2025-03-31-accounts

Company no. 10479711 Charity no. 1180943

The Gregynog Trust

Report and Audited Financial Statements 31 March 2025

The Gregynog Trust

Reference and administrative details

For theyear ended 31	March 2025
Company number	10479711
Charity number	1180943
Registered office and	Gregynog Hall
operational address	Tregynon
	Powys
	Wales
	SY16 3PW
Trustees	Trustees, who are also directors under company law, who served during
	the year and up to the date of this report were as follows:
	Carole-Anne Davies
	Andrew Jedwell
	Dr Janet Lewis
	Professor Robert Meyrick
	Dr Jane Elizabeth Siberry
Chief Executive	David Chell
Bankers	HSBC Bank
	Queen Street
	Cardiff
	CF10 2PX
Solicitors	Russell Cooke Solicitors
	2 Putney Hill
	London
	SW15 6AB
Auditors	Godfrey Wilson Limited
	Chartered accountants and statutory auditors
	5th Floor Mariner House
	62 Prince Street
	Bristol
	BS1 4QD

1

The Gregynog Trust

Report of the trustees

For the year ended 31 March 2025

The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 April 2024 to 31 March 2025 . The annual report serves the purpose of both a Trustees' report and a directors' report under company law. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland.

Overview from the Chair of Trustees

The Gregynog Trust was incorporated on 15th November 2016 as a Private Limited Company Number 10479711. The Trust was granted Charitable Status by the Charity Commission on 30th November 2018; registered Charity Number 1180943. The transfer of the ownership, from the University of Wales to the Gregynog Trust, was completed on 21 June 2019. The Trust’s first full trading periods of 2020-21 and 2021-22 have previously been noted as being seriously affected by Covid 19 pandemic conditions and business restructuring. The period 2023 to the current year 202425 focussed on consolidating operational changes, addressing governance, leadership and workforce items, dealing with legacy liabilities and driving costs down whilst developing new initiatives and activities.

The 750 acre Gregynog estate includes the Grade II* listed Hall, early concrete structures, William Emes designed gardens, along with a SSSI National Nature Reserve and arboretum, Gwgia reservoir, a lake, farmland, and associated buildings, some of which also have individual or group listed status. Gregynog has a long history and is perhaps best known for its 20th century occupants, sisters Gwendoline and Margaret Davies originally of Llandinam. These two philanthropists, social entrepreneurs and renowned art collectors played a vital role in Welsh cultural, educational and social history. Their achievements are of international significance and their former home at Gregynog is of considerable public, academic and cultural interest – continuing to inform several of the Trust’s activities aligned with its charitable purposes. Gregynog has suffered from lengthy periods of poor or no maintenance of its assets. The Trust continues therefore to stabilise and refurbish large parts of the estate, and develop new activities and sources of income which contribute to its charitable objects.

Previous financial reports have reflected inherent challenges to the Trust’s work , which have required significant strategic and operational input from Trustees, including the phased reopening in July 2021, the resulting short trading year to March 2022, reflecting just 8 months activity characterised by the need for postponement of bookings and an operational return to work only under safe conditions as well as essential business restructuring.

In this accounting period 1 April 2024 – 31st March 2025 Trustees continued to strengthen governance arrangements, informed by appropriate advice as to the GE Ltd structure and directors’ roles.

In the prior year as reported, intercompany arrangements were formalised, historic VAT items were resolved by the Trust’s Chief Financial Officer and clarity has been achieved as to the VAT position.

2

The Gregynog Trust

Report of the trustees

For the year ended 31 March 2025

The prior year 2023-24 saw successful fundraising activity and the award of £33K from Local Places for Nature to fund restoration works of our Walled Garden, working with local community groups and new volunteers. This work as well as our Welcome Home to Nature project work has continued through 2024-25 and attracted a number of visits including one from the Deputy First Minister for Wales Huw Irranca-Davies, and media coverage of the work being done at Gregynog in relation to nature and the environment.

Additional successful fundraising that year of a £20K grant from the Architectural Heritage Fund in December 2023, supported a tender process and fees for architects to develop a major National Lottery Heritage Fund bid for essential roof repairs to the listed Gregynog Hall. Buttress Architects were appointed and supported the Trust in its bid submission. Mid-year 2024-25 the Trust was advised that subject to raising match funding the first phase of its Raise the Roof bid for £866,591 was awarded. During the summer of 2025 both public announcement and permission to start work was confirmed. Match funding of £75K against a target of £60K has been secured from three sources – the Architectural Heritage Fund £20,000, The Pilgrim Trust £30,000 and just after the end of the period 2024-25, in early May 2025 we received news of a further award of £25,000 from the Historic Houses Foundation.

In March 2024 our Section 16 agreement with Natural Resources Wales (NRW) and partnership with the Woodland Trust led to our successful bid to the Nature Networks 3 Fund via Welsh Government and the Heritage Lottery Fund, for our Welcome Home to Nature activity at Gregynog, to the value of £246,966K. Delivery of this project has formed a large part of our activity in the period 2024-25.

Previously acknowledged risks to payment of capitalisation funds due under the original Business Transfer Agreement have not materialised and payment has been received in full.

Trustees acknowledge that saving Gregynog for the nation remains an immense challenge. However, we continue to generate and maintain income from agricultural and residential tenancies; accommodation, conference, food and beverage activity which continue to be aligned, Hall tours and visits to our historic buildings, grounds and nature reserve which generate income and contribute to our charitable purposes.

Smaller scale commercial tenancies are among the trading activities of GE Ltd and have been agreed for premises in our Courtyard buildings for Rogers Jones & Co Valuers and Auctioneers. A new income stream has been developed from certified timber sales, with the assistance of the Woodland Trust in the context of our Woodland Management plan and felling licence. The introduction and refurbishment of the Joicey Room Bar in Gregynog Hall has enhanced visitor experience and added value to conference and events activities. Major risks for the Trust such as the engineering work required to Gwgia reservoir were completed in August 2024 at a much lower cost of £22k rather than the anticipated £50k. The Warden’s House is now available for premium leisure rental and regularly booked as well as being available for immediate family and couples choosing Gregynog as their wedding venue.

3

The Gregynog Trust

Report of the trustees

For the year ended 31 March 2025

Trustees took further action in 2024-25 to build capacity in its finance team, appointing external financial accounts team Mitchell Charlesworth; updated and renewed all policies and procedures including Risk Policy and Registers and addressed remaining workforce matters. Further systems upgrades and supplier reviews have improved cost control, are reducing losses and improving internal financial practices and controls. A significant liability in the form of a derelict Grade I listed Welsh Longhouse called Wood Cottage was sold on the open market in 2025. Overall we are now seeing favourable impact of these measures with reduced costs and increased business in hand and forecast for the coming year.

The Trust previously forecast that business planning for a two-year stabilisation period in the context of a five-year projection would see some very challenging periods in 2024-25. As forecast, income development, cash-flow and cost-control was incredibly challenging in the spring and summer quarters of 2024-25. The advice sought by the Trust, its consideration of third party investment and its attention to recovery plans – as recorded in the minutes and records of Trust Board meetings - meant that we were able to steer a positive course through 2024-25. It remains a possibility that, working with the Charities Aid Foundation, Gregynog Trust may further explore third party investment and we expect to continue to consider such options, to accelerate the achievement of charitable aims, throughout 2025-26.

In early 2025-26 we expect to review Governance again and recruit new Trustees, and to consider the Board profile and trading capabilities of GE Ltd. The Trust will in this process be considering succession planning as well as strengthening key areas of finance, environment and cultural programming. This will also be supported in part by capacity and funding via our successful National Heritage Lottery Funding.

Relationships with stakeholders, volunteers, and long-standing supporters continue to be positive as do those with professional advisors such as legal and financial advisors. Partnerships such as Sinfonia Cymru, Mid-Wales Opera, Montgomeryshire Beekeepers Association, the Woodland Trust, Natural Resources Wales, Welsh Government and the local authority in Powys remain positive.

We continue to closely monitor financial controls and sensitivities, performance, budgeting, transparency of reporting and operating procedures. We continue to promote the arts, education and environment and pursue our vision to become Wales’ most welcoming home for nature and the arts whilst reinforcing our active approach to conservation and education aligned with our charitable purpose. I wish once again to record sincere thanks the board of Trustees who continue to apply their time, specialist skills and expertise to the most challenging of contexts, to positive effect. Despite the challenges of this large and complex estate, we remain committed to its care, refurbishment and enhancement of this important historic house and working estate.

Carole-Anne Davies Chair of Trustees, Gregynog Trust

4

The Gregynog Trust

Report of the trustees

For the year ended 31 March 2025

Objectives and activities

a. Policies and objectives

The Charitable Objects of the Trust are, for the public benefit without distinction of age, race, gender or political, religious, or other opinion:

• To conserve, develop, maintain, and improve the natural and historical environment of Gregynog Hall and Gregynog Estate;

• To advance the arts, culture and heritage;

• To advance education;

• To advance protection and improvement of the environment;

• To contribute to the improvement of the conditions of life for people within and beyond Wales by providing facilities in the interest of social welfare for recreation and leisure time occupation; and

• ▪ To further such other exclusively charitable objects as the Trust may from time to time determine.

The Trust aims to secure a successful future for Gregynog as Wales’ most welcoming home for creativity, nature and the arts.

The Trust works to ensure a robust financial future for the Trust through sustainable and ethical approach to income generation, investment and activities aligned with its objects and purpose.

We aim to ensure our built, cultivated, and natural assets are transformed by our refurbishment and conservation work for the enjoyment of diverse audiences.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Strategies for achieving objectives

We enable a broad range of access opportunities to all the heritage assets and collections in our care.

We generate income through our agricultural and residential tenancies, trading, and fundraising.

We are prudent with our resources operating appropriate financial controls and achieving best value from suppliers, in kind contributions and activity in line with our values and charitable objects.

We communicate and interpret our work across a broad spectrum of platforms.

c. Activities undertaken to achieve objectives

The following activities were undertaken:

Trading and income generation activities include many that are sustainable and minimise detrimental impacts on our natural environment and resources. Where trading activities within the Gregynog Enterprises Ltd generates profit, that is reinvested in the Gregynog Trust.

5

The Gregynog Trust

Report of the trustees

For the year ended 31 March 2025

We have an Audit, Finance & Remuneration (AF&R) sub-committee which meets quarterly to review activities and make recommendations to the Board of Trustees. Trading activities include accommodation for day and residential conference guests (including educational, corporate and leisure); Food & Beverage; small scale retail events and venue hire, historic house tours events and workshops supporting the arts, culture, music, education and conservation; unique weddings and civil ceremonies. Income from the estate includes rental income from residential, commercial, and agricultural property, land and fishing tenancies as well as timber sale.

Access & Interpretation - We continue to develop ways of enabling access to and interpretation of our assets and collections working to conserve and promote them. This includes physical display and interpretation, social media communications, engagement opportunities, concerts, local community group events, volunteer and partner activity.

We provide free access to the Hall on Heritage Open Days; provide online information and resources for people to learn about the history, heritage and culture of Gregynog, and the wider richness of the cultural landscape of Wales. We provide volunteering opportunities across most of our conservation activities through a clear volunteering policy and strategy which engages members of our immediate communities.

d. Social investment policies

The Gregynog Trust has not yet considered its social investment capacity or policy. It is too early in its existence.

e. Grant-making policies

The Gregynog Trust does not make Grant Awards.

f. Volunteers

Promoting opportunities to volunteer across a broad spectrum of the Trust’s activities is a key policy that continues to make a tangible contribution to our work in the grounds, heritage assets and archive. Our volunteers are growing in number and are engaged in meaningful projects. The Volunteering Policy and Statements are regularly updated along with administration associated with this area to ensure compliance with GDPR and other legislation relating to volunteering, including Health Safety and Risk assessments for all activities, training and recording of hours to support funding bids as recognition of matched funding and in-kind support.

g. Main activities undertaken to further the Charity's purposes for the public benefit

• Provide free access to the high-quality open space environment including a Green Gym;

• Provide free rehearsal space to the local groups, schools and choirs;

• Local schools programme and popular ‘Monet Days’;

• Promote access to all our assets and estate via the Gregynog Friends Scheme;

• Support or host community and partner events and societies agreeing shared income where appropriate, in advance; and

• Volunteering opportunities to support well-being, career development, encourage social interaction and engage directly with our work and the culture and heritage environment.

Strategic report - Achievements and performance

a. Main achievements of the Charity

Achievements in this period are detailed in the opening section of this report.

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The Gregynog Trust

Report of the trustees

For the year ended 31 March 2025

b. Key performance indicators

A refreshed business plan supported new brand and marketing tools help to raise our profile and introduce new income streams and programme activities generated by the Trust. Additional audience research will contribute to further development.

c. Review of activities (including fundraising and income generation)

These are outlined in the opening section of this report.

d. Factors relevant to the achievement of objectives

Human and financial resources are significant as is the availability of capital and revenue funding from all sources.

As noted in previous reports, ageing water infrastructure repairs, action to secure heritage assets in terms of weather proofing and refurbishment allowing income generation through conference and wedding activity has been carried out and continues as noted above. Our courtyard accommodation continues to be upgraded in terms of fixtures, fittings and service infrastructure. Gregynog is an estate of considerable scale and a sixty-year legacy of maintenance failure precedes our ownership.

e. Investment policy

The Trustees have the power under the Charities Act to invest surplus funds. Trading activity (through Gregynog Enterprises Ltd) that results in any retained income being reinvested in the Trust. As previously stated, our wider policy will evolve as we develop our business and will focus wherever possible on ethical, environmentally beneficial investments supporting opportunities that align with our charitable purpose.

Financial review

a. Going concern

The Gregynog Trust commenced ownership and trading activity via the group on 21st June 2019 following the transfer of Gregynog Hall and Estate from the University of Wales. As previously reported, a trading loss was expected during transition, whilst revenue streams were established and developed, however these were further challenged by the impact of the pandemic throughout 2020 and until momentum was regained in mid-2023, and by significant estate demands in terms of refurbishment needs affecting the scope of our operations.

Trustees took relevant action to ensure receipt of payments of restricted and unrestricted funds owed to us under the Business Transfer Agreement; to strengthen governance and intercompany arrangements, as well as executive functions and team structures to strengthen financial and operational processes and create business development capacity. We continue to exercise financial control and monitoring with regular budgeting and cashflow monitoring.

Examining the financial position along with the value of the Trust’s physical land and built assets, tenancies and business forecast, we are confident in our assessment of going concern. The Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, whilst we recognise those resources are pressurised. The Trust continues to actively manage inter-company loan arrangements with the trading company GE Ltd, and to work with its directors.

7

The Gregynog Trust

Report of the trustees

For the year ended 31 March 2025

The Trustees consider this appropriate having regard to knowledge that newly refurbished properties such as the Warden’s House are increasingly generating additional income. The disposal of Wood Cottage was completed in March 2025 with capital returns received in the 2024/25 financial year. Business in hand and forecast is encouraging and reflected in business plans along with new business activity. Strong grant income performance in the 2023-24 period along with the prospect of a successful £5m heritage lottery bid for critical roof repair indicated in the autumn/winter of 2024-25 provides further confidence. There are close monitoring processes in place along with business plan forecasts and formal inter-company processes which are managing GE Ltd’s repayments. Changes to operations designed to increase income generation have also been put in place to positive effect and are supplemented by revised cost and overhead apportionment and control.

Whilst we recognise the scale of the task Trustees are taking appropriate advice and making informed decisions based on their close monitoring of the financial profile.

For these reasons, we continue to adopt the going concern basis in preparing the financial statements for this period. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. 2024/25 financial performance

The consolidated results for the year ending 31 March 2025 show income as £1,050,206 (2024: £737,657) and expenditure as £1,299,472 (2024: £1,142,240) resulting in a consolidated loss of £266,938, compared to a loss of £449,382 in 2024. Although we are reporting another loss, we have taken steps to reduce the amount of loss compared to last year by generating revenue and reducing costs where possible.

c. Reserves policy

The Trust seeks to hold unrestricted financial reserves sufficient to sustain its operating activities for a minimum of three months which is approx. £280k and, although difficult, we seek to generate unrestricted income in order to comply with this. While unrestricted reserves appear at £5,906,009 at 31 March 2025 (2024: £6,162,381), it should be noted that £5,703,931 of these reserves relate to heritage assets and £109,847 as fixed assets owned by the Trust, leaving unrestricted free reserves of £92,231 (2024: £227,806). The Trustees keep this under continual review.

d. Principal risks and uncertainties

Long term impact of Covid-19 working practices and the availability of fundings sources remain an influence, as do energy and other costs we previously highlighted and expect to have an impact for future years. Trustees continue to be supported by legal advisors, Russell Cooke Solicitors to ensure commitments under the Business Transfer Agreement are met.

Other risks include:

• General economic environment, energy/utility costs;

• Changes in taxation and regulation;

• Staff recruitment, development and retention in a rural context;

• Safeguarding of assets;

• Fraud & theft; and

• Health & safety.

8

The Gregynog Trust

Report of the trustees

For the year ended 31 March 2025

e. Financial risk management objectives and policies

The principal subsidiary for the Gregynog Trust is Gregynog Enterprises Ltd.

The risk policies relating to all financial and trading activity within this company are detailed and reviewed within the Audit process, and they include:

• Fraud management override of control;

• Fraud revenue recognition; and

• Going concern.

We operate a risk assessment policy across our financial and other operations using a traffic light system to assess the severity of the risk. Risk policy and registers will be comprehensively updated in the forthcoming period 2025-26 in light of asset disposal, new practices and procedures.

Structure, governance and management

a. Constitution

The Gregynog Trust is registered as a charitable company limited by guarantee and was set up by a Trust deed. The Gregynog Trust’s objects (“Objects”) are, for the public benefit without distinction of age, race, gender or political, religious, or other opinion:

1. To conserve, develop, maintain, and improve the natural and historical environment of Gregynog Hall and Gregynog Estate;

2. To advance the arts, culture, and heritage;

3. To advance education;

4. To advance protection and improvement of the environment;

5. To contribute to the improvement of the conditions of life for people within and beyond Wales by providing facilities in the interest of social welfare for recreation and leisure time occupation; and

6. To further such other exclusively charitable objects as the Trust may from time to time determine.

b. Methods of appointment or election of Trustees

The management of the Group and the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

c. Organisational structure and decision-making policies

The Trustees are responsible for the management of the Group and the Charity. The Trustees have appointed a Chief Executive who is supported by a relevant staff structure, subject to regular review. Reporting lines are clear, team collaboration and commitment are highly valued. A full and regularly updated Handbook of Policies and Procedures is in place. All staff are provided with role profiles, appropriate contracts, and appraisal.

d. Policies adopted for the induction and training of Trustees

New Trustees are appointed based on clearly outlined role descriptions and inducted as to their responsibilities by the Chair and Board of Trustees. Each new Trustee is provided with a copy of the Charity Commission publication "The Essential Trustee" and a copy of the Trust's constitution along with other relevant documents and full induction. The Trust's professional advisors also provide timely regulatory updates.

e. Pay policy for key management personnel

All policies relating to remuneration and conditions are set out in the staff handbook and individual terms are included in staff contracts and are reviewed regularly through the Audit, Finance and Remuneration subcommittee.

9

The Gregynog Trust

Report of the trustees

For the year ended 31 March 2025

f. Related party relationships

The Trustees and key management personnel complete Related Party & Conflict of Interest & Register of Interest declarations and these are recorded and reviewed on a regular basis as part of the Audit process. All Trustees and key management personnel are prompted to complete new declarations in the event of a change of circumstances.

g. Financial risk management

The Trustees have assessed the major risks to which the Group and the Charity are exposed, in particular those related to the operations and finances of the Group and the Charity and are satisfied those systems and procedures are in place to mitigate exposure to the major risks.

h. Trustees' indemnities

The Trust has not taken out indemnity insurance on behalf of the Trustees. Trustees act in good faith and with full awareness of collective responsible and the need to act with care, diligence and skill in the interests of the success of the business.

i. Fundraising practices

Donations - We encourage visitors to make donations. This is normally through donation boxes in and around the Hall and a permanent one in the Courtyard Café.

NLHF (Development Stage) - As part of our application and bid to the National Lottery Heritage Fund (NLHF) it was a condition that we raised a minimum of £60,000 in match funding. We targeted specific associations and organisations to help.

NLHF (Delivery Stage) – We now need to raise c.£270k-300k towards the Delivery Stage. In conjunction with NLHF criteria we will need to appoint a Fundraising consultant to help create and write our fundraising strategy. We are currently creating a role profile/job description for this role. Once completed this will be sent to NLHF to approve ahead of advertising the position. We expect the fundraising strategy and associated documents to be ready early Spring 2026.

Friends of Scheme (FOS) – We are currently reviewing our existing membership scheme, which is an annual car park scheme. It is likely this scheme is ended and replaced with a new “Friends of Scheme”. The FOS is likely to be aimed at donations from individuals who want to help. This scheme is still to be finalised, once it is finalised a full copy will be available.

No complaints were received in the year and we do not have a fundraising officer in place at the moment.

Plans for future periods

A 5 year business plan (2024-25 to 2029-30) has been recently updated and will be further refined to reflect the outcome of master planning exercise to reflect priorities, activities, and supporting financial information in the summer of 2025.

Statement of responsibilities of the trustees

The Trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

10

The Gregynog Trust

Report of the trustees

For the year ended 31 March 2025

The Trustees are required to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the group and the incoming resources and application of resources, including the net income or expenditure, of the charity and the group for the year. In preparing those financial statements the Trustees are required to:

• Select suitable accounting policies and then apply them consistently;

• Observe the methods and principles in the Charities SORP;

• Make judgements and accounting estimates that are reasonable and prudent;

• ▪ State whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and the group and which enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

• There is no relevant audit information of which the charitable company's auditors are unaware; and

• The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up. The Trustees are members of the charity but this entitles them only to voting rights. The Trustees have no beneficial interest in the charity.

Disclosure of information to auditors

Each of the persons who are Trustees at the time of this Trustees' report is approved has confirmed that:

• So far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and

• That Trustee has taken all the steps that ought to have been taken as a Trustee to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information.

11

The Gregynog Trust

Report of the trustees

For the year ended 31 March 2025

Auditors

Godfrey Wilson Limited were re-appointed as auditors to the group and parent charity during the year and have expressed their willingness to continue in that capacity.

Approved by the Trustees on 24 November 2025 and signed on their behalf by:

Carole-Anne Davies Chair of Trustees, Gregynog Trust

12

Independent auditors' report

To the members of

The Gregynog Trust

Opinion

We have audited the financial statements of The Gregynog Trust (the 'parent charity') and its subsidiary (the 'group') for the year ended 31 March 2025 which comprise the consolidated statement of financial activities, consolidated and parent charity balance sheets, consolidated statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and the Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the group and parent charity's affairs as at 31 March 2025 and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• ▪have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 9 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the group and parent charity financial statements and our auditor’s report thereon. Our opinion on the group and parent charity financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

13

Independent auditors' report

To the members of

The Gregynog Trust

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the trustees’ report (incorporating the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the trustees’ report (incorporating the directors’ report) has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charity and their environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept by the parent charity, or returns adequate for our audit have not been received from branches not visited by us;

• the parent charity financial statements are not in agreement with the accounting records and returns;

• certain disclosures of trustees’ remuneration specified by law are not made; or

• we have not obtained all the information and explanations necessary for the purposes of our audit; or

• the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

14

Independent auditors' report

To the members of

The Gregynog Trust

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:

(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.

(2) We reviewed the charity’s policies and procedures in relation to:

• identifying, evaluating and complying with laws and regulations, and whether they were aware of any instances of non-compliance;

• detecting and responding to the risk of fraud, and whether they were aware of any actual, suspected or alleged fraud; and

• designing and implementing internal controls to mitigate the risk of non-compliance with laws and regulations, including fraud.

(3) We inspected the minutes of trustee meetings.

(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.

(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.

(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.

(7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included:

• ▪testing the appropriateness of journal entries;

• ▪assessing judgements and accounting estimates for potential bias;

• ▪reviewing related party transactions; and

▪testing transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

15

Independent auditors' report

To the members of

The Gregynog Trust

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charityʼs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charityʼs members those matters we are required to state to them in an auditorʼs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charityʼs members as a body, for our audit work, for this report, or for the opinions we have formed.

Alison Godfrey

Date: 24 November 2025

Alison Godfrey FCA (Senior Statutory Auditor)

For and on behalf of:

GODFREY WILSON LIMITED

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

16

The Gregynog Trust

Consolidated statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 March 2025

Note Income from: Donations 3 Charitable activities 4 Other trading activities 5 Investment income Other income 6 Total income Expenditure on: Raising funds Charitable activities Total expenditure 8 Net losses on investments Net income / (expenditure) Transfers between funds Net movement in funds 9 Reconciliation of funds: Total funds brought forward Total funds carried forward	Restricted Unrestricted £ £ 196,886 9,727 - 112,407 - 604,685 - 9,862 - 116,639 196,886 853,320 - 728,941 175,633 394,898 175,633 1,123,839 (10,468) (7,204) 10,785 (277,723) (21,351) 21,351 (10,566) (256,372) 228,648 6,162,381 218,082 5,906,009	2025 Total £ 206,613 112,407 604,685 9,862 116,639 1,050,206 728,941 570,531 1,299,472 (17,672) (266,938) - (266,938) 6,391,029 6,124,091	Restated 2024 Total £ 18,620 89,183 589,988 9,486 30,380
			737,657
			764,578 377,662
			1,142,240
			(44,799)
			(449,382) -
			(449,382) 6,840,411
			6,391,029

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 24 to the accounts.

Expenditure on raising funds and charitable activities in the prior period has been restated, however this has no effect on total expenditure. Further detail is disclosed in note 8 to the accounts.

17

The Gregynog Trust

Consolidated balance sheets

As at 31 March 2025

Note Fixed assets Tangible assets 12 Heritage assets 13 Investments 14 Current assets Stocks 17 Debtors due within one year 18 Debtors due after one year 18 Cash at bank and in hand Liabilities 19 Net current assets Total assets less current liabilities Creditors: amounts falling due after 1 year 20 Provisions for liabilities 22 Net assets 23 Funds 24 Restricted funds Unrestricted funds General funds Total charity funds Creditors: amounts falling due within 1 year	The group 2025 £ 109,847 5,703,931 191,446 6,005,224 9,152 152,652 - 211,958 373,762 210,624 163,138 6,168,362 44,271 - 6,124,091 218,082 5,906,009 6,124,091	The group The charity 2024 2025 £ £ 59,020 83,124 5,875,555 5,703,931 201,914 191,448 6,136,489 5,978,503 11,173 - 181,713 803,600 50,000 - 208,947 179,377 451,833 982,977 164,682 57,516 287,151 925,461 6,423,640 6,903,964 20,111 44,271 12,500 - 6,391,029 6,859,693 228,648 218,082 6,162,381 6,641,611 6,391,029 6,859,693	Restated The charity 2024 £ 20,543 5,875,555 201,916
			6,098,014
			- 947,132 50,000 73,010
			1,070,142 69,317
			1,000,825
			7,098,839 20,111 12,500
			7,066,228
			228,648 6,837,580
			7,066,228

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the trustees on 24 November 2025 and signed on their behalf by

Carole-Anne Davies - Chair

18

The Gregynog Trust

Consolidated statement of cash flows

For the year ended 31 March 2025

Cash used in operating activities: Net movement in funds Adjustments for: Depreciation charges Dividends, interest and rents from investments Net loss on investments Profit on the sale of fixed assets Profit on the sale of heritage assets Decrease in stock Decrease in debtors Increase / (decrease) in creditors Decrease in provisions Net cash used in operating activities Cash flows from investing activities: Dividends, interest and rents from investments Purchase of investments Proceeds from disposal of investments Movements in cash held by investment manager Proceeds from sale of fixed assets Proceeds from sale of heritage assets Purchase of tangible fixed assets Net cash provided by / (used in) investing activities Cash flows from financing activities: Repayment of borrowing Net cash provided in / (used in) financing activities Decrease in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Analysis of changes in net debt At 1 April 2024 £ Cash 208,947 Loans falling due within 1 year (10,648) Loans falling due after 1 year (20,111) Total 178,188	£ 3,011 - (24,160) (21,149) Cash flows	2025 £ (266,938) 25,799 9,862 17,672 (6,849) (103,376) 2,021 79,061 45,942 (12,500) (209,306) (9,862) (42,189) 42,061 (7,076) 11,400 275,000 (81,177) 188,157 24,160 24,160 3,011 208,947 211,958 £ - - - - Other non- cash movements	2024 £ (449,382) 21,425 9,486 44,799 - - 3,734 69,801 (2,580) (14,410)
			(317,127)
			(9,486) (50,414) 35,623 8,067 - - (21,184)
			(37,394)
			(9,740)
			(9,740)
			(364,261) 573,208
			208,947
			£ 211,958 At 31 March 2025
			(10,648) (44,271)
			157,039

19

The Gregynog Trust

Notes to the financial statements

For the year ended 31 March 2025

1. Accounting policies a) General information and basis of preparation

• The Gregynog Trust is a charitable company limited by guarantee registered in England and Wales. The registered office address is Gregynog Hall, Tregynon, Powys, Wales, SY16 3PW.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Gregynog Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b) Group accounts

These financial statements consolidate the results of the charitable company and its whollyowned (controlled) subsidiary on a line by line basis. Transactions and balances between the charitable company and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two companies are disclosed in the notes of the charitable company's balance sheet. A separate statement of financial activities, or income and expenditure account, for the charitable company itself is not presented because the charitable company has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

c) Going concern basis of accounting

The accounts have been prepared on the assumption that the group is able to continue as a going concern. The trustees consider this appropriate having regard to the current level of unrestricted reserves and as previously reported, having considered the impact on the budget and financial plans for 2025/26. Also, in the knowledge that refurbished properties such as Warden’s House are now generating additional income. A further asset disposal of No 2 Gregynog Cottage is planned for the year 2025/26. The Trust carefully considers any asset disposals before proceeding, however it is not restricted by any covenants or other agreements, should there be further strategic or operational need for future disposals.

Business in hand and forecast is reflected in business plans along with new business activity. Costs are being driven down, business development and new branding/marketing tools are taking effect - changes to governance arrangements which aid the return to profitability of the trading subsidiary Gregynog Enterprises Ltd have been completed and are now proving valuable. In addition, and whilst the Trust does not intend to immediately ‘call-in’ the entire amount owed to it, a formal inter-company loan agreement is in place along with monitoring of regular and lump sum intercompany payments. Changes to operations designed to increase income generation have been put in place to positive effect and are supplemented by revised cost and overhead apportionment and control, driven by our Chief Executive.

20

The Gregynog Trust

Notes to the financial statements

For the year ended 31 March 2025

1. Accounting policies (continued)

d) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of the provision of goods or services is deferred until criteria for income recognition are met.

e) Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

f) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.

g) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

h) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

21

The Gregynog Trust

Notes to the financial statements

For the year ended 31 March 2025

1. Accounting policies (continued)

i) Allocation of support and governance costs

• Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated in full to charitable activities.

j) Tangible fixed assets

Tangible fixed assets costing £1,000 or more are capitalised and initially measured at cost (or fair value if donated).

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Fixtures and fittings 5 years straight line Plant and equipment 3-5 years straight line Office equipment 5 years straight line

k) Heritage assets

The Trust holds and maintains a number of properties, land and a collection of chattels of historical, artistic or scientific importance. In accordance with section 34 of FRS102, heritage assets have been recognised on the balance sheet. In all cases the items have been recorded at cost at the time of acquisition, or an estimate of cost if the assets are donated. Adjustments have been made to reflect additions and disposals.

Heritage assets are not depreciated since their indefinite or long economic life and high residual value mean that any depreciation would not be material. One of the objectives of the Trust is the preservation and conservation of assets, therefore it is the Trust's responsibility to ensure that the condition of the heritage assets do not deteriorate over time.

At each reporting date, the charity assesses whether there is any indication of impairment. If such indication exists, the value of the asset is written down to its recoverable amount.

l) Listed investments

Investments held at the year end are valued at the current market value at that date. Investment income from dividends is included in incoming resources while realised and unrealised losses and gains on investments are shown separately on the statement of financial activities (SOFA). Realised gains and losses are calculated on investment disposals during the year as the difference between the opening market value and the proceeds received on sale. Unrealised gains and losses are calculated on investment holdings at the year end as the difference between the closing market value and the opening market value or purchase value during the year.

m) Investments in subsidiaries

Investments in subsidiaries are valued at cost less provision for impairment.

n) Stock

Stock is included at the lower of cost or net realisable value after making provision for obsolete and slow moving stock.

22

The Gregynog Trust

Notes to the financial statements

For the year ended 31 March 2025

1. Accounting policies (continued)

o) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

p) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

q) Creditors

Creditors are recognised where there is a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

r) Provisions

A provision is recognised in the balance sheet when the charity has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

s) Financial instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

t) Pension costs

The company operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.

u) Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

v) Accounting estimates and key judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

23

The Gregynog Trust

Notes to the financial statements

For the year ended 31 March 2025

1. Accounting policies (continued)

• v) Accounting estimates and key judgements

• The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Heritage assets

As described in note 1k to the financial statements, donated heritage assets are valued at estimated cost and not depreciated. Due to the unique nature of heritage assets, their valuation is a key source of estimation uncertainty.

Depreciation

As described in note 1j to the financial statements, depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life.

2. Prior period comparatives: statement of financial activities (restated)

Income from: Donations Charitable activities Other trading activities Investment income Other income Total income Expenditure on: Raising funds Charitable activities Total expenditure Net expenditure Net gains / (losses) on investments Net movement in funds	Restricted £ £ 11,000 7,620 - 89,183 - 589,988 - 9,486 - 30,380 11,000 726,657 - 764,578 12,773 364,889 12,773 1,129,467 (1,773) (402,810) (48,086) 3,287 (49,859) (399,523) Unrestricted	2024 Total £ 18,620 89,183 589,988 9,486 30,380
		737,657
		764,578 377,662
		1,142,240
		(404,583) (44,799)
		(449,382)

24

The Gregynog Trust

Notes to the financial statements

For the year ended 31 March 2025

3. Income from donations

Donations Grants Total income from donations Prior year comparative: Donations Grants Total income from donations Income from charitable activities Estate income	Restricted £ £ - 9,727 196,886 - 196,886 9,727 Restricted £ £ - 7,620 11,000 - 11,000 7,620 2025 £ 112,407 Unrestricted Unrestricted	2025 Total £ 9,727 196,886
		206,613
		2024 Total £ 7,620 11,000
		18,620
		2024 £ 89,183

4. Income from charitable activities

All income from charitable activities in the current and prior year was unrestricted.

5. Income from other trading activities

Income from Gregynog Enterprises Ltd	2025 £ 604,685	2024 £ 589,988

All income from other trading activities in the current and prior year was unrestricted.

25

The Gregynog Trust

Notes to the financial statements

For the year ended 31 March 2025

6. Other income

Other income
Gain on sale of heritage assets Gain on sale of fixed assets Other income	2025 £ 103,376 6,849 6,414 116,639	2024 £ - - 30,380
		30,380

In the prior year, the charity received £23,308 through an insurance claim to cover the costs of the The Warden's House repair works.

All other income in the current and prior year was unrestricted.

7. Government grants

The charitable company receives government grants, defined as funding from the Welsh Government and Powys County Council to fund charitable activities. The total value of such grants in the period ending 31 March 2025 was £168,435 (2024: £11,000). There are no unfulfilled conditions or contingencies attaching to these grants in 2024/25.

8. Total expenditure

IT costs Sundry expenses Depreciation Other staff costs Trading purchases Repairs and maintenance Rates and utilities Insurance Marketing and communications Total expenditure Sub-total Staff costs (note 10) Allocation of support and governance costs Licences and subscriptions Legal and professional Bank charges Accountancy costs	Raising funds £ 416,147 298,169 923 - - - - 13,702 - - - - - - 728,941 - 728,941	Charitable activities £ 127,809 - - 5,232 42,784 88,557 33,546 12,097 - 19,852 - - - 132,563 462,440 108,091 570,531	£ £ 57,989 - - - - - - - - - - - - - - - 1,842 - 16,353 2,895 983 - 8,733 - - 19,296 - - 85,900 22,191 (85,900) (22,191) - - Support costs Governance costs	2025 Total £ 601,945 298,169 923 5,232 42,784 88,557 33,546 25,799 1,842 39,100 983 8,733 19,296 132,563
				1,299,472 -
				1,299,472

26

The Gregynog Trust

Notes to the financial statements

For the year ended 31 March 2025

8. Total expenditure (continued) Prior year comparative (restated)

IT costs Investment manager fees Sundry expenses Legal and professional Staff costs (note 10) Other staff costs Marketing and communications Depreciation Repairs and maintenance Rates and utilities Insurance Trading purchases Irrecoverable VAT Total expenditure Licences and subscriptions Bank charges Accountancy costs Sub-total* Allocation of support and governance costs	Raising funds £ 401,478 332,552 13,130 - - - - 16,509 - - - - - 909 - - 764,578 - 764,578	Charitable activities £ 114,941 - - 17,886 72,544 61,667 40,303 4,916 - - 20,284 - - - - 1,773 334,314 43,348 377,662	£ £ 44,495 - - - - - - - - - - - - - - - (26,910) - 83 - 7,749 - 953 - 4,713 - - - - 12,265 - - 31,083 12,265 (31,083) (12,265) - - Support costs Governance costs	2024 Total £ 560,914 332,552 13,130 17,886 72,544 61,667 40,303 21,425 (26,910) 83 28,033 953 4,713 909 12,265 1,773
				1,142,240 -
				1,142,240

• Irrecoverable VAT has a credit balance due to reversing the provision for the historic overclaim of VAT.

The split of staff time across raising funds, charitable activities and support costs has been restated to more accurately reflect the time spent on each activity. This has resulted in an increase in expenditure on raising funds of £46,917 and a corresponding decrease in expenditure on charitable activities. There has been no impact on total expenditure.

27

The Gregynog Trust

Notes to the financial statements

For the year ended 31 March 2025

9. Net movement in funds This is stated after charging:

Net movement in funds This is stated after charging:
	2025	2024
	£	£
Depreciation	25,799	21,425
Operating lease payments	7,833	13,075
Trustees' remuneration	Nil	Nil
Trustees' reimbursed expenses	Nil	1,334
Auditors' remuneration (excluding VAT):
Statutory audit	13,750	13,500
Other services	700	350

In the prior year, expenses totalling £1,334 were reimbursed to 2 trustees in respect of purchases made on behalf of The Gregynog Trust, and travel to meetings.

In common with other charities of our size and nature we use our auditors to assist with the preparation of the financial statements and to prepare and submit returns to the tax authorities.

10. Staff costs and numbers

Staff costs were as follows:

Salaries and wages Social security costs Pension costs	2025 £ 544,434 36,530 20,981 601,945	2024 £ 511,819 30,546 18,549
		560,914

Included in salaries is a termination payment of £2,500 to one employee in the year (2024: Nil).

One employee earned between £60,000 and £70,000 during the current year (2024: Nil).

The key management personnel of the charitable company in the current and prior year comprise the trustees, Chief Executive (from August 2023), Finance Operations Manager, Deputy Operations Manager, Director of Business Development and Trust Administrator. The total employee benefits of the key management personnel were £170,390 (2024: £173,275).

The average number of employees employed by the group during the year was as follows:

Trust Enterprises Total	2025 No. 7 35 42	2024 No. 6 31
		37

28

The Gregynog Trust

Notes to the financial statements

For the year ended 31 March 2025

11. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. The trading subsidiary donates its taxable profits to the parent charity under the gift aid scheme.

12. Tangible fixed assets Cost At 1 April 2024 Additions in year Disposals in year At 31 March 2025 Depreciation At 1 April 2024 Charge for the year Disposals in year At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 Charity Cost At 1 April 2024 Additions in year Disposals in year At 31 March 2025 Depreciation At 1 April 2024 Charge for the year Disposals in year At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 Group	£ 63,792 6,590 (15,879) 54,503 23,805 12,508 (12,670) 23,643 30,860 39,987 £ 12,261 5,467 - 17,728 884 2,304 - 3,188 14,540 11,377 Fixtures and fittings Fixtures and fittings	£ 26,294 70,118 (3,595) 92,817 18,156 8,944 (2,253) 24,847 67,970 8,138 £ 18,985 66,000 (2,100) 82,885 15,188 7,367 (1,680) 20,875 62,010 3,797 Plant and equipment Plant and equipment	£ 30,887 4,469 - 35,356 19,992 4,347 - 24,339 11,017 10,895 £ 5,369 3,631 - 9,000 - 2,426 - 2,426 6,574 5,369 Office equipment Office equipment	Total £ 120,973 81,177 (19,474)
				182,676
				61,953 25,799 (14,923)
				72,829
				109,847
				59,020
				Total £ 36,615 75,098 (2,100)
				109,613
				16,072 12,097 (1,680)
				26,489
				83,124
				20,543

29

The Gregynog Trust

Notes to the financial statements

For the year ended 31 March 2025

13. Heritage assets - group and charity

Value At 1 April 2024 Disposals in year At 31 March 2025	Gregynog Hall £ 375,000 - 375,000	Chattels £ 669,555 - 669,555	£ 4,831,000 (171,624) 4,659,376 Estate land and buildings	Total £ 5,875,555 (171,624)
				5,703,931

Gregynog Hall is a substantial mansion house dating from the 1840s. The freehold interest in the hall has been valued at the market value on the date that the asset was donated to the Trust. The valuation takes into account a cost estimate of repairs for £3,345,000 which was taken from a report prepared in 2013 which was undertaken for valuation purposes.

Chattels include a collection of fine and decorative art, furniture, musical instruments and books. These assets are of historical significance to the estate and have been valued at the market value on the date that the assets were donated to the trust. The value is intended to indicate the cost of buying the assets at auction. Gregynog Hall also cares for and securely displays assets including original works by Rodin and other renowned artists, on long-term loan from the National Museum of Wales and which the Davies sisters expressly wished to see remain at Gregynog via this arrangement. These assets have an approximate value of £1.065m. These are not recognised in the chattels valuation above.

Estate land and buildings includes 425 acres of let agricultural land together with some farm and Estate buildings, 218 acres of in hand forestry, 10 let residential properties, a commercial property on a long lease and a reservoir. The estate land and buildings have been valued at the market value on the date that the asset was donated to the Trust. This valuation is based on a valuation of the property in June 2013 updated for general changes to comparable values over the intervening period, changes of tenure or occupations, and any significant works during the period.

All of the heritage assets were gifted to the Trust for nil consideration under a transfer agreement with the University of Wales dated 21 June 2019. A summary of other movements is given below:

Five year summary of heritage asset transactions:

Disposals: Carrying value Proceeds	2025 £ 171,624 275,000	2024 £ - -	2023 £ 186,800 235,000	2022 £ - -	2021 £ - -

30

The Gregynog Trust

Notes to the financial statements

For the year ended 31 March 2025

14. Investments - group and charity

Listed investments Gregynog Enterprises Limited Total investments at 31 March 2025 Listed investments: Market value at the start of the year Additions Disposal proceeds Net losses Movements in investment cash Market value at the end of the year	2025 2024 £ £ 191,446 201,914 - - 191,446 201,914 2025 2024 £ £ 201,914 239,989 42,189 50,414 (42,061) (35,623) (17,672) (44,799) 7,076 (8,067) 191,446 201,914 The group The group	2025 2024 £ £ 191,446 201,914 2 2 191,448 201,916 2025 2024 £ £ 201,914 239,989 42,189 50,414 (42,061) (35,623) (17,672) (44,799) 7,076 (8,067) 191,446 201,914 The charity The charity	2025 2024 £ £ 191,446 201,914 2 2 191,448 201,916 2025 2024 £ £ 201,914 239,989 42,189 50,414 (42,061) (35,623) (17,672) (44,799) 7,076 (8,067) 191,446 201,914 The charity The charity
			201,914

Investments in subsidiaries

The investment represents 100% of the ordinary share capital of Gregynog Enterprises Limited (company number 08998400), whose principal activity is to carry out trading activities in support of the charity. A summary of the financial results and position of trading subsidiary is given in note 15.

31

The Gregynog Trust

Notes to the financial statements

For the year ended 31 March 2025

15. Investments in subsidiaries Gregynog Enterprises Limited

Turnover Cost of sales Gross profit Administrative expenses Other operating income Operating loss The aggregate of the assets, liabilities and funds was: Assets Liabilities Funds	2025 £ 604,685 (92,491) 512,194 (572,597) - (60,403) 2025 £ 129,431 (865,032) (735,601)	2024 £ 589,988 (107,113)
		482,875 (596,745) -
		(113,870)
		2024 £ 278,836 (954,034)
		(675,198)

16. Parent charity

The parent charity's gross income and the results for the year are disclosed as follows:

Gross income Results for the year	2025 £ 445,520 (206,536)	Restated 2024 £ 147,669 (335,512)

The 2024 parent charity result has been restated following the removal of the doubtful debt provision applied to the intercompany loan balance.

17. Stock

Goods for resale	2025 2024 £ £ 9,152 11,173 The group	2025 2024 £ £ - - The charity

32

The Gregynog Trust

Notes to the financial statements

For the year ended 31 March 2025

18. Debtors

Amounts due within 1 year: Amounts owed by group undertakings Trade debtors Prepayments and accrued income Other debtors Amounts due after 1 year: Trade debtors Total debtors balance	2025 2024 £ £ - - 89,542 116,635 63,110 65,078 - - 152,652 181,713 - 50,000 152,652 231,713 The group	Restated 2025 2024 £ £ 708,524 848,085 56,964 59,557 34,714 28,907 3,398 10,583 803,600 947,132 - 50,000 803,600 997,132 The charity	Restated 2025 2024 £ £ 708,524 848,085 56,964 59,557 34,714 28,907 3,398 10,583 803,600 947,132 - 50,000 803,600 997,132 The charity
			947,132
			50,000
			997,132

The 2024 charity debtors balance has been restated to remove a doubtful debt provision that was incorrectly applied to the intercompany loan.

19. Creditors: amounts due within 1 year

Trade creditors Accruals Deferred income (note 21) Other taxation and social security Loans Hire purchase Other creditors	2025 2024 £ £ 27,790 45,205 36,816 40,704 76,226 43,006 13,091 11,009 10,648 10,648 6,293 - 39,760 14,110 210,624 164,682 The group	2025 2024 £ £ 12,533 20,497 17,845 18,816 - 2,029 2,714 3,217 10,648 10,648 6,293 7,483 14,110 57,516 69,317 The charity	2025 2024 £ £ 12,533 20,497 17,845 18,816 - 2,029 2,714 3,217 10,648 10,648 6,293 7,483 14,110 57,516 69,317 The charity
			69,317

33

The Gregynog Trust

Notes to the financial statements

For the year ended 31 March 2025

20. Creditors: amounts due after 1 year

Loans Hire purchase	2025 2024 £ £ 10,185 20,111 34,086 - 44,271 20,111 The group	2025 2024 £ £ 10,185 20,111 34,086 - 44,271 20,111 The charity	2025 2024 £ £ 10,185 20,111 34,086 - 44,271 20,111 The charity
			20,111

The charity secured a Government backed Business Interruption Payment - Bounce Back Loan via HSBC. The loan was secured at 2.5% interest with no payments due within the first year of the loan. The loan is fully repayable within 5 years.

21. Deferred income

At 1 April 2024 Deferred during the year Released during the year At 31 March 2025	2025 2024 £ £ 43,006 48,616 76,226 43,006 (43,006) (48,616) 76,226 43,006 The group	2025 2024 £ £ 43,006 48,616 76,226 43,006 (43,006) (48,616) 76,226 43,006 The group
		43,006

Deferred income relates to deposits for accommodation booked in advance.

22. Provisions

At the start of the year Adjustment At the end of the year	2025 2024 £ £ 12,500 26,910 (12,500) (14,410) - 12,500 The group	2025 2024 £ £ 12,500 26,910 (12,500) (14,410) - 12,500 The charity	2025 2024 £ £ 12,500 26,910 (12,500) (14,410) - 12,500 The charity
			12,500

In the previous year, a provision was made for the rectification work on the Gwgia dam. The works took place in 24/25, and the actual cost was £12,500.

34

The Gregynog Trust

Notes to the financial statements

For the year ended 31 March 2025

23. Analysis of group net assets between funds

Tangible fixed assets Heritage assets Investments Current assets Current liabilities Non current liabilities Net assets at 31 March 2025 Prior year comparative Tangible fixed assets Heritage assets Investments Current assets Current liabilities Non current liabilities Net assets at 31 March 2024	£ - - 191,446 26,636 - - 218,082 £ - - 201,914 26,734 - - 228,648 Restricted funds Restricted funds	£ 109,847 5,703,931 - 347,126 (210,624) (44,271) 5,906,009 £ 59,020 5,875,555 - 425,099 (164,682) (32,611) 6,162,381 Unrestricted funds Unrestricted funds	Total funds £ 109,847 5,703,931 191,446 373,762 (210,624) (44,271)
			6,124,091
			£ 59,020 5,875,555 201,914 451,833 (164,682) (32,611) Total funds
			6,391,029

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The Gregynog Trust

Notes to the financial statements

For the year ended 31 March 2025

24. Movements in funds

Movements in funds
Restricted funds Gregynog Music Fund Nature Networks Fund The Architectural Heritage Fund Powys County Council Local Places for Nature The Woodland Trust Total restricted funds Unrestricted funds General funds Total unrestricted funds Total funds	At 1 April 2024 £ 228,648 - - - - - 228,648 6,162,381 6,162,381 6,391,029	Income £ - 96,199 19,951 50,238 21,998 8,500 196,886 853,320 853,320 1,050,206	£ (2,083) (74,848) (19,951) (50,238) (20,013) (8,500) (175,633) (1,123,839) (1,123,839) (1,299,472) Expenditure	Transfers £ - (21,351) - - - - (21,351) 21,351 21,351 -	£ (10,468) - - - - - (10,468) (7,204) (7,204) (17,672) Gains/ (losses) on investments	£ 216,097 - - - 1,985 - At 31 March 2025
						218,082
						5,906,009
						5,906,009
						6,124,091

Purposes of restricted funds Gregynog Music Fund

The purpose of the fund is the promotion of the art and science of music and the advancement of musical education in the Principality of Wales, assisting the furtherance of courses in music and other musical activities to be carried out under the auspices of the Trustee at Gregynog Hall, in the County of Powys.

36

The Gregynog Trust

Notes to the financial statements

For the year ended 31 March 2025

24. Movements in funds (continued) Purposes of restricted funds (continued) Nature Networks Fund

The Architectural Heritage Fund

Powys County Council

Local Places for Nature

The Woodland Trust

Gregynog’s ‘Welcome Home to Nature’ project is one of just 17 in Wales set to benefit from £3.78 million in Welsh Government conservation funding. The Nature Networks Fund is being delivered by The National Lottery Heritage Fund in Wales on behalf of the Welsh Government and in partnership with Natural Resources Wales. The funding supports nature recovery and encourages more public access to some of Wales’ most special natural environments.

The grant supported work to assess the level of damage to the buildings and the cost of repairing the roof.

Gregynog as a national treasure and one of Wales’ key cultural assets – at the same time as reinvigorating our hospitality business for conferences, weddings and events. The short term nature of this funding will allow us to market test a cultural programme designed to reestablish Gregynog as a home for the performing arts and celebrate the Hall’s deep connections to the 150th anniversary of the birth of the Impressionist movement, and the Davies’ sisters immense contribution to Wales’ visual arts history through their donation of a vast array of impressionist works by Monet, Cezanne, Renoir and others to the newly founded National Museum and Gallery of Wales.

The funding is administered nationally by WCVA and locally by the Powys Nature Partnership via Powys County Council. The project will stabilise the structure of the Walled garden, which is part of a Grade 1 listed garden, allowing us to replant the orchard and begin work on creating productive vegetable and cut flower gardens using plans and photographs from the hall’s records to inform our planting and the layout of the gardens.

Restoring beech PAWS ancient woodland by removal of beech under oak; restoring mixed conifer PAWS ancient woodland by graduated density thinning; control of Rhododendron ponticum and cherry laurel.

37

The Gregynog Trust

Notes to the financial statements

For the year ended 31 March 2025

24 Movements in funds (continued)

Transfers

A transfer is made from the Nature Networks Fund to General Funds for the hire purchase of a new tractor.

Prior year comparative Restricted funds Gregynog music fund WCVA Total restricted funds Unrestricted funds General funds Total unrestricted funds Total funds	At 1 April 2023 £ 278,507 - 278,507 6,561,904 6,561,904 6,840,411	Income £ - 11,000 11,000 726,657 726,657 737,657	£ (1,773) (11,000) (12,773) (1,129,467) (1,129,467) (1,142,240) Expenditure	£ (48,086) - (48,086) 3,287 3,287 (44,799) Gains/ (losses) on investments	£ 228,648 - At 31 March 2024
					228,648
					6,162,381
					6,162,381
					6,391,029

38

The Gregynog Trust

Notes to the financial statements

For the year ended 31 March 2025

25. Financial instruments at fair value

Financial instruments at fair value
	2025	2024
	£	£
Financial assets measured at fair value	191,446	201,914

Financial assets measured at fair value comprise listed investments.

26. Operating lease commitments

The group and charity had operating leases at the year end with total future minimum lease payments as follows:

payments as follows:
Amount falling due: Within 1 year Within 1 - 5 years	2025 2024 £ £ 5,608 8,723 - 5,057 5,608 13,780 The group	2025 2024 £ £ 3,956 7,072 - 3,956 3,956 11,028 The charity
			11,028

27. Related party transactions

In accordance with FRS102, transactions with Gregynog Enterprises Limited have not been disclosed since it is a wholly owned subsidiary of The Gregynog Trust.

As an exception to this, the group discloses that an intercompany balance of £708,524 was owed by Gregynog Enterprises Limited to The Gregynog Trust at the year end.

During the year, the charity received a £20,000 interest-free loan from one of its trustees. The charity repayed the loan in full before the year end.

39