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← Innovate Trust Ltd

2025-03-31-accounts

Docusign Envelope ID: 08699E5E-2280-42EB-86F8-7DEFD791F46F

REGISTERED COMPANY NUMBER: 02493904 (England and Wales) REGISTERED CHARITY NUMBER: 1010541

Report of the Trustees and

Financial Statements for the Year Ended 31 March 2025

for

Innovate Trust Ltd

Docusign Envelope ID: 08699E5E-2280-42EB-86F8-7DEFD791F46F

Innovate Trust Ltd

Contents of the Financial Statements for the Year Ended 31 March 2025

Page
Report of the Trustees 1 to 7
Report of the Independent Auditors 8 to 10
Statement of Financial Activities 11
Balance Sheet 12
Cash Flow Statement 13
Notes to the Cash Flow Statement 14
Notes to the Financial Statements 15 to 25

Docusign Envelope ID: 08699E5E-2280-42EB-86F8-7DEFD791F46F

Innovate Trust Ltd (Registered number: 02493904)

Report of the Trustees for the Year Ended 31 March 2025

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Objectives and activities

Objectives

The objectives for which the company is established are:

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

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

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

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

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

Services

Page 1

Docusign Envelope ID: 08699E5E-2280-42EB-86F8-7DEFD791F46F

Innovate Trust Ltd (Registered number: 02493904)

Report of the Trustees for the Year Ended 31 March 2025

Objectives and activities The main activities include:

Public benefit

We review our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work in the previous twelve months. The review looks at the success of each key activity and the benefits of providing relief of poverty and distress amongst persons suffering from disability or sickness particular learning disability, physical disability and mental health. The review also helps us ensure our aims, objectives and activities remained focused on our stated objectives. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities thus ensuring that it continues in its stated purpose

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Docusign Envelope ID: 08699E5E-2280-42EB-86F8-7DEFD791F46F

Innovate Trust Ltd (Registered number: 02493904)

Report of the Trustees for the Year Ended 31 March 2025

Strategic report Achievements and performance Charitable activities

We began the year 2024-25 with a new and expanded twelve year Supported Living Service contract in Rhondda Cynon Taf. For this reason and through our expansion in the wider community, we further increased the offer of in-person activities and opportunities through the 'Events' section of our 'Insight' app. This not only served to increase opportunities for those individuals we supported directly, but also to offer free activities to new individuals from across the UK. This saw the number of members of 'Insight' increase to over two thousand members from the Learning Disability and Neurodivergent communities. We also continued our mission to increase Digital Inclusion and the knowledge and skills of both those we support and the wider community. We also continued with the expansion and training of individual members of 'Insight' to run sessions on their own and with a self-named Group on 'Insight' known as the 'Peer Led Team', who run around half of all live events on the App. Our Participation and Skills and Wellbeing Teams expanded and diversified in-person opportunities for more people as did our partners at Skills and Volunteering Cymru (SVC).

We continued to work closely with Cardiff and the Vale of Glamorgan and Rhondda Cynon Taf Councils across the full range of our projects and services. We worked closely with these councils to develop new Supported Living Services and other provisions, harnessing new and emerging technologies to enable and expand individual's independence in previously unachievable ways. It is the responsibility of these three local authorities to ensure the Supported Living Services that we manage are both provided for and meet the requirements of the contract arrangements agreed with Innovate Trust in 2019, 2021 and 2024) respectively.

The organisations staffing levels remained at almost 1,000 individuals over the last few years. We continued to contain our geographical spread to a twenty-mile radius of our head office, ensuring support was never too far away. We continued to engage with all the individuals we were supporting across the three local authorities and sought to expand their opportunities wherever possible. In addition, we continued to build on our expanded support in Rhondda Cynon Taf, with the expansion of alternative daytime opportunities supported by our volunteer partnership project with the University of South Wales.

In the Vale of Glamorgan, we also expanded such services, adding new conservation and technology projects together with increased training opportunities in life skills and intimate personal relationships. In Cardiff we expanded our sporting and outdoor activity and conservation projects with the introduction of a number of new and exciting activities and events. We also expanded our volunteer projects to include as many individuals as possible. Again, all of these services offered Digital content, videos, live sessions and streaming. Here too we continued to push the boundaries to increase people's potential for independence through the use of technologies. Our ground-breaking work and expanded partner base led to new research projects with Cardiff University, together with the expansion of our Smart House innovations.

We continued to expand our knowledge of freely available consumer technologies in order to explore the increasing possibilities of the Internet of Things, which could lead to individuals we support attaining greater levels of independence in the future. We also set up specific partnerships with a number of local authority departments and a plethora of organisations in Wales and the UK. In addition, we were commissioned to assist with several Smart House project developments in several Welsh Local Authority areas. We also further developed, trialled, and rolled out our aforementioned safe social media and digital activities app 'Insight', through which, we supported individuals from 46 counties from across the UK.

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

On a number of occasions, we successfully applied for new funding streams to support and potentially expand our services; these funds were due in both 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 funders than in previous years, and to rectify this position, we set aside funds in 2023-2024 to address our increasing deficit, to restructure our staffing, and to ensure an improving position in 2024-2025.We have also continued to invest a considerable amount of time and resources in the development of new service provision. We do expect to reap the benefits of this work in the forthcoming year with the development of, true to our name, both new and innovative projects and services. Throughout these processes we believe we have continued to maintain our reputation as a local provider, but with an increasing national influence, of high quality and consistent support, with a friendly feel and an approachable non-hierarchical organisational culture.

Page 3

Docusign Envelope ID: 08699E5E-2280-42EB-86F8-7DEFD791F46F

Innovate Trust Ltd (Registered number: 02493904)

Report of the Trustees for the Year Ended 31 March 2025

We have, as always, been impressed with the way our staff rose to the challenges of the year together with the intuition and commitment they have shown under exceptionally difficult circumstances. And again, we have continued to be impressed by the hard work and dedication of all our staff throughout the year. We know how committed they are, and I would like to take this opportunity to thank them all both personally and on behalf of the whole Board of Trustees. The Board and staff of Innovate Trust are fully committed to development and diversification and although the next year will undoubtedly be extremely challenging, we believe this is a challenge to which we are equal.

We continue to review our investment strategy looking at short, medium and long term approaches to ensure best use is made of the growing asset base.

Financial review

Investment powers

An investment strategy will be developed in the medium to long term to ensure best use is made of the growing asset base. The new Charity Commission regulations on investment will enable the Board of Management to invest in a wide range of investment vehicles, including those that provide capital growth rather than income, such as the Stock Market. This will enable them to obtain better returns on investments whilst continuing to minimise risk.

Under the Memorandum and Articles of Association the Charity has the power to make any investment but only after obtaining advice from a financial expert and having regard to the suitability of investments and the need for diversification.

Reserves policy

The charity's policy is to secure a 60 day liquid reserve to cover the daily cash-flow requirements and a further 120 day reserve to cover the medium term liabilities should the charity lose any part of their contract work. The majority of the local authority funding is used to support service users and is restricted on geographical grounds. The current level of free reserves after excluding the amount invested in unrestricted fixed assets, designated funds and restricted funds amounted to £1,164,055.

The trustees have carried out a full assessment of the risks to the Charity, and have formulated policies for identifying and managing risks and are determining the level of general funds that are required to cover these risks. The level of general funds needs to be at a level which will cover additional staffing costs including redundancy, maternity, long-term sickness and also provide the Charity with sufficient resources to deal with any loss of grant funding. It has been estimated that the level required equates to six months overheads

Principal risks and uncertainties

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

The Trustees have continued to review, analyse, and discuss, both the existing and future contract commitment risks to the organisation, related to any loss of funding and/or increased inflationary pressures. With three long term Local Authority Supported Living Contracts making up more than ninety five percent of the organisation's income, and with increases directly linked to the Consumer Price Index; combined with the fact that the services provided are deemed as 'essential'. The Trustee's do not consider that the organisations current, or future medium-term funding is under any significant risk, that is reasonably foreseeable.

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Docusign Envelope ID: 08699E5E-2280-42EB-86F8-7DEFD791F46F

Innovate Trust Ltd (Registered number: 02493904)

Report of the Trustees for the Year Ended 31 March 2025

Strategic report

Future plans

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

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

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

It is our implicit intention to provide the knowledge and tools to transform the way elements of support are provided and to maximise people's independence in any way we can. We see our 'Insight' App as a key part of this process, to open up people's worlds and allow them to meet others, interact, share ideas and expand horizons. We hope that 2024-2025 will see our thinking expand and impact on the wider sector, challenging preconceptions and leading to the Digital Inclusion and skills expansion of many. Some people are not currently supported to engage in such a manner, but we believe everyone should have the right to be Digitally Included and benefit from the multifaceted benefits that can be derived from such interactions; be these known today or still to be developed tomorrow.

Structure, governance and management Governing document

The Charity is a company limited by guarantee, registration number 02493904 and is governed by its Memorandum and Articles of Association. It is also registered with the Charity Commission, number 1010541. The Trustees are also the Board of Management of the Charity. The trustees nominate prospective trustees who are officially accepted at the Annual General Meeting.

Recruitment and appointment of new trustees

Trustees are appointed from volunteers and any other interested parties.

Organisational structure

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

Induction and training of new trustees

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

Key management remuneration

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

Related parties

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

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and errors, these are detailed within the strategic report.

Page 5

Docusign Envelope ID: 08699E5E-2280-42EB-86F8-7DEFD791F46F

Innovate Trust Ltd (Registered number: 02493904)

Report of the Trustees for the Year Ended 31 March 2025

Reference and administrative details Registered Company number 02493904 (England and Wales)

Registered Charity number 1010541

Registered office

433 Cowbridge Road East Canton CARDIFF CF5 1JH

Trustees

C Davies - Chair G E Powell - Vice Chair D Pratt J Rumble - Treasurer E L Board Davies K O'Neil H Morris (resigned 2.10.25) S J Smith S Andrews H Smith

Chief Executive

N J French

Auditors

Menzies LLP, Statutory Auditors 5th Floor Hodge House 114-116 St Mary Street Cardiff CF10 1DY

Funds held as custodian for others

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

Disabled employees

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

Statement of trustees' responsibilities

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

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

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Docusign Envelope ID: 08699E5E-2280-42EB-86F8-7DEFD791F46F

Innovate Trust Ltd (Registered number: 02493904)

Report of the Trustees for the Year Ended 31 March 2025

Statement of trustees' responsibilities - continued

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

In so far as the trustees are aware:

Auditors

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

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalf by: 17-Dec-2025

........................................................................ F35607FC0492408...

C Davies - Trustee

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Docusign Envelope ID: 08699E5E-2280-42EB-86F8-7DEFD791F46F

Report of the Independent Auditors to the Members of Innovate Trust Ltd

Opinion

We have audited the financial statements of Innovate Trust Ltd (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

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

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

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Docusign Envelope ID: 08699E5E-2280-42EB-86F8-7DEFD791F46F

Report of the Independent Auditors to the Members of Innovate Trust Ltd

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our planning procedures identify the legal and regulatory frameworks applicable to the operations and financial statements of the company. These are reviewed internally with the audit team including relevant industry experience and expectations as well as externally with the client management. The key laws and regulations we considered in this context were the UK Companies Act 2006, Charities SORP ( FRS 102) 'Accounting and Reporting by Charities:Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard Applicable in the UK and Republic of Ireland', UK GAAP (FRS 102) and relevant tax legislation.

Once identified, we assess the risks of material misstatements in relation to the laws and regulations, irregularities, including fraud and adjust our testing accordingly. Our audit procedures include:

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

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

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Docusign Envelope ID: 08699E5E-2280-42EB-86F8-7DEFD791F46F

Report of the Independent Auditors to the Members of Innovate Trust Ltd

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Victoria Carter (Senior Statutory Auditor) for and on behalf of Menzies LLP, Statutory Auditors 5th Floor Hodge House 114-116 St Mary Street Cardiff CF10 1DY 18-Dec-2025 Date: .............................................

Page 10

Docusign Envelope ID: 08699E5E-2280-42EB-86F8-7DEFD791F46F

Innovate Trust Ltd

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2025

Notes
Income and endowments from
Donations and legacies
2
Charitable activities
4
Support Services
Investment income
3
Total
Expenditure on
Charitable activities
5
Support Services
NET INCOME/(EXPENDITURE)
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Restricted
funds
funds
£
£
3,688
-
3,809,330
29,341,622
101,810
-
3,914,828
29,341,622
4,248,806
28,870,201
(333,978)
471,421
1,536,432
1,606,577
1,202,454
2,077,998		 2025
Total
funds
£
3,688
33,150,952
101,810
33,256,450
33,119,007
137,443
3,143,009
3,280,452		 2024
Total
funds
£
4,017
30,301,428
116,314
30,421,759
30,980,668
(558,909)
3,701,918
3,143,009

The notes form part of these financial statements

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Docusign Envelope ID: 08699E5E-2280-42EB-86F8-7DEFD791F46F

Innovate Trust Ltd (Registered number: 02493904)

Balance Sheet 31 March 2025

2025 2024
Unrestricted Restricted Total Total
funds funds funds funds
Notes £ £ £ £
Fixed assets
Tangible assets 12 38,399 235,257 273,656 290,769
Current assets
Debtors 13 1,996,035 - 1,996,035 2,350,168
Cash at bank and in hand 2,130,542 1,842,741 3,973,283 3,745,961
Creditors 4,126,577 1,842,741 5,969,318 6,096,129
Amounts falling due within one year 14 (2,478,398) - (2,478,398) (2,793,889)
Net current assets 1,648,179 1,842,741 3,490,920 3,302,240
Total assets less current liabilities 1,686,578 2,077,998 3,764,576 3,593,009
Creditors
Amounts falling due after more than one year 15 (484,124) - (484,124) (450,000)
NET ASSETS 1,202,454 2,077,998 3,280,452 3,143,009
Funds 17
Unrestricted funds 1,202,454 1,536,432
Restricted funds 2,077,998 1,606,577
Total funds 3,280,452 3,143,009

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 17-Dec-2025

............................................. F35607FC0492408... C Davies - Trustee

The notes form part of these financial statements

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Docusign Envelope ID: 08699E5E-2280-42EB-86F8-7DEFD791F46F

Innovate Trust Ltd

Cash Flow Statement for the Year Ended 31 March 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Sale of tangible fixed assets
Interest received
Net cash provided by investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2025
£
131,074
(7,912)
123,162
(8,241)
10,591
101,810
104,160
227,322
3,745,961
3,973,283		 2024
£
(1,175,921)
(7,755)
(1,183,676)
(13,811)
-
116,314
102,503
(1,081,173)
4,827,134
3,745,961

The notes form part of these financial statements

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Docusign Envelope ID: 08699E5E-2280-42EB-86F8-7DEFD791F46F

Innovate Trust Ltd

Notes to the Cash Flow Statement for the Year Ended 31 March 2025

1.
Reconciliation of net income/(expenditure) to net cash flow from operating activities
2025
£
Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
137,443
Adjustments for:
Depreciation charges
25,354
Profit on disposal of fixed assets
(10,591)
Interest received
(101,810)
Interest paid
7,912
Decrease/(increase) in debtors
354,133
Decrease in creditors
(281,367)
Net cash provided by/(used in) operations
131,074		 2024
£
(558,909)
35,268
-
(116,314)
7,755
(374,091)
(169,630)
(1,175,921)

2. Analysis of changes in net funds

Net cash
Cash at bank and in hand
Total		 At 1.4.24
£
3,745,961
3,745,961
3,745,961		 Cash flow
£
227,322
227,322
227,322		 At 31.3.25
£
3,973,283
3,973,283
3,973,283

The notes form part of these financial statements

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Docusign Envelope ID: 08699E5E-2280-42EB-86F8-7DEFD791F46F

Innovate Trust Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

1. Accounting policies

Basis of preparing the financial statements

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

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2019.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Critical accounting judgements and key sources of estimation uncertainty

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

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

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

Income

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

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

Investment income is recognised on a receivable basis.

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

Revenue grants are recognised in the period in which the expenditure to which they relate is incurred.

Where there are conditions attached to the use of these grants they are credited to the restricted fund. All other revenue grants are included in the general fund in unrestricted funds.

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

Expenditure

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

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

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

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

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Docusign Envelope ID: 08699E5E-2280-42EB-86F8-7DEFD791F46F

Innovate Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

1. Accounting policies - continued

Governance costs

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

Tangible fixed assets

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

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

Individual fixed assets costing £2,500 or more are initially recorded at cost.

Taxation

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

Fund accounting

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

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

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

Pension costs and other post-retirement benefits

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

Debtors

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

Government Grants

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

Cash at bank and in hand

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

Creditors and provisions

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

Financial instruments

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

Page 16

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Docusign Envelope ID: 08699E5E-2280-42EB-86F8-7DEFD791F46F

Innovate Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

2. Donations and legacies

Appeals and donations
3.
Investment income
Deposit account interest
4.
Income from charitable activities
Activity
Local Authority funding
Support Services
Heritage Lottery Fund
Support Services
Welsh Water DWR
Environmental Fund
Support Services
Tenant Contribution
Support Services
Housing Benefit
Support Services
Property rent
Support Services
Welsh Government
Democratic Engagement
Fund
Support Services
Training courses
Support Services
Supporting People Grant -
SPG
Support Services
C3SC
Support Services
Heart research UK
Support Services
SVC (Skills and Volunteering
Cymru)
Support Services
Glamorgan Voluntary
Services
Support Services
All Wales Strategy Grant
Support Services
Annual Chairs grant
Support Services
Strong Communities Vale
Support Services
WCVA - Volunteering in
Wales
Support Services
Children's Services
Support Services
Misc grants and other income
Support Services
The Waterloo Foundation
Support Services
Missions & Mindsets UK
Support Services
RCT- Housing Support Grant
Support Services
Take Charge in Cardiff and
Vale
Support Services
The National Lottery
Support Services		 2025
£
3,688
2025
£
101,810
2025
£
27,935,113
18,296
5,429
9,500
3,502,473
12,000
-
12,435
1,024,821
1,500
-
44,660
12,839
276,898
6,109
3,908
66,013
22,366
129,818
8,750
7,553
-
-
50,471
33,150,952		 2024
£
4,017
2024
£
116,314
2024
£
25,627,697
-
-
6,543
3,089,383
12,000
20,508
2,829
947,419
-
1,802
37,500
6,167
259,531
5,931
5,075
63,656
22,366
116,160
4,213
10,574
18,034
6,309
37,731
30,301,428

Page 17

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Docusign Envelope ID: 08699E5E-2280-42EB-86F8-7DEFD791F46F

Innovate Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

5. Charitable activities costs

Support Services
6.
Support costs
Support Services
Support costs, included in the above, are as follows:
Wages
Rent and rates
Insurance
Light and heat
Telephone
Advertising and printing
Sundries
Staff training
Repairs and maintenance
Computer software & support
Office cleaning
Travel and subsistence
Legal and professional fees
Bad debts
Depreciation of tangible fixed assets
Auditors' remuneration
Auditors' remuneration for non audit work
Meeting expense
7.
Other
Support costs
8.
Net income/(expenditure)
Net income/(expenditure) is stated after charging/(crediting):
Auditors' remuneration
Auditors' remuneration for non audit work
Depreciation - owned assets
Surplus on disposal of fixed assets		 Direct
Costs
£
30,335,242
Other
£
2,766,318		 Support
costs (see
note 6)
£
2,783,765
Governance
costs
£
17,447
2025
Support
Services
£
1,698,387
132,625
178,978
18,192
46,245
39,291
56,042
19,086
37,261
362,960
8,990
23,897
140,387
764
3,213
12,000
1,500
3,947
2,783,765
2025
£
2,783,765
2025
£
12,000
1,500
25,354
(10,591)		 Totals
£
33,119,007
Totals
£
2,783,765
2024
Total
activities
£
2,051,815
83,211
215,832
12,952
51,566
88,787
46,779
42,414
7,905
344,401
7,933
27,738
135,587
1,349
10,777
12,066
1,500
1,845
3,144,457
2024
£
3,144,457
2024
£
12,066
1,500
35,268
-

Page 18

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Docusign Envelope ID: 08699E5E-2280-42EB-86F8-7DEFD791F46F

Innovate Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

9. Trustees' remuneration and benefits

The Trustees received no remuneration during the year nor in the year ended 31 March 2024.

Trustees' expenses

Expenses totalling £3,947 (2024: £1,845) were reimbursed to Trustees for costs incurred attending meetings.

10. Staff costs

Wages and salaries
Social security costs
Other pension costs		 2025
£
24,784,093
2,245,944
883,518
27,913,555		 2024
£
22,616,703
1,946,132
740,241
25,303,076

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

Central Office Administration
Direct charitable employees		 2025
86
881
967		 2024
84
886
970

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

£80,001 - £90,000
£120,000-£130,000		 2025
2
1
3		 2024
2
1
3

During the year the charity paid key management gross salaries and benefits totalling £482,845 (2024: £442,128). Key management are considered to be 6 individuals who directly impact upon the strategic direction of the Charity.

11. Comparatives for the statement of financial activities

Income and endowments from
Donations and legacies
Charitable activities
Support Services
Investment income
Total
Expenditure on
Charitable activities
Support Services
NET INCOME/(EXPENDITURE)
Reconciliation of funds
Total funds brought forward		 Unrestricted
Restricted
funds
funds
£
£
4,017
-
3,351,008
26,950,420
116,314
-
3,471,339
26,950,420
3,656,568
27,324,100
(185,229)
(373,680)
1,721,660
1,980,258		 Total
funds
£
4,017
30,301,428
116,314
30,421,759
30,980,668
(558,909)
3,701,918

Page 19

continued...

Docusign Envelope ID: 08699E5E-2280-42EB-86F8-7DEFD791F46F

Innovate Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

11.
Comparatives for the statement of financial activities - continued
Unrestricted
funds
£
Total funds carried forward
1,536,431
12.
Tangible fixed assets
Freehold
property
£
Cost
At 1 April 2024
586,463
Additions
4,841
At 31 March 2025
591,304
Depreciation
At 1 April 2024
338,382
Charge for year
9,299
At 31 March 2025
347,681
Net book value
At 31 March 2025
243,623
At 31 March 2024
248,081
Fixtures
and
fittings
£
Cost
At 1 April 2024
48,180
Additions
3,400
At 31 March 2025
51,580
Depreciation
At 1 April 2024
35,194
Charge for year
3,523
At 31 March 2025
38,717
Net book value
At 31 March 2025
12,863
At 31 March 2024
12,986
13.
Debtors: amounts falling due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 Restricted
funds
£
1,606,578
Short
leasehold
£
22,649
-
22,649
22,649
-
22,649
-
-
Motor
vehicles
£
126,166
-
126,166
96,464
12,532
108,996
17,170
29,702
2025
£
410,694
40,607
1,544,734
1,996,035		 Total
funds
£
3,143,009
Computer
Equipment
£
121,017
-
121,017
121,017
-
121,017
-
-
Totals
£
904,475
8,241
912,716
613,706
25,354
639,060
273,656
290,769
2024
£
893,730
24,931
1,431,507
2,350,168

Page 20

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Docusign Envelope ID: 08699E5E-2280-42EB-86F8-7DEFD791F46F

Innovate Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

14. Creditors: amounts falling due within one year

==> picture [453 x 184] intentionally omitted <==

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£|£| |Trade creditors|375,655|161,508| |Social security and other taxes|524,279|469,719| |VAT control account|3,934|3,969| |Other creditors|650,895|1,246,938| |Money owed to scheme accounts|304,764|324,783| |Accruals and deferred income|618,871|586,972| |2,478,398|2,793,889| |Deferred income brought forward|481,207|601,871| |Amounts released to incoming resources|(479,362)|(601,871)| |Amounts deferred in the year|484,661|481,207| |Deferred income carried forward|486,506|481,207|

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

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

==> picture [471 x 41] intentionally omitted <==

----- Start of picture text -----
|||| |---|---|---| |15.|Creditors: amounts falling due after more than one year| |2025|2024| |£|£| |Other creditors|484,124|450,000|

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

16. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

==> picture [441 x 71] intentionally omitted <==

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£|£| |Within one year|38,649|38,649| |Between one and five years|154,596|154,596| |In more than five years|199,060|237,709| |392,305|430,954|

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

Lease payments recognised as an expense in the year totalled £38,649

17. Movement in funds

==> picture [441 x 166] intentionally omitted <==

----- Start of picture text -----
||||| |---|---|---|---| |Net| |movement|At| |At 1.4.24|in funds|31.3.25| |£|£|£| |Unrestricted funds| |General fund|1,536,432|(333,978)|1,202,454| |Restricted funds| |Local Authority funding|1,358,185|478,509|1,836,694| |Annual Chairs grant|1,157|105|1,262| |Capital Grants|244,556|(9,299)|235,257| |Tenant Contribution|2,679|2,106|4,785| |1,606,577|471,421|2,077,998| |TOTAL FUNDS|3,143,009|137,443|3,280,452|

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

Page 21

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Docusign Envelope ID: 08699E5E-2280-42EB-86F8-7DEFD791F46F

Innovate Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

17. Movement in funds - continued

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

Unrestricted funds
General fund
Restricted funds
Local Authority funding
SVC (Skills and Volunteering Cymru)
All Wales Strategy Grant
Annual Chairs grant
WCVA - Volunteering in Wales
Children's Services
The Waterloo Foundation
Capital Grants
Heritage Lottery Fund
Tenant Contribution
Supporting People Grant - SPG
Glamorgan Voluntary Services
C3SC Hau Third Sector Fund
National Lottery Grant
Vale Council - Strong Communities Grant
Missions and Mindsets UK Research and
Innovation
RCT - It All Adds Up
Welsh Water
TOTAL FUNDS		 Incoming
resources
£
3,914,828
27,782,510
37,500
276,898
6,108
66,013
22,366
8,750
-
18,296
9,500
1,024,821
12,839
1,500
50,471
3,908
7,553
7,160
5,429
29,341,622
33,256,450		 Resources
expended
£
(4,248,806)
(27,304,001)
(37,500)
(276,898)
(6,003)
(66,013)
(22,366)
(8,750)
(9,299)
(18,296)
(7,394)
(1,024,821)
(12,839)
(1,500)
(50,471)
(3,908)
(7,553)
(7,160)
(5,429)
(28,870,201)
(33,119,007)		 Movement
in funds
£
(333,978)
478,509
-
-
105
-
-
-
(9,299)
-
2,106
-
-
-
-
-
-
-
-
471,421
137,443

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
Local Authority funding
Annual Chairs grant
Capital Grants
Tenant Contribution
TOTAL FUNDS		 At 1.4.23
£
1,721,660
1,724,317
1,045
253,855
1,041
1,980,258
3,701,918		 Net
movement
in funds
£
(185,228)
(366,132)
112
(9,299)
1,638
(373,681)
(558,909)		 At
31.3.24
£
1,536,432
1,358,185
1,157
244,556
2,679
1,606,577
3,143,009

Page 22

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Docusign Envelope ID: 08699E5E-2280-42EB-86F8-7DEFD791F46F

Innovate Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

17. Movement in funds - continued

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

Unrestricted funds
General fund
Restricted funds
Local Authority funding
SVC (Skills and Volunteering Cymru)
All Wales Strategy Grant
Annual Chairs grant
WCVA - Volunteering in Wales
Children's Services
The Waterloo Foundation
Capital Grants
WCVA ESF (Take Charge)
Tenant Contribution
Supporting People Grant - SPG
WCVA Landfill Disposal Tax Scheme
Glamorgan Voluntary Services
National Lottery Grant
National Lottery Community Fund
Heart Research UK
Welsh Government Democratic
Engagement Grant
Missions and Mindsets UK Research and
Innovation
TOTAL FUNDS		 Incoming
resources
£
3,471,339
25,502,589
37,500
259,478
5,931
63,656
22,366
4,213
-
6,309
6,143
947,419
18,034
6,167
33,277
4,454
1,802
20,508
10,574
26,950,420
30,421,759		 Resources
expended
£
(3,656,567)
(25,868,721)
(37,500)
(259,478)
(5,819)
(63,656)
(22,366)
(4,213)
(9,299)
(6,309)
(4,505)
(947,419)
(18,034)
(6,167)
(33,277)
(4,454)
(1,802)
(20,508)
(10,574)
(27,324,101)
(30,980,668)		 Movement
in funds
£
(185,228)
(366,132)
-
-
112
-
-
-
(9,299)
-
1,638
-
-
-
-
-
-
-
-
(373,681)
(558,909)

General funds are available for use at the trustees' discretion in furtherance of the objectives of the charity. Local Authority Funding - Funding to support Community Living.

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

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

SVC (Skills and Volunteering Cymru) - funding from RCT to develop and maintain volunteering opportunities and activities for adults with additional needs and community/student-volunteers.

All Wales Strategy Grant - funding to support people with learning disabilities to lead independent lives within the community (including Respite Services, Insight App and the Field Days Organic project).

Annual Chairs Grant - To help fund a digital community platform for the provision of online events and activities for people with learning disabilities in the Cardiff area.

Children's Services - Enabling student-volunteers to provide skills development and enrichment to children with disabilities across Cardiff.

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

Tenant contribution - EAS service users' contributions towards food and utility.

Page 23

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Docusign Envelope ID: 08699E5E-2280-42EB-86F8-7DEFD791F46F

Innovate Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

17. Movement in funds - continued

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

'Supported by Glamorgan Voluntary Services through the Welsh Government Connected Communities: Loneliness and Social Isolation Fund' for the provision of a twelve-month programme of yoga classes that are targeted at those people with learning disabilities who are at risk of loneliness and isolation.

GVS Third Sector Small Grants Scheme £2,975 Community Action funded by the Shared Prosperity Fund for Porthkerry Park and Restore the Thaw environmental work.

GVS Third Sector Capital Grant Fund - Funding allocated by the Cardiff and Vale Regional Partnership Board from the Welsh Government's Housing with Care Fund' £6,864 for the purchase of Cameras and accessible camera equipment funded by the Cardiff and Vale Regional Partnership Board.

GVS Third Sector Small Grants Scheme Community Action funded by the Shared Prosperity Fund - £3,000 for community action and volunteering in the Vale

Glamorgan Voluntary Services (GVS) Loneliness and Isolation Fund 2023 - To provide a new service consisting of a programme of new and exciting activities for people with learning disabilities to participate in, these include: Bollywood Dancing, Zumba, Crafts, Karaoke, Knit and Natter.

The National Lottery Community Fund, Sustainable Steps - Enabling People with learning disabilities to take practical measures in their own homes and in the community to mitigate climate change.

National Lottery Community Fund, Green Careers, Stage One via Elite Supported Employment Agency as lead. Value. Preparing the application for stage 2, to enable people with learning disabilities to enter the green economy.

National Lottery - Happy Hearts project - grant for people with learning disabilities, promoting healthy sexual relationships.

The Vale of Glamorgan Strong Communities Grant Fund - supports adults with learning disabilities to take part in environmental improvement work in the River Thaw catchment area. Supported by Cardiff & Vale Health Charity through the Third Sector Fund Grant Scheme' for the Restore the Thaw Project.

Waterloo Foundation to restart the Porthkerry Park project to provide valued work experience and volunteering opportunities for people with learning disabilities.

RCT - Housing Support Grant - for the provision of online tuition in technology for people with learning disabilities 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 to live a healthy lifestyle, for example: physical exercise, correct diet, how to cook nutritional meals, limiting alcohol intake and the importance of social networks to help maintain well-being Missions and

Mindsets and MIssions - Museums Association - Working in partnership with PurpleSTARS, people with learning disabilities in Wales will develop a new interactive museum display that will help participants to experience their Welsh Cultural Heritage.

Welsh Government Democratic Engagement Grant - The project aims to educate participants about democracy, local and national government elections, and to boost voter registration and turnout amongst people with Learning Disabilities.

WCVA - Volunteering in Wales - Strategic Grant Fund - Insight Investigators - To identify how online voluntary action can mitigate the risk of loneliness and isolation amongst people with learning disabilities, especially those who have difficulty with accessing mainstream activities in the community.

WCVA - Volunteering in Wales - Strategic Grant Fund - Volunteer Hub - The aim of the project is to open-up the volunteering landscape for people with learning disabilities, making it more accessible and inclusive through the removal of barriers.

RCT All Adds Up - UK Shared Prosperity Fund via RCT a grant of £7,160 for Workshops to improve numeracy skills for people with learning disabilities living in RCT.

Page 24

continued...

Docusign Envelope ID: 08699E5E-2280-42EB-86F8-7DEFD791F46F

Innovate Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

17. Movement in funds - continued

C3SC Loneliness and Social Isolation Fund grant of £1,500 for Garden Tools and Equipment for the Secret Garden. Supported by Cardiff Third Sector Council through LSI Third Sector Fund in partnership with Cardiff Council.

Heritage Lottery Fund - research, development and conservation work at the Secret Garden, St. Fagans.

Dwr Cymru - Protecting and enhancing habitats in Cardiff and the Vale - supported by the Biodiversity Fund of Dwr Cymru Welsh Water'.

18. Employee benefit obligations

The charity operates a defined contribution scheme. The pension costs charge for the year represents contributions payable by the charity to the scheme and amounted to £883,518 (2024: £740,251).

There was £8,112 outstanding (2024: £128,640) at the end of the financial year.

19. Related party disclosures

Entities with a Common Trustee - Skills & Volunteering Cymru (SVC)

The following transactions were made with related parties during the year:

The following transactions were made with related parties during the year:
£ £
2025 2024
Income from related party in the year 186,822 185,215
Expenditure to related party in the year 128,125 151,892
Amounts owed from related party at year-end 13,713 13,215
Amounts owed to related party at year-end 100,000 500

20. Members liability

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

Page 25