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2024-06-30-accounts

Charity registration number 511339

TY OLWEN TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

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
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

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

TY OLWEN TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 30 JUNE 2024

The trustees present their annual report and financial statements for the year ended 30 June 2024.

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.

TY OLWEN TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

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:

  1. Five Qualified Nurses;

  2. A Senior II Physiotherapist, Five Occupational Therapists and One Physiotherapist Assistant; 3. A Secretary;

  3. 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

Over the past twelve months, we have seen strong returns following a couple of challenging years. The markets have surged due to an improving economic outlook, with stronger-than-expected economic growth, normalising inflation, and gradually falling interest rates. This environment has particularly benefited equities (shares), but has boosted asset prices across the board. We anticipate further interest rate cuts from major central banks, which should continue to support returns, all else being equal.

In summary, the market value of the investment portfolio has increased to £2,434 million from £2,300 million, a rise of 5.8%.

Global equities fell in the third quarter of 2023, driven by a decline in European equities (shares). But the UK and Japan bucked the trend by rising modestly. The oil price increased by almost 25 percent in the three-month period.

US equities rose in July, with energy companies advancing following positive economic growth data, while some media and technology giants also made strong gains. UK equities also rose, led by a number of domestically focused industry sectors such as real estate and housebuilders. Eurozone shares made gains, supported by a fall in inflation and positive economic growth data.

TY OLWEN TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

Investment performance (continued)

In August, equities fell in the US, UK and Europe. In the US, investors' confidence was knocked by indications that policy makers at the US central bank, the Federal Reserve (Fed), were divided on interest rate policy. Fitch Ratings, one of the 'Big Three' credit rating agencies, downgraded US government bonds from its top-tier AAA rating to AA+, citing the US's growing debt burden and an 'erosion of governance'.

Global equities declined in September, driven by a fall in US equities, although UK equities performed positively. The oil price rose strongly against the backdrop of reduced supply from the OPEC+ group of oil-producing nations.

Global equities (shares) and bonds rose in the final quarter of 2024, as investors became more positive about the prospects for future interest rate reductions. Meanwhile, a drop in the oil price drove a decline in commodities. The oil price fell as worldwide oil production increased and the Chinese economy showed signs of weakening.

Global equities fell in October amid worries that US interest rates may remain higher for longer given continuing high inflation. US energy stocks performed particularly weakly overall. Renewed conflict in the Middle East added to investors' geopolitical concerns and the gold price rose sharply as investors sought safe haven assets.

Equities and bonds rose in November. Slowing inflation in the US and other regions gave rise to hopes that interest rates may have reached their peak. This raised hopes that further interest rate hikes may not be needed and boosted areas of the US market sensitive to interest rates, such as real estate, technology and non-essential consumer goods. Commodities fell amid weakness in energy prices.

The improved outlook for interest rates continued into December, leading to rises in bonds and equities. The rise in global equities was driven by the performance of US markets. And there was a broad rise in bond returns, with UK government bonds (gilts) performing particularly strongly.

Following a challenging 2023, the first three months of 2024 were the best first quarter for stock markets in five years. Japanese and US shares performed particularly strongly and the Japanese stock market has risen to levels not seen for 30 years.

Key to this robust global performance was the US economy, which showed signs of resilient growth despite some unexpected rises in inflation. Economists at Schroder Investment Management (SIM) have now significantly increased their forecast for US economic growth in 2024.

We expect stock markets to continue to rise, especially if the US avoids a recession. And we note that stock markets have the potential to perform strongly when central banks start to cut interest rates, as we expect them to do in the coming months.

In our view the UK general election, whenever it takes place, will have a limited global impact. The US election could have a greater impact on global markets, but it won't take place until November and a lot could happen before then.

TY OLWEN TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

Investment performance (continued)

Since your last statement, Britain has gone to the polls and elected a new prime minister, with Sir Keir Starmer becoming the first Labour Prime Minister since May 2010.

There is often some nervousness in the markets following an election but, given the result was largely as expected, there hasn't been any major surprises at the time of writing. The next budget, due to take place in October, will be the first test for the market to assess Labour on its fiscal policies.

Moving away from the election and looking to other events that have taken place this quarter, UK inflation fell to 2 percent in May, which is in line with the target rate set for the Bank of England, and means inflation now looks to be under more control.

The European Central Bank reduced its interest rates by 0.25 percentage points in June, its first cut in nearly five years. We expect the US and UK central banks to follow suit, which could help support both bonds and shares this year. It could also help lift the global economy.

As always, we will closely monitor any developments in the market and, together with the expert teams at Schroders, will continue to actively manage your money, seeking opportunities for growth while minimising risk.

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.

TY OLWEN TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

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 £554,366 which can be analysed as follows:

· Donations £231,964 · Legacies/bequests £245,979 · Collection boxes £10,701 · Investment income £62,966 · Bank interest £2,756

The sum of £25,837 was incurred in connection with costs of raising funds.

The sum of £757,725 was expended on Charitable Activities in supporting the overheads and governance costs of Ty Olwen.

The Trust's investment portfolio improved in value by the amount of £147,875.

The Trustees are of the opinion that the results for the year are satisfactory.

Unrestricted funds

Excess of expenditure over income (£81,321) Balance brought forward £3,561,672 Balance carried forward £3,480,351

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 2023/2024.

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.

TY OLWEN TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

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

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: .............................................

TY OLWEN TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 30 JUNE 2024

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:

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.

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 2024 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:

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:

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.

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

TY OLWEN TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 JUNE 2024

Unrestricted Unrestricted
funds funds
2024 2023
Notes £ £
Income from:
Donations and legacies 2 477,943 243,592
Other trading activities 3 10,701 6,351
Investments 4 65,722 55,584
Total income 554,366 305,527
Expenditure on:
Raising funds 5 25,837 20,898
Charitable activities 6 757,725 444,929
Total expenditure 783,562 465,827
Net gains/(losses) on investments 9 147,875 (31,813)
Net expenditure and movement in funds (81,321) (192,113)
Reconciliation of funds:
Fund balances at 1 July 2023 3,561,672 3,753,785
Fund balances at 30 June 2024 3,480,351 3,561,672

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.

TY OLWEN TRUST

BALANCE SHEET

AS AT 30 JUNE 2024

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
Net assets excluding pension liability
The funds of the Board
Unrestricted funds		 2024
£
£
2,434,610
225
1,334,666
1,334,891
(289,150)
1,045,741
3,480,351
3,480,351
3,480,351
3,480,351		 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
3,561,672		 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
3,561,672
3,561,672
3,561,672
3,561,672
3,561,672

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

TY OLWEN TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024

Notes
Cash flows from operating activities
Cash absorbed by operations
18
Investing activities
Purchase of investments
Proceeds from disposal of investments
Investment income received
Net cash generated from investing
activities
Net cash used in financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
£
(52,373)
-
13,776
65,722
79,498
-
27,125
1,307,541
1,334,666		 2023
£
£
(190,588)
(409,137)
418,085
55,584
64,532
-
(126,056)
1,433,597
1,307,541

The notes on pages 14 to 21 form part of these financial statements.

TY OLWEN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

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.

TY OLWEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

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:

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.

TY OLWEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

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
2024 2023
£ £
Donations and gifts 231,964 159,921
Legacies receivable 245,979 83,671
477,943 243,592

Donations and legacies / bequests receivable all relate to unrestricted funds.

3 Income from other trading activities

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Collection boxes 10,701 6,351
Income from investments
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Income from listed investments 62,966 52,816
Interest receivable 2,756 2,768
65,722 55,584

4 Income from investments

TY OLWEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2024

5 Expenditure on raising funds

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Fundraising and publicity
Advertising 2,917 1,853
Other fundraising costs 847 1,677
Support costs 12,720 12,648
16,484 16,178
Other trading activities - tea bar costs 9,353 4,720
Total costs 25,837 20,898
Support costs relate to the Trust's investment portfolio.

6 Expenditure on charitable activities

Direct costs
Contributions to Ty Olwen - staff recharges
Equipment and repairs
Education expenses
Sundries
Share of support and governance costs (see note )
Governance
Analysis by fund
Unrestricted funds
Governance costs are:
Auditors' remuneration
£1,801 (2023: £1,710)
Auditors' remuneration for non-audit work £5,280 (2023: £5,040)
Postage and stationery
£610
(2023: £924)
Sundries
£NIL
(2023: £289)		 2024
£
701,061
32,157
10,767
6,049
750,034
7,691
757,725
757,725		 2023
£
420,778
8,155
2,574
5,459
436,966
7,963
444,929
444,929

TY OLWEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

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.		 2024
Number
-		 2023
Number
-

There were no employees whose annual remuneration was more than £60,000.

Remuneration of key management personnel

The remuneration of key management personnel was as follows:

9 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2024 2023
Gains/(losses) arising on: £ £
Sale of investments and revaluation gains 147,875 (31,813)

10 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

TY OLWEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2024

11 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 July 2023
2,258,506
Valuation changes
147,875
Movement
-
Disposals
(12,838)
At 30 June 2024
2,393,543
Carrying amount
At 30 June 2024
2,393,543
At 30 June 2023
2,258,506
The original cost of the fixed asset investments is as follows:
2024:
£2,363,190
2023:
£2,378,640		 Cash in
portfolio
£
42,005
-
(938)
-
41,067
41,067
42,005		 Total
£
2,300,511
147,875
(938)
(12,838)
2,434,610
2,434,610
2,300,511

The market value of investments has been taken on 30 June 2024 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:
Prepayments and accrued income
13
Creditors: amounts falling due within one year
Other creditors
Accruals and deferred income		 2024
£
225
2024
£
282,069
7,081
289,150		 2023
£
211
2023
£
39,871
6,720
46,591

TY OLWEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

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 2023
Incoming
resources
Resources
expended
Gains and
losses
At 30 June
2024
£
£
£
£
£
3,561,672
554,366
(783,562)
147,875
3,480,351
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

15 MOVEMENT IN FUNDS

All funds are unrestricted.

The general fund can be summarised as follows:

At 01 July 2023 £3,561,672 Incoming resources £554,366 Resources expended (£783,562) Net gains/(losses) £147,875 At 30 June 2024 £3,480,351

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

TY OLWEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2024

17 Related party transactions

(Continued)

Transactions with related parties

During the year the Board entered into the following transactions with related parties:

There were no related party transactions.

18 Cash generated from operations 2024 2023
£ £
Deficit for the year (81,321) (192,113)
Adjustments for:
Investment income recognised in statement of financial activities (65,722) (55,584)
(Gain)/loss on disposal of investments (147,875) 31,813
Movements in working capital:
(Increase)/decrease in debtors (14) 18,767
Increase in creditors 242,559 6,529
Cash absorbed by operations (52,373) (190,588)

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.