REGIsfERED COI¥IPANY NUMBER: (England And Wales) REGISTERED CHAIUTY NLTMBER: 1160212 Report ol the Trustees and FinanciAI Statements for the YeAr Endtd 31 Detember 2024 for RUN 4 WALES CHARITABLE FOUIYDATION Xeinadin Audit Limited Charlercd Accountmnls & Sialulory AuditOTS Suite 2d Building l Eastern Business Park St Mellons Cardiff South Glamorgan CF3 3EA
RUN 4 WALES CHARITABLE FOUNDATION Contents of the Financial StAtemenls for the Year Ended 31 December 2024 P8ge Report of tht Trustees I to 3 Report of the Independent Auditors Statement of Finanelal Activitles BAlanct Sheet Notes to the Financial Sti¢ements 9 10 13 Detolled Statement of Financial Aetivities 14
RUN 4 WALES CHARITABLE FOUNDATION Report of the Trustees for the Year Ended 31 December 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 21J06. present their report with the financial statements of the chttrity for ihe year ended 31 De¢¢mb¢r 2024. The trustee5 have adopted the provisions of Accounting And Reporting by Charities: Statement of Rccommended Practice applicable to charities preparing their accounts in accordance with the Financial ReportÈng Standard applicable in the UK and Republic of Ireland (fRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objecttves, Aims and significAnt Aetlvitits The object of the Run 4 Wales Charitabl¢ Foundalion 15 the promolion of wmmunity participation in healthy reerealion for the benefit of the inhabilanls of Wales. by Ihc provision of facilities for running and athletics (alone or in conjunction with others). Publlc benefit The Iruslees confirm Ihat they havc r¢fcrr¢d lo ihe guidance coniained in Ihe charxty commisston general guidance on public benefit i¥hen i'evi¢wing the fund's alm and objective and in planning future aclivilies. CrAntmfiklng In 2015 the Charity established a grant making process 10 a¢hieve ils obje¢lives. This process includes Ihc following steps. l. Compldion of an application fom and submission to the Trnslees for consideration. 2. Pr¢sentalion and question And answer session wilh the TTustees. 3. Letter of confirination, with condilions, if appropriate. 4. Review and evaluation. ACHIEVEMENT AND PERFORMANCE ChRritAble 8ctivitles The Run 4 Wales Charitable Foundation IR4wcf) w18 established in 2015. The Board of Trustees was re-set following the ¢realion of a Joint ven111 iviih Lonth)n MAr8ihon Bvents in December 2022 with a broad range of experience in priority are&s. At lh¢ June 2024 meetin& the Trustees reviewed ihe current R4W Group Siralcgy wilh & vicw to setting a simplified R4WCF Siralegy. The refreshed Board 5UPPOrts the broader Group vision of "Inspiring Aclivily in WAl¢s" has s¢1 out the sirntegic ambiiion of ihe Foundation with a simplified mission slalemenl ivlii¢h noiv 5181es'. 'To foster, encoLlI'ftge fti)d develop riinning, i¥'c Iking and llthleticy acr055 Wales in R 5U51Nii)Rble ivay that jinpyeS and eiihaiices peopl¢'s lives, Pfjl'liculai'ly youiig. disad%'anlaged, and nirginaliSed groups aiid groivs the i)uinbei' of pcople involved in Illis a5 N social an(1 spoi'ting aclivity" Th¢ Foundation aims lo lake strides in inspiring p8rti¢ipation 8ttd diversily in sport by eontinuing to engage children and young people in physical activity and diversifying the range of sEx>rting events on offer Ihrough investing An facililie& programmes. partner5hip5 and evertls to help get even more people moving, including those from und¢r-s¢rv¢d communilies. Im 2024, Ihc 1'tuslees auihori5¢d donations to sUprt these objective5. 'rhe Run 4 Wales Charilablc Foundation will coniinue to review ils grant making decisions and ensure these are in linc with the charity's objectives. FITrIANCIAL REVIEW Reserves policy The Irusle¢s aim lo maintain free reKrves in unrestricted funds al a level which equales to app]Dximatcly £30.OIX). which ¢ov¢rs one y¢ai s running costs for the charity- Other funds will be designated as funds to Providc grants for th¢ objects of the charity. I'he trustees consider that thi5 level Ivill provide sufficient funds to cover SUp)rt and govemance costs. STRUCTURE, GOVERNANCK AND MANAGEMENT Governing dofument The ¢harity i5 conts'olled by its governing do¢um¢n( registered on 29 January 2015 and constitute5 a Charitable IncOOrated Organisalion. Page I
RUN 4 WALES CHARITABLE FOUNDATION Report of the Trustees for Ihe Year Ended 31 December 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT RecrultmeDt and appointment of new trustees Trustees are appointed or rcapwinted annually at thc Annual General Meeting. Every trustee must be appointed for a t¢mi of Ihree year5 by a resolution P85sed at a properly wnvened m¢eting of the charity trust¢es. Welsh Aihlelics may appoiril up to two charity Ite¢s. OrgAnisAtionil structure The Board has overall responsibility for the governance of the Charity. Ii meets ai I¢t twice per year. The Board delegates authority lo the Chief Execuiive ivho leads the Senior Management Team in the day to day managemcnt of the Charity. working ivithin the rinancial framework. proc¢dures and polictes sel down by ihe Board. Th¢ Chief Executive has delegated authorily for human re.8ource planning. cmployment, service development and fmance. The Senior Management Team consists of the following personnel: Chief Execulivc Related pArties None of our trustees rec¢iv¢ r¢mun¢ralion or any oth¢r bCrit from their WO wilh the charity, Any connection beTh¥een a trustee or $¢nior manager of the charity and a supplier must be disclosed to the full board of itee$ in the same way as any oiher contractual relationship wilh a related paty. In Ihc currenl year no such relad party tr8nsaclions were reported. Rlsk mAnAgement The systems and internal controls ¢slablished by the Board are designed lo provide reasonable, bul not absolut4 assuran¢e against malerial misstatement or loss. Tru5tee5 8nd senior 51aff carry out the risk a55e55menl. including the writing and revieiv of 8 risk register iii order lo confirm Ihal the major ri5k5, to ivhich the Charity is exposed have been reviewed and syslems eslablished lo mitigate those risks. The Boar(Is has identified the following key risk areas: - Governan¢¢ Operational Triiiancial External Compliance with Laws & Regulaiiofts We rely on a number of 8ranls from a sm&ll number of sources, which are aw8rd¢d on a fixed-lemi basis only and some may also be wiihdrawii iviih liiilL noliLe. We &im to mitigate this risk by Maximi income genernting opportunities and ensuring that the Charity has an adequate reserves policy in placc. REFERENCE AND ADMINISTRATIVE DETAIIS Regsstered CompAny number (England and Wales) Registered ChArity number 1160212 Registered o(rt¢e Podl Capital R¢lail Park Le¢kiviih Road Cardiff crii 8EG Truslees RDCole A Abdi C Gough L E MorBall Jones CRMoss L S Williams Page 2
RUIY 4 WALES CHARITABLE FOUNDATION Report ofthe Trustees for the Year Ended 31 December 2024 REFERENCE AND ADMINISTRATIVE DETAILS Auditors Xeinf¢din Audit Limited Chartered Accountants & Statutory Auditors Suile 2d Building l Eastern BsIneSS Park Si Mellons Cgrdiff South Glamorgan CF3 3EA TRUSTEES, RESPONSIBILITY STATEMENT The tru8tees (who are also the directors of Run 4 Wales Charitable Foundalion for ihe purposes of company law) ar¢ r¢sponsible for preparing the Report of Ihc Truslecs and the financial stalements it) acwrdai)ce with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Finan¢ial RertIll8 Standard 102 "The Financial Reporting Standard applicable in the UK and Republi¢ of Ircland" Company law requires Ike trnslees to prepare financial slatcm¢nis for each financiDI year which give a true and fair view of lh¢ stale of affairs of the charilablc company and of the incoming resources and applicaiion of r¢sources, including th¢ incoine and expenditure, of the charilable ¢ompany for Ihal period. In preparing thos¢ financial slalcmcnls. the Injslees are requirtd to select suitable accounting policie5 Jnd then apply Ihem consistently. observe the methods and principles in the Charity SORP; make judgcmenls and estimates Ih41 are reasonable and prudenl. prepai'e the fin¥n¢i81 slalemcnls on Ihe going concern basis unless it is inappropriate lo presume that ihe charitable company will continue in business. The Iruslees arc responsible for kc¢ping propcr accounting records which disclose with reasonabl¢ atturacy at any time the financial position of the charitable Company and lo enable th¢m lo ensure Ihal the financial slalemenls comply iviih the Companies Acl 2006. They al'e algo responsible for safeguarding the ¢15 of th¢ charitable company and hence for taking reasonable sl¢ps foi. the preveiition and deieclion of fraud artd orher irregularilie5. In so fAr as the trustees ai¢ aware: Ilieir is no relevant audil information of which the charilable company's audilors arc unaware. and the Irusl¢¢s have taken all steps Ihal they oughi lo hav¢ taken lo make thcmselves awarc of any relevAnt audit information and lo C51ablish that th¢ Mudilors are aware of that infornialion. AUDITORS The auditois, Xeirtadin Audit Limilcd, Ivill be prorrt)5ed for re-appoinlinmi at the forthcoining Annual General M¢¢ling. and signed on its behaifby: Approved by ordcr of th¢ l)oard of lrnsl¢¢s on RDCole-T ste¢ Page 3
Report of the Independent Audltors to the Trustees of Run 4 Wales Charilable Foundation Opinion We have audited the financial slatem¢nls of Run 4 Wales Charitable Foundation (the 'charilable company.) for the year ended 31 De¢ember 2024 which compri5c ihe St8l¢ment of Financi21 Aclivities. the Balance Sheet and notes to the fmancial 5talements, including a summary of significant accouniing policie5. The fjnancial reporting framework that has bccn applied in their preparntion is applicable law and United Kingdom Accounting Standards (United Kingdom Geiierally Accepted Accounting Prdctice), including FinarAcial Reportirjg Standard 102 The Financial Reporting Standard appIlbEC in the UK and Republic of Ireland,. In our opinion ihe financial statement5: givc a true and fair vicw of ihe state of the charitable company's affairs as at 31 tkcember 2024 and of ils incoming reSou¢S and application of r¢sources, including its income and exp¢ndiluie. for the ycar then ended. have been properly prepared in ac¢ordJnce wilh United Kingdom Generally A¢pied Accounting Practice. including financia] Reporting standard 102 Th¢ Financial Rcporting StaThdard applicable in the UK and R¢public of Ireland," and have been pr¢pared in accordance with ihe rcquiremenls ofthe Cotnpanies Aci 2006. BASIS for opinion We conducted our audit in accord8n¢e with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities undei. those standards ar¢ further deribed in the Audirors, responsibilities for th¢ audit of the financial slatenienls section of our rcport. We are independent of the charitable company in accordance with the ethical requirernenls Ihat are relevant lo our audit of the financial stalemcnts in Ihe UK, including lh¢ FRC'S EihiLal Standard, and we h&ve fulfilled Qui. oiher ethical responsibilities in accordance with thc5e requir¢inenis. We believc that the audit evidence we have obiained is sutTici¢nt and appropriate lo provide a busi5 for our opinion. MAterial UncertAintits r¢l#iing to golng ¢onc¢rn In audiiing the financial slalements. we have concluded Ihal the trnslees. use of the going concern basis of accounting in the pi'eparation of the financial statements i5 appropriate. Based on the work we have perfonncd, we have noi id¢ntifJ¢d any materi&l uncertainties fflating to events or conditions that, individually or collectively, may c&81 significant doubt on the charitsble company's ability lo continu¢ as & going conc¢rn for a period of al lea51 twelve months from whcn the financial slalemenls ar¢ auihurised for i5SUC. Oiir responsibilities and Ihc responsibilities of thc lThslccs wilh respect lo going con¢¢rn are described in the rclcvanl se¢lions of this report. Other informRtlon The li'uslees are SPonsible for th¢ other information. The other infomi&1ion comprises lh¢ infornialion Includ in the Annuftl Report. other than the financial slalemcnls and our Report ofihe Independent AuditOTS thereon. Our opinion on ihe financial statements docs tKJi cover Ihe ollier infonnalion and, except to ihe extent otherwise explicitly stal¢d in our r¢porL we do not express any fomi of ossurance conclusion ihcreon. In connection with our audit of the financial slalements, our responsibility is to read Ihe other informalion and, in doing so. consider whether the other inforInalion is materially inconsistent with the financial sl8tem¢nls or our knowledge obtained in the audil or oihei'¥vise appeurs lo be malcrially misstaled. If we identify such malerial in¢onsislencics or apparent Inaterial tnisslalemenls, we 4r¢ requiird lo delemiine whether this gives rise lo a malerial mi551al¢ment in the finarlcial stalcmenls Ihemselves. If, based on the work Ive have pei'foi'med, we conclude Ihal there is a material misstatement of this other inforniation, we are required lo report thai fact. We have noihing lo rert in this regard. Matters on which we Are required to report by ei¢eplion We have nothing to reporl in respect of Ihe following maller5 wherc Ihe Charities (Account5 and Reports) Regulations 2008 requires us to report lo you if, in our opinion.. the infornialion given in lh¢ Report of the Tru5t¢es is in¢onsislenl in any material res¢1 with the financial stalements. or the charitable coinpany has not kept 8dequale aLcounting records. or the financial stxleine1115 are nol in agreement wilh the accounting rewrds and rdurns- or we l)&ve not received all the iAfoiYnalion and explanalion5 we require for our audit. Responsibilitles of trustees As eYplain¢d more fully in the Trustees, R¢sponsibililies Statcmcni lh¢ IrustCC5 (who are also ilie dIreOr5 of the charitable company for the purpos¢s of company laiv) are responsible for the preparation of the fu)ancial ttleMentS and for being satisfied that they give rl true and fair vi¢iv, and for such tnl¢rnal control as the InA5tec5 delerniine is necess&ry to enable thc preparalion of financial slalemenls that are free from material misstalemenl, whcihcr due lo fraud or error. In preparing the financial slal¢mcnts, the Itustees are responsiblc for assessing the charitable company's &bility to continue as a going Conce dis¢105in& applicable, matters related to going concern and using the going concern basis of accounting unless the truslcc5 cither int¢nd th liquidat¢ th¢ ¢haritabl¢ company or lo cease opcrations or have no realistic allemative but to do . Page 4
Report of the Independent Auditors to the Trnstees of Run 4 Wale5 Charitable Foundation Our responsibilities fDr tht audit of tbe fin#nciil statements We hav¢ been appointed as auditors under Seclion 144 of the Charities Act 201 l and report in accordance with the Act and relevant r¢gulutions tnade or hayirkg cffect thereunder. Our objectives are to obtain reasonable assurance alx)ut wheiher the financial sthl¢ments as a whole are frec from material misstatcmenl, whether due Éo fraud or error, and to issuc a Rey)rt of the Indq)endeni Auditors Ihat includes our opinion. Reasonable 55urance is a high level of assurartce, but is not a guarwile¢ Ihat an audit conducted in accordance with ISA5 (UK) will always delecl a material mi551atemenl when il cxisls. Misstatements can arise from frnud or error and are consider¢d material if. individually or in th¢ aggregRle, they could reasonably bc cxpecled to influence the economic decisions of users taken on the basis of these financial stalemenls. Identifying and Kssessing potentlal risks related to Irregularities In identifying and assessing risks of malerial misstatement in respect of irregularilie5 including fraud and non-compliance with laws and rcgulalions we have considered the folloiving.. (a) The nature of the induslry and sector, conirol ertvironmenl and business perfonn3nce' (b) RUlts of the enquiries of manag¢menl about iheir own idenlificalion and assessment of th¢ risks of irregularilies. (¢) Any matters we have identified having obtained and review¢d the company's documentation of their rA)licies and procedures relating lo: (i) identifying. evaluating and complying wilh law5 and re8ulalions and whether ih¢y were awa of any inslancc5 of non-compliance. (ill detecting and responding lo the risks of frnud and whether they have knowledge of any actual, suspected or alleged fraud; {iii) Ihe intei'nal controls established to mitigate risks of fraud or non-compliancc with I&iv5 and rcgulations. {iv) the matters dis¢ussed among the audit engagement team regarding how and where frdud might occur in the financial slai¢menls and any potential indicators of fraud. As 8 result of th¢ procedures. we Considered the opportunities 8nd incentives that Inay exist within lh¢ organisation for frnud and idenlified the greatest potential for fraud in the following are&s- (a) Tiiyling of i'ecognilion of incoine In common lviih all audits under ISAS (UK), we arc also required lo perfom specific procedurc5 to respond lo the risk of mana8ement override. We also obtfiined an uDderstandin8 of the legal and regulo10ry frameivorks Ihat the chArilabl¢ Company operate5 in, focusing on provisions of those laws and regulations thai had a direct effect on Ihe deiem)inalion of material amounts ai)d disclosures in the financial slalemeiils. The key laws and regulations we considcre(f in Ihi.8 context included UK Companies Act, employment law, health and 5af¢ty, pensions Ic8i$lalion and tax legis18tion, In addition. we con5idcred provisions of oih¢r18ws and regulalions that do nol hav¢ J direct etycct on ihe financial slaterncnts but compliance with which may be fundttmental lo the charitsblc company's ability lo operatc or lo avoid a m8leri&l pcnalty. Audit response to rlsks identified Oui. procedure5 to respond lo risks identified included Ihe following.. (a) Reviewing the financial s18temeTrl disclosures and lesling lo supporting documentation lo assess compliance with provision5 of relevant laws and regulations described as having a direct effect on thc financial 5tatcmcnt& (b) Ertquiring of maiiag¢ment conc¢ming actual and potential litigation and claÈms; (¢1 Pcrforming analytical procedures to identify any unusual or uncxpected r¢lalionships that may indicatc risks of maleri&l misslalement duc to fraud. and (d) In addressing th¢ risk of fraud Ihrough managemertl override of ¢ontrols, testing the approprialcncss of joum81 entries and other adjuslmenls. assessing ivheiher the judgements madc in making accounting eslimatcs are indic&tive of & potenlial bias. and cvalualing the business rationale of any significant Iransaclions th81 are unusual OT outsidc the nornial course of busine55. Wc also communicated rel¢vanl identified low5 and regulations and potential Iraud risks lo all ¢ngagcincnt team mcmbers and remained alert to any indications of fraj or non-mpliancC iviih laws and regulations throughout the audit. No inslan¢es of material non-compliance wcrc identified. Howevcr, the lik¢lihood of detecting itregulftrities, including fraud. is limited by the inherent difficulty in delecling irregularitie& the cffectiv¢n¢ss of thc cntity's control& and Ihe nature. liming and extent of the audil procedures performed. Irrcgularilies that result from fraud might be inh¢renlly more diificult to delect than irregularitie5 that result from en'or. As cxplained above. therc is an unavoidable risk that material misslalements may not be detectcd, even though the audit ha5 been planned and perfornicd in accordance iviih ISAS (UK). A further de8cription of our rr5ponsibilitics for the audit of ihe financial statemcnts is located on Éhe Financial Reporting Council'5 Ivcbsite at wwiv.frc.org.uk/auditorsresponsibilitiC5. This d¢rIptIOn fom)s pan of our Rcport of the Independent Auditors. Pag¢ 5
Report of the Independent Audltors to the Trustees of Run 4 Wales Charitable Foundstion Use (Jf our report This report is made solely to the charitable company's Iru51ees, as a ly)dy, in accordance with Part 4 of the Charities (Ac¢ounts and Reports) Regulations 2008. Our audit work ha5 been undertaken so that we might slate to the charitable company's trustees ihose matter% we are required to state lo them in an auditors. retK)rt and for no other purpose. To the full¢st extent permitted by law. we do not accept or assume responsibility 10 anyone other than the charitsble company and the charilable company's trustees as a body, for our audit ivorl for this repor( or for the opinions we have fornied. Xeinadin Audit Limited Chartered Aceountanls & Slaiutory Auditors Eligible to act &s An auditor in ternis of Section 1212 of the Companies Art 2006 Suite 2d Building l Eastern Busines5 Park Si Mcllons Cardiff Souih Glarnorgan CF3 3EA Date.. Pag¢ 6
RUN 4 WALES CHARITABLE FOUNDATION Statement ol Financial Activities for the Year Ended 31 December 2024 31.12.24 Total funds 31.12.23 Total nds Unrestricted funds Restricted fund Notes INCOME AND ENDOWMENTS FROM Donations ond Icgaeies 73.667 73.667 {1) Other Ir&ding activitie5 Invesimenl income Other incom¢ 9.356 8.885 485 556 2,868 2,868 TotAI 76,533 503.796 EXPF.NDITURE ON Raising funds 28,058 28.058 ChNrltable activitie5 Running & Aihlelics 33,000 4,699 Total 61.058 Net gains on investments 499 950 NET INCOME 15.477 15,477 999,047 RECONCILIATION OF FUNDS I'olal funds bruughi foriyurd 476,436 508,835 985,271 (13.776) TOTAL FUNDS CARRIED FORWARD 491913 508 835 1000 748 985271 The notes forni part of ihese financial statejnents Page 7
RUN 4 WALES CHAIUTABLE FOUNDA TION Balance Sbeel 31 December 2024 31.12.24 Total funds 31.12.23 Total funds Unrestricted funds Restricted nd Notes FIXED ASSETS Investments 14 508.885 508.885 508,885 CURRENT ASSETS Debtors Cash at bank 15 73,667 419.041 73,667 419.041 477 227 492.708 492,708 477,228 CREDITORS Amounts falling due wiihin one year 16 {795) (50) (845) (842) NET CURRENT ASSKTS 491913 50) 491863 476 386 TOTAL ASSETS LESS CURRENT LIABILITIES 491,913 508.835 1,000,748 985,271 NET ASSETS 491913 508 835 1000 748 985 271 FUNDS 17 Unreslricled fijrkds Reslricled funds 491,913 508 835 476.436 508 835 TOTAL FUNDS 000.748 985 271 The charitable company is entiiled lo exemplion from adi1 un(kr Scclion 477 of Ihe Companies Act 2006 for the year ended 31 December 2024. The Inember5 hav¢ not deposited notice. pursuant lo Seclion 476 of the Companies Act 26 requiring 8udit of these financial slaleincnts. The Iruslees acknowledge their responsibililies for (a) ensuring that the charilable company keeps accounting records that comply with Sections 386 8nd 387 ofthe Companies Act 2006 and prepai'ing financial statemen15 which give a irue and fair view of the slate of affairs of Ilie ¢haritable company as al the end of each finuncial year and of ils surplus or deficit for each financial year in accordanc¢ with the requireincnts of S¢¢lion5 394 and 395 and ivhich oiherwise comply with the rcquirements of the Companies Act 2006 relating to financial sialemenls so far as Mppli¢8ble lo the charitable company. (b) These financial 5talemenls have been audited under Ihe requirements ofsection 145 of the Charitie5 Act 201 Thesc finan¢ial statements have bcen pr¢par¢d in accordat]ce ivith thc ptovisions applic3bl¢ to charitable companies subject to the sm811 companies regime. 'I'he flliancial statements ivere approvcd by th¢ Boatd of TTUStc¢s and auihorised for issue on sign¢d on its behalf by: . and werc RDCole The notes form part of these financial statements Page 8
RUN 4 WALES CHARITABLE FOUNDATION Noles to the Financial Staternents for the Year Ended 31 December 2024 ACCOUNTING POLICIES BASIS of prepAring the financial stAtements The financial slalements of the charitable company. which is a public benefit entity under FRS 102. have bccn preparcd in accordance with the Charities SORP (FRS 102) 'Accounting and RctK)riing by Charities-. Sial¢ment of Recommended Practice applicable to charilies prcpAring ih¢ir accounls in awrdancc iviih Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) leffeclive l January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK gknd R¢public of Ireland, and ihe Companies Act 2006. Th¢ financial stai¢ment5 havc been prepared under Ihe historical cost conveni10 wilh the exception of investments which are included at inarket valu¢. The presentation currency is £ Sterling. Th¢s¢ finAncial slalemenls have been prepared on a goimg concern b&sis. Income All income is recognised in the Siat¢m¢nt of Fin8n¢iJl Activities once thc charity has cntiilemenl to the funds. it is probable that the incom¢ will be received and the amovnt Can be measured reliably. Expenditure Liabililies are recognised as expcnditure as soon &% there is 4 l¢gal or conslNctive obligation committing the charity lo that expenditure, it is probable that & transfer of economic benefi15 Ivill be requircd in settlement and Ihe amount of ihe obligalion can bc mcasured reliably. Expenditure is accounled for on an accruals blS and has be¢n Llassificd under headings (hat aggrcgute all cost related 10 the category. All costs Gan be directly attributed to their particular w5t headin8. Grants offered subject to condilions which have noi been met al the year end dale are noted as a ¢ommilment but not accrued as eXpditre. Allocation ofsupport costs Supporl c0515 are thosc functions Ihal assist the work of ihe Charity bul do not directly undertake charilablc activities. The b&%is on which 5UPPOrt costs are allocated are 5¢¢ out in note 7. Related party exemption I'he charilable conipany has taken advanla8e of exemplion, under Ihe Icrms of Financial Rewrting Siandard 102 The Financial Reporting Siandard applicable in the UK and Republic of Ireland,, not lo disc105e related party Iran58Ction5 wilh wholly owned subsidiaries within th¢ gTOUP. Tftxatlon The charity is excinpl from corporation on ils charilgble acliviti¢s. Fnd *ccounting Unreslri¢ied funds can be u5cd in accordaAee iviih lh¢ charitable objectives at the discrelion of the trustees, Reslrictcd funds can only be used for particular reslrictcd purposes within Ihe objccls of the charity- Restrictions ai'ise when specified by Éhe donor or when funds are ruised for particular restri¢t¢d purwses. All funds held by the Charity are utireslricled. DONATIONS AND LEI GACIES 31.12.24 31.12.23 Gifi5 Donations (i) 73.667 73,667 i) Page 9 continued...
RUN 4 WALES CHARITABLE FOUNDATION Notes to the Flnalleial Slatements - eontinued for the Year Ended 31 Deeember 2024 OTHER TRADING ACTIVITIES 31.12.24 31.12.23 Other trading operations INVESTMENT INCOME 31.12.24 31,12.23 Investmcnl OTHER INCOIVIE 31.12.24 31.12.23 Gain on sale of inlangible fixed $¢IS Gain on sale of tangible fixed assets 499,950 14.394) 485 556 RAISING FUNDS Ral$lng donAtlons and legacles 31.12.24 31,12.23 Support costs CHARITABLE ACTIVITIES COSTS Grant funding of activities (see note 8) Runrtittg & Athletics GRANTS PAYABLE 31.12.24 31.12.23 Running & Aihlelic5 675 SUPPORT COSTS Governance costs Finance Totals Raising donations and legacies 722 Page 10 continued...
RUN 4 WALES CHARITABLE FOUNDATION Notes to the Financial Slatemenls- continued for the Year Ended 31 December 2024 SUPPORT COSTS - continued Support cost4 included in the alK)ve. are as follows. 31.12.24 Raising donations and legacies 31.12.23 Total aotivlties Bank charges Subscriplions Serviee Level Agreement with R4W Accountancy fces 175 547 24,000 220 484 200 28.058 4.024 io. NET INCOMEI{EXPENDITURE) Nel incoinel(expcnditur¢) is st8l¢d after chargin(CredI11ng)- 31.12.24 31,12.23 Surplus on disSaI of fixed assds 485 556) TRUSTEES, REMUNERATION AND BENEFITS There were no Iruslees, remuneration or other benefits for the yeaT ended 31 D¢¢ember 2024 nor for the year ended 31 December 2023. Trustees, expenses There were no trnstees, exp¢T)ses paid for the year endd 31 December 2024 nor for the year ended 31 December 2023. 12. STAFF COSTS 1.he charity had no employees for the ¢urrenl or preceding year. COMPARATIVES FOR THE SfATEMENT OF FINAIYCiAL ACTIVITIES Uni'estri¢ted funds 13. Restricted fund Total funds INCOME AND ENDOWMENTS FROM Donalioiis and legacies Other Ii'ading activities Invc$lmLnl income Other in¢otn¢ 9.356 9,356 8.885 485 556 8,885 485 556 TotThl 8,885 503 796 EXPENDITURE ON CharitAble Mctivities Running & Athletics N¢t gains on investments 499.950 499.950 NET COmE 490.212 508.835 999,047 Pagell continued...
RUN 4 WALES CHARITABLE FOUNDATION Noles to the Financial Statemenls- continued ror the Year Ended 31 December 2024 13. COMPAIL4TIVES FOR THE STATEMENT OF FINANCIAL AcrivrriLs- continued Uni'estricted Restricted funds nd Total funds RECONCILIATION OF FUNDS Total fuThds brought forward (13.776) (13,776) TOTAL FUNDS CARRIED FORWARD 476 436 508 835 985 271 14. FIXED ASSET INVESTMEKfS 31.12.24 31.12.23 Other 508 885 508.885 There Ivere no investment a55ets outside th¢ UK. nvcstmenls (n¢ither listed nor unli*ed) were &8 follows: 31.12.24 31.12.23 Joini Venture 508.885 508 885 Is. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Other debtors Prepayments and a¢¢rued income 16. CREDITORS,. AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12,23 Trade crediloi's Other ¢i'editors Accrucd expenses 45 100 700 41 loo 701 845 842 17. MOVEMENT IN FUNDS Net Jnoveinent in funds At 31.12.24 At 1.1.24 Unrestricted funds General fund 476,436 15,477 491.913 Resti'icted funds Investment 508.835 508,835 TOTAL FUNDS 985,271 15,477 1.000 748 Page 12 continued...
RUN 4 WALES CHARITABLE FOUNDATION Notes lo the Financial Slatemenls- Continued for the Year Ended 31 December 2024 17. MOVEMENT IN FUNDS- ¢ontinued Net movement in funds, included in the ave are 8$ follows- Incoming resources Resources expended Movement in funds Unrestrlcted fund$ General fund 76.535 {61,058) 15.477 TOTAL FUNDS 76.535 61,058) 15.477 ComparAtives for movement in funds Net Inovement in funds At 31.12,23 At 1.1.23 Unrtstrlcted funds General fund (13.776) 490.212 476,436 Restricted funds Inveslmcnt 508.835 508,835 TOTAL FUNDS 13 776} 999 047 985 271 Comparative ncl rnovement in funds. included in the aiM)vc are as follow5- Incoming resources Resources expended Gains and loss¢s Movemcnt in funds Unrestricted funds General fund 494.911 (4.699) 490,212 Restricted fvndj Inv¢slm¢nt 8.885 499,950 508.835 TOTAL FUNDS 503 796 499,950 999 047 18. RELATED PARTY DISCLOSURES During the year, thc Chai'ilable Foundalion rcceived a donation of £73,667 (2023= £nil) froin M4 Even15 Lin)iled under ft joint Ventu arrangeineni ivith IA)ndon Marathon Evcnts Limited. Ai the year end. the Ch8ritablc Foundation wa5 owed £73.667 (2023= £nil) from M4 Events Limited. Page 13
RUN 4 WALES CHARITABLE FOUNDATION Delailed Statement of FinaDeial A¢livitie5 for the Year Ended 31 December 2024 31.12.24 31.12.23 INCOME AND EP4DOWMENTS DonAtions and legacies Gifts Donations (i) 73.667 73.667 Other ¢r#ding activities Oihcr trading operations 9.356 Inve$tmenl incom¢ Inv¢slmcnl 2,868 8.885 Other income Gaiii on sale of intangible fi.¥¢d assets Gain on sale of langible fixed asseis 499,950 14,394) 485 556 Total Incoming resources 76.535 503,796 EXPENDITURE ChAri¢able Rctivities Grants lo individuals 33.000 675 Support eosts Finnn¢¢ Bank Lhargc5 Subscriptions 175 547 220 484 722 704 GovernHnce costs Lcgal fees Accountancy fees 24.(MYO 3,336 200 27.336 3.320 Tolal resourc¢s e.Ypei)ded Net in¢ome before glins and losses 15,477 499.097 Renli5ed reeognised gAin$ And 1055e5 Rcalised gainsl(10sses) on fixed as5cI illvesttnents 499 950 Net inc(>m¢ This page doe5 not forni part of the statutory financial statements Page 14