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 inC￿aSed number of Awards in a￿a$ 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
un￿strICted 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 un￿rtaIntieS 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 c￿ate 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 re￿1vable 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 ne￿sSary 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