Company registrntion nwnb¢T: 02151006 Charity registration nulnbcr. 1078435 Institute of Welsh Affairs (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2025 HSJ Audit Limited Severn House Hazell Drive Newport South Wales NPIO 8FY
Institute of Welsh Affairs Contents Trnstses, Report Ito13 Independent ExaMineS Report 14 Staternent of Financial Activities 15to 16 Ba]ance Sheet 17 Notes to the Financial Statements 18to29
Institute of Welsh Affairs Trustees, Report Chair's Report My first report as Chair of the IWA Board of Trustees l> year was Titten al a challenging time for people and organisations across the world. We were still navigating the impacts of the Covid-19 pandemic, the wars in Ukraine and the Middle EasL the cost-of-living crisis and the climate emergency - and sadly. this year, not much has changed-. many have been faced with even more uncertainty with conflicts still looming large, a turbulent change in leadership across the Atlantic, and ever-increasing extreme climate events. We also saw a Sl1f1¢ant General Electi(m in July 2024 with a victory for UK Labour. This outcome was in contrast to a Welsh Labour Government which saw three First Ministers in just five months. Following this unsettled and internally contentious lime for the paty, Wales now has its f]rst female leader, who vows to run a government which delivers better short-tenn outcomes for our economy, transport and health services - and leading the party into the next Senedd elections in May 2026, under a new more proportional system. The year ending March 2025 was our rst full year under a new leadership - both at Board and executive level, and we are proud to have success11Y continued to bring an independent voice to Wales, most importhnt policy debates. Once again, we were able to ¢onvene important conversations and bring together partners and members to shape policy and conceive pmgressive, actionable ideas to address the long-tenn issues king Wales: we conducted inepth research into how mission4Jriven government could work in Wales" we worked in partnership with the Future Generations Commissioner for Wales on a number of projects including river health and the wellbeing e¢onomy* and we delivered policy events with Oxfarn Cymru. Carnegie UK and Wales & West Utilities. We appeared in front of the Welsh Affairs Select Committee to discuss renewable energy, and in the Welsh Parliament to contribute to the Senedd standards and refonn discussion. We continue to be committed to ensuring that the IWA is an inclusive, open and welcoming space for everyone. This year, we are proud to have been able to offer paid commissions to new and emerging Welsh VlterS and freelancers, expanding the reach and readership of the welsh agenda. Moreover, with invaluable support from our members, we launched our new strategy for 2024-2028. The strategy provides a clear direction and framework for the IWA as we near our fifth decade. We will remain focused on advocating for the development of a successful, green and fair economy, and a healthy, confjdent and inclusive democrncy for Wales by convening open and infoTm¢d debates, challenging power and creating new and ambitious policy ide&s. With just over twelve months, at the time of writing, until the Senedd elections in 2026, we will continue to work on ensuring the reliability and accuracy of public claims, and improving public, media and citizens, understanding of and engagement with our democrati¢ processes. On a practical note, I would like to express our gratitude to our outgoing tnjstees Sarah Prescott, Shereen Williams, Leena Farhal and Auriol Miller for their valued contributions to the Board. l also welcome our three new appointmenls Gwendolyn Slerk, Shayoni Lynn and Lauren McEvatt and I look forward to working with them over the coming years. On behalf of all our trustees, I would like to thank the IWA staff team for their hard work in what is still a precarious national and global contexl. l also thank all OUT members and partners for their continuous supporL and we look forward to welcoming many more of yow &8 we continue to work together and strive for better democratic and economic outcornes for everyone in Wales. Ben Joakim Chair, IWA Page I
Institute of Welsh Affairs Trnstees, Report The lrnstees, who are directors for the PUTposes of company law, present the annual report together with the fman¢ial statements of the charitable company for the year ended 31 March 2025. OWEcfivES AND ACTIVITIES Objeets and alms l. The Objects of the Charity are to advance the education of the generdl public of, and to promole research into (and the publi¢ation of the results thereofj. SOCiO•economics, politics, science and technology, including but not limited to: o the efft of socifreconomic, political and scientific factors on public policy; and the effect of socio-economic, financial, political. environmental and international factors on the living standards of all sections of the community, Strategy The Institute of Welsh Affairs is a registered charity (1078435) and limited company (02151006) with cross-party governance. We are funded by our rnembers, our own income-generating activities, and trusts, foundations and other institutiona] donors. We are an independen¢ non-partisan charity, and limited company. and we work with the public, opinion forniers, policymakers and politicians of all parties and none. Our Vislon is to help create a Wales where everyone can flourish. Our Mission is lo 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, infornied and welcoming spaces for people to exchange ideas and contribute to high quality public debaie Supporting and empowering people to understand how Wales is governed and to challenge and hold governments and decision makers to account Creating new progressive and ambitious ideas and securing commitments to implementing them. so that togdher we can develop a successfvl, green and fair economy, and a healthy, confident and inclusive democracy. Prlneipal aetlvities and achievements Our mission is to inspire Wales, ambition and we work to supwrt better policy making and better economic and democratic outcomes for the people of Wales. As ever, the IWA has consistently produced nuanced and thoughtful reports and events, in line with our mission of hosting accessible and high-quality publi¢ debate on key issues that matter to Wales, future. Our commitment remains lo identify, articulate and explain why these issues matter. and then convene discussions which lead to concerted action to address them. In this report we set out our outputs for FY2025 and feedback from key stakeholders. Page 2
Institute of Welsh Affairs Trustees, Report Priority I: Providlng open, infonned and welcomlng spaees for people to exeh4ng¢ ideas and contribute to high quality publle debate This y¢ar, we ran a total of 8 events (six in person or hybrid and two virtual) in line with our strategic priorities, including four roundtables, two report launches, our Annua] General Meeting and the final event An our three-year parthership with Bangor University. Once again, we were able to build on existing relationships with members and stakeholders, whilst also successfully delivering on a number of new partner3hips- testament to our reputation to convene power, networks and conversations. Over 500 tickets were issued a¢ross our whole events and training programme, and we reached an additional 2.242 people through our videos, recordings and podcasts. We successfully sourced parthership support for our events, making them free to delegates, as part of our long-standing commithient to widening access to quality debate on public policy in Wales. Therefore, this year, all our events were free, as they were either part of fimded partnerships or policy projects. In addition to events showcasing our own research and reports, we ran a diverse mix of in-person and Virti] events over the course of the year aligned to our key themes of developing Wales, economy and democrdcy: Our partnership with Bangor University culminated at the fina], sixth event in the 3-year partnership. which t(K)k place in October 2024 in Pontio Arts Centre in Bangor. The event tied in themes from our five preceding events, and looked into how we Can ensure the wellbeing of our north-walian comrnunities, and their economic, environmental and SOCIcUltUral sustainability. We hosted a hybrid AGM where we shared our 2024 updates with members and Trustees, and launched our new strategy for 202£k2028. In partnership with Oxfam Cymru, we hosted a roundtable discussing 'a Wales that cares for people and planet.. Acknowledging the disproportionate impact of Climate change on women and marginalised communities, the event brought together themes around climate and gender justice, and wellbeing economics for a discussion on new economic models available to Wales. We held two roundtsble discussions with Wales & West Utilities, which sought to convene and engage with a range of stakeholders including policy and decision makers, to hold frank conversations about the profound implications of the energy transition in Wales, enabling Wales & West Utilities to play an active part in the strategic thinking as well as the practical implementation of this transition. In Novernber, we supported Carnegie UK to launch their latest 'Life in the UK - Wales, report at a roundtable event in Cardiff. The event aimed to presenL disseminate and promote the flndings of the report, their irnplications for the people of Wales, and to identify what should be next on the agenda for the county. In December, we launched our Cenhadaeth Cynru | Mission Wales: Governing with purpose, achieving progre report, part of the IWA'S wider work on Wales, constitutional future. The evenL hosted by award-winning joumalist Will Hayw presented key elements of the report, including what mission-driven government is and why this approach may WO for Wales. In early March 2025, we launched our latest report, part of our wider constitutional work funded by the Legal Education Foundation. Developed in partnership with Aberystwyth University and the Centre for Welsh Politics and Society, the report looked at democratic innovations and how they can be implemented in Wales to ensure a healthier democracy for everyone. We were Join by report Cowauthor Dr Anwen Elias in conversation with Joe Rossiter at an online launch event, attracting over 75 delegates. Page 3
Institute of Welsh Affairs Trustees, Report Regch Over 2,650 people either directly attendel watched or listened back to all our online sessions and podcasts held between April 2024 and March 2025. Recordings of all IWA events can be found on the videos page on our website and on YouTube. Impaet Over 950/0 of Surveyed delegates rated our events as 'great' or 'excellent', and over 80•/• would recommend them to others. Over 750/D noted that the events changed their understanding of the issues discussed. Below is some of the feedback we received for our FY25 events: '[The evenl W4LY] Yery inftlilive and gave me an opporlunity to stand backfrom the significi7ni Challeng that face currently. Thankyou very mttchfor organising ihe Event, much appreciated ' 'li's nice to know that the local comrnunity can get involved with shaping Cymru, and that these aren% processes that happen behind closed doors., the welsh qgenda Our flagship publication, the welsh agend4 is the longest standing English-language current affairs magazine in Wales. Published twice a year, it is widely respected as a source of intelligent and thought-provokiThg slow journalism. We are immensely proud to have secured fi]nding from the Books Council of Wales until 2027, whilst continuing to focus on diversifying the range of our contributors and readers. Both editions of the magazine issued in 2024 were digital-only, Issue 72 of the welsh agenda, published in June 2024, feature¢ amongst others, a piece from the [then] IWA'S Economic Policy and Research Officer Lydia Godden looking at how we can achieve democratic and resilient energy communities. an article from Katie Lloyd on the future of Port Talbot, and a photo-article on the Miners, Strike by Amanda Powell. The edition also included pieces by Joe Rossiter on 25 years of devolution, James Evans on sustainable agricultural ture, Rebecca Wilks on the rise of automated facial recognition technology, and a piece from IWA'S fornier intem Gwenno Robinson on deconstructing the drain brain. Issue 73) published in October 2024, featured 20 articles and reviews. Arnongst them were a piecc by Zoe Dowsett on how surfmg sup]x)rts young people's mental health, Dr Huw Dylan Owen on a care project in GWYned and Lucy TayloT on decolonising Y Wladfa. Tom Collinson met with newly elected Totsten Bell MP, Iwan Brioc outlined his own reciprocal wellbeing model, Ken Moon took a stroll through Pontypridd to highlight the importance of access to land. and Dr Jack Price wrote about the lessons learnt from the Wales Net Zero 2035 Challenge Group. We continue to develop the welsh agenda online, our digttal platforni for debates. alongside the welsh agenda magazine. Over this reporting perio(L the plarforn) attracted 77.610 readers, a decrease of 80/0 compared with the previous year (this is due to reduced capacity and therefore less fkrquent output). Thanks to ndIng from the Books Council of Wales, New Audiences Fun(L we were able to offer a number of paid commission4 fither diversifying our pool of writers. As part of the fund, and following an open call for pitches and outreach activities. we succcssfully commissioned and published 19 articles (on both, the welsh agenda magazine and online). The grant has helped us significantly in reaching a new and diverse pool of writers, and rejnunerating thern accordingly. We feel strongly aboul supporting the writing and journalistic freelance community in Wales. and are proud to be offering market-rate fees. We recOls¢ that the IWA continues to act as a platfonn for Welsh writers, who rely on the opportunities it provides. Page 4
Institute of Welsh Affairs Trustees, Report The fimding has also helped us build relationships with new contributors to our plaifoms. We have already seen repeat Mriters coming back io us with fither pitches and ideas, following great feedback on our guidance, processes and our platforn)s. We are hoping to rther utilise these new networks as we develop the magazine and the welsh agenda online in the firture. Priority 2: Supporting and empowering people to understsnd how Wales is governed aDd to chalknge and hold governments and decision makers to aecount This year we delivered two sessions of our highly-regarded training courses with 33 delegates. Digital delivery continues to help us expand both our numerical and geographical reach. Feedback has been consistently positive and of those who responded to our survey, IOOO/o rnted the sessions &s 'great' or 'excellent'. and all would recommend our courses to others: .1 really enjt>yed how ihorough the COhTse was. It covered a lol of different areas from influencing to campaigning. And being able lo have a QnA with an MS was also a greatparl of the training with some really uvefyl insig. Definitely ended ihe Iraining with mapry actionsfor nryself l also enjoyed how the Iraining hadso manypractical tips andpoinlers on how to ulilise toots and d9ferent avepmes lo influence ihe Senedd ' 'J like kowyou dCribed how the political scene in Wales has changedfor theforlhcoming election - Ifound it very confusing before this course and now J can understand it and where these addition Mss are coming from. ' 'The conlent was comprehensive and ihe trainer was engaging [¢heJ course gave a broad piclure of the political landscape in Walesframing the devolutionjourncy as well as irformalion relev¢mt io day to day rol& ' 'The atmosphere was veryfriendly, itfelt easy to askfor any ¢larificalion wiihout worrying. ' Apart from our open sessions, we were delighted to be commissioned to deliver a Iwowday bespoke training course to our organisational member min Wales. The sessions foSed on how devolved government in Wales work4 and how Mirus staff members can influence decision makers in their area8 of responsibility. Priority 3: Creatlng new progressive and ambitious ideas and secure commitments to implementing them All our policy and project work is aligned to our two n1n priority areas: supporting the development of a healthy, confident and inclusive democracy, and a successful, green and fair economy for Wales. • We seek to support a slrong) confident democracy in Wales. o We provided in-depth explainers ahead of the UK General Election on key policy aTeas. We undertook analysis of policy issues and their implications for Wales, as well as providing scrntiny of the parties, manifestos frorn a Welsh perspective. o We provided a platfonn for political parties to respond to our challenges on key policy issues at a UK level which have a significant devolved component. We published an inclusive recruitment guide in collaboralion with Inclusive Journalism Cymru, which highlighted best prdctice and tools for incre&sing diversity in the journalism sector in Wales. We continued to deliver our work on Wales. constitutional fifftwe, supported by the Legal Education Foundation. Against this pmjecL we published two policy papers.. o Cenhadaeth C)Inru.' Mission Wales, which examined government delivery in a devolved context and explored the prospect of embedding a mission-led approach. The paper focused on a concept of delivering maximum benefit from We$, current devolution settlement. Pag¢ 5
Institute of Welsh Affairs Trnst¢es' Report o Developed in partnership with Aberystwyth University and the Centre for Welsh Politics and Society, our Fostering Democratic Imiovations in Wales: Lessons From Around the World report looked at democrdtic innovations and how they can be implemented in Wales to ensure a healthier democrdcy for everyone. o We hosted a number of podcasts with subject matter experts on topics including democratic healtlL transporL constitutional issues and net zero. • Trough our economlc policy worL we seek a successful) green and fair economy for Wales. This year: o Following the publication of our lanthnark Sharing power, spreading wealth report, we continued to advocate for the suite of energy policy proposals it put forward. We gave evidence to the Welsh Affairs Select Committee as they examined the state of renewable energy in Wales. The report has proven particularly influential in the renewable energy policy discussion in Wale4 particularly as we get closer to the Senedd elections in 2026. o In partnership with Oxfam Cymw, we published A Wales that cares for people at]d planet, a report which examined the wellbeing economy in a Welsh context. o We delivered an internal policy project for the Future Generalions Commissioner for Wales on the wellbeing e£onomy, interviewing key stakeholders in economic policy in Wales. The report fed directly into the Wellbeing Economy chapter of the 2025 Future Generations Commissioner report. o As part of our UK General Election work, we provided in-depth analysis of key economic policy issues (including health, the economy and net zero) and their potential impact for Wales. o We provided in-depth scrutiny of the UK Labour Goven]ment's first budget in the welsh agenda. Our Co-Dire¢tor Joe Rossiter appeared on BBC Radio Wales, coverage of the Wales Election TV debate and on the morning of the General Election result to provide analysis and reaction. We published an anthology consisting of a series of articles on imagining Wales in 2100 in collaboration with the National Infrastructure Commission for Wales. The wide-ranging collection of pieces and essays examined key challenges to Wales and its people through a fvttes lens, including infrastructLwe, access to nature and prisons, amongst many others. Apart from our wellbeing economy repo¢ we produced two more internal policy reports for the Future Generalions Commissioner for Wales. The projects, on river health and the adoption of the Act by public bodies, fed directly into the Future Generations Commissioner's 2025 report. New projects in development We will continue to deliver work related to the constitutional future of Wales, part of our poli¢y project fimded by the Legal Education Foundation until March 2026. This will include an analysis and scwtiny of manifestos and caMpaiS in the ruT] up to the 2026 Senedd elections. We will develop a policy manifesto in collaboration with Oxfam Cymw looking at the wellbeing economy in Wales, setting out priorities for the next Welsh Government. We will continue to seek funding to support our economy, media and democracy policy work. Membership Events This year, we held a hybrid AGM with members invited to join us online, and our Board of TnleeS rnet in person. This was a great opportunity for our Board to meet our newly appointed TnL8tees, and for them to hear an IWA update in preparation for their 1] onboarding and induction. Page 6
Instithte of Welsh Affairs Trustees, Report The AGM, chaired by our Chair Ben Joakim, also re1Ved the report of the Directors and the financial sLernents of the Company for the year ended 31 March 2024. Our members reappointed MHA, fomierly Watts Gregory, as our independent examiners. Dlgital reach in FY2025 We have continued to grow our digital platfornis. and have achieved a considerable increase in our Inslagram and LinkedIn followers (S/0 and 25 % res1vely). We have also joined Bluesky as a response to decreased engagement and less authentic and quality content on Twitterlx. We will focus on growing this network from our 161 current followers. We have attracted 98k active users to our website (an increase of 7.7 % compared with FY23), who carried out 591k evenls. We saw over 210,000 page views (an increase of nearly l %). Our podcast channel recorded 2,142 listens. Although this is a slight decrease on the previous reporting period (due to the release of our TLEF-funded podcast series Wales: a Work in Progress in FY24), we have recorded considerably more listens per podcast. Media coverage ofthe IWA'S work We recorded 25 mentions of our work in the media in Wales and beyond, including: . TV (LBC News) Radio (BBC Radio Wales) Podcasts (Business News Wales) National and Local Press (Green Economy Wales, Business News Wales, Current News, BBC News, Cwmbran Life, The Economist, Nation Cymrn, Senedd Plenary. Pembrokeshire Herald, Wales 247, The Conversation, Deeside.com) Plans for future periods Strategy Following inePth conversations with the JWA team, Board of Trustees, external stakeholders and our members, we officially launched our revised strategy for 2024-2028 at our 2024 AGM. The strategy sets out the themes for our work and operational priorities over the next 4 y¢wB, providing a clear direction for the IWA, and a framework within which existing commitments can be delivered and new activities pursued and started. By 2028, we will aim to become the leading independent and non-partisan thought-leader in public life in Wales, sustainably funded, bilingual and with strong relationships across the publi¢, private, and third sectors, trade unions, academic and community paTth¢rs, and with an authoritative track record of influence in our priority areas of policy inlerest: Wales, economy and democracy. Our core focus will continue to be on our three-fold role.. convene across boundaries, Challenge power and create new ideas. We will provide open, infornled and welcoming spaces for people to exchange ideas and contribute to high quality public debate. support and ernWer a wider and more diverse group of people to understand how Wales is governed and to challenge and hold governments and decision makers to account. and create new progressive and ambitious ideas, and campaign to secure commitment to implemenling thn, so that together we can develop a successful. green and fair economy, and a healthy confident and inclusive democracy. Page 7
Institute of Welsh Affairs Tntee8, Report Our new strategy will not seek to revolutionise our worl but as an evolution of our focus, taking inlo account significant changes, challenges and opportunities in our internal and external contexts, both cUt and future, at a Wales, UK and global level. We will continue to play a key role in advocating for more systematic and effective citizen engagement in policy making and delivery, greater awareness of the strengths and weaknesses of the current devolution settlemenl and education on the alternatives and their implications. In the lead up to the Senedd 2026 election, we will play an active role in scNtinising and influencing parties, manifeslos, and communicating to the public what these Commitrnents mean for the people of Wales. At an organisational level, we will aim to secure the long-tern] fmancial stability and sustainability of the IWA, and cement our position &s a progressive, influential voice in Wales, public life. We will continue our journey towards becoming a nel zero organisation and will make further improvements to our ability to reach new audiences, including implementing our ambition to be a bilingual organisation. Public benefit In preparing this report the trustees have paid due regard to the Charity Cornmission's guidance on the rewrting of public benefit. We intend that the totality of our activity should assist in the strengthening of civil society in Wales by improving the flow of quality inforniation 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 community and extending its reach into the wider public. The way in which this has been achieved over th¢ past year is detailed below. The trnstees confirni that Ihey have complied with the requirements of section 4 of the Charities Act 2011 10 have due regard to the public benefit guidance published by the Charity Commission for England and Wales. FINANCIAL REVIEW Finaneial position The Board prepares budgets and cash flow forecasts for the forthcoming financial year and continually monitors the amount of reserves available. In FY2025, we: Su¢¢essfully navigated & leadership transition process. Launched our 2024-2028 strdtegy at our 2024 Annual General Meeting. Reduced our team due to the completion of a number of fixed-terni policy projects and an uncertain funding context. Exceeded our events and project income targets, but saw a drop in our rnembership due to challenging financial circumstances. Further strengthened our relationships with stakeholder4 and delivered a number of success] income-generating events and partnerships. Page 8
Institute of Welsh Affairs Trustees, Report Principal funding sourees The IWA receive5 it5 income from three main sources of funding: membership fees and donations, self-generated income, and external trusts, foundations and other institutions for project work. In FY2025, membership fee5 and donations accounted for 47.30/0 of receipts, with self-generated income from events, training and con5ultan¢y totalling 22./0. Short- to medium-terni grant funding totalled 29.20/0 of our income. In FY2025, we received fimding from the Books Council of Wales and the Legal Education Foundation. We also re¢eived short-tern) project funding from partners including Oxfam Cymru and the Future Generations Commissioner for Wales. We are grateful to our funders for their support. Policy project funding was £59,124 in FY2025. While our budget for FY2025 anticipated a year-end deficit of £25,688, we finished the year with a deficit of £13,876. Reserves policy The Trustees have examined the charity's requirements for reserves in the light of the main risks to its operation. At the end of FY24 and beginning of FY25, a number of our funded PToje¢ts came to an end. Our 2-year Medka and Democracy project, funded by the Joseph Rowntree Charitable TWSL was completed in January 2024 and our Core funding from the Friends Provident Foundation ended in June 2024 after a 2-year terni. The end of the above funding streams led to a fresh review of our reserves policy to acknowledge the reduction in staffing levels and Cost b&8e. The Board of Trustees approved a revised reserve policy requirement of £50,000 al the May 2024 Board meeting (previous policy level was £63,0(X)). This new policy became effective 20 July 2024. As at the balance sheet date, the organisation had free reseryes of £162,751 (2024: £99,645). Like rnany small charities, we continue to work towards achieving a sustainable financial model that includes a variety of short- and medtum-tenn funding from diverse sources, as well &8 core fimding. Over the coming months. we will focus our work on bidding for future project work, including bids to the Nuffield Foundation, the Friends Provident Foundation and The Joseph Rowntree Reforni Trust, as well as diversifying our income streams with an increased offer for delivery of our charitable activities. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing documenl, a deed of trnsL and constitutes a limited company, lllnited by guarantee, as defmed by the Companies Act 2006. The Institute of Welsh Affairs (IWA) was incorporated &8 a company on 22 July 1987. The original Articles 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 l December 1999. The Articles of Association were further amended by a special resolution on 6 December 2006. following a review of corpornte governance. The changes brought our governance arrangements into line with best practice. The Articles of Association were fillther amended by a special resolution on 25 November 2020, following a comprehensive Teview. The Articles were modernised to reflect legislatlve changes, namely the Companies Act 2006 and the Charities Act 2011. Page 9
Institute of Welsh Affairs Trustees, Report The charitable company is limited by guarantee and does not have any share capital. Each member of the charitable company undertakes to contribute such an amount as may be required (not exceeding £1). The company is registered as a charity under the Charities Act 1960 and in the opinion of the directors is not liable to taxation. Reernitment and appointmcnt of trustees The directors of the company are also charity trustees for the purposes of charity law. The work of the charity is supervised by a board of directors confThed by the members of the chaTitable company at the Annual General Meeting and Board membership is regularly reviewed. Sarah Prescott. who was also our treasurer. and Shereen Williams stq)ped down as Trnstees on 29 July 2024 at the end of their 4-year ternis. Leena Farhat resigned from the Board on 17 OctobeT 2024. Auriol Miller. who was COvOPted in February 2024, resigned on 31 January 2025 at the end of heT 12-month tenn. We are extremely grateful for the invaluable leadership and support that all of them have provided to the IWA during their tenures as Trustees. Followtng a skills gap analysis of the IWA Board in line with our strategy and business plan, three new Trustees were success11Y recruited in December 2024, through an open recruitment proces5: Gwendolyn Sterk, Shayoni Lynn and Lauren M¢Evatt, Organisational structure The Board of '[nteeS meets four times a year and a small Finance and General Purposes Committee precedes it to review the financial and risk management of the IWA. The directors oversee all the activities of the IWA. Induction and training of new trustees New trustees are inducted and trained by the continuing trustee5 of the chaTity and senior staff. This induction covers their legal obligations undeT charity and company law, the Charity Commission guidance on public benefil and infornis them of the contcnt of the Memorandum and Articles of Association, the Board and decision-making processes, the business plan and recent fmancial perforniance of the IWA. Trustees are encouraged to attend IWA events and other appropriate external events where these will support them in their 1rnstee role. Page 10
Institute of Welsh Affairs Trustees, Report Risk management Our risk management approach is reviewed on a regular basis throughout the year. The Trustees, Report in our FY24 year-end accounts identified that we would seek to: What we said What we did During FY25, we had a number of conversations with stskeholders aboul opportunities for the long-ternj financial sustainability of the organisation. Although these ¢onversalions have not progressed yet, they have led to a number of shorter tern) funding streams, whith have been particularly benefi¢ial for our FY25 cashflow. Due to a challenging fmancial contexl, we have had to focus on membership retention, rather than groMTth. Despite a drop in our membership income, our retention rate remained relatively high at 84% (compared with 87 % in FY24). We delivered a series of outputs ahead of, and following the 2024 UK General Eledion. Our Through a Welsh Lens series scrutinised key Welsh policy issues at a UK level. We provided a platfonn for major parties t() respond to a set of challenges we presented. We also analysed and scrutinised policy proposals put forward by each party. We reviewed our reserves policy following staffmg and funding changes throughout the year. The Trustees agreed a revised reserves policy of £50,000, which came into effect in July 2024. Continue to explore long-terni sustainable funding models for the organisation. Continue to retain and grow our membership by creating a valufrdriven offer for young members and Fellows. Drive forward a substantial policy platforni ahead of the General Election and Senedd 2026 elections, tackling the key issues imparting people's lives in Wales. Review our reserves policy. We continue to develop our full cost recovery approach openly and transparently with w)tential partners. We continue to seek aligmnent of our consultancy and events opportunities with our policy project and strategic priorities. In FY2026 we will: • Continue to explore long-ternl sustainable funding models for the organisation, and ways to increase capacty. Focus on retaining, and regainin& our membership by creating a vajue-driven offer for organisations, individuals and Fellows. Drive forward a substantial poli platforni ahead of the Senedd 2026 elections, tackling the key issues irnpacting people's lives in Wales. Objectives and polieies The charity's activities expose it to a number of financtal risks including credit risK cash flow risk and liquidity risk. Pagell
Institute of Welsh Affairs Trustees, Report Credit risk The charity's prin¢ipal financial assets are bank balances and cash. trade and other receivables. The charity's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairn)ent is made where there is an identified loss event whicK based on previous experience, is evidence of a reduction in the recoverabiity of the cash flows. REFERENCE AND ADMINISTRATIVE DETAILS Registsred Company number 02151006 (England and Wales} Registered Charity number 1078435 Registered offjee Room 6.01 sbarc | spark Maindy Road CARDIFF CF24 4HQ Trustees Mr B Joakim Chair Ms S Prescott Treasurer [resigned 29 July 2024] Ms A J Copus Mr S Evans Ms L Farhat Resigned 17 October 2024 Dr E HaywiK)d Mrs K Huxley-Roberts Ms J McQuade Ms H F Mortlock Pearce Mr A Pickles Mrs S Williams Resigned 29 July 2024 Ms Shayoni Ly)n Appointed I l December 2024 Page 12
Institute of Welsh Affairs Trustees, Report Ms Gwendolyn Stsrk Appointed I l December 2024 Ms Lauren McEvatt Appointed I l December 2024 Ms Auriol Miller Resigned 31 January 2025 Company Secretary NIA Statement of Trustees, Responsibilities The trustees (who are also the directors of JnstitLtte of Welsh Affairs for the purposes of company law) are responsible for preparing the trustees, report and the fmancial statements in accordance with the United Kingdom Accounting StandaTd5 (United Kingdorn Generally Accepted Accounting Prartice) and applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements lesS they are satisfied that they give a and fair view of the state of affairs of the charitable cornpany and of its incoming resources and application of resourcts. including its income and expenditure, for that period. In preparing these fmancial statements. the trustees are required to: select suitable acrounting policies and apply them consistently. obSee the methods and principles in the Charlties SORP. rnake judgements and estimates that are reasonable and prndent. state whether applicable UK Accounting Standards have been followed subject to any material departures disclosed and explained in the fmancial statements" and prepare the financial statements on the going concern b&sis Unle it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping adequate a¢¢ounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 26. They are a]so responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the Prevention and detectioll of fraud and other Iegularlties. The annual r¢port was approved by the twst¢¢s of the charity on 26 September 2025 and signed on its behalf by: B G Joakim Chair Page 13
Institute of Welsh Affairs Independent Examiner's Report to the trustees of Institute of Welsh Affairs ("the Company") I report to the charity trustees on My examination of the accounts of the Company for the year ended 31 March 2025. Responsibilities and basis of report As the charity's trustees of the Company (and also its dire¢tors for the purposes of Company law) you are responsible for the preparation of the a¢¢ounts in accordance with the requirements of the Companies Act 2006 ('the 2006 A¢t'}. Having satisfied myself that the a¢¢ounts of Institute of Welsh Affairs are not required to be audited under Part 16 of the 2006 Act and ar¢ eligible for independent examination, I report in respect of my examination of your charity's accounts as Caled out under section 145 of the Charlties Act 2011 ('the 201 l Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's $tstement I have completed my examination. I confirn) that no matters have come to my attention in connection with the examination giving me cause to believe: l. accounting records were not kept in respect of Institute of Welsh Affairs as required by section 386 of the 2006 Act" or 2. the accounts do not accord with those records. or 3. the accounts do not comply with the 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 exarninalion. or 4. the accounts have not Ien prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102)], I have no concerns 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 understanding of the accounts to be reached. Mr Andrew Hill FCCA ACA DChA BFP Severn House Hazell Drive Newport South Wales NPIO 8FY 29 September 2025 Page 14
Institute of Welsh Affairs Statement of Financial Aetivities for the Year Ended 31 March 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Reslricted funds Total 2025 Note Income and Endowments from: Donations and legacies Charitable activities Inveslrnent income 95,827 66,843 2,891 95,827 103,843 2,891 37,000 Tota] in¢ome 165,561 37,000 201561 Expenditsre on: Raising fimds Charitable activities (19,135) (128,820) (37,829) (30,653) (56,964) (159,473) Total expenditure (147,955) (68,482) (216.437) Net income/(expenditure) Transfers between funds 17,606 41,195 (31,482) (41.195) (13,876) Net movement in fiu)ds 58.801 (72,677) (13,876} Reconciliation of funds Total funds brought forniard 105,996 73.327 179,323 Total funds CWTied forward 17 1fv1,797 650 165.447 The notes on pages 18 to 29 forn] an integral part of these fmancial statements. Page 15
Institute of Welsh Affairs Statement of Financial Aetivities for the Year Ended 31 Marth 2025 (Including Income and Expendlture Account and Statement of Total Reeognised Gains and sseS) Unrestricted funds Restricted funds Total 2024 Note Income and Endowments from: Donations and legacies Charitable activities Investment income 172,732 72,735 3,252 172,732 237,622 3252 164,887 Tota] income 248,719 164,887 413,606 Expendfitllre on: Raising thnds Charitable activities (55,163) (191,815) (180) (155,197) (55.343) (347,012} Total expenditure {246,978) {155,377) (402,355) Fjet income 1,741 9,510 11.251 Net movement in funds 1,741 9,510 11,251 Reeoneiliation of funds Totsl funds brought forward 104,255 63,817 168,072 Total funds carried forward 17 105,996 73,327 179,323 All of the charity's activities derive from ntInuing op¢iations during th¢ abov¢ Iwo p¢riods. The funds breakdown for 2024 is shown in note 17. The notes on pages 18 to 29 forn an integral part of these fmancial statements. Pag¢ 16
Institute of Welsh Affairs (Registration number: 02151006) Balance Sheet as at 31 Mareh 2025 2025 2024 Note Fixed assets Tangible assets 13 2.046 6,351 Current asset8 Debtors Cash at bank and in hand 14 48,672 172,519 96,093 183.391 221,191 279,484 Creditors: Amounls falling due within one year Net eurrent assets 15 (57,790) (106,512) 163,401 172,972 Net assets 165,447 179,323 Funds of the charity: Restricted income funds Restricted fimds 650 73,327 Unrestricled income funds Unrestricted fimds 164,797 105,996 Totsl funds 17 165.447 179,323 For the financial year ending 31 March 2025 the charity was entitled to exemption from audit under section 477 ofthe Companies Act 2006 Telating to small companies. Directors, responsibilities.. Th¢ members have not required the charity to obtain an audit of its accounts foT the year in question in accordance with sectlon 476. and The directors acknowledge their r¢5ponsibilities for Complying with the requirements of the Act with respect to accounting records and the preparntion of accounts. The financial statements on pages 15 to 29 were approved by the trustees, and authorised for issue on 26 September 2025 and signed on their behalf by: In Chair The noics on pages 18 to 29 forni an int¢grdl part of thes¢ finan¢ial stalements. Page 17
Institute of Welsh Affairs Notes to the Financial Statements for the Year Ended 31 Mareh 2025 I Charlty slatus The charity is limited by guarantee. incoTporated in Wales, and consequently does not have share capital. 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 adthESS of its registered office is: R(x)m 6.01 SBARC Maindy Road Cardiff CF24 4HQ These financial statements were authorised for issue by the trustees on 26 September 2025. 2 Aeeountlng pollcfie$ Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these fmancial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Stydtement of compliance The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies A¢t 2006. The fll)ancial statements have been prepared under the historical cost convention. Basis of preparation Institute of Welsh Affairs meets the definition of a public benefit entlty as demonstrated within the Report of the Trustees. Golng Concern In light of financial budget and cashflow projections prepared, for a period covering 12 months from the approval of these financial statements, the twstees have concluded that no adjustments or additional disclosures are required to the financial statements and are satisfied that it is appropriate for the financial ststemeTTrts to be prepared on a going concern basis. Departures from the SORP There have been no material departures from Financial Reporting Standard l 02. Exemption from preparing a cash flow statement The charity opted to early adopt Bulletin I published on 2 February 2016 and have therefore not included a cash flow ststement in these financial statements. Page 18
Institute of Welsh Affairs Notes to the Financial Statements for the Year Ended 31 March 2025 Summary of diselosure exemptions The charity has taken advantage of the concession available to smaller charities that are not subject to a statutory audit given in the Statement of Recommended Practi¢e. It has not analysed either resources expended or incoming resources by activity categories within the Statement of Financial A¢tivities.. Income and ¢ndoivments All income is recognised in the Statement of Financial Activities once the charity has enlitlement to the fun&8, it is probable that the income will be received and the amount can be measured reliably. It is not the policy of the charity to show income net of expenditure. Donallons legaeie Donations and legacies income includes donations, gifts and grants thai provide core funding or are of a general nature and are recognised where there is entitlement, probability of receipt and the amounl can be measured with sufficient reliability. Such income is only defeed when the donor specifies il must be used in future accounting periods or the donor bas imposed conditions which must be met before the charity has unconditiona] entitlement. Deferred Income Deferred income represents amounts received for fure periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when: - The donor specifies that the grant or donation must onty be used in future coUnting periods. or - The donor has impx)sed conditions which must be met before the charity has unconditional entitlement. Inveslnwnl income tnvesttnent income is recognised on a receivable basis. Charllable aclivllles tncome from charitable activilies includes income received under contract or where entitlement to grant funding is SubJt to specific perfonnance conditions. This income is recognised as the related services are provided and there is entitl¢menL probability of receipt and the amount can b¢ me&sured with sufficient reliability. Income is deferred when the arnounts received are in advance of the perfonnance of the service or evenl to which they relate. Eip¢ndltsre 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 rneasured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they bave been allocated to activities on a basis consistent with the use of resources. Ral3ingfunds Raising flmds are costs incurred in attracting voluntary income, the management of investments and those incurred in ts7ding activities that raise funds. Page 19
Institute of Welsh Affairs Notes to the Finydncial Statements for the Year Ended 31 March 2025 Charl(able acllvltl Charilable expenditure comprises those ¢OSis incurred by the charty in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated dlrectly to such activities and those costs of an indirect nature necessary to support them. Support eosts Support costs include cetrtral nCtionS and includes governance costs which are those costs associated with meeting the constitutional and statutory requirements of the charity. Governance costs These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit. strategic management and trustees's meetings and reimbursed expenses. Government grants Goven)m¢nt grants are recognised based on the accwal model and are measured at the fair valu¢ of the asset received or Teceivable. Grants are classified as relating either 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 usetsl life of the asset. Where part of a grant relating to an asset is deferre¢ it is recognised as deferred income. Taxatio The charity is exempt from corporation tax on its charitable activities. Tangible fixed assets Individual f]xed assets costing £500.00 or more are initially recorded at cost, less any subsequent a¢cumulated depreciation and subsequent accumulated impairnient losses. Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation. le any estimated residual value. over their expected useful economic life as follows: Asset class Office equipment Website Deprcciation method and rate 330/0 straight line 25 % straight line Trade debtors Trade debtors and other debtors are recognised at the settlement amount due after any trade discounts offered. Prepayments are valued at the amount Prepaid net of any trade discounts due. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-teTm highly liquid invesiments that are readily convertible to a known amount of cash and are subject to an InsiAlfi¢ant risk of change in value. Page 20
Instithte of Welsh Affairs Notes to the Financial Statements for the Year Ended 31 March 2025 Trade Creditors Creditors are recognised where the charity has a present obligation resulting from a p&st event that will probably result in th¢ transftr of funds to a third party and the amount due to settle the obligation can be measured OT estimated reliably. Creditors are nonnally recognised at their settlement amount after allowing for any trade discounts due. Fund structure Restricted ndS can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fimd is included in the notes to the financial statements. Hire purchase Vdnd finance lease$ Rentals paid under operating leases are charged to the Statement of Financial Activities OD a straight line basis over the perlod of the lease. Pensions and other post retirement obligations The charitable company operdtes a defmed contribution pension scheme. Contributions payable to the charitable cOmpanS pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Finan¢lal Instruments Classific411on The charlty only has financial assets and finan¢ial liabilities of a kind thai qualify as a basic fmancial instnllnent. Basic financial inslnmients are initially recognised at transaction value and subsequently measured at their settlement value. 3 Income from donations and legacies Total 2025 Total 2024 Donations and legacies. Donations Publications Grants Subscriptions Patrons Gift aid reclaimed 3.023 173 1,158 556 50,000 98,364 17,299 5,355 84,636 2,500 5,495 95,827 172,732 Grants received. included in the above, are as follows: 2025 2024 Friends Provident Foundation 50,0(M) 50,000 Page21
Institute of We]sh Affairs Notes to the Financial Statements for the Year Ended 31 March 2025 4 Income from charitable activilies Totsl 2025 Total 2024 Event income Training income Grants Other income Consultancy 33,769 15,849 54,125 46,865 22,418 164,887 loo 3.342 103,843 237,622 Grants received, included in the above, are as follows: Unrestrieted funds General Restricted fund5 Totsl 2025 Total 2024 Books Council of Wales,, 'the welsh agenda, Joseph Rowntree Chatirable TTUSt: Media in Wales project Fostering understanding and participation in Wales, ongoing constitutional discussion Books Council of Wales: New Audiences (Journalism) Fund Books Council of Wales: New Audience5 Fund Future G¢ncrdtions Oxfam 25.0(K) 25,000 17,500 55,690 62,000 12,865 12,000 12,000 9,625 7,500 16,832 9,625 7,500 17,125 37.000 54,125 164,887 5 Investmenl income Total 2025 Total 2024 Interest receivable and similar income. Interest receivable on bank deposits 2.891 3,252 6 Expenditure on raising funds Allocated support eosts Total 2025 Total 2024 Direet eosts Costs of generating donations and legacies 56.783 180 56,963 55,343 Page 22
Institute of Welsh Affairs Notes to the Financial Statements for the Year Ended 31 March 2025 7 Expenditure on eharitable activities Unrestrlcted funds General Restricted funds Totsl 2025 Totsl 2024 Note Direct project costs Staff costs Allocated support osts 7,493 80,874 21.(X)5 9,648 28,498 90.522 51,176 236,266 23.941 16.512 23.941 16,512 28,522 31,048 Governance costs 128.820 30,653 159,473 347,012 Activity undertaken directly 2025 2024 Staff costs Event costs Training costs Direct project costs Stsff training Direct recruitmeDt costs Deprectation 90,522 737 259 24,786 234 90,522 737 259 24,786 234 236,778 487 1296 28.474 1207 13,000 2,483 2,482 119,020 2.482 119,020 283,725 In additlOD to the expenditure analysed above, there are also governance costs of £16,512 (2024 - £31,048) which relate directly to charitable activities. See nots 8 for fvrther details. Page 23
Institute of Welsh Affairs Notes to the Financial Statements for the Year Ended 31 Mareh 2025 8 Analysis of governance and support costs Governanee costs Unrestricted funds General Total 2025 Total 2024 Staff costs Wages and saIaTies Social security costs Pension costs Independent examiner fees Examination of the fmancial statements Trustees meetings and expense5 Professional fees Other governance costs 10.710 727 10.710 727 506 20,382 1.663 870 506 2,700 882 918 69 2,700 882 918 69 2,800 3218 2,115 16,512 16,512 31,048 9 Trustees remuneration and expenses During the year the charity rnade the following transactions with trustees: Trustees, espenses of £883 (2024: £534) were paid to trustees in respect of travel and aocomodation expenses. No trustees, nor any persons connected with them, have received any remuneration from the charity during the No trustees have received any other benefits from the charity during the year. Page 24
Institute of Welsh Affairs Notes to the Financial Ststements for the Year Ended 31 Mareh 2025 10 Staff Costs The aggregate payroll costs were as follows: 2025 2024 Staff eosts during the year were: Wages and salaries Social security costs Pension costs 142,799 9.697 6,753 271,245 22,170 11,595 159,249 305,010 The monthly average number of persons (including senior management I leadership tearn) employed by the charity durlng the year ¢xpressed as full tim¢ quivalents was as follows: 2025 2024 Charitable activities No employee received emoluments of more than £60,000 ding the year. I I Independent examiner's remuneration 2025 2024 Examination of the fmancial 51atements 2,700 2,800 12 Taxation The charity is a registered charity and is therefore ex¢mpt from taxation. Page 25
Institute of Welsh Affairs Notes to the Financial Statements for the Year Ended 31 March 2025 13 Tangible fixed assets Websfite and uipment Total Cost At l April 2024 At 31 March 2025 24.710 24,710 Depreciation At l April 2024 Charge for the year At 31 March 2025 24.710 24,710 18,359 4,305 18,359 4,305 Net book value 22,664 22,664 At 31 March 2025 At 31 March 2024 2,046 2,046 6,351 6,351 14 Debtors 2025 2024 Trade debtors Prepayments Other debtors J2240 34,914 1,518 41.821 54,272 48,672 96,093 Page 26
Institute of We]sh Affairs Notes to the Financial Statements for the Year Ended 31 Mareh 2025 15 Creditors: amounts falling due within one year 2025 2024 Trade Creditors Other taxation and social security VAT Other creditors Accruals Deferred income 2,115 3,170 4,406 976 2,820 44,303 57,790 2025 2,074 4,772 5.798 J253 2.870 89,745 106,512 2024 Defeed income at l April 2024 Resources defeTTed in the period Amounts rele&sed from previous periods Defetred income at year end 39,868 11.102 (39.868) 11,102 56,545 33,200 {49,877) 39,868 16 Pension and other 5ehemes Defined contribution pension scheme The charity operates a defmed contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £6,752 (2024 - £11,595). Page 27
Institute of Welsh Affairs Notcs to the Financial Statements for the Year Ended 31 March 2025 17 Funds Balance at I Aprll 2024 Incoming resourees Balanee at 31 Mareh 2025 Resources expended Transfers Unrestrfieted funds General General funds 105.996 165.561 (147,955) 41,195 Restricted funds Joseph Rowntree chitable Trust.. Media in Wales project Fostering understanding and participation in Wales, ongoing constitutional discussion New Audiences (Journalism) Fund Books Council of Wales 164,797 3,521 (3,521) 63,640 (41,318) (22,322) 6,166 12,000 25,000 37,000 (17,516) (6,127) (68,482) 650 (18,8731 (41,195) 73,327 650 Total funds 179,323 202,561 {216,437) 165,447 Balanee a¢ I April 2023 Incoming resources Resourees expended Balance at 31 March 2024 Unrestrleted funds Getterol General funds 104,255 248,719 (246,978) Restricted funds e welsh agenda, piint and online Joseph Rowntree Charitable Trnst: Media in Wales project Fostering understsnding and participation in Wales, ongoing constitutional discussion New Audiences (Journalism) Fund New Audiences Fund 105,996 17,500 (17,500) 5,798 55,690 (57,967) 3,521 54,796 62,000 (53,156) 63,640 3,223 12.865 16,832 (9,922) (16,832) (155,377) 6,166 63,817 164.887 73,327 Total funds 168,072 413,606 (402,355) 179,323 Page 28
Institute of Welsh Affairs Notes to the Financial Statements for the Year Ended 31 Mareh 2025 18 Analysis of net assets between funds Unrestrleted funds General Total funds at 31 Mgrch 2025 Restrieted funds Tangible fixed assets Cutrent assets Cutrent liabilities 2,046 220,541 (57,790) 164,797 2,046 221,191 (57,790) 165,447 650 Totsl net assets 650 Unrestricted funds General Total funds at 31 March 2024 Restricted funds Tangible fjxed &ssets Current assets Current liabilitie5 6,351 206,157 (106,512) 105,996 6,351 279,484 (106,512) 73,327 Total net assets 73,327 179,323 Page 29