REGISTERED COMPANY NUMBER: 03955918 (England and Wales) RECISTERED CHARITY NUMBER: 1080667 Report of the Tru$teeg 2nd Financial Statements for the Year Ended 31 Marcb 2025 for Ymddiriedolaeth C*dwraeth Adelladau Cadwgan Building PreservatlOD Trust Ashmole and Co. Chartered Certified Accountants and Statutory Auditors Manchester House Grosvenor Hill Cardigan Ceredigion SA43 IHY Ashmole & Co.
Ymddiriedolelh Cxdwreth AdeSl#dau Cadwgan Building Preservation Trust Contents of the Fln*nel21 Statements for th¢ Year Ended 31 MArcb 2025 Page Report of the Trustees 1 9 Report of the Independent Auditor5 10 to 12 Statement of Financial Aelivities 13 Balance Sheet 14 to 16 Cash Flow Statement 17 Notes to the CAsh Flow Statement 18 Notes to the Finaneial Statements 19 to 28 Detailed Statement of Financial Aetffivities 29 to 30 Ashmole & Co.
YmddiTiedolaeth Cadwraeth Adellad&u CadwgAn Building PreservatlOD Trust Report of the Trustees for the Year Ended 31 Mar¢h 2025 The trustees who are also directors of the ¢harAty for the purposes of the Companies Act 2006, present their report with the financial statements of the charity foT the year ended 31 March 2025. The trnstees have adopted the PTovisions of Accounting and Reporting by Charities.. Statement of RecoTllTnended Prnctice applicable lo charities preparing their accounts in a¢¢ordan¢e with the Financial Reporting Standard applicable in the UK and Republic of freland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVtTIES Objectives and aims Our charity's purposes as set out in the company's memorandum of association are to: _ Preserve for the benefit of the people of CaTdiBan Town and of the Nation, the histOriC81, architethral and constructional heritage that may exist in and around Cardigan Town in buildings (including any building5 as defined in section 336 of the Town and Country Planning Act 1990) of particular beauty, historical or construdional intsrest. Significant activitie5 The current focus of the Tt'S work 15 the restorati and preservation of Cardigan Castle for the benefit the people of Cardigan Town and of the Nation. Cardigan Castle is a Scheduled Monument of immense importance in Welsh heritage and culture as the sile of what has been regarded as the first Eisteddfod where a Bard was Chaired in 1176. Through its 900-year history the site h&8 taken on a nLllnber of different roles and its evolution continues to this day. Cardigan Castle ha5 been restQTed to an excellent standaTd thanks to the enthusi&8m and commitment of the local Community and tremendous support from external funders. The quality of this work was recognised noi only by the C&8tle winning Channel 4's Reslordtion of the Year Award against 27 other strong contenders, but also by the Welsh Government Minister for Culture. Tourism and Sport's description of Cardigan Castle as a "shining example of a living Casile that had functions relevant to modern Society" The trustees and staff are working to ensure that Cardigan Castle can be fully sustainable, generating sufficient revenues to provide a strong herilage and educational experience while also maintaining the fabric of the heritage asset. Cardigan Castle attracts visltors from a wide geographic area an as well as inforn]ing these visitors about the history and the heritage of the are4 this influx has had a significant positive impact on Cardigan businesses and the local ¢¢onomy. Visitors are able to stay within the walls of this historic site to Celebrate. to learn. to do business and to din At the same time a large number of local residenls and schoolchildren take advantage of the site's cultural. educational, recreational and entertainment events. The wide range of activities taking place within the walls delivers an eveT-wider exposure of the Castle's remarkable story. Publie benefit The Trustees have reviewed the Charity's impact on the people of Ceredigion having regard to the Charity Commission guidance on public benefit and believe that maintaining and preserving this historic monumenl, as well as educating the public, is to the public benefit. Page I Ashmola & Co.
Ymddiriedolaeth Cadwraeih Adelladau Cadwgan Building Preservation Trust Report of the Trustees for the Year Ended 31 Mareh 2025 ACHIEVEMENTS AND PERFORMAFICE Charitable activities Edweatlon Cardigan Castle h&8 a responsibility to facilitate learning, specifically regarding the history of the Castle, its oG¢upants and Cardigan's own rich history. A series of learning resources have been developed for Key Stages 1. 2 & 3 and ihese can be used either in the cla55room or at the Castle. These are also now hosled on the Castle's new website wMv.cardigancastle.com. Heritage 2024-25 has been a year of recalibrating following the appointment of the new Director. It is the anniversary of ten years since the ClIe.5 openingto the public. and an ongoing process of repair and rejuvenation of the site has continued apace, new bathrooms have beffl installed An some of the accommodation, in 1176 the balcony and fascia's have been Teplaced and refurbished. Near the East Wing the large hot tub has been removed and replaced with a low maintenance. no cost sitting area foT guests. This is as a result of the shift in self- catering habits. Whereas in the first years of the Castle offering accommodation. much of the take up was self-catering - guests are now opling for shorter breaks, and we have increased the availability of bed and breakfast room provision to include the East Wing. This also reflects the guests, habits to cancel last minule and book at ihe eleventh hour. When the East Wing was used as shared accommodation for Bed and Breakfast the hot tub was not used bul of course needed to be maintained and powered throughout. The East Wing has been repainted iDt¢rnally at ¢onsiderable cosL and the planned intemal repainting of Castle Green House itself will happen in the spring of 2026. The Castle's caretaker role has been re-focused io include more upkeep maintenance. and he has slowly been working through the whole site refftrbishing and painting external dooTS and windows. This is something of an ongoing 'Forth Bridge, painting scenario, as the overall maintenance and look of th¢ site creates that first impression on each visitor. By doing ihis'in house, it is also cost effeclive. It is imperative that visitors appreciate how'cherished, the Castle is. The next major undertaking will be the Testocking and re-bordering of ihe gravel pathways with steel rather than w(M)d which decays rapidly. Visitor numbers during the period 2024-25 rernained at the same level though looking forward to a year on year-to-date comparison shows a marked increase to September 2025. This is attributed to an easier to access and navigate. website. In 2025 this was also supported during mid and late summer by an online digital marketing campaign, though relati vety costly. this has delivered a muGh wider reach to the public, with visitors reporting that the website vta their phone was how they 'found' the C&8tle and its events. A five-year strategy has been approved by the board and will be implemented &8 funds and resources allow. The SPF 'Cynnal y Cardi Grant, scheme funded three new websites noled in 1&8t yeals report which are now live and filljctioning. As well as explaining what the Cadwgan T$t does. its website hosts the agenda and minutes of the AGM. and any major announcements will be posted there. The'castle Collection, site celebrates the assets held by the Castle in ils archive, and reflects the appeal of Cardigan, its history and the surtvunding parishes. It has a seaTch facility for items which will be continually added to as the site is further populated and developed. The main new site is the easier to navigate. mobile phone friendly'cardigan Casile.com' which has been our primary tool to reach the customer / visitor market. All aspects of what the Castle can offer the public and attractions are featured. and it is possible to book tickets and purchase items from the online shop. In comparison to the 'old' site the perforn)ance and engagemenl resulis show a marked increase in lime spent viewing pages and their'stay,. within the website. and a healthy conversion to actual visitor numbers. Glen Johnson and his research team have again been pivotsl in enhancing the visitor experience. The Trust and Castle staff congratulate Glen on the recognition of his long-term Se1¢¢$ and ¢omrnitment to the Castle's history, and that of Cardigan and the surrounding area by the recent awarding of the British Empire Medal. During the year Glen hosted four talks on the Castle and the area's history which were well received by the attending audiences. Another seTi¢s of talks are Set to be delivered. Page 2 Ashmol8 & Co.
Ymddiriedolaeth Cadwraeth Adeiladau Cadwgan Building Preservation Trust Report of the Trustees for the Year Ended 31 Marcb 2025 The Dyfed Family history group which meets at the Castle hosled a very successful free event in the Castle Pavilion promoting family research and assisting individuals in their quests to find out more about their family or their villages, past. It is intended to make this an annual event in the Calendar. As a charity it is important that some evenls are free to the public to be inclusive of all. Each yearthe Castle applies for grant funding from Cardigan Town Council. The award this year Mryll enable the purchase of recording equipment to facilitate podcasting. The aim being lo Gapture snapshots of people's memories of Cardigan and the area's past, events and lifestyles. This aural history will fiTSt be used during a planned exhibilion looking back at the hosting of the 1976 National Eisteddfod on fields at Penlan farm just outside the towi. The flow of tourist V15itors to the area contiT]ues. and the Castle's Heritage accommodation attracts, though it showed a 9 /• decrease in occupancy from the previous year. However. the occupancy is still up on the 2021-2023 figures. After ten years of continued service the a¢Gommodation offering As considered to be slightly date in comparison with other new and competitive guest accommodation in the area. Work will now begin as funds allow on refurbishing and updaling each room in turn. Portrayal of Welsh history is core to the Castle's cultural relevance and the th¢atre events staged in the Tower room are examples of how one-actor plays can engage and entertain in the most atmospheri¢ of settings. Thealre company Mewn Cymeriad delivered several perfomances throughout the perio for example, Gwen y Wrach - portraying the life of the 1&8t known Witsh to be hung for witchcraft, and Congrinero which portrayed the effecls of war and conflict on the poet T H Parry Williams. These w¢r¢ all well received. Numerous local groups continue to hold their meetings at the Castle, these include the Welsh language poety workshop group, led by Ceri Wyn Jones, who meet on a regular basis in Ty Cadwgan. The Dyfed Family History gTOUP hold their meetings in Castle Green House. An exhibition of the 'finds' of the local Metal detectorist group was staged in Castle Green House displaying 'treasure' from across the tomm and the local parishes. It feattres relics and lost objects from several historic periods. The Castle continues to expand links with heritage and cultural organisations in Wales, becoming a member of Museums Federation Cymru, in order that we can learn from more experienced venues and adopt best practice, During th¢ year several items of historic local value have been purchased io enrich the Castle's collection, but always at rock bottom commercial prices. An original'sundial, believed to be from Castle Green House and Barley Saturday Stsllion Stud Cards have been acquired, and more recently an officer's hat worn by Capt. G F Roberts of Cardigan who served with the 1st Cardigan Artillery Volunteers, dated 1878-188 I w&8 purchased by Cymdeithas Aberteifi Society with a donation from the Castle. These items will all be dlsplayed during the rejuvenation of the cabinets in the house over the corning months. Castle tours have increased in number with a high level of appreciation. Recently a group of residents from the residential home at Hafod spent many hours at the Castle and the feedback post their visit was that the residents had benefited greatly and shared memories of times pastwith each other and the staff. This was in partnership with Ceredigion County Council's Culture Development Officer. During the period we again welcomed groups from America to the Castle from the cruis¢ ships who dock at Fishguard harbour. Language & Culture Aberystwyth University continues to place Cardigan Castle at the forefront of Welsh language education learnin& with Courses for adults offering more classes than in previous years across all levels of fluency. The Castle team worked with 'Cered' Ceredigion's agency for the promotion of the Welsh language, alongside a number of local schools to stage the popular St David's Day parade. however, due to inclement weather the event had to b¢ cancelled, but plans are already in place for a 2026 event. Avoiding great financial risk by not booking high profile acts and the late bookings of a¢ts impacted on the 2025 summer events programme. which the Castl¢ again hosted by itself. This yvdr utilising the new websites the Castle undertook all of the ticketing service, and all marketing materials were created frorn within the Castle team. It was not such a profitable summer" however, a range of entertainment was offered in keeping with past seasons. Page 3 Ashmole & Co.
Ymddiriedolaeth Cadwrg¢th Adeilsdiu CAdwgan Building Preservation Trust Report of the Trustees for the Year Ended 31 March 2025 The successful partnership from the previous year with the Ceredigion Music Service department continued to stage the 'Castle Proms" which saw ihe Welsh of the West End perforniers share the stage with Ceredigion Musi¢ Service's Youih's Choir, Orchestra and Ha ensemble. The xclaimd Kelly O'Brien rf0nncd an enthusiastically received Dolly Parton perforniance in the Dolly Show for Country and Western fans, however. the Human League 80's Iribute band failed to attwt 5ignifi¢ant number5 which resulted in discounting of tickets. The Castle and Theatr Mwldgn again worked successfully together, hosting three well supported Illyria theatre shows, H.M.S Pinafore. Pride and Prejudice and Wind in the Willows. The latter demonstrating tbe importance of providing entertainment for children and young families. During the summer the Castle worked in parthership with the Torch theatre to offer three Sunset Cinema ¢venings, on ihe Castle lawns, over a three-week period. The amazing T]ew screen enables a daylight start to proceedings which in turn led to the best attendan¢es for well-established favourite titles such as Toy Story and the Lion King. The later showings of Top Gun, Elvis and Saturday Night Fever for adults were not well supported. Earlier marketing and more scrutiny with title choice were lessons learnt on this venture which we hope to repeat in future to ty and establish a following for a different experience at the Castle. As one of the town's venues for the Other Voices festival held in October. the Castle Pavilion was again used lo host the Welsh Government's, oifi¢ial re¢eption for the First Minister Eluned Morgan and delegates from Ireland. A very well supported book launch was held in November with publishers Y Lolfa to promote artist Meirion Jon¢s' n¢w hardback book celebrating Patagonia and its people. In December the Castle Worked in partnership with Small World Theatre and wId Wood Ltd to illuminate the Castle's external walls as the final focal point for their Annual Lantern Parade. Really bad weather resulted in cancellation on its original date. it reconvened in slightly better weather a few days later. This year, this parade will forni part ofthe'steddfod Unnos'evenl wlth the Castle providing th¢ perfect backdrop as the climax for the evening. IA>cRI Community The Castle's role within the lo¢al Community saw many touchpoints during the year. Gwyl Fawr Aberteifi held events at the Castle to launch ihe week's festivities hosting two Talwrn events for young poet5 and adults in the Casile Pavilion. Across the year the Castle is indebted to Jon Preece, Ihe versatile performer who has ftsr several years offered young children the opportunity to train as Knights in the Castle's popular Knight Schools. He also perfornis comedy shows as Mr Jon Jon, which have a huge following. These shows are free to children with the purchase of an adult ticket. which in turn enables parents to attend real value for money entertainment where the kids go free. This autumn he offered a new 'Spooktacular show, based on the Halloween period. Other Children's entertainment has been offered in the shape of theatre in the Tower Room with a show in both Welsh and English based on the appeal and unique WTiling of Roald Dahl - Ivnagine that! by Mewn Cymeriad, and a celebratory week of marking T.Llew Jones as an iconic Children's author and novelist. This makes VlSiting the Castle a more memorable experience for young audiences and we are delighted that a revised commissioned show on the life of Yr Arglwydd Rhys will soon be perfornied at the Casile, and in local schools following grant funding from the Cynnal y Cardi Event fund. Across the cal¢ndarthe Castle worked alongside the Town Council to effectively Promote community events and National days by projecting agreed specific logos onto the Castle wall from the riverside at the relevant time of year. The Council a]so make use of the Castle's meeting rooms and conference facilities. The Research Room continues to be a jewel in the crown of what the public can access for free within the Castle grounds. It provides a valued service, and there 15 a growing demand and appetite for such infonnation from the publi¢. Volunteers, in so many ways are the backbone of the Castle's activities. Their continued efforts and support are much valued by Trustees and stsff, be they in the Research room, in the Castle gardens or at the large events controlling and assis¢ing crowds. They continually enhance the visitors, experience and understanding of the site. Page 4 Ashmole & Co.
Ymddiriedol*eth Cadwra¢¢h Adelladau Cadwgan BulRding Preservation Trust Report of the Trustees for the Year Ended 31 March 2025 This year has seen a bumper crop of produce from the Vegetable gardens. A huge amount of fruit, pumpkins, squashes and chillies have meant that the garden has shone as a visua] attraction across the seasons. We do have repeat offenders who eat the soft fruit, both birds and the older generation of Castle visitor! and thus the PUTcha5e of a fruit cage will stop this trend in future. After seven years of diligent service to the Castle, its overnighl guest4 and its events and weddings, Holden's catering have decided that a new challenge is their future. We would like to thank Tovn. Nicole and their teams thToughout the years for all their hard work. We wish them well with their new venture - Holden's steakhouse at Penuwch in the North of Ceredigion. In turn we are also delighted to share that James Heneker and his partner Natalie, both from Cardigan will take over in 1176 from mid-Novcrnber. wherc the emphasis will be based on the promotion of and reflect the garden produce grown here, in our heritage gardens at the Castle. In addition to its core daytime hours; l 176 will open in the evenings as a restaurant for part of the week from Spring onwards. This will maximise the opportunities io offer overnight guests in the Castle's accommodation ev¢ning m¢als at weekends and the public the chance to cnjoy CaTdi?an on a plate, in such a beautiful atmospheric setting. A further development will be the occasional use of the 1176 space, in conjullction with James and Natalie. duriT]g the evenings ofthe early part of the week, as an altsrnative lecture venue or meeting pla¢¢ for groups and socielie5. This will also involve the serving of food if required but most importantly enables scheduling events which are CUTrcntly not possible to host in the Castle pavilion, during the wet and colder months of the year. To facilitate a betteT atmosphere 2nd sound space the Castle has recently been awaTd¢d a ant to instsll audiology enhancing panels in 1176. again supported by Ceredigion's Cynnal y Cardi scheme One room in the Castle works steadily as both an income stream but also as a host for a group activity, tying in history and a challenge. The Escape room is housed in the fonner nursery of Castl¢ Green House and regularly brings families or groups of friends from the locale together to attempt to escape by solving the mystery of Mrs Davies, Missing pearls. This is a genteel forni of the wpular attraction which works across the ag¢ groups, attracting both the local Community and visiting tourists into the Casde. A year on, the relocation and forniing of hubs for both Barclays and Lloyds banks, here at the Castle has settled well and offered their customers a base to interact with their finance partn¢r5 in ihe comfort and pleasant surroundlngs of Cadwgan. Hywel Dda Health Board continue to cnjoy the excellent classroom facilities in Ty Cadwgan offerin8 a variety of courses for patients from the are4 also making use of the Tower room for speGific conferences or group activities. The Castle is proud of these affiliations enabling the continued provision of these wre services in Cardigan. The Castle offers both the local and wider communlty the perfect setting to get married. Four weddings were celebrated by families at the Castle this year which is feweT than in previous Ye$. Holden's catering has been an exclusive key ingredieT]t as the residEnt wedding caterers, but the new contracl wilh Jajnes enables ihose wishing to have large numbers of guests at their weddings to look at any supplier of that element when planning their special day. The annual Christmas Fair, held on the lasi Saturday in November was a great success with increased footfall. the majority being from the locale. Happy smiling faces told theiT own story as visitors lefi the site leaving happy smiling stallholders packing up. The 2025 event has even more stalls booked. In September, TV presenter and Craft devolee Kat¢ Humble cut the ribbon alongside Festival organiser Sarah James MBE to open the 2nd Craft Festival Wales at the Casile. This is already 0wIng into an appointment to attend in people's calendars. Th¢ thret-day festival of displays. workshops has almost a hundred individual crafts makers selling their wares. It W&5 again a great triumph. It attracted Tnany thousands through the Castle gates, and the footfall benefited the whole town. Lessons learnt from the previous year saw the Castle closed to the public for a longer period to set-up and get-out post the event, which enabled a smoother operation. Page 5 Ashmole & Co.
Ymddirledolaeth Cadivraeth Adeiladau CadwgaD Building Preservation Trust Report of tbe Trustees for the Year Ended 31 Mareh 2025 FIIYANCIAL REVIEW Financial positioll Revenues in 2024125 were £597,366 against £494,844 in the previous year. Revenues increased by £102,522 (20.70/0). Revenues include Cynnal y Cardi Grant £36,8, Bank office rentsl £28,694, and ¢oncert8 £22,670. Expenditure is shown in the accounts as £606,293 up £65,167 {10.7O/0) against last year's £541,126. Expenditure included incre&8e in wages and costs £38,027, and additional maintenance £35,512. Expenditure also in¢luded a non-cash bookkeeping charge £59,409 to write down the value of the Heritage Assets to zero at the end of ihe 125-year lease from Ceredigion County Council (see note 15 to the accounts) Excluding this notional charge expenses were £546,884 and net income was £50,482 Reserves poliey The Trust has £8,226,283 of restricted reserves, largely reflecting the heaY investment in heritage &8sets. As described in the Financial Review, heritage assets of £7,335,954 will be written down to nil value by the end of the lease. Unrestricted reserves increased to £1,119,498 as 31 March 2025. The trustees consider unrestricted reserves to be at a satisfactory level in relation to annual costs. FUTURE PLANNING Looking to the future, the relationship with the National Eisleddfod is developing. Cardigan Castle is in many ways to the Eisteddfod as Athens is to the Olympics. 1176 and Lord Rhys's first eisteddfod is the anchor. The co-celebration of the 850th annivSary year with the staging of Eisteddfod y Gaeg Las is a significant cultural and hislori¢ happening. This will be the third time that the National Eisteddfod in modern times, has been held in or very near to Cardiga following the events of1942 and 1976. It is irnportant that the Castle landmarks its role and position regarding the Eisteddfod as a construct in ihe psyche of the nation, and all who visit, so that they are aware of the historic cultural magnitude, that it happened here - fArst- all those centuries ago. The Eist¢ddfod roorn in Castle Green House will be rejuvenated and refocused to highlight this. The recent designation of Aberystwyth and Ceredigion's ststus as a Unesco City of literature will add furtherto thi5 Status. In early December a landmarking event 'Steddfod Unnos, will be held at the Castle when poets will again be invited to create literary works in an oveTnight 'lock in, within Castle Green House and the winning bard will be ¢haired in a eremony the following day. The second Chair from Lord Rhys's time will also be resurrected as 'Y Gadair Gerdd, where a self-accompanied perfonner will entertain the public from a bespoke Chair. The Castle is working with partners BBC Radio Cymrn, Literature Wales and Mewn Cymeriad to extend the impact of the event in schools and online. This event has been supported by the Cynnal y Cardi Events Grant. Page 6 Ashmole & Co.
Ymddlrledolaeth Cadwraeth Adeiladau Cadwgan Building Preservalion Trust Report of the Trustees for tbe Year Ended 31 Mgr¢h 2025 STRiICTURE. GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by it5 governing documen¢ a deed of trust, and constitutes a limited cornpany, limiled ty guarantee, as defined by the Companies Act 2006. The organi5ation is a charitable company limited by guarantee, incorporated on 21 March 2000 and registered as a charity on I l May 2000. The company was established under a Memorandum of Association which established the objects and powers of the charitable cornpany and is govemed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1. The directors of the company are also charity trustees for the purposes of Gharity law. Under the requirements of the Memorandum and Articles of Associalion, tbe number nearest to one third of the elected trustees must be re-elected at each Annual General Meeting. In common with very many other charities, the trust has a trading subsidiary, Cardigan ctle Enterprises Limited, that carries out the non-charitable activities on site. The financial accounts attached to this report ¢onsolidate the activities of this subsidiary but Note 13 to the accounts summarises ils perforniance. During 2023124, Cardigan Castle EnterIseS Limited made a profit of £150,034 and this amount will be donated to the Irust before the end of the calendar year in order to support its charitable activities R¢crultment and 4ppoSDlment of new tru$lee$ New Iruslees are briefed on their legal obligations under charity and company law, the Charity Commission Guidance on public benefit, content of the Memorandum and Articles of Associatio the Committee and decision-rnaking process, and the recent financial perforniance of the cFLarity. Rlsk management The trustees maintsin a risk register which is updated regularly. They also have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Management Membership of the trust is open to anyone who supports the trust's objectives and aims. Applications for membership are welcomed at any time and are considered at each monthly Trustees, meeting. Membership takes effe¢1 from the date of approval by the Trustees. All Trustees give their time voluntarily and receive no pe¢uniary or other benefits from the charity. REFERENCE AND ADMINISTIL4TIVE DETAILS Registered Company number 03955918 {England and Wales) RegEstered Charfity number 1080667 Registered orrice Cardigan Castle GTeen Street CARDIGAN Ceredigion SA43 IJA Page 7 A5hrnole & Co.
Ymddiriedolaeth Cadwraeth Adclladau Cadwgan Building Prtserv2tlOD Trust Report of the Trustees for the Year Ended 31 Mireh 2025 Trustees EN Davies JC Davies AM Reed CS Hewitt K Taylor JS Jenkins Auditors Ashmole and Co. Chartered Certified Accountants 2nd Statutory Auditors Manchester House Grosvenor Hill Cardigan Ceredigion SA43 IHY Solieitors Agri Advisor Legal LLP, Cartrefle, Bridge Stree( Newcastle Emlyn SA38 9DX Bankers Barclays Bank pl¢ 32 High Street Cardigan redigion SA43 IHH STA TEMENT OF TRUSTEES, RESPOIYSIBILITIES The trustees (who are also the directors of Ymddiriedolaeth Cadwraeth Adeiladau Cadwgan Building Preservation Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law &nd United Kingdom Accounting Standards (United Kingdom Generally AGcwed Accounting Pra¢ti¢e). Company law reqUIS the trustees to prepare flnancial statement5 for each financial year. Under that law, the trustees have elted to prepare the financial statements in accoTdance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting StandaTds atvj applicable law). Under company law the trustees must not approve the fJnancia] statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitsble c(Mnpany and of the iDcoming resources and application of Tesourc£ including the income and expenditure. of the charitable company for that period. In preparing those 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. make judgements and estimates that are reasonable and prudent: prepare th¢ financial ststements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting reGords whith disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the &ssets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 8 Ashmole & Co.
Ymddiriedolaeth Cadwrneth Ad¢iladaM Cadwgan Bulldlng Preservatlon Trust Report of the Trustees for the Year Ended 31 March 2025 STATEMENT OF TRUSTEES, RESPOTrISIBILITIES - eontlnued In so far as the trnstees are aware.. there 15 no relevant audit information of which the charitable company's auditors are unaware- and the trnstees have tsken all steps that they ought lo have taken to make themselves aware of any relevant audit infom)ation and to establish that the auditors are aware of that inforn]ation. AUDITORS The auditors. Ashmole and Co.. will be proposed for -appOintMent at the forthcoming AT]nual General Meeting. Approved by order of the board of trustees on .. ..2.£: il:2£ . and signed on its behalf by.. EN vies -Trustee Pag¢ 9 Ashmole & .
Report of the Independent Auditors to the Trustees of Ymddiriedolaetb Cadwraeth AdeSl#da CadwgaD Building Preserv9don Trust Opinion We have audited the financial statements of Ymddirledolaeth Cadwraeth Adeiladau Cadwgan Building Preservation Trust (Ihe 'charitable company,) for the year ended 31 March 2025 which wmprise the Statement of Financial Activlties, the Balan¢e SheeL the Cash Flow Ststement and notes to the financial stalements, including a summary of significant accounting policies. The financial reporting framework that has been applied in iheir preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Ac¢epted Accounting Practice). In our opinton the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources. including its income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Praclice. and have been PTepared in accordancc 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 thrther described in the Auditors, responsibilities for the audit of the financial statements section of our report. We aTe independent of the charitable company in accordance with the eihical requirements that are relevant to our auait of the financial statements in the UK, including the FRC'S Ethical Standard. and the provisions available for sm211 entities. in the circumstances set out in note 22 to the financial statements. and we hav¢ fulfilled our olher ¢thi¢al responsibilities in ac¢ordance with these requirements. We believe that the audit ¢vidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlllg to going collcerD Ln auditing the financial statements, we have con¢luded that the tTUStees' use of the going concem basis of accounting in the preparation of the financial Statemenis is appropriate. Based on the work we have perfomied, we have nol identified any mafrrial un¢ertainti¢s relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company'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 responsibilitie5 and the Tesponsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Informailo The trustees are responsible for the other infomiation. The other information comprises the inforniation included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. OUT opinion on the financial statements does not cover the other inforniation and, except to the extent otherwise explicitly sthted in our repoQ we do not express any form of assurance Conclusion theteon. In connection with our audit of the financial statements. our responsibility is to read the other infortnation and, in doing SO, Consider whether the other inforniatioTJ is materially inconsislent with the flnancial statements or our knowledge obtaiDed in the audit or othenvise appears to be materially misstated. If we identify such material inconsistencies OT apparent material misstatements, we are required io determine whether this gives rise to a material misslalement tn the financial slatements themselves. If, based on the work w¢ have perfonne¢ we conclude that there is a malerial misstatement of this other information, we aTe requiTed to report thai fact. We have nothing to report in this regard. Matters on wbieh we ar¢ required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to repx)rt to you if, in our opinion- the infomiation given in the Report of the TTUStees is inconsistent in any material respect with the financial slatements- or the charitable company hls not kept adequate accounting recoTds" or the financial ststements are not in agreement with the accounting records and returns. or we have not received all the inforn]ation and explanations we require for our audit. Page 10 Ashmole& C
Report of the Independent Auditors to the Trustees or Ymddlrledolaeth CadwrAeth Adeiladau Cadwglln Bulldlng Preservation Trust Responslbllltl¢s of trustees As explained more fully in the Ststement of Trustses, Responsibilities, the trustees (who are also the directors of the charitable company for the pUoseS of company law) 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 th¢ tsustees detern]ine is necessary to enable the preparation of fujancial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statetnents, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and U5iT]g the going concern basis of accounting unless the trustees either intend io liquidate the charitable cornpany or to cease operations. or have J)0 realistic altemative but to do so. Our responsibilitie5 for the audit of the financial slatements We have been appointed as auditors under Section 144 of the ChaTities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whetber the financial statements as a whole are frtt from material misslatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assuraT]ce, but is T]Ot a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material mis51atement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregat4 they could reasonably be expected to influen¢¢ ihe economi decisions of users taken on th¢ basis of these financial stat¢ments. The extent to which OUT procedures are capable of delecting irregularities, including fraud is detailed below: In identifying and assessing risks of material misslatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: - nature of the Charity and the sector in which it operates. - the legal and regulatory framework in which the charity operates, atjd in particular those laws and regulations that directly affect the financial statements or have a fundamentsl effect on operations eg Charities Act 2011. and safety legislation. - results of enquiTies of management and those charged with governance any matters identified relating to the charity's policies and procedures for identifying, evaluating and complying with laws and regulations, and whether there were any known instances of non compliance. - detecting and responding to the risks of fraud and wheiher tbere is any knowledge of a¢tual. suspected or fraud. - the internal controls established to mitigate risks of fraud or non compliance with laws and regulations. health alleged As a result of perforniing the above, we did not identify any key audit matters related to potential risk of fraud or non compliance wilh laws and regulations. In addition to the above, our procedures included= reviewing the fjnancial statement disclosures alld testiT]g to supporting documentation to assess compliance with relevant laws and regulations - enquires of management and those charged with governance concerning actual and potential litigation and claims ptrforniing analytical procedures to identify any unusual or unexpected relalionships that may indicate Tisks of material misstatement due to fraud - review of Tninutes of cornmittee meetings - written representations A further descriplion of our responsibilities for the audit of the financial statements is locatrd on the Financial Reporting Council's website at www.frc.org.uklauditor5re5ponsibilities. This description fonns part ofour Report of the Independ¢nt Audilors. Pag¢ll Ashmole & Co.
Report of the Independent Audltors to th¢ Trustees of Ymddlriedolaeth Cadwraeth AdeilAdAu Cadwgan Bulldfing Preservation Trust Use Df our report This report is Made solely to the chaTitable company's Iruslees, as a body, in accordance with Part 4 of the ChaTiti¢s (Accounts and Reports) Regulations 2008. OUT audit work has been undertaken so that we might state lo the charitsble company's trustees those matters we are required to state to thern in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accepl or assume responsibility to anyone other than the chaTitable company d the charitable company's trustee5 as a body, for our audit worL for this r¢por¢ or for the opinion5 we have fornied. skrf, Ashmole and Co. Chartered Certified Accountants and Statutory Auditors Eligible to act as an auditor in ternis of Section 1212 of th¢ Companies Act 2006 Manchester House Grosvenor Hill Cardigan Ceredigion SA43 IHY 2l.12.21 Page 12 Ashmle & Co.
Ymddiriedolaeth C4dwrgeth Adeilada Cadwggn Bullding Preservation Trust Statement of Flnanclal Aetlvities for the Year Ended 31 March 2025 31.3.25 Totsl funds 31.3.24 Total funds Unrestri¢ted fund Restricled fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 3,865 3,865 4,615 Charitable activities Castle Activities 88,822 36,801 125.623 9),146 Other trdding activities Investment in¢om¢ Other income 448,836 18,242 800 448,836 18,242 800 388.377 2.706 Total 560 565 597.366 494 844 EXPENDITURE OIY RaTSiT)g fund5 232,085 3.200 235,285 191,967 Charitable aetivities Castle Activities 287.548 83.460 371,008 349.159 Totsl 519633 86,660 606 293 541126 NET INCOMEI{EXPEIYDITURE) 40,932 (49,859) (8,927) (46,282) RECONCILIATION OF FUNDS Total funds brought forward 1,078,565 8,276,143 9,354,708 9,400.990 TOTAL FUNDS CARRIED FORWARD 1 119497 8,226 284 9 345 781 9,354,708 The notes fonn part of these financial statements Page 13 Ashmole & Co.
Ymddlrledolaeth Cadwra¢th Adeiladau Cadwgan Building Preservation Trust BalYdDce Sheet - CoJJsolidY4ted 31 March 1025 31.3.25 Total funds 31.3.24 Total funds Unrestricted fund Restricled fund Notes FIXED ASSETS Tangible assets Heritage &ssets 14 15 29,216 1.304.206 7,335,954 1,333,422 7 335 954 1,316,675 7,395,363 29,216 8,640,160 8,669,376 8,712,038 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 16 17 19.358 65,818 1,114,020 19,358 65,818 1,114.020 16,902 62.644 1.069,591 1.199.196 1,199,196 1,149,137 CREDITORS Amounts falling due within one year 18 (108,914) (413,877) (522,791) (506,467) NET CURRENT ASSETS 1,090,282 413 877} 676,405 642 670 TOTAL ASSLTS LESS CURRENT LIABILITIES 1,119,498 8,226,283 9.345.781 9,354,708 PIET ASSETS 1.119.498 8.226 283 9,345.781 9 354 708 FUNDS Unrestricted funds Restricted funds 19 1,119,498 8.226 283 1,078565 ,276,143 TOTAL FUNDS 9.345,781 9 354 708 The notes forn] part of these financial statements Page 14 continu Ashmole & Co.
Ymddiriedolaeth Cadwraetb Adeiladau CadwgAn Building Preservation Trust Balance Sheet - Charity 31 March 2025 31.325 Total funds 31.3.24 Total funds Unrestricted fund Restricted fund Notes FIXED ASSETS Tangible assets Heritage assets 14 15 29216 1,304,206 7 335,954 1,333,422 7,335 954 ,316,675 7 395 363 29,216 8,640,160 8,669,376 8,712,038 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 16 17 23.137 525.019 23,137 525,019 34.606 423 559 548,156 548,156 458,165 CREDITORS Amounts falling due within one year 18 (3,753) (413,877) (417,630) (413,877) NKT CURRENT ASSETS 544,403 413,877) 130 526 44.288 TOTAL ASSETS LESS CURRENT LIABILITIES 573,619 8,226,283 8,799,902 8.756,326 NET ASSETS 573,619 8,226,283 8,799,902 8,756.326 FUNDS Unreslri¢ted fun¢l8 Restri¢ted funds 19 573,619 8,226,283 480,183 8.276,143 TOTAL FUIYDS 8 799.902 8,756 326 The notes forn part of these fmancial statements Page 15 AshnKde & Co.
Ymddiriedolaelh Cadwraeth AdeilAdAu CAdivgan Building Preservation Trust Balwnce Sheet- continued 31 Mareh 2025 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025. The member5 have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit ofthese financial statements. The trustees acknowledge their responsibilities for (a) ensuring that ihe charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the slate of affairs of the chaTitsble company as at the end of ea¢h finanoial year and of its surplus or defirit for each financial year in a¢coTdance with the r¢quirements of Sections 394 and 395 and which otherwise Comply with the requirement5 of the Companies Act 2006 relating to financial statements, so far as appli¢able to the charitable company. (b) These flnancial statements have been audited under the requirements of Section 145 of the Charities Act 2011. These financial statements have been prepared in accordance with the provisions applicable to Gharilable wmpanies subject to the small ¢ompallies' regime. 25. 11. 201 The fInancial statements were approved by the Board of Trnstees and authorised for issue on ,....................................... olld were signed on its behalf by: EN vies - Trustee CS Hewitt- Trustee The notes forn) part of these financial statements Page 16 Ashmole & Co.
Yrnddiriedolaeth C2dwraeth Adeiladau Cadwgan Building Preservation Trust Casb Flow Statement for the Year Ended 31 MArch 2025 31.3.25 31.3.24 Notes Cash flows from operating aetivities Cash generated from operations 73,546 Net cash provided by operating activities 73.546 Casb flows from investing a¢lAvltRes Purchase of tangible fixed assets Sale of tangible fixed assets Interest r¢¢eived (48.159) 800 18,242 (14.561) 2.706 Net ¢&8h used in investing activities 29117) 11855) Change in cash and cash equivalents ID the reporting period Cash And c8sh equivalents at the beginning of the reportlng period 44,429 10,462 655.714 645 252 Cash and cash equivalents at Iht end of the reporting period 700 143 655 714 The notes fonn part of these financial statements Page 17 Ashmole & Co.
Ymddirledolgeth Cadwraeth Adeiladau Cadwgan Building Preserv4tlon Trnst Notes to tbe Cash Flow St*tement for the Year End¢d 31 March 202S RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING AcfiviTIES 31.3.25 31.3.24 Net expenditure for the reporting period (as per the Statement of Finantial Aetivities) Adjustments for: Depreciation charges Profit on disposal of fixed assets Interest received Increase in stocks Increase in debtors IncTeasel(de¢rease) in creditors (8,927) (46.282) 90,822 (800) (18,242) (2,456) (3,174) 16,323 97.519 (2,706) (4,264) (11135) Iyet cash provided by operailons ANALYSIS OF CASH AND CASH EQUIVALENTS 31.3.25 31.3.24 Cash in hand Notice deposits (less than 3 months) Overdrafts included in bank loans and overdrafts falling due within one year 2.758 1,111,262 413 877) 5,432 1,064,159 413.877 Total cash and cash equivalents 700,143 655.714 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.24 Cash flow At 31.3.25 N¢t ¢ash Cash at bank and in hand Bank overdrnft 1,069,591 413,877 44.429 1,114,020 413,877 655 714 44.429 700.143 Total 655,714 700,143 The notes fonn part of these flnancial statements Page 18 hrwK)le & Co.
Ymddiriedolaeth Cadwraeth Adeiladau Cadivgan Building Preservation Trust Notes to tbe Financial Statements for the Year Ended 31 Marth 2025 ACCOUNTING POLICIES Basi5 of prep4ring the financial statements The financial ststements of th¢ charitable company, which is a public benefit entity under FRS 102, have been prepared in awrdance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Siatemenl of Recommended Practice applicable to charities preparing their accounts in a¢¢ordance with the Finan¢ial Reporting Siandard applicable in the UK and Republi¢ of Ireland {FRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost conventton. Preparation of eonsolidated statements Cardigan Castle Enterprises Limited (a company limiled by guarantee with no share capital) is a wholly owned subsidiary of Cadwgan Building Preservation Trust. The con501idated accounts incorporate the results of Cadwgan Building Preservation Trust (the Charity) and its subsidiary Cardigan Castle Enterprises Limited. No separate compamy Statement of Financial Activities (SOFA) has been prepared for the chlty as perniitted by the Companies Art 2006 and paragraph 397 of the SORP. Income All income is reGognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount Can be measur&J reliably. ExpeDdfiture Liabilities are re¢ognis¢d as expenditure as soon as there is a legal or construdive obligation committing the charity to that expenditure, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals b&qis and has been cl&ssified under headings that aggregate all cost related to the category. Where costs ¢annot be directly attributed io particular headings they have been allocated to activities on a basis consistent with tbe use of resources. Allocation and Apportionment of costs Costs are allocated between direct charitable and trading expenditure according to the nature of the cost. Tangibl¢ fixed assets Depreciation is provided at the following annual rates in order to write off ea¢h asset over its estimated useful life. Freehold property Plant and machinery Fixtures and fjttings not provided 250/0 on reducing balance 250/0 on cost and 250/0 on reducing balance Heritage assets Heritage assets are the tangible assets ofthe Charity that ar¢ of historical importance and are being held to advance the preservaiion, Conservation and educational objectives of the Charity and through public access ¢ontributs to the nation's Cultu and education. The castle and its grounds and all subsequent restoration and development expenditure in these assets are considered to be heritage assets. In a¢¢ordan¢e with the Trust's accounting policy, the value of the original heritage asset acquired under the lease is not included within the fll)ancial slatemenls as due io ihe historic and unique nature of the assets conccrned, conventional approaches lack sufficient reliability lo give a meaningful value to the ass¢t. Stoeks Stocks are valued at the lower of cost and net realisable value, after making due allowan¢¢ for obsolete and slow moving items. Page 19 continu Ashmo18 & Co.
Ymddiriedolweth Cadwraeth Adellad2U Cgdwg4n Building Preservation Trusl Notes to the Financial Slattments - continued for the Year Ended JI March 2025 ACCOUNTING POLICIES - continued Taxation The charkty is exempt from corporation tsx on its charitable activities. Fund #ctounling Unrestricted funds can be used in accordanGe wilh the ¢harAtable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted PUTposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and PUTpose of each fund is included in the notes to the financial statements. Pension Costs and other post-retiremenl benefits The charitable company operates a defmed contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. DONATIONS AIYD LEGACIES 31.3.25 31.3.24 Donations 4.615 OTHER TRADING ACTIVITIES 31.3.25 31.3.24 Shop income Room hire Rental income Events income 1176 income Accomtnodation Other sales 24,725 54,238 37,694 39.606 43,253 246,324 2.996 25,204 37,614 9,000 16.936 40,440 255,877 448 836 388.377 INVESTMENT INCOME 31.3.25 31.3.24 Bank a¢¢ount interest 2.706 Page 20 ntinu Ashmole & Co.
Ymddiriedolaeth Cadwrneth Adeilidau CadwgY4n Building Pr¢servalion Trust Notes to the Financial Statements - conlinued for the Year Ended 31 Mareh 2025 INCOME FROM CHARITABLE ACTIVITIES 31.3.25 31.3.24 Activity Admissions (le Activities Educational tours and courses Castle Adivities Ceredigion CC grant Castle Adivities Other Grdnts Castle A¢tivities 86,883 939 90.488 1,608 7,050 37.800 125 622 99,146 Grants received, included in the abov4 are as follows: 31.3.25 31.3.24 Qmial Y Cardi (Ceredigion CC) Cardigan Towi Council 36.800 ILIISING FUNDS Other tradlng activities 31.3.25 31.3.24 Purchases Staff costs Accommodation expenses Events expenses Licences and pennits Marketing and publicity Maintenance and oth¢T trading 19,273 51.526 78.885 21,940 2,237 2,344 15,723 40,333 78.259 24.680 2.192 7,212 23.568 235 285 191,967 CHARITABLE ACTIVITIES COSTS Support osts (see note 8) Direct Costs Tota15 Castle Activities 6.685 364.323 371008 Page 21 continu Ashmole & C
Ymddiriedolaeth Cadwraeth Adeiladau Cadwgan Building Preservation Trust Notes to the Financial Ststements - continued for the Year Ended 31 MAreh 2025 SUPPORT COSTS Governance costs Management Other Totals Castle Activities 268.206 90,822 364 323 NET INCOME/(EXPENDITURE) Net income/(expenditure) is slated after ¢hargingl(¢redAting); 31.3.25 31.3.24 Auditors, remuneration Auditors, remuneration for non-audit work Depreciation - tangible Depreciation - heritage Surplus on disposal of fixed assets 2,895 2,400 31,412 59,4( 2,802 2,393 37.632 59.888 io. TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. Trnstees, expenses There were no trustees, expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. 11. STAFF COSTS 31.3.25 31.3.24 Wages and salaries Social security costs 225,612 193,340 242 458 204 432 No employee received in excess of £60,000. Staff Categories The number of staff ernployed by the ¢harity during the year was as follows: Managernent Operalional Finan¢e 14 17 Page 22 continu AshmoK8 & Co.
Ymddiriedolaetb Cgdwraelh Adeiladau Cadwgan Bulldlng Preservation Trust Nol¢$ to the Financial Statements - continued for the Year Ended 31 March 2025 12. COMPARATIVES FOR THE STATEMENT OF FTNANCIAL ACTIVITIES Unrestricted fund Restricted fund Total funds INCOME AND ENDOWMEiYfs FROM Donations and legacies 4,615 4,615 Cb#ritable #etivities Castle Activities 99,146 99,146 Other trading activities Investment income 388,377 388,377 Total 494 844 EXPENDITURE ON Raising fvnds 191,967 191,967 Charltable Actlvities Castle Activities 258.979 90.180 349.159 Total 450 946 541 126 NET JNCOME/(EXPENDITURE) 43,898 (90.180) (46,282) RECONCILIATION OF FUNDS Total funds brought forward 1.034,667 8,366,323 9,400,990 TOTAL FUNDS CARRIED FORWARD 1078 565 8 276 143 9.354,708 13. SUBSJDIARY COMPANY The Charity has a wholly owned subsidiary Cardigan Castle Enterprises Ltd a company limited by guarantee and incorporated in England and Wal¢s. The company carries out trading and ¢ommercial activity with ihe purpose of raising money for donation to the charity. A summary of its financial activtty is given below". 31.03.25 31.03.24 Turnover Cost of sales Overhead Other Inwme 412.081 177,416 94,714 380.984 144.421 86.529 Nel (d¢ficit)IsuTplus before donation to the Charity 139,951 150034 Donation to the Charity 139951 150.034 Page 23 ¢ontAnu AShm0 & Co.
Ymddfirledolaeth CAdwrAeth Adeiladau Cadwgan BuildiDg PreservatioD Trn$t Noles to tbe Financial Statements - contlnued for tbe Year Ended 31 Mgrch 2025 14. TAIYGIBLE FIXED ASSETS Fixtures and rittings Freehold property Plant and machinery Totsls COST At l April 2024 Additions 1.274.956 97,254 44,215 1,158.132 3,944 1530,342 48.159 At 31 March 2025 1,274,956 141.469 1,162,076 2,578 501 DEPRECIATION At l April 2024 Charge for year 71.471 17.499 1,142,196 13,913 1,213.667 31,412 At 31 March 2025 88,970 1,156 109 1.245 079 NET BOOK VALUE At 31 March 2025 1,274,956 1333 422 At 31 March 2024 1274 956 25.783 1.316,675 Included in st or valuaiion of land and buildings is freehold land of £1.274,956 (2024 £1,274,956) whi¢h is not depreciated. Freehold property wmpri5e5 Ty Cadwgan which was acquired by the charity in 2014-15 and also Ty Castell which was acquired by the charity in 2011-12 and improvements to these properties. No depreciation is being charged on these properties. as the tn]st¢es consider the expected residua] values to be sufficiently high to deem depreciation immaterial. Included in tangible assets are fixture5 and fittings held by the subsidiary company, Cardigan Castle EnteTpris¢ Ltd with a net book value of nil (2024 - nil) Page 24 continu Ashmole & Co.
YmddirledolAeth Cgdwraeth Adeiladau CadiYggD Building Preserv¥tion Trnst Notes to the FiDancial Statement$ - eontffinu¢d for the Yr Ended 31 March 2025 15. HEIUTAGE ASSETS Total COST At l April 2024 Restoration work done in the yeaT 8,009,008 At 31 March 2025 8,009,008 DEPRECIATION At l April 2024 Deprecialion charge for the year 613,645 59.409 At 31 March 2025 673,054 NET BOOK VALUE At 31 March 2025 7,335,954 At 31 March 2024 7 395 363 The heritage assets consist of the costs of restoration works to the castle buildings and its grounds. Cardigan Castl¢ and its grounds are leased to Cadwgan Building PreseTvaSion Trust for 125 y¢ars effeclive from February 2013. The cost of the acquisition of the lease is nil. An open market valuation is impractical and conventional valuation techniques cannot be applied. Depreciation is provided to amortise the improvemenl expenditure over the tern) of the lease (125 years). 16. STOCKS 31.3.25 31.3.24 Group 19358 Group 16,902 Stocks 17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.25 31.3.24 31.3.25 31.3.24 Group 41,465 12,938 Group 31,021 19,559 Charity Charity Trade debtors Other debtors VAT PpaYments Cardigan Castle Enterprises 12.938 19,559 11,415 12,064 11,415 12,232 2.983 65,818 62,644 23,137 34,606 Page 25 continue Ashmole & Co.
Ymddiriedolaetb Cgddwraeth Adeiladau Cadwyn Building Pre5¢rvatioD Trust Notes to the Fin*neial Statements - cfjntinued for the Year Ended 31 March 2025 18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.25 31.3.24 31.3.25 31.3.24 Group 3,753 46,190 51,021 7,950 413.877 Group Charity 3,753 Charity Social security & other taxes Other creditors Accrued expenses VAT Bank 41,324 46,175 5,090 413,877 413,877 413,877 522 791 506 466 417.630 413 877 19. MOVEMENT IN FUNDS Net movement in funds At 31.3.25 At 1.4.24 Unrestrlcted funds General fund 1,078,565 40,933 1,119,498 Restricted funds Restricted 8,276,143 (49,860) 8,226,283 TOTAL FUNDS 9.354 708 8,927 9 345,781 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrtstrlcted fllnds General fund 560.565 (519,632) 40,933 Restrlcted lld5 Restricted 36,801 (86,661) (49.860) TOTAL FUNDS 597.366 606,293) Page 26 continu Ashmole & Co.
Ymddlrledo12eth C8dwrneth Adeiladau Cadwgan Building Preservalion Trust Notes to the Financial Statements - eontinued for the Year EDded 31 March 2025 19. MOVEMENT IIY FUNDS - eontlnued Comparatlvts for movement in funds Net movement in funds Al 31.3.24 At 1.4.23 Unrestrl¢t¢d General nd 1,034,667 43,898 1,078,565 Restricted funds Restricted 8,366,323 (90,180) 8,276,143 TOTAL FUNDS 9 400.990 46.282 9 354 708 Comparative net movement in ftmds, included in the above aR a8 follows: Incoming resources Resources expended Movement ID funds Unrestrieted funds General fund 494,844 (450.946) 43,898 Restricted Restricted (90,180) (90,180) TOTAL FUNDS 494.844 541126) 46,282) A current year 12 months and prior year 12 months combined position is &$ follows: Net movement in funds At 31.3.25 At 1.4.23 Unrestricted funds General fund 1,034.667 84,831 1,119,498 Res¢rActed funds Restricted 8,366,323 (140.040} 8,226,283 TOTAL FUNDS 9,400 990 55 209) 9.345.781 Page 27 continu Ashmole & Co.
Ymddlriedolaeth Cadwraeth Adeiladau Cadwgan Building Preservation Trust Notes to the Financial Statements - coDtinued for the Year Ended 31 March 2025 19. MOVEMENT IN FUNDS- eontinved A ¢urrent year 12 months and prior year 12 months combined net movement in funds, included in the above ar¢ as follows: Incoming resouTc¢s Resources expended Movement in funds UDrestricted funds General fund 1,055,409 (970,578) 84.831 Restrffieted funds Restricted 36,801 {176,841) (140,040} TOTAL FUNDS 1092.210 (1.147.419 55 209) 20. RELATED PARTY DISCLOSURES There were no related paty transactions for the year ended 31 March 2025. 21. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. 22. GOING CONCERN These financial statements are prepared on the going Concem b&sÉs Page 28 Ashmole & Co.
Ymddiriedolaeth Cadwra¢th Adelladau C*dwgall Building Preservation Trust Detailed Statement of FÈnYdncial Activities for the Year Ended 31 March 2025 31.3.25 31.3.24 INCOME AIYD ENDOWMEIYTS Donatlons and l¢gg¢1 tkjnations 3,866 4,615 Other trading Ydetivities Shop income RooTn hire Rental inrome Events income 1176 income Accommodation Other sales 24,725 54,238 37.694 39.606 43.253 246,324 25,204 37.614 9,000 16,936 40.440 255,877 3.306 448.836 388.377 Jnvestment income Bank acGounl interest 18.242 2,706 Chgritable oetivities Admissions Educational tours and courses Ceredigion CC Grant Cardigan Town Council Cynanal Y Cardi Grant (Ceredigion CC) 86,883 939 90.488 1.608 7,050 J,000 36.800 125,622 99,146 Other income Gain on sale of tangible fixed assets 800 Totsl Incomang resources 597,366 494,844 EXPENDITURE Other trading activities Purchases Wages Social security & Pension cost Accommodation expenses Events expenses Licences and peTmits Marketing and publicity Maintenance and other trading 19,273 49,119 2,407 78,885 21.940 2.237 2,344 15.723 38.676 1.657 78,259 24,680 2,192 7,212 23,568 235,285 191.967 Chydritable activities Professional fees Carried fonvard 4,581 4,581 1,792 1,792 This page does not forn) part of the statutory financial statements Page 29 Ashmole & Co.
Ymddiriedolaetb Cadwraeth AdellAdau Cadwgan Building Preservation Trust Deialled Ststement of FinaneiAI Aelfvltles for tbe Year Ended 31 March 2025 31.3.25 31.3.24 Charliable activities Brought forward Repairs and renewals Gardening expenses 4,581 912 1.792 1.807 4.609 6,685 8,208 Support costs Management Wages Social Security & Pension Cost Rates and waler Insurance Light and heal Office costs Cleaning and waste disposal Staff recruitment and training Travel and subsistence Bank charges Legal and professional costs Credit card Charges 176,493 14.439 3,876 10.594 42202 10,488 2,694 1,359 2,119 461 ijio 154,664 9,434 5,471 10,311 40.672 8,195 2,064 1,326 1,622 686 1.275 2.517 268,206 238.237 Otber Depreciation of tangible asset5 Depreciation of heritage assets 31,413 59.409 37,631 90,822 97,519 Governance costs Auditors, remuneralion Auditors, Temunerntion for non-audil wo 2,895 2,802 5,295 Total resources expended 606,293 541.126 Iyet expenditure 8.927) .4*. CADWGAN +cadw Llywodraeth Wtu ARIENNIR GAN Y LOTERI LOTIERY FUNDED IOTTERYFUNDED ARIENNIR GAN Y LOTERI CEREDIGION COLNTYCOUNCIL This page does not fonn part of the statutory financial statements Page 30 AShnle & Co.