## **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**
Company Information
## **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**
|||Page||
|---|---|---|---|
|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:
1. The organisation must have an identifiable benefit.
2. 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.
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)).
## _**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
|4.2 **Subsidiary Balance sheet**
Tangible fixed assets
Current assets
- Bar stock
- Debtors
- Cash at bank
Current liabilities
- Trade creditors
- Other creditors
- Donation from LWCL to LWC
- Owed to /(from) LWT (excluding donation)
- Taxes
- Accruals and deferred income
**Total net assets**
**Provisions for Liabilities**
**Balance at start of year**
Profit/ loss for the year
**Aggregate share capital and reserves at end of year**
5
**Cost of trading activites**
Direct costs - cost of sales (4.1)
Staff costs (9.2)
Support costs (9.1)
Total cost of trading activites
6
**Cost of raising Funds**
Staff costs (9.2)
Support costs (9.1)
Total cost of raising funds
7
**Cost of charitable activities**
- Staff Costs (9.2)
- Subscription & Donation - Online collection charges
- Functions & fund raising expenses
- Welsh language classes
- Merchandising Costs
- London Welsh Magazine
- Support Costs (9.1)
Total cost of charitable activities|**£**
7,156
39,519
200,352|2023
**£**
12,576
247,027
(202,092)
57,510
(2,389)
55,121
52,932
2,192
55,124
**Group**
2022
**£**
37,007
167,109
47,279
251,395
**Group**
2022
**£**
18,568
13,352
31,919
2022
**£**
41,777
641
7,250
13,218
-
9,358
53,407
125,651|**£**
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**
11
|**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.
|17|**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