Charity registration number 1191409 THE SION MULLANE FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
THE SION MULLANE FOUNDATION CONTENTS Page Trustees, report Independenl examinerfs report Statement of financial activities Balance sheet Notes to the financial statements 7- 11
THE SION MULLANE FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The Ifustees present their annual report aTrd finallcial slateTnenls foi the year ended 30 September 2024. The financial statements have been prepared In accordance wilh the accounting policies sel out in note 1 to the financial statements and comply with Ihe charitys goveriiing document. Ihe Charities Act 2011 and Accounting 3nd Reporting by Charilie5". St31ernenl of Recomrnended PTactiTr applicable lo charities prèyaririg their a¢¢ounls in accordance with the Finar)ci81 Reporting Sland8rd applicable In the UK Republic of Iieland IFRS 1021 leffcclive J3llbary 20., Obj8CtTrves and activtti85 he objects of the d)arily are for the public benefit lo advance Ihe education. including bul not limited to soci21 3nd physical training, of people un(Jer the age of 25 years old In Wales in such ways as Ihe trustees see fit, In¢luding bul nol Iirniled lo rTiaking grants dnd awards lo slud?nts, and mentoring and coachina lo students. Vision and Mission The charilys vision is for young people ffoTn all bdckgrounds to feel inspired and empowered to fulfil their polenlial. The charity s mission Is therefore to work with schools and organ15ation5 In Wales lo provide support 'or initiatives Ihal prornote the edLJ(21ion 8nd social mobility of young people. The truslees have paid dtje regard lo guidance issued by the Charity Commission in decidin9 what attivilies the charity should undertake. Achievements anL1 performance The cliariiy trustee's current priorilies 8re. supporting students lo p8rtlCiP8le in programs or experiences In lurtherants ol Iheir educaiion or career. and providing mentoring and CO£iching lo students. In the year to Scptembtr 2024. the ¢harity made several grants to support Initialives th31 aligne(S with its vision and mission. £3,000 was awarded Ic> The Welsh National Opera in support of their mis5I0n lo 'lo bring logolher pecltsl froin 811 walks of ljfe to create and experio)nce oxlr8ordinary opera, to enhance lives. strengthen cofflmunities nd pnTirh 611 the placps In which WE focus our woik.. £4 000 was awarded to The Brilliant Club lo support their Scholars Programme in Wales aimed at encouraging young poople in Wales lo progros.9 1nlo higher edUcaton £1,000 was awarded to The 0d Charity in support of th8ir wsekly choir progr8mm8 aimed 8t teenage boys In communities across Walos £4.250 was awarded lo Ledlel _ Legdl W31es. Legal Wales has teamed up with London-b8sed charity the Lord Edrnund Davies Legal Education Trust ILEDLETI In an exciting inilialive aiirod at YeBr 12 pupi15 who who mighl not have such opportunitiÈs olhÈrw15e. The money wa5 used to help learners living in Wales lor with strong links to Was) lo join a week's residential Summer Schome Cardiff or the equivalent LEDLET s¢hemÈ in Loiidun. £3,750 was awarded to Pedal Power, the largest and longest established cycling charity ith Wale5 wfK)se purpose is lo enablè everyone lo have access lo the physical mental health benefits of cyc5ing. Financial review The charity receVed donation5 Ifi the period tolalling £19.82212023.. £13.9381. EKpenditure in the period lotalled £20.451 1202J £9.Y071 of which £16,000 12023 £5,693) w85 p8id as grants to beneficiaries. The charity's unreslricled reserves al the pefiod ended were £45,73212023.. £47.5381. The trustÈés Consider these to be free fcserves. The Charity's grant making poli¢y stipulates th81 no more than 50°/0 ol the Charity's assets, after all annua1 cost5 of running the Trust, b8 granled in a year. The Charity Trusieès can authorise individual giants of up lo maximum of 10°/0 ol Ihe Charity's financial assets. Gr3nts lo a 51Trgle iecipieiit rnay be ovÈr multiple years bul must be cance118ble on an anriual basis
THE SION MULLANE FOUNDATION TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 other Ihan grants. the Chdrity aims to keep operating cosls lo a minimum by relying on volunteers and spefjding only on overheads that are essential to the governance and managernent of the Chanty. Risk A$sÈssmÈnt The Iruslees have assessed the major risks to whi¢h th& charity is exposed 8nd are satisfied that systems are in place to milig8te exposure lo the major riskg. Structure. governance and rnanagemenl The charity is a chaiitable incorporated orgBDisation IGS01- of the Iruslees have any bneficial interest In Ihe charity. The Charity Truslees have the ultimate responsibility for all grant-making and expense decisions and for onsuring that all funds awarded are used to advance the Objects. In all cases where a recommendation Is made lo them lo award a granl. the Charity Trustee% may lin Ihei.- absolute discrotionl refuse to approve that recotnrnendation, particularly If they con51der that a grant would not be 8n effective way lo furthei the Objects or would conflict with Ihe Charity s policies or Inlere51. Wlhen Ihe Gharily Twstees are considering a grant-fundiiig proposal, they will undertake due diligenLe checks on rhe applicant. The checks Ihat are undertaken will vary according to the Charity Tiustee5 as5esstnent of any risks associated with the proposal or thè appliLant Nothing In the Charity'5 Constitution aulhorises a Charity fruslee or any person connected to them to receive a benefit (rom tlie Clidrity as a beneficiary of the Charity.
THE SION MULLANE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Reference and adrnini5trative details Charity number-. 1191409 Principal office= 77.79 Blylhe R03d Lonaon W140HP Tru51ee5 Owain Doull MBE - resigned 0510312025 Sam Lipetz-Robic Matthew Rhys Patchell Martyn Cuff QweD DBvies Delyth Mlillane Ichairl James N31han Gouflay Ffion Siobhan Mullane Independent Examiner.. Cr8ig Year51ey cts Audit S8rvices Ty Derw Lirne Tree Court Carditr Gale Business Park Cardiff CF23 8A8 Bankers.. HSBC Bank 8 Canada Square London E14 5HQ The trustees, report was approved by the Board of Trustees. Ms D Mullane Trusle& Dated..
THE SION MULLANE FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SION MULLANE FOUNDATION I reFQrt to the trustges on my 8xamin8tion of th8 finan(¥al staternents of The Ston Mullane Foundatron Ithg Gthrilyl loi Ihe year 30 sePtnbr 2024. Responsibilltles bas1$ of report As the trLtstees of the chanty you are ¥esponsible for the preparats.on of the financial ststwn8rhts in accwdanc wttrT the fequiremgnts of the Charities Acl 2011 (the 2011 Act). I report in rtsspect of my examlnation of the charitys finandal statsm6nts Gled undèr $8thon 145 of the 2011 Act. In carrying oul my examination I have followed all Ihe applicat0 Oirections given by the Charity Comrnission und8r s8Ctiix) 14515llbl ol the 2011 Act. d•p8ndènt •xamin•rfs statsmont Your att8nlon 15 dra to the fact th* th8 charity has wep8r8d finanei81 st8tem&nts in accordare with Aecounting and Rwong by Chartties preparing their accounts in aco)rdance with th6 Financigl RepIrj Stalldard alcab in lh8 UK and RepUtlC ol Ireland IFRS 1021 in pr8tw8n lo the Ac¢ountsng an Rèwrting by Charill6s". Staloment of Recornmendad Practsca Issu8d on 1 April 2005 whlch is r8fèrrgd to in th extant reglatIonS but has Thow been withdrawn. l undetstand that Ihls has been done in order for financial statements (o provhje a trua and fair eW accordanc£ wth GeneraltyAccepled Aco)unting PraCte effective for reporting periods beginning on or after 1 January 2015. I have eompleled my examlnation. I confirm that no rnatt8rs hav8 Corn8 tg my att8ntion in Connecti¢ wilh the examination giwng me cause to believe thal in any malerial respect-. accounting wcords were not ktpl in respect of thè charity as r•quired by see1 130 of the 2011 Act,. or the financial statements do not accord with those COrds". or the fin8nix818ts18rnents do not (wply with the applicable quirements ConmIng the forn) and (r)nlenl of accounts set out n the ChaTibes (Accounts and R¢port$l Regulat1& 2008 other than any requirement that the accounts gNe a true and fair view which is not a matter considered as part ol an independent 8xarninats'on. I have no hav6 come across no other matter5 in iyJnn8ction with the ex2fnination lo which attention should be drawn in this repcrt in or(ler lo enablo a proper understandin9 of the finanoal stat&m9nts to be reath8d. Craig YearJley FCCA Azets Audit Services Ty Oe+w, Lime Tw Court Cèrdrfl Gate Business Park Cardrfr CF23 8AB Unlied lQngdom 30 July 2025 Doted..
THE SION MULLANE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Unrestricted Unre5tri¢ted fLrnds funds 2024 2023 Notes income ir m. Donations ants legacies 19,822 13,938 Ex enditure on= Ch3rit3ble activities 20,457 9,907 Net (Èxpenditurellincome for the yearl Net lout90ingllFncoming resources 16291 4,031 Other re¢ognised gains and losses Jlher gains or losses 10 776 Ngt rnoveETtgnt in funijs 11,8061 4.807 Fund tralan$ at l October 2023 47.5J8 42.731 Fund balan¢e$ at 30 September 2024 45,732 47,538 The st81ernenl of fiiiancjal activities Includes all gains and Ios5e5 recognised In the year. All income and expenditure d81ive from coNtinuing aclivilies.
THE SION MULLANE FOUNDATION BALANCE SHEET ASAT30 SEPTEMBER 2024 2024 2023 Notes Current assets Cash at bank and in hand 50.532 50,118 Crèditors: •mounts falling duè wbthin one year 14,8001 12,580} Net currnt 48sts 45.732 47,538 Income funds Unrestrieled funds 45,732 47,538 45.732 47.538 24 July 2025 The1knan¢Lql 8tst&menls approved by th& Tw8tee8 oo ......................... Ms D Mullane Trnstse
THE SION MULLANE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting policies Charity inforrnation The Sion Mullane Foundation is a charitable irTrcoiporated organisation. 1.1 Accounting conventlon I he financial slalemenls have been prepared in aCCA)rdan with the charity's Igoveming documenll, the Charities Act 2011. FRS 102 'The Financi81 Réporting Standard applicable in the UK 2nd Republic ol Ircland" I"FRS 102.1 and the Chaniies SORP "AcLounting and Rcporting by CharIteS.. Statement ol Recommended Praclice appliodble lo chariliLJS preparing Ihoir dcLounls In accordan¢È with thp Fin3ncial Reporting Stsndard applicable in Ihe UK and Republic of Ireland IFRS 1021" loffeclive l January 20191 The charity Is a Public Benelil Entity as defined by FRS 102. The charify has taken advantage of the provisions in the SORP for chafjtie5 not to prepare a Statement ol Cash Flows. The financial slatemenlg have departed from the Charities (Accounts 2nd Reports) Regulations 2008 only to thp pxl*nl reouired lo provide a Irue and fair vièw. This departure has Involved following the Slalernent of Recomrnended Piaclice for charitses applying FRS 102 rather than Ihe ver510n of the Slalemeni of REwmmènde4 Practice which is referred lo In the Regulations but which has sinLg been withdrawn. The financial 8lalern&nls are prepared in sterling. which is the fvnctional currency of the ¢harity. Monetsry arnounls In these financial slaternenls are rounded lo the nearest £. The financia5 51(Iternents have been prepared under the historical cost convention. Imodified to include the rovaluation of freehold properties and lo ineludc investment properti8s and certain finan¢ial Instrwnenls al lair valuel. The principal accounting policies adopted are sel out below. 1.2 Going ton¢Èrn 41 the titne of aDproving the financial slaletnen15. the trustee5 have a reasonable expeclalion thal Ihe charity has adeouate resources lo conlinue in op&r81ional existence for the foreseeabl& future. Thijs Ihe IrLLStees continue lo adopt the. going ¢oncern basis of a¢counling in prepèring the fin8n¢i31 statements. 1.3 Charitable funds Unieslricted funds are available for use at the discretion of the trustees In furtherance of their charitable objecbves. Reslricled fud$ are subiect to specilic ¢OTidilions by dunors as lu huw Ihey may be used. The purposes and usos of the restricted funds are set out In the notes lo the financial stslements. Endowment funds a sub}e¢l to spÈ¢ific conditions by donor8 that the capital mu51 be rnaintained by the 1.4 Income Income Is recognised when the charity Is legally entitled lo It after any performance conditions have been met. the amounts can be measured rcliably. and it Is probable ihal Income will be received. Cash donations are recoonised on receipt Other donations are rècognised once the charity has been notrfied Df the donation. unless performance c.onditions require deferral of the 8mounl. Ineome tax re¢Dverable In re131ion to donalions rpceived under Gift Aid or deeds of ¢ovenanl Is recognised at the lime of the donation. Legacies ale renised on receipt 01 otherwise if the chaiity has been notified of an Impending distribution. Ilie amount 15 known. and iecÈipt is Èxpected. If the amount is not kni)wn, the legacy is Irealed as a conlingenl asset.
THE SION MULLANE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Ac¢ounting poli¢iÈs (Continuedl 1.5 Expenditure Expendituie (including grants payable) is recognised once there is a legal or constructive obligation to m2ke a Payment lo a third party. Il Is probable that settlcmenl will be required and the amount of tlie ablall0 De easuied reliably. Expenditure on charitable activities iFicSudes all costs relating lo the furtherance of the chari15ls obieclivÉs 8$ slated in tho trustees rÈport. Irrec0Vrbl VAT is Charged ds a ¢osl against Iliè activity for wlTriLli Iliè expenditure was incurrcd. Goverftance costs comprise 811 costs involving public 8c¢ounlabilily of the charity and its compliance with regulatOn and good practice. 1.6 Cash and cash equivalÈnis Cash and cash equivalents Include cash in hand. deposits held al call with banks. Other short-lerm Ilquid nvestTnent5 with orioinal nialijrilies ol Èhree monlhs or less. and bank overdrafts. Bank overdrafts are shown within borrowings In current liabilities. Bas1¢ financial assets Basic financial assels. which Include clebtors and cash ano t)ank L)alan¢es. are Initially fnea5uied al transaction piice Including transactlon COSt5 and are subsequently carned al amortised cost usiny the offe¢live Inleresl method unless the arrangement constitutes 8 financing Iransa¢lion. where the tran53Ction is mea5LireQ at the present value of the fultire receipts discounted al a rnarket rate of interest. Financial assets classified as ieceivable within orie year Jre not arnortised. Basic liabilities Basic financial Iiabililieb. including crÈdilors and bank loans are initially re¢ognised at transaction price unles5 the arrangement constitutes 3 financing Iian5action. where the debt instrument Is rneasured at Ihe pSernI v4lue of the lulur& p(iymÉTTrls discDuiiled dl d rarket r4le of inleresl. Financial liRbilities Llassified as payabl8 within one year are not afflortised. OEbl irislruments are subsequerilly carried at amortised cost, using tho effective interèst r21é method. Trade creditor5 are obligalions to pay for good5 or services that have been acquired in thg ordinary cDurse ol opÈraiions from sijppliers. Amounts payable arè cSassifiÈd as current liabililiÈs rf paytnpnt Is due within one year or less. 11 not, they are presented as non-currenl Iiabililieb. Trade creditors are recognised initially al trans8Ction price and subsequently Tneasured at amortised cost using the effective interest method Derecognition of financial liabilities Financial liabilities are derecognised when Iht3 charity's conlraclual obligations expire or are discharged or c3ncelled. Critlcal accounting ÈstimatÈs and judgemÈnts In the 3pplir.atioN of the charity's accounting policies. the trustees are required to make judgÈment£. esiim31e5 and dssurriplions abvul Ilie carrying dinounl of 855ets and Iiabililies th31 are not ie3dily apparent from other sources. The estimates and associaled assutnplions are based on historic81 experience 2nd other la¢lofS that afe ¢onsidered lo be relevant. Actual results niay differ froin these eblirnatÈs The e5tirnales and underlying assumptions are revi8wed on an ongoing basis. Rèvisions to accounting eslimales are recognised Ir) Ihe period in which the estim8ie Is revised where the revision affects (lY that period, or In the penod of the revision and future penods where the revisioii affects both curyenl and lulure periods.
THE SION MULLANE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2024 Donations and leg3cie5 Un¥Èstri¢teil Unrestricted funds funds 2024 2023 Oon31ions and gifts 19.b22 13.938 Charitable activities 2024 2023 BaTrk charges Subscriptions Website Costs 687 1,213 331 216 1.122 326 2,231 1.664 Grant funding of activilies Isee note 51 Share of governance costs Isec riote 61 18.000 2,220 5.693 2,550 20.451 9,907 Grants payable 2024 2023 GranL8 to in8titutians15 granlsl.. Th• Brilliant Club Leoal Wales Welsh Ndlivnal Youth Opera Aloud Chafily Pedal Power 4,000 4,250 3.000 1,000 3,750 4.000 1.350 16.000 5.350 Grants to individuals 343 16.000 5.6g3
THE SION MULLANE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Support costs Support Govefnance costs ¢osts 2024 2023 Independent examiiiation fees Professional fees 2,U40 180 2.04U 180 2,4UU 150 2,220 2,220 2.550 Analy5ed beiween Chanlable activities 2.220 2.220 2.550 GovÈfnance costs includes payrnents to the independont examiners of £2.22012023- £2,550). Trustees None ol the trustees lor any peisons connected ivilh Iheml re1Ve any remuneration or benefits from the chdrily during Ihe year Employees The average monlhly number of etDployees during the year was 2024 Number 2023 Number Total There were no employees durinq the period. TherÈ were no employees whose annual remuneration w85 more than E60.00C. Tayatlon The chaiity is exempl from tax on in¢onie and gains falling wilhin section 505 of Ihe Taxes Acl 1988 or section 252 of the Taxation of Charge3ble Gain5 Act 1992 to thè extent that these are applied lo Its charitable objecls. 10 Other gains Or losses Unrestricted Unrestricted funtls fund$ 2024 2023 Foreign exch3nge11055esl I gain5 776 10
THE SION MULLANE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 11 Creditors.. amounts falling due within one year 2024 2023 Accru81s and deferreis in(xitne 4.800 2,580 12 Related party transactions heie were no disclosable ielated party transactions dullng the year.