Charlty registratlon number 1010813 Company reglstration number 2681102 {England and Wales) HEULWEN TRUST Annual report and unaudited financial statements For the year ended 31 December 2023
HEULWEN TRUST Legal and administrative information Dlrectors Mr J Grieve Mrs R Ward Mr P F C Edwards Mr J G Thomas Charlty number 1010813 Company number 2681102 Prlnclpal address Bryn Ithon Llanbister Llandrindod Wells LD16TR Reglstered offlce Eagle House 25 Severn Street Welshpool Powys SY217AD Independent examlner Cadwallader & Co LLP Eagle House 25 Severn Street Welshpool Powys SY217AD
HEULWEN TRUST Contents Page Directors report Independent examiner's report Statement of financial activities Balance sheet Notes to the accounts 8-20
HEULWEN TRUST Directors report (including directors, report) For the year ended 31 December 2023 The directors present their report and accounts for the year ended 31 December 2023. Brfef Hlstory The Heulwen Trust operates two narrow boats, named "Heulwen - Sunshine" on the reclaimed section of the Montgomeryshire Canal at Welshpool. Heulwen I was the first narrow boat in the world to be built sdely for use by children with disabilities and was designed by surgeons from The Shropshire Orthopaedic Hospital, Gobowen and built by apprentices at Cammell Laird, Birkenhead. It was launched in 1975 by His Royal Highness The Prince of Wales. Until 1985 it was run by The Prince of Wales Committee but from thereon The Heulwen Trust was formed registered as a Charitable Organisation, and took over full responsibility and ownership of the boat. The Trust was incorporated as a Company limited by Guarantee in January 1992. In 1992 the Trust purchased a one acre parcel of land adjoining the Montgomeryshire Canal Section just outside Welshpool with a view of developing ils own mooring site for the narrow boat and secondly to accommojate the planned development of a Holiday Home for people with disabilities. The Mooring site has been in use since May 1993 and work on roadway and landscaping of this section was completed in Spring 1994. An electricity supply was installed at the moorings in 2001 followed by a water supply in 2002. Extensive improvemenls to the ltharf were carried out in 2006. In May 1993 the new narr0wboat"Heulvn Il" was delivered and named by H.R.H. The Prince of Wales on a vislt to Welshpool. In 2009 delivery was taken of a new boat, Heulwen 111 Silver lady at a cost of £100,000. Heulwen I was sold on the open market. The boats are in continual demand by special schools, hospices, hospitals, and other groups of people who are less abled. Our passengers come from a wide area of Wales, Shropshire, Staffordshire and the West MKJlands and, to date, have carried over 80,000 passengers on free daily boat trips. The boats are operated throughout the year. The Trust employs experienced boatmen as well as making use of volunteers. The officials committee of the Trust give their time voluntarily. The financial statements have been prepared in accordance with the accounting pollcies set out in note 1 to the financial statements and comply with the the Companies Act 2006 and "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). ObJectlve8 and actlvltle8 The Heulwen Trust's objects are the relief of persons with disabilities by:_ 1. The provision, operation and maintenance of fvrfo narrow boats on the Montgomery Canal for education, recreational or other leisure time occupations in the interest of social welfare. 2. The acquisition of land for the purpose of developing, operating and maintaining thereon purpose built accommodalion for such persons to enjoy residential holidays with the object of improving the conditions of the life of such persons. The possible provision of a Holiday Home was reviewed in 2023 and it has been decided that it may well be possible lo re-address the object of the provision of a holiday home, at the time of approving these financial statements this is still under consideration The directors have paid due regard to guidan issued by the Charity Commission on the Public Benefit requirements under the Charities Act 2011 in deciding what activities the Heulwen Trust should undertake.
HEULWEN TRUST Directors report (continu8d)(including directors. report) For the year ended 31 December 2023 Achlevements and performance Revlew of the Year Boat Trlps for the Dlsabled Boat trips for the Disabled Boat trips in 2023 returned to a reasonable level even though only one boat was used in the main. Given that the boats operate during the week and the cold of winter months dampens demand to zero, we were privileged to host more than 175 trips with a total of 763 less abled folks along our little used waterway, Navigation difficulties continue to trouble our operation and until the Montgomery is dredged, our ability to run the boat trips is impeded. Fund Ralslng We are very grateful to the generosity of donors and not necessarily our clients from whom we do actively seek donations. We have been able to offer our clients free boat trips along the canal because of the efforts of our volunteers in running the Welshpool Country and Western Festival held in July in Welshpool. This is our major source of funds. 2023 saw a welcome increase of income return for the Festival however, repair costs and running costs increased significantly resulting in a lower retum over previous years, We were delighted that our volunteers returned to help us, without them there would be no festival. F5xed Assets The Trust owns tsvo 70ft. Narrow Boats as shown in the notes to these accounts. In 2021 the Trust purchased a tug boat from the Canal and River Trust which Is used by volunteers to help maintain the canal. In February 2023 the Trust instructed What Floats Your Boats Marine Surveys to carry a valuation d both Narrow Boats and these assets have been carried forward at their revalued amount8 this year. The Trust also owns a one acre parcel of land including a mooring site for the boats. The cost of the land and development of the mooring site is also shown in the notes to the accounts. The open market value of the one acre piece of land is estimated at £30,000.
HEULWEN TRUST Directors report (continued)(including directors. report) For the year ended 31 December 2023 Flnanclal revlew Total income for the year was £68,820 (2022.. £56,724). Investment income this year from Bank and Building Society was £4,374 (2022.. £3,302). Dividend income was £1,702 (2022.. £1.296). other income of £57 consists of employment allowance of £57. Our main fund raising event, the Country Music Festival took place over the weekend 18 - 21st July, showing net income of £14,44212022'. £21,652) full details are given on pages 12 and 14. Total expenditure before deprecialion of £66,430 (2022.. £49,687) resulted in an excess of income over expenditure of £390 (2022.. £7,037). A depreciation charge is included of £9,800 (2022.. £9,500). Net gains on investments are included of £4,335 (2022.. Loss £4,198) giving a net decrease in funds of £5,057 before the revaluation of the assets. With the 2022 figures, there was an overall decrease in funds of £6,661. The revaluation of the assets was £66,718 (2022: £nil) which resulted in an overall increase in funds of £61,643 for the year. The balance of our Bank and Building Societies and investment accounts increased by £1,232 to £370,344 (2022- £369,112). The Trust's main priority Is the running of the narrow boats. The possible provision of a Holiday Home was reviewed in 2023 and it has been decided that it may well be possible to r&address the object of the provision of holiday home. This is under consideration, but at a time when Y have concentrated on the first objective of the provlslon of narrow boat trips. The Trustees maintain capital on deposit and invested at around the current levels both to maintain a reserve to replace boats as necessary and in part to generate sufficient interest which, along with the funds raised from the Country Music Festival, means they are able to meet the running expenses of the narrow boats, which have increased significantly over the years. It is the policy of the Heulwen Trust thal unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to beeen three and six month's expenditure. The directors consider that reserves at this level will ensure that, in the event of a significant drop in funding, they wll be able to continue the Heulwen Trust'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. Future Plans The Trust's future plans are:. The continuation of running the free daily trips on the Montgomeryshire canal for use by people with disabililies. To explore how to achieve holiday accommodation at our wharf and to investigate the acquisition of a replacement boat. Audlt Exemptlon The Trustees have decided to take advantage of the audit exemption provisions of the Companies Act. Under the provisions of the Act, Cadwallader & Co LLP has been appointed as Independent Examiners.
HEULWEN TRUST Dlrectorn roport (contlnuodxincludlng directorn. report) For théyear ended 31 Decern 2023 C4)nyary Imited by guarnnle8 )d not havlng a shar8 capllal {ennwry rngl8kn number 2881102) on 27th January 1992. Tho thwltyls CA)ntroW ty Itsgovemty documenL MrJGth• M$ K E CorfAkl Mr P F C Etknrd• trJGThom Mf P Crhton {ReMd 7 NOnr 2023) ol conkng Into offl(x, but they may bo rHleded or re-appoknted. The dtrodory al•0 act as truita for the charftablo ficlth ol Tnmt, we rn8pons)le for the •tat• of affah oflh6 H¢uPn Trust and ollho knc(xnlng re8ourw arnl 4ppkth of rn8ouw. Includlng tho any tkn8 tho blnandal pllIOn of the HeutrAn Tnrnt and enabkn them lo en8UTe that tho ace(wrrts compty with tho MrPFCE¢h Chalmmn and tXre(*(Y Trea8wer and Dire¢hx
HEULWEN TRUST Independent examiner's report TO THE DIRECTORS OF HEULWEN TRUST I report to the directors on my examination of the financial statements of Heulwen Trust (the Heulwen Trust) for the year ended 31 Dember 2023. Responslbllltles and basls of report As the directors of the Heulwen Trust (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the financial statements of the Heulwen Trust 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 Heulwen Trust'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. Independent 6xamlnerf8 Statemont 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 Heulwen Trust 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 requiremenl 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 statemenl 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 ar Republic of Ireland (FRS 102). I have no concems 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. Cadwallader & Co LLP Eagle House 25 Severn Street Welshpool Povrys SY217AD Dated.. 11 December 2024
HEULWEN TRUST Statement of financial activities including income and expenditure account For the year ended 31 December 2023 Unrestrlcted Restrlcted funds funds Total Total 2023 2022 Notes Donations and legacies 6,679 6,679 4,598 Country Music Festival Investments Other income 54,008 6,076 57 54,008 6,076 57 46,981 4.598 547 Total Income and endowments 68,820 66,820 56,724 Raising funds 779 779 646 Charitable activities 75,033 418 75,451 58,541 Total resources expended 75,812 418 76,230 59,187 Net gains on investments {4,335) (4,335) 4,198 Net outgolng resources (4,657) (418) (5,075) (6,661) Other recognlsed galns and losses Revaluation of tangible fixed assets 66.718 66,718 Net movement In funds 62,061 (418) 61,643 (6,661) Fund balances at 1 January 2023 413,020 1,948 414,968 421,629 Fund balances at 31 December 2023 475.081 1,530 476,611 414.968 The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
HEULWEN TRUST As at 31 2023 2022 Tawble assets 12 13 109.483 52,565 54,885 170.343 107.450 Cath at bank and kn hand 2.010 1,927 314.227 311.494 16 316,154 y•ar {5228) 18.638) 307,518 478,811 414,988 17 18 Unr06tr1ct¢d fu16 475.081 413.020 478,811 414,988 to ts smal conwfjnkns regtsrn. MrPFCEtha
HEULWEN TRUST Notes to the financial statements For the year ended 31 December 2023 Accountlng pollcles Company Infornatlon Heulwen Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Eagle House, 25 Severn Street, INelshpool, Powys, SY217AD. 1.1 Accountlng conventlon These accounts have been prepared in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. {°FRS 102.), °Accounting and Reporting by Charities. the Statement of Recommended Practice for charities applying FRS 102, the Companies Act 2006 and UK Generally Accepted Accounting Practice as it applies from 1 January 2015. The Heulwen Trust is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the Heulwen Trust. 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. 1.2 Golng concern At the time of approving the account8, the directors have a reasonable expectation that the Heulwen Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the accounts. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the directors 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. 1.4 Incomlng resources Income is recognised when the Heulwen Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on reipt. Other donations are recognised once the Heulwen Trust 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 Heulwen Trust 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. 1.5 Resources expended Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
HEULWEN TRUST Notes to the financial statements (continued) For the year ended 31 December 2023 Accountlng pollcles (Contlnued) 1.6 Tanglble flxed assets 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 and buildings Mooring Site Plant and equipment Fixtures and fittings Narrow Boat11 Sllver Lady 4Ok straight line 150k straight line15 years straight line 5 years straight line 15 years straight line 15 years straight line The gain or loss arising on the disposal of an asset is detemiined as the difference between the Sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Flxed asset Investments Fixed asset investments are inillally measured at transaclion price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomel(expenditure) for the year. Transaction costs are expensed as incurred. 1.8 Impalrment of fixed assets At each reporting end date, the Heulwen Trust revlews the carrying amounts of its tangible and intangible assets to delermine 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). Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If th8 recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in incomel (expenditure for the year, unless the relevant asset is carried at a revalued amount. in which case the impairmenl loss is treated as a revaluation decrease. Recognised impainnent losses are reversed if, 8nd only if, the reasons for the impainnent loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluatDn increase. 1.9 Cash and cash equlvalents 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.
HEULWEN TRUST Notes to the financial statements (continued) For the year ended 31 December 2023 Accountlng pollcles (Contlnued) 1.10 Flnanclal Instruments The Heulwen Trust has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Heulwen Trust's balance sheet when the Heulwen Trust becomes paty 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. Baslc flnanclal assets Basic financial assets, which include debtors and cash and bank balances, are inltially 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. Baslc financlal Ilabllltl•s 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, uslng the effective interest rate method. Trade creditors are obligalions to pay for goods or seNices 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, Ihey 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. Derecognltlon of flnanclal Ilabllltl•s Financial liabilities are derecognised when the Heulwen Trust's contractual obligations expire or are discharged or cancelled. 1.11 Employee beneflts The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Tennination benefits are recognised immediately as an expense when the Heulwen Trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.12 Taxatlon The charity is exempt from tax on its charitable activities. 10-
HEULWEN TRUST Notes to the financial statements (continued) For the year ended 31 December 2023 crftlcal accountlng estlmates and Judgements In the application of the Heulwen Trust's accounting policies, the directors 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 lY that period, or in the period of the revision and future periods where the revision affects both current and future periods. Donatlons and legacles 2023 2022 Donations and gifts 8,679 4,598 Forthe year ended 31 December 2022 4,598 Donatlons and glfts Gift AidlJust Giving Other 39 6,640 215 4,383 6,679 4,598 Grants rocelvable for core actlvltle8 Investments Unrestrlcted funds Total 2022 Income from listed investments Interest receivable 1,702 4,374 1,296 3.302 6,076 4,598 For the year ended 31 December 2022 4,598 4,598 11
HEULWEN TRUST Notes to the financial statements (continued) For the year ended 31 December 2023 Charftable actlvltles Country Muslc Fostlval 2022 Entrance Money Grand Draw Profit Trade Stands Rosie's Tea Tent Donations Sponsorship 45,106 470 1,292 3,463 3,177 500 43,050 500 1,970 662 430 369 54,008 46,981 Analysis by fund Unreslricted funds 54,008 For the year ended 31 December 2022 Unrestricted funds 46,981 46,981 Other Income Other 2022 EmploymentAllowance HSBC Compensation Pen Sales 57 354 125 68 57 547 Forthe year ended 31 December 2022 547 547 12-
HEULWEN TRUST Notes to the financial statements (continued) For the year ended 31 December 2023 Ralslng funds Unrestrlcted funds Total 2022 779 646 779 646 For the year ended 31 December 2022 Investment management 646 646 13
HEULWEN TRUST Notes to the financial statements (continued) For the year ended 31 December 2023 Charltable actlvltles Boat Trlps Country Muslc Festlval 2023 Total 2023 Boat Trlps Country Musl¢ Festlval 2022 Total 2022 2023 2022 staff costs Depreciation and amortisation Boat Costs Insurance Costs Administration, Printing &Advertising Costs Entertainment & Security Sile Preparation & Cleaning 11,232 11,232 12,920 12,920 8,126 10,361 1,281 1,674 9,800 10,361 2,109 8,126 4,745 1,185 1,374 9,500 4,745 2,013 828 828 16 1,865 1,881 845 1,497 2,342 18,338 18,338 12,770 12,770 2,326 2,326 1,912 1,912 Toilet & Shower Operating Costs Hire & Purchase of Equipment Cost of Electricity & Electrical Works Performing Rights Sociely Website Costs Legal & Professional Miscellaneous Costs other charitable expenditure 3,736 3,736 1,877 1,877 7,560 7,560 2,753 2,753 2,088 2,088 1,557 1,557 410 410 107 107 2,160 963 2,160 309 747 741 1,488 654 888 888 32,651 39,566 72,217 30,290 25,329 55,619 Share of governance costs (see note 9) 3,234 3,234 2,922 2,922 35,885 39,566 76,451 33,212 25,329 58,541 Analysls by fund Unreslricted funds Reslricted funds 35,467 418 39,566 75,033 418 32,794 418 25,329 58,123 418 35,885 39,566 75,451 33,212 25,329 58,541 14-
HEULWEN TRUST Notes to the financial statements (continued) For the year ended 31 December 2023 Support costs allocated to actlvltles 2023 2022 Governance costs 3,234 2,922 Analysed between: Boat Trips 3,234 2,922 2023 2022 Governance costs comprlse: Accountancy 3,234 2,922 3,234 2,922 10 Dlrectors None of the directors (or any persons connected with them) received any remuneration or benefits from the Heulwen Trust during the year. None of the directors (or any persons connected wlth them) received any remuneration during the year, and none of them was reimbursed with any travelling expenses {2022- £120). 11 Employees The average monthly number of employees during the year was.. 2023 Number 2022 Number Employment costs 2023 2022 Wages and salaries Social security costs 11,175 57 12,566 354 11,232 12,920 There were no employees whose annual remuneration was more than £80,000. 15
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HEULWEN TRUST Notes to the financial statements (continued) For the year ended 31 December 2023 12 Tanglble flxed assets (Contlnued) The carrying value of the assets was.. 2023 2022 Narrow Boat11 Silver Lady 25,000 45.000 9,819 70,000 9,820 Narrow Boat11 and Silver Lady vlith a carrying amount of £15,000 and £45,000 respectively were revalued at February 2023 by Vvhat Floats Your Boat Marine SUeY$, independent valuers not connected with the Heulwen Trust on the basis of open market value. At 31 December 2023, had the revalued assets been carried at historic cost less accumulated depreclation and accumulated impairment losses, their carrying amount would have been approximately £1 (2022.. £1) for Narrow Boat11 and £3,281 (2022.. £9,819) for Silver Lady. The revaluation surplus is disclosed in note 18. 13 Investments Llsted Investments Cost or valuatlon At 1 January 2023 Additions Valuation changes 54,885 1,640 4,335 At 31 December 2023 60,860 Carrylng amount At 31 December 2023 60,860 At 31 December 2022 54,885 In July 2013 the Trustees made a decision to invest £35,000 (15Vo of total Capital) on the stock market as interest rates continued to run well below the rate of inflation The figures at 31st December 2023 were overall £61,123 (2022.. £55,836) of which cash held was £263 and the underlying value of the funds held being £60,860. This represents a rise of 73.80/0 over nearly eleven years. The Trustees take the long term view that we are ahead of the amounts being paid on deposit accounts. The remit is a balanced level capital grovrth and income, and the current investments have been chosen in the belief that they will continue to provide this. 17-
HEULWEN TRUST Notes to the financial ststements (continued) For the year ended 31 December 2023 14 Bulldlng soclety deposlt accounts 2023 2022 United Trust Bank Aldermore Redwood 88,667 85,000 87,271 85,000 The Holiday Home fund included in the above balances is £109,823 (2022- £108,816) 16 Debtors 2023 2022 Amounts falllng due wlthln ono yoar: Other debtors Prepayments and accrued income 250 1,760 250 1,677 2,010 1,927 16 Credltors: amounts falllng duo wlthln one year 2023 2022 other taxatlon and social security Payments received on account Trade creditors Other creditors 240 4,784 331 5,227 1,751 1,327 202 5,226 8,636 17 Restrlcted funds 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. At 1 January 2023 Resources expended At31 December 2023 1,530 418 (418) 1,112 418 Restricted funds 1.948 {418) 1,530 18-
HEULWEN TRUST Notes to the financial statements (continued) For the year ended 31 December 2023 17 Restrlcted funds (Contlnued) Prevlous year: At 1 January 2022 Resources expended At31 December 2022 Restricted funds 2,366 (418) 1,948 The fund includes grant money of £1,784 from CAF along with a donation of £1,000 towards the purchase of a new tug. 18 Unrestrlcted funds 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. At 1 January 2023 Incomlng resources Resources expended Galn8 and losses At31 December 2023 General funds Revaluation resenle 413,020 66.820 (75,812) 4,335 68,718 408,363 66,718 Prevlous year: At 1 January 2022 Incomlng resources Resources expended Galns and losses At31 December 2022 General funds 419,263 56,724 (58,769) (4,198) 413,020 19 Analysls of net assets between funds Unrestrlcted funds 2023 Restrlcted funds 2023 Total 2023 At 31 December 2023: Tangible assets Snvestments Current a$setsl(liabilities) 107,953 60,860 306.268 1,530 109,483 60,860 306,268 475,081 1,530 476,611 19-
HEULWEN TRUST Notes to the financial statements (continued) For the year ended 31 December 2023 19 Analysls of net assets between funds (Contlnued) Unrestrlcted funds 2022 Restrlcted funds 2022 Total 2022 At 31 December 2022: Tangible assets Investments Current assetsl{liabilities> 50,617 54,885 307,518 1,948 52,565 54,885 307,518 413,020 1,948 414,968 20 Related party transa¢tlons During the year Educational Sales, a company which is controlled by one of the Directorsl Trustees provided the services of online sales and collection of monies on behalf of Heulwen Trust and issued a charge for doing so. During the year Heulwen Trust was charged £24 (2022.. £0). 21 Volunt60r8 Heulwen Trust have a number of volunteers who asslst wlth maintaining a section of the Montgomery Canal, that is used by the charity, along with assisting wilh the running of the Welshpool Country and Westem Music Festival. During the period the volunteers have been provided wlth meals and refreshments whilst assisting the charity, the total cost of which was £888. 20-