Charfty reglstratlon numbor 1191409 IEngl4nd and Wa1•5) THE SION MULLANE FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
THE SION MULLANE FOUNDATION CONTENTS Page Truslees, rewrt Independent examinees rew)rt Statement of financ4al actNrties Balance sheet Notes to the financial ststements 7-11
THE SION MULLANE FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 The tnjstees prnt their gnnu81 report 8nd financkgl statements for year endod 30 September 2025. The financial siaternents have been prepared In accordance wth the accounbng policies sel OLbt in note 1 to the finanryal stalemenis and cornply wilh the charitls goveming docurnenl. Ihe Cttarities Act 2011 and 'Accounting and R8POrt5ng by Charities.. Statemenl of Recommended Pract1. applic8blg to charities preparing their accourTrt5 in 8ccordanc8 th the Fin8nryal Reporting Standard applicable in th8 UK 8nd R8public of Ireland IFRS 1021 (effective 1 January 20191" Obl•cllv•s and al¥ltI•$ The objects ol the chartty are for the publlc benefit to advanee the education. induding but not Ilrni18d to social and physical training, of pewe under the ag6 of 25 years in Wales in such ways as the trustees $8e fiL iluding but not limited to making grants and awards to students, and mentoring and coachtng to studants. Vision and Mi5510n Th8 charity's wsion is for young peoplè from bad(grcrtJnd6 to f881 inspirad and ampowerad to fvthl their potential. The charity's missk>n is thérefore to work with schoo15 and organisations1n wa to provide support for initiative5 that promote the edufjatson and social rnobility of young people. The trustees h8¥e p8id due regard 10 9uidanc i8su8d by the chatY Commisslon In d8ddlng vthat activittes tt charity should undertake. Achlevernants and perforrnance The th8rity trustee's current pn£tleS are- supporting student5 to participaiÈ in programs or expertèncés In furth8ranc8 of th8ireducation or career,. and Prowding mentorino and coaching to students. In the year to September 2025, th6 charity made s8veral grants to support iritiatives ihat a&gne(I with its vision and mi58ion.' £3,000 was 8w8rdad to Th8 Brilliant Club to SUPPOrt their Scholars PrtyJr8mrne in Wales almed at encouiaging young people in Walès to progre55 into hKJher èducation. £3,000 was awarded to Ledl8t - L8gal Wales has teaméd up th London-based tharity the Lcrfd Edmund Davies Legal Education Trust ILEDLETI In an exating initiative aimed at Year 12 pupils who might not have suth opportunities otherwise. The money was used to help leamers living in Wales (or wlth strong Ilnks to Wales) lo join a week's residential Summer SLeme in Cardiff OT the equivalenl LEDLET scheme in London. Flnanclal r•vi•w The charlty r1Ved donations in the period totalliTrJ £4.411 12024= £19.8221. Expenditure in the period totalled £11.001 12024.. £20,451) of which £6.000 12024: £16.0001 was paid as grants to beneficAaries. The chatlty's unresln.cted reserves at the perfod ended were £39,83312024.' £45,732). The truslees consider these to be free r8s&rves. Th¢ ChawiV5 gTanl making poliw sts"pul8tes Ihat no mor¢ th8n S0°/0 of (he Charityb assets, after all annual oy)515 of running the Trust, can be granted in a yèar. The Charity Trustèas can authorise individual grants of up to a maximum of 10Yo of the Charivs finanoal a85ets. Grants to 3 single Tecipient may be over rnultiple years but must be cancellable on an annual basls. Other than grants, the Charity 8im% to keep operating Sts to 8 minimum by ietying on volunlgers and spending only on overheads that are essentkql to the govemance and management of thè Charlty. Rlsk Assessment The trusteès have assessed the major risks io which the charity is exposed and are sakn'sfied that systems are In 4a to mrbgate exposure to the major risks.
THE SION MULLANE FOUNDATION TRUSTEES, REPORT (CONTINUEDI FOR THE YEAR ENDED 30 SEPTEAIBER 2025 Structure. govemart¢e and management Tha charity is a CharItsb Incorporated organlsation ICIO). Nonè of the injstees have any beneflcial inter6sl In th8 charity. The Charity Trustees have the ultimate respongbilty for all grant•making and expense decisions and for ensuring ihat all lunds awarded are Used to advan the Objects. In all cases where a rewrnmendats'on 15 made to thern to award 8 grant, the Charity Trustees rnay lin thr absolute discretion) refvse to approve that recommend81ion. particularty rf they consider that a grant would not be an effective way to furth8r the Objects or Wokjkl mnflict with th8 Charity's pdiaes or interest. hen the Charity Trustees are considering a grdnl-fvnding proyosal. they will undertake due diligence ¢h¢¢ks on the 8pplicant. The thecks thal under18kEn will vary 8c<xJrdlng lo lh8 Charity Trustees ass8ssment of any r15ks a5socfjated th the proposal or the appiicant. Nothing In th8 Chaiity's Constitution authorisè$ 8 Charty Trusteè or any person connected lo thom to r*calva a benefit from the Gharity a5 a bEnefirAary of the Charity.
THE SION MULLANE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Relerenee and admlnlstrative details Ch•rfty numb•r: 1191409 Prln¢lp•l offlc•: 77-79 Blythe Road, London W14 OHP Tw¥t¢e• Owain Doull MBE - r8s1gn8d 0510312025 Sam Lipetz-Robic Matthew Rhys Patchell Martyn Cuff Owen Davies Delyth Mullane (Chalr James Nalhan Gourlay Ffion Siobhan Mullane Independent Examlner.. Craig Yearsley Azets Audil s81vrs Ty Oerw Llme TTeè Court Cardiff Gate Business Park Carcliff CF23 8AB Bankers: HSBC Bank 8 Canada Square London E14 SHQ The trustees. report was approved by th8 Board of Trustees. Ms D Mullane Trustee Datèd..
THE SION MULLANE FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SION MULLANE FOUNDATION I report to the trustèes on my examirbalion of thè financial statèments of The Sion Mullane Foundation {the charity) for the year ended 30 September 2025. Re¥ponsibililie3 Dnd bAsiB of report As the trustees ol the charity you are responsible for the preparation of the fnaneial statements in acrdance with the requirements of the Charities Act 2011. I report in respect of rny exarninali ol the charity's finanrial statefflenls cwried out under section 145 01 the Charities Act 2011. In carying out my examination I hav8 followed the Directions given by the Charity Commission under section 14515llbl of the Chariti8sAct 2011. Indapendent gxamin¥e• ltatgment Your attention is dr8wn to Ihe fact that the charity has epad financial statemènis in accordartè with Aecounting and Reporting by Charities preparing their 8¢counts in accordance with the Flnallual Reporting Standard applicable in the UK and Republic of Ir8land IFRS 1021 in preference to the Accounting and Reporting by Charitres.. Ststement ol Recommended Practic8 issue¢J on 14)ri12005 which is referred lo in the exiant Tegulati()n% but has now been wlhdwwn. l understsnd that this ha3 been done in cKder for finan¢ial 5tat8ments to provide a true and fair view in accordance with Gener81ty Accepted Accounting Practice effedve lor reporting periods beginnirhJ on OT after 1 January 2015. I have ujmpleted my examination. I confirrn that no mattW5 have come to my attention in connection with the examination giving me rUse to believe that in 8ny tnaterial respect.. accounting records were not kepl in respect of thè charity as required by section 130 of the chatieS Act 2011. the financial stalements do not accord with those records., or the flnancial statements do not comply wth the applicable requirernents conceming the forrn and conlent of financial statements set out in the Charitses (Accounts and Reports) Regulath"ons 2008 other Ihan any requirement Ihat the financial statements give a tnjè 8nd fair view. which is not a matter consicered a$ part of an independent examination. I have no concerns and have corne across no othèr matters In connection with the examinaiion lo which attention Should be drawn in this r8port in order to enable a proper understanding of the financial statements to be reathed. Craig Year51ey FCCA Azets Audit SeTri¢es Ty Oerw. Lime Tree Court Cardrff Gate Business Park Cardrff CF23 8AB United Kingdom 3010412026 D*ed:....................
THE SION MULLANE FOUNDATION STATEMENT OF FINANCIAL ACTivrriES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2025 untrIctd Unr•strlct•d funds fund$ 2025 2024 Not•s Income from.. Donations and leg8ryes 4.411 19,822 Totsl Incom? 4.411 19,822 Expendiiure an.. Charitable activiies 11,001 20,451 Total •xp•ndltur• 11.001 20,451 Net •XPgndltur• {6.5901 16291 othw rOgnIs galns and losseB: Olher gainslllossesl 11 691 11,1771 N•t movèmènt In fund¥ 15.8991 I1,8) RKon¢lllotlon of lunds: Fund balances at 1 Octobar 2024 45,732 47,538 Fund balanc•s at 30 S•pt•mbor 2025 39.833 45,732 The 5ts1ement of financial activities includes all gains and bsses recognised in th8 y8ar. 1 income and 8xp•nditurè derivtr from continulng activibe5.
THE SION MULLANE FOUNDATION BALANCE SHEET AS A T30 SEPTEMBER 2025 2025 2024 Notss Current a$8ets Cash at bank and in hand 42,233 50,532 Creditors: amounts falling du8 within on• year 12 12,4001 14,8001 Net current assets 39,833 45,732 The funds of th? thartty Unreslnrted fvnd¥ 13 39,833 45.732 39,833 45,732 2210412026 The finantyal ststements were approveil by the trustses on ......................... Ms D Mullane Trustee
THE SION MULLANE FOUNDATION NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accountlng poll¢l•s Charlty Infomiatlon The Sion Mullbne Foundaton is 8 charFt8ble incorporated organisation. 1.1 Accountlng conventlon Thg fin8nGial stslernerrts have been prepared in accordance with the chariws goveming d(Kument, the Charities Act 2011, FRS 102 The Financial Reporting Standard applicable in the UK and RèpLJblic ol Ireland" and thè Charftlès SORP 'Accounting and Reporting by Charitie5.' St8ternenl of Recommended Prath'ce applicable to charifes preparing their accounis in accordanc8 With the Finanrial Reporting Standard appii¢able in the UK and Rèpublic of Ireland IFRS 1021. The Ghartty is 8 Public Benefit Enbty as defined by FRS 102. The charity has tsken athantage of ihe provision5 in the SORP for charities rK)t to prepare a statanent of cash flows. Th8 financial 5t8temants have departed from the Charities IAccounts and ReFK)rts) RegulatiDn8 2008 only to the extent requi to provida a true and fair view. This departure has invdved following th8 Statement of Re¢ommended Practrco lor ¢harities applying FRS 102 ralher than Ihg version of th6 Statement ol Recommended Practice which is referred to in the Regulations but bthich has sin(x been wthdrawn. The financaal statements are prepared in sterfing, which is the functional currency of the tharity. Monetary amounts in these financAal statamgnts are rounded lo th8 na8r8St £. The financial statements have been prepared nder the historical cost convention. lfflodtfied to indude the revaluation of freehdd properbes and to include investment propBrties and certain finanoal instruments at fair valuel. Th8 prin(ip81 Bccountfing pollci95 adopted are Set wt below. 1.2 Golng ¢oncem At the ts.me of approwng thè fihanrial ststements. the trustees have a reanable expectation that th8 charity has adequate resoLrces to rx)ntinue in operational existence for Ihe foresee8ble future. Thus the trlee5 continue to adopt the going concern bass of 8c(x)unting in preparing the finana81 ststements. 1.3 Charltabl• lunds Unrestrided fvnds ere available for use at the dlscretion of the tnjstees in furtherance of their charitable objeetiv&$. Restricted funds are subject to specific conditions by donors or grantors as to how th8y may be used. The purposes and uses cf the restricted funds are set out in the notes to the )Inancial staternent5. Endowm&nt funds ar8 subjed to specific conditic8 by doIr& that the capital must be malntained by the charity. 1A Incom* Income is recognised when the ch8rlty Is legalty enth.tled to It after any pertorrnan¢x conditions have been m¢1, th8 amount5 can b8 m&a5urg(l idiably. and il is probable that will be rec¢ived. Cash donations are recognised on receipt. Other donalions are rewgnised On the charity has been notified ol the donation. unlttss perf(ance conditions require deferral ol the amount. Income tsx recoverable in relalicn lo donations recVed under Gfft or d$ods of cov8nant Is r8cognls8d at thtr of the donatlon. L8gaoes ar8 r8COgnised on receipt or otherwse if the charity has been notified of an impending dstritwtD, tha amount Is known, And r8C81pt Is expacted. If th• amount Is not knovm, the legacy Is tre8ted 88 contingent asset.
THE SION MULLANE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accountin9 policies {Continuedl 1.5 Expendllure Expenditure linchJdsn9 grants pay8blel is recognised once there ts 8 legal or constructive obligation Io m8ke 8 payment lo 8 third party, it is probable that setuernenl will be required and the arnount of the oblwJalion can be measLbred reliably. Expendiiure on charitable activities indudes all costs relating lo the furlherance of the tharitys objectives 85 stated in the tnjstees report. Irrec£Jverable VAT is charged a5 a cost against th$ activity for whl¢h the expenditure was incurred. Governance costs cornpris¢ all etssts involvlng public acoountablllty of th8 charAy and Its complianca wlth regulation and good practice. 1.6 Cash and cash equivalents Cash and cash equivalenis include Gqsh in hand, deposits h81d 8t call with banks, other short-tèrm liquid investments with original rnaturitses of three mgnths or le$8, and bank ovwdrafts. Bank ov¢rdiafts ar2 shown thin borrowngs in current liabilities. 8asic financial assets Basic finanoal assets, which include debtor5 and Cash and bank balances, are initl8lly rn8asured at transaction pri including transaction costs and are subsequenuy carried at amortised cosl Ljgng the eff11 interest method unless the arrangement constitutes a financgng transaction, where ihe transaction 15 measurèd at tha pr8sent valu& of the future receipts discounted al a market rate of inleresl. Financial assets classilied as receivable within one year are not amortised. 8asl¢ flnanclal Ilabllltles Basic Iinanaal liabilities, induding creditors and bank loans are initialty recognised at transaction pri unless th8 arr8ng8ment constitutes a financing transaction, where the debt instnJment is measured al the present Yoe ol the future payments discounted at a market rate of interest. Financial liabilities classrfied as payable wlthin ane year are not aM0ed. Debt instrumen18 are subsequèntty eArriÈd at aM0sed cost, using thè 8ffèdv8 Int8r&st ratè method. Trade craditors a obllgaoons to pay lor goods or services that have been aquired in the ordin course of operations from suppliers. Amounts payable are classified as current liabilities if payment ts due vthin one year or less. If not. they are presented as non-wrr8nt li8biliti98. Trade creditors 8r8 rg¢ognl$ed initi'ally at transacknon price and 5ub5equ8ntty rn8asured at arnL¥tised cost using the effective interest rnethod. Derecognltlon o117n•nclal Ilabllld•s Financial liabilities are dereo)gni5ed when thg ch8riW5 contractual obligations 9xpire or 8re dlscharged cancelled. Critical accounting estimat•s and judg•ments In the 8PtAication of the charity's 3¢utrnQ policies. the trustees are required to make Judgements, estimates nd assumptions about the £srrying amount of assats and liabilitias that arè not rèadily apparent from other sources. The estimates and as50ciaied assumptiws are based on histMcal exped&n¢ts and olher f8¢trrts that are considered to be relevant. Actual results may diffor frcm thèsè estimates. Th8 asMat•S and undertying assumpiions are reviewed on an ongoing basis. Rewsions to a¢Unting estimates are recognised in the period in which the estimate is rewsed where the revision affects cnly that peri¢Jd. or in Iho period ol Ihe revision and future periods wher8 the revishon affects bolh curr8nt 8nd future perds.
THE SION MULLANE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Income from donations and legacie Unre¥tricted Unrnstrlcted nds funds 2025 2024 Qonalions and glfts 4.411 19,822 Expgnditure on chaiitable activities Indopèndent Independent Exarnination Examination 2025 2024 Direct costs Bank ch8rg¢s Subscriptions Website costs 679 1,312 370 687 1,213 331 2,361 2,231 Grant fundirg ol activities Isee note 51 6.000 16,000 Share of support and governance costs Isae note fjl Governance 2.640 2,220 11,001 20,451 Analysis by fund Unre31ricted fvnds 11.001 20,451 Grants payabl 2025 2024 Grants to institution$12 grants}'. The Brilliant Club Legal Wales WeL8h National Youth Opera Aloud Charity Pedal P0r 3,000 3,000 4,000 4,250 3,000 1,000 3,750 6,OCN) 16,000
THE SION MULLANE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Support costs allocated to avIlle5 2025 2024 Governmnce costs 2,640 2.220 Analys•d b•tween: Independent Examination 2,640 2,220 Net moY?m•wtt in fund¥ 2025 2024 Thè ngt movèmeni in funds Is staled aftv d)argingl(creditingl'. Fee5 P8y8ble for the independent examinBtion ofthe charitys financial 8t8lèrnents 2,640 2,220 Trust•e$ None of the truslees lor any persons connected with them) received any remuneration or benefits trom the charity during the year12024- ncfftel. Emplwes The average nw)nthly number ol employees during the year was= 2025 Number 2024 Number Total There were no employees during the period. There were employees whose annual remuneralon was mor¢ than £60,000. 10 Taxatlon Th8 thatY is oxempt from tsx on income 8niJ gains falling within sectior) 505 of the Taxes Ad 1988 or sectyon 252 of the Taxation of Charable G8insAct 1992 to the extent that these are applied to its charitable objects. 11 Other galns or lo9 Unrestricted Unrestricted funds funds 2025 2024 Foreign exchange Ilossesl I gains 691 <1,1771 io-
THE SION MULLANE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 12 CrltOrs.. amounts falling due wlthln on• y•Ar 2025 2024 AccNal8 and deferred incorne 2,400 4,800 13 Unrestricted funds The unrestricted funds of the charity compri$8 the unexpended balanc85 of donations and grants whiGh are not subjèct to speafic condffjons by dr$ and grantors as to how thèy may be used. These in¢lude designated funds which have been selaside out of unrestricted funds by th8 tnJ5tees for specific pu¥Frf)sès. At l October 2024 Incomin9 Resourc•¥ resources expended Gains and 1¢88e8 At30 September 2025 General funds 45.732 4,411 111.0011 691 39,833 Prevlous y¥r At 1 Octob•r 2023 Ineomlng r8soureès R•S0Lbe9 •xpendod Galns ind At30 los Soptomber 2024 General funds 47,538 19.822 120,4511 <1.1771 45,732 14 Related pwty traCtIonS There r& no disclosabl8 r8lat8d party transactn$ durin9 the year12024 - none).