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← The Bevan Foundation

2025-03-31-accounts

Chaiity registra11(￿ number 1104191 (England and Wales) Company registration number 04175018 THE BEVAN FOUNDATION Annual Report and Unaudited Financial Statements For the Year Ended 31 March 2025 RCHI,

THE BEVAN FOUNDATION Contents Pag8 Legal and 8dminislralive information Chairfs Foreword Trustees. report 3-11 Independent examinerfs report 12 Stalement of financial activities 13 Balance sheet 14 Statement of cash flows 15 Notes to the financial statements 16-30

THE BEVAN FOUNDATION Legal and Administrative Infomlation Trnstees Cllr A Hunt Ms M L Hughes Bishop J D E Davies Mr J B Chown Dr S A Power MsSTaj Mr R A Williams Mr G P B Thompson Mrs R Begum Mrs S R Dubash MrTROwen Dr L O Shobiye {Appointed 2 July 2024) (Appointed 2 July 2024) {Appointed 2 July 2024) (Appointed 2 July 2024) Secr8tsry Bishop J D E Davies Charity number (EnglarKI and Wales) 1104191 Company numb8r 04175018 Registered office 145a High st￿et Merthyr Tydfil Mid Glamorgan UK CF47 8DP Ind8p8nd8nt examiner RCH Accounlanls Limited Weiifield House Temple Sireet Llandrindod Wells Povrys LD15HG

THE BEVAN FOUNDATION Chaifs Foreword Forthe Year Ended 31 Marth 2025 This has been a period of both signrficant achievement and transition for the Bevan Foundation. Over Ihe pasl year, the Foundation has secured major policy wins that will make a real difference to people's lives across Wales. Our evidence and advocacy contribuled to the Welsh Govemment's decision to increase the Education Maintenance Allowan￿, expand funding for childcare. and make it easier for low-income households to access council tax support. These changes wll put pounds back into the pockets of those who need it mosl, and help to reduce poverty and inequality thal continues to grip Wales despite 25 years of devolution. As well as these successes, we have laid important groundwork for future change. Our research and lobbying have kept the urgenl need for more social homes for people in temporary accommodalion firmly on the policy agenda, and our work on immigration legal advice has highlighted the challenges faced by people wilh no recourse to public funds. Change in these areas may take longer, but our work is already shaping debate and policy. and will continue to do so in the years ahead. A particular highlight of the year was our reception at the House of Commons in November 2024, which brought together Welsh MPS, Parliamentarians, and partners to showcase the Foundation's work and Sha￿ insights with the MPS retumed at the last General Eleclion, including several new faces. Our impact has been made possible by the generous support of our funders and partners. This year, we have seen a substantial increase in income, wilh new and renewed grants from the Joseph Rowntree Foundation, Legal Education Foundation, Lloyds Bank Foundation, Nationwide Foundalion, and others. Their commitment enables us to deliver high-quality research, analysis, and advocacy, and to plan confidenlly for the future. This success is only possible with the hard work of the staff. and none more so than our director. This year marks a moment of transition for the Foundation as long-seNing Director, Victoria Winckler, shared her plans to retire after 23 years of outstanding service. On behalf of the Iruslees, staff, and all those who have benefited from her leadership, l offer our heartfelt thanks for her vision, dedication, and tireless commilment to social justice in Wales. Her legacy will endure in the Foundalion's values and achievements, and we wish her every happiness in her relirement. Following a robust and thorough search and recruitment process, we have been pleased to promote from within and appoint Steffan Evans, previously Head of Policy (Poverty) as CEO to continue Vicloria's outstanding work. As we look ahead to a time of political uncertainty. the Bevan Foundation remains committed to developing independent, non-partisan insights into inequality and injustice, and to wot*ing with partners across Wales to create lasting change. Gavin Thompson Chair of Trustees Date.. 27 October 2025

THE BEVAN FOUNDATION

Trustees Report (Includ ~~i~~ ng D ~~i~~ rectors' Report) For the Year Ended 31 March 2025

The trustees are pleased to present their annual directors' report together with the financial statements for the charity for the year ended 31 March 2025. 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.

Ob ~~j~~ ect ~~i~~ ves and act ~~i~~ v ~~i~~ t ~~i~~ es

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.

Over the year, the Bevan Foundation has fulfilled these purposes by providing high quality, independent analysis of social and economic trends in Wales, and by offering impactful and deliverable proposals for progressive change.

The Trustees are delighted that insights and recommendations that many of our recommendations are being implemented by the Welsh Government, local authorities, and other charities and other organisations, as well as informing the general public. In this way, the Foundation is making a real and lasting difference to poverty, inequality and injustice.

During 2024-25

They have ensured that the Foundation significantly increases collective knowledge and understanding by using robust methods of data collection (qualitative and quantitative) and careful analysis, and by presenting its findings to a broad range -partisan position are valued across the political spectrum as well as by those with no political allegiance.

publications and events are free of charge, and if there is a charge it is modest with free places available for grassroots groups. The Foundation has increased its Welsh language output,and is an active contributor to Welsh language media.

Achievements and Performance

The Foundation had a huge output and impact over 2024-25. Achievements included persuading the Welsh Government to increase funding for childcare, ease the process of claiming help with the costs of Council Tax, and increasing the number of low-income young learners eligible to receive £40 p.w. Education Maintenance Allowance.

Significant changes in policy take time, so during the year the Foundation put issues on the policy agenda as a precursor to creating change. These included the urgent need to boost the supply of social homes for people in temporary accommodation, the crisis in immigration legal advice, and the continued challenge facing people on low incomes.

published twelve substantive, evidence-based reports (of which eight were in Welsh as well as English). It also produced sixteen briefings (of which two were in Welsh as well as English), and 49 online articles on topical issues. Its online and face-to-face events helped to reach a wider audience, with 30 open seminars, webinars and training sessions being

typically attracting 50 attendees while in-person events were mostly fully booked. In November 2024, the Foundation held a reception in the House of Commons at which it showcased its work and offered insights and information to new and returning MPs.

The Foundation continued to make a significant contribution to public policy, submitting written evidence to three Welsh Government consultations and one Ministry of Justice consultation. It continued to participate in government advisory or working groups, including Welsh Government groups on maximising income, Welsh Benefits, Discretionary Assistance Fund, the fuel poverty advisory group, migrant inclusion group, EU Citizens Forum, and legal aid group.

In the Senedd, the Foundation mentioned by name by Senedd Members and other organisations on 95 occasions in 2024/25. It submitted six pieces of written evidence to Senedd Committee inquiries, and also gave oral evidence to several inquiries. The Foundation participated in Senedd cross party groups on human rights, fuel poverty and housing, and provided the secretariat to the cross-party group on poverty.

THE BEVAN FOUNDATION

Trustees Report (Includ ~~i~~ ng D ~~i~~ rectors' Report) For the Year Ended 31 March 2025

The Foundation enjoyed a high media profile over the year, commenting in broadcast and radio programmes such as BBC

ning news programmes. It also secured extensive digital and print coverage, including in UK outlets such as the Financial Times and Morning Star, as well as Welsh media such as the Western Mail and Walesonline, BBC News and BBC CymruFyw, Nation.Cymru, South Wales Argus and many local newspapers and websites, too numerous to mention.

1 ~~.~~ Econom ~~i~~ c and soc ~~i~~ al r ~~i~~ ghts

The Foundation is pleased to have secured a grant from the Legal Education Foundation towards work on economic and social rights, underpinning its activity on living standards, housing, and immigration, and boosting its capacity to work with people with lived experience of an issue.

2. Solv ~~i~~ ng Poverty

The Bevan Foundation was pleased to continue its partnership with the Joseph Rowntree Foundation in 2024/25. The support has enabled the Foundation to provide vital insights into challenges faced by low-income households and change policy and practice that help to end poverty.

Living standards

The Foundation continued to highlight standards of living in Wales through a survey commissioned from polling company YouGov in November 2024, which showed how many households are struggling to afford the essentials. The Foundation also published an analysis of relative income poverty based on the Households Below Average Income dataset. The findings generated considerable interest in the media, Senedd and wider public, and are a key source of up-to-date information.

To enable other organisations to develop their own insights into poverty in their area, the Foundation delivered six training sessions, all of which have been well-received and which are continuing in 2025/26.

Soc ~~i~~ al secur ~~i~~ ty and benef ~~i~~ ts

The social security system provides a lifeline to people on low-incomes, although it has many gaps. Over the year, the Foundation created insights into benefits for people of working age in Wales, pensions, and the impact of changes to Winter Fuel Payment. These timely briefings were widely quoted in the media and Senedd, and were used by other organisations to support their efforts to reduce poverty.

Various devolved grants and allowances complement the social security system, and thanks to the Bevan Foundation campaigning, three key local schemes are being brought together as part of the creation of a Welsh Benefits System. Following cross-party agreement and a charter between Welsh and local government early in 2024, the Foundation now participates in several Welsh Government groups overseeing implementation.

A key outcome from this work is that the Welsh Government announced in August 2024 that local authorities can recognise someone in receipt of Universal Credit can be recognised as having made an application for the Council Tax Reduction Scheme. The change is expected to result in 60,000 more households getting help with their Council Tax bill, putting more than £67m back into the pockets of low income households across Wales.

The Foundation also made the case for the value and eligibility thresholds of devolved grants and allowances to be increased by the rate of inflation. As a result, the Welsh Government announced in January 2025 an uplift to the maximum household earnings for eligibility for Education Maintenance Allowance, meaning that 3,500 more low-income 16-18 yearold learners will get £40 a week.

Child poverty

The Foundation continued its work on child poverty, and in particular on poverty amongst children in families with a 0-4 year old. With the support of donations to its 2024 Christmas Appeal and a generous contribution from Barnardos Cymru, findings and recommendations for action to reduce poverty in early years were published in December 2024. The insights were shared widely including with Welsh Ministers and local authority child poverty groups, some of which are reconsidering their strategies as a result.

Good quality childcare can help to reduce the barriers to work faced by parents especially parents of young children. Following our recommendations in January 2024, the Foundation has provided the secretariat to a Childcare Expert Group with the support of Oxfam Cymru. In summer 2024, the charity highlighted the risk of the Welsh Government slowing the delivery of childcare provision for two-year olds, prompting media coverage and questions in the Senedd. A briefing published in November 2024 stressed the need to maintain momentum, and after debates in the Senedd, the Welsh

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Government's final 2025/26 budget included an extra £30m for to expand provision of Flying Start (Childcare) and to increase the hourly rate received by childcare providers. The Bevan Foundation was also pleased to contribute its expertise on childcare to Oxfam Cymru’s Care Score card, published in 2025/26.

M Manag anag i ~~i~~ ng ng m money oney w wi ~~i~~ t th h a apps pps

The Foundation was pleased to complete research into and make recommendations on the harms and benefits of thirdparty money management apps which have recently become popular. The findings were launched at the offices of the funder, the Which? Fund, in London and at a webinar in Wales in summer 2024, helping to put the use of these apps on the agenda. The project is now complete but the Foundation continues to raise awareness of the harms and benefits in its wider poverty work.

H Help elp w with ith e energy nergy b bills ills

The Foundation was pleased to complete work, funded by the Trussell Trust in 2023/24, on the help with energy bills provided by energy suppliers. We revealed a patchwork of discretionary offers ranging from free electric blankets to debt repayment plans, many of which were hard to apply for and which sometimes changed at short notice. The charity raised its findings with Welsh Ministers, who subsequently raised their concerns with the UK Government, and with Ofgem, who fed our work into their consultation on energy suppliers’ obligations. It remains to be seen whether any changes will be in place in winter 2025/26.

Social Justice Committee.

M Modell odell i ~~i~~ n ng g a a W Wales ales wi w ~~i~~ t th hout out p poverty overty

In 2024/25 the Foundation gratefully received donations from the Wales TUC, Welsh Local Government Association, Community Housing Cymru and Unison towards the costs of modelling different interventions to reduce poverty in Wales. Unfortunately the project encountered a number of difficulties in accessing and manipulating the data needed to undertake the modelling, as a result of which the results were not published until after the end of the financial year (in July 2025). The funds have been held as restricted funds pending their expenditure on the modelling.

I Increas ncreas i ~~i~~ n ng g a awareness wareness a and nd u understand nderstand i ~~i~~ n ng g o of f p poverty overty

The Foundation undertook extensive activities to increase awareness and understanding of poverty across 2024/25. The Foundation acts as the secretariat to the Senedd Cross Party Group on poverty, enabling a range of organisations to share their insights on poverty with Senedd Members. The Foundation also co-ordinates the Wales anti-poverty coalition.

During the year the Foundation delivered a range of presentations and training sessions across Wales to improve local understanding of poverty. These included leading three sessions on poverty for Gwynedd Council and speaking at conferences arranged by Rhymney Valley Foodbank, National Energy Action and others.

2 2. . M More ore a and nd b better etter h homes omes

and the Nationwide Foundation.

M Moving oving o on n f from rom temporary temporary a accommodation ccommodation

The Foundation began a new, three year project to find solutions to help people to move on from temporary accommodation and into a permanent home, funded by the Lloyds Bank Foundation for England and Wales and in partnership with Shelter Cymru. We began by setting out the case for increasing the supply of affordable, social housing with a detailed response to the Senedd Local Government and Housing Committee’s inquiry into social housing , and were pleased that many of our conclusions and recommendations were included in the Committee’s report. In September, we published the results of our investigations into the experience of living in temporary accommodation, followed by a detailed analysis of the supply of social housing in October. Together they made a powerful case for urgent action to reduce the number of people in temporary accommodation by creating more social homes, made more impactful still by a summary briefing produced for consideration at political party conferences. The findings were shared at numerous conferences and events, such as Shelter Cymru’s Annual Conference and TPAS Cymru’s conference ~~.~~ The work also underpinned fringe events at Welsh Labour and Plaid Cymru’s party conferences and informed the charity’s response to the Welsh Government's White Paper on adequate housing on which it also hosted a webinar.

The Bevan Foundation’s insights into social housing were widely covered by Welsh media and informed debate in the Senedd. They are being taken into account by Welsh Ministers and officials, as well as by political parties preparing their manifestos.

THE BEVAN FOUNDATION

Trustees Report (Includ ~~i~~ ng D ~~i~~ rectors' Report) For the Year Ended 31 March 2025

Faith ~~-~~ owned assets and affordable housing

A key step to ease the housing crisis is more social housing and affordable community-owned homes. The Foundation completed a year-long project, funded by the Nationwide Foundation, looking at how the re-use of faith-owned land and buildings could contribute to increasing the supply of housing. Working with Housing Justice Cymru and Cwmpas, the a different approach could create nearly 7,000 new, genuinely affordable homes from reuse of redundant churches and chapels or faith-owned land.

The findings and recommendations were well-received by faith groups and housing professionals alike, with coverage in general as well as specialist media. The Foundation is continuing dialogue with Welsh Government and other groups about taking forward our proposals.

Ch ~~i~~ ldren ~~i~~ n temporary accommodat ~~i~~ on

Some 2,500 children lived in temporary accommodation in March 2025 with lasting, harmful consequences. While the longterm aim is that no family should be without a permanent home, at the end of 2024/25 the Foundation began a short project to explore what might reduce the impact of living in temporary accommodation. Commissioner for Wales, Cymorth and National Education Union for their contributions towards this work, which will complete in 2025/26.

4. Migration and Justice

The Bevan Foundation continued its work on migration and justice during the year, with two key projects. The rights of people subject to immigration control are complex and are changing rapidly. Access to good quality, timely advice is more important than ever if people are to be able to exercise their rights. And while immigration is not a devolved matter, access

Access to ~~j~~ ust ~~i~~ ce on ~~i~~ mm ~~i~~ grat ~~i~~ on

2024/25 work on immigration advice, funded by the Justice Together Initiative, go from strength to strength. The main focus of activity was work with 60 people with lived experience of the immigration system, including asylum seekers and refugees, which was part-funded by The National Lottery Awards for All. The participants overwhelmingly wanted to focus on legal services, and shared their barriers to access, and the impacts on their lives. These powerful findings were published in a series of six reports. The Foundation also established an experts by experience group of migrants, who considered the findings and developed impactful recommendations which formed one of the series of reports.

The group presented their work at a well-attended event in the Senedd, with MSs following up with questions in Senedd business. Based on this evidence, Welsh Ministers have made representations to the UK government about legal aid reform, as well as investing more than £100,000 to expand the capacity in Wales. This in-depth work with people with lived experience of an issue is a new approach for the Foundation, from which it has learned a lot and which it will be developing in other areas in future.

The Foundation also published a briefing on the current state of immigration legal services, paving the way for its framework report on a strategic approach to rebuilding the immigration legal sector in Wales, published in May 2025.

Reduc ~~i~~ ng poverty amongst ch ~~i~~ ldren w ~~i~~ th no recourse to publ ~~i~~ c funds (NRPF)

The charity continued to urge the Welsh Government to extend eligibility for Free School Meals in secondary schools to pupils from low-income families with No Recourse to Public Funds (NRPF) who are currently denied a school lunch. Publication of two briefings, setting out the case for change, kept the issue on the agenda with questions in the Senedd and some media coverage. Although Welsh Ministers have responded positively, there has yet to be a decision to change arrangements.

With support of a grant from Welsh Government, the Bevan Foundation considered the wider question of poverty amongst children with NRPF in the second half of the year. Working with three local authorities keen to reduce poverty in their areas, alongside a coalition of third sector organisations and people with NRPF, the Foundation facilitated learning and exchange of experience between organisations and oversaw the co-production of an NRPF policy for local authorities. The project completed in March 2025.

An independent evaluation of the project found it achieved considerable impact in increasing knowledge amongst

The charity also played a key part in engagement with the UK Child Poverty Unit, which resulted in an agreement from UK Government to include the children of migrants in the developing UK child poverty strategy.

THE BEVAN FOUNDATION

Trustees Report (Includ ~~i~~ ng D ~~i~~ rectors' Report)

For the Year Ended 31 March 2025

Guardianship of unaccompanied children

and The to call for a Guardianship

The charity continued to work with the and The Service for all Unaccompanied Children in Wales. Following the to review the issue in the current Senedd term, the Foundation has been working with officials on implementation and published a briefing on implementation at the end of March 2025.

F ~~i~~ nanc ~~i~~ al rev ~~i~~ ew

The Trustees are pleased that the has continued to strengthen over the year. Total income is substantially higher than in 2023/24, at £620,451, continuing the upward trend. Total expenditure increased slightly compared with 2023/24, to £466,236, reflecting additional activity and the impact of inflation. Most of the increase in income and expenditure was in restricted funds. As several charitable trusts and foundations provide grants in advance of expenditure, the Foundation has carried forward £377,779 in restricted funds into 2025/26. The charity was able to hold some of the income received in advance of requirements in high interest bank accounts, earning £9,717 interest over the year.

As in previous years, the unrestricted fund was under pressure. Thanks to a small increase in income and a slight reduction in expenditure, the surplus on unrestricted funds reduced to £2,698. The charity ended the year with £120,586 in unrestricted funds of which £80,000 is for designated purposes.

Reserves Pol ~~i~~ cy

expenditure. The trustees consider that the minimum level of reserves would provide sufficient funds to cover support and governance costs in the event of unforeseen circumstances or a shortfall in funding.

At the end of 2024/25, the Foundation had unrestricted and undesignated free funds of £38,425, which is equivalent to 15 weeks unrestricted expenditure. It also had £80,000 in designated funds which could be made available in certain circumstances.

Plans for future per ~~i~~ ods

At the end of the financial year, the Chief Executive indicated her intention to retire in September 2025, and the Foundation began the process to recruit her replacement. Trustees considered their priorities for the next three years to inform the recruitment process, and confirmed their commitment to developing independent, non-partisan insights into inequality and injustice to educate the public and decision-makers.

Activities in 2025/26 are largely in place thanks to multi-year funding from several Trusts and Foundations. The Foundation is continuing its work on poverty, including child poverty and social security benefits as well as beginning a new programme of work on the impact of net zero policies on poverty. It is maintaining a strong programme of work on housing and homelessness, including plans to explore housing supply for disabled people, single people and large families, and to explore the role of Land Transaction Tax in housing supply. On migration, as well as taking forward its plans to increase the provision of immigration legal advice, it is also undertaking new work, funded by The National Lottery Awards for All, to produce

The Bevan Foundation is pleased to have secured a grant from the Legal Education Foundation towards work on economic and social rights in Wales, covering all our areas of work. The grant will , and to the production of briefings, guides and other educational materials, plus enhanced work with people with lived experience, over the next three years.

Structure, governance and management

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.

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Recruitment and appointment oftrustees

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 2024 AGM, Tamsin Stirling and Duncan Forbes stood down after eight years of service as Trustees. To fill the vacancies they created and those created in the previous financial year, members elected Rusna Begum, Sabrina Dubash, Tomos Owen and Laura Shobiye as new Trustees for a four year term. They also re-elected John Chown for a second four year term.

Induction and training oftrustees

All Trustees have an annual appraisal in which training and development needs are identified. The Foundation delivers continuous support programme, including in depth induction for new Trustees. Towards the end of 2024/25, Trustees agreed a programme of training and development including a ‘vision’ exercise, training on safeguarding, training on the prevention of sexual harassment, and good governance with an external facilitator. All Trustees are regularly informed about charity matters via regular newsletters from the Charity Commission, Wales Council for Voluntary Action and other sources. Trustees are invited to participate in appropriate external training and development opportunities that may be of interest.

During the year, the Trustees continued its commitment to becoming an anti-racist organisation, although pressure of work meant that progress was slower than hoped for. It will step up its actions in 2025.26.

Arrangements for setting key managementpersonnel remuneration

Bevan Foundation staff salaries (but not other terms and conditions) are linked with those in local government. Trustees offered staff an interim pay award for 2024/25 pending determination of the local government settlement, with minor adjustments made in November 2024 when the local government settlement was finally reached. Trustees also adjusted the calculation of the Foundation’s contribution to the defined contribution pension scheme to bring it into line with standard arrangements.

Organisational structure

The board meets quarterly and is responsible for setting the strategic direction of the Foundation, and determining its key policies. 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.

revised to take account of financial, political or other relevant changes during the year.

Responsibility for ensuring the activities take place and for meeting the charity's targets rests with the chief executive officer.

R Relat elat i ~~i~~ o onsh nsh i ~~i~~ p ps s w wi ~~i~~ t th h r related elated p part art ~~i~~ i e es s

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 reliance on a small staff team and uncertainty around funding especially its core costs. As a result of review, the board has implemented action to reduce the risks of a cyber incident , and the retirement of the Chief Executive.

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 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.

THE BEVAN FOUNDATION

Trustees Report (Includ ~~i~~ ng D ~~i~~ rectors' Report)

For the Year Ended 31 March 2025

Financial instruments

The charity's activities expose it to several financial risks including credit risk, cash flow risk and liquidity risk.

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.

THE BEVAN FOUNDATION

Trustees Report (Includ ~~i~~ ng D ~~i~~ rectors' Report) For the Year Ended 31 March 2025

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Trustees: Rusna Begum (Appointed 2 July 2024)
John Chown
Bishop John Davies
Sabrina Rahim Dubash (Appointed 2 July 2024)
Duncan Forbes (Resigned 15 November 2024)
Lynne Hughes
Anthony Hunt
Tomos Rhys Owen (Appointed 2 July 2024)
Sally Power
Dr Laura Olufemi Shobiye (Appointed 2 July 2024)
Tamsin Stirling (Resigned 15 November 2024)
Shavanah Taj
Gavin Thompson
Richard Williams
Secretary: Bishop John Davies
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: RCH Accountants Limited
Chartered Accountants
Wellfield House
Temple Street
Llandrindod Wells
LD1 5HG

THE BEVAN FOUNDATION

Trustees Report (Includ ~~i~~ ng D ~~i~~ rectors' Report) For the Year Ended 31 March 2025

Statement of Trustees' Responsibil ~~i~~ ties

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;

make judgements and estimates that are reasonable and prudent;

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 compan ~~i~~ es prov ~~i~~ s ~~i~~ on statement

The annual report was approved by the trustees of the charity on 27 October 2025 and signed on its behalf by:

Gavin Thompson Trustee

THE BEVAN FOUNDATION Independent Examiners Re￿rt To the Trustees of The Bevan Foundalion I report lo the trustees on my examination of the financial statements of The Bevan Foundation (the charity) for the year ended 31 March 2025. Responsibilities and basis of report As the Iruslees of the charity land also its directors for the purposes of company lawl. you are responsible for the preparation of the financial slatements in accordan￿ with the requirements of ihe Companies Ad 2006. Having satisfied myself Ihat the financial statements of the charity are not ￿qUIred to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examinalion, I report in respect of my examination of the charily's financial statemenls carried out under section 145 of the Charities Act 2011. In carrying out my examinalion I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Acl 2011. Independent examinevs statement Since the charity's gross income exceeded £250,000. the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. 1 confirm ihai l am qualified io undertake the examination because l am a member of ICAEW, which is one of the listed bodies. I have completed my examination. I confimi that no matters have come to my atlention in connection with the examinalion giving me cause to believe Ihal in any material respect.. accounling records were not kepl in respect of the charity as required by section 386 of the Companies Act 2006. the financial stalements do not accord with those records- or Ihe financial statemenls do nol comply wilh the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination., or the financial slatements 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 financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). I have no concems and have come across no other matters in connection wilh the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial slatements to be reached. M L Bames FCA FCCA RCH Accountants Limiied Wellfield House Temple Street Llandrindod Wells Powys LD1 5HG 27 o￿ober 2025 12-

THE BEVAN FOUNDATION Statement of Financial Activities Induding Income and Expenditure ACc￿nt Forthe Year Ended 31 Marth 2025 Tolal Unrestrlcted Restslcted funds funds 2024 2024 Total funds 2025 funds 2025 2025 2024 Incom8 and endowm8nts from: Donations and legacies Charilable activities Investments Other income 94,839 25,071 9,717 800 490,024 584,863 25.071 9,717 800 87,225 21,982 4,282 8,550 312,361 399,586 21,982 4,282 8,550 Totsl Incom8 130,427 490.024 620.451 122,039 312.361 434,400 ExpendItu￿ on: Raising funds Charilable activities 94,419 33,310 94,419 371,817 94,041 43,193 94,041 313,784 338,507 270,591 Totsl expendiiure 127,729 338,507 466,236 137,234 270,591 407,825 Net income and movemem in funds 2,698 151.517 154.215 {15,195) 41.770 26,575 Reconciliation of fvnds: Fund balances at 1 April 2024 117,888 226.262 344.150 133,083 184.492 317,575 Fund balances at 31 Marti 2025 120,586 377.779 498.365 117,888 226,262 344,150 The slatement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 13-

THE BEVAN FOUNDATION Balance Sheet As at 31 March 2025 2025 2024 Fixed assets Tangible assets 14 3,622 4,817 Curr8nl assets Debtors Cash at bank and in hand 15 28,441 489.959 18,505 338.171 518.400 356.676 Creditors: amounts falling due within one year 16 (23,657) {17,3431 Net current assets 494,743 339,333 Totsl assets less current liabilibes 498,365 344,150 The funds of the tharTty Restricted income funds Unrestricted funds 18 19 377,779 120,586 226,262 117,888 498,365 344,150 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 2025. The director acknowledges his 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 nol 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 Iruslees on 27 October 2025 Mr G P B Thompson Trustee Company registration number 04175018 (England and Wales) 14-

THE BEVAN FOUNDATION Statement of Cash Flows Forthe Year Ended 31 Marth 2025 2025 2024 Cash flows from operating aclivllles Cash generated from operations 143,218 16,119 Investing activib8S Purchase of tangible fixed assets Investment income received {1,1471 9.717 {2,5981 4.282 Net cash g8n8rat8d from Inv8s1ing activit￿S 8.570 1,684 Net (ash generated from financing a<Xivi Net increase in (ash and cash equivalents 151,788 17,803 Cash and cash equivalents at beginning ofyear 338,171 320,368 Cash and ¢ash 8quival8nts at end of year 489,959 338,171 15-

THE BEVAN FOUNDATION Notes to the Financial Ststements Forthe Year Ended 31 Marth 2025 Accounllng policies Charity infonnation The Bevan Foundalion is a private company limited by guarantee incorporated in England and Wales. The registered office is 145a High Streel. Merthyr Tydfil. Mid Glamorgan, CF47 8DP, UK. 1.1 Accounling convention The financial statements have been prepared in accordance with the charitys goveming document, the Companies Act 2006. FRS 102 "The Financial Reporting Siandard applicable in the UK and Republic of Ireland" and ihe 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)- 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 prepa￿ a ststement of cash flows. The financial statements are prepared in stetling. which is the functional currency of the charity. Monetsry amounts in these financial statements are rounded to the nearesl £. The financial statements have been prepared under the hislorical cost convention, Imodified to include the revaluation of freehold properties and to include investment properties and certain financial instrumenls at fair valuel. The principal accounting policies adopted are set out below. 1.2 Going concem Ai the time of approving the financial statements. the Iruslees have a reasonable expectation that the charity has adequale resources lo continue in operational exislence for the foreseeable future. Thus the trustees continue lo adopt ihe going concem basis of accounting in preparing the financial ststements. 1.3 Charitsblefvnds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject lo spectfic conditions by donors or grantors as to how they may be used. The purposes and uses of the ￿$tricted 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 enliiled to it after any perfornian￿ conditions have been mel, the amounts can be measured reliably, and it is probable that income will be received. Cash donalions are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless perfomiance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gtft Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or othenvise rf 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. 16-

THE BEVAN FOUNDATION Notes to the Financial Ststements Forthe Year Ended 31 Marth 2025 A¢¢ounting poliaes 1.5 Expendtiure Expenditure is recognised once Ihere is a legal or constructive obligation to transfer economic benefil lo a Ihird 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. Expendilure 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 attribulable lo a single activity are allocated diredly lo ihal activity. Shared costs which contribule lo more than one activity and support costs which are not attributable to a single activity are apportioned be￿een 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 Tangibl8 fixed assets Tangible fixed assets are initially measured at cost and subsequendy measured at cost or valuation, net of depreciation and any impaimient losses. Deprecialion 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 Computers 20% on cost 25% on cost The gain or loss arising on the disposal of an assel is detemined as the difference be￿een 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 cUr￿n1 liabilities. 1.8 Financial instruments Financial instrumenls are ￿cOgnised in the charivs balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assels and liabilities are offset. wth the net amounts presented in the financial statements, when there is a legally enfor￿able right lo 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, which include debtors and cash and bank balances. are measured al transaction price including transaction costs. Bas/cffn8nc¥allMtsIth Basic financial liabilities. including creditors and bank loans are recognised at Iransaction price. Financial liabilities are derecognised when the charitys conlraclual obligations expire or are discharged or cancelled. 17-

THE BEVAN FOUNDATION Notes to the Financial Ststements Forthe Year Ended 31 Marth 2025 A¢¢ounting poliaes 1.9 Employee beneffts The cosl of any unused holiday enliilement is recognised in the period in which the employee's services are received. Terminalion benefils are recognised immediately as an expense when ihe charity is demonstrably committed to terminate the employmenl of an employee or to provide temiination benefits. 1.10 Retirement beneffts Payments to defined contribution retirement benefrt schemes are charged as an expense as they fall due. Ciitical accounting estimates and Judgen￿nts In the application of the charity's accounting policies. Ihe trustees are required lo 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 dttfer from these estimates. The eslimates and underlying assumptions are ￿vieWed on an ongoing basis. Revisions to accounling eslimates are recognised in the period in which the estimate is revised where the revision affecls only thal period, or in the period of the revision and future periods where the revision affects both current and future periods. 18-

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THE BEVAN FOUNDATION Notes to the Financial Ststements Forthe Year Ended 31 Marth 2025 Incom8 from thaiitable acbvi118S Unrestrided Unrestricted funds funds 2025 2024 Income from d￿rItable actsvitses Research Conferences 9,333 15,738 13,945 8,037 25.071 21,982 Income from inv8stn Unrestslcted Unr8sblcted funds funds 2025 2024 Interesl receivable 9.717 4,282 other Incom8 Unrestiicled Unrestricted funds funds 2025 2024 Other income 800 8,550 Expendi￿re on raising fijnds Unrestriclèd Unr8strict8d funds funds 2025 2024 Fundraising and publiuty Direct costs Staff costs Support costs 7,437 74,233 12,749 9,422 73,464 11,155 94,419 94,041 -20-

THE BEVAN FOUNDATION Notes to the Financial Ststements Forthe Year Ended 31 Marth 2025 Expenditure on thaiilab18 activit Research 2025 Research 2024 Dlr8Ct costs Staff costs Direct costs 252,847 58,363 198,553 64,060 311.210 262,613 Share of support and governan￿ costs (see note 9) Support Governance 45,791 14,816 37,559 13,612 371,817 313,784 Analysis by fund Unrestricted funds Restricted funds 33.310 338,507 43,193 270,591 371,817 313,784 Support costs allocated lo aL#ivib Fun(kaising Research 2025 Totsl 2025 Total 2024 Depreciation Establishment costs Office expenses Printing postage and stationery Sundry costs Travel costs Marketing Professional fees Bank charges Governance 501 2,874 1.294 1,373 2.539 1,735 1.887 392 154 1.799 10,324 4,647 4,932 9,119 6,230 6,780 1,408 552 14,816 2.300 13,198 5.941 6,305 11.658 7,965 8.667 1,800 706 14,816 3,033 13,202 2,498 2,180 6,594 7,593 10,257 2,840 517 13,612 12.749 60,607 73.356 62,326 21

THE BEVAN FOUNDATION Notes to the Financial Ststements Forthe Year Ended 31 Marth 2025 Support Costs allocated lo ac*¥11￿$ 2025 2024 Staff costs Depreciation Accountancy Professional fees Establishment costs Office expenses Printing postage and stationery Sundry costs Travel costs Marketing Bank charges 9,423 42 3,638 33 238 108 114 212 838 157 13 9,021 60 3,557 18 262 50 44 132 254 204 10 14,816 13,612 Basic of allocation Referen Employments cosls Establishment and other costs Method of alk￿liOn Staff Time Usage 10 Net movement in funds 2025 2024 The net movement in funds is staled after chargingl(crediting)= Fees payable for the independent exarnination of the charity's financial statements Depreciation of owned tangible fixed assets 2.910 2,342 2,810 3,093 11 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. 12 Employees The average monthly numberof employees during the yearwas= 2025 Number 2024 Number Staff -22-

THE BEVAN FOUNDATION Notes to the Financial Ststements Forthe Year Ended 31 Marth 2025 12 Employees Employrrent costs 2025 2024 Wages and salaries Social security costs Other pension costs 297,125 18,001 21,377 244,403 12,914 23,721 336,503 281,038 The number of employees whose annual remuneration was more than £60,000 is as follows.. 2025 Number 2024 Number £70,001- £80.000 R8mun8ration of key management petsonnel The remuneration of key management personnel was as follows: 2025 2024 Aggregate compensation 74,402 71,500 13 Taxation The charity is exempt from taxation on its activities because all ils income is applied for charitable purposes. -23-

THE BEVAN FOUNDATION Notes to the Financial Ststements Forthe Year Ended 31 Marth 2025 14 Tangibl8 fixed assets Plarrt a￿1 Comrths Tota At 1 April 2024 Addilions 7,276 27,927 1,147 35,203 1,147 At 31 March 2025 7,276 29,074 36,350 Deprèaation and impaimwit Al 1 April 2024 Depreciation charged in the year 6,843 290 23,543 2,052 30,386 2,342 At 31 March 2025 7,133 25,595 32,728 Carrying amount Al 31 March 2025 143 3,479 3,622 At 31 March 2024 433 4,384 4,817 15 Debtors 2025 2024 Amounts falllng due withln on8 year. Trade debtors Other deblors Prepayments and accrued income 27,248 12,859 3,028 2,618 1,193 28,441 18,505 -24-

THE BEVAN FOUNDATION Notes to the Financial Ststements Forthe Year Ended 31 Marth 2025 16 Credito￿. amounts falling due wllhln one year 2025 2024 Other taxation and social security Trade creditors Accruals and deferred income 4,655 2.472 16,530 1,905 15,438 23,657 17,343 17 Retiremenl benefft schemes 2025 2024 Defined contribulion S(*￿n Charge to profit or loss in respect of defined contribution schemes 21.377 23,721 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. -25-

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THE BEVAN FOUNDATION Notes to the Financial Ststements Forthe Year Ended 31 Marth 2025 19 Unr8stiicted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and granlors as to how they may be used. These include £80,000 of designated funds which have been set aside out of unreslricled funds by Ihe truslees for specrfic purposes. At 1 A￿11 2024 Incorning Resourcés At 31 March Sour￿ expended 2025 General funds 117,888 130,427 {127,7291 120,586 Previous year. At 1 ￿11 2023 Incoming Resources At 31 March 2024 General funds 133,083 122,039 {137,2341 117,888 20 knatysis of net assets beh%Een funds Tolal funds 2025 funds 2025 2025 Al 31 March 2025: Tangible assets Current assetsl{liabilities) 2,161 118,425 1,461 376.318 3,622 494,743 120,586 377.779 498,365 Total funds 2024 fvnds 2024 2024 Al 31 March 2024: Tangible assets Currenl assetsl{liabilities) 4,642 113,246 175 226.087 4,817 339,333 117,888 226,262 344,150 21 Related paty trar￿a(xIor There were no disclosable related paity transaclions during the year12024 - none). -30-