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2024-03-31-accounts

Sefydllad Cymru Community Foundation Wales Trustees Annual Report and Accounts 2023-24

Contents 1 Croeso 2 What we did last year 5 The year ahead 7 Our Trustees 8 Equality Diversity and inclusion 10 Financial review 14 Objectives and activities 15 structure and governance 21 Independent auditor's report 25 Financial Statements 28 Notes to the financial statements

Croeso l am pleased to introduce this year's annual accounts for Community Foundation Wales. This year's report is published against a backdrop of continuing hardship for communities across Wales. Throughout the year, we have been hearing from groups about the on-going struggle of making ends meet, facing demands that they cannot meet, and with a declining number of volunteers. 'This yearfs rep￿1 is published against a l>ackdrop of continuing hardship for communities across Wale&" Throughout this period our team continues to listen and learn so that we are best placed to support where we can. During the year we held a series of Generative Thinking sessions, bringing together partners from community groups, donors, funders and businesses to look at how we can build a better Wales. The insights shared will help us plan for the future and to make sure our work remains focussed and as impactful as we can be. This will be my final set of annual accounts before I pass on the Chair towards the end of this year. It has been a privilege to serve as both a Trustee and subsequently Chair of Community Foundation Wales. I should like to thank my fellow Trustees, past and present, for all of their help and support during this time. I should also like to thank all the members of staff for all their hard work and the success we have achieved, and especially Richard Williams, our Chief Executive. Richard joined at the same time I became Chair and we were both thrown in at the deep end in hosting the UKCF conference during the same week. This created a strong working relationship which has helped us to promote philanthropy and giving for the benefit of Welsh communities. It has been an honour and pleasure to be involved and I wish the Foundation continued success in the future. In this, our 25th anniversary year, we held successful events in Wrexham, Cardiff and London where we reflected on our journey, the importance of our partnerships and our £40m of investment in Welsh communities. Thank you to everyone who has helped us during the year - only with your support is all this possible. I hope we can count on your support in the year ahead. Diolch yn fawr AUL_ Chairman, Community Foundation Wales Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024

Whatwe did lastyear Growth Strategyto £30m iooll G row endowment Our Revitalising Trust project in partnership with the Charity Commission, continues to bear fruit. We know that there are many previously dormant Trusts that have now become active and are distributing funding into Wales as a result of this project. The result therefore is having a positive impact on Wales. We have received three legacy commitments this year, worth approximately £l.2 million, where the sale of property has been assigned to Community Foundation Wales as part of a will. These are of course bitter sweet donations in loving memory of someone, but they will be a lasting legacy to the future of our Welsh communities. @-@ Build 'Connect' networks9 grow Friends and @.8.@ referral parbws We are at the start of a journey to promote our development services. We have initiated 'Connect' networks in South Wales, North Wales and with the Welsh community in London, upon which we will build. Our Friends network has remained static although we have begun to see a little growth with our 'corporate' friends as we are able to support with any CSR commitments. Charitable Investment Funds This objective was not carried forward due to staffing capacity and the prioritisation of other work. Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024

Funding to meet needs Listen before we shape funds We undertake desktop research, conduct surveys and have conversations within the third sector on a continuous basis, but particularly when opening a new fund. The focus of our Communities Together - a Cost of Living Fund was informed by discussions that highlighted the need for ongoing support, beyond 12 months and the need to fund activities that were more sustainable rather than crisis support to help build resilience into the future. Last year, this fund supported 109 organisations with grants over three years totalling in excess of £l.2 million, for projects such as benefits and debt advice, warm hubs, luncheon clubs and food pantries. Priority is core and long tenn funding 30/0 of the funding we awarded went to groups applying solely for contributions to core costs. In addition, we have covered an element of core costs within applications for project costs. We encourage groups to build this into their applications, where they wish to apply for project cost funding. The percentage remained consistent with that of the previous year. 43 % of applications received last year were requesting multi-year funding. 33 /0 of the funding we awarded was multi-year funding, up from 13% in the previous year. Improve experience of grantees We increased the number of workshops we hold to support grant applicants with writing their applications. 27% of attendees who attended those workshops completed feedback with 100% reporting a positive experience and sharing that the workshop had been very helpful. In addition, on every one of our fund pages, we offer the opportunity to book a call with a Grants Officer to discuss ideas, questions or project fit. This has proven to be really valuable, both for prospective applicants and for our grants off icers who say they really enjoy supporting people on a more personal level. Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024

Understand the difference we make Measure Impact The implementation of our impact framework was more complex and took longer than anticipated, and was also delayed due to staffing capacity. We are on track to launch our new framework in 2025. Research community needs This is ongoing work to support our grant-making activities. We analyse our data and engage in community consultations to better understand trends and gaps to inform our understanding of ever evolving needs in Welsh Communities. Storytelling We have amended our monitoring forms and developed expertise within our team to put more emphasis on recognising great story telling opportunities and encouraging groups to share more anecdotal feedback such as quotes, photos, video, short stories and case studies with us in real time. Bringing the stories of the incredible generosity of Wales, whether through donation of funds or by work within local communities to life is an important part of our work. Celebrating the kindness and passion of Welsh people is pivotal for our future generations. Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024

The year ahead Community Foundation Wales is here to support community groups today and in 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: Grow our funds Plan and pilot a 'local approach, Emergencyfund planning Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024

Develop our voice stOr￿lIng Build support and awarffEss through 25th birthday Improve use of our expertise and sector le(xlership Promots collaboration by highlighting the impact of current partnerships Nurture a brilliant organisation Continue to shape ourwork byengagingg listening and learning Develop office plan

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/. (the same as last year) and the attendance at our committee meetings was 77/. (down from 82/. 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 missionlvision statement, a statement of values and a quality framework to monitor compliance with the policies, the missionlvision 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 Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024

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 staff ing and board Trustees. Below are statistics relating to the age, gender, ethinicity and Welsh language skills of our staff and Trustees. (￿} -29 (3￿￿) Trustees (34%) {50%) (58%) Gender (9￿￿} {54%) (46%) Ma Fema Trustees (1(rA) Ethnicity l Mixed BhcK Bhck British, Caribbean or African (K)%) (70%) (9rA) Asian, Asian Brilish Trustees Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024

Disability Staff Trustees 81rA Welsh language Staff Trustees Yes Yes 27 A little 4￿ Afrtde No 64% Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024

Financial review The net assets of Community Foundation Wales are valued at £23.5m, an increase of £l.8m on the prior year. New endowment of £0.8m was received. Income of £3.9m was generated, £360.9k of which was designated for the Foundation's core operational costs and was generated from promoting and managing philanthropy (27/.), core grants (i /.), donations (27/.) and investment income (15 /.). Expenditure was £4.5m of which £3.8m was spent on over 468 grants to different organisations and individuals. Charitable activity expenditure was £4.2m and represents 94/0 of total charitable expenditure. Unrestricted end of year reserves of £596.4k, are greater than the target range but will reduce in the coming year as less income is anticipated Income Income of £3.9m was generated, of which £l.Im was received from donations, £0.8m of this consisting of new endowments. Income and dividends from investments was £588.8k This is an increase on the previous year following the trend of further positive investment growth in 2023124. Charitable activity income of £2.2m relates to grant-making from immediate impact restricted funds and is an increase of £0.4m on the prior year. 2rA e grants 5r/. Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 10

Expenditure Expenditure was £4.5m, of which £176.2k, was spent on developing new funds and looking after our existing fund holders, £13.6k was spent on securing core grant income and £71.6k on managing our investment portfolio to develop returns for grant-making. Charitable activity expenditure was £4.2m of which £3.8m was spent directly on grants to over 468 projects. 5% 16°A Other (firect costs 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. Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 11

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. Community Foundation Wales operates a total return approach 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 management fees and to enable grant- making. For 2023124 the trustees recommended an across the board distribution figure of 5/0 of the value of the endowment at 30 September 2022, except in specific cases where funds required higher distribution amounts to meet community needs andl 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 £10.8m as at 31 March 2024 (see note 18). The initial value of the permanently endowed trust for investment was established as Ist April 2012. For permanently endowed trusts established after this, it is the date the fund was established. The net assets of Community Foundation Wales at 31 March 2024 are £23.5m. Of this, £24.Om comprises investments, which consist of two investment properties valued at £lm and an investment portfolio valued at £23.0m. Of the two investment properties one 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 £90.Ok. The investment property is valued at £500k and delivered a gross yield of 8.9 /.. l /0 of this relates to historic rent from 2015 which is being paid off in annual instalments. The second investment property was acquired by Community Foundation Wales through a transfer of assets from a charitable trust. The interest in the property was transferred to CFW on 21 November 2023 at a market value of £500,000. The value of the investment portfolio increased by £3.2m in the year as markets recovered from a turbulent 2022123 which saw high inflation and geopolitical conflict. Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 12

The funds are managed by two investment managers, RBC Brewin Dolphin who manage a segregated investment portfolio worth approximately £16.8m and CCLA who manage the remainder of the portfolio, valued at approximately £6.2m. Reserves policy 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 £596.4k which exceeds the reserves policy, however the forecast for 2024125 is such that a proportion of these will be used, hence reducing the balance closer to the reserves policy level. Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 13

Objectives and activities Cl￿ritable 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. 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 benefft 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. throu h our grants policy which outlines our transparenL 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 Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024

Structure and governance Governirg document & legal sta￿5 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 November1998 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 number1074655). 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. 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 off ice, 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. Qualty 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 Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 15

Ckganisation governance and structure During 2023124 Community Foundation Wales had 14 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). Former Trustee and former Chair of the Wales Council for Voluntary Action, Peter Davies, and internationally renowned harpist Elinor Bennett (Lady Wigley). are Ambassadors of the Fund for Wales. 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 £3.8m 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 regulor 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 £lm. 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 remunerotion 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 /0 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 andlor 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 Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 16

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: Major external event impacts on our business (eg market crash, economic crisis) 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 parentlmain 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 number1074498): 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 number1145391)'. 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 number1146059): to advance the educationltraining 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 1074655-1): to advance the education of persons between the ages of11 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 number1074655-2): 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 Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 17

Administration fees paid to Community Foundation Wales by linked charities are as follows: Charity 2023/24 2022/23 Montgomeryshire District Trust Fund 8,403 8,175 Montgomeryshire Intermediate and Technical Education Fund 15,202 16,790 Stanley Bligh Memorial Fund 24,435 21,891 Former Brecon Girls School Fund 5,833 5,431 Education Trust for Cardiff Citizens 6,255 6,396 Cardiff Citizens Charity 2,364 2,355 Rudbaxton Parish Education Fund 5,952 6,261 Monmouthshire Further Education Trust Fund 4,818 6,219 The Education Fund of Denbigh and the Surrounding Area 16,459 15,862 The TJ Jones Memorial Fund 22,656 21,763 Unless explicitly stated otherwise, the comments in this report apply to the Group. Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 18

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 Principal & Registered Office= St Andrews House, 24 St Andrews Crescent, Cardiff, CFIO 3DD Trustees serving in the financial year or at the date of approval of this report: Alun Evans (Chairman) Kathryn Morris (Treasurer) Tanwen Grover Andrew Tuggey CBE DL Sarah Jennings Emma Beynon Annabel Lloyd Samsunear Ali Sarah Corser Elizabeth Ruth James lan Thomas (Term ended 18 March 2024) (Term ended 18 March 2024) (Term ended 11 August 2024) Gaenor Howells Derek Howell Neil Moss (Appointed 18 March 2024) (Appointed 4 December 2023) (Appointed 23 September 2024) (Appointed 23 September 2024) (Appointed 23 September 2024) Stephen George Morgan Dr David Wyn Davies Judith Stella Rhys Osian Prys Elis Board associates serving in the financial year, or at the date of approval of this report: Kieron Jones The Trustees delegated the day-to-day management of the charity to the Chief Executive and Company Secretary, Richard Williams. 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 Asha Vijendran Grants & Programmes Manager: Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 19

Audrtors Azets Audit Services Ty Derw Lime Tree Court Cardiff Gate Business Park Cardiff CF23 8AB Bankers The Royal Bank of Scotland South Wales Commercial Off ice One Kingsway Cardiff CFIO 3AQ Soliators Geldards LLP 4 Capital Quarter Tyndall Street Cardiff CFIO 4BZ Brewin Dolphin Ltd Third Floor Two Central Square Cardiff CFIO IFS CCLA Investment Management Limited l Angel Lane London EC4R 3AB Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 20

ended 31 Mardi 2024. The accounts have been prepared in accordance with the accounting policies set out in note I 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 l January 2019). Statement of trustees, responsibilibes 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 suff icient 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. 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 l January 2019) and in accordance with the special provisions of Part15 of the Companies Act 2006 relating to small companies. Approved by the Board of Directors on 2 December 2024 and signed on its behalf. PL• Alun Evons Chairnion of trustees Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 21

IndependentAuditor's Report Independentknlitorfs Rewt to the Member5 and Trustees ofcommunty 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 2024 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 2024, 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 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 reporL 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 Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 22

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. 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 4x7 which we are required to rep￿ byexcepti 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. Responsibilibes 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 misstatemen¢ whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group's and parent charitable companys 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. Auditorfs respo1￿1b11itIeS forthe a￿lt of the financial staten 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. Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 23

indLKling fraLKI 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 suff icient 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 Part16 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 SknknrtoryAuditor) for and on behalf of AzetsALKlit Services D¢rte 4 December 2024 Chartered Accountants statutory auditor Ty Derw, Lime Tree Court, Cardiff Gate Business Park. Cardiff, CF23 8AB Trustees'Annual Rep(xt arKI ACc￿nts. Year ended 31 ￿rch 2024 24

Consolidated statement of finanaal activities Note Unrestricted funds Restricted Endowment funds funds 2023124 Tota I 2022123 Total Restated Income and endowments from: Donations and legacies 329,131 1,461 761,055 1,091,647 1,802,230 Income from investments 31.793 41.052 515,971 588,816 524,795 Charitable activities Grantmaking Other income 2,227,294 2,227,294 1,838,950 io Total income 360,924 2,269,807 1,277,026 3,907,757 4,165,975 Expenditure on: Costs of raising funds Fund development and donor care 176,189 176,189 164,996 Core grants 13.618 13,618 12,090 Investment income 14,998 56.640 71,638 74,619 Charitable activitios Grantmaking 240,744 3,835,323 4,076,067 2,272,398 Promoting philanthropy 145.742 4,277 150,019 125,796 Total expenditure 591,291 3,839,600 56,640 4,487,531 2,649,898 Net incomel(expenditure) before gains and losses on investments (230,367) (1.569,793) 1,220,386 (579,774) 1,516,076 Net gain/(loss) on Investments 2,337,813 2,337,813 (971,990) Net incomel(expenditure) for the year Transfers between funds (230,367) (1,569,793) 3,558,200 1,758,039 544,086 350,358 540,919 (891,277) Not movemont in funds 119,991 (1,028,874) 2,666,923 1,758,039 544,086 Reconciliation of funds Fund balances brought forward 476,439 1,563,879 19,751,328 21,791,646 21,247,560 Fund balances carried forward 596,430 535,005 22,418,250 23,549,685 21,791,646 Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 25

Consolidated and charity balance sheets Chaiity 2023124 Note 2023124 2022123 2022123 Restated Restated Fixed assets Tangible assets 10 2,882 2,882 Intangible assets 10 6,24 IZ486 6,243 12,486 Investments Property 10 1.000.000 500,000 500,000 Securities 23,049,89 19,881,467 15,045,786 12,520,805 24,056,140 20,396,835 15,552,029 12,536,173 Long term debtors 12 58,400 64,320 Current assets Debtors 13 128,841 76,110 126,655 74,124 Cash at bank and in hand 1.463.59 2,245.756 1.022,231 1,999,869 1.592.439 2.321.866 1,148,886 2,073,993 Current liabiliti•s Creditors.. amounts falling due within one year 14 (1.554.296 (￿4.022) (1,473,662) (604,225) Net current assets 38.143 1,607.843 (324,776) 15,227,253 1,469,768 Total assets less current 24,152,684 22,068,997 14,005,942 Creditors: amounts falling due after one year (602,999 (277,351) (567,019) (239,352) Net Assets 23,549,685 21,791,646 14,660,234 13,766,590 Represented by: Unrestricted funds.. General fund 16 596.430 476.439 596,430 476,438 Restricted income funds 17 535.005 1.563.879 345,578 1,398,991 Endowment funds 18 22,418,250 19,751,328 13,718,226 11,891,161 23.549,685 21,791,646 14,660,234 13,766,590 These financial statements have been prepared in occordance with the special provisions of Part15 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 2 December 2024 and were signed on its behalf by: Alun Evans alairn￿n ofTrustees Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 26

Group statement of cashflows Note 2023124 2022123 Restated Net cash used in operating activities 24 (637,992) 1,513,793 Cash inllows from investing activities Investment income 588,816 524,794 Net cash from investing activities 588,816 524,794 Cash flows trom investing activities Payments to acquire fixed asset investments (4.679.484) 3,692,896 (2.847.404) 2,323,015 Receipts from sale of fixed asset investments Net cash generated used in investing activities (1,033,575) (524,389) Operating cash flow in year (1,035,765) 1,514,198 Management of liquid resour¢•s Increase in net cash in investment 253,607 72,742 (Decrease)l increase in net cash at bank in the year Cash and cash equivalents at l April 2023 (782,158) 1,586,939 2,245,756 658,816 Cash and cash equivalents ot 31 March 2024 1,463,598 1245,756 Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 27

Notes to financial statements 1. kcounting policies Charity inforn 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 CFIO 3DD. The accounts have been prepared in accordance with the charity's Articles and Association, the Companies Act 2006 and "Accounting and Reporting by Chorities: 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 (FRS102)" (effective l 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. 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 2024, 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 Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 28

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 one-year 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 mode when the intention to make a grant hos 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 supportand governarKe 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. Taxfjtion 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. 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 Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 29

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. IntangibleAssets These include software, web design and CRMS. They are amortised over the useful life, normally between three and five years. 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 liand 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 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 accountiry policy Funds held by the group are: Unrostri¢t•d 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 andlor choosing suitable beneficiaries, managing grant applications, controlling the grant payments. and project monitoringlreporting. Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 30

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. 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 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. 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. 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. PriorYearAdjusbiients The accounts have been restated to incorporate a prior year adjustment. In the financial statements for the year ended 2022123, investment manager fees had been included in unrestricted costs. These fees should have been reflected in endowments. The prior year figures have been amended to correct this. Critical accounting estimates and assumpti￿ 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 Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 31

Unrestricted funds Restricted Endowment funds funds 2022123 Total Total Core grants Welsh Government 50,000 50,000 40,677 Donations 279,131 1,461 761.055 1,041,647 1,761,553 329,131 1.461 761.055 1,091,647 1,802,230 3. Investment income Unrestricted funds Restricted funds Endowment funds 2023124 Total 2022123 Total Dividends 515,971 515,971 476,876 Property rental 41.052 41,052 42,140 Bank interest 31,793 31,793 5,778 31,793 41.052 515,971 588,816 524,795 Unrestricted funds Restricted Endowment funds funds 2023124 Total 2022123 Total Organisations Individuals 2,227,294 2,227.294 1,838,950 1227,294 2,727,294 1,838,950 Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 32

  1. EXpe￿IltUre Grants Staff- Other direct related Office overheads 2023124 Total 2022123 Total Restated Cost of raising funds: Core grants 13.214 404 13,618 12,090 Fund development & donor care 144,668 23,931 7,590 176,189 164,996 Investment income 14,190 56,640 808 71,638 74,619 Charitable activities Grantmaking 3,809,332 167,727 77,344 21,664 4,076,067 2,272,398 Promoting philanthropy 90,796 49,314 9,909 150,019 125,796 Total resources expended 3,809,332 430,595 207,229 40,375 4,487,531 2,649,898 Grants totalling £3,669,206 (2022123: £1.756,536) have been made to institutions and £140,126 (2022123: £290,632) 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 off ice-related costs. Governance costs Governance costs are included under Community Foundation Wales, charitable actvitites expenditure and are broken down as follows: Unrestricted funds Restricted funds Endowment funds 2023 24 Total 2022123 Total Meeting costs 2,687 2,687 2,466 Trustees costs 4.429 4,429 4,256 Subscriptions 14.982 14,982 14.553 Professional fees 37,345 37,345 12,187 Staff related costs 75,754 75,754 76,825 Office overheads 4,752 4,752 4,701 139.950 139,950 114,989 Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 33

  2. Staff costs 2022123 Total Total Salaries 364,366 332,365 Social security costs Pension costs 31,602 37,688 23,082 17,869 419,050 387,921 The average number of employees in 2023124 was 11 (2022123.12) The average number of full-time equivalent employees during the year, analysed by category, was: 2023124 2022 23 Direct charitable Business development Governance The Foundation considers its key management personnel comprise the Chief Executive, Deputy Chief Executive, Head of Finance, Philanthropy Director. Grants Manager and Head of Marketing & Communications. The total employment benefits including employer pension contributions of the key management personnel were £327,834 (2022123: £326,313). No Trustee received remuneration. The number of employees receiving remuneration (excluding employer pension costs) in excess of £60,000 were: 2023124 2022123 £80,000- £90,000 £70,000 - £80,000

  3. Trustees 6 Trustees (2022123.1 trustees) were reimbursed for expenses of £4,379 (2022123: £2,216). All costs related to travel and subsistence. Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024

  4. Net income forthe year before transfers 2022123 Total Total The net income for the year before transfers is stated after charging: Auditors remuneration 20,225 11,125 Operating lease rentals.. Plant and machinery 2,100 2,100 Depreciation 9,125 9,125 Gains and losses on revaluation of investments 2,368,896 (943,535) (28,456) Gains and losses on disposal of investments (31,083)

  5. Cliarrty 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: 2023124 Tota I 2022123 Total Total income 3,671,156 3,941,698 Total expenditure Net incomingloutgoing resources before transfers Investment gainl(loss) Transfers (4,200,487) (529,331 (2,341,585) 1,600,112 1.422,976 (582,021) Net movement in funds 893,644 1,018,092 Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 35

  6. Fixed and Intangible Assets Churity 2023124 2023124 2022123 2022123 At l April 2023 Additions 500.000 500,000 500,000 500,000 Revaluation At 31 March 2024 1,000.000 500.000 500,000 Properties at year end comprised: Former county school at Newtown 500,000 500,000 Chapel Farm, Usk 500,000 500,000 The former county school at Newton 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 cost of the property was £500.000. On 21 November 2023 the interest in Chapel Farm. Usk, was transferred to CFW at a market value of £500,000. The fund is held by the William Powell endowment fund. Tangible assets Charity 2023124 Cost 2023124 2022123 2022123 Opening balance l April 2023 14,410 14,410 14,410 14,410 Additions in year Value at 31 March 2024 14,410 14,410 14,410 14,410 Accumulated Depreciation 2023124 2022123 2023124 2022123 At l April 2023 11,528 8,646 11,528 8,646 Additions in year 2.882 2.882 2,882 2,882 Value at 31 March 2024 14.410 11,528 14,410 11,528 Net Book Value 2023 24 2022123 2023 24 2022123 At 31 March 2023 2.882 5,764 2,882 5,764 At 31 March 2024 2,882 2,882 Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 36

Intaryible fixed assets Cost Charity 2023124 2023124 2022123 2022123 Opening balance l April 2023 Additions in year 34,390 34,390 34,390 34,390 Value at 31 March 2024 34.390 34.390 34,390 34,390 Amortisation 2023124 2022123 2023124 2022123 At l April 2023 21,904 15,661 21,904 15,661 Additions in year 6,243 6,243 6,243 6,243 Value at 31 March 2024 21,904 28,147 21,904 Net Book Value 2023124 2022 23 2023124 2022 23 At 31 March 2023 12.486 18,729 12,486 18,729 At 31 March 2024 6243 12.486 6,243 12,486 11. InvestM￿ts . Securities Cl￿rIty 2023124 2023124 2022123 2022123 Restated Restated Listed investments ot valuation Opening valuation 19,881,46 20,401,770 12,520,805 12,549,425 Additions in the year 4,777.120 2,847.404 3,547,623 1,793,046 Disposals at carrying value Gain l (loss) on valuation (3.723.980) Z368,896 (2.354,639) (940,327) (72,742) (2,050,253) 1,227,723 (1,482,745) (293,114) (45,806) Cash movements (253,607) (200,112) Closing valuation 23.049.89 19,881,466 15.045,786 12,520,805 2023124 2022123 2023124 2022123 Restated Restated Listed investments comprised UK-listed investments 22.916,438 19,453.645 14.938,855 12,251,401 Portfolio cash flow 133.459 427,821 106,931 269,404 23.049.897 19,881,466 15.045,786 12,520,805 Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 37

aiatity 2023124 2023124 2022123 2022123 Restated Restated Material investments CCLA 6,236,024 5,292,554 3,927,277 3,332,787 Segregated portfolio holdings 16,813.873 14.588.912 11,118,509 9,188,018 23,049.897 19.881.466 15,045,786 12,520,805 12. Long tenn debtors a￿rity 2023124 023124 2022123 2022123 Property rental 58,400 fi4.320 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 Charity 2023124 2023124 2022123 2022123 Other debtors 55.586 1,986 55,586 Prepayments and accrued income 73,256 74,124 71,069 74,124 128,841 76,110 126,655 74,124 M. Creditors . amounts falling due within oneyear 2023124 2022123 2023124 2022123 Trade creditors 8,654 5,453 8,654 5,453 Accruals and deferred income 1,535,260 691,621 1,454,626 581,824 Tax and social security 10,382 16,948 10,382 16,948 1,554296 714,022 1,473,662 604,225 Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 38

Creditors. amounts fallirvJ due greaterthan one year 2023124 2022123 2023124 2022123 2-5 years 60Z999 277,352 567,018 239,352 15. Financial commitments At 31 March 2024 there were annual commitments under non-cancellable operating leases as follows.. 2023/24 2022/23 Within l year Over 5 years years Office lease 19,950 7,652 47,607 Photocopier 1,260 3,780 21,210 7,652 51,387 16. Movement in unrestricted funds fxoup arKI charity Income Expenditure At l April 2023 Transfers At 31 Marc 2024 Unrestricted general fund 476,439 360,924 (591,291) 350,358 596,430 Group and tharity Income Expenditure At l April 2022 Transfers arc 2023 Unrestricted general fund 406.864 261.805 [523.034) 330,804 476,439 Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 39

  1. Movement in restri￿ funds ("_ Linked fund) Details are presented for individual funds with balances or transactions over £30k Immediate impact funds AtIApr Income Expenditure 2023 Transfers At 31 Mar 2024 Ashley Family Foundotion (a2,248) 220,247 (175,647) (43,572) (54,000) (7,648 Wesleyan 13,543 35.000 4,971 Welsh Procurement Alliance 57,000 3,000 Trust and Foundation 41,849 (41,849) Principality 500.000 408.946 (904,526) (63.913) (159,613) (46,625) (50,000) (1.362,077) (249,484) 4,420 Nation of Sanctuary Croeso Fund 46.523 20.316 2,926 Disability FundA COVID19 Recovery support for BAME Health and Social Care Innovation Fund 118,508 Z553 (38,552) 46,625 50.000 Cost of Living Fund 127.835 1.243.307 9,065 Cynnal Immediate Impact Fund True Venture Fund 320,837 71,354 30,417 4,703 35,124 Brian Rees Fund 125.000 125,000 Gwent High Sheriffs. Community Fund Funds with transactions or balances < £30k 22480 61,778 (49,832) (24,984) 34,426 117,540 22,731 (4,703) 110,585 1,353,498 2,227,294 (3,184,273) (41,849) 354,669 Endowment funds AtIApr 2023 Income Expenditure Transfers At 31 Mar 2024 The Lord Merthyr Fund (45,000) (141,064) (12,000) 45,000 Powys Welsh Church Fund t 3,055 138,009 Mont &Tec omeryshire Intermediate nical Education Fund 't 164,375 37,997 190,372 Stanley Bligh Memorial Fund 't (54,021) (37,582) (47,000) (47,538) (30,500) 54,021 Clwyd Welsh Church Fundt 37,582 Fund for Wales 47,000 BIG Fund for Wales Trust Fund 1,000 611 45,927 Newport Community Endowment Fund Waterloo Match 30,500 35,707 (35,707) 81,877 Nation of Sanctuary Fund (81,877) (158,745) Funds with transactions or balances < £30k 9,299 850 138,559 (10,036) 210.381 42,513 (655.327) 582,768 180,335 Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 40

AtIApr 2023 Income Expenditure Transfers At 31 Mar 2024 Group summary Charity 1,398.990 2.231.810 (3,712,270) (127.330) (3,839,600) 427,048 345,578 Linked Charity 164,889 37.997 113,871 189,426 Group 1.563,879 2.269.807 540,919 535,005 Linked funds t= Permanent funds At the 31 March 2024 the Disability fund was £38.6k in deficit. This was a result of the awarding of grants that were not funded. Post year end a transfer was made from the CFW Fund for Wales into the Disability fund in order to fund the additional grants. Immediate impact funds AtIApr 2022 Income & transfers Expenditure & transfers At 31 Mar 2023 Ashley Family Foundation (35,091) 274,143 (291,300) (33,181) (56,400) (5,001) (52,574) (26,929) (31,882) (117,001) (455,869) (52,248) Wesleyan Welsh Procurement Alliance 11,724 35,000 13,543 56,400 Core Funding Programme (Waterloo) Trivallis 74,673 (69,673) 60,062 7,488 Trust and Foundation 68,778 41,849 Seaburne 12,526 28.125 8,769 Principality Nation of Sanctuary Croeso Fund Disability Fund 100,000 517,001 500,000 502,392 46,523 118.508 118,508 COVID19 Recovery support for BAME 118,508 (71,883) 46,625 Health and Social Care Innovation Fund 50,000 50,000 Cost of Living Fund 127.835 127,835 Cynnal Immediate Impact Fund Gwent High Sheriffs, Community Fund Funds with transactions or balances < £30k 320,837 320,837 29,749 65,131 (72,400) (35,387) 22,480 105.909 44.307 114,829 653,622 1,916,500 (1,216,625) 1,353,497 Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 41

Endowment funds AtIApr Income & Expenditure & 2022 transfers tronsfers CapitalAt 31 Mar transfer 2023 The Lord Merthyr Fund (91,500) (98,818) (53,711) (53,002) 91,500 Dr Dewi Davies Fund 98,818 Powys Welsh Church Fund #t Montgomeryshire Intermediate & Technical Education Fund 't Stanley Bligh Memorial Fund 't BIG Fund for Wales Trust Fund 3.055 50,656 178,292 39,085 164,375 (30,298) (273,473) 30,298 1,000 1,000 272,473 1,000 Waterloo Match 35.707 35,707 TJ Jones Memorial Fund (37,000) (213,445) 37,000 Funds with transactions or balances < £30k 23,446 199,299 9,299 238,445 43,140 (851,247) 780,044 210,381 AtIApr 2022 Income Expenditure Capital Transfer At 31 Mar 2023 Group summary Charity 713,263 1,920,555 (1,895,050) (171822) (2,067,872) 660,222 1,398,989 Linked Charity 178,804 39,085 119,821 164,889 Group 892,067 1,959,640 780,044 1,563,879 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 Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 42

  1. Movement in endowment funds AtIApr 2023 Restated Income Investment other returns expenditure Transfers At 31 Mar 2024 The Lord Merthyr Fund 1,143,593 138,695 (3,368) (440) (121) (50,000) (2,293) (420) 1,259,655 Foundation Schools Fund 149,811 3,993 18,215 169,286 Martyn Groves Adventure & Travel Fund 41,144 5,026 46,731 The Sloman Family Fund for Ely 25.101 669 3.052 (74) (80) (3,653) (384) (416) (78,456) 28,365 Former Foundation Powys Fund 27.217 725 3.309 30,755 Stanley Bligh Memorial Fund 1,243,811 33,154 148,930 1,343,786 Llandrindod High School Charity Fund 110,335 Z941 13,252 (324) (5,912) 120,291 Former Girls. Grammar School Brecon 't 268,749 7,164 31,944 (789) (23,033) 284,034 Mont &Tec omeryshire Intermediate nical Education. 835,913 22,282 101,588 (2,455) (13,989) 943,338 MITEF investment property. omery District Trust 500,000 500,000 Mont 480,523 12,809 57,977 (1,411) (18,903) 530,996 New Fun ort Community Endowment 349,406 108,918 52,060 (1,098) (38,897) 470,388 Monmouthshire Further Education Fund 't 314,852 8,393 38,281 (925) (4,818) 355,783 Cardiff Citizens Charity 't 154,529 4,119 18,788 (454) (7,967) (1,123) (2,364) (183,735) (6,952) 174,619 Powys Welsh Church Fund t 2,711,043 72,404 324,622 2,916,367 Rudbaxton Parish Education Fund 382,429 10,194 46,455 431,002 Fund for Wales 810,190 715.073 165.768 (3.454) (326) (36,026) (8,302) 1,651,550 Wrexham Commu 111,152 2,963 13,259 118,746 Education Trust for Cardiff Citizens't 402303 10.724 48.871 (1.181) (7.255) 453,461 Denbighshire Community Endowment Fund 378.741 10.096 45.340 (1.112) (24,123) 408,942 Flintshire Community Endowment Fund 220.542 5.879 26.573 (648) (9,611) 242.735 Hawarden District Relief Fund 406.033 10.823 48.696 (1,192) (863) (530) (23,560) (53,188) (2,300) 440,800 BIG Fund for Wales Trust Fund 659,025 (495,963) 17,295 126,306 Carmarthenshire Fund 180,309 4,815 21,974 204,268 Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024

AtIApr 2023 Restated Income Investment returns Other expenditure Transfers At 31 Mar 2023 Dr Dewi Davies Fund 1,163,823 31,022 140,694 (3,418) (38,716) 1,293,405 (418) (2,181) Wrexham Commu Endowment Fund it LA 142,470 3.798 17,322 160,991 Education Trust of John Vaughan 90,247 2.406 10.764 (265) (6,765) 96,387 Wales in London 91,574 2.446 10.947 (269) (22) (6.668) (113) 98,030 An En lesey Community owment Fund 7.391 197 899 8,352 Daisy Fund 86,849 1315 10.474 (255) (3,529) (105) (729) (2,868) (31,609) 1,086,343 95,855 Emrys Davies Legacy Fund Education Fund for Denbigh and Surrounding Area 't Mary Jane Foundation Trust LNB Fund 35,760 950 4,328 40,202 976,681 26,034 118,105 35,306 941 4,293 (104) (540) (1,201) (6,759) (1,817) (50,807) 39,896 409.057 (9.106) 48,906 440,896 Clwyd Welsh Church Act Fund 618.590 16,489 73.612 656,068 William Gale Fund 164.923 4.396 20,052 (484) (116) (105) (810) (233) (2,523) (606) (549) (4,215) (1,213) 186,363 Newport Girls Fund 39,608 1,056 4,816 44,758 Nancy Mudge Fund 35,865 956 4,361 40,527 Cardiff Story Fund 275.699 7.349 33.521 311,544 Newtown Maintenance Reserve ' 79,290 2.114 9.640 89,598 TJ Jones Memorial Fund't 2.221.088 59.433 270.732 (6.531) (37.656) 2,507,065 (2,137) (101,160) 728,823 Nation of Sanctuary Croeso Fund 727,721 19,399 85,001 Cynnal Fund 642,635 17,328 79,230 (1,894) 737,299 NE Wales Science Fund 3,498 149 3,647 William Powell Fund 500.000 500,000 19,751,328 1,277,026 2,337,813 (56,640) (891,277) 22,418,250 AtIApr 2023 Restated Income Investment other returns expenditure Transfers At 31 Mar 2024 Group summary Charity Linked Charity 11,891,161 1,080,609 1,446,502 (35,017) (665,028) (21,623) (226,249) (56,640) (891,277) 22,418,250 13,718,226 7,860,167 196,418 891,311 8,700,024 Group 19,751,328 1,277,026 2,337,813 Linked funds t= Permanent funds Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024

AtIApr 2022 Restated Income Investment Other returns expenditure Transfers At 31 Mar 2023 The Lord Merthyr Fund 1,280,980 30,504 (67,627) (8,329) (2,117) (3,764) (96,500) (473) (7,812) (125) (470) 1,143,593 Foundation Schools Fund 162,587 3,837 149,811 Martyn Groves Adventure & Travel Fund 42,841 1,015 41,144 The Sloman Family Fund for Ely 26,355 622 (1,314) (77) (485) 25,101 Former Foundation Powys Fund 28,452 672 (1,409) (83) (415) 27,217 Stanley Bligh Memorial Fund 1,336,215 31,537 (67,868) (3,885) (52,190) 1,243,811 Llandrindod High School Charity Fund 115,563 2,728 (5,735) (336) (1,885) 110,335 Former Girls Grammar School Brecon 't Montgomeryshire Intermediate & Technical Education, 297,891 7,031 (15,552) (866) (19,755) 268,749 878,206 20,728 (43,677) (2,553) (16,790) 835,913 MITEF investment property. 500.000 500,000 Mont omery District Trust 511,054 12,062 (25,732) (1,486) (15,375) 480,523 Newport Community Endowment Fund 382,528 9,028 (19,761) (1,112) (21,277) 349,406 Monmouthshire Further Education Fund 't Cardiff Citizens Charity 't Powys Welsh Church Fund t Rudbaxton Parish Education Fund .1 Fund for Wales 344,195 8,124 (17,748) (1,001) (18,718) 314,852 161,545 3,813 (8,003) (145,767) (20,678) (470) (8,415) (1,189) (2,355) (90,775) (14,261) 154,529 2,887,707 68,294 2,711,043 408,906 9,651 382,429 775,694 97,745 (35,947) (6,834) (2,478) (24,824) (371) (12,109) 810,190 Wrexham Commu Endowment Fund fchurch) Education Trust for Cardiff Citizens 't Denbighshire Community Endowment Fund 127.457 3,008 111,152 421,400 9,946 (20,922) (1,225) (6,896) 402,303 421,186 9.941 (22.041) (1,224) (29,120) 378,741 Flintshire Community Endowment Fund 251,250 5.930 (13.417) (730) (22,490) 220,542 Hawarden District Relief Fund 436,749 10.308 (22.213) (1,270) (17,541) 406,033 BIG Fund for Wales Trust Fund 1,009,563 23.827 (64.916) (2,935) (306,513) 659,025 Carmarthenshire Fund 209,893 4,964 (11,406) (612) (22,530) 180,309 Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 45

AtIApr 2022 Restated Income Investment other returns expenditure Transfers At 31 Mar 2023 Dr Dewi Davies Fund 1,333,031 31,401 (71,492} (8,707) (3,875) (125,302) (473) (14,917) 1,163,823 Wrexham Community Endowment Fund (LA) 162,726 3,841 142,470 Education Trust of John Vaughan 95,401 Z252 (4,776) (277) (2,353) 90,247 Wales in London 99,908 Z793 (5,158) (383) (292) (22) (5,676) (113) 91,574 An En lesey Community owment Fund 7,727 182 7,391 Daisy Fund Emrys Davies Legacy Fund Education Fund for Denbigh and Surrounding Area 't Mary Jane Foundation Trust 86,633 7,161 (4,167) (1,870) (51.728) (266) (2,512) (109) (731) (3.003) (25,862) 86,849 37,585 883 35,760 1,032.895 24.378 976,681 36.910 871 (1.829) (9,821) (23,033) (34,704) (107) (1,248) (1,960) (538) (6,761) (35,017) 35,306 LNB Fund 449,921 409,057 Clwyd Welsh Church Act Fund 674,355 15,916 618,590 William Gale Fund 172,414 4,069 (8,545) (2,052) (1.878) (9,790) (4,107) (501) (120) (109) (825) (241) (2,515) (604) (699) (4,161) (1,208) 164,923 Newport Girls Fund 41,408 977 39,608 Nancy Mudge Fund 37.662 889 35,865 Cardiff Story Fund Newtown Maintenance Reserve ' 233,879 56,595 275,699 82,889 1,956 79,290 TJ Jones Memorial Fund* 2,345,067 55,594 (113,955) 25.198 (6,854) (58,763) (2.030) (10,500) 2,221,089 Nation of Sanctuary Croeso Fund 715.053 727,721 Cynnal Fund 654,163 (11,527) (971,990) (58,992) (1,110,848) 19,751,329 642,635 19,948,630 1.944,529 AtIApr 2022 Restated Income Investment Other returns expenditure Tiansfeis At 31 Mar 2023 Group summary Charity 12,506.572 1.780.437 (625.698) (346,292) (971,990) (38,774) (895,463) (20,218) (215,385) (58,992) (1,110,848) 12,727,074 Linked Charity 7,442,058 164,092 7,024,255 Group 19,948,630 1,944,529 19,751,329 Linked funds Permanent endowment funds Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 46

erKy Funds The Foundation manages six charitable investments (2022123: 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 2023124 are detailed below. AtIApr 2023 Income Investment Othei Transfers returns expenditure At 31 Mor 2024 Restated Gwent High Sheriffs. Community Fund 571,204 15,402 70,423 (1,684) 655,345 Cricket Wales Foundation 31,592 5,851 4.162 (96) (437) (199) (63) (687) 40,822 Mudiad Meithrin Fund 148,276 3,998 18,281 170,118 Cronfa William Salesbury Llan ammarch Disaster Fun 67,672 1,804 8,228 (1,035) 76,471 28,491 (29,623) 1,196 Mab Gwalia 242,159 6,530 29,855 (714) (3,192) 277,830 1,089,394 3,961 132,145 (1,722) 1,220,586 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. AtIApr 2023 Income resources Resources Allocated to Revaluation expended income s, gains & losses At 31 Mar 2024 Permanent Endowments Endowment fund capital 7.731.390 7,731,390 Unapplied total return 2,075,281 260,915 (184,844) (289,462) (184,844) (289,462) 1,178,317 3,040,207 9,806,671 260,915 1,178,317 10,771,597 Expendable endowments 9,944,657 1,016,111 (180,305) (293,306) (365,149) (582,768) 1,159,496 11,646,654 Total endowments 19,751,329 1,277,026 2,337,813 22,418,250 Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 47

AtIApr Income 2022 resources Resources Allocated to Revaluations, expended income gains & losses At 31 Mar 2023 Permanent Endowments Endowment fund capital 7,731.390 7,731,390 Unapplied total return 2,721,913 246.346 (176,956) (193,365) (522,656) (176,956) (193,365) (522,656) (212.840) (586,679) (449,334) (389,796) (780,044) (971,990) 2,075,281 10,453,303 246,346 9,806,671 Expendable endowments 9,495,327 1.698,184 9,944,657 Total Endowments 19,948,630 1.944,529 19,751,328 Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 48

  1. Analysis of assetsniabilrties between funds Unrestricted funds Restricted funds Endowment Funds 2023124 Total 2022123 Total Group Investments 379,496 1.252.541 21.418.250 23,050,287 19,881,467 Investment property 1,000,000 1,000,000 500,000 Fixed and intangible assets 6,243 6,243 15,368 Long term debtors Current assets excluding cash at bank and In hand 58,400 58,400 64,320 6.069 122.772 128,841 76,110 Cash at bank and in hand 250,749 1,21Z460 1,463,209 2,245,756 Creditors: amounts falling due within a year Creditors: amounts falling due after one year (46,127) (1,508,169) (1,554,296) (714,022) (602,999) (602,999) (277,352) 596,430 535,005 22,418,250 23,549,685 21,791,646 Unrestricted funds Restricted funds Endowment Funds 2023124 Total 2022123 Total Charity Investments 379,496 1,448,065 13,218,226 15,045,786 12,520,805 Investment property 500,000 500,000 Fixed and intangible assets 6,243 6,243 15,368 Long term debtors Current assets excluding cash at bank and in hand 6.069 120.586 126,655 74,124 Cash at bank and in hand 250,749 771,481 1,022,230 1,999,870 Creditors: amounts falling due within a year Creditors: amounts falling due after one year (46,127) (1,427,536) (1,473,662) (604,225) (567,018) (567,018) (239,352) 596,430 345.578 13.718,226 14,660,234 13,766,590 Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 49

Analysis of assetslf￿bIIitIeS between funds atthe previous year end Unrestricted Restricted funds funds Endowment Funds 2022123 Total Group Investments 33.080 597,059 19,251,328 19,881,467 Investment property 500,000 500,000 Fixed and intangible assets Long term debtors Current assets excluding cash at bank and in hand 15,368 15,368 64,320 64,320 6.069 70.041 76,110 Cash at bank and in hand 458.871 1.786,884 2.245,756 Creditors: amounts falling due within a year (36,950) (677,073) (714,022) Creditors: amounts falling due after one year (277,352) (277,352) 476,438 1,563,879 19,751,328 21,791,645 Unrestricted Restricted funds funds Endowment Funds 2022123 Total Charity Investments 33,080 596,565 11,891,161 12,520,805 Fixed and intangible assets Long term debtors 15,368 15,368 Current assets excluding cash at banklhand 6,069 68,055 74,124 Cash at bank and in hand 458,871 1,540,999 1,999,870 Creditors: amounts falling due within one year (36,950) (567,275) (604,225) Creditors: amounts falling due after one year (239,352) (239,352) 476,438 1,398,992 11,891,161 13,766,590 20. Related PartyTransacli(xis UK Community Foundations provides membership services for UK Community Foundations. For these services £11,691 (2022123: £10,770) was charged during the period. Andrew Tuggey was the Chair of of UK Community Foundations during the year. The amount due to UK Community Foundations at the year-end was £nil (2022123: £nil). Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 50

During the year ended 31 March 2024. Community Foundation Wales awarded: Charity Total of rants Total of rants awankd¥24 awankd g2.23 memknofstaif 2.000 Andrew Tuggey Ffin Dance, Abertillery Andrew Tuggey is a trustee of Community Foundation Wales and the former Champion of Ffin Dance. 21. Pension Sd￿rnes 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 2024, the total employer contributions charged for these schemes amounted to £18,189 (2022123. £17,869) 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 cl￿rItIeS The Charity is sole trustee of, and therefore controls, the following charities: Name Charity Linked quisition Montgomeryshire District Trust Fund 513855 1074655-5 31 August 2009 Montgomeryshire Intermediate & Technical Education Fund 525726 1074655-3 31 August 2009 Stanley Bligh Memorial Fund Former Girls Grammar School Brecon 525314 1074655-6 31 August 2009 31 August 2009 1074498 1074655-4 Monmouthshire Further Education Trust Fund 1146059 1074655-7 l April 2010 Rudbaxton Parish Education Fund 1145391 1074655-8 l November 2010 Cardiff Citizens Charity 206549 1074655-9 l November 2010 Education Trust for Cardiff Citizens 50665606 1074655-10 l November 2010 Education Fund for Denbigh and Surrounding 1074655-1 Area 1074655-1 31 March 2016 TJ Jones Memorial Fund 1074655-2 1074655-2 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 os 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 Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 51

2023 24 Total 2022123 Total Montgomeryshire District Trust Fund Investment income 12,808 12,061 other income Cost of generating funds (3.512) (18,302) 57,977 (2,415) (14,446) (25,732) (30,532) Charitable activities Investment gains and losses Net movement in funds 48,971 Assets 533,996 486,223 Liabilities (3,000) (5,700) Net Assets 530,996 480,523 Unrestricted funds Endowment funds 530,996 480,523 Funds 530,996 480,523 2023 24 Total 2022123 Total Montgomeryshire Intermediate & Technical Education Fund Investment income 62,391 61,769 Other income 2,187 1,859 Cost of generating funds (7,035) (25,042) 111,228 (7,057) (68,594) (47,784) (59,807) Charitable activities Investment gains and losses Net movement in funds 143.729 Assets 1,760,480 1,640,627 Liabilities (37,173) (61,048) Net Assets 1,723,308 1,579,580 Unrestricted funds 190,374 164,377 Endowment funds 1,532,934 1,415,203 Funds 1,723,308 1,579,580 Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 52

2023 24 Total 2022123 Total Stanley Bligh Memorial Fund Investment income 33,153 31,537 other income Cost of generating funds (9,761) (72,347) 148,930 (6,444) (49,630) (67,868) (92,405) Charitable activities Investment gains and losses Net movement in funds 99,974 Assets 1,369,757 1.255,361 Liabilities (25,9￿) (11,550) Net Assets 1,343,786 1,243,811 Unrestricted funds Endowment funds 1,343,786 1,243,811 Funds 1,343,786 1,243,811 2023 24 Total 2022123 Total Former Girls Grammar School Brecon Investment income 7,163 7,031 other income Cost of generating funds (2,248) (21,575) 31,944 (1,574) (19,047) (15,552) (29,143) Charitable activities Investment gains and losses Net movement in funds 15,284 Assets 294,534 276,249 Liabilities (10,500) (7,500) Net Assets 284,034 268,749 Restricted funds Endowment funds 284,034 268,749 Funds 284,034 268,749 Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 53

2023 24 Total 2022123 Total Monmouthshire Further Education Trust Investment income 8,392 8,124 other income Cost of generating funds (z129) (3,612) 38,281 (1,805) (17,915) (17,747) (29,343) Charitable activities Investment gains and losses Net movement in funds 40,932 Assets 355,783 316,352 Liabilities (1,500) Net Assets 355,783 314,852 Restricted funds Endowment funds 355,783 314,852 Funds 355,783 314,852 2023 24 Total 2022123 Total Rudbaxton Parish Education Fund Investment income 10,193 9,651 other income Cost of generating funds (2,611) (5,464) 46,455 (1,863) (13,588) (20,678) (26,477) Charitable activities Investment gains and losses Net movement in funds 48,573 Assets 434,002 387,429 Liabilities (3,000) (5,000) Net Assets 431,002 382,429 Restricted funds Endowment funds 431,002 382,429 Funds 431,002 382,429 Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024

2023 24 Total 2022123 Total Education Trust for Cardiff Citizens Investment income 10,723 9,946 other income Cost of generating funds (2.745) (5,691) 48,871 (1,905) (6,216) (20,922) (19,098) Charitable activities Investment gains and losses Net movement in funds 51,157 Assets 453,961 403,803 Liabilities (500) (1,500) Net Assets 453,461 402,303 Restricted funds Endowment funds 453,461 402,303 Funds 453,461 402,303 2023 24 Total 2022123 Total Cardiff Citizens Charity Investment income 4,118 3,813 other income Cost of generating funds (1,045) (1,773) 18,788 (706) (2,119) (8,003) (7,015) Charitable activities Investment gains and losses Net movement in funds 20,088 Assets 174,619 155,041 Liabilities Net Assets 174,619 155,041 Restricted funds 512 Endowment funds 174,619 154,529 Funds 174,619 155,041 Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 55

2023 24 Total 2022123 Total Education Fund for Denbigh and Surrounding Area Investment income 26,033 24,378 other income Cost of generating funds Charitable activities (6,983) (27,494) 118,105 (4,716) (24,149) (51,728) (56,214) Investment gains and losses Net movement in funds 109,661 Assets 1,095,823 976,681 Liabilities (9,480) Net Assets 1,086,343 976,681 Restricted funds Endowment funds 1,086,343 976,681 Funds 1.086,343 976,681 2023 24 Total 2022123 Total TJ Jones Memorial Fund Investment income 59,432 55,594 other income Cost of generating funds (12,195) (31,992) 270,732 (7,154) (58,463) (113,955) (123,978) Charitable activities Investment gains and losses Net movement in funds 285,976 Assets 2,534,066 2,269,089 Liabilities (27,000) (48,000) Net Assets 2,507,066 2,221,089 Restricted funds Endowment funds 2,507,066 2,221,089 Funds 2,507,066 2,221,089 Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 56

  1. Reconciliation of income / (eXPe￿IllUre) to net cash kn from OFxrating adivities Note 2023 24 Total 2022123 Total Net movement in funds 1,758,039 544,085 (Gains)Iiosses on investments Net investment income and bank interest repayable (Increase) I decrease in debtors Increase in creditors (2,337,813 (588,816 971,990 (524,794) 13 (46,812 1,165,921 93,635 14 419,752 Donation of fixed assets 10 (500,000 Add back depreciation and amortisation Transfer of investments io 9,125 9,125 (97,636 (637,992 Net cash inflowl(outflow) from operating activities 1,513,793 Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 57

Note Unrestricted funds As Restated Restricted funds Endowment funds As Restated 2022123 Total Income and endowments from: Donations and legacies Income from investments 256,026 78,550 1,467,653 1,802,230 5,778 42,140 476,877 524,794 Charitable activities Grantmaking 1.838.950 1.838,950 Other income Total income 261,805 1,959,640 1,944,530 4,165,975 Expenditure on: Costs of raising funds Fund development and donor care 157,750 7.246 164,996 Core grants 10,020 2,070 12,090 Investment income 15.627 58.992 74,619 Charitablo activities Grantmaking Promoting philanthropy 222,124 2,050,274 2,272,398 117.514 8.282 125.796 Total expenditure Net incomel{expenditure) before gains and losses on investments 523,035 2,067,872 58,992 2,649,898 (261.230) (108.232) 1,885,538 1,516,076 Net gainl(loss) on Investments (971.990) (971,990) Net incomel(expenditure) for the year Transfers between funds (261.230) (108.232) 913,548 544,086 330.804 780.044 (1,110.848) Gain on revaluation Net movement in funds 69.574 671,812 (197,300) 544,086 Reconciliation of funds Fund balances brought forward 406,865 892,067 19,948,629 21,247,560 Fund balances carried forward 476,439 1,563,879 19,751,328 21,791,646 Trustees, Annual Rep(xt arKI Acc￿nts. Year ended 31 ￿rch 2024 58

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