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 ExaMine￿S 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&gt 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 Sl￿1f1¢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 r￿st full year under a new leadership - both at Board and executive level,
and we are proud to have success￿11Y 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 in￿epth 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 V￿lterS 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
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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 eff￿t 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.
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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 SOCI￿cUltUral 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.
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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 recO￿ls¢ that the IWA continues to act as a platfonn for Welsh
writers, who rely on the opportunities it provides.
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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 d￿Cribed 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 fo￿Sed 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 n￿1n 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 W￿e$, current devolution settlement.
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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 fvtt￿es 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 caMpai￿S 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 Tn￿leeS 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.
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Trustees, Report
The AGM, chaired by our Chair Ben Joakim, also ￿re1Ved the report of the Directors and the financial
sL*ernents 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 % res￿1vely). 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 in￿ePth 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 ern￿Wer 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 th￿n, so that
together we can develop a successful. green and fair economy, and a healthy* confident and inclusive
democracy.
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Tn￿tee8, 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 cU￿t 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.
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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.
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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 success￿11Y recruited in December 2024, through an open recruitment proces5: Gwendolyn Sterk, Shayoni
Lynn and Lauren M¢Evatt,
Organisational structure
The Board of '[n￿teeS 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.
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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.
obSe￿e 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
2￿6. 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 I￿egularlties.
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 Ca￿led 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 I￿en 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 defe￿ed 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 fu￿re 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 SubJ￿t 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 Insi￿Alfi¢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
cOmpan￿S 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 d￿ing 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
Defe￿ed 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 ch￿itable
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