REG18TERED CHARITY NUMBER: 23S589 R8port ofthp TruBfeo8 and Audltsd Flnan¢lal 8tatèmènt8 forth8Yoar End•d 6 Aprll 2025 for MargarotDavlg9 Charfty D.RE. & Co. (Audlt) Umtted 7 LowgT Brogk Stregt Oswe$lry Shropshlre SY112HG Maroir8tOa¥lo1 Charfty ContBfit8 olthe Flnan¢l¥l Sts¢tmY*nt8 forthg Ywr ENd?d S Aprfl 2026 P8go Rofèrnn¢8 and Admln18trdtlvg D8lall$ Report ofthg Tru8ts8# 2 to 4 Rgport of the Indgpgndent Audltor4 5 to 8 Sfatsrnont of Flnantlftl Aellvlllog Bglgncg Sh¢•t 10 Ntsiéy to the Flnan¢lg18tstemonls 11 10 19 Dgtalled Slatemantof Flnanclal Acllvlllo8 20 10 21 Mjryargt Davle# Charfty Rolernnc¢and AdmTnlBtrallvè Dolrtllg forthg Yg8rEnd8d 6 Ap￿1 2025 TRUSTEES D Davle8 {Ch8lr> Dr D F Ba180m DrJ D L8w18 (re8hJned 31.3.251 T Wlllams Mrs E M Gljboy E A Rayn6r Z Qth¢k lappoinled 4.7.251 PRINCIPAL ADDRESS Plas Dole Mllford Road No%thvn Powy8 SY162EH REGISTERED CHARITY NUMBER 235589 AUDITORS D.R.E. & Co. (Audit) Limited 7 LoweT Brook Sti801 Oswe81ry Shropshire SY112HG BANKeR8 HSBC Bank PIC The Cross 1 Bro&d street Newtoym SY16 2LX INVE8TMENT MANAGERS Ralhbones Group PLC 8 Flosbyry Clr¢u8 London EC2M 7h2 Pag• 1 Maryar&t Davlo8 Charfty R0POrtolthè TNgts0• forlhèyoarended OAprll 2026 The trusle89 present their report wilh the flnanaal Ètalamants of thè charfty for Ihe year ended S Aprfl 2025. The truslaeg hav8 adopt￿ the prov181on5 of A¢counlng and Roportlng by ChariUes'. Stglemenl ol Rewmmended Practl¢è applkabla to ¢haritlg8 prgpavtng thelr a￿Unts In accord8n¢È with th9 Flnand81 Reporting Stsndord 8pplicable In Ilie UK ond Republlc of Ireland IFRS 1021 (trffedI￿ 1 Januory 2019). OBJECTIVES AND ACTIVITIES Objectlvos and alm¥ The Injgleeb ¢onfimi th81 th8y have referred lo tho guldanG4 contelned In the Charity Comm1881on's general guidallca on publlc benefit wh9n r¢vleYAng th8 Charfiy$ alm$ and 0WeCt￿￿s and in planning frrture acllvilles and setting thè gmnl maklng poltcy for the year. The Charity cartltrs out th858 oblectives by payiNJ grants al the Irusloes, d18creUon for charitoble purposes to org8ni$alons whith benèfit th8 Peop￿ of Wales and lo other reglslere(l oharflles (based Main￿ In Wales) lor the bengfrt of lh& followlng.. Tho ￿S￿al artg - The perfomiing arts . Educallon . Health & Sod81 - Piovlslon for youlh Projeds that We￿ Started by th• sÈslws, or In8plr•d by th8m. would 8•8m e8p8d8lly Bppriwrfat& for donat10￿. Grantmaklng Th? tru$l¥e$ make C￿nIable kyanls to organl8allon$ whlth benèfit the p?ople of Wale8 and to other charitable otganlsations whlch are malnly W¥lgh, ACHIEVEMENTS AND PERFORMANCE The charity has suc￿eded In aw&fdinu gian¢8 amounlkng to £207,676 {2024 £202,330) whld) hav8 been frjnded f¢om Inc¥Jrng r*celvEd from Investments and olhgr In¢om& fortha yeaf of£275.48312024 £280,179). Tha Stalomgnl of Fln8ndal Acllvlles show8 a deficst in tha nel movom8nt ol fvnd$ for the year of £788,243 12024 8urplus £40.184). and thè gèneral ftjnd Stands at £8,531,34512024 £9,319.588). The tru81e8B havo made awards ofgranl8 In tho ye8f In oeeordgn¢o wSlh th? obledlve8 ol lh8 charity. FINANCIAL REVIEW Prln¢lpal fundlng sourceB The charfV$ main $ource of Incomels provlded from Income generated on Its Invoslmenl portfollo. Rgallged galn8 of equltieB Bold are reinvèsted In •qullk8 kn the Inve31menl portlollolo piomole furthvln(y)mg. Investm•nt pollcy and oblecUvo8 Tho ob5ecUve of the Margaret Oavtes ChwiV8 èndowmenl fund$ 18 lo m8lnl8ln a b#lane8 bètsveen th? achlevemenl ol capllal appfeclauon and tho provllon Of a reasonable level ol Incom8 $0 as lo molnlaln thg real value of that incom8. Thè tru8te88 01 thtr Margaret Davle8 ChaAty'$ andowmenl fund8 have a¢ceptsd a TrAdhJm lo Iwgh d8gree of sk for Ihelr Invoslm&nl portfollos. The rn3p0n￿bIl1ty 01 Ihe day lo day man8g8mant ol th• chAritys Inv8strywnl assets IleB wlih the Ralhbonèg Graanbank who hava dlscrellonary maftagtmenl powers vAlh affect from 141h January 2022 under Iha e8tabllih8d Inv8stm8nl poll¢y ogre8menl whlch wa8 estBbll8hed by Ihe ¢haiity on the 8th May 2012 and updgt8d followng a Tevlew on Ihe 16th September 2022. Thè 8ppolntmènl of tho invg8lm8nl manager Is on a dL£crnUonary ba$l$. A¢cordlngty ihe Inv8atmÉnl man#oer accept¥ rospon$iblllty on a eontinuing baBls for taktng Snveslment 4cllL)n as and whgn approprfal& tn accordance with thè Inve$lmènl PoliGy. P490 2 M&ryarètDavkn8 Charfty R•portofthgTru8ts08 forth• Y8brEndod 6 Aprfl 2025 FINANCIAL REVIEW Ro88rvo8 poll¢y The tftl8lee8 hold the eapllal element of thg orftynal endowment lomolher wtth the ac￿MU78110n of capllal galns In order to generate Income to provlde fvnd$ lo make chafttable wnliibullon9 in afxordanco wlh Ils Trnst Deed. This18 con8ldered to be nece88ary a¥ the eh&tlty has no fund ral8lng copadty. Th? tN81ee$ wlll malnt21n 8 r8s8rvo equlvalenl to 8lx month8 IncA)me In order lo meet m8nxg8mgnl and admlnl8trallan expen¥&$ a¥ they 8rfs& and lo be In ￿nd9 lo m8é1 charflablo 8XPgndltur•. The iw8180$ monllor iho glluatlon al Ihelr bI￿nual meelln98, Thg lev81 of fr88 reserves al Ihe yegrend18 £8.531,34512024 £9.318,459}, FUTURE PLANS The Iru8le03 hold a dad￿ted Straleyy meeUn9 onc• a year to ¢on&lder th2ng89 lo the grant maklng proGgdures lo ojntinually improvè thtr Charlty's sy8tems, procedure3 and granl-rnaking PToces889. Th18 year ¢hange$ wor8 agreed to Ihe grant crilerfa and guldance for granlegs. Tho twsteas ￿11 conllnué to ra￿eW the wlder $o¢lal and t¢onomlc contèxt for tholr 9ranl maklng a¢UvSUe8 In order to maxlmls9 the Impad of funds d181ribuled. STRUCTURE, GOVERNANCE AND MANAGEMENT Govomlng document Thg M8rgarel Davles Charity181$o known a8 The Gwendollne and MaTgarel Oavles Charftyl wa8 conslllirted by a Twsl Deed In 1934 #nd18 a reglslored tharity. The Twsl Deed Irrevoe4bly dedlcated in p8￿tu1ty for dIa￿&bIts purpos•s all Investments hold by or transferred lo the Iru8leg$ on behalf of ihe chorfty. Recrullmontand appolnlrngntof nèw tnigt••8 Tru8lee$ hav8 Ihe power to appolnl addlllonal Iwsleeg a8 they eonslder $1 approprfale to do so. Th8 eh&rity Is organi8ed $0 thot Ihe tNslee$ me81 four Ume8 8 year lo manage Ils affalrs, wtth the mutin8 management of its affalr8 b8lng dealt ￿th by the Chalr. Th8 period of officè fortrustees Is ¢pfyn. Organlsatlonal Btructure The OTganls•llon employ8 on8 per¥on to cary out day to day opèrallon9. repo￿n9 to Ihg Chalr. Tho key management pew)nnel gre the board of TrUSte￿whO recelve no remungraUc>n. Indu¢Von and tralnlng ol new truBtso¥ Trustees hava baen chosen for Ihelr knowledgg and experience of ¢harfty work over the y8ars and ¢hrough Ihe nalureof thelrappolnlmenl8 und8rgD c4Jntinuou$ profe381onal dèvelopmenl. Relatèd partlo9 On the 7th January 2025 th8 whDlly owned subsldlary Welsh TvHn Plannlng 8nd PIou3ing T￿￿¢ L5mKed wa5 dlssolved. In a¢ciJrdance tho Charflles A¢t requlrernenls for groupg, C￿n8011d￿Led acwunts have not b88n pr8pared becau￿ Ihg grotsp In¢omo Is below £1,000.000. Th8 churity oper#leg In the same bulldlng a$ another charfty. The Vronhaul {Llandlnaml Charfty. Thg IN8te8s ol Margaret Davles Charfty gre the Same as The Vronhaul IL18ndlngm) Charfty. STATEMENT OF TRUSTEES, RESPONSIBILITIES Th& INslees ara ro8ponslble for preparfng the Report of lh8 TNsle95 and the fin8ndal sialemèni8 In attordane8 wlth applleablo law and Unttad Klngdom Accoununu Standard$ Iunlleil Klngdom Generally Accepted Aocounling Practlcel. Pagg? Marglrnt Davlo& Charlty R8POrt olthe Tru8leo8 fvrlhe Yoar Endod 5 Aprll 2025 STATEMENT OF TRUSTEES. RESPONSIBILITIES- contlnugd Char*ty law requires the Iruslees lo prepare fingncial sta(emen16 for eath financlal year. Under that law. Ihe truslges have elected lo prepare the financial Statements in ac¢ord8ncè with United Kingdom Gènarally Accepted Accounllng Praclic* Iunlled Kingdom Accountin9 Standards and appltcablp13wl. Undtrr eharity law th& trustees musl nol app￿v? the financAal stalemèn19 unless they 819 salisfied th81 they gtvè a tme and fair vlew tsf the s18t& of affairs ol Ihe charly and of the incoming resources and application ol reSoUr￿s, Includlng the incomg and expenditur&. of the charity for that period. In preparlng those finanrSal stalemenls. Ihè Iwglees are requited lo select 8uilable a￿o￿nt.ng polldes and Ihpn apply them con5131enlly'. observe the methods and principles in the Charities SORP-, makeludgements and eslimatss that arè reasonable and prudent., prepare th& ffinancial 81&temenls ¢)n th8 going concem basis unle$$ ills Inappmpriale lo presume that the charity will continue in bu51ness. The trustees are responsible for keeping proper accounting records whic4) dlsclose with réasonable accura al any time th9 financlal posilion of the chartty and lo enable Ihem to ensure Ihal ffinandal slalornenls comply wath ihe Chaiilie8 Aet 2011 and The Charily (Accovnls and Reportsl Re9ulalions 2008. They 3re also responsible for $8fegu8rding the assets of Ihe charity and hence lor laklng reasonable steps for the prgvention and detection ol fraud and olher irregLFlarities. Apwov¢d by order ol Ihe boafd of trustee8 on 16 De¢emb&r 2025 and slgned on 118 behall by.. D D Davies- Trus188 Pa98 4 Reportolthe Inde￿n￿￿ntAUdl1&I8 to the Tru8te88 of MargarotDavlo$ Charfty Oplnlon Wg have audlled tho financtal 3lalement8 of Margarel Davle¥ Charlty Ilhe 'chaiiW for the year endgd S Aprfl 2025 whlch comprf8e tho Stalem6nt of Flnandal AIAvi1188, the Balance Sheet and note8 to the ffnandal 818lements. Indudlng a summary of ¥lonlffG9nl #Lyounllng pollde8. The fin8ndg1 r8POrting framèwork that has been applled In Ihalr preparallon Is appll¢able law 9nd Untted Kingdom AQXtun￿ng standard9 (United Klngdom General￿ A¢wted Ac¢ounllng Pradl¢61. In ouroplnlon th8 Itnandal 8taleMenl8'. glv& a and falr ￿eW of the 8tate of th8 tharfty'8 affalr8 98 al S Aprll 202S and of It8 IncA)mlng resourc£8 and sppllrxtlon of re80uree8, forlhe yearth8n ended, have bBen propety prtrparod In actxrdance V+lth Unlled Klngdom Genoraly A￿pIe￿ A￿Qun11nj Prnctie*', and havo b88n prepared In occordan￿WI1h the requ¢remen18 Qflhe Chaiittes Act 2011. B&g18 foroplnlon We conducied our audSt In aceordan¢e wlth Intem01￿naI Standards on Audlllng (UK) IISA8 (UKII and applleable law. Our roSpon$lblli￿99 under Ih08e standards ore furth?r deBcrfbed In Ihg Audilors. respon￿bI]StI￿ foT the audit ol th8 finandal elalements 3ecUon of our r8port. We are independent of the Charity In *¢¢orns wg hav8 lomied. O.R.E. & Co. (Audlt) Umlted 7 Lower Brook SlrèÉl Oswe61ry Shrop$hlr8 SY112HG 16 December 2025 Pogè 8 Mary#MtDav109 Chaitty 8tstèrnont¢f Fln•n¢lal Acllvll¢g fortho Y•arEnded 6 Aprfl 2026 5.4.25 unreslrt￿ed furnd 5,4.24 Tolal ndg Nol6¥ INCOME AND ENDOWMENT8 FROM Inv851m8nt Ineomo other Incom• 275,398 85 280.044 135 Totsl 275,483 280,179 EXPENDITURE ON Ralglng fvnds Inv88fmenl manauemenl co818 54,398 140,582 54,398 140,582 Charftsblo actlvlll•s Awardlng Grnnt8 Edueallon of thB public in ihè Art8 244,048 238.501 135 Totsl 298,444 379,218 Not galng1(108se5) on Investments (165,282) 139,223 NET INCOMEIIEXPENDJTURE) (788.243) 40,184 RecoNCILIATION OF FUNDS Totsl fund8 broughtforwoTd 9.319.588 9,279.404 TOTAL FUNDS CARRIED FORWARD 8.531.345 9,319,688 Tho notas fom partof thes• llnanrJ818tslamEnts Page 9 M8rg8r•tDavl98 Ch•TIty BDlan¢¢ Sheel GAprfl 2026 5.4.25 Unre51rl¢ted lun£6 5.4.24 Total runds Notes FIXED ASSETS Tangible assets Investments 12 13 452 677 1,129 CURRENT ASSETS stoths Debtors Investments Cash al bank and in hand 14 1.305 13.e24 8,446,655 308,097 1.390 11.120 9,267,484 103.773 16 8,587.681 9,383.767 CREDITORS Amount$ falling due vAthln one year 17 (3fj.3361 {65,3081 NeT CURRENT ASSETS 8,531,345 9,318.459 TOTAL ASSETS LESS CURRENT LIABILITIES 8.531.345 9.319.588 NET ASSETS 8.531,245 9.319,588 FUNDS Unreslricled funds.. General fund 18 8.53t.34S 9.319,588 TOTAL FUNDS 8,531.345 9,319,588 Thè financial statements were approved by the Board ol Tru$lees #nd aulhorSsed for issue on 16 Decembèr 2025 and were Signed on ils behalf by: D D Davies- Trustee Th8 fiotes form partcllheso finanoa151ateMBfiIs Page 10 r*laroaret D&vl08 Charfty NoteB to th? Flnan¢lal Slat8monts forth? Year Endod BAprll 2026 STATEMENT OF L'OMPLIANCE Th988 flnandgl BtOtem9nl8 h8V8 been prepared In ¥e¢ordancA with th8 FinAndal Reporltng St8ndard 102 'The FlnancJal Rop¢￿Ag Slandard 8ppllcablo In Ihe UK and Republ1¢ of Ireland, #nd lh& Ch8rille8 SORP IFRS 102). ACCOUNTING POLICIES Ba818 of prttparlng the Ilnanol81 $tatemont8 Th& ffinandal 8t8temenl8 of Iho charfty, whlch Es a publ1¢ b9nafil enuty und8[ FRS 102. hav8 been prapar4d In aceA)rdance wtth the Charit186 SORP {FRS 102) 'ArKounUng ond Reportlng by Charities: statsment of Recommonded Pra￿￿ applleable to charflles PTep?ring Ihelr acwunl8 In aw?rd#nee Ih the FInan￿al Reporting Stsndard ap￿[cable In the UK and Republ1¢ of Ireland {FRS 102) (effeclwe 1 January 20191., Flnandal Repo￿￿9 Standard 102 Flnandal Reportlng Standard 0ppli¢ablo in the UK and R￿UblIc of IrolRnd' and Iho Charill&8 Act 2011. Th8 finandal 8lal&manls hav been ￿pared under thè hl8todcal ry181 conv8nlon, vritl) the ex¢eplton of Inve$trfi&nlg whlGh are Induded 81 mark$l valug. Charity 8talu8 Tho ¢harity 1$ an unln¢))rporated ¢h8rfty and It8 princlplo addre89 8nd regl8ler¢d tharity number can be found Ymthln the Report ofthe TN91ee8, Th8 acoJun18 are prepared forthe Ind￿dUal enuty onty. Tht presgnt&tlon ¢urrency of Iheffinando18latement818 Pound Sterflng1£), mundad lo Ihe neoreBI £1. Thg ch8Aty ha8 a whdly owned ¥ub¥ldlary, Welsh Town Planning and HDuslng Tw$1 Umi18d. In 8ccord8nce with Ihè Charille$ requlr¢mtnl8 for group¥. consolldated acwunts not b&8n prepared because tho 9roup19 8mall. Tttl8 sub$ldiary WaB di8501ved on tha 71h January 2025. In¢omo recognltlon All Income Is rettJgni&ed in th? $18lement of Fin8nelal AC15￿11&￿ once the tharity hos •nbllèment to Ih Inlxme, Iherg 18 8ufficlenl certalnty or 18celpl and so11 1$ probablg Ihal the income ￿11 be recelvgd, and th8 amount ollnrx•me tsc#lvablo ¢an b8 mea8ured 8c¢uratety. Int6r¢sl on fvnds held on depD811 l¥ Indud8d upon noflftcauon of th8 Interest p8ld or payablg by th8 Bank. Dlvldond8 are recognl8ed ¢n¢o the dlvldend ha8 bgen dedared and nollfi¢alion has been raeelved of tho ¢Jividend due. Thls nornally upon nollfi¢allon by our InvosIM8nl adwsor of the dfvldend ylgld olthg Inv6slment portfolio. Empendlture recognltlon Llabiliileg are reccgnlsed as expendlluro as 800n a$ Ihgro 19 o legal or construdtve obllgolt committtng Ihe tharity lo that oxpendlluro, It IB probable Ihgt a tran5feT of erA>nomlc ben8fft8 ￿11 be r¢qulred In sewemenl and tha amount ol th¥ obligalion con be mea8uied rellably. Expgndlbjre 18 8CCA)unted for on an a¢eAU819 bas18 #nd hag been das8ifi8d under headings that aggre9alg 811 co81 ielated lo th8 category. IMere COBts Cannol b8 dlr8dy &￿Ibuted lo particular headlngB th8y have been allooal8d lo act1￿lIeS on a ba81$ Mnol$lenlwlth thg uÈè of rosouree8. Gr8nt8 payabl8 ara paym8nts made lo thlrd p8rt198 In •JrfhgTOn¢a of the ¢h8rftablo object8 of Ihe dlgrfty. Prowslon$ for grants 8r¢ made when th& Inlenl(on lo moke tha grant h88 been 8greod by thè truslees al tho bl annusl meaUngB hgld vAthln Ihe flnandal yoar. Allocatlon and gpporttonm?nt of ¢o$ts Support ¢0$18 ho￿ been differgnllated behveen govgm8nce cost8 and other $upport fA1818. Govom8n¢o ¢9915 comprf89 of all eos18 Involving Ihe publlc a¢coun1abll￿ of tha charfty and its ex¢mpllanc8 wllh regulation and good praclKg. These ccsts Include co818 rtrlatad to 8talulory audll and legal feeg togelher¥th 8UPPOrt eo818 relatlng to Iwstee meetlngs. P8go11 ntlnued... Marg•r8tDavlq$ Charfty Not¢8 to thg Flnanclal Statemgnts-conunygd forth8 y0arE￿￿$d S Aprfl 2026 ACCOUNTING POLICIES- contlnued AllOca￿0n and oPPOrtIo￿monI of costs All govemance and Support co81s have been apportloned In fill lo grant ma￿n9. There ar6 no ¢0818 to thè tharfty for th8 aclivlty ol'Edueatlon of lh8 publlc In tha Arts.. Costs of ral8lng funds The ¢osts ofgeneraling fvnds (mlsl oflnv8Stm8nl m8nagoment fee8. Charftabl8 aG￿vItI03 The exp8ndltura on tharft4ble actIvi￿8# Includes granis m4da. govaman¢e ¢0819 and Support rmls. T#nglbl•fixed aB8Ot8 Depradallon 18 prts￿ded at Ihg lo1￿￿n9 annual rnie$ In ord9r lo writ¢ off each a6￿1 0￿rIt8 88tim8tad tl8eful1510. compu1erequlpm￿I 25% on cost Rèlat•d pavty exomptio Th& ch8rity has taken Advantage ol exemption. under the lemi$ of Flnanrjal RepoTbng Standard 102 'Th& Financial Reporting Standard appli¢abl8 In thg UK and Rapublto of Ir•land', not lo dhc108e related party Iransadlons ￿th wholly owned subs1dl8￿?SVIlh1n th8 group. Stock8 Stocks are valued al tha Iow8r of cost and net r8all¥able valug, ofter making duo albwancg for obsoL81¢ and 81¢)w Mo￿n9 liems. TaKatlon Tho ¢hartty Is exempl from lax on 1¢$ tharflable adiviUe8. Hlr• purchase and1ga81ng ¢ommlthi&nlo Rontals paid under op9raUng lea888 ar8 thaT9ed lo thè Statèment of Finartclal AthvHles on a $tr81ght Ilne basls over thè p?rlorl of the lea8e. Ponslon COBts and othor postwrntSrem?nt bgnofits Th& charity operate8 a defined ¢onlrfbutIon penslon scheme. Conthbutsons payable lo th¥ charlty's pon$lon sth8m8 are chargedlo thg Slal¢m8ntol FIna￿la1 Admlles In the peiiod to whlch they rela￿. Flxod 9g$et InveBtmonts The Inve8tm8nl In the suhldlary19 slated al the balHnc8 $h¢el da¢8 at hlslorf¢al c4)sl les8 ImpalmwnL Current a8S8t Invostments U$led Inveslmenls are Slated al morkot valua 81 the balanrB sheet dale. Reall8ed gakn8 and108ses on Inveslmenls, calculated 88 thè diffèrence be￿een Ihe sales proceeds and thèir market valuè al the stsrl of the year, or subs¥quent cos( are CTediled or d7arged lo the 8OFA1n th¥ year of galn or 1088. Unrealised g81n$ and losses repFeÉÈnbng thè rnovemanl In maEkÉl v8lue$ dudng th• year are credSled oi charged to th8 SOFA In Ihe year of galn or lo￿. R&all$ed ond unreallsed hveslmenl galns ond 1088e6 are ￿MbIned Snlhè Statement of Flnandal Actlvllles. Unllsled InvÉslment8 ar8 staled In Ihe balanco 8he&l 81 hlstrrft>l ¢081. FlnHneial In8trumBnts Baslc ffnanchl aBsel8. Indudlng trado and other debtOT8 and ¢a8h and bank balances, ar& Inltially fecogni8ed 81 Iransactlon prfce, unlesg Ihè airangemenl con8tilule$ a flnandng tran8BCtlon. where Ir8nsAclon Is mea8ured al th? prsggnl value Cif th8 fijlure rec8lpts dlso)unied 31 a ma4kel rale of Intar88t. PaB8 12 t￿linuEd... Margarot Davle• Chlrfty Noto•10 tho Flnantlal StatOMéni8- contlnuod fortho Yo#r EndÈd6Aprll 2028 ACCOUNTING POLICIE8- contlnued Bast¢ fflnancial liabili1188, Including Ir4do and olhpr ¢reditor8, are ln1tlal￿ recognl¥gd al transacllon prf¢e, unless the arrangement conslltutes a fiftancing lrnn$4ction. wher6 the debt Instrument 19 measured al the pre98ntvalu8 of fvture racelpts discijunled 01 a market ralg of Inleré$L INVE81MENT INCOME 5.4.25 5.4.24 Dgposll 8ccounl In18r881 Lfsted Investments Other Inve61ments 4,715 270,683 4,883 274,493 6e8 275.398 280,044 INVESTMENT MANAGEMENT COSTS 5.4.25 5.4.24 Portfollo managemgnt Impalmienl bsso9 54.345 51 54.752 B6,830 54,396 140.582 CHARITABLE ACTIVITIES GOSTS Gr8nl funthng of [￿rÈct Costs I notè 61 Support C051s18ee note 8} {se8 f￿10 71 Totals Awardlng Grants 27.551 207.676 8,821 244,048 DIRECT COSTS OF CHARITABLE ACTWITIES 5.4.25 5.4.24 Staff co818 Other operaUng18asas Offlix t0919 Book ¥x)sts Depredatlon 21.330 2.542 3,142 85 452 20,338 2,542 4,203 135 452 27,551 27.670 Pag? 13 eonlln4Jod... Moryar¢tDavle• Charfty Noteo 10 thè Flnan¢lal Statsm8nt4 ￿ ¢oThUlluod foithè Y•¥rEndèd8 Aprfl 2026 GRANT8 PAYABLE 5.4.25 5.4.24 Awordlng Grants 207,e76 202.330 The total gronl& pald lo In8lllutlonB durfng thè year was agfollow$: 5.4.25 6.4.24 Mlscelloneous undei £5.000 Can01fan Gerfld Wlllam Malhla6 R8klndle Montgomeryshlre F8mlly Cri818 Cgnlre AbeTgorki Community H811 Sw&nsea Community Fami Mld Wal?$ Opera Elsleddfod Genedlaethol Cymru Tho Aloud Charity Mid Powys Youth Th8alre Young Mu8le Makers ofoyled Bfecor3 F¢stlval of Ballet Aulisllc Mlnds Mold Cholr Hub of Hopg Sheman Th8atr4 Kidwp8 S?ndy Bear Wld¢mess TrLs$I Tyrynrodyn Hub ASO Rainbow Anthem Challenge Wales Thè Wndlall Centro Codir To 08819 Illord Youth Mattgrs Jonas tha Dan¢9 Accassibility Po￿9 152,876 6,000 5.000 103,930 9.SOO 5,000 5.000 6.000 7.500 2,000 s,ooo 5,000 4,000 5,000 2.000 5,000 5,000 5,000 5.000 5.000 7.000 5.000 5,000 5,000 5.000 5,000 5,000 5,000 5,000 5,000 5,000 207,670 202,330 Page 14 Itknued... Marg•rotDgvlo5 Charfty Notè¥tt>tho Flnancial Sfatemgnts. contlnuod forthe Y¢4rEnthd 6 Apdl 2028 SUPPORT COST8 Gov6llkgnL* Flnwr TolAIB Awardlng Gran18 60 8,781 8,821 SupportCO8ts, Induded In the abovg. erg a$ follows.. 5.4.25 Awa￿Ing Grants S.4.24 Total gciiv11193 Bank tharg&s Tru$leeJ' remunerauon ptc Audllors, remuneralton Insurance Sundrie A￿n(ancY and legal fee8 Cost8 ¢f mee￿ng3 60 131 1,920 1.319 533 3,144 1,714 00 413 4.880 1.251 568 392 1,272 8.821 8.636 TRUSTEES. REMUNERATION AND BENEFITS The Iru8te&s all give fr88ly of Ihelr Ilme and gxp8Jllsè ￿thOut any fom of remun¢rgllon or Othgr bonoffts Sn klnd or ¢a$h (2024: £nil). Trugtge8' èXPgMOS 5.4.25 5.4.24 TW8te0￿ exp¢nts¢$ 131 413 2 Iru81988 were ralmbur8ed fort{a￿l expen808 In 202512024 4). 10. STAFF COSTS 5.4.25 5.4.24 Wag88 and 8914rf&s Olherpenslon (x7818 20,723 607 19,760 578 21,330 20,338 Thè ave￿ge ftK)nlNy nun*)erofemplDye08 during Iho yearwas as follows: 5.4.25 5.4.24 Secrotsry No employe83 recelved ¢molumtnt8 In gxrxss of£60.000, Page15 continued,. Maruv4ret Davl18 ChoTIty No169ts the Flnan¢lal Ststemonts. conlnugd lorthe YearEndod 6Apdl 2028 11. COMPARATIVES FOR THE STATEMENT OF HNANCIAL ACTIVITIES Unr88Irlc￿d INCOME AND ENDOWMENTS FROM Inve8tm¥nl Income Other In¢om8 280.044 135 Total 280.179 EXPENDITURE ON Ralgln9 fundg Inveslment manag8menl costs 140.582 140,582 Charltablo actlvltlp8 Awardlng Grants Educ¥bon oflhe publlc In tho Art 238.501 135 Totsl 379,218 Nel galn8 Inv?stmenl8 139,223 NET INCOME 40,184 RECONCILIATION OF FUNDS Tolol funds brought lo￿ard 9,279,404 TOTAL FUNDS CARRIED FORWARD 9,319,588 12. TANGIBLE FIXED ASSETS Compuier ulpmont COST Al 6 Aprll 2024 and 5 Aptll 2025 1.809 DEPRECIATION At 6 Aprll 2024 Charge loryear 1,357 452 Al 5 Aprll 2025 1,809 NET BOOKVALUE Al 5 ApAI 202S Al 5 April 2024 4S2 Paga 16 MaryargtDavlè# Charfty NTrtsBto the Flnak¢lal ststemonts-iontlnugd forthey￿r End￿ 6Aprfl 2028 13. FIXED AsseT INVE8ThlENTS 80$ in gioup Underta￿n9 COST LESS IMPAIRMENT Al eAprtl 2024 Dlspo8al8 877 1677) At 5 April 2025 NET BOOK VALUE At S Aprfl 2025 Al S Aprfl 2024 677 The subsldlary c4Jmpany was dissolved on the 71h JanuRry 2025. 14. STOCKS 6.4.25 5.4.24 Slo¢k8 1.305 1.390 16. DEBTORS: AMOUNT8 FALLING DUE WITHIN ONE YEAR 5.4.25 5.4.24 Otherdebtorn 13.624 11,120 16. GURRENT ASSET INvesTMEIITS Inva8bnan18 6.4.26 5.4.24 Cost or MarketV8lue o16,4.24 Addluons Dl3posa18 Unw8lE88d1o$8?￿ggln$ 9,160A29 9.045.772 2,298.942 3.790.821 12.297,090> (3,797,095) 1739,828) 111.131 Costor Martelvalug al 5.4.26 8,412.455 8,150.429 Cosh 34.200 117,05S Tolal Inveslmgnts 8.448,855 9,267,484 Hl$lorftal rthl 9.225.953 9,284,932 Unll$l¢d Inve81mén18 are le￿rdad Bl cost becaLEBe tho Twstee8' bellev• Ihal oblalnlng a professlonal valuallon oftho 8hgro$ would ouhvelgh tha benefll to lh8 US8r of th958 acwunts. Analy818 01 InveBlmonts {ox¢ludlng Gashl at 6th Apfil belwo•n fund8 6A25 6.4.24 U8ted knv68tm8nts 6,782,465 e.825,464 Pago 17 Conth￿d... Margarnt Davte8 Charlty Nots8 tothe Flnon¢l#l 8t&t6menl8- contlnu?d lorthe Y¢ar Ettdod sAp￿1 2026 16. CURRENT ASSET INVESTMENTS- ¢ontlnu&d Un1181od Inve8lll*nls Flxèd Inter¢$l 8ecuritio$ 911 1,629,079 2,324,054 8,412ASS 9,150,429 Included In *he above, Invgslmenls hekl outsld8 tho Unlled Klngdom for the Charfly £3,986,432 (2024 £3,760,825) 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 5.4.25 5.4.24 Grants Pay#b10 Ac¢wed expgnse 19.300 17.038 47,040 18,288 36,336 65.308 le. MOVEMENT SN FUNDS Net movemartl In fund5 At 8.4,24 6.4.25 Unrèstrlcted fund$ Gen¢ral fijnd 9.319,588 (788.243) 8,531,345 TOTAL FUNDS 9,319,$88 (788.243) 8,531.345 Ng1 movem￿1 In fiJnd8, Induded In tho above are as follow& IrwL4nlng swreas R6sourc8$ Gains and losses Movomenl In lun69 Unrostricted fund8 Gentral fvnd 275,483 (2è8.444} {785,2821 (788,2431 TOTALFVNDS 275.483 1298,4441 (165,282} 1788,243) Pag• 18 Conlfftuod... MAYgarétDavlo8 Chartty Nots9 to thg Flngn¢lal Statemenlg •¢ontknuod forthe YosrEndod S Apill 2026 10. MOVEMENT IN FUND8- ¢onllnued ComparntlYeB for ￿0￿ment In fund8 Nel rnovgment inftrnds Al S.4.24 At 6.4.23 Unrestrfcted funds G8ner81 fund 9,279,404 40,184 9,319,988 TOTAL FUNDS 9,279,404 40,184 9.319.388 Cc￿paratIVe net movtmfynl In funds, Induded In the abov8 aro ag follows: Ineomlng résou1￿9 R¢$our eXP8ndgd Galn8 ar IcsSÉQS Mov0m8nt In Ivndl Unre8trlct&d funds General fund 280,179 1379.218) 139.223 40,184 TOTAL FUND8 280,179 (379,2181 139,223 40,184 19. RELATED PARTY DISCL08URES The INstso8 h8Vo Inlere8t8 In the I0￿0w1ng ¢h8rf118s who hav9 bèneflted from gr8nts In thgyear. Organlsadon Conn8illon 6.426 SA.24 MCRA DrJ D LewiB- IN$te& 2,fy)0 Durfng the year the chaiity pald rant lo MCRA *mounUno to £2.542 {2024 £2,542). No amounl wa8 out￿andIng al tha year end12024 nlll. At the yè8rend1hg charlty 1$ IAYed £36012024 £3801 from Tho Vronhaul (Uandlnam) Charity. Pago19 MorgarntD4vlg8 Charfty Qot#ll8d 8tatomgntolFlnincknl Aetl¥lUa8 forlhg YoarEndod BAprll 2025 5.4.25 5.4.24 INCOME AND ENDOWMENTS Inv8stmont In¢om¥ Deptssll account Interest Llst8d Invèslmenl8 Other investrnents 4,715 270,683 4.883 274.493 666 27S.398 280,044 Othfrr InGom• RoyalUe8 85 135 Totsl Incomlng reyouicè9 275,483 280,179 EXPENPITURE Invv$tmgnt mBnagoment 008ts Portfollo m8nagemènl ImpalrmBnl losses forfixed 48$91 Inv8stmonts 64,345 54.752 51 86,830 54.388 140,582 Char5tsble acttvltlos Wage$ Pan8ion$ Othèr opeTaUng lea808 Office ￿81S Bookcosls Depredollon of18nglble fixed 05s&1s Grgnls to lnstlluttc￿s 20.723 607 2.S42 3.142 85 d52 207.678 19,760 678 2,542 4,203 135 452 202.330 235.227 230,OQO Support eO8ts Flnancè Bonk charge$ 60 Governance cogts Tntslee¥ eX￿nSeS Audilor8' remuneratlon Insuran¢a Sundrie9 Accountancy and legal f60s Co818 ofrne8tin99 131 1.920 1,319 533 3,144 1,714 413 4,880 1,251 568 392 1,272 8,761 8,570 Total re80UfQeB expended 298,444 379,218 Net•xpendltur8 bèfora g&ln9 ond10$8 (22,S611 199,0391 Thls pas&doè8 nolfom part ol its$latutory financi￿ 818toments g920 MdryaT¢t Davlu Charfty Dotsllèd Statomèntof Flnanelal A¢livWe8 forth•Ye4rEnd¢d S Aprfl 2028 5.4.25 5.4.24 Rgallsed Ncounl8ed gglns •nd1086e8 Reallsed galnslllo8888} on Snve81fflgnl a$$el$ {25.4561 28.092 NotoxpendStur¥ 148,417> (70,9471 Th$ P￿￿088 n¢tfomi partolthe stalLrtoryfimanElal 8tatsm&n18 Pog? 21