COMPANY REGISTrATION NUMBER: 07642041 CHARrrf REGISTRATION NUMBER: 1143178 Size of Wales Company Limlted by Guarantee Financial Ststements 31 March 2024 CARSTON Chartered accountants & stalulory auditor 1 st Floor, Tudor House 16 Cathedral Road Cardiff CF11 gLJ Size of Wales Company Llmltsd by Guarants8 Financial Statements Year ended 31 lslarch 2024 Page Trustees, annual report (incotporating the directors report) Independent auditorfs report to the menknrs Statement of financial actrvities (induding income and expenditure account) 22 Statement of financial posrtion 23 ststement of cash flows 24 Notes lo the financial staterrents 26 Size of Wales Company Limited by Guarantee Trustees, Annual Report (Incorporating the DlreGtorfs Report) Year ended 31 March 2024 The trustees, who afe 8160 the directorn for the purpos8$ of corr*)any ￿. prwl their rnFQrt and the financial statements of the chanty for the yoar ended 31 March 2024. REFeRENCe AND ADMINISTRATIVE CETAILS R•gl8ter•d chartty nam• Stie ofW*s Charlty rn918tr•tlon nUM￿r 1143178 Company r•glstratlon numb•r 07642041 Prfnclpal offlce and rnglsternd Temple of Pexe offi¢• lfjng Ettward Vll Avenu• C*hw Parf Cardrff CF10 W Th trust••8 M8 L(Mri JenkiYJ M8 Rele￿8 Wllwis Prof. Cap￿n Jon88 Ms Hannah Harygy Mi Stuart Clgrf¢e Mr CINe Thomas Dr Paul Belford Mr Richard Denman Miss Sarah EveTrheAI Shea BU¢*L4nd￿0￿S M8 Lisa Hand Prof. J¢)hn Hunt Mr Jerwny Lewis (Rettr•(112 October 20231 {Appoin18d 11 April 20241 {Appoinled 11 April 20241 {Ap￿inted 11 &0ri12(Y241 (Appointèd 11 April 2024) K•y m•n•g•m• Nwla Ptslman (Director) Ba￿ara Dawes-Quy ID8puty D*aclor} Auditor C8rston Chart8rad accountants & statulory auditor 181 Floor. Tudor House 16 C•lhedr81 Road Cardrfr CF11 9LJ 8ank•rn Trbdos knk Biunel House 11 The Pron￿ad8 Bristol BS8 3NN Size of Wales Company Limitsd by Guarantee Trusts￿. Annual Report (Incorporating the Directorfs Report) Yoar endod 31 March 2024 08JECTIVE8 AND ACTivmES Our Wslon A worhj where people. Irees and biodprtse forests thfve Iwher in a safe cfimo18. Our Pu￿ose To Support communrties to secure, sustan and re8tore trop￿￿ fora8t$ as pwl of our naticjnal responsè to climate chango. The'sizo of Wales- often used as a measure of def0resta1￿n. Svze ofwafes wa5 eslablishod in 2011 wtth the aim of lurning that n•9atNe into a posrtNe'. to help lo protect an area of tropical for8st th8 svze of Wales12 milli)n h•ctar•sl 8S P*t c* Wares, nationaf respc4He to cfmat• thange. We provtde funding and exp8rtise to indb3ernus and kxal communrti88 in tropK81 room￿$ to support them to 8ecure and sustain Ihwr precious forests, gTthV m¢)retrees and eSt8￿1$h Sustain0b￿ fNelih¢>)d$. Through education. communty 8TrJagement and advocacy, w8 also ror&e W4¥areness in Wales ol the Importan￿ of tropical forests arrtl trèè8 in tackling dimate Ch￿ge. We inspire people to see that t￿Y can ￿ part of the sdution and reduce Wales. oveT8e85 d9fore5tat￿Tr footpmL Why w• do ft fpubllc benefft) We are a climate change ch8rty. The r& facing 8 clin* naturn Cri818. Despite irrefutabla •v*J8nee that man-made ern￿$￿￿nS are heating our ￿an8t and dèslatx'lising our Climat8, gkjbal greenhouse g8s emissions continue to rise. Globalty, wé have emitted as much 4trrKJspherie carbon in the past thirty years as we did In the pieMou8 ￿ntUrieS of iThYuslriali¥ation. EmiJ¥iony have continu&Y to go up by 1.5% per year in the last d•cade. F881 and deep cut8 to global emiss￿)n$ •re needed. and treeg and f0rn819 are an essential part of tho •olulion. The worl(fs forests contain approximately 300 bill￿n tonnè8 of caloon and absorb approximately 2.6 billion lonnes of Ca￿sn dioxide each year. That ts roughty equivalent to one-thlrd of the carbon dioxide rel8awl by burning fossil ftAls. The evhderKe is Glear that Stoppino global deforn$ta1￿n and restoring degr&led fcrnsts criticd to limiting glc+Jal ternperaluro ri5e5 further. FLYuts we ¢rucK•l for lrfe on earth. Trees arKI forest8 are al80 cruckql lo climate thange adaptalK￿. By prowding a wde range ofe￿5Y$leM 8ervices they reduce social and ecosystem vulnerabilty in a changing dimate and conlribule lo human wellbeing. This includes reducing 5011 degradats'on, erosion and floc*Jing and provKling shadg, habitat, food and I'velihoods. An eslimalod 28.3 m￿lon hectares of forest were losl gbbalty in 2023 . ThaY$ rough￿ 14 tirr￿S the size of Wakns. Gk)bal deforestation it8811 * nrestknn from econLThy by 2030 4. Inspire peop￿ across Vlales to r￿lUc0 ther fore¥l fcolprint. support Irrpical forests and take clmat6 action. En¥urlng our work d•ll¥•rs ourAlm• We rwew our aims end activities annualy when we plan our actNitw for the coming yw. Thlj Tevkw hx4(s al what we achieved and the outcom8s of work in the previous 12 months, and the public benefrt ofthe work in Ilne with Chaiitab￿ purposes. Our annual planning invofv85 Setting a work plan #nd largels for thè coming year. helps us to ensure that our actM"t￿# remain focused on delivgring our #ims. Sle of also uTrJert¢)ok a full ¥trategic revEw in 2019-20. #etting 4 &year 8tralegy to 2025. Work 18 undoTh¥ay on prepwing a now strategy bwnd 2025. Guldlng Prln¢lplo• l our work 18 gui4od by tho fOlkX￿ pr￿￿1)108.. Communlty-fo¢used. partlclpalory and Inclu8lve." We connect with those most morginalised ond whos0 voices Ore kast plaffomi•d. Our work18 Igd by the8e Gommunrtie8 and our lorest partnws. We aim lo rgmove barriers and incT•a5ts cass. Coll8ctiv8ty, we try to influ•rKe d•cisK*n makers •r#Y address Ihfr stwctUT81 ingqugliti08 that are driving the chmate ¢ri8iS. Promot• Justlc•, c*rn 4ndlMry wéll.. Thesé concepts guidè the work we do. tho way$ ￿ inl8wt and th6 d8cl8lon8 we make. 11 relates lo the fail treatm•nt and round￿1 h￿1th of peoplo- from our ¢Y•vn te￿ att the way lo the worfd'$ Ind¥enous Poop￿5 - nc4 neg*ting our pl8ngt ond her forests. We know the dimale ri¥is arrylrfles oxisting system￿ inequoliiies, arKI we rocogntso hThv Wole¥ and othèr GlrA)al Norlh countries h8ve contrib￿e￿ to gb)b81 inequ4itie8 and excessNe cathn omissions alh(e. Through our work. we aim to address this hamilul legw bcAh oversoas and within communities OfWa￿l. Evi(18nc• basedandsolullons focused.. Vletake w engaging and crgatNè Solut￿)n9 focused approach. basing our on reSe￿h and Scie￿ i￿luding indigerbOUS and knal kncwkdge. Focused and strategl¢.' We fccus our V•tirt in Wa￿5 8nd oversea8 at Ioc81. ngtiffial and international ￿ve1. We aspire lo influence changeto wjly. legis￿lI0n aTrJ behaviours. Ourwork is alIg￿d to the Wellbeing of FLrture Gene￿1¢￿ 12015) Wares Act and intsmational commilments to hurn￿ rvjhts lthvs starKlants. Ethicaland•ccountable.' We strive forth8 hvJhos1 standards ol integrity, ethics. xcount8bilty and transPare￿Y in everything ￿ do. We are wrfor[￿ and gu*Jed ty the eyper*nces and expertise of o￿T$ and ccvnmit lo embracirvj an irKIusw •PToach to the work we do and how vndort. Size of Wales Company Umlted by Guarantso Tru8tee8' Annual R•￿rt (Incorporatlng tho Dlrectorfs Report) Year ended 31 Alarch 2024 A¢HIEVEMEln AND PERFORMANCE l•Ve worf( ttrwards our goats thr(wh four Interrel•W prc¥Jwrn ol actr4itioJ.' Alm.. Support communllle8 to 8•curn. andsu8t•ln ov•rih• Img t•mi. •1 ar•a oltroplcdforest •1 least the 8lz• of W•l•8 (•tl•ast 2 mRll¢)n h•¢t•r•s) This progrwnmts provKkn fu￿lIng to impwthil frnt PTOtedK)n wn by our Btrat&3ic partnern in tropical regions. The proiecls supwted by Ske rf Wales in this period have been working to wure and suytsln aroa8 of Irrpical forests that total over 3 Mill￿ hectare8 in 8ots {approximatety ¢)ne and haw Ilm88 th& oizfj ￿ W8198). We en8ur• that all olour $l￿Port k¢al knnd fights and Inwkn th• Indigèn¢w¥ ¢ixnmunities that aro dirKtty affect￿ by the Olth￿rI0re$ts. pr4￿ts - in Africa, South America and Southea8t Asia - tackle defore8t8tiM in • range in￿dIng 88tabti8hirw IWKI righ18 for Indigenou8 P8ople$ •nd 8upportln9 thè de¥ekpm8nt of su8tsn8ble forest manag￿Int and 8118talnobl• I￿01￿•00￿•. Moses we*¢wer, expknntho ift¢useoJ o rroorrwwmeoicme In 202>2024, our current F¢ml atso enabled us to contlnue to better Ilnk ouri)verne•s lornsts wqects lo our WO￿ fft Wal88. helping us dgliver m8xkn)um brn￿ ty en8urkng all our work areas (education, advocacy, COThwwn￿ati￿ aTrl ccffnrnu￿ ¢xrtr6ach) are h'rked to our overall of 8o¢urYwJ tropic•l f￿81￿. F￿lowIng detslled 8craening b•sed M upjated utteria. #Uc￿￿fvI prtiects recerrfed a t(knl of£105.529 fundiry durkng year from a combinat￿ of fundirwJ from The WaleJb) FoundalN and fundrai8ing donat￿. levff4ed further extemal match funding 01 £74,791 and was supplomented by rap response funding of £13.800 furvJir¥J enabl¥yJ the 14Vwnpls Nation to rnspond to the Critical situation regarding illeg81 logging n the twrilory rnJ to buikl coTh¥y bridges to h* prote￿ the orangulan F¥ipulat￿n in Swnatra. Projects Support￿ by Size of Walgs to plxe a mLth grealer er￿laS1& on community 6od prciocts that vth ¢tosely with In￿￿enOu$ P*¥*tes and kxal con¥nun￿.es to protect th9¥ forests, incorporalng a focus on ne*ty effffiJing th￿leS for Stie CA wa￿ such as gender, indusi)n and diversty and awareness of dtiforestthnpfi8k COM￿￿1t￿5 whilst M￿ntaInIng areas of WOFk around sustaiiable INdihc*xl8. Size of Wales Company Limited by Guarant•e T￿￿tees, Annual Report (Incorporatlng the Dlr•ctoVs R•port) ( Year ended 31 March 2024 Theso ￿rdS suppcrfted six forest prOt￿tiOn p￿i￿¢t8. Thil Indth exlstm9 partner8h*8 kn Poru, Kenya. Brazil, Republ￿ of C￿0 IDRCI ￿ Indon8sk. toggtr*r with a partner in Br82il. Here 1$ 8 summary cl our main 1 wqocts.. 1. INDONESIA. SOS Orang[￿.. BulhY5r)g ecosyst￿ for oraryutan8 aTh cc¢Miunilre8 in W8st Toba L8nd8w8- 52.577 hectar•$ 2. DEMOCRATIC REPUBLIC OF CONGO (DRC). Rainft)rest Foundat￿￿ UK IRFUK).. Understanding p*tem8 01 deforestal]on in DRC- 257,863 hxtwes 3. B1i4ZIL, sY￿hrOn* Earth: Strength￿Inu our w)pkn's stnwlo. The defenc• offoresl #roas agansi s(ry In It￿ All￿ Forttt- 26.724 hocla 4. PERU. F¢Jrest Peoples Programm• {FPP)'. TerritThi86 of AburHJ#nr•.' Securiw Wampl8 tarrltory. Il¥elihotrJ8 and climate proleclion - 1.327.761 hectares 5. KENYA. FPP.. S•¢urvvJ Ogid( CcrfrffiunAy Land8. Indynou8 ForoBts. Kn￿￿98 and Lfr4elihcod8- 178,000 hectaro8 6. BRAZIL, CAFOD.. p￿￿n9 Yawn￿¥ and Yolmna fof•Sts frcffi111ggal pld - 1.2 million hectares In total. wa 8upfAXted fomtst ¢¢wnrn￿￿1•fj to prclect 3,042.925 herAarn8 of tropkAI for88t In 2023-24 moro than om a h•Wtimes th• SEe of Wales. Th18 h86 In￿.. Strwgtt*ning IrKligenouJ land rYJhts though l•g•l lupport. ad¥ocacy and poly work kn Peru, Brazd and Kenya Mwping dat8 Captured to m￿rt01 defoTe¥tation rate8 in c(Ynmunty ¢M•m8d forests In DRC Suppcrfling act￿ni that r8cup•rnte tr￿Irt￿al lTrYigenou8 kr￿Med98. for exarrylè by mapplng Med￿1n81 ￿ents Community strengtheniry and gender*rrk I￿4*￿ •swrrt>le¥) ocating Intemallonalty and at hfft. For examplg. by sharing th• loy ropcrft vki our communlcalion channels and at th• ￿nch of our public sector pensi)n report with IheforewoTd ¥nittM by the Guar8ni 4rKI at an ovent at thg Royal Meeting8 at COP28 were secured for tho Guarani IndiJenous1gad8r. Ju Kerwj. to the inN)acl of eoy pLqnl•tion• on thèir land and ther struggle for larKI dem¥￿. Supwting s(KI￿ Forestry Sch•m Prote¢trng thePeruviartknwzon bJingsoforpower Slze of Wales Company Limited by Guarantse Tru$te•s' Annual Report (Incorporating the Directorfs Report) Year ended 31 PAarch 2024 Achl•v•m•nts and perfomwnc• In addit￿n, fvrther actsvtties contbnued fn¥n furKlkw wjred In 2022-23 I￿￿￿ Honr￿d FourKlalion and Welsh Govemment lo promcts renvwable grnen eneryy transpNtthn •nd 8st*)116h a cuhuT81 exch￿• with Wakn. Acti411￿ #1202>24 #KkKled'. FacSMl8tth of trnlnlng W8mpl¥ Indlpnou8 te¢hnrj8￿ In xAar techndogy the knstsmalbn. op8ratlon and managèmnt of Idèr pan¢ls Building the first So￿r [￿￿Ted bc4t in Pew to enable th• w￿r￿[S Nat￿ to tr￿•1 along th& ffver. using 100% Tenwwable energy CorAtruct*)n oft*f 8018r ports in th8 of Sol8th1 and Shffiguito Goal 2: Commun tr•• gmwlng mllll¢>ns of trws In this perv)d, we continued Io 8trenOhen ourtree 9Th1ing programme in su￿80har0n Africa, focussino Uganda with funding from wr partnernhlp wlth Govwnment and Srye ol Wal88' own fiJndral8ing w#h C￿pOrate arKI Indmdud don¢v•. Newly crPobJiShcd bjtto qurscry. This wa8 Mmpknmenled by training Swport on agrovforestry teChnK1U￿ and sustainable INelihood inibalives such as beekeeping and the ￿￿taIti￿n of fud*fvient $toveg. reducing Ihe use offirewc4xI. At tho start of the year. saw the IransAlon of the Boré Fore8t Proloct In Kenya to fledgling In*endence. 8￿Ported partnershi) In conjunction with our corporate pather SportPur8utt Ltd with C￿ final sgt of furKl¥ to cwtributg to their annual 1 fflillion trgp ¥egdlry target. This allowod them to maintain th8ir Iroe 588dh.ng d1¥tr￿n target, wilh $08d St{￿k PT•JomnanUy 50uTced kdty, e$pecklty Indlgenous species that were Purcha￿ frw* the lotsl pwtner Koyas (sacred forÈsl $6tesl rthv under protect￿rt 8chemes thank$ lo th• prwL A trtsl of 31 habt been delNer￿ to their oxtensive netwo￿ of sGhcoh and famiers. Our tr98 ￿ntIng work c¢ntinu•J with ¢)ur Ilayhp Mb•l• Tr••s Progr•mm• in Eastem Uganda with our partners the Mounl Eh3on Tree Grvmng Enlerpnse and Ihe N*lsh Govemwent. In thisfinanckql year, 3,456.446 setrylings were distributed in Ugarda. greatly surpassing the annual target13.1 milltin}. This brings the total number of seedling5 distributed to kral fam)ets to 24.153,400 since 2010. This ts ctose to the total tW9et <25 m11m￿ seedlry) to be dlslrbuled by 2025. Size of Wales Company Llmltod by Guarants• Trustses, Annual Report (Incorporating tho Dirnctorfs Report) Year ended 31 March 2024 At the beglnnlrvJ of ￿ fmncial yw. the fom)at rf th¢ nur•ery sites changod. Ithere￿ at thg beginning of the year all ofthg 17 nursery oites were managwj by the two Implemonting Partners {BRDC and MEACCE), during the year. 9oven nursery Sit88 Wwo estaL4ishgd and opened by METGE at Butta, Mafudu, Ze8ui, Kanyang8. Ganzwryi. Bumatofu arKI Bun*)utsth. wth klETGE nv4V directly or indireKUy supportlry 24 nUI￿ry srte•. of whth 11 are w(¥rnn i•J. Other highlights Of￿ expanded METGE progTrn include. Irryroved balance in the dislribulknn of type of tree Seedllng catego Restore￿On of Nakayldla Micro C*hmnl INaMIC) uiing pathipatory app￿he￿ Improved farmer knoWg¢ WKI skills- 80 fanrnr8 {16 groups) were tralned using practical handHn technique8 on $u8knable agroforosty prxtus Improved lanners, decisKn making on thg type of tree Sp￿￿5 lo plant on their fam)s thrwh ommunty 8ngagamnts training ses$b)n6 and rndio tak 8hM reachiw 450 fam)& Supported livelihocth and propcti. includj'ng training and 8UPPOrt to 25 bgokgeping groups. Rewew crf t￿ 2022-23 G•nd•r and Clim* Justic• repNting POBitr*a Ynpact on fwnity Ile, INdihoods. iustairwblo Lgrml managwrnnl and cmserrfakn •ffort8. DEBORAH NABULOBI klEHEMA MAKUMA Ow partner&hip with Regrow Boffleo In M•l•pl• contk)L*d to wepare and re8tore over 8.5 h•d•r•• of forg81 glong the Klnabatangan Rlver. crnatiry ￿ffient e￿$y$leMS tw improve ¢￿n￿¢t1¥￿ f¢Y wlldlife, restore biodrrfersrty, sequestor ¢okn. and to ryrove ts wellbeing of hxal communit￿. Some of the above Work wa8 onabled by Srze of Ktsle5' fiJndraÉsing. irduding our annual Festive Trè88 Campaign. We are grateful lo our cowir* partners for aupporting this ￿npa￿n by raising or donating money. Includlng sportP￿SUii Ltd 8nd Admiral Gro¥* PLC. Thanks algo go to Run4Wales for includiig U6 in tr*ir Communty Fund, raisw vital fund8 for forest protec￿￿ and to Orchard Medla for thelr invaluable pra(*Kal supwrt. oal 3.. Im rted defore•tatlon 202>24 was anther impactful yew for our Deforestation Free Nation c•npaign, which brought abotrt further poky c(wnmthents and greater visl)ilty of the iysue across Wales, building on our programm8 of thocacy work start&1 in earty 2020. We woukfj ffike lo eyxend our tha￿$ to the Joseph Rcwmtrets CharitatAe Trust. The C(w Foundatton and the Polden Chafitabk Foundation for funding this init181 woth. Slze of Wales Company Limited by Guarant•• Tn￿te85. Annual Report (Incorporatlng th• Dlroctofs R•port) (conthwdj Year •nd•d 31 March 2024 Achlev•m•nls and p•rfornwic• fe The foujs of th18 elvninating iwlrted defOr￿1)n {e¥peci81ty tiopKal defore8taion) from supply chwns ￿rning into Wes. Thi5 i% a progremme of polcy and v*yk In w8￿3 (Ilnklrrfj into UK WKla and inl8matKJnal wipavjns aThl initiatmls) erthurnging the sector, bu$ine$8¢s and Indwhjuals kn Vlales to gradu•lty •lirinate imported tropKxI dèforestat￿￿ from Vthltr¥' economy. nl for th• futw R•al pollcy commllm•nt We have bullt on the PU￿1¢ c¢Jmmitment m•d• by thg G￿ernm￿t after our COP26 eng4ement to Influence poky making •nd prkny diucu8Bkn8 kn WJl••. Thls hm r8suXed In the folkn¥lng changeslimpxt.. h•ve Khieved sigrAficant policy 8ucc•88 In tem# cl pthll¢ wlor pttKtrnm8nl. C8orphll County C¢Juncil irKluded our d•forngtation free ¢rft8rla In the procuièmènl framework for th now food and cateriryJ contr8c( vrnth £228 milhffi. Thrn frwT**oth covorn ￿ o￿nty in W8193 from Powys I CeredioM)n SO￿T￿8rd$. Ske ol wa￿ continued to l••J 8 colSectrrfe of NGOJ that have been vAxking on the Social Partmrshp and publ￿ ProcuTem•rrt ISPPPI ACL Thanks to 8ng￿•m9nts wtth t1￿ Deputy Minister for Sockwl Justicè. a membw Lrf Fairtrade Wakn6 was secoTrJed lo INel6h G0￿Mment to help draft th8 #tatutory guvjance, whth VAII accwnpany the Act. IA￿ are rthv V•Drking with the VVel$h Govemmonl to devise ff*tric8 to M￿sUre global regponsibity publi¢ 8ectoi contracts in Vl81•¥. Since April 2023. Size olwales has been VAx*ing with Gh)bal Caw to cary out ro38wch on 11%ts18h publK sertor pen8K>n fiJrth' e)posure to deffftkn risL Gl¢)b81 Canopy is 8 Gharity th8t m*gs accesslk the dala needed lo transition fr￿n ts Gurrenl de5trudive 8l&tu8 quo lo Mp cornpan￿. financial instrtutK>ns and govomm8nts ta*18 their sustainabilty risks. In ￿¥ember 2023, we launched the 'Saving for the Future. rewt and begun engaging with Wales PenS￿n Partnersh*) {Ihat is po¢4 fvnd•d frcrfn the •¥ht W•L%h I￿1 aulhorty funds) and Authc*itie8 1)n the recommeTrJatKTh ofthe retth. We aL80 fed into • nuwthr ol consUAal￿ induding the Sw*dd Cllmate Change ec*nmlttee ¢on$uttotion on fvture prK)ribe8. the Future GenerattDn8 Comm188ionerf8 consuttatp)n on their rbVN strategic plan and the Nel Zero Ch￿enge Group ¢0￿Ul8t10n, The latter was folbmd by pwtripation I￿u$$Ing cffl the food Sethr and inwt into thg Ifjport arbd roGoTh￿ndati0n& Size of Wales Company Limit￿ by Guarantse TnMtse8' Annual Report (Incorporating th• Directoffs Report) fwthiu•rfJ Year ended 31 Ma￿h 2024 A¢hl•vem•nts and perfornMnc• (cthithitm Doforvslallon Fm Communltlo (DFCs) Over the past year. we have had significant engwJwnent In MOr￿￿th and wthed with four school8. communty group5, busy￿8$9$ the fam)irKJ c￿nMl1nlfy to have a gTg*er underntanrfing of th8 #npact and GqUSes of deforeslth, hv* our actKm hw8 #i affect tropical fomt5 and h(yw they can p08rtfvety ￿tri￿xrte to 8olutiMs. Thi8 work has been co4urKIEd ty the Coop Cart>on InrThi8lton Fund ￿th a fm81 Mnlribth*?n from the Pokjen P￿kharn Ch*llable Fwnd•t*)n and folltYW•on funding frtyn tho Joffe ch￿abl9 Tnjst frcffiAprfl 2024. Pupil led a￿rtS o18chool m8nu$ In four 8chcvJks idenlrfying the dish85 that ha￿ a high defore8tathM risk. lofrh¥&4 by dev*mwtt of proposals for ￿t￿n5 shernd with key 8takeholdefS Including Monnxxrth$hiro County Cn We have partnered vAh Act￿ on Climate Efferwcy (ACE) Monffnuth to set up reggnoralfve w*nloring famiing ￿hen￿•t0 5UPWt 34 k¢al fam)8 to reduce use of inported soy animal feed in fa¥wr of loc81ty grtr4m afternatpm n order to lack￿ Ihe deforestatbDn rfsk of continue lo erytye on drnft Su¥lawth Famiry Schem. At the Royaf IVel•h we organised an event in Ccllab￿titsn wrth IBERS Iln$lrtute of BKik)gical. Environment81 and Rural Sciences- 8 departm￿1 ofAberyshtyh Unsvernrty). TheaTh ofthe Se885￿ was lo dl8CU88 altematNe animal feed opportunitw to from Soy. Vkbh Govemment officrah. NFU Cymru. and 8thr Ongin$ spoka on th? panel. o.riS L¥ cro¥, G 5.-fS f Size of Wales Company Limit•d by Guarants• Tru$teos' Annual Report Vncorporating the Directorfs Report) (¢onkn& Year ended 31 March 2024 AehI￿•M•nts and p•rfomwnc• f*k• cllm•t• acdon. Th18 prc*Jrnmme1$ sp1￿ knlo tffi) 8th-progranrn: Education and Youth Engagwrort COn￿Unty Engag•ment Thanks lo fvnding from the Vlelsh Gov8mm8nt. Si28 ol Wales. ed￿￿10n wthshops continued to in hyh demand. Beh¥een April 2023 and March 2024. wè a totsl of 200 8choo across Vlalgj and dglNered 560 $888k+n8 to proxim8t8ty 18,800 Y￿n9 pecple. Tho SK)n8 are d8•¥Jr￿ lo bo inl•r¥GIN8 and fvn. IiJii yagr, vm havo focu88ed on 8ngaglng on doe￿1 lo￿lWith 20 schcol8 who receNed a second visit. Dufing thse visits they 18am•d mor• about the forest rok coMn￿ltieS Ifoodj and prr*Juct8} that arn consumed every day in W*s and commrtted to take acllon wihln Ihelr schcd. Th 0180 fearned the impxl defore8tat￿n h88 on Indlggnous Peoples 8Th1 hw they aro tho prnn best guardians of the I￿t. F￿k￿lft9 the SU￿$9￿￿ goal 3 pilot in MorwTh)uth Ciwnty. our Deforestation Free schCx￿ Campalgn w85 rolled out to other arn83 ￿ pwl of our Thi5 invotrfftl workn.ty ¢losety •¥J irtensety w6th four schools to boc0￿ deforeBtation freo champ¥Jns. ii.- We continued to defNer training alongsth w valued p•rtrw. Keep Wakn T￿, am looking to enhance this Area of S￿e ol W8le8 In co118b)ratlon ￿ Keep Wal85 Tldy. CAST Centre and Youlh for Nature hepj Youth COP events in Carfrfl and WTpxham in No¥ertJer 2023 with a of sewnleen schooh attending, rèpresented by 134 students. Tho day4org events focussod kty tq>ics of clnnate educath?n, food and famiing, and nature knss arKI recovery. The event5 alM￿j to create an opp￿tunitY for ycthg pe(p to diredty engage with polth'ci8n$ 8rMI petple in p(rwer lo have ther say on these key lopks. The day commenced with an cy•n se$¥￿n and speeches from Ministers, folkywed by W0th81￿P8 and then an aftemoon plenary 8e8sicffl where the yourvj people could put their quesltons to Mink%ter6. Youth Cllmale AmbaMador• IYCA) for Wales SE• of Wal•s has continued lo engag8 with th• YCA wh) are hosted by I￿lA I Clknate Cymru by prowding technKal supwt. Sirtc• the move, we have akn helped secure fwKfirvJ frtyn COOP Gamechanger fund to 8UPPOrt a part time facililak*for the YC 10- Slze of Wales Company Umlted by Guaranle• Tntste••' Annual R•port (Incorporatlng the DlrectoVs Report) Year ended 31 March 2024 Achlevements and perfornmnce re•nth1￿o) Th ￿ year, Ske of Wal85 c￿￿leted tho recruitn￿t process for a Communty Outrojth ol￿r (coo} to build on our fants$1￿ ￿$t￿Ig communty partnerships. Onco in post, the COO drafted tho Communty Outreach Strategy •xpkqin$ Siz• d W*$ 8vr* lo engage historical onvironff*ntalty dk8engwd and underrepres•nled communlies, to W create J representallva approach within Wales oftacklng climate chwffje. incknlYvJ: Young w) socialty deprvmd aroas LGBTa+ {que8r ¢lim8te People of the Gh)bal M￿'Onty Rural Welgh Communities R8fug•es DLsabled peopl• Th880 corrKnunitie8 were cho8•n lo th•lr hhtork posMSon$ 0fts￿.￿9 Some 0ftr￿ lurthest remo1￿ Ircrfn the climate change discussions. It was detem)ined eaty on that to xhieve our goal8 we would ha￿ lo adc•l a Strong partnershp approxh with organi8alion$ •keady embeddod in our t•ry•t Commun￿189. The proc888 of 8>ploring and di8co¥erin9 the8e partn¢rshlp8 began In Q3. ThIB InekKled a mapping proe6s8 th* *J•nlifiod surtabl• Ona￿•Sab.Qn& that m8l¢h•d t)ur dho• •nd aims folbh*d by a meeting to discuss we coutrj wryk together, 8lkrwing u8 lo detennim whal ￿proaCh would be b88t lo work together, b• th* o onfroff workshop, a pr888 at an event or a JNfe in4epth relth'onshiWyrtnership. Following Ih88e diBcus8ion8 Stze of Wales entered into Str dl8CU88ion8 wrth 16 partner organigats'ons. Vthilst 8ev•ral ol these relatlon¥hw stil belng expfored. many have led to do1iv•red ad￿n￿, induding c(￿MUnty 8warene&s ev￿tI ro•Ghing 72 1ndivKIuo￿) and Sizo of Vlakn$ h•viN4 a pro$8 at three events. The80 actbns have al¢yhpd u5 tocryIn￿lIAh four out of our Six target comrNnities. Run4Wules communlty event 11 Size of Wales Company Limited by Guarantee Tnmtees. Annual Report (Incorporating the Directorfs Report) Y•ar •nded 31 March 2024 FINANCIAL REVIEW Rev1￿ of th• fin•ncl•l posldon at tho •nd of tho accounilng perlod Tot81 incomg during the year was £1.304,588 {2023: £1.103.789>. Total axpendriurè amounted to £1.194.T1512023.' £1,270.178}. Grant funding athititsg of £735.773 ate Included wltNn Ihls figure (2023-. £815.616>. Overall, there was a of £109,793 {2023.' net deficit of £166,389) for the year. The varialKins ore due lo timings of incorre and expendrture on restricted lund8. In total £69.244 {2023'. £27,5841 unre81ricted 8urplus wos add￿ to our rns•fves. See further detail und•r rewv•$ polw of'¢¢Tr' fr•e resepth available at 31 March 2024. Summary of R•s•rv At the year end the balance ol unrestrKted reserv￿, including d￿13n81￿d funds. was £3C6,16812023: E236.924) and restr￿ted fiJnd8 amounted lo £268.123 (2023: £227,574) Th8 level of free reserves il•bl• wos £240.215 (2023.. £197.0281. PrfnGlp•l of fundlng We receSved lundlng from the Wg18h Govemm8nt, 85 well a$ a numb8r of trust8 and foundalbns Including The Woledw Foun¢Jatw. the Cw Foundats"on. The Hwnold FcwndalK*n {an element of which was granted directty to partner organisations), and the Jo8oph Ruafntreo Charrtablè Trust. In thi$ pèriod, we also receNed sMal￿r grants including from Em&st Klw'nwort charitab￿ TN8t and a WCVA grant lo advanciryd gender equalty for dlnate change. SrLe of W8kn olso received som8 much-valuwj ncome from co￿Tate partnerships and donaliorA from the public. Our th&nks go to all who SUPPDrtad u$ durfng the year lo make our wc** posslble. ReMr¥v4 Pollcy The board has a pofKy of retainwig at least thr￿ month$ runnin9 CO8ts. nK*nlhs running costs would enable the charity to funclv)n, and Staff lo draw ￿lar￿. for a period comrnnsurate wrth Ihgir nOt￿e perithd and would alluw the charty to ensure all donalw)n8 and chgrrtable funds have been d•livered lo the recipienl prqects. This would also enough time lo communkato the cessation of tivrtiey to Size of wa￿$, supportern. Unrestrthd funds, including designoted funds at the èrKI ol March 2￿24 V•we £306,168 I2￿3.. £236,934) and restricted funds amounlgd to £268,123 (2023.. £227,574). Included in unraslricted reseryes are de8ignaled don8th)ns of £54.985. After ded￿tIng thi8 and tho bok*nce of fLx•d assets £460, there 18 a balance ￿pr￿enting free r08erve6 01 £250,723. H￿ver, £58,306 of this bdan¢e, whiht unreslitted. represents advanc• Nicome from grants which have plann•d expenditure against t￿1. S￿h exponditurts relate#. intw &la. to programmatic Support andlor organi8atKJnal sttengthening. Thi5 ha5 Signrftcantty increased the level of corn unmtrthd fund8 at 31 March 2024. If Ihk8 ILrture planned expendrturg is rernoved. the balance. rnferred to as Core un￿t￿tOd teseNos, is £192,417. These unreslricled core rese￿$ are buih up over time to provpae lund$ for m8eting unp1anr￿d emeryJency operating expenditure and ¢a$h fkm with)ul affecting planned delwery. Our unrestricted free core reseNes of £192.417 are In excess of the mlnimum stated in our TeseNes licy but after taking into account advanced income of £S8.3C6. Slight￿ below our internal tsrgel which the trustees awn to build t(Ywards. r￿￿e1 arn not wffluerKed by frxed assets or Inv&8tnwnt8. Inv•8tment poll Size of Wales banks with Tri(yJo8 whth was chosen for its ethvl investment pOIc￿8. Fund8 are re￿Se￿ to Size of Wa￿S on a quarterty or annual basis arKI no long4emi investments ar8 held by the ¢h•rity. 12 Size of Wales Company Limited by Guarantee Trustees. Annual Report (Incorporntlng the Dlrectorfs Report> (¢onlthu•dJ Year ended 31 March 2024 FlnanGial Rovlow (¢onl#iyoo) Rlsk Managemenl The charrty maintains a Risk R8gi818r that 18 reguiwty updated and r¢vivwed by the trust￿ quarterfy via the Risk Subcommrttee. The primary risks currentty faced by the chgrity Jrethose ofuncert8inty in Short to W￿l￿n￿tern fvnding, 8tsff turnover, heatth and sw {e8peciaty when Staff travel over88891. financial fraud lespecialty with rggard lo funding pfovidod lo ovetseas proiKts), Safeguardi￿ and of not ￿￿tIng funder tsrgatsldolNgrables duo lo restriclions. Addit￿81￿, chanty recognises the irTVOrtanceofembedding antFracisl and ant￿OppreSSive rrtti¢es in everything we th. tx)th in Wakns and overnea8. PLANS FOR FLMJRE PERIODS Ske of Wales is committed lo our ambitK)u8 &year 8tr8tegy for th• wriod 2020-25. This o based on four •trat•glc goal* above and our O￿latk)nal plllarn." w0￿1n9 to ddlvwour fotsrstr•t#gl¢ Go•ls Goal 1: Support community proJe¢ts Ihat sKurn. and •u8taln ov•r th• long t•rni, an •r•• of troplcal forest atlgast the slze of Wales lat least 2 mllllon h•ct•rM) Thg work of our forest partners continues to be al the heart of SEO of Wa￿. missh)n and enr￿h•S and 8UPPOrts our polw, educati¢)n 8rMI outreach work hgre in Wab8. As this 1$ thg la¥1 year of our five-year slralegy, we are not proposing any 5i9nfficanl change5 to our UK partner portfolio. Our monitoring work hAS shown that we are 8UPPOrting impacthil proj¢cts in wh)n8 of hyh need. Vle h•vo al80 devélepod excdlenl relationships with partnern built w trust and shared values. Over the coming yegr, we will Continue to support six fowt partnern lo prot•ct trcptcal forests the of Wa￿9 vkq th Waterloo Fgundation Match fund and donats'ons. A$ part of IhL8 portfdh?, vn will manage the Honnok1 Foundation grant dirtctty w￿h the W8mpi8 Nation to expand solar energy and INelihoods WO￿ in their territory. We will gr(M our rawd response fund to •nable partners lo aec688 lurKling lo m8et urgènt naeds. gr48n tho l&btl of Ihigats Indig¢nou$ part￿r$ are facing. particul*ty in Soulh America. A strong focus wll also be on wnmunicating M(￿ abrArt of our p8rtneTS th lo be us•d in education and c￿nMunfy outrexh Tesourca8 and extem81 c¢yrffi8 and gothering evKlgnca to Show why 8UPPOrtiry Indigenou8 led forest proleclion is impaciful. will 4so support the advocacy work ol our partners, oryilrfying their voKes at intemat￿nal18y•1. Goal 2: Support communllles to tscklè c11m￿• ch•ng• Ind d•v•lop systslnabh Hv•llhood$ by growlng mllllon8 of tr•e8 We org well on track to rnaching 25 Mill￿ft trees di$lributed by 2025 and during tho next yeor, METGE will transition towards their goal of SO m￿ffi0n trees by 2030. We will continua to wrth METGE to ensure the PTogramm8 is effectNe and having an impact. A strong fcoJ$ will be on strengthening famier kncrt41edge sustsin8bb• W M￿￿17•nt practicu and monilorirs SUNr4al rate8. We wil be supporting ts¥0 sub pmiecls.. the new Gender gr8nt funded ty Welsh Go￿nment I INCVA which buikls on pr6vtou6 gender grant in Bumaena tree grcwing work and btodiversty protect￿n on the boundary of the MI Elgon Nalional Park fijnded by Adrriral and Ernost Charilable Trust IEKCT). w￿1 continu8 lo pr(Mde a Smal grnrrt from tyJr o*m fijndraising scmjrces lo Regrtrw B(¥neo, who are rK>W taking a more integral approach lo restoring he￿areS of forest rather than counting the number of 13 Size of Wales Company Limited by Guarantee Trustses. Annual Report Ilncorporating the Directorfs Report) Year ended 31 March 2024 Plans for futur• porlods (eth*iu•oJ Goal 3: MO￿ wal￿ towards ￿lmInatIng Import•d dgforgstatlon from our K¢>nomy by 2030 We will ￿ntinUe to engage *ryth key $tskehokkn to Wal8s' overs885 d8fore5tation I￿￿rin1. This will invofve influencing Welsh begislatK)n at national *1 and •ngaging wth local author￿69. busine5se8, famiers and ccfflmunit*s with a focus on young peryl• and is fvnded by Jo¥eph R¢Y4Yntree Charitable Trust IJRCT). Joffe TIL￿1 aTrJ the COOP Foundation. At national level a kèy pri¢xity will be lo e￿age wrth Wales, new First Minister and ¢abin8t on the DFN campaign. In tenn8 of specffic nat￿n81 pdicy work. we will knus on thè ststulory guKlance for the Social Partnership and Procurement Bill and the Sustain￿le FarmNw Scheme. At local level. we will engag• wrth councils to adopt defor•slatbon free criterig into their procurwent contracts and folkn¥ up on the impact that having DF criteria in a Food framwwryk lender has a*eaty had in one County Council. We plan lo al80 take forward the findin98 of Size of Wales, pensions roport and work wrth Wales Pension Partnership in introducing ¢orkYnitments on d8for8st*w treo invaslmants in their climatè strategy, being more uare of their risk8 and re¥￿￿n9 their inveslm•nt p￿.0$. with thg support of Global Canopy. Thank8 lo funding support from the Joffè Charitable TnJ8t and JRCT will buSld on our exciting and innovalNg Deforestation Fr99 Communty IDFC) piknt Project in Monnb)uth lunded by the COOP foundation. Across Ihl6 goal, we wll work cklsety wlh our CoffwnunKations to capturè knspmng ca8e Stud￿ lo share on our website and social media platlorrrA and with key stakehohJer8 to encour48 actlon. Wo wrill a180 ID)k for fvnding to mll out the DFC model ffnre wd•ty across Wales. Goal 4: InBplr• p•opl• acrom W•lM to r•duca th￿r forell foWrln( •upport troplc•l for•sts •nd t•kt clSrnate actlon We will buikl on our expan¢J•d •iluc•lion and engagen￿l programmé8, linking in awareness of the commodities mo81 re8ponsibl8 for Iropul deforestation such as palm DI, loy, coffee and ¢￿a0. We will aho work in a mcffe focu3s&J and relleclive way wrth sch¢)oL4 and continue to deliver high qualrty resources lo a diverse range of 8¢t￿lS. We will conlinue to roll OLrt the dfjforastatKJn freè 8choo initialtve across the nalh?n, deepening our impoct and enhance the bgarning with èach S¢*h)ol. track young peopk'8 leamiw and offer leaming progre8sKffl. We will d6vek*p a strategy to engagè wtth 8eeondary schods and produce a clearer methodoh)gy for YcArth COP29 to make it less Of a one￿ff •v¢nl, bul of a prccess running over a school tem) whkh culminate8 kn an inyTh)n confwerK•, wh•r• young pwplg are ￿adIng jess￿n¥. We will strength8n our èngag8m8nl wilh communitk*8 Outsidé of the school setting, that we hove a Communty Outreach off￿er and strategy in place. We will build on thè inrtk41 d￿c￿s￿On8 and aclmties Id with organtsations during the $￿p1￿ phaso in 202>24, to develop impactful community partnershps for delNery olsessions on clwnate change to communty 9￿￿p8 and to engage with a ￿￿er audlence vla events. Flnanclal R•sili•nc• A number of our k¥y grants are MU￿year grants, providing us with reasonable financial stabilty for the perb)d 2023-25. We will continue to worf( lo diversfy our fvnding base through grcming our non-grant income streams (corpcKate partner8hip8 and indNidual gmngl and by worting to wure grants from newfun¢Jers linstf(utional, trusts and foundatKir*). This is lo ensu￿ we are ￿)t owwty dependent on any one funder. Equallty, dfv•rnlty and In¢lu$l¢M IEDII Having started off as ￿ antiaracism review. SEe of Wales has brO￿ned thi5 piece of work lo Cover equalty, dNersty and inclu5KJn IEDI). with support from organisatNTh such as Disabilrty wal￿ and stonewall Cymru. Last year. progress was m&Je to embed EDI into our pr8Cttis and it has been 14 Slze of Wales Company Llmlted by Guarantee Tru8tee8' Annual Report (In¢orpornting tho Dlrnctovs Roport) i¢onthu#dJ Year ended 31 March 2024 Plans lor futur• ￿￿0d8 {¢tyJthu•O adopted as an organtsatvJMI ￿lIar. INe will bu￿￿ on this and ensurg that EDI continue5 to crtxscut all ourwcyk at Size of Wales. both intemaly and ext•mdty. Go¥•rn•nc¢ We will continue to fèVi¢W and strengthen ourgovemance systems where 8pprowiate. en5urfng that we are operating to tho hvJhe$l intemation￿ standards, including dNer5fying ovrboard oftrust8os. We a150 plan lo buikl on our anti4xffjm V4Yxk arKI ad￿n plan wrth our bro￿ler EDI approxh. Wellbelng, t•am coh•sl¢)n and Jklll•d tsam Staff wèllbelng ￿11 continué to bè a PThJiity in 2024-25. The ne* Wenbeing and Staff SubComm￿e8 will review the findings of the staff suNey and deveh)p an action plan. We w￿1 dso update the team charter, sure that managers arè Irain•d in aTea8 8u¢h as méntsl healih, and Wor￿00d monf(ored. We will run stsff away day8 and fjnsure staff ar? xce¥sing ¥eNices to inprove their wellbeing. We wll review the team's quarterty reiiew process and promotion guidance. Folrywing a skills mapping exercise, tho tgarn will be encouraged to acces8 Irwning I menloriry where gap8 I nogds havg b88n identir￿. We havg and will continue to ￿rnIe to rncruit maintain a diverne. irKIu9[￿. lalenl•d and eng098d board 0ftruste￿. Communkatlons Size ol Wales is in a key poskn'on lo r￿Ch Lmrt lurther to n*•V gudignces and garner more signrficant Bupport. We 4wll deveknp a new Communications Strategy to help reach ¢)ur organi8ational goa18 under the currant Strateg￿ plan. Linklng Communut￿ls and markeling with c8rnpaign8 WIN key 8nd ensuring that fresh. impxiful stOria8 In Wel8h and Eng￿'sh aboLrt all the f8ntgslic Ihingts that Size of Wal•$ do¢$ arKf sUpp￿ts are Spre￿ acro88 Wales and beyond, rnaching audienGe5. STRUCTURE, GOVERNANCE AND IAANAGEMEKr Qov•mlng doeum•nt Siz• of Wales is a ¢harttable Company Imited by guarantee and as such 18 govemed by o memorandum an¢J articles of asKKiolh?n. Th• wnpgny was incoryKJrattsJ on 20th May 2011 underthe Companies A 2006 and registered as a chaiity on 29th Juty 2011. Trusts• R•crultm•nt and Appolntm•nt Trustee5 are reerurted through of Ihe current trustee board an￿Or through publlc advertisement based on skills and eXper￿nCe kn am8 hlentified as ng•Jing SLPPOrt and in accordance with th• Ch*ty'$ 9o¥emlrwJ dcumenL No exlemal body or perK*n has tho rbht lo 4powrt tru$t8e8. Trustee Inductlon and Tralnlng New trustees receNe Induct￿ se88￿n$ aThJ 80 pfoYKled with 4 Iru61ae pack whkh corrtain5 the follNiNJ d¢xuments'. The essential trustee (a Charity Conxni$$K)n ￿￿lutiOn) Chanty cornmissic￿ new trustee rtgistratkryn confi￿ of interest pcdicy Other relevant organisatN)nal pol￿18s. IncI￿1n9 Safeguwding Poly and GDPR D￿larat￿)n of interest form Skills audrt Trustee robe descripts'on viii. Aitcles of A8stt41ion 15 Size of Wales Company Llmlted ty Guaranto0 Trustees. Annual R•port (Incorporating th• Directorf$ Roport) {con¥nwdJ Year ended 31 March 2024 struclure. gov•manc• and m•nap•m•nl {¢wts7u•d) OryAnl8atk>nal Structure As at the end of MorGh 2024. Sge of Wales h•J e¥Jhl trustee$10150 ¢¢¥npony direL*or81. includtsig the Chair. The board of trustees rrnet quarterty wlh an Annual General Meeting held evory November. SlralfjgK decisions are made by th& board but tske on tho vw$ of tho le￿ in a collabor*"ve and democratic style. Pay, remuneratK>n and all 9ovemance decisions are m* by the board according lo the crrteria set out in our goveming documents and the Design81ed Authoritk*s Poly. Thero are subcommittees h)CIL￿￿in9 a Risk Subcommftteo. Mbale (Ugandal Subccrnllta•, Welbging and Staff Subcc¥nmrttee, Ethi￿ Subcommthee and a Finance and Fundr3rsing Subcommittee, as well •8 lead trustees s￿h 85 a safeguarding trustee and a fin8ncwl lead tn￿te8. Thè day-tfyday management of Stze of Wales is Igd by Ihe EX￿￿t￿8 Diredor, Nleola Pulman. who 18 supportod by Deputy Director Barbara Dav￿S-QuY and a team of staff. freelancers, ¢ontra¢tots and volunt•w8. Tru•tM•' r••ponslbllttl•• *t*t•m•nt The truslws {who 8r• also directors of of for th• purposes ofconyany ￿wI arè responsible lor preparing the trustees. annual reyl and the finan¢i81 slalements in accordonce Y*ilh appli¢able18W and United lQngdcrn Accounting Stsndards {Unr(wJ Kingdom G8n•raltyAccepted Accounting PractiC61. Company law requlre8 the trustees to prepare financlal statements for each finandal year. UrKler comp8fty the trustees must not approve the finanek818latements unkns they are 8alS8fled that they give a true and f4iT view of $l•to of aff8Ws of the tharitoble rnmp8ny and of Ihtr incoming r880urces and application d resourc88, irtluding tho incomè and exp8TrJrtura, of th8 thariiabb company for trbat riod. In preparing the￿ fThnckg1 st8tem•nts, ￿ truste•8 we required lo.. 8ele¢t ￿lIabl0 accounting poIKies and then app￿ them consi￿ent￿.. obsgfve the methods and princ¥1￿8 in the applicable Charrties SORP 2019 IFRS 102); m8ke judgments and estimates Ihat are reasonable and pNdent.' prepare the financial statements on the going concem basis unle88 it 18 inappropriate lo pre•um• that th• Chr￿able corrwany V*ill continu& in op•rnlN)n. Tho trustees are responsibh for keeping 8dequate a￿untIng records that dw106e with reasonable accura￿ at any limg the financk41 posrtion of the Charitabkn company and gnable them lo ensure that the financial $latem8nl¥ wnpty with th¥ Companies kl 2006. Thoy are also r8sponsibl8 for safeguarding the assets of th• charitable company and hence fcK takinEf r•ason*)le $1gp$ lor the prevention detectp)n of fraud and other irregularitie8. In so far as the Irustegs we awarn.. there is no relevant audit 1nfomatrt￿ of which the chaTitsble companys 8LKlitor is unaw8re', and the Iruste8s have taken all steps that they 0￿h1 to have taken to m&ke themselve5 aware of any relevant audit informatky) and to establish that the aud￿￿ is ware of that inlomwtK*n. 16 Size of Wales Company Limilod by Guarantse Yoar ended 31 March 2024 Audltor 2006. $m•ll ¢oDyny prtwl•loM Th1$ roport Iw been preparnd wlh tr• ry0voic￿ k* ￿nIeS ￿￿lled to the small companies exenwkn. trustees by: Name...................................................... Size of Wales Company Llmltsd by Guarantee Independent Audltorfs Report to the Members of Slze of Wales Year ended 31 March 2024 Opinion We audbted the financial Statern￿ts of Size of Wale5 Ilhè'charitable company? forthe year •nd•d 31 March 2024 wh￿h cc*nprise the statement of fInanCh￿ ad[v￿e$ {indudin9 inccthe and expenditure account}, statement of financlal position. stalewthl of Cash Ik7ws and the related notes. including a summary of significant accounting pdiciés. [Inar￿la1 repo￿"n9 framework that has been applled in their preparation is appl￿bIg law and United Kingd￿ Acc¢)unting Standards. induding FRS 102 The Financial Rgporting Standard appluble in the UK and Reput￿lC of Ireland (United Kingdom Genorally Accepted Accounting Practs'c•). In our O￿nIon the fmancial statomonts: give 8 true and tsir view ol the stale ￿ the chaiilable v)Mpan￿$ affairyJ as at 31 Ma￿h 2024 and of its incoming resources and applIcat￿n ol re8OWCe8. including ils income and expenditure, for the y8ai then ended., have been propety prepared in Kcordance with United kngdom Generally Acceptsd A￿untIng Practko. and have be￿ Prépar￿ in accordancè wlth thé requir•m•rrt8 of th• Compani88 Acl 20C6. B•¥l¥ for oplnlon We conducted our audrt in accordanc• wfth Internat￿al Standards on Auditing (UK) {ISA8 IUK)} and applicable lthv. Our reswnsibilrtiès under Ihose slaThlards are further described in the auditorf¥ responsibilrti8s for tho audit of tho finartial sL*ments seCt￿n of our rewl. We are indeperKlent of th& charity in 8C¢t)rdanee wrth tho ethiG4 rfjquirerr￿nts that are re￿wartl to our audit of the financial 8talemont8 In the UK, induding the FRC'S Ethk81 Standard, and wo have fulfilled our other ethical respon$ibilitKry$ in accordanc• wth those rnquirements. INe b•lieve that th• aLKlbt evide￿& we have obtained is suffKient arvj appropriate lo provid• a ba81• for our opinion. Conclu*loM r•l•tlng to golng conc•m In èudrting the fina￿￿91 statements, we ho￿ Co￿l￿￿ed that the InMteeJ' use oflhe wn9 concem ba818 of accountin9 in the preparation of the financi81 statements ig apprOW￿ta. Based on the work we have perfcffiied, we have not ￿￿enIrf￿d any material u￿￿rtaInli•S rekgts'ng lo events or eondit*)ns that. indNKlually or eolleetNtty. may c8$t sKJnfficant doubt on the charitable companys abilty lo continue as a going conc•m for a peiiod of at least twefve months from when the f￿an¢￿1 ¥lalements •uthori¥ed fof l¥SUe. Our re8FonsbllNies and the respcfflsbilsfies of the tnmtees wrth respect to g￿r￿j concem aT8 d85crl>8d the rel￿ant 8ectK)ni of thi8 rw. Oth•r Infomi¥tk)n The other informalion cLMnprises the #)fomatson Niduded in the annual report, other than the financial statements and our auditofs rep)rt thereon. The trustees are ￿ponsIble for the other infom)alion. Our cpinion on the finanei818talements dces nol eovef trle other infomlatlon and, exeepl lo the extent Othe￿16e explKrtty gtated in our report, we do not express any form of assuranc8 conclusion thereon. In Connect￿)n with our audft of the financial staternnts. our respon$ibilty is to read the other infoTmatTon d, in doing so, consKler whether the other infomNtion is materialty inconsistent with the financial slatemnts CA our knOw￿dge obtatned In the audlt or othe￿1$e appears lo be materially mssstated. If we identify such materk81 i￿on61$te￿Ies tr apparent material misstatements, we are required lo detemine whether there is a materid mi5Staten￿nI in the ffinanC￿l statements or a material misstalemenl ofthe other information. If. based on the work we have perfoFmed, we conclude that thore is a material miystatement of this cther informth"on. we are required to report that fac*. We have nothing lo rewt in th18 regt4d. 18 Size of Wales Company Limited by Guarantee Indep•ndent Audltorfs Report to the Members of Slze of Wales fttsttth￿￿J Year ended 31 March 2024 Oplnlons on oth•r matt•rs pr•xrlb•d by the Companl•g Act 2006 In our opinw. b88¢d M the undertakon in the cx*urne dthe aLKlit'. the infom*t*)n gNen in the tru$lees' report (incorporating the dwectors. rnport) for the financial yèar fof the financkql ststeM￿lS are prep8fed ig consisterl wlh the financial statements., and the trustees. Trport ha$ been prepared wi aceordancevrith app1Ktib￿ begal r4uireAnent8. Matt•rn on whkh w• arn r•qulrnd lo rnport by •xc•pllon In the16ghl ofthe kncmledge and underntarKllng of the Charitab￿ company and rts envlronment oblalned in the G¢)ur8e of the audit. we have not identrfied material mitsststemen15 in the Iruslees, rnport. Vle have rK*hing to report in respecl of the foll¢xiry rnattern in relatK)n to which the Gory•nl•¥ Art 2CQ6 requires us to report lo you rf, in our ￿l￿1)n.. adequalo xcounting records have not bwi kept, or r•tum• adoqu* for our audit have not boen receNed from br8￿h88 not vlBrted ty u8: or the financial ststemonls are not In agreemanl vAth tha accountlng rocords and retUrn8', or ¢ert8in di8cb8ure8 of tru8lee8' reMU￿ratIOn 8pecrf*d by LThi 8re not made,. or we have not receNed all the infomiation and explanations we require for our audit,. or the Irusleé8 wèm not enlrtled to preparè thè finana81 statèments in accordance wllh the small companies regime oryj take ad¥8nlgge of small cornpanies. exemptKTrns in preparing the directors, report and from the rnqulrement lo prepare a strateglc R••pon•lblllll•• of trn#t••• As explained more fuly in the Irustees. resw$ibilrtK*s $18tement, the trustees {who ao #Iso the directors for Ihe purp)8eg ofccmpany knyl 8re responsible forlhe preparation of the financial ststern￿ts and for belng satigfied that they gfve a true and fair vlth¥, arrtl for such intemal control a8 the Iruslees detemine 18 nece888ry lo enable thè piepar*lon of flnancial 8iatements that are free from materlal fnisstalemènt. whether due to fraud or error. In prepariw the fin¥￿181 $latements. the trustees we responsible fc* •88essing the charlty's abilty to conlinue as a goino concem. di8cIoshig. as applica￿, matters related to going concern and uslng the going concom basis of aecounling unless the twslaes aither intend to liqupjate the charty or to cease cyeralKffi6, or have no realist￿ alternalNé birt to do 80. Audltorfs Mpon3lblllllM for lh• •udlt of th• IlnaKlal st•t•m•nts Our objectives ar• lo obtain re￿nabl% assurance about whether the financial statements as a %tho are free Irom matarial ffli53tatemeTrt, whether due to fraud or errDr, and to i55ue an auditorfs report that includes our opinion. Reasonable assuranee is a high level of assurante, but ig not a guarantee that an audit conducted in accordan￿ with ISAS (UK) will aw detect a material mis$talement when It exlsts. Mk85tstemgnts can ari8¢ fr￿n fra￿ or error and are Cons￿ material rf. indNidually or in the aggregatg, thay could reasonabty be 8xp8ct£d to inlluenc8 the aconomic d8cisiDns of users taken on the basis of these financial statwrnnts. Irregul8fTties, including fraud. are instarKe8 of nonwtomplk?nce with18ws and rtgulations. We identffied and assessed the risks of m*erial mrsstslement of the fina￿la1 statements from Irregularit￿$, whether due lo fraud or error, and di%ussed these befv40gn our audit tean men*ers. We then designed and perfomied audil PTc¢edures respcfflswe lo those r￿ks, including c&taining audit evidence suffr￿nt and appropriate to prowde a basis for our ¢)pinion. We de$wJn our prccedures $0 a$ to obtain SLrffIc￿nt approprTale audit evidence that Ihe fina￿la1 stotements are not materiaty ff￿$$tated due to non- conwliance with I￿$ and regulations or due to fraud oi emw. 19 Size of Wales Company Llmltod by Guarantse Independent Auditorfs Report to tho Membors of Slz• of Wale8 (etsfflMthu•d) Year erKlgd 31 March 2024 We are not responsible for preventing rth-¢cry￿anCe aTrJ Canr￿ ￿ 8xp8cted to delect non- mplignce with all la￿ and regulalw)ns- Ihbs ffjsponsibrlty I￿$ wrth managem8nt 7Mth tho oversight of the Trustees. Based on our undérstsnding of the charitabie Company and th• charity sector, dtseussion8 with management and trustees we #Jentffied financkql rewting standards. Ch8rf(ies Ad 2011 and CompanieB Act 2L>06 as having a dlrect èffeel on t￿ arr4)unls and discbsure8 in the financial staterrnnls. As part of t￿ engagerrenl team discussion abcArt hcyw and where the charitable Company's financial 8lalement¥ may be materiolty MISStst￿ due tp fro￿1. did not ￿&nIrfY any 8rea$ with an increased risk of fraud. Our audit proc•Jures in¢￿ded. Completir￿ a risk-assessment prc¢ess during our planning forthl8 audtt tlwt $po¢fficaltycon8hd8red the risk of fraud.. enquiry of management thut the Ghartsble wwny'• Pol￿188. pr￿d￿•S related ¢ontrd8 regarding compliance wlh Iv•n regUlatK￿ and it there are any in$t•nce8 of non. compliance.. examining Supporting for 41 m)ten•l b8bfjn¢e8. transactions and dlscb)sur•8,' onquiry of management. about ItffjatvJns and claims and Insp￿tk￿ of r•lwnt corre8pondence', 8natyti¢al pfc*6dur6s to k1Ènlfy any unusual or uneypecléd relationships, 8pecrfic audrt testing on and fevlew of areas that coukl be subl8cl to managgment ¢)varrid6 of controls arKI polgntwl bio8, mo¥t nolabfy art￿nd the key judomants and estlmjtes. includlng Ihg carrying value of accruals, provishJn8, grant making and revenuè recognition; con8klering management overrK48 ol control8 Outside of Ihg rnrm81 opw*in9 CYC￿ including le¥ling the approprkqleness ofjournal entries recorded in the gonerallodger and other 8djustmont$ made in the preparation of the finan¢bal statèmènts induding evaluating ￿ fat￿na￿ of Signrf￿ant tr8n8a¢tths, tyJt8idè nom￿1 ￿Urn• of charitable actNity. Because of the inhernnt limrtalions of an audlt, tt*re ts a fT8k that we win not delect all irregulariti•s, Icfuding those leading 10 8 moter￿1 miss19t￿ent in the financial statements or non4ompltance wrth regulslbn. This risk increa898 the more that compliance with a or regulation is removed from th& events and transacti?n8 rellocled in the finarKial stateM￿ts, a8 we wll bo1g$s likely lo becomè awa of instanees of nonryttirypliancè. Tho risk is 8150 greater regarding irregu￿rit*S occurring dua lo fraud rather than error, a8 fraud Invol￿ intentional ccrfKealment. ft)Tgery, cdlu$i¢)n. omlssbn or miSrepr￿nt8t10n. A8 part of an oudit in accord8nc8 with ISAS {UKI. we ax8rci5è professional judgmnt and mglnlaln professional scepticism throughout the a￿lit. We also.. Idenllfy and asse$8 the risks of matérial misstatemnt of the fhlanclal statements. vthelher due to fraud or error. dewgn and perfom audit Prc¢•dUr￿ rnsponsive lo those rL%ks. and obtsin audil evldence that 13 suff￿lent aTrJ 8PPry)Pri8te to provbje a b0si$ ft)r our opinKJn. The risk of not det8clirvJ a mat6rl81 misstateThnl resutting from fraud is hffjher than for one resuking from error, as fraud may involve collusion. f￿gery. intenlional om¢ss*)ns. miSTepresentat￿n$, or the override of inlgrnal control. Obtsin an urKlèrstanding of intèmal corthil roknntto the audit in orderto desvJn audit prwAdures that are appropriate in the ￿[CUMStanCes. but not ts iho purpw of •xprn$8ing an opinb)n on the effectiveness of the intemal control. Evaluale the apprcprialeness of accounting Por￿*$ arnl th• rea￿nabl￿￿$S of aceounling oslimates and related disclosures made ty the trustees. Slze of Wales Company Limited by Guarantee Independent Audltorfs Report to the Members of Slze of Wales {￿N￿￿•￿j Year ended 31 March 2024 Condude on the aFpropriaten8ss of the Irustee8' use of the g01r￿ conc8m basis of a¢¢ountlng arvj, based on the audrt evidence obtained, wh6ther a matenal uncettsinty exists related to events or conditions that may cast signfficanl doubt on the Charrtable company's abllity to continue as going coneem. If we conclude that a malerHI uncertainty exists, we are required to dra￿ attèntion in our audrtofs rewrt to the related dFsclosures in th8 financiai statements or. rf such dL8cIo8U￿S ore inadequate, lo modfy our Opin￿*Th. Our ￿nclUs￿)n8 are based on the aLwJil evidence obtained upto th8 dale olcyjr S￿l￿or'S rewrt. H(v￿tr, future event8 orconditwA nw causethg charitable company to to continu8 as a going conc8m. Evalu*e the ¢)veTall prfj4¢nlation. str￿lum and c<>ntent of the financial statements, incknding th disclosure8. andwhelherthofinancial stoleff*nts Y•pres•ntlh¢ underfying trans￿tK￿8 and event8 In a manner thal achieves fair pr8sontatson. We corrffiunrale with thosé charged with governan￿ feg8rding. among matters, phnned scope ond timing of the oudit and ￿g￿Tr￿lI audft findlngs. ir￿Udi￿ any 8*3nrfunl deficienGies in intomal control that hlentsfy duriTrJ our audiL Vv of our r•port Thi8 teport is made soldy to the tharit￿le company's membern. a8 a body. in accordance wth Chap19r 3 of Part 16 of the Companies Ad 2008. Our audit work ha¥ been und•rtaen so that we might slate lo tha charitable company's members IhL%e matters we ar8 raquired to stat8 to them in an atsdf(c¢s report ond for M other purpose. To the fulknt exlent p8miittod ty law, wa do not xcept or assume Bponsibility lo anyone other than the charitats￿ company and the ¢harit*Jk ¢ompany'8 members ag body, for our audit work. for Ihls report, or for the q)inion8 have fom)ed. Fa￿ana Ahmed {S•nior Statutory Audlorl For and on boh811 of Carslon Chartered xcountants & st•tuti)ry audltor 1st Fli)or, Tudor Hougè 16 Cathedral Road Cgrdrfl CF119LJ Dated. | 111&0&4 Size of Wales Company Llmlted by Gi￿ran￿O Statement of Financial Activities {Includlng Income and expondlture account) Yoar ended 31 March 2024 2024 Unrtistrthd Restr￿ed funds Total funds TeT 2024. aThJ we S￿n￿l on behaw ol the bL)wd ty: UP4rf Size of Wales Company Llmlted by Guarantee ststem•nt of Cash Flows Year ended 31 March 2024 2024 2(Y23 cash flows from op•rntlng actlvltt Nel incomellexpendrture) 10•.793 11e6.389} Adjustm&nts for. DeprerAalion of tangib￿ ￿ed a88et8 Impairment of tsngilAe fwed a5$91$ Other Into￿t rec8ivabl8 and similar inc Loss on disposal of tangibk fLxed assets Accrued {l￿ome￿8xpeTrSeS 223 (2.8891 (1.1591 152 134 1481 Changes in." Trade and olher debtorn Trade and other ¢r*Jitors 138,0921 16.865 (38,2721 1198,4681 Ca8h goneralod frtyn oper¥tmB 86,178 Interest rnceN•d 2.889 1.159 Net ¢ash Iroml(LMed In> 4)watlng actfvitl•g 88.067 (197.309) N•t Incr•asel{d•cr•*MI In calh and cash wul¥al•nts C•sh •nd cash •qufv*l•nt• •t b•glnnlng of year C•8h and cuh •qulv•hnts at •nd of y•ar 88,067 464,109 SS2,176 (197.3091 661,418 464,109 Th• nots8 on PA9•8 2S lo JS forni part ofth•M flnandal •t•l•ffl•nts. Slze of Wales Company Llmlted by Guarantee Notes to the Financial Statamants Year ended 31 March 2024 G•n¢ral Infomiatlon The ¢harty is a pU￿1C benefrt entty and 8 prlvale cryny h'mitod by guarantso. wistered in England and Wales and a register&J charity in England arKJ Wal&s. The address ofthe register office is Temple crf Peacg, lQng Eoknrd Ml Avenue, Cathays Park. Cardrff, CF10 3AP. I Statsm•nt ol compllanco These financkil statéments have been pwared in comFliance with FRS 102. The Flnancial Reportino SlaThJard appth.cab￿ in the UK and the Republ￿ of Ifeknd.. thg Ststemènt of Recommended Practice appli¢ablo lo chantiès preparing thgir accounts in accordan￿ with the Financ￿ Reportin9 Standard applKable in the UK and RepublK of Ireland {FRS 1021 ICharitEs SORP {FRS 102)) and the Companies Ad 20(￿. Accountlng pollcl•8 B••l• of pr•paratk>n The financlal 8tatebr*nts have bgen prnpar•d on the historMI cost ba5iJ. The financkgl statements are prepar•J in $terfing. whi¢h 18 tho function81 currency ot the wrtty. Mcrtétsry 8ffthnts are rouft￿d lo lh• n•are8t £ Golng conum After making reasonable enquirns arKI havirlg cr)nsidered the tmp¥t of v8rbus oth8r factors on thé financial p8rfomanc6 of th8 charity and ts current posiiion, the trustees belleve the charity wlll be able lo continue lo luffil ils charitabie Purp￿8. wll be able to meet ils liabilrties as they fall due and wll have ad¢quate rosources lo ¢ontinue in operaticnal 9￿$10￿¢0 for the for•seeabb future. Accordingty, the tru$l••s conlinw lo 8(kpt ts goirKJ concem ba8Ss in pr8paring the financial stolements. Judg•mMts and key eourc•8 of •stlm•tlon unc•rt•lnty The preparation of the ftnancwl ststenwnls requires man4emenl to make ludgwn•nts, a￿lmat•S and assurrptw8 that 8ffe¢t the amounts r8wrtad. Theye estimates and judymenl$ arè conth'nually reviewed and are based on experience arKI othèr faL*ors, Irdudiry expxtations of future events that are believed to be rthXonab￿ under th8 orcunY6tancffi. Keysources of estima1￿ uncertainty Accountlng ostvn*es and as5UrnPtMits ar• conceming the future by t￿1r naturè. WIN rarety equal rdated actual outcome. The key asyunylion5 and other sources of estimation uncert¥inty that have a $wJnrfKant risk of ￿￿SIng 8 materid adjustment lo the c8rrying a￿￿UnIS of assets and liabillties wilhin the next financial year 8re ￿ f￿1th￿: Depreciation.. the trustees set depreciat*)n rates based on their consKlered eslimgtfj of the expected u¥eful lrfe of that a¥¥et. This 1$ unlkdy to have a matenal effect. Fund accountlng Unreslricted fvnds are avai1*18 fLY u¥e at the disry•t￿n of the Irustees lo further any of th8 thakity's purposes. Designated funds •re unrestitted fvnds ewm84*ed by tha tr￿005 for parb"cular future proiect or commitm8nt. Reslricted fvnds are $uty'g¢t•l to restrftions on therexpenditure dedared by the donororthrough the terms of an 8pped, and fall into one oftwo sub-classe$'. wlrthd inco￿￿ fund5 or endowment fuThJs. Size of Wales Company Limited by Guarantee Notes to the Flnanclal Statements (ct)fftJth￿ Yoar ended 31 March 2024 Accountlng poNcl•s (C￿￿￿￿? Incomlng rn￿U￿8S All incom¥w reBources are inckr(led in t1￿ ¥tstenwt of finprKIo1 octpiitias when enlilbement h88 pass9d lo Ihg ¢harity,' rt Is prthble that the ￿rbLyn￿ benefrt$ assocrated with the Iran88clion will flow to the charty and the amount can be reliabty measured. Tho follw.ng Sperif￿ polici88 ar8 applied to particular categories of inc¢me'. income from donat￿nS or grants is recogni8ed ￿en there is evpJenc• of enlilknment to gfft. recelpt is prObats￿ and its 8m¢)unt can bè m888ured reli8bty. Inc¢￿ from donated 9cods is measufed at thè fair value of tho good8 Urt*s$ thls Is impractKal lo measure reliabty, in which case thg value 1$ derived from the cotst to the donor or the eslimaled resale value. Donatgd facl1rt￿S and s8rvKes ara racognised in the account$ Wh￿ r•¢ewed if the value can be r8j￿bty m&asured. No amcwnts aro includod for I contribution of general votuntears. Income from conlr&ts lor tho supply of 8ervSce8 is recc#Jni8ed with the dglNery of the contracted servKe. Thls is cl3sstfied 86 unrestrtcted fund8 unlass there Is a contractual requirement for it to be spent on 8 p8rtiGulgr wrpose and return￿ rf u￿pInt, in whkh case it m•y be regard•d as rgstrided. RMour¢•• •xp•nd•d Expendrture Is recognised on an accNals bas￿ as a l¢abilty is incurred. ExpgndiluTe Include8 any VATwhich Gonnd be fulty re¢ovwed. ond i# classbf*d urthr headings ofthe slatamnl offinandal activities lo which it relate$.' expenditure on Ailing funds indudes costs of all funLtraNing xtIv￿o8. •vent8, non- charitable lrnding a￿Mt￿. ond the ol donated 900th. expendr¢ure on charitable xtsvitie8 includ•s Jll costs incurred by a th81ity in undertaklng aeINrt￿s that further rt8 charitable aims for the benefit of its ben￿e￿8n8$, including those Support c￿18 arKI ¢ost$ relatlng lo the 9tr4ernance of the cthadty apwtloned to charitable a¢livrties. olherexperKlitur• indud•8 811 expendItu￿that 18 neith8rrnlated to rnkiiryJ fundslorthe chgrily rKK Port 01 its exp•nditure on chwitsbb #thit181. AII c08ts are albxated to exp￿￿rtUre ¢alegorns refiKling the use of the resource. Dirgct costs attributable lo a Singk 8ciivrty are amocated dlrectty lo that aclNity. Shared costs are apportion8d between the they corrtrbLrte lo on • wsonable. juslffiable and conskstent basis. Op•ratlng l•ase¥ Lease payments are recognised as an expense 0￿r the le85e leffli on • straight4ine basis. The aggiegale benefft of kase ir￿nINe$ is recognised as a reduCt￿n lo expense over the le85e lenn. on a 8tralghl-Ine b•8k8. T•nglbl• a￿•¢$ Tangiblg as$et$ are inbtralty re¢￿de{la1 Cost, and subsequenty statad al cost18ss any xcumulated depreciation and impawment losses. Anytangible assols Carrnd at revalued arMunt$ are rttorded at the fair value at the date of revaluation less any subsequent accumulated depreciatign and 8ub8equent accurNlaled impawmenl Ios8e8. Slze of Wales Company Llmlted by Guarantee Notes to the Flnanclal Ststements (conthu•dJ Year ended 31 March 2024 Accountlng pollclo¥ I¢*th￿d) Deprnclallon D8pr8ciation 15 cakulated so as tOWTite off Ihe co$1 orvalu8t6on of an a88e( its reshknl value. over usèful econom￿ life of thal asset as fo*Jws: Equipment 33% reducing bal8nce D•btorn and credllorn rnc•lvablo I p•y•bh wlthln on• y•ar Debtorn and credhor8 with no stat•J intwest T* r¢¢th*b￿ or payabh within on6 year are recorded at transactknn price. Any1088•s arising from impaim*nt are recognr6•d in expenditure. Match fundlng The commth)onl lo provKl• m*ch funded grants orty be rwnised when th? dorwtion# to b• match lunded have been received and agrwl by the bolrd of InJ8tees, and not when they are nOti￿d or p￿dged. D•fin•d Gontributlon plans Contributions lo defineil ¢ontn"bLrtion plans are recognised as an exponsa in the period in which th6 rdated 8eNK• is provKl•d. Pr¢paKI eontributlons are recogni8ed a¥ an asset to the extent that th6 prepaymont wll lead to 8 red￿l￿)n in fvture p•yments or a cash thd. Llmltod by qv•r•nt•• Exh member of Ihe 8oard of Tnmtees has undertaken to guarantee th• Charity's debts to the Sum of£1 each. Size of Wales Company Llmlted by Guarantee Notss to the Financial Statsments Year ended 31 March 2024 Donatlon8 and l•gacl•8 Unrestr￿ed Fu Restrictad Total Funds Fund8 2024 Donallo Donations The Waterloo Found&w- donations The Watedoo Found**￿- pneral fvr￿1 92.228 91228 110,000 33,000 110.000 33.OLK) Grants Welsh Government Joseph RownlTee Cha￿8b￿ Trust C(xy Foundation Ernest Keinwort Chwrtablg Tnnt US Embassy Joffe Charrtable Trust H￿n￿d Foundation WGMCVA Other grants rotsbvablo T15.￿0 131.622 24,292 776.000 131.822 24,292 6,000 25.OCKJ 76,998 26.000 76.998 24,000 800 24,O¢X) 228.026 1,071,857 1.299,883 unr￿tr￿ted Funds Reslricled Totsl Fund8 FuTrJs 2023 Donatlons Donations Th¢ Wal¢rloo Foundation- donats'ons The Wal•rfw Foundats'on- general fuThling 44.578 44,578 100.000 30.oc 100.CKIO 30,000 Orants Ish Gov8mm8nt Joseph R¢)wntree Charitable Trust Ctrop Foundation Scotti8h Power Hub Cymru Alr Polden PLKkham charrta￿ Fr￿nd8th)n US En*Jas5y Honnold Fourmlation K•ep Woles T VKLA Ch￿orn&￿e[S 651,700 79.497 72.698 851,700 95,396 72,698 15.899 10,000 lo.￿0 75.258 22,000 1,000 1,012.153 75.258 22,000 90,477 1,102,630 Slze of Wales Company Llmltod by Guarantee Notss to the Flnancial Ststements (eonthtwl Year endod 31 March 2024 Investment Incom• Unrestiicted Total Fund• Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest recer4able 2.889 2,889 1,159 1,159 Oth•r Incom• UnTe¥tricted Funds Roslricted Totsl Funds Funds 2024 Other irtom 1.372 424 1,796 Unlostr￿l8d Re8tricted Total Funds Fund$ Funds 2023 Oth¢r income Exp•ndSturn on ¢h•rltabh aclmlkn ty fund typ• Unrn•trM*od ReStrK￿ Tot•1 Fund• Fund8 Fur 2024 Grants I project lunding Support costs 157,381 1.031.308 1.188,689 6.086 1,194.775 183.467 1.031.308 UnrnJtrict¢d Fund¥ Ra81ricted Tcld Funds FUNJS 2023 Gfants I prole¢t funding Support Costs 65.789 1.198,825 5,432 1,204,257 1.264.594 5.432 65,769 1.270.026 Expendltur• on charhabl• actl¥ltl•s ty acthilty typ• ActNrtias undert&ken Grant funding directy of ￿l¥ll1e5 Support Totsl funds 2024 Total fund 2023 Gr8rrts I proi&t funding Governance costs 452.916 735.773 1.188.689 1.264,594 5,432 1,270,028 452.916 735.T13 6.086 1.194,T15 Size of Wales Company Limlted by Guarantse Notes to the Flnanclal Ststsments (c Year ended 31 March 2024 10. Anoly•l• of support costs Anatysts of support ¢>)sts Total 2024 Totsl 2023 Govemance rxjsts 6.086 6,086 5,432 11. Anatysls of granls 2024 2023 Grants lo institutlom Grants to in8titLth'on¥ 736.T13 736.773 815,616 815.616 Total grants 11 Oth•r •xp•ndlturn Unreslricted Totsl Funds Unr8Strthd Total Funds Funds 2024 Funds 2023 Lo88 on disposal of langiblg fLX a88618 held for charity8 Thvn use 152 152 13. N•t Incom&ll•xp•ndlturn Net irKonW{oxponditwe) 1$ stated after chwgiwl(cr•ditlng)". 2024 2023 D8pr8ci8lion of tangible f￿•d ass•t• Los8 on di8PO881 of lang*4e fued assets 152 14. Audltorn, v•mun•ratlon 2024 2023 Few payabl• for the 8Ltdit of the financial Statements 5.400 5,292 Size of Wales Company Llmlted by Guarantee Notes to the Flnanclal Ststements Year ended 31 March 2024 15. Staff costs The total staff costs and empknyee benefrts for tho reporti'ng perKxI are anatysed as folkyw8.' 2024 2023 Wages and solgries Social security costs Err￿loyer contribution8 to pensTh pl•r 334.070 23.386 20.353 3TI,809 301.768 22.079 18.350 342,197 The averJge head ¢ount of ènwloy885 dtsrir￿ the y•ar was 1512023.. 13). The average nurrber of lul-time equivalent wnpbyees during the yèar is anatysed as folkm.. 2024 2023 No. Nurrd)er of staff 11 No employee reLeiv•J •mployo8 borth of mtya th￿ £80.ODO durivJ the year12023.' Nill. K•y M•n•g•m•nt P•rnonn•l Key management personnel I￿lude al pw80n8 that have authorty and rgsponsiblity for plannSng, dlrKting and controlling the a¢tNitw of the ch*lty. Tho total compfjnsation pafra lo key Manage￿nt per80nnd for PTovthJ lo th• charrty was £99.38512023.. £94,971). 16. Trust•• rnrnuner•tlon •nd •xp•n No remuneralw)n or other beneft$ frMI ¢mployment with ￿ charity or a rel•tsd entity were receNed by the trustees. I tn18tee$ aro entitled to clalm the cost of thding tru$to• m8etlng8. The totsl TeYnbur¥ed was £nil {2023: £661 for travelling and sub8igtence costs. 17. T•nglbl• fix•d •wts Equipmnt Totsl At 1 Aprll 2023 and 31 Mjrch 2024 Depreclation At 1 April 2023 Charge for the yeai Impainngnl k)sses At 31 March 2024 3,102 3,102 2,083 2,083 336 223 223 2.642 2.642 Carrying amount At 31 Mareh 2024 At 31 March 2(r23 1,019 1.019 31 Slze of Wales Company Llmlt•d by Guarantee Notes to the Financial Statements (¢tyJlthwd) Year ended 31 March 2024 18. Debtora 2024 2023 Tr*le debto Prepaymenls arKI xcrwd inc( 212 24,480 62,785 62.785 24.692 19. Cr•dltors: amounts falling du• wlthln om y•ar 2024 2023 Trade crthlrtor8 Accruals and deferred incorm SO￿81 sécurity and other taxes Olhw cl￿rtOIs 26,9(K) 11.217 3,347 11,265 6,151 4,559 4,013 25,322 20. P•nslon• and oth•r po•t4•tlrnm•nt b•n•fits D•lln•d contrlbutlon plans The amount recc¥niwd in incom* or ?xpthlitur• ab an èxpen￿ In rel*lon to defined conlrilxrtion plans was £20.35312023: £18,350). 11. An•lysl• of ¢h•rftabl• lund• Unmtrlct•d fun Al 1 April 2023 At31 Income Expon¢*ture Tran8f8r# MArch 2024 Genfjr￿ ftsnds Projocl Donations 198.047 38.877 137.915 94,372 19S,711) 167,756) 1163,46n 10,932 {10,5081 424 251,183 985 236,924 232,287 306.168 A131 Transfers Marth 2023 1 2022 Income* Expth*turo General funds Project Donations 141.851 67.489 209,340 47,403 44.233 12651 (65.6561 165,9211 9,058 (7.189) 1,869 198,047 38.877 91.636 236.924 Excludiig the r￿ed assets value from the general reserves. the free regeNes at the year-￿d amounted to £250,724 (2023 £197.028}. This ir￿lUdeS advarKe incryne {see Trust8e8 Report). A de￿9ftated fijnd exists lor the donatK)rt6 rxebved Ivuards Project funding. Further donation8 were receNed in the eurrenl year, as wel as spending 4ainsl the fvrKI. IrKlud8d withn g8neral lurKI income iy £33.0￿ frixn The wat￿ Foundation {2023 £30,000). £76.998 from the Honnohj FOundat￿n {2023 £nifi and £25.OCM) from The Joffo Charitable Trust (2023 £nil) lo supwt tore and prc4ttt costs. 32- Size of Wales Company Umlted by Guarantee Notes to tho Financial Statements Year ended 31 March 2024 21. An•ly818 ol charllabh funds (¢￿1*u• At31 I￿)me Exp8ndituro Trar*fers March 2024 April 2023 Welsh G¢)vemment The Watedoo Foundatx Scotti8h Pv•Mr Piize Fund Joseph Rownlree Charitable Trusl Ernest Kleim¥ort Trust Pdden Puckham Charitsble FoL1ndal￿n US Embassy The Cctoperative Foundation WCIA Changemake WG I VKVA Gender Grant 56.375 90.000 TT5,LKKI 110.Crf)O (767.26n (103.800) 64,108 96,200 1.893 11.693) 12,171 131,622 175,688) {s.c(Jo> 68,107 10.000 (1.943) {10.000} 2.367 14241 $6.350 928 24.292 (43,6671 11951 38,975 733 24,000 (24.0001 227.574 1.072.281 {1,031.3081 (4241 268,123 At31 Transfers Mar¢h 2023 Apn'l 2022 Incomg Expèndltur• Welsh Governmenl Thè W8lerloo Foundation Hub Cymru Afrlca Scottish Powor Foundation Scottkgh PThYar Prryg Fund Joseph Rthvnlree charitab￿ Trust Polden Puckham Cha￿ab￿ Foundatknn US Embassy Th8 Co-operati4• Foundation Keep Ih¥bgs T The Honnold Foundatbn WCIA Changemaker¥ 277.394 88.076 10,000 651.700 100.1 1872,719} {98,076) {10,000) 58.375 90,000 24,506 {22.63n {1,869} s.000 (3.307) 1,893 8.126 79.497 175.4521 12,171 6,$89 1,856 10.oc (6.589) (3,7991 10,000 (1,9431 n,698 22.000 75,258 1,000 <14,3481 122,CQOI <75.2581 172) 421.547 1.012.153 {1.204.25n 58.350 928 11,889) 227,574 Welsh Govemmenl have prov•knl grants in relalp)n lo tho Ed￿al￿ and Communication Prograffme and to the Mbale Trees prqect in Mbale, Uganda. The Waterh)0 Foundaknn prov*Jed funding to support foresi projects. Hub Cymru AlrKa has W0v￿od fuThJs ILAvards the Gender and Clwnate Just￿• propct. The Seothsh Power FOUr￿ation gvanl has been recehthl w) respecl crf ils MockCOP program and ha¥ teen extended lo support the YLKrth Cknnate Ambassadors programme. Size of Wales Company Limited by Guarantee Notes to the Flnanclal Statements {¢onlth Year end•d 31 Ma￿h 2024 21. Amlysls of charltable fvnds The Scottish Pt)w•r Prrye Fund grant was awarded forthe ell￿at￿)n pwramme for sthool pupils for participating in the MockCOP ￿ents in Beh￿1 and is bemg utilised to further support thg Youth Climate Amb￿ador8 in 2022r23 and beyorKI. The Joseph Rrhvntree Charitable Trust grant wa8 I￿ardS the Elimin¥Ung Inported deforestatb)n from Wale8' ocon￿, projwA as **ll as furtt￿r fundlng this year Iwards PronN)ting Equalty. Divernts, InclusvJn and Welba'ng. The Emèst Kleinwort Charl￿￿ Trust wovNled fundirvj t(ma￿ Con8aNng Fore8t$ in Mount Elgon N*ional Pa￿. The Poklen-Puckh8m charitab￿ FoLY•Jatkn lunds towards gr(￿Ing the "Z•m- DeforestaI￿n Nath)n" prc48Ct. The US Embo88y has provlded w ww4rd to *upport Wal•s Ywth CitEen Joumah'sm Trnlnlng Progwn" The Co-operatNe Foundats"on has provtdwJ a grant though their D￿a￿nIS0t￿n Fund tcmards plloling work on Defore¥tstion Free Cojyfftunltw. Keep Wdos rty ha8 Fyowded fundi4 twrd8 the Trfy Tree. Our Fore$l Schools Prolgrf,. Th8 Honnold Foundation prowded restiicttd funding la8t ye8r in supwrt (rf th8 work promoting indigenouj 1è114èt6rnination and increasing 8Gcess to sdar energy for the Wampl8 Nation. The WCIA ChangemakOTS grant was provthd to 8upwt YrArth Ch'mate Amb#88adorn lo participate in the gbbal Chang6makers project. Wabes Council for Voluntary Actvjn (WCVAI. through the Welsh Gov•rM*nV8 Wale• and Afri¢a Grant Scheme, have prowded a grant Iwardy thancing gender 8qualty for climate ch•n9a resil1gnce and adaPtaI￿n in Mafta￿a distrKt. Eastom Ugand& FurKI transfers represent the tran￿fjr of éxchange rate gain m•le an tha US Errkn•$¥y fuNI that had been S￿nI in the WKY year. 22. An41￿15 of n•t aM•t• b•tw••n lund• Unrestr6cted ReStr￿ted Total Fund$ Fund8 Funds 2024 Tangible fr4ed assets Current a55et8 Creditorn ￿$$ than 1 y•ar N•t ass•ts 322,838 {17.1301 306,168 292,123 {24,000) 268,123 614.961 (41,130) 574,291 UnrestrKted FurHts Restridgd Tclal Funds Funds 2023 Tangible fmd assots Current assets credito￿ kss than 1 ytsr 1,019 261,227 {25.322) 236.924 1,019 488,801 (25,322} 464,498 227,574 227,574 Slze of Wales Company Limited by Guarantee Notes to the Financlal Ststements 1¢ Year ended 31 March 2024 23. Analys18 of ¢hang•s in n•t d•bl At1 Apr 2023 Cash tlcws At31 Mar 2024 Cash at bank arKI In hand 464.109 88.067 552.176 24. Opèr*ting l•a• comTrkn•nts Th• Icrtal fviure minimum payTrnnts Ul￿er nOn￿nG￿lable opernbnglgases ar• as folows.. 2024 2023 Notloter than 1 yew 6.395 25. Related Partl During the yoar, d¢rt)at*)ns lotallirvj £1.797 wer• T•celved from m8mb8r3 ofthe trustee board.