Charity registration number- 1161027 Audrey Tyler Trust Annual Report and Financial Statements for the Year Ended 31 March 2024
Audrey Tyler Trust Contents Trustees, Report I to3 Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to ihe Financial Slatemenls 7t0 12
Audrey Tyler Trust Trustees, Report The trustees present the annual report together with the flnancial statements of the charity for the year ended 31 March 2024. Objectives and activiti¢5 Objecls aiid aipnf The Charity's objectives and aims are lo promole ihe benefit of the inhabitants of the town of Brecon without distinclion sex or of political or religious or other opinions by Ihe advancement of education and the provision of facilities in the interest of social welfare for recrcation and leisure time occupation (with particular r¢fer¢nc¢ to music and dramalic art) with the object of improving the conditions of life for the said inhabitants. Public beiiefil The trustees confirni that they have complied wilh the requirements of section 17 of the Charities Act 201 I to have due regard lo the public benefii guidance published by Ihe Charity Commission for England and Wales. Granl maklngpollcief The Trust aim5 to distribute an amount of £30,000 to £40,000 annually, in a maximum allocaiion of £7,500 each to individuals* groups OT societies who meet Ihc criteria of the Trusts aims and objectiv¢s. Organisations interesied in applying need to submit an application to the Trust. Aehlevements and performanee During ihe year under review lh¢ chariiable trust made several distributions as follow5., Brecon Story - £ 1,000 - BrOn Jazz- £2,000 - Brecon Town - £2,750 - TRJ Morgan - £1,000 Brecon High School - £5,000 tjrecon Golf Club - £7,000 Brecon Scout Group- £850 Tolal Granls - £19,600 Fininclal review Prlnclpalfiiiidlng.iources The principal funding sources are Rental and Investmenl income. The Trusts investment portfolio is currently managed by Charles Stanley & Co. Limited. Page I
Audrey Tyler Trust Trustees, Report Reference and Administrallve Details Charity Registration Number., 161027 Principal Office: 27, Llandennis Ave Cyncoed Cardiff CF23 6JE Independent Examiner: HSJ Accountan15 Limited Severn House Hazell Drive Nepwort NP108FY Solicitors: Hugh James Two Central Square Cardiff CFIO IFS Bankers: Charles Stanley & Co Ltd 718 Park Plar¢ Cardiff CF103DP Trustees and offieers The tNstee5 and officers serving during the year and since the year end were as follow5., Trustees: Mr A Elston Mr J Pearn Structureg governance and management Nalure ofgovernlng documenl The Trust is a registered charity, number 1161027, and is constituted under a deed of trust dated l Oth January 1975. The Trnst was ¢stablished on the death of Miss Audrey 'fyler in 2013. The Trust does not a¢tiv¢ly fundraise and seeks lo continue Ihe charitable work desired by the donor through the careful stewardship of it5 existing resources. Page 2
Audrey Tyler Trust Trustee5' Report Statement of Trustees, Responsibilities The Iruslees are responsible for preparing the Iruslees, report and ihe financial statements in accordance with the Uniled Kingdom Accounting Standards (United Kingdom Generally Accepted Aceounling Practice) and applicable law and regulations. The law applicable to charities requires the truslees to prepare financial statements for each financial year which giv¢ a true and fair view of ihe state of affairs of Ihe charity and of the incoming resources and application of resou¢3 of the charity for that period. In preparing these financial statements, the Iru5te¢s are required io., select suitable accounting policies and ihen apply them consislenily. observe the methods and principles in the Charities SORP. make judgements and eslimales that are reasonable and prudent. state whether applicable aecounling standards have been followed, subject to any material departures disclosed and explained in the financial statements. and prepare the financial slalements on ihe goins concern basis unless it is inappropriate to presume that th¢ charity will continue in business. The tru3t¢es are rcsponsible for keeping proper accounting records thai disclose with reasonable accuracy at any time the finan¢ial position of the charity and enable them to ensure that the financial statemenls comply with Ihe Charities Aci 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the onslitution. The trustees are a150 responsible for safeguarding the assets of ihe eharity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The annual report was approved by the trustees of the charity on 5 December 2024 and signed on ils behalf by.. Mr J Pearn Trustee Page 3
Audrey Tyler Trust Independent Examiner's Report to the trustees of Audrey Tyler Trust I report io the trustees on my examination of the accounts of Audrey Tyler Trust for the year ended 31 March 2024. Responsibilities and basi5 of report As the charity truslees of Audrey Tyler Trust you are responsible for the preparation of ihe accounts in accordance with the requirements of the Charities Acl 2011 ('Ihe Act,). I report in respect of my examinaiion of the Audrey Tyler Trusvs accounts ¢arried out under section 145 of the 201 l A¢1 and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{5Xb) of the Act. Independent exY4miner's statement I have complctcd my examination. I confirrn that no material matters have come to my attention in Connection with the examination giving me cause to believe that in any material respect: accounting records were not kepi in respect of Audrey Tyler Trust a5 required by section 130 of the Act- or 2. the accounts do no¢ accord with those records" or 3. the ac¢ounls do not comply with the accounting requirements eoneerning the forni and contenl of a¢¢ounls set out in the Charilies (Accounts and Reports) Regulations 2008 other than any requirement that the accoun15 give a 'true and fair view which is not a matter considered as part of an indendent examination. I have no concerns and have come acros5 no other matlers in conDe¢tion with the examination 10 which attention should be drawn in this report in order to enable a proper underslandins of the accounts to be reached. Mr Andrew Hill FCCA ACA DChA BFP Severn House Hazell Drive Nepwort NPIO 8FY 5 December 2024 Page 4
Audrey Tyler Trust Statement of Financial Activities for the Year Ended 31 March 2024 Unrestrleted rundx Total 2024 Note Income and Endowments from: Other trading activities Inveslmenl income 23.760 17.852 23,760 17.852 Total income 41,612 41,612 Expendllure on: Charitable activities (40.845) (40.845) Total expendilure GainsAosses on investment assets (40,845) 27,261 (40,845) 27,261 Net income 28,028 28,028 Nel movement in funds 28,028 28,028 Reconelliation of funds Total ndS broughi forward ,180,336 1,180,336 Total funds carried forward 12 1,208,364 Unrestricted fund5 1,208.364 Total 2023 Note Income and Endowments frorn: Oiher trading activities Investment income 28,954 22,113 28,954 22,113 Total income 51,067 51,067 Exptndlture on: Charitable activities (39,597) (39,597) Tot81 expenditure Gains.Ilosses on investment assets (39,597) {80,295) (39,597) (80,295) Net expenditure Nel movement in funds (68,825 (68,825 (68,825) (68,825) Reconciliation of funds Total funds brought forward ,249,161 1,249,161 Total funds carried forward 12 ,180,336 1,180,336 All of the charity's activilies derive from continuing operations during the alx)v¢ Iwo periods. The funds breakdown for 2023 is shown in note 12. The notes on pages 7 10 12 fonn an integral part of these financial slalem¢nts, Page 5
Audrey Tyler Trust {Registration Dumber: 1161027) Balance Sheet as at 31 March 2024 2024 2023 Note Fixed assels Investments ,213,262 ,178,248 Current assets Cash at bank and in hand 10 82 5,087 Credltors: Amounts fAlllng due within one ye*r 4,980 2,999) Net current (I18bllitiesyae1s (4,898) 2,088 Net assets 1.208,364 1,180,336 Funds of the charily: Unrestrleted income funds Unrestricted funds 1,208,364 1,180,336 Total funds 12 1,208,364 1.180,336 The financial statements on pages S to 12 were approved by the trustees, and auihorised for issue on 5 December 2024 and signed on iheir behalf by: MrJPe Trustee The notes on pages 7 to 12 fomi an integral part of these financial statements. Page 6
Audrey Tyler Trust Notes to the Financial Statements for the Year Ended 31 March 2024 l Attountlng polieies Statement of compllance The financial statements have been prepared in aeeordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019. the Financial Reporting Standard applicable in ihe United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. Basis of preparation The financial statement5 of the ¢harity, which is a public benefit entity under FRS 102, have been prepared in accordance with Ihe Charilies SORP (FRS 102) 'Acrounting and Reportingby Charilie5.' Sialement of Recommended Practice applicable lo charities preparing Iheir accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Siandard applicable in Ihe UK and Republic of Ireland, and the Charilies Act 2011, The financial statements have been prepared under ihe hislorical cost onvenlion, with the exception of investmenls which are included at market value, as modified by the revaluation of certain assets. Exemption from preparlng a cash flow slat¢m¢nt The charity Opted to early adopi Bulletin I published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements. Going eoneern The trusl¢es consider that ihere are no material uncertainties about the charity's ability to continue as a going ¢on¢ern. Income and endowments All income is recognised in the Statement of Firtancial Activities once the charity has eniiilement to the funds, it is probable that ihe inrome will be received and the amount can be measured reliably liiveslmeuf Income Interesl on funds held on deposil is includ¢d when receivable and the amount can be measured reliably by the charity. this is nornially upon nolificalion of the int¢rest paid or payable by the bank. Expenditure Liabilities are recognised as expendtture as soon as there is a legal or construclive obligation commilling the charity 10 ihal. expenditure, it is probable thal a Iransfer of economic benefits will be required in selllemenl and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where cosis cannol be directly atlribuled to particular headings Ih¢y hav¢ b¢¢n allocated (o a¢tivilies on a basis consistent wilh th¢ us¢ of resources. Granl Lypeiidiiur Grants ofT¢r¢d subj¢rl lo ¢onditions which have not been mel at the year end date are noted as a commitment but nol accrued as expendilure. Page 7
Audrey Tyler Trust Notes to the Finaneial Statements for the Year Ended 31 March 2024 Governance costs These include the costs attribuiable to the charity's complianc¢ with Constilutional and statutory requirements. including audit, strategic management and trustees's meetings and reimbursed expenses, Taxation The charity is exempt from tax on 115 charitable activities. Investment propertles Investment property is carried at fair value, derived from ihe current market prices for Comparable real estate deterniined annually by external valuers. The valuers use observable markei prices. adjusted if necessary for any difference in the nature, location or condition of the 5p¢¢ific asset. Changes in fair value are recognised in profit or loss. Fixed 8$set Investments Fixed asset inveslmenls, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments ar¢ calculated as the difference between sales proceeds and their market value al th¢ start of the year. or their subsequent cosl, and are charged or credited to the Statement of Financial Aclivities in the period of disposal. Unrealised gains and losses represeni ihe movement in markei values during the year and are credited or Charged lo the Sialement of Financial Aclivilies based on the market value at the year end. Cash and cash equlvalenls Cash and cash equivalents comprise cash on hand and call deposits, and oiher short-temi highly liquid investmenls thai are readily convertible 10 a known amount of cash and are subject to an insignificant risk of change in value. Fund Structure Unrestricted funds Can be used in accordance with the ¢harilable objeclive5 at the discretion of the trustees. Restricted funds can only be used for particular re$tricled purposes within the obJts of th¢ ¢harity. Reslriclions arise when specified by Ihe donor or when funds are raised for particular restricted purpos¢5. Further explanation of the nature and purpose of each fund is included in the notes to th¢ financial statements 2 Incom¢ from other trading aetiyllles Unrestrlcted funds General Total funds Total 2023 Property rental income 23,760 23,760 28,954 23.760 23,760 28.954 Page 8
Audrry Tyler Trust Notes to the Finaneial Statements for the Year Ended 31 Mareh 2024 3 Investment income Unrestricted funds General Total 2024 Total 2023 Income from dividend5' Dividends receivable from other listed investments 17,852 17.852 22.113 4 Expenditure on chgrltable aetivities Unrestricted funds General Total 2024 Total 2023 Note Charitabl acliviiies Grant funding of activities Governance cosls 10,863 19.600 10,382 10,863 19,6(K) 10,382 9,808 20,730 9,059 40,845 40,845 39,597 S Analysis of governance gnd support Costs Governance costs Unre5tri¢ted funds General Total 2024 Tolal 2023 Independenl examiner fees Examination of the financial slalements Trustees remuneration and expenses Legal fees 1,980 1,742 6,660 1,980 1,742 6,660 3.000 292 5,767 10,382 10,382 9,059 6 Trustee5 remuneration and expenses During the year the charity made the following tran¢[lOnS with Iruste¢s'. Mr A Elslon £1,742 (2023: £292) of expenses were reimbursed io Mr A Elston during the year. No ITusl¢e5, nor any persons connected with them, have received any remuneralion from ihe charity during the year. No Irustees have received any other benefits from the charity during the year. Page 9
Audrey Tyler Trust Notes to the Financial Statements for the Year Ended 31 March 2024 7 Independent examiner's remuneratlon 2024 2023 Examination of th¢ financial statements 1,980 3,000 8 Taxatlon The charity is a registered charity and is therefore exempt from taxalion. 9 Flxed 05S¢t investments 2024 2023 Investment properties Other investments 580,001 633,261 ,213,262 580,001 598,247 1,178,248 Investm¢nt propertles Investment propertleg Cost or Valuatlon At l April 2023 580,001 Provision Al 31 March 2024 Net book value At 31 March 2024 580.001 At 31 March 2023 There has been no valuation of inv¢stm¢nt property by an independent valuer. 580.001 Page 10
Audrey Tyler Trust Notes to the Financial Statements for the Year Ended 31 March 2024 Other investments Listed inveslrn¢nts Unlisted investments Total Cost or Valuation At l April 2023 Revaluation Addition5 Disposals 559,170 27,261 76,956 (47,371) 38,077 597,247 27.261 65,224 142,180 (86,056) (133,427) At 31 March 2024 616,016 17,245 633.261 Net book value Al 31 March 2024 616,016 17,245 633,261 Al 31 March 2023 559,170 38.077 597,247 10 Cash and cash equivalents 2024 2023 Cash at bank 82 5,087 Creditors: amounts fglling due wlthln one year 2024 2023 Accruals 4,980 2,999 12 Funds Other recognised gainsl(losses) Bal*nee at 31 March 2024 Balanee at I April 2023 Incoming resource5 Resourcej expended Unrestricted funds General ,180,336 41.612 (40,845) 27,261 1,208.364 Olher recognised gainsl(losses) Balance al 31 March 2023 Bslanee al I Aprll 2022 Incoming resourcvs Resoureex expended Unrestricted fund5 General 1.249,161 51,067 (39,597) (80.295) 1,180,336 Pagell
Audrey Tyler Trust Notes to the Financial Statements for the Year Ended 31 March 2024 13 An8lysi$ of nel gssets between funds Unrestricted funds General Total funds at 31 March 2024 Fixed asset investments Current assels Current liabilities ,213,262 82 (4,980 .213,262 82 (4,980) Total net assels 1.208,364 1,208,364 Unrestrieted funds General Total funds at 31 March 2023 Fixed asset investments Current assets Current liabilities ,178,248 5,087 2,999 1,178,248 5,087 2,999 Total assets ,180,336 ,180,336 Page 12
Audrey Tyler Trust Detailed Statement of Financial Activities for the Year Ended 31 March 2024 Total 2024 Total 2023 Ollier Iradliig acllvllies Rental income 23,760 28,954 23,760 28,954 Invesimeiii Ineopne Income from lisied inves¢ments 17.852 22,113 17,852 22.113 Cliarilable acllvllles Grants payable - individuals Insurance Repairs and maintenance Management chargLbs payable Advertising Miscellaneous expenses Accounlancy fee5 Legal and professional fees (19,600) (621) (1.143) (9,099) (20,730) (9,218) (590) (292) (3,000) (5,767) (1,742) (1,980) (6,660 (40,845) 39,597 This page does not fomi part of the siaiutory financial statemenls. Page 13