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 Un￿rtaInty 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, the￿fOre, 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
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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 Suc￿sSfUl. 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 cOn￿rted action to address them.
In this report we set out our outpuls for FY2024 and feedback from key stakeholders.
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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-re￿IVed 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
be￿en 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
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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 t￿l¢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. Ti￿ed '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.
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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 C￿aliVe 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 Ca￿er 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.
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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 re￿ptIon 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
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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 Year￿nd 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 $our￿s, 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 bel￿een 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.
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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 De￿mber 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 d1￿CtorS 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 pre￿deS 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 re￿nt 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￿$S1on as some long-standing trustees step down
What we dld
We welcomed five new Trustees in May 2023, who
were fully onboarded and inducted, ensutFng a
smooth transÈbon and succession.
Review our reserves policy
We rewewed our reseNes policy following staffing
and funding changes throughout the year. The
reserves needed to wind up the organisation in FY24
were estimated at £65k. We will review this in FY25,
too.
Review the risk appetite of the Board
This year. we undertook a risk appetite exercise with
our Board and have since incorporated a risk appetite
approach in all our decision-making discussions.
Resource a new role to support our marketing fundion
We We￿ successfvl in recruiting a Marketing and
Events Assistant as part of a Cardiff University
student placement The support with events and
membership contributed to our income targets and
improved membership engagement.
Complete the migration of some long standing pre-
digital membership direct debits.
After a complex technical process, we successftjlly
migrated over 200 historic dI￿t debrts to our new
platt0￿. bringing them up to current MeMbe￿hIp
fees and significantly reducing our p￿￿$SIng times.
We achieved less than a 10% drop￿Ut 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 re￿1vable5.
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 d1￿ctOrS 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
p￿pa￿d in accordance W￿*h the Charit-es SORP IFRS 102) 'A¢counting and Reporting by Charilies= Statement of
Recommended Practi￿ applicable to charities p￿parIng 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 con￿rn 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 re￿iVed 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 re￿Ipt 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 resour￿9.
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 serVi￿S 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￿ measu￿d 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 a￿et 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 be￿en 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
Ne￿0￿.. 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
Re*nergising Wales project
Grant funding was provided from The Friends Provident Foundation in the year to support the Re*nergising 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 contrib￿lOn$
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