REGISTERED CHARITY NUMBER: 511339
REPORT OF THE TRUSTEES AND
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
FOR
TY OLWEN TRUST
Watkins Bradfield & Co., HW Vaughan & Co. and WBV are trading names of WBV Limited, a company registered in England & Wales No. 07250663 Registered Office: Woodfield House, Castle Walk, Neath SA11 3LN
Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales Details of our audit registration can be viewed at www.auditregister.org.uk under reference number C002565389
TY OLWEN TRUST
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 7 |
| Report of the Independent Auditors | 8 to 10 |
| Statement of Financial Activities | 11 |
| Balance Sheet | 12 |
| Cash Flow Statement | 13 |
| Notes to the Cash Flow Statement | 14 |
| Notes to the Financial Statements | 15 to 26 |
| Detailed Statement of Financial Activities | 27 to 28 |
TY OLWEN TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 JUNE 2021
The trustees present their report with the financial statements of the charity for the year ended 30 June 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: 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 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objective of the Trust is to relieve patients both at Ty Olwen and under the care of the Ty Olwen Specialist Palliative Care Service, who are suffering from life limiting diseases with a focus on cancer/palliative care, by the provision of equipment, services and facilities.
Activities undertaken in relation to objectives
The Trust provides services and amenities to patients with a life limiting disease whether as in-patients or in their homes or in hospital wards and care homes and assists the families and dependants of such patients who are in need.
The Trust also promotes and supports research into the cause and treatment of cancer.
Public benefit
The Trustees are aware of their responsibilities in ensuring that the Trust delivers identifiable benefits to the public in accord with established objectives and permitted activities. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.
Volunteers
The Trust continues to benefit from the support of dedicated volunteers in many areas including the tea bar, administration, fundraising and complimentary therapy.
Page 1
TY OLWEN TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 JUNE 2021
ACHIEVEMENT AND PERFORMANCE
Main achievements in the period
Ty Olwen Trust is the sole charitable support for the Ty Olwen service.
The Trust has seen a continued increase in income, public support and awareness of the service as a result of its determination to maintain the profile of Ty Olwen in the community.
The income to the Trust has seen a huge decrease since March 2020 and the outbreak of Corona Virus. Fundraising events have been cancelled and plans for others put on hold.
In the period the Trust made a contribution of approximately 13% to the overall staffing cost at Ty Olwen and included the cost of:
1. Five Qualified Nurses;
2. A Senior II Physiotherapist, Five Occupational Therapists and One Physiotherapist Assistant; 3. A Secretary;
The Trustees, Committee and other Volunteers are unpaid.
The Trust continued to fund courses for staff to enable them to become more proficient in palliative medicine.
Thank you to all donors for their generous contributions to enable the Trust to continue to provide services and amenities to patients under the care of the Ty Olwen service.
This financial commitment to the service must continue to enable the Ty Olwen service to continue as it is and allow it to develop further to meet the increasing demands across the Health Board for Palliative Care.
Fundraising activities
During the year minimal fundraising activities were undertaken due to the ongoing position with the COVID pandemic. The only activity included collection boxes, when permitted by the lifting of the COVID restrictions, the results of which are detailed in the notes to the Statement of Financial Activities.
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TY OLWEN TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 JUNE 2021
ACHIEVEMENT AND PERFORMANCE
Investment performance
Another turbulent year with US Presidential elections, Brexit decisions and the vaccine response to the Covid 19 pandemic influencing market movement as demand for resources increased dramatically.
Equity prices surged across Europe and North America in November, spurred by positive news of prospective vaccines for the Covid-19 virus. UK stocks managed to recoup some of the losses registered during the pandemic but, in general, remained at lower prices than their American and continental European counterparts. The spectre of a no-deal Brexit also continued to haunt UK investors but, during November, a deal seemed more likely than it had for many months and of course was finally achieved. Other news included falling contagion rates in several European countries, and the confirmation of a clear winner in the US presidential election.
Therefore, investors were adjusting to a potential return to normality in 2021. That drove oil and mineral prices higher on anticipated higher demand. It also helped banks, travel and leisure companies to pare stock price losses that they had incurred since the beginning of the year.
At the same time, the improved economic outlook helped to reduce demand for perceived "haven" investments, such as gold and the US dollar. The lower value of the dollar is particularly good news for companies and governments across emerging markets that have borrowed in dollars; the lower the value of the dollar, the lower their debt burden. This added to a relatively successful response to the pandemic among some Asian countries, lifting stock prices and hopes that evidence of economic improvement would be revealed fairly soon.
This continued into 2021 with further demand leading to shortages in goods worldwide and steadily increasing equity prices.
Inflation has continued to put Bond process under pressure as potential interest rate increases are considered around the world.
Our preferred asset class remains equity where we remain overweight and we are underweight in Bonds. We have recently secured profits following a strong run for commodities in light of increased demand for natural resources and moved from overweight to a more neutral stance.
The portfolio had a strong year 1st July 2020 to 30th June 2021 out performing its benchmark and delivered a return including income of 8.82% over the period.
Whilst the Global economy continues to face challenges over the next 12 months with a perceived slowing of the recent strong run for equities we remain positive in providing returns ahead of inflation.
FINANCIAL REVIEW
Review of development and financial position
The Trust has been effective in and continues to exercise its powers of investment within the limits of the Trustee Investment Act 1961.
The financial position of the Trust remains sound.
Investment policy and objectives
The Charity has devolved the management of the investments to Schroders Personal Wealth. They have requested that the sums are invested mainly in low risk investments with a small proportion invested in stock market related investments in order to maximise the rate of return on the investments and not put the capital at risk. The return will provide income for the Charity so that it can assist in achieving its aims and objectives. The Trust's objectives in this regard have been met in 2021.
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TY OLWEN TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 JUNE 2021
FINANCIAL REVIEW
Reserves policy
The Board have adopted a policy of retaining 5 years expenditure in reserves. The Board are continuing to develop and implement strategies which include looking for additional sources of revenue and reviewing current and future expenditure programmes.
Principal funding sources
The Trust's principal funding sources are by way of bequests and donations.
Results
During the year the Trust generated total income of £553,492 which can be analysed as follows:
| Donations Legacies Collection boxes Investment Income - Listed Bank Interest TOTAL |
£ 147,169 353,921 3,581 47,036 1,785 553,492 |
|---|---|
The sum of £12,739 was incurred in connection with costs of raising funds.
The sum of £367,048 was expended on Charitable Activities in supporting the overheads and governance costs of Ty Olwen.
The Trustees are of the opinion that the results for the year are satisfactory.
Unrestricted fund
| Excess of income over expenditure Balance brought forward Balance carried forward |
£ 342,895 3,177,667 3,520,562 |
|---|---|
FUTURE PLANS
For the coming period the Trust must focus once again on fundraising for raising the profile with the public and the fact that we continue to need their support. We need to be ready to respond to the needs of the service whatever they may be post Covid and beyond. The £500,000 a year target we have set allows us to look at a 5 year rolling financial support programme to give stability to the service and those posts we cover.
Page 4
TY OLWEN TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 JUNE 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Status
The Ty Olwen Trust was founded under Declaration of Trust on 7 April 1981 as altered by Scheme of 11 September 2007. The Charity's registration number with the Charity Commission is 511339.
Recruitment and appointment of new trustees
Under the Declaration of Trust, the Charity can have up to a maximum of 9 trustees. When a vacancy arises the Trustees, in meeting, select a suitable candidate and request whether they wish to be a Trustee. It is the preference of the Trustees that any new Trustee will have served on the Committee and have an understanding of the Charity.
Organisational structure
The Trust has been organised by the appointment of 9 Trustees who manage the Trust affairs in conjunction with a committee.
The Trustees have authorised the running of a tea bar to provide funds for the Ty Olwen Trust.
Induction and training of new trustees
During the induction day new trustees meet fellow trustees. They are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.
Page 5
TY OLWEN TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 JUNE 2021
REFERENCE AND ADMINISTRATIVE DETAILS Registered Office
| REFERENCE AND ADMINISTRATIVE DETAILS |
|
|---|---|
| Registered Office | 18 Princess Way |
| Swansea | |
| SA1 3LW | |
| President | Mrs M Bartlett (deceased 06.10.2020) |
| Life Vice-President | Mr M Stacey |
| Chairman/Chief Executive Officer | Mrs H Murray |
| Vice-Chairman | Mr P Murray |
| Treasurer | Mr G Lewis |
| Assistant Treasurer | Mr N Francis |
| Secretary | Mrs T Hancock |
| Trustees | Mrs H Murray |
| Mr P Murray | |
| Mr G Lewis | |
| Mrs T Hancock | |
| Mrs J Francis | |
| Mr N Francis | |
| Mrs R Lewis | |
| Dr S Roberts | |
| Bankers | Lloyds Bank Plc |
| Market Branch | |
| P.O Box 66 | |
| Swansea, SA1 3AP | |
| Solicitor | Smith, Llewellyn Partnership |
| 18 Princess Way | |
| Swansea, SA1 3LW | |
| Auditors | WBV Limited |
| The Third Floor | |
| Langdon House, Langdon Road, | |
| SA1 Swansea Waterfront | |
| Swansea | |
| SA1 8QY |
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TY OLWEN TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 JUNE 2021
Investment Advisors
Schroders Personal Wealth 31-33 Perrymount Road Haywards Heath West Sussex RH16 3SP
ACCOUNTS
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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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 keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
....................................................................... Mr G Lewis - Trustee
Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF TY OLWEN TRUST
Opinion
We have audited the financial statements of Ty Olwen Trust (the 'charity') for the year ended 30 June 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 30 June 2021 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF TY OLWEN TRUST
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF TY OLWEN TRUST
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
WBV Limited The Third Floor, Langdon House, Langdon Road SA1 Swansea Waterfront Swansea West Glamorgan SA1 8QY
Date: .............................................
Page 10
TY OLWEN TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Other trading activities 3 Investment income 4 Total EXPENDITURE ON Raising funds 5 Charitable activities Direct service provision 6 Total Net gains/(losses) on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 501,090 3,581 48,821 553,492 12,739 367,048 379,787 169,190 342,895 3,177,667 3,520,562 |
Restricted funds £ - - - - - - - - - - - |
2021 Total funds £ 501,090 3,581 48,821 553,492 12,739 367,048 379,787 169,190 342,895 3,177,667 3,520,562 |
2020 Total funds £ 639,235 15,781 52,921 707,937 25,825 402,819 428,644 (61,270) 218,023 2,959,644 3,177,667 |
|---|---|---|---|---|
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
Page 11
TY OLWEN TRUST
| BALANCE SHEET 30 JUNE 2021 Notes FIXED ASSETS Investments 11 CURRENT ASSETS Debtors 12 Cash at bank and in hand 13 CREDITORS Amounts falling due within one year 14 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 16 Unrestricted funds TOTAL FUNDS |
2021 £ 2,437,752 146,535 1,046,420 1,192,955 (110,145) 1,082,810 3,520,562 3,520,562 3,520,562 3,520,562 |
2020 £ 2,280,788 135,820 830,098 965,918 (69,039) 896,879 3,177,667 3,177,667 3,177,667 3,177,667 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Mr G Lewis - Trustee
The notes form part of these financial statements
Page 12
TY OLWEN TRUST
| CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2021 2021 Notes £ Cash flows from operating activities Cash generated from operations 1 165,329 Net cash provided by operating activities 165,329 Cash flows from investing activities Purchase of fixed asset investments (408,119) Sale of fixed asset investments 475,648 Investment income 48,821 Investment management costs (11,839) Movement on cash held within investments (55,303) Interest received 1,785 Net cash provided by/(used in) investing activities 50,993 Change in cash and cash equivalents in the reporting period 216,322 Cash and cash equivalents at the beginning of the reporting period 830,098 Cash and cash equivalents at the end of the reporting period 1,046,420 |
2020 £ 323,578 323,578 (262,280) - 52,921 (15,498) 29,498 1,548 (193,811) 129,767 700,331 830,098 |
|---|---|
The notes form part of these financial statements
Page 13
TY OLWEN TRUST
NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2021
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: (Gain)/losses on investments Interest received Investment income Investment management charges (Increase)/decrease in debtors Increase in creditors Net cash provided by operations |
2021 £ 342,895 (169,190) (1,785) (48,821) 11,839 (10,715) 41,106 165,329 |
2020 £ 218,023 61,270 (1,548) (52,921) 15,498 55,171 28,085 323,578 |
|---|---|---|
2. ANALYSIS OF CHANGES IN NET FUNDS
| Net cash Cash at bank and in hand Total |
At 1/7/20 £ 830,098 830,098 830,098 |
Cash flow £ 216,322 216,322 216,322 |
At 30/6/21 £ 1,046,420 1,046,420 1,046,420 |
|---|---|---|---|
The notes form part of these financial statements
Page 14
TY OLWEN TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
1. ACCOUNTING POLICIES
General information and basis of preparing the financial statements
Ty Olwen Trust was founded under Declaration of Trust on 7 April 1981 as altered by Scheme of 11 September 2007. The address of the registered office is given in the charity reference and administrative details on page 4 of these financial statements.
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011.The financial statements have been prepared on a going concern basis under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Ty Olwen Trust meets the definition of a public entity under FRS 102.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
For bequests, entitlement is the earlier of the charity being notified of an impending distribution or the bequest being received.
Donated services and facilities are included at the value to the Trust where this can be quantified and a third party is bearing the cost. The value of services provided by volunteers has not been included in these accounts due to the absence of a reliable measurement basis.
Revenue grants are included in the Statement of Financial Activities when the Trust is legally entitled to them.
Investment Income
Investment income is included when receivable.
continued...
Page 15
TY OLWEN TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2021
1. ACCOUNTING POLICIES - continued
Expenditure
Liabilities are recognized as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. All costs have been directly attributed to one of the functional categories of expenditure in the Statement of Financial Activities.
Expenditure is classified under the following activity headings:
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Costs of raising funds comprise the costs of all fundraising activities and the costs of trading for fundraising purposes.
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Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities for its beneficiaries and their associated support costs and governance costs.
The Trust is not registered for VAT and accordingly expenditure is shown gross of irrecoverable VAT.
Investments
Marketable investments are shown at middle-market value at the Balance Sheet date excluding accrued interest. Gains and losses on disposal and revaluation of investments are charged or credited to the Statement of Financial Activities.
Allocation and apportionment of costs
All costs have been directly allocated to one of the functional categories of expenditure in the Statement of Financial activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees.
Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Debtors and creditors receivable/payable within one year
Debtors and creditors receivable or payable within one year are recorded at the settlement amount.
Going concern
No material uncertainties exist which affect the charity's ability to continue as a going concern.
continued...
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TY OLWEN TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2021
2. DONATIONS AND LEGACIES
| Donations Bequests Grants receivable |
Unrestricted Funds £ 147,169 353,921 - 501,090 |
Restricted Funds £ - - - - |
2021 Total Funds £ 147,169 353,921 - 501,090 |
2020 Total Funds £ 298,329 235,246 105,660 639,235 |
|---|---|---|---|---|
Grants receivable of £105,660 in 2020 represents a WAG grant to cover loss of income during Covid that could have an affect on the provision of Hospice Care.
3. OTHER TRADING ACTIVITIES
| Tea bar income Christmas party Collection boxes Autumn ball Carol singing 4. INVESTMENT INCOME Listed investments and government securities Bank interest |
2021 £ - - 3,581 - - 3,581 2021 £ 47,036 1,785 48,821 |
2020 £ 9,155 1,327 3,347 1,582 370 15,781 2020 £ 51,373 1,548 52,921 |
|---|---|---|
continued...
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TY OLWEN TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2021
5. RAISING FUNDS
| Other trading activities Christmas cards, calendars, badges, teddy bears and pens Tea bar costs Sundry expenses Autumn ball Investment management costs Portfolio management Aggregate amounts 6. CHARITABLE ACTIVITIES COSTS- DIRECT SERVICE PROVISION Direct costs of charitable activities (note 7) Governance costs (note 8) |
2021 £ 162 - 738 - 900 2021 £ 11,839 12,739 2021 £ 359,873 7,175 367,048 |
2020 £ 2,499 6,104 1,524 200 10,327 2020 £ 15,498 25,825 2020 £ 397,050 5,769 402,819 |
|---|---|---|
continued...
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TY OLWEN TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2021
7. DIRECT COSTS OF CHARITABLE ACTIVITIES
| Contributions to Ty Olwen- bereavement councillors Contributions to Ty Olwen- staff recharges Equipment and repairs Education expenses Sundries Volunteer expenses |
2021 £ 28,524 320,436 1,504 3,790 5,619 - 359,873 |
2020 £ - 386,541 1,570 560 3,954 4,425 397,050 |
|---|---|---|
8. SUPPORT COSTS
Direct service provision
Governance costs £ 7,175
Support costs, included in the above, are as follows:
| 2021 | 2020 | |
|---|---|---|
| Direct | ||
| service | Total | |
| provision | activities | |
| £ | £ | |
| Auditors' remuneration | 1,500 | - |
| Auditors' remuneration for non audit work | 4,800 | - |
| Independent examination fees | - | 1,062 |
| Postage and stationery | 357 | 575 |
| Sundries | 518 | 406 |
| Accountancy | - | 3,726 |
| 7,175 | 5,769 |
continued...
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TY OLWEN TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2021
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 June 2021 nor for the year ended 30 June 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 June 2021 nor for the year ended 30 June 2020.
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Other trading activities Investment income Total EXPENDITURE ON Raising funds Charitable activities Direct service provision Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 639,235 15,781 52,921 707,937 25,825 402,634 428,459 (61,270) 218,208 2,959,459 3,177,667 |
Restricted funds £ - - - - - 185 185 - (185) 185 - |
Total funds £ 639,235 15,781 52,921 707,937 25,825 402,819 428,644 (61,270) 218,023 2,959,644 3,177,667 |
|---|---|---|---|
continued...
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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2021
11. FIXED ASSET INVESTMENTS
| 2021 Market Value Cost £ £ Unrestricted General Fund 2,437,752 2,228,429 Investments at market value comprise :- £ Listed investments 2,380,841 Cash held on deposit 56,911 2,437,752 SPW IPS Mixed Asset Managed Fund at Market Value: At 30 June 2020 Additions Disposals Revaluations At 30 June 2021 |
2021 Market Value Cost £ £ Unrestricted General Fund 2,437,752 2,228,429 Investments at market value comprise :- £ Listed investments 2,380,841 Cash held on deposit 56,911 2,437,752 SPW IPS Mixed Asset Managed Fund at Market Value: At 30 June 2020 Additions Disposals Revaluations At 30 June 2021 |
2020 Market Value Cost £ £ 2,280,788 2,133,249 £ 2,279,180 1,608 2,280,788 Listed Investments Total £ £ 2,280,788 2,280,788 463,422 463,422 (424,258) (424,258) 117,800 117,800 2,437,752 2,437,752 |
|
|---|---|---|---|
The market value of investments has been taken on 30 June 2021 and includes all monies on deposit at cost.
In accordance with the Charities SORP 2019 (FRS 102) the figures in the accounts are the market value of the investments.
continued...
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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2021
12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Accrued income on investments Legacies receivable Grants receivable Other debtors and prepayments 13. CASH AT BANK AND IN HAND Lloyds Bank Plc: Current accounts Deposit account Cash in Hand Total 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Contributions to Ty Olwen -staff recharges Contributions to Ty Olwen -bereavement councillors Other creditors and accruals |
2021 £ - 146,535 - - 146,535 2021 £ 1,101 1,041,906 1,043,007 3,413 1,046,420 2021 £ 75,050 28,524 6,571 110,145 |
2020 £ 11,318 18,653 105,660 189 135,820 2020 £ 1,101 827,774 828,875 1,223 830,098 2020 £ 63,003 - 6,036 69,039 |
|
|---|---|---|---|
continued...
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TY OLWEN TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2021
15. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted funds £ Investments 2,437,752 Current assets 1,192,955 Current liabilities (110,145) 3,520,562 16. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 553,492 TOTAL FUNDS 553,492 |
Restricted funds £ - - - - At 1/7/20 £ 3,177,667 3,177,667 Resources expended £ (379,787) (379,787) |
2021 Total funds £ 2,437,752 1,192,955 (110,145) 3,520,562 Net movement in funds £ 342,895 342,895 Gains and losses £ 169,190 169,190 |
2020 Total funds £ 2,280,788 965,918 (69,039) 3,177,667 At 30/6/21 £ 3,520,562 3,520,562 Movement in funds £ 342,895 342,895 |
|---|---|---|---|
continued...
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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2021
16. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1/7/19 £ Unrestricted funds General fund 2,958,413 Designated fund 1,046 2,959,459 Restricted funds Bequest- Education fund 185 TOTAL FUNDS 2,959,644 Comparative net movement in funds, included in the above are Incoming resources £ Unrestricted funds General fund 707,937 Restricted funds Bequest- Education fund - TOTAL FUNDS 707,937 |
Net movement in funds £ 218,208 - 218,208 (185) 218,023 as follows: Resources expended £ (428,459) (185) (428,644) |
Transfers between funds £ 1,046 (1,046) - - - Gains and losses £ (61,270) - (61,270) |
At 30/6/20 £ 3,177,667 - 3,177,667 - 3,177,667 Movement in funds £ 218,208 (185) 218,023 |
|
|---|---|---|---|---|
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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2021
16. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Designated fund Restricted funds Bequest- Education fund TOTAL FUNDS |
At 1/7/19 £ 2,958,413 1,046 2,959,459 185 2,959,644 |
Net movement in funds £ 561,103 - 561,103 (185) 560,918 |
Transfers between funds £ 1,046 (1,046) - - - |
At 30/6/21 £ 3,520,562 - |
|---|---|---|---|---|
| 3,520,562 - |
||||
| 3,520,562 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 1,261,429 Restricted funds Bequest- Education fund - TOTAL FUNDS 1,261,429 |
Resources expended £ (808,246) (185) (808,431) |
Gains and Movement losses in funds £ £ 107,920 561,103 - (185) 107,920 560,918 |
|---|---|---|
Purpose of Designated Fund:
The Trustees had previously designated funds of £1,046 for the refurbishment of the Chapel at Ty Olwen. The fund was no longer required and was released back to unrestricted funds in 2020.
Purpose of Restricted Funds:
Bequest - education fund
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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2021
16. MOVEMENT IN FUNDS - continued
A bequest for £1,000 was received in 2018 whereby the executors requested the Trust to use the money to assist in the training of nurses for Ty Olwen. The Trustees therefore placed this money into a restricted education fund. The restricted fund balance at 30 June 2021 amounted to £Nil (2020 £Nil) as shown in note 17 of the accounts.
17. OTHER FINANCIAL COMMITMENTS
At the balance sheet date the Trustees had authorised, but not contracted for, payments in the order of £500,000 per annum for Swansea Bay University Health Board contributions to Ty Olwen for staff recharges.
Other financial commitments not included in the balance sheet amount to £5,500 for the purchase of bedside lockers for patients and £540 for the purchase of televisions for patients.
In addition, the Trust has made a commitment to fund the setting up of a relatives room within Ty Olwen from the money donated from the DVLA. No costings are available as yet.
18. RELATED PARTY DISCLOSURES
Expenses amounting to £1,180 (2020 £560) were incurred by the Trust for the supervision delivered to the palliative care team at Ty Olwen by Maggies, a fellow cancer charity. This amount is included in education expenses in note 7 of the accounts.
There were no other related party transactions.
19. ULTIMATE CONTROLLING PARTY
There is no individual controlling party as the Trust is managed by a Board of Trustees as detailed on page 1.
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TY OLWEN TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2021
| INCOME AND ENDOWMENTS Donations and legacies Donations Bequests Grants Other trading activities Tea bar income Christmas party Collection boxes Autumn ball Carol singing Investment income Listed investments and government securities Bank interest Total incoming resources EXPENDITURE Other trading activities Christmas cards, calendars, badges, teddy bears and pens Tea bar costs Sundry expenses Autumn ball Investment management costs Portfolio management |
2021 £ 147,169 353,921 - 501,090 - - 3,581 - - 3,581 47,036 1,785 48,821 553,492 162 - 738 - 900 11,839 |
2020 £ 298,329 235,246 105,660 639,235 9,155 1,327 3,347 1,582 370 15,781 51,373 1,548 52,921 707,937 2,499 6,104 1,524 200 10,327 15,498 |
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This page does not form part of the statutory financial statements
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TY OLWEN TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2021
| Investment management costs Charitable activities Contributions to Ty Olwen- bereavement councillors Contributions to Ty Olwen- staff recharges Equipment and repairs Education expenses Sundries Volunteer expenses Support costs Governance costs Auditors' remuneration Auditors' remuneration for non audit work Accountancy and professional fees Postage and stationery Sundries Total resources expended Net income before gains and losses Realised recognised gains and losses Gains/losses on investment assets Net income |
2021 £ 28,524 320,436 1,504 3,790 5,619 - 359,873 1,500 4,800 - 357 518 7,175 379,787 173,705 169,190 342,895 |
2020 £ - 386,541 1,570 560 3,954 4,425 397,050 - - 4,788 575 406 5,769 428,644 279,293 (61,270) 218,023 |
|---|---|---|
This page does not form part of the statutory financial statements
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