REGISTERED COMPANY NUMBER." 02151006 (England and Wales) REGISTERED CHARITY NUMBER: 1078435 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR INSTITUTE OF WELSH AFFAIRS MHA Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF CF23 8RS
INSTITUTE OF WELSH AFFAIRS CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Chalrfs Report Report of the Trustees 2 to 10 Independent Examinerfs Report Statement of Financial Activities 12 Balance Sheet 13 Notes to the Financial Statements 14 to 23
INSTITUTE OF WELSH AFFAIRS CHAIR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 This reporting period has seen another challenging year for people and organisations across Wales. thé UK and further afield. Still navigating thé aftermath of the Covid-19 pandemic, the impact of the war in Ukraine, the cost-of-living crisis and the climate emergency, more and more people are faced with increased levels of poverty and inequality, and a heightened sense of UnrtaInty and instability. The charity sector in Wales has been hit particularly strongly by these challenges, with public and donor attention very much still foctssed on maintaining basic support services for those most in need. A sector which underpins our social infrastructure. and prides itself in providing knowledge. expertise and support. giving voice to those most affected by deep- rooted societal issues. At time of writing. we will soon be heading lo the polling stations. and to a Senedd election under a new system in 2026. We, thefOre, must ensure political parties and govemments are aware of the importance of charity and voluntary organisations, and work collaboratively to ensure vitsl policies are put into place to guarantee their long-temi sustainability- In this context, the IWA has continued to be an independent convener ofpower and debate in Wales. bringing stakeholders together across the policy and political spectrums. encouraging a collaborative approach to addressing longer term, complex issues. Having gone through a leadership transition in the last few months of the financial year. we remained focused on advocating for the development of a strong. confident democracy and a successful. green and fair economy for Wales, whilst forging renewed and strengthened relationships with decision-makers. Our work this year has once again helped shape policy in Wales by contributing to the creation of progressive ideas.. from increasing borrowing powers to Wales. devolving the Crown Estate and establishing a national wealth fund with the proceeds, to relhinking the relationship belween govemment and trade unions. to name buta few. As we get closerto the Senedd election in 2026, wewill conlinue to put our energy and ambitron into a set of policy proposals which speak to improving lives in Wale5 by tackling the complex and sustained challenges the nation faces. Not only that. but we will continue to respond to calls for evidence from public bodies who value the IWA'S role as an infomed, independent voice in Wales, sphere= this year, we helped shape the Senedd's work on post-EU lunding arrangements and the Senedd refomi. We WFII continue to proadively influence the agenda and provide challenge to UK. Welsh and local governments. We will also ¢ontTrnue to ensure the IWA is an inclusive. welcoming space for Under4ep$ented voices and experiences. and are particulady proud to have supported and nurtured five talented editorial interns over the past 12 months. We intend to build on these fim foundations as we shape our strategy for the next four years and into our fifth decade. On a practical note, l am honoured to take over the reins from Bethan Darwin. who stepped down after four year5 as Chair of the IWA Board. We also saw the departu of our long-stsnding Director Auriol Miller. We would like to express our gratitude to both of them for their steadfast leadership and support over the years. helping transfomi the organisation into Ihe progresstve charity it is now. As we enter an exciting new chapter with our two new Co-Directors at the helm ofthe IWA, we look forward to welcoming many more members and partners in the years ahead, as we conts'nue to work together and inspire our ambition to address the challenges for Wales, democratic and economic ture. Ben Joakim Chair. IWA Page 1
INSTITUTE OF WELSH AFFAIRS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Th6 trustees. who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities-. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Report¢ng Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Objects and aims The Objects of the Charity are to advance the education of the general public of. and to promote research into (and the publication of the results thereofj, socio-economics, politics, Scien and technology. including but not limited to=. The effect of socio-economic. political and s¢ientsfic factors on public policy., and The effect of socioeconomic, financial, political, environmental and intemalional factors on the living standards of all secttons of the community- Strategy The Institute ol Welsh Affairs is a registered charity (10784351 and limited company (02151006) with Cf055-paty governance. We are funded by our members, our own income-generating activities, and trusts, foundations and othef institutional donots. We are an independent, non*artisan charity. and limFled company. and we work with the public, opinion fomiers, policymakers and politicians of all parties and none. Our Vision is to help create a Wales vthere everyone Can flouttsh. Our Mission is to inspire Wales, ambition.. we work to support better policy making and better economic and democratic outcomes for the people of Wales. We do this by.. Providing open, infonned and welcoming space5 for people to exchange ideas and contrtbute to high quality public debate. Supporting and empowering people to understand how Wales is govemed and to challenge and hold govemments and decision makers to account. Creating new progressive and ambitious ideas and secure commitments to implementing them so that together we can develop a SucsSfUl. green and fair economy, and a healthy. confident and inclusive democracy. Principal activities and achievements Our mission is to inspire Wales, ambition and we work to support better policy making and better economic and democratic outcomes for the people of Wales. As ever, the IWA has consistently produced nuanced and thoughtful pOrtS and events, in line with our mission of hosting accessible and high quality public debate on key issues that matter to Wales, future. Our commitment remains to identify, atticulate and explain why these issues matter. and then convene discussions which lead to cOnrted action to address them. In this report we set out our outpuls for FY2024 and feedback from key stakeholders. Page 2
INSTITUTE OF WELSH AFFAIRS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Priority 1: Providing an open, incluslve and Informed platfomi lor robust debate This year. we ran a total of 13 events {nine in-person and four virtual) in line with our strategic prioritiés. including thrèe roundlables. and the next events in our three-year partnership with Bangor University. Not onty did we build on existing relationships, but we successfully delivered on a number of new partnerships - testament to our excellent work on convening power, netsvorks and conversations. Over 1,168 tickets were issued across our whole events and training programme, and we reached an additional 3,706 people through our wdeos, recordings and podcasts. We successfully sourced partnership support for our events, making them free to delegates, as part of our long- standing commitment lo widening access to quality debate on public policy in Wales. Therefore, this year, all our events were free, as they We either part of ftjnded patherships or policy projects. In addition to events showcasing our own research and ret)orts, we ran a diverse mix of in-person and virtual events over the course ofthe year aligned to our key themes of developing Wales. economy and democracy.. We hekj our first summer members, reception post-Covid-19. The event. chaired by BBC journalist James Iliams, was oversubscribed and included a panel discussing Wales, constitutional fvture. We held a series ofvirtual events as part of ourTLEF-funded project on Ihe constitutional fvlure ofwales. These included events on devolution across the UK and social security. Our pathership with Bangor University continued to deliver well-attended and provocative events and discussions. The two events this year focused on themes around the energy fvture of North Wales, and how we can deliver wellbeing and resilience through community ownership. We hosted an oversubscribed panel discussion at the Hay Festival bringing together experts from the Independent Commission on the Constitutional Future of Wales. Supported by the Open University in Wales, we held a roundtable discussion with over 20 stakeholders looking at how we can do democracy differentiy. In partnership with Crealtve Wales. we hosted an all4day event at the Wales Millennium Centre exploring issues around wellbeing and sustainability in the creative sector in Wales. We hosted ourwinter members, reception and AGM with Dame Elan Clos Stephens. fellow of the IWA delivering a very Well-reIVed keynote speech. We hosted a virtual conversation wilh the then CEO of the UK Climate Change Committee Chris Stsrk and the Future Generations Commissioner for Wales Derek Walkes discussing Wales, pathvray to net zero. Supported by Arup. we held iwo roundtable discussions focused on Wales. transition lo net zero, as well as the role of infrastnjcbjre investment and achieving a sustainable transport system. At the end of March. we launched a report looking at an equitable energy transition in Wales ensuring community benefits from large energy projects are retained within our Ioc81 communiknes. Reach A total of 3,706 people eilher directly attended, watched or listsned back to all our online sessions and podcasts held been April 2023 and March 2024. Recordings of all IWA events can be found on the videos page on our website and on YouTub8. Impact 72Yo ofsuNeyed delegates rated our events as 'greaY or'extsllent,. and over 80% would recommend our events to others. On average. neady 60 % noted that the events changed their understanding ofthe issues discussed. We have also received excellent feedback from our partners. who helped us deliver our FY24 events" Thank you as ever foryourhelp, support and cooperation. Reallypleased with how [thg ev8ntJ went... some really usefvl and interesbng discussions. Good inter8Ction belween panel members. Conversation flowed naturally and some excellent comments and questions from the audience., Bangor Universitypartner on our Delivering Wellbeing and Resilience through Communlty Ownership event Page 3
INSTITUTE OF WELSH AFFAIRS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 the welsh agenda Our flagship publication, the welsh 8genda. is the longest stsnding English4anguage current affairs magazine in Wales. Published tl¢e a year, it is widely respected as a source of intelligent and thought-provoking slow journalism. We are immensely proud to have secured funding from the Books Council of Wales for the next 4 years, whilst continuing to focus on div6rsifying the range of our contributors and readers. Issue 70 of Ihe welsh agend8, published in May 2023 featured an inteNiew wth Jeremy Miles conducted by then*ditor and IWA Media and Democracy Policy Lead Dylan Moore. Tied 'Education.' The Golden Thread,, it also included pieces from Jessica Dunrod on Wales, links to colonisalion and the Carribeans, and Faisal Ali on Tiger Bay. This issue also featured an impact assessment of the IWA'S recommendations carried out by J Rossiter, a profile of new Welsh Language Commissioner Ets Gruffttdd Jones and pieces by our editorial intems.. Maisie Allen reporting on the plight of Afghan intsrpreters, and Kaja B Town exploring Ihe use of storytelling to combat climate change. Issue 71, published in October 2023, featured a piece from IWA'S Economic Policy and Research Officer Lydia Godden on the impact of opencast mining on the residents of Ffos-y-Fran. It a150 included analysis from Joe Rossiter on the relationship between Welsh and UK Labour. an opéd from the new Plaid Cymru leader Rhun ap lorwerth, and articles by Martin Gallagher on anti-Gypsy and Traveller racism in Wales. Marion Loffler on the Eisteddfod's Welsh language wle, and welsh agenda intsm Gwenno Robinson on the erosion of Welsh language communities in rural Wales. We continue to develop Ihe welsh agenda online. our digital platfomi for debates, alongside the welsh agenda magazine. Over the reporting period, the platfotm attracted 84,267 readers. an increase of 11.080/0 over the previous year. Working alongside our intems, we have diversiffied the ways we promote our articles on social media, creating new visual assets and using designed pitch callouts to attract new submissions. We successfully fundraised to recruit five intems, but also to pay freelance and underemployed conlributors. This year also saw the launch of our first welsh agenda podcast. an exploration of bilingual WelshlEnglish experience in Wales, seen through the eyes of our intern Matthaus Bridge, who discussed his experien of being his family's first Welsh speaker and the institutions that have shaped IL Priorlty 2: Providing opportunitles for people In Wales to increase their knowledge of how decisions are made and to make their voices heard We ran our highEy-regarded training ¢our¥es for65 people. wth ourdigital delivery expanding both our numerical and geographical reach considerably Feedba¢k has been consistenuy positive and of those who responded to our survey. 100Yo would recommend our COUTses to others.. l Teally appreciated the chance to talk through situalions I've encountered in my role but perhaps haven't fully understood how to navigate. I feel charifres ¢an work in a way thats quite reactive and ad hoc. so it was great to be able to slow down and think about the most effecfvve and meaningfijl ways ol engaging with the polrtical process in Wales. Also, the chance to hear from people in other third sector [organisations]- It was refreshing to heartheirperspectives and that theyfacedsimilarissuos in theirroles., 'The MS gave us a lived in&ght. the trainees were excellent and the group exercises helped with thinknng about implementing what we leam&d.' I think the course covered a range of different useful topics and areas, all of which were interesting (even if notdirectty as relevantto each person s organisation). Joe andLydia wer8 engaging, veryknowledgeable and it was so clear they 'knew theirsknff, instead ofjust reading off a script. My favoun.te/most usefulpart of the Gourse was all about Ihe Senedd refoms, and potential impact of changes to the WG, Senedd and UK Gov.. There was so much effortput into creating the content module for the cours8. There was an in-depth and holistic approaoh in delivering the Gourse., [1 particularty enjoyed] the discursive natur8 lots of background info. tthej Pr8sent8rs fèll very knowledgeable. It remindedmo of talking to a friend who knows a lot about a subjectl Ralh8rthan watching a presenfation. Following a bespoke training session to academics at Cardiff Metropolitan University. we also dèlivered a bespoke course for members of thè University's Senior Leadership Team. Prlority 3." Developing and securing commltment to Implementlng Ideas that Can Iransform Wales In our priority aroas All our policy and project work is aligned to our main priority areas= supporting the development of a strong. wnfident democracy and a successful, green and fair economy for Wales. Page 4
INSTITUTE OF WELSH AFFAIRS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 We seek to support a strong, confident democracy In Wales. This year, we delivered thé second year of our Media and Democracy project, funded by the Joseph Rowntree Charitsble TfusL' We published a report commissioned from leading academics in Wales examirsing broadcasting regulation in Wales. The three-part report examined intemational case studies of broadcasting devolution. and made recommendations on how Wales could seek to devolve further elements of broadcasting regulation effectively. The report was particularty impactful, informing the work of Welsh Government, the Senedd Culture. Communication, Welsh Language, Sport and Intemational Relations Committee as well as the UK Welsh Affairs Select Committee. It also fonmed part of the eviden the IWA submitted to the Independent Commission on the Constitutional Future of Wales, making a significant contribution to the final report's considefations on Wales, media ecosystem. We brought together key partners in the democracy space in Wales, including the (then) Counsel General and Minister for the Constitution for a roundtable conversation to discuss steps to Strengthen Wales, democr8¢y. The roundtable led to our Building Bridg8s report, which made a number of recommendations to reinvigorate Welsh democracy. In November 2023. the IWA hosted an event supported by CaliVe Wales, on the future of the creative sector. The event featured a keynote speech from the (then) Deputy Minister for Atts, Sports and Tourism. alongside other key stakeholders from across the creative economy. The event's ¢onversations and recommendations shaped our Creabve Crossroads report. which highlighted key policy areas of focus to strengthen and provide stability across the creative sector. We Pfowded input to the Media Reform Coalition and Public Interest News Foundation's guide to participatory 9rantmaking examining support to the media ecosystem. We continued to scrutinise the progress of Senedd refom proposals, working alongside key partners. Vve submitted evidence to the Senedd on the amended reforms and our Co-Direclor gave evidence to the Senedd's Standards Committee on ¢all mechanisms. We continued to deliver our work on Wales, constitutional future, supported by the Legal Education Foundation. Auriol Miller sat as an Expert Panel Member of the Independent Commission on the Constitutional Future of Wales. The IWA submitted high level evidence papers to the Commission on energy and broadcasting. Additionally, we-. Launched Wales." A Wort in Progress. a podcast series which delves into the detail of the discussion around Wales, constitutional future. Over seven episodes, the podcast discussed deliberative democratic methods, UK constitutional reform. federalism and transport, amongst others. Hosted well-attended online events with leading thinkers on the UK'S constitution. One focussed on the intergovernmental relations across the UK and the second focussed on leamings from social security policy dÈvergence in Scottand. Hosted a summer event with an expert panel on Wales, constitution. Hosted a winter event with the (then) Acting Chair of the BBC Board. Dame Elan Clos Slephens, discussing her Caer and the vital role the BBC plays in life in Wales and beyond. Brought together the (then} Chair of the UK Climate Change Committee and Wales. Future Generations Commissioner for a discussion on managing Wales, pathway to net zero. As part of our commitment to democratising data and giving people in Wales accessible eviden and tools to infomi their decision making, we continue to advocate for Understanding Welsh Places (UWP}. We recorded 18.000 sessions over the reporting period. Through our economic policy work. we seek a successful, green and falr economy for Wales. This year. We published Sharing power. spreading wealth, a new in4epth report which examined how communities in Wales can benefit from the transition to net zero. The report made a series of ambitiOLts policy recommendations for UK and Welsh policymakers, urging govemments to do more to ensure that Wales. energy transition provides a socio*¢onomic boost to the whole nation. The report builds on the IWA'S established position in this space that net zero transition is the economic opportunity for the nation over the decades ahead. The report was launched to a high4evèl online audience. and further presented at the Festivalof Debate. The projectwas also submitted as evidence to the Netzero 2035 Challenge Group. The IWA published two reports in partnership with Arup, which were informed by tsvo roundtable events with industry experts. The fir51 focused on accelerating net zero infrastruGture in Wales. and the second examined decarbonising transport sector emissions in Wales. We continued to provide scrutiny of Welsh and UK Government budgets and their impact on Wales, patkncularly looking at the latest Welsh Government budget, which included significant cuts. We provided significant sGrutiny during Ihe campaign to elect the next Fitst Minister. Co-Director Joe R05Siter wrote an analysis ahead of. and during the campaign, providing an insight into how the next First Minister of Wales could tsckle the key challenges facing the country in the years ahead. Page 5
INSTITUTE OF WELSH AFFAIRS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 New projects In development We will continue to deliver wort( related to the constitutional fijture of Wales, part of our policy project funded by the Legal Education Foundation. This will indude a project examining deliberative democratic meth¢xls in Wales We will develop a policy paper looking at climate change and inequalities, infomied by a successfvl roundlable hosted jointly with Oxfam Cymru. We will be launching a series of articles produced in partnership with the National Infrastructure Commission for Wales imagining Wales in 2100. We will produ a paper on setting up govemment in Wales to tackle the major, systemic challenges the nation faw, with the aim ot informing the debate ahead of the 2026 Senedd elections. We will continue to seek funding to support our economy, media and democracy policy work. Membershlp Events We were delighted to hold our first in-person membersuonly summer reptIon since the Covid-19 pandemic. The event provided an opportunity forour members to meet. neknork and get to know ourteam. as well as listen to a panel disclrssion, chaired by BBC journalist James Williams. The discLtssion focused on exploring the work of the Independent Commission on the Constitutional Future of Wales. We also held our AGM in person again this year. We were joined by Dame Elan Clos Stephens. then Acting Chair of the BBC Board, who gave a keynote speech tooknng at her time at the BBC and its impact on the wider public sphere in Wales. The AGM. chaired by our newly elected interim Chair Ben Joakim. also receNed the report of the Directors and the financial statements of the Company for the year ended 31 March 2023. We reappointed MHA. fomieriy Watts Gregory. as our independent examiners. Digital reach in FY2024 We have continued to grow our digital platforms. wilh a rising number of visitors across our social media. a 7.810A increase in followers and over 200.01)O page views on our website {an increase of 17Yo). Our podcast channel recorded 3.706 listens, an increase on the previous reporting period due to the release of our TLEF-funded podcast series Wales.. a Woik in Progress. Media coverage of the IWA'$ work We recorded 47 mentions of our work in the media in Wales and beyond, including= TV (BBC Politics Wales) Radio (BBC Radio Wales, Breakfast show, BBC Radio Cymru and Sunday Supplement Programme) Podcasts (Walescast and Business News Wales) National and Local Press {BBC News, Politico. Labour List Nation Cymru. Morning Star. Business News Wales. Green Economy Wales. Tenby Today. Common Weal) Public benefit In preparing this report the trustees have paid due regard to the Charity Commission's guidance on the reporting of public benefit. We intend that the tr)tality of our activity should assist in the strengthening of civtl soctety in Wales by improving the flow of quality infomiation on public policy into the public domain and by bringing together interested parties in research groups, seminars and conferences to advance debate. thereby developing the policy communty and extending ils reach into the wider public. The way in which thi5 has been achieved over the past year is detailed below. The trustees confirm that they have complied with the requirements of section 4 of Ihe Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. FINANCIAL REVIEW Financial position The Board prepares budgets and cash flow foreca515 for the forthcoming financial year and continually monitors Ihe 8mounl of reserves available. In FY2024 we: Complétsd a technical migration of over 200 of our members, streamlining our systems and processes, and freeing up operational capacity Achieved our membership, events and training income tsrgets Developed 8 number of successful income-generating events and partnerships Page 6
INSTITUTE OF WELSH AFFAIRS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Prfnclpal funding sources The IWA receives its income from three main sources of funding.. memb6rship fees and donations,. self*enerated income.. and external trusts, foundations and other institutions for project work. In FY2024. membership fees and donations accounted for 30°A of receipts. with self-generated income from events. training and consultancy totalling 18 /0. Short- to medium-term grant funding totalled 52 /0 of our income. In FY2024, we received funding from the Books Council ofwales. the Friends Providenl Foundation. the Joseph Rowntree Charitable Trust and the Legal Education Foundation. We are grateful to our funders for their support. While our revised budget for FY2024 anticipated a Yearnd defiut of £61.068, we finished the year with a surplus of £11,251. Re$errfe$ pollcy The Trustees have examined the charitys requirements for reserves in the light of the main risks to its operation. During this financial year. a number of our funded projects came to an end. Our 2-year Media and Democracy project, funded by the Joseph Rownlree Charitable Trust, was completed in January 2024 and our core fvnding from Ihe Friends Provident Foundation ended in June 2024 after a 2-year term. The end of the above fvnding streams has led to a fresh review of our reserves policy to acknowledge the reduction in staffing levels and cost base. The Board of Trustees approved a revised seNe policy requirement of £50.000 at the May 2024 trustee board meeting (previous policy level was £63.0001. This new policy became effective 20 July 2024. As at the balan sheet date, the organisation had free reserves of £99,645 (2023". £93.598). Like many small charities. we continue to work towards achieving a sustainable financial model that includes a variety of short- and medium-term funding from diverse $ours, as well as core lunding. Over the coming months we will focus our Work on bidding for fijture project work, including the next iteration of the New Audiences Fund. a5 well as diversifying our income streams with an increased offer for delivery of our charttable actiwts'es. PLANS FOR FUTURE PERIODS Strategy Following the Covid-19 pandemic, the IWA Board agreed to exiend the period covered by our strategy to earty 2024. In readiness for our new strategy, over the course of the year. we held a number of focus groups with our team and the Boand, as well as sought extemal stakeholder input. to help us shape our strategy for the next 4 years. In the coming year. and beyond. we will continue to undertake research and deliver impact on our existing priority areas of Wales, democracy and economy as set out in our current strategy. Our core focus will u)ntinue to be on our Ihree-fotd role of hosting high-quality debate. supporting and enabling a wider and more diverse group of people to participate in public policy influencing, and convening to create new iLfeas tackling economic and democrab'c challenges. Our new strategy. covering the period beleen 2024 and 2028. will not seek to revolulionise our work, but act as an evolution of our focus. taking into account significant changes. challenges and opportunities in our intemal and exlemal context. both current and fulure, at a UK arKJ Wales level. We will continue to play 8 key role in advocating for more systematic and effective ctlizen engagement in policy making and delivery. greater awareness of the strengths and weaknesses of the current devolution settlement, and education on the alternatives and their implicalions. In the lead up to the general election, we will play an active role in influencing parties. manifestos. At an organisational level, following our leadership transition, we will aim to secure the financial stability of the IWA over the mid to long term, and cement our position as a progressive, influential voiGe in Wales, public life. We will continue our joumey towards becoming a net zero organisation and will make further improvements in our ability to reach new audiences. including implementing our ambition to be a bilingual organisation by 2025. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust, and constitules a limited company. limited by guarantee, as defined by the Companies Ad 2006. Page 7
INSTITUTE OF WELSH AFFAIRS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Institute of Welsh Affairs {IWAI was incorporated as a company on 22 July 1987. The original Artic16s of Association were adopted by Special Resolution passed on 21 January 1989. The Memorandum of Association was amended by Special Resolution on 20 June 1999 and the IWA was registered as a charity on 1 Dember 1999. The At*cles of Association were further amended by a special resolution on 6 December 2006, following a review of corporate governance. The changes brought our govemance arrangements into line with best practice. The Arttdes ofAssociation were further amended by a special resolution on 25 November 2020, following a comprehensive review. The Artides were modernised to reffect legislative changes, namely the Companies Act 2006 and the Charities Act 2011. The charitable company is limited by guarantee 8nd does not have any share capital. Each member of the charitabl8 company undertakes to contribute such amount as may be required (not exceeding £1). The company is regislered as a charity under the Charities Act 1960 and in the opinion of the directors is not liable to taxatiors. Recruitment and appointsnent of trustees The directors ofthe company are also charity trustees for the purposes of charity law. The wort( of the charity is supervised by a board of d1CtorS confinned by the members of the Charitable company at the Annual General Meeting and Board membership is regularty reviewed. Frances Beecher stepped down as a Trustee on 6 May 2023 after 8 years on the Board. Professor Alison Wride and Marc Thomas stepped down as Trustees in October and November respectivety. After neady 15 years on the Board. Dr Eurfyl ap Gwilym also stepped down at the end of his term in December. along with Professor Kevin Morgan. Helen Molyneux and Chair Bethan Damin. We are extremely grateful for the invaluable leadership and sUPPOrt that all of them have provtded to the IWA during their tenures as Trustees. Following a skills audit of the IWA Board in FY2023 in line with our strategy and business plan, five new Trustees were successfully recruited in May 2023, through an open recruitsment process.. Dr Elizabeth Haywood, Ben Joakim, Jessica McQuade. Sam Evans and Kelly Huxley-Roberts. Following her departure as IWA'S Director in January 2023. Auriol Miller was COhOPted as a Trustee in February 2024 ft)r a 12-month period. Organisational stru¢tur¢ The Board of Trustees meets four times a year and a small Finance and General Purposes Committee predeS it. The directors oversee all the activities of the IWA. Induction and trainlng of new trustees New trustees are inducted and trained by the continuing trustees of the charity and senior stsff. This induction covers their legal obligations under charity and company law. the Charity Commission guidance on public benefit. and infonT)s them of the content ofthe Memorandum and Articles of AssocÈation, the Board and de¢ision-making processes, the business plan and rent financial perfomiance ofthe IWK Trustees are encouraged to attend IWA events and other appropriate external events where these will support them in their trustee role. Page 8
INSTITUTE OF WELSH AFFAIRS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Rlsk management Our risk management approach is reviewed on a regular basis throughout the year. The Tntstees. Report in our FY2023 year end accounts prewously identified that we would seek to= What we said Induct new board members and ensure a smooth SUC$S1on as some long-standing trustees step down What we dld We welcomed five new Trustees in May 2023, who were fully onboarded and inducted, ensutFng a smooth transÈbon and succession. Review our reserves policy We rewewed our reseNes policy following staffing and funding changes throughout the year. The reserves needed to wind up the organisation in FY24 were estimated at £65k. We will review this in FY25, too. Review the risk appetite of the Board This year. we undertook a risk appetite exercise with our Board and have since incorporated a risk appetite approach in all our decision-making discussions. Resource a new role to support our marketing fundion We We successfvl in recruiting a Marketing and Events Assistant as part of a Cardiff University student placement The support with events and membership contributed to our income targets and improved membership engagement. Complete the migration of some long standing pre- digital membership direct debits. After a complex technical process, we successftjlly migrated over 200 historic dIt debrts to our new platt0. bringing them up to current MeMbehIp fees and significantly reducing our p$SIng times. We achieved less than a 10% dropUt rate. We continue to develop our full cost recovery approach openly and transparently with potential partners..Our consultancy work continued in FY2024 as part of our income diversification strategy and contributes to our core costs. We Continue to seek alignment of our consultancy and events opportunities with our policy project and strategic priorities. In FY2025 we wll.. Continue to explore long-tem sustainable funding models for the organisation Continue to retain and grow our membership by creating a value4riven offer for young members and Fellows Drive forward a substantial policy platform ahead of the General Election and Senedd 2026 elections. tackling the key issues impacling people's lives in Wales Objectives and policies The charity's activities expose it to a number of financial risks including credtt risk, cash flow risk and liquidity risk. Credit risk The charity's principal financial assets are bank balances and cash, trade and other re1vable5. The charity's credit risk is primarily attributablé to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubfftil receivables. An allowance for impairment is made where there is an identified loss event which. based on previous experience, is evidence of a reduction in the recoverability of the ¢ash )lows. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Company number 02151006 (England and Wales) Reglsterèd Charfty numbor 1078435 Page 9
INSTITUTE OF WELSH AFFAIRS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Registered office Roorn 6.01 SBARC Maindy Road CARDIFF County of Cardiff CF24 4HQ Trustee Board B Joakim A J Copus S Evans L Farhat Dr E Haywood K Huxley-Roberis J McQuade H F Mortlock Pearce A Pickles A Miller Chair Appointed 18.05.23 Appointed 18.05.23 Appointed 18.05.23 Appointed 18_05.23 Appointed 18.05.23 Appointed 01.02.24 Resignations from the Board B Darwin S Prescott Dr E Ap Gwilym F Beecher H C Molyneaux Professor K J Morgan Thomas S Williams Professor A Wride Chair unlil resignation Treasurer until resignation Resigned 20.11.23 Resigned 29.07.24 Resigned 08.12.23 Resigned 18.05.23 Resigned 08.12.23 Resigned Q8.12.23 Resigned 02.11.23 Resigned 29_07.24 Resigned 31.10.23 Independent Examiner MHA Ilrading name of Maclntyre Hudson LLP) Limited liability partneiship in England & Wales Registered number OC312313 Elfed House CARDIFF CF23 8RS Senior Management Team M Drave - Co-DirectOT (from February 2024) J Rossiter - Co-Direclor (from Febiuary 20241 A J V Miller (Director until resignation January 20241 Bankers Lloyds Bank PLC Approved by order of the Board of Tiuslees on .. and signed on ils behalf by.. B Joakim hair Page 10
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF INSTITUTE OF WELSH AFFAIRS Independent examlner's report to the trustees of Institute of Welsh Affairs {'the Company.) I report to Ihe charity Irustses on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilities and basis of report As the charity's trustees of the Company (and also its d1ctOrS for the purposes of company lawl you are responsible for the preparation of the a)Unts in accordancE with the requirements of the Companies Act 2006 {'the 2006 Act'l. Having satisfied myselfthat Ihe accounts of the Company are not required to be audited under Part 16 ofthe 2006 Act and are eligible for independent examination, I report in resped of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 {'the 2011 ACV). In caryin9 Out my examination I have followed the Directions given by the Charity Commission under Section 145(51 Ib) of the 2011 Act Independent examlnerfs statement Since your charity's gross income exceeded £250.000 your examiner must be a member of a listed body. I can confirm that l am qualified to undertake the examination because l am a member ofAssociation ofchartered Gertified Accountants, which 15 one of the listed bodies. I have completed my examination. I confiTm that no matters have come to my attention in connection with the examination giving me cause to believe.. accounting records were not kept in respect of the Company as required by Section 386 ofthe 2006 Act or the accounts do not accord with those records., or the accounts do not comply with Ihe accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.. or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practi for accounting and reporting by charities (applicable to chaTÉties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper underslanding of the accounts to be leached. Julia Mortimer FCCA MHA (trading name of Maclntyre Hudson LLP) Limited liability partnership in England & Wales Registered number OC312313 Elfed House CARDIFF CF23 8RS Date.. Page11
INSTITUTE OF WELSH AFFAIRS STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 2024 Total funds 2023 Total funds Unreslricted fund Restricted funds Notes INCOME AND ENDOWMENTS FROM Donattons and legacies 172,732 172.732 219,561 Charltablo activities General 72,735 164,887 237,622 261,897 Investment income 3,252 3.252 1,195 Total 248.719 164.887 413.606 482,653 EXPENDITURE ON Raising funds 55,343 55,343 53.519 Charitable activities General 191635 155,377 347.012 345.204 Total 246.978 155.377 402,355 398.723 NET INCOME 1.741 9,510 11.251 83.930 RECONCILIATION OF FUNDS Total funds brought ft)rward 104,255 63,817 168,072 84.142 TOTAL FUNDS CARRIED FORWARD 105.99S 73,327 179.323 168.072 The notes fomi part of these financial statements Page 12
INSTITUTE OF WELSH AFFAIRS BALANCE SHEET 31 MARCH 2024 2024 Total funds 2023 Total funds Unreslricled fund Restricted funds Notes FIXED ASSETS Tangible assets 14 6.351 6,351 10,657 CURRENT ASSETS Debtors Cash al bank and in hand 15 46.216 110.064 46,216 183,391 21.106 211.410 73,327 156,280 73.327 229,607 232.516 CREDITORS Amounts falling due within one year 16 156,635) (56,635) {75.101) NET CURRENT ASSETS 99.645 73.327 172,972 157.415 TOTAL ASSETS LESS CURRENT LIABILITIES 105,996 73,327 179,323 168.072 NET ASSETS 105.996 73.327 179,323 168,072 FUNDS Unreslricled funds Reslricled funds 17 105,996 73,327 104,255 63,817 TOTAL FUNDS 179.323 166.072 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not required the company lo obtain an audit of ils financial 513lements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. The Iruslees acknowledge their responsibilities for la) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of ihe state of affairs of the charitable company as al the end of each financial year and of ils surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which olhemise comply with the requirements of the Companies Act 20[ relating to financial slalemenls. so far as applicable lo the charitable company. {b} These financial slalements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and aulhorised for issue on . and were signed on its behalf by.. oaki hair The notes fomi part of these financial stalemenls Page 13
INSTITUTE OF WELSH AFFAIRS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STATUTORY INFORMATION Institute of Welsh Affairs is a registered charity and private company limited by guarantse. It has no share capilal and is incorporated in Wales in the United Kingdom. The registered office is shown within the reference and administrative details. The nature of Ihe company's operations and principal activities is disclosed within the Report of the Trustees. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. The financial ststements are presented in Sterling (£1. the company's functtonal currency, and rounded to the nearest pound. The significant accounling policies applied in the preparation of these finan¢ial Ststements are set out below. These policies have been consistenlly applied to all years presented unless otherwise stated. ACCOUNTING POUCIES Basis of preparing the financlal ststements The financial staternents of the charitable company. which is a public benefit entity under FRS 102. have been ppad in accordance W*h the Charit-es SORP IFRS 102) 'A¢counting and Reporting by Charilies= Statement of Recommended Practi applicable to charities pparIng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 2019),, Financlal Reporting standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Iieland, and the Companies Act 2006. The financial $tstement$ have been prepared under the historical cost convention. Institute of Welsh Affairs meets the definition of a public benefit entity as demonstrated within the Report of the Trustees. There have been no material departures from Financial Reporting StandaTd 102. Small charity concession The charity has taken advantage of the concession available to smaller chartties that are not subject to a statutory audit given in the Statement of Recommended Practice. It has not analysed either resources expended or incoming resources by activity categories within the Statement of Financial Activities. Going Concern In light of financial budget and cashflow projections prepared, for a period covering 12 months from the approval of these financial statements. the trustees have concluded that no adjustments or additional disclosures are required lo the financial statements and are satisfied that it is appropriate for the financial statements to be prepared on a going conrn basis. Income All income is recognised in the Statement of Financial Activities once the chaiity has enlillement to the funds. it 15 probable that the income will be reiVed and the amount can be measured reliably. Donations and legacies income includes donations, gifts and grants that provide core fvnding or are of a general nature and are recognised where there is entttlement probability of receipt and the amount can be measured with sufficient reliability- Such income is only deferred when the donor specifies rl must bè used in future accounting periods or the donor has imposed conditions which must be met before the charity has unconditional entiUemenL Income from charitable activities includes income received under contract or where entitlement to grant fvnding is subject to specific performance conditions. This income is recognised as the related services are provided and there is entitlement, probability of reIpt and the amount can be measured with sufficient reliability. Income is deferred when the amounts received are in advance oflhe perfOnnan ofthe service orevent to which they relate. Investment income is recognised on a receivable basis. It is not the policy of the charity to sh¢)w income net of expenditure. Page 14 conts"nued...
INSTITUTE OF WELSH AFFAIRS NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - ¢ontlnued Expendlture Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. ere costs Cannot be directty attributed to particular headings they have been allocaled to activities on a basis consistent wtlh the use of resour9. Raising funds are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and serViS for its benefi¢iaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support Ihem. Support costs include central fvnctions and includes governan costs which are those costs associated with meeting the constitutional and ststutory requirements of the charity- Government gTanls Government grants are recognised based on the accrual model and a measud at the fair value of the asset received or receivable. Grants are ¢lassified as relating etther to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset Where part of a grant relating to an asset is deferred. it is recognised as deferred income. TangSble fixed assets Depreciation is calculated so as to write off the cost of an asset. less its estimated residual value. over the useful life of that aet as follows.. Office equipment Web51te 33°h straight line 250/0 Straight line Fixed assets are initially recorded at cost. Financial Instruments The charity only has financi81 assets and financial liabilities of a kind that qualify as a basic financial instrument. Basic financial instruments are initially recognised at transaction value and subsequenuy measured at their settlement value. Debtors Trade debtors and other debtors are recognised at the spttlement amount due after any trade discounts offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Creditors Creditors are recognised where the charity has a present obligation resulting from a pasl event that will probably resLtIt in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due. Cash and cash equlvalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-tem highly liquid inveslments that ar8 readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Taxatlon The charity is exempt from corporalion tax on its charitable actiwties. Fund accounting Unrestricted fvnds can be used in accordance with the charitable objedTrves at the discretion of the truslees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when fvnds are raised for particular restricted purposes. Page 15 continued...
INSTITUTE OF WELSH AFFAIRS NOTES TO THE FINANCIAL STATEMENTS - ¢ontinu¢d FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - continued Fund accounting Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Hire purchase and leasing commitments Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. Pension costs and other postthretirement benefits The charitsble company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Actiwties in the period to which they relate. DONATIONS AND LEGACIES 2024 2023 Donations Gift aid Publications Grants Subscriptions Patrons 1,158 5.355 556 50,000 98.364 17,299 2.850 5.649 328 107.952 96,574 6.208 172.732 219.561 Grants received. included in the above. are as follows.. 2024 2023 Friends Provident Foundation The Watetloo Foundation Joseph Rowntree Charitable Trust- cost of living support 50,000 50.000 45.000 50,000 107.952 INVESTMENT INCOME 2024 2023 Déposit account interest 3,252 1.195 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Event income Training income Carnegie UK Trust Grants other income Collaboration income Consultancy 46,865 22.418 38.547 23,581 5.869 166.153 1.700 12,125 13.922 164.887 110 3.342 237,622 261,897 Included within the prior year CharItsb activities income was= an amount of £5,869 from the Camegie Trust UK towards the Understanding Welsh Places projecL Page 16 conts'nued...
INSTITUTE OF WELSH AFFAIRS NOTES TO THE FINANCIAL STATEMENTS -continued FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM CHARITABLE ACTIVITIES - Continued an amount of £12,125 under a collaboration agreement been Cardiff University and University of South Wales and Institute of Welsh Affairs. The Lead. Cardiff University, was awarded a grant from the Wales Innovation Netr40rk via Universities Wales. The collaboration project is titled Wales Innovation Ne0.. Understanding Welsh Places - Analysis of public transport (bus and train) provision in Wales based on open dats,. Grants received, included in the above, are as follows.. 2024 2023 Books Council ofWales-. 'Ihe welsh agenda, Joseph Rowntree Charitable Trust.. Media in Wales project Fiiends Provident Foundation - Re*nergising Wales The Legal Education Foundation= Fostering understanding and participation in Wales, ongoing constitutional discussiori Books Council of Wales.. New Audiences (Journalism) Fund Books Council of Wales.. Magazine Diversity Fund Books Council ofWales= New Audiences Fund 17,500 55,690 17,5C>O 68,018 1.500 62.000 12,865 63,000 14,135 2.000 16.832 164.887 166.153 RAISING FUNDS Raising donations and legacles 2024 2023 Staff costs Staff training Consultancy fees Support costs 45.829 46,784 228 5,285 4.229 6.507 55.343 53.519 CHARITABLE ACTIVITIES COSTS Direct Costs (see note 81 Support costs (see note 9) Totals General 283,725 63.287 347 012 DIRECT COSTS OF CHARITABLE ACTIVITIES 2024 2023 Staff costs Event costs Training costs Direct project costs Staff training Direct recTuilment costs Depreciation 236.778 487 1.296 28.474 1.207 13,000 2,483 241,714 2.731 823 37,040 1,039 2,483 283,725 285.830 Page 17 conts'nued...
INSTITUTE OF WELSH AFFAIRS NOTES TO THE FINANCIAL STATEMENTS - ¢ontinued FOR THE YEAR ENDED 31 MARCH 2024 SUPPORT COSTS Raising funds Charitable Activities Governance costs Totals Raising donations and legacies General 4,229 4,229 63,287 32.239 31.048 4.229 32.239 31.048 10. NET INCOMEI{EXPENDITUREI Net incomel{expenditure) is stated after chargingllcrediting)= 2024 2023 Depreciation - owned assets Independent examination fee Other fees paid to independent examiners 4,306 2.800 1.414 3.295 2.700 791 11. TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2024 or for the year ended 31 March 2023. Trustees. expenses Trustees, expenses of£534 were paid to trustees in respect oftravel and accommodation expenses (31 March 2023.. £Nil). 12. STAFF COSTS 2024 2023 Wages and salaries Social security costs other pension costs 271,757 22,170 11.595 274.730 24.108 13,052 305.522 311,890 The average monthly number of employees during the year was as follows.. 2024 2023 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2024 2023 £80.001- £90,000 The total employee benefits of the key management personnel of the charity were £101,095 (2023: £94.7181. Page 18 continued...
INSTITUTE OF WELSH AFFAIRS NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 31 MARCH 2024 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Restricted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 219,561 219,561 Charitable activities General 95,744 166,153 261,897 Investment income 1.195 1,195 Total 316.500 166.153 482 653 EXPENDITURE ON Raising funds 53,519 53,519 Charitable activitiOS General 234,618 110.586 345.204 Total 288.137 398.723 NET INCOME Transfers between fvnd$ 28.363 55.567 200 83.930 Net movement in funds 28.163 55.767 83,930 RECONCILIATION OF FUNDS Total funds brought forward 76.092 8.050 84,142 TOTAL FUNDS CARRIED FORWARD 1 Q4,255 63,817 168.072 14. TANGIBLE FIXED ASSETS Offi equipment Website Totals COST At 1 April 2023 and 31 March 2024 19.240 5,470 24,710 DEPRECIATION At 1 April 2023 Charge for year 13.241 2,483 812 1,823 14.053 4.306 At 31 March 2024 15.724 2,635 18.359 NET BOOK VALUE At 31 March 2024 3.518 2.835 6,351 At 31 March 2023 5.999 4.658 10.657 Page 19 continued..
INSTITUTE OF WELSH AFFAIRS NOTES TO THE FINANCIAL STATEMENTS - Conllnued FOR THE YEAR ENDED 31 MARCH 2024 15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Prepayments and accrued income 41.821 4,395 16,029 5.077 46,216 21.106 16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Social security and other tsxes VAT Other creditors Accruals and deferred income 2,074 4,772 5.798 1.253 42.738 3.005 7.034 4.294 1.523 59.245 56.635 75,101 Included within accTuals and deferred income is the following deferred income.. 31.3.24 31.3.23 Deferred income brought forward Released to Statement of Financial Activities Additional income deferred 56,545 (49,877) 33.200 45.387 (25.387) 39,868 56.545 The deferred income relates to income in advance that the charity did not have entitlement to recognise at 31 March each year. 17. MOVEMENT IN FUNDS Net movement in funds At 3113124 At 114123 Unre$tri¢ted funds General fund 104,255 1,741 105.996 Restricted funds Media in Wales Fostering understanding and participation in Wales, ongoing constitutional discussion New Audiences (Journalism) Fund 5,798 (2,277) 3.521 54.796 3.223 8.844 2,943 63,640 6.166 63.817 9,510 73.327 TOTAL FUNDS 168.072 11.251 179 323 Page 20 continued...
INSTITUTE OF WELSH AFFAIRS NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 17. MOVEMENT IN FUNDS . continued Net movement in funds. included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fvnd 248.719 {246,9781 1,741 Restricted funds Ihe we15h agenda, print and online Media in Wales Fostering understanding and participation in Wales, ongoing constitutional discussion New Audiences {Joumalism) Fund New Audiences Fund 17.500 55.690 117.500) (57,967) (2,277) 62.000 12,865 16.832 (53.156) (9,922) 16,832} 8.844 2,943 164,887 155.377 9.510 TOTAL FUNDS 413.606 402.3551 11.251 Comparatlves for movement In funds Net movement in )lJnds Transfers between funds At 3113123 At 114122 Unrestricted funds General fund 76,092 28.363 12001 104.255 Restrlcted funds Re-energising Wales project Media in Wales Fostering understsnding and participalion in Wales. ongoing constitutional discussion New Audiences (Journalism) Fund 11,700) 9,750 1,500 (3,952) 200 5,798 54.796 3.223 54.796 3,223 8.050 55.567 200 63.817 TOTAL FUNDS 84.142 83.930 168,072 Page 21 conb'nued...
INSTITUTE OF WELSH AFFAIRS NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 17. MOVEMENT IN FUNDS - contlnued Comparative net movement in funds. included in the above are as follows.. Incoming resources Resources expended Movement in fvnds Unrestricted funds General fund 316.500 1288.137) 28,363 Restrictsd funds 'the welsh agenda. print and online Re-energising Wales project Media in Wales Fostering understanding and participation in Wales. ongoing constitutional discussion New Audiences (Journalism) Fund Magazine Diversity fund 17.500 1.500 68,018 (17,500) 1,500 13,952) (71,9701 63.000 14,135 2.000 {8,204) {10.912) 2,000) 54,796 3.223 166,153 110.586 55.567 TOTAL FUNDS 482.653 398.7231 83.930 'the welsh agenda. printand online Grant funding has been received during the year from the Books Council of Wales towards the commissioning. design and pr¢)duction of English language current affairs magazine. 'the welsh agenda, in both print and online edilions. Media in Wales Grant funding has been received from The Joseph Rowntree Charitable Trust for the Media in Wales project. project examining the relationship between Wales, democracy. media, and wider creative industries. Fosterlng understanding and participation in Wales. ongolng constitutional dis¢u$$ion Grant fijnding has been received from The Legal Education Foundation, lor a project for the new stage of our work on the constitutional fijture of Wales. NewAudiences (Joumalisml Fund Our'Voice5' innovation to platfomi young. marginalised andlor freelance journalists and writers has been rolled out across the sector by the Books Council ofwales through its New Audiences Fund and we successfully applied to employ four intems on stx-week placements. NewAudiences Fund Funded by Books Council ofwales for x 8 week internships support and mentoring. Com arative ear onl Renergising Wales project Grant funding was provided from The Friends Provident Foundation in the year to support the Renergising Wales project- a project which aims to provide a fijlly worked out plan to enable Wales to meet its projected energy demands entirely from renewable sources by 2035. Magazlne Dlverslty Fund Grant funding of £2,000 was receivéd from the Books Council of Wales towards new voices, magazine diversity Page 22 onts'nued...
INSTITUTE OF WELSH AFFAIRS NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 18. EMPLOYEE BENEFIT OBLIGATIONS The charity operates a defined contribulion pension scheme. The pension cost forthe year represents contriblOn$ payable by the charity to the scheme and amounted to £11,595 (2023= £13,052)- Contributions totalling £1,253 (2023: £1,523) were payable to the scheme at the year end and are induded in creditors. 19. RELATED PARTY DISCLOSURES There were no related paty transactions requiring disclosure for the year ended 31 March 2024 or the year ended 31 March 2023. Page 23