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 th￿r annual repKKt and finanL*I Statem￿ for the year ended 30 Septemt*r 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*•m￿Y wlth the ch•iiWs governing d0￿Ment. 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 Re￿rtIng Standard applicab￿ in the UK ¢nd R$publ￿ of Ireland IFRS 102} (affective l Januwy 20191.. ObJ•etlv•s and a6llvltl•s The objects of the charity ar6 for Iha wblic ￿nafft to advanc* thg edu(stK)n, Indudlng but not limited to soc4al and phys￿1 trainlng. of people under the age of 25 years okl in ￿1￿$ 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•rforn￿n Thg (*afty tFUStee's C￿•nI priNiti"ts •ro'. SUPPOrting 5tudants to partKipate in Fffograms or expwbnces in furtherance of their ￿￿C￿tion or career.. and provkliro mentoring and coaching to SIL￿￿nts. In the year lo $8ptombor 2023, the charlty mado iwo grants lo $upport inib"atNes that aligned Wbth its Wgion aTrJ mission: £1.350 was awarded to Ihe Merched ￿ Gwn8ud Miwsi￿Glrfs Maklna Muslc schema. In partnership with the National EiÉlèddfod Urdd Gobaith Cyrn￿. The money was used to supwt a three-tsy residential course for young peoplg. £4.000 was awarded to Ledlet- Legal Wales. Legal Wales has t8amod up Mih London-baBed thority the Lord Edmund Davie5 Legal Education Twst ILEOLET) in an *xcilÉrvJ initiativo #imed at Yoar 12 pupiL8 who who might not have suth opportuniti98 ofheTh¥lse. The money was u*J to h* leamors liwng in Wales (or with strong lfftk5 to Wales) to ioln a We8￿S resKlen1ial Summer S¢hem• Mi Cardiff Of tho ¢quival8nt LEDLET scheme in ￿dOn. THE SION MULLANE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 FInanc￿l r•vl•w The charity receivad donatNJns in the perK)d lotalling £13.938 <2022: £22.159). Expenditure in the pwlod totdled £9,907 12022". £14.188) of vthich £5.693 12022.. £10,800) was pakt as grants to bènèfrHries. The charW$ 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(li￿dUal grants of up to a aximuTh uf 10% 01 th? Charws lIna￿saI assots. Grants to a Sing￿ r•elp￿nt 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)$ura to thè fflajor risks. 8tructhry gov•rn•n¢• m*nag•m•nt The rt￿rity Is a thail1a￿ inc4)￿01￿11d organisalion. None of the tn￿tee$ 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 f￿￿S 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)n￿der that a gr•rt would not b8 an effectNti way to furlher the obi￿ts 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 rt*cks 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 a￿l￿nt. Nothing in the Charitys co￿lI1￿11C￿ aUth￿IseS a Charity Twstso or t￿Y 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- appO￿ted 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 septeM￿r 2023. R•S￿n•1b￿lf1X #nd bABl8 ol report As the trustsos of the ¢haiity you are reSP￿sIble for the preparat*Jn 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 app￿ca￿0 Diractions given by the Charty Commis$K)n under sedion 145(S)(b) of Ihe 2011 ACL Inde￿ndont •xamln•f8 •t*m•nt Your attenlion is drawn to the fac* t￿t the charity has preparèd fin4ncial staternents in *t£rtaI￿ wmh A¢tounllrvJ and Reportirvj by Charit￿$ preparing t1￿"r ￿￿*Unts in acmrdance w*th 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 Re￿MMe1￿J￿d 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 AC￿pted Ac£ountrng Pr•aice effective for reportvig persods t*ginning 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 g￿ing mè cwse to believe that in any material respect.. accountlng T￿5 wero nDI kept in respect ofthe chgnty as required by SeCt￿n 130 ofthè 2011 Ad.. or the statamenl$ do not accord with those recor(15' or the finan(ag1 Stslemnts do not comply wrth the appI￿￿ts requirements oMcemiThJ th$ fmn and ¢ontent of a￿Unts 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 Con￿dered as of an illdopendenl examination. I have no con￿M$ 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 In￿mIng ruoun•• 4,031 7,971 Other gains or Ios8es Net mpv•m•nt In fund• 4,807 7,971 Fund ba￿nCeS at 1 October2022 42.731 34,780 Fund baL•M•• It 30 Sepknber 2023 47￿38 42.731 The statement of fin8￿Mal ath"wlies indLKles all gains ￿ losses recognised in the year. All income and expend6ture derive from continuit)g a￿1vI￿o$. THE SION MULLANE FOUNDATION BALANCE SHEET AS AT 30 SEPTEMBER 2023 2023 2022 Current awts Debtors Cash at bank and in haTKI 11 $0,118 44.172 50.118 44,381 Credltorn: amount• falllng du• vAthln one y￿r 12 (2.580) (1,6501 Net rJJThent a55ets 47.538 42,731 Inc¢m• fund$ Unre5tricled funds 47,538 42,731 47,538 42.731 The financial statements w•re approvad by th• Trust￿5 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 Finan￿al Reporfj'ng Standard appFicot4e In the UK and Republic of Ireland. fFRS 1021 and the Charilie5 SORP 'Ac￿￿tIng 8nd Reporting by Charities: Statement ol Recommended Praeticti applica￿$ to tharIt￿ preparing Ih8ir ac¢ounts In a￿rdance vilh the Financwl ReFQrtirvJ Stsndard ap￿[cable in UK and Reput1￿ of Ireland {FRS 102)" (ellective 1 January 2019). The c*ai6ty b a PU￿1¢ Benèft Enfity as defined by FRS 102. The charity I￿S tsken advantage of the w0￿s1onS in the SORP foi th￿itIO5 not to preparg a Stat￿9n1 of Cash Flows. The finanaal sLitements have departed kn the Charttles lAC￿unts 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 RegUlaI￿n$ bu¢ wlich ha$ since been wYlh(trawn. Th8 financtal ststemonts ar• pr8p¥ed In sterfing. wh￿h is the fU￿tional ¢urrnn¢y ol the chwity. Monetsry amounts In thèsè financial 5tatem8nts are rounded to the nearest £. The fir￿n¢la1 ststqnents havo baén prepared under the liSt￿le81 cost ojnvention, lmofllf￿ to include tho reva￿atiOn of freehold propwltes and to indud8 investrn8nl properties and certain fman(#al h)$trThnts at fair Vgluol. Tr prindpal ac(x)unlno kN)Icl&s adopknj are set out below. 1.2 Golng COn￿rn At the time of app￿¥*n9 the f￿arria1 statsments. the trustees hava a ￿Sonable expeetstim that the tharlty has adaquato rosources lo C￿ntInUe vi operalxjnal existenc* for the foreseeab￿ fuiure. Thus the tnBteg$ ¢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 sPeC￿e ca>nd￿0n5 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 $r• subj•ct to sp￿fiC ¢onditl¢)nè by donorè that tha oopitsl must bo rnoh)t8i*d by the charity. 1A Income Income is rwThsed when tha eh&ity 1$ bgalty entit￿ to il aftor alry porf￿manctt cOnditK￿S hav• b8en me( the amounls can bo mgasurealanc¢s. are Inllauy m￿sUred at transacknn prfc* lrfaudkng transaction costs and are subsequ￿tlY 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. Ftn￿thl assets dasstfiad as r￿Nable wftNn one yaar aro not amortiS8d. Basic fin•ncialliablllli•8 Basic fina￿A81 liabWNles. Induding creditors and bank loans are tnrtidty recogn￿1 at transth price unless the arrangement wstitutes a financiThJ transaction, whère the debt instrument is moasured at the P￿Sent value of the I￿￿Te 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 classrf￿d 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 am￿tised cost using the effedi¥e Ir)teresl method. Dernwnltlon offftfr*ncW IlabHltles FinaNial l￿bIlItIeS are d8rec¢gnisod when the chariV5 c(rfilraclual obligations explre or dtscharyed o C￿led. 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)arit*s accthry pol¢Bs, th? tru51e85 are requrfjd to make judgemènts. estimatag and assumptions about the ¢anylng amount of a&qets and lIa￿1rtIeS 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￿$[on8 to accounknng estimates are rectjgnised in Ihg perknl in whith Ihe estimate is rthised ￿ere the revision affects cthty that Jd. or in the ￿riod of ￿ rewsion and futura periods whgre the revision affects both current and future Jds. Donallons and1•gacles UnrHtrlat•d Ufir•*trttt*d lund8 funds 2023 2022 Don&lOons and gifts 13.938 22.159 Charlt•bl• 4•2tl¥lll 2023 2022 Bank charges &Jbscripts"on$ 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 yc￿rth Mard￿d yn Gwnwd Legal ￿￿leS We15h National Y(yth Opera National Eisleddfr*l 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 Nurn￿r 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 se￿On ￿ 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 Fr￿eW4n exchange gains (TT61 11 D•bto 2023 2022 Amounts lalllng wllhln one year. Prepayments and inc