Charity registration number.. 1047346 THE WORSHIPFUL LIVERY COMPANY OF WALES CHARITABLE TRUST TRUSTEES. REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 HSI Accountants Ltd Severn House Hazell Drive Newport NPIO 8FY
The Worshipful Livery Company of Wales Charitable Trust Contents Page Trustees, Report Independent Examiner's Report Statement of Financial Activities Comparative Statement of Financial Artivities Statement of Financial Position Notes to the Financial Ststements 9-15
The Worshipful Livery Company of Wales Charitable Trust Trustees, Report For The Year Ended 31 March 2025 The trustees present their report and the financial statements for the year ended 31 March 2025. Objective5 and Activities Aims and Objectives The Charity was created in 1995 to further the aims of The Welsh Livery Guild (WLG) by the advancement of education, the relief of poverty and such other charitable purposes as the Trustees shall from time to time think fit. The WLG was founded in 1993. In 2013 The WLG was incorporated by Royal Charter and renamed The Worshipful Livery Company of Wales (WLCOW). The charity now supports the work and aims of the WLCOW. Public Benefit The Trustees achieve the charitable objectives by- Making individual further education awards to people over the age of 18 in need of assistance Making Talented Children awards to necessitous exceptionally talented children Making Annual Achievement Award5 for outstsnding innovation or vocational excellence Co-operating with Industry and Commerce to develop skills in arts, Scien and technology. The Charity makes awards and bursaries on the recommendation of the Awards Committee of the WLCOW. All awards made by the Charity during the year were in hjrtherance of the aims of the Charity and the WLCOW. The trustees confirm that they have complied with the requirements of Section 17 of the Charities Act 2011 to have due regard to the Charity Commission's guidance on public benefit. Achievements and Performance Main Achievements At 31 March 2025 the Charity had total funds of £524,981 (2023: £525.529). The Trustees intend that the Silver Jubilee Fund should be disbursed on an inCaSed number of Awards in aa$ of education not previously supported, because of a lack of resource. to young people with a commitment to Wales. Awards totalling £6,300 have been made from the Silver Jubilee Fund in the year ending March 2025 {2024= £1,625). Regular (mainly monthly) donations are made by Liverymen to both fund awards in the current year and to build the value of the endowment. During the year £1 1,516- including gift aid,. (2024- £15,978) was received by way of regular donations from 39 (2024.. 51) Liverymen. The Charity does not itself organise any fvnd-raising events but the Fundraising Committee of the WLCOW does hold events to raise funds for the Charity. One event was held during the year raising £1,500 {2023: one event raising £4,701) for the Charity. Upon foundation the Charity was endowed with funds by Liverymen and other grant giving bodies. The majority of these funds were placed in a designated Investment Portfolio which is currently managed by professional fund managers, RBC Brewin Dolphin Ltd. The fund managers, Investment Policy was last reviewed in November 2022 and confirmed by the Trustees. World stock markets continue to see significant impact from the events in Ukraine and inflationary pressures around the world. At 31 March 2025 the portfolio had a value of £495,747 (2024= £476, 830). Income from the investments during the year totalled £12,710 (2024: £10,035). Financial Review Reserves Policy The Trustees hold monies in an investment portfolio managed by professional fund managers to achieve an income to be used to fund Awards. At the 31 March 2025 the charity held total reserves of £524,981 {2024'. £525,529) of which £50,065 (2024.. £53,975) lated to restricted funds. The Trustees decided to reallocate unrestricted funds at 31 March 2020 into two designated (Endowment and Silver Jubilee) and one undesignated categories, these being.. The Endowment Fund, which will represent the amount of money being held to generate income for distribution as Awards each year. The capitsl value of this fund will not normally be distributed. The Silver Jubilee Fund, being the amount raised by the Silver Jubilee Appeal. Investment income and capital growth will be allocated to this ftjnd each year and Silver Jubilee Awards made deducted from it. It is the Trustees intention that this Fund should be fully disbursed by 2030. The General Fund being all other unrestricted funds held by the Trust. ..CONTINUED Page I
The Worshipful Livery Company of Wales Charitable Trust Trustees, Report (continued) For The Year Ended 31 March 2025 Reserves Policy - continued FLJnds totalling £270,000 had been designated as the Endowment Fund and £80,000 as designated Silver lubilee Fund, leaving a General Fund of £5,117 at 31 March 2020. As at 31 March 2025 these funds now stand at.. Endowment Fund £385,191 (2024'.£375,537) Silver Jubilee Fund £89,725 {2024= £90,630) General Fund (Free reserves) £Nil {2024.' £5,387) The Charity has no expenses for administration, other than investment management, insurance, and independent examiners charges, and the majority of designated funds are held for the purpose of supporting the Awards programme of WLCOW. Restrirted Funds includes a donation of £5,000 made to the Silver Jubilee Appeal where the donor queSted the money be spent on Awards to apprentices. One award was made from this fund during the year which now stands at £800. Major risk5 and management of those risks Inflation and Investment Valuation The Trustees have identified the main risks to the Charity as being the effect of inflation on the value of its investments and the impact of a severe loss in value of its investments. These risks have been mitigated by entrusting the management of the investment portfolio to professional investment managers. The Tnjstees receive a detailed financial report from the investment managers once a quarter. A representative of the investment managers attends at least one Trustees meeting every six months and reports direttly to the Trustees. The Trustees confirm that they are satisfied that these procedures mitigate the major risks to which the charity is exposed and are content with the arrangements. The Trustees published a statement as to their attitude to risk management and review this document regularty. The Trustees, approach to risk is incorporated in the Investment Policy agreed since November 2015. This was reviewed in November 2021 and again in November 2022. The Trustees anticipate that investment income may remain stable during 2025126 notwithstsnding the impact of the conflict in Ukraine and other political and market turbulence. structure, Governance and Management Governing Document The charity was established by a Deed of Trust dated 25 May 1995 as part of the attivities of the WLG. That deed was updated to comply with the provisions of the Charities Act 2006. The amended Trust deed was approved by the Trustees and Court of The Welsh Livery Guild in 2009. The Trust Deed was further amended to reflect the change in Company name and to give the Trustees greater flexibility to change a number of organisational processes. The Charity Commission gave their consent on 13 November 2021. Organisational structure The Trustees meet four times a year to review the Charity's financial position and to consider advice from its investment managers, and the effert of this on their investment strategy, fund raising and award giving policy. The Awards Committee of the WLCOW meets six or MO times a year to detemiine a proposed award programme for each year and selection of candidates for awards. Proposals from the Awards Committee are forwarded to the Trustees who, subject to agreement, make the awards from the ftjnds of the Charity. The Fund-Raising Committee of the WLCOW meets at least four times a year to plan fundraising events which are organised and financed by the WLCOW, any surpluses on which are donated to the Charity. Reference and Administrative Detsi15 Trustees Dr J L Croad - Trustee Mr R A Harper MBE - Trustee (appointed 2010312025) Mr D James FGS FIOQ- Chair Ms A Xavier-Phillips JP DL - Trustee Ms S Robert-sargeant - Trustee (appointed 1010412024) Mr H M Gilbert - Trustee Page 2
The Worshipful Livery Company of Wales Charitable Trust Trustees, Report (continued) For The Year Ended 31 March 2025 Colonel l Thompson TD - Trustee {appointed 1010412024) Major J E Charles TD DL - Trustee Mr C Morris FCA CPFA - Trustee (appointed 1310812024) Mr P Kitchen {resigned 3010412024) Mr D H Thomas CBE DL (resigned 0810312025) Mr H R Wynne-Griffith {resigned 1010412024) Mr S I Castledine (SIgned 0610412024) Charity Number 1047346 Principal Address 18, Withy Close Romsey Hampshire S051 7SA Independent Examiner Mr Andrew Hill FCCA ACA DChA BFP HSJ Accountants Ltd Severn House Hazell Drive Newport NPIO 8FY Page 3
The Worshipful Livery Company of Wales Charitable Trust Trustees, Report (continued) For The Year Ended 31 March 2025 statement of Trustees. Responsibilities The trustees are responsible for preparing the Trustees, Report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial ststements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial ststements the trustees are required to- select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charity SORP: make judgments and accounting estitnates that are reasonable and prudent,. and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at anytirne the financial position of the charity and to enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for tsking wsonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporzte and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The trustees. report was approved by the board of trustees and signed on its behalf by: Mr C Morris FCA CPFA Trustee Date Page 4
The Worshipful Livery Company of Wales Charitable Trust Independent Examiner's Report to the Trustees of The Worshipful Livery Company of Wales Charitable Trust For The Year Ended 31 March 2025 I report to the trustees on my examination of the accounts of The Worshipful Livery Company of Wales Charitable Trust (the Trust) for the year ended 31 March 2025. Responsibilities and Basis of Report As the charity trustees of the Trust you are responsible for the prepardtion of the accounts in accordance with the requirements of the Charities Act 2011 (-the Actl. I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Art and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145{5)Ib) of the Act. Independent Examiner's Statement I have completed my examination. I confirm that no material matters have come to my attention in connertion with the examination giving me cause to believe that in any rnaterial respect- l. accounting records were not kept in respert of the Trust as required by section 130 of the Art; or 2. the accounts do not accord with those records. or 3. the accounts do not comply with the applicable requirements concerning the form and contents of accounts set out in the Charities {Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connertion with the examination to which attention should be drawn in this report in order to enable a proper understsnding of the accounts to be reached. Mr Andrew Hill FCCA ACA DChA BFP Date Severn House Hazell Drive Newport NPIO 8FY Page 5
The Worshipful Livery Company of Wales Charitable Trust Statement of Financial Activities For The Year Ended 31 March 2025 2025 2024 Unrestricted Restricted Endowment funds funds funds Total funds Total funds Notes INCOME AND ENDOWMENTS FROM: Donations and legacies Charitsble attivities.. Chritsmas Raffle 11.016 10,000 21,016 42,987 1,500 2,492 1,500 12,710 4,701 10,035 Investments 162 10,056 15,008 10,162 10,056 35,226 57,723 EXPENDITURE ON: Charitable activities.. Charitable purposes (29,822) (13,398) (2,958) {46,178) (28,704) NET {EXPENDITURE}/INCOME BEFORE INVESTMENT {LOSSES)IGAINS Net gains on investments (14,814) (3,236) 7,098 {10,952) 29,019 1,778 113 7,012 8,903 40,045 NET {EXPENDThURE)/INCOME (13,036) (3.123) 14,110 (2,049) 69,064 Transfers between funds 13 5,754 (5,754) NET MOVEMENT IN FUNDS (7.282) (3.123) 8,356 (2,049) 69,064 RECONCILIATION OF FUNDS: Total fund5 brought forward 96,017 53.975 375,537 525,529 456,465 TOTAL FUNDS CARRIED FORWARD 13 88,735 50,852 383,893 523,480 525,529 The notes on pages 9 to 15 form part of these financial ststements. Page 6
The Worshipful Livery Company of Wales Charitable Trust Comparative Statement of Financial Activities For The Year Ended 31 March 2025 2024 Unrestrirted Restrirted Endowment funds funds funds Total funds Notes INCOME AND ENDOWMENTS FROM: Donations and legacies Charitsble attivities.. Chritsmas Raffle 7.987 35,000 42,987 4.701 2.165 4,701 10,035 Investments 7,870 14,853 35,000 7,870 57,723 EXPENDITURE ON: Charitable activities.. Charitable purposes (20.442) (5,420) (2,842) (28,704) NET INCOME BEFORE INVEsfMENT GAINS (5,589) 8,641 29,580 5,028 31,404 29,019 40,045 Net gains on investments NET INCOME 3,052 29,580 36,432 69,064 Transfers between funds 13 10.000 {io,000) NET MOVEMENT IN FUNDS 13.052 29,580 26,432 69,064 RECONCILIATION OF FUNDS: Total funds brought forward 82,965 24,395 349,105 456,465 TOTAL FUNDS CARRIED FORWARD 13 96,017 53,975 375,537 525,529 The notes on pages 9 to 15 form part of these financial statements. Page 7
The Worshipful Livery Company of Wales Charitable Trust Statement of Financial Position As At 31 March 2025 2025 2024 Unrestricted Restricted Endowment funds funds funds Total funds Total funds Notes FIXED ASSETS Investments io 93,124 17,730 383,893 494,747 476,830 93,124 17,730 383,893 494,747 476,830 CURRENT ASSETS Debtors li 320 5.005 33,117 5,325 33,618 10,187 42,920 Cash at bank and in hand 501 821 38.122 38,943 53,107 Creditors: Amounts Falling Due Within One Year 12 (5,210) (5,000) (10,210) (4,408) NET CURRENT ASSETS (LIABILITIES) (4,389) 33,122 28,733 48,699 TOTAL ASSETS LESS CURRENT LIABILITIES 88,735 50,852 383,893 523,480 525,529 NET ASSErs 88,735 50,852 383,893 523,480 525,529 FUNDS OF THE CHARITY Endowment Funds Restricted Funds unstrICted Funds 383,893 50,852 88,735 375,537 53,975 96,017 TOTAL FUNDS 13 523,480 525,529 On behalf of the board Mr C Morris FCA CPFA Trustee Date The notes on pages 9 to 15 form part of these financial statements. Page 8
The Worshipful Livery Company of Wales Charitable Trust Notes to the Financial Statements For The Year Ended 31 March 2025 l. General Information The Worshipful Livery Company of Wales Charitable Trust is an unincorporated charity registered with the Charity Commission, registered charity number 1047346. The principal address is 18, Withy Close, Romseyi Hampshire, 5051 7SA. 2. Ststement of Compliance The financial statements have been prepared in accordance with the Charities SORP (FRS 102) "Accounting and Reporting by Charities: Statement of Recommended Prartice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019)" Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities Art 2011. 3. Accounting Policies 3. 1. Basis of Preparation of Financial Ststements The financial statements are presented in Sterling (£). the charity's ftjnctional currency. and rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial ststetnents are set out below. These policies have been consistently applied to all years presented unless otherwise stated. The charity is a Public Benefit Entity as defined by FRS 102. 3.2. Financial Reporting Standard 102- Reduced Disdosure Exemptions The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland": the requirements of Sertion 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17 (d). 3.3. Going Concern Disclosure The tnjstees have not identified any material unrtaIntieS related to events or conditions that may cast significant doubt about the charity's ability to continue as a going concern. 3.4. Fund Accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. The Silver Jubilee Fund is held to create capital growth and income for awards. It is currently intended that both the income and capitsl of the Silver Jubilee Fund shall be fully distributed by 2030. Designated Funds are those Unrestrirted Funds which the Trustees have determined should be used for specific purposes. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when hjnds are raised for particular restrirted purposes. The Endowment Fund is intended to be held to cate capitsl growth and investment income which can be used to fund awards. It is not currently intended that the capital portion of the Endowment Fund should be distributed. 3.5. Incoming Resources All income is recognised in the Ststement of Financial Activities On the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. This includes capital grants. Donations and legacies Donations and legacies income {including donations, gifts and gTrnts that provide core funding or are of a general nature) are recognised where there is entitlement. probability of receipt and the amount can be measured with sufficient reliability. Such income is only deferred when the donor specifies it must be used in future accounting periods or the donor has imposed conditions which must be met before the charity has unconditional entitlement. Other trading activities This income is recognised as the related seNices are provided and there is entitlement, probability of receipt and the amount can be measured with sufficient reliability. Income is deferred when the amounts received are in advance of the performance of the service or event to which they relate. Investment income Investment income is recognised on a re1vable basi5. Page 9
The Worshipful Livery Company of Wales Charitable Trust Notes to the Financial Statements (continued) For The Year Ended 31 March 2025 3.6. Resources Expended Liabilities are recognised as expenditure as soon as there is a legal or constnjrtive obligation committing the charity to that expenditure, it is probable that a trdnsfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditu is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Raising funds Expenditure on raising funds primarily indudes the dirert costs of managing the investment portfolio held by the charity. Charitsble artivities Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirert nature necessary to support them. Support Costs Support costs are those costs that, whilst nesSary to deliver an activity, do not themselves produce or constitute the output of the charitable activity. This includes governance costs which are those costs associated with meeting the constitutional and statutory requirements of the charity and include the accountancy fees and costs linked to the strategic management of the charity. 3.7. Investments Investments are included at market value at the accounting date. 3.8. Cash and Cash Equivalents Cash and cash equivolents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts. 3.9. Financial Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Debtors with no stated interest rdte and receivable within one year are recorded at trdnsaction price. Any losses arising from Impairment are COgnised in expenditu. Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated lIablY. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due. 3.10. Taxation The charity is exempt from tax as all its income is charitable and applied for charitable purposes. 4. Income from Donations and Legacies 2025 Unrestricted Restricted Total funds funds funds Donations and gifts Gift aid 8,811 2,205 8,811 2,205 10,000 Grants 10,000 11,016 10,000 21,016 Page 10
The Worshipful Livery Company of Wales Charitable Trust Notes to the Financial Statements (continued) For The Year Ended 31 March 2025 2024 Unrestrirted Restricted Total funds funds funds Donations and gifts Gift aid Grants 5,978 2,009 30,000 5,000 35,978 7,009 7,987 35,000 42,987 5. Investment Income 2025 Unrestricted Restricted Endowment Totsl funds funds funds funds Dividends frorn investments 2,492 162 10,056 12,710 2024 Unrestricted Restricted Endowment Totsl funds funds funds funds Dividends from investments 2,165 7,870 10,035 6. Analysis of Expenditure 2025 Activities undertaken Support directly costs {see note 7) (see note 8) Total Charitable purposes H,798 1,380 46,178 2024 Activities undertaken Support directly costs {see note 7) (see note 8) Total Charitsble purposes 26,634 2,070 28,704 Page 11
The Worshipful Livery Company of Wales Charitable Trust Notes to the Financial Statements (continued) For The Year Ended 31 March 2025 7. Direct Costs 2025 Charitable purposes Investment management costs: Investment management costs General administration.. 3,756 Awards, bursaries and sponsorship Insurance 40,286 653 Interest payable.. Bank charges 103 44,798 2024 Charitable purposes Investment management costs: Investment management costs General administration.. Awards, bursaries and sponsorship Art auction 3,624 21,710 647 Insurance 602 Other.. Sundries 51 26,634 Awards and Bursarie5 Issued during the year ended 31 March 2025 include transactions totalling £5,400 which had been agreed for disbursement as at 31 March 2024 but were not accrued at that date. Awards and Bursaries issued during the year ended 31 March 2025 include accrued transactiOnS totalling £7,800 which had been agreed for disbursement as at 31 March 2025. 8. Support Costs 2025 Charitable purposes Governance costs 1,380 2024 Charitable purposes Governance costs 2,070 Page 12
The Worshipful Livery Company of Wales Charitable Trust Notes to the Financial Statements (continued) For The Year Ended 31 March 2025 9. Independent Examiner's Remuneration 2025 2024 Independent examination of the financial statements 1,380 2,070 10. Investments Listed Unlisted Total Cost or Valuation As at l April 2024 Additions Disposals Revaluations 475,133 80,765 (71,020) 3,806 1,697 83,789 (84,520) 5,097 476,830 164,554 (155,540) 8,903 As at 31 March 2025 488,684 6,063 494,747 Provision As at l April 2024 As at 31 March 2025 Net Book Value As at 31 March 2025 488,684 6,063 494,747 As at l April 2024 475,133 1,697 476,830 The historical cost of the investments held at 31 Marcil 2025 was £403.684 (2024- £393,940). All investments are held to primarily provide a tUrn for the charity- The portfolio comprises a mix of collective instruments, incorporating unit trusts, open-ended investment companies, excilange traded funds and investment trusts, and therefore a proportion of the portfolio is in unlisted investments, and a proportion in listed investments. I l. Debtors 2025 2024 Due within one year Other debtors 5,325 10,187 12. Creditors: Amounts Falling Due Within One Year 2025 2024 Amounts owed to group undertakings Accruals and deferred income 747 747 9,463 3,661 10,210 4,408 Page 13
The Worshipful Livery Company of Wales Charitable Trust Notes to the Financial Statements (continued) For The Year Ended 31 March 2025 13. Movement in Funds As at l April 2024 Asat31 March 2025 Income Expenditure Transfers Unrestricted funds General: General unrestrirted fund 5,387 90.630 12,581 2,427 (23,722} (4,322} 5,754 Sivler Jubilee fund 88,735 Total unrestricted funds 96.017 15,008 (28,044} 5,754 88,735 Restrirted funds Simon Gibson Chariable Trust Others Silver Jubilee Fund Phoenix Awards 26.425 750 1.800 25.000 10,162 (10.085) 26,502 750 800 22,800 (1.000) (2,200} Total restricted funds 53.975 10,162 (13,285) 50,852 Endowment funds Permanent.. Endowment Fund 375.537 10,056 4,054 (5,754) 383,893 Total funds 525,529 35,226 (37,275} 523,480 As at l April 2023 Asat31 March 2024 Income Expenditure Transfers Unrestricted funds General- General unrestricted fund Sivler Jubilee fund (340) 83.305 12,920 1,933 (17,193) 5,392 10,000 5,387 90,630 Total unrestricted funds 82,965 14,853 (11,801} 10,000 96,017 Restricted funds Simon Gibson Chariable TNst 21,845 750 10,000 (5,420} 26,425 750 Others Silver Jubilee Fund 1,800 1,800 25,000 Phoenix Awards 25,000 Total restricted funds 24,395 35,000 (5,420} 53,975 Endowment funds .CONTINUED Page 14
The Worshipful Livery Company of Wales Charitable Trust Notes to the Financial Statements (continued) For The Year Ended 31 March 2025 Permanent.. Endowment Fund 349.105 7.870 28,562 (10,000) 375,537 Total funds 456,465 57,723 11,341 525,529 14. Transactions With Trustees None of the trustees received any rernuneration or any other benefits from an employment with the charity or a related entity during the current or previous year. No trustee expenses have been incurred. 15. Related Party Disclosures The Worshipful Livery Company of Wales The fund-raising events are organised in conjunction with The Worshipftjl Very Company of Wales. The Worshipful Livery Company of Wales received some income and paid some of the expenses on behalf of the charity in the year. At the balance sheet date the amount due from The Worshipful Livery Company of Wales was £747 (2023 - £147). Page 15