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← Aneurin Bevan University Local Health Board Charitable Fund And Other Related Charities

2025-03-31-accounts

2024-2025 N HS University Health 3 Aneurin Bevan Annual Report & Accounts

Aneurin Bevan University Local Health Board Charitable Fund and Other Related Charities

Trustee’s Annual Report and Accounts 2024-2025

Registered Charity No: 1098728

Aneurin Bevan Health Charity

About Us

We are a registered charity, receiving monies given to Aneurin Bevan University Local Health Board from grateful patients, their loved ones and the wider community; thanking us for the NHS care and treatment they receive.

Our NHS Health Board

Aneurin Bevan University Local Health Board was established in October 2009 and achieved ‘University’ status in December 2013.

The Health Board serves the population of Gwent of just over 600,000, which reflects the five local authority areas: Blaenau Gwent, Caerphilly, Monmouthshire, Newport and Torfaen. The demographics of Gwent are varied and include rural countryside areas, urban centres and the most easterly of the South Wales valleys.

The Health Board is the largest employer in Gwent, with a budget of just over £1.7 billion, employing 13,424 whole time equivalent (WTE) staff (17,111 people at the end of March 2025) and providing an exceptional workplace to start, grow and build a career.

The workforce is ageing, as is the demographic profile of our population and the health inequalities of our population are also found within our workforce and 80% of our staff live within our communities. Therefore, it is essential that staff health and wellbeing is a key priority and a feature of the Health Board’s preventative plans.

Introduction to the Annual Report & Accounts

By law, every charity must prepare annually a set of accounts and an annual report which is subject to audit by an independent auditor and should explain to the reader what the charity’s purpose is; where the charity gets its money from; how the charity spends its money; what the charity achieved during the year and what plans it has for the future.

We present the Aneurin Bevan University Local Health Board Charitable Fund and Other Related Charities Annual Report together with the audited financial accounts for the year ending 31[st] March 2025.

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Message from the Chief Executive

Croeso / Welcome

I want to start by thanking you all for your continued support in making donations, leaving gifts in your will and generating funds for our Charity over what has been a particularly challenging time. I truly appreciate everything you do to enable us to provide those added extras that make a difference to our patients, our staff and our services.

Our population is growing and ageing, demand for services is increasing, and we need to adapt to new challenges and opportunities, along with technological and medical advancements. We are shifting our focus beyond just treating illness and looking at how we can help keep people well, reduce health inequalities, and improve access to care.

Thank You ° g£ Nicola Prygodzicz Chief Executive, Aneurin Bevan University Health Board

We continue to look to charitable funds to support us in this, funding numerous initiatives as shown below in the highlights of our past year.

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Message from Chair of the Charitable Funds Committee

I would like to take this opportunity to thank all members of the public, patients and their family and friends, staff and others who have raised and donated funds to Aneurin Bevan Health Charity, the registered charity of Aneurin Bevan University Health Board.

The funds really do make a difference, helping to improve the quality of life for our patients and individuals from the Aneurin Bevan University Heath Board Community, as well as supporting our staff who deliver such wonderful care and treatment.

Throughout this report we provide an overview of the Charity’s achievements over the period April 2024 to March 2025. Your contributions have allowed us to fund many projects and items of equipment, and this great work is evidenced through the stories and information presented here.

The Charitable Funds Committee has the responsibility of administering the Charity and ensures that there are policies and procedures in place in relation to legislative framework, ensuring funds are used for public benefit. The Charity is also audited annually by Audit Wales.

I would like to thank all members of the committee for their input and advice over the past 12 months. I also place on record my particular thanks to all the staff at ABUHB and to all others who have been involved with the Charity’s work, for their support and professionalism, which has been much appreciated. am very pleased to present this Annual Report for the year ended 31st March 2025.

Paul Deneen Diolch yn Fawr / Thank you Chair of the Charitable Funds Committee

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2024-2025 At a Glance

INCOME This year we received £795,000

We are so grateful for the donations we receive thanks DONATIONS to the generosity of patients, their relatives and friends £168,000 in recognition of the care and treatment received from Aneurin Bevan University Local Health Board.

LEGACIES £10,000

We are extremely grateful to those individuals who choose to leave a gift to us in their will.

GRANT INCOME £235,000

This money is received from external organisations to fund specific schemes / projects. Most of this funding was received from NHS Charities Together (NHS CT).

COURSE AND OTHER Fees and sponsorship received from in-house INCOME conferences and training courses. £193,000

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INVESTMENT INCOME We received this from our investment portfolio. This £189,000 was down by £22,000 on last financial year.

This year we spent £1,394,000

EXPENDITURE

The majority of this relates to staffing costs to support various projects such as meaningful activities, local specialist suicide bereavement service, psychological support for patients accessing cancer services, volunteer initiatives and our decarbonisation project. It also consists of various therapies, seasonal activities, support groups, volunteer expenses and other items of expenditure to benefit patients including purchasing Christmas gifts for those patients in hospital during the festive season.

PATIENT EDUCATION & WELFARE £449,000

This was spent on a range of varied equipment across the Health Board, additional equipment support by League of Friends and including the purchase of defibrillators and cabinets in the community from our Jack’s Appeal Fund.

PURCHASE OF EQUIPMENT £369,000

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The main items consist of conferences and training course fees, both in-house and external and related travelling expenses, subsistence and accommodation, support for staff well-being, Counselling Service, Staff Recognition Awards and medical student bursaries.

STAFF EDUCATION & WELFARE £371,000

We spent this mainly on various small projects including garden projects, improving the BUILDING & environment, making it better for our patients, staff REFURBISHMENT and visitors. £39,000

This covers the cost of the Charitable Funds Team, Corporate support and auditor fee in administering the funds.

SUPPORT COSTS £166,000

Charitable Funds are spent in line with the Charity’s objects and are intended to provide those additional amenities that will improve the conditions under which patients are cared for and treated or staff work

KEY 2 x Bladder scanners for Acute Medical PURCHASE Unit, Nevill Hall Hospital

Bladder scanners are portable, handheld ultrasound devices which can perform quick, easy and non–invasive scans of the bladder and is painless for the patient. It can be used to help identify bladder distension, causes of urinary frequency and bladder irritability and is useful in assisting with accurate assessments of hydration status. The purchase of additional bladder scanners enables the nursing staff to use them at the patient’s bedside which is beneficial to both patients and staff.

Both these machines were purchased by Nevill Hall Hospital League of Friends.

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2 x ECG Machines for Acute Medical Unit KEY PURCHASE (AMU) and Haematology Day Unit, Nevill Hall Hospital

An ECG machine records and monitors cardiac rhythms and can identify if a patient is having a heart attack and the necessary treatment can be applied.

The AMU machine was purchased by Nevill Hall League of Friends.

KEY Ocular Response Analyser for PURCHASE Ophthalmology, Llanwenarth Suite, Nevill Hall Hospital

Now we have two!

We purchased an Ocular Response Analyser last year for the Eye Clinic in Royal Gwent Hospital and this year the League of Friends kindly purchased one for Nevill Hall Hospital.

This equipment is used in assessing the eye condition, Glaucoma. More common in adults in their 70s and 80s, where the optic nerve that connects the eye to the brain becomes damaged. It is caused by a fluid build-up at the front of the eye which increases the pressure inside the eye.

Key 28 x Televisions, Brackets & Installation in Purchase Bedwas Ward, Ysbyty Ystrad Fawr

Bedwas ward was a short stay ward with patients expected to stay no longer than 72 hours. Since the pandemic the ward has been redefined and now looks after medical patients who have similar length of stays to other in-patient medical wards at the hospital, so the ward needed Televisions for the patients in the 28 individual rooms.

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KEY Thera Trainer for Ward C5 East, Royal PURCHASE Gwent Hospital

The Thera Trainer is used as part of the treatment for patients to enhance their overall rehabilitation in a cohort of patients where achieving aerobic activity can be challenging.

KEY Sensory Room, Paediatrics, Grange PURCHASE University Hospital

The sensory room offers a safe and calming environment, significantly enhancing the wellbeing of individuals with sensory processing issues, such as autism and ADHD.

A 3D layout of the room is shown here with a list of items it features.

Interactive Borealis Tube Fibre Optic Corner Solar LED Projector

Beanbags

Interactive UV Activity Panel Mirror Ball System Floor & Wall Padding Fibre Optic Harness

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Anne Beard, Senior Nurse Manager, Paediatrics said:

“ It's been truly wonderful to see this initiative come to life, making a meaningful difference for our children and young people. The use of charitable funds has highlighted the generosity and support of the public, creating a positive impact. This funding has made the sensory room accessible to those who might not otherwise have access to such spaces. Overall, the sensory room has greatly improved the quality of care we can provide for our children and young people. ”

KEY Numerous Defibrillators and Cabinets PURCHASE across the Community

KEY PURCHASE

Other Equipment

Other equipment includes

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Volunteers Celebrating our Volunteers

Charitable Funds have supported various volunteer projects such as:

“ Ffrind I Me”

An initiative to support lonely and socially isolated people through befriender volunteers.

“ Volunteer to Career”

An employability scheme of current volunteers through a defined pathway.

“End of Life Companion Support ”

Trained volunteers offer comfort in the last days and hours of life to patients who are at risk of dying alone.

And so much more…….

We want to say a big THANK YOU to all our volunteers. Your commitment and contribution as a volunteer really makes a difference.

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Volunteer Voices Thank you very much frjr our last meetingt it %Yas indeed a wonderful [n￿ting vAth you. The work eXPerieTr￿ applications are filled up. I have subrnitted my intefe5t form aryyiime it'5 openi particularly in the AdmSnlstratlve Oepartrnent so I can have Org3￿zatIOnal worklng expErience in the Managernent area- Atinuke 11 I just wanted to let you know that I have started my 5-dav clÉnical skills training today to join the Bank. Thank you for All.pf your help In the volunteer to career woc855. 1 arn realty grateful to bè on the COLtrse- Dlana IhHvecorr¥4etedthe rk8xwrSence. and I rEauyenj￿ed it. Dan Itvms l¢Miytor￿etyou, ond l am much gr0t8ft￿foryoUrkfjnd concern onvoiunteers ￿ke mpafKlthe a&8iSterKegDiingusto ernure owcareergo41& Th8nkyouyerymuch. Inokg Iwa8abielDsecureempioytnprrtwth onpofthe a￿lPsY0U he￿￿￿ W￿1￿ the￿I￿ren￿, hTh¥ever. 1am ser1(wtyseqrchi￿fora wmgnent rDle In￿ I￿81thC8regeCtOr.ThWTrk snuforyouiconcem88ndeonthnt 8￿m8¢8m8n1IOwsrd8 C8reefF4W8uIt. alha 2024125 Our volurhteer5 have prDvided over 20 239 unp3KI volunteer hDuf5 We have 40 spoken 13ngu3ges, irhdudirhy different d ial2ctS We have 5UPPOrted over 450 volunteer irhductions betLrfeen JaThua 2024 to March 2025 We have prDvided 02 trairhing se55ion5 FDr volurhteer5 We have Ereated 5 Thew volurhteer role profile5 during 2024. Over 80 Volunteer Hour5 EertifKate5 were issued We have attended 48 volunteer prornotiorh event5 acr055 the eo hical area 20 VDlunte2rs h3ve gained paid ernplDyrnent through our Volu￿teer to career rarnme We reEruited new 250 VDlunte2rs in 202412025 In 2024. the Volunteer SerwKe ha5 volu￿teer Award5 3nd have b2erh fiThali5t5 ITh 2 other award5 Received over 270 referra15 for Home visits or Tel￿PhOne Ertended our volunteer sUPWrt 3cr055 different 10+ 3re35

Volunteers

Yasmine’s Story

This is Yasmine’s story about her experience with a volunteer befriender.

My Mum, Barbara, was widowed at 46, lived alone and had always loved going out dancing and going to bingo until quite late in her life and then as her physical health deteriorated and I was unable to take her out, her life then centred around her home and solitude.

Then, about 8 years ago, I was asked if I would like a befriender to visit mum to offer support and friendship. That was when Susan started visiting; mum was 87.

Mum would chat about the old days, my dad, me and my brothers (probably the same on every visit) but Susan became a good friend that my mum liked and trusted as this was difficult for her to normally do. This is what makes your visits so important and treasured by the person you visit. It's familiarisation and companionship that as a person gets older, they rely on.

Unfortunately, mum had a fall a week after her 90th birthday which resulted in her leg being amputated and her going into a care home; the same week we were put into Lockdown in March 2020. Even with mum in the home, Susan still visited despite the fact she had now moved away.

Your visits to the elderly who are lonely and housebound are so treasured by them and their families.

I know that when I visited mum she would often chat about Susan and would always look forward to her next visit. Personally, it also gave me comfort to know that mum had a new FRIEND because that is what you will ultimately be, a person who can chat, laugh, cry, listen and be that extra bit of happiness in someone's life.

It sounds awful but when you visit your parent on a regular basis, it's difficult to think of things to say for both parties, but with a befriender visiting it opens up other routes for conversation which helps enormously and something that I will always be grateful for.

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I just want to say thank you to you all. You give up your personal time to actually go and make someone smile and make their day and that must be so rewarding to know that you are making a difference to someone's life.

Unfortunately, I lost my mum last December. For me, it gave me comfort knowing that mum had a new friend who she loved to see and who added a little bit extra to her life.

THANK YOU

Staff

Celebrating our Staff

Staff Recognition Awards 2024!

On Friday 5th July 2024 - on the 76th birthday of the NHS - the Health Board held our annual Staff Recognition Awards funded from charitable funds. It is always a pleasure to welcome everyone to this special event, where colleagues from across the Health Board gather to celebrate each other’s achievements and the hard work, dedication and outstanding care given by teams across Aneurin Bevan University Health Board.

The event was hosted by Chief Executive, Nicola Prygodzicz. In her opening address, Nicola acknowledged the overwhelming number and

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standard of nominations received this year. She said: "It is testament to the expertise, dedication and compassion of our staff that despite the many challenges we face, we continue to step up and keep our focus where it should be - on the patient and the community we serve. "We recognise that even with this many nominations, this is just a snapshot of the excellent work undertaken by our staff every day. So, our celebration this evening is about recognising the contribution of all our staff but those of you here today, in particular, have been recognised for your dedication and efforts.”

A huge CONGRATULATIONS to all our nominees, winners and runners up!

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More The Breast Unit at Ysbyty Ystrad Fawr Celebrations Turns 1!

The Breast Unit at Ysbyty Ystrad Fawr has now been open for a full year! This state-of-the art facility has significantly improved access to breast care services for patients across Gwent, and its impact has been remarkable. A huge thank you to all the staff who have made this service such a success.

As we mark the first anniversary of the Breast Unit at Ysbyty Ystrad Fawr, we reflect on a year of remarkable achievements and unwavering dedication to patient care.

Over the past year, the Breast Unit has brought together clinical teams offering outpatient care, diagnostic investigations and surgery. It is a multidisciplinary unit with Consultants, Radiologists, Breast Care Nurses, Mammographers, Outpatient Nurses, HCSWs, Medical Secretaries and Bookings staff.

The introduction of a gold-standard one stop diagnostic service has allowed patients to undergo investigative procedures in a single visit, significantly improving efficiency and patient satisfaction.

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Natalie North, Breast Unit Support Manager said: "The success of the Unit is a testament to the hard work and collaboration of the clinical teams, the support of the local community and the vision of leaders like Mr Gateley, whose legacy continues to inspire the team. As we look to the future, we remain committed to providing the highest quality care and support to those affected by breast cancer."

More Intensive Care UNIT (ICU) Steps celebrating 10 Celebrations years

ICU Steps started in Abergavenny (Nevill Hall Hospital and has been supporting ex ICU patients and their family and will be celebrating it's 10year anniversary.

The group meets monthly to share experiences of patients/ICU stay. The after-effects of critical illness and its recovery period have many common themes and problems for everyone concerned.

Many patients present unconscious for long lengths of time and have no recollection of long periods of time.

The group is made up of ex ICU patients and their families supported by ICU nurses from the Grange Hospital. Members have found it helpful to know they are not alone on their journey and that others have similar issues.

Donations made to the now called Critical Care Unit which is based at the Grange University Hospital support the group with payments for venues, and refreshments.

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More Support Groups

Monthly Lung Cancer & Mesothelioma Support Group

We invite you to join us once a month at our drop in lung cancer & mesothelioma support group with members of the team. This is held 1st Wednesday of every month 11:00am-1:00pm at the Congress Theatre in Cwmbran Town Centre.

The patients who attend find the less formal contact with the members of team reassuring and enjoy meeting other patients. We also arrange annual trips and take part in fundraising for the group.

The group is open to Lung Cancer & Mesothelioma patients, relatives, carers etc.

Care Fund Bursary Project

Supporting students in medical careers

In partnership with the Shaw Foundation, we continue to gift bursaries from our Care Fund Project which is used to identify individuals from less privileged backgrounds, with a potential to become qualified doctors by supporting them with a programme of mentoring and financial support.

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Two of our students have qualified and have stayed in South Wales and we have a third student who will hopefully qualify this year and stay in Wales to complete their foundation training.

The following comments have been received from recipients of our Care Fund Bursary Project.

I'm sincerely grateful for the ongoing support that’s made a significant difference, both practically and emotionally, while pursuing my medical education. The bursary lifted the financial burden and eased the pressure during a particularly challenging year.

Receiving the bursary last year allowed me to start the degree, as I otherwise wouldn't have been able to afford the upfront tuition fee. The support from the bursary meant that I did not need to sacrifice revision time to work due to financial worries; I instead had the time to revise and focus on exams.

Being awarded the bursary was more than practical support; it had felt like a genuine vote of confidence in my potential as a medical student and future Doctor.

Thank you again.

Since September 2024, I’ve completed another year of my Medical Sciences degree and have been re-selected as one of the Presidents of the Med Prep Society. This has been a rewarding role, giving me the chance to work with my co-president to plan and deliver teaching sessions for the first years.

Looking ahead, my main goals are to apply to medical schools in October 25, and focus on completing my degree, including my dissertation, to the best standard I can. I’m looking forward to another year of learning, building on my experiences, and making the most of every opportunity.

Thank you so much - I am so happy!

Oh my goodness, thank you all so much! I'm actually lost for words, and that's not like me at all!

Thank you so much, it always means a lot and I’m always incredibly grateful for the generosity. It helps significantly.

More Donation to Ward 3/4 and Day Hospital, Donations Nevill Hall Hospital

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And Staff Fundraising - C4 EAST'S . North Pole Maraihon NO FIIIDAY1311 DECEMBER I IIIIES th 24 M••I& 19

NHS CT Meaningful Engagement Programme Grant

NHS Charities Together (NHS CT), the national charity for the NHS, allocated money for supporting Covid-19 projects across the NHS in the UK to be accessed through individual bodies’ charitable funds. We were successful in applying for a grant of £290,000 to implement a Meaningful Engagement Activity Programme.

COVID-19 significantly impacted on the wellbeing of our population. A patient experience survey of people on in-patient wards across our hospitals identified that a lack of meaningful activity led to increased boredom, loneliness, frustration, escalation in behaviours that challenge and impacts negatively on their confidence, self-worth and overall wellbeing. Staying in hospital for both general and mental health care can be a difficult and worrying experience for some people.

We set about developing and rolling out a meaningful activity strategy:

To commence our scoping exercise, we contacted partners to identify the areas who would be interested in participating in this programme. To support engagement, we proposed:

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What did we Learn?

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In response to this feedback we developed a new Dementia and Meaningful Engagement Padlet which is available on the Internal and External webpages and is accessible to all.

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What our staff said:

The project is nice for the patients and it is nice to see the patients enjoying the activities and engaging with other patients from other bays on the ward. The activities are suitable for all patients. The gardening and baking sessions have gone down well.

The dayroom has made such a difference to patients’ experience during their stay on ward C7E. It breaks the day up from sitting in the bay all day.

Lottie – Assistant Practitioner

Claire – Ward Manager

What our visitors said:

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The activities are good for the patients: better than some care homes I have Very encouraging been to and inclusive. Reassuring to know individuals have stimulating activities during a difficult time

Very enjoyable, encouraged to take part in lots of activities

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And most importantly this is what our patients said:

So much more to come…..

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In-house

Staff Conference

The Fracture Liaison Service Conference was held, where Consultant Geriatrician, Dr Inder Singh, delivered a presentation on the work that's underway in the Health Board to improve bone health.

Dr Inder Singh led several initiatives since 2020 to widely integrate and strengthen partnership with Rheumatology, Radiology Directorate and Orthogeriatric teams to streamline processes and identify fragility fractures in above 50 years. This conference was free to delegates, funded through charitable funds.

Charitable Funds Team Contact Us

Alison Griffiths – Charitable Funds Manager

Wendy Keyte– Charitable Funds Higher Officer

Sue Turley– Charitable Funds Higher Officer

Jess Turley–Charitable Funds Officer

By E-mail Charitable.funds.ABB@wales.nhs.uk

By Phone 01495 765431

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Charity Governance, Audit and Finance

1. Reference and Administrative Details

Charity Name:

Aneurin Bevan University Local Health Board Charitable Fund and Other Related Charities

Charity Working Name: Aneurin Bevan Health Charity

Registered Charity No: 1098728

Address of Charity: Headquarters St Cadoc’s Hospital Lodge Road Caerleon Newport NP18 3XQ

Administration of the Charitable Funds:

The accounting records and the day-to-day administration of the funds are undertaken by:

Charitable Funds Section Corporate Finance Department Aneurin Bevan University Local Health Board Upper Ground Floor Ty Gwent Lake View Llantarnam Park Cwmbran Torfaen NP44 3HR Tel No: 01495 765431 E-mail: Charitable.funds.ABB@wales.nhs.uk

Professional Advisors:

Bankers :

National Westminster Bank PLC Government Banking Parklands De Havilland Way Horwich Boulton BL6 4YU Santander Customer Services Centre Bootle

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Merseyside
L30 4GB
Investment Managers: CCLA Investment Management Limited
1 Angel Lane
London
EC4R 3AB
External Auditors: The Auditor General for Wales
Audit Wales
1 Capital Quarter
Tyndall Street
Cardiff
CF10 4BZ
Internal Auditors: NHS Wales Shared Services Partnership
Audit & Assurance Services
4-5 Charnwood Court
Heol Billingsley
Parc Nantgarw
Cardiff
CF15 7QZ
VAT Advisor: Ernst & Young LLP
The Paragon
Counterslip
Bristol
BS1 6BX
Legal advice NHS Wales Shared Services Partnership
Legal and Risk Services
Companies House
Crown Way
Cardiff
CF14 3UB
Estate Management NHS Wales Shared Services Partnership
For TP Price Estate: Specialist Estate Services
3rdFloor, Companies House
Crown Way
Cardiff
CF14 3UB
Savills
2 Kingsway
Cardiff
CF10 3FD

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Valuations for NP Linnells Property Consultants 13 Clytha Square: Gold Tops House Pentonville Newport NP20 5HB Valuations for Painting: Bonhams Queen Square House Queen Square Place Bath BA1 2LL

2. Structure, Governance and Management of Charitable Funds

Objects of the Charity

The objects of the charity are as follows:

The main purpose of the charity is to apply income for any charitable purpose relating to the National Health Service delivered by Aneurin Bevan University Local Health Board.

The corporate trustee is Aneurin Bevan University Local Health Board. The executive directors and independent members of the Board share the responsibility for ensuring that the health board fulfils its duties as a corporate trustee in managing charitable funds.

The chair and independent members of the Board are appointed by the Welsh Government and the executive directors are appointed by the Health Board.

Trustee Arrangements

Aneurin Bevan University Local Health Board is the corporate trustee of the Charity. The directors who served the Aneurin Bevan University Local Health Board during the year to 31[st] March 2025 were as follows:

Name Designation Dates (if less
than full year)
Executive Directors
Nicola Prygodzicz* Chief Executive Full Year
Hannah Evans Director of Strategy,
Planning and Partnerships		 Full Year
Rob Holcombe * Director of Finance and
Procurement		 Full Year

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Dr James Calvert Medical Director / Deputy
Chief Executive		 Full Year
Sarah Simmonds Director of Workforce and
OD		 Full Year
Jennifer Winslade Director of Nursing Full Year
Peter Carr Director of Therapies and
Health Sciences		 Full Year
Tracy Daszkiewicz Director of Public Health Full Year
Leanne Watkins Chief Operating Officer Full Year
Independent Members
Ann Lloyd Chair Full Year
Pippa Britton Vice Chair Until 30/11/2024
Louise Wright Independent Member (Trade
Union)		 Full Year
Richard G Clarke * Independent Member (Local
Authority)		 Full Year
Professor Helen
Sweetland		 Independent Member
(University)		 Full Year
Paul Deneen * Independent Member
(Community)		 Full Year
Iwan Jones Independent Member
(Finance)		 Full Year
Dafydd Vaughan Independent Member
(Digital)		 Full Year
Neil Patrick * Independent Member
(Community)		 From 01/04/2024
Penny Jones Independent Member
(Community)		 Full Year
Martin Blakebrough
**		 Independent Member (Third
Sector)		 Until 08/06/2024
Directors in Attendance
Paul Solloway Director of Digital Full Year
Special Advisors to the Board
Phil Robson Special Advisor to the Board Full Year
Associate Members
Vacant Chair, Stakeholder
Reference Group		 Full Year
Vacant Chair, Health Professionals
Forum		 Full Year
Vacant Director of Social Services Full Year
Director of Corporate Governance
Rani Dash Director of Corporate
Governance		 Full Year

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Charitable Funds Committee

The Board of Aneurin Bevan University Local Health Board, as the corporate trustee, delegates its governance work to the Charitable Funds Committee which is a subcommittee of the Board. The Committee is required to:

Membership of the Charitable Funds Committee is as follows:

Name Designation Dates (if less
than full year)
Charitable Funds Committee Members
Paul Deneen Independent Member
(Community)		 Full Year
Richard G Clarke Independent Member (Local
Authority)		 Full Year
Neil Patrick Independent Member
(Community)		 Full Year
Nicola Prygodzicz Chief Executive Full Year
Rob Holcombe Director of Finance and
Procurement		 Full Year

The following also attended the committee with other staff as appropriate for specific agenda items:

Name Designation Dates (if less
than full year)
In Attendance
Mark Ross Assistant Director of Finance,
Financial Systems & Services		 Full Year
Estelle Evans Head of Financial Services
and Accounting		 Until 30/09/2024
Gareth Lewis Head of Financial Services
and Accounting		 From 01/09/2024
Rani Dash Director of Corporate
Governance		 Full Year

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Independent Members are appointed to hold office for a period of up to four years in any one term. During this time, a member may resign or be removed by the Board. The Chair of the Health Board keeps under review the membership of Board Committees to ensure changes are made regularly to refresh the membership of each committee and respond to circumstances when new members join the Board.

Trustee Induction and Training

As part of their induction programme, new Executive and Independent Members of Aneurin Bevan University Local Health Board are made aware of their responsibilities as Board members and as a Corporate Trustee of Aneurin Bevan University Local Health Board Charitable Fund and Other Related Charities.

At each Charitable Funds Committee meeting, members are advised of any changes in legislation or other requirements relating to charities.

Public Benefit

The objects of the charity are such that all expenditure from the charity is for the benefit of the National Health Service and as such is therefore for ‘public benefit’. The Charitable Funds Committee is aware of its duties in relation to public benefit and ensures that all expenditure fulfils public benefit criteria. This is demonstrated further in this report in the Expended Resources Section of Item 7.

Management of Funds

The Director of Finance is responsible for the day-to-day management and control of the administration of charitable funds and reports to the Charitable Funds Committee. The Director of Finance has responsibility for ensuring that:

Within the charity there are 389 internal funds which are delegated to authorised fund holders to approve expenditure within predefined limits. All expenditure requests exceeding £25k are subject to Committee approval. A further 6 funds are controlled by the Charitable Funds Committee. The Health Board has a formal procedure that sets out

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guidance to delegated fund managers to aid them in the process of approving appropriate expenditure from funds.

3. Strategic Objectives & Activities

Charitable Funds received by the charity are accepted, held and administered as funds held on trust in accordance with the National Health Service (Wales) Act 2006.

The principal areas in which the funds are applied for the benefit of the public are:

The corporate trustee fulfils its legal duty by ensuring that funds are spent in accordance with the objectives of each fund. The trustee respects the wishes of our generous donors to benefit patient care and advance good health and welfare of patients and staff.

The charity is constituted of 335 unrestricted and designated funds and 60 restricted funds as at 31[st ] March 2025. Material fund details are shown in Note 23 to the accounts. The current structure of the individual funds reflects the fact that most of the income and expenditure is focused where patients receive services. Fund managers exercise control over the funds donated to their management area.

4. Risk Management

The main risks associated with the charity relate to:

Financial Control Risk

A financial control procedure has been developed for Charitable Funds and agreed with the Charitable Funds Committee and approved by the Audit Risk & Assurance Committee to ensure that there are sufficient management controls in place to ensure regulatory compliance and minimise risk of fraud and error. Specifically, to:

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All other Financial Control Procedures covering core financial systems within Aneurin Bevan University Local Health Board are also applied to the financial administration of the charity.

An internal audit is undertaken periodically, based on the assessment of risk, to evaluate the adequacy of procedures and controls in place and to test compliance against those procedures. Audit Reports are presented to both the Charitable Funds and Audit Risk & Assurance Committee of the Health Board and this is a key measure in mitigating control risk. The latest Internal Audit report carried out in November 2021 provided substantial assurance on controls covering charitable funds. This definition of assurance generally means there is substantial assurance that arrangements to secure governance, risk management and internal control are suitably designed and applied effectively and that few matters require attention and are compliance or advisory in nature. Financial reports showing the income statement and balance sheet together with analysis of significant financial changes are reported to each Charitable Funds Committee meeting. In addition, the Charitable Funds Committee reviews the draft annual accounts while the Board approves the final annual accounts of the charity.

The external audit of the accounts is undertaken by the Auditor General for Wales. The accounts have historically received an unqualified audit opinion.

Investment Risk

This risk is mitigated by investing in a diversified portfolio of investments through the professional advice of investment managers. Our investment managers, CCLA, attend the Charitable Funds Committee annually to present and discuss investment performance and strategy.

5. Reserves Policy

The Charitable Funds Committee reviews the Charity’s reserve policy, on a regular basis, observing both Charity Commission guidance on reserves and the current level of funds held.

If reserves are too high, the charity is retaining funds without justification, and this could constitute a breach of trust. If reserves are

33

too low, the fund’s ability to meet future commitments or needs may be at risk.

The Charity operates on the basis that it only spends what it has received and does not rely on future donations to meet its commitments. Therefore, the reserves should be set at a level sufficient to cover the liabilities that face the charity, namely the cost of administering the funds and any unrealised losses and to hold some money in reserve to act as a buffer against stock market fluctuations.

The corporate trustee fully understands the need to regularly review the level of reserves and the charity’s activities and operations so that future reserves can be maintained at a level which will mitigate the risk of significant fluctuations in the levels of donations and investments, and provide financial stability for the charity, to ensure that its aim of being able to apply charitable funds within a reasonable time is achieved.

In 2022/23 the Charity had to use its reserves to mitigate the unrealised loss incurred on its investments. The Charitable Funds Committee recalculated the reserve required based on performance over the past ten years and created a new reserve by agreeing to retain the interest and dividends for 2023/24 and 2024/25 together with unrealised gain received in 2023/24 (there was an unrealised loss in 2024/25). The money now held in reserve was more than the calculated reserve of £345k required and on further review it was agreed to allocate the 2024/25 interest and dividends to the Committee’s general-purpose fund to support funding applications from across the Health Board. This leaves a small excess in reserves of £69k.

The charitable funds reserve value is reviewed at least annually.

6. Grant Making Policy

The use of our funds is restricted by the governing document which established the charity for purposes connected with the NHS. Grants consist of:

General Funds

This consists of donations received by the charity where no preference as to its expenditure has been expressed by donors. The Charitable Funds Committee decides on how these funds should be spent by receiving requests from across the Health Board. The value of general funds held is £32k. There are also fixed asset valuations totalling £267k which includes 2 investment properties (£242k) and 1 painting (£25k).

34

Designated Unrestricted Funds

These consist of donations where a particular part of the hospital or activity was nominated by the donor at the time their donation was made. Whilst their nomination is not binding on the trustee, the designated funds reflect these nominations. The value of the designated unrestricted funds is £3,679k.

Restricted Funds

These consist of legacies and grants where a legal document and signed agreement restrict the use to the terms of the bequest/agreement. The value of restricted funds held is £966k.

During the year the charity made grants of £1,228k representing 89% of the total charitable expenditure. In making grants the trustee requires that the activity falls within the objectives of the charity and relate to the specific purpose of the individual funds from which it is being met.

7. Review of our Finances, Achievements and Performance

The financial statements for 2024/25 are presented at the end of this report.

The net assets of the Charity as at 31[st] March 2025 were £4,944k (31[st] March 2024 £5,764k). Overall net assets decreased by £820k.

Incoming Resources

Incoming resources when comparing against the 2023/24 position were £81k lower than the previous year. Donations decreased by £69k, legacies decreased by £34k, investment income decreased by £22k, grant income increased by £9k and income from charitable activities increased by £35K.

The charity received two legacies during the year, total value £10k (2023/24 four legacies, value £44k).

The charity received no new grants in 2024/25 (2023/24 five new grants, value £198k). Additional income of £37k has been received in respect of two existing grants and £65k has been carried forward to 2025-2026. Income of £228k brought forward from prior years has been released to meet expenditure in the current year.

35

Expended Resources

Charity expenditure for the year totalled £1,394k, an increase of £137k from the previous year. Expenditure for the year was across several categories as follows:

I. Purchase of Equipment

Total expenditure on equipment was £369k. This was on a range of varied equipment across the Health Board as described in our key purchases at the beginning of this report.

II. Building and Refurbishment

Total expenditure on building and refurbishment was £39k.

III. Patients Education and Welfare

Total expenditure on patients’ welfare and amenities was £449k. The bulk of this relates to staffing costs for numerous projects such as meaningful activities, local specialist suicide bereavement service, psychological support for patients accessing cancer services, volunteer initiatives and our decarbonisation project. It also consists of various therapies, seasonal activities, support groups, volunteer expenses and other items of expenditure to benefit patients.

IV. Staff Education and Welfare

Total expenditure on staff education and welfare was £371k. The main items consist of running in-house conferences and training, team building events, attending conferences as guest speakers as well as delegates, numerous study days, seminars, training course fees, and related travelling, subsistence and accommodation expenditure, textbooks, professional journals, student bursaries, Staff Recognition Awards and staff wellbeing.

V. Fundraising Costs

There were no specific fundraising costs this financial year.

VI. Support Costs

Total expenditure on support costs was £166k. This includes the audit fee of £20k and costs of the charitable funds office and corporate support.

36

Investment Properties

Investment properties owned by the charity are the T P Price Estate £55k, consisting of one small parcel of land and 13, Clytha Square, Newport £187k.

13 Clytha Square, Newport is a large Victorian building in the centre of Newport which is rented to Aneurin Bevan University Local Health Board to use as offices. It was sold at auction in April 2025.

Income from the investment properties was £5k (2023/24 - £14k). This is lower because the rental agreement came to an end during the year when the building needed to be vacated to market and sell it.

Investments on the Stock Exchange

The charity’s investments are managed by CCLA Investment Management Limited with the aim of managing the funds to achieve a balance of growth and income. They are contracted to provide investment management services to the charity until the end of a 3- year term on 31[st] March 2026 where we have an option to extend for an additional year.

The charity’s investment policy does not allow managers to invest in those companies whose main business is related to the production or sale of tobacco or alcohol, or those companies involved in the arms trade.

We continue to invest in their ethical investment fund.

Details of the investments (including cash held as part of the investment portfolio) and investment performance for 2024/25 are shown in the table below:

37

Investment Performance 2024 Investment Performance 2024/25
CCLA
Balance 1 April 2024
Acquisitions
Disposals
Movement of Cash
Realised Gains/(Loss)
Unrealised Gains/(Loss)		 £000
5,477
-
(900)
-
-
(158)
Balance 31 March 2025 4,419
Income 163
Gains/(Loss) % (3.19%)
Returns % 3.29%

Other Investments

“The Domestic Chaplain”, a painting donated to the charity many years ago is valued at £25,000 and is currently on loan to the National Museum of Wales, Cardiff.

8. Key Achievements

Funding

Expenditure totalling £77k relating to 4 bids and 8 small grant schemes from across the organisation were supported from the Charitable Funds Committee from its own general fund.

This support significantly enhanced services for the patients and staff in the Aneurin Bevan University Local Health Board as shown throughout this report.

Charitable Funds Strategy

Progress on streamlining funds has continued throughout the year. There has been a significant decrease in the number of funds held since the start of the year as a result of both the merger & closure of funds. The number of static funds has reduced due to the increase in expenditure.

38

Governance Arrangements

The accounts and trustees annual report have always been produced on time with unqualified audit opinions and filed on time with the Charities Commission.

9. Plans and Objectives for the Future

Income continues to be received by the charity due to the generosity of the public in recognition of the care and treatment received from the Health Board and the charity will continue to use its funds to improve patient experience.

The following chart shows total income and expenditure received either side of the pandemic which is when we experienced our highest level of income. It also reflects that expenditure has significantly exceeded income this year and that donations are at their lowest level.

The Charity must look at ways of increasing income and to better demonstrate the impact of its charitable spending as follows:

39

Other objectives for the forthcoming year are to:

10. Events since the Year End

CCLA stand to benefit from Jupiter’s strength and resources. Its market-leading investment capabilities, including its 100-plus investment professionals, will add support to CCLA’s existing investment team and product range. Jupiter’s extensive distribution capacity both within the UK and abroad will help to facilitate CCLA’s future growth, paving the way to expand into new markets.

As clients we should expect no change in service.

Looking ahead:

40

Approved on behalf of the Corporate Trustee

Ann Lloyd CBE Chair Aneurin Bevan University Local Health Board

Date: 28 January 2026

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41
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Aneurin Bevan University Local Health Board Charitable Fund and Other Related Charities Accounts 2024-25

Aneurin Bevan University Local Health Board Charitable Fund and Other

Related Charities

The accounts for Funds Held on Trust.

FOREWORD

The Charity’s accounts and annual report for the year ended 31st March 2025 have been prepared by the Corporate Trustee in accordance with the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008.

STATUTORY BACKGROUND

Aneurin Bevan University Local Health Board is the Corporate Trustee of the Funds Held on Trust under the National Health Service (Wales) Act 2006.

The Aneurin Bevan University Local Health Board and Other Related Charities registered with the Charity Commission on 7th January 2011, registration number 1098728.

Page 1

Aneurin Bevan University Local Health Board Charitable Fund and Other Related Charities Accounts 2024-25

Statement of Financial Activities for the year ended 31 March 2025

Unrestricted
funds
Note
£000
Incoming resources from generated funds:
Donations, legacies and grants
4
168
Charitable activities
5
193
Investments
7
189
Total incoming resources
550
Expenditure on:
Raising Funds
8
11
Charitable activities
9
958
Total expenditure
969
Net gains / (losses) on investments
16
(221)
Net income / (expenditure)
(640)
Transfers between funds
22
0
Net Movement in funds
(640)
Reconciliation of Funds
Total Funds brought forward
23
4,618
Total Funds carried forward
3,978		 Restricted
Income
funds
£000
245
0
0
245
0
425
425
0
(180)
0
(180)
1,146
966		 Total
Funds
2024-25
£000
413
193
189
795
11
1,383
1,394
(221)
(820)
0
(820)
5,764
4,944

Statement of Financial Activities for the year ended 31 March 2024

Unrestricted
funds
Note
£000
Incoming resources from generated funds:
Donations, legacies and grants
4
237
Charitable activities
5
158
Investments
7
211
Total incoming resources
606
Expenditure on:
Raising Funds
8
10
Charitable activities
9
887
Total expenditure
897
Net gains / (losses) on investments
16
375
Net income / (expenditure)
84
Transfers between funds
22
3
Net Movement in funds
87
Reconciliation of Funds
Total Funds brought forward
23
4,531
Total Funds carried forward
4,618		 Restricted
Income
funds
£000
270
0
0
270
0
360
360
0
(90)
(3)
(93)
1,239
1,146		 Total
Funds
2023-24
£000
507
158
211
876
10
1,247
1,257
375
(6)
0
(6)
5,770
5,764

Page 2

Aneurin Bevan University Local Health Board Charitable Fund and Other Related Charities Accounts 2024-25

Balance Sheet as at 31 March 2025

Fixed assets:
Investments		 Unrestricted
funds
Note
£000
16
3,729		 Unrestricted
funds
Note
£000
16
3,729		 Unrestricted
funds
Note
£000
16
3,729		 Restricted
Income
funds
£000
957		 Total
Total
31 March
31 March
2025
2024
£000
£000
4,686
5,807
Total fixed assets
Current assets:
Debtors
Cash and cash equivalents		 17
18		 3,729
194
405		 957
42
112		 4,686
5,807
236
202
517
641
Total current assets
Liabilities:
Creditors: Amounts falling due within one year		 19 599
350		 154
145		 753
843
495
886
Net current assets / (liabilities) 249 9 258
(43)
Total net assets / (liabilities) 3,978 966 4,944
5,764
The funds of the charity:
Restricted income funds
Unrestricted income funds		 23
23		 0
3,978		 966
0		 966
1,146
3,978
4,618
Total funds 3,978 966 4,944
5,764

The notes on pages 5 to 17 form part of these accounts

Approved by the Trustees on 28 January 2026 and signed on its behalf by:

Signed : .................................................................................... Name : .............................................................. (Chair of Trustees) Ann Lloyd

Page 3

Aneurin Bevan University Local Health Board Charitable Fund and Other Related Charities Accounts 2024-25

Statement of Cash Flows for the year ending 31 March 2025

Note
Cash flows from operating activities:
Net cash provided by (used in) operating activities
21
Cash flows from investing activities:
Dividend, interest and rents from investments
7
Proceeds from the sale of investments
16
Net cash provided by (used in) investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of the
18
reporting period
Cash and cash equivalents at the end of the
18
reporting period		 Total
Funds
2024-25
£000
(1,213)
189
900
1,089
(124)
641
517		 Total
Funds
2023-24
£000
(122)
211
25
236
114
527
641

Page 4

Aneurin Bevan University Local Health Board Charitable Fund and Other Related Charities Accounts 2024-25

Note on the accounts

1 Accounting Policies

(a) Basis of preparation

The financial statements have been prepared under the historic cost convention, with the exception of investments which are included at market value.

The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.

The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. There are no material uncertainties affecting the current year’s accounts.

In future years, the risks to the Charity are a fall in income from donations or investment income but the trustees have arrangements in place to mitigate those risks (see the risk management and reserves sections of the annual report for more information).

The Charity meets the definition of a public benefit entity under FRS 102.

(b) Funds structure

Where there is a legal restriction on the purpose to which a fund may be put, the fund is classified as a restricted fund.

Restricted funds are those where the donor has provided for the donation to be spent in furtherance of a specified charitable purpose. The Charity’s restricted funds tend to result from appeals, grants and legacies for specified purposes.

Those funds which are not restricted income funds, are unrestricted income funds which are sub analysed between designated (earmarked) funds where the Trustees have set aside amounts to be used for specific purposes or which reflect the non-binding wishes of donors and unrestricted funds which are at the Trustees’ discretion, including the general fund which represents the Charity’s reserves. The major funds held in each of these categories are disclosed in note 23.

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Aneurin Bevan University Local Health Board Charitable Fund and Other Related Charities Accounts 2024-25

(c) Incoming resources

Income consists of donations, legacies, grants, income from charitable activities and investment income.

Donations are accounted for when received by the charity. All other income is recognised once the Charity has entitlement to the resources, it is probable (more likely than not) that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.

Where there are terms or conditions attached to incoming resources, particularly grants, then these terms or conditions must be met before the income is recognised as the entitlement condition will not be satisfied until that point. Where terms or conditions have not been met or uncertainty exists as to whether they can be met then the relevant income is not recognised in the year but deferred and shown on the balance sheet as deferred income.

(d) Incoming resources from legacies

Legacies are accounted for as incoming resources either upon receipt or where the receipt of the legacy is probable.

Receipt is probable when:

If there is uncertainty as to the amount of the legacy and it cannot be reliably estimated then the legacy is shown as a contingent asset until all of the conditions for income recognition are met.

(e) Resources expended and irrecoverable VAT

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to each category of expense shown in the Statement of Financial Activities. Expenditure is recognised when the following criteria are met:

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

(f) Support costs

Support costs are those costs which do not relate directly to a single activity. These include staff costs, costs of administration, internal and external audit costs. Support costs have been apportioned between fundraising costs and charitable activities on an appropriate basis. The analysis of support costs and the bases of apportionment applied are shown in note 12.

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Aneurin Bevan University Local Health Board Charitable Fund and Other Related Charities Accounts 2024-25

(g) Fundraising costs

The costs of generating funds are those costs attributable to generating income for the charity, other than those costs incurred in undertaking charitable activities or the costs incurred in undertaking trading activities in furtherance of the charity’s objects. The costs of generating funds consists of expenses for fundraising activities.

(h) Charitable activities

Costs of charitable activities comprise all costs incurred in the pursuit of the charitable objects of the charity. These costs, where not wholly attributable, are apportioned between the categories of charitable expenditure in addition to the direct costs. The total costs of each category of charitable expenditure include an apportionment of support costs as shown in note 9.

(i) Fixed Asset Investments

Ethical Fund Investments are stated at mid-market value as at the balance sheet date, and Property Fund investments are stated at net asset value. Investment properties are included at their open market valuation. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

Quoted stocks and shares are included in the balance sheet at mid-market price, excluding dividend.

Other assets are valued on an open market basis by a professional valuer.

(j) Debtors

Debtors are amounts owed to the charity. They are measured on the basis of their recoverable amount.

(k) Cash and cash equivalents

Cash at bank and in hand is held to meet the day to day running costs of the charity as they fall due.

(l) Creditors

Creditors are amounts owed by the charity. They are measured at the amount that the charity expects to have to pay to settle the debt.

(m) Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening carrying value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening carrying value (or purchase date if later).

Page 7

Aneurin Bevan University Local Health Board Charitable Fund and Other Related Charities Accounts 2024-25

2. Key Judgements and Assumptions

Average fund balances are used to apportion certain balances across restricted and unrestricted funds, which is deemed to be the most appropriate methodology to use.

There are no material assumptions judged to affect the 2024/25 accounts.

As at 31st March 2025, there is no other information to show that assets/liabilities would need to be materially adjusted during 2025/26.

3. Related party transactions

The Aneurin Bevan University Local Health Board is the sole beneficiary of the charity.

The charity had significant material transactions with Aneurin Bevan University Local Health Board as follows:

Aneurin Bevan University Local Health Board
The Corporate Trustee has interests in related parties as follows:
Member
Related Organisation
Relationship with Related Party
Penny Jones
Monmouthshire County
Council
Councillor		 Expenditure
to related
party
Income
from
related
party
Amounts
owed to
related
party
Amounts
due from
related
party
£000
£000
£000
£000
1,394
17
263
3
Expenditure
to related
party
Income
from
related
party
Amounts
owed to
related
party
Amounts
due from
related
party
£000
£000
£000
£000
0
0
0
0
2024-25
As at 31st March 2025
2024-25
As at 31st March 2025

The Corporate Trustee has interests in a number of related parties. All transactions with those related parties have been reviewed and there are nil transactions except for those listed above.

The value of expenditure paid to Monmouthshire County Council was less than £500 and therefore rounds to £0 in the above table.

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Aneurin Bevan University Local Health Board Charitable Fund and Other Related Charities Accounts 2024-25

3. Related party transactions (continued)

In 2023-24 the charity had significant material transactions with Aneurin Bevan University Local Health Board as follows:

Aneurin Bevan University Local Health Board Expenditure
to related
party
Income
from
related
party
Amounts
owed to
related
party
Amounts
due from
related
party
£000
£000
£000
£000
1,257
39
378
8
2023-24
As at 31st March 2024

The Corporate Trustee has interests in related parties as follows:

Member
Related Organisation ationship with Related
Nicola Prygodzicz
Velindre NHS Trust
Sister is a Senior Nurse
in the Corporate
Nursing Team
Penny Jones
Monmouthshire County
Council
Councillor
Martin Blakebrough
Kaleidoscope Project
Chief Executive		 P
Expenditure
to related
party
Income
from
related
party
Amounts
owed to
related
party
Amounts
due from
related
party
£000
£000
£000
£000

4
0
1
0
1
0
0
0
0
0
0
0
2023-24
As at 31st March 2024

The Corporate Trustee has interests in a number of related parties. All transactions with those related parties have been reviewed and there are nil transactions except for those listed above.

The value of income from Kaleidoscope Project was less than £500 and therefore rounds to £0 in the above table.

Page 9

Aneurin Bevan University Local Health Board Charitable Fund and Other Related Charities Accounts 2024-25

4. Income from donations, legacies and grants

Donations
Legacies
Grants		 Restricted
Total
Unrestricted
Income
2024-25
funds
funds
£000
£000
£000
168
0
168
0
10
10
0
235
235
168
245
413		 Total
2023-24
£000
237
44
226
507

5. Income from charitable activities

Course income
Other income		 Restricted
Total
Unrestricted
Income
2024-25
funds
funds
£000
£000
£000
193
0
193
0
0
0
193
0
193		 Total
2023-24
£000
149
9
158

6. Role of volunteers

Volunteers have the trust and understanding of the community and are invaluable in engaging with our patients and providing support to paid professionals . The services they provide include:

In accordance with the SORP, due to the absence of any reliable measurement basis, the contribution of these volunteers is not recognised in the accounts.

.

7. Gross investment income

Fixed asset equity and similar investments
Short term investments, deposits and cash		 Unrestricted
funds
£000
168
21
189		 Restricted
Income
funds
£000
0
0
0		 Total
2024-25
£000
168
21
189		 Total
2023-24
£000
189
22
211

Page 10

Aneurin Bevan University Local Health Board Charitable Fund and Other Related Charities Accounts 2024-25

8. Analysis of expenditure on raising funds

Fundraising office
Fundraising events
Investment management
Support costs		 Unrestricted
funds
£000
0
0
0
11
11		 Restricted
Income
funds
£000
0
0
0
0
0		 Total
2024-25
£000
0
0
0
11
11		 Total
2023-24
£000
0
0
0
10
10

The investment management fee is shown as nil as this is deducted from capital held by the investment management company.

Note 12 sets out an analysis of support costs

9. Analysis of charitable activity

Split by activity
Grant funded
activity
£000
Purchase of equipment
369
Building and refurbishment
39
Staff education and welfare
371
Patient education and welfare
449
1,228		 Support
costs
£000
47
5
47
56
155		 Total
2024-25
£000
416
44
418
505
1,383		 Total
2023-24
£000
299
189
327
432
1,247

Note 12 sets out an analysis of support costs

Split by fund type
Grant funded
activity
£000
Restricted Funds
383
Unrestricted Funds
845
1,228		 Support
costs
£000
41
114
155		 Total
2024-25
£000
425
958
1,383		 Total
2023-24
£000
360
887
1,247

10. Analysis of grants

The majority of grants are made to the Health Board to provide for the care of NHS patients in furtherance of our charitable aims. The charity makes grants to individuals from one specific fund which is used to support nominated medical students from deprived areas. The total cost of making grants, including support costs, is disclosed on the face of the Statement of Financial Activities and the actual funds spent on each category of charitable activity is disclosed in note 9.

The trustees operate a scheme under which Fund Holders control how the Charity's designated funds should be spent. The day to day disbursements are in accordance with the directions set out by the trustees in the Charity's Standing Orders and Financial Instructions.

Where undesignated funds exist, the trustees do make grant awards based on applications from across the Health Board.

Page 11

Aneurin Bevan University Local Health Board Charitable Fund and Other Related Charities Accounts 2024-25

11. Movements in funding commitments

Opening balance at 1 April
Movement in funding commitments
Closing balance at 31 March 2025		 Current
liabilities
£000
375
(285)
90		 Non-current
liabilities
£000
0
0
0		 Total
31 March
2025
£000
375
(285)
90		 Total
31 March
2024
£000
563
(188)
375

As described in notes 9 and 10, the charity awards a number of grants in the year. Many grants are awarded and paid out in the same financial year. However, some grants are paid over a longer period.

12. Apportionment of support costs

Support and overhead costs are allocated between fundraising activities and charitable activities. Governance costs are those support costs which relate to the strategic and day to day management of the charity, including Committee members' time spent on Charitable Funds Committee activity.

Governance
External audit
Finance and administration
Total governance
Finance and administration
Total Finance and Administration
Raising funds
Charitable activities		 Raising
funds
£000
1
4
5
6
6
11
Unrestricted
funds
£000
11
125
136		 Charitable
activities
£000
19
79
98
57
57
155
Restricted
Income
funds
£000
0
30
30		 Total
2024-25
£000
20
83
103
63
63
166
Total
Funds
2024-25
£000
11
155
166		 Total
2023-24
Basis
£000
19
Average fund balance
82
Average fund balance
101
59
Average fund balance
59
160
Total
Funds
2023-24
£000
10
150
160

13. Trustees' remuneration, benefits and expenses

The charity does not make payments for remuneration nor to reimburse expenses to the charity trustees for their work undertaken as trustee.

14. Analysis of staff costs

The charity has no employees. Staff services are provided to the charity by Aneurin Bevan University Local Health Board, the Corporate Trustee of the charity, which has received reimbursement of £451,295 (202324: £414,818) for these services.

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Aneurin Bevan University Local Health Board Charitable Fund and Other Related Charities Accounts 2024-25

15. Auditors remuneration

The auditors remuneration of £20,099 (2023-24: £19,764) related solely to the audit of the statutory annual report and accounts.

16. Fixed asset investments

Movement in fixed assets investments

Market value brought forward
Add: additions to investments at cost
Less disposals at carrying value
Add any gain / (loss) on revaluation
Movement of cash held as part of the
investment portfolio
Market value as at 31st March 2025		 Investment
Properties
£000
305
0
0
(63)
0
242		 Investments
Listed
on Stock
Exchange
£000
5,477
0
(900)
(158)
0
4,419		 Cash
Held in
Investment
Portfolio
£000
0
0
0
0
0
0		 Other
Assets
£000
25
0
0
0
0
25		 Total
Total
2024-25
2023-24
£000
£000
5,807
5,457
0
0
(900)
(25)
(221)
375
0
0
4,686
5,807

All investments are carried at their market value.

The investment valuation has been performed by CCLA Investment Management Limited.

The valuation of investment properties, consisting of a property and a small parcel of land, is based on a professional assessment of market value, by independent RICS (Royal Institute of Chartered Surveyors) qualified valuers at least every five years.

The other asset relates to a painting which is valued by an independent auctioneer and valuer of art, pictures and collectables, every 5 years.

The significance of financial instruments to the ongoing financial sustainability of Aneurin Bevan University Health Board Charitable Fund is considered in the risk management section of the trustees’ annual report.

The Charity receive the majority of their income in the form of donations. However, significant investments are made and are the source of the main financial risk.

Interest rate risk - the Charity is exposed to fluctuations in interest rates on the monies invested in deposits and the stock market.

Liquidity risk is the risk that the charity does not have sufficient available resources to enable it to meet its obligations as they fall due. The vast majority of expenditure is funded from donations and legacies and therefore the Charity is not exposed to significant liquidity risk. The Charity also holds around 6 months of expenditure in its cash balance to cover any short term fluctuations and holds a reserve to protect against any fluctuations in the value of investments. Investments can be converted into liquid cash easily and with

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Aneurin Bevan University Local Health Board Charitable Fund and Other Related Charities Accounts 2024-25

17. Analysis of current debtors

Debtors under 1 year
Accrued income
Trade Debtors
Prepayments		 Total
31 March
2025
£000
80
130
26
236		 Total
31 March
2024
£000
95
84
23
202

18. Analysis of cash and cash equivalents

Current Accounts
Petty Cash		 Total
31 March
2025
£000
516
1
517		 Total
31 March
2024
£000
640
1
641

No cash or cash equivalents or current asset investments are held in non-cash investments or outside of the UK.

All of the amounts held on interest bearing deposit are available to spend on charitable activities.

19. Analysis of liabilities

Creditors under 1 year
Trade creditors
Deferred Income
Accruals
Other Creditors
Total creditors		 Total
31 March
2025
£000
380
90
20
5
495		 Total
31 March
2024
£000
560
305
12
9
886

20. Analysis of Deferred Income

Grant Income
Other Income		 Total
1 April
2024
Deferred
Released
£000
£000
£000
292
0
(228)
13
26
(13)
305
26
(241)		 Total
31 March
2025
£000
64
26
90

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Aneurin Bevan University Local Health Board Charitable Fund and Other Related Charities Accounts 2024-25

21. Reconciliation of net income / expenditure to net cash flow from operating activities

Net income / (expenditure) (per Statement of
Financial Activities)
Adjustment for:
(Gains) / losses on investments
Dividends, interest and rents from investments
(Increase) / decrease in debtors
Increase / (decrease) in creditors
Net cash provided by (used in) operating activities		 Total
2024-25
£000
(808)
221
(189)
(34)
(403)
(1,213)		 Total
2023-24
£000
(6)
(375)
(211)
26
444
(122)

22. Transfer between funds

Transfers have been actioned between Unrestricted funds during 2024/25 to streamline the number of funds in line with the Charitable Funds Committee plans to merge and reduce the number of Charitable Funds.

23. Analysis of funds

a. Analysis of restricted fund movements

Gastroenterology Fellowship Legacy
Royal Gwent Childrens Ward Legacy
Renal Unit Legacy
Nevill Hall Coronary Care Legacy
Royal Gwent Haematology Legacy
Royal Gwent Breast Care Legacy
Nevill Hall Rheumatology Legacy
Other - 53 restricted designated funds		 Balance
1 April
2024
£000
106
97
70
67
59
59
83
605
1,146		 Income
£000
0
0
0
0
0
0
0
245
245		 Expenditure
£000
(4)
(28)
(2)
(4)
(3)
(3)
(32)
(349)
(425)		 Transfers
£000
0
0
0
0
0
0
0
0
0		 Gains
and
losses
£000
0
0
0
0
0
0
0
0
0		 Balance
31 March
2025
£000
102
69
68
63
56
56
51
501
966

The material funds specified in the above note will vary from year to year dependent on the closing year end balance.

We consider that a closing fund balance of £50,000 or greater are material for disclosure in these accounts.

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Aneurin Bevan University Local Health Board Charitable Fund and Other Related Charities Accounts 2024-25

23. Analysis of funds (continued)

The objects of each of the restricted funds are as follows:

The Gastroenterology Legacy fund was bequeathed to the charity to assist in colonoscopy practices within the Health Board.

The Royal Gwent Hospital Children's Ward Legacy Fund was bequeathed to the charity for the benefit of the Children's Ward. A proposal for the purchase of various equipment to improve patient care and access was approved by the Charitable Funds Committee.

The Renal Unit Legacy Fund was bequeathed to the charity for the purpose connected with the research and treatment of patients under haemodialysis treatment (kidney unit).

The Nevill Hall Coronary Care Legacy Fund was bequeathed to the charity for the use of the heart unit at the hospital.

The Royal Gwent Haematology Fund was bequeathed to the charity for the Haematology Unit at the Royal Gwent Hospital.

The Royal Gwent Breast Care Legacy Fund was bequeathed to the charity for the Breast Care Unit at the Royal Gwent Hospital.

The Nevill Hall Rheumatology Legacy Fund was bequeathed to the charity for the use of the Rheumatology department at the hospital.

The other 53 restricted funds also related to monies bequeathed to the charity for various wards and departments.

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Aneurin Bevan University Local Health Board Charitable Fund and Other Related Charities Accounts 2024-25

23. Analysis of funds (continued)

b. Analysis of unrestricted and material designated fund movements

Balance
1 April
2024
£000
ABUHB Charitable Funds Reserves
597
ABUHB Breast Centre
260
Royal Gwent Property, 13 Clytha Square
250
Royal Gwent Casting Techniques Course
110
St Woolos Springfield Community Ward Project
108
ABUHB Patient Experience & Involvement Tea
22
The Care Project
105
ABUHB Outpatients
81
Monmouth Chippenham Community Nurses
60
Royal Gwent Property, TP Price
55
ABUHB Post Graduate Fund
56
ABUHB Rheumatology
55
Royal Gwent Post Graduate Fund
50
Other - 321 unrestricted designated funds
2,809
4,618		 Income
£000
184
15
0
17
0
0
45
0
0
0
2
0
5
282
550		 Expenditure
£000
0
(31)
0
(25)
(12)
(26)
(84)
(24)
(3)
0
(4)
(2)
(5)
(753)
(969)		 Transfers
£000
(25)
106
0
0
0
85
0
0
0
0
0
0
0
(166)
0		 Gains
and
losses
£000
(158)
0
(63)
0
0
0
0
0
0
0
0
0
0
0
(221)		 Balance
31 March
2025
£000
598
350
187
102
96
81
66
57
57
55
54
53
50
2,172
3,978

The trustees have delegated all unrestricted funds as designated funds to the ward or department the donations were intended for.

The material funds specified in the above note will vary from year to year dependent on the closing year end balance.

We consider that a closing fund balance of £50,000 or greater are material for disclosure in these accounts.

24. Events after the reporting period

In April 2025 the Charity sold 13 Clytha Square, one of it's investment properties. The sale value of this investment property is reflected as the carrying value held at year end in Note 16. The actual sale will be shown in the 2025/26 Annual Accounts.

World and political events are likely to continue to cause fluctuation in the markets and impact on our investments in 2025/26.

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Aneurin Bevan University Local Health Board Charitable Fund and Other Related Charities Accounts 2024-25

Statement of Trustee's Responsibilities

The law applicable to charities in England and Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and its financial position at the end of the year. In preparing financial statements giving a true and fair view, the Trustee should follow best practice and :

The Trustee is responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ascertain the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. The Trustee is responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustee confirms that they have complied with the above requirements.

By order of the trustee

Ann Lloyd Trustee

Rob Holcombe Dated: XX January 2026 28 January 2026 Financial Trustee

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Aneurin Bevan University Local Health Board Charitable Fund and Other Related Charities Accounts 2024-25

The independent auditor’s report of the Auditor General for Wales to the trustee of Aneurin Bevan University Local Health Board Charitable Fund and Other Related Charities

Opinion on financial statements

I have audited the financial statements of Aneurin Bevan University Local Health Board Charitable Fund and Other Related Charities for the year ended 31 March 2025 under the Charities Act 2011.

The financial statements comprise the Statement of Financial activities, Balance Sheet, Statement of Cash Flows and related notes, including the material accounting policies.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In my opinion the financial statements:

Basis for opinion

I conducted my audit in accordance with applicable law and International Standards on Auditing in the UK (ISAs (UK)) and Practice Note 10 'Audit of Financial Statements of Public Sector Entities in the United Kingdom'. My responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of my report.

My staff and I are independent of the charity in accordance with the ethical requirements that are relevant to my audit of the financial statements in the UK including the Financial Reporting Council’s Ethical Standard, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Conclusions relating to going concern

In auditing the financial statements, I have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work I have performed, I have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the body's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from when the financial statements are authorised for issue.

My responsibilities and the responsibilities of the trustee with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and my auditor’s report thereon. The trustee is responsible for the other information contained within the annual report. My opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in my report, I do not express any form of assurance conclusion thereon. My responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If I identify such material inconsistencies or apparent material misstatements, I am required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact.

I have nothing to report in this regard.

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Aneurin Bevan University Local Health Board Charitable Fund and Other Related Charities Accounts 2024-25

Matters on which I report by exception

I have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require me to report to you if, in my opinion:

Responsibilities of the trustee for the financial statements

As explained more fully in the statement of trustee’s responsibilities, the trustee is responsible for:

Auditor’s responsibilities for the audit of the financial statements

I have been appointed as auditor under section 150 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. I design procedures in line with my responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

My procedures included the following:

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Aneurin Bevan University Local Health Board Charitable Fund and Other Related Charities Accounts 2024-25

The extent to which my procedures are capable of detecting irregularities, including fraud, is affected by the inherent difficulty in detecting irregularities, the effectiveness of the Aneurin Bevan University Local Health Board Charitable Fund and Other Related Charities' controls, and the nature, timing and extent of audit procedures performed.

A further description of the auditor’s responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of my auditor’s report.

Other auditor's responsibilities

I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit.

Adrian Crompton Auditor General for Wales 22 29 January 2026

1 Capital Quarter Cardiff CF10 4BZ

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Audit of Accounts Report – Aneurin Bevan UHB Charitable Funds and Other Related Charities

Audit year: 2024-25 Date issued: December 2025 Document reference: 5168A2025

Audit of Accounts Report – Aneurin Bevan UHB Charitable Funds and Other Related Charities

Contents

Contents 2
Introduction 4
Your audit at a glance 5
Materiality 6
Audit Findings 7
Audit team and ethical compliance 9
Appendix 1 – Audit risks and outcomes 10
Appendix 2 – Summary of corrections made 14
Appendix 3 – Proposed audit report 15
Appendix 4 – Letter of representation 20
Appendix 5 – Recommendations 23
Audit quality 26
Supporting you 27

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Audit of Accounts Report – Aneurin Bevan UHB Charitable Funds and Other Related Charities

This document has been prepared as part of work performed in accordance with statutory functions.

The Auditor General, Wales Audit Office and staff of the Wales Audit Office accept no liability in respect of any reliance or other use of this document by any member, director, officer or other employee in their individual capacity, or any use by any third party.

For further information, or if you require any of our publications in an alternative format and/or language, please contact us by telephone on 029 2032 0500, or email info@audit.wales.

We welcome correspondence and telephone calls in Welsh and English. Corresponding in Welsh will not lead to delay. Rydym yn croesawu gohebiaeth a galwadau ffôn yn Gymraeg a Saesneg. Ni fydd gohebu yn Gymraeg yn arwain at oedi.

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Audit of Accounts Report – Aneurin Bevan UHB Charitable Funds and Other Related Charities

Introduction

I am pleased to share my Audit of Accounts Report. The Report summarises the main a3 findings from my audit of your 2024-25 annual A oP a , Ws report and accounts. My team have already ; i % epee 7 a discussed these findings with the Finance Team.

My team have substantially completed the audit work as set out in my Audit Plan dated September 2025.

Adrian Crompton

Auditor General for Wales

Since my Audit Plan, I have updated materiality to reflect the 2024-25 accounts. I have not identified any new audit risks. My response to previously identified risks is set out in Appendix 1 .

I am required to provide an opinion on whether the accounts have been properly prepared and give a true and fair view, in all material aspects. My proposed audit opinion and basis for it is outlined on page 15.

It is the responsibility of the those charged with governance, i.e. the Charitable Funds Committee to address any matters raised in my report and provide me with a Letter of Representation.

I would like to extend my gratitude to the officers and staff of the Health Board Charity for their cooperation throughout the audit process which has been invaluable in completing this audit effectively.

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Audit of Accounts Report – Aneurin Bevan UHB Charitable Funds and Other Related Charities

Your audit at a glance

We intend to issue an unqualified opinion on the accounts ~~OQ~~ See Appendix 4 There are no other significant matters to report See Audit findings ~~| a~~ There are no uncorrected misstatements in the accounts See Audit findings ~~© _—~~ We have raised recommendations as a result of our work See Appendix 5

We are aiming to certify your accounts on 29 January 2026, which is ahead of the Charity Commission deadline of 31 January 2026.

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Audit of Accounts Report – Aneurin Bevan UHB Charitable Funds and Other Related Charities

Materiality

I use professional judgement to set a materiality threshold to identify and correct misstatements that could affect users’ decisions, considering both financial errors and disclosure requirements according to the applicable accounting framework and laws. My team updates materiality throughout the audit and I include in this report matters that exceed my reporting threshold, as set out below:

Materiality Reporting threshold (trivial)

Set at 1% of gross assets based Set at 5% of materiality. upon 2024-25 draft financial statements.

£54,000 £3,000

There are some areas of the accounts that may be of more importance to the user of the accounts. We confirm lower materiality levels for these:

Related party disclosures

£5,000

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Audit of Accounts Report – Aneurin Bevan UHB Charitable Funds and Other Related Charities

Audit Findings

Misstatements

A misstatement arises where information in the accounts is not in accordance with accounting standards.

Uncorrected misstatements

There were no uncorrected misstatements identified in the accounts.

Corrected misstatements

During our audit, we identified misstatements that have been corrected by management, but which we consider should be drawn to your attention.

These are set out in Appendix 2 .

Other significant issues

International Standard on Auditing 260 requires us to communicate with those charged with governance. We must tell you significant findings from the audit and other matters if they are significant to your oversight of the Charity’s financial reporting process. We have not identified any significant issues that we need to report to you.

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Audit of Accounts Report – Aneurin Bevan UHB Charitable Funds and Other Related Charities

Proposed audit opinion

Audit opinion

We intend to issue an unqualified audit opinion on this year’s accounts once you have provided us with a Letter of Representation (see below).

Our proposed audit report is set out in Appendix 3 .

Letter of representation

A Letter of Representation is a formal letter in which you confirm to us the accuracy and completeness of information provided to us during the audit. Some of this information is required by auditing standards; other information may relate specifically to your audit.

The letter we are requesting you to sign is included in Appendix 4, the contents of which are in line with our standard request for representations.

Recommendations

We have made recommendations during the audit, which are set out in Appendix 5 along with management’s responses to the recommendations.

We will monitor progress against the recommendations during next year’s audit.

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Audit of Accounts Report – Aneurin Bevan UHB Charitable Funds and Other Related Charities

Audit team and ethical

compliance

The main members of my team who carried out the audit work, together with their contact details, are summarised in Exhibit 1 .

Exhibit 1: my local audit team

Exhibit 1: my local audit team Exhibit 1: my local audit team
Engagement Lead
Richard Harries
richard.harries@audit.wales
Audit Manager
Julie Rees
julie.rees@audit.wales
Audit Lead
Matthew Argyle
matthew.argyle@audit.wales

Compliance with ethical standards

We confirm that:

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Audit of Accounts Report – Aneurin Bevan UHB Charitable Funds and Other Related Charities

Appendix 1 – Audit risks and outcomes

My Audit Plan set out the risks of material misstatement for the audit. Exhibit 2 lists these audit risks and sets out how they were addressed as part of the audit. No additional audit risks have been identified since that need to be brought to your attention.

Exhibit 2: audit risks reported previously, work done and outcome

Audit risk Work done Work done Outcome
Risk of management The audit team: My audit work did not
override
The risk of management
override of controls is		 • tested the
appropriateness of
journal entries and		 identify any instances of
management override of
controls.
present in all entities. Due other adjustments
to the unpredictable way in made in preparing the
which such override could financial statements;
occur, it is viewed as a
significant risk [ISA
240.32-33].		 • reviewed accounting
estimates for bias; and
• evaluated the rationale
for any significant
transactions outside
the normal course of
business.

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Audit of Accounts Report – Aneurin Bevan UHB Charitable Funds and Other Related Charities

Valuation of Investment Assets

The value of investment assets reflected in the balance sheet and notes to the accounts are material estimates. These estimates are subject to a high degree of subjectivity, depending on specialist and management assumptions.

In April 2025 the Charity also sold one of its material investment properties.

There is a risk that the carrying value of investment assets recognised in the accounts could be materially different to the current value of assets as at 31 March 2025.

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Audit of Accounts Report – Aneurin Bevan UHB Charitable Funds and Other Related Charities

Related Party Disclosures

The financial statements must disclose any related party relationships along with the transactions and balances between the body and the other body/party.

The body has many relationships that could be considered a related party. Many are well known for example with the Health Board.

However, where related party relationships arise via individual officer or member relationships, there is likely to be less transparency regarding these relationships. These transactions are of high interest and are considered to be material by their nature There is a risk of material misstatement due to incomplete or inaccurate disclosures, even where these are of relatively low value.

The audit team:

My audit work did not identify any issues with related party disclosures.

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Audit of Accounts Report – Aneurin Bevan UHB Charitable Funds and Other Related Charities

Accounting for Grant Income

Grant income is a material balance in the Charity’s financial statements. In 2324, a material amount of grant income was incorrectly deferred because the grants did not have the sufficient conditions to allow deferment per the SORP. There is a risk that grant income is incomplete.

The audit team:

My audit work did not identify issues accounting for grant income in 24-25.

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Audit of Accounts Report – Aneurin Bevan UHB Charitable Funds and Other Related Charities

Appendix 2 – Summary of corrections made

During our audit, we identified the following misstatements that have been corrected by management, but which we consider should be drawn to your attention.

Value of correction Accounts area Explanation
£12,240 Note 5 - Income from The prepaid element of two items
charitable activities of course income relating to 2025-
26 had been incorrectly
accounted for as income in 2024-
25.
£0 Annual Report A section of the annual report
stated that staff had raised funds
for the charity during 2024-25.
However, these funds were not
received until 2025-26 meaning
the Annual Report was
inconsistent with the financial
statements.
This is a narrative adjustment only
and has not requirement
amendment of the financial
statements.

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Audit of Accounts Report – Aneurin Bevan UHB Charitable Funds and Other Related Charities

Appendix 3 – Proposed audit report

The independent auditor’s report of the Auditor General for Wales to the trustee of Aneurin Bevan University Local Health Board Charitable Fund and Other Related Charities

Opinion on financial statements

I have audited the financial statements of Aneurin Bevan University Local Health Board Charitable Fund and Other Related Charities for the year ended 31 March 2025 under the Charities Act 2011.

The financial statements comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and related notes, including the material accounting policies.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In my opinion the financial statements:

Basis for opinion

I conducted my audit in accordance with applicable law and International Standards on Auditing in the UK (ISAs (UK)) and Practice Note 10 ‘Audit of financial statements and regularity of public sector bodies in the United Kingdom’. My responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of my report.

My staff and I are independent of the charity in accordance with the ethical requirements that are relevant to my audit of the financial statements in the UK including the Financial Reporting Council’s Ethical Standard, and I have fulfilled my other ethical responsibilities in accordance with these

15

Audit of Accounts Report – Aneurin Bevan UHB Charitable Funds and Other Related Charities

requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Conclusions relating to going concern

In auditing the financial statements, I have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work I have performed, I have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the body’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from when the financial statements are authorised for issue.

My responsibilities and the responsibilities of the trustee with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report other than the financial statements and my auditor’s report thereon.

The trustee is responsible for the other information contained within the annual report. My opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in my report, I do not express any form of assurance conclusion thereon. My responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If I identify such material inconsistencies or apparent material misstatements, I am required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact.

I have nothing to report in this regard.

Matters on which I report by exception

I have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require me to report to you if, in my opinion:

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Audit of Accounts Report – Aneurin Bevan UHB Charitable Funds and Other Related Charities

Responsibilities of the trustee for the financial statements

As explained more fully in the statement of trustee’s responsibilities, the trustee is responsible for:

Auditor’s responsibilities for the audit of the financial statements

I have been appointed as auditor under section 150 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes my opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. I design procedures in line with my responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

My procedures included the following:

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Audit of Accounts Report – Aneurin Bevan UHB Charitable Funds and Other Related Charities

In addition to the above, my procedures to respond to identified risks included the following:

The extent to which my procedures are capable of detecting irregularities, including fraud, is affected by the inherent difficulty in detecting irregularities, the effectiveness of the Charity’s controls, and the nature, timing and extent of the audit procedures performed.

A further description of the auditor’s responsibilities for the audit of the financial statements is located on the Financial Reporting Council's

18

Audit of Accounts Report – Aneurin Bevan UHB Charitable Funds and Other Related Charities

website www.frc.org.uk/auditorsresponsibilities. This description forms part of my auditor’s report.

Other auditor’s responsibilities

I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit.

Adrian Crompton Auditor General for Wales 29 January 2026

1 Capital Quarter Tyndall Street Cardiff CF10 4BZ

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Audit of Accounts Report – Aneurin Bevan UHB Charitable Funds and Other Related Charities

Appendix 4 – Letter of representation

[Audited body’s letterhead]

Auditor General for Wales Audit Wales 1 Capital Quarter Tyndall Street Cardiff CF10 4BZ

[Date]

Representations regarding the 2024-25 financial statements

This letter is provided in connection with your audit of the financial statements of Aneurin Bevan University Health Board Charitable Fund and Other Related Charities for the year ended 31 March 2025 for the purpose of expressing an opinion on their truth and fairness and their proper preparation.

We confirm that to the best of our knowledge and belief, having made enquiries as we consider sufficient, we can make the following representations to you.

Management representations

Responsibilities

We have fulfilled our responsibilities for:

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Audit of Accounts Report – Aneurin Bevan UHB Charitable Funds and Other Related Charities

Information provided

We have provided you with:

Financial statement representations

All transactions, assets and liabilities have been recorded in the accounting records and are reflected in the financial statements.

The methods, the data and the significant assumptions used in making accounting estimates, and their related disclosures are appropriate to

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Audit of Accounts Report – Aneurin Bevan UHB Charitable Funds and Other Related Charities

achieve recognition, measurement or disclosure that is reasonable in the context of the applicable financial reporting framework.

Related party relationships and transactions have been appropriately accounted for and disclosed.

All events occurring subsequent to the reporting date which require adjustment or disclosure have been adjusted for or disclosed.

All known actual or possible litigation and claims whose effects should be considered when preparing the financial statements have been disclosed to the auditor and accounted for and disclosed in accordance with the applicable financial reporting framework.

The financial statements are free of material misstatements, including omissions. The effects of uncorrected misstatements identified during the audit are immaterial, both individually and in the aggregate, to the financial statements taken as a whole.

Representations by the Board

We acknowledge that the representations made by management, above, have been discussed with us.

We acknowledge our responsibility for the preparation of true and fair financial statements in accordance with the applicable financial reporting framework. The financial statements were approved by Aneurin Bevan University Health Board on 28 January 2026.

We confirm that we have taken all the steps that we ought to have taken in order to make ourselves aware of any relevant audit information and to establish that it has been communicated to you. We confirm that, as far as we are aware, there is no relevant audit information of which you are unaware.

Signed by: Signed by: Nicola Prygodzicz Ann Lloyd Chief Executive and Accountable Board Chair Officer

Date: Date:

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Appendix 5 – Recommendations

We set out below recommendations from our audit along with your management’s response to them.

Course Income Accounting

Our testing identified errors relating to the accounting for course income, specifically cut off:

Recommendation:

Year-end closing procedures are reviewed to ensure income is recognised in the correct period.

Accepted in full by management:

Yes

Management response:

Guidance will be circulated earlier than March to increase the likelihood that such transactions are identified in future years. Guidance will also be updated giving some specific examples of course income where we perceive cut off risk to be higher given the nature of our charity.

Implementation date:

Prior to 2025-26 year end.

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Expenditure Accounting

Our testing identified errors relating the accounting for expenditure, specifically cut off:

Recommendation:

Year-end closing procedures are reviewed to ensure expenditure is recognised in the correct period.

Accepted in full by management:

No

Management response:

We acknowledge the audit finding on expenditure cut-off; however, the items identified were isolated and immaterial, with no indication of a systemic issue. Existing year-end processes already include cut-off checks, and these errors do not warrant a full procedural review.

Instead, we will reinforce guidance to relevant staff as part of routine yearend communications to prevent recurrence. We also note that this recommendation is similar in nature to the earlier income cut-off recommendation, as both relate to ensuring transactions are recorded in the correct accounting period.

Implementation date:

Prior to 2025-26 year end.

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Income and Expenditure Accounting – Supporting

Evidence

Source documentation for one of our income samples was not sufficient to evidence the income being accounted for.

Recommendation:

Fund holders should retain evidence of all income being generated on behalf of the charity.

The charity should review its expected and actual annual income streams, to ensure it is satisfied their income is complete and adequately evidenced.

Accepted in full by management:

Yes

Management response:

Fund holders will be reminded of the requirement to retain appropriate evidence, where possible, for all income generated on behalf of the charity. The team will review the expected and actual income streams for funds annually, to confirm income is complete and adequately evidenced.

Implementation date:

Prior to 2025-26 year end.

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Audit quality

Our commitment to audit quality in Audit Wales is absolute. We believe that audit quality is about getting things right first time.

We use a three lines of assurance model to demonstrate how we achieve this. We have established an Audit Quality Committee to co-ordinate and oversee those arrangements. We subject our work to independent scrutiny by the Institute of Chartered Accountants in England and Wales and our Chair of the Board, acts as a link to our Board on audit quality. For more information see our Audit Quality Report 2024.

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Supporting you

Audit Wales has a range of resources to support the scrutiny of Welsh public bodies, and to support them in continuing to improve the services they provide to the people of Wales.

Visit our website to find:

Our publications which cover our audit work at public bodies.

Information on our upcoming work and forward work programme for performance audit.

Data tools to help you better understand public spending trends. ~~a~~

~~9~~ Details of our of emerging practice and insights from our audit work. Good Practice ~~a~~ work and events including the sharing

Our newsletter which provides you with regular updates on our public service audit work, good practice, and events.

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<j A rchwilioudit Wales Cymru

Audit Wales

Tel: 029 2032 0500 Fax: 029 2032 0600 Textphone: 029 2032 0660

E-mail: info@audit.wales Website: www.audit.wales We welcome correspondence and telephone calls in Welsh and English. Rydym yn croesawu gohebiaeth a galwadau ffôn yn Gymraeg a Saesneg.