REGISTERED COMPANY NUMBER: or10ss19 (England and Walos) REGISTERED CHARITY NUMBER: 1145649 REPORT OF THE TRUSTEES AND UPIAUDITED FWANCIAL STATEMENTS FOR THE YEAR EMDED 31 OCT08ER 2023 FOR IMSOLE COURT TRUST. YMDDIREDOLAETH CWRT SOLE lllllllllllllllllwllllll *JD7¢>IVKB* 712Wk4 CWPANIES HfJlSE A11 MHA Ilrathng name of Maclntyr• Hudson LLPI Limited liabl￿ty partnership in En*rKI & W*$ R&JLStereLI number CC312313 Elfed House Oak Tree Court Cardiff Gate Business Pawk CARDIFF CF23 8RS INSOLE COURT TRUST- YMODIREDOLAETH CWRT INSOLE CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Report ofthe Tw$ts¢s 1 to 5 Independent Examin•rfs R•port ststgm•nt of Financial Actsvit Balance Sheel 8 to 9 to thg Flnanclal Statements 10 to 20 INSOLE COURT TRUST. YIADDIREDOLAETH CIMiT INSOLÉ REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2023 Th? tryslees, th) a￿ also d1￿ClOr$ of the tharity tr the WI[￿ of the c￿￿nIeS N£t 2fJJ6. present their rep(Nl wlh the finan￿81 sta¢emenls of Ihe ￿"ty for Ihe year endeil 31 (ktobw 2023. The trustees have adopted the provigons of A¢counb"n9 and RtportiThJ by Charilies". Ststement of Recommtnded PrtCti￿ appl¢cable to d)aritses p￿paring their aco)ursls in atcordane8 ￿ Ihe Finanoal Re￿￿r￿￿ Standawd akWiLxble in thè UK aThJ Repuuic of Ireland IFRS 1021 leffectivè 1 January 20191. AIMS AND OBJECTIVES The Charity's obRcts as slatsd in Arbdes of Assooation a￿. to preseThe and pfotsct Ihe builthngs know as knstye C￿*1, induding ts restoration of the interior and gardens for Publ￿ bènèfft., to adva￿¢ the edUca1￿)n ofthe putdtc ￿ Ihe history and of Insole CcMJrt Gardens,. and to fvrther or benefit the ￿Sidents of the conwnurwty. withoul disb"￿1#￿ of sex, sexual rKbentabon, race or of polfacal. relNJious of other opiniors ty assouatiThJ tO9ether ts sa*J resthnis and the Ilxal aulhorities. volunlary and other organisations in a efftyl to adva￿ educatti)n, arts and ¢wItu￿. and prowde facilitss Tn Ihe interests of stoal Welfa￿ kn re￿a￿"On ￿"me occvpatM￿ wth the objective of improwng the Condit￿n$ of life for the resNJents and in paitular establtsh or seojre the estsblishment of a community facilty and ￿ maint￿￿ or mawe or co-t¥Jernte Mlh any othtt authmty or organisatthi ￿ Ihe maintena)c• aThl M*￿IT￿nt ofgjch a centre. Publlc benefit The tNstees can c¢yffjffn Ihat they Nqve p)rn￿led th the duty in secti￿ 17 of the Charitw Act 2011 lo have due regard to public benefit gUIda￿e by ts CATh*SS•)n. Swfvant acbvibes that ￿ undertook during the Fericxl Ihat demonstraie public berwfit are $8t bekn¥. ACHIEVEMEMTS AND PERFORMANCE Charitabl* a¢tivities 2023124 was very muth a year of *wJ at In5d8 C￿rt TArylh véry mawket coTrJil*Jns and legacy issue5 leading to a p￿r FwfmgrKe financiaty. Hcr*rnier. thi5 masks ￿nd8￿￿nts1 char#J8s that have shown a very entouraging lUrna￿nd is p￿sIbLe bom r•Jl in a large Incre￿ in tumo¥8r ar￿ activity On Ihe ￿te. Some of the ¢haTrJes which took pig¢e We￿ unF4anned and presented large challervJes. olher5 We￿ impl¢rngnted to •Jdress Lssues which had faced Ir6ole Court in 2022123 and prevaited in 202Wd024. The trtjdget set for 2023r2024 frjrtcast a $mal h)ss of £2.868 bjt bt qU￿￿Y became dear in the first few months that this would prove to be a challeThJ8 with losses artmjnd £64.oc￿ by thè end of Fet￿ary aftef onty 4 months. The winter monlhs had historicalty a￿lay$ provet1 a thaHenge. tyJt risfftg costs, 5FwJit)g thJe to the cOst•o14￿1￿j and staff and trustee changes all lwrked togelher lo s¥ve Insole Cwrt a very steep ¢*alknge for the year. The d￿￿eThJes indtyjed the knner direetor lèavty Irts¢4¥ Court in Dw*er 2022, *ith a feplwnwt stsrfin9 ￿ a full time basis unbl May 2023. Thi¥ lod to cther $8nTh stsff memb•s having to 5hrft focus from inwrne ggnerating activities and Ihe 9rv*th plan vJentrf*d tnjsiee retKMts in favouroferwriThJ the day to day runnirg ofthe sile. Trust¢9 Neil Richardson was brought in as interim CEO lo help tjwing Ihis twi)e, t￿( a fvl-tirne empbyee was nee¢Jed to set the chaiity on a new path. We Ihank Laurw£ Robkn. the pre¥iws tr•agJrer ￿"r&I in July after 11 years of se￿￿. The rec4Uitment ofa ￿placement ￿ rb)t easy. t¥Jt a new treagAerwas fwmety apFointed in September 2023. Insde Courts main area of predicted grcr*th for 2W24 centred on the F¢￿￿ and 8￿erage IF&BI offering by scalino up ¢olering s¢r¥i¢es lo wvjen the inc¢yne base beyoTrJ Ihe Seas￿81 Poth"ng Shed ￿f0 in¢oTh*. This suffered a setback with the departu￿ of catering manager in June 2023. her rrfrfa*ment t*in9 appointed from extstsng staff in the same mc#)Ih. Th"s, akw&dè Ihè gap bn leadership mèant tr￿1 Insolè C￿rt tsibad to cawtalisè C￿ thè sèasonalty strong monlhs and Ihe •vents prL¥rarn wa5 not rknloF*d fuly as intended in 202212023. With the chaThj￿ lo both trusiees aThJ slaff in mind. ts rthilding of Insde Crwrfs team and approach began n the summer of 2023. A large deftit had been ￿￿e￿ by this ts.me aThJ ¢)nty ¢)n8 month had wlstered a profit (April) so Ihis urgenljy had to be •Jdresstd. Thè new CEO. LW Granvile TAthtd wilh ex￿ting mert*rs ol slaff and Ihe Board of Tnjstses to work tcvwards KKfeasirg ¥bwty on Sit? with a prc*3ram of evenls whKh tsrgeted lime5 oflhe year vthich has historir21ty teen ￿tak and set dear largets and responsit)ili￿s for stsff so thal Ihere was rn0￿ managerial structure. It was recogThsed that In5o48 C￿rt had into a place vth8re greater gJv8marKe vrds required, which induded the recmitment of a new opefats'ons manager vA¥J t2kt over the day to day of the site tr￿ng up Ihe time of the CEO and tha Events team vtho h•J tecorne Shde.track8d from their departrnents. A formal slNcture indLtding roles and responsibil￿'e$ was created and perf￿8n¢e ￿￿ewS and tarfv set for all members ol slaff and 4though in i earfy stages uThJerstanth"ng 8ThJ Ow[￿lShIP ol deparkneftts slThEd d&8r im5￿overnents. INS￿£ COURT TRUST. YMDDIREDOLAETh CIIRT WS(LE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2023 rinance, fund raising, marketiTr3 and HFL In 202212023 iwo finarK8 professionals were added to strèngthen Ihe Boarf's ¥kill sel and oversvjht. It was C￿r by the thse of Ihe finarKial year that Ihe troJd9et set for 202212023 wa5 overfy mbitious and the rw Finanoal Cthxmittee and CEO We￿ keen to improve Ihe 8¢aJracy for 202312024 by setting Jdgel linked to the plann￿j events Calendar and sellin9 more rnatstic targeLs wlich were st￿1 challw)ging bul eliverable. The buL19et should irwire Ihe stsff lo excel against mulualty agreed tsrgets and tske ow)ership of the Ivturs prosperity ofthè site. The new catefing manager wesented 8 plan to the Boa￿ in Au9USt contained hi% vision to increasing the F&B inwmè vthich i￿1￿￿ed an overhaul ofthe ￿la rnenu, events gte. pop4JP extemal kntthen lake￿ver5. alOr￿ with a new menu for inth)use caterfng for smaNer M*ddings and corporntè ￿)rn hi￿. Due to historfc delivery ksues. Ihe ix)okings leam hall beC(￿e ￿lIant on extem* caterers so rt was undersity)d that the benefit ol taking more taterin9 in house wwld not be ￿ls•d wth"l Later year and 2024. Thè main chaleThJe in 202212023 has been Iho wralling t051 of energy and f¢x)d u¥Jredi8nis a5 Britain grappled wrth inflaiion and the eost-of4iwng crigs. As part of a wew of Insde Courts costs and ir￿orne streams, the trustees became aware that a very exp8n5ive forward4at8d trn8￿Y C￿tract wlh Ihe gas of Ihe main house had been signèd. This wo￿￿ put Insdg Court into a Fojslti'L￿, from October 2023. Ihat ieopardise the whole viabihty ol the organisation due to an increase of approx. £34,IXKlpa. Nwliations wlh the provtder aThJ broker along wilh consuknThJ solici10￿ t￿k valuatAe Stalf I0￿¢ee ￿e￿jrceS and in¢wred in the of legal bls. Ths was ￿$01¥ed just prior to the end of the finarKial yearwlh the CEO woliating a lower rate ￿bits1 also putting in place measures to reduce our e￿rgY usage by Ch￿j¥¥] w Ihemostat arwj takw a m(xe effK38frt apwoach to our eneryy usage. Food costs We￿ ancther challenge. whKh had to be athjressed. and wNk was ¢kJnB to irnprove ￿Jr menu ol fcKJcl and ensu￿ MO￿ was ¢*n* to use Social media to womots our offeriru. Ckn knp of this, it vrds reaK5ed that direct catering Jsts We￿ rising al a rnte that co￿d ntst be gJpwtsd by the sales and thp tNstees and Fumncial Comrnitteè vthed th th6 utering manager 10 make sure menus ¢¢>$t￿ more eff￿enty and F#M1￿5 SE8s made m(%e consistent. Onè ofthe mafv S￿$$¢$ of Ihe year *dS secJJriNJ larg• grants fram NaIion￿ mern￿ FurKI1£328,938} arm1 Cadw1£96.2501. AW with Cardiff Courtd aThJ In5c48 ￿￿rt TrLtst matthed fvnding ihi5 iotals £497,OW for ¢ss•ntial repaits and upgrade5. CADW funds are IL* e￿ern￿ repai￿ onty and the Lottery lunds are to be used as a mix of intemal and ¢xtemal works, a parocular attention to ryeating a lu￿￿￿al h￿j$e kiithen that can be used for Large xale caiering events, either staffed by Insole or njn by an extemal txxmpany where rent and oi cAynmtssion is charged to reduc8 the risk to Ihe Twst This funding also wll allow vs lo carry tsjt our 2022 aim of wdening base V4hilst hamng to match fijnd £30,(MXI rnther Ihan havir#J to ffind Ihe of the investment ourselves. This vrfil aU¢>w u5 lo safeguard the lutuffj of Inscle Ccwrt and r6furtiish intèmal areas bringing Ihem back to their former glory for ￿tUre g￿rat￿)n$ wthilst ￿$ts ueating an Irth￿ SI￿aM we have not had pre￿￿$[y. The viS￿n is Ihat the house kitchen could facilrtate education￿ 0)￿Tr) Yhwkshcps vkniL8t akn us b) extend tyjr historical lo th• Vthrian kitthen area5 whKh are iJJrrentty off limits lo the putrA One ol th• major rnvenue S￿£e55 Sto￿$ VRS seuK¥¥J the reb)CatiL￿ ofts R895try Olf￿ to Inxle Court from City Hall on a temporary basis. Tlis wa5 agreed in August 2023 and they started pawng ￿nI in Novembef 2023. This brought in largo guaranteed rentsl increase to Insde Cwrt ¥th¢h started at arwnd t10.600 per qvarter and was set to in¢rease Ihroughjut 2024. prowdes Ins0￿ Court *ith several vahJat4e opportunrties. the abilty to offer upgrades to registy Offi￿ weddin9S Wth room hi￿ ar￿ catering for recep11￿$. K a150 provhles more awarenes5 and fooifall on site the )tential for gfeater attendance of fu￿re events. sh￿) arwj Lxfé purchase5. Atuwh tt¥5 rek)LXtion Wd5 scheduled ¢0 be ternporary it was hoped that was sutte5sM both parb85 that thk8 may be￿ne a more pern1a￿nt hc*n¢ lar Ihe registry. INSOLE COURT TRUST- YMDDIREDOLAETH CWRT INSOLE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2023 One of the major inthatives put in ￿ace by the new team was to iNyease aCtI￿ty on srte. espectally during more Seasonal￿ challengiThJ times, so an ￿entS team was set up to suggest ideas for events throjghout the year induding Utili￿ng successful events of the past and x1eas. This meant that, as we dosed Ihe year heading into the winter, Insole Court had a progfam ol events induditvj lecaures ￿ the history of the site, musical events and pop-up restaurants events held in the café after hours. We tried lo get a balance bets¥een events ¥thich benefrted the ccffnmunity in line our charitable obj'ectives indLKling. educaiw and the p￿Se1¥all￿ of the heritage through acb'viti'es suth a5 tours of the lower. leclures on the history of Insole CTrJrt and prov*JirvJ a venue fw the annual spark￿ Walk for St David's Hospi¢e. We also included everrts for 2024 t*thtch celebrated the lunar New Year. which would bmg education of Chinese cultLtre. and morè talks on the history of Cardrfl. This was on top of regular 8ctivthS of garden and housè toufs. tours which focussed on the trees of In$ole Court arKI w¢korning peopk from far arKI WKle on *te into the beautiful historic grounds of In*Se Court. We also deC￿d that we woukl open IbJusÈ tsvei thè Christmas pèriod in 2023 as the previous year Ihe site had remained dosed leading to a Large loss in tknber 2022. h was hoped that this would again enrywrage people to enjoy the site akffig with inC￿aSe donations arml use of the café or rooms for Christmas events and ￿gUlar adi¥ities. Insole Court wekome(l around 240.¢XJO lo the ￿te and the aclual number of visitors would far ex¢eed th"$ induding ltrK￿ just wng the grounds dKI not enterthe café or main hwse. Whilst we have very hard to balance the needs to be seff-5uffia.ent fin￿lalty and rnainlain our tharitable 9bi￿ts the new members of Ihe Finanual Committee ￿ent￿th that we needed to look at our rental rates for all regular hires kng with our tenants as erErgy wices has In￿ased so muth. The team at Ins0￿ Court I￿ked al rental rates for tenants b•ssd on styft of Offi￿ space and rewe￿ed ￿ase o)ntracts to see where fail increases be applied. We also tighten credit controls to improve our cash flow ￿ ￿te tenant payments. aga￿ doing so in a lair and reasonable manner. We also made it a pri￿rtY to review our pn"tsrwJ slrudurt for F&B ajong wrth our wedding offèring and tn.ed to ensure that the barriers were removed tetween referrafs betsveen events and catering team lo maximise Ihe eaming Qpportuni￿.es of room hire at Ins(4e. We finished the year with a sense of opknmism that we were tuming a comer that the winler months w¢)ukl be Very testmig in temis of cash flow. Fof this rèason. we ￿scussed a payment plan IOT our fulure VAT bills and ulilising paymenl holiday or term extensth oplions for tyjr btyJnr* b%k b)an to try and relieve scvre of the pressurt on a time ol ytraT which ha*J a￿ayS been chamenging. This would be ￿eV￿d when Ihe kn.me arose taking into accounl a gTeateT fo(JJs on a¢¢urdte cashflow forecasting rather than lust averaged wofit and k+SS we were able to more cnnfidentty manage reserve$. W¢ wer¢ ronfident that rfwe implementsd Ihe plans to rerthiate. protecl and devebp Insde Court's offering we shoula bt in a ptssilK￿ to d*livèr on the fflore realists¢ Sel. ACHIEVEMENT AND PERFORMANCE Invèstment perfowman¢e Insole Court Trading Company Limile(l tha15 wilh JI the cornmerci81 hires and ratwir*a, irK4￿lirg wedding5. vthich tske Fla￿ at Insole CoLrt. For the year ended 31 Oclober 2023. InscAe Cwrt Trnthng Comwy Ltd made a def#?t of£S0,794. FINANCIAL REVIEW Flnancial position DuriThJ the year, Ihe charit￿S total irtc•ne was £417.520 I2￿2.. £359.317) of whid) È9.336 12022.. t32.869} hos been spent on fixed assets. The tharity reported a defiryt of £94.856 after acc(*JntsrrfJ for depreLia1￿ d￿ryes of £45,437. therefore there was defiut before depretyaiion of £49.419 (2022_' deffiot of £71.9261. Insol¢ C¢)urt TTrding Crynpany Lld. a vtholty (Mned subshliary. made a loss of£￿1,794 dwirrfJ the period. The deficit for Ihe group forthè yèar to 31 O¢tober 2023 was t145.65012022.. £131.6961. Res•r4•s polley At 31 October 2023 the tharty hekl totsl reserves of £1,201,313. Of thi$. £22.164 are restrKte(l fiJnds. £1,111,291 has been designated in a fund 8quNal8nt to the net t*Jok valuè of f￿ed assets aTrJ £2 repre$enls investments, leaving £67.856 as the free reserves of the charity. The trustees a￿ aware of the iMporta￿e of hokjing res¢N¢$ aNhoLvJh th& tsrget sel in 2022 of inveasing reseNe$ to £150,(￿ Pfoved to be unoblainaL4e as Ihe charty laced numerous obst%lès vthith led to the depletion of reseThes. The focus switched to ensuring that Ihe charity stemmed the bsses and retumed to profit alorKJ wrth managing its. cashfl(M during the quiet wnter months. AAh(w9h rt $b"Il be Ihe goal to reach reserve5 of £150.CQO il is not wise to sèt targets that are ￿n￿alist￿ antl * pres¢nl il 1$ mtye realisli¢ to ¥im for a mrylest irveas¢ to arwnd £60,000 of rese￿eS by the end of October 2024. Page 3 INSOLE COURT TRUST.YMDDIREDOLAETH CYIRT WISOLE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2023 STRUCTURE. GoVERNA￿E AND IAANAGEMENT Governing document The charily is a conN)any Iwmited by guarnntee. s￿￿ned by its MwTry￿jUm aTha Arbcles ofA5s￿)8tW. The lia￿lty of each mertw is liThited to £1. Recruitmènt and appointment of new trustee5 Th8 Board of Trust8es has a comrrtvisNe s￿1 m cty4wing fi￿nc? and fi￿￿4a1 pl*irwng. hèritsge int•rpfetats"on. 90vemarKe. legal. cornpony sec¥etsri4. aclmty pknnirvj. 8rth1tec￿r01, and bulding5. The Trust also has a core 01v￿Untary •fris(Ks to siwIe￿I the trustees. kr￿ base. Organlsallonal Strud￿10 The Insole Court Trust Boaryl ha5 12 tr￿$ and wr*ets bi4nrnthty. The Board has a number of eommittees repjrting to it w2 Finance, Govemance. BU￿ing$, Hentsge, Garden5, and CC¥nrn￿lty Fundraising Committee. Comrnrttees must have 8 minirnum ol Injstees as ￿￿be[s, one of which v•ill act as Chair. The TnJ5t Board is respc¥)siblè for the ovwal strategy of the Charty, aTrJ lor wlornance evaluation and aS5urnr￿. A budget ihe year is p￿Sented annually to Ihe Board at Iho start of the ffinanc*al year, and rf akwroved, gNv8s de18gated Fthver to staff Ihrough the Director, to spend wlhin the budget parameters. If necessary, the Finart￿ CNnmrtiee, which has delegated Spending power5. rnay revise Ihe twdget duriThJ the year, and any reV1&or￿ ￿￿t be r¢pgrted to Ihe Boa￿1. Requests for exFenditure wtsNle the appry)ved ￿Mj9et are made to the Finanr* Commitlee. to approve or olherw5e. and such aclton must be ￿pOrted to next Board ft*ethw. The Inse4e Tntst ￿ sel up a separaie ¢Jwn8d Trading Cornpanywhich ujwrenty has tjirectors. IndU￿10n and tralnlng of n•w trust••s The Trusl has used organised away days rKofeswnJ trainers ￿ Inducti￿ and trw.nww of new tntstses, as weir as in house training. Thk% system of usng p￿leSS￿al Irdinars and ¢on5uIIAnts uJnb"rvJes to ba usèd to maintain In&stee's skills and to manage ￿ents a5 the wqect prtsjresses. Each trustee shcrtdd have a t4)mprehen￿ve kno*18dg• of the foJlowirYJ." The rde oftnJstees, was wjtntffj￿d as tskirKJ ultrmate ar￿ eoV£ctive fewrnsibilty tr ¢J1￿cling the affairs of the eharity, ensuriThJ it is sthnc well run. aTrd deliverir¥J the tharital)le WIC￿￿￿5 the benefit ofthe public for which it was set up. The dutY&s ol tsuslees suffrnansed a5 CUnplar￿ with ts law, duty of wderKe. aTrJ (￿ty of ¢wg. Good Govemance and Leadethp PrincaF4es covering understandww of the rote ofthe tA￿tee, the le9al duties, the slgwaFdship of assets. saleWa￿1ro the ¢hariVs wrpose. overseeiThJ Ihe wryk oflhe tharity. aTrJ mana9ing nd suppjrtirrfj staft and volunteets. Tntstees wouk1 atso be requi￿ to ertsure delNery oforyanwts.onal PLtrpose. to work effecb.yely both as inthvKJu4s and as a team. to exertise effecaive ¢￿trol. to behave vAth integrity, and to be open and accountatAe. The skills needed by a trustee co¥ering leadwship. stialegK plarring. finarx?al man&3en*nt aTh1 pknnkng. kTh)vledge of Ihe legal frameth in the Charity operntes. managemenc and advctacy. Spec¢fi¢ thls relating to herilap arKI (x)mmunty devdopment. K•y rnanagernenl rernunerallon Pay and r8muneration of senior staff is at a ￿Ve1 to atlracl and ￿taIn $urtatAe iTrJividuals arkl is also govemed by market for￿$ as the Charitatrle A￿$ of Ihe Tnjst are entrety depeTrtsent￿ 1oveTh16 taised Ihrough its bus1r￿ xtivths. REFERENCE AND ADMINISTRATIVE DETAILS Regl$ter¢d Company number 07705519 (Enyaftd and Wales) Re9lstered Charlty nurnber 1145649 Registered office In5cAe Court Fairwater ro* Cardiff County ofcardrfr CFS 2LN Page4 INSOLE COURT TRUST- YMIKIIREDOLAETH CWRT INSOLE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2023 Trustees W M Clarke E M Davey L W Roblin Ires*Jn•J 41712023} C OEiien J L Prior-morris V Mitchen N R Richardson LERe C E Thomas K Rohman M S Vasquez L Humphreys Kq A5hcToft larwnleLI 1919120231 J J Nithofson Ashcroft lappjinled 1W2023) Pr•$lthnt N Lloy&Edwa Key managfrment personnvl G Hill. Director until Decembèr 2022 L Glanvi18- Chief Ex¢cul1￿ Offw frryn Marth 2023 Independent Examlner MHA ltradiThJ name of Maclntye Huds(￿ LLP} Lirnited liability pa￿rship in En9laThJ & Waes Regi$iered ntttnber OC312313 Eifed House Oak Tree Court Cardiff Gate Business Park . CARDIFF CF23 8RS Approved by order Board of Tru5tegs on.. .. arMI s*3nF*J ￿ ils l)6half by.. J J Nichotsiin Ash¢roft- Trustee P*3e 5 INDEPENDENT EXAMINER% REPORT TO THE TRUSTEES OF INSOLE COURT TRUST- YMDOIREDOLAETH CWRT INSOLE Indep•ndent •xamh)•rfs r•port to th• trust4￿ of Court Tnrnt - Ymddlredolaeth Cwrt Insole Ilh8 Company? I report to Ihe ehty trustees ¢)n my exarrin*K)n dthè Oft￿ C(*npany for Ihe year eThYed 31 October 2023. Respons￿Ill¢l¢S afid basls of report As the charitys trustees of the Company land also its diredus for the purposes of cornpary lawl you are responsiÈ48 lor the p￿paratin ol Ihe &counts in aLrordarte with the requirements ofthe c￿arleS Act 2006(￿ X4)6 Acfl. Having satisfied myself that the accwnts of the c￿panY trt not required to be audited under Part 16 of Ihe 20C6 Act and are dig•ble for iThle￿d¢nI examinati￿. I retM)rt in ￿FeLl of rny exarnination of yl￿r aceounts as caNied out under Section 145 ol the Charities Act 2011 fthe 2011 Acri. In ca￿Y￿)g out my examinatiC￿ I have follow￿ Ihe 01￿c￿.0n$ gNen by the Charity Commissicffi uThJer Secbcffi 145(S) Ibl of Ihe 2011 kL Ind•p•ndent •M*nlnerf$ statement Since your charitys gross irwme ¢￿eeded £250,1)Q) your exanwner rnu5t b8 a mernber ol a list8d bL￿y. I can confim) Ihat l am qualThled lo undertake the examinthn because l am a member of the ASS￿la{1￿ tsf Chartered Certified A￿￿nIan¢s, whith is or* ofthe listsd bc*Jw. I have completed my examinabty). I Ihat no m*rs h•e to my all￿ In ￿nnecti￿ th Ihg exarnination gmng me Cause to bel*ve: a¢Ct)untirnJ recorf5 were kept in respect of th8 Company as requwed by SectifJ1386 ofthe 2r￿ Att. or Ihe acrounts do not those reo)rds.' the a¢¢wnts do Tr)t corryjly wilh the a0*￿tir9 requw8rnents of Section 396 of th8 2(W)6 Act other than any requirement Ihat the acthJnts give a true aNI fair vw *thich is nol a matter considered as part of an Independent examinabon.. ¢x Ihe accounts have not been weparnj wi wih ts methods aThJ prirot4es of the Statement of RecommeThJed PradicÈ for ￿t￿Jn￿Thj and reB)rti￿ by (thribes lawlrable lo ¢harib"es p￿parirfj their a¢xwnls in accordancè with the Finanoal RepNbrg StaTrJard ap￿ca￿e the UK and Republ￿ ol lrtland IFRS 10211. I draw yow attentbjn lo th8 discbjsure made in note 2 to the fmarfial statements the d)antys th.lty lo eontinue as a going mnc£rn. The tharity is Sho￿ net tsf £94.856 for year to 31 Octi)ber 2023. this has rsduc8d free reserves to £67.856 and as s￿h fij￿re delkit5 at thts level are not sustaiTrable. In addition, the whoNy owned trading SUb￿diary has net liabiffilies of £65.071. The matters detsled in note 2. indic8ie Ihat some wtcertainty exists which may casl s¥Jnrftsnt doubt on the tharilys 3bihty lo ￿tinue as a 9tyrvJ ¢orKem. We have. ho￿ver. o)nduded that the trustees, use olthe eLyx*m basis of aoyJJnb"n9 in Ihe preparation ol the finaThial ststernents 15 appropriate. I have no olher ts)ntems and have ctyne acrw ro other mattets in t￿nee￿on V•ilh examination to vthch attenlkjn should be dravm in ttws report in order to enatAe a prorw Ur*jets￿d1ng of the aCL)xnts to ￿ reaehed. Julkq Mortiw FCCA MHA ltrading narne of Maclntyre Hudson LLPI Limrted liability pathership in Er*nd & Wales Regislafed numbsr OC312313 El￿￿ House Oak Tree c￿￿rt Cardiff Gate Business Park CARDIFF CF23 8RS INSOLE COURT TRUST. YMDDIREOOLAETH CIYRT INSOLE STATEMENT OF FINANCIAL ACTMTIES (INCORPORATING AN INCOME AND EXPENDMJRE ACCOUPffj FOR THE YEAR ENDED 31 OCTOBER 2023 2023 Total funds 2022 Total funds Urnestrthl Restricted INCOME AND ENDo￿lENT8 FROIA Donations and legacies 11. 47.997 29.194 C￿lItabl• acti¥iti•s Education and the arts Community welfare 3.635 72.943 3,635 72.943 2,869 68.496 Other tradin9 aclmt Investment in¢L Other ino)me 104.110 104,110 120,801 14.247 123710 188 835 Total 417.520 359,317 EXPENDITURE OM Raising ftmds 141,624 141,V24 112,275 Charltablo a¢￿¥111•5 P￿SeNatI￿ of Insde Cwrt Educab"on antJ Ihe arts Community wellare 113,738 36,358 215,693 118,701 36,358 215,693 113.999 37.$62 212618 Total 7.413 4.963 512 376 NET INCOMEIIEXPENDifuRE) 1103.806} 8.9XI 194,8561 {117,1371 RECONCILIATION OF FUNDS Tolal fvnds brought forwar 1282.955 13,214 1.296,169 1,413,306 TOTAL FUNOS CARRIED FORWARD 1 179,149 1201 313 1296 169 The rth form part ofllwe fmarmyal slatem8nts Pag• 7 INSOLE COURT TRUST. YMDDIREI)OLAETrI CIIRT INSOLE BALANCE SHEET 31 OCTOBER 2023 2023 Tolal funds 2022 Tot fvnd$ funds FIXED ASSETS Tangible assets Inv8slments 16 17 1.111.291 1,111291 1.147.392 1.111293 1.111.293 1.147,394 CIJRRENT ASSETS Stocks Debtors Cash at bank 8N1 In hand 18 19 5,454 54,034 179.647 77,543 91,883 69.719 154.702 22.164 176,866 239,13S CREDITORS Amounts la￿n9 duè ore ye (13.4231 (73.4231 {69.0561 NET CURRENT ASSETS 81279 22.164 170.079 TOTAL ASSETS LESS CURRENT UA8ILmES 1.192 22.164 1,214.736 1,317,473 CREDITORS Arnunts fauing due after mcfe one 21 113.4231 113.4231 121,3041 . NET ASSETS 1.179,149 22.164 1,201,313 1.296.169 FUNDS Unrestricted fvnds Restncted funds 23 1,179,149 22.164 1,282.9SS 13.214 TOTAL FUNDS 1 201.313 1.296,169 Th8 c*ant￿9 company 15 w￿"lled to exernption frcffi wdii uNler 477 of the C￿ar0e$ Act 20￿ for the year ended 31 Oraober 2023. The members have not required Ihe company to obtain an audrt of its ffir4n(ial Slakn￿ for th• year ended 31 October 2023 in accO￿n￿ with S8cl•Jn 476 ofthe Crynpani8s N£t 2006. The trustees acknovAeil9e th&r ￿$￿￿s1￿1￿$ ensuring that ¢haritabf• tompany k••ps aCc￿ntI)g rn¢0￿$ thal ctynrty *ith S8diowts 386 and 387 of lh8 Companies Act 20C6 and pr8paring finanaal slatemenfs whith gNe a and fair view of th8 stste of affair5 of ts c*aritsblg ￿mPanY 8$ * the end of ¢ath fwnoal year and of its surF4u$ or defirit tr each finantial year in accLJrdance wth the requi￿rne￿I$ of Secbons 394 and 395 and *fv"ch otherwse compty requi￿Mertts of the Compantes Act 2LIX ￿lati￿ to ffinartial statqrn￿. $0 laras apF4catle to Ihe chan"tsIMe crAnpany. Ib) The fonn pwl oflw finarKial slatorn￿￿ Pagè 8 ¢ontinued... INSOLE COURT TRUST- YMDDIREDOLAETh C%VRT INSOLE BALANCE SHEET- ¢ontinugd 31 OCTOBER 2023 Thèsè finanrial statements have been preFAred in acoJrdane• 7Ailh prtrlisbxts aW*able to eharttsble companiès $ubigct to the Sm￿1 conwnies regime. The fi antsal statsments were approved by the Board of Tn￿ wfvris•J for on li.-2￿￿..￿o.w.. and were Signed on rt5 i*halfby. J J Nicholson Ashcroft- Trustee Page 9 INSOLE COURT TRUST- YMDDIREDOLAETH CWRT INSOLE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 STATUTORY INFORMATION Insole Court Trust is a Wi8tpJed charity aTha pri*ate ctynpany finwied by guaranlee hawrg no Share capital. It is w)carpordt8d in Wales in ts UrNted lQIWn. Thè registered office is Insc4e FaiN*ater Road. Cardiff. CF5 2LN. The nature of the clwitabbt companys opèrdt*)ns and actiwties are dtsdosed wlhin the Report of Ihg Trustees. The firtancial ststements we presented li Stwffing (£). the rtharitable c4)mparfs luncaMal currenry. aTrJ muThJ8d to the neaTest p)und. Tho $i￿1ficant acC￿￿.￿j poFA"es apP4￿￿ in lh8 pr8parntKffi of Ihesa fmancial stataments ¥e set out below. These have been consistenty aF￿￿1 to 4 ￿T$ wesented unless ott￿￿$e stal8d. ACCOUNTING POLICIES 8asi$ of pweparfn9 th• f￿ancIal st•t¢monts The fiftaneial ststements of Ihe charitsble company, vAwch is a puilt berth entity urxler FRS 102. have been prepared in accordancè *ilh Ihe Ch￿Ille5 SCrf

st related to lh8 caltyory. Vlheffj (x)sts cannot be dir¢Gtty attn"tyJted lo paitular he8dirKJ5 they have been ak¢aled to acbth on a basis C£￿$1St*nI wrfh tl* u EXpe￿itUre on raisiry funds ir￿[￿leS th¢ Cost of luTrjr￿slrWj and the threct costs of other tr￿ing acbwles a$ wdl as a FwpNtion of salaries based an aPF￿0xrn￿tion oftime spent in this area. Expenditur8 on Charilable acbvrfies those cc*ts w￿lTed by the tharty in the deKvty of its acbvithès and services for its beneficiaries. It r￿4¥￿e$ both Ihal be alrKaled directy to suth acts￿tieS and I￿)$8 costs of an indirect nature necessary to supwt them. Suppori Costs are I￿tse costs Ihat. vthilst r￿Ssary to an do not Ihamselves or constitute the t>utput of the Charilatle a¢bvity. This I￿ude$ govemarr* Costs whi¢h are Ihose ¢￿ts asso¢iat8d vAlh meetin9 Ihe rThsDiutionaJ an¢J slatutory requirements ol the rlwty tsKaudg the actountsnw lees artd costs Inked to the strategic management ofthe chanty. Allo¢alion and apportlonment of costs I cosls are alhxated beknn exwditure categtyies on a b&sB de$vJned to reffe¢t the use of the resour¢o. Costs ￿lating to a particu￿ a￿ alk)cated dir•.. others a￿ apporkn￿1ed rn an appropriate b8$is. Tangibh flmd ass•ts Fixed assets a￿ Snitialty recorded at c(6L •KI￿air￿j the esb"mated ￿51 of any th)nated assets. Oepr•oatKffi is pmvid•d at lh• frjkn￿ng anr￿￿ wat•s ￿ 0ft18rto ¥ffi* off each &set over its usefvl economlc lrfe. Long Leas8hJld Propety Fixturgs. fitting5 and equiprnenl Ccmputer equrpment - 80 year5 rm o)st . 5 year5 c￿ ojst FIX￿ asset InV￿lm￿￿ Fixed asset investments are re￿r￿•1 at cost ary r•q￿red ts dinwnubon in valu•. Stocks Stock is at the ofc(tst ￿ net real￿ab￿ vah* usir*3 the FIFO stock vdual￿￿n rnetl*)d. Ptye 11 continugj... INSOLE COURT TRUST. YMDDIREDOLAETH CWRT Tr4SOLE NOTES TO THE FINANCIAL STATEMENTS- ¢otitinu•d FOR THE YEAR ENDED 31 OCTOBER 2023 ACCOUNTING POLICIES- wrtknued Taxall¢)n The charty has financial assets and financial Sabdit*s of a kn.nd that rwalfy as basic financi81 instruments. Basic finartial ￿￿tr￿nefits are at I￿sac1￿]n value ar¥J swuenty measured al their ¥etUement vafue. Trade debtors aThJ other debtivs aro rwnk8ed al ts settk1￿ arrh)unt dug ar*J wepaynwts *• vahjèd at the amunt prepabj. Creditor5 are fecognised Yrtwe Ihe Charity has a present ottyliDn Yes￿11￿a from a past evenl that w411 Probabty resuk in the tra￿[er of ffiJThJs to a third paity and Ih8 arnwnt due to Settle the owtion can be measur•d Ix estimated reliably. Credttrys are rwised al their seItt￿nI amount after all￿￿n9 for any trad? ¢Jis¢ounts dug. Fund a¢counUng Unr•stri¢led I￿¢ts can be used in acc>Js Activilies and 8vents CAxts Prrjperty mainlenarKe and repa L￿jaI and professKMal fees Depfedation 83.912 1.840 1.375 47,636 6.532 637 1.617 3.479 11.409 9.177 45.267 4.062 86.176 1.663 1.287 42.053 5.653 1.880 654 3.871 11,842 11.229 42.146 39.168 256.736 247,622 11. SUPPORT COSTS Staff Totals PreSerVatic￿ of Inso* CcKJrt Educalion and Ihe arts Community welfare 21,871 13.122 52,484 5.987 2,116 11.633 850 663 2.651 29,388 16,297 68,351 396 87,471 4,164 114.016 12. 14ET INCOMEIIEXPENDITURE) Net IncomellexpeThJiturel ts ststed kn charyirWlcredibrbJl: 2023 2022 Oepreoalion- ry*med assels Independent examlnatth fee OperatiThJ leas8 payments 45,437 3,400 45.211 3.400 516 Page 14 INSOLE COURT TRUST. YMDDIREDOLAETh CWRT WSOLE NOTES TO THE FINANCIAL STATEMENTS- Mntinued FOR THE YEAR ENDED 31 OCTOBER 2023 13. TRUSTEES. REMUNERATION AND BENEFrrs There ￿lStee$. ￿M￿neral￿￿ or ots be￿ for Ihe year ervjed 31 ¢)dot*T 2023 or for th8 year ended 31 October 2022. Trustees. expenses Thtfe were no tDJsts8s' expenses paKI for Ihe y erxled 31 Cktober 2023 ￿ for ended 31 Octoter 2022. 14. STAFF COSTS 2023 2022 Wages and 5alarie5 Social secjjnty costs Other pensk￿ costs 208,458 9,096 3,486 213,947 7.550 225.396 Total r8mun0ral￿ pad to key rnanag￿nt Fw¥rywf in the yew was £31.81B12022.. £43.35S). The 9￿rage ffl￿thty nunber of ￿n￿ee$ thJiir¥J th• yearvas as fdk)w&" 2023 15 2022 13 No empbyees r•ceNed emclurrwts in excess of £60.(*J). Ptye 15 cAnb"nued... INSOLE COURT TRUST- YMDfMREDOLAETH CWRT INSOLE NOTES TO THE NNANCIAL STATEMEKfs- continued FOR THE YEAR ENDED 31 OCTOBER 2023 15. COMPARATives FOR THE STATEMENT OF HNANCIAL ACTMnES uNestJKI￿ Re5trictsd fvn(ts Totsl lunds INCOME AND eNOOWMEI4TS FROM 28.694 29.194 Charitabl• a¢tivitses Education and Ihe arts Cwmunity ￿Te 2.869 68,496 68.4 Other trathn9 actNrftes Investment In￿)rre Other Ir￿me 120.801 14.247 123.710 120.801 14.247 123710 Tot*1 358.817 359.317 EXPENDITURE ON RaisiwJ Imjs 112.275 112275 Chaiitsbl• actyviti Preservat￿ of In501¢ Cowl Educafr'on and Ihe arts C￿MUnty ￿1[are 113.499 37.$62 212618 soo 113.999 37.562 212,618 T4)tal 475.954 476.454 NEf INCOMEIIEXPEMDilliRE) (117.1371 1117.1371 RecoNCIUATION OF FUNDS Totsl furth br￿￿t fornèrd I.4￿.092 13,214 1,413,306 TOTAL FUNDS CARRIED FORWARD 1.282,955 13214 1296.169 1fA TANGIBLE FIXED AsseTS ¥iur•s and fiitirwJ$ Ccffiputer equvy￿nI Totals COST At 1 No¥ernb8r 2tr22 Ad￿￿Or 1213.845 162.055 31.420 4.748 1.407.320 9336 At 31 Od)bor 2023 1.213845 36,168 1.416.656 DEPRECIATION At l Novemb8r 2022 Charye for year 111,104 119.266 29.558 1.383 259,928 45.437 At 31 Ociober 2023 140.9 133.468 MET BOOK VALUE At 31 October 2023 1072.889 33.175 5.227 1111291 At 31 O¢tolJer2022 1 102 741 1 147 392 P*Jè 16 conlinued... INSOLE COURTTRUST. YIIIDDIREI)OLAETH CWRT INSO NOTES TO THE FINANCIAL STATEMENTS- contlnu•d FOR THE YEAR ENOED 31 OCTOBER 2023 17. FIXED ASSEf INVESTMENTS Shares in group undertakings MARKET VALUE At 1 Nov¢rnbgr 2022 and 311)#ober 2023 NeT BOOK VALUE At 31 Octobèr 2023 At 31 OetL*ef 2022 The u>mpany's investnRrts at the bala￿ sheet dale in the Sh￿ cawlal ofcrffipanies indude the f01h)￿'ng.. In501e Court Tradlng Crynwny Ltd Fwistered offKe: Insole Coufl Faipwater Road, Llatsff. Carrfth CF5 2LN Nature of t#Jsiness.. R¢y)m hirn and event swvi Class olshare-. C¥dinary shares 11x1 2023 2022 Aggwate eapltsl and re5er¥gS Loss for Ihè yèar 165,0731 50,794 114.2771 18. STOCKS 2023 2022 Retsil stocks 5.454 19. DEBTORS: AMOUNTS FALUNG DUE IVITHIN ONE YEAR 2023 2022 Trnde ijebtors AnM)unts owed by groJp wwjerta crther debtors VAT Prepayrwls and accrued irwme 5.649 6,408 35.867 3.699 750 108 9.145 77,543 54.034 Page 17 conlinugd... INSOLe COURTTRUST- YMDOIREDOLAETH CWRT INSOLE IIOTES TO THE FINANCIAL STATEMENTS - ¢onllnu•d FOR THE YEAR ENDED 31 OCTOBER 2023 20. CREDifoRs: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2023 2022 Bank loo￿ WKI overdrafts Iw note 221 Other loans (see note 221 Trade C￿lt0[$ Sockal security and other taxes 0th8r creditrrfs 7,861 7.861 7.748 21,294 18,108 6,642 18,668 22,124 17.594 14.539 69.056 Included *ithin &uuals arKI deferr•J inDJm8 atthE is the Idh)w"ng defwred irKxwne.' 2023 2022 R8ntsl incom• and t1•posit ActI￿lieS and events ir 771 305 771 5.649 The ¢Jefer￿￿ incxrfne rdates to irKw wi¥ed in advance of pffjieet c¥ ser￿e delNery. All anKJunts brnight forward havè been released to the siatement ol fina[￿￿91 acts￿ in the year. 21. CREDITORS: AM<)uKrs FALLING DUE AFfER IAORE THAN I)NE YEAR 2023 2022 Bank loans (see note 22) 13.423 21.304 LOANS An ￿lY5￿ of the maturity of bans Is givtft b•k*r. 2023 2022 Amounls due *ithin or* yew on demand: 8ank toans Crther loans 7,881 7.881 7.748 7,881 15.629 Amounts falirg belween Ivffj years: Bank loans- 1-2 yeafs AFnounts frdffiwvJ du• bets¥•en two aThJ ￿15.. Bank loans- 2-5 y•*s 5.338 13,219 Page 18 tinued... INSOLE COURT TRUST- YMDDIREDOLAETh CWRT W4SOLE NOTES TO THE FINANCIAL STATEMENTS - wrtlnued FOR THE YEAR ENDED 31 OCTOBER 2023 23. IKIVEMENT IN FUl￿s Tran$fer¥ At 1111122 fur¥ts 31110123 Unrestrl¢ted funds Genefal fund Fixed asset deswaled fund 135.563 1.147292 (103.PJ)61 36,101 36.101} 67.858 1 111 291 1.282.955 (103.8061 1,179,149 Restrid•d fvnds Garden and grounds fvnd Frien4Js ol Irksole Court lund Memorial garden lund 2,413 12,(KlOI 2,413 11.214 13214 TOTAL FUNDS 1.2%.169 94.856 1,201,313 Net movwnent in frJTh19. in th¢ above as fdlows: Inccmkng Reswr¢es Movement expended in luntjs Unre5frfcted funds Genernl tund 403.607 1507.4131 1103.8061 R*strlcled funds Garden and gr¢wnds fvnd Fri?nds of I[￿oIe Court fvnd Mem￿181 garden ￿nd Wann Spaces a¢ Insde c￿Irt 2.413 2.413 I2,OC￿l 8.537 12,0001 11,4631 10.LI)O 1.500 13.913 4.963 TOTAL FUNDS 512,3761 Translers en fuThJs 1111121 lunts 31110122 Unreslrlcted lurtds General fvnd Fixed asset ¢Jesignatsd fwmj 240,358 1.159,734 1117.1371 12,342 12,3421 135,563 1.147.392 1,4(KJ.0¥2 1117.137} 1.282,955 Ro8trl¢t¢d funds Friends of Insde Cwrt fvnd 13,214 13,214 TOTAL FUNDS 1.413.& 117 1371 Page 19 ontinueil... INSOLE COURT TRUST- YMODIREDOLAETH CWRT INSOLE NOTES TO THE FTNANCIAL STATEMEPITS- continued FOR THE YEAR ENDED 31 OCTOBER 2023 23. MOVEMENT IN FUNDS- Mnunued Ir￿c￿ThJ Resources Movement expended in funds Unr•strktsd fvnds Gènernl ￿nd 358.817 {47S,9S41 1117.137) Reslrlcted lund$ Garden and grourKls fund {5￿> TOTAL FUNDS 476 4541 117 1371 Deslgnat•d funds F￿ed assel desi nated (und Restricted funds en and DuriThJ the year the thanty re¢eNed private of £2.413 (2022: £SLXII ts the ￿$tOratiOn of the iris gardon. al arden fund During the year. tre charity roceived £10,C*JJ lor to lh8 M8rntyial Gard8n. The expenditu during the year ielates to the Bwnel EwwJravry. Wam Insde Court Grant irtome of £1.500 w85 reCeN￿ d￿rg the year in rel81m￿ k> the Warm Space5 inrbalive. This was strKted to th8 Cost of lrt￿rt￿. of¥thth* spert irnmethatety. Transfers between funds A transfer crf £36.101 was m•Je from tr* fw¥J to the frA￿ asset deggnated fijnd in respert of fvrtr fixed assel adL*lL￿$ ¢Jurry Ihe year.18ss Ihb ¢*ar 24. RELATED PARTY DISCLOSURES Aggregate donatm￿s of £93012022.. £1.0201 from li￿le•S in the 1ht fom of supporters patmn5 incom8. A restricted of£l0.000 vas Irom a tyuslee. Management fees of £162.05)12022." t109.9681 wwe receNed from Ihe charitys trading subsirfiary. Insole Cwrt Trading Conx)any LILI. Th• charty has also Trceived income and mad8 payrr*nts on b8half of rfs tradiry subsidiary, and vieè ver5a. dLYing thè year. at 31 C¢iober 2023. a bdart* of £53.095 was due to the charfty from its trad￿￿ $ub5bJiary. Paymgnts of £21,875 were rnade to Nwl R￿hard￿ ￿SuM11vj Li￿. a ¢￿[￿nY thvned by a in r8SP8Ct olt>)nsultw s•rwic•s. Pw20