The trustees present their annual report and financial statements for the year ended 31 December 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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)".
The Charity's objectives as stated in the Articles of Association are:
'To preserve for the benefit of the people of North Wales and of the Nation, the historical, architectural and constructional heritage that may exist in and around Gwrych Castle, Abergele, North Wales in buildings (including any building as defined in Section 336 of the Town & Planning Act 1990) of particular beauty or historical, architectural or constructional interest.'
In 1997 ASFOG (A society for the Friends of Gwrych) was founded and in 2001 it changed its name to Gwrych Castle Preservation Trust, becoming a company limited by guarantee and a registered charity. The Trust was founded to raise awareness of Gwrych' s plight and also to establish a solution for the conservation, restoration and sustainable future use of the Castle and estate, These three core aims are:
1. To restore the Castle to how it was during the ownership of the Lloyd, Hesketh and Dundonald families for public benefit. This means returning to the historic vision as shaped by three successive generations of the indigenous family who created and cared for Gwrych Castle and estate,
2. To provide public access to the Castle and gardens by opening Gwrych Castle and Estate.
3. To advance the education of the public in the history and conservation of Gwrych Castle and Estate.
The Board of Trustees can confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission. Significant activities that we undertook during the period that demonstrate public benefit are set out below.
A Year in Review
2025 was a year of detailed planning, procurement and public engagement for Gwrych Castle. The Gwrych Castle Preservation Trust concentrated on preparing the next phase of capital works while continuing to welcome visitors, deliver events and build support for the long-term restoration of the site.
Following the £2.2 million award from the National Heritage Memorial Fund, work during 2025 focused on the preliminaries required before construction. This included developing the capital works package, coordinating professional and technical information, preparing procurement documentation and issuing invitations to tender to suitably qualified contractors.
The preparatory programme built on the consents and approvals already secured and was intended to ensure that the main restoration works could be procured responsibly, with due consideration given to conservation standards, cost, programme and risk.
Alongside this work, public interest in Gwrych Castle remained strong. A varied events programme, regular visitor opening and continued community involvement helped to sustain the profile of the castle and generate income in support of the Trust’s charitable aims.
Events
Gwrych Castle delivered a broad programme of family, heritage and seasonal events during 2025. The programme was designed to encourage repeat visits, provide activities for different age groups and generate unrestricted income to support the care and restoration of the castle.
Family programming continued across school holidays and selected weekends, combining themed entertainment with the distinctive historic setting of the castle. The summer programme included Princesses at the Castle, Mythical Creatures at the Castle, Superheroes at the Castle and Wildlife Wednesdays, helping the Trust appeal to both local families and visitors to North Wales.
For Halloween, the castle hosted a Scooby-Doo-style mystery experience, inviting families to follow clues, investigate strange happenings and help solve the mystery around the castle. The event used the site’s Gothic atmosphere to create an accessible, playful adventure for younger visitors while supporting the wider autumn programme.
The wider Halloween offer ran through the October half-term period and included daytime family activities, trails, storytelling, crafts, potion making, costumed characters and evening experiences. Ghost walks and ghost hunts continued to provide a complementary offer for adult audiences.
The year concluded with the Gwrych Castle Christmas Adventure. Families followed a festive journey through the castle and grounds, with live entertainment, character encounters, seasonal activities and a visit to Father Christmas. Separate evening experiences extended the seasonal offer and made use of the castle’s dramatic setting after dark.
Throughout the year, the Trust also continued to offer general admission, special-interest activities and paranormal events. Together, these experiences diversified the visitor offer and maintained engagement while the capital works programme was being prepared.
Visitor-facing activity remained an important source of earned income and public awareness in 2025. The events programme helped introduce new audiences to Gwrych Castle while reinforcing the connection between each visit and the continuing rescue of the site.
Community Engagement
In 2025, the Trust continued to encourage community involvement through volunteering, educational visits, local partnerships, public events and accessible opportunities to engage with the history and restoration of Gwrych Castle.
Social media remained an important means of promoting events, sharing restoration updates and reaching local families. Ticket and guidebook donations also continued to support selected community and charitable fundraising activities.
The castle continued to provide a distinctive meeting place for community groups, clubs and organised visits. These relationships broadened participation and helped maintain Gwrych Castle’s role as a cultural and heritage asset for North Wales.
Volunteers remained central to the Trust’s work, supporting visitor operations, events, maintenance and the presentation of the site. Their contribution enabled the charity to continue opening the castle while progressing the demanding preparatory work associated with the capital project.
Educational and group visits continued to use the castle as a setting for learning about local history, architecture, conservation and the practical challenges of rescuing a Grade I listed building.
Interpretation, trails and on-site information continued to help visitors understand the history of the estate and the purpose of the restoration programme. Updates about the emerging capital works also gave visitors a clearer view of the next stage in the castle’s rescue.
The Trust also maintained strong connections with its Annual Pass holders, who benefit from free entry to the Visitor Route and discounts for ticketed events, helping to foster a sense of local ownership and ongoing support.
Fundraising in 2025 remained focused on assembling the resources required for the major capital works and meeting associated professional, preliminary and project-management costs. The National Heritage Memorial Fund award continued to provide the foundation for this work, alongside support from charitable trusts and other funders.
During the year, funding and staff resources supported the development of tender information, professional advice, surveys, specifications and other pre-construction requirements. This work was essential to move the project from approved designs towards a deliverable contract.
The Trust continued to work with existing supporters while seeking additional funding for the remaining project costs and any gap between available resources and the tendered cost of the works.
The Trustees recognise that a project of this scale is exposed to construction inflation, unforeseen conservation issues and programme risk. Fundraising, cost review and value management therefore remained active throughout the procurement process.
The Trust maintained a prudent approach to financial management throughout 2025, balancing day-to-day operating requirements with the restricted and designated resources needed for the capital programme. Reserves continued to be monitored against operational commitments and project risk.
Restricted grant funding was applied to eligible professional, preliminary and project-development costs as the Trust prepared the capital works package and invited tenders from contractors. Expenditure and commitments were monitored against funder conditions and the developing project budget.
Earned income from admissions, events and related trading activities continued to contribute to the Trust’s operations in 2025. The varied programme of family events, Halloween experiences, Christmas activities, ghost hunts and general admission helped sustain visitor engagement during the pre-construction phase.
Financial planning for the restoration remained subject to the outcome of the tender process, the final scope of works and the availability of match funding. The Trust continued to review the funding position and seek additional support where required.
The Trustees continued to assess the major financial and operational risks and were satisfied that appropriate systems were in place to monitor and mitigate them. Particular attention was given to procurement, contractor selection, cost control, health and safety, conservation quality and the continuity of visitor operations.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The Trustees continued to assess the major financial and operational risks and were satisfied that appropriate systems were in place to monitor and mitigate them. Particular attention was given to procurement, contractor selection, cost control, health and safety, conservation quality and the continuity of visitor operations.
The charity is a company limited by guarantee, governed by its Memorandum and Articles of Association. The liability of each member is limited to £1.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
No new trustees were appointed during the year, and there were no trustee resignations. The Board remained unchanged throughout the reporting period.
The Trust is managed by a board of Trustees, consisting of at least 6 trustees and no more than 8, who work through the committees listed below and meet as a board quarterly. Trustees review from a strategic point of view the direction and operations of the Trust.
None of the Trustees have any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The Charity has 14 staff:
Estate Manager
Deputy Estate Manager
NHMF Project Manager
Estate Administrator
Marketing Manager
Project Manager
Visitor Experience Supervisor
5x General Assistants
2x Visitor Experience Assistants
The board of Trustees, as a group, have a comprehensive skill mix covering business development, property management, finance and financial planning, heritage interpretation, governance, company secretarial, activity planning, arts, architectural and building conservation. The Trust also has a core of voluntary advisors to supplement the Trustees' knowledge base.
The trustees' report was approved by the Board of Trustees.
I report to the trustees on my examination of the financial statements of Gwrych Castle Preservation Trust Limited (the charity) for the year ended 31 December 2025.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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 charity as required by section 386 of the Companies Act 2006.
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 Companies Act 2006 other than any requirement that the financial statements 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 financial statements 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.
Gwrych Castle Preservation Trust Limited is a registered charity and private company limited by guarantee incorporated in England and Wales. The registered office is Gwrych Castle, Llanddulas Road, Abergele, Conwy, LL22 8ET, Wales.
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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)". The charity 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 charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees 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 trustees 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 charity 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.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
The charity receives grant funding from a number of funding bodies to support the restoration and preservation of the castle. Grant income subject to specific performance conditions is recognised only when the charity has met the conditions attached to the funding and there is reasonable certainty that the income will be received.
Income from charitable activities is recognised when the charity is entitled to the income, receipt is probable and the amount can be measured reliably. Income from admissions, tours and events is recognised at the point the event takes place or the service is provided.
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.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land is not depreciated. Freehold land and buildings include the initial acquisition of the castle and outbuildings as well as the ongoing development of the site and assets. Whilst under development these assets are not depreciated
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
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.
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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 charity’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 charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
In the application of the charity’s accounting policies, the trustees 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.
The average monthly number of employees during the year was:
Key management personnel comprise those individuals who have authority and responsibility for planning, directing and controlling the activities of the Trust. During the year ended 31 December 2025, the General Manager, was considered to be the Trust's key management personnel and was responsible for the day-to-day management and operation of the Trust. Remuneration paid to the General Manager during the year amounted to £53,333.
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The loan was fully repaid during the year and all associated interest and charges were settled. The balance outstanding at 31 December 2025 was £nil (2024: £62,500).
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
Castle Building
During the year to 31st December 2018 the trust was in receipt of grants amounting to £1,095,400 from the National Heritage Memorial Fund and the Richard Broyd Charitable Trust for the purchase of the castle and the estate.
There is a charge that states that if the castle and estate is sold within 25 years of receipt of these grants, then the trust would be liable to repay these grants in full.
Dairy Block Restoration Project Fund
This restricted fund comprises grants received from a number of funding bodies to support the restoration and redevelopment of the Dairy Block at Gwrych Castle, including associated site clearance, conservation and refurbishment works. The funding is restricted to expenditure incurred on the approved project and is released to income as eligible project costs are incurred. Any unspent balance at the year end is carried forward and applied to future project expenditure in accordance with the conditions imposed by the funders. The transfer between restricted funds and unrestricted funds are for fixed asset capitalisation as part of the restoration works on the castle.
Castle Core Fund
This restricted fund represents grants and donations received to support the ongoing conservation, restoration, interpretation and preservation of Gwrych Castle. The fund is utilised as qualifying expenditure is incurred in accordance with the objectives and conditions of the funding received. Any unspent balance at the year end will be carried forward and applied to future eligible expenditure on the Castle and its associated projects.The transfer between restricted funds and unrestricted funds are for fixed asset capitalisation as part of the restoration works on the castle.
East Wing Restoration Project Fund
This restricted fund comprises grant funding received towards the restoration and conservation of the East Wing of Gwrych Castle. Funding is restricted to expenditure incurred on the approved capital project and is released as eligible project costs are incurred. Any balance remaining at the year end represents funding received for expenditure that will be incurred in future periods in accordance with the funders' conditions. The fund will be fully utilised upon completion of the project. Based on the award documentation, the project relates to restoring and making safe the East Wing of Gwrych Castle
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.
The Charity and Gwrych Trust C.I.C incurred expenditure on each other's behalf during the year. At 31 December 2025, Gwrych Trust C.I.C owed the company £39,716 (2024: £43,069). The balance is unsecured, interest-free and repayable on demand.
The 2024 brought forward figures have been restated to reflect the following changes:
- Recording of £100,000 of unrestricted donation income previously recognised as a loan of £100,000
- Allocation of historic restricted income and expenditure and fund transfers resulting in an increase to restricted reserves of £133,475
- Allocation of historic Heritage Assets to Fixtures & Fittings totalling £24,060.
The 2024 activity has been restated to reflect the following changes :
- Allocation of support and governance costs £104,542 within the unrestricted fund
- Reflection of £125,000 of restricted grant income previously recognised as unrestricted
- Inclusion of £106,485 of accrued restricted grant income
- Revision of expenditure to recognise a further £21,235 as restricted
- The correction of allocations between restricted and unrestricted funds totalling £63,849
- The capitalisation of land and building development costs of £376,821, previously recognised as charitable activity expenditure and associated transfer between funds.