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← Innovate Trust Ltd

2021-03-31-accounts

REGISTERED COMPANY NUMBER: 02493904 REGISTERED CHARITY NUMBER: 1010541

Strategic Report, Report of the Trustees and

Financial Statements for the Year Ended 31 March 2021

for

Innovate Trust Ltd

Innovate Trust Ltd

Contents of the Financial Statements for the Year Ended 31 March 2021

Page
Strategic Report 1 to 3
Report ofthe Trustees 4 to 7
Report ofthe Independent Auditors 8 to 10
Statement of Financial Activities 11
Balance Sheet 12
Cash Flow Statement 13
Notes to the Cash Flow Statement 14
Notes to the Financial Statements 15 to 26
DetailedStatementofFinancialActivities 27 to 28

Innovate Trust Ltd

Strategic Report for the Year Ended 31 March 2021

The trustees present their strategic report for the year ended 31 March 2021.

Achievements and performance

We began the financial year 2020-2021 having recently entered the first national lockdown, and whilst we were relatively prepared in terms of PPE, there was still a great deal of fear and uncertainty amongst our staff and supported individuals. We had planned early to prepare for the challenges to be faced by the advancing and little known Covid19 Virus. We'd purchased large quantities of high grade Personal Protective Equipment, Sanitising and other specialist & Fogging Equipment long before the lockdown took place. This stood us in good stead to ride out the shortage of product availability as the Virus began to take hold in the UK. It also allowed us to supply the people we support and our staff teams with everything that was required and cleanse properties quickly and efficiently ourselves. In addition, we also worked hard to roll out our safe Social Media and Activities App, ‘Insight’ to all those we support, gifting free devices to most, to get everyone on board and accessing our expanding Digital Offer. During the year we extended our offer out, free of charge to individuals, organisations and groups, with or supporting people with a Learning Disability. By the end of the year we had more than 1100 users from across Wales and the UK, accessing more than 80 Live Activities a week. This was backed up by videos, information and other content from 75 member organisations and groups. We trained individuals with a Learning Disability to run sessions of their own, and by the end of the year they were running more than a quarter of all live events on the App, and Insight was established as a safe and versatile community hub, created and run for the benefit of all.

In addition, we continued purchasing new devices and software to ensure that our staff could work safely from home and also digitally in Supported Living houses, where they were providing direct support. We ensured that all those we support were supplied with everything they needed and made regular deliveries of other creative and activity-based products. This all served to contribute to keeping people occupied and engaged throughout the tougher restrictions and beyond. In turn, assisting our hard-working Support Staff who all did an amazing job of supporting people through this incredibly challenging period of time. We are proud of our charity's response to the Covid crisis, and the imaginative approaches taken, that are ultimately contributing to positive and lasting change.

2020-2021 also saw the first year of our new contract with Cardiff County Council to continue the provision of Supported Living Services. This is the organisations largest and longest standing piece of work and we are very pleased to be able to continue to contribute to its future development. We also hope to drive forward new technological approaches to maximise independence and expand digital inclusion. Our work with the Insight App both did this and further, positively impacted on the Learning Disability community across the city.

We continued to work closely with Cardiff the Vale of Glamorgan and Rhondda Cynon Taff Councils across the full range of our projects and services. We worked closely with these councils to develop new Supported Living Services and other provisions, harnessing new and emerging technologies to enable and expand individual's independence in previously unachievable ways. It is the responsibility of these three local authorities to ensure the Supported Living Services that we manage are both provided for and meet the requirements of the contract arrangements agreed with Innovate Trust in 2019, 2013 & 2012 respectively.

Page 1

Innovate Trust Ltd

Strategic Report for the Year Ended 31 March 2021

The organisations staffing levels remained approximately 900 individuals as over the last few years. We continued to contain our geographical spread to a twenty mile radius of our head office ensuring support was never too far away. We continued to engage with all individuals we were now supporting across the three local authorities and sought to expand their opportunities wherever possible. In addition, we continued to build on our expanded support in Rhondda Cynon Taf with the expansion of alternative daytime opportunities supported our volunteer partnership project with the University of South Wales, although this was mainly restricted to Digital Contact through our Insight App. We offered more improved opportunities to the vastly increased number of individuals that we started supporting following our successful Supported Living Tender and contract of October 2013. In the Vale of Glamorgan, we also expanded such services, adding new conservation and technology projects. In Cardiff we expanded our sporting and outdoor activity and conservation projects with the introduction of a number of new and exciting activities and events. We also expanded our volunteer projects to include as many individuals as possible. Again, all of these services offered Digital content, videos, live sessions and streaming. Here too we continued to push the boundaries to increase people's potential for independence through the use of technologies. Our ground-breaking work and expanded partner base led to new research projects with Cardiff University, together with the expansion of our Smart House innovations.

We continued to expand our knowledge of freely available consumer technologies in order to explore the increasing possibilities of Internet of Things; which could lead to individuals we support attaining greater levels of independence in the future. We also set up specific partnerships with a number of local authority departments and a plethora of organisations in Wales and the UK. In addition we were commissioned to assist with a number of Smart House project developments in several Welsh Local authority areas. We also developed, trialled and rolled out our afore mentioned safe social media and digital activities app ‘Insight’, through which, we supported individuals from more than 40 counties from across the UK.

In order to ensure our high quality service delivery was maintained at a consistent level throughout the organisation; we expanded and developed both our core and local staff support. We moved key core personnel to new local office settings to both safeguard continuity and ensure staff had the required level of access to prompt and reliable advice, support and training. We also continued our ‘hands-on’ approach to supporting our services with the Chief Executive together with Senior Managers and our Participation Officers visiting all supported living settings and other projects, where possible, to meet and/or introduce themselves to all the individuals that we support. Furthermore, other events were arranged by the organisation on an ongoing basis in both social and professional settings, to offer the individuals we support opportunities to feedback on our practices and inform change. We are committed to continuing to place the individuals we support at the heart of our service delivery, through a consistent strength and outcomes based approach. To further our commitment to this end, we continued to promote individuals we both support to sit as Directors/Trustees of the Charity and provided enhanced levels of support to enable them to fully engage with this role.

On a number of occasions we successfully applied for new funding streams to support and potentially expand our services; these funds were due in both 2020/21 & 2021/2022. We do recognise that in these testing times these funds have become and are likely to become more competitive over the coming years. We have continued to invest a considerable amount of time and resources in the development of new service provision. We do expect to reap the benefits of this work in the forthcoming year with the development of, true to our name, both new and innovative projects and services. Throughout these processes we believe we have continued to maintain our reputation as a local provider, but with national influence, of high quality and consistent support, with a friendly feel and an approachable non-hierarchical organisational culture.

| have, as always, been impressed with the way our staff rose to the challenges of the year together with the intuition and commitment they have shown under exceptionally difficult circumstances. And again, | have continued to be impressed by the hard work and dedication of all our staff throughout the year. | know how committed they are and | would like to take this opportunity to thank them all both personally and on behalf of the whole Board of Trustees. The Board and staff of Innovate Trust are fully committed to development and diversification and although the next year will undoubtedly be extremely challenging, we believe this is a challenge to which we are equal. Financial review During the year the Charity's net income on its unrestricted funds amounted to £26,256 (2020: £257,104). The balance of unrestricted funds at the balance sheet date was £1,607,781 (2020: £1,581,525).

The restricted funds increased by £81,108 (2020: decreased by £177,254) The total level of restricted funds at the year end amounted to £1,599,871 (2020: £1,518,763).

The unrestricted fund balance held at the year end included an amount of £71,167 that funded fixed assets, leaving a remaining balance of £1,536,614 available to fund on-going projects in furtherance of the Charity's objectives.

Page 2

Innovate Trust Ltd

Strategic Report for the Year Ended 31 March 2021

Plans for future periods

The forthcoming year will of course present the organisation with numerous challenges and although it will undoubtedly be unlike any other, we will continue to adapt and change our service delivery to meet this challenge. We do recognise that we need to adapt and change our practices to meet the fluctuating needs of the communities we serve and we understand the importance of partnership working, with this year in particular being a solid example of that. We are committed to developing further links with likeminded organisations over the coming year and we feel there has never been a better time to expand our reach and benefit as many people as we can. We feel that this approach will help complement our own service delivery; reduce unnecessary replication and potentially lead to a more creative and cost effective model of provision.

To this end we will continue to carry out reviews of our organisation to put us in the best possible position to continue to provide the high quality services for which Innovate Trust has become renowned. We will review our structure and ensure that we have the required posts to continue to support our charity. We will also continue to build on our recent experiences in evidencing outcomes based support practices. Through these processes we further increase the contribution of the individuals we support to future service development of our organisation. Over the coming years we hope to expand our service provision developing new and innovative support services and practices; together with further expansion to work with new groups of people.

We remain committed to the advancement of technologies for use by the individuals we support and how successfully harnessing such potentials for application could lead to greater independence. We are particularly focused on mainstream consumer technologies and intend to explore there expanding functionality in partnership with the people we support, their families and professionals and academics over the coming year. We want to learn more about how we can best harness these steps forward to benefit and increase the confidence & independence of the people we support. It is the intention of the charity to continue to share its findings with the people we support and our local authority partners, to further develop such technologies in a co-productive and co-developmental manner. Innovate Trust has already shared its findings with hundreds of organisations and groups across the country and it is our intention to increase these numbers, seeking further partners throughout our sector and further afield.

It is our implicit intention to provide the knowledge and tools to transform the way elements of support are provided and to maximise people's independence in any way we can. We see our 'Insight' App as a key part of this process, to open up people's worlds and allow them to meet others, interact, share ideas and expand horizons. We hope that 2021/22 will see our thinking expand and impact on the wider sector, challenging preconceptions and leading to the Digital Inclusion and skills expansion of many. Some people are not currently supported to engage in such manners but we believe everyone should have the right to be Digitally Included and benefit from the multifaceted benefits that can be derived from such interactions; be these known today or still to be developed tomorrow.

Risks

Innovate Trust, as part of its system of Corporate Governance carried out a review of all major risks to which the organisation is exposed, and the systems in place to mitigate these risks. All risks were assessed and appropriate action taken if it was assessed that the risk was inappropriately high. The Trustees identified the 8 most important risks to the organisation are, Computer Data Loss, Loss of Accreditation/Registration, Abuse of Vulnerable People, Destruction of Physical Assets, Accident affecting Staff or Service User, Loss of Substantial Contract/Grant Funding, Fraud/Financial Crime.

22/12/2021 Approved by order of the board of trustees ON ......... cc eeeeseeseessteseeeseesreeee ANG Signed on its behalf by:

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C Kletta - Trustee
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Innovate Trust Ltd

Report of the Trustees

for the Year Ended 31 March 2021

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 March 2021. 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 2019).

Objectives and activities

Objectives

The objectives for which the company is established are:

  1. The relief of poverty and distress amongst disabled people, particularly learning disability, physical disability and mental illness by:

a. Providing for or assisting with, the care, accommodation, training, education, employment and occupation of such persons; and

b. Promoting the development of facilities for independent living by such persons to encourage their greater inclusion within their communities.

  1. The relief of poverty and distress amongst those who care for such persons.

  2. The education of the public in the needs of such persons.

Services

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Innovate Trust Ltd

Report of the Trustees for the Year Ended 31 March 2021

Objectives and activities The main activities include:

Public benefit

We review our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work in the previous twelve months. The review looks at the success of each key activity and the benefits of providing relief of poverty and distress amongst persons suffering from disability or sickness particular learning disability physical disability and mental health. The review also helps us ensure our aims, objectives and activities remained focused on our stated objectives. 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 thus ensuring that it continues in its stated purpose. Investment powers An investment strategy will be developed in the medium to long term to ensure best use is made of the growing asset base. The new Charity Commission regulations on investment will enable the Board of Management to invest in a wide range of investment vehicles, including those that provide capital growth rather than income, such as the Stock Market. This will enable them to obtain better returns on investments whilst continuing to minimise risk. Under the Memorandum and Articles of Association the Charity has the power to make any investment but only after obtaining advice from a financial expert and having regard to the suitability of investments and the need for diversification. Reserves policy The charity's policy is to secure a 60 day liquid reserve to cover the daily cash-flow requirements and a further 120 day reserve to cover the medium term liabilities should the charity lose any part of their contract work. The majority of the local authority funding is used to support service users and is restricted on geographical grounds. The current level of free reserves after excluding the amount invested in unrestricted fixed assets, designated funds and restricted funds amounted to £1,536,614. The trustees have carried out a full assessment of the risks to the Charity, and have formulated policies for identifying and managing risks and are determining the level of general funds that are required to cover these risks. The level of general funds needs to be at a level which will cover additional staffing costs including redundancy, maternity, long-term sickness and also provide the Charity with sufficient resources to deal with any loss of grant funding. It has been estimated that the level required equates to six months overheads

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Innovate Trust Ltd

Report of the Trustees for the Year Ended 31 March 2021

Structure, governance and management Governing document

The Charity is a company limited by guarantee, registration number 2493904 and is governed by its Memorandum and Articles of Association. It is also registered with the Charity Commission, number 1010541. The Trustees are also the Board of Management of the Charity. The trustees nominate prospective trustees who are officially accepted at the Annual General Meeting.

Recruitment and appointment of new trustees

Trustees are appointed from volunteers and any other interested parties.

Organisational structure

The charity is managed by the Board of trustees which meet regular basis and employs a team of staff to manage the organisation in a day-to-day basis.

Induction and training of new trustees

Each newly appointed trustees receives a trustee pack, are given a formal induction and training as and when required

Key management remuneration

Key management remuneration is set with consideration to the current level of activities, current market rates and any project specific criteria, reviewed on an annual basis.

Related parties

Related party transactions are detailed in note 19 of the financial statements.

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 errors, these strategic detailed within the strategic report.

Reference and administrative details

Registered Company number 02493904 (Not specified/Other)

Registered Charity number 1010541

Registered office 433 Cowbridge Road East Canton CARDIFF CF5 1JH

Trustees

C Kletta Chair B Lewis (resigned 1.7.20) G E Powell Vice Chair D Pratt J Rumble E L Board-Davies B G Lewis K O'Neil H Morris S J Smith (appointed 29.7.20)

Chief Executive

N J French

Auditors

Haines Watts Wales LLP, Statutory Auditors 7 Neptune Court Vanguard Way Cardiff CF24 5PJ

Page 6

Innovate Trust Ltd

Report of the Trustees

for the Year Ended 31 March 2021

Funds held as custodian for others

The charity requires a bank account for the individual service users to be set up before funds are transferred from the main account. In some instances, when a service users account is closed the charity will hold this money for a short period of time whilst re-allocation of the money is completed.

Disabled employees

The charity's policy is to give full and fair consideration to applications for employment made by disabled persons, having regard to their particular aptitudes and abilities. Disabled employees receive appropriate training to promote their career development within the charity. Employees who become disabled are retained in their existing posts where possible or retrained for suitable alternative posts. Regular meetings are held between senior management and employee representatives to discuss matters of concern. Employees are kept well-informed about the progress and position of the charity by means of regular departmental meetings.

Statement of trustees' responsibilities

The trustees (who are also the directors of Innovate Trust Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

Auditors

The auditors, Haines Watts Wales LLP, Statutory Auditors, will be proposed for re-appointment at the forthcoming Annual General Meeting.

22/12/2021

Approved by order of the board of trustee@S ON o...... ccs eeeeesseesseeesreesseeseeeeeee aN Signed on its behalf by:

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C Kletta - Trustee
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Report of the Independent Auditors to the Members of Innovate Trust Ltd

Opinion

We have audited the financial statements of Innovate Trust Ltd (the ‘charitable company’) for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 charitable company'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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006

Page 8

Report of the Independent Auditors to the Members of

Innovate Trust Ltd

The impact of uncertainties on our audit owing to COVID -19

The Trustees’ view on the impact of COVID-19 is disclosed on

accounting policies note 1.

Uncertainties related to the effects of COVID-19 are relevant to understanding our audit of the financial statements. All audits assess and challenge the reasonableness of estimates made by the trustees, such as recoverability and valuation of assets, appropriateness of the going concern basis of preparation of the financial statements and associated disclosures. All of these depend on assessments of the future economic environment and the charity's future prospects and performance.

The COVID-19 viral pandemic is one of the most significant economic events for the UK, and at the date of this report, its effects are subject to unprecedented levels of uncertainty of outcomes, with the full range of possible effects unknown. We have applied a standardised approach in response to that uncertainty when assessing the charity's future prospects and performance. However, no audit should be expected to predict the unknowable factors or all possible future implications for a charity and this is particularly the case in relation to the COVID-19 pandemic.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company'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 liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 9

Report of the Independent Auditors to the Members of

Innovate Trust Ltd

Our responsibilities for the audit of the financial statements

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 a Report of the Independent Auditors 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:

Our planning procedures identify the legal and regulatory frameworks applicable to the operations and financial statements of the company. These are reviewed internally with the audit team including relevant industry experience and expectations as well as externally with the client management. The key laws and regulations we considered in this context were the UK Companies Act 2006, 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’, UK GAAP (FRS 102) and relevant tax legislation. Once identified, we assess the risks of material misstatements in relation to the laws and regulations, irregularities, including fraud and adjust our testing accordingly. Our audit procedures include:

Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularities likely involve collusion, forgery, intentional misrepresentation, or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors’ 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Victoria Carter (Senior Statutory Auditor)

for and on behalf of Haines Watts Wales LLP, Statutory Auditors

7 Neptune Court Vanguard Way Cardiff CF24 5PJ

Date: IZAZZOZM.....

Page 10

Innovate Trust Ltd

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2021

2021 2020
Unrestricted Restricted Total Total
funds funds funds funds
Notes £ £ £ £
Income and endowments from
Donations and legacies 2 1,297 - 1,297 2,493
Charitable activities 4
Support Services 3,863,722 19,801,007 23,664,729 21,887,576
Investment income 3 2,385 - 2,385 11,330
Other income 1,000 - 1,000 750
Total 3,868,404 19,801,007 23,669,411 21,902,149
Expenditure on
Charitable activities 5
Support Services 3,842,148 19,719,899 23,562,047 21,822,299
NET INCOME 26,256 81,108 107,364 79,850
Reconciliation offunds
Total funds broughtforward 1,581,525 1,518,763 3,100,288 3,020,438
Totalfundscarriedforward 1,607,781 1,599,871 3,207,652 3,100,288

The notes form part of these financial statements

Page 11

Innovate Trust Ltd (Registered number: 02493904)

Balance Sheet 31 March 2021

2021 2020
Unrestricted Restricted Total Total
funds funds funds funds
Notes £ £: £ £
Fixed assets
Tangible assets 471 71,167 272,454 343,621 396,598
Current assets
Debtors 12 1,816,460 - 1,816,460 1,927,723
Cash at bank and in hand 3,701,270 1,327,417 5,028,687 3,979,869
5,517,730 1,327,417 6,845,147 5,907,592
Creditors
Amounts falling due within one year 13 (3,756,116) - (3,756,116) (2,403,902)
Net current assets 1,761,614 1,327,417 3,089,031 3,503,690
Total assets less current liabilities 1,832,781 1,599,871 3,432,652 3,900,288
Creditors
Amounts falling due after more than one year 14 (225,000) - (225,000) (800,000)
NETASSETS 1,607,781 1,599,871 3,207,652 3,100,288
Funds 17
Unrestricted funds 1,607,781 1,581,525
Restricted funds 1,599,871 1,518,763
Totalfunds 3,207,652 3,100,288

22/12/2021

The financial statements were approved by the Board of Trustees and authorised for isSUG ON ...........cccccececeeesseesseeeeeeseessens and were signed on its behalf by:

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The notes form part of these financial statements

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Innovate Trust Ltd

Cash Flow Statement for the Year Ended 31 March 2021

2021 2020
Notes £ £
Cash flows from operating activities
Cash generated from operations 4 1,057,533 (14,652)
Interest paid (10,151) (12,017)
Netcash provided by/(used in) operating activities 1,047,382 (26,669)
Cash flows from investing activities
Purchase of tangible fixed assets (949) (58,749)
Sale oftangible fixed assets - 224,999
Interest received 2,385 11,330
Net cash provided by investing activities 1,436 177,580
Change in cash and cash equivalents in
the reporting period 1,048,818 150,911
Cash and cash equivalents at the
beginning ofthe reporting period 3,979,869 3,828,958
Cash and cash equivalents at the end of
thereportingperiod 5,028,687 3,979,869

The notes form part of these financial statements

Page 13

Innovate Trust Ltd

Notes to the Cash Flow Statement for the Year Ended 31 March 2021

  1. Reconciliation of net income to net cash flow from operating activities

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |2021|2020| |£|£| |Net|income|for the|reporting|period|(as|per the|Statement|of|Financial| |Activities)|107,364|79,850| |Adjustments|for:| |Depreciation|charges|53,926|51,484| |Profit|on|disposal|of fixed|assets|-|(39,976)| |Interest|received|(2,385)|(11,330)| |Interest|paid|10,151|12,017| |Decrease/(increase)|in|debtors|111,263|(439,967)| |Increase|in|creditors|777,214|333,270| |Net cash|provided|by/(used|in)|operations|1,057,533|(14,652)|

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Analysis of changes in net funds

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|||||||||| |---|---|---|---|---|---|---|---|---| |At|1.4.20|Cash|flow|At|31.3.21| |£|£|=| |Net|cash| |Cash|at|bank|and|in|hand|3,979,869|1,048,818|5,028,687| |3,979,869|1,048,818|5,028,687| |Total|3,979,869|1,048,818|5,028,687|

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The notes form part of these financial statements

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Innovate Trust Ltd

Notes to the Financial Statements for the Year Ended 31 March 2021

  1. Accounting policies

Basis of preparing the financial statements

Innovate Trust is a charitable company in the United Kingdom. The address of the registered office is given in the charity information on page 5 of these financial statements. The nature of the charity's operations and principal activities are the provision of or assistance with supported living.

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 in October 2019, 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 2019.

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 prepared in sterling which is the functional currency of the charity.The Trustees have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the Trustees have tested their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Trustees have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

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.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key source of estimation uncertainty with regards to these financial statements is considered to be the carrying value of provisions included within other creditors.

Income

Donations are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.

Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:

Investment income is recognised on a receivable basis.

Capital grants, received to fund the purchase of fixed assets, are held in a restricted fund and transferred to general funds over the expected useful lives of the related assets.

Revenue grants are recognised in the period in which the expenditure to which they relate is incurred. Where there are conditions attached to the use of these grants they are credited to the restricted fund. All other revenue grants are included in the general fund in unrestricted funds.

Rental income is based upon the weekly charge arising in the accounting period to which it relates.

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Innovate Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

4: Accounting policies - continued

Expenditure

Costs of generating funds are the costs of trading for fundraising purposes.

The staff costs for each employee are allocated to direct charitable expenditure and management and administration by reference to the proportion of the employee's time spent on each activity or task and the nature of these activities and tasks.

Expenditure that relates to the company as a whole, and which cannot otherwise be accurately apportioned is apportioned by reference to the total income, it is allocated to direct charitable expenditure and to support costs respectively. This method of apportionment is considered to best reflect the proportion of these expenses that are direct charitable expenditure and support costs respectively.

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Governance costs

Governance costs include costs of the preparation and examination of the statutory accounts, the costs of trustee meetings and the cost of any legal advice to trustees on governance or constitutional matters. Tangible fixed assets

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

Freehold property - 2%oncost
Short leasehold - 10% on cost
Computer Equipment - 25% on cost
Fixtures and fittings - 25% on cost and 25% on reducing balance
Motorvehicles - 25%oncost

Individual fixed assets costing £1,000 or more are initially recorded at cost.

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 income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity

Restricted funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

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

Hire purchase and leasing commitments

Rentals payable under operating leases are charged in the statement of financial activities on a straight line basis over the lease term.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Government Grants

Government grants represents income receivable in relation to the UK government COVID-19 job retention scheme.

continued...

Page 16

Innovate Trust Ltd

Notes to the Financial Statements - continued

for the Year Ended 31 March 2021

‘1. Accounting policies - continued

Debtors

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or loss from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2

Donations and legacies

2 Donations and legacies
2021 2020
£ £
Appeals and donations 1,297 2,493
3. Investment income
2021 2020
£ f
Deposit account interest 2,385 11,330
4. Income from charitable activities
2021 2020
Activity £ £
Government Grants Support Services 768,178 -
Local Authority funding Support Services 18,238,496 17,531,973
Vale Council - Porthkerry Park Support Services 7,122 -
Tenant Contribution Support Services 17,596 12,535
Housing Benefit Support Services 2,501,956 2,495,635
Property rent Support Services 12,000 17,312
Training courses Support Services 246 13,096
Supporting People Grant -
SPG Support Services 934,634 914,189
Cafe income Support Services 1,510 117,588
Green shoots income Support Services 761 44,292
SVC (Skills and Volunteering
Cardiff) Support Services 52,207 59,582
Glamorgan Voluntary Services Support Services 9,357 17,967
All Wales Strategy Grant Support Services 213,824 251,471
Care Worker Bonus Payments Support Services 414,238 -
Annual Chairs grant Support Services 5,003 5,003
WCVA - Volunteering in Wales Support Services 2,256 18,310
Children's Services Support Services - 22,366
Misc grants and other income Support Services 201,267 132,888
C3SC - Third Sector grant Support Services 4,000 -
WCVA- Landfill disposal tax
community		 Support Services 32,692 8,173
Vale ofGlamorgan Support Services 46,163 62,762
ICF Project - Technological
Solutions Support Services 34,713 30,000
Carriedforward 23,498,819 21,755,142

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Innovate Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

4, Income from charitable activities - continued

2021 2020
£ £
Broughtforward 23,498,819 21,755,142
WCVA ESF Grant Support Services 134,385 77,387
First Choice Housing
Association Support Services - 9,345
Natural Resources Wales Support Services - 18,104
The Strong Communities
Grant Support Services 12,199 15,361
WCVA ESF (Step on) Support Services 19,326 12,237
23,664,729 21,887,576
5. Charitable activities costs
Support
Support Services Direct
Costs
£
20,398,397		 costs (see
note 6)
if
3,163,650		 Totals
va
23,562,047
6. Support costs
Governance
Other costs Totals
£ £ 5
Support Services 3,148,650 15,000 3,163,650
Support costs, included in the above, are as follows:
2021 2020
Support
Services		 Total
activities
£ £
Wages 2,118,856 1,401,704
Hire of other assets - 1,739
Rent and rates 65,069 76,057
Insurance 132,447 97,134
Light and heat 10,156 7,210
Telephone 90,710 53,488
Advertising and printing
Sundries		 46,364
83,691		 9,845
71,540
Volunteer expenses 469 9,756
Staff training 22,581 11,744
Repairs and maintenance 23,215 88,061
Computer software 385,906 164,334
Office cleaning 5,447 10,291
Travel and subsistence 16,593 26,467
Legal and professional fees 111,660 86,740
Bad debts 1,589 1,876
Depreciation oftangible fixed assets 33,897 26,067
Auditors' remuneration 13,500 13,200
Auditors' remuneration for non auditwork 1,500 1,500
Trustees meetings - 1,972
3,163,650 2,160,725

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Innovate Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

7. Net income/(expenditure)

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

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----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2021|2020| |£|E.| |Auditors’|remuneration|13,500|13,200| |Other|non-audit|services|1,500|1,500| |Depreciation|-|owned|assets|53,926|51,484| |Hire|of|plant|and|machinery|676|1,799| |Surplus|on|disposal|of fixed|assets|-|(39,976)|

----- End of picture text -----

Trustees’ remuneration and benefits

The Trustees received no remuneration during the year nor in the year ended 31 March 2020.

Trustees’ expenses

Expenses totalling ENIL (2020: £1,972) were reimbursed to Trustees for costs incurred attending meetings.

Staff costs

==> picture [456 x 167] intentionally omitted <==

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |2021|2020| |£|E| |Wages|and|salaries|17,909,418|16,486,411| |Social|security|costs|1,398,175|1,283,227| |Other|pension|costs|529,712|497,568| |19,837,305|18,267,206| |The|average|monthly|number|of|employees|during|the|year was|as|follows:| |2021|2020| |Central|Office|Administration|72|75| |Direct|charitable|employees|756|788| |828|863|

----- End of picture text -----

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

==> picture [450 x 50] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |2021|2020| |£70,001|-|£80,000|2|2| |£120,000-£130,000|1|1| |3|3|

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During the year the charity paid key management gross salaries and benefits totalling £412,551 (2020: £360,792). Key management are considered to be 6 individuals who directly impact upon the strategic direction of the Charity.

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Innovate Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

10. Comparatives for the statement of financial activities

Unrestricted Restricted Total
funds funds funds
£ £ £
Income and endowments from
Donations and legacies 2,493 - 2,493
Charitable activities
Support Services 2,828,266 19,059,310 21,887,576
Investment income 11,330 - 11,330
Other income 750 - 750
Total 2,842,839 19,059,310 21,902,149
Expenditure on
Charitable activities
Support Services 2,585,735 19,236,564 21,822,299
NET INCOME/(EXPENDITURE) 257,104 (177,254) 79,850
Reconciliation offunds
Total funds broughtforward 1,324,420 1,696,018 3,020,438
Total funds carried forward 1,581,524 1,518,764 3,100,288
11. Tangible fixed assets
Freehold
property		 Short
leasehold		 Computer
Equipment
£ £ £
Cost
At 1 April 2020 586,463 22,649 121,017
Additions - - -
At 31 March 2021 586,463 22,649 121,017
Depreciation
At 1 April 2020 304,710 13,590 83,842
Charge for year 9,299 4,529 18,089
At 31 March 2021 314,009 18,119 101,931
Net book value
At 31 March 2021 272,454 4,530 19,086
At31March2020 281,753 9,059 37,175

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Innovate Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

11. Tangible fixed assets - continued

Fixtures
and Motor
fittings vehicles Totals
£ £ £
Cost
At 1 April 2020 57,026 75,089 862,244
Additions - 949 949
At 31 March 2021 57,026 76,038 863,193
Depreciation
At 1 April 2020 28,124 35,380 465,646
Charge foryear 9,362 12,647 53,926
At 31 March 2021 37,486 48,027 519,572
Net book value
At 31 March 2021 19,540 28,011 343,621
At 31 March 2020 28,902 39,709 396,598
12. Debtors: amounts falling due within one year
2021 2020
£ £
Trade debtors 576,930 479,624
Other debtors 165,178 10,978
Prepayments and accrued income 1,074,352 1,437,121
1,816,460 1,927,723
13. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 265,979 68,146
Social security and other taxes 300,527 324,211
VAT control account 3,757 6,609
Other creditors 2,232,971 957,683
Money owed to scheme accounts 362,680 333,570
Accruals and deferred income 590,202 713,683
3,756,116 2,403,902
Deferred income brought forward 492,256 174,414
Amounts released to incoming resources (481,478) (174,414)
Amounts deferred in the year 463,281 492,256
Deferredincomecarriedforward 474,059 492,256

Deferred income relates to grants received in advance at the end of each year.

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Innovate Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

14. Creditors: amounts falling due after more than one year

14. Creditors: amounts falling due after moremore than one year
2021 2020
i £
Other creditors 225,000 800,000
15. Leasing agreements
Minimum lease payments under non-cancellable operating leases fall due as follows:
2021 2020
£ £
Within one year 13,741 13,741
Between one and five years 24,047 37,788
37,788 51,529
Leasepaymentsrecognisedasanexpenseintheyeartotalled£13,741.
  1. Secured debts The following assets are held as security formally charged to the bank: 1) Legal charge over 66 Hamilton Street, Canton, Cardiff, dated 29/10/1991 2) Legal charge over 433 Cowbridge Road, East Canton, Cardiff, dated 29/10/1991

17. Movement in funds

Movement in fundsfunds
Net
movement At
At 1.4.20 in funds 31.3.21
£ £ £
Unrestricted funds
General fund 1;581,525 26,256 1,607,781
Restricted funds
Local Authority funding 1,236,494 89,857 1,326,351
Annual Chairs grant 204 222 426
Capital Grants 281,752 (9,299) 272,453
Tenant Contribution 313 328 641
1,518,763 81,108 1,599,871
TOTALFUNDS 3,100,288 107,364 3,207,652

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Innovate Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

17. Movement in funds - continued

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

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 3,868,404 (3,842,148) 26,256
Restricted funds
Local Authority funding 18,238,496 (18,148,639) 89,857
SVC (Skills and Volunteering Cymru) 52,207 (52,207) -
All Wales Strategy Grant 213,824 (213,824) .
Annual Chairs grant 5,003 (4,781) 222
Children's Services 22,366 (22,366) -
Capital Grants - (9,299) (9,299)
The Hub (Snax) 46,163 (46,163) -
Active Inclusion Funding 41,481 (41,481) -
WCVA ESF (Take Charge) 4,463 (4,463) -
Tenant Contribution 4,400 (4,072) 328
Vale Council Porthkerry Park 7,722 (7,722) -
Supporting People Grant - SPG 934,634 (934,634) -
WCVA Landfill Disposal Tax Scheme 32,692 (32,692) .
Glamorgan Voluntary Services 9,357 (9,357) -
ICF Project - Technological Solutions for
Independence 34,713 (34,713) -
WCVA Voluntary Services Emergency Grant 107,768 (107,768) -
Bailey Thomas Grant 2,256 (2,256) -
C3SC Funding 4,000 (4,000) -
National Lottery Grant 27,263 (27,263) -
Vale Council - Strong Communities Grant 12,199 (12,199) -
19,801,007 (19,719,899) 81,108
TOTALFUNDS 23,669,411 (23,562,047) 107,364
Comparatives formovement in funds
Net
movement At
At 1.4.19 in funds 31.3.20
£ £ £
Unrestricted funds
General fund 1,324,420 257,105 1,581,525
Restricted funds
Local Authority funding 1,213,934 22,560 1,236,494
Annual Chairs grant - 204 204
Capital Grants 482,084 (200,332) 281,752
Tenant Contribution - 313 313
1,696,018 (177,255) 1,518,763
TOTALFUNDS 3,020,438 79,850 3,100,288

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Innovate Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

  1. Movement in funds - continued

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

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----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Incoming|Resources|Movement| |resources|expended|in|funds| |£|3|£| |Unrestricted|funds| |General|fund|2,842,839|(2,585,734)|257,105| |Restricted|funds| |Local|Authority|funding|17,544,917|(17,522,357)|22,560| |SVC|(Skills|and|Volunteering|Cymru)|49,582|(49,582)|-| |All|Wales|Strategy|Grant|251,471|(251,471)|-| |Annual|Chairs|grant|5,003|(4,799)|204| |WCVA|-|Volunteering|in|Wales|18,310|(18,310)|-| |Children's|Services|22,366|(22,366)|-| |Capital|Grants|-|(200,332)|(200,332)| |The|Hub|(Snax)|44,818|(44,818)|-| |Active|Inclusion|Funding|27,104|(27,104)|-| |WCVA|ESF|(Take|Charge)|62,520|(62,520)|-| |Tenant|Contribution|5,080|(4,767)|313| |Natural|Resources|Wales|18,104|(18,104)|-| |First|Choice|Housing|Association|9,345|(9,345)|-| |Vale|Council|Porthkerry|Park|15,361|(15,361)|-| |Supporting|People|Grant|-|SPG|914,189|(914,189)|-| |WCVA|Landfill|Disposal|Tax|Scheme|8,173|(8,173)|-| |Vale|of Glamorgan|-|Castle Avenue|IPA| |5,000|(5,000)|-| |Glamorgan|Voluntary|Services|17,967|(17,967)|-| |ICF|Project|-|Technological|Solutions|for| |Independence|30,000|(30,000)|-| |RCT|Grant|for|IPA|10,000|(10,000)|-| |19,059,310|(19,236,565)|(177,255)| |TOTAL FUNDS|21,902,149|(21,822,299)|79,850|

----- End of picture text -----

General funds are available for use at the trustees' discretion in furtherance of the objectives of the charity.

Local Authority Funding - Funding to support Community Living.

Capital Grant is related to the funding of Property. These funds are being released to unrestricted funds over the useful life of the assets concerned.

Supporting People Grant (SPG) - funding to help vulnerable people to live as independently as possible.

SVC (Skills and Volunteering Cymru) - funding from RCT to set up and develop the new RCT Volunteering Service

All Wales Strategy Grant - funding to support people with learning disabilities to lead independent lives within the community.

Annual Chairs Grant - To provide training in catering skills for people with learning disabilities.

WCVA - Volunteering Wales Grants- a scheme funded by the Welsh Government to promote and improve volunteering in Wales. The grant was used to provide volunteering opportunities for people with learning disabilities. The grant was spent in accordance with the terms and conditions of WCVA.

Children's Services - Enabling student volunteers to work with Children and vulnerable people

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Innovate Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

17, Movement in funds - continued

The Hub (Snax Café) - A grant received from the Vale of Glamorgan Council to provide training, work experience and volunteering opportunities for people with learning disabilities in the YMCA Hub, Barry.

Active Inclusion and WCVA ESF - run by Wales Council for Voluntary Action with funding from the European Social Fund that is delivered via the Welsh Government. The aims are: ‘tackling poverty and social exclusion’ by increasing labour market participation and helping people to access sustainable employment (for over 25s) and ‘youth employment attainment’ (for 16-24 year olds). It funds three projects within Innovate Trust: Take Charge Cardiff and Vale, Take Charge RCT and Step On. The funding enables us to provide training and support for disabled people to enable them to start their journey into employment.

Tenant contribution/Tenant Support Income - supporting individuals to maintain their tenancies, funded by Cardiff CC.

Natural Resources Wales - is funding Greening Our City. The project seeks to improve the biodiversity of Cardiff through supported conservation groups in partnership with the Cardiff Community Park Rangers. The project also provides one-off educational opportunities for participants to learn more about the natural world and our part to play as individuals in the protection of the environment.

First Choice Housing Association - funding for the development of a Smart House using the latest in Smart Technology.

Vale Council - Strong Communities Grant Fund - To provide additional opportunities for people with learning disabilities to access our online programme of activities in the Vale of Glamorgan.

Vale Council - Porthkerry Park - funding for the post of a Project Co-ordinator to develop the Garden at Nightingale Cottage in Porthkerry Park offering new activities for people with learning disabilities and local volunteers to learn new skills and gain experience.

WCVA Landfill Disposal Tax Community Scheme (Boosting Nature project) - Boosting Nature provides opportunities for adults with learning disabilities to take part in vital environmental improvement work within Cardiff and Vale of Glamorgan communities located near certain waste transfer stations and landfill sites.

Castle Avenue - Consultancy for the Development of a Smart House for the Vale of Glamorgan. For future use in identifying technological solutions to increase the independence of Individuals with a Learning Disability.

Glamorgan Voluntary Services - To improve mental wellbeing and tackle loneliness amongst people with learning disabilities in Cardiff and the Vale of Glamorgan

ICF Project - Research & Development of technological solutions to develop, increase and maintain the independence of individuals with a Learning Disability.

RCT Grant for IPA - Research & Development and supply of Technological Solutions to contribute to Increasing the Independence of Individuals with a Learning Disability.

WCVA Voluntary Service Emergency Grant - To provide vital support to people with learning disabilities and those people who are struggling to access food during the national emergency.

Bailey Thomas Grant - To provide additional online activities and events for people with learning disabilities via the Insight app.

C3SC Funding - To improve the health and wellbeing of people with learning disabilities in Cardiff and the Vale of Glamorgan

National Lottery Grant - To ensure that people with learning disabilities have the right digital support and technology available during the pandemic.

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continued...

Innovate Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

18. Employee benefit obligations

The charity operates a defined contribution scheme. The pension costs charge for the year represents contributions payable by the charity to the scheme and amounted to £529,712 (2020: £497,568).

There was £88 outstanding (2020: £86,330) at the end of the financial year.

19. Related party disclosures

Entities with
aCommon Trustee - Skills & Volunteering Cymru (SVC)
The following transactions were made with related parties during the year ended 31 March 21:
£
Income from related party in the year 93,267
Expenditure to related party in the year 149,390
Amounts owed from related party atyear-end 411
Amountsowedtorelatedpartyatyear-end -
  1. Members liability

The charity is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

Page 26

Innovate Trust Ltd

2021 2020 £ £

Detailed Statement of Financial Activities for the Year Ended 31 March 2021

Income and endowments
Donations and legacies
Appeals and donations 1,297 2,493
Investment income
Deposit account interest 2,385 11,330
Charitable activities
Government Grants 768,178 -
Local Authority funding 18,238,496 17,531,973
Vale Council - Porthkerry Park 1 a2 -
Tenant Contribution 17,596 12,535
Housing Benefit 2,501,956 2,495,635
Property rent 12,000 17,312
Training courses 246 13,096
Supporting People Grant - SPG 934,634 914,189
Cafe income 1,510 117,588
Green shoots income 761 44,292
SVC (Skills and Volunteering Cardiff) 52,207 59,582
Glamorgan Voluntary Services 9,357 17,967
All Wales Strategy Grant 213,824 251,471
Care Worker Bonus Payments 414,238 -
Annual Chairs grant 5,003 5,003
WCVA- Volunteering in Wales 2,256 18,310
Children's Services - 22,366
Misc grants and other income 201,267 132,888
C3SC - Third Sector grant 4,000 -
WCVA - Landfill disposal tax community 32,692 8,173
Vale ofGlamorgan 46,163 62,762
ICF Project -Technological Solutions 34,713 30,000
WCVA ESF Grant 134,385 77,387
First Choice Housing Association - 9,345
Natural Resources Wales - 18,104
The Strong Communities Grant 12,199 15,361
WCVA ESF (Step on) 19,326 12,237
23,664,729 21,887,576
Other income
Insurance claims 1,000 750
Total incoming resources 23,669,411 21,902,149
Expenditure
Charitable activities
Wages 15,790,562 15,084,707
Social security 1,398,175 1,283,227
Pensions 529,712 497,568
Hire ofother assets 676 60
Rent and rates 19,510 48,297
Insurance 10,146 9,424
Carriedforward 17,748,781 16,923,283

This page does not form part of the statutory financial statements

Page 27

Innovate Trust Ltd

Detailed Statement of Financial Activities
for the Year Ended 31 March 2021
2021 2020
E £
Charitable activities
Broughtforward 17,748,781 16,923,283
Light and heat 6,373 9,770
Telephone 4,160 3,326
Postage and stationery 639 4,993
Advertising
Sundries		 1,362
24,740		 4,299
15,099
Agency costs 570,849 545,944
Staff training 16,164 56,737
Volunteer expenses 320 8,537
Repairs and maintenance 25,448 52,565
House/office cleaning 9,107 14,140
Management Charges 1,835,647 1,820,459
Cafe and Greenshoots expenditure 30,308 83,429
Travel and subsistence 31,378 59,313
Projects 60,459 49,582
Legal and professional costs 450 1,798
Bad debt expense 567 1,117
Computer software and support 1,913 9,483
Charitable donations - 242
Depreciation oftangible fixed assets 19,581 25,417
Profit on sale of tangible fa - (39,976)
Bank charges 10,151 12,017
20,398,397 19,661,574
Support costs
Other
Wages 2,118,856 1,401,704
Hire ofother assets - 1,739
Rent and rates 65,069 76,057
Insurance 132,447 97,134
Lightand heat 10,156 7,210
Telephone 90,710 53,488
Advertising and printing
Sundries		 46,364
83,691		 9,845
71,540
Volunteer expenses 469 9,756
Staff training 22,581 11,744
Repairs and maintenance 23:215 88,061
Computer software 385,906 164,334
Office cleaning 5,447 10,291
Travel and subsistence 16,593 26,467
Legal and professional fees 111,660 86,740
Bad debts 1,589 1,876
fixed assets 33,897 26,067
3,148,650 2,144,053
Governance costs
Auditors' remuneration 13,500 13,200
Auditors' remuneration for non audit work 1,500 1,500
Trustees meetings - 1,972
15,000 16,672
Total resources expended 23,562,047 21,822,299
Netincome 107,364 79,850

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