REGISTERED COMPANY NUMBER: 02493904 REGISTERED CHARITY NUMBER: 1010541
Report of the Trustees and
Financial Statements for the Year Ended 31 March 2022
for
Innovate Trust Ltd
Innovate Trust Ltd
Contents of the Financial Statements for the Year Ended 31 March 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 7 |
| Report of the 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 |
Innovate Trust Ltd (Registered number: 02493904)
Report of the Trustees for the Year Ended 31 March 2022
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 2022. 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:
- 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.
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The relief of poverty and distress amongst those who care for such persons.
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The education of the public in the needs of such persons.
Services
. Providing for, or assisting with the supported living, training, education, employment and occupation of disabled people, particularly those with a learning disability, physical disability and / or mental health issue.
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. Promoting the development of facilities for independent living to facilitate greater inclusion of disabled people within their communities.
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. Supporting carers and those people who provide support for disabled people.
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. Educating the public about the needs of disabled people.
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. Developing high quality innovative services that reflect the core values of the organisation and meet the needs of disabled people.
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. Developing and expanding volunteer opportunities for students and others and promoting the understanding of the issues related to disabled people.
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. Working in partnership with service users, their carers, other providers, purchasers and the wider community to promote models of good practice.
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. Investing in staff development, training and support that enables the delivery of quality services and reflects their contribution to the achievement of the organisation's mission and aims.
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. Offering a service which is responsive to and respects the race, religion, culture, language, gender, sexuality and abilities of service users and staff.
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Innovate Trust Ltd (Registered number: 02493904)
Report of the Trustees for the Year Ended 31 March 2022
Objectives and activities The main activities include:
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Supported Living Services Supporting people to live in their own homes.
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Respite Service Providing short term overnight respite to adults.
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Emergency Accommodation Supporting people during times of crisis.
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Quest Supported Employment Supporting people to obtain employment.
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Field Days Organic
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Providing training and work experience in a Horticultural environment.
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Innovate Catering Providing training and work experience in Catering.
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Volunteering & Student Volunteering Enabling student volunteers and others to work with Children and vulnerable people.
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Venture Out Supported sporting & outdoor activities.
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Take Charge and Step on Providing training and work experience to help people move on to voluntary work, further learning and employment.
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Participation Enabling individuals to have a say in how their services are run
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.
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Innovate Trust Ltd (Registered number: 02493904)
Report of the Trustees for the Year Ended 31 March 2022
Strategic report Achievement and performance Charitable activities
We commenced the financial year 2021-2022 in the midst of the Third Welsh Lockdown and 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 First UK lockdown took place, and we continued utilise these during 2021 and into 2022. This continued to stand us in good stead to ride out any shortage of product availability, although our Local Authority and Health Partners continued to supply us throughout this period too. In addition, we also worked hard to expand our safe social media and activities App, 'Insight' to all those we support, gifting free devices where required, to ensure we got everyone on board and accessing our expanding Digital Offer. During the year we continued to extend 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 1250 users from across Wales and the UK, accessing more than 80 Live and latterly, in person, activities a week. This was also 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 almost half 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. This was underlined by our accolade for 'Best Company Response Supporting Clients & The Community, from Welsh Government's, Public Health Wales', Covid-19 Commendation Awards in December 2021.
In addition, we continued purchase and update 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.
2021-2022 also saw the final year of our Supported Living Contract in the Vale of Glamorgan, and a Tender Process to establish who the new providers would be, that lasted most of the year. I am happy to be able to report that Innovate Trust was successful. The new contract that commenced on the 6th December 2021, and saw us expand to provide services to three of the four newly established Localities. This is the organisations second 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.
We continued to work closely with Cardiff and the Vale of Glamorgan and Rhondda Cynon Taf 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 (December 2021) respectively.
The organisations staffing levels rose to almost 1000 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, for most of the year, 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. The most recently developed of these opened in the Vale of Glamorgan in the autumn of 2021. 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 45 counties from across the UK.
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Innovate Trust Ltd (Registered number: 02493904)
Report of the Trustees for the Year Ended 31 March 2022
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 consistent strength and outcomes-based approaches. 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 2022/22 & 2022/2023. 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 increasing national influence, of high quality and consistent support, with a friendly feel and an approachable non-hierarchical organisational culture.
We 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, we have continued to be impressed by the hard work and dedication of all our staff throughout the year. We know how committed they are and I (Nick French) 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
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 £1,686,747.
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
Principal risks and uncertainties
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.
The Trustees have continued to review, analyse, and discuss, both the existing, and future contract commitment risks to the organisation, related to any loss of funding and/or increased inflationary pressures. With three long term Local Authority Supported Living Contracts making up more than ninety five percent of the organisation's income, and with increases directly linked to the Consumer Price Index; combined with the fact that the services provided are deemed as 'essential'. The Trustee's do not consider that the organisations current, or future medium-term funding is under any significant risk, that is reasonably foreseeable.
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Innovate Trust Ltd (Registered number: 02493904)
Report of the Trustees for the Year Ended 31 March 2022
Strategic report
Future plans
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.
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.
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Innovate Trust Ltd (Registered number: 02493904)
Report of the Trustees for the Year Ended 31 March 2022
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 G E Powell Vice Chair D Pratt J Rumble E L Board-Davies B G Lewis (resigned 15.12.21) K O'Neil H Morris S J Smith
Chief Executive
N J French
Auditors Haines Watts Wales LLP, Statutory Auditors 7 Neptune Court Vanguard Way Cardiff CF24 5PJ
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
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
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.
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Innovate Trust Ltd (Registered number: 02493904)
Report of the Trustees for the Year Ended 31 March 2022
Statement of trustees' responsibilities - continued
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
Auditors
The auditors, Haines Watts Wales LLP, Statutory Auditors, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalf by: 21/12/2022 ........................................................................ ~~CAA 2S~~ 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 2022 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).
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In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 March 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
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
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
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 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:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
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Report of the Independent Auditors to the Members of Innovate Trust Ltd
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.
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:
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Discussing with Trustees and management which areas of the business they believe to be more susceptible to fraud, and whether they have any knowledge or suspicion of fraudulent activities
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Obtaining an understanding of the key controls put in place by the charitable company to address risks identified, assessing the effectiveness of those and discussing how these are maintained and monitored internally
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Assessing the risk of management override and review and testing of journal entries made into the accounting system
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Challenging assumptions and judgements made by the charitable company in relation to the significant accounting estimates employed in the preparation of the financial statements
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Discussing with Trustees and management the legal and regulatory obligations of the charitable company and whether they have any knowledge or suspicion of non compliance
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.
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Report of the Independent Auditors to the Members of Innovate Trust Ltd
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 22/12/2022 Date: .............................................
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Innovate Trust Ltd
Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2022
| Notes Income and endowments from Donations and legacies 2 Charitable activities Support Services Investment income 3 Other income Total Expenditure on Charitable activities 5 Support Services NET INCOME Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted funds £ 1,250 3,551,052 472 1,800 3,554,574 3,440,556 114,018 1,607,781 1,721,799 |
Restricted funds £ - 21,384,215 - 3,524 21,387,739 20,966,716 421,023 1,599,871 2,020,894 |
2022 Total funds £ 1,250 24,935,267 472 5,324 24,942,313 24,407,272 535,041 3,207,652 3,742,693 |
2021 Total funds £ 1,297 23,664,729 2,385 1,000 23,669,411 23,562,047 107,364 3,100,288 3,207,652 |
|---|---|---|---|---|
The notes form part of these financial statements
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Innovate Trust Ltd (Registered number: 02493904)
Balance Sheet 31 March 2022
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| funds | funds | funds | funds | |||
| Notes | £ | £ | £ | £ | ||
| Fixed assets | ||||||
| Tangible assets | 11 | 31,889 | 266,679 | 298,568 | 343,621 | |
| Current assets | ||||||
| Debtors | 12 | 1,891,393 | - | 1,891,393 | 1,816,460 | |
| Cash at bank and in hand | 3,513,293 | 1,754,217 | 5,267,510 | 5,028,687 | ||
| Creditors | 5,404,686 | 1,754,217 | 7,158,903 | 6,845,147 | ||
| Amounts falling due within one year | 13 | (3,524,778) | - | (3,524,778) | (3,756,116) | |
| Net current assets | 1,879,908 | 1,754,217 | 3,634,125 | 3,089,031 | ||
| Total assets less current liabilities | 1,911,797 | 2,020,896 | 3,932,693 | 3,432,652 | ||
| Creditors | ||||||
| Amounts falling due after more than one year | 14 | (190,000) | - | (190,000) | (225,000) | |
| NET ASSETS | 1,721,797 | 2,020,896 | 3,742,693 | 3,207,652 | ||
| Funds | 16 | |||||
| Unrestricted funds | 1,721,797 | 1,607,781 | ||||
| Restricted funds | 2,020,896 | 1,599,871 | ||||
| Total funds | 3,742,693 | 3,207,652 |
The financial statements were approved by the Board of Trustees and authorised for issue on 21/12/2022 ............................................. and were signed on its behalf by:
............................................. C Kletta - Trustee
The notes form part of these financial statements
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Innovate Trust Ltd
Cash Flow Statement for the Year Ended 31 March 2022
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Sale of tangible fixed assets Interest received Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2022 £ 243,506 (6,824) 236,682 - 1,669 472 2,141 238,823 5,028,687 5,267,510 |
2021 £ 1,057,533 (10,151) 1,047,382 (949) - 2,385 1,436 1,048,818 3,979,869 5,028,687 |
|---|---|---|
The notes form part of these financial statements
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Innovate Trust Ltd
Notes to the Cash Flow Statement for the Year Ended 31 March 2022
1. Reconciliation of net income to net cash flow from operating activities
| Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Profit on disposal of fixed assets Interest received Interest paid (Increase)/decrease in debtors (Decrease)/increase in creditors Net cash provided by operations Analysis of changes in net funds At 1.4.21 £ Net cash Cash at bank and in hand 5,028,687 5,028,687 Total 5,028,687 |
2022 £ 535,041 48,458 (5,074) (472) 6,824 (74,933) (266,338) 243,506 Cash flow £ 238,823 238,823 238,823 |
2021 £ 107,364 53,926 - (2,385) 10,151 111,263 777,214 1,057,533 At 31.3.22 £ 5,267,510 5,267,510 5,267,510 |
|---|---|---|
2. Analysis of changes in net funds
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 2022
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:
-
The donor specifies that the donation must only be used in future accounting periods; or
-
The donor has imposed conditions which must be met before the charity has unconditional entitlement.
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.
Expenditure
Costs of generating funds are the costs of trading for fundraising purposes.
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Innovate Trust Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
1. Accounting policies - continued
Expenditure
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% on cost Short leasehold - 10% on cost Computer Equipment - 25% on cost Fixtures and fittings - 25% on cost and 25% on reducing balance Motor vehicles - 25% on cost
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.
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.
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Innovate Trust Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
1. Accounting policies - continued
Debtors
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
3.
4.
| Appeals and donations Investment income Deposit account interest Income from charitable activities Activity Government Grants Support Services Local Authority funding Support Services Vale Council - Porthkerry Park Support Services Tenant Contribution Support Services Housing Benefit Support Services Property rent Support Services Take Charge in RCT Support Services Training courses Support Services Supporting People Grant - SPG Support Services Cafe income Support Services Green shoots income Support Services SVC (Skills and Volunteering Cardiff) Support Services Glamorgan Voluntary Services Support Services All Wales Strategy Grant Support Services Care Worker Bonus Payments Support Services National Lottery Community Fund Support Services Annual Chairs grant Support Services WCVA - Volunteering in Wales Support Services Children's Services Support Services Misc grants and other income Support Services The Waterloo Foundation Support Services C3SC - Third Sector grant Support Services Baily Thomas Grant Support Services WCVA - Landfill disposal tax community Support Services RCT- Housing Support Grant Support Services Vale of Glamorgan Support Services Carried forward |
2022 £ 1,250 2022 £ 472 2022 £ 307,271 19,965,165 - 10,651 2,523,773 12,000 23,875 2,432 934,634 - - 57,982 3,220 217,999 450,252 3,000 5,205 - 22,366 235,258 12,198 9,896 1,744 8,404 5,200 48,009 24,860,534 |
2021 £ 1,297 2021 £ 2,385 2021 £ 768,178 18,238,496 7,722 17,596 2,501,956 12,000 - 246 934,634 1,510 761 52,207 9,357 213,824 414,238 - 5,003 2,256 - 201,267 - 4,000 - 32,692 - 46,163 23,464,106 |
|---|---|---|
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Innovate Trust Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
4. Income from charitable activities - continued
| Brought forward ICF Project - Technological Solutions Support Services Take Charge in Cardiff and Vale Support Services The National Lottery Support Services Winter pressures fund Support Services Act for Equality Support Services The Strong Communities Grant Support Services WCVA Step On Support Services Charitable activities costs Support Services Support costs Support Services Support costs, included in the above, are as follows: Wages Rent and rates Insurance Light and heat Telephone Advertising and printing Sundries Volunteer expenses Staff training Repairs and maintenance Computer software Office cleaning Travel and subsistence Legal and professional fees Bad debts Depreciation of tangible fixed assets Auditors' remuneration Auditors' remuneration for non audit work |
Direct Costs £ 21,731,678 Other £ 2,660,994 |
2022 £ 24,860,534 - 22,063 24,903 4,629 9,782 - 13,356 24,935,267 Support costs (see note 6) £ 2,675,594 Governance costs £ 14,600 2022 Support Services £ 1,861,301 63,741 145,618 9,588 43,744 57,599 82,089 6,047 28,241 10,611 207,733 6,465 1,796 103,114 593 32,714 13,100 1,500 2,675,594 |
2021 £ 23,464,106 34,713 134,385 - - - 12,199 19,326 23,664,729 Totals £ 24,407,272 Totals £ 2,675,594 2021 Total activities £ 2,118,856 65,069 132,447 10,156 90,710 46,364 83,691 469 22,581 23,215 385,906 5,447 16,593 111,660 1,589 33,897 13,500 1,500 3,163,650 |
|||
|---|---|---|---|---|---|---|
5. Charitable activities costs
6. Support costs
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Innovate Trust Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
7. Net income/(expenditure)
Net income/(expenditure) is stated after charging/(crediting):
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Auditors' remuneration | 13,100 | 13,500 |
| Auditors' remuneration for non audit work | 1,500 | 1,500 |
| Depreciation - owned assets | 48,458 | 53,926 |
| Hire of plant and machinery | 700 | 676 |
| Surplus on disposal of fixed assets | (5,074) | - |
8. Trustees' remuneration and benefits
The Trustees received no remuneration during the year nor in the year ended 31 March 2021.
Trustees' expenses
Expenses totalling £147 (2021: £Nil) were reimbursed to Trustees for costs incurred attending meetings.
9. Staff costs
| Wages and salaries Social security costs Other pension costs The average monthly number of employees during the year was as follows: Central Office Administration Direct charitable employees |
2022 £ 17,583,447 1,497,536 576,157 19,657,140 2022 73 763 836 |
2021 £ 17,909,418 1,398,175 529,712 19,837,305 2021 72 756 828 |
|---|---|---|
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| £70,001 - £80,000 £80,001 - £90,000 £120,000-£130,000 |
2022 1 1 1 3 |
2021 2 - 1 3 |
|---|---|---|
During the year the charity paid key management gross salaries and benefits totalling £476,934 (2021: £412,551). 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 2022
10. Comparatives for the statement of financial activities
| Income and endowments from Donations and legacies Charitable activities Support Services Investment income Other income Total Expenditure on Charitable activities Support Services NET INCOME Reconciliation of funds Total funds brought forward Total funds carried forward 11. Tangible fixed assets Cost At 1 April 2021 Disposals At 31 March 2022 Depreciation At 1 April 2021 Charge for year Eliminated on disposal At 31 March 2022 Net book value At 31 March 2022 At 31 March 2021 |
Unrestricted funds £ 1,297 3,863,722 2,385 1,000 3,868,404 3,842,149 26,255 1,581,525 1,607,780 Freehold property £ 586,463 - 586,463 314,009 9,298 (3,524) 319,783 266,680 272,454 |
Restricted funds £ - 19,801,007 - - 19,801,007 19,719,898 81,109 1,518,763 1,599,872 Short leasehold £ 22,649 - 22,649 18,119 2,265 - 20,384 2,265 4,530 |
Total funds £ 1,297 23,664,729 2,385 1,000 23,669,411 23,562,047 107,364 3,100,288 3,207,652 Computer Equipment £ 121,017 - 121,017 101,931 16,905 - 118,836 2,181 19,086 |
|
|---|---|---|---|---|
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Innovate Trust Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
11. Tangible fixed assets - continued
| Cost At 1 April 2021 Disposals At 31 March 2022 Depreciation At 1 April 2021 Charge for year Eliminated on disposal At 31 March 2022 Net book value At 31 March 2022 At 31 March 2021 12. Debtors: amounts falling due within one year Trade debtors Other debtors Prepayments and accrued income 13. Creditors: amounts falling due within one year Trade creditors Social security and other taxes VAT control account Other creditors Money owed to scheme accounts Accruals and deferred income Deferred income brought forward Amounts released to incoming resources Amounts deferred in the year Deferred income carried forward |
Fixtures and fittings £ 57,026 (1,906) 55,120 37,486 7,792 (1,787) 43,491 11,629 19,540 |
Motor vehicles £ 76,038 - 76,038 48,027 12,198 - 60,225 15,813 28,011 2022 £ 722,939 58,830 1,109,624 1,891,393 2022 £ 187,325 343,467 4,136 1,956,558 359,395 673,897 3,524,778 |
Totals £ 863,193 (1,906) 861,287 519,572 48,458 (5,311) 562,719 298,568 343,621 2021 £ 576,930 165,178 1,074,352 1,816,460 2021 £ 265,979 300,527 3,757 2,232,971 362,680 590,202 3,756,116 |
||
|---|---|---|---|---|---|
| 474,059 (479,177) 475,605 475,605 |
492,256 (481,478) 463,281 474,059 |
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 2022
14. Creditors: amounts falling due after more than one year
Other creditors
| 2022 | 2021 |
|---|---|
| £ | £ |
| 190,000 | 225,000 |
15. Leasing agreements
| Minimum lease payments under non-cancellable operating leases fall due as follows: Within one year Between one and five years |
2022 £ 13,741 10,306 24,047 |
2021 £ 13,741 24,047 37,788 |
|---|---|---|
Lease payments recognised as an expense in the year totalled £13,741.
16. Movement in funds
| Unrestricted funds General fund Restricted funds Local Authority funding Annual Chairs grant Capital Grants Active Inclusion Funding Tenant Contribution TOTAL FUNDS |
At 1.4.21 £ 1,607,781 1,326,351 426 272,453 - 641 1,599,871 3,207,652 |
Net movement in funds £ 114,016 433,365 311 (9,299) (3,752) 400 421,025 535,041 |
At 31.3.22 £ 1,721,797 1,759,716 737 263,154 (3,752 1,041 2,020,896 3,742,693 |
|---|---|---|---|
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Innovate Trust Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
16. Movement in funds - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Local Authority funding SVC (Skills and Volunteering Cymru) All Wales Strategy Grant Annual Chairs grant Children's Services The Waterloo Foundation Capital Grants The Hub (Snax) Active Inclusion Funding WCVA ESF (Take Charge) Tenant Contribution Supporting People Grant - SPG WCVA Landfill Disposal Tax Scheme Glamorgan Voluntary Services Bailey Thomas Grant C3SC Funding National Lottery Grant Act Now for Equality RCT - Housing Support Grant National Lottery Community Fund: TOTAL FUNDS |
Incoming resources £ 3,554,574 19,965,167 57,982 217,999 5,205 22,366 12,199 3,524 48,009 45,938 13,356 4,278 934,634 8,404 3,220 1,744 9,896 15,836 9,782 5,200 3,000 21,387,739 24,942,313 |
Resources expended £ (3,440,558) (19,531,802) (57,982) (217,999) (4,894) (22,366) (12,199) (12,823) (48,009) (49,690) (13,356) (3,878) (934,634) (8,404) (3,220) (1,744) (9,896) (15,836) (9,782) (5,200) (3,000) (20,966,714) (24,407,272) |
Movement in funds £ 114,016 433,365 - - 311 - - (9,299) - (3,752) - 400 - - - - - - - - - 421,025 535,041 |
|---|---|---|---|
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds Local Authority funding Annual Chairs grant Capital Grants Tenant Contribution TOTAL FUNDS |
At 1.4.20 £ 1,581,525 1,236,494 204 281,752 313 1,518,763 3,100,288 |
Net movement in funds £ 26,256 89,857 222 (9,299) 328 81,108 107,364 |
At 31.3.21 £ 1,607,781 1,326,351 426 272,453 641 1,599,871 3,207,652 |
|---|---|---|---|
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Innovate Trust Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
16. Movement in funds - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Local Authority funding SVC (Skills and Volunteering Cymru) All Wales Strategy Grant Annual Chairs grant Children's Services Capital Grants The Hub (Snax) Active Inclusion Funding WCVA ESF (Take Charge) Tenant Contribution Vale Council Porthkerry Park Supporting People Grant - SPG WCVA Landfill Disposal Tax Scheme Glamorgan Voluntary Services ICF Project - Technological Solutions for Independence WCVA Voluntary Services Emergency Grant Bailey Thomas Grant C3SC Funding National Lottery Grant Vale Council - Strong Communities Grant TOTAL FUNDS |
Incoming resources £ 3,868,404 18,238,496 52,207 213,824 5,003 22,366 - 46,163 41,481 4,463 4,400 7,722 934,634 32,692 9,357 34,713 107,768 2,256 4,000 27,263 12,199 19,801,007 23,669,411 |
Resources expended £ (3,842,148) (18,148,639) (52,207) (213,824) (4,781) (22,366) (9,299) (46,163) (41,481) (4,463) (4,072) (7,722) (934,634) (32,692) (9,357) (34,713) (107,768) (2,256) (4,000) (27,263) (12,199) (19,719,899) (23,562,047) |
Movement in funds £ 26,256 89,857 - - 222 - (9,299) - - - 328 - - - - - - - - - - 81,108 107,364 |
|---|---|---|---|
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 (including Respite Services, Insight App and the Field Days Organic project).
Annual Chairs Grant - To help fund a digital community platform for the provision of online events and activities for people with learning disabilities in the Cardiff area.
Children's Services - Enabling student volunteers to work with Children and vulnerable people.
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 - funded by Wales Council for Voluntary Action with finance 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.
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Innovate Trust Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
16. Movement in funds - continued
Tenant contribution - EAS service users' contributions towards food and utility.
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.
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 Service - Winter Pressure Fund - To improve overall health and wellbeing and tackle the risk of loneliness amongst people with learning disabilities in the Vale of Glamorgan.
Glamorgan Voluntary Services ICF Project - Funding to purchase additional tools and equipment to reopen our revised provision of outdoor services across Cardiff and Vale e.g. the Secret Garden at St. Fagans and the garden at Porthkerry Park.
ICF Project - Research & Development of technological solutions to develop, increase and maintain 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 - Winter Pressure Fund - to pay for artists and entertainers to provide activities on Insight To improve the health and wellbeing of people with learning disabilities in Cardiff.
C3SC - Voluntary Services Recovery Grant - the development of a new community allotment project based in the Heath area together with an on-line virtual allotment project.
National Lottery Grant - To ensure that people with learning disabilities have the right digital support and technology available during the pandemic.
National Lottery Grant - To enable Insight to reach out to the wider learning disability community In Wales, particularly those who are at risk of being lonely and isolated.
National Lottery Community Fund: Together for our Planet - Carrying out community activities to help mitigate Climate Change.
Waterloo Foundation - Match funded the programme initially funded by the 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.
RCT - Housing Support Grant - for the provision of online tuition in technology for people with learning disabilities in the Rhondda Cynon Taf area.
Act Now for Equality supports people with learning disabilities to learn about equality, their rights and the nine protected characteristics under the Equality Act.
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Innovate Trust Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
17. 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 £576,157 (2021: £529,712).
There was £442 outstanding (2021: £88) at the end of the financial year.
18. Related party disclosures
Entities with a Common Trustee - Skills & Volunteering Cymru (SVC)
The following transactions were made with related parties during the year:
| The following transactions were made with related parties during the year: | ||
|---|---|---|
| £ | £ | |
| 2022 | 2021 | |
| Income from related party in the year | 177,773 | 93,267 |
| Expenditure to related party in the year | 150,409 | 149,390 |
| Amounts owed from related party at year-end | 9,444 | 411 |
| Amounts owed to related party at year-end | 5,527 | - |
19. 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.
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