REGISTERED CHARITY NUMBER.. 257729 REPORT OF THE TRUSTEES AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 FOR PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 Bevan Buckland LLP Chartered Accountants And Registered Auditors Castle Chambers 6 Westgate Hill Pembroke PembrcA(eshire SA714LB
PEMBROKE CASTLETRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 Pago Report of the Ttee8 to 4 Report of tho In¢Jgpgndgnt Audltors 5 to 6 ststoment of Flnan¢lal A¢UvlJe8 Balanc¢ Shegt 8 to 9 Cash Flow Statsment 10 Notes to the Cash Flow Statsment 11 Notès to th• Flnanclal Statements 12 to 25 Detailed Statement of Financial Activitiès 26 to 27
PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS REPORT OF THE TRUSTEES FOR THEYEAR ENDED 31 JANUARY 2024 The trustees present their report with the financial statements of the charity for the year ended 31 January 2024. The trustees have adopted the provisions of Accounting and R8POrting by Chariti6S S(8teTnènt ol Recommended Practi applicable to charities prepanng their accounts in accord8n with the Financial Reporting standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. OBJECTIVES AND ACTIVITIES Objectives and aims The aim of the Trust is to maintain the fabric of the monurnt forthè bbnèfft ofthe genèrdl public and inhabitants of the town ol Pembroke as set out in its Trust Deed. Activitles In th8 ye8rto 31 January 2024 th6 Trustees have undertaken preparatory work towards upgrading and improving the Henry V tableaux. This has invoTred the lnterpretats.on subcommittee rneeting to agree new inforniation boards and displays. It is hop8d that further progre55 will be made In 202412025. Various repair and rnaintenan tasks have also been undertaken to ensure the safety of visitors at the site. Visitor nurnbers hav8 been maintsined and due to an increase in the entrance fee, income has increased. Visittsrs have particularly enjoyed guid&J tours. During the y8ar an archaedogical dig olwtsgan's Cavem took place revealing many interesty'ng finds. Afurtherdig will tske pla in the sumrner of 2024. Publlc benefit The Trustees have vieWed the Charity's, impact on the people of Pembroke and b&1i8ve that maintaining and preserving this historic monumant is to the public benefit. The Trustees believe the current admission fees to b8 affordabl8 and do not believe the levd ofthe admission fee pVentS the public trom enjoying the Casde. Any surplus generated is used to turther enhan( the visitor exp8rience and to maintain and preserve the fabric ol this ancient monwnent An annual membership scheme is offered to people within the ltscal post codes and this has proved popular. FINANCIAL REVIEW Investment poli¢y and obi?¢tive$ Th8 Trustees have decided to hold part of the liquid reserves ol the casue in the fom ol investments. The Trustees take investnent ad on an ad hoc basis from WPS Wealth Management. The Trustees decided that the invesknents should be low risk and as such would not offer 3 high r8tuin. Thè Trustees took this decision because they understand the need to preserve the assets of the charity while still enjoyiry grt)wth. The Tnjstees have decided upon an investment policy looking for both tApitsl growtt) 8nd a tUrn on Investment Currently the investrnents are returning an income of £22,359. The Trustees r8cognise that caprt81 growth is a bng tem investsnent goal. Page 1
PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2024 FINANCIAL REVIEW Reserves policy The Trustees have carefvlly reviewed the Trusts reserve policy and followirvJ thé admea of an indep6ndent financial admser have set aside £250,000 in a contingency fund" for possible emergency repair work. In the interim the TIu5tees have carefvlly costed the future major plans for the castle. which in¢lude'_ renovation of the sdar pane15, possible rotsfing ol the Northem Hall. fUrt)ishlng the medieval banquet display and upgrading the shop. The current free reseNes stand at £958,266 whilst significant, will be used to pay for the planned improvernents, the £250,000 will continue to be held as an eThergency contingency fund. Fe reserves amount to £408,266. Unrostri¢t¢d Funds Restrlcted Funds Total Reserves 1.718.035 30,334 Less.. ¢ornmitted reserve5 (Fixed A5setsl 1759,7691 Free ReseNes 958.2 Planned Repairs (Shop, K88p. Displays) 1300,0(K)I Contingency Fund I250,0) Rernaining Rèserves 408.268 Golng Conrn The Trustees have cafUllY reviewed the financial position and 8re satisfied that given the level of free rtserves available to the Trust1£958,2681 and the unique position created by the ch8ng8 of finanaal year8nd the Trust is able to continue as 8 going concem for al least the nexl months. Therefore th8 fin8naal stAtÈrntnts have been prepared on 8 going COnM basis. STRUCTURE. GOVERNANCE AND MANAGEMENT Goveming document Th8 charty Is controlled by its goveming document. a deed of trust and ¢on$titutes an unincorporated charity. Pembroke cast Trust of 3rd February 1959 became a registered charity on 14th January 1969. Orgzni5ational structu The Trust is represented by 6 Trust88s. 3 Ramsden Family Truste6s and 3 Council Trustees. A Vacan among the Family Trustees shall be filled by 8ppoinlment mad8 by the surviving or continuing Family Trustees or the personal representstive ofthe last sunriving Family Trustee and a vacancy among the Council Trustees shall be filled by appointment made by the Mayor. Alderrnen and Burges988 of th8 Borough of Pembroke sith.ng in Counal. The administration and management of the Trust IS Carried out by the Cssue manager. The Trustees meet 5 times a year to monitor the progress of the Trust and to authorise decisions and policy changes. In additson to the Trustee rneets'ngs staff appointment panels are held as esSary tts IntèNiew and appoint new staff. The panel consists of the Casde manager and Trustee's on a rota basis. Annual 5tsff appraisals are carried out by the Castle manager and Trustees. Rlsk mana9ement Th8 Trustèes hava revi6w&Y tha risks faang the casde and taken steps to mitigate them. These measures indude.. - regular health and salety'lva1kabouts when Trustees physically inspect the fabric of the G8St. - use of experts to assess the fabric ol the castle. provisK)n of clear waming signs. highlightsng step edges. public liability insurance staff training lor first aid. staff anti-t6rronsm training. - stsff training for stewarding at large events Page 2
PEM8ROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2024 REFERENCE ANDADMINISTRATIVE DETAILS Registèred Charity number 257729 Principal addre$$ Pembroke Castle Pembroke Pembrokeshir8 SA714LA Trustees The Hon. Mrs Adam Bruc R Baker C J Collins Mrs C E Burgess MTS L Muller K N Nicholas AuditOfS Bevan 8uckland LLP Chartered Accountants And Registered Auditors Castle Chambers 6 W8stgat8 Hill P8mbroka Pembrokeshir8 SA71 4LB Bankers Nast Bank PLC 18 High Street Haverforowest Pembiokeshire SA612DE STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees are responsible for preparing tt)e Report of the Trustses and the finanaal statements in accordan with applicable law and Unrted Kngdom Accounting Standards (United Kingdom Gènèrally Accepted Accouning Practie81. The law applicable to eharits.es in England and Wales, the Charits"e5 Act 2011, Charity (Accounts and Report51 Regulatsons 2008 and the promsions of the trust deed wuires thé trustees to prépare financi81 statements for each financi81 y881 which give a true and fair wiew of the state of affairs of the charity and of the incoming re50U1Tr5 and application of reSoUrs, including the income and expenditure. of the oharity for that period. In preparing those finanual 5tstements, the trustees are required to select suitable accounting polic4e5 and then apply them cnSistenIy.' observe the methods and principles in the Charity SORP, make judgements and estimates that are reasonable and prudenL state whether applirable accounting standards have been followed, subject to any materi81 departures disclosed and explained in the financial statements., ppare the financial statements on the going cOnM basis unless it is inappropriate to presume that the chanty will conts.nue in business. The trustees Bre responsible for keeping proper accounting ordS which disclose wth reasonab18 accuraey at any "me the finanaal position olthe charity and to enable them io ensure thatthe finanaal statements comply with the charbts.es Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the proS1onS of Ihe trust de8d. They are also responsible ftsf safeguarding the assets of th8 charity 8nd hence fof taking r8850nable st8ps for the pr8V8ntion and detection of fraud 8nd other irregularities. Page 3
PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2024 28 Approved by order of the board of trustees on................................................... and signed on its behalf by.. The Hon. Mrs Adam 8iuce- Trustee Page 4
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS Oplnlon We have audite(S the financial ststements of Pembroke Casue Trust Ithe'parent entstyl and its subsidiary lthe'group'l for the year ended 31 January 2024 which comprise the consolidat8d siat8rnent of financial activities, the consolidated balan sheet, the Charity balanc8 sheet. the consolidated cash flow statement and notes to the financial statements. including significant 3¢counting policies. The financial reporting framework that has been applied in their prepargtion is applicable law and United Kingdom Accouning Standards, induding Financial Reporting Stsndard 102 The Financial Reporting Standard applicable In the UK and Republic of Ireland (United ngdorn Generally Accepted Accounting practi). In our opiftlon the finaneial statements: 1. give a true and fair ¥W of the slate of the group's and parent entity's affairs as at 31 January 2024, and of the group's incoming resources and application of resou$. induding ils income and expenditure, for the year then ended." 2. have been propedy prepared in accordance wrth United lfjngdom Generally Ac£ept8d Accounting Practi,. and 3. have been prepared in accordan with the requirements of the Charities Act 2011 Basls for oplnlon We conducted our audit in accordance with International Stsndards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibil"e$ for the audit of the finaneial statements section of our report We are independent of the group and parent entity in accordanr£ with the ethical requirements that are relevant to our audit olthe financial ststements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in 8ccord8nce with these requirernents. We believe that the audit eviden we have obtained is sufficient and appropriate to provide a ljasis for our opinion. Conclusions rèlating to going eoneern In aucliting the financial staternents, we have concluded that Trusteè's usè of thè going concern basis in accounb.ng in the preparation ol the financial statements is appropriate. Based on the worf¢ we have performed. we have not identified any material uncertainties relats'ng to events or CA)nditions that. individually or eDllectively. may cast 3ignif5¢ant doubt on the entity's abilty to rA>ntinue as 8 going coneem for 8 period of 8t least tre1ve months from when the financial statements are authorised for issue. Our responsibilits.es and the responsibilities ol Trustees respect to going COnM are described in the relevant sections ol this report. Other information The other information comprises the infomiation included in the Trustee's Annual Report. other than the financial statements and our auditor's réport thèrèon. The Tmstèbs ara responsiblè for the other Infom81ion contained within the Trustee's Annual Report. Our opinion on the financial ststements does not cover the other inlomiation and. expt tolhe extent otherwise expliauy stated in our report, we do not express any fom of assuran condusion ihereon. Our reswnsibility is to read th8 other inforrnation and. in doing so. consider whether the other informab.on is rnalerial inconsistent wth the financia5 statements. or our knowledge obtained in the course of the audit or otherwise appears to be rnaterially rnis5tat8d. If we idBnts"fy such material incon51Stencie5 01 app31ent material rni5Statements, we are reqUId to determine whether this gives rise to a rnaterial rnisststement in the finanrial statements themsdves If. b888d on the work we have performed. we conclude thal there is a material misstatemenl of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are requlred to report by exceon We have nothing to report in respect of the following matters in relation to which the Charities IAccounts and Reports) Regul8tion5 2008 requirès us to rsport to you if, in our opinion". 1. adequate and sufficient accounting records have not been kept or 2. the parent ents"ty's finanaal statements are not In agreement wth the accounting records and returns", or 3. the Information given in the financial statements Is inconsistent in 8ny rnaterial aspect with Ttusteè's Annual Report., or 4. we have not received all the infomiation and explanations we require for our audit. Responslbllities of trustees A5 explained rnore fully in the Trustee s re5ponsibiliti8s statement. th8 Trustees are responsible for the pr8paration ol th8 fin8ncial ststements and for being satisfied that they give 8 true and fair view, and lor such intemal control as the Tiuste85 detemine Is neSSary to enable tt)e pparatIOn 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 group's and parent entity's ability to continue as a going concern, disdosing, as applicable, matters related to going concern and using the going COnM basis ol accountng unless the TStee8 either intend to Iuldate the group or parent entity or to cease operats"ons. or have no realistic alternative but to do so. Auditor's responsibillties forthè audit of thè financial statom•nts We have been appointed auditor under section 151 of the Charities Act 2011 and report in accordance wth regu18tions made under section 154 of that Act. Our objectives are to obtain reasonable assurants about whether Ihe fin8n¢i81 slatements 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 ol assurance, bul Is not a guarantee that an audit conducted ln accordance with ISAS IUKI wll 8Iw8ys detect material misstaternent when it exists. Misstatements can anse from fraud or error and are considere(J material if, individually or in the aggregate, they could reasonably be expe¢ted to Influen the econcmic decisions of users taken on thé basis of these financial statwnents. Auéitofs responsibilitès forthe audit of the finanaal ststements Icontinuedl Irregularits"es, including fraud, are instan$ ol Page 5
REPORT OF THE INDEPENDENT AUDrroRS TO THE TRUSTEES OF PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS non-complian with laws and regulations. We d8sign procedures in line with our responsibilities, outlined above. lo detect matenal misstatements in Spect of irregu1aritie$, induding fraud. The specific procedures for th15 engagernent and the extent to which these are capable of detecting irregularities. including fraud is detai18d b81ow". Our approach to identifying and assessing the iisks of rnaterial tn15Statement in respect ol irregularities, including fraud and non-compliance with laws arKI regulgtions. was as follows". . the engagement partner ensured that the engagernent team collectively had the appropriate competence, capabilities, and skills to identify or ¢09n1$e non-complian with applicable laws and rUlatiOns", we idenbfied the laws and regulations applicable lo the group and parent entity through discussions with the trustees and other management, and from our knoMAedge and experien ol the charity", ' we focused on specif c laws and regulations which w8 consid8r8d rnay havè a direct material effect on the financial statements or the operations of the group and parent entity., . we assessed the extent ol Complian with the laws and regulations thntyfied above through making ènquiriés of managernent and inspecting Ial correspondence", and ' we ensured identified laws and regulations wer8 comrnunieAted within the audit team regularty and the team remained alert to InStanS of nOnMplian throughout the audit. W8 assessed the susceptibility of the group and pant entity's finanual ststements to material rnis3tstement. induding obtaining 8n underst8nding of how fraud might occur. by". making enquiries of management as to where they ¢onsidered Ihèr8 was susceptibility to fraud, their kno¥edge ol actual, suspected, and alleged fraud", and oonsid8ring thé intemal controls In pla to mrtigate risks ol fraud and non-complian with laws and regulabons. To address the risk of fraud through management bias and ovettide ol controls, we." perf0M) analytical predureS to identify any unusual or unexpectgd relationships." t8Sted joumal entrias to idenb.fy unusual transa¢tions', assessed whetherjudgements and assumptions made in deternining the aOUntIng estim8tes were indicative of potential bias, and investigated the r8tlOn81e behind significant or unusu81 transactions. In response to the risk ol irregularrties and non- compliancÉ with laws and regulations, we designed procedures which induded, but were not limited to.. agreeing financial statement disclosures to undedying supporting documÈniation", . reading the minutes of meetings ol those Charged with governance.. and enquiring of man8gem8nt as to actual and potential litigation and daims. There are inherent limtstions in our audit pro¢edure5 described abovè. The moffj moVed that laws and gUlationS are frorn financial transactions, the less likely il is that we would bec0rn8 aware of non-complian. Auditing standards also limit the audit piocedures required to idetTrtify non-compliance wth laws and regulats'ons to enquiry of th8 directors and other management and the inspection of regulatory and legal corresponden. if any. Material rnisstatements that arise due to fraud Can be h8rderto d8t8ct than those that arise from error as they may involve deliberate COnalment or collusion. A fvrther description of our reSpOnbIlltles Is available on the Financial Reporting Counol's website at.. https.'Ilwww.frc.org.uklauditorsre¥Jonsibilities. This d8srptiCn form5 part of our auditor's pOrt. Use of our report This report is made 5018ty to Chant's membèrs, as a btsdy, In accordance Part 4 of the Charitses IA¢counts and Reports) Regulations 2008 Our audil work has been undert8ken so that we might state to Chanty twstees those matters we are required to stste to them In an auditor's report and for no other purpose. To th8 fullest 8Xt8nt perrnitted by law, we do not 8CCBPt or assume respon51bility to anyone otherthan the Charrty and the charty trustees as 8 body, for our 8udit work. forthis report. or for Ihe opinions w8 hav8 formed. B&van 8uckland LLP Chartered Alxountants arKI Statutory Auditors Castle Chambers 6 Westgate Hill Pernbroke P8rnbrokeshirB SA71 4LB Bevan 8ud(land LLP is eligible for appointment as auditor of the charity by vithe of its eligibi5ity for appointment 85 auditor of a company under section 1212 of th8 Companie5 Act 2006. Data. Pag8 6
PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2024 As restated p(j 01.11.21 to 31.1.23 Year Ended 31.01.24 unSteted Thj Restiicied fiJnd Totsl funds Total nd5 Notes INCOME AND ENDOWMENTS FROM Donats'ons and legaaes 87.450 87.450 71,837 Other trading activth.es Investment Incomè Other income 1,356.110 22.359 1,356.110 22.3S9 450 1.253.819 5,152 7,546 Totsl 1,466.369 1,466.369 1,338.354 EXPENDITURE ON Raising fi1rS 747.567 747,587 8(NJ.038 Charitable aetlvltles Casle 532.212 532,212 577,795 Total 1,279.779 1.279.779 1,377.833 NET INCOMEIIEXPENDITUREI Transf•ts botwè•n funds 186,590 5,353 186.590 139.4791 15,3531 N•t movemgnt In fvnds 191,943 (S,3) 186,590 139,4791 RECONCILIATION OF FUNDS Ttstal funds brought forward 1,526,092 35,687 1,561,779 1,601.258 TOTAL FUNDS CARRIED FORWARD 1,718,035 30,334 1,748,369 1,561,779 The notes form part of these financial staternents Paga 7
PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEET 31 JANUARY 2024 reststed 2023 Total funds 2024 Total fijnds Unrestricted Fund Restricted Fund FIXED ASSETS Notes Tangible 85sets 12,13, 24 759,769 759.769 812.973 CURRENT ASSETS Stod(s Debtors Cash at bank and in hand 14,24 15,24 69,169 20,319 983,287 69.169 20,319 1,013,621 88.780 39,227 754,001 30,334 1,072,775 30.334 1.103.109 882.008 CREDoRs Amounts falling due within one year 16,24 183,6221 183,6221 182,6541 NET CURRENT ASSETS 989,153 30,334 1,019,487 799,354 TOTAL ASSETS LESS CURREKr UABILrriES 1,748.922 30,334 1,779,256 1.612.327 CREDITORS Amounts falling due 8fter rnore than one year 17,24 130,8871 130,8871 150.5481 NET ASSETS 1,718,035 1,748,369 1.561,779 FUNDS Unrestricted fvrKIs Restricted funds 1,718,035 30,334 1,528,092 35,687 TOTAL FUNDS 1,748,369 1,561,779 The financial statements we the Board of Twstees and authorised for issue on were signed on its behalf by. Mrs Adam Bruc&- Trustee Mr K N Nicholas- Ttustee Mrs C E Burgess- Trustee The notes form part of these ffn8n(i81 statements Page 8
PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STA TEMENTS PEMBROKE CASTLE TRUST- BALANCE SHEET Not¢5 As rest8ted Perithj 01.11.21 Year 31.01.24 31.10.23 FIXED ASSETS Tangible Assets 13 743.121 804,194 Invèstmènts 26 CURRENT ASSETS Debtor5 15 2eh,290 818,326 283,020 614,851 Cash at bank and in hand 1,084.616 897,871 CREDITORS Amounts falling due wthin one year Amounts falling due after more than one 16 I,982) 155.3881 17 118,6871 126.4871 NET A&%SfS 1.753,089 1,620,191 CAPITAL AND RESERVES Unre5ticted Funds 1,722,755 1,584.504 Restricted Funds 30,334 35,$87 1,753,089 1,620,191 The financial statements were approved by the Board of Truste85 and auth0ri58d for issue on . signed on its behalf by.. and we Mrs Adam BrU- Trustee /a, rf, Mr K N Nitholas- Trustee Mrs C E Burgess- Trustee The notes form part of th8s8 finan(81 stAtents Page g
PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 19S9 FINANCIAL STATEMENTS CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JANUARY 2024 s restated Peri 1.11.21 to 31.1.23 Year Ended 31.1.24 Notes cash flows from operatlng actlvttlos Cash generated from 0rationS Inter8St paid 287,654 11,6351 3.397 12.6561 Net cash prwded by operating a¢twits8S 286,019 741 Cash flows from invèsting a¢tivltSos Purchase of tsngible fixed 8s8ets Interest reWed 129,0971 22,359 r11,7271 5,152 Net cash used in investing a.ltieS 16,7381 166,5751 Cash flow8 from flnanclng actlvltles Ltsan repayments in year 119,6611 I23.5) Net rash used in financing actswtÉs 119,6611 123.9651 Changt In Cash and eash oqulvalents the reporting period Cash and eash equlvalents at the beglnnlng of th• r•portlng rI 259.620 189.7991 754.001 843.800 Cash and cash equlvalents at the end of the reporting period 1,013,621 754.001 The not8s forrn part of the58 financial stat8m&nts Page 10
PEMBROKE CASTLETRUST OF 3RD FEBRUARY 1959 FINANCIAL STATeMENTS NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JANUARY 2024 RECONCILIATION OF NET INCOMEIIEXPENDifuREI TO NET CASH FLOW FROM OPERATING ACTIVITIES As restat Peri 01.11.21 to 31.1.23 Year Ended 31.1.24 Net incomellexpenditurel for the reporting perfod las per the ststement of Flnanclal Actlvitle81 Adjustments for.. D8preci8tian tharges Inte$1 rec£pied Inte$t paid Decreasellincreasel in stS DacreasaIlinca$eI in debtors Decrease In creditors 186,590 139.4791 82,301 122,3591 1,635 19,611 26,142 16,2661 114.843 15,1521 2,656 147.8801 113.0351 18,3561 N8t cash provided by operations 287,654 3,397 ANALYSIS OF CHANGES IN NET FUNDS At 1.2.23 Cash flts At 31.1.24 Net Cash 8t bank 8nd in hand 754,001 259,620 1,013,621 754,001 259,620 1.013,621 Oebts tslling due withir) 1 year Debts falling due after 1 year 121.2971 150.5481 121,2971 130.8871 19.661 171,8451 19,661 152.1841 Total 682.156 279,281 961,437 The notes form part of these financial staternents Page 11
PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS ACCOUNTING POL1£$ Basis of preparing th• finaneial statements The financial statements of the chanty, which L8 a public benefit entity under FRS 102. hava b8en pr8par8d in accordance wth the Charitse5 SORP IFRS 1021 'Accounling and Reporbng by Charities.. Statement of Recomrn8nd8d Practi applicablè to charities preparing their aOunts in accordance with the Financial R8porting Standard applicable in the UK and Republic ol Iland IFRS 1021 leffective 1 January 20191., Financial Reporting Standard 102 'The Financial Reporting Standard aKpli¢able in the UK and Republic of Ireland, and the Charities Act 2011 The fin8ncial statem8nts have been prepared under the historical cost nventIOn. Pembroke Castle Trust rnet the definititsn of a public benefit entity under FRS102. Assets and liabilities are initially recognis8d at historical wst or transaction value unless otherwise stated in the relevant acUnting policy not8lsl. The finanoal 5tat8rnents are PrePad in steding whid) is the functional currency of the chanty. Ba313 of con801idation The con501idat8d financial ststements lor the group incorporate the financial staternents of th8 Charity and its subsidiary undertaking, all of which ère prepa to 31 January. The sUlts ol the subsidiary undertgkiws are consolidated on a line by line basi5 Within th& con501idated Statement of Financial Actswties. In¢ome Income is recognised when the Charity h85 entilemènt to thè fijnds, any perfomiance c4)nditions attached to the item Isl of income have been rnet, it Is probable that the income will b8 received, and the amount can be measu r81i8bly. Wnere incom8 ha5 related expenditure la5 Wth fundraising or contract income) the income and rel8ted expenditure are reported gross in the Stat8rn8nt of Financial Activitiès. Income received in resrect of events and weddings is 8CCOUnted for in the period in which the event occurs. DonatlOn5, grant5 and gifts are recognised when re1Vable. Income from gift aid reclairns 15 recogni5ed for any donaty'ons with relev8nt Gift Aid certificates recognised In Income for the year. Any amounts of Gift Aid not rewnised by the year end. area accounted for in income and accrued income in debtors. Interest on deposit funds held is includ8d wh8n receivabla and the amount can be measured reliably by the Charity which Is nom)ally upon notification ol the interest paid or payable by the bank. Expenditure Liabilities are recognised as expenditure as soon as there is 818gal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic b8nefits wll be required in settsement and the amount ol the obligation can be MeaSud reliably. Expenditure is 8ccount8d for on an accruals basis and has been dassified under headings that aggregate all cost ielat8d to th8 Category. Where costs cannot be dIY attributed to particular headings they have been allocated to actiwties on a basi3 consistent wth the use of resour$. Tangible flxed assets Depreciation is provided at the lollowiThJ annual rates in order to write off each ass8t Over its estimated useful Frèehold property Improvements to property Displays. tableayx and equipment Cafe and br885 rubbing Motorv8hid8S Office equipment 2% on cost 6.67% on cost 15¥0 reducing balan 15tyk dUcIng balan and 10% redueing balan 20°k on cost 10% reducing balan Tangible fix assets are stated at cost less accumulated dep¢18¢10n. Stocks stodrs a valued at the lower of cost and net realisable value. after makiry due 81lowan for tsbs0te and slow fflovirKJ items. Fund accountlng Unrestri¢tsd funds fAn be used in accordance wth the charitsble objectives at the discretion of the tslee$. Restri¢ted funds can only be used for particular re5trided purposes within the objects ol the charity. Re5trctions arise when specified by the donor or when funds are raised for particular $tricted purposes.Further explanation of the natu and purpose of each fijnd is included in the note5 to thg finanei81 statements. Pagè 12 continua...
PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS Penslon Costs and other post-retlrement benefits The charity operates two Pen510n schernes a defined contribution pension scheme and an auto eniollment pension scheme. Contributions payab to th8chafity's pension scheme are charged to the Statement of Financial Activitiès in the period to which they rel8t8. Heritage assets Heritage assets are the tangible assets ol the Charity thal are of historical importance and a held to advance the pieservation, conservation and educational objectives of the Charty and through public a¢$S contribute lo the nation's cultur8 and education. The castle, grounds and conient5 wer8 transferred to the Trust on 3rtJ Febru8ry 1959 by Mrs Manorie Elise Ramsden and all subs8qU8nt d8velopment expenditure in these assets, are considered to b8 hentage assets and are integral to Pembroke Castle Trust. In accordan wth the Trusvs accounting policy, heritage assets are not induded within th8 finan81 statèménts as due to the historic and unique nature of the assets contsmed, convents.onal valuation approaches larJ( sufficient reliability. Golng Concern The tmstees consider that there are no material uncert81nties about Pernbroke C8sde Trusvs ability to continue as a going concem. Dabtors Trade and other debtors are recognised at the settled arnounts. Prepayments are valued at the amount prepaid. Accrued income is induded at the best esb'mate of amounts receivable at the balan sheet date. Cash and Cash Equlvalents C85h and cash equivalents comprise ol cash in hand. cash in b8nk and demand dèposits that a readily convertible to a known amount ol cash and are subject to an insignificant risk to changes In value. Creditors Creditors arè r8cognised where the Charty has a psent obligats'on resutting from a past ev8nt that will probably result In the transfer of funds to a third party and the arnount due to setde the obligation can be meaSUd or estimated reliably. Taxation The charity was registered as a charity on 14 January 1969. Under part11 of CTA 2010, the charity Is not subject to taxation on its chartsble activities. The profit of the non-charitable subsidiary is nomially gift aided to the parent Charty.. thef0. the group generally sufferB no Corporation Tax on its trading activities. Flnanclal instruments The Charity only has financial asseis and financial liabilitiès of 8 kind that qualify as basic financial instruments. Basic financial instruments a initially recognized at transaction value and subsequently me8sured at their settlement valuè. Flxed a86Qt Inv08tm¢nt8 The fixed asset Investment presents the share held in the trading subsidiary by the parent tharity. The shares are carried at C05t in the balance sheet ANNUAL ADMISSON Mernbership fees are paid annualw in advan. with the term of the rnembership commencing when payment ived. Tumover repres8nts the proportion of fees In ielation to the period up to the 31st January each year. fees reiVed in rèl8ts.on to the followng financial year a shown in creditors as rnernbership lsès in advan. Pag8 13 conbnued...
PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 JANUARY 2024 DONATIONS AND LEGACIES As restated Peric 1.11.21 Year Ended 31.1.24 31.1.23 Llonations Gift aid 8,573 78.877 4,982 e6.855 87,450 71.837 OTHER TRADING ACTMTIES restated Period 01.11.21 Year End 31.01.24 31.1.23 Parent Charty Admissions Tours Event Ineome Weddings 689,382 2,113 26,729 8,109 849,954 1.829 23,173 6,250 7C6.313 881,206 SubsKJ18ry Shop Income Cafe Inccwne Event Incnme Brass Rubbing and Heraldry Centre Inctme 198,789 366.(M2 45.449 39.517 192,819 346.992 33.002 649.797 572,813 1,356.110 1.253.819 INVESTMENT INCOME As restated Penod Year Ended 31.124 31.1.23 Interest receNed 22,9 5,152 Page 14 continued...
PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS- eontlnued FOR THE YEAR ENDED 31 JANUARY2024 RAISING FUNDS Other trading activitios As restated Period Year Ended 31.1.24 31.1.23 Opening siod( Purchase5 Closing stcKk Stsff costs Cleaning Protectivg cjothi Training 88,780 201.127 169,1691 518.212 1.749 3,281 3.587 40.900 237,952 188,7801 603,434 1,972 2.972 747,567 800,038 CHARITABLE ACTIVITIES COSTS SupFQrt costs Isee note 71 Direct Costs Tots15 Cast 282.137 270.075 532,212 SUPPORT COSTS Managémènt Flnan Other Totals Casde 32.108 37.764 2(M).203 270.075 TRUSTEES, REMUNERATION AND BENEFrrs There were no knJstees' remuneration or other benefits for the y8ar ended 31 January 2024 nor for the penod anded 31 January 2023. Trustees, expenses As restated Period 1.11.21 Year Ended 31.1.24 31.1.23 Trustses, èynsès 672 726 Trustee expenses in year were paid to Victoria Bruce and Lucy Muller as reirnbursement of travel ÈxnSÈs Page 15 (x)nts"nued...
PEM8ROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS NOTES TO THE FINANCIAL ST ATEMENTS- continu•d FOR THE YEAR ENDED 31 JANUARY 2024 11X STAFF COSTS reststed 1.11.21 to 31.1.23 Year Ended 31.1.24 Wages and salaries Soual security costs Other pension costs 496,552 21,680 18,850 567,2 36,138 38,e67 537.fh32 642,101 The average monthly number of employees during the year was as fdlows.. restated Period 1.11.21 to 31.1.23 19 24 Year Ended 31.1.24 20 26 Trust Employees Pembroke Castle Shop Ltd EmpkJyee5 Employees whose emoluments, exeluding pension contrfft)utlons, were equal to or greater than £60.000 per 8nnkJm as folk)ws". 2024 No. 2023 No. £60.001 _ £70.(J)O The average ÈmployÈÈ haad thunt during tt)e year was as follows.. 2024 No. 2023 No. Average Employee Head Count 46 31 31 Page 16 continu...
PEMBROKE CASTLETRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 JANUARY 2024 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTivrriES unStricted fvnd Reslricted rKJ Total bJnds INCOME AND ENDOWMENTS FROM Donations and legaues 71,837 71,837 Othertrading ath"vth"es Investment incorne Other incnme 1,253.819 5.152 1.253,819 5,152 7.546 Totsl 1,338,354 1,338,354 EXPENDITURE ON Raising funds 800,038 800,038 ChaTitabl• aetivitit$ Casue 577,795 577,795 Totsl 1,377,833 1.377.833 NET INCOMEIIEXPENDITUREI 139,4791 7,933 139,4791 Transfets betsveen funds (T,9) Net movement in fund$ 131.5461 17.9331 139.4791 RECONCILIATION OF FUNDS Totsl funds brought fOard 1,557,638 43,620 1,601,258 TOTAL FUNDS CARRIED FORWARD 1.526.092 35,687 1,561,779 Pagè 17 eontsnued...
PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS NOTES TO ThE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 JANUARY 2024 12. TANGIBLE FIXED ASSETS Dispkys. tableaux and equipment Improvements Freehoky propety propety COST At 1 February 2023 Addthons 477.896 1,060,433 786,555 27,128 At 31 January 2024 477,8g8 1,060.433 793.683 DEPRECIATION At 1 February 2023 Charge for year 51,49) 9.406 940, 30.647 561,888 35.809 At 31 January 2024 60,896 971,611 597.697 NET 800K VALUE At 31 January 2024 417,ODO 88.822 195,986 At 31 January 2023 426,406 119.469 204,667 C8fe and br8SS rubbing Mot( vehides offi equipment Totsls COST At 1 February 2023 Addition5 132,000 38,138 58,175 2.531,197 29.097 At 31 January 2024 132,0 38,138 58,144 2,560,294 DEPRECIATION At 1 February 2023 Chaige for yèar 91,415 4,058 38,138 34,329 2,381 1,718,224 82,301 At 31 January 2024 95.473 38,138 36,710 1,8Crt),525 NET BOOK VALUE At 31 January 2024 36,527 21,434 759,769 At 31 January 2023 40.585 21.846 812.973 No carrying value 15 provided for H8ritage As88ts Freehold propety does not include a value for Pernbrvk8 Casle. Pembroke C85t18 IS an historie building dthrvJ from Nomian times. No historic cost is available and it is not tKJssible to value an asset of this natLJre. Page 18 continued...
PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 JANUARY 2024 TANGIBLE FIXED ASSETS- CHARITY Displays, tableaux and equipment lrnprovements Heritage Assets Freehold propety propety At 1 February 2023 Additions 477,896 1,oe4),433 752.408 15,098 At 31 January 2024 477,896 1,0.433 767.506 DEPRECIATION At 1 February 2023 Charge for year 51.490 9,406 556.520 31,648 30.647 At 31 January 2024 60,896 971,611 588,168 NET BOOK VALUE At 31 January 2024 417.0 88.822 179,338 At 31 January 2023 426,406 119.469 195,888 Cafe and bra58 rubbing Moti vehicjes offi equipment TotaLs COST At 1 February 2023 Addthons 132,000 38,138 56.175 1.969 2,517,050 17.067 At 31 January 2024 132.000 38,138 58,144 2,534,117 DEPRECIATION At 1 February 2023 Charge for year 91.415 4,058 38.138 34.329 2.381 1,712,856 78.140 At 31 January 2023 95,473 38,138 36,710 1.790,996 NET BOOK VALUE At 31 January 2024 36.527 21,434 743,121 At 31 January 2023 40.585 21.846 804.194 No carrying value is provided for Heritage Assets Freehold property does not Include a value for Pembroke Castle. Pembroke Caslle is an historic building dating frcm Norrnan times. No historic C05t is availabi8 and it Is not possible to value an 85set tsl this nature. Page 19 conts"nued...
PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STA TEMENTS- eontirtued FOR THE YEAR ENDED 31 JANUARY 2024 STOCKS- GROUP AND CHARITY GROUP CHARITY restated 2023 restabj 2023 2024 2024 69,169 88,780 1& DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR GROUP CHARITY As tEStat 2023 stated 2023 2024 2024 Trade debtors Inter company balan VAT Prepayments 6.4( 20,881 6,134 239,870 7,730 12.556 14.041 244,923 14,186 9,859 1.357 12,5 8,477 9.869 20,319 39.227 266,290 283,020 16. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR GROUP CHARITY reststed 2023 resta 2024 2024 2023 Bank loan5 and ov8rdrafts Ise8 note 171 Trade creditor Inter company balanS Other ditOrS 21,297 16,550 21,297 18,327 10,648 9.000 10,648 14,032 45.775 43,030 38,313 30.708 83,622 82,654 57,961 55.388 17. CREDITORS.. AMOUNTS FALLING DUE AER MORE THAN ONE YEAR GROUP CHAIITY rEststed tated 2¢3 2024 2023 2024 B8nk loans (see note 171 30,887 50,548 16,687 2&487 GROUP CHARITY 18. LOANS An anatysis ol the maturity of loans is 9iven below.. 2024 2023 2024 2023 Amounts falling due within one year on demand.. Bank108ns 21.296 21,296 10,648 10,648 Amounts falling due between ts¥o and five years.. Bank loans- 2-5 years 30,887 50,548 16.687 26,487 Pe 20 COtinUed...
PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS-contlnu•d FOR THE YEAR ENDED 31 JANUARY 2024 19. INCOME ACCRUALS AND DEFERRED As restated 2023 A8 restskn 2023 2024 2024 Accruals and deferred income 30.334 35,687 30.334 35,687 MOVEMENT IN FUNDS Transfers rnovement in As re3tsted At 1.2.23 funds 31.1.24 Unr88trlcted funds G8neial fijnd 1.526,092 186.590 5,353 1.718.035 Restrlcted funds R8stri¢ted 35,687 15.3531 30.334 TOTAL FUNDS 1,561,779 186,59) 1.748,389 Net rnovern8nt in lund5. included in thg above are as follows.. Incoming r850urces ReSoUrS expend Movemerrt in funds Unrestricted funds General nd 1.466,389 11,279,779) 186,590 TOTAL FUNDS 1,466,369 11,279,779) 186.590 Comparativ•s for movomènt in funds Net movement Transfers i&stated At 1.11.21 At 31.1.23 n fvnds fijnds Unrestrfct8d funds Gèneral fund 1,557,638 139,4791 7,933 1,526,092 R•$tricted funds Restricted knnd 43,620 17,9331 35,687 TOTAL FUNDS 1,601,258 139,4791 1,561.779 Comparative net movement in funds, indud6d In the abovo are as fdlobkn8". Incoming resourc8s Resour$ expended Movement in funds Unr88trfct8d funds G8neral fund 1,8.254 11,377,833) 139.4791 TOTAL FUNDS 1.338.354 11.377,8331 139.4791 Page 21 continued...
PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS- tontlnued FOR THE YEAR ENDED 31 JANUARY 2024 RESTRICTED FUNDS- PRINCES AND CASTLES HERITAGE TOURISM PROJECT FUND During 2015 the Trust received a grant of £119,531 from Welsh European Funding Office (WEFOI and Eumpean Development Fund IERDFI, th8 giantor was CADW and the lead body was CaTmarthenshire County Counul. This is part P8yment of a grant relating to the Prin$ & Casues Heritage Tourism Project. The proi8ct cost of £166,329 is included in fixed assets. The following conditions apply lo the grant.. The Trust must maintain an inventory of 811 assets th8t are obt81ned In connection wrth the project, the assets must be hekl unty'l 30 June 2020 lunl85s written permi55ion Is obtained from the lead b(xJyl. - The Castle must remain open for at least 10 years after completion of the proiect120241. - The lunding must te aCknedged on C8sle's website. Facebook and signage. - Annu81 reporting of lSItOr numbers aThJ surveys were required until Dmber 2020. All relevant documents must b& k8Pt until the lead body infomis the Castte in writing that thgy can bè d8stroy8d. The grant is relea3ed at 15% of the remaining balan each year and is transferred to general rgserve5. 21. RELATED PARTY DISCLOSURES During tt)e ri1)d the Casde purchased insuran$ totaling £2.952 1£3.813 20231 wa K&K Insurance, a business owned by Mr K Nicholas Itrusteel. All transactions were carried out at fair rn8rket rate and at ams length. Pembroke Casu8 Shop Lirnited owes Pembroke Castle Trust of 3rd Febwary 1959 a balance of £210,499 In relation to money loaned or expenses paid by the Ttust on behalf of the Shop 22. GRANTS RECEPIED During the year the trust r8eéivad th6 folk)wiNJ grants in lation to the COVKI 19 pandemic. 2024 2ry23 HM Revenue & Customs- CJRS Welsh Government Busin8Ss Rate Gr8nt Welsh Government Business Grant 6,000 6,000 Page 22 conts"nued...
PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS. continued FOR THE YEAR ENDED 31 JANUARY 2024 23. PRIOR PERIOD ADJUSTMENT The accounts for the period ended 31 January 2023 have en ro-stated lor a change in accounb.ng tatment ol grants receiv8d. PreOusly. these have been treated as a provision In the accounts. The aCtntS have been amended to disdose grants as a restricted reserve. Transfers to and from the restricted r8seTves are disdosed on the fa ofthe SOFA. 01.11.21 to 31.01.23 Year End 31.1.21 Provisions- as previously reported 35,687 43,620 Redassification as restricted reserves Provisions restated Restricted re5erves- as prewousty reported Rèd8ssifi8d provisions 35.687 43,620 Restricted 1858rv85 r6statÉd 35,687 43,620 (Deficrtysurplus for the year- as previously reported 131,5461 208,123 (Decrease) in surplus fortransler from proirisions 17,9331 ri,9681 IDèficitySurplus for Ihe year restated 139,4791 200,155 General Reserves Restrietod Reserves As prewously reported as at 01 November 2021 1.557,638 Prior period adjustment 43.620 43,620 As r85tated as at 01 November 2021 1,557,638 As previously reported as at 01 February 2023 1,526,092 Prior period adjustment 35,687 As restated as at 01 February 2023 1 526 092 35.687 Page 23 ntinued...
PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 19S9 FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 JANUARY 2024 SUBSIDIARY UNDERTAKING- PEMBROKE CASTLE SHOP LIMITED Pembroke Castle Shop Limited {registed in England and Wales wmpany number 049117991 15 a company lirnited by shares. The Trustees are directors of the Company which trades from premises within the Casue wcinity The profits of the company are paid to Pernbioke cast Trust under th8 gift aid systern. A gift aid donation or £NIL was made to Pembroke Castle TnJst in the year12023 £NILI. A surnmary of the results of Pembroke Castle Shop Limited Is given below". PROFtT AND LOSS ACCOUNT Period 01.11.21 to 31.10.23 Year 31.01.24 TURNOVER Cost of Sales 649.797 1505,9831 572.613 1512.CK)61 GROSS PROFIT Administrative Expènsos 143.814 189,3351 60.607 198.4981 OPERATING ILOSS)IPROFIT Inter8St payab18 and Similar expènsès 54.479 (7881 137.8911 11,3231 ILOSSIIPROFIT FOR THE FINANCIAL PERJOD 53,691 139,2141 BALANCE SHEET FIXED ASSETS Tangible Assets 16.647 8.779 CURRENT ASSETS Stod(s Debtus Cash al bank and in haThJ 69,169 271 195,293 88,780 6,840 139.149 264.733 234.769 CREDITORS Arnounis falling duè within onè yaar ounts falliry due afterrnore than one 1271,9001 1277,8981 114,2001 124,0611 NET LIABILITIES 14,7201 158.4111 CAPITAL AND RESERVES Called up share capitsl Retained eamings 14,7211 158,4121 14.7201 158.4111 Page 24 continued...
PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMÈNTS- contlnued FOR THE YEAR ENDED 31 JANUARY 2024 25. PENSIONS The Charity operates two pensions schemes.. Auto enrolment with NOW- employer5 contnbutions forthe year £6,54412023 £7,796 and defined contribution scheme Wlth Aviva Life £14,73912023 £18,486) 26. FIXED ASSET INVESTMENTS Unlisted invesbnents PAARKET VALUE At 1 February 2023 and 31 January 2024 NET BOOK VALUE At 31 January 2024 At 31 January 2023 There were no investment assets outside the UK Pembroke Casle Shop Limrted is registered in England and Wales, the regislrabon numb8r of thi5 cornpany is 4911799. The Trust owns 100Vo of the issued share capital. NET INCOME Net income is stated after chargingllcredtyngl. Group Charity y restat&Y 2023 restated 2023 2024 2024 Auditorfs nuMera"0n.. Audit S81Vic8 Non-audit seN Dapre(iats"on of owned assets 7,750 12.520 82,301 7,750 11,975 114,643 7,750 6.850 78.140 7,750 6.550 111,722 Page 25 coth"nu...