2025-03-31-accounts

Community Foundation Wales Sefydllad Cymunedol Cymru - Trustees Annual Report and Accounts 2024-25

Contents 1 Croeso 2 Our year in review 5 The year ahead 7 Our Trustees 8 Equality Diversity and Inclusion 10 Financial review 14 Objectives and activities 15 Structure and governance 22 Independent auditor's report 25 Financial Statements 28 Notes to the financial statements

Croeso It's an honour to write my first introduction as the new Chair of Community Foundation Wales. Although I've only recently taken up the role, it's already clear to me that Community Foundation Wales Is more than a charitable foundation - it's a community of people who believe in the strength, resilience, and potential of Wales. People who act on that belief on a daily basis. "One thing has remained In my first few months, I've had the chance to meet some of the people and organisations we support. What's struck me most is their resourcefulness, driven by a deep care for their communities. communities coming I want to begin by offering heartfelt thanks. To our fantastic staff, who bring commitm8nt and deep local knowledge to everything they do. To our Trustees, who give their time, insight and leadership so generously. And to our supporters - longstanding and new - whose belief in our vision makes our work possible. l also want to take this opportunity to thank my predecessor, Alun Evans, for his steady leadership, and to express my gratitude to our former Treasurer, Kathryn Morris, who has handed over the reins to Derek Howell. This past year has brought enormous challenges. Global instability, rising inequality, and the cost-of-living crisis have all taken their toll, not only on the communities we work with, but on our own resources, including a significant impact on our investment funds. We're living through uncertain times and the responsibility to respond with care and purpose has never been greater. Yet throughout it all, one thing has remained constant: the power of communities coming together. Across Wales, we've seen extraordinary eff orts from small grassroots organisations and local charities - people creating change, building connections, and making c3 lasting impact. And thanks to our supporters, we've been able to do just that: funding work that tackles loneliness, supports young people and creates safe spaces. But we know there is more to do. Looking ahead, we're focused on deepening our understanding of community needs, investing in long-term relationships, and growing our supporter base who believe - as we do - that local people are best placed to drive local change. There is so much potential. So much creativity and pride, which is what Wales is known for. At Community Foundation Wales, we're committed to supporting that potential, and building a fairer, more connected Wales for future generations. If you're inspired to work with us to create a stronger Wales, we'd love to hear from you. We look ahead with excitement and positivity, ready to build on this work in the year to come. Chair, Community Foundation Wales

Ouryear in Review Growing our funds A legacy of giving For over 25 years, we've been trusted with endowment funds from trust transfers and a wide range of generous donors. These funds are invested with long-term sustainability in mind and a source of return in perpetuity, helping us support individuals and community groups across Wales through our varied grant programmes. Strengthening our resources It's been a challenging year for investments, shaped by global events and political uncertainty. Thanks to the skill and experience of our investment managers, we've not only protected the value of our existing funds but have also grown them, welcoming new income from donors and trust transfers, including through the Revitalising Trusts project in partnership with the Charity Commission. Making it easier to give We know that if we want to do more for future generations - especially in times of crisis - we need to encourage more giving. That's why we waive fees for those contributing to established funds like our Fund for Wales. We're also working with donors and professional advisers to offer guidance on making the most of any tax benefits when giving. Supporting donors, empowering communities We manage all the administrative and regulatory requirements for our supporters. This ensures donations are used efficiently and responsibly, reducing the pressure on Individual donors. Because we work across Wales, and often (rt a very local level, supporters can see their giving making a real difference in the communities they care about, whether it's ongoing support or a quick response to an emerging need. Trustee5'ArThd Reportand Acc￿￿ts. Yery ended 31 ￿r(h 2025

Developing our voice 25 years of community impart 2024 marked a special milestone: 25 years as Wales, Community Foundation. To celebrate, we held events in Bangor, Wrexham, Brecon, Cardiff, and Neath-working alongside local community groups, county councils, businesses, funders, and infrastructure support orgonisations. These gatherings honoured the partnerships and shared efforts that have helped us grow and serve communities across Wales. £40 million distributed We're proud to have built an endowment worth over £23 million and to have distributed more than £40 million in funding to communities across Wales. Our grants support a wide range of work from educational bursaries for students and talented young people, to crisis funding for individuals and families facing difficult time& Behind every grant is a story of people improving lives within their communities. Celebrating the power of small grants This year, we shared stories that highlight the lasting impact of our Fund for Wales. These stories reflect the spirit of St David's words - 'Gwnewch y pethau bychain, (do the little things). The report demonstrates how even small grants can create meaningful, lasting change in communities across Wales. A story close to home We were delighted to collaborate with Tricia Bowen, a volunteer who travelled from Australia to reconnect with her Welsh roots and communities in Wales. Her thoughtful reflections on the Fund for Wales brought a fresh perspective on the importance of small grants, showing how real lives are touched in simple, powerful ways, Listeningg learning and responding Alongside our partners - corporate donors, funders, and local businesses - we used our knowledge and sector insight to highlight emerging needs across Wales. Our latest reports focus on the impact of the cost of living crisis and the experiences of people seeking sanctuary. They tell a wider story: of communities coming together, offering practical help and human connection when it's needed most. Trustee5'Annud Reportand Acc￿￿￿. Ye¢r ended 31 2025

Nurturing a brilliant organisation Learning and adapting In a fast-paced and constantly changing world, we work hard to stay responsive, keeping pace with new technology, shifting needs, and the skills required to meet them. We regularly consult with our stakeholders and use what we learn to shape and improve the services we offer. Over the past year, we built on insights from our Loud and Clear research (undertaken in 2019), which reshaped how we approach grant-making. That work led us to fund core costs and offer longer-term, multi-yeor funding. In 2023, we published a follow-up report ~ Loud and Clear: Learning and Reflecting - to understand what has changed for community groups since those initial shifts. The findings provided further recommendations to help us continue improving how we work. Ease of access We believe everyone should have the opportunity to access support. This means not only ensuring that our grants are open and inclusive, but also that the way we communicate about them is clear and accessible, Based on feedback from our Loud and Clear sessions, we learned that it's not just about what we share, but how we share it One of the clearest messages was the need for simpler, more accessible communication. As a direct result, we have introduced Easy Read versions of our grant documents, designed to support people who may find traditional formats or complex language chalSenging. Improving the way we work Alongside our external work, we've made improvements internally too. This includes upgrading our finance system, enhancing our CRM capabilities, and ensuring the wellbeing of our team through these changes. Staff continue to report feeling well-supported, whether through IT systems, flexible working arrangements, or day-to-day communication. Regular feedback helps us respond quickly when concerns arise, reinforcing a healthy and collaborative working environment. Trustee5'Annud Reportand Acc￿￿￿. Ye¢r ended 31 2025

The year ahead Community Foundation Wales is here to support community groups, both now and for generations to come. To do that, we build endowment funds designed to generate sustainable, long-term income for charitable causes across Wales. Our focus is on lasting impact, and we've set out an ambitious growth plan to help meet the evolving needs of communities across the country. Grow our funds fo Prioritise building endowment funds Fee review to encourage the funds we need fo Plan and pilot a'local approach, fo Promote more donations to Fund for Wales fo Emergency fund planning T￿Stees'Annud Rep(xt andAcc<xM)ts. Ye¢T ended 31 Marrh 2025

Develop our voice fo Grow the engagement and impact ofour storytelling Build support and awarer*ss through CFW Connect and CFW Croeso Improve use of our expertise and sedor leadership Promote collal)oration by highlighting the impact of current partnerships Nurture a brilliant organisation Continue to shape ourwork by errfJagingi listening and learning fo 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 82 /, (up from last year which was 78 /.) and the attendance at our committee meetings was 76 /. (down from 77/. 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 stotement, 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 recruiL 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. Trustee5'Annud ReP￿t (yMIAcc￿ts. Yery ended 31 ￿rrh 2025

Equality, diversity and inclusion Community Foundation Wales continuously seeks to ensure we're 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, ethnicity and Welsh language skills of our staff and Trustees, {rA) (8%) 118.29 (2rA) Staff Trustees (3(M) 4&59 (55%) 15fA) Gender (9rA) {54%) (46°A) Female Ma Trustees (¢r/.) Staff Ethniaty (r￿) {rA) Mixed Bla&. Black British, Caribbean or African (82%) r Asian, Asian British Staff Trustees T￿stees'Annua Rep￿* ¢YKI Acc<xwts. Yery ended 31 2025

Disability 36% Staff Trustees Welsh language Staff Trustees Afrtde 46% Afrtde 15% No 36% Trustees'Annud Rep￿* ¢YKI Acc<xwts. ye￿ ended 31 2025

Financial review The net assets of Community Foundation Wales are valued at £23.4m, a decrease of £O.Im on the prior year. New endowment of £0.4m was received. ncome of £3.Im was generated, £336.5k of which was designated for the Foundation's core operational costs and was generated from promoting and managing philanthropy (74°A), core grants (15/.), donations (5/.) and investment income (6/.). Expenditure was £3.2m of which £2.5m was spent on over 468 grants to different organisations and individuals. Charitable activity expenditure was £3.Om and represents 93 % of total charitable expenditure. Unrestricted end of year reserves of £611.4k, are greater than the target range but will reduce in the coming year as less income is anticipated. Income Income of £3.Im was generated, of which £0.7m was received from donations, £0.4m of this consisting of new endowments. Income and dividends from investments was £594.3k. This is an increase on the previous year despite the downturn in investment valuation towards the end of 2024125. Charitable activity income of £l.8m relates to grant-making from immediate impact restricted funds and is a decrease of £0.4m on the prior year. Core grants 2% 5rA Trustee5'Annud ReP￿t (YMI AcC￿￿ts. Yery ended 31 ￿rrh 2025 .'10

Expenditure Expenditure was £3.2m, of which £1l0.7k, was spent on developing new funds and looking after our existing fund holders, £20.3k was spent on securing core grant income and £61.2k on managing our investment portfolio to develop returns for grant-making. Charitable octivity expenditure was £3.Om of which £2.5m was spent directly on grants to over 468 projects. 8% Grants Staff rel(rted costs Other&ired costs 76% Investsments Community Foundation Wales, Finance, Risk and Investment Cornrnittee 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 tecjm 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. Trustee5'Annud ReP￿t (YmIAcc￿ts. Yery ended 31 ￿rrh 2025 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 copital is added or withdrawn. Community Foundation Woles, 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 ond 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 off icially designated as income as and when it is needed to meet expenditure requirements. Community Foundation Wales still maintains a modest income flow which is deslgned to assist with meeting cashflow requirements. Cash will be withdrawn from the endowment funds to cover the management fees and to enoble grant- making. For 2024125 the trustees recommended an across the board distribution figure of 6 /0 of the value of the endowment ot 30 September 2023, except in specific cases where funds required higher or lower distribution amounts to meet community needs andlor 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 £l0.5m as at 31 March 2025 (see note 18). The initial value of the permanently endowed trust for investment was established as 1st April 2012. For permanently endowed trusts established after this, it is the date the fund was established. The net assets of Community Foundation Wales at 31 March 2025 are £23.4m. Net assets are made up of £0.4m net current liabilities, £O.Im in long term liabilities and £23.9m of investments, which consist of an investment property volued at £0.7m and an investment portfolio valued at £23.2rn. The investment property 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 £89.3k. The investment property is valued at £665k and delivered a gross yield of 8.9/.. 1/0 of this relates to historic rent from 2015 which is being paid off in annual instalments. Within current liabilities is a property acquired by Community Foundation Wales through a transfer of ossets 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 £0.2m in the year. Markets rose steadily in the first half of the year, however decreased as a result of political shocks. Trustees'Annud Rep¢xt andA(C￿ts. Yery ended 31 hknrrh 2025 12

The funds are managed by two investment managers, RBC Brewin Dolphin who manage a segregated investment portfolio worth approximately £17.3m and CCLA who manage the remainder of the portfolio, valued at approximately £6.0m. 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 oddress this concern, we have deveSoped the following resenies 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, thls 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 resenies are £611.4k which exceeds the reserves policy, however the forecast for 2025126 is such that a proportion of these will be used, hence reducing the balance closer to the reserves policy level. Trustees'Annud ReP￿t (YMIA(C￿ts.yery ended 31 hknrrh 2025 -113

Objectives and activities Charitable ¢Jbjects 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 Memorondum of Association) are: the promotion of ony charltable purpose for the benefit of the communlty In Wales including the advancement of education, the protection of good heolth, both mental and physlcal, and the rellef 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 Mlssion: To strengthen and enrich local communities across Wales by inspiring and managing philanthropy. Vlsion: A Wale5 With a thriving voluntary and community sector. where local people lead projects and have the financial resoufces to develop their own solutions based on need. Charitable activities Promoting philanthropy ond grant-making ore Cornmunity Foundation Wales, principal charitoble actlvltles, representlng the two sides of Community Foundation Wales. core purpose, that of encouraging charitable giving and investing in communlties. 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 charltable objectives (promotlng philanthropy and grant-making) benefit the grant reclpients and thelr communlties through financial support to deliver o range of actlvities which strengthen communlties: grant-making, free to beneficiories, is colloborative (e.g. through working with local Panels to recommend decisions on which projects to fund), and inclusive (e.g. through our grants policy which outlines our transparen¢ 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 civll society,. initiatives such as the Fund for Woles and philanthropy events promote charltable giving.

Structure and governance Governing document &legal status Community Foundation Wales is a Charitable Company limited by guarantee registered as Community Foundation in Wales. The Charitable Company was established under a Memorandum of Association dated 19th November 1998 and is governed under its Articles of Association. Following a comprehensive review, new Articles of Association were adopted on 24th March 2012. Community Foundation Wales is registered with the Charity Commission (registered charity number1074655). It has the power to receive funds for donors and other contributors ond make grants to eligible individuols ond communities in support of charitable activities in and for Wales. Community Foundation Wales is also a registered company number 03670680. We publish our audited accounts on an annual basis along with our annual report. Membership In the event of the company being wound up, Members are each required to contribute an amount not exceeding £1. The Members comprise the current Trustees. Board reCrUi￿en￿ induction and development The Directors of the company are also charity trustees for the purpose of charlty 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 rollin9 five year strategic vision and longer term ambitions. Terms of off ice, clear roles and résponsibilities, Committee Terms of Reference, and a Trustee Development Plan are all in placé. The Inductlon programme for new trustees Includes: famillarisatlon meetlngs; a Trustee Handbook; visiting funded projects; staff briefings,. and attendance at events and Foundatlon actlvltles. Each trustee also sits on a Board Committee. In order to achieve our ombitions, Community Foundation Wales, Trustees are committed to learning from examples of best practice from across the community foundation membership and beyond. Community Foundotion 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 Communlty Foundation Wales is a member of UK Communlty Foundatlons (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 lange of member services including a national conference, formol and informo71 tralning, and enabling sharlng and leorning 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 o member of UK Community Foundations is the expectation that all community foundations maintain their quality accredited status which is re-accredited every three years. The programme has been reviewed and refreshed and Community Foundation Wales is In the process of submission of information as part of our 6" round of accreditation, reflecting our continued commitment to excellersce, accountability, and impact. The UKCF Quality Accreditation sets the standard for community foundations across the country, providing a robust framework that ensures transparency, consistency, and credibility. It off ers assurance to our partners, donors, and communtties that CFW operates to the highest standards. This accreditation will remain in place for the three years.

Organisation governance and strucbjre During 2024125 Community Foundation Wales had 13 Trustees on tts Board. The Company Secretary (the Chief Executive) attends Board meetings but has no voting rights. Community Foundation Wales has o President (Captain Sir Norman Lloyd-Edwards). Former Trustee and former Chair of the Wales Council for Voluntary Action, Peter Davies, and internationally renowned horpist Elinor Bennett (Lady Wigley), are Ambassadors of the Fund for Woles. The Board's Committees are reviewed eoch year ensuring that Community Foundation Wales has an appropriate committee structure to enoble it to deliver its objectives. Committees operating in this financial year were.. Gronts committee, which approves grants on behalf of the Board. This year the Grants Committee monitored, evaluated and supported the monagement of £3.8m in grants on behalf of Community Foundation Wales, Fund holders, donors and clients. Finance, Risk & Investment commlttee, whose work ensures oppropriate risk monagement and supports the ochievement of a benchmarked return on investment of our capitol 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 strateglc planning and development octivity. Governance Committee which Is responsible for ensuring the Foundation complies with Its governance duties, including regular review of policies. The Board's Committees meet regularly wlth responsibility for the delivery of the flve year strategic Plan sitting at the heort 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 ottend and contribute to all Commlttee meetings, and this oftèn happens in practice. The Chief Executive slts on all Board Committees, with senior managers also in attendance. staff members often joln Trustees, meetings, as well as workshops and project vlsits.. Community Foundation Wales has insurance cover appropriate to the needs of the organisation. which is reviewed annually. This includes Trustees indemnity of £lm. Pay and remuneration The Directors on the Boaid of Directors, who are the Trustees of Community Foundotion 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 bosis. All Directors give of their time freely and no Director received remuneration in the year. Expenses are paid in line with the Community Foundation Wales, Expenses Policy, which relates to both Trustees and staff. Details of Directors, expenses and related party transactions are disclosed in note 7 and note 20 to the accounts. Staff pay Is revlewed annually in line with the Salary Review Policy which includes the following framework: subject to approval by the Board of Trustees and aff ordubility within the budget an annual /. increase will be awarded and equitably distributed to all staff,. salary changes can be reflected by changes in duties or responsibilities in the job description., promotions, additional holiday andlor volunteer time and one-off bonuses can also be awarded; a salary change can be outhorised for a short term period, for example for additionol responsibilities or duties undertaken on o short term basis, or permanently; and in exceptional circumstances a staff member may receive a salary cut. Trustees'Annud Rep¢xt andA(C￿￿.Yery ended 31 ￿rrh 2025

Risk management community Foundotion Wales continues to identify and review the major risks that it faces, ond has robust procedures to mitlgate and manage them. This includes each Committee taking responsibility for monitoring appropriate risks identified through the Risk Policy and Risk Register os a standing item on eoch meeting agenda. Fhis ensures that oll Trustees are awore 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, economlc crisis) failure to maintain income Relatsd Parties Note 20 gives details of various small transactions wlth other related parties. Linked charities - for accounting purposes, Community Foundation Wales is a Group comprising several separate charlties whose accounts and activities are consolldated within this Group report and accounts. These charities within the Group are: Community Foundation Wales: a Simrted company ond 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 chorlty number 525726)". provides bursaries to flrst year students at Aberystwyth University who ottended 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 irs 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 chority number 1074498).. for general education purposes for the residents of Brecknockshire. Community Foundation Wales is the sole trustee. Educotlon Trust for Cardlff Cltlzens (registered charity number 506656): to odvance the education of residents of Cardiff. Community Foundation Wales is the sole trustee. Cardiff Citizens Charity (registered charity number 206549).. for the relief of financial hardship of residents of Cardiff. Community Foundation Wales is the sole trustee. Rudbaxton Parish Education Fund (registered charity number 1145391): to advance the education of children and young people under the age of 25 who live in the Parish of Rudbaxton. Community Foundation Wales is the sole trustee. Monmouthshire Further Education Trust Fund (registered charity number 1146059): to advanc& 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 charlty number1074655-2): to provlde scholorships to assist beneficiaries to undertake training in engineering or advanced technlcal education at institutions of further education. Community Foundation wales Is the sole trustee. Trustees'Annud Rep¢xt andA(C￿ts.Yery ended 31 hknrrh 2025 17

Administration fees paid to Community Foundation Wales by linked charities are as follows. Charity 2024/25 2023/24 Montgomaryshire District Trust Fund 8,563 8,403 Montgomeryshire Intermediate and Technlcal Education Fund 17,048 15,202 stanley Bligh Memorial Fund 22,378 24,435 Former Brecon Girls School Fund 5,410 5,833 Education Trust for Cordiff Cltizens 7,594 6,255 Cardiff Citizens Charity 2,674 2,364 Rudbaxton Parish Education Fund 7.660 5,952 Monmouthshire Further Education Trust Fund 5,898 4,818 The Education Fund of Denbigh and the surrounding Area 18,574 16,459 The TJ Jones Memorial Fund 25,595 22,656 Unless explicitly stated otherwise, the comments in this report apply to the Group. Trustees'Annud ReP￿t (yMIA(C￿ts.yery ended 31 hknrrh 2025

Reference and administrative detals The charity's registered name is: The Communty 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 Off ice: Ist Floor. Hastings House, Fitzalan Place. Cardiff CF24 OBL Trustees serving in the financial year or at the date of approval of this report.. Alun Evans (Chairman) (Term ended 2 January 2025) Kathryn Morris (Treosurer) (Term ended 2 January 2025) Andrew Tuggey C8E DL Emma Beynon Annabel Lloyd Sarah Corser Elizabeth Ruth James lan Thomas Gaenor Howells Derek Howell Dr Davld Wyn Davies Judith Stella Rhys Osian Prys Elis (Appointed 23 September 2024) (Appointed 23 September 2024) (Appointed 23 September 2024) The Trustees delegoted the day-to-day management of the charity to the Chief Executive and Company Secretcjry, Richard Williams. Senior management team Chief Executive: Richard Williams Deputy Chief Executive and Director of Programmes: Andrea Powell Director of Phllanthropy.. Katy Hales Head of Communication and Marketing: Sian Eleri Wyn Phillips Adoms Head of Finance". Smitha Coughlan Asha Vijendran Head of Grant Operations Trustees'Annud ReP￿t (YmIA(C￿ts. Yery ended 31 hknrrh 2025

Auditors Bishop Fleming Audit Limited 10 Temple Back Bristol BSI 6FL Bankers The Royal Bank of Scotland South Wales Commercial Off ice One Kingsway Cardiff CFIO 3AQ Solicitors Geldards LLP 4 Capital Quarter Tyndall Street Cardiff CFIO 48Z Invesbnent Managers Brewln Dolphln Ltd Third Floor Two Central Square Cardiff CFIO IFS CCLA Investment Management Limited l Angel Lane London EC4R 3AB Trustee5'Annud ReP￿t (YMI Arcawts. Yery ended 31 ￿rrh 2025 20

The trustees present their reP￿t and financial statements for the year ended 31 March 2025. The accounts have been prepored 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 opplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK ond Republic of Ireland (FRS102)" (effective from l January 2019). Statement of trustees, responsibilities The Trustees who are also the directors of Community Foundation in Wales for the purposes of company law are responsible for preparing the Report of the Trustees and the finonciol statements in accordance with applicable law and United Kingdom Accounting Standords (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare flnancial statements for each financial year which give a true and fair view of the state of affairs of the Charitable Compony and the group and of the incoming resources and application of resources, including the income and expenditure, of the Chorltable Group for thot period. In preporing those financiol 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 ond estimates that are reasonable and prudent,. state whether appllcoble 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 thot the Choritable Company will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the finonciol position of the charitable company and to enable it to ensure that the financial statements comply with the Charities Act 2011, the Companies Act 2006. the applicable Charities (Accounts and Reports) regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularities. Statement as to disd05ure of inforniation to auditors So far as the trustees are aware, there is no relevant information (as defined by Section 418 of the Companies Act 2006) of which the Charitable Company's auditors are unaware, and each trustee has taken all the steps that they ought to have taken as o 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 Componies Act 2006 relating to small companies. Approved by the Board of Directors on 6 October 2025 and signed on its behalf. Rhys Trustee & Trea5wer Trustees'Annud ReP￿t (YMIA(cawts. Yery ended 31 hknrrh 2025 .21

IndependentAuditor's Report IndepetKkntAuditorfs Report to the Members and Trustees ofcommunty Foundatlon in Wales Opinion We have audrted the financial statements of Community Foundation in Wales (the 'parent charitable company,) and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise consolidated and charity company statement of financial activities, the consolidated ond charlty 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 Proctice). In our opinion, the financial statements: glve a true and falr vlew of the state of the group's and parent charitable company's affairs as at 31 March 2025, und of the group's incoming resources and opplicatlon 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 ot the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditin9 (UK) (ISAS (UK)) and applicable law, Our responsibilities under those standards are further described in the auditor responsibllities for the audit of the financial statements section of our report. We are independent of the group and parent charltable 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 ethicol responsibillties In accordance wlth these requirements. We belleve that the oudit evidence we have obtained Is suff icient and appropriate to provide a basis for our opinion ConchJsK>ns relatiry to goiry Co￿eM In auditing the financial stcjtements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the flnancial statements Is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions tha( individually or collectively, may cast significant doubt on the group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 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 inlormation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. 22

If we identity such material inconsistencies or apparent material misstatements, we cJre 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 facL We have nothing to report in this regard. Opinion5 on other m(kn prescribed by the CompaniesAct 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees, report, which includes the directors. report prepared for the purposes of company law, for the financial year for which the financial statements are prepared Is consistent wlth the financial statements", and the directors, report included within the trustees, report has been prepared in accordance with opplicable legal requirements Matter5 on which we are required to report by excepli In the light of the knowledge and understanding of the group and parent charitable company ond 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: odequate accounting records have not been kept by the parent charitable company, or returns odequate for our audit hav8 not been received from branches not vlsited 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 informatlon 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 companles, exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. ResPon￿￿11111eS of the trustees As explained more fully in the trustees. responsibilities statement the trustees (who ore also the directors of the parent charitable company for the purpose5 of company law) are responsible for the preparation of the financial statements and for being satisfied that they give o true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that ore free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group's and parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's re5ponsibilitie5 for axlit of the firnncial State OLJr objectives are to obtain reasonable assurance obout whether the financial stotements as o whole are free from material misstatemenL whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that un 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. 23

Extentto which the audit was Consid￿ copable of deteding irregulurilie4 induding fraud Ilrregulartties, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities including fraud. The extent to which our procedures are capable of detecting irregulorities, including fraud is detailed below.. We have considered the nature of the sector, control environment and financial perfoTmonce,' We have considered the results of enquiries with management and Directors in relation to their own identification and assessment of the risk of irregularities within the entity,. We have reviewed the documentation of key processes and controls and pertormed walkthroughs of transactions to confirm that the systems are operating in line with documentation; and We have considered the matters discussed among the audit engagement team regording how and where fraud might occur in the finoncial statements and potential indicators of fraud. As a result of these procedures, we have considered the opportunities and incentlves that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a porticular risk in relation to year-end cut off. In common with all audits under ISAS (UK) we are also required to perform specific procedures to respond to the risk of management override. Our Pfocedures to respond to the risks identtfied included the following.. Reviewing the financial statement disclosures and testing to supporting documentation to oss&ss compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements,. Performing analytical procedures to identify unusual or unexpected relationships that may indicate rlsks of material misstotement due to fraud,. Review of board minutes; Enqulring of management in relation to octual and potential claims and litigations,. Performing detailed tronsactional testing in relation to the recognition of revenue, speclflcally grants, with a particular focus around year-end cut off; In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments. We also communlcated Identlfled laws and regulotlons and potentlal fraud rlsks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. As a result of the inherent limitations of an audit, there is a risk that not all irregularities, including a material misstatement in the financial statements or non-compliance with laws and regulations, will not be detected by us. The risk increases the further removed compliance with a law or regulation is from the events and tronsoctlons reflected in the financial statements, given we wlll be less likely to be aware of it, or should the irregularity occur as o result of fraud rather than a one off error. as this may involve intentional concealmenL forgery, collusion, omission or misrepresentation. A further description of oui responsibilities for the oudit ot the financial statements is located on the Flnancial Reporting Councll's webslte at: www.frc.org.uklaudltorsresponsibilitles. This description forms part of our Auditors. Report. Use ofour report This report is made solely to the charitable company's members, as o body, in accordance with Chapter 3 of Part16 of the Companies Act 2006. Our audit work has been undertaken so that we might stote 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 churitable company's members as a body, for our audit work, for this repor¢ or for the opinions we have formed. Chris Troitham KA (Senior Skntsrtwyknfrtor) for ¢nYl ￿ behdf of Bishq> Fleming A￿11 Limited Chartered Accountants statutory auditor 10 Temple Bock, Bristol BSI 6FL Date 20 October 2025 Trustees'Annud Rep¢xt andA(C￿ts. Yery ended 31 hknrrh 2025 24

Consolidated statement of financial activities Note Unrestricted funds Restricted Endowment funds funds 2024125 Total 2023124 Total Income and endowments Irom: Donations and legacies 315,890 390,049 705,93a 1,091,647 Income from investments 20,495 42,712 531,084 594,291, 588,816 Charitable activities Grantmaking other Income 1,837,752 1,837,75Z 2,227,294 io 84 84 Total income 336,469 7,880,463 921,133 3,138,065 3,907,757 Expenditure on: Costs of ralsing funds Fund development and donor care 109,807 910 110,71? 176,189 Core grants 20,211 52 20,263 13,618 Investment income 17,687 103 61,224 79,01$ 71,638 Charltable actlvltlo$ Grantmaking 328,844 2,486,509 2,815,353: 4,076,067 Promoting philanthropy 207.927 5,820 213,741 150,019 Total expenditure 684,471 2.493,393 61,224 3,239,089 4,487,531 Net Sn¢omo1(6xp•ndlture) before gains and losses on Investments (348,002) (612.930) 859.908 (101,024) (579,774) Net gain/(loss) on investments {182,789) (182,7891 2,337,813 Gain on Revaluation of property Net incomel(expenditure) lor the year Transfers between funds io 165,000 165,000 (348,002) (612,930) 842,120 (118,812) 1,758,039 362,985 551,732 (914,717) Net movement In funds 14,983 (61,198) (72,597)1 (118,812) 1,758,039 Reconciliation ol lunds Fund balances brought forward 596.430 535,005 22,418,250 23,549,685 21,791,646 Fund balances carried forward 611,413 473,807 22,345,6521 23,430,872 23,549,685 Trustees'Annud Rep￿ (Thl Acc<xwts. Ye¢r ended 31 2025 25

Consolidated and charity l)alance sheets Charity 2024125 Total Note 2024125 Total 2023124 Total 2023124 Total Fixed assets Tangible ossets Intangible assets 10 10 6,243 6,243 Invostmonts Property 10 665,00(i 23,239,49a 1,000,000 500,000 Securities 23,049,897 15,262,725 15,045,786 23,904,49¥ 24,056,140 15,552,029 75,552,029 Long torm debtors 12 58,400 Current assets Debtors 13 91,521 500,40 500,004 T,091,934 128,841 81,999 126,655 Cash at bank and in hand 1,463,598 148,983 1,022,231 Assets held foi sale 14 500,000 1,592,439 730,981 1,148,886 Current Ilablllties Creditors.. amounts falling due within one year Netcurrent Ilabllitlos l assets Total assets less current Ilabllltles 15 (1,445,081 1.554,296) (1,370,751) (1,473,662) (353,147) 23.605.306 38,143 (639,770) 14,622,355 (324,776) 75,227,253 24.152,684 Creditors: amounts falling due after one year Net Assots (174.4341 (602.999) (135,494) (567,019) 23,430,872, 23,549,685 14,486,861 14,660,234 Represented by: Unrestricted funds: General fund 17 611,41S. 596,430 611,413 596,430 Restricted income funds 18 473,807 22,345,654 23,430,872 535,005 273,077 345,578 Endowment funds 19 22,418,250 13,602,370 13,718,226 23,549,685 14,486,861 14,660,234 These financial statements have been prepared in accordance 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 finoncial statements were approved by the Board of Directors on 6 October 2025 and were signed on its behalf by: Jucfi Derek Howel Board OfTn￿tee5 Trustees'Annud Rep¢xt ¢YKI Acc<xwts. ye￿ ended 31 2025 26

Group statement of cashflows Note 2024125 2023124 Net cash used in operating activities 25 (1,185,100), (637,992) Cash inf lows Irom investing activlties Investment income 594,291 588,816 Net cash from investing activities 594,291 588,816 Cash flows from Invostlng actlvlties Payments to acquire fixed asset investments Receipts from sole of fixed asset investments 11 (3,485,570) 3,044,478 (4,679,484) 3,692,896 Net cash used in investing activities (441,092) (1,033,575) Operatlng cash Ilow In year (1,031,901) (1,035,765) Management ol Ilquld rosourc•$ Increase in net cash in investment 11 68,708 253,607 {Decrease)I Increase In net cash at l>ank In the year Cash and cash equlvalents at l Aprll 2024 (963,193), (782,158) 1,463,598 2,245,756 Cash and cash equlvalents at 31 Ma￿h 2025 500,405 1,463,598 Trustees'Annud Rep¢xt ¢YKI Acc<xwts. ye￿ ended 31 2025 27

Notes to financial statements 1. Accounting poliaes Community Foundation in Wales is a charitable company limited by guarantee incorporated in England ond Wales. The registered off ice is Ist Floor, Hastings House, Fitzalan Place, Cardiff CF24 OBL The accounts have been prepared in accordance with the charity's Artlcles and Assoclation, 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 l January 2019). The charity is a Public Benefit Entity os defined by FRS 102. The Charltable Company's functionol and presentational currency is the pound sterling (£), and balances are rounded to the nearest £1. The flnancial 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. prePara￿n ofthe accounts on an on90iry concern basis The Trustees consider that ther8 are no material uncertalntles about the Charltable Compony's obillty to contlnua as o going concern. Basis of consolidabon The group flnanclol statements consolldate those of community Foundation wales and Its linked charities (see note 23), made up to 31 March 2025, 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 Stotement of Financial Activities (SOFA) has been prepored for the Charitoble Company os permltted by Section 408 of the Companies Act 2006 and parograph 397 of the SORP. Income and expencfthre Income Is recognised when the Choritable Company has entltlement to the funds, any performance condltions attached to the item(s) of income have been met, it is probable that the income will be received and the omount can be measured rellably. It Is derlved from the activities outlined below. Donations without conditions are accounted foi 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 wh8re 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. 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 fecognised once there is a legal or constructive obligation to make a payment to a third party, it is proboble that settlement will be required and the amount ot 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 legol fees. Cost of charitable activities Costs of charitable octivities include grants made, governance costs ond an apportionment of Support costs. Grants payable are payments made to third parties in the furtherance of the choritable objects of the Choritoble 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 attachlng to that grant is outside of the control of the Charitable Company. Provisions for grants are made when the intention to make a grant has been communicated to the reclpient but there is uncertainty as to the tlming of the grant or the amount of grant payable. The provlsion for a multl-year grant is recognised at its present value where settlement is du6 over mor6 than one year from the date of the award, ther& are no unfulfllled performance conditions under the control of the charitable company that would permit the choritable 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 monltoring 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 poyment will be delayed rother than withdrawn. Support costs are these functions that assist the work of the Charitable Company but do not directly undertake charitoble 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 whlch support costs hove been allocated are set out In note 5. The charltable members of the group are exempt from income arKI corporation toxes on Income and gains to the extent that they are applied for thelr charitable objects. InveStn￿nts Assets held for investment purposes are valued at morket 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 importonce. Realised gains and losses on investments are calculated as the dlfference between sales proceeds of these investments and their market value at the start of the year, or thelr subsequent costs, and are charged or credited to the statement of the financial activlties in the period of disposal. 29

Unrealised gains and losses represent the movement in market values during the yeor and are credited or charged to the statement of financial activities based on the market value at the year end. Realised ond unrealised investment returns ore 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. Tho power of total return permits the Trustees to invest permanently endowed funds to moximise total return and to apply an oppropriate 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 unopplied 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. F￿ed Assets Depreciation is provided on all tangible assets, other than land or investment properties, at rates established to write off the costs of over its expected useful life. Leasehold property Improvements - four years to next lease review. Intangible Assets These include software, web design and CRMS. They are amortised over the usetul life, normolly between three and five years. Debtors Debtors are recognised at the settlement amount due after any discount offered. Prepayments ure valued at the amount prepaid net of any discounts due. Cash at Ixmkand in hand Cash at bank and in hand includes cash and short term highly Ilquid Investments wlth a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Creditors urKI provisions Creditors and provisions are recognised where the Charitoble Company has a present Dbligation resulting from a past event that will probably result in the transfer of funds to a third party and the omount due to settle the obligation can be measured or estimoted reliably. FinarKial instruments The Charitable Company only has financial assets and financial liabilities of a kind that quality os basic financial instruments. Basic financiol instruments are initially recognised at transaction value and subsequently measured at their settlement value. Fund accountiry policy Funds held by the group are". Unrestricted Funds - these cover the operating costs and reserves of the group,- there are no designated funds. Restricted Funds - these are given the following classifications= Immediate Impact - these are funds where the money for grants payable originates from other organisations or indlviduals, but the originator has delegated all or part of the work of researching, recommending andlor choosing SUFtable beneficiaries, managing grcint applications, controlling the grant payments, and project monitoringlreporting. 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 ersable the delivery of charitable activities. Endowment Funds - the endowment funds held at the balance sheet date are all to be used for specific purposes. Pern￿nent Endowments Permanent endowment funds represent assets which must be held permanently by the trust. Income arising on the endowment funds can be used in accordance with the objects of the trust and is included as unapplied total return until transferred to income. Any capital gains or losses arising on the assets form part of the fund and are included as unapplied total return until transferred to income. Expendable endowment funds represent assets which the trustees may choose to convert to income. Income arising on these funds is recognised as restricted or unrestricted Income. Assets converted to income will be transferred to restricted or unrestricted income in accordance wlth the objects of the fund. Pension costs Contrlbutions in respect of deflned Contribution pension schemes are charged to the statement of financial actlvlties In the period In whlch 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. Critical accounliry eStIn￿kS a￿1 awmPti￿5 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. Trustee5'Annud ReP￿t (YMIA(cawts. Yery ended 31 ￿rrh 2025 31

1. Income from donations and legacies Unrestricted funds Restricted Endowment funds funds 202472.5 Total 2023124 Total Core grants Welsh Government 50,176 50,176 50,000 Donations 265.714 390,049 655,763 1,041,647 315,890 390,049 705,939 1,091,647

2. Investment income Unrestricted funds Restricted Endowment funds funds 2024125 Total 2023 24 Total Dividends 531,084 531,084 J15,971 Property rental 42,712 42,712 41,052 Bank interest 20,495 20,495 31,793 20,495 42,712 531,084 594,29] 588,816 Income from charitable activities Unrestricted funds Restricted Endowment funds funds 2024125 Total 2023 24 Total Orgonisationslindividuals 84 1,837,752 1,837,836 2,227,294 84 1,837,752 1,837,836 2,227,294 Trustees'Annud Rep￿￿K1 Acc<xwts. Yery ended 31 2025 32

3. Expenditure Grantsstaff-ielated Othei diiect Off ice overheads 2024125 Total 2023124 Total Cost of raising tunds: Core grants 8,779 11,026 4581 20,263 13,618 Fund development & donor care 89,493 12,673 8,552 110,717 176,189 Investment income 16,875 61,224 916 79,015 71,638 Charitabl• activlti•s Grantmaklng 2,470,183 196,551 123,863 24,756 2,815,353 4,076,067 Promotlng philanthropy 158,510 44,128 11.103 213,741 150,019 Total resources expended 2,470,183 470,207 252,915 45,785 3,239,089 4,487,531 Grants totalling £2,316,187 (2023124.. £3,669,206) have been made to institutions and £153,995 (2023124: £140,126) to individuals. The dlrectors do not believe any particular institution received a moterial grant in the context of grant making. Costs have been attrlbuted on a bosis consistent with the use of resources. Where costs cannot be allocated, they are apportioned by the estimated percentage of time spent on each activity, Office overhead costs equate to support costs - being premises and office-related costs. Governan￿ costs Governance costs are Included under Community Foundation Wales. charltable actvitites expenditure and ore broken down as follows.. Unrestricted funds Restricted Endowment funds funds 2024125 Total 2023 24 Total Meetlng costs 7,160 7,160 2,687 Trustees costs 4,499 4,499 4,429 Subscriptions 15,906 15,906 14,982 Professional fees 17,222 18.127 35,349 37,345 staff related costs 112,479 112,479 75,754 Office overheads 41,914 515 42,430 4,752 199,182 18,642 217,824 139,950 The increase in off ice overheads stems from a change in cost allocation which resulted in more IT system cost and irrecoverable VAT cost attributed to governance than had been the case in 2023124. Trustee5'Annud ReP￿t (YmIA(C￿ts.yery ended 31 ￿rrh 2025

4. Staff costs . 202412.5 Total 2023124 Total Salaries 396,809 364,366 social security costs Pension costs 31,602 19,799 23,082 451,270 419,050 The average number of employees in 2024125 was 12 (2023124: 11) The average number of full-time equivalent employees during the year, analysed by category, was: ?0241?5 2023 24 Buslness devèlopment Governance Thè Foundation conslders Its key management personnel comprlse the Chlef Executive, Deputy Chlef Executlve, Head of Finance, Philanthropy Director, Head of Grants OpeTation5 ond Head of Marketing & Communications. The total employment benefits including employer pension contributions of the key management personnel were £350,894, (2023124.. £327,834). No Trustee recelved remuneratlon. The number of employees receiving remuneration (excluding employer pension costs) in excess of £60,000 were. 2024125 2023 24 £80,000- £90,000

5. Trustees 6 Trustees (2023124: 6 trustees) were reimbursed for expenses of £4,499 (2023124: £4,379). All costs related to travel and subsistence. Trustees'Annud Rep¢xt andA(C￿ts. Yery ended 31 hknrrh 2025

6. Net income for the year before transFers 2024f25 Totol 2023124 Total The net income for the year before transfers is stated after charging.. Audltors remuneration 17,314, 20,225 Operating lease rentals: Plant and machinery Depreciation Gains and losses on revoluation of investments 2,100 6,243 9,125 (76B68J (105,9211 2,368,896 Gains and losses on disposal of investments (31,083)

7. Charity results As per section 408 of the Companies Act 2006, the charity has not included its own income and expenditure account in these financial stotements. The results of the Community Foundation in Wales are summarised below.. 2024125 Total 2023 24 Total Total inconie 2,900,694 3,671,1,)6 Total expenditure (2,952,053),. (51,359 (122,015) (4,200,487) (529,331 Net outgoing resources before transfers Investment gainl(loss) Transfers 1,422,976 Net movement in funds (173.373 893,644 Trustees'Annud ReP￿t (YMI Arcawts. Yery ended 31 ￿rrh 2025 35

8. Fixed and Intangible Assets a￿rity 2024125 2024125 2023124 2023124 At l April 2024 I,000,ooo 500,000 500,000 Additions 500,000 500,000 Revaluation 165,000, (500,00()) 665,000 Reclassification of Chapel Farm (500,000) At 31 March 2025 500,000 Properties at year end comprised: Former county school at Newtown Chapel Farm, Usk 665,00 500,000 500,000 500,000 Former county school Newtown: This property is part of the Montgomeryshire Intermediate & Technical Education Fund endowment. The property is valued quinquennially and was valued on 9 May 2025 by Andrew H Turner MRICS from Morris Marshall on an open market valuation basis. The valuation was dated 31 March 2025. 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. As this asset is likely to be sold within 12 months from the bolance sheet date, it has been reclassified as a current asset held for sale. Tangible assets Charity Cost 2ti24125 2023124 024125 2023124 Opeiiing balarice l April "J24 14,41Q 14,410 14,410 Additions in year Value at 31 March 2025 14,41 14,410 14,410 Accumulated Depreciation 024f25 2023124 D24-f2S 2023124 At l April 2U24 14,4104 li.528 14,410 11,b28 Additions in year 2,882 2,882 Value at 31 March 2025 14,41 14,410 14,410 14,410 Net Book Value 2021126 2023124 5024125 2023124 At 31 March 2024 2,882 2,882 At 31 March 2025 Trustees'Annud Rep￿ (Thl Acc￿￿￿. Yery ended 31 Munh 2025 36

Intangible fixed assets Cost Charity 2024125 2024125 2023124 2023124 Opening balance l April 2024 34,390 34,390 34,390 34,390 Additions in year value at 31 March 2025 34,39CI, 34.390 34,390 34,390 Amoitisation 2024125 2023124 2024125 2023124 Al l April 2024 28,147. 21,904 28,147 21,CJ04 Addltions in year 6,243"., 6.243 6,243 6,243 Value at 31 March 2025 34,39 28,147 34,390. 28,147 Net Book Value 2024125 2023 24 2023124 2023 24 At 31 March 2024 6,243 12,486 6,243 12,486 At 31 March 2025 6,243 6,243 11. Investments . Securities Cl￿rity 2024125 2024125 2023124 2023124 Listed investments at valuation Openlng valuatlon Addltlons In the year 23,049.890, 3,257,181; Iz757,0121'. (241,868), (68,708), 23,239,493 19.881,467 15,045,786 12,520,805 4.777,120 (3,723,980),, 2,368,896 1242,746 {1,911,803)' (60,410) (54,195) 15,26Z124 3,547,623 (2,050,253) 1,227,723 Disposals at carrying value Gain l (loss) on valuation Cash movements (253.607) 23,049,896 ' (200,112) Closing valuation 15,045,786 2023124 2024125 2023124 Listed investments comprised UK-listed investments 23,189,503. 22.916,438 15,212,135 14,938,855 Portfolio cash flow 49,989 133,459 49,989 106,931 23,239,49& 23,049,896 15,262,124 15,045,786 Trustees'Annud Rep￿￿K1 Acc<xwts. Ye¢r ended 31 2025 37

Charity 2024125 2023124 2023124 Material investments CCLA 5,971,483 6.236.024 3,897,877 3,927,277 Segregated portfolio holdings 17.268,010 16,813.873 11,364,247 11,118,509 23,239.493 23,049,897 15,262,124 15,045,786 12. Long term debtors Charity 2024125 024125 2023124 2023124 Property rental 53,980 58,400 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 ot £5,920 pa. 13. Debtors Cliarity 2024125 2024125 2023 24 2023 24 otliei. debtors 22,029 55,586 12,499 55,586 Prepayments and accrued income 69,500 73.256 69,500 71,069 91,529 128,8411 81,999 126,655 14 Assets held for sale 2024125 2023124 2024125 2023124 Assets held for sale - Chapel Farm Usk 500,000 500,000 500,000 500,000. Chapel Farm was acquired by Community Foundation Wales through a transfer of assets from a charitable trust. 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. As this asset is likely to be sold within 12 months from the balance sheet date, it has been reclassified as a current asset held for sale. 38

1. Creditors - amounts falling due within one year 2024125 2023124 2024125 2023124 Trade creditors 31,889 8,654 39,910 8,654 Accruals and deferred income 1,397,179 1,535,260 1,322,849 7,454,626 Tax and social security 16,01&1 1,445,081,, 10,382 7,991 10,382 1,554,296 1,370,751 1,473,662 Creditors. amounts falliry (kne greaterthan oneyear 2024125 2023124 2024125 2023124 2-5 years 174,434 602,999 135,494 567,018
2. Financial commitiiients At 31 March 2024 there were annual commitments under non-cancellable operating leasès as follows.. 2024/25 2023/24 Within l year Over 5 years years Ollice leojse 27,602 Photocopier 981 38 1,260 8,633 38 28,862

3. Movement in unrestricted funds Cxow> ond ch(wity At l April 2024 Income Expenditure Tronsfers At 31 March 2025 Unrestricted general fund 596.429 336.469 (684,471) 362,985 611,413 At l April 2023 Income Expenditure Tionsfers At 31 MareFf 2024 Unrestri6ted general lund 4ID,4J8 300,924 (591,2ai) 3aFO,J58 596,42a Trustees'Annud Rep￿ IYKI Acc￿￿￿. Yery ended 31 2025 39

4. Movement in restricted fijnds ('_ Linked fund) Details ore resented for indiyidi Inl fi IndR with bolonop_s or tronsoctiong ovp.r £30 Immediate impact funds AtIApr Income Expenditure 2024 Transfers At 31 Mar 2025 Gwent High Sheriffs Fund Ashley Family Foundation 34,426 80,718 (76,000) (325,652) (157,000) (506,078) (7,324) (70,000) {10.036) 29,108 (7,648) 269,952 (63,348) (10,000) Welsh Procurement Alllance 3,000 144,000 principality Building Society FGF Disability Fund 4,420 509,704 (3,626) 37,838 4,420 (38,552) 8,038 Cost of Living Fund Cynnal Immediate Impact Fund 9,065 153 75,269 14,487 71,354 (24,948) 3,470 (46,406) True Venture 35,724 (28,800) (84,600) (220,000) (72,500) (43,419) (220,766) 9,794 Brown Famlly Fund Nourlsh the Nation Fund 89,919 5,319 292,500 SWEF Enterprise Fund 60,000 16,581 The Peoples Postcode Fund 225,000 4,234 The Callum Wylie Fund 45,000 45,000 Principality RFF 100,000 (103,626) 3,626 Brian Rees Fund 125,000 125,000 Funds with transactions or balances < £30k 118,489 29.245 (55,184) (63,394) 29,156 354,678 1,832,752 (1,898,458) (79,238) 209,743 Endowment funds AtIApr 2024 Income Expenditure Transfers At 31 Mar 2025 Lord Mcrtliyi Mont omefyshire Intermediote &Tec nlcal Education" (51,24u) (28,980) 190,372 38,764 200,156 Powys Welsh Church Fund t Fund for Wales 7,248 (115,550) (947) (63,610) (50,000) (30,000) (30,000) (15,202) (8,500) (200,915) (594,944) 708,303 4g,000 48,053 BIG Fund for Wales Trust Fund 63,610 Dr Dewi Davies 50,000 William Gale 30,000 Thomas John Jones Memorial Fund* 30,000 Wllliam Powell Fund (16,557) 1,700 (30,053) cynnal Fund Funds with transactions or balances 1 £30k 46,406 37,906 6.515 202,403 8,003 180,335 47,712 630,961 264,064 Trustees'Annud ReP￿t (YmIA(C￿ts. Yery ended 31 hknrrh 2025

AtIApr 2024 Income Expenditure Transfers At 31 Mar 2025 Group summary Charity Linked Charity 345,578 1.841,699 (2,379,980) (113,413) (2,493,393) 465,771 273,068 189,426 38,764 85,961 200,739 Group 535,005 1,880,463 551,732 473,807 Linked funds t= Permanent funds At the 31 March 2025 the Ashley Family Fund and Welsh Procurement Alliance fund were in Deficit, This was a result of the awarding of gronts that have not yet been funded. Fundin9 will be received when the grants are due for payment. The William Powell Fund is also in deficit. The fund's only asset is a property in Usk. Legal and property costs have been incurred during the year which will be funded by the proceeds from the sale of the property which is likely to be put up for sale in 2025126. Movement in restrKted fu￿$ at tl* prevM)us yearerKI Immedlate Impact funds AtIApr Income 2023 Expenditure Transfers At 31 Mar 2024 Ashley Family Foundation (52,248) 13,543 220,247 (175,647) (43,572) (54,000) (7,648) Wesleyan Welsh Procurement Alliance 35.000 4,971 57,000 3,000 Trust and Foundatlon 41,849 (41,849) Prlnclpallty 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 118,508 2.553 (38,552) COVID19 Recovery support for BAME Health and Social Care Innovation Fund 46,625 50,000 Cost of Living Fund cynnal Immediate Impact Fund True Venture Fund 127,835 1,243,307 9,065 320,837 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 22,480 61,778 (49,832) (24,984) 34,426 117,540 21731 (4,703) 110,585 1,353,498 2,227,294 (3,184,273) (41,849) 354,669 Trustees'Annud ReP￿t (YMIA(cawts. Yery ended 31 hknrrh 2025 41

Endowment funds AtIApr 2023 Income Expenditure Transfers At 31 Mar 2024 The Lorcl Merthyr Fund [4b,000) (141,064) (12,000) 45,UOU Powys Welsh Church Fund t Mont omeryshire Intermediate &Tec nical Education, 3,055 138,009 164,375 37,997 190,372 stanley Bligh Memorial Fund * (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 transactlons or balances < £30k 9,299 850 138,559 (10,036) 210,381 42,513 (655,327) 582,768 180,335 AtIApr 2023 Income Expenditure Transfers At 31 MaT 2024 Group summary Charity Linked Charity 1,398,990 2,231,810 (3,712,270) (127,330) (3,839,600) 427,048 345,578 164,889 37,997 113,871 189,426 Group 1,563,879 2,269,807 540,919 535,005 Under the Foundation's totol return policy investment returns ure designated as income only when needed to meet expenditure requirements. This is done to achieve eff iciency 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 ond takes into account the needs of beneficiaries, fundholder expectations ond 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, os required. The closing balances in this note do not necessarily represent the full amount available for grant-making at the end of the flnancial year. Trustees'Annud ReP￿t (yMIA(C￿ts.yery ended 31 hknrrh 2025 42

1. Movement in endowment funds AtIApr 2024 Income Investment other returns expenditure Transfers At 31 Mar 2025 The Lord Merthyr Fund 1,259,655 31.074 (9,873) (1,288) (3,591) (481) (56,240) (9,137) 1,221,025 Foundation Schools Fund (Cardiff and Vale Schools) 169,286 4,140 162,519 Martyn Groves Adventure & Travel Fund 46,731 1,147 (437) (133) (477) 46,831 The Sloman Family Fund for Ely Former Foundation Powys Fund Llandrindod High School Charity Fund Newport Community Endowment Fund 28,365 694 (261) (283) (971) (81) (87) (342) (434) (471) (5,142) 28,282 30,755 752 30,665 120.291 2,942 116,778 470,388 11,505 (3,514) (1,337) (26,981) 450,061 Powys Welsh Church Act Fundt Fund for Wales 2,916,367 71,468 (22,208) {8,295) (19.630) (4.675) (959) (338) (154,591) 2,478 2,802,741 1,651.550 122,031 1,751,754 Wrexham Commu 118,746 2,904 (5,078) 115,275 An En lesey Community ownient Fund 8.352 204 (77) (24) (128) 8,328 Denbighshire Community Endowment Fund 408,942 10,002 (2.856) (1,162) (28,262) 386,663 Flintshire Communlty Endowment Fund 242,735 5,937 (1,758) {690) (15,254) 230,970 Haworden Dlstrict Relief Fund 440,800 10.781 (3,574) 3.635 (1,253) (303) (581) (3,677) (458) (274) (78,507) (132,119) (6,131) (74,807) (4,665) (7,334) 428,248 BIG Fund for Wales Trust Fund 126,306 2,482 (o) Carmarthenshire Fund 204,268 4.996 (1,757) (9,636) (1,392) (645) 200,795 Dr Dewi Davies Fund 1,293,405 31.635 1,236,920 Wrexham CEF (Education) Education Trust of John Vaughan 160,991 3.938 158,413 96,387 2.357 90,492 Wales in London 98,030 2,402 (682) (997) (238) (368) (4,048) (4,727) (349) (412) (279) (281) (114) (113) (1,253) (1,865) (530) (127) (6,751) (1,544) (3,873) (611) (7,252) (41,824) (35,854) (685) 92,721 The Daisy Fund 95,855 8.719 101,753 Emrys Davies Legacy Fund 40,202 979 36,957 Mory Jane Foundatlon Trust LNB Fund 39,896 976 39,780 440,896 10,774 439,118 Clwyd Welsh Church Act Fundt William Gale Fund 656,068 16,046 623,698 186,363 4,558 154,189 Newport Girls Fund 44,758 1.095 44,627 Trustees'Annud ReP￿t (yMIAcc￿ts. Yery ended 31 hknrrh 2025

AtIApr 2024 Income Investment returns other expenditure Transfers At 31 Mor 2025 Nancy Mudge Fund Cardlff Story Fund Nation of Sanctuary Croeso Fund 40,527 991 (373) (115) (621) 40,409 311,544 7,620 (2,870) (6,715) (886) (2,072) (4,771) (11,161) 310,637 728,823 17,826 726,702 cynnal Fund NE Wales Science fund 737,299 86,479 (7,825) (703) (3,876) (2,192) {229) (71) (13,158) (11,478) (3,750) 800,602 3,647 107.936 99,173 The My Four Wheels Fund William Powell Fund 132.942 125,245 500,000 500,000 Stonley Bligh Memorial Fund 1,343,786 32,867 (11,560) (3,820) (40,359) 1,320,914 Former Girls Grammar School Brecon ' 284,034 6,947 (z134) (807) (16,010) 272,030 Montgomeryshire Intermediate & Technical Education. 943,338 23,073 (8,583) (2,681) (17,046) 938,101 MITEF investment property. Mont omery District Trust 500,000 165,000 665,000 530,996 12,987 (4,633) (1,509) (14,382) 523,458 Monmouthshire Further Education Fund LACT't Cordlff Cltlzens Charlty't Rudbaxton Parish Education Fund* 355,783 8,702 {3,074) (1,011) (10,357) 350,042 174,619 4.271 (1,609) (3,488) (4g6) (2,674) (1,225) (18,260) 174,111 431,002 10,542 418,571 Cardiff Education Trust"t Middle Lane Education Fund for Denbigh 453,467 11,091 (3,881) (9,125) (1,289) (14,094) (3,088) (37,955) 1,062,745 445,288 1,086,343 26,570 Newtown Maintenance Reserve, 89,598 2,191 (825) (255) (1,372) 89,337 Thomas John Jones Memorial Fund't 2,507,066 61,556 (22,205) (7,135) (55,595) 2,483,687 22,418,251 921,133 (17,789) (61,224) (914,717) 22,345,653 AtIApr 2024 Income Investment other returns expenditure Transfers At 31 Mar 2025 Gruup bUlillTiary Charity 13,718.226 720,335 (111.672) 93,883 (37,907) (686,612) 13,602,370 (23,318) (228,105) 8,743,283 (61,224) (914,717) 22,345,653 Linked Charity 8,700,025 200,798 Group 22.418,251 921,133 (17,789) Linked funds t= Permanent funds Trustees'Annud ReP￿t (YMIACc￿ts. Yery ended 31 hknrrh 2025

Movement in erKlowment lurKls atthe Fxeviousyeare AtIApr 2023 Restated Income Investment Other returns expenditure Transfers At 31 Mar 2024 The Loid M¢1 thyi Fund I,i4a,59- {JO,000) (2,293) (420) 1,25Y,65J Foundation Schools Fund 149,811 3,993 18,215 (440) (121) 169,286 Martyn Groves Adventure & Travel Fund 47,144 5,026 46,731 The Sloman Family Fund for Ely Former Foundatlon Powys Fund stanley Bligh Memorial Fund 25,101 669 3,052 (74) (80) (3,653) (384) (416) (78,456) 28,365 27,217 725 3.309 30,755 1,243,811 33,154 148,930 1,343,786 Llandrlndod High School Charity Fund 110,335 Z941 13,252 (324) (5,912) 120,291 Former Girls Grommar 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. 500,000 500,000 Mont omery Distrlct Trust 480,523 12.809 57,977 (1,411) (18,903) 530,996 New Fun ort Community Endowment 349,406 lQ8.918 52,060 (1,098) (38,897) 470,388 Monmouthshire Further Education Fund 't 314,8 52 8,393 38,281 (925) (4,818) 355,783 Cardiff Citizens Charity 't Powys Welsh Church Fund t Rudbaxton Parish Education Fund 154,529 4,119 18,788 (454) (7,967) (1,123) (2,364) (183,735) (6,952) 174,619 2,711,043 72,404 324,622 2,916,367 382,429 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 Communlty Endowment Fund (Church) 111,152 2,963 13,259 118,746 Cardiff Education Trust* 401303 10,724 48,871 (1,181) (1,112) (7,255) (24,123) 453,461 Denbighshire Community Endowment Fund 378,741 10,096 45,340 408,942 Flintshire Community Endowment Fund 220,542 5.879 26,573 (648) (9,611) 242,735 Hawarden District Relief Fund 406,033 TO,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'Annud ReP￿t (YmIA(C￿Wts. Yery ended 31 hknrrh 2025

AtIApr 2023 Restated Income Investment returns Other Transfers expenditure At 31 Mar 2024 Dr De￿1 D(iVigS Fuiid 1,103,62a il,022 140,094 lJ,418) l38,71u) (2,181) 1,293,405 Wrexham CEF (Education) 14Z470 3,798 17,322 (418) 160,991 Education Trust of John Vaughan Wales in London 90,247 2,406 10,764 (265) (6,765) 96,387 91,574 2.446 10,947 (269) (6,668) (22) (113) 98,030 An En lesey Community owment Fund 7,391 197 899 8,352 Daisy Fund Emrys Davies Legacy Fund 86,849 2,315 10,474 (255) (3,529) (105) (729) (2,868) (31,609) 1,086,343 95,855 35,760 950 4,328 40,202 Middle Lane for Denbigh Education Fund 976,681 26,034 118,105 Mary Jane Foundation Trust 35,306 941 4,293 (104) (540) (1,201) (6,759) (1,817) (50,807) 39,896 LNB Fund 409,057 (9,106) 16,489 48,906 440,896 Clwyd Welsh Church Act Fund 618.590 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 Cardlff Story Fund Newtown Maintenance Reserve 35,865 956 4,361 40,527 275,699 7.349 33,521 311,544 79,290 2,114 9.640 89,598 Thomos John Jones Memorial Fund't 2,221,088 59,433 270,732 (6,531) (37,656) 2,507,065 Nation of Sanctuary Croeso Fund 727,721 79,399 85,001 (2,137) (101,160) 728,823 Cynnal Fund NE Wales Science Fund 642,635 17,328 79,230 (1,894) 737,299 3,498 149 3,647 Wllllam Powell Fund 500,000 500,OQO 19,751,328 1.277.026 2,337,813 (56,640) (897,277) 22,418,250 AtIApr 2023 Restated Income Investment other returns expenditure Transfers At 31 Mar 2024 Group summary 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 Linked Charity 7,860,167 196,418 891,311 8,700,024 Group 19,751,328 1,277,026 2,337,813 Linked funds Permanent endowment funds Trustees'Annud ReP￿t (YmIA(c￿ts. Yery ended 31 hknrrh 2025 46

The Foundation manages five charitable investments (2023124: six), where other organisations have retained trusteeship over the fund and as such these funds hove been deemed to be Agency funds. These organisations hove delegated the management of the non-property investments of the Funds to the Foundation as port of its investment portfolio and according to its investment strategy, Agency fund transactions in 2024125 are detailed below. AtIApi 2024 ncome Investment other Transfers returns expenditure At 31 Mai 2025 GINeiit HiiJh Shai iffs Community Fund (1,870) Cricket Wales Foundation 40,822 998 (376) (1,639) 2,592 (116) (485) (163) (793) 3,427 (625) 40,703 Mudiad Meithrin Fund 170,178 4,209 172,202 Cronfa William Salesbury Mab Gwalia 76,471 (77,727) 6,874 (1,173) 277,830 (2,676) (8,412) 281,235 1,220,585 49,431) 1,796) 1,157,519 Pernianent En(knwments 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 os 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 oi unrestrlcted income In accordance with the objects of the fund. AtIApr 2024 Income resources Resources Allocated to Revaluation expended income s, gains & losses At 31 Mar 2025 Perriiaiieiit EndoV￿nien Endowment fund capital 7,731,390 7,731,390 Unapplied total return 3,040,207 263,048 (194,111) (242,533) (88,643) 2,777,968 (194.111) (242.533) (88,643) 10,509,358 10.771,597 263,048 Expendable endowments n,646,654 658,085 (212,583) (326,715) 921,133 (406,694) (569,248) 70,855 TI,836,296 Total endowments 22,418,251 (17,789) 22,345,653 Trustee5'Annud ReP￿t (YMIA(cawts. Yery ended 31 ￿rrh 2025 47

AtIApr 2023 Income resources Resources Allocated to Revaluation expended income s, gains & losses At 31 Mor 2024 Permanent Endownienls Endowment fund capital Unapplied total feturn 7,731,390 7,731,390 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) 7,159,496 11,646,654 Total endowments 19,751,329 1,277.026 (365,149) (582,768) 2,337,813 22,418,250 Trustee5'Annud ReP￿t (YMI Arcawts. Yery ended 31 ￿rrh 2025 48

1. Analysis of assets/liabilities between funds Unrestricted funds Restricted , funds Endowment Funds 2024125 Total 2023124 Total Group Investments 522,005 1,536,836 21,180,652 23,239,493 23,050,287 Investment property 1,165,000 1,165,000 I,Doo,000 Fixed and intangible assets 6,243 Long term debtors Current assets excluding cash at bank and in hand 53,960 53,960 58,400 4,751 86,778 91,529 128,841 Cash at bank and In hand 155,949 344,455 500,405 1,463,209 Creditors". amounts falling due within a year Creditors.. amounts falling due after one year (71,292) (1,373,789) {1,445,081) (1,554,296) (174,434) (174,434) (602,999) 611,413 473,807 22,345,652 23,430,871 23,549,685 Unrestricted funds Restricted funds Endowment Funds 2024 25 Total 2023 24 Total C harity Investments 528,972 1,630,783 13,702,370 15,262,125 15,045,786 Investment property 500,000 500,000 500,000 Fixed and intangible assets 6,243 Long term debtors Current assets excluding cash at bank and in hand 4,751 77,248 81,999 126,655 Cash at bank and In hand 148,983 148,983 1,022,230 credltors: amounts falling due within a year Creditors: amounts folling due after one year (71,292) (1,299,459) (1,370,751) (1,473,662) (135.494) (135,494) (567,018) 611,413 273,078 13,602,370 14,486,861 14,660,234 Trustee5'Annud ReP￿t (YmIAcC￿Wts. Yery ended 31 ￿rrh 2025 49

Arnlysis of assets/liabli ities between funds ot the previous year end Unrestricted Restricted Endowment 2023124 funds funds Funds Total 2022123 Total Group Investments 379,496 1.252,541 21,418,250 23,050,287 79,881,467 Investment property 1,000,000 1,000,000 500,000 Fixed and intangible assets 6,243 6,243 75,368 Long term debtors 58,400 58,400 64,320 Current assets excluding cosh at bank and in hand 6,069 122,772 128,841 76,110 Cash at bank and in hand 250,749 1,212,460 1,463,209 2,245,756 Creditors: amounts falling due within o 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 Charlty Investments 379,496 1,448,065 13,218,226 15,045.786 12,520,805 Investment property 500.000 500,000 Flxed and intangible assets Long term debtors 6,243 6,243 15,368 Current assets excluding cosh 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 o year (46,127) (1,427,536) (1,473,662) (604,225) Creditors: amounts falling due after one year (567,018) (567,018) (239,352) 596,430 345,578 13,718,226 14,660,234 13,766,590 Trustee5'Annud ReP￿t (YMIA(cawts. Yery ended 31 ￿rrh 2025 50

1. Related Party Transackns UK Community Foundations provides membership services for UK Community Foundations. For these services £11,983 (2023124.. £11,691) was charged during the period. Andrew Tuggey wos the Choir of of UK Community Foundations during the year. The amount due to UK Community Foundations at the year-end was £nil (2023124: £nil). During the year ended 31 March 2025 there were no related party transactions with trustees
2. Pension Sd￿rnes The charity contributes to individual stakeholder pensions, and accordingly contfibutions to these schemes are accounted for on the basis of a defined contribution scheme. During the year ended 31 March 2025, the total employer contributions charged for these schemes amounted to £19,793 (2023124.. £18,189).
3. Company limited by guarantee The charity is limited by guarantee; members, Ilability is limited to £1 on the winding-up of the charity.
4. Linked Charities The Charity is sole trustee of, and therefore controls, the following charities: Name Chaiity Linked Number Montgomeryshlre Dlstrlct Trust Fund Montgomeryshire Intermediate & Technical Educatlon Fund 513855 1074655-5 31 August 2009 31 August 2009 525726 1074655-3 stanley Bligh Memorial Fund Former Girls Grammar School Brecon 525314 1074655-6 31 August 2009 1074498 1074655-4 31 August 2009 l April 2010 Monmouthshire Further Education Trust Fund 1146059 1074655-7 Rudbaxton parish Education Fund 1145391 1074655-8 l November 2010 Cardiff Citizens Charity Education Trust for Cardiff Citizens 206549 1074655-9 l November 2010 50665606 1074655-10 l November 2010 Education Fund for Denbigh and Surrounding 1074655-1 Area 1074655-1 31 March 2076 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 transfeTred into the group at fair value as (rt the date the Foundation took control, All ossets 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. 51

2024T25 Total 2023124 Total Montgomeryshire District Trust Fund Investment income 12,987 12,808 other income Cost of generating funds Charitable activities (3,650) (10,742) (4,633) (6,037 524,958 (1,500) 523,458 (3,512) (18,302) Investment gains and losses 57,977 Net movement in funds 48.971 Assets 533,996 Liabilities (3,000) Net Assets 530,996 Unrestricted funds Endowment funds 523,458 530,996 Funds 523,458 530,996 2024 25 Total 2023124 Total Montgomeryshire Intermediate & Technical Education Fund Investment incoine 61,837 62,391 Other income 2,187 (7,035) (25,042) Cost of generating funds Charitable activities (8,286) (42,048) 155,591 Investment gains and losses 111,228 Net movement in funds 167,094 143,729 Assets 1,896,093 1,760,480 Liabilities (3,500) (37,173) Net Assets 1,892,593 1,723,308 Unrestricted funds 190,374 Endowment funds 1,892,593 1,532,934 Funds 1,892,593 1,723,308 Trustees'Annud Rep￿￿K4 Acc<xwts. Ye¢T ended 31 2025 52

2024T25 Total 2023124 Total Stanley Bligh Memorial Fund Investment income 32,867 33,153 other income Cost of generating funds Charitable activities (g,414) (34,765) (11,560) (22.872) (9,761) (72,347) 148,930 Investment gains and losses Net movement in funds 99,974 Assets 1,321,914 1,369,757 Liabilities (1,000) 1,320,914 (25,971) Net Assets 7,343,786 Unrestricted funds li Endowment funds 1,320,914 1,343,786 Funds 1,320,914 1,343,786 2024 Total 2023124 Total Former Girls Grammar School Brecon Investment income 6,947 7,163 other Income Cost of generatlng funds (2,160) (14,657) (2,134) 12,003 (2,248) (21,575) 31,g44 Charltable activitles Investment gains and losses Net movement in funds 15,284 Assets 273,030 294,534 Liabilitles (1,000) (10,500) Net Assets 272,030 284,034 Restricted funds Endowment funds 272,030 284,034 Funds 272,030 284,034 53

2024T25 Total 2023124 Total Monmouthshire Further Education Trust Investment income 8,702 8,392 other income Cost of generating funds Charitable activities (2,486) (8,924) (3.074) (5,782 (2,129) (3,612) Investment gains and losses 38,281 Net movement in funds 40,932 Assets 350,501 355,783 Llabilities (458) 350,042 Net Assets 355,783 Restricted funds 41 Endowment funds 350,042 355,783 Funds 350,042 355,783 2024 25 Total 2023124 Total Rudbaxton Parish Education Fund Investment income 10,542 10,193 other Income Cost of generatlng funds (3,140) (16,345) (3,488) (12,431 (2,611) (5,464) 46,455 Charltable activitles Investment gains and losses Net movement in funds 48,573 Assets 419,571 434,002 Liabilitles (1,000) (3,000) Net Assets 418,571 431,002 Restricted funds Endowment funds 418,571 431,002 Funds 418,571 431,002 Trustees'Annud Rep￿￿K1 Acc<xwts. Yery ended 31 2025

2024T25 Total 2023124 Total Education Trust for Curdiff Citizens Investment income 11,091 10,723 other income Cost of generating funds Charitable activities (3,188) (12,198) (3,881) (8.173) 445,788 (500) 445,288 (2,745) (5,691) 48.871 Investment gains and losses Net movement in funds 51,157 Assets 453,961 Liabilities (500) Net Assets 453,461 Restricted funds Endowment funds 445,288 453,461 Funds 445,288 453,461 2024 Total 2023124 Total Cardiff Citizens Charity Investment income 4,271 4,118 Other Income Cost of generatlng funds (1,165) (2,008) (1,609) 508 (1,045) (1,773) 18,788 Charltable activitles Investment gains and losses Net movement in funds 20,088 Assets 174,111 174,619 Liabilitles Net Assets 174,111 174,619 Restricted funds Endowment funds 174,ni 174,619 Funds 174,111 174,619 Trustees'Annud ReP￿tand Acc<xwts. Yery ended 31 2025 55

2024'T25 Total 2023124 Total Education Fund for Denbigh and Surrounding Area Investment income 26,570 26,033 other Income Cost of generating funds Charitable activities (7,731) (33,3M) (9.125) (23,597) 1,063,245 (6,983) (27,494) 118,105 Investment gains and losses Net movement in funds 109,661 Assets 1,095,823 Liabilitles (500) (9,480) Net Assets 1,062,745 1,086,343 Restricted funds Endowment funds 1,062,745 1,086,343 Funds 1,062,745 1,086,343 2024 Total 2023124 Total TJ Jones Memorial Fund Investment income 61,556 59,432 other Income Cost of generatlng funds (13,534) (49.198) (22,205) (23,379 2,486,687 (12,195) (31,992) 270,732 Charltable activitles Investment gains and losses Net movement in funds 285,976 Assets 2,534,066 Liabilitles (3,000) (27,000) Net Assets 2,483,687 2,507,066 Restricted funds Endowment funds 2,483,687 2,507,066 Funds 2,483,687 2,507,066 Trustees'Annud Rep￿￿K4 Acc<xwts. Yery ended 31 2025 56

1. Reconciliation of income / (expenditure) to net cash flows from operating acbvities Note 2024[25 Total 2023124 Total Net movement in funds (118,814), 182,789) (594,291j, 1,758,039 (Gains)Iiosses on investments Net investment income and bank interest repayable (Increase) I decrease in debtors Increase in creditors (2,337,813) (588,816) 13 41,7531 (537,780), (46,812) 1,165,921 14 Donation of fixed assets 10 (500,000) 9,125 Add back depreclation and amortisation Transfer of investments 10 6,243 (97,636) Revaluation of investm8nt property Net cash inflowl(outflow) from operating activities 10 (165,0001 (1,185,100 (637,992 Trustees'Annud Rep￿ (Thl Acc<xwts. Ye¢T ended 31 Munh 2025 57

2. Comparative consolidated statement of firnncial activities Note Unrestricted funds Restricted Endowment funds funds 2023124 Total 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 2,227,294 2,227,294 1,838,950 other income 10 Total income 360,924 2.269.807 1.277,026 3,907,757 4,165,975 Expendlture on: Costs of raising funds Fund development and donor care 176,189 176,189 164,996 Core grants 13,618 13,618 72,090 Investment Income 14,998 56,640 71,638 74,619 Charltablo actlvlties Grantmaking Promotin9 philanthropy 240,744 3,835.323 4,076,067 2,272,398 145,742 4,277 150,019 125,796 Total expenditure 591.291 3,839.600 56,6401- 4,487,531 2,649,898 Net In¢omo1(•xpandlture) belore gains and losses on Investments (230,367) (1.569,793) 1,220.386 (579,774) 1,516,076 Net gainl(loss) on Investments 2,337,813 2,337,813 (971,990) Net incomel(expenditure) forthe year Transfers between funds (230.367) (1,569,793) 3,558,2001 . 1,758,039 544,086 350,358 540,919 (891,277), 2,666,923 '. Not movement In funds 119,991 (1,028,874) 7,758,039 544,086 Reconclliatlon ol 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 58

Community Foundatlon Wales Cymru Changing Lives Together Newid Bywydau Gyda'n Gilydd I 02920 379580 [e-mail] communityfoundationwales.org.uk sefydliadcymunedol¢ymru.org•uk