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 reg1sle￿I 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 Gi￿8 Bu￿nesS 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. ¢l￿d, LL111SE Solicitor4 Farrer & Co, 66 Line￿n& 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 In￿r￿Orated Or9￿1$*110n ICIOI 8fKI conslibjted in accordance vAth Part 11 of the ChaTllies Act 2011, the Charitsble Incorporated Organlsatlons (General} Regulatlons 2012, the Charttles Act 2011 ICharit8ble Ineorporaled Organisati¢)n81 (Constitutions) Regulation$ 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 pUr￿seS 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 Ic￿1 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 mLLIAM￿LLIs 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 p￿n￿paIty 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 W￿d￿9nds, 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 st￿ty and re668rch Into matter6 of relevance to the area indudlng local history, ecck*gy 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 CODtributK*n to the COMM￿lty 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 trad￿r￿j 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$len¢e for the foreseeable fLrture. For this rea80n they continue to adopt the golng concem basls in preparing the fina￿la1 st*ments. Further detsils regarding the adoption of the concem basrs can be found in the Accounting Polioos. Th8 Trustees, during the year, have made the decision to liquidate a prOportk￿ of thelr share portrollo and repay debt. This 1$ 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 rfrIyJild￿g the value of it. After sellirKJ a proportion of thg Prytlolio, thg value of it will still be arca £3,000,000. b. Re￿r¥￿ 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 fundin￿lIQUIdty balance. Structure. govemanc• and maDagem¢nt . Constltyllon The Charity is registered as a Char￿ble 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 M￿agement 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 s￿￿commIttee8 of the Board of Trustees. a8 follow8.' A Finan¢e Su*ommittee 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, GW￿edd. 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 b￿s. 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 wi*dered 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 ¢)Cr￿patiOnS leading to a reduction in rental income which supports the CharhY8 activit￿8. 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 PU￿1¢ benefft due to loss of pu￿1¢ roule$ and f•3 and deIerfc￿tknn of natural y￿0dlandS and streams. Our Land Agents Ove￿ the preservat￿ and maintenance of public paths and the woodlands and streams. Page 6 YMDDIR1EDOLA￿m CLOUGH WILLIAM&ELUS FOUNDATION TRU8TEE8' REPORT (CONTINUEDI FOR THE YEAR ENDED 6 APRIL 2024 Plans for fthure periods . Future developments In mo01￿9 ts twbli¢ benefit ￿quIreMentS. the Chwty has to maintain and improve the p￿pertIeS 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 Bror￿arnY 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(Mjnt1￿9 ostimate5 that 8re reas0fkg￿e and prudent,. ' state whether applicabl& UK ACC￿nting 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 respons1￿e 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 $afeguarding the assets of the Charty and hwKe for tthng reasonable steps for the Pre￿11 8nd detection of fraud and other irregularities. The Trust88s are responsible for the Mainten￿￿e and integiity of the Cha￿ty and financial information indud8d on the Charitys website. Legislation in the Unilod Kingdom governing tho preparatign and dissemination of finandal statements may differ from legislation in other juri5dicbon5. Pago 7 YMDDIRIEDOLAETH CLOUGH IMLLIAMS-ELUS FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 6 APRIL 2024 Dlsclosure of Informatlon to auditOf8 Ea¢h of the F¢rsons are Trustees at the time vthen this Trustees, report is approved has confirmed that: 80 far as that Trustee is aware, there is no relevant audrt infomiation ofwhich the Charitys auditors a unaware, 8ThJ that Trustee has taken all the step5 that ought lo have been tsken a$ a Tw81ee in ¢yder lo be aware of any relevant audit information 8￿j 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 KITrgd￿n Accounts'ng Slandards, including Financial Reporting Standard 102 The Finanoal Reporting Standard applicable in the UK and Repubtic of Ireland, {Unrted Kingdom GenerallyAccepted ACCI￿nth.ng Prac*ce). 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 Wep￿ed 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)nsibili￿es 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 ba￿3 for our opinion. ¢onGlusk>ns rnlatlng to golng GonGgm In auditiiy the fin8naal statements, we have conduded that the Trustees, use of the going CO￿arn ba￿S 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. 1ndwidL￿1IY 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 respon￿bIlItIeS of the Trustees respect to golng coneem arg described in Ihe relevant sect￿￿ olthls rewt. Page 9 YMDDIRIEDOLAEfH CLOVGH WILLIAMS*LLIS FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF YMDDIRIEDOLAETH CLOUGH WILUAMS- ELLIS FOUNDATION {CONTINUEDI othor information The other inf￿rnatiOn ￿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 f￿lO￿ng 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 fina￿101 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 YIADDIRIED0LA￿H 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 e￿Sts. Misstatom8nts can ange from ftaud or error and are considered material if, indwidually or in Ihe aggregate, they could re8sonably elF￿ted lo Inlluence the gconrynic deci￿On5 of us8rs tak8n on the basis of th8se fina￿La1 slalements. Irregularitres. induding fraud, ar8 instances of non•fA>mpliance V*ith laws and regulations. We deS￿3n 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 iS￿e our O￿nIOn. . We reviewed the Chority$ wulatory en￿rOnm￿t 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$￿￿ we could approprtolely scrutini5e thesg controls a￿1 estsbli$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 Mate￿al 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 nonpendfÉure 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 I￿uded 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 p￿￿ded on the folIc￿ng 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 p￿sented a3 'Gainsl{Lo8sesl on investhients, n the Statemenl of Finanaal AC￿￿1]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. PrePa￿nentS 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 se￿ement 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 TraSona￿e under the circumstance5. Crfocal acrnunting e¥Umates and a8sUmF￿On3". 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 W1LUAM￿LLIS 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 Inv￿tM#nt Incom• Unr•strict•d Total fvnds funds 2024 2024 Total funds 2023 Rent- wa￿eaVeS 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 WILLIAMS￿LUS 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 AgrIcUl￿MI 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 WILLIAMS*LUS FOUNDATI¢ NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 6 AP￿L 2024 10. Net IncoM￿(EXP•ndItur•) This is staled after ch*ging.' 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 FIx￿r•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 WILLIAMS￿LL18 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 sU￿u5 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$t or valuatlon Ai 6 Ap[￿ 2023 Addltions DIsF*)sals Revaluations Cash wlthdrawn 5,632,910 407,168 1357,8161 1333,7871 (2.26&1961 100 6,533.010 407.168 (367,8161 1333.7871 (2.256.196) At S Aprll 2024 2.993.270 100 1993.370 Net book valuo AI 5 Apfd 2024 2.993.270 100 2.993.370 At 5 Apn7 2023 5,532,910 100 5.533.010 All the flxed asset investments are held in the UK. Valuatlon The listed invoslm8nts are revalued to the current market value per the Isted price per share. Pag8 27 YMDDIRIEDOLAEfH CLOUGH WlLUAM￿LLIS FOUNDATION NOTE8 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 l& Fixed asset Investments {contlnued) Investments In 8ub8ldlary Llstod Unll$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 Penrhy￿deUdraeth 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 am￿nI 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 Chai*y 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 8￿ured 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 $e¢ured bMth a fixed and floating ch*ge over the Ch8rttls assets, Interest is charged at 2.5% per annum. Page 30 YMDDIRIEDOLAEfH CLOUGH WILLIAMXLUS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 6 APRIL 2024 20. Ststement of funds Statement of funds . current year B8￿nCe at 6 Aprll 2023 Tran8fer8 Inlout Galn81 (Lolsosl Bjlance at Aprll 2024 Incom• Exp•ndliurn Unrestrfcted fund8 GeneTal Funds- all funds 6A14626 1,451.211 11.017.036) 12.702.025) 1338.0041 3.808.671 Endowment funds Endowment Funds- aH nd5 13,797,487 1702,026 1,366.000 17.8H612 Total of funds 20,212,012 1A51,211 11,017,036) 1,016.996 21.663,183 Statemenl of fundg- prk*r year 8818nce at 6 Aprfl 2022 G8ins/ 88l8nce 81 (Losses) 5 Apffj 2023 Inoome Expendfturg Unrp$ts*tsd 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 bolw￿n 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 pgric*J (a¥ pgr Ststgment of Finandal Activities) 96.171 (577.997) Adjustments for: Depreclation charges L0$8 on dlsposal of t¥￿It4e a88ets Dividends and interests from investments R￿rtS from investments Decrease in st(Kks Increase in debtor8 Increasel{decwsel In credltors 80,458 88,086 170.898 {101,793) {151.2￿1) (16971 (5,304J 3.306 2.973 (12.232) (41.206J 111S.106) 82.194 Not cash u8•d In oporallng 4ctlvltlos 151.793) (431,606) 23. Anatysll of cash and cash equlvalents Group 2024 Gmup 2023 Cash In haThl Overdraft fa¢ilty ￿paY4￿￿e on demand 54, 735 (197,029) (282,2261 Total cash and ￿#h èquiv•l*nts 1275.732) (Y42,294J X Anaty818 of changos In net d•bt At 6 Aprfl 2023 At S ApTII 2024 Cash Ilows Cash al bank and in hand Bank overdrafts and bans repayable on demand Debt dug after 1 ygar 54,735 (48.2421 6.493 (438,380) (6.4671 (4M837) 15.059,269) 2.617.S43 (2.441.726) 1SA42,914) 2,562.844 12.880.070} Page 33 YMDDIRIEDOLAEfH CLOUGH WILLIAM&ELLI8 FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 25. P•nslon ¢ommltm•nts The Charity c4)erate8 a defined contribLrtlon pension scheme. The a58et5 of the stheme are held separatety from those of the Charfty In an Indep8ndenly admlnlstered fund. The penslon eost charge represent$ Gontribulions payable by Ihe Chanty to the furKI and amounted to £52012023.. £2031. Related party tran8actlons The fOll￿￿r￿J 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 Portme1r￿ft Limited is set at a market value, delermined by independent tharte￿d 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 0￿ed 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 reC￿ved rental income to the amount £9,900 (2023.. £9,900) from R. LI￿Yn. 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 C￿nding 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