**REGISTERED COMPANY NUMBER: 07736018 (England and Wales) REGISTERED CHARITY NUMBER: 1143416**
**Report of the Trustees and Financial Statements for the Year Ended 31 August 2022 for Golden Grove Trust**
**Golden Grove Trust**
## **Contents of the Financial Statements for the Year Ended 31 August 2022**
||**Page**|
|---|---|
|**Report of the Trustees**|**1 to 4**|
|**Statement of Financial Activities**|**5**|
|**Balance Sheet**|**6 to 7**|
|**Cash Flow Statement**|**8**|
|**Notes to the Cash Flow Statement**|**9**|
|**Notes to the Financial Statements**|**10 to 18**|
**Golden Grove Trust**
## **Report of the Trustees for the Year Ended 31 August 2022**
The Trustees, who are also Directors of Golden Grove Trust for the purposes of the Companies Act 2006, present their report with the financial statements of the Charity for the year ended 31 August 2022. The Trustees have adopted the provisions of 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 2015).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The objects of the Trust are to acquire, restore and preserve for the public benefit the historical buildings known as Golden Grove, Carmarthen together with its historical gardens and arboretum and surrounding gardens and parkland. The Trust will promote art for the benefit of the public by the establishment and maintenance of an art gallery and a sculpture park at Golden Grove and will also promote the restoration and maintenance of gardens which will be open to the public at Golden Grove. The Trust also aims to advance the education of the public in arts and horticulture.
## **Public benefit**
The Trustees confirm that they have complied with their duty in section 17 (5) of the 2011 Charities Act with regard to the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives in planning for future activities.
## **Volunteers**
The Charity employs a small number of operational and administrative staff. Otherwise, the Chairman and all members of the Board of Trustees are volunteers, as are others who assist the Charity from time to time.
## **STRATEGIC REPORT Achievement and performance**
_Charitable activities_
Still not a truly representative year of what could be done at Golden Grove. The cafe was not quite as busy as last year when people could not go abroad, however, party bookings have begun to trickle in and regulars are passionately loyal.
A woodburning stove was installed in the cafe during the last lockdown, which made the cafe more attractive over the Winter.
Friends of Golden Grove numbers continue to grow. The lockdown months were discounted on all memberships so that revenue is still not truly representative.
The free coffee in return for the parking ticket was abolished in May, many of the visitors supported this strongly, also Parking Eye reduced the percentage that they take from the parking machines.
A Clock Fund donation box was put in the cafe and has collected several hundred pounds so far.
East Lodge was placed on the market on 4 May 2022 but no offers had been formalised by the year end.
**Page 1**
**Golden Grove Trust**
## **Report of the Trustees - continued for the Year Ended 31 August 2022**
## **STRATEGIC REPORT**
## **Financial review** (continued)
## _Reserves policy_
The Trustees have yet to formulate a reserves policy, which will be dependent on the results of fund-raising for the essential renovation works that have been commenced. The Charity does not currently have any free reserves.
## **STRUCTURE, GOVERNANCE, MANAGEMENT**
## **Governing document**
The Charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The Charity is operated in accordance with its Memorandum and Articles of Association dated 10 August 2011. It is a registered Charity with the Charity Commission. The Board of Trustees has ultimate responsibility for the management and financial matters of Golden Grove Trust.
## **Recruitment and appointment of new Trustees**
As set out in the Articles of Association, the number of Trustees shall be not less than two and not more than seven individuals, all of whom shall be members. Apart from the first Trustees, new Trustees shall be appointed or reappointed by resolution of the Trustees for a term of office not exceeding four years. In selecting individuals for appointment as new Trustees the Trustees shall have regard to the skills, knowledge and experience needed for the effective administration of the Charity.
## **Organisational structure**
Frances Jones-Davies is employed by the Trust in an administrative capacity, and to oversee the management of café and staff. Wendy Bedford, retired Chartered Accountant, self-employed, oversees the keeping of the accounts. Both answer directly to the Trustees and are required to give an overview of the project, works and financial position at every Board Meeting.
## **Induction and training of new Trustees**
New Trustees are directed towards guidance issued by The Charity Commission.
## **EVENTS SINCE THE END OF THE YEAR**
Information relating to events since the end of the year is given in the notes to the financial statements.
**Page 2**
**Golden Grove Trust**
## **Report of the Trustees - continued for the Year Ended 31 August 2022**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Registered Company number**
07736018 (England and Wales)
## **Registered Charity number**
1143416
## **Registered office**
Gelli Aur Country Park Golden Grove Carmarthenshire SA32 8LR
## **Trustees during the year**
R C Salmon D N Salmon E O E Jones-Davies (resigned 30 November 2021)
## **Chairman**
R C Salmon
## **Bankers**
Barclays Bank PLC Cardiff Queens Street Leicester England LE87 2BB
## **STATEMENT OF TRUSTEES RESPONSIBILITIES**
The trustees (who are also the directors of Golden Grove Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
**Page 3**
## **Golden Grove Trust**
## **Report of the Trustees - continued for the Year Ended 31 August 2022**
## **STATEMENT OF TRUSTEES RESPONSIBILITIES** (continued)
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
- there is no relevant audit information of which the charitable company's auditors are unaware; and
- - the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 6[th] July, 2023, and signed on the board's behalf by:
## D N Salmon
**Page 4**
## **Golden Grove Trust**
____
## **Statement of Financial Activities for the Year Ended 31 August 2022**
|**Unrestricted**
**funds**
**INCOME AND ENDOWMENTS FROM**
**Notes**
**£**
Donations and legacies
**2**
1,888
Charitable activities
**3**
19,155
Other income
**4**
36,018
**Total**
57,061
**EXPENDITURE ON**
Charitable activities
**5**
111,832
**NET INCOME/(EXPENDITURE)**
(54,771)
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
(193,262)
**TOTAL FUNDS CARRIED FORWARD**
(248,033)|**Restricted**
**funds**
**£**
155
-
-
155
1,107
(952)
1,795,071
1,794,119|**2022**
**Total**
**funds**
**£**
**2,043**
**19,155**
**36,018**
**57,216**
**112,939**
**(55,723)**
**1,601,809**
**1,546,086**|**2021**
**Total**
**funds**
**£**
**45,375**
**12,257**
**33,726**
**91,358**
**109,328**
**(17,970)**
**1,619,779**
**1,601,809**|
|---|---|---|---|
**The notes form part of these financial statements**
**Page 5**
## **Golden Grove Trust**
|**FIXED ASSETS**
**Tangible assets**
**Investment property**
**CURRENT ASSETS**
**Debtors**
**Cash at bank**
**CREDITORS**
**Amounts falling due within one year**
**NET CURRENT**
**ASSETS/(LIABILITIES)**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**CREDITORS**
**Amounts falling due after more than one**
**year**
**NET ASSETS/(LIABILITIES)**
**FUNDS**
**Unrestricted funds**
**Restricted funds**
**TOTAL FUNDS**|**Balance Sheet**
**at 31 August 2022**
**Notes**
**11**
**12**
**13**
**14**
**15-16**
**17-18**|**2022**
**£**
**1,873,441**
**586,394**
**2,459,835**
**18,436**
**-**
**18,436**
**(366,285)**
**(347,849)**
**2,111,986**
**(565,900)**
**1,546,086**
**(248,033)**
**1,794,119**
**1,546,086**|**2021**
**£**
**1,875,258**
**586,394**
**2,461,652**
**20,435**
**-**
**20,435**
**(269,303)**
**(248,868)**
**2,212,784**
**(610,975)**
**1,601,809**
**(193,262 )**
**1,795,071**
**1,601,809**|
|---|---|---|---|
**The notes form part of these financial statements**
**Page 6**
continued...
## **Golden Grove Trust**
## **Balance Sheet - continued**
## **At 31 August 2022**
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2022.
The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The financial statements were approved by the Board of Trustees on 6[th] July, 2023, and were signed on its behalf by:
D N Salmon
**The notes form part of these financial statements**
**Page 7**
## **Golden Grove Trust**
## **Cash Flow Statement for the Year Ended 31 August 2022**
|**Cash flows from operating activities**:
Notes
Net cash provided by/(used in) operating
activities
1
**Cash flows from investing activities**:
Purchase of tangible fixed assets
Sale of tangible fixed assets
Improvements to investment property
Net cash (used in) investing activities
**Cash flows from financing activities**:
New loans in year
Loan repayments in year
Net cash provided by financing
activities
**Changes in cash and cash equivalents in**
**the reporting period**
Cash and cash equivalents at the beginning
of the reporting period
2
Cash and cash equivalents at the end of the
reporting period
2|**2022**
£
**(57,318)**
(378)
-
-
**(378)**
58,555
-
**58,555**
**859**
(9,989)
**(9,130)**
|**2021**
£
**967**
(925)
-
-
**(925)**
-
-
**-**
**42**
(10,031)
**(9,989)**|
|---|---|---|
**The notes form part of these financial statements**
**Page 8**
## **Golden Grove Trust**
## **Notes to the Cash Flow Statement for the Year Ended 31 August 2022**
|**1.**|**RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW**|**RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW**|**FROM**|
|---|---|---|---|
||**OPERATING ACTIVITIES**|||
|||**2022**|**2021**|
|||£|£|
||Net income/(expenditure) for the reporting period (as per the|||
||statement of financial activities)|(55,723)|(17,970)|
||Adjustments for:|||
||Depreciation charges|2,195|8,251|
||Decrease/(increase) in debtors|1,999|5,520|
||(Decrease)/increase in creditors|(5,789)|5,166|
||**Net cash provided by/(used in) operating activities**|**(57,318)**
|**967**|
|**2.**|**CASH AND CASH EQUIVALENTS**|||
|||**2022**|**2021**|
|||£|£|
||Bank balance / (bank overdraft included in bank loans and|||
||overdrafts falling due withinone year)|**(9,130)**
|**(9,989)**|
**The notes form part of these financial statements**
**Page 9**
**Golden Grove Trust**
**for the Year Ended 31 August 2022**
## **Notes to the Financial Statements**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (effective 1 January 2015)' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
## **Income**
All income is recognised in the Statement of Financial Activities once the Charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.
## **Allocation and apportionment of costs**
Support costs include administrative costs incurred directly in support of expenditure on the objects of the charitable company and governance costs which are incurred in compliance with constitutional and statutory requirements.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off the cost of each asset over its estimated useful life.
|machinery and equipment|25% on cost|
|---|---|
|playground equipment|10% on cost|
|website & Signage|33% on cost|
The freehold property is stated at acquisition cost together with the cost of renovation and repair work to bring the property into operational use. Valuation by an independent valuer is made every five years. No depreciation has been charged in the period as the property is in the process of renovation and repair.
Works of art are stated at cost. Their value is reviewed annually by the Trustees.
## **Investment property**
Investment properties are carried at fair value determined annually by either a Trustee valuation or by external valuers and derived from the current market rents and investment property yields for comparable real estate adjusted, if necessary, for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are taken to the revaluation reserve.
## **Taxation**
The Charity is exempt from corporation tax on its charitable activities.
**Page 10**
**Golden Grove Trust**
**Notes to the Financial Statements - continued for the Year Ended 31 August 2022**
## **1. ACCOUNTING POLICIES - continued**
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Pension costs and other post-retirement benefits**
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
## **2. DONATIONS AND LEGACIES**
## **3.**
|Donations
Grants
Grants received, included in the above, are as follows:
**Covid19 grants**:
Welsh Government Cultural Recovery Grant
Carmarthen County Council Grants
Government Job Retention Scheme
**INCOME FROM CHARITABLE ACTIVITIES**
Car parking income
Arboretum admissions
Friends of Golden Grove
Film production income
Event income
Miscellaneous income||**2022**
**£**
2,043
-
**2,043**
**2022**
**£**
-
-
-
**-**
**2022**
**£**
6,006
4,317
3,665
167
2,241
2,759
**19,155**||**2021**
**£**
1,520
43,855|
|---|---|---|---|---|
|||||**45,375**|
||||
|**2021**
**£**
20,000
13,000
10,855|
|||||**43,855**|
|||||**2021**
**£**
3,135
2,369
2,591
2,500
1,107
555
**12,257**|
**Page 11**
## **Golden Grove Trust**
## **Notes to the Financial Statements - continued**
## **for the Year Ended 31 August 2022**
## **4. OTHER INCOME**
|**2022**
**£**
Rent receivable (Café)
10,000
Holiday lettings (East and West Lodge)
25,388
Holiday lettings (Mansion)
630
**36,018**
**5.**
**CHARITABLE ACTIVITIES COSTS**
**Direct costs Support costs**
**(See note 6)**
**(See note 7)**
**£**
**£**
**Charitable activities**
**91,022**
**21,917**
**6.**
**DIRECT COSTS OF CHARITABLE ACTIVITIES**
**2022**
**£**
Operational salaries
19,812
Legal & professional fees
4,180
Insurance
4,600
Electricity
11,294
Parks maintenance
484
Building repairs & maintenance
11,061
Bank loan interest
34,083
Bank and other interest
2,281
Bank and credit card charges
725
Depreciation
2,195
Event costs
307
**91,022**
**7.**
**SUPPORT COSTS**
**2022**
**£**
Administration and information technology
21,904
Governance costs
13
**21,917**|**2021**
**£**
10,000
23,174
552
**33,726**|
|---|---|
||**Totals**
**£**
**112,939**|
|||
||**2021**
**£**
19,383
3,914
4,608
3,090
629
9,741
29,435
372
752
8,251
3,200|
||**83,375**|
|||
||**2021**
**£**
25,940
13|
||**25,953**|
**Page 12**
**Golden Grove Trust**
## **Notes to the Financial Statements - continued**
## **for the Year Ended 31 August 2022**
## **8. NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging:
||**2022**|**2021**|
|---|---|---|
||**£**|**£**|
|Depreciation - owned assets|2,195|8,251|
## **9. TRUSTEES' REMUNERATION AND BENEFITS**
None of the Trustees received any monetary remuneration for the year ended 31 August 2022 (2021 £nil). Despite the dilapidation of Golden Grove mansion, when in Wales Mr Richard Salmon makes use of three rooms as domestic accommodation. This saves the cost of employing a caretaker to protect the premises overnight.
## **Trustees' expenses**
None of the Trustees claimed any expenses in the year ended 31 August 2022 (2021 nil).
## **10. STAFF COSTS**
|Wages and salaries
National insurance
Other pension costs|**2022**
**£**
38,417
-
778
**39,195**|**2021**
**£**
41,750
-
878|
|---|---|---|
|||**42,628**|
The average monthly number of employees during the year was as follows:
|**2022**|**2021**|
|---|---|
|2|2|
No employees received emoluments in excess of £60,000.
## **11. TANGIBLE FIXED ASSETS**
The freehold property (mansion and parkland) was valued, as loan security for the bank, by an independent valuer on 12 August 2019 at £942,500.
**Page 13**
**Golden Grove Trust**
## **Notes to the Financial Statements - continued for the Year Ended 31 August 2022**
## **11. TANGIBLE FIXED ASSETS - continued**
|**machinery**
**freehold**
**and**
**property**
**equipment**
**COST**
**£**
**£**
At 1 September 2021
1,848,335
43,983
Additions
-
378
Disposals
- -
**At 31 August 2022**
**1,848,335**
**44,361**
**DEPRECIATION**
At 1 September 2021
-
42,660
Charge for year
-
702
Eliminated on disposals
- -
**At 31 August 2022**
**-**
**43,362**
**NET BOOK VALUE**
**At 31 August 2022**
**1,848,335**
**999**
At 31 August 2021
1,848,335
1,323
**website and**
**works of art**
**signage**
**COST**
**£**
**£**
At 1 September 2021
16,639
11,919
Additions
-
-
Disposals
-
-
**At 31 August 2022**
**16,639**
**11,919**
**DEPRECIATION**
At 1 September 2021
-
11,917
Charge for year
- -
Eliminated on disposals
- -
**At 31 August 2022**
**-**
**11,917**
**NET BOOK VALUE**
**At 31 August 2022**
**16,639**
**2**
At 31 August 2021
16,639
2|**playground**
**equipment**
**£**
14,931
-
-
**14,931**
5,972
1,493
-
**7,465**
**7,466**
8,959
**Total**
**£**
1,935,807
378
-
**1,936,185**
60,549
2,195
-
**62,744**
**1,873,441**
1,875,258|
|---|---|
**Page 14**
## **Golden Grove Trust**
## **Notes to the Financial Statements - continued for the Year Ended 31 August 2022**
## **12. INVESTMENT PROPERTY**
|
**NET BOOK VALUE**
At 1 September 2021
**At 31 August 2022**|**West Lodge**
**£**
300,670
**300,670**|**East Lodge**
**£**
**£**
285,722
586,392
**285,722**
**586,392**|
|---|---|---|
The properties were valued, as loan security, by an independent valuer on 12 August 2019 as follows:
|West Lodge £ 265,000 (pre 2020 renovations)
East Lodge £ 285,000
**2022**
**£**
**Investment in subsidiary company:**2 shares at £1
**2**
**__**
**13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**2022**
**£**
Amount owed by subsidiary company
17,773
Other debtors & prepayments
663
**18,436**
**14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|**2021**
**£**
**2**
**___**
**2021**
**£**
17,812
2,623|
|---|---|
||**20,435**|
|||
|Trade creditors
Other creditors and accruals
Social security and other taxes
Bank interest (see note 16)
Bank loans and overdrafts (see note 16)
Trustee’s loan account|**2022**
**£**
37,033
11,803
12,127
-
241,260
64,062
**366,285**|**2021**
**£**
28,013
9,589
4,083
36,446
138,489
52,683|
|---|---|---|
|||**269,303**|
**Page 15**
**Golden Grove Trust**
## **Notes to the Financial Statements - continued**
## **for the Year Ended 31 August 2022**
## **15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
|||**2022**|**2021**|
|---|---|---|---|
|||**£**|**£**|
|**Bank loan (see note**|**16)**|**565,900**|**610,975**|
The Barclays Bank loan, secured on the freehold properties of Golden Grove Trust stands at £788,030 with no capital having been repaid in the year. It is repayable in monthly instalments over the next 13 years.
## **16. LOANS**
An analysis of the maturity of loans is given below:
|Amounts falling due within one year:
Bank loan (2022 including capitalised unpaid interest £58,555)
Welsh Government Economic Resilience loan
Bank overdraft
Amounts falling due between two and five years:
Bank loan
Amounts falling due between six and thirteen years:
Bank loan|**2022**
£
222,130
10,000
9,130
**241,260**
**198,400**
**367,500**|**2021**
£
118500
10000
9,989|
|---|---|---|
|||**138,489**|
|||**191,000**|
|||**419,475**|
The Welsh Government Economic Resilience loan was advanced by the Development Bank of Wales with a maximum term of 2 years. The first year is interest-free, then interest of 2 per cent is payable.
.
## **17. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|**Unrestricted**
**funds**
**£**
Fixed assets
376,044
Investments
361,394
Net current liabilities
(419,571)
Long term liabilities
(565,900)
**(248,033)**|**Restricted**
**funds**
**£**
1,497,397
225,000
71,722
-
**1,794,119**|**2022**
**Total**
**funds**
**£**
1,873,441
586,394
(347,849)
(565,900)
**1,546,086**|**2021**
**Total**
**funds**
**£**
1,875,258
586,394
(248,868)
(610,975)|
|---|---|---|---|
||||**1,601,809**|
**Page 16**
## **Golden Grove Trust**
## **Notes to the Financial Statements - continued for the Year Ended 31 August 2022**
|**18.**|**MOVEMENT IN FUNDS**|||**Net**||
|---|---|---|---|---|---|
|||||**movement in**||
|||**At 1/9/21**||**funds**|**At 31/8/22**|
||||**£**|**£**|**£**|
||**Unrestricted funds**|||||
||General fund|**(193,262)**||**(54,771)**|
**(248,033)**|
||**Restricted funds**|||||
||Grants and donations||363,349|(952 )|
362,397|
||Getty Foundation||71,722|-|71,722|
||Trustee Funding|1,360,000||-|1,360,000|
|||**1,795,071**||**(952)**|**1,794,119**|
||**TOTAL FUNDS**|**1,601,809**||**(55,723)**|**1,546,086**|
||Net movement in funds, included in the above are as follows:|||||
||||**Incoming**|
**Resources**|**Movement in**|
||||**resources**|
**expended**|**funds**|
||||**£**|**£**|**£**|
||**Unrestricted funds**|||||
||General fund||57,061|(111,832)|
(54,771)|
||**Restricted funds**|||||
||Welsh Government Grants||-|(998)|(998)|
||Donations||155|(109)|46|
||||155|(1,107)|
(952)|
||**TOTAL FUNDS**||**57,216**|**(112,939)**|
**(55,723)**|
Welsh Government Grants - A restricted fund whereby funds are restricted for the use of restoration of the Country Park, gardens and grounds.
Getty Foundation - A restricted fund whereby funds are restricted for the use of the restoration of the North Terrace.
Trustee Funding - A restricted fund whereby funds are restricted for the use of the purchase of Golden Grove mansion and West Lodge.
**Page 17**
**Golden Grove Trust**
**Notes to the Financial Statements - continued for the Year Ended 31 August 2022**
## **19. CONTINGENT LIABILITIES**
There is a contingent liability of up to £100,000 arising from a VAT compliance inspection by H M Revenue and Customs. In January 2023, at a pre-tribunal hearing, the Trust was refused access to tribunal on the grounds of late appeal. The ongoing VAT discussions with HMRC are being dealt with by Crowe Clarke Whitehill LLP.
## **20. RELATED PARTY DISCLOSURES**
There were no related party transactions other than the Trustee's loan account transactions and those disclosed as Trustees' remuneration and benefits.
## **21. ULTIMATE CONTROLLING PARTY**
The Charity is controlled by the Trustees who are all directors of the company.
## **22. MEMBERS LIABILITY**
The liability of members is limited to £1, being the amount that each member undertakes to contribute to the assets of the Charity in the event of it being wound up.
## **23. POST BALANCE SHEET EVENTS**
The sale of East Lodge, one of the Trust’s investment properties, was due to be completed by the end of May 2023, for £385,000. However, Barclays Bank had imposed a deadline of 31 December 2022 to reduce the bank debt, and therefore appointed their recovery team in January 2023 to recover the entire loan, now in excess of £800,000.
The park, arboretum and café were closed from 1 March 2023 because the Trust was unable to pay for public liability insurance, and all employees of the Trust and its subsidiary company had by then resigned.
In April 2023 the Chair of Trustees was disqualified from holding office. Following this, the Charity Commission has appointed a case officer.
**Page 18**