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

5. 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

6. 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
7. 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

8. 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)
9. 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

10. 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

17. 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

18. 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

19. 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

24. 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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