**REGISTERED CHARITY NUMBER: 200772** ## Report of the Trustees and Unaudited Financial Statements for the Year Ended 5 April 2025 ## for ## W M Llewellin Deceased Maxwells Chartered Accountants 4 King Square Bridgwater Somerset TA6 3YF W M Llewellin Deceased ## Contents of the Financial Statements for the Year Ended 5 April 2025 |||Page|| |---|---|---|---| |Report of the Trustees|1|to|3| |Independent Examiner's Report||4|| |Statement of Financial Activities||5|| |Balance Sheet||6|| |Notes to the Financial Statements|7|to|12| |Detailed Statement of Financial Activities||13|| W M Llewellin Deceased Report of the Trustees for the Year Ended 5 April 2025 The trustees present their report with the financial statements of the charity for the year ended 5 April 2025. 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 (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The objectives on its registration are :- 'Pensions for ex-employees and employees of Llewellins Machine Company Ltd, who through accident, sicknesses, etc are unable to work, provided that they have been in service of the company for 25 years'. ## **Significant activities** Under our charitable objectives set out in our governing document, we pay a pension to ex-employees and also help employees of the company who fall within the various descriptions of charitable purposes for the public benefit, i.e. - The prevention or relief of poverty. - The advancement of health or the saving of lives. - The relief of those in need, by reason of youth, age, ill-health, disability, financial hardship or other disadvantage. - Other purposes currently recognised as charitable and any new charitable purposes which are similar to another charitable purpose. ## **Public benefit** The trustees confirm that they have referred to the guidance contained in the Charity Commission general guidance on public benefit when reviewing the Trust's aims and objectives, and in planning future activities. The trustees are satisfied that all pensions paid during the year are for the benefit of the public. ## **ACHIEVEMENTS AND PERFORMANCE** ## **Charitable activities** Pensions were paid to 10 qualifying ex-employees of Llewellins Machine Company Ltd. ## **Investment performance** This money and the income received from the investments, help towards the funding of the objectives of the charity. ## **FINANCIAL REVIEW** ## **Financial position** At the end of the reporting period, the charity had sufficient current assets to cover all recognised liabilities with sufficient excess funds to support the charity's activities, without support, for more than one year. The net current assets of the charity at the balance sheet date were £155,934 (2024 - £151,209). The total fund balance at the balance sheet date was £463,883 (2024 - £459,158). During the year, the Trust generated a surplus of £4,725 (2024 - £535). ## **Reserves policy** Reserves are maintained so as to ensure the continuing ability to provide pensions under the terms of the charities objectives. Page 1 W M Llewellin Deceased Report of the Trustees for the Year Ended 5 April 2025 ## **FINANCIAL REVIEW** ## **Funds in deficit** The net unrestricted funds are in surplus. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, which is the 'Will' of William Maberly Llewellin, and constitutes an unincorporated charity. The 'Will' proved 13.09.1930, Judgement (High Court) 19.07.1944. ## **Recruitment and appointment of new trustees** The identification of potential new trustees is carried out by the existing board, the aim being to appoint those with the appropriate expertise and experience for the charity's work. On agreeing to become a trustee of the charity, the new trustees are thoroughly briefed by their co-trustees on the history of the trust, the day-to-day management, the responsibilities of the trustees, the current objectives and future plans. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Registered Charity number** 200772 ## **Principal address** 15 King Square BRISTOL Somerset BS2 8JH ## **Trustees** Ms J A Quant M C Wilson ## **Independent Examiner** Maxwells Chartered Accountants 4 King Square Bridgwater Somerset TA6 3YF Page 2 W M Llewellin Deceased Report of the Trustees for the Year Ended 5 April 2025 **NOTES TO THE WILL Testator** William Maberly Llewellin **Date of will** 13 May 1930 **Date of death** 8 July 1931 ## **Main terms of the will that currently apply** After specific request, the remainder of the estate was to be held in trust to pay pensions to former employees of Llewellins Machine Company Ltd, who had worked for the company for over 25 years and were prevented by disability arising from a cause not the fault of the employee from further service. These pensions are at the trustees absolute discretion. ## **Investment clauses** The trustees were authorised to invest the trust funds in investments authorised by law. In addition, the trustees were authorised to hold shares or debentures in Llewellins Machine Company Ltd or to lend money on loan accounts to that company. The trustees were given absolute discretion as to the buying and selling of investments. ## **Charitable status** A High Court Judgement of July 1944 declared that the clause providing for the payment of pensions to former employees of Llewellins Machine Company Ltd created a valid Charitable Trust. The registered number with the Charity Commission is 200772. ## **Accumulation of income** The High Court Judgement further provided that after the payment of pensions to the daughters of G F Griffiths deceased, or to the former employees of Llewellins Machine Company Ltd and to the trustee R G Griffiths, the surplus income should be accumulated for 21 years following the death of the Testator. Thereafter, surplus income was to be distributed annually to the Testator's Next of Kin as under intestacy. ## **Directors remuneration** The trustees of the Will of W M Llewellin deceased, who are also directors of Llewellins Machine Company Ltd, can obtain increases in directors remuneration only in accordance with the formula laid down in the High Court. The above notes are a summary of the main terms of the Will. These notes are not a substitute for the original documents. Approved by order of the board of trustees on 19 December 2025 and signed on its behalf by: Ms J A Quant - Trustee Page 3 Independent Examiner's Report to the Trustees of W M Llewellin Deceased ## **Independent examiner's report to the trustees of W M Llewellin Deceased** I report to the charity trustees on my examination of the accounts of W M Llewellin Deceased (the Trust) for the year ended 5 April 2025. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Clive Hall-Tomkin Maxwells Chartered Accountants 4 King Square Bridgwater Somerset TA6 3YF 19 December 2025 Page 4 W M Llewellin Deceased ## Statement of Financial Activities for the Year Ended 5 April 2025 |**5.4.25**
**Unrestricted**
**funds**
Notes
**£**
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
**7,541**
Investment income
2
**76,264**
**Total**
**83,805**
**EXPENDITURE ON**
**Charitable activities**
Support
**570**
Pensions to former employees
**79,080**
**Total**
**79,650**
**NET INCOME**
**4,155**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**459,158**
**TOTAL FUNDS CARRIED FORWARD**
**463,313**
**CONTINUING OPERATIONS**|5.4.24
Total
funds
£
11,209
63,881
75,090
875
73,680
74,555
535
458,623
459,158| |---|---| All income and expenditure has arisen from continuing activities. The notes form part of these financial statements Page 5 W M Llewellin Deceased ## Balance Sheet ## 5 April 2025 |**5.4.25**
**Unrestricted**
**funds**
Notes
**£**
**FIXED ASSETS**
**Investments**
Investments
5
**2,949**
Investment property
6
**305,000**
**307,949**
**CURRENT ASSETS**
Cash at bank
**155,934**
**CREDITORS**
Amounts falling due within one year
7
**(570)**
**NET CURRENT ASSETS**
**155,364**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**463,313**
**NET ASSETS**
**463,313**
**FUNDS**
8
Unrestricted funds
**463,313**
**TOTAL FUNDS**
**463,313**|5.4.24
Total
funds
£
2,949
305,000
307,949
151,209
-
151,209
459,158
459,158
459,158
459,158| |---|---| The financial statements were approved by the Board of Trustees and authorised for issue on 19 December 2025 and were signed on its behalf by: J A Quant - Trustee The notes form part of these financial statements Page 6 W M Llewellin Deceased Notes to the Financial Statements for the Year Ended 5 April 2025 ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. ## **Income** All income 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 recognised 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 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 costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Investment property** Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **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. ## **Pension costs and other post-retirement benefits** The charity pays a pension to ex-employees of Llewellins Machine Company Ltd who meet the requirements as set out in the trustees report. continued... Page 7 W M Llewellin Deceased ## Notes to the Financial Statements - continued for the Year Ended 5 April 2025 ## **2.** ## **INVESTMENT INCOME** |Rents received
Deposit account interest|**5.4.25**
**£**
**71,539**
**4,725**
**76,264**|5.4.24
£
63,346
535
63,881| |---|---|---| ## **3. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 5 April 2025 nor for the year ended 5 April 2024. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 5 April 2025 nor for the year ended 5 April 2024. ## **4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |**INCOME AND ENDOWMENTS FROM**|Unrestricted
funds
£| |---|---| |Donations and legacies|11,209| |Investment income|63,881| |**Total**|75,090| |**EXPENDITURE ON**|| |**Charitable activities**|| |Support|875| |Pensions to former employees|73,680| |**Total**|74,555| |**NET INCOME**|535| |**RECONCILIATION OF FUNDS**|| |Total funds brought forward|458,623| |**TOTAL FUNDS CARRIED FORWARD**|459,158| continued... Page 8 W M Llewellin Deceased Notes to the Financial Statements - continued for the Year Ended 5 April 2025 ## **5. FIXED ASSET INVESTMENTS** |**FIXED ASSET INVESTMENTS**|| |---|---| ||Unlisted| ||investments| ||£| |**MARKET VALUE**|| |At 6 April 2024 and 5 April 2025|**2,949**| |**NET BOOK VALUE**|| |At 5 April 2025|**2,949**| |At 5 April 2024|2,949| There were no investment assets outside the UK. The above investments relate to 5,898 ordinary £1 shares at probate value in Llewellins Machine Company Ltd. ## **6. INVESTMENT PROPERTY** |**FAIR VALUE**
At 6 April 2024
and 5 April 2025
**NET BOOK VALUE**
At 5 April 2025
At 5 April 2024|**£**
**305,000**
**305,000**
305,000| |---|---| Investment property is shown at its most recent valuation. Any aggregate gain or loss arising from changes in market value is transferred to the Statement of Financial Activities. The freehold properties were valued on 3rd July 2014 by an independent surveyor, D J Foley, a member of the Royal Institution of Chartered Surveyors at a market value of £305,000 and this valuation was used in the accounts from 5 April 2014 onwards. The trustees consider any movement since July 2014 are not material. continued... Page 9 W M Llewellin Deceased Notes to the Financial Statements - continued for the Year Ended 5 April 2025 ## **7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Other creditors
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**TOTAL FUNDS**
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 6.4.24
£
**459,158**
**459,158**
Incoming
resources
£
**83,805**
**83,805**
At 6.4.23
£
458,623
458,623|**5.4.25**
5.4.24
**£**
£
**570**
-
Net
movement
At
in funds
5.4.25
£
£
**4,155**
**463,313**
**4,155**
**463,313**
Resources
Movement
expended
in funds
£
£
**(79,650)**
**4,155**
**(79,650)**
**4,155**
Net
movement
At
in funds
5.4.24
£
£
535
459,158
535
459,158| |---|---|---| ## **8. MOVEMENT IN FUNDS** continued... Page 10 W M Llewellin Deceased Notes to the Financial Statements - continued for the Year Ended 5 April 2025 ## **8. MOVEMENT IN FUNDS - continued** Comparative net movement in funds, included in the above are as follows: ||Incoming|Resources|Movement|Movement| |---|---|---|---|---| ||resources|expended|in funds|| ||£|£||£| |**Unrestricted funds**||||| |General fund|75,090|(74,555)||535| |**TOTAL FUNDS**|75,090|(74,555)||535| A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 6.4.23
£
458,623
458,623|Net
movement
in funds
£
4,690
4,690|At
5.4.25
£
463,313
463,313| |---|---|---|---| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |**Unrestricted funds**|Incoming
Resources
resources
expended
£
£|Movement
in funds
£| |---|---|---| |General fund|158,895
(154,205)|4,690| |**TOTAL FUNDS**|158,895
(154,205)|4,690| continued... Page 11 W M Llewellin Deceased Notes to the Financial Statements - continued for the Year Ended 5 April 2025 ## **9. RELATED PARTY DISCLOSURES** A company, related due to the charity trustees also being directors of the company, was owed £nil at the balance sheet date (2025 - £nil). Page 12 W M Llewellin Deceased Detailed Statement of Financial Activities for the Year Ended 5 April 2025 |Detailed Statement of Financial Activities
for the Year Ended 5 April 2025||| |---|---|---| ||5.4.25|5.4.24| ||£|£| |**INCOME AND ENDOWMENTS**||| |**Donations and legacies**||| |Donations|**7,541**|11,209| |**Investment income**||| |Rents received|**71,539**|63,346| |Deposit account interest|**4,725**|535| ||**76,264**|63,881| |**Total incoming resources**|**83,805**|75,090| |**EXPENDITURE**||| |**Charitable activities**||| |Pensions to former employees|**79,080**|73,680| |**Support costs**||| |**Governance costs**||| |Accountancy and legal fees|**570**|875| |Total resources expended|**79,650**|74,555| |**Net income**|**4,155**|535| |||| This page does not form part of the statutory financial statements Page 13