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 d1￿CtO￿S 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 t￿ard. 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 twsteesIdi￿tors 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
DeciS￿nS 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 ex￿Sed 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 ￿p￿sent the inte￿$1$ of adults with leaming difficulties.
The main aim of the Trust is to enable v￿nerable adults placed in the care of the O￿anIsation 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 praCti￿S.
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 final￿la1 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 praCtI￿S 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
rese￿eS 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
ag￿ements 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 deS￿naled 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 p￿paring 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 aV￿ra. 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 esta￿lsh 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 reSou￿s. 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 Other￿Se appears to be materially misstated. If we identify such material
inconsistencies or app3￿nI 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 I￿uldate 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 sL*ements
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 irregularit*s. 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 V￿rk 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 fInar￿la1 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 hISt￿lCa1 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 fur￿t￿)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 c￿lCern.
Residents accounts held on I￿￿t
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 inCu￿ed 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. Sha￿d costs are apporttoned between the activities they
contribute to on a reasonable. jUstsfiat￿e 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 {Con￿n￿¢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￿$1￿cle(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