Pirton Castle Haverfordwest Pembrokeshire SA62 4AS Llewelyn Davles Yelverton House St. John Street Whitland SA34 OAW October 2024 Dear Slrs We confirm to the best of our knowledge and belief, and havlng made approprlate enquiries of other trustees and offlclals of the twst, the followlng representatlons glven to you in connectlon with your audlt of the trust's financlal statements for the year ended 31 December 2023: We acknowledge as trustees our responslblltty for the flnancial statements, whlch you have prepared for the trust. All the accounting records have been made available to you for the purpose of your audlt and all the transactlons undertaken by the trust have been properly reflected and recorded in the accountlng records. All the other records and related Informatlon, Includlng minutes of all management and other meetings, have been made avallable to you. 2. The trust has no Ilablllties or contlngent Ilabilltles other than those shown in the financlal statements. There has been no event slnce the balance sheet date, which requlres dlsclosure or whlch would materlally affect the amounts In the financial statements. The trust has had at no time during the year any arrangement, transactlon or agreement to provlde credit facllltles (Includlng loans, quasi-loans or credlt transactlons) for trustees nor to guarantee or provlde 5ecurlty for such matters. The trust has not contracted for, nor authorised any capltal expenditure at the year-end, and all tanglble flxed assets purchased during the year were delivered to the trust before the balance sheet date. We have Informed you of assets that were scrapped or 501d durlng the year or are permanently not In use, and we conflrm that the net book value of each asset included in the flnancial statements at the year end does not exceed Its expected realisable value. We confirm that there have been no Instances, to our knowledge, of any breaches or non- compliance with any laws or regulatlons whlch are central to the trust s ablllty to condutt buslness. We confirm that there were no changes to the trust's Statutory records durlng the year, other than already advlsed. Yours faithfully D Ellls Chalrman THE PICTON CASTLE TRUST
REGISTERED CHARrrY NUMBEIL. 519693 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 FOR THE PICTON CASTLE TRusr Uewelyn Davles Chartered Accountants / Statutory Audltors Yelverton House St John Street Whltland Carmarthenshlre SA34 OAW
THE pIcfoN CAsfLE TRusr CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Pag• Report of the Trust••8 Report of the Independent Audltors Stat•ment of Fln•nclal Actlvlth• io Balance Sh••t li C••h Flow Statement 12 Notes to th• Cash Flow Stat•m•nt 13 Not•s to th• Flnanelal Stst•m•nts 14 to 23 Dotslled Stst•m¢nt of Flnanclal Actlvltle8 24 to 26
THE PICTON CAsfLE TRusr REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present thelr report with the financlal statements of the charlty for the year ended 31 December 2023. The trustees have adopted the provislons of Accountlng and Reporting by Charities: statement of Recommended Practlce appllcable to charities preparing their accounts In accordan wlth the Flnandal Reportlng Standard applicable In the UK and Republic of Ireland (FRS 102) (effective I January 2019). OBJEcfIvES AND ACTIvrriES Objectives and aims The key purposes of the trust are to consetve and protert Plcton Castle, Its collection and gardens for the benefit of the publlc, provldlng access and sUPPOrting assoclated educatlonal actlvltles. The public benefit Is met by provldlng access to the castle and gardens and provldlng educatlonal support and volunteerfng opportunltles. The trustees have had the beneflt of conslderlng the Charlty Commlsslon'5 guldance on publlc beneflt. Purposes of the charlty as set out In Its Trust Deed are: l To preserve the whole of Plcton or such parts as are of natlonal. scenlc, hlstorlcal, archltectural, aesthetlc. sclentlflc or artlstlc Importance. 2 To protect and Improve Its amenltles for the publlc beneflt. 3 To preserve Its chattels. 4 To facllltate and encourage access to, and the study and appreclatlon of, Plrton and Its chattels by the publlc. 5 Such other charltable purposes as the trustees shall determlne.
THE pIcfoN CAsfLE TRusr REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 OBJEcfIvES AND ACTivrrIES Significant actlvltSes Durlng 2023 the Board of Twstees contlnued to revlew all of our actlvitles, Includlng two further strateglc development days. The schools and educatlon programme was contlnued, as wa5 slgnlflcant capltal Investment In preventatlve preservatlon or the castle. Objectlve I The Trust successfully completed the restoratlon of the walled garden (the Natlonal Herltage Lottery Fund was the maln grant awarder), Includlng a successful evaluatlon. The preservatlon of the castle and collectlon was furthered by a slgnlficant Investment In capltal projects for the castle and assoclated Ilsted bulldlngs, (a new flre alarn system, roofingi and wlndows repalrs). A qulnquennlal report was received In June 2023 and plannlng for repalrs begun. Objectlve 2 A range of Improvements have been made throughout the slte, Indudlng expandlng the provlslon of benches throughout the garden, contlDued Improvements to path surfaces to Smprove accesslblllty and the purchase of all terraln wheelchalrs for our vlsltors to use for free. Objectlve 3 The Trust Invested heavlly In a new fire alarm system to enhance the ongolng protectlon of the fabrlc of the bulldlng and the collectlon. The ongolng proJett of catalogulng and conseNatlon of the collertlon of antlque books contlnued throughout the year. Objectlve 4 We Introduced a new system of openlng the castle. The purpose was to wlden publlc access to the castle and collectlon. The number of vlslts Inslde the castle rose In 2023 to 15,880 (up from 5,257 vlslts In 2022). Addltlonallyi we contlnued wlth our programme of gulded tours and speclallst talks on dlfferent aspects of the castle, collertlon and Its hlstory. Wldenlng our engagement wlth local schools Is a crltlcal part of the Trust's strategy for development. We contlnued our programme of educatlonal actlvltles for all key stages. The sesslons reflett to Plcton's hlstorlcal and envlronmental herltage and complements the Welsh natlonal currlculum. The programme malntolned Its success wlth 416 student vlslts In 2023. An archaeologlcal study of the medleval structures of the casue was conducted In the autumn of 2023. We contlnue to offer hortlcultural apprentlceshlps. ObJÈCtlve 5 The Trust contlnued the strategy of worklng wlth local communlty groups and organlsatlons to enable them to use Plcton Castle as a locatlon for communlty actlvltles. Actlvltles that have taken place Indude, hortlculture, art and crafts classe5, art and sculpture exhlbltlons for local communlty organlsatlons and a tertlary level college.
THE picfoN CASTLE TRusr REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMENT AND PERFORMANCE Charltable activities The work of the Trust contlnued to be focussed on conservlng the herltage of Plcton Castle Gardens, Improvlng access and establlshlng the 51te as an Important provider of educatlonal opportunlties. Partlcular achlevements: Wldenlng access to the castle to the publlc (vlslts to the castle Int8$ed by 202%). Contlnued development of the schools and educatlon programme and malntalnlng the number of school vlslts. - The contlnued conservatlon of the book collettlon Flnandally succe55ful events {e.g. Easter, Halloween and Chrlstmas) - The contlnued development of Plcton Castle Gardens as a locatlon for communlty actlvltles. Fundlng The Trust's actlvltles were funded through three maln sources of Income: admlsslons and donatlons, resldentlal lettlngs and commerclal leases. Admlsslons and donatlons were the largest portlon of our Income and grew by 7.2%. Resldentlal and commertlal leases remalned stable sources of Income, conslstent wlth prevlous years. Although, the Tnjst dld complete Its key grant funded project, the restoratlon of the walled garden, the flnal payment from the key grant funder was not recelved UDtIi the 2024 finandal year. A small grant from the Art Fund was secured to purchase Items for educatlonal artlvltles related to nature and the envlronment. Adverse Impacts Adverse weather condltlons In the summer and autumnlwlnter perlod negatlvely Impacted on vlsltor numbers. The adverse weather necessltated an above average closure days for safety reasons (due to hlgh wlnds) and an Increased loss In trees. Flnan¢lal p•rforniance The trust's Incomlng resources for the year amounted to £606,986 {2022 - £607,056) the analysls belng shown In the accompanyln9 Statement of flnanclal actlvltles. The overall Income belng slmllar to the prevlous year. The net expendlture was £142,977 <2022 - £149,210). The pollcy to urry Investment$ at market value resulted In galns of £38,657 on Investment assets {2022 - losses of £143,208) and so there was a net deficlt of £104,320 (2022 - £292,418) transferred to funds. £45,022 was transferred to general fund to cover the mana9ement of the walled garden repalrs. The balance on the general fund at 31 December 2023 was £3,957,768. Capltal expendlture for the year to 31 December 2023 totalled £39,692, a breakdown of whlch Is shown In the note5 to the financlal statements. Durlng the year there was some tradlng In Investments. The Investments at 31 December 2023 are shown In the accounts at a market value of £1,116,949 (2022 - £1,144,963). FINANCIAL REVIEW Inve•tment policy and obJ¢rtlves In accordance with the trust deed, the trustees have the power to Invest In such stocks, shares, Investments and propety as they see fit. Durlng the year the trustees engaged Rathbones as Investrnent managers. The pollcy Is to adopt a medlum rlsk Investment strategy based on maxlmlslng Income. Rer¥e1 pollcy It is the policy of the trust to ensure that a sultable Income stream 15 generated from the fund assets to finance the ongolng work of the charity and to cover management and admlnlstration and support costs. The funds are represented by a portfollo of Investments whlch are managed by Investment managers who have been glven discretionary power to acquire and dlspose of Investments within the pollcy set by the trustees. The fund also holds the tanglble flxed assets, which include the castle bulldlngs, grounds and exhlblts.
THE PICTON CAsfLE TRusr REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The trust Is governed by Its trnst deed of 24 November 1987. It Is a reglsterejj charlty. Rl•k management The trustees have a duty to Identlfy and revlew the rlsks to whlch the charlty Is exposed and to SUre approprlate controls are In place to provlde reasonable assurance agalnst fraud and error. The trustees have assessed the major rlsks to whlch the charlty Is exposed, In partlcular those related to the operatlons and flnances of the trust, and are satlsfled that 5y5tems are In place to mltlgate our exposure to the major rlsks. REFERENCE AND ADMINISTRATIVE DrfAILS R¢glster¢d Charlty number 519693 Prlnclpal addr•88 PScton Castle Rhos Haverfordwest Pembrokeshlre SA62 4AS Truste•s Mr D Ellls Mlss N J Phlllpps MrT Arthur MrCWMCarter Ms C M Shand Mr C L Atherton Aydltor• Uewelyn Davles Chartered Accountants I Statutory Audltors Yelverton House St John Street Whltland Carmarthenshlre SA34 OAW Bankers National Westmln5ter Hlgh Street Haverfordwest Pembrokeshlre Soll¢ltorg Lowless Commerclal 30 Hamilton Terrace Mllford Haven Pembrokeshlre SA73 3JJ Investment Advlser• Rathbones I Curzon Street London WIJ 5FB
THE pxcfoN CAsfLE TRiisr REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 STATEMENT OF TRUSTEES. RESPONSIBILrrJES The trustees are responsible for preparfng the Report of the Trustee5 and the financlal statements In a¢cordance with appllcable law and United Kingdom Accounting Standards (Unlted Klngdom Generally Accepted Accountlng Practlce). The law appllcable to charltles In England and Wales, the Charftles Act 2011, Charlty (Accounts and Reports) Regulatlons 2008 and the provlslons of the trust deed requires the trustees to prepare financial statements for each Ilnancial year which glve a true and falr vlew of the state of affairs of the charlty and of the Incoming resources and appllcatlon of resources, Includlng the Income and expendlture, of the charlty for that perfod. In preparlng those flnanclal statements, the trustees are requlred to select sultable accountlng polldes and then apply them conslstentlyi observe the methods and prlnciples In the Charlty SORP; make Judgements and estlmate5 that are reasonable and prudent; state whether appllcable accountlng standards have been followed, subject to any materlal departures dlsclosed and explalned In the flnanclal statements; prepare the financlal statements on the golng Conrn basls unless It Is Inapproprlate to presume that the tharfty wlll contlnue In buslness. The trustees are responslble for keeping proper accountlng records whlch dlsclose wlth reasonable ccuracy at any tlme the flnantlal posltlon of the charlty and to enable them to ensure that the flnanclal statements comply wlth the Charftles Act 2011, the Charlty (Accounts and Reports) Regulatlons 2008 and the provlslons of the trust deed. They are also responslble for safeguardlng the assets of the charlty and hence for taklng reasonable steps for the preventlon and detectlon of fraud and other IrregulJrltles. Approved by order of the board of trustees on by: and signed on bts behalf Mr D E151s - Trustee
REPORT OF THE INDEPENDEKf AUDITORS TO The TRUSTEES OF THE PXCTON CAsfLE TRusr OplnloTr We have audltejj the financlal statements of The Pltton Casue Trust (the 'charity') for the year ended 31 December 2023 whlch comprlse the Statement of Flnancial Activlties. the Balance Sheet, the Cash Flow Statement and notes to the financial statements, Includlng a summary of significant accountlng policies. The flnanclal reportlng framework that has been applled In thelr preparatlon 15 appllcable law and Unlted Klngdom Accountlng Standards (Unlted Klngdom Generally Accepted Accountlng Pract6ce). In our oplnlon the flnanclal statements: glve a true and falr vlew of the state of the charftvs affalrs as at 31 December 2023 and of It5 Incomlng resources and appllcatlon of resources, for the year then ended; have been properly prepad In accordance wlth Unlted Klngdom Generally Accepted Accountlng Practlce; and have been prepared In accor(lance wlth the requlrements of the Charltles Att 2011. Ba•ls for oplnlon We conducted our audlt In accordance wlth Internatlonal Standards on Audltlng (UK) (ISAS (UK)) and ppllcable law. Our responslbllltles under those standards are further descrlbed In the Audltors, responslbllltles for the audlt of the flnanclal statements sectlon of our report. We are Independent of the charlty In accordance wlth the ethlcal requlrements that are relevant to our audlt of the flnanclal Statements In the UK, Includlng the FRC'S Ethlcal Standard, and we have fijlfllled our other ethlcal responslbllltles In accordance wlth these requlrements. We belleve that the audlt evldence we have obtalned Is sufficlent and approprlate to provlde a bas15 for our oplnlon. Condu•lon• relatlng to golng conurn In audltlng the flnanclal statements, we have concluded that the trustees. use of the golng concern basls of accountlng In the preparatlon of the flnanclal statements Is approprlate. Based on the work we have performed, we have not Identlfled any materlal uncertalntles relatlng to events or conditlons that, Indlvldually or collectlvely, may cast slgnlflcant doubt on the charlty's ablllty to contlnue as a 9olng concem for a perlod of at least twelve months from when the financlal statements are authorlsed for Issue. Our responslbllltles and the responslbllltles of the tnjstees wlth respett to golng concem are descrlbed In the relevant sectlons of thls report. oth•r Inforni•tlon The trustees are responslble for the other Informatlon. The other Infomiatlon comprlses the Infomiatlon Induded In the Annual Report, other than the flnanclal statements and our Report of the Independent Audltors thereon. Our oplnlon on the flnandal statements doe5 not cover the other Informatlon and, except to the extent otherwlse expllcltly stated In our report, we do not express any form of assurance concluslon thereon. In connectlon wlth our audlt of the financlal statements, our responslbllity Is to read the other Informatlon and, In dolng so, conslder whether the other Infomiatlon Is materially Inconslstent wlth the flnancial statements or our knowledge obtalned In the audit or otherwise appears to be materlally mlsstated. If we Identlfy such materfal Inconslstencles or apparent material mlsstatements, we are requlred to determlne whether thls glves rlse to a materlal misstatement In the financial statements themselves. If, based on the work we have performed, we conclude that there Is a materlal mlsstatement of thls other Informatlon, we are requlred to report that fact. We have nothlng to report In thls regard.
REPORT OF THE INDEPENDENf AUDITORS TO THE TRusfEES OF THE picfoN CAsfLE TRusr Matter• on whkh we are requlred to r•port by exceptlon We have nothing to report in respect of the followlng matters where the Charltles (Accounts and Reports) Regulatlons 2008 requlres us to report to you if, in our opinion: the information given in the Report of the Trustees Is Inconslstent In any materlal respert wlth the flnanclal statements. or sufflclent accountlng records have not been kept. or the financlal statements are not In agreement with the accountlng records and retums" or we have not recelved all the Informatlon and explanatlons we requlre for our audlt. Responslbllltles of trustee• As explalned more fully In the Statement of Trustees. Responslbllltles, the trustees are responslble for the preparatlon of the flnanclal statements whlch glve a true and falr vlew, and for such Internal control as the trustees detemilne Is necessary to enable the prepardtlon of flnanclal statements that are free from materlal mlsstatement, whether due to fraud or error. In preparlng the flnanclal statements, the trustees are responslble for assesslng the chadty's ablllty to contlnue as a golng concern, dlscloslngl as appllcèble, matters related to golng concern and uslng the golng concern basls of accountlng unless the trustees elther Sntend to Ilquldate the chadty or to cease operatlons, or have no reallstlc altematlve but to do so.
REPORT OF THE INDEPENDENT AUDrroRS TO THE TRusfEES OF THE pxcfoN CASTLE TRUST Our r•sponslbilitio$ for the audit of the financial statements We have been appolnted as auditors under Section 144 of the Charltles Act 2011 and report In accordance with the Art and relevant regulatlon5 made or havlng effett thereunder. Our objettlves are to obtaln reasonable assurance about whether the financial statements as a whole are free from materlal mlsstatement, whether due to fraud or error, and to Issue a Report of the Independent Audltors that Includes our oplnlon. Reasonable assurance Is a high level of assurance, but Is not guarantee that an audlt condutted In accordance wlth ISAS {UK) wlll always detect a materlal mlsstatement when It exlsts. Mlsstatements can arlse from fraud or eor and are consldered materfal If, Indlvldually or In the aggregate, they could reasonably be expected to Influence the economlc declslons of users taken on the bas15 of these flnanclal ststements. The eXtt to whlch our procedures are capable of detectlng Irregularltles, Includlng fraud Is detalled below: As part of deslgnlng our audlt, we determlned materlallty and assessed the rlsks of material mlsstatement In the flnanclal statements, Includlng how frdud may occur by enqulrlng of management of Its own conslderatlon of fraud. In partlcular, we looked at where management made subjectlve Judgements, for example In respect of sl9nlficant accountlng estlmates that Involved maklng assumptlons and conslderlng future events that are Inherently uncertaln. We also consldered potentlal flnanclal or other pressures, opportunlty and motlvatlons for fraud. As part of thls dlscusslon we Identifled the Internal controls estab115hed to mltigate rlsks related to fraud or noncompllance wlth laws and regulatlons and how management monltor these processes. Approprlate procedures Included the revlew and testlng of manual Joumals and key estlmates and Judgements made by management. We galned an understandlng of the legal and regulatory framework appllcable to the charlty and the sector In whlch It operates, drawlng on our broad sector experlence, and consldered the rlsk of acts by the charlty that were contrary to these laws and regulatlons, Includlng fraud. We focused on laws and regulatlons that could glve rlse to a materlal mlsstatement In the financlal statements, Includlng, but not Ilmlted to, the Charltles Art 2011 and UK tax leglslatlon. We made enqulrfes of management wlth regards to compllanee wlth the above laws and regulatbons and corroborated any necessary evldence to relevant Informatlon, for example, mlnutes of meetln9s held and correspondente between the company and Its sollcltors. Our test5 Included ageIng the flnanclal statements dlsclosures to underlylng SUPPOrtlng documentatlon and enqulrles wlth management. We dld not Identlfy any key audlt matters relatlng to Irregularltles, Includlng fraud. As In all of our audlts, we also addressed the rlsk of management overrlde of Intemal controls Includlng testlng Journals and evaluatlon whether there svas evldence of blas by management that represented a rlsk of materlal mlsstatement due to fraud. Our audlt procedures were deslgned to respond to rlsks of materlal mls5tatement In the financlal statements, recognlslng that the risk of not detectlng a materfal mlsstatement due to fraud Is hlgher than the rlsk of not detettlng one resultlng from error, as fraud may Involve deliberate concealment byi for example, forgeryi mlsrepresentstlons or through colluslon. There are Inherent Ilmltatlons In the audlt procedures performed and the further removed non-compllance wlth laws and regulations Is from the events and transactlons refiected In the flnanclal statements, the less Ilkely we are to become aware of It. A further descrlptlon of our responslbllltles for the audlt of the flnanclal statements Is located on the Flnanclal Reportlng Councll'5 webslte at www.frc.org.uklaudltorsresponslbllltles. Thls descrlptlon forms part of our Report of the Independent Auditor5.
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE picfoN USTLE TRUST Use of our report Thls report Is made solely to the charity's trustees, as a body, in accordance w5th Part 4 of the Charftles (Accounts and Reports) Regulations 2008. Our audlt work has been undertaken so that we might state to the charlty's trustees those matters we are requlred to state to them in an èudltors, report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responsibility to anyone other than the charlty and the charlty's trustees as a bodyi for our audlt work, ft)r this report, or for the oplnlons we have formed. Uewelyn Davles Chartered Accountants I Statutory Audltors Yelverton House St John Street Whltland Cannarthenshlre SA34 OAW Date:
THE PICTON CASTLE TRusr srATEMENT OF FINANaAL AcnvrrIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Total nds 2022 Total funds Unrestrfcted Restricted fund funds Notes INCOME AND ENDOWMENTS FROM Donations and legades 36,314 79,814 116,128 114,626 Charltsbl¢ activities Castle and grounds 296,014 296,014 278,729 Other tradlng aCtitIeS Investment Income Other Income 52,973 141,871 52,973 141,871 58,871 143,115 527 172 606 986 607 056 EXPENDITURE ON Ralslng fund5 63,015 63,015 80,882 Ch•rltabl• artlvltlej Castle and gmunds 650 836 686 948 Total 713 851 749 963 756 266 Net galns/{losses) on Investments 143 208) NeT INCOME/(EXPENDITURE) Tran•f•rJ betw••n lund• (148,022) 43,702 45 022) (104,320) (292,418) 21 Net mov•m•nt In fund• (103,000) (1,320) (104,320) (292,418) RECONCILIATION OF FUNDS Total funds brought forward 4,060,768 24,980 4,085,748 4,378,166 TOTAL FUNDS CARRIED FORWARD 3 957 768 3 981428 4 085 748 The notes form part of these flnancial statements -io-
THE PICTON CAsfLE TRUST BALANCE SHEET 31 DECEMBER 2023 2023 Total fund5 2022 Total funds Unrestricted Restrfcte(I fund funds Notes FIXED ASSETS Tanglble assets Heritage asset5 Investments 12 656,450 13 2,087,230 14 1 116 949 23,660 680,110 2,087,230 1 116 949 649,538 2,087,230 1 144 963 3,860,629 23,660 3,884,289 3,881,731 CURRENT ASSETS stocks Debtors Cash at bank and In hand 15 16 2,468 53,265 2,468 85,066 9,271 58,477 200 430 31,801 142,446 31,801 174,247 268,178 CREDITORS Amounts falllng due wlthln one year 17 (45,307) (31,801) (77,108) (62,150) NIT CURRENT ASSETS 206 028 TOTAL ASSETS Less CURRENT LIABILITIES 3,957,768 23,660 3,981,428 4,087,759 CREDITORS Amounts falllng due after more than one year 18 (2,011) NET ASSETS 3 957 768 3 981428 4 085 748 FUNDS Unrestrlrted funds Restrlcted funds 21 3,957,768 4,060,768 TOTAL FUNDS 3 981 428 4 085 748 The flnanclal statements were approved by the Board of Trustees and authorlsed for Issue on and were sl9ned on Its behalf by: Mr D E1115 - Trustee The notes form part of these financlal statements -li-
THE pIcfoN CAsfLE TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes C•$h flows from operatlng actlvltles Cash generated from operatlons Interest pald Interest element of hlre purchase payments pald {166,050) (51) (161,816) (169) Net cash used In operntlng actlvltles 166 243) 162 253) Ca•h flows from Inv¢•tlng artlvltl•$ Purchase of tsnglble flxed assets Purchase of herltage assets Purchase of fixed asset Investments Sale of flxed asset Investments Interest recelved (39,692) (1,758) (130) (276,492) 319,805 617 (22,892) 89,563 Net cash provlded by Investlng actlvltles C•*h flow# from flnanclng actlvltlo8 New loans In year Capltal repayments In year 28,394 Net cash provlded by/(used In) flnanclng artlvltles Chang• In cash and •h •qulvalents In the reporting porlod Cash and cash equlvalents at the beglnnlng of the reportlng perlod (113,717) {123,433) 200 430 323 863 Ca•h and ca•h equlvalents at th• end of the reportlng perlod 200 430 The notes form part of these financlal statements -12-
THE PICTON CAsfLE TRUST NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 RECONCILIATION OF NET EXPENDITURE TO NEf CASH FLOW FROM OPERATING ACTivrrIES 2023 2022 Net expendlture for the reportlng perlod (as per th• Statement ol Flnanclal Activiti•$) Adjustments for: Depreciation charges (Galn)/losses on Investments Interest recelved Interest pald Interest element of hlre purchase and flnance lease rentsl payments Decrease In stocks Increase In debtors {Decrease)/lncrease In credltors (104,320) (292,418) 9,120 (38,657) (1,814) 51 3,287 143,208 {617) 169 142 6,803 (26,589) 10 786) 268 1,737 (17,795) 345 N•t ¢4•h used In op•ratlon• ANALYSIS OF CHANGES IN NEf FUNDS At 1.1.23 Cash flow At 31.12.23 N•t cash Cash at bank and In hand 200 430 113 717) 200 430 113 717) Debt Flnance leases Debts falllng due wlthln l year (5,359) 3,348 (2,011) Totsl 190 351 137 450) The notes form part of these financial statements -13-
THE PXCTON CASTLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUKnNG POUCIES Basis of preparlng the flnandal statsmonts The financlal statements of the charlty, which is a public benefit entlty under FRS 102, have been prepared In accordance with the Charltles SORP (FRS 102) 'Accountlng and Reporting by Charlties: Statement of Recommended Practlce appllcable to charltles preparing thelr accounts In accordance with the Flnanclal Reportlng Standard appllcable In the UK and Republlc of Ireland (FRS 102) (effective l January 2019)., Flnanclal Reportlng Standard 102 'The Flnanclal Reporting Standard appllcable In the UK and Republlc of Irdand, and the Charltles Act 2011. The financial statements have been prepared under the hlstorlcal cost conventlon, wlth the exptIOn of Investments whl¢h are Included at market value, as modlfled by the revaluatlon of certaln assets. Income All Income Is recognlsed In the Statement of Flnanclal Actlvltles once the charlty has entitlement to the funds, It Is probable that the Income wlll be recelved and the amount can be measured rellably. Expendlture Uabllltles are recognlsed as expendlture as soon as there Is a legal or constructlve obllgatlon commlttlng the charlty to that expendlture, It Is probable that a transfer of economlc benefits wlll be requlred In settlement and the amount of the obllgatlon ¢an be measured rellably. Expendltu Is accounted for on an accruals basls and has been classlfled under headlngs that aggregate all C05t related to the category. Where costs cannot be dlrectly attrlbuted to partlcular headlngs they have been allocated to actlvltles on a basls conslstent wlth the use of resources. Tanglble flx•d assets Depreclatlon Is provlded at the followlng annual rates In order to wdte off each asset over Its estlmated useful Ilfe or, If held under a finance lease, over the lease temi, whlchever Is the shorter. Freehold property Plant and machlnery Flxtures and flttlngs not provlded 200h on cost 150/0 to 25% on cost Stocks stocks are valued at the lower of cost and net reallsable value, after maklng due allowance for obsolete and slow movlng Items. Taxatlon The charlty Is exempt from tax on Its charltable actlvltles. Pund accountlng Unrestrfcted funds can be used In accordance wlth the charttsble objectlves at the dlscretlon of the trustees. Restrlcted funds can only be used for partlcular restrlrted purposes wlthln the objects of the charlty. Restrfctlons arfse when speclfled by the donor or when fvnds are ralsed for partlcular restrfcted purpose5. Further explanation of the nature and purpose of each fund Is Included In the notes to the flnanclal statements. Hlre purchase and leaslng commltments Assets obtalned under hlre purchase contracts or finance leases are capitallsed In the Balan Sheet. Those held under hire purchase contracts are depreciated over thelr estimated usefijl Ilves. Those held under finance lease5 are depreciated over thelr eStImat useful Ilves or the lease term, whichever Is shorter. The Interest element of these obllgatlons 15 charged to the Statement of Flnancial Actlvltles over the relevant period. The capital element of the future payments 15 treated as a liability. -14-
THE picfoN CASTLE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 AccouKfING POLICIES - continu•d Hlr¢ purch••¢ and leaslng commltm•nts Rentals pald under operating leases are charged to the Statement of Flnanclal Attlvltles on a straight Ilne basis over the period of the lease. P¢n4lon costs and other posbretlrement beneflts The charity operates a deflned contribution penslon scheme and contrlbutes to employees, personal penslon schemes. Contrlbutlons payable are charged to the Statement of Flnancial Actlvltles In the pedod to whlch they relate. DONATIONS AND LeGACIES 2023 2022 Donatlons Gift ald Grants 1,012 35,302 1,398 37,392 116 128 114 626 Grants recelved, Included In the above, are as follo. 2023 2022 Pembrokeshlre County Councll Pembrokeshlre A550clatlon of Voluntary Servlces Herltage Lottery Fund Welsh Government Reslllence Fund Coleg Slr Gar Welsh Museums Federatlon 4,000 4,570 58,266 7,000 2,000 76,823 OTHER TRADING AcfivITIES 2023 2022 Shop Income INVESTMENT INCOME 2023 2022 Rents recelved Dlvldends receSvable Interest recelvable 113,143 26,914 113,641 28,857 617 141871 143 115 INCOME FROM CHARITABLE ACTIvrries 2023 2022 Actlvity Admlsslons Castle and grounds Sale of garden produ Castle and ground5 Gallery and booklet sales Castle and grounds 282,729 7,798 263,754 8.303 296 014 278 729 -15-
THE pIcfoN CAsfLE TRiisr NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 RAISING FUNDS Other tradlng activltle• 2023 2022 Openlng stock Purchases Closlng stock staff costs Statlonery and packaglng Credit card charges and rental 7,374 26,481 (1,941) 20,960 8,029 36,054 {7,374) 28,736 373 Inve8tment management costs 2023 2022 Stock-brokers, fees Bad debts 7,909 i) 8,989 Aggregate amounts CHARITABLE ACTIVITIES COSTS Support costs (see notè 8) Dlrect Costs Totals Castle and grounds 650 988 686 948 SUPPORT COSTS Governance costs Management Flnance Totals Castle and grounds TRUSTEES, REMUNERATION AND BENEFrrs There were no trustees, remuneratlon or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. Trusteeg. expenses There were no trustees, expenses pald for the year ended 31 December 2023 nor for the year ended 31 December 2022. -16-
THE picfoN CAsfLE TRusr NOTES TO THE FINANaAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 10. STAFF COSTS 2023 2022 Wages and salarles Social security costs Other penslon costs 426,028 26,843 389,512 23,804 461 769 421 216 The average monthly number of employees durlng the year was as follows: 2023 22 2022 24 Full tlme equlvalents No employees recelved emoluments In excess of £60,000. 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcrIvrrIES Unrestrfcted fund Restrlcted funds Total fund5 INCOME AND ENDOWMENTS FROM Donatlons and legacles 51,733 62,893 114,626 Charltabl• •rtlvltl•• Castle and grounds 278,729 278,729 Other tradlng actlvltles Investment Income other Income 58,871 143,115 58,871 143,115 Total 544 163 607 056 EXPENDITURI ON Ralslng funds 80,882 80,882 Charitabl• actlvltles Castle and grounds 612 127 675 384 Total 693 009 756 266 Net 9alnsl(105ses) on Investments 143 208) 143 208 NET INCOME/(EXPeNDITURE) {292,054) (364) (292,418) Transfers between fund8 Net movement In funds (293,738) 1,320 (292,418) RECONCILIATION OF FUNDS Total funds brought forward 4,354,506 23,660 4,378,166 TOTAL FUNDS fARRIED FORWARD 4 060 768 4 085 748 -17-
THE picfoN CAsfLE TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 12. TANGIBLE FIXED ASSErs Freehold property Plant and machinery and flttlngs Totals COST At l January 2023 Addltlons Dlsposals 639,786 70,059 74,755 39,692 784,600 39,692 At 31 December 2023 639 786 DEPRECIATION At l January 2023 Charge for year Ellmlnated on dlsposal 67,500 581 67,562 8,539 135,062 9,120 At 31 December 2023 120 269 NET BOOK VALUE At 31 December 2023 639 786 At 31 December 2022 639 786 Flxed assets, Included In the above, whlch are held under hlre purchase contracts are as follows: Plant and machlnery cosr At l January 2023 and 3 1 December 2023 DEPRECIATION At l January 2023 and 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022 -18-
THE pIcfoN CASTLE TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 13. HERITAGE ASSErs Total MARKET VALUE At l January 2023 and 3 1 December 2023 2 087 230 NET BOOK VALUE At 31 December 2023 2 087 230 At 31 Dember 2022 2 087 230 Herltage assets are shown In the accounts at the valuatlon placed on them by Sotheby's In 2003. In addltlon to the assets shown above the trust also owns Plcton Castle and Its grounds, but no valuatlon has been placed upon these assets for the purpose of these accounts. Carrylng value at 31 Dernber 2003 - at 2003 valuatlon Carrylng value at 31 December 2003 - at 1996 valuatlon 2,324,904 911 694 Net galn on revaluatlon 1413 210 14. FIXED ASSEf INVEsfMENTS Usted Investments MARKEf VALUE At l January 2023 Addltlons Dlsposals Revaluatlons 1,144,963 22,892 (82,926) At 31 Dember 2023 1 116 949 NET BOOK VALUE At 31 December 2023 1 116 949 At 31 December 2022 1 144 963 There were no Investment assets outslde the UK. Is. sfocKS 2023 2022 stocks -19-
THE pIcfoN CASTLE TRUST NOTES TO THE FINANCXAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Other debtors VAT Prepayments and accrued Income 1,361 2,653 7,790 17. CREDITORS: AMOUNTS FALLING Due WITHIN ONE YEAR 2023 2022 Hlre purchase (see note 20) Toxatlon and soclal securlty Other credltors 2,011 7,404 3,348 6,535 18. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 2023 2022 Hlre purchase (see note 20) 19. LOANS An analysls of the maturfty of loans Is glven below: 2023 2022 Amounts falllng due wlthln one year on demand: Other loans 20. LEASING AGReEMeNTS Mlnlmum lease payments under hlre purchase fall due as follows: 2023 2022 Net obllgatlons repayable: withln one year Between one and five years 2,011 3,348 -20-
THE pIcfoN CAsfLE TRUST NOTES TO THE FINANCIAL STATEMENTS - continu FOR THE YEAR ENDED 31 DECEMBER 2023 21. MOVEMENT IN FUNDS Net movement In ftjnds Transfers between funds At 31.12.23 At 1.1.23 Unr•strlcted funds General fund 4,060,768 (148,022) 45,022 3,957,768 R••trfrt¢d fund• A55ets fund Repalr fund 23,660 23,660 43 702 45 022) TOTAL FUNDS 3 981 428 Net movement In funds, Included In the above are as follows: Incomlng resources Resources expended Galns and losses Movement In funds Unre•trlcted funds General fund 527,172 (713,851) 38,657 (148,022) R••trlct•d fund• Repalr fund Wlld Escape event 76,823 (33, 121) 43,702 36 112) TOTAL FUNDS 606 986 749 963 104 320) Comparatlves for mov•ment In funds Net movement In funds Transfers between funds At 31.12.22 At 1.1.22 Unrestrl¢<¢d fund• General fund 4,354,506 {292,054) (1,684) 4,060,768 Restrlcted funds Assets fund Repalr fund 23,660 23,660 364) 364 TOTAL FUNDS 4 085 748 -21-
THE PICTON CASTLE TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnu•d FOR THE YEAR ENDED 31 DECEMBER 2023 21. MOVEMENT IN FUNDS- contlnued Comparatlve net movement In fijnds, Included In the above are as follows". Incomlng resources Resources expended Galns and 105ses Movement In fund5 Unrestrlct•d lund• General fund 544,163 (693,009) (143,208) (292,054) R•strlct•d funds Repalr fund Memorlal Benth fund 62,337 556 {62,701) (364) 63 257) 364 TOTAL FUNDS 607 056 A current year 12 months and prlor year 12 months comblned posltton Is as follows: Net movement In funds Transfers between funds At 31.12.23 At 1.1.22 Unr•8trlct•d fund• General fund 4,354,506 (440,076) 43,338 3,957,768 R••trl¢t•d fund$ A55ets fund Repalr fund 23,660 23,660 43 338) 43 338) TOTAL FUNDS 3 981428 A current year 12 months and prlor year 12 months comblned net movement In funds, Included In the above are as follows.. Incomlng resources Resources expended Galns and losses Movement In funds UnMstrlct•d eund• General fiind 1,071,335 (1,406,860) (104,551) (440,076) Restricted funds Repalr fund Memorial Bench fund Wlld Escape event 139,160 556 {95,822) (556} 43,338 142 707 99 369) TOTAL FUNDS -22-
THE pIcfoN CASTLE TRusr NOTES TO THE FINANaAL STATEMENTS - contlnu•d FOR THE YEAR ENDED 31 DECEMBER 2023 22. RELATED PARTY DISCLOSURES There were no related party transattlons for the year ended 31 December 2023. -23-
THE PICTON CAsfLE TRiisr DETAILED sfATEMENT OF FINANCIAL ACTivrrIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 INCOME AND ENDOWMENTS Donatlons and legacl•s Donatlons Glft ald Grants 1,012 35,302 1,398 37,392 116,128 114,626 Other tradlng actlvltl Shop Income 52,973 58,871 Inv•stm•nt In£Y¥m• Rents recelved Dlvldends recelvable Interest recelvable 113,143 26,914 113,641 28,857 617 141,871 143,115 Ch)rltabl• actlvltl•• Admlsslons Sale of garden produce Gallery and booklet sales 282,729 7,798 263,754 8,303 296,014 278,729 Oth•r Incom• Insurance clalms Total Incomlng r••our¢•• 606,986 607,056 expeNDThURe oth•r trndlng actlvltle• Openlng stock Purchase5 Wages Soclal secudty Penslons statlonery and packaging Credlt card charges and rental Closlng stock 7,374 26,481 19,439 1,423 98 8,029 36,054 27,310 1,373 53 373 6,074 2,233 55,107 71,892 Investment management ¢osl• stock-brokers, fees Bad debt5 7,909 i) 8,989 7,908 8,990 This page does not form part of the statutory financial statements -24-
THE PICTON CASTLE TRusr DETAILED STATEMENT OF FINANCIAL AcrIvrriES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Charitabl• artlvltl•$ Wages Social 5ecurfty Pensions Hire of equlpment and event expenses Other operatlng leases Rates and water Insurance Llght and heat Advertising Garden expenses Machlnery expenses Repalrs to prop Castle booklets Cleanlng and malntenance Consultancy fees Donatlons Sub-contractors Tralnlng Recrultment costs Subscrlptlons and Ilcences Volunteer programme expenses IT and software support HR support Depreclatlon of plant and machlnery Depreclatlon of flxtures and flttlngs Bank Interest Bank loan Interest Interest on overdue tax Hlre purchase Interest 406,589 25,420 8,800 14,997 2,738 1,619 56,741 15,924 10,119 2,665 6,989 54,860 1,371 3,968 8,030 362,202 22,431 7,847 8,286 3,527 1,472 37,195 19,932 24,671 5,558 5,899 103,008 1,081 6,519 12,773 600 20,017 625 71 1,640 2,955 1,014 4,488 2,339 35 1,899 2,278 6,140 3,666 581 8,539 581 2,706 46 123 51 142 268 650,988 653,047 Thls page does not fonn part of the statutory finanaal statements -25-
THE PICTON CASTLE TRUST DEfAILED sfATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Support costs Management Telephone Postage and statlonery Travelling and subsistence Accountancy 3,533 3,444 1,122 2,917 4,126 1,076 9,169 9,259 Flnance Bank charges Credlt card charges Paypal fee5 Flnance charges 3,844 5,982 593 3,660 5,227 408 133 10,419 9,428 Gov¢rn•n¢¢ ¢ts Audltors, remuneratlon Legal and professlonal fees 4,280 3,650 16,372 3,650 Total resources expended 749 963 756 266 Net expendlturn beft4r• galn8 and losses {142,977) (149,210) R••lhed rncognlsed galns and loss Reallsed galnsl(losses) on fixed asset Investments 143 208 N•t •xp•ndlre Thls page does not fom) part of the statutory financial statements -26-