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 ad￿lSorS 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 fr￿n 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 vI￿rk 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 ex￿1]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 pr￿jent.
state whether applicable UK knounting Standards have been followed, subject lo any material departures
disclosed and explained in the financial state￿nts.
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 k￿PIng 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 relev￿1 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 De￿rnber 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 fU￿illed 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
con￿rn 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 con￿rn 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 (con11n￿lI}
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 app￿Cable 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 con￿rn 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.Uklauditors￿Sponsib(]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 cc￿￿r01.
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 a￿1 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 reqUI￿S 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 endo￿llent 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 re￿iVed are pr￿T 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 re￿Nable 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
Dep￿lation, 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 r￿e￿ assets
Gains on disposal of tangible f￿ed 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 f￿ed 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