2024-03-31-accounts

LLEWELLYN ALMSHOUSES FINANCIAL STATEMENTS FOR THE PERIOD I APRIL 2023 TO 31 MARCH 2024

ew 11 nAI *ho ses Financial tatemen Yea 1 Ivlarch ONTENTS Page Legal & Administrative Information Report of the Trustees Independent Examinerf5 Report Statement of Comprehensive Income Statement of Financial Position Statement of Changes in Reserves Statement of Cash Flow Notes to the Accounts 10-20 Notes not forming part of the Financial Statements=_ Detailed income and expenditure account 21

Trustees: Councillor A Lodwig Ichalrmanl Councillor W Carpenter Councillor T. Bowen Canon David Lewis Canon Lynda Newman The trustees delegate the day-to-day management of the property to Tai Tarian Limited. Charity No: 218821 Address of Charity". Leonard Street, Neath. IAdmini5tered by Tai Tarian Limited) Independent Examiner: WBV Limited Ch3rtered Accountsnts Ststutory Auditors Woodfield House Castle Walk Neath SAII 3LN 8ankers". Lloyds Bank PIC Neath

le ell n mshouses In ncial Stateme enoe Mar h O The Trustees present their report together wlth the financial statements of the tharity for the period l April 2023 to 31 March 2024. STRucfuRE, GOVERNANCE AND MANAGEME Governsng Document Llewellyn Almshouses was established under a deed dated 24 December 1897. It was registered with the Charity Commission on 10 September 1974. The activities of the Llewellyn Almshouses are controlled by a Board of Trustees. The Board meet on a regular basls to ensure the smooth running of the orllanisation. Deusions regarding the management of the Llewellyn Almshouses are made by the Trustees. OBJECTIVES AND ACTIVITIES Llewellyn Almshouses is a non-profit making organisation engaged in the provlslon of social housing at their premises in Leonard Street, Neath. The primary objettive of the organisation is to provide housing for single women and widows over the age of 45 years. ACHIEVEMENTS AND PERFORMANCE Total income for the period was £59,25912023.. £49,235>. The surplus for the year was £5,83912023: £1,992) before the revaluation of investments. After the revaluatlon the surplus was £8A9412023: Deficit £1,569). The accumulated free reserves at the end of the year amounted to E90.20612023.. £83,289) and designated reserves amounted to £84,979 12023.. £83,402). In 2024 occupancy leve15 were slightly higher than 2023. The loss of rentsl incorne a5 a result of voids in the period was £6,690 12023: £6,994). PRINCIPAL RISKS AND UN￿ftTAINTIES The main risk faced by Llewellyn Almshouses relates to the age of the building from which it operates and the need to maintain the standard of accommodation provided. The trustees have undertaken a rigorous programme of updating and improvement over recent years and ensure that regular inspections of the premises are carried out. A programme of routine and yclical maintenance is maintained. Such action reduces the risk of significant unforeseen work and expenditure from arising.

PUBUC BENEFIT The trustees have given due reBard to public benefit and consider that each of the actlvitles that the charity is engaged in helps promote the aims of the charity in respert of improving the condtrtlons of life of the tenant5 of Llewellyn Almshouses. FINA14CIAL REVIEW It is the policy of the Llewellyn Almshou5e5 to maintain unrestricted funds, which are its free reserves. The Trustees have designated part of its re5enies and earmarked them for a particular purpose such as extraordinary repairs and cyclical maintenance. SLsch designated reserves are part of unrestritted reseNes. Where funds are received that have specific restrictions attached to their use they are treated as restrirted reserves and are not free reserves. Further explanation is given in the accounting policies on pages 10-13. ACCOUNTING PERIOD The financial statements have been prepared for the 12-month period ended 31 March 2024. The comparable figures as of 31 March 2023 a150 refled a 12-month period. POST BAiANCE SHEET EVENTS There have been no events since the flnancial year-end that have had a slgniflcant effect on the financial position. RESPONSIBILITIES OF THE TRUSTEES The Trustees are responsible for preparing the report and financial statements in accordance wlth applicable law and regulations. The Trustees are required to prepare financial statements for each financial year which give a true and fair vlew of the position of the re8lStered social13ndlord and of the surplus or deficit of the registered social landlord for that period. In preparing those financial statements they are required to: select suitable accounting policies 3nd then apply them conslstently: makejudgements and estimates that are reasonable and prudent- state whether applicable accounting standards have been followed. subject to any material departures disclosed ond explained in the financial statement5: and prepare the financial Statements on a going concern basis unless It Is Inappropriate to presume that the registered social landlord will ¢ontlnue in business.

Lle ell Almsh se Fn c I Ypa tements POPT The Trustees are responsible for keeping proper accounting record5 which di5c105e with rea50n3ble accuracy at any time the financial wsition of the registered social landlord to enable it to ensure that the financial statements comply with the Trust Deed. The Housing and Regeneration Act 2008 and The Accounting Requirements for Registered Social Landlords General Determination IWales12015. They are also re5pon5ible for safeguarding the assets of the registered social Sandlord and hence for tsklng reasonable steps for the prevention and detection of fraud and other irregularities. FOR AND ON BEHALF OF THE TRUSTEES Counclllor A Lodwlg CHAIRMAN Date: ....-.

I report to the charity trustees on my examination of the accounts of Uewellyn Almshouses for the yearended 31 March 2024 which are set out on page5 6 to 20. Responslblllties and basis of report As the chariW5 trustees you are responsible for the preparation of the accounts In accordance with the requirements of the Charities Act 20111.the Act'l. I report in respect of my examination of the chariws accounts carried out under sectlon 145 of the Act and in carrying out my examination I have followed all the applicable Direttions given by the Charity Commission under sertion 14515)Ibl of the Act. Independent ex*minerfs ststement 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 respett: accounting records were not kept in respect of the charity 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 Charitie5 IAccounts 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 rnatters 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 r ached, Rowe A ACA IA director ofj WBV Limtted ICAEW Chartered Accountants Woodfield House Castle Walk Neath SAII 3LN Date:

I w lyn ouse Finaici l tste e s TEMENT O OMPREH IN OME 2024 2023 Note Turnover 55,073 4S,239 Operating expenditure 153,4231 147,2431 110041 Operating surplus I Ideficitl 1,650 Interest receivable and other Income 4.186 3,996 Movement in fair values of investments 2,658 13,5611 Surplus I (Deficlt) before taxatlon 8.494 11.5691 Taxation Surplus I IDÈficlt) for thè year 8.494 {1.$691 The results relate wholly to continuing activities of the entity- The income and expenditure account was approved by the Trustees on: Signed on behalf of the Trustees ..Trustee/Chalrman Cllr A L¢)dwlg .Trustee Cllr Tim Bowen

2024 2023 Note Housing propertSes Less SHG 232,253 234,527 1221.1531 1221.1531 Plant Equlprnent ii.ith) 13374 Current assets Debtors io 2,776 116.333 71.545 190,654 4,137 113,545 5D.019 167,701 IrNestments li Cash and cash eqwvalents Creditor5'. anbjunts fallin8 due wthin one year 12 121.7711 19.5861 Net current assets I68￿ 158.115 Total a55et5 less ¢urrent liabilitles 175.983 171A89 Net a4ets 179.983 171A89 Cèpiial and reseThes Exchequer Contributions and EndowN*nt Fund IncoryE and Expenditure ReseThfe De518riated ReseTh￿s Total capital and r@sÈr¥es 4,798 83,289 83,402 14 90.2(16 13 84,979 179,983 171A89 These financial statements were approved and authorised for issue by the Trustees on: Signed on behalf of the Trustees:.

ellyn m houses i ai cial Y a ene4 OF H N ESI R SERV Income & Expendltur• Designated Endowrnent Res&r¥*s Fund 2024 At begtnnirg of year 83,289 83,402 4.798 17L489 173,058 Surplus / (Deficit) forthe year 8.494 8A94 115691 TBnsfers betsveen Rseryes 11,5771 1,577 At 31 March 2024 ).206 84.979 179.983 17L489 Further detail on the reserve movement5 can be seen in the notes to the accounts.

2024 2023 Note Net cash generated from operatlng actlvities 16 17.470 5,186 Cash Ilow trom Inve5tlng acti¥ltles Interest received 50 Dividends received 3.946 11241 Purchase of investments 11301 Net Cash Ilow from investlng artivities 4,056 3.872 Net increase in cash and cash equivalent5 21.526 9,058 Cash and cash equivalents at beglnnlrE of year 50.019 40.961 Cash and cash equivalents at 31 March 2024 71,545 50.019 Cash and cash equivalents conslsts of:_ Cash at bank and in hand 71,545 71.545 50,019 50.019 Cash and ¢ash equNalents at 31 M*r¢h 2024

I welyi Financial Sta ement OTES HE SUMMARY OF SIGNIFICANT PRINCIPAL ACCOUNTIt4G POLICIES General Informatlon and Basls of Pre ratlon Llewellyn Almshouses is a private reg15tered provider of social housing in the United Kingdom. The address of the registered office is given in the information on page l of these financial statements. The nature of its activities is explained in the Trustees Report on page 2. Llewellyn Almshouses ¢onstitutes a public benefit entity as deflned by FRS 102. The flnanclal statements have been prepared In accordance wlth appllcable accountlng stsndards. including Financial Reporting Standard 102. The Financial Reporting Standard Applicable in the UK and Republic of Ireland IFRS 1021, the Statement of Recommended Practice for Social Housing provider5 2018 and with the Accounting Requirements for Registered Soclal Landlords General Determination (Wales) 2015. The financial statements are also prepared under the requirements of the HousinE and Regeneration Art 2008. The financial statements have been prepared on a going concern basis under the historical cost convention. modified to include certain items at fair value. The financial statements are prepared in sterlin& which is the functional currency of the Llewellyn Almshouses and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all year5 presented unless othenvise Stated. Llewellyn Almshou5e5 adopted the SORP in the current year. Social Housin Grant SHG SHG receNed as a grant towards revenue expenditure is matched against that expenditure by being included in turnover in the income and expenditure account. The related expenditure is included under operating costs. SHG is retognlsed in the same period as the re￿ated expenditure provided the conditions for its receipt have been satisfied and there is reasonable 355urance that the grant will be received. Where SHG is received as a contribution towards the capital costs of a scheme and the properties are included at historical cost, the total grant receivable is deducted from the cost of housing properties. SHG can be recycled under certain condltlons. if a property Is sold, or if another relevant event takes place. In these cases, the SHG can be used for projects approved by the Housing Corporation. SHG to be recycled is credited to the Recycled Capitsl Grant Fund/Disposal Proceeds Fund within creditors. When any SHG to be recycled or repaid is less than the SHG relating to the disposal, the difference is treated a5 abated SHG. Abated SHG is treated 35 a component of the surplu5 Qr deficit on disposal. SHG received and not matched by development expenditure or relevant expenditure in the income and expenditure account is included in current liabilities. The amount of SHG in advance is calculated by reference to the aggregate of all schemes in the SHG funded development programme. -io-

PRINCIPAL ACCOUNTING POLICIES covriNUED Where major repairs are funded by grants. the grants are accounted for either in the balance sheet or in the income and expenditure account depending on whether the major repalr Is a capital arrangement or a revenue repair item respertively. In certain circumstances, SHG may be repayable, and, in that event, Is a subordinated debt and Is accounted for as soon as the liability arises within creditors.. amounts falling due within one year. nment an Government grants, or grants from other government Ilke organisations are received in respect of certain repair projects. Governmentgrants received as a contribution to revenue expenditure are recognlsed In the statement of comprehensive income on a systematic basis over the period in which the landlord recognlses the related costs for which the grant 15 intended to compensate. The related expenditure is included under administrative expenses. Grants are recognised in the same period as the related expenditure provided the conditions for receipt have been satisfied and there is reasonable assuran￿ that the grant will be received. Works to Existin H(wsin Pro rtSes Expenditure on housing properties which results in an enhancement of economic benefits of the asset such as an increase in the net rental stream over the life of the property is capitali5ed. Improvements to property that relate to assets that have a separately identifiable life to the property concerned. are also capitalised but under a category separate from the property. Any works which do not result in an enhantement of economic benefits of a property are charged to the income and expenditure account. This includes expenditure incurred to ensure that the property can maintain its existing level of net rental income. -li-

Llewell n ms uses Financial Statemen s Mar OTS TATE PRINCIPAL ACCOUNTING POLICIES CONTINUED Tan ible Fixed A55ets Im rovements The property improvements are stated at cost less grants received. Tangible fixed assets lincluding social housing properties) are stated at CQ5t le55 accumulated depreciation and accumulated impairment losses. Cost Includes costs directly attributable to making the asset capable of operating as intended such as the cost of acquiring land and buildings, developments Costs, interest charges on loan5 during the development period and expenditure on Improvements. Expenditure on improvements will only be capitalised when it results in incremental future benefits such as increasing rental income, reducing maintenance costs or resulting in a significant extension of the useful economic life of the property. PRINCIPAL ACCOUNTING POLICIES CONTINUED) Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its experted useful life as follows: Land, property improvements Inet of grants) Fixtures and fittings 4% on cost IO% on cost Investments Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequentlyi they are measured at fair value through the statement of comprehensive income if the shares are publicty traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment. Desi nated Reserves Designated reserves are part of unrestricted reseryes which have been earmarked by the Board for a particular purpose. Suth designations may be reversed by future Board decisions. Expenditure cannot be directly set against designated reserves but is taken through the income and expenditure account. A transfer is then made from designated reserves as appropriate. Future Re airs and Maintenan¢e A reserve has been established to fund future cyclical repairs and maintenante being the Alm5hou5es' Ilability to maintain its properties. The amount of the tontribution to this reserve is agreed by the Trustees on an annual basis. 12-

PRINCIPAL ACCOUNTING POLICIES CONTINUED Extraordina irs Reserve In prior years a reserve was established to fund major repairs on the properties. The amount of the contributions to the major repairs reserve is agreed by the Tru5tee5 on an annual basis. Turnover Turnover represents rental income receivable, net of void5. Turnover 15 measured at the fair value of the consideration re￿iVed or receivable. The PDlicies adopted for the recognition of turnover are as follows.. Turnover represents rental and service charges income receivable in the year net of rent and service charge loses from void5 and revenue grants from the government (local authorities). Pro mana edb ents Where Llewellyn Almshouses carries the financial risk on property managed by agents. all the income and expenditure arising from the property is included in the statement of comprehensive income. Where the agency carries the financial risk, the statement of comprehensive income includes onlythat income and expenditure which relates solely to Llewellyn Almshouses. RestTlcted Reserves Restritted reserves are those reserves which are only expendable in accordance with the wishes of the funder or regulatory body. Restrirted reserves include funds raised in response to a specific appeal. Expenditure cannot be directly set against restricted reserves but IS taken through the income and expenditure account. A transfer from restricted reserves is then made as appropriate. Where a restricted resetve 15 represented by assets that are then re-valued, the revaluation element Is added to the restricted reserve. Endowment Fund This was established on creatlon of the organisation. Income arising from the endowment funds is treated as part of the organisations general funds and passes through the income and expenditure account. with no adjustment made to the endowment fund. 13-

Llewellyn A ms ouses Ina cal Yea ?0 OTS O STATEMENTS 2. TURNOVER, OPERATING COSTS AND OPERATING SURPLUS INCOME AND EXPENOThURE FROM SOCIAL HOUSING LErriNGS 2024 2023 Income Rents receivable 55,073 45,239 55P73 45,239 Turnover from soclal housing lettings 55P73 45,239 Expendlture Management C05t5 15,613 14,660 Other costs 15366 14,225 Maintenance costs 19,953 16,061 L055es from bad debts 217 23 Depreciation and amrtisation 2,274 2,274 Operatlng ¢ost$ on $oclal housln8 lettin8S 53,423 47.243 Operatlng Surplus l {Deflcltl on soclal houslng lettlngs 1,650 Rent loss due to voids (Mew￿randUrn note) 16,65X)1 16,994) 14-

1. INTEREST RECEIVABLE AND OTHER INCOME 2024 2023 Dividend5 ￿CeIvable from Investments 4,046 3,946 Bank and short term deposit interest receivable 140 50 4.186 3,996
2. OPERAMNG SURPLU51 IDEFiaT) 2024 2023 Operatlng surplus / (deficit) for the year is slated after charging: Depreciation and amortisation of fixed as5etS Independent examiners remuneration (inclusive of VATI Independent examination fee 2,274 2,274 1,2CK) 13301
3. TRUSTEES EMOLUMENTS The a550ciation is controlled by a voluntarycommittee of management who received no remuneration durinB this period.12024: NIL)
4. EMPLOYEES 2024 2023 Number Number Care/Domestic Stsff Staff Costs:_ Wage5 and Salaries
5. TAXATION No provision has been made in the accounts for UK Corporation Tax as the a5SOCiation is exempt from taxation under S505 of the Income and Corporation Taxes Act 1988. 15-

ouses Stateme s ar FlblA C14L STA & TANGIBIE FIXED ASSETS Pioperty Improvements Equlpment Total Cost At beginning of year 284,807 11.324 296,131 At 31 March 2024 284,807 11,324 296,131 Depreciation At beginning of year Charged durlng the year At 31 March 2024 150,2801 12,2741 152.5541 111,3241 161.604) 12.2741 111.324) 163,8781 Net book value At 31 March 2024 232.253 232,253 234,527 At 31 March 2023 234,527 9. soaAL HOUSlhlG GRANT 2024 2023 Balance brought forward Received in the year Balance carried forward 221.153 221,153 Z21,153 221J53 10. DEBTORS 2024 2013 Amounis due wlthin one year Arrears of rent and service charges Less.. prow'sion for bad and thubtFul debts 1,818 14301 1.388 1.012 12121 800 Sundry Debtor5 Prepayments 1,844 $43 1.493 2.776 4,137 16-

1. INVESTMENTS 2024 2023 At be8inninR of year Reinvestment of accumulation dividends 113,545 130 116.982 124 Revaulation in year At 31 March 2024 2,658 13,5611 114545 116,333 The historical cost of investments above is as fdlows-_ At l April 2023 and 31 Marth 2024 76￿67 76.436 The investments are managed by Blackrock Investment Management ar￿ are held in Blackrock Charities UK EoLsity Fund and Blackrock Chaiities UK Bond Fund. Inocme received from the Investmenst in the period was as follows: 2024 2023 Dividends and Interest 3,946 Itwestments a￿ included at fair value wlth the surplusldeficit reflected through the Ststement of Comprehen5Fve Incomè.
2. CREDITORS 2024 2023 Amountsdue wlthin oneyear Trade Creditots 1.070 20,701 21.771 463 Accruals 9,123 9,586 17-

msh uses ar I rj I Sta emen O ESTOTH I ANC 13. DESIGNATED RESERVES Extraovdlnary Repalr Fund clkal Malntenance Fund 2024 2023 2024 Balance brought l(¥ward 40.241 43,161 88,767 9,400 98,167 Trdnsfer from revenue reserve 5,150 45,391 8,000 51,161 ,150 96,55Z Transfer to revenue reseNe re expenditure n the year 12.8501 18.7231 {11.5731 114.7651 ealance carried forward 42.541 42.438 84.979 83A02 TRANSFER TO REVENUE RESERVE Extraordlnary Repair Fund Cycllcal Maintenance Fund 2024 Repair expenditure incurred on project General repairs 2,850 8.723 11573 2.850 8,723 11,573 Transfer from designated funds 2.850 8.723 I1￿73 18-

1. INCOME AND EXPENorruRE RESERVE Incom• & Expendlture Investment Revaluatlon 2024 2023 Note At beginning of year Surplus I (Deficit) for year Revaluation of investments 46,182 37,106 83.289 5,837 2.658 11.5771 90,206 79,493 1,992 13,5611 5,365 5,837 2,658 Transfers to designated reseNes At 31 March 2024 15 11,5771 50042 39,764 3,289
2. NET TRANSFER TO DESIGNATED RESERVES 2024 2023 Transfer from designated reserves re expendituie ift the year Transfer to desiBnated reswes Transfer from deslgnated reserves 11,573 14,765 19,4CQI {13.150) (1.577) 5,365 -19-

Llewell n Almshou es Fina cial Statements ea Marcb 20 STATEMENTS 16. RECONatlA7ION OF OPERATING SURPLUS I IDEFiaTI TO CASH FLOW FROM OPERATING Acnvm£s 2024 zozy sU￿lUs / (Deficit) for period before rewdIuati￿ of investmènts 5,837 1.992 Interest received 11401 14,0461 2.274 Dividend5 received 13,9461 2,274 Dep￿ciatIon of trnglble fixed assets Surplus on disposal of investrnents Ilncreaselldecrease in debtors Increaselldecreasel in creditor5 1,361 12,184 11541 5,070 Net cash flow from operating aitivities 17.470 5.186 17. UNITS IN MANAGEMENT The total number of general needs units managed by the Almshouses as o* 31 March 2024 was 10. All the units are managed on behalf of Llewellyn Almshouse5 by Tai Tarian Limited. 18. RELATED PARfiTRANSACTIONS The collection of rent from tenants of Llewellyn Almshouses is overseen by officers of Tai Tarian Limited. Further, the day-to-day administration of the organisation is similarly managed and a charge of £15.613 was levied in the year by Tai Tarian Limited for these services. 19. CONTROL RELATIONSHIP5 The organisation is controlled by its trustees. -20-

PROPERTY REVENUE ACCOUNT 2024 2023 Income Rents rec¢lvable 55,073 45.239 Grant recelved 55.073 45.239 Expendlture Repairs and M3inteiiance Heatirg and Lightin8 InsurarKe 19,953 9,047 1,112 1.413 2,219 15,613 49J57 16,061 9,718 1.025 1,714 1,770 14.660 Council Tax Water Rate5 Mana8ement Charges Surplus for year transferred to Incorne and Eypendfture Account 5,716 291 GENEAAL INCOME AND EXpEND￿uRE ACCOUNT 2024 2023 (Mher thcome Oeposit Account Other Investment inctsme 140 50 3.946 Surplus on sale of Investments 4,186 3J96 C¢ynmunity Alarm Sevvlee Professional Fees 140 140 Bank Charges Subcriptions Accountancy Fee Losses from Bad Debts 232 189 1,2(K> 217 13301 23 Dep￿cla￿On Other 2.274 2.274 1296 us forthe year 1,700 SuWkTrs trdnsferred from PrO￿rtY Revenue AccouTrts 5.716 291 Surplu5 for the year betsre investment revaluatlon 5*39 1,992 This pa8e does not form part of the flnancial statements 21-