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2025-12-31-accounts

Company registration number 06113608 (England and Wales) Charity registration number 1119692 (England and Wales)

LLANTHONY SECUNDA PRIORY TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

LLANTHONY SECUNDA PRIORY TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr G Howell
Mr M White
Mr P M Evans
Mr M J Court
Mr P S James
Mr G Bowden
Mr D Crofts
Mrs R Roberts
Mrs L Griffiths (Appointed 8 July 2025)
Mrs M Ball* (Appointed 8 July 2025)
Country of incorporation United Kingdom 06113608
(England and Wales)
Charity registration England and Wales 1119692
Registered office Unit 3 Ambrose House
Meteor Court
Barnett Way
Barnwood
Gloucester
GL4 3GG
Independent examiner Nicholas Bishop FCCA ACA
Unit 3 Ambrose House
Meteor Court
Barnett Way
Barnwood
Gloucester
GL4 3GG
Bankers Barclays Bank Plc
128 High Street
Cheltenham
GL50 1EL

LLANTHONY SECUNDA PRIORY TRUST

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5 - 6
Balance sheet 7
Notes to the financial statements 8 - 19

LLANTHONY SECUNDA PRIORY TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2025

The trustees present their annual report and financial statements for the year ended 31 December 2025.

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 trust's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".

Objectives and activities

The Trust's objects are:

To meet these objectives the Trust promotes itself to secure donations and grants, and is actively developing a wider range of other income sources.

We have referred to the guidance contained in the Charity Commission's general guidance on public benefit In our aims and objectives and In planning for our future activities.

Achievements and performance

Llanthony Secunda Priory is a scheduled monument, with seven individual listed structures/buildings. Four of the structures had been on the Historic England ‘At Risk’ register; the successful achievement of its Reformation Project resulted in these buildings being removed from this register in 2018.

In March 2016 the Trust was successful in being awarded a National Lottery Heritage Fund (NLHF) grant of £3,194,400 towards a total scheme of £3,999,400 for the Llanthony Reformation Project.

The completion of the capital phase of the project was achieved in August 2018 with the opening of the two main building ranges – the Medieval Range and the Brick Range. From September 2018 the Priory has been open as a heritage attraction and venue.

The Trust continues to look for further funding to support future work, both capital grants and operational/activities awards, and for widened revenue streams through running events and undertaking appropriate cultural, heritage, educational, recreational, community and commercial activities.

Funding from the Government’s UK Shared Prosperity Fund, through Gloucester City Council, is being used to create an outdoor activity and wellbeing area, promoting activity, health and wellbeing whilst enhancing ecology and biodiversity net gain.

At the end of 2025 the Trust applied to the National Lottery Heritage Fund programme for a further grant to support the Trust’s sustainability and resilience. We are delighted to report that a three-year grant of £235,384 was offered running from 1 April 2026 to 31 May 2029. The grant will support the appointment of a CEO, additional staffing for events, a finance assistant, together with a new enhanced website and e- commerce platform and integrated IT systems.

LLANTHONY SECUNDA PRIORY TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Prior to the NLHF application a revised draft Business Plan covering 2026-2029 was prepared, with the focus for 2026 to continue expanding the commercial revenue, whilst acting as an important Heritage site within the City of Gloucester and securing a sound basis for expansion through to 2029.

The Trust continues in partnership with Gloucestershire College who have a 10-year lease on space within the buildings to 2028. This lease contributes to the commercial income in the year.

The primary focus in 2025 was to continue developing the commercial/trading revenue, through a difficult trading environment. This revenue showed a small drop on the previous year on both hire fees and catering.

The site is a licensed venue for marriages for both indoors and outdoors ceremonies, as well as hosting civil ceremonies and receptions.

Various community-friendly events took place within the year – open days, heritage weekends, outdoor theatre, adventure cinema and workshops.

Volunteers continue to be a wonderful resource for Llanthony, especially in the maintenance of the overall grounds and the courtyard garden. Although many organisations are struggling to recruit volunteers we have welcomed new faces, and continue to promote the benefit of volunteering at Llanthony.

Investment performance

The Trustees have the power to invest any funds not required for immediate use after having taken financial advice and having regard to the suitability of the investments and the need for diversification.

Financial review

The financial year to December 2025 the Trust showed an small deficit on unrestricted funds amounting to £796 (year to December 2024 surplus £2,386), with all areas of the business showing a downturn on the previous year.

The Trust was able to make a VAT Capital Goods scheme retrospective claim, which resulted in a payment of £43,106 set against the Heritage Assets – this helped boost cash holdings.

Heritage Assets

The Trust’s heritage assets in terms of building and land were transferred to the Trust from Gloucester City Council for £1 in 2007. At the time the assets were in a ruinous state with no economic benefit. As a result of the grants from the National Lottery Heritage Fund and Historic England the two main structures and the landscape are being conserved and restored.

The decision has been taken that restoration and conservation works fall under the definition of Heritage Assets in FRS 102 and the Charity SORP. The value of the capital work and associated professional fees to date has therefore been capitalised during the past five financial years.

Major risks

The Trustees continued to review the major strategic, business and operational risks which the company faced and confirmed that systems were established to enable regular reports to be produced so that the necessary steps could be taken to lessen these risks.

The principal risk to impact both financial and non-financial aspects for the Trust in 2025 and beyond is the sustainability of the required level of income to support the ongoing running costs.

The financial risk for 2026 and beyond remains significant. A revised operational budget for 2026 was prepared, but this does not include overhead costs and investment connected to the new IT systems and the major maintenance requirements for the buildings and site.

LLANTHONY SECUNDA PRIORY TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Structure, governance and management

Llanthony Secunda Priory Trust is a charitable company, incorporated on 19 February 2007, limited by guarantee and governed by its Memorandum and Articles of Association.

Under the requirements of the Memorandum and Articles of Association the number of trustees shall not be less than 3 and not more than 12.

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:

Mr G Howell

Mr M White Mr P M Evans Mr M J Court Mrs J Crichard (Resigned 28 February 2026) Mr P S James Mr G Bowden Mr D Crofts Mrs R Roberts Mrs L Griffiths (Appointed 8 July 2025) Mrs M Ball* (Appointed 8 July 2025)

Recruitment and appointment of trustees

(* Co-opted in the year under review, ahead of formal appointment at the next AGM).

At each Annual General Meeting one third (or the number nearest one third) of the trustees shall retire.

None of the trustees has any beneficial interest in the company.

The trustees may at any time co-opt any person duly qualified to fill a vacancy or as an additional trustee. A coopted trustee will hold office until the next AGM.

The liability of the members is limited, and each has undertaken to contribute a sum not exceeding £1 in the event of the winding up of the company.

The board of trustees meet on a regular basis, not less than four times a year, and is responsible for setting direction and policy of the charity. The day-to-day administration of the Trust is delegated to the Secretary of the Trust.

The Board had formed three sub-committees focusing on Operations, Business & Finance and Estates Management. The sub-committees met on a regular basis, between Trust meetings. Given the Trustee changes, it was decided to continue to hold Operation Board meetings regularly between Trust meetings. The agendas are to be fluid, with each meeting to have a particular focus, such as estates, finance, or recruitment, for example. Important decisions would be taken to full Trust meetings for formal ratification.

The structure Is under constant review, as the Trust develops.

The trustees' report was approved by the Board of Trustees.

Mr P M Evans Trustee

Mr P S James Trustee

23 June 2026

LLANTHONY SECUNDA PRIORY TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF LLANTHONY SECUNDA PRIORY TRUST

I report to the trustees on my examination of the financial statements of Llanthony Secunda Priory Trust (the trust) for the year ended 31 December 2025.

Responsibilities and basis of report

As the trustees of 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.

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

Independent examiner's statement

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.

Nicholas Bishop FCCA ACA

Unit 3 Ambrose House Meteor Court Barnett Way Barnwood Gloucester GL4 3GG 23 June 2026

LLANTHONY SECUNDA PRIORY TRUST

STATEMENT OF FINANCIAL ACTIVITIES

(INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 DECEMBER 2025

Current financial year
Unrestricted
Restricted
funds
funds
2025
2025
Notes
£
£
Income from:
Donations and legacies
3
1,991
70,046
Charitable activities
4
4,581
-
Other trading activities
5
155,156
-
Investments
6
168
-
Total income
161,896
70,046
Expenditure on:
Raising funds
7
102,176
-
Charitable activities
8
60,516
17,391
Total expenditure
162,692
17,391
Net income/(expenditure) and movement in funds
(796)
52,655
Reconciliation of funds:
Fund balances at 1 January 2025
123,267
3,624,251
Fund balances at 31 December 2025
122,471
3,676,906		 Total
2025
£
72,037
4,581
155,156
168
231,942
102,176
77,907
180,083
51,859
3,747,518
3,799,377		 Total
2024
£
2,248
5,646
163,376
-
171,270
103,693
70,622
174,315
(3,045)
3,750,563
3,747,518

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

LLANTHONY SECUNDA PRIORY TRUST

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 DECEMBER 2025

Prior financial year
Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations and legacies
3
2,248
-
Charitable activities
4
5,646
-
Other trading activities
5
163,376
-
Total income
171,270
-
Expenditure on:
Raising funds
7
103,693
-
Charitable activities
8
65,191
5,431
Total expenditure
168,884
5,431
Net income/(expenditure) and movement in funds
2,386
(5,431)
Reconciliation of funds:
Fund balances at 1 January 2024
120,881
3,629,682
Fund balances at 31 December 2024
123,267
3,624,251		 Total
2024
£
2,248
5,646
163,376
171,270
103,693
70,622
174,315
(3,045)
3,750,563
3,747,518

LLANTHONY SECUNDA PRIORY TRUST

BALANCE SHEET

AS AT 31 DECEMBER 2025

Notes
Fixed assets
Tangible assets
13
Heritage assets
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
The funds of the trust
Restricted income funds
18
Unrestricted funds
19		 2025
£
£
12,865
3,557,122
3,569,987
14,161
238,386
252,547
(23,157)
229,390
3,799,377
3,676,906
122,471
3,799,377		 2024
£
£
15,750
3,578,127
3,593,877
31,727
159,548
191,275
(37,634)
153,641
3,747,518
3,624,251
123,267
3,747,518		 2024
£
£
15,750
3,578,127
3,593,877
31,727
159,548
191,275
(37,634)
153,641
3,747,518
3,624,251
123,267
3,747,518
3,593,877
153,641
3,747,518
3,624,251
123,267
3,747,518

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 2025.

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 23 June 2026

Mr P M Evans Trustee

LLANTHONY SECUNDA PRIORY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

Charity information

Llanthony Secunda Priory Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Unit 3 Ambrose House, Meteor Court, Barnett Way, Barnwood, Gloucester, GL4 3GG.

1.1 Basis of preparation

The financial statements have been prepared in accordance with the trust's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 trust is a Public Benefit Entity as defined by FRS 102.

The trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

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

The financial statements have been prepared under the historical cost convention. 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 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 or grantors 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.

1.4 Income

Income is recognised when 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 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 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.

Income from government and other grants Is recognised when the charity has entitlement to the funds. Any performance conditions attached to the grants should have been met, and it is probable that the income will be received and the amount can be measured reliably.

LLANTHONY SECUNDA PRIORY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 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:

Fixtures and fittings 10 - 33% on cost

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 the statement of financial activities.

1.7 Heritage assets

The Trust heritage assets in terms of building and land were transferred to the Trust from Gloucester City Council for £1. At the time the assets were in a ruinous state with no economic benefit. As a result of the grants from the Heritage Lottery Fund and Historic England the two main structures and the landscape are being conserved and restored.

Heritage assets in course of restoration are measured at cost of restoration works to date, including associated professional, legal and management fees where these contribute directly to the asset's restoration. Heritage assets In course of restoration are not depreciated.

1.8 Impairment of fixed assets

At each reporting end date, 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).

1.9 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.

LLANTHONY SECUNDA PRIORY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

(Continued)

1.10 Financial instruments

The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

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 payments 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 trust’s contractual obligations expire or are discharged or cancelled.

1.11 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 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 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.

LLANTHONY SECUNDA PRIORY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

3
Income from donations and legacies
Unrestricted
Restricted
funds
funds
2025
2025
£
£
Donations and gifts
1,371
-
Grants
-
68,146
Membership fees
620
-
Other
-
1,900
1,991
70,046
Grants
Other
-
68,146
-
68,146
4
Income from charitable activities		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
1,371
1,168
-
68,146
500
-
620
580
-
1,900
-
-
72,037
2,248
-
68,146
500
-
68,146
500
-		 Total
2024
£
1,168
500
580
-
2,248
500
500
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Tours, talks and other charitable events 4,581 5,646
5 Income from other trading activities
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Catering and retail income 42,130 45,609
Hire of facilities 113,026 117,767
Other trading activities 155,156 163,376

LLANTHONY SECUNDA PRIORY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

6 Income from investments

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Interest receivable 168 -
7 Expenditure on raising funds
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Fundraising and publicity
Other fundraising costs 916 3,354
Trading costs
Other trading activities 26,153 31,123
Staff costs 32,548 35,835
Support costs 42,559 33,381
101,260 100,339
Total costs 102,176 103,693

LLANTHONY SECUNDA PRIORY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

8 Expenditure on charitable activities

Charitable Charitable
activities activities
2025 2024
£ £
Direct costs
Staff costs 33,774 29,672
Professional fees 1,900 300
Activities 24 193
Marketing - 156
Other staff expenses 559 29
Catering 3 16
Other 1,000 -
37,260 30,366
Share of support and governance costs (see note 9)
Support 37,947 37,241
Governance 2,700 3,015
77,907 70,622
Analysis by fund
Unrestricted funds 60,516 65,191
Restricted funds 17,391 5,431
77,907 70,622
Support costs allocated to activities
Charitable
Governance		 Trading Total Total
activities
2025 2025 2025 2025 2024
£ £ £ £ £
Depreciation 1,819 - 1,819 3,638 3,774
Administrative costs 1,378 - 2,488 3,866 4,397
Premises costs 22,618 - 26,028 48,646 49,651
Other professional fees 6,932 - 6,932 13,864 5,244
Insurance and rates 4,909 - 4,910 9,819 8,832
Equipment 291 - 382 673 (1,276)
Governance - 2,700 - 2,700 3,015
37,947 2,700 42,559 83,206 73,637

9 Support costs allocated to activities

LLANTHONY SECUNDA PRIORY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

10 Net movement in funds 2025 2024
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable to the charity's independent examiner:
- for the independent examination of the charity's financial statements 2,010 2,010
- for other assurance services 690 1,005
Depreciation of owned tangible fixed assets 3,638 3,774

11 Trustees

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

12 Employees

The average monthly number of employees during the year was:

2025 2024
Number Number
11 13
Employment costs 2025 2024
£ £
Wages and salaries 66,322 65,507

There were no employees whose annual remuneration was more than £60,000.

LLANTHONY SECUNDA PRIORY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

13 Tangible fixed assets

Tangible fixed assets
Fixtures and
fittings
£
Cost
At 1 January 2025 25,403
Additions 753
At 31 December 2025 26,156
Depreciation and impairment
At 1 January 2025 9,653
Depreciation charged in the year 3,638
At 31 December 2025 13,291
Carrying amount
At 31 December 2025 12,865
At 31 December 2024 15,750
14
Heritage assets
At 1 January 2025
Restoration expenditure
VAT adjustment
At 31 December 2025		 £
3,578,127
22,102
(43,107)
3,557,122

Prior to 2017 the buildings had been in a ruinous state and not included in the valuation. There have been no disposals of assets and while the conservation work continues no impairment is attributed.

Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2025
£
1,825
299
12,037
14,161		 2024
£
19,394
299
12,034
31,727

LLANTHONY SECUNDA PRIORY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

16 Creditors: amounts falling due within one year
2025 2024
Notes £ £
Deferred income 17 8,864 17,531
Trade creditors 4,572 13,334
Other creditors 2,831 -
Accruals 6,890 6,769
23,157 37,634
17 Deferred income
2025 2024
£ £
Other deferred income 8,864 17,531
Deferred income is included in the financial statements as follows:
2025 2024
£ £
Deferred income is included within:
Current liabilities 8,864 17,531
2025 2024
£ £
Movements in the year:
Deferred income at 1 January 2025 17,531 24,540
Released from previous periods (16,616) (23,877)
Resources deferred in the year 7,949 16,868
Deferred income at 31 December 2025 8,864 17,531

LLANTHONY SECUNDA PRIORY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

18 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At
Heritage Lottery Fund
Historic England Walls
Peel Holdings 1
Shared Prosperity
Peel Holdings 2
Kings Fund
Previous year:
At
Heritage Lottery Fund
Historic England Walls
Peel Holdings 1
Shared Prosperity
Peel Holdings 2		 1 January
2025
Incoming
resources
Resources
expended
At 31
December
2025
£
£
£
£
3,398,947
-
-
3,398,947
179,178
-
-
179,178
2,895
-
-
2,895
12,768
68,146
(15,491)
65,423
30,463
-
-
30,463
-
1,900
(1,900)
-
3,624,251
70,046
(17,391)
3,676,906
1 January
2024
Incoming
resources
Resources
expended
At 31
December
2024
£
£
£
£
3,398,947
-
-
3,398,947
179,178
-
-
179,178
4,990
-
(2,095)
2,895
16,104
-
(3,336)
12,768
30,463
-
-
30,463
3,629,682
-
(5,431)
3,624,251

The purpose of the restricted funds are as follows:

LLANTHONY SECUNDA PRIORY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

19 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At
General funds
Previous year:
At
General funds
Analysis of net assets between funds
At 31 December 2025:
Tangible assets
Heritage assets
Current assets/(liabilities)
Per balance sheet
Balance to allocate
At 31 December 2024:
Tangible assets
Heritage assets
Current assets/(liabilities)		 1 January
2025
Incoming
resources
Resources
expended
At 31
December
2025
£
£
£
£
123,267
161,896
(162,692)
122,471
1 January
2024
Incoming
resources
Resources
expended
At 31
December
2024
£
£
£
£
120,881
171,270
(168,884)
123,267
Unrestricted
Restricted
Total
funds
funds
2025
2025
2025
£
£
£
12,865
-
12,865
3,557,122
-
3,557,122
229,390
-
229,390
3,799,377
-
3,799,377
122,471
3,676,906
3,799,377
(3,676,906)
3,676,906
-
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
£
£
£
(3,608,501)
3,624,251
15,750
3,578,127
-
3,578,127
153,641
-
153,641
123,267
3,624,251
3,747,518

20 Analysis of net assets between funds

LLANTHONY SECUNDA PRIORY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

21 Related party transactions

There were no disclosable related party transactions during the year (2024 - none).