**Charity registration number 1104191** ## **Company registration number 04175018 (England and Wales)** ## **THE BEVAN FOUNDATION** ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ## **THE BEVAN FOUNDATION** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|A Hunt|| |---|---|---| ||Ms M L Hughes|| ||Bishop J D Davies|| ||Mr J B Chown|| ||Mr J M Imperato|| ||Prof S A Power|| ||Ms T Stirling|| ||S Taj|| ||Mr D S Forbes|| ||Ms V Sugar|| ||Mr R A Williams|| ||Mr G P B Thompson|(Appointed 15 June 2023)| |**Secretary**|Mr D S Forbes|| |**Charity number**|1104191|| |**Company number**|04175018|| |**Principal address**|145a High Street|| ||Merthyr Tydfil|| ||Mid Glamorgan|| ||UK|| ||CF47 8DP|| |**Independent examiner**|Mitchell Meredith Limited|| ||The Business Park|| ||Triangle Business Centre|| ||Merthyr Tydfil|| ||CF48 4TQ|| ## **THE BEVAN FOUNDATION** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 9| |Independent examiner's report|10| |Statement of financial activities|11| |Balance sheet|12| |Notes to the financial statements|13 - 23| ## **T HE BEVAN FOUNDATION** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS REPORT) FOR THE YEAR ENDING 31 MARCH 2023** ## **Chairpersons’ Foreword** ## _**Vivienne Sugar, Chair of Trustees, 2014 - 2023**_ Being Chair and Trustee of the Bevan Foundation was always about making a difference and this year is one of the highlights of my two terms as Chair. Evidence of the Bevan Foundation’s influence and achievements is there for all to see in our Annual Reports. Our reputation for independent meticulous research is higher than ever, commanding the respect and trust of the partners, communities, public services and politicians with whom we work. Over the past eight years, the work of the staff, led by our Director, Dr Victoria Winckler, has produced practical ideas for change in policy and practice that have made life better for some of the poorest and most disadvantaged here in Wales. It has also been about giving a voice to the groups and communities with whom we work. I wish the Trustee Board of the Foundation and my successor as Chair even further success in the future. ## _**Gavin Thompson, Chair of Trustees 2023 –**_ It is an honour and a joy to have both joined the Bevan Foundation board and been elected as chair. My predecessor has done a remarkable job in supporting the team to grow the influence of the organisation, which has been demonstrated more than ever in the past year. My day job is as the editor of several local newspapers and the problems that the Foundation tackles are faced by many people in the communities that my titles serve, so this voluntary position feels a natural fit, as well as a cause I am passionate about. I am committed to standing up for people without a voice and seeking to work cross-party to make our communities better and fairer. The Bevan Foundation’s role providing evidence-based solutions to challenges we face in Wales has become so important and influential. I am looking forward to working with the charity’s small but talented team and my fellow trustees to ensure the Bevan Foundation continues to make a difference where it’s needed most. The new financial year is already well under way and the Foundation team are getting stuck into promoting the idea of a Welsh benefits system, highlighting the impact of high inflation on low-income households, examining access to justice for asylum seekers, refugees and migrants – and much more. I look forward to steering the Foundation’s path over the next few years, focusing on challenges around poverty, access to justice and creating a better life for everyone. Page 1 ## **T HE BEVAN FOUNDATION** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS REPORT) FOR THE YEAR ENDING 31 MARCH 2023** ## **Annual Report** The trustees are pleased to present their annual directors' report together with the financial statements for the charity for the year ended 31 March 2023. The report also meets the requirements for a directors' report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice. ## **Objectives and activities** ## _**Objects and aims**_ The purposes of the charity are: 1. To advance in Wales the education of the public in the economic, social and political sciences and their effect on public policy and the policy making process, 2. To promote research in these fields and disseminate the useful results of such research. These charitable purposes are as relevant as ever as people in Wales have been hard hit by rapidly rising prices for essentials and by changes in their rights to live, work and seek protection in Wales over the year. The Bevan Foundation has provided high quality, independent analysis of these trends, and offered impactful and deliverable proposals for change. The Trustees are delighted that our insights have informed many organisations’ work and that our ideas have been implemented by the Welsh Government, local authorities, other charities and other organisations, making a real and lasting difference to poverty, inequality and injustice. During 2022-23, the Trustees have continued to have full regard to the Charity Commission’s guidance on public benefit. They have ensured that the Foundation significantly increases collective knowledge and understanding of the ways in which people’s standards of living and rights to live in Wales are changing. They have used robust methods of data collection and analysis and presented the findings to a broad range of people and organisations. As in previous years, the Foundation’s activities as an independent and non-partisan organisation have been valued across the political spectrum as well as by those with no political allegiance. The Trustees have ensured the Foundation’s activities are accessible to as many people as possible, with the great majority of its publications and events being free of charge. The Foundation continues to provide output in Welsh as well as English whenever possible and contribute to Welsh language media. ## **Achievements and Performance** The Foundation’s strategy for the year was to continue its focus on developing insights and ideas that reduce poverty, particularly in respect of having a decent, affordable home, and having enough income to afford the essentials, and to take forward its work on immigration and human rights. The Trustees are pleased that the charity very successfully delivered against these plans. ## _**Highlights**_ The highlight of 2022/23 was undoubtedly the real and lasting impact that the Bevan Foundation achieved. Through its insights and ideas, the charity will have helped 80,000 households out of acute financial hardship and put £360 a year in the pockets of approximately 17,000 of Wales’ least well-off students. Its reshaping of business support for self-employed people has the potential to help one in five of the workforce who work for themselves, while it has put the rights of vulnerable migrants on the policy agenda. This success was underpinned by a high volume of excellent quality outputs. It published a total of eleven substantive, evidence-based reports, nine statistical briefings, and 51 online articles on topical issues. Its online and face-to-face events helped to reach a wider audience - in total, the Foundation organised thirteen seminars or webinars and two training sessions. They were hugely popular, with online events typically attracting 50 and sometimes more than 100 attendees while in-person seminars were all fully booked. The two training sessions it organised on influencing the Senedd were also both popular. The Foundation continued to make a significant contribution to public policy, submitting written and oral evidence to five Senedd inquiries and two Westminster Select Committee or All-Party Group inquiries, and providing written responses to two Welsh Government consultations. It also gave written and oral evidence to the Independent Commission on the Constitutional Future of Wales. It continued to participate in government advisory or working groups, including Welsh Government groups on maximising income, the green paper on housing, fuel poverty and migrant inclusion. It contributed to several Ministerial Page 2 ## **T HE BEVAN FOUNDATION** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS REPORT) FOR THE YEAR ENDING 31 MARCH 2023** Summits and Cabinet Sub-Committee meetings on the cost-of-living crisis, before joining its expert group on the topic in autumn 2022. The Foundation enjoyed a high media profile over the year, commenting in broadcast and radio programmes such as BBC Wales’ Politics Wales, Sunday Supplement, Breakfast, Drive Time and Wales Today programmes, ITV Wales news, S4C’s Newyddion and Radio Cymru’s breakfast and evening news programmes. It also secured extensive digital and print coverage, including The Guardian, Daily Mail, and Morning Star, as well as Welsh outlets such as the Western Mail and Walesonline, BBC News and BBC CymruFyw, South Wales Argus and many local news outlets. Over the year its activity centred on four areas: solving poverty, affordable private rents, economic resilience, and immigration and access to justice. ## **1. Solving Poverty** The Bevan Foundation’s vital work on low-income households focused on the cost-of-living crisis over the year. The charity provided essential insights into challenges faced by low-income households, through surveys and working with people with lived experience of poverty. Most importantly, many of the Foundation’s recommendations were put into action by Welsh Government and others, greatly easing the hardship that households face. The trustees gratefully acknowledge the contributions of the Joseph Rowntree Foundation towards this work. ## **The cost-of-living crisis** As inflation soared, the Bevan Foundation decided to continue its bi-annual surveys from the highly regarded polling company YouGov on households’ financial position. Its findings were published in July 2022 and February 2023 and generated considerable interest in the media, Senedd and wider public. They have become the go-to source of up-to-date information on the issue, and these findings, coupled with those from working with a community organisation, Action in Caerau and Ely in Cardiff, formed the evidence base for our ‘Action Plan’ to tackle the cost-of-living crisis published in November 2022. The findings also contributed to many local authorities’ action plans on the cost of living, with the Bevan Foundation being keynote speaker at events in Denbighshire, Powys and the Vale of Glamorgan to name but three. Earlier in the year, the Bevan Foundation was commissioned by a local authority to research severe financial hardship in its area and to make recommendations for change. A key recommendation was that the Welsh Government’s Discretionary Assistance Fund should be enhanced and greater clarity provided about eligibility for help and the value and frequency of Emergency Assistance Payments. The Foundation was delighted that the Welsh Government immediately clarified arrangements and shortly afterwards announced that from April 2023 onwards the value of payments to households would increase and the budget would nearly double to £18m. The Foundation then organised free training on the new provisions which was attended by more than 100 people. As a result of the Foundation’s actions, more than 59,000 payments worth £4.3 million were made to people in severe financial hardship in April to June 2023 – if this trend continues over the year severe hardship will have been eased in an estimated 80,000 households. The Foundation has advocated for an increase in Education Maintenance Allowance (a weekly payment for low-income learners aged 16-18 years) for some time. As young people faced the challenges of rising prices, the Foundation called for an inflation-linked boost to the allowance. The proposal was endorsed by three Senedd Committees during scrutiny of the Welsh Government budget and was then the subject of a debate in the Senedd. As a result, the Minister for Education announced in April 2023 that the allowance would increase by £10 a week with immediate effect, putting an extra £360 a year in the pockets of approximately 17,000 of Wales’ least well-off students thanks to the Bevan Foundation’s work. ## **Welsh Benefits** The Bevan Foundation developed the idea of a Welsh Benefits System, to bring together devolved grants and allowances, in 2019 and has since secured cross-party and broad public support for the principle. The various Welsh Government cost of living payments demonstrated the urgent need to streamline arrangements, so the priority in 2022/23 was to turn the idea into reality. The Foundation commissioned an expert analysis of the data requirements of an integrated system, funded by a wide range of organisations who shared its ambition to make progress. The final report, published in April 2023, provided a detailed route map to bring the different grants and allowances together. It has been welcomed by Welsh and local government and the key actions to implement a new system are being taken forward by Welsh Government in 2023/24. ## **Child poverty** With around a third of children in Wales living in poverty, the Bevan Foundation was pleased to work with Action for Caerau and Ely on a small project, funded by Welsh Government, to capture the experiences of children in low-income families. The findings have contributed to the Welsh Government’s revised child poverty strategy, the draft of which will be published in 2023/24. Page 3 ## **T HE BEVAN FOUNDATION** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS REPORT) FOR THE YEAR ENDING 31 MARCH 2023** ## **2. Affordable private rents** The Foundation’s work on the cost of a decent, affordable home to rent and the help a household can receive through the social security system continued thanks to an extension of funding by the Lloyds Bank Foundation up to June 2023 and a National Lottery Community Fund Awards for All grant. ## **Local Housing Allowance** The Bevan Foundation continued its activity to increase Local Housing Allowance (LHA) to match rents. It updated its analysis of the asking rents of new tenancies in September 2022 and March 2023, with the findings again attracting considerable interest in the media, in Senedd debates and amongst housing professionals. These findings shaped the Senedd Local Government and Housing Committee’s inquiry in housing and homelessness, whose report endorsed our recommendations. They in addition prompted the Minister for Housing to urge the UK Government to uplift LHA. The Foundation’s findings stimulated interest and action outside Wales. It engaged with the No. 10 Policy Unit and briefed MPs at an event in the House of Commons in July 2022 which was followed by a Westminster Hall debate on the topic, hosted by Hywel Williams MP, in March 2023. The All-Party Parliamentary Group on Homelessness took up the issue and several UK charities replicated the charity’s research methods to demonstrate the scale of the rent crisis. During the year the Foundation engaged with National Residential Landlords Association to share experiences, the result of which was a charter setting out our joint position on the need to reform Local Housing Allowance. The Foundation’s recommendations have in addition been widely endorsed by the professional landlord press such as ‘Letting Agent Today’ and PropertyMark. While the UK Government has yet to increase LHA, securing the support of landlords as well as cross party interest is a very important step towards change. Complementing this activity, the Bevan Foundation advised Welsh Government on its Green Paper on Housing Adequacy and Fair Rents which, when published in July 2023, included the Foundation’s recommendation that data on rents should be collected by Rent Smart Wales and that Broad Rental Market Areas should be reviewed. ## **The role of holiday lets** Rents are rising partly because of a shortage of properties to let. To establish if holiday lets contributed to the shortage, the Bevan Foundation commissioned an analysis of data on AirBnB lettings. The findings showed that AirBnB lettings accounted for a substantial proportion of the housing stock in some areas of Wales, and that the returns are far greater than on residential letting. The findings, published in September 2022, generated huge interest at the time and continue to do so. They were covered by The Guardian, The Daily Mail, Al Jazeera, all main Welsh and local media outlets, and continue to be cited. The findings provided crucial evidence to inform the Welsh Government’s forthcoming regulation of the second and holiday home sector, demonstrating the scale of the impact of holiday lettings on the availability of permanent homes. ## **Homelessness and Discretionary Housing Payments (DHPs)** Discretionary Housing Payments provide additional help with housing costs, sometimes covering the shortfall between rent and LHA. With the support of a grant from The National Lottery Awards for All programme, the Foundation began to consider how DHPs could help to prevent homelessness and support rapid rehousing. The project began in November 2022 and is due for completion in June 2023. ## **3** . **Economic resilience** The Bevan Foundation continued its work on creating a fair economy during the year, although at a lower level of activity than in the previous year. ## **A new deal for self employed people** Self-employment accounts for around one in eight people in work, with earnings from self-employment being well below average. During the year the Bevan Foundation completed its work on how devolved powers could increase the financial resilience of low-income self-employed people, recommending action to strengthen their businesses, extend financial support and encourage collaboration between self-employed people. The findings, published in July 2022, generated interest from the business community and local and Welsh economic development agencies, as well as generating coverage in business media. As a result, some changes are being made to the support offered people setting up in self-employment to reflect the recommendations. The project had the financial support of Abrdn Financial Fairness Trust (formerly the Standard Life Foundation). ## **Building economic resilience** The Foundation was pleased to take forward its 2021/22 work on economic resilience in the south Wales valleys in general and in particular the Cynon Valley. Over the year the charity contributed to plans for a community wealth building approach in the Cynon Valley, which has resulted in agreement to implement one of our key recommendations to establish a Page 4 ## **T HE BEVAN FOUNDATION** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS REPORT) FOR THE YEAR ENDING 31 MARCH 2023** Development Trust for the area. To take the Foundation’s work on economic resilience forward, it secured funding from the Norman Melburn and Barry Amiel Trust and the Lipman Miliband Trust to enable community enterprises in Blaenau Ffestiniog and the Cynon Valley area to share good practice. This activity will be delivered in 2023/24. ## **4. Migration and Justice** The Bevan Foundation was pleased to take forward its work on immigration and justice after a short pause, shifting the focus from integration towards the rights of migrants. ## **Access to justice on immigration** The rights of people subject to immigration control are complex and are changing rapidly with new legislation and case law. Access to good quality, timely advice is crucial, and while immigration is not a devolved matter, access to advice is a Welsh Government responsibility. The Bevan Foundation launched a new project in November 2022, which aims to improve the access to immigration advice for people in Wales. The first, and key, output from the project was publication of a report that urged Welsh Government and others to broaden the idea of Wales as a ‘Nation of Sanctuary’ from asylum seekers and refugees to include other vulnerable migrants – specifically people with no recourse to public funds, undocumented migrants and people with insecure immigration status, and people on the ten-year route to settlement. Following the Foundation’s arguments, the Welsh Government has included people with other immigration statuses in its recent work on migration. This project continues throughout 2023/24, with the kind support of the Justice Together Initiative. ## **People with no recourse to public funds and the cost-of-living crisis** Through its work on access to immigration advice, the Foundation identified that some people whose immigration status means that they have no recourse to public funds are facing destitution as they cannot access most social security benefits. The Foundation secured National Lottery Community Fund Awards for All grant towards a small-scale project to research the scale of the issue and develop deliverable solutions, with work planned to begin in 2023/24. ## **Embedding the voices of migrants in public policy** The Foundation delivered some modest activity early in 2022-23 as it wound down its important work, funded by the Paul Hamlyn Foundation, on embedding the voices of migrants in public policy, concluding with work on influencing the Welsh Government’s Migrant Inclusion Framework. ## **Financial review** The Trustees are delighted to report a strengthening of the Bevan Foundation’s financial position over the year. Restricted and unrestricted income are both up on the previous year, resulting in an increase in total income of some £74,000 to £424,604. This is a welcome return to the upward trend achieved by the Bevan Foundation since 2016. The upturn is partly the result of the appointment of a development officer over the year, with the support of a Voluntary Sector Resilience Fund Small Grant. The Foundation also benefited from a social media assistant, supported for 6-months by the Department for Work and Pensions’ Kickstart scheme. Total expenditure during the year was £394,620, an increase on 2021/22 reflecting the additional activity associated with extra funding and the impact of inflation. Unrestricted spending increased during the year as a result of rising prices, creating a small deficit of £12,446. Nevertheless, the charity has ended the year with £133,083 in unrestricted funds, of which £80,000 is for designated purposes. Restricted expenditure also increased as a result of additional activity as well as inflation. The charity fully expended several funds as activity associated with them was completed while also carrying forward funds to deliver projects in 2023/24. Income received in advance is an important feature of the Bevan Foundation’s financial position. Going into the year, £287,591 was brought forward from 2021/22, while of current year’s income £317,575 is carried forward into 2023/24. Of this £184,492 is restricted funds. ## _Reserves Policy_ The Trustees aim to maintain unrestricted funds at a level equivalent to six months of unrestricted charitable expenditure, and a minimum of three months of unrestricted charitable expenditure. The Trustees consider that this level would provide sufficient funds to cover support and governance costs and seek project funds in the event of a funding short fall or other unforeseen circumstances. The charity's unrestricted and undesignated funds at the end of 2022/23 are equivalent to four months’ unrestricted expenditure. The charity also has a designated fund of £80,000 to be utilised in specific circumstances. Page 5 ## **T HE BEVAN FOUNDATION** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS REPORT) FOR THE YEAR ENDING 31 MARCH 2023** ## **Plans for future periods** The Bevan Foundation plans to continue to develop independent, non-partisan insights into Wales’ economy and society in line with its strategy over the next year. It will take forward its work on poverty, incomes and living standards, especially in respect of the essentials of housing, food and heating. It will also develop its work on people’s right to live, work and seek protection in Wales, and to ensure that high quality public services are available for everyone. With a new Chair, over 2023/24 the Foundation will aim to build on its successes to meet the challenges facing Wales to the end of the decade, ready to implement a new strategy for 2025 onwards. ## **Structure, governance and management** ## _**Nature of governing document**_ The Bevan Foundation is a charitable company limited by guarantee, incorporated on 7th March 2001 and registered as a charity on 8th June 2004. The company was established under a Memorandum of Association, which established the objects and powers of the charitable company, and is governed under its Articles of Association. In November 2022, the Annual General Meeting of the Foundation approved Rules that clarify membership of the charitable company and that allow proxy voting. ## _**Recruitment and appointment of trustees**_ The directors of the company are also charity Trustees for the purposes of charity law and are known under the company's Articles of Association as Trustees. The Articles of Association provide for up to four Trustees to be elected for a four-year term at the Annual General Meeting following an open call for nominations. Vacancies can also be filled by co-option by the board, such co-option to run until the date of the next Annual General Meeting. At the 2022 AGM, members re-elected Monica Lynne Hughes, Anthony Hunt, Vivienne Sugar and Sally Power for a fouryear term of office. Early in 2023, the Chair of the Bevan Foundation, Vivienne Sugar, announced her decision to step aside after eight years in the role. The vice-chair of the board, Tamsin Stirling, became Acting Chair during a process of open recruitment. Trustees are delighted that Gavin Thompson was co-opted as a Trustee and elected as chair of the board in July 2023. Gavin brings a wealth of experience from his role as Regional Editor at NewsQuest and the Trustees look forward to the next four years with Gavin at the helm. ## _**Induction and training of trustees**_ All Trustees have an annual appraisal in which training and development needs are identified. The Foundation delivers continuous support programme, which in 2022/23 included the charity’s finances, safeguarding, networking, and its theory of change. In addition, all Trustees are regularly informed about charity matters via regular newsletters from the Charity Commission and Wales Council for Voluntary Action. Trustees are invited to participate in appropriate external training and development opportunities that may be of interest, including those on fundraising and good governance. ## _**Arrangements for setting key management personnel remuneration**_ The charity’s trustees give their time freely and none received remuneration in the year. Trustees’ expenses may be reimbursed in line with the charity’s expenses policies and are disclosed in the note to the accounts. Rapidly rising inflation prompted the Foundation to strengthen arrangements for determining staff remuneration. The Trustees agreed to link Bevan Foundation salaries (but not other terms and conditions) to those in local government, as local authority pay scales cover a large number of different roles, are determined through employer and employee negotiation and are widely regarded as fair. This provides Trustees with a valuable benchmark when they determine the remuneration of key management personnel each year, in addition taking into account the Bevan Foundation’s resources and local labour market conditions. ## _**Organisational structure**_ The board meets quarterly and is responsible for the strategic direction and policy of the charity. It has a scheme of delegation in place which sets out the decisions devolved to the Chief Executive. The Company Secretary is also a Trustee. The charity’s aims and activities for the year ahead are set out in its forward work programme, in so far as this is possible given the nature of the charity’s funding. Its activities, outputs and impacts are monitored, along with the availability of funding for the organisation and each project. The charity’s plans are revised to take account of financial, political or other relevant changes during the year. Page 6 ## **T HE BEVAN FOUNDATION** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS REPORT) FOR THE YEAR ENDING 31 MARCH 2023** Responsibility for ensuring the activities take place and for meeting the charity's targets rests with the chief executive officer. ## **Relationships with related parties** The charity does not have any related parties as defined by the Charity Commission. ## _**Risk management**_ The Trustees regularly examine the major strategic business and operational risks which the charity faces. The major risks continue to be lack of long-term funding, reliance on a small staff team and negative public perception. As a result of review, the board has also identified cyber security and uncontrollable external events as medium risks. The board manages and mitigates the risks, and was especially pleased to benefit from the Lloyds Bank Foundation’s Enhance programme which provided pro bono support on cyber and other IT matters. The Trustees set an outline budget for the financial year and monitor income and expenditure against the budget each quarter, revising it as necessary. The Chief Executive in addition reports on monthly income and expenditure to the charity’s Treasurer. The Trustees consider that this is adequate for the scale and current financial health of the charity. The day-to-day management of the charity is delegated to the chief executive. The charity receives general advice on charitable matters through its membership of the Wales Council for Voluntary Action and through regular updates from other organisations. ## **Financial instruments** ## _**Objectives and policies**_ The charity's activities expose it to several financial risks including credit risk, cash flow risk and liquidity risk. ## _**Credit risk**_ The charity’s principal financial assets are bank balances and cash, trade and other receivables. The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. Page 7 ## **T HE BEVAN FOUNDATION** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS REPORT) FOR THE YEAR ENDING 31 MARCH 2023** |**Reference and Administrative**|**Details**| |---|---| |Trustees:|John Chown| ||Bishop John Davies| ||Duncan Forbes| ||Lynne Hughes| ||Anthony Hunt| ||Michael Imperator| ||Sally Power| ||Tamsin Stirling| ||Vivienne Sugar| ||Shavanah Taj| ||Gavin Thompson| ||Richard Williams| |Secretary:|Duncan Forbes| |Senior Management Team:|Victoria Winckler| |Principal Office:|145a High Street| ||Merthyr Tydfil| ||Mid Glamorgan| ||CF47 8DP| |Registered Office:|145a High Street| ||Merthyr Tydfil| ||Mid Glamorgan| ||CF47 8DP| |Company Registration Number:|
04175018| |Charity Registration Number:|1104191| |Pension Advisers:|Beaconifa Limited| ||Windwhistle| ||Bellfountain Road| ||Crickhowell| ||Powys| ||NP8 1SN| |Bankers:|The Cooperative Bank| |Independent Examiner:|Mitchell Meredith Limited| ||Chartered Accountants| ||The Business Park| ||Triangle Business Centre| ||Merthyr Tydfil| ||CF48 4TQ| Page 8 ## **T HE BEVAN FOUNDATION** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS REPORT) FOR THE YEAR ENDING 31 MARCH 2023** ## **Statement of Trustees' Responsibilities** The trustees (who are also the directors of The Bevan Foundation for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ## **Small companies provision statement** This report has been prepared in accordance with the small companies’ regime under the Companies Act 2006. The annual report was approved by the trustees of the charity on 3[rd] October 2023 and signed on its behalf by: Gavin Thompson Trustee Page 9 ## **THE BEVAN FOUNDATION** ## **INDEPENDENT EXAMINER'S REPORT** ## **TO THE TRUSTEES OF THE BEVAN FOUNDATION** I report to the trustees on my examination of the financial statements of The Bevan Foundation (the charity) for the year ended 31 March 2023. ## **Responsibilities and basis of report** As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - 1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or - 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. ## **Mitchell Meredith Limited** ## **M L Barnes - FCCA FCA** The Business Park Triangle Business Centre Merthyr Tydfil CF48 4TQ Dated: 3 October 2023 - 10 - ## **THE BEVAN FOUNDATION** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## **FOR THE YEAR ENDED 31 MARCH 2023** |**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
90,887
267,444
Charitable activities
**4**
63,512
586
Investments
**5**
2,175
-
**Total income**
156,574
268,030
**Expenditure on:**
Raising funds
**6**
117,990
-
Charitable activities
**7**
51,030
225,600
**Total expenditure**
169,020
225,600
**Net (expenditure)/income for the year/**
**Net movement in funds**
(12,446)
42,430
Fund balances at 1 April 2022
145,529
142,062
**Fund balances at 31 March 2023**
133,083
184,492|**Total**
**2023**
**£**
358,331
64,098
2,175
424,604
117,990
276,630
394,620
29,984
287,591
317,575|**Total**
**2022**
**£**
317,745
32,047
342| |---|---|---| |||350,134| |||53,753| |||291,597| |||345,350| |||4,784
282,807| |||287,591| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. - 11 - ## **THE BEVAN FOUNDATION** ## **BALANCE SHEET** ## **AS AT 31 MARCH 2023** |**Notes**
**Fixed assets**
Tangible assets
**13**
**Current assets**
Debtors
**14**
Cash at bank and in hand
**Creditors: amounts falling due within one**
**year**
**15**
Net current assets
**Total assets less current liabilities**
**Income funds**
Restricted funds
**17**
Unrestricted funds|**2023**
**£**
6,830
320,368
327,198
(14,935)|**£**
5,312
312,263
317,575
184,492
133,083
317,575|**2022**
**£**
19,425
280,246
299,671
(18,240)|**£**
6,160
281,431| |---|---|---|---|---| |||||287,591| |||||142,062
145,529| |||||287,591| The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on 3 October 2023 Mr G P B Thompson **Trustee** ## **Company registration number 04175018** - 12 - ## **THE BEVAN FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **1 Accounting policies** ## **Charity information** The Bevan Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is . ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. ## **1.4 Income** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. - 13 - ## **THE BEVAN FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **1 Accounting policies** ## **1.5 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use. ## **1.6 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Plant and equipment Enter depreciation rate via StatDB - cd76 Computers Enter depreciation rate via StatDB - cd198 The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. ## **1.7 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## **1.8 Financial instruments** Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are recognised at transaction price. ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled. ## **1.9 Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. - 14 - ## **THE BEVAN FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **1 Accounting policies** ## **1.10 Retirement benefits** Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. ## **2 Critical accounting estimates and judgements** In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. ## **3 Donations and legacies** |**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**£**
**£**
Donations and gifts
12,753
-
Grants receivable
17,500
267,444
Membership fees
60,634
-
90,887
267,444
**Grants receivable for core activities**
Joseph Rowntree Foundation
-
129,085
Waterloo Foundation
17,500
-
Friends Provident Foundation
-
-
Welsh Government
-
4,925
Lloyds Bank Foundation for England and Wales
Welfare Programme
-
40,473
Voluntary Action Merthyr Tydfil
-
-
WCVA
-
2,240
Standard Life Foundation (now Abrdn Financial
Fairness Trust)
-
17,982
Well Being for Staff
-
-
Barry Amiel and Norman Melburn Trust
-
7,330
Justice Together
-
23,815
Lipman Milliband Trust Work
-
1,860
TNLCF- NRPF in the cost of living crisis
-
9,921
TNLCF - Solutions to high housing costs after covid
-
9,813
A B Charitable Trust
-
20,000
17,500
267,444|**Total**
**2023**
**£**
12,753
284,944
60,634
358,331
129,085
17,500
-
4,925
40,473
-
2,240
17,982
-
7,330
23,815
1,860
9,921
9,813
20,000
284,944|**Total**
**2022**
**£**
4,901
244,774
68,070| |---|---|---| |||317,745| |||94,719
15,000
2,990
4,756
20,000
2,998
52,825
50,000
1,486
-
-
-
-
-
-| |||244,774| - 15 - ## **THE BEVAN FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 MARCH 2023** ## **4 Charitable activities** |Income from charitable activities
**Analysis by fund**
Unrestricted funds
Restricted funds
**5**
**Investments**
Interest receivable
**6**
**Raising funds**
**Fundraising and publicity**
Direct costs
Staff costs
Support costs
Fundraising and publicity|**Research**
**Conferences**
**Total**
**2023**
**Total**
**2022**
**2023**
**2023**
**£**
**£**
**£**
**£**
62,662
1,436
64,098
32,047
62,662
850
63,512
31,047
-
586
586
1,000
62,662
1,436
64,098
32,047
**Unrestricted**
**Unrestricted**
**funds**
**funds**
**2023**
**2022**
**£**
**£**
2,175
342
**Unrestricted**
**Total**
**funds**
**2023**
**2022**
**£**
**£**
4,049
9,195
88,786
34,914
25,155
9,644
117,990
53,753
117,990
53,753|**Total**
**2022**
**£**
32,047| |---|---|---| |||31,047
1,000| |||32,047| |||**Total**
**2022**
**£**
9,195
34,914
9,644| |||53,753| |||53,753| - 16 - ## **THE BEVAN FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 MARCH 2023** ## **7 Charitable activities** |Staff costs
Direct costs
Share of support costs (see note 8)
Share of governance costs (see note 8)
**Analysis by fund**
Unrestricted funds
Restricted funds|**Total**
**2023**
**£**
137,356
91,790
229,146
34,030
13,454
276,630
51,030
225,600
276,630|**Total**
**2022**
**£**
181,989
44,847| |---|---|---| |||226,836
52,549
12,212| |||291,597| |||78,002
213,595| |||291,597| - 17 - ## **THE BEVAN FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 MARCH 2023** ## **8 Support costs** |**Support costs**
**Governance**
**costs**
**£**
**£**
Staff costs
-
8,188
Depreciation
2,766
59
Establishment costs
11,465
245
Office expenses
3,007
64
Printing postage and stationery
5,280
112
Sundry costs
12,201
259
Travel costs
2,495
743
Marketing
20,201
429
Professional fees
1,232
26
Bank charges
538
11
Accountancy
-
3,318
59,185
13,454
Analysed between
Donations & Subscriptions
25,155
-
Research
34,030
13,454
59,185
13,454|**2023**
**£**
8,188
2,825
11,710
3,071
5,392
12,460
3,238
20,630
1,258
549
3,318
72,639
25,155
47,484
72,639|**2022**
**£**
7,773
2,053
10,877
4,219
2,278
13,726
1,424
21,295
7,323
344
3,093| |---|---|---| |||74,405| |||9,644
64,761| |||74,405| ## **Basic of allocation** |**Reference**|**Method of allocation**| |---|---| |Employments costs|Staff Time| |Establishment and other costs|Usage| Included within accountancy are costs for the Independent examiners fees of £2,700 (2022- £2,490) for examination of the financial statements. ## **9 Net movement in funds** |||| |---|---|---| |**Net movement in funds**|**2023**|**2022**| ||**£**|**£**| |Net movement in funds is stated after charging/(crediting)||| |Depreciation of owned tangible fixed assets|2,825|2,053| ## **10 Trustees** None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. - 18 - ## **THE BEVAN FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **11 Employees** The average monthly number of employees during the year was: ||**2023**|**2022**| |---|---|---| ||**Number**|**Number**| |Staff|7|7| |**Employment costs**|**2023**|**2022**| ||**£**|**£**| |Wages and salaries|198,160|190,563| |Social security costs|15,422|14,968| |Other pension costs|20,748|19,145| ||234,330|224,676| The total employee benefits of key management personnel of the charity were £61,250 (2022 - £61,560) The chief executive officer, as the highest paid member of staff, received benefits totalling £61,250 (2022 - £61,560) ## **12 Taxation** The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. ## **13 Tangible fixed assets** |**Plant and**
**equipment**
**Computers**
**£**
**£**
**Cost**
At 1 April 2022
7,276
23,353
Additions
-
1,976
At 31 March 2023
7,276
25,329
**Depreciation and impairment**
At 1 April 2022
6,120
18,348
Depreciation charged in the year
402
2,423
At 31 March 2023
6,522
20,771
**Carrying amount**
At 31 March 2023
754
4,558
At 31 March 2022
1,156
5,004|**Total**
**£**
30,629
1,976| |---|---| ||32,605| ||24,468
2,825| ||27,293| ||5,312| ||6,160| - 19 - ## **THE BEVAN FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 MARCH 2023** ## **14 Debtors** |**Debtors**||| |---|---|---| |**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income|**2023**
**£**
2,990
2,827
1,013
6,830|**2022**
**£**
18,592
-
833| |||19,425| ## **15 Creditors: amounts falling due within one year** |**Creditors: amounts falling due within one year**||| |---|---|---| |Other taxation and social security
Trade creditors
Accruals and deferred income|**2023**
**£**
-
406
14,529
14,935|**2022**
**£**
4,890
2,752
10,598| |||18,240| ## **16 Retirement benefit schemes** ## **Defined contribution schemes** The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. The charge to profit or loss in respect of defined contribution schemes was £20,748 (2022 - £19,145). - 20 - ## **THE BEVAN FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 MARCH 2023** ## **17 Restricted funds** The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: |||**Movement in funds**|**Movement in funds**|| |---|---|---|---|---| ||**Balance at**|**Incoming**|**Resources**|**Balance at**| ||**1 April 2022**|**resources**|**expended**|**31 March 2023**| ||**£**|**£**|**£**|**£**| |JRF Collaboration|85,064|129,085|(82,003)|132,146| |Lloyds Bank Foundation for England and Wales|1,039|41,059|(31,089)|11,009| |WCVA Kickstart|-|2,240|(2,240)|-| |VSRF Small Grant|46,310|-|(43,648)|2,662| |Standard Life Foundation (now Abrdn Financial Fairness||||| |Trust)|9,649|17,982|(27,631)|-| |Barry Amiel and Norman Melburn Trust|-|7,330|-|7,330| |Justice Together|-|43,815|(27,037)|16,778| |Lipman Milliband Trust work|-|1,860|-|1,860| |TNLCF- NRPF in the cost of living crisis|-|9,921|-|9,921| |TNLCF- Solutions to high housing costs after Covid|-|9,813|(7,027)|2,786| |Welsh Government - Engagement on the Refeshed Child||||| |Poverty Strategy for Wales|-|4,925|(4,925)|-| ||142,062|268,030|(225,600)|184,492| |||**Movement in funds**||| ||**Balance at**|**Incoming**|**Resources**|**Balance at**| ||**1 April 2021**|**resources**|**expended**|**31 March 2022**| ||**£**|**£**|**£**|**£**| |Friends Provident Foundation - Building Economic||||| |Resilience|13,818|2,990|(16,808)|-| |JRF Collaboration|64,567|94,219|(73,722)|85,064| |Welsh Government - Fair Work|3,442|-|(3,442)|-| |Welsh Government - 3 Towns Project|3,323|-|(3,323)|-| |Paul Hamlyn Foundation - Embedding the voice of the||||| |migrants into policy in Wales|26,121|1,500|(27,621)|-| |Lloyds Bank Foundation for England and Wales|14,994|20,000|(33,955)|1,039| |Voluntary Action Merthyr Tydfil|-|2,998|(2,998)|-| |Wellbeing for Staff|-|1,486|(1,486)|-| |WCVA Kickstart|-|3,679|(3,679)|-| |VSRF Small Grant|-|49,146|(2,836)|46,310| |Welsh Government Race Equality Action Plan|-|4,756|(4,014)|-| |Standard Life Foundation (now Abrdn Financial Fairness||||| |Trust)|-|50,000|(40,351)|9,649| ||126,265|230,774|(214,235)|142,062| - 21 - **THE BEVAN FOUNDATION** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **17 Restricted funds** Friends Provident Foundation - Building Economic Resilience represents funding from the Friends Provident Foundation, Tai Calon Community Housing, Cynon Taf Community Housing, Merthyr Valley Homes, Rhondda Cynon Taf County Borough Council, Merthyr Tydfil County Borough Council, United Welsh and UnLtd towards the project developing proposals to strengthen the economy of the south Wales valleys. JRF Collaboration - A project funded by the Joseph Rowntree Foundation to increase understanding the causes and impact of poverty, and to develop recommendations to solve them Welsh Government - Fair Work represents a contribution from the Foundational Economy Challenge Fund towards activity to increase fair work in the foundational economy. Welsh Government 3 Town Project represents a contribution from the Foundational Economy Challenge Fund towards activity to establish the pre-conditions for growing the foundation economy in the south Wales valleys. Paul Hamlyn Foundation - Embedding the Voice of Migrants into Policy in Wales represents funding towards the project Lloyds Bank Foundation for England and Wales Welfare Programme - A project to investigate the relationship between Local Housing Allowance rates and homelessness and to develop proposals for change Voluntary Action Merthyr Tydfil represents funding towards a project to reduce inequalities experienced by 16-24 year olds resulting from the pandemic. Wellbeing for staff providing funding towards group sessions for staff and trustees to help achieve a stronger more resilient trustee and staff body going forward. WCVA Kickstart Funding from the Department for Work and Pensions towards the cost of employing a young person at risk of long-term unemployment. Voluntary Sector Resilience Fund Small Grant - A project to increase the financial resilience of the charity by increasing donations and income from trading. Welsh Government Race Equality Action Plan funding towards direct consultation activities with Black, Asian and Minority Ethnic communities across Wales. Abrdn Financial Fairness Trust (formerly Standard Life Foundation) - A project to find out more about low-income selfemployment in Wales and to make recommendations for changes in devolved policy and legislation to reduce poverty amongst self-employed people. **-** Barry Amiel and Norman Melburn Trust A project to increase public understanding of how changes in contemporary capitalism are reshaping post-industrial communities in Wales, by building connections between Blaenau Ffestiniog and the south Wales valleys. Justice Together -A project to increase understanding of the importance of access to justice to asylum seekers, refugees and other vulnerable migrants, and to make the case for change. This project is funded by Justice Together and A B Charitable Trust. Lipman Milliband - A project to increase public understanding of how changes in contemporary capitalism are reshaping post-industrial communities in Wales, by making a short video. TNLCF NPRF (The National Lottery Community Fund - No Recourse to Public Funds) - A project to identify practical ways to support people with No Recourse to Public Funds in the cost-of-living crisis. TNLCF (The National Lottery Community Fund) Solutions to High Housing Costs after Covid - A project to find ways of helping people adversely affected by Covid-19 to recover and rebuild resilience through secure housing and avoiding homelessness. Welsh Government - Engagement on the Refreshed Child Poverty Strategy for Wales. - 22 - ## **THE BEVAN FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 MARCH 2023** ## **18 Analysis of net assets between funds** |**Analysis of net assets between funds**||| |---|---|---| |**Unrestricted**
**funds**
**Restricted**
**funds**
**2023**
**2023**
**£**
**£**
Fund balances at 31 March 2023 are represented by:
Tangible assets
4,882
430
Current assets/(liabilities)
128,201
184,062
133,083
184,492|**Total**
**2023**
**£**
5,312
312,263
317,575|**Total**
**2022**
**£**
6,160
281,431| |||287,591| ## **19 Related party transactions** There were no disclosable related party transactions during the year (2022 - none). - 23 -