Draft Financial Statements at 29 November 2023 at 13:44:32
Charity registration number 511339
TY OLWEN TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
Draft Financial Statements at 29 November 2023 at 13:44:32 TY OLWEN TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mr G Lewis | |
|---|---|---|
| Mrs H Murray | ||
| Mr P Murray | ||
| Mrs T Hancock | ||
| Mrs J Francis | ||
| Mrs R Lewis | ||
| Dr S Roberts | ||
| Mr N Francis | (Appointed 1 May 2023) | |
| Charity number | 511339 | |
| Principal address | 18 Princess Way | |
| Swansea | ||
| West Glamorgan | ||
| SA1 3LW | ||
| Auditor | WBV Limited | |
| The Third Floor | ||
| Langdon House, Langdon Road | ||
| SA1 Swansea Waterfront | ||
| Swansea | ||
| Wales | ||
| SA1 8QY |
Draft Financial Statements at 29 November 2023 at 13:44:32 TY OLWEN TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 6 |
| Statement of Trustees' responsibilities | 7 |
| Independent auditor's report | 8 - 10 |
| Statement of financial activities | 11 |
| Balance sheet | 12 |
| Statement of cash flows | 13 |
| Notes to the financial statements | 14 - 21 |
Draft Financial Statements at 29 November 2023 at 13:44:32 TY OLWEN TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
The trustees present their annual report and financial statements for the year ended 30 June 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Board's [governing document], the Charities Act 2011 and "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
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.
Strategies for achieving aims and objectives
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.
Volunteers
The Trust continues to benefit from the support of dedicated volunteers in many areas including the tea bar, administration, fundraising, complimentary therapy, drivers and ward helpers.
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.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Board should undertake.
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Draft Financial Statements at 29 November 2023 at 13:44:32 TY OLWEN TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023
Achievements and performance
Significant activities and achievements against objectives
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.
In the period the Trust made a contribution of approximately 13% to the overall staffing cost at Ty Olwen and included the cost of:
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Five Qualified Nurses;
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A Senior II Physiotherapist, Five Occupational Therapists and One Physiotherapist Assistant; 3. A Secretary;
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Volunteer Manager
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
The trustees are delighted to see an increase in fundraising activities and a return to normality post COVID. The results of which are detailed in the notes to the Statement of Financial Activities.
Investment performance
At the end of the first quarter ended 30 September 2022, the economic cycle remained challenging. Inflation and the rising cost of living continued to dominate headlines in the UK. Governments worldwide faced several challenges. These included the ongoing tragic conflict in Ukraine and the cost of living crisis. These issues had a negative impact on financial markets in the period.
Financial markets had a difficult first half of 2022, with all asset classes apart from commodities falling significantly. But there were signs of a pick-up in the July to mid- August period, with hopes that inflation had peaked. However, we believe comments from US Federal Reserve chair Jerome Powell, on restoring price stability, led markets to fall towards the end of August. This is because central banks can potentially raise interest rates to try to bring down inflation and high rates can potentially lead to slower economic growth. As a result, equities, bonds and commodities fell in this quarter.
At the end of the first quarter ended 31 December 2022, the Ukraine war continued to cause widespread devastation, resulting in the most serious energy crisis of our time and the return of savers and investors worst nightmare; inflation. When you combine inflation with low interest rates, this creates a savings gap of around 9% per annum. To put this in real terms, if inflation continues at its current rate, every pound saved will be approximately 50p in five years’ time. Recently, life has rarely felt so uncertain. In the final three months of 2022, financial markets were dominated by movements in inflation rates and interest rates. Interest rates are used by central banks, such as the US Federal reserve (FED) and the Bank of England, in an attempt to control inflation. Moderating interest rate rises and inflation rates, along with their improving outlook, helped financial markets rise between October and December 2022. Markets had a tough year overall, Apart from commodities, all other main types of investment assets fell in 2022.
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Draft Financial Statements at 29 November 2023 at 13:44:32 TY OLWEN TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023
Investment performance The quarter to 31 March 2023 in summary:
Global equities gained in Q1, buoyed by receding recession worries in developed markets. Gains came despite the collapse of Silicon Valley Bank, which caused significant volatility in bank shares. Growth stocks outperformed value in the quarter. In fixed income, government bond yields fell (meaning prices rose).
UK equities rose over the quarter. Economically sensitive areas outperformed, in line with other markets. This occurred amid hopes that central banks might be in a position to ‘pivot’ to cutting interest rates in late 2023. Industrials outperformed as did the consumer discretionary sector. The latter reflected a very strong recovery in many domestically focused areas. These bounced back as it transpired the UK economy had performed resiliently during the energy crisis.
The latest quarterly GDP data from the Office for National Statistics revealed that the UK economy had not contracted in Q4 2022, contrary to consensus expectations. As a result, the economy dodged a technical recession by avoiding two consecutive quarters of decline
following the contraction recorded for Q3 2022). In its latest quarterly forecasts, the Bank of England (BoE) said it still expected the country to fall into a recession later in 2023.
The recession, however, is expected be shallower than the BoE had been predicting at the time of striking its previous forecasts back in November 2022. Since that time, wholesale energy prices have fallen considerably as the European energy crisis has abated. The BoE’s Monetary Policy Committee voted to continue to raising interest rates as inflation remained the main concern. Inflation proved stronger than expected, in part due to the resilience of the domestic economy.
Global bonds
The first quarter of the year began with positive sentiment on the growth outlook as energy costs fell and China’s economy reopened. But there was also evidence that the encouraging inflation picture was starting to reverse as core inflation measures ticked higher once more. However, the collapse of Silicon Valley Bank in mid-March dwarfed concerns over re-accelerating inflation and prompted a sharp rally in government bond markets.
As markets reacted to fears of a banking crisis, government bond markets went from pricing in rate hikes to discounting sizeable rate cuts in some markets.
Commodities
The S&P GSCI Index recorded a negative performance in the first quarter. Energy and livestock were the worstperforming components of the index, while precious metals and industrial metals achieved price gains. Within energy, prices for natural gas, gas oil and heating oil were all sharply lower. In precious metals, gold achieved a robust price gain while silver achieved a more modest price uplift. Within industrial metals, the price of nickel was sharply lower in the first quarter, while the decline in the price of lead was more muted. Copper and aluminium prices both advanced in the quarter.
During the second half of 2023, inflation remains at the forefront of people’s minds with rising interest rates continuing to cause concern for some. Global equities (shares) rose strongly in the quarter to 30 June 2023, driven by a robust performance in US and Japanese markets and as the risk of the US government defaulting on its debt receded.
US equities rose a little in April as optimism over the US central bank’s expected slowdown of rate rises was offset by its viewpoint that economic growth will probably reduce. UK equities rose, with financials and global energy groups performing strongly. In the eurozone, all equity industry sectors rose, apart from information technology. The Japanese stock market continued its strong momentum in May.
Global equities rose again in June 2023, driven by a strong performance from US and Japanese equities. As such, the markets appeared to look past US government debt uncertainties at the start of the month and the attempted Russian coup towards the end of it.
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Draft Financial Statements at 29 November 2023 at 13:44:32 TY OLWEN TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023
Investment performance (continued)
In terms of our outlook for global growth, we have revised up our forecast for 2023 to 2.5% (previously 2.4%). The narrative has shifted over the past few months, as talk of recession has been replaced by that of a soft landing for the world economy. Inflation has started to decline while growth is proving to be resilient. In marked contrast to 2022, expectations for global growth are rising while those for inflation have stabilised after rising sharply last year. Nowhere is this more apparent than in the US. Forecasts of a recession have been pushed out, or quietly dropped altogether, as the economy expanded at a decent 2.1% annualised pace in Q2 and looks set to have strengthened in Q3 (to 30 September 2023). In response, risk assets have performed well, with global equity markets rising. However, government bond yields have also risen as markets consider when interest rates may peak and at what point rates will begin to reduce. Despite the mood of optimism, the world economy faces a number of challenges.
Volatility has increased recently. Oil prices have risen after the increase in Middle East tensions. Markets continue to assess the implications of the Israel-Hamas conflict and the impact of the risk of broader escalation on the supply of and demand for energy. Brent crude oil prices moved up to $90 per barrel while wholesale gas prices increased to the highest level since early this year.
Global growth expectations have strengthened, but the improvement has been confined to the US and Japan. Meanwhile, China and the eurozone have been losing momentum as doubts over growth have increased. In China manufacturing is under pressure and the economy has disappointed with the bounce back from the pandemic proving short lived.
We remain confident in our long-term strategy. Our investment principles stand strong.
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.
Reserves policy
It is the policy of the Board that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to 5 years expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Board’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
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Draft Financial Statements at 29 November 2023 at 13:44:32 TY OLWEN TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023
Principal funding sources
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 £305,527 which can be analysed as follows:
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Donations £159,921
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· Legacies/bequests £83,671 · Collection boxes £6,351 · Investment income £52,815 · Bank interest £2,769
The sum of £20,898 was incurred in connection with costs of raising funds.
The sum of £444,929 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 funds
Excess of expenditure over income (£192,113) Balance brought forward £3,753,785 Balance carried forward £3,561,672
Investment policy
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 2022/2023.
Plans for future periods
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.
The trustees are acutely aware that the donation of £1.15 million to the service over the next three years has been possible due to the generosity of the public and the sound management of the Trust's assets, but this money must be put back. The trustees are working on plans and projects to start the process of replacing the money and to continue to raise the profile and knowledge of the service. Demand for care and expertise of the Ty Olwen team is increasing and we as a Trust are ready to support them in any way we can.
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.
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Draft Financial Statements at 29 November 2023 at 13:44:32 TY OLWEN TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023
The trustees who served during the year and up to the date of signature of the financial statements were: Mr G Lewis Mrs H Murray Mr P Murray Mrs T Hancock Mrs J Francis Mrs R Lewis Dr S Roberts Mr N Francis (Appointed 1 May 2023)
Recruitment and appointment of trustees
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
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 trustees
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.
Other matters 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).
The Trustees' report was approved by the Board of Trustees.
.............................. Mr G Lewis
Date: .............................................
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Draft Financial Statements at 29 November 2023 at 13:44:32 TY OLWEN TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 30 JUNE 2023
The trustees are responsible for preparing the Trustees' Report 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 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 Board and of the incoming resources and application of resources of the Board for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities 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; and
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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 operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Board and 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 Board and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Draft Financial Statements at 29 November 2023 at 13:44:32 TY OLWEN TRUST
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF TY OLWEN TRUST
Opinion
We have audited the financial statements of Ty Olwen Trust (the ‘Board’) for the year ended 30 June 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the charity’s affairs as at 30 June 2023 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Board 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 Board’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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the Trustees' report; 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; or
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we have not received all the information and explanations we require for our audit.
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Draft Financial Statements at 29 November 2023 at 13:44:32 TY OLWEN TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF TY OLWEN TRUST
Responsibilities of trustees
As explained more fully in the statement of Trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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 Board’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 cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor 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 an auditor's report 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.
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 is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Other matters
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.
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 auditor's 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.
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Draft Financial Statements at 29 November 2023 at 13:44:32 TY OLWEN TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF TY OLWEN TRUST
WBV Limited
Chartered Accountants Statutory Auditor
.........................
The Third Floor Langdon House, Langdon Road SA1 Swansea Waterfront Swansea Wales SA1 8QY
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Draft Financial Statements at 29 November 2023 at 13:44:32 TY OLWEN TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2023
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 2 | 243,592 | 915,800 |
| Other trading activities | 3 | 6,351 | 5,136 |
| Investments | 4 | 55,584 | 48,243 |
| Total income | 305,527 | 969,179 | |
| Expenditure on: | |||
| Raising funds | 5 | 20,898 | 19,599 |
| Charitable activities | 6 | 444,929 | 430,651 |
| Total expenditure | 465,827 | 450,250 | |
| Net losses on investments | 9 | (31,813) | (285,706) |
| Net income/(expenditure) and movement in funds | (192,113) | 233,223 | |
| Reconciliation of funds: | |||
| Fund balances at 1 July 2022 | 3,753,785 | 3,520,562 | |
| Fund balances at 30 June 2023 | 3,561,672 | 3,753,785 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 14 to 21 form part of these financial statements.
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Draft Financial Statements at 29 November 2023 at 13:44:32 TY OLWEN TRUST
BALANCE SHEET
AS AT 30 JUNE 2023
| Notes Fixed assets Investments 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities The funds of the Board Unrestricted funds |
2023 £ £ 2,300,511 211 1,307,541 1,307,752 46,591 1,261,161 3,561,672 3,561,672 3,561,672 |
2022 £ £ 2,341,272 18,978 1,433,597 1,452,575 40,062 1,412,513 3,753,785 3,753,785 3,753,785 |
2022 £ £ 2,341,272 18,978 1,433,597 1,452,575 40,062 1,412,513 3,753,785 3,753,785 3,753,785 |
|---|---|---|---|
| 3,753,785 | |||
| 3,753,785 | |||
| 3,753,785 |
The notes on pages 14 to 21 form part of these financial statements.
The financial statements were approved by the trustees on .........................
.............................. Mr G Lewis Trustee
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Draft Financial Statements at 29 November 2023 at 13:44:32 TY OLWEN TRUST
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2023
| Notes Cash flows from operating activities Cash (absorbed by)/generated from operations 18 Investing activities Purchase of investments Proceeds from disposal of investments Investment income received Net cash generated from/(used in) investing activities Net cash used in financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2023 £ £ (190,588) (409,137) 418,085 55,584 64,532 - (126,056) 1,433,597 1,307,541 |
2022 £ £ 528,160 (196,212) 6,986 48,243 (140,983) - 387,177 1,046,420 1,433,597 |
|---|---|---|
The notes on pages 14 to 21 form part of these financial statements.
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Draft Financial Statements at 29 November 2023 at 13:44:32 TY OLWEN TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
1 Accounting policies
Charity information
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 legal and administrative details at the beginning of these financial statements.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The Board is a Public Benefit Entity as defined by FRS 102.
The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the Board. Monetary amounts in these financial statements are rounded to the nearest £.
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.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the Board has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Board.
1.4 Income
Income is recognised in the Statement of Financial Activities when the Board is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Board has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the Board has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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Draft Financial Statements at 29 November 2023 at 13:44:32 TY OLWEN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023
1 Accounting policies
(Continued)
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.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 by activity as follows:
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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.
The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at middle-market value at the Balance Sheet date excluding accrued interest. Changes in fair value are recognised in net income/(expenditure) for the year in the Statement of Financial Activities . Transaction costs are expensed as incurred.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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Draft Financial Statements at 29 November 2023 at 13:44:32 TY OLWEN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2 Income from donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Donations and gifts | 159,921 | 207,566 |
| Legacies receivable | 83,671 | 708,234 |
| 243,592 | 915,800 |
Donations and legacies / bequests receivable all relate to unrestricted funds.
3 Income from other trading activities
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Collection boxes | 6,351 | 5,136 |
| Income from investments | ||
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Income from listed investments | 52,816 | 46,171 |
| Interest receivable | 2,768 | 2,072 |
| 55,584 | 48,243 |
4 Income from investments
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Draft Financial Statements at 29 November 2023 at 13:44:32 TY OLWEN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023
5 Expenditure on raising funds
| Unrestricted | Unrestricted | ||||
|---|---|---|---|---|---|
| funds | funds | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Fundraising and publicity | |||||
| Advertising | 1,853 | 2,184 | |||
| Other fundraising costs | 1,677 | 3,380 | |||
| Support costs | 12,648 | 14,035 | |||
| 16,178 | 19,599 | ||||
| Other trading activities - tea bar costs | 4,720 | - | |||
| Total costs | 20,898 | 19,599 | |||
| Support costs relate to the Trust's investment portfolio. | |||||
| Expenditure on charitable activities | |||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Direct costs | |||||
| Contributions to Ty Olwen - staff recharges | 420,778 | 406,709 | |||
| Equipment and repairs | 8,155 | 5,114 | |||
| Education expenses | 2,574 | 6,760 | |||
| Sundries | 5,459 | 4,776 | |||
| 436,966 | 423,359 | ||||
| Share of support and governance costs | (see note ) | ||||
| Governance | 7,963 | 7,292 | |||
| 444,929 | 430,651 | ||||
| Analysis by fund | |||||
| Unrestricted funds | 444,929 | 430,651 | |||
| Governance costs are: | |||||
| Auditors' remuneration | £1,710 (2022 | £1,590) | |||
| Auditors' remuneration for non-audit work | £5,040 (2022: | £4,800) | |||
| Postage and stationery | £924 | (2022: | £638) | ||
| Sundries | £289 | (2022: £264) |
6 Expenditure on charitable activities
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Draft Financial Statements at 29 November 2023 at 13:44:32 TY OLWEN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration, benefits or were paid expenses from the Board during the year.
8 Employees
| Total The Trust does not employ persons. |
2023 Number - |
2022 Number - |
|---|---|---|
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
9 Gains and losses on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| Gains/(losses) arising on: | £ | £ |
| Sale of investments | (31,813) | (285,706) |
10 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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Draft Financial Statements at 29 November 2023 at 13:44:32 TY OLWEN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023
11 Fixed asset investments
| Listed investments £ Cost or valuation At 1 July 2022 2,290,738 Additions 409,137 Valuation changes (32,232) Movement - Disposals (409,137) At 30 June 2023 2,258,506 Carrying amount At 30 June 2023 2,258,506 At 30 June 2022 2,290,738 |
Cash in portfolio 50,534 - - (8,529) - 42,005 42,005 50,534 |
Total £ 2,341,272 409,137 (32,232) (8,529) (409,137) |
|---|---|---|
| 2,300,511 | ||
| 2,300,511 | ||
| 2,341,272 |
The original cost of the fixed asset investments is as follows: 2023: £2,377,895 2022: £2,418,263
The market value of investments has been taken on 30 June 2023 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.
12 Debtors
| Amounts falling due within one year: Other debtors Prepayments and accrued income 13 Creditors: amounts falling due within one year Other creditors Accruals and deferred income |
2023 £ - 211 211 2023 £ 39,871 6,720 46,591 |
2022 £ 18,653 325 |
|---|---|---|
| 18,978 | ||
| 2022 £ 33,671 6,391 |
||
| 40,062 |
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Draft Financial Statements at 29 November 2023 at 13:44:32 TY OLWEN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023
14 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 General funds Previous year: At 1 General funds |
July 2022 Incoming resources Resources expended Gains and losses At 30 June 2023 £ £ £ £ £ 3,753,785 305,527 (465,827) (31,813) 3,561,672 July 2021 Incoming resources Resources expended Gains and losses At 30 June 2022 £ £ £ £ £ 3,520,562 969,179 (450,250) (285,706) 3,753,785 |
|---|---|
15 MOVEMENT IN FUNDS
All funds are unrestricted.
The general fund can be summarised as follows:
At 01 July 2022 £3,753,785 Incoming resources £305,527 Resources expended (£465,827) Net gains/(losses) (£31,813) At 30 June 2022 £3,561,672
16 Financial commitments, guarantees and contingent liabilities
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.
The trustees are also acutely aware that the donation of £1.15 million to the service over the next three years has been possible due to the generosity of the public and the sound management of the Trust's assets, but this money must be put back. The trustees are working on plans and projects to start the process of replacing the money and to continue to raise the profile and knowledge of the service. Demand for care and expertise of the Ty Olwen team is increasing and we as a Trust are ready to support them in any way we can.
17 Related party transactions
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Draft Financial Statements at 29 November 2023 at 13:44:32 TY OLWEN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023
17 Related party transactions
(Continued)
Transactions with related parties
During the year the Board entered into the following transactions with related parties:
Expenses amounting to £Nil (2022: £1,140) 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 6 of the financial statements.
There were no other related party transactions.
18 Cash generated from operations
| Cash generated from operations 2023 £ (Deficit)/surpus for the year (192,113) Adjustments for: Investment income recognised in statement of financial activities (55,584) Loss on disposal of investments 31,813 Movements in working capital: Decrease in debtors 18,767 Increase/(decrease) in creditors 6,529 Cash (absorbed by)/generated from operations (190,588) |
2022 £ 233,223 (48,243) 285,706 127,557 (70,083) 528,160 |
|---|---|
19 Analysis of changes in net funds
The Trust had no debt during the year.
20 ULTIMATE CONTROLLING PARTY
There is no individual controlling party as the Trust is managed by a Board of Trustees as detailed at the front of the charity's financial statements within the Legal and Administrative information.
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