The Wales Council for Voluntary Action, the umbrella body for charities in Wales, saw its income rise by more than 12 per cent to £23.4m in the year to March 2014, according to its latest report and accounts.

The charity’s income was mostly in the form of restricted funds which will be passed on to other sector bodies as grants, contract income and loans. Restricted income was worth £19.5m, but WCVA spent restricted income worth £20.6m.

Unrestricted income was just over £3.8m, and the charity spent just under £3.8m, giving it a small surplus in unrestricted income.

Altogether the charity spent £1m more than it earned, but posted a £3.3m surplus in its pension scheme, meaning that it had more than £10m on the balance sheet at the end of the year.

The charity ran 13 grant schemes which made 541 grants worth £11.2m, as well as six contract schemes worth £5.9m. It also made loans of around £900,000 through the Communities Investment Fund.

Schemes backed ranged from a £90,000 award to help save a local pub to £64,000 to promote closer links between the Welsh voluntary sector and community-based organisations in sub-Saharan Africa.

Since the end of the financial year in March, the charity has since seen the retirement of Graham Benfield, its chief executive, after 25 years in the role. Phil Jarrold, his deputy, has taken over as acting chief executive.

The accounts were filed last week.