COMPANY REGISTRATION NUMBER: 1953474 CHARITY REGISTRATION NUMBER: 5170S6 The Carningli Trust Company Limited by Guarantee Financial Statements 31 December 2024
The Carningli Trust Company Limited by Guarantee Financial Statements Year ended 31 December 2024 Pages Trustees, annual report (incorporating the director's report) Independent auditorfs report to the members Statement of financial activities (including income and expenditure account) 1to6 7t010 11 Statement of financial posilion statement of cash flows 12 13 Notes to the financial statements 14to22
The Carningli Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) Year ended 31 December 2024 The trustees, who are also the directors for the purposes of company law, present their report and th8 financial statements of the charity for the year ended 31 Decembér 2024. Reference and admlnlstratlve detalls Registered charity name The Carningli Trusl Charity reglstratlon number 517066 Company reglstratlon number 1953474 Princlpal office and registered office Panteg Llangynin Road st Clears Carmarthen Dyfed SA33 4JR The trustees D. M. Pickering V. Arnall H. K. Coram. A. E. Hancock J. L. Hancock K. J. May T.C. Brown W. Shipman (Appointed 22 M8y 2025) Audltor Evens & Co Ltd Chartered accountants & statutory audltcrs H8milton Hous& Hamilton Terrace Milford Haven Pembrokèshire SA73 3JP Bankers National Westminster Bank PIG 250 Regent street London W1B3BN Solicitors Darwin Bowie Solicitors 24 High Street Narberth Pembrokeshire SA67 7AR
The Carningli Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (Continugd) Year ended 31 December 2024 Structure, governance and managemént Nature of governlng documents The goveming documents for the organisation are the Memorandum and Articles of Association lodged with Companies House. In accordance with Charity Commission requirements all directors are trustees and vice versa. Recruitment and appolntment of trustees Induction and tralnlng of truste88 It remains the intention to recruit trusteesldirectors with the appropriate skills. and the usual pattern is still th8t potential trusteesldirectors should sit in for a minimum of 2 meetings prior to any election to become a voting member of the board. New trusteesldirectors are also able to attend extemally provided trusteesldiredors training courses and have access lo internal staff induction materials and training. There is no prescriptive training policy for new trusteesldirectors except that they are to be recruited as professional people capable of managing their own professional development and availing thémselves of the e>lemal or intemal training Ihat they need. Organisational structure Decisions on policy direction, senior staff appointments and budget approval a made collectively at Board meetings of trusteesldireclors. The operations director delegates to the registered manag&rs responsiblè for each home the authority to make operational management decisions. The managers then operate within a sel budgetary and policy fr8mework agreed by the board and our regulatory partners. As required by statute and regulation the Twst works in close Ilalson with the Local Authority Social Services and Health 8oards responsible for placing the people we support. In 2018 Rev J. Hancock acted as the responsible individual in accordance with regulations until 6 July 2018 when Kerry May took over this role. Furthermore in March 2021 Rev J. Hancock handed over the strategic and financial responsibilities lo Kerry May and took up the role of the Chair of the Board of Trustees in a non*xeculive position. In August 2022 and contlnuing to date, the Trust alongside its regulator The Care Inspectorate Wale5, agreed a change to the organisation struclure. This was to introduce a new role of operations manager into the senior m8nagement team alongside the business & finance manager. Both work under the direct line management of the operations director and responsible individual. In the latter part of 2024 the Trust introduced a prospeciive Trustee to the board and they attended the quarterly Trustee board meelings and would hope to be confirmed in post as a pernianent Board of Truslee Member in early 2025. This is to strengthen the board capacity and maintain the balance of experience on the Board of Trustees. The financial. employer and policy risks to which the organisation is exposed corrtinues to be reviewed, mitigated and action8d after discussions al Board meetings. We continue to maintain a strong position in relalion to working time and minimum wage case law. All our homes are permanently staffed by employees. who are paid above the n8tional living w896 in Wales, to support minimal turnover and continuty of care in our home5. Addilional staff are 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. All Operational obligations for th8 delivery of care & support. statulory health & safety, environment and fire risks are reviewed and mitigated by the actions taken dailylweeklylmonthly by the registered rnanagers and checked by the operations manager though our quality assurance processes. All contractors involved in maintaining these operational obligalion5 are consulted with and managed within our financiav budgetary capabilities by the business & finance manager under the supervision of the operations directorl responsible individual. The Trust also has 2417 access to professional adlSorS for any employment law and health & safety to ensure our practices are meeting all professional standards. They also provide vital support annually for Ihe review of our employee wntractual temis and condrtions and our suli e of policies and procedures, so that we maintain all practices based on up to dale employment and health & safety law.
The Carningli Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (confynued) Year ended 31 December 2024 Objectlves and activities Objects and aims The main aim of the Trust is to enable vulnerable adults placed in the care of the organisation to enjoy fulfilling lives by achieving their full potential as members of society, whilst also being resident in a safe secure setting run or supported by an organisation which champions ther fundamental human rights and dignity. Our plans and achievemènts for 2024 were: 1) To sustain a strong governance and adopt continuing improvements in both care and administrative practices within the new organisational structure set up in 2022. 2) To continu& to build client trust with our commissioners and meet all our regulatory requirements through robust process of both internal and extemal audits and inspections. 3) To conlinue to agree sustainable increases in fees necessary to balan Increasing salary and other inflationary costs. 4) To work alongside Heafth Boards and Local Authority Commissioning to develop a stronger sense for the need for a unified Care Cost Model for transparency and cost efficiencies that will support a fairer annual fee review process. In observation that 2 Local AuthcKities continue to operate outside of a generally accepted fee rate. 5) To further increase the financial surplus. The fnancial surplus to be used. To enhance the capability of the organisation to meet the principal objectives.. both to a higher standard and to a greater extent in terms of continuing to represenl the wider interests of ageing vulnerable adulis. To continue to invest in property improrfements plus staff trainlng and remuneration. To invest any financial surplus through consultation with our Regional Busine55 Banking Manager. To sustain our vision of being recogni5ed as a provider of excellent care & support to those who reside at our homes,. whilst also investing financially in any way to improve our ability to evolve and adapt for any ageing adults with incre8singl changing needs. To seek to Influen the direction of policy and practice in the procurement and provision of care for adults with learning difficuliies. strategic report The following sections for achievements and performance and financial review fomi ihe strategic report of the charity.
The Carningli Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (conllni Year ended 31 December 2024 Achlevements and performance During 2024 our achievernents were ". 1) We developed our govemance arrangements for our Intemal Quality Assurances processes, which have maintained continuous improvements in both care and admtnistrative practices that have met with all our regulatcsry requirements. 2) Maintained excellent quality ratings frn both NHS audits (CCAPS), Lccal Commissioning Audits and CIW inspections and Local Authority Commissioning Reviews. 3) We continued to Wofk with local authorities to ensure the correct levels of support were in pla to meet individual needs. It is reflective of the work achieved in 2024 to rnaintain 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 commissioned packages held ty Trus( all of which were maintained. 4) We received a rate of inflationary increases with all commissioned packages, and will continue to vIrk with those aulhorilies who are lacking the fomial modds on which lo review costs more efficiently. 5) Mandatory training programs and the development of staff through qualifications and CPD continued throughout 2024. We continue to use remotel online courses successfully and have been able to provide more enhanced training in more face-to-face training this year. The Trust continues to demonstrate its commf(ment to having a trained and effective workforce. 6) There was no financial borrowing in 2024 therefore securing the long-term financial status of the Trust. Budgets and the financial reserves for 2024 were monitored closely throughout the year by the Trusts Operations Director and Finan & Business Manager and reviewed during the Quarterly Trustee Meeting. Financial review The financial performance in 2024 has been ex1]ent. Unrestricted funds have seen an incr&ase in 2024 to £3.282,614 from £3.089,883 in 2023. While there was an increase in revenue. pressure on local authority budgets may not see this level of annual increase sustained. A150 increases in maintaining the National Living Wage costs for our workforce will continue to challenge the Trusts largest budget. The net surplus increase from £169.373 in 2023 to £192.731 in 2024 representing an increase of 13.70k. this indudes monies from all income sources. Our margin on total fees was a respectable 8.60A but with costs estimated to rise by 13.8. in 2025, this cannot be sustained. Although. it remains our policy tc try and agree fees including a reasonable market level margin so as not to undercut the m*eL We also want to work with commissioners to develop a roadmap for reinvesting these charitable funds.
The Carningli Trust Company Limited by Guarantse Trustees. Annual Report (Incorporating the Director's Report) (conllnuedj Year ended 31 December 2024 Financial review fcontinue¢ Reserves pollcy The trustees believe that the charity should hold financtal reserves (Ihe "Emergency Operating Reserve" because: EOR) 1 11 ha5 no endowment funding and is entirely dependent on contracts and Service level agreements from year to year which is inevitably subject to fluctuation; 2 It requires protection against, and the abilty to continue operating despite, catsstrophic or lesser damaging events. The trustees believe that the minimum level of the EOR should be the equivalent of six months operating costs calculated and reviewed annually and believe that the EOR should be buill up to the desired level in stages consistent wtth the charity's overall financial position and its need to maintain and develop its charitable activities. The current level ol the EOR is £nil, with essential running costs currently amounting lo approximately £130,000 per month based on existing contracts giving 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 unresbcted reserves of £3,283.715, part of which could be redesigated to the EOR but which had not been so designated at the year end date. Flnanclal instruments The Trusvs activities expose it to a number of financial rTsks including credit risk. cash flow risk and liquidity risk. The use of financial derivatives is gov&med by the Trust's policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The Trust does not use derivative financial instruments for speculative purposes. Trustees, responslbllltlas statemènt The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees, report and the fjnanciaS stalements in accordance with applicable law and United Kingdom Accounting Standard8 (United Kingdom Generally Accepted Accounting Practice). Company law requires the charty trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and Ihe incoming resources and application of resources, including the income and expenditu, for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistent. observe the methods and princ¥iles in the applicable Charities SORP: rnake judgments and accounting estimates that are reasonable and prjent. state whether applicable UK knounting Standards have been followed, subject lo any material departures disclosed and explained in the financial statents. prepare the fsnancial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Carningli Trust Company Limited by Guarantse Trustees. Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 December 2024 The Irustees are responsible for kPIng adequate acccmjnting records that are sufficient to show and explain the charity's Iransadions and disclose with reasonable accuracy at any time Ihe financial position of the charily and enable them to ensure that the financial slatements conyly with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for takng reasonable steps for the prev8nlion and detection of fraud and other irregularities. Auditor Each of Ihe persons who is a trustee a the date of approval of this report confimis that: so far as they are aware. there is no relev1 audit rrfom?tion of which the charbtys auditor is unaware. and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit infomiation and to establish that the charitys auditor is aware of that information. The trustees. annual report and the strategic pOrt were approved cffl 16 September 2025 and signed on behalf of the board of trustees by: K. J. May Trustee
The Carningli Trust Company Limited by Guarantee Independent Audltor's Report to the Members of The Carningli Trust Year ended 31 December 2024 Opinion We have audited the financial statements of The Carningli Trust (the 'charty') for the year ended 31 Dernber 2024 which comprise the statement of financial activities (including income and expenditure account), statement of financial position. statemenl of cash flows and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ir8land (United Kingdom Generally Accepted Accounting Praclice). In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure. for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. have been prepared in accordance wilh the requirements of the Companies Act 2006 and the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Audtting (UK) (ISAS (UK)) and applicable law. Our responsibilities under thcse standards are further described in the auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordanc8 with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Elhical Standard. and we have fUilled our cther ethical responsibilities in accordance with thes8 requirements. We believe that the audit evidence wè have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to going concern In auditing the financial statements, we have concluded that the trustees, us& 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 identified any material uncertainties relating to events or condilions that, individually or collectively, may cast significant doubt on the charity's abilty to continue as a going conrn for a period cf at least twelve months from when the fi'nancial statements are authorised for issue. Our responsibilities and the responsibilities of the truslees with respect to going conrn are described in the relevant 8eGlions of this report.
The Carningli Trust Company Limited by Guarantee Independent Auditorfs Report to the Members of The Carningli Trust (con11nlI} Year ended 31 December 2024 Other informatlon The other information comprises the information induded in the annual report, other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and. excepl to the extent otherwise explicitly stated in our report, we do nol express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibilty is to read the other infonration and, in doing so, consider whelher the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsislencie5 or apparent material misstatements. we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If. based on the work we have perfomied, we conclude that there is a material nwsstaiement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit: the information given in Ihe trustees, report for the financial year for w1)h the financial statements are prepared is consistent with the financial ststements- and the trustees, report has been prepared in accordance with appCable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have nol identified material mi55tatements in the trustees, report. We have nolhing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Act 2011 requires us to report to you rf. in our opinion: adequate accounting records have not been kept. or retums adequate for our audii have not been received from branches not visited by us; or the financial statements are not in agreement wth the a(munting records and retums. or rtain disclosures of trustees, remuneration specTfied by law are not made; or we have not received all the wifomialion and explanations we require for our audit. Responsibilitles 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 internal control as the trustees detemiine 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 tnjstees are responsible for assessing the charity's ability to continu8 as a going concem, disclosing, as applicable. matters related to going conrn and using the golng concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operalions, or have no realistic altemative but to do so.
The Carningli Trust Company Limited by Guarantee Independent Auditorfs Report to the Members of The Carningli Trust (continued) Year ended 31 December 2024 Audltor's responsibilities for the audit of the financlal statements Our objectives are to obtain reasonable assuran about whether thé financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audtt conducted in accordan with ISAS (UK) will always detect a material misslatement when it exists. Misstatemenis can arise from fraud or error and are considered material rf. 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. Extent to whlch the audlt was considered capable of detectlng Irregularitles. 5ncluding fraud Irregularities, including fraud, are instances of non-compliance wtlh laws and regulations. We design procedures in line with our responsibilities. outlined above. to dètect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below., We obtain and update our understanding of the entity, its activities. its control environment, and likely future developments, Including in relation to the legal and regulatory frameworl( applicable and how the entity is complying with that framework. Based on this underslanding, we Klentrfy and assess the risks of material misstatement of the financial statements, wheth&r dua to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate lo provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were c¢Jntrary to applicable laws and regulations, 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 management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud: R8viewing minutes of meetings of those charged with governance: Assessing the extent of Cofnpliance with laws and regulations considered to have a direct material effect on the financial statements or the operations of thè entity through inquiry and inspection; Reviewing financial statement disclosures and testing lo supporting documentation to assess compliance with applicable laws and regulations; Perfomiing audrt work over the risk of management bias and override of controls. including testing of joumal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the nonnal course of business and reviewing accounting estimates for indicators of potential bias. Because of the inherent limitations of an audit. Ihere is a risk that wè will not detect all irregularities, including those leading to a material misstatement 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 transactions reflected in the financial ststements, as we will be less likely to becoTrE aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one re5ulling from error, as fraud may invofve collusion, forgery, intentronal omissions. misrepresentations, or the override of internal control. A further description of our responsibilities for the audit of financial statements is located on the Financial Reporting Council's website at: http:MwN.frc.org.UklauditorsSponsib(]I1les. This description fonns a part of our auditorfs report.
The Carningli Trust Company Limited by Guarantee Independent Auditor's Report to the Members of The Carningli Trust (¢onUnued) Year ended 31 December 2024 As part of an audit in accordance with ISAS (UK), we exercise professional judgement and maintain professional scepticism throughout the audrt. We also.. Identify and assess the risks of material misstatement of the financial statements. whether due to fraud or error, design and perfom 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 misstatement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion. forgery. intentional omissions, misrepresentations. or the override of of ntemal ccr01. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Ixrt not for the purpose of expressing an opinion on the effectiveness of the intemal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concem basis of accounting and. based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our audttofs report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opink?n. Our conclusions are based on Ihe audit evidence obtained up to the date of our auditoffs report. However. fijiure events or condits'ons may cause the company to ase to continue as a going concem. Evaluate the overall presentation. structure and content of the financial statements. including the disclosures and whether the financial statements represent the underlying transactions and evenls in a manner that achieves fair presentation. Vve communicate wth those charged wtth governance regarding. among other matter5, the planned scope and timing of the audit and significant audit findings. including any significant deficiencies in intemal control that we identify during our audit. Use of our report Thi5 report is made solely to the chartty's members. as a body. in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an audito15 report and for no other purpose. To the fullest extent P8nnitted by law, we do not ept or assume responsibilty to anyone other than the charity and the charity's members as a body. for our audit work. for this report. or for the opinions we have formed. Bruce Evens BA FCA (Senior Statutory AudtLY) For and on behalf of Even5 & Co Ltd Chartered accountants & statutory audtiors Hamilton House Hamillon Terrace Milford Haven Pembrokashire SA73 3JP 16 September 2025 10
The Carningli Trust Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 December 2024 2024 Unrestricted funds 2023 Total funds Total funds Income and endowments Donations and legacies Charitable activities other trading activities Investment income Other income 539 1,707.579 3.394 16,121 1,818.825 3,677 30,216 1.773 1.B18.825 3.677 30.216 1.773 Total income 1.854,491 1.854.491 1,727,633 Expenditure Expenditure on charttable activities Total expendlture 10.11 (1,661,760) 11.661,760) (1,558,260) (1,661,760) (1,661,760) (1.558.260) Net income and net movement in funds 192,731 192,731 169,373 Reconciliation of funds Totsl funds brought forward Total funds carried forward 3,089.883 3,089,883 3.282.614 2,920,510 3,089,883 3,282,614 The statement of fsnancial activities includes all gains a1 losses recognised in Ihe year. All income and expenditure derive from continuing tIvitIeS. Thè notes on pages 14 to 22 form part of these financial Statements. 11
The Carningli Trust Company Limited by Guarantee Statement of Financial Position 31 December 2024 2024 2023 Fixed assets Tangible fixed asset5 16 2,052,441 2,016,3B9 Current assets Debtors Cash at bank and in hand 17 54.669 1,267,320 56,599 1,143,607 1,321,989 1,200,206 Creditors: amounts falling due wlthln one year Net current assets 18 (53,848) 1,268,141 {87.764) 1,112,442 Total assets less currerrt liabilities 3,320,582 3,128,831 Credltors: amounts falllng due after more than one year Net assets 19 (37,968) 3,282,614 (38,948) 3,089,883 Funds of the charity Unrestricted funds 3,282,614 3,089,883 Total charity funds 22 3,282,614 3,089,883 These financial statements were approved by the board of trustees and authorised for issue on 16 September 2025, and are signed on behalf of the board by= K. J. May Trustee The note5 on pages 14 to 22 fonn part of these financial ststements. 12
The Carningli Trust Company Limited by Guarantee Statement of Cash Flows Year ended 31 December 2024 2024 2023 Cash flows from operatlng actlvltles Net income 192,731 169.373 Adjustments for Depreciation of tangible fixed assets Other interest receivable and similar income Interest payable and similar charges Gains on disposal of tangible fixed assets 59,311 {30.218) 3,085 (1.773) 58.036 (16,121) 3,130 Changes in.. Trade and other debtors Trade and other creditors 1,930 134,896) 190,172 (15,064) 30,631 22g,985 Cash generated from operations Interest paid Interest received (3,085) 30,216 217,303 13,130) 16,121 242,976 Net cash from operating activities Cash flows from Investing actlvltles Purchase of tangible assets Proceeds fft)m Sala of tangibl8 assets Net cash u8ed in investing activities (96,590 3,000 (93,590) (320,026) (320,026) Net Increaselldecreasel In cash and cash equlvalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 123,713 1,143,607 1.267.320 (77,050) 1,220,657 1,143.607 The notes on page5 14 to 22 form part of these flnan¢lal statements. 13
The Carningli Trust Company Limited by Guarantee Notes to the Financial Statements Year ended 31 December 2024 General inforniatlon The charty is a public benefit entty and a private conpany lirnit8d by guarantee. registered in England and Wales and a registered charity in England arKI Wales. The address of the registered office is Panteg, Llangynin Road, St Clears, Camiarthen, Dyfed, SA33 4JR. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Ihe Republ of Ireland,, the Statement of Recommended Praclice applicable to charities preparing their accounts in accordance with the Financial Reporting Slandard applicablè in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Accountlftg policies Bas18 of preparntion The flnancial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial asset5 and liabilities and investrnent properties measured at fatr value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The trustees consider that there are no material uncertainties about The Carningli Trust's abllity to continue as a going concem. Residents accounts held on trust 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 the charity. On Ihal basis, the balances have been excluded from the charity's Statement of Financial Position as the trustees are of the opinion that this more fairly reffects a true statement of the charity's affairs. Judgements and key sources of estimation uncertainty The preparation of the financial statements reqUIS management to make judgements. estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors. including expectations of future events that are believed to be reasonable under the circumstancès. Income tax The charity is exempt from corporatton tsx on its charitable activities. Fund accountlng Unrestricted funds are available for use at the discretion of Ihe trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular futuré project or commitment. Restricted funds are subjected to restrictions on their expenditure dedared by the donor or through the terms of an appeal, and fall into one of sub-dasses: restricted income funds or endollent funds. 14
The Carningli Trust Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2024 Accounting pollcles {conVnued) Incomlng resources All income is included in the statement of financial activities when entitlement has passed to the Trust, it is probable Ihat the economic benefrts associated with the transaction will flow to the Trust and the amount can be reliably measured. The foll(Ming specffic poficies are applied to particular categories of income: income from donations is recognised when there is evidence of entitlement lo the gift, receipt is probable and its amount can be measured reliably. income from contracts for the supply of seNices 19 recognised wrth the delivery of the contracted service. This is classified as unrestricted funds unless ther8 is a contractual requirement for it to be spent on a particular purpose and returned rf unspent, in which case tt may be regarded as restricted. Resources expended Expenditure is recognised cn an accruals basis as a liability is incurred. Expenditure includes any VAT which cannol be fully recovered, and is classified under headings of the statement of financial activities to which it relates: expenditure on charitable adivities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefrt of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable aclivilies. - other expenditure includes 811 expenditurè that is neither related to raising funds for the charity nor part of its expenditure on charilable activities. All costs are allocated to expendiiure categories reflecting the use of the resource. Direct costs attrfbutable to single activily are allo&ited directty to that activrty. Shared costs are apportioned belween the activities they contribute to on a reasonable. justifiable and consistent basis. Tanglble agsets Tangible assets are Inrtially recorded at cost. and subsequently slated at cost less any accumulated depreciation and irnpairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated irnpaiment losses. Depreciation Depreciation is calculated so as to write off the cost or valualion of an asset. less its residual value. over the useful economic life of that asset as follow5: Freehold propety Plant & machinery Motor vehicles Straight line and 15% reducing balance 15% reducing balan 15% straigm line Impairment of fixed assets A review for indicators of impairment is carried out ai each reporting dale, with the recoverable amount b8ing estimated where such indicators exist. Where the carrying value exceeds the recoverable amount. the asset is impaired accordingly. Prior impairments are also revrewed for possible reversal at each reporting date. 15
The Carningli Trust Company Limited by Guarantee Notes to the Financial Statements (conllnuedj Year ended 31 December 2024 Accountlng policies {conth)ueo) Impairment of flxed assets (conflTruedJ For the purposes of impairment testing. when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable aminveount of the cash-generating unit to which the asset belongs. The Cash-generating unit is the smallest identtfiable 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 grdnts Government grants are recognised at the fair value d the asset received or receivable, Grants are not recognised until Ihere is reasonable assurance that the company will comply wilh the conditions attaching to them and the grants wll be received. Where the grant does not impose specified future performance-related conditi.ons on the recipient, it is recognised in income when the grant proceeds are recetved or recepiable. Where the grant does impose specified future perfomiance-related conditions on the recipient, it is recognised in income only when the perfomianctrrelated conditions have been met. Where grants reiVed are prT to satisfying the revenue recognition criteria, they are recognised as a liability. Flnanclal instruments A financial asset or a financial liabilty is recognised only when the entity becomes a party lo the contractual provisions of the instrumenL Basic financial instruments are inttialty recognised at the amount reNable or payable including 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 interesl for a similar debt instrument. Current assets and current liabilities are subsequent]y measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequenlly measured at amortised cost. Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related Servi is provided. Prepaid contributions are recognised as an asset to the exient that the prepayment will lead to a reduction in future payments or a cash refuTrJ. Llmfted by guarantee The company is limited by guarantee and therefore does not any share capital. Each of the trustees is liabte to contribute an amount not exceeding £1 towards the assets of the Trust in the event of liquidation. 16
The Carningli Trust Company Limited by Guarantse Notes to the Financial Statements (contsnued) Year ended 31 December 2024 Donations and legacles Unrestricted Total Fund3 Funds 2024 Unreslricted Funds Total Funds 2023 Donations Donations from individuals 539 539 Charltable activities Unrestricted Total Funds Funds 2024 Unrestricted Funds Total Funds 2023 Assistance of vulnerable adults 1,818,825 1,818,825 1,707,579 1,707,579 Other trading activitles Unrestricted Total Funds Funds 2024 Unrestricted Funds Total Funds 2023 Other income from other trading activities Propety rantal income Government grants receivable 1,161 1,508 1,008 1,181 1.508 1,008 3,677 1,132 1,221 1,041 3,394 1,132 1.221 1,041 3,677 3,394 Investment Income Unrestrlcted Total Funds Funds 2024 Unrestricted Funds Total Funds 2023 Bank interest receivable 30,216 30,216 16,121 18,121 Other Income Unrestricted Total Funds Funds 2024 UnrestriGted Funds Total Funds 2023 Gain on disposal of tangible fixed assels held for charity's own use 1,773 1,773 17
The Carningli Trust Company Limited by Guarantee Notes to the Financial Statements (contlnuedj Year ended 31 December 2024 10. Expenditure on charitable actlvltles by fund type Unrestricted Total Funds Funds 2024 Unrestricted Funds Total Funds 2023 Assistance of vulnerable ultS Depreciation, amortisation and other similar costs Staff costs Support Costs 1.435 190,435 175,879 175,879 59,311 1,399,848 12.167 59,311 1.399,848 12,166 58,036 1,312,970 11,375 58.036 1,312.970 11,375 1.661.761 1.661,760 1,558,260 1,558,260 11. Expenditure on charitable actlvltles by actlvity type Activities undertaken directly Support costs Total funds 2024 Total fund 2023 Assistan of vulnerable adults Deplation, amortisalion arKI other similar costs Staff costs Goveman costs 1.435 190.435 175,879 59,311 1.399.848 59,311 1.399.848 12,166 58.036 1,312,970 11,375 12,166 1.649.594 12,166 1.661,760 1.558.260 12. Net income Net income is stated after chargingl(crediting): 2024 2023 Depreciation of tangible re assets Gains on disposal of tangible fed assets 59,311 {1,773) 58.036 13. Auditors remuneration 2024 2023 Fees payable for the audit of the financial statements 9.069 8,245 14. Staff costs The total staff costs and employ benefrts for the reporting period a anaSy5ed as follows: 2024 2023 Wages and salaries Social securtty costs Employer contributions to pension plans 1,258,943 115,672 25,233 1,182,179 107,792 22,999 1,399,848 1.312.970 18
The Carningli Trust Company Llmited by Guarantse Notes to the Financial Statements {conUnu Year ended 31 December 2024 14 Staff costs (continii The average head counl of employees during the year was 47 {2023: 45>. The average number of full-time equivalent employees during the year 15 analysed as follows: 2024 No. 2023 No. Number of employees Number of trustees 47 45 The number of employees whose rernuneration for the year fell within the following bands, were: 2024 2023 £60,000 to £69,999 £70.000 to £79,999 15. Trustee remuneration and expenses During the year the Trust made the followng transactions wilh trustees: K. May K. May received remuneration of £68,953 (2023 - £64.321). employers nalional Insuran of £8,260 (2023 - £7,621), employers p8nsion contributions of £1.321 (2023 - £1,320) were paid in resp8Ct of the salary. Moni8S are paid to K. May as Director of Operations. As an employee K. May is entered into the company pension scheme. 19
The Carningli Trust Company Llmited by Guarantee Notes to the Financial Ststements (contlnuedj Year ended 31 December 2024 16. Tangible fixed assets Freehold propety Plant & machinery Motor vehicles Total C05t At 1 January 2024 Addilion5 Disposals At 31 December 2024 2,408.694 85,119 98,926 8,471 77,839 3,000 (12,275) 68,564 2,585,459 96,590 112,275) 2.669.774 2,493,813 107,397 Dépreciation At 1 January 2024 Charge for the year Disposals At 31 December 2024 426,763 50.159 84,950 3,612 57,357 5,540 (11,048) 51,849 589.070 59,311 111,048) 617,333 476.922 88,562 Carrylng arnount At 31 December 2024 2,016,891 18,835 13,976 16,715 2,052,441 2,016,389 At 31 December 2023 1,981,931 20,482 17. Debtors 2024 2023 Other debtors 54,669 56,599 Other debtors Includés an amount of £nil12023 - £nil) falling due after more than one year. 18. Credltors: amounts falling due wlthln one year 2024 2023 Trade creditors Other credilors 543 53,305 13,924 73,840 87,764 53,848 19. Creditors: amounts falling due after more than one year 2024 2023 Accruals and deferred income 37,968 38,948 Included within creditors= amounts falling due after more than one year is an amount of £34.246 (2023: £35,153) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more Ihan five years from the reporting date. The bank facilities are secured by a fed charge over the freehold properties known as The Minstrels, Backe Road, St Clears and Clayford Farm, Clayford Lane, Wiston. The seGurity is held by National Westminster Bank PLC. 20
The Carningli Trust Company Limited by Guarantee Notes to the Financial Statemonts (contlnuedj Year ended 31 December 2024 20. Pensions and other post retlroment banèfits Deflned contrlbutlon plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £25,233 (2023: £22,999). 21. Govommant grants The amounts recognised in the financial statements for govemment gr8nts are as follows: 2024 2023 Recognised in creditors.. Deferred government grants due after more than one year 37,968 38,948 22. Analysls of charttabla funds Unr8Strictad funds At 31 December 2024 At 1 January 2024 Income Expenditure General funds 3,089,883 1.854,491 (1.661.760) 3,282,614 At 31 December 2 023 At 1 January 2023 Income Expenditure General funds 2.920.510 1,727,633 (1,558.260) 3,D89,883 23. Analysls of net assets between funds Unrestricted Totsl Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 2,052,441 1,321,989 153,848) 137,968) 3,282,614 2,052,441 1,321.989 153.848) 137,9681 3,282,614 Unrestricted Funds Total Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 2,016,389 1,200,20S (87,785) (38,948) 3,089,882 2.016,389 1,200,206 (87,765) (38,948) 3.089.882 21
The Carningli Trust Company Limited by Guarantee Notes to the Financial Statements (conthuea) Year ended 31 December 2024 Anatysis of changes In net debt At 31 Dec 2024 At 1 Jan 2024 Cash flows Cash at bank and in hand 1,143,607 123,713 1.267.320 22