Ch4rfty r•glstratlon numb•r 11•1409 THE SION MULLANE FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
THE SION MULLANE FOUNDATION CONTENTS P4ge Trustee$ report Independent &xamin•rfs feF statgment offinanclal actmties Bal¢6 sheet Notes lo the ffinaneial statements 7-11
THE SION MULLANE FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023 Th8 trustees present thr annual repKKt and finanLI Statem for the year ended 30 Septemtr 2023. The flnanclal statements have been prepared in aL>xJrdance with the ocwunting pdKies set out In note 1 to the finwK481 statements and c•mY wlth the ch•iiWs governing d0Ment. the Charities Act 2011 and -Acc#yJntin9 arKI R•porling by ChgritiES". Slatement of Recommended pract1 applicabkn to charftoos preparing the accounts in accordance with the Financral RertIng Standard applicab in the UK ¢nd R$publ of Ireland IFRS 102} (affective l Januwy 20191.. ObJ•etlv•s and a6llvltl•s The objects of the charity ar6 for Iha wblic nafft to advanc thg edu(stK)n, Indudlng but not limited to soc4al and phys1 trainlng. of people under the age of 25 years okl in 1$ in $ueh ways as tho see fft. induding bul not limrt8d to rrwking 9Tants and awards to students and mentoring and L&hing to sluderrfs. Vlslon and Alvslufft The eh8rity's vision is frjr young people from all bockgrounds to feel Inspired and en7powered to fvlfil th•lr potential. The charity's mission th8refore to work wlth schools and organisation$ in Wat•s to pmvpjg support for Inilialives that promote the educaliDn aTKI stioial mrt¥lty of young peoFIe. The trustees paid regard to guidance is¥ued by thg Charity Commission in deciding vthat a¢viknes thg charity should undèrtakè. A¢hl•v•ments and P•rfornn Thg (afty tFUStee's C•nI priNiti"ts •ro'. SUPPOrting 5tudants to partKipate in Fffograms or expwbnces in furtherance of their Ction or career.. and provkliro mentoring and coaching to SILnts. In the year lo $8ptombor 2023, the charlty mado iwo grants lo $upport inib"atNes that aligned Wbth its Wgion aTrJ mission: £1.350 was awarded to Ihe Merched Gwn8ud MiwsiGlrfs Maklna Muslc schema. In partnership with the National EiÉlèddfod Urdd Gobaith Cyrn. The money was used to supwt a three-tsy residential course for young peoplg. £4.000 was awarded to Ledlet- Legal Wales. Legal Wales has t8amod up Mih London-baBed thority the Lord Edmund Davie5 Legal Education Twst ILEOLET) in an xcilÉrvJ initiativo #imed at Yoar 12 pupiL8 who who might not have suth opportuniti98 ofheTh¥lse. The money was uJ to h leamors liwng in Wales (or with strong lfftk5 to Wales) to ioln a We8S resKlen1ial Summer S¢hem• Mi Cardiff Of tho ¢quival8nt LEDLET scheme in dOn.
THE SION MULLANE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 FInancl r•vl•w The charity receivad donatNJns in the perK)d lotalling £13.938 <2022: £22.159). Expenditure in the pwlod totdled £9,907 12022". £14.188) of vthich £5.693 12022.. £10,800) was pakt as grants to bènèfrHries. The charW$ unrestricaed reserves at Ihe period ende(I were £47,5381%)22.' £42,731). The tIU5tees consider these to be free Th? ChoritY$ grant rnaki poliry stipulat95 ihal no more than 5)% 01 Ihe Charity's assets. aft8r all annual ccsts of runnvu tho Trust. ¢an ke grant8d in a ygar. The Charity Trustees can authorise i1(lidUal grants of up to a aximuTh uf 10% 01 th? Charws lInasaI assots. Grants to a Sing r•elpnt may b& ovw mulb'pk years bLrt must be eancellatsle on an annual basis. Other than aTrts, the Charity alms to keop operallng costs to a minimm by rètying m ¥olunteers. and yndir On on ovetheads that are essential io the g)vemance an(1 managemèrf( ofthe Chaiity. Risk The trustg•s have assoswd th& mapr risks to whith the charity is oxN)swJ and are sati&led that systems arè In plaee to mitigate •xp)$ura to thè fflajor risks. 8tructhry gov•rn•n¢• mnag•m•nt The rtrity Is a thail1a inc4)0111d organisalion. None of the tntee$ h4ve any beneficial irtorg$t In tho charity Chailty Trustees hav• th• ullimats r•sponsibFlity lor all grant•maknng arhj expgnw d8usion5 arKI for ensuring that all fS awarded arè used lo ad(¥ Ihe Ot4'ects. In all oases whore a rec(rfnmandation is rftadè 1¢ them to award 4 granL tho Chartty Thjsteas may lin fheir ab501ute discretion) refijse to approve thgt reo)mmendalron. particularty rf they 0)nder that a gr•rt would not b8 an effectNti way to furlher the obits or would c>)nflid wrth the Charity8 poIiuo5 OT interest. en the Charlty Tntstees Bre )nSIderIng u grant-ILmding prowjsal. they 11 undertako dug thllgence rtcks on the applicant. Thè ch9eks that are und8rt¥kon will vary aoxrding to thè Chgnty Trustees. assessmoni of any risks associated with the proposal or the alnt. Nothing in the Charitys colI111C aUthIseS a Charity Twstso or tY per5cm connected to them to rocelve a b8n8ffit frorn the Charity as o benefKiary ofthè Chartty.
THE SION MULLANE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 REFERENCE ANDADMINISTRATIVE DEfAILS Ch•rlty numb•r. 1191409 Prln¢lpal offlc•: 77.79 Btythe Road. London W14 OHP TnMt••s Lucy vanAJn9rongon (Chalr) - r¢suned 11th Novembgr 2022 Darren Davic150Tr - reshjned 11th Nwgmb8r 2022 oWa Doull MBE Sam Lipetz-Robic Matihew Rhys Patch8N Matyn CL Owen Davles- appOted 11th Nov&nbèr 2022 Ddyth Mullene {Chairl- appoint8d 11th Nov9mber 2tY22 James NallHn Gourtoy- apwnted 111h NovembeT 2022 Ffion 8hknh4n Mullane- apFw)intsd 11th NoNBmbvr 2022 Ind•p•nd•nt Examln•r. joan Taylor FCCA DChA A2ets Audit Services Ty D8rw "me Tm Court CardiifGats Buslnoss Park Cardny CF23 8AB BAnk•rn: HSBC Bank 8 Canada Sqvar London E14 SF The trustees, rep(Yt wa5 approved by the Board ofTrust•es. M• O Mulhn• Trust
THE SION MULLANE FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SION MULLANE FOUNDATION I report to th6 tru5tee8 on my examimtion of the fin8ndal stst8mÈnts of Th8 Skn MuNane Foutvjalon (the Chantyl for th& yeai ended 30 septeMr 2023. R•Sn•1blf1X #nd bABl8 ol report As the trustsos of the ¢haiity you are reSPsIble for the preparatJn of the fmanutil statements in ac£ordanc with the requirements of Ihè Charéiles Act 2011 (the 2011 Act). I rep)rt in respo( of my examination of th¢ ¢haritys financAal statomenls c8rrfod out under sathon 145 01 the 2011 Act. In carrying out ffly examinlion I ha¥e fdbwed all the appca0 Diractions given by the Charty Commis$K)n under sedion 145(S)(b) of Ihe 2011 ACL Indendont •xamln•f8 •tm•nt Your attenlion is drawn to the fac tt the charity has preparèd fin4ncial staternents in t£rtaI wmh A¢tounllrvJ and Reportirvj by Charit$ preparing t1"r Unts in acmrdance wth the Financial Rèpryting Standard opplThble in the UK and Republic of Iroland (FRS 11Y2) In prefeftynca to th• Ae¢ountlng and Reporting by charit." Stslemenl of ReMMe1Jd issuetl un l April 2005 which 15 referred t) in the oxtant rog[ationS bLrt has b88n lthdraWn. l understand Ihat this has been th)n8 in order for finandal stat•ments to pro¥Thk a and falr vie In cr£rdance with GeneTalty ACpted Ac£ountrng Pr•aice effective for reportvig persods tginning on or after 1 January 2015. I have compkted my examinalon. l (x)nllmi that no mattors havo fr) my attenllon in cJJnn•clKffj wilh thè examination ging mè cwse to believe that in any material respect.. accountlng T5 wero nDI kept in respect ofthe chgnty as required by SeCtn 130 ofthè 2011 Ad.. or the statamenl$ do not accord with those recor(15' or the finan(ag1 Stslemnts do not comply wrth the appIts requirements oMcemiThJ th$ fmn and ¢ontent of aUnts set out ir) the Chavities (Acuunts and Repottsl Regulations 2OJ8 dher than any requirement that the ac£ounls gp4P a truo and fw"i yithv which is not a matter Condered as of an illdopendenl examination. I have no conM$ and have eoma a¢x95s othar matters in c(rf)n•clton wlth the examination to whlch attention shoukt be drawn in this report rn Qrder to enable a PTOW understsnding of the financial slataments lo bo reathod. Jwnn• Tayl•r FCCA DChA AzetsAudll SepAces Ty DeThv. me Tree Court Cardiff Gatè Bus>n#ss Park Cardiff CF23 8AB United Kin9dom 10 Septernber 2024
THE SION MULLANE FOUNDATION STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2023 funds 2022 2023 Donaloons and legaaes 13.938 22,159 Charitsble aclmlres 9.907 14.188 Not Incom• for th• 011 Mel InmIng ruoun•• 4,031 7,971 Other gains or Ios8es Net mpv•m•nt In fund• 4,807 7,971 Fund banCeS at 1 October2022 42.731 34,780 Fund baL•M•• It 30 Sepknber 2023 4738 42.731 The statement of fin8Mal ath"wlies indLKles all gains losses recognised in the year. All income and expend6ture derive from continuit)g a1vIo$.
THE SION MULLANE FOUNDATION BALANCE SHEET AS AT 30 SEPTEMBER 2023 2023 2022 Current awts Debtors Cash at bank and in haTKI 11 $0,118 44.172 50.118 44,381 Credltorn: amount• falllng du• vAthln one yr 12 (2.580) (1,6501 Net rJJThent a55ets 47.538 42,731 Inc¢m• fund$ Unre5tricled funds 47,538 42,731 47,538 42.731 The financial statements w•re approvad by th• Trust5 On .. ...................... Ms D Mullane
THE SION MULLANE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Aeeountlng pollcN•B ¢h•rlty Inlommllon Th& Sion Mullane FourvJatb)n i8 a chwitabla ifKurpDrated orwisation. 1.1 A¢¢ounllng COnV•ntlan The financial statemonts have been Fwared in accordanc• Iho ¢hari¥s Igovfflning docum8nti, the Charities Act 2011. FRS 102 Tr Finanal Reporfj'ng Standard appFicot4e In the UK and Republic of Ireland. fFRS 1021 and the Charilie5 SORP 'ActIng 8nd Reporting by Charities: Statement ol Recommended Praeticti applica$ to tharIt preparing Ih8ir ac¢ounts In ardance vilh the Financwl ReFQrtirvJ Stsndard ap[cable in UK and Reput1 of Ireland {FRS 102)" (ellective 1 January 2019). The cai6ty b a PU1¢ Benèft Enfity as defined by FRS 102. The charity IS tsken advantage of the w0s1onS in the SORP foi thitIO5 not to preparg a Stat9n1 of Cash Flows. The finanaal sLitements have departed kn the Charttles lACunts and Reports) Regulatlcns 2C(18 onty lo Ihe èxtwt requlred to provlde a true at)d falr ew. departure has In¥olve¢J followry 6tat•mgnt ol Reo)mmended Pfacaice for thariiies applwng FRS 102 F3lh8r than the v8rsion of the Statement of Recommended Pra¢ti¢e whkh is referred to in the RegUlaIn$ bu¢ wlich ha$ since been wYlh(trawn. Th8 financtal ststemonts ar• pr8p¥ed In sterfing. whh is the fUtional ¢urrnn¢y ol the chwity. Monetsry amounts In thèsè financial 5tatem8nts are rounded to the nearest £. The firn¢la1 ststqnents havo baén prepared under the liStle81 cost ojnvention, lmofllf to include tho revaatiOn of freehold propwltes and to indud8 investrn8nl properties and certain fman(#al h)$trThnts at fair Vgluol. Tr prindpal ac(x)unlno kN)Icl&s adopknj are set out below. 1.2 Golng COnrn At the time of app¥n9 the farria1 statsments. the trustees hava a Sonable expeetstim that the tharlty has adaquato rosources lo CntInUe vi operalxjnal existenc for the foreseeab fuiure. Thus the tnBteg$ ¢onb'nue to adopt the going c<nc•m basis of acetyjnting prsparlng Ihe finarrial statomant 1.3 Charftabl• fvnd• Unrestricted funds are avaiablo for use al the diK¥ebon of Ihe Irust80s In fvrfherance of theT charitable Restr[¢t hjnds aTe subject lo sPeCe ca>nd0n5 by th)nors as to how thoy may be u. Th? puryjosos uses of the restrrded lund$ are set out In the notes to the financial stst$menl5. Endtvwment fijnds $r• subj•ct to spfiC ¢onditl¢)nè by donorè that tha oopitsl must bo rnoh)t8id by the charity. 1A Income Income is rwThsed when tha eh&ity 1$ bgalty entit to il aftor alry porfmanctt cOnditKS hav• b8en me( the amounls can bo mgasure<l re119bJy. and it is prc*able that income Mll be receNed. Cash donabons are rec4)gnised on roC8ipL Other donalions are recognised thg charlty ttas ly8 notlfied of the donalk)n, uThlegs perfomi8n¢e condrtions require deferr•l ol the nunt. Income tax recoverable In relation to donath)ns received undor GfftAiJ or dee(Is of ctsvenant is recognised at the Ilme of tha donakn"on. Legacies are reethjnisad on r8eelpt or otlièThY680 W the charity has boen notlfi8d of an imp•nding dk¥tribution, tho amount Is kn¢)wn. and receV is expe¢. If th9 4rnount 15 not kmwn, the E•gacy is trèated as
THE SION MULLANE FOUNDATION NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 30 SEPTEAIBER 2023 AGwuntlng polkl l¢•ntlnu•d) 1.5 EwdltsJr• Expendmure (Onduding grants payable) is recognis¢d once Ire is a kgal or constructive obllgalion to make payment to a thlrf paty. It Is probatrde that settl¢m¢nt wll be required aThJ tha am(x1 of the ob1hJat measured reliabty. Expenditure on tharttatAe acthtles includes &M costs relating to the furtharanco of the charitys oblectives a8 stated in tho INst8 report. I¥8[abl VAT 1$ Charged as a cost agnst the activity forwhkh the expeTrJlture was inujrred. Goveman¢e ctht$ rxjmprise all costs inw)Iwig puWic accountabllty of thg ch¥ity and its ¢omWiance with reguknlion and gfJd pracbce. 1.8 Ca¥h 4nd ¢••h •qulval•nts Cash and cash equivalonts indud& cash hond. Ikw)$its hebj at ¢all wilh banks. other shorktsm liquid investments with Original malurSUes of trtree months or less, and bank ovwdrafts. Bank owrdrafts aro shown wthin torrvmngs in Curre liakxlilies. 1.7 Fln•n¢lal InotNm•nts The charity has eteet¢d to apF4y the proyisiorts of Seclion 11 'Basi¢ FinanGk71 Instrwngnts, and Sethon 12 'Qlher Finan Instruments Issues. of FRS 102 to all of its fmaneial Instruments. FinarLyal inStwnnts are recognised in tho chaiws balarKe shèol the dwrtty beeomes paty lo the o)ntrathial provisions of the instrum•nL Financial and liabilities are offset. with thè ng1 Fyesented in Ihe flnanthl statam8nts, whon thor• 1$ 018galty gnforceable rfght to set off the rets)gnised amounts and there is an in18ntion to s•lll¥ on a net basis or to realise the asset and s¥ltle the liabilty SimuAanoouy. financial assets, whith Inc8 dab1$ and ea6h and bar l>alanc¢s. are Inllauy msUred at transacknn prfc lrfaudkng transaction costs and are subsequtlY wied at amorbsed cost using the effeclivo interest rnethod unless tho orrarvJement constitutes a financing transadtm. where the transadh)n is measured at the present value of the fiJtur8 recèipts discountad at a market rate of intarest. Ftnthl assets dasstfiad as rNable wftNn one yaar aro not amortiS8d. Basic fin•ncialliablllli•8 Basic finaA81 liabWNles. Induding creditors and bank loans are tnrtidty recogn1 at transth price unless the arrangement wstitutes a financiThJ transaction, whère the debt instrument is moasured at the PSent value of the ITe payments disLThinted lll a mathgt rate of interest Flnancw Ilabilltiè& das6illed as payablè within one year are rnl arnor113ed. Debt Instruments we bSeqUentty tarried at omth'se(l ¢xJ¥t. Ihe eflectt¥e Interast rate methryl. Trad$ creditors obllgatiorts to pay for goods or w4i¢e$ that havo been aLY]ulred in the ordinay coursg of operntions from suppliers. Amounts payable are classrfd as currernt liabiliti.es rf payment is due within one year kss. If nrt they are presented as noNurrent liath.litios. Trad6 cfoditots are recognised inmlalty 81 transaction pric4 and subsequenlty measured at amtised cost using the effedi¥e Ir)teresl method. Dernwnltlon offftfrncW IlabHltles FinaNial lbIlItIeS are d8rec¢gnisod when the chariV5 c(rfilraclual obligations explre or dtscharyed o Cled.
THE SION MULLANE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Crlllml aecountkno ••tlm•t•S 4nd ludq•m•nts In the ollhe d)arits accthry pol¢Bs, th? tru51e85 are requrfjd to make judgemènts. estimatag and assumptions about the ¢anylng amount of a&qets and lIa1rtIeS Ihat are not readity apparert from ott sour(s. The e5tirn8tes arKI associat8d assumpllons are based on historirA experience and other laciors that arè eonsi(lered to be relevant. Actual resurts may drffer froffl thwsa 8sdmales. The eslimates aTrJ undorfying asyjmpkns are roNiowgd on an ongcdng basis. Re$[on8 to accounknng estimates are rectjgnised in Ihg perknl in whith Ihe estimate is rthised ere the revision affects cthty that Jd. or in the riod of rewsion and futura periods whgre the revision affects both current and future Jds. Donallons and1•gacles UnrHtrlat•d Ufir•trtttd lund8 funds 2023 2022 Don&lOons and gifts 13.938 22.159 Charlt•bl• 4•2tl¥lll 2023 2022 Bank charges &Jbscripts"on$ Websitti Costs Mwttoring books 216 1.122 326 162 1.154 Grant funding of actsvities (see not• 51 Share of governan costs {se8 note 6) 5,693 2,550 10,8rJJ 1.738 9.907 14,188
THE SION MULLANE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Chjrltable •¢tivits IConllnu•dl GrnTht• payab 2023 2022 Grants to inslitutions (2 grants): Cardiff ycrth Mardd yn Gwnwd Legal leS We15h National Y(yth Opera National Eisleddfrl 1,800 3,WO 1.350 10,800 Grants to indivtduals11 grants) 5.893 10.800 Support x)•ts 8upport ¢>>¥•rn•n 2023 2022 Ind•p•nd•nl examin•t¥Jn feos Professi(m•l fees 2.400 150 2,400 150 2,550 2,550 1.738 Anatysad boiwgen Charrtable acmies 2,550 1,738 Govemanc* ¢osls in¢ludes paJThents to the ind9P9ndgnt gxamin&rs of £2.40012022- £1,650). Tru¥t••• None of the trustees (or any persons o)nnècted with them) re¢eibEd any remuneration or bèneffts from Ihe tharity during the year. 10-
THE SION MULLANE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEAIBER 2023 Empli)ye•• The average monthty nurnber of employ99$ dudng the year was.. 2023 Ilumber 2022 Nurnr Tot81 There were no employees ¢JuriThJ the pgrnd. Therè wèrè employ¢¢s whose annual rnrnunerab.on wa? more than £60,C. Taxatlon Th8 charity is exempt Irom tax on income and gains fallin9 Within seOn of th8 Taxos Act 1988 or sgction 252 of Ihe Taxatw)nof Charyeable GainsAct 1992 to th& txtent that these are apFllod to Its charitable objects. 10 Oth•r yln• or14X•• Total fund• 2023 2022 FreW4n exchange gains (TT61 11 D•bto 2023 2022 Amounts lalllng wllhln one year. Prepayments and inc<Jm• 209 12 Cmdltorn: Amounts fAIMng du• wlthln on• y•4r 2023 2022 A(xal$ and defetred i1(me 2.580 1,650 13 R•lt•d pArty trn•* Th•r8 wer8 no disdosable related party Iran5athons during tho year. 11