Charity nurnber: 1165883 YMDDIRIEDOLAETH CLOUGH WILLIAMS-ELLIS FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 WR Partners Protecting your future.
YMDDIRIEDOLAETH CLOUGH WILLIAMS-ELLIS FOUNDATION CONTENTS Page R•fèr•nc8 and administrativ• detsils of th• Charity. its Trustt•s and advlsers Trustee5' report Independent audltor$' report on tho financial ytat•m•nts Statem•nt of financial activitl•s 9-12 13 Balanc• sheet 14 Statom•nt ol cash flows Notes to th• financial stat•m•nts 16-32
YMDDIRIEDOLAEfH CLOUGH WILLIAMS.ELLIS FOUNDATION REFERENCE AND ADMINISTRATIVE DEfAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2021 Truste•¥ J C Wallace M Angharad D Iwan I Huw5 R Garden S Dolma M Jones D Wynne-Finch Charlly reglstered number 1165883 Princlpal offlc Hafren HDuse, 5 St Giles Busir*$s Park, Pod Road, Newtown. Powys. SY16 3KI Inv•stmènt portfolio managers Smith & Willramson, 25 Moorgale. London, EC2R 6AY Indep•ndent audltor¥ WR Partners, H8fren House. 5 Sl Giles Busines5 Park. Pool Road, NeoWn, Powy3. SY16 3AJ Bankers AMC Bank. AMC Housg. Chantry Street. Andover. Hampshire, SP10 10E HS8C, e2 High Street. Porthmadog. Gwyne11d. LL49 9LN Lloyds Banking Group, 28 Regenl Street. Wrexham. Cl. LLI 1 1SE Sollcltors Farrer & Co, 66 Lincolns Inn Fields, London. WC2 3LH. Hooper Burrows Legal, 11 Yeomanry Road, Baluefidd EnlertKise Park. Shrewsbury. Shropshlre, SY1 3EH Managing Agents B211ours LLP, New Windsor House. Oxon BUSISS Park, Shrewsbury. Shropshire, SY3 SHJ Page 1
YMDDIRIEDOLAETH CLOUGH WILLIAMS-ELLIS FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED S APRIL 2021 The Trustees present their annual report logelf*r with the audited financial stslements ol the Charity for the year 6 April 2D2D to 5 April 2021. SIre the Charity qualrfies as small under section 383. the strategic report required of medium and large companies under The Companies Act 2006 {strateg Report and Direclorfs Regortl RegLJlations 2013 is not required. Obj•¢tiv¢s and a¢tl¥Stl•s Pollcies and objectives The object5 01 the Charrt3blè Incorporated Organisation ICIOI are as follows.. To conlribulg lowards or for Ihe benefit or lurtherance of such charitable Inslilulions or charitable wrpos$s In such manner and Irf more Ihan one) in such shares as the Trustees shall in their absolute discretion from time to time determine and in particular bul without prejudice lo the generality ol the loregoing lo or towards or lor all or ony of the charitable purposes sel out in Clause 2 below In North Wales and especially in Snowdonia and Gvrynedd induding In particular Ihe Portmeirirjn peninsula al Minffor¢J Penrhyndeu(Iraelh and Ihe Brondanw Parc and Croesor Esta16 al Llanfrothen Gwynedd IAreal for the ntIl1 of the public generally and especsally the inhabilants of the Area.. 2.1 to promote the preservation ol lands ol beauty or hisloriG. ecdogical or other s¢igntifi¢ interest and generally lo protect preseNe 8nd improve the natural aspect, character, envlronmgnt, biodiversity and amenities ol thc Area.. 2.2 to promote responsible pU1C acce55 to the counlwide. the provision ol rovtes gnd ways Irefor and the r)reservation of lootpaths. commons an¢J wasle lands.. 2.3 to promote the preseNallon and rehab¢'litation of 98rdens and deSd landscapes which are of national. historic or artislic interest and wblic access to aTrJ enjoyTnent of such gardens and landscapes.. 2.4 to promote the preserv81if)n and restoration of buildings which ar8 of nalional, histor, archileclural or artistic interest and public access lo and enjoyment ol such building5 and 10 augment the amenities ol such bU11ng5 and their tr¥Jilt and natural 5urroundings', 2.5 to promote Ihe conservation ol the rLJral landscape Iinduding the preservation and restoration ol slructure5 #nd sltes which form pari of ihat landsca and are of historic architectural or artistic interest or amenity value). the conservalK>n of flora and fauna. sustainable methods of agricullLJre, loreslry and other enterprises which support sh conservation, and resear¢h Into the same and the publication of the u5elul results", and 2.6 to promole study and education particularty in fièlds of relevance to the Area such as local history, Wèlsh CLJItLJre. ecology and the geological. biological and kindred 5(yences and research into the same and the publicatw)n of the useful resulls. In selling objectives and planning for aclivities. the Trustees have given due consideration to general guidance published by the Charity Comm15sion relabng to public benefit, including the guidance 'Public benefit.. running a charity IPB21'. Page 2
YMDDIRIEDOLAETH CLOUGH WILLIAMS-ELLIS FOUNDATION TRUSTEES. REPORT ICONTINUED} FOR THE YEAR ENDED 5APRIL 2021 Objoclives and activitiès Icontinu¢d) b. Stratogies for achievlng objectlves The Charity athieves its objectives principally toUgh direct preservatKJn and conservalion works on ils estates n North Wales. Ils activitses indude." Prole¢tin9 and preserying the natural aspect and characler of the land and rural landscape,. Maintaining put4ic roules and footpaths for the benefrt of member5 of the puNic inlere51ed in hiking, climbing and gen8Tally enjoying the ouldws.. Conserving nalufal worx113nds. streams and WilderSS and protecting thèir ecolo9y and the environmenl for enjoyrnenl by the publ, including fulure gènèrations". Prolecling. maintaining and managing the Grade 1 lisled garden al Plas Brondanw, Llanfrolhen. keepin9 il open to the public and developing assocrdled public amenities., Preserving and mainlaining buik1ings on the Charty's estates including houses and agricultural structures ol histori¢ or architectural inleresl which conlnbule lo Ihe character and beauty of the counlrysid8.' Protecting and maintaining Ithr¢)ugh a tanancy Conlradl the ltalianale village of Portmeirion in Gwynedd including its listed buildings and gardens for enjoyment by the public., From Ilme lo time making donations for charitable purposes and lo olhor Charities le.g. Campaign for the Prote¢lion of Rural Wales ICPRWI. IrKal village school in Garreg, Llanfrolhen, funding for study bursaries, contributn to Iwal communty ¢oun¢ill.' and From lime lo tim8 assisting With lundirKJ for study and research Into malters of relevance lo the area Includlng local history, ecology and environment. The Charity also advances ils objecls through ils letting polic$ for agricullural land and houses whlch aim io.. Promote sustainable agriculture, forestry and 811ied gctivities., Safeguartj the buildings by keeping tham occupiad and in go(xl repalr., Seek len8nts kèen lo make a contribulion lo ihe community and with skills enabling them lo support the Charity's aims in the area.. Retain people (including young people) in the area.. and Maintain the Iinguislic paiiern The Charty offers a prwale Eslale Reni Rebale Scherne lo those who are in employment and either just fail lo qualify lor government housing Oenefil. or do just oualrfy but al such a low level that the amount received is of Iillle help. This 15 administered by the Local Authority and Ihe Chariws Managin9 Agents. Achievernents and performanc• a. Koy p•rformanc• Indleators The Charty considers the following to be ils key measures ol perfom)ance'. Financial Income gerTeralion from investment properties aTh1 share portfolK> Income generabon from trading activities Management ol cash arKI overheads Net movement in funds Non-Finan¢ial Residential and farm occuparTrcy Fulfilmenl of charitable objectrves Page 3
YMDDIRIEDOLAETH CLOUGH WILLIAMS-ELLIS FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED S APRIL 2021 Achi•vements and performance (Continu) b. Review of a¢tivitlès In meeting rts public bellelit requirements, Ihe Charity has continued to maintain a1 improve it5 Pfoperties and public amenities within the Estate during the ar. Examples of the ol work undertaken are.. Complelion of the restoration ol Parc Nevrydd Continue planning works lor ijistricl healing Systems and applw'ng for grant extensions Continue construction ol a se¢ond Hydro Electric scheme on the Afon Croesor Continued and completed relurbishmenl of 2 Penrhrw and Ftslin Par¢ The TrLJslees have complied with the duty in section 17 01 the Charities Acl 2011 lo have due regard lo revised public benefrt guidance published by the Charity Commission. c. Inv•stm•nt poll¢y and performanc• Inveslrnen15 are Included al Iheif market value at 5 April 2021. The investment rx)w8rs of the Trustees are Ilmiled lo those available un¢JgT Charity legislation. The Charity's properties are let al rents set by Professional A9ents based on open rnarkel rents. bul adjusted lo take into account the Trustees. charitable objectives and the slrèlegies and aclivilies lor achieving these objeclives as Sel out aLve. The Charity retains a professional Inveslmenl manager. Srnilh and Williamson. lo manage ils share portfolio in accordance wth the Charitls investment policy Page 4
YMDDIRIEDOLAETH CLOUGH WILLIAM&ELLIS FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENOED 5 APRIL 2021 Flnanclal revSew a. Golng conrn After making appropriate enquir$. the Trustees have a asonable expectslion that the Charity has adequate resources lo continue In operational existence for foreseeable lulure. For this reason they continue to adopt Ihè going concèrn basis In preparing ih8 Iinancial ststements. Further details regarding the adoption of the going concern basis can be found In the Accounling Polic. Covid-19 ha5 impacted the Ymddiriedolaeth Clough Wrfliam5-Ellis FouThYation in three principal ways. Thase are,. The Inability ol Portmeirion Ltd. the Foundation's largest tenant. lo pay all of its rent. The drop in capital value ol, and income from. the Foundation's Inveslmenl portfolio due lo the effect Covid-19 has had on the Stock Markel,. and The closure of Plas 8Tondanw Gardens and Caffi a5 a result of Covid-19 restrictions. The Trustees havtr been 8ble lo manage these impacts by agfeeing with their lenders IThe Agricultural Mortgage Corporation and Lloyds Bank PLCI a capitsl repayment holiday in respe¢l of ils borrowings. In addition. planned projects on th8 Brondanw Eslale have been postponed. and maintenance and repairs limrted lo Items deemed essential. Havlng considered the financial resources available lo them. the Trustees are nfIdent they can manage the Founaatlon through Ihls drfficull perlod. This statement on going concern should be re in conjunclion wilh the repori on future developrnenls set out later in this report b. R•s•rv•s pollcy The Trustees, policy is Ihal ypar on year the routine maintenance and other gxpenses of the Charity, together with loan repayments. should be borne out of Income The Trustees, ObjecVe Is thal the Unreslricle(I Income fund should be mainlained at a posilive balance. but wilh no sei minimum. At 5 April 2021 the total free r8seNes of the Charity were a ¢Jeficil of £1,025.114 12020. def11 of £778.7821. The reserves policy and current free reserves position Is sel against Ihe context of managing thè relurn on the investment portfolio and the availability ol short term finance al low rales. The Trustees have iaken the informed decision lo retain the current fundinglliquidily balance. Structur•, gov•rnanu and managomènt a. Con$liluti¢n The Charity is registered a5 a charitable Company limited by guaranteè and has a regislered charily number 1165883. 11 was sel up 8nd is ¢x)nsliluled under a Trust Deel dated 4 March 2016 and commenced operations on 13 April 2016. b. mh0$ of appointm¢nt or el¢¢tion of Trust$ The rnanagemenl of the Charity is the Te5ponsibilty of the Tru51ee5 are electe(l and co-opted under the terms ol the Charity'5 Constr(ution. Page S
YMDDIRIEDOLAETH CLOUGH WILLbAMS-ELLIS FOUNDATION TRUSTEES. REPORT {CONTINUEOI FOR THE YEAR ENDED S APRIL 2021 Structure. governance and manag•m•nt {continU) ¢. P¢li¢i•s adopted for tho induction and training of Tru$tao$ Each Truslee Is given a copy ol the Charily's Constitution. a copy of Director of Social Change publication "The Effective Trusteè" and the latesl Annual Report. All new Trustees are also given a lour of the Charity s estate and bfieled by Ihe chair of the Tru51ees. Advaniage Is also taken of the Specif training provided by the Charity's Auditors. d. Organlsatlonal Structurg and deci$lon maklng Thè Charity holds a minimum of three Trustee rneelings a year lo oversee the managernenl of the Charity. The Charity has three sub-committees ol Ihe Board ol Trusteès. as fdlows. A Finance Sub-cornrnillee which oversees the Charrtvs finarces IncludirrtJ the inveslmenl portfolio managed by Srnilh and Williamson. The Twslees on this sub-committee are. M Jonos J C Wallace D Wynne-Finch (Chairman) A G8rden Sub-commillee whi¢h oversees the management of the Gr8de I listed garéen al Plas Brondanw, Gwynedd. The Trustees on this sub•commiltee af8.. M Angharad S Oolma R Garden J C Wallace A Communications Sub-commrtlee vA)Ich ai(J$ and guides PU1Cl(Y and communications with the outside world on behalf of the Foundation. The Trusiees on Ihis sub+commillee are. R Garden S Dolrna M Jones The day lo day running ol the Charity is delegated lo the Managing Agents, Messrs Balfours LLP who are in regular contact with the chair ol the Truslees and other Trustees as appropriate. è. Rolated party r•lationshlps A tenant of Ihe Charity. Portmeirion Limited. has certain Directors who are also Trusteès ol the Charity The Charity's dealin9s with Portmeirion Limited are on an arm s knglh basis Another tenant of the Charity, Ymddiriedolaeth Susan Williams-Ellis Foundalion. has a Gommon Trustee th the Charity. A summary of the related parly transactions is sel out in note 26 to the financial statements. Page 6
YMDDIRIEDOLAETH CLOUGH WILLIAMS-ELLIS FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2021 Structure, governance and managernent Icontinuod) f. Rlsk m•nag•m•nt The Trustees have assessed the major risks lo vthich the Charity Is exposed, in particular Ihose relaled lo Ihe operation5 ar finances of the Charity. and are satisfie¢J that 5tern6 and procedures are in k)lace lo mitig8le exposure lo the major iisks. The major risks to the organisation are considered to be as follows.. Deterioration of charilaNe buildings. Our Land Agents oversee a programme ol rnaintenance and repair.. Reduction in tenancy cUpatIOnS leing lo è reduct*)n in rental income which supporfs the Charity's activities Our Land Agents manage our invests))ernt property portfolio, ensuring tenants are appropriately calered for and properties maintained and upgraded to meel prevailirvJ standards., Fall in capital value ol and income from share portfolio. Our investment managers ensure the share porrfolio is dNer5rfied and actively managed lo limit overall risk., and Deterioration of public roules and footpaths ar the natural r0dlandS and streams. Our Land Agents oversee Ihe maintenance and preservation of our forestry and woodlands. Plans for future perlods a. Futuro d•v•lopmonts In meeting 116 public benefil requirements. rh8 Charity has continued to maintain and improve the propertie5 within the Eslale lor the lulure. Ai present the key developments for the future are.. Completion of Croèsor hydroelectric proiect Re-roofing ol historic farm buildings at Plas 8rondanw Croesor district heatir)g scheme15ubjecl to grani fundir) Investigate potential of running Blaen Cwm hydro Inhand within the nexl 5 years ReinslaleThenl of Borthwen Fawr into two h¢Siday lèts lor future leasè lo Portmeirh)n Seek planning wrmission for track from Hafodly Woodlant1s for extracting limber Page 7
YklODIRIEDOLAETH CLOUGH WILLIAMSELLIS FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5APRIL 2021 Trustees. responsibilities staternent The Trustees (who are also direclofs of Ymddiriedolaeth Clough Williams-Ellis Foundation for the purposes of company lawl are responsible for preparing the Trustees. rep( and the financial stalernents in accordance with applicable law and United Kingdorn Accounling Standards (United Kingdom Generally Accepted Accounting Practicel. Company law requires the Trustees lo prepare fInarla1 slalements for each financi41 year Under company law the TrLJStees musl not approve the finarcial 51atemenls unless they are satisfied that they give a true and lair view of the slate ol affairs ol the Charity and of the Incoming resources and application of resources, including the income and expenijrture. of the Charity lof Ihal penod. Ir) preparing IFse financial statemen15. the Trustees are required to". salect suitable accounling pdicies and then appty them consislentty.. observe the methods and principles in the Charities SORP., make judgmenls and accounling e51imate5 that are reasonable and prudent,. slate whether applicable UK Accounting Slandafds have been followed, subject lo any material departur8s isc105ed and explained In Ihe financial statements.. prepare the financial slalemenls on the going concem basls unless11 is inappropr¢ate lo presume that the Charity will continue in oper8110n. The Trusletrs are sponsIe for keeping adequate accounliThJ records that arè sufficient to show and explain the Charily's transactions and disclose with reasonable accuracy al any time the financial posilion of the Charity and enable them to ensure Ihat Ihe financ1 statements Comply with the Companies Act 2006. They are also responsible for safeguarding Ihe assets ol ihe Charily and h8nc8 lor taking reasonable steps for the prevention and deleclK)n of fraud and other Irregularilies. The Tfuslees are responsible lor the maintenance arbd snlegTity of the Charity and financial information included on the Charity's website. Legislation in the Uniieo Kingdom governing the preparation and dissomination of financial statements may drffer from lègislatson in other jurisdictions. Disclosure of Inforrnation to audltors Each ol the persons who are Truslees at the time when Ihis Trustees, report is approved has confirmed that.. so far as thal Truslee is aware, Ihere is no relevant audit informab.on of which (he CharitV5 au¢Jilors are Unaware, and th81 Trustee has taken all the steps that ought lo have been taken Js a Trustee in ordèr to bè aware of any relevant audit informalion and to establish that the Charity5 auditors are aware of that inlorrnation. Approved by order of the members ol the board of Trustees and signed on Iheir behall by.. J C Wallact Trustee Dale 26 Odober 2021 Page 8
YMDDIRIEDOLAETH CLOUGH WILLIAM&ELLIS FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF YMDDIRIEDOLAETH CLOUGH WILLIAMS- ELLIS FOUNDATION Opinion We have audited the financial statements of Ymddirthola6th Clough Willk8Th5-Ellis Foundation (the 'charilll for the year ended 5 April 2021 which comprise the Stalement of Frnancial Aclivittes the 8alance sheet, the Statement ol Cash flows and the related r)otes, including a summary of significant accounting policies. The financial reporting Iramewtsrk that has been applied in their preparation is appIable law and United Kingdom Accounting Standards, inclltding Financial Reportir¥J Stan(Jard 102 'The Financial Reporting Siandard applicable in the UK and Republ of Ireland. (United Kingdom Generally Accepted Accounting Practice). The financial slalemenls have been prepared in accordance wlh AcccAJnbng and Reportiro by Charities preparing their accounts in accordance with the Finar131 Reporting Standards applicablo in the UK and Republic of Ireland IFRS 1021 in prelerence to the Accounting and Repixting by Charities.. S¢8lemenl ol Recommended Practice issued on 1 April 2005 whh is referred lo in the exlanl regulalK)ns bul has been withdrawn. This has been Ik)ne In order for Ihe accounts lo provide è In and 18ir view in accordance wlh the Generally Accepted Accounting Practice effective lor repoth'ng pefiods beginning on or after 1 January 2015. In our opinion the financial slalements.. give a true and fair view of the stal8 of thè Charitls affairs as èt 5 Awil 2021 and of ils incoming resource5 and application of resourcas for the year then endod", have been property prepared in accordance wth United Kingdom Generally Accepted Accounting Practice., and have been prepared In accordance with the requirements of the Charities Act 2011. Basis for oplnlon We conducted our audit in accor(lance with International Sl8nd8rds on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under thosè standards are further described in the Audilors, responsibilities for the audli of the financ¢al statements section ot our report. We are independent of the charity in accordance K4th the èlhlcal requirernen15 Ihal are relevant to Jr audit of the finanoal ststemenls in the United Kingdom, including the Financial Reporting Council's Ethical Sian(Jard, and we have fulfilled our other elhi¢al responsibililEs in accordance with these requirements. We believe th ihe audii evidence we have obtainèd ts sufficient and appropriate lo provide a basis for our opinion. Concluslons r•latlng to goin9 ¢onc¢rn In auditing the financial stalemenls. we have conduded that the Tru5lees' use of thè going concern basis of accounting in the preparation of the financial 51alemenls is appropriate. Based on the work we have perforrned. we have not i6entifEd any material UnrtaInlieS relating lo events or conditions that, individually or collectively, may ras15ignificanl d¢xJbt on the charity's ability to continue as a going concern for a period of at least h¥elve months from when the financial statements are authorised for issue. Our responsibilrties and the re5ponsibilit185 of the Trustees wilh respecl to going concern arè described in the relevant section5 of this report. Page g
YMDDIRIEDOLAETH CLOUGH WILLIAMS-ELLIS FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF YMODIRIEDOLAETH CLOUGH WILLIAMS. ELLIS FOUNDATION {CONTINUEOI Other infomiatlon The other information comprises the inforrnation included in the Annual rep¢)rt other than the finan¢ial statemen15 and our Auditors. report Ihereon. The Truslees are responsib for Ihe other inlomiation contained within the Annual report. Our opinion on the financial statements does nol cover the other informalv)n and, except lo the gxtenl olhenvise explicitly stated in our report, we do not express any form of assurance conclusion ther80n Our responsibility is to read the other information and, in doirrfJ so. consi¢Jer whether the other Information is materially inconsistenl wth the financial staterTben15 or our knOedge obtained in the course of the audit, or otherwise appears lo b8 materially misstated. 11 we idèntify such material Inconsistencies or apparent material misstatements. we ar9 reouired to delerTnine whether this gives rise to a matenal misslalemenl in the financial slatem8nls themselves If, based on the work we have performed. we conclude Ihal there is a material rnisslatement of this othgr information. we are required lo rew¥1 Ih81 fact. We have nothin9 to report In this regard. Matter8 on whSch we are reguir•d to r•port by •xe•ptlon We have nothing lo report in respect of Ihe followng mallers where the Charities IAccounl$ and Reports) Regu18tions 2008 requires us to report lo you rf, in our opinn. the information gfven In the Trustees. report is InnSiStenI in any material re$pe¢l with the financial slalemenls., or 5ufficienl accotjntiw records have nol been kept, or the financial staiements are ml in agreement wlh Ihe aeeounling reeords and returns., or we have riot received all the Inlormation and explanations we require for o(Jr audit. R•spon81bllltl•s of trustees As explained more lully In the Trustees. responsibilities slalement, the Trustees are responsible for the preparation ol the financial statements which give a true and lair view, and lor such Intern81 control as the Trustees determine is necessary to enable the preparatJn oi finarKi81 slalemenls that are free from material misstatement, whether due lo fraud or error. In preparing the Yinancial statements, the Trustees are responsible lor assessing the chanty's ability to conlinue as a going concern. disclosing. a5 applicable. matters Telaled to going concern and using the going concern basis of 3CCQLJnting unlèss the TrustèÈs èither Intend to liquidate the charily or to cease operations, or have no realistic alternative trJt to do so. Page 10
YMODIRIEDOLAETH CLOUGH WILLIAMS-ELLIS FOUNDATION INDEPENDENT AUDITORS. REPORTTO THE MEMBERS OF YMDDIRIEDOLAETH CLOUGH WILLIAMS- ELLIS FOUNDATION (CONTINUED Auditors. responslbilities for the audit of the financial statements We have been appoint as atjditor under se¢lion 144 of the Charilies Act 2011 and report in accoréance wlh the Act and relevant regulations made or havirB effecl Ihereunder. Our objectives 8re lo obtain reasonable assurance aLut whether the financial slalemenls as a whtsle are free from material misstat8ment. whether due lo fraud or error, and to issue an Auditors, report that includes our opinion. Reasonable assurance Is a high level of assurance. bul Is nol a guarantee that an audit conducted In accordance with ISAS IUKI will always delecl a material misstatement when It exists. Misstalemenls can arise from fraud or error and are considered material rf. indivUallY or in the aggregate. they could reasonably be expected lo influence the e¢onornK decisions of users taken on the basis of these financial slalemenls. Irregularit$, including fraud, are instances of non-compliance with laws and regulallons. We design procedur9S In line with our responsibilrties. oullined above, (o dete¢1 material misstalemenls In respect ol irregularities, including fraud. The exlenl lo which our procedures are capable of detecting Irregularities, Including fraud is detailed below We reviewèd the susceptibility of the Chari$ financial ststements to material misslalemenl and identifd the principal risks, implemerbllro a serles of leslirw3 procedures lo provide us with sufficient comfort lo issue our opinion. • We revieweij the thantable ch8W5 regulatory environment lo ensure we could conclude that rt had acted In accordance with the Iramework rdevanl to the charlty and tts environment and identrfy any instances ol non-compli8n¢e. We also assessed the charity's internal control procedures to ensure we could appropnately scrutinise these controls antj es13lsh whether our understanding of the control gnvironmenl was sufficient lo supplement our addrtional testing procedures. The engagement team consisted of a team that the engagement partner believes Is equipped with the relevant level ol lechni&ql 8nd ¢h8rity awareness to ¢arry out our work lo Ihe reqvired standard. A further descrSplion of our re5ponsibilitie5 for the audit of the financial statements is located on the Flnancial Reporting Council's website al.. This description forms part 01 our Auditors, report. Page11
YMDDIRIED0LAH CLOUGH WILLIAM&ELLIS FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF YMDDIRIEOOLAETH CLOUGH WILLIAMS- ELLIS FOUNDATION ICONTINUEDI Use ofour report This report is made solely to Ihe charivs trustees, as a b¢yJy. in accordance wth Pari 4 01 Ihe Charities (Accounts and Reports) Regulations 2008. Our audit w(Kk has been undertaken so thal we might state to thè charills trustees those malter5 we are required to state to them in an Audiiors, report and for no other purpose. To the lullesl extent ptrrmltted by law. we do nol accept or assume responsibilily to anyone other than the charity and Ils Iruslees, as a body, lor our audit work, lor Ihis Teport. or for the opinions we have formed. WR Partn•TS Chartered Accounlanls Slalulory Auditors Halren House 5 Sl Giles Business Park Pool Road Newtown Powys SY16 3AJ 27 October 2021 WR P8rtners are eligible 10 8Ct 8S 8udilors in lerms of wtion 1212 of Ihe Companies Act 2006. Page12
YMDDIRIEDOLAETH CLOUGH WILLIAM&ELLIS FOUNDATION STATEMENT OF FINANCIAL ACTNITIES FOR THE YEAR ENDED 5 APRIL 2021 Unrestricted Endowment funds funds 2021 2021 Total lunds 2021 Total funds 2020 Not• Income and endowments from: Donations and legacies Charitsble aclivilies Inveslm8nt$ Other income 15.243 376,742 119,793 183,286 15,243 376,742 119,793 183.2B6 56,000 483, 162 250,308 195,508 Total Incorne and endowments Expendlture on: Charitable ac11vilS 695,064 695,064 984,978 771.008 771,008 986.401 Total expendlture Nét •xpéndltur• b•for• n•t galnsllloss881 on InvvJtm•nts 771,008 771,008 986,401 175,9441 175,9441 1,639,109 fl,423) (2,862, 19T) Net gainslllossesl on inveslmenis 15 1.639,109 Net movemont In funds before other r•cognl8ed galns Othèr regnISed gain8'. Gains on revaluation ol fixed assets 1,563,165 1,563,165 (2,863.620) 14 S41,287 $41,287 510,594 1.563,165 541,287 2,104,452 Not movement In funds Reconciliation of lund$- Total funds brought foard Nel movement in funds (2,353,026) 5.253.840 1.$63,165 11.322.466 541.287 16,576,306 2,104,452 18,929,332 (2,353.026) 6.817.fA15 11.863.753 Total funds carried lorward 18,680,758 16,576.306 The Statement of Financial Activities indude5 all gain5 arKJ losses recognised in Ihe year. The notes on pages 16 lo 32 form part ol these financial stalements. Paoe 13
YMODIRIEDOLAETH CLOUGH WILLLAMS-ELLIS FOUNDATION BALANCE SHEET AS AT SAPRIL 2021 2021 2020 Note Fix¢d a$s¢ts Tangible assets Inveslrnenls 1.648.959 6.193,160 17,168,850 1,478,571 4,554,051 16,464.350 Inveslrnenl propety 25.010,969 22,496,972 Curront assels Stocks Debtors Cash at bank and in hand 16 16.462 77.026 7.026 76,535 138,998 142,389 100,514 297.922 Cre(Jilors.' arnounts falling due wlhin one year 18 {704,622} (561, 787) Net currenl118bllltles 1604,1081 (263,265) Total a8$ets legs ¢urr•nt IlabSlltl¢$ 24,406,861 22,233, 707 Creditors. amounts fallin9 due alier more than one year 19 15,726,103) 15.657,401) Total nel a550t* 18,680,758 16,576,306 Charity funds Enaowmenl funds Unreslri¢led funds 11,863,753 6.817,005 11,322,466 5,253,840 Total funds 18,680,758 16,576,306 The financial statements were approved arml aulhorised for issue by the Truslee5 and signed on their beha by.. J C Wallace Trustee Dale. 26 October 2021 The notes on pages 16 10 32 form part of these financial statemenls. Page 14
YMDDIRIEDOLAETH CLOUGH WILLIAMS-ELLIS FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENOED S APRIL 2021 2021 2020 Mote Cash flows from operating activities Net cash used in operaling activities 22 1.658.026 (2,964,991) Cash flow8 from Inv•8tlng a¢tlvitlo8 Dividends and interests from investmenls Rents from investments Proceeds from the sale of taro11 fixed assels Purchase ol tangible fixet1 assets Purchase of investment properties IGainsylosses on investments 122,389 {2,5961 231,607 (18,701) 7.000 (443.755) f159,406J 2.880.908 1279.6081 1163.2131 11,639.1091 Net cash Iu8•d InVprovld•d by Inv•stlng actlvStl•8 11,962.1371 2,497,653 Cash flows from flnancing actlvitl•s Cash inflows from new borrowing Repayments ol borrowing 135,500 142,1581 800,000 (144,343) N•t ¢ash provld•d by Ilnanclng •¢llvltl 93,342 655,657 Change In cash and c¥sh equlvalènts In the yoar Cash and Gash equivalents al Ihe be9innin9 of the ar 1210,769 110,6691 188,319 (198,988) Ca$h and ¢a6h •qulval•nt$ at th• •nd of th• yoar 23 {221,438} (10,669) The notes on pages 1610 32 fom) pan of these ftnanci81 $18tements Page 15
YMDDIRIEDOLAETH CLOUGH WILLIAMS-ELLIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2021 G•neral Snforniation Ymddiriedolaeth Clough Williams-Ellis Foundalion Is a chantable incorporated organisation. domiciled in the UK and has a registered office and principal place of business al Hafren House, 5 St Giles Business Park. Newtown, Povrys, SY16 3AJ. A¢¢ounting pollcles 2.1 8asis of preparation of finan¢lal siatemènts The financial statements have been prepared in accordance wilh Ihe Charities SORP IFRS 1021 Accounting and Reporiing by Charilie5" Stalerneni of Recommended Praelice ap leable lo charities preparing their accounts in accorda$ wth the second edilion Financ01 Reporting Standard applicable in Ihe UK and Repu)Ir of Ireland IFRS 1021 Ioclober 20191, the Financial Reporiing Standard applicable In the UK and R&publK of Ireland IFRS 1021 and the Companies A¢1 2006. Ymddiriedolaelh Clough William5-Ellis Foundation meets the definithM ol a public b&n&fil enlily under FRS 102. Assets and liabilities are inilially reCOgnts at historical cost or Irans8¢tion value unless olhernyise slaleil In the relevant accounling policy. 2.2 Status of the Charlly The Charily Is a charitable incorporaled organi581ion I-CIO'I sel vp under rts constitution dated 4 March 2016 and registered with the Charity Commission. If the CIO is wound up, the members of the CIO Ibeing the Trusleesl h8v8 no Ikqbility io contribute to ils assets and no personal re5ponsibilily for 2.3 Company status The Chatily is a company limiled by gttarantee. The members of the company are the Trustees named on page 1. In Ihe event ol the charity being wound up. Ihe liability In respect of the guaraniee is limited to £1 per member of Ihe Charity. 2.4 Fund accounting Gener81 funds are unrestricted funds which are available lor use at the discrètion ol the Trustees in furtherance of the general objectives ot the Charity and vA)ich have not been designated for Dlher purposes. 2.5 Expendable Endowm•nt Fund The expendable endowment fund was created when the predecessor Charity was set up on 20 May 1985. The income generated by the assets within the endowment fund can be used for the general charilabSe purposes ol Ihe Charity. The costs associated wrth adfflinislering and protecting the endowtllenl fund. which are incurred directly In connectK)n wlh the generation of rental Income, are allocated againsl the unreslricted fund, in aCcdance vAth the SORP IFRS 1021. Page 16
YMDDIRIEDOLAEfH CLOUGH WILLIAM&ELLIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2021 Accounting policies (continu) 2.6 Golng nCern After making enquires, the Trustees have a reasonable expectation that the Charity has adequate resources lo continue in operational existence for the foreseeable future. The Charity therefore continues lo adopt the going concern bas15 in preparing its financial statements. The Trustee5 have also 855e55ed the polenlial impact on the future operations of the Charity with regard lo the Covid-19 outbrèak The Charity Is ¢onsid&red lo be well po8ilitsned given the current environment with no impact on the wng concern basis of Ihe financial stalements. 2.7 Income All income is recognised once the Charty has entitlernenl lo the income, it is probable that the income will be received and the amounl of income receivable Gan be measured rellay. For legaeies. enlillement is taken as the earlier of the dale on which either.. the Charity is aware that probate has been granted, the estate has been finalised and noirfication has been made by the exeGulorlsl io the Tru51 that a distribulion will be made. or when a distribution is received from the eslale. Re¢eipl of a legacy. in whole or in part. is only Considefed probable when the amount can be measured reliably and Ihe Charily has been nolilied ol the eXeIr,$ intention to rnake a distribution. Where legacies have been noIrfd to the Charity, or the Charity is awarè of the granting of probate, and the criteria lor Income recognitKJn have not been met, then the legacy Is Irealed a5 a conlingenl 88el and disclosed rf maierial. Grants are included in the Slalemenl of financial activities on a reCeiVae basis. The balance of income received for specrfic purposes but not expended during the perlod is shown in the relevant funds on the Balance sheet. Where Iome Is received in advance of enlitlernonl of receipt, ils recognition is deferred an¢J included in credilor5 a5 deferred incorne. Where enlillemenl occurs before Income is received. the income is accrued. Donated services or facilities ats reeognised when Ihe Charity has control over the itern. any ctsnditions associaled wilh the (Jonated ilem have bn mel. the receipt of economic benefit from the usè of Ihe Ch8rily ol thè Ilem is probable an¢J that econorn benefit can be measured reliably. In accordance with the Charitie5 SORP IFRS 1021. the gener31 volunteer lirne of the Friends is not recognised and refer to the Trustees. report for more informabon about their contribution. On receipt. donated professional seryices an¢J facilities are recognised on the basis ol the value of the grft to thè Charrty which Is thè amount Il woult1 have willing lo pay tD obtain services or facililies of equivalent ecot)omic benefit on Ihe open market.. a corresponding amount is th8n recogni5ed in expenditure in the period of reipl. Income tax recoverable in relation to donaliorbs red under Gift AKJ or deeds of coven8nl is recognised at the time of the donation. Income tax recOVerae in rdation to investment income is recognised at lime the investment income is recewable Page 17
YMDDIRIEDOLAEfH CLOUGH WILLIAMS-ELLIS FOUNDATION NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 Accounting policies Icontinu•d) 2.8 Expenditure Expenditure is rècognised once Ihere is a legal or corhstruclive obligation to transfer economic benefit lo a third party, It is probable that a Iransler of econom benefits will be required In settlement and the amount of the Oblation can be rneasured reliably Expenditure is classified by activily. The cos15 of each aclNIty are made up of the total of direct costs and shared costs, Including support ¢osls involved In undertaking each activity. Direct costs attributable lo 3 single a¢livity are alo¢ated directly lo that a¢livily. Shafed Cosis which contribule lo more than one activily and support costs which are not attributable to 8 single actNity are apportioned 1ween those activities on a basis consi51ent wilh the use ol resources. Central staff ¢o$ls are allocated on the basis of time spent, and depreciation char9ès allocatÈd on the porb'on ol the asset's use. Support costs are those costs incurred direcuy In support of expèndilure on the objects of the Charity and include project management. Governance costs aTe those incurred in connection with administration ol the Charrty and compliance wilh ¢onslilutional and slatulory requirements. Charitable 8Clwilies and Governance c051s BTe cosls incurred on the Charills educational operatKbns. induding support costs and c0515 rel8ling to thè governance of the Charity apportioned 10 charitable a¢livilies. 2.9 Int•r¢¥t rKeivabl• Interest on funds held on deposit is induded when receivable and the amount can be rneasured reliably by the Charity.. this is norwnally upon notificalion of the interest paid or paspble by the inslitulion with whom the funds are deposited. 2.10 Tanglbl• flx•d •88•ts and depreclation A review for impairmenl ol a fixed 855el is carried out rf events or changes in circumstances Indicate that the carryng value of any fixèd asset may not LE recoveratAe. Shortfalls between thè carrylno value of Iixed assèts and their recoverable arnounts are re¢ognised as impairments. Impairment losses are recognised in Ihe Statement of Financ1 A¢tivilies irncorporating Ihe income and expenditure accounl. Tangitsle flxed assets are inilAlly recognised al cost. After rewgnilion, und8r the cost model, tangible fixed assets arè measured al cosl less accumulale(I depreciats'on and any accumulaled impairment losses. All cosls Incurred to bring a tangib fixed asset inlo its intended working condition should be included in the measurement of cosl. Depreciation Is nol charged on freehold land. Depreciation is provided at rates calculated to write off thè cost of fixed assets, less their eslimaled resi¢Jual value, over their expected useful lives. Depreciation is prov¢ded on the fdlowng bases= Plant and machinery Fixtures and fillings Hydro an1 20°k slraight linè 20°/D straight line 5Wo Straight line Page 18
YMDDIRIEDOLAETH CLOUGH WILLIAMS-ELLIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2021 Accounilng pollc5es Icontinu•d) 2.11 Investments Fixed asset investments are 3 form of financial in51Tumenl and are initk4lly recognised al Iheir transaction cost and subsequently measured al lair value al the Balan Sheet date, unless Ihe valLJe ¢annol be measured relwbly in which case it is measured 81 c05t less irnpairmenl. Investrnenl gains and bsses. whelher realised or unrealised. are combined and presented as 'GainsllL05sesl on investments, in the Slalemenl of Financial Activities. 2.12 Stocks Stocks are valued al the lower of $1 and nel realisable value after making due allowance for obsoltrie and slow-movirrfJ stocks. Cosl includes all dir1 costs and an appropriale proportion of fixed and variable overhea(Js. 2.13 Dèbtors Trade and other debtor5 are reco9nised at the settlem¢nl amount after any trade discount offered. Prepaymenls are valL*d 81 the amount prepaid nel of any trade discount5 due. 2.14 Cash at bank and In hand Cash 81 bank and in hand includes cash and short-t8rm hhlY liquid Investments with a short malurily of thr99 months or less from the dale of acquisitson or opening ol the dewsit or simi18r account. 2.15 Llabllitlt8 an¢J pro¥lslon8 Liatsililies are recogni5ed when there is an obligation al Ihe Balance Shaèi dale as a result of a past evènt. Il 1$ prObae ihal a transfer of economic benefit 11 be raqulred in seltlement, and Ihg arnounl of Ihe settlemenl can be eslimaied reliably Li8bili11È5 are recognised at the amnI Ihal Ihe Charity anticipates il will pay lo settle the debt or the amoun111 has received a5 advanced paymenls for the good$ or $8rviee5 it must provi(Je. Provisions are measured al the best esiimaie of Ihe amounts required lo sÈttre the obligation. Where the effecl of the time value ol money is malenal. ifve provisK)n is based on the present value of those amounts. discounted at the pre-tax discount rate Ihat reflects the risks spe¢ifi¢ lo the liability. The unwindlng of the discount Is recognised in the Staternent of Financial Activities as a finance cost. 2.16 Financial 5nstrumonts The Charty only has finanaal assets and financial liabilities of a kind that qualrfy a5 baslc financial instruments. Basic financial instrument5 are initially recognised al Iransaclion value and subsequently measured at their setllement value wth the exception of bank loans which are SLJbsequently measured at amortised cost using the effecttve interest method. 2.17 P8nsion$ The Charity operates a defined Contribution pension scheme and thè p8nsion charge represents the atnoun15 payable by the Charity lo the fund in re5P8Ct ol the year. Page19
YMDDIRIEDOLAETH CLOUGH WILLIAMS-ELLIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2021 Critl¢al aUntIng estimates and arèas of Judgm•nt Eslimates and JudgmeTr ale continually evaluated and are based on historical experience and other factors. Including expectations of future events Ihal are beIVed to be reasonable under the circumstsn¢es Critical accounting estimates and assumplws.. The Charity makes esiimales and assumptions concerning tho fuluT8. The resulting accounti eslirnale5 and assurvplions will. by definition, seldorn equal the related actual results. There are no e51imales and a55umpIK)ns that hav8 a sNJnificant risk ol causing a material adjustment lo the carrying amounls ol asseis and liabilities within Ihe rext financial year. Incomo from donation8 and 1•gacles unrestricted funds 2021 Total fund3 2021 ToE81 funds 2020 Covid-19 grant income Grants 15,243 1 5,243 56,000 Total 2021 15,243 15,243 56,000 Tol812020 56,01 56,000 In¢om¢ from charitable activities Unrestricted fund5 2021 Total funds 2021 rol81 funds 2020 Residential 243,019 86,884 46,839 243,019 86,884 46,839 225,339 216,362 47,461 Commercial Agricultural Total 2021 376.742 376,742 483, 762 Total 2020 483, 162 483. 162 Page 20
YMDDIRIEDOLAETH CLOUGH wILLIAmSLLIs FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2021 Investment income Unrestrlet•d fund$ 2021 Total funds 2021 Tolal funds 2020 Rent - waeaVeS Dlwidends received froffl listed investments 12.5961 122.389 12,5961 122.389 78,701 237,607 Total 2021 119,793 119.793 25Q,308 To1812020 250.308 250,308 other Incomlng resources Unr8strlct•d funds 2021 Total funds 2021 Tolal funds 2Q20 Plas gardens Sale of limber Caffi Plas Brondanw Hydro income 8.261 22,474 16,530 136.021 8.261 22,474 16.530 136.021 50,502 6,879 44,396 113,731 Total 2021 183,286 183,286 195,508 Tol812020 195,508 195.508 Page 21
YMDDIRIEDOLAETH CLOUGH WILLIAMS-ELLIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2021 AnaSysls of expenditure by activitles Activities undertak•n dirèctly 2021 Support costs 2021 Total funds 2021 TolBI funds 2020 Residential Commercia1 Agricullvral 217.809 285.745 29.127 130,312 91.827 16.188 348,121 377,572 45,31 S 436.919 490. 149 59,533 Total 2021 532.681 238,327 771,008 986.407 To1812020 754.901 231,5t 986,401 Analysls of dlrect Costs Total funds 2021 Total lunds 2020 R¢sldentlal Commercial Agri¢ullural 2021 2021 2021 Staff costs Depreciation Repairs lo property Farms & woodlands works Plas Gardens Ulilillos less reimbursemenls Insurance less reimtMJrsemenls 38.499 46.713 43,062 15,792 18.624 1.247 12.266 2.965 38,499 109,220 100,682 36,924 18,624 2,915 28.681 6,932 47,885 707,112 271.870 14,883 47,747 7, 757 22,858 2,011 54.272 50.029 18.348 8,235 7,591 2,784 1.448 14.252 3.443 220 2,163 524 Renl rebates Management fees and expenses Professional fees Caffi Pla5 Brondanw expenses Non recoverable input tax Hydro expenses 30.788 19.367 26,499 16.670 9,029 4,671 2,939 61,958 38,976 9,029 25,862 $4,379 72, 124 64,333 29,750 38,357 29,620 25.862 54.379 Total 2021 217.809 285,745 29,127 532,681 754,901 Total 2020 312,117 399,442 43,342 T54,901 Page 22
YMDDIRIEDOLAETH CLOUGH WILLIAMS-ELLIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2021 Analysis ol expgndlturo by actlyllles l¢ontinued) Analysls of support ¢08ts Total funds 2021 Total funds 2020 Resldèntlal Commercial Agrlcultur41 2021 2021 2021 Bank Charges and overdr8ft interest Mortgag8 interest Portmeirion Ltd meeting 18¢ililies Governance costs 2,688 103,997 2.314 89.513 408 5.410 209,290 4,283 198,592 1,901 26, 724 15.780 23.627 23,627 Total 2021 130,312 91.827 16,188 238,327 231,500 Total 2020 124,802 90.707 15,991 231,500 Not Incom•llExp•ndltur•l This 1$ slated after chargia.. 2021 2020 Depreciation of tangible fixed assets.. owned by the Charity Auditors. remuneralion- audft Auditors. remuneralion- other servi¢es 109,220 12,32S 1,895 707,172 11,860 880 123,440 119,852 10. Auditors. remuneration The auditors. remuneratn amounts to an audilor fee of £12.325 (2020 £11,860). and received remuneration for non audit SerVS of £1.89512020- £880}. P8ge 23
YMDDIRIEDOLAETH CLOUGH WILLEAMS-ELLIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 11. Staff costs 2021 2020 Wages and salaries Social security costs Contribution lo defined conlribulion pension schemes 36.375 1.921 203 44,809 2,335 541 38.499 47,685 The average number of persons emplOd by Ihe Charity durlng Ihe year was as follows.. 2021 No. 2020 No. Maintenance & Caffi Plas Brondanw staff No ernployee receiv8d MuneralK)n amounting lo mrKe than £60.CQO in either year. Truslog9' remunefatlon and •xp•ns•s During the year, no Truslggs receNed any remuneration or other b8nefits (2020- £NIL). During the year ended 5 April 2021. expenses rolalling r272 were reimbursed or paid directly lo 2 Trustees {2020- £675 to 2 Trusleesj. These relaie¢J 10 Iravgl daims clairned by Trustees in the year. Page 24
YMDDIRIEDOLAEfH CLOUGH WILLIAIAS-ELLIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 Tangible fixed assets Plant and Fi¥ture5 and machinery frttings Hydro plant Total Colt or valuation Al 6 April 2020 Additions 365.041 7.028 1A12 1.491,820 272,580 1,858,273 279,608 Al S Awll 2021 372.069 1,412 1,764,400 2,137,881 Depr8clatlon Al 6 April 2020 Charge lor year 210,948 31,220 429 196 168,325 TT,804 379,702 109,220 Al 5 April 2021 242.168 625 246,129 488,922 N•t book value Al 5 April 2021 129.901 787 1,518,271 1,648,959 At 5 April 2020 154.093 983 1,323.495 1,478,571 The Trustees own cenain chattels Sncluding original drawifigs by Sir Clough Williams-Ellls. These items were left to the Tfustees as part of residue of Sir ClthJgh Williams-Ellis' eslate. In the Tru51ees' opinion, the expense ol calculating trse chattels would be disproportK)naie io the benefit and they are disclosed at a nominal value ol £1. Page 25
YMDDIRIEDOLAETH CLOUGH WILLIAMS-ELLIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO S APRIL 2021 14. Investmont property Froehold investment property Voluatlan Al 6 April 2020 Additions 16.464.350 163,213 $41,287 Surplus on revalualion Al 5 April 2021 17,168,850 The 2021 valuations were made by Balfours LLP Chartered Surveyors. on an open mark81 value for existing use basis. 15. Fix•d a$$et inv•stm•nts Listed Unlljt inv06tm•nt$ Invgstmènt8 Total Cost OT valuation At 6 April 2020 Addllions Disposa15 Nel invelsmenls gains 4,553,951 899.264 1675,0281 1,414,873 100 4,554.061 899.264 1675,0281 1,414.873 At 5 April 2021 6.193,060 100 6,193,160 N•t book value Al 5 April 2021 6,193,060 100 6,193,160 At 5 April 2020 4.553.951 700 4,554,051 All the fixed asset Investments are held in the UK. Valuation The listed inveslmenls are revalued lo the current market value peT the listed price per share. Page 26
YMDDIR1EDOLAH CLOUGH WILLIAMS-ELLIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2021 16. Stocks 2021 2020 Raw materials and consumables 16.462 16,535 The amounl of stock recognised as an expense in the year is £28,55212020.. £62,717). 17. Oobtors 2021 2020 Due within on• y•ar Trade deblorg Other debtors 14.886 62,140 60.918 78,080 77.026 138,998 18. Croditors.. Amounts falllng due wlthln on• yèar 2021 2020 Bank overdrafts and loans Trade creditors Other creditors A¢uuals and deferred income 352.451 112,711 17.160 222.300 252,405 176,015 17,160 115,607 704.622 567, 187 The bank have secure<l 11)e lollowng security. legal chaTge5 on the property knomm es Garreg Hylldrem Llanfrothen Penrhyndeudraelh. Tan y Bryn Croesor Penrhyndeudraelh. Bryn Croesor Penrhyndeudraeth, land lying lo the north wesl ol Garth y Foel Croesor Penrtiyndeudraelh and land Iwng to the south wesl of Gate House Llanfrolhen Penrhyndeudraeth. The bank also have se(xJred charges over the mortgage5 for Portmeirion Village and part of the Brondanw Estate. Page 27
YMDDIRIEDOLAETH CLOUGH WILLIAM&ELLIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 19. Cr•ditors: Amounts falling due aftw more than one year 2021 2020 Bank loans 5,726,103 5,657,401 The aggregate amount ol Itabililies payable or repayable wholty or in part more than ftve years after the reporung (Jale is". 2021 202Q Repayable by inslalments 5,181,310 5, 156,342 S,181,310 5.156,342 The above loans afe mortga9es secured on Ihe Inveslrnenl propert$ and inleresl is charge at the rates ol 2.98'/p, 3.13'h, 3.890/0, 3.9801•. 5 16Oh, 5.59%. 5.89% and 5.98V/4 per annum. Page 28
YMDDIRIEDOLAEfH CLOLIGH WILLIAMS-ELLIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2021 20. Statemenl of funds Statement of funds- ¢urront y•ar B•lan¢¢ at 6 April 2020 Gain81 Exponditure (Loswl Balan¢9 al S April 2021 In¢omg unrtrICt0d fund8 General Funds 5.253,840 695.064 {TT1.008> 1.639,109 6,817.OOS Endowment funds Endowrnenl Funds - 811 funds 11,322.466 541,287 11,863,753 Total of funds 16,576,306 695,064 1771.0081 2,180,396 18,680,758 Statem•nt of fund$- prlor y•ar Balance al 6 Apr 2079 G8in 8&lan¢& al (Losses) 5 April 2020 Income E¥penditurg Unr•striet•d fund8 Gerra1 Funds 8, 717.460 984,978 (986.401) (2,863, 197J 5,253,840 Endowment funds Eniiowment Fund 10.811,872 510,594 Y 1,322,466 Total of funds 18.929,332 1986,401) (2,351,603) 16,576,3Q6 P2ge 29
YMDDIRIEDOLAETH CLOUGH WILLIAMS-ELLIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2021 21. Analy51s of n¢t assèts between funds Analysis of nèt a$$•ts betw•en funds- current yr Unr6strict•d Endowment funds funds 2021 2021 Total funds 2021 Tangible fixed assets Fixed asset investments 1.608,959 6.193,160 1,608,959 6,193,160 17,168,89) 17,168,850 100,514 100,514 1622,122} {83,3331 1705,4551 1463,5061 15.221.764) 15.685,2701 Inveslmenl property Current assets Creditors due within one year Creditors due in more than one year Total 6,817,005 11,863.753 18,680,7S6 Analysis of n•t assets be¢•A fvnds . prlor year Unreslricled Endowmenl funds fvnds 2020 2020 Tol81 funds 2020 Tangible fixed assets Fixed asset Invesimenls 1.478.571 4,554,051 7,478,5TI 4,554,051 16,464,350 29T,922 297,922 (479.658J (87,529) (561. 787) (597.046) (5,060,355J (5,657,401) Investment propety Current assels Creditors due within one year Creditors due In more than onè year 16,464,350 Total 5.253.840 7 1,322,466 16,576.306 Page 30
YMDDIRIEDOLAETH CLOUGH WILLIAMS-ELLIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 22. Reconciliation ol net movem•nt in funds to net cash flow from operating activities 2021 2020 Net inc0rnelgxperKlUre lor ihe year {as por Statement of Financial Aclivities) 1,563,165 (2.803,620) Adjustments for: Dgpreclauon chargè5 Dividends and Interests from inve5tmenls Ren15 from investments Decreasellinueasel in stoGk5 Decrease in (Jeblors Increase in cr¢¢Jilors 109,220 1122,3891 2,596 73 61,972 43,389 106,871 (231,607) 78.701 (2,781) 269 7,176 Not ¢aBh provlded byllused In) op•ratlng acUvltie# 1,658,026 (2,964,997J 23. Analy$lJ of cash and cash •qulvalent8 2021 2020 Cagh in hand Overdraft fa¢ilty repayable on demand 7,026 142,389 1228,4641 (153,058) Total cash and cash oqulval•nts 1221,4381 (70,6691 24. Analysls of changes in not dgbt At 6 Aprll 2020 At 5 Aprll 2021 Cash flows Cash at bank and in hand 142.389 {252.405) 15,657,401} 1135,3631 7.026 1140,8791 1393,2841 {27,8691 15.685.270) Bank overdrafts and loans repayable on ¢Jem8rwJ Debt due after 1 year 15.767,4171 1304.1111 16,071,528) Page 31
YMDDIRIEDOLAETH CLOUGH WILLIAMS-ELLIS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
25. Pension commitments
The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £203 (2020 £541).
26. Related party transactions
The following Trustees are also directors of Portmeirion Limited:
JC Wallace M Angharad R Garden
Portmeirion Limited, is a tenant of property owned by the Charity for which rent was payable of £99,566 (2020: £200,346). The net balance outstanding at the year end is £Nil (2020: £515). The rent payable by Portmeirion Limited is set at a market value, determined by independent chartered surveyors. Portmeirion Limited also provides certain meeting facilities to the Trustees for a charge at market value.
M Angharad, Trustee is also a director of Portmeirion Shops Limited, a tenant of property owned by the Charity for which rent was payable of £1,321 (2020: £1,321). The net balance outstanding at the year end is £793 (2020: £396).
M Angharad, Trustee is also a Trustee of Ymddiriedolaeth Susan Williams-Ellis Foundation, a tenant of the property owned by the Charity for which rent was payable of £14,500 (2020: £14,500) per annum. The net balance outstanding at the year end is £Nil (2020: £Nil).
R. Llywelyn is connected to the Charity by virtue of being the brother of Trustee M Angharad. The Charity received rental income to the amount £9,900 (2020: £9,900) from R. Llywelyn. The rent payable by R. Llywelyn is set at a market value determined by independent chartered surveyors in accordance with a lease approved by the Charity Commission. The net balance outstanding at the year end is £Nil (2020: £Nil).
Included within the insurance policy for the Charity are some properties which are owned by Trustees of the Charity. The cost of the insurance is fully repaid by the Trustees back to the Charity.
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