COMPANY REGISTRATION NUMBER.. 07642041 CHARITY REGISTRATION NUMBER: 1143178 Size of Wales Company Limited by Guarantee Financial Statements 31 March 2026 CARSTON ETL Chartered accountants & statutory auditor 1st Floor, Tudor Hous8 16 Cathedral Road Card CF119LJ Size of Wales Company Limlted by Guarantee Flnanclal Statem•nts Year ended 31 Ma￿h 2025 Page Trustees, annual report (incorporaling the d1￿ClO￿S report) Independent auditorfs report to the members 23 Statement of financial activities {including income and expenditure account) Statement of financial posilion Statement of cash 29 Notes to the financial statements 30 Slze of Wales Company Umlted by Guarantee Trustees. Annual Report {Incorporating tho DlroCtorf$ Report) Year ended 31 March 2025 The trustees, *tK* we also the diredm fLY the pu￿￿5 irf cwjparry law. prnsont th￿r rwt and the finanrAal Itstemnts of the charity for the year ended 31 March 21)25. Reference and admlnistrative details Rtyl•l6r•d charfty n ofWab8 Chartty r•gkntv•ll(bn numb•r 1143178 Company r•glstratlon nUmI￿r 0764%)41 PrInG1￿1 offl¢• and r•gl•¢•rnd of Peace King E¢**ard Vll Awnue Catlws P4rk Cardrfl CF10W Th• tnMt• LOMI Jenkkn• ts Rebe￿0 ￿lI￿rnI Prof. Carw Jon8$ Ms Hannah Haryoy Mr Stuart Clath• Mr Clwe Thoma• Mr Richard DeM*n Miss Sarnh Eve(s Shea BucklandJ¢M8 Ms Lisa H8nd Prd. John Hunt Mr Jeremy Le*l8 Mr Tfftxhy Birch IRMgn•d 1 September 20251 {ResWwd 5 September 20251 (Appo*il•d 11 April 2024) (Appothted 11 Aprll 2024) (Appoint¢d 11 April 2024} ppointed 11 April 20241 (AFvofjntod 8 Soptembgr 2025) K•y Ilan*g•m•nl N*A>Lg Pulman (Dlrector) Barbara Davies-QLry (Dwuty Dr•¢t15% of global human Induced greenhouse gas emissions. Tropical forests are at the front Ilne of thSs forest loss. Whlle troplcal forests coverjust 6% of the planevs land surface, they contain 80% of the worlds documented species. They are also home to milllons of people. who depend on them for their food and IlvelShoods. If we continue at our current rate of deforestation and habitat conversion, we risk crossing numerous tipping points which would pose serious risks to the stability of our global climate, human welkbeing and biodNersity.' Our alms Ourwork focuses on achieving four strategic goals: 1. Support community projects that secure, and sustain over the long term. an area of tropical forest at least the size of Wales (at least 2 million hettaresl 2. Support communitie5 totackle climate change and develop sustainable livelihoods by growing millions of trees 3. Move Wales towards eliminating Imported deforestation from our economy by 2030 4. Insplre people across Wales to reduce thelr forest footprinL support troplcal forests and take cllmate actlon. Ensurlnz our work dellvers our alms We revlew our alms and activitles annually when we plan our activities for the coming year. This review looks at whatwe achieved and the 0￿cOmeS of our work in the previous 12 months. and the public benefit of the work in line with our charitable purposes. Our annual planning involves setting a work plan and targets for the coming year. This helps us to ensure that our attivities remain focused on delivering our aims. Size of Wales also appraised its >year strate8y to 2025 and impacts whilst preparing a new strategy beyond 2025. https.'Ilresearch.wrl.orglgFrrforest-extent-Indi(atorslforest-lo httpsJl%wdw.carbonbrief.orglex￿aIner-nrne-tlpP1ns-polnts.thatVC0uld-be-trI8gered-by-C1lMote- changel Slze of Wales Company Umlt•d by GuaYants• Truste￿. Annual Report (Incorporating the Dlrnctorfs Report) (ethiithu•d) Ygar ended 31 Mar¢h 2025 Objectivos and activities Guiding Principle5 All our work is guided by the following principles: Community-focused. participatory and Inclusive.. We connect vdith those most marginalised and whose voices are least platformed. Our work is led by these communities and our forest partners. We aim to remove barriers and increase access. Collertivety, we try to inlluence decislon makers and address the structural inequalities that are driving the climate crisls. Prnmote Justice. care ond lfvlng welL' These concepts gulde the work we do. the ways we Interact and the declslons we make. It relatesto the fair treatment and rounded heakh of people- from our own team all the way to the worlcfs Indigenous Peoples - not neglecting our planet and her forests. We know the climate crisis amplifies existing systemic inequalities, and we recognise how Wales and other Global North countries have contributed to global inequalities and excessive carbon emissions alike. Through our work. we aim to address this harmful legaw both overseas and wlthln communI￿eS of Wales. Evldence basedandsolutlonsfvcused: We take an engaging and creatfve solutlons focused approach. baslng our work on research and sclence Including Indlgenous and local knowledge. Focused •ndstrntegk" We focus our work in Wales ond overseas at local, natlonal and international level. We aspire to influence change to policy. legislation and behaviours. Our work is aligned to the Well-being of Future Generations Act (Walesi2015 and international commitments to human rights laws and standards. Ethicol ond ottountoble.. We strive for the highest standards of integrity. ethics, accountability and transparency in everything we do. We are inforned and guided bythe experiences and expertise of others and commit to embracing an inclusive approach to the work we do and how we do IL Size of Wales Company Llmlted by Guarantee Trustses. Annual Report (Incorporaling the Directorfs R•portl Year endod 31 March 2025 Achievements And Performance We work toward5 our goals through four interrelated pro8rarnmes of activities: Goal l.. Forestprotethon Alm.'Supportcommunttles to secure- ondsustoln overthelonz terni- an area oltroplcal fvrest at least the slze of Wales (at leost 2 mllllon he¢tores) Thls prograrnme provtdes fundlng to impactful forest protection projects run by our strateglc partners In troplcal regtons. The projects supported by Size of Wales in this perlod have been worklng to secure and sustain areas of tropical forests that total over 3.5 mllllon hectares In size Imore than one and a half times the size of Wales). We ensure that all of our projects support local land rlghts and involve the Indlgenous communities that are directly affected by the loss of their forests. These projects - In Afrlca, South America and Southeast Asia tackle deforestation in a range of ways Includlng establlshlng land rlghts for Indigenous Peoples and supporting the development of sustainable forest manasement and sustainable livelihoods. Guaroni celebmte Ihe stynlng of o decree to demorcote seven Indlgenous Guoronl Lond5 by the Minisref ofjustice A leodeK of the Morro do5 Covalos Indigenous re￿ltOryrece1wng the lond titlesfor their territory In 2024-25. our current Forest Strategy also enabled us to contlnue to better link our overseas forests projects to our work in Wales. helping us deliver maxlmum Impact by ensuring all our work areas (education, ad+K)cacy. communicatlons and communlty outreach) were linked to our overall goal of securing tropical forests. Size of Wales Company Limitsd by Guarantee Trustees. Annual Report (Incorporallng the Directorfs Report) IconWftu•¢ Year ended 31 March 2025 Achlevemerrts and perforniance Following detailed screening based on current critÈrla, successful projects received a total of £167.454 funding durlng the year from a combinatlon of funding from The Waterloo Foundation and fundraising donations. This leveraged further external match funding of £87,000. It was also supplemented by rapid response funding of £10,000 to support an emergency flood response for the Guarani People and to support a visit of the National Land Commlsslon to the Ogiek territory.- Projerts supported by Size of Wales continue to place an emphasis on communty led projects that work closety with Indigenous Peoples and local communitie5 to protect thelr forests, incorporating a focus on new￿ emerging themes for Slze of Wales such as gender. inclusion and dlverslty and awareness of deforestation-risk commodltles whilst maSntalnln8 areas of work around sustalnable livelihoods. These awards supported six forest protertion projects. This includes existing partnershlps In Peru, Kenya. Brazil and Indonesia, together with a new partner in Peru, Here Is a summary of our main goal 1 projects and partners: 1. INDONESIA SOS Orangutan: Bulldlng ecosystem resilience for orangutans and communtties in West Toba Landscape - 52.577 hectares 2. PERU, Ralnforest Foundatlon UKIRFUK).. Empowerin8Ashanlnka Peoples In the Amazon - 436,294 hectares 3. BK4ZIU Synchroniclty Earth: Strengthening our people's struggle. The defence of forest areas against soy in the Atlantic Forest- 26,724 hectares 4. PERU, Forest Peoples Programme (FPP): Terrltories of Abundance: Securing Wampls territory, livelihoods and climate protertion - 1.327.761 hectares 5. KENYA FPP.. Securing Ogiek Communlty Lands. Indigenous Forests, Knowledge and Livelihoods- 178.000 hectares 6. BRAZIL CAFOD: Protecting Yanomami and Yel(wana forests from illegal gold mlning - 1.136.662 hectares. Slze of Wales Company Llmlt•d by Guarantso Trustees. Annual R•port (Incorporating th• Directorfs Report) (c￿￿￿•￿) Year ended 31 Mar¢h 2026 A¢hlevements and perf0M￿nCe fc In total, we supported forest communities to protect 3.158,018 hectares of tropical forest in 2024-25, more than one and a half times the Size of Wales. Thi5 has involved: Strengthening Indigenous land rights though legal suppoit advocacy and policy work In Peru. Brazil and Kenya Providing trainin& tools and equipment to promote sustainable livelihoods initiatives ranging from social foresty initiative5 to other a8ro-ecolo8ical prattices Utili5ing new technologies tt) guarantee forest protection. health and wellbeing Supporting artions that recuperate traditional Indigenous knowledge, for example by mapping medicinal plants Community strengthening and gender work (womenpled assembliesl Athocatlng Internationally and at home. a major success this year achleved wlth the legal recognltlon of seven Guaranl territories. totallin8 18.500 hertares wlthln the Atlantlc Forest and the demarcatlon of Morro dos Cavalos Indigenous Land. • Bulldlng ecosystem resillence for biodNersity and communities. Notable impacts and achievernents by partners through thls support include integration of conservation principles into village development plan& strengthening of Indigenou5- led cooperatNes. creating and equipping of a communlty patrol that monitors and intercepts illegal miners, the facilitation of Nadonal Land Commission hearings, a 91116 reduttion in minin& 68% redurtlon In malnutrition deaths, and zero deforestation alerts In one area Uanuary 2025) and the recepit of the Caritas Europa Innovatlon Prlze by partner for Ilnklng traditlonal wlsdom with technology. Slze of Wales was honoured to host two members of the Wamp(s Natlon In November 2024. They participated in a series of meetings and events. At each, they presented Information about the Wampls Nation. its territory. its history. and government prlorltles. They also presented the problems faclng the Wampls Natlon and put forward recommendations for Wales to take attlon. Wompis leaders Speaking t7t events in Woles Size of Wales Company Llmtted by Guarantse Trustees. Annual Report (Incorporatlng the Dlrectorfs Report) Year ended 31 March 2025 Achlevements and perfonnance le￿ A community outreach project between Size of Wales and Beacons Cymru resulted in a collaborative single titled Time is Water that incorporated the voices of the Wampis leaders. composed and performed by Welsh musicians- Nookee, Ogun and Mall Haf. In 2024, Size of Wales sÈcurÈd funding from the Honnold Foundatlon to promote renewable green energy for the Wampls Natlon and a commitment of further funding from the Welsh Government to continue their work. 60012.. Communty tree zrowlnz Alm.. Support communltles to toekle dlmrte Change anddevelop su$tulnable Ilvellhoods byyowlnz mllllons oltrees In thls perlod, we contlnued to stren￿hen our tree growlng programme In sub-Saharan Afrlca. focusslng on Uganda wlth fundlng from our partnership v4ith Welsh Government and Slze of Waleg own fundraising with corporate and individual donors. This was complemented by training and support on agro-forestry techniques and sustainable livelihood initiatives such as beekeeping and the installation of fuel-efficient stoves, reducing the use of firewood. Our tree plantlng work contlnued wlth our flagshlp Mbale Trees Programme In Eastern Uganda with our partners the Mount Elgon Tree Growin8 Enterprise and the Welsh GovernmenL In this financial year. over 3.2 million seedlings were distributed in Uganda, greatly surpassing the annual target (3.1 million). This brings the total number of seedlings distributed to local farmers to just over 25 million. meaning the overall target of 25 million seedlings by 2025 has also been reached. Seedling dtsrribufion During the year a total of 26 community run nursery sites continued to be managed by the two implementing partners. BRDC and MEACCE. alongside those established by M￿GE. ofwhich 13 are women-led. Slze of Wales Company Llmlted by Guarantee Trustees. Annual Report Ilncorporatlng the Dlrectorfs Report) (conthu•dJ Year ended 31 March 2026 Achlovomonts and porfomianc• (condnu• Other highlights of the expanded MEfGE programme include: Support to Ilvellhoods and village savings projects, including training and support to 32 beekeepinggroups Construction of 651 Lorena stoves. reducing the use of fuel wood. Improved farmer knowledge and skills. training 2.832 farmers on sustainable agro. forestry practices Production of vegetables under the sustainable land management {SLM} practices, enabling groups to earn an income Commencement of work with local communltlesto protect Mt Elgon National Park and restore degraded parts Tralnlng of communltles on how to care for the trees and threatened tree species found In the park and Ilvellhoods measures introduced to reduce pressure on the park Training on how to make reusable sanitary pads. leading to addressing menstrual hygiene barrlers and crea(ing profitable. sustainable produrts sold locally and to nearby schools Successful implementation of the gender equality for climate change resilience and adaptation project in Lukuma vlllage in Manafwa from May 2024, described in more detail below. In May 2024. Size of Wales and METGE launched and delivered a project called'Advancing gender equality for climate chan8e. resilience and adaptation. in Butta. Mana￿a districL funded by the We15h Governmentvia WCVA. This programme has achieved the followlng Impact: Changing community nomis and promoting gender equality Economic empowerment of wornen and improved wellbeing Climate adaption, mitigation and food Security Greater visibility. learning and global solidarty. Size of Wales Company Llmfted by Guarantee Trusto•s' Annual R•port (Incorporatlng th• Dlrnctofs R•port} Y•ar •ndod 31 March 2025 Achl•v•ments and perfornian¢• (eondn As part of the 2025 International Women's Daycelebratlons. two representatives from the Mbale Tree Growing Programme travelled to Wales and participated in a week-lon8 series of events engaging with decision makers schools and community groups in South and North Wales. Their visit showcased the programme's impact in climate change mitigatlon and adaptation and amplified our contribution toward accelerating gender equality in Eastern Uganda. Our partnershlp wlth Regrow Born•0 In Malaysla contlnued to prepare and restore over 8.5 hettares of forest along the Klnabatangan River, creatlng reslllent ecosystems that improve connertivity for wildlife. restore biodiversity, sequester carbon and improve the wellbeing of local communities, with the work being led in county by local community partners from July 2025. Some of the above work was enabled by Size of Wales, fundraisin& Including our annual 'FestNe Trees, campaign. We are grateful to our corporate partners for supporting this campaign by ralslng or donating money. including SportPursult Ltd and Admiral Group PLC. Thanks also go to the 81g Glve for Includlng us In thelr onllne campalgns. and to all who have donated, raising vital funds for forest protection and tree growing. Goa13.' Imported delorestotlon Alm.. Move Woles t•word5 ellmlnrtlnx Imported defvrestatlon from Wales. economy ty 2030 The aim of Goal 3 is to move Wales towards eliminating imported deforestation from our economy by engaging with the Welsh GovernmenL public sector bodies. businesses, and the public. 2024-25 was an excitlng year for our Deforestation Free Nation {DFN} campaign. which brought about significant policy impacts and greatervlsibility of the Issue across Wales thanks to funding from Joseph Rowntree Charttable Trust URCT). the COOP Foundation. the Joffe Foundation and the CIPS Foundation. The focus of this work Is on ellmlnatlng Imported deforestatlon (especlally troplcal 10- Size of Wales Company Llmlted by Guarante6 Trustses. Annual Report (Incorporating the Dlrectorfs Report) (cw•thiu•dl Year ended 31 March 2025 Achievements and perfomi•n¢e (￿ntinu• deforestation) from supply chains coming into Wales. This is a programme ol policy and advocacy work in Wales (linking into UK wide and international campaigns and initiatives) encouraging the public sector. businesses and individuals In Wales to gradually eliminate imported tropical deforestation from Wales, economy. mmltm We have built on the public commitment made bythewelsh Governmentafter our COP26 engagementto influence policy maknng and policy dlscussions in Wales. Thls has resulted in the followlng changes l impact Slze of Wales continues to lead a collecttve of NGOS that have been working on the Social Partnership and Public Procurement (Wales) Act. We have fed into consultations on the statutory guidance, contract clauses for public works and the metrics to ensure that a reference Is Included on global responsibility We fed into a revlew of the global responsibility goal to the offlce of the Future Generations Commlssloner Wales as part of their S-year impact report. We were extremely pleased to see a strong focus on deforestation free pollcles In the Future Generatlons Commlssloner S-year report One of the 50 recommendations states that "the public 5ettor must become deforestation free by 2028. ensuring supply chain5 do not contribute to global deforestation. habltat loss or human rights violations, includin8 child labour and the abuse of Indigenous Peoples, rishts. The report also includes a case study on the Wampis Nation o It also calls for globally responsible food and farming and for support to farmers to reduce imported feed linked to global deforestatlon We have built on the slgnificant policy success already achieved in terms of public sector procurement. Our deforestation free criteria have been included in the procurement framework for the new food and catering contracL covering every County in Wales from Povrys I Ceredigion southv¥ards. Thanks to fundingfrorn the CIPS Foundation we are now working with all publlc bodles and suppliers that are part of the framework to increase thelr knowledge about deforestation risk In theSr supply chains and help promote actlon. We have run three training sesslons and helped develop tools to audlt their supply chains In February 2025, we presented the updated findings on our penslon report to all eight Constituent Authorlty pension leads and the Welsh Penslon Partnership's i)versight Advlsor. 11 Size of Wales Company Llmlted by Guarantee Trust••s' Annual Report (Incorporatlng the DlrectoVs Report) Year ended 31 March 2025 Achievements and performancé IJ Over the past year, we have had significant enga8ement in Monmouth and worked with four schools. communty groups, businesses and the farming community to have a greater understanding of the impact and causes of deforeststlon, how our actlons here in Wales affect tropical forests and how they can positivety contribute to solutions. Thls worl with fvnding from the Joffe Charitable Trust from Aprll 2024, and thanks to campaign led by pupils from four local schools, resulted In a unanlmousvote in December 2024 by Monmouthshire County Council (MCQ to become Waleg first Deforestation Free IDF) Champion Council and adopt a DF charter. MCC has already taken action to change their procurement prartices and school rnenus, with input from pupils who co-deslgned and cooked the dlshes. resulting in substantial carbon emissions reduction. Furthermore, we are pleased to see thelr Local Food Strategy state the aim to"improve local and ethlcal supply chalns, Includin8 mlnlmising the environmental impart of publlc-sector food contracts and usin8 Deforestation Free Options. where posslblv. Thls campalgn featured at Abergavenny Food Festlval In September 2024. We have also shared the learnlng from the cooklng In schools, audltlng of school menus and DF menu developmentatthe Senedd Cross Party Group on Free School Meals. 11 Aberg¢7venny Food Fest1￿1 We decided to focus our efforts on worklng wlth one of the biggest food wholesalers In Wales. They have been uslng the DF Buslne55 toolkit and resources produced by Size of Wales to help them audit thelr supply chains and take the following action.. Set up a Sustainable Dairy Suppliers Network to reduce the use of imported soy Worked on a formal comprehensNe deforestation policy to be integrated into their supplier assessment and procurement processes Conducted ethical checks on their corned beef products as this is their highest risk product and tried to find viable UK alternative5 Checked RSPO certifications for their top 30 food products sold to schools Explored engaging dirertly wrth the Round Table on Responsible Soy Assoclatlon. We also published a video in collaboration WFth Orchard Medla and The Waterloo Foundation documenting the latterfs DF journey as a resource for other businesses in Wales. 12 Slze of Wales C¢)mpany Llmlt•d by Guarantso Trusts•s' Annual Report (Incorporating the Directorfs Report) (¢•hL Year ended 31 March 2025 Achlevements and perfomianGo (c As part of our work in Monmouthshire. bye promoted link5 and learning opportunities between farmers and pupils from local schools. We also set up a regenerative farming mentoring scheme whlch helped a local farm end their use of soy-based animal feed. reducing the embedded greenhouse 8as emi55ions. and helped estsblish a potential collaboration of growing alternative crop feed localty. Goal &. Educotlon ond En￿¥ement Alm.. Insplre people ocross Wales to reduce thelr fvrest fvotprln¢ support tropical lorest5 and take ¢llmote ortion. This pro8ramme Is spllt Into two sU￿prOgramme5". • Educatlon and Youth Engagement Community Engagement Thanks to fundlng from the Welsh GovemmenL Slze of Wales. educatlon workshops cont5nued to be in high demand. Between Aprll 2024 and March 2025, we engaged a total of 177 schools across Wales, deliverlns 393 sesslons. The sessions are deslgned to be Interactive and fun. The wonders of the ropical ralnforesj Survival adaptstjons Examples olnew resources TweFve of the schools were Tieforestation Free schoo15". Each DF school received a whole staff tralnlng session. three engaging workshops covering the five main forest-risk commodities and follow up 5e5sions to investigate and plan action. We have Increased our engagement with secondary schools across Wales and offered Innovative sessions such as a workshop for an eco. The level of unrestrlrted free reserves available as described in our reserve5 policy was £235.396 (2024: £240.215). Prfnclpal sources olfvndlng We recenied funding from the Welsh Governmen( as well as a number of trusts and foundations including The Waterloo Foundation, the Honnold Foundatlon {an element of which was granted directly to partner organlsatlonsl. the CIPS Foundation. the Joffe Charitable Trust and the Joseph Rowntree Charitable TrusL Slze of Wales also recebved some much-valued income from corporate partnerships and donations from the public. Ourthanksgoto allwho supported u5 duringtheyearto make our work possible. 15 Size of Wales Company Llmlted by Guarantso TrusteK' Annual Report {Incorporatlng Directorfs Report) {c(￿￿U Year ended 31 March 2025 Flnancial review Reserves Pollry The board has a pollcy of retalning at least three months running costs. Three month5 running costs would enable the charity to funrtion. and staff to draw salaries. for a period commensurate with their notice period and would allow the charity to ensure all donatlons and charitable funds have been delivered to the recipient projects, This would also allow enough time to communicate the cessation of activities to Size of Wales, supporters. Unrestricted funds. including designated funds. at the end of March 2025 stood at £301,371 (2024.. £306.1681 and restritted funds amounted to £326,21512024'. £268.123). Included in unrestricted reserves are designated donations of £65.667. After deductlng this and the balance of fixed assets £308, there is a balance of £235.396, However. £27,875 of thls balance. whllst unrestricted. represents athance income from grants which have planned expenditure against them. Such expendlture relates. inter alia. to programmatic support and l or organisational strengthening. This has si8nificantly increased the level of unrestritted funds at 31 March 2025. If this future planned expendlture Is removed. the balance, referred to as core unrestricted reserves, is £207.521. These unrestrirted core reserves are bullt up over tlme to provide funds for meeting unplanned emergency operating expendlture and cash flow without affecting planned delivery. Our available unrestricted free reserves of £207.521 are In excess of the minimum stated In our reserves policy but slightly below our Internal target which the trustees aim to bulld towards. These reserves are not influenced by fixed assets or investments. Investmentpollcy Slze of Wales banks wlth Triodos. which was chosen for its ethical investment policies. Funds are released to Size of Wales on a quarterly or annual basis and no long-term Investments are held by the charity. Rlsk Manozement The charity maintains a risk register that Is regularly updated. This is regularly reviewed by the Risk Subcommittee and by the board of trustees on a quarterly basis. The primary risks currently faced by the charity are those of uncertalnty in short to medium-term fundin& health and safety (especially when sraff travel overseas), financial fraud lespeciallywith regard to funding provided to overseas projects). safeguarding, staff turnover, and not meeting funder targets I deltverables due to restrirtion5. Additionally. the charity recognises the importance of being an inclusive organisation and the need to keep embedding anti-racist and anti-oppressive prartices in everything we do. both in Wales and overseas. 16 Size of Wales Company Llmlted by Guarnntee Trustees. Annual R•port {Incorporatlng the Directorfs Report) {M•rfnu•¢ Year ended 31 March 2025 PLANS FOR FUTURE PERIODS Slze of Wales is committed to build on our ambitious ￿year strategy for the period 2020- 25 with work well underway on our strategy to 2030 and beyond. This is currently based on our operational plllars to achieve our rtrateglc goals: Worklnx to delfver ourfvurstroteglc Gools The work of our forest partners continues to be at the heart ofsize of Waleg MI￿10n and enrlches and supports our policy. education and outreach work here in Wales. As this 15 the last year of our five-year strate8y. we are not proposlng any significant chan8e5 to our UK partner portfolio. Our monitorlng y￿rk has shovm that we are supporting Impactful projects in regions of high need. We have also developed excellent relationships wlth partners built on trust and shared values. Over the coming year, we wlll contlnue to support six forest partners to protect tropical forests the size of Wales vla the Waterloo Foundation Match fund and donatlons. Astrong focuswill also be on communicating more aboutthe Impactof ourpartner5work to be used in education and communty outreach resources and external comms and gathering evidence to show why supportlng Indigenous led forest protettlon Is Impactful. We will also support the advocaLry work of our partners, ampllfylng thelr volces at international level. Havlng reached the mllestone of 25 million trees distrlbuted by 2025, durlng the coming year, METGE wlll transition towards their new goal of 50 rnllllon trees by 2030. We will contlnue toworkwith METGE to ensure the programme Is effectfve and having an impact. A strong focus will be on strengthening farmer knowledge and sustainable land management practlces and monltorlng surrfival rates. along with fundraising to ensure longer term sustainability of the prograrnme. We wlll also be supporting tree growing work and blodiversity protection on the boundary of the Mt Elgon Natlonal Park funded byAdmiral. We will continue to engage with key stakeholders to reduce Waleg overseas deforestation footprint. This will involve influencingwelsh legislation at national level and engaging with local authorities, businesses, fanners and communitleswlth afocus on young people and is funded byjoseph Rowntree Charitable Trust URcn,Joffe Trust and the CIPS Foundation. 17 Slze of Wales C¢ynpany Limited by Guarants• Trustees. Annual Roport (Incorporating the Directorfs Report) (conlthl Year erKled 31 March 2025 Plans for future periods i¢onbkn At natlonal level a key priority will be to engage with decision makers In the Senedd on the DFN campaign. In terms ofspeclfic national policywork, we will focus on the ststutory guidance for the Social Partnership and Procurement Bill and the Sustsinable Farming Scheme. At local level, we will engage with councils to adopt deforeststs'on free criterla into their procurernent contracts and follow up on the Impart that hawng DF criteria In a Food framework tender has already had In one County Councll. We plan to also take forward the findings of Slze of Wales. pensions report and work with Wales Pension Partnershlp In Introducin8 commitments on deforestation free investments in their climate strategy, being more aware of their risks and revlewlng their investment portfolios. Thanks to fundlng support from the Joffe Charitable Trust and JRCT we will build on our exciting and Innovative Deforeststion Free Communlty (DFQ pllot project In Monmouth funded by the COOP foundatlon. Across thls goal, we will work closely with our communications manager to capture Inspirlng case studies to share on our website and social media plarforms and wlth key stakeholders to encourage artion. We will also look for fundlngto roll out the DFC model more widely across Wales. We will build on our expanded education and engagement programmes. Ilnking In awareness of the commodlties most resFM)nsible for tropical deforestation such as palm oll, soy, coffee and cacao. We will also work in a more focussed and reflective way wlth schools and continue to deliver high quality resources to a drverse range of schools. We wlll continue to roll out the deforestation free schools initiatNe across the nation, deepening our impact and enhance the learning with each school. track young people's learning and offer learning progression. We will implement our new strategy to engage with secondary schools and produce a clearer methodology for Youth COP events, integrating work over a school term which culmlnates in an in-person conference, where young people are leading sesslons. We will strengthen our engagement with communities outside of the school settin including community Outreach. We will build on our partnerships with organi5ations to develop impactful community partnerships for delivery of sessions on climate change to community groups and to engage with a wider audience wa events. Size of Wales Company Limited by Guarantee Trustees. Annual R•port {Incorporatlng the Directovs Report) Yoar ended 31 March 2025 Plans for futur• perfods {cofttinu•dJ Strenzthenlnl our operotlonglplllars underplnnlnz our vmrk A number of our key grants are multi-year grants. providing us with reasonable flnanclal stability for the period 2025-27. We will contlnue to work to diversify our funding base through growing our non-grant income streams {corporate partnerships and individual giving) and by working to secure grants from new funders (instltutional. trust5 and foundationsi. Thls Is to ensure we are not overly dependent on any one funder. Having started off as an antl-raclsm review. Size of Wales has broadened this piece of work to cover equality, diversityand inclusion IEDII. with sUPPOrtfrom organisations such as Disability Wales and Stonewall Cymru. Last year progress was made to embed EDI into our prartices. This has now been adopted as an organisational pillar. We will build on this and ensure that EDI continues to crosscut all our work at Size of Wales. both internally and externally. We will contlnue to review and strengthen our governance systems where approprlate, ensuring that we are operating to the hlghest international standards. Includlng diversifying our board of trustees. We also plan to build on our-antl-raclsm work and action plan with our broader EDI approach. Staff wellbeing will continue to be a priority under wellbeing in 2025-26. The recently established Wellbeing and Staff Subcommittee will review the findings of the second staff survey and refine the actlon plan. We will also update the team charter, ensure that managers are tralned in areas such as mental health, and workloads are monitored. We will continue to run staff away days and ensure staff are accessing services to improve thelr wellbelng. We will remew the team'5 quarterty review proce55 and promotlon guidance. Following a skills mapping exercise. the team will be encouraged to access training / mentoring where gaps I needs have been identified. We have and will continue to Strive to recruit and malntain a diverse. indusive, talented and engaged board of trustees. Size of Wales is in a key p05ition to reach out further to new audiences and garner more significant support. We will implement our new communications strategy to help reach our organisational goals. Linking communications and marketing With campaigns will be key arbd ensuring that fresh, impartful stories in Welsh and English about all the fantastic work that Size of Wales does and supports are spread across Wales and beyond, reaching new audiences. 19 Size of Wales Company Llmlted by Guarantee T￿￿t•￿' Annual Report (Incorporating the D5rectoes Report) Year ended 31 March 2026 STRucfuRE, GOVERNANCE AND MANAGEMEMT Governlng document Slze of Wales is a charitable company limlted by guarantee and a5 Such is governed by a memorandum and articles of associatlon. The company was incorporated on 20th May 2011 under the Companies Art 2006 and re8lStered a5 a charity on 29th July 2011. Trustee Recrultment and Appolntm¢nt Trustees are recruited through networks of the current trustee board and l or through public advertisement based on skills and experience in areas identified as needing SUPPOrt and in accordance with the charity's governing document, No external body or person has the ri8ht to appoint trustees. Trustee Indurtlon und Tralnlnz New trustees receive Indurtion sessions and are provided with a trustee pack whlch contalns the follovlng documents: The essential trustee (a Charty Commission publicaiion) Charity Commission new trustee re8istration Relevant organisational policies, induding safeguardlng pollcy, GDPR, conflirt of intere5L delegated authorities policy and a statement on anti-racism Declaration of interest fonn Skills audit Trustee role descrlptfon Article5 of association vi. vll. Oryantsatlonolstrurture As at the end of March 2025. Slze of Wales had twelve trustees (also company dlrectorsl, Includlng the Chair. The board of trustees meet quartertywith an Annual General Meeting held every November. Strategic decisions are made bythe board but take on the views of the team in a Collaborati￿ and democratic style. Pay. remuneratlon and all governance decisions are made by the board accordlng to the criteria set out in our governlng documents and the designated authorlties pollcy. There are subcommlttees Including a Risk Subcommittee. Mbale (Uganda) Subcommlttee, Wellbelng and Staff Subcommittee. Ethics Subcommittee and a Finance and Fundraising Subcommittee. as well as lead trustees such as a safeguarding trustee and a financial lead trustee. The daY-t￿daY management of Slze of Wales Is led by the Executive Dirertor Nicola Pulman. who is supported by Deputy Dlrector Barbara Davies-Quy and a team of staff, freekncers, contractors and volunteers. Size of Wales Company Limited by Guarantse Trustees. Annual Report {Incorporating the Directorf$ Report) (¢MI Y•ar ended 31 March 2025 Trustees, responsibilities statement The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards Iunited Kingdom Generally Accepted Accounting Pratticel. Company law requlres the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the Incorning resources and application of resources. including the Income and expenditure. for that period. In preparlng these financial statements. the trustees are required to: selett suitable accounting policies and then apply them consIstent￿. observe the methods and principles in the applicable Charities SORP 2019 IFRS102),' makejudgments and accounting estimates that are reasonable and prudenL state whether applicable UK Accountin8 Standards have been followed. subjert to any material departures disclosed and explained In the financial statements,. prepare the flnancial statements on the going concern basis unless It Is Inapproprlate to presume that the charty will continue in business. The trustees are responsible for keeplng adequate accountlng records that are sufficient to show and explain the charity's transactions and dlsclose with reasonable accuracy at any time the financlal position of the charlty and enable them to ensure that the financial statements comply wlth (he Companies Act 2006. They are a150 responsible for safeguardlng the assets of the charity and hence for taking reasonable steps for the preventlon and detection of fraud and other irre8ularities. Each of the persons who is a trustee at the date of approval of thls report confimis that: so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware.. and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor Is aware of that information. Audltor The auditor is deemed to have been re-appointed in accordance wlth sectlon 487 of the Companies Att 2006. 21 Size of Wales Company Limited by Guarantee Tru8toos' Annual Report (Incorporatlng the Dlrnctofs Report) Y￿r end•d 31 March 2025 Thls report has been prepared In accordance wjth the prry4tslons •pplicab￿ io companles entRled to the small companle5 exemoion. The trustees, annual report was approvtd on 11 ￿tr￿mber 2025 and s*ned on behalf of the board of Trustee... Name.........Tlm 81rch.................. Size of Wales Company Llmltod by Guarantee Indepondent Auditorfs Report to the M•mbors of Size of Wal Year ended 31 March 2025 Oplnlon We have audbted the financial stateffents of Stze of Wa￿$ (the 'chwty? fry the year ended 31 March 2025 whth Comprise the Stateftxnt of firwncial adivrties {Including income and expendiluro account). statement of financial positK)n, statement of c8sh Ib)ws and the related noles. includiry a summary of signiftsnl 8ccountSng pc4icies. The fina￿la1 reporting framwwork that has boon appliod in their prepaTation is applUb￿ law and United King(*)m A¢counting Standards. induding FRS 102 The Financial R8porting Standard ap￿Kable in the UK and RepublK of Ireland {Uniled Kin9dom Generally Accepted Accounting Pracbco). In our opinion financial st*emants'. give a Iruo and lair vmv of the state ofth• affairs 88 at 31 March 2025 and of its Niccthing resources and applKation of resources. including its income and exporrfliture, for th? year then éndéd.. have been Pfowrly prepa(ed kn xcordarKe v•ith Unrted ￿.￿gdOM Gent￿ty Accepted Accounllng Practice,. have bean prepared in acconljnce wrth Ihe requir•rTW)ts of the Comwm Act 2006. Ba•ls for oplnlon We COnd￿ted our audit in ac￿dance wrth IntémalKtrnal Star￿8￿8 on Auditing (UK) IISAS IUK)) and ¥Jpli¢able law. Our re8pon#ibililio8 under those st8ndards are further d•8cribed in the auditorf8 responsibilitie8 for the audit ot the ffinancial stat8ment8 seclion of our report. We are independènt ofth• harily in accordance with the elhul roquirements that ar8 relevant to our audrt of the fin8ntial 8tatemonls in the UK, including the FRC'S Ethul Standard. and we have fulflled our other ethical responsibilities in aecordanee with ltr￿e requirnnxnts. We beheve that the audr( evhlence we have cètained Is suffrient and appropriate to wowde a basis for our opinion. concl￿10n• r•l•tSng to goSng ¢tYne•rn In ouditing the financ￿1 stslements, we conclud8d that the trustees. use ofthe going concem b•si# accounting in the preparation of the financHI St￿er￿ntS is appropriat8. Based on the woth w• have pertom)ed. we have not Idenlffied 8ny rrth7￿ unc¢rtaintle8 relatiNJ to events or conditions that, indFvidualty or colknlively. may significant doubt on the charitable mpany'8 ablllly lo continue as a going corKem for a pe￿d of at least months from when Iho financial statements are authorised for issue. OUT responsibilities and respI￿s￿lI￿ of thè truytees with regpect lo going c(xKem are dèsefibed in the relevant sections of Ihr6 r•y¢ Other Inform•tlon The other infom191M comprises the information included in the annual report, other than the financ￿1 stslements and ¢wr auditorfs report thereon. The truslees are reSponsit>￿ ftw the other infom)ation. Our cpinion on th• financkgl statements does not cover the other infomialK)n and, èxcèpt to the extent fAhernise expl￿11￿ staled in our report. we do not express ary fom of assuran¢• ¢onclu8ion Ih8r80n. In connection with our audit of the finanaal stslements, our r•sponsibilty i8 to read the other irrfomation and, in doing so. ￿nsider whether the other infcmiation is malerialty ir)consistenl wrth the financi statements or our knovAe¢Jge obtained in the audrt or dheThvise opp8ars to b8 materially misstated. Ff we identfy such material Ir￿nsIsten￿eS or app8￿nI malerial misstatements, we are required lo detemine whether there 1$ a Materi￿ misslalement in the financial statements or a material misstalemenl ofthe olhef information. If. based on the work we have perforrned. we conclude that there 1$ a material misstalemenl of this other informat1￿, we are required to report that facL We have nothing to report in this regard. Size of Wales Company Limited by Guarantee Ind•pondent Audltorfs Report to the Members of Slze of Wales (c•nUTh￿￿) Year ended 31 March 2026 Oplnlons on othar matt•vs prMcrfb•d ty the C(xnpanlw Act 2006 In our oplnion, b8sed ￿ the work undertaken in the course of thts aLMIIt' the information gNen in the tnrnt•8s' rwl I￿￿OrpOr#th9 the directors. rwll ft>r the financial year for financial statemonts arn prepared is tt*ngistent with th8 fingncK41 ¥tstements', 8nd the Iru¥leu' Tewrt h88 been prep8r•J in accc*d8nce with 8ppk•ble lyl requlrenwnls. M•tt•rn on whkh ￿ arn r•qulr•d to r•port ty •xc•ptlon In the Iwht oflhe knovAedge and understanding ol the charrfable and its enwronmont obtainod In the courne of the audit, we have nd pjentffied matwial mi$statamenl$ in the trustees. r•porL We have nothing to report ￿ respeGt of th• fol¢N4ryng mattef8 in rnlgtion to whth the Comp￿1•$ Act requires us lo report to you rf. in our opinw)n.' adequate accounting records hm not been kept. or relums adequat• IOT our audit hav• not been rKefved frcAn branches not *Mtted by us.. or the financial Statements are ncl in agfeemenl the ￿unting re￿0￿6 and roturns.. or cert*n dl8dosur•s of Iru8lee8' remuner8bM speafvd by law are not made.. or we have not received all the information and gxplonath)ns we require lor our audit,. or the Iruslees were entrtled to prepare the financial slalements in accordance wlth the 8rn81 companie8 regime and lake advant&¥ of the #M￿ componie8' exemplicJn$ in preparing the dlrecloTJ' report and from the rwuirem•nt to prepare a stralegk rnport. R￿pO￿lbIllI1•l ol tru￿• AJ explawi•d rrLTrre fvlty in the tru8tee8' mpcfflslbllttlo$ statery￿t, the tru¥leo$ (who are al80 the direclorg for the purpos￿ ofco￿anY law) are responsible forthfr preporath?n oflhefinancial statements and for being sati$fJgd that W give a true and fair vitrw. and for such inlemal ￿ntrts1 as thè trustees detemine is newsary to enab￿ thè prnparatlon of finanual slalemenls that are free frrAn material misstatement, whether due to fraud or •rror. In preparing the financbgl ststemenls, the tru8tee8 are re8p)n8ible for as8e8sing tho charty's ablllty to continue as a going concern. disclosing, as applKable, mattets reLated to going concem and using lh8 going corKem basis of accounting unless the Inrntees either rrtend lo liqU￿ate Ihg charity or lo cease cperalions, or have no r•o1isti¢ altamatN8 but to do so. AydIto￿8 Mponslbllltlm for th• •udlt of th• tlnaTrclal •lat•m•nts Our obj8cbves are lo obtain ￿a$¢)nable assurance about wI￿th￿ thè financlal statements a8 a whole are free from material misstatement. whether due lo fraud or error, and lo ￿sue an audrtols repK>rt th8t includes our opini)n. Reasonable ossuranca is a high lèvel of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS (UK) will akvay5 detect a material misstatement when il exists. Misstslements can arise from fraud or error and are ¢¢fiS￿ered materi81 rf, iThJividualty or in the aggregate, they eoubj reasonabty be expeded ￿ nfluenGe the a￿•0M[¢ decisions of users taken on the baws of these financ￿1 stat￿)ents. Size of Wales Company Limited by Guarantee Indepondent Audltorfs Report to Ihe Members of Slze of Wales Yoar ended 31 March 2025 IrrngulwiliÉ8. irtfudlng fraud. are instsnces of N)TrCC￿plK9￿ff with laws and regu￿tions. We identif￿d and a5$9ss9d the risks of material misstatemanl of Ihe financial statemwls from irregulanties, whether due lo fraud or grror, and discus$eJJ these between our audit team memboT8. We then designed and Perfrymed audit prc¢edure5 responsive to those risks. including obtaining audit evidence suffici8nl and appropria¢& lo provkle a basis for wr opin*)n. We desvJn our Pfocedures so as lo rt*tain sufficient appropriate audit evidence that th8 financial statements are not materialy misstatod due to non- compliancè laws arKI mgUhtto￿ w due to fraud or error. ore not respons*>￿ for preventing Mn-compliarKe and canr)ot be expected to dotèd non- complianc8 Wrth all law¥ and regulations- this resF*Mibility Iw with Managen￿nt with th6 overswhl of the Trustees. Based on our underslandlng of the charitaL48 company thè charity soctor, discUss￿n5 wth rnanagem￿t and trustees we identffied financial rworting standards. Charities Ad 2011 and Companios Act 2006 as h8virKJ a dKect effect on the am￿ntS and dlgclo8ure8 in fi'nancial otemtsnts. As pwt ol the angag8m8nt team discussM)n about how and *there the charitable ¢ory8nYs flnaneial stalemenls may be rnaterv*y mwtstéd dua to tra￿￿. wo did not idenlfy any areas %Mlh 8n InrAOas6d r￿k offraud. Our audit pro¢edure8 induded: C￿pIeting a risk-asses¥ment prc¢w during trjr plannry for thii audit thJt ycrfully considered the risk offtaud., onquiry of rnan8gwn?nl a￿ut the charitable companys w1￿198. procadurns and rèFal8d contro15 rogarding ec¥nplkgnce with18ws r•gulalions rf th•re are •ny kntr4¥n Instsnco9 ol non￿8&$e8. rnstricted incm funds or enth)wmenl Jnds. Size of Wales Company Limited by Guarantee Notss to the Financial Statements (¢onlthu•dJ Year ended 31 March 2026 ACCI￿nting poNcl•s (¢ortnJw4+ Incomlng rn8ouvc•8 All incoming Tesoure68 arè Incknded in thè statement of fimncial activit￿5 when entttlemenl ha8 passed lo the charty.. it is probable that the ee¢)nomic béneffts avdociated wilh the tran5acts.on wll llow to the charty and the wrthint can be relthty mwured. The folkn￿.ng specific pol￿e$ are applied lo particular categories of income. income from dcrfwtwJns or grants is r¢¢ogni8¢d when Ihere 18 evidence of •ntitlen*nt to t gift, receipt is probabte and rts amc4Jnt can be ff*a$ured relk*bPy. irKome from donated good$ is measured ot the fair value of the goc#Ys unSg$s Ihls 69 impfaclical lo measure ￿liab￿. in wh¢h case valug is dgrivelenl th81 the pryaymént wlll188d to 8 red￿tion in firturn payff•rits or a c88h refund. When C0ntribLrt￿I¥ are not expect￿ to be sett￿d wholty within 12 monthg of the end of th• reporting dale in wh￿h tho em￿0Y88$ rènder the relaled Serv￿8, the liabilty18 Thasured on discounted present value basis. The ur￿1nding of th6 discount ts recogniGed as an eX￿n88 in the poriod In whlchll ari8e8. Llmll•d by guarnnt•• Each member of the Boarf of Tru¥ttts h•# undertd(en lo guarants8 Ihg Ch•rty'$ debt8 to the Oum of £1 each. Size of Wales Company Llmlted by Guarantee Notes to the Financial Statements (conthu• Year ended 31 March 2025 Donat10￿ and l•g•cl Unrestritod Funds Restrited Total Funds Funds 2025 Donatlons Donation$ Tho Walerth Foundatim- (￿￿81￿)n5 The Waterkno Foundatw. genernl fvnding 66.781 66,781 110,000 110.OC(I 33,0 Grants Welsh Government Joseph Rownlree Chartsblp Tnjst CIPSF grant Honnold Four#Jation Admiral I WCVA Stsnley Smhh Trusl Cymru Other grants roGeivable 749,5LK) 60.000 40,000 749,600 60,000 57.270 57.270 49.647 6.000 4.000 5,300 2,104 1,183,802 49.847 6.000 4.000 2.104 164,455 1.019.147 Unr•StsiC￿ Restrict•d Totsl Fund$ Funds Funds 2024 Donatlo Donation$ The Wate￿00 Ft)und•lK)n- donat￿¥ The Waterko Foundation- general luThl 184,457 110.000 33.0(X) 92,228 110.oc 33.OCrt) 110.000 Grnnl• Welsh Government Joseph Rownlree Chwitgbh Trust Cw Foundation Emest K￿inWOrt Charitable Tnmt US Embassy Joffe Chanlable Trust Honnokl F¢Jundation WGMCVA Other gronts reGepMbl• 775,000 131,622 24,292 775,000 131,622 24,292 5,000 1.943 25,1)00 76.998 24,000 1,943 25,000 76,998 24.000 228.026 1,071,857 1.299.883 Slze of Wales Company Llmlted by Guarante• Notss to the Financial Statements (¢Mth Yur •nd•d 31 March 2025 Invesknent Income Unrestricted Total Funds UnTestrictad Trtal Funds 2025 Funds 2024 Bank Niterest receivabl8 3.090 2,889 2,869 Oth•r Incom• UnrestrKtod Restrict￿ Totsl Funds Fund# Furbjs 2026 Other Income UN¢stiictsd Restricted Totsl Fund8 Fundi Funds 2024 Olhor Incomè 1,372 424 1,796 Exp•ndl¢uv• on charlt•bl• actSvltlM by fund typ• Unrnstricted Fun Ro8tncted Totsl Fund$ Funds 2025 Grants I pro￿￿ fvnding Supwt costs 165.025 7.317 961,055 1,126,080 7,317 1,133,397 172,342 961,055 UnrestrKted Reslri¢ted Total Funds Fund8 Furvjs 2024 Grants I project fUnd￿g Support CO8ts 157.381 6.086 1.031.308 1,188,689 6,086 1.194,775 163,467 1.031,308 Exp•ndltur• on charita1￿ •¢tl¥ltlM by acii¥lty ty Adivrt undertakon Grnnt funding directy of actr4rt*8 Supwrt Tt)tsl funds sts 2025 Total fvnd 2024 Grant$ I proiecl funding GovemanGe costs 468.457 657,623 1.126,080 7.317 1,133,397 1.188.689 6,086 1.194,775 7.317 468.457 657.623 7,317 Size of Wales Company Limited by Guarantee Notss to the Financial Statsments (cont Year onded 31 March 2026 10. Analysi¥ of $upport ¢08ts An8ty8is of supyt costs T¢)ts12025 Total 2024 Govemaneè costs 7.317 7.317 6,088 11. Anatysi* of grants 2025 2024 Grnnts to In￿lt￿lI0￿* Grants to In8lrtuthins 667,623 667.623 735,773 735.773 12. Net Incom• Net in¢c#ne k8 Stated after charhingl(cr•dibThJl.' 2026 2024 Depreciation ot tangibkn fixed as8ets 162 336 13. Audltorn r•mun•r•tlon 2024 Fees pay￿kn fof the a￿lit of the financial statements 5,400 Slze of Wales Company Llmlted by Guarantee Notss to the Financial Statements Year ended 31 March 2025 14. Staff costs The Ic4al staff costs and employee beneffts for th8 rewting period are anatysed as follvws.. 2025 2024 Wages and salaries Swial $￿U￿tY co$ts Empk)yer contributions to PonsK)n plans 335.357 24,202 19,637 379,096 334.070 23,386 20,353 377.809 The average head count ofempbyees during the year was 1412024.. 151. The aver•Je number of fijll-lime equwalent empknyees during the year r6 anatys&Y as lollaws.. 2020 No. 2024 No. Number of Staff 10 11 No employfje received empknyee beneffits ol than £60.OC(I during thè year12024.' Nil). Key Man•q•ment Pernonnol Key management ￿r$onnel include all pernon8 that have author￿ ar•J responsibilty for plannlng, dlrgdlng and conlrolllng 8Ctivitie8 of the charity. The total compensatK)n paid to kèy mgnagemnl personnd for semces pro￿dèd to th8 charity £102.68612024'. £99.3651. 18. Tvu•t•• r•mun•r•tlon and •xp•nM• No r8muneration ￿ othar bémfts from empltrymènt Thith thè charity or a rnlated •ntity wor received by the trustee•. I IN8lees are entrt￿d to clalm the cost of attending trustee meetings. Tho totsl reimbur8ed wa8 £600 (2024.. £nif) for Iravellinp and subsistence cost$. Size of Wales Company Limited by Guarantee Notss to the Financial Statements Year ended 31 March 2025 16. Tanglble Ilx•d ass•ts EqUIpn￿nI Totsl At 1 Aprll 2024 and 31 Ma￿h 2025 D•pr•¢ialon At 1 April 2024 Charge fc* the year At 31 M•r¢h 2026 3,102 3,102 2,642 152 2,642 162 2,794 2,794 Carylng wnount At 31 March 2026 308 308 At 31 March 2024 17. D•blor• 2025 2024 Trade debtor8 Prep8ymenls 8nd acuued Inc( 74,612 62,785 139,112 62,785 18. Crnditorn: •mounts f•lllng dua wlthln ono y•ar 2025 2024 TT8de creditors Accruo18 and doferrod incc Social security and other taxes Other credrto 4,389 13.430 6.161 6,274 25,900 11.217 4.013 30,254 41.130 19. Pen•lons and other po3t•rntlTgment bgngf D•fin•d contrlbutlon pl•n• Tho armunl r8cognised in irbcoffle or expenditum as an expense in rd*ion lo defin￿ CLJntribulion plans was £19.537 {2024.. £20,353). Size of Wales Company Limited by Guarantee Notss to th• Flnanclal Ststements Year endod 31 March 2025 20. Analysis of ¢haritabl6 fvrbdj Unrnstrl¢t•d funds At31 Income Expenditure Tran6feTS lknrch 2025 1 April 2024 General funds Project Donats'ons 251,183 54.985 1￿.765 66.780 (133,918} {38.424) (172,342) 17.674 117.6741 235.704 66.667 306.168 167,545 301,371 Al 1 Aprl 2023 A131 Incom• Eynditurn Transfers MarGh 2024 General furKI8 Project Donation8 198,Q47 38,877 137,915 94.372 (95.711) 67.756) {163.48n 10,932 110,5081 424 251.183 54,985 236.924 232.287 306.188 Excludlng the fixed ass8ts value from the general resenles. the free reseNes al the yè8r4nd amounted lo £235.39612024 £250,724). This &knnce income18ee Trust￿$ Report). A deS￿￿nated fund exists for the rKeived tthyards funding. Further donations were received in the current year. as well as spending aga￿$t Iho fund. Thè transfèr in the year rellect8 the element apportion￿ Ich¥8rds inl8m•l cosl$. Included ￿thIn general lund incorne is £33.000 from The Watertoo Foundatlon {2024 £33.000), £57,270 from the H￿nold Foundation 12024 £76.998) aTrJ £nil ITCrn The Joffe Ch*rtable Trust 12024 £25,000) to supwt corn and proied costs. Slze of Wales Company Llmlt•d by Guarant•• Notes to the Financial Ststements fconiw Year ended 31 March 2025 20. Analy¥l$ of ch•rltabl• fvnds {¢onl*u RostriGt•d fundB At 1 April 2024 At31 Income EX￿dituTe T￿n$1•r* March 2025 Welsh Government". mba￿ Tree Growi PrctyJram E¢Jucats"on & Engagement Programrr Wampis Solar Boats Programm Wampts Solar Progran The Wal¢fbo Foundat¢on Joseph Rt Charitable Trust Thè Cc*operative Foundatlon WCIA Changemak￿6 WG I WCVA G¢nder Grant CIPS Foundation Stan* Smith Tru•t Admiral 31.745 461.000 {472.593) 20.152 27.352 238,5LKI 1240.1561 25,698 5,011 4180 so.000 98.200 110.iX)O (1￿.200) 100,000 68,107 (52,071) 76.036 38.975 733 138,9751 733 15.7681 232 40,000 40,000 4.000 49.647 14.000) (41,461) (961,055) 8,188 326,216 2fj8,123 1.019.147 39 Size of Wales Company Limited by Guarantee Notos to the Flnanclal Statements fconthu•41 Year ended 31 March 2025 20. Analysls ol charftabl• fund8 At31 Incmi Expgnditwe Tfgnsfers Mty￿h 2024 1 2023 Welsh Govemment.. Mbale Tr89 Gr(y*7rrfJ Programme EdLKalion & Engagement Programme Wampis Sol•r B¢)ats Programme The Watertoo F¢)undation Scottish Pth¥•r Proe Fund Joseph Ru4¥ntr•e Ch8rrt8blo Trust Ernest Kleinwort Trust Pold8n Puckham Charitable F¢)undation US Embassy The Ctroperative Foundation WCIA Changemakgrn WG I WCVA G?nd•r Grant CIPS Foundation Stanley Smith Tru Admiral 29,349 550.otKI (547,6041 31,745 13.384 225.000 {211.032) 27,352 13.842 18.631) 5,011 110.0(M) (103,800) 96.200 1.693 {1,693} 12.171 131,622 S,¢￿0 (75,6861 (5,0001 68.107 10,000 (1,943) 110.CQOI 2.367 1424) 58.350 928 24.292 {43,68n (1951 38.975 733 24,000 (24.000) 227.574 1.072.281 11.031,3081 (4241 288,123 Welsh Govemm•nt prOvKI￿ 9rant8 in relatM)n lo tho Mbale Trnos proiect in Mbo1¢, Ugwda, wh￿h includes donations and c4rtal funding, and th6 Educatitin and Communication Progrwnme, whth in¢ludu YouthCOP fwding and to the INampi8 sijlar trnnspthtslion and activitte8. The Waledoo Found8t*)n provkled funding to supwt ftyest projects. The Joseph Rowntree Ch8rrt8bk Trust grant was r¢w41 t¢M8rd$ the Ellmlnating imported deforeslatv)n from Wales, ecOr￿￿' Project. Emesl Kjeinwort Ch8rilable Trust provNJed fundirwJ Ivwarfs ConseNing For68ts In Mount E￿on Natk*n81 Pa￿. The PoldenPuckham Charftable FouTrJation provwjed fund$ ttywardg growiThJ the 7ero- Defor8Stalion N¥t￿n. proi8Ct. The US Embassy has pmv•Jed an award to 8UFWrt Vla188 Youth Citizen Joum8h'$rn Training Program" The CwpgratNe Foundation has w0vw￿l a grant through thgir Decart>onisation Fund I￿VardS piloling work on DefQreStat￿n Free Cwimunitw. The WCIA Changemakeis grant was provNJed to supwt Youth Climate An*JassadoTS to partirypale in thg gkbal Charyem*8rs proied. Slze of Wales Company Limited by Guarantse Notes to the Financial Statements (r Year ended 31 March 2025 Wales Council for Voluntary Action (WCVA), throLFgh the Welsh Govemtrnnl'$ Wal85 and Africa Grant Scheme. have provided 8 grant tNards adwancing gerKler equality for clvnat6 change resilience and adaptaion in Manafvm district. Easlem Uganda. CIPS FoundatK)n grant was provided to Support I88L￿$ by supporting pr￿UreMeftt experts in Welsh publ￿ sector bodies and busin05S to wryk ltywards ehmm￿tIng ir￿orted defore$tatlon from their suppb dw'ns. The Stanley Smith Trust provhY8d funding t(wMrds the ¢4)6t of the Chelsea Flthver Show garden. AdmiTrl has prov&Jed fundwig tThvwd$ treè plantirKJ, tackling doforg8tation arKI education arKI ouireach in Mbale. 21. Arbatyslj ol n•¢ aM•ts b•twtsn funds Vnre¥trL*ed Funds Restricted Totsl Funds Funds 2026 Tangible fixed assels Current a8s616 Cr•ditors ie86 than 1 y•ar N•t a•••ts 308 331,317 130.254} 301.371 308 667,632 130,264) 627.$86 326,215 326,215 Unrestrthd R•slithd Total Funds Fund8 Funds 2024 Tangl￿e fixed 88Set8 Currènt ag8e18 CredltOTS k8ss than 1 year N•t aM•ts 460 814.961 141,130> 574.291 322,838 {17.130) 3L*.188 292,123 (24,0001 268,123 22. Analy¥h of ¢h•ngM in n•t d•bt At At 1 Apr 2Lf24 Cash 31 Mar 2025 Cash at bank and in hjnd 552.176 133,7561 518.420 23. Op•rating h*8• ¢ommltmenl• The totsl futurè minimum leas• payments under n(Trcancèllabl• tyerabng leases are as follows: 2026 2024 Not lalerlhan 1 year 6,395 R8lated parti•5 During th9 year, donations totalllng £840 W9Te ￿Ned f￿rn 3 ofthe trustees. A grant ￿ £5.300 was olso recoived frcrfn WhF Cymru, T*h)ere one trw81ge hokls an executsve ￿[th)n. 41