2022-12-31-accounts

			Page
Trustees' annual report
Independent	auditor's	report to the members	27
Statement	offinancial	activities	31
Statement	offinancial	position	32
Statement	ofcash flows		33
Notes to the financial		statements

Supporting onganisations that help people set up	Supporting carer-centred organisations working
their own business orenterprise. We also	to supporl unpaid carers, especially young
support those organisations that work hard to	carers, snd carers ofpeople with the conditions
helpincrease an individual's employability skills	prioritisedin our Child Development Research
so they are more likely tosecure permanent,	Fund.
paid employment.
Supporting organisations that aim to reduce the	Although not a main funding theme, we also
impact poverty has on the educational achievement ofyoung people. We also welcome	recognise the importanc ofour rolein Wales as "agood neighbour and therekrre enjoy the
applications from onganisations that aim to	flexibility ofbeing able to offer mom modest
inspire young people from diverse backgrounds	funding, at our discretion, to applicants who can
to pursue further qualifications orcareers in	demonstrate their positive impact within the
STEM.	local community frere in Wales.

		Year ended	31Decem	ber 2022	ber 2022
				2022		2021
				Unrestricted
				funds	Total funds	Totalfunds
			Note		6
Income and endowments
Donations and legacies			4	4,233,250	4,233,250	6,043,400
Investment income			5	7,266,669	7,266,669	8,299,348
Total income				11,499,919	11,499,919	14,342,748
Expenditure
Expenditure on raising funds:
Investment management		costs	6	(371,905)	(371,905)	(298,032)
Expenditure on charitable	activities		7,8	(11,249,962)	(11,249,962)	(10,838,547)
Other expenditure			11	(5,161)	(5,161)
Total expenditure				(11,627,028)	(11,627,028)	(11,136,579)
Net (losses)/gains on investments			12	(55,954,571)	(55,954,571)	26,203,006
Net (expenditure)/income	and net movement		in funds	(56,081,680)	(56,081,680)	29,409,175
Reconciliation offunds
Total funds brought forward				246,373,827	246,373,827	216,964,652
Total funds carried forward				190,292,147	190,292,147	246,373,827

				2022	2021
			Note
Fixed assets
Tangible fixed assets			17	19,409	23,043
Investments			18	185,515,502	242,377,602
				185,534,911	242,400,645
Current assets
Debtors			19	14,282	14,411
Cash at bank and	in	hand		6,245,110	5,010,931
				6,259,392	5,025,342
Creditors: amounts		falling due within one year	20	1,502,156	1,052,160
Net current assets				4,757,236	3,973,182
Total assets less	current liabilities			190,292,147	246,373,827
Net assets				190,292,147	246,373,827
Funds ofthe charity
Unrestricted funds				190,292,147	246,373,827
Total charity funds			22	190,292,147	246,373,827

			2022	2021
			6
Cash flows from operating	activities
Net (expenditure)/income			(56,081,680)	29,409,175
Adjustments for:
Depreciation oftangible fixed assets			7,790	9,919
Net (losses)/gains on investments			55,954,571	(26,203,006)
Dividends„ interest and rents from investments			(7,262,633)	(8,307,800)
Other interest receivable and similar income			(4,036)	8,452
Loss on disposal oftangible	fixed assets		5,161
Accrued (income)/expenses			(10,064)	101,730
Changes in:
Trade and other debtors			239	38,344
Trade and other creditors			459,950	(900,573)
Cash generated from operations			(6,930,702)	(5,843,759)
Interest received			4,036	(8,452)
Net cash used in operating	activities		(6,926,866)	(5,852,211)
Cash flows from Investing	activities
Dividends, interest and rents from investments			7,262,633	8,307,800
Purchase oftangible assets			(9,316)	(1,078)
Purchases ofother investments			(49,013,017)	(54,045,745)
Proceeds from sale ofother	investments		49,920,545	51,989,463
Net cash from investing activities			8,160,845	6,250,440
Net increase In cash and cash equivalents			1,234,179	398,229
Cash and cash equivalents	at beginning	ofyear	5,010,931	4,612,702
Cash and cash equivalents	at end ofyear		6,245,110	5,010,931

4.	Donations a		nd legacies
					Unrestricted	Total Funds	Unrestricted	Total Funds
					Funds f	2022 6	Funds f	2021 f
	Donations
	Donations				4,233,250	4,233,250	6,043,400	6,043,400
5.	Investment	income
					Unrestricted	Total Funds	Unrestricted	Total Funds
					Funds f	2022	Funds	2021 6
	Income from		listed investments		7,262,633	7,262,633	8,307,800	8,307,800
	Bank interest		receivable		4,036	4,038	1,795	1,795
	Other interest		receivable				(10,247)	(10,247)
					7,266,669	7,266,669	8,299,348	8,299,348
6.	Investment	management		costs
					Unrestricted	Total Funds	Unrestricted	Total Funds
					Funds	2022 f	Funds f	2021 F
	Porffolio management				371,905	371,905	298,032	298,032
7.	Expenditure		on charitable	activities by fund type
					Unrestricted	Total Funds	Unrestricted	Total Funds
					Funds f	2022	Funds f	2021 6
	Grants &project funding				11,021,939	11,021,939	10,683,051	10,683,051
	Support costs				228,023	228,023	155,496	155,496
					11,249,962	11,249,962	10,838,547	10,838,547
8.	Expenditure		on charitable	activities by activity type

		Activities
		undertaken	Grant funding	Support	Totalfunds	Total fund
		directly	ofactivities	costs f	2022	2021 5
Grants &project funding		432,773	10,589,166	198,705	11,220,644	10,826,820
Governance	costs			29,318	29,318	11,727
		432,773	10,589,166	228,023	11,249,962	10,838,547

9.	Analysis ofsuppor	t co	s	ts
						Analysis of
						support costs f	Total 2022 f	Total 2021 f
	Staff costs					81,127	81,127	80,210
	Premises					42,120	42,120	39,606
	Communications and IT					4,504	4,504	709
	General office					63,161	63,161	13,327
	Governance costs					29,318	29,318	11,724
	Support costs - Other					7,793	7,793	9,919
						228,023	228,023	155,495
10.	Analysis ofgrants
							2022 f	2021 f
	Grants to institutions
	Grants to institutions						10,589,166	10,296,760
	Total grants						10,589,166	10,296,760
11.	Other expenditure
					Unrestricted	Total Funds	Unrestricted	Total Funds
					Funds	2022 f	Funds	2021 F
	Loss on disposal of	tangible fixed
	assets held for charity's		own use		5,161	5,161
12.	Net (losses)/gains	on investments
					Unrestricted	Total Funds	Unrestricted	Total Funds
					Funds	2022	Funds f	2021 f
	Revaluation of investment			assets	(55,954,571)	(55,954,571)	26,203,006	26,203,006
13.	Net (expenditure)/income
	Net (expenditure)/income			is stated after	charging/(crediting):
							2022 f	2021 f
	Depreciation oftangible		fixed assets				7,790	9,919
	Loss on disposal of	tangible fixed assets					5,161

Auditors remuneration
					2022	2021
						6
Fees payable for the audit ofthe financial statements					9,000	9,600
Fees payable to the charity's auditor and its associates for other services: Audit-related assurance services						2,400
Staff costs
The total staff costs and	employee	benefits for		the reporting	period are analysed as follows:
					2022	2021
					5
Wages and salaries Social security costs					366,462 40,606	370,142 37,965
Employer contributions	to pension	plans			22,533	22,497
					429,601	430,604
The average head count of employees			during	the year was 12(2021:12).The average		number
offull-time equivalent employees		during	the year is analysed		as follows:
					2022	2021
					No.	No.
Number ofadministrative	staff				3	3
Number ofsupport staff					8	7
					11	10

	Yea	r ended 31 Decem	ber 2022
17.	Tangible fixed assets
			Fixtures and
			fittings	Equipment	Total
			E	E	6
	Cost
	At 1 January 2022		40,609	69,920	110,529
	Additions			9,316	9,316
	Disposals		(34,405)	(22,773)	(57,178)
	At 31 December 2022		6,204	56,463	62,667
	Depreciation
	At 1 January 2022		35,442	52,044	87,486
	Charge for the year		191	7,599	7,790
	Disposals		(30,193)	(21,825)	(52,018)
	At 31December 2022		5,440	37,818	43,258
	Carrying amount
	At 31 December 2022		764	18,645	19,409
	At 31 December 2021		5,167	17,876	23,043
18.	Investments
		Cash or cash	Listed	Other
		equivalents	investments	investments	Total
		E	E	E	E
	Cost or valuation
	At 1 January 2022	6,665,773	234,953,489	758,340	242,377,602
	Additions	33,694,306	15,302,707	16,004	49,013,017
	Disposals	(23,449,650)	(17,286,872)		(40,736,722)
	Fair value movements		(65,378,757)	240,362	(65,138,395)
	At 31 December 2022	16,910,229	167,590,567	1,014,706	185,515,502
	Impairment
	At 1 January 2022 and
	31December 2022
	Carrying amount
	At 31 December 2022	16,910,229	167,590,567	1,014,706	185,515,502
	At 31 December 2021	6,665,773	234,953,489	758,340	242,377,602

	5%ofthe total value	ofthe porffolio:
				Holding	Market
					Value 8
	Admiral Group pic	213p ordinary	shares	3,259,481	269,655,109
	There is no restriction	on the realisation	ofthis investment.
19.	Debtors
				2022	2021
				6	F
	Prepayments and accrued income Other debtors			3,429 10,853	3,319 11,092
				14,282	14,411
20.	Creditors: amounts	falling due within	one year
				2022	2021
	Accruals and deferred	income		90,344	100,296
	Social security and other taxes			9,041	9,174
	Trade creditors			17,878	5,243
	Other creditors			1,384,893	937,445
				1,502,156	1,052,160

		At				At
	1 January	20			Gains and	31 Decembe
	E	22	Income 6	Expenditure 6	losses f	r2022
General funds	246,373,827		11,499,919	(11,627,028)	(55,954,571)	190,292,147
		At				At
	1 January	20			Gains and 31 December
	f	21	Income f	Expenditure f	losses f	2021
General funds	216,964,652		14,342,748	(11,136,579)	26,203,006	246,373,827
Analysis of net assets between funds
					Unrestricted	Total Funds
					Funds	2022
					f	8
Tangible fixed assets					19,409	19,409
Investments					185,515,502	185,515,502
Current assets					6,259,392	6,259,392
Creditors less than	1 year				(1,502,156)	(1,502,156)
Net assets					190,292,147	190,292,147
					Unrestricted	Total Funds
					Funds f	2021
Tangible fixed assets					23,043	23,043
Investments					242,377,602	242,377,602
Current assets					5,025,342	5,025,342
Creditors less than	1 year				(1,052,160)	(1,052,160)
Net assets					246,373,827	246,373,827

Operating	lea	se commit	ments
The total	future	minimum	lease payments	under non-cancellable	operating	leases are	as follows:
						2022	2021
						5
Not later than		1 year				20,362
Later than	1 year and not		later than 5years			99,500
Later than	5years					129,012
						248,874