REGISTERED COMPANY NUMBER: 07639471 {England and Wales) REGISTERED CHARITY NUMBER." 1144524 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 FOR HAY CASTLE TRUST MHA Statutory Audltor Elfed House Oak Tree Court Cardiff Gale Business Park CARDIFF County of Cardiff CF23 8RS
HAY CASTLE TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Page Report of the Trustees Report of the Independent Audltors ststement of Financial Actlvltles Balance Sheet 10 Cash Flow Statement Notes to the Cash Flow Ststement 12 Notes to the Flnancial Statements 13 to 28
HAY CASTLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2024 The trustees, who are also directors for the purposes of the Companies Act 2006, presenl their report with the finan¢lal statements of the Trust for the year ended 30 April 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities, preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 20191. OBJECTIVES AND ACTNITIES Objectives and aims The Twst's primary objective is to preseNe Ihe heritage and assure the future of Hay Castle in Hay-on-wye. As befits a building which has enjoyed more than 800 years of continuous occupancy, the Trust aims lo promote community and visitor involvement in an aGtive. living amenity which is a focal feature of the town and surrounding area. Operational strategies for achieving this objective and these aims include.. stewardship and maintenance of the Castle and of its adjoining buildings. grounds and gardens- promoting education on the history and architecture of the Casue and local history generally., provision of a venue for cultural enrichment through the arts- generating training opportunities in relevant local skills., providing a venue and a forum for community benefit and enjoyment.; securing sufficient fvnding lo meet the Trust's objectives- and operating the Castle as an income-generating venue. sufficient to ensure its long-temi survival as a cultural venue and community asset. Public benefit The twstees eonfiTm that they have referred lo the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Twsl's aims and objectives and in planning activities for the year. ACHIEVEMENT AND PERFORMANCE This was the second year of operation, following the Castle opening to the public on 27 May 2022. Direct visitor income arose from admission fees, donaltons and Casue tours. Income also arose from events held within the Castle's grounds, as well as from the shop, the outsoUd café and rental income. Some of these activities are carried out through a subsidiary company. Hay Castle Trading Llmited. which donates its profits to the Tfust. The Trust ran a programme of talks. workshops and other events for the local community. visitors and schools covering a wide range ol interests and lopies. The Hay Festival Winter Weekend took place at the Castle in November 2023. The Weekend of Mistakes, a programme exploring the history of economic and financial mistakes. took place in March 2024. During the year, the Castle joined the Historic Houses Associalion and wtll sho1y join the Art Fund. This 11 enable the Castle to promote itself to a combined membership of over 200.000 people. The exhibitions in the gallery during the year were: Eugene Fisk.. Life in Colour. featuring works by a local arbst {February to May 2023) Arthileclure & Poetry, exploring the links between poetry and buildings (May to September 20231 Josef Hemian: Refugee Artists, featurin9 works by Josef Hennan and other fugee artis15 (September to November 2023) Dark Skies artist and photographer Judy Goldhill explored our complex relationship to darkness and the night {November 2023 to January 20241 Hay Open Show. an invitation show, featuring the work of local artists (January to February 2024) Shan Egerton: A Painlerf5 Life, featuring works by a local artist (March to May 20241 Page 1
HAY CASTLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2024 In May 2024 the success of the restoration proJeGI was recognised when the Castle won RIBA Wales Building of the Year 2024 as well as an RIBA ConseNation Award 2024 and an RIBA Wales Award 2024. The Trust continues to work towards full Museum Accreditstion. having already been granted the status of Working Toward Accreditation. PEOPLE The Castle could not operate wthout our dedi¢aled staff and the team ol volunteers who welcome Msitors to the Casue. mn tou, assist in the shop and help to maintain the grounds. As reported last year, Robert Hughes retired from the board on 19 May 2023. Robert continue$ to provide invaluable support lo the Castle. Karen Usherjoined the board on 14 June 2024, adding her extensive business and voluntary experience. FINANCIAL REVIEW The attached FinancÈ81 Statements reflect the transactions and positior) of the Trust for the year to 30 April 2024. The statement of Financial Activities shows nel income for the year of £23,697 {2023= £139,961). In accordance with the accounting policies all grant income {including capital grants) has been recognised in the Slalemenl of Financial Activities. Grants and donations awarded during the year are listed in notes 3 and 6 to the Finan(ial Statements. This funding is greatly appreciated and makes an enormous difference. Reserves The Iruslees have considered the need for free reseNes to provide finanaal resilience. The target is an amoLtnt sufficient to cover al least three months operating expenses. or approximately £130.000. The unrestricted reserves at 30 April 2024 amount to £9.626,846. After deducting the value of fixed assets. adding the £939,000 toan from Lindenleaf CIO (the terms of which are set OLrt in note 21 to the financial statements) and adding the distributable reserves of £55.408 in the subsidiary company {Hay CaslFe Trading Limited), the adjusted free reserves at 30 Apiil 2024 amount to approximately £171.500 (2023- £51.0001. or 1310k12023= 42 % ) of the target amount. FUTURE PLANS The Trust will erksure Ihal the Castle remains attractive both to the local community and visitors from ftjrther afield through the continued provision of high quality activities. induding exhibttions and events as well as retail and catering outlets. Page 2
HAY CASTLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Goveming document The company is governed by ils Memorandum and Articles of Association. Recrultment, appointment and induction of new trustees The power of appointing new or additional trustees is vested in the Irustees. Tfustees are expected to identify their training needs and take measures to ensure these needs are met. Or9anlsational structure Governanoe and the financlal health of the Trust are the responsibility of the trustees. None of the trustees has any beneficial interest in the Trust. Al the twstees are members of the Trust and guarantee to contribute a sum not exceeding £10 in the event of a winding up. The Castle is operated on a day-104ay basis by the Executive Director and his team. Key management remuneration The pay of senior staff is set by the TTU5tees having regard lo market rates. Risk management The trustees regulat1y review the major risks inherent in the operation of the Trust and systems and procedures have been established to manage those risks. A risk register is regularly updated and is reviewed al each quarterly board meeting. Key matters include- The generosity of donors enables the Trust to provide its wide programme of aclivilies. A shortfall in grants or other donations could lead to a reduction in aclivilies. Accordingly. priority is being given to maintaining and wdening the relationship wlh existing and potential foundations and other donors The generosity of volunteers enables the Trust to maintain the overall quality of the visitor expertence every day (he Castle is open and al all events. Accordingly. the Twst is implementing a volunteer recruitment and retention programme. Minimising the fisk and cost of the Trust's key contractual relationships is being addressed through the introduction of a contracts database. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 07639471 (England and Wales) Registered Charity number 1144524 Reglstered office Hay Castle Oxford Road HAY-ON-WYE Powys HR3 5DG Page 3
HAY CASTLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2024 Trustees The Cuent trustees are.. Jennifer Bennett Robert Collingwood Edward Fox Christopher Fyles Fiona Howard Susan Mallhouse Carol Peace Stephen Purse Alice Sherwood Karen Usher Chalr Appointed 14 June 2024 The following trustees also held office during the year. Robert Hughes Resigned 19 May 2023 Senior management Tom Tnje Executive Director Audltors MHA StatLrlory Auditor Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF CF23 8RS Bankers Barclays 1-3 Broad Street Hereford HR4 9BH STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees (who are also the directors of Hay Castle Ttust 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 Slandards (United Kingdom Genet811y Accepted Accour¢ling Praclice}. Company law requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charitable company and of the incoming resources and applicalion 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 conslslenlly: obseNe the methods and principles in the Charity SORP.. make judgements and eslimales that are reasonable and prudent., prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which dlsclose wllh reasonable accuracy al any time the financial position of the charitable company and to enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitsble company and h¢nce for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 4
HAY CASTLE TRUST REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES . continued In so lar as Ihe truslees are aware.. there is no rekvanl audit information of which the ¢aritab company s auditors are unaware.. and the trustees have lakeo 311 steps that they ought to have taken to make Ihemsefves aware of any relevant audit inlomialion and ta establish that the auditors are aware of that inftsrmalion. AUDITORS The auditors. MHA, will be proposed for re-appointment 81 the forthcoming Annu81 General Meeting Approved by order ol the Board of Trusteès and signed on ils behalf by.. Susan Mallhouse- Trustee Page 5
REPORT OF THE INDEPENDENT AUDrroRS TO THE MEMBERS OF HAY CASTLE TRUST Opinion We have audited the financial statements of Hay Castle Trust Ilhe 'ch8rltable compan) for the year ended 30 April 2024 which comprise the Statement of Financial Activities. the Balance Sheet, the Cash Flow Statement and notes to the financial statements. including a summary of significant accounting policies. The financial reporting framework Ihal has been applied In Iheir preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial stslements= giv& a true and fair view of the slate of the charitable companYs affairs as at 30 April 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi¢e: and have been prepared in accordan wlth the requirements of the Companies Act 2006. Basis for opinlon We conducted our audit in accordance wrth Intemalional Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors. responsibllities for the audit of the financial ststemenls section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial slalements in the UK. including the FRC'S Ethical Standard. and we have lulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is SLrfficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the tNstees' use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomed. we have not identified any materi81 UnrtaInlieS relating lo events or conditions tha( individually or collectively. may cast significant doubt on the Charitable company's ability to continue as a going concern for a period of at least Iwelve months from when the financial statements are authorised for issue. Our resporisibililies and the responsibilities of the Iruslees with respect to going concern are described in the relevant sections of this report. other information The trustees are responsible for the other infom7ation. The other information cornprises the information included in the Annual Report. other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other infomiation and. except to the extent otherwise explicitly slated in our report, we do not express any fom of assurance conclusion thereon. In connection with our audit of the financial stalemenls, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or othetwise appears to be materially misstaled. If we identify such mater(al inconsistencies or apparent material misstatements, we are required to detemiine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescribed by the Companles Act 2006 In our opinion, based on the worf( undertaken in the course of the audit.. the information given in the Report of the Trustees for the financial year for which the financial statements are prepared Is consistent with the financial statements- and the Report of the Tnjstees has been prepared in accordance with applicable legal requirements. Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HAY CASTLE TRUST Matters on which we are requlred to report by ex¢eption In the light of the knowledge and understanding of the char¢lable company and Its environment obtsined in the course of the audit, we have not Identified material misslatemenls in the Report of the Tnjstees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion- adequate aceounting records have not been kept or retums adequate for our audit have not been received from branches not visited by us: or the financial statements are not in agreement with the aceounling records and returns; or ¢ertain disclosures of trustees. remuneration specified by law are not made- or we have not reiVed all the information and explanations we require for our audit. or the trustees were not enlilled lo take advanlage of the small companies exemptlon from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. Responsibilities of trustees As explained more fully in the Ststement of Trustees. Responsibilities. the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true 8nd fair view, and for such inlemal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatemenL whether due lo fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitable company's ability lo continue as a going concem. disclosing. as applicable. matters related to going concern and using the going eoncem basis of accounting unless the Irustees either intend lo liquidate the charitable company or to cease operations. or have no realistic alternative but to do so. Our responslbllities for the audit of the financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstalemenl, whether due to fraud or error. and to issue a Report of the Independent ALsdilois that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) wll always delecl a mateiial misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to inflLFenee the economic dectsions of users taken on the basis of these financial statements. IegUlaritIes, induding fUd, are instances of non-compliance wlh 18ws and regulations. We design prOdre$ in line wtlh our responsibilities, oijllined above. to detect material misstalemenls in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable ol detecting irregularities. including fraud is detailed below.. Enquiry of management and those charged with governance around actual and potential liligalion and claims: Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations- Performing audit work over the risk of management override of controls, including testing ofjoumal entries and other adjustments for appiopriateness. evaluating the business rationale of significant transactions outside the normal course of business 8r)d reviewing accounting estimates for bias. Reviewing minutes of meetings of those charged with governance.. Reviewing financial statement disclosures and testing to supporting do¢umenlation to assess compliance with applicable laws and regulations. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities. including those leading to a materlal mlsslatemerrt in the financial statements or non-compliance with regulation. This llsk increases the more that ¢omplian¢e with a law or regulation is removed from the events and transactions reflected in the financial statements. as we will be185s likely lo become aware of instances of nork<ompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves inlenlional concealment, forgery, collusion. omission or misrepres¢nlalion. A further description of our responsibilities for the audit of the financial statements is localed on the Finan¢ial Reporting Council's website at www.frc.org.uklauditorsresponsibilitie$. This de5¢riPtion forms part of our Report of the Independent Auditors. Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HAY CASTLE TRUST Use of our report This report Is made solely to Ihe charitable companys members, as a body. in accordance wlth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we mlght stale to the char(lable cOmpanS members those matters we are required lo stale lo them in an auditors, report and for no other purpose. To the fullest extent PeIlled by law, we do not accept or assume responsibility to anyor¢e other Ihan the charitable company and the charitsble company's members as a body, for our audit work, for this report, or for the opinions we have formed. Julia Mortimer (Senior Slatulory Auditor) for and on behalf of MHA Statutory Auditor Elfed House Oak Tree Court Cardiff Gale Business Park CARDIFF County of Cardiff CF23 8RS Date.. MHA is the trading name of Maclntyre Hudson LLP. a limited liability partnership in England and Wales {registered number OC312313} Page 8
HAY CASTLE TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 30 APRIL 2024 restated 2023 Total funds 2024 Total funds Unrestrtcted fvnds Reslricled funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 111,455 168,120 279,575 467,057 Charitsble activitigs The preservab'on of Hay Castle and the advancement of education 127,099 127,099 50,568 Trading activities Investment income 147.382 147,382 3,461 97.880 224 Total 389.397 168,120 557,517 615.729 EXPENDITURE ON Raising fijnds 34.879 34,879 12.437 Charltable activltles The presetvalion of Hay Casle and the advancement of education 234,359 264.582 498.941 463.331 Total 269,238 264.582 533.820 475,768 NET INCOMEI{EXPENDITURE) Transfers between funds 120.159 14.832 196.462) 14.8321 23,697 139,961 22 Net movemetit in funds 134.991 {111,294) 23,697 139.961 RECONCILIATION OF FUNDS Total fvnds brought fomard 9,491,855 161,899 9.653.754 9.513,793 TOTAL FUNDS CARRIED FORWARD 9.626,846 50.605 9,677,451 9.653.754 The notes fomi part of Ihese financial statements Page 9
HAY CASTLE TRUST BALANCE SHEET 30 APRIL 2024 2024 Total funds 2023 Total fitftds Unrestricted funds Rest[ed frJnds Notes FIXED ASSETS Tangible assets Heritsge assets Investments 51.136 10.398.674 51.136 10,398,614 54.900 10,376,090 16 10.449.751 10,449,751 10.430.991 CURRENT ASSETS Oeblois Cash at bank 44.100 446.982 174.750 121.9781 218.850 325.00¢ 484.045 170.861 491.082 52.772 543.854 654.9C6 CREDITORS Amounts falling due wrthin one year 19 {1.301.4871 12.1671 11,3ts3,6541 11.409.643) CURRENT ASSETS 1810,4051 50.605 759.8001 754.7371 TOTAL ASSETS LESS CURRENT LIABILITIES 9,639.346 50.605 9.689.951 9.676,254 CREDITORS Amounts falling due after more tha one year 20 112.5001 172.5001 122.5001 NET ASSETS 9.626.846 50.605 9.677.451 9.653.154 FUNDS UnTestricted lunds Restricted fund5 22 9.626 846 50.605 9.491.855 161.899 TOTAL FUNDS 9.677,491 9,653.754 These financial slatemenls have been prepared In accordance with the provIsn$ appE1ble lo charitable companies subiect to the small companie5 wime The finanoal statements were approved by the Board ol Trustees and 8ulhorised for issue and were 51gned on rts behalf by Susan Malthouse- Trustee The noies lorm part ol these fiftan¢ial stalemeftls Page 10
HAY CASTLE TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 30 APRIL 2024 2024 2023 Notes Cash flow$ from oporating activities Cash generated from operations Interest paid 196,549 180,519 947 Net ¢a$h provlded by operating activities 195.850 179,572 Cash flows from investing activlties Purchase of tangible fixe¢J assets Purchase of heritage assets Interest received (12,6HI {22,524) 3.461 (479,0021 224 Nel cash used in investing activities 31.7071 478 7781 Cash Ilows from financing activities New loans in year Loan repayments in year 139,000 10.000 10,000 Net cash {used inyprovided by financing activities 129.000 Change in cash and cash equivalents In the reporting perlod Cash and cash equivalents at the beginning of the reporting perlod 154.143 (170,206) 170.861 341.067 Cash and cash equivalents at the end of the reporting period 325.004 170.861 The notes form part of these financial statements Page 11
HAY CASTLE TRUST NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30 APRIL 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net incorne for the reporting perlod (as per the Statement of Financlal Activities) Adjustments for: Depreciation charges Interest received Interest paid Decreasel{increasel in debtors {Decreasellincrease in creditors 23,697 139.961 16,408 (3.4611 699 265,195 105,989 11,866 (224) 947 1124.6471 152.616 Net cash provided by operauons 196.549 180.519 ANALYSIS OF CHANGES IN NET DEBT At 11S123 Cash flow At 3014124 Net cash Cash at bank and in hand 170.861 154.143 325,004 170.861 154.143 325,004 Debt Debts falling due within 1 year Debts falling due after 1 year {949,000} 22,5001 {949,000) 12,500 10.000 971.5001 10,000 961.5001 Total 800.639 164,143 636.496 The noles fomi part of these financial statements Page 12
HAY CASTLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 STATUTORY INFORMATION Hay Castle Trust is a company limited by guarantee incorporated in Wales within the United Kingdom. The registered office is Hay Casue. Oxford Road, Hay-on-wye, HR3 5DG. The charlty does not have any share eapllal. Each of the members Is liable lo contribute an amount nol exceeding £10 towards the assets of the charity in the event of liquidation. The financial statements are pSented in Sterting {£). the eompanrfs functional currency, and rounded to the nearest pound. The principal activities and nature of the Trusvs operations are des¢ribed in the Report of the Trustees. The significant accounting policies applied in the preparation of these financial statements are sel out below. These policies have been consistently applied to all years presented unless otherwise staled. ACCOUNTING POLICIES Basis of preparfng the financlal 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 IFRS 102) 'Accounling and Reporting by Charities: Statement of Recommended Prdclice applicable to the UK and Republic ol Ireland IFRS 1021 {effective January 20191,, Financial Reporting Standard 102 The Financial Reporbng Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. There have been no material departures from Financial Reporting Standard 102. Assets and liabilities are initially recognised 8t historical ¢ost or trarFsaclion values unless otherwise stated in the relevant accounting policies. Going concern Financial projedions have been prepared for a period covering 12 months from the approval of these financial statements. These indude both the projected operating results and cashflow projections. Consideration has also been given lo the continued availability of the loan from Lindenleaf CIO, ftjrther details ol which are provided in note 21. In these eircumstances. the trustees have concluded that no adjustments or additional disclosures are required to the financial slalemenls and are satisfied that it is appropriate for the financial statements to be piepared on a going concem basis. Income All income is recognised in the Staternent of Financial Activities onee the charity has entillemenl to the funds, it is probable that the income will be received and the amount can be measured reliably. This includes capital grants. Donalions and legacies income includes donations, gifts and grants that provide core funding or are of a general nature and are recognised where there 15 enlillemenl, probability of reIpt and the amount can be measured with sufficient reliability. Such income is only deferred when the donor specifies it musl be used in future accounting periods or the donor has imposed conditions which must be met before the charity has unconditional enlidemenL Income Include5 incomg received under ¢ontra¢t or where entitlement to grant funding is subject to specific performance conditions. Income from other Irading activities includes income received under contracl.This income is recognised as the related services are provided and there Is enlillement, probability ol receipt and the amount can be measured with sufficient reliability. Income is deferred when the amounts received are in advance of the performance of the Servi or event to which they relate. Investment income is recognised on a receivable basis. Page 13 continued...
HAY CASTLE TRUST NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR ENDED 30 APRIL 2024 ACCOUNTING POLICIES - contlnued Exp¢ndlturg Liabilities aro recognised as expenditu as soon as there is a leg81 or constructive obligation committing the Charity to that expenditure.11 Is probable that a transfer of economlc benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is aecounted for on an accruals basis gnd has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on 2 basis consistent with the use of resources. Expenditure on costs of raising funds Include costs of fundraising, advertislng, marketing and direct mail materlals as well as 8 consultsricy fees. Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of ils activities and services for its benefsciaries. It includes both costs that can be allocated directly to such activities and those e05ts of an indirect nature necessary to support them. Support costs are those costs that, whilst necessary to deliver an a¢livity, do not themselves prodLtce or constitute the output of the charitable activity. This includes governan costs which are those costs associated wth meeting the constitutional and statutory requirements of the charity and inctude the accountancy fees and costs linked to the management of the charity. Allocation and apportionment of costs All costs are allocated between the expenditure categories on a basis designed to reffect the use of the resource. Costs relating to a particular activity are allocated directly: others are apportioned on an appropriate basis. Tangible fixed assets Depreaation is provided on tangible fixed assets so as to write off the cost or valuation. less any residual value. over their expeded useful economic life as follows.. Plant and machinery Fixtures and fittings Computer equipment 250k straight line 100/0- 200/0 Straight line 33% straight line During the period of restoration, freehold18nd and buildings were held al cost and not depreciated. Fixed assets are initially recorded at cost. Only assets which cost £500 or more are capitalised. Investments Investments Ère stated at cost less any impairment at the balance sheet dale. Heritage assets Heritsge assets are recognised on the balance sheet and initially measured al cost when purchased or if donated, their valuation rf known. Assets are subsequently slated at cost or valuation less accumulated depreeiation and accumulated impaiment losses. Fair values for donated assets are estimated by reference lo market price5. Those herTrlage assets CLFrrently recognised on the balance sheet have indefinite lives and are therefore not depreciated, but reviewed al each reporting date for impairment. Where infomiation on the cost or valuation of herftsge assets 15 nol available or the cost of providing such information signifi¢anUy Ouel9hS any benefit to the user5 of the accounts then heritage asset5 are not COgniSed on the balance sheet. The Tnjst maintains a reglster for its collections of heritage assets whi¢h cOrdS the nature and current location of each asset. Taxation The Trust has been granted exemption from UK co¥poration lax by virbje of Ils ¢hafilable status. Activities whl¢h are not primary purpose trades are within the statulory limits prescribed by the statutory exemption for small trading. Page 14 continued...
HAY CASTLE TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 30 APRIL 2024 ACCOUNTING POLICIES - contlnued Financial instruments The charity only has financial assets and fir¢ancial liabilities of a kind Ihat qualify as basic financial instruments. Basic financial Instruments are initially recognised al transaction value and subsequently measured at their settlement value. Debtors Debtors with no slated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impaim)ent are recognised in expenditure. Creditors Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of fullds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due. Fund accounting Unrestricted funds Urirestricted fvnds are donations and other incoming resources raceivable or generated for the objects of the charity without further specified purpose and are avaifable as general funds. Deslgnated fund5 Designated funds are unreslricled fvjnds which are set aside by the trustees for a specific purpose. Restricted funds Restricted funds are to be used for specific purposes as laid down by the donor. Experkditure, which meets these riteria, is charged to the fund. together wilh a fair allocation of support and governance costs. Transfers are made from restricted lo unrestricted funds relating to the purchase of ffxed assets from restricted income where such expenditure fulfils the lemis of the restriction. Pension costs and other post-retirernent benefits The charitable company operates 8 defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Actimlies In the period to which they relate. DONATIONS AND LEGACIES restated 2023 2024 Donations Gift aid Grants Membership s¢h¢mes 87,739 12,436 172,078 7.322 23,154 5,399 424,393 14.111 279,575 467,057 During the year an amount of £51.681 was donated from Hay Castle Trading Limited. the company'g 100% owned trading subsidiary. A further restricted donation of £23,000 was received for the event 'Weekend of Mistakes,. Page 15 continued...
HAY CASTLE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2024 DONATIONS AND LEGACIES - contlnued Grants received, included in the above, are as follows.. Testsled 2023 2024 National Lottery Heritage Fund Welsh Government- LEADER Programme Arts Council England - Portraits of Writers The Darkly Trust- purchase of equipment Federation of Museums and Art Galleries of Wales - The Wild Escape Brecon Be8coris National Park Authority- Community Nature Recovery Giants Scheme Welsh Govemment- GEM Cymrn micro grant Fedeiation of Museums and Art G8lleries of Wales - Museum Conference National Portrait Gallery - Creative Intern funding Welsh Government- towards operating costs Garfield Weston Foundation - towards operating costs Arts Council of Wales.. Refugee Artists Exhibition Colwinston Charitable Trust-. Hidden Gifts - Rèfugee Artists in Wales The Ashley Family Foundation.. April Ashley A Lady in Hay Brecknock Art Trust- Josef Hem)an Exhibition Arts Council of Wales.. April Ashley A Lady in Hay The Moondance Foundation= towards operating costs Welsh Historic Gardens Trust.. restoration gardensl grounds Herefordshire Council - UK Shared Prosperity Fund Hay History group- Display cabinet for archaeological finds Federation of Museums and Art Galleries of Wales.. Art Handling The Architectural Heritage Fund: Pmject Development Bannau Brycheiniog National Park Authority= Dark Skies Film Hub Wales.. Writing with Llght Bannau Brycheiniog National Park Authority.. Remarkable Castles 383.329 2.000 25.200 1.857 2,912 490 1.305 478 5,812 7,681 8,000 20.000 10.000 11.275 1.500 850 10.0(10 58,760 1,020 6,000 1.500 690 29.600 1.434 3.000 768 1.010 172.078 424,393 TRADING ACTIVITIES 2024 2023 Cafe Rental income Venue hire Other income 71,959 26,316 48.490 617 61.115 10.888 23,570 2,307 147,382 97,880 Page 16 continued...
HAY CASTLE TRUST NOTES TO THE FINANCIAL STATEMENTS . contlnued FOR THE YEAR ENDED 30 APRIL 2024 INVESTMENT INCOME 2024 2023 Deposit account interest 3,461 224 INCOME FROM CHARITABLE ACTIVITIES ststed 2023 2024 Tours Income 4,636 6,685 Entran¢e ticket income 73,743 14.943 Heritage and Leaming workshops 14.433 15,192 Gallery income 5.436 Event income 19,506 8,312 Museums and Galleries Exhibition Tax Relief 14.781 127.099 50.568 RAISING FUNDS Raising donations and legacies 2024 2023 Consultancy fees Professional fees 6.362 3.761 2.400 10,123 2.400 Tradtng activities restated 2023 2024 Professional fees Cost of venue hile Depreciation 4,900 6.682 13.174 10,037 24.756 10,037 Aggregate amounts 34.879 12.437 Page 17 continued...
HAY CASTLE TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 30 APRIL 2024 CHARITABLE ACTIVITIES COSTS Direct Costs {see note 91 Support costs (see note 10) Totals The preservation of Hay Casde and the advancement of education 404 763 94,178 498.941 DIRECT COSTS OF CHARITABLE ACTIVITIES restated 2023 2024 Staff costs Heat, light, power, water and waste collection Heritage & learning activities costs Cleaning costs Insurances Postage and stationery Adverbsing and Pfomolions Exhibition costs Repairs and maintenance Staff & volunteer travel. training and expenses Office expenses Cost of events Recruitment Website costs Bank charges 140.594 60,030 7,735 34,456 23.916 1.300 5.209 30.445 36,693 4.726 6.826 52.413 137,161 66.630 13.294 28,049 21,020 2.499 2.850 24.581 46.210 2.871 5.330 14.135 810 2,760 879 420 404.763 369,079 10. SUPPORT COSTS staff costs Governance costs Finance other Totals The preseNalion of Hay Castle and the advancement of education 58.314 699 26,067 9.098 94.178 2023 57,201 947 31,154 4,950 94.252 11. NET INCOMEI(EXPENDrruRE) Nel incomel{expondilure) is stated after ¢hargingl{crediting}: 2024 2023 Depciall0 - owned assets Auditrjrs, remuneTation 16,408 6.500 11,866 4.950 Depreciation 15 apportioned to include £13.174 (2023-. £10,037) within raising funds (note 7) and £3.234 {2023: £1.8291 within support Costs (note 10). Page 18 continued...
HAY CASTLE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2024 12. TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration, other benefits or expenses paid for the year ended 30 April 2024 or for the year ended 30 April 2023. 13. STAFF COSTS 2024 2023 Wages and s81aries Social security costs Employer pension Costs 181,931 12,679 4.298 177.894 12.740 3.728 198 908 194.362 The average number of employees during the year was as follows.. 2024 2023 Employees No employees received emoluments in ex$$ of £60,(100. The total key management personnel remuneration benefits paid during the year was £58,313 (2023.. £57.2001- 14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - 30 APRIL 2023 Unrestricted Reslricled funds funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 42.664 424.393 467,057 Charitable activities The presetvation of Hay Castte and the advancement of education 50,568 50.568 Trading activities Investment income 97.880 224 97.880 224 Total 191.336 424.393 615.729 EXPENDITURE ON Raising fvnd5 12.437 12.437 Charltable activltles The presetvalion of Hay Casue and the advancement of education 395,472 67.859 463.331 Total 407,909 67.859 475,768 NET INCOMEI(EXPENDITUREI Transfers between funds 1216.573) 245,519 356.534 245 519) 139,961 Net movemgnt in funds 28.946 111,015 139.961 RECONCILIATION OF FUNDS Total funds brought forward 9,462,909 50,884 9,513,793 Page 19 continued..
HAY CASTLE TRUST NOTES TO THE FINANCIAL STATEMENTS - Gontinued FOR THE YEAR ENDED 30 APRIL 2024 14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - 30 APRIL 2023 - ontlnued Unrestricted funds Restrtcted funds Tol81 funds TOTAL FUNDS CARRIED FORWARD 9,491.855 161.899 9.653 754 The comparative dala as presented on this yearfs Stalemenl of Financial Activities has been restated. Thls restatement is only in respect of reclassifwng some income and expenditure between category headers, with no impact on the net reporting result. 15. TANGIBLE FIXED ASSETS Fixtures and fittings Plant and machinery Computer equipment Tolals COST At 1 May 2023 Additions 17.496 60,162 7,678 6.947 4.966 84.605 12.644 At 30 April 2024 17.496 11,913 97,249 DEPRECIATION At 1 May 2023 Charge for year 11.395 2.003 14.141 4.169 29.705 16.408 At 30 April 2024 13.398 25.312 7.403 NET BOOK VALUE AI 30 April 2024 4.098 42.528 4.510 51.136 At 30 April 2023 6.101 46,021 2.778 54.900 16. HERITAGE ASSETS Total COST At 1 May 2023 Additions 10.376.090 22,524 At 30 April 2024 10.398.614 NET BOOK VALUE At 30 April 2024 10.398.614 At 30 April 2023 10,376.090 Heritage assets comprise of the following: 2024 2023 SculptLFres and portralts of Rl¢hard Booth Property - Castle 5,700 10.392.914 5,700 10.370,390 10.398.614 10.376,090 The above assets a held and maintained principally for their contribution lo knowledge and culture and in support of the Trust's objeclives. Page 20 continued...
HAY CASTLE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2024 17. FIXED ASSET INVESTMENTS Shares In group undertakings COST Al 1 May 2023 and 30 April 2024 NET BOOK VALUE At 30 April 2024 AI 30 April 2023 There were no investment assets outside the UK. The company's investments at the balance sheet date in the share capital of companies include the followtng-. Hay Castle Trading Limlted Registered office: Hay Castle, Oxford Road, Hay-on-wye, Hereford, United Kingdom. HR3 5DG Nature of business.. Retail Class of share= Ordin8ry holding 100 18. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Other debtors VAT Prepayments 23.930 182.554 5,994 6.372 26,302 391.338 63.317 3.088 218.850 484,045 19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank loans and ov8rdrafts (see note 21) Other loans (see note 211 Trade creditors Amounts owed lo group undertakings Other creditors Ae¢ru81s and deferred income 10,000 939,000 44,552 10.000 939.000 118,370 27.116 3.302 311,855 7.769 302,333 1,303.654 1,409.643 Induded within accruals and deferred income above is the following deferred Ineome.. 2024 2023 Venue hire 6.672 14,573 6,672 14,573 All deferred income relates to income received In advance of venue hire dates. Page 21 continued...
HAY CASTLE TRUST NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR ENDED 30 APRIL 2024 20. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Bank loans (see note 21) 12,500 22,500 21. LOANS An analysis of the maturity of loans is gwen below.. 2024 2023 Amounts falling due wthin one year on demand.. Bank loans Other loans 10,000 939,000 10,000 939.000 949.000 949.000 Amounts falling between one and iwo years.. Bank loans - 1-2 years 12.500 22,500 The bank loan is interest bearing and was drawn under the Bounce Bad( Loan Scheme. The other loan is from Linderileaf CIO under the terms of a funding agreement dated 16 July 2016, as subsequenuy amended. The loan is interest free and the Trust may repay the loan at any tme. Until 24 May 2027 the lender may= at its sole discretion, convert some or all of the loan into a donation-, - request repayment of some or all off Ihe loan if altemative funding is received by the Trust. The lender shall convert any part of the loan outstanding at 24 May 2027 into a donation. Page 22 continued...
HAY CASTLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continuod FOR THE YEAR ENDED 30 APRIL 2024 22. MOVEMENT IN FUNDS Net movement in funds Transfers beeen funds At 3014124 At 115123 Unrestrleted funds General fund Fixed asset fund (939,135) 10,430.990 136.567 16.408) (20,336) 35,168 (822.904) 10,449.750 9,491,855 120.159 14,832 9,626.846 Restricted funds National Lottery Heritage Fund Education and Activity Heritage Skills Training Community Foundation Wales- Ashley Family Foundation Welsh Historic Gardens Trust Community Nature Recovery The Moondance Foundation - salary contribution April= A Lady in Hay Display cabinet Project Development 137,810 6,724 8,286 1124.4781 (6.7241 (331 {13,332) 8,253 8.000 950 129 {8,000} (950) 11291 1.846 10.906 1,500 29.600 1.846 10.906 (1,5001 29.600 161.899 96.462 14,8321 50,605 TOTAL FUNDS 9,653,754 23,697 9.677,451 Page 23 continued...
HAY CASTLE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2024 22. MOVEMENT IN FUNDS - continued Net movement in fvnds, induded in the above are as follows: Incomlng resources Resources expended Movement in funds Unrestricted funds General fvjnd Fixed asset fund 389,397 1252.8301 16408) 136.567 16.408) 389.397 1269.238) 120,159 Restricted funds National Lottery Heritage Fund Education alld Activity Heritage Skills Training Community Foundation Wales- Ash18y Family Foundation National Portrait Gallery- Creative Intern Welsh Historic Gardens Trust Community Nature Recovery Weekend of Mistakes Defibrillator The Moondance Foundation - salary contribution Refugee Arttsts in Wales exhibition Josef Herman exhibttion April.. A Lady in Hay UK Shared Prosperity Fund Display cabinet Art handling Project Development Dark Skies exhibition Wtiling with Light Remarkable Castles 1124.478) (6,7241 (331 {124,478) (6.724) 133) (8.000) {7.681) (1.970) 1129} {23.0001 11,0421 {8.0001 7.681 1.020 {950) {129) 23,000 1,042 58.760 21.275 850 11.500 6,000 1.500 690 29,600 1.434 3.000 768 {56.914) (21.275) (850} 1594) (6,000) 1.846 10.906 1.500 16901 29.600 (1.434) {3.000) 168,120 264.582 96,462 TOTAL FUNDS 557,517 533.8201 23.697 Page 24 contsnued...
HAY CASTLE TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 30 APRIL 2024 22. MOVEMENT IN FUNDS . contlnued Comparatives for movement In funds Net movement in funds Transfers between funds At 3014123 At 115122 Unrestricted funds General fund Fixed asset fund (500,945) 9.963.854 1204,7071 11.8661 (233.483) 479.002 {939,135) 10430 990 9.462.909 1216.5731 245,519 9,491,855 Restrlcted funds National Lottery Heritage Fund Education and Activity Heritage Skills Training National Lottery Community Fund Hay Castle Retail start-up Community Foundation Wales- Ashley Family Foundation Welsh Historic Gardens Tfust Community Nature Recovery 383.329 (245.519) 137,810 6,724 8,286 6,724 8.501 25.225 2.434 (2151 {25,2251 (2,434) 8,000 8,000 950 129 950 129 50.884 356,534 245.519 161,899 TOTAL FUNDS 9,513.793 139,961 9.653.754 Comparative net movement in funds. included in the above are as follows: Incoming resources Resour$ expended Movement in funds Unrestricted funds General fund Fixed asset fund 191.336 (396.043) 11,866) {204.707) 11.8661 191.336 {407.9091 {216.5731 Restrlcted funds National Lottery Heritage Fund Heritage Skills Training Welsh Government- LEADER Programme National Lottery Community Fund Hay Castle Retail slart-LtP Purchase of equipment National Portrait Gallery- Creative Intein Portraits of Writers exhibition The Wild Escape Welsh Historic Gardens Trust Community Nature Re¢overy GEM Cymru miGro grant Museum Conference 383.329 383.329 1215} {215) {2.000) 125,225) {2.434) (1.857) 15,8121 {25.200) 12,912) (601 (361) {1,305) 2.000 {25,2251 12.4341 1,857 5,812 25,200 2,912 1,010 490 1,305 478 950 129 424,393 67,859 356,534 TOTAL FUNDS 615,729 475,768) 139.961 Page 25 continued...
HAY CASTLE TRUST NOTES TO THE FINANCIAL STATEMENTS - ¢ontinued FOR THE YEAR ENDED 30 APRIL 2024 22. MOVEMENT IN FUNDS - contlnued D•$lgnatsd fixed asset fund The fixed asset fund represents the net book value of tangible fixed assets including heritage assets. Natlonal Lottery Heritage Fund Grant funding ceiVed from the National Lottery Heritage Fund, for fvrther developm6nt phases of Hay Casde. Education and Activlty Funding was received in a previous year of £10,000 from The Hobson Gharily to support the education and activity programme at Hay Castle. Heritage Skills Training Funding was received in a previous year of £20.000 from The Dulverton Trust. and £25.675 from the Andrew Lloyd Webber Foundation which is to be used to establish a heritage skill Iraining programme. The balance will be used lo support future activities. Communlty Foundation Wales - Ashley Famlly Foundation Funding was received in a previous year of £8.000 received towards artistic productionlmaterials. marketing and publicity, arttst fees, artist travel costs and expenses. art tr8nsport, insurance and installation. project management and evaluation. National Portrait Gallery - Creative Intern Funding was received from the National Portrait Gallery specificalty to cover the Salary and on-costs of an Intem placement at Hay Castle. Welsh Histori¢ Gardens Trust The funding was for improvements lo the gardens and grounds Work. Community Nature Recovery grant Funding received from the Brecoll Beacons National Park Authority, under the Communities Nature Recovery Grants Scheme towards a wtldflower projecl completed in the year. Weekend of Mistakes A donation of £23.000 was received towards the celebrated Library of Mistakes. in residence at Hay CastEe 1st - 3rd March 2024. This comprised historians. financial experts. investments sages for a wealth of wisdom and a weekend of financial booms and busts. bubbles. swindles, panics and crashes. Defibrillator Donations received towards the purchase of a deflbrÈllatrJr. The Moondance Foundation - salary contribution A grant of £58.760 was received from The Moondance Foundation towards the salary costs of the Executive Director for 6 months plus the salary eosls of the Leaming and Activities manager for 12 months. Refugee Artists In Wales exhlbltion Grants were received from Arts Council of Wales £10,000 and Colwinslon Charitable Trust £11.275 towards Refugee Artists in Vvales exhlbillon. Josef Herman exhibition Grant of £850 received from the Brecknock Art Twst towards Ihe costs of the Josef Herman exhibition. April: A Lady In Hay exhlbltlon Grants were received from The Ashley Family Fovndalion £1.500 and Arts Council of Wale5 £10,000 towards the April-. A Lady in Hay exhibition. Page 26 continued...
HAY CASTLE TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 30 APRIL 2024 22. MOVEMENT IN FUNDS . contlnued UK Shared Prosperity Fund Grant funding was received via Herefordshire Council under Project title.. Drawbridge: Hay Castle Open Exhibltion Application. Dlsplay cabinet A grant of £1.500 was received from Hay Castle Group towards the cost a display ¢abinel. Art handling Funding of £690 was GeIVed from the Federation of Museums and Arts Galleries of Wales towards Art handling trainin9 that was delivered in the year. Project development A grant of £29,600 was received from The Architectural Heritage Fund for project development at Hay C8sUe. This fvnding was received in March 2024 and wll be utilised in the next financial year. Dark Skles Funding was received from Bannau Brycheiniog National Park Authority towards the costs of the exhibition Dark Skies. This exhibilion of the work of 8rbst gr)d photographer Judy Goldhill explored our complex relationship lo darkness and the night. Writing with Light Grant funding from Film Hub Wales for project entitled= Writing with Light. The objective of the project was for youn9 audiences. public engagement. screen heritage and inelusion. Remarkable Castles Funded provided by Bannau Brycheiniog N81ional Parf( Authority lowanis the publication of the Remarkable Castles booklet. Com arative ear onl National Lottery Community Fund Notification of a grant was received on 27 July 2017 fn)m the National Lottery funded Rural programme - Community Grants for the Hay Castle Community Hub. The purpose of the funding was to reduce isolation for community members and to improve the skills of residents and visitors in Hay-on- Wye. Hay Castle Retail startaup Funding of £11.000 was received from the Brecon Beacons National Park Sustainable Development Fund lo support the renovation cost for 5 retail start-up units al Hay Castle. LEADER Programme Notification of a grant was received initially on 16 June 2017 from the Welsh Govemment Rural Communities The LEADER Programme in Powys for a Hay Castle Digital Project. This year, a final tranche of funding of £2.000 was received. Purchase of equlpment Funding of£1.857 was received from The Darkly TNSI towards equipment costs. Portraits of Wrlters exhibition A grant of £25.200 was reiVed from Arts Council England to support the first exhibition in the gallery at the Castle enliued "Portraits of Wiiters" The Wild Escape Funding was received from the Federation of Museums and Art Galleries of Wales for The Wild Escape, a project led by Art Fund and made possible with support from Arts Council England's National Lottery Projgct grants. Page 27 continued...
HAY CASTLE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2024 22. MOVEMENT IN FUNDS - Contlnued GEM Cymru micro grant Funded by Welsh Govemment, the objective of the grant is to encourage innovative thinking, practice and evaluation of new resources and curriculum for Wales specific activities for museums to deliver to schools. Museum conference Funding was recelved from the Federation of Museums and Art Galleries of Wales towards a museum ¢onference. Transfers betw¢on funds A transfer of £1,500 was made from the reslricled display cabinet fund to the general fund in respect of the funding spent on fixed assets. A transfer of £13,332 was made from Ihe National Lottery Heritage Fund to the general fund In respect of the funding spent on the capital project. A trarssfer 01 £35.168 was made from the general fund to the designated fixed asset fund. which represents the net book value of the fixed assets at the balance sheet dale. Comparative year A transfer of £245,519 was made from the National Lottery Heritsge Fund to the general fvnd in respeel of the funding spent on the capital project. In addition a transfer of £479.002 was made from the general fund to the designated fixed asset fund, which represents the net book value of the fixed assets at the balance sheet date. 23. EMPLOYEE BENEFIT OBLIGATIONS The charity operates a defined contribution pension scheme. The pension cost for the year represents contributions payable by the charity to the scheme and amounted to £4.29812023.' £3.728)- Contributions totalling £Nil {2023.- £877} were payable lo the scheme at the year end and are included in other creditors. 24. CONTINGENT LIABIUTIES In line with the terms of the grant. prior approval from the National Lottery Heritage Fund is required should the propety be sold and the National Lottery Heritage Flrnd may require 8 share of the net proceeds. 11 is not the intention of the trustees lo sell the propety. On 19 June 2024 a legal charge over the property known as Hay Castle. was filed In favour of The Trustees of the National Heritage Memorial Fund in relation to the funding provided by the National Lottery Hefilage Fund fr)r the restoration of the Caslle. 25. RELATED PARTY DISCLOSURES During the financial year. the charity received a donation of £51.681 12022.. £Nill from its 1009/0 owned trading subsidiary. Hay Castle Trading Limited. Page 28