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2020-12-31-accounts

Charity Registration No. 1092035

Company Registration No. 4331307 (England and Wales)

GWRYCH CASTLE PRESERVATION TRUST LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

PAGES FOR FILING WITH REGISTRAR

GWRYCH CASTLE PRESERVATION TRUST LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Dr M Baker Miss J Rowlands Mrs P Heap-Williams Mr S Rowlands Mr J Rye Ms M Flaterly (Appointed 7 January 2020) The Rt.Hon G Mostyn (Appointed 30 October 2020)

Secretary

Dr M Baker

Charity number 1092035 Company number 4331307 Registered office Gwrych Castle Llanddulas Road Abergele Conwy LL22 8ET

Independent examiner

S Murray-Williams FCA for and on behalf of Harold Smith Chartered Accountants St. Asaph Business Park Denbighshire LL17 0JA

GWRYCH CASTLE PRESERVATION TRUST LIMITED

CONTENTS

Page
Trustees report 1 - 7
Independent examiner's report 8
Statement of financial activities 9
Balance sheet 10
Notes to the financial statements 11 - 18

GWRYCH CASTLE PRESERVATION TRUST LIMITED

TRUSTEES TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees present their report and financial statements for the year ended 31 December 2020.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the the trust's [governing document], the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The charity's objectives as stated in the Articles of Association are:

‘To preserve for the benefit of the people of North Wales and of the Nation, the historical, architectural and constructional heritage that may exist in and around Gwrych Castle, Abergele, North Wales in buildings (including any building as defined in Section 336 of the Town & Planning Act 1990) of particular beauty or historical, architectural or constructional interest.’

In 1997 ASFOG (A Society for the Friends of Gwrych) was founded and in 2001 it changed its name to Gwrych Castle Preservation Trust, becoming a company limited by guarantee and a registered charity. The Trust was founded to raise awareness of Gwrych’s plight and also to establish a solution for the conservation, restoration and sustainable future use of the Castle and estate. These three core aims are:

  1. To restore the Castle to how it was during the ownership of the Lloyd, Hesketh and Dundonald families for public benefit. This means returning to the historic vision as shaped by three successive generations of the indigenous family who created and cared for Gwrych Castle and estate.

  2. To provide public access to the Castle and gardens by opening Gwrych Castle and estate.

  3. To advance the education of the public in the history and conservation of Gwrych Castle and estate.

Public Benefit

The Board of Trustees can confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission. Significant activities that we undertook during the period that demonstrate public benefit are set out below.

The Board of Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the the trust should undertake.

GWRYCH CASTLE PRESERVATION TRUST LIMITED

TRUSTEES TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Achievements and performance

A Year in Review

2020 has been for the world an annus horribilis, and for our communities been one of the most challenging of times since the Second World War. With the announcement of the first lockdown in March 2020, we were forced to refocus and change tack to face the emerging issues that the pandemic brought. The Trust was invited to apply for COVID-related grants, to assist in making the Castle secure and safe whilst we were forced to close to the public. This closure period did enable essential maintenance around the estate whilst there were no visitors to the Castle.

With the lifting of restrictions, the Trust’s staff were retrained to enable a safe flow of visitors in a managed way that was COVID-secure. Hand sanitizers, a one-way visitor route, and new signage were brought in. Volunteer groups were monitored to ensure all guidelines were followed and further training given where needed.

During the first lockdown, the Board of Trustees was approached from ITV with an offer for the Castle and estate to host the 2020 series of ‘I'm a Celebrity...Get Me Out of Here!’ It was not until mid-August that it was confirmed to the Board, with a public announcement following shortly afterwards. The Castle and estate closed to the public again at the end of August, to allow preparations for the show.

During an inspection of the Castle in 2019, architects Chambers Conservation identified three of the most pressing structural issues. In conjunction with Cadw, Conwy Council, and Natural Resources Wales, the necessary licences and permissions were obtained to undertake the urgent repairs package in the latesummer and autumn of 2020.

Work Area 1: The south wall of the keep facing the courtyard, comprising the south wall of the inner hall, former picture gallery, and bedrooms above.

Work Area 2: The decay and failure of the embedded timbers to the north library bay.

Work Area 3: The failure and collapse of the lintels and relieving arch between the dining room and the music room.

With the filming of “I’m A Celebrity…”, the Castle and local regulatory bodies agreed that this would be an opportune expansion of the repairs package beyond the original three work areas. With the guidance of Chambers Conservation, ITV, and the Castle; Grosvenor Construction, as principal contractor, undertook the works conserving wall tops, window and door openings, and other essential elements to allow safe access into the main house without personal protective equipment.

This has not only pushed the Castle’s rescue years ahead, but it will enable a much-improved visitor experience that will take the public into the heart of the main house. When the lockdowns end and the Castle is able to reopen, the Trust would be pleased to show all of the good work that has taken place in the last six months. Even with such a small window of opening in 2020, we were able to welcome 15,379 visitors to the Castle.

GWRYCH CASTLE PRESERVATION TRUST LIMITED

TRUSTEES TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

ITV produced an adapted version of “I’m A Celebrity…” live on ITV from the Castle in November and December 2020, which saw 12 celebrities take part in a raft of gruesome trials and challenges. Giovanna Fletcher was crowned Queen of the Castle after spending three weeks battling the elements. “I’m A Celebrity…” has been named the biggest television show of 2020, with an average of 11.2 million viewers watching across the series, up almost a million on the previous year.

Many of the businesses within Abergele took part in welcoming the television show to the Castle, with shopfronts improvements and floodlighting of the main gates, both sponsored by Abergele Town Council. Oriel Colwyn created art installations throughout the town, which captured and celebrated the town‘s enthusiasm. Oriel Colwyn’s curator Paul Sampson teamed up with photographer Niall McDiarmid to highlight some of the local people and personalities of ‘Celebrity Town’; https://www.celebritytown.co.uk/

With the closure of the Castle to the public for filming, work attention was moved to the Formal Gardens, as ITV were not particularly using that area. This enabled Trust staff to maintain a presence during the show, but were unable to continue with originally planned works. During this time, Trust staff carried out essential repairs and maintenance to the Castle and estate. Due to the Castle and estate being essentially a building site, with movement of heavy goods vehicles and other plant, there is security presence 24/7 to ensure safety.

With the show nearing an end and everything packing up, Trust staff were charged with the duty of ensuring the estate was returned to its previous condition. This was to ensure the estate would be ready for public reopening once the then current lockdown had ended, which unfortunately outlasted 2020.

Resilient Heritage Project Progress

By April 2020, the Consultants were on track for an Autumn submission of the Resilient Heritage (RH) project. However, the pandemic in 2020 put RH work back by months; the ‘Resilient Organisation’ works and supporting the consultants to complete the following;

In addition to this, the National Lottery Heritage Fund provisionally suspended any funding applications until Winter 2020, with existing applications being prioritised first.

The combination of the pandemic, the ITV opportunity, and NLHF closing application submissions, meant that the original plans for the Resilient Heritage project could not be completed and submitted by the grant end date of September 2020. With project works to be completed, existing plans adapted due to the ITV changes to the estate, and potential pandemic resurgence in the future, the project needed an extension in both time and funding.

GWRYCH CASTLE PRESERVATION TRUST LIMITED

TRUSTEES TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

RH staff worked with the new NLHF Investment Manager to recast some of the remaining RH budget and look for an increase in funds from NHLF, to carry roles into Sept 2021. In October, the request to recast the remaining RH budget was agreed and a grant uplift agreed in principle (grant uplift covering shortfall in RH budget for staff wages and consultant costs for the 12-month extension), with it going to the NLHF board in March 2021.

Events

There were no events held in 2020 due to the ongoing Coronavirus pandemic and government guidance restricting organised activities.

Community Engagement

Community engagement has been central to the work of The Trust since its inception in 1997. Volunteering at Gwrych Castle is becoming increasingly popular, and all are welcome and essential to the operation of the Castle. The range of volunteer roles vary from historical research, assisting in front-of-house duties at the Visitor Centre, gardening, and conducting guided tours of the estate.

The use of social media platforms has proved extremely effective for bringing in a wide spectrum of visitors. There is also a vigorous and flourishing following on Facebook and Instagram, particularly with Facebook where the Castle’s official page achieved over 16,000 followers in 2020.

The regular core volunteer base numbered over 50 during 2020. These volunteers assisted at all levels with supporting the objectives and aims of the Trust, at the Castle and in the community. In addition, there were many sporadic volunteers assisting over the year. Some of the volunteer engagement in 2020 includes: -

To further community involvement, in the history and conservation of Gwrych Castle and estate, has been supported by the following partnerships: -

The Trust continues to work with key groups, including our Annual Pass holders. Pass holders are afforded free entry to the Visitor Route and discounts for ticketed events. Pass Holder numbers have increased to 870 during 2020, from around 250 in 2017 and 420 in 2018.

GWRYCH CASTLE PRESERVATION TRUST LIMITED

TRUSTEES TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Fundraising

Fundraising is and will remain an on-going part of running Gwrych Castle. A major funding application was submitted to the National Lottery Heritage Fund, under the Resilient Heritage strand, in December 2018. This grant was awarded in April 2019 and has been crucial in giving the Trust the resources and specialist advice needed, to identify and meet the challenges that now lie ahead with owning one of Britain’s most important buildings at risk. In the time since the Resilient Heritage application was successful, the Trust have carried out more consultation with local people, neighbours, town and County Council members and colleagues, Welsh Government, CADW, the amenity societies including the Georgian Group, and with many specialists in the care for and preservation of these historic buildings.

The Trust has taken specialist advice from experts such as Marcus Binney of SAVE Britain’s Heritage to help understand the ways in which the Trust can practically develop the project, including organisational and business development consultants, structural engineers, and heritage building specialists. This has helped to develop a comprehensive approach to ensure that the resulting masterplan is: -

In 2020, the Trust have researched and considered the conservation challenges, considered options, set priorities, strengthened governance and management, begun to understand the long-term financial sustainability of operations and care of the estate, and have started to secure the funds to implement the masterplan. The Trustees, staff, and volunteers are confident in the future of the Castle, and all are working enthusiastically to fulfil The Trust's charitable aims, and to show that the confidence placed in the Trust by funders, the local community, and all who have supported the project, was well placed.

After the announcement that “I’m a Celeb…” would be coming to a Welsh Castle, the Trust saw a significant boost to revenues generated by self-guided tours and merchandise sales. The estate was only open to the public for a short period during the year, with three months at the beginning and just under 2 months open during the summer before the takeover by ITV. During the initial three months of the year, the Trust saw 1,859 visitors. When the estate was allowed to reopen in July, the rumours had already started and the Castle saw 13,520 visitors until the estate was hired by ITV at the beginning of September.

GWRYCH CASTLE PRESERVATION TRUST LIMITED

TRUSTEES TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Financial review

It is the policy of the the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the the trust’s current activities while consideration is given to ways in which additional funds may be raised. During the uncertainty which 2020 has brought, the Trustees now consider a Cash Reserve equivalent to between six- and twelve-month’s expenditure is required. This level of reserves has been maintained throughout the latter part of the year.

The trustees has assessed the major risks to which the the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The charity is a company limited by guarantee, governed by its Memorandum and Articles of Association. The liability of each member is limited to £1.

.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: Dr M Baker Mr E W Salt (Resigned 16 May 2020) Miss J Rowlands Mrs P Heap-Williams Mr S Rowlands Mr J Rye Ms M Flaterly (Appointed 7 January 2020) The Rt.Hon G Mostyn (Appointed 30 October 2020)

The Trust is managed by the Board of Trustees, consisting of at least 6 Trustees and no more than 8, who work through the committees listed below and meet as a Board quarterly. Trustees oversee and review from a strategic point the direction and operations of the Trust. Staff action the proposals put forward by the Trustees and report back accordingly.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

GWRYCH CASTLE PRESERVATION TRUST LIMITED

TRUSTEES TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

The Trust is managed by the Board of Trustees, consisting of at least 6 Trustees and no more than 8, who work through the committees listed below and meet as a Board quarterly. Trustees oversee and review from a strategic point the direction and operations of the Trust. Staff action the proposals put forward by the Trustees and report back accordingly.

None of the Trustees have any financial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

An Operations Board oversees Trust business and takes recommendations to The Trustees. The group comprise at least 2 Trustees along with staff. The Operations Group meets fortnightly on a Wednesday to review works and day to day running of the castle undertaken by The Trust.

All staff report to the Chairperson, or their respective manager.

The Trust has 8 staff:

The Board of Trustees, as a group, have a comprehensive skill mix covering business development, property management, finance and financial planning, heritage interpretation, governance, company secretarial, activity planning, arts, architectural, and building conservation. The Trust also has a core of voluntary advisors to supplement the Trustees' knowledge base.

The Trustees r eport was approved by the Board of Trustees.

Dr M Baker Trustee Dated: 20 September 2021

GWRYCH CASTLE PRESERVATION TRUST LIMITED

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF GWRYCH CASTLE PRESERVATION TRUST LIMITED

I report to the trustees on my examination of the financial statements of GWRYCH CASTLE PRESERVATION TRUST LIMITED (the the trust) for the year ended 31 December 2020.

Responsibilities and basis of report

As the trustees of the the trust (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the the trust are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the the trust’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the the trust’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of , which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

S Murray-Williams FCA

for and on behalf of Harold Smith Chartered Accountants St. Asaph Business Park Denbighshire LL17 0JA

Dated: 20 September 2021

GWRYCH CASTLE PRESERVATION TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020

Unrestricted
Restricted
funds
funds
2020
2020
Notes
£
£
Income and endowments from:
Donations and legacies
3
44,885
-
Charitable activities
4
577,450
-
Investments
5
116
-
Other income
6
5,731
-
Total income
628,182
-
Expenditure on:
Raising funds
7
6,937
-
Charitable activities
Charitable Expenditure
8
279,584
-
Total charitable expenditure
279,584
-
Total resources
expended
286,521
-
Net income for the year/
Net movement in funds
341,661
-
Fund balances at 1
January 2020
58,922
1,093,000
Fund balances at 31
December 2020
400,583
1,093,000		 TotalUnrestricted
funds
2020
2019
£
£
44,885
30,183
577,450
229,241
116
328
5,731
44
628,182
259,796
6,937
23,499
279,584
198,570
279,584
198,570
286,521
222,069
341,661
37,727
1,151,922
21,195
1,493,583
58,922		 Restricted
funds
2019
£
-
-
-
-
-
-
-
-
-
-
1,093,000
1,093,000		 Total
2019
£
30,183
229,241
328
44
259,796
23,499
198,570
198,570
222,069
37,727
1,114,195
1,151,922
Donations and legacies
3
Charitable activities
4
Investments
5
Other income
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
Charitable Expenditure
8
Total charitable expenditure
Total resources
expended
Net income for the year/
Net movement in funds
Fund balances at 1
January 2020
Fund balances at 31
December 2020

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

GWRYCH CASTLE PRESERVATION TRUST LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2020

Notes
Fixed assets
Tangible assets
11
Heritage assets
12
Current assets
Stocks
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
Unrestricted funds		 2020
£
£
1,012,622
8,060
1,020,682
50
474,650
474,700
(1,799)
472,901
1,493,583
1,093,000
400,583
1,493,583		 2019
£
£
1,006,946
-
1,006,946
50
149,578
149,628
(4,652)
144,976
1,151,922
1,093,000
58,922
1,151,922

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2020.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 20 September 2021

Dr M Baker Trustee

Company Registration No. 4331307

GWRYCH CASTLE PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

Charity information

GWRYCH CASTLE PRESERVATION TRUST LIMITED is a private company limited by guarantee incorporated in England and Wales. The registered office is Gwrych Castle, Llanddulas Road, Abergele, Conwy, LL22 8ET.

1.1 Accounting convention

The financial statements have been prepared in accordance with the the trust's [governing document], the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The the trust is a Public Benefit Entity as defined by FRS 102.

The the trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling , which is the functional currency of the the trust. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the the trust.

1.4 Incoming resources

Income is recognised when the the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

GWRYCH CASTLE PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

1.5 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings Plant and equipment - 20% per annum reducing basis Fixtures and fittings - 10% per annum reducing basis Motor vehicles - 20% per annum reducing basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.6 Impairment of fixed assets

At each reporting end date, the the trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.7 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell . Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

GWRYCH CASTLE PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the the trust’s contractual obligations expire or are discharged or cancelled.

1.9 Employee benefits

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

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

2 Critical accounting estimates and judgements

In the application of the the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted Unrestricted
funds funds
2020 2019
£ £
Donations and gifts 33,044 26,166
Membership fees 11,841 4,017

GWRYCH CASTLE PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

4 Charitable activities

Charitable
Charitable
Income
Income
2020
2019
£
£
Sales within charitable activities 13,735
2,542
Performance related grants 211,025
101,685
Open days and events 352,690
125,014
577,450
229,241
Investments
Unrestricted Unrestricted
funds funds
2020 2019
£ £
Interest receivable 116 328
Other income
Unrestricted Unrestricted
funds funds
2020 2019
£ £
Other income 17 44
HMRC Job Retention Scheme Grant 5,714 -
5,731 44

5 Investments

6 Other income

GWRYCH CASTLE PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

7 Raising funds

Unrestricted Unrestricted
funds funds
2020 2019
£ £
Fundraising and publicity
Staging fundraising events 1,399 10,525
Printing and stationery 1,345 1,650
Advertising 1,319 2,678
Other fundraising costs 7 8,434
Fundraising and publicity 4,070 23,287
Trading costs
Book publication and purchases 2,867 212
6,937 23,499

8 Charitable activities

Charitable
Charitable
Expenditure
Expenditure
2020
2019
£
£
Staff costs 116,039
74,811
Depreciation and impairment 1,940
1,253
Travel Expenses 4,859
5,231
Property repair and maintenance 53,908
59,981
Insurance 1,247
1,184
Bank charges 589
23
Research and project costs 1,610
1,467
Sundry expenses 1,603
2,906
Accountancy 2,257
2,466
Professional and consultancy fees 90,722
44,138
Light and heat 1,186
2,752
Telephone 442
591
Rates 1,167
115
Cleaning 1,687
1,652
Postage and carriage 328
-
279,584
198,570
279,584
198,570

GWRYCH CASTLE PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the the trust during the year.

10 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Other pension costs
Tangible fixed assets
Freehold land
and buildings
£
Cost
At 1 January 2020
997,146
Additions
-
At 31 December 2020
997,146
Depreciation and impairment
At 1 January 2020
-
Depreciation charged in the year
-
At 31 December 2020
-
Carrying amount
At 31 December 2020
997,146
At 31 December 2019
997,146		 2020
Number
8
2020
£
114,511
1,528
116,039
Plant and
equipment
Fixtures and
fittings
Motor vehicles
£
£
£
600
10,546
995
800
6,815
-
1,400
17,361
995
216
1,925
199
237
1,544
159
453
3,469
358
947
13,892
637
384
8,620
796		 2019
Number
6
2019
£
73,644
1,167
74,811
Total
£
1,009,287
7,615
1,016,902
2,340
1,940
4,280
1,012,622
1,006,946

11 Tangible fixed assets

Warning: Postings have been made to codes 6530..669Z, which are currently not analysed in the above grid, please review or make the note local and analyse postings.

GWRYCH CASTLE PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

12 Heritage assets

At 1 January 2020
Purchases
At 31 December 2020
13
Stocks
Finished goods and goods for resale
14
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Accruals and deferred income		 2020
£
50
2020
£
359
-
1,440
1,799		 £
-
8,060
8,060
2019
£
50
2019
£
554
348
3,750
4,652

15 Retirement benefit schemes

The the trust operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the the trust in an independently administered fund.

16 Analysis of net assets between funds

Unrestricted
funds
Restricted
funds
2020
2020
£
£
Fund balances at 31
December 2020 are
represented by:
Tangible assets
1,012,622
-
Heritage assets
8,060
-
Current assets/
(liabilities)
472,901
-
1,493,583
-		 TotalUnrestricted
funds
2020
2019
£
£
1,012,622
1,006,946
8,060
-
472,901
144,976
1,493,583
1,151,922		 Restricted
funds
2019
£
-
-
-
-		 Total
2019
£
1,006,946
-
144,976
1,151,922

GWRYCH CASTLE PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

17 Financial commitments, guarantees and contingent liabilities

During the year to 31 December 2018 the trust was in receipt of grants amounting to £1,095,400 from the National Heritage Memorial Fund and the Richard Broyd Charitable Trust for the purchase of the castle and the estate.

There is a charge that states that if the castle and estate is sold within 25 years of receipt of these grants, then the trust would be liable to repay these grants in full.

18 Related party transactions

There were no disclosable related party transactions during the year (2019 - none).