## **TRUSTEES OF THE LLYSDINAM TRUST ANNUAL REPORT OF THE ACTIVITIES OF THE TRUSTEES FOR THE YEAR ENDED 5[TH] APRIL 2015** The Llysdinam Trust 1. **Charity Name** : The Llysdinam Trust 2. **Registration Number** : 255528 3. **Charity’s Registered Address** : Druslyn House De la Beche Street Swansea SA1 3HH 4. **Names of the Trustees** : Mary Julia Elster Norman Oliver Tyler Lady Carolyn Venables Llewelyn ## 5. **Description Of The Charity** : The charity was set up by Trust Deed dated lst march 1968 the Settlor being Brigadier Sir C.M.D. Venables Llewelyn Bart. M.V.O. The Settlor required the Trustees to stand possessed of the Trust Fund Upon Trust to pay, or apply, the annual income thereof and with power to pay or apply all or any of the capital thereof from time to time respectively to such Charities or for such Charitable purposes as the Trustees in their absolute discretion, without being liable to account for the exercise of the same shall from time to time think fit. The Settlor expressed the hope that the Trustees would in the execution of the Trust and the exercise of power vested in them give preference to charities and Charitable purposes specified in the schedule attached to the Deed. The schedule states: - A. The advancement of education in the natural sciences and In particular in Botany and Biology. - B. The advancement (so far as legally charitable) of Horticulture, Agriculture and silviculture. - C. The advancement of the Christian religion in Wales and in Particular by support of the Church of Wales. - D. The relief of poverty in Wales and particularly in the parishes of Llysdinam Llanfihangel-Bryn-Pabuan and LLanafan Fawr in the County of Brecon and the Parish of Llanyre in the county of Radnor. 1 6. **Charity’s Activities and Achievements in the Year Ended 5[th] April 2023:** Once again this financial year has been challenging to manage in that the Trust has standing commitments to its heritage property. However, increased yields from financial investments have provided a welcome contribution to the diversity of the Trust’s asset base thereby enabling it to increase its support of a range of worthy local causes despite a reduction in sales of reversionary interests in leasehold property. Planning matters continue to plague the Trustees in that whilst there is enthusiasm from private enterprise to promote development projects, progress is often delayed or suppressed by regulatory process such that market opportunities are missed and developers withdraw. However, another exciting proposal has been introduced for a Renewable Energy Battery Storage Facility on part of the Swansea Region Real Estate which looks promising and it is hoped that planning criteria may be satisfied before the Electricity Grid Connection agreement expires. On the topic of renewable energy, The Trustees are also considering reducing Carbon Footprint by introducing electric powered tools to the Llysdinam Gardens to replace fossil fuel powered ones with batteries being replenished from a locally sourced solar installation currently in the planning. Quieter operations should also enhance the visitor experience. It should be noted that all of the land incorporated in Llysdinam Gardens is managed in accordance with best environmental practice. Mary J Elster Senior Trustee, Llysdinam Trust 2 **Charity No. 255528** ## **THE LLYSDINAM TRUST** ## **TRUST ACCOUNTS** **FOR THE YEAR ENDED 5 APRIL 2023** ## **THE LLYSDINAM TRUST** ## **TRUST INFORMATION** |Trustees :|Mrs.M.J.Elster| |---|---| ||Mr.N.O.Tyler| ||Lady C.Venables Llewelyn| |Managing Agents :|Messrs. Rees Richards & Partners| ||Chartered Surveyors, Land & Estate Agents| ||Druslyn House| ||De la Beche Street| ||Swansea| ||SA1 3HH| |Bankers :|Barclays Bank plc| ||262 Oxford Street| ||Swansea| |Solicitors :|Morgan La Roche| ||Bay House| ||Phoenix Way| ||Swansea| ||SA7 9YT| |Accountants :|Butterfield Morgan Limited| ||Chartered Accountants| ||Druslyn House| ||De la Beche Street| ||Swansea| ||SA1 3HJ| ## **THE LLYSDINAM TRUST** ## **CONTENTS** ||**Page**| |---|---| |Accountants' report|1| |Profit and loss account|2| |Balance sheet|3| |Notes to the accounts|4 - 6| THE LLYSDINAM TRUST CHARTERED ACCOUNTANTS. REPORT TO THE TRUSTEES ON THE UNAUDITEDACCOUNTS I report on the accounts of Trust for the year ended 5 April 2023 which are set out on pages 2 to 6. Respective ￿Po￿ls1b11Itie$ of tru$ts•$ and examiner The charity'¥ tr￿ts•s arè r8sponslble for the pr•p•rntlon ofthfr accounts. Tl* thanty's trustees consider that an audit Is not required lor this year under 80ctic￿ 14412) of the Ch8ritl8s A¢t 2011 (the 2011 Ad) and that an indèpendent examination is needed. It Is my responsibilty to- examine the 8t¢ow)ts under section 145 of the 2011 Acl to foll¢yw the proL¥dure¥ laid down in the General Di￿￿K)n5 gNen by the Chatty Conwmission under se¢bon 14515llb) of the 2011 Act. and to state whether partiojlar matters have c#)me to my attenlon. Bas1$ of Sndèp•nd•nt gxamin•rs' roport My exanMn8tion was carried out in acenrdance wmh the General Directions by the Ch*ity Conwmission. An examinat￿n indud¥s a reviv￿ of the accounting ￿(Y)r￿S kept by the charity oimparison of the accounts prés8nt8d with those ￿l>)rds. It also indudes consideration of any unusual ilems or disdosures in the accounts, and Seeking explanations from you 88 trust8&$ ￿nCernIng $ny such matt&rs. Th8 procedures undertaken do not provide all the evidwtt that would te rfrqui￿d in an 9￿11t and, consequently, no oplnion 1$ given as to whether thè accounts present a Irue and fair the report limitèd to those mglters Sel out in the stslemenl belN. In(kpendvnt oxamln¢r6' 8tatornent In ¢onnedi(m Mth my exarrllnation, no matter hos cLJme to my attention: (11 which gNes me reasonabl8 (ause to believe that, in any matsrF81 ro$pe¢t, the requ1￿Ments.. to keep accounting records in aecordance with section 130 of the 2011 Ad., and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the2011 A have rn)t been mel., or (2) to which. in my opinlon, attention should be drawn in order lo enable a proper understanding of the acco￿ts to be reached. M R Wookvay FCCA BLttterfield Moigan Limit¥d Chartered Accx)unlanls Druslyrt House Oe la BÈche Street Swansea Dated - 15th March 2024 Page 1 ## **THE LLYSDINAM TRUST** ## **DETAILED TRADING AND PROFIT AND LOSS ACCOUNT** ## _**FOR THE YEAR ENDED 5 APRIL 2023**_ |**Unrestricted**
**Endowment**
**Funds**
**Funds**
**Notes**
**£**
**£**
**INCOMING RESOURCES**
Rents and ground rents
68,274
Profit / (Loss) on granting of leases
31,490
Investment income
79,760
Other income
9,290
Revaluation gain
-
157,324
31,490
**RESOURCES EXPENDED**
Direct charitable expenditure -
Donations and grants
**(8)**
52,774
Other expenditure:
Management and administration
Repairs and property upkeep
71,407
Rates and insurance
5,705
Wages
46,064
Estate management and other fees
40,640
Stockbrokers fees
17,750
Accountancy and taxation fees
2,400
Rent, rates, utilities and sundry expenses
5,662
( Profit) /Loss on disposal of listed investments
(17,176)
Depreciation
2,019
**TOTAL EXPENDITURE**
227,245
**NET INCOMING/(OUTGOING)**
**RESOURCES BEFORE TRANSFERS**
(69,921)
31,490
**Gross transfers between funds**
31,490
(31,490)
**TOTAL FUNDS BROUGHT FORWARD**
(43,259)
5,281,036
TOTAL FUNDS CARRIED FORWARD
(81,690)
5,281,036|**Total**
**Funds**
**2023**
**£**
68,274
31,490
79,760
9,290
-
188,814
52,774
71,407
5,705
46,064
40,640
17,750
2,400
5,662
(17,176)
2,019
227,245
(38,431)
5,237,777
5,199,346|**Total**
**Funds**
**2022**
**£**
122,239
17,486
54,151
5,625
835,369
1,034,870
25,475
59,595
4,729
31,149
41,303
12,633
2,340
9,037
(66,187)
2,284
122,358
912,512
4,325,265
5,237,777| |---|---|---| - Page 2 - THE LLYSDINAM TRUST BALANCE SHEET ASAT 5APRIL 2023 2023 2022 Notss Flx•d assots Tangible assets Investments 1,874.778 2,042.935 1,944,835 2,020,267 3,917,713 3.965,102 Current assets Trade debtors Prepaymer Cash at bank and in hand 22,485 4,880 1,327.313 37,650 4,362 1.255,521 1,354,678 1.297,533 Current Ilabllttles c￿ditOrS and accrued charges 73,045 24,858 Net currenl a5￿ts 1,281,633 1,272.675 Total assets less curr•nt liabilitios 5,199,346 5,237,777 ENDOWMENT FUNDS UNRESTRICTED INCOME FUNDS 5,281,036 181,690) (5,281.036) {43,259) 5.199,346 5.237.777 The A￿unts 8et out on pages 2 to 6 were approved by the Tru8tee8 } Tru5tse8 -Page3- **BALANCE SHEET** _**AS AT 5 APRIL 2023**_ ## **THE LLYSDINAM TRUST** ## **1 ACCOUNTING POLICIES** In preparing the accounts the following accounting policies have been complied with: a) The accounts have been prepared on the historic cost convention with the exception that properties are valued at market value on 31 August 2022. The accounts are in accordance with applicable accounting standards, the Charities SORP 2005 (Acounting and Reporting by Charities) and comply with the Charities (Accounts and Reports) Regulations 2005 issued under the Charities Act 1993. b) Investment income is recorded when receivable. c) Expenditure is included in the accounts on an accruals basis. d) The endowment of the charity is expendable endowment. The income arising from the expendable endowment is unrestricted. - e) Depreciation is provided on tangible fixed assets at the following rates: Improvements - 10% on the reducing balance Garden Equipment - 10% on the reducing balance Motor Vehicle - 25% on the reducing balance ## **2 TANGIBLE FIXED ASSETS** |Investment
Garden
Properties
Improvements
Equipment
Cost or valuation
As at 06.04.22
1,929,709
24,106
23,857
Additions / Revaluation
-
-
-
Disposals
(69,384)
-
-
As at 05.04.23
1,860,325
24,106
23,857
Depreciation
As at 06.04.22
-
16,801
19,408
Charge for the year
-
731
445
As at 05.04.23
-
17,532
19,853
Net Book Values
As at 05.04.23
1,860,325
6,574
4,004
As at 06.04.22
1,929,709
7,305
4,449|Motor
Vehicle
5,994
-
-
5,994
2,622
843
3,465
2,529
3,372|Total
1,983,666
-
(69,384)
1,914,282
38,831
2,019
40,850
1,874,778
1,944,835| |---|---|---| Investment properties were revalued on 31st August 2022 by Rees Richards & Partners, Chartered Surveyors, on open market value basis in accordance with the guidelines issed by the Royal Institute of Chartered Surveyors. - Page 4 - ## **THE LLYSDINAM TRUST** ## **BALANCE SHEET** ## _**AS AT 5 APRIL 2023**_ |**3**
**INVESTMENTS**
General
80,000 'A' Shares of 25p each in Penllergaer
Estates Limited
Shares acquired via Stockbrokers|(Continued)
**2023**
**2022**
£
£
20,000
20,000
2,022,935
2,000,267
2,042,935
2,020,267|(Continued)
**2023**
**2022**
£
£
20,000
20,000
2,022,935
2,000,267
2,042,935
2,020,267| |---|---|---| |||2,020,267| The market value of the shares are valued by Brewin Dolphin Stockbrokers at £2,151,182, as at the Balance Sheet date. (2022 : £2,308,813). |**4**
**DEBTORS**
Rental income debtors
**5**
**CREDITORS**
Accruals|**2023**
£
22,485
**2023**
£
73,045|**2022**
£
37,650| |---|---|---| |||**2022**
£
24,858| ## **6 ENDOWMENT FUNDS** This is an expendable endowment fund. There are no restrictions on the capital or income of this Trust. ## **7 TAXATION** The trust is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes. - Page 5 - ## **THE LLYSDINAM TRUST** ## **BALANCE SHEET** ## _**AS AT 5 APRIL 2023**_ (Continued) |**8**|**DONATIONS**|**2023**|**2022**| |---|---|---|---| |||£|£| ||Cwtch up for Ukraine Appeal|-|5,000| ||CARAD|3,000|3,000| ||Montgomeryshire Youth Theatre|2,000|1,000| ||National Gardens Scheme|1,600|845| ||Shakespeare Link|3,000|3,000| ||Wales Air Ambulance|5,226|5,130| ||XL Wales, Swansea|1,000|1,000| ||Helping the homeless Wales|10,000|3,500| ||Hay & Brecon Refuge Sanctuary|5,000|-| ||Llandrindod Wells Foodbank|-|3,000| ||Cancer Research|2,948|-| ||Dementia Friendly Swansea|2,000|-| ||Newbridge Bog Project|3,000|-| ||Arts Connection|3,000|-| ||LEAF|1,000|-| ||Newbridge on Wye CIW School|10,000|-| |||52,774|25,475| ## **9 EMPLOYEE REMUNERATION** Total remuneration for the year amounted to £46,060 (2022 : £31,149). The average number of paid staff for the year was 2.(2022: 2) ## **10 TRUSTEES REMUNERATION AND EXPENSES** No remuneration directly or indirectly out of the funds of the charity was paid or payable for the year to any trustee or to any person or persons known to be connected with any of them. No reimbursement of expenses has been made or is due to be made to any of the trustees in respect of the year. - Page 6 -