## 



## 

## 



## 

## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 



## 



## 

## 

## 



## 

## 

## 

## 



## 



## 



## 

## 

## 

|||||||2023|2022|
|---|---|---|---|---|---|---|---|
|||||Unrestricted|Restricted|Total|Total|
|||||funds|funds|funds|funds|
||||Notes||E|E||
|INCOME AND ENDOWMENTS|FROM|||||||
|Donations<br>and legacies||||42,664|392,998|435,662|1,279,529|
|Charitable<br>activities||||||||
|Advancing<br>education<br>on the architecture||of Hay||||||
|Castle, local history and the arts||||50,568|31,395|81,963||
|Trading<br>activities<br>Investment<br>income||||97,880<br>224||97,880<br>224|9,781<br>15|
|Total||||191,336|424,393|615,729|1,289,325|
|EXPENDITURE ON||||||||
|Raising funds||||26,572||26,572|1,748|
|Charitable<br>activities||||||||
|Preservation<br>of Hay Castle||||12,214||12,214|160,041|
|Advancing<br>education<br>on the architecture||of Hay||||||
|Castle, local history and the arts||||369,123|67,859|436,982||
|Total||||407,909|67,859|475,768|161,789|
|NET INCOMEI(EXPENDITURE)<br>Transfers<br>between funds|||22|(216,573)<br>245,519|356,534<br>~245,519)|139,961|1,127,536|
|Net movement<br>in funds||||28,946|111,015|139,961|1,127,536|
|RECONCILIATION<br>OF FUNDS||||||||
|Total funds brought<br>forward||||9,462,909|50,884|9,513,793|8,386,257|
|TOTAL FUNDS CARRIED FORWARD||||9,491,855|161,899|9,653,754|9,513,793|





## 

## 

|||||||||2023|2022|
|---|---|---|---|---|---|---|---|---|---|
|||||||Unrestricted|Restricted|Total|Total|
|||||||funds|funds|funds|funds|
|FIXEDASSETS||||Notes||6|F|F|F|
|Tangible assets<br>Heritage assets<br>investments||||15<br>16<br>17||54,900<br>10,376,090<br>1||54,900<br>10,376,090|9,958,154<br>5,700<br>1|
|||||||10,430,991||10,430,991|9,963,855|
|CURRENT ASSETS||||||||||
|Debtors<br>Cash at bank and in hand||||||106,831<br>377,214<br>386.176 ~2)5,3?5)||484,045<br>170,861|359,398<br>341,067|
|||||||493,007|161,899|654,906|700,465|
|CREDITORS||||||||||
|Amounts<br>falling due within|one year|||19||(1,409,643)||(1,409,643)|(1,118,027)|
|NET CURRENT ASSETS/(LIABILITIES)|||||~9)6,636)||161,899|~754,737)|~477 562)|
|TOTAL ASSETS LESSCURRENT LIABILITIES||||||9,514,355|161,899|9,676,254|9,546,293|
|CREDITORS||||||||||
|Amounts<br>falling due after|more than one year|||20||(22,500)||(22,500)|(32,500)|
|NET ASSETS||||||9,491.855|161,899|9,653,754|9,513,793|
|FUNDS<br>Unrestricted<br>funds<br>Restricted<br>funds<br>TOTAL FUNDS<br>These financial statements<br>have been prepared<br>to the small companies<br>regime.<br>The financial<br>staternents<br>were approved<br>by the <br>and were signed<br>on its behalf by:|||22<br>in accordance<br>with the provisions<br> Board of Trustees<br>and authonsed||||applicable<br>for ssue|9,491,855<br>161,899<br>9,462,909<br>50,884<br>9.653,?54<br>9.513,793<br>to charitable<br>companies<br>subject<br> onP.<br>.||





## 

## 

||||||2023|2022|
|---|---|---|---|---|---|---|
|||||Notes|||
|Cash flows from operating||activities|||||
|Cash generated<br>from operations<br>Interest paid|||||180,519<br>~947)|1,233,994<br>~892)|
|Net cash provided<br>by operating<br>activities|||||179,572|1,233,102|
|Cash flows from investing||activities|||||
|Purchase oftangible<br>fixed assets<br>Interest received|||||(479,002)<br>224|(1,253,131)<br>15|
|Net cash used<br>in investing|activities||||~478,778)|~1,253, 116)|
|Cash flows from financing||activities|||||
|New loans<br>in year<br>Loan repayments<br>in year|||||139,000<br>~)0.000)|150,000<br>~7,500)|
|Net cash provided<br>by financing<br>activities|||||129,000|142,500|
|Change<br>in cash and cash||equivalents|in||||
|the reporting<br>period<br>Cash and cash equivalents||at the|||(170,206)|122,486|
|beginning<br>ofthe reporting||period|||341,067|218,581|
|Cash and cash equivalents||at the end|of||||
|the reporting<br>period|||||170,561|341,067|





## 

## 

||RECONCILI|ATION|O|F NE|T IN|COME TO NET CASH FLOW FROM OPERATING|ACTIVITIES||
|---|---|---|---|---|---|---|---|---|
||||||||2023|2022|
||Net income|for the|reporting|||period (as per the Statement ofFinancial|||
||Activities)<br>Adjustments|for:|||||139,961|1,127,536|
||Depreciation|charges|||||11,866|1,421|
||Interest received<br>Interest paid||||||(224)<br>947|(15)<br>892|
||(Increase)/decrease<br>Increase/(decrease)||in <br>in|debtors<br> creditors|||(124,647)<br>152,616|152,129<br>~47,969)|
||Net cash provided||by|operations|||180,519|1,233,994|
|2.|ANALYSIS OF CHANGES||||IN NET DEBT||||
|||||||At 1/5/22|Cash flow|At 30/4/23|
|||||||||E|
||Net cash||||||||
||Cash at bank and in||hand|||341,067|)170,206)|170,861|
|||||||341,067|)170,206)|170,861|
||Debt||||||||
||Debts falling <br>Debts falling|due within<br>1 year<br> due after 1 year||||(810,000)<br>~32,500)|(139,000)<br>10,000|(949,000)<br>~22,500)|
|||||||)842,500)|i129,000)|)971,500)|
||Total|||||)501,433)|~299,206)|~800,639)|





## 

## 

## 

## 



## 

## 

## 

## 



## 

## 

## 

## 




## 

||Grants received,|included|included|in|the above, are as follows:|the above, are as follows:|the above, are as follows:|||
|---|---|---|---|---|---|---|---|---|---|
|||||||||2023f|2022|
||National<br>Lottery|Heritage||Fund||||383,329|863,859|
||Welsh Government||- LEADER Programme|||||2,000|6,194|
||Welsh Government||-Wales||Cultural||Recovery Fund||103,621|
||The Moondance|Foundation|||-COVID support||||150,000|
||Welsh Government||- Restoration|||of Hay Castle|||150,000|
||The Darkly Trust|-|purchase||ofequipment|||1,857||
||National<br>Portrait|Gallery - Creative|||||Intern funding|5,812||
|||||||||392,999|1,273,674|
|4.|TRADING ACTIVITIES|||||||||
|||||||||2023|2022|
|||||||||E||
||Honesty bookshop||sales||||||2,740|
||Cafe|||||||61,115||
||Rental income|||||||10,888|7,041|
||Venue hire|||||||23,570||
||Other income|||||||2,307||
|||||||||97,880|9,781|
|5.|INVESTMENT INCOME|||||||||
|||||||||2023|2022|
|||||||||F|E|
||Deposit account|interest||||||224|15|
|6.|INCOME FROM|CHARITABLE ACTIVITIES||||||||
|||||||||2023|2022|
||||||||||F|
||Tours income|||||||6,685||
||Entrance ticket income|||||||14,943||
||Heritage<br>and Learning|||||||15,192||
||workshops|||||||||
||Grants|||||||31,395||
||Gallery income|||||||5,436||
||Event income|||||||8,312||
|||||||||81,963||





## 

|Grants received,<br>in|cluded||in the ab|ove, a|re as follow|s:||||
|---|---|---|---|---|---|---|---|---|---|
|||||||||2023|2022|
|Arts Council England - Portraits of||||Writers||||25,200||
|Federation<br>of Museums||and Art Galleries|||ofWales -|The Wild|Escape|2,912||
|Welsh Historic Gardens||Trust||||||1,010||
|Brecon Beacons National|||Park Authority||-Community|Nature|Recovery Grants|||
|Scheme||||||||490||
|Welsh Government|- GEM||Cymru|micro|grant|||1,305||
|Federation<br>of Museums||and Art Galleries|||ofWales -|Museum|Conference|478||
|||||||||31,395||
|RAISING FUNDS||||||||||
|Raising donations|and|legacies||||||||
|||||||||2023|2022|
|||||||||E|F|
|Consultancy<br>fees||||||||2,400|691|
|Trading activities||||||||||
|||||||||2023|2022|
|||||||||F|E|
|Cost offunctions<br>and events||||||||14,135|435|
|Depreciation||||||||10,037|622|
|||||||||24,172|1,057|
|Total||||||||26,572|1,748|
|CHARITABLE ACTIVITIES COSTS||||||||||
||||||||Direct|Support||
||||||||Costs (see|costs (see||
||||||||note 9)|note 10)|Totals|
||||||||||E|
|Preservation<br>of Hay|Castle||||||12,214||12,214|
|Advancing<br>education|on the architecture|||||||||
|of Hay Castle, local|history||and the|arts|||342,730|94,252|436,982|
||||||||354,944|94,252|449,196|





## 

## 

|DIRECT COSTS O|F CHARITA|BLE|ACTIVITIES|||||
|---|---|---|---|---|---|---|---|
|||||||2023|2022|
|Staff costs||||||137,161|11,698|
|Heat, light, power, water and waste|||collection|||66,630|32,414|
|Heritage<br>& learning|activities costs|||||13,294||
|Cleaning costs||||||28,049||
|Insurances||||||21,020|16,740|
|Postage and stationery||||||2,499|34|
|Advertising<br>and promotions||||||2,850|5,666|
|Gallery expenses||||||24,581||
|Repairs and maintenance<br>Staff &volunteer<br>travel, training||and|expenses|||46,210<br>2,871|9,361<br>419|
|Office expenses||||||5,330|1,427|
|Recruitment||||||810|18,175|
|Website costs||||||2,760|1,400|
|Bank charges||||||879|164|
|||||||354,944|97,498|
|SUPPORT COSTS||||||||
||||Staff|||Governance||
||||costs|Finance|Other|costs|Totals|
|Advancing<br>education|on the|||||||
|architecture<br>of Hay Castle,||||||||
|local history and the|arts||57,201|947|31,154|4,950|94,252|
|2022|||38,852|892|18,029|4770|82,543,|



## 

||||2023|2022|
|---|---|---|---|---|
|||||F|
|Depreciation||-owned assets|11,866|1,421|
|Auditors'|remuneration||4,950|4,000|





## 

## 

|STAFF C|O|STS|||||
|---|---|---|---|---|---|---|
||||||2023|2022|
|||||||E|
|Wages and||salaries|||177,894|94,639|
|Social security costs|||||12,740|4,520|
|Employer|pension costs||||3,728|1,956|
||||||194,362|101,115|
|The average||number ofemployees|during|the year was as follows:|||
||||||2023|2022|
|Employees|||||6|3|





## 

## 

||||||Unrestricted|Restricted|Total|
|---|---|---|---|---|---|---|---|
||||||funds<br>f|funds<br>f|fundsf|
|INCOME AND ENDOWMENTS|||FROM|||||
|Donations<br>and legacies|||||259,476|1,020,053|1,279,529|
|Trading activities|||||9,781||9,781|
|Investment<br>income|||||15||15|
|Total|||||269,272|1,020,053|1,289,325|
|EXPENDITURE|ON|||||||
|Raising funds|||||1,748||1,748|
|Charitable<br>activities||||||||
|Preservation<br>of Hay||Castle|||101,355|58,686|160,041|
|Total|||||103,103|58,686|161,789|
|NET INCOME|||||166,169|961,367|1,127,536|
|Transfers<br>between||funds|||1,153,686|~1,153,686)||
|Net movement|in funds||||1,319,855|(192,319)|1,127,536|
|RECONCILIATION||OF FUNDS||||||
|Total funds brought||forward|||8,143,054|243,203|8,386,257|
|TOTAL FUNDS|CARRIED FORWARD||||9,462,909|50,884|9,513,793|
|TANGIBLE FIXEDASSETS||||||||
||||||Fixtures|||
||||Freehold|Plant and|and|Computer||
||||property<br>f|machinery<br>f|fittings|equipment<br>f|Totals<br>f|
|COST||||||||
|At 1 May 2022|||9,945,104|13,031|10,911|6,947|9,975,993|
|Additions<br>Reclassification||425,286<br>~10,370,390)||4,465|49,251|479,002<br>~10,370,390)||
|At 30 April 2023||||17,496|60,162|6,947|84,605|
|DEPRECIATION||||||||
|At 1 May 2022||||9,486|6,013|2,340|17,839|
|Charge for year||||1,909|8,128|1,829|11,866|
|At 30 April 2023||||11,395|14,141|4,169|29,705|
|NET BOOK VALUE||||||||
|At 30 April 2023||||6,101|46,021|2,778|54,900|
|At 30 April 2022|||9,945,104|3,545|4,898|4,607|9,958,154|





## 

## 

|HERITAGE ASSETS|||
|---|---|---|
|||Total|
|COST|||
|At 1 May 2022||5,700|
|Reclassification||10,370,390|
|At 30 April 2023||10,376,090|
|NET BOOK VALUE|||
|At 30 April 2023||10,376,090|
|At 30April 2022||5,700|
|Heritage assets comprise ofthe following:|||
||2023|2022|
|||F|
|Sculptures<br>and portraits of Richard Booth|5,700|5,700|
|Properly - Castle|10,370,390||
||10,376,090|5,700|



## 

## 

|Shares|in|
|---|---|
|group||
|undertakings||





## 

|18.|DEBTORS:A|MOUNTS|FALLING DUE WITHIN|FALLING DUE WITHIN|FALLING DUE WITHIN|ONE YEAR|||||
|---|---|---|---|---|---|---|---|---|---|---|
||||||||||2023|2022|
|||||||||||F|
||Trade debtors||||||||26,302|120|
||Other debtors||||||||391,338|307,935|
||VAT||||||||63,317|43,106|
||Prepayments|and accrued income|||||||3,088|8,237|
||||||||||484,045|359,398|
|19.|CREDITORS:|AMOUNTS<br>FALLING||DUE WITHIN ONE YEAR|||||||
||||||||||2023|2022|
|||||||||||E|
||Bank loan (see note 21)||||||||10,000|10,000|
||Other loan (see note 21)||||||||939,000|800,000|
||Trade creditors||||||||118,370|174,546|
||Amounts<br>owed to group undertakings||||||||27,116|1|
||Social security|and other|taxes|||||||4,034|
||Other creditors||||||||3,302|1,297|
||Accruals and deferred<br>income||||||||311,855|128,149|
||||||||||1,409,643|1,118,027|
||Included<br>within|accruals and deferred||income above is the following|||deferred|income:|||
||||||||||2023|2022|
||Venue hire||||||||14,573||
||||||||||14,573||
||All deferred<br>income relates to income|||received|in|advance ofvenue|hire dates.||||
|20.|CREDITORS:|AMOUNTS|FALLING|DUE AFTER MORE THAN ONE YEAR|||||||
||||||||||2023|2022|
||Bank loan (see note 21)||||||||22,500|32,500|
|21.|LOANS||||||||||
||An analysis of|the maturity|of loans is|given below:|||||||
||||||||||2023|2022|
||||||||||E|E|
||Amounts<br>falling|due within|one year on demand:||||||||
||Bank loan||||||||10,000|10,000|
||Other loan||||||||939,000|800,000|
||||||||||949,000|810,000|
||Amounts<br>falling|between one and two||years:|||||||
||Bank loan - 1-2years||||||||22,500|32,500|
||The bank loan|is interest<br>bearing and||was drawn||under the Bounce|Back Loan|Scheme.|||





## 

## 

## 

|MOVEMENT<br>IN FUNDS|MOVEMENT<br>IN FUNDS|||||||
|---|---|---|---|---|---|---|---|
||||||Net|Transfers||
||||||movement|between|At|
|||||At 1/5/22|in funds<br>f|funds|30/4/23<br>f.|
|Unrestricted<br>funds||||||||
|General<br>fund<br>Fixed asset fund||||(500,945)<br>9,963,854|(204,707)<br>~11,666)|(233,483)<br>479,002|(939,135)<br>10,430,990|
|Restricted funds||||9,462,909|(216,573)|245,519|9,491,855|
|National<br>Lottery Heritage||Fund|||383,329|(245,519)|137,810|
|Education<br>and Activity||||6,724|||6,724|
|Heritage<br>Skills Training||||8,501|(215)||8,286|
|National<br>Lottery Community|||Fund|25,225|(25,225)|||
|Hay Castle Retail start-up||||2,434|(2,434)|||
|Community<br>Foundation|Wales - Ashley|||||||
|Family Foundation||||8,000|||8,000|
|Welsh Historic Gardens|Trust||||950||950|
|Community<br>Nature Recovery|||||129||129|
|||||50,884|356,534|245,519|161,899|
|TOTAL FUNDS||||9,513,793|139,961||9,653,754|





## 

||||Incoming|Resources|Movement|
|---|---|---|---|---|---|
||||resources|expended|in funds|
|Unrestricted<br>funds||||||
|General<br>fund<br>Fixed asset fund|||191,336|(396,043)<br>~11,866)|(204,707)<br>~11,866)|
|Restricted funds|||191,336|(407,909)|(216,573)|
|National<br>Lottery Heritage<br>Fund|||383,329||383,329|
|Heritage<br>Skills Training<br>Welsh Government<br>- LEADER Programme|||2,000|(215)<br>(2,000)|(215)|
|National<br>Lottery Community<br>Hay Castle Retail start-up<br>Purchase ofequipment|Fund||1,857|(25,225)<br>(2,434)<br>(1,857)|(25,225)<br>(2,434)|
|National<br>Portrait Gallery - Creative<br>Portraits ofWriters exhibition<br>The Wild Escape<br>Welsh Historic Gardens Trust||Intern|5,812<br>25,200<br>2,912<br>1,010|(5,812)<br>(25,200)<br>(2,912)<br>(60)|950|
|Community<br>Nature Recovery<br>GEM Cymru<br>micro grant<br>Museum<br>conference|||490<br>1,305<br>478|(361)<br>(1,305)<br>~478)|129|
||||424,393|~67,859)|356,534|
|TOTAL FUNDS|||615,729|~475.768)|139,961|





## 

## 

|||||||Net|Transfers||
|---|---|---|---|---|---|---|---|---|
|||||||movement|between|At|
||||||At 1/5/21|in funds|funds|30/4/22|
||||||||F|F|
|Unrestricted<br>funds|||||||||
|General<br>fund|||||(569,090)|166,169|(98,024)|(500,945)|
|Fixed asset fund|||||8,712,144||1,251,710|9,963,854|
||||||8,143,054|166,169|1,153,686|9,462,909|
|Restricted funds|||||||||
|National<br>Lottery Heritage<br>Fund||||||818,302|(818,302)||
|Regeneration<br>of Hay Castle|||||108,240|150,000|(258,240)||
|Education<br>and Activity|||||9,909|(3,185)||6,724|
|Heritage<br>Skills Training|||||32,435||(23,934)|8,501|
|Powys War Memorials|Project||||2,570|(2,570)|||
|Esmee Fairbaim<br>Foundation|||||32,745||(32,745)||
|Rural Communities<br>Development|||Fund||1,000||(1,000)||
|National<br>Lottery Community||Fund|||25,225|||25,225|
|Hay Castle Retail start-up|||||2,434|||2,434|
|Community<br>Foundation|Wales - Ashley||||||||
|Family Foundation|||||8,000|||8,000|
|Medieval<br>Costumes<br>community|||project||1,180|(1,180)|||
|Development<br>ofsteps|linking|Castle||and|||||
|town<br>Clore Cultural<br>Learning|space||||4,465<br>15,000||(4,465)<br>~15,000)||
||||||243,203|961,367|~1,153,686|50,884|
|TOTAL FUNDS|||||8,386,257|1,127,536||9,513,793|
|Comparative<br>net movement||in funds,||included|in the above are as|follows:|||
|||||||Incoming|Resources|Movement|
|||||||resources|expended|in funds|
|||||||||F|
|Unrestricted<br>funds|||||||||
|General<br>fund||||||269,272|(103,103)|166,169|
|Restricted funds|||||||||
|National<br>Lottery Heritage<br>Fund||||||863,859|(45,557)|818,302|
|Regeneration<br>of Hay Castle||||||150,000||150,000|
|Education<br>and Activity|||||||(3,185)|(3,185)|
|Powys War Memorials|Project||||||(2,570)|(2,570)|
|Welsh Government<br>-LEADER Programme<br>Medieval<br>Costumes<br>community<br>project||||||6,194|(6,194)<br>~1,180)|~1,180)|
|||||||1,020,053|~58,686)|961,367|
|TOTAL FUNDS||||||1,289,325|~161,789)|1,127,536|





## 

## 

## 



## 

## 

## 



## 

## 

##