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← Swansea Bay University LHB Charitable Fund and Other Related Charities

2025-03-31-accounts

Enhancing Local Healthcare Swansea Bay University LHB and other related charities Annual Report 2024/25

Swansea Bay University LHB Charitable Funds and other related charities (Registered Charity Number: 1122805)

CHAIR’S WELCOME

It is a great pleasure to welcome you to our annual review of the Charity of Swansea Bay Health Board, and to share some of the highlights and achievements of the past year.

2024/25 was another extraordinary year for the Swansea Bay University Health Board and its related charity. Charitable donations are gratefully received in this time of high living costs, and the year saw the Charity partner with Swansea City Football club and the Principality Building Society to raise money for our Cwtsh Clos campaign, which aims to refurbish houses on the Singleton Hospital site for families with babies in the NICU unit to stay close by, championed by Mal Pope. There was also a campaign to raise money under the ‘Going the Extra Mile for Cancer campaign’ supported by Kev Johns.

Jan Williams, Chair

As a result of ongoing service pressures, the role of the Swansea Bay Health Board Charity continues to be as important as it has ever been.

Throughout the year the charity has continued to be supported by fantastic individuals in our community who have contributed over £500,000 through donations and fundraising; funds which will enable the charity to support enhanced services for our patients and to support staff.

We have also been fortunate to have benefitted from legacies left to the Charity within wills of past patients, carers and supporters in recognition of the care and support they received whilst using Health Board services. The Charity received over £500,000 in respect of legacies during 2024/25, which will be used to support patients and staff as required.

The donations of money, goods & services we have received have made an enormous difference to the lives of our patients and staff as they allow us to provide the little extras that NHS funding cannot provide. The funds that the charity receives enable us to continuously improve the patient experience, which is at the heart of our values and key to improving services and caring for the people we serve.

The last year has once again been immensely challenging for our staff, patients and communities, and I and the Charity Trustee, are extremely grateful for the fantastic support received from individuals, organisations and businesses across our community, who have demonstrated such amazing support for our Health Board at the most difficult of times.

Thank you.

INTRODUCTION & CHARITY’S AIM

INTRODUCTION

This Annual Report and Accounts of the Swansea Bay University Health Board Charitable Fund and Other Related Charities has been compiled in accordance with the requirements of the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2015 also known as the Statement of Recommended Practice (SORP) 2015.

This Annual Report and the Accounts are publicly available, and in addition are submitted to the Charity Commissioners in order that they may fulfil their role in overseeing the operation of the Charity.

It is hoped that this brief document is both interesting and useful to readers in a variety of ways. If you have any comments to make regarding the content to help us develop the report in the future, please address them to the:

Executive Director of Finance & Performance, Health Board Headquarters, One Talbot Gateway, Baglan Energy Park, Port Talbot, SA12 7BR.

This is also the registered address of the Charity.

OUR AIM

As outlined in the Charity’s governing document, the aims and objectives of the Swansea Bay University LHB Charitable Fund are that the Trustee shall: -

“Hold the Trust Fund upon Trust to apply the income, and at their discretion so far as may be permissible, the capital for any charitable purposes relating to both the National Health Service (wholly or mainly for the service provided by Swansea Bay University Local Health Board) and for any other Health Services for which specific monies have been donated for use within the UK or overseas”.

In line with this, the funds must be used to enhance the delivery of the wide range of health care services provided by the Swansea Bay University Health Board.

The Swansea Bay University Health Board Charitable Fund is a public benefit charity and as such the Trustee of the charity has had regard to the Charity Commission guidance on public benefit when utilising the funds held.

The Swansea Bay University Health Board Charitable Fund is an umbrella charity under which there are a number of designated funds. The designated funds are unrestricted income funds where the Trustee has set aside amounts to be used for specific purposes or which reflect the non-binding wishes of donors. There is also an unrestricted general fund representing the charity’s reserves which can be used at the Trustee’s discretion.

The charity has a small number of restricted funds, the use of which is restricted in line with the donors’ specific wishes.

The Trustee ensures through reference to the Charity Commission’s guidance on public benefit that the aims and objectives of the charity continue to meet the public benefit requirements. The public benefit is derived from improvements to the services provided to the patients and staff of Swansea Bay University Health Board through grants made by the Swansea Bay University Health Board Charitable Fund.

The charity’s grant making policy states that all grants are made to the Swansea Bay University Health Board and the charity corporate trustee operates a scheme of delegation through which all grant funded activity is managed by fund managers responsible for the day-to-day disbursement on their projects, in accordance with the directions set out by the trustee in charity standing orders and financial instructions. The charity does not make grants to individuals.

Like all charities, we rely on a small number of volunteers to support our operations. Our volunteers are primarily linked with the South West Wales Cancer Centre Fund, specific campaigns and the Swansea Bay General Fund, and their primary role is to support fundraising for the charitable funds by participating in fund raising events.

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

CELEBRATING OUR ACHIEVEMENTS & CHARITY TEAM ACTIVITIES

Swansea Bay Health Charity has opened its first dedicated hub in Singleton Hospital.

It has replaced the former newsagents near the main entrance.

Lewis Bradley, Charity Support Manager, said: “ We’re truly grateful to everyone who has helped get our very first charity hub up and running. The hub will also allow us to engage with the wider public and staff to talk about fundraising and how 100% of donations goes back into supporting projects within the health board that will have a lasting legacy. ”

Swansea Bay University Health Board staff, fundraisers and supporters came together for the official opening of the new charity hub in Singleton Hospital.

Musician and entertainer Mal Pope, who is championing the charity’s Cwtsh Clos campaign, officially opened the new hub along with Nuria Zolle, former Chair of the Charitable Funds Committee.

APPEALS

We set up an appeal to raise £160,000 to refurbish five homes away from home for families with sick and tiny babies in Singleton Hospital’s Neonatal Intensive Care Unit (NICU).

The NICU cares for almost 500 babies a year. Families come here from all over South & West Wales, not just Swansea Bay, with many living hours away by car and even longer by public transport.

As the SWWCC marks its 20th anniversary, we were proud to launch the Going the Extra Mile for Cancer appeal, which began in September 2024. With an ambitious target of £200,000, this campaign aims to enhance patient care, support families, and provide additional resources for the dedicated staff who make the centre exceptional.

It’s extremely important that parents spend as much time as possible with their baby during this very stressful time and that’s where the

free-to-use houses come in. With the help of our incredible supporters, the Cwtsh Clos appeal has already raised more than £144.9K for NICU accommodation in Singleton Hospital. We hope to have the re-opening in the Summer of 2025.

A key focus of the appeal is the transformation of the former Chemotherapy Day Unit into a modern outpatient department by Summer 2026. This vital refurbishment will streamline patient pathways, improve access to services, and significantly reduce waiting times across all areas of cancer care.

CELEBRATING OUR ACHIEVEMENTS & CHARITY TEAM ACTIVITIES

JIFFY & CO CLOCK UP THE MILES ONCE AGAIN TO SUPPORT TWO CANCER CHARITIES

Hundreds of enthusiastic cyclists took to the roads for this year’s Jiffy Cancer 50 Challenge, raising vital funds for cancer services in Swansea and Cardiff.

Over 340 riders completed the demanding 50-mile journey from Cardiff City Stadium to Swansea’s scenic Bracelet Bay, helping to raise more than £40,000 (and counting) for Swansea Bay Health Charity—

supporting the South West Wales Cancer Centre at Singleton Hospital—and Velindre Hospital Charity.

Led by Welsh rugby legend Jonathan ‘Jiffy’ Davies, this marks the fourth consecutive year of the event. With this year’s success, total fundraising has now surpassed an incredible £250,000.

A FINAL GIFT: COMMUNITY SUPPORT SHINES FOR SOUTH-WEST WALES CANCER CENTRE

For 25 years, the Swansea & Gower Cancer Self Help Group has been a beacon of hope, compassion, and connection for those affected by cancer. Established in 1999 by Yvonne Young after her own diagnosis, the group has offered weekly support sessions, therapy services, and operated a successful fundraising shop—all aimed at helping others through their cancer journey.

CWTSH BY THE COAST: A HEARTFELT WALK FOR SWANSEA’S NICU FAMILIES

Swansea Bay Health Charity, in partnership with Principality and the wonderful Mal Pope, took meaningful steps—both literally and figuratively—to support families with babies in Swansea’s Neonatal Intensive Care Unit (NICU).

The Cwtsh by the Coast charity walk, held in support of our beloved Cwtsh Clos appeal, was more than just a fundraising event—it was a powerful expression of community spirit, compassion, and generosity. Originally scheduled for Autumn 2024, the walk was postponed due to stormy weather and successfully rescheduled for early February 2025.

Thanks to the incredible kindness of our supporters—including a generous donation from Principality, entry fees, and on-the-day contributions—we raised an amazing £7,931! Every penny will go towards enhancing Cwtsh Clos, the dedicated accommodation space for families with babies receiving neonatal care, helping to ensure they have a comfortable and supportive environment during some of their most challenging moments.

As the group now comes to a close, it leaves behind a lasting legacy. In a final act of generosity, the group has donated £25,000 to Swansea Bay Health Charity in support of the South West Wales Cancer Centre at Singleton Hospital. This donation has helped fund the newly completed Lotus Suite—a dedicated wellbeing space designed to support both patients and staff for years to come.

CELEBRATING OUR ACHIEVEMENTS & CHARITY TEAM ACTIVITIES

SWANSEA CITY AND SWANSEA BAY HEALTH CHARITY: A PARTNERSHIP BEYOND POUNDS

PARC MARGAM 10K & 5K: RUNNING FOR THE MAYOR’S CHOSEN CHARITIES

Our Charity’s partnership with Swansea City AFC as their “Charity of the Season” supporting our Cwtsh Clos appeal, has raised over £20,000 through the generosity of supporters and a series of fundraising events. But the true value of this collaboration goes far beyond the financial contribution.

Throughout the 2024–25 season, the Swans supported the charity’s mission to renovate five two-bedroom houses on the grounds of Singleton Hospital. These homes provide free accommodation for

families with babies receiving neonatal intensive care, offering comfort and proximity during incredibly difficult times. The club also helped share the powerful stories of Jack Army families who have faced these challenges first hand.

In December, the Swans joined forces with the charity to create a memory tree in the club shop, allowing fans to honour loved ones by adding their names to the Christmas tree. Additional fundraising efforts—including an auction, golf day, darts event, bucket collections, seasonal giving, and a fans' forum—helped raise over £20,000 towards the renovation of the Swansea City-branded house at Cwtsh Clos, which will be named Gulliver’s House in honour of Mal Pope’s grandson.

His Worship the Mayor, Councillor Matthew Crowley, officially launched the Parc Margam 10k and 5k runs in the stunning surroundings of Margam Park. Speaking at the event, the Mayor shared his gratitude:

r A , = - “ I’d like to extend my heartfelt thanks to | ><> as everyone10k on Sunday,who tookMarchpart16th.in theTheParcsetting,Margamthe : weather, and the atmosphere were all ay , fantastic—and the enthusiasm and effort from every runner was truly inspiring. I’m also deeply grateful to the Friends of Margam Park volunteers, and to the families and friends who cheered runners across the finish line. ”

The Mayor also acknowledged the vital support of event sponsors, saying:

“ Without Trade Centre Wales, this event wouldn’t be possible. A huge thank you to Chairman and Founder Mark Bailey for his continued support. ”

This year’s event raised funds for the Mayor’s chosen charities: Swansea Bay Health Charity— specifically the Morriston Podiatry General Fund and the NPT District Nurses Fund—helping to make a real difference in local healthcare.

Lewis Bradley, Charity Support Manager at Swansea Bay Health Charity, shared: “To be partnered with Swansea City for the 2024–25 season was truly special—something we once thought was only a dream.”

INVESTING IN TREATMENT, CARE & RESEARCH

THE LATEST MEDICAL EQUIPMENT

£227k was spent this year on medical equipment. This was made possible through donations from the public, bequests in wills and the continued support of our hospitals League of Friends. Enhancing our existing equipment and embracing new approaches to treatments ensures our amazing staff continue to provide the best possible care to our patients. Here are just a few examples of how the money was used:

• Our NICU (Neonatal Intensive Care Unit) has been further equipped with the purchase of 6 new A SenTec Digital Monitors . These are portable, non-invasive patient monitoring system that measures transcutaneous carbon dioxide, transcutaneous oxygen, functional oxygen saturation, and pulse rate. They are designed for continuous monitoring, particularly in situations requiring ventilation and oxygenation assessment, to give our tiniest patients the best care and start to life possible.

• A new inhabitant of the Burns Unit is a GMT – Cenna – 500W Wireless Gamma Probe System . A gamma probe is an instrument used to detect radiation in patients. It functions a bit like a small and highly directional Geiger counter, and is designed principally for use in surgery. For surgeons who often find it difficult to locate tissues, such as tumours, parathyroid glands, and lymph nodes, within the human body, this is an invaluable tool.

• A new addition to our Neath Port Talbot hospital came in the form of a MiniBox+ . This little device is a portable, cabinless, pulmonary function test (PFT) machine for rapid, easy testing of Spirometry, Lung Volumes, and Single-Breath DLCO or single-breath diffusing capacity of the lungs for carbon monoxide. Crucial for diagnosing and monitoring various lung conditions, as it provides insights into the health and efficiency of the lung's gas exchange process. With fully automatic measurements and short testing time, it’s ideal for both the clinician and the patient.

The Mastectomy fund purchased an Arm Support Vertical Quick Fix . The Advanced Arm Support is designed to be attached to the surgical table's rail using a clamp. The clamp mechanism allows for quick and easy adjustments without the need for tools, facilitating rapid setup and repositioning during surgery. The arm support can be adjusted to accommodate prone, lateral, supine, and Fowler's positions, making it suitable for a wide range of surgical procedures, Breast surgery in this instance

INVESTING IN TREATMENT, CARE & RESEARCH

INVESTING IN COMPUTER EQUIPMENT

RESEARCH

The charity spent just over £14,000 on computer equipment this year. With Cyber threats and on-line more prevalent than ever, occurring on almost a daily basis, the Health Board’s Digital department have been ever vigilant enhancing networks, new equipment and updating software to combat the almost daily threats to our ability to work safely. This has left little scope for the charity, whose remit is to purchase what is over and above what the Health Board should provide, but imaginative thinking helped secure the following:

The charity continued its support of research with over £70k being spent on projects this year. It supported:

In conjunction with Swansea University, the charity is supporting research into Early Pancreatic Cancer Detection using medical imaging and spectroscopy for the third and final year. Building on recent research into diagnosis of pancreas cancer using a blood serum, the aim is to pioneer early diagnosis of cancer from CT images and infrared (IR) spectroscopic measurements of blood serum using artificial intelligence (AI) techniques. The main ambition being to reduce preventable deaths from this disease from 37% to 30% by 2030. Using the technology would also be less invasive to the patient and also free up expensive staff time.

•

Dr Helbrow concluded his research into Upper Gastrointestinal Cancers in September 2024, and the results are pending. This research was mainly funded from our SeaRad fund (SBU Radiotherapy Research Fellow Fund), which has been a beneficiary of Jonathan Davies’ Jiffy race proceeds over the past few years.

•

An ambitious 2 year pilot project in conjunction with Swansea University is underway - MR in Radiotherapy. An MR distortion and image fusion head phantom was purchased with charitable funds, along with a two-year license for Distortion Check Software. This phantom is a foundational component of the MR in Radiotherapy initiative, enabling safe integration of MRI into radiotherapy workflows. The phantom enables accurate and precise assessment of MR image distortion ensuring safe and effective delivery of stereotactic and standard radiotherapy treatments utilising MR imaging. It does this by supporting verification of image fusion and deformable registration algorithms across CT and MR datasets, improving tumour localisation and dose accuracy. With its anthropomorphic design, the phantom replicates human anatomy, allowing realistic testing of imaging protocols and equipment performance under clinical conditions.

INVESTING IN TREATMENT, CARE & RESEARCH

INVESTING IN STAFF TRAINING

Over £137k was spent on staff training. In line with our Health Board’s “Always Improving” value, our staff are only too eager to attending on-line training sessions, courses and conferences across the UK and sometimes even further afield, all to bring new learning, medical breakthroughs, training techniques and standards of care home to Swansea Bay to help improve the health of our population. There are too many courses attended to list them all in this report, but list below shows the diversity and wide-reaching scope of training undertaken:

• The Charity also supports the Trauma Risk Management or TRiM Programme. TRiM Practitioners are non-medical personnel who have undergone specific training allowing them to understand the effects that traumatic events can have upon people. They are not counsellors or therapists, but understand confidentiality and are able to listen and offer practical advice and assistance. Once trained, staff then have the tools to train colleagues and cascade the programme through our organisation. This helps to identify early and help treat the symptoms in both patients and staff, and build up resilience should we be hit by another pandemic.

INVESTING IN PATIENT AND STAFF WELFARE AND AMENITIES

PATIENT WELFARE & AMENITIES

Patient Welfare and Amenities continue to be a major focus of our charitable spending, with over £217,000 invested this year alone.

These funds are used to enhance the health, environment, dignity, and overall wellbeing of our patients. Whether through hospital-based improvements or community-led initiatives, the charity is committed to enriching the lives of the people it serves.

Examples of items funded include:

• The Welsh Dragon Burns Club organised its annual trip to Bluestone Resort for younger patients this year. This special outing offered children the chance to enjoy fresh air and fun activities alongside others who have experienced similar burn trauma, helping to build confidence, connection, and lasting memories in a safe and supportive environment. Support sometimes comes in simple, practical forms—like the Cleft & Lip Palate Team’s Hospital Adventure Booklets, designed to make hospital visits less intimidating for children. Similarly, the Oral Cancer Service offers informative sessions led by a dietitian to help patients manage the nutritional challenges that can arise after surgery. These thoughtful initiatives play an important role in easing patient experiences and promoting recovery.

Radios and TVs are welcome additions to hospital wards, offering patients a comforting distraction and a way to pass the time during recovery. These simple amenities can help create a more relaxed environment, making hospital stays feel a little less clinical and more connected to everyday life.

INVESTING IN PATIENT AND STAFF WELFARE AND AMENITIES

STAFF WELFARE & AMENITIES

The Health Board workforce, which is currently nearly 14,000, is also supported by the Charity, this year to the value of over £60k. Upholding the Health Board organisational values of: Caring for each other – in every human contact in all of our communities and each of our hospitals.

Working Together – as patients, families, carers, staff and communities so that we always put patients first. Always Improving – so that we are at our vest for every patient and each other.

Supporting both staff and patients is a dedicated group of volunteers—our unsung heroes who play a vital role in the daily running of Swansea Bay. With over 300 volunteers across approximately 26 different roles, their contributions range from ward support and front-door welcoming to gardening, patient transport, and peer mentoring. Their tireless efforts were celebrated at a special pre-Christmas event held at the Village Hotel in Swansea, attended by more than 100 volunteers. The celebration included a festive meal, an uplifting performance by the Rock Choir, a quiz, and a prize draw featuring generous donations from local businesses. Many of those in attendance have volunteered for years, finding the experience deeply rewarding and fulfilling.

• To mark International Nurses Day this year, nurses were gifted breakfast tokens redeemable in our hospital canteens. The menu included bacon or sausage baps, with a vegetarian option also available. This small gesture served as a token of appreciation for the incredible dedication and hard work our nursing staff show every single day of the year.

COLLABORATIVE WORKING WITH THE CHARITY’S PARTNERS

Swansea Bay Health Charity is privileged to work alongside a number of valued charity partners who actively support our mission and fundraising appeals. Here are just a few of them:

COLLABORATIVE WORKING WITH THE CHARITY’S PARTNERS

In addition to our corporate partners, we’re proud to have a group of dedicated charity ambassadors who champion Swansea Bay Health Charity in their own unique and inspiring ways:

Kev Johns, MBE —one of Swansea’s most cherished entertainers, broadcasters, and the matchday announcer for Swansea City AFC—is a proud Charity Ambassador for Swansea Bay Health Charity. Having personally faced cancer and made a full recovery, Kev is deeply committed to giving back and going the extra mile for others.

After receiving life-saving care at the South West Wales Cancer Centre at Singleton Hospital, Kev now passionately supports our 'Going the Extra Mile for Cancer' appeal, which aims to raise £200,000 for the very centre that helped him heal

Caris Bowen , a passionate sports enthusiast, was diagnosed with Hodgkin’s Lymphoma at the age of 21 and courageously underwent eight months of chemotherapy.

Now celebrating 12 years cancer-free, Caris channels her strength and resilience into supporting our 'Going the Extra Mile for Cancer' appeal. Her journey continues to inspire others as she advocates for embracing life through sport, nutrition, and making the most of every opportunity.

Councillor Matthew Crowley chose to support two important causes under Swansea Bay Health Charity:

The Morriston Podiatry General Fund, which helps provide advanced training for staff, ensuring they have the latest knowledge and access to upgraded technology and equipment to meet patient needs.

The Neath Port Talbot District Nurses General Fund, which includes support for the Wound Clinic at the Neath Port Talbot Resource Centre. This fund enables educational opportunities for staff development, enhances patient care, and supports the review and acquisition of specialist equipment to deliver best practice treatment.

Musician and matchday lounge host ~~——~~ Mal Pope became a Charity Ambassador for Cwtsh Clos following the heart-breaking loss of his grandson, Gulliver.

With personal experience of neonatal intensive care, Mal is deeply committed to helping us reach our fundraising goal of £160,000 to renovate accommodation at Singleton Hospital’s NICU. The project will create five 'homes away from home' for families of sick and premature babies. His dedication is driven by heartfelt gratitude for the care his family received during their most difficult moments.

His fundraising efforts have made a meaningful impact on both services, helping to improve care and support for patients across the region

HOW TO SUPPORT

MAKING A DONATION

The Swansea Bay University Health Board Charity is grateful for any donation or bequest received where it is big or small. Last year we received £530,000 in donations alone.

Cheques should be made payable to Swansea Bay University Health Board and quote the fund number or area you would like your donation to go. They should be sent to the Charity’s Headquarters at 1 Talbot Gateway, Port Talbot, SA12 7BR. Bank transfers or regular donations can be set up via our Cash Team at accounts.receviable@wales.nhs.uk

LEGACIES

The generous legacy donations received from our supporters allows us to plan ahead for the future and help us ensure that we can continue to help our patients. In 2024/25 nearly £568,000 was received from legacy gifts, helping us purchase equipment and make improvements to the patient and staff environment. A legacy can be left to a specific hospital or to a specialised area or work in accordance with the donor’s wishes and can be as little or as large as they wish.

ENTHUSE

Many people like to donate or fundraise on-line and we are signed up to the on-line platform Enthuse. This provides an easy route for donors to make on-line donations and for fundraising to link in with the Charity. Swansea Bay Health Charity

GIFTS IN MEMORY

At the time of a funeral, many people prefer to ask family and friends to a donation to a charitable cause in lieu of flowers. Many Funeral Directors will facilitate this for you.

GIFT AID

Last year our donations were boosted by thousands of pounds in Gift Aid. If you are a UK taxpayer, you can increase your donation by 25% by making a simple declaration. Contact SwanseaBay.HealthCharity@wales.nhs.uk

PENNIES FROM HEAVEN

Staff continue to support the charity via the Pennies from Heaven scheme where they donation the pennies from their salaries each month via payroll.

A BIG THANK YOU

On behalf of the patients, their families and the staff who have benefitted from the improved services provided from donations, legacies and fundraising efforts, the Charity would like to thank each and every one of you who have supported us. You really have made a difference to the hospitals, services and the people of the Swansea Bay Charity area.

FOLLOW US AT: Home - Swansea Bay Health Charity

STRUCTURE, GOVERNANCE & MANAGEMENT

The Swansea Bay University Health Board is the corporate trustee of the Swansea Bay University Health Board Charitable Fund although the Charitable Fund is a separate legal entity.

The members of the Health Board listed in the administrative section of this report comprise the Executive Directors and Independent Members of the Health Board. The Independent Members are appointed by Welsh Government and, together with the Executive Directors are the trustee of the Swansea Bay University LHB Charitable Fund. No formal training is provided to new Executive Directors or Independent Members of the trustee of the charity, but informal training and awareness is provided through routine consideration of charitable fund matters at meetings of the LHB Board.

No Executive Directors or Independent Members of the trustee receives any remuneration for their role as part of the Trustee, although a number of them have interests in related parties. During the year, these related parties undertook transactions with the Swansea Bay Health Board Charitable Funds as detailed in the accounts attached at the end of this report.

Board Members (and other senior staff) take decisions both on Charity and Exchequer matters but endeavour to keep the interests of each discrete and do not seek to benefit personally from such decisions. Declarations of personal interest have been made in both capacities and are available to be inspected by the public.

The day-to-day management of the Charity is delegated from the Trustee to Clinical/Operational Service Groups within the Health Board through a Fund Manager structure via the Charitable Funds Committee (who are all part of the Trustee) which acts as a formal subcommittee of the Trustee. The Charitable Funds Committee meets on a quarterly basis with a detailed work plan to ensure that the Charitable Funds are managed in line with the powers delegated by Trustee.

The named Fund Managers are responsible for administering their related funds on a day to day basis, and have a delegated authority to approve charitable fund expenditure up to £10,000, with additional authorisation required from Service Group Director for expenditure up to £25,000. The additional approval of Director of Finance or Chief Executive being required for expenditure up to £50,000. The Charitable Funds Committee has delegated authority to approve any expenditure commitment exceeding £50,000.

FINANCIAL REVIEW

INVESTMENT POLICY

In line with the annual review timetable the Trustee reviewed and re-confirmed the investment policy.

The objectives of the policy are to ensure the creation of sufficient income and capital growth to enable the charity to carry out its purposes consistently year by year with due and proper consideration for future needs and the maintenance of and if possible, enhancement of the value of the invested funds while they are retained.

Specifically:

FINANCIAL REVIEW

FINANCIAL PERFORMANCE

The Annual Accounts of the Charitable Fund are included in the following pages, but the main purpose of this section of the report is to supplement the information contained in the Annual Accounts and to outline some of the main fund activity during 2024/25.

The following table illustrates the total income and expenditure during the financial year, together with the total fund balances held at the end of the financial year. The previous year’s totals are also shown for comparative purposes.

2024/25 2023/24
£000 £000
Income 1,399 842
Expenditure 1,250 1,225
Investment Gains(Losses) (12) 334
Fund Balance as at 31st March 5,279 5,142

During the 2024/25 financial year, the Swansea Bay University LHB Charitable Funds had £0.121m of unrealised investment losses and £0.109m of net realised investment gains from the sale of investments. The net loss of £0.012m is included within the fund balance of £5.279m as at 31st March 2025.

As at 31st March 2025 the Charitable Fund consisted of 271 individual earmarked operational funds for specific areas/purposes, with these operational funds being managed and administered on a Directorate basis within Service Groups.

FINANCIAL REVIEW

FINANCIAL HIGHLIGHTS – INCOMING RESOURCES

Donations

==> picture [335 x 200] intentionally omitted <==

----- Start of picture text -----
Fundraising Income, Sponsorship, £2,000
Grants,
£41,330
£36,545
Investment
Donations in Income,
£159,549
Kind, £61,680
Donations,
Legacies,
£529,703
£567,829
----- End of picture text -----

Legacies

Grants

Fundraising Income

Investment Income

Investment Performance

FINANCIAL REVIEW

HOW THE CHARITY SPENDS ITS MONEY

Generally, expenditure proposals for utilising the funds (grant making) are prepared by the relevant Health Board Service Group, with the aim of ensuring that maximum benefit is gained from the available resources to enhance the delivery of health care services provided by the Health Board including supporting the training and development of staff.

Clinical / Operational Service Groups manage and administer their related funds on a day-to-day basis, and have delegated authority to approve charitable fund expenditure up to £10,000, with additional Chief Executive or Executive Director approval being required above this delegated limit.

The Charitable Funds Committee which is a sub-committee of the main Board (all Trustee) has delegated authority to approve any expenditure commitment exceeding £50,000.

During 2024/25, total expenditure from charitable funds totalled £1.250m (2023/24 £1.225m) which included £0.062m classed as expenditure in relation to value of donations in kind (2023/24 £0.031m). Of this expenditure £0.991m related to expenditure on charitable activities, with £0.233m representing fundraising costs and £0.026m representing the cost of the statutory audit of the charitable funds. During the 2024/25 financial year, expenditure was similar to the previous year with a £0.078m increase in expenditure on charitable activities. However, there were larger movements within the categories included within charitable activities; a £0.058m decrease in purchases of new equipment (2024/25: £0.241m, 2023/24: £0.299m), a £0.103m increase in staff education and welfare (2024/25: £0.250m, 2023/24: £0.147m), and a £0.077 increase in patient benefit and welfare (2024/25: £0.337m, 2023/24: £0.260m).

The funds continued to be used mainly to enhance patient areas, purchase medical and related equipment and undertake clinical research, support medical and other staff training and development, and to provide a range of patient related comforts throughout the health board. These delegated arrangements for utilising the funds (grant making) will continue into the future, in line with the control framework illustrated above.

Categorisation of expenditure from charitable funds during the year can be seen in Notes 6, 7 and 12 of the detailed accounts included in this report, but the chart below shows how the charitable Funds were spent in 2024/25.

FINANCIAL REVIEW

EXPENDITURE STRATEGY

In line with the annual review timetable, the Trustee re-confirmed the expenditure strategy and reserves policy. The objectives of the policy are to ensure the maintenance of sufficient fund balances to enable the charity to carry out its purposes consistently year by year with due and proper consideration for future needs. Capital may be used at any time for the furtherance of the charity’s aims but unrealised gains on investments may not be utilised. The Trustee may draw upon capital or income without distinction.

The Trustee’s expenditure policy allows the Trustee to commit expenditure over and above the level of income received to support the funding of specific developments, provided that the level of expenditure incurred does not reduce the value of the funds held below the minimum balance agreed within the reserves policy.

The Trustees ensure that sufficient levels of reserves are maintained to enable the Charitable Fund to discharge its commitments consistently year on year. In determining the reserves policy, the Trustee consider:

RESERVES STRATEGY

The Trustee have agreed that a level of reserves shall be held which range between 1 and 4 years average annual expenditure. The reserves policy excludes unrealised gains from the fund balance used to determine compliance with the reserves policy.

As at 31st March 2025 the level of reserves held excluding unrealised gains equated to 3.68 years average annual expenditure, above the figure of 3.51 years as at 31st March 2024 and comfortably within the range set by the Trustee. The increase in the level of reserves held was primarily due to the increased cash balance held. The level of reserves held is monitored quarterly by the Charitable Funds Committee on behalf of the Trustee.

The expenditure strategy and reserves policy are reviewed annually and will be reviewed in 2025/26 in line with the agreed annual work plan.

FINANCIAL REVIEW

FINANCIAL RISKS

The financial controls which operate in relation to the Charitable Fund are the same as those which apply to the Swansea Bay University Local Health Board and are detailed in Standing Orders and Financial Control Procedures. The purpose of these controls is to ensure that the Charitable Fund is not exposed to any major risks. The controls in place are subject to continuous review and subject to both internal and external audit annually.

The major financial risk faced by the Swansea Bay University Health Board Charity is linked to the investment portfolio held and in particular in the combination of uncertain investment markets and volatility in yield.

The Trustee recognise that the charity’s investment performance has been impacted by the defensive nature of the investment portfolio which is aimed at producing a balanced return from capital and income growth with a slightly higher income and lower volatility than the average charity. During the financial year ending 2023, all investments in fossil fuels were disposed of and replaced where possible with investments in renewable technologies, ensuing minimal impact on the performance of and income derived from the investment portfolio. The impact of this decision was initially a reduced portfolio value but is in line with the ethical strategy of the Trustee and the portfolio has recovered in subsequent financial years.

Liquidity risk is anticipated to be low as all assets are traded and the commitment to intervention by central banks and market regulators has continued to provide for orderly trading in the markets.

The Charity continues to be mindful of the ongoing financial risks to the investment portfolio as the investments have been influenced by the instability and volatility caused by the ongoing war in Ukraine, US trade tariffs and disputes, interest rate uncertainty and persistent inflation.

The Charity’s investments are mainly traded in markets with good liquidity and high trading volumes and has no material investment holdings in markets subject to exchange controls or trading restrictions.

The Charity manages these investment risks by retaining expert investment managers and operating an investment policy that provides for a high degree of diversification of holdings within investment asset classes. All investments must be made in accordance with the Trustee Act 2000 and be quoted on a recognised investment exchange and unit trusts and open-ended investment companies which are authorised under the Financial Services and Markets Act 2000. Any cash deposits held by the investment managers for purchase of investments must be placed with approved banks with suitable credit ratings.

The Charity does not make use of derivatives and similar complex financial instruments as it takes the view that investments are held for their longer-term yield total return and historic studies of quoted financial instruments have shown that volatility in any particular 5 year period will normally be corrected.

FINANCIAL REVIEW

THE CHARITY’S HISTORY AND ADMINISTRATIVE DETAILS

The Charitable Fund is a completely separate legal entity from the Swansea Bay University LHB as a provider of healthcare services, and the Charitable Fund is the body which has legal responsibility for the management and control of the LHB’s charitable funds.

The Charity was registered on 15th February 2008 in the name of Abertawe Bro Morgannwg University NHS Trust and Other related Charities (Registration number 1122805) and was formed from the merger of funds formerly held by the Bro Morgannwg NHS Trust Charitable Fund and the Swansea NHS Trust Endowment Funds.

A further re-organisation of the NHS in Wales, from 1st October 2009, meant that the charitable funds were amended by supplemental deed to include the Local Health Boards of Swansea, Bridgend and Neath Port Talbot and re-named as ‘Abertawe Bro Morgannwg University LHB Charitable Fund and Other Related Charities’.

Following the Bridgend boundary change effective from 1st April 2019, the Charity Commission approved the change of charity name to Swansea Bay University Health Board and Other Related Charities on 23rd. April 2019 with a working name of the Swansea Bay Health Charity also approved by the Charity Commission at the same time.

The address of the ‘Swansea Bay University LHB Charitable Fund and Other Related Charities’ is:

1 Talbot Gateway Seaway Parade Baglan Port Talbot SA12 7BR

The LHB Board, as a corporate body, is the Trustee of the Swansea Bay University LHB Charitable Fund and Other Related Charities, although the Charity is a separate legal entity .

CONTACT DETAILS FOR THE CHARITY, TRUSTEE AND ADVISORS

Name Title H Powell Interim Director of Nursing and Patient Experience Interim Director of Nursing and Patient Experience
J Williams Chair S Jenkins Interim Executive Director of Workforce and OD
S Spill Vice Chair J Davies Interim Director of Public Health (to Feb 25)
P Price Independent Member (Finance)
T Crick Independent Member (Until Oct 2024) H Lloyd Director of Corporate Governance
A Griffiths Independent Member (from Jan 2025) R Thomas Director of Insight, Communications & Engagement
R Owen Independent Member DM John Director of Digital
N Zolle Independent Member
K Lloyd Independent Member
Independent Member (Health Board Staff
J Davies Representative)
N Matthews Independent Member Charity Accountant Solicitor
AL Ferguson Independent Member D Griffiths Welsh Health Legal Services
CJ Church Independent Member Tel 01639 683303
Darren.griffiths@wales.nhs.uk		 4th Floor, Companies House
Crown Way
Cardiff
A Harris Chief Executive Banker CF14 3UB
R Evans Medical Director & Deputy Chief Executive Lloyds Bank PLC
18 Wyndham Street		 Investment Managers
D Griffiths Director of Finance & Performance Bridgend Brewin Dolphin
Director of Allied Health Professional and Health 12 Smithfield Street
C Morrell Science Auditors London
D Lewis Chief Operating Officer/Director of MHLD & Primary
Care		 Audit Wales
24 Cathedral Road		 EC1A 9BD
Cardiff
M Davies Director of Planning and Partnerships (from Feb 2025) CF11 9LJ

Audit Wales 24 Cathedral Road Cardiff CF11 9LJ

LOOKING FORWARD

FINANCIAL OUTLOOK

The Swansea Bay University Health Board Charity expects the 2025/26 financial year will continue to be a challenging one. The demands on household budgets will reduce the amount of money that the general public have to support charities across the UK and the Charity will need to work harder than ever to secure donations from the general public.

There remain significant uncertainties facing markets and the investment values. There have been rising geopolitical tensions, US trade tariffs and falling interest rates. The global factors causing uncertainties affecting investments include the continuing conflicts in Ukraine, the Middle East and rising friction with China and the West which have driven market volatility, currency fluctuations, and energy price instability, all of which affect investment returns.

Central banks, including the Bank of England, have adjusted interest rates in response to inflation, influencing bond yields and equity valuations. Rapid advances in artificial intelligence and digital infrastructure have reshaped investment strategies, with increased focus on tech-related equities. Sustainability concerns and climate-related risks have led to increased demand for ESG-compliant investments, especially in renewable energy and clean technologies.

These global economic conditions continue to threaten the equity markets and the Charity’s investment portfolio values. However, there has also been a high degree of market resilience evident with markets climbing despite the conditions.

The Charity is, however, well placed to deal with such uncertainty. The level of reserves that the charity holds is more than 3 years average annual expenditure and the market value of its investment portfolio is £0.484m above the purchase price (at 31st March 2025) providing a reasonable buffer of unrealised gains in the event that the investment performance deteriorates.

With effect from 1st September 2022, the Charity changed investment managers to Brewin Dolphin Limited and has continued to work closely with them to review and shape the investment portfolio in a way that minimises the impact of any short-term investment shocks whilst continuing to view the investments as long-term investments which deliver both a suitable level of income in the short term whilst maintaining the real value of the investments over time.

LOOKING FORWARD

CHARITY PLANS FOR 2025/26

In-line with the new 5-year charity strategy, the charity will continue to fundraise income for pioneering research, cutting-edge equipment, enhancing buildings and spaces, patient and family wellbeing and staff training which are not covered by core NHS funding.

In 2025/26, the Charity will continue to support the services provided by Swansea Bay University Health Board with major appeals, new income streams as well as contributing to the charity with a new Director of Charity Post.

Planned initiatives include:

Swansea Bay University LHB Charitable Funds 2024-25

Swansea B Universit LHB ay y

FOREWORD

The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.

STATUTORY BACKGROUND

The Local Health Board was established on 1st April 2019 under statutory instrument 2019 No.349 (W.83), the Local Health Boards (Area Change) (Wales) (Miscellaneous Amendment) Order 2019.

This statutory instrument transferred the principal local government area of Bridgend from Abertawe Bro Morgannwg University Local Health Board to Cwm Taf University Local Health Board in addition to confirming that Abertawe Bro Morgannwg University Local Health Board is renamed and is to be known as Swansea Bay University Local Health Board.

Swansea Bay University Local Health Board is responsible for the provision of healthcare services for the populations falling under the local government areas of Swansea and Neath Port Talbot.

On 1st April 2019 all staff property, assets and liabilities relating to services provided to the local government area of Bridgend transferred from Swansea Bay University Local Health Board to Cwm Taf Morgannwg Local Health Board. This transfer was undertaken in line with the Local Health Boards (Area Change) (transfer of Staff, Property and Liabilities) (Wales) Order 2019.

The transfer of funds was accounted for using the Charity Commission's NHS guidance issued by the Charity Commission in 2012 (Section E of the NHS Charities guidance). This guidance provides 8 examples of a transfer and details the accounting treatment to be applied in each case. The transfer of funds made on 1st April 2019 fell under example 4a which is to be used where the funds associated with a particular clinical specialty are transferred from one NHS charity to another. In accordance with this guidance, the transfer was accounted for as a one off transfer and recorded as an expense under charitable expenditure in the Statement of Financial Activities (SOFA).

All funds held on Trust relating to services provided to the local government area of Bridgend and a proportion of the funds held on Trust that related to the whole of the Abertawe Bro Morgannwg University Health Board were transferred to Cwm Taf Morgannwg Health Board with effect from 1st April 2019. The list of funds to transfer and the methdology for splitting the health board wide funds was agreed by the Trustees at its meeting on 31st January 2019. The value of the funds transferred as at 1st April 2019 and disclosed in the accounts was £1.039m.

The funds held on Trust were renamed as Swansea Bay University Local Health Board with the approval to this change being given by the Charity Commission on 23rd April 2019.

The Trustee of the funds held on Trust have been appointed under S11 of the NHS and Community Care Act 1990.

MAIN PURPOSE OF THE FUNDS HELD ON TRUST

The main purpose of the charity is to apply income for any charitable purposes relating to the National Health Service wholly or mainly for the services provided by the Swansea Bay University Local Health Board.

1

Swansea Bay University LHB Charitable Funds 2024-25

Statement of Financial Activities for the year ended 31 March 2025

Unrestricted
funds
Note
£000
Income and Endowments from:
Donations, legacies and grants
3
1,196
Charitable activities/fundraising income
41
Other trading activities/sponsorship
2
Investments
5
160
Total income and endowments
1,399
Expenditure on:
Raising Funds
6
213
Charitable activities
7
989
Other - Funds transferred to another NHS body
12
0
Other - Auditors Remuneration
12
26
Total expenditure
1,228
Net gains / (losses) on investments
19
(12)
Net income / (expenditure)
159
Transfer between funds
18
0
Net movement in funds
159
Reconciliation of Funds
Total Funds brought forward
19
4,908
Total Funds carried forward
5,067		 Unrestricted
funds
Note
£000
Income and Endowments from:
Donations, legacies and grants
3
1,196
Charitable activities/fundraising income
41
Other trading activities/sponsorship
2
Investments
5
160
Total income and endowments
1,399
Expenditure on:
Raising Funds
6
213
Charitable activities
7
989
Other - Funds transferred to another NHS body
12
0
Other - Auditors Remuneration
12
26
Total expenditure
1,228
Net gains / (losses) on investments
19
(12)
Net income / (expenditure)
159
Transfer between funds
18
0
Net movement in funds
159
Reconciliation of Funds
Total Funds brought forward
19
4,908
Total Funds carried forward
5,067		 Restricted
Income
funds
£000
0
0
0
0
0
20
2
0
0
22
0
(22)
0
(22)
234
212		 Total
Funds
2024-25
£000
1,196
41
2
160
1,399
213
989
0
26		 1,399
233
991
0
26
1,228
(12)		 1,250
(12)
159
0		 137
0
159
4,908		 137
5,142
5,067 5,279

Statement of Financial Activities for the year ended 31 March 2024

Unrestricted
funds
Note
£000
Income and Endowments from:
Donations, legacies and grants
3
617
Charitable activities/ fundraising income
57
Other trading activities
0
Investments
5
147
Total income and endowments
821
Expenditure on:
Raising Funds
6
283
Charitable activities
7
809
Other - Funds transferred to another NHS body
0
Other - Auditors Remuneration
12
25
Total expenditure
1,117
Net gains / (losses) on investments
333
Net income / (expenditure)
37
Transfer between funds
18
14
Net movement in funds
51
Reconciliation of Funds
Total Funds brought forward
4,857
Total Funds carried forward
4,908		 Unrestricted
funds
Note
£000
Income and Endowments from:
Donations, legacies and grants
3
617
Charitable activities/ fundraising income
57
Other trading activities
0
Investments
5
147
Total income and endowments
821
Expenditure on:
Raising Funds
6
283
Charitable activities
7
809
Other - Funds transferred to another NHS body
0
Other - Auditors Remuneration
12
25
Total expenditure
1,117
Net gains / (losses) on investments
333
Net income / (expenditure)
37
Transfer between funds
18
14
Net movement in funds
51
Reconciliation of Funds
Total Funds brought forward
4,857
Total Funds carried forward
4,908		 Restricted
Income
funds
£000
21
0
0
0
21
4
104
0
0
108
1
(86)
(14)
(100)
334
234		 Total
Funds
2023-24
£000
638
57
0
147
821
283
809
0
25		 842
287
913
0
25
1,117
333		 1,225
334
37
14		 (49)
0
51
4,857		 (49)
5,191
4,908 5,142

2

Swansea Bay University LHB Charitable Funds 2024-25

Balance Sheet as at 31 March 2025

Restricted Total Total
Unrestricted Income 31 March 31 March
funds funds 2025 2024
Note £000 £000 £000 £000
Fixed assets:
Investment Properties 13 0 63 63 63
Investments 13 4,782 0 4,782 4,882
Total fixed assets 4,782 63 4,845 4,945
Current assets:
Debtors 14 207 1 208 127
Prepayments 14 46 4 50 17
Cash and cash equivalents 15 137 144 281 122
Total current assets 390 149 539 266
Liabilities:
Creditors: Amounts falling due within one yea 16 (105) 0 (105) (69)
Net current assets / (liabilities) 285 149 434 197
Total assets less current liabilities 5,067 212 5,279 5,142
Total net assets / (liabilities) 5,067 212 5,279 5,142
The funds of the charity:
Restricted income funds 19 0 212 212 234
Unrestricted income funds 19 5,067 0 5,067 4,908
Total funds 5,067 212 5,279 5,142

The value of investments in the balance sheet at £4.782m is based on market value (mid price). This comprises of Fixed Asset Investments of £4.727m and investment cash held of £0.055m. The SORP recommends that investments should be valued at bid price. The difference between mid price and bid price is immaterial, the value of the investments at bid price being £4.781m, a difference of £0.0015m.

The notes on pages 5 to 18 form part of these accounts

Signed : ....................................................................................

Name : ........ Jan Williams

Date : ..........19th January 2026

3

Swansea Bay University LHB Charitable Funds 2024-25

Statement of Cash Flows for the year ended 31 March 2025

Note
Cash flows from operating activities:
Net cash provided by (used in) operating activities
17
Cash flows from investing activities:
Dividend, interest and rents from investments
5
Proceeds from the sale of investments
Purchase of investments
13
(Increase) / decrease in cash awaiting investment
13
Net cash provided by (used in) investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the begining of the
15
reporting period
Cash and cash equivalents at the end of the
15
reporting period		 Total
Unrestricted
Restricted
Funds
Funds
Funds
2024-25
£000
£000
£000
(80)
(12)
(92)
160
0
160
679
0
679
(598)
0
(598)
10
0
10		 Total
Funds
2023-24
£000
(770)
147
1,677
(1,434)
51
251
0
251
171
(12)
159
(34)
156
122		 441
(329)
451
137
144
281		 122

4

Swansea Bay University LHB Charitable Funds 2024-25

Note on the accounts

1 Accounting Policies

(a) Basis of preparation

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

The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.

The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Trustee considers that there are no material uncertainties about the Charity's ability to continue as a going concern. There are no material uncertainties affecting the current year’s accounts. In the application of the accounting policies, the Trustee confirms that there are no judgements, estimates or assumptions required about the carrying amounts of assets and liabilities that are not readily apparent from other souces and that therefore no sources of estimation uncertainty exist as at the balance sheet date.

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

5

Swansea Bay University LHB Charitable Funds 2024-25

(b) Funds structure

The Swansea Bay University Health Board Charity is a public benefit charity which is an umbrella charity under which are a number of designated funds.

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

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

Endowment funds arise when the donor has expressly provided that the gift is to be invested and only the income of the fund may be spent. These funds are sub analysed between those where the Trustees have the discretion to spend the capital (expendable endowment) and those where there is no discretion to expend the capital (permanent endowment).

The charity has no permanent endowment funds.

Those funds which are neither endowment nor restricted income funds, are unrestricted income funds which are sub analysed between designated (earmarked) funds where the Trustee has set aside amounts to be used for specific purposes or which reflect the non-binding wishes of donors and unrestricted funds which are at the Trustee's discretion, including the general fund which represents the charity’s reserves. The major funds held in each of these categories are disclosed in note 19.

(c) Incoming resources

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

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

Income from donations in the form of cash and cheques received at ward and department level is recognised when banked at the relevant hospital cash office. A receipt is provided to the donor when the cash or cheque is presented at ward or department level and the donation then taken to the hospital cash office for banking.

Goods donated for use by the charity ('donations in kind') are recognised as income when received, at fair value, and also recognised as expenditure of an equal value. A gifts register is maintained with details from all the donations in kind forms, which are completed by the charity team when gifts are offered. Valuation is based on the fair value at the date of receipt, using market prices or equivalent cost where available. Where donated goods cannot be reliably measured, they are not recognised in the financial statements. Volunteer time is not recognised in the financial statements as its value cannot be reliably measured.

Income that is invoiced or received in advance of providing goods or services is not recognised immediately in the Statement of Financial Activities (SoFA). Instead, these amounts are treated as deferred income and presented as a liability until the charity has fulfilled the performance obligations associated with that income. For example, if an invoice is raised before the year-end for an event that will take place after the year-end, the income will remain deferred until the event occurs. There is no impact on the Statement of Financial Activities (SoFA) in the financial year in which the invoice is raised if the associated performance obligation (for example, an event) has not yet been satisfied. Where an invoice has been issued but not paid at the year-end, the amount is recorded as a trade receivable (debtor). Income is recognised only when the performance obligations have been satisfied. In this situation, the invoice represents a receivable, but the corresponding credit entry is posted to deferred income as a liability rather than to revenue. As previously noted, there is no impact on the Statement of Financial Activities (SoFA).

6

Swansea Bay University LHB Charitable Funds 2024-25

(d) Incoming resources from legacies

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

Receipt is probable when:

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

(e) Incoming resources from endowment funds

The incoming resources received from the invested endowment fund are wholly restricted.

(f) Resources expended and irrecoverable VAT

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

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

(g) Recognition of expenditure and associated liabilities as a result of grants

Grants payable are payments made to linked, related party or third party NHS bodies and non NHS bodies, in furtherance of the charitable objectives of the funds held on trust, primarily relief of those who are sick.

Grant payments are recognised as expenditure when the conditions for their payment have been met or where there is a constructive obligation to make a payment.

A constructive obligation arises when:

The Trustee has control over the amount and timing of grant payments and consequently where approval has been given by the trustee and any of the above criteria have been met then a liability is recognised. Grants are not usually awarded with conditions attached. However, when they are then those conditions have to be met before the liability is recognised.

Where an intention has not been communicated, then no expenditure is recognised but an appropriate designation is made in the appropriate fund. If a grant has been offered but there is uncertainty as to whether it will be accepted or whether conditions will be met then no liability is recognised but a contingent liability is disclosed.

(h) Allocation of support costs

Support costs are those costs which do not relate directly to a single activity. These include staff costs, costs of administration, internal and external audit costs. For the Swansea Bay University Health Board Charity funds, the Trustee has agreed that all support costs be charged to the centrally managed Core Costs fund (previously the Finance Administration Fund) and not apportioned across the individual funds. The analysis of support costs and the basis of apportionment applied are shown in note 10.

7

Swansea Bay University LHB Charitable Funds 2024-25

(i) Fundraising costs

The costs of generating funds are those costs attributable to generating income for the charity, other than those costs incurred in undertaking charitable activities or the costs incurred in undertaking trading activities in furtherance of the charity’s objects. The costs of generating funds represent fundraising costs together with investment management fees. Fundraising costs include expenses for fundraising activities and a fee paid to a related party, the Health Board, under a fundraising agreement. The fee is used to pay the salaries and overhead costs of the Health Board's fundraising office.

(j) Charitable activities

Costs of charitable activities comprise all costs incurred in the pursuit of the charitable objects of the charity. These costs, where not wholly attributable, are apportioned between the categories of charitable expenditure in addition to the direct costs. The total costs of each category of charitable expenditure include an apportionment of support costs as shown in note 10.

(k) Fixed Asset Investments

Investments are a form of basic financial instrument. Fixed Asset investments are initially recognised at their transaction value and are subsequently measured at their fair value (market value) at the balance sheet date. The statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. Quoted stocks and shares are included in the Balance Sheet at the current mid price market value quoted by the investment analyst, excluding dividend. The SORP recommends that the bid price market value be used in valuing stocks and shares, although the difference between bid and mid market price is not material, the difference as at 31st March 2025 being £1.5k lower (bid price). Other investments are included at the trustee's best estimate of market value.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk and changes in sentiment concerning equities and within particular sectors or sub sectors. Further information on the Swansea Bay Charity investments can be found in note 13.

(l) Debtors

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

(m) Cash and cash equivalents

Cash at bank and in hand is held to meet the day to day running costs of the charity as they fall due. Cash equivalents are short term, highly liquid investments, usually in 90 day notice interest bearing savings accounts.

(n) Creditors

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

Amounts which are owed in more than a year are shown as long term creditors.

(o) Realised and Unrealised Gains and Losses

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

8

Swansea Bay University LHB Charitable Funds 2024-25

2. Related party transactions

The Charity's Board members have interests in related parties as follows:-

Name Details Related Party Interests
Andrew Jarrett Associate Board Member Director of Social Services for NPT CBC
Nuria Zolle Chair of the Charitable Funds Committee Spouse/Partner - Manager of national studies at Audit Wales
Darren PhillipGriffiths Director of Finance & Performance Governor of Gower College Swansea(member of corporation board)
Keith Robert Lloyd Independent Board Member Executive Dean andpro Vice Chancellor at Swansea University
Professor Tom Crick Independent Board Member Professor of Digital Policy- Swansea University

The total value of transactions with related parties in 2024/25 were as follows:-

Related Party Payments to related
party		 Receipts from related
party		 Amounts owed to
related party		 Amounts due from
related party
£ £ £ £
Neath Port Talbot County Borogh Council 20 0 0 0
Audit Wales 23,961 0 51,423 0
Swansea University 26,917 0 2,123 0
GowerCollege 0 100 0 0

3. Income from donations, legacies and grants

Restricted Total Total
Unrestricted Income 2024-25 2023-24
funds funds
£000 £000 £000 £000
Donations 530 0 530 393
Donations in Kind 62 0 62 31
Legacies 568 0 568 68
Grants 36 0 36 146
1,196 0 1,196 638

4. Role of volunteers

Like all charities, the Swansea Bay University Health Board Charity relies on a small number of volunteers to support its operations. Our volunteers are primarily linked with the South West Wales Cancer Centre fund and their primary role is to support fundraising for the charitable fund by participating in and supporting fund raising events such as the cancer centre bike ride. They also rattle collection tins at any events where collections have been agreed.

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

9

Swansea Bay University LHB Charitable Funds 2024-25

5. Gross investment income

Fixed asset equity and similar investments
Short term investments, deposits and cash
on deposit
Investment Property Income		 Unrestricted
funds
£000
150
6
4		 Restricted
Income
funds
£000
0
0
0		 Total
2024-25
£000
150
6
4		 Total
2023-24
£000
141
2
4
160 0 160 147

6. Analysis of expenditure on raising funds

Fundraising office
Fundraising events
Investment management
Support costs		 Unrestricted
funds
£000
196
0
17
0		 Restricted
Income
funds
£000
20
0
0
0		 Total
2024-25
£000
216
0
17
0		 Total
2023-24
£000
270
0
17
0
213 20 233 287

7. Analysis of charitable activity

Medical research
Purchase of new equipment
Building and refurbishment
Staff education and welfare
Patient benefit and welfare
Publications, Subscriptions
Bank Charges
Governance Costs
Management Fees		 Grant funded
activity
Unrestricted
funds
£000
71
241
0
247
337
1
0
0
0		 Grant funded
activity
Restricted
Income
funds
£000
0
0
0
2
0
0
0
0
0		 Support
costs
Unrestricted
funds
£000
0
0
0
0
0
0
0
0
92		 Support
costs
Restricted
Income
funds
£000
0
0
0
0
0
0
0
0
0		 Total
Total
2024-25
2023-24
£000
£000
71
107
241
298
0
0
249
150
337
259
1
13
0
2
0
0
92
84
897 2 92 0 991
913

8. Analysis of grants

The charity does not make grants to individuals. All grants are made to the Swansea Bay University Health Board to provide for the care of NHS patients in furtherance of our charitable aims. The total cost of making grants, including support costs, is disclosed on the face of the Statement of Financial Activities and the actual funds spent on each category of charitable activity, is disclosed in note 7.

The Trustee operates a scheme of delegation for the majority of the charitable funds, under which fund advisors manage the day to day disbursements on their projects in accordance with the directions set out by the Trustee in charity standing orders and financial instructions. Funds managed under the scheme of delegation represent ongoing activities and it is not possible to segment these activities into discrete individual grant awards. The Trustee does make individual grant awards based on invited applications from the Swansea Bay University Health Board.

10

Swansea Bay University LHB Charitable Funds 2024-25

9. Movements in funding commitments

Opening balance at 1 April
Movement in liabilities
Closing balance at 31 March		 Current
Non-current
liabilities
liabilities
£000
£000
(69)
0
69
0		 Total
2024-25
£000
(69)
69		 Total
2023-24
£000
(246)
177
0
0		 0 (69)

As described in notes 7 and 8, the charity awards a number of grants in the year. Many grants are awarded and paid out in the same financial year. However, some grants which are awarded, especially those relating to research and development or for funding a specific post, are multi-year grants. For such grants whilst the award may be for more than one year, it is only the annual amount that is paid out in year and recorded as expenditure within charitable activities. As at 31st March 2025 there were no funding commitments for any multi-year grants.

10. Allocation of support costs

Support and overhead costs are allocated between fundraising activities and charitable activities. Governance costs are those support costs which relate to the strategic and day to day management of a charity.

Governance
External audit
Finance and administration
Other professional fees
Total Governance
Finance and administration
Other professional fees
Other costs		 Raising
funds
£000
0
0
0
0
0
17
0
17		 Charitable
activities
£000
26
92
0		 Total
2024-25
£000
26
92
0		 Total
2023-24
Basis
£000
25
Charged to the Core Costs Fund (Formerly Finance Admin Fu
85
Charged to the Core Costs Fund (Formerly Finance Admin Fu
0
110
2
Charged to the Core Costs Fund (Formerly Finance Admin Fu
17
Charged to the Core Costs Fund (Formerly Finance Admin Fu
0
129
118
0
0
0		 118
0
17
0
118 135

The £17k included in other professional fees reflects the Investment Management Fee costs.

Raising funds
Charitable activities		 Unrestricted
funds
£000
17
118
135		 Restricted
Income
funds
£000
0
0
0		 Total
Funds
2024-25
£000
17
118		 Total
Funds
2023-24
£000
17
112
135 129

11. Trustees' remuneration, benefits and expenses

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

11

Swansea Bay University LHB Charitable Funds 2024-25

12. Other Expenditure

Total
2024-25
£000
Other - Funds Transferred to another NHS body
0
Other - Auditors Remuneration
26
Total
26		 Total
2024-25
£000
Other - Funds Transferred to another NHS body
0
Other - Auditors Remuneration
26
Total
26		 Total
2023-24
£000
0
25
26 25

The auditors remuneration of £26k related solely to the audit of the statutory annual report and accounts.

12

Swansea Bay University LHB Charitable Funds 2024-25

13. Fixed asset investments

Movement in fixed asset investments
Market value brought forward
Add: additions to investments at cost
Less disposals at carrying value
Less release cash on investment
Add net gain / (loss) on revaluation
Market value as at 31st March		 Unrestricted
funds
£000
4,882
598
(663)
(10)
(25)		 Restricted
Income
funds
£000
63
0
0
0
0		 Total
31 March
2025
£000
4,945
598
(663)
(10)
(25)		 Total
31 March
2024
£000
4,910
1,434
(1,677)
(52)
330
4,782 63 4,845 4,945

Analysis of investments by category

Analysis of investments by category
Restricted Total Total
Unrestricted Income 31 March 31 March
funds funds 2025 2024
£000 £000 £000 £000
UK Equity Funds 812 0 812 827
Overseas Equity Funds 2,359 0 2,359 2,358
Bond Funds 889 0 889 902
Property Funds 142 0 142 115
Infrastructure Funds 235 0 235 233
Emerging Economies 37 0 37 37
Global Investments 110 0 110 189
Absolute Return 95 0 95 95
Other Investments 48 0 48 61
Total Listed Investments 4,727 0 4,727 4,817
Investment Properties 0 63 63 63
Cash on interest bearing deposit 55 0 55 65
Total 4,782 63 4,845 4,945

All investments are carried at their fair value.

The investment property recognised in this note comprises assets left to the charity as part of the M.R. Morgan legacy. The Charity owns a one third share of these properties and receives a one third share of income and is charged a one third share of expenditure in respect of these properties. The valuation of investment properties, consisting of freehold ground and property rents, is based on a professional assessment of fair value by an independent valuer.

The significance of financial instruments to the ongoing financial sustainability of the Swansea Bay University Health Board Charity is considered in the risk analysis section of the trustees’ annual report.

The main risk from financial instruments lies in the combination of uncertain investment markets and volatility in yield. During the last 12 months to 31st May 2025 for which the performance is reported by the Investment Manager, the Investment Manager has assessed that the portfolio had increased in value by 5.98% against the Brewin Dolphin benchmark of 7.82%. The main increase in the portfolio was in propertyfunds, with decreases in global investments, the UK equity markets and bond funds. The investment strategy has factored in the current main concerns to investors, namely significant geopolitical risks from conflicts and elections, interest rate cuts, inflationary pressures, the strength and resilience of the US economy, strong market performance and growth from leading techstocks, notwithstanding President Trump's implementation of tariffs that began in the last quarter.

Liquidity risk is anticipated to be low as all assets are traded and the commitment to intervention by central banks and market regulators has continued to provide for orderly trading in the markets and so the ability to buy and sell quoted equities and stock is anticipated to continue. Swansea Bay University Health Board Charity investments are mainly traded in markets with good liquidity and high trading volumes. Swansea Bay University Health Board Charity has no material investment holdings in markets subject to exchange controls or trading restrictions.

13

Swansea Bay University LHB Charitable Funds 2024-25

14. Analysis of current debtors

Debtors under 1 year
Accrued income
Other debtors
Prepayments		 Unrestricted
funds
£000
94
113
46
253		 Restricted
Income
funds
£000
0
1
4		 Total
31 March
2025
£000
94
114
50		 Total
31 March
2024
£000
84
43
17
5 258 144

15. Analysis of cash and cash equivalents

ysis of cash and cash equivalents
Cash in hand
Notice deposits (less than 3 months)		 Unrestricted
funds
£000
137
0
137		 Restricted
Income
funds
£000
144
0		 Total
31 March
2025
£000
281
0		 Total
31 March
2024
£000
122
0
144 281 122

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

16. Analysis of liabilities

Creditors under 1 year Trade creditors Other creditors Accruals Creditors over 1 year Trade creditors Other creditors Accruals Total creditors

Unrestricted
funds
£000
(7)
(26)
(72)
(105)
0
0
0
0
0		 Restricted
Income
funds
£000
0
0
0		 Total
31 March
2025
£000
(7)
(26)
(72)		 Total
31 March
2024
£000
(20)
(6)
(43)
0
0
0
0		 (105)
0
0
0		 (69)
0
0
0
0 0 0
0 (105) (69)

14

Swansea Bay University LHB Charitable Funds 2024-25

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

operating activities
Net income / (expenditure) (per Statement of
Financial Activities)
Adjustment for:
Depreciation charges
(Gains) / losses on investments
Dividends, interest and rents from investments
Loss / (profit) on the sale of fixed assets
(Increase) / decrease in stocks
(Increase) / decrease in debtors and prepayments
Increase / (decrease) in creditors
Transfer between Funds
Net cash provided by (used in) operating activities		 Unrestricted
funds
£000
159
0
9
(160)
0
0
(124)
44
(8)		 Restricted
Income
funds
£000
(22)
0
0
0
0
0
10
(8)
8		 Total
2024-25
£000
137
0
9
(160)
0
0
(60)
36
0		 Total
2023-24
£000
(49)
0
(329)
(147)
0
0
(68)
(177)
0
(80) (12) (38) (770)

18. Transfer between funds

ansfer between funds
Transfers Between Funds Unrestricted
funds
£000
0		 Restricted
Income
funds
£000
0		 Total
2024-25
£000
0		 Total
2023-24
£000
0
0 0 0 0

15

Swansea Bay University LHB Charitable Funds 2024-25

19. Analysis of funds

a. Analysis of endowment fund movements

Balance
1 April
2024
£000
0		 Income
£000
0		 Expenditure
£000
0		 Transfers
£000
0		 Gains
and
losses
£000
0		 Balance
31 March
2025
£000
0
0 0 0 0 0 0

No endowment funds are held by the SBU Health Board Charity.

b. Analysis of restricted fund movements

Balance
1 April
2024
£000
Y648
Bernice D Stephens Morriston Legacy Fu
(4)
Y652
Beryl Margaret Clothier Legacy
(45)
Y655
M.R Morgan Property Fund
(63)
Y659
NHS Charities Together Dev. Fund
(30)
Y662
NHS Charities Together Stage 3
(28)
Y688
Bernice D Stephens NPT Legacy Fund
(10)
YB55
Ken Holbrook Thomas Legacy
(7)
YC27
Inherited Cardiac Conditions
(29)
YF78
Gowers Ward Staff Fund
(1)
YN12
Care of the Elderly Ward in Morriston
(1)
YR21
Tonna David Blight Legacy
(8)
YR22
Tonna Resource Centre
(8)
(234)		 Balance
1 April
2024
£000
Y648
Bernice D Stephens Morriston Legacy Fu
(4)
Y652
Beryl Margaret Clothier Legacy
(45)
Y655
M.R Morgan Property Fund
(63)
Y659
NHS Charities Together Dev. Fund
(30)
Y662
NHS Charities Together Stage 3
(28)
Y688
Bernice D Stephens NPT Legacy Fund
(10)
YB55
Ken Holbrook Thomas Legacy
(7)
YC27
Inherited Cardiac Conditions
(29)
YF78
Gowers Ward Staff Fund
(1)
YN12
Care of the Elderly Ward in Morriston
(1)
YR21
Tonna David Blight Legacy
(8)
YR22
Tonna Resource Centre
(8)
(234)		 Income
£000
0
0
0
0
0
0
0
0
0
0
0
0		 Expenditure
£000
0
0
0
20
0
0
0
2
0
0
0
0		 Transfers
£000
0
0
0
0
0
0
0
0
0
0
0
0		 Gains
and
losses
£000
0
0
0
0
0
0
0
0
0
0
0
0		 Balance
31 March
2025
£000
(4)
(45)
(63)
(10)
(28)
(10)
(7)
(27)
(1)
(1)
(8)
(8)
(234) 0 22 0 0 (212)

The Bernice D Stephens Morriston Legacy fund relates to monies received with a specific purpose to purchase wheelchairs for Morriston Hospital. The Beryl Margaret Clothier Legacy relates to monies received with a specific purpose to purchase medical equipment for Singleton hospital. The MR Morgan Property fund was set up on audit advice. The NHS Charities Together Funds were monies secured thanks to Captain Tom Moore's fundraising efforts and the public response. The stage 3 income was received for staff wellbeing, and the NHS Charities Together Dev. fund was money received to develop and brand SBU LHB charity. The Bernice D Stephens NPT Legacy fund relates to monies received with a specific purpose to purchase equipment for NPT Hospital. The Ken Holbrook Thomas fund was a legacy received for kidney research. The Inherited Cardiac Conditions fund relates to monies recieved with a specific purpose to generally fund activities related to inherited cardiac conditions. The Gowers Ward Staff Fund was a specific donation only for staff use on the Gowers ward. The Care of the Elderly wards in Morriston hospital fund relates to monies received for patient activities and the patients garden. The David Blight Legacy relates to monies received with a specific purpose to fund the purchase of equipment and to undertake research at Tonna Hospital. The Tonna Resource Centre Fund relates to monies recieved with a specific purpose to generally fund the Tonna resource centre.

c. Analysis of unrestricted and material designated fund movements

Y654
Core Costs (Formerly Finance Admin)
YN04
MN Stroke
YB34
Cancer Centre
Y646
Morriston General Patients & Staff
YF33
West Parkinson's Disease
Y653
Singleton General Purpose
YF70
Bevan Legacy Fund
YF31
West Neurology
YP21
Arts in Health
Other Unrestricted Funds		 Balance
1 April
2024
£000
(1,064)
(403)
(309)
(150)
(134)
(132)
(103)
(81)
(127)
(2,405)		 Income
£000
(158)
0
(68)
(385)
0
(7)
0
(50)
(34)
(697)		 Expenditure
£000
323
3
166
84
2
32
0
3
104
511		 Transfers
£000
0
0
0
4
0
4
0
0
(12)
4		 Gains
and
losses
£000
12
0
0
0
0
0
0
0
0
0		 Balance
31 March
2025
£000
(887)
(400)
(211)
(447)
(132)
(103)
(103)
(128)
(69)
(2,587)
(4,908) (1,399) 1,228 0 12 (5,067)

The Trustee sets an opening or closing balance of £100,000 or above as the threshold for the separate reporting of material designated (earmarked) funds. In the interests of accountability and transparency a complete breakdown of all such funds is available upon written request.

16

Swansea Bay University LHB Charitable Funds 2024-25

c. Analysis of unrestricted and material designated fund movements

The objects of the designated unrestricted funds are as follows:-

The Core Costs (previously Finance Administration Fund) holds all unrealised investment gains on behalf of the charity. These unrealised gains are retained as General Reserves and not utilised.

The MN Stroke Fund is designated for training, study leave, medical and office equipment, improving patient care and expenses for the Stroke unit at Morriston Hospital.

The Cancer Centre Fund is the fund of the South West Wales Cancer Centre at Singleton Hospital.

The Morriston General Patients and staff fund is designated for use throughout the Morriston Hospital Site.

The West Parkinson's Disease fund is designated for Equipment, Patient Care and training by the Parkinson's Unit at Gorseinon Hospital.

The Singleton Genral Purpose fund is desginated for use throughout the Singleton Hospital Site.

The Bevan Legacy Fund is designated for to support the clinical education on the Neath Port Talbot site.

The West Neurology Fund is designated to support the purchase of equipment and training for the neurology service at Morriston Hospital.

The Arts in Health Fund is desginated to support artistic programmes run for the benefit or patients and staff.

Other designated funds relate to assisting patients on other wards and clinical departments within the Swansea Bay Universtiy Health Board for which donors have indicated their nonbinding wishes when making their generous gifts.

17

Swansea Bay University LHB Charitable Funds 2024-25

20 Events after the Reporting Period

There are no Post Balance sheet events to report

18

Swansea Bay University LHB Charitable Funds 2024-25

STATEMENT OF FINANCIAL TRUSTEE'S RESPONSIBILITIES

As Financial Trustee of the funds held on trust I am responsible for:

In fulfilment of these responsibilities I confirm that the financial statements set out on pages 1 to 18 attached, have been compiled from and are in accordance with the financial records maintained by the trustees and with accounting standards and policies for the NHS approved by the Welsh Government.

19th January 2026 Darren Griffiths

.................................................... Financial Trustee

19

Swansea Bay University LHB Charitable Funds 2024-25

STATEMENT OF TRUSTEE'S RESPONSIBILITIES

IN RESPECT OF THE ACCOUNTS

The trustees are required under the National Health Services Act 1997 to prepare accounts for each financial year. The Assembly, with the approval of the Treasury, directs that these accounts give a true and fair view of the financial position of the funds held on trust. In preparing those accounts, the trustees are required to:

The trustees confirm that they have complied with the above requirements in preparing the accounts.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the funds held on trust and to enable them to ensure that the accounts comply with requirements outlined in the above mentioned direction by the Assembly. They are also responsible for safeguarding the assets of the funds held on trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

By order of the trustees

Signed:

Trustee ...........................................................................Dated 19th January ........ 2026 Jan William Financial Trustee ........................................................... Dated 19th January ........ 2026 Darren Gri

20

Swansea Bay University LHB Charitable Funds 2024-25

The independent auditor’s report of the Auditor General for Wales to the trustees of Swansea Bay University Health Board Fund s Held on Trust

Report on the audit of the financial statements

Opinion on the financial statements I have audited the financial statements of Swansea Bay University Health Board Funds Held on Trust for the year ended 31 Marc h 2025 under the Charities Act 2011. The financial statements comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and r elated notes, including the material accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (Uni ted Kingdom Generally Accepted Accounting Practice). In my opinion the financial statements: give a true and fair view of the state of affairs of the charity as at 31 March 2025 and of its incoming resources and applic ation of resources for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the Charities Act 2011. Basis of opinion I conducted my audit in accordance with applicable law and International Standards on Auditing in the UK (ISAs (UK)) and Prac tice Note 10 ‘Audit of Financial Statements of Public Sector Entities in the United Kingdom’. My responsibilities under those standards ar e further described in the auditor’s responsibilities for the audit of the financial statements section of my report. My staff and I are independent of the charity in accordance with the ethical requirements that are relevant to my audit of th e financial statements in the UK including the Financial Reporting Council’s Ethical Standard, and I have fulfilled my other ethical resp onsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provid e a basis for my opinion. Conclusions relating to going concern In auditing the financial statements, I have concluded that the use of the going concern basis of accounting in the preparati on of the financial statements is appropriate. Based on the work I have performed, I have not identified any material uncertainties relating to events or conditions that, i ndividually or collectively, may cast significant doubt on the body’s ability to continue to adopt the going concern basis of accounting for a period of at least 12 months from when the financial statements are authorised for issue. My responsibilities and the responsibilities of the trustee[s] with respect to going concern are described in the relevant se ctions of this report. Other information The other information comprises the information included in the annual report other than the financial statements and my audi tor’s report thereon. The Accounting Officer is responsible for the other information in the annual report. My opinion on the financial st atements does not cover the other information and, except to the extent otherwise explicitly stated in my certificate, I do not express any form of assurance conclusion thereon. My responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If I identify such material inconsistencies or apparent material misstatements, I am required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work I have performed, I conclude that there i s a material misstatement of this other information, I am required to report that fact. I have nothing to report in this regard. Matters on which I report by exception I have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regula tions 2008 require me to report to you if, in my opinion: I have not received all of the information and explanations I require for my audit; sufficient accounting records have not been kept, or returns adequate for my audit have not been received from branches not v isited by my team; the financial statements are not in agreement with the accounting records and returns; or the information given in the financial statements is inconsistent in any material respect with the trustee’s report.

21

Swansea Bay University LHB Charitable Funds 2024-25

Responsibilities of the trustees for the financial statements As explained more fully in the statement of trustee’s responsibilities set out on pages 19 and 20, the trustees are responsible for: maintaining sufficient accounting records; the preparation of the financial statements in accordance with the applicable financial reporting framework and for being satisfied that they give a true and fair view; internal controls as the trustees determine is necessary to enable the preparation of financial statements to be free from material misstatement, whether due to fraud or error; assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees anticipate that the services provided by the charity will not continue to be provided in the future. Auditor’s responsibilities for the audit of the financial statements I have been appointed as auditor under section 150 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes my opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. I design procedures in line with my responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. My procedures included the following: enquiring of management, the Head of Internal Audit and those charged with governance, including obtaining and reviewing supporting documentation relating to Swansea Bay University Health Board Funds Held on Trust’s policies and procedures concerned with: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. considering as an audit team how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, I identified potential for fraud in the following areas: revenue recognition and posting of unusual journals.

obtaining an understanding of Swansea Bay University Health Board Funds Held on Trust’s framework of authority as well as other legal and regulatory frameworks that the Swansea Bay University Health Board Funds Held on Trust operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of Swansea Bay University Health Board Funds Held on Trust. obtaining an understanding of related party relationships.

22

Swansea Bay University LHB Charitable Funds 2024-25

In addition to the above, my procedures to respond to identified risks included the following: reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations discussed above;

enquiring of management, the Charitable Funds Committee and legal advisors about actual and potential litigation and claims;

reading minutes of meetings of those charged with governance and the trustees; and in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

I also communicated relevant identified laws and regulations and potential fraud risks to all the audit team and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. The extent to which my procedures are capable of detecting irregularities, including fraud, is affected by the inherent difficulty in detecting irregularities, the effectiveness of the Swansea Bay University Health Board Funds Held on Trust’s controls, and the nature, timing and extent of the audit procedures performed. A further description of the auditor’s responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website www.frc.org.uk/auditorsresponsibilities. This description forms part of my auditor’s report.

Other auditor’s responsibilities

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

Adrian Crompton Auditor General for Wales 21st January 2026

1 Capital Quarter Cardiff CF10 4BZ

23