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.

Ymddiriedol*elh Cxdwr*eth 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 T￿￿t'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.
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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 C￿lIe.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￿$t does. its website hosts the agenda and minutes of the AGM. and any major
announcements will be posted there. The'castle Collection, site celebrates the assets held by the Castle in ils archive, and
reflects the appeal of Cardigan, its history and the surtvunding parishes. It has a seaTch facility for items which will be
continually added to as the site is further populated and developed.
The main new site is the easier to navigate. mobile phone friendly'cardigan Casile.com' which has been our primary tool
to reach the customer / visitor market. All aspects of what the Castle can offer the public and attractions are featured. and
it is possible to book tickets and purchase items from the online shop. In comparison to the 'old' site the perforn)ance and
engagemenl resulis show a marked increase in lime spent viewing pages and their'stay,. within the website. and a healthy
conversion to actual visitor numbers.
Glen Johnson and his research team have again been pivotsl in enhancing the visitor experience. The Trust and Castle
staff congratulate Glen on the recognition of his long-term Se￿1¢¢$ 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.
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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.
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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 wI￿d 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.
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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.
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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 hea￿Y 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 anniv￿Sary year with the staging of Eisteddfod y Ga￿eg 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.
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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 c￿tle 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 Ente￿rIseS
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
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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 reqUI￿S the trustees to prepare flnancial statement5 for each financial year. Under that law, the trustees
have el￿ted 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.
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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 pU￿oseS 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 ch￿lty 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 Y￿r 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
P￿paYments
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
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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
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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
AShn￿le & Co.