COMPANY REGISTRATION NUMBER: 1953474 CHARITY REGISTRATION NUMBER: 517066 The Carningli Trust Ltd Company Limited by Guarantee Financial Statements 31 December 2023
The Carningli Trust Ltd Company Limited by Guarantse Financial Statements Year ended 31 December 2023 Pages Trustees, annual report (incorporating the d1CtOS report) 1to6 Independent auditorfs report to the members 7t010 Statement of financial activits.es (induding income and expenditure acGount) 11 statement of financial position 12 Statement of cash flows 13 Notes to the financial statements 14to21
The Camingli Trust Ltd Company Llmited by Guarantee Trustees. Annual Report (Incorporatlng the Dlroctorfs Rgport) Year ended 31 December 2023 The trustees, who are also the directofs for the purposes of compary law, presenl their report and the financial statements of the chaiity for the year ended 31 December 2023. R•f•r•nc8 and administrative delalls Registered charity name The Camingli Trust Ltd Charlty registration number 517066 Company registratlon number 1953474 Principal office and registered offico Panteg Uangynin Road st Clear5 Carmarthen Dyfed SA33 4JR The trustees V. Amall H. K. Coram A. E. Hancock J. L Hancock K. J. May T.C. Brown W. Shipman Auditor Evens & Co Ltd Chartered Accountants & Staiutory Auditor Hamilton House Hamillon Terrdce Milford Haven Pembrokeshire SA73 3JP Bankers National Westminster Bank PIC 250 Regent Street London W1B3BN Sollcltors Darwin Bowie Solicitors 24 High Street Narberth Pembrokeshire SA67 7AR
The Carningli Trust Ltd Company Llmited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (¢onthiued) Year ended 31 December 2023 Structure. governance and manapment Nature of goveming documents The governing documents for the organisation are the Memorandum and Artides of Association lodged with Companies House. In accor(lance with Charity Commlssion requirements all directors are trustees and vice versa. Recruitment and appointment of trnstees Induction and training of trustees It remains the intention to recruit Irusteesldirectors with the appropriate skills. and the usual pattern is strfl that potential trusteosldirectors shoukl sit in for a minimum of 2 meetings prbor to any eleclion lo becomg a voting member of the tard. New trustee51directors are also able to attend extemally provided trusteesldirectors training courses and have access to intemal staff induction malerials and training. There is no prescriptive training policy for new twsteesIditors except that they are to be recruited as professM)nal people capable of managing their own professional development and availing themselves of the extemal or Interr training Ihat they need. Organisational structure DeciSnS on policy direction, senior staff appointments and budget approval are made collectively at Board meetings of trusteesldirectors. The operatK)ns director ddegates to the registered managers responsible for each home the authority to make operational management decisions. The managers then operate within a set budgelary and policy framework agreed by the board. As required by statute and regulation the Trust works in dose liaison with the Local Authority Social Services and Health Boards responsible fcff placing the people we support. In 2018 Rev J. Hancock acted as the responsible individual in accordance with regulations until 6 July 2018 when Kery May took over this role. Furthemiore in March 2021 Rev J. Hancock handed over the strategic and financial responsibililies to Kerry May and took up the role of the Chair of the Board of Trustees in a non-executive position. In August 2022 and continuing to date the Trust alongside its regulator The Care Inspectorate Wales, agreed a change to Ihe organisation structure. This was to introduce a new role of operations manager inlo the senior managemant team alongsid8 the business & finance manager. 80th work under the direct line management of the operations director and responsible individual. The financial, employer and policy risks to which the organisation is exSed are reviewed and mitigated by action tsken at Board meetings. Particular attents'on has been paid to evolving legal position in relation to working time and minimum wage case law. It is the position of the Trust that all homes are permanenlly staffed by employees paid in accordance with the national living wage. Back-up nKJht staff are additionally made available on an on-call basis for which they receive an on-call fee. If called to work these staff are then paid at least the national living wage. Operational, care standards and statutory safety, health. environment and fire risks are reviewed and mitigated by the acb'on taken by the registered managers, operations manager and Ihe business & finance manager under Ihe supervision of the operations director and responsible individual. The Trusl also has 2417 access lo professional advisors for any employment law and health & safety to ensure our practices are meeting all professional standards.
The Carningli Trust Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) {¢ondnued) Year ended 31 December 2023 Objectives and activities Objects and aims The principal objects of the organisation (as laid ¢)Ut in the Memorandum and knides of Association) are: 'To provide or assist in the provision of facilities for the treatment, education, training, rehabilitation and w81fare of persons who are physically or mentally disabled or elderly and to relieve them in cases of need.. This is in line with the public benefit of the relief of those in need by reason of age. disability, financial hardship or other ijisadvantages. Access to this benefit is open to those who are assessed by social services commissioning bodies as being in such need. subject only to the limtis of the capacity of the Trust's registered accommodation. The Trust also seeks to promote the highest standards of Ca and lo psent the inte$1$ of adults with leaming difficulties. The main aim of the Trust is to enable vnerable adults placed in the care of the OanIsation to enjoy fulfilling lives by achieving their full potential as members of society, Ythilsl also being resident in a safe secure setting run or supported by an organisation which champions their fundamental hurnan rights and dignity. Our plans and achievements for 2023 were.. 1) To sustain a strong govemance and adopt continuing improvements in both care and administrative praCtiS. 2) To continue to build dient trust with our commissioners and meet all our regulatory requirements through robust proc8ss of both intemal and extemal audbts and inspeclions. 3) If possible, in light of NHS and Local Authority practs'ces. to conlinue to secure further increases in the volume of Ca delivery and to agree sustainable increases in fees necessary kn balance increasing salary and other infiationary costs. 4) To further increase the financial surplus. The financial surplus to be used= To enhance the capabilty of the organisation to meet the prinupal objects: both to a higher stsndard and to a greater extent in temis of continuing to represent the wider interests of ageing vulnerable adults. To continue to invest in property improvements plus staff training and remuneration. as well as reducing Ix)rrowings. To sustain our vision of being recognised as provider of excellent care & support to those vtho reside at our homes" whilst also inveskn'ng financially in any way to improve our ability to evolve and adapt for any ageing adults with increasinglchanging needs. To seek to influence the direction of policy and practice in the procurement and provision of Gare for adults with learning difficulties. Slrateglc report The following sections for achievements aThJ performance and finalla1 review fomi the strategic port of the charity.
The Carningli Trust Ltd Company Llmlted by Guarantee Trustees. Annual Report (Incorporatlng tha Directorfs Report) {conbnued) Year ended 31 December 2023 Achlevements and perfomiance During 2023 our achievements are . 1 > Sustained the govemance arrangements pul in place and have maintained continuous improvements in both care and administrative praCtIS that have met with all our regulatory bodies requirements. 2) Maintained excellent quality ratiThJs from both NHS audits (CCAPS). Local Commissioning Audits and CIW inspections. 3) We continued to work with local authorities to ensure the correct levels of support are in place to meet individual needs. It is reflectNe of the worf( achieved in 2023 to maintsin financial security, that there were no cuts to any commissioned packages of support. The financial pressures faced by our funders both locally and nationally. have resulted in scrutiny of every budget line in (x)mmissioned packages held by the Trust. all of which were maintained. 4)We also successfully n8gob'ate(l a rdto of infiationary increases wrth ai commissioned packages. 5) Mandalory training programs and the development of staff through qualifications and CPD continued throughoul 2023. We continue to use remotel online courses successfully and have seen a godual increase in the face-tcFface training opportunitie5 that had previously been heavily restricted {p05t Pandemic). The Ttust continues to demonstrate its commitment lo having a trained and effective workforce. 6) There was no financial borrowing in 2023 arMJ the long temi financial status of the Trust. Budgets and the financial reseeS for 2023 were monitored closely throughout the year by the Trusts Operations Direclor and Finance & Business Manager and reviewed during the Quarterfy Truslee Meeling. Financial review The financial performance in 2023 has been &xcellent. Unrestricted fijnds have seen an increase in 2023 to £3.089,883 from £2,920,510 in 2022. While there was an increase in revenue, pressure on local authorty budgets may not see this level of annual increase sustsined. Also increases in maintaining the Living Wage costs for our workforce will continue to challenge the Trusts largest Budget. The net surplus decreased from £271.795 in 2022 to £169,373 in 2023 preSentIng a decrease of 37.6 /0. but we continued to maintain a significant surplus margin of 9.8%. Overall the charity remains in a strong 5UStainaNe position and aims to continue this in 2024. meeting the d8rnand of all socio and economic challenges.
The Carningli Trust Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Dlrector's Report) i¢on Year ended 31 December 2023 Financial review (conllnu Reserves policy The trustees believe that the Charty sfv)uld hold financial reserves (the "Emergency Operating Reserve" becaus8.. EOR) 1 It has no endowment funding and is entirdy dependent for income upon donor funding, contracts and setvice level agements from year to year vthich is inevitably subject to fluctuation., 2 It requires protection against and the ablty to continue operating despite catastrophic or lesser damaging events. Th& trustees believe that the minimum level of the EOR should be the equwaent of six months operating costs calculated and reviewed annually and believe that the EOR should be built up lo the desired level in stages consistent with the charity's overall financial position and its need to maintain and develop ils charitable activities. The current level of the EOR is £nil. with essential running costs currenlly amounting to approximately £130,000 per month based on existing contracts grving a target EOR of £780.000. Efforts to build up the EOR to this level will continue in line with this policy. However at the year end date the company has unrestricted reseNes of £3,089.883, part of which could be redesignated to the EOR but which had not been so deSnaled at the year end dale. Financial instruments The Trusvs activities expose it to a number of financiaf risks induding credit risk, cash fkm risk and liquidity risk. The use of financial derivatives is govemed by the Trusfs policies approved by the board of trustees. which provide written principles on the use of financial derivatrves to manage these risks. The Trust does not use derivatNe financial instruments for speculative purposes. COVID-19 Wirus The Trust has assessed the possible impact of the COVID-19 virus on the business when considering the reporting of the principal risks and uncertainties. The Trust has also considered the risks to staff and has initiated such protective measures as are necessary. The Trust does not consider that any impainnenl is required lo the assets and that the carying value of its assets and liabilities are not adversely effected. Trustees. responslbllltles sLqtement The trustees. who are also directors for Ihe purposes of company law, are responsible for preparing the trustees. report and the financial statements in accordance with applicable law and United Kingdom Accounling Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charrty Iwstees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charrtable company and the incoming resources and application of resources, induding the income and expenditure. for that period.
The Carningli Trust Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating thg Dirgctorfs Rgport) (¢ondn¢•tyd) Year ended 31 December 2023 In pparing these financial statements, the trustees are required to: Select suitable accounts.ng 1cleS and then apply them consistentty: observe the methods and pYirKiples in the applicable Charities SORP: make judgments and accounts'ng estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been fdlowed. subject to any materi81 departures disdosed and explained in the financial statements; prepare the financial statements on the going CA)ncem basis unless it is inappropriate to presume ihat the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain Ihe charity's transactions and disdose with rea50nable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements cofnply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charty and hence for taking reasork2ble steps for the prevention and detection of fraud and olher irregularities. Auditor Each of the persons who is a trustee at the date of approval of this report confirms that: so far as they are aVra. there is no relevant audit infomiation of which the charivs auditor is unaware" and they have taken all steps that they ought to have tsken as a trusiee to make themsebles aware of any relevant audit information and lo estalsh that the charws auditor is awa of Ihat infomiation. The trustees, annual report and the strategic reFX)rt were approved on 16 September 2024 and signed on behalf of the board of truslees by: K. J. May Trustee
The Carningli Trust Ltd Company Llmited by Guarantee Independent Audltorfs Report to the Members of The Carnlngll Trust Ltd Year ended 31 December 2023 Oplnlon We have audiled the financial statements of The Camingli Trust Ltd (Ihe 'charity') for the year ended 31 December 2023 which comprise the statement of financial activities (induding income and expenditure account), statement of financial position. statement of cash flows and the related notes. induding a summary of signrficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, induding FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the stste of the charity's affairs as at 31 December 2023 and of its incoming resources and application of reSous. including its income and expenditure. for the year then ended: have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practice; have been prepared in accordance with the requirements of the Cornpanies Ad 2006. Basis for opinion We conducted our audtt in accordance with International Slandards on Audiling (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditors responsibilities for the audit of the financial statements section of our report. We are independent of the chanty in accordance with the ethical requirements that are relevant lo our audit of the finanaal statements in the UK. including the FRC'5 Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to going concern In auditing the finanaal statements, V have conduded 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 perfomied, we have not idenlified any material uncertainties relating to events or conditions that. individually or lleCtively. may cast significant doubt on the charity's abilty to continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Qur responsiblilies and the responsibiliti8s of the trustees Mrith respect to going concem are d85crib8d in the relevant sections of this rewl.
The Carningli Trust Ltd Company Limited by Guarantee Independent Auditorfs Report to the Members of The Carningli Trust Ltd (condnued) Year ended 31 December 2023 Other Infomiation The other infomiation comprises Ihe infom)ation induded in the annual report, other than the financial statemenls and our auditor's report thereon. The trustees are responsible for the olher information. Our opinion on the financial statements does not cover the other infomation and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance condusion thereon. In connection with our audit of the financial ststements. our responsiblity is to read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or OtherSe appears to be materially misstated. If we identify such material inconsistencies or app3nI material missiatements, we are required lo deterrnine whether Ihere is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have perforTned, we conclude thal there is a material misstatement of this other information, we are required to report that facL We have nothing to report in this regard. Opinions on other matters prescribod by the Companies Act 2006 In our opinion. based on the wort undertaken in the course of the audit: the information given in the trustees, report for the financial year for which the financial statements are prepared is consistent WTth the financial statements" and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the tharity and its environment obtsined in the course of the audit, we have not identified material misslatements in the tTUStees' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if. in our opinion= adequale accounting records have not been kept. or retums ad8quate for our audit have not b88n received from branches not visited by us: or the financial statements are not in agreement with the accounting records and relums; or certain disdosures of tnJstees' MuneratiOn specified by law are not made: or we have nol received all Ihe information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustees. responsibilities statement. the trustees (who are also the directors 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 intemal control as the trustees detemine is necessary to enable the preparation of financial statements Ihat are free from rnaterial misststernenl. whether due to fraud or error. In preparing the financial stalements. the trustees are responsible for assessing the charitys ability to continue as going concem. disdosing. as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to Iuldate Ihe charity or to cease operations, or have no realistic altemative but to do so.
The Carningli Trust Ltd Company Llmlted by Guarantse Independent Auditorfs Report to the Members of The Carningli Trust Ltd {¢ondnued) Year ended 31 December 2023 Auditorfs responsibilities for the audit of tho financial sLements 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 auditof s report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordan with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate. they could reasonabty be expected to influence the economic decisions of users taken on the basis of these finanaal statements. Extent to which the audit was considered capable of detecting irregularits. including fraud Irregularities, induding fraud, are Instal of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detect material misstaternents in respecl of irregularities, including fraud. The extent to which pr(edureS are capable of detecting irregdarities. induding fraud is detailed below; We obtain and update our understanding of the entity. its activities. its control environm8nt. and likely future developments. including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding. we identrfy and assess the risks of material misstatement of the financial statements. whether due to fraud or error. design and perform audit procedures responsive to those risks. and obtain audit eviden that is sufficient and appropriate to provide a basis for our opinion. This indudes consideration of the risk of acts by the entty that were contrary to applicable laws and regulab'ons, including fraud. In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included: Inquiry of managemenl and Ihose charged with govemance around actual and potential litigation and daims as well as actual, suspeded and alleged fraud; Reviewing minutes of meetirys of those charged with govemance: Assessing the extent of compliance with Saws and regulab'ons considered to have a direct material effect on the financial statements or the (¥)erations of the entity through inquiry and inspection: Reviewing financial statement disdosures and testing to supporting documentation to assess compliance with applicable laws and regulations: Perfomiing audit Vrk over Ihe risk of management bias and override of controls. including testing of journal entries and other adjusirnents for appropriateness. evaluakn'ng the business rationale of significant transactions oulside the nomial course of business and rewewng accounting estimates for indicators of potential bias. Because of the inherent limitati(ms of an audit. there is a risk that we will not detecl all irregularities. including those leading to a material misststement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and Iransactions reflected in the financial stalemenls. as we wll be less likely to become aware of instances of non-compliance. The risk of not detecting a material missiatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intenlional omissions. misrepreseniations, or the override of inlemal control. A further description of our responsibilities for the audit of the fInarla1 statements is located on the Financial Repjrting Council's website al: htlp:Iwww.frc.org.uklauditorsresponsibilities. This description forms a part of our
The Carningli Trust Ltd Company Limited by Guarantee Independent Audltorfs Report to the Members of The Carningli Trust Ltd (¢onllnued) Year ended 31 December 2023 auditorfs report. As part of an audii in accordance with ISAS (UK). we exercise professional judgement and maintain professional scepticism throughoul the audil. We also: Identrfy and assess the risks of material misstatement of the financial statements. whether due to fraud or error, design and perfomi audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misststement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion, forgery, intentional omissions. misrepresentalions, or the override of intema control. Obtain an understsnding of intemal control relevant to the audit in order to design audit procedures thal are appropriate in the circurnstances. but not ftir the purpose of expressing an opinion on the effediveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Condude on the appropriateness of the trustees, use of the going concem basis of aGCOUllting and, based on the audit evidence obtained. whether a material uncertainty exists related to events or condits'ons that may cast significant doubt on the company's ability to continue as a going concern. If we condude that a material uncertainty exists, we are required to draw attontion in our auditoffs report to the r81ated disdosures in the financial statements or, rf such disdosures are inadequate. to modify our opinion. Our condusions are based on the audit evidence obtained up to the date of (wr auditorfs report. However, future events or conditions may cause the company to cease to continue as a going concern. Evaluate the overall presentation. stwcture and content of the financial statements, including the disdosures and whether the finanual ststemenls represent the underlying transactions and events in a manner that achieves fair presentstion. We communicate with those charged with governance regarding. amoThJ other matters. Ihe planned scope and timing of the audit and significant audrt findings, including any significant deficiencies in intemal cA)ntrol that we idenlty during our audit. Use of our report This report is made solely to the charity's members. as a body, in accor(lance with Chapter 3 of Part 16 of the Companies Acl 2006. Our audit work has been undertaken so Ihat we might state to the charity's members those matters we a QuIred to state to them in an auditofs report and for no other purpose. To the fullesl extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charity and the charty's mem rs as a body, for our audit work, for Ihis report, or for the opinions we have fomied. Bru vens BA FCA (Seni(w Ststutory Auditor) For and on behalf of Evens & Co Ltd Chartere(l Accountants & Stalutory Auditor Hamilton House Hamilton Terrace Milford Haven Pembrokeshire SA73 3JP 16 Seplember 2024 10
The Carningli Trust Ltd Company Llmlted by Guarantee Statement of Financial Activities lincluding income and expendlture account) Year ended 31 December 2023 2023 Unrestricted Jnds 2022 Total funds Total funds Income and endowments Donations and legactes Charitable activities Other trading activities Investment income 539 1,707,579 3.394 16,121 539 1.707,579 3.394 16,121 6,037 1.656.333 3.992 2,576 Total income 1,n7,633 1,727.633 1,668,938 Expenditure Expenditure on chariiable activrties Total expenditure 9,10 (1.558.260) {1.558.260) (1,397,143) (1,558.260) {1.558.260) {1,397,143) Net income and net movement in funds 169,373 169,373 271,795 Reconciliation of fvnds Total funds brought forward Total funds carried forward 2.920.510 2,920,510 2,648.715 3.089,883 3.089.883 2,920.510 The sLqtement of financial aciivities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activilies. The notes on pa9 14 to Error.1 Bookmark not defined. forni part of thes¢ flnanclal statements.
The Carningli Trust Ltd Company Limited by Guarantee Statement of Financlal Position 31 December 2023 2023 2022 Note Flxed ass•ts Tangible fixed assets 15 2,016,389 1,754,399 Current assets Debtors Cash at bank and in hand 16 56.599 1,143,607 41.535 1.220,657 1,200,206 1,262,192 Creditors: amounts falling due within one year Net current assets 17 (87.764) 1.112.442 (56.125) 1,206.067 Total assets le55 Gurrerrt liabllltles 3.128.831 2.960.466 Creditors: amounts falling due after moro than one year Net assets 18 (38,948) 3,089.883 (39,956} 2.920,510 Funds of the charity Unrestricted funds 3,089,883 2.920.510 Total charity funds 21 3,089,883 2.920.510 These financial stslements were approved by the board of trustees and authorised for issue on 16 September 2024, and are signed on half of the board by.. K. J. May Trustee Tho not¢s on pages 14 to Erny! BoDkmavk Th)t defined. fomi part of these finan¢lal $tatsm•nts. 12
The Carningli Trust Ltd Company Limited by Guarantse statement of Cash Flows Year ended 31 December 2023 2023 2022 Cash flows from op•rating activities Net income 169.373 271,795 Adjustments for Depreciation of tangible fixed assets Other interest receivable and similar income Interest payable and similar charges 58.036 (16.121) 3,130 50.828 (2,576) 2.984 Changes in." Trade and other debtors Trade and other creditors (15,064) 30.630 {3,813) (8.894) 310,324 Cash generaled from operats.ons 229.984 Interest paid Interest received {3.130) 16.121 (2.984) 2,576 Net cash from operating activities 242.975 309.916 Cash flow8 from investing aclivlties Purchase of tangible assets Net cash used in investing activities (320.026) (320,026) (67,481) (67.481) Net (decrease)lincrease in cash and equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year (77,051) 1,220,657 242,435 978,222 1.143.606 1,220.657 The notes on pages 14 to Errorl. Bookmart not defined. fomi part of these financlal statements. 13
The Carningli Trust Ltd Company Llmlted by Guarantoe Notes to the Flnancial Statements Year ended 31 December 2023 General inforniation The charity is a public benefrt entity and a private company limited by guarantee. registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Panteg, Uangynin Road, St Clears. Camiarthen, Dyfed. SA33 4JR. Statement of compllance These financial statements have been prepared in compliance wilh FRS 102. The Financial Reporting Stsndard applicable in the UK and the Republic of Ireland., the Statement of Recommended Practice applicable to charities preparing their accounts in ac(xJrdance wrth the Financial ReEx)rting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP IFRS 102)) and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the hIStlCa1 cost basis, as mcKlffied by the valUation of certain financial assets and liabrfities and investrnent properties measured at fair value through income or expenditure. The financial statements are prepared in steTling. which is the furt)nal currency of the entity. The company maintsins cerlain bank accounts vthich it holds in trust for the benefit of the individual but administered by the cornpany. The directors consider that the accounts more fairly reflecl the true statement of affairs by exduding these trust accounts from the statement of financial position. Going concern The trustees consider that there are no material uncertainties aboul The Camingli Trust Ltd's ability to continue as a going clCern. Residents accounts held on It The charity holds a number of accounts on trust for the benefit of specific residents. The balance on each account belongs to the individual resident and is simply administered by Ihe char5ty- On that basis. the balances have been exduded from the charity's Statement of Financial Posilion as the tnjstees are of Ihe opinion Ihat this more fairly reflects a true statement of the charity's affairs. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires manag8m8nt to make judgem8nts, estimates and assumptions that affect the amounts reported. These estimates and judg8ments are continually reviewed and are based on experience and other factors, Induding expectstK)ns of future events that are believed to be reasonable under the circumstances. Fund accounting Unrestricted funds are available for use at the discretion of Ihe trustees to further any of the charivs purposes. Designated funds are unrestrlcted funds earmarked by the trustees for particular future project or commitmenL Restricted funds are subject8d to restrictions on their expenditure dedared by the donor or through the t8rms of an appeal, and fall into one of two sulFdasses: restricted income funds or endowment funds. 14
The Carningli Trust Ltd Company Limited by Guarantee Notes to the Financlal Ststements (¢onliiw•dJ Year ended 31 December 2023 Accounting policies (eontheKd) Incoming resources All income 58 induded in the slatement of financial activities when entitlement has passed to the Trust, it is probable that the economic beneffts associated with the transaction wdl flow to the Trust and the amount can be reliably measured. The followirvJ specific policles are applied to particular categories of income: - income from dOnati¢s is recognised when there is evidence of entiuement to the gift, receipt is probable and its amount can be measured reliably. income from contracts for the supply of services is recognised with the ddivery of the contracted seD11. This is dassrfied as unrestricted funds unless there is a contractua requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resour expended Expenditure is recognised on an accruals basis as a liabilty is incurred. Expendrture indudes any VAT which cannot be fully recovered, and is dassified under headings of Ihe statement of financial activities to which it relates: expenditure on chariiable activities indudes all costs inCued by a charity in undertaking activities that further its Charitable aims for the benefft of its beneficiaries. induding those support costs and costs ralating to the govemance of the charity apportioned to tharitable activities. - other expendilure indudes all expenditure that is netther related to raising funds for the charity nor part of its expenditure on charttsble activibes. All costs are allocaled lo expenditure categories rellecting the use of the sOurCe. Direct costs attributable to a single activity are allocated direclly to that activity. Shad costs are apporttoned between the activities they contribute to on a reasonable. jUstsfiate and conststent basis. Tangible assets Tangitle assets are initialy re(x)rded at C05( and subsequently stated at cost less any accumulated depraciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair valua at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulat8d impairment losses. Depreciation Depreciation is calculated so as to write off the cost or valuation of an assec les5 its residual value, over the useful economic life of that asset as follows: Freehold property Plant & machinery Motor vehides 20/tr Straight line 150/0 reducing balance 15Yo straight line Impalrmenl of flxed assels A review for indicators of impairment is carried out at each porting dale, with the recoveratle amount being estimated where such indicators exFst. Where the carying value exceeds the reGoverable amount. the assel is impaired accordingty. Pnor impaimients are also reviewed for possible reversal at each reporting date. 15
The Carningli Trust Ltd Company Limited by Guarantse Notes to the Financlal Statements (nthU¢d) Year ended 31 December 2023 Accounting policies {conrfmmd) Impalrnlent of fixed assets {Conn¢d) For the purposes of impainnent lesting, when it is not w)ssible to eslimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unil to which the asset belongs. The cash-generating unrt is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. Government grants Govemmenl grants are recognised at the fair value of the assel received or receivable. Grants are not recognised until there is reasonable assuran that the company wll comply wilh Ihe conditions attaching to them and the grants will be received. Where the grant does not impose specffied future performance-related corKJitions on ihe recipient. it is reco3nised in incorne when the grant proceeds are received or receivable. Where the grant does impose specified future perfomiance-related Conditions on the recipient. tt is recognised in income only when the performance-related conditions have been rnet. Vvhere grants received are prior to satisfying the revenue recognition criteria, they are rewgniseil as a liabilty. Financial instruments A financial asset or a financial liabdity is recognised only vthen the enlty becomes a party to the contractual provisions of the instrumenL Basic financial instruments are initially recognised at the amount receivable or payable induding any related transaction costs, unless the arrangement constitutes a financing transaction. where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and CLtrrent liabilities are subsequently measured at the cash or other consideration expected to be paid or received ar not discounted. Debt instruments are subsequenlly measured at amortised cost. Defined contrlbution plans Contributions to defined contribution Flans a recognised as an expense in the period in which the related service is provided. Prepaid contributions a recognised as an asset to the extent that the prepaymenl will lead to a reduction in future payments or a cash refund. Llmited by guarantee The company is limited by guarantee and therefore does no have any Share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the Trust in the event of liquidation. 16
The Carningli Trust Ltd Company Limited by Guarantee Notes to the Financial Statoments (¢onthuodJ Year ended 31 December 2023 Donations and legacies Unrestrided Total Funds Funds 2023 Unrestricted Funds Total Funds 2022 Donations Donations from individuals 539 539 6,037 6,037 Charflable actlvlties Unrestricted Total Funds Funds 2023 Un$1cle(j Fund5 Total Funds 2022 Assistance of vulnerable adults 1.707.579 1.707,579 1,656,333 1,656,333 Other trading activities Unrestricted Total Funds Funds 2023 Unrestricted Funds Total Funds 2022 Other income from other trading activities Property renial income Govemment grants receivable 1.132 1,221 1.041 1.132 1,221 1,041 1.598 1.315 1.079 1,598 1,315 1,079 3.394 3.394 3.992 3.992 Investment income Unrestricted Total FurKIs Funds 2023 Unrestricled Funds Totsl Funds 2022 Bank interest receivable 16.121 16.121 2.576 2.576 Expenditure on charitable activitios by fund type Unrestricted Total Funds Funds 2023 Unrestricted Funds Total Funds 2022 A5SiStanc8 of vulnerable adults Depreciation, amortisation and other similar costs staff costs Support costs 175,879 175,879 159.947 159,947 58,036 1.312,970 11,375 58.036 1.312,970 11,375 50,828 1,175,889 10,479 50.828 1,175,889 10,479 1,558,250 1,558,260 1,397,143 1,397,143 17
The Carningli Trust Ltd Company Limitod by Guarantse Notes to the Financial Statements (¢onthu•dJ Year ended 31 December 2023 10. Expenditure on charitable activitm by activty type Activities undertaken directly Supp(xl costs Total funds 2023 Total fund 2022 Assistance of vulnerable adults Depreciation, amortisation and other simdar costs Staff costs Governan costs 175.879 175,879 159,947 58,036 1.312.970 58,036 1.312.970 11.375 50.828 1,175,889 10,479 11.375 1.546,885 11.375 1,558.260 1.397.143 11. Net income Net incorne is stated after chargiW(crediting): 2023 2022 Depreciation of tangible fixed assets 58.036 50,828 12. Auditors remuneration 2023 2022 Fees payable for the audit of the financial statements 8.245 7,495 13. Staff costs The total staff costs and employee beneffts for the reporting period are analysed as follows.. 2023 2022 Wages and salaries Social security costs Employer contributions to pension plan5 1.182,179 107.792 22.999 1,062.718 91.309 21.862 1,312,970 1,175,889 The average head count of employees during the year was 45 (2022: 44). The average number of full-time equivalent employees during the year is analysed as folk)ws: 2023 No. 2022 Number of employees Number of trustees 44 43 45 The number of employees whose remuneration for the year fell withirb following bands. were.. 2023 2022 £60.000 to £69.999 18
The Carningli Trust Ltd Company Limited by Guarantee Notes to the Flnancial Statements (¢ondnuod) Year ended 31 December 2023 14 Trustee remuneration and expenses During Ihe year the Trust made the following transactions wth trustees". K. May K. May received remuneration of £64.321 (2022 £59,656), employers national insurance of £7,621 (2022 - £7,345) was paid in respect of the salary. Monies are paid to K. May as Director ol Operations. As an employee K. May is enlered into the company pension scheme. 15. Tangible fixed assets Freehold property Plant & machinery Motor vehicles Total Cost At 1 January 2023 Additions 2.100.594 308,100 96,999 1,927 67,840 9.999 2.265,433 320.026 At 31 December 2023 2.408.694 98.926 77,839 2,585,459 Depreciation At 1 January 2023 Charge for the year At 310ecember 2023 378,239 48,524 82.823 2.127 49,972 7.385 511,034 58,036 426,763 84,950 57.357 569.070 Carrying amount Al 31 December 2023 1.981.931 13,976 20.482 2,016.389 At 31 December 2022 1,722,355 14,176 17.868 1,754.399 16. Debtors 2023 2022 other debtor5 56,599 41,535 Other debtors indudes an amount of £n"l (2022 - £nil) falling due after more than year. 17. Creditors: amounts falling due within one year 2023 2022 Trade creditors Other creditors 13,924 73,840 56.125 87.764 56.125 19
The Carningli Trust Ltd Company Limited by Guarantee Notes to the Financial Statements (tinU0? Year ended 31 December 2023 18. Creditors: amounts falling due after morè than one year 2023 2022 Accruals and deferred income 38,948 39,956 Induded within creditors: amount5 falling due after more than one year is an amount of £35,153 (2022: £36.073) in respect of liabilities payatle or repayable otheTh•*ise than by instslments which fall due for paymenl after more than five years from the reporting date. The bank faalities are secured by a fixed charge over the freehold properties known as The Minstrels. Backe Road. St Clear5 and Clayford Farm. Clayford Lane. Wiston. The security is held by National Westminster Bank PLC. 19. Ponsions and other post retirement benefits Defined contribution plans The amount recognised in income or expendTrture a5 an expense in relation to defined contribution plans was £22,999 (2022: £21,862). Government grants The amounts recognised in the financtal ststements for govemment grants are as follows: 2023 2022 Recognised in creditors.. Deferred govemment grants due after more than one year 38,948 39.956 21. Analysis of charitable funds Unrestricted funds At 31 Docembef 2023 At 1 January 2023 Income Expenditure General funds 2.920.510 1,727,633 (1.558,260) 3.089,883 At 31 December 2 022 At 1 January 2022 Income Expenditure General funds 2,648,715 1,668,938 (1,397,143) 2,920,510 20
The Carningli Trust Ltd Company Limited by Guarantee Detailed Statement of Financial Activities Year ended 31 December 2023 22. Analysis of net assets between fvnds Unrestricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Credttors greater than 1 year Net assets 2.016,389 1.200,206 (87,765) (38,948) 3.089.882 2,016.389 1.200.206 (87,765) (38,948) 3,089.882 Unrestricted Funds Total Funds 2022 Tangible fixed assels Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 1.754,399 1.262,192 (56.125) (39.956) 1,754,399 1,262,192 (56.125) 139.956) 2,920.510 2.920.510 Analysis of changes in net debt At 31 Dec 2023 Al 1 Jan 2023 Cash flows Cash at bank and in hand 1,220,657 (77,050) 1.143,607 21