LLANELLI TOWN ESTATE (Regislratioti Nuniber 2172501 TRUSTEIES, ANNUAL REI PORT FOR YEAR ENDING 31. MARCH 2024 Trustees The Tiuslees of the Registered Cl)arity known as Llanclli Town Estate coinprise the twenty two elected Couiicillois (foi. tlie tiiiie being) of Llanelli Town Coiineil. Officei's The Chaii'man of the Trustccs is The Town Mdyoi. (for the IiiTie beiiig) of Llanelli Town Council, and the SecLetaiy to the TSteeS is The Town Clei'lc {foL' the time being) of Llanelli Town Council. Statutory Authoi'ity An Jnclosui'e Awaiyl, dated 24, Octoba., 1810 whicli provides (intcr alia) foi. iiicoille to be applied 'in iinproving the Town and Port of Llanelli. Investmeiit Portfolio HSBC Private Banking, HSBC UK plc, 8 Cork Street, Londoii, WIS 3LJ act as pi'ofesslonal advisers and bi'okci"s IalIagIng the IrLveslmcnl Portfolio of the Towii Estate, which repL'eseiits accumulated income fi'oill salc of lands, fi-echold E'evei'sionary intei'ests, etc. The inai'ket valiie of the Portfolio at the 31° March 2024 amounted lo £2,811,188. Iilcome Income lo the CEritY is derived fi'oni tlie followiiig sources, viz=_ (a) (b) (c) (d) Sales of freehold i-evei'sÉorkary inlcrests. Dividend income from investinent poi'ifolio. Ground i'cntals froin leaseliold propeities. Allotment gaidens at Lower Ti'ostlE Road. Expenditure Heads of expendire includc'.- Legal Professioi)al Fees of the Estate. InN'estinent Portfolio managcment fees. (a) (b)
Pj'operty The pi'opei'ty compi-ising Ilic Llanelli Town Estate as of 3 ISL Mai'cli 2024 is as follows.'- (a) Nine leasehold inlercsts, viz'.- Addi'ess Annual Gi'ound Rent No. 12 Comish Place No. 13 CoinishPla¢e No. 14 Coi'nish Plaee No. 20 CorLiish Place 9 Glandafen Road 3 Havelock Sii'eet No. l 0 14avelock Sti'eel No. 13 Ropewalk Road No. 80 Ropewalk Road 16.00 13.00 4.00 4.00 8.50 15.00 1.34 I,iio.00 14.00 (b) During Ilie yeai., the fi'eehold of I l Ropewalk Road waq sold to Ilie leaseliolder with £29,450 consequently I'eceived illto the Ti'ust. In addilioii the Tnisl agi'eed to Ii'ansfei. ownei'sliip of the Land al Trinity Road, Llanelli, (known as Biyn Yai'd Einvii'oninental Scheme) aJ)d the allolinent gai'dens at Lower TToslre Road to Llanelli Town Council. Gi'aiits A graiil of £75,000 was Inade to Llanelli Town Council diii'ins the accounting period. Aifon Davies, Secretai. to The TrustLes Milly7LElhl0Mj EsIa4e-Tl4sAiftqrt2Q24.th
Llanelli Town Estate Trustees, Re ort and Financial Statements for the ear ended 31st March 2024
Llanelll Town Estate Ind8X for the ar ended 31st March 2024 Page Nolsl. Indgpend&nt Examlnorfs Report Ganeral Infomalion Report of the Trust¢es Statement of Trustees, Responsibililes Slalement ol Financial Activities Balance Sheet 7109 Notes to thg Financial Slalemenls
Independent Exam5nels Roport to the Trustees of The Llan811i Town Estst I rewrt on Ihe accounts ol the Trust for the year ended 31 sl Mah 2024. which are sel out on pages 1109. RespÈctlve responslbilltles of the Trustees and the Examlner As the charity's Iruslees you ar& responsible for Iho pr¶tion of the ac¢aunts; you consider th21 the audit requir8menls of section 43121 of the Chaiiilies Ad 1993 Ith8 Act does not apply. It is my responsibility to state, on thè basis Df procedures spe¢ifi8d in the Gener81 Dlre¢lions given by the Charily Commission8rs under section 4317llbl of the Act, whether 3ny p2riicul8r matters have Come lo my attention. Basis of independ¢nl exarniners report My examination WAS ca¥ried out in accordance with the Gen6ral Dlreclions givan by lh8 Chsri(y Commissioners. An examination includes a revisw of th8 accounting records kept by the chaitly 2nd a comparison of the accounls presented with those recDrds. It also includes consideration of any unusual ilerns or di5cltrsures in the accounts, and seeking explanations from you as Iru$tÈÉs concerning any such mallers. The procedures undertaken do not providé all the 6vkJence that would be required in an audit. and ¢tsnsequently I do not express an opinion on the view given by the accounts. Indendent examiners statement In connection with my examination, no matter has ¢ome to my 8tt8ntion." 111 which giv85 me reasonable Cause to believe that in any material respect the requirem8nts al lo keep accounting records In a¢cordanc& with section 41 of the Act., and bl lo prep2re accounts which accord with the aGGounling records and to complywith the 8ccounling requlremenls ol the Act have not been met., or 121 to which, in my opinion, allention 5hLNJld be draw in order to Énable 2 proper understanding of the aGcounts lo be reached. k R Kemp DCK Accountinq Solutions Ltd Unit 1, Uffcoll Farm Uffcott, Swndon, Wilts SN4 9N8 Date: fjth June 2024
nelli Town Estate General Information for tha ear ettded 31st MarGh 2024 Charity Registration Number 217250 Regist8red Office Llanelli Town Councll The Old Vic8rage Town Hall Square SA15 30D Trustées Llanelli Town Coundl Signatory lor the Trust Any Two Managam6nt Commillee Uanelli Town Counul Independent Exarniners Derek R Kemp DCK Accounting Solutlons Lld Unit 1, UlfMtt Farm Uffcoll, Swindon. WlSls SN4 9NB Banke15 HSBC
Llanelll Town Estate Re ort of the Trustee for the ear ended 31st Mareh 2024 The Tfuslees present IhÈlr Report and Financial Stalernents of the ¢hsrily lor the year end81131 March 2024. Constltutlon Th8 charily 18 gov8med by a dofinilive Trust Deed. namely an Inclosur8 Award dated 24th October 1810. The Trust is gIStered as 8 chari¢y under number 217250. Ob ectlve5 and Actlvltles For tha gon8ral ben2fil of the pari and tDWn of Llanelli Results Thè r8sult8 lor th8 year are set in the Slaternent of FinanGlal A¢tivilies on page 5. Tw$tees mberS of LlanellS Town Council Dat8d.. lo /l /£4- Trustee Tru5te8
Llanèlli Town Estate tement ofTru8tee's Re8 on$lblllties for the ear ended 31st March 2024 Under the Charlties Act 1993. Ihe Trustees are requir8d tts.. Keep proper accounting r8cord8 Kthich d15close with reasonable aUr2¢Y at any lim8 the financial posltion of the charity. Prepare finan¢ial statements for each financial year which give a Irue and lair vlew of the stal8 of th8 charity's affairs and of ils surplus or dBficit for the year and mplY with the regulations made by the Secretary of Stale. In prèparing those finan¢dal statntS, th8 Irus188$ a requlred to.. select suitable acLwnting policies and th8n apply them coftsislently make judgements and &slimates that are r8asonabl& and prudent stale whether applicable accounting standards have been followed, subject lo any material departures di5clos8d and explained in th8 financlal slalements and whslher th8 IlnanrAal sl£lemenis have b8en prepared in accordance with Ihe Stalemenl of R8commended Practlee, ACCnting by Charitles, issued by the Charity Commission. prepare the financ#al statements on the going concem basi5 unl885 11 is appropria18 to presume thai the charity will continue in ope1811(. The Truslees are also responsible for safeguarding th8 2ssel$ of the charity and h¢n¢8 lor tsklng re£sonaUe steps for the prevention and detection of fraud and olher irregularities.
Llanelll Town Estate Statèment of Flnanclal Activitias for the ear ended 31st March 2024 Incomln Resources Restricted Unrestricted Funds Funds Total Funds 2023 Investment Income Inveslmenl G8insllLoss&sl Movempnt on Investments Freehold Sales 8ank Interest Received Other Inc(wtte 62.681 62,681 119,2291 1178.7771 29,450 794 3,228 52,541 123,4041 1140,6721 119,2291 1178,7771 29.450 794 3,228 615 651 1198,006 96.153 101.853 1110,269 Resources Used Direct Charitable Expenditure Movement on Inv8stmenl 17,Q71 78,687 95,758 177,840 17,071 78,687 95,758 177,840 Net Incornin Re50urce5 1215,Q771 17.466 1197.6111 1288,1091 other Recognised Gains & Losses 178.7Tt 178,777 140,672 Net Movement in Fund5 136,3(K)I 17,466 118,8341 1147.4371 alancss at 1stApril 2,474,986 114,537 2,589,523 2.736.960 Balan$ at 31 sl M8rch 2,438,686 132,003 2.570,689 2.589,523
L.lanelll Town Estate Balance Sheet as at 31st March 2024 2024 2023 otè FIx8d As88ts 2.788.271 2,515,798 Current Asset$ LoThJ Teim Loans Debtors & Prepayments Cash at 8ank General Fijnd C8sh 81 Yank Reslfjcl8d Fund 11,938 127,841 10,979 123.284 28,759 150.757 152,043 Credltors Amounts falling due wilhin one year 850 16,766 Net Current Assets 149,907 145.277 2,938.178 2,661,075 Restricted Funds C8Pital Reserve Aceounl Unrealised GainsllLDssesl 2,438,687 367.488 2,806,175 2,474.987 71,552 2,546.539 Unrestricted Funds RÈvenue A¢eount 132,003 114,537 2.938,178 2,661,076 These financial slalemenls wer8 approved by the Trusté88 on uslee Truste8
Llanelli Town Estates Notes to the Accounts for tha ar ended 31st March 2024 Accountsn Policles Accounting Convtrntitsn Th8se Account5 have been prepared on the basis of histor cosi lexcept ihat investm8nts are shown al markel v8lvel in accordanGe wth A¢¢ounling and Reporting by Charities- Slalem8nt of Recommended Practice ISORP 20051. INCOMING RESOURCES Re¢ognltlon of Incomlng Rosourc8S These are Included in IhÈ Ststém8n( of Flnancial Acliviti&s ISOFAI when- the charity becorne5 enlilkd to IhÈ rÈsourc8s'. the trustees are virtually Gertaln Iheywll receive the sourCes,, and th8 monetary value can be measurtrd with sufficient reliability. Incornlng Resourctr8 wilh Related ExpendlturÈ Wh8re inMIng resour$ have r8lated expenditure Ihe incorning resources ard related expenditure are reported gross in the SOFA. Invèstment Income Thks is ineluded in the 2ccounts when r8ceivable. Investment Gains and Loss88 ThK8 includes any gain or loss the sa18 of inv8Sttnenls and any gain or lo&s resulting from Ihè revaluin9 of inveslmBnls lo market value al Ihe year end. EXPENDITURE AND LIABILITIES Liabillty Retognltlon Liabilities are recognised as soon as there 15 a legal or ¢onstructiV8 obligation commill£ng th8 ¢harity10 pay oul resourc&8. Governance Costs Indud8 the cost5 of prSp2raI and eyamlnallon ol statutory accounts and Cost of any legal advic8 to Irust£88 on goverllance or ¢onslilulional Mallers. ASSETS Investments Investment5 oiioied on a r8cognls8d stock exchangE are valu&d st market Value at the yaar end.
Llanèlll Town Estate Notes to the Flnan¢lal Statements for the ear ended 31$1 March 2024 Restri¢ted Unrestrlcted Funds Funds Totsl Funds 2023 other Income R8nt81 & Other Incom& 96,153 96.153 98,153 96,153 53,807 53,807 DFrect Charltable Ex enditure Repairs and Maint&nance Professional FeÈs Miscellaneou5 Exp8n4Yiture Porifolio Manciqemenl Fees Gr£nt lo Town Couwl Grant lo Clear loan SC 3,159 528 3,159 528 17,071 75,000 3,844 165 24,027 120,000 29,804 17,071 75,000 17.071 78.687 95,758 177.840 nvtstments 2024 2023 Cosl al 1st April 2,444,247 2,435.452 Net movern8nl in the year -23,464 8,795 Carrying amount at 31st March 2,420,783 2,444,247 Portfolio valUatn al 3181 March £2.788,271 £2,515,799 Fees for Examination of the Accounts 2024 2023 Independent examinors fees lor reporting on the aCconIS oth8r fees paid lo the examiner 600 708 550 914 1,308 1,464 Staff Gosts The thatY had no empl¢se$ durit)g th& yaar Tangible Fixed Assets Thp charity had no tangible fixed assets D&btors and ppayMentS Arnounts falling due within one ear 2024 2023 Trade Debtors Long Term Loans Prapaymenls and Aecru8d Inwne
Llanelli Town Estates Notes to the Fi Statements for the ear endÈd 31st March 2024 ¢redltors and Accwals Amounts fallin wlthin one 2024 due ear 2023 Trade Credtlors Olher Creditors Accruals L18nelli Town counci1-BalaC8 of Funding 850 6.766 850 6,766 10 Restrl¢ted Funds 2024 2023 ital Reserve Account As al 1st April SurplusllDeficill for the Year A5 al 31st March Add..Unr8alisèd GainllL0551 2,474,987 -36,300 2,438,687 367,488 2.522,417 47.430 2,474,987 71,552 Total Fund at 31 March 2.806,175 2,546.529 Unrestricted Funds 2024 2Q23 Rev8nue Account As at 1st April SurplusllDalicitl for the year 214.543 17,466 227,230 112,6871 As at 31 March 232,009 214,543 12 Anal sls of Assets Belw8en Funds Restricted Funds Revenue Fund Total 2023 Fund Balances al 31st March 20Z2 Represented by'.- Investments- Cosl Invebtmenls unrealised gainlllo851 Lang Term Loans Debtors Cash al Bank Credilors 2,420,783 367,488 2,420,783 367,488 2,444,247 71,552 10.979 0.00 127,841 18501 138,819 18501 152.044 16,7661 2,799,249 126,991 2,926.240 2,661,077