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 2024
Aberglasney Restoration Trust
Reference and Administrative Details
Chairman Mr P G H Ratcliffe Trustees Ms G M Hayward Ms M H Scutt 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 Mrs E Keatley, Vice Chair Secretary Mrs E Keatley, Vice Chair Directors Mr P G H Ratcliffe Mrs E Keatley Mr H Meredith Mr M P Jones 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 (Statutory Auditor) Llys Deri Parc Pensarn Carmarthen SA31 2NF
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Aberglasney Restoration Trust
Strategic Report for the Year Ended 31 March 2024
The trustees, who are directors for the purposes of company law, present their strategic report for the year ended 31 March 2024, in compliance with s414C of the Companies Act 2006.
Achievements and performance
The 2023/24 season saw visitor numbers broadly in line with the previous year. Last year we reported that an increasing number of our daily visitors were choosing to purchase annual membership. This trend continued in the current year.
Admission prices were increased at the beginning of the season however the cost of living crisis saw further increases in our overheads which ate up most of our increased revenue. Fortunately the value of our investments with Sarasin saw an increase this year .
Events throughout the year brought us additional income and increased the profile of the Gardens. “Music by the Pool” evenings proved popular again.The Aberglasney Food and Music Fayre was held for the first time in September and was well supported. We plan to make this an annual event.
The Aberglasney Christmas Fayre, our major winter event was a resounding success and provided us with much needed revenue in an otherwise quiet time.
We thank our Director of Operations, Jim Stribling, and his team for their hard work and dedication during these challenging times and for continuing to offer our visitors and members a first-class visitor experience.
Aberglasney Enterprises Ltd:
Shop sales for the year were broadly in line with those achieved last year
Cottage holiday lettings for the year were again strong. Refurbishment of South Barn as accommodation for student gardeners was completed early in the year. The renovation and refurbishment of North Barn as a third holiday cottage should be completed by August 2024 and will provide additional rental income in the coming years.
The Tearooms performed well during a very challenging year
Financial review
The economic conditions are currently challenging, with unpredictable weather having a significant affect on admissions. However, due to diversified sources of income and funding, including donations, gift aid, tea room and shop sales, along with the investment income received from the Cabot and Ethel Kerry Endowment funds, Aberglasney Restoration Trust finds itself in a healthy financial position.
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Aberglasney Restoration Trust
Strategic Report for the Year Ended 31 March 2024
Policy on reserves
Any monies and donations, considered by The Board to be surplus to operational requirements, shall be transferred to unrestricted funds, 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 three future projects which will require substantial funding.
Plans for future periods
Aims and key objectives for future periods
The Board have three exciting projects under development:
Allt Aberglasney is an area of woodland which the Trust purchased with a view to establishing an Arboretum and native woodland walk. The Trustees report that this project has progressed during the year and work continues. Once completed Allt Aberglasney will become an important part of the visitor experience.
The Vinery Project will see Aberglasney Restoration Trust build a new Oak Framed building to replace the tentage overlooking the pool garden, provide a new commercial kitchen, and a new toilet block. This development will provide a much-needed improved catering facility to match the excellence of the gardens.
Renovation and refurbishment of North Barn: the renovation and refurbishment of North Barn as a third holiday cottage should be completed by the Summer of 2024 and will provide additional rental income in the coming years.
2024 marks the 25th Anniversaty of the Aberglasney Gardens Restoration. The 25th Anniversary committee chaired by Eleanor Keatley has a programme of events throughout the summer to celebrate this milestone.
Finally, I must give thanks to my fellow trustees, directors, staff, students and volunteers whose dedication makes every visit to Aberglasney such a joy.
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Aberglasney Restoration Trust
Strategic Report for the Year Ended 31 March 2024
The strategic report was approved by the trustees of the charity on 31 October 2024 and signed on its behalf by:
......................................... Mr P G H Ratcliffe Chairman and Trustee
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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 and auditors' report of the charitable company for the year ended 31 March 2024.
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.
Use of volunteers
Volunteers played a significant role in the financial year. We would like to take the opportunity to thank all volunteers that dedicated their time to assisting Aberglasney Restoration Trust in achieving its aims and objectives for the year.
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 :
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A copy of the Memorandum and Articles of Association of the Trust
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A copy of the latest available Report and Financial Accounts.
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A list of names, addresses, telephone numbers and where possible email addresses of all Trustees.
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A list of the principal officers and admin staff.
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A copy of the management structure.
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A copy of the minutes of the last Board meeting.
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A copy of the minutes of the last AGM.
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Details of the Professional Indemnity cover held.
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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 long-term incentive schemes 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 Peter Burgess, Roger Evans , Phillip Ratcliffe, Eleanor Keatley, Huw Meredith and Jim Stribling.
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.
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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.
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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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
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 parent charitable company and the group and of the incoming resources and application of resources, including its income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards, comprising FRS 102 have been followed; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the parent charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that can disclose with reasonable accuracy at any time the financial position of the parent charitable company and the group 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 parent charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditor
Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Reappointment of auditor
LHP Auditors Ltd is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under Section 1212 of the Companies Act 2006.
The annual report was approved by the trustees of the charity on 31 October 2024 and signed on its behalf by:
......................................... Mr P G H Ratcliffe Chairman and Trustee
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Aberglasney Restoration Trust
Independent Auditor's Report to the Trustees of Aberglasney Restoration Trust
Qualified 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 2024, 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
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give a true and fair view of the state of the group's and parent charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion on financial statements
We have had to issue a qualified audit opinion based on the lack of internal controls regarding employee contracts. Aberglasney Restoration Trust were unable to provide all employee contracts, as such we were unable to verify employee existence.
Qualified opinion on the financial statements
In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:
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give a true and fair view of the state of the group's and parent charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
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 qualified opinion.
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Aberglasney Restoration Trust
Independent Auditor's Report to the Trustees of Aberglasney Restoration Trust
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.
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
Except for the matter described in the basis for qualified opinion section of our report, 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:
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the information given in the trustees’ report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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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.
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Aberglasney Restoration Trust
Independent Auditor's Report to the Trustees of Aberglasney Restoration Trust
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.
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.
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.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
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.
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.
Use of our report
This report is made solely to the charitable parent company's trustees, as a body, in accordance with Part 2 of the Charities (Accounts and Reports) Regulations 2008. 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.
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Aberglasney Restoration Trust
Independent Auditor's Report to the Trustees of Aberglasney Restoration Trust
...................................... LHP Auditors Ltd (Statutory Auditor) Llys Deri Parc Pensarn Carmarthen SA31 2NF
31 October 2024
LHP Auditors Ltd is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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Aberglasney Restoration Trust
Consolidated Statement of Financial Activities for the Year Ended 31 March 2024 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 3 Charitable activities 4 Other trading activities 5 Investment income 6 Total income Expenditure on: Raising funds 7 Charitable activities 8 Total expenditure Gains/losses on investment assets Net (expenditure)/income Transfers between funds Other recognised gains and losses Gains/losses on revaluation of fixed assets Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 22 |
Unrestricted funds £ 74,401 354,169 531,486 103,742 1,063,798 (279,739) (875,836) (1,155,575) - (91,777) 1,244,002 (81,191) 1,071,034 2,472,727 3,543,761 |
Restricted funds £ 98,000 - - - 98,000 - (26,120) (26,120) - 71,880 (1,551,837) - (1,479,957) 1,676,725 196,768 |
Endowment funds £ - - - 70,254 70,254 - (1,014) (1,014) 125,106 194,346 307,835 - 502,181 2,247,653 2,749,834 |
Total 2024 £ 172,401 354,169 531,486 173,996 |
|---|---|---|---|---|
| 1,232,052 | ||||
| (279,739) (902,970) |
||||
| (1,182,709) 125,106 |
||||
| 174,449 - (81,191) |
||||
| 93,258 6,397,105 |
||||
| 6,490,363 |
The notes on pages 19 to 46 form an integral part of these financial statements. Page 13
Aberglasney Restoration Trust
Consolidated Statement of Financial Activities for the Year Ended 31 March 2024 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 3 Charitable activities 4 Other trading activities 5 Investment income 6 Total income Expenditure on: Raising funds 7 Charitable activities 8 Total expenditure Gains/losses on investment assets Net expenditure Other recognised gains and losses Gains/losses on revaluation of fixed assets Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 22 |
Unrestricted funds £ 47,472 326,207 540,052 114,179 1,027,910 (251,611) (818,089) (1,069,700) (88,782) (130,572) 139,800 9,228 2,412,349 2,421,577 |
Restricted funds £ 10,000 - - - 10,000 - (25,608) (25,608) - (15,608) - (15,608) 1,692,333 1,676,725 |
Endowment funds £ - - - 60,996 60,996 - - - (178,720) (117,724) - (117,724) 2,365,377 2,247,653 |
Total 2023 £ (As restated) 57,472 326,207 540,052 175,175 |
|---|---|---|---|---|
| 1,098,906 | ||||
| (251,611) (843,697) |
||||
| (1,095,308) (267,502) |
||||
| (263,904) 139,800 |
||||
| (124,104) 6,470,059 |
||||
| 6,345,955 |
All of the group's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 22.
The notes on pages 19 to 46 form an integral part of these financial statements. Page 14
Aberglasney Restoration Trust
(Registration number: 02928618) Consolidated Balance Sheet as at 31 March 2024
| Note Fixed assets Tangible assets 15 Investments 16 Current assets Stocks 17 Debtors 18 Investments 16 Cash at bank and in hand 19 Creditors: Amounts falling due within one year 20 Net current assets Net assets Funds of the group: Endowment funds Restricted income funds Restricted funds Unrestricted income funds Unrestricted funds Total funds 22 |
2024 £ 2,980,914 649,609 3,630,523 55,804 34,160 2,749,834 132,948 2,972,746 (112,906) 2,859,840 6,490,363 2,749,834 196,768 3,543,761 6,490,363 |
2023 £ (As restated) 2,500,698 1,071,800 |
|---|---|---|
| 3,572,498 | ||
| 60,295 42,621 2,641,488 131,973 |
||
| 2,876,377 (102,920) |
||
| 2,773,457 | ||
| 6,345,955 | ||
| 2,247,653 1,676,725 2,421,577 |
||
| 6,345,955 |
For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies but, as this company is a charity, it is subject to audit under the Charities Act 2011.
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 19 to 46 form an integral part of these financial statements.
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Aberglasney Restoration Trust
(Registration number: 02928618) Balance Sheet as at 31 March 2024
| Note Fixed assets Tangible assets 15 Investments 16 Current assets Debtors 18 Investments 16 Cash at bank and in hand 19 Creditors: Amounts falling due within one year 20 Net current assets Net assets Funds of the charity: Endowment funds Restricted income funds Restricted funds Unrestricted income funds Unrestricted funds Total funds 22 |
2024 £ 2,966,121 649,609 3,615,730 35,737 2,749,838 93,172 2,878,747 (70,782) 2,807,965 6,423,695 2,749,834 196,768 3,477,093 6,423,695 |
2023 £ (As restated) 2,481,407 1,071,800 |
|---|---|---|
| 3,553,207 | ||
| 34,227 2,641,492 121,618 |
||
| 2,797,337 (69,673) |
||
| 2,727,664 | ||
| 6,280,871 | ||
| 2,247,653 1,676,725 2,356,493 |
||
| 6,280,871 |
For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies but, as this company is a charity, it is subject to audit under the Charities Act 2011.
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 19 to 46 form an integral part of these financial statements.
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Aberglasney Restoration Trust
Consolidated Statement of Cash Flows for the Year Ended 31 March 2024
| Note Cash flows from operating activities Net income/(expenditure) Adjustments to cash flows from non-cash items Depreciation 7 Investment income 6 Revaluation of investments Working capital adjustments Decrease/(increase) in stocks 17 Decrease in debtors 18 Increase/(decrease) in creditors 20 Increase in deferred income Net cash flows from operating activities Cash flows from investing activities Interest receivable and similar income 6 Purchase of tangible fixed assets 15 Net cash flows from investing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at 1 April Cash and cash equivalents at 31 March |
2024 £ 93,258 45,525 (173,996) 125,106 89,893 4,491 8,461 8,152 1,834 112,831 21,735 (133,591) (111,856) 975 131,973 132,948 |
2023 £ (As restated) (124,104) 53,330 (175,175) 127,702 |
|---|---|---|
| (118,247) (7,330) 19,304 (101,493) 21,740 |
||
| (186,026) | ||
| 91,418 (19,955) |
||
| 71,463 | ||
| (114,563) 246,536 |
||
| 131,973 |
All of the cash flows are derived from continuing operations during the above two periods.
The notes on pages 19 to 46 form an integral part of these financial statements. Page 17
Aberglasney Restoration Trust
Statement of Cash Flows for the Year Ended 31 March 2024
| Note Cash flows from operating activities Net income/(expenditure) Adjustments to cash flows from non-cash items Depreciation 7 Investment income 6 Revaluation of investments Working capital adjustments (Increase)/decrease in debtors 18 Increase/(decrease) in creditors 20 (Decrease)/increase in deferred income Net cash flows from operating activities Cash flows from investing activities Interest receivable and similar income 6 Purchase of tangible fixed assets 15 Net cash flows from investing activities Net decrease in cash and cash equivalents Cash and cash equivalents at 1 April Cash and cash equivalents at 31 March |
2024 £ 91,674 40,617 (110,950) 125,106 146,447 (1,510) 20,600 (19,491) 146,046 (41,311) (133,181) (174,492) (28,446) 121,618 93,172 |
2023 £ (As restated) (125,672) 46,899 (126,445) (3,024) |
|---|---|---|
| (208,242) 27,593 (53,377) 21,740 |
||
| (212,286) | ||
| 173,413 (19,955) |
||
| 153,458 | ||
| (58,828) 180,446 |
||
| 121,618 |
All of the cash flows are derived from continuing operations during the above two periods.
The notes on pages 19 to 46 form an integral part of these financial statements. Page 18
Aberglasney Restoration Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
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.
The accounts are prepared in Pounds sterling, and rounded to the nearest pound.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the charity and its subsidiary undertakings drawn up to 31 March 2023.
No statement of financial activities is presented for the charity as permitted by section 408 of the Companies Act 2006. The charity made a deficit after tax for the financial year of £39,001 (2022 - surplus of £259,444).
Page 19
Aberglasney Restoration Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
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 and legacies 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 20
Aberglasney Restoration Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
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.
Deferred income
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:
- The donor specifies that the grant or donation must only be used in future accounting periods; or - The donor has imposed conditions which must be met before the charity has unconditional entitlement.
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.
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.
Page 21
Aberglasney Restoration Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
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.
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, less any estimated residual value, over their expected useful economic life as follows:
| Asset class | Depreciation method and rate |
|---|---|
| Land | No depreciation |
| Freehold interest in buildings | 2% straight line basis |
| Plant & equipment | 20% & 25% reducing balance basis |
| Fixtures & fittings | 25% reducing balance basis |
| Computer software & hardware | 33.33% straight line basis |
The cost of land included in the balance sheet but not depreciated is £1,426,067.
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs.
Subsequently investment properties are measured at fair value. Investment property valuations are based on an open market value. Gains and losses arising from changes in the fair value of investment properties are included in the Statement of Income and Retained Earnings in the period in which they arise.
Current asset investments
Current asset investments are included at their fair/market value.
Stock
Stock is valued at the lower of cost and estimated selling price, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).
Page 22
Aberglasney Restoration Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
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.
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.
Any permanent endowment funds will be reflected on the balance sheet at fair value. Any income generated from the endowment funds will be recognized in the statement of financial activities on an accruals basis.
Page 23
Aberglasney Restoration Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
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.
During the year, defined pension contributions of £7,468 (2023 - £7,265) were charged to the statement of financial activities. The costs of the defined contribution scheme do not directly relate to any restricted funds, therefore the full amount has been allocated to unrestricted funds.
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.
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.
Page 24
Aberglasney Restoration Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
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 2024
3 Income from donations and legacies
| Donations and legacies; Donations from companies, trusts and similar proceeds Donations from individuals Gift aid reclaimed Grants, including capital grants; Government grants 4 Income from charitable activities Gardens & Mansion House 5 Income from other trading activities Trading income; Sales of goods and services Events income; Other events income Other income from other trading activities |
Unrestricted funds General £ - 1,975 53,134 19,292 74,401 |
Restricted funds £ 40,000 58,000 - - 98,000 Unrestricted funds General £ 354,169 Unrestricted funds General £ 465,983 59,613 5,890 531,486 |
Total 2024 £ 40,000 59,975 53,134 19,292 172,401 Total 2024 £ 354,169 Total 2024 £ 465,983 59,613 5,890 531,486 |
Total 2023 £ - 13,823 43,649 - |
|---|---|---|---|---|
| 57,472 | ||||
| Total 2023 £ 326,207 |
||||
| Total 2023 £ 448,105 48,365 43,582 |
||||
| 540,052 |
Page 26
Aberglasney Restoration Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
6 Investment income
| Interest receivable and similar income; Interest receivable on bank deposits Other income from current asset investments Income from rents |
Unrestricted funds General £ - 1,036 102,706 103,742 |
Endowment funds Expendable £ 1,933 68,321 - 70,254 |
Total 2024 £ 1,933 69,357 102,706 173,996 |
Total 2023 £ (As restated) - 83,758 91,417 |
|---|---|---|---|---|
| 175,175 |
- 7 Expenditure on raising funds
a) Costs of trading activities
| Costs of goods sold Trading subsidiary costs |
Unrestricted funds General £ 243,997 35,742 279,739 |
Total 2024 £ 243,997 35,742 279,739 |
Total 2023 £ 214,657 34,404 |
|---|---|---|---|
| 249,061 |
Page 27
Aberglasney Restoration Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
8 Expenditure on charitable activities
| Note Gardens & Mansion House Depreciation, amortisation and other similar costs Staff costs Governance costs 9 Gardens & Mansion House Governance costs |
Unrestricted funds General £ 342,336 15,360 504,246 13,894 875,836 |
Restricted funds £ 863 25,257 - - 26,120 Activity undertaken directly £ 358,184 - 358,184 |
Endowment funds Expendable £ 1,014 - - - 1,014 Activity support costs £ - 13,894 13,894 |
Total 2024 £ 344,213 40,617 504,246 13,894 902,970 2024 £ 358,184 13,894 372,078 |
Total 2023 £ 301,599 46,900 479,492 15,706 |
|---|---|---|---|---|---|
| 843,697 | |||||
| 2023 £ 314,377 15,706 |
|||||
| 330,083 |
In addition to the expenditure analysed above, there are also governance costs of £Nil (2023 - £Nil) which relate directly to charitable activities. See note 9 for further details.
Page 28
Aberglasney Restoration Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
9 Analysis of governance and support costs
Governance costs
| Audit fees Audit of the financial statements Other fees paid to auditors 10 Net incoming/outgoing resources Net incoming resources for the year include: Audit fees Depreciation of fixed assets |
Unrestricted funds General £ 8,500 5,394 13,894 |
Total 2024 £ 8,500 5,394 13,894 2024 £ 8,500 40,617 |
Total 2023 £ 8,500 7,206 |
|---|---|---|---|
| 15,706 | |||
| 2023 £ 8,500 46,900 |
11 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.
Page 29
Aberglasney Restoration Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
12 Staff costs
The aggregate payroll costs were as follows:
| Staff costs during the year were: Wages and salaries Social security costs Defined contribution pension costs |
2024 £ 474,401 21,832 7,468 503,701 |
2023 £ 446,873 25,354 7,265 |
|---|---|---|
| 479,492 |
The monthly average number of persons (including senior management / leadership team) employed by the group during the year was as follows:
| Average number of employees | 2024 No 61 |
2023 No 37 |
|---|---|---|
No employee received emoluments of more than £60,000 during the year.
The total employee benefits of the key management personnel of the group were £82,110 (2023 - £77,792).
13 Auditors' remuneration
| 13 Auditors' remuneration | ||
|---|---|---|
| Audit of the financial statements Other fees to auditors All other non-audit services |
2024 £ 8,500 5,394 |
2023 £ 8,500 |
| 7,206 |
Other non-audit services remuneration of £5,394 (2023 - £7,206) relate to the preparation of the Aberglasney Restoration Trust consolidated financial statements and the Aberglasney Enterprises Ltd financial statements.
14 Taxation
The parent 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 2024
15 Tangible fixed assets
Group
| Cost At 1 April 2023 Additions Transfers to/from investment property At 31 March 2024 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 Charity Cost At 1 April 2023 Additions Transfers to/from investment property At 31 March 2024 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 |
Land and buildings £ 2,645,240 105,537 392,150 3,142,927 213,856 28,403 242,259 2,900,668 2,431,384 Land and buildings £ 2,645,240 105,537 392,150 3,142,927 213,856 28,403 242,259 2,900,668 2,431,384 |
Furniture and equipment £ 432,508 28,054 - 460,562 366,289 15,568 381,857 78,705 66,219 Furniture and equipment £ 374,133 27,644 - 401,777 327,205 10,660 337,865 63,912 46,928 |
Computer equipment £ 60,941 - - 60,941 57,846 1,554 59,400 1,541 3,095 Computer equipment £ 60,941 - - 60,941 57,846 1,554 59,400 1,541 3,095 |
Total £ 3,138,689 133,591 392,150 |
|---|---|---|---|---|
| 3,664,430 | ||||
| 637,991 45,525 |
||||
| 683,516 | ||||
| 2,980,914 | ||||
| 2,500,698 | ||||
| Total £ 3,080,314 133,181 392,150 |
||||
| 3,605,645 | ||||
| 598,907 40,617 |
||||
| 639,524 | ||||
| 2,966,121 | ||||
| 2,481,407 |
Page 31
Aberglasney Restoration Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
Included within the net book value of land and buildings above is £2,900,668 (2023 - £2,431,384) in respect of freehold land and buildings, £Nil (2023 - £Nil) in respect of leaseholds, and £392,150 in respect of investment properties transferred to land and buildings where the valuation has been frozen and treated as deemed cost.
Page 32
Aberglasney Restoration Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
16 Fixed asset investments
| Group Investment properties Investment properties Valuation At 1 April 2023 Revaluation Transfers to/from Land and buildings At 31 March 2024 Provision At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 |
2024 £ 649,609 |
2023 £ 1,071,800 |
|---|---|---|
| Investment properties £ 1,071,800 (30,041) (392,150) |
||
| 649,609 - |
||
| 649,609 | ||
| 1,071,800 |
The trustees have revalued the properties in the year based on their knowledge of the local property market, using similar properties in the area as a guide.
There has been no valuation of investment property by an independent valuer.
Page 33
Aberglasney Restoration Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
Current asset investments
| Valuation At 1 April 2023 Revaluation Additions Disposals At 31 March 2024 Net book value At 31 March 2024 Charity Investment properties Investment properties Valuation At 1 April 2023 Revaluation Transfers to/from Land and buildings At 31 March 2024 Provision At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 |
Listed investments £ 2,641,488 125,106 325,941 (342,700) 2,749,835 2,749,835 2024 £ 649,609 |
Listed investments £ 2,641,488 125,106 325,941 (342,700) 2,749,835 2,749,835 2024 £ 649,609 |
Total £ 2,641,488 125,106 325,941 (342,700) 2,749,835 2,749,835 2023 £ 1,071,800 |
|
|---|---|---|---|---|
| 2,749,835 | ||||
| 2,749,835 | ||||
| 2024 £ 649,609 |
||||
| Investment properties £ 1,071,800 (30,041) (392,150) |
||||
| 649,609 - |
||||
| 649,609 | ||||
| 1,071,800 |
The trustees have revalued the properties in the year based on their knowledge of the local property market, using similar properties in the area as a guide.
There has been no valuation of investment property by an independent valuer.
Page 34
Aberglasney Restoration Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
Current asset investments
| Valuation At 1 April 2023 Revaluation Additions Disposals At 31 March 2024 Net book value At 31 March 2024 |
Listed investments £ 2,641,488 125,106 325,941 (342,700) 2,749,835 2,749,835 |
Total £ 2,641,488 125,106 325,941 (342,700) |
|---|---|---|
| 2,749,835 | ||
| 2,749,835 |
Details of undertakings
Details of the investments in which the charity holds 20% or more of the nominal value of any class of share capital are as follows:
| Country of | Proportion of voting rights | Proportion of voting rights | Principal | ||||
|---|---|---|---|---|---|---|---|
| Undertaking | incorporation | Holding | and shares held | activity | |||
| 2024 | 2023 | ||||||
| Subsidiary undertakings | |||||||
| Operation | of | ||||||
| Aberglasney Enterprises Ltd | England & Wales | 4 Ordinary shares |
100% | 100% | a retail shop and tea room; holiday |
||
| lettings |
Subsidiaries
The profit for the financial period of Aberglasney Enterprises Ltd was £1,583 (2023 - £1,568) and the aggregate amount of capital and reserves at the end of the period was £65,088 (2023 - £63,520). The aggregate amount of assets at the end of the period was £128,595 (2023 - £117,483). The aggregate amount of liabilities at the end of the period was £61,925 (2023 - £52,395). The total income for the financial period of Aberglasney Enterprises Ltd was £529,029 (2023 - £496,835). The total expenditure for the financial period of Aberglasney Enterprises Ltd was £527,446 (2023 - £495,267).
Page 35
Aberglasney Restoration Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
17 Stock
| Stocks 18 Debtors Trade debtors Due from group undertakings Prepayments Accrued income VAT recoverable Other debtors |
Group Charity 2024 £ 2023 £ 2024 £ 55,804 60,295 - Group Charity 2024 £ 2023 £ 2024 £ 2023 £ 6,123 9,192 3,686 3,501 - - 18,082 19,147 7,018 10,032 5,635 9,682 3,650 - 3,650 - 2,879 - 4,597 - 14,490 23,397 87 1,897 34,160 42,621 35,737 34,227 |
Charity 2024 £ - |
|---|---|---|
| 34,227 |
19 Cash and cash equivalents
| Group 2024 £ 2023 £ Cash on hand 1,300 537 Cash at bank 131,648 131,436 132,948 131,973 20 Creditors: amounts falling due within one year Group 2024 £ 2023 £ Trade creditors 61,975 11,272 Other taxation and social security 6,028 9,949 VAT - 6,943 Other creditors 1,208 36,257 Accruals 20,121 16,759 Deferred income 23,574 21,740 112,906 102,920 |
Charity 2024 £ 2023 £ 1,100 137 92,072 121,481 93,172 121,618 Charity 2024 £ 2023 £ 50,862 3,932 6,028 9,949 - 6,017 1,236 19,293 10,407 8,742 2,249 21,740 70,782 69,673 |
Charity 2024 £ 2023 £ 1,100 137 92,072 121,481 93,172 121,618 Charity 2024 £ 2023 £ 50,862 3,932 6,028 9,949 - 6,017 1,236 19,293 10,407 8,742 2,249 21,740 70,782 69,673 |
|---|---|---|
| 69,673 |
Page 36
Aberglasney Restoration Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
Deferred income Group
| Deferred income Group |
||
|---|---|---|
| Deferred income at 1 April 2023 Resources deferred in the period Amounts released from previous periods Deferred income at year end |
2024 £ (21,740) (23,574) 21,740 (23,574) |
2023 £ - (21,740) - |
| (21,740) |
During the year, the group received £23,574.00 (2023: £21,740) in relation to payments on account. Charity
| Charity | ||
|---|---|---|
| Deferred income at 1 April 2023 Resources deferred in the period Amounts released from previous periods Deferred income at year end |
2024 £ (21,740) (2,249) 21,740 (2,249) |
2023 £ - (21,740) - |
| (21,740) |
During the year, the charity received £2,249.00 (2023: £21,740) in relation to payments on account.
Page 37
Aberglasney Restoration Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
21 Reserves
Group
| Group | |||
|---|---|---|---|
| At 1 April 2023 Deficit on property revaluation Other reserve movements At 31 March 2024 |
Fair value reserve £ 139,800 (30,041) (51,150) 58,609 |
Revaluation reserve £ - - 51,150 51,150 |
Total £ 139,800 (30,041) - |
| 109,759 |
Group
| Group | ||
|---|---|---|
| At 1 April 2022 Surplus on property revaluation At 31 March 2023 |
Unrestricted revaluation reserve £ - 139,800 139,800 |
Total £ - |
| 139,800 | ||
| 139,800 |
Page 38
Aberglasney Restoration Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
22 Funds
Group
| Unrestricted funds General Restricted funds Endowment funds Expendable Total funds |
Balance at 1 April 2023 £ 2,421,577 1,676,725 2,247,653 6,345,955 |
Incoming resources £ 1,001,426 98,000 70,254 1,169,680 |
Resources expended £ (1,123,244) (26,120) (1,014) (1,150,378) |
Transfers £ 1,244,002 (1,551,837) 307,835 - |
Other recognised gains/(losses) £ - - 125,106 125,106 |
Balance at 31 March 2024 £ 3,543,761 196,768 2,749,834 |
|---|---|---|---|---|---|---|
| 6,490,363 |
Page 39
Aberglasney Restoration Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
| Unrestricted funds General General Funds Restricted funds Mansion Phase V Restoration Piggeries Project - Phase 1 Bridge Project Wisteria Arch & Gates Fund Piggeries Project - Phase 2 (Capital) Piggeries Project - Phase 2 (Activity) Tanner Trust Fund Allt Aberglasney Endowment funds Expendable Kerry Development Fund Liquidity Portfolio Cabot Fund Total funds |
Balance at 1 April 2023 £ 2,421,577 673,711 95,938 3,716 29,085 765,899 608 71,408 36,360 1,676,725 568,144 252,553 - 1,426,956 2,247,653 6,345,955 |
Incoming resources £ 1,001,426 - - - 8,000 - - 50,000 40,000 98,000 16,961 6,363 1,335 45,595 70,254 1,169,680 |
Resources expended £ (1,123,244) (2,448) (2,276) (1,858) (628) (17,910) - (137) (863) (26,120) - - (1,014) - (1,014) (1,150,378) |
Transfers £ 1,244,002 (671,263) (93,662) (1,858) (36,457) (747,989) (608) - - (1,551,837) (99,924) 359,390 169,687 (121,318) 307,835 - |
Other recognised gains/(losses) £ - - - - - - - - - - 23,930 (618,306) 650,322 69,160 125,106 125,106 |
Balance at 31 March 2024 £ 3,543,761 - - - - - - 121,271 75,497 |
|---|---|---|---|---|---|---|
| 196,768 | ||||||
| 509,111 - 820,330 1,420,393 |
||||||
| 2,749,834 | ||||||
| 6,490,363 |
Page 40
Aberglasney Restoration Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
| Unrestricted funds General Restricted funds Endowment funds Expendable Total funds Charity Unrestricted funds General Restricted funds Endowment funds Expendable Total funds |
Balance at 1 April 2023 £ 2,356,493 1,676,725 2,247,653 6,280,871 |
Balance at 1 April 2022 £ 2,412,349 1,692,333 2,365,377 6,470,059 Incoming resources £ 535,443 98,000 70,254 703,697 |
Incoming resources £ 980,508 10,000 60,996 1,051,504 Resources expended £ (658,845) (26,120) (1,014) (685,979) |
Resources expended £ (882,498) (25,608) - (908,106) Transfers £ 1,244,002 (1,551,837) 307,835 - |
Other recognised gains/(losses) £ (88,782) - (178,720) (267,502) Other recognised gains/(losses) £ - - 125,106 125,106 |
Balance at 31 March 2023 £ 2,421,577 1,676,725 2,247,653 |
|---|---|---|---|---|---|---|
| 6,345,955 | ||||||
| Balance at 31 March 2024 £ 3,477,093 196,768 2,749,834 |
||||||
| 6,423,695 |
Page 41
Aberglasney Restoration Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
| Unrestricted funds General General Funds Restricted funds Mansion Phase V Restoration Piggeries Project - Phase 1 Bridge Project Wisteria Arch & Gates Fund Piggeries Project - Phase 2 (Capital) Piggeries Project - Phase 2 (Activity) Tanner Trust Fund Allt Aberglasney Endowment funds Expendable Kerry Development Fund Liquidity Portfolio Cabot Fund Total funds |
Balance at 1 April 2023 £ 2,356,493 673,711 95,938 3,716 29,085 765,899 608 71,408 36,360 1,676,725 568,144 252,553 - 1,426,956 2,247,653 6,280,871 |
Incoming resources £ 535,443 - - - 8,000 - - 50,000 40,000 98,000 16,961 6,363 1,335 45,595 70,254 703,697 |
Resources expended £ (658,845) (2,448) (2,276) (1,858) (628) (17,910) - (137) (863) (26,120) - - (1,014) - (1,014) (685,979) |
Transfers £ 1,244,002 (671,263) (93,662) (1,858) (36,457) (747,989) (608) - - (1,551,837) (99,924) 359,390 48,369 - 307,835 - |
Other recognised gains/(losses) £ - - - - - - - - - - 23,930 (618,306) 650,322 69,160 125,106 125,106 |
Balance at 31 March 2024 £ 3,477,093 - - - - - - 121,271 75,497 |
|---|---|---|---|---|---|---|
| 196,768 | ||||||
| 509,111 - 699,012 1,541,711 |
||||||
| 2,749,834 | ||||||
| 6,423,695 |
Page 42
Aberglasney Restoration Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
| Unrestricted funds General Restricted funds Endowment funds Expendable Total funds |
Balance at 1 April 2022 £ 2,348,833 1,692,333 2,365,377 6,406,543 |
Incoming resources £ 532,403 10,000 60,996 603,399 |
Resources expended £ (435,961) (25,608) - (461,569) |
Other recognised gains/(losses) £ (88,782) - (178,720) (267,502) |
Balance at 31 March 2023 £ 2,356,493 1,676,725 2,247,653 |
|---|---|---|---|---|---|
| 6,280,871 |
Page 43
Aberglasney Restoration Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
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.
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.
Allt Aberglasney Project
The funding for this project has been received by way of kind donations in order to develop the woodlands at Aberglasney Gardens. All donations relating to this project must first be used against the project. Upon completion of the project, any remaining funds may then ben transferred to unrestricted funds.
Endowment Funds
These funds are permanent restricted endowment funds, where the principal amounts are invested, and the charity can only utilise the income generated from these investments.
Page 44
Aberglasney Restoration Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
Details of fund transfers:
During the year, restricted funds totalling £1,551,835 were reallocated to unrestricted funds. This occurred due to the specific projects for which these funds were relate to were completed.
Page 45
Aberglasney Restoration Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
23 Related party transactions
Group
During the year the group made the following related party transactions:
Ken.Ratcliffe & Son Limited
(related party by virtue of a shared director/trustee)
Within the year ended 31 March 2024 Ken.Ratcliffe & Son Limited provided construction services amounting to £10,888 (2023 : £5,477). At the balance sheet date the amount due to Ken. Ratcliffe & Son Limited was £306 (2023 - £Nil).. At the balance sheet date the amount due to/from Ken.Ratcliffe & Son Limited was £Nil (2023 - £Nil).
Charity
During the year the charity made the following related party transactions:
Ken.Ratcliffe & Son Limited
(related party by virtue of a shared director / trustee) Within the year ended 31 March 2024 Ken.Ratcliffe & Son Limited provided construction services amounting to £10,888 (2023 : £5.477). At the balance sheet date the amount due to Ken.Ratcliffe & Son Limited was £306 (2023 - £Nil).
24 Limitation of liability
The members have agreed to the auditors placing a limit on their liability in respect of audit work of £3,000,000.
Page 46