The Trust present their annual report and financial statements for the year ended 30 June 2024.
The trustees, who are also directors of the charity for the purposes of the Companies Act
2006, present their report with the financial statements of the charity for the year ended 30
June 2024. The trustees have adopted the provisions of Accounting and Reporting by
Charities: Statement of Recommended Practice applicable to charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in the UK and
Republic of Ireland (FRS 102) (effective 1 January 2019).
THE VISION
The Vision is to enable the successful transfer of Plas Teg to the Nation and to facilitate a
sustainable future as a 'must visit' destination for the local community and visitors to North
Wales.
MISSION STATEMENT
Founded as Love My Wales in 2013, the charity has had a proven record of organising and
running successful projects across Wales. The decision was made by the Trustees for the
charity to be a single project buildings preservation trust rather than a revolving project
buildings trust, focussing solely on Grade I listed Plas Teg in Flintshire, North Wales.
In 2020, Plas Teg was closed to the public due to the pandemic. Subsequently, structural
investigations commissioned by the Trust revealed that significant sums were needed to
repair the roof and interiors, following outbreaks of dry rot and failure of roofing materials.
The house remains closed to the public whilst building works continue and a proper legal
framework is established to enable the house’s preservation.
The current Mission of the Trust is, therefore, to help facilitate the stabilisation of Plas Teg
and secure its future for public benefit consistent with the Trust Objectives and Vision.
Objectives and aims
The objects of the Trust as specified in the Memorandum of Association are, but not limited to:
To preserve for the benefit of the people of Wales and of the Nation, the historical, architectural and constructional heritage that may exist in and around Plas Teg, Pontblyddyn, Mold, Flintshire in buildings (including any structure or erection, and any part of a building as so defined) of particular beauty or historical, architectural or constructional interest.
Public Benefit
The project development stage is an essential part of moving from concept to final design and securing monies that will facilitate completion of the project and the re-opening of Plas Teg thereby delivering the public benefits outlined in the Mission.
The trustees confirm that they have referred to the guidance contained in the Charity Commission general guidance on public benefits when reviewing the charity's aims and objectives and planning future activities.
Volunteers
The Trustees and Directors of the charity are all volunteers. The charity relies on the support of the Trustees, members of the Bayley family and a core of volunteers at Plas Teg for the strategic direction of the charity and its objectives.
The have paid due regard to guidance issued by the Charity Commission in deciding what activities the should undertake.
Charitable activities
During the 2023/24 financial year the project focus has been to carry out works to stabilise
the structure and to work with the Bayley family and Mrs Cornelia Bayley’s deputy to develop
a vision strategy. This has included structural repairs to the house, in particular the roofs
cause by storm damage, and dialogue with the Landmark Trust and National Trust, as
eventual beneficiaries of Plas Teg and its contents under Mrs Cornelia Bayley’s will.
Financial position
During the year the Unrestricted Funds have decreased. The Unrestricted Reserves have decreased from £45,438 in June 2023 to £32696.19 at June 2024. The decrease in funds has due to because of expenditure relating to emergency repairs to the roof at Plas Teg.
Continuation of funding
The main source of income has been from private donations.
Investments policy and objectives
Funds received and not required for current expenditure and deposited in a current bank account.
Reserves Policy
The Trustees have examined the charity's requirements for reserves in light of the main risks to the organisation. It has established a policy whereby the unrestricted funds not committed or invested in fixed assets held by the charity should be between three and six months of expenditure. The present level of the general fund meets this criterion.
The charity plans to continue with the project activities outlined above and to support the Bayley family in developing a secure and sustainable future for Plas Teg.
Governing document
The organisation is a charitable company limited by guarantee and governed by its Memorandum if Association dates 18 June 2013. It was registered with the Charity Commission on 17 June 2014. Un the event of the company being wound up members are required to contribute an amount nor exceeding £1.00
I report to the on my examination of the financial statements of Plas Teg Trust Limited (the ) for the year ended 30 June 2024.
Having satisfied myself that the financial statements of the are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the ’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the as required by section 386 of the 2006 Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Plas Teg Limited is a limited company
The financial statements have been prepared in accordance with the charities [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the charity have a reasonable expectation that the has adequate resources to continue in operational existence for the foreseeable future. Thus the charity continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the ’s contractual obligations expire or are discharged or cancelled.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
In the application of the charities accounting policies, the are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
None of the trustees (or any persons connected with them) received any remuneration or benefits from the during the year.
The average monthly number of employees during the year was:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
There were no disclosable related party transactions during the year (2023 - none).
The had no material debt during the year.