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

2. 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
3. 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

5. 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

6. 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
7. 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

8. 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)
9. Charity results
As per section 408 of the Companies Act 2006, the charity has not included its own income and
expenditure account in these financial 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

10. 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

15. 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
16. 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
17. 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

18. 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

19. 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

20. 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

21. 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
22. 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).
23. Company limited by guarantee
The charity is limited by guarantee; members, Ilability is limited to £1 on the winding-up of the
charity.
24. 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

25. 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

26. 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

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