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"Heulv￿n 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 be￿een 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 rngl*8kn 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 Cr*hton
{Re*Md 7 NO￿n￿r 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¢uP￿n Trust and ollho knc(xnlng re8ourw arnl 4ppkth of rn8ouw. Includlng tho
any tkn8 tho blnandal p￿llIOn of the HeutrA*n 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 De￿mber 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 fu￿16
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 re￿ipt. 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

rj E)
offjJ

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 SU￿eY$, 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-