Charlty number: 1165883 YMDDIRIEDOLAETH CLOUGH WILLIAMS-ELLIS FOUNDATION TRUSTEE8' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 WR Partners Protecting your future.
YMDDIRIEDOLAETH CLOUGH WILLIAMS4LU8 FOUNDATION CONTENTS Page R•f•rence and admlnlstratlvg dotsll$ ofthe Charlty. Sts Trusto08 and •dvl80rn TNst•es' roport Indep•ndent audltorn. report on th• Ilnanclal •tatsments Conso11dat 8tsl•m•nt of flnanclal actlvltt•$ 9-12 13 Con¥olldated balanc• ¥h••t 14 Charlty balanc• sheet ¢onsolldat•d 8tatemont ot cash flow$ 15 16 Notes to tho flnan¢lal $tst•m•nts 17-35
YMDDIRIEDOLAETH CLOUGH LLIAmSLLIs FOUNDATION REFERENCE AND ADMIN18TRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADvisefts FOR THE YEAR ENDED 5 APRIL 2025 Trustees J C Wallace M Angharad D Iwan I Huw8 R Garden S Dolma Jones D Wynn&Flnch Charlty r•gl$t•r•d numb•r 1165883 Prlnclpal offl Unil 10. Sl Giles Business Park, Pool Ro8d, Newtown, P¢)wp. SY16 3AJ Inve$tm•nt p¢yrtfollo manag•rs Evelyn P8rtnern , 45 Gresham Strèèt. London. EC2V 78G Ind•p•ndent audltors WR Pathers, Belmont Housa, Shrewsbury 8u5in8ss Park. Shrewsbury, Shropshirg, SY2 6LG Bankor¥ AMC Bank, AMC House. Chantry Street. Andover. Hampshirg. SP10 1DE HS8C. 62 High Street, Porthmadog, Gwynedd, LL49 9LN Lloyds 8anking Group, 28 Regent Sireel. Wroxham, cld, LL11 1SE Sollcltors Fsrrèr & Co. 66 Lincolns Inn Flelds. London, WC2 3LH, Excello Law, One City Place. Queens Road. Chgster, CHI 38a Managlng Agents 8alfours LLP, New Windsor House. Oxon Business Park, Shrewsbury, Shrop8hire, SY3 5HJ Page 1
YMDDIRIEDOLAETH CLOUGH WILLIAMS-ELLIS FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2025 The Trustees present their annual report together with the 8udiled financial slalemen15 of the Charity for the year 6 April 2024 10 5 April 2025. The Charity is a Charitable Incorporated Organisalion ICIOI and conslilut8d in accordance wlh Part 51 of the Charities Act 2011, the Charitable Incorporated Organisations (Generall Regulations 2012. the Charities Act 2011 (Charitable Incorporated Organisationsl IConslilulions} Regulations 2012 and the Charitable Incorporated Organisations Ilnsolvency and Dissolution) Regulations 2012. Oblectlves and actlvltles a. Pollcles and objgclivas The objects of the Charitable Incorporated Organisation ICIOI are as folJows-. 1. To contribute towards or for the benefit OT furtherance of such charitsbl8 institutions or charitable purpos8s in such manner and lif more than one) in such shares as the Trustees shall in their absolute discration from time to lime datarmine and in particular bul wilhoul prejudice to the generality ol the for8going lo or towards or for all or any of the charitable purposes set out in Clause 2 below. 2. In North Was, and especially in Snowdonia and Gwynedd Inclu¢Jing in particular the Portmgirion peninsula al Minfford Penrhyndeudraelh and the Brondanw Parc and Croesor Esiate at Llanfrolhen Gwyngdd (Areal, for the benefit of the public generally and especially the inhabilanls of the Area.. 2.1 to promote the preservation of lands of beauty or historic, ecological or olhei scientific interest and generally lo protect preserve and improve the natural aspect. character, environment. biodiversity and amenities of the Area-, 2.2 to promote responsible public access to the countrysidè, th8 provision of routes and ways thgrefore and the pres8tvalion of footpaths, commons and waste lands., 2.3 to promote the preservation and rghabililalion of gardens and designed lanéscapes which are of national, historic or artistic intsresl and public access lo and 8njoymenl of such gardens and landscapes.. 2.4 to promote the preservation and resloration of buildings which arg of national, historic, archileclural or art15tic interest and public access to and enjoyment of such buildings and lo augment the amenities of such buildings and their built and natural surfoundings., 2.5 to promote th& conservation of the rural landscape (including the preservation and restoration of stiuclures and sites which form part of that landscape and are of historic 8rchile¢tural or artistic interest or amenity value), the conseNation of flora and fauna, sustsinable m8thods of agriculture, forestry and Dther ènterprises which support such consetvation, and research into the same and the publication of the useful results.. and 2.6 to promote study and education particularty In fields of relevance lo the Area such as local history, Welsh culture, ecology and Ihtr geological, biological and kindred sci8ncos and research into the same and the publication of the useful results. In selling objeclivtrs and planning for aclivib'es, the Trustees have given due consideration to general guidance publishèd by the Charity Comrnission relating lo public benefit, including the guidance 'Public bonefit.. running a charity IP821'. Page 2
YMDDIRIEDOLAETH CLOUGH WILLIAMS*LLIS FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Objectlves and actlvities Icontinuod} b. Strat•gios lor achlèvlng obJ•¢tlvos The Charty achleves ils objectNe$ principally through direct preserv8tlon and conservaUon works on its Oslales in North Wales. Its activities include= Protecting and preserving the natural aspect and character of the land and rural landscape., Maintsining public roule5 and foolpalhs for the benefit of member5 of the public interested in hiking, climbing and generally enjoying the outdoors., Conserving natural woodlands. streams and wilderness and protecting their ecology and the environment for enjoyment by the public, including future generations., Prolecling, maintaining and managing the Grade 1 listed garden al Plas Brondanw, Llanfrothen, keeping il open lo the public and developing associated public 8menilies', PreseNing and maintaining buildings on the Charity's estates including houses and agrictjllural stmdures of historic or architectural interest which contribute lo the character and beauty of the countryside., Protecting and maintaining (through a lanancy contract) th8 Italianale village of Portmeirion in Gwynedd including its listed buildings and gardens for enjoymgnl by the public.. From ts'me lo tlme maklng donations for chaTitable purposes and lo other charftles le.g. Campaign for the Protection of Rural Wales ICPRWI. local village school in Garreg, Llanfrothen, funding for study bursaries, contribution lo local community councill.. and From lime lo tsme assisting with funding lor study and research into matters of leVanCe lo the area including local history, ecology and environment. The Charity also advances its objects through ils letting policies for agricultural land and houses which aim to.. Promote sustainable agriculluTe, forestry and allied aclivilies., Safeguard the buildings by keeping them occupied and in good r9pair', Se8k t8nants k88n to make a contribution to the community and wlh skills gnabling them lo support the Charity's aims in the area., Relain people lincluding young people) in the area.. and Maintain the linguistsc pattern. The Charity offers a private Eslale Rent Rebate Scheme lo those who are in employment and either just fail io qualify for governm¢nt housing benefit. or do just qualify bul al such a low level that the amount received 15 of little help. This is administered by the Local Authortty and the Charivs Managing Agents. Achievements and perforniance a. Koy perfomiance Indlcators The Charity considers the followng lo b8 Ils kay m8asuros of p8rfomiance'. Financial Income generation from investment properties and share portfolio Income generation from trading activities Managem&nl of cash and overheads Nel movement in funds Non-Financial R8siclents'al and fam occupancy Fuifilmenl of charitable objectives Page 3
YMDDIRIEDOLAETH CLOUGH WILLIAMSELLIS FOUNDATION TRUSTEES. REPORT ICONTINUED} FOR THE YEAR ENDED S APRIL 2025 Achlevements and perfoman¢e Icontlnuod} b. Roview of actlvltles In meellng ils public benefit requirements, the Charity has continued to maintain and improve ils propeeS and public amenities within the Estatg during the year. Examples ol the type of work undertaken are.. . Refurbishment of Pendomen lo include new wndows, new bathroom, wiring and r9-derat10n . Re-pointing of Parc Nedd Commencement of re-roofing Plas Brondanw Bams Continuation of numerous works al Parc, lo in¢lude pointing. inlemal re-pla51ering, substantial external groundworks and wiring. New hardwood windows. Clearance of undergrowth and brarnble in Pla5 Brondanw outer garden Significant expenditure incurred on dearing storm blown trees Substantial repairs at Tan y Bryn Repl8¢emenl windows at 1 Danw Deg Extemal re4Jecoration of various properties The Tmslegs have complied with the duty in section 17 of the Charities Act 2011 to have regard to revised public benefit guidance published by the Charity Commission. ¢. Inv•stm•nt policy and performane• Investments are included al their market value at 5 April 2025. The investment powers ol the Trustees are limited lo those available under Charity legislation. Th8 Charitls properties are ltst at rènts sèt by Professional Agents based on open market rents, bul adjusted to take into account the Trustees. charitable objectives and the strategies and activities for achiaving these objectives as set out abDVe. The Charity retains a professional investment manager, Evelyn Partngrs, lo manage ils share portfolio in accordance with the Charity's investment policy. Pagg 4
YMDDIRIEDOLAETH CLOUGH WILLIAMS&LLIS FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED S APRIL 2025 Financial review a. Golng ¢on¢orn Notwithstanding a challenging operating 8nvironmgnt, after making approprialo enquiries, the Trusteos have a reasonable expectation that thg Charity and Group has adequate resources to continue in operational gxislence for the foreseeablg futuie. For this reason they continue lo adopt the going concem basi5 in preparing the financial slalemenls. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. During the year th8 Trustees drew down £150.000 from the share portfolio lo aid cash flow. Howevef, al their AGM in July 2025 their nominated brokers Evelyn and Partners advised that the combined value of the Trustegs, share portfolio remained at £3m. The value of the portfolio 5UPPOrts the going concem position. b. Reservo5 pollcy The Trustees. policy is that year on year the routine maintenancg and other 8xpenses of the Charity, together with loan repayments, should be borne out of income. The Trustees, objective is that the Unrestricted Income fund shoijld b6 maintained at a positive balance, bul with no set minimum. Al 5 April 2025 the total free Teserve5 of the Charity was a deficit of £509,923 {2024'. deficit of £443.2321. The reserves policy and curfenl free reserves position is sel against the context of managing the reluin on the investment portfolio. The Trustees have taken the informed decision to retaln the current fundinglliqfjjidity balance. Stru¢tur•, govgrnance and management a. Constitution The Charity is register8d as a charitable Company limtted by guarantee and has a registered charlty numb&r 1165883. 11 was sel up and is conslilul8d under a Trust Deed dated 4 March 2016 and commencad operations on 13 Apri12016. b. M•thod$ of app¢lntment or election of Trustees The management of the Charty is the responsibility of the Trustees who are elected and Cowopled under the terrns of the Charitls Constitution. c. Poll¢l•$ adopted for thè induction and training of Trusteos Each Trustee is given a copy of the Charity's Constitution, a copy of Tha Diractory of Social Change publication 'The Effective Tiustee" and the latest Annual Report. All new Trustees are also given a lour of the Charitys estsle and briefed by thè chair of the Trustees. Advantage is also taken of the specific training provided by th8 CharTly's Auditors. Page 5
YMDDIRIEDOLAETH CLOUGH WILLIAMSELLIS FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Structur01 govemancè and management Icontlnuodl d. Organlsational structure and doclsion making The Charity holds a minimum of three Trustge meetings a year to overseg the management of the Charity. Th8 Charity has three sulF¢ommittees of the Board of Trustees, as follows.. A Finance Sub<ommittee which oversees the Charivs finances including the investm8nl portfolio managed by Evelyn Partneis. The Trustees on this sutKommittee are.. M Jones J C Wallace D Wynne-Finch Ichairmanl A Garden Sub-committee which oversees the rnanagement of the Grdde I listed garden al Plas Brondanw, Gwynadd. The Trustees on this sub-committee are.. M Angharad S Dolma R Garden J C Wallace A Communications Sub-commiltee which aids and guides publicity and communications with the outside worfd on behalf of the Foundation. The Trustees on this sub-ctsmmittee are.. R Garden S Dolma M Jones The day to day running of the Charity is delegated lo the Managing Agents. Messrs Balfours LLP who are in gular contact with the chair of the Trustees and other Trustees as appropriate. o. Relalgd party relatlonshlps A lenanl of the Charity, Portmeirion Limited, has certain Directors who ar8 also Trustees of the Charfly. The Charills dealings with Portmeirion Limited are on an am's length basis. Another tenant of the Charity, Ymddiriedolaelh Susan Williams-Ellis Foundation, has a common Trustee with the Charity. A summary of the related party transactions is set out in note 26 to th8 financial ststemenls. f. Rl8k managgm8nt The Trustees have assessed the major risks lo which the Group and the Charity are exposed, in particular those related lo th8 operations and fin8n¢es of the Group and the Charty, and are satisfied that systems and procedures are in place to mitigate exposure lo the major risks. A risk Matrix is consider8d by the Trustees al their AGM each year. The major risks lo the organisation arg considered lo be as follows.. Deterioration of charitable buildings. Our Land Agents oversee a programme of maintenance and repair., Reduction in tenancy occupations leading lo a reduction in rental in¢ome which supports the Chariws activities. Our Land A9enls manage our investment propety Portfolio. ensuring tenants are appropriately ¢atered for and properties maintsined and upgraded to meet prevailing stsndards., Fall in capital value of and income from Sha portfolio. Our investment managers ensure the share portfolio is diversified and actively managed to limit overall risk,. and Reduction in public benefit due to loss of public routes and footpaths and deterioration of natural woodlands and streams. Our Land Agents overseè the prgservalion and maintenance of public paths and the woodlands and streams. Page 6
YMDDIRIEDOLAETH CLOUGH WILLIAMS-ELLIS FOUNDATION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2025 Plans for future p•riods a. Futuro dovolopments In maeling ils public benefit requir8m8nts, th8 Charity has continued lo maintain and Smprove the proparbes within the Estste for the future. Al present the key developments for the future are.. Refurbishment of Garreg Fawr. if funds allow Completion of repairs lo Parc Drainage repairs al mo6 Banc New w*ndows al The Lodge Continued external re-de¢oralion of vanous properties Rebuilding building al Garreg Wen following storm damage Corrmence negotiations for a new lease of the Blaen Cwm hydro scheme when the current lease ends in 2026 Trustees. respon$lbllltlo$ statement The Trustees (who are also directors of Ymddiriedolaeth Clough Williams-Ellis Foundation for the purposes of company lawl are responsible for preparing the Trustees, roport and the financial statements in accordance with applicable law and United Kingdom Acwunting Standar¢Js Iunited Kingdom Generally Accepted Accounting Practicèl. Company law requires the TTUStees to prepare financial slalemenls for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair Vigw of the slate ol affairs of the Charity and of the incoming resources and applicaliori of resources, including the incoffle and expenditure, of the Charity for that period. In praparing th8se financial statements, the Trustees are required lo.. ' select sultsble accounting poliues and then apply them consistenly-, ' observo the methods and principles in the Charities SORP., ' make judgments and accounting eslimales that aro reasonable and prudent.. stale whether applicable UK Accounting Stsndards have been followed, subject to any material departures disclosed and explained in the financial slatemenls., prepare the financial stslements on the going concern basis unless il is inappropriate lo presume that the Charity will Continue in operation. The Trustees are responsible for kgeping adequate accounting records that are sufficient to show and explain th8 Charity's transactions and diselose with reasonable accuracy at any lime the financial p05111on of the Charity and enable them lo ensure that the finanaal statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the pievention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity ol the Charity and financial infomiation included on the Charitys website. Legislation in the United Kingdom governing the preparation and dissemination of 15nancial slalèments may differ frorn legislation in otherjurisdictions. Page 7
YMDDIRIEDOLAETH CLOUGH WILLIAMS£LLIS FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED S APRIL 2025 Dlsclosure of Infonnatlon to audltorn Each of th¢ p•rson8 who are Tru8te88 at the time whon this Trusleas, report is approvad has confirmed that.. so far as that Trustee is aware, ther8 is no relevant audll Infomiation of which the Charfvs auditor5 aro nawaré, and that Trustee has tsken all the steps that ought to have been tsken as a Tfuslee in order to be aware of any relevant audit information and to eslabll8h that the Charivs audltors ar8 aware of that infomlatlon. Approved by order of the members of the board of Trustees and slgned on their bèhalf by. } Dale.. 0511212025 Pago 8
YMDDIRIEDOLAETH CLOUGH WILLIAMS*LLIS FOUNDATION INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF YMDDIRIEDOLAETH CLOUGH WILLIAMS- ELLIS FOUNDATION Opinion We have audited the financial slalemenls of Ymddiriedolaeth Clough Williams-Ellis Foundation (the 'parenl charityl and its subsidiarses Ilho 'group'l for the year ended 5 April 2025 which comprise the Consolidated slalemenl of financial activities, the Consolidated balance sheet. the Charity balance she&t. Ihe Consolidated slalemenl of cash flows and the related notes, including a summary of significant accounting policie5. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Finan¢ial Reporting Stsndard 102 'The Financial Rèporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). The financial slalemenls have been propared in accordance with Accounting and Reporting by Charities preparing their a¢¢ounls in accordance with the Flnan¢ial Reporting Standards appllcable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities.. Stalernenl of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. This has been done in order for ihe accounts lo provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after l January 201 S. In our opinion the financial statements.. give 8 true and fair view of the state of the Group's and of the parent charity's affairs as 815 April 2025 and of the Group's incoming resourcas and application of rèsourc88, including its income and expenditure for the year then ended., have been properly prepared in accordance wth United Kingdom Generally Accgpted AoUnting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors. responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant lo our audit of tho financial slalements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions rolatlng to going Concern In auditing the financial statements, we have concluded that the Trustees, use of the going concem basis of accounting in the preparation of the flnanclal slalemenl8 Is approprl81e. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that. individually or colleclivgly. may cast significant doubl on the Group's or the parent charity's ability lo continue as a going concern for a period of al least twelve months from when the financial stalements are aulhorised fo¥ issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concern are described in the relevant socts'ons of this report. Page 9
YMDDIRIEDOLAETH CLOUGH WILLIAMS*LLIS FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF YMDDIRIEDOLAETH CLOUGH WILLSAMS- ELLIS FOUNDATION ICONTINUED} Other informatlon The other information comprises Ihe information included in the Annual report other than the ffinancial statements and our Auditors, report Ihereon. The Truslees are rosponsible for the other informalion contained within the Annual rtsport. OLJr opinion on the financial ststemenls does not cover the other Infonralion and, except lo th8 exlenl otherwise explicitly slated in OLJr report, we do not express any fomi of assurance conclusion Ihereon. Our responsibility is lo read the other infofmalion and, in doing so, consider whether the other infornialion is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears lo be malgrially misstaled. If we identify such material in¢onsistencies or appar8nt material misslatemenls, we are required lo d818miine whether this givgs rise lo a material misslat8m8nl in the linanaal slalemenls Ihemselv8s. If, based on thg work we have performed, wo ¢onclude that there is a materia1 misstatemgnt of this other inforrnalion, we arg rgquir8d to report that fact. We have nothing to port in this regard. Matters on which we are required to rfrport by &xcgptlon We have nothing lo report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 rèquirès us to report lo you if, in our opinion.. the informats'on given in the Trustees. report is Inconsistgnl in any material respect with the financial 51atemenls', or the parenl Charity has not kept sufficient accounting records., or the parenl Charity financial statements are not in agreement with the accounting records and returns.. or we have not fecaived all Ihe information and explanations we rgquira for our audit. Respon$lbllltlos of trustses As explained more lully in the Tnjstees. responsibilities stslement, the Trustees are responsible for the preparation of the financial slalernenls which give a Iruo and fair view, and for such internal colllrol as th9 Trustees determine is necessary to enable the preparation ol financial statements that are fre8 from material misslaternenl, whether due lo fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent ¢haritls ability lo continue as a going ¢on¢em. disclosing, as applicable, matters related lo going con¢em and using the going conrn basis of accounllng unless the Trustees either intend lo liquidate the Group or the parent charrty or lo cease operations, or have no realistic alternativ8 but to do so. Pagg 10
YMDDIRIEDOLAgfH CLOUGH WILLIAMS-ELLIS FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF YMDDIRIEDOLAETH CLOUGH WILLIAMS- ELLIS FOUNDATION (CONTINUED) Auditors. rè$pon$ibilitie$ for the audit of the financial statements We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our obj&¢bves are lo obtain reasonable assurance about whether the financial statements a5 a whole are free from material misslalemenl, whether due lo fraud or error. and to issue an Auditors, report that includes our opinion. Reasonable assurance is a high 18V81 of assLJran¢e, bul is not a guaranleg that an audit condiJct8d in accordance with ISAS {UKI wlll always delecl a material misstatement when il exists. Misstatements can arlsg from fraud or error and aTe considered material if. ir*dividually or in the aggregate. they could reasonably be expected to ir)fluencg Ihg 9conomic decisions of users lak8n on the basis of these financial slalemenls. Irregularib'•s, including fraud, a instances of nonryc0mpllan with laws and regulation5. We design procedures in line ¥Mlh our responsibilities, outlined above. lo delecl material misslalemenls in respect of irregularities. including fraud. The extent lo which our procedures are capable of del&¢ting irregularities. including fraud is detailed below.. We reviewed the susceplibilily of thè Charilrfs financial slaternenls to material mi5slatemènl and identified the principal risks, implementing a series of testing procedures to provide us with sufficient comfort lo issue our opinion. . We r8Vi8w8d the Charitys regulatory environment lo ensur8 we could conclude that il had acted in accordance with th8 framework levant to the chaTlty and ils environment and identify any instances of non<ompliance. We also assessed the Charitys internal control pro¢8dures to onsure we could appropriately scrulinise these controls and establish whether our understanding of the control envlronment was sufficl8nt to supplement our additional tgsting procedures. The engagetnenl team consi51ed of a team that Ihg engagement partner beligves is equipped with the relevant level of technical and chanty awargness lo carry out our wort to the required standard. Because of the inherent limitab'ons of an audit. there is a risk that we wll not delecl all irregularities, including those leading lo a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial slalemenls, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misr&presgntation. A further description of our rgsponsibllilles for the audll of the flnanclal slalements Is located on the Flnancial ReF)Orting Council's websf(e al.. www.frc.o .ukJaudilorsres onsibililies. This description fornis part of our Auditors, report. Page 11
YMDDIRIEDOLAETH CLOUGH WILLIAM8*LLIS FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF YMDDIRIEDOLAETH CLOUGH WILLIAMS. ELLIS FOUNDATION (CONTINUED) Uso of our rnport This report is made 801ely lo the charws trusts95. as a body, in accordance with Part 4 of the CharkSes (Accounts and Report$l Regulations 2008. Our aydil work has been undertaken so that we might slate lo the tharitys trnslees those matters w9 ar9 required to slate to them in an Auditors, report and for no other purpose. To the fullest extent pemiilled by law, we do not accept or assume responsibility lo anyone other Ihan th¢ chadty and its Iru8198s, as a body, for our audit work, for this report, or for the oplnlons we have fomi8d. WRPa ors Chartered Accountsnt8 Statulory Audllors Belmont House Shrewsbury Buslness Park Shrewsbury Shropshiro SY2 6LG Dale.. WR Pathers are ellglble to acl as auditors in tams of secllon 1212 of the Compan168 Act 2006. Page 12
YMDDIRIEDOLAETH CLOUGH WILLIAMS4LLIS FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025 Unrestricted Endowmont funds funds 2025 2025 Total fund$ 2025 Total funds 2024 Note Income and endowmènts from: Donations and legacies Charitable activities 36,625 563,887 191.387 68,808 112,879 36.625 563.887 191,387 68,808 112,879 36,225 595,951 385,235 104,390 329,410 other trading activities Investments Other income Total incomo and 8ndowmgnt$ 973,586 973,586 1,451,211 Expènditure on: Charitable acts'vities 1.028,718 1.028,718 1,017,036 Total expondlture 1,028,718 1,028,718 1,07 7.036 Net {exp8nditur8}lincom8 bafore not losses on investm8nts {55,132) 1243,761) 155,1321 1243.7611 434, 175 (338,004) Nel losses on investments Net (expenditurellincom• Transfers between funds 1298,8931 {155,0491 1298,893) 96,171 20 135.049 Net movement In funds bèfor• other re¢ogni5ed gainsl{losses} {453,9421 155,049 (298,893) 96.171 other recognlsod galnslllosses): Gains on revaluallon of fixed assets 250,000 250,000 1,355,000 Net movem•nt in fund$ 1453,9421 405,049 148.8931 7,451, 177 Rgcon¢lllatlon Of funds- Total fund5 brought forward Net movement in funds 3,808,671 1453.9421 17.854,512 405.049 21.663,183 148,8931 20,212,012 1,451, 171 Total funds carried forward 3,354,729 18,259,561 21,614,290 21.663, 183 The Consolidated Statemgnl of Finanaal Aclivi1185 include5 all gain5 and1055es recognised in the year. The notes on pages 17 10 35 form part of these financial statements. Page 13
YMDDIRIEDOLAETH CLOUGH WILLIAMS*LLIS FOUNDATION CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDED 5 APRIL 2025 202S 2024 Nole Flxed ass•t8 Tangible assets Investments Investment propgty 1.184,602 2,680.050 20.708,8SO 1.258,533 2,993,370 20,458,850 15 14 24.573,502 24,710,753 Current assets Stocks Debtors Cash al bank and in hand 16 17 9,991 185,394 8.155 6,685 130,508 6.493 203,540 143.686 Current Ilabllltles Creditors.. amounts falling due wilhln one year 18 1839,7871 (749,530) Not curronl IlabSlltles 1636,247) (605,844) Total assets less currant Ilabllltles 23.937.255 24, 104,909 Creditors= amounts falling due after more than one yeai 19 12,322,965) (2,441, 126J Total not assèts 21,614,290 21,663,783 Charity fund$ Endowment funds Unrestricted funds 20 20 18,259,561 3.354,729 17,854.512 3,808,671 Total fund$ 21,614,290 27,663,783 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by. Dale.. 0511212025 The notes on pages 17 10 35 form part of these financial statements. Paga 14
YMDDIRIEDOLAETH CLOUGH WILLIAMS-ELLIS FOUNDATION CHARITY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED S APRIL 2025 2025 2024 No Flxed assets Tangible assets Investments Investment property 13 1.184,602 2,680,060 20.708,850 1,258,533 2,993,380 20,458,850 14 24.573,512 24, 110,763 Curr¢nt assets Stocks Debtors 18 17 9,991 164,271 6,685 97,005 52 Cash at bank and in hand 174,262 103. 742 Current Ilabllltlos Creditors.. 8mounls falling due wthin ono ar 18 1812,1861 {f09,596) Not Currènt Ilab115tles 1637.9241 (605.854) Total asset$1oss Current Ilabllltle8 23.935,588 24. 104,909 Creditors.. amounts falling due after more than one year 19 12.321,2981 (2,441, 726) Totsl not assets 21,614,290 21,663, 183 Charlty funds Endowment lunds Unrestricted funds 20 20 18.104.512 3,509,778 17,854,512 3.808,671 Total funds 21,614,290 21.663, 183 The financial stslements were approved and aulhorised lor issue by the Trustees and signed on their behalf by. 05112ft025 Dale.. The notes on pages 17 10 35 form part of these financial siatemenls. Page15
YMDDIRIEDOLAETH CLOUGH WILLIAMS*LLIS FOUNDATION CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED S APRIL 2025 2025 2024 Nots Ca$h flows from operatlng a¢tIVal Net sh used in operating activities {207,3101 (51.793) Cash flows from Inve•tlng •¢tlvlt105 Dlvldends and intoffjsts from Investments Ronts from Investments Purchase of tangible fixed assets Movement on Inveslmgnts 66,178 2.630 101.793 2,597 (29.393) 2.539,640 313.320 Not cash provldod by Invostlng actlvltl•8 382,128 2.614,637 Cash flows from flnanclng actFvltlo5 Repayments of borrowng (145,049) (2,696,282) N•t eash us•d In flnanclng actlvltl•s {145,0491 12,696,282) Chang• In cash and cash •qulval•nts In the year Cash and cash equfvalenls at the beginning ol th6 year 29.769 11333381 {275.7321 (142.294) Cash and cash •qulval•nt# at th• •nd of the yoar 23 1245,9631 1275, 732) The notes on pages 17 10 35 fomi part of these financial statements Page 18
YMDDIRIEDOLAETH CLOUGPI WILLIAMS-ELLIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 General Infomiatlon Yrnddiriedolaeth Clough Williams-Ellis Foundation is a ¢hariiable in¢orporaled organisalion, domiciled in the UK and has a registered office al Unil 10, St Giles Business Park, Pool Road. Newiown. Powys, SY16 3AJ. A¢¢ountlng pollcles 2.1 Basls of preparation of financial statements The financial slalemenls have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Slalemenl of Recomtnended Practice applicable lo ¢hariligS preparing their accounts in accordance with the second edition Financial Reporting Standard applicabl8 in thè UK and Republic of Irgland IFRS 1021 (Octobèr 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. Ymddiriedolaeth Clough Williams-Ellis Foundab'on meets the definition of a public ben8fi18nllty under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless olherwse slated in the relevant accounting policy. Ymddiriedola6lh Clough Williams-Ellis Foundatson meets the definition of a public benefi't entity under FRS 102. Assets and liabilili&s are initially recognised al historical cosl or transaction value unless olherwse slated in the relevant accounting policy. The Consolidated stalemenl of financial a¢livilies ISOFAI and Consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The r8suIts of the subsidiary are consolidated on a line by line basis. 2.2 Status of the Charlty The Charity is a charitable incorporated organisalion I'CIO'I sel up under ils constitution dated 4 ar¢h 2016 and registered with the Charity Commission. If the CIO is wound up, the members of the CIO (being Ihe Trusleesl have no liability to contribute lo its assets and no personal responsibility for sellling its debts or liabilities. 2.3 Fund a¢countlng General funds ar8 unr8slricl8d funds which are available for use at the discretion of the Trustees in furthorance of the general objectives of the Charity and which have not baBn designated for other purposes. 2.4 Expendable Endowment Fund The expendable endowment fund was Greated when the predecessor Charty was set up on 20 May 1985. The income generated by Ihe assets wilhin the endowment fund can be used for the general charitable PLFrposes of the Charity. The costs associated with administerin9 and protecting the endowrnenl fund, which are incurred direcuy in connection with the generation of rentsl income, are allocated against tha unrestricted fund, in accordance with the SORP IFRS 1021. Pag8 17
YMDDIRIEDOLAETH CLOUGH WILLIAmsLLIs FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 202S Accounting policie5 {contlnu8dl 2.5 Going concern After making enquires, the Trustees have a reasonable expect8tion that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going con¢em basis in prepafing ils financial stalemenl5. 2.6 Incomg All income is recognised once the Charrty has entillemenl to the income. il is probable Ihal th9 income will be received and the amount of income receivable can be measured reliably. For legacies, enb'llement is taken as the eadi8r of the date on which either." the Charity is aware that probate has been granted. the eslale has been finalised and nob'ficalion ha5 been made by the execulorlsl lo the Trust that a dislribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part. is only considered probable when the amount can be measured reliably and the Charity has been notified of the executor's intention to make a dislribulion. Where leg8¢ies have been notified lo the Charity. or the Charity is aware of the granting of probate. and the criteria for income recognition have not been rnel. then the legacy is treated as 8 contingent asset and disclosed if rnalerial. Grants are included in the Consolidatad slalemenl of finan¢i81 activities on a receivablè basis. The balance of income received for specific purposes bul not expended during the period is shown in Ihe relevant funds Dn the Balan sheet. Where incom8 is ¥eceived in advanc8 of entillemenl of receipt, ils recognition is deferred and included in credllors as deferred income. Where entitlem8nl occurs before income is received, the InMe is accrued. Donated services or facilities are recognised when the Charity ha5 Control over the item, any conditions asso¢ialed with th8 donated item have been met, the receipt of economic benefit from the use of the Charity of the item is probable and that economic benefit can be measured reliably. In accordan with the Charities SORP IFRS 1021, the general volunteer lime of the Friends is nol recognised and refer to the Trustees. report for more information about their contribution. On receipt, donated professional seryices and faclllli8s are rawgnised on the basis of the value of the gift lo the Charity which is the amount il wouSd have been willing to pay lo obtain seNices or facilities of equivalent economic benefll on the open market,. a corresponding amount is then recognised in expenditure in the pgriod of receipt. Income tax recoverable in relation lo donations received under Grft Aid or deeds of covenant is recogni5ed at the lime of the donation. IncL)me lax fecoverable in relation lo investment income is recognised al the time the investment income is receivable. Pag& 18
YMDDIRIEDOLAETH CLOUGH WILLIAMS&LLIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Accounting policies Icontinuodl 2.7 Expenditure Expenditure is recognised once there is 8 leg81 or constructive obligation lo transfer economic benefit lo a third party, il is probable that a transfer of economic benefits will be required in settlement and the amount of Ihe obligalion Can be measured reliably. Expenditure is classified by activity. The costs of each activity are rnade up of the lolal of direct cos15 and shared costs, including support cosls involved in undertaking each activity. Oirecl costs atlribulable lo a single adivily are allocated dirèctly lo that activity. Shared costs which contribute to more than one activity and support costs which are not altrtbutable lo a single activity are apportioned beeen thos8 activities on a basis consistent with the use of rèsources. Central staff c051s are allocated on the basis of lime spent, and depreciation charges allocated on the portion of the assgt's kjse. Charitable a¢livilie5 and Governance costs are cos15 incurred on the Charity's operations, including support costs and costs relating to the governance of the Charity apportioned lo charitable aclivilies. 2.8 Inter8$t rg¢glvablo Interest on funds held on deposil is included when receivable and the amount can be measured reliably by the Group,. this is normally upon nolifi¢ation of tha interest paid or payable by the institution with whom the funds are deposited. 2.9 Tangible fixed assets and depreeiatlon A review for impairment of a fixed ass81 is carried out if events or changes in circumstances indicate that the carryng value of any fixed asset may not b8 recoverdble. Shortfalls between the carrying value of fixed assets and thgir recoverable amounts are recognised as impairments. Impairrnenl losses are recognised in the Statement of Financial Activibes incorporating the income and expenditure account. Tangible fixed assets are initially recognised al cost. After recognition, under the cost model, tangible fixed ass8ts are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into ils intended working condition should be included in thè m8asur@m8nt of cost. DepreciaOn is not charged on freehold land. Depreciation is provided al rates calculated lo write off the cost of fixed assets, less their eslimated residual value. over their expected useful lives. Depreciation is provided on the following bases.. Plant and machingry Fixtures and fittings Hydro plant 20°k reducing balance 20'A reducing balance 5% reducing balance 2,10 Inv&stments Fixed asset investmgnls arg a form of financial instrument and arg initially recognised at their transaction cost and subsequently rlleasured al fair value al the Balance Sheet datg, unless tha value cannot be measured reliably in which case it is measured al c051 less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments, in the Slalemenl of Financial Aclivilies. Page 19
YMDDIRIEDOLAETH CLOUGPI LLIAMS-ELL1s FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 Accounting policies (continued} 2.11 Sto¢k$ Stocks are valued al Ihe lower of cost and nel realis8ble value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct Costs and an appropriate proportion of fixed and vaiiable overhoads. 2.12 Dèbtors Trade and other debtors are recognised al th8 s8111emènl amount after any trade discount off8r8d. Prepayments are valued at tho amount prepaid nel of any trade discounts due. 2.13 Cash at bank and in hand Cash al bank and in hand includes cash and short-lerm highly liquid investments with a short malurily ol three months or less from the d818 of acquisilion or opening of the deposit or similar acwunl. 2.14 Liabllitie$ and provlslons Liabilities aré recognised when there is an obligation al the Balance Shaat date as a result of a past event, it is probabl8 that a transfer of economic benefit will be required in settlement. and the amount of the settlement can bè 8stimat8d reliably. Liabilities are recognised al the amount that the Charity anticipates il wlll pay lo settle the debt or the amounl it has received as advanced payThenls lor the goods or services il musl provide. Provisions are measured at the best estimate of the amounts required to Settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, diswunled at the pre-tax discount rale that reflects the risks specific to the liability. The unwindin9 of the discount is recognised in the Statement of Financial Activities a5 a finance cost. 2.15 Flnancial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basi¢ financial instruments are initially recognised at transaction value and subsequèntly measured at their settlement value with the exception of bank k)ans which arè subsequently measured at amortised cost using the effective Interest method. 2.16 Pen$lon$ The Group operate5 a defined contribution pension scheme and the pension charge represents the alnounts payable by the Group lo the funé in respect of the year. Page 20
YMDDIRIEDOLAETH CLOUGH WILLIAMSELLIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Critical accounting estimates and areas of judgment Eslifftales and judgments are conlinualty evaluated and are based on historical experience and other factors. including expecialions of fulure events Ihal are believed lo be reasonable under the circumstances. Critical accounting eskn'mates and assumptions.. The Charity makes eslimales and assumptions concerning the future. Where appropriate, professional third parties are used lo assist in verifw'ng rnarkel valuations. The resuthng accounting estlmales and assumptions will. by definition, seldom equal the relatad actual results, The estimates and assumptions that have a slgnificanl risk of causing a matèrial adjuslmenl lo the carrying amounts of assets and liabilities within the next financial year are addressed below.. Propety carryng value impairment piovisions - Investment prop8ty is carried at fair value, determined annually and derived from current market rents and investment property market conditions. Income from donatlons and legacies Unre$trlctsd lund$ 2025 Total funds 202S Total funds 2024 Donations 36,625 36.625 36,225 Total 2025 36,625 36.625 36,225 Income from charStable activities Unrestricted funds 2025 Total funds 2025 Total funds 2024 Rasidenlial Commercial Agricutturdl 281.060 233,925 48.902 281.060 233,925 48.902 265.009 263,756 67, 186 Total 2025 563,887 563.887 595.957 Page 21
YMDDIRIEDOLAETH CLOUGH WILLIAMS*LLIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Income from other tradlng actlvltles Income from non charltabl• tradlng ¥Gtlvltl•i Unr•¥trictsd funds 2025 Total fund8 2025 Total funds 2024 Sales Hrts income 2,564 188.823 2,564 188,823 385.235 Total 2025 191.387 191.387 385,235 Total 2024 385,235 385.235 Inv•ytment Income Unr•8trlctad funds 2025 Total funds 2025 Total funds 2024 Rent- Wayleaves Dividends received from listed Investments 2.630 66,178 2.597 101.793 66.178 Total 2025 68,808 68,808 104,390 Total 2024 104.390 104,390 Pag• 22
YMDDIRIEDOLAETH CLOUGH WILLIAMS*LLIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YeAR ENDED 5 APRIL 2025 Othor In¢omlng rosources Unrostrlctod funds 2025 Total funds 2025 Total funds 2024 Plas gardens Woodland income Caffi Plas Brondanw Capital benefft for ear repayment 40,320 4.204 68,355 4(1.320 4,204 68,355 21, 186 6.005 51. 199 251,020 Total 2025 112,879 112,879 329.410 Total 2024 329.410 329,410 Anatysi# of Oxpendlture by actlvltles A¢tlvltl•s undortaken dlractly 202S Support costs 2025 Tt)tal funds 2023 Totel funds 2024 Rgsidontial Commercial AgricUra1 362,499 485.699 47,138 82.411 43,332 7,639 444.910 $29,031 54,777 425,139 539,416 52,481 T¢)tal 2025 895,336 133,382 1,028,718 1.017,036 Tot813024 885,456 131,580 1,017,036 Page 23
YMDDIRIEDOLAETPI CLOUGH WILLIAMS£LLIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 Analysis of expendlture by actlvltlgs Icontlnuedl Analysls of dlr•¢t costs Totsl funds 2025 Total funds 2024 Residontial Commerclal Agricultural 2025 2025 2025 Stsff costs Depreciation Repair5 and maintenance Fams & woodlands works Plas Gardens Utilities less reimbursements Insurance le55 reimbursements Rent rebates Management fees and expenses Professional fee5 67,283 31.620 146,369 11,062 39,884 3,031 25,780 67,283 73,931 342.223 25,864 39.884 7.086 60,279 8,294 60,553 80,458 305,584 23,863 42,255 10,461 39.573 17,6T6 36.736 170,050 12.852 5,575 25,804 1,950 3,521 29,953 4,119 534 4,546 627 37,980 15.416 1.463 32,689 13,269 5,763 2.339 76,432 31,024 1,463 2S,$48 50,409 85.616 78,297 35.263 Bad debts Caffi Plas Brondanw expenses Non recoverable input tax Hydro expenses 25.548 33.381 52.550 105,542 50,409 85,616 Total 2025 362,499 485,699 47,138 895,336 885.456 Total 2024 346,304 494,516 44,576 885.456 Page 24
YMDDIRIEDOLAETH CLOUGH wILLIAmSLLIs FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED SAPRIL 2025 Analysis of gxpendlturo by actlvitles Icontinugdl Analyyiy of support costs Total funds 2025 Total funds 2024 Rosid•ntial Cornmercial Agri¢ultural 2025 2025 2025 Bank charges and overdraft inl8resl Mortgage interest Governan costs 2,031 48.311 32,069 1.748 41,$84 308 4,087 97,226 32,069 4,335 100.505 26,740 7,331 Totsl 2025 82,411 43.332 7,639 133,382 131.580 Totsl 2024 78.835 44,840 7,905 131,580 10. Net IncomellExpenditure) This is ststed after ¢harging'. 2025 2024 Depreryalion of tangible fixed assets.. - owned by the Charity Audilors, remuneration audit Auditors, remuneration - other services 73,931 19.000 6,205 80,458 17,400 5.755 99,136 103,613 11. Staff Costs Group 2025 Group 2024 Charity 2025 Ch8ri1y 2024 Wages and salaries Social security costs Contribution to defined contribution pension schemes 63,574 3,238 59,061 972 63,574 3,238 59,061 972 471 520 471 520 67.283 60,553 67,283 60,553 Pagg 25
YMDDIRIEDOLAETH CLOUGH WILLIAMS*LL18 FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 11. Staff colts Icontlnued The average number of p8r50ns employed by the Chartty durlng the year was as follows.. Group 2025 No. Group 2024 Maintenanco & Caffi Pla$ Brondanw staff No employ88 re¢elved remun8rat6on 8mountlng lo more than £60,000 in eith•r y•ar. 12. Trustee¥. remuneradon and expenses During the year. no Trustees received any mneratIOn or other beneffils {2024- £NIL). During the yaar ended 5 Aprll 2025. expenses lotalling f2,621 were reimbursed or paid directy to 2 Truslg8$ (2024 - £3,514 to 2 Trnsteesj. These related to Truste8 meetings expenges claimed by Truslees in the yoor. Paga 26
YMDDIRIEDOLAETH CLOUGPI wILLIAMSLLIs FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 13. Tanglble fixgd assets Group and Charity Plant and Flxturgs and machlnery flttlngs Hydro plant Total Cost or valuatlon Al 6 April 2024 373,069 1,412 1,653,818 2,028,299 At 5 April 2025 373.069 1.412 1,653.818 2.028,299 Depreciation Al 6 April 2024 Charge for the year 294,144 3,946 738 474,884 69,951 769,766 73,931 Al 5 April 2025 298,090 772 544.835 843,697 Net book valuo At 5 April 2025 74,979 1,108,983 1.184,602 At 5 Apnl 2024 78,925 674 1.178,934 1.258,533 The Trustees own certain heritage assets in the form of chattels induding original drawings by Sir Clough Williams-Ellis. These items were left to the Trustees as part of the residue of Sir Clough Williams-Ellis' estate. In th8 Trustees, opinion, the expense of calculating these chattels would be disproportionate lo the b8nefit and they ar8 disclosed at a nominal value of £1. Page 27
YMDDIRIEDOLAETH CLOUGH WILLIAMS4LLIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 14. Investment property Group and Charlty Freohold Investment property Valuatlon At 6 April 2024 Surplus on revaluatson 20,458,850 250,000 At 5 April 2025 20,708,850 The 2025 valuations were made by Balfours LLP Chartered Surveyors. on an open market value for existing use basis. 15. Flxed asset Investments Listsd Unlistad Invostments investmonts T¢tal Group Cost or valuation Al 6 April 2024 Addth'ons 2.993.270 385,212 1491.9031 1211,5481 4.919 100 2.993,370 38S,212 1491,9031 211,5481 4,919 Disposals Revaluations Share of profiVlloss} At 5 April 2025 2.679,950 100 2,680,050 Not book value Al 5 April 2025 2.679.950 100 2.680,050 Al 5 April 2024 2.993,270 lOQ 2,993,370 All the fixed asset investments are held in the UK. Valuatlon Thè listed investments are revalued to th8 current mafkel value per tho listed price per share. Page 28
YMDDIRIEDOLAETH CLOUGH WILLIAMS£LLIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 15. Fixed asset Invg$tm9nts l¢ontlnuedl Investments in subsidiary Listed Unlisted Companles Inve8tm•nts Investmgnts Total Charlty Cost or valuation At 6 April 2024 Additions Disposals Rgvalualions Share of PfofiV{lossl 10 2,993,270 385,212 1491,903} {211.548) 4,919 100 2,993,380 385,212 {491,9031 {211,5481 4,919 Al 5 April 202S 10 2,679,950 100 2,680.060 Net book valu• Al 5 April 2025 10 2,679.950 100 2,680,060 At 5 April 2024 2,993,270 too 2,993,380 Prlnclpal $ubsldlaTIg$ The following was a subsidiary undertaking of the Charity.. Name Company number Reglstered office or prfnclpal Holding place of buslness ArbbJr Cwe Cyr 10535291 10 St Giles Business Park, Pool Road, Newtown, Powys, SY16 3AJ. 100Y. The financial results of the subsldiary for the year were.. Name Incom Expendlture Net assets Anlur Cwe Cyr 191,387 (191,387) 10 Page 29
YMODIRIEDOLAETH CLOUGH WILLIAMS-ELLIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 16. Stocks Group 2025 Group 2024 Charlty 2025 Charity 2024 Raw materfals and consumables 9,991 6,685 9,991 6,685 17. Debtors Group 2025 Group 2024 Charlty 2025 Charity 2024 Due within on¢ yoar Trade debtors 144,297 41,097 102.776 2T,732 134,399 29,872 90,705 6.300 Oth8r debtors 185,394 730.508 164,271 97,005 18. Crgdltors: Amounts falling due within one y•ar Group 2025 Group 2024 Charity 2025 Charity 2024 Bank ovgrdrafts and loans Trade creditors Amounts owed to group undertakings Other creditors 390,442 172,001 444,837 54, 765 380,442 151,870 10,291 52,368 217,215 423, 170 37,045 29,637 40,601 119,143 52,368 224,976 40,591 209,337 Accruals 8nd deferred income 839,787 149,530 812,186 109.596 The bank have secured tha following security, legal charges on the property known as Garreg Hylldrem Llanfrolhen Penrhyndeudraeth, Tan y Bryn Croesor Penrhyndeudraelh, Bryn Croesor Penrhyndesjdraelh. Lgnd lying to the north wesl of Garth y Foel Cro&sor Penrhyndeudraoth and land Iwng lo the south wesl of Gate House Llanfrothen Penrhyntjeudraeth. The bank also have securgd charges over the mortgages for Portmeirion Village and part of the Brondanw Estate. Pag8 30
YMDDIRFEDOLAETH CLOUGH WILLIAM84LLI8 FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 19. Credltors: Amounts falllng du• aftor moro than ono yoar Group 2025 Gmup 2024 Charlty 2025 Ch8rtty 2024 Bank loans 2.322.965 2.441,726 2.321,298 2,441,726 The aggregate amount of Ilabllilles payable or repayable wholty or in part more than five years after the reporting dats 18: Group 2025 Group 2024 Charlty 2025 Charity 2024 Repayable by instalments 1.833.598 2,441,726 1.833.598 2,441,726 1,833,598 2.441,726 1,833,598 2.441.726 The above loans are mortgages Sgcured on the investment properties and interest is charge al the rates of 2.98Yo and 3.13% per annum. In addition, the Ch8rity is also liable for repayments of other loans seoJred with a fixed and floating charge over the Charitys a$¥els. interest is charged at 2.5% per annum. Pagè 31
YMDDIRIEDOLAETH CLOUGH WILLIAMS-ELLIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 20. Statement of funds Statemont of funds - currant year Balance at 6 April 2Q24 Transfers inlout Gainsl Balance at 5 ILo$sesl Aprll 2025 Income Exp•ndltur• Unre5trlct•d fund5 General Funds 3,808.671 973.586 11,028,718> (155,0491 (243.761) 3,354,729 Endowment funds Endowment Funds 17,854.512 155.049 250,000 18.259.$61 Total of funds 21,663.183 973,586 11,028.7181 6,239 21.614,290 Stat¢mgnt of funds - prior year Balance al 6 Apnl 2023 Transfers in/out Gains/ 8alancg 81 (Lossgs) 5 April 2024 Income Expenditure Unre$trl¢t•d funds General Funds 6,414,525 1,451,29 1 f1,017,036) {2, 702,025) (338,0(MJ 3.808,671 Endowm•nt funds Endowment Funds 13,797,487 2, 702,025 1,355,0(70 17.854,572 Total of funds 20,212,012 1.451,211 (t,017,036? 1,016,996 21,663. 183 Page 32
YMDDIRIEDOLAETH CLOUGH wILLIAmSLLIs FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 21. Analysis of nel assets behveen funds Analysis of net assets betwgen fund$ - current year Unrèstrlcted Endowmont fvnd$ fund$ 2025 2025 Total funds 2025 Tanglbl8 fixed assets Fixed asset investments Investment property Current assets Creditors due within ong year Creditors du8 in more than one yeaT 1,184,802 2,680,050 1,184,602 2,6BO,0S0 20.708,850 20,708,850 203,540 203.540 1713.463} 1126,3241 1839.7871 12.322,965} 12,322.9651 Total 3,354,729 18,259,561 21,614,290 Analy$l$ of net assets between funds - prlor year UnrestriGted Endowment fvnds funds 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset inve51rnenls Investment property Currenl assets Creditors due within one year Creditors due in morg than one year 1.258.533 2.993.370 Y.258,533 2,993.370 20.458,850 20,458,850 143,686 (762,612) (749,530J (2,441,726) (2,44t, T26) 143,686 (586,918) Total 3,808,677 17,854,512 21,663, 183 Page 33
YMDDIRIEDOLAETH CLOUGH WILLIAMS-ELLIS FOUNDATIOM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 22. Reconclllatlon of net movement In funds to not cash flow from opgratlng activitles Group 2025 Group 2024 Nel in¢ome]expendilure for the year las per Slalernenl of Financial Acliviliesl 1298,8931 96,171 Adjustments for: Deprgcialion charges Dividends and interests from investments Rents from investments Decreasellincreasel in stocks Increase in debtors Increasellde¢rease} in creditors 73.931 166.1781 12,6301 13.3061 154,8861 144,652 80.458 (107,793) (2,597) 3,306 (12,232J (IY5,106J Net cash uséd In operatlng activitles 1207,310} (51, 793) 23. Analysls of cash and cash equlvalonts Group 2025 Gmup 2024 Cash in hand Overdraft factlity repayable on demand 8,155 1254,118) 6,493 (282,225) Toial cash and cash oqulvalants 1245,9631 (275, 732) Analysls of Changes In ngt dobt At 6 Aprll 2024 At 5 Aprll 2025 Cash flows Cash al bank and in hand Bank overdrafts and loans repayable on demand Debt due after 1 year 6,493 1444,837) 12,441,726) 1,662 54,395 118,761 8,155 1390.4421 12,322.9651 12,880,070} 174,818 12,705,252> Page 34
YMDDIRIEDOLAETH CLOUGH WILLIAMS-ELLIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 25. Pension commitments The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of Ihe Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity lo the fund and amounted to £471 12024.. £5201. 26. Related party transactlons The following Trustees are also directors ol Portmgirion Limited.. JC Wallace M Angharad R Garden Portmeirion Limited, is a lenanl of property owned by the Charity for which rent was payable of £225.260 12024.. £201,492). The nel balance oulslanding at tho year-end is £92,540 12024.. £56.3151. The rent payable by Portmeirion Limited is $¢1 al a markel value, determined by independent chartered surveyors. Portmeirion Limited also provides certain meeting facilities to the Trustees for a charge al rnarkel value. M Angharad, Tnjstee is also a director of Portmèirion Shops Limit8cI, a tenant of propety own8d by the Charity for which rent was payable of £1.32112024.' £1,321). The net balance OLrtstanding 81 the year end is £39612024= £3961. M Angharad, Trustee is also a Trustee of Ymddiriedolaeth Susan Williams-E15is Foundation, a tenant of the property owned by the Charity for which rent was payable of £14,92812024.. £14,9281 per annum. The net balance outstanding al the year-end Is £9,17212024-. £4.6221. R. LIelyn is connected to the Charity by virtue of being the brolher of Trustee M Angharad. The Charity received rental income lo the amount £9,90012024'. £9,900) from R. Llywelyn. The rent payable by R. Llywelyn is set at a market value determined by independent chartered surveyors in accordance with lease approved by the Charty Commission. The net balance outstanding at the yoar-end is £Nil12024'. £Nill. Included within the insurance pollcy for the Chartty are some properties which are owned by Trustees of the Charity. The cost of the insurance is fully repaid by the Trustees back lo the Charity. Page 35