Company registration numbei.: 07736018 Charity ￿gIStration number.. 1143416 Golden Grove Trust Limited (A ¢omp&ny limiied by guarantee) Annual Report and Financial Statements for the period from 29 February 2024 to 28 FebrU￿Y 2025 LHP AudTrt Ltd Llys Deri Pai¢ Pensarn Carinarthen carl￿arthcn5h7re SA312NY Golden Grove Trust Limited Contents Reference and Adrninistrative Details Strategic Report 2toJ Trustees, Report 4t07 Independent Examiner's Report 8t09 Statement of Financial Activities 10 to 11 Balance Sheet 12 Notes to the Financial Statements 13to25 Golden Crove Trust Limited Reference and Adminlstrative Details Trustees J J Smith P A Cleaver S John Charity Registration Number 1143416 Company Registratlon Number 07736018 Registered Office Maespant Barn Lliinfynydd Road Dry&lwyn CaTmai'ihen SA32 8BB Independent Examiner LHP Audit Ltd Llys Deri Parc Pensarn carl￿artI]en Cari)Ydrthenshire SA312NF Page I Golden Grove Trust Limited Strategic Report for the Period from 29 February 2024 to 28 February 2025 The trustees, who are directors for the purposes of company law> present their strategic report for the period from 29 February 2024 to 28 February 2025, in compliance with s414C of the Companies Act 2006. Achievements and performance After a huge amount of work fi'om the n¢w Trustees, volunleeis, the new café tenant5 and local busine55e5, the parkland, CatTI Ceirw and children's play ar¢a r¢op¢t]¢d to ihe publi¢ on 13th July 2024. Tlie re-opening day was aTI overwhelming success, with amazing feedback froin visitors and support from volunt¢¢rs. Visitor nutnb¢rs have been gl'owing since and feedback on the I'estOTation work being undei1ak¢n, has be¢n extreinely positive. Further volunteers and advisots were engaged by the Trust. Significant progress has been made on WL)rks to open the Ar1x)retu1￿ to the public, despite delays caused by damage fi'om stoi'ms Éowyn and Dairdgh and the ongoing need to maintain the areas already open to the public. The Trllst's social media and website was developed and improved as part of a multi-media campaign enabled under the Rural Innovation Fund {RIF) grant (awarded by Cai'niarthenshire County Council}. The RIF ￿llnt also supported a public consultation, a feasibility study to identify tlie needs of the local and wider coinmunity Wlth yespect ro the ￿tllre of the estate. In addition, the Architectural Heritage Fund (AHF) grant (awarded by AHF} supported a coinprel)ensive survey of the at.risk elements of tile buildings of the estate. Froin both these pieces of work, it was identified that the stable block (its courtyard iii particular} was the most logical 1st area to ty to i'estoi'e. The structui'al survey identified a serious risk of t]ie collapse of the atriuin above the main Stairs in Ihe Mansion House. Legal proeeedings continued. to seek vacant possession of West Lodge, and a field owned by the Trust was put on the market. Both of which the Trust has agreed to sell to help clear the loan debt with Bai'clays. Barclays Bank R¢tov¢ry Depaitment has continued to engage constructively with the Ti'ust while this process is ongoing. Flnaneial revieiv Nct incomc foT tli¢ 12 months was £8,578 (pi'ior 12 months £15,619) The bolance on reseives &t 28 F¢bJ￿9ry 2025 was £1,570,283, of wl)ich £1,794,] 19 was restricted. Policy reserves The Trustees will coiisider thE level of reserveg that is prudent for Golden Grove Tiwst to have when agreeing the annual budget. Consideration will be given to future strategy. potential liabilities, and any other significant factors that should be lak¢n ￿t0 account. Page 2 Golden Grove Trust Limited Strategic Report for the Period from 29 February 2024 to 28 February 2025 Plaps foi. fllture perlods AIDIS Éiiiil key objeclivesforffuliireperiod5 To reduce the bank debt and reinove th¢ charges on the estate, West Lodge {the reinaining part of the Trust's investmei)t pyopeities) is due to be put up for sale once vacant possession is achieved and the most eastei'n field122 acre5) of the Current estate is also up foi. sale. To further improve the visitor experience by reopening ihe Arboretum and Mansion House gkrdens and focTrtpaths n the fornjer deei. park to the public. To secuFe funding to make safe the atrium in the M8nsion House. To commence restL¥ration of tlie North Teri?c¢ gyardens. To pJ'ogre55 clearing of the stable block courtyaiyl to bl'ing into use. To piDgre55 ￿ndraIsIng activities and event5 to raise funds to mainlain. restore and develop tlie estate. The strategic report was appi'oved by the trustees of the charity on 25 FebrU￿Y 2026 and signed on its behalf by.. Sjoh Tru$t¢e Page 3 Golden Grove Trust Limited Tru8tee5' Report The trustees, who are directois foi. the purposes of company law, present the aniiual report together with the financial statements and auditors, report of the charitable tompany for the ￿rIOd ended 28 February 2025. Objective5 and Xetivities Objeels oiid The Object of the Charity is to provide activities which benefit the local and wider cOn￿lUn]ty and in particular (without limilatioi)) to.. i) Restore and consej've for the Cominunity and Public B¢n¢fit the Iiistoric buildings known as Golden Gl'ove, Carmaiihen, together with its hsstoric G£ti'dens, A]'boi'etum, surrounding Gardens and Parkland known as Gelli Aur, and assoLiated buildings and slrL]Ctures. li) Provide oppvJ1unities for education, leisure, well.bein& or otlier id¢ntified local needs which ar¢ ex¢lusively ¢hai'it4ble, by mainlaining publie access to and use of this spac¢ foi. tlie benefit of the local and wideT wmmunity, as well a5 ¢nSUTing ihal it is sustainably managed for the future. Piiblle benefll The Ti'ustees confii'm that they have complied with Ih¢ii' duty section 17 {5) of the 2011 Charities Act with regard to the Charity Commission'5 general guidance on public benefit when reviewing the Charitys aims and objectives in planning foi. future activities. Use of voluiileers The Tiust employed no staff but has engaged a growing team of volunteers and advisors to 511PPOrt tlie Tn￿teeS and help the Trust achieve its aitns and objectives. Trll5tees and O￿leerS The trustees and owicers serving dui'ing the year and since the year ¢nd were as follows.. Trustees: J J Sinith {appointed 4 Novembei. 2024) P A Cleaver (appointed 12 June 2025} S Juhn (appointed 29 July 2025) B Jones (resipJ]ed 22 April 2024) Dr H J Smit (reyigned 9 September 2025} D A Ince (appointed l May 2024 and resigned 31 March 2025) D Singh (iesigned 9 September 2025) Page 4 Golden Grove Trust Limited Trustees, Report Struclureg governanee and manage]nent Nftlure ofgoveriiliig ilociimienl The Charity is controlled by its goYei't>ing document, o deed of trust, and ¢on5titutes a limited company> limited by guarantee, as defined by the Compai)ies Act 2006. The Charity was operated in accordance with its Memoiandum and Articles of Association {original dated 10 August 201 I, which were changed on 31 October 2023). It is a registered Char2ty with tlie Charity Comini95ion. The Board of Tru$lees has ultiinate responsibility for the management and fJnan¢ial mattors of Golden Giyjve Ti'ust. Rgcniithieiil aiidNppolNliiienl ofiriislees A5 S¢t oiil in tILe Articles of Assaci&tion, the nuillber of Trustees shall Iiol be les5 than two and not more than seven individua15, all of whom shall l)c mcmbcrs. Apart from the first Ti'uslee5, new Trnstees shall be appoinled or re-appointed by resolution of th¢ Tru.stCC8 for 2 term of office not exceeding four years. In selecting individuals foi. appoiDtment a5 new Trustees the Trustees shall hav¢ regard to the skills, knowledge and experience needed for the effective adi￿1￿LstEzti0n of the Charity. New Trustees are directed towards guidaiice issued by the Chai'ity Commisgiot). Orgoiiisfttl(>nulsrfriiclure The Trustees each hav¢ agreed workstream responsibilitie5 and are supported by Volynteer Leads. Flnaneial instruments Objeciives ftiidptsllcles Tlie charity's activities expose it to a number of financial J'isk8 including credit risk, cash flow risk and liquidity r25k. The use of financial derivatives is goveTned by the chayiry's policic.8 approved by the boai'd of ti'ustee5, wbicli provide wi'itten principles on the use of financial derivatives to manage tli¢$e risks. The charity does not use deriyative financial instruments for spe¢ulative purposes. P2ge 5 Golden Grove Trust Limited Trustees, Report Important llOlI-adjusting events Jfter the financial period A grant was awarded by CADW in March 2025 to purchase and install structural scaffolding to prevent the collapse of the atrium in the Mansion House. The Arborelum was opened to the public in May 2025. The Mansion House gardens attd the footpaths in the foriner deei. park were opened to the public in July 2025. Vacant po&8ession of West Lodge was obtsined on 6th NoveEnber 2025 and it is now being prepared to go on the mai'ket. Stalemeiit of trustees, resportsibilities The tTiiStees (who are also tlie directoi's of Golden Grove Ti'u5t Lin)ited for the pu]M)sts of company law} are responsible for pieparing the tl'U5te¢s' repoit and the financial statements it] accoi.dance with appliL obs¢i've the m¢thods and principles in the Chai'ilies SORP., make judgements ai)d estimale5 that are r¢asotiable and prudeTrt- state whether applicable accounting standards, comprisiiig FRS 102 have been followed, subject to any Inaterial departures disclosed and explained in the fin8neial sÉatements' and prepare tlie financial statements on the going conceri) basis unless it is inappropriate to presume tiiat the charitable Company will continue in business. The ti'ustee5 are responsftble for keeping proper accounting records that can dise￿Ose with reasonable aceui'acy at any time the financial p051tlDn of the charitsble compajiy and eThable thein to ensui'e that the fina]icial ststements comply with the Con]panies Act 2006. They are also responsible foi. safeguai'ding the assets of the chaTltable cotnpany and hence for lakEng i'easonable steps for ihe prevei)lion and detection of fraud and other irregularities. The trustees are responsible for the maiDtenanr¢ and intEgi'ity of the corporate and financial inforniation included on the charitable compaiiys website. Legislation governing die preparation and dissemitkation of f￿anCIal statements may differ ftoin legislation in otlier jurisdictions. Disclosure of informatioii to a￿dItor Each ti'ustee has taken steps that they ought to have taken as a ti'ustee in order to Inake themselves awaie of any relevant audit inforination and to establish that the charity's auditoi. is aware of that inforination. The ti'uslees confim) ihat there is no relevant infonnation that they kilow of and of which they know the auditor is unaware. Poge 6 Golden Grove Trust Limited Trustees, Repor¢ The annual rerrf)It was approved by the trustees of th¢ charity on 25 Fpbivary 2026 and signed on it5 behalf by.. S Jolu] Trustee Page 7 Golden Grove Trust Limited IA)d¢p¢ndent Examiner's Report to the trustees of Golden Grove Trust Limited {'the Company,) I report to the charity trustee5 OE] my examÉnation of the accounls of the Company for the year ended 28 February 2025. Responsibilities and basis of report As the charity's trustees of the Company (and also its directors for the purpose5 of coinpany l&w) you air responsible for the preparation of the accounts in accordance with the requiretnents of the Companies Act 2006 ('the 2006 Act,). Haviiig sati8ficd myself that the accounts of the Compk)ny are not required to be audited undei. Part 16 of the 2006 Act and art eligiblc for indcpcndcnt examination, I report in i'espect of my exainination of your chai'ity's accounts as C8rried out undcr section 145 of the Charities Act 2011 ('the 201 l Act.). In cariying out my examination I have followed the Direclion5 giY¢ll by th¢ Charity Commission undei. section 145(5){b) of the 2011 Act. An independeiit examination does not involve gRthering all thE evidenLe thdl would be required in an audit and consequently does not cover all the matters that an audEtoi' cvnsider5 in giving their upiniun on the accounts. The planning and conduLt of pll audit &yoe5 beyond ihl IiEniled asburance that an independent exainination can provide. Consequently l expTess no opinion as to whether the aLLvunts present a 'true and fair, view and my IEtx)rt is limited to those specific matters set oul in the independent exatniner's statement. Independent exuminer's Statement I I￿ve completed my examination. I confirm that no matters have coine to Jny attention in eonnection with the ¢x8minatioti giving me cause to believe.. accounting records were not kept in respect of Golden Gi'ov¢ Trust Limit￿ as i'equited by s¢ction 386 of the 2006 Act,. or 2. the accounts do not accord witli those record%. or 3. the accounts do not comply with the accounting requii'etnents of section 396 of the 2006 Act other than any r¢quii'fmenl that the accoiints give a 'true and fair view which is not a matter con%idcrcd as part of an indep¢ndenl Cxatnination,. or 4. the accounts have not been prepared in accordance with ihe methods and pi'incEples of tlie StateJn¢nt of Recommended Practice for accounting and Irwrting by charities lapplicable to charities prepariiig their accounts in accordance with the Financial Reporting Standard applicable in the UK aiid Republic of Ireland (FRS 102)]. I have no concerns and have coine acros5 no other mattel's in connection with the examination to which attention should be drawn in this report in order to enable a proper under5tandin8 of the accounts lo be reached. Page 8 Golden Grove Trust Limited Independent Examiner's Report to the trustees of Golden Grove Trust Limited {'the Company,) Llys Deri Parc Pensayn Carinai1hen Carinarthenshire SA312NF 25 February 2026 Page 9 Golden Grove Trust Limited StAtement of Financial Activities for the Period from 29 February 2024 to 28 February 2025 (Ineluding Income and Expenditure Account and Slat¢meDt of Total Recogni5ed Gains and Losses) Unrestrleted fllnds Re5trieted funds Tot&1 2025 Note Ineorne and EndowmeDls frorn: Donations and legaGie5 Other tt7ding actEvitie5 Otlier income 19,271 19,271 44.450 6,229 44,450 6,229 Total income 25,500 44,450 69,950 Expenditure on: Chai'itable activities 16,922 44,450) (61,372) Total expenditui'¢ Net income 16,922) 44,450) {61,372) 8.578 8,578 Net movement iii fvnds 8.578 8,578 Reconciliation of fund5 Total funds brought foiward {232,4I4) 1.794,119 ,561,705 Total funds carried forward {223,836) Unrestritted funds 1,794,119 Re8trieted funds ,570,283 Tot81 2024 NDte Income and Endowm¢nls from: Donations and l¢LFacies Other trading activities Other income 1.041 7,236 115,086 1,041 7,236 115,086 Total income 123,363 123,363 Expeiidilure on: Chai'itable activities 107,744 (107,744) Total expenditure 107,744 1107,744) Net income 15,619 15,019 Net movement in funds 15,619 15.619 Reconciliation orruiids Total ￿ndS brought forward 248,0331 1,794,119 1,546,086 Total fuE]ds carri¢d forward 18 (232,414 1,794.119 1,561,705 The not¢s on pages 13 to 25 fonn ali integral pai't of tli¢sc financial 5tat¢m¢nt$. Page 10 Golden Grove Trust Limited Statement of Financial Activities for the Period from 29 February 2024 to 28 February 2025 (Including Ineome and Expenditure A¢count and Statement of Total Recognised Gains and Losses) All of the charity's activities derive from continuing operations dui'ing the above two pei'iods. The ￿Thds breakdown for 2024 is shown ID not¢ 18. T1ie notes on pages 13 to 25 foi'm an integral p8rt of these financial statements. Pagell Colden Grove Trust Limited (Registration number: 07736018) Balance Sheet as at 28 February 2025 2025 2024 Note Fixed assets Tangible assets 2,124,514 2,126,184 Current assets Debtors Cash at bank and in hand 12 13 16,888 27,205 16,888 44,093 16,888 Creditor5: Amounts fallirtg due wlthin one year 14 598,324 (283,3881 Net eurr¢nt Ilibilities 554,231 (266,5001 Total assets le55 current liabilities 1,570,283 1,859.684 Cr¢dilors: Arnount$ falli￿g due after more than one year 297,979) Net assets 1570,283 1,561705 Funds orthe eharity: Restrieled income funds Restricted funds ,794,119 1,794,119 UnYe$trleted income funds Unrestrieted funds {223,836 (232.414) Tot&1 fuiids 18 1,570,283 1,561,705 The fJnan¢ial statements on pages 10 to 25 were approved by tlie trustees, and authorised for issue on 25 February 2026 and signed tlieir behalf by- S John TI￿stee Tlie notes on pages 13 to 25 forn) an integral part of these financial statements. Page 12 Golden Grove Trust Limited Notes to the Financial Statements for the Period from 29 February 2024 10 28 February 2025 I Charity 5tatU5 The charity is limited by sliaie capital, incorpoiated in The address of its i'eglstered office is.. Maespant Barn Llanfynydd Road Dry51wyn Carmarthen SA32 8BB These fll)ancial statements were aulhorised for issue by the trnstees on 25 February 2026. 2 Ac¢ountln£ polleles Summary ofsignifi¢ant accounting policies and key xccounting estimates The prEncipal accoLEnting policies applied in the prepaiation of these financial statements are set out below. Th¢5e policies h&ve been consistently applied to all the Yea￿ presented, unl¢s5 Otherwis¢ stated. Statenhenl of compliance The fEnancial statements have been prepared in accordance with Accounting and Reporting by Ch8ritEe8'. Statem¢T)t of Reconunended Pi'actice lapplic&ble to cliai'itie5 preparing tlieii. accounts in accoi'dance with th¢ Finan¢ial Reporting Stjndai'd applicable in the UK and Republic of Ireland (FRS 102)) (issued in O¢tobeT 20191- (Cliarities SORP {FRS 102)), the Financial Reporting Standai'd applicable in the UK and Republic of Iieland (FRS 102) and the CoEnpanies Act 2006. Basls of preparatlon Golden Grove TTUSt Litnited ineets the definition of a public benefit entity under FRS 102. Assets and liobilities are inilially recognised at hEstorical cost or tl8nsaction value unless otherwise stated in the relevant accounting policy notes. Goillg concern The ti'ustees considei. that theie are no Inaterial uncertainties about the chai'ity's ability to continue a5 a going concern nor any signifIcant areas of ￿ncertainty that affect the carrying value of assets lield by Éhe charity. Eiicome and eiidowrnents All income is recognised once the charity lias entitle1￿ent to the income, it is probable that the income will be i"eceived and the aimount of the income receivable ean be measured reliably. Page 13 Goldell Crove Trust Limited Note5 to the Financial Statements for the Period from 29 February 2024 to 28 February 2025 Doll￿¢10￿5 fiiiillegacles DonatÈons are iecognised when the chariry has been notified in writing of both tlie amount and settlement date. In the eyent that a doiiation is subject Éo conditions that require a level of pei'foi'mance by the charity befoie the charity is entitled to the funds, the income is deferred and not recoglli5ed untEI either those conditions are fully met, or the Ifilment of those conditioiis is wholly wit]iin tl)e control of the charity and it is probable that these conditions will bc fulfilled in the reporting period. Legacy gifts are I'ecogtti8ed ot) a case by case basis following the grant of probate when the administrator/executoi' fol. the estate has cominiinicated in wi'itiiig ix)th tlie amount and settlement dat¢. In the event that tlie gift is in tl)e foiTr of 41n asset othcr than c28h or a financial Asset traded on a recognised stock exchange, recognition is subject to the value of thc gift bcing ieliably measurable with a degree of iea501)abl¢ accuracy and the title to the asset having been ti?nsfeiY¢d ta thc charity. Expenditure All expendittjre is reCo￿lI￿ed on¢e there is a legal or constructive obligation to that expenditure, il i5 probable settlement is required and the amount ¢an b¢ measur¢d Yeliably. All costs are allocated to th¢ applicable expenditure heading that aggregate similar costs to that category. Where Costs cannot be directly attributed to particular headings they have been allocated OR a bas1$ ¢OllSiSt¢nt with the use of resources, With central staff costs 8llocated on the basis of time spent, and depiEciation charg¢s allocated on the portion of the asset's use. Othei. suppoit costs are allocated based on the Spread of staff ¢05ts. Churllable Neilvlile5 Cl)ai'itable expenditui'e coinpi'ises those costs incui'iEd by the chai'ity in the delivery of its activities and services for its beneficiai'ies. It in¢ludes bgth costs that can be allocated directly t0 such activitie5 and thos¢ costs of an ithdiiECt nature necessaiy 10 5UPPQrt Iheill. Coyei'nance costs These include the costs attributabl¢ lo the charity's coinpliance with constitutioiial and statutory requir¢ments. including audit, strategic maT)ageinenl and trustees meetings and reiinbursed expens¢s. Taxation The chai'ity ts considered to pa5S the test5 5¢t out in para￿ap￿ I Schedule 6 of the Fiiiance Act 2010 and therefore 1¢ meet5 the definilion of a cliaritable con)paiiy for UK Co￿0[atIon tax purposes. Accordiiigly, the charity is potentially exeinpt from taxation in respect of income oi. capital gains received within categories covered by Chapter 3 Part I I of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extei)t that Such income or gains are applied exclusively (o chaTilable purposes. Tangible fixed gssels Individual fixed assets costing £0.00 oi. more are initi&lly recorded at cost, les5 ally subs¢quent a¢¢umulated depreciation and subsequent accuniulaled impairment losses. Page 14 Golden Grove Trust Limited Notes to the Financial Statelnents for the Period from 29 Fcbruary 2024 to 28 February 2025 Depreciation and #mortisation DepiEciation is pi'ovided on tangible fixed assets so as to write off the ¢ost or valuation, IES5 any estimated residual value, over their expected Useful eeonomic life as follows.. A5sel clas5 Ma¢hiDery and equipinent PlaygTound equiprnent Website and signag¢ Depreeixtion method and rate 250/0 Straight line basis 10 /0 Straiglit line basis 33 % Straight line basis Trade debtors Trade debtors are amount5 due from customeis for Inerchandise sold or seivices performed th¢ ordinary course of tiusiness. Trade debtors are I'ecognised initially at the transllction pi'ice. They are subsequently rneasu￿d at amortised cost using tl)e effective interest Inethod, less provision for impainnent. A provision foi. the impainnent of trade dcbtOJS IS esiablished when tliei'e is objective evidence that the chai'ity will not be able to collect all amounts due accordinbT to the original tenns of the receivable5. CAsh and c8sh equivalents Cash and cash equivalents comprise casli on hand and call deposits, and other short-term highly liquid inv¢slments that ar¢ readily convertible to a known amount of cash are subject to an insignificant I'isk of ¢haiige in value. Trade crediloi Trade cr¢ditOTS are obligations lo pay for goods OT gei'vice5 that have been acquired lll the ordinaiy ¢ours¢ of busines5 fi.om suppliei's. Accounls payable are classified as cyrrent liabilities if the chai'ity does E]Ot hav¢ an unconditional I'iLht, ut the eiid of the reporting period, to defei. Settlement ol- the creditor for at least twelve Inonihs aftei. the ieporting date. Ir tliere is an unconditional l'ight to defer settlement for at least twelve months after the repoi'ting date, they ait pres¢nied as non-current liabilities. Trade CTedito¥s ar¢ Tecognised initially at the tran5aetion price and %llbsequently ineasured at amortised ¢05t Using the eff￿live interest nieih(Kl. Barrowings Interest.beai'ing borrowings are initially i'ecorded at fair value, net of tt'ansaction costs. Ititeiest-bearing borrowings are siibsequently Carried at ainoi.115ed cost, with the differeDce between the proceeds, net of transaction costs, and the amount due on IEdeinptioT) b¢ing recognised as a charge to the Statement of Financial Activities over the pei'iod of the Irlevant borrowing. Interest expense is recognised on tlie basis of the effective iiitere5t method and is included in interest payable and similor charges. Borrowings are classified a5 cuntnt liabilEties unless the ehaTity has an unconditional right to defer settlement of the liability for at least Iw¢lv¢ tnonths after the reporting dete. Page 15 Colden Grove Trust Limited Notes to the Financial Statements for the Period from 29 February 2024 10 28 February 2025 Foreign exchange Transactions in foreign cun'encies are recorded at the rate of ¢xchang¢ at the date of the trdn5action. Monetary assets and liabilities denon)inated in foreign currencies at the balance sheet dal¢ are r¢portEd al the Tate5 of exchange prevailing at that date. The results of overseas operations are translated at the average rates of exchange during th¢ pei'iod ajid their balance sheets at the rates ruling at tl)e balance sheet date. Exchange diffeiences ai'ising on translation of thE opening T)¢1 assets and results of overseas operations ale reported in other coinprehensive Tncome and acruinulaled in ¢quity (attributed to non-conti'olling interests as appropriate). Othei. exchange differences are recognised in the Statement of Financial Activities in tlie period in which they arise except foi.: l) exchange differences on ti'ansactions eiltered into to hedge certain foreign currency risks (see above)., 2) exchange differejices arising on gains or losses on non-lnonetary items which are recognised in oth¢r comprehensive income. and 3) in the cast of the consolidated f111ttncial statsments, exchange differences on Inonetary itenis receivable fi'oin or payable to a foreign operation for which settlement is neither planned noi. likely to occur {therefore for1￿ing part of the net investment in the foreign operation), which are recognised in other comprehensive income and repoiled undei. equity. Fund structure U￿￿￿.1¢tcd incoine fvnds are gei)eral fi]nds that are available for llse at the tn]stees discretion in ￿rt￿erance of the objectives of tlie cliai'ity. Restricted inconie fvnds are those donzted for use in a pai'licular area oi. for specific purposes. the use of which is restricted to that aiEa or purpose. Financial Instrufftents Clrtssljleulloii Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instruinent. Finaiicial liabilities and equity insh'uments are cla55ified accordin8 to the subsiance of the contt?ctual arrangeinenls entered into. An equity insti'ument is any ¢oiili'act (h&t evidences a residual interest in the assets of the charity after deducting all of ils liabilities. Page 16 Golden Grove Trust Limited Notes to the Financial Statements foy the Period from 29 February 2024 to 28 February 2025 RéeognllloA rtRdniethsiirenieiil All financial asset5 and liabilEties are initially Ineasured at transaction pri¢e (it)¢luding Ir8nsaction costs), except foi. those finaiicial a5set5 classified as at fair value through profit or loss, which ar¢ initially n)e8sured at fair value {which is iiormally th¢ transaction price excluding trnnsaction costs), unless th¢ grrangeiiient ¢onstitutes a financing transaction. If an aryangetnent constitutes a finartcing transaction, the financial asg¢t 01. finaThcRal liability is ineasured at the pi'esent value of the futuit payments discounted at a Inarket rate of interest for a similar d¢br Insti￿ment. Financial assets and liabilities are only offset in the slatement of financial position when, and only when ihere exists a legally enforceable right to set off the i'ecognised ainounts and tl)e cliarity intends either to settle on a net basis, oi. to realise the asset and settle the liability simultaneously. Financial assets are derecognised when 8nd only when a) the contracthal rights to the cash flows from lh¢ financial asset expire oi. are settled. b) the ¢harEty transfers to anoth￿. party substantially all of the I'isks and TewaTds of ownership of the financial a5seL or c) the charity, despite having retained sorne, but not all, significant risks and rewards of ownership, has transferred Control of the asset to another party. Financial liabilities are derecognised oiily when the obligation specified in the contract is di%haiEed, cancelled or expii'es. Page 17 Golden Grove Trust Limited Notes to th¢ FinaneiaI Statements for the Period from 29 February 2024 to 28 February 2025 Debi iii.flruJpieiits Debt insti'uments which meet the following conditions are subsequently measured at amortised cost using the effective interest method.. (a) The conti?ctual Irturn to the holder is (i) a fixed amount,. (li) a positive fixed l'ate or a positive variable l'ate. or (iii) a combination of a positive or a negative fixed l'ate and a positive variable l'ate. (b) The contract may pi'ovide for repayments of tlie principal or the return to the holdei. IbLTrt not both) to be linked to a single relevant observable index of general pi'ice inllation of the cuirency in which the debt instt'ument is denoininated, pn)vided such links are not leveiaged. (c) The contract may pi'ovide for a detei'minable variation of the return to the holder during the life of the instrument, provided that {1) the new rate satisfies condition {a) and the variation is t)ot contingent on future events other than (l) a ehange of a contractual vai'iable rate; (2} to pj'otect the holder tgainst credit deterioration of tlie issuer,. (31 clianges in levies applied by a eentral bank or 81'iging fi'om changes in relevant taxation or law; oi. (ii) the new rate ]% a Inarket YAte of interest and stttisfies condition (a). (d) There is t)0 contractUk)I pi'ovision that could, by its tems, result in the holder ltssing the princEpal amount or any inteiest attributable to the curi'ent period oi. prior periods. (e) Contractu£l provigions that perniit the issuer to prepay a debt instrument or permit the holder to put it b8ck to the issuei. befoie malui'iry are not eontingent on future events, other than to protect the holdei. against the credit deterioration of the issuei. or A change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a tentrèl bank or ai'ising from Changes in relevant taxation or law. (fj Conh'actual provisions inay peiThit the extension of tl)e terni of Éhe debt inslrL]ment, provided tliat the rett]rn to the holder and any oth¢r oonti2otyal provisions appli¢abl¢ during th¢ ¢xtendcd tci'm satisfy th¢ condition5 of P2ragrdphs (a) to (c). Debt in5trumentS that ait ¢las$ified as payable or re¢¢ivable within one year on iiiitial I'ecognition and which meet the ahovc condition% arc mcasured 8t the undiyrountcd amovnt of the or ollier considcration expwied to be paid or rKeived, net of iinppirinent. With the exccption of some hedging instruments, other debi insts'uments not meeting these conditions are measured at fail. value tlirough PTofit or loss. Cominitments to make and receive loans which IT)eet the conditions mentioned aboye air Inea5ured at cost (whicl) may be nil) less impaii'ment. lnvesinte1115 liivestinents in non-coiivertible preference shares and nDlI-puttable ordinary or preference thare5 (where shares are publicly ti3ded or their fair value is I'eliably measurable} ale measured at fair value ihrough profit or loss. Where fair value cannot be inea5ufEd reliably, investments are ineasured at Cost less itnpairment. Investnients in subsidiaries and associates are iiieasured at cost less iinpainiieni. For investtnenls in subsidiai'ies acquired for consideration including the issue of shares qualifying for meiger relief, cost is measured by reference to the nominal value of the sliares issued plus faii. value of other consideixtion. Any preiiiiuin 19 ignored. Page 18 Golden Grove Trust Limited Notes to the Finaneial Statements for the Period from 29 February 2024 to 28 Februgry 2025 DerivdilwEfliiqiicinl liislrAmeiits The charity useg dei'ivative financial instruTn¢n15 to i'educe exposure to foreig￿ exchange risk and interesl I'ale movements. The charity does not hold or issue derivative finLncial insti'uments for sp¢oulative purposes. Derivatives are initially reco￿lsed at fail. value al ihe date a derivative contract is ellt¢red into and are subsequently venieasuied to tlieir fail. value at each reportlDg dale. The itsulting gain or10ss is recog4)ised in statement of financial activities iminediately unless the derivative is de5igiiated and effective as a hedging instrument, in which event the timin8 of the reco8llltion in slatement of fU￿nCIal a¢tiYili¢s depends on the nature of the hedge i'elatiOEJship. Fuir ￿l{le nierfsureiiienl The best evideiice uf fair value is a quoted pi'ice for an identical asset in an active market. When quoted pri¢&8 are navailable, the pri¢e of & reLent Iransaction foi. an idefttical asset PlDvides eviden¢¢ of fair value as long as theie has not been a significant chanB¥ economic ¢iJruJnstatkces or a sigiiificant lapse of time sii)ce the transaction took place. If the mark¢t is not actsve and recent IraDsactions of an identical asset on their own aTe not a good estimate of Cair value, the fair valv¢ i5 estimated by using 8 valuation technique. J Income from donatlons and leggcie5 Unrestricted fund5 Gener41 Total funds Donations and legacies. Legacies 19,271 Total lor period ended 28 February 2025 Total for period eDded 28 February 2024 19,271 19,271 1,041 1,041 4 Jn¢ome from otlier trading activitles Unrestricted funds General Restrlcted funds Total funds Other income froin otlier trading activities 44,450 44,450 Total for period ended 28 Februhi'y 2025 Total for perlod tnded 28 February 2024 44,450 44,450 7,236 7,236 Page 19 Golden Grove Trust Limited Notes to the Financial Statement5 for the Period from 29 February 2024 to 28 February 2025 S Other income Unrestricted fund5 General Tothl runds Rental income 5,250 5,250 Total for ptriod ended 28 February 2025 Total for period ended 28 February 2024 5,250 5,250 115,086 115.086 6 Expenditure on ch8rtt3ble activities Activity undertaken directly Grant fMlldiDg of activity Activity support Costs 2025 Dire¢t costs Light, Heat and Power Insurance House and lodge expenses R¢paI￿ maintenance Office and computer expendituie Sundry expenditure Bank 8nd credit card charges Depi'ecialion 513 513 351 3,370 237 3,562 351 3,370 237 48,012 427 1,136 148 1,670 55,864 44,450 427 1,136 148 1,670 9.317 44,450 2,097 In addition to the expenditure analysed above, there ate also governance ¢ost5 of £5,508 (2024 . £2,022) which relate directly to charitable activities. See note 7 for fi]rther details. Page 20 Golden Grove Trust Limited Notes to the Financial Staten)ents for the Period from 29 February 2024 to 28 February 2025 7 Allalysis of govern8nre and Support costs Governanee costs Uni'estricted fund5 General Total funds Audit fees Other fees paid to auditors Legal f¢es Other governance costs 1,400 3,712 396 1.400 3,712 396 Total for period ended 28 February 2025 5,508 3,508 Total for period ended 28 February 2024 2,022 2,022 8 Net illcominE/outcoiThg resources Net incoming resoui'ces for the peri(Kl include.. 2025 2024 Depi'eciation of fjxed assels 1,670 3.035 9 Trustees rernuRei'alioll aiid expenses No trustees, IFor any persons connected wth ihem, have received atty remuneration from the charity dui'ing the yeai.. No trustees have received any reimbursed expenses or any othei. benefits from the cliarity during the year. 10 TAxation The charity is a registeiEd charity and is therefore exempt from taxation. Page 21 Golden Grove Trust LiuAit¢d Notes to the Finaneial Statements for the Period from 29 February 2024 to 28 February 2025 11 Tangible fixed assets Land and buildings Furniture and Other tangfiblt equipment rixed asset Total Cost At 29 February 2024 Additions 1,385,426 47,417 71,210 687,909 2,144,545 47.417 At 2S Februaiy 2025 1,432,843 71,210 687,909 2,191,962 Depreeiation At 29 Febi'uary 2024 67,448 67,448 At 28 February 2025 67,44S 67,448 Ntt book value Al 28 FebTuary 2025 1,432,843 3,762 687,909 2,124,514 At 28 February 2024 1,385,426 687.909 2,077.097 12 Debtors 2025 2024 Due from group undertakings Prepayments Other debtors 16,673 16.673 214 215 16,888 16,888 13 Casb and ca511 equivalents 2025 2024 Cash on Iiand Cash at bank 385 26.820 27,205 Bank overdrafts (8,434} (8,434) 8,434 Cash and cash equivalents in staleinent of cash flows Page 22 Golden Grove Trust Limited Notes to the Financial Statements for the Period from 29 February 2024 to 28 February 2025 14 Creditors: amounts falling due within one year 202S 2024 Bank overdrafts Bank loans Trad¢ ¢reditOTS Other loans Otlier taxation and social securiry VAT grant repayable Otli¢r ¢r¢ditors Accruals 8,434 483,963 28,897 10,000 8,434 185,984 40,076 10,000 JJ 11,467 11,810 27,556 16,197 8,889 9,424 11,025 9,556 598,324 283,388 15 Creditors; arnounts falling due after ojhe year 2025 2024 Bank loan5 297,979 16 Penslon and other scljemes Defineil conlributlon pension scheme The charity operates a defined contribution pension scheme. The pension cost charge for the period represents contributioiis payable by the ch2rity to the scheme and amounted to £Nil {2024- £Nill. 17 Conllngenl IlabaliÉies There is a contingent liability ai'ising from a compliance inspection by H M Revenue & Customs, and ongoing discussions with HMRC are currently beijig dealt with. Page 23 Golden Grove Trust Limitcil Notes to the Financial Statements for the Period from 29 February 2024 to 28 February 2025 18 Funds Balanee at 29 February 2024 Imeoming resourees Resourees expended B21ance at 28 February 2025 Unrestricted funds Geneial (232,414) 1,794,119 25,500 {16,922) 44,450) (223,836) 1,794.119 Restricted fund5 44,450 Total funds ,561,705 69,950 (61,372 1570,283 B¥lance at I September 2022 Incoming re50ur¢es Resource5 ¢ypend¢d Balanee at 28 Febi'uary 2024 Unrestricted funds General 1248,033) 1,794,119 123,363 (107,744) (232.414) 1,794,119 Restricted fuDd5 Total funds 1,546,086 123,363 107,744) 1,561,705 19 Analysi5 of nel assets between funds Unresli'icted funds Geiieral Total funds At 28 Febi'uAry 2025 Tangible fixed assets Current assets Current liabilities 2,124.514 44,093 598,324 2,124,514 44,093 (598.324) Total net assets 1,570,283 1,570,283 Page 24 Golden Grove Trust Limited Notes to the Financial Statements for the Period from 29 February 2024 to 28 February 2025 Unrestrieted funds GeiierAI Total funds at 28 February 2024 Tangible fixed assets Curi'ent assets CuJTetJt liabilities Creditors over l year 2,126,184 16,888 (283,388) (297,979) 2,126,184 16,888 (283,388) (297,979 Total net assets 1,561,705 1.561,705 20 Analysis of net funds At28 February 2025 At29 February 2024 Bank overdroft 8,434 8,434 Net debt (8,434) At28 February 2024 Atl September 2022 Net debt 21 Related party transH¢lTon$ Tl)ere were no i'elated p&rty ttansaetiong in tl)e period. 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