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2022-03-31-accounts

Charity Number: 1059668 Company Number: 3206048

BRACKEN TRUST LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022

BRACKEN TRUST LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

CONTENTS

Page
1 Legal and Administrative Information
2 - 3 Report of the Trustees
4 Independent Examiner’s Report
5 Statement of Financial Activities
(including Income and Expenditure Account)
6 Balance Sheet
7 - 15 Notes to the Financial Statements

BRACKEN TRUST LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

TRUSTEES: R Cawthorne (Chairman) R Cawthorne (Chairman)
Dr S Ovis
Mrs M Ellis
Mrs S Parsons (retired 6 July 2021)
Dr S Warrick
B Hicks
G E Jones
M L Thorn
Mrs L Griffiths (appointed 14 October 2021)
REGISTERED OFFICE: The Bracken Trust
Cefnllys Lane
Llandrindod Wells
Powys
LD1 5LJ
REGISTERED COMPANY NUMBER: 3206048
REGISTERED CHARITY NUMBER: 1059668
INDEPENDENT EXAMINER: A C Jones
Andrew Jones & Co
Chartered Accountants
The Old Surgery
Spa Road
Llandrindod Wells
Powys
LD1 5EY
SOLICITORS: Margraves
Solicitors
Old Court Chambers
Spa Road
Llandrindod Wells
Powys
LD1 5EY
BANK: HSBC Bank plc
Middleton Street
Llandrindod Wells
Powys
LD1 5EU
STAFF TEAM: Ann Williams Chief Executive
Elizabeth Lewis Senior Nurse
Helen Davies Relief Nurse
Kate Walker Nurse
Marion Baker Nurse
Janice Vincent Nurse
Debbie Bufton Nurse
Sarah Davies Therapist
Matthew Ward Counsellor
Mandy Lawrence Finance Manager
Gaynor James Fundraiser / Administrator -
to 28/02/2022
Jayne Griffiths Fundraiser
Amanda Blakeley Receptionist / Administrator
Hazel Morgan Receptionist / Administrator
Sunnie Luxton Shop Manager
Lynne Parnall Bereavement Facilitator

1

BRACKEN TRUST LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

The Trustees present their annual report with the Financial Statements of the company for the year ended 31 March 2022.

The Financial Statements comply with the Charities Act 2011, the Companies Act 2006, the memorandum and Articles of Association, 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 (FRS102) (effective 1 January 2015) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

OUR PURPOSES AND ACTIVITIES

The Bracken Trust Limited is governed by its Memorandum and Articles of Association. This states the main object of the company is that of the relief of persons suffering from long-term or terminal illness and in particular by:

The company is limited by guarantee and does not have a share capital. Each Trustee is also a member of the company and as such is liable, on the company being wound up, to contribute such a sum as may be required not exceeding £1.00.

PUBLIC BENEFIT STATEMENT

The Trust has complied with its duty as a charity and has throughout the year publicised the information and support that is available to patients, their carers and the bereaved.

This publicity has taken on various forms including our website, newsletters, articles and publicity in the local newspapers and on television, as well as public information and open days.

FINANCIAL REVIEW

Total Income in the year was £268,883 compared to £306,031 in 2021. Expenditure increased in the year to £323,393 compared to £244,288 in 2021.

Net Expenditure for the year was £54,510 compared to a Net Income of £61,743 for the previous year. The net movement in funds were net expenditure for Unrestricted Funds of £49,302 (2021 Net income - £377,099) and net expenditure for Restricted Funds of £5,208 (2021 Net expenditure - £315,356). A detailed breakdown of Income and Expenditure is provided in the notes to the Financial statements.

Principal Funding Sources:

Details of principal funding sources in the year are provided in note 2 on page 9 of the Financial statements.

Reserves Policy

The Trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets, or held in designated funds, (‘the free reserves’) held by the Charity should be approximately twelve months of budgeted expenditure not funded by The National Lottery Community Fund which is estimated at approximately £180,000 (2021 - £180,000). At this level the Trustees feel they would be able to continue the current activities of the Charity and the actual free reserves at 31 March 2022 decreased to £8,980 (2021 - £127,201). The Free Reserves have decreased in the year by £118,221 which is partly due to the deficit for the year but also due to funds held last year being used for the purchase of the shop and other capital expenditure. The Trustees have therefore undesignated funds of £84,191 to General Funds on 14 April 2022.

PLANS FOR THE FUTURE

The Charity continues to seek funding for future years and to sustain and enhance the current provision at The Trust for the benefit of patients. The Charity secured a loan and grants from the WCVA to enable it to purchase a shop in a prime position in Llandrindod Wells thus enabling it to have a charity shop open all year (3 days per week) instead of renting one for four weeks of the year. The existence of the charity shop has provided an income for The Charity, provided it with a base in the town centre, brought together our community of volunteers and enabled us to recruit additional volunteers. It was anticipated that the purchase of the shop would take place on 31st March 2021, but in the event, the purchase was finalised on the 1st of April 2021. With the benefit of funding from The National Lottery Community Fund, our nursing staff will continue to be available to attend events and organised activities in the more rural areas of The Trust’s catchment area. They will also continue to give talks, and visit, a wide range of groups, i.e., schools, Women’s Institutes, Service Clubs, workplaces, etc. explaining the support that is available at The Trust. Our Nurses, Counsellors and Therapists will continue to provide support to patients, at The Trust, in their homes and in hospitals. Our Chief Executive, working with current staff, will continue to be responsible for funding applications to ensure the ongoing viability of The Bracken Trust, as well as the governance of The Trust and its financial and legal probity. Our hard-working band of volunteers will continue to support the charity shop and with the support of our Fundraiser continue to run events that not only provide an income but also raise the profile of The Trust.

The Trust is very conscious that by providing greater information and support to our patients and, working closely with health care professionals, we will continue to attract a greater number of patients who can benefit from the wide-ranging support available at The Trust

2

BRACKEN TRUST LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

ACHIEVEMENTS AND PERFORMANCE

The Charity relies on voluntary help, the value of which cannot be quantified; legacies, donations, fundraising, and grants to fund its activities at The Bracken Trust, Cefnllys Lane, Llandrindod Wells, Powys, used by the company as a Cancer Support Centre. The Charity has continued to increase the number of patients and members, despite having to work within the Welsh NHS Covid regulations for the majority of the year. It has continued to provide a face-to-face service, however, to work within the required regulations, it has been necessary to work within a strict appointment system. It has continued to monitor the Covid regulations and adapt services as required. During the year, it reopened its hubs in all three locations: Knighton, Llanwrtyd Wells and Llanidloes. We had a deficit in the year of £54,510 which was not unexpected and mainly due to the purchase of a property in Middleton Street. The property was purchased in April 2021, refurbished and opened as a charity shop in August 2021 and has been very well supported by the local community. Between August 2021 and March 2022, sales of donated goods for this new venture totalled £50,975 and the rent from the lease on the flat totalled £4,725. Offset against this income were the initial set up costs and these together with the running expenses provided an expenditure figure of £51,256. This amount plus the cost of purchasing the property and the interest on the loan taken out to assist with the purchase of the property meant that the shop suffered a deficit at the end of its first year. However, The Trust now has a fantastic looking shop and given the amount raised since opening, is confident that it will continue to provide a much-needed income for The Trust over many years. The Trust has also recruited a team of fantastic volunteers and by having a presence in Middleton Street, raised awareness of the services provided by The Trust.

I would record my sincere thanks and appreciation to fellow Trustees, Nurses, Therapists, Management, Administration and Finance staff, for their hard work during a very challenging year.

LEGAL AND ADMINISTRATION

Legal and administration details are given on page 1.

GOVERNING DOCUMENT

Bracken Trust Limited is a company limited by guarantee and a registered Charity governed by its Memorandum and Articles of Association. Under those Articles, one third of trustees are elected annually by the members of the Charitable Company attending the Annual General Meeting, or if their number is not three or a multiple of three, the number nearest to one third shall retire from office.

ORGANISATION

The business of the Charity shall be managed by the trustees with the assistance of the Chief Executive and Senior Nurse appointed by the Trustees who manage the day-to-day operations of the Charity.

RISK REVIEW

The Trustees have conducted their own review of the major risks to which the Charity is exposed and systems have been established to mitigate those risks. These procedures are periodically reviewed to ensure they still meet the needs of the Charity.

TRUSTEES’ RESPONSIBILITIES

The Trustees, (who are also directors of Bracken Trust Limited for the purposes of company law) are responsible for preparing the Trustees’ Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare Financial Statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these Financial Statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the Financial Statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Report of the Trustees has been prepared in accordance with the Statement of Recommended Practice - Accounting and Reporting by Charities (SORP 2015) and in accordance with special provisions of Part 15 to the Companies Act 2006 relating to small companies.

Approved by the Trustees on 25 August 2022 and signed on their behalf by:

R Cawthorne Chairman

3

BRACKEN TRUST LIMITED

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF BRACKEN TRUST LIMITED

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022.

Responsibilities and basis of report

As the trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company 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 Company’s accounts carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the ICAEW (the Institute of Chartered Accountants in England and Wales).

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me reasonable cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; and

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters to which your attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

A C Jones BSc (Econ) FCA Andrew Jones & Co Chartered Accountants The Old surgery Spa Road Llandrindod Wells Powys LD1 5EY

31 August 2022

4

BRACKEN TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022

Total Total
Funds Funds
Unrestricted Restricted Year Ended Year Ended
Note Funds Funds 31/03/2022 31/03/2021
£ £ £ £
INCOME
Donations and Legacies 63,030 - 63,030 85,338
Charitable Activities 11,000 114,086 125,086 191,271
Other Trading Activities 80,499 - 80,499 28,936
Investment Income 268 - 268 486
____ ____ ____ ____
TOTAL INCOME 2 154,797 114,086 268,883 306,031
____ ____ ____ ____
EXPENDITURE
Costs of Raising Funds 41,670 18,903 60,573 519
Charitable Activities 160,869 101,951 262,820 243,769
____ ____ ____ ____
TOTAL EXPENDITURE 3 202,539 120,854 323,393 244,288
____ ____ ____ ____
NET INCOME/(EXPENDITURE)
BEFORE TRANSFERS (47,742) (6,768) (54,510) 61,743
Transfer between Funds 6 (1,560) 1,560 - -
____ ____ ____ ______
NET INCOME/(EXPENDITURE) AND NET (49,302) (5,208) (54,510) 61,743
MOVEMENT IN FUNDS FOR THE YEAR
Total Funds brought forward 586,064 222,643 808,707 746,964
____ ____ ____ ____
Total Funds carried forward 536,762 217,435 754,197 808,707
____ ____ ____ ____

The statement of financial activities includes all gains and losses recognised in the year.

All incoming resources and resources expended derive from continuing activities.

The notes on pages 7 to 15 form an integral part of these Financial Statements.

5

BRACKEN TRUST LIMITED

BALANCE SHEET AT

31 MARCH 2022

Note
FIXED ASSETS
Tangible Assets
8
CURRENT ASSETS
Stock
9
Debtors
10
Cash at Bank and In Hand
CREDITORS
Amounts falling due within one year
11
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one year
12
NET ASSETS
THE FUNDS OF THE CHARITY
Unrestricted Income Funds:
General Funds
Designated Funds
13
Restricted Funds
14
TOTAL FUNDS
15		 £
£
£
£
722,958
539,895
480
1,000
4,264
8,217
158,704
290,966
163,448
300,183
(20,388)
(31,371)
143,060
268,812
866,018
808,707
(111,821)
-
754,197
808,707
452,571
501,873
84,191
84,191
536,762
586,064
217,435
222,643
754,197
808,707
2022
2021
452,571
84,191

For the year in question, the charitable company was entitled to exemption from an audit under section 477 of the Companies Act 2006.

The members have not required the charitable company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Act.

The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of the accounts.

Approved by the Trustees on 25 August 2022 and signed on their behalf by:

R Cawthorne Chairman

The notes on pages 7 to 15 form an integral part of these Financial Statements

6

BRACKEN TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1 ACCOUNTING POLICIES

Basis of Preparation

The Financial Statements have been prepared in accordance with 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 2015) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Companies Act 2006. The charity is not required to prepare a Statement of Cash Flows.

The charity constitutes a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Preparation of Accounts on a Going Concern Basis

The Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.

Exemption from Preparing a Cash Flow Statement

The charity opted to adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements .

Income

Income including capital grants for the purchase of fixed assets are included in full in the Statement of Financial Activities when these are receivable.

Income represents amounts receivable in the year for income for donations, grants, therapy receipt donations, fund-raising, subscriptions including life memberships and interest received.

Incoming resources in the form of donated assets have been included in the Income and Expenditure Account at a reasonable estimate of their value and capitalised where appropriate

Expenditure

Expenditure is accounted for on an accruals basis inclusive of VAT which cannot be recovered. Expenditure is directly attributable to specific activities and has been included in cost categories of costs of generating funds, charitable expenditure provision of hospice and governance of the Charity. Where costs cannot be directly attributed to these categories in respect of administration expenses and depreciation of office and computer equipment, it is estimated based on activity levels that 90% of these costs are attributable to Charitable Activities and 10% to Governance.

Tangible Fixed Assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Furniture, Fixtures and Equipment - restricted 10% on cost - unrestricted 10% on written down value/10% on cost for additions Office and Computer Equipment 33.33% on Cost

The residual value of Freehold Property is considered to be at least equal to the carrying value of in the Financial Statements and therefore no depreciation has been provided on the buildings as this would be immaterial. The Freehold Property, The Bracken Trust, was revalued at 31 March 2016 and this valuation has been adopted as the deemed cost of the property in applying the provisions of Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

Voluntary Help and Gifts in Kind

No value has been put on the voluntary help received during the year. There are also numerous small gifts that cannot be quantified.

Stocks

Stocks are valued at the lower of cost and net realisable value.

7

BRACKEN TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

Financial Instruments

All basic financial assets and liabilities are initially measured at transaction price including transaction costs. Financing transactions are initially measured at the amount received or paid, with the carrying amount adjusted in subsequent years to reflect repayment and any accrued interest, adjusted if necessary, for impairment .

Debtors

Debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid after taking account of any discounts due.

Cash at Bank and in Hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of twelve months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and Provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due.

Accounting for Separate Funds

The financial statements of a charity must differentiate between restricted and unrestricted funds.

Restricted funds are funds subject to specific conditions, imposed by the donor or by the specific terms of the charity appeal less amounts expended for these purposes. Designated funds are income funds of the Charity which have been set aside for specific purposes, less amounts expended for these purposes. Unrestricted funds are all the other funds of the charity.

Pensions

The charity operates a defined contribution pension scheme for its employees. The assets of this scheme are held separately from those of the charity, being invested with insurance companies. Pension costs charged in the Statement of Financial Activities disclosed in note 7 represent contributions payable by the charity in the year.

8

BRACKEN TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2 Income

Donations and Legacies:
Donations
Members Donations
Subscriptions
Legacies
Sale of Laptop
Income from Charitable Activities:
Grants Receivable
Other Trading Activities:
Shop Income
Fund-raising Income
Social Events Income
Room Hire
Classes
Recycling Income
Flat Rental Income
Investment Income:
Interest Received
TOTAL INCOME
Grants Receivable were as under:
The National Lottery Community Fund
HMRC Job Retention Scheme
WCVA Third Sector Resilience Fund
Llandrindod Wells Town Council
Llanidloes Town Council
Postcode Trust
Powys County Council
Masonic Charitable Foundation
The Albert Hall Trust
Moondance Foundation
Pink Ribbon Foundation
CFW Wales Grant
Eled llandrindod YVYC
PAVO & PTHB Small Health Grant
Builth Wells Town Council
Presteigne & Norton Town Council
Heart of Wales Line Community Resilience
Fund
Magic Little Grants (Local Giving)
Tesco Groundwork		 Unrestricted
Funds
£
54,966
7,807
57
-
200
63,030
11,000
11,000
50,393
16,556
645
6,755
843
582
4,725
80,499
268
154,797
-
-
-
-
-
-
-
1,000
10,000
-
-
-
-
-
-
-
-
-
-
11,000		 Restricted
Funds
£
-
-
-
-
-
-
114,086
114,086
-
-
-
-
-
-
-
-
-
114,086
99,401
491
3,544
2,000
100
8,050
500
-
-
-
-
-
-
-
-
-
-
-
-
114,086		 Total Funds
Total Funds
Year Ended
Year Ended
31/03/2022
31/03/2021
£
£
54,966
63,547
7,807
3,786
57
5
-
18,000
200
-
63,030
85,338
125,086
191,271
125,086
191,271
50,393
-
16,556
21,306
645
681
6,755
6,580
843
369
582
-
4,725
-
80,499
28,936
268
486
268,883
306,031
99,401
95,885
491
14,305
3,544
56,096
2,000
-
100
-
8,050
-
500
-
1,000
2,000
10,000
-
-
11,350
-
3,255
-
2,000
-
2,000
-
1,380
-
750
-
250
-
500
-
500
-
1,000
125,086
191,271

9

BRACKEN TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

3
Costs of Raising Funds:
Shop Expenses
Shop Set Up Costs
Shop Loan Interest
Fund Raising
Charitable Activities:
Costs Directly Allocated to Activities:
Nurses Salaries, National Insurance and Pension
Staff Expenses
Relief Nurses
Therapists Costs
Medical Consumables
Kitchen Expenses and Food
Repairs, Renewals and Maintenance
Garden Maintenance
Cleaning Costs
Water Rates
Light and Heat
Insurances
Training, Seminars and Courses
Subscriptions
Books & Tapes
Hub Expenses
Advertising and promotional costs
Depreciation
Support Costs (See Note 4)
Governance Costs (See Note 5)
Total Expenditure
4
Analysis of Support Costs
Administrative Expenses
Depreciation
Administrative Salaries
Payroll Fees
Telephone and Internet
Administrative Staff Expenses		 Unrestricted
Funds
£
11,628
26,739
-
3,303
41,670
20,086
95
8,720
41,666
1,117
-
1,388
4,237
4,348
190
4,110
1,504
711
892
28
429
1,804
1,509
59,909
8,126
160,869
202,539
6,471
2,091
49,609
180
1,558
-
59,909		 Restricted
Funds
£
12,162
727
6,014
-
18,903
48,495
-
530
2,681
-
375
1,671
416
2,236
126
2,526
1,647
1,473
-
146
66
629
2,527
31,430
4,977
101,951
120,854
2,586
351
27,450
390
653
-
31,430		 Year Ended
Year Ended
31/03/2022
31/03/2021
£
£
23,790
-
27,466
-
6,014
-
3,303
519
60,573
519
68,581
80,198
95
244
9,250
602
44,347
38,769
1,117
167
375
164
3,059
7,324
4,653
4,969
6,584
6,196
316
318
6,636
4,243
3,151
2,620
2,184
2,299
892
892
174
174
495
74
2,433
1,155
4,036
3,203
91,339
78,094
13,103
12,064
262,820
243,769
323,393
244,288
9,057
4,935
2,442
1,978
77,059
68,455
570
780
2,211
1,891
-
55
91,339
78,094

10

BRACKEN TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

5
Analysis of Governance Costs
Accountancy
Independent Examiner’s Fee
Administrative Expenses
Depreciation
Administrative Salaries
Administrative Staff Expenses
Telephone and Internet
Annual Filing Fee
Bank Charges
Fee Protection Insurance
Training		 Unrestricted
Funds
£
900
300
719
232
5,512
-
174
7
260
22
-
8,126		 Restricted
Funds
£
1,200
300
287
39
3,050
-
72
6
-
23
-
4,977		 Total Funds
Total Funds
Year Ended
Year Ended
31/03/2022
31/03/2021
£
£
2,100
2,550
600
600
1,006
548
271
219
8,562
7,606
-
6
246
210
13
13
260
52
45
45
-
215
13,103
12,064

6 TRANSFER BETWEEN FUNDS

The transfer between funds in the year are:
Transfer of Core Funds to Project Funds		 Unrestricted
Restricted
Funds
Funds
£
£
(1,560)
1,560
(1,560)
1,560

7 STAFF COSTS

There was an average of twelve employees (2021- ten) during the year, whose costs were as under:

Salaries
Employers National Insurance
Employers Staff Pension Costs		 2022
2021
£
£
162,874
152,713
4,868
5,265
2,159
2,340
169,901
160,318

Staff costs of £491 (2021 - £14,305) were funded by the HMRC Job Retention Scheme which would normally have been funded by core costs.

11

BRACKEN TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

8 TANGIBLE FIXED ASSETS

Cost or Revaluation
At 1 April 2021
Additions
At 31 March 2022
Depreciation
At 1 April 2021
Charge for year
Carrying Amount
At 31 March 2022
At 31 March 2021		 Freehold
Property
£
511,941
178,735
690,676
-

-

-

690,676
511,941		 Fixtures
and
Fittings
£
119,957
9,405
129,362
94,590
4,036
98,626
30,736
25,367		 Office and
Computer
Equipment
£
24,137
1,672
25,809
21,550
2,713
24,263
1,546
2,587		 Total
£
656,035
189,812
845,847
116,140
6,749
122,889
722,958
539,895

The Freehold Property, The Bracken Trust, was purchased in 1998 at a cost of £126,951 and Improvements to Property since acquisition have cost £540,365. The Freehold Property was valued at £500,000 at 31 March 2011, based on a valuation of the market value, as defined by the RICS Valuation Standards May 2011 by Adam H Dean FRICS IRRV SAVA of James Dean who confirmed there has been no change in the market value at 31 March 2016. This valuation will be adopted as the deemed cost of the property in applying the provisions of Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). Freehold Property additions are the purchase of the shop and flat at Bradford House, Middleton Street, Llandrindod Wells, including improvements to the property and legal costs.

9
STOCKS
Stationery
Medical Consumables
Fundraising Stock
The value of stocks are estimated figures
10
DEBTORS
HMRC JRS Grant
Tax Repayments
Prepayments		 2022
2021
£
£
200
250
-
250
280
500
480
1,000
2022
2021
£
£
-
1,385
1,583
3,018
2,681
3,814
4,264
8,217

12

BRACKEN TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

11
CREDITORS: Amounts falling due
within one year
Creditors
Accruals
Deferred Income
Loans
12
CREDITORS: Amounts falling due
after one year
WCVA Loan
WCVA - Concessionary Loan
Short-Term Compensated Absence (Holiday Pay)		 2022
2021
£
£
9,517
2,662
3,270
3,780
4,622
5,803
427
427
2,552
18,699
20,388
31,371
2022
2021
£
£
105,914
-
5,907
-
111,821
-

At 31 March 2022 the WCVA Loan outstanding for more than one year was £105,914, of this, £92,583 is repayable more than five years after the reporting date.

The Charity received a concessionary loan from WCVA repayable within 5 years with no fixed repayment schedule. Interest will be charged at 0% in years 1 and 2 from the completion date of the loan and at 3% interest for years 3 to 5.

13
UNRESTRICTED FUNDS
Unrestricted Funds:
General Funds
Designated Funds:
Future Development Costs Fund
Total Unrestricted Funds
Purpose of Designated Funds		 At
01/04/2021
£
501,873
84,191
586,064		 Income
£
154,797
-
154,797		 Expenditure
£
(202,539)
-
(202,539)		 At
Transfers
31/03/2022
£
£
(1,560)
452,571
-
84,191
(1,560)
536,762

The Trustees have designated funds towards a Future Development Costs Fund, to further the Charity’s objectives in the future. The Trustees have undesignated of £84,191 to General Funds on 14 April 2022.

14
RESTRICTED FUNDS
Restricted Capital Funds:
Building and Extension
PAVO - Can Do Communities
Shed Electrics
Outside Lighting
Washing Machine
Awning
Chair
Nurse Alarm System
The National Lottery Community Fund
Laptop
Processor
Chairs
Extractor Fan
Summer House
Car Charging Point		 At
01/04/2021
£
150,000
190
360
4,050
236
2,400
272
400
4,544
347
433
1,181
810
-
-
165,223		 Income
£
-
-
-
-
-
-
-
-
-
-
-
-
2,100
-
2,100		 Expenditure
£
-
(190)
(40)
(450)
(38)
(400)
(46)
(50)
(568)
(173)
(217)
(131)
(90)
(310)
(214)
(2,917)		 At
Transfers
31/03/2022
£
£
-
150,000
-
-
-
320
-
3,600
-
198
-
2,000
-
226
-
350
-
3,976
-
174
-
216
-
1,050
-
720
1,000
2,790
2,140
1,926
3,140
167,546

13

BRACKEN TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

14 RESTRICTED FUNDS (CONTINUED)

Restricted Income Funds:
Lunch Donations
The National Lottery Community Fund
The National Lottery Community Fund -
Climate Action
Friends of Health Care in Builth Wells & District
HMRC Job Retention Scheme
Pink Ribbon Foundation
Presteigne & Norton Town Council
Builth Wells Town Council
PAVO & PTHB Small Health Grant
WCVA Third Sector Resilience Fund - Charity shop
Postcode Trust - Bereavement Facilitator
Powys County Council
Total Restricted Funds		 At
01/04/2021
£
987
26,473
2,117
9,624
-
1,662
250
750
1,380
14,177
-
-
57,420
222,643		 Income
£
-
99,401
-
-
491
-
-
-
-
3,544
8,050
500
111,986
111,986		 Expenditure
£
(164)
(93,263)
-
(766)
(491)
(1,790)
-
-
(1,041)
(18,903)
(792)
(727)
(117,937)
(120,854)		 At
Transfers
31/03/2022
£
£
-
823
-
32,611
(2,117)
-
-
8,858
-
-
128
-
(250)
-
(750)
-
-
339
1,182
-
-
7,258
227
-
(1,580)
49,889
1,560
217,435

The purposes of Restricted Capital Funds are for expenditure on Tangible Fixed Assets as detailed above and include the following funding received in the year:

Llandrindod Wells Town Council -funding for summerhouse. Llanidloes Town Council -funding for summerhouse.

.

The purposes of Restricted Income Funds are:

Lunch Donations

The National Lottery Community Fund - funding to provide Well Being and Community Support services The National Lottery Community Fund

HMRC Job Retention Scheme Pink Ribbon Foundation Presteigne & Norton Town Council Builth Wells Town Council PAVO & PTHB Small Health Grant WCVA Third Sector Resilience Fund Postcode Community Trust Powys County Council

14

BRACKEN TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

15 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible Fixed Assets
Net Current Assets
Creditors: amounts falling due after more than one year		 General
Funds
£
555,412
8,980
(111,821)
452,571		 Designated
Funds
£
-
84,191
-
84,191		 Restricted
Funds
Total
£
£
167,546
722,958
49,889
143,060
-
(111,821)
217,435
754,197

16 TRUSTEES REMUNERATION AND EXPENSES

No remuneration directly or indirectly out of the funds of the Charity was paid or payable in the year to any Trustee or to any person or persons known to be connected with any of them.

No travel expenses were paid to a Trustee in the year (2021 - £NIL).

17 CONTINGENT LIABILITIES

There is a contingent liability in respect of the Community Fund restricted grant of £46,301 received in the period ended 28 February 2003 for the Building Extension Appeal Fund, as the terms and conditions of the grant remain in force for 80 years after completion of the work.

18 TAXATION

The company is registered as a charity and is therefore not liable to Corporation Tax.

15