2023-08-31-accounts - The London Welsh Centre Trust

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

The London Welsh Centre Trust

(a Company Limited by Guarantee)

Annual Report and Consolidated Financial Statements

for the year ended 31 August 2023

Charity - Registration number 232672 Company Number 00774093

Page 1

The London Welsh Centre Trust

For the Year Ended 31st August 2023

Directors and Trustees

The following individuals have acted as Directors and Trustees of the organisation the London Welsh Centre Trust for the purposes of charity law during the year, or have been appointed or retired since the end of the financial year :

Richard Saunders Chair of Trustees Hannah Roberts Hon Treasurer Gillian Phillips retired 10th July 23 David Daniel Jacqueline Thomas retired 1st May 2023 Tomos Davies retired 20th July 2023 Jonathon Poyner Peter Allen Richard Williams Paul Wright Susan Elan Jones Harriet Johnson Charlotte Lythgoe appointed 1st May 2023 Gareth Headon appointed 2nd October 2023 Company Secretary Rhiannon Evans Chief Executive Officer Ceri Wyn Griffith Company Number 00774093 Charity - Registration number 232672 Registered Office 157-163 Grays Inn Road London WC1 X 8UE

Business Address

157-163 Grays Inn Road London WC1 X 8UE

Accountants

Z Group Suite Lu.231 The Lightbulb 1 Filament Walk Wandsworth London SW18 4GQ

Bankers

Barclays Bank Plc Charity Aid Foundation Bank

Page 2

The London Welsh Centre Trust

Report Contents

For the Year Ended 31st August 2023


Report of	the Trustees and Directors
1	Objectives & Vision	4
2	Structure governance and management	4
3	Achievements and Performance	5
3.1	Achievements in the year	5
3.2	Financial Review	7
4	Future Plans	7
5	Reserves Policy	8
6	Public Benefits Statement	8
7	Trustees responsibilities	9
8	Risk Management	9
Independent Examiner's Report		10
Consolidated Statement of Financial Activities		11
(including	Income and Expenditure Account)
Balance Sheet		12
Notes forming part of the financial Statements
1	Accounting Policies	13
	Income
2	Donations and legacies	14
3	Charitable activities	14
4	Trading activities	14
	Expenditure
5	Cost of trading activities	15
6	Cost of raising Funds	15
7	Cost of charitable activities	15
8	Governance costs	16
9	Support and Staff Costs	16
10	Tangible Fixed Assets	17
11	Debtors	17
12	Cash at bank and in hand	18
13	Creditors	18
14	Movements in funds	18
15	Related party relationships and transactions	18
16	Constitution and ultimate parent company	19
17	Operating surplus/(deficit)	19

Page 3

The London Welsh Centre Trust

Directors and Trustees Annual Report

For the Year Ended 31st August 2023

The Trustees are pleased to present their report together with the financial statements of the charity (the London Welsh Centre Trust) and its subsidiary (the London Welsh Centre Limited) (the Group), for the year ending 31st August 2023 which are also prepared to meet the requirements for the directors report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities (SORP 2015).

1 Objectives & Vision for the Charity

The London Welsh Centre Trust is a registered charity which operates as the London Welsh Centre (LWC).

The objects of the charity are to provide an educational and cultural centre in or near London to:

Promote the knowledge and use of the Welsh language by educational (excluding political) means;
Promote the knowledge and appeciation of Welsh literature, language, music, history, art, science and any other subjects of an educational or cultural nature; and
Carry out any other purpose of an educational or cultural nature which is for the benefit of the public.

The Trust delivers its objects through providing a building for the Welsh community and the wider public in London to experience and participate in community and cultural activities with a Welsh flavour. The trading activities of the Centre are administered through its wholly owned subsidiary, The London Welsh Centre Ltd. (LWCL).

The Trustees and staff have a vision that shapes the delivery of the objects - to be a home for the Welsh community in London, to be a window to Wales for the people of London, and to be a platform in London for artists and performers from Wales. "Sharing the best of Wales in London". The LWC hosts, supports, promotes and facilitates Welsh social and cultural activities in London as well as opening up the facilities to be used by the general public in Camden and beyond.

In shaping our objectives for the year and planning our cultural programme, the Trustees have considered the Charity Commission's guidance on public benefit. The activities hosted or facilitated by the Centre have been accessible to all and have been broad-ranging in content.

2 Structure, governance and management

Governing Document

The London Welsh Centre Trust (formally the London Welsh Trust) (LWCT) was incorporated on 16th September 1963. LWCT is a company limited by guarantee registered under the Companies Acts and a charity registered with the Charity Commission . The most recent version of the Articles of Association of the LWCT were adopted by the members by a special resolution dated 11th June 2012.

LWCT is the sole trustee (appointed by the Charity Commission) of the Sir Howell Jones Williams Trust, the organisation that owns the freehold of the building known as the London Welsh Centre.

The LWCT is governed by the board of Trustees. The day to day management of the LWCT and the London Welsh Centre is delegated by the Trustees to the staff of the Centre led by the Chief Executive Officer.

The London Welsh Centre Trust wholly owns a trading subsidiary, London Welsh Centre Limited. The company is incorporated in the United Kingdom (Company number 00204686). The company operates any commercial aspects of the business carried out at the London Welsh Centre, such as bar and catering and room hire. Surplus funds from this business are passed to the charity to support the charitable objectives. A summary of the subsidiary finances is included in the notes to the accounts.

Appointment of Trustees

It is a policy of the LWCT to ensure that the Trustees appointed include mature individuals with experience of holding responsible positions.

Page 4

The London Welsh Centre Trust

Directors and Trustees Annual Report (continued)

For the Year Ended 31st August 2023

Organisational Management

The board of Trustees is legally responsible for the overall management of the Group. It meets regularly, at least four times per year, receiving reports from the CEO, the Finance committee, the Premises committee and board members with particular responsibilities.

The Finance sub-committee meets regularly, to undertake reviews of the Centre's finances and financial management. They are responsible to the board of Trustees for financial matters, for co-ordination of the activities of the Group, management of staff and for any other matter delegated by the board of Trustees.

The Premises committee meets regularly to consider the condition and use of the building at 157-163 Grays Inn Road. They are responsible to the board for the state of repair of the building, as well as security, health and safety and legal and statutory requirements associated with the building.

The Chief Executive Officer (CEO) is appointed by the Trustees to manage the day to day operations of the Centre. The CEO has delegated authority, for operational matters and is responsible for the general management of the centre. The CEO has the authority to act without reference to the board of Trustees in matters of urgency relating to the Centre, but must provide full reports of actions to the board of Trustees.

The financial authorities of the CEO, Executive Officer roles and the Finance Committee are set out in the Group Financial Policies and Procedures.

None of the Trustees receives remuneration or other benefit from their work as Trustees with the Group.

3 Achievements & Performance

3.1 Achievements and Activity in the Year

Welsh Classes

Weekly Welsh classes resumed at the Centre in September, with the option for students to join online. Due to demand, a third beginners' class was introduced. The 10-week course was also kept running concurrently. 130 students were enrolled split over 9 classes. With the One Day courses, overall, over 250 students were taught throughout the year.

Events

Dates in the traditional London Welsh calendar were celebrated at the Centre, the Welsh Churches’ Nine lessons and Carols, Y Fari Lwyd, Santes Dwynwen day and of course St David’s Day.

The Centre host a wide variety of events in the Bar at the centre and in the Main Hall. There have been book launches (e.g. The Two Dylans, ), plays (e.g. Caitlin, a Christmas Carol, Blodwen's in town), Comedy Gigs with Ellis James, Welsh spirit tasting evenings and of course the successful rugby & football screenings when the Welsh teams are playing.

Eleven events were held at the Centre as part of a busy Wales Week London. These included the Exhibition of Contemporary Welsh Art and Photography, Amgueddfa Cymru's discussion on Wales, Football and the World , and our Dydd Gwyl Dewi full of cawk, song and DJ's.

Caroline James’ organised her ever-popular Welsh Historical walks near St David’s day, once again with extra days added due to demand.

Football played an important part of the calendar as Wales qualified for the World Cup. Safe to say, the Centre was rocking throughout November.

Events such as film screenings,football and rugby matches, wedding receptions, the Wrexham Reds' AGM and monthly scratchnight Cartref yn y Ddinas brought in the crowds.

Page 5

The London Welsh Centre Trust

Directors and Trustees Annual Report (continued)

For the Year Ended 31st August 2023

Resident groups

The three choirs continue to rehearse at the centre. Their flexibility in allocation of their rehearsal room, is much appreciated, helping to accommodate some exclusive room hire bookings. Other Welsh Language groups meeting at the centre include: Merched y Wawr, Clwb Darllen and Cylch Siarad who welcome anyone wanting to practise speaking Welsh in the comfort of the Centre Bar.

Room Hire

As last year, a busy start to the year with the Guildhall returning for the September slot. However there were some cancellations of block bookings in October due to continued industry instability. Whilst the Centre staff work hard to achieve the best income, peaks and troughs of the industries using the centre for rehearsal have affected opportunities.

May was extremely busy, with the RSC taking most rooms. Othere hirers welcomed included: Choir of Man, Aria Entertainment, SoniaFriedman, Granita Productions Limited, Chichester Festival Theatre, High Tide Theatre, Jermyn Street Theatre and Chippy Lane Productions.

Website & Magazine

A new London Welsh Centre website was launched for the start of the calendar year providing a new marketing opportunity for the Centre’s activity. Work is still going ahead in the background for further exciting developments such as A Welsh language version and digitally linked functionality that will help streamline processes in the centre operation and improve its efficiency. Research is underway for a new Supporters' Scheme system, It is good to report that the new website has increased sign-ups by 22%.

Four editions of the London Welsh magazine were produced by volunteer contributors and editors. They do an excellent job of compiling this informative and entertaining publication.

Premises

Renovation Phase 1 was completed and some further enhancements identified and implemented to improve the soundproofing in the Main Hall.

Renovation Phase 2 planning was begun during the year. The Board of Trustees and staff worked closely to consider the impact of the works, and taking considerable care around spending on the building.

It is hoped that funds can be made available to move this forward in the near future. With

emphasis on increasing the number of toilets, whilst not losing letting space.

Page 6

The London Welsh Centre Trust

Directors and Trustees Annual Report (continued)

For the Year Ended 31st August 2023

3.2 Financial Review

Total Income for the year of £ 517,002 and expenditure of £ 471,064 gave The London Welsh Centre Group a profit of £ 45,938 for the year ended August 2023.

This reflects healthy activity at the Centre. This progress at the centre is due to commitment from all the centre staff, under the sound leadership of the Chief Executive Officer (CEO).

Only £4,950 was spent of the designated property reserves, but the profit from the year will enable trustees to consider the next stage of the property refurbishment with more confidence. A number of options were considered and costed in the year, but a way forward was not agreed until after the end of the financial year.

Subscriptions at £39,192 are improved on 21-22 (£33,835) and exceeding 19-20 (£36,385).

Welsh Classes Income of £39,750 is the highest it has been for a few years ,19-20 (£30,669), 20-21 (£32,808) and 21-22 (£33,015). Also the net surplus has increase to £28,375. It was lower for 21-22 at £19,972, due to increased tutor costs.

Functions provided a net surplus of £31,390 (21-22 £22,730). This then also improved the Bar net surplus to £83,278 (21-22 £54,403). This exceeded 2019-20 (£64,480).

The Room hire income of £243,493 is the best result yet. (21-22 £213,289). There were some busy and some quieter times, but no long major periods of closure. Again the flexibility from resident Choirs helped.

Staffing is the major regular cost for the Centre, £247,487, (21-22 £232,095). However it is the staff who drive the trading aspects of the Centre, which then supports the Charitable Activity of the Centre.

There was a significant increase in the total support costs of the centre £129,463 (21-22 £114,037). a major contributior to this being an increase of £9,000 approx on repairs and maintenance.

The London Welsh Centre Limited (LWCL) made an operating profit in the year of £98,858 (20-21 £31,222). Thus a donation of £96,405 has been made to the London Welsh Centre Trust (LWCT).

No further work was carried out on the Website redevelopment in the year, largely due to a change in staff. Translation work will restart as soon as resource is available.

A salary benchmarking exercise was carried out against the charitable section and hospitality sector to check salary banding. Salaries were increased taking into account the London Living wage and inflation.

4 Future Plans

With the full support of the trustees, the staff aim to increase, diversify and improve the cultural and community events held at the Centre. Exploring potential partnerships, e.g. with other Welsh communities.

In order to accommodate such events the facilites at the centre need to be of an acceptable quality. The target for the phase 2 of the renovation work is additional and improved toilet facilities. A number of options for this premises work have been explored and discussed and as previously explained plumbing complexity and subsequent cost have had to be addressed.

A way forward for additional unisex toilets in the south corridor was agreed in the autumn of 2023 and the work has been carried out over the period December 2023 to February 2024.

Full refurbishment of the existing toilets will take place as further funds become available. However operational problems have started to occur therefore some interim works may need to be carried out with a delay to the full reburbishment.

Further work will continue on the new website as funds and resources are available with a focus on the Welsh translation of the site and operational functionality to enhance the centre efficiency.

The Trustees intend to continue to develop the range of skills and experience at its disposal, both from Trustees themselves and from the staff. The Trustees are confident that the policies it has in place and the skills of the staff team provide a strong basis for future progress.

Page 7

The London Welsh Centre Trust

Directors and Trustees Annual Report (continued)

For the Year Ended 31st August 2023

5 Reserves policy

The level of reserves is reviewed annually. it is also considered prior to commiting to any major project works.

At the end of the year the Group had combined funds of £512,591, (2022 £466,651) of which £20,064 is restricted (2022 £20,064).

At the start of September 2023 £28,527 (2022 £33,477) was in the designated premise fund. However, the committed work for the additional toilets required a further £100,000. This has been transferred to the designated premises fund which stands at £128,527.

Excluding the designated fund of £128,527 and fixed assets of £159,241, this leaves £205,021 undesignated reserves. This is equivalent to 5.6 months' expenditure. The Trustees must therefore consider very carefully the financial stability of the centre, before progressing with further major work till more funds are available.

6 Public Benefit Statement

Public Benefit Requirement

The Trustees had due regard to the guidance published by the Charities Commission in compliance with its duties under section 4 of the Charities Act 2011.

This guidance sets out two key principles:

The organisation must have an identifiable benefit.
The benefit must be to the public or a section of the public.

The Trustees confirm that the LWC carries out its objectives for public benefit. The LWC continues to ensure that the Centre is fully or partially open to the public throughout the year during normal office hours.

During the year the Centre holds numerous events promoting musical, literary and artistic appreciation, including concerts, book launches, exhibition. Many of these events are free of charge and the vast majority are open to the public. The purpose of these events is the advancement of arts, culture and heritage.

The LWC from time to time holds open days or evenings at the centre, when the public are particularly encouraged to come into the centre to learn about its activities, the Welsh language and culture.

The Trustees ensure that the Centre delivers events of a Welsh cultural and educational nature. The Centre continues to offer preferential rates for hiring of its spaces to local community groups and charities to ensure that the Centre's facilities are supporting the advancement of community development.

7 Trustees responsibilities in relation to Financial Statements

The Trustees are responsible for preparing the Trustee's annual report and financial statements in accordance with the applicable law and United Kingdom standards (UK GAAP).

Company law and the law applicable to charities in England and Wales require charity Trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the Group and of the Incoming recources and application of resources including the income and expenditure of the Group for that period. In preparing the financial statements the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Trustees are responsible for ensuring that sufficient accounting records are kept which disclose with reasonable accuracy at any time the financial position of the group and enables them to ensure that the financial statements comply with the law and requirements of the Charity Commission.

They are also responsible for safeguarding the assets of the LWC and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 8

The London Welsh Centre Trust

Directors and Trustees Annual Report (continued)

For the Year Ended 31st August 2023

8 Risk Management

The Trustees consider the maintenance of a safe environment for staff, subscribers and customers of the Centre to be their primary duty. The Trustees will continue to assess and manage any risks related to the Centre building or operations through regular risk assessments by staff, with results reported to the Trustees by the CEO.

Guidance and rules have been thoroughly researched to determine effective processes required to maintain the safety of all staff and users of the London Centre in relation to Covid-19. Risks have been evaluated, and continue to be so as different situations occur. Procedures and appropriate briefings are established for each type of event held at the Centre, ensuring all those impacted are adequately informed.

The key risk management tools used by the Trustees include:

formal agendas and minutes for all Board of Trustee meetings;
a report from the CEO on all risk items at each Trustees meeting;
strategic planning, financial forecasting, budgeting and management accounting;
financial policies and procedures reviewed annually;
a standing finance committee of Trustees to review financial management and authorise items of expenditure;
a standing premises committee of Trustees to review risk, H & S, capital and maintenance plans and related policies, procedures and audit cycles;
restricted double signatory arrangments for cheque payments and dual authorisation for electronic payments;
policies and procedures covering health and safety, safeguarding and related matters monitored and enforced by the CEO;
financial management procedures covering such aspects as monthly reconciliation of bank accounts, petty cash and receipts relating to subscriptions, welsh classes and functions; and
data protection procedures e.g. human resources, lettings management, subscription information.

A Risk Register has been agreed by the Trustee Board. The register documents the various risks considered by the Trustees to be facing the organisation, the potential impact of those risks and the likelihood of the issues happening. It is reviewed annually. This register has beenenhanced to provide a more usable matrix, making it easier for potential risks to be highlighted.

Signed on behalf of the Trustees

Richard Saunders (Chairman) Dated: 20/05/2024

Page 9

The London Welsh Centre Trust

Independent Examiners's Report to the Trustees of the London Welsh Centre Trust

I report on the accounts of the charity for the year ended 31 August 2023 which comprise the statement of financial activities, the balance sheet and related notes 1 to 17

Respective responsibilites of trustees and examiner

The Charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed

It is my responsibility to:

examine the accounts under section 145 of the 2011 Act;
follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
state whether particular matters have come to my attention

Basis of Independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commision. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.

independent examiner's statement

In connection with my examination, no matter has come to my attention:

1 which gives me reasonable cause to believe that, in any material respect, the requirements:
to keep accounting records in accordance with section 130 of the 2011 Act; and
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act

have not been met; or

2 to which, in my opinion, attentionshould be drawn in order to enable a propoer understanding of the accounts to be reached.

Zahid Hussein For and on behalf of Z Group Chartered Accountants Suite Lu.231 The Lightbulb 1 Filament Walk, Wandsworth London SW18 4GQ

Dated: 20 May 2024

Page 10

The London Welsh Centre Trust

Consolidated Statement of Financial Activities

(including consolidated income and expenditure account)

for year ending 31 August 2023

Note Income: Incoming resources from donations and legacies 2 Income from charitable activities 3 Investment income Income from trading activities 4 Total income Expenditure: Cost of trading activities 5 Cost of raising funds 6 Cost of Charitable activities 7 Governance Costs 8 Total expenditure Net income/(expenditure) Reconciliation of Funds Total funds brought forward Total funds carried forward	Unrestricted Restricted Total Funds Total Funds Funds Funds 2023 2022 £ £ £ £ 51,977 - 51,977 49,435 81,345 - 81,345 64,162 2,360 - 2,360 262 381,321 - 381,321 307,913
	517,002 - 517,002 421,773
	280,726 280,726 251,395 31,511 31,511 31,919 143,890 143,890 125,651 14,938 14,938 12,228
	471,064 - 471,064 421,194
	45,938 - 45,938 579 446,589 20,064 466,653 466,074
	492,527 20,064 512,591 466,653

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derived from continuing activities.

Page 11

The London Welsh Centre Trust

Consolidated Balance Sheet

as at 31 August 2023

Notes Fixed assets Tangible assets 10 Current assets Stock Debtors 11 Cash at bank and in hand 12 Total current assets Liabilities Creditors: falling due within one year 13 Net current assets Provision for liabilities Total assets less current liabilities Funds 14 Unrestricted income funds Restricted income funds Total funds	Group Group Charity Charity 2023 2022 2023 2022 £ £ £ £ 159,241 182,121 146,665 170,929
	159,241 182,121 146,665 170,929 8,420 8,052 1,264 1,036 53,825 80,518 116,936 86,082 426,473 348,845 226,121 192,065
	488,718 437,415 344,321 279,183 132,977 150,757 33,516 36,390
	355,740 286,657 310,805 242,794
	2,389 2,127 - -
	512,591 466,651 457,470 413,722
	492,526 446,587 437,406 393,658 20,064 20,064 20,064 20,064
	512,591 466,651 457,470 413,722

For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies

Directors' responsibilities

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The accounts have been prepared under the Charities Act 2011 and in accordance with the 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 January 2015) - Charities SORP (FRS 102)).

Approved by the Trustees on 20/05/2024

………………………………………………………….

Richard Saunders, Chairman

………………………………………………………….

Hannah Roberts, Treasurer

Company registration number 00774093 The attached notes form part of these accounts

Page 12

Notes on the accounts

The London Welsh Centre Trust

for the year ended 31 August 2023

1 Accounting Policies

Accounting Convention

The financial statements are prepared under the historical cost convention and include the results of the charities operations which are described in the Trustees Report and all of which are continuing.

Income

Incoming resources from donations and legacies are accounted for on a receipts basis.

Income from hall and room hire is recognised when the letting occurs. Income received in advance is carried forward as deferred income.

Income from bar and food sales is stated net of VAT and is recognised when the goods are served to the customer.

Expenditure

Resources expended are included on an accruals basis.

For the charity "London Welsh Centre Trust" - Resources expended include attributable VAT which cannot be recovered.

Support Costs

Support costs relating to the trading activity are based on actual figures. Other support costs are allocated between charitable activities and cost of raising funds based on the percentage of staff costs relating to those activities.

Fund accounting

Unrestricted funds are general funds that are available for use to further any of the purposes of the charity.

Designated funds are funds that the Trustees of the charity have set aside for a particular purpose.

Restricted funds are those donated for use in a particular area or purpose and the restriction means that the funds can only be used for specific projects or activities.

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Property improvements 10% on straight line basis
Fixtures , fittings and equipment 20% on straight line basis
Expenditure on assets relating to the major building project has been capitalised in the year. Depreciation of these will begin once the work is completed in the next financial year.

Group Accounts

The company and its subsidiary undertaking comprise a small -sized group.

Stock

Stock is included at the lower of cost or net realisable value.

Page 13

The London Welsh Centre Trust

Notes on accounts for the year ended 31st August 2023

2 Incoming resources from donations and legacies General Donations & Grants Donation from LWCL to LWCT Subscription donation income Gift Aid Job Retention Grant - re Raising Funds staff Covid Assistance & Re-Start Grants Support costs from LWCL to LWCT 3 Income from charitable activities Functions Welsh classes Merchandising Other income Job Retention Grant - re charitable Activities Publications	Group Group Charity Charity 2023 2022 2023 2022 £ £ £ £ 4,490 2,234 4,490 2,234 - - 96,405 23,097 39,192 33,835 39,192 33,835 8,295 7,264 8,295 7,264 - 102 - 102 - 6,000 - 6,000 - - - -
	51,977 49,435 148,382 72,532
	Group Group Charity Charity 2023 2022 2023 2022 £ £ £ £ 39,327 29,980 39,327 29,980 39,750 33,015 39,750 33,015 2,268 433 2,268 433 - - - - - 409 - 409 - 325 - 325
	81,345 64,162 81,345 64,162

4 Income from trading activities - from the London Welsh Centre Ltd (subsidiary of the LWT)

The wholly owned trading subsidary, London Welsh Centre limited is incorporated in the United Kingdom (company number 00204686). The company operates the bar and all commercial operations carried on at the London Welsh Centre Trust premises. A summary of the trading financial performance of the subsidiary alone is shown below.

4.1 Subsidiary Income statement 2023 Turnover £ £ £ Hall and Room hire 243,493 213,289 Bar & Food Sales 136,016 90,516 Job Retention Grant - re Trading Activites - 1,455 Sundry Income 1,812 2,654 Total Turnover 381,321 381,321 307,913 Direct Cost of sales (53,632) Gross Profit 327,689 Administrative Expenses (228,831) Operating Profit before gift to LWT 98,858 Amount donation to charity LWCT from LWCL (96,405) Operating profit/(loss) 2,453 Deposit Account Income 2 Tax on profit/(loss) (263) Profit/(Deficit) in subsidiary 2,192 Expenditure on trading activites shown in the consolidated SOFA comprised: Costs of sales and administrative expenses (excluding Governance costs) 280,725 Less: intercompany payments (Contribution to shared support costs) - 280,725	2022 £ 307,913 (37,007)
	270,906 (216,587)
	54,319 (23,097)
	31,222 0 199
	31,421
	251,396 -
	251,396

Page 14

The London Welsh Centre Trust

Notes on accounts for the year ended 31st August 2023

£ 7,156 39,519 200,352	£ 7,016 66,163 156,780	2022 £ 11,192 229,959 (186,094)
2,942 5,072 102,630 1,390 90,058	3,224 1,370 71,726 900 108,874
Group 2023 £ 53,632 167,947 59,147	Charity 2023 £ - - -
		55,057
		(2,127)
		52,930
		21,511 31,421
		52,932
		Charity 2022 £ - - -
280,726	-	-
Group 2023 £ 17,448 14,063	Charity 2023 £ 17,448 14,063	Charity 2022 £ 18,568 13,352
31,511	31,511	31,919
2023 £ 55,784 692 7,937 11,375 1,142 10,708 56,253	2023 £ 55,784 692 7,937 11,375 1,142 10,708 56,253	2022 £ 41,777 641 7,250 13,218 - 9,358 53,407
143,890	143,890	125,651

Page 15

The London Welsh Centre Trust

Notes on accounts for the year ended 31st August 2023

8 Governance Costs - Staff costs on Goverance (9.2) - Reporting accountants' fee - Legal and Professional fees: e.g. HR services 9 Support and Staff costs 9.1 Support costs - Rates, lighting & heating, water - Insurance - Depreciation - Printing, stationery, telephone, etc. - Bookkeeping fees - Bank Charges - IT Software & Consumables - Sundries (incl training, advertising, travel, etc.) - Performing rights - Cleaning & Waste Disposal - Repairs & Maintenance - Website Development & Maintence - Tax on profit for the year Support Costs Allocation Allocation to Trading Activities (5) Allocation to Cost of Raising Funds (6) Allocation to Charitable Activities (7)	Group Group 2023 2022 £ £ 6,311 4,642 5,846 5,332 2,781 2,255 14,938 12,228 Group Group 2023 2022 £ £ 21,931 22,725 13,057 12,264 33,976 31,701 3,915 3,476 - - 3,622 2,775 1,401 1,630 7,067 2,304 998 659 21,916 21,303 19,258 10,788 2,059 4,611 263 (199)	Charity Charity 2023 2022 £ £ 6,311 4,642 3,846 3,332 2,781 2,255
		12,938 10,228
		Charity Charity 2023 2022 £ £ 21,931 22,725 5,225 5,199 29,213 26,423 - 13 - - 61 93 1,140 1,141 1,438 534 - 1,948 10,188 4,072 1,120 4,611
	129,463 114,037 59,147 47,279 14,063 13,352 56,253 53,407 129,463 114,038	70,316 66,759
		14,063 13,352 56,253 53,407
		70,316 66,759

The support costs relating to the trading activities are based on actual figures. Other support costs are allocated between charitable activities and cost of raising funds based on the percentage of staff costs relating to those activities.

9.2 Staff Costs Group Group 2023 2022 £ £ Salaries 228,492 215,403 Social Security Costs 14,383 12,351 Pension 4,612 4,341 247,487 232,095 Analysis of staff costs on - Trading Activity (subsidiary) (5) 167,945 167,109 - Raising Funds - Donations, Subscriptions, Legacies (6) 17,448 18,568 - Charitable Activity (7) 55,784 41,777 - Goverance (8) 6,311 4,642 Total staff costs 247,487 232,095 The average number of Staff in the year is 15 12 No individual staff member was paid more than £60,000 in the year.	Charity Charity 2023 2022 £ £ 73,436 60,314 4,623 3,458 1,482 1,215
	79,541 64,987
	17,448 18,568 55,784 41,777 6,311 4,642
	79,542 64,987
	5 2

Page 16

The London Welsh Centre Trust Notes on accounts for the year ended 31st August 2023

Note

10 Tangible Fixed Assets

Group Refurbish- ment 2021 Plant & Machinery Cost £ At 1 September 2022 3,450 21,461 Additions 4,950 1,018 At 31 August 2023 8,400 22,480 Depreciation At 1 September 2022 - 19,062 Charge for the year - 900 At 31 August 2023 - 19,961 Net Book Value At 31 August 2023 8,400 2,518 At 1 September 2022 3,450 2,400 Charity Project 2021 Plant & Machinery Cost £ At 1 September 2022 3,450 - Additions 4,950 - At 31 August 2023 8,400 - Depreciation At 1 September 2022 - - Charge for the year - - At 31 August 2023 - - Net Book Value At 31 August 2023 8,400 - At 1 September 2022 3,450 - Debtors - Trade debtors - Amount due from LWCL to LWCT - Other accrued Income - Gift Aid Recoverable - VAT - Prepayments and other debtors	Refurbish- ment 2021 Plant & Machinery £ 3,450 21,461 4,950 1,018	Property Improvement Furniture & Equipment Fixtures & Fittings Total £ £ £ £ 290,929 123,842 118,445 558,127 - 2,942 2,185 11,095
	8,400 22,480	290,929 126,784 120,629 569,222
	- 19,062 - 900	168,804 109,097 79,043 376,005 14,040 6,179 12,857 33,976
	- 19,961	182,843 115,276 91,900 409,981
	8,400 2,518	108,085 11,508 28,730 159,241
	3,450 2,400	122,125 14,745 39,402 182,121
	Project 2021 Plant & Machinery £ 3,450 - 4,950 -	Property Improvement Furniture & Equipment Fixtures & Fittings Total £ £ £ £ 290,929 87,137 103,343 484,859 - - - 4,950
	8,400 -	290,929 87,137 103,343 489,809
	- - - -	168,804 77,476 67,650 313,930 14,040 3,813 11,361 29,213
	- -	182,843 81,290 79,010 343,143
	8,400 -	108,085 5,847 24,333 146,665
	3,450 -	122,125 9,661 35,693 170,929
		Group Group Charity Charity 2023 2022 2023 2022 £ £ £ £ 32,360 59,946 - - - - 102,630 71,726 - 100 - 100 8,386 7,583 8,386 7,584 - - - - 13,079 12,889 5,920 6,672
		53,825 80,518 116,936 86,082

Page 17

The London Welsh Centre Trust

Notes on accounts for the year ended 31st August 2023

12	Cash at Bank & in hand		Group	Group	Charity	Charity
			2023	2022	2023	2022
			£	£	£	£
	Current Account - CAF bank		124,700	92,112	124,701	92,112
	Coif Deposit Account		58,158	56,141	58,159	56,141
	Current Account - General		126,038	89,625	19,371	20,022
	Deposit Account		24,335	24,234	23,890	23,790
	Current Account - Bar & Catering		93,096	86,623	-	-
	Cash In Hand		145	109	-	-
			426,472	348,844	226,121	192,065
13	Creditors		Group	Group	Charity	Charity
			2023	2022	2023	2022
			£	£	£	£
	- Trade creditors		6,683	9,468	3,741	6,244
	- Other creditors		5,072	2,115	-	746
	- Tax		5	5	-	-
	- VAT		1,384	895	-	-
	- Reporting Accountant's Fee		4,600	4,400	2,600	2,400
	- Amount due to LWCL from LWT		-	-	-	-
	- Amount due to LWCT from LWL		-	-	-	-
	- Accruals and deferred income		115,233	133,874	27,175	27,000
			132,977	150,757	33,516	36,390
		2022				2023
14	Movements in Funds	As at	Incoming	Outgoing	Transferred	As at
		Start of Year	Resources	Resources	Resources	End of Year
		£	£	£	£	£
	Restricted Funds - Charity Only
	- Fund Raiser for refurbishment	15,064	-	-	-	15,064
	- Main Hall Floor & Other Areas	5,000	-	-	-	5,000
	Total Restricted	20,064	-	-	-	20,064
	Unrestricted Funds
	Charity - designated	33,477		(4,950)	100,000	128,527
	Charity - undesignated	335,082	135,681	(185,389)	(100,000)	185,374
	Subsidiary Funds	78,030	381,321	(280,726)	-	178,625
	Total Unrestricted	446,589	517,002	(471,065)	-	492,527
	Group Total funds	466,653	517,002	(471,064)	-	512,591
15	Related Party Relationships and transactions				2023	2022
	During the year to 31 August :				£	£
	The London Welsh Centre Ltd (LWCL) contributed to the support cost of the London				0	0
	Welsh Centre Trust (LWCT)
	Also London Welsh Centre Ltd (LWCL) donated to London Welsh Centre Trust (LWCT)				96,405	23,097
	At 31 August 2023, inclusive of the donation above, the LWCL owed LWCT				102,630	71,726

No remuneration or expenses were paid to the trustees in the year or the previous year.

Page 18

The London Welsh Centre Trust

Notes on accounts for the year ended 31st August 2023

16 Constitution and Ultimate Parent Company

London Welsh Centre Trust is a company limited by Guarantee, having no share capital. Members are liable for the company's debts whilst being a member and up to one year after ceasing to be a member for those transactions entered into before that date, to a maximum of £1.

London Welsh Centre Limited is a company limited by Guarantee, having no share capital. Members are liable for the company's debts whilst being a member and up to one year after ceasing to be a member for those transactions entered into before that date, to a maximum of £1. The company's sole member and ultimate parent is the London Welsh Centre Trust.

Operating Surplus/ (deficit)	Group	Group	Charity	Charity
	2023	2022	2023	2022
This is stated after charging:	£	£	£	£
Depreciation of owned fixed Assets	33,976	14,137	29,213	7,895
Reporting accountants' fees	5,846	5,332	3,846	3,332

Page 19