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 con￿rn 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 the￿On.
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 re￿iVed 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 De￿mber 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 De￿rnber 2024
639 786
At 31 De￿mber 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 De￿mber 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 pla￿d 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 De￿mber 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
ReSoUr￿S
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 De￿rnber 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 re￿1vable
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-