Charity registration number 1092035 Company reglstratlon number 4331307 (England and Walesl GWRYCH CASTLE PRESERVATION TRUST LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 GWRYCH CASTLE PRESERVATION TRUST LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trusto0s Dr M Bak8r Miss J Row13nd5 Mrs P Heap-Willi2ms MrJRyg Ms G Belts IAppoinl8d 10 December 20241 S8cr8tary P R Websler Charlly number 1092035 Company numbgr 4331307 R•gistèTèd ofli Gwrych Casiie Llanddulas Road Abergele Conwy LL22 8ET Independent examiner S Murr8y-Willi8m$ FCA lor and on btrhall of Harold Smith Chari8red Accountants St. Asaph Busine55 Park Denbighshire LL170JA GWRYCH CASTLE PRESERVATION TRUST LIMITED CONTENTS Page Trustees report Ind8p8ndent exatnlner's report Stslemenl of financial activlties Balance sheet 1( Noles lo the flnan¢lal 81al8m8nl8 GWRYCH CASTLE PRESERVATION TRUST LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Th8 Irust88s pr8sent Ih8ir report and Iinanaal 51atement5 for th8 y8ar 8nded 31 Dec8mb8r 2024. The fin8nei81 ststemeni$ have been prepared in 8c¢ord8n¢e with the 8¢¢0unb"ng poli¢ies set out in note I to the fin8nci81 slatetnenls and cotnply wilh the the Irusl's Igoverning dorumentl, the Compani9s Acl 2006 and 'Accounting and Reporting by Charities." Staletneni of Recorntnended Practice applicable to charitie5 preparing their account5 in accordance wlth the Financial Reporling Standard applicable th8 UK and R8public ol Ireland IFRS 1021" leff8cllve 1 January 20191. Objectives and activitie The ¢harlly'$ oble¢tiVgs a8 8la18d In tho Artldes of A8s0clallon 8r8.' 'To preseNe for the b&nefit of the people ol North Wales and of the Nation, the hlslodcal. ar¢hlle¢tur¥l and ¢onslruction81 heritage thai may exist in and around Gwryeh Castle, Ab8rgele, North Waley in buildings lin¢luding any building as defined in S2ction 338 of the Town & Plannin9 Act 19901 of particular beauty or historical, architectural or constructional interest. In 1997 ASFOG IA Society for the Friends ol Gwrychl was founded and in 2001 il changed it5 name lo Gwrych Castle Prasèrvatlgn Trust. b¢¢omlng a ccmpany limitèd by guarantaa and a raglslar8d charity. Tha Trust was foundad lo rals aw8rgness ol GwryGh'5 plight and als0 10 9slablish a 59lulion lor Ihg Gonservalion. r851oration and sustainable lulur8 U58 of the Castle and eslate. These three core aims are.. 1. To restore the Castle to how it was during the ownership Df the Lknyd. Hesketh and Dundonald families for public benefit, This means returning lo hisloric vision as shaped by three su¢¢8ssive generations of the Indigenous larnily viho creal8e and cared lor Gwrych Castle and estate. 2, To provl¢J9 publlc a¢¢gs$ to Ihe C8Sllo and gar¢ens by opgnlng Gwrych Casle and g$t81¥. 3, To advanco the edu¢allon of the publ1¢ In th& hlslory and conservation of Gwrych Castle and 8slale. Publlc B•n•flt Th8 Board ol Trust88s can confirrn that Ih8y hav& compll8d with th8 duty in S8clion 17 01 lh8 Charfll8$ Acl 201110 have due regard lo public benefit gijidance published by Ihe Commigsion Signifi¢8ni acliviliès that we undertook during the period that d8rnonslrate public benefit are sel out below. The trustee5 have paid due regard lo guidan￿ issued by the Charity Cornm1s￿On in deciding what activities the the trust should undertok¢. GWRYCH CASTLE PRESERVATION TRUST LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achlevgments and perfomiance A Yéar In Rovlew 2024 was a year ol continued progress and preparation for Gwrych Castle. The Gwrych Caslle PreseNation Trust advanced ils resloralion plans. deepened p(Jblic engagement, and 8¢hieved key milesiones that pave ihe way for transformative work ahwd. Following th9 £2.2 million award from Iha National Heritage Mèmorial Fund in 2023, thè Trust succ*ssfiJlly s8cuièd all required listed building consents, planning p8rmi55i0ns, and building re9ulalion approva15-laying 85S8ntial groundwllrk lor major restoration works to begin. The Trust Hlsrj re￿ived gpnproiis suppom from several additianal flinders in 2024, inr4iiding the Pilgrim Trust, c.onwy Buslness Supwrt, the UK Shargd Prosp8rily Fund IUKSPFI, tho Swlre Choritable Trust, 8nd th$ Wales Architectural Heritage Fund. This combined support ol approximately £140,000 has been instrumental n developing capacity. project planning. and conserv8tion work ￿rO$S the ￿te. Public interest in Gwrych Castle remained strong. wlth a dlverse events programme, growing visltor numbers, and increased community involvement. With solid foundations now in place, the Trust Is wtsll-p)silioned to begin the next chepler of Gwrych C&8Ue's r88tor8tion journey. GWRYCH CASTLE PRESERVATION TRUST LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Evonts 2024 wa5 another excEPtional year for events at Gwrych Castle. with a full calendar ol immersive and farnily-friendly activities that continued to altract high visitor numbers and glowing leedback. From returning lavouriles lo excAling new additions. the Trust's 8V8nts progratnme onc8 again brought the castle to Ille and suptK>rt8d strong incom8 generation. The year began with tha &ver-popu18r School of M8gi¢, running in February and reluming throughout spring and summar. This inleraclive theatiical experierLe invited visitors to train as youry wizards, attending spellcasling classes. brewing potions. an¢ exploring Ihe caslle through magi¢al quesls. It remained a stondout attraction and visitor favourite. Spring events included the Easter Dragon Trail in April, where children searched for dragon eggs hidden around the oround8, guld8d by costumed medleval charact8rs. The castle also h08t8d a lii'ely Prlnc8ss8s weekaid and welcomod young8r guests lo the playful I'm a Mini trail in May. Th8 May bank holiday also lèatur8d Living History.. HMS Wal&s, an immerslve herllagè experlenee that drew enthusia$li¢ crowds. Sumrner brought a packed schedule. with a rnix of therned wepkpnds including Medieval Madness. Farnily F(Jn Day. Artisan Fairs, Superheroes, Mythical Creatures, and additional Prin¢ess and School of Mag1¢ weekends, The diversily of expgriences offered sorvelhing for all ages, encouraging repe81 visits and wide audience appeal. Th8 Castle continutd 1¢ davelop its pvènl$ inlrastruclurè, ben8fitling from the aleohol and enl8rt8inrn6nl liean$è obtained in 2023. Whila th8 Cocktai18 at the Castle series did not r8tum this year, new opportuniti8s for evening 8vents ar& bèing explorèd lor the future. The autumn season featured the annual Fireworks Spec*acular on Novernber 3rd, a vibrant display that drew large crowds and capp8d off tha auturnn programmg. Th8 castl8 also ?aid trlbut8 to Armlsllcg Day and Rèm8mbranc8 Sunday by lighling up in rgd gnce again. Th8 year concluded wilh the return of the magical Christmas Adventure, running frorn 30th November lo 23rd Decernber. Visitors took part in festive trails, wzzles. and met beloved characters including Mrs. Claus and Santa himself. The slÈi9h repair slalion, Nauohty or Nice courtroom, and slorylellirvJ sessions added to the feslive cheer. The event received viidespread praise for ils crealivily, atmosphere. and warrn farnily appe81. In 8ddition to tha eor• èvents, thè Trust hostèd quarterly Chosl Hunts. whieh remèined popul*r with •dult thudianees, •nd conlinu8d It5 Lectur8 S8ries wilh a variety of talk5 on heritage, history, and con58rvation. Visitor reviews across TripAdvisor and Google rerngined Consistently posilive throughout 2024, highlighkn'ng the ca8119'$ engaging pro9rarnming. welcoming staff, and immersive experience5. The events programme contri￿ted si9nilicantly to thg Trust's Incomg gfjngrollon an¢ slrfjnglh9nfjd Gwry¢h Ca$119'$ r9pulollon os o leadlng hgrltsgo d9$11nalion. GWRYCH CASTLE PRESERVATION TRUST LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Communlty Engaggrr•nt In 2024, the Trust remained cornrnirted to deepening conrnunity involvement through outreach, volunteer opporiunitleS, education, and in¢lusive visitor experiences. Social media giveaways ¢oniinued throughout the year, particularly during the School of Magic and Easter Dragon Trail events, with a locus on reaching local familias. The Trust also supported sev&ral school and charity raffles by donating adrnission tickets and guidebooks as prizes, helping to womote heritage access across region. otnrnunlty partn8r5hlps expanded, wlth Gwrych Castl8 b8COtnlng a regular meelng polnl for gnthusia51 group5. Includlng MINI clubs frorn acros5 North Wales, The Gh05t Crew la Porsche group), and a local Land Rover display. AberJ3m. a large-scale Scout gatherlng. also returned in July. once again cornbinlng communlly celebration wSlh voluntsry s8rvic8 on Th9 volunl99r base refflained sliong Ihroughoul the ygar, with a stnall increase supported by w¢Yk placgmenl days and contribiilions from local relirees. Volunteers played an essentia role in delivering the Trust's public-lacing aclwities and in stewarding the sile. The Trust ￿ntInued to welcome school groups and host?d a sp8¢i81 Livlng History wgèkend with Ihe HMS Walos Reenaclmenl Society. bringing the world ol Admir81 Nelson's Royal Navy lo life for vi8ilor8 ol all agès. This eveni w88 especially w811 rèceived and r8infttc8d the 8ducation21 value of the sitè. Sgv9ral communily-locusgd Improvetnenls werg rnadg, including the launch ol a new sutnmer trail lgaflel lor latnili95 and tho installation ol updalod signage acros5 the eslale. Large inlorprotalion pands were addod in thc Vlriting Room to share $lorSes about tha hlsloric gard8ns. alongsld8 nèw photo dlsplays and hlslorlcal content throughout Indoor 8pacè$ to enhance visilor engagernenl, Th8 TruBt a180 rnainlained strong connections with ils Annu31 Pass holders. who benefii from free entry lo the Visitor Route and eiscounts lor ticketed events, helping to 105ter a sense of local ownership and ongoing SUPPDrt. GWRYCH CASTLE PRESERVATION TRUST LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Fundralslng 2024 wa5 a positive year for fundraising at Gwrych Cast￿, with the Trust securing targeted financial sUPPOrt to advance it5 major restorats'on goals. Building on the £2.2 million awarded by the Nab'onal Hèritage Memorial Fund in 2023, s¢veral new fund8r5 G3m8 on board to help pr8pare lor construdion work 5ch8dul8d lo b8gin in 2025. Ovèr £140,000 way secured from a rang& ol supporters. including four new lunders lo the Trust.. The Pilgrim Trust and Swire Charitab16 Trust, whose contributions are 5upplernenlng the core NHMF restoration prolect. UK Shared Prosp8rity Fund IUKSPFI, which 8UPPOrt8cl materials and ihe r6in81aiem8ni ol a main8 water c4)nneclion. • Wales Archileclural Heritage Fund. which conlribut8d lowares professional fees loi architectural worf(. Conwy Busines$ Support, which fund9d staff training, PPE. and necgssary IT gquiprnpnl Its build oryanisalional capac41y. This generous support. alongside wnlinued funding from the Richar(J Broyd Charitabl8 TDJsl and Ihe Historic House6 FoLJndation, has enabled the Trust lo oomplele all required consents and technicol preparotion for the restoration ol the cssuo's cor•, While significant progress has been Made, there rernains a funding shortfall loi the full del'very ol the restoration works. Th8 Trust wiiliiiu¥s lo ailively seek furttrior support lo ensure Ili¥ proj¥¥l can be deliv¥r￿￿ In full and lo the lii9liest standards. Flnanclal rgvlew The Tru81 m8inl8lnèd a stable finanelal poslllon throughout 2024, wilh unr8slricted reseN&s hèld al a lavel tsqulvalenl 1¢ between six and twelve months ol operational expendilure, in line wlh the policy adopled during the uncertainty of 2020. This prLJdÈni approach ensures the Trust Can contlnuè Its ¢ore a¢iiwities 8ven In Ihe event Of 8 sudden drop In In¢orne. GWRYCH CASTLE PRESERVATION TRUST LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Significant eesignaled income wa5 $8cured during the y8ar, primari￿ linked lo lh8 National Heritage M8morial Fund grant warded in 2023 and additional funding from new supporters including the Pilgrim Trust, Swire Charitable Trust, UK Shared Prospèrity Fund. and thè Wales Architgc¢ural Hgritagg Fund Those funds suppori?d pr¢parair)ry work ahead of major r8storab.on activily p13nn8d lor 2025. Earned income from admissions and events r8rnained strong in 2024. supported by an ambitious programrlle that helped rive visitor engagement and public interest. The Trust's Community Interest Company ICICI continU￿d work on the gate lodge hollday lets, whlch rtrmain a kgy part ol slral8gy for devgloplng suslaSnablg, long-lerm Income. Current fundraising effort5 are focused on addressing the remaining shorifall for the castle core restoration. particularfy to supplement the major r8roofing works. The Tiusl continu8S to actively seek support lo ensure the lull delivery of this IranslormatlDnal project. Thg Trustees havg a558ssed th9 major financial and op9rational risks and are 3alislied that appropriat8 sys18tns rgmain in plooc to monitor and milionlc thcrn. Th¢ Tru51 rcmoins commiltcd lo sound finon¢iLiI gov¢rnonw ond lo building o sccuro foundation for lulure growlh. The trustees has assessed the rn8jor risks lo which the Ihe Irust is exposed, and are satisfied that systems 8re in place to mlllgal8 exposure lo lh8 major rlsh$, Structur•, 9ov•manc• and manag•m•nt The charity 18 a cO￿PanY limited by guarante8, govern8d by its M8rn0randum and Articles of Association. The liability ol each mernber is limited lo £1. The Iruslees, who are also the directors for the purpose ol company law, and who setved during the y8ar and up lo the dale ol signature of the financial stalements were.. Dr M Baker liss J Rowlands Irs P Heap-williams Ir S Rowlands MrJRye Is M Flahgty Ir S Ellis Is C Bells (Resigned 11 November 20241 IRgslgned 18 Oclob9r 20241 IR8slgn8d 1 D•c8mb•r 20241 (Appointed 10 December 20241 The Twsl is managed by the Boatrl of Trustees, consisting ol al least 6 Trustees and no more than 8, who work through the eornrnittees listed L￿loW and rneel as a Board quarterly. Trusteeg oversee and review Irorn a strategic point Ihe direction and operations ol the Trust. Staff action the proposals pul ft)tward by Ihe Trustees and report back accordingly. Nona of the Iruslees h8s any benefl¢lal inloregt In the ¢fxnp8ny. Al of the truslga8 are rnembers of the cornpany ancl guarantee to contribute E1 in the event ol a winding up. GWRYCH CASTLE PRESERVATION TRUST LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Th8 Trust is rnanaged by a Board of Trustees, con515ting of at least 8 trustees and no more Ihan 8, work Ihrough the committees listed below and meel as 8 board qu8rterfy. Trustees review from 8 str8legic roint of view the direction and operalions of the Trust. None of the Trustees have any beneficial interest in the company, All of the Trustees are members ol the Company and ouaranlee lo contribute £1 in the event of a winding up. The Trust has 10 staff.. E5ts19 Manager Deputy Estsle Nlanager NHMF Project Manager Estate Administrator Markèting Manager Proj6cl Manager Vlsilor Expèrfence SupeNl$or lx Genero1 Assi%tgnt 2x Visbtor Expenence Assistants Th8 Board ol Trustees, as a oroup, have a comprèhenslvè sklll mix Covering buslness development, prop8ny management, finance and financial planning, heritage inlerpret8lion. governan￿, company 5ecretari81, 8clivity planning, arts, ar¢hltgGtuial, and bulldlng wnsetvatlon. The Trusi also has 8 corp ol voluntary adVIso￿ io supplgmen¢ Ihe Trustg9ts' knowledge base. The Trustees report was approved by the Boarcj of Trustees. Dr M Bakor Trustee Dated.. 11 September 2025 GWRYCH CASTLE PRESERVATION TRUST LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GWRYCH CASTLE PRESERVATION TRUST LIMITED I report lo the tru5lee5 on rny 8xaminalion of lh8 financial stalem8nt5 01 GWRYCH CASTLE PRESERVATION TRUST LIMITED (the the trust) lor the yew ended 31 De¢ernber 2024. Ro$pon$lbllltl&$ and b¥sl$ of roport As Ihe trustoes ol tho tho Irust lanJ also ils dir6clors for tho purposos of company lawl you ar6 resp(￿sible lor tha pr8paralion ol lh8 lina￿￿1 slal8m8n15 in accordanc8 with the r8quir8rn8nt5 01 lh8 Cotnpani85 Act 20J6 (the 2006 Actl. Having satisfied myselllhal Ihe financial slalemenls of the the trust are not required lo be audited under Part 16 of the 2006 Ad and are eligible lor independent exarninalion, I report in respect of my examination of the the Irusl's fi'nancial sl8letn8nl8 carried out under section 145 01 Charities Act 2011 Ilhe 2011 A¢tl. In carrying out my examination I have followed all the applicabl& 01r￿￿.￿n$ gDi¢n by Ihg Charity Commission undor Sec￿0n 1451511bl of Ihg 2011 Act. Ind•p•nd•nt •xamln•r's stat•m•nt Slnce th8 th8 Irusl's gros5 Income exceeded f250.000 your 8xamingr rnusl bo 8 momb8r of a body Ilslfrd In s8CtSon 145 of thé 2011 Act. I confirm Ihal l am qualified to undertake the examination because l am a m8mb8r of th8 Institut8 of Chart8r8d Accounlants ol England and Walei, which is one of thè listed bodies. I have completed my examinalion. I confirm Ih8t no matters have Come lo my Otten￿'On in connection with the ex9minalion giving m6 caus8 to beli6ve that in any malarial r8specl'. 8¢counling records were not kept in respe¢l of the Ihe trust as r•qLJirèd by section 386 of the 2006 Act., or the financial stalernent5 do not accord with those records., or the financial slalements do not comply with the accx)unting r8quirements ol section Jyb ol the 2UUb Act other than anj. requirement that the accounts give a true and lair wew which is nol a maller considered as part tsf an independent 8yamSn8llon', or the financial 5tatement5 have not been prepared in accordance with the melhods and principles of the Stslement of Recommended Pioclice lor e¢¢ounling and reporling by ¢horibes applicable lo chorilies preparing their o¢counls in accordance with the FinonrAal Reporting StBndord HppliBoble in the UK ond Republic ol Ireland IFRS 1021. I have no conc8ms and have comè across no othèr matters In conn8Ctlon wllh the examlnatlon to whleh attentlon should be rawn in this report in orcjgr to 8n8ble a proper understanding ol the fin8n¢i81 sialemenls to be re8¢hod. S Murray.Wllllams FCA for and on behalf of arold Smith Chortgred A¢¢ounlents Sl. Asaph Business Park Denbighshire LL17 OJA Dated,. 11 S8pl8mb8r 2025 GWRYCH CASTLE PRESERVATION TRUST LIMITED STATEMENT OF FINANCIAL ACTtVlTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unr•stri¢tsd Restri¢t•d funds funds 2024 2024 Total Unro8tri¢tsd Re8tri¢l*d fund8 funds 2023 2023 Total 2024 2023 Notes Incom• and •ndowmènt8 from.. Donations and legacies Chari18blè 8clivth$s Oih8r income 16.538 567 790 6.144 16,538 T42,097 6,144 10,184 611,723 4,795 10.184 611,723 4,795 174,307 Tat*l ificofft• 590.472 174,307 764,779 626,702 626,702 Expendllure on: Raising funds 30,946 30,946 27,942 27,942 Charit8bl& 82tivili88 360.593 331,D20 691,613 415,208 415,208 Total •xp•ndllur• 391.539 331,020 722,559 443,148 443.148 N•t In¢omell?xpendlture 198.933 1158,7131 42,220 183,554 Transfers between lund8 163,8491 63,849 N•t mov•m•nt In lund• 135,084 192.8641 42,220 183,554 183,554 Rfj¢on¢lllallon of fund$'. Fund balances al 1 January 2024 682,967 1.093.000 1.77S,067 499.413 1.093,000 1,592.413 Fund balan¢•s at 31 D&¢•mbor 2024 818,051 1,000,136 1,818,187 682,967 1,093,000 1,775.￿7 Th8 statement of financial a¢livili85 in¢lude8 all gains and108se8 r6¢ognis6d in the yèar. All ineome &)d èxpenditure deriv8 from continuing activities. GWRYCH CASTLE PRESERVATION TRUST LIMITED BALANCE SHEET AS A T 31 DECEMBER 202d 2024 2023 Not9¥ FlxÈd 8gse18 Tangib18 asse18 Heritage a558Is 13 14 1,637,324 24,610 1,641,913 24.( 1,661,934 1,665,973 Currgrit assgts Stock Debtors Cash at bank and in hand 15 16 50 25,793 320,268 43,069 322,688 365,807 346,111 Crgdllors= )mounts lallln9 du• wlthln on• year 18 147,0541 136,1171 N•t currant ass•ts 318.753 309.994 Total a88•ts1088 ¢iirront liabilitlO8 1,980,687 1.975,967 Creditors: amounts falling due after more than ono year 19 1162,5001 1200,(K)01 1,81e,187 1.775.S£7 Thg funds of tho thg Iru$t Restricted income funds Unrestricted fund5 20 21 1,000,136 81e,051 1.093.txio 682,￿7 1,818,187 1,775.967 The ¢ornpany Is entitled lo the exemption from Ihè audlt ￿quIrement ¢ontainèd in se¢tl¢n 477 01 the Companies A¢1 2006, lor thè ytar endèd 31 Decèrnb8r 2024, The directors acknowledge their responsibilities lor complying with he requirements of the Companies Act 2006 with respect lo ac¢ountr'ng records and the preparation of linanaal slalemenls. Th¥ m¥mbers have nol rtrqulred the company lo obtain an audlt of Its Ilnancial slat•mtrnts for th8 year In qu#stion In accordaneè wilh sèction 476. They6 financial 81alernents have ￿en preparod in aecordanc8 with the provisitsns applicaoie lo companies subject to the small cornpanies regi￿￿. Thè Ilnancial statèments wère approvèd by the trusteès on 11 Sèptomber 2025 Dr M Bakgr Trusto Company registration number 4331307 (England and Wales) 10- GWRYCH CASTLE PRESERVATION TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Ac¢ountSng pollcle8 Ch8rity infowmation GWRYCH CASTLE PRESER VATION TRUST LIMITED is a prfval• company lirnited by guarant80 incorporated In England and Walés. Th• r8gls18rèd offu is Gwrych Ca5118, Llanddulas Road, Aber3ele, Conw, LL22 8ET. 1.1 A¢¢ountlng convontlon The financial stalements have been prepared in accordance ivith the the trusvs Igoverning documenti, the Cornpanie5 Act 2006. FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Irdand" I'FRS 102.1 and the charl￿.eS SORP 'Accounts'ng and Reporting by Charities.. Statement of RecomrTh9nded Practice applicable to charlties preparing their acctsunls In aeeordance with the Financial Reporting Standard applicablè In the UK and Republie of Ireland IFRS 1021. leffeellv8 1 January 20101. Th6 tha Irusl Is a Publbc Benefll Enllly as défined by FRS 102. Thè th• Iru5t has tak8n advanta98 of th8 provlsion5 in th8 SORP for ch8rlll8s not to pr8par8 a St8tom8nt of Cash Flows. th8s8 Ilnanclal stat8m8nts ¥8 round8d to thè n8ar8St £. Th? financial Slalements ha'ie been prepared under the historical ¢osl Convenlion, Imodified lo include the revaluation ol freehold properties and lo include inyestrnenl propgrties arvj certain financial inslrutnents ai lair valuel. The principal aocounling policie5 Bdopted are 8et out below. 1.2 Going concem Al the tirne of approving the financial slalernents, the Iru51ees have a reasonable expectation Ihat the the trust ha5 ad8qual8 r8sourc8s to continu8 in operational 8xist8nc8 lor th8 foresè8abl8 futur8. Thus th8 Irusl88s conlSnu8 to adopt tha golng conc•m basls ol accountin9 In pr•paring thè Ilnancial stal¥ments, 1.3 Charitable fund Unr8slriclèd funds ar8 avallabl8 fDr use at the discrètlon of thè trusl88s In furth8ranc8 of thalr tharltable obl8ctlv&s. Restricted funds are subject 10 6pecrfic conditions by donors or grantors as lo how they may be used. The purpDS8S and uses ol the restricted funds are set out in the notes to Ihe linanaal statements. Endowment fun￿% are 8ubjecl lo specific conditions by donor$ that th8 c8Pital mu81 be maintained by the the trust, 1.4 In¢ornlng rgsour¢g$ Income is recognised when the the trust is legally entilled to it after any performance conditions have been met, the amounts can be me8sured 191iably, and il is probable that in¢omg will be rg¢&ivgd. Cash donations are r8cognis8d on receipt. Othttr donaliuns are rtrcognistrd onc8 the the trust has betrn notr'lied ol the donation, unless performance condilions require deferral ol the amount. Income tax re¢oveiable in relation to donation8 r6ceived under Gift Aid or deeds of covenant is r￿9n1$&d al the lirne of Ihe donati￿. LegaGies are reGognised on receipl or otherwise if ihe the trust has been notified of an impending distribution. the amount is known. and receipt 15 expect&d. If the arnount is n(* known, Ihe legacy is treated as a contingent asset. 11 GWRYCH CASTLE PRESERVATION TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢ounting policies Icontinutdl E%penditure is re¢ogni8ed onee there 1$ 8 leg81 tsr¢on$tru¢tive oblig8b"¢>n to tr8nsfere¢onomic benefit to a third party, It Is probable Ihat a tiansler ol economic benefits will be required in settletnenl. and the arnount ol the obligatson Can be measLJred r6llably. Expenditure is classilied by activity. The costs of each activity are rnade up of the total of direct costs and shared r.n81s. inp.liJdino %iJppnrt invnlvèrt in iindprtAkino pAr.h Ar.livily. Dir?e.t effj%t.* 2itnhiJt2hlp tfs a sinolp sJr.livity arp allocated direclly to that aclivlty. Shared costs whlch contrlbute lo rnore Ihan one activity and support costs which are not attribulable to a single activity are apportioned between those aclivits'8s on a basis consisi8nt with the use of resoLJr¢es. Central staff cosls ale allocated on the basis ol tlme spent, and depr¢cl8tion Charges are alloeated on the portion L)f tha a5S81's usè. 1.S Tanglb19 Ilxgd d¥Sgts Tangible fixed aFset5 arè Inrtlally m8asur8d at cost and subséquenly measured at cost or valuallon, nel ol depr￿latIOn and any impairment losses, Depr8cialion is r8cogni58d 60 as to write off the eosl or valuaiion ol assets less thgir residual values over their us8lul liv#¥ ori Iti# fulluwirig btll>¥¥-. Freehold land and buildings Plant and 8quiprnent FixlLJres and fjltings Motor vohl¢19S . 200A par annum rèducing basls 10Q/o per annum reducing basis . 20°h por annum rodu¢lng basls Th8 gain or loss arlsing on th• disposal ol an asset is dot8rrnin•d as the differenco b8lw8en th8 salé proc88ds and tho carryin9 valua ol the assat, and Is r8co9nls8d In thè slatem8nt ol Ilnancial aclvlties. 1.6 Imp•lrm•nt ol Ilx•d ass*l¢ Al each reporting end d8te. the thè trust revièws the carrying 8mounts ol its tangible assets to dètermine whelher there is any indication Ihal those assets have suffer8d an irnpairment loss, If any such indication 8X18ts. the recoverable amounl ol th8 assat is 8slrnal8d in ord8r to del8miin8 thé 8xlent ol thè Impalmient loss lif any). 1.7 Stockg Stocks are stated at the lower of cost and estlrnated selllng prlce less costs to complete and sell. Cost comprlses direct materials and, where applicable, direct labour costs and those overheads that have been Incurred in bringing the slod(s to their present localDn and condition. Itema held for disiribukn'on al no or nominal consideration are rneasured the lower of replacement cost and cost. Nel realisable value is the estirnaled selling price less all eslimated costs ol cotTplelion and costs lo be incurred in marketing. selling and distribution. 1.8 Cash and c8sh èqulvalènts Cash and cash equivalènts includa cash in hond, dèposits hdd at call wth banks. olhar short-larm liquid invastm*nts with original maturities of thre8 months or less, and bank ov8rdrafts. Bank ov8rdrarts ar8 shown wthin borrowings in current liabilities. 12- GWRYCH CASTLE PRESERVATION TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢ounting policies Icontinutdl 1.9 Finaneithl in8trumontJ The the trusl has elected to apply the provisions ol Section 11 '8asic Financial Instruments, and Section 12'0ther Financial Instrurn8nts Issues. of FRS 102 to all of its linan¢ial inslrumenls. Financial instruments are ￿cOgnised in the the trust's balance sheet when Ihe the t￿st becornes paty lo the ontraclual provisions ol IhE instrurnent. Financial ossets and liabilities a￿ offset, with tho nel omounts presented in the financial stalemenls, when there is a legally 8nforc8ab18 right to $81 off the iecognisgd arnounls and Ihgrg 1$ an int9nlion lo sell18 on a nel basis or lo r8ali$g the asset and seiiie the liablity sirnultaneously, 8aslc flnan¢lal assets Basic fi'nancial assets, whieh include debtors and cash and bank balanees. are initi£lly messured al transaction prie8 indiiding transaction costs and are subsequently carried at amortised cost using th& effective interest method unless Ihe arrangemenl constitutes a financing transadion, where the Iransaclion is measured 8t the present value of the future receipts discounted 81 a rn8rkel rate of inl8r&sl. Financk818ssels classrfied as ie¢eivablè wthin on8 y9ar ale not amortlsed. 8aslc nnan¢lal Il&blllrl&s Basic financial liabilitias. including cr8ditors and bank loans ai• initially racognisad al transaction prica unlass th8 a￿ange[nent constitut85 a financing transaction, ￿here th8 debl instrumenl is measured at the pres8nt value ol the future paymgnt5 di5countgd it a m¥rk8t rot? of interest. Financi81 liabiliti9$ ¢lassified 85 pgyable within ong ygor ¥ro nol amort1$9d, Debt instrumen15 are subsequently carried al arnortised cost, using the effective interest rale method. Trade crèdltorg are obllgatlons to pay for goods or sèNices that have bèèn acqtjired In the ordlnary coursè ol operations from suppliers. Amounts payable are cLassilied as current liabilities il payment is due wrthin one year or les$. 11 not, Ih8y ar8 presenlgd as non-current liabilities. Tradg creditors ar8 recognl$ed Initially al Iransactyon pri¢9 and sub4eqiJgntly rneasijrpd at amortispd cost using ltrie effective interest rnelhod. D•r•coqnlllon of flnanclal Ilabllltl•s Finan¢lo1 Ilobililics are derc¢agnised when the the trust's eontroetu•l obligotions explre or are ¢Yis¢h•rged or eaneelled. 1.10 Employee beneflts Th8 Cost of any unus8d holiday enlltlemènt is recojnlsad In th8 ￿rIOd In whlch th• 8mploy8a's setvlces are rec8lv•d. T¥rmlna11on b8n8fits ar¥ r¥cognis¥d imm8dial•ly as an 8xp•ns¥ when Ih& th¥ trusl is d¥monsliably comffiltl¥d to l*rmlnatè th• èmploymènt of an employèe or to provldtr tèmlnatlon b#nelits. Crltlcal a¢¢oundng g$tlmatg$ and ludggmgnts In the applicats'on of the ihtr Irusl's accounting policitrs, the Irusttrtrs are requirtd to makt judgem8nts, trstimalos and assumptions about the carrying atnouni of assets and liabilities that are not readily 8PPBrenl from other sources. The esllrnates and associated assumptions are based on historical experience and other factors that are considered lo b relevant. Actual results may differ Iron) these estimates. The eslimale5 and underlwng assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revisKJn affects only that peti