2021-04-30-accounts - Hay Castle Trust

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		Page
Report ofthe Trustees	1	to	4
Report ofthe Independent Auditors	5	to	7
Statement ofFinancial Activities
Balance Sheet
Cash Flow Statement
Notes to the Cash Flow Statement
Notes to the Financial Statements	12	to	26
Detailed Statement ofFinancial Activities	27	to	28

Registered Charity nu 1144524	mber
Registered office
Hay Castle
Oxford Road
HAY-ON-WYE
HR3 5DG
Trustees
JTAlbert	Resigned	15/10/21
L Cooke	Resigned	21/04/21
P Greatbatch
E Haycox
R L Hughes E0 H Fox
SMalthouse
C Fyles	Appointed	02/06/20
S Purse	Appointed	23/10/20
F Howard	Appointed	23/10/20
J Bennett	Appointed	16/07/21
C Peace	Appointed	16/07/21
A Sherwood	Appointed	15/10/21

						2021	2020
				Unrestricted	Restricted	Total	Total
			Notes	funds F	funds F	funds E	fundsf
INCOME AND ENDOWMENTS		FROM
Donations and legacies				156,503	1,374,403	1,530,906	1,537,294
Trading activities				6,828		6,828	24,200
Investment income				68		68	432
Total				163,399	1,374,403	1,537,802	1,561,926
EXPENDITURE ON
Raising funds				4,428		4,428	27,793
Charitable activities
Preservation ofthe	heritage of	Hay Castle		47,327	40,111	87,438	80,093
Total				51,755	40,111	91,866	107,886
NET INCOME				111,644	1,334,292	1,445,936	1,454,040
Transfers between	funds		21	1,352,408	~1,352,408
Net movement in funds				1,464,052	(18,116)	1,445,936	1,454,040
RECONCILIATION	OF FUNDS
Total funds brought forward				6,679,002	261,319	6,940,321	5,486,281
TOTAL FUNDS CARRIED FORWARD				8,143,054	243,203	8,386,257	6,940,321

				2021	2020
		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
	Notes
FIXEDASSETS
Tangible assets Heritage assets	14 15	8,706,444 5,700		8,706,444 5,700	6,843,872
Investments	16	1		1	1
		8,712,145		8,712,145	6,843,873
CURRENT ASSETS
Debtors Cash at bank and in hand	17	37,962 104,349	473,565 114,232	511,527 218,581	309,920 203,133
		142,311	587,797	730,108	513,053
CREDITORS
Amounts falling due within one year	18	(668,902)	(344,594)	(1,013,496)	(416,605)
NET CURRENT ASSETS I(LIABILITIES)		~526,591)	243,203	~283,388)	96,448
TOTAL ASSETSLESSCURRENT LIABILITIES		8,185,554	243,203	8,428,757	6,940,321
CREDITORS
Amounts falling due after more than one year	19	(42,500)		(42,500)
NET ASSETS		8,143,054	243,203	8,386,257	6,940,321
FUNDS	21
Unrestricted funds Restricted funds				8,143,054 243,203	6,679,002 261,319
TOTAL FUNDS				8,386,257	6,940,321

			2021	2020
		Notes		F
Cash flows from operating activities
Cash generated from operations			1,384,391	1,830,643
Net cash provided by operating activities			1,384,391	1,830,643
Cash flows from investing activities
Purchase oftangible fixed assets Purchase ofheritage assets Purchase offixed asset investments Interest received			(1,863,311) (5,700) 68	(2,028,601) (1) 432
Net cash used in investing activities			~1,868,943)	~2,028,170)
Cash flows from financing activities
New loans in year			500,000	200,000
Net cash provided by financing activities			500,000	200,000
Change in cash and cash equivalents	in
the reporting period Cash and cash equivalents at the			15,448	2,473
beginning ofthe reporting period			203,133	200,660
Cash and cash equivalents at the end	of
the reporting period			218,581	203,133

			2021	2020
			F	F
Net income for the	reporting	period (as per the Statement of Financial
Activities)			1,445,936	1,454,040
Adjustments for:
Depreciation charges			739	622
Interest received			(68)	(432)
(Increase)/decrease Increase/(decrease)	in debtors in creditors		(201,607) 139,391	409,107 ~32.694
Net cash provided	by operations		1,384,391	1.830,643

		At 1/5/20	Cash flow	At 30/4/21
			F
Net cash
Cash at bank and in hand		203,133	15,448	218,581
		203,133	15,448	218,581
Debt
Debts falling due within	1 year	(200,000)	(457,500)	(657,500)
Debts falling due after 1 year			~42,500)	~42.5DD)
		~200.000	~500.000	~700,000
Total		3,133	)484,552)	~481,41 9)

DONATIONS AND LEG	AC	I	E	S
											2021	2020
Donations											21,330	1,631
Gift aid tax redaimed											2,813	1,830
Grants											1,502,903	1,530,033
Subscriptions											3,860	3,800
											1,530,906	1,537.294
Grants received, included	in	the above,				are as follows:
											2021	2020
National Lottery Heritage	Fund										1,205,623	1,306,481
The Headley Trust												10,000
Garfield Weston Foundation												50,000
Clore Duffield Foundation - Clore Cultural Esmee Fairbaim Foundation							Learning	Fund	2020		15,000 53,334	53,333
National Lottery Community		Fund -			Rural		Programme				44,740	31,420
Welsh Government - LEADER				Programme							16,706	29,212
Herefordshire Community	Foundation											600
Powys County Council												2,570
Esmee Fairbaim Foundation			-	COVID support								26,667
Brecon Beacons National	Park			- Sustainable Development					Fund			11,000
Community Foundation Wales				- Ashley		Family Foundation						8,000
Oakdale Trust												750
The Ashley Family Foundation				- Medieval			Costume	Community		project	1,500
Welsh Government -Wales		Cultural			Recovery Fund						150,000
Powys County Council -	Community				Development			Fund			10,000
The Mumford Memorial Trust			-	Restoration			ofthe Dutch Gables				5,000
Powys County Council -	Lockdown				Business Rates			grant			1,000
											1.502,903	1,530.033
TRADING ACTIVITIES
											2021	2020
											Z
Honesty bookshop sales Keepers ofthe Castle fundraising											730	2,878 5,000
Rental income											6,083	7,333
Events income												8,819
Other income											15	170
											6,828	24.200
INVESTMENT INCOME
											2021	2020
											f.
Deposit account interest											68	432

Raising donations and legacies	Raising donations and legacies	Raising donations and legacies
					2021	2020
					F	F
Consultancy	fees				3,606	21,255
Trading activities
					2021	2020
Cost offunctions		and events			200	5,916
Depreciation					622	622
					822	6,538
Aggregate amounts					4,428	27,793
CHARITABLE ACTIVITIES COSTS
				Direct	Support
				Costs (see	costs (see
				note 8)	note 9)	Totals
					F
Preservation	ofthe heritage ofHay
Castle				42,295	45,143	87,438
DIRECT COSTS OF CHARITABLE ACTIVITIES
					2021	2020
					F	F
Establishment	costs				32,308	27,666
Postage and	stationery				500	932
Advertising and promotions					852	8,169
Repairs and	maintenance				2,817	1,778
Travel					116	223
Office expenses					1,865	919
Website costs					3,595
Bank charges					242	277
					~42 295	39,984
SUPPORT COSTS
			Staff		Governance
			costs	Other costs	costs	Totals
					F	F
Preservation	ofthe heritage of Hay Castle		29,248	7,461	8,434	45,143

		2021	2020
Wages and salaries		74,142	64,725
Social security costs		3,796	3,894
Employer pension costs		1,753	856
		79,731	69.475
The average number ofemployees	during the year were as follows:
		2021	2020
Employees		2	2

			Unrestricted	Restricted	Total
			funds	funds	funds
				Z
INCOME	AND ENDOWMENTS	FROM
Donations	and legacies		33,928	1,503,366	1,537,294
Trading activities			24,200		24,200
Investment	income		432		432
Total			58,560	1,503,366	1,561,926
EXPENDITURE ON
Raising funds			27,793		27,793

		Unrestricted	Restricted	Total
		funds	funds f	funds
Charitable activities
Preservation of	the heritage ofHay Castle	22,288	57,805	80,093
Total		50,081	57,805	107,886
NET INCOME		8,479	1,445,561	1,454,040
Transfers between funds		1,878,671	~1,878,671
Net movement	in funds	1,887,150	(433,110)	1,454,040
RECONCILIATION OF FUNDS
Total funds brought forward		4,791,852	694,429	5,486,281
TOTAL FUNDS	CARRIED FORWARD	6,679,002	261,319	6,940,321

TANGIBLE FIXEDASSE	TS
				Fixtures
	Freehold	Plant	and	and	Computer
	property	machinery		fittings	equipment	Totals
	F	P		F
COST
At 1 May 2020	6,842,419	9,486		6,222	1,424	6,859,551
Additions	1,861,196				2,115	1,863,311
At 30April 2021	8,703,615	9,486		6,222	3,539	8,722,862
DEPRECIATION
At 1 May 2020		9,486		4,769	1,424	15,679
Charge for year				622	117	739
At 30 April 2021		9,486		5,391	1,541	16,418
NET BOOK VALUE
At 30April 2021	8,703,615		-	831	1,998	8706444
At 30April 2020	6.842.419		-	1,453		6.843.872

FIXEDASSET INVESTMENTS
	Shares	in
	group
	undertakings
	F
COST
At 1 May 2020 and 30April 2021
NET BOOK VALUE
At 30April 2021		1
At 30April 2020		1

Class ofshare:	holding
Ordinary	100

DEBTORS:A	MOUNTS FALLING DUE WITHIN ONE YEA	R
		2021	2020
Trade debtors			160
Other debtors		475,949	294,590
VAT Prepayments	and accrued income	33,569 2,009	11,994 3,176
		511,527	309920

CREDITORS: AMOU	NTS		FALLING DUE WITHIN ONE YEAR
				2021	2020
Bank loans (see note	20)			7,500
Other loans (see note	20)			650,000	200,000
Trade creditors				212,237	61,666
Amounts owed to group undertakings				1		1
Social security and other		taxes		1,400
Other creditors				859	1,148
Accruals and deferred	income			141,499	153,790
				1,013,466	416,605
Included within accruals		and deferred income at 30 April 2020 was grant income of F53,334. This amount				w
released in full during	the		year. The charity had no deferred income at 30April 2021.
CREDITORS: AMOUNTS			FALLING DUE AFTER MORE THAN ONE YEAR
				2021	2020
Bank loans (see note	20)			42,500
LOANS
An analysis ofthe maturity			ofloans is given below:
				2021	2020
				F
Amounts falling due within			one year on demand:
Bank loans				7,500
Other loans				650,000	200,000
				657,500	200,000
Amounts falling between one and two years:
Bank loans - 1-2years				40.000
Amounts falling due in	more than five years:
Repayable by instalments:
Bank loan & 5years				2,500

MOVEMENT IN FUNDS
					Net	Transfers
					movement	between	At
				At 1/5/20	in funds	funds	30/4/21
						F
Unrestricted funds
General fund Fixed asset fund				(164,870) 6,843,872	111,644	(515,864) 1,868,272	(569,090) 8,712,144
Restricted funds				6,679,002	111,644	1,352,408	8,143,054
National Lottery Heritage Fund Regeneration of Hay Castle				108,240	1,169,887	(1,169,887)	108,240
Country Houses Foundation Education and Activity				40,000 9,909		(40,000)	9,909
Heritage Skills Training				46,421		(13,986)	32,435
Powys War Memorials Project				2,570			2,570
Clore Cultural Learning Space Esmee Fairbaim Foundation				33,949	15,000 49,279	(50,483)	15,000 32,745
Rural Communities Development The LEADER Programme			Fund	1,000	16,706	(16,706)	1,000
National Lottery Community Fund Oakdale Trust Hay Castle Retail start-up Community Foundation Wales - Ashley				230 11,000	44,740	(19,515) (230) (8,566)	25,225 2,434
Family Foundation				8,000			8,000
Gallery costs					22,500	(22,500)
Medieval Costumes community project Development ofsteps linking Castle and					1,180		1,180
town Restoration ofthe Dutch Gables					10,000 5,000	(5,535) ~5.000)	4,465
				261,319	1,334,292	1,352,408	243,203
TOTAL FUNDS				6,940,321	1,445,936		8,386,257
Net movement in funds, included			in the above are as follows:
					Incoming	Resources	Movement
					resources f	expended	in funds
Unrestricted funds
General fund					163,399	(51,755)	111,644
Restricted funds
National Lottery Heritage Fund Clore Cultural Learning Space					1,205,623 15,000	(35,736)	1,169,887 15,000
Esmhe Fairbaim Foundation The LEADER Programme					53,334 16,706	(4,055)	49,279 16,706
National Lottery Community	Fund				44,740		44,740
Gallery costs					22,500		22,500
Medieval Costumes community		project			1,500	(320)	1,180
Development ofsteps linking	Castle and
town Restoration ofthe Dutch Gables					10,000 5,000		10,000 5,000
					1,374,403	40,111	1,334,292
TOTAL FUNDS					1,537802	~91,8S6)	1,445,936

MOVEMENT IN FUNDS - conti	nu	ed
Comparatives for movement	in	funds
				Net	Transfers
				movement	between	At
			At 1/5/19 E	in funds	funds f	30/4/20 F
Unrestricted funds
General fund Fixed asset fund			(24,041) 4,815,893	8,479	(149,308) 2,027,979	(164,870) 6,843,872
Restricted funds			4,791,852	8,479	1,878,671	6,679,002
National Lottery Heritage Fund Regeneration of Hay Castle Ernest Cook Trust			120,000 479	1,254,647 50,000 (479)	(1,254,647) (61,760)	108,240
Country Houses Foundation The Wolfson Foundation The Leche Trust Education and Activity			70,000 96,000 2,500 9,909		(30,000) (96,000) (2,500)	40,000 9,909
Heritage Skills Training Powys War Memorials Project The Clore Duffield Foundation Esmee Fairbaim Foundation			53,123 5,000 286,861 35,557	2,570 48,361	(6,702) (5,000) (286,861) (49,969)	46,421 2,570 33,949
Rural Communities Development The Sackler Trust The Headley Trust The LEADER Programme		Fund	5,000 10,000	10,000 29,212	(4,000) (10,000) (10,000) (29,212)	1,000
National Lottery Community Fund				31,420	(31,420)
Herefordshire Community Foundation Oakdale Trust				600 230	(600)	230
Hay Castle Retail start-up				11,000		11,000
Community Foundation Wales -	Ashley
Family Foundation				8,000		8,000
			694,429	1,445,561	1,878,671	261,319
TOTAL FUNDS			5,486,281	1,454,040		6,940,321

	2021	2020
		F
INCOME AND ENDOWMENTS
Donations and legacies
Donations Gift aid tax redaimed Grants Subscriptions	21,330 2,813 1,502,903 3,860	1,631 1,830 1,530,033 3,800
	1,530,906	1,537,294
Trading activities
Honesty bookshop sales Keepers ofthe Castle fundraising Rental income Events income Other income	730 6,083 15	2,878 5,000 7,333 8,819 170
	6,828	24,200
Investment income
Deposit account interest	68	432
Total incoming resources	1,537,802	1,561,926
EXPENDITURE
Raising donations and legacies
Consultancy fees	3,606	21,255
Trading activities
Cost offunctions and events Depreciation oftangible fixed assets	200 622	5,916 622
	822	6,538
Charitable activities
Establishment costs Postage and stationery	32,308 500	27,666 932
Advertising and promotions Repairs and maintenance Travel	852 2,817 116	8,169 1,778 223
Office expenses Website costs Bank charges	1,865 3,595 242	919 277
	42,295	39,964
Support costs
Staff costs
Wages Social security Pensions	27,439 1,198 611	18,022 1,219 264
	29,248	19,505

		2021	2020
Staff costs
Other
Sundries Consultancy Depreciation	fees oftangible fixed assets	2,630 4,714 117	2,532 7,650
		7,461	10,182
Governance	costs
Accountancy Professional	fees fees	3,800 4,634	4,000 6,442
		8,434	10,442
Total resources	expended	91,866	107,886
Net income		1,445,936	1.454.040