OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-10-31-accounts

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

Company registration number: 07705519 Charity number: 1145649

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED

31 OCTOBER 2025

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE (A company limited by guarantee)

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE (A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 8
Independent auditors' report on the financial statements 9 - 12
Consolidated statement of financial activities 13
Consolidated balance sheet 14 - 15
Consolidated statement of cash flows 18
Notes to the financial statements 19 - 37

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE (A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2025

Trustees John Ap Steffan
Mathew Ashcroft
Rebecca Ball
Elaine Davey
Michael Macdonald
Jonathan Ashcroft
Neil Richardson
Katrina Rohman
Matthew Skuse (appointed 22 April 2026)
Caryl Thomas
Will Tregaskes (appointed 13 December 2025)
Company registered
number
07705519
Charity registered number
1145649
Registered office
Insole Court Trust
Fairwater Road
Cardiff
CF5 2LN
President
N Lloyd-Edwards
Chief executive officer
L Glanville
Independent auditors
Menzies LLP
Chartered Accountants
5th Floor Hodge House
114-116 St Mary Street
Cardiff
CF10 1DY
Bankers
Natwest
250 Bishopsgate
London
EC2M 4AA

Page 1

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 OCTOBER 2025

The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 November 2024 to 31 October 2025. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

The group and the Charity also trade under the names Insole Court Trust - Ymddiredolaeth Cwrt Insole.

Objectives and activities

a. Policies and objectives

The Charity's objectives 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.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Strategies for achieving objectives

The Charity seeks to achieve its objectives by preserving and enhancing Insole Court as a significant heritage asset while ensuring that it remains accessible, relevant and beneficial to the community. The Trustees pursue a balanced strategy combining heritage conservation, community engagement, commercial sustainability, partnership working and fundraising.

Income generated through commercial activities such as room hire and catering as well as events, memberships, donations and grant funding is reinvested into the maintenance and development of the site and the delivery of charitable activities. The Trustees work closely with Cardiff Council, volunteers, community groups, funders and other partners to maximise the public benefit derived from the site.

c. Activities undertaken to achieve objectives

During the year, the Charity continued to operate and maintain Insole Court, providing access to the house, gardens and community facilities for a wide range of users.

Activities included the delivery of heritage interpretation programmes, public tours, lectures, educational activities, community events, volunteer opportunities and cultural programmes.

The Charity also delivered a significant programme of conservation and improvement works funded by the National Lottery Heritage Fund, Cadw and Cardiff Council, while continuing to develop its commercial activities, including room hire, weddings, catering and events.

Page 2

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

Objectives and activities (continued)

d. Volunteers

Volunteers are integral to the daily operation and strategic success of Insole Court. During the reporting period, volunteers supported a wide range of charitable activities, including welcoming visitors, assisting with community events, supporting historical tours, and maintaining the surrounding grounds. They also help with day-to-day administration such as working in the gift shop, answering calls and general office administration. Their dedication, passion, and donated time significantly enhance our public benefit offering and foster strong links with the local community.

The Trustees record their sincere gratitude for the ongoing contribution of all volunteers whose commitment significantly enhances the Charity's public benefit and strengthens community engagement.

e. Main activities undertaken to further the Charity's purposes for the 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.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

The Charity's principal activities that further its charitable purposes for public benefit include:

Strategic report

Achievements and performance

a. Main achievements of the Charity

The 2024/25 financial year began with the ambitious task of implementing a major maintenance and renovation programme, made possible by generous grants from the National Lottery Heritage Fund and Cadw. This investment was transformational, securing the future of Insole Court by improving the fabric of the building, infrastructure, and incomegenerating capacity.

Unavoidable delays to the works schedule presented significant operational challenges and impacted our pre-planned events, leading to temporary disruption and a challenging first half of the year. Throughout this period, our staff worked tirelessly to manage client expectations while simultaneously preparing to capitalise on the improvements. Their efforts resulted in significant growth compared to 2023/24, with room hire income increasing by 13.5%, food and beverage revenue by 20%, and our events programme by over 30%. Key drivers of this success included a more efficient room hire strategy and the decision to bring our bar operations in-house.

Beyond physical repairs, the project has allowed us to move away from a cycle of costly emergency maintenance towards a proactive programme of preventative care, safeguarding the site for future generations.

Overall, Insole Court achieved its most successful year in terms of turnover, recording its first profit since 2021. Due to this increased activity, the charity crossed the threshold for a statutory financial audit; consequently, we engaged professional

Page 3

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

Strategic report (continued)

Achievements and performance (continued)

auditors to conduct this work. Our turnover includes £157,000 of grant funding recognised in this financial year. While we met the audit threshold this year, we anticipate that due to the increase in the turnover threshold to £1.5million, an audit will not be required for the 2025/26 financial year.

Our expanded events schedule has been vital in meeting our charitable aims, with a focus on community engagement through events such as the Lunar New Year, the Teddy Bear’s Picnic, and a diverse calendar of historical lectures and tours. Many of these events are supported by sponsorship, allowing us to provide free access. We also celebrated our local community through a volunteer art exhibition, a dog show, and our 'Grow, Sow, and Show' festival. Our fundraising quizzes and summer street food events have become community staples, raising essential funds for site reinvestment. The success of our events schedules is demonstrated by the 16% increase in income from charitable activities.

Beyond the capital renovation project, we displayed our commitment to our charitable objectives with a 17% increase in total relevant expenditure on site preservation, education, the arts, and community welfare.

Success in fundraising continued with our dedicated committee securing both renewals from existing funders and new support to help meet core costs and strengthen our team.

While the renovation delays caused increased costs and reduced income in the first half of the year, we have used these 'lessons learned' to refine our approach to future site disruptions. It is a testament to the team’s resilience that, once the site returned to full capacity, they delivered seven consecutive months of profit, ending the year with a net positive result before depreciation. These operational lessons, particularly regarding staff costs and food and beverage cost-of-sales management, have brought more consistency to the business and will significantly improve our budgeting accuracy moving forward.

b. Trading subsidiary performance

Insole Court Trading Company Limited manages the commercial hire and catering operations associated with Insole Court, including weddings and events.

For the year ended 31 October 2025, Insole Court Trading Company Limited had an operating profit of £245,514 before donation in the year to the parent charity. The final position,as reported per note 14 of the financial statements is a net profit of £Nil.

Financial review

a. Going concern

The results for the 2024/25 financial year represent a significant turnaround under the leadership of the Board of Trustees and the current senior management team. Despite continued external economic pressures and operational disruption caused by major renovation works, the organisation achieved a profit. This performance reflects the strengthened scrutiny, discipline, and optimisation of the underlying business model. Over the past three years, year on year improvements have been consistently delivered, and we expect continued growth across key income streams as well as an increase in our profit before depreciation.

The recently relaunched wedding offer, an expanded programme of events, strategically implemented price increases, and a full review of membership pricing and benefits are all expected to positively influence financial performance over the next 12 months.

The major external works completed in early 2025, have materially strengthened the long term future of Insole Court. These works enabled significant refurbishment of internal areas, restoring them to a high standard. Since completion, the site has shown encouraging improvements in profitability, supported by upgraded catering facilities and enhanced usable

Page 4

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

spaces. The 2025/26 period is the first full year of uninterrupted operation, with no further scheduled maintenance expected to disrupt activity.

Robust procedures are in place to monitor, review and manage cash flow on a regular basis. This, combined with a continued focus on developing and maintaining diversified income streams and exercising prudent control over expenditure, provides the Trustees with confidence that the charity has sufficient resources to meet its obligations as they fall due. Accordingly, the Trustees consider that it is appropriate to prepare the financial statements on a going concern basis, with charity continuing to operate sustainably for the foreseeable future.

b. Reserves policy

The Trustees review the Charity’s reserves policy annually to ensure that our financial reserves align with operational risks and cash flow requirements. Free reserves are defined as total unrestricted liquid funds, excluding tangible fixed assets, restricted funds, designated funds, and funds ring-fenced for short-term liabilities (such as outstanding VAT obligations).

The Trustees have established a target free reserves level of £160,000. This target is an increased amount from the previous year and is designed to cushion the Charity against unexpected operational disruptions, economic downturns, or seasonal cash flow variations. We agreed this figure by taking a holistic view of our operating costs and utilising historical data of seasonal cash flow. We considered the various options for determining this figure and felt that three months expenditure was not suitable for our model and instead chose to use three months of minimum operating costs for the charity based on closing the doors due to an unforeseen emergency. Whilst this figure is desirable we want to be realistic taking into account our current situation. Therefore at present we aim to achieve £80,000 free reserves. We are confident that this is a sufficient amount to comprehensively manage our seasonal cash flow requirements.

Historical operational challenges and major capital renovation works have temporarily reduced reserves below this ideal threshold, the net positive operating performance achieved in the second half of the year represents clear progress towards restoring our reserve funds. The policy is formally reviewed on an annual basis or following any material change in financial circumstances.

c. Financial Position

During the year, the group reported income of £1,144,395 (2024: £880,308) Expenditure was £1,068,250 (2024: £929,625), resulting in a surplus of £76,145 (2024: deficit of £49,317).

d. Principal risks and uncertainties

The Trustees have assessed the major risks to which the Group and the Charity are exposed, in particular those related to the operations and finances of the Charity and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

e. Principal funding

The Charity’s main funding sources in the period comprised statutory grant funding, donations, tenancy income, retail sales memberships and community events. We also derive a large amount of our funding from activity generated by the subsidiary trading company, such as room hire, catering, bar income and weddings. During the year, £157,000 of grant funding was recognised within income.

Structure, governance and management

a. Constitution

Insole Court Trust - Ymddiredolaeth Cwrt Insole is registered as a charitable company limited by guarantee and was set up by a Trust deed.

Page 5

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

Structure, governance and management (continued)

b. Methods of appointment or election of Trustees

The management of the Group and the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

The Board of Trustees has a comprehensive skill mix covering finance, heritage interpretation, governance, horticulture, company secretarial, marketing, fundraising, activity planning, architectural, and the built environment.

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

c. Organisational structure and decision-making policies

The Insole Court Trust Board has up to 12 trustees and usually meets bi-monthly. The Board has several committees reporting to it via Finance, Governance, Buildings, Heritage, Gardens, and Fundraising. Committees must have a minimum of two trustees as members, one of which will act as Chair. The 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 CEO, 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.

d. Pay policy for key management personnel

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.

e. Financial risk management

The Trustees have assessed the major risks to which the Group and the Charity are exposed, in particular those related to the operations and finances of the Group and the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

f. Engagement with stakeholders

The Trustees place high value on maintaining strong, transparent relationships with all key stakeholders:

• Visitors & Community: We actively seek feedback from venue hirers, event attendees, and local residents to ensure our facilities meet public needs and deliver meaningful community benefit.

• Suppliers: We build long-term relationships with local suppliers, contractors, and service providers, adhering to prompt payment standards and fair commercial terms.

• Grant Funders & Partners: We maintain open, transparent reporting lines with key capital and operational funders, including Cadw and the National Lottery Heritage Fund, ensuring all grant conditions and project milestones are met diligently

Page 6

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

Plans for future periods

The Trustees remain focused on consolidating the benefits arising from the recently completed capital works programme and building upon the operational improvements achieved during the year.

Key priorities for the forthcoming period include:

The Trustees are optimistic about the future of Insole Court and believe that the improvements delivered during the year provide a strong foundation for further growth, financial sustainability and community impact.

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' report including the Strategic report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Page 7

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

Auditors

The auditors, Menzies LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees on _______ 20-Aug-2026 and signed on their behalf by:

Jonathan Ashcroft

Page 8

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

Qualified Opinion

We have audited the financial statements of Insole Court Trust - Ymddiredolaeth Cwrt Insole (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 October 2025 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion section of our report, the financial statements:

Basis for Qualified Opinion

We were not appointed as auditor until after 31 October 2025 and thus did not observe the counting of the physical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 October 2025, which are included in the balance sheet at £20,611 by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.

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

Other Matter - Unaudited Corresponding Figures

The financial statements of the trust for the year ended 31 October 2024 were not audited. Accordingly the corresponding figures for that year presented in these financial statements are unaudited.

Our opinion is not modified in respect of this matter.

Page 9

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE (CONTINUED)

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £20,611 held at 31 October 2025. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason.

Matters on which we are required to report by exception

Arising solely from the limitation on the scope of our work relating to inventory, referred to above:

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page 10

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE (CONTINUED)

Responsibilities of trustees

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

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

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 152 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our planning procedures identify the legal and regulatory frameworks applicable to the operations and financial statementsof the company. These are reviewed internally with the audit team including relevant industry experience and expectationsas well as externally with the client management. The key laws and regulations we considered in this context were the UKCompanies Act 2006, UK GAAP (FRS 102) and relevant tax legislation.

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

• Obtaining an understanding of the key controls put in place by the Charity to address risks identified, assessing the effectiveness of those and discussing how these are maintained and monitored internally;

• Discussing with Trustees and management the legal and regulatory obligations of the business and whether they have any knowledge or suspicion of non compliance.

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

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

Page 11

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE (CONTINUED)

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Clive Edwards (Senior statutory auditor) for and on behalf of Menzies LLP

Chartered Accountants Statutory Auditor 5th Floor Hodge House 114-116 St Mary Street

Cardiff CF10 1DY

Date: 21-Aug-2026

Menzies LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 12

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE (A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 OCTOBER 2025

Note
Income from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Other income
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
220,348
29,131
868,401
19,653
1,137,533
597,725
467,074
1,064,799
72,734
1,083,468
72,734
1,156,202		 Restricted
funds
2025
£
6,862
-
-
-
6,862
-
3,451
3,451
3,411
3,453
3,411
6,864		 Total
funds
2025
£
227,210
29,131
868,401
19,653
1,144,395
597,725
470,525
1,068,250
76,145
1,086,921
76,145
1,163,066		 Total
funds
2024
£
68,030
24,265
772,392
15,621
880,308
542,144
387,481
929,625
(49,317)
1,136,238
(49,317)
1,086,921

Page 13

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

(A company limited by guarantee) REGISTERED NUMBER: 07705519

CONSOLIDATED BALANCE SHEET AS AT 31 OCTOBER 2025

Note
Fixed assets
Tangible assets
13
Current assets
Stocks
15
Debtors
16
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one year
17
Net current liabilities / assets
Total assets less current liabilities
Creditors: amounts falling due after more than
one year
18
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
19
Unrestricted funds
19
Total funds		 20,611
36,657
466,020
523,288
(535,298)		 2025
£
1,187,356
1,187,356
(12,010)
1,175,346
(12,280)
1,163,066
1,163,066
6,864
1,156,202
1,163,066		 22,830
23,310
178,889
225,029
(215,023)		 2024
£
1,092,694
1,092,694
10,006
1,102,700
(15,779)
1,086,921
1,086,921
3,453
1,083,468
1,086,921

Page 14

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

(A company limited by guarantee)

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 OCTOBER 2025

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

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

Jonathan Ashcroft

Date: 20-Aug-2026

The notes on pages 19 to 37 form part of these financial statements.

Page 15

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

(A company limited by guarantee) REGISTERED NUMBER: 07705519

CHARITY STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2025

Note
Fixed assets
Tangible assets
13
Investments
14
Current assets
Stocks
15
Debtors
16
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one year
17
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than
one year
18
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
19
Unrestricted funds
19
Total funds		 5,425
14,744
404,887
425,056
(379,706)		 2025
£
1,187,356
2
1,187,358
45,350
1,232,708
(12,280)
1,220,428
1,220,428
6,864
1,213,564
1,220,428		 6,586
71,018
93,180
170,784
(103,418)		 2024
£
1,092,694
2
1,092,696
67,366
1,160,062
(15,779)
1,144,283
1,144,283
3,453
1,140,830
1,144,283

Page 16

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

(A company limited by guarantee)

CHARITY STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 OCTOBER 2025

The Charity's net movement in funds for the year was £ 76,145 (2024 - £(57,030)) .

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees on _______ and signed on their behalf by: 20-Aug-2026

Jonathan Ashcroft

The notes on pages 19 to 37 form part of these financial statements.

Page 17

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE (A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2025

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Loan movements in year
Net cash (used in)/provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2025
£
431,562
(140,932)
(140,932)
(3,499)
(3,499)
287,131
178,889
466,020		 2024
£
87,361
(30,943)
(30,943)
-
-
56,418
122,471
178,889

The notes on pages 19 to 37 form part of these financial statements

Page 18

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

1. General 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, CF52LN. 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

2.1 Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Insole Court Trust - Ymddiredolaeth Cwrt Insole meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

2.2 Going concern

The results for the year show a surplus of £76,145 (2024: deficit of £49,317). The Trustees considered the going concern basis of these financial statements to be appropriate.

Lloyd Glanville, CEO, has continued to work with staff and the Board of Trustees to successfully lead the Trust through another challenging year. Despite ongoing economic pressures and operational disruption from major renovation works, the Turst achieved a profit (before depreciation). The past three years provide a strong foundation for continued growth in key income streams and increased profitability.

The recent refurbishment of internal spaces which includes full catering facilities, a relaunched wedding offer, expanded program of events and strategic price increases combinied with robust procedures to monitor, review, and manage cash flow all support the preparation of the financial statments by the Trustees on a going concern basis.

Page 19

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Insole Court Trading Company Ltd Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Page 20

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

2. Accounting policies (continued)

2.4 Expenditure (continued)

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives are as follows:

Long-term leasehold property - 80 years
Fixtures and fittings - 5 years
Computer equipment - 3 years

2.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.8 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.9 Debtors

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

Page 21

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

2. Accounting policies (continued)

2.10 Cash at bank and in hand

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

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

2.12 Financial instruments

The Group 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13 Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

2.14 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 22

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

3. Income from donations and legacies

Donations
Donations
Gift aid
Subscriptions
Grants
Cardiff Council
Moondance Foundation
National Lottery Heritage Fund
Other grants
Subtotal detailed disclosure
4.
Income from charitable activities
Education and the arts
Community welfare		 Unrestricted
funds
2025
£
22,119
1,535
6,077
12,050
15,658
157,087
5,822
220,348
220,348		 Restricted
funds
2025
£
6,862
-
-
-
-
-
-
6,862
6,862
Unrestricted
funds
2025
£
3,425
25,706
29,131		 Total
funds
2025
£
28,981
1,535
6,077
12,050
15,658
157,087
5,822
227,210
227,210
Total
funds
2025
£
3,425
25,706
29,131		 Total
funds
2024
£
39,673
4,292
280
2,952
20,833
-
-
68,030
68,030
Total
funds
2024
£
6,004
18,261
24,265

Page 23

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

5. Income from other trading activities

Income from non charitable trading activities

Other rental income
Gift shop sales
Sales - Insole Court Trading Company Ltd		 Unrestricted
funds
2025
£
90,392
27,392
750,617
868,401		 Total
funds
2025
£
90,392
27,392
750,617
868,401		 Total
funds
2024
£
103,774
26,360
642,258
772,392

6. Other incoming resources

Unrestricted Restricted Total Total
funds funds funds funds
2025 2025 2025 2024
£ £ £ £
Other income 19,653 - 19,653 15,621

7. Expenditure on raising funds

Costs of raising voluntary income

Unrestricted Total Total
funds funds funds
2025 2025 2024
£ £ £
Fundraising 2,472 2,472 6,894

Page 24

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

7. Expenditure on raising funds (continued)

Fundraising trading expenses

Bad debts
Shop operating expenses
Purchases
Rates & Water
Shop operating expenses
Telephone & internet
Legal & professional fees
Staff costs
Depreciation
Other trading expenses
Cost of sales
Administration expenses
Administration staff costs		 Unrestricted
funds
2025
£
289
1,627
16,345
20,502
-
2,221
3,145
105,007
4,885
154,021
Unrestricted
funds
2025
£
136,633
22,150
282,449
441,232		 Total
funds
2025
£
289
1,627
16,345
20,502
-
2,221
3,145
105,007
4,885
154,021
Total
funds
2025
£
136,633
22,150
282,449
441,232		 Total
funds
2024
£
1,137
1,692
17,765
15,562
762
2,129
2,254
90,199
3,830
135,330
Total
funds
2024
£
128,873
25,990
245,057
399,920

Page 25

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

8. Analysis of expenditure on charitable activities

Summary by fund type

Education and the arts
Community Welfare
Preservation of Insole Court		 Unrestricted
funds
2025
£
43,253
274,642
149,179
467,074		 Restricted
funds
2025
£
3,451
-
-
3,451		 Total
2025
£
46,704
274,642
149,179
470,525		 Total
2024
£
38,461
226,170
122,850
387,481

9. Analysis of expenditure by activities

Education and the arts
Community Welfare
Preservation of Insole Court		 Activities
undertaken
directly
2025
£
35,149
206,691
112,270
354,110		 Support
costs
2025
£
11,555
67,951
36,909
116,415		 Total
funds
2025
£
46,704
274,642
149,179
470,525		 Total
funds
2024
£
38,461
226,170
122,850
387,481

Page 26

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

9. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Depreciation
Light & heat
Telephone and internet
Insurance
Activities and events
Computer and website fees
Rates and water
Legal and professional
Design and print
Cleaning and household goods
Miscellaneous expenses
Property maintenance & repair		 Total
funds
2025
£
133,642
50,398
63,800
6,218
1,371
11,009
262
3,518
8,688
-
11,275
7,411
56,518
354,110		 Total
funds
2024
£
114,796
39,510
43,574
5,960
1,255
693
224
2,133
6,227
750
10,247
2,829
42,901
271,099

Analysis of support costs

Staff costs
Other staff-related costs
Other
Governance Costs
Information Technology
Finance		 Total
funds
2025
£
99,810
3,197
4,091
7,993
-
1,324
116,415		 Total
funds
2024
£
85,735
-
23,575
4,728
869
1,475
116,382

Page 27

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

10. Auditors' remuneration

2025 2024
£ £
Fees payable to the Company's auditor/independent examiner for the
audit/independent examination of the Company's annual accounts 7,650 -
Fees payable to the Charity's auditor and its associates in respect of:
All non-audit services not included above 2,000 5,320

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2025
£
572,660
38,835
9,413
620,908		 Group
2024
£
494,593
33,342
7,852
535,787		 Charity
2025
£
313,020
19,269
6,170
338,459		 Charity
2024
£
265,904
19,933
4,893
290,730

The average number of persons employed by the Charity during the year was as follows:

Group Group Charity Charity
2025 2024 2025 2024
No. No. No. No.
Employees 37 36 19 17

No employee received remuneration amounting to more than £60,000 in either year.

Total remuneration paid to key management personnel in the year was £48,789 (2024: £48,198).

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .

During the year ended 31 October 2025, no Trustee expenses have been incurred (2024 - £NIL) .

Page 28

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

13. Tangible fixed assets

Group

Cost or valuation
At 1 November 2024
Additions
Disposals
At 31 October 2025
Depreciation
At 1 November 2024
Charge for the year
On disposals
At 31 October 2025
Net book value
At 31 October 2025
At 31 October 2024
Charity
Cost or valuation
At 1 November 2024
Additions
Disposals
At 31 October 2025		 Long-term
leasehold
property
£
1,213,845
-
-
1,213,845
169,745
15,152
-
184,897
1,028,948
1,044,100
Long-term
leasehold
property
£
1,213,845
-
-
1,213,845		 Fixtures and
fittings
£
188,268
145,084
(7,099)
326,253
149,678
33,384
(7,099)
175,963
150,290
38,590
Fixtures and
fittings
£
187,378
145,084
(7,099)
325,363		 Computer
equipment
£
46,376
4,863
(1,916)
49,323
36,372
5,529
(696)
41,205
8,118
10,004
Computer
equipment
£
46,376
4,863
(1,916)
49,323		 Total
£
1,448,489
149,947
(9,015)
1,589,421
355,795
54,065
(7,795)
402,065
1,187,356
1,092,694
Total
£
1,447,599
149,947
(9,015)
1,588,531

Page 29

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

13. Tangible fixed assets (continued)

Charity (continued)

Depreciation
At 1 November 2024
Charge for the year
On disposals
At 31 October 2025
Net book value
At 31 October 2025
At 31 October 2024
14.
Fixed asset investments		 Long-term
leasehold
property
£
169,745
15,152
-
184,897
1,028,948
1,044,100		 Fixtures and
fittings
£
148,788
33,384
(7,099)
175,073
150,290
38,590		 Computer
equipment
£
36,372
5,529
(696)
41,205
8,118
10,004		 Total
£
354,905
54,065
(7,795)
401,175
1,187,356
1,092,694
Charity
Cost or valuation
At 1 November 2024
At 31 October 2025
Net book value
At 31 October 2025
At 31 October 2024		 Investments
in subsidiary
companies
£
2
2
2
2

Principal subsidiaries

The following was a subsidiary undertaking of the Charity:

Page 30

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

14. Fixed asset investments (continued)

Name Registered office or Registered office or principal principal Holding Holding Holding Included in Included in Included in
place of business consolidation
Insole Court Trading Company Ltd Insole Court, Fairwater Road, 100% Yes
Llandaff, Cardiff, CF5 2LN
The financial results of the subsidiary for the year were:
Name Income Expenditure Net assets
£ £ £
Insole Court Trading Company Ltd 750,617 (750,617) (57,360)
15. Stocks
Group Group Charity Charity
2025 2024 2025 2024
£ £ £ £
Retail stocks 20,611 22,830 5,425 6,586
16. Debtors
Group Group Charity Charity
2025 2024 2025 2024
£ £ £ £
Due within one year
Trade debtors 16,203 - 3,207 -
Amounts owed by group undertakings - - - 54,989
Other debtors 6,665 14,087 - 9,200
Prepayments and accrued income 13,789 9,223 11,537 6,829
36,657 23,310 14,744 71,018

Page 31

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

17. Creditors: Amounts falling due within one year

Bank loans
Trade creditors
Amounts owed to group undertakings
Other taxation and social security
Other creditors
Accruals and deferred income		 Group
2025
£
3,427
34,111
-
45,475
295,332
156,953
535,298		 Group
2024
£
3,160
36,230
-
57,829
30,290
87,514
215,023		 Charity
2025
£
3,427
8,552
43,296
6,587
289,227
28,617
379,706		 Charity
2024
£
3,160
20,985
-
19,084
29,928
30,261
103,418

Included within accruals and deferred income above is the following deferred income:

Rental income and deposit
Grant and other income		 Group
2025
£
330
14,890
15,220		 Group
2024
£
888
13,207
14,095

18. Creditors: Amounts falling due after more than one year

Bank loans
Included within the above are amounts falling due as
Between one and two years
Bank loans
Between two and five years
Bank loans		 Group
2025
£
12,280
follows:
Group
2025
£
3,427
8,853		 Group
2024
£
15,779
Group
2024
£
3,261
12,518		 Charity
2025
£
12,280
Charity
2025
£
3,427
8,853		 Charity
2024
£
15,779
Charity
2024
£
3,261
12,518

Page 32

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

19. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Fixed asset designated fund
General funds
General Funds
Reserves
Total Unrestricted funds
Restricted funds
Garden and grounds fund
ARG
Total of funds		 Balance at 1
November
2024
£
1,092,694
48,136
(57,362)
(9,226)
1,083,468
3,453
-
3,453
1,086,921		 Income
£
-
1,137,533
-
1,137,533
1,137,533
3,541
3,321
6,862
1,144,395		 Expenditure
£
-
(1,064,799)
-
(1,064,799)
(1,064,799)
(3,226)
(225)
(3,451)
(1,068,250)		 Transfers
in/out
£
94,662
(94,662)
-
(94,662)
-
-
-
-
-		 Balance at 31
October 2025
£
1,187,356
26,208
(57,362)
(31,154)
1,156,202
3,768
3,096
6,864
1,163,066

Page 33

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

19. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Fixed asset designated fund
General funds
General Funds /Reserves
Total Unrestricted funds
Restricted funds
Garden and grounds fund
Friends of Insole Court fund
Memorial garden fund
Cardiff City Council grant
Moondance Foundation fund
Total of funds		 Balance at
1 November
2023
£
1,111,291
10,496
1,121,787
2,413
11,214
8,537
-
-
22,164
1,143,951		 Income
£
-
446,870
446,870
2,020
-
-
2,952
20,833
25,805
472,675		 Expenditure
£
-
(504,940)
(504,940)
(980)
-
-
(2,952)
(20,833)
(24,765)
(529,705)		 Transfers
in/out
£
(18,597)
38,348
19,751
-
(11,214)
(8,537)
-
-
(19,751)
-		 Balance at
31 October
2024
£
1,092,694
(9,226)
1,083,468
3,453
-
-
-
-
3,453
1,086,921

Page 34

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

19. Statement of funds (continued)

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

The charity sells plants in the gift shop and 75% of the net sales are added to this fund to be spent on maintaining the garden and grounds.

Memorial garden fund

This fund was set up in 2023. During the year ended 2024, it was agreed that the remaining balance in the fund be transferred to unrestricted.

Friends of Insole Court

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

Moondance fund

Grant income to be used towards the Marketing and development officer wages.

Cardiff Council Fund

Grant income to be used to partially fund the role of the Garden and Maintenance Officer.

ARG Fund

The charity received funding from the Archive Research Group (ARG), one of the Committees of Insole Court. These funds are restricted for use in supporting the charity’s historical research activities and related projects.

TRANSFERS BETWEEN FUNDS

A transfer of £94,662 (2024: £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.

20. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2025
£
1,187,356
516,424
(535,298)
(12,280)
1,156,202		 Restricted
funds
2025
£
-
6,864
-
-
6,864		 Total
funds
2025
£
1,187,356
523,288
(535,298)
(12,280)
1,163,066

Page 35

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

20. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2024
£
1,092,694
221,576
(215,023)
(15,779)
1,083,468		 Restricted
funds
2024
£
-
3,453
-
-
3,453		 Total
funds
2024
£
1,092,694
225,029
(215,023)
(15,779)
1,086,921

21. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities		 Group
2025
£
76,145
46,270
2,219
(13,347)
320,275
431,562		 Group
2024
£
(49,317)
49,540
(1,178)
102,921
(14,605)
87,361

22.

Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 Group
2025
£
466,020
466,020		 Group
2024
£
178,889
178,889

Page 36

Docusign Envelope ID: 02654086-1FB6-843D-8219-A820301503E6

INSOLE COURT TRUST - YMDDIREDOLAETH CWRT INSOLE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

23. Analysis of changes in net debt

Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year		 At 1
November
2024
£
178,889
(3,160)
(15,779)
159,950		 Cash flows
At 31 October
2025
£
£
287,131
466,020
(267)
(3,427)
3,499
(12,280)
290,363
450,313

24. Operating lease commitments

The charity occupies Insole Court under a long-term lease with Cardiff County Council which expires in 2096.

Although the lease originally provided for rental payments, Cardiff County Council has subsequently confirmed that the property is occupied at a peppercorn rent. The Trustees are not aware of any indication that this arrangement will change during the remaining lease term.

As the charity is not required to make material lease payments, there are no operating lease commitments requiring disclosure at the reporting date.

Insole Court Trading Company Ltd had no commitments under non-cancellable operating leases as at 31 October 2025 (2024: £1,386).

25. Related party transactions

Aggregate donations of £180 (2024: £910) were received from trustees in the year in the form of supporters and patrons income.

Management fees of £Nil (2024: £164,418) were received from the charity's trading subsidiary, Insole Court Trading Company Ltd. Donations of £245,514 have been made to Insole Court Trust by Insole Court Trading Ltd in the year (2024: £Nil). At the year-end a balance of £43,296 was owed to the trading subsidiary by Insole Court Trust (2024: Amounts owed to the Charity of £54,989). All transactions arising between Insole Court Trust and Insole Court Trading Company Ltd have been eliminated on consolidation.

Payments of £13,500 were made to Neil Richardson Consulting Limited, a company owned by a trustee, in respect of consultancy services. (2024: £6,750)

Page 37

Docusign EnvelopÈ ID." 0265408&1 F8￿43D-82l9-A8203015D3&6