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.
t*veloping high quality innovative servic88 that reflect the core values of the organisalion and meet the needs of
disabled people.
C*vel¢¥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.$93,009
4.021,918
CTeditorn
Amount5 falling dlte after more than one y*ar
14
1450,000)
1450.0001
1320,0001
NET ASSETS
1.536,432
1.606,577
3,143.009
3,701,918
Fund8
Un restricted funds
Restricted funds
16
1.536,432
1,606,577
1,721,660
1,980,258
Total fund•
3,143,009
3,701.918
The financial slalen*nls wère approved by the Board of Trustee$ 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 Statew*nts
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 fL*ture 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 Volur*leering 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 year*nd
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