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 pr￿nt 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 a￿l¥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 i￿luding 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 cha￿tY 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 SL*eme in Cardiff OT the equivalenl LEDLET scheme in London. Flnanclal r•vi•w The charlty r￿1Ved 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 th￿r 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