2023-03-31-accounts

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Changing Lives Together

2022-23

Helping to strengthen communities and create equality and opportunities for all

Trustees Annual Report and Accounts

1 Croeso 2 Who we are 3 Our year in numbers 4 We... are good partners 8 We... care about the people we work with 11 We... make a difference 13 Creating a sense of belonging 14 Building confidence through basketball 15 Connecting through song 16 Connection and togetherness in the local community 17 The year ahead 19 Annual Accounts

Croeso

I am pleased to introduce this year's annual review showcasing the work of Community Foundation Wales.

It has been another turbulent year, as the situation in the Ukraine continues with no end in sight and the effect it has had on world economies, including our own.

We have also seen the economic situation affect most families in one way or another and, for the charity sector, this cost of living crisis has been at the centre of their minds.

As families face increased hardship, they are turning in larger numbers than ever for support from groups in their local area for help to put food on their table and keep warm.

"As families face increased hardship, they are turning in larger numbers than ever for support from groups in their local area for help to put food on their table and keep warm."

Yet these groups are themselves struggling with unexpected, higher costs that are a threat to their own existence. So our role, to connect philanthropists with local charities and community groups has, yet again proven to be crucial in helping Welsh communities through this crisis.

Over the last year, we have developed a number of new high profile programmes to bring in additional new funds to the Welsh charity sector and have been working with partners who, like us, are committed to building stronger communities in Wales.

We want our communities to be at the centre of our work and welcome their input into how funds are created and used. We are particularly pleased that we have been able to harness and encourage community philanthropy, having received donations from the public for both our Nation of Sanctuary Croeso Fund and Our Communities Together - a cost of living crisis appeal.

I want to say a big thank you to all who support our work, whether they be donors, funders, trustees, staff, ambassadors, Friends, Connect members, Welsh Government and many more. Through your generous help and support, Community Foundation Wales continues to go from strength to strength in building sustainable funding for Welsh communities both now and in the future. A particular thank you goes to Nigel Annett, my vice Chair, who retires after 8 years as a Trustee of Community Foundation Wales. His hard work and enthusiasm will be sorely missed.

Diolch yn fawr

Alun Evans

Chairman, Community Foundation Wales

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Who we are

For over twenty years, Community Foundation Wales has been supporting charities and community groups with funding to strengthen communities across Wales. We work with our generous supporters to reach the people most in need and help to create equality and opportunity in Welsh communities.

Our Mission

We inspire people to give, help Welsh communities to thrive and change lives together.

Our values are embedded in everything we do:

We are good partners

We care We make about the people we a difference work with

We align what we do with national and global goals:

Welsh Government Well-being of Future Generations (Wales) Act 2015

A resilient Wales

A more equal A healthier Wales Wales

U.N Sustainable Development Goals (SDG)

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Our year in numbers

Number of Success rate Average groups of applicants grant supported amount 441

51% Total endowment

£4,731 Total income

£20,008,484 £4,165,974

Total expenditure

82% Grants 13% Staff related costs £2.6m 1% Office overheads 4% Other direct costs

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Trustees’ Annual Report and Accounts - Year ended 31 March 2023

We... are good partners

Partnership is at the very core of our work. Building connections that help to strengthen communities, connecting supporters with community causes across Wales, creating resources that make lives better.

As well as being a core value for Community Foundation Wales, it is an integral part of how we work.

In responding to some of the most pressing issues facing communities in Wales this year, the development of strong partnerships has been a key factor in our success and progress.

This has led to us working with businesses, individuals, charity funders and government.

As a result, we have been able to generate and distribute new funds to help communities respond to the cost of living crisis and to extend a welcome to people seeking sanctuary in Wales.

Partnering to respond to the cost of living crisis

The Cost of Living crisis has made life difficult for most families during this year. And when times get difficult, people tend to look to the voluntary sector for help.

But what happens when those charities and community groups are themselves struggling to survive?

Having identified the challenges facing the voluntary sector in Wales, we got together with the media company Newsquest to put together a response to the crisis.

Working with Regional Editor Gavin Thompson, we shaped a campaign to encourage support from businesses and supporters across Wales. This led to the launch of Communities Together – A Cost of Living appeal which was launched in February 2023.

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Welsh Government Minister, Jane Hutt, soon announced a £1m donation to the fund, recognising how important it was in not only helping the sector, but building a community response to the crisis.

Our funding partners stepped in by encouraging donations by providing a match-funding pot – turning every pound donated into £2.

Thanks to Waterloo Foundation, Moondance Foundation and Steve Morgan Foundation for their valuable support.

We are also grateful for generous donations and support from Welsh businesses including NatWest Cymru, Wind 2 Ltd, Welsh Water and Dragon Taxis.

Newsquest continue to be valuable partners to the campaign, making community groups aware of the grants available through their titles.

A Nation of Sanctuary

As Wales moved to support people seeking sanctuary from the war in Ukraine, we were already planning a new fund to receive public donations from public and businesses to help families arriving here.

We launched the Nation of Sanctuary Croeso Fund to support the charities and groups that work with people seeking sanctuary.

We recognised that the issue is a long term one, and have established an endowment fund to ensure there is sustainable long-term funding available for the sector in this field.

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Welsh Government were important supporters for the fund, announcing a £1m donation. We also received valuable support from the Gwendoline and Margaret Davies Fund and Moondance Foundation. Donations came in large and small, with every pound as valuable as the other.

We continue, as members of UK Community Foundations and Association of Charitable Foundations, to work with UK funding partners and to offer grants programme solutions in Wales. Our membership also enables us to raise awareness of needs in Wales and to learn and share best practice to ensure our services continue.

Revitalising Trusts

Our work to revive dormant charitable funds in Wales continues to release much-needed funds.

The Charity Commission, working alongside ourselves, UK Community Foundations and Welsh Government, announced that £1m of funds have so far been unlocked.

This programme has enabled the release of muchneeded funds into community activity across Wales, most of it through organisations that before now had not been using their charitable resources but have committed to an action plan.

Some of the funds will be coming across to Community Foundation Wales for use in specific grant programmes or to be included in our Fund for Wales.

Speaking in Cardiff, Charity Commission CEO Helen Stephenson said:

As we face a cost-of-living crisis, we must ensure charitable funds are used to their full potential to help improve as many lives as possible and strengthen communities during these challenging times. Working with Community Foundation Wales, we have helped direct funds to a number of charitable causes locally, including food banks, an education fund and a domestic abuse awareness programme.

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Trust and Foundations Report

Ensuring fairness in the distribution of UK funds is a key concern for the sector.

Through our connections with other trusts and foundations, we have been working to encourage a better understanding of the unique needs of the Welsh sector.

In March we launched a report highlighting the findings of a work programme to better understand the challenges faced by Welsh third sector groups – and why Wales fails to attract its fair share of funding.

The work was completed with the support and funding of our partners the National Lottery Community Fund, Pears Foundation, Moondance Foundation and individual philanthropists.

The Foundation’s Director of Programmes Andrea Powell spoke at an event with funders in London to highlight the important messages in the report.

Our intention is to share this report more widely with Trust and Foundations and infrastructure bodies, to raise awareness of the barriers and encourage improved advice and guidance to support groups that are looking to work in partnership with others to strengthen the projects they are running in their local communities.”

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

We... care about the people we work with

Listening to the needs of communities

As well as delivering our core grants programmes, this year saw us work differently in our approach to grant-making, due to being gifted some funds to support recovery from the pandemic.

It was important to us to distribute this funding where it would have the most impact and to those minoritised sectors of society that had been most severely affected. Our research highlighted these sectors to be older people, people with disabilities and people from Black, Asian and minority ethnic backgrounds.

To ensure the programmes we created were fit for purpose, accessible and able to meet the needs of the groups supporting these people as well as the people themselves, we distributed surveys and consulted with key partners working in these fields and we spoke with people directly affected by these issues.

Our learning helped us understand the need to focus funding on projects addressing issues such as isolation, reduced incomes, barriers to communication such as IT literacy and connectivity, language and culture.

Diverse and representative panels

We’ve worked hard this year to ensure our panels have a stronger representation of people with expertise in a range of diverse backgrounds alongside people with lived experience.

Panel members go through an induction process and our staff team have undertaken training on unconscious bias, to ensure that we are being fair and inclusive to all applicants.

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

More support for grantees

We have been working to strengthen charities and community groups across Wales for over 20 years. This support was especially important throughout the pandemic and we are seeing an ever increasing need for this assistance.

To help with this we’ve worked to further develop our Grants Toolkit, to support groups whenever they are looking to write their applications, such as outside of office hours, when our team is unavailable.

We’ve written it from the perspective of our applicants, including jargon busters, signposting and good practise, as well as what we look for when we are assessing applications.

We know that others may want to ask questions or talk through their project ideas, so we have ensured that our Grants Team is more accessible. Groups can now book a call with our Grants Officers, by telephone or via video, and our Grants Officers will call you so there’s no cost to our applicants.

We are really proud of the impact this small change has made, both to our Grant Officers, who really enjoy chatting to groups and to applicants who tell us they feel better heard and better supported.

Supporting people seeking sanctuary in Wales

Wales is a country that prides itself on the notion of Croeso (our welcome). It’s deeply embedded in our sense of community, to take in and support those that need a bit of help in their time of need.

The idea for the Nation of Sanctuary Croeso Fund started when it was identified that people fleeing the war in Afghanistan and arriving in Wales needed a lot more support than was being provided.

We were in the process of setting up this fund when war broke out in Ukraine and it became clear that the support needed was going to be much more than originally envisaged.

The fund was established after a thorough listening process and has been shaped by the views of the charities working in this sector and the people who they support. So far the fund has awarded over £450,000 in grants to charities, community groups and organisations supporting people seeking sanctuary in Wales.

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Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Helping communities through the cost of living crisis

The cost-of-living crisis has impacted us all and none more so than those living in poverty that had already suffered and were continuing to suffer the devastating effects of the Coronavirus Pandemic.

The cost-of-living crisis saw inflation reach an alltime high in October 2022. As the prices of fuel and food soured, we were hearing heartbreaking stories of families struggling to heat their homes during the winter months and parents going without meals to ensure their children were fed.

Those same costs were affecting the groups we support, meaning that a grant given the previous year was unlikely to go as far, groups were likely to have to offer reduced services or find additional sources of income to support their work.

To respond to these increasing needs we launched Our Communities Together – A Cost of Living Crisis Appeal with partners Newsquest. The grants from this appeal would then support charities and community organisations across Wales to help those most affected by the cost of living crisis.

We undertook further research and consultation to understand how we could distribute funding that would have the most effective outcomes.

We wanted to provide funding that was more than just a ‘sticking plaster’, funding that would support groups to build resilience in their communities for the longer term.

We created partnerships to help us to develop and shape this thinking into a future fund that will ensure that the organisations supporting those most in need can keep doing so now, and in the difficult months and years to come.

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

We... make a difference

Through partnerships and supporting grassroots groups and projects, we make a difference in communities across Wales.

In the last year, we have:

Developed strong partnerships

with Welsh Government and corporate businesses such as the Principality Building Society, to bring more money into Welsh communities.

Followed an ethical investment strategy

that ensures strong growth of our investment whilst safeguarding our planet and our future generations.

Maintained strong lines of communication

with our stakeholders - Donors, supporters, grantees and applicants via newsletters and reports to ensure they are up to date and fully informed on challenges and opportunities arising that may be of interest.

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Trustees’ Annual Report and Accounts - Year ended 31 March 2023

A big thank you

We are proud to distribute funding into Wales but it is the hard work of our grantees that truly makes the difference to the lives of individuals, families and local communities across Wales.

It’s important that we pay tribute to the 42,000 charities, community groups, community interest companies, social enterprises and not for profit companies and the army of volunteers that work tirelessly, often with very little, to improve the lives of those around them.

Thank you for everything that you do.

A tangible difference

On the following pages you will find stories about just a few of the grassroots projects we have supported that are having a real impact in their local community.

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Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Creating a sense of belonging

UARE UK provide practical and emotional support to help asylum seekers and refugees.

They received a grant from the Nation of Sanctuary Croeso Fund towards funding a number of new initiatives to

welcome and support refugees and asylum seekers in the Wrexham area.

UARE UK’s No More Missing Out Fund was set up to provide opportunities for children of asylum-seeking families to have the same experiences as their peers, helping them to fit in and feel a sense of belonging. It has already helped to fund trips to the seaside, zoo and cinema for families who would otherwise not have the opportunity to visit these places.

Regular art and craft sessions have also been set up for children to help them cope with the trauma they have experienced and to support their emotional wellbeing and mental health. Since these sessions do not rely on language, they are inclusive and have proven a good way for children of newly arrived refugees and asylum seekers to integrate and make friends.

The support and opportunities provided by UKARE UK has helped many children and their families to work through some of the trauma they have experienced, enabling them to make new memories and build new connections.

We have a place to come now to be with other people and feel part of something. I feel my children are supported and people care.

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Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Building confidence through basketball

Tribal Basketball brings basketball to the community and helps to raise the profile of the sport across Wales.

Delivering sessions for all ages, they focus on making basketball fun, inclusive, and engaging for everyone.

Following the Covid-19 lockdown, Tribal Basketball saw a huge increase in children wanting to participate in the sport and become more active. They received a grant from the Made by Sport ‘Clubs in Crisis’ Fund to purchase kits for children to use in tournaments and to buy equipment to help deliver more comprehensive training sessions.

Through our support, Tribal Basketball have been able to offer opportunities for children who otherwise would not have been able to take part in the sport. Providing kits for the children has helped them to gain a sense of togetherness and belonging to the club, improving both their physical and mental wellbeing.

Wearing a kit with my team mates really makes me feel part of a team and we work together to play the best we can.

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Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Connecting through

song

The Oasis One World Choir (OOWC) aims to connect people seeking sanctuary in Cardiff through song, movement and conversation with the wider community.

The OOWC has provided a lifeline for a diverse group of refugees and asylum seekers representing over 30 nationalities, many of whom are faced with restarting their lives in a new country and language.

OOWC received funding towards their Sanctuary Voices and Grooves project to help increase opportunities for more people to take part in their singing, songwriting, dance and movement workshops.

They have been able to use the language of music to transcend the barriers faced by refugees and asylum seekers, and being a part of the choir has allowed them to make new friends and build a community together.

You can feel the magic as you walk into the room, a pocket-sized battery of songs and rhythms from around the world. Different languages and cultures – it's electric. The world coming closer

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Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Connection and togetherness in the local community

Hope St Mellons began in 2018 with local people coming together to offer projects and activities that would build community and create opportunities.

In 2020, the Covid pandemic exposed both the vulnerabilities and strengths of the local community.

IIn order to fill the gaps and build on the strengths, they received funding from the Wales Respond and Recover Fund to employ a co-ordinator to oversee and support the growing range of volunteer-led programmes, projects and activities.

Since doing this they have developed a volunteer programme and doubled their volunteer team to 38. This increase in volunteers has helped them to launch a number of new initiatives including St Mellons Pantry, Step Out Scholarship Programme and a Gardening Club.

Employing a co-ordinator has also enabled them to look to the future and develop a longer-term fundraising strategy to support ever growing core costs.

I have loved being part of Hope St Mellons – it has really made me feel so much more connected to my community.

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Trustees’ Annual Report and Accounts - Year ended 31 March 2023

The year ahead

Community Foundation Wales is here to support community groups today and for the future. To do that, we build endowment funds that we know will generate sustainable charitable funds way into the future. We have an ambitious growth plan to help meet the needs of communities in Wales:

Growth strategy to £30m

Grow endowment - Revitalising Trusts

We will work with UK Community Foundations and the Charity Commission, with support from Welsh Government, to revitalize dormant charitable trusts in Wales.

Build 'Connect' networks, grow Friends and referral partners

We will build our support networks, helping to raise awareness and make valuable connections.

Charitable Investment Funds

We will continue to work with charities in Wales to support them with their long-term investments, sharing our expertise as an endowment-based organisation.

Funding to meet needs

Listen before we shape funds

We will engage and listen to potential beneficiaries to help us shape our funding programmes.

Priority is core and long term funding

We will encourage donors to channel funding into core and long term funding.

Improve experience of grantees

Our grants team will offer 1:1 meetings and workshops to support potential grantees ahead of applications.

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Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Understand the difference we make

Measure impact

We will launch an impact framework to help monitor our impact and inform future funds.

Research community needs

We will continue to build insight of what our communities need from us.

Storytelling

We will share stories of our impact, to highlight good practice, the needs of communities and to encourage more support.

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Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Our Trustees

The Trustees of Community Foundation Wales have been recruited from across Wales. They have a variety of backgrounds and expertise and are ultimately responsible for the affairs of the charity.

Community Foundation Wales has a main board which is supported by four committees (Finance, Risk and Investment; Forward Planning and Development; Governance and Grants), along with any task and finish groups which may be established.

The committees and full board meet on a quarterly basis. The rate of attendance at our board meetings was 78% (down from 84% last year) and the attendance at our committee meetings was 82% (up from 75% last year).

Key responsibilities of the Board:

to approve a five year rolling Strategic Plan, to keep it under regular review and to amend it as appropriate
to approve the Annual Business Plan
to monitor quarterly performance against the Business Plan
to approve the annual budget and monitor quarterly financial performance against the budget
to approve the investment strategy and keep under regular review
to approve the audited accounts annually
to approve and regularly review policies, a mission/vision statement, a statement of values and a quality framework
to monitor compliance with the policies, the mission/vision statement, the statement of values and the quality framework
to monitor external relations, public relations, public image, relations with the media and Community Foundation Wales’ website
to recruit suitable new Trustees
to approve a policy for the induction, on-going training and retention of trustees
to appoint or elect officers of the Board
to identify major risks, and to put in place arrangements for mitigating their effect
to monitor communications between the Board, the Chief Executive and the staff of Community Foundation Wales
to recruit, appoint and, if necessary, dismiss the Chief Executive
to agree the Chief Executive’s remuneration
to ensure the maintenance and integrity of the corporate and financial information included on the company’s website.

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Equality, diversity and inclusion

Community Foundation Wales continuously seeks to ensure we are as representative as we can be of the communities we serve, through our staffing and board Trustees. Below are statistics relating to the age, gender, ethinicity and Welsh language skills of our staff and Trustees.

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Age
Staff Trustees
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Gender
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Staff Trustees
Ethnicity
Staff Trustees
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Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Welsh language skills

We asked our staff and Trustees to rate their own ability to understand Welsh, with 1 being the lowest rating and 10 the highest.

Staff

Trustees

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Financial review

Overview

The net assets of Community Foundation Wales are valued at £21.8m, an increase of £0.6m on the prior year. After the sudden drop in the markets in March 2020 due to Covid-19, there was a robust recovery during the following year which stabilised somewhat throughout 2022/23.
New endowment money of £1.5m was received.
Income of £4.2m, £262k of which was designated for the Foundation’s core operational costs and was generated from promoting and managing philanthropy (44%), core grants (1%) and other earned income, including donations (55%).
Expenditure of £2.7m of which £2.3m was spent on over 571 grants to different organisations and individuals.
Charitable activity expenditure was £2.4m and represents 89% of total charitable expenditure.
Unrestricted end of year reserves of £351k, which is greater than target range but will reduce in the coming year as less income is anticipated.

Income

Income of £4.2m of which £1.8m was received from donations, £1.5m consisted of new endowment.

Income and dividends from investments was £525k. This is an increase on the previous year following the trend of further positive investment growth in 2022/23.

Charitable activity income of £1.8m is for grant-making from immediate impact restricted funds and is an increase of £0.7m on the prior year.

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42% Donations
1% Core grants
44% Income from charitable activities
13% Investment income
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Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Ex enditure p

Expenditure of £2.7m, of which £165k was spent on developing new funds and looking after our existing fundholders, £12k was spent on securing core grant income and £78k on managing our investment portfolio to develop returns for grant-making, £62k of this was for the direct costs of the investment managers.

Charitable activity expenditure was £2.4m of which £2.3m was spent directly on grants to over 571 projects.

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77% Grants
16% Staff related costs
1%
Office overheads
5% Other direct costs
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Investments

Community Foundation Wales’ Finance, Risk and Investment Committee holds delegated responsibility from the Board of Trustees for overseeing all financial, investment and risk management aspects of Community Foundation Wales, including monitoring the investment strategy and evaluating investment managers’ performance.

Meeting quarterly, the Finance, Risk and Investment Committee monitors and scrutinises the investment performance. This is also constantly reviewed and analysed monthly by the executive team which liaises regularly with our investment managers to update our asset allocation and other investment considerations. Our investment managers make a formal presentation to the Finance, Risk and Investment Committee at least once a year, during which performance, strategy, market conditions, and policy updates are reviewed.

To offer an endowment fund grant-making capability that increases with inflation, Community Foundation Wales’ investment strategy is to maintain the real value of both its capital and the funds available for charitable purposes over an economic cycle through a diversified portfolio of securities within an acceptable risk profile.

Further diversification is achieved by spreading the investments across two investment managers. Community Foundation Wales has a discretionary investment portfolio with Brewin Dolphin and pooled fund holdings with CCLA. Each endowment fund has a percentage share of the combined manager portfolios that is adjusted every time capital is added or withdrawn. Community Foundation Wales’ ethical investment policy means that the portfolio will have no significant direct investment exposure to tobacco, arms, pornography and gambling.

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Community Foundation Wales operates a total return approch to managing the investment portfolio. Each year the trustees review the requirements from each fund, taking into account the needs of beneficiaries, expectations of fundholders and historic investment performance.

The trustees set a maximum recommended distribution amount for each fund. This recommended distribution amount is a nominal amount. It is only officially designated as income as and when it is needed to meet expenditure requirements.

Community Foundation Wales still maintains a modest income flow which is designed to assist with meeting cashflow requirements. Cash will be withdrawn from the endowment funds to cover the admin fees and to enable grant-making.

During 2022/23 the trustees recommended an average distribution figure of 5% of the value of the endowment on 30 September 2021, except in specific cases where funds required higher or lower distribution amounts to meet community needs and/or fund holder requirements.

Community Foundation Wales complies with the specific guidance from the Charity Commission regarding permanently endowed funds. The charity manages 12 funds which are considered to be permanently endowed, totalling £9.8m as at 31 March 2023 (see note 18). The initial value of the permanently endowed trust for investment was established as 1st April 2012. For permanently endowed trusts established after this, it is the date the fund was established.

Community Foundation Wales has one investment property that is leased out until 2035. A reserve for maintenance costs over the life of the lease that fall to Community Foundation Wales as landlord was established in 2011 and is currently valued at £79.8k. Community Foundation Wales’ single investment property delivered a gross yield of 8.9%, 1% of this relates to historic rent from 2015 which is being paid off in annual installments.

The net assets of Community Foundation Wales at 31 March 2023 are £21.8m. Of this, £20.4m comprises investments, which consist of an investment property valued at £500k and an investment portfolio valued at £19.9m.

The value of the investments decreased by £0.5m, as a result of the turbulent economic climate over the past 12 months.

The funds are managed by two investment managers, Brewin Dolphin who manage a segregated investment portfolio worth approximately £14.3m and CCLA who manage the remainder of the portfolio, valued at approximately £5.6m.

Reserves Polic y

The aim of the Trustees of Community Foundation Wales is to hold reserves to mitigate any significant drop in income levels. Trustees believe this should be a prudent minimum so as to maximise our grant-making funds.

The board recognises the need to grow endowment levels to a critical mass in order to provide a sustainable source of future income, not affected by new contracts or funding cycles.

The current target is £30m, which would provide enough to cover the running costs of the Foundation at current levels. If income levels are not sufficient to cover running costs, we need a plan to ensure the continued operation of the foundation in the short term.

To address this concern, we have developed the following reserves policy. For the purpose of the policy neither expendable endowments nor restricted reserves will be included in total.

The board has set a level of £270k to be held in unrestricted reserves, this would give the foundation time to find alternative funding or to scale down expenditure to sustainable levels.

At the end of the current financial year, the reserves are £351k which exceeds the reserves policy however the forecast for 2023/24 is such that a proportion of these will be used, hence reducing the balance closer to the reserves policy level.

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Objectives and activities

Charitable objects

Community Foundation Wales’ charitable objects, as outlined in our Articles of Association, which were adopted on 24th March 2012, (and previously contained in the company’s Memorandum of Association) are:

the promotion of any charitable purpose for the benefit of the community in Wales including the advancement of education, the protection of good health, both mental and physical, and the relief of poverty and sickness and other exclusively charitable purposes which are beneficial to the communities in Wales;
other exclusively charitable purposes in the United Kingdom and elsewhere which are, in the opinion of the Trustees, beneficial to the community with a preference for those in the area of benefit.

Mission and Vision

Mission: To strengthen and enrich local communities across Wales by inspiring and managing philanthropy.

Vision: A Wales with a thriving voluntary and community sector, where local people lead projects and have the financial resources to develop their own solutions based on need.

Charitable activities

Promoting philanthropy and grant-making are Community Foundation Wales’ principal charitable activities, representing the two sides of Community Foundation Wales’ core purpose, that of encouraging charitable giving and investing in communities.

Public benefit

The Trustees of Community Foundation Wales, having reviewed the Charity Commission Guidance, demonstrate public benefit in a number of ways:

our aims cover permitted charitable purposes;
our key charitable objectives (promoting philanthropy and grant-making) benefit the grant recipients and their communities through financial support to deliver a range of activities which strengthen communities;
grant-making, free to beneficiaries, is collaborative (e.g. through working with local Panels to recommend decisions on which projects to fund), and inclusive (e.g. through our grants policy which outlines our transparent, straightforward and clear grant criteria);
the impact of our grants is demonstrated through monitoring and reporting, as some of the examples featured here show;
raising the profile of philanthropy, needs and our grant-making supports and celebrates civil society;
initiatives such as the Fund for Wales and philanthropy events promote charitable giving.

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Structure and governance

Governing document & legal status

Community Foundation Wales is a Charitable Company limited by guarantee registered as Community Foundation in Wales. The Charitable Company was established under a Memorandum of Association dated 19th November 1998 and is governed under its Articles of Association. Following a comprehensive review, new Articles of Association were adopted on 24th March 2012.

Community Foundation Wales is registered with the Charity Commission (registered charity number 1074655). It has the power to receive funds for donors and other contributors and make grants to eligible individuals and communities in support of charitable activities in and for Wales. Community Foundation Wales is also a registered company number 03670680.

We publish our audited accounts on an annual basis along with our annual report.

Membership

In the event of the company being wound up, Members are each required to contribute an amount not exceeding £1. The Members comprise the current Trustees.

Board recruitment, induction and development

The Directors of the company are also charity trustees for the purpose of charity law and, under the company’s Articles of Association, are known as Members of the Board of Trustees.

A Board Committee, called the Governance Committee, has a broad remit which includes ensuring that the charity has the appropriate trustees to lead Community Foundation Wales’ achievement of its rolling five year strategic vision and longer term ambitions. Terms of office, clear roles and responsibilities, Committee Terms of Reference, and a Trustee Development Plan are all in place.

The induction programme for new trustees includes: familiarisation meetings; a Trustee Handbook; visiting funded projects; staff briefings; and attendance at events and Foundation activities. Each trustee also sits on a Board Committee.

In order to achieve our ambitions, Community Foundation Wales’ Trustees are committed to learning from examples of best practice from across the community foundation membership and beyond.

Community Foundation Wales renews, invigorates and inspires its Trustees, who bring a strong breadth of skills and expertise to bear on decision-making and planning.

Wider network membership

Community Foundation Wales is a member of UK Community Foundations (UKCF). The role of UKCF includes: representing and raising the profile of community foundations across the UK; the negotiation and management of UK-wide grant programmes; technical assistance; and the provision of a range of member services including a national conference, formal and informal training, and enabling sharing and learning across the network. UKCF underpins the work of the movement, and Community Foundation Wales is proud to be a member. One of our Trustees is Chairman of the board of UKCF.

Quality accreditation

A further significant benefit of being a member of UK Community Foundations is the expectation that all community foundations maintain their quality accredited status which is re-accredited every three years. Community Foundation Wales was successful in reaching the exacting standards following our submission and interviews in April and May 2021.

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Organisation governance and structure

During 2022/23 Community Foundation Wales had 13 Trustees on its Board.

The Company Secretary (the Chief Executive) attends Board meetings but has no voting rights.

Community Foundation Wales has a President (Captain Sir Norman Lloyd-Edwards).

HRH the former Prince of Wales is Patron of the Fund for Wales, of which former Trustee and former Chair of the Wales Council for Voluntary Action, Peter Davies, and internationally renowned harpist Elinor Bennett (Lady Wigley), are Ambassadors.

The Board’s Committees are reviewed each year ensuring that Community Foundation Wales has an appropriate committee structure to enable it to deliver its objectives.

Committees operating in this financial year were:

Grants committee, which approves grants on behalf of the Board. This year the Grants Committee monitored, evaluated and supported the management of £2.93m in grants on behalf of Community Foundation Wales’ Fund holders, donors and clients.
Finance, Risk & Investment committee, whose work ensures appropriate risk management and supports the achievement of a benchmarked return on investment of our capital assets to achieve capital growth and income for grant making. It is also responsible for HR.
Forward Planning and Development Committee which leads on our strategic planning and development activity.
Governance Committee which is responsible for ensuring the foundation complies with its governance duties, including regular review of policies.

The Board’s Committees meet regularly with responsibility for the delivery of the five year Strategic Plan sitting at the heart of their work. The monitoring of risk, Quality Accreditation Standards and the delivery of the Annual Business Plan are key tasks, and Trustees’ strategic perspective, oversight, expertise and input are key features of Committee work. All Trustees are welcome to attend and contribute to all Committee meetings, and this often happens in practice.

The Chief Executive sits on all Board Committees, with senior managers also in attendance. Staff members often join Trustees’ meetings, as well as workshops and project visits.

Community Foundation Wales has insurance cover appropriate to the needs of the organisation, which is reviewed annually. This includes Trustees indemnity of £1m.

Pay and remuneration

The Directors on the Board of Directors, who are the Trustees of Community Foundation Wales, consider that they, and the senior management team, comprise the key management personnel of the charity in charge of directing and controlling, running and operating Community Foundation Wales on a day to day basis.

All Directors give of their time freely and no Director received remuneration in the year. Expenses are paid in line with the Community Foundation Wales’ Expenses Policy, which relates to both Trustees and staff.

Details of Directors’ expenses and related party transactions are disclosed in note 7 and note 20 to the accounts.

Staff pay is reviewed annually in line with the Salary Review Policy which includes the following framework:

subject to approval by the Board of Trustees and affordability within the budget an annual % increase will be awarded and equitably distributed to all staff;
salary changes can be reflected by changes in duties or responsibilities in the job description;
promotions, additional holiday and/or volunteer time and one-off bonuses can also be awarded;
a salary change can be authorised for a short term period, for example for additional responsibilities or duties undertaken on a short term basis, or permanently; and
in exceptional circumstances a staff member may receive a salary cut.

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Risk management

Community Foundation Wales continues to identify and review the major risks that it faces, and has robust procedures to mitigate and manage them. This includes each Committee taking responsibility for monitoring appropriate risks identified through the Risk Policy and Risk Register as a standing item on each meeting agenda. This ensures that all Trustees are aware of the range of risks faced, the likelihood and the mitigating actions taken to reduce risks, and their role in monitoring the delivery of the Risk Policy.

Risks actively monitored and mitigated this year have included:

inflation/economy
failure to maintain income

Related Parties

Note 20 gives details of various small transactions with other related parties.

Linked charities - for accounting purposes, Community Foundation Wales is a Group comprising several separate charities whose accounts and activities are consolidated within this Group report and accounts. These charities within the Group are:

Community Foundation Wales: a limited company and the parent/main operating charity.
Montgomeryshire District Trust Fund (registered charity number 513855): supports community initiatives which increase access to leisure and recreation for residents of Montgomeryshire. Community Foundation Wales is the sole trustee.
Montgomeryshire Intermediate and Technical Education Fund (registered charity number 525726): provides bursaries to first year students at Aberystwyth University who attended a Montgomeryshire High School. Community Foundation Wales is the sole trustee.
Stanley Bligh Memorial Fund (registered charity number 525314): provides assistance to individuals or groups in Powys pursuing studies or activities in technical and vocational subjects in the arts or sciences. Community Foundation Wales is the sole trustee.
Former Brecon Girls School Fund (registered charity number 1074498): for general education purposes for the residents of Brecknockshire. Community Foundation Wales is the sole trustee.
Education Trust for Cardiff Citizens (registered charity number 506656): to advance the education of residents of Cardiff. Community Foundation Wales is the sole trustee.
Cardiff Citizens Charity (registered charity number 206549): for the relief of financial hardship of residents of Cardiff. Community Foundation Wales is the sole trustee.
Rudbaxton Parish Education Fund (registered charity number 1145391): to advance the education of children and young people under the age of 25 who live in the Parish of Rudbaxton. Community Foundation Wales is the sole trustee.
Monmouthshire Further Education Trust Fund (registered charity number 1146059): to advance the education/training of young people in the County of Monmouthshire as it existed in 1956. Community Foundation Wales is the sole trustee.
The Education Fund of Denbigh and the Surrounding Area (registered charity number 10746551): to advance the education of persons between the ages of 11 years and 25 years resident in the area of benefit in such ways that are not required to be provided by the local education authority. Community Foundation Wales is the sole trustee.
The TJ Jones Memorial Fund (registered charity number 1074655-2): to provide scholarships to assist beneficiaries to undertake training in engineering or advanced technical education at institutions of further education. Community Foundation Wales is the sole trustee.

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Administration fees paid to Community Foundation Wales by linked charities are as follows:

Charity	2022/23	2021/22
	£	£
Montgomeryshire District Trust Fund	(8,175)	(7,066)
Montgomeryshire Intermediate and Technical Education Fund	(16,790)	(13,516)
Stanley Bligh Memorial Fund	(21,892)	(18,084)
Former Brecon Girls School Fund	(5,431)	(4,198)
Education Trust for Cardiff Citizens	(6,396)	(5,828)
Cardiff Citizens Charity	(2,355)	(2,068)
Rudbaxton Parish Education Fund	(6,261)	(5,234)
Monmouthshire Further Education Trust Fund	(6,219)	(4,741)
The Education Fund of Denbigh and the Surrounding Area	(15,862)	(13,932)
The TJ Jones Memorial Fund	(21,763)	(21,103)

Unless explicitly stated otherwise, the comments in this report apply to the Group.

Powys Welsh Church Fund - note 18 gives details of Community Foundation Wales’ involvement in the management of the Powys Welsh Church Fund.

Clwyd Welsh Church Fund - note 18 gives details of Community Foundation Wales’ involvement in the management of the Clwyd Welsh Church Fund.

During the year ended 31 March 2023, Community Foundation Wales awarded:

Charity	Total of grants	Total of grants	Trustee or
	awarded 2022-23	awarded 2021-22	member of staff
Ffn Dance, Abertillery	£2,000	£5,948	Andrew Tuggey
Scout Wales SWAT (Scouts Cymru)	-	£2,021	Andrew Tuggey

Andrew Tuggey is a Trustee of Community Foundation Wales, Vice president of Scouts Cymru and former Champion of Ffin Dance.

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Reference and administrative details

The charity’s registered name is: The Community Foundation in Wales The charity’s trading name is: Community Foundation Wales The charity is known in Welsh as: Sefydliad Cymunedol Cymru Registered Company Number: 03670680 (registered in England and Wales) Registered Charity Number: 1074655 St Andrews House, 24 St Andrews Crescent, Cardiff, CF10 3DD Principal & Registered Office:

Trustees serving in the financial year, and at the date of approval of this report:

Alun Evans (Chairman) Nigel Annett CBE (Vice Chairman) (end of term March 2023) Kathryn Morris (Treasurer) Tanwen Grover Andrew Tuggey CBE DL Sarah Jennings Emma Beynon Annabel Lloyd Samsunear Ali Sarah Corser Elizabeth Ruth James Ian Thomas (appointed June 2022) Gaenor Howells (appointed June 2022) Derek Howell (appointed December 2022)

Board associates serving in the financial year, and at the date of approval of this report:

Kieron Jones (appointed October 2022)

The Trustees delegated the day-to-day management of the charity to the Chief Executive and Company Secretary, Richard Williams.

Senior management team

Chief Executive: Richard Williams

Deputy Chief Executive and Director of Programmes: Andrea Powell

Director of Philanthropy: Katy Hales

Head of Communication and Marketing: Anoushka Palmer

Head of Finance: Smitha Coughlan

Grants & Programmes Manager: Ffion Roberts

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Auditors

Bankers

Solicitors

Investment Managers

Azets Audit Services Ty Derw Lime Tree Court Cardiff Gate Business Park Cardiff CF23 8AB

The Royal Bank of Scotland South Wales Commercial Office One Kingsway Cardiff CF10 3AQ Geldards LLP 4 Capital Quarter Tyndall Street Cardiff CF10 4BZ Brewin Dolphin Ltd Third Floor Two Central Square Cardiff CF10 1FS CCLA Investment Management Limited 1 Angel Lane London EC4R 3AB

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

The trustees present their report and financial statements for the year ended 31 March

2023.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective from 1 January 2019).

Statement of trustees’ responsibilities

The Trustees (who are also the directors of Community Foundation in Wales for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charitable Company and the group and of the incoming resources and application of resources, including the income and expenditure, of the Charitable Group for that period. In preparing those financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charity SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charitable Company will continue in business.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and to enable it to ensure that the financial statements comply with the Charities Act 2011, the Companies Act 2006, the applicable Charities (Accounts and Reports) regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors

So far as the trustees are aware, there is no relevant information (as defined by Section 418 of the Companies Act 2006) of which the Charitable Company’s auditors are unaware, and each trustee has taken all the steps that they ought to have taken as a trustee in order to make them aware of any audit information and to establish that the charity’s auditors are aware of that information.

Auditors

This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (effective 1 January 2019) and in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by the Board of Directors on and signed on its behalf.

Alun Evans Chairman of Trustees

Kathryn Morris Trustee & Treasurer

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Independent Auditor’s Report

Independent Auditor’s Report to the Members and Trustees of Community Foundation in Wales

Opinion

We have audited the financial statements of Community Foundation in Wales (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2023 which comprise group and the parent charitable company statement of financial activities, the group and the parent charitable company balance sheet, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the group’s and parent charitable company’s affairs as at 31 March 2023, and of the group’s 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; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s or the parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated.

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement 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 the trustees’ report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors’ report included within the trustees’ report has been prepared in accordance with applicable legal requirements

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees’ remuneration specified by law are not made;
we have not received all the information and explanations we require for our audit; or
the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the parent charitable company 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 determine 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 trustees are responsible for assessing the group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, 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.

A further description of our responsibilities is available on the FRC’s website at: https://www.frc.org.uk/ auditors responsibilities. This description forms part of our auditor’s report.

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

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 framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary 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:

Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we 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 statements, as we will be less likely to become aware of instances of non-compliance. 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 internal control.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Katherine Parkin (Senior Statutory Auditor) for and on behalf of Azets Audit Services

Chartered Accountants Statutory auditor

Date:

Ty Derw Lime Tree Court Cardiff Gate Business Park Cardiff CF23 8AB

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Consolidated statement of financial activities

(including consolidated income and expenditure account)

----- Start of picture text -----
Note Unrestricted Restricted Endowment 2022/23 2021/22
funds funds funds Total Total
£ £ £ £ £
Restated
Income and endowments
from:
Donations & legacies 2 256,026 78,550 1,467,653 1,802,230 510,888
Income from investments 3 5,778 42,140 476,876 524,794 448,610
Charitable activities
- -
Grantmaking 4 1,838,950 1,838,950 1,078,254
- - - - -
Other income
Total income 261,805 1,959,640 1,944,529 4,165,974 2,037,753
Expenditure on: 5
Costs of raising funds
Fund development & donor
care 157,750 7,246 - 164,996 152,484
-
Core grants 10,020 2,070 12,090 13,383
Investment income 77,928 - - 77,928 77,747
Charitable activities
-
Grantmaking 222,125 2,050,274 2,272,399 1,899,274
-
Promoting philanthropy 117,514 8,282 125,796 118,259
-
Total expenditure 585,337 2,067,872 2,653,208 2,261,147
Net income/(expenditure) (323,532) (108,232) 1,944,529 1,512,765 (223,394)
before gains and losses on
investments
- - - - -
Gain on revaluation
-
Net gain/(loss) on investments 11 - (971,991) (971,991) 1,407,220
Net income/(expenditure) for
the year (323,532) (108,232) 972,538 540,774 1,183,825
- -
Transfers between funds 330,804 780,044 (1,110,848)
- - - - -
Gain on revaluation
Net movement in funds 7,272 671,812 (138,310) 540,774 1,183,825
Reconciliation of funds
Fund balances brought
forward 343,717 892,067 20,008,484 21,244,267 20,060,442
Fund balances carried forward 350,989 1,563,879 19,870,175 21,785,042 21,244,267
----- End of picture text -----

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Registered Name: The Community Foundation in Wales Registered Company Number: 03670680 Registered Charity Number: 1074655

Consolidated and charity balance sheets

----- Start of picture text -----
Group Charity
Note 2022/23 2021/22 2022/23 2021/22
£ £ £ £
Restated Restated
Fixed Assets
Tangible assets 10 2,882 5,764 2,882 5,764
Intangible assets 10 12,486 18,729 12,486 18,729
Investments
- -
Property 10 500,000 500,000
Securities 11 19,874,863 20,398,516 12,467,355 12,549,425
20,390,231 20,923,008 12,482,723 12,573,918
- -
Long term debtors 12 64,320 70,240
Current Assets
Debtors 13 76,110 163,824 74,124 161,965
Provision for investment transfers 13
Cash at bank and in hand 2,245,756 658,816 1,999,869 425,856
2,321,866 822,640 2,073,993 587,821
Current Liabilities
Creditors: Amounts falling due 14 (714,022) (386,437) (604,225) (305,922)
within one year
Net current assets 1,607,843 436,203 1,469,768 281,900
Total assets less Current Liabilities 22,062,394 21,429,452 13,952,491 12,855,818
Creditors: Amounts falling due
(277,352) (185,185) (239,352) (134,685)
after one year
Net Assets 21,785,042 21,244,267 13,713,139 12,721,133
Represented by:
Unrestricted funds
General fund 16 350,989 343,717 350,989 343,717
17
Restricted income funds 1,563,879 892,067 1,398,991 713,262
Endowment funds 18 19,870,175 20,008,484 11,963,159 11,664,154
21,785,042 21,244,267 13,713,139 12,721,133
----- End of picture text -----

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies. The notes at pages 39 to 70 form part of these accounts. The financial statements were approved by the Board of Directors on and were signed on its behalf by:

Alun Evans Chairman of Trustees

Kathryn Morris Trustee & Treasurer

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Group statement of cashflows

----- Start of picture text -----
Note 2022/23 2021/22
£ £
Restated
Net cash used in operating activities 24 1,501,359 (750,882)
Cash inflows from investing activities
Investment income 3 524,794 448,610
Net cash from investing activities 524,794 448,610
Cash flows from investing activities
Payments to acquire fixed asset investments 11 (2,846,444) (2,491,049)
11 2,325,389 2,340,645
Receipts from sale of fixed asset investments
- -
Dealer charges 11
- -
10
Acquisition of fixed assets
Add back depreciation and amortisation 9,125 10,170
Net cash generated used in investing activities (511,930) (140,234)
Operating cash flow in year 1,514,223 (442,505)
Management of liquid resources
Increase/Decrease in net cash in investment 11 72,717 (110,502)
Increase/(Decrease) in net cash at bank in the
1,586,940 (553,007)
year
Cash and cash equivalents at 1 April 2022 658,816 1,211,823
Cash and cash equivalents at 31 March 2023 2,245,756 658,816
----- End of picture text -----

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Notes to the financial statements

1. Accounting policies

Charity information

Community Foundation in Wales is a charitable company limited by guarantee incorporated in England and Wales. The registered office is St Andrews House, 24 St Andrews Crescent, Cardiff CF10 3DD.

Accounting convention

The accounts have been prepared in accordance with the charity’s Articles and Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The Charitable Company’s functional and presentational currency is the pound sterling (£), and balances are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies are set out below.

Preparation of the accounts on a going concern basis

The Trustees consider that there are no material uncertainties about the Charitable Company’s ability to continue as a going concern.

Basis of consolidation

The group financial statements consolidate those of Community Foundation Wales and its linked charities (see note 23), made up to 31 March 2023, on a line by line basis.

The consolidated entity is known as the ‘Group’.

Accounting policies specific to the Charitable Company or group in total are laid out below.

No separate company Statement of Financial Activities (SOFA) has been prepared for the Charitable Company as permitted by Section 408 of the Companies Act 2006 and paragraph 397 of the SORP.

Income

Income is recognised when the Charitable Company has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. It is derived from the activities outlined below.

Donations without conditions are accounted for on a cash received basis. In the event that a donation is subject to conditions that require a level of performance before the Charitable Company is entitled to the funds, the income is deferred and not recognised in full either until those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the report period.

Income from government and other grants, whether capital or revenue grants, is recognised when the Charitable Company has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that that income will be received and the amount can be measured reliably and not deferred.

Gift Aid receivable is included in income where there is a valid declaration from the donor.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Investment income comprises of bank interest and dividends and interest arising from discretionary investment activities. Investment income arising from discretionary investment activities is re-invested by the Investment Managers.

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following headings

Cost of raising funds

The costs of generating funds consist of investment management costs and certain legal fees.

Cost of charitable activities

Costs of charitable activities include grants made, governance costs and an apportionment of support costs.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Charitable Company.

In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the oneyear or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Charitable Company.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable. The provision for a multi-year grant is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the charitable company that would permit the charitable company to avoid making the future payment(s), settlement is probable and the effect of discounting is material.

Grantees may be required to submit a monitoring form to CFW before payment of grant tranches each year, however this is purely an administrative tool and in the event that it is not received, the grant payment will be delayed rather than withdrawn.

Allocation of support and governance costs

Support costs are these functions that assist the work of the Charitable Company but do not directly undertake charitable activities. Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the Charitable Company and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs.

The bases on which support costs have been allocated are set out in note 5.

Taxation

The charitable members of the group are exempt from income and corporation taxes on income and gains to the extent that they are applied for their charitable objects.

Investments

Assets held for investment purposes are valued at market value at the balance sheet date. Investment properties are held for their investment potentials and not for use by the company and so their current value is of prime importance.

Realised gains and losses on investments are calculated as the difference between sales proceeds of these investments and their market value at the start of the year, or their subsequent costs, and are charged or credited to the statement of the financial activities in the period of disposal.

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the statement of financial activities based on the market value at the year end. Realised and unrealised investment returns are split across each endowment fund according to the fund’s percentage of the overall portfolio.

Community Foundation Wales operates a total return approach to its investments. The power of total return permits the Trustees to invest permanently endowed funds to maximise total return and to apply an appropriate portion of the unapplied total return to income each year. Until the power is exercised to transfer a portion of unapplied total return to income, the unapplied total return remains invested as part of the permanent endowment.

The power allows the trustees to decide in each year how much of the unapplied total return is transferred to income funds and so available for expenditure. The transfers between endowment and restricted funds and endowment and unrestricted funds reflect the income designated in this financial year.

Fixed Assets

Depreciation is provided on all tangible assets, other than land or investment properties, at rates established to write off the costs of over its expected useful life.

Leasehold property improvements – four years to next lease review.

Intangible Assets

These include software, web design and CRMs. They are amortised over the useful life, normally between three and five years.

Debtors

Debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid net of any discounts due.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the Charitable Company 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 reliably.

Financial instruments

The Charitable Company 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.

Fund accounting policy

Funds held by the group are:

Unrestricted Funds - these cover the operating costs and reserves of the group; there are no designated funds.

Restricted Funds - these are given the following classifications:

Immediate Impact - these are funds where the money for grants payable originates from other organisations or individuals, but the originator has delegated all or part of the work of researching, recommending and/or choosing suitable beneficiaries, managing grant applications, controlling the grant payments, and project monitoring/reporting. Examples may include situations where the group is acting as the local agent for national bodies, and where organisations or individuals have decided to out-source their grant-making.

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Endowment Fund Income - these funds are used for the payment of grants out of the net investment returns designated by the trustees for income distribution from endowment funds with specified purposes.

Fundraising Activity - income and costs from events held by individuals not employed or contracted by Community Foundation Wales, to raise funds for specified purposes.

Foundation Operating Costs - funds received for specific work undertaken by Community Foundation Wales to enable the delivery of charitable activities.

Endowment Funds - the endowment funds held at the balance sheet date are all to be used for specific purposes.

Permanent Endowments

Expendable endowment funds represent assets which the trustees may choose to convert to income. Income arising on these funds is recognised as restricted or unrestricted income. Assets converted to income will be transferred to restricted or unrestricted income in accordance with the objects of the fund.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the statement of financial activities on a straight-line basis over the period of the lease.

Pension costs

Contributions in respect of defined contribution pension schemes are charged to the statement of financial activities in the period in which they are payable.

Prior Year Adjustments

The accounts have been restated to incorporate two prior year adjustments. The first of these relates to transactions grossed up in Endowment gains and losses and debtors. The adjustment has been applied from the accounting period 31 March 2020 onwards and results in the brought forward endowment balance at 1 April 2022 reducing by £953,180.

The second prior year adjustment relates to the reclassification of six endowment funds which were previously held on the CFW balance sheet. These funds have been reclassified as agency funds following a review of the fund agreements and fund activities. The trustees of CFW have no discretion about the use to which the funds received are put and CFW acts only in accordance with the instructions or directions of the principal, therefore these funds should not be recognised as an asset because the funds are not within the control of CFW. The adjustment has the effect of reducing the brought forward endowment balance at 1 April 2022 by £1,070,134.

Critical accounting estimates and assumptions

The Charitable Company makes estimates and assumptions concerning the future. The resulting accounting estimates will by definition, seldom equal the related actual results. There are no estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next year.

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

2. Income from donations and legacies

----- Start of picture text -----
Unrestricted Restricted Endowment 2022/23 2021/22
funds funds funds Total Total
£ £ £ £ £
Core grants
- -
Welsh Goverment 40,677 40,677 40,677
Donations 215,349 78,550 1,467,653 1,761,553 470,211
256,026 78,550 1,467,653 1,802,231 510,888
----- End of picture text -----

3. Investment income

----- Start of picture text -----
Unrestricted Restricted Endowment 2022/23 2021/22
funds funds funds Total Total
£ £ £ £ £
Restated
Dividends - - 476,876 476,876 403,865
- -
Property rental 42,140 42,140 43,348
Grants returned to
- - - - -
CFW
- -
Bank interest 5,778 5,778 1,397
5,778 42,140 476,876 524,794 448,610
----- End of picture text -----

4. Income from charitable activities

----- Start of picture text -----
Unrestricted Restricted Endowment 2022/23 2021/22
funds funds funds Total Total
£ £ £ £ £
Organisations/
- -
Individuals 1,838,950 1,838,950 1,078,254
- -
1,838,950 1,838,950 1,078,254
----- End of picture text -----

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

5. Expenditure

----- Start of picture text -----
Grants Staff- Other Office 2022/23 2021/22
related direct Overheads Total Total
£ £ £ £ £ £
Cost of raising funds:
Core grants - 11,708 - 382 12,090 13,383
Fund development & donor
care - 142,815 14,988 7,193 164,996 152,484
-
Investment income 14,861 62,302 765 77,928 77,747
Charitable activities
Grantmaking 2,047,168 166,902 37,794 20,535 2,272,399 1,899,274
-
Promoting philanthropy 86,323 30,084 9,388 125,795 118,259
Total resources expended 2,047,168 422,609 145,168 38,264 2,653,208 2,261,147
----- End of picture text -----

Grants totalling £1,756,536 (2021/22: £1,573,345) have been made to institutions and £290,632 (2021/22: £152,503) to individuals. The directors do not believe any particular institution received a material grant in the context of grant making.

Costs have been attributed on a basis consistent with the use of resources. Where costs cannot be allocated, they are apportioned by the estimated percentage of time spent on each activity. Office overhead costs equate to support costs - being premises and office-related costs.

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Governance costs

Governance costs are included under Community Foundation Wales’ charitable actvitites expenditure and are broken down as follows:

----- Start of picture text -----
Restricted Endowment 2022/23 2021/22
funds funds Total Total
£ £ £ £
Meeting costs 2,466 - - 2,466 -
Trustees costs 4,256 - - 4,256 -
- -
Subscriptions 14,553 14,553 13,807
- -
Professional fees 12,187 12,187 9,832
Other - - - - -
- -
Staff related costs 76,825 76,825 67,493
- -
4,701 4,701 5,052
Office overheads
- -
114,989 114,989 96,184
----- End of picture text -----

6. Staff costs

----- Start of picture text -----
2022/23 2021/22
£ £
Salaries 332,365 298,251
Social security costs 37,688 31,340
Pension costs 17,869 16,458
387,921 346,048
----- End of picture text -----

The average number of employees in 2022/23 was 12.

The average number of full-time equivalent employees during the year, analysed by category, was:

----- Start of picture text -----
2022/23 2021/22
Direct charitable 7 7
Business development 1 1
Governance 1 1
9 9
----- End of picture text -----

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

The Foundation considers its key management personnel comprise the Chief Executive, Deputy Chief Executive, Grants & Programmes Manager, Head of Philanthropy, Head of Communication and Marketing and Head of Finance.

The total employment benefits including employer pension contributions of the key management personnel were £326,313 (2021/22: £293,102)

No Trustee received remuneration.

The number of employees receiving remuneration (excluding employer pension costs) in excess of £60,000 were:

	2022/23	2021/22
£80,000	- £90,000 1	1

7. Trustees

1 Trustees (2021/22: no trustees) were reimbursed for expenses of £2,216 (2021/22: nil). All costs related to travel and subsistence.

8. Net income for the year before transfers

2022/23	2021/22
£	£
The net income for the year before transfers is stated after charging: Auditors remuneration 11,125 Operating lease rentals: - Plant and machinery 2,100 Depreciation 9,125 Gains and losses on revaluation of investments 943,535 Gains and losses on disposal of investments 28,456	7,250 2,100 10,170 (919,885) (487,335)

9. Charity results

As per section 408 of the Companies Act 2006, the charity has not included its own income and expenditure account in these financial statements. The results of the Community Foundation in Wales are summarised below:

	2022/23 £ 2021/22 £
Total income Total expenditure Net incoming/outgoing resources before transfers Investment gain/(loss) Transfers Net movement in funds	3,940,188 1,877,314
	(2,366,174) (1,961,915)
	1,574,015 (84,602)
	(582,009) 699,373
	- -
	992,005 614,772

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

10. Fixed and Intangible Assets

Investments - Property

Investments - Property
	Group Charity
	2022/23 £ 2021/22 £ 2022/23 £ 2021/22 £
At 1 April 2022 Revaluation At 31 March 2023 Properties at year end comprised: Former county school at Newtown	500,000 500,000 - -
	- - - -
	500,000 500,000 - -

	500,000 500,000 - -

This property is part of the Montgomeryshire Intermediate & Technical Education Fund endowment. The property is valued quinquennially and was last valued on 14 January 2021 by Andrew H Turner MRICS from Morris Marshall on an open market valuation basis. The historic costof the property was £500,000.

Tangible assets

Tangible assets
	Group Charity
Leasehold improvements	2022/23 £ 2021/22 £ 2022/23 £ 2021/22 £
Cost Opening balance 1 April 2022 Additions in year Value at 31 March 2023
	14,410 14,410 14,410 14,410
	- - - -
	14,410 14,410 14,410 14,410

	2022/23 £ 2021/22 £ 2022/23 £ 2021/22 £
Accumulated depreciation At 1 April 2022 Additions in year Value at 31 March 2023
	8,646 5,764 8,646 5,764
	2,882 2,882 2,882 2,882
	11,528 8,646 11,528 8,646

	2022/23 £ 2021/22 £ 2022/23 £ 2021/22 £
Net book value At 31 March 2022 At 31 March 2023
	5,764 8,646 5,764 8,646
	2,882 5,764 2,882 5,764

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Intangible fixed assets


Intangible fxed assets	Group Charity
Cost	2022/23 £ 2021/22 £ 2022/23 £ 2021/22 £
Opening balance 1 April 2022 Additions in year Value at 31 March 2023	34,390 34,390 34,390 34,390
	- - - -
	34,390 34,390 34,390 34,390

Amortisation	2022/23 £ 2021/22 £ 2022/23 £ 2021/22 £
At 1 April 2022 Charge for year At 31 March 2023	15,661 8,373 15,661 8,373
	6,243 7,288 6,243 7,288
	21,904 15,661 21,904 15,661

Net book value	2022/23 £ 2021/22 £ 2022/23 £ 2021/222 £
At 31 March 2022 At 31 March 2023	18,729 26,017 18,729 26,017
	12,486 18,729 12,486 18,729

11. Investments - Securities

11 Investments - Securities
.	Group Charity
	2022/23 £ 2021/22 £ Restated 2022/23 £ 2021/22 £ Restated
Listed investments at valuation Opening valuation Additions in the year Disposals at carrying value Dealer charges Gain (loss) on valuation Cash movements Dividends pending Closing valuation
	20,398,516 18,722,337 12,549,425 11,518,241
	2,846,444 2,723,908 1,785,553 1,675,786
	(2,353,845) (2,078,116) (1,476,552) (1,278,486)
	- - - -
	(943,535) 919,885 (345,457) 565,902
	(72,717) 110,502 (45,615) 67,982
	- - - -
	19,874,863 20,398,516 12,467,355 12,549,425
	Group Charity
	2022/23 £ 2021/22 £ Restated 2022/23 £ 2021/22 £ Restated
Listed investments comprised UK-listed investments Portfolio cash fow
	19,447,048 19,871,022 12,198,986 12,224,903
	427,821 527,494 268,369 324,522
	19,874,863 20,398,516 12,467,355 12,549,425

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

	2022/23 £ 2021/22 £ Restated 2022/23 £ 2021/22 £ Restated
12. Long term debtors Material investments CCLA Segregated portfolio holdings
	5,290,797 5,580,310 3,318,560 3,433,084
	14,584,066 14,818,206 9,148,795 9,116,341
	19,874,863 20,398,516 12,467,355 12,549,425
	Group Charity
	2022/23 £ 2021/22 £ 2022/23 £ 2021/22 £
Property rental	64,320 70,240 - -

The lease (signed 2011) on Community Foundation Wales’ investment property expires in 2035; the lease allows for payment of rental arrears (included management fee) over the life at £5,920 pa.

13. Debtors

----- Start of picture text -----
Group Charity
2022/23 2021/22 2022/23 2021/22
£ £ £ £
Restated Restated
-
Other debtors 1,986 69,358 67,500
Prepayments and accrued income 74,124 94,465 74,124 94,465
76,110 163,823 74,124 161,965
----- End of picture text -----

14. Creditors - amounts falling due within one year

----- Start of picture text -----
Group Charity
2022/23 2021/22 2022/23 2021/22
£ £ £ £
Trade creditors 5,453 8,699 5,453 8,699
Accruals and deferred income 691,621 378,354 581,824 297,838
Tax and social security 16,948 (616) 16,948 (616)
714,022 386,437 604,225 305,922
----- End of picture text -----

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Creditors - amounts falling due greater than one year

----- Start of picture text -----
2022/23 2021/22 2022/23 2021/22
£ £ £ £
2-5 years 277,352 185,185 239,352 134,685
----- End of picture text -----

15.Financial commitments

At 31 March 2022 there were annual commitments under non-cancellable operating leases as follows:

----- Start of picture text -----
2022/23 2021/22
Within 1 2-5 years Over 5
year years
-
20,005 27,602 67,502
Office lease
-
Photocopier 2,520 1,260 6,300
-
22,525 28,862 73,802
----- End of picture text -----

16. Movement in unrestricted funds

Group and Charity

----- Start of picture text -----
At 1 April Income Expenditure Transfers At 31 March
2022 £ £ £ 2023
£ £
Unrestricted general fund 343,717 261,805 (585,337) 330,804 350,989
----- End of picture text -----

Movement in unrestricted funds at the previous year end

Group and Charity

----- Start of picture text -----
At 1 April Income Expenditure Transfers At 31 March
2021 £ £ £ 2022
£ £
Unrestricted general fund 447,391 186,156 (531,150) 241,319 343,717
----- End of picture text -----

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

**17. Movement in restricted funds (*= subsidiary fund)**

Details are presented for individual funds with balances or transactions over £30k’

----- Start of picture text -----
Immediate Impact Funds At 1 Apr Income & Expenditure At 31 Mar
2022 transfers & transfers 2023
£ £ £ £
Ashley Family Foundation (35,091) 274,143 (291,300) (52,248)
- -
Welsh Procurement Alliance 56,400 (56,400)
-
Core Funding Programme 74,673 (69,673) (5,001)
(Waterloo)
-
Trivallis 60,062 (52,574) 7,488
-
Trust and Foundation 68,778 (26,929) 41,849
Seaburne Fund 12,526 28,125 (31,882) 8,769
Principality 100,000 517,001 (117,001) 500,000
-
Nation of Sanctuary 502,392 (455,869) 46,523
- -
Disability 118,508 118,508
-
COVID 19 Recovery Support BAME 118,508 (71,883) 46,625
- -
Health and Social Care Innovation 50,000 50,000
Fund
-
Cost of Living Fund 127,835 127,835
- -
Cynnal Immediate Impact Fund 320,837 320,837
Funds with transactions or balances 105,909 44,307 (35,387) 114,829
< £30k
623,873 1,851,369 (1,144,225) 1,331,017
----- End of picture text -----

----- Start of picture text -----
Endowment Funds At 1 Apr Income & Expenditure Capital At 31 Mar
2022 transfers £ transfer 2023
£ £ £ £
- - -
The Lord Merthyr Fund (91,500) 91,500
- - -
Dr Dewi Davies Fund (98,818) 98,818
- -
Powys Welsh Church Fund + 3,055 (53,711) 50,656
-
Montgomeryshire Intermediate & 178,292 39,085 (53,002) 164,375
Technical Education Fund +
- - -
Stanley Bligh Memorial Fund + (30,298) 30,298
-
Gwent High Sheriffs’ Community 29,749 65,131 (72,400) 22,480
Fund
BIG Fund for Wales Trust Fund 1,000 1,000 (273,473) 272,473 1,000
- - -
Waterloo Match 35,707 35,707
- - -
TJ Jones Memorial Fund (37,000) 37,000
-
Funds with transactions or balances 23,446 (213,445) 199,299 9,300
< £30k
268,194 108,271 (923,647) 780,044 232,862
----- End of picture text -----

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

----- Start of picture text -----
At 1 Apr Income Grants paid Other At 31 Mar
2022 £ £ £ 2023
£ £
Group Summary
Charity 713,263 1,920,555 (1,932,050) 697,222 1,398,990
Linked 178,804 39,085 (135,822) 82,821 164,889
Group 892,067 1,959,640 (2,067,872) 780,044 1,563,879
----- End of picture text -----

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Movement in restricted funds at the previous year end

----- Start of picture text -----
At 1 Apr Income & Expenditure At 31 Mar
Immediate Impact Funds
2021 transfers & transfers 2022
£ £ £ £
- -
Skiathos Fund 66,405 (66,405)
-
Ashley Family Foundation 191,925 (227,016) (35,091)
Older People Fund 153,308 93,540 (236,570) 10,279
-
Wesleyan 40,474 (28,750) 11,724
- -
Core Funding Programme 74,673 74,673
(Waterloo)
- -
Welsh Procurement Alliance 80,000 (80,000)
Resilience Fund 84,578 82 (84,659) 2
Trust and Foundation 60,308 37,500 (29,030) 68,778
-
Trivallis 120,000 (59,938) 60,062
- -
Principality 100,000 100,000
-
Made by Sport 244,091 (224,388) 19,703
- -
Track 2000 108,900 (108,900)
-
Pears Action Learning Project 54,000 (48,000) 6,000
-
Seaburne 28,125 (15,599) 12,526
- -
Disability 118,508 118,508
COVID 19 Recovery Support Fund - - 118,508 118,508
BAME
Funds with transactions or balances 97,162 74,903 (113,863) 58,202
< £30k
576,908 1,066,661 (1,019,697) 623,873
----- End of picture text -----

----- Start of picture text -----
Endowment Funds At 1 Apr Income & Expenditure Capital At 31 Mar
2021 transfers £ transfer 2022
£ £ £ £
- - -
Dr Dewi Davies Fund (98,830) 98,831
- -
Powys Welsh Church Fund + 3,055 (78,451) 75,396
-
Montgomeryshire Intermediate & 198,420 29,178 (49,306) 178,292
Technical Education Fund +
-
Gwent High Sheriffs’ Community 30,323 72,666 (73,240) 29,749
Fund
-
BIG Fund for Wales Trust Fund 2,000 (152,198) 151,198 1,000
- - -
Waterloo Match 35,707 35,707
-
TJ Jones Memorial Fund 26,286 (105,000) 78,713 (1)
Funds with transactions or balances 25,372 7,751 (151,665) 141,988 23,446
< £30k
318,108 112,649 (708,690) 546,126 268,194
----- End of picture text -----*

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

----- Start of picture text -----
At 1 Apr 2021 Income Grants paid Other At 31 Mar
£ £ £ £ 2022
£
Group Summary
Charity 696,084 1,150,133 (1,635,473) 502,515 713,263
Linked 198,932 29,178 (92,913) 43,611 178,808
Group 895,012 1,179,311 (1,728,386) 546,126 892,067
----- End of picture text -----

Under the Foundation’s total return policy investment returns are designated as income only when needed to meet expenditure requirements. This is done to achieve efficiency and ensure that endowment assets spend more time invested. A recomended distribution amount is agreed by our trustees each year. This is carried out on a fund by fund basis and takes into account the needs of beneficiaries, fundholder expectations and historic fund performance. Where the full recommended distribution amount is not required to meet expenditure needs then this remains as capital to be designated as income in future years, as required. The closing balances in this note do not necessarily represent the full amount available for grant-making at the end of the financial year.

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

18. Movement in endowment funds

----- Start of picture text -----
At 1 Apr Income & Investment Other At 31 Mar
2022 transfers in returns expenditure 2023
£ £ £ & transfers £
Restated out
£
The Lord Merthyr Fund 1,284,923 30,507 (67,629) (96,500) 1,151,301
Foundation Schools Fund 163,088 3,838 (8,329) (7,811) 150,785
Martyn Groves Adventure & Travel Fund 42,973 1,015 (2,117) (470) 41,401
The Sloman Family Fund for Ely 26,436 622 (1,314) (485) 25,259
Former Foundation Powys Fund 28,539 672 (1,409) (415) 27,387
Stanley Bligh Memorial Fund+ 1,340,328 31,541 (67,870) (52,190) 1,251,809
Llandrindod High School Charity Fund 115,919 2,728 (5,736) (1,885) 111,026
Former Girls Grammar School Brecon + 298,808 7,032 (15,553) (19,755) 270,532
Montgomeryshire Intermediate & 880,908 20,730 (43,679) (16,790) 841,170
Technical Education
- - -
MITEF Investment Property 500,000 500,000
Montgomery District Trust Fund+ 512,627 12,063 (25,733) (15,375) 483,582
Newport Community Endowment Fund 383,705 9,029 (19,762) (21,277) 351,696
Monmouthshire Further Education 345,254 8,125 (17,748) (18,718) 316,913
Fund+
Cardiff Citizens Charity+ 162,042 3,813 (8,004) (2,355) 155,496
Powys Welsh Church Fund+ 2,896,594 68,301 (145,771) (90,775) 2,728,349
Rudbaxton Parish Education Fund+ 410,164 9,652 (20,678) (14,261) 384,876
Fund for Wales 778,081 97,743 (35,946) (24,824) 815,054
Wrexham Community Endowment Fund 127,850 3,009 (6,835) (12,109) 111,915
(Church)
Education Trust for Cardiff Citizens + 422,697 9,947 (20,923) (6,896) 404,825
Denbighshire Community Endowment 422,482 9,942 (22,042) (29,120) 381,262
Fund
Flintshire Community Endowment Fund 252,023 5,931 (13,418) (22,490) 222,046
Hawarden District Relief Fund 438,093 10,309 (22,214) (17,541) 408,647
BIG Fund for Wales Trust 1,012,670 23,829 (64,918) (306,513) 665,068
Carmarthenshire Fund 210,539 4,964 (11,406) (22,530) 181,567
Dr Dewi Davies Fund 1,337,134 31,465 (71,494) (125,302) 1,171,803
Wrexham Community Endowment Fund 163,227 3,841 (8,707) (14,917) 143,444
Education Trust of John Vaughan 95,695 2,252 (4,776) (2,353) 90,818
Wales in London 100,215 2,793 (5,158) (5,676) 92,174
Anglesey Community Endowment Fund 7,751 182 (383) (113) 7,438
----- End of picture text -----*

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

----- Start of picture text -----
At 1 Apr Income & Investment Other At 31 Mar
2022 transfers in returns expenditure 2023
£ £ £ & transfers £
Restated out Restated
£
Daisy Fund 86,900 7,161 (4,167) (2,512) 87,381
Emrys Davies Legacy Fund 37,701 884 (1,870) (731) 35,984
Education Fund for Denbigh and 1,036,074 24,381 (51,729) (25,862) 982,864
Surrounding Area +
Mary Jane Foundation Trust 37,024 871 (1,829) (538) 35,527
LNB Fund 451,306 (9,818) (23,035) (6,761) 411,691
Clwyd Welsh Church Act Fund + 676,431 15,918 (34,705) (35,017) 622,627
William Gale Fund 172,945 4,070 (8,545) (2,515) 165,955
Newport Girls Fund 41,535 977 (2,052) (604) 39,856
Nancy Mudge Fund 37,778 889 (1,878) (699) 36,090
Cardiff Story Fund 234,599 56,593 (9,789) (4,161) 277,242
Newtown Maintenance Reserve * 83,144 1,957 (4,107) (1,208) 79,786
TJ Jones Memorial Fund+ 2,352,284 55,600 (113,959) (58,763) 2,235,162
-
Nation of Sanctuary 715,008 25,223 (10,500) 729,731
- -
Cynnal Fund 654,163 (11,527) 642,635
20,008,483 1,944,530 (971,991) (1,110,847) 19,870,175
Group Summary
11,664,153 1,759,689 (582,009) (878,672) 11,963,160
Charity
Linked 8,344,331 184,841 (389,982) (232,175) 7,907,014
Group 20,008,483 1,944,530 (971,991) (1,110,847) 19,870,175
----- End of picture text -----

*=Linked funds + = Permanent endowment funds

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Movement in endowment funds at the previous year end

----- Start of picture text -----
At 1 Apr 2021 Income & Investment Other At 31 Mar
£ transfers in returns expenditure 2022
Restated £ £ & transfers £
out
£
The Lord Merthyr Fund 1,172,911 26,468 90,543 (5,000) 1,284,923
Foundation Schools Fund 149,847 3,360 11,541 (1,660) 163,088
Martyn Groves Adventure & Travel Fund 39,486 885 3,040 (437) 42,973
The Sloman Family Fund for Ely 26,941 569 2,225 (3,299) 26,436
Former Foundation Powys Fund 26,222 588 2,021 (291) 28,539
Stanley Bligh Memorial Fund+ 1,244,945 27,727 96,442 (28,785) 1,340,328
Llandrindod High School Charity Fund 106,788 2,390 8,220 (1,480) 115,918
Former Girls Grammar School Brecon 281,342 6,220 22,026 (10,780) 298,808
+
Montgomeryshire Intermediate & 803,193 18,117 61,998 (2,400) 880,908
Technical Education
- - -
MITEF Investment Property 500,000 500,000
Montgomery District Trust Fund+ 481,184 10,650 37,559 (16,766) 512,627
Newport Community Endowment Fund 364,220 8,009 28,661 (17,186) 383,705
Monmouthshire Further Education 320,636 7,141 24,834 (7,356) 345,254
Fund+
Cardiff Citizens Charity+ 149,275 3,341 11,494 (2,068) 162,042
Powys Welsh Church Fund+ 2,738,732 60,387 215,124 (117,650) 2,896,594
Rudbaxton Parish Education Fund+ 377,849 8,456 29,094 (5,235) 410,164
Fund for Wales 501,510 276,042 26,637 (26,107) 778,081
Wrexham Community Endowment Fund 119,326 2,650 9,276 (3,403) 127,850
(Church)
Education Trust for Cardiff Citizens+ 395,464 8,769 30,792 (12,327) 422,697
Denbighshire Community Endowment 396,413 8,778 30,945 (13,653) 422,482
Fund
Flintshire Community Endowment Fund 243,312 5,299 19,374 (15,962) 252,023
Hawarden District Relief Fund 405,522 9,054 31,357 (7,840) 438,093
BIG Fund for Wales Trust Fund 1,067,070 22,090 89,488 (165,978) 1,012,670
Carmarthenshire Fund 208,133 4,469 16,821 (18,883) 210,539
Dr Dewi Davies Fund 1,319,375 28,357 106,507 (117,105) 1,337,134
Wrexham Community Endowment Fund 155,412 3,414 12,265 (7,864) 163,227
(LA)
Education Trust of John Vaughan 88,386 1,974 6,804 (1,469) 95,695
----- End of picture text -----*

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

----- Start of picture text -----
At 1 Apr 2021 Income & Investment Other At 31 Mar
£ transfers in returns expenditure 2022
Restated £ £ & transfers £
out
£
Wales in London 97,011 2,318 7,481 (6,595) 100,215
Anglesey Community Endowment 7,140 160 550 (99) 7,751
Fund
Daisy Fund 76,305 8,008 5,656 (3,069) 86,900
Emrys Davies Legacy Fund 35,004 779 2,694 (776) 37,701
Education Fund for Denbigh and 962,508 21,433 74,564 (22,432) 1,036,074
Surrounding Area +
Mary Jane Foundation Trust 34,374 765 2,647 (762) 37,024
LNB Fund 417,315 9,313 32,126 (7,447) 451,306
Clwyd Welsh Church Fund+ 631,221 14,025 49,144 (17,959) 676,431
William Gale Fund 160,209 3,571 12,333 (3,167) 172,945
Newport Girls Fund 38,564 858 2,968 (855) 41,535
Nancy Mudge Fund 39,044 815 3,224 (5,305) 37,778
Cardiff Story Fund 217,155 4,842 16,718 (4,116) 234,599
Newtown Maintenance Reserve 76,593 1,715 5,898 (1,061) 83,144
TJ Jones Memorial Fund+ 2,242,098 46,871 166,132 (102,816) 2,352,284
18,718,035 670,675 1,407,220 (787,445) 20,008,483
Group Summary
10,882,949 510,235 846,387 (575,420) 11,664,152
Charity
Linked 7,835,086 160,439 560,832 (212,026) 8,344,331
Group 18,718,035 670,675 1,407,220 (787,446) 20,008,483
----- End of picture text -----*

*=Linked funds + = Permanent endowment funds

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Agency Funds

The Foundation manages six charitable investments (2021/22: six), where other organisations have retained trusteeship over the fund and as such these funds have been deemed to be Agency funds. These organisations have delegated the management of the non-property investments of the Funds to the Foundation as part of its investment portfolio and according to its investment strategy. Agency fund transactions in 2022/23 are detailed below.

----- Start of picture text -----
At 1 Apr Income & Investment Other At 31 Mar
2022 transfers in returns expenditure 2023
£ £ £ & transfers £
out
£
-
Gwent High Sheriffs’ Community Fund 595,719 14,190 (35,124) 574,784
Cricket Wales Foundation 33,296 780 (1,644) (642) 31,791
-
Mudiad Meithrin 153,023 3,645 (7,472) 149,196
Cronfa William Salesbury 59,958 11,412 (2,477) (832) 68,059
Llangammarch Disaster Fund 29,830 702 (1,442) (421) 28,669
-
Mab Gwalia 201,604 49,916 (8,021) 243,499
1,073,429 80,644 (56,180) (1,895) 1,095,997
----- End of picture text -----

Permanent Endowments

Permanent endowment funds represent assets which must be held permanently by the trust. Income arising on the endowment funds can be used in accordance with the objects of the trust and is included as unapplied total return until transferred to income. Any capital gains or losses arising on the assets form part of the fund and are included as unapplied total return until transferred to income. Expendable endowment funds represent assets which the trustees may choose to convert to income. Income arising on these funds is recognised as restricted or unrestricted income. Assets converted to income will be transferred to restricted or unrestricted income in accordance with the objects of the fund.

Movement in funds

----- Start of picture text -----
At 1 Apr Income Resources Allocated to Revaluations, At 31 Mar
2022 resources expended income gains and 2023
£ £ £ losses £
Restated
- - - -
Endowment fund capital 7,731,390 7,731,390
Unapplied total return 2,721,913 246,373 (151,204) (193,365) (522,652) 2,101,065
10,453,303 246,373 (151,204) (193,365) (522,652) 9,832,455
----- End of picture text -----

----- Start of picture text -----
At 1 Apr Income Resources Allocated to Revaluations, At 31 Mar
2022 resources expended income gains and 2023
£ £ £ losses £
Expendable endowments 9,555,181 1,698,156 (179,600) (586,679) (449,340) 10,037,719
Total endowments 20,008,484 1,944,529 (330,804) (780,044) (971,992) 19,870,175
----- End of picture text -----

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

----- Start of picture text -----
At 1 Apr 2021 Income Resources Allocated to Revaluations, At 31 Mar
£ resources expended income gains and 2022
£ £ losses £
- - - -
Endowment fund capital 7,731,390 7,731,390
Unapplied total return 2,093,863 215,020 (136,910) (207,265) 757,205 2,721,913
9,825,253 215,020 (136,910) (207,265) 757,205 10,453,303
At 1 Apr 2021 Income Resources Allocated to Revaluations, At 31 Mar
£ resources expended income gains and 2022
£ £ losses £
Expendable endowments 8,892,782 455,654 (104,409) (338,861) 650,015 9,555,181
Total endowments 18,718,035 670,674 (241,319) (546,126) 1,407,220 20,008,484
----- End of picture text -----

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

19. Analysis of assets/liabilities between funds

----- Start of picture text -----
Unrestricted Restricted Endowment 2022/23 2021/22
funds funds funds Total Total
£ £ £ £ £
Restated
Group
Investments (92,370) 597,059 19,370,174 19,874,863 20,398,516
- -
Investment property 500,000 500,000 500,000
- -
Fixed and intangible assets 15,368 15,368 24,493
- -
Long term debtors 64,320 64,320 70,240
Current assets excluding cash
-
at bank and in hand 6,069 70,041 76,110 163,823
-
Cash at bank and in hand 458,871 1,786,884 2,245,756 658,816
Creditors: amounts falling due -
(36,950) (677,073) (714,022) (386,437)
within a year
- -
Creditors: amounts falling due (277,352) (277,352) (185,185)
after one year
350,989 1,563,879 19,870,174 21,785,042 21,244,267
Unrestricted Restricted Endowment 2022/23 2021/22
funds funds funds Total Total
£ £ £ £ £
Restated
Charity
Investments (92,370) 596,565 11,963,159 12,467,355 12,549,425
- -
Fixed and intangible assets 15,368 15,368 24,493
- - - - -
Long term debtors
-
Current assets excluding cash 6,069 68,055 74,124 161,965
at bank/hand
Cash at bank and in hand 458,871 1,540,998 - 1,999,869 425,856
-
Creditors: amounts falling due (36,950) (567,275) (604,225) (305,922)
within one year
- -
Creditors: amounts falling due (239,352) (239,352) (134,685)
after one year
350,989 1,398,991 11,963,159 13,713,139 12,721,133
----- End of picture text -----

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Analysis of assets/liabilities between funds at the previous year end

----- Start of picture text -----
Unrestricted Restricted Endowment 2021/22
funds funds funds Total
£ £ £ £
Restated
Group
Investments (297,281) 1,182,555 19,508,484 20,393,758
- -
Investment property 500,000 500,000
- -
Fixed and intangible assets 24,493 24,493
- -
Long term debtors 70,240 70,240
Current assets excluding cash
-
at bank/hand 6,410 157,414 163,824
-
Cash at bank and in hand 635,449 28,125 663,574
-
Creditors: amounts falling due (25,354) (361,083) (386,436)
within one year
- -
Creditors: amounts falling due (185,185) (185,185)
after one year
343,717 892,067 20,008,484 21,244,267
----- End of picture text -----

----- Start of picture text -----
Unrestricted Restricted Endowment 2021/22
funds funds funds Total
£ £ £ £
Restated
Charity
Investments (297,281) 1,182,555 11,664,153 12,549,427
- -
Fixed and intangible assets 24,493 24,493
- - - -
Long term debtors
-
Current assets excluding cash 6,410 155,555 161,965
at bank/hand
Cash at bank/hand 635,449 (209,595) - 425,854
-
Creditors: amounts falling due (25,354) (280,568) (305,922)
within one year
- -
Creditors: amounts falling due (134,685) (134,685)
after one year
343,717 713,262 11,664,153 12,721,133
----- End of picture text -----

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

20. Related Party Transactions

During the year ended 31 March 2023, Community Foundation Wales awarded:

Charity Ffn Dance, Abertillery Scout Wales SWAT (Scouts Cymru)	Total of grants awarded 2022/23 £ 2,000 -	Total of grants awarded 2021/22 £ 5,948 2,021	Trustee or staff
			member Andrew Tuggey Andrew Tuggey

Andrew Tuggey is a trustee of Community Foundation Wales and the Vice President of Scouts Cymru and the former Champion on Ffin Dance.

21. Pension schemes

The charity contributes to individual stakeholder pensions, and accordingly contributions to these schemes are accounted for on the basis of a defined contribution scheme. During the year ended 31 March 2023, the total employer contributions charged for these schemes amounted to £17,869 (2021/22: £16,457).

22. Company limited by guarantee

The charity is limited by guarantee; members’ liability is limited to £1 on the winding-up of the charity.

23. Linked Charities

The Charity is sole trustee of, and therefore controls, the following charities:

Name Montgomeryshire District Trust Fund Montgomeryshire Intermediate & Technical Education Fund Stanley Bligh Memorial Fund Former Girls Grammar School Brecon Monmouthshire Further Education Trust Fund Rudbaxton Parish Education Fund Cardiff Citizens Charity Education Trust for Cardiff Citizens Education Fund for Denbigh and Surrounding Area TJ Jones Memorial Fund	Charity Number 513855 525726 525314 1074498 1146059 1145391 206549 50665606 1074655-1 1074655-2	Linked number 1074655-5 1074655-3 1074655-6 1074655-4 1074655-7 1074655-8 1074655-9 1074655-10 1074655-1 1074655-2	Acquisition Date 31 August 2009 31 August 2009 31 August 2009 31 August 2009 1 April 2010 1 November 2010 1 November 2010 1 November 2010 31 March 2016 27 January 2020

These charities perform similar activities to the Foundation and have co-terminous year ends. The assets of in-year acquisitions have been transferred into the group at fair value as at the date the Foundation took control. All assets have been consolidated on a line by line basis at the year end. The place of business for all linked charities is England and Wales.

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Montgomeryshire District Trust Fund	2022/23 Total £ 2021/22 Total £
Investment income Other income Cost of generating funds Charitable activities Investment gains and losses Net movement in funds Assets Liabilities Net Assets Restricted funds Endowment funds Funds	12,062 10,650
	- -
	(2,044) (1,766)
	(13,332) (14,999)
	(25,733) 37,559
	(29,046) 31,559
	489,282 518,328
	(5,700) (5,700)
	483,582 512,628
	- -
	483,582 512,628
	483,582 512,628

Montgomeryshire Intermediate & Technical Education Fund	2022/23 Total £ 2021/22 Total £
Investment income Other income Cost of generating funds Charitable activities Investment gains and losses Net movement in funds Assets Liabilities Net Assets Restricted funds Endowment funds Funds	61,772 60,125
	1,859 -
	(6,359) (4,194)
	(66,499) (59,688)
	(47,785) 67,640
	(57,012) 63,883
	1,646,380 1,691,355
	(61,048) (49,011)
	1,585,332 1,642,344
	164,377 178,292
	1,420,956 1,464,052
	1,585,332 1,642,344

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Stanley Bligh Memorial Fund	2022/23 Total £ 2021/22 Total £ Restated
Investment income Other income Cost of generating funds Charitable activities Investment gains and losses Net movement in funds Assets Liabilities Net Assets Unrestricted funds Endowment funds Funds	31,541 21,727
	- -
	(5,473) (5,473)
	(46,717) (24,764)
	(67,870) 96,442
	(88,519) 93,931
	1,263,359 1,345,636
	(11,550) (5,308)
	1,251,809 1,340,328
	- -
	1,251,809 1,340,328
	1,251,809 1,340,328

Former Girls Grammar School Brecon	2022/23 Total £ 2021/22 Total £ Restated
Investment income Other income Cost of generating funds Charitable activities Investment gains and losses Net movement in funds Assets Liabilities Net Assets Unrestricted funds Endowment funds Funds	7,032 6,220
	- -
	(1,358) (1,050)
	(18,397) (9,730)
	(15,553) 22,026
	(28,276) 17,467
	278,032 302,808
	(7,500) (4,000)
	270,532 298,808
	- -
	270,532 298,808
	270,532 298,808

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Monmouthshire Further Education Trust	2022/23 Total £ 2021/22 Total £ Restated
Investment income Other income Cost of generating funds Charitable activities Investment gains and losses Net movement in funds Assets Liabilities Net Assets Unrestricted funds Endowment funds Funds	8,125 7,141 - - (1,555) (1,185) (17,164) (6,171) (17,748) 24,834 (28,342) 24,619 318,412 346,254 (1,500) (1,000) 316,913 345,254 - - 316,913 345,254 316,913 345,254

Rudbaxton Parish Education Fund	2022/23 Total £ 2021/22 Total £ Restated
Investment income Cost of generating funds Charitable activities Investment gains and losses Net movement in funds Assets Liabilities Net Assets Unrestricted funds Endowment funds Funds	9,652 8,456
	(1,565) (1,308)
	(12,696) (3,925)
	(20,678) 29,094
	(25,288) 32,317
	389,876 410,165
	(5,000) -
	384,876 410,165
	- -
	384,876 410,165
	384,876 410,165

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Education Trust for Cardiff Citizens	2022/23 Total £ 2021/22 Total £ Restated
Investment income Cost of generating funds Charitable activities Investment gains and losses Net movement in funds Assets Liabilities Net Assets Unrestricted funds Endowment funds Funds	9,947 8,769
	(1,599) (1,457)
	(5,297) (10,871)
	(20,923) 30,792
	(17,872) 27,233
	406,325 426,197
	(1,500) (3,500)
	404,825 422,697
	- -
	404,825 422,697
	404,825 422,697

Cardiff Citizens Charity	2022/23 Total £ 2021/22 Total £ Restated
Investment income Charitable activities income Cost of generating funds Charitable activities Investment gains and losses Net movement in funds Assets Liabilities Net Assets Unrestricted funds Endowment funds Funds	3,813 3,341
	- -
	(589) (517)
	(1,766) (1,551)
	(8,004) 11,494
	(6,546) 12,767
	156,008 162,554
	- -
	156,008 162,554
	512 512
	155,496 162,042
	156,008 162,554

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Education Fund for Denbigh and Surrounding Area	2022/23 Total £ 2021/22 Total £ Restated
Investment income Charitable activities income Cost of generating funds Charitable activities Investment gains and losses Net movement in funds Assets Liabilities Net Assets Unrestricted funds Endowment funds Funds	24,381 21,433
	- -
	(12,690) (11,145)
	(13,172) (11,286)
	(51,729) 74,564
	(53,210) 73,565
	982,864 1,040,074
	- (4,000)
	982,864 1,036,074
	- -
	982,864 1,036,074
	982,864 1,036,074

TJ Jones Memorial Fund	2022/23 Total £ 2021/22 Total £ Restated
Investment income Charitable activities income Cost of generating funds Charitable activities Investment gains and losses Net movement in funds Assets Liabilities Net Assets Unrestricted funds Endowment funds Funds	55,600 46,871
	- -
	(17,411) (19,282)
	(41,353) (109,821)
	(113,959) 166,132
	(117,122) 83,900
	2,283,162 2,409,284
	(48,000) (57,000)
	2,235,162 2,352,284
	- -
	2,235,162 2,352,284
	2,235,162 2,352,284

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

24. Reconciliation of income (expenditure) to net cash flows from operating activities

----- Start of picture text -----
Note 2022/23 2021/22
Total Total
£ £
Restated
Net movement in funds 540,775 1,183,825
(Gains)/losses on investments 11 971,991 (1,407,220)
Net investment income and bank interest repayable 3 (524,794) (448,610)
(Increase) in debtors 13 93,635 101,672
Increase/(decrease) in creditors 14 419,752 (180,549)
Net cash inflow/(outflow) from operating activities 1,501,359 (750,882)
----- End of picture text -----

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

25. Comparative consolidated statement of financial activities

----- Start of picture text -----
Note Unrestricted Restricted Endowment 2021/22 2020/21
funds funds funds Total Total
£ £ £ £ £
Income and endowments
from:
Donations & legacies 2 184,760 57,708 268,420 510,888 692,212
Income from investments 3 1,397 43,348 403,865 448,610 420,897
Charitable activities
Grantmaking 4 - 1,078,254 - 1,078,254 5,325,310
Other income - - - - 200,000
Total income 186,156 1,179,311 672,286 2,037,753 6,638,419
Expenditure on: 5
Costs of raising funds
Fund development & donor
care 144,654 7,830 - 152,484 138,186
-
Core grants 11,146 2,237 13,383 12,665
-
Investment income 76,136 1,611 77,747 61,925
Charitable activities
-
Grantmaking 189,903 1,709,371 1,899,274 6,027,891
-
Promoting philanthropy 109,311 8,948 118,259 105,498
Total expenditure 531,150 1,728,386 1,611 2,261,147 6,346,165
Net income/(expenditure) (344,994) (549,075) 670,675 (223,394) 292,254
before gains and losses on
investments
- - - -
Gain on revaluation
-
Net gain/(loss) on investments 11 - 1,407,220 1,407,220 4,427,528
Net income/(expenditure) for
the year (344,994) (549,075) 2,077,894 1,183,825 4,719,782
- -
Transfers between funds 241,319 546,126 (787,445)
- - - - -
Gain on revaluation
Net movement in funds (103,674) (2,949) 1,290,449 1,183,825 4,719,782
Reconciliation of funds
Fund balances brought
forward 447,391 895,016 18,718,035 20,060,442 15,540,661
Fund balances carried forward 343,717 892,067 20,008,484 21,244,267 20,260,442
----- End of picture text -----

Trustees’ Annual Report and Accounts - Year ended 31 March 2023

Sefydllad Cymunedol Cymru Newid Bywydau Gyda'n Gilydd Community Foundation Wales Changing Lives Together

Changing Lives Together

Contents

Croeso

Alun Evans

Who we are

Our Mission

Our values are embedded in everything we do:

We align what we do with national and global goals:

Our year in numbers

Total expenditure

We... are good partners

Partnering to respond to the cost of living crisis

A Nation of Sanctuary

Revitalising Trusts

Trust and Foundations Report

We... care about the people we work with

Listening to the needs of communities

Diverse and representative panels

More support for grantees

Supporting people seeking sanctuary in Wales

Helping communities through the cost of living crisis

We... make a difference

Developed strong partnerships

Followed an ethical investment strategy

Maintained strong lines of communication

A big thank you

A tangible difference

Creating a sense of belonging

Building confidence through basketball

Connecting through

song

Connection and togetherness in the local community

The year ahead

Growth strategy to £30m

Grow endowment - Revitalising Trusts

Build 'Connect' networks, grow Friends and referral partners

Charitable Investment Funds

Funding to meet needs

Listen before we shape funds

Priority is core and long term funding

Improve experience of grantees

Understand the difference we make

Measure impact

Research community needs

Storytelling

Our Trustees

Key responsibilities of the Board:

Equality, diversity and inclusion

Welsh language skills

Staff

Trustees

Financial review

Overview

Income

Ex enditure p

Investments

Reserves Polic y

Objectives and activities

Charitable objects

Mission and Vision

Charitable activities

Public benefit

Structure and governance

Governing document & legal status

Membership

Board recruitment, induction and development

Wider network membership

Quality accreditation

Organisation governance and structure

Pay and remuneration

Risk management

Related Parties

Reference and administrative details

Senior management team

Auditors

Bankers

Solicitors

Investment Managers

The trustees present their report and financial statements for the year ended 31 March

**17. Movement in restricted funds (*= subsidiary fund)**