Tir-y-Cwm Trust Ltd - Charities report - 19.2

REGISTERED COMPANY NUMBER: 01686498 (England and Wales)

REGISTERED CHARITY NUMBER: 286542

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019

FOR

TIR-Y-CWM TRUST LTD

TIR-Y-CWM TRUST LTD

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

Page

Report of the Trustees

1 to 3

Statement of Financial Activities

4

Statement of Financial Position

5

Notes to the Financial Statements

6 to 10

TIR-Y-CWM TRUST LTD

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2019

The Trustees present their report and financial statements of the charity for the year ended 31 March 2019. The

Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting

by Charities" (FRS 102) in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts

and comply with the charity'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 published on 16 July 2014 (as amended by Update

Bulletin 1 published on 2 February 2016 ).

Trustees of the charity

The directors of the charitable company are its trustees for the purposes of charity law. The trustees who have served

during the year and since the year end were as follows:

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objectives and aims of the trust are to help and educate young people, particularly from urban areas, through their

leisure time activities to develop their physical, mental and spiritual capacities, especially through the challenge and

opportunities of a different environment, that they may grow to full maturity as individuals and members of society and

their condition of life may be improved.

Significant activities

The objectives and aims are achieve by:

a) running residential outdoor activities for groups of children from the school

b) run faculty activities to gain practical experiences

c) using the facility for Duke of Edinburgh training

d) hiring the facility to outside groups - scouts, guides, other schools - to enhance their education

Main achievements in 2018-19

Over the year there have been many and varied groups accessing the cottage including the Year 7 groups in September

and October of 2018. Groups from other schools, including some from the local area and partner schools in the Bath

area, have also visited. Duke of Edinburgh and other outdoor activities have taken place. The cottage has been let out

for a private rental over a number of weekends and holidays, to groups and families of past pupils, teachers and

members of our wider community.

Over the past twelve months a large amount of work has been undertaken to commence the process of upgrading

cottage, with aim of future proofing for the years ahead. The initial work has focused upon ensuring basic provisions and

the general site are in order and are suitable for purpose, and where needs be, of industry certified standard.

Works have included:

Replacing the generator with a new one and upgrading the ventilation and aeration of the shed in which it is stored.

The property water supply system has been serviced with tanks flushed and the u.v filter replaced.

Both chimneys have been swept and a new wood burner and installation materials have been purchased ready to be

installed.

The buildings were assessed in March for fire regulation advice and signage with the aim of gaining a fire compliance

certificate as soon as possible.

Other maintenance tasks have included upgrading mattresses, painting walls within the cottage, and the general upkeep

of grounds.

The trust has been joined by Jason Roofe, a parent of the school who has led a review of systems, procedures and

compliance. This has brought a renewed energy to the Trust and a much needed boost to the work of the committee. By

the end of March 2019 plans had been put in place to launch a fundraising campaign to improve the Trust funds with the

aim of meeting many of the longer term improvements identified by the committee in its review of the condition of the

property.

Public benefit

The trustees confirm that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to

the Charity Commission's general guidance on public benefit "Charities and Public Benefit".

FINANCIAL REVIEW

Reserves policy

The trust holds unrestricted reserves in order to provide funds to cover ongoing costs in relation to the property held in

Wales which is used for the provision of accommodation for school outdoor activities. It is considered prudent to hold

unrestricted reserves in general funds in the form of net current assets of £10,000.

The level of reserves is reviewed by the trustees throughout the year.

The results for the year show a surplus at 31 March 2019 of £1,685 (2018: £355,405), including a surplus on revaluation

of investment property of £361,200 in 2018. Unrestricted reserves for the year totalled £378,086

(2018: £376,401). Investment property valuations were provided by the trustees.

FUTURE PLANS

There are plans to renew external access to the upper floor, to upgrade the kitchen and to continue to improve the

grounds.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by

guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

Trustees are recruited to complement the skills required for running and using the cottage. Some skills are purely

administrative and others more practical. Trustees will be chosen from those who know the cottage and the way it is

used and wish to have greater involvement. Sufficient trustees, up to a maximum of ten, will be appointed. It is desirable

that one trustee lives near the cottage and can act as caretaker.

Decision making

Although all trustees have a responsibility for the running of the cottage, the Chairman of the trustees will take on the

responsibility of day-to-day control and will be responsible for the management of the charity.

Induction and training of new trustees

Training for trustees is provided by those already experienced in the outdoor activities, work parties etc that are needed

to run the cottage. New trustees will be helped and developed by those already in post with any relevant training

courses or skills being undertaken and assessed.

Some trustees are required who have the time and commitment to undertake work at the cottage for the maintenance

and general upkeep of the cottage and grounds. This can be at weekends, holidays and as part of organised working

parties.

Related parties

The trust has trustees in common with Beechen Cliff School. Transactions with Beechen Cliff School are disclosed in

note 9 to the accounts.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate

controls are in place to provide reasonable assurance against fraud and error.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

01686498 (England and Wales)

Registered Charity number

286542

Registered office

Beechen Cliff School

Alexandra Park

Bath

BA2 4RE

Trustees

D Brewer

GJ Hawkins

D Shaw

R Stewart

M Glanville

- resigned 6.11.18

Mrs C Thompson

Mrs H M Bletso

- resigned 6.11.18

A Davies

P E J Glanville

J Roofe

- appointed 15.3.19

Company Secretary

P E J Glanville

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating

to small companies.

Approved by order of the board of trustees on 15 October 2019 and signed on its behalf by:

A Davies - Trustee

TIR-Y-CWM TRUST LTD

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2019

2019

2018

Unrestricted fund

Total funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Investment income

2

4,967

3,697

Total

4,967

3,697

EXPENDITURE ON

Charitable activities

Rentals

3,282

9,492

Total

3,282

9,492

Net gains/(losses) on investments

-

361,200

NET INCOME

1,685

355,405

RECONCILIATION OF FUNDS

Total funds brought forward

376,401

20,996

TOTAL FUNDS CARRIED FORWARD

378,086

376,401

TIR-Y-CWM TRUST LTD

STATEMENT OF FINANCIAL POSITION

AT 31 MARCH 2019

2019

2018

Unrestricted fund

Total funds

Notes

£

£

FIXED ASSETS

Investment property

5

375,000

375,000

CURRENT ASSETS

Debtors

6

-

1,107

Cash at bank

3,866

714

3,866

1,821

CREDITORS

Amounts falling due within one year

7

(780

)

(420

)

NET CURRENT ASSETS

3,086

1,401

TOTAL ASSETS LESS CURRENT LIABILITIES

378,086

376,401

NET ASSETS

378,086

376,401

FUNDS

8

Unrestricted funds

378,086

376,401

TOTAL FUNDS

378,086

376,401

The charitable company is entitled to exemption from audit under

Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended

31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)

ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies

subject to the small companies regime.

The financial statements were approved by the Board of Trustees on 15 October 2019 and were signed on its behalf by:

A Davies -Trustee

TIR-Y-CWM TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

TIr-Y-Cwm Trust Limited is a charitable company incorporated in England. In the event of the charity being

wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the

registered office is given in the charity information on page 3 of these financial statements. The nature of the

charity's operations and principal activities are as stated in the Trustee report.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been

prepared 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) issued on 16 July 2014 (as updated through Update Bulletin 1

published on 2 February 2016), the Financial Reporting Standard applicable in the United Kingdom and Republic

of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006* and UK Generally Accepted Practice as

it applies from 1 January 2015.

The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow

statement on the grounds that it is applying FRS 102 Section 1A.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to

include certain items at fair value. The financial statements are presented in pounds sterling which is the

functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material

uncertainties exist. The trustees have considered the level of funds held and the expected level of income and

expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is

sufficient with the level of reserves for the charity to be able to continue as a going concern.

Judgements and key sources of estimation uncertainty

The following judgements (apart from those involving estimates) have been made in the process of applying the

above accounting policies that have had the most significant effect on amounts recognised in the financial

statements:

(a) The property in Wales has been included at market valuation provided by the trustees.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it

is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the

charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and

the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and

has been classified under headings that aggregate all cost related to the category. Where costs cannot be

directly attributed to particular headings they have been allocated to activities on a basis consistent with the use

of resources.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

market value is transferred to a revaluation reserve.

Taxation

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to

pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a

charitable company for UK corporation tax purposes.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions

arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in expenditure.

2.	INVESTMENT INCOME

2019

2018

£

£

Rents received

4,967

3,697

3.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2019 nor for the year ended

31 March 2018.

Trustees' expenses

The following trustees had expenses reimbursed during the year:

JD Young £0 (2018: £668)

PEJ Glanville £0 (2018: £13)

G Hawkins £0 (2018: £37)

D Brewer £332 (2018: £0)

4.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted fund

£

INCOME AND ENDOWMENTS FROM

Investment income

3,697

Total

3,697

EXPENDITURE ON

Charitable activities

Rentals

9,492

Total

9,492

Net gains/(losses) on investments

361,200

NET INCOME

355,405

RECONCILIATION OF FUNDS

Total funds brought forward

20,996

TOTAL FUNDS CARRIED FORWARD

376,401

5.	INVESTMENT PROPERTY

£

MARKET VALUE

At 1 April 2018 and 31 March 2019

375,000

NET BOOK VALUE

At 31 March 2019

375,000

At 31 March 2018

375,000

The investment property was revalued by the trustees at 31 March 2018 and they consider that there has been

no material change in valuation at 31 March 2019.

6.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Prepayments and accrued income

-

1,107

7.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Accruals and deferred income

780

420

8.	MOVEMENT IN FUNDS

At 1.4.18

Net movement in funds

At 31.3.19

£

£

£

Unrestricted funds

General fund

376,401

1,685

378,086

TOTAL FUNDS

376,401

1,685

378,086

Net movement in funds, included in the above are as follows:

Incoming resources

Resources expended

Movement in funds

£

£

£

Unrestricted funds

General fund

4,967

(3,282

)

1,685

TOTAL FUNDS

4,967

(3,282

)

1,685

Comparatives for movement in funds

At 1.4.17

Net movement in funds

At 31.3.18

£

£

£

Unrestricted Funds

General fund

20,996

355,405

376,401

TOTAL FUNDS

20,996

355,405

376,401

Comparative net movement in funds, included in the above are as follows:

Incoming resources

Resources expended

Gains and losses

Movement in funds

£

£

£

£

Unrestricted funds

General fund

3,697

(9,492

)

361,200

355,405

TOTAL FUNDS

3,697

(9,492

)

361,200

355,405

A current year 12 months and prior year 12 months combined position is as follows:

At 1.4.17

Net movement in funds

At 31.3.19

£

£

£

Unrestricted funds

General fund

20,996

357,090

378,086

TOTAL FUNDS

20,996

357,090

378,086

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming resources

Resources expended

Gains and losses

Movement in funds

£

£

£

£

Unrestricted funds

General fund

8,664

(12,774

)

361,200

357,090

TOTAL FUNDS

8,664

(12,774

)

357,090

9.	RELATED PARTY DISCLOSURES

During the year the trust received income from Beechen Cliff School totalling £1,707 (2018: £1,107). The trust

and the school have trustees in common.