Bevan::Buckland LLP Chartered accountants. lax and financial planners REGISTERED CHARITY NUMBER.. 257729 REPORTOFTHETRLISTEES AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 FOR PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 Bevan Buckland LLP Charter8d Accountant5 And Regi5t8red Auditors Castle Chambers 6 Westgate Hill Pefflbroke Pembrokeshire SA714LB **PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS** ## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025** ||**Page**| |---|---| |**Report of the Trustees**|**to4 **| |**Report of the Independent Auditors**|5**to**6| |**Statement of Financial Activities**|**7**| |**Balance Sheet**|8**to9 **| |**Cash Flow Statement**|10| |**Notes to the Cash Flow Statement**|11| |**Notes to the Financial Statements**|12**to**24| |**Detailed Statement of Financial Activities**|25**to**26| ## **PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2025** The trustees present their report with the financial statements of the charity for the year ended 31 January 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The aim of the Trust is to maintain the fabric of the monument for the benefit of the general public and inhabitants of the town of Pembroke as set out in its Trust Deed. ## **Activities** In the year to 31 January 2025 the Trustees have continued preparatory work towards upgrading and improving the Henry V tableaux. This has involved the interpretation subcommittee meeting to agree new information boards and displays. It is hoped that the new display will be installed in 2025/2026. Various repair and maintenance tasks have also been undertaken to ensure the safety of visitors at the site, including safety work on the Keep. Visitor numbers have been maintained and due to an increase in the entrance fee, income has increased. Visitors have particularly enjoyed the guided tours. During the year a further archaeological dig of Wogan's Cavern took place revealing many interesting finds. Funding is being sought to support further digs. The shop extension and refurbishment was completed with the official opening taking place after the year end. ## **Public benefit** The Trustees have reviewed the Charity's' impact on the people of Pembroke and believe that maintaining and preserving this historic monument is to the public benefit. The Trustees believe the current admission fees to be affordable and do not believe the level of the admission fee prevents the public from enjoying the Castle. Any surplus generated is used to further enhance the visitor experience and to maintain and preserve the fabric of this ancient monument. An annual membership scheme is offered to people within the local post codes and this has proved popular. ## **FINANCIAL REVIEW** ## **Investment policy and objectives** The Trustees have decided to hold part of the liquid reserves of the castle in the form of investments. The Trustees take investment advice on an ad hoc basis from WPS Wealth Management. The Trustees decided that the investments should be low risk and as such would not offer a high return. The Trustees took this decision because they understand the need to preserve the assets of the charity while still enjoying growth. The Trustees have decided upon an investment policy looking for both capital growth and a return on investment. Currently the investments are returning an income of £33,540. The Trustees recognise that capital growth is a long term investment goal. Page 1 ## **PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2025** ## **FINANCIAL REVIEW** ## **Reserves policy** The Trustees have carefully reviewed the Trusts reserve policy and following the advice of an independent financial adviser have set aside £250,000 in a "contingency fund" for possible emergency repair work. In the interim the Trustees have carefully costed the future major plans for the castle, which include:- possible roofing of the Northern Hall, major repairs to the Keep and repairs to Western Hall floor. The current reserves total of £1,072,788 whilst significant, will be used to pay for the planned improvements, the £250,000 will continue to be held as an emergency contingency fund. Free reserves amount to £822,788. |whilst significant, will be used to pay for th
emergency contingency fund. Free reserves a|e planned improvements, the £250,
mount to £822,788.|000 will continue to be|held as| |---|---|---|---| ||Unrestricted Funds|Restricted Funds|| |Total Reserves|1,924,844||25,784| |Less: committed reserves (Fixed Assets)|(852,056)||| |I Free Reserves|1,072,788||| Contingency Fund (250,000) Remaining Reserves 822,788 ## **Going concern** The Trustees have carefully reviewed the financial position and are satisfied that given the level of free reserves available to the Trust (£822,788) the Trust is able to continue as a going concern for at least the next twelve months. Therefore the financial statements have been prepared on a going concern basis. ## **STRUCTURE,GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. Pembroke Castle Trust of 3rd February 1959 became a registered charity on 14th January 1969. ## **Organisational structure** The Trust is represented by 6 Trustees, 3 Ramsden Family Trustees and 3 Council Trustees. A vacancy among the Family Trustees shall be filled by appointment made by the surviving or continuing Family Trustees or the personal representative of the last surviving Family Trustee and a vacancy among the Council Trustees shall be filled by appointment made by the Mayor, Aldermen and Burgesses of the Borough of Pembroke sitting in Council. The administration and management of the Trust is carried out by the Castle manager. The full trustee board meets 4 times a year to monitor the progress of the Trust and to authorise decisions and policy changes. The panel consists of the Castle manager and Trustee's on a rota basis. The trust has now instigated a sub committee structure with responsibilities for In addition to the Trustee meetings staff appointment panels are held as necessary to interview and appoint new staff. a) b) Health & SafetyHR & Staffing c) Interpretation and Displays These sub committees meet at least annually and report to the full trustee board. The sub committees consist of trustees and co opted members with experience and knowledge of the topics. Annual staff appraisals are carried out by the Castle manager and Trustee's. Page 2 ## **PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2025** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management** The Trustees have reviewed the risks facing the castle and taken steps to mitigate them. These measure's include: - regular health and safety "walkabouts" when Trustees physically inspect the fabric of the castle. - use of experts to assess the fabric of the castle. - provision of clear warning signs. - highlighting step edges. - public liability insurance - staff training for first aid. - staff anti-terrorism training. - staff training for stewarding at large events ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Registered Charity number** 257729 ## **Principal address** Pembroke Castle Pembroke Pembrokeshire SA71 4LA ## **Trustees** The Hon. Mrs Adam Bruce R Baker CJ Collins Mrs C E Burgess Mrs **L** Muller **KN** Nicholas ## **Auditors** Bevan Buckland **LLP** Chartered Accountants And Registered Auditors Castle Chambers 6 Westgate Hill Pembroke Pembrokeshire SA71 4LB ## **Bankers** Natwest Bank PLC 18 High Street Haverfordwest Pembrokeshire SA612DE ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Page 3 Bevan::Buckland LLP Chartered accountants. lax and financial planners PEMBROKECASTLETRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2025 STA TEMENT OF TRUSTEES. RESPONSIBILITIES- contlnueil The law appli￿ble to charitie5 in England and Wales. Ihe Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the truste8S to prepare financi81 statements for each financial year which give a true and fair view of the state of aff8irs of the charity and of the incoming resources and application ol ￿soUr￿s, including the Intotne and expenditure. of the charity for that period. In preparing those fin3ncial statements, the ttU5tee5 ale r8quir8d to select suitable accounting policies and then 8pply them ¢onsistenlly'. obseNe the method5 and principles in th8 Charity SORP.. make iudgemenls and e5timate5 that are re8sonsble 8nd pwdent., st8te whether applicable 2c¢ounting stsndards have been followed, subject to any material d8partures disclosed and explained In the financi81 stalemenls., p￿pare the financial statements on the going conom basis Un￿SS It 15 Inappropriate to p￿SuMe that the charity will ¢onlinue in business. The twstees are responsible for keeping proper accountsng iecord5 which disclose with reasonable accuracy at any time the financial position ol the charity and to enable them to ensure that the financial statements comply with the Charit￿$ Act 2011, the Charity (Accounts and Reports) Regulation5 2008 8nd the provisions of the trust deed They are also responsible for safeguarding the assets of the charity and hence for taking ￿8$Onable steps for the prevents'on and detection of fraud and other irrtgularities. 20th June 2025 Approved by order ol the board of trustee5 on........ ...... and signed on its behalf by". The Hon. Mrs Adam 8ruc8- Truste8 Pag8 4 ## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS** ## **Opinion** We have audited the financial statements of Pembroke Castle Trust (the 'parent entity) and its subsidiary (the 'group') for the year ended 31 January 2025 which comprise the consolidated statement of financial activities, the consolidated balance sheet, the Charity balance sheet, the consolidated cash flow statement and notes to the financial statements, including 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 Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). ## **In our opinion the financial statements:** 1. give a true and fair view of the state of the group's and parent entity's affairs as at 31 January 2025, and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended; 2. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 3. have been prepared in accordance with the requirements of the Charities Act 2011 ## **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 entity 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 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 Trustee's use of the going concern basis in 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 entity'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 Trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The other information comprises the information included in the Trustee's Annual Report, other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the Trustee's Annual Report. Our opinion on the 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: 1. adequate and sufficient accounting records have not been kept; or 2. the parent entity's financial statements are not in agreement with the accounting records and returns; or 3. the information given in the financial statements is inconsistent in any material aspect with Trustee's Annual Report; or 4. we have not received all the information and explanations we require for our audit. ## **Responsibilities of trustees** As explained more fully in the Trustee's responsibilities statement, 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 the Trustees 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 group's and parent entity'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 group or parent entity or to cease operations, or have no realistic alternative but to do so. ## **Auditor's responsibilities for the audit of the financial statements** We have been appointed auditor under section 151 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. 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 Page 5 ## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS** 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. Auditor's responsibilities for the audit of the 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities, and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the group and parent entity through discussions with the trustees and other management, and from our knowledge and experience of the charity; • we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group and parent entity; • we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - we ensured identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the group and parent entity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected, and alleged fraud; and • considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non­ - compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; and - enquiring of management as to actual and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. ## **Use of our report** This report is made solely to Charity's members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to Charity trustees those matters we are required to state to them in an auditor's 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 charity and the charity trustees as a body, for our audit work, for this report, or for the opinions we have formed. _**&n� 6uce/4,..d U/J**_ Bevan Buckland LLP Chartered Accountants and Statutory Auditors Castle Chambers 6 Westgate Hill Pembroke Pembrokeshire SA71 4LB Bevan Buckland LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. Date .. **.J.7/�./�L .** ... ..... Page 6 ## **PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS** ## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2025** |Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
3
Other trading activities
4
Investment income
5
Other income
**Total**
**EXPENDITURE ON**
Raising funds
6
**Charitable activities**
7
Castle
**Total**
**NET INCOME**
**Transfers between funds**
20
**Net movement in funds**
**RECONCILIATION OF FUNDS**
Total funds brought forard
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
fund
£
97,325
1,357,086
33,540
1,487,951
752,787
532,905
1,285,692
202,259
4,550
206,809
1,718,035
1,924,844|Restricted
fund
£
(4,550)
(4,550)
30,334
25,784|2025
Total
funds
£
97,325
1,357,086
33,540
1,487,951
752,787
532,905
1,285,692
202,259
202,259
1,748,369
1,950,628|2024
Total
funds
£
87,450
1,356,110
22,359
450| |---|---|---|---|---| |||||1,466,369| |||||747,567
532,212
1,279,779
186,590
186,590
1,561,779
1,748,369| The notes form part of these financial statements Page 7 ## **PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS** ## **CONSOLIDATED BALANCE SHEET 31 JANUARY 2025** ||**31 JA**|**NUARY 2025**|||| |---|---|---|---|---|---| |||||2025|2024| |||Unrestricted|Restricted|Total|Total| |||fund|fund|funds|funds| ||Notes|£|£|£|£| |**FIXED ASSETS**|||||| |Intangible assets|12|1,000||1,000|| |Tangible assets|13,14,|886,743||886,743|759,769| ||22||||| |||887,743||887,743|759,769| |**CURRENT ASSETS**|||||| |Stocks|15|84,894||84,894|69,169| |Debtors|16,22|73,497||73,497|20,319| |Cash at bank and in hand||989,812|25,784|1,015,596|1,013,621| |||1,148,203|25,784|1,173,987|1,103,109| |**CREDITORS**|||||| |Amounts falling due within one year|17,22|(100,369)||(100,369)|(83,622)| |**NET CURRENT ASSETS**||1,047,834|25,784|1,073,618|1,019,487| |**TOTAL ASSETS LESS CURRENT**||1,935,577|25,784|1,961,361|1,779,256| |**LIABILITIES**|||||| |**CREDITORS**|||||| |Amounts falling due after more than one year|18,22|(10,733)||(10,733)|(30,887)| |**NET ASSETS**||1,924,844|25,784|1,950,628|1,748,369| |**FUNDS**|20||||| |Unrestricted funds||||1,924,844|1,718,035| |Restricted funds||||25,784|30,334| |**TOTAL FUNDS**||||1,950,628|1,748,369| 20th June 2025 The financial statements were approved by the Board ofTrustees and authorised for issue on .................................. and were signed on its behalf by: Mrs Adam Bruce -Trustee � I OJ/illt?,¼ _ll'i£_ ��urgess -T��\�, 0 -- The notes form part of these financial statements Page 8 ## **PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS** ## **PEMBROKE CASTLE TRUST-BALANCE SHEET** ||Notes||Year 31.01 .25||Year31.10.24| |---|---|---|---|---|---| |FIXED ASSETS|||||| |Intangible Assets|||1,000||| |Tangible Assets|14||867,302||743,121| |Investments|24||1||1| |CURRENT ASSETS|||||| |Debtors|16|284,611||266,290|| |Cash at bank and in hand||817,831||818,326|| ||||1,102,442||1,084,616| |CREDITORS|||||| |Amounts falling due within one year|17||(51,916)||(57,962)| |Amounts falling due after more than one|||||| |year|18||(6,641)||(16,687)| |NET ASSETS|||1,912,188||1,753,089| |CAPITAL AND RESERVES|||||| |Unrestricted Funds|||1,886,404||1,722,755| |Restricted Funds|||25,784||30,334| ||||1,912,188||1,753,089| The financial statements were approved by the Board of Trustees and authorised for issue on ........................ 20th June 2025 ......... and were signed on its behalf by: Mrs Adam Bruce - Trustee The notes form part of these financial statements Page 9 ## **PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS** ## **CONSOLIDATED CASH FLOW STATEMENT FORTHE YEARENDED31JAN UARY2025** |||2025|2024| |---|---|---|---| ||Notes|£|£| |**Cash flows from operating activities**|||| |Cash generated from operations||198,292|287,654| |Interest paid||(1,144)|(1,635)| |Net cash provided by operating activities||197,148|286,019| |**Cash flows from investing activities**|||| |Purchase of intangible fixed assets||(1,000)|| |Purchase of tangible fixed assets||(207,559)|(29,097)| |Interest received||33,540|22,359| |Net cash used in investing activities||(175,019)|(6,738)| |**Cash flows from financing activities**|||| |Loan repayments in year||(20,154)|(19,661)| |Net cash used in financing activities||(20,154)|(19,661)| |**Change in cash and cash equivalents in**|||| |**the reporting period**||1,975|259,620| |**Cash and cash equivalents at the**|||| |**beginning of the reporting period**||1,013,621|754,001| |**Cash and cash equivalents at the end of**|||| |**the reporting period**||1,015,596|1,013,621| The notes form part of these financial statements Page 10 ## **PEMBROKE CASTLE TRUST OF3RD FEBRUARY 1959 FINANCIAL STATEMENTS** ## **NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JANUARY 2025** |**1.**|**RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING**|**ACTIVITIES**|| |---|---|---|---| |||2025|2024| |||£|£| ||**Net income for the reporting period (as per the Statement of Financial**||| ||**Activities)**|202,259|186,590| ||**Adjustments for:**||| ||Depreciation charges|80,585|82,301| ||Interest received|(33,540)|(22,359)| ||Interest paid|1,144|1,635| ||(lncrease)/decrease in stocks|(15,725)|19,611| ||(lncrease)/decrease in debtors|(23,808)|26,142| ||Decrease in creditors|(12,623)|(6,266)| ||**Net cash provided by operations**|198,292|287,654| ## **2. ANALYSIS OF CHANGES IN NET FUNDS** |**Net cash**
Cash at bank and in hand
**Debt**
Debts falling due within 1 year
Debts falling due after 1 year
**Total**
At 1.2.24
£
1,013,621
1,013,621
(21,297)
(30,887)
(52,184)
961,437|Cash flow
£
1,975
1,975
20,154
20,154
22,129|At 31.1.25
£
1,015,596
1,015,596
(21,297)
(10,733)
(32,030)
983,566| |---|---|---| The notes form part of these financial statements Page 11 ## **PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2025** ## **1. ACCOUNTING POLICIES** **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. Pembroke Castle Trust met the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). The financial statements are prepared in sterling which is the functional currency of the charity. ## **Basis of consolidation** The consolidated financial statements for the group incorporate the financial statements of the Charity and its subsidiary undertaking, all of which are prepared to 31 January. The results of the subsidiary undertakings are consolidated on a line by line basis within the consolidated Statement of Financial Activities. ## **Income** Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably. Where income has related expenditure (as with fundraising or contract income) the income and related expenditure are reported gross in the Statement of Financial Activities. Income received in respect of events and weddings is accounted for in the period in which the event occurs. Donations, grants and gifts are recognised when receivable. Income from gift aid reclaims is recognised for any donations with relevant Gift Aid certificates recognised in income for the year. Any amounts of Gift Aid not recognised by the year end, are accounted for in income and accrued income in debtors. Interest on deposit funds held is included when receivable and the amount can be measured reliably by the Charity which is normally upon notification of the interest paid or payable by the bank. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write _off_ each asset over its estimated useful life. Freehold property - 2% on cost Improvements to property - 6.67% on cost - Displays, tableaux and equipment 15% reducing balance - Cafe and brass rubbing 15% reducing balance and 10% reducing balance Motor vehicles - 20% on cost - Office equipment 10% reducing balance Tangible fixed assets are stated at cost less accumulated depreciation. ## **Stocks** Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Page 12 ## **PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2025** ## **Pension costs and other post-retirement benefits** The charity operates two pension schemes, a defined contribution pension scheme and an auto enrollment pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. ## **Heritage assets** Heritage assets are the tangible assets of the Charity that are of historical importance and are held to advance the preservation, conservation and educational objectives of the Charity and through public access contribute to the nation's culture and education. The castle, grounds and contents were transferred to the Trust on 3rd February 1959 by Mrs Marjorie Elise Ramsden and all subsequent development expenditure in these assets, are considered to be heritage assets and are integral to Pembroke Castle Trust. In accordance with the Trust's accounting policy, heritage assets are not included within the financial statements as due to the historic and unique nature of the assets concerned, conventional valuation approaches lack sufficient reliability. ## **Going Concern** The trustees consider that there are no material uncertainties about Pembroke Castle Trust's ability to continue as a going concern. ## **Debtors** Trade and other debtors are recognised at the settled amounts. Prepayments are valued at the amount prepaid. Accrued income is included at the best estimate of amounts receivable at the balance sheet date. ## **Cash and Cash Equivalents** Cash and cash equivalents comprise of cash in hand, cash in bank and demand deposits that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes in value. ## **Creditors** Creditors are recognised where the Charity has 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. ## **Taxation** The charity was registered as a charity on 14 January 1969. Under part II of CTA 2010, the charity is not subject to taxation on its charitable activities. The profit of the non-charitable subsidiary is normally gift aided to the parent Charity: therefore, the group generally suffers no Corporation Tax on its trading activities. ## **Financial instruments** The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set _off_ the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## **Basic financial assets** Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## **Classification of financial liabilities** Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Charity after deducting all of its liabilities. Page 13 ## **PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2025** ## **Basic financial liabilities** Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## **Fixed asset investments** The fixed asset investment represents the share held in the trading subsidiary by the parent charity. The shares are carried at cost in the balance sheet. ## **2. ANNUAL ADMISSION** Membership fees are paid annually in advance, with the term of the membership commencing when payment is received. Turnover represents the proportion of fees in relation to the period up to the 31st January each year, fees received in relation to the following financial year are shown in creditors as membership fees in advance. ## **3. DONATIONS AND LEGACIES** |**NATIONS AND LEGACIES**||| |---|---|---| ||2025|2024| ||£|£| |Donations|7,506|8,573| |Gift aid|89,819|78,877| ||97,325|87,450| ## **4. OTHER TRADING ACTIVITIES** |YearEnd
31.01 .25
Parent Charity
Admissions
735,991
Tours
1,600
Event Income
23,205
Weddings
5,417
766,213
Subsidiary
Shop Income
197,085
Cafe Income
353,486
Event Income
1,343
Brass Rubbing and Heraldry Centre Income
38,959
590,873
1,357,086
**INVESTMENT INCOME**
2025
£
Interest received
33,540|Year End
31.10.24
669,362
2,113
26,729
8,109
706,313
198,789
366,042
45,449
39,517| |---|---| ||649,797| ||1,356,110| ||2024
£
22,359| ## **5. INVESTMENT INCOME** Page 14 ## **PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS** ## **NOTES TO THE FINANCIAL STATEMENTS -continued FOR THE YEAR ENDED 31 JANUARY 2025** ## **6. RAISING FUNDS** ## **Other trading activities** |Opening stock
Purchases
Closing stock
Staff costs
Cleaning
Protective clothing
Training|2025
2024
£
£
69,169
88,780
219,124
201,127
(84,894)
(69,169)
541,609
518,212
1,166
1,749
1,456
3,281
5,157
3,587
752,787
747,567| |---|---| ## **7. CHARITABLE ACTIVITIES COSTS** ## **8.** |Castle
**SUPPORT COSTS**
Management
£
Castle
40,594|Direct
Costs
£
246,303
Finance
£
36,946|Support
costs (see
note 7)
£
286,602
Other
£
209,062|Totals
£
532,905| |---|---|---|---| ||||Totals
£
286,602| ## **SUPPORT COSTS** ## **9. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 January 2025 nor for the year ended 31 January 2024 ## **Trustees' expenses** Trustees' expenses |2025|2024| |---|---| |£|£| |1,165|672| Trustee expenses in year were paid to Victoria Bruce and Lucy Muller as reimbursement of travel expenses Page 15 ## **PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS** ## **NOTES TO THE FINANCIAL STATEMENTS -continued FOR THE YEAR ENDED 31 JANUARY 2025** ## **10. STAFF COSTS** |**STAFF COSTS**||| |---|---|---| |Wages and salaries
Social security costs
Other pension costs|2025
£
515,847
25,762
24,765
566,374|2024
£
496,552
21,660
18,850| |||537,062| The average monthly number of employees during the year was as follows: ||2025|2024| |---|---|---| |Trust Employees|19|20| |Pembroke Castle Shop Ltd Employees|20|26| ||39|46| Employees whose emoluments, excluding pension contributions, were equal to or greater than £60,000 per annum were as follows: |2025|2024| |---|---| |No.|No.| £60,001 - £70,000 The average employee head count during the year was as follows: |Average Employee Head Count|2025
No.
39
39
2024
No.
46
46| |---|---| Page 16 ## **PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS** ## **NOTES TO THE FINANCIAL STATEMENTS -continued FOR THE YEAR ENDED 31 JANUARY 2025** ## **11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Other trading activities
Investment income
Other income
**Total**
**EXPENDITURE ON**
Raising funds
**Charitable activities**
Castle
**Total**
**NET INCOME**
**Transfers between funds**
**Net movement in funds**
**RECONCILIATION OF FUNDS**
Total funds brought forard
**TOTAL FUNDS CARRIED FORWARD**
Unrestricted
fund
£
87,450
1,356,110
22,359
450
1,466,369
747,567
532,212
1,279,779
186,590
5,353
191,943
1,526,092
1,718,035|Restricted
fund
£
(5,353)
(5,353)
35,687
30,334|Total
funds
£
87,450
1,356,110
22,359
450
1,466,369
747,567
532,212
1,279,779
186,590
186,590
1,561,779
1,748,369| |---|---|---| ## **12. INTANGIBLE FIXED ASSETS -TRUST** ||Wogan| |---|---| ||Cavern| ||Music| |**COST**|£| |Additions|1,000| |**NET BOOK VALUE**|| |At 31 January 2025|1,000| |At 31 January 2024|| Page 17 ## **PEMBROKE CASTLE TRUST OF3RD FEBRUARY 1959 FINANCIAL STATEMENTS** ## **NOTES TO THE FINANCIAL STATEMENTS -continued FOR THE YEAR ENDED 31 JANUARY 2025** ## **13. TANGIBLE FIXED ASSETS** |**TANGIBLE FIXED ASSETS**||||| |---|---|---|---|---| |||||Displays,| ||||Improvements|tableaux| |||Freehold|to|and| |||property
£|property
£|equipment
£| |**COST**||||| |At 1 February 2024||477,896|1,060,433|793,683| |Additions||25,336|66,157|95,030| |At 31 January 2025||503,232|1,126,590|888,713| |**DEPRECIATION**||||| |At 1 February 2024||60,896|971,611|597,697| |Charge for year||9,913|18,205|44,568| |At 31 January 2025||70,809|989,816|642,265| |**NET BOOK VALUE**||||| |At 31 January 2025||432,423|136,774|246,448| |At 31 January 2024||417,000|88,822|195,986| ||Cafe and|||| ||brass|Motor|Office|| ||rubbing|vehicles|equipment|Totals| ||£|£|£|£| |**COST**||||| |At 1 February 2024|132,000|38,138|58,144|2,560,294| |Additions|16,786||4,250|207,559| |At 31 January 2025|148,786|38,138|62,394|2,767,853| |**DEPRECIATION**||||| |At 1 February 2024|95,473|38,138|36,710|1,800,525| |Charge for year|5,331||2,568|80,585| |At 31 January 2025|100,804|38,138|39,278|1,881,110| |**NET BOOK VALUE**||||| |At 31 January 2025|47,982||23,116|886,743| |At 31 January 2024|36,527||21,434|759,769| No carrying value is provided for Heritage Assets Freehold property does not include a value for Pembroke Castle. Pembroke Castle is an historic building dating from Norman times. No historic cost is available and it is not possible to value an asset of this nature. Page 18 ## **PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2025** ## **14. TANGIBLE FIXED ASSETS -TRUST** |**COST**
At 1 February 2024
Additions
At 31 January 2025
**DEPRECIATION**
At 1 February 2024
Charge for year
At 31 January 2025
**NET BOOK VALUE**
At 31 January 2025
At 31 January 2024
**COST**
At 1 February 2024
Additions
At 31 January 2025
**DEPRECIATION**
At 1 February 2024
Charge for year
At 31 January 2025
**NET BOOK VALUE**
At 31 January 2025
At 31 January 2024|Heritage
Assets
£
Cafe and
brass
rubbing
£
132,000
16,786
148,786
95,473
5,331
100,804
47,982
36,527||Freehold
property
£
477,896
25,336
503,232
60,896
9,913
70,809
432,423
417,000
Motor
vehicles
£
38,138
38,138
38,138
38,138|Improvements
to
property
£
1,060,433
66,157
1,126,590
971,611
18,205
989,816
136,774
88,822
Ofice
equipment
£
58,144
4,250
62,394
36,710
2,568
39,278
23,116
21,434|Displays,
tableaux
and
equipment
£
767,507
87,729
855,236
588,169
40,060
628,229
227,007
179,338
Totals
£
2,534,118
200,258
2,734,376
1,790,997
76,077
1,867,074
867,302
743,121| |---|---|---|---|---|---| ||||||| ||||||| ||||||| ||||||| ||||||| ||||||| ||||||| No carrying value is provided for Heritage Assets Freehold property does not include a value for Pembroke Castle. Pembroke Castle is an historic building dating from Norman times. No historic cost is available and it is not possible to value an asset of this nature. Page 19 ## **PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2025** ## **15. STOCKS- GROUP AND CHARITY** ||**GROUP**|**GROUP**|**CHARITY**|**CHARITY**| |---|---|---|---|---| ||2025|2024|2025|2024| ||£|£|£|£| |Stocks|84,894|69,169||| ## **16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** ||**GROUP**|**GROUP**|**CHARITY**|**CHARITY**| |---|---|---|---|---| ||2025|2024|2025|2024| ||£|£|£|£| |Trade debtors|13,431|6,406|12,988|6,134| |Other debtors|7,540||21,029|| |Inter company balances|||210,484|239,870| |VAT|27,592|1,357|30,893|7,730| |Prepayments|24,934|12,556|9,217|12,556| ||73,497|20,319|284,611|266,290| ## **17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||||| |---|---|---|---|---| ||**GROUP**||**CHARITY**|| ||2025|2024|2025|2024| ||£|£|£|£| |Bank loans and overdrafts (see note 17)|21,297|21,297|10,648|10,648| |Trade creditors|31,844|16,550|18,629|9,000| |Inter company balances||||| |Other creditors|47,228|45,775|22,639|38,314| |100,369||83,622|51,916|57,962| |**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN**||||| |**EAR**||||| ||**GROUP**||**CHARITY**|| ||2025|2024|2025|2024| ||£|£|£|£| |Bank loans (see note 17)|10,733|
30,887|6,641|16,687| ||**GROUP**||**CHARITY**|| |**LOANS**||||| |An analysis of the maturity of loans is given below:||||| ||2025|2024|2025|2024| ||£|£|£|£| |Amounts falling due within one year on demand:||||| |Bank loans|21,296|
21,296|10,648|10,648| ||||---|| |Amounts falling due between two||||| |and five years: Bank loans - 2-5|30,887|
30,887|16,687|16,687| |years||||| ## **18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR** ## **19. LOANS** Page 20 ## **PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2025** ## **20. MOVEMENT IN FUNDS** |At 1.2.24
£
**Unrestricted funds**
General fund
1,718,035
**Restricted funds**
Restircted fund
30,334
**TOTAL FUNDS**
1,748,369
Net movement in funds, included in the above are are as follows:
**Unrestricted funds**
General fund
**TOTAL FUNDS**
**Comparatives for movement in funds**
At 1.2.23
£
**Unrestricted funds**
General fund
1,526,092
**Restricted funds**
Restircted fund
35,687
**TOTAL FUNDS**
1,561,779
Comparative net movement in funds, included in the above are a
**Unrestricted funds**
General fund
**TOTAL FUNDS**|Net
movement
in funds
£
202,259
202,259
Incoming
resources
£
1,487,951
1,487,951
Net
movement
in funds
£
186,590
186,590
s follows:
Incoming
resources
£
1,466,369
1,466,369|Transfers
between
funds
£
4,550
(4,550)
Resources
expended
£
(1,285,692)
(1,285,692)
Transfers
between
funds
£
5,353
(5,353)
Resources
expended
£
(1,279,779)
(1,279,779)|At
31.1.25
£
1,924,844
25,784
1,950,628
Movement
in funds
£
202,259
202,259
At
31.1.24
£
1,718,035
30,334
1,748,369
Movement
in funds
£
186,590
186,590| |---|---|---|---| Page 21 ## **PEMBROKE CASTLE TRUST OF3 RD FEBRUARY1959 FINANCIAL STATEMENTS** ## **NOTES TO THE FINANCIAL STATEMENTS • continued FOR THE YEAR ENDED 31 JANUARY 2025** ## **20. MOVEMENT IN FUNDS· continued** A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
**Restricted funds**
Restircted fund
**TOTAL FUNDS**|At 1.2.23
£
1,526,092
35,687
1,561,779
Net
movement
in funds
388,849
388,849
Transfers
between
At
funds
31.1.25
£
£
9,903
1,924,844
(9,903)
25,784
1,950,628| |---|---| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: ||Incoming|Resources|Movement| |---|---|---|---| ||resources|expended|in funds| ||£|£|| |**Unrestricted funds**|||| |General fund|2,954,320|(2,565,471)|388,849| |**TOTAL FUNDS**|2,954,320|(2,565,471)|388,849| ## **RESTRICTED FUNDS - PRINCES AND CASTLES HERITAGE TOURISM PROJECT FUND** During 2015 the Trust received a grant of £119,531 from Welsh European Funding Office (WEFO) and European Development Fund (ERDF), the grantor was CADW and the lead body was Carmarthenshire County Council. This is part payment of a grant relating to the Princes & Castles Heritage Tourism Project. The project cost of £166,329 is included in fixed assets.The following conditions apply to the grant: - The Trust must maintain an inventory of all assets that are obtained in connection with the project, the assets must be held until 30 June 2020 (unless written permission is obtained from the lead body). - The Castle must remain open for at least 10 years after completion of the project (2024). - The funding must be acknowledged on the Castle's website, Facebook and signage. - Annual reporting of visitor numbers and surveys were required until December 2020. - All relevant documents must be kept until the lead body informs the Castle in writing that they can be destroyed. ## **21. RELATED PARTY DISCLOSURES** During the year the Castle purchased insurances totalling £3,125 (£2,952 2024) via K&K Insurance, a business owned by Mr K Nicholas (trustee). All transactions were carried out at fair market rate and at arms length. Pembroke Castle Shop Limited owes Pembroke Castle Trust of 3rd February 1959 a balance of £210,484 in relation to money loaned or expenses paid by the Trust on behalf of the Shop. Page 22 ## **PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS** ## **NOTES TO THE FINANCIAL STATEMENTS -continued FOR THE YEAR ENDED 31 JANUARY 2025** ## **22. SUBSIDIARY UNDERTAKING - PEMBROKE CASTLE SHOP LIMITED** Pembroke Castle Shop Limited (registered in England and Wales company number 04911799) is a company limited by shares. Tile Trustees are directors of the Company which trades from premises within the Castle vicinity. The profits of the company are paid to Pembroke Castle Trust under the gift aid system. A gift aid donation of £2,050 was made to Pembroke Castle Trust in the year (2024 £NIL). A summary of the results of Pembroke Castle Shop Limited is given below: ## **PROFIT AND LOSS ACCOUNT** |TURNOVER
Cost of Sales
GROSS PROFIT
Administrative Expenses
OPERATING (LOSS)/PROFIT
Interest payable and similar expenses
(LOSS)/PROFIT FOR THE FINANCIAL
PERIOD
FIXED ASSETS
Tangible Assets
CURRENT ASSETS
Stocks
Debtors
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
Amounts falling due after more than one
year
NET LIABILITIES
CAPITAL AND RESERVES
Called up share capital
Retained earnings
**BALANCE**
**SHEET**
84,894
16,160
197,766|Year 31.01 .25
590,873
(450,038)
140,835
(97,132)
43,703
(541)
43,162
19,441
298,820
(275,726)
(4,093)
38,442
1
38,441
38,442
69,169
271
195,293|Year 31.01 .24
649,797
(505,983)
143,814
(89,335)
54,479
(788)
53,691
16,647
264,733
(271,900)
(14,200)
(4,720)
1
(4,721)
(4,720)| |---|---|---| Page 23 ## **PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2025** ## **23. PENSIONS** The Charity operates two pensions schemes: Auto enrolment with NOW - employers contributions for the year £6,794 (2024 £6,544 and defined contribution scheme with Aviva Life £17,971 (2024 £14,739) ## **24. FIXED ASSET INVESTMENTS** Investment in Subsidiary **MARKET VALUE** At 1 February 2024 and 31 January 2025 **NET BOOK VALUE** At 31 January 2025 At 31 January 2024 There were no investment assets outside the UK. Pembroke Castle Shop Limited is registered in England and Wales, the registration number of this company is 4911799. The registered office is Richmond House, 7 Castle Terrace, Pembroke, SA71 4LA The Trust owns 100% of the issued share capital. ## **25. NET INCOME** Net income is stated after charging/(crediting): ||Group||Charity|| |---|---|---|---|---| ||2025|2024|2025|2024| |Auditor's remuneration:||||| |Audit serices|8,530|7,750|8,530|7,750| |Non-audit services|13,870|13,617|7,540|6,850| |Depreciation of owned assets|80,585|82,301|76,077|78,140| Page 24 ## **PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2025** |**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
Gift aid
**Other trading activities**
Admissions
Shop Sales
Cafe income
Tours
Event income
Brass rubbing and heraldry centre income
Weddings
**Investment income**
Interest received
**Other income**
Sundry receipts
**Total incoming resources**
**EXPENDITURE**
**Other trading activities**
Opening stock
Purchases
Wages
Social security
Cleaning
Protective clothing
Training
Closing stock
**Charitable activities**
Advertising
General repairs and maintenance
Events and activities
Brass rubbing and heraldry centre purchases
Motor expenses
**Support costs**
**Management**
Trustees' expenses
Hire of plant and machinery
Accountancy
Carried forard|2025
£
7,506
89,819
97,325
735,991
197,085
353,486
1,600
24,548
38,959
5,417
1,357,086
33,540
1,487,951
69,169
219,124
515,847
25,762
1,166
1,456
5,157
(84,894)
752,787
21,059
129,967
82,080
12,713
484
246,303
1,165
14,391
13,870
29,426|2024
£
8,573
78,877
87,450
669,362
198,789
366,042
2,113
72,178
39,517
8,109
1,356,110
22,359
450
1,466,369
88,780
201,127
496,552
21,660
1,749
3,281
3,587
(69,169)
747,567
23,927
94,881
130,711
12,433
185
262,137
672
8,458
13,617
22,747| |---|---|---| Page 25 ## **PEMBROKE CASTLE TRUST OF 3RD FEBRUARY 1959 FINANCIAL STATEMENTS** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2025** |**Management**
Brought forard
Professional fees
Audit f
**Finance**
Bank charges
Bank loan interest
**Other**
Pensions
Water
Insurance
Light and heat
Telephone
Postage and stationery
Sundries
Management travel expenses
Licences
Subscriptions and membership
Research and development
Archaeological Costs
Depreciation charge
Total resources expended
**Net income**||2025
£
29,426
2,638
8,530
40,594
35,802
1,144
36,946
24,765
6,267
19,802
19,670
3,350
8,841
3,751
6,493
4,864
7,252
23,422
80,585
209,062
~~1,285,692~~
202,259
2024
£
22,747
1,611
7,750
32,108
36,129
1,635
37,764
18,850
6,375
18,192
21,439
2,787
11,322
3,764
175
9,672
2,217
23,109
82,301
200,203
1,279,779
186,590| |---|---|---| |||| |||| |||| |||| Page 26