102<br>-<br>6,223<br>7,677<br>-<br>-<br>30,806<br>-<br>2,315<br>-<br>61,935<br>7,549<br>61,830<br>(1,002)<br>**Group**<br>**Charity**<br>**2022**<br>**£**<br>**2021**<br>**£**<br>**2022**<br>**£**<br>**2021**<br>**£**<br>-<br>-<br>4<br>4<br>2,825,233<br>2,317,808<br>1,311,605<br>586,068<br>2,825,233<br>2,317,808<br>1,311,609<br>586,072<br>**Group**<br>**Charity**<br>**2022**<br>**£**<br>**2021**<br>**£**<br>**2022**<br>**£**<br>**2021**<br>**£**<br>568<br>2,155<br>168<br>1,755<br>245,968<br>692,178<br>180,278<br>650,985<br>246,536<br>694,333<br>180,446<br>652,740|**Charity**<br>**2022**<br>**£**<br>-|
|||652,740|



Page 33 



## **Aberglasney Restoration Trust** 

## **Notes to the Financial Statements for the Year Ended 31 March 2022** 

## **22 Creditors: amounts falling due within one year** 

|Trade creditors<br>Due to group undertakings<br>Other taxation and social security<br>VAT<br>Other creditors<br>Accruals|**Group**<br>**2022**<br>**£**<br>**2021**<br>**£**<br>36,233<br>27,181<br>11<br>-<br>11,020<br>5,044<br>12,428<br>2,578<br>74,021<br>44,580<br>48,970<br>43,573<br>182,683<br>122,956|**Charity**<br>**2022**<br>**£**<br>**2021**<br>**£**<br>11,370<br>14,504<br>11<br>-<br>11,020<br>5,044<br>12,428<br>2,578<br>19,317<br>22,152<br>47,175<br>41,873<br>101,321<br>86,151|**Charity**<br>**2022**<br>**£**<br>**2021**<br>**£**<br>11,370<br>14,504<br>11<br>-<br>11,020<br>5,044<br>12,428<br>2,578<br>19,317<br>22,152<br>47,175<br>41,873<br>101,321<br>86,151|
|---|---|---|---|
||||86,151|



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## **Aberglasney Restoration Trust** 

## **Notes to the Financial Statements for the Year Ended 31 March 2022** 

## **23 Funds** 

## **Group** 

|**Unrestricted funds**<br>**_General_**<br>General Funds<br>**Restricted funds**<br>Mansion Phase V<br>Restoration<br>Piggeries Project - Phase<br>1<br>Piggeries Project - Phase<br>2 (Capital)<br>Piggeries Project - Phase<br>2 (Activity)<br>Bridge Project<br>Wisteria Arch & Gates<br>Fund<br>Tanner Trust Fund<br>Allt Aberglasney<br>**Total restricted funds**<br>**Endowment funds**<br>**_Expendable_**<br>Cabot Fund<br>Kerry Fund<br>**Total funds**|**Balance at 1**<br>**April 2021**<br>**£**<br>2,392,906<br>678,530<br>100,491<br>802,350<br>-<br>7,432<br>15,341<br>71,793<br>36,360<br>1,712,297<br>1,731,740<br>588,621<br>2,320,361<br>6,425,564|**Incoming**<br>**resources**<br>**£**<br>1,165,583<br>-<br>-<br>-<br>608<br>-<br>5,000<br>-<br>-<br>5,608<br>42,745<br>15,448<br>58,193<br>1,229,384|**Resources**<br>**expended**<br>**£**<br>(850,672)<br>(2,410)<br>(2,277)<br>(18,188)<br>-<br>(1,858)<br>(628)<br>(214)<br>-<br>(25,575)<br>(250,000)<br>-<br>(250,000)<br>(1,126,247)|**Other**<br>**recognised**<br>**gains/(losses)**<br>**£**<br>(42,912)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(10,857)<br>(4,873)<br>(15,730)<br>(58,642)|**Balance at 31**<br>**March 2022**<br>**£**<br>2,664,905<br>676,120<br>98,214<br>784,162<br>608<br>5,574<br>19,713<br>71,579<br>36,360|
|---|---|---|---|---|---|
||||||1,692,330|
||||||1,513,628<br>599,196|
||||||2,112,824|
||||||6,470,059|



Page 35 



## **Aberglasney Restoration Trust** 

## **Notes to the Financial Statements for the Year Ended 31 March 2022** 

|**Unrestricted funds**<br>**_General_**<br>General Funds<br>**Restricted funds**<br>Mansion Phase V Restoration<br>Piggeries Project - Phase 1<br>Piggeries Project - Phase 2<br>(Capital)<br>Bridge Project<br>Wisteria Arch & Gates Fund<br>Tanner Trust Fund<br>Allt Aberglasney<br>**Total restricted funds**<br>**Endowment funds**<br>**_Expendable_**<br>Cabot Fund<br>Kerry Fund<br>**Total funds**|**Balance at 1**<br>**April 2020**<br>**£**<br>2,262,584<br>680,940<br>102,768<br>820,730<br>9,290<br>14,039<br>7,060<br>4,860<br>1,639,687<br>1,512,466<br>511,424<br>2,023,890<br>5,926,161|**Incoming**<br>**resources**<br>**£**<br>669,627<br>-<br>-<br>-<br>-<br>5,000<br>65,000<br>31,500<br>101,500<br>-<br>-<br>-<br>771,127|**Resources**<br>**expended**<br>**£**<br>(539,305)<br>(2,410)<br>(2,277)<br>(18,380)<br>(1,858)<br>(3,698)<br>(267)<br>-<br>(28,890)<br>-<br>-<br>-<br>(568,195)|**Other**<br>**recognised**<br>**gains/(losses)**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>219,274<br>77,197<br>296,471<br>296,471|**Balance at**<br>**31 March**<br>**2021**<br>**£**<br>2,392,906<br>678,530<br>100,491<br>802,350<br>7,432<br>15,341<br>71,793<br>36,360|
|---|---|---|---|---|---|
||||||1,712,297|
||||||1,731,740<br>588,621|
||||||2,320,361|
||||||6,425,564|



Page 36 



## **Aberglasney Restoration Trust** 

## **Notes to the Financial Statements for the Year Ended 31 March 2022** 

## **Charity** 

|**Unrestricted funds**<br>**_General_**<br>Unrestricted<br>**Restricted funds**<br>Mansion Phase V Restoration<br>Works<br>Piggeries Project - Phase 1<br>Piggeries Project - Phase 2<br>(Capital)<br>Piggeries Project - Phase 2<br>(Activity)<br>Bridge Project<br>Wisteria Arch & Gates Fund<br>Tanner Trust Fund<br>Allt Aberglasney<br>**Total restricted funds**<br>**Endowment funds**<br>**_Expendable_**<br>Kerry Endowment Fund<br>**Total funds**|**Balance at 1**<br>**April 2021**<br>**£**<br>2,329,644<br>678,531<br>100,492<br>802,351<br>-<br>7,432<br>15,341<br>71,793<br>36,360<br>1,712,300<br>588,439<br>588,439<br>4,630,383|**Incoming**<br>**resources**<br>**£**<br>552,015<br>-<br>-<br>-<br>608<br>-<br>5,000<br>-<br>-<br>5,608<br>15,448<br>15,448<br>573,071|**Resources**<br>**expended**<br>**£**<br>(237,361)<br>(2,410)<br>(2,277)<br>(18,188)<br>-<br>(1,858)<br>(628)<br>(214)<br>-<br>(25,575)<br>-<br>-<br>(262,936)|**Other**<br>**recognised**<br>**gains/(losses)**<br>**£**<br>(42,912)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(4,691)<br>(4,691)<br>(47,603)|**Balance at**<br>**31 March**<br>**2022**<br>**£**<br>2,601,386<br>676,121<br>98,215<br>784,163<br>608<br>5,574<br>19,713<br>71,579<br>36,360|
|---|---|---|---|---|---|
||||||1,692,333|
||||||599,196|
||||||599,196|
||||||4,892,915|



Page 37 



## **Aberglasney Restoration Trust** 

## **Notes to the Financial Statements for the Year Ended 31 March 2022** 

|**Unrestricted funds**<br>**_General_**<br>Unrestricted<br>**Restricted funds**<br>Mansion Phase V Restoration<br>Works<br>Piggeries Project - Phase 1<br>Piggeries Project - Phase 2<br>(Capital)<br>Bridge Project<br>Wisteria Arch & Gates Fund<br>Tanner Trust Fund<br>Allt Aberglasney<br>**Total restricted funds**<br>**Endowment funds**<br>**_Expendable_**<br>Kerry Endowment Fund<br>**Total funds**|**Balance at 1**<br>**April 2020**<br>**£**<br>2,198,441<br>680,941<br>102,769<br>820,731<br>9,290<br>14,039<br>7,060<br>4,860<br>1,639,690<br>511,242<br>511,242<br>4,349,373|**Incoming**<br>**resources**<br>**£**<br>551,322<br>-<br>-<br>-<br>-<br>5,000<br>65,000<br>31,500<br>101,500<br>-<br>-<br>652,822|**Resources**<br>**expended**<br>**£**<br>(420,119)<br>(2,410)<br>(2,277)<br>(18,380)<br>(1,858)<br>(3,698)<br>(267)<br>-<br>(28,890)<br>-<br>-<br>(449,009)|**Other**<br>**recognised**<br>**gains/(losses)**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>77,197<br>77,197<br>77,197|**Balance at**<br>**31 March**<br>**2021**<br>**£**<br>2,329,644<br>678,531<br>100,492<br>802,351<br>7,432<br>15,341<br>71,793<br>36,360|
|---|---|---|---|---|---|
||||||1,712,300|
||||||588,439|
||||||588,439|
||||||4,630,383|



Page 38 



## **Aberglasney Restoration Trust** 

## **Notes to the Financial Statements for the Year Ended 31 March 2022** 

The specific purposes for which the funds are to be applied are as follows: 

## Mansion Phase V Restoration Works 

This restricted fund represents capital grants receivable from CADW and the Welsh Assembly Government towards the Mansion Phase V Restoration works. It also includes a transfer from the unrestricted fund for the costs incurred by Aberglasney Restoration Trust. 

## The Piggeries Project - Phase 1 

This restricted fund represents capital grants receivable from the Heritage Lottery Fund towards the development of the Piggeries area of the gardens. 

## The Piggeries Project - Phase 2 (Capital & Activity) 

This restricted fund represents capital & revenue grants receivable from the Heritage Lottery Fund towards the delivery phase of the Piggeries area of the gardens. 

## The Bridge Project 

The funding for this project has been received by way of kind donation in order to construct a new bridge in the Aberglasney Gardens. 

## Cultural Heritage Grant 

This restricted fund represents grants received from Carmarthenshire County Council for three heritage interpretation projects. 

Strengthening Tourism Appeal in Rural Carmarthenshire 

This restricted fund represents capital grants receivable from Carmarthenshire County Council for the purchase of assets. 

## Wisteria Arch & Gates Fund 

The funding for these two projects has been received by way of a kind donation from the same donor. The fund is specifically for the planting & production of a Wisteria Arch within the Aberglasney gardens & for the purchase of new gates in the sunken garden area of the Aberglasney grounds. 

## The Tanner Trust Fund 

The funding for this project has been received by way of a kind donation from the Tanner Trust. The fund is specifically for the purchase of benches and additional seating to be enjoyed by the visitors of the gardens. The donor has also requested that rare trees & plants be purchased with any residual funds. 

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## **Aberglasney Restoration Trust** 

## **Notes to the Financial Statements for the Year Ended 31 March 2022** 

## **24 Related party transactions** 

## **Group** 

There were no related party transactions in the year. 

## **Charity** 

During the year the charity made the following related party transactions: 

## **Aberglasney Restoration Trust** 

(The related party is a wholly owned subsidiary of the Trust.) At the balance sheet date the amount due from Aberglasney Restoration Trust was £11 (2021 - £Nil). 

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