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2024-10-31-accounts

Docusign Envelope ID: E770D2A8-CE52-4866-884B-D785EACB6D06

REGISTERED COMPANY NUMBER: 07705519 (England and Wales) REGISTERED CHARITY NUMBER: 1145649

Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31 October 2024

for

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

MHA (trading name of MHA Advisory Ltd) Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF County of Cardiff CF23 8RS

Docusign Envelope ID: E770D2A8-CE52-4866-884B-D785EACB6D06

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

Contents of the Financial Statements FOR THE YEAR ENDED 31 OCTOBER 2024

Page
Report of the Trustees 1 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8 to 9
Notes to the Financial Statements 10 to 20
Detailed Statement of Financial Activities 21 to 23

Docusign Envelope ID: E770D2A8-CE52-4866-884B-D785EACB6D06

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

Report of the Trustees FOR THE YEAR ENDED 31 OCTOBER 2024

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 October 2024. 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).

AIMS AND OBJECTIVES

The Charity's objects as stated in the Articles of Association are:

  1. to preserve and protect the buildings known as Insole Court, including the restoration of the interior and gardens for public benefit;

  2. to advance the education of the public in the history and conservation of Insole Court and Gardens; and

  3. to further or benefit the residents of the community, without distinction of sex, sexual orientation, race or of political, religious or other opinions by associating together the said residents and the local authorities, voluntary and other organisations in a common effort to advance education, arts and culture, and provide facilities in the interests of social welfare for recreation leisure time occupation with the objective of improving the conditions of life for the residents and in particular to establish or secure the establishment of a community facility and to maintain or manage or co-operate with any statutory or other authority or organisation in the maintenance and management of such a centre.

Public benefit

The trustees can confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission. Significant activities that we undertook during the period that demonstrate public benefit are set out below.

ACHIEVEMENTS AND PERFORMANCE Charitable activities

2023/2024 built upon all the hard work and change that had taken place in 2022/2023 with some great successes which resulted in a dramatic turnaround from the previous year as the team worked hard to increase turnover, and manage costs. The changes described in our 2022/23 Trustee report continued throughout 2023/24 with new employees and trustees working together to create stability and adapt to challenges. Successful staff and trustee appointments helped to strengthen the team and deliver on the opportunities identified in 2022/23.

The budget set for 2023/24 faced far more scrutiny based on lessons learned from the previous year. We forecast a small profit before depreciation and had a far higher level of confidence in our predicted income and costs. Unlike 2022/23 the winter months did not create a deficit which we struggled to recover from. Rather the losses were often far lower than budgeted especially in December and January. This was combined with an early profit in March when we had expected to be running at a loss. The final figure of a loss of over £7,490 (before depreciation) marks a significant turnaround from last year, where we lost £49,419. This was still in a market of rising costs both in energy, staff and most importantly our café direct costs. A large amount of focus went into managing site staff costs along with the cost of sales for our food and beverage offering which continued to be pressured by inflation.

Where 2022/23 was a year of large challenges and staff and trustee change, in 2023/24 the team was able to start implementing new initiatives, to really get the site working and to start implementing the growth strategy. The success of this can be clearly seen within the Trading company which carried out the non-charitable activities for the site such as weddings, commercial room hire and catering. A near 30% increase in turnover led to a 25% increase in gross profit, based on a swing in profit of £58,505. This was a welcome return to profit which could be passed back to the trust.. This was made up of a 50% increase in wedding turnover, 27% in catering and bar sales and a 27% increase in rental income.

We were able to capitalise on the continued tenancy of the Cardiff Registry office in Insole Court by offering room hire and catering to registry office weddings, something we aim to improve upon in 2025 by providing stronger marketing and literature. At the end of the year, we replaced our head chef ensuring we were well placed to utilise the new kitchen facilities and build the reputation of our room event catering whilst also ensuring the costing of our menus.

We also had a hugely successful year in terms of filming which not only generates essential revenue, it also raises the profile and awareness of the site through publicity. This led to a 46% increase in filming revenue compared to our target for the 2023/24 year. Filming work is often last minute and staff worked tirelessly to ensure that we reduce the impact to our regular bookings and maintaining public access.

Page 1

Docusign Envelope ID: E770D2A8-CE52-4866-884B-D785EACB6D06

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

Report of the Trustees FOR THE YEAR ENDED 31 OCTOBER 2024

The generation of revenue is essential for the sustainability of the site and the achievement of our charitable aims and objectives. We continued to fulfil these aims by hosting lectures that educated people on the history of the site and the associated history of connected sites. We completed more tours of the house and ran events that offered a place for people of all ages to enjoy, from theatrical performances to craft fayres, garden sales, fund raising quizzes and street food social gatherings. We also hosted larger community events such as a free to enter community art exhibition, a sitewide national women's festival and a celebration of the lunar New Year. In addition, a wide range of community classes and courses benefit from discounted room hire. Our commitment to our aims and objectives is shown through the continued spending on the preservation of the site, education and the arts and community welfare, with expenditure increasing in line with inflation.

We also saw huge success in our grant applications where new staffing structures allowed the team to focus on the right grants and spend more time on applications. We increased our grant income by over £20,000 and the lessons learned should again improve our outlook for 2025. We also bolstered our trustee skillset by adding two trustees who had a background in fundraising which will further help our ability to source suitable grants and subsequent success rate.

As stated in last year's report, Insole Court was awarded grants of around £497,000 in grants to maintain and improve Insole Court to address structural issues along with providing facilities to help us with more valuable income generation. This was split between Cadw and the heritage National Lottery fund and required us to match fund over £30,000. Both Cadw and National Lottery have been hugely supportive of Insole Court and were involved with the original renovation and we continue to be very grateful for their support. Extensive staff effort went into the finalising of the renovation works which were scheduled to start in autumn/winter 2024. However, the start date was delayed by Cardiff Council which owns the building and leases it to the charity. This provided challenges in procurement, and working with our funders. The staff and trustees worked hard to ensure we could get the works started by the funders cut-off date in early 2025.

At the time of writing the works have been concluded giving Insole Court a welcome upgrade to our event catering facilities by providing a larger professional kitchen space in the main house and importantly solve historic damp issues which both visually impact the exterior and interior of the property. With the renovations complete we are optimistic about the improvements to Insole Courts potential income streams for the years to come.

ACHIEVEMENT AND PERFORMANCE

Investment performance

Insole Court Trading Company Limited deals with all the commercial hires and catering, including weddings, which take place at Insole Court.

For the year ended 31 October 2024, Insole Court Trading Company Ltd made a profit of £7,711.

FINANCIAL REVIEW

Financial position

During the year, the charity's total income was £472,675 (2023: £417,520) of which £30,943 (2023: £9,336) has been spent on fixed assets.

The charity reported a deficit of £57,030 after accounting for depreciation charges of £49,540, therefore there was a deficit before depreciation of £7,490 (2023: deficit of £49,419).

Insole Court Trading Company Ltd, a wholly-owned subsidiary, made a surplus of £7,711 during the period. The deficit for the group for the year to 31 October 2024 was £49,319 (2023; £145,650).

Page 2

Docusign Envelope ID: E770D2A8-CE52-4866-884B-D785EACB6D06

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

Report of the Trustees FOR THE YEAR ENDED 31 OCTOBER 2024

FINANCIAL REVIEW

Reserves policy

At 31 October 2024 the charity held total reserves of £1,144,283. Of this, £3,453 are restricted funds, £1,092,694 has been designated in a fund equivalent to the net book value of fixed assets and £2 represents investments, leaving £48,134 as the free reserves of the charity.

The trustees are aware of the importance of holding reserves. The target set in 2023 of £60,000 proved to be unobtainable with a fall in reserves over the year. However, there has been an improvement in the cash balance of around £50,000 when compared to 2023.

We spent time considering what our reserves target should be and factored in multiple options for the methodology for our policy. We looked at minimum running costs in the event of a site closure along with the actual reduction in cash reserves over the most recent winter. We felt that this was the most prudent approach based on our actual experience and have increased our reserves policy to achieve a minimum £80,000 free reserves for 2024/2025. This is based on a winter which was an outlier with many spaces closed whilst the renovation works were being undertaken. We do not feel that the loss incurred in the prior winter is likely in the current or future years with the improved facilities and offering and no planned closures, and the reserves policy will be reviewed accordingly.

Our approach to achieving the revised free reserves target is to continue to ensure our income streams bring real net returns by scrutinising our costs. Reserves are used for the purpose of smoothing cashflow. Any capital outlay, such as improvements to the site or new staff hires have been and will continue to be funded via restricted donations and grants. This should yield an organic growth to reserves over time.

Our reserves policy will be reviewed on an annual basis, with the proviso that a sudden influx of capital would cause an ad hoc review. This allows us to continue to ensure our reserve policy is based on the latest understanding of our cash flow position and likely requirements.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is a company limited by guarantee, governed by its Memorandum and Articles of Association.

The liability of each member is limited to £1.

Recruitment and appointment of new trustees

The Board of Trustees has a comprehensive skill mix covering finance and financial planning, heritage interpretation, governance, legal, company secretarial, activity planning, architectural, and buildings.

The Trust also has a core of voluntary advisors to supplement the trustees' knowledge base.

Organisational structure

The Insole Court Trust Board has 12 trustees and usually meets bi-monthly. The Board has a number of committees reporting to it viz Finance, Governance, Buildings, Heritage, Gardens, and Community Fundraising Committee. Committees must have a minimum of two trustees as members, one of which will act as Chair. The Trust Board is responsible for the overall strategy of the Charity, and for performance evaluation and assurance. A budget for the year is presented annually to the Board at the start of the financial year, and if approved, gives delegated power to staff through the Director, to spend within the budget parameters. If necessary, the Finance Committee, which has delegated spending powers, may revise the budget during the year, and any such revisions must be reported to the Board. Requests for expenditure outside the approved budget are made to the Finance Committee, to approve or otherwise, and such action must be reported to the next Board meeting. The Insole Court Trust has set up a separate wholly owned Trading Company which currently has two directors.

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Docusign Envelope ID: E770D2A8-CE52-4866-884B-D785EACB6D06

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

Report of the Trustees FOR THE YEAR ENDED 31 OCTOBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT Induction and training of new trustees

The Trust has used organised away days with professional trainers for induction and training of new trustees, as well as in house training. This system of using professional trainers and consultants continues to be used to maintain trustee's skills and to manage events as the project progresses. Each trustee should have a comprehensive knowledge of the following:

Key management remuneration

Pay and remuneration of senior staff is at a level to attract and retain suitable individuals and is also governed by market forces as the Charitable Aims of the Trust are entirely dependent on revenue raised through its business activities.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

07705519 (England and Wales)

Registered Charity number

1145649

Registered office

Insole Court Fairwater road Cardiff County of Cardiff CF5 2LN

Trustees

W M Clarke (resigned 14/9/2024) E M Davey C O'Brien (resigned 14/9/2024)

J L Prior-Morris (resigned 14/9/2024) V Mitchell N R Richardson L E Reid C E Thomas K Rohman M S Vasquez L Humphreys (resigned 14/6/2024) M Ashcroft J J Nicholson Ashcroft J Ap Steffan (appointed 14/9/2024) R Ball (appointed 14/9/2024) M MacDonald (appointed 14/9/2024)

President

N Lloyd-Edwards

Key management personnel

L Glanville - Chief Executive Officer

Page 4

Docusign Envelope ID: E770D2A8-CE52-4866-884B-D785EACB6D06

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

Report of the Trustees FOR THE YEAR ENDED 31 OCTOBER 2024

REFERENCE AND ADMINISTRATIVE DETAILS

Independent Examiner

MHA (trading name of MHA Advisory Ltd) Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF County of Cardiff CF23 8RS

August 29, 2025

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

......................................................................

J J Nicholson Ashcroft - Trustee

Page 5

Docusign Envelope ID: E770D2A8-CE52-4866-884B-D785EACB6D06

Independent Examiner's Report to the Trustees of Insole Court Trust - Ymddiredolaeth Cwrt Insole

Independent examiner's report to the trustees of Insole Court Trust - Ymddiredolaeth Cwrt Insole ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 October 2024.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or

  2. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

  3. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Rachel Doyle ACA DChA

MHA (trading name of MHA Advisory Ltd) Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF County of Cardiff CF23 8RS August 29, 2025 Date: .............................................

Page 6

Docusign Envelope ID: E770D2A8-CE52-4866-884B-D785EACB6D06

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

Statement of Financial Activities (Incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 31 OCTOBER 2024

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
Charitable activities
5
Education and the arts
Community welfare
Other trading activities
4
Other income
6
Total
EXPENDITURE ON
Raising funds
7
Charitable activities
8
Preservation of Insole Court
Education and the arts
Community welfare
Total
NET INCOME/(EXPENDITURE)
Transfers between funds
22
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
68,030
6,004
73,228
130,134
169,474
446,870
142,224
98,085
38,461
226,170
504,940
(58,070)
19,751
(38,319)
1,179,149
1,140,830		 Restricted
funds
£
-
-
-
-
25,805
25,805
-
24,765
-
-
24,765
1,040
(19,751)
(18,711)
22,164
3,453		 2024
Total
funds
£
68,030
6,004
73,228
130,134
195,279
472,675
142,224
122,850
38,461
226,170
529,705
(57,030)
-
(57,030)
1,201,313
1,144,283		 2023
Total
funds
£
47,997
3,635
72,943
104,110
188,835
417,520
141,624
118,701
36,358
215,693
512,376
(94,856)
-
(94,856)
1,296,169
1,201,313

The notes form part of these financial statements

Page 7

Docusign Envelope ID: E770D2A8-CE52-4866-884B-D785EACB6D06

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

Balance Sheet 31 OCTOBER 2024

Notes
FIXED ASSETS
Tangible assets
15
Investments
16
CURRENT ASSETS
Stocks
17
Debtors
18
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
19
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one year
20
NET ASSETS
FUNDS
22
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
funds
£
1,092,694
2
1,092,696
6,586
71,018
89,727
167,331
(103,418)
63,913
1,156,609
(15,779)
1,140,830		 Restricted
funds
£
-
-
-
-
-
3,453
3,453
-
3,453
3,453
-
3,453		 2024
Total
funds
£
1,092,694
2
1,092,696
6,586
71,018
93,180
170,784
(103,418)
67,366
1,160,062
(15,779)
1,144,283
1,140,830
3,453
1,144,283		 2023
Total
funds
£
1,111,291
2
1,111,293
7,440
77,543
91,883
176,866
(73,423)
103,443
1,214,736
(13,423)
1,201,313
1,179,149
22,164
1,201,313

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

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Docusign Envelope ID: E770D2A8-CE52-4866-884B-D785EACB6D06

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

Balance Sheet - continued 31 OCTOBER 2024

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: August 29, 2025

.............................................

J J Nicholson Ashcroft - Trustee

The notes form part of these financial statements

Page 9

Docusign Envelope ID: E770D2A8-CE52-4866-884B-D785EACB6D06

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

Notes to the Financial Statements FOR THE YEAR ENDED 31 OCTOBER 2024

1. STATUTORY INFORMATION

Insole Court Trust is a registered charity and private company limited by guarantee having no share capital. It is incorporated in Wales in the United Kingdom. The registered office is Insole Court, Fairwater Road, Cardiff, CF5 2LN. The nature of the charitable company's operations and principal activities are disclosed within the Report of the Trustees.

The financial statements are presented in Sterling (£), the charitable company's functional currency, and rounded to the nearest pound.

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.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the 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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

There have been no material departures from Financial Reporting Standard 102.

Going concern

The results for the year show a deficit of £57,030 (2023: £94,856, 2022: £117,137). Despite the loss, the figures for the past three years show a fundamental improvement year on year, demonstrating the successful work of the CEO, Lloyd Glanville, who has worked tirelessly with members of staff and the Board of Trustees to continue the financial turn-around of Insole Court Trust.

The significant improvements in the budgeting process ensured that the 2023/24 budget was not only linked to the planned calendar of events but also set realistic targets which were both challenging and deliverable. Regular meetings of the Financial Committee ensured that budgets were met, and any variances were addressed at speed and appropriate mitigations put in place.

The successful completion of the works funded by the National Heritage Memorial Fund (£328,938) and Cadw (£96,250) at the start of 2025 safeguards the future of Insole Court and allowed for the refurbishment of internal areas bringing them back to their former glory. Since the completion of the renovation work, Insole Court is already seeing encouraging signs of profit as a result of the overall improvements to the site including new catering facilities and renovated spaces. This is due to widening existing income streams as well as a concerted effort to control and minimise fixed costs.

2023/24 demonstrates the successful changes that the Board has put in place. The Trust is confident that the strategies put in place will ensure the long term sustainability of Insole Court, and as such these financial statements have been prepared using the going concern basis.

INCOME

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Donations and legacies income includes donations, gifts and grants that provide core funding or are of a general nature and are recognised where there is entitlement, probability of receipt and the amount can be measured with sufficient reliability. Such income is only deferred when the donor specifies it must be used in future accounting periods or the donor has imposed conditions which must be met before the charity has unconditional entitlement.

Income from charitable activities includes income received under contract or where entitlement to grant funding is subject to specific performance conditions. This income is recognised as the related services are provided and there is entitlement, probability of receipt and the amount can be measured with sufficient reliability. Income is deferred when the amounts received are in advance of the performance of the service or event to which they relate.

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Docusign Envelope ID: E770D2A8-CE52-4866-884B-D785EACB6D06

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 OCTOBER 2024

2. ACCOUNTING POLICIES - continued

INCOME

Incoming resources from other trading activities includes income received under contract. This income is recognised as the related services are provided and there is entitlement, probability of receipt and the amount can be measured with sufficient reliability. Income is deferred when the amounts received are in advance of the performance of the service or event to which they relate.

This includes capital grants.

EXPENDITURE

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Expenditure on raising funds includes the cost of fundraising and the direct costs of other trading activities as well as a proportion of salaries based on an approximation of time spent in this area.

Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs are those costs that, whilst necessary to deliver an activity, do not themselves produce or constitute the output of the charitable activity. This includes governance costs which are those costs associated with meeting the constitutional and statutory requirements of the charity and include the accountancy fees and costs linked to the strategic management of the charity.

ALLOCATION AND APPORTIONMENT OF COSTS

All costs are allocated between expenditure categories on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly; others are apportioned on an appropriate basis.

TANGIBLE FIXED ASSETS

Fixed assets are initially recorded at cost, including the estimated cost of any donated assets.

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

Long Leasehold Property - 80 years on cost
Fixtures, fittings and equipment - 5 years on cost
Computer equipment - 3 years on cost

Fixed asset investments

Fixed asset investments are recorded at cost less any provision required for diminution in value.

STOCKS

Stock is included at the lower of cost or net realisable value using the FIFO stock valuation method.

TAXATION

The charity is exempt from corporation tax on its charitable activities.

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.

Trade debtors and other debtors are recognised at the settlement amount due and prepayments are valued at the amount prepaid.

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Docusign Envelope ID: E770D2A8-CE52-4866-884B-D785EACB6D06

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 OCTOBER 2024

2. ACCOUNTING POLICIES - continued

TAXATION

Creditors 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 are normally recognised at their settlement amount after allowing for any trade discounts due.

FUND ACCOUNTING

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

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.

3. DONATIONS AND LEGACIES

Donations
Gift aid
Grants
Subscriptions
Grants received, included in the above, are as follows:
Cardiff Council
Moondance Foundation
Simon Gibson Charitable Trust
Warm Spaces at Insole Court
4.
OTHER TRADING ACTIVITIES
Other rental income
Gift shop sales		 2024
£
39,673
4,292
23,785
280
68,030
2024
£
2,952
20,833
-
-
23,785
2024
£
103,774
26,360
130,134		 2023
£
37,292
6,825
3,500
380
47,997
2023
£
-
-
2,000
1,500
3,500
2023
£
77,184
26,926
104,110

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Docusign Envelope ID: E770D2A8-CE52-4866-884B-D785EACB6D06

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 OCTOBER 2024

5. INCOME FROM CHARITABLE ACTIVITIES
2024 2023
Activity £ £
Entrance fees and tour
income Education and the arts 6,004 3,635
Facility hire fees Community welfare 55,435 53,190
Activities and events income Community welfare 17,793 19,753
79,232 76,578
6. OTHER INCOME
2024 2023
£ £
Other income 15,621 11,545
Reimbursement of costs 27,650 15,240
Management fee 152,008 162,050
195,279 188,835
7. RAISING FUNDS
RAISING DONATIONS AND LEGACIES
2024 2023
£ £
Fundraising 6,894 4,422
OTHER TRADING ACTIVITIES
2024 2023
£ £
Purchases 17,765 12,578
Staff costs 90,199 70,454
Bad debts 1,137 -
Legal and professional fees 2,254 29,903
Shop operating expenses 1,692 713
Rates and water 762 657
Light and heat 15,562 17,013
Telephone and internet 2,129 2,333
Depreciation 3,830 3,551
135,330 137,202
Aggregate amounts 142,224 141,624

Page 13

continued...

Docusign Envelope ID: E770D2A8-CE52-4866-884B-D785EACB6D06

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 OCTOBER 2024

8. CHARITABLE ACTIVITIES COSTS

Preservation of Insole Court
Education and the arts
Community welfare
9.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Rates and water
Insurance
Light and heat
Telephone
Design and print
Computer and web site fees
Miscellaneous expenses
Cleaning and household goods
Activities and events costs
Property maintenance and repairs
Legal and professional fees
Depreciation
10.
SUPPORT COSTS
Preservation of Insole Court
Education and the arts
Community welfare
Preservation of Insole Court
Education and the arts
Community welfare		 Direct
Support
Costs (see
costs (see
note 9)
note 10)
Totals
£
£
£
91,345
31,505
122,850
22,497
15,964
38,461
157,257
68,913
226,170
271,099
116,382
387,481
2024
2023
£
£
114,796
83,912
2,133
1,840
1,255
1,375
43,574
47,636
5,960
6,532
750
637
224
1,617
2,829
3,479
10,247
11,409
693
9,177
42,901
45,267
6,227
4,062
39,510
39,793
271,099
256,736
Staff
Information
costs
Finance
technology
£
£
£
21,434
369
869
12,860
221
-
51,441
885
-
85,735
1,475
869
Governance
Other
costs
Totals
£
£
£
7,933
900
31,505
2,117
766
15,964
13,525
3,062
68,913
23,575
4,728
116,382

Page 14

continued...

Docusign Envelope ID: E770D2A8-CE52-4866-884B-D785EACB6D06

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 OCTOBER 2024

11. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2024 2023
£ £
Depreciation - owned assets 49,540 45,437
Independent examination fee 3,600 3,400

12. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 October 2024 or for the year ended 31 October 2023.

TRUSTEES' EXPENSES

There were no trustees' expenses paid for the year ended 31 October 2024 or for the year ended 31 October 2023.

13. STAFF COSTS

STAFF COSTS
Wages and salaries
Social security costs
Other pension costs		 2024
£
269,958
12,593
4,958
287,509		 2023
£
208,458
9,096
3,486
221,040

Total remuneration paid to key management personnel in the year was £48,198 (2023: £31,818 ).

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

2024 2023
Average employees 17 15

No employees received emoluments in excess of £60,000.

.

14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Education and the arts
Community welfare
Other trading activities
Other income
Total
EXPENDITURE ON
Raising funds		 Unrestricted
funds
£
36,497
3,635
72,943
104,110
186,422
403,607
141,624		 Restricted
funds
£
11,500
-
-
-
2,413
13,913
-		 Total
funds
£
47,997
3,635
72,943
104,110
188,835
417,520
141,624

Page 15

continued...

Docusign Envelope ID: E770D2A8-CE52-4866-884B-D785EACB6D06

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 OCTOBER 2024

14.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
Restricted
funds
funds
£
£
Charitable activities
Preservation of Insole Court
113,738
4,963
Education and the arts
36,358
-
Community welfare
215,693
-
Total
507,413
4,963
NET INCOME/(EXPENDITURE)
(103,806)
8,950
RECONCILIATION OF FUNDS
Total funds brought forward
1,282,955
13,214
TOTAL FUNDS CARRIED FORWARD
1,179,149
22,164
15.
TANGIBLE FIXED ASSETS
Fixtures
Long
and
Computer
leasehold
fittings
equipment
£
£
£
COST
At 1 November 2023
1,213,845
166,643
36,168
Additions
-
20,735
10,208
At 31 October 2024
1,213,845
187,378
46,376
DEPRECIATION
At 1 November 2023
140,956
133,468
30,941
Charge for year
28,787
15,320
5,433
At 31 October 2024
169,743
148,788
36,374
NET BOOK VALUE
At 31 October 2024
1,044,102
38,590
10,002
At 31 October 2023
1,072,889
33,175
5,227
16.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 November 2023 and 31 October 2024
NET BOOK VALUE
At 31 October 2024
At 31 October 2023		 Total
funds
£
118,701
36,358
215,693
512,376
(94,856)
1,296,169
1,201,313
Totals
£
1,416,656
30,943
1,447,599
305,365
49,540
354,905
1,092,694
1,111,291
Shares in
group
undertakings
£
2
2
2

There were no investment assets outside the UK.

The company's investments at the balance sheet date in the share capital of companies include the following:

Page 16

continued...

Docusign Envelope ID: E770D2A8-CE52-4866-884B-D785EACB6D06

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 OCTOBER 2024

16. FIXED ASSET INVESTMENTS - continued

Insole Court Trading Company Ltd

Registered office: Insole Court, Fairwater Road, Llandaff, Cardiff CF5 2LN Nature of business: Room hire and event services

%
Class of share:
holding
Ordinary shares
100
Aggregate capital and reserves
Profit/(loss) for the year
17.
STOCKS
Retail stocks
18.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Amounts owed by group undertakings
Other debtors
VAT
Prepayments and accrued income
19.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdrafts (see note 21)
Trade creditors
Social security and other taxes
VAT
Other creditors
Accruals and deferred income
Included within accruals and deferred income above is the following deferred income:
Rental income and deposit
Grant and other income		 2023
£
(65,073)
(50,794)
2023
£
7,440
2023
£
5,649
53,095
108
9,546
9,145
77,543
2023
£
7,881
18,108
6,642
-
18,668
22,124
73,423
2024 2023
£ £
888 771
13,207
14,095 771

The deferred income relates to income received in advance of project or service delivery. All amounts brought forward have been released to the statement of financial activities in the year.

Page 17

continued...

Docusign Envelope ID: E770D2A8-CE52-4866-884B-D785EACB6D06

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 OCTOBER 2024

20. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

20. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Bank loans (see note 21) 15,779 13,423
21. LOANS
An analysis of the maturity of loans is given below:
2024 2023
£ £
Amounts falling due within one year on demand:
Bank loans 3,160 7,881
Amounts falling between one and two years:
Bank loans - 1-2 years 3,261 8,085
Amounts falling due between two and five years:
Bank loans - 2-5 years 12,518 5,338
22. MOVEMENT IN FUNDS
Net Transfers
At movement between At
1/11/23 in funds funds 31/10/24
£ £ £ £
Unrestricted funds
General fund 67,858 (58,070) 38,348 48,136
Fixed asset designated fund 1,111,291 - (18,597) 1,092,694
1,179,149 (58,070) 19,751 1,140,830
Restricted funds
Garden and grounds fund 2,413 1,040 - 3,453
Friends of Insole Court fund 11,214 - (11,214) -
Memorial garden fund 8,537 - (8,537) -
22,164 1,040 (19,751) 3,453
TOTAL FUNDS 1,201,313 (57,030) - 1,144,283
Net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 446,870 (504,940) (58,070)
Restricted funds
Cardiff City Council grant 2,952 (2,952) -
Moondance Foundation fund 20,833 (20,833) -
Garden and grounds fund 2,020 (980) 1,040
25,805 (24,765) 1,040
TOTAL FUNDS 472,675 (529,705) (57,030)

Page 18

continued...

Docusign Envelope ID: E770D2A8-CE52-4866-884B-D785EACB6D06

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 OCTOBER 2024

22. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Fixed asset designated fund
Restricted funds
Garden and grounds fund
Friends of Insole Court fund
Memorial garden fund
TOTAL FUNDS		 At
1/11/22
£
135,563
1,147,392
1,282,955
-
13,214
-
13,214
1,296,169		 Net
movement
in funds
£
(103,806)
-
(103,806)
2,413
(2,000)
8,537
8,950
(94,856)		 Transfers
between
funds
£
36,101
(36,101)
-
-
-
-
-
-		 At
31/10/23
£
67,858
1,111,291
1,179,149
2,413
11,214
8,537
22,164
1,201,313

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

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 403,607 (507,413) (103,806)
Restricted funds
Garden and grounds fund 2,413 - 2,413
Friends of Insole Court fund - (2,000) (2,000)
Memorial garden fund 10,000 (1,463) 8,537
Warm Spaces at Insole Court 1,500 (1,500) -
13,913 (4,963) 8,950
TOTAL FUNDS 417,520 (512,376) (94,856)

Designated funds

Fixed asset designated fund

The fixed asset designated fund represents the net book value of tangible fixed assets.

Restricted funds

Garden and grounds fund

During the year the charity received private donations of £2,020 (2023: £2,413) for the restoration of the gardens.

Memorial garden fund

This fund was set up in the prior year. During the year ended 2024, it was decided that the remaining balance in the fund be transferred to unrestricted.

Friends of Insole Court

During the year ended 2024, it was decided that the remaining balance in the fund be transferred to unrestricted.

Moondance fund

Grant income of £25,000 was received during the year. This is to be used towards the Marketing and development officer wages for the year. Two months of this is included in deferred income at year end.

Page 19

continued...

Docusign Envelope ID: E770D2A8-CE52-4866-884B-D785EACB6D06

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 OCTOBER 2024

22. MOVEMENT IN FUNDS - continued

Cardiff Council Fund

Grant income of £11,808 has been granted during the year. This is to be used to partially fund the role of the Garden and Maintenance Officer, commencing in August 2024. £8,856 of this fund is recognised in deferred income at year end.

TRANSFERS BETWEEN FUNDS

A transfer of £18,597 was made from the general fund to the fixed asset designated fund in respect of further fixed asset additions during the year, less the depreciation charged.

23. RELATED PARTY DISCLOSURES

Aggregate donations of £910 (2023: £930) were received from trustees in the year in the form of supporters and patrons income.

Management fees of £164,418 (2023: £162,050) were received from the charity's trading subsidiary, Insole Court Trading Company Ltd. The charity has also received income and made payments on behalf of its trading subsidiary, and vice versa, during the year. As at 31 October 2024, a balance of £54,989 was due to the charity from its trading subsidiary (2023: £53,095).

Payments of £6,750 were made to Neil Richardson Consulting Limited, a company owned by a trustee, in respect of consultancy services.

Page 20

Docusign Envelope ID: E770D2A8-CE52-4866-884B-D785EACB6D06

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 OCTOBER 2024

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Gift aid
Grants
Subscriptions
Other trading activities
Other rental income
Gift shop sales
Charitable activities
Facility hire fees
Activities and events income
Entrance fees and tour income
Other income
Other income
Reimbursement of costs
Management fee
Total incoming resources
EXPENDITURE
Raising donations and legacies
Fundraising
Other trading activities
Gift shop purchases
Wages
Social security
Pensions
Bad debts
Legal and professional fees
Shop operating expenses
Rates and water
Light and heat
Telephone and internet
Fixtures and fittings depreciation
Charitable activities
Wages
Carried forward		 2024
£
39,673
4,292
23,785
280
68,030
103,774
26,360
130,134
55,435
17,793
6,004
79,232
15,621
27,650
152,008
195,279
472,675
6,894
17,765
85,353
3,476
1,370
1,137
2,254
1,692
762
15,562
2,129
3,830
135,330
108,068
108,068		 2023
£
37,292
6,825
3,500
380
47,997
77,184
26,926
104,110
53,190
19,753
3,635
76,578
11,545
15,240
162,050
188,835
417,520
4,422
12,578
66,931
2,514
1,009
-
29,903
713
657
17,013
2,333
3,551
137,202
79,374
79,374

This page does not form part of the statutory financial statements

Page 21

Docusign Envelope ID: E770D2A8-CE52-4866-884B-D785EACB6D06

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 OCTOBER 2024

Charitable activities
Brought forward
Social security
Pensions
Rates and water
Insurance
Light and heat
Telephone
Design and print
Computer and web site fees
Miscellaneous expenses
Cleaning and household goods
Activities and events costs
Property maintenance and repairs
Legal and professional fees
Improvements to property depreciation
Fixtures and fittings depreciation
Support costs
Staff costs
Wages
Social security
Pensions
Recruitment and training
Office support costs
Security Lock up
Finance
Bank charges
Bank loan interest
Information technology
Repairs and renewals
Other
Rates and water
Light and heat
Computer expenses
Postage and stationery
Advertising
Telephone and internet
Fixtures and fittings depreciation
Computer equipment depreciation
Governance costs
Accountancy fees
Legal and professional fees		 2024
£
108,068
4,853
1,875
2,133
1,255
43,574
5,960
750
224
2,829
10,247
693
42,901
6,227
28,787
10,723
271,099
76,537
4,264
1,713
507
2,444
270
85,735
1,193
282
1,475
869
152
3,113
5,952
3,978
3,756
425
765
5,434
23,575
3,600
1,128
4,728		 2023
£
79,374
3,263
1,275
1,840
1,375
47,636
6,532
637
1,617
3,479
11,409
9,177
45,267
4,062
29,852
9,941
256,736
62,153
3,319
1,202
7,911
2,402
10,490
87,477
1,911
728
2,639
-
132
3,402
5,972
4,487
3,183
467
710
1,383
19,736
3,400
764
4,164

This page does not form part of the statutory financial statements

Page 22

Docusign Envelope ID: E770D2A8-CE52-4866-884B-D785EACB6D06

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 OCTOBER 2024

2024 2023
£ £
Total resources expended 529,705 512,376
Net expenditure (57,030) (94,856)

This page does not form part of the statutory financial statements

Page 23