**REGISTERED CHARITY NUMBER: 1157626** ## **PEMBROKE TOWN WALLS TRUST** **REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 DECEMBER 2024** Llewelyn Davies Chartered Accountants 50 Queen Street Pembroke Dock Pembrokeshire SA72 6JE **PEMBROKE TOWN WALLS TRUST** **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** |||**Page**|**Page**| |---|---|---|---| |**Report of the Trustees**|1|to|4| |**Independent Examiner's Report**||5|| |**Statement of Financial Activities**||6|| |**Balance Sheet**||7|| |**Notes to the Financial Statements**|8|to|12| |**Detailed Statement of Financial Activities**||13|| ## **PEMBROKE TOWN WALLS TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024** The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** Pembroke Town Walls Trust exists to protect and conserve the unique archaeology of the built heritage of Pembroke and in particular that of the peripheral walls, to promote understanding of and access to the heritage, and to realise the international importance of this historic site. By working with the local community, partners and stakeholders, careful conservation of the town will contribute to the social and economic benefit of our local community through skills development, sustainable tourism and a sense of place. Our Values: Pembroke Town Walls Trusts believes in: - Working in co-operation and partnership with a wide range of stakeholders - Building a sense-of-community by welcoming, engaging and involving all sectors of the community - Creating a sense of health and wellbeing for those involved in and benefiting from our work - Creating a sense of pride of place in Pembroke as a town - Valuing and promoting our local culture - Ensuring that our work does not have a detrimental effect on the environment -1- **PEMBROKE TOWN WALLS TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024** ## **ACHIEVEMENTS AND PERFORMANCE** ## **Charitable activities** Our submission to the first round of the UK Government Shared Prosperity Fund (SPF) via Pembrokeshire County Council (PCC) in March 2023 was finally rejected in September 2023. However, we scored highly and were encouraged to resubmit to the second round which we did in October 2023 as a partnership with PBHCIC, Coe Stone and the Tywi Centre. In January 2024 we were advised that our submission for £208,893 had been successful subject to some detailed financial discussions. These discussions resulted in us having to resubmit without partners to avoid some very demanding and time-consuming additional paperwork. We also informed PCC that we could not accept the grant without advanced funding as our available funds would not permit us to settle project bills and claim back post defrayment. After lengthy discussions with PCC we secured staged partial advanced funding in April 2024 which allowed us to commence the project. Despite funding delays the project end date for all claims remained at the end of the year. In February we were also advised of a successful outcome from the National Lottery Heritage Fund for a grant of £9,705. This application was worded such that the money could be used for our matchfunding element of the SPF project or to fund some of the training element of SPF should we be unsuccessful in the 2nd round application. With funding secured we could proceed with our project in 3 areas. 1. Capital work - Restoration of 5 sections of north curtain wall along Pembroke millpond. This work commenced in August 2024 and, despite some severe autumnal weather challenges, was largely completed by year end. In December PCC relaxed the project completion deadline to the end of February 2025. A small amount of the restoration work was therefore allowed to lapse into the new year to maintain focus on delivering quality work. 2. Training - together with Coe Stone and the Tywi Centre we successfully delivered the following courses - a. NVQ Level 3 Part 1 - b. NVQ Level 3 Part 2 - c. Funded NVQ Placement for 2025 - d. Intro to Stonemasonry - e. Heritage Impact Assessment - f. Specifying Lime Course - 15th November 3. Community engagement - the Trust had stands or was represented at many local events: Scolton Manor Pembrokeshire History Day, Carew Castle Unearthing History, Pembroke Show, Martletwy Show, Cresselly Country Fayre, Pembrokeshire Archaeology Day, PAVS volunteering fair, PAVS AGM & funding fair. We also held our Party at the Castle event at Pembroke Castle During the year our Chair, Elizabeth Gossage, had to step back from the role due to health issues. Malcolm White covered as Acting Chair for the remainder of the year. Trustees met monthly throughout the year except for August and December. The Annual General Meeting was held for members in June. The Annual Report and Accounts was signed and approved and all necessary documents filed with the Charity Commission on time. -2- **PEMBROKE TOWN WALLS TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024** ## **FINANCIAL REVIEW Reserves policy** The Trust has a Reserves Policy which is reviewed annually. ## **Rationale for setting our reserves:** The PTWT runs training, capacity building, community engagement, fundraising and regeneration programmes that benefit wall owners and the whole community. This work is funded largely by grants and our own fundraising covers our operating costs. Increasingly Grant givers make payments retrospectively requiring claims to be made quarterly in arrears. PTWT is a small charity with few unallocated resources to manage a quarterly cash flow model for the level of funding we require. Where possible we make a case for payments in advance. The Welsh Government's policy set out in its document (Annex to the Third Sector Scheme - Code of Practice for Funding the Third Sector), states that it recognises that most Third Sector organisations do not hold large reserves and do not have the resources available to undertake work and receive payments afterwards. Therefore, provision of funding for committed expenditure may be considered in advance of payment where evidence of need is clearly established. We strive to set out clear evidence of need in funding applications and take this into account when setting our reserves. The organisation is governed by volunteer Trustees with the aid of a volunteer Secretary. However, when needed PTWT sub-contracts to professionals for services such as Project Management, Accountancy, and Research. The organisation is growing and needs working capital to be financially resilient and sustainable. This Reserves Policy will enable us to maintain sufficient levels of reserves for normal operating activities to continue for up to 6 months should a shortfall of income occur and take account of potential risks and contingencies that may arise from time to time. In order to demonstrate transparency, accountability and sound financial management the PTWT Reserves Policy clearly justifies keeping back 6 months of unrestricted reserves each year. ## **Steps taken to establish reserves:** In order to make a judgement on the amount of reserves needed, the Trustees have considered the risks in respect of expenditure, unrestricted income and, where appropriate, restricted income from grants as set out above. Also taken into consideration are any external identified potential risks to income and expenditure during the year under consideration such as a change of Government, and changes in the economic environment. Our current reserves are sufficient to maintain normal operating activities which will be sustained and built up through fundraising activities and events, and by an increase in membership. The results will be recorded in the budget for that period. ## **Monitoring and reviewing this Policy:** This policy will be reviewed by Trustees each year. The Chair of Trustees and Treasurer will present the Board with a draft document and supporting materials to enable them to make an informed decision about the levels of reserves needed in their annual budget. ## **FUTURE PLANS** - Develop funding applications for further capital works - Develop and deliver guided walks - Develop and implement interpretive signage along the millpond walk Work continues with long term partners Chris Atherton of the Atherton Consultancy, Project Manager; Mark Vines of Acanthus Holden, Architects; Helena Burke of Tywi Centre; Oliver Coe of Coe Stone Ltd; the Pembrokeshire Built Heritage CIC. Work also continues with consultants Ceri Crichton of The Round House and Rebecca Wade of Purple Dog to develop our business plan and social media presence. -3- **PEMBROKE TOWN WALLS TRUST** **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document** The charity is a charitable incorporated organisation and is controlled by its incorporation documents. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1157626 ## **Principal address** Foundry House Orange Way Pembroke Pembrokeshire SA71 4DR ## **Trustees** Mr M Bell Mrs E H J Gossage (deceased 4/4/2025) Mr P M Thomas Mrs D M J Bush Mr M White Mr A James S Moakler (resigned 8/4/2024) Ms L Dunlop Ms A E Mortenson (appointed 18/6/2024) Mr R Taylor (appointed 18/6/2024) Mr M Dash (appointed 14/7/2025) ## **Independent Examiner** Kenneth John Randall Llewelyn Davies Chartered Accountants 50 Queen Street Pembroke Dock Pembrokeshire SA72 6JE Approved by order of the board of trustees on 13 October 2025 and signed on its behalf by: Mr M White - Trustee -4- **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PEMBROKE TOWN WALLS TRUST** ## **Independent examiner's report to the trustees of Pembroke Town Walls Trust** I report to the charity trustees on my examination of the accounts of Pembroke Town Walls Trust (the Trust) for the year ended 31 December 2024. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Kenneth John Randall Llewelyn Davies Chartered Accountants 50 Queen Street Pembroke Dock Pembrokeshire SA72 6JE Date: 13 October 2025 -5- **PEMBROKE TOWN WALLS TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024** |Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
7,078
**Charitable activities**
3
Pembroke Town Walls
-
Other income
45
**Total**
7,123
**EXPENDITURE ON**
**Charitable activities**
4
Pembroke Town Walls
4,930
**NET INCOME/(EXPENDITURE)**
2,193
**RECONCILIATION OF FUNDS**
Total funds brought forward
9,189
**TOTAL FUNDS CARRIED FORWARD**
11,382|Restricted
fund
£
-
170,837
-
170,837
171,202
(365)
422
57|2024
Total
funds
£
7,078
170,837
45
177,960
176,132
1,828
9,611
11,439|2023
Total
funds
£
8,525
6,534
-| |---|---|---|---| ||||15,059| ||||6,268| ||||8,791
820| ||||9,611| The notes form part of these financial statements -6- ## **PEMBROKE TOWN WALLS TRUST** ## **BALANCE SHEET 31 DECEMBER 2024** |Unrestricted
Restricted
fund
fund
Notes
£
£
**FIXED ASSETS**
Tangible assets
7
332
-
**CURRENT ASSETS**
Cash at bank and in hand
12,249
57
**CREDITORS**
Amounts falling due within one year
8
(1,199)
-
**NET CURRENT ASSETS**
11,050
57
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
11,382
57
**NET ASSETS**
11,382
57
**FUNDS**
10
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|2024
Total
funds
£
332
12,306
(1,199)
11,107
11,439
11,439
11,382
57
11,439|2023
Total
funds
£
390
10,741
(1,520)
9,221
9,611
9,611
9,189
422
9,611| |---|---|---| The financial statements were approved by the Board of Trustees and authorised for issue on 13 October 2025 and were signed on its behalf by: Mr M White - Trustee The notes form part of these financial statements -7- **PEMBROKE TOWN WALLS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and 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 a basis consistent with the use of resources. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Plant and machinery - 15% on reducing balance ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **2. DONATIONS AND LEGACIES** |Donations
Gift aid
Subscriptions|2024
£
5,725
140
1,213
7,078|2023
£
7,214
303
1,008
8,525| |---|---|---| -8- **PEMBROKE TOWN WALLS TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024** ## **3. INCOME FROM CHARITABLE ACTIVITIES** ||||||2024||2023| |---|---|---|---|---|---|---|---| ||Activity||||£||£| ||Grants
Pembroke Town Walls||||170,837||6,534| ||Grants received, included in the above, are as follows:||||||| ||||||2024||2023| ||||||£||£| ||National Lottery Fund for Heritage||||9,720||-| ||Pembrokeshire County Council||||156,117||5,484| ||Community Changemaker Fund||||-||1,000| ||Local Giving Matchfunding||||-||50| ||Pembrokeshire Built Heritage CIC||||5,000||-| ||||||170,837||6,534| |**4.**|**CHARITABLE ACTIVITIES COSTS**||||||| |||Direct|||Support||| |||Costs|||costs||Totals| |||£|||£||£| ||Pembroke Town Walls|175,175|||957||176,132| |**5.**|**TRUSTEES' REMUNERATION AND BENEFITS**||||||| ||There were no trustees' remuneration or other benefits for the year ended 31 December 2024 no||||||| ||for the year ended 31 December 2023.||||||| ||**Trustees' expenses**||||||| ||There were no trustees' expenses paid for the year ended 31||December 2024|||nor|for the yea| ||ended 31 December 2023.||||||| |**6.**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**||||||| |||Unrestricted|||Restricted||
Total| |||fund|||fund||funds| |||£|||£||£| ||**INCOME AND ENDOWMENTS FROM**||||||| ||Donations and legacies|8,525||||-|8,525| ||**Charitable activities**||||||| ||Pembroke Town Walls|||-|6,534||6,534| ||**Total**|8,525|||6,534||15,059| ||**EXPENDITURE ON**||||||| ||**Charitable activities**||||||| ||Pembroke Town Walls|4,676|||1,592||6,268| ||**NET INCOME**|3,849|||4,942||8,791| ||**Transfers between funds**|4,520|||(4,520)||-| ||**Net movement in funds**|8,369|||422||8,791| ||**RECONCILIATION OF FUNDS**||||||| ||Total funds brought forward||820|||-|820| ||**TOTAL FUNDS CARRIED FORWARD**|9,189|||422||9,611| There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. -9- **PEMBROKE TOWN WALLS TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024** ## **7. TANGIBLE FIXED ASSETS** |**7.**|**TANGIBLE FIXED ASSETS**||||| |---|---|---|---|---|---| ||||||Plant and| ||||||machinery| ||||||£| ||**COST**||||| ||At 1 January 2024 and||||| ||31 December 2024||||459| ||**DEPRECIATION**||||| ||At 1 January 2024||||69| ||Charge for year||||58| ||At 31 December 2024||||127| ||**NET BOOK VALUE**||||| ||At 31 December 2024||||332| ||At 31 December 2023||||390| |**8.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||||| |||||2024|2023| |||||£|£| ||Other creditors|||1,199|1,520| |**9.**|**LOANS**||||| ||An analysis of the maturity of loans is given below:||||| |||||2024|2023| |||||£|£| ||Amounts falling due within one year on demand:||||| ||Other loans|||568|920| |**10.**|**MOVEMENT IN FUNDS**||||| |||||Net|| |||||movement|At| |||At 1.1.24||in funds|31.12.24| |||£||£|£| ||**Unrestricted funds**||||| ||General fund|9,189||2,193|11,382| ||**Restricted funds**||||| ||Pembroke Town Walls||422|(365)|57| ||**TOTAL FUNDS**|9,611||1,828|11,439| -10- **PEMBROKE TOWN WALLS TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024** ## **10. MOVEMENT IN FUNDS - continued** Net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**Restricted funds**
Pembroke Town Walls
**TOTAL FUNDS**
**Comparatives for movement in funds**
At 1.1.23
£
**Unrestricted funds**
General fund
820
**Restricted funds**
Pembroke Town Walls
-
**TOTAL FUNDS**
820|Incoming
resources
£
7,123
170,837
177,960
Net
movement
in funds
£
3,849
4,942
8,791|Resources
expended
£
(4,930)
(171,202)
(176,132)
Transfers
between
funds
£
4,520
(4,520)
-|Movement
in funds
£
2,193
(365)
1,828
At
31.12.23
£
9,189
422
9,611| |---|---|---|---| Comparative net movement in funds, included in the above are as follows: |
**Unrestricted funds**
General fund
**Restricted funds**
Pembroke Town Walls
**TOTAL FUNDS**|Incoming
Resources
Movement
resources
expended
in funds
£
£
£
8,525
(4,676)
3,849
6,534
(1,592)
4,942
15,059
(6,268)
8,791| |---|---| -11- **PEMBROKE TOWN WALLS TRUST** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024** ## **10. MOVEMENT IN FUNDS - continued** A current year 12 months and prior year 12 months combined position is as follows: |||Net|Transfers|| |---|---|---|---|---| |||movement|between|At| ||At 1.1.23|in funds|funds|31.12.24| ||£|£|£|£| |**Unrestricted funds**||||| |General fund|820|6,042|4,520|11,382| |**Restricted funds**||||| |Pembroke Town Walls|-|4,577|(4,520)|57| |**TOTAL FUNDS**|820|10,619|-|11,439| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**Restricted funds**
Pembroke Town Walls
**TOTAL FUNDS**|Incoming
resources
£
15,648
177,371
193,019|Resources
expended
£
(9,606)
(172,794)
(182,400)|Movement
in funds
£
6,042
4,577
10,619| |---|---|---|---| ## **11. RELATED PARTY DISCLOSURES** Pembroke Town Walls Trust is the asset locked body linked to Pembrokeshire Built Heritage Community Interest Company. During the year a match funding grant amounting to £5,000 (2023 - £nil) was received from Pembrokeshire Built Heritage Community Interest Company. -12- **PEMBROKE TOWN WALLS TRUST** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024** |**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
Gift aid
Subscriptions
**Charitable activities**
Grants
**Other income**
Sundry income
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Insurance
Office costs and overheads
Advertising
Subscriptions
Architect
Contractor services
Consultancy fees
Donations
Plant and machinery
**Support costs**
**Finance**
Bank charges
**Governance costs**
Accountancy fees
Loan interest
Total resources expended
**Net income**|2024
£
5,725
140
1,213
7,078
170,837
45
177,960
987
3,578
1,098
50
13,200
110,859
45,014
330
59
175,175
282
660
15
675
176,132
1,828|2023
£
7,214
303
1,008
8,525
6,534
-
15,059
988
327
-
70
-
3,700
-
182
69
5,336
310
600
22
622
6,268
8,791| |---|---|---| This page does not form part of the statutory financial statements -13-