Charlty number.. 1165883 YMDDIRIEDOLAETH CLOUGH WILLIAMS-ELLIS FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 6 APRIL 2024 WR Partners Protecting your fulure.
YMDDIRIEDOLAETH CLOUGH MLLIAM&ELLIS FOUNDATION COMTENTS Page RefvrgnG• and admlnlstr¥tl dots11$ of th• Cttarity, its Trustees and advis•Ys Trust•os' roport Independent audStors' report on the flnanclal statements consolidat 8t•tgment of financi•l actlvitio# 9-12 13 Consolklated balance sheet 14 Charity balanc• shoot Consolldat•d statrmenl of cuh flows 15 16 Note8 to the flnanclal statements 17-34
YMDDIRIEDOLAETH CLOUGH WILLIAMS-ELLIS FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024 Tru•t•es J C Walla Angharad D Iwan l Huws R Garden S Dolma M Jones D Wynn&Finch Charlty reg1sleI number 1165883 Princlpal offlce Unlt 10, St GI Bu8ln•8s P8rk, Pool Rosd, Nevrtown. Powys, SY16 Investment portfollo managers Evelyn Partners , 45 Gresham Street. London, EC2V 7BG Indepgndent audltorn WR Partner8, Unit 10. St Gi8 BunesS Park, Pojl Road, Newi01, Powys. SY16 3AJ Bankerg AMC Bank, AMC House, Chanty Street, Andover. Plampshirg, SP10 1DE HSBC, 62 High Street, Porthmadog, Gwynedd. LL49 9LN Lloyds Banklng Group, 28 Regenl Street. Wrexham. ¢ld, LL111SE Solicitor4 Farrer & Co, 66 Linen& Inn Fdds. London. WC2 3LH. Exeello Law. One City Pl, Queen$ R(Jad. Chester, CH1 3BQ Managlng Aggnts BaKours LLP. New Wlndsor House, Oxon Buslness Park, Shrewsbury, Shropshire, SY3 5HJ Page 1
YMDDIRIEDOLAETH CLOUGH WILLIAMKLLIS FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 6 APRIL 2024 The Trustees present theiT annual report together with the audited finanaal statements of the Charity for the year 6 Aprll 2023 to S Aprfl 2024. The Charity is a Charitable InrOrated Or91$110n ICIOI 8fKI conslibjted in accordance vAth Part 11 of the ChaTllies Act 2011, the Charitsble Incorporated Organlsatlons (General} Regulatlons 2012, the Charttles Act 2011 ICharit8ble Ineorporaled Organisati¢)n81 (Constitutions) Regulation$ 2012 and the Charitalye In¢orporaled Organisatsons {In501vency arKI Dissolution) Regulations 2012. ObjectiV88 and activiti•s •. Pollcles and oblgctlv The obj'ects of the Chaiitable Incwated Organisation (CIO) arft as follows.. 1. To contribute towards w fc¢ the benefit or lurtheranc of such charitable inslitutions or charitable wrposes In such manner and lif more than one) in such shares 88 the Trustees shall in their absolute éiscretion from time to time detemilne and In parUoJlar but k)ut prejudlce to the generallty of the foregoing lo or towards or for all or any of the dlaritable pUrseS set tyjt in Clause 2 bel¢Jw. 2. In North Wales, and esperaally in Snowdonia and Gvrynedd including in p8rticular thé Portmeirion peninsula 91 Mlnfford Penrhyndeudraeth and the Brondanw Parc and Croe50r Estate at Llanfrothen Gvryredd (Area). for the benefit of tre public generally and especially the inhabbtants of the Area.. 2.1 to promote the preservalton of lands of beauty or histor, ecological or other sclenliffic interest and generally lo protect preserve and improve the natural aspect. character. environment, biodiversity and amenth-es of the Area.. 2.2 to prcfflote re5pon5ible public acce55 to the countrysid8. the PTOV15ion of roLrt95 and ways IheTefore arKI thg preservation of footpaths, COMM waste lands. 2.3 lo promole the preservation and rehabilitation of gardens and designed landscapes which are of nation. hlstoric or aitistic irrteresl and public access to aThJ eryoyment of SLKh gardens and landscapes,. 2.4 to promote the preservation and restoratp)n of buildings which are of national, historic. archi(ectural or artlstlc Interest and publlc access to and enjoyment of such bulldlngs and to augment the amenltles of guch bulldlngs and Ihelr bu511 and natural surroundlngs.. 2.6 to promo18 tho cons8rvalion of the rural landscap8 (including tha preservation and restoration of strudures and sries which form part of thal landscape and are of hi$loric arthitedural or artistic inlgr8st or amgnity value), the conservalion of flora and fauna, sustsinable method$ of agriculture, foigslry and other onlorprises which support such conservation, and research into the same and the publication of the useful results., and 2.6 to promote study and eduCats"C partigJlarfy In fields of relgvance lo the Area such 88 Ic1 history, Welsh (lture, ecology and the geologital, biolcgical and kindred 8ryen¢es gnd reoearth into the same and the publication of the useful results. In 8ettlng oblectlves and plannlng for 8Ctlvltles. the Trustees have glven due considèratlon to general guldan¢e publishèd by the Charity Commission relating to public benefft, Includlng thé guidance 'Public beneflt.. running harity {PB2}'. Page 2
YMDDIRIEDOLAETH CLOUGH mLLIAMLLIs FOVNDATION TRUSTEES. REPORT (CONTIMUEDI FOR THE YEAR ENDED 5 APRIL 2024 ObJoctlve8 and actlvltle8 Icontlnued) b. Stratggios for aGhhvlng obJ¢ctives The Charty 8chleves ts oblectlves pnpaIty through dlre¢l preservatlon rvation vrtirks 118 estates in North Wales. Its actswties indude." Protecting and preserving the natural aspect and chaiacter of the land rural landscape; Maintaining public routes and foolpalh8 for the benefft of members of the publi¢ intewtod in hikiTrJ, climbing ar generalty enjoying the outdoors,. Con8ervlng natural Wd9nds, streams and k19MesS and protecting Ihelr ecology and the envrronment for enjoymènt by the public. including generali¢)n8'. Proteding, Maintaining and rnanaging the Grade 1 liste(I garden at Plas Brondanw, Uanfrothen, ke8plng rt open to the publ and developing a$soct8ted publie mènitioS- PreseNlng and maintslning buildings on the Charity$ estates induding house8 aTrd agr1(Mural struthres of hlstorSc or archlteclural Inlgre81 wthlch ntrIbUte lo th8 tharacter and beauty of the countyside., Prt)lecling and maintsining (through a tenancy contract) the Ilalbanate villa9e of Portmeirion in Gwedd including its listed buildings and gard8ns for enjoyment by the publk., From time to time maknng donaiions fr)r charitable purFoses and to other charities le.g. Campaign for thg Protection of Rural W8198 (CPRW). Ioc81 village school in G8rreg, Llanfrolhen. fvndlng for study bursaries, contribution lo lttal community council),. and From tlme to tlme asslstlng wmh fundlrKJ for stty and re668rch Into matter6 of relevance to the area indudlng local history, ecckgy and environment. The Charty 8180 advances rt8 object8 thrcwh its lettlng Wlcles for agricultural land and house8 wttich alm to.. Promole $u5toinable agriculture, f0Tr5ty ollied adivitie5; Safeguard the buildings by keeping them occupied and in gwd repair, Seek tenants keen to make a CODtributKn to the COMMlty and wtth skills enabllng them to support th& Charitls aims in th8 area; Retain people {induding ycung people) in the area., and Malnlaln Ihe Ilnguist pattern. The Charity ¢)ffers a privale Estalg Rent Reb*e Scheme to those who are In employment and either just fail to qualify for government housin9 benefit, or do just qualrfy but at such a low lever that th8 amount received is of irtlle help. Th18 Is admlnlst8red by the Local Auththty and the Chartty3 Man4iThJ Agents. Achi•v•ments and pfrrforniance a. Key perfonnance Indlcators The Charity considgrs the following lo bg its key measures of performance.. Flnandal Income generntion from investment propertie8 and Share porifolio Income generation from tradrj acilvhles Management of cash and ovetheads Net movement In funds Non-Flnanclal Residential and faThn occupancy Fulfilment of charllable obledves Page 3
YMDDIRIEDOLAETH CLOUGH WILUAMS.ELLIS FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Achlevements and porfommnce (contlnu•d b. Revlew of acli¥iti•8 In meeting its public bertfft requirements. the Charity ha5 continued to maintsin and improve its properties and Publ amoniti85 wlhin thg E5taig durlng the ypar. Examp195 ofthe tr ofwryk undertaken are: . Complete TrfiJrbishmenl of Cefn Dreiniog . Re-plaslering intemally at Fronwen . Re-fc4)flng repalrs at Galws Parc . Replacement wndows at Gatws Tanl . Commencement of vari¢xB works at PaTc . Completion of refvrbishmgnl ofTy Ma . Substanllal repaiTS at Tan y Bryn . Wiring repairs and plasterirYJ at The Bry . Hempcrete damp treatment at Tan y Clogwyn The Tru8tee8 have complied th the duty in $e¢tion 17 of the Charthe$ A¢t 2011 to have due regard to revised public benefit guid8nGe publi3hed by the Charity Commi88ion. ¢. Invostrngnt polky and pgrformanc• Investments are induded at ther market value at 5 April 2024. The investment powers of the Trustee8 are limited to thos8 available under Chty legislation. The Charills propebt'es are let at rents set by Professional Agents based on ¢yn market rents, bul adju5tsd lo tske into account Ihe Trustees, chantable objeth.ves and the strategies and xtwities for achiewng th8Sa objective8 as Set out above. The Charity retains a professional investment manager, Evelyn Partner& to manage its share portfollo In acwdance with thg Chartys investment policy. Page 4
YMDDIRIEDOLAEfH CLOUGH WILLIAMSQLLIS FOUNDATION TRUSTEES. REPORT ICONnNUEDI FOR THE YEAR ENDED S APRIL 2024 Flnanclal r•vl•w a. Golng concgm After making appropriate enquiriès, the Trustees have a reasonable expedatlon that the Charity adequate resources to continue in operational exi$len¢e for the foreseeable fLrture. For this rea80n they continue to adopt the golng concem basls in preparing the finala1 st*ments. Further detsils regarding the adoption of the concem basrs can be found in the Accounting Polioos. Th8 Trustees, during the year, have made the decision to liquidate a prOportk of thelr share portrollo and repay debt. This 1$ gc4ng to have a impact on the Charitys cashffiow to the tune of over £1Tr),1)00 per annum. Dfvidends from the remaining share portfolio wll be re-lnvested, with a viow to rfrIyJildg the value of it. After sellirKJ a proportion of thg Prytlolio, thg value of it will still be arca £3,000,000. b. Rer¥ poll¢y The Trustees, polcy is that year on year the routine maintenance and other expense$ of the Charity, Ityjethor V4ith loan repayments, Should be bome out of Income. The Twstees, objective is that the Unreslricted Income ftjnd should be maintalned at a p051tfve b818nce. bul with no set minimum. At 5 April 2024 the lot81 free reserves of the Charity was a deficit of £443,232 {2023.' defi¢it of £428,083). The re80rve8 pollcy aTrd current free re86NeS posib.on is sel agalnst the context of managing the return on th? investment portfolio. The Trustees have tsken the informed decision lo relain the current fundinlIQUIdty balance. Structure. govemanc• and maDagem¢nt . Constltyllon The Charity is registered as a Charble Company limited by guarantee and ha8 8 registered charity number 1165883. It was set up and is constituted urKler a TrwJt Deed 4 March 2016 and commen¢ed op¢rations on 13 April 2016. b. Methods of appolntmont or eloctlon of Trustses The Magement of the Charlty is the responsibilty of the Tru$tee$ who are elecaed and cA>opted under the t8rms of the charit$ Constitution. ¢. Polkles adopt•d for tho Inductlon and tralnlng of TruBte88 Each Trustee is gNen a copy of Charitls Constilulion. a copy of Dwector of Soclal Change wblicabon'The Effedve Trustee" and thelotest Annual Report. All new Tru8tees are a180 giv8n 8 tour of the Charttys est8te and briefed by the thair of the Trustees. Advont•3e is a150 taken of the spècffic training provided by thè CharW8 Audrtor6. Pagè 5
YhlDDIRIEDOLAETH CLOUGH WILLIAM&ELUS FOUNDATION TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED S APRIL 2024 StruGture• govfrrnanco and managemgnt Icontlnuod d. Oryanlsatlonal structur• and declslon maklng The Charity holds a miiimum of three Trustee meetings a year to oversee the management of Ihe Charity. The Charlty ha8 three scommIttee8 of the Board of Trustees. a8 follow8.' A Finan¢e Suommittee which oversees the Charills finan induding the investmpnt portldio managed by EV0 Partners. Th8 Tru$ts93 on this sulxommittge arg: M Jones J C Wallace D Wynne-Finth {Chairman} A Garden SutTrcommittee which oversees the management of the Grade I listed garden at Pk$ Brondanw, GWedd. The Trustees on this su&committee are: M Angharad S Dolma R Gorden J C Wallace A Communications Sutrtrcommittee which 8ids and guides publicity and oJnmunKations the cArtside world on tÉhalf of the Fc4Jndation. The Trustee5 on this sU¢0Mmittee are". R G8rden S Dolma M Jones day to day running of the Charity is delegated to Ihe Managlng Agents, Messrs Baffours LLP who are in regular contact with the chair of Ihe Twstee6 and other Trustees as appropriate. e. Related party relatlonshlps A tenant of the Charrty, Portmeirion Llmited, has certain Directors who arg also Trustees of the Charlty. The Chanivs dealings th Portmeirion Llmiled are on an arm's length bs. Another tenant of the Charity. Ymddiriedolaeth Susan Williams-Ellis Foundation, has a common Trustee wth the Charity. A summary of the related party transacb.ons 1$ set out In note 26 to the flnanclal statements. f. Rlsk management The Trustees have assessed the major risks lo which the Group and Chanty are exposed, in particularthoso related to the operaUons and finances of the Group and the Charlty, and are salisfled that systems and procedu$ a in plxe to miligate exposure to the major risks. A risk Matrix o widered by the Tru3tees at their AGM eath year. The major risks to the organisation are considered lo be as follows.. Deterioralion of charrtable buildings. Our Lond Agents oversee o programme of maintenance and repair Re¢Juclion in tenancy ¢)CrpatiOnS leading to a reduction in rental income which supports the CharhY8 activit8. Our Land Agents manag8 our investment property portfolio. ensuring tenants are akwroprlalely (2tsred for and properties maintained 8niJ upgmded to meet prevailing standards,. Fall in ¢apitsl value of and income from Share portfolio. Our investment managers ensure tho share portfolio is diversified and actively managed lo limit overall ri5k,' arKI Redurtéon In PU1¢ benefft due to loss of pu1¢ roule$ and f•3 and deIerfctknn of natural y0dlandS and streams. Our Land Agents Ove the preservat and maintenance of public paths and the woodlands and streams. Page 6
YMDDIR1EDOLAm CLOUGH WILLIAM&ELUS FOUNDATION TRU8TEE8' REPORT (CONTINUEDI FOR THE YEAR ENDED 6 APRIL 2024 Plans for fthure periods . Future developments In mo019 ts twbli¢ benefit quIreMentS. the Chwty has to maintain and improve the ppertIeS within the Estste for the fvture. At present the key developments for the future are.. Complefjon of refLwblshment of Cth Drglniog COmpletic of refurbishment of Parc Refurbishment of Pendomen Re-roofing of listed bams at Plas BrorarnY Refvrbishment of Garreg Fawr Trn$tws' ro*p¢)nsibiliiies ststement The Trustees {who are 8180 dlrectCf8 of Ymddlrtetha8th Clough Williams-Ellis Foundation for th8 purp¢)ses (rf company lawl are responsiblè for preparing the Trustees, rewt and the finandal statements in accordance with aFplicaL4e law arKI United lQngdorn AGwunling Stsndard8 {Unlled Klngdom Generally Accepted AGGounting Practice). Company law require8 the Trustees to prepare finan(ial statements for eath finanGio1 year. Und8r company law the Trustees must not approve Ihe ffinandal statements unless they ar6 Satisfied that thay give a true and falr view of the state of affairs of the Charity and of incoming resources and applicats'on of resources, indu(knThJ the income and expenditure, of the Charity for that period. In preparing th8s8 finonual statements. the TNstee$ are required to: • È81oCt Bukablè accwntlng polldes and apply them ccfi8i8tenlly, obsorvg tha mathoJ5 and prinLiple$ in the Charrties SORP.. ' md(eJudgmgnts arKI c(Mjnt19 ostimate5 that 8re reas0fkge and prudent,. ' state whether applicabl& UK ACCnting Standards have been followed, $ubjod to any material departure5 dtsdosed and explained in the finan?1 statements,. ' prepare the fin[al statements on the going concom basis unl9$8 it 1$ inappropriale to pre6ume that thg Charity will rorrtinue in operation. The Trustees are respons1e for keeplThJ adequate accounting records that are suffiaent to show and explaln the Charitls transactions and dlsdo8e reasonable accxjfacy at any Ilme the financial posltlon of the Charity and enable them to onsure that the financi slalements comply with the Charities Act 2011. They ar8 also responsible $afeguarding the assets of the Charty and hwKe for tthng reasonable steps for the Pre11 8nd detection of fraud and other irregularities. The Trust88s are responsible for the Maintene and integiity of the Chaty and financial information indud8d on the Charitys website. Legislation in the Unilod Kingdom governing tho preparatign and dissemination of finandal statements may differ from legislation in other juri5dicbon5. Pago 7
YMDDIRIEDOLAETH CLOUGH IMLLIAMS-ELUS FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 6 APRIL 2024 Dlsclosure of Informatlon to auditOf8 Ea¢h of the F¢rsons are Trustees at the time vthen this Trustees, report is approved has confirmed that: 80 far as that Trustee is aware, there is no relevant audrt infomiation ofwhich the Charitys auditors a unaware, 8ThJ that Trustee has taken all the step5 that ought lo have been tsken a$ a Tw81ee in ¢yder lo be aware of any relevant audit information 8j lo estsbli$h that the ChariV$ auditors are aware of Ihal infomiatbn. Approved by order of Ihe members of the board of Trustees and Signed on their beham ty. J C Wallac• Trustee Date: /% OC?EL2 Pap8
YMDDIRIEDOLAETH CLOUGH WILLIAMS4LUS FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF YMDDIRIEDOLAEfH CLOUGH WILLIAMS- ELLIS FOUNDATION Oplnlon We have audlted the financlal statements of Ymddlrledc4aeth Clough Williams-Ellls Ftyjndats'on {thg 'parent charity) snd rts $ubsKliarie3 (the 'group'} for the year ended 5 fvpril 2024 which compris8 the Consolidatgd ststement of financial activities. Con801idated balance sheet. the Charlty balance sheet, the Consolidated ststement of cash flows and the related notes, including a summary of SKJnificanl accounting polkies. The financial reporting framework tho1 ha5 been applied in their preparation is appliGat4e law arKI United KITrgdn Accounts'ng Slandards, including Financial Reporting Standard 102 The Finanoal Reporting Standard applicable in the UK and Repubtic of Ireland, {Unrted Kingdom GenerallyAccepted ACCInth.ng Pracce). In our opinion the finarKial slalements.. give a true and fair M8w of th8 slate of thé Group's and of the parent Charity's affairs as at 5 April 2024 and of the Group's incoming resources and application of resources. including its income and expendliurg for Ihe year then ended", have b8en propedy Weped in accordance vAth Unlted Kirydom Generally Acceptsd Accounong Practlce.. and bBen w8par•d in 8ccord8nc8 wth Ihe requirements of the Charilies Act 2011. Basls for oplnlon We conducted our audit in accordance with Intemational standards on Auditing {UK) IISAS (UK}l and applicable law. Our resry)nsibilies underthose standards are fvrther described in the Auditors, responsibllities forthe aud(t of the flnancl818tatements 8eclion of our report. We are independent of the Group in accordanee th the ethl(l requirements that are reievanl lo our audh of the financSal statements In the Unlteé "ngdom, including the Financial Reporting Counal's Ethical Standard. and we have fulfilled our other ethical rgsponsibilitigs in accordance wlh these requlrements. We belleve that the audlt eVIde we have obtsined is sufficient arKI appropriate to provide a ba3 for our opinion. ¢onGlusk>ns rnlatlng to golng GonGgm In auditiiy the fin8naal statements, we have conduded that the Trustees, use of the going COarn baS of accountlng In the preparalon of the finandal statements is appropriate. Based M the work have perfomied. we have not identified any materlal uncertalntle8 relating lo events Of conditions that. 1ndwidL1IY or collectNely. may cast signrficant doubt on the Group'8 or the parent chariws abilty to conlinue as a gthng concem for 8 period of al least hyetve months from when the finandal stalementg are authorised for i$6ue. Our responslbiltbes and the responbIlItIeS of the Trustees respect to golng coneem arg described in Ihe relevant sect olthls rewt. Page 9
YMDDIRIEDOLAEfH CLOVGH WILLIAMSLLIS FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF YMDDIRIEDOLAETH CLOUGH WILUAMS- ELLIS FOUNDATION {CONTINUEDI othor information The other infrnatiOn MpriseS the information included in the Annual report other than the financial stat8menls and our Auditors, report thereon. The Trustees are responsible for the other information contained within th8 Annual report. Our opinion on thg financial $tatgmgnts dogs not COV8r the olher information arKI, 8xc8Pt to th8 extent otherwse explicitly staled in our report we do not express any fomi of assurance conclusion thereon. Our respon5ibilty is to read the other information and, in doing 80. considw whether the other infomiation is materialty Inconsistent with the financial slalements or our knovledge obtsined in the course of Ihe audit, or otherwse appgars to be materially misstsled. If we identify such material inconslstendes or apparent material misstalements, we are required lo determine whether this gives rise lo a material misstatement in the finanri?I stat8m8nts themselves. If, based on the work we have perft)med, we conclude that there 18 a material misstalemenl of this other Inforniallon. we are requlred to Teport that fact. We have nothing lo reFQrt in this regard. Mattor8 on thlch are rgqulrgd to rgport by oxcopllon We have nothing to report in respect of the flOng matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our Opinic.. the infornation given in the Trustees. report 15 inconsistent in any material re5ped with the finanaal $tstement$,' or the parent Charity has not kept sufflclent accountlng reeords.. or e parent Charity financial ststemenls are not in agreement with the accounting records and retum8', or we have not wgivgd 911 the informotign and explanations we reouire for our audit. Rèsponsibilities of trnstees explained more fijlly in the Trustees. responsibilib.es statement. the Trustees are re8ponslble for th& preparalion of the finanoal statements which give a true and fair Vie•V, and for such intemal wntrol as th? Trustees determine is nec8$sary to onablg thg preparation of fina101 statements that ar8 fr80 from material misstatement, ¥thether due to fraud or error. In preparing the financial statem8rrts, the Trustees arg responsible for assessing the Group's and the parent charltls ablllty to conllnu& as a going concem, disclosing, as applicable, matters related lo going concern and using the going concem basis of accounting unless the Trustees either intend to liquidate thg Group or the parent charity or to cease operations, or have no realisiic alternats've but to do so. Page 10
YIADDIRIED0LAH CLOUGH WILLIAMS-ELLIS FOUNDATIOM INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF YMDDIRIEDOLAETH CLOUGH WILLIAMS- ELLIS FOUNDATION ICONTINUED) Audltorn, re8pon8lbllltle8 for the audlt of tho financlal 8talomgnts We have been appolnted as auditor under Seclicfi 151 Df the Charities Acl 2011 and report In accordance lIh the Art and relevant regulth"on8 made or having effect thereunder. Our objectives are to obtain reasonable 8S8ur8nce about vthether the financial statements as a whde are free from material rnisStatem8nt, whether du8 to fraud or eiror. and to issue an Auditors, report that includes opinion. Reasonable assurance is a high level of assurance. bLrt Is not a guarantee that an audit rnnduded in accordance with ISAS (UK) will ahvays detect a material misst8temenl when it eSts. Misstatom8nts can ange from ftaud or error and are considered material if, indwidually or in Ihe aggregate, they could re8sonably elFted lo Inlluence the gconrynic deciOn5 of us8rs tak8n on the basis of th8se finaLa1 slalements. Irregularitres. induding fraud, ar8 instances of non•fA>mpliance V*ith laws and regulations. We deS3n procedur85 in line with our respon&bilities, ouuined atove, to dete¢t material misstatements in respect of irregularities, Includlng fraud. The exlent to lch our procedures are capablg of detecting irregularities, Includlng fraud r8 detailed bebw.. . We revithyed the suscepdbllfty of the Cha¥iVs financial statements lo matsrial mlsstalemenl and identSfled the principal riyks, implementing a series of testing prctedures to provide us wlh sufficient comfort to iSe our OnIOn. . We reviewed the Chority$ wulatory enrOnmt to ensure we ¢Id condude that il had acted in aGwrdan¢e with the framework relevant to the charity and ils emronment and identlfy 8ny Instancès of non-¢omplian¢e. . We a150 assessed the Charitys internal wntrol pro¢eduw to en$ we could approprtolely scrutini5e thesg controls a1 estsbli$h whether our und8rslanding of tho control 8Nronm8nt was suffia8nt to supplomgnl ¢)ur additional testing procedures. . The engagement team conslsted of a team that the ongagoment partn8r bgligves Is equlpp•J with the rdevant level of technical and charity awareness lo carry out our work to the required standard. Because of the inherent limito1ion5 of an 8udil, there 1$ a risk that we wll not t¢t 811 irregularitK?8, induding those leadlng to a Mateal mlsstatement in the financial statsments or non-compliance with reguLqtlon. Thls risk Increases the more Ihat compliance with a law or regulation is removed from Ihe events and transactions reflected in the finandal slalements, as 11 be less likety to become aware of instan¢%s of non<ompllance. The risk is also greater regarding irregularities occurring (lue to ud rather than error, as fraud invdves Intentlonal coneealment, forgery. collusion. omission or mi8repr8sentation. A furthei descrfplon of our responsibllfUe8 for the audlt of the flnanclal statements Is locat1 on the Fln8ncl Reporting Council's website aL' ¥.fr&Or .uUaudilorsres onsibilities. This description forms part of ALhJllors' report. Page11
YMDDIRIEDOLAETH CLOUGH YIILLIAMS-ELLIS FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF YMDDIRIEtK)LAETM CLOUGH WILLIAM& EWS FOUNDATION (CONTINUED) Us• of our report This report is made solely to the charity's trustees, as a body, in accordan with Part 4 of the Chants'es (Accounts and Reports) RegUlaOn8 2008. Our audlt work has been undertaken 80 that we mlght stsle to the charws trustees those matters we are required to slate lo them In an AUdorS, report and for Th) other purpose. To the fvllest extent pemitted by law. we do Th)t a¢p1 or assume responsibility to anyone other than the chanty and its trustees as a trlY, for our audit work. for this report, or for the opinions we have loed. WR Partners Chartered Accountants statLrtory Audltors Unil 10 St Giles Business Park Pool Road Nevrtown P¢)wys SY18 3AJ Date: f" 2dZ* WR Partners ar& eligblg to act as au¢Jitors in tsmis of 8ecli¢)n 1212 of the Companies Ad 20C6. Page 12
YMDIXRIEDOLAEfH CLOUGH WILLIAMS-ELUS FOUNDATION CONSOUDATED STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 6 APRIL 2024 Unrestrlcted Endowment funds fund• 2024 2024 Total funds 2024 Total funds 2023 Income and endonts from: Donatior6 and legacles Charitsble acblrybes Olher trading athities Inve8lment$ Other income 36.226 696,961 386,235 104.390 329A10 36.226 696.961 385.235 104,390 329,410 36,225 583,351 312,047 156,554 71,918 Total Income and endovfflientS 1A61,211 1,461,211 1, 160,095 Expendmyre on: Charitstle activities 1,017,036 1.017.036 966,066 Total eXndIture 1.017.036 1,017,036 966.066 Net Income before net I$•$ on Investments Net losses on Investments 4¥175 (338.0041 434,176 1338.004} 194,029 (772,026) Nèt in¢omel{exp*nditurèl Tr8nsfers betsveen funds 96,171 (2,702,025} 96.171 {577.997J 20 2,702,025 Net movement In funds before other rgcognlsod gainsl(loss•sl (2,606,864) 2.702,026 96.171 (577.997) Other rncognls•d galnslllossesl: Gains on revaatiCffl offfixgd awls 1,386,(M)o 1,366,000 Ngt mov•mgnt In fvnd¥ {2,606,854) 4,057,026 1,461,171 (497.997) Reconciliation of funds: Total funds brought forward Nd movement in fvnds 6.414525 (2,606,864) 13,797.487 4,067,025 20,212,012 IA61,171 20,710.009 (497,997J Tolal funds carrled forward 3.808,671 17,854,512 21,663,183 20,212.012 The c81d8ted Statement of Flnandal AVe& Indudes all gains and losses reGognised in the year. The notes on pages 17 to 34 form part of these financial 6tatsments. Page 13
YMODIRIEDOLAETH CLOUGH WILLIAM&ELLIS FOUNDATION CONSOLIDATED 8ALANCE SHEEr FOR THE YEAR ENDED 6 APRIL 2024 2024 2023 Flxed assets Tangl? ass9ts Investments Investment property 13 15 14 1,258,533 2.993.370 20.458.850 1,309,598 5.533.010 19,103.850 24.710.753 25946,458 Current assets Stocks Debtors Cash at bank and in harKI 16 17 6.685 130.508 6,493 9,991 118,276 54, 735 143,686 183.W2 Creditors.. amounts falling due wthin one year 18 1749,6301 (858. 179) Net current Ilabllltle8 (605,8441 (675, IT7) Total assets109• cuvrnnt Ilabllltleg 24.104,909 25,271.281 Creditors: amounts fallin9 due after more than one year 19 12,441.726) (5,059.269) Total net assets 21.663.183 20.212.012 Charlty fund* Endcpwment funds Unre$tri¢ted fun¢Js 20 20 17.854,512 3,808,671 13,T97,487 6,414,525 Toi•l funds 21.663.183 20.212,012 The financi818tat8m8nts were approved and authori88d fcf issue by thè Trustees and signed on Ih8ir tehalf by. J C Walla¢e Trustse /£ rrt Date: The nole8 on pages 17 to 34 fom part of these ffinan¢ial statements. Page 14
YMDDIRIEDOLAETH CLOUGH WILUAMS-ELUS FOUNDATION CHARITY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 6 APRIL 2024 2024 2023 Flxed assets TarKJible assets Investment$ Investmwt proFety 13 15 14 1,268,533 2.993,380 20A68,800 1,309,598 5.533,010 19, 103,859 24,710,763 25,946,458 Current asx•ts Stscks Debtors Cash at bank and in hand 18 17 6.685 97.006 52 9,991 118,276 54,735 103.742 183.002 Creditors.. amounts falling ejue %thin one 18 1709.696) {858. 1 r9) Net current liabiliti•s {60&8641 (675, 177) T¢Xal •s••ts I9 currnnt liabiliti8s 24104.909 25,271.281 Creditors: amount$ tslling after more than one year 19 12A41.726) (5,059,259J Totsl net a880ts 21.663,183 20,212,012 Charlty funql$ ErKlovfflient furKIs Restrided funds Unrestricted fuThJ$ 20 17.854.512 13, 797.487 20 20 3,808,671 6.414.525 Total fund8 21,863,183 20,212,Of2 Th• fin•rrial statements were 8pprov&l and authorised for issue by the Trustees and signed on their tehaK ty. J C Wallace Trustee The notes on pages 17 to 34 forn part of Ihese financial stalemenl8. Page 15
YMDDIRIEDOLAETH CLOUGH WILUAM&ELLIS FOUNDATION CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED S APRIL 2024 2024 2023 Note Cash flowB from operating a¢tivili•# Net Gash used in operating adivitsgs 22 (31.7931 (431.606) Ca6h flows from Investlng actlvltlgs DNidends and Interest8 from investrnenls Rents from Investments Purcha8e of tanglble fixed essels Movement on investrngnts 101.793 2,597 {29.393) 2.539.640 15t,259 5,304 (33,564) 772.026 N•t cash provld•d by Investlng J¢Ovrti•s 2,614,637 895,016 Cash flows from flnanclng actlvltl•$ Repayments of borrowing 12,690,282) f379,283) N•t cash used In flnanclng actlvltles 12.696.282) 1379.2831 Change In cash and cash •qulv*hnts In thè yèar Cash and cash equivalents al the begknnlThJ of the year 1133.438} (142,294} (226,421) 84.127 Cash and cash equlval•nts at the end of the year 23 (275,7321 (142,294) Th8 notes on p8ges 17 10 34 fomi part of these financk41 statements Page 16
YMDDIRIEDOLAEfH CLOUOH WILUAM&ELLIS FOUNDATION NOTES TO THE FINANCIAL 8TATEMENTS FOR THE YEAR ENDED 6APRIL 2024 General Infonnatlon Ymddiri8ddaeth Clough Willi8m8-Elli8 FourKlation 18 8 charilable incorporated organi8ation. domitiled in tha UK and ha8 a reglstered office at Unll 10, St Glles Buslness Park, Pool Road, NOWn. Powy8, SY16 Accounllng pollGles 2.1 Basls of prgparatlon of flnanclal sLit•m•nts The finanoal stalgmgnts hgv8 b88n prepared in 8ceord8nce wrth the Ch8riti8s SORP {FRS 102} Accounting a1 RekX)rting ty Charities.. Statement of Recommended Practice applicaue to charit preparing their accounts in accordarKe with the second edon Financial Reporting Stan(lard applicaLle in the UK and RepUbC of Ireland IFRS 102) (October 20191, the Financial Reporting Slandard applic8ble In Iha UK and ReputrAic of Ireland IFRS 1021 and the Chadlles Act 2011. Ymddlrf&Yolaeth Clough Wllllams-Ellls Foundatlon meets the definition of a publlc benefit enty under FRS 102. A55els arKI liobililies a inallY recognised at historical cost or transadion value ue olh¢Thvisé staled in th8 relevant accountlng policy. The ConsolKlated statement of financial activities {SOFAI and Consolidated balance shg8t consolidate the finanu81 ststements of the Charty and its subshdiary undertaking. The results of the 8vb8ldlary are con801idaled on o Iln8 by Ilne ba51s. 12 Status of the Charlty The Charity is a charitable Incorporated organlsatlon I'CIO") set up under Its constilullon dated 4 March 2016 and registered with the Charity Commission. If the CIO is wound up, the members of the CIO {being the Trustees) have no liability to contribute to its assets and no personal responsibility for setlling its debts or liabilits'os. 2.3 Fund acGounllng General fuTrJs are unrestricted funds whith arg available for use at the disGretion of th& Trustees in fththerance of the general objectives of th8 Charity arKI vthich h8ve not been designated for other purposes. 14 Exp•ndabl• Endovmi•nt Fund The expeftdèb end¢)wment fund was created when the predecessor Charity was set up on 20 May 1985. The anme generated by the assets vlthln th8 endowment fuTra can bè used for the general charitatAe purpjses of the Charity. The costs associated with administering and ydecting the endowment fund. which are incurred diredy in connKtion with the generab'on of re in¢¢)me, are allocated against th8 unrestrictsd fvnd. in accordance wrth the SORP {FRS 1021. 2.6 Golng conurn After Mang erquires, the Trustees have a asonable expectation th* the Charity ha5 adequate resources lo continue in opgrational 9stenCe for the foreseeable future. Thg Charity therefor8 cxJnlinue8 lo adopt the gcing concem l)osis in preparing its flnanthal statements. Page 17
YMDDIRIEDOLAEfH CLOUGH WILLIAMS-ELLIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accountlng poll¢les l¢ontlnu•d} 2.6 Income JI in¢ome 18 reeognised once the Charity entitlement to the irKtYne, it is probable that the income will be received and the ¥mnt of in¢e receivable can be measured reliably. For legacies. enliuement is taken os the eartier of ts date on whh esther. the Charty IB aware that probate has been granted, the estate has been finalised and notificats.on has been mad8 by the 8xeculorlsl to the Trust that a distribution wll b8 made, or when a dislribulion is receivod from the estate. Receipt of a legacy, in whde or in part. is only considergd probable whon thg amount bg measured reliably and the Charity has been notified of the executor's intents'on lo make a dlstribution. Where legacies have been notified to the Charity, or the Charity is aware of the granting of probate, and the criteria for incom8 recognition have not been meL then the legw Is treated 88 a contingent asset and disclosed rf material. Grants are Induded in th8 Consolidat8d statsmenl of finarKial activiti8s on 8 receivable basis. The balance of income received f¢y spedfic purposes but not expgndwj during th8 period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, rewgnition is d8ferred and included in creditor5 a5 deferred income. Where entiUement occurs tefore Income Is reCeed. the Income Is aecnjed. Donated services cf facilities are recognised when the Charity h•$ ntrol over the item. any conditions associated with th8 donated item hav8 be8n met, the reipt of economic benefit from the use of the Charity of the item is probable and that Mi¢ benefit can b8 mgasurgd raliably. In accordance with the Chanties SORP IFRS 1021, the general volunteer time of the FrierS is not recogni8ed and rèfer to the Trustees, report for more inloTmalion about Iheii contribution. On receipt, donated professional semces and facilities are renISed on the basls of the value of the grfi to the Charrty vthi¢h 1$ th¢ amount rt would have been williro to pay to obtain services or tsulrti93 of 8quival8nt economic b8nefil on the op8n marke( 8 corresporKling amount is then recognised in expenditure in the period of reIPt. Income tax recoverable in relation to InatIOnS received under Grft Aid or dgeds of covenant 15 recognlsed at the time of the donation. Income tax recoverable In relation to Invesknent income 18 recogni8ed al the ts'me the investsnent income 15 receivable. Page18
YMDDIRIEDOLAEfH CLOVGH LLIAMS.ELUs FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accountlng pollcles {contlnued) 17 Expendlturn Expendriure is rttogntsed cficè th8re 15 a18gal or constructw8 obligation lo transfer economic benefft to a thlrd party. it Is probable that a transfer of economic beneffts will be required in settlement and the amount of the oblp3ation can be measured rellably. Expendlture is classified by aclr¥ity. The costs of eath activity are made up of the totsl of dir8Ct costs and shared c08ts. includiNJ 8LPPOrt ¢tssts invofved in undertaking each activity. Direct costs attributable to a actlvtty ar8 allocated directly to that acb'vty. Shared costs which contribute to more than one activity and pport costs which arg not attributable to a single activity are apportioned bets¥een those activrties on a basis consistent wilh th8 use of resources. Central staff costs are allocated on the b8sis of time spent. and depwation tharge8 allocated on the portlon of the a8881's use. Charrtable actmles and Governance costs are ecjsts Inrred On the Chartys operalions, induding support costs arKI costs relating to the governance o the Charity apportioned tr) charrtable xb"wlie8. 2.8 Interost roGolvablg Interest on funds held on deposit is induded when receivable and the amount can be measured reliably by the Group,. this Is nOMllY upon notfficatlon of the Interest P8id or payable by th& insbbjtion whom the fijnds are deF#)sited. 2.9 Tangible fix•d ass•ts and d•pr•ciAtion A revlew fc impaimenl of a fixed 888et18 carried out rf events or change¥ In circumstances indicate that the carying value of any fixed asset may not be recoverable. Shortfalls batsve thè carrwng value of fixed assots and Ihoir recoverabl8 amounts are recognlsed as Impairments. Impaimienl losses are recognised in the Statemont of Financ1 Activiti'es incorporating the income and e>pendfÉure account. Tangible fixed assets are initially recognised al cost. After recognttion, under the cost model, tangible fixed assets are measured at cost less accumulated depreuation and any accumulatéd impalmgnl losses. All costs incurred to bring a tangible fixed asset Into Ils Intended working condition should be Iuded in the measurement of cost. Depreciation is not charged on freehold land. Depreciation is provid8d al rale¥ calculated to wrfts off the ts)st of fixed assets. less their estimated residual value, over their expecte(l us8ful lives. Depredstlon Is pded on the folIcng bases.. Ptant and mathinery Fixtures and fittings Hyjro plant - 20% r8duarvJ bala - 20% reducirKJ balance - 5% r8ducing bglance 2.10 Inve8tment8 Fixed asset investments are a fomi of financia instnjmenl and are inilially rocognisgd at their transaction cost and subsequentty mgasured at fair vdue at the Balance Sheet dato, unless the valuo cannot be measured relk9bly in which c£8e il is measured at cost less Impalrment. Investment gains losses. vthether reali8ed or unrealised. are combined and psented a3 'Gainsl{Lo8sesl on investhients, n the Statemenl of Finanaal AC1]es. Page 19
YMDDIRIEDOLAEfH CLOUGH WILLIAMKLLI8 FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting polici88 Icontinu•d 2.11 Stocks Stocks are valued at the lower of cost and net reallsable value after making due allowwKe for obsolots and slow-moving stctks. Cost indu(Jes all dlrect costs and an appropriate proportion of ffixed aTrJ variable overheads. 2.12 O•btorn Trade and other debtors are recognised al the settlement amount after any trade discount offered. PrePanentS are valued at tha amount prepaid nel of any trade discounts due. 2.13 Cash at bankand In hand Cash at bank and in hand includes cash and sh¢)rt-temi highly liquid inv8stm8nts wth a short maturtty of three month$ or le from the date of wuisilion or opening of the deFQ&t of similar accounl. 114 Uabllltles and provlslons Liabilities are recognised en there is an obligation at the Balanc£ Sheet date as a resuh of a p88t evenl,11 is probable that a transfer of economic bgnefit will be r*]uirgd in ¥fjWgmfjnt, and th8 amount of the seement can be estimated reliably. L5abilitieB are rewnised at the amount that the Charity anticipales it wll pay to selue the debt 01 the amount It has receNed a8 advanced payments for the gocrfls or services it must prowde. Provisions are measured at th8 best estimate of the amounts required lo settle the obligation. Where the effect of the time value of money 13 material, the provision is based on the present value of those amounts, dlscounted al the pre-tax dlscounl ralg that refieds th8 risks sperAfic to the liabilty. The unwinding of the discount is recognised in the Statement of Financial Activilies as a finance cost. 2.15 Flnanclal Instruments The Charity only has financial assets and financkql Ilabllftle8 01 a klnd that quallfy 88 baslc finanaal instruments. Basic finanoal instruments are initially recogni¥ed at transaction value and Subsequently measured at their sottlgmont value wth Ihg ox¢eplion of bank loan5 which are subsaqu8nUy measured at amortised cost using the effectNe interest method. 116 Pen81on8 The Group operates a defined ¢ontribution pension scheme and the pen8ion charye represents the amounts payable by the Group to the fund in respect of the year. Page 20
YMDDIRIEDOLAEfH CLOUGH WILLIAMS&LUS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Crltlcal a¢countlng estlmates and areas of judgment Estimates arKI judgments are continually 6valuated and are ba88d on historiral experierKe and other factors, Including expe¢taUon8 of future everts that are belleved to bo TraSonae under the circumstance5. Crfocal acrnunting e¥Umates and a8sUmFOn3". The Charity makes estimates and assumpllons cc4)cemlng the future. whe appropriate, profes(8[ third parties are used to assist in verifyiny m8rkel valuations. The resulting aceounting ostimat&s arKI 888umptlcfi8 11, by definlllon. 8eldom equal the re181ed actual results. The estimates and assumptions that have a $ignifi¢ont risk of Gausing a materid adjustment to the c4rryirvJ amounts of assets aNI ab11th within next financial year arg addrossed below.. 111 Property eatyng val(* Impaimient provisitin$- Investrnent prcpty is carried at fair value, delemined annualty and derived from ujrrent market rerrt8 and investment propety market condltlon8. Income from donatlons and legacles Unr95tr1cted funds 2024 Total funds 2024 Total funds 2023 tlonats'ons 36,225 36,225 Totsl 2024 36.225 36.226 36.225 To1812023 36,225 36,225 Incom• from ¢haritabl¢ a¢tiYiti•s Unrgstrlcted funds 2024 Total funds 2024 r(kal fiinds 2023 Residential Commerc¥al Agricultural 265,009 263,7&8 67,186 266,000 263,756 67,186 264, 705 261,887 56.759 Total 2024 595.951 595,951 583,351 Tot812023 583.351 583,351 Page 21
YMDDIRIEDOLAEfH CLOUGH W1LUAMLLIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 6 APRIL 2024 Income from other tradlng •ctlvlti08 Incomg frorn non charltablo tradlng actlvltlos Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Hyjro income 385.235 385.235 312,047 Total 2024 385,235 386.236 312.047 Tot812023 312.047 312,047 InvtM#nt Incom• Unr•strict•d Total fvnds funds 2024 2024 Total funds 2023 Rent- waeaVeS Dividends received from listed inve5trnents 2,597 101,793 2.597 101,793 5,304 151,2Xt Total 2024 104,390 104.390 156,554 Tot812023 156,554 156,554 Page 22
YMDDIRIEDOLAETH CLOUGH WILLIAM84LU8 FOUNDATION NOTES TO THE FINANCIAL STATEMEpirs FOR THE YEAR ENDED 6 APRIL 2024 Othor Incomlng rnsources Unrnstrlctsd funds 2024 Total fund$ 2024 Total fvnds 2023 Plas gardens w$110Thd & shcot ing)me Caffi Plas Brondanw Capital benefit for earty repayment 21,186 6,005 51,199 251,020 21.186 6.005 61.199 261,020 22.017 4. 788 45,113 Totsl 2024 329,410 329,410 71.918 Tot812023 71.918 71,918 Anatysls of •xp•ndlture by acllvltles Activiti85 undertaken dlrectly 2024 Support costs 2024 Total funds 2024 Tot81 funds 2023 R8Shl8nlial Commercial Agricultural 346.304 494,576 44,576 78,835 44,840 7,905 42&139 639.416 62.481 410,026 502, 141 53.899 Totsl 2024 885,456 131,580 1,017,036 966,066 Total 2023 730,872 24 194 966,066 Page 23
YMDDIRIEDOLAEfH CLOUGH WILLIAMSLUS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 AnalysiB of oxp•ndiiur• by activiti•¥ Icontinu•d} Analy818 of dlroct costs Totsl funds 2024 Total funds 2023 Resldentlal Commercial AgrIcUlMI 2024 2024 2024 Staff costs Deweciatpjn Repaits and maintenance Farm5 & bvoodland5 works Plas Gardgns Utililigslgss reimbursements Insurance less rgimburs8monls Rent rebates Management fees arKI expenses Professional fees Caffi Plas Brondanw expenses Non recoverable input tax Hydro exFenses 60.553 34,412 130.698 10,208 42,255 4.474 16,925 7,561 60.553 80.458 305.584 23.863 42,255 10,461 39,573 17,676 55,882 88,037 235, 725 25,856 19,811 5, 129 30,363 6,995 39,979 151,845 11,858 8,¢7 23.041 1,799 5,199 19,663 8,779 2,985 1,336 38,909 17,522 33.487 15.082 33,381 5,901 2,659 78.297 36.263 33.381 52.550 10S,542 77,091 34,853 38.522 30.367 82, 191 52.550 10S.542 Tolal 2024 346.304 494,576 44,576 885,456 730.872 Tof812023 284.052 409.290 37,530 730,872 Analysll of support costs Total funds 2024 Tt*81 funds 2023 R•8ldentlal Commerclal Agrl¢ultyral 2024 2024 2024 Bank eharge8 overdraft interest Mortgage interest Govemance costs 2.154 49,941 28,740 1.854 42,986 327 4336 100.506 26.740 4.419 212,674 18, 101 7,578 Total 2024 78,835 44.840 7,905 131,580 235. 194 Tolal 2(f23 125,974 92.851 16,369 235, 194 Page 24
YMDDIRIEDOLAEfH CLOUGH WILLIAMSLUS FOUNDATI¢ NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 6 APL 2024 10. Net IncoM(EXP•ndItur•) This is staled after chging.' 2024 2023 Depreuation of langible fixed assets.. . owned ty the Charfty Auditors. remuneration- audit Audltors. mUneratIOn- other seNi 8ONS8 17AOO 5,756 88,086 14,800 103.613 105,086 11. Staff costs Group 2024 Group 2023 Charity 2024 Charity 21723 Wages 8nd salaries SocSal securfty costs Contribution to defined contrlbulSon pen8ion sthemes 59.061 972 51848 1,56Q 69,061 972 520 473 520 473 60,663 55,881 60.563 5&881 The average number of persons employed tythe Charfty during the year was as foll0v.. Group 2024 No. Group 2023 Maintenance & Caffi P185 Bfondanw stsff No employee receNed remuneration amounting to more than £80.000 In ehher swr. 12. Truste, rnmunerntion and expense8 Dwlng the year, no Trustees received any remunwalion or other beneflts (2023- £NIL). Durtng the year ended 5 April 2024, expenses tolalling £3.514 were r8lmbursed or paid dir&¢tJy to 2 Trustee$ (2023 - £2.371 to 2 Tnist8esJ. Those rdated to Tru$t¢e meeting$ exp8nses daimfrj by Trustees in the year. Page 25
YMDDIRIEDOLAETH CLOUGH WILLIAM&ELLIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 6 APRIL 2024 13. Tanglbl• flx•d asuts Group and Charlty Plant and FIxr•S and machlnery flttlngs Hydro plant Total C¢$t or valuation At 8 April 2023 Additions 373.069 1,412 1,624,425 29.393 1,998.906 29.393 At 5 Aprll 2024 373,069 1,412 1,653,818 2,028,299 Depreclatlon At 6 April 2023 Charge for the ar 289,212 4,932 702 38 399,394 75,490 689.308 80,458 At 5 Aprll 2024 294.144 738 474.884 769.766 Net book value At 5 April 2024 78.925 674 1.178.934 1,268.633 At O 2023 83,857 T10 1,225,031 1,309.598 The Trustees own certain heritage assets in the fomi of thattels induthng origln*l drawiNJs by Sir Clough Williams-Elli$. These items were left to the Trustees as part of Ihe residue of &r Clough Williams-Ellis' estste. In the Tru8te8s' cplnic, Ihe expense of calculating these chattels would be disproForbonale lo the benefit and they are disclosed at a nomlnal value of £1. Page 26
YMDDIRIEDOLAETH CLOUGH WILLIAMSLL18 FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 1& Investment property Group and Charfty Fr•ohold Investment property Valu•Jon At 6 Apiil 2023 sUu5 on rev8luatlon 19,103,860 1.306,000 At S rI1 2024 20.468.8fj0 The 2024 valualkns made by Balfours LLP Chartered Surveyors. on an open market value for oxisllng use basis. 15. Flxed ass•t Invoslm•nts Li#t•d Unlist•d Investrnents Inve8trnents Totsl Group Co$t or valuatlon Ai 6 Ap[ 2023 Addltions DIsF*)sals Revaluations Cash wlthdrawn 5,632,910 407,168 1357,8161 1333,7871 (2.26&1961 100 6,533.010 407.168 (367,8161 1333.7871 (2.256.196) At S Aprll 2024 2.993.270 100 1993.370 Net book valuo AI 5 Apfd 2024 2.993.270 100 2.993.370 At 5 Apn7 2023 5,532,910 100 5.533.010 All the flxed asset investments are held in the UK. Valuatlon The listed invoslm8nts are revalued to the current market value per the Isted price per share. Pag8 27
YMDDIRIEDOLAEfH CLOUGH WlLUAMLLIS FOUNDATION NOTE8 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 l& Fixed asset Investments {contlnued) Investments In 8ub8ldlary Llstod Unll$tsd ¢ompanl•s Investm•nt• InveJtm•nts Total Charlty Co81 or valuatlon At 6 Awll 2023 Additions Diswsals Revalualions Cash thdraVrn 10 5.532.910 407,168 1367,816 (333,787 {2.255,196 100 5.533,020 407,168 1367,816) 1333,787) 12.255,196) At 5 April 2024 10 2,993,270 100 2,993.380 Net book valu• At 5 Aprll 2024 10 2.993.270 loo 2,993,380 At 5 Aprt 2023 io 5.532,910 5,533,020 Prfnclpal subsldlarfos The followirKJ was a subsKli8ry undertaking of ts Chanty: Name Company number R•gistered oflke or prlnclpal Holdlng place of buslnegs Antur Cwe C 10535291 10 St Giles 8usine5$ Park, Pool Road, Newtthyn, Powys, SY16 100% The financial resutts of the subsidk4ry for the yeai were.. Name Income Expendlture Net assets Antur Cwe Cyr 215,627 {215,6271 10 Page 28
YMDDIRIEDOLAETH CLOUGH WILLIAMS-ELUS FOUNOATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 16. Stocks Group 2024 Gmup 2023 Charlty 2024 Cha 2023 Raw materials and consumables 6.685 9.991 6,685 9,991 17. Debto Group 2024 Gmup 2023 Charlty 2024 Charity 2023 Due wlthln one y¢ar Trade debtors Other d6blcAs 102,776 27,732 39,269 79,007 90,706 39.269 79,007 130.608 118,276 97,005 118,276 1& ¢redltor8: Amounts falllng duo wlthln on• y•ar Group 2024 Gn?up 2023 Charlty 2024 Charity 2023 Bank over(trafts and h)an8 Trade credllor8 Amounts owed to group undertakings Other creditors Accru818 and def8rrad Incoma 444,837 54,765 438.380 107.828 423.170 37,046 29,637 40,601 179,143 438,380 107,828 40.691 X19.337 58.149 253.822 58, 149 253.822 749,530 858. 179 709,596 85Q179 The bank have 8evJred the followng 8ecurty, legal ¢harge$ on the prwty krh)vm as Garreg Hwldrem Llanfrothen Penrhwdeudraeth, Tan y Bryn Croesor Penrhyi)deudraeth, Bryn Croewr Pgnrhyndeudraelh, land iw.ng lo the north west of Garth y Foel Croesor PenrhydeUdraeth and laThJ ng to ihe south wesl of Gale Hw8e Llanfrolhen Penrhyndeudraelh. The bank •150 have $ured charges over the mort9ages fry Pcitmwrion Village and part of I BroTrJ#nw Estate. Page 29
YMDDIRIEDOLAEfH CLOUGH WILLIAMS-ELLIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2024 1 Credltors: Amounts falllng du• aft•r mor• than one y••r Group 2024 Group 2023 Charlty 2024 Charty 2023 Bank loans 2.441.726 059.269 2,441,726 5.059.269 The aggregate amnI of liabiif(i88 payable or repayatle whclly or in part m(Ye Ihan five year5 after th8 reporting date Is.. Group 2024 Gmup 2023 Charlty 2024 Chaiy 2023 RepayaEAe by in5talment8 2N41,726 4. 166.345 2.441,726 4. 166.345 2,441,726 4,166,345 2,441,726 4, 166,345 The atthle loans are mortgages 8ured on the investment properties and interest 18 charge at the rates of 2.98% and 3.130h per annum. In additicffi. the Charity is also liable for repayments of other loans $e¢ured bMth a fixed and floating ch*ge over the Ch8rttls assets, Interest is charged at 2.5% per annum. Page 30
YMDDIRIEDOLAEfH CLOUGH WILLIAMXLUS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 6 APRIL 2024 20. Ststement of funds Statement of funds . current year B8nCe at 6 Aprll 2023 Tran8fer8 Inlout Galn81 (Lolsosl Bjlance at Aprll 2024 Incom• Exp•ndliurn Unrestrfcted fund8 GeneTal Funds- all funds 6A14626 1,451.211 11.017.036) 12.702.025) 1338.0041 3.808.671 Endowment funds Endowment Funds- aH nd5 13,797,487 1702,026 1,366.000 17.8H612 Total of funds 20,212,012 1A51,211 11,017,036) 1,016.996 21.663,183 Statemenl of fundg- prkr year 8818nce at 6 Aprfl 2022 G8ins/ 88l8nce 81 (Losses) 5 Apffj 2023 Inoome Expendfturg Unrp$tstsd fund$ G8ner81 Funds . all fvnds 6,992,522 1,160,095 (966,066J (772,026) 6.414,525 Endowm•nt funds Endowment Funds- all funds 13, 717.487 80,000 13,797.487 Total of funds 20, 710,009 1, 760,095 (966,066) (692,026) 20.212,012 Page 31
YMDDIRIEDOLAEfH CLOUaH LLIAmSELLI8 FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2024 21. Analysls of net a•sets bolwn funds Analys15 of not assets betwegn fund¥- ¢urr•nt p•rlod Unrostrlcted End0%ent funds funds 2024 2024 Totsl funds 2024 Tarvjible fixed a88ets Flxed asset Investments Investment propety Current assets Craditors due wmhln one year Cffjditors due in than one year 1.258,533 2,993,370 1,258.533 2.993.370 20,458,850 20,458.850 143,688 143,686 {588,9181 1162,612) (749,5301 12,441.726) 12.441.726) Totsl 3,808,871 17,854,512 21.863,183 Anatysl8 of not assots botweon fund•- prfor pgrlod Unrestiicted Endowmenl funds fun 2023 2023 Total funds 2023 Tangible fixed a55ets Fixed asset investmerrts Investment propety Current assets 1,309,598 5,533,010 1,309,598 5,533,010 19, 103,850 19,103,850 183,002 (247,094) (858, 179) (5,059,269) (5,059,269) 183,002 (611.085) Crgdilors due wthin one yoar Creditor$ dug in morg than on8 year Totsl 6,414.525 13. T97,487 20.212,012 Page 32
YMDDIRIEDOLAETH CLOUGH WILLIAMS4LUS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 6 APRIL 2024 22. Roconclllatlon of not mo¥amont In funds to not cash Ilow from op6rallng actlvlti•s Group 2024 Group 2023 Nel incomelexpendilure for thg pgricJ (a¥ pgr Ststgment of Finandal Activities) 96.171 (577.997) Adjustments for: Depreclation charges L0$8 on dlsposal of t¥It4e a88ets Dividends and interests from investments RrtS from investments Decrease in st(Kks Increase in debtor8 Increasel{decwsel In credltors 80,458 88,086 170.898 {101,793) {151.21) (16971 (5,304J 3.306 2.973 (12.232) (41.206J 111S.106) 82.194 Not cash u8•d In oporallng 4ctlvltlos 151.793) (431,606) 23. Anatysll of cash and cash equlvalents Group 2024 Gmup 2023 Cash In haThl Overdraft fa¢ilty paY4e on demand 54, 735 (197,029) (282,2261 Total cash and #h èquiv•lnts 1275.732) (Y42,294J X Anaty818 of changos In net d•bt At 6 Aprfl 2023 At S ApTII 2024 Cash Ilows Cash al bank and in hand Bank overdrafts and bans repayable on demand Debt dug after 1 ygar 54,735 (48.2421 6.493 (438,380) (6.4671 (4M837) 15.059,269) 2.617.S43 (2.441.726) 1SA42,914) 2,562.844 12.880.070} Page 33
YMDDIRIEDOLAEfH CLOUGH WILLIAM&ELLI8 FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 25. P•nslon ¢ommltm•nts The Charity c4)erate8 a defined contribLrtlon pension scheme. The a58et5 of the stheme are held separatety from those of the Charfty In an Indep8ndenly admlnlstered fund. The penslon eost charge represent$ Gontribulions payable by Ihe Chanty to the furKI and amounted to £52012023.. £2031. Related party tran8actlons The fOllrJ Trustees a also dlrectors of P¢)rtmeiiion Limrted". JC Walloce M Angharad R Garden Porkneirion Limrted. is a tenant of propety owned by the Charfty forwhth rent was payable of £201.492 {2023'. £199.9171. The net balance outstandlng al the year-end Is £56,31512023'. £NII). The rent payable by Portme1rft Limited is set at a market value, delermined by independent tharted surveyors. Porlmeirion Limrted also provides certain me8ting facilitres to the Trustees for a charg8 at market value. Angharad, Trustee 1$ also a dI¢t¢{ of Portmeirion Shops Limited, a tenant of property owned by the Charity for which rent was payable of £1.321 {2023.' £1.321). The net balance outstanding at the year end is £398 {2022-. £3961. M Angharad. Trustee is also a Trustee of Ymddiriedglaeth Susan William*EIIis Foundation, a tenant of the property 0ed by the Charity for which rent Was payable of £14,92812023.. £14,500) per annum. The net b81ance ouislanding at the year-end Is £4,622 {2023.. £887). R. Llywelyn is conneGtsd to the Charty by virtue of being brother of Trustee M AngharE•J. The Charlty reCved rental income to the amount £9,900 (2023.. £9,900) from R. LIYn. The rent pardble by R. Lwetyn is set at a market value delennined by independent chartered surveyors in accordance with tease approved by the Charity Commission. The Mt balance Cnding at the year-end is £Nil12023.. £Nil}. Induded wrthin the Insurance polley for the Charity are some propertie$ whi¢h a ovmed by Tru8tees of the Charity. The CC>st of the insuranee 1$ fvlly repaid by the Trustee$ back lo Ihe Charity. Page 34