REGISTERED COMPANY NUMBER: 04681702 {England and Wales) REGISTERED CHARITY NUMBER: 1106646 Re ortof h Tr .V_ngydited Financial Statements for the Year End_ed 3.lst March 2024 for Llanelly House_Tru5t Ltd Ashmole & Co Chartered Certified Accountants Castle House High Street Ammanford Carmarthenshire SA18 2NB
Llanell House Trust Ltd Content5 of the Financial Statements for the Year Ended 31st March 2024 Page Report of the Trustees Independent Examiner's Report Statement of Flnanclal Activitles Balance Sheet Cash Flow Statement io Notes to the Cash Flow Statement li Notes to the Flnancial Statements 12 to 23
Llanell House Trust Ltd Re Istered number: 04681702 Re ort ofthe Trustees for the Year Ended 31st March 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2024. The trustees have adopted the provisions of 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 IFRS 1021 (effective l January 20191. OBJECTIVES AND AcfiviTIES Oblectlves and aims The Charity's objectives are for the benefit of the people of Carmarthenshire and the public at large and are to preserve, restore and regenerate, the historical, architectural, archaeological and environmental interests. To advance the education of the public in history, arts, culture and heritage in Carmarthenshire. In pursuance of its objectives the Charity may promote such charities or charitable purposes as the Charitv decide by unanimous resolution of its members from time to time. The Trust is now focusing primarily on preserving the heritage of Llanelly House, and has no funding opportunities for future projects. Public benefit The trustees confirm that they have complied with their duty in section 17151 of the 2011 Charities Act with regard to the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives in planning of future activities. The Charity has demonstrated its aims are for public benefit through the provision of activities and events which have enabled all to enjoy and experience, including activities such as the Community Engagement work that continues through the efforts of the Llanelly House team. The Trustees would like to thank the House team for their sterling efforts, commitment, enerbry, and enthusiasm during the year. The diverse range of events and functions organised by the staff are helping to make the House a unique venue as well as a major player in revitali5ing the town centre. Page I
Llanell House Trust Ltd Re istered number: 046_81702 Rep.ort of the Trustees for the Year Ended 31st March 2024 ACHIEVEMENT AND PERFORMANCE Charilable artivities PROJECTS Llanelly House Operation In April to July 2023 Llanelly House was thriving hosting events, tours and promoting Llanelly House. Tragically in the early hours of Sunday, July the 9th 2023 an electric fire occurred in the plant room. Thankfully the fire was promptly extinguished by the fire brigade however significant damage was suffered to all the essential plant room equipment. Extensive work was conducted in the subsequent months and on Monday the 5th of February 2024 the house was finally ready to reopen. Since then, we have been delighted to host a variety of events such as weddings. conferences, tours and to offer a wonderful space for the many community groups who continue to support Llanelly House. Funding from Carmarthenshire County Council and Llanelli Town Council continued in 202312024, with Llanellv House successfully securing funding for the 202412025 years. The funding was awarded in recognition of the extraordinary overheads incurred in maintaining the historic building known as Llanelly House. In April 2023 Llanelly House was able to secure a grant from the Rural council for much needed building repairs. In October 2023 a large grant from the National Heritage Lottery Fund was awarded to us and works on painting and equipment upgrades begun. Llanelly House continued to diversify its programme of events and continued supporting Ymlaen Llanelli and other local social enterprises in its quest to deliver events to encourage much needed footfall in the town centre. The Llanelly House Schools Project Workbook is nearing completion, and we will roll out the new children's educational school tours in the new school year. The financial performance of Llanelly House operations is reported separately as the trading company Plas Llanelly House Cyf. FINANCIAL REVIEW Principal funding sources The Charity is entirely reliant on earned income and grants and the principal sources during 2023124 were: Carmarthenshire County Council Ilanelly House Llanelli Town Council Llanelly House Management Income - Llanelly House The Llanelli Rural Council The National Heritage Lottery Fund Investment pollcy and objectives The Charity had no investments and there were therefore no social, ethical or environmental issues relating to the policy aspects. Page 2
Llanell House Trust Ltd istered number: 04681702L ortofth Tr te for the Year Ended 31st March 2024 FINANCIAL REVIEW Reserves policy At 31st March 2024 free reserves were £201,098. Llanelly House ha5 much of its reserves tied up in its Leasehold property (Llanelly House) and the maintenance thereof. This property IS the crux of its operations, without which the Charity could not offer its services. Otherwise. it tries to maintain sufficient reserves to meet ongoing maintenance and other costs. The reseNes policy is reviewed annually in the light of the main risks facing the charity. Having re-examined its strategic plan, the Trustees will seek to maintain a reserve level that will enable it to carry out any repairs necessary as and when they arise. Going concern The Charity has secured funding from Carmarthenshire County Council and the Llanelli Town for 202312024 with a review after a two year period. Discussions have indicated the need for ongoing support for 2024125 and beyond. The trustees therefore consider it appropriate for the financial statements to be prepared on a going concern basis. FUTURE PLANS It is clear that the main objective for the charity is to ensure its operations are sustainable in the mid to long term, and that this will require constant vigilance and review of the business plan and objectives with accurate monitoring of targets and margins. Future external funding is likely to be needed for major maintenance projects. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust, and constitutes 3 charitable company, limited by guarantee, as defined by the Companies Act 2006. Recruitment and appointment of new trustees New trustees are recruited from individuals who are already supportive of the charity and its objectives. The Trust follows best practice in the recruitment and training of trustees as suggested by both the Charity Commission and the Wales Council for Voluntary Associations. Initial training includes a full briefing on the operation of the trust, details of trustee responsibilities and liabilities, health and safety and are provided with financial information together with a copy of the governing document. A skills audit is undertaken when appropriate to ensure that current trustees have the requisite skills and experience to undertake their role fully and competently and to identify potential gaps. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 04681702 (England and Wales) Page 3
Llanell House Trust Ltd Re istered number: 04681702 ort of the Trust es for the Year Ended 31st March 2024 Reglstered Charity number 1106646 Registered offlce Llanelly House 8ridge Street Llanelli Carmarthenshire SA15 3UF Trustees Ms A Evans MBOwen Dr K Jones J E Phillips R Stephens (resigned 20.2.241 N Symmons P R Piana Independent Examiner Ashmole & Co Chartered Certified Accountants Castle House High Street Ammanford Carmarthenshire SA18 2N8 Bankers Lloyds Bank PLC 21 Stepney Street Llanelli Carmarthenshire SA15 3YD Approved by order of the board of trustees on 25th November 2024 and signed on its behalf by.. Dr K Jones - Trustee Page 4
Inde Èndent Examiner's Re ort to the Trustees of Llanell House Trust Ltd Independent examiner's report to the trustees of Llanelly House Trust Ltd ('the Company'l I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st March 2024. Re5ponsibilitles and basis of report As the charity's trustees of the Company land also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 Act'l. 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 your charity's accounts as carried out under Section 145 of the Charities Act 2011 I'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145151 Ibl of the 2011 Act. Page 5
Inde endent Examiner's RÈ ort to the Trustees of Llanelyl House Trust Ltd Independent examlner's statement Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that l am qualified to undertake the examination because l am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies. 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: accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act,. or the accounts do not accord with those records,. or 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; or 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 IFRS 10211. 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 accounts to be reached. Mrs Laura Joanne Craddock Ashmole & Co Chartered Certified Accountants Castle House High Street Ammanford Carmarthenshire SA18 2NB 25th November 2024 Page 6
Llanell House Trust Ltd Statement of Financial Activities for the Year Ended 31st March 2024 31.3.24 Total funds 31.3.23 Total funds Unrestricted fund Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 630 630 Charitable actlvities Llanelly House operations 137,500 26,972 164,472 162,000 Investment income Other income 14 470,920 14 470,920 7,393 Total 609,064 26,972 636.036 169,393 EXPENDITURE ON Charitable actlvities Llanelly House operations 576,334 27,172 603,506 150,919 NET INCOMEIIEXPENDITURE) 32,730 12001 32,530 18,474 RECONCILIATION OF FUNDS Total funds brought forward 356,839 632,239 989,078 970,604 TOTAL FUNDS CARRIED FORWARD 389,569 632,039 1,021,608 989,078 The notes form part of these f inancial statements Page 7
Llanell House Trust Ltd Re istered number: 04681702 Balance Sheet 31st March 2024 31.3.24 31.3.23 Notes FIXED ASSETS Tangible assets 14 814,310 814,670 CURRENT ASSETS Debtors Cash at bank and in hand 15 223,475 50,113 38,065 147,098 273,588 185,163 CREDITORS Amounts falling due within one year 16 166,2901 110,7551 NET CURRENT ASSETS 207,298 174,408 TOTAL ASSETS LESS CURRENT LIABILITIES 1,021,608 989,078 NET A55ETS 1,021,608 989,078 FUNDS Unrestricted funds Restricted funds 18 389,569 632,039 356,839 632,239 TOTAL FUNDS 1,021,608 989,078 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 ir) accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for lal ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. Ibl The notes form part of these financial statements Page 8 continued...
LlanellLHouse Trust Ltd Re Istered number: 04681702 Balance Sheet- continued 31st March 2024 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 25th November 2024 and were signed on its behalf by.. A Evans- Trustee The notes form part of these financial statements Page 9
Llanell House Trust Ltd Cash Flow Statement for the Year Ended 31st March 2024 31.3.24 31.3.23 Notes Cash f lows from operating activities Cash generated from operations 180,5201 19,767 Net cash used in operating activities 180.5201 19,7671 Cash f lows from Investing activitie5 Purchase of tangible fixed assets Interest received 116,4791 14 Net cash (used inl/provided by investing activities 116,4651 Change In cash and cash equivalent5 In the reporting period Cash and cash equlvalents at the beglnnlng of the reporting period 196,9851 19,7671 147,098 156,865 Cash and cash equivalents at the end of the reportlng perlod 50,113 147,098 The notes form part of these f inancial statements Page 10
Llanell House Trust Ltd Notes to the Cash Flow Statement for the Year Ended 31st March 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING AcfiviTIES 31.3.24 31.3.23 Net Income for the reporting period (as per the Statement of Financial Activities) Adjustment5 for: Depreciation charges Interest received Increase in debtors Increaselldecreasel in creditors 32,530 18,474 16,839 1141 1185,4101 55,535 12,959 136,4471 14,7531 Net cash used In operations 180,5201 19,7671 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.23 Cash flow At 31.3.24 Net cash Cash at bank and in hand 147,098 196,9851 50,113 147,098 196,9851 50,113 Total 147,098 196,9851 50,113 The notes form part of these financial statements Page 11
Llanell House Trust Ltd Notes to the Financlal Statements for the Year Ended 31st March 2024 ACCOUNTING POLICIES Basls of preparing the financial statements The financial statements of the chaiitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 '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 IFRS 1021 (effective I January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets. Income All incorne is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recoEnised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the oblig3tion can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headinES that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headinES they have been allocated to activities on a basi5 conslstent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted 35 a commitment but not accrued as expenditure. Governance costs Governance costs include costs of preparation and examination of the statutory accounts, the costs of trustee meetings and the cost of any legal advice to the trustees on governance or constitutional matters. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Long leasehold Plant and machinery Fixture5 and fittings in accordance with the property 20Y) on cost 25% on reducing balance Individual fixed assets costing £500 or more are initially recorded at costs. Included in Fixtures & Fittings are the Llanelly House Collection of artefacts. Due to their historic value these have not been depreciated. Taxation The charity is exempt from corporation tax on its charitable activities. Page 12 continued...
Llanell House Trust Ltd Notes to the Financial Statement5- continued for the Year Ended 31st March 2024 ACCOUNTING POLICIES- continued Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. DONATIONS AND LEGACIES 31.3.24 31.3.23 Donations 630 INVESTMENT INCOME 31.3.24 31.3.23 Other interest 14 INCOME FROM CHARITABLE AcfiviTIES 31.3.24 Llanelly House operations 31.3,23 Total ctivitie5 Management charges Grants 17,5CNJ 146,972 42,000 120,000 164,472 162,000 Grants received, included in the above, are as follows.. 31.3.24 31.3.23 National Lottery Heritage fund Llanelli Rural Council 16,972 10,000 Carried forward 26,972 Page 13 continued...
Llanell House Trust Ltd Notes to the Financial Statements- Contlnue for the Year Ended 31st March 2024 INCOME FROM CHARITABLE ACTIVITIES- continued 31.3.24 31.3.23 Brought forward Llanelli Town Council Carmarthenshire County Council 26,972 60,000 60,000 60,000 60,000 146,972 120,000 OTHER INCOME Other income is monies received in relation to the insurance claim made following the fire in July 2023. CHARITABLE AcfiviTIES COSTS Grant funding of activities (see note Direct Cost5 Isee note 71 Support costs (see note 91 81 Tota15 Llanelly House operations 498,720 89,000 15,786 603,506 DIRECT COSTS OF CHARITABLE AcfiviTIES 31.3.24 31.3.23 Sundries Heat & Light Subscriptions & donations Repairs & maintenance Project costs Cleaning Security Rates Depreciation 190 23,547 27 390,443 2,237 647 63,404 1,386 16,839 25,262 10,823 2,180 12,959 498,720 51,224 Page 14 continued..
Llanell House Trust Ltd Notes to the Financial Statemen continue for the Year Ended 31st March 2024 GRANTS PAYABLE 31.3.24 31.3.23 Llanelly House operations 89,000 85,000 The total grants paid to institutions during the year was as follows.. 31.3.24 31.3.23 Plas Llanelly House Cyf 89,000 85,000 SUPPORT COSTS Governance costs Management Totals Llanelly House operations 13,236 2,550 15,786 Support costs, included in the above, are as follows.. Management 31.3.24 Llanelly House operations 31.3.23 Total ctivities Insurance Office expenses Bank charges 12,960 192 12,329 192 84 13,236 12,605 Page 15 continued...
Llanell House Trust Ltd Notes to the Financial Statements- continued for the Year Ended 31st March 2024 SUPPORT COSTS- continued Governance costs 31.3.24 Llanelly House operations 31.3.23 Total activities Accountancy 2,550 2,090 io. NET INCOME/IEXPENDITUREI Net incomellexpenditurel is stated after chargingllcreditingl: 31.3.24 31.3.23 Depreciation - owned assets 16,839 12,959 ii. TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31st March 2024 nor for the year ended 31st March 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31st March 2024 nor for the year ended 31st March 2023. 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Restricted funds Total funds INCOME AND ENDOWMENTS FROM Charitable activitie5 Llanelly House operations 162,000 162,000 Other income 7,393 7,393 Total 169,393 169,393 EXPENDITURE ON Charitable artivities Llanelly House operations 138,156 12,763 150,919 Page 16 continued...
Llanell House Trust Ltd Notes to the Financial Statements- continued for the Year Ended 31st March 2024 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- continued Unrestricted fund Restricted funds Total funds NET INCOME/IEXPENDITURE) 31,237 112,7631 18,474 RECONCILIATION OF FUNDS Total fLJnd5 brought forward 325,602 645,002 970,604 TOTAL FUNDS CARRIED FORWARD 356,839 632,239 989,078 13. TAXATION The company is a registered charity and is exempt from taxation in respect of its Charitable activities. 14. TANGIBLE FIXED ASSETS Fixtures and fittings Long leasehold Plant and machinerv Totals COST OR VALUATION At 1st April 2023 Additions 600,000 493,781 306,433 16,479 1,400,214 16,479 At 31st March 2024 600,000 493,781 322,912 1,416,693 DEPRECIATION At 1st April 2023 Charge for year 19.363 12,000 493,780 72,401 4,839 585,544 16,839 At 31st March 2024 31,363 493,780 77,240 602,383 NET BOOK VALUE At 31st March 2024 568,637 245,672 814,310 At 31st March 2023 580,637 234,032 814,670 Page 17 continued...
Llanell House Trust Ltd Notes to the Financial Stat ments- continued for the Year Ended 315t March 2024 14. TANGIBLE FIXED ASSETS- continued Cost or Valuation at the 31st March 2024 for the Long Leasehold property is represented.. Cost Valuation 2015 Valuation 2021 270,000 380,000 150,0001 600,000 If Freehold property and Long Leasehold property had not been revalued or impaired they would have been included at the following historical cost: Lon8 leasehold propertv C05t 270,000 Aggregate depreciation 10,800 Long Leasehold Property was valued on an open market basis on 9th July 2021 by Rees Richards & Partners. The Trustees consider the open market valuation at this date to be a fair estimation of the valuation of Long Leasehold Property as at 31st March 2024. 15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Trade debtors PLH Cyf Other debtor VAT 34,720 112,337 7,580 68,838 38,065 223,475 38,065 Page 18 continued...
Llanell House Trust Ltd Notes to the Financial Statements- con inued for the Year Ended 31st March 2024 16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Trade creditors VAT Accruals and deferred income 53,089 5,087 5,668 13,201 66,290 10,755 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS 31.3.24 Total funds 31.3.23 Total funds Unrestricted fund Restricted funds Fixed assets Current assets Current liabilities 188,471 259,808 158,7101 625,839 13,780 17,5801 814,310 273,588 166,2901 814.670 185,163 110,7551 389,569 632,039 1,021,608 989,078 18. MOVEMENT IN FUNDS Net movement in funds At 31.3.24 At 1.4.23 Unrestricted funds General fund 356,839 32,730 389,569 Restricted funds Llanelly House YMCA Big Picture Llanelly House National Lottery Heritage Fund Revaluation Reserve Llanelli Rural Council 261,489 1,950 52,000 15,9721 255,517 1,950 52,000 8,122 310,200 4,250 8,122 16,600 4,250 316,800 632,239 12001 632,039 TOTAL FUNDS 989,078 32,530 1,021,608 Page 19 continued...
Llanell House Trust Ltd Notes to the Financial Statements- continued for the Year Ended 31st March 2024 18. MOVEMENT IN FUNDS- contlnued Net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 609,064 1576,3341 32,730 Restricted fund5 Llanelly House National Lottery Heritage Fund Revaluation Reserve Llanelli Rural Council 15,9721 18,8501 16,6001 15,7501 15,9721 8,122 16,6001 4,250 16,972 10,000 26,972 127,1721 12001 TOTAL FUNDS 636,036 1603,5061 32,530 Comparatives for movement in funds Net movement in funds At 31.3.23 At 1.4.22 Unrestrlcted funds General fund 325.602 31,237 356,839 Restricted funds Llanelly House YMCA Big Picture Llanelly House Revaluation Reserve 267.652 1,950 52,000 323,400 16,1631 261,489 1,950 52,000 316,800 16,6001 645.002 112,7631 632,239 TOTAL FUNDS 970,604 18,474 989,078 Page 20 continued...
Llanell House Trust Ltd No s t the Flnancial Statements- ontinued for the Year Ended 31st March 2024 18. MOVEMENT IN FUNDS- continued Comparative net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unre5trlcted funds General fund 169,393 1138,1561 31,237 Restrlrted funds Llanelly House Revaluation Reserve 16,1631 16.6001 16,1631 16,6001 112,7631 112,7631 TOTAL FUNDS 169,393 1150,9191 18,474 A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 31.3.24 At 1.4,22 Unrestricled funds General fund 325,602 63,967 389,569 Restricted funds Llanelly House YMCA Big Picture Llanelly House National Lottery Heritage Fund Revaluation Reserve Llanelli Rural Council 267,652 1,950 52,000 112,1351 255,517 1,950 52,000 8,122 310,200 4,250 8,122 113,2001 4,250 323,400 645,002 112,9631 632,039 TOTAL FUNDS 970,604 51,004 1,021,608 Page 21 continued.
Llanell House Trust Ltd Notes to the Fin ncial Statements- continue for the Year Ended 31st March 2024 18. MOVEMENT IN FUNDS- continued A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 778,457 1714,4901 63,967 Restrlcted funds Llanelly House National Lottery Heritage Fund Revaluation Reserve Llanelli Rural Council 112,1351 18,8501 113,2001 15,7501 112,1351 8,122 113,2001 4,250 16,972 10,000 26,972 139,9351 112,9631 TOTAL FUNDS 805,429 1754,4251 51,004 Llanelly House- A restricted fund whereby funds are restricted for the use of restoration and development of Llanelly House. YMCA.. A restricted fund whereby legacy for the YMCA project in Merthyr Tydfil are held. The Big Picture Llanelly House.. A restricted fund that allowed for the purchase of the portrait painted by Sir Joshua Reynolds PRA11723-17921 of Sir John Stepney 8th Baronet 11743-18111, its restoration and re-hanging at Llanelly House. National Lottery Heritage Fund A restricted fund for improvement and assets for the charity that help value, care for and sustain heritage for everyone across the UK, now and in the future. Llanelli Rural Council Fund: A restricted fund whereby funds are restricted to be used for minor repairs. Revaluation Reserves.. A restricted fund in relation to the revaluation of property Llanelly House. Page 22 continued...
Llanell House Trust Ltd Notes to the Financial Statements- continued for the Year Ended 31st March 2024 19. CONTINGENT LIABILITIES The Trustees of the National Heritage Memorial Fund hold a charge over the lease hold property known as Llanelly House and other assets held by Llanelly House Trust Ltd. 20. RELATED PARTY DISCLOSURES During the year management charges of £17,50012023:£42,0001 were charged to Plas Llanelly House Cyf. At the year end there was an intercompany loan owed by Plas Llanelly House Cyf totalling £112,337 12023.. £38,065). 21. ULTIMATE CONTROLLING PARTY The Charity is controlled by the Trustees who are all Directors of the Company. 22. MEMBERS LIABILITY The Charity is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. Page 23