REGISTERED COMPANY NiIMBER: 04191325 (England and Wales) REGISTERED CHAiirrY NUMBER: 1092026 -'1'1- £ILkJ LLÉTJ Report of the Trustees and Unaudited Finanefial Statements for the Year Ended 31 Mareh 2025 for Cardigr4n Building Preservation Trust Ashmole & Co Manchester House Grosvenor Hill Cardigan Ceredigion SA43 IHY Ashmole & Co.
Cardigan Building Preservation Trust Contents of the Finaneial Statements for the Year Ended 31 March 2025 Page Report of the Trustees Independent Examlner's Report Statement of Financial Activities Balance Sheet Cash Flow Statement Notes to th¢ Cash Flow Ststement Notes to the Financial Statements 8 to 14 Detalled Stalement of Flnancial Activities 15 AshmolÈ & Co.
Cardfigan Bulldlng Preservation Trust Report of the Trustees for the Year Ended 31 March 2025 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The InteeS have adopted the provisions of Accounting and Reporting by Charitie5.' Statement of Recommended Prdctice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectfives and alms The objects of the Charity are the preservation of buildings of historical or architectural merit for the public benefit in the Cardigan area. L¥4TEREST IIY GuILDL The Guildhall in Cardigan is listed by CADW (Grade 2•) and Ollp1¢S a pmminent position in the Centre of the town. Ceredigion Council granted the Trust a 99-yeaT lease over the Guildhall in July 2007. The cuent annual rent is £4,000. An underlease for a similar period was granted on 26 August 2009 to Menter Aberteifi Cff, The annual rent receivable under this lease is £5,000 plus VAT. The Trust remains responsible for external work on the building and on the courtyard. USE OF GUILDHALL tÈtting of the gallery and the three principal meeting rooms to Community gmups and otber bodies is undertaken by the Trusts sub-lessee, Menter Aberteifi Cff., with whom the Trustees work closely. CARDIGAN MARKET HALL Cardigan Market Hall, built at the sanle time as the Guildhall and attached to it, is also a listed Grade 2* bui]ding. On 3 December 2020 the Ceredigion County Council granted the Tnt a 99-year lease over the Market Hall and the adjacent public toilet block for a peppercom rent. Under the ternis of the lease the Council retains responsibility for the maintenance of the Market Hall's external walls and some ]najor Aten which the Tt installed, namely the lift and the main water and heating boiler. The Market Hall bas not been in a good state of repair and since 2014 the Trnstees have been wOrkll to restore and rnodernise tbe building to modern standards and to raise the finance to do so. This work Was divided divided into two phases. Phase I consisted of demolishing the loilet block and erecting the structure of an ac¢ess block on the site. Phase 2 as to Testore and modernise the Market Hall itself, including renewal of the roof, and to fit out the access blocK in particular with a lift giving access from Greenfield Square car-park to both floors of the Market Hall and so to Cardigan's n1n shopping street. The building was handed back to the Tnt by its building ¢ontrnctor early in the financial year and shortly afterwards became close to IOOO/o occupied by nwket sthll-holders. In January the building was fonnally reopened by Ja}e Bryant, a senior Welsh Government Minister, in the presence of Ceredigion Councillors and officials together with representstives of our various other funders, the Trust's professional team and market stall-holdeTS. Since the end of the fmancial year, principally with the aid of a grant from the National Lottery Heritage Fun(L the Trust has sought to bring home to people the building's history and that of Cardigan and its markets through the ages. Exhibits include illustrated time-lines on the walls of both fl(K)rs, strategAcally pla¢ed high quality reproductions of old market photographs, a detailed plan of the town in the Middle Ages, a display about the building's architect drawing attention to other local buildings which he deS1¢d and lastly a bilingual audio facility. For this initial settling-in period day to day management of the market has been in the hands of Menter Aberteifi on behalf of the TnL The total cost of the scheme is ultimately over £3m. STIL4TEGIC REPORT Finaneial position The results for the year and the financial position of the Trnst are presented in the financial statements. Going concern The trustees consider it appropriate to prepare these Financial Statements under the going concern basis. Page I Ashmole & Co.
Cardlgan Building Preservalion Trust Report of the Trustees for the Year Ended 31 March 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trnst, and constitutes a limi*d company, limited by gLiarantee, as defined by the Companies Act 2006. Cardigan Building Preservation Trnst is a company incorporated in March 2001 and limited by guarantee. It is registered as a charity with the Charity Conmiission and is governed by its Memordndum and Articles of AssociatioL None of its officeTS holds any financial interest in the company. REFERENCE AND ADMLYISTRATIVE DETAILS Registered Company number 04191325 (England and Wales) Registered Charity number 1092026 Registered office Guildhall CARDIGAN Ceredigion SA43 IJL Trustees M Davies R Evans J Orbach D Owen Mrs L Sheen H Williants - Treasurer Mrs A F Stokoe Company Secretary Mrs L Sheen Independent Examiner Ab"hmole & Co Manchester House Grosvenor Hill Cardigan Ceredigion SA43 IHY Report of the trustee , orporating a strategic report. approved by order of the board of trustees, as the company directors. on ......... . .... .. . ... . and signed on the board's behalf by: H Williams - Treasurer - Trustee Page 2 AshnK>le & Co.
Independent Examiner's Report to the Truslees of Cardigan Bufilding Preservation Trust Independent examiner's report to the trustees of Cardigan Building Preservatfion Trust {'the Company,) I report lo the charity trustees on my examination of the accounts of thc Company for the year ended 31 March 2025. Responsibilities and basis of report As the charitys trustees of the Company (and also its directors for the pUoseS of company law) you are responsibl¢ for the prepardtion of the accounts in accordance with the requirements of the Companies Act 2006 Cthe 2006 ACVI. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligil)le for independent examination, I report in respect of my examination of your charitys accounts as carried out under Section 145 of the Charities Act 2011 ('the 201 l A¢t'). In canylng out my examination I have followed the Directions given by the Charity Con]mission under Section 145{5) (b) of the 2011 Act. Independent examiner's statement I have Completed my examination. I confmn that no matters have come to my atfrntion in connection with the examination giving me cause to believe: accounting re¢or&s were not kept in respect of the Company as requtred by Section 386 of the 2006 Act. or the a¢¢ounts do not accord with those records; or the accounts do not Comply the accounting requirejnents of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent amination. or the accounts have not been prepared in accordance with the methods and principles of the Statrment of Recornmended Practice for accounting and rq)orting by charities (applicable to charities preparing their a¢¢ounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come a¢ross no other matters in connection with the examinalion to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. /izaf Karl Wil Ashmole & Co Manchester House Grosvenor Hill Cardigan Ceredigion SA43 IHY Page 3 Ashmole & Co.
Cardigan Building Preservation Trust Statement of Fin¥dneial Activities for the Year Ended 31 March 2025 31.3.25 Total fimds 31.3.24 Tothl funds Unrestricted fund Restricted fund Notes II¥COME AND ENDOWMENTS FROM Charitable actiTrryties Build]ng preservation 5,000 167,070 172,070 778,386 Other inwm¢ 5,013 5,013 5,014 Totsl 10,013 167,070 177,083 783,400 EXPENDTTURE ON Charfitable activities Building preservation 5,141 5,141 4,858 Othtt 83,186 83,186 6,049 TotAI 5,141 83.186 88,327 10,907 NET INCOME 4,872 83,884 88,756 772,493 RECONCILIATION OF FUNDS Total funds brought fonvard 6,334 3,989,931 3,996,265 3223,772 TOTAL FUNDS CARRIED FORWARD 11,206 4,073,815 4,085.021 3,996,265 The notes fornj part of these financial ststements Page 4 Ashmole & Co.
Cardigan Building Preservation Trnst Balance Sheet 31 Mareh 2025 31.3.25 Total funds 31.3.24 Totsl funds Unrestricted fund Restricted fund Notes FIXED ASSETS Tangible assets 4,076,096 4,076,096 4,058,160 CURRENT ASSETS Debtors Cash at bank 5,105 6,101 59.656 8,517 64,761 14,618 56.175 22,663 11,206 68,173 79,379 78,838 CREDITORS Amounts falling due within one year io (70,454) (70,454} {140,733} ET CURRENT ASSETS 11,206 (2,281) 8,925 (61.895} TOTAL ASSETS LESS CURRENT LIABILITIES 11,206 4,073,815 4,085,021 3,996,265 NET ASSETS 11,206 4,073,815 4,085,021 3,996,265 FUNDS Unreslricted fimds Restricted fijnds li 11,206 4,073,815 6,334 3,989,931 TOTAL FUNDS 4,085,021 3,996,265 The chaTitable ¢ompany is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025. The members have not required the company to obtain an audit of its financial ststements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the charitable Company keeps a¢¢ounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing fmancial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its sU]uS or deficit for each financial year in accordance with the requirements of Seclions 394 and 395 and which othenvise comply with the requirements of the Companies Act 2006 relating to fmancial statements, so far as applicable to the clwitable company. (b) The finan Iq tements were approved by the Board of Tntee8 and authorised for issue , and were signed on its behalf by: H Williams - Tre&surer- Trust¢¢ The notes forni part of these financial statements Page 5 Ashmole & Co.
Cardigan Bulldlng Preservation Trust Cash Floiv Statement for the Year Ended 31 March 2025 31.3.25 31.3.24 Notes Cash flows from operating activities Cash generated from operations Inierest paid 93.077 716,545 (6,049) Net cash provided by operating a¢tivities 93,077 710,496 Cash t]ows from investlng aetlvltfies Purchase of tan7)le fixed assets (101,122) (759,806) Net cash used in investing activities (101,122) (759,806) Change in cash and cash equivalents in the reporting period Cash and ¢ash equivalents at the beginning of the reporting period {8,045) (49,310) 22,663 71,973 Cash and cash equfivalents at the end of the reporting period 14,618 22,663 The notes forni part of these financial statements Page 6 Ashmole & ¢0.
Cardigan Building Preservation Trust Notes to the Casb Flow Statement for the Year Ended 31 March 2025 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.3.25 31.3.24 Net ineome for the reporting period (as per the Statement of Financial Aetivfities) Adjustments for: Depreciation charges Interest paid (In¢rease)/decrease in debtors Decrease in creditors 88,756 772,493 83,186 6,049 267,483 (329,480) (8,586) (70,279) Net cash provided by operatfions 93,077 716,545 ANALYSIS OF CHANGES IN NET FUNDS At 1.4,24 Cash flow At 31.3.25 Iyet cash Cash ai bank 22,663 (8,045) 14,618 22,663 (8,045) 14.618 Total 22,663 (8,045) 14,618 The notes forn part of these financial statements Page 7 Ashmole & Co.
Cardigan Building Preservation Trust Notes to the Financial Statements for the Year Ended 31 March 2025 ACCOUNTING POLICIES Basis of preparlng the flnancial stvdtements The financial statements of the charitable company, wbich is a public benefit ¢ntity under FRS 102, have be¢n prepard in acrordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recomrnended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),. Financial Reporting Slandard 102 'The Financial Reporting Standard applicablc in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Income All income is recognised in the Stafrmen¢ of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount cau b¢ measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation wnunitling the charity to that expenditure, it is probable that a trdnsfer 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 basis and has been classified under headings that aggregate all cost related to the category. Where Costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of reSoUes. Tangible fixed assets Depreciation is provided at the following annual rates in order to TIte off each asset over its estimated useful lift. Property Fixtures and fittings Computer equipment 20/0 on cost at varying rates on cost 25/0 on cost Taxatio The charity is exempt from corporation lax on its Charitable adivities. Fund accounting Unrestricted funds can be used in a¢Gordance with the ¢haritable objectives at the discretion of the twstees. Restricted fid$ can only be used for particular restricted PUTposes within the objects of the charity. Restrictions arise when specifled by the donor or when fi]nds are raised for partIlar restricted purposes. Further explanation of the nature and putpose of each fund is included in the notes to the funcial ststements. Pag¢ 8 contii Ashmde a co.
Cardigan Building Preservatlon Trllst Iyotes to the Financial Statements - continued for the Year Ended 31 Mareh 2025 INCOME FROM CHARITABLE ACTlVffIKS 31.3.25 31.3.24 Activity Building preservation maldW Williams Ch&ritable Trust 5,000 Building preservalion Heritage Lottery Fund 41,823 142,992 Building preservation Ceredigion CC towards MH Project 55,544 195,049 Building preservation Rural Development Grant 15,510 Building preservation Transfornling Tovrns Grdnt {strategic) 28,274 Building preservation Coastal Communities Grant 27,139 134,010 Building preservation Cadw Grant 10,000 Building preservation Building For Future Grant 252,551 Building preservation Cynnal Y Cardi 42,564 172,070 778,386 CHAIUTABLE ACTIVITIES COSTS Support costs (see note 4) Direct Costs Totals Building preservation 4,493 648 5,141 Page 9 ontii Ashmole 8 Co.
Cardigan Building Preservation Trust Notes to the Finaneial Statements - contlnued for the Year Ended 31 March 2025 SUPPORT COSTS Governance costs Management Totals Building PreSenlI0n 98 550 648 NET INCOMEI(EXPENDITURE) Net in¢ome/(expenditure) is stated after charginpJ(crediting): 31.3.25 31.3.24 Depreciation- owned assets 83,186 TRUSTEES, REMUNEIL4TION AND BENEFrrs There were no trustees, Temuneralion or other benefits for the year ended 31 March 2025 nor for the year ended 31 Mar¢h 2024. Trustees expenses There were no trustees, expens&4 paid for the year ended 31 Mar¢h 2025 nor for the year ended 31 March 2024. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIvrrKES Unrestricted fLuJd Restricted nd Totsl funds INCOME AND ENDOWMENTS FROM Charitable a¢tlvities Building pserVatIon 778,386 778,386 Other in¢ome 5.014 5,014 Total 5,014 778,386 783,400 EXPENDITURE ON Charitable activities Building preservation 4,858 4,858 Oiher 6,049 6,049 Total 4,858 6,049 10,907 NET INCOME 156 772,337 772,493 RECONCILIATION OF FUM)S Total fimds brought forward 6,178 3,217,594 Page 10 contii Ashmde & C
Cardigan Building Preservation Trust Notes to the Financial Statements - conllnlled for the Year Ended 31 March 2025 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fund fimd Totsl funds TOTAL FUNDS CARRIED FORWARD 6,334 3,989,931 3,996,265 TANGIBLE FIXED ASSETS Fixtures Computer equipment Propety fittings Totals COST At l April 2024 iidditions 4,058,160 101,122 28,015 646 4,086,821 101,122 At 31 March 2025 4,159282 28,015 646 4,187,943 DEPRECIATION At l April 2024 Charge for year 28,015 646 28,661 83,186 83,186 At 31 Mar¢h 2025 83,186 28,015 646 111,847 IYET BOOK VALUE At 31 March 2025 4,076,096 4,076.096 At 31 March 2024 4,058,160 4,058,160 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.25 31.3.24 Other debtors 64,761 56,175 io. CREDITORS: AMOUNTS FALLING DUE WITUIN ONE YEAR 31.3.25 31.3.24 Other cr¢ditor8 Accrned expenses 69,454 1,000 139,733 1,000 70,454 140,733 Page 11 coniii Ashmole & Co.
Cardigan Building Preservation Trust Notes to the Financial Statements - continued for the Year Ended 31 March 2025 ii. MOVEMENT IN FLryDS Net movement in funds At 31.3.25 Ai 1.4.24 Unrestricted funds General fund 6,334 4,872 11,206 Restricted funds Restricted 3,989,931 83,884 4,073,815 TOTAL FUNDS 3,996,265 88,756 4,085,021 Net movement in nds, included in the above are as follows: Incoming resource5 Resources expended Movement in funds Unrestrieted funds General fund 10.013 (5,141) 4,872 Restricted funds Restricted 167.070 (83,186) 83,884 TOTAL FUNDS 177,083 (88,327) 88,756 Comparatives for movement in funds Net movement in fimds At 31.3.24 At 1.4.23 Unrestrieted funds Gener81 fund 6,178 156 6,334 Restricted funds Restricted 3,217,594 772,337 3,989,931 TOTAL FUNDS 3223,772 772,493 3,996,265 Page 12 onti Ashmole & Co.
Cardigan Building Preservation Trust Notes to the Finaneial Statements - continued for the Year Ended 31 March 2025 11. MOVEMENT IN FUNDS - continued Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestrieted funds General fund 5,014 (4,858) 156 Restricted fund5 Restricted 778,386 (6,049} 772,337 TOTAL FUNDS 783,400 (10,907) 772,493 A ¢urrent year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 31.3.25 At 1.4.23 Unrestricted funds General fimd 6,178 5,028 11,206 Restrlcted funds Restricted 3,217,594 856,221 4,073,815 TOTAL FUNDS 3,223,772 861,249 4,085,021 A cuent year 12 months and prior year 12 months combined net movement in fi]nds, included in the above are as follows: Incoming resources Resources expended Movement in fimds Unrestrieted funds General fund 15,027 (9,999) 5.028 Restricted funds Restricted 945,456 (89,235) 856,221 TOTAL FUNDS 960,483 (99,234) 861,249 Page 13 contii Ashmole & Co.
Cardlgan Bulldlng Preservation Trust Notes to the Financial Statements - eontlnued for the Year Ended 31 March 2025 12. RELATED PARTY DISCLOSURES There were no related paty traaCtionS for the year end¢d 31 March 2025. Page 14 Ashmole & Co.
Cardlgan Building Preservation Trust Detalled Statement of Financial Activilies for the Year Ended 31 March 2025 31.3.25 31.3.24 INCOME AND ENDOWMENTS Charitable actilIeS Maldv/yn Williams Charitable TTUSt Heritage Lottery Fund Ceredigion CC towards MH PrOjt Rural Development Grant Transfomiing Towns Grant (strategic) Coastal Communities Grant Cadw Grant Building For Future Grant cYnn Y Cardi 5,000 41,823 55,544 142,992 195,049 15,510 28,274 134,010 10,000 252,551 27,139 42,564 172,070 778,386 Other ineome Rent Miscellaneous income 5,000 13 5,000 14 5,013 5,014 Totf41 incoming resources 177,083 783,400 EXPEIYDrruRE Charitable aetivities Insurdnce Sundries Rents payable 480 13 4,000 13 4,000 4,493 4,013 Other Depreciation of long leasehold Bank loan interest 83,186 6.049 83,186 6,049 Support costs Management Sundries 98 195 Governance ¢o$ts Accountancy fees 550 650 Total resources expended 88,327 10.907 Net income 88,756 772,493 This page does not forn] part of the statutory financial statements Page 15 Ashmole & Co.