REGISTERED CHARITY NUMBER: 218121 TRUSTEES, REPORT ANO UNAVDXTED FINANCXAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 FOR LAUGHARNE CORPORAnON LANDS Llewelyn Davie5 Chartered Accountants Yefverton House st John Street Whltland Camiarthenshlre SA34 DAW
LAUGHARNE CORPORATION LANDS REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 SEPTEMBER 2023 TRUSTEES Matthew Thomas ( Portreeve I Chalmian) Anthony )ame51 Foreman I Jeffrey Downes Keith John stephen Allsopp Gareth Scourfield Mohammed Elgamhari Clive Roberts Ben Uoyd Tom Lloyd Leonard Brown Clive Rees John Pearce Gavln John Morgan Lewis Davld Krlpps Denzll Brown lan James Patrlck Brace Brian Roberts Wayne Watklns Jeffery Evans PRINCIPAL ADDRESS Laugharne Corporatlon Town Hall Laugharne Camiarthenshlre SA33 4SA REGIsfERED CHARITY NUMBER 218121 IMDEPENDENT EXAMINER Uewelyn Davles Chartered Accountants Yelverton House St John stet Whitland rmarthenshire SA34 OAW BANKERS Bardays Bank PIC Carmarthen Btsnch
LAUGHARNE CORPORATION LANDS TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023 The tnjstees have pleasure in presenting their ptsrt and the unaudited financlal statements of the charfty for the year ended 30 September 2023. TRUSTEES The TNstees have served throughout the year. Appointment of trustees 15 governed by the rules of the orlglnal charter of 1297 which have more recentty been established by a scheme age1 under the Charltles Att 1993 on 27 May 2003. LEGAL STATUS Laugharne Coryjoration Lands became a reglstered d)arity 1218121) on 26 September 1963. By agreement wlth the Charlty CommIssn the powers of the charlty We establlshed by a scheme reed under the Charities Act 1993 on 27 May 2003. OBJECTIVES The oblectfves of the Corporatéon are:_ (l) The relief of poverty, old a9e, dlsablement and slckness among the inhabitants. (2) The advancement of educatlon amono the inhabltsnts. 131 The provislon and 5UPPOrt, In the Interests of soc1 welfare, of facilities for the inhabitants. with the objett of impmvlng thelr condltlon of Ilfe. 14) The provfsion of publlc amenlties of a chafitable nature for the benefit of the inhabitants. {5) The preserVaOn and conservatlon of bulldlngs and land that 15 of ar¢hitethJral, historical, saentlfic or educatjonal merit, or, on the case of land, is of outstandlng natural beauty, for the benefit of the Inhabltants, {6} Such other Chatab purposes wlthln Laughame or for the general benefit of the inhabitsnts a5 the Grand Jury of the Court Leet and the Court Baron of Laugharne Corporatlon from tlme to tlme thlnks fit. ORGANJSATION The Burgesses of Laugharne elect a Portreeve to presSde over the Grand Jury to administer the affairs of the CorporatSon. The Grand Jury consists of twenty one Jurymen. The Portreeve and the Jurymen are the trustees of the Ctyporatlon, A recorder 19 appolnted to asslst the P0eeVe In the admlnLstration of the Corporation. FINANCIAL CONTROLS AND DEVELOPMENTS The Grand Jury meet twi a month, fomial mlnutes belng kept by the Recorder. For many years the Corporation has charged very low rents and some of the leases were considered to be perpetually renewable. Within recent yeats the Corporatlon Sollcltors and the Chaty Commlssloners have establlshed the legal posltlon regarding Corporatlon leases. Leaseholders galned the opporbJnlty under the Leasehold Refomi Act to acqulre the freehold of the leasehold property. The re5erve5 of the Corporation were invested in NatiC*nal Savings Investment Bonds, the Jurymen have Instltuted a process to revlew the investment and management of ServeS. From 2009110 onwards the Jurymen have dedded to acqulre sUable freehold propertles In Laughame. To date, seven propertles have been aUIre¢l at a totsl cost of £955,76S and have been revalued to £1.550,000 {2022 £1.550,000) In accordance wlth UK GAAP and are Included as Flxed Assets. FINANCIAL REVIEW There was a surplus of £13,87612022 E119,196) In the year.
LAUGHARN£ CORPORATION LANDS TRUSTEES. REPORT POR THE YEAR ENDED 30 SEPTEMBER 2023 RESERVES POLICY The General Reserves at 30 September 2023 were £1,048,55412022 - £1.034,678) The Revaluatlon Reserve at 30 September 2023 was £594.234 (2022 £594.234) taklng the trtal reserves to £1,642,788 (2022 - £1,628,912) at the balance sheet date. RespoNSIBILITIES OP THE TRUSTEes To comply wlth the duty In Sertlon 4 of the Chat1Ues Act 2011. To pay due regard to publlc benefft guldance by the Commisslon. To make donatlons to local organlsatlons $u¢h as the church, Schools and a cholr. to support a hall whSch holds varlous events throughout the year. To asslst 5POrts clubs and sportlng artlYltl¢s, and the comrnlttee responslble for the upkeep of the chlldren's playln9 field. In additlon to the donatlons. money has also been spent on a Slte of Specffic Sclentlfic Interest on Corporatlon land, wlth asslstsnce from the Countryslde Councll for Wales. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The charlty Is controlled by Its governlng document, a de¢d of tsijst and Constitutes an unlncorporated charlty. Approved by order of the board of trustees on by: /.F./6./2.¥,.......... and slgned on Its behalf Mr N G Thomas - Trustse
INDEPENDENT EXAMINER'S REPORT 70 THE TRUSTEES OF LAUGHARNE CORPORATION LAIIDS Zndepend•nt ex•mlner'• r•port to the trnstee$ of Laugharne Corporatlon Lands I report to the charfty trustees on my examlnatSon of the accounts of Laughame Corporatlon Lands (the Trust) for the year ended 30 September 2023. Responslbllltles and basls of report As the chartty trustees of the Trust you are responslble for the preparaOn of the accounts In aecorclance wlth the requlrements of the Charltles Act 2011 ('the Act,). I report In respect of my examlnatlon of the Trust's accounts carrfed out under Sectlon 145 of the Art and In ¢arrylng out my examlnatlon E have followed all appllcable DIrecon$ glven by the Charfty Comrnls$6on under Sectlon 14515)(b) of the Art. Independent examlner's statement I have completed my examlnatlon. I Conflm) that no materfal matters have come to my attentlon In connertlon wlth the examlnatlon glvlng me ¢ause to belleve that In any materlal re¥pe¢t: accountlng records were not kept in $pert of the Trust as requlred by Sectlon 130 of the Att", or the accounts do not accord wlth those records. or the accounts do not comply wlth the appllcable requlrements concemlng the fom and content of accounts set out In the Charf£les (Accounts and Reports} Regulatlons 2008 other than any requlrement that the accounts glve a true and falr vlew whlch Is not a matter consldered as part of an Independent examlnatlon. I have no concerns and have come across no other matters In connectlon wlth the examlnatlon to whlch attentlon should be drawn In thls report In order to enable a proper understsndlng of the accounts to be reached. Nr C R John ACA FCCA Llewelyn Davles Chartered Accountants Yelverton House st John Street Whltland Carmarthenshlre SA34 OAW Date:
LAUGHARNE CORPORATION LANDS STATEMENT OF FINANCIAL ArnVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2023 2023 un$trtted funds 2022 Total furK15 Notes INCOME AND ENDOWMENTS FROM Donations ènd legaties 8.731 8,505 Other trading activities Investment Income 729 62,516 4,530 52,961 71,976 65,996 EXPENDITURE ON Ra155TrJ funds 58.100 65,081 Net galns on Investments 118,281 NEf INCOME 13,876 119,196 RECONCILIATION OF FUNDS Total ndS brought ft>rward 1.628.912 1,509,716 TOTAL FUNDS CARRIED FORWARD 1,642,788 1,628,912 The notes fom part of these flnandal statements
LAUGHARNe CORPORATION LANDS BALANCI $HeET
0 sepTtMBIR 2Q23 2023 Unrestrfrted fijnds 2022 Total funds Notes FIXED ASSETS Investment property 1,550,000 1,550,000 CURRENT ASSETS Debtors Cash at bank 2.482 105,342 86,786 107,824 86,786 CREDITORS Amounts falllng due wlthln one year (15.036) (7,874) Ner CURRE14T ASSETS 92.788 78.912 TOTAL ASSETS LESS CURREKr LXABILZTIES 1,642,788 1,628,912 NEf ASSETS 1,642,788 1,628,912 PUNDS Unrestricted lunds: General nd Revaluatlon Reserve io 1,048,554 594.234 1,034,678 594.234 1,642,788 1,628,912 TOTAL FUNDS 1.642,788 1,628,912 The fln nclal statements were approved by the Board of Trustees and authorlsed for Sssue on .adAAt................. and were slgned on Its behalf by: Mr M G Thomas - Trustee The notes fomi part of these flnanclal statements
LAVGHARNE CORPORATION LANDS NOTES TO THE FINANCIAL STATEMEifrs FOR THE YEAR ENDED 30 SEPTEMBER 2023 ACCOUNTING POLICIES Basls of preparlng the financlal statements The flnanclal statements of the charity, which is a public benefit entty under FRS 102, have been prepared In accordance with the Charities SORP {FRS 102) 'Accountlng and ReportlThJ by Charltles.. statement of Recommended Pracilce appllcable to charlttes preparlng thelr accounts in accordance with the Financial Reportin9 Standard applicable in the UK and Republlc of Ireland IFRS 102) (effective l January 2019)., Financlal Reporting Standard 102 The Finandal Reportlng Stsndard appllcable In the UK and Republic of Ireland, and the Charities Act 2011. The financlal statements have been prepared under the historical cost convention, as modified by the revalUaon of certaln Income All Ino)me Is recogn15ed In the Statement of Finanoal Activities once the charlty has entltlement to the funds, It Is probable that the Income will be reiVed and the amount can be measured rellably. Expendlture Liabilities are retognised as experKllture as soon as there Is a gaI or constwctive obllgatlon commlttlng the charty to that expendlture, It Is probable that a transfer of eccsnomlc benents wlll be requlred In settlement and the amount of the obligation can be measu lIablY. Expendltu Is accounted for on an acryuals basls and has been classlfied under headings that aggregate all C05t related to the category. Where costs cannot be dlrectly attrlbuted to particular heading5 they have been allocated to activities on a basls conslstent woth the use of resources. Investm•nt prop•rty Investment property Is shown at most recent valuatlon. Any aggregate surplus or defltht adsong from changes In falr value is regniSed In the Ststement of Financlal Acuvltles. Taxation The Chaty Is exempt from on Its charitable artivitie5. Fund accountlng Unrestritted funds can be used in ac¢tsrdance with the chatsble objectlves at the discretion of the twstees. Restrlcted funds can only be used for particular restricted purposes withln the objects of the charlty. ReStrtttl0r arlse when speCle1 by the donor or when funds are Trlsed for particular restricted purposes. Further explanatlon of the nature and purpose of each fund 15 induded in the notes to the flnanclal statements. OTHER TRADING ACTIYITIES 2023 2022 FundraisiNJ events 729 4.530
LAUGHARNE CORPORATION LANDS NOTES TO TME FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 30 SEPTEMBER 2023 INVESTMENT INCOME 2023 2022 Legacy rents 1Ved Investments Interest Investment propertles rent 14,151 8,709 37 44,215 48,362 62,516 52,961 RAISING FUNDS Investment managem•n¢ 2023 2022 Rent collethon Property repalrs Support costs 2,750 9,829 45,521 2,653 7,575 85,891 58,100 96,119 TRUSTEES. REMUNEIiATION AND BENEFrrs There were ng tnjstees, MUneratIOn or other benefits for the year ended 30 September 2023 nor for the year ended 30 September 2022. Trust••s' •xp•nM• Durlng the year £4,625 (2022 - £4,500) was pald In respect of honorark and expenses to the trustees and recorder. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted nds INCOME AND ENDOWMENTS FROM Donatlons arKI legacles 8,505 Other trading acb"vities Investment Income 4,530 52,961 Totsl 65.996 EXPENDITURE ON Ralsing funds 65,081 Net gains on investments 118,281 NET INCOME 119,196 RECONCILZATION OF FUNDS Totsl fvnds brought forwar 1,509,716
LAUGHARNE CORPORATION LANDS NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTivrrIES - continued Unrestrtcted fvnds TOTAL FUNDS CARRIED FORWARD 1,628,912 INVESTMENT PROPERTY FAIR VALUE At i ortober 2022 and 30 September 2023 1.5SO,000 NET BOOK VALUE At 30 September 2023 1,550,000 At 30 September 2022 1.550,000 Falr value at 30 September 2023 15 represented by.. Valuatk*n In 2018 Valuation in 2019 Valuatlon In 2020 Valuatlon In 2021 Valuatlon In 2022 Cost 3S,600 49,884 104,125 286,344 118,281 955,766 1,550,000 DEBTORS.. AMOUNTS FALLING DUE wrrHIN ONE YEAR 2023 2022 Trade debtors 2.482 CREDrroRS: AMOUNTS FALUNG DUE WThHIN ONE YEAR 2023 2022 Other credltors 15,036 7.874 10. MOVEMENT IN FUt4DS Net movement In funds At 1.10.22 At 30.9.23 Vnre•tri¢ted funds General fund Revaluat(on ReseNe 1,034,678 594,234 13,876 1.048,554 594,234 1,628,912 13,876 1.642,788 TOTAL FUNDS 1,628,912 13,876 1,642,788
LAUGHARNE CORPORATION LANDS rioTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 30 SEPTEMBER 2023 10. MOVEMENT IN FUNDS- continued Net movement in fund5, included in the above are as follows.. Incoming resources Resources expended Movement In fund5 Unrestritted funds General fund 71,976 (58,100) 13,876 TOTAL FUNDS 71,976 (58,100) 13,876 Comparatlves for movement in fvnds Net movement in funds At 1.10.21 At 30.9.22 Unr•rtblct•d fund• General fuThJ Revaluation Reserve 1.033,763 475,953 915 118,281 1,034,678 594,234 1.509,716 119,196 1,628,912 TOTAL FUNDS 1,509,716 119,196 1,628,912 Comparattve net movement In fvnds. Induded In the above are as follows., Incomin9 resources Resources experKJe Gains and It)sses Movement In funds Unrestricted funds General fund Revaluation ReseThe 65,996 165,081) 915 118,281 118,281 65,996 165,081) 118,281 119,196 TOTAL FUNDS 65,996 165,081) 118,281 119,196 A cuent year 12 months and prior year 12 months comblned posltyon Is as follows: Net movement In fuThJs At 1.10.21 At 30.9.23 Unrejtricted funds General fvnd Revaluation Reserve 1,033,763 475,953 14,791 118,281 1,048,554 594,234 1,509,716 133,072 1,642,788 TOTAL FUNDS 1,509,716 133,072 1,642,788 -io-
LAUGHARNE CORPORATION LANDS NOTES TO THE FINANCIAL STATEMENTS - contlnu•d FOR THE YEAR ENDED 30 SEPTEMBER 2023 io. MOVEMENT IN FUNDS - contlnu•d A current year 12 months and prlor year 12 month5 combined net movement in funds, Included In the above are as follows: Incomlng resources ReurCeS expended Gains and losses Movement In funds Unrestrtctad funds General fvnd Revaluation Reserve 137,972 1123,181) 14,791 118,281 118,281 137,972 {123,181) 118,281 133.072 TOTAL FUNDS 137.972 {123,181) 118,281 133,072 11. RELATED PARTY DISCLOSURES There We no related party transactions for the year ended 30 September 2023. 12. ULTIMATE CONTROLLING PARTY The chartty Is controlled by the TNstees -li-