## **THE LLANGASTY RETREAT HOUSE TRUST** ## **ANNUAL REPORT** for the year ending 31 December 2023 The Trustees have pleasure in submitting their Annual Report for the year ended 31 December 2023. ## **Legal and administrative details:** The full name of the Charity is the Llangasty Retreat House Trust with charity registration number 1060743. The registration address of the Charity is 8A, High Street, Brecon LD3 7AL. The Charity is governed by the Trust Deed dated 6 December 1996 as amended at a Special Meeting dated 19 November 2002. Details of Trustees currently holding office, secretary, registered office and bankers are set out below. ## **Trustees:** Ex-Officio: _The Bishop of Swansea and Brecon:_ the Rt. Revd John Lomas. _The Bishop of Llandaff:_ the Rt. Revd Mary Stallard _An Archdeacon appointed by the Bishop of Swansea and Brecon:_ the Ven. Alan Jevons _An Archdeacon appointed by the Bishop of Llandaff:_ the Ven. Michael Komor. _The Chairman of the Swansea and Brecon Diocesan Board of Finance:_ vacant _The Chairman of the Llandaff Diocesan Board of Finance:_ Michael Lawley. ## Nominated by the Bishop of Swansea and Brecon: The Revd Andrew Robinson Rev’d Canon Dr. Mark Clavier ## Nominated by the Bishop of Llandaff: The Ven. Martin Williams Fr. Edward Owen Revd. Mark Prevett Co-opted: Miss Janet Butler Dr. Cynthia Lewis The Very Revd Ian Black Revd Sam Aldred **Secretary:** Miss Janet Butler, Appt 43, Betjeman Lodge, Corve Street , Ludlow, SY8 1DJ **Treasurer:** Viv Jones, Trem-y-Fan, Llanddew, Brecon, LD3 9SY **Solicitors:** Messrs H. Vaughan Vaughan and Co., 8A, High Street, Brecon, LD3 7AL **Bankers:** CAF Bank Ltd, P.O. Box 289, West Malling, Kent, ME19 4TA ## ANNUAL REPORT ## Llangasty Retreat House The Retreat House was founded originally by Miss Dorothy Raikes in 1954. In 1972, it was gifted to the Sisters of Charity, who managed it until 1996 when they felt unable to continue and offered the property to the Diocese of Swansea and Brecon. At the end of 1996, the Llangasty Retreat House Trust was established jointly by the Diocese of Swansea and Brecon and the Diocese of Llandaff in order that the work of the Sisters might be continued. A programme of improvement to the facilities was put in hand in the winter of 1996/7 using capital made available by the Llandaff Diocesan Board of Finance by way of a secured loan. ## The site comprises 1. the Retreat House, which can accommodate up to 22 people 2. the Cottage, adjacent which has been used as staff accommodation since 2010 , having previously been used as an additional Retreat House accommodation 3 the Bungalow, used for staff accommodation until 2010. The Bungalow was thought to be beyond economic repair and the intention had been to rebuild to provide accommodation so that a senior member of staff may continue to live on site but not immediately next to the main house. In recent years it has become apparent that the Retreat House could be better used with supplementary space and so the Management Committee has explored repairing the building to develop it as a multi-functional unit which might be variously used used: - for day groups when the House is occupied - as an art/creative space for specialist retreats or an adjunct to retreat activities, - as an additional interview space alongside Retreats, - as separate retreat space for individuals . ## Aims and Organisation: The Trust was established for the promotion of Christian charity among persons in need and for such other charitable purposes as the Trustees might from time to time direct. In furtherance of these objects, the Trustees have, as their principal purpose, overseen the development of Llangasty Retreat House as a Christian centre and place of hospitality for members of the public to visit in order to develop their spirituality by means of retreats, conferences, study days, etc. This purpose is informed by the Charity Commission’s guidance on Public Benefit, particularly in relation to the Advancement of Religion, and today, as ever, the Trust aims to appeal to as wide a range of society as possible. The Trust operates under the direction of the Trustees. Detailed business is under the control of a Management Committee appointed by the Trustees, assisted by a Treasurer. In July 2020, Rev’d Canon Dr. Mark Clavier succeeded Gareth John as Chair. The Retreat House is managed by a salaried Manager, appointed by the Trustees and supervised by them through the Management Committee, and assisted by paid staff; this enables the House to be available to guests and retreatants throughout the year. The primary purpose of The Retreat House is to provide facilities for Christian retreats for groups or individuals who may visit for the day or stay for a number of days in the accommodation provided at the House. Other groups and individuals who accept the primary purpose and ethos of the House are also welcomed as guests. Most retreats are arranged by parishes or groups who bring their own leader, but there is also an annual House Programme of retreats, quiet days and study days drawn up by the Manager. Different Christian denominations are actively encouraged to use the House and events are publicised widely and are open to all. Included in the House Programme is a number of “Drop-in Days” when anyone may come and spend the day in the quiet of the House and share, or not, in worship offered in the Chapel. No charge is made. This attracts particularly members of the public who live in the surrounding towns and villages; it is an ideal way of getting to know the House and many comment upon the benefit of using these days for rest and renewal. A number of people make attendance part of their spiritual practice and travel from much further away to attend. Guests who cannot afford full fees for retreats can be assisted by a bursary fund set aside by the Trustees for this purpose. The Trust also obtains up to 3 bursaries each year from the Association for Promoting Retreats. The House is also used by dioceses for training purposes e.g. for Continuing Ministerial Education, for Ordination Retreats and for Provincial groups e.g. Pioneer Groups and Discernment Conferences. Review of Activities of the Year: Review of Activities of the Year: In the management of the Retreat House and in planning its activities and events, the Trust has had due regard to Public Benefit, following the Charity Commission’s guidance contained in “The Advancement of Religion for the Public Benefit”. The Trust welcomed Church and Ministry Area Retreats, individual and small group retreats. The Trust was pleased to welcome new groups and pleased that some groups began to return to “pre-Covid” numbers. Drop in days continued and the need to book removed. Two Creative Retreat were held, a summer retreat and a pre- Advent Retreat. Groups came to the house for Festive Lunches in December. We have been grateful for our links to established businesses and Christian Residential Association buying groups and for opportunities to network with other retreat houses through Archway, the Retreat Association and the Association for Promoting Retreats. We joined in supporting “Renew-Al”, an initiative to promote Retreat. Swansea and Brecon Diocese initiated a programme to support its new Ministry Areas and we were pleased to host this programme as many of the Ministry area officers had not previously considered retreat. . Both the Diocese of Llandaff and Swansea and Brecon Dioceses re-introduced vocations/explorers retreats after a break of several years and we were pleased to welcome both groups. Earned income exceeded the Covid years but so did overheads, Retreatants began to show concern about the cost of living and spending disposable income as their personal expenditure increased. The Trustees are aware of the need to review the policies of the Trust and to introduce policies required by the Charity Commission. Work will begin to work on these in 2024 and continue in 2025. The Trust does not yet have a Reserves Policy. We continued to work towards rebuilding Retreatant’s confidence and trust, consolidating foundations for retreat to continue at Llangasty e.g by welcoming new groups and individuals For and on behalf of the Trustees, Mark Clavier (Chairman) **Draft 2 Financial Statements at 10 October 2024 at 15:52:38** **Charity registration number 1060743** ## **THE LLANGASTY RETREAT HOUSE TRUST** **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** **Draft 2 Financial Statements at 10 October 2024 at 15:52:38 THE LLANGASTY RETREAT HOUSE TRUST** ## **CONTENTS** ||**Page**| |---|---| |Independent examiner's report|1| |Statement of financial activities|2| |Balance sheet|3| |Notes to the financial statements|4 - 14| |Trustees' report|15 -18| **Draft 2 Financial Statements at 10 October 2024 at 15:52:38 THE LLANGASTY RETREAT HOUSE TRUST** ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LLANGASTY RETREAT HOUSE TRUST** I report to the trustees on my examination of the financial statements of The Llangasty Retreat House Trust (the trust) for the year ended 31 December 2023. ## **Responsibilities and basis of report** As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the trust’s financial statements carried out under section 145 of 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 examiner's statement** Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. 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: - 1 accounting records were not kept in respect of the trust as required by section 130 of the 2011 Act; or - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. P E Lea FCA Linden House Monk Street Abergavenny Monmouthshire NP7 5NF Dated: ......................... - 1 - **Draft 2 Financial Statements at 10 October 2024 at 15:52:38 THE LLANGASTY RETREAT HOUSE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ |**Unrestricted**
**Designated**
**Restricted**
**funds**
**funds**
**funds**
**Notes**
**£**
**£**
**£**
**Income from:**
Donations and legacies
**3**
47,228
-
972
Charitable activities
Retreats
144,410
-
-
Shop sales
2,674
-
-
Investments
**4**
714
-
-
**Total income**
195,026
-
972
**Expenditure on:**
Charitable activities
**5**
157,593
-
-
**Net incoming/(outgoing) resources**
37,433
-
972
**Other recognised gains and losses**
Revaluation of tangible fixed
assets
50,000
-
-
Other gains or losses
**12**
1,512
-
-
**Net movement in funds**
88,945
-
972
Fund balances at 1 January 2023
840,943
8,045
23,195
**Fund balances at 31 December**
**2023**
929,888
8,045
24,167|**Total**
**2023**
**£**
48,200
144,410
2,674
714
195,998
157,593
38,405
50,000
1,512
89,917
872,183
962,100|**Total**
**2022**
**£**
19,181
103,496
1,236
812
124,725
126,884
(2,159)
-
(6,011)
(8,170)
880,353
872,183| |---|---|---| The statement of financial activities includes all gains and losses recognised in the year. The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 2 - **Draft 2 Financial Statements at 10 October 2024 at 15:52:38 THE LLANGASTY RETREAT HOUSE TRUST** ## **BALANCE SHEET** ## _**AS AT 31 DECEMBER 2023**_ |**Notes**
**Fixed assets**
Tangible assets
**11**
Investments
**12**
**Current assets**
Stocks
**13**
Debtors
**14**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**16**
Net current assets
**Total assets less current liabilities**
**Creditors: amounts falling due after**
**more than one year**
**17**
**Net assets**
**Income funds**
Restricted funds
**19**
Designated funds
**20**
Unrestricted funds
General unrestricted funds
Revaluation reserve|**2023**
**£**
**£**
1,001,795
28,272
1,030,067
1,707
60,544
41,802
104,053
(8,895)
95,158
1,125,225
(163,125)
962,100
24,167
8,045
711,763
218,125
929,888
962,100|**2022**
**£**
**£**
952,436
26,760
979,196
1,950
23,842
39,334
65,126
(9,014)
56,112
1,035,308
(163,125)
872,183
23,195
8,045
672,818
168,125
840,943
872,183| |---|---|---| The financial statements were approved by the Trustees on ......................... .............................. ## **Trustee** - 3 - **Draft 2 Financial Statements at 10 October 2024 at 15:52:38 THE LLANGASTY RETREAT HOUSE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **1 Accounting policies** ## **Charity information** The Llangasty Retreat House Trust is a registered charity. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the trust's trust deed dated 6 December 1996, the Charities Act 2011 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)” (as amended for accounting periods commencing from 1 January 2016). The trust is a Public Benefit Entity as defined by FRS 102. The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include certain financial instruments at fair value. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. ## **1.4 Incoming resources** Income is recognised when the 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 receipt. Other donations are recognised once the 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 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. - 4 - **Draft 2 Financial Statements at 10 October 2024 at 15:52:38 THE LLANGASTY RETREAT HOUSE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **1 Accounting policies** ## **(Continued)** ## **1.5 Resources expended** All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. ## **1.6 Tangible fixed 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: Land and buildings No depreciation provided as included at valuation Plant and machinery 25% reducing balance Fixtures, fittings & equipment 25% reducing balance The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. ## **1.7 Fixed asset investments** Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred. ## **1.8 Impairment of fixed assets** At each reporting end date, the trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). ## **1.9 Stocks** Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. ## **1.10 Cash and cash equivalents** 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. - 5 - **Draft 2 Financial Statements at 10 October 2024 at 15:52:38 THE LLANGASTY RETREAT HOUSE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **1 Accounting policies** ## **(Continued)** ## **1.11 Financial instruments** The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled. ## **1.12 Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits. ## **1.13 Retirement benefits** Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. ## **2 Critical accounting estimates and judgements** In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. - 6 - **Draft 2 Financial Statements at 10 October 2024 at 15:52:38 THE LLANGASTY RETREAT HOUSE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **3 Donations and legacies** |**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**£**
**£**
Donations and gifts
5,311
972
Grant from boards of
Finance
12,500
-
Legacy
29,417
-
47,228
972|**Total**
Unrestricted
Restricted
funds
funds
**2023**
2022
2022
**£**
£
£
6,283
6,234
947
12,500
12,000
-
29,417
-
-
48,200
18,234
947|Total
2022
£
7,181
12,000
-| |---|---|---| |||19,181| ## **4 Income from investments** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2023**|**2022**| ||**£**|**£**| |Income from listed investments|686|779| |Interest receivable|28|33| ||714|812| - 7 - **Draft 2 Financial Statements at 10 October 2024 at 15:52:38 THE LLANGASTY RETREAT HOUSE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **5 Charitable activities** |House running costs
Provisions (inc Domestic Requisites)
Laundry
Heat and light
Council Tax
Water
Insurance
Chapel
Repairs and maintenance
Total House running costs
Staff costs (See note 8)
Depreciation and impairment
Shop / refreshments purchases
Garden expenses
Marketing
Share of support costs (see note 6)
Share of governance costs (see note 6)
**Analysis by fund**
Unrestricted funds
**For the year ended 31 December 2022**
Unrestricted funds|**2023**
**£**
16,175
9,002
13,470
1,050
578
4,183
420
6,520
51,398
96,142
641
388
1,971
1,198
151,738
5,055
800
157,593
157,593
157,593|**2022**
**£**
12,975
5,634
11,358
474
536
3,811
102
3,751| |---|---|---| |||38,641
78,251
811
477
1,326
542| |||120,048
5,192
1,644| |||126,884| |||126,884| |||126,884| - 8 - **Draft 2 Financial Statements at 10 October 2024 at 15:52:38 THE LLANGASTY RETREAT HOUSE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ |**6**
**Support costs**
**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Telecommunications
2,445
-
Stationery and postage
965
-
Affiliation fees
105
-
Sundries
1,047
-
Bank charges
65
-
Legal and professional
428
-
Accountancy fees
-
800
5,055
800
Analysed between
Charitable activities
5,055
800|**2023**
**£**
2,445
965
105
1,047
65
428
800
5,855
5,855|**2022 Basis of allocation**
**£**
2,747
847
55
875
132
536
1,644 Governance
6,836
6,836| |---|---|---| ## **7 Net movement in funds** |||| |---|---|---| |**Net movement in funds**|**2023**|**2022**| ||**£**|**£**| |The net movement in funds is stated after charging/(crediting):||| |Depreciation of owned tangible fixed assets|641|811| ## **8 Trustees** None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year. ## **9 Employees** ## **Number of employees** The average monthly number of employees during the year was: ||**2023**|**2022**| |---|---|---| ||**Number**|**Number**| |Staff|5|4| |**Employment costs**|**2023**|**2022**| ||**£**|**£**| |Wages and salaries|84,794|70,745| |Conductors fees|390|329| |Other pension costs|10,958|7,177| ||96,142|78,251| There were no employees whose annual remuneration was £60,000 or more. - 9 - **Draft 2 Financial Statements at 10 October 2024 at 15:52:38 THE LLANGASTY RETREAT HOUSE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **10 Taxation** The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. ## **11 Tangible fixed assets** |**Land and**
**buildings**
**£**
**Cost or valuation**
At 1 January 2023
950,000
Revaluation
50,000
At 31 December 2023
1,000,000
**Depreciation and impairment**
At 1 January 2023
-
Depreciation charged in the year
-
At 31 December 2023
-
**Carrying amount**
At 31 December 2023
1,000,000
At 31 December 2022
950,000
The carrying value of land included in land and buildings comprises:
Freehold|**Plant and**
**machinery**
**£**
82,438
-
82,438
80,073
619
80,692
1,746
2,365|**Fixtures,**
**fittings &**
**equipment**
**£**
3,162
-
3,162
3,091
22
3,113
49
71
**2023**
**£**
1,000,000|**Total**
**£**
1,035,600
50,000| |---|---|---|---| ||||1,085,600| ||||83,164
641| ||||83,805| ||||1,001,795| ||||952,436| ||||**2022**
**£**
950,000| Investment properties rented to another group entity have been accounted for using the cost model. The carrying value of these investment properties included within tangible fixed assets is £1,000,000 (2022 - £950,000). Land and buildings with a carrying amount of £1,000,000 were revalued at 31 December 2023 by Clee Tompkinson Francis, Chartered Surveyors, independent valuers not connected with the trust on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. Freehold land and buildings with a carrying amount of £1,000,000 (2022 - £950,000) have been pledged to secure borrowings of the trust. The trust is not allowed to pledge these assets as security for other borrowings or to sell them to another entity. - 10 - **Draft 2 Financial Statements at 10 October 2024 at 15:52:38 THE LLANGASTY RETREAT HOUSE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ |**12**
**Fixed asset investments**
**Cost or valuation**
At 1 January 2023 & 31 December 2023
**Carrying amount**
At 31 December 2023
At 31 December 2022
**13**
**Stocks**
Finished goods and goods for resale
**14**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Other debtors
**15**
**Loans and overdrafts**
Other loans
Payable after one year|**Listed**
**investments**
**£**
26,760
26,760
26,760
**2023**
**2022**
**£**
**£**
1,707
1,950
**2023**
**2022**
**£**
**£**
31,127
23,842
29,417
-
60,544
23,842
**2023**
**2022**
**£**
**£**
163,125
163,125
163,125
163,125| |---|---| The long-term loans are secured by fixed charges over the trust's freehold property. The loan is from the Llandaff Diocesan Board of Finance and is interest free. It is repayable only on the sale of the property. - 11 - **Draft 2 Financial Statements at 10 October 2024 at 15:52:38 THE LLANGASTY RETREAT HOUSE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **16 Creditors: amounts falling due within one year** |**16**
**Creditors: amounts falling due within one year**||| |---|---|---| |Other taxation and social security
Other creditors
Accruals and deferred income
**17**
**Creditors: amounts falling due after more than one year**
Borrowings
**18**
**Retirement benefit schemes**
**Defined contribution schemes**
Charge to profit or loss in respect of defined contribution schemes|**2023**
**£**
2,660
120
6,115
8,895
**2023**
**£**
163,125
**2023**
**£**
10,958|**2022**
**£**
1,249
289
7,476| |||9,014| |||**2022**
**£**
163,125| |||**2022**
**£**
7,177| The trust operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the trust in an independently administered fund. ## **19 Restricted 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**
Bursary to fund retreatants
Project account - Friends of Llangasty retreat House|**January**
**2023**
**Incoming**
**resources**
**At 31**
**December**
**2023**
**£**
**£**
**£**
343
-
343
22,852
972
23,824
23,195
972
24,167|**January**
**2023**
**Incoming**
**resources**
**At 31**
**December**
**2023**
**£**
**£**
**£**
343
-
343
22,852
972
23,824
23,195
972
24,167| |---|---|---| |||24,167| - 12 - **Draft 2 Financial Statements at 10 October 2024 at 15:52:38 THE LLANGASTY RETREAT HOUSE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ |**19**
**Restricted funds**
**Previous year:**
**At 1**
Bursary to fund retreatants
Project account - Friends of Llangasty retreat House|**(Continued)**
**January**
**2022**
**Incoming**
**resources**
**At 31**
**December**
**2022**
**£**
**£**
**£**
343
-
343
21,905
947
22,852
22,248
947
23,195| |---|---| The restricted funds relate to a bursary to enable retreatants to attend who could not afford to otherwise and Money raised by the Friends of Llangasty Retreat House for future Projects. ## **20 Endowment funds -** These are endowment funds funds which are material to the trust's activities. |**At 1**
**Previous year:**
**At 1**|**January**
**2023**
**At 31**
**December**
**2023**
**£**
**£**
8,045
8,045
**January**
**2022**
**At 31**
**December**
**2022**
**£**
**£**
8,045
8,045| |---|---| These comprise donations received in memory of Venerable J W J Rees and the legacy from the late David Evans for a future project. ## **21 Unrestricted 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**|**Incoming**|**Resources**|**Gains and**|**At 31**| |---|---|---|---|---|---| ||**2023**|**resources**|**expended**|**losses**|**December**| ||||||**2023**| ||**£**|**£**|**£**|**£**|**£**| |General funds|672,818|195,026|(157,593)|1,512|711,763| |Revaluation reserve|168,125|-|-|50,000|218,125| - 13 - **Draft 2 Financial Statements at 10 October 2024 at 15:52:38 THE LLANGASTY RETREAT HOUSE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ |**21**|**Unrestricted funds**|||||**(Continued)**| |---|---|---|---|---|---|---| ||**Previous year:**|**At 1 January**|**Incoming**|**Resources**|**Gains and**|**At 31**| |||**2022**|**resources**|**expended**|**losses**|**December**| |||||||**2022**| |||**£**|**£**|**£**|**£**|**£**| ||General funds|681,935|123,778|(126,884)|(6,011)|672,818| ||Revaluation reserve|168,125|-|-|-|168,125| |**22**|**Analysis of net assets between funds**|||||| ||||**Unrestricted**|**Designated**|**Restricted**|**Total**| ||||**£**|**£**|**£**|**£**| ||Fund balances at 31 December 2023 are|||||| ||represented by:|||||| ||Tangible assets||1,001,795|-|-|1,001,795| ||Investments||28,272|-|-|28,272| ||Current assets/(liabilities)||62,950|8,045|24,163|95,158| ||Long term liabilities||(163,125)|-|-|(163,125)| ||||929,892|8,045|24,163|962,100| ## **23 Related party transactions** There were no disclosable related party transactions during the year (2022 - none). - 14 - Draft 2 Financial Statements at 40 October 2024 at 15:52:38 EAT HOUSE TRU INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LLANGAsf( RETREAT HOUSE TRUST I report to the trustees on my examination of the financial statements of Tha Llangasty Retreat House Trust (the trust) for the year endéd 31 December 2023. ResponslbTlitles and basis of report As the Iruslees of the IrLÈSt you are responsible for the preparation of the financial statemenls in accordance with the requlrements of the CharitiesAct 2011 (the 2011 Act)- I report in respect of my examination of the trust's financial statemenls carried out under section 145 of the 2011 Act. In carrying out My examination I have followed all the applicable Directions glven by the Charity Commlssion under section 145{5)(b) of the 2011 Act. Independent examlner's statemcnt Your attention Is drawn lo the fact that the chartiy has prepared financial statements in accordance with Accounllng and Reporting by Charities preparing their accounts in accordance with Ihe Finan¢Aal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preferenGe to the Accounting and Roporting by Charities.. St8tement of Recommended Practice issued on 1 April 2005 which is referred to in the exianl regLJlations bul has now been withdrawn. l understand that this has been done In order for financial statements to provide a true and fair vlew In accordance with Generally Accapted Accounting Practice effective for reporting periods beginnlng on or after 1 January 2015. I have completed my examination. I confirm that no matlers have come to my attentlon in connection wlth the examination glving me cause to believe that in any material respect.. acGounllng records were not kept in respect of the trust as required by section 130 of the 2011 Act,. or the financial statements do not accord with those records. or the financial slatements do not compty with the applicable requirements Con￿rning the form and content of accounts set out in the Charilies (Accounts and Reports) Regulations 2008 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. I have no Concerns and have come across no other matters Sn connectlon with the examlnation lo which attention should be drawn in this report in order to enable a proper understanding of the financial slatements to be reached. PELeaFCA Linden House Monk Street Abergavenny Monmouthshire NP7 5NF