REGISTERED CHARrrY NUMBER: 519693 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR THE PICTON CASTLE TRUST Llewelyn Davies Chartered Accountants / Statutory Auditors Yelverton House st John Street Whltland Carmarthenshlre SA34 OAW
THE PICTON CASTLE TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page Report of the Trustees Report of the Independent Auditors 7 to 10 Statement of Flnanci•l Activltles li Balance Sheet 12 Cash Flow Statement 13 Notes to the Cash Flow Statement 14 Notes to the Financial Statements 15 to 24 Detailed Statement of Financlal Activities 25 to 27
THE PICTON CASTLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present thelr report wlth the flnanclal statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charltles: Statement of Recommended Practice applicable to charities preparing their accounts in accordance wlth the Flnanclal Reportlng Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectlves and alms The key purposes of the trust are to conserve and protect Plcton Castle, Its collectlon and gardens for the benefit of the publlc, provldlng access and supportlng associated educational activities. The public benefit is met by provldlng access to the castle and gardens and providing educational support and volunteering opportunltles. The trustees have had the benefit of considering the Charity Commission's guidance on publlc beneflt. Purposes of the charity 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, aesthetic, scientlflc or artlstlc Importance. 2. To protect and Improve its amenities for the public benefit. 3. To preserve its chattels. 4. To facilitate and encourage acce5$ to, and the study and appreciation of, Picton and Its chattels by the public. 5. Such other charitable purposes as the trustees shall determine. Slgnificant actlvltles In 2024 we had 35,450 visitors. Although, this was a noticeable drop on visitor numbers in 2023, the decllne was in line with the trends across heritage site in Wales. Wlthln these flgures there were encouraging indicators for specific charitable objectlves we had set to Increase publlc access to the castle and greater support of education in through school vlslts and tralneeshlps: Educatlonal vlslts by school rose by 19% (In comparlson to 2023 flgures) to 495 children visitors. Vlslts to the Castle rose by 25% (in comparison to 2023 figures) to 15,538. We began participating in the Historic and Botani¢ Gardens Training Programme, with a new grant supported garden trainee. We secured a successful application to the Plant Herltage, recognlslng the natlonally Important fern collection. Our communlty outreach contlnued to grow with a free open access day to the local communlty on the 1st March 2024. A new charltable Incorporated organisation, the Picton Castle Charitable Trust, was establlshed in November 2024 that will become the modernised vehicle for the Pitton Castle Trust.
THE PXCTON CASTLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENTS AND PERFORMANCE Charitable activities Access to this historic site and garden and the educational experiences, serve the public benefit by allowlng visitor engagement with hlstOry* culture, wlldlife and green open spaces. A range of improvements have been made throughout the site to improve the public's experien during Visit to Picton. This has focussed on expanding public access to various parts of the castle, the gardens and the collettions, and improving amenities and interpretation. Our charitable activities in 2024 Included: Opening the medieval Undercroft and kitchens In the Castle to the public on a 'free-flow' basis, for the first time. A significant investment in the children's play area with new play equipment. A new family room, for self-lead family crafts and activities and an indoor Space for relaxation. Public exhibition of modern art in the collection that had not previously been shown. New interpretive signage for the herb collections was installed in the courtyard garden. Improvement to the path system in the gardens, including Instating historic paths, to expand public access to less visited parts of the gardens and improving disabled access generally. Purchase of Modes cataloguing system to manage the collection and collection management. Commlsslonlng a new exhibition on the history of the Castle and its inhabitants, to be Installed in the courtyard gallery. Introduction of free gulded tours of the Castle one day per week. Finan¢ial performan¢e The trust's incoming resources for the year amounted to £450,325 (2023 - £606,986) the analysls belng shown in the accompanying statement of fi'nancial actlvltles. The prlnclpal sources of income are admlsslons, resldentlal rents, gift aid and gift shop income. There was a decrease of Income in 2024 compared to 2023 In admlsslon, shop Income and grants, with the latter being as a result of the conclusion of the Heritage Lottery Fund grant. The net expenditure was £178,311 {2023 £142,977). The pollcy to carry Investments at market value resulted in gains of £72,999 (2023 £38,657) on Investment assets, wlth a revised investment pollcy leading to better returns on investment. The revaluatlon of the herltage assets resulted In an addltlonal £49,620 gain and so there was a net deficit of £55,692 (2023 £104,320) transferred to funds. £3,000 was transferred from general fund to cover the walled garden repairs. The balance on the general fund at 31 December 2024 was £3,902,076. Capital expenditure for the year to 31 December 2024 totalled £26,308, a breakdown of which is shown In the notes to the financial statements. During the year there was significant trading in investments as a result of the change in investment advisors. The investments at 31 December 2024 are shown in the accounts at a market value of £1,069,982 {2023 - £1,116,949). FINANCIAL REVIEW Investment policy and objectiveg In accordan with the trust deed, the trustees have the power to invest in such stocks, shares, investments and property as they see fit. The trustees have engaged RBC Brewin Dolphin 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 administratlon and support costs. The funds are represented by a portfollo of Investments which are managed by investment managers who have been given discretionary power to acquire and dlspose of Investments wlthln the policy set by the trustees. The fund also holds the tangible fixed assets, whlch include the castle bulldlngs, grounds and exhibit5. The investment fund has no restrfctlons or deslgnated funds.
THE pIcfoN CASTLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 FUTURE PLANS There are four strateg ic priorities for 2025: To transfer the buslness operations and assets to the Picton Castle Charitable Trust. This is a modernisation process to improve governance and better manage the risks and liabllities for Picton Castle Trust. To improve visitor experience and public benefit by opening a new exhibition on the history of the castle and its i nhabitants. To complete a proposed purchase of the original 50Uth lawns of the castle, restoring the historic boundaries of the gardens and improving the public benefit by expanding access to historic landscapes. To increase visitor numbers and improve the financial performance of the Trust. APPOINTMENT OF AUDITORS The auditors have been reappointed for the forthcoming financial year. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The trust is governed by its trust deed of 24 November 1987. It is a registered charity. Recruitment and appointment of new trustees The trustees are appointed by interested parties applying to the Board by letter and CV, to be followed by an interview with the whole Board. The Board seletts potential candidates on the basis of prior experience within the heritage and charity sector, and to fill areas of required expertise on the Board, such as garden design and development. If a candidate is successful, references and recommendations will be 50ught. The Trust carries out identity checks. The newly appointed Board member's induction is an informal process, conducted by the Board and any specialist training that is identified (such as safeguarding training) is organised by the Director. A skills audit is periodically conducted by the Board to help inform this process. Decision making The Board must meet a minimum of four times per year. In 2024 the Board held five meetings. Day-to-day management is delegate to the Director, (CEO) who is responsible for all operational matters. Both the Director and the Head Gardener submit written reports to each Board meeting on operational matters. Additionally, there are monthly business meetings of the trustees, the Director and Accounts Manger to focus on financial reports, visitor numbers and experience. The Board has the capacity to establish ad hoc committees for undertaking work on certain projects or functions. The Board has not delegated any decision-making powers to a sub-committee. Sub-committees, where they exist, cannot make resolutions and need to refer their insights back to the Board for decisions. The monthly business meeting5 are a specialised funttion of the Board focussing on monthly financial reports and visitor figures. These monthly reviews are reported to the full Board at it5 quarterly meetings. Any Board member may attend the business meetings. New Safeguarding and Business Contingency Policies were reviewed by the Board in 2024. It was identified that further work on these policies and necessary training was required before being fully adopted. The Director advises the Board on regulatory responsibilities, and the Board Seeks advice as needed from their solicitors. During 2024 the Trust undertook a process of reviewing its legal trust structures, title5 etc., with the intention of modernising the governance of the charity, to ensure its stability and financial future. This is intended to strengthen the charity's delivery of the charitable purpose of preserving Picton, its gardens and collection. The Picton Castle Trust decided to establish a new charitable entity In the form of a charitable incorporated organisation, and to transfer its assets and business to that new charity.
THE pIcfoN CASTLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT {CONT'D) 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 agalnst fraud and error. The trustees have assessed the major risks to whlch 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. The key risks identified are as follows.. The main risk to Plcton Castle Trust is its challenging financial position, with a sharp decrease in visitor numbers in 2024 and ongoing pressure of rising costs. This Is monitored on a monthly basis in flnancial reports to a sub-meeting of the Board of Trustees, and in quarterly reports to the Board by the Director in the Board meetings. There is continulng uncertainty over Wales as a holiday destinatlon and rise in people travelling abroad for their holiday post-pandemic continues to adversely affect visitor numbers. A second risk was the lease of land within the gardens to a separate business. The risks associated with that business was assessed by the Board of Trustees as no longer acceptable, and the lease was terminated early in course of 2024 to mitigate that risk. A full risk assessment focussing on the risks associated with managing the buildings, site and operations was conducted in 2024 and successfully concluded. The ongoing risk to the assets remains from the charity operating as an unincorporated charitable trust. This has been mitigated to a degree through insurance.
THE PICTON CASTLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 519693 Principal address Picton Castle The Rhos Haverfordwest Pembrokeshlre SA62 4AS Trustees Mr David Ellis (Chair) Miss Nicola J Philipps MrTim Arthur Mr Charles W M Carter Ms Chrlstlna M Shand Mr Chrlstopher L Atherton CEO (Director) Rhiannon Talbot-English Auditors Llewelyn Davies Chartered Accountants I Statutory Audltors Yelverton House St John Street Whltland Carmarthenshire SA34 OAW Bankers National Westminster Bank 18 High Street Haverfordwest Pembrokeshire SA61 2DE Solicitors Geldards LLP 4 Capital Quarter Tyndall Street Cardlff CFIO 4BZ Investment Advisers RBC Brewin Dolphin Third Floor Two Central Square Cardlff CFIO IFS
THE pIcfoN CASTLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees are responsible for preparing the Report of the Trustees and the financlal statements in accordance with applicable law and Unlted Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting PrdCt1). 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 financlol year which glve 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 charlty for that perlod. In preparlng those financlal statements, the trustees are required to select suitable accountlng policies and then apply them consistentlyi obseNe the methods and princlples in the Charity SORP; make Judgements and estlmates that are reasonable and prudent; state whether applicable accountlng standards have been followed, subject to any materlal departures dlsclosed and explained in the flnanclal statements; prepare the financial statements on the going conrn basis unless it is Inapproprlate to presume that the charity will continue in business. 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 Charlties Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They a also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularlties. Approved by order of the board of trustees on by: and slgned on its behalf Mr D Ellls - Trustee
REPORT OF THE INDEPENDENT AUDrroRS TO THE TRUSTEES OF THE PICTON CASTLE TRUST Opinion We have audlted the flnanclal statements of The Plcton Castle Trust (the 'charlty') for the year ended 31 December 2024 whlch comprlse the Statement of Flnanclal Actlvltles, the Balance Sheet, the Cash Flow Statement and notes to the flnanclal statements, Includlng a summary of slgnlficant accountlng policies. The flnanclal reporting framework that has been applied in their preparation is applicable law and United Klngdom AccountSng Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charlty's affalrs as at 31 December 2024 and of its Incomlng resources and application of resources, for the year then ended; have been properly prepared In accordance wlth Unlted Klngdom Generally Accepted Accounting Practlce; and have been prepared In accordance wlth the requlrements of the Charltles Act 2011. Basls for oplnlon 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 Audltors, responsibilities for the audit of the financial statements sertion of our report. We are independent of the charity in accordance with the ethical requlrements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethlcal Standard, and we have fulfllled our other ethlcal responslbllltles In accordance wlth these requlrements. We belleve that the audlt evldence we have obtalned Is sufficient and approprlate to provlde a basls for our oplnlon. Conclusions relating to going concern In audltlng the financial statements, we have concluded that the trustees, use of the going concern basls 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 collectlvely, may cast slgnlflcant doubt on the charlty's ablllty to contlnue as a golng concern for a perlod of at least twelve months from when the flnanclal statements are authorised for Issue. Our responslbllltles and the responsibilities of the trustees with respect to going concern are described in the relevant sectlons of thls report. Other information The trustees are responslble for the other Infonnatlon. The other Informatlon comprlses the Infomiation included in the Annual Report, other than the financlal statements and our Report of the Independent Audltors thereon. Our oplnlon on the flnanclal statements does not cover the other informatlon and, except to the extent otherwlse expllcltly stated in our report, we do not express any form of assurance conclusion theOn. In connection with our audit of the financial statements, our responsibility is to read the other infomatlon and, in doing so, consider whether the other Information Is materlally inconslstent wlth the financial statements or our knowledge obtained in the audlt or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material mlsstatements, we are requlred to determlne whether this gives rise to a materlal mlsstatement In the financlal statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are requlred to report that fact. We have nothing to report in this regard. Matters on which we are required to report by ex¢eption We have nothSng 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: the information given in the Report of the Trustees Is Inconslstent In any materSal respect wlth the financial statements. or sufficient accountlng records have not been kept. or the flnanclal statements are not in agreement with the accounting records and returns. or we have not received all the information and explanations we require for our audit.
REPORT OF THE INDEPENDENT AUDrroRS TO THE TRUSTEES OF THE PICTON CASTLE TRUST Responslbllltles 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 preparatlon of financlal statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are spOnSible for assessing the charity's ability to continue as a golng concern, disclosing, as applicable, matters related to going concern and using the going concern basls of accountlng unless the trustees elther Intend to Ilquldate the charlty or to cease operatlons, or have no reallstlc alternatlve but to do so.
REPORT OF THE INDEPENDENT AVDITORS TO THE TRUSTEES OF THE PICTON CASTLE TRUST Our responsibilities for the audit of the financial ststements We have been appointed as auditors under Sertion 144 of the Charities Act 2011 and report in accordance with the Act and levant regulations made or having effect thereunder. Our objectlves are to obtaln reasonable assurance about whether the flnanclal 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 hlgh level of assurance, but Is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a materlal mlsstatement when it exists. Misstatements can arise from fraud or error and are considered material if, indlvidually or in the aggregate, they could reasonably be expected to Influen the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: As part of deslgnlng our audlt, we determlned materlallty and assessed the risks of material misstatement In the flnanclal statements, Includlng how fraud may occur by enqulrlng of management of Its own conslderation of fraud. In particular, we looked at where management made subjectlve Judgements, for example In respect of signlflcant accounting estlmates that involved maklng assumptlons 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 mitlgate risks related to fraud or non¢omplian¢e with laws and regulations and how management monitor these processes. Appropriate procedures included the VIeW and testing of manual Journals 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 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, Includlng, but not limlted to, the Charities Act 2011 and UK tax legislation. We made enqulrles of management wlth regards to compllance wlth the above laws and regulatlons and corroborated any necessary evldence to relevant Informatlon, for example, mlnutes of meetings held and correspondence between the company and Its sollcltors. Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management. We did not identlfy any key audit matters relatlng to Irregularlties, including fraud. As in all of our audlts, we also addressed the risk of management override of Internal controls Including testing journals and evaluation whether there was eVIden of blas by management that represented a risk of materlal mlsstatement due to fraud. Our audlt procedures were designed to respond to risks of materlal mlsstatement 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 byi for example, forgeryi misrepresentations or through collusion. There are inherent limitations In the audit procedures performed and the fvrther removed non-compliance with laws and regulations is from the events and transactlons reflected In the flnanclal statements, the less likely we are to become aware of It. A further descrlptlon of our responslbllltles for the audlt of the flnanclal statements Is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. Thls descrlptlon forms part of our Report of the Independent Audltors.
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE pIcfoN CASTLE TRUST Use of our report This report is made solely to the charity's trustees, as a body, in accordan with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we mlght 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 responsibllity to anyone other than the charity and the charity's trustees as a bodyi for our audit work, for this report, or for the opinions we have formed. Uewelyn Davles Chartered Accountants / Statutory Auditors Yelverton House St John Street Whitland Carmarthenshlre SA34 OAW Date: -io-
THE PICTON CASTLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Total funds 2023 Total funds Unrestricted Restricted fund funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 39,073 4,300 43,373 116,128 Charitable actlvlties Castle and grounds 258,608 258,608 296,014 Other trading activities Investment income Other income 21,581 126,463 300 21,581 126,463 300 52,973 141,871 Total 446 025 450 325 606 986 EXPENDrruRE ON Ralslng funds 17,818 17,818 63,015 Charitable activities Castle and grounds 603 518 610 818 686 948 Total 621 336 628 636 749 963 Net gains on investments Revaluation of heritage asset5 72,999 72,999 38,657 122 619 122 619 NET INCOME/{EXPENDrruRE) (52,692) (3,000) (55,692) (104,320) Transfers between funds 20 Net movement in funds (55,692) (55,692) (104,320) RECONCILIATION OF FUNDS Total funds brought forward 3,957,768 23,660 3,981,428 4,085,748 TOTAL FUNDS CARRIED FORWARD 3 902 076 3 925 736 3 981428 The notes form part of these financial statements -li-
THE PICTON CAsfLE TRUST BALANCE SHEET 31 DECEMBER 2024 2024 Total funds 2023 Total funds Unrestricted fund Restricted funds Notes FIXED ASSETS Tangible a55ets Heritage assets Investments 12 669,786 13 2,136,850 14 1 069 982 23,660 693,446 2,136,850 1069 982 680,110 2,087,230 1 116 949 3,876,618 23,660 3,900,278 3,884,289 CURRENT ASSETS Stocks Debtors Cash at bank and In hand 15 16 301 5,934 301 5,934 2,468 85,066 51,704 30,229 81,933 174,247 CREDITORS Amounts falling due within one year 17 (26,246) (30,229) (56,475) (77,108) NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILrriES 3,902.076 23,660 3,925,736 3,981,428 NET ASSETS 3 902 076 3 925 736 3 981428 FUNDS Unrestricted funds Restricted fvnds 20 3,902,076 3,957,768 TOTAL FUNDS 3 925 736 3 981428 The financial state ents were approved by the Board of Trustees and authorlsed for Issue on and were signed on its behalf by: Mr D Ellis Trustee The notes form part of these financial statements -12-
THE PICTON CASTLE TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Ca$h flow$ from operating activities Cash generated from operations Interest paid Interest element of hire purchase payments paid (111,141) (166,050) (51) 142) Net cash used in operating activities 111 165) 166,243) Cash flows from investing activities Purchase of tsngible fixed assets Purchase of fixed asset investments Sale of tanglble flxed assets Sale of fixed asset investments Interest received {26,308) (1,084,582) 300 1,204,548 (39,692) (22,892) 89,563 Net cash provided by Investlng actlvltles 103 733 Cash flows from flnanclng actlvltles New loans in year Capital repayments in year 28,394 4,661 Net cash (used in)Iprovided by financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginnlng of the reporting period (11,015) (113,717) 200 430 Cash and cash equivalents at the end ol the reporting period The notes form part of these financial statements -13-
THE PXCTON CASTLE TRUST NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net expenditure for the reportlng perlod (as per the Statement of Flnanclal Actlvltles) Adjustments for: Depreclatlon charges Galn on investments Profit on disposal of flxed assets Interest received Interest paid Interest element of hire purchase and finance lease rental payments Decrease In stocks Decreasel(Increase) In debtors Decrease in creditors (55,692) (104,320) 12,972 (122,619) (300) (9,775) (i) 9,120 (38,657) {1,814) 51 25 2,167 79,132 142 6,803 {26,589) Net cash used in operations ANALYSIS OF CHANGES IN NET FVNDS At 1.1.24 Cash flow At 31.12.24 Net ¢4$h Cash at bank and In hand Debt Finance leases Debts falling due withln l year (2,011) 2,011 30 229) 30 229) Total The notes form part of these financial statements -14-
THE PICTON CASTLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Basis of preparing the financial ststements The financial statements of the charity, which is a public beneflt 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 l 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 reiVed 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 expenditu, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured rellably. Expendlture Is accounted for on an accruals basls 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 attlvltles on a basls conslstent with the use of resources, Tangible fixed assets Depreciation is provlded at the followlng 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, whlchever is the shorter. Freehold property Plant and machlnery Flxtures and flttlngs not provided 20% on cost 15% to 25010 on cost stocks stocks are valued at the lower of cost and net reallsable 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 fijnds 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 5tstements. Hire purchase and leasing commitments Assets obtained under hire pur¢ha5e contracts or finance leases are capitallsed In the Balance Sheet. Those held under hlre purchase contracts are depreciated over their estimated useful lives. Those held under flnance leases are depreclated over their estimated useful lives or the lease term, whlchever Is shorter. The interest element of these obligations is charged to the Statement of Flnanclal Actlvities over the relevant period. The capltal element of the future payments Is treated as a liability. -15-
THE picfoN CASTLE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES - continued Hire purchase and leasing commitments Rentals paid under operating leases are charyed to the Statement of Financial Actlvlties on a straight line basis over the period of the lease. Penslon costs and other postsretlrement beneflts The charlty operates a deflned contrlbutlon penslon scheme and contrlbutes to employees, personal penslon schemes. Contrlbutlons payable are charged to the Statement of Flnanclal Activltles In the period to which they relate. DONATIONS AND LEGACIES 2024 2023 Donations Gift aid Grants 5,769 33,304 4,300 1,012 35,302 79,814 116 128 Grants received, included in the above, are as follows: 2024 2023 Heritage Lottery Fund Welsh Museums Federation English Heritage 76,823 2,991 OTHER TRADING AcrIvrrIES 2024 2023 Shop income INVESTMENT INCOME 2024 2023 Rents reTrived Dividends receivable Interest receivable 98,452 18,236 113,143 26,914 126 463 141 871 INCOME FROM CHARrrABLE ACTxvmES 2024 2023 Actlvlty Admlsslons Castle and grounds Sale of garden produce Castle and grounds Gallery and booklet sales Castle and grounds 257,023 645 940 282,729 7,798 258 608 296 014 -16-
THE PICTON CASTLE TRUST NOTES TO TH E FINANCIAL STATEMENTS - ¢ontinued FOR THE YEAR ENDED 31 DECEMBER 2024 RAISING FUNDS other tradlng actlvltles 2024 2023 Opening stock Purchases Closing stock Staff costs Credlt card charges and ntal 1,941 8,955 (301) 7,374 26,481 (1,941) 20,960 474 Investment management costs 2024 2023 Stock-brokers, fees Bad debts 6,748 7,909 i) Aggregate amounts CHARITABLE ACTIVITIES COSTS Support costs (see note 8) Dirett Costs Totals Castle and grounds 581 609 610 818 SUPPORT COSTS Governan 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 2024 nor for the year ended 31 December 2023. Trustee$, expenses There were no trustees, expenses paid for the year ended 31 December 2024 nor for the year ended 31 Dember 2023. -17-
THE PICTON CASTLE TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2024 10. STAFF COSTS 2024 2023 Wages and salaries Social security Costs other penslon costs 373,168 23,878 426,028 26,843 405 216 461 769 The average monthly number of employees durlng the year was as follows: 2024 19 2023 22 Full time equivalents No employees recelved emoluments In excess of £60,000. 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcrIvrrIES Unrestricted fund Restricted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacie5 36,314 79,814 116,128 Charitable )rtivitie$ Castle and grounds 296,014 296,014 Other trading activities Investment income 52,973 141871 52,973 141871 Total 527 172 606 986 EXPENDrruRE ON Raising fvnds 63,015 63,015 Charltable actlvltles Castle and grounds 650 836 686 948 Totsl 713 851 749 963 NET INCOME/(EXPENDrruRE) Trnnsfers between funds (148,022) 43,702 (104,320) Net movement in funds (103,000) (1,320) (104,320) RECONCILIATION OF FUNDS Total funds brought forward 4,060,768 24,980 4,085,748 TOTAL FUNDS CARRIED FORWARD 3 957 768 3 981428 -18-
THE PICTON CASTLE TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2024 12. TANGIBLE FIXED ASSETS Fixtures and fsttings Freehold property Plant and machinery Totals COST At l January 2024 Additions Disposals 639,786 70.059 4.595 90,534 21,713 800.379 26,308 At 31 December 2024 639 786 112 247 821792 DEPRECIATION At l January 2024 Charge for year Eliminated on disposal 68,081 1,435 52,188 11,537 120,269 12,972 At 31 December 2024 128 346 NEf BOOK VALUE At 31 Dernber 2024 639 786 At 31 Dember 2023 639 786 680 110 Fixed assets, included in the above, which are held under hire purchase contracts are as follows: Plant and machinery COST At l January 2024 Transfer to ownershlp 23,800 23 800) At 31 Dember 2024 DEPRECIATION At l January 2024 Transfer to ownershlp 23,800 23 800) At 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023 -19-
THE PICTON CASTLE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 13. HERrrAGE ASSETS Total MARKET VALUE At l January 2024 Revaluatlons 2,087,230 At 31 December 2024 2 136 850 NET BOOK VALUE At 31 December 2024 2 136 850 At 31 December 2023 2 087 230 Heritsge assets are shown in the accounts at the valuation plad on them by Bonhams In 2022. 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. However, a recent valuation undertaken for insurance purposes placed a value of £43,900,000 on the Castle, buildings and grounds. Carrying value at 31 December 2024 - at 2022 valuation Carrying value at 31 December 2024 - at 2003 valuation 2,136,850 2 087 230 Net gain on revaluatlon 14. FIXED ASSET INVESTMENTS Listed Investments MARKET VALUE At l January 2024 Additions Disposals Revaluations 1,116,949 1,084,582 (1,158,562) At 31 December 2024 1 069 982 NET BOOK VALUE At 31 Dember 2024 1069 982 At 31 December 2023 1 116 949 15. STOCKS 2024 2023 Stocks 301 -20-
THE PICTON CASTLE TRUST NOTES TO THE FXNANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2024 DEBTORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2024 2023 other debtors VAT Prepayments and accrued Income 256 119 1,361 17. CREDITORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2024 2023 Hlre purchase (see note 19) Taxation and social security other creditors 2,011 7,404 7,255 18. LOANS An analysls of the maturlty of loans Is glven below: 2024 2023 Amounts falling due within one year on demand: other loans 19. LEASING AGREEMENTS Minimum lease payments under hire purchase fall due as follows: 2024 2023 Net obligations repayable: Within one year -21-
THE PICTON CASTLE TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2024 20. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31.12.24 At 1.1.24 Unrestricted funds General fund 3,957,768 (52,692) (3,000) 3,902,076 Restricted funds Assets fund Repair fund 23,660 23,660 TOTAL FUND5 3 925 736 Net movement in funds, included in the above are as follows: Incoming resources ReSoUrS expended Galns and losses Movement In funds Unrestrlcted funds General fund 446,025 (621,336) 122,619 {52,692) Restricted funds Repair fund Training fund (3,000) (3,000) TOTAL FUNDS 450 325 628 636) 122,619 55 692) Comparatlves for movement in funds Net movement in funds Transfers between funds At 31.12.23 At 1.1.23 Unrestricted funds General fund 4,060,768 (148,022) 45,022 3,957,768 Restricted funds Assets fund Repalr fund 23,660 1,320 23,660 45 022) 43702 TOTAL FUNDS 3 981 428 -22-
THE PICTON CASTLE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 20. MOVEMENT IN FUNDS - contlnued Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Galns and losses Movement In funds Unrestricted funds General fund 527,172 (713,851) 38,657 (148,022) Re$trlcted funds Repalr fund Wlld Escape event 76,823 (33,121) 43,702 TOTAL FUNDS 606 986 749 963) 104 320) A current year 12 months and prlor year 12 months comblned posltlon is as follows: Net movement In funds Transfers between funds At 31.12.24 At 1.1.23 Vnrestrlcted funds General fund 4,060,768 (200,714) 42,022 3,902,076 Restrlcted funds Assets fund Repalr fund 23,660 23,660 42 022) 42 022) TOTAL FUNDS 3 925 736 A current year 12 months and prlor year 12 months combined net movement in funds, included In the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrnstricted funds General fund 973,197 (1,335,187) 161,276 (200,714) Restrlcted funds Repair fund Training fund Wild Escape event 76,823 4,300 (36,121) (4,300) 40,702 TOTAL FUNDS 1057 311 (1 378 599) 161276 160 012) -23-
THE PXCTON CASTLE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 21. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 Dernber 2024. -24-
THE PICTON CASTLE TRUST DEfAILED STATEMENT OF FINANCIAL ACTIvrrIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 INCOME AND ENDOWMENTS Donatlons and legacles Donatlons Gift aid Grants 5,769 33,304 1,012 35,302 43,373 116,128 other trading activities Shop income 21,581 52,973 Investment income Rents received Dividends receivable Interest re1vable 98,452 18,236 113,143 26.914 126,463 141,871 Charftable actlvltles Admissions Sale of garden produce Gallery and booklet sales 257,023 645 940 282,729 7,798 258,608 296,014 Other income Gain on sale of tangible fixed assets 300 Total Incomlng resources 450,325 606,986 EXPENDITURE other trading activities Opening stock Purchases Wages Social security Pensions Credit card charges and rental Closing stock 1,941 8,955 7,374 26,481 19,439 1,423 98 2,233 474 11,069 S5,107 Investment management costs Stock-brokers, fees Bad debts 6,748 7,909 i) 6,749 7,908 This page does not form part of the statutory financial statements -25-
THE PICTON CASTLE TRUST DETAILED sfATEMENT OF FINANCIAL AcfIvITIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 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 Machlnery expenses Repairs to property Castle booklets Cleaning and maintenance Consultancy fees Donations Sub-contractors Trdining Recruitment costs Subscriptions and licences Volunteer programme expenses IT and software support HR support Depreciation of plant and machinery Depreciation of fixtures and fittings Interest on overdue tax Hire purchase interest 373,168 23,878 8,170 11,803 2,724 2,408 60,679 16,611 5,082 8,541 4,832 25,660 527 4,835 5,590 34 406.589 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 4,488 2,339 35 1,899 2,278 6,140 3,666 581 8,539 51 142 457 1,350 1,612 2,482 3,202 4,968 1,435 11,537 (i) 25 581,609 650,988 This page does not form part of the statutory financial statements -26-
THE PICTON CASTLE TRUST DETAILED STATEMENT OF FINANCIAL ACTIvrriES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Support costs Management Telephone Postage and stationery Travelling and subsisten Accountancy 4,734 2,344 2,274 3,533 3,444 1,122 10,422 9,169 Flnance Bank charges Credlt card charges Paypal fees 2,782 5,140 520 3,844 5,982 593 8,442 10,419 Governance costs Auditors, remuneration Legal and professional fees 4,200 4,280 Total resources expended 628 636 749 963 Net expenditure before gains and losses (178,311) (142,977) Reallsed recognlsed galns and losses Reallsed galns/(losses) on flxed asset Investments 72,999 38,657 Realised gains/(losses) on heritage assets 49,620 Net expenditure This page does not form part of the ststutory financial statements -27-