REGISTERED COMPANY NUMBER: 01344364 (England and Wales)

REGISTERED CHARITY NUMBER: 507153

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 December 2018

for

Bardsey Island Trust Limited(The)

Bardsey Island Trust Limited(The)

Contents of the Financial Statements

for the Year Ended 31 December 2018

Page

Report of the Trustees

1 to 6

Independent Examiner's Report

7

Statement of Financial Activities

8

Balance Sheet

9 to 10

Notes to the Financial Statements

11 to 17

Bardsey Island Trust Limited(The)

Report of the Trustees

for the Year Ended 31 December 2018

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with

the financial statements of the charity for the year ended 31 December 2018. The trustees have adopted the provisions of

Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their

accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)

(effective 1 January 2015).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charity's vision is for the island to be a Welsh exemplar of sustainable island life that supports a vibrant community,

maintains a wildlife rich environment and enhances the lives of those who visit as well as people further afield.

In pursuit of these objectives, the charity and trustees recognise the importance, value and contribution from:

Supporting the small community of residents working on the island including the farming and sustainable fishing

operations.

Ensuring that the island supports a range of characteristic habitats that support diverse and typical wildlife and that the

condition of the habitats should continually be maintained in favourable condition through appropriate management.

Supporting the island's religious and spiritual heritage and the ongoing significance of Bardsey Island as a place for

pilgrimage, retreat and solitude.

Ensuring the fabric, quality and character of the landscape, buildings and infrastructure are maintained, whilst retaining

the sense of place.

Ensuring that the island has a sustainable water supply, that waste generation is minimal and that the carbon footprint is

minimised.

The charity can only achieve these objectives through the generous support of members, benefactors and volunteers,

whose significant contribution is gratefully acknowledged.

Public benefit

The charity has continued to maintain the island as a living community, visited, enjoyed and appreciated by as many

people as possible, whilst protecting and preserving the designated nature conservation features and historical,

archaeological and religious sites.

1. The Brenda Chamberlain Project

The work of Brenda Chamberlain continues to be preserved and displayed. The murals and their environment are

professionally inspected on a regular basis .

2. The Spirituality Committee

Chaplaincy - The committee is pleased to report that the 2018 season for Chaplaincy was well resourced . There were

20 weeks covered by the chaplains , made up of 12 different chaplains , 5 of whom were new .It is encouraging to see

the group growing and drawing in new people to experience this extraordinary place , to be a listening ear for people to

share concerns and joys and to offer prayer in simple one to one meetings or through a range of different types of

services . The feedback at the end of the season on the Visitor Survey indicated that their work is very much appreciated

, particularly those who are creative and flexible in what they offer .

Goodbye - It was with sadness that we said goodbye to Margaret Dunn who had faithfully served the committee for

many years . Margaret's knowledge of the island , her fastidiousness in aquiring the necessary archival information for

our records and her attention to detail when taking minutes were all very much appreciated . We wish her well in

whatever unfolds next .

Retreats- Over the last couple of years the committee has focused in turn on two of its three areas of concern , being

pilgrimage and chaplaincy . This last year we have begun to explore ways in which people might consider coming on

Retreat with a group of people . We have prepared some guidelines and have realised that it will take time to develop in

that a chaplain will need to have stayed on the island before before bringing a group on Retreat . We are actively trialing

this with the aim of having a group of university students on Retreat in 2020 . We shall see !

The Haydn Hughes Memorial Book - The Bardsey Island Council asked the Spirituality Committee to provide some

guidelines for the inclusion of people's names in the Memorial Book . This has now been done and the updated book

should be available to view in the chapel this coming season .

This is the final year for Rev'd Susan Blagden as Chair of the Spirituality Committee . " I have worked with some great

people , without whom only a tiny fraction of what has been done would have been accomplished . I have also learnt so

much from being on the council . It has been a very great privilege to serve in this way . Enlli has been an important part

of my own spiritual journey and also in ministry . It is good to see that the work of the Spirituality Committee is now

clearly focused on Chaplaincy , Pilgrimage and Retreats . I am confident that they will continue to develop these in

exciting ways and take new opportunities as they arise . I have been enjoying collating the story of the committee so that

in the forthcoming 40th Anniversary Year we know how we got here !"

3. Arts Projects

The Trust has continued to develop an 'Artists in Residence' programme. 2018 saw a number of artists spend time on

Bardsey , interacting with residents , holidaymakers and the environment around them .

4. Yearbook

The 2018 Yearbook sent to all members and on sale locally , included articles , studies of the Island's Shearwaters , the

work of CHERISH on Enlli and plans for the Lighthouse as well as views from past and present . It gives a picture of

Enlli to those not able to visit in person .

5. The Farm

The farm is leased to Gareth Roberts who, with the Porter family, farms the island for the benefit of wildlife. In 2018 ,

the Porters decided that the time had come to relocate to the mainland and in 2019 the farm will be managed by Gareth

Roberts and family alone .

6. The Buildings Committee

The Buildings Committee provided invaluable support and expertise to the trustees throughout 2018 . They were , for

example , able to give advice on roofing following storm damage early in the year and to assist with proritising work that

needs to be done . The trustees wish to thank the committee members for the time and knowledge they give so willingly .

7. The Scientific Committee

We managed to have two meetings of the Science Committee on the island , one in May and one in September .

Inevitably , progress on an island is slow but we have managed to secure funding to create the apple orchard and much

of the ground preparation works has been completed ready for planting . We have also now received all the necessary

consents to extend the conifer plantation .Several hundred Monterrey Pines have been ordered and we hope to plant

them within the next couple of years . These trees grow well on Enlli as evidenced by the stand next to Ty Bach and

should provide a useful supply of firewood for the wood-burning stoves that is locally grown rather than having to be

brought over by boat .

Much of the ground work has been completed for the new wind turbine .

We have also had another on-site discussion as to how to coppice the withies . These were originally planted to provide

material to make lobster pots but now have the dual function of providing a habitat for bird-ringing surveys and as a

sustainable source of material for basket weaving .

We are also pleased to report that grant funding has been secured for the examination of the human remains found on the

island and we wait with interest the results of this research .

8. Lime week

2018 saw the second of the two courses in traditional building skills funded by the Big Lottery Fund Wales . The focus

was on working with lime , tuition and practical experience given in pointing , mixing lime and its uses in heritage

building .

FINANCIAL REVIEW

Financial position

The day to day management of the island was carried out by the full time Island Manager , Sian Stacey , with support in

the summer months from assistant warden , Mark Carter . Unlike in previous years , this post was not partly financed by

Natural Resources Wales due to changes in their grants policy . Administration continued to be carried out by the

part-time freelance contractor , working from home .

Income from donations , subscriptions and other charitable activities for 2018 was £103,856 compared with £95,644 in

2017 .The figure includes £3,900 Gift Aid reclaimed for 2015 and 2016.Total expenditure for the year was £108,773

compared to £140,235 for 2017 . It was expected that expenditure would be lower in 2018 due to the large costs

incurred in 2017 on Plas Bach .

Letting income continued to rise - to £69,329 in 2018 compared to £63,488 in 2017 . thanks to the excellent summer

weather , day visits were also up , to £6,785 compared to £5,038 in 2017 .

The continued support of members and their subscriptions and donations is greatly appreciated . Continued use is made

of both Localgiving and Easyfundraising schemes , with the former being used for specific projects and the latter

resulting in a donation each time participants shop online with selected retailers . Money generated via a Localgiving

campaign in the spring , for example , covered the cost of removing the rubbish - mainly plastic - collected during a

beach clean .

The on-going programme of window replacement continued in the houses as did the installation of wood burners ; the

latter in particular brings positive comments from visitors .

Support costs (note 6) rose largely because of vital expenditure on the island telephone system and ,for the positive

reason , of an increased workload for the administrator resulting from the greater level of activity and interest in Bardsey

.

Investment policy and objectives

Under the Memorandum and Articles of Association, the charity has the power to invest in any way the trustees think fit

and a cautious approach continues to be taken on investments. Investments, other than bank deposits, are now in an Old

Mutual Multifunds Collective Investment Account in a range of Corporate Bonds and Equity Backed Investment and an

Aviva Investment Portfolio. Investments are made on a long term basis and although they saw a loss in 2018 they

continue to show an overall gain . As a result of the 2018 investment loss increased contact is being made with the trust's

financial advisor . Expectation of market uncertainty has contributed to the decision to realise some of the accumulated

wealth in the investment revaluation fund .

The charity's financial advisor, Paul Davies, Menai Financial, is now working in conjunction with Nigel Roberts,

Element FPM Ltd, who will provide financial advice as required.

Reserves policy

Details of the Charity's funds are shown in note 15.

General Reserve - represents net income from on-going operations.

Designated Funds - earmarked by the Trustees for particular purposes

Abbey Maintenance Fund - to establish an interpretation board for the abbey

Capel Enlli fund - specific donations used to maintain the chapel

Mother Mary Clare fund - specific donations used to fund bursaries on the island and the net cost of religious books and

icons.

Island Capital fund - represents the net income from past entitlements to Single Farm Payments and is used to cover the

cost of major capital projects on the Island,.

Restricted Funds - funds subject to restrictions imposed by the donor and capital equipment reserves to cover the

depreciation on major capital items and those grant aided:

Funded Equipment - to cover the depreciation of grant aided assets, major capital assets funded from the Island Capital

Fund and the net book value of furniture donated or bequeathed

Education Project fund - the balance of a grant to take school children to the island.

Carreg Mawr Murals Fund - to cover restoration work on the Brenda Chamberlain murals and Carreg Fawr

Slipway and Adfer Enlli fund - for the restoration of the island buildings and infrastructure

Endowment Fund - initial appeal funds (inflation adjusted) plus realised gains on investments

Revaluation Fund - unrealised gains on investments.

It was decided to release some of the funds in the revaluation fund in 2018 to help support the on-going investment in

the fabric of the buildings .

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.

The charity is constituted as a company limited by guarantee and a registered charity; it is governed by its Memorandum

of Association dated 24 November 1977 and its current Articles of Association, which were adopted by a special

resolution, dated 5 June 1993 and amended as appropriate at subsequent Annual General Meetings of members.It is

registered as a charity with the Charity Commission. Membership at the end of 2018 was 335 ( the highest since records

began) .Every member in the event of the charity being wound up undertakes to contribute to any liabilities up to a

maximum of £1 .

Recruitment and appointment of new trustees

All members are circulated with invitations to nominate trustees prior to the AGM; this advises them of vacancies and

requests nominations for the AGM. When necessary, elections for trustees are by secret postal ballot of the members by

single transferable vote as defined by the Electoral Reform Society. Trustees are appointed for a period of three years

and no person may serve more than six consecutive years unless at each successive election thereafter they are

nominated by twelve members or one per cent of membership whichever is the greater.

Organisational structure

As set out in the Articles of Association, the affairs of the charity are managed by a council of trustees, numbering not

less than 10 nor more than 21. The council meets approximately 6 times a year and between meetings key matters are

progressed either by email or by the executives.

New trustees are given copies of all constitutional documents, minutes of previous council meetings and encouraged to

have briefing sessions with other trustees.

Related parties

The support of the Big Lottery Fund is also greatly appreciated . A grant ( yet to be utilised) to develop the school

building was received from CFIW (the Community Foundation in Wales)

Risk management

The trustees review health and safety issues at each council meeting and there is an ongoing programme to review all the

charity's policies.Paths, tracks and stiles are regularly checked and maintained and there is a detailed review of all the

buildings in the spring and autumn. Projects are approved by council and trustees ensure they are consistent with the

charity's objectives.

Comprehensive Risk Assessments have been carried out and are reviewed regularly.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

01344364 (England and Wales)

Registered Charity number

507153

Registered office

The Port House

Port Penrhyn

Bangor

Gwynedd

LL57 4HN

Trustees

Mrs S Robinson

G Hughes

G Thomas

Rev S Blagden

M Dunn

M Elias

C Heron

R Gritten

Ms H Meredydd

E Gruffydd

M Gritten

Company Secretary

I Harris

Independent examiner

Gwyn Thomas and Co Limited

1 Thomas Buildings

New Street

Pwllheli

Gwynedd

LL53 5HH

Solicitors

Carter Vincent LLP

The Port House

Port Penrhyn

Bangor

LL57 4HN

Advisers

Element FPM Ltd

24 Green Meadows

Hawarden

Flintshire

CH5 3SL

Approved by order of the board of trustees on 1 April 2019 and signed on its behalf by:

R Gritten - Trustee

Independent Examiner's Report to the Trustees of

Bardsey Island Trust Limited(The)

Independent examiner's report to the trustees of Bardsey Island Trust Limited(The) ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2018.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1.

accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

2.

the accounts do not accord with those records; or

3.

the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached

Gwyn Trewren Thomas

Gwyn Thomas and Co Limited

1 Thomas Buildings

New Street

Pwllheli

Gwynedd

LL53 5HH

3 April 2019

Bardsey Island Trust Limited(The)

Statement of Financial Activities

for the Year Ended 31 December 2018

31.12.18

31.12.17

Unrestricted funds

Restricted funds

Endowment fund

Total funds

Total funds

Notes

£

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

18,185

2,750

-

20,935

20,365

Charitable activities

4

Access and Accommodation

82,844

-

-

82,844

75,211

Investment income

3

77

-

-

77

68

Total

101,106

2,750

-

103,856

95,644

EXPENDITURE ON

Charitable activities

5

Access and Accommodation

101,725

7,048

-

108,773

140,235

Total

101,725

7,048

-

108,773

140,235

Net gains/(losses) on investments

-

(12,351

)

-

(12,351

)

13,971

NET INCOME/(EXPENDITURE)

(619

)

(16,649

)

-

(17,268

)

(30,620

)

Transfers between funds

15

12,000

-

(12,000

)

-

-

Net movement in funds

11,381

(16,649

)

(12,000

)

(17,268

)

(30,620

)

RECONCILIATION OF FUNDS

Total funds brought forward

51,328

116,974

253,200

421,502

452,122

TOTAL FUNDS CARRIED FORWARD

62,709

100,325

241,200

404,234

421,502

Bardsey Island Trust Limited(The)

Balance Sheet

At 31 December 2018

31.12.18

31.12.17

Unrestricted funds

Restricted funds

Endowment fund

Total funds

Total funds

Notes

£

£

£

£

£

FIXED ASSETS

Tangible assets

10

10,986

18,688

101,000

130,674

137,790

Investments

11

-

68,359

123,000

191,359

215,710

10,986

87,047

224,000

322,033

353,500

CURRENT ASSETS

Stocks

12

500

-

-

500

500

Debtors

13

44,928

-

-

44,928

36,699

Cash at bank and in hand

70,735

13,278

17,200

101,213

107,861

116,163

13,278

17,200

146,641

145,060

CREDITORS

Amounts falling due within one year

14

(64,440

)

-

-

(64,440

)

(77,058

)

NET CURRENT ASSETS

51,723

13,278

17,200

82,201

68,002

TOTAL ASSETS LESS CURRENT LIABILITIES

62,709

100,325

241,200

404,234

421,502

NET ASSETS

62,709

100,325

241,200

404,234

421,502

FUNDS

15

Unrestricted funds

62,709

51,328

Restricted funds

100,325

116,974

Endowment funds

241,200

253,200

TOTAL FUNDS

404,234

421,502

The charitable company is entitled to exemption from audit under

Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

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

31 December 2018 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 special provisions of Part 15 of the Companies

Act 2006 relating to charitable small companies.

The financial statements were approved by the Board of Trustees on 1 April 2019 and were signed on its behalf by:

M Elias -Trustee

Bardsey Island Trust Limited(The)

Notes to the Financial Statements

for the Year Ended 31 December 2018

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been

prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement

of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial

Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)',

Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of

Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost

convention with the exception of investments which are included at market value, as modified by the revaluation

of certain assets.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life.

Plant and machinery

- 20% on cost and 10% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

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.

2.	DONATIONS AND LEGACIES

31.12.18

31.12.17

£

£

Donations

4,172

2,548

Subscriptions, donations and gift aid

9,780

9,458

Fees for Filming

2,325

308

National lottery grant

(500

)

4,105

CFIW grant

2,750

-

Other income

(11

)

1,527

NRW Grant

2,419

2,419

20,935

20,365

3.	INVESTMENT INCOME

31.12.18

31.12.17

£

£

Interest received

77

68

4.	INCOME FROM CHARITABLE ACTIVITIES

31.12.18

31.12.17

Activity

£

£

Letting

Access and Accommodation

69,329

63,488

Boat Licence

Access and Accommodation

6,785

5,038

Sale of Enlli Merchandise

Access and Accommodation

2,877

2,774

Rent of farm and other properties

Access and Accommodation

3,736

3,736

Advertising

Access and Accommodation

117

175

82,844

75,211

5.	CHARITABLE ACTIVITIES COSTS

Direct costs

Support costs

Totals

(See note 6)

£

£

£

Access and Accommodation

90,469

18,304

108,773

6.	SUPPORT COSTS

Management

Finance

Governance costs

Totals

£

£

£

£

Access and Accommodation

13,489

3,485

1,330

18,304

7.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.12.18

31.12.17

£

£

Depreciation - owned assets

8,271

8,986

8.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2018 nor for the year

ended 31 December 2017.

Trustees' expenses

Eryl Parry, a trustee , was paid £98 for travelling expenses in the year.

Rod Gritten ,a trustee , was paid £374 for travelling expenses in the year.

9.	STAFF COSTS

The average monthly number of employees during the year was as follows:

31.12.18

31.12.17

Charitable activity

1

1

No employees received emoluments in excess of £60,000.

10.	TANGIBLE FIXED ASSETS

Freehold property

Plant and machinery

Totals

£

£

£

COST

At 1 January 2018

101,000

108,467

209,467

Additions

-

1,155

1,155

At 31 December 2018

101,000

109,622

210,622

DEPRECIATION

At 1 January 2018

-

71,677

71,677

Charge for year

-

8,271

8,271

At 31 December 2018

-

79,948

79,948

NET BOOK VALUE

At 31 December 2018

101,000

29,674

130,674

At 31 December 2017

101,000

36,790

137,790

11.	FIXED ASSET INVESTMENTS

Listed investments

£

MARKET VALUE

At 1 January 2018

215,710

Disposals

(12,000

)

Revaluations

(12,351

)

At 31 December 2018

191,359

NET BOOK VALUE

At 31 December 2018

191,359

At 31 December 2017

215,710

There were no investment assets outside the UK.

12.

STOCKS

31.12.18

31.12.17

£

£

Stocks

500

500

13.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Other debtors

43,625

35,423

Prepayments

1,303

1,276

44,928

36,699

14.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade creditors

8,835

119

VAT

2,422

1,164

Other creditors

52,333

36,893

Accrued expenses

850

38,882

64,440

77,058

15.	MOVEMENT IN FUNDS

At 1.1.18

Net movement in funds

Transfers between funds

At 31.12.18

£

£

£

£

Unrestricted funds

General fund

36,158

(813

)

12,000

47,345

Abbey Maintenance

750

-

-

750

Capel Enlli

4,287

194

-

4,481

Mother Mary Clare

3,150

-

-

3,150

Island Capital

6,983

-

-

6,983

51,328

(619

)

12,000

62,709

Restricted funds

Revaluation

80,710

(12,351

)

-

68,359

Carreg Fawr Murals

5,716

(560

)

-

5,156

Funded Equipment

25,176

(6,488

)

-

18,688

Slipway and Adfer Enlli

4,552

-

-

4,552

Education Project

820

2,750

-

3,570

116,974

(16,649

)

-

100,325

Endowment funds

Endowment

253,200

-

(12,000

)

241,200

TOTAL FUNDS

421,502

(17,268

)

-

404,234