REGisfERED CHARITY MUMBER: 1157626 PEMBROKE TOWN WALLS TRUST REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Uewelyn Davies Chartereé Accountants 50 Queen Street Pembroke Dock Pembrokeshire 5A72 6JE
PEMBROKE TOWN WALLS TRUST CONTENTS OF THE FXNANcfAL STATEMEpirs FOR THE YEAR ENDED 31 DECEMBER 2023 Page Report of th• Ttea% I to 5 Indapend•nt E¥amin•r's R•port Statement of Flnanclal ALtlvlt106 Balance Sheet rlotes to the Flnancl•l staternts 9 to 13 D¢talled Statement of Plnanclal Artlvltles 14
PEMBROKE TOWN WALiS TRUST REPORT OF THE TRVSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present thelr Trrt wlth the financial statement5 of the charity for the year ended 31 December 2023. The trustee5 have adopted the provislons of Accounting and Reporting by CharStles: Statement of Recommended Prattl applicable to chalities preparing their accounts In accor(1ance Wbth the Financlal Reporbng Standard appllcable In the UK and Republic of Ireland (FRS 102} (effectlve l January 2019). OBJECTIVES At4D ACTMnES Objèctives and alms The charfty's objectives are.. To malntaln, resto and preserve the hlstoric perlmeter and burgage plot walls, tower5 and lime klln of Pembfoke Town by worklng in partnershlp wlth a wide range of partners and stakeholders. To promote an understandlng of and access to thi5 preclous herltage. Further alms Indude reallslng the potentlal of thls nationally Important historfc slte to contrlbute to the soclal and economlc benefit of our local communlty through local skills development,. develop sustainable tourfsm and reallse a sense of place.
PEMBROKE TOWN WALLS TRUST REPORT OF THE TRUSfEES FOR THE YEAR ENDED 31 DECEM8eR 2023 ACHIEVEMENT AND PERFORNcE Charftable artlvltles Followlng the productlon of a long-term Stsstainable Management Plan, funded by the UK Govemment Community Renewal Fund (UK CRF) grant to the end of 2022. an appllcatlon was stjbmltted to the UK Shad Prospertty Fund r$t round 9rant In March 2023 to enable us to deliver and develop the plan over the coming years. Thls appllotlon was 5ubmltted as a Joint in partnerthlp wlth The Tywi Centre. Coe Stone Ltd and the Pembrokeshlre Bulld Heritage CIC. The alm was to provlde trainlng to Level 2 in herltage stone masonry skills, incluthng relevant maths, for learner5 in construLtlon at Pembrokeshlre College, followed by sorne work eXperIen,. offer short courses for constructlon professlonals to Level 3. wall owners and the local community- spon50r stonernasonry traoning and assessment NVQ3 through the Specialist Applied Ski115 Programme,. through the training undertake fvrther regeneration of the walls to increase wellbelng and pride in the local comm(rnity' undertake a baseline soclal survey to provlde evidence for a subjective wellbelng Yaluatlon. work with local groups to provlde a range of volunteering and publlc engagernent events. The full budget for the project was £330,945 wtth £315,945 belng requested from the grant. The outcome was receFved early in September and although otsr appllcotion ha5 scored in excess of the qualrty threshold there were insufficient funds to afford all the projetts that had done so. We were invited to re-submit to the second round and dld so in October. In the meantime, whllÈ we awalted the outcome, an appli¢atton was submltted to the Natlonal Lottery Heritsge Fund In November to fund some of the community training and engagement attlvities to £9,705. An outcome of the UK CRF fvnded projert had enabled us to establSsh a servi Level Agreement with Pembrokeshlre College's Built Envlronment Department to deliver at least one two week course to Introduce some of their Level I learners In bri¢klaying to Heritage Stone Masonry. In order to deliver this tyve Continued our long term partnership wlth the Tywl Centre In Carmarthen, and the CITB, and one such course was delive by Oliver Coe of Coe Stone Ltd over the last two weeks of Aprfl. It wa5 dls8ppointing that although promlsed at least 10 students by the College only 5 took part in the training. However, they all completed the course successfvlly. We ¢ontlnued to meet wlth the College stsff In November to plan another course for 2024 and d15CUS5ed other way5 to promote the tralning to their karners. Trustees met monthly throughout the year expt for Au9USt and December ènd continued to develop and dellver the Management Plan where funding allowed. Trustees are mindful of their obllgation to review and update the governan of the Trust and all existing polSaes were reviewed before the Annual General Meeting. A new Procurement Pollcy was wrftten and approved ot that tlme. The Annual General Meeting was held for members In June when seven of the existlng TrustÈes were re-elected wlth one ne%v Trustee proposed and seconded from the floor. The Report and Accounts was slgned and approved and all newsary documents filed with the Charity Commission on tlme. A fvrther successful applicatron to the South West Wales Communlty Changemakers Fund granted the Trust £1,000 to develop a gulded tour of the walls and traln gurdes as well as write a leaflet and deliver a programme of autumn talks. Fundralslng aCtIvleS continued throughout the year wlth the Stones of the Year projett deslgned to "sell. speclfic stones to people. Tl)is proved a good way to engage wlth people at events and online and raised over £1300. Our usual Paity in the Castle was held In June and Trustets and volunteers promoted the Trust at a serles of local events and shows throughout the summer and autumn. Consideration began to plan a funclralslng programme for 2025. The communty contlnued to be kept informed of progress with the work of the Trust through the webslte and Facebook pages. No further work was completed on the wa115 whlle fundlng was awalted. Grdffltl regrettably appeared on the newly gun platfom) on the north wa115 along the Mlll Pond In the early summer. Thls was Clean off by volunteer5 but reappeared later in the year and more along this stretch. Despite further requests no response wa5 reIved from Cadw on the draft Herttage Partnershlp Agreement planned to enable work to PrOed wlth w?11 ownets wlthout havlng to seek Indlvidual Usted Buildlng Consent.
PEMBROKE rowN WALLS TRUST REPORT OF THE TRUSTEES fOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVXEW Resepves poli¢y Pembroke Town Walts Trust exists to protect and conserve the unique archaeology of the bullt heritage of Pembroke and In partIlar that of the perlpheral walls, to promote ynderstandlng of and access to the herltage, and to alise the Intemational Importance of this histortc site. By won9 wlth the local community, partners and stakeholders, carefvl conservation of the town wlll contribute to the soclal and economlc beneflt of otjr local community through skills development, sustalnable tourism ant1 a sense of pla. Our V•lues: Pembroke Town Walls Trusts believes in: Worklng In ¢o-operatlon and partnetship wlth a wide range of stakeholders Buildlng a sense-of-community by welcomlngi engaglng and involving all sectors of the communlty Creatlng a sense of health and wellbeing for those Involved In and benefltlng from our wo Creatlng a sense of prfde of pla In Pembroke as a town Valulng and promotlng our local culture Ensurln9 that our work does not have a detrfmental effert on the environment Our Curr•nt Work: Followlng the successful completlon of a pilot project Fn 2019, Is concentratlng on the phased. long term regeneration of Pembroke's northem perimeter town walls which ère in a bad state of repair and mostly covered with Ivy. brambfe5 and tr. We have stsrted by carefully cuttlng back thls overgrowth. worklng to take a seasonal approach to protect and record local blodlversTrty. Once the broad sweep of walls Ss vls4ble we wlll dear out and repalr the most urgent damage for safety and to prevent further decay. In the IL)nger term this will lead to rebuildlng exten51ve sectlons. The work will be voluntary and tralnlng will be given. We wlll offer work experience to constwttS0Tr students from Pembrokeshire College who will be working With u5 to provide tralning in Ilme mortar stone masonry. In the long tem) we aim to fund bursaries and appntIceSh•ps. Ratlonale for setting our r¥erves: The PTWT runs tr3lnlng, capacity buildingi communty engagement. fvndralslng and regeneratlon programmes that beneht wall owners and the whole Community. This work Is funded largely by grants and our own fundraisln9 Covers our operating costs. Increasingly Grdnt glvers make payments retrospettlvely requlr(ng claims to be made qEJartedy in arrears. rwr Is a small charity wlth few unallocated resour to manage a quarterly cash flow model for the level of funding we rEqulre. Where posslble we make a case for payments In advantr. The Welsh Government's policy set out in its document Annex to the Third Sector Scheme Code of Practice for Funding the Thlrd Sertor, state5 that It recognlses that most Third Se¢tor organisatlons do not hold large reseNes and do not have the resources available to undertake work and receive payments afterwar(Js. Therefore, provision of fundrng for committed expenditure may be considered In advance of payment where evidence of need 15 clearly established. We strive to set out dear evldence of need in fvndlng Ipplications an(J take thls into account when settlng our reserves. The organi5atlon Is govemed by volunteer Trustees 1th the ald of a volunteer Secretary. However, when needed Vtwr sub-contracts to professionals for serwlces such a5 Projert Managernent, A¢countanry, and Research. The organlsatyon Is growlng and needs worklng capltal to be financially resilient and sustalnable. This Rerves Pollcy wlll enable us to malntsin suffsdent levels of reserves for nomial operating actlvfjtles to contlnue for up to 6 months should a shortfall of income occur and taka a¢count of potential rlsks and contingencles that may arlse from time to ts"me, In order to demorstrate transparencyi accountsblllty and sound flnandal managÈment the PTwf Reserves Poliry cleèrfy Justifies keeping back 6 months of unre5trlcted reserves eath year. Staps taken to establi$h reserves: In order to make a Judgement on the amount of reserves needed. the Tnjstees have consided the rfsks In respect of expendIre. unrestrjtted income and. where appropriate, restrirted Income from grants as set out above.
PEMBROKE TOWN WALLS TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Also taken into consideratlon a any external Identlfied potentlal rlsks to Income and expenditure during the year under conslderation suth as a change of Government, and changes In the economlc envlronment. Our current reserves a sufficient to maintain nomal operaElng actlvlties whith wlll be sustsined and built up through fundralsing IvItIeS and events. and by an Increase In membershlp. The results will be recorded In the b(Tdget for that period. Monltorfng and vevlewlng thls Pollry: This pollcy will be revlewed by Trustees after consultation with the Flnance Sub-committee each year. The Chair of Trustees will present th8 Board wlth a draft document and 5UPPOrting materlals to enable them to make an Infomied declslon about the levels of re5eryes needed In thelr annual budget. FulliR2 PLANS The applications tts both the UK SPF and the Natlonal Lottery Heritage Fund were sUCful In January 2024. This is enabllng the Trust to ConnUe to develop the tralnlng programme wlth the Tywl CentrE and Coe Stone Ltd; to extend the comlnunlty enga9ement programme and Involve wall ownets and the ommunlty in tralning; to develop the Pembrokeshifft Bullt Heritage CIC as a trading sotial enterprtse,. and to restore more of the north walls along the Mill Ponds trth four more owne. The deadline for thos work is 31st December 2024. In the meantlme, the Trust wlll look at future fundralsing nd working more dosely wlth owners and the comunlty. A meetlng has been held wlth Cadw regarding the Heritsge Partnershlp Agreements, requested by the Pembrokeshlre Conservation Offlcer and Head of Plannlng. This Is progresslng. Work contlnues wrth long term partners Chrls Atherton of the Atherton Consultancy, Project Manager,. Mark Vines of Acanthus Holden, Archltetts,. Helena 8urke of Tywl Centre,. Oliver Coe of Coe Stone Ltd., the Pembmkeshire Built Heritsge CZC. It may be nettssary to include these partners in procurement procedures for future proJects but In the meantime Serylce Level Agreements are being establlshed. STRUCTURE, GOVERNANCE AND MANAGEMENT Gov¢Mlny documnt The charity is a ¢harttable incorporated organisjtton and ts controlled by Its incorporation documents. REFERENCE AND ADM1141sfRATZVE DETAfLS Ra9iJternd Charlty number 1157626 Prfnclp•l addre Foundry House Orange Way Pembroke Pembrokeshire SA714DR Trustee6 Mr M Bell Mrs E H J Gossage Mr P M Thomas Mr H Rudge (reslgnod 201612023) MrsDMJBush Mr M White Ms L Evans {resl9ned 201612023) Mr A Jèmes S Moakler Ms L Dunlop {appolnted 201612023)
PEMBROKE TOWN WALLS TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 REFERENCE AND ADMINISTRATIVE DETAILS Xndependent Examiner Kenneth John Randall Llewelyn Davie5 Chartered Accountants 50 Queen Street Pembroke Dock Pembrokeshire SA72 6JE Approved by order of the board of trustees on by: and slgned on its beha Mr M Whlte - Trustee
INDEPENDENT EXAMINER'S REPORT TO ThE TRUSTEES OF PEMBROKE TOWN WALLS niuST Independent examlneY'$ report to the truste¢ of Pembroke Town Wa116 Trust I report to the d)arity trusteès on my examlnation of the accounts of Pembroke Town Walls Trust (the Trust) for the year ended 31 Deomber 2023, Responsibllltles and basls of report As the charfty trustees of the Trust you are responslble for the PparatIOn of the accounts in accordance with the requ1Ments of the Charftles Att 2011 {'the Act'}. I report In respett of my examlnatlon of the Trust s accounts carrled out under 5ectlon 145 of the Att and In Carrying out my examinatlon f have followed all appllcable Dlrections given by the Chartty Commission unoer Secdon 14515)(b) of the Act. Indopondent ex•miner'• statem•nt I have completed my examlnatfon. I confirm that no material rratter5 have come to my attentlon in connertion wSth the examination 9iving me cause to believe that In any materlal respert: accountlng records were not kept in respect of the Trust as required by Sectfon 130 of the Att,. trr the accounts do not acwrd wlth those records; or the accounts do not comply wlth the appllcable requirements concerning the form and content of account5 set out in the Charities {Accounts and Reports) Regulatlons 2008 other than any requirement that the accounts 9lve a true and falr vlew which Is not a matter considered 4$ part of an independent examination. I have no concerns and have come across no other matters in connertlon wlth the examlnètion to whlch attentlon should be drdwn in this report in order to enabfe a proper understanding of the accounts to be reached. Kénneth John Randall Uewelyn Davles Chartered Accountants 50 Queen Street Pembroke Dock Pembroke5hlre SA72 6JE Date..
PEMBROKE TOWN WALLS TRUST STATEMENT OF FINANCIAL AMVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Totsl fiJn¢s Unrestrfrted Restrfrted fvnd fund 2022 Total nds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 8,525 8,525 1,407 Charltable a¢llvltles Pembroke Town Walls 114 929 Total 116 336 EXPENDXTURE ON Charltable actlviti¢• Pembroke Town Walls NET INCOME/(EXPENDrrvxE} Transfers between funds 3,849 4.942 io 8.791 {2.510) Net movement In funds 8.369 422 8.791 <2.510) RECONCXLZATION OF FUNDS Total funds brought forward 820 820 3.330 TOTAL FUNDS CARRIED FORWARD 422 820 The notes form part of these flnanclal statements
PEMBROKE TOWN WALLS TRUST BALANCE SHEET 31 DECEMBER 2023 2023 Totsl fvnds 2022 Total fund5 UnrestNcted Restdcted fLFnd fvr Notes FXXED ASSETS Tanglble assets 390 390 CURRENT ASSETS Cash at bank and in hand 10,319 422 10,741 23.094 CREDrroRS Amounts fralllng due wlthln one year (1.520) {1,5201 (22,274) NET CVRRENT ASSErs 422 820 TOTAL ASSEfs LESS CURRENT UABILITIES 9,189 422 9,611 820 NEf ASSETS 422 820 FUNDS Unrestsirted fund5 Restricted funds io 9,189 422 820 TOTAL FUNDS 820 The financial statements were approved by the Board of Trustees ènd authorised for Sssue on &..Tn.224-. """"" and were signed on Its behalf by: Mr M Whlte - Tmstee The notes form part of these flnan¢ial statements
PEMBROKE TOWt4 WALLS TRUST NOTES TO THE FINA14CZAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POUCIES Basi$ of preparing th• financi•l stat•m•nts The ffnandal ststernents of the tharlty. whlch Is a public benefit entity under FRS 102, have been prepared In attordance with the Charitle5 SORP (FRS 1021 'Accountyng and Reporting by Charitles.. Statement of Recommended practi applicable to charities preparing their a¢counts In accordance with the Financlal Reporting Standard appllcable In the UK and Republic of Ireland IFRS 102) (effectlve l January 20191,, Flnancial Reportlng Standard 102 Yhe Financial Reportlno Standard applicable in the UK and kepubllc of Ireland, and the Charltles Act 2011. The financlal statements have been pPared under the hlstorical cost convention. Income All incom4 Is recognlsed In the Statement of FlnancJal Actlvlties on¢e the charlty has entitlement to the funds, It Is probable that the Income wlll be reoived and the amount can be measured rellably. Expendlture Llabllltles are recognlsed as eXpendItu as soon as there Is a legal or construrtlve obligation commlttlng the charity to that expendIre, it is probable that a transfer of economic benefits wlll be quired in settlement and the arno¢Jnt of the obll9ation can be rneasud reliably. Expendlture Is accounted for on an accruals basis and has been classified under headings that aggregate all t05t related to the category. Where costs cannot be dlrettly attrtbuted to particular headlngs they have been allocated to acuvltles on a basss consistent wSth the use of resources. TangEble flxed ass•ts Depreciation Is provlded at the followlng annual ratss in order to writt off ead) asset over Its estimated useful life. Plant and machinery 15% on reduclng balance Taxatlon The charity Is exempt from tèx ¢n Its charitable actlvJtie5. Fund accountlng iJnstcted ftjnds can be used In accordance wlth the charitable obJectlves èt the dlscretion of the trustees. Restricted funds can only be used tor partl¢ular restrfcted purposes withln the objects of the tharfty. Restrictions arise when speclfied by the donor or when fund5 are raisèd for partlojlar rertrfcted purposes. Further explanatlon of the nature and purpose of each fund is included in the notes to the finanual statements. DONATIONS AND LEGACIES 2023 2022 Donatlons Glft ald SubsCrIpOn$ 7,214 303 779 621
PEMBROKE TOWN WALLS TRiIST NOTES TO THE FINANCIAL STATEMENTS - ¢ontlnu•d FOR ThE YEAR ENDED 31 DECIMBER 2023 INCOME FROM CHARThABLE AcfivzTIES 2023 Activity Pembroke Town Walls 2022 Grarts 114 929 Grants received, Included In the above. are as follows., 2023 2022 PeMbrOkeshi County Council P & M Thomas fund Pf>Stcode Community Trust Community Changemaker Fund LocalGiving Mat¢hfiJndlng 5.484 111,554 2,875 500 1,000 50 114 929 CHARThABLE Acrmnts COSTS Dlrert Costs Support costs Totals Pembroke Town Walls 932 TRUSTEES, REMUNEPATION AND BENepTrs There were trustees, remuneratlon or other beneltts for the year ended 31 t>ecember 2023 nor for the year ended 31 December 2022. Trustees, expenses There no trustees, expenses paid for the year ended 31 Dember 2023 rlorfor the year ended 31 December 2022. COMPARATIVES FOR THE sfAfEMENY OP FZNANCIAL AcrnimES Unrestritted Restrlcted fijnd fvnd Total funds XNCOME AND ENDOWMENTS FROM Donations and legaaes 1,407 1,407 Charitable activltS•B Pernbrt)ke Town Walls 112 054 114 929 Total 112 054 116 336 EXPEP4DITURE ON Ch•rltable actlvltle& Pembroke Town Walls 116 $24 NEf ZNCOME/(EXPENDrruRE) Tr•nsfors between funtts 1,960 (4,470) (2,510) Not mmeTht in funds (2.510) (2.510) RECONCXLIAT1014 OF FUNDS Totsi funds brought forward 3,330 3.330 TOTAL PUNDS CARRIED FORWARD 820 820 -io-
PEMBROKE TOWt4 WALLS TRiIST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 TANGIBLE FIXED ASSETS Plant and machinery cosr Addltlons 459 DEPRECIATZON Charge for year 69 NET BOOK VALUE At 31 December 2023 390 At 31 December 2022 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Trade creditors Other creditors 20,407 LOANS An analysls of the maturity of loans Is glven below: 2023 2022 Amounts falllno due wfjthin one year on demand: Other loans 920 10. MOVEMENT IN FUNDS Net movement In funds Transfers between funds At 31.12.23 At 1.1.23 Unrestrlrted funds General fund 820 3,849 4,520 9,189 Restricted funds Pembroke Towr¢ Wa115 4,942 {4,520) 422 TOTAL FUNDS 820 -li-
PEMBROKE TOWN WALLS TRusr NOTES TO THE FINANCIAL STATEMEKfs - ¢onUnu•d FOR THE YEAR ENDED 31 DECEMBER 2023 10. MOVEMENT IN FUNDS- contlnu•d Net movement in funds, Induded in the above are as follows.. Incomlng resources Resources expended Movement In furtds Unrestrlrted funds General fund 8,525 (4,676) 3,849 Restrlcted fund$ Pembroke Town Walls 6,534 (1,592) 4,942 TOTAL FU14DS Comp•ratIV for movement In fundg Net movement in ftinds Transfers between funds At 31.12.22 At 1.1.22 Unr•strirted funds General fund 3.330 1,960 {4,470) 820 Restrl¢ted funds Pembroke Town Walls (4.470) 4,470 TOTAL FUIIDS 820 Comparatlve net movement In fvnds, Included In the above are a5 follows: Incomlng reSoUrS Resources expended Movement In funds UTrr¢strlct•d funds GeneTrl fund 4.282 {2,322) 1,960 Restricted funds Pembroke Town Walls 112,054 {116,524) 14,470) TOTAL FUNDS 116 336 2 $10) -12-
PEMBROKE TOWN WALLS TRUST NOTES TO THE FINANCIAL sfATEMENTS- ¢oDtinued FOR THE YEAR ENDED 31 DECEMBER 2023 10. MOVEMENT IN FUNDS- Contlnued A ¢urrent year 12 months and prior year 12 months comblned position 15 a5 follows: Net movement In fLtrnds Transfers beeen funds At 31.12.23 At 1.1.22 Unrnstrirted funds General fund 3,330 5,809 50 9,189 Rastrlrted fvnds Pembroke Town Wa115 472 (50) 422 TOTAL FUNDS 9,611 A current year 12 months and prlor year 12 months combined net movement tn funds, induded In the above are as follows= Incomln9 resources Resour$ expended Movement In funds Unrestrfcted funds General fund 12.807 (6.998) 5,809 Rè5tri¢ted fund$ Pembroke Town Walls 118,588 (118,116) 472 TOTAL FUP4DS 131 395 (125 114 11. RELATED PARTY DISCLOSURES Pembroke Town Walls Trust Is the asset locked body 1Snked to Pembrokeshlre Built Herttage Q)mmunity Interest Company. During the year payments amountlng to £nll (2022 £48.380) we pald to Pembrrjkeshlfy Bullt Herftage Communty interest Company. -13-
PEMBROKE TOWt4 WALLS TRUST DETAILED STATEMENT OF FINANCIAL AcfDIiTIES FQR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 INCOME AND ENDOWMENTS Donatlons and legxies Donatlons Gift aid Subsulptlons 7,214 303 779 621 8,525 1,407 Charltabl¢ artlviti Grant5 114929 T¢)tal Incomlng resources 15,059 116,336 EXPE14DITURE Charltabl• actlvitiè• Insurance Office costs ané overheads Subscrfptlons Architect Contractor servlces Donatlons Plant and machlnery 988 327 70 898 4,597 30 10,920 101,326 165 3,700 182 69 5.336 117,936 Support costs Flnance Bank charges 310 258 Governance costs Accountancy fees Loan Interest 600 22 600 52 622 652 Total resouros expended 118 846 Net In¢ome/(exp¢Thdlture) Thi5 page does not form part of the ststutory flnancial statements -14-