## **Charity Number: 1059668 Company Number: 3206048**
## **BRACKEN TRUST LIMITED**
## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **BRACKEN TRUST LIMITED**
## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **CONTENTS**
|Page||
|---|---|
|1|Legal and Administrative Information|
|2 - 4|Report of the Trustees|
|5|Independent Examiner’s Report|
|6|Statement of Financial Activities|
||(including Income and Expenditure Account)|
|7|Balance Sheet|
|8 - 16|Notes to the Financial Statements|
**BRACKEN TRUST LIMITED**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**TRUSTEES:**|H Russon|Chairman from June 2024|
|---|---|---|
||R Cawthorne|Chairman to September 2023|
||Mrs L Griffiths|Chair from September 2023 to June 2024|
||Dr S Ovis||
||Mrs M Ellis||
||Dr S Warrick||
||B Hicks MBE||
||M L Thorn||
||Mrs L Howells|Appointed 6 April 2023|
||Ms F Bruce|Appointed 6 April 2023|
|**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 MANAGEMENT:**|Ann Williams|Chief Executive Officer to March 2024|
||Lisa Griffiths|Chief Executive Officer from July 2024|
||Elizabeth Lewis|Senior Nurse|
1
**BRACKEN TRUST LIMITED**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024**
The Trustees present their annual report with the Financial Statements of the company for the year ended 31 March 2024.
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:
- 1 a) The provision of palliative care, b) The provision of advice, support and counselling service for them and their families and carers, and
- 2 The relief of sickness arising from bereavement by the provision of an advice and counselling service.
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 £370,739 compared to £398,252 in 2023. Expenditure decreased in the year to £346,015 compared to £352,291 in 2023.
Net Income for the year was £24,724 compared to a Net Income of £45,961 for the previous year. The net movement in funds were Net Income for Unrestricted Funds of £60,359 (2023 Net Income - £43,918) and Net Expenditure for Restricted Funds of £35,635 (2023 Net Income - £2,043). 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 10 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 six months of budgeted expenditure which is estimated at approximately £180,000 (2023 - £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 2024 increased to £210,971 (2023 - £129,026).
## **ACHIEVEMENTS AND PERFORMANCE**
With sustained publicity, The Trust has continued to increase the number of patients and membership.
Funding from The National Lottery Community Fund has enabled The Trust to run its community hubs in Llanidloes, Knighton and in the future, hopes to extend this service to other areas. The Trust, with the benefit of funding from Friends of Healthcare in Builth Wells & District, has also continued to run a hub in Llanwrtyd Wells.
Staff have continued to provide presentations about our services at GP Practices and other healthcare settings and within local organisations and groups, e.g., Women’s Institutes, Social clubs, Schools etc.to raise awareness of the support that is available. The Bracken Singers have entertained at many venues in the year, further raising the profile of The Trust and providing an additional income stream.
Our Nurses, counsellors, and therapists have continued to provide emotional and psychological support to people at our centre, in community hubs, hospitals/ care homes and in people’s own homes. Our Chief Executive, working with staff, has been responsible for funding applications to ensure the ongoing viability of The Trust, as well as its financial and legal probity.
The Trust is extremely grateful for all the donations, sponsorships, legacies, and other financial support that it has received from the local community.
The Trust relies on voluntary help, the value of which cannot be quantified. Our hard-working team of volunteers have continued to support The Trust via a range of activities and have provided support to the Fundraiser when organising fundraising events. My sincere thanks go to all of our volunteers.
The Trust is very conscious that by providing 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.
I would record my sincere thanks and appreciation to fellow Trustees, Nurses, Therapists, Management, Administration and Finance staff, for their hard work during another challenging year.
2
## **BRACKEN TRUST LIMITED**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024**
## **PLANS FOR THE FUTURE**
The Trust continues to seek funding for future years and to sustain and enhance the current provision at The Trust for the benefit of patients and will continue to work closely with its Public and Third Sector partners to maintain and extend its services.
In May 2024 we were informed that we had not been successful with further funding from the National Lottery, which we were hoping to achieve for a further three years. However, we are very grateful for all the financial support we have had and which has enabled us to do so much. We will continue to keep our current hubs open, and we are looking into the possibility of having an additional hub further north of the county.
Our charity shop continues to do well and in the year shop sales provide approximately a quarter of the Trust’s income. In July we open all day on a Wednesday moving from three and a half days to four days a week, and we are trialling opening for some Saturdays during the summer. We have a wonderful team of volunteers who are helping to make this possible and for which we are very grateful. We receive many compliments on how nicely set out the shop is and how lovely the weekly displays are. However, we are struggling to accommodate all the generous donations we receive. During the coming months, we are looking into the possibility of using some or all of the space above the shop for storage and prep of the items we display for sale.
Our other main focus for the coming year will be our fundraising strategy. Like all charities, this is a cornerstone of the financial income to keep the Trust running. We, like others, were affected by the pandemic as nearly all fundraising activities came to a halt. The board has agreed to invest in this area, and we have been successful in appointing an experienced Charity Fundraiser who will be joining our team shortly.
One of our short-term goals in our business strategy was to carry out a review of our branding and marketing, we managed to secure some grant funding and we have been working with an organisation who have helped us to update our website, change our logo and consider our marketing and communication approach. The changes have been well received by our staff and volunteers and we hope, over time, they will have the desired impact and help us to appeal to more patients who could benefit from our support.
We continue to apply for grants, and we continue to work closely with our partners across the charity and third sector. We have a lot to achieve, but we are looking forward to the challenges and the opportunities we have to continue to reach out, help and support many more people.
## **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.
3
**BRACKEN TRUST LIMITED**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024**
## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the Financial Statements.
- prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the company will continue in business
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 1 August 2024 and signed on their behalf by:
H Russon Chairman
4
**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 2024.
## **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
2 August 2024
5
## **BRACKEN TRUST LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024**
|**INCOME**
**Note**
Donations and Legacies
Charitable Activities
Other Trading Activities
Other Income
Investment Income
**TOTAL INCOME**
2
**EXPENDITURE**
Cost of Raising Funds
Charitables Activities
**TOTAL EXPENDITURE**
3
**NET INCOME/(EXPENDITURE)**
**BEFORE TRANSFERS**
Transfer Between Funds
13
**NET INCOME/(EXPENDITURE) AND NET**
**MOVEMENT IN FUNDS FOR THE YEAR**
Total Funds Brought Forward
Prior Year Adjustment - VAT Claim
Total Funds Carried Forward|**Unrestricted**
**Funds**
**£**
139,617
15,000
108,240
330
1,090
264,277
32,927
208,999
241,926
22,351
38,008
60,359
580,680
20,550
661,589|**Restricted**
**Funds**
**£**
-
106,462
-
-
-
106,462
3,564
100,525
104,089
2,373
(38,008)
(35,635)
219,478
-
183,843|**Total**
**Funds**
**Year Ended**
**31/3/2024**
**£**
139,617
121,462
108,240
330
1,090
370,739
36,491
309,524
346,015
24,724
-
24,724
800,158
20,550
845,432|**Total**
**Funds**
**Year Ended**
**31/3/2023**
**£**
118,686
136,930
133,785
8,338
513|
|---|---|---|---|---|
|||||398,252|
|||||30,333
321,958|
|||||352,291|
|||||45,961
-|
|||||45,961
754,197
-|
|||||800,158|
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 8 to 16 form an integral part of these Financial Statements.
6
## **BRACKEN TRUST LIMITED**
## **BALANCE SHEET AT 31 MARCH 2024**
|**FIXED ASSETS**
**Note**
Intangible Assets
7
Tangible Assets
8
**CURRENT ASSETS**
Stock
9
Debtors
10
Cash at Bank and In Hand
**CURRENT LIABILITIES**
Creditors Amount Falling Due Within One Year
11
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**LONG TERM LIABILITIES**
Creditors Amount Falling Due After One Year
12
**NET ASSETS**
16
**THE FUNDS OF THE CHARITY**
Unrestricted Funds
14
Restricted Funds
15
**TOTAL FUNDS**
16|**2024**
**£**
**£**
3,333
713,677
717,010
460
10,788
236,197
247,445
(18,779)
228,666
945,676
(100,244)
845,432
661,589
183,843
845,432|**2023**
**£**
**£**
-
721,461
721,461
480
15,036
196,601
212,117
(30,242)
181,875
903,336
(103,178)
800,158
580,680
219,478
800,158|**2023**
**£**
**£**
-
721,461
721,461
480
15,036
196,601
212,117
(30,242)
181,875
903,336
(103,178)
800,158
580,680
219,478
800,158|
|---|---|---|---|
|||||
||||903,336
(103,178)|
||||800,158|
||||580,680
219,478|
||||800,158|
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 1 August 2024 and signed on their behalf by:
H Russon Chairman
The notes on pages 8 to 16 form an integral part of these Financial Statements
7
**BRACKEN TRUST LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **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 exclusive of VAT. 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.
## **Intangible Fixed Assets**
Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Website - 33.33% straight line
## **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% straight line - unrestricted - 10% straight line (previously 10% reducing balance) Office and Computer Equipment - 33.33% straight line
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.
8
**BRACKEN TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **1 ACCOUNTING POLICIES (CONTINUED)**
## **Stocks**
Stocks are valued at the lower of cost and net realisable value.
## **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.
## **Concessionary Loans**
Concessionary loans are measured in accordance with the accounting treatment set out in FRS 102 PBE34.90 to PBE 34.97.
9
## **BRACKEN TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
|**2**
**INCOME**
**Donations and Legacies:**
Donations
Subscriptions
Legacies
**Income from Charitable Activities:**
Grants Receivable
**Other Trading Activities:**
Shop Income
Fundraising Income
Room Hire
Classes
Recycling Income
Flat Rental Income
**Other Income:**
Insurance Claims
Sundry Income
**Investment Income:**
Bank Interest Received
**TOTAL INCOME**
**GRANTS**
**Grants received in the year were as under:**
The National Lottery Community Fund
Garfield Weston
Co-op Community Fund
Powys Teaching Health Board
J Price
Tesco Groundworks
National Grid
Lee Foundation
Garreg Llywd
Albert Hunt|**Unrestricted**
**Funds**
**£**
75,095
96
64,426
139,617
15,000
15,000
94,606
5,005
100
1,765
464
6,300
108,240
-
330
330
1,090
1,090
**264,277**
**Unrestricted**
**Funds**
**£**
-
10,000
-
-
-
-
-
-
-
5,000
15,000|**Restricted**
**Funds**
**£**
-
-
-
-
106,462
106,462
-
-
-
-
-
-
-
-
-
-
-
-
**106,462**
**Restricted**
**Funds**
**£**
106,462
-
-
-
-
-
-
-
-
-
106,462|**Total Funds**
**Year Ended**
**31/3/2024**
**£**
75,095
96
64,426
139,617
121,462
121,462
94,606
5,005
100
1,765
464
6,300
108,240
-
330
330
1,090
1,090
**370,739**
**Year Ended**
**31/3/2024**
**£**
106,462
10,000
-
-
-
-
-
-
-
5,000
121,462|**Total Funds**
**Year Ended**
**31/3/2023**
**£**
64,262
63
54,361|
|---|---|---|---|---|
|||||118,686|
|||||136,930|
|||||136,930|
|||||78,456
39,956
6,569
1,583
921
6,300|
|||||133,785|
|||||8,338
-|
|||||8,338|
|||||513|
|||||513|
|||||**398,252**|
|||||**Year Ended**
**31/3/2023**
**£**
103,003
10,000
3,595
4,832
2,500
1,500
1,000
500
10,000
-|
|||||136,930|
10
## **BRACKEN TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
|**3**
**EXPENDITURE**
**Cost of Raising Funds:**
Shop Expenses
Shop Loan Interest
Fund Raising
**Charitable Activities:**
**Costs Directly Allocated to Charitable Activities:**
Nurses Salaries, National Insurance and Pension
Staff Expenses
Relief Nurses
Therapist Costs
Training, Seminars and Courses
Class Costs
Insurances
Water Rates
Light and Heat
Flat Expenses
Repairs, Renewals and Maintenance
Garden Maintenance
Cleaning Costs
Advertising and Promotion Costs
Sundry and Kitchen Expenses
Hub Expenses
Subscriptions
Depreciation and Amortisation
Loss on Disposal
Support Costs (See Note 4)
Governance Costs (See Note 5)
**Total Expenditure**|**Unrestricted**
**Funds**
**£**
23,624
7,328
1,975
32,927
53,107
1,796
4,050
38,959
810
1,526
1,215
216
4,951
1,817
6,006
4,804
5,499
212
-
1,245
3,387
41
97
68,970
10,291
208,999
241,926|**Restricted**
**Funds**
**£**
3,564
-
-
3,564
27,844
486
1,200
1,994
2,430
-
2,173
151
2,787
-
2,671
1,700
769
696
241
669
308
3,747
-
42,508
8,151
100,525
104,089|**Total**
**Funds**
**Year Ended**
**31/3/2024**
**£**
27,188
7,328
1,975
36,491
80,951
2,282
5,250
40,953
3,240
1,526
3,388
367
7,738
1,817
8,677
6,504
6,268
908
241
1,914
3,695
3,788
97
111,478
18,442
309,524
346,015|**Total**
**Funds**
**Year Ended**
**31/3/2023**
**£**
15,528
7,513
7,292|
|---|---|---|---|---|
|||||30,333|
|||||79,081
611
6,058
43,188
1,839
3,462
6,502
336
7,522
791
14,167
9,312
6,805
1,115
422
740
2,304
3,735
1,605
114,758
17,605|
|||||321,958|
|||||352,291|
11
**BRACKEN TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
|**ANALYSIS OF SUPPORT COSTS**
Administrative Salaries
Administrative Expenses
Telephone and Internet
Payroll Fees
Depreciation|**Unrestricted**
**Funds**
**£**
65,103
949
1,666
750
502
68,970|**Restricted**
**Funds**
**£**
34,160
7,654
694
-
-
42,508|**Total**
**Funds**
**Year Ended**
**31/3/2024**
**£**
99,263
8,603
2,360
750
502
111,478|**Total**
**Funds**
**Year Ended**
**31/3/2023**
**£**
104,395
6,979
1,835
660
889|
|---|---|---|---|---|
|||||114,758|
## **4 ANALYSIS OF SUPPORT COSTS**
|**ANALYSIS OF GOVERNANCE COSTS**
Administrative Salaries
Administrative Expenses
Fee Protection Insurance
Telephone and Internet
Consultancy Fees
Accountancy
Independent Examiner's Fee
Annual Filing Fee
Bank Charges
Depreciation|**Unrestricted**
**Funds**
**£**
7,234
105
45
185
1,613
625
200
6
222
56
10,291|**Restricted**
**Funds**
**£**
3,795
851
-
77
1,354
1,645
200
7
222
-
8,151|**Total**
**Funds**
**Year Ended**
**31/3/2024**
**£**
11,029
956
45
262
2,967
2,270
400
13
444
56
18,442|**Total**
**Funds**
**Year Ended**
**31/3/2023**
**£**
11,600
775
45
204
745
3,060
600
13
464
99|
|---|---|---|---|---|
|||||17,605|
## **5 ANALYSIS OF GOVERNANCE COSTS**
## **6 STAFF COSTS**
There was an average of fourteen employees (2023- sixteen) during the year, whose costs were as under:
|Wages and Salaries
Employers National Insurance
Staff Pension Costs|**2024**
**£**
199,211
7,779
3,280
210,270|**2023**
**£**
206,392
6,521
2,740|
|---|---|---|
|||215,653|
12
## **BRACKEN TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **7 INTANGIBLE ASSETS**
|**7**
**INTANGIBLE ASSETS**
**Cost or Revaluation**
At 1 April 2023
Additions
At 31 March 2024
**Amortisation**
At 1 April 2023
Charge for the year
At 31 March 2024
**Net Book Value**
At 31 March 2024
At 31 March 2023
**8**
**TANGIBLE ASSETS**
**Cost or Revaluation**
At 1 April 2023
Prior Year Adjustment - VAT
Additions
Disposals
At 31 March 2024
**Depreciation**
At 1 April 2023
Prior Year Adjustment - VAT
Charge for the year
On Disposal
At 31 March 2024
**Net Book Value**
At 31 March 2024
At 31 March 2023|**Freehold**
**Property**
**£**
694,822
(539)
-
-
694,283
-
-
-
-
-
694,283
694,822|**Fixtures and**
**Fittings**
**£**
100,514
(3,112)
-
(278)
97,124
74,433
-
3,478
(181)
77,730
19,394
26,081|**Website**
**£**
-
5,000
5,000
-
1,667
1,667
3,333
-
**Office and**
**Computer**
**Equipment**
**£**
13,211
(1,357)
-
(353)
11,501
12,653
(1,357)
558
(353)
11,501
-
558|**Total**
**£**
-
5,000|
|---|---|---|---|---|
|||||5,000|
|||||-
1,667|
|||||1,667|
|||||3,333|
|||||-|
|||||**Total**
**£**
808,547
(5,008)
-
(631)|
|||||802,908|
|||||87,086
(1,357)
4,036
(534)|
|||||89,231|
|||||713,677|
|||||721,461|
The Freehold Properties owned by the charity are The Bracken Trust, Cefnllys Lane, Llandrindod Wells and Bradford House, Middleton Street, Llandrindod Wells. 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). Bradford House is valued at cost including improvements to the property and legal costs.
13
## **BRACKEN TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **9 STOCKS**
||||
|---|---|---|
|**STOCKS**
Stationery
Fundraising Stock
**DEBTORS**
Debtors
Grants Receivable
VAT Repayment
Tax Repayments
Prepayments|**2024**
**£**
200
260
460
**2024**
**£**
3,186
-
3,485
1,738
2,379
10,788|**2023**
**£**
200
280|
|||480|
|||**2023**
**£**
600
10,375
-
3,141
920|
|||15,036|
## **10 DEBTORS**
## **11 CREDITORS: Amounts falling due within one year**
|**CREDITORS: Amounts falling due within one year**
Creditors
Accruals
Short-Term Compensated Absence (Holiday Pay)
Deferred Income
Loans|**2024**
**£**
11,136
3,750
959
-
2,934
18,779|**2023**
**£**
21,810
3,840
1,331
525
2,736|
|---|---|---|
|||30,242|
|**12 CREDITORS: Amounts falling due after one year**
WCVA Loan|**2024**
**£**
100,244
100,244|**2023**
**£**
103,178|
|---|---|---|
|||103,178|
At 31 March 2024 the WCVA Loan outstanding for more than one year was £100,244. Of this, £86,229 is repayable more than five years after the reporting date.
|**13 TRANSFER BETWEEN FUNDS**
**The Transfer Between Funds In The Year Are:**
Transfer of Core costs from Unrestricted Funds to Restricted Funds|**Unrestricted**
**Funds**
**£**
38,008
38,008|**Restricted**
**Funds**
**£**
(38,008)|
|---|---|---|
|||(38,008)|
14
## **BRACKEN TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
|**14 UNRESTRICTED FUNDS**
**Unrestricted Funds:**
General Funds
Total Unrestricted Funds|**At 1/4/2023**
**£**
601,230
601,230|**Income**
**£**
264,277
264,277|**Expenditure**
**£**
(241,926)
(241,926)|**Transfers**
**£**
38,008
38,008|**At 31/3/2024**
**£**
661,589|
|---|---|---|---|---|---|
||||||661,589|
General funds at 1 April 2023 of £580,680 have been adjusted for a prior year adjustment of £20,550. The adjusted general funds at 1 April 2023 are £601,230.
|**15 RESTRICTED FUNDS**
**Restricted Income Funds:**
Lunch Donations
The National Lottery Community Fund
Friends of Healthcare in Builth Wells
J Price
Garreg Llywd
**Restricted Capital Funds:**
Building and Extension
Shed Electrics
Outside Lighting
Washing Machine
Awning
Chair
Nurse Alarm System
The National Lottery Community Fund
Chairs
Extractor Fan
Summer House
Car Charging Point
J Price - Planning Costs
Tesco Groundworks - Path to
Summerhouse
Garreg Llywd - Website
**Total Restricted Funds**|**At 1/4/2023**
**£**
431
33,967
7,361
1,090
10,000
52,849
150,000
280
3,150
160
1,600
180
300
3,408
919
630
2,480
1,712
310
1,500
-
166,629
**219,478**|**Income**
**£**
-
106,462
-
-
-
106,462
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
**106,462**|**Expenditure**
**£**
(241)
(97,438)
(84)
-
(2,579)
(100,342)
-
(40)
(450)
(38)
(400)
(46)
(50)
(410)
(125)
(90)
(248)
(183)
-
-
(1,667)
(3,747)
**(104,089)**|**Transfers**
**£**
-
(36,274)
-
-
(5,000)
(41,274)
-
-
-
-
-
-
-
(946)
(46)
-
(497)
(245)
-
-
5,000
3,266
**(38,008)**|**At 31/3/2024**
**£**
190
6,717
7,277
1,090
2,421|
|---|---|---|---|---|---|
||||||17,695|
||||||150,000
240
2,700
122
1,200
134
250
2,052
748
540
1,735
1,284
310
1,500
3,333|
||||||166,148|
||||||**183,843**|
15
**BRACKEN TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
The purposes of Restricted Capital Funds are for expenditure on Fixed Assets as detailed on page 15..
The purposes of Restricted Income Funds are:
**Lunch Donations** - donations towards the provision of lunches and kitchen costs.
**The National Lottery Community Fund** - funding to provide Well Being and Community Support services.
**Friends of Healthcare in Builth Wells and District** - funding to establish a ‘Well Being & Community Support Service’ in Llanwrtyd Wells which will support patients of the Builth & Llanwrtyd Wells GP Practices.
**J Price** - funding for a proposed extension.
**Garreg Llwyd** - funding for community liaison resources.
## **16 ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|Unrestricted Funds
Restricted Funds|**Intangible**
**Fixed**
**Assets**
**£**
-
3,333
3,333|**Tangible**
**Fixed**
**Assets**
**£**
550,862
162,815
713,677|**Net**
**Current**
**Assets**
**£**
210,971
17,695
228,666|**Long Term**
**Liabilities**
**£**
(100,244)
-
(100,244)|**Total**
**£**
661,589
183,843|
|---|---|---|---|---|---|
||||||845,432|
## **17 TRUSTEES REMUNERATION AND EXPENSES**
One trustee invoiced the Charity £412 for covering reception duties in the year. No other remuneration was paid or payable in the year directly or indirectly out of the funds of the Charity 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 (2023 - £NIL).
## **18 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.
## **19 TAXATION**
The company is registered as a charity and is therefore not liable to Corporation Tax.
16