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2020-12-31-accounts

REGISTERED CHARITY NUMBER: 519693

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

THE PICTON CASTLE TRUST

Llewelyn Davies Chartered Accountants / Statutory Auditors Yelverton House St John Street Whitland Carmarthenshire SA34 0AW

THE PICTON CASTLE TRUST

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Page Page
Report of the Trustees 1 to 4
Report of the Independent Auditors 5 to 7
Statement of Financial Activities 8
Balance Sheet 9
Cash Flow Statement 10
Notes to the Cash Flow Statement 11
Notes to the Financial Statements 12 to 20
Detailed Statement of Financial Activities 21 to 23

THE PICTON CASTLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees present their report with the financial statements of the charity for the year ended 31 December 2020. 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

1 To preserve the whole of Picton or such parts as are of national, scenic, historical, architectural, aesthetic, scientific or artistic importance.

2 To protect and improve its amenities for the public benefit.

3 To preserve its chattels.

4 To facilitate and encourage access to, and the study and appreciation of, Picton and its chattels by the public.

5 Such other charitable purposes as the trustees shall determine.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The pandemic induced lockdowns had a huge impact on our charitable activities in 2020. There were three lockdowns in Wales which had a negative impact on our events programme, they were: 1. 23 March to 10 July;

  1. 17 October to 6 November;

  2. 14 December to the end of the year.

The Picton Castle Trust took part in the government furlough schemes - whilst retaining three members of staff in full time employment. This meant that there were no staff redundancies as a result of the pandemic We successfully applied for support from the Economic Resilience Fund, The Wolfson Foundation and Pembrokeshire County Council.

During 2020 further progress was made in promoting the objectives of the trust.

Objectives 1, 2 and 3

Holiday cottages

The castle and gardens opening all year has had a positive effect on winter bookings for the Historic Gate Lodges which are promoted on social media to improve accessibility. The pandemic and lockdowns led to large scale cancellations, but many bookings were transferred to 2021.

The Welsh Owl Garden

Situated in the Bluebell Woods, the site is now fully open as an additional offer for visitors, at no extra charge, and increases their dwell time on site. Their collection is expanding to include other species of birds and exotics that are used in handling sessions and displays. The Welsh Owl Garden are heavily involved in outreach, education and conservation.

Garden

The Walled Garden Restoration having secured Heritage Lottery Funding and support from other funders is now in the delivery/build phase. There is also management and volunteer commitment from the Picton Cast Trust team. The project began in 2019 and it was hoped that the build project will be completed in December 2020. The lockdowns meant that build and interpretation completion dates have had to be extended into 2021.

The project has created employment and educational opportunities with the appointment of the Assistant Director/Heritage and Learning plus two trainee posts yet to be appointed.

-1-

THE PICTON CASTLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

ACHIEVEMENT AND PERFORMANCE Charitable activities

Objective 4

The Picton Library Project - to record, condition report and conserve the book collection at Picton is being carried out by the Arts Society volunteers. There was a book training day with Caroline Bendix held here on 5 March. Sadly there were only a few possible sessions carried out before the first lockdown; the scheme will be revived when government guidance allows.

We continue to develop a varied and innovative event programme to further support our income streams and to provide different and deeper access to the castle and grounds. However, the majority had to be cancelled.

The Halloween event and the Magical Family Christmas event on weekends leading up to Christmas had to be cancelled.

Coach and cruise ship booked tours were also adversely affected. We only had four booked coach tours in 2020 - in contrast to over one hundred in 2019

None of the planned winter events, private parties and tours in the castle could go ahead. Smaller pop up events and tours of the gardens and collections were developed and some were able to be delivered.

Objective 5

The volunteer programme which was successfully introduced to support the garden team has continued to grow but has been on hold during the lockdown.

The Great Gardens of West Wales group that we developed to enable joint promotion and publicity continues to be popular and the decision was taken to continue to develop the programme into 2021

We continue to develop the programmes of family friendly events to encourage repeat visits to the castle and gardens as and when the guidance allows.

Financial performance

The trust's incoming resources for the year amounted to £863,033 (2019 - £533,919) the analysis being shown in the accompanying statement of financial activities. Donations accounted for the majority of the increase on the previous year.

The net expenditure was £212,257 (2019 - £25,747). The policy to carry investments at market value resulted in losses of £53,596 on investment assets (2019 - gains of £196,410) and so there was a net deficit of £265,853 (2019 - surplus of £170,663) transferred to funds. £118,210 was transferred from general fund to cover the contribution to the walled garden repairs The balance on the general fund at 31 December 2020 was £4,019,905.

Capital expenditure for the year to 31 December 2020 totalled £1,365, a breakdown of which is shown in the notes to the financial statements.

During the year there was some trading in investments and some funds were released to fund the operating costs. The investments at 31 December 2020 are shown in the accounts at a market value of £1,170,403 (2019 - £1,444,912).

-2-

THE PICTON CASTLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

FINANCIAL REVIEW

Investment policy and objectives

In accordance with the trust deed, the trustees have the power to invest in such stocks, shares, investments and property as they see fit. During the year the trustees engaged Rathbones as investment managers. The policy is to adopt a medium risk investment strategy based on maximising income.

Reserves policy

It is the policy of the trust to ensure that a suitable income stream is generated from the fund assets to finance the ongoing work of the charity and to cover management and administration and support costs. The funds are represented by a portfolio of investments which are managed by investment managers who have been given discretionary power to acquire and dispose of investments within the policy set by the trustees. The fund also holds the tangible fixed assets, which include the castle buildings, grounds and exhibits.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The trust is governed by its trust deed of 24 November 1987. It is a registered charity.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the trust, and are satisfied that systems are in place to mitigate our exposure to the major risks.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

519693

Principal address

Picton Castle Rhos Haverfordwest Pembrokeshire SA62 4AS

Trustees

Mrs S Philipps (resigned 20/2/2021) Mr D Ellis Miss N J Philipps (appointed 20/2/2021) Mr I Stokes (resigned 30/10/2020) Mr T Arthur Mr C W M Carter Ms C M Shand (appointed 20/2/2021) Mr C L Atherton (appointed 4/3/2021)

Auditors

Llewelyn Davies Chartered Accountants / Statutory Auditors Yelverton House St John Street Whitland Carmarthenshire SA34 0AW

-3-

THE PICTON CASTLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

Bankers

National Westminster High Street Haverfordwest Pembrokeshire

Solicitors

Lowless Commercial 30 Hamilton Terrace Milford Haven Pembrokeshire SA73 3JJ

Investment Advisers

Rathbones 1 Curzon Street London W1J 5FB

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).

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the board of trustees on 26 October 2021 and signed on its behalf by:

Mr D Ellis - Trustee

-4-

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE PICTON CASTLE TRUST

Opinion

We have audited the financial statements of The Picton Castle Trust (the 'charity') for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

-5-

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE PICTON CASTLE TRUST

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which 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 charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion we identified the internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management.

We gained an understanding of the legal and regulatory framework applicable to the charity and the sector in which it operates, drawing on our broad sector experience, and considered the risk of acts by the charity that were contrary to these laws and regulations, including fraud.

We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Charities Act 2011and UK tax legislation.

We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information, for example, minutes of meetings held and correspondence between the company and its solicitors.

Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management.

We did not identify any key audit matters relating to irregularities, including fraud. As in all of our audits, we also addressed the risk of management override of internal controls including testing journals and evaluation whether there was evidence of bias by management that represented a risk of material misstatement due to fraud.

-6-

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE PICTON CASTLE TRUST

Our responsibilities for the audit of the financial statements

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charity's trustees, 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 the charity's trustees those matters we are required to state to them in an auditors' 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's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Llewelyn Davies Chartered Accountants / Statutory Auditors Yelverton House St John Street Whitland Carmarthenshire SA34 0AW

Date: 26 October 2021

-7-

THE PICTON CASTLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
5
Castle and grounds
Other trading activities
3
Investment income
4
Total
EXPENDITURE ON
Raising funds
6
Charitable activities
7
Castle and grounds
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
21
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
165,564
98,723
16,798
97,255
378,340
45,862
384,489
430,351
(53,596)
(105,607)
(118,210)
(223,817)
4,243,722
4,019,905
Restricted
funds
£
484,693
-
-
-
484,693
-
644,939
644,939
-
(160,246)
118,210
(42,036)
66,563
24,527		 2020

Total
funds
£
650,257
98,723
16,798
97,255
863,033
45,862
1,029,428
1,075,290
(53,596)
(265,853)
-
(265,853)
4,310,285
4,044,432		 2019
Total
funds
£
159,195
224,764
26,945
123,015
533,919
58,057
501,609
559,666
196,410
170,663
-
170,663
4,139,622
4,310,285

The notes form part of these financial statements

-8-

THE PICTON CASTLE TRUST

BALANCE SHEET 31 DECEMBER 2020

Notes
FIXED ASSETS
Tangible assets
12
Heritage assets
13
Investments
14
CURRENT ASSETS
Stocks
15
Debtors
16
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
17
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one
year
18
NET ASSETS
FUNDS
21
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
fund
£
626,857
2,087,100
1,170,403
3,884,360
13,404
71,637
204,768
289,809
(145,683)
144,126
4,028,486
(8,581)
4,019,905
Restricted
funds
£
23,660
-
-
23,660
-
-
867
867
-
867
24,527
-
24,527		 2020

Total
funds
£
650,517
2,087,100
1,170,403
3,908,020
13,404
71,637
205,635
290,676
(145,683)
144,993
4,053,013
(8,581)
4,044,432
4,019,905
24,527
4,044,432		 2019
Total
funds
£
657,014
2,087,100
1,444,912
4,189,026
13,504
39,716
118,743
171,963
(38,138)
133,825
4,322,851
(12,566)
4,310,285
4,243,722
66,563
4,310,285

The financial statements were approved by the Board of Trustees and authorised for issue on 26 October 2021 and were signed on its behalf by:

Mr D Ellis - Trustee

The notes form part of these financial statements

-9-

THE PICTON CASTLE TRUST

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Interest element of hire purchase
payments paid
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of fixed asset investments
Interest received
Net cash provided by investing activities
Cash flows from financing activities
Capital repayments in year
Net cash used in financing activities
Change in cash and cash
equivalents in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
2
Cash and cash equivalents at the
end of the reporting period
2		 2020
£
(117,716)
(6)
(691)
(118,413)
(1,365)
(116,493)
337,406
1,055
220,603
(4,162)
(4,162)
98,028
107,607
205,635		 2019
£
(33,494)
(29)
(962)
(34,485)
(327)
(67,110)
198,644
1,333
132,540
(5,052)
(5,052)
93,003
14,604
107,607

The notes form part of these financial statements

-10-

THE PICTON CASTLE TRUST

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

OPERATING ACTIVITIES
2020 2019
£ £
Net (expenditure)/income for the reporting period (as per
the Statement of Financial Activities) (265,853) 170,663
Adjustments for:
Depreciation charges 7,862 9,126
Losses/(gain) on investments 53,596 (196,410)
Interest received (1,055) (1,333)
Interest paid 6 29
Interest element of hire purchase and finance lease rental
payments 691 962
Decrease/(increase) in stocks 100 (321)
Increase in debtors (31,921) (14,154)
Increase/(decrease) in creditors 118,858 (2,056)
Net cash used in operations (117,716) (33,494)
2. ANALYSIS OF CASH AND CASH EQUIVALENTS
2020 2019
£ £
Cash in hand 2,644 2,786
Notice deposits (less than 3 months) 202,991 115,957
Overdrafts included in bank loans and overdrafts falling due within
one year - (11,136)
Total cash and cash equivalents 205,635 107,607
3. ANALYSIS OF CHANGES IN NET FUNDS
At 1.1.20 Cash flow At 31.12.20
£ £ £
Net cash
Cash at bank and in hand 118,743 86,892 205,635
Bank overdraft (11,136) 11,136 -
107,607 98,028 205,635
Debt
Finance leases (16,728) 4,162 (12,566)
(16,728) 4,162 (12,566)
Total 90,879 102,190 193,069

The notes form part of these financial statements

-11-

THE PICTON CASTLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

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, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from tax on its charitable activities.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the Balance Sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to the Statement of Financial Activities over the relevant period. The capital element of the future payments is treated as a liability.

-12-

THE PICTON CASTLE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme and contributes to employees' personal pension schemes. Contributions payable are charged to the Statement of Financial Activities in the period to which they relate.

2. DONATIONS AND LEGACIES

Donations
Gift aid
Grants
Grants received, included in the above, are as follows:
Heritage Lottery Fund
Millennium Stadium Charitable Trust
Job Retention Scheme
Welsh Government Resilience Fund
3.
OTHER TRADING ACTIVITIES
Shop income
4.
INVESTMENT INCOME
Rents received
Dividends receivable
Interest receivable
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Admissions
Castle and grounds
Sale of garden produce
Castle and grounds
Gallery and booklet sales
Castle and grounds
Booking fees
Castle and grounds		 2020
£
118,063
25,886
506,308
650,257
2020
£
420,580
2,500
55,728
27,500
506,308
2020
£
16,798
2020
£
59,842
36,358
1,055
97,255
2020
£
87,144
9,724
1,855
-
98,723		 2019
£
113,197
25,120
20,878		 2019
£
113,197
25,120
20,878
159,195
2019
£
20,878
-
-
-
20,878
2019
£
26,945
2019
£
77,966
43,716
1,333
123,015
2019
£
205,242
16,253
3,228
41
224,764

-13-

THE PICTON CASTLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

6. RAISING FUNDS

Other trading activities
Opening stock
Purchases
Closing stock
Staff costs
Stationery and packaging
Credit card charges and rental
Investment management costs
Stock-brokers' fees
Letting agents' fees
Bad debts
Aggregate amounts
7.
CHARITABLE ACTIVITIES COSTS
Castle and grounds		 Direct
Costs
£
991,381		 2020
£
9,190
12,306
(9,371)
21,534
62
2,415
36,136
2020
£
9,017
336
373
9,726
45,862
Support
costs (see
note 8)
£
38,047		 2019
£
7,909
17,621
(9,190)
24,790
304
3,343
44,777
2019
£
10,138
2,602
540
13,280
58,057
Totals
£
1,029,428
8.
SUPPORT COSTS
Management
£
Castle and grounds
28,881		 Governance
Finance
costs
£
£
5,076
4,090		 Totals
£
38,047

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019.

-14-

THE PICTON CASTLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

10.
STAFF COSTS
2020
£
Wages and salaries
220,391
Social security costs
9,640
Other pension costs
4,477
234,508
The average monthly number of employees during the year was as follows:
2020
Full time equivalents
17
No employees received emoluments in excess of £60,000.		 2019
£
205,096
10,286
3,860
219,242
2019
16
11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
fund
funds
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
25,776
133,419
Charitable activities
Castle and grounds
224,764
-
Other trading activities
26,945
-
Investment income
123,015
-
Total
400,500
133,419
EXPENDITURE ON
Raising funds
58,057
-
Charitable activities
Castle and grounds
409,128
92,481
Total
467,185
92,481
Net gains on investments
196,410
-
NET INCOME
129,725
40,938
RECONCILIATION OF FUNDS
Total funds brought forward
4,113,997
25,625
TOTAL FUNDS CARRIED FORWARD
4,243,722
66,563
Total
funds
£
159,195
224,764
26,945
123,015
533,919
58,057
501,609
559,666
196,410
170,663
4,139,622
4,310,285

-15-

THE PICTON CASTLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

12. TANGIBLE FIXED ASSETS

COST
At 1 January 2020
Additions
At 31 December 2020
DEPRECIATION
At 1 January 2020
Charge for year
At 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019		 Freehold
property
£
639,786
-
639,786
-
-
-
639,786
639,786		 Plant and
machinery
£
67,480
580
68,060
54,643
6,997
61,640
6,420
12,837		 Fixtures
and
fittings
£
64,896
785
65,681
60,505
865
61,370
4,311
4,391		 Totals
£
772,162
1,365
773,527
115,148
7,862
123,010
650,517
657,014

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

COST
At 1 January 2020 and
31 December 2020
DEPRECIATION
At 1 January 2020
Charge for year
At 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019		 Plant and
machinery
£
28,695
18,197
5,739
23,936
4,759
10,498

-16-

THE PICTON CASTLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

13. HERITAGE ASSETS

MARKET VALUE
At 1 January 2020 and
31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019		 Total
£
2,087,100
2,087,100
2,087,100

Heritage assets are shown in the accounts at the valuation placed on them by Sotheby's in 2003.

In addition to the assets shown above the trust also owns Picton Castle and its grounds, but no valuation has been placed upon these assets for the purpose of these accounts.

Carrying value at 31 December 2003 - at 2003 valuation
Carrying value at 31 December 2003 - at 1996 valuation
Net gain on revaluation
14.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 January 2020
Additions
Disposals
Revaluations
At 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019		 £
2,324,904
911,694
1,413,210
Listed
investments
£
1,444,912
116,493
(353,518)
(37,484)
1,170,403
1,170,403
1,444,912

There were no investment assets outside the UK.

15.
STOCKS
Stocks		 2020
£
13,404		 2019
£
13,504

-17-

THE PICTON CASTLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

16.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020
£
Other debtors
9,787
VAT
48,964
Prepayments and accrued income
12,886
71,637
17.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020
£
Bank loans and overdrafts (see note 19)
-
Hire purchase (see note 20)
3,985
Taxation and social security
3,295
Other creditors
138,403
145,683
18.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2020
£
Hire purchase (see note 20)
8,581
19.
LOANS
An analysis of the maturity of loans is given below:
2020
£
Amounts falling due within one year on demand:
Bank overdrafts
-
20.
LEASING AGREEMENTS
Minimum lease payments under hire purchase fall due as follows:
2020
£
Net obligations repayable:
Within one year
3,985
Between one and five years
8,581
12,566		 2019
£
16,287
10,301
13,128
39,716
2019
£
11,136
4,162
-
22,840
38,138
2019
£
12,566
2019
£
11,136
2019
£
4,162
12,566
16,728

-18-

THE PICTON CASTLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

21. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
Assets fund
Repair fund
Memorial Bench fund
TOTAL FUNDS		 At 1.1.20
£
4,243,722
23,660
42,903
-
66,563
4,310,285		 Net
movement

in funds
£
(105,607)
-
(161,113)
867
(160,246)
(265,853)		 Transfers

between

funds
£
(118,210)
-
118,210
-
118,210
-
At
31.12.20
£
4,019,905
23,660
-
867
24,527
4,044,432

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Repair fund
Memorial Bench fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Restricted funds
Assets fund
Repair fund
TOTAL FUNDS		 Incoming
resources
£
378,340
483,826
867
484,693
863,033
Resources

expended
£
(430,351)
(644,939)
-
(644,939)
(1,075,290)
At 1.1.19
£
4,113,997
23,660
1,965
25,625
4,139,622
Gains and

losses
£
(53,596)
-
-
-
(53,596)
Net
movement

in funds
£
129,725
-
40,938
40,938
170,663
Movement
in funds
£
(105,607)
(161,113)
867
(160,246)
(265,853)

At

31.12.19
£
4,243,722
23,660
42,903
66,563
4,310,285

-19-

THE PICTON CASTLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

21. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Repair fund
TOTAL FUNDS		 Incoming
resources
£
400,500
133,419
533,919		 Resources
expended
£
(467,185)
(92,481)
(559,666)		 Gains and
losses
£
196,410
-
196,410		 Movement
in funds
£
129,725
40,938
170,663

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Restricted funds
Assets fund
Repair fund
Memorial Bench fund
TOTAL FUNDS		 At 1.1.19
£
4,113,997
23,660
1,965
-
25,625
4,139,622		 Net
movement

in funds
£
24,118
-
(120,175)
867
(119,308)
(95,190)		 Transfers

between

funds
£
(118,210)
-
118,210
-
118,210
-
At
31.12.20
£
4,019,905
23,660
-
867
24,527
4,044,432

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Repair fund
Memorial Bench fund
TOTAL FUNDS		 Incoming
resources
£
778,840
617,245
867
618,112
1,396,952
Resources

expended
£
(897,536)
(737,420)
-
(737,420)
(1,634,956)
Gains and

losses
£
142,814
-
-
-
142,814
Movement
in funds
£
24,118
(120,175)
867
(119,308)
(95,190)

22. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2020. for the year ended 31 December 2020.

-20-

THE PICTON CASTLE TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Gift aid
Grants
Other trading activities
Shop income
Investment income
Rents received
Dividends receivable
Interest receivable
Charitable activities
Admissions
Sale of garden produce
Gallery and booklet sales
Booking fees
Total incoming resources
EXPENDITURE
Other trading activities
Opening stock
Purchases
Wages
Social security
Pensions
Stationery and packaging
Credit card charges and rental
Closing stock
Investment management costs
Stock-brokers' fees
Letting agents' fees
Bad debts		 2020
£
118,063
25,886
506,308
650,257
16,798
59,842
36,358
1,055
97,255
87,144
9,724
1,855
-
98,723
863,033
9,190
12,306
20,680
848
6
62
2,415
(9,371)
36,136
9,017
336
373
9,726		 2019
£
113,197
25,120
20,878
159,195
26,945
77,966
43,716
1,333
123,015
205,242
16,253
3,228
41
224,764
533,919
7,909
17,621
23,886
898
6
304
3,343
(9,190)
44,777
10,138
2,602
540
13,280

This page does not form part of the statutory financial statements

-21-

THE PICTON CASTLE TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Charitable activities
Wages
Social security
Pensions
Hire of equipment and event expenses
Other operating leases
Rates and water
Insurance
Light and heat
Advertising
Garden expenses
Machinery expenses
Repairs to property
Castle booklets
Cleaning and maintenance
Consultancy fees
Donations
Sub-contractors
Training
Subscriptions and licences
Volunteer programme expenses
Depreciation of plant and machinery
Depreciation of fixtures and fittings
Bank interest
Interest on overdue tax
Hire purchase interest
Support costs
Management
Telephone
Postage and stationery
Travelling and subsistence
Accountancy
Book-keeping
Finance
Bank charges
Credit card charges
Paypal fees
Finance charges
Governance costs
Auditors' remuneration
Legal and professional fees
Total resources expended		 2020
£
199,711
8,792
4,471
5,988
2,413
1,052
28,669
10,993
12,050
6,733
4,448
655,123
281
2,222
19,182
576
18,219
-
1,125
774
6,997
865
-
6
691
991,381
4,808
3,060
339
1,393
19,281
28,881
2,688
2,283
92
13
5,076
3,425
665
4,090
1,075,290		 2019
£
181,210
9,388
3,854
8,575
2,517
1,321
28,272
17,602
25,307
7,926
3,816
115,881
960
3,664
18,039
235
17,553
690
2,346
1,641
7,730
1,396
29
-
962
460,914
4,542
3,886
464
1,159
21,370
31,421
2,700
3,136
34
79
5,949
3,325
-
3,325
559,666

This page does not form part of the statutory financial statements

-22-

THE PICTON CASTLE TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Net expenditure before gains and
losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset
investments
Net (expenditure)/income		 2020
£
(212,257)
(53,596)
(265,853)		 2019
£
(25,747)
196,410
170,663

This page does not form part of the statutory financial statements

-23-