2024-03-31-accounts

REGISTERED COMPANY NUMBER: 02493904 (England and Wale81 REGISTERED CHARITY NUMBER: 1010541 Report of the Tru$tOgs and Financial Statements forthg Year Ended 31 March 2024 Innovate Trust Ltd

Innovate Trust Ltd Contents of thè Financial Statem•nts for the Year Endèd 31 March 2024 Pago Report ol the Truslee3 Report of thg Independent Audltor8 8 10 10 Ststemont of Financial Activltigs 84lanco Sheet 12 Cash Flow Ststgrn•nt 13 Notè$ to thg Cash Flow Ststèmont 14 Note8 to thè Flnan¢l•l Statements 15 10 25

Innovate Trust Ltd (Règisterod number.. 024939041 Report of the Trustee8 for the Year Endèd 31 March 2024 The Iruslees who are also directors ol the charity for the purposes of the Companie$ Act 2006, present their report wlh the financial statements of the charity for the year ended 31 March 2024. The Iruslees have adopted the provisions of Accounting and Reporting by Charibes.. Statement of Reeommend8d practi￿ applicable to eharib.es preparing their accounts in accordanee with the Financial Rewrting Stsndard applicable in the UK and Republic of Ireland {FRS 1021 leffeclive 1 January 20191. Obfvctlvès and activitiès Objectlv•8 The objectives for which the company is estsblished afe.. 1. The relief of pobErty and distre$$ amongst disabled people, parli¢ularfy learning disability. physical disability ano mental illness by.. Providing for or assisting with, the care, accommodalion, training. education, employment and occupation of such persons., and b. Promotrro the developmonl of faulilies for independent living by such persons lo encourage their greater inclusion within their communities. 2. Tho relief of poverty and distre$$ amongst those who care for su¢h person5. 3. The education of the public in Ihe needs of such pe￿onS. SoThlce8 Providing for, or assisb'ng wlh the supported living, training. education. employmenl and OCCLtpalion of disabl8d people, parti¢ularly those with a learning disability, physical disability and l or mental health issue. Promoting the development of facililps for indeFendenl living lo facililale greater inclustr)n of disabled peopl6 within their communities. Supporting carers and those Feopl¢ who provide support lor disablod people. Educating the public about the needs of dIsab￿d people. tveloping high quality innovative servic88 that reflect the core values of the organisalion and meet the needs of disabled people. Cvel¢¥ing and expanding volunteer opportuniltss for students and others and promoting the understanding of the issues related lo disabled people. Working in partnership with Sewi￿ users, their carer5. other providers, purchasers and the wKfjer community lo promote m¢)dels of good practice. Investing in staff devolopmenl. training and support that enables the delivery of quality services and reflects their contribution lo the achievement of the organisalion's mission and aims. Offenng a seNi¢e which is fesponsive lo and respects the ra¢e, relvJion, culture, language, gender, sexuality and abilities of s6Mek user5 and staff. Page I

Innovate Trust Ltd (Registered number: 02493904) Report of tho Trustees for thp Year Ended 31 March 2024 Objectives and activities The main activities include: o Supported Living Services Supporting people lo live in their own homes. Respite SerM¢& Providing short term overnighl respite lo adults. o Emergency Aceommodab"on Supporting people during limes of Crisis. o Insi9hl The Innovate Tnjsl award vAnning social media platform and 90 10 hub for online and in-person act1vrt￿S Field Days Organic Providing Irèining and work e>perience in environment. Horticultural o Volunteering & Sludgnt Volunteering Enabling sludenl volunteers and others lo work with Children and vulnerable people. Venture Out Supported sports'ng & outdoor aclivilies. Take Charge and Step on Providing training and work experience to help people move on lo voluntsry work, further learning and employment. Parlicipali¢Jn Enabling individuals to have a Say in how their sorvices are run Publlc bonofit We review our aims, objectives and a¢livities each year. This rewew looks al what ￿ achieved and the outcomes of our work in the previous twelve months The review looks al Ihe s¢Jc¢es$ of each key activity and the benefits ol providing relK81 of poverty and distress amongst Pe￿OnS suffering from disability or sickness particular learning disability physical di5abilily and mental health. The revEw also helps us ensure our aims, objectivas and aclivrties remained focused on our 51aled objectives. We have referred 1¢ the guidance contained in the Charity Commission's general guidance on publ￿ benefit when reviewing our aims and obieclives arKI in planning our future activities thus ensuring that il ¢onlinues in its slated Pufpose Page 2

Innovate Trust Ltd (Registered number.. 02493904) Report of the Trustees for the Year Ended 31 March 2024 Strategic report Achievement and performance Charitable actNitigS As the financial year of 2023-2024 began we were largely able lo pul the challenges of Covid-19 behind us and further focus on the fulLtre. Bul for Innovate Trust, there was the positive ￿g0¢Y of our Covid response. and our 'lnsighl' app and its many actsvities and opporlijnits'es online and increasingly in petson. Folli)wing our award from the Welsh Govornment's, Healthy Working Wales Commendation event, for 'Besl Response lo Clients and the Community,, we continued lo expand 'lnsighl' and durtng 2023-2024 we further increased the offer of in-person activities and opportunities through the 'Events' sects'on of the app. This not only served lo inuease oppoilunili8s for those individual$ we supported directly, bul also lo offer free acl1￿711eS lo new indivKluals from aeross the UK. This saw the number of members of 'lnsighl' increase to approaching 2000 people from the Learning Disability and Neurodivergent communities. We also continued our mission lo increase Digital Inclusion anol the knowledge and skills of both those we support and the wder community. We conlinued gifting free devices where required, lo ensure we gol everyone we supported directly on board and accessing our expanding Digital Offer. We also continued the expansion and training indivvjual members of 'lnsighl' lo run sessions of their own, and with a self.named Group on 'ln5ight' known as Ihe'Peer Led Team. who run around half of all live events on the App, 2023-2024 was also the final year of our Supported Livlng Contract in the Rhondda Cynon Taf IRCTI. and we commenced a Tender Pr¢xes$ lo establish who the new provkgers would be early in the year. We are happy lo be ab to say that we secured a new ￿1Ve-year conlra¢l in November of 2023 with the process having taken almost len months lo complete. As parl of this conlrael wa will further develop shared opportunities with Ihe other 5ucc£ssful providers and also drive forward new technolog￿al approaches lo maximise indepenLlence and expand digiL81 inclusion. Our work on our 'lnsighl' app bolh undertines this and offers further opportunity to posilivety impact the Learning Disability and Neurodivergent communitie$. We ¢onliTrued lo dosely with Cardiff and the Vale of Glamorgan and Rhondda Cynon Taf Councils across the full range ol our projects and services. We worked closely wlh these councils lo develop new Supported Living Setvices arKJ other provisions. harnessing new and emefging technologie$ lo enable and expond indivhyual's independen¢e in previously unachievable ways. 11 is the r¢spon8ibilily of these three lo¢al authorities lo ensure the Supported Living Serv￿Ces that we manage are both provided for and meet the ￿qUireMentS of the contract arrangements agreed wlh Innovate Trust in 2019, 2013 & 20211 respectively. The organisalions staffing levels remained al almost 1000 indivKYuals 0$ over Ihe last few years. We continued lo contain our geographical spread lo a thnty mile radius of our head office ensuring support was never loo lar away. We continued lo en9age with all Individuals wè were now supporting across the three local aulhoritses and sought lo expand their opporlunits'es wherever possible. In addition, we continued lo build on our expanded support in Rhondda Cynon Taf with the expansion of allemalwe daytime opportunities supported our volunteer partnership project with the University of South Wales. We offered more improved opporbjnilies lo the vasljy increased number of indiwdu8ls that we stsrled supporting folbwing our $u¢cessiJl Supported Living T8ndér and contract of Odober 2013. In the Vale of Gl8morgan. we also expanded such services. addin9 new conservation and technology projects together with incre8sed training opportunitie$ in life skills and inlimale personal relationships. In Cardiff we expanded our sporting arKI outdoor activity and conseNalion projects with the introduction of a number of new and exciting act'vilies and events. We also expanded our volunteer projects lo include as many individuals as possible. Again, all of these service5 offered Digital conlenl, videos, live sessions and 51reaming. Here loo we continued lo push the boundaries lo increase people's potential for independenrE through the use ol lechnologiè$. Our ground-breaking work and expanded pather base led lo new researeh projects with Cardiff University, together wlh the expansion ol our Smart House innovations. We continued lo expand our knowledge of freely available consumer technologies in order lo explore the increasing possibilities of the Internel of Things, which could lead lo individua15 we support attaining greater levels of independen in the future. We also sel up specific partnerships wlh a number of local authority departments and a plethora of organisalions in W81es and the UK. In addition, we ¥%ere commissioned lo assist with several Smart Hguse proje¢t developments in several Welsh Local authority areas. We also fLtrther developed, lriabd and rolled out our aforementioned s8fe social medKg and digital aclivrties app 'lnsighl', through which, we supported individuals from more than 45 counties from across the UK. In order lo ensuTe our high-quality service delNery was maintained al a consislenl level throughout the organisalion., we expanded and developed both our core and local staff support. We moved key c£)re personnel to new local offic4 settings lo both safe9uatd continuity and ensure staff had the required level of acce55 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 Manage¥s and our Partiopalion Officers visiting all supported living sellings and other p¥ojecls, where possible. lo meet andlor introduce themselves lo all the indivKluals that we support. Furthermore, other events were arranged by the organisalion on an ongoing basis in both social and professional $ellings, lo offer the individuals we support opporlunibes to give feedback on our practices and inform change. We are commilled lo continuing lo place the indivKJuals we support al the heart of our service delivery. through consislenl St￿ngth and oulwmes-based approaches Further, our c¢ynmilmenl to this end, we continued lo promote individuals we both support lo sit as Direclor51Trustees of the Charity and provided enhanced levels of support to enable them to fully engage with this role. Page 3

Innovate Trust Ltd {Registered number: 024939041 Report of the Trustees for the Year Ended 31 March 2024 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 2023-2024 & 2024-2025. We do recognise that in these testing times these funds have become and are likely to become more competitive over the coming years. In particular, 2023-2024, saw us receive lower settlements from our fvnders than in previous years, and lo rectify this position, we sel aside funds in 2023-2024 to address our increasing deficit, to restructure our staffing, and lo ensure an improving p051tion in 2024-2025.we have also continued to invèst a considerabl8 amount of lime and resources in the development of new service provision. We do expect to reap the b8nefits of this work in the forthcoming year with the development of, true to our name, both new and innovative projects and seNices. Throughout these processes we believe we have continued to maintain our reputslion as a local provider. but with an increasing nabonal influen￿, of high quality and consistent support, with a friendly f681 and an approachable non-hierarchical organisational culture, We have, as always, been impressed with the way our staff rose to the challenges of th8 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 would like to take this opportunity lo 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 thè next year will undoubtedly be extremely challenging, we believe this is a challenge lo which we are èqual. We continue lo review our investment strategy looking at short, medium and long temi approaches lo ensure best use is made of the growing asset base. The new Charity Commission regulations on investment have enabled the Board of Management to invest in a wide range of investment vehicles, including those that provide caprtal growih 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 lo make any investment bul only after obtaining advice from a financial èxpert and having regard to the suitability of investments and the need for diversification. Flnanclal revlow Inve8tment power8 An inve5tmenl strategy will be dgveloped in the medium lo long term to ensure best use is made of the growing asset base. The new Charity Commission regulations on investment will enabl8 the Board of Management lo invest in a wide range of investment vehicles, including those that provide capital growth ralh&r than income. such És 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 lo make any Investment bul only after obtaining advice from a financial expert and having regard to the suitability of investments and the need for diversifieation. Re8erv•8 polley The charitls policy is lo secure a 60 day liquid reserve lo covèr th6 daily cash-flow requirements and a fvrther 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 lo support servicè users and is restricted on geographical grounds. The ¢urrenl 18v61 of free reserves aftèr excluding the amount invested in unrestricted fixed asset5, designal8d funds and restricted funds amounted lo £1,493,744. The trustees have carried out a full assessment of the risks to the Charity, and have formulated policies for identifying and mariaging risks and are determining the level of general funds that are required to Cover these risks. The level of general funds needs to be al a level which will cover additional staffing costs including redundancy, maternity, long-term sickness and also provide the Charity with Sufficient resource5 to deal with any loss of grant frjnding. 11 has been estimated that the level required equates to six months overheads Prlnclpal rlsks and uncertalntles Innovate Trust, as part of ils system of Corporate Governance carried out a review of all major risks to which the organisalion is exposed, and the systems in place to miligale 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 AccreditationlRegislralion, Abuse of Vulnerable Peoplè. Destruction of Physical Assets, Accident affecting Staff or Service User, Loss of Substantial ContracUGrant Funding. FraudlFinancial Crime. The Trustees have continued lo review, analyse, and discuss, both the existing and future contract commitment risks lo the organisalion. related lo any loss of fvnding andlor increased inflationary pressures. With three long lefm Local Authority Supported Living Contracts making up more than ninety five percent of the organisalion's income, and with Inc￿aseS directly linked lo the Consumer Price Index,. combined wlh the fact that the services provided are deemed as 'essenlial'. The Trustee's do not consider that the organisations current, or future medium-term funding is under any significant risk, that is reasonably foreseeable. Page 4

Innovate Trust Ltd (Registered number: 024939041 Report of the Trust995 forthè Year Ended 31 Mar¢h 2024 Strategic report Future plans The forthcoming yeaT will of course present the organisalion with numerous challenges and although il will undoubtedly be unlike any other, we will continue lo adapt and change our service delwery lo meet this challenge. We do rewgnBe Ihal we need lo adapt and change our pracb'ces lo meet the fluctuating needs of the communitie5 we serve and we understand the importance ol partnership wDrking, thich have and will continue lo demonslrale. We are eommilled lo developing further links with likeminded organisalions over the eoming year and we feel there has never been a beller lime lo expand our reach and benefit as many people as wa can. We feel that this approach will help complement our own seNits delivery., reduce unne¢e$sary replication and polenb'ally lead to a more rJealive and cost•effe¢live model of provision. To this end we will continue lo carry out reviews of OUT organisation Its pul Lts in the best possible position lo continue lo Pfovide Ihe high quality services lor which Innovate Trust has becorre renowned. We will review our structure and ensure that we have the requireol posts lo continue lo support our charity. We wll also continue to build on our ￿cent experEnces in evidencing oul¢omes-based support practices. Through these processes we further increase the conlributs.on of the individuals we support lo the future service development of our org8nisalion. Over the coming years we hope lo expand our service provision developing new and innovative support services and practices,. together wilh f4Jrlher expansion lo work with new group$ of Feople. We ￿Main convnitted lo the advanc•menl of technologies for vse by the individuals wa support and how successfully harnessing such polenbals for applicat￿n could lead lo greater independence. W8 are particularly f¢xused on mainstream Consumer technologies 8nd intend lo explore there ewanding funclionalily in partnership with the people we support. their faMil￿S and professionals and academics over the coming year. We want lo learn more about how we can best h¥rne5S these steps fomard lo benefit and increase the confidence & independence of the people we support. 11 is the intention of the charity lo continue lo share ils finding5 with the people we Support and our local authority partners, 1¢ further develop such lechnologvds in a CCtrTrproduclive and co4evelopm8nlal manner. Innovate Trust has already $har8d ils findings wilh hundreds ol organisalion$ and groups across the country and il is our intention lo increase Ihese numÈers, Seeking further partners throughout our sector and further afield. 11 is our implicit inlenlK)n lo provide the knO￿edge and tools lo transform the way elements of support are provided and lo maximise people's independene£ in any way can. We see our 'lnsighi' App as a key part of this process, lo open up Feople's worlds and allow them lo meet others, inlera¢l. Share ideas and expand horizons. We hope that 2024-2025 will see our thinking expand and impact on the wder sector, challenging pre¢onceplions and leading lo the Digital Inclu5i0n and skills exp8nsion of many. Some people are not currently supported lo engage in Such a manner, bul we believe everyone shoukl have the right lo be Digitally Included and benefit from the mullifaceled benefits that can be derived from such interactions." be these known today or still 1¢ be developed lomorr¢)W. Structurè, governance and managom•nt Governing documgnt The Charity is a company limited by guarantee, regislrabon number 2493904 and is governed by ils Memorandum and Articles of Association. 11 is also registered wlh the Charity Commission, number 1010541. The Trustees are also the Board ol Management of the Charity. The trustees nominate prospective trustee$ who are offici811y accepted al the Annual General Meeting. Recruiknentand appointmgnt of new tru8ts0s Trustees are appointed Irom volunteers and any other interested parti88. Organlsational structure The charity is manèged by the Board of Iru$lees which meet regular basis and employs a team of sklf lo m8nagg the organisalion in a day-to-day basis. Induction and tralnlng of new trustee8 Each newly appointed tfuslees receives a Iru$lee pack, are given a formal induction and training as and when required Keymanagemfrnt r9muneration Key management remuneration is sel with consideration lo tho current level of a¢tsvilies, curienl marf(el rates and any project specific criteria, reviewed on an annual basis. Related partles Related party Iransa¢tions are detailed in note 19 of the financial ststemenls. Risk management The Iruslees have a duty lo identify and review the risks lo which the charity is exposed and lo ensure appropriate controls are in place to provide reasonab18 assurance against fraud and errors, these strategic detailed within the slfalegic report. Page 5

Innovate Trust Ltd (Rggistered numbgr: 02493904} Report of the Trustees for the Year Ended 31 March 2024 Reterence and administrative details Registered Company nufflber 02493904 IEngland and Wales) Reglst¢red Charlty Dumber 1010541 Registered offi¢0 433 Cowbridge Road East Ca nlon CARDIFF CF5 1JH Trustegs C laelta - Chair G E Powell - Vice Chair D Pratt J Rumble E L Board-Davies K O'Neil H Morris S J Smith S Andrews H Smith Civil Servant lappoinled 27.2.241 Chlef Executlv• N J French Avdltors Haines Walls Wales LLP, Stalulory Auditors 7 Neptune Court Vanguard Way Cardiff CF24 SPJ Funds held as cu8todlan for othern The charity requires a bank account for the individual service users lo be sel up befo￿ fvnds are Iran$fefred from the main account In some Instances. when a service users account is dosed the charity will hold this money lor a short period ol lime %thilst re-811ocalion ol Ihe money B completed. DSsablèd •mploy6è8 The charity's policy is lo give full and fair consideralion lo appliealions for employment made by disabled person$. havin9 regard lo their p8rticular apliludes and abilibes. Disabled employees receive appropriate trainin9 to promote their career development within the charity. Employess who become disabled are retained in their oxisling posts where po$$ible or retrained for $uilabl¢ allernalive pt)sls. Regular meetings are held tetsveen senioi management and employee represenlalwes lo discuss mallers of concern. Employees are kept well-infomied about the progres5 and position of the charity by means of regular departmental meetings. Statement of trugts68' rèsponsibiliti The Iruslees (who are also the directors of Innovate Trust Ltd for the purposes of company lawl are responsib￿ for preparing the Report of the Trustees and the financial statements in accordance wlh applicable law and United Kingdom Accounting Standaids (United Kingdom Generally At￿pIe￿ A¢¢ounling Praclicel. Company law requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the slate ol affairs ol the charilable cL)mpany and of the incoming resources and application of resources. including the income and expenditure. of the charitable company for that period. In preparing those finanaal slalemenls, the Injstees are fequired lo select suitable accounting policies and then apply them consislenlly., obseNe the methods and principles in the Charity SORP", make judgements and eslimales that are reasonable and prudent., prepare the financial slalemenls on the going concern basis unless il is inappropfiate lo presume that the charitable company will continue in business. Page 6

Innovate Trust Ltd (Reglstered number: 02493904) Roport of thg Trustoes for the Year Ended 31 March 2024 Statement of trusteès. responsibilitigs - continued The Iruslees are responsible for keeping proper accounting records which disclose with reasonable accuracy al any lime the financial posits'on of the charitable company and lo enable them lo ensure that the financial slalemenls comply with the Companies Aet 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonab￿ steps for the prevention and detection of fraud and other irregulartties. In so far a$ the trustees ar8 aware.. there is no relevant audit inforynalion of which the ¢harilable company¥ auditors are unaware, and the Iruslees have tsken all Steps that they ought lo have taken lo make themselves aware of any relevant audit information and lo establish that the auditor$ are aware of that information. Auditorn The auditors, Haines Watts Wale5 LLP, Slalulory Auditors. wll be proposed for re-appoinlmenl al the forthcoming Annual General Meeting. Report of the Iruslees, in¢orporaling a slr81egic report, 8pproved by ordor ol the Ixsard of Iruslees, as the company directors, on..1314212024......................... and signed on the board'5 behalfby.. C laella- Trustee Page 7

Report ofthe Independent Auditors to the Membets of Innovate Trust Ltd Opinion We have audrted the financial slalemenls of Innovate Trust Ltd {the 'charitable company'l for the year ended 31 March 2024 which COMpr￿Se the SialenEnl of Financrdl Aclivilies, the BaLance Sheet. the Cash Flow Slalemenl and notes to the financial slatemenls, including a summary of significant a￿OUntIng poliaes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards Iuniled ￿ngdoM Generally Accepted Accounting practi￿). In our opinion the financial slalements,. give a true and fair view of the slate of the charitable companls affairs as al 31 March 2024 and of 115 incoming resources and application of resources, inclLtding its income and expenditure, for the year then ended,. have been properly prepared in accorda n￿ with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordanr* with the requirements ol the Companies Act 2(J)6. Basis for opinion We conducted our audit in accordancE wilh Inlemats'onal Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those stsndards are further described in the Auditors, responsibilities for the audit of the financial slatemenls $ection of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial slalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilit￿S in accordance with these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate lo provide a basis lor our opinion. Conclu8ions relating to going concern In auditing the financial slalements, we have ￿ncluded that the Iru$l$es' use of the going conc8m basis of accounting in the prepafalion of the financial slalements is appropriate. Based on the ￿rk have performed. ￿ have rlot identified any material uncArtainlie$ relating to events or Conditions that, individually or Colbclively, may cast signifi¢anl doubl on the ¢harilable company's gbility lo continue as a going con¢ern for a ￿riod of al least ￿1ve months from when the financial slalemen15 are aulhorised for issue. Our responsibilities and the responsibilities of the truslegs with resp&¢t lo going concern are described in the plevanl sections ol this report. Other infonnation The Iruslees are responsible for the other information, The other information ¢omprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors Ihereon. Our opinion on the financial statements does not cover the other infomalion and, 8xcepl lo the extent othe￿iSe eyplicitly ststsd in our r8POrt, we do not express any form ol assurance conclusion Ihereon. In conne¢lion wth our audit ol the financial slalements, our Tesponsibilily is lo read the other information and, in doing so, consider whether the other infomalion is materially ineon$islenl with the financial slalemenls or our knovledg8 obtained in the audit or olhewse 8ppears lo be materially misslaled. 11 we identify sueh material inconsislen¢ie5 01 apparent material misstatements, we are required lo determine whether this gives rsse lo a material misslalemenl in th8 financial statements themselves. If, based t)n the work we have performed, we conclude that there is a material misslalemenl of this otr)er information, we are requir6d lo report that facl. We have nothing to report In this regard. Opinion8 on olher mattor8 prescrlbed by thfr Companies Act 2006 In our opinion, based on the work undertaken in the course of the audrt". the information given in the Report of the Trusteès for the financial yeaf for which the financial slalemenls are prepared is consistent with the financial slalemenls, and the Report of the Tru$lee$ has been prepared in ar£Ordan￿ with applicable legal requirements. atters on which we arn requir9d to report by excèption In the Iighl of the knowledge and understanding of the charitable company and 115 environment obtained in the course of the audit, we have not identified material misstatements in the Report ol the Trustees. We have nothing lo report in respect ol the followng matters where the Companies Act 2006 requires u$ 19 report lo you if, in our opinion.. adequate aeeounling records have not tr￿en kept or returns adequate for our audit have not teen rerkived from branches not visited by us,. or the financial slalemenls are not in agreement wlh the accounting records and relums., or certain disciosures of Iruslees, remuneration specified by18w are not made., or we have not received all the infomiabon and explanations we require for our audit. Pa9e 8

Report ofthe IndepèndentAuditors to the Member8 of Innovate Trust Ltd Responslbilitiès of trustegs As explained more fully in the Statement of Trustees, Responsibilities. the Iruslees Iwho are abo the directors of the charitable company for the purposes of company lawl are responsible fof the preparation of the finanaal slalemenls and for being satisfied Ihat they give a true and lair view, and for such internal ¢ontrol as the trustees determine is necessary lo enable the p￿parats.0n ol financial statements th8t are free from material misslalemenl, whether due lo fraud or error. In preparing the financial stslements, the Iruslees are responsible for assessing the charitable COMpan￿S ability to continue as a going concern, disclosing, as appl¢abk, mallers related lo going concern and using the goin9 concÈrn basis of accounting unless the Iru51ees either intend lo liquidate th8 Charitab￿ company or lo cease operations, or have no realistic alternative bul lo do so. Our respon8ibilitie8 for the audlt of thè flnancial statements Our objectives are lo obtain reasonable assurance about whether the financial slalements as a whole are free from material misslalemenl, whether due lo fraud or error, and lo issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a hoh level of assL+rance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a material misstslemenl when il exists. ML%slalemenls can arise from fraud or error and are considefed material rf, individually or in the aggregate, they could reasonably be expected lo influence the erxJnomi¢ d8¢isions of us915 taken on the basis of those financial slalemgnts. The extent lo which our procedures are capable of dgtecling irreguL8rilies. including fraud is detailed below.. Our planning procedures Klenlify the ￿gaI and regulatory frameworks applicable lo the opèrabons and financial 51alemenls of the company. These are reviewed inlernally with the audit team including relevant industry experience and expectations as well as exlernally wlh the client management. The key laws and regulations we considered in this context were the UK Companies Act 2006, Charitie$ SORP I FRS 1021 'Accounling and Reporting by Charib'es.'Stalemenl of Recommended Practice applicable lo charits'es preparing their a¢￿￿￿13 in accordance with th6 Finan¢ial Reports'ng Standard Applicable in the UK and Republic of Ireland,, UK GAAP IFRS 1021 and relevant lax legislalK>n. Once ldenlrf￿d, wt assess the risks of malenal misslatgmonls in relation lo the laws and regulations, irregularities, including frnud and adjust our losling accordingly. Our audit proc*dLtre$ includ8.' Discussing wlh Trustees and management which areas of Ihg business they believe lo be more su$¢eplible lo fraud, and thelher Ihfry have any knowledge or suspicion of fraudulent activit'es Obtaining an understandin9 of the key ¢ontrols pul in place by the charitable company lo address risks identified, assessing the eff8cliveness of those and discussing how these are maintained and monitored internally Assessing the risk of management override and review and lesling of journal $ntries made into the accounting system Challenging assumptions and judgements made by the chanlabkg company in relation lo the significant accounting eslimales employed in the preparation of the financial statements Discussing with Trustees and management the legal and regulatory obligations of the charitable ￿rnPany and whether they have any kno￿edge or suspicion of non ci)mpliance Despite the 8udil being plan￿d and conducted in accordance with ISAS IUKI there remains an unavoidable risk that malerial mi5slalements in the financial statements may not be detected owing lo inherent limitations of the audit, and that by their very nature, any such instan￿$ of fraud or irregularilvès likely involvè collusion, forgery, intentional misrepiesenlalion, or the overrido of internal controls. A further description of our responsibilities lor the audit of the financial statements is located on the Financial Reporting Council's website al ww.frc.org.ukl8udilorsresponsibililies. This description fomis part of our Report of the Independent Auditors. Page 9

Report ofthe IndependentAuditorn to the Mgmbers of Innovate Trust Ltd Use of our T¢POrt This report is made solely b the charitable company's members. as a body, in accord8ncE with Chapter 3 of Part 16 of the Companies Act 2006. Our audit wotk has been undertaken so that we might slate to the tharitable company's members those mallers we are required lo stale lo them in an audrtors, report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility lo anyone Dlher than the charitable company and the ¢harilable company's members as a body. for (wr audit work, lor this report, or for the opinions we have formed. Victoria Carter (Senior Slalutory Audilorl for and on behalf ol Haines Watts Wales LLP, Slalulory Auditors 7 Neptune Court Vanguard Way Cardill CF24 5PJ Date,. 16 December 2024 Page10

Innovate Trust Ltd Staternent of Flnancial Activities Ilncorporating an Income and Expend rture Accountl for the Year Ended 31 March 2024 2024 Total funds 2023 Totsl funds Unrgstricted funds Restrictgd funds Note8 Income and endowments from Donations and legacies 4,017 4,017 2,650 Charitsble activitlè8 Support Services 3,351,008 26,950,420 30,301,428 28,064,307 Investment income Other income 116,314 116,314 46,467 905 Totsl 3,471,339 26.950,420 30,421,759 28,114,329 Expènditure on Charitablg activitSe8 Support SeNices 3.656,568 27,324,100 30,980,668 28,155.104 NET INCOME4EXPENDITUREI 1185.2291 (373,6801 I558.￿9) 140,7751 R#conciliation of fund$ Total funds brou9hl forward 1,721,660 1,980,258 3,701,918 3,742,693 Totsl funds carrled for•¥ard 1,536,431 1,606,578 3,143,009 3,701,918 The notes fofm part of these finanual statements Page11

Innovate Trust Lld (Registered number: 024939041 Balance Sheet 31 March 2024 2024 Total funds 2023 Totsl funds Unrestricted funds Restricted funds Notes Flxed assets Tangible assets 42.688 248,081 290,769 312,226 Currènt assets Debtors Cash al bank and in hand 12 2,350,168 2,387,465 2.350,168 3,745,961 1,976.077 4,827,134 1.3S8,496 4.737.633 1,358,496 6,096,129 6,803,211 Credltors Amounts falling due within one yèar 13 12,793,889) 12,793,889) 13.093,5191 Not current a88èts 1,943.744 1,358,496 3,302,240 3,709,692 Totsl a88et81•8s ¢urrnnt Ilabllltlo8 1,986,432 1,606.577 3.$93,009 4.021,918 CTeditorn Amount5 falling dlte after more than one yar 14 1450,000) 1450.0001 1320,0001 NET ASSETS 1.536,432 1.606,577 3,143.009 3,701,918 Fund8 Un restricted funds Restricted funds 16 1.536,432 1,606,577 1,721,660 1,980,258 Total fund• 3,143,009 3,701.918 The financial slalennls wère approved by the Board of Trustee$ and aulhorised for issue 131121202A..............,.... and were signed on 11$ behalf by,. on C i(Jelta- Trusloe The notes form part of these finanaal ststemenls Page 12

Innovate Trust Ltd Cash Flow Slat9ment forthe Year Ended 31 March 2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations Interest paid 11,175,921) 17,7551 1423,8991 113.7331 Nel cash used in operating aclwilies {1.183,6761 1437,6321 Ca$h flows from investing actlvltlos Purchase of tangible fixed assets Sale of tangible fixod assets Interest received 113,8111 150,1281 917 46,467 116,314 Nel Cash provided byllu5ed inl investing activities 102,503 12,7441 Change in cash and cash equlval•nts In the reporting period Cash and ca8h oqulva19nts at the bgglnnlng of tho r•portlng pgriod 11,081.173) 1440,3761 4,827,134 5,267,510 C•8h and Gash equivalents at the ond of the r•porting period 3,745,961 4,827,134 The notes form part of these finanoal slalements Page13

Innovate Trust Ltd Notè$ to the Cash Flow Statement for the Ygar Ended 31 March 2024 Reconciliation of net èxpenditure to net cash flow fmm operating activltlès 2024 2023 Net expenditure for the Tèporting period las per the Statement of Financial Activities} Adjustments for: Depreaalion charges Interest received Interest pavj Increase in debtors Decrease in creditors 1558,9091 140,775} 35,268 1116,3141 7,755 1374,09 11 1169,6301 35,S53 148,4671 13,733 184.8841 1301,2591 Net cash used In operntion8 11,175,921) 1423,8991 Analysis of changè8 In Dot fund8 At 1.4.23 Cash flow At 31.3.24 Net cash Cash al bank and in hand 4,827,134 11,081,173) 3,745,961 4,827,134 11.081,1731 3,745,981 Total 4.827,134 11,081,173) 3,745,961 The notes form part ol these finanaal ststemenls Page 14

Innovate Trust Ltd Not0$ to the Financial Statewnts for the Year Ended 31 March 2024 A¢counting poli¢i05 Ba818 of preparing the financial statemènts Innovate Trust is a chaNlable company in the United Kingdom. The address of the registered office is given in the charity infom)alion on page 5 of these financial slalemenls. The nalufe of the charity's operations and principal activities are the provision of or assislan¢e with supported living. The ch8ri1y consts'lutes a wjblic benefit entity as defined by FRS 102. The finan¢ial sl8temenls have been prepared in accordan￿ with Accounb'ng and Reporting by Charilie5.' Slalemenl of Recommended Pracli¢e applicable lo charities preparing their accounts in accordanek with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019, the Financial Reporting Standard applicable in the Unileos Kingdom and Republic of Ireland IFRS 1021, the Chorilies Act 2011, the Companies Act 2W6 and UK Generally Accepted Practi￿ as il applEs from l January 2019. The svJnificanl accountin9 policies applied in the preparation of these financial statements are sel out below. These policies have been consislenlty applied lo all years presented unless olherwkse slated, Crltlcal accountlng Judgements and koy sourc•8 of estimatlon uncertainty In the application of the charity's 8e¢ounling policies, the Iruslees are required lo make judgements. eslimales and assumptions about the carrying amount of assets and liabilities that are not readily apparent from olhef source5. The eslimales and associated assumptsons are based on historical experien(x and other factors that are considered lo be relevant. Actual resutts may differ from these eslimales. The eslimales and underlying assumplitxs are rewewed on an ongoing basis. Revisions lo acr￿untIng eslimales are recognised in the peri¢>J in which the estimate is revised if the ￿vIsion affe¢15 only that pgriod, or in the period of the revision and fLture perK)ds rf the revision affects both current and future periods, The key source of eslimalion uncertainty with regards lo these financial $181emonts is considered lo be the carrying value of provision5 included within other creditors. Incomè Donalions recognised ¥there there is enlillemenl, certainty of recÉipl and Ihe am¢)unt can be measured with Sufficient reliability. Deferred income represents amounts received lor future penods and is released lo incoming resources in the peric¥J for which, il h8s been received. Such income is only deferred when.. The donor SFecrfies that the donation must only be used in fvlure accounting periods", or The donor has imposed conditions which musl be mel before the charity has uncondit￿1nd1 enlitlemenl. Investment incomo is rec&Jnised on a receivable basis. Capital grants, received lo fund the purchase of fixed assets, are held in a reslricled fund and transferred lo general funds over the extecled useful lives of the related assets. Revenue grants are recognised in the pefiod in which the exFendilure lo ￿1¢h they relats is incurred. Where there are condition5 allached lo the use of these grants they are credited lo tha restricted fund. All other venue grants are included in the 9ener81 fund in unreslricled funds. Rental ineome is based upon the weekly charge arising in the accounliro period lo which il relates. Expendi￿r• Costs of gen8raling funds are the costs of trading for fundraising PUfpose$. The staff costs for each employee are alloealed lo direct Charitab￿ expenditure and management and adminislr81ion by reference lo the proportion of the employee'5 time spent on each activity or task and the nature of these aelivilies and tasks. Eyndilure that Telales lo the company as a whole, and which cannot olherwLSe be a¢¢UTalely apportioned 1$ apporb.oned by ￿ference to the lolal income, il is allocated lo direct charitable expenditure and to support costs respectively. This rrelhod of apportionment is considered lo best reflect the proportion ol ihese expenses that are direct charitable expenditure and support costs respectively. Liabilities are recognised as soon as there is a ￿gaI or conslruelive obligation commilling the charity lo the expenditure. All expenditure is accounted for on an acLruals basis 8nd has been classified under headings that aggregate all costs related to the category. Pa9e 15 continued...

Innovatè Trust Ltsl Notes to the Financial Ststemgnts- continued for the Year Ended 31 March 2024 Accounting policies continued Govgrnance costs Governance c951s include costs of the preparation and examination of the stalulory accounts, the costs of Iru$lee meetings and the cost of any legal advice to Iruslees on governancE or constitutional matters. Tangible fixed assfjts Depreaalion 15 prowded al the following annual rates in order to wile off each a5sel over ils e$limaled useful Freehold property Short leasehold Computer Equipment Fixtures and fittings Motor vehickgs 2% on Cost 1 OQkn on cost 250k on cost 250/0 on cost and 25Vo on ￿dUcIng balance 25°h on Cost Indwidual fixed assets costing £2.500 or more are inibally recorded al cost. Taxation The charity is an exempl charity within the meaning of sehedule 3 of the ChaTilies Act 2011 and is considered lo pass the tests sel out in Paragraph 1 Schedule 6 Finance A¢1 2010 and Ihefefore it meets the definition of charitable company for UK ¢orporalion lax purposes. Fund accountlng Unreslricled income funds are general funds that are available for use 81 the Iiuslees, dis¢felion in furtheran¢e of the obje¢lives of the charity Rfjslricled funds are those donated for uso in a particular area or for specific purposes, the use ol which is slricled lo that area or purpose. Further explanation of the nature and purpose of each fund is included in the notes lo the financial slalements. P•n8lon c08ts and othgr post-retiyemènt b•ngfits The charitable company operalos a defined contribution pension scheme. Contributions payable lo the charitable company's pension scheme are charged lo the Slalemenl ol Financial Acl1vil￿S in the period lo ￿leh they rolale. Debtors Trade and other debtors are recognised al the selllemenl amount due after any trade discount offered. Prepayments are valued al the amount p￿paid nel of any trade discounts due. Government Grants Government 9ranl$ represents incom8 re￿1vable in ielalion to the UK government COVID-19 job retention scheme. Ca8h at bank and In hand Cash al bank and cash in hand includes cash and short term highly liquid investrnenls with a Short malurily of three months or10ss from the dale of acquisibon or opening ol the deposit or similar account. Crediiors and provisions Creditors and provisions are recognised there the charity has a present obligation resulting from a past event that will probably result in the transfer of funds lo a third party and the amount due lo sellle the obligation can be measured or eslimaled reliably. Creditors and provisions are norm811y recognised al their 5elllemenl amount after allowing for any trade discounts due. Financlal instruments The charity only has financial assets and financial liabi5ilies ol a kind that qualify as basic financial insliumenls. Basic Inancial instruments are inili8lly recognised al transaction value and sub$equenlly measured al their settlement value. Page 16 ontinued...

Innovate Trust Ltd Notes to the Financial Statements - continuod lor the Year Ended 31 March 2024 Donations and lega¢ips 2024 2023 Appeals and donations 4,017 2,650 Inve81ment income 2024 2023 Deposit account interest 116,314 46,467 Incomo from charitsblg actlvltlè8 2024 2023 Activlty Support Services Support Services Support Services Support Services Loc81 Authorrty fiJnding Tenant Contribution Housing Benelil Property rent Welsh Govemmenl Democrati¢ Engagement Fund Training courses Supporting People Grant- SPG Heart research UK SVC (Skills and Volunteering Cymru) Glamorgan Voluntary Services All Wales Strategy Grant Care Worf(er Bonus Payments Annual Chairs grant Strong Communities VaK8 WCVA - Volunteering in Wales Support Services Children's Services Support Services Mise grants and other income Support Services The Waterloo Found81ion Support Services C3SC Hau Thiid Sector Fund Support Services Missions & Mindsets UK Support Servic£s WCVA - Landfill disposal lax community Support Services RCT- Housing Supptsrt Grant Support Servi¢es Take Charge in Cardiff and Vale The Natronal Lottery Act for Equality WCVA Slep On 25,627.697 6,543 3,089,383 12,000 22.412,717 4,505 2.717,507 12,000 Support Serv¢8S Support SeNi¢8s 20,508 2,829 5,117 Support Services Support Services 947,419 1,802 934,834 7,207 Support Services 37,500 50,000 Support Servres Support Servt¢es 6,167 259,531 2,833 235,438 Support Services Support Services Support Services 1.192.408 5.621 5.931 5.075 63,656 22,366 116,160 4,213 44,318 22,368 232,￿3 12,638 2,860 10,574 31,311 18,034 Support Service5 Support Services Support Services Support Services 6,309 37,731 46,394 67.291 7,210 16,969 30,301,428 28,064,307 Page17 continued...

Innovate Tru8t Ltd Notes to the Finaneial Ststements - continued for thp Year Ended 31 March 2024 Charitsble activitifrs costs Support costs {see note 61 Direct Costs Totsl8 Support Services 27,836,211 3,144,457 30,980,668 Support ¢08ts Governance cost8 othor Totsls Support Servic£s 3,129.048 15,411 3,144,457 Support costs, includtrd in the above, are as follow5.. 2024 Support SeThico8 2023 Total activitlo0 Wages Rent and Tales Insurance Light and heal Tekphone Advertising and printing Sundries Volunteer e>penses Staff training Repairs and maintenance Computer SO￿are & support Office cleaning Travel and subsistence Legal and professional fee5 8ad debts Depreaalion ol tangible fixed assets Auditors, remuneration Auditors. remuneration for non audit work Meeting expense 2.051 ,815 83,211 215,832 12,952 51,566 88,787 46,779 1,573, 397 83.796 205,531 7,336 46,572 51.781 46.815 4.056 63,476 16,757 211,063 6,016 90.190 103,481 650 14,223 13,500 1,500 1,065 42,414 7,905 344.401 7,933 27,738 135,587 1,349 10,777 12,CE6 1 ,500 1,845 3,144,457 2,541,205 Net Incomgllexpenditure) Nel incomellexpenditurel is slal•d after chargingllcreditingl.. 2024 2023 Auditors. remuneration Audit¢rs' remuneration for non audit work Depreaalion - owned assets Oeficil on disposal of fixed assets 12,C66 1 ,500 35,268 13,500 1,500 35,553 1,145 Page 18 continued...

Innovate Trust Ltd Notes to the Financial Ststements- continued for the Year Ended 31 March 2024 Trustees. remunerntion and benefFt8 The Trustees received no remuneralion during the year nor in the year ended 31 March 2023. Trustees. expenses Expenses tolalling £1,84512023.' £1,065} were reimbursed lo Trustee$ for costs incurred Iltending meetings. Staff co818 2024 2023 Wages arK* salaries Social security costs Olhei pension eosls 22,616,703 1,946.132 740,241 18,966,153 1,800,665 619.543 25,303,076 21,386,361 The ave¥age monthly number of empby¢es during the year was as follows.. 2024 84 886 2023 73 767 Central Offi¢e Adminislralion Direct charitabl8 employees 970 840 The number of employees whose employee benefits lexduding employer pension costs) oxceeded £60,000 was,. 2024 2023 £80,001 - £90.000 £120,000-£130,(100 During the year the charity paid key management gross salaries and benefits lolalling £482,128 (2023., £448,828). Key management are considered lo be 6 individuals who dirèctly impact upon the strategic direction of the Charity 10. ComparatSve8 lor th• 8tstement of finan¢5al actlvltle8 Unre8trietod fund8 Restrictsd fund8 Tolal fund• Income and endowmgnts fmm Donations and legacies 2.650 2,650 harltable activitie8 Support Services 4,169,179 23,895,128 28.064,307 Investment income Other income 46,467 905 46.467 905 Totsl 4,219,201 23.895,128 28,114,329 EXpendi￿rI on Charitable a¢ti¥itie8 Support SeNices 4,219,338 23,935,766 28,155,104 NET INCOMEIIEXPENDITUREI 11371 140.6381 140,7751 Reconciliation of funds Total funds brought fowdrd 1,721,797 2,020,896 3.742,693 Page19 continued...

Innovate Trust Ltd Note8 to the Financial Ststèmpnts . continugd for the Year Ended 31 March 2024 10. Comparatives for th8 Statement of financial activitigs - contlnued Unrestricted funds Restricted funds Totsl funds Totsl fund8 carrled forward 1,721,660 1,980,258 3,701,918 11. Tangible fixed a6set$ Frgghold propgrty Short Ioasehold Computer Equipment Cost Ai 1 ￿ri12023 Additions 586,463 22,649 121,017 Al 31 March 2024 586,463 22,649 121,017 Depreciatlon Al 1 April 2023 Charge for year 329,083 9.299 22,649 120,501 516 At 31 March 2024 338.382 22,649 121,017 Net book value Al 31 March 2024 248,081 Al 31 March 2023 257,380 516 Flxtur68 and fittings Motor vohicles Totsls C08t Al 140ri12023 Additions 34.369 13.811 126,166 890.664 13,811 At 31 March 2024 48,180 126,188 904,475 Depreclation Al 1 April2023 Charge lor year 29,322 5,872 76,883 19,S81 578,438 35,268 Al 31 March 2024 35.194 96,464 613,706 Nfrt book valu• Al 31 March 2024 12,986 29,702 290.769 Al 31 March 2023 5,047 49,283 312,226 Page 20 continued...

Innovate Trust Ltd Notes to the Financial Ststements- continued for thè Year Ended 31 March 2024 12. Debtors.. amounts fallin9 duè within one year 2024 2023 Trade debtor5 Other debtors Pfep8ymenl$ and accrued income 893,730 24,931 1,431,507 726,098 54,285 1,195,694 2,350,168 1,976.077 13. Cr8dltors: amounts falling due wlthln One year 2024 2023 Trade creditors Social security and other taxes VAT control accoLtnl Other creditors Money owed lo scheme accounts Accruals and deferred income 161 ,508 469,719 3.969 1.246.938 324,783 586,972 435.066 346,125 3,878 1,132,389 333.953 842,108 2,793,889 3,093,519 Defe￿ed income brought fol￿rd Amounts rebased lo incoming resources Amounts deferred in the year 475,605 1468,4151 487,712 474.059 1479,1771 475,605 Oeferred income ¢arri6d fotW8rd 494,902 475,605 Deferrod income reble$ to grants received in advanr* al the end of each year. Crndltorn.. amount8 falling due altsr more than onè ￿ar 14. 2024 2023 Other ¢￿ditorS 450,000 320,000 15. L•a8ing agfeomonts Minimum lease paym8nl$ under non-cancellable oFerab'ng leases fall due as lollow$'. 2024 2023 Within on• year Be￿een one and five years In more than five years 38.649 1 $4,596 237.709 13,741 10,306 430,954 24,047 Lease payments recognised as an expense in the year lola116d £13,741. Page21 continued...

Innovata Trusl Ltd Notès to the Financial Statements - continugd for thè Year Ended 31 March 2024 16. Movement in funds Net movement In funds At 31.3.24 At 1.4.23 Unrestri¢ted funds General fund 1,721,660 1185,2281 1,536,432 R•8trictsd funds Lccal Authority ￿ndIng Annual Chairs grant Capital Grants Tenant Contribution 1,724,317 1,045 253,855 1,041 1366,1321 112 {9,2991 1,638 1,358,185 1,IS7 244,556 2.679 1,980,258 1373,6811 1.606,577 TOTAL FUNDS 3,701,918 1558,9091 3,143,009 Nel movement in funds, included in the above are as follows.. Incomlng resources R•sources expendod Movomont In fund8 Unrestricted funds General fund 3,471.339 13,656,567) 1185,2281 Re8tricted f und$ Local Authority fijnding SVC (Skills and Volunteering CYMNI All Wales Strategy Grant Annual Chairs 9ranl WCVA - Volunteering in Wales Children'5 Servic£s The Waterloo Foundation Capital Grant$ WLYA ESF (Take Chaigel Tenant ConlribulDn Supporting People Grant- SPG WCVA Landfill Disposal Tax Scheme Glamorgan Volu nlary SerMc8s National Lollery Grant National Lottery Community Fund Heart Research UK Welsh Government Democratic Engagement Grant Missions and Mindsets UK Resear¢h and Innovation 25,502.589 37,500 259,478 5,931 63.656 22,366 4,213 125.868,7211 137,5001 1259,4781 15,8191 163,6561 122,3661 14,2131 19,2991 16,3091 14.505} 1947.4191 118,0341 16,1671 133,2771 14.4541 11,8021 1366.1321 112 19,299} 6,309 6,143 947,419 18,034 6,167 33,277 4,454 1,802 1,638 20.508 120,5081 10,574 110,5741 26,950,420 127,324.1011 1373,6811 TOTAL FUNDS 30,421,759 130,980,6681 1558,9091 Page 22 continued...

Innovats Trust Ltd Notes to the Financial Ststements - continued lor the Year Ended 31 March 2024 16. Movement in funds- continu8d Comparatlvès for movement in lunds Net movement In fund8 At 31.3.23 At 1.4.22 Unrestri¢ted funds General fund 1,721,797 11371 1,721,860 Re8tri¢tsd f unds Local Aulhorrty funding Annual Chairs grant Capital Grants Ac*'ve Inclusion Funding Tenant Contribution 1,759,716 737 263.154 13.752} 1,041 135,3991 308 19,2991 3,752 1,724,317 1,045 253,855 1,041 2,020.896 140,6381 1,980.258 TOTAL FUNOS 3.742.693 140,7751 3,701,918 Comparatsve nel movement in lunds, included in the above ar8 as follow5.. Incomlng re8our¢e8 Ro$ources èxpended Movèment In fund8 Unra$tricted fund8 General fund 4,219,201 {4.219.3381 1137} Restrlct&d funds Local Aulhorrty fijnding SVC (Skills and Volunleerir¥J CYMNI All Wales Strategy Grant Annual Chairs grant WCVA - Volunteering in Wales Children's Services The Vvalerloo Foundation Capital Grants Active InclusK)n Funding WCVA ESF (Take Charg81 Tena nl ConlribuliL)n Supporting People Granl- SPG WCVA Landfill Disposal Tax Scheme Glamorgan Voluntary SeMc95 C3SC Hau Third Sector Fund National Lollery Grant Welsh Govemmenl Democratic Engagement Grant Heart Research UK 22,403,533 50.000 235,438 5,620 44,318 22,366 12,638 122,438,932) 150,(X)01 1235,4381 15,3121 144,3181 122.3661 112,6381 19,2991 113,2171 146.3941 14,5051 1934,6341 131,3111 12,8331 12,8601 167,2921 135,3991 308 16,969 46,394 4,505 934,634 31.311 2,833 2,880 67,292 19,2991 3,752 7,210 7,207 17,2101 17,2071 23,895,128 {23,935.7661 140,6381 TOTAL FUNDS 28.114,329 {28,155.104) 140,7751 General funds are available for use at the trustees, discretion in fvrtheran¢e of the objectives of the charrty. Local Authority Funding - FunditYJ lo support Community Living. Capital Grant is related lo the funding of Property. These funds are being released to unrestricted funds over the useful life of the assets concerned. Supporting People Grant ISPG}- funding to help vulnerable people lo live as in¢Jependenlly a$ possible. SVC (Skills and Volunteering Cymru}- funding from RCT lo develop and maintsin volunteering opporlunilies and activities for adults with additional needs and communitylsludenl-volunteer3. Page 23 continued...

Innovate Trust Lid Notes to the Financial Statgments - Continued for the Year Ended 31 March 2024 16. Movement in funds- continued All Wales Strategy Grant- funding to support people with learnin9 disabilities to lead indeFendenl live5 within Iht community linduding 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 activitie5 for people wth learning disabilities in the Cardiff area. Children's Services - Enabling sttjdent-volunteers to provide skills development and enrichment lo children with disabili118s across Cardiff. Active Inclusion and WCVA ESF - funded by Wa￿8 Council for Voluntary Ath'on with finance from the European Social Fund that is delivered via the Welsh Government. The aims are. tackling poverty and sooal exclusion, by increasing labour market participation and helping people lo access sustainable employment (for over 25sl and 'youlh employment allainmenl, (for 16-24-year olds). 11 funds three projects within Innovate Trust. Take Charge Cardiff and Vale, Take Charge RCT and Slep On. The funding enables us lo provide training and 5UPPOrt for dISab￿d people lo enable them lo stsrt their journey into employment. Tenant contribution - EAS service users, contributions towards food and ulilily. WCVA Landfill DBposal Tax Community Scheme (Boosting Nature project) Boosting Nature provides opportunities for adults with leaming disabilities lo lake part in vital environmental Impr0￿Ment work wlhin Cardiff and Vale of Qamorgan communities lo¢aled near certain waste transfer 51alions and landfill sile$. 'Supported by Glamorgan Voluntary SeNic6s through the Welsh Govommenl Connected Communilies.. Loneliness and Social Isolation Fund, for the provision of a twelve-monlh programme ol yoga classes that are largeled al those people wlh leaming disabilities who are al risk of lonelines8 and isolation. Glamorgan Voluntary S¢rvic£s IGVSI Loneliness and Isolation Fund 2023 To provide a new servic£ consBling of a programme ol new and exciting acliMlie5 for people with leaming disabilits'es lo participate in, these include.. Bollyw)od Dancing, Zumba, Crafts, Karaoke, Knit and Naller. C3SC - Activities for Neuf¢xliverse and Young adults with leaining disabilities. Supported by Cardiff Third Sector Council through Hau Third Sector Fund 2022123 in partnership wlh Cardiff Council and Vale of Glamorgan Council. The National Lottery Community Fund. Susl8in?ble Steps - Enabling People wlh learning disabilities lo take practical measures in their own homes and in the community lo milwale climate ¢hange. The Nationa l Lollery Community Fund - People and Places - Insight app enabling the Insight app to reach out lo the wider community of people with learning disabilibes living in Wales. The National Lollery Community Fund - People and Pla￿$ - Duilal Response to the Covid-19 pandemic ensuring people with learning disabilities have access and can use the technology lo keep in Contact with one another, their families and friends. National Lottery - Happy Hearts project grant for people with learning dL8abililie$, promoting healthy sexual relationships. The Vale of Glamorgan Strong Communities Grant Fund - supports adults with learning disabilities lo lake part in environmental improvement worf( in the River Thaw ealchmenl are8. Supported by Cardiff & Vale Health Charity through the Third Sector FurKJ Grant Scheme, for the Restore the Thaw Project. Waterfoo Foundation lo restart the Porthkerry Park project lo provide valued work expertence and volunteering opporlunilies for people with learning disabilities. RCT - Housing Support Grant lor the provision of online luilion In technology for people with learning dLsabililie$ in the Rhondda Cynon Taf area. Heart Research UK To build the physical and mental health and well-being of people with learning disabilities encouraging people lo live a hea Ilhy lifestyle. for example.. physical exercise, correct diet, how to cook nulrilional meals, limiting alcohol intake and the importance of soeial ne￿rkS lo help mainlain well-being Missions and Mindsets and Mlssions - Museums Asso¢ralion - Wort(ing in partnership with PurpleSTARS, people with baming disabilities in Wales will develop a new inleraclive museum display that will help parts'cipanls lo experrence their Welsh Cultural Heritage. Page 24 continued...

Innovat• Trust Ltd Not¢s to the Financial Ststemgnts - continued for the Year Ended 31 March 2024 16. Movement in funds- continued Regional Integration Fund of the Vale Council To offer individuaL8 with a learning disability from across the county, a chance lo expand their knowledge and understanding of relationships through a wide range of bespoke courses. Welsh Govemmenl Democrati¢ Engagement Grant - The project aims lo educate parlicipanls about democracy. local and national government elections, and lo boost voter registration and lurnoLtI amongst people with Learning Disabilities. WCVA Volurleering in Wales - Strategic Grant Fund Insight Inve51igalors - To identify how online voluntary action can miligale the risk of loneliness and isolat'on amongst people with learning disabilities, especially those who have drfficulty wlh accessing mainstream activities in the community. WGVA - Volunteering in Wales - Strategic Grant Fund - Volunteer Hub - The aim of the proje¢l is lo open-up the volunteering landscape for people with leaming disabililie5. making il more accessible and inclusive through the removal of barriers. 17. Employee benefit obligatlons The ¢harrty operates a defined contribution scheme. The pension costs charge for the year represents conlnbulions payable by tha charity lo the scheme and amounted to £740,25112023'. £619,543). There was £128,640 outslanding12023.' £NILI at th• end ol the financial year. Relatsd party di8clo$ure8 18. Entitles wlth a Common Tru$t•• - Skills & Volunteering Cymru ISVCI The following Iran$a¢lions were made wlh related parties dLtrrirvJ the yeaf.. 2024 185.215 151.892 13,215 500 Income from related party in the year Expenditure lo related party in the year Amount$ owed from related party al yearnd Amounts owed to related party al year-end 2023 173,310 176,624 125,925 35 19. M•mbern Ilabillty The charity 18 a private company limited by guarantee and consequently doe5 not have share capital. Each of the members is liable lo contribute an amount not exceeding £ I towards the assets of the ¢hafily in the event of liquidabon. Pag8 25