REGISTERED COMPANY NUMBER.. 07705519 IEngland and Wales) REGISTERED CHARITY NUIIIBER.. 1145649 REPORT OF THE TRVSTEES AND UNAUDITEO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 FOR INSOLE COURT TRUST- YMDDIREDOLAETH CWRT INSOLE Watts Grwjtry LLP charter Accour)tants Eifèd Housè Oak Tree Court Cardiff Gate Business Park CARDIFF County of Cardrfr CF23 8RS 'AC6LI•IW• 271023 COMPANIES HOUSE A20
INSOLE COURT TRUST- YMDDIREDOLAETH CWRT INSOLE CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENOEO 31 OCT08ER 2022 Page Report af the Trustees 1 to 4 Independent Examinerfs Report Statèmènt ol Flnancfial Aetivitles Balance Sheet 7 to 8 14gtes to th? Financial St•tem•nts 9 to 19
INSOLE COURT TRUST- YMDDIREDOLAETH CWRT INSOLE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2022 The trustees who are also directors of Ihe d)•iity for the purptsse5 of Ihe C(xnpanTÈS Acl 2)6, present their report wth the finanaal statements of the d)arity for Ihe year ended 31 October 2022. The trustees have adopted the provisions of Ac¢ounth"ng and Reporting by Charities.. Statement of Recommended Praclice applir2ble to tharikn. preparirKJ their accA)unts in accordènee wih the Financial RewbryJ Standard applicab in Ihe UK artd Republic of Iland (FRS 1021 (effective 1 January 20191. AIMS AND OBJECTIVES The Charily's objects as stated in the AJI1&¥ ol ASSOraab are: to preserve and protect Ihe buildin9$ known as In$e Cwrt. WdIng the restoration of the interior and 9ar(1ons fof public benefit.. lo advance the education of the PU4C in the hi%lory and cL5r¥all0n of Insde Court and Gardens: and to furtherorbenefilthe residents of the community. withoutdistirth ofsex. sèxual orientation. raceorof political, religious or other opir¥ons by associating logether the said rèsidents and the k)cal authorities, volvnlary and othei Organisatio in a common effort to advance educatk)n. arts arKI culture. and prowde facilitres in the interests of social weK8re for reerealK)n lelsure time rKcupation wilh the objective of improving the conditions of life for the residents and in particular to estatAi5h C secure the eslablishrnent of a rA)mmunity 18fAlity and to maintain or manage or co-operate ilh any ststutory or other aLrthority or or9ani8al in the rnaintenan arKJ management of suth a centre. Publi¢ benefit The Iruslees can confirm thal they have compld with the in Section 17 01 the Charits Acl 2011 to have due regard to public benefrt guid?n¢• published by the Cwmissiw. &"gnffi¢ant ad1vie5 thal we undertook dn the period that dèmonstrate public b•n8fit are set out below. ACHIEVEMENTS ANO PERFORMANCE Charitable actrvities The Insole Court Twust entered the financial year 2021r22 knowng that the year gng to be difficutl. The budget for the year pIcted a trading 105s of some £22K. The actval tradtng bss. exdudiThJ depreciation. was some £70K for the year. However. it musl be bom in mind that In501e Court has been hit by Ihe sarn8 inflationary pr8ssures as all similar businesses, costs overwhich the Trust has little control Such a5 heats.ng & lighting. security Ifollowng 5ignrficant anb".social behaviour on site). fi systern maintenan¢e. deaning, and ik11n9 maintenance. sin the Trust look over Insole C¢)urt in 2011. and th•n opened for busThss aft•rthe ren¢)valitin wxks in 2016. this is th8 fit year there ha5 beèn a significant financial loss. As V¢ith all busines595 de81ing wth hOS11fy. Insol& Court suffered enonrwsly buse of the pxndemic. Thèrè wag a Stgnifant drop in business at Insole Court Irom Ihe cL¥)tinued imp&t of COVKI, vAth further revisims due to Omicron. The Trust was always aware thal business in 21122 woukl not ssmpty btyjnce back to pre-covid levels. and that Insole Court would have to trade wiihoul fvtlough and grant suppcyi In addition. the Montessori School vacated the Easl Wing whith requirgd inve5tsllent to refttrI"sh the space5 as small ots Itts. TINS impa¢led on income streams until rwi tenants w8re rdgnt4fi8d and s•¢ured. Thè pand•mic placed partti3JLar Pffesswe on the Food & Beverage offer at Insof• Court. as well as the plans the Trust had for expan¢JiThJ catering auoss the site. Food & Beverage produces almst hall the total revenue for the Trust and so t drop in business had a damaging effect on income generation. The Tnjst an$ to develop Gglerir#J were )stPOned by resSity. This included the devetopment of the Man5i¢)n kitchen to be at4e to caler for eddings and eorporate ¢IntS rather than having to use exlemal calerer5. The Potting Shed kitthn alone is unae lo support an expanded offer and so wilhout the planned expansion. catering 8t In5018 Court conithues to bè limited. The Trust has had lo fa¢e the resourcin9 153ues that are havirvj a sonthcant wnpacton thè catering industryas awth0. with challen9Ès in Ihè rècruitmentof catering staff and this refl8ct8d on the Trust's ability to operale an effective business offèring a gOj and attractive service to our ¢u$tomers. Th6 Trust has always t*en confNJent Ihat its Business Model was satisfaclory for purpose. It had sustainèd Insole Court since it opened for business. always provKlirg a small surplus. paying Staff and suppliers, and operating without having to resort ¢0 requests to funding IleS to bail the bLLSiness out. It had alway5 pwd its Way as well as sati5fyiNJ ils charitabl• objectives. Clearfy Insole Court cannot continue to maké losses and change was essential. To Ihat extent the new Char. appointed at the last AGM. has set ab(MJl changing the BOo meTnbership. KlÈnts'ng areas needing change. and working towards making those ¢hanges_ It was rad[Y feali5ed that Ihe usual rde of trustees of r4VVerneAl in operational issues woulj no longer Work. It was dearfy nol sensiNe to exped stsff to sort the losses as well as run the site day to day. The new truslees were chosen partty because of their profe031 backgrou1$, and it seemed unwise not to use the abilities of the Board. Trustees therefore became lempc¥arily involved in opera¢Kl matter5. whth wa$ 8 rnajoi change of TrLtst policy. P•3e 1
INSOLE COURT TRUST-YIIDDIREOOLAETH CWRT INSOLE
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 OCTOBER 2022
ACHIEVEMENTS AND PERFORMANCE
Charitable activities
It was 81s0 realised that InsoFe Court had v#ed avray somewhat from its charitable aims and objectives ¢)ver concem for
its day to day Irdding activiti•s. This needed to bè recbfied as thè 5tstèd aim5 and Dbiectwes arè what make Insde Court
so valuab18 to Ihe ¢rynrnunity and lh• reason fof the charity.
It was dear the Tru5l had Nvo options. To retum to a pre-cowd bas Irading offer. or to expand Ihe tr¥Jsinè5s offer.
Expansion was the plan some three yeats ago when catèring taken in house. Thè café was refurbished but. as noted.
Covid impaded on fvrther devekipmenL Ther wwe 11 ju5tifi#d rea5S why the Board wanl&¢J to expand the business
some yèars ago. and these st1 5eemd relevant. The Tnjst is now pursuirKJ financ• to refurbish the M3nsK)n kitchen.
The Trust is airning to eXPar the busisS thUgh a grEater f15 on commercial actiwti8S that supp(¥t its charitable
but with the requiremèni that thi5 should be done carefvlly arKI by sourryTrJ prtaI fvnds from outside Insole Court.
A
INSOLE COURT TRUST- YMDDIREDOLAETH CWRT INSOLE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2022 STRUCTURE, GOVERNANCE AND MAMAGEMENT Govèrnlng document The charity is 8 company limrted by guarar7tee. govemed by its e[raKm PtleS of A5sfKiatw. The liability of each member is fimiled to £1_ Re¢ruitrnent and appointment of new trustees The Board of Trustees has a tthmphensIve Srn mix covering financé and financial plannirwJ. hèrilage interpretation, govemancè. legal, company secretana. activity pnning, archrtedural, and buldnws. The Tnjst also has a core of vc4untsry ad)r$ k) $Wrnent the Irustaes. knry4Vt•d9tr basè. Organlsational structure Thé Insole Court Trust Boanj has 12 tnJstee5 and usu81ty rTwts bi-Mthty. The Board has a number ol committ•e5 r•porting to it viz Finance. Govemarte. Buifth"ng5, Hentagè, Gor¢lens. and CL¥nrwnity Fundraising Committee. Cornmittees must have a minimum of ¥0 trustees as membe, one of whKh act as Chair. The Trust Board is responsible lor the overall strategy ol the Charity, and fry rrf0MnCe evaaOn and assurance. A budgetfor the year is pr8sentèd annually lo the Board at the start ol the aal year. and if approved, gives delegat¢d FK)wer to Staff through the Director, to spend within the burSg8t parametets. 11 necessary, the Finance Cornmittee, vthich ha5 delegated spending rK)wers, may remse the budgel during Ihe year, and any suth resJnS must be reported to the Board. Requests for expenditure outsle the approved budgel a made to Ihe Finance Committee. to approve or otheThw5e. such action must be reported to the next Board meeb"ng. The Fr8 Cwrt Trust h85 sel up 8 separdte wholly owned Trdding Company which currendy has difectors. Induction and training of new tte85 The TnJst has used organised away ¢Jay3 with professional tr•"ners for iThJuctKJn and Iraining of new trustees. as well as in hous8 training. Ths system of using prOfv5snal t[airr5 aThJ consultants conb'nues to be used to maNrtain trustee's skills aThJ to manage events as the prc¥ect prjreSses. Each Iwstee $knd have a comprehensive kn016dge of the following.. The role ol Irusiees, whith was i(Jentsfied as tsknng ulbmote and ¢ollecbve re5pon$ilylty for dire¢tiThJ the affairs ol the charity, ensuring it i% solvenL njn. aThJ delivering the charitabk outcome5 for the befit Oftt public for which il was sel up. The duties of trustees summarised a5 CoMrKe ith Ihe law. duty ol prudtrnce, arKI duty of carv. Good Govemance and Leadership PrilpleS underslaThJtng of fv rrle of IhB twstee. th? legal duties, Ih? stewardship of assets, safeguarding the drity5 purpo. overseeing the wgrk of the charity. and managing and SupFYj1yj staff and volunleern. Twslees wwK1 also be required to ensure deknvery ol or9ani5ational purpose. to work effectively t)th as tndiwduals and as a tearn. to exSe effective o)nlrol. to behave ith integrity, and lo be open and xcouniablè. The skills needed by a Iruslee covering leadership. strategic planrong. financid management and plannmg. krKJwledge ol the legal fr8rnerk in whth the charity operates. managemenL and advcracy. Speafic skills relaling to heritage and communty devek4)ff*nt. Kèy managèment r•muNrallon Pay and remuneration ol senior staff ks at a level to attract and retain sulfae individuals and is also governed by mark81 forces as the Charitable 'm5 of the Twst are ents"ty deperklent on revenue raised ihrwgh its business activities. REFERENCE AND ADMINISTRATIVE DEfAILS Registered Company number 07705519 (England and Wales) R•gistered Charlty numbèr 1145649 Register•d office Insole Court Faifwater road Cardiff County of Cardiff CF5 2LN Page 3
INSOLE COURT TRUST-YMDDIREDOLAETH CWRT INSOLE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2022 Trustees V Mitchell D Clayt¢)n-Jor*s W M Clarke E M Davey G F IAorgan L W RoNin C O'Br¢en G J Owens J L Prior-morrss SENèil N R Rid)ardson LERevJ C E Thomas K Rohrnan M S Vasqugz L HUMreyS Chairman (from 01109221 Chairman (til 30104122} resvwed 30104122 resKJned 30104122 Treawrer restrjned 30104122 resigned 30104122 appointed 30104r22 appcinled 30104r22 appnted 30104122 appLxfbted 30104r22 appointed 30104r22 appornted 30104122 President N Lloyd-Edwards Key managem•nt personn G Hill- Director until December 2022 L Glanville- Chief Executive Officer Iroffl Klarch 2023 Indèpendent Examiner Watts Gregory LLP Chartered Accountants Elfed House Oak Tree Court Cardiff Gate Business Park CAROIFF Ctsunly of Cafdiff CF23 8RS Approv8d by order of the Board of Tnj$t• on ....... ........................ . and signed on its behalf by: L W Roblin- Treasurer- Twstee Page 4
INDEPENDENT EXAMINEifs REPORT TO THE TRUSTEES OF INSOLE COURT TRUST- YMODIREDOLAETH CWRT INSOLE Independentexaminerfs reportto the trust oflnsole Court Tntst- Ymddirndolath Cwrt Insok Ilhe Company,) I report to the charity trustees on my examiniM of Ihe aettnts of the CLNnPY lor the year ended 31 October 2022. Responslbilities and basis ol report As the chariivs trustees of the Company {and als0 15 (kneclors for PUfFvse$ of¢wpany law} you ar8 responsible for the preparats'on of the accoLmts r¢ aCcwdJn 7fvAlh the regeMents of Companies Act 2LK6 flhe 2C(6 Ad). Having satisfied myseKthat the acLounts of the Company are not requbred to be aLM1rted under Part 16 of the 2006 Act aThJ are eligible lor independent examinali¢)n. I in r¢sped of my examination of your charity's accounts as carried 1 undef Seclion 145 01 the Chanties Act 2011 rthe 2011 Arfl. In carrying tyjt my examination I have followed the Directions given by the Charity Commission uwbJer Stthn 1W51 (b) ofthe 2011 Act. Indèpèndènt èxamin•Ps ststÈm•nt Since your chaiity's gross income exceeded £2,10 your exaw•ner must be a member of a lisled bo(ty. I w confirm that l am qualffied lo undertake the examinalKffl becajse l am a ffber of Ihe Assorialion of Chartered Certifjed Accountants, which is one of the listed bc4Jies. have cornpleled my exaff¥nation. I confirm that rK F•ve to my atterkn in confied wilh examinat giving me cause to bdieve-. 8¢¢ounling r1$ we rb)t kept in resrert of the Company as required by Section 386 of Ihe 2(Th Act,. or thè accounts do not accord wrth those records". or the acccAJnts do not comply wrth the acccwjnliro reqreMentS of Section 3 of the 2(Kl8 Act other than any requirement that the accounts gNe a In aThJ fair vivwwhith is Th)t a matter (y)nsKleTed as part ofan independent examination., of the accounts have not been prepared in xcrydan¢e with Ihè MèththS principlès of Ihè Statement of RecK•mmended pract for a¢xourrting reporting by ¢harrties lappltraiye to tharities preparing their a¢xounls in accordance with the FinarKial Rerortiny appjicable in the UK Republic of Ireland IFRS 1021). I have no cCernS and have come no other matlers in o)nnerAN)n wrth examinatiw to whth 8ttentK)n should be drawn in this re[ in order lo eae a woper under5tsNJing oftr a(¥))urts to be reached. Julrd Morbmer FCCA Watts Gregory LLP Chartefed Accojntants Elfed House Oak Tree Court Cardiff Gate Business Park CAROIFF County of Cardiff CF23 8RS 19 June 2023 Page 5
INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 OCTOBER 2022 2022 Total fvnds 2021 Total funds urneStted ReslrKted funds INCOME AND ENDOWMENTS FROM Donakn"on5 and legacie5 28.694 29,194 158.303 Charitable activities Education and the arts Community welfare 2.869 68.496 2,869 66.496 824 29.794 Other trading activities Investment income Other income 120.801 14,247 123,710 120,801 14,247 123.710 96,701 11.218 49,874 Total 358.817 359.317 346.714 EXPENDITURE ON Raising fijnds 112.275 112.275 88.839 Charltsble.aetiviti•s Preservation of Insole Court Education and the arts Community welfare 113.499 37.562 212.618 500 113.999 37,562 212,618 91,778 32,228 176,807 Totsl 475.954 500 389,652 NET INCOMEIIEXPENDITUREI {117.1371 {117,137} 142,938} RECONCILIATION OF FUNDS Total lund5 brought forward 1.41x1.092 13.214 1.413,306 1,456,244 TOTAL FUNDS CARRIED FORWARD 1.282,955 13.214 1.296.169 1,413.306 The not&s forn part of these finanri81 statements Page 6
INSOLE COURT TRUST. YMDDIREDOLAETH CWRT INSOLE BALANCE SHEET 31 OCTOBER 2022 2022 Total funds 2021 Total funds UnrestrLted Restricted frjnds lunds FIXED ASSETS Tangible assets Inveslments 16 17 1.147.392 1,147,392 1,159,734 1.147J94 1.147.394 1,159.736 CURRENT ASSETS Siocks Debtors Cash at bank in hand 18 19 5.454 54,034 166.433 5,454 54.034 179.647 8,062 125,104 218.828 13.214 225.921 13.214 239.135 351.994 CREDITORS Amounts fanin9 due wthin year 169,0561 169.0561 160,9751 NET CURRENT ASSETS 156.865 13.314 170,079 291,019 TOTAL ASSETS LESS CURRENT LIABILITIES 1.304.259 13,214 1,317,473 1.450,755 CREDITORS Amounts falling due alter than one year 21 (21.304) {21,3041 (37.4491 MET ASSETS 1.282.955 13.214 1.296.169 1,413,306 FUNDS Unrestrlcled funds Restricte(I funds 24 1.282.955 13.214 1,400,092 13.214 TOTAL FUNDS 1.296,169 1,413,306 The thwitable company is entiued to eXpn from wjdbt under Seci)n 477 of the CompanFèS Act 2006 for the yaar eThJed 31 Oct¢)ber 2022. The members have required the (xjmpany to obtain an auikl of its finanrial statemt$ for the year ended 31 October 2022 in 8ccord4nco with &ctrJn 476 of the Companies Act 2¢)06. The truste95 aCknodge th•ir reskX)nsibhrts for la) ensuring that the tharitabk company k••ps accojnting 1$ that compty wth Sections 386 and 387 of the Companies Act 20[ and preparing finanaal statennts vknith give a and fair viav of thè stale of affaits tsf Ihe charitaile ttsmpany as at the end of 88th financial year arKI of its swplus or defvAt each finanoal yèar in accordan with the requirements of Sectws 394 arKI 395 and vhmth olheTh*ise mplY vrith the requirements of the Companies Aet 2006 relating to financial statemtrnts. so far as applKable to Ihe om8rila)]è Ixxnpany. {bl The nolas lomi part of these fmanrial statements Page 7 continued...
INSOLE COURT TRUST- YMDOIREDOLAETH CWRT INSOLE BALANCE SHEET . continued 31 OCTOBER 2022 These financial ststeménts have been in ac¢tydaThx wlh the provisions applt(aLle to charitsble companies ¥ubj8ct to the srnajl cnmpanies wme. The financial ststements were approved by Ihe Board ofTnJ*es av1hiSed for issue on . and were signed on its behalf by-. l•¥3.... L W Roblin- Twsurer- Trustee Th• notss fomi part ol th8s• financial statsmnts Pags a
INSOLE COURT TRUST- YMODIREDOLAETH CWRT IMSOLE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 OCTOBER 2022 STATUTORY INFORMATION Insole Court Trust Is a registe tharity and pfivate cL¥npany lifflit8(I by guarantee having no share capital. 11 is i[rpOrated in Wales in Ihe United Kvigdom. regtslered Offi ts Insde Court. Fairwater Road, Cardiff. CF5 2LN. Thè naturè of the charitable compatys operatk)ns and wThicipal ath"wties a disclosed wilhin Ihe Report of the Trustees. The financral ststements are presented in Sterlirwj (£1, the chaiitai4• o)mpany¥ functw)nal cUrrI. and rounded to the neast pound. The significant aceounting FX)Iiciè5 apph'ed in the prepardlh)n of these ffinanc#al statements aré set below. These policies have bten ct)n&stentty appli to a years preted olhamse ststed. ACCOUNTING POLICIES Basis of preparing the fw)an¢ial slatements Thè finantsal staiements of Ihe chaiilable c4Jnpany, t•thich ts a PU1¢ b•nefit entity undef FRS 102. have beèn prepaied in accordance wtth the Charitse5 SORP IFRS 1021'AcUnts'ng and Reporting by Charities." Statement of Reromrnended Practice èpFAiCae to thar"eS prèpaiing thra¢cOunts in accordance wth Ihe Finanoal Reporttng Standard applicable in the UK and Repvblic of lieknd IFRS 1021 lèffectivè 1 January 20191.. Financhgl Reporting Standard 102 The Fman¢ial Reporting Stsndard appliCe in the UK aThJ Repubhc of Ireland. and Ihe Cornpanies Act 26. The financkql Statements have been prepared under the tsslorical c05t convention, with the exception of inve5knènts wthich artr induded at market value. There have been no materkql departures trorn Fla1 RerAybn9 Standard 102. Golng ¢oncern The results for the year show a defiot of £117.13712021 - £42.9381. th15 ts after depwati( of £45.211. The budget for the year to 31 October 2022 ryedthd 8 trading loss of some £22K. However, Insole Court has been hit by inflationary pre35urès and other Costs over vthich the Trust had lithe control seeing increases in healing and Iighbng, security Ifoll¢Mng snIfiCantantl-s0Oal behavKMJi site), ffire system maintenance. deaning, and buildin9 matDtenan. As wth all organi8abon5 dealing ilh Iwpialty. Irtsole Cwrt suffwed enorrrK)u51y because of the pandemio In addÈtyon. the Montessori SdK)ol vatated the East Ww¥J requwed VeStrent to refijish Ihe sp$ as sm1 office lets. Thts impacted on irKome streams new tents We idenfyfd and sewr•l. In rAder to aSSlSt with seojring the fulwe of the Tnjst, the Bowd of Trustees became temporarily involved operalsonal matters, wch w8s a mapy dnge of Tnjst pdw. The Trusl and its trading subsmjiary ale aimirv3 to expand Ihe blInesS through a greater focus on commercial activities that 5UPPOrt Ihe chartsbk aims. but wnlh the requirennt that thts smuld be done carefully and by sourcing catal funds from outside Insole CoutL Additionalty the Trust has revieEd how the bu5ine5s operatès and one area rt is pursu is fAn8n¢e to tyrts$h Ihe Mansion kitchen. The trustees have reviewed Ihtr tAJdgets to May 2023 which altip#te a further small defictt to Octoter 2023 and rètum to surplvs in April 2024. Management rnforMal shAvs the results to W"12023 as being ahead of budgel. Insole Court is not alone in facin9 the thalteTh3es ofcovid And raixd inflalkin. However. WTth the thanges the Board has pul In p18¢e. the Trust confident in the M80Und that will sèe lrtsole Court fetum to pre£ovtd stability, and in ils loThJ tem sustainabilrty. and as such these financial statements have been prepared using the going concem basis. Income l income is recognised in the Ststement of Finafttaal A¢bvriRs tsTr the thity has entsileI tts thè fuThJs. it 15 prcknablè Ihat the income will be received and the amount can be measured raliab. Donations and legati•s income inthd•s donallons. grfts grts that prov¥Je corn lding or a of a general nature and ale recognised Whe ther• is entiuement. probats.lity d receipt aThJ the amwnt can be measured with sufficient reliabAity. Such income is ClY deferred ¥)then the donor spectfies li must be used in futu accounting periods or the don has imposed condilKJns wl¥ch must be n1 tOre the charity has uncon(litiond entidemenl. Page 9 continued...
INSOLE COURT TRUST- YMDDIREDOLAETH CWRT INSOLE NOTES TO THE FINANCIAL STATEMENTS- ntinu•d FOR THE YEAR ENDED 31 OCTOBER 2022 ACCOUNTING POUCIES - continued Income Income from charitablg adiwt indudes inc4)me received under contracl or ¥the entitlemeni grant funding s¢JbJ"ect lo speafic perfomance CA)ndition5. This income is recognised as the related services are wovi¢J8d and the is enliuement. probabilty of reGeTpt and Ihe 8mounl be measured wilh sulficient reliability. Income is deferred when Ihe amounts rel¥ed are in a(fvarte ofthe perf0mlan ofth& sefvKe or evenl towthich they late. Ineoming resources from olhef trading activilies I[$ income receNed under conlracl. Thi$ income i5 recognised as the lated services a provYed and the is entiJement, probability of receipt and amtsunl can be me8sured Vth suff¢ent reliability. Income 15 deferred when the amount5 receNed are in >Jvance ol the perfomance of the semcè or evènt to whth they r•la. This irtludes Cakmtal grants. Expenditure Liabili17e5 are r•ct8nbsed asexp8nditure as srth as there 15 a begal orw)str11vI thligalic•) eommittirKJ Ihe chawty to that expenditure, it is probable that a transferol economi benefits swll be requi in settlement and the amount of Ihe obligation can be meawred liaY. Expenditure is accounle(I for on an accruals basis and has been dassified under headings that 399fegate 811 cost related to the category. Where costs cannot be diiectly attruted to particiAar headings tly ha%t been ak¢ated to acbvit a basis consistent with the use of resources. Expenditure on faising fuThYs indudes Ihe o)st of fundrwsmg and ihe dirt costs of other tradiThJ actNilies as well as a proportw of salarie5 based on an approximalK)n of time spent thi5 area. ExpendTtUfe chaiitable actiwties comwis6s Ihose (x)5ts incur by charity in the delr¥ery ofits ac11vit and servi$ for ils beneficiaries. It indudes trx)Ih costs Ihal can te allocated directly to such activities and those ¢osts ofan irbdiroct nature necessary to SUPPOrt them. Support S1$ are Ih)se $ts Ihat. whdst necessary lo defiver an adiwty. do not Ihemselves produce or constitut the output of the charitable actiwty. Thi5 rndudes governa costs whth e those costs associated wth meeting the constitutional and slatutory requirements of the chwity indude the accountanry fees and oJ5ts linked to the slrategic management of Ihe tharity. AIIKalion and apptxlionment of costs All costs are allocated between expenditure categories on a basis designed to reflect the use of the reswrce. Costs relating io a particular actwity are allocaled thiecoy: othws are apports.oned on an approwiate basis. Taryglb fixed assets Fed assets ar8 Initial r8eorded at ¢osL irlun9 tho estimat cost ofany donated assets. Depreciation is pmided at the lov annual rates IA order to wrile off each assel over its useful e¢momic life. Long LeaSeIld Propety Fixtures, fitbngs and equipTh*rt Computer equipment - 80 year5 on c¥Jst - 5 years on ry)5t . 3 ye&s on cost Fixed asset investfflents Fixed asset investments a recorded at c¥)sl less any provisn requwed for d¥ninutK•n in Vae. St3 stock is included at Ihe loweroleost or Mt reasable value usirvJ FIFO stctk valuation mètTrd. Taxation Thè charty is exempt trom Colat tsx ils charitatAe acli¥ibes. Page 10 ojntinued...
INSOLE COURT TRUST- YMDDIREDOLAETH CWRT INSOLE NOTES TO THE FINANCIAL STATEMENTS- ¢onlinued . FOR THE YEAR ENDED 31 OCTOBER 2022 ACCOUNTING POLICIES- continued Financial instruments The chaY only has financrdl assets fAClaI Iiai¥ltres of a ki1 that quahfy as b8sic financial instruments. 8asic financkgl irbstruments a initialy recL¥Jni8ed at tsaction value subsequently measured at their setttement V8lue. Trade debtors and otherdeblors a re¢owMsed ai the s¢lllementanbJunt due and prepayrwits are valued at the mount prepaid. Creditors a iecognised where the charity has a present obligation resultirKJ from a past event that wll probably sult in the transfer of funds to a thi paity and Ihe amount due to setlle the Obligati can be measured or estimated reliably. Creditors are Th)mialty teccgnised al their setdement anw)unt after all•ng for any trade discounts due. Fund accounting Unrestricted funds can be used in accord with the tharitsble obiects¥es at Ihe discfetion of the trustees. Restricted fund5 can onty be used for parbcular restrictèd PLrpo3 within Ihe objects of thÈ charity. Rèstrictions rise when specified by Me donor or vknen frjnds are raised for paiticular restricted purposes. Designated IEWKIS are unrestrrded fuThJs earmafked by Ihe tnJstee5 for partiLar w)ses. Further axplanation of Ihè natur8 and puw ofèach fvThJ 1$ incJd8d in Ihè notes to Ihg finartial statements. Pension Costs and other posI•tirement bener The charitable cornpany operates a defird contribution pension stheme. COntributic payable to th8 tharitable company's pensKJn scheme charged to the Ststem8nt of Financial Activities in Ihe perh)d to which they relate. DONATIONS AND LEGACIES 2022 2021 19.182 2.457 7,105 450 13.777 2.011 142,119 396 Gift aid Granls Subsciiptns 29,194 158,303 Grants rnceivgd, induded in Ihg above. are as folows: 2022 2021 Cardiff Cwnal ACW other grants Wèlsh Gov•rnment- Wales CultuAI R•co¥ery FuThJ Jot* Retention Schem• 20.OCiI 3,105 583 97.037 24,499 7.105 142,119 Pe 11 continued...
INSOLE COURT TRUST - YMODIREDOLAETH CI*IRT IMSOLE NOTES TO THE FINANCtAL STATEMENTS - WinUed FOR THE YEAR ENDED 31 OCTOBER 2022 OTHER TRADING ACTIVMES 2022 2021 Coffèe shop rent Other rental income Gift shop sales 36.000 59.789 25.012 76,088 63,715 16,898 120,801 96.701 INVESTMENT INCOME 2022 2021 Trading subsKJkqry donation 14.247 11,218 INCOME FROM CHARABLE ACTIVtnES 2022 2021 Aetiv Entrance lees and tCKlf inwme Educalion and the arts Facility hire fees Community welfa Activities and events income Commthty welfare 2.869 52.626 15,870 824 23,814 5,980 71.365 30,618 OTHER INCOME 2022 2021 other rncom8 Rèimbursement of eosts Management fee 2.374 8,160 109.968 47.500 123,710 49,874 RAISING FUNDS Raising donations and Itgaeies 2022 2021 Fundraising 791 Oth•r trading activltl•s 2022 2021 Purchases Staff costs Shop operating expenses Rates and water Lighl and heat Telephone and inlemel Depreciaiion 14,969 72,449 1,OC6 594 15.019 2,019 4,013 8.037 59,460 897 256 10,515 1,782 7.101 110.069 88,IM8 Aggregate am¢JJnts 112.275 88,839 Pagè 12 contiThJed...
INSOLE COURT TRUST- YMDDIREDOLAETH CWRT INSOLE NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 OCTOBER 2022 CfrtARITABLE ACTIVITIES COSTS Direct Costs {see note 101 Support costs Is•8 note 111 TotaLs Presèrvab"on ol Insolè Court Educatson and the arts Comrnunity welfare 85,542 20.514 141.$66 28,457 17.048 71.052 113,999 37.562 212.618 247.622 116,557 364.179 10. DIRECT COSTS OF CHARABLE ACTMTIES 2022 2021 Slaff costs Rales and water Insurance ght and heal Telephone Design an¢J prirrt Computer and web site fees Miscellaneous expenses Cleaning and housèhold gc$ Activilies and events costs Property maintenance and repairs DePTlat)n 86.176 1,663 1,287 42,053 5,653 7.880 654 3.871 11,842 11,229 42.146 39.168 68,652 715 1.250 29.442 4.9 1.877 1.440 2.153 7.335 4,992 29.344 45.341 247.622 197531 11. SUPPORT COSTS Staff Governaf costs Total$ PerVat¥)n of In$rAe Court Education ant1 the arts Community wellartr 20.979 12,587 673 5.780 2,385 12,399 1.025 1,672 6,690 28.457 17.048 71.052 1.615 83.914 2.692 9,387 116.$57 12. NET INCOMEIIEXPENDtTURE) Net ineomellexpènditUfe} bs ststed after thargirWlvedithNJ)'. 2022 2021 Depreaats'on- owned assets Independt examination fee Operating lease payments 45,211 3,400 516 54,949 3,300 1,031 Pa9e 13 o)ntinued..
INSOLE COURT TRUST- YMDDIREDOLAEfH CWRT INSOLE NOTES TO THE FINANCIAL STATEMENTS- contlnu•d FOR THE YEAR ENDED 31 OCTOBER 2022 13. TRUSTEES. REMUNEIiATION AND BENEFITS There were no irustees. fernurlation or other benefits the ypar ended 31 OctrJ)er 2022 or for the year ended 31 October 2021. Trust$. expense$ There were no twstees. eXpSe5 paid lor the yeaTeThJed 31 October 22 orforthe year ended 31 Octob•r 2021. 14. STAFF COSTS 2022 2021 Wages and salaries Social secuiity costs Olher pension o)sts 213.947 7,550 3.899 172.438 10,504 3,660 225,396 186,602 Tolal remuneratTron paKI to key managem•nt petsonnel in the year was £43,355 P021: £43.7161. The aver8ge monthly number of dur*ig Ihe year was as follows: 2022 13 2021 Average ery¢oyees No employees recwed emoluments in excess of £60,(X]O. Pagè 14 continued...
INSOLE COURT TRUST. YMDDIREDOLAEtH CWRT INSOLE NOTES TO THE FINANCIAL STATEhlENTS- continued FOR THE YEAR ENDED 31 OCTOBER 2022 15. COMPARATIVE5 FOR THE STATEIIENT OF FINANCIAL ACTMTIES Unrestiic funds Restric funds Total ftd$ INCOME AND ENDOWMENTS FROM Donalions and legaCS 156.564 1,739 158,303 Charitable activities Education and Ibe arls Community weltsre 824 29.794 824 29,794 Olher Irading aclivities Investment income Other income 96.701 11.218 49.874 96,701 11,218 49,874 Total 344.975 1.739 346714 EXPENDITURE ON Raising lunds 88.839 88,839 Charitable actlvities Preservation of Insole Court EdUcatn and the arts Community weltsre J,528 32,228 176,807 1.250 91,778 32,228 176,807 Total 388,402 1.250 389 652 NET INCOMEIIEXPENDITUREI {43,4271 (42,9381 RECONCILIATION OF FUNDS Total funds brtyjght forn¥ard 1.443.519 12.725 1.456,244 TOTAL FUNDS CARRIED FORWARD 1.4CQ,092 1.413.306 16. TANGIBLE FIXED ASSETS Fixtures and Comwtor urpment 18asehcld Totals COST At 1 N<)vember 2021 Additions 1.192.129 21,716 152.641 9.414 29.681 1.739 1.374.451 32.869 At 31 2022 1.213.845 162.055 31,420 1.407.320 DEPRÉCIATION At 1 Novèmber 2021 Charge for year 83.173 27.931 103.213 16.053 28.331 1.227 214.717 45,211 At 31 October 2022 111.104 119.266 29.558 259.928 NET BOOK VALUE At 31 October 2022 1.102,741 42.789 1.662 1.147.392 At 31 October 2021 1,108.956 49.428 1.350 1,159.734 Page 15 continued...
INSOLE COURT TRUST- YMDDIREDOLAETH CWRT INSOLE NOTES TO THE FINANCIAL STATEMEIITS- continued FOR THE YEAR ENDED 31 OCTOBER 2022 17. FIXED ASSET INVESTMENTS Shales in group undertaknngs MARKET VALUE At 1 Novernber 2021 and 31 OEtob8r 2022 NET BOOK VALUE At 31 Octobèr 2022 At 31 October 2021 There were no investmant assets [de Ihe UK. The ¢ompatys ves1Ments at th• balancè 5Fwt date in the share caprtal ofcomp8ni•s iKlude Iht bllowirKJ". Insole Court Trading Company Ltd Registered ofke.. Insole Court, FaIrter Ro•J, Uandaff. Cardiff CFS 2LN Nature of busiress: Room hire and event services Class of share.. Ordinary shares hdIng l(K) 2022 2021 Aggwatt capital and SerVeS ILos8yprofjl for lh8 year (14.277} 14.559 14.529 13.894 18. STOCKS 2022 2021 Retail stocks 5.454 8.062 19. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 2021 Trade débtofs Amounts owed by grP uThJertakings Other debtors VAT Prepayments and arxrued income 6.408 35.867 3,699 750 7.310 5.198 115.195 715 219 3.777 54.034 125,104 Pe 16 continued...
INSOLE COURT TRUST- YMDDIREDOLAEThI CWRT INSOLE NOTES TO THE FINANCIAL STATEMENTS . Continued FOR THE YEAR ENDED 31 OCTOBER 2022 20. CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2022 2021 Bank bans and overdrafts (see 221 Other loans Isee note 221 Trade cre¢Jilor5 Sooal security and other laK•s Other creditors Accfu818 and defèrred incA)me 7.881 7.748 21.294 7.677 7,748 12.180 3,253 3,233 26,884 17.594 14.539 69.056 60.975 Induded actnjals and (leferred inry)me above rs the fojlowry deferred irKome: 2022 2021 Rental incorne and deposil Actiwties and evènts income 305 1.843 4,368 1,281 2.148 5.649 The deferred ire lateS lo income received in advance of Project or servKe delNery. All a¥)Unts brought forward have been release(1 to the statement of financial activit$ in the ye8r. 21. CREDITORS: AMOUNTS FALUMG OUE AFTER MORE THAN ONE YEAR 2022 2021 Bank loans (see note 22) Other loans Isee note 221 21.304 29.185 8.264 21.304 37.449 22. LOANS An analysis of the maturity of k)ans 15 gNen bebv. 2022 2021 Amounts faI"n9 due one year on demaNI: Bank loans Other loans 7.881 7,748 7.677 7.748 Amounts falling been one and b¥0 years: Bank loans - 1-2 years Olher loans- 1-2 years 7.881 8.264 8,085 16.145 Amounts falling due between and fve Bank loans- 2-5 years 13.219 21,304 Page 17 continued..
INSOLE COURT TRUST- YMDDIREDOLAETH CWRT INSOLE NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 OCTOBER 2022 23. LEASING AGREEMENTS Mirmum lease payments under ThM-carKellable operabro leases fall the as foll. 2022 2021 Within on8 year 516 24. MOVEMENT IN FUNDS Tran3fer5 At 1111r21 movernent in fLrnd5 Al 31110122 funds Unrestricted lunds General lund Fixed asset des¢gn8ted fund 240.358 1.159.734 1117.137) 12.342 I35,3 1.147,392 1.4(KJ.092 (117.137) ,282.955 Rèstri¢t¢d funds Friends of IrbSQte Court lund 13.214 13.214 TOTAL FUNDS 1,413.306 117.1371 1.296,169 Net movement in fijnds. Wded above are as fdl¢y#4: InccThiwJ resources ResoLfrrces expended Movement in fund$ Unrestri¢ttd lund$ General fvrrKI 358,817 1475.9541 1117.1371 Restricted fund5 Garden and grounds {5001 TOTAL FUNDS 359.317 476,4541 117,1371 Comparatives for movemenl in funds Nel M0ment in lurK15 Translèr5 between funds At 31110121 1111r20 Unre$triGted lunds General fvnd Fixed asset desnatA fund 239.227 1.204.292 43.4271 240.358 1.159.734 1.443.519 {43.4271 1.400.092 Restrict•d lunds Friends of Insole Court 12.725 13.214 TOTAL FLINDS 1456.244 42.9381 1,413306 Page 18 ¢ontinued...
INSOLE COURT TRUST- YMDDIREDOLAETH CWRT INSOLE NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 OCTOBER 2022 24. MOVEMENT IN FUNDS - continued CornparalNe net rrk)vement irb lund5, fft¢hJded in the abo¥e ao as follows: Ir1j resourc•s Resource$ ¢xpendad Mov•m8nl in funds Unrestricted funds General fund 344.975 1388.4021 143.4271 Restrlcted funds Garden and grounds fund FrieThts of Insole Court fund 1250 11.250) 489 1.739 1,250 TOTAL FUNDS 346.714 389.6521 42,9381 D•signated furtds ixed asset desi naied fuThJ The fixed asset designated fund represents the net iwk value of 9ible fix8d 85sets. Restricted funds Garden and rounds fund DurirJ the year the charity yeb¥e0 privak donalions of £5(n12021.. £1.2XI) forlhe restoration of Ihe iris garden. riends ol Insole Court fund On cessation of the Friends of Insole Court. $1 fuThJs We transfèrred to Ihe Trust lo be held as a [tricted fund and spent on future actsvitses. DLbring thg al Ihe charty receNed private dcallonS ol £Nil12021.. £4891 for th• Friends ol Insole Court fund. Transfers belween funds A transfer of£12.342 was made from the general furM1 tolhe fixed asset designat&Y in speci0f1r1herfiXed asset additiS during thè year. less thè d•preciabon tharged. 25. RELATED PARTY DISCLOSURES A numberofthe trustees are Mèmbe ofThè Friertt1s of Insole Court. as such it rs considered to be a rÈLgted party. Duiing the year. donations of £Nil {2021.. £489} were received from The Friends of Insole Court. AL[89ate donatths of £1.020 {2021.. £1.451} were receN&J frcrfn IDJStee5 in the year in the forrn of supporters and patrors nc(¥me. Management fees of £109.968 {2021." £47,5) We receNed from the ¢arity's trading subsidiary. Insol8 Court Trading Company Ltd. Ttr dority has also received income rnade paymènts on behallof its trading sub518ry, and vice versa, during the year. As a¢ 31 October 2022. a balanet of£35.867 was due to th& charity frorn its trading subsidiary. Page 19