FFORESTFACH WELFARE TRUST UNAUDITED FINANCIAL STATEMENTS ST YEAR ENDED 31 DECEMBER 2023 Registered Charity Number - 700825 ROGERS & CO Chartered Certified Accountants Killay Precinct 414 Gower Road Killay Swansea SA2 7AJ FFORESTFACH WELFARE TRUST INDEX Contents eNo. Officers and Other Inforniation Accountants Report to the Trustees Statement of Financial Activities Balance Sheet Notes to the Financial Statements FFORESTFACH WELFARE TRUST Officers and Other Information Chairman Councillor C A Holley Esq 446 Middle Road Gendros Swansea SA5 8EH Vice Chairman (passed away 213122) No replacement Secretary R Holley Miss 446 Middle Road Gendros Swansea SA5 8EH Treasurer R Holley Miss 446 Middle Road Gendros Swansea SA5 8EH Reporting Accountants Rogers & Co. Killay Precinct 414 Gower Road Swansea SA2 7AJ Bankers Barclays Bank plc 872 Cannarthen Road Fforestfach Swansea SA2 OFN FFORESTFACH WELFARE TRUST ACCOUIYTANTS REPORT TO THE TRUSTEES Year Ended 31" December 2023 As described on the balance sheet you are responsible for the preparatiop ol" tn" accounts for the year ended 31st December 2023, set out under pages 3 to 6. 1,1111 consider that the charity is exempt from an audit under the Charities S()lU' (FRS102) and the Charities Act 2011. In accordance with your instructions we have compiled these unaudited acc()unt£ j:, order to assist you to fulfil your statutory responsibilities, from the accountin￿) records and inforn]ation and explanations supplied to us. ROGERS & CO CHARTERED CERTIFIED ACCOUNTANTS Killay Precinct 414 Gower Road Killay Swansea SA2 7AJ FFORESTFACH WELFARE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023 2023 2022 TRUST INCOME Rent of Welfare Hall Tenant contributions towards gas Tenant contribution towards insurance Tenant contribution towards water rates Letting of Driveway Llwyn Deri Hall - Rent 6480 2000 1200 6&80 1191 3150 3150, Interest:. -Santander Bond -scottish W idows Bank 133 133 142 13< TOTAL GROSS INCOME 12972 1215&' ADMINISTRATION EXPENSES Property Reserve - release 15540 28512 15540 27()9Y. Honorarium - Secretary - Treasurer Rates & Water Heating and Lighting Insurances Repairs, renewals and maintenance Postage and stationary, telephone Accountancy fees General expenses Depreciation Legal Professional Fees 1000 1000 281 7342 4099 1248 239 10252 3479 720 243 16107 600 16107 31040 31677 DONATIONS TO CLUBSIASSOCIATIONS TOTAL GROSS EXPENDITURE 31040 DEFICIT OF INCOME FOR THE YEAR The notes on pages five and six forn) an integral part of these financial statements FFORESTFACH WELFARE TRUST BALANCE SHEET AS AT 31￿ DECEMBER 2023 Note 2023 2022 FIXED ASSETS 701232 7173.39 CURRENT ASSETS Debtor Prepaid Expenses Santander Bond Balances at Bank:. Scottish Widows Bank Community Account (Current) Llanelli & District Credit Union Cash In Hand 3873 33613 33480 1070 1061 11809 552 30 39138 30 46380 LESS: CURRENT LIABILITIES Sundry Creditors IYET CURRENT ASSETS 36795 REPRESENTED BY: SURPLUS ACCOUNT As at I" January 2022 56795 6(1774 Loss for year As at 31" December 2022 Property Reserve Account 2528 54267 683760 )674) Approved By The Trustees on Signed.. Signed............ Trustee - Trustee The notes on pages five and six fomi an integral part of these financial statements FFORESTFACH WELFARE TRUST NOTES TO THE FINANCIAL STATEMENTS ST FOR THE YEAR ENDED 31 DECEMBER 2023 Basis of Preparation Basis of Accounting These financial statements have been prepared under the accruals basis of accounting and includi income and expenditure as they are eamed or incurred, rather than as cash received or paid. an(1 ar prepared in accordance with the Charities SORP (FRS102) and the Charities Act 2011. 2. Accounting Policies (a) Depreciation of Fixed Assets Depreciation is provided at rates required to write off the assets over their expected useful lives. The annual depreciation rates used for the various classes of asset are as follows: Premises Property Improvement 20/. 2% Straight Line Straight Line (b) Fixed Assets Fixed Assets are included in the accounts based on their net book value taken over by the Tru.%1 i)n I, August 1991. No valuation of fixed assets has tsken place since the transfer in August 19C' I. The Community Hall and its Fixtures & Fittings were demolished in August 2017, in order tLI make way for a new building, Llwyn Deri Hall. Title to that building has now been transferred from the charity, The Roots Foundation Wales. The Land on which it has been built remaiiis ip. 1.4 ownership of Fforestfach Welfare Trust. Fixed Assets Welfare Hall Welfare Hall Improvements Llwyn Deri HAII 'lolAI Value at 1$1 August 1991 & Book Cost since At l January 2023 Additions At 31 December 2023 1341 24147 777000 8111488 11341 24147 777000 Depreciation At l January 2023 Charge for year At 31 December 2023 7114 226 7340 10335 341 67 77700 15540 93240 ? j l .IC} l i i2Jti Net Book Value At 31 December 2023 At 31 December 2022 47 FFORESTFACH WELFARE TRUST NOTES TO THE FINANCIAL STATEMENTS ST FOR THE YEAR ENDED 31 DECEMBER 2023 Creditors Accountancy Fees (2021-2023) Insurance Secretary's Honorarium Water 1920 107 250 66 Welfare Halk Lease Budokan Karate have occupied the building from March 2015. In recognition of the improvement work undertaken by the tenant, il was agreed that rent would becomt payable from April 2015 at a reduced rate of £500.00 per month, £6,000 per calendar VL:Ir. As of l March 2019, this rent has increased to £540.00 per month, £6,480 per calend'i-: VLili' for an agreed tenn of 3 years. Llwyn Deri Hall The hall was built by virtue of the TV Programme, DIY SOS on behalf of the Charity, Tlie Roots Foundation Wales. That Charity has decided to transfer the ownership of the buildino to Fforestfach Welfare Trust, even though the Charity itself has not ceased. Fforestfach Welfare Trust continue to insure the building and receive rental income from The Roor:; Foundation Wales of £3000 per annum. Due to the wishes of the Roots Foundation alL'S to transfer the ownership of Llwyn Deri Hall to Fforestfach Welfare Trust, an indepeiidL'41 valuation of the property was carried out, the resulting value was used for the introduknrfior of the asset in to the accounts. Pro Reserve Account This has been created by virtue of the introduction of Llwyn Deri Hall at the valuation established by independent valuation. Releases are made from this account to match the ' depreciation charge for thal specific asset on an annual basis.