2023-03-31-accounts - Institute Of Welsh Affairs

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			What	What	we		said	said								What we did
Working with offer training			our members and partners bursaries to under-represented									to	reach groups.		and	We have not made as much progress as we would have liked in this area, in part due to budgetary
																constraints, and will retain this as an ob'ective.
Continuing scheme,	to mentor on the actively supporting								Equal Power people to			Equal Voice contribute to				Our director has continued to mentor on the Equal Power Equal Voice scheme and we have been
public life	in	Wales			in a		wide		variety of		ways.					regularly sought out as a media commentator on
																inte ri and ethics in ublic life.
Delivering			effectively					on		our	current			funded		Despite staff turnover which can affect a small team
commitments.																disproportionately we have maintained the quality of
																our out ut.
Resourcing two new multi-year our policy priorities in relation to										projects focussed Wales' democracy					on and	Our new JRCT-funded Media and Democracy project began in April 2022. However, we have not yet been
economy.																successful in resourcing the next stage of our work on
																community assets in Wales and continue to focus on
																this.
Implementing			our	new		Business				Plan.						We have made significant progress in implementing our
																new Business Plan
Updating	our		membership					offer.								Following a significant upgrade to our systems in
																FY2022, we continue to monitor and adapt our
																membership offer. We have updated the user journey
																on our website, as well as improved and personalised
																our membership communications (including welcome
																emails and newsletters). We have also started the
																process of increasing legacy fees (individual and
																organisational) and streamlining our direct debit
																latforms.
Setting out organisation.			a	plan				for	becoming		a		Net	Zero		We have made a start on this by undertaking Carbon Literacy training and will be presenting our plans to the
																Board in the next re ortin riod.
Supporting the wellbeing ofour small staff team.								and	professional			development				We have subscribed to a wellbeing package and prioritised training and support for our team, including
																Welsh lessons

Our risk manag	Our risk manag	ement a	ement a	pproach is reviewe	pproach is reviewe	pproach is reviewe	d on a regula	d on a regula	r basis throughout the year.	r basis throughout the year.	r basis throughout the year.
The Trustees'		Report in		our FY2022 year			end accounts		previously identified that we would seek to:
		What	we said							What we did
Carry out a skills audit support the staff team new Business Plan				of our Board to ensure it is able to to deliver against our strategy and						We completed the skills audit against our Business Plan, advertised for specific skills, competences and experience accordingly, and successfully recruited and
										inducted five new trustees who	took up their role in	May
										2023.
Complete the		NCVO Trusted			Charity	kitemark		process,		We are pleased that we were awarded the Trusted
to evidence		that	we	are a	responsible		and	well-run		Charity Level 1 standard in June 2022.
or anisation
Review	our membership offer									Following a significant upgrade	to our systems in FY22,
										we continue to monitor and	adapt our membership
										offer. We have updated the	user journey on	our
										website, as well as improved	and personalised	our
										membership communications	(including welcome
										emails and newsletters). We	have also started	the
										process of increasing legacy	fees (individual	and
										organisational) and streamlining our direct		debit
										latforms.
Focus	on resourcing additional				core funding.					This remains a key priority for	the organisation.	Core
										costs are included in all funding bids as we seek to
										future- roof the or anisation.

							2023	2022
					Unrestricted	Restricted	Total	Total
					fund	funds	funds	funds
				Notes				F
INCOME AND	ENDOWMENTS		FROM
Donations and	legacies				219,561		219,561	191,062
Charitable activities
General					95,744	166,153	261,897	146,278
Investment income Other income					1,195		1,195	595 3000
Total					316,500	166,153	482 653	340,935
EXPENDITURE	ON
Raising funds					53,519		53,519	55,594
Charitable activities
General					234,618	110,586	345,204	367,004
Total					288,137	110,586	398,723	422,598
NET INCOME/(EXPENDITURE) Transfers between funds				19	28,363 ~200)	55,567 200	83,930	(81,663)
Net movement	in funds				28,163	55,767	83,930	(81,663)
RECONCILIATION		OF FUNDS
Total funds brought		forward			76,092	8,050	84,142	165,805
TOTAL FUNDS	CARRIED FORWARD				104,255	63,817	168,072	84,142

				2023	2022
		Unrestricted	Restricted	Total	Total
	Notes	fundf	funds f	funds f	fundsf
FIXEDASSETS
Tangible assets	14	10,657		10,657	8,482
CURRENT ASSETS
Debtors Cash at bank and in hand	15	21,106 147,593	63,817	21,106 211,410	64,062 91,222
		168,699	63,817	232,516	155,284
CREDITORS
Amounts falling due within one year	16	(75,101)		(75,101)	(79,624)
NET CURRENT ASSETS		93598	63,817	157,415	75,660
TOTAL ASSETSLESSCURRENT LIABILITIES		104,255	63,817	168,072	84,142
NET ASSETS		104,255	63,817	168,072	84,142
FUNDS	19
Unrestricted funds Restricted funds				104,255 63817	76,092 8 050
TOTAL FUNDS				168,072	84,142

					2023	2022
Donations					2,850	2,505
Gift aid					5,649	6,410
Publications					328	491
Grants					107,952	69,424
Subscriptions					96,574	102,324
Patrons					6,208	9,908
					219561	191,062
Grants received,	included	in	the	above, are as follows:
					2023	2022
					f	f.
Friends Provident	Foundation				50,000	50,000
The Waterloo Foundation					45,000
WCVA Third Sector Resilience Fund for Wales Scheme Joseph Rowntree Charitable Trust - cost of living support					12952	19,424
					107,952	69,424
INVESTMENT INCOME
					2023	2022
					F
Deposit account	interest				1 195	595

INCOME FR	OM CHARIT	ABLE ACTIVITIES
			2023	2022
			F	F
Event income			38,547	24,479
Training income			23,581	16,502
Carnegie UK	Trust		5,869	17,729
CREW: Centre for
Regeneration	Excellence	in
Wales				41,192
Grants			166,153	41,376
Other income			1,700	5,000
Collaboration	-Wales
Innovation Network			12,125
Consultancy			13,922
			261,867	146278

Grants received,	included in t	he above, are a	s follows:
							2023	2022
							F
Books Council of	Wales: 'the	welsh agenda'					17,500	17,500
Friends Provident	Foundation							5,000
Joseph Rowntree Charitable Trust: Media in Friends Provident Foundation - Re-energising The Legal Education Foundation: Fostering Wales' ongoing constitutional discussion			Wales project Wales understanding		and participation	in	68,018 1,500 63,000	11,376 7,500
Books Council of	Wales: New	Audiences (Journalism)		Fund			14,135
Books Council of	Wales: Magazine Diversity		Fund				2 000
							166,153	41 376

Raising donations	Raising donations	Raising donations	and legacies
					2023	2022
					F
Staff costs					46,784	47,035
Staff training					228	53
Direct recruitment			costs			856
Support costs					6,507	7,647
					53,519	55,591
Investment	management costs
					2023 F	2022f
Interest payable		and similar charges				3
Aggregate amounts					53,519	55,594
CHARITABLE ACTIVITIES COSTS
				Direct	Support
				Costs (see	costs (see
				note 8)	note 9)	Totals
				F	F	P
General				285,830	59,374	345,204
DIRECT COSTS		OF CHARITABLE ACTIVITIES
					2023	2022
					F	F
Staff costs					241,714	243,013
Event costs					2,731	153
Training costs					823	1,142
Direct project	costs				37,040	37,553
Staff training					1,039	272
Direct recruitment		costs				4,421
Depreciation					2,483	1,448
					285,830	288,002

SUPPORT	S
			Raising	Charitable	Governance
			funds	Activities	costs	Totals
			F			F
Raising donations	and legacies		6,507			6,507
General				29,864	29,510	59,374
			6,507	29,864	29,510	65,881
NET INCOME/(EXPENDITURE)
Net income/(expenditure)		is stated after charging/(crediting):
					2023	2022
						F
Depreciation -owned assets Independent examination fee Other fees paid to independent			examiners		3,295 2,700 791	4,099 2,600 1,067

anticipate covering tr STAFF COSTS	ustee	travel expenses	in the	next financial	year.
						2023	2022
						F	F
Wages and salaries Social security costs						274,730 24,108	276,173 23,585
Other pension costs						13,052	13,808
						311,690	313566
The average monthly	number ofemployees		during	the year was	as follows:
						2023	2022
Charitable activities						8	9
The number ofemployees		whose employee	benefits (excluding		employer	pension costs) exceeded	F60,000was:
						2023	2022
F70,001 - F80,000							1
F80,001 - 690,000

			Unrestricted	Restncted	Restncted	Total
			fund	funds		funds
			F		F	F
INCOME AND ENDOWMENTS		FROM
Donations and legacies			191,062			191,062
Charitable activities
General			104,902	41,376		146,278
Investment income			595			595
Other income			3,000			3,000
Total			299,559	41,376		340,935
EXPENDITURE ON
Raising funds			55,594			55,594
Charitable activities
General			313,678	53,326		367,004
Total			369,272	53,326		422,598
NET INCOME/(EXPENDITURE)			(69,713)	(11,950)		(81,663)
RECONCILIATION	OF FUNDS
Total funds brought	forward		145,805	20,000		165,805
TOTAL FUNDS CARRIED FORWARD			76,062		8,050	64,142
TANGIBLE FIXEDASSETS
				Office
			Website	equipment		Totals
			F	F		E
COST
At 1 April 2022			19,240			19,240
Additions				5,470		5,470
At 31 March 2023			19,240	5	470	24,710
DEPRECIATION
At 1 April 2022			10,758			10,758
Charge for year			2,483		812	3295
At 31 March 2023			13,241		812	14,053
NET BOOK VALUE
At 31 March 2023			5,999	4,658		10,657
At 31 March 2022			8,482			8,482

15.	DEBTORS:A	MOUNT	S		FALLING	FALLING	DUE WITHIN ONE YEAR	DUE WITHIN ONE YEAR
											2023	2022
												F
	Trade debtors										16,029	56,279
	Prepayments	and accrued				income					5,077	7,783
											21,106	64,062
16.	CREDITORS:	AMOUNTS				FALLING		DUE WITHIN ONE YEAR
											2023	2022
											F	f
	Other loans (see note Trade creditors		17)								3,005	6,475 4,104
	Social security	and other			taxes						7,034	6,535
	VAT										4,294	9,149
	Other creditors										1,523	1,609
	Accruals and deferred		income								59,245	51,752
											75 101	79624
	Included within	accruals		and deferred				income is the following	deferred	income:
											2023	2022
											E	E
	Deferred income brought				forward						45,387	15,971
	Released to Statement			of		Financial	Activities				(25,387)	(15,971)
	Additional income deferred										36,545	45,387
											56,545	45,367
17.	LOANS
	An analysis of	the maturity				of loans	is	given below:
											2023	2022
											F	F
	Amounts falling due within					one year	on demand:
	Other loans											6,475
18.	LEASING AGREEMENTS

			2023	2022
				F
Within one year				2,294
Between one and five years				1,899
				4,193
The total lease payments	recognised as an expense	in the year was	E2,550(2022:F6,915).

MOVEMENT IN FUNDS
					Net	Transfers
					movement	between	At
				At 1/4/22	in funds	funds	31/3/23
				F		F
Unrestricted funds
General fund				76,092	28,363	(200)	104,255
Restricted funds
Re-energising Wales project				(1,700)	1,500	200
Media in Wales				9,750	(3,952)		5,798
Fostering understanding	and	participation		in
Wales' ongoing constitutional		discussion			54,796		54,796
New Audiences (Journalism)		Fund			3,223		3,223
				~8050	55567	200	63817
TOTAL FUNDS				84,142	83,930		168072
Net movement in funds,	included		in the above are as follows:
					Incoming	Resources	Movement
					resources	expended	in funds
					F	F	E
Unrestricted funds
General fund					316,500	(288,137)	28,363
Restricted funds
'the welsh agenda' print	and	online			17,500	(17,500)
Re-energising Wales project					1,500		1,500
Media in Wales Fostering understanding	and	participation		in	68,018	(71,970)	(3,952)
Wales' ongoing constitutional		discussion			63,000	(8,204)	54,796
New Audiences (Journalism) Magazine Diversity fund		Fund			14,135 2,000	(10,912) ~2,000)	3,223
					166,153	~110,586	55,567
TOTAL FUNDS					482,653	l386,223)	83,930

Comparatives for	movemen	t in fun	ds
					Net
					movement	At
				At 1/4/21	in funds	31/3/22
				f		f
Unrestricted funds
General fund				145,605	(69,713)	76,092
Restricted funds
Our Land project Re-energising Wales project Media in Wales				20,000	(20,000) (1,700) 9,750	(1,700) 9,750
				20,000	~11,950	8,050
TOTAL FUNDS				165,805	~81 663)	84 142
Comparative net movement		in funds,	included	in the above are as follows:
				Incoming	Resources	Movement
				resources f	expended f	in funds f
Unrestricted funds
General fund				299,559	(369,272)	(69,713)
Restricted funds
'the welsh agenda'	print and	online		17,500	(17,500)
Our Land project Re-energising Wales project Media in Wales				5,000 7,500 11,376	(25,000) (9,200) ~1,626)	(20,000) (1,700) 9 750
				41,376	~53,326)	~11,950)
TOTAL FUNDS				340935	)422,598)	~81 663)

						2023	2022
						F	F
INCOME AND ENDOWMENTS
Donations and	legacies
Donations						2,850	2,505
Gift aid Publications						5,649 328	6,410 491
Grants Subscriptions						107,952 96,574	69,424 102,324
Patrons						6206	9,908
						219,561	191,062
Investment income
Deposit account	interest					1,195	595
Charitable activities
Event income						38,547	24,479
Training income						23,581	16,502
Carnegie UK Trust CREW: Centre for		Regeneration		Excellence	in	5,869	17,729
Wales							41,192
Grants						166,153	41,376
Other income						1,700	5,000
Collaboration -Wales Innovation				Network		12,125
Consultancy						13,922
						261,897	146,278
Other income
Other income							3,000
Total incoming	resources					482,653	340,935
EXPENDITURE
Raising donations		and legacies
Wages Social security Pensions						41,210 3,616 1,958	41,426 3,538 2,071
Staff training						228	53
Direct recruitment		costs					856
						47,012	47,944
Investment management			costs
Bank interest
Charitable activities
Wages						212,915	214,034
Carried forward						212,915	214,034

		2023	2022
		F	F
Charitable activities
Brought forward Social security Pensions Event costs		212,915 18,684 10,115 2,731	214,034 18,278 10,701 153
Training costs Direct project costs Staff training Direct recruitment costs		823 37,040 1,039	1,142 37,553 272 4,421
Depreciation ofwebsite		2 483	1 448
		285,830	288,002
Support costs
Raising funds
Establishment costs Office expenses Travel &subsistence		1,223 2,181 482	1,367 5,260 150
Marketing		364	135
Legal &professional Bank charges		1,720 415	5 332
Fixtures and fittings		122	398
		6,507	7,647
Charitable Activities
Recruitment costs		2,550
Establishment costs Office expenses Travel and subsistence		6,318 11,271 2,488	7,062 27,178 776
Marketing		1,883	698
Legal and professional Bank charges Fixtures and fittings Bank interest		2,774 1,890 690	27 1,717 2,054 13
		29,864	39,525
Governance costs
Wages Social security Pensions		20,605 1,808 979	20,713 1,769 1,036
Establishment costs		611	683
Office expenses Travel and subsistence		1,091 241	2,630 75
Marketing		182	68
Legal and professional Bank charges	costs	502	8,016 166
Independent examiner fees Staff training		3,491	3,667 26
Direct recruitment costs			428
Carried forward		29,510	39,277

	2023	2022
		F
Governance costs
Brought forward Fixtures and fittings	29,510	39,277 199
Bank interest		1
	29,510	39,477
Total resources expended	398,723	422,598
Net income/(expenditure)	83,830	~81,663)