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 Int￿8$ed by 202%).
Contlnued development of the schools and educatlon programme and malntalnlng the number of
school vlslts.
- The contlnued conservatlon of the book collettlon
Flnandally succe55ful events {e.g. Easter, Halloween and Chrlstmas)
- The contlnued development of Plcton Castle Gardens as a locatlon for communlty actlvltles.
Fundlng
The Trust's actlvltles were funded through three maln sources of Income: admlsslons and donatlons,
resldentlal lettlngs and commerclal leases. Admlsslons and donatlons were the largest portlon of our
Income and grew by 7.2%. Resldentlal and commertlal leases remalned stable sources of Income,
conslstent wlth prevlous years.
Although, the Tnjst dld complete Its key grant funded project, the restoratlon of the walled garden, the
flnal payment from the key grant funder was not recelved UDtIi the 2024 finandal year. A small grant
from the Art Fund was secured to purchase Items for educatlonal artlvltles related to nature and the
envlronment.
Adverse Impacts
Adverse weather condltlons In the summer and autumnlwlnter perlod negatlvely Impacted on vlsltor
numbers. The adverse weather necessltated an above average closure days for safety reasons (due to
hlgh wlnds) and an Increased loss In trees.
Flnan¢lal p•rforniance
The trust's Incomlng resources for the year amounted to £606,986 {2022 - £607,056) the analysls belng
shown In the accompanyln9 Statement of flnanclal actlvltles. The overall Income belng slmllar to the
prevlous year.
The net expendlture was £142,977 <2022 - £149,210). The pollcy to urry Investment$ 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.
Re￿r¥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 Con￿rn 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 prepa￿d 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 e￿or 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 eXt￿t 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 ag￿eIng 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 aCti￿tIeS
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 ex￿ptIOn 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 De￿mber 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 De￿rnber 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 De￿mber 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•ndl￿re
Thls page does not fom) part of the statutory financial statements
-26-