2024-12-31-accounts

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Company Registration Number - 177670

The Charity Registration Number is :- 248076

Union of Welsh Independents (Incorporated)

Report and Accounts

31 December 2024

Cross & Bowen Chartered Certified Accountants Riverside House Normandy Road Swansea SA1 2JA

Union of Welsh Independents (Incorporated)

Report and accounts for the year ended 31 December 2024

	Page
Charity information		1
Trustees' Annual Report		1
Statement of directors' responsibilities		12
Independent Auditors' Report		14
*Funds Statements:-*
Statement of Financial Activities		18
Statement of Financial Activities - Prior Year statement		19
Statement of total recognised gains and losses		20
Movements in funds		21
Revaluation reserves		21
Revenue Funds		21
Fixed Asset funds		21
Summary of funds		21
Balance sheet		22
Cash flow statement		24
Notes to the accounts		26

Union of Welsh Independents (Incorporated)

Company Registration Number - 177670

Trustees' Annual Report for the year ended 31 December 2024

The Trustees present their Report and Accounts for the year ended 31 December 2024, which also comprises the Directors' Report required by the Companies Act 2006.

Reference and administrative details

The charity name.

The legal name of the charity is:- Union of Welsh Independents (Incorporated) (hereafter the Union).

The charity is also known by its operating name, Undeb yr Annibynwyr Cymraeg.

The charity's areas operation and UK charitable registration.

The charity is registered in England & Wales with the Charity Commission in England & Wales (CCEW) with charity number 248076.

The charity does not operate in any overseas jurisdictions.

Legal structure of the charity

The charity is constituted as a company limited by guarantee, registered under the Companies Acts . The governing document of the charity is the Memorandum and Articles of Association establishing the company under company legislation.

The governing document is dated 04 November 1921 There are no restrictions in the governing documents on the operation of the Charity or on its investment powers other than those imposed by Charity Law.

By operation of law all, trustees are directors under the Companies Act 2006 and all directors (excluding the General Secretary of the Union, the Administrative Officer of the Union and the Principal Editor of Y Tyst) are trustees under Charities legislation and have responsibilities, as such, under both company and charity legislation.

The trustees are all individuals.

The principal operating address, telephone number, email and web addresses of the charity are:-

Ty John Penri, 5 Axis Court

Riverside Business Park, Swansea Vale Swansea, SA7 0AJ Telephone 01792 795888

Email Address undeb@annibynwyr.cymru Web address www.annibynwyr.cymru

The registered office of the charity for Companies Act purposes is the same as the operating address shown above.

Union of Welsh Independents (Incorporated)

Company Registration Number - 177670

Trustees' Annual Report for the year ended 31 December 2024

The Trustees in office on the date the report was approved were:-
	Date appointed	Date resigned
Mr. Eurig Davies	11/07/2024
Gaynor Annalyn Davies	11/07/2024
Mr. David Elfed Davies	01/07/2025
Rev Owain Idwal Davies	14/02/2024
Rev Owain Llŷr Evans
Dr. Fiona Gannon	11/07/2024
Rev Beti-Wyn James
Anna Vivian Jones
Mrs. Miriam Jane Anne Lewis	01/07/2025
Dr. David Rees Lloyd	01/07/2025
Ms Sian Meinir
Rev. Dylan Rhys Parry	01/07/2025
Geraint Eirian Rees
Gareth Ifan Richards
Robin Wyn Samuel	11/07/2024
Rev. Mererid Mair Williams	01/07/2025
Rev T. Jeffery Williams

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The following persons served as Trustees during the year ended 31 December 2024 :-
Date appointed Date resigned
Mr Emlyn Davies 11/07/2024
Mrs Bethan Davies-Jones 11/07/2024
11/07/2024
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Mr Emlyn Davies Mrs Bethan Davies-Jones Mr. Eurig Davies	Date appointed 11/07/2024	Date resigned 11/07/2024 11/07/2024

Gaynor Annalyn Davies	11/07/2024
Rev Owain Idwal Davies	14/02/2024
Rev Owain Llŷr Evans
Dr. Fiona Gannon	11/07/2024
Rev Jill Hailey-Harries		31/12/2024
Rev Euron Hughes		30/06/2025
Rev Beti-Wyn James
Anna Vivian Jones
Dr. Thomas Hefin Jones	12/02/2024	30/06/2025
Ms Sian Meinir
Geraint Eirian Rees
Gareth Ifan Richards
Dafydd Owen Roberts		11/07/2024
Robin Wyn Samuel	11/07/2024
Gethin Tobias Thomas		11/07/2024
Rev T. Jeffery Williams

Union of Welsh Independents (Incorporated)

Company Registration Number - 177670

Trustees' Annual Report for the year ended 31 December 2024

The following are directors of the company, but not trustees of the charity. Rev. Dyfrig Rees - resigned 31/08/25 Rev. Dr. Alun Tudur - resigned 11/07/24 Miss Eirwen Ann Williams - resigned 31/05/24 Mrs. Meinir Williams - appointed 30/09/24 Ms. Elinor Wyn Reynolds - appointed 01/09/25

Objects and activities of the charity

The purposes of the charity as set out in its governing document.

The charity is constituted as a company limited by guarantee and is therefore governed by a memorandum and articles of association. The directors of the company (excluding the General Secretary and the Administrative Officer) are also trustees of the charity.

The charity's objects and principal activities continue to be that of promoting, advancing and maintaining the Christian religion in Wales or elsewhere in accordance with the principles of the Protestants of the Independent Churches, also called Congregationalists.

The main activities undertaken in relation to those purposes during the year.

These objectives are pursued in a variety of ways, including the organising of formal seminars and meetings, representing the church community on a number of national and international bodies, publishing and printing material to further the objects of the charity, including the printing of a weekly paper, updating of the web site on a regular basis, assisting in the training of ministers and lay workers and developing and supporting projects that are pursuing social justice and highlighting the role of faith in that search.

The main activities undertaken during the year to further the charity's purpose for the public benefit.

The Trustees are mindful of the Charity Commission's guidance on Public Benefit including the guidance on advancement of religion. They believe that the services and support that the Union offers and extends to churches, Local Associations, ministers, church leaders and individual members enable its member churches to better serve the widest possible sectors of their communities. Beyond that the Union enables its members also to support and serve communities across the world through its membership of the Council for World Mission and partnerships including Chrisitan Aid.

The trustees have had regard to the Charity Commission's guidance on public benefit in managing the activities of the charity.

Union of Welsh Independents (Incorporated)

Company Registration Number - 177670

Trustees' Annual Report for the year ended 31 December 2024

The short term and longer term aims and objectives.

The short term and longer term objectives are to continue promoting, advancing and maintaining the Christian religion in Wales or elsewhere in accordance with the principles of the Protestants of the Independent Churches, also called Congregationalists. These objectives will be achieved through the following core themes: 1. Education and Training 2. Production of new Resources. 3. Enabling Leaders within churches 4. Individual Church Development 5. District Assocation Development 6. Outreach programmes.

How the activities undertaken during the year contributed to the achievement of the aims and objectives.

During 2024 the main activities have been:

Support of Union officers to churches, associations and ministers - the Union staff have continued to support churches, church leaders and local district associations in promoting Christian faith within the churches and in the wider community. The officers offer advice to Union members on all church matters as well as create resources for use in worship and within the wider church life as well as in the community at large. The Union also provides leadership and guidance on issues to do with faith and the wider world. The Union has funds and several grants available for churches to apply for, including the Innovation and Investment programme which is designed to help churches develop innovative projects that enhance church life and the wider community.

2.Custodial Trustee services - the Union continues to administer funds on a custodial basis for various churches that have closed and also other trusts, where there are funds available for use for churches that are still active. The Union continually looks for ways to encourage active churches to apply for funding from these sources.

3.Other administrative services - among many other tasks, the staff of the Union deal with the receipts from the consolidated budget and also deal with all administration in respect of Y Tyst (the weekly newspaper).

The contribution of volunteers during the year.

The Union relies heavily on volunteer committee members who contribute both general knowledge of church life and specialist expertise. The Union values highly the contribution of the volunteer committee members without which it could not operate.

Grant making policies and how these contributed to the achievement of the charity's aims and objectives during the year.

The Union makes grants out of the funds of the Sustentation Fund to churches. For each instance, a set criteria and application process is followed and reviewed by the appropriate committee. Cases of urgent need can be considered by the officers. As part of the Innovation and Investment Fund, churches can receive funding from the Union of Welsh Independents to invest in their future by venturing in new and innovative ways of promoting and proclaiming the Gospel, and reaching out to serve their communities.

The main achievements and performance of the charity during the year.

The charity's objectives were promoted in the main through the activities developed as part of the Welsh Independents' Development Programme. Foundations have been laid for local activity and individuals. Churches and associations have been enabled to work and witness in their own localities. The charity's objectives were also promoted by granting loans for the alteration/refurbishment of church buildings. Income received from members' contributions was £ 79,530 (2023 - £79,904) and investment return was £385,606 (2023 - £379,086).

Union of Welsh Independents (Incorporated)

Company Registration Number - 177670

Trustees' Annual Report for the year ended 31 December 2024

Fundraising activities during the year.

The Union does not carry out significant fundrasing activities.

The difference the charity's performance during the year has made to the beneficiaries of the charity.

The performance of the Charity during the year has enabled it to continue to be able to offer support to its members as well as being able to advise and assist members in dealing with trusteeships.

The degree to which the achievements and performance during the year have benefited wider society.

Continued support to member churches enables them to offer services to the wider community.

Investment performance against the investment objectives.

In the financial review section of this report there is a description of the investment policies and objectives established by the trustees and the extent to which social environmental or ethical considerations are taken into account.

The investment performance achieved against the objectives set was satisfactory.

The market value of the investments increased by 4.9% during the year, following the 7% increase in 2023. The trustees are aware of the continuing volatility of the market, but are confident that more stability will be achieved in the future.

A net return of 4.6% was acheived in 2024, compared to 4.7% in 2023.

Structure, governance and management of the charity

The methods used to recruit and appoint new charity trustees.

The board of trustees is elected at the Annual Assembly and consists of the following:

a) The chairpersons of the Council's four Departments

b) Three representatives elected by the Assembly annually for a term of three years

c) the officers of the Union

The policies and procedures for the induction and training of trustees.

There are no formal induction and training processes in place at present. New trustees are initiated through serving and gaining experience; however, trustees are aware of their responsibilities and accountability.

Union of Welsh Independents (Incorporated)

Company Registration Number - 177670

Trustees' Annual Report for the year ended 31 December 2024

The charity's organisational structure.

Just under 320 Independent churches are members of the Union of Welsh Independents. The overwhelming majority of them communicate primarily through the medium of the Welsh language. Each church is located within the geographical boundaries of one of the 14 associations, (13 in Wales and 1 in England), A number of items that form the Council's agenda emanate from discussions with the Associations. They accomplish important work in disseminating information and the promotion of the resources and opportunities available to churches.

Business is conducted largely through the Union's Council, and its four Departments - Mission,Churches & their Ministry, Christian Citizenship and Christian Witness. The Council meets twice a year. It comprises two representatives from each Association, together with officers from the Union and the four Departments, and others elected by the Assembly. Every member sits on two of the Council's Departments. The Departments deal with matters relevant to them and present their full proposals to the full Council, and thereafter the Annual Assembly. Most of the detailed discussions on administrative, financial and mission topics are undertaken in Council.

The Administrative Committee performs the function of an executive committee, and usually meets twice a year. The Administrative Committee consists of the directors of the company who are also the trustees of the charity. It is answerable to the Annual Assembly.

All matters of policy, proposals and resolutions are referred to, discussed and voted upon by the members present at the Annual Assembly. The Annual Assembly is a three day event convened during the summer. All proposals/resolutions are determined by simple majority of votes cast by members present, with each church having three votes and each personal member having one vote.

The General Secretary and other senior management personnel to whom day to day management is delegated

General Secretary - Revd. Dyfrig Rees - resigned 31/08/25

General Secretary - Ms. Elinor Wyn Reynolds - appointed 01/09/25

Setting pay and remuneration of key management personnel

The Administrative Committee are responsible for setting pay and remuneration of key management personnel.

The charity as a part of a wider network.

The charity has links with other organisations such as the The Welsh Congregational Theological College and the Council for World Mission.

The charity's relationships with related parties.

The charity works closely with the Welsh Congregational Theological College (Coleg yr Annibynwyr Cymraeg) in the provision of education and training for Ministers of Religion and Lay Church Workers.

Bankers Barclays Bank PLC, 1 Churchill Place, London E14 5HP Solicitors BWL Solicitors, Calvert House, Calvert Terrace, Swansea SA1 6AP Investment advisors Brewin Dolphin, 12 Smithfield Street, London EC1A 9BD Accountants Cross & Bowen, Riverside House, Normandy Road, Swansea SA1 2JA Auditors Ellis Lloyd Jones Audit Limited, 11 Park Square, Newport NP20 4EL

Union of Welsh Independents (Incorporated)

Company Registration Number - 177670

Trustees' Annual Report for the year ended 31 December 2024

Financial review

The charity's financial position at the end of the year ended 31 December 2024

The financial position of the charity at 31 December 2024 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as follows:-

Designated Revenue Funds *Total Unrestricted Funds* Restricted Revenue Funds Total Funds Unrestricted Revenue Funds available for the general purposes of the charity Net income	2024 £ 784,880 1,430,783 389,694 1,820,477 13,197,008 15,017,485	2023 £ 1,012,262 1,360,062 383,259 1,743,321 12,489,284 14,232,605

Financial review of the position at the reporting date, 31 December 2024 .

The trustees consider the financial performance by the charity during the year to have been satisfactory.

Specific changes in fixed assets are detailed in the notes to the accounts.

Policies on reserves.

The trustees have resolved to establish reserves to provide for future activities, and the trustees have wide powers of investment.

Within those powers, a statement of investment principles has been adopted as set out below. The policy on reserves is that the existing assets are retained to produce income, which, is wholly utilised to support existing activities.

The trustees feel that the minimum value of reserves held should be sufficient to cover at least six months worth of expenditure. At 31st December 2024, the minimum level was approximately £280,000 and this is more than covered by the unrestricted reserves of £1,429,104.

Availability and adequacy of assets of each of the funds

The board of trustees is satisfied that the charity's assets in each fund are available and adequate to fulfil its obligations in respect of each fund.

Union of Welsh Independents (Incorporated)

Company Registration Number - 177670

Trustees' Annual Report for the year ended 31 December 2024

Significant events which have affected the financial performance and the financial position.

The financial performance of the Charity was still affected by the impact of the global pandemic, as member churches were still experiencing lower attendances and Union staff were carrying out a phased return to office working.

Investment policy and investment objectives.

1 Purpose

In accordance with the requirements of the Trustee Act 2000, this statement sets out the overall approach of The Union of Welsh Independents to investments and the broad framework within which decisions are made concerning investments. It sets out the principles that the investment manager must follow when taking any investment decisions on behalf of The Union of Welsh Independents.

2 The objectives of The Union of Welsh Independents in investing its funds

The Union of Welsh Independents requires an income in order to fulfil its charitable purposes. The Trustees require a total return of up to £500,000 from the portfolio. During the year ended 31st December 2023 this was fixed at £450,000.The performance benchmark set is the comsumer price index (CPI) measure of inflation + 3% over a rolling period of 5 years.

The Union of Welsh Independents' investment objective is to maintain and, if possible, enhance the real value of the reserves represented by its investments while producing an income.

The investments are held as a long term reserve against any future shortfall in income against expenditure.

In order to meet the objectives and risk profile of The Union of Welsh Independents, the Trustees have selected an Investment Objective of ‘Income & Growth Return’, subject to a ‘diversified’ degree of risk, or Risk Category 6 as laid out in Brewin Dolphin’s Guide to Investment Risk and Classification document.

3 The scope of The Union of Welsh Independents’ investment powers

The Union of Welsh Independents’ investment powers are laid down in its governing document and subject to the Trustee Act 2000.

The Trust Deed provides for the Trustees to exercise investment powers and to appoint a professional investment manager. The Trustees have appointed Brewin Dolphin Ltd to manage the portfolio of investments on a discretionary basis.

The Union of Welsh Independents Investment Committee, comprising a panel of experts, was established in 2008 to act as an Advisory Committee to the Trustees on all matters relating to the investment portfolio. It is a sub-committee of the Union of Welsh Independents General Purposes Committee (Board of Trustees). Reports and recommendations are made by the Investment Committee to the Trustees with the ultimate responsibility remaining with the Trustees.

Union of Welsh Independents (Incorporated)

Company Registration Number - 177670

Trustees' Annual Report for the year ended 31 December 2024

4 Asset allocation strategy

The Union of Welsh Independents’ strategic investment policy involves a broadly diversified spread of assets, including UK and overseas equities, Government and non-government bonds and pooled funds to cover more specialist areas of investment.

Specific asset allocation is a function that has been delegated by the Trustees to the investment manager.

The investment manager will take into consideration the Trustees’ ethical stance, The Union of Welsh Independents’ need for liquidity and the risk strategy as identified above.

5 Restrictions and ethical investment policy

The Union of Welsh Independents trustees have specifically excluded companies that derive more than 5% of their turnover from any of the following Armaments and warfare Nuclear energy Alcohol, tobacco, gambling and pornography.

The Union of Welsh Independents has specified that they are not to support companies that experiment on animals other than for the advancement of medicine.

The investment manager should use the available screening tools to avoid, where possible, investing in companies with a visible presence in countries with unjust or oppressive regimes (including Israel). Collective investments in such single country funds will be excluded.

The Trustees accept that any ethical policy will apply to direct UK Equity and overseas holdings, as well as UK Corporate Bond investments.

No investment in individual holdings will comprise more than 5% of the cost value of the portfolio. For collective holdings no investment will make up more than 10% of the cost value.

The Trustees have considered the future sustainability of the investment portfolio and believe it is important to invest responsibly to achieve the charity's goals. As stewards of the investments, the investment managers Brewin Dolphin are to tak account of a wide raneg of environmental, social and governance factors when assessing and selecting investments for the portfolio. Brewin Dolphin engage with companies directly and as members of leading industry bodies on important issues that could impact the value of holdings. As signatories, they adhere to the UN Proncilpes of Responsible investment.

6 Amount available for investment, liquidity needs and timeframe of investments

The Union of Welsh Independents will retain sufficient liquid funds in order to meet cash flow requirements in the short and medium term.

The remainder of reserves for investment purposes will be made available to Brewin Dolphin for longer term investment (at least 5 years).

Union of Welsh Independents (Incorporated)

Company Registration Number - 177670

Trustees' Annual Report for the year ended 31 December 2024

7 Benchmarks & reporting policy

Brewin Dolphin shall adopt the APCIMS Balanced Total Return benchmark, which is consistent with the objectives and risk profile stated above.

Brewin Dolphin shall report in writing on a quarterly basis confirming the portfolio performance and that of the benchmark.

Brewin Dolphin shall notify the Union of Welsh Independents of any transactions undertaken.

The investment manager shall attend at least one meeting of the Investment Committee in each calendar year.

The activities and performance of the investment manager will be monitored by the Trustees on a regular basis.

8 Review

The Trustees will review this policy on a three yearly basis, or before if they see fit.

The date of the next review shall be November 2027.

The major risks to which the Charity is exposed and reviews and systems to mitigate them.

The trustees continue to assess the risks to which the charity is exposed, in particular in relation to the volatility of the stock market and are satisfied that policies are in force to safeguard the funds. The Investment managers, Brewin Dolphin, play a key role in this and report to the Union on a quarterly basis. The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees are satisfied that systems or procedures have been established to manage identified risks.

Factors likely to affect future financial performance .

Due to the charity being heavily reliant on investment income, the major factor likely to affect future financial performance is the volatility of the stock market.

Principal funding sources in the year and how these support the key objectives of the charity.

The principal funding sources for the year under review have been resources from charitable activities, voluntary income, and investment income.

Expenditure of the year has supported the key objectives of the charity.

Union of Welsh Independents (Incorporated)

Company Registration Number - 177670

Trustees' Annual Report for the year ended 31 December 2024

Plans For the Future

Summary of plans for the future and the trustees' perspective of the future direction of the charity.

In addition to our regular services during 2024 and beyond the fundamentals of the Welsh Independents will continue to be promoted through the folliwng six core themes which will continue to be central to all activities.

Education and Training
Production of new Resources
Enabling Leaders within Churches
Individual Church Development Programmes
District Association (Cyfundebau) Development Programmes
Outreach Programmes

Funds held as custodian trustees on behalf of others

As detailed in note 13, the Union is custodian trustee for trust investments of £2,574,182 (2023 - £2,113,897).

The assets held comprise investments and cash on deposit. The investments are held in a portfolio managed by Brewin Dolphin and the Union keeps detailed records in order to segregate these investments from its own.

All of these trusts are held on behalf of organisations whose charitable purposes in the advancement of religion are parallel to those of the Union.

Details of The Auditor

Kara Williams BSc BFP FCA Ellis Lloyd Jones Audit Limited

Chartered accountants and statutory auditors

11 Park Square Newport NP20 4EL

Statement as to disclosure of information to auditors

The trustees state that so far as each of the trustees at the time this report was approved are aware:-

a) There is no relevant audit information (as defined by section 418(3) of the Companies Act 2006) of which the auditors are unaware, and
b) The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and establish that the auditors are aware of that information.

Union of Welsh Independents (Incorporated)

Company Registration Number - 177670

Trustees' Annual Report for the year ended 31 December 2024

Statement of the Directors' Responsibilities

The charity's directors are responsible for the preparation of the accounts in accordance with the terms of the Companies Act 2006, the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008. Notwithstanding the explicit requirement in the extant statutory regulations,the Charities (Accounts and Reports) Regulations 2008, to prepare the financial statements in accordance with the SORP 2005, in view of the fact that the SORP 2005 has been withdrawn, the Trustees determined to interpret this responsibility as requiring them to follow current best practice and prepare the accounts according to the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2019, applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), .

In particular, the Companies Act 2006 and charity law require the Board of Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Board is required to :-

to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
select suitable accounting policies and apply them consistently;
make judgements and estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business;
state whether applicable accounting standards and statements of
recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements;

The law requires that the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for the year.

The Directors are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with the Companies Act 2006 and comply with regulations made under the Charities Act. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the contents of the Trustees' report, and the statutory responsibility of the auditor in relation to the Trustees' report is limited to examining the report and ensuring that , the report is consistent with the figures disclosed in the financial statements.

Union of Welsh Independents (Incorporated)

Company Registration Number - 177670

Trustees' Annual Report for the year ended 31 December 2024

Method of preparation of accounts - Small company provisions

The financial statements are set out on pages 18 to 53.

The financial statements have been prepared implementing the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2019, applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016)

These financial statements have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006. applicable to companies subject to the small companies regime.

This report was approved by the board of trustees on

30/10/2025

Beti Wyn James Beti Wyn James (Oct 30, 2025 13:39:04 GMT)

REV. BETI-WYN JAMES Director and Trustee

Geraint Rees

Geraint Rees (Oct 30, 2025 13:44:13 GMT)

MR. GERAINT REES Director and Trustee

Union of Welsh Independents (Incorporated)

Independent Auditors' Report to the Trustees of the charitable company on the accounts for the year ended 31 December 2024

Opinion

We have audited the financial statements of The Union of Welsh Independents (Incorporated) for the year ended 31 December 2024 which comprise the statement of financial activities, statement of financial position, the statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Charities Act 2011

Basis for our opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Union of Welsh Independents (Incorporated)

Independent Auditors' Report to the Trustees of the charitable company on the accounts for the year ended 31 December 2024

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

the information given in the trustees' report is inconsistent in any material respect with the financial statements; or
adequate accounting records have not been kept; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Union of Welsh Independents (Incorporated)

Independent Auditors' Report to the Trustees of the charitable company on the accounts for the year ended 31 December 2024

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. A further description of our responsibilities is available on the Financial Reporting Council's website at: https:// www. frc.org. uk/auditorsresponsibilities. This description forms part of our auditor's report.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the charity its activities, its control environment, and likely future developments, and considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery and intentional misrepresentations, or through collusion.

We focussed on the laws and regulations which could result in a material misstatement in the financial statements, including but not limited to, the Charities Act 2011. As in all of our audits, we evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were misappropriation of assets and funds not being expended in line with the charity's objects. Audit procedures performed included:

Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
Selecting a sample of transactions and tracing to documentation to establish that they are bonafide transactions;
Evaluating the rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias;
Designing audit procedures to incorporate unpredictability around the nature, timing or extend of our testing; and
Agreeing the financial statement disclosures to underlying supporting documentation.

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected within the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud.

Union of Welsh Independents (Incorporated)

Independent Auditors' Report to the Trustees of the charitable company on the accounts for the year ended 31 December 2024

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Kara Williams

Kara Williams (Oct 30, 2025 13:46:13 GMT)

Kara Williams BSc FCA (Senior Statutory Auditor)

For and on behalf of Ellis Lloyd Jones Audit Limited Chartered accountants & statutory auditor 11 Park Square Newport South Wales NP20 4EL

DATE 30/10/2025

Union of Welsh Independents (Incorporated) - Statement of Financial Activities for the year ended 31 December 2024

Statement of Financial Activities (including the Income and Expenditure Account for the year ended 31 December 2024, as required by the Companies Act 2006)

Current year Unrestricted Funds 2024 £ Income & Endowments from: Donations & Legacies A1 165,181 Charitable activities A2 12,039 Investments A4 29,567 Other A5 2,470 Total income A 209,257 Expenditure on: Raising funds B1 2,876 Charitable activities B2 437,390 Total expenditure B 440,266 Net gains on investments B4 64,570 Net income for the year (166,439) Transfers between funds C 243,595 Net income after transfers A-B-C 77,156 77,156 Reconciliation of funds:- E Total funds brought forward 1,743,321 Total funds carried forward 1,820,477 SORP Ref Net movement in funds	Current year Restricted Funds 2024 £ 109,110 - 356,039 - 465,149 48,133 195,995 244,128 730,298 951,319 (243,595) 707,724 707,724 12,489,284 13,197,008	Current year Total Funds 2024 £ 274,291 12,039 385,606 2,470 674,406 51,009 633,385 684,394 794,868 784,880 - 784,880 784,880 14,232,605 15,017,485	Prior Year Total Funds 2023 £ 258,182 15,736 379,086 - 653,004 47,844 553,178 601,022 960,280 1,012,262 - 1,012,262 1,012,262 13,220,343 14,232,605

The 'SORP Ref' indicated above is the classification of income set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the Balance Sheet.

A Statement of Total Recognised Gains and Losses is included as a primary statement in these accounts.

All activities derive from continuing operations

The notes attached on pages 26 to 53 form an integral part of these accounts.

Union of Welsh Independents (Incorporated) - Statement of Financial Activities for the year ended 31 December 2024

Union of Welsh Independents (Incorporated) - Analysis of prior year total funds, as required by paragraph 4.2 of the SORP

Income & Endowments from: Donations & Legacies A1 Charitable activities A2 Other trading activities A3 Investments A4 Other A5 Total income A Expenditure on: Raising funds B1 Charitable activities B2 Other B3 Tax on surplus on ordinary activities B3 Other taxation B3 Total expenditure B B4 Net income for the year Transfers between funds C Net income after transfers Reconciliation of funds:- E Total funds brought forward Total funds carried forward SORP Ref Net gains on investments Net movement in funds	Prior Year Unrestricted Funds 2023 £ 160,937 15,736 - 25,835 - 202,508 2,698 388,682 - - - 391,380 94,321 (94,551) 243,644 149,093 149,093 1,594,228 1,743,321	Prior Year Restricted Funds 2023 £ 97,245 - - 353,251 - 450,496 45,146 164,496 - - - 209,642 865,959 1,106,813 (243,644) 863,169 863,169 11,626,115 12,489,284	Prior Year Total Funds 2023 £ 258,182 15,736 - 379,086 - 653,004 47,844 553,178 - - - 601,022 960,280 1,012,262 - 1,012,262 1,012,262 13,220,343 14,232,605

All activities derive from continuing operations

A Statement of Total Recognised Gains and Losses is included in these accounts as a separate primary statement

The notes attached on pages 26 to 53 form an integral part of these accounts.

Union of Welsh Independents (Incorporated) - Statement of Financial Activities for the year ended 31 December 2024

Statement of Total Recognised Gains and Losses for the year ended 31 December 2024

Surplus for the year :- Realised gains on disposals of social investments which are programme related Realised net gains/(losses) *Income from operations before tax in the Statement of Financial Activites* *Add/(deduct) non income and expenditure items:-* Unrealised gains on investments Net Movement in funds before taxation Funds generated in the year as shown on Statement of Financial Activities Net excess of income over expenditure from operations before tax	2024 £ (12,458) - 2,470 (9,988) 794,868 784,880 784,880	2023 £ 51,982 - - 51,982 960,280 1,012,262 1,012,262

The notes attached on pages 26 to 53 form an integral part of these accounts.

Union of Welsh Independents (Incorporated) - Resources applied in the year ended 31 December 2024 towards fixed assets for Charity use:-

Funds generated in the year as detailed in the SOFA Resources applied on functional fixed assets Other applications of funds Net resources available to fund charitable activities	2024 £ (12,458) - (2,470) (14,928)	2023 £ 1,012,262 (3,462) - 1,008,800

The notes attached on pages 26 to 53 form an integral part of these accounts.

Union of Welsh Independents (Incorporated) - Statement of Financial Activities for the year ended 31 December 2024

Movements in revenue and capital funds for the year ended 31 December 2024

Revenue accumulated funds

Accumulated funds brought forward (From)/To unrestricted revenue funds Closing revenue funds Recognised gains and losses before transfers	Unrestricted Funds 2024 £ 1,743,321 (166,439) 1,576,882 243,595 1,820,477	Restricted Funds 2024 £ 12,489,284 951,319 13,440,603 (243,595) 13,197,008	Total Funds 2024 £ 14,232,605 784,880 15,017,485 - 15,017,485	Last year Total Funds 2023 £ 13,220,343 1,012,262 14,232,605 - 14,232,605

Designated revenue funds included within the unrestricted funds above

At 1 January Transfer (to)/from revenue accumulated funds At 31 December	Total Funds 2024 £ 383,259 6,435 389,694	Last year Total Funds 2023 £ 390,450 (7,191) 383,259

The purposes for which these funds have been designated are described in Note 24 to the accounts.

Summary of funds Revenue accumulated funds Revenue designated funds Total funds	Unrestricted and Designated funds 2024 £ 1,430,783 389,694 1,820,477	Restricted Funds 2024 £ 13,197,008 - 13,197,008	Total Funds 2024 £ 14,627,791 389,694 15,017,485	Last Year Total Funds 2023 £ 13,849,346 383,259 14,232,605

The notes attached on pages 26 to 53 form an integral part of these accounts.

Union of Welsh Independents (Incorporated) - Balance Sheet as at 31 December 2024

Note
SORP
Ref
2024
£
Fixed assets
A
Tangible assets
11
A2
159,974
Investments held as fixed assets
12
A4
14,180,927
Total fixed assets
14,340,901
Current assets
B
Stocks
B1
4,867
Debtors
15
B2
110,540
Cash at bank and in hand
B4
823,140
Total current assets
938,547
Creditors: amounts falling due within one
year
16
C1
(261,963)
Net current assets
676,584
The total net assets of the charity
15,017,485
Restricted funds
Restricted Revenue Funds
21
D2
13,197,008
13,197,008
Unrestricted Funds
Unrestricted Revenue Funds
21
D3
1,430,783
1,430,783
Designated Funds
Designated Revenue Funds
21
D3
389,694
389,694
Total charity funds
15,017,485
The total net assets of the charity are funded by the funds of the charity, as follows:-

2023
£
165,589
13,482,831
13,648,420
4,867
113,440
952,723
1,071,030
(486,845)
584,185
14,232,605
12,489,284
12,489,284
1,360,062
1,360,062
383,259
383,259
14,232,605

The 'SORP Ref' indicated above is the classification of Balance Sheet items as set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the SOFA..

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit in accordance with section 476 of the Act.

Union of Welsh Independents (Incorporated) - Balance Sheet as at 31 December 2024

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

The charity is subject to audit under charity legislation, and the report of the Charities Act auditor is on page 17.

The financial statements have been prepared in accordance with the Companies Act 2006.

Beti Wyn James Geraint Rees Beti Wyn James (Oct 30, 2025 13:39:04 GMT) Geraint Rees (Oct 30, 2025 13:44:13 GMT)

REV. BETI-WYN JAMES MR. GERAINT REES Trustee Trustee Approved by the board of trustees on 30/10/2025

The notes attached on pages 26 to 53 form an integral part of these accounts.

Union of Welsh Independents (Incorporated)

Cash Flow Statement for the year ended 31 December 2024

Cash flows from operating activities A *Cash flows from investing activities* Interest received Other investment income, including rents from investments Proceeds from sales of investments Purchase of property, plant and equipment Purchase of investments Net cash provided by investing activities B Overall cash provided by all activities Cash movements Change in cash and cash equivalents from activities in the year ended 31 December 2024 Cash and cash equivalents at 1 January 2024 Change in cash and cash equivalents due to exchange rate movements Net cash provided by operating activities as shown below A+B Cash at bank and in hand less overdrafts at 31 December	2024 £ (611,961) 12,690 372,916 96,782 - (10) 482,378 (129,583) (129,583) 952,723 - 823,140	2023 £ (321,004) 5,607 373,479 89,049 (3,462) (82,303) 382,370 61,366 61,366 891,357 - 952,723

Union of Welsh Independents (Incorporated)

Cash Flow Statement for the year ended 31 December 2024

Reconciliation of net income to net cash flow from operating activities

Net income as shown in the Statement of Financial Activities *Adjustments for :-* Depreciation charges Write downs of investments Net unrealised gains on investment assets Dividends, interest and rents from investments Decrease/(Increase) in debtors (Decrease)/Increase in creditors, excluding loans Net cash provided by operating activities Analysis of cash and cash equivalents Cash in hand at for the year ended 31 December 2024 Total cash and cash equivalents Cash Funds held on behalf of churches Total Analysis of change in net debt	A *At start* *of year* 952,723 (449,044) 503,679	784,880 5,615 - (794,868) (385,606) 2,900 (224,882) (611,961) 2024 £ 823,140 823,140 *Cash* *Flows* (129,583) 236,279 106,696	1,012,262 6,521 - (960,280) (379,086) (36,832) 36,411 (321,004) 2023 £ 952,723 952,723 *At end* *of year* 823,140 (212,765) 610,375

Union of Welsh Independents (Incorporated)

Notes to the Accounts for the year ended 31 December 2024

1 Accounting policies

Policies relating to the production of the accounts.

Basis of preparation and accounting convention

The accounts have been prepared on the accruals basis, under the historical cost convention, and in accordance with the Financial Reporting Standard 102 applicable in the UK and Republic of Ireland (January 2022), FRS 102 SORP (Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)(January 2019) and the Companies Act 2006.

The financial statements are presented in pound sterling, which is the functional currency and rounded to the nearest pound. The charity is a public benefit entity.

Going Concern

The Trustees are satisfied that, at the time of approving the financial statements, it is appropriate to adopt the going concern basis in preparing the financial statements. The Trustees are not aware of any material uncertainites about the charity's ability to continue as a going concern.

Risks and future assumptions

The charity is a public benefit entity.

Policies relating to categories of income and income recognition.

Categories of Income

Income is categorised as income from exchange transactions (contract income) and income from non-exchange transactions (gifts), investment income and other income.

Income from exchange transactions is received by the charity for goods or services supplied under contract or where entitlement is subject to fulfilling performance related conditions. The income the charity receives is approximately equal in value to the goods or services supplied by the charity to the purchaser.

Income from a non-exchange transaction is where the charity receives value from the donor without providing equal value in exchange, and includes donations of money, goods and services freely given without giving equal value in exchange.

Income recognition

Income, whether from exchange or non exchange transactions, is recognised in the statement of financial activities (SOFA) on a receivable basis, when a transaction or other event results in an increase in the charity’s assets or a reduction in its liabilities and only when the charity has legal entitlement, the income is probable and can be measured reliably.

Dividends are accrued when the shareholder’s right to receive payment is established.

Income subject to terms and conditions which must be met before the charity is entitled to the resources is not recognised until the conditions have been met.

All income is accounted for gross, before deducting any related fees or costs.

Union of Welsh Independents (Incorporated)

Notes to the Accounts for the year ended 31 December 2024

Accounting for deferred income and income received in advance

Where terms and conditions relating to income have not been met or uncertainty exists as to whether the charity can meet any terms or conditions otherwise within its control, income is not recognised but is deferred as a liability until it is probable that the terms or conditions imposed can be met.

Any grant that is subject to performance-related conditions received in advance of delivering the goods and services required by that condition, or is subject to unmet conditions wholly outside the control of the recipient charity, is accounted for as a liability and shown on the balance sheet as deferred income. Deferred income is released to income in the reporting period in which the performancerelated or other conditions that limit recognition are met.

When income from a grant or donation has not been recognised due to the conditions applying to the gift not being wholly within the control of the recipient charity, it is disclosed as a contingent asset if receipt of the grant or donation is probable once those conditions are met.

Where time related conditions are imposed or implied by a funder, then the income is apportioned to the time periods concerned,and, where applicable, is accounted for as a liability and shown on the balance sheet as deferred income. When grants are received in advance of the expenditure on the activity funded by them, but there are no specific time related conditions, then the income is not deferred.

Any condition that allows for the recovery by the donor of any unexpended part of a grant does not prevent recognition of the income concerned, but a liability to any repayment is recognised when repayment becomes probable.

Income from legacies

Income from legacies is recognised when the charity has sufficient evidence that a gift has been left to them, that where required, probate has been granted, the executor is satisfied that the property in question will not be required to satisfy claims in the estate, that it is probable that the amount will be received by the charity, and the amount to be received can be estimated with sufficient accuracy, and that any conditions attached to the legacy are either within the control of the charity or have been met.

Where a payment is received from an estate or is notified as receivable by the executors after the reporting date and before the accounts are authorised for issue but it is clear that the payment had been agreed by the executors prior to the end of the reporting period, then the amount concerned is treated as an adjusting event and accrued as income in the accounting period if receipt is probable.

Where the charity has established entitlement to a legacy but there is uncertainty as to the amount of the payment, details of the legacy aredisclosed as a contingent asset until the criteria for income recognition are met. Where a legacy is subject to the interest of a life tenant, the legacy is not recognised as income until the death of the life tenant.

If it is doubtful that full settlement of a legacy debtor will be received, then an adjustment is made to reduce the amount of the legacy debtor and legacy income rather than charging the adjustment as expenditure in the Statement of Financial Activities

Membership subscriptions

The income and any associated Gift Aid or other tax refund from a membership subscription received by the charity in the nature of a gift, is accounted for on the same basis as a donation.

The income from a membership subscription received by the charity where the subscription purchases the right to services or benefits is recognised as income from charitable activities.

Union of Welsh Independents (Incorporated)

Notes to the Accounts for the year ended 31 December 2024

Policies relating to expenditure on goods and services provided to the charity.

Recognition of liabilities and expenditure

A liability, and the related expenditure, is recognised when a legal or constructive obligation exists as a result of a past event, and when it is more likely than not that a transfer of economic benefits will be required in settlement, and when the amount of the obligation can be measured or reliably estimated..

Liabilities arising from future funding commitments and constructive obligations, including performance related grants, where the timing or the amount of the future expenditure required to settle the obligation are uncertain, give rise to a provision in the accounts, which is reviewed at the accounting year end. The provision is increased to reflect any increases in liabilities, and is decreased by the utilisation of any provision within the period, and reversed if any provision is no longer required. These movements are charged or credited to the respective funds and activities to which the provision relates.

Allocating costs to activities

Direct costs that are specifically related to an activity are allocated to that activity. Shared direct costs and support costs are apportioned between activities.

The basis for apportionment, which is consistently applied, and proportionate to the circumstances, is :-

Staffing - on the basis of time spent in connection with any particular activity. Staffing - on a per capita basis, based on the number of of people employed within any partiular activity. Premises related costs - on the proportion of floor area occupied by a particular activity.

Non specific support costs - on the basis of the usage of resources, in terms of time taken, capacity used, request made or other measures

Estimation techniques used in apportioning costs - experienced judgement

Volunteers

In accordance with the SORP, and in recognition of the difficulties in placing a monetary value on the contribution from volunteers, the contribution of volunteers is not included within the income of the charity.

However, the trustees value the significant contribution made to the activities of the charity by unpaid volunteers.

Policies relating to assets, liabilities and provisions and other matters.

Fixed Asset Investments

Fixed asset investments in quoted shares, traded bonds, investment properties and similar investments are shown initially at cost upon acquisition and at their market value at the balance sheet date. Investment properties are not depreciated.

Fixed asset investments in unlisted equities are shown at the balance sheet date at the best estimate of their market value, where practicable. Where valuation techniques are considered unreliable or where, in the opinion of the trustees, the costs outweigh the benefits to the users of the accounts, the investment is included at cost, and a review is undertaken at each year end as to whether the asset should be written down.

All gains on fixed asset investments, whether realised or unrealised, are included in row B4 of the Statement of Financial Activities.

Union of Welsh Independents (Incorporated)

Notes to the Accounts for the year ended 31 December 2024

Tangible fixed assets

Tangible fixed assets are measured at their original cost value, or subsequent revaluation, or if donated, as described above. Cost value includes all costs expended in bringing the asset into its intended working condition.

Depreciation has been provided at the following rates in order to write off the assets to their anticipated residual value over their estimated useful lives.

Leasehold premises	2 % straight line
Plant and machinery	15 % straight line
Motor vehicles	20 % straight line

A regular annual review of the likelihood of asset impairment is undertaken.

Stocks and work in progress

Stock is valued at the lower of cost and net realisable value.

Debtors

Debtors are measured at their recoverable amounts at the balance sheet date.

Creditors and provisions

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Financial instruments including cash and bank balances

Cash held by the charity is included at the amount actually held and counted at the year end. Bank balances, whether in credit or overdrawn, are shown at the amounts properly reconciled to the bank statements.

Pensions - defined contribution schemes

The charity operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

Fund Accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.

Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal or as implied by law.

Union of Welsh Independents (Incorporated)

Notes to the Accounts for the year ended 31 December 2024

2 Liability to taxation

The Trustees consider that the charity satisfies the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively on the specific charitable objects of the charity and for no other purpose. Value Added Tax is only partially recoverable by the charity, and the cost of such VAT that is irrecoverable is included in the Statement of Financial Activities.

3 Winding up or dissolution of the charity

If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity.

4 Significance of financial instruments to the charity's position

The changes in the stock market and the effect on the value of the chaity's investments is significant to the charity's financial position and performance.

5 Net surplus before tax in the financial year

The net surplus before tax in the financial year is stated after charging:- Depreciation of owned fixed assets Pension costs Auditors' remuneration Investment gains Current year *Current Year* Unrestricted Funds 2024 £ *Unrealised gains /(losses) and writing down of carrying values* Listed investments - Unrealised 64,570 Total unrealised gains/(losses) etc 64,570 Total realised and unrealised gains 64,570	Current year Restricted Funds 2024 £ 730,298 730,298 730,298	2024 £ 5,615 1,852 11,950 Current year Total Funds 2024 £ 794,868 794,868 794,868	2023 £ 6,521 13,866 8,800 Prior Year Total Funds 2023 £ 960,280 960,280 960,280

6 Investment gains

Union of Welsh Independents (Incorporated)

Notes to the Accounts for the year ended 31 December 2024

*Prior year* Prior Year Prior Year Unrestricted Funds Restricted Funds 2023 2023 £ £ *Unrealised gains /(losses) and writing down of carrying values* Listed investments - Unrealised 94,321 865,959 Total unrealised gains/(losses) etc 94,321 865,959 Total realised and unrealised gains 94,321 865,959 7 Staff costs and emoluments *Salary costs* Gross Salaries Employer's National Insurance for all staff Employer's operating costs of defined contribution pension schemes Total salaries, wages and related costs *Numbers of full time employees or full time equivalents* The average number of total staff employed in the year was The average number of full time staff employed in the year was The estimated full time equivalent number of all staff employed in the year was *The estimated equivalent number of full time staff deployed in different activities in the year was:-* Engaged on charitable activities *The estimated full time equivalent number of all staff employed as above*	Prior Year Total Funds 2023 £ 960,280 960,280 960,280 2024 £ 182,558 13,644 1,852 198,054 2024 5 5 5 5 5	2023 £ 180,275 13,069 13,866 207,210 2023 6 6 6 6 6

Neither the trustees nor any persons connected with them have received any remuneration from the charity or any related entity, either in the current or prior year.

No employees received emoluments (excluding pension costs) in excess of £60,000 per annum.

Union of Welsh Independents (Incorporated)

Notes to the Accounts for the year ended 31 December 2024

*Numbers of such staff to whom benefits are accruing :-* Under defined contribution pension schemes Directors remuneration (This is the same as Key Personnel remuneration) The remuneration in the year was Pension contributions paid by the employer 8 Defined contribution pension schemes *Total remuneration package included in total salaries above*	No 5 5 69,374 6,207 75,581	No 6 6 82,177 3,493 85,670

The charity operates a defined contribution pension scheme, the costs of which are shown above.

9 Remuneration and payments to Trustees and persons connected with them

No trustees or persons connected with them received any remuneration from the charity, or any related entity.

10 Trustees' expenses

The expenses reimbursed to trustees, or paid directly to third parties, in the current
or prior year, was as shown below.
	2024	2023
	£	£
The amount reimbursed to trustees	6,494	4,346

The nature of the trustees' expenses was travel and subsistence.

The number of trustees' to whom expenses were reimbursed was 19

Union of Welsh Independents (Incorporated)

Notes to the Accounts for the year ended 31 December 2024

11 Tangible fixed assets

*Current Year* Cost At 1 January 2024 At 31 December 2024 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 *Prior Year* Cost 01 January 2023 Additions 31 December 2023 Depreciation 01 January 2023 Charge for the year 31 December 2023 Net book value 31 December 2023 31 December 2022	Land and Buildings £ 246,140 246,140 83,691 4,923 88,614 157,526 162,449 Land and Buildings £ 246,140 - 246,140 78,768 4,923 83,691 162,449 167,372	Plant & Machinery £ 103,258 103,258 100,118 692 100,810 2,448 3,140 Plant & Machinery £ 99,796 3,462 103,258 98,520 1,598 100,118 3,140 1,276	Total £ 349,398 349,398 183,809 5,615 189,424 159,974 165,589 Total £ 345,936 3,462 349,398 177,288 6,521 183,809 165,589 168,648

Union of Welsh Independents (Incorporated)

Notes to the Accounts for the year ended 31 December 2024

12 Investments held as fixed assets

Carrying values of investments At 1 January 2024 Additions Revaluation at 31 December 2024 Disposals At 31 December 2024 Analysis between fair value and historical cost Investments as above held at fair value Analysis of Other Classes of Investment Summary of other classes of investments at 31 December 2024 Cash or cash equivalents	Listed investments £ 13,472,490 - 794,868 (96,782) 14,170,576 14,170,576 Included at historical cost, less write down £ -	Other Classes of Investment £ 10,341 10 - - 10,351 10,351 Included at fair value £ 10,351	Total £ 13,482,831 10 794,868 (96,782) 14,180,927 14,180,927 Total £ 10,351

The investment portfolio is shown in the accounts at market value at the accounting year end and is prone to movements in the stock market. At the date of approval of the accounts, the market value of investments had increased to an estimated £14,800,000.

Union of Welsh Independents (Incorporated)

Notes to the Accounts for the year ended 31 December 2024

13 Funds held or received as an agent on behalf of third parties not included in these accounts

Tabernacle Defynnog Cronfa Gofio Capel Rhos Lan Salem Pontsenni Tabor Dolgellau Manse Briton Ferry Treddol Corwen Tabernacle Llanelli Brithdir Dolgellau Pantycrugiau Bethlehem Splott Noddfa Senghenydd Capel y Lôn, Slough Rehoboth - Five Roads Salem Corres Capel Y Craig Machynlleth Jerusalem Rhydymwyn Salem, Coedpoeth Ebeneser Rhiw Pendref Caernarfon Jerusalem Blaenau Ffestiniog Coleg yr Annibynwyr Brewin Dolphin Portfolio Tabernacle Defynnog Cronfa Gofio Capel Rhos Lan Manse Briton Ferry Treddol Corwen Brithdir Dolgellau Pantycrugiau Bethlehem Splott Capel y Lôn, Slough Rehoboth - Five Roads Carmel, Rhyl Coleg yr Annibynwyr Other Investments Cronfa Gofio Capel Rhos Lan Tabor Dolgellau Tabernacle Llanelli Carmel, Rhyl Noddfa Senghenydd COIF Deposit Accounts Bethesda, Corwen Jerusalem Blaenau Ffestiniog Smyrna Llangefni Dyfnallt Fund Total	Opening Funds £ 45 17,192 5,806 1,055 52 18 151 38 10 4,610 - 2,438 24 2,864 2,310 3,414 8,484 31,958 36,289 - - 116,758 18,772 48,498 21,172 7,214 15,516 4,134 63,994 142,297 9,571 32,265 1,328,208 1,691,641 - 12,443 7,749 - 98,943 119,135 186,363 - - - 186,363 2,113,897	Received in year £ 554 650 174 496 312 42 1,886 457 122 1,889 2,754 - - - - 102 - - - 6,227 19,667 35,332 1,001 2,588 1,130 385 828 221 3,414 - 510 1,721 70,862 82,660 47,845 - 47,863 59,762 2,236 157,706 9,548 143,799 324,233 7,900 485,480 761,178	Released in year £ - - - - - - - - - - - (2,438) - - - - - - - - - (2,438) - - - - - - - (142,297) - - - (142,297) - (890) - - - (890) - - - - - (145,625)	Closing Funds £ 599 17,842 5,980 1,551 364 60 2,037 495 132 6,499 2,754 - 24 2,864 2,310 3,516 8,484 31,958 36,289 6,227 19,667 149,652 19,773 51,086 22,302 7,599 16,344 4,355 67,408 - 10,081 33,986 1,399,070 1,632,004 47,845 11,553 55,612 59,762 101,179 275,951 195,911 143,799 324,233 7,900 671,843 2,729,450

Union of Welsh Independents (Incorporated)

Notes to the Accounts for the year ended 31 December 2024

----- Start of picture text -----
14 Stocks & Work in Progress 2024 2023
£ £
Stocks before write downs 4,867 4,867
4,867 4,867
Analysis of the carrying value of stocks and work in progress by activities
Stocks
2024 2023
£ £
Activity
Bookshop sales 4,867 4,867
4,867 4,867
15 Debtors
2024 2023
£ £
Trade debtors 22,762 9,519
Prepayments and accrued income 13,199 12,740
Other debtors 74,579 91,181
110,540 113,440
16 Creditors: amounts falling due within one year 2024 2023
£ £
Accruals 39,991 20,802
Funds held on behalf of churches 212,765 449,044
Other creditors 9,207 16,999
261,963 486,845
----- End of picture text -----

17 Contingent liabilities

During the year, it became apparent that the Union should have been deducting tax from the annuities paid to retired Ministers and Ministers' Widows. It is etimated that this would incur a liability of approximately £23,000 for the Union.

Union of Welsh Independents (Incorporated)

Notes to the Accounts for the year ended 31 December 2024

18 Income and Expenditure account summary At 1 January 2024 Surplus after tax for the year At 31 December 2024	2024 £ 14,232,605 784,880 15,017,485	2023 £ 13,220,343 1,012,262 14,232,605

19 Related party transactions

Coleg yr Annibynwyr Particulars of how particular funds are represented by assets and liabilities At 31 December 2024 Unrestricted Designated funds funds £ £ Tangible Fixed Assets 159,974 - Investments at valuation:- Fixed asset investments 1,271,620 308,922 Current Assets 263,474 105,106 Current Liabilities (230,393) (24,661) 1,464,675 389,367 At 1 January 2024 Unrestricted Designated funds funds £ £ Tangible Fixed Assets 165,589 - Investments at valuation:- Fixed asset investments 1,194,269 293,586 Current Assets 343,010 90,497 Current Liabilities (470,824) (822) 1,232,044 383,261 Related charity Contribution received towards salary costs	2024 £ 15,000 Restricted funds £ - 12,600,385 569,967 (6,909) 13,163,443 Restricted funds £ - 11,994,976 637,523 (15,199) 12,617,300	2023 £ 15,000 Total Funds £ 159,974 14,180,927 938,547 (261,963) 15,017,485 Total Funds £ 165,589 13,482,831 1,071,030 (486,845) 14,232,605

20 Particulars of how particular funds are represented by assets and liabilities

Union of Welsh Independents (Incorporated)

Notes to the Accounts for the year ended 31 December 2024

21[Change in total funds over the year as shown in Note 20 , analysed by individual funds]

*Unrestricted and designated funds:-* Unrestricted Revenue Funds Designated Revenue Funds Total unrestricted and designated funds *Restricted funds:-* Mission Fund Sustentation Fund Ministers and Ministers' Widows Fund Total restricted funds Total charity funds	Funds brought forward from 2023 £ 1,360,062 383,259 1,743,321 349,354 9,874,377 2,265,553 12,489,284 14,232,605	Movement in funds in 2024 See Note 22 £ (207,160) 40,721 (166,439) 21,141 789,749 140,429 951,319 784,880	See Note 23 £ 277,881 (34,286) 243,595 (3,000) (227,019) (13,576) (243,595) - Transfers between funds in 2024	Funds carried forward to 2025 £ 1,430,783 389,694 1,820,477 367,495 10,437,107 2,392,406 13,197,008 15,017,485

22 Analysis of movements in funds over the year as shown in Note 21

*Unrestricted and designated funds:-* Unrestricted Revenue Funds Designated Revenue Funds *Restricted funds:-* Mission Fund Sustentation Fund Ministers and Ministers' Widows Fund	Income 2024 £ 150,854 58,403 20,592 383,136 61,421 674,406	Expenditure 2024 £ (406,032) (34,234) (17,550) (174,428) (52,150) (684,394)	Other Gains & Losses 2024 £ 48,018 16,552 18,099 581,041 131,158 794,868	Movement in funds 2024 £ (207,160) 40,721 21,141 789,749 140,429 784,880

Union of Welsh Independents (Incorporated)

Notes to the Accounts for the year ended 31 December 2024

23 Details of transfers between funds in the year as shown in Note 21

To/(from) Designated Revenue Funds To/(from) Restricted Revenue Funds Net transfers To/(from) Unrestricted Revenue Funds in accordance with the accounting policy 'Accounting for capital grants and fixed asset funds'. *The transfers shown in note 21 above are:-*	2024 £ 237,160 6,435 (243,595) -

24 The purposes for which the funds as

Unrestricted and designated funds:-

The General Fund represents the accumulated fund which the Trustees are free to use in accordance with the charitable objects. The Designated Funds comprise the following funds:

Family Life Fund - This was established in 2007 as a successor to the Youth Fund. Its main task will be to support work that is relevant to the lives of families within the churches.

Development Fund - The Development Fund is a mission programme undertaken by the Union of Welsh Independents from January 2009 to December 2013.

Maintenance of the Ministry Fund - This was established through gifts and donations by member churches and individuals and is intended for the general use of the Union in supporting the ministry and promoting, advancing and maintaining the Christian religion in Wales and elsewhere.

The Innovation and Investment Fund - This is an opportunity for churches to receive funding from the Union of Welsh Independents to invest in their future by venturing in new and innovative ways of promoting and proclaiming the Gospel, and reaching out to serve their communities.

Restricted funds:-

Mission Fund - This was established through gifts and donations by member churches and individuals and is intended for the general use of supporting the work of the Missionary Department.

Sustentation Fund - This was established through gifts and donations by member churches and individuals. The general object of the Fund is to better support accredited Ministers and to assist needy churches. Grants are made in or towards the payment of such sum or sums as may be necessary to ensure the payment of an adequate minimum stipend to accredited Ministers for the time being in charge of a church or churches.

Ministers and Ministers' Widows Fund - This was established through gifts and donations by member churches and individuals. The object of the Fund is to provide annuities for fully accredited Ministerial Members of the Union and their widows.

Union of Welsh Independents (Incorporated)

Notes to the Accounts for the year ended 31 December 2024

25 Legal form of charity

The Union of Welsh Independents is a charitable company, incorporated under the Companies Act and registered in England and Wales. The charity is limited by guarantee, each member having undertaken to contribute such amounts not exceeding one pound as may be required in the event of the company being wound up whilst he or she is still a member or within one year thereafter.

The registered office is situated at: Ty John Penri, 5 Axis Court Riverside Business Park, Swansea Vale Swansea, SA7 0AJ

Union of Welsh Independents (Incorporated)

Detailed analysis of income and expenditure for the year ended 31 December 2024 as required by the SORP 2019

This analysis is classsified by conventional nominal descriptions and not by activity.

26 Donations, Grants and Legacies

Current year Unrestricted Funds 2024 £ Legacies receivable 30,000 36,115 66,115 Legacies receivable - Prior Year analysis Prior Year Unrestricted Funds 2023 £ Prior year 82,293 Current year Unrestricted Funds 2024 £ 15,000 10,000 - 25,000 Legacies and gifts received Sardis Pontypridd Total legacies receivable Coleg yr Annibynwyr Total private sector revenue grants Cronfa Thomas Rees Tabernacle Kings Cross Revenue grants and donations from non public bodies	Current year Restricted Funds 2024 £ - 96,735 96,735 Prior Year Restricted Funds 2023 £ 58,993 Current year Restricted Funds 2024 £ - - - -	Current year Total Funds 2024 £ 30,000 132,850 162,850 Prior Year Total Funds 2023 £ 141,286 Current year Total Funds 2024 £ 15,000 10,000 - 25,000	Prior Year Total Funds 2023 £ - 141,286 141,286 Prior Year Total Funds 2023 £ 15,000 10,000 3,203 28,203

Union of Welsh Independents (Incorporated)

Detailed analysis of income and expenditure for the year ended 31 December 2024 as required by the SORP 2019

Revenue grants and donations from non public bodies (Include Gift Aid donations from subsidiaries) - Prior Year analysis

----- Start of picture text -----
Prior Year Prior Year Prior Year
Unrestricted Restricted
Total Funds
Funds Funds
2023 2023 2023
£ £ £
Prior Year 28,203 - 28,203
Current year Current year Current year Prior Year
Unrestricted Restricted Total Funds Total Funds
Funds Funds
2024 2024 2024 2023
£ £ £ £
Membership subscriptions as donations 67,155 12,375 79,530 79,904
Membership subscriptions as donations - Prior Year analysis
Prior Year Prior Year Prior Year
Unrestricted Restricted
Total Funds
Funds Funds
2023 2023 2023
£ £ £
Prior Year 41,652 38,252 79,904
Current year Current year Current year Prior Year
Unrestricted Restricted Total Funds Total Funds
Funds Funds
2024 2024 2024 2023
£ £ £ £
Copyright fees
Copyright fees 6,911 - 6,911 8,789
Total Copyright fees 6,911 - 6,911 8,789
Total Donations, Grants and Legacies A1 165,181 109,110 274,291 258,182
Unrestricted Restricted Prior Year
Prior year Funds Funds Total Funds
2023 2023 2023
£ £ £
Total Donations, Grants and Legacies A1 160,937 97,245 258,182
----- End of picture text -----

Union of Welsh Independents (Incorporated)

Detailed analysis of income and expenditure for the year ended 31 December 2024 as required by the SORP 2019

27 Income from charitable activities - Trading Activities

*Current year* Primary purpose and ancillary trading 28 *Current year* Total income from charitable trading Total from charitable activities A2 29 Investment income Bank Interest Receivable Other Investment Income Total investment income A4 Investment income - Prior Year analysis Prior Year Total Income from charitable activities Total Primary purpose and ancillary trading Sale of goods and services in accordance with the charity's objects	Current year Unrestricted Funds 2024 £ 12,039 12,039 Current year Unrestricted Funds 2024 £ 12,039 12,039 Current year Unrestricted Funds 2024 £ 2,034 27,533 29,567 Unrestricted Funds 25,835	Current year Restricted Funds 2024 £ - - Current year Restricted Funds 2024 £ - - Current year Restricted Funds 2024 £ 10,656 345,383 356,039 Restricted Funds 353,251	Current year Total Funds 2024 £ 12,039 12,039 Current year Total Funds 2024 £ 12,039 12,039 Current year Total Funds 2024 £ 12,690 372,916 385,606 Total Funds 379,086	Prior Year Total funds 2023 £ 15,736 15,736 Prior Year Total Funds 2023 £ 15,736 15,736 Prior Year Total Funds 2023 £ 5,607 373,479 379,086

Union of Welsh Independents (Incorporated)

Detailed analysis of income and expenditure for the year ended 31 December 2024 as required by the SORP 2019

30 Other income and gains Current year *Current year* Unrestricted Funds 2024 £ Summary of Realised Gains 2,470 Total other income A5 2,470 31 Expenditure on charitable activities - Direct spending Current year *Current Year* Unrestricted Funds 2024 £ 182,558 13,644 12,811 16,482 - 40,699 Total direct spending B2a 266,194 Prior Year *Prior Year* Unrestricted Funds 2023 £ 180,275 13,069 13,866 14,030 - 33,664 Total direct spending B2a 254,904 Other donations and subscriptions Travel and Subsistence - Charitable Activities Other income Other donations and subscriptions Travel and Subsistence - Charitable Activities Gross wages and salaries - charitable activities Defined contribution pension costs - charitable activities Child Protection Defined contribution pension costs - charitable activities Child Protection Employers' NI - Charitable activities Employers' NI - Charitable activities Gross wages and salaries - charitable activities	Current year Restricted Funds 2024 £ - - Current year Restricted Funds 2024 £ - - (10,959) - 29,000 16,300 34,341 Prior Year Restricted Funds 2023 £ - - - - 26,500 16,300 42,800	Current year Total Funds 2024 £ 2,470 2,470 Current year Total Funds 2024 £ 182,558 13,644 1,852 16,482 29,000 56,999 300,535 Prior Year Total Funds 2023 £ 180,275 13,069 13,866 14,030 26,500 49,964 297,704	Prior Year Total Funds 2023 £ - - Prior Year Total Funds 2023 £ 180,275 13,069 13,866 14,030 26,500 49,964 297,704

Union of Welsh Independents (Incorporated)

Detailed analysis of income and expenditure for the year ended 31 December 2024 as required by the SORP 2019

32 Expenditure on charitable activities - Charitable trading

*Current Year* Total charitable trading costs B2b Cost of goods for primary purpose trading - Including movement in stock for goods made by beneficiaries	Current year Unrestricted Funds 2024 £ 47,270 47,270	Current year Restricted Funds 2024 £ - -	Current year Prior Year Total Funds Total Funds 2024 2023 £ £ 47,270 49,327 47,270 49,327

33 Expenditure on charitable activities- Grant funding of activities

*Current Year* Total grantmaking costs B2c *Current Year* Capel Seion Drefach Bethlehem Newydd Pwwltrap Ebeneser Caerdydd Bro Nant Conwy Capel y Nant Clydach Yr Hen Gapel Llanuwchllyn Tabernacl Efail Isaf *Other grants paid* Eglwys Emas Bangor Capel y Tabernacl Hendygwyn Bethel Sgeti Tabernacl Treforys Gofalaeth Dolgellau Salem Caernarfon Ebeneser Dyfnant Jerwsaelm Porth Tywyn Grants made to organisations Breakdown of Grants made to organisations Grants made to individuals	Current year Unrestricted Funds 2024 £ - - - Current year Unrestricted Funds 2024 £ - - - - - - - - - - - - - - - -	Current year Restricted Funds 2024 £ 40,489 106,863 147,352 Current year Restricted Funds 2024 £ 10,000 10,000 10,923 10,000 10,000 10,000 10,000 3,750 7,500 2,700 2,700 5,790 6,000 3,750 3,750 106,863	Current year Prior Year Total Funds Total Funds 2024 2023 £ £ 40,489 40,810 106,863 68,028 147,352 108,838 Current year Total Funds 2024 £ 10,000 10,000 10,923 10,000 10,000 10,000 10,000 3,750 7,500 2,700 2,700 5,790 6,000 3,750 3,750 106,863

Union of Welsh Independents (Incorporated)

Detailed analysis of income and expenditure for the year ended 31 December 2024 as required by the SORP 2019

*Prior Year* Total grantmaking costs B2c Breakdown of Grants made to organisations *Prior Year* Capel Seion Drefach Bethlehem Newydd Pwwltrap Tabernacl Efail Isaf *Other grants paid* Eglwys Emas Bangor Capel y Tabernacl Hendy Bethel Sgeti Gofalaeth Bro Nant Conwy Salem Caernarfon Ebeneser Dyfnant Jerwsaelm Porth Tywyn Y Priordy Caerfyrddin Grants made to individuals Grants made to organisations	Prior Year Unrestricted Funds 2023 £ - - - Prior Year Unrestricted Funds 2023 £ - - - - - - - - - - - -	Prior Year Restricted Funds 2023 £ 40,810 68,028 108,838 Prior Year Restricted Funds 2023 £ 10,000 10,000 10,000 3,750 7,428 7,500 1,500 6,000 3,750 3,750 4,350 68,028	Prior Year Total Funds 2023 £ 40,810 68,028 108,838 Prior Year Total Funds 2023 £ 10,000 10,000 10,000 3,750 7,428 7,500 1,500 6,000 3,750 3,750 4,350 68,028

Union of Welsh Independents (Incorporated)

Detailed analysis of income and expenditure for the year ended 31 December 2024 as required by the SORP 2019

34 Current year Current year *Current Year* Unrestricted Funds Restricted Funds 2024 2024 £ £ *Employee costs not included in direct costs* 10,160 - 347 121 150 - 3,429 - *Premises Expenses* 243 - 3,234 - 2,210 - 8,163 - 12,015 - *Administrative overheads* 1,721 - 1,273 850 15,771 - - - 3,732 - 4,578 - 4,114 - 10,208 9,626 *Professional fees paid to advisors other than the auditor or examiner* 1,200 - 600 - *Financial costs* 74 - 5,615 - Support costs before reallocation 88,837 10,597 Total support costs - Current Year 88,837 10,597 Sundry expenses Depreciation & Amortisation in total for the period Irrecoverable VAT Other legal and professional Staff Benefits Equipment expenses Telephone, fax and internet Software licences and expenses Bank charges Legal fees Resource costs Training and welfare - staff Support costs for charitable activities Stationery and printing Recruitment expenses Postage Cleaning and waste management Property insurance Travel and subsistence - staff Light heat and power Premises repairs, renewals and maintenance Rates and water charges	Current year Total Funds 2024 £ 10,160 468 150 3,429 243 3,234 2,210 8,163 12,015 1,721 2,123 15,771 - 3,732 4,578 4,114 19,834 1,200 600 74 5,615 99,434 99,434	Prior Year Total Funds 2023 £ - 125 300 - 180 5,874 2,225 8,198 11,735 1,929 3,481 10,506 349 3,185 3,920 - 15,998 820 - 78 6,521 75,424 75,424

Union of Welsh Independents (Incorporated)

Detailed analysis of income and expenditure for the year ended 31 December 2024 as required by the SORP 2019

Prior Year
Current year
Current year
Unrestricted
Funds
Restricted
Funds
2024
2024
£
£
Employee costs not included in direct costs
Travel and subsistence - staff
125
-
Recruitment expenses
300
-
Premises Expenses
Rates and water charges
180
-
Light heat and power
5,874
-
Cleaning and waste management
2,225
-
8,198
-
Property insurance
11,735
-
Administrative overheads
Telephone, fax and internet
1,929
-
Postage
2,641
840
Stationery and printing
10,506
-
Equipment expenses
349
-
Software licences and expenses
3,185
-
Sundry expenses
3,920
-
Irrecoverable VAT
6,969
9,029
820
-
78
-
6,521
-
65,555
9,869
65,555
9,869
Bank charges
Legal fees
Premises repairs, renewals and maintenance
Financial costs
Professional fees paid to advisors other than the auditor or examiner
Depreciation & Amortisation in total for the period
Total support costs - Prior Year
Support costs before reallocation

Prior Year
Total Funds
2023
£
125
300
180
5,874
2,225
8,198
11,735
1,929
3,481
10,506
349
3,185
3,920
15,998
820
78
6,521
75,424
75,424

The basis of allocation of costs between activities is described under accounting policies

Union of Welsh Independents (Incorporated)

Detailed analysis of income and expenditure for the year ended 31 December 2024 as required by the SORP 2019

35 Other Expenditure - Governance costs

*Current Year* Auditor's fees Trustees' expenses Reporting Accountant fees Bookkeeping fees Total Governance costs *Prior Year* Auditor's fees Total Governance costs 36 Total Charitable expenditure *Current Year* Total direct spending B2a Total charitable trading costs B2b Total grantmaking costs B2c Total support costs B2d Total Governance costs B2e Total charitable expenditure B2 Reporting Accountant fees Trustees' expenses	Current year Unrestricted Funds 2024 £ 11,950 6,494 7,870 8,775 35,089 Prior Year Unrestricted Funds 2023 £ 8,800 4,346 5,750 18,896 Current year Unrestricted Funds 2024 £ 266,194 47,270 - 88,837 35,089 437,390	Current year Restricted Funds 2024 £ - - 3,705 - 3,705 Prior Year Restricted Funds 2023 £ - - 2,989 2,989 Current year Restricted Funds 2024 £ 34,341 - 147,352 10,597 3,705 195,995	Current year Total Funds 2024 £ 11,950 6,494 11,575 8,775 38,794 Prior Year Total Funds 2023 £ 8,800 4,346 8,739 21,885 Current year Total Funds 2024 £ 300,535 47,270 147,352 99,434 38,794 633,385	Prior Year Total Funds 2023 £ 8,800 4,346 8,739 - 21,885 Prior Year Total Funds 2023 £ 297,704 49,327 108,838 75,424 21,885 553,178

Union of Welsh Independents (Incorporated)

Detailed analysis of income and expenditure for the year ended 31 December 2024 as required by the SORP 2019

*Prior Year* Total direct spending B2a Total charitable trading costs B2b Total grantmaking costs B2c Total support costs B2d Total Governance costs B2e Total charitable expenditure B2	Prior Year Unrestricted Funds 2023 £ 254,904 49,327 - 65,555 18,896 388,682	Prior Year Restricted Funds 2023 £ 42,800 - 108,838 9,869 2,989 164,496	Prior Year Total Funds 2023 £ 297,704 49,327 108,838 75,424 21,885 553,178

37 Expenditure on raising funds and costs of investment management

*Current Year* Investment management costs Total fundraising costs B1 *Prior Year* Investment management costs Total fundraising costs B1	Current year Unrestricted Funds 2024 £ 2,876 2,876 Prior Year Unrestricted Funds 2023 £ 2,698 2,698	Current year Restricted Funds 2024 £ 48,133 48,133 Prior Year Restricted Funds 2023 £ 45,146 45,146	Current year Prior Year Total Funds Total Funds 2024 2023 £ £ 51,009 47,844 51,009 47,844 Prior Year Total Funds 2023 £ 47,844 47,844

Union of Welsh Independents (Incorporated)

Activity analysis of Income and expenditure for the for the year ended 31 December 2024

This analysis is classsified by activity and not by conventional nominal descriptions.

38 Analysis of income by activity SOFA ref Bookshop sales *Summary of Total Income, including the items above* Charitable activities A2 Donations & Legacies A1 Investment income A4 Other income A5 Total income as shown in the SOFA A *Categories of income* Income from exchange transactions Income from charitable activities Activity	2024 £ 12,039 12,039 274,291 385,606 2,470 674,406 674,406	2023 £ 15,736 15,736 258,182 379,086 - 653,004 653,004

39 Analysis of charitable expenditure by activity

*Bookshop sales* Charitable trading costs *Religious activities* Direct costs Employee costs not included in direct costs Premises expenses Administrative overheads Professional fees Financial costs Grantmaking costs Total Religious activities Activity	Direct costs 2024 £ 47,270 Direct costs 2024 £ 303,964 - - - - - - 303,964	Support costs 2024 £ - Support costs 2024 £ - 10,778 25,865 51,873 1,800 5,689 - 96,005	Grant funding of activities 2024 £ - Grant funding of activities 2024 £ - - - - - - 147,352 147,352	Total 2024 £ 47,270 Total 2024 £ 303,964 10,778 25,865 51,873 1,800 5,689 147,352 547,321	Total 2023 £ 49,327 Total 2023 £ 297,704 425 28,212 39,368 820 6,599 108,838 481,966

Union of Welsh Independents (Incorporated)

Activity analysis of Income and expenditure for the for the year ended 31 December 2024

Summary of charitable costs by activity

Total Bookshop sales Total Religious activities Total charitable expenditure Total Governance costs as detailed in Note 35	Direct costs 2024 £ 47,270 303,964 - 351,234	Support costs 2024 £ - 96,005 38,794 134,799	Grant funding of activities 2024 £ - 147,352 - 147,352	Total 2024 £ 47,270 547,321 38,794 633,385	Total 2023 £ 49,327 481,966 21,885 553,178

The basis of allocation of costs between activities is described under accounting policies

The breakdown of this expenditure by type of spending (ie nominal classification) is detailed in note 36

Analysis of support and governance costs by charitable activities

Activity Religious activities Summary of grant making by activity Religious activities	Governance 38,794 Grants to institutions 2024 £ 106,863 106,863	Finance 5,689 Grants to individuals 2024 £ 40,489 40,489	Human Resources 10,778 Support costs 2024 £ - -	Other Overheads 79,538 Total 2024 £ 147,352 147,352	Total 134,799 Total 2023 £ 108,838 108,838

Fuller details of grants made and related costs, including support costs, are shown in note 33.

Union of Welsh Independents (Incorporated)

Activity analysis of Income and expenditure for the for the year ended 31 December 2024 40 Analysis of non charitable expenditure by activity

Activity *Fundraising activities* Direct fundraising costs *Governance costs* Other Expenditure - Governance costs as detailed in Note 35 *Total non charitable expenditure* Total costs of Fundraising activities Total non charitable expenditure 41 Carrying value of work in progress analysed between activities Bookshop sales	Fundraising activities 2024 £ 51,009 Governance costs 2024 £ 38,794 2024 £ 51,009 51,009 2024 £ 4,867	Fundraising activities 2023 £ 47,844 Governance costs 2023 £ 21,885 2023 £ 47,844 47,844 2023 £ 4,867

Union of Welsh Independents (Incorporated)

Report and Accounts

31 December 2024

Union of Welsh Independents (Incorporated)

Report and accounts for the year ended 31 December 2024

Contents

Union of Welsh Independents (Incorporated)

Trustees' Annual Report for the year ended 31 December 2024

Reference and administrative details

The charity name.

The charity's areas operation and UK charitable registration.

Legal structure of the charity

The principal operating address, telephone number, email and web addresses of the charity are:-

Union of Welsh Independents (Incorporated)

Trustees' Annual Report for the year ended 31 December 2024

Union of Welsh Independents (Incorporated)

Trustees' Annual Report for the year ended 31 December 2024

Objects and activities of the charity

The purposes of the charity as set out in its governing document.

The main activities undertaken in relation to those purposes during the year.

The main activities undertaken during the year to further the charity's purpose for the public benefit.

Union of Welsh Independents (Incorporated)

Trustees' Annual Report for the year ended 31 December 2024

The short term and longer term aims and objectives.

How the activities undertaken during the year contributed to the achievement of the aims and objectives.

During 2024 the main activities have been:

The contribution of volunteers during the year.

Grant making policies and how these contributed to the achievement of the charity's aims and objectives during the year.

The main achievements and performance of the charity during the year.

Union of Welsh Independents (Incorporated)

Trustees' Annual Report for the year ended 31 December 2024

Fundraising activities during the year.

The difference the charity's performance during the year has made to the beneficiaries of the charity.

The degree to which the achievements and performance during the year have benefited wider society.

Investment performance against the investment objectives.

Structure, governance and management of the charity

The methods used to recruit and appoint new charity trustees.

The policies and procedures for the induction and training of trustees.

Union of Welsh Independents (Incorporated)

Trustees' Annual Report for the year ended 31 December 2024

The charity's organisational structure.

The General Secretary and other senior management personnel to whom day to day management is delegated

Setting pay and remuneration of key management personnel

The charity as a part of a wider network.

The charity's relationships with related parties.

Union of Welsh Independents (Incorporated)

Trustees' Annual Report for the year ended 31 December 2024

Financial review

The charity's financial position at the end of the year ended 31 December 2024

Financial review of the position at the reporting date, 31 December 2024 .

Policies on reserves.

Availability and adequacy of assets of each of the funds

Union of Welsh Independents (Incorporated)

Trustees' Annual Report for the year ended 31 December 2024

Significant events which have affected the financial performance and the financial position.

Investment policy and investment objectives.

1 Purpose

3 The scope of The Union of Welsh Independents’ investment powers

Union of Welsh Independents (Incorporated)

Trustees' Annual Report for the year ended 31 December 2024

4 Asset allocation strategy

5 Restrictions and ethical investment policy

Union of Welsh Independents (Incorporated)

Trustees' Annual Report for the year ended 31 December 2024

7 Benchmarks & reporting policy

8 Review

The major risks to which the Charity is exposed and reviews and systems to mitigate them.

Factors likely to affect future financial performance .

Principal funding sources in the year and how these support the key objectives of the charity.

Union of Welsh Independents (Incorporated)

Trustees' Annual Report for the year ended 31 December 2024

Plans For the Future

Summary of plans for the future and the trustees' perspective of the future direction of the charity.

Funds held as custodian trustees on behalf of others

Details of The Auditor

Statement as to disclosure of information to auditors

Union of Welsh Independents (Incorporated)

Trustees' Annual Report for the year ended 31 December 2024

Statement of the Directors' Responsibilities