Berkeley Castle Charitable Trust Trustees' report and financial statements 

For the year ended 31 March 2024 



## Berkeley Castle Charitable Trust 

## Contents 

||Page|
|---|---|
|Legal and administrative information|1|
|Report ofthe trustees|2-5|
|Auditor's report|6-9|
|Statement offinancial activities|10|
|Balance sheet|11|
|Statement ofcashflows|12|
|Notestothefinancialstatements|13-23|





## Berkeley Castle Charitable Trust 

## Legal and administrative information 

|Charityname:|Berkeley Castle Charitable Trust|
|---|---|
|Trustees:|CharlesWyld|
||HenryBerkeley|
||Reginald Heyworth|
||Patrick Downes|
|Castle director:|Michelle Boliver|
|Auditor:|SafferyLLP|
||St Catherine's Court|
||Berkeley Place|
||Clifton|
||Bristol|
||BS8 1BQ|
|Bankers:|NationalWestminsterBank|
||PO Box 1369|
||16 The Plain|
||Thornbury|
||Bristol|
||BS35 2BF|
|Solicitors:|Burges Salmon|
||One Glass Wharf|
||Bristol|
||BS2 0ZX|
|Investmentmanagers:|Close PrivateAssetManagement|
||8th Floor, 10 Exchange Square|
||Primrose Street|
||London|
||EC2A 2BY|
|Registration no:|1061062|
|Principal office:|The Berkeley Castle Estate Office|
||Berkeley Castle|
||Berkeley|
||Gloucestershire|
||GL139BQ|



1 



Berkeley Castle Charitable Trust 

Report of the trustees For the year ended 31 March 2024 

The Trustees present their report along with the consolidated financial statements of the charity and its subsidiary for the year ended 31 March 2024. The financial statements comply with the charity’s trust deed, the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities 2019 (FRS 102). 

## History and constitution 

The Berkeley Castle Charitable Trust was formally established by a deed dated 26 February 1997. On 25 March 1997 Mr Berkeley and his Co-Trustee of the Berkeley Will Trust (the owners of the fabric of the castle) granted a ninety-nine year lease to the Trustees of the Berkeley Castle Charitable Trust. On the same date, a gift was made to the Trustees of the business of admitting members of the general public to the castle. 

Following the establishment of the Berkeley Chattels Settlement on 13 July 1998, certain further chattels were the subject of a supplemental licence enabling the trustees of the Berkeley Castle Charitable Trust to use them. 

## Structure, governance and management 

## Governing document 

The charity is governed by a trust deed and is an unincorporated association. 

## Appointment of trustees 

The trust deed states that the number of Trustees shall be no less than three and no more than five. If the number of Trustees should fall below three, the remaining Trustees may exercise their power to appoint a new Trustee. The Trustees must always include at least one male descendant of Captain Robert George Wilmot Berkeley. Any new Trustee is offered appropriate induction and training. 

## Organisation 

Under the terms of the trust deed the Trustees have wide discretionary powers relating to the investment and use of the trust fund, dealing with property, employment of staff and all other acts of management in relation to Berkeley Castle. 

The director of the castle, appointed by the Trustees, has responsibility for the running of the businesses of the trust and its subsidiary company, which is fully owned by the Trustees. 

## Risk management 

A formal risk assessment in line with SORP FRS102 recommendations has been produced. It was adopted at a meeting of the Trustees on 11 March 2004 and is to be kept on the agenda at future meetings on an annual basis to ensure that the matter is kept under review and procedures established to manage those risks. 

The major risks revolve around unforeseen problems occurring during the repair works on the castle and the surrounding areas. This risk is mitigated by taking high quality professional advice concerning the restoration work at all stages before and during the works, liaising with the staff onsite and regular trustee meetings to follow up on any issues. Asecond set of risks involve natural disasters causing damage to the castle and the grounds. These risks are mitigated by ensuring adequate insurance protection is available and through adequate and timely maintenance of the buildings and their immediate surroundings. 

2 



## Berkeley Castle Charitable Trust 

Report of the trustees (continued) For the year ended 31 March 2024 

## Statement of trustees’ responsibilities 

The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Accepted Accounting Practice). 

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and the group and of the incoming resources and application of resources of the charity and the group for that period. In preparing these financial statements, the Trustees are required to: 

- ° select suitable accounting policies and then apply them consistently; 

- ° observe the methods and principles in the Charities SORP (FRS102); ° make judgements and estimates that are reasonable and prudent; e state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

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

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, applicable accounting regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## Objectives and activities 

## Objectives 

The Trustees stand possessed of the trust fund and related income and can apply such funds in the furtherance of the trust; they also have the power to accumulate (as permitted by law) the income of the trust fund. 

Subject to these powers, the Trustees shall apply the annual income of the trust fund for the following objects: 

- a) The maintenance, repair and preservation for the benefit of the public of those parts of Berkeley Castle, Berkeley, Gloucestershire, which are open to the public. 

- b) The benefit of such charity or charities or for such other charitable purpose or charitable purposes as the Trustees shall from time to time in their absolute discretion think fit. 

To meet the objectives of the trust, new income raising activities are sought, particularly through its subsidiary trading company, which can offer the castle as a location for filming and other events. 

The castle invests in attracting visitors and works with a number of other attractions and local agencies to promote the castle. The castle also provides employment within the area by creating work for local people with knowledge of the castle and its history. 

3 



Berkeley Castle Charitable Trust 

Report of the trustees (continued) For the year ended 31 March 2024 

## Future plans 

The aim is to continue to make the castle available to the public in an efficient manner and to raise further funds for its upkeep and repair. It is hoped to add to the visitor experience and, with the help of the Friends of Berkeley Castle, to continue with a programme of repair and restoration of furniture, pictures and other contents. 

## Public benefit 

The Charities Act requires that there is an identifiable benefit or benefits arising from the work of all charities, and such benefit must be to the public or a section of the public. The Trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the trust's aims and objectives and in planning future activities. 

In pursuit of its charitable object the trust invests in the repair and upkeep to maintain and improve the environment for the contents of the castle and improve the experience for visitors. 

No section of the public is excluded from those parts of the castle that are open to the public; disabled access is available where practical. Those working for the trust are remunerated, but there are otherwise no private benefits. 

It can therefore be seen from this, and from other information in this report, that the work of the trust benefits the public. 

## Achievements and performance 

Number of visitors in YE24 decreased by 1% to 34,741 (2023: 35,167). However revenue from tickets sales increased due to a small increase in admission prices. 

New initiatives are still being undertaken to interest and educate visitors about the castle and its history. They have included additional newly researched exhibitions, information about the castle from guides and printed material. 

The Trustees would again like to record their appreciation of all the support the castle receives on a voluntary basis - from the Friends of Berkeley Castle and many other individuals and organisations. 

## Financial review 

There is a Group surplus for the year of £633,816 (2023: £440,311), which, added to the surplus brought forward gives total Group funds of £1,576,260 (2023: £942,444) carried forward. 

The Group donations and legacies income has increased to £611,322 (2023: £540,316). 

The Group charitable activities income increased by £18,440 (2023: £61,727). 

The Group charitable activities expenditure reflects an increase in costs of £296,734 (2023: £140,790) compared to last year mainly due to increases in insurance and utilities costs. 

The Group undertook a significant project in the year for the development of the café and walled garden for vistors at a cost of £891,061. This has been included in the Castle contents fixtures and improvement additions balance of £902,102 in tangible fixed assets per note 10. 

4 



## Berkeley Castle Charitable Trust 

Report of the trustees (continued) For the year ended 31 March 2024 

## Results of subsidiary 

The subsidiary trading company, Berkeley Castle Enterprises Limited, made a loss of £5,322 (2023: £12,431 loss). 

## Investment policy and returns 

There are no restrictions on the charity's power to invest and the Trustees have power to delegate discretionary powers of investment to an investment manager. The charity has adopteda total return policy for its investment income, and a strategy and risk profile is agreed annually with the investment manager. The investment performance is reviewed via the manager’s quarterly reports and the Trustees, or their representative, meet with the manager annually to discuss this performance. 

The Trustees intend that the real value of their assets be maintained and enhanced over the long term by investment in a portfolio comprised of equities, fixed income stocks and cash. The investment managers have been instructed to manage a diversified portfolio of suitable investments on a discretionary basis. 

## Reserves policy 

At the year end the Group held unrestricted funds of £1,542,291 (2023: £903,153) and £33,969 (2023: £39,291) in unrestricted funds from non-charitable trading. 

The Trustees have reviewed the reserves of the charity and consider that a target level of unrestricted funds of £250,000 to £300,000 is suitable to enable the Trustees to continue to fund management, administration and support costs and cover any unplanned repairs. The level of target funds has been increased to reflect the higher level of inflation and increased costs. Of the total unrestricted funds held of £1,576,260, £574,847 are considered to be realisable and the balance of £1,002,580, which predominantly relates to fixed assets, are considered unrealisable at the balance sheet date. Full details are shown in note 15 of the accounts. 

## Approved by the Trustees and signed on their behalf by: 


**----- Start of picture text -----**<br>
?<br>**----- End of picture text -----**<br>



**----- Start of picture text -----**<br>
Charles Wyld<br>**----- End of picture text -----**<br>


7 October 2024 

5 



## Berkeley Castle Charitable Trust 

## Independent auditors’ report to the trustees 

For the year ended 31 March 2024 

## Opinion 

We have audited the financial statements of Berkeley Castle Charitable Trust (the ‘parent charity’) and its subsidiary (the ‘sroup’) for the year ended 31 March 2024 which comprise a statement of financial activities, a balance sheet and a statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 

## In our opinion the financial statements: 

° give a true and fair view of the state of the group and parent charity’s affairs as at 31 March 2024 and of the group’s and the parent charity's incoming resources and application of resources for the year then ended; e 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's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charity 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 or the parent charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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. 

6 



## Berkeley Castle Charitable Trust 

## Independent auditors’ report to the trustees 

For the year ended 31 March 2024 

## SSeee——— 

## 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. 

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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 

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’ Annual Report is inconsistent in any material respect with the financial e statements; or e the parent charity has not kept sufficient accounting records; or e the parent charity’s financial statements are not in agreement with the accounting records and returns; or . we have not received all the information and explanations we require for our audit. 

## Responsibilities oftrustees 

As explained more fully in the Trustees’ Responsibilities Statement set out on page 3, the trustees are responsible for the preparation ofthe 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 group and the parent 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 group or the parent charity or to cease operations, or have no realistic alternative but to do so. 

## Auditors’ responsibilities for the audit of the financial statements 

We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act. 

Our objectives are to obtain reasonable assurance about whether the group and parent 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. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below. 

7 



## Berkeley Castle Charitable Trust 

Independent auditors’ report to the trustees For the year ended 31 March 2024 

## Identifying and assessing risks related to irregularities: 

We assessed the susceptibility of the group and parent charity’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charity by discussions with trustees, and updating our understanding of the sector in which the group and parent charity operate. 

Laws and regulations of direct significance in the context of the group and parent charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales. 

## Audit response to risks identified: 

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent charity's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charity's policies and procedures for compliance with laws and regulations with members of management responsible for compliance. 

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partmer’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 

A further description of our responsibilities is available on the Financial Reporting Council's website at: www.fre.org.uk/auditorsresponsibilities. 

This description forms part of our auditors’ report. 

8 



## Berkeley Castle Charitable Trust 

Independent auditors’ report to the trustees For the year ended 31 March 2024 

## Use of our report 

This report is made solely to the parent charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the parent charity 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 parent charity and the parent charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

Saffery LLP ‘5 Statutory Auditors 

David Sedgwick FCCA St Catherine's Court Berkeley Place Date: 07 October 2024 Clifton Bristol BS8 1BQ 

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 

9 



## Berkeley Castle Charitable Trust 

## Statement of financial activities 

For the year ended 31 March 2024 


**----- Start of picture text -----**<br>
||||||||||
|---|---|---|---|---|---|---|---|---|
|————|eee|eee|eee|nn|eS|
|Notes|Group|Group|Charity|Charity|
|2024|2023|2024|2023|
|£|£|£|£|
|Income|from|
|Donations and legacies|3|611,322|540,316|863,087|730,286|
|Charitable|activities|4|338,973|320,533|383,164|377,473|
|Other trading|activities|2|583,743|564,555|-|-|
|Investments|5|16,712|12,766|13,087|11,523|
|Total|1,550,750|1,438,170|1,259,338|1,119,282|
|Expenditure|on|
|Raising funds|6|2,110|2,108|2,110|2,108|
|Charitable|activities|7|940,434|971,615|643,700|640,296|
|Total|942,544|973,723|645,810|642,404|
|Net incoming|resources|for the year before gains|/|608,206|464,447|613,528|476,878|
|(losses)|on investments|
|Gains|/|(losses)|on|investment assets|25,610|(24,136)|25,610|(24,136)|
|Net movement|in funds|633,816|440,311|639,138|452,742|
|Fund balances|brought forward|942,444|502,133|903,153|450,411|
|Fund balances|carried forward|15|1,576,260|942,444|1,542,291|903,153|

**----- End of picture text -----**<br>


All funds were unrestricted in the current and prior year. 

$a9 

10 



## Berkeley Castle Charitable Trust 

## Balance sheet 

## As at 31 March 2024 

||Notes|Group|Group|Charity|Charity|
|---|---|---|---|---|---|
|||2024|2023|2024|2023|
|||£|£|£|£|
|Fixed assets||||||
|Tangible assets|10|1,002,580|122,332|937,705|46,163|
|Equityinvestments in group undertakings|11|-|-|20,051|20,051|
|Investments at marketvalue|11|375,625|351,676|375,625|351,676|
|||1,378,205|474,008|1,333,381|417,890|
|Currentassets||||||
|Stock||37,400|19,894|14,419|3,125|
|Debtors|12|104,872|83,444|353,533|272,066|
|Cash atbankand inhand||554,594|607,277|210,341|315,096|
|Creditors: amounts fallingduewithin oneyear|13|(476,813)|(208,519)|(369,383)|(105,024)|
|Netcurrent assets||220,053|502,096|208,910|485,263|
|Total assets less current liabilities||1,598,258|976,104|1,542,291|903,153|
|Creditors: amounts fallingdue aftermorethan||||||
|one year|14|(11,250)|(22,000)|-|-|
|Provisions forliabilities||(10,748)|(11,660)|-|-|
|Netassets|15|1,576,260|942,444|1,542,291|903,153|
|Funds ofthe charity||||||
|Unrestricted funds - Charity general||1,542,291|403,153|1,542,291|403,153|
|Unrestricted funds - Charity designated||:|500,000|-|500,000|
|Unrestricted funds - non-charitabletradingfunds||33,969|39,291|-|-|
|Totalfunds|15|1,576,260|942,444|1,542,291|903,153|



The Trustees have prepared group financial statements in accordance with section 138 of the Charities Act 2011. 

Approved by the board of Trustees and signed on their behalf on 07 October 2024. 

Charles Wyld 

11 



## Berkeley Castle Charitable Trust 

## Group statement of cash flows 

As at 31 March 2024 

|Group statement of cash flowsof cash flowscash flowsflows<br>As at 31 March 2024|Group statement of cash flowsof cash flowscash flowsflows<br>As at 31 March 2024|Group statement of cash flowsof cash flowscash flowsflows<br>As at 31 March 2024|Group statement of cash flowsof cash flowscash flowsflows<br>As at 31 March 2024|
|---|---|---|---|
|ea<br>sm||||
|||2024|2023|
|||£|£|
|Cashgenerated/(absorbed) from operatingactivities||||
|Netcashprovidedby/(used in) operating activities||828,749|(22,975)|
|Corporation tax paid||-|-|
|Netcashabsorbedbyoperating activities aftertaxation||828,749|(22,975)|
|Cashflowsfrom investingactivities||||
|Dividends, interestand rents from investments||16,712|12,766|
|Purchase ofproperty, plantand equipment||(904,350)|(16,933)|
|Proceeds from the sale ofproperty, plantandequipment||4,545|-|
|Proceeds from the sale ofinvestments||23,587|8,537|
|Purchase ofinvestments||(24,011)|(8,529)|
|Netcashusedininvestingactivities||(883,517)|(4,159)|
|Change incashandcashequivalents inthereportingperiod||(54,768)|(27,134)|
|Cashand cashequivalents atthebeginningofthe reportingperiod||612,192|639,326|
|Cashandcash equivalents attheendofthereportingperiod||557,424|612,192|
|Reconciliation ofnetincome/(expenditure) to net cashflowfrom operatingactivities||||
|||2024|2023|
|||£|£|
|Netincome / (expenditure) forthe reportingperiod (asperthestatementof||633,816|440,311|
|financial activities)||||
|Adjustments for:||||
|Currenttax charge||(912)|(1,685)|
|Depreciation charges||23,806|22,300|
|Unrealised (gains) /losses oninvestments||(25,610)|24,136|
|Loss on disposal offixed assets||(4,250)|2,792|
|Dividends, interestand rents from investments||(16,712)|(12,766)|
|(Increase)/decrease instock||(17,506)|14,810|
|(Increase) in debtors||(21,428)|(18,574)|
|Increase/(decrease) in creditors||257,945|(494,299)|
|Net cashprovided by/(used in) operatingactivities||828,749|(22,975)|
|Analysis ofnetdebt||||
||At1April<br>2023|Cashflows|At31March<br>2024|
||£|£|£|
|Cash atbankand inhand|607,277|(52,683)|554,594|
|Cashheld as partofinvestments|4,915|(2,085)|2,830|
|Total|612,192|(54,768)|557,424|



12 



## Berkeley Castle Charitable Trust 

## Notes to the consolidated financial statements 

For the year ended 31 March 2024 

## 1 Accounting policies 

- (a) Accounting convention and basis of preparation 

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of[Ireland][(FRS][102)][effective][1][January][ 2019][and][the][Financial][Reporting] Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2022. 

The Charity constitutes a public benefit entity as defined by FRS 102, 

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £1. 

The financial statements have been prepared under the historical cost convention, with the exception of the investments which are held at market value. 

(b) Basis of Consolidation The group financial statements consolidate the financial statements of[the][charity][ and][charity's][wholly][ owned] subsidiary, Berkeley Castle Enterprises Limited, for the year ended 31 March 2023. The statementof financial activities (SOFA) and the balance sheet consolidate the financial statements on a line by line basis where appropriate. Details concerning the subsidiary company, along with its results and financial position are set out in note 2. 

- (c) Going concern At the time of approving the financial statements the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 

## (d} Income 

Investment income and gift aid donations are included in the financial statements on an accruals basis and include any tax recoverable. Other income is shown gross. 

- (e) Resources expended Expenditure is recorded on the accruals basis. The cost of irrecoverable value added tax is included with the expense item to which it relates. 

Fund raising costs comprise those costs directly attributable to managing the investment portfolio and raising investment income. 

Support costs represent expenditure in the general running of the charity; these costs are fully attributable to charitable activities. 

Governance costs are directly attributable to the management of the charity’s assets, organisational administration and compliance with constitutional requirements. 

13 



Notes to the consolidated financial statements For the year ended 31 March 2024 

## Berkeley Castle Charitable Trust 

## 1 Accounting policies (continued) 

(f) Listed investments Listed investments are included in the accounts at a value based on their mid-market price at the balance sheet date. Realised gains or losses are recognised in the period by reference to the difference between their balance sheet value and net proceeds from disposal in accordance with accounting standards. 

## (g) Unlisted investments 

Unlisted investments are stated at cost less provision for diminution in value. 

## (h) Depreciation 

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows: Castle chattels and land no depreciation 

Castle contents, fixtures and improvements 2%, 15% and 25% straight line basis Garden equipment 15% straight line basis Office equipment 15% straight line basis 

- (i) Stocks Stocks are stated at the lower of cost and net realisable value. 

(j) Financial instruments The Charity has elected to apply the provisions of[Section][11][‘Basic][Financial][Instruments’][and][Section][12][‘Other] Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Other than where specifically stated all of the charity’s financial instruments are classed as basic financial instruments. 

Financial assets are recognised in the Charity’s statement of financial position when the Charity becomes party to the contractual provisions of the instrument. 

Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition. 

## Basic financial assets 

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Other financial assets classified as ‘fair value through the statement of financial activities’ are measured at fair value. 

## Basicfinancial liabilities 

Basic financial liabilities are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value ofthe future receipts discounted at a market rate of interest. Other financial liabilities classified as ‘fair value through the statement of financial activities’ are measured at fair value. 

## Ne 

## eee... 

14 



## Berkeley Castle Charitable Trust 

Notes to the consolidated financial statements For the year ended 31 March 2024 

## 1 Accounting policies (continued) 

## (k) Pension costs 

Pension costs for individual defined contribution schemes are charged to the statement of financial activity in the year in which they are payable. 

- (1) Employee benefits The costs of short-term employee benefits are recognised asa liability and an expense. 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 

## (m) Funds structure 

The charity holds unrestricted funds only, which the Trustees are free to use for any purpose in the furtherance of the charitable objects. Unrestricted funds include designated funds where the Trustees, at their discretion, have created a fund for a specific purpose. 

## 2 Incoming resources from subsidiary 

The charity has a wholly owned trading subsidiary, Berkeley Castle Enterprises Limited (company number 03306174) which is incorporated in the UK. The principal activities are the running of a cafe and souvenir shop, which are open to the public and the hiring out of premises for private and commercial functions. 

A summary of its trading results is shown below. The relevant pages have been filed with the Registrar of Companies. 


**----- Start of picture text -----**<br>
|||||||
|---|---|---|---|---|---|
|Profit and|loss|account|2024|2023|
|£|£|
|Turnover|583,743|564,555|
|Cost of|sales and|administrative|expenses|(341,837)|(389,944)|
|Interest|receivable|3,625|1,243|
|Net profit|245,931|175,854|
|Amount|gift aided to|charity|-|(189,970)|
|Taxation|912|1,685|
|Retained|in subsidiary|246,443|(12,431)|
|Fixed|assets|64,875|76,170|
|Current assets|379,042|320,588|
|Current|liabilities|(367,897)|(303,754)|
|Non|current liabilities|(21,998)|(33,660)|
|Net assets|54,022|59,344|

**----- End of picture text -----**<br>


a —————— 

15 



## Berkeley Castle Charitable Trust 

Notes to the consolidated financial statements For the year ended 31 March 2024 

|3|Donationsand legacies|Group|Group|Charity|Charity|
|---|---|---|---|---|---|
|||2024|2023|2024|2023|
|||£|£|£|£|
||Taxreclaim on giftaid donation|48,092|38,881|48,092|38,881|
||Donations|563,230|501,435|814,995|691,405|
|||611,322|540,316|863,087|730,286|
|4|Incomefromcharitable activities|Group|Group|Charity|Charity|
|||2024|2023|2024|2023|
|||£|£|£|£|
||Admissions|291,196|270,720|291,196|270,720|
||Guide books|7,898|5,902|7,898|5,902|
||Guided tours|6,530|13,136|6,530|13,136|
||Rental income|26,244|26,219|31,824|31,799|
||Fees foruseofcastle|-|-|38,611|51,360|
||Commisions and otherincome|7,105|4,556|7,105|4,556|
|||338,973|320,533|383,164|377,473|
|5|Investmentincome|Group|Group|Charity|Charity|
|||2024|2023|2024|2023|
|||£|£|£|£|
||Income from quoted securities|9,783|9575|9,783|9,575|
||Bankinterest|6,929|3,191|3,304|1,948|
|||16,712|12,766|13,087|11,523|
|6|Expenditure onraisingfunds|Group|Group|Charity|Charity|
|||2024|2023|2024|2023|
|||£|£|£|£|
||Investmentmanagers’ fee|2,110|2,108|2,110|2,108|
|||2,110|2,108|2,110|2,108|



16 



## Berkeley Castle Charitable Trust 

Notes to the consolidated financial statements For the year ended 31 March 2024 

|7|Expenditure oncharitable activities|Group|Group|Charity|Charity|
|---|---|---|---|---|---|
|||2024|2023|2024|2023|
|||£|£|£|£|
||Castleshop|8,718|29,970|-|-|
||Tea room|70|605|-|-|
||Gardens and butterflyhouse|19,555|16,334|19,555|16,334|
||Weddingaccommodation|84,709|79,351|-|-|
||Heatingandlighting|59,806|40,518|58,328|38,913|
||Wages andpensions|349,455|362,530|240,526|238,101|
||Repairs and maintenance|96,705|165,075|93,833|161,727|
||Bar costs|13,467|18,176|-|-|
||Rentand rates|5,565|6,411|5,965|6,411|
||Equipment hire|44|344|-|-|
||Marketing costs (incl.website)|64,726|50,035|36,211|32,222|
||Events expenses|55,249|51,733|37,131|33,767|
||Guide books|3,056|3,740|3,056|3,740|
||Office costs|23,056|21,750|13,526|12,340|
||Professional fees|3,120|5,662|3,120|5,662|
||Insurance|96,806|52,214|93,980|49,914|
||Bankcharges and interest|13,522|9,880|13,359|9,676|
||Sundry|6,149|10,980|5,705|9,633|
||Entertaining|4,007|3,965|2,685|2,987|
||Corporation tax|(912)|(1,685)|-|-|
||Donations|-|100|-|-|
||(Profit)/Loss on disposal of assets|(4,250)|2,792|61|-|
||Depreciation charge|23,806|22,300|9,759|7,349|
||Governance costs {Note 8)|14,005|18,835|7,300|11,520|
|||940,434|971,615|643,700|640,296|
|8|Governance costs|Group|Group|Charity|Charity|
|||2024|2023|2024|2023|
|||£|£|£|£|
||Audit fees|6,000|8,000|6,000|8,000|
||Other professional fees|8,005|10,835|1,300|3,520|
|||14,005|18,835|7,300|11,520|



iSS 

17 



## Berkeley Castle Charitable Trust 

## Notes to the consolidated financial statements 

For the year ended 31 March 2024 

## 9 Expenditure 

Expenditure for the year is stated after charging the following amounts: 

|Employmentcosts:|2024|2023|
|---|---|---|
||£|£|
|Wages and salaries|320,059|330,567|
|Social security costs|20,712|21,687|
|Pension|8,684|10,276|
||349,455|362,530|
|Analysis ofwages and salaries:|||
|Managementand office salaries|91,197|89,960|
|Caretaking / security|63,101|61,351|
|Guides|27,893|28,489|
|Gardeners|29,360|28,412|
|Cleaners and maintenance|28,975|29,889|
|Castle shop|29,155|26,313|
|Weddings business|79,773|98,116|
||9455|862,530|



The average monthly headcount was 49 staff (2023: 32 staff). 

No employees received emoluments above £60,000 during the current or prior year. 

The Trustees receive no remuneration for their work and do not claim any expenses. 

The key management personnel received no remuneration during the year. 

18 



## Berkeley Castle Charitable Trust 

Notes to the consolidated financial statements For the year ended 31 March 2024 

|10|__—‘Fixed assets -group|Castle|Castle|Garden|Office|Total|
|---|---|---|---|---|---|---|
|||chattels|contents|equipment|equipment||
|||and land|fixturesand||||
||||improvements||||
|||£|£|£|£|£|
||Cost||||||
||At 1April 2023|10,263|404,722|48,772|14,501|478,258|
||Additions|-|902,120|-|2,230|904,350|
||Disposals|-|(47,734)|-|(1,390)|(49,124)|
||Transfer|-|-|-|-|-|
||At 31 March 2024|10,263|1,259,108|48,772|15,341|1,333,484|
||Depreciation||||||
||At 1 April 2023|-|321,668|25,194|9,063|355,925|
||Provision forthe period|-|16,693|5,345|1,768|23,806|
||Disposals|-|(47,455)|=|(1,372)|(48,827)|
||Transfer|-|-|-|-|-|
||At 31 March 2024|-|290,906|30,539|9,459|330,904|
||Netbookvalue||||||
||At 31 March 2024|10,263|968,202|18,233|5,882|1,002,580|
||At31 March 2023|10,263|83,054|23,578|5,438|122,333|
||Fixed assets - charity||||||
|||Castle|Castle|Garden|Office|Total|
|||chattels|contents|equipment|equipment||
|||and land|fixturesand||||
||||improvements||||
|||£|£|£|£|£|
||Cost||||||
||At 1April 2023|10,263|206,390|48,772|12,187|277,612|
||Additions|-|899,136|-|2,230|901,366|
||Disposals|-|(17,433)|-|(1,390)|(18,823)|
||At 31 March 2024|10,263|1,088,093|48,772|13,027|1,160,155|
||Depreciation||||||
||At 1 April 2023|-|199,506|25,194|6,749|231,449|
||Provision forthe period|-|2,646|5,345|1,768|9,759|
||Disposals|-|(17,386)|-|(1,372)|(18,758)|
||At 31 March 2024|-|184,766|30,539|7,145|222,450|
||Netbookvalue||||||
||At31 March 2024|10,263|903,327|18,233|5,882|937,705|
||At 31March2023|10,263|6,884|23,578|5,438|46,163|



19 



## Berkeley Castle Charitable Trust 

Notes to the consolidated financial statements For the year ended 31 March 2024 

## 10 ‘Fixed assets (continued) 

||Thenetbookvalue at31March 2024represents fixed assetsused for:-|||
|---|---|---|---|
||Directcharitable purposes:|2024|2023|
|||£|£|
||Castle chattels|10,263|10,263|
||Garden machinesand equipment|18,233|23,578|
||Equipmentandimprovements|968,202|83,053|
|||996,698|116,894|
||Managementand administration ofthe charity|5,882|5,438|
|11.|‘Fixed assetinvestments|2024|2023|
||UKand overseas equities:|£|£|
||Marketvalue at 1 April 2023|346,761|370,905|
||Acquisitions at cost|24,011|8,529|
||Disposals atopeningbookvalue or costfornewpurchases|||
||disposedof in theyear|(23,587)|(8,537)|
||Unrealised gains on revaluation|25,610|(24,136)|
||Marketvalue at 31 March 2024|372,795|346,761|
||Cashbalance (heldbybrokers)|2,830|4,915|
||Investmentundermanagement|375,625|351,676|
||Historical cost as at 31 March 2024|||
||Securities|283,540|277,652|
||Cash|2,830|4,915|
|||286,370|282,567|



The amount of £372,795 above represents investments quoted on a recognised securities exchange. 

||£|£|
|---|---|---|
|UK equities, commodities and fixed interestsecurities|92,956|92,956|
|Overseas equities|279,839|253,805|
||372,795|346,761|
|Equityinvestmentingroup undertakings|2024|2023|
||£|£|
|InvestmentinBerkeleyCastleEnterprisesLimited|20,051|20,051|



20 



## Berkeley Castle Charitable Trust 

## Notes to the consolidated financial statements 

For the year ended 31 March 2024 

## a 

|12|Debtors|Group|Group|Charity|Charity|
|---|---|---|---|---|---|
|||2024|2023|2024|2023|
|||£|£|£|£|
||Trade debtors|24,862|11,718|18,349|4,974|
||Berkeley Castle Enterprises Limited|-|-|260,469|200,259|
||RJG BerkeleyWillTrust|36,435|23,002|36,435|23,002|
||BerkeleyWill Trust|5,955|3,964|5,999|3,564|
||VAT|17,257|17,266|17,257|17,266|
||Other debtors|20,763|27,894|15,468|23,001|
|||104,872|83,444|353,533|272,066|
|13|Creditors:amounts fallingduewithinoneyear|Group|Group|Charity|Charity|
|||2024|2023|2024|2023|
|||£|£|£|£|
||Trade creditors|27,800|68,106|22,208|56,868|
||BerkeleySettlement|37,485|31,680|21,356|22,054|
||Corporation tax|:|-|-|-|
||PAYE/National Insurance|4,795|5,747|4,606|4,304|
||VAT|6,145|8,871|-|-|
||Deferred income|-|7,164|-|7,164|
||Pension|1,334|1,486|1,187|1,135|
||Accruals|97,725|83,936|18,497|11,970|
||Deposits|1,529|1,529|1,529|1,529|
||Berkeley 2002 Settlement loan|300,000|-|300,000|-|
|||476,813|208,519|369,383|105,024|



The loan from the Berkeley 2002 Settlement is repayable on demand but is expected to be repaid over 10 years from 2026. No interest is charged by the Berkeley Settlement on this loan. 

14 Creditors: amounts falling due after one year 

|Creditors: amounts falling duefalling duedue after one yearone yearyear|Group|Group|Charity|Charity|
|---|---|---|---|---|
||2024|2023|2024|2023|
||£|£|£|£|
|Deferred income|11,250|22,000|-|-|
||11,250|22,000|-|-|



## << 

21 



## Berkeley Castle Charitable Trust 

## Notes to the consolidated financial statements 

For the year ended 31 March 2024 

## a 15 Analysis of unrestricted funds 

## Analysis of charitable funds 

|Analysis of charitablecharitable funds|||||
|---|---|---|---|---|
||General|Designated|Total|Total|
||||2024|2023|
||||£|£|
|Balance as at 1 April 2023|403,153|500,000|903,153|450,411|
|Incomingresources|1,259,338|-|1,259,338|1,119,282|
|Resources expended|(645,810)|-|(645,810)|(642,404)|
|Gains and losses|25,610|-|25,610|(24,136)|
|Transferbetween funds|500,000|(500,000)|-|-|
|Balance at31 March 2024|1,542,291|-|1,542,291|903,153|
|Analysis oftradingfunds|||||
||General|Designated|Total|Total|
||||2024|2023|
||£|£|£|£|
|Balance as at 1 April 2023|39,291|-|39,291|51,722|
|Incomingresources|291,412|-|291,412|318,888|
|Resources expended|(296,734)|-|(296,734)|(331,319)|
|Balance at31 March 2024|33,969|-|33,969|39,291|
|Total unrestricted funds|||||
||General|Designated|Total|Total|
||||2024|2023|
||£|£|£|£|
|Balanceasat31March2024|1,576,260|-|1,576,260|942,444|



In 2023 the trustees designated £500,000 for a planned developmentofthe café and walled garden. This amount was released in the year on the completion of the planned development. 

eeeeee NN 

22 



Notes to the consolidated financial statements 

Neeneee 

## Berkeley Castle Charitable Trust 

For the year ended 31 March 2024 

## 16 Related party transactions 

## Group and Charity 

During the year the net effect of income and expenditure transactions with Berkeley Settlement was that the Group was charged £228,627 (2023: £180,201). Berkeley Settlement is a related party by virtue of a common Trustee between the Berkeley Settlement and the group. At the year end the Group owed Berkeley Settlement £37,485 (2023: £31,680). 

During the year the net effect of income and expenditure transactions with the Berkeley Will Trust was that the group received income of £5,113 (2023: £3,597). The Berkeley Will Trust is a related party by virtue of a common Trustee between the Berkeley Will Trust and the group. At the year-end the group was owed £5,555 (2023: £3,564) from the Berkeley Will Trust. 

During the year the net effect of income and expenditure transactions with the RJG Berkeley Will Trust was that the group received income of £45,691 (2023: £33,038). The RJG Berkeley Will Trust, is a related party by virtue of a common Trustee between the RJG Berkeley Will Trust and the group. At the year-end the group was owed £36,435 (2023: £23,002) from the RJG Berkeley Will Trust. 

During the year Spetchley Developments Limited donated £500,000 (2023: £500,000) as a gift to the Group. Spetchley Developments Limited is a related party by virtue of a common Trustee between Spetchley Developments Limited and the Group. 

During the year the Berkeley 2002 Settlement loaned £300,000 (2023: £nil) to the Group. Berkeley 2002 Settlement is arelated party by virtue of a director in the Group being the benficiary of the Trust. At the year end the Group owed £300,000 (2023: £nil) to the Berkeley 2002 Settlement. 

During the year Berkeley Castle Enterprises Limited donated £251,765 (2023: £189,970) as a gift and was charged £38,611 (2023: £46,360) for use of the castle by the charity. Berkeley Castle Enterprises Limited is a fully owned subsidiary of the charity. At the year-end Berkeley Castle Enterprises Limited owed £260,469 to the charity (2023: £200,259). 

During the year a close family of one of the trustees donated £40,000 (2023: £nil) to the Group. Another close family member purchased £104 of goods from the Group (2023: £nil). No amounts were due to or receivable from these persons at year-end (2023: fnil)} 

There were no donations received from trustees during the year. 

23