Registered number: 02893759 Charity number: 1039485 

## **DERBYSHIRE COMMUNITY FOUNDATION** 

**(A Company Limited by Guarantee) TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

Document ID: c937c2df8fa8b96d7b108ae2e1bdfa5f599737c5e309ec220ec5e1ad41397952 



## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## CONTENTS 

||Page|
|---|---|
|**Reference and administrative details of the charitable company, its Trustees and advisers**|1 - 2|
|**Chairman's statement**|3 - 4|
|**Trustees' report**|5 - 19|
|**Independent auditor's report on the financial statements**|20 - 23|
|**Statement of financial activities**|24|
|**Balance sheet**|25 - 26|
|**Statement of cash flows**|27|
|**Notes to the financial statements**|28 - 54|



Document ID: c937c2df8fa8b96d7b108ae2e1bdfa5f599737c5e309ec220ec5e1ad41397952 



## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS _FOR THE YEAR ENDED 31 MARCH 2024_ 

|**Trustees**|Oliver Stephenson,Chair|
|---|---|
||William Kerr,Treasurer|
||PhilipBloxham|
||Paul Broadhead(resigned 9 October 2023)|
||Andrew Cochrane|
||Jane Gerard-Pearse|
||Stephen Gordon|
||Nick Hodgson|
||David Palmer|
||Peter Pimm|
||Kathryn Pugh(appointed 8 October 2023)|
||Gurmail Raju|
||Sheila Taylor|
||Alison Williams|
|**Company registered**<br>**number**<br>02893759<br>**Charity registered number**<br>1039485<br>**Registered office**<br>Unit 2 Heritage Business Centre<br>Derby Road<br>Belper<br>Derbyshire<br>DE56 1SW<br>**Chief executive officer**<br>Rachael Grime<br>**Independent auditor**<br>BHP LLP<br>Chartered Accountants<br>Statutory Auditors<br>One Waterside Place<br>Basin Square<br>Brimington Road<br>Chesterfield<br>Derbyshire<br>S41 7FH<br>**Bankers**<br>Royal Bank of Scotland plc<br>34 King Street<br>Belper<br>Derbyshire<br>DE56 1PS||



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Document ID: c937c2df8fa8b96d7b108ae2e1bdfa5f599737c5e309ec220ec5e1ad41397952 



## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS (CONTINUED) 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

**Solicitors** Geldards Number One Pride Place Pride Park Derby DE24 8QR **Patron** The Duke of Devonshire KCVO, CBE, DL **President** Brian Ashby Sir Richard FitzHerbert Bt - President Emeritus **Investment managers** Cazenove Capital 1 London Wall Place London EC2Y 5AU Rathbone Brothers plc Temple Point 1 Temple Row Birmingham B2 5LG CCLA Senator House 85 Queen Victoria Street London EC4V 4ET 

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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## CHAIR'S STATEMENT 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

The chair presents his statement for the year. 

The most significant change that has taken place since my last report is that we are now led by a Labour Government, for the first time since 2010. The rejection of the Conservatives was widely anticipated, but the change took place several months earlier than most of us were expecting. We are already seeing greater expenditure in the public sector, but we are yet to find out the extent of changes to taxation in the UK. 

The charitable sector may or may not experience ‘change’ under a fresh administration. However, those in need continue to struggle, and ‘cost of living’ is an expression to which we have become accustomed. Perhaps we are no longer in crisis, but smaller charities, many of which we support in Derbyshire, have found the past 12 months to be exceptionally tough. The rate of applications to the Foundation by small and local groups has seen a marked increase. The team in Belper have a lot of work to do, helping so many within our county boundary and in the city of Derby. As I have written before, it is immensely gratifying that so many groups are pleased to see Foundation Derbyshire as friends, as they value our advice just as much as our grantmaking. 

We have received incredibly kind donations during the past year. These, together with a good rally in financial markets since 2023 have considerably boosted the value of our investments. At the current time we feel financially robust. 

I am delighted to report that for the year ended 31 March 2024: 

- The number of endowed funds under our management is 71. 

- A total of £933,000 was granted to applicants during the year. 

- The value of all the endowed funds is £9.7 million. 

- Our balance sheet shows Total Net Assets at £10.6 million. 

The above figures are exceptional, not least the value of grants allocated by the Belper team during the year. The figure of £933,000 was significantly enhanced by our colleagues at Derbyshire County Council who utilised the Foundation to grant a further £368,000 to food banks as part of their mission to tackle poverty. Our relationship with the Council has flourished in recent years and we are delighted to be working so closely in partnership with them for the benefit of Derbyshire’s communities. 

As in previous years I was pleased to attend the annual meeting of the Chairs of the UK’s community foundations, this time in London at the offices of Sarasin. Comparing experiences with other Chairs is extremely interesting, as are the presentations made on a variety of philanthropy and governance topics. It is wonderful to see the community foundation network blossom. To put in context, there are 47 foundations in the UK managing a total of £811million, and distributing £170million each year. These are impressive statistics and we are pleased to play our part. 

Within the county, we always enjoy the strong relationships that we have with the Lord Lieutenant and the High Sheriff. This is exemplified by the assistance that we give to the Lieutenancy’s King’s Award for Voluntary Service, where we can introduce and assist the county’s charities in their applications to KAVS.  We are enormously appreciative of successive High Sheriffs’ involvement with us, and Theresa Peltier’s friendship as High Sheriff 2023 was something that we valued greatly. We now welcome Ian Morgan as High Sheriff 2024, who has already made such an impression on those whom he has met. 

The Board said farewell to trustee Paul Broadhead who originally joined Foundation Derbyshire as a representative for Rolls Royce, but who has now retired. Thank you, Paul. However I am pleased to report that the Trustees have a new colleague; Katy Pugh is known by many in her role as Chief Executive of Age UK Derby & Derbyshire. The contribution that she has already made to the Board has been so valuable. 

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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## CHAIR'S STATEMENT (CONTINUED) 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

At the Belper office the executive management of Rachael Grime, Sarah Stainthorpe, Misbah Ramzan and Vicki Martin makes up the invaluable team upon whom so many rely. Vicki has fitted into the very small group exceptionally well and we are thrilled that she, Sarah and Misbah make Foundation Derbyshire the excellent organisation that it is. 

As always I would like to mention our sub committees, particularly Finance chaired by William Kerr, Grants chaired by Peter Pimm, and Vickers chaired by Helen Bishop. All Trustees play their own part when discussion leads to an area of their own specialist experience; Andrew Cochrane, Nick Hodgson, Phil Bloxham, Jane Gerard-Pearse, Alison Williams, David Palmer, Gurmail Raju, Stephen Gordon; they all know when and where to help whether it is a legal, financial, PR, or other issue. The Foundation is fortunate to have such a wide variety of wisdom and experience on its Board. 

Outside the Board, we always appreciate the voluntary help of others, especially regarding the Vickers prize, and I would like to note with thanks the names of Griselda Kerr, Jenny Denton, Jean Lammie and Sian Hoyle. 

I would like to thank the Friends of Foundation Derbyshire who make monthly contributions to us. These gifts are always appreciated. It is so good to know that our many friends and supporters are there for us, throughout the entire county of Derbyshire. 

May I particularly thank Rachael Grime, Foundation Derbyshire’s Chief Executive who manages the Foundation with expertise, wisdom and diligence. We are, as ever, exceptionally grateful to her. 

Signer ID: SHF6MROGH7... Oliver Stephenson Chairman Date: 08/10/2024 GMT 

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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## TRUSTEES' REPORT 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

The trustees present their annual report together with the audited financial statements of the charitable company for the 1 April 2023 to 31 March 2024. The Annual Report serves the purposes of both a trustees' report and a directors' report under company law. The trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). 

Since the charitable company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted. 

## _**Objectives and activities**_ 

## **a. Policies and objectives** 

Derbyshire Community Foundation (operating as Foundation Derbyshire) (“the Foundation”) is an independent Derbyshire based registered charity. Our vision is to see a culture of giving at the heart of life in Derbyshire, helping to create a county where communities are strong, civil society is valued and all individuals have the opportunity to fulfil their potential and be treated fairly and with respect. 

The charitable objects of the Foundation, as defined in its Memorandum and Articles of Association are to support or promote exclusively charitable purposes which in the opinion of Trustees are beneficial to the community, with a preference for those in Derbyshire. 

When reviewing the Foundation’s charitable objectives and deciding what activities the Foundation should undertake, the Trustees give due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance “Public benefit: running a charity (PB2). 

The Trustees are satisfied that these objects meet the appropriate charitable purposes as defined by the Charities Act 2011. Given that public benefit is an intrinsic part of the Foundation’s objectives and activities, additional information on its delivery is provided throughout the body of this report. 

## **b. Strategies for achieving objectives** 

The Foundation’s over arching mission is three-fold: 

- To build a multi-purpose endowment that provides a growing and sustainable source of funding that can meet the needs of today and anticipated and unexpected future needs 

- To grow philanthropy in Derbyshire by enabling anyone to be a philanthropist; in life, through a legacy, establishing a named fund or through collective giving. 

- To make grants creatively and effectively for both our grant recipients and funders, creating the bridge between people who care about and can give to their local community and the wide range of grassroots groups and charities that work to tackle disadvantage, address need & improve the quality of life in our county. 

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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## TRUSTEES' REPORT (CONTINUED) 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **Objectives and activities (continued)** 

Our current strategic plan has distilled the organisation’s Vision and Mission into two key objectives, namely: 

1. To build on our position as the county’s trusted philanthropic enabler and advisor, a fair and intelligent grantmaker and a professional manager of charitable funds 

2. To ensure our grantmaking is: 

   - Relevant, supportive & equitable, reflecting & meeting the needs of the communities we serve and targeting priority areas and issues. 

   - Pre-emptive as well as responsive and supportive. 

## **c. Activities undertaken to achieve objectives** 

The main activity we undertake to deliver our objectives is providing a range of tailor-made grant making services to help donors bring about change by channelling their charitable giving, in a tax efficient way, into Derbyshire. We offer donors: 

- the versatility to assist a wide range of causes, including children, older people, sport, arts and culture, the environment and community development; 

- the means to improve quality of life and help to build stronger communities across the county in perpetuity; 

- • a countywide knowledge that helps us to identify those most in need and enable donors to reach grass roots projects that might not otherwise find the funds they need. 

By linking local donors with local needs in this way, we are able to deliver public benefit in a sustainable way, by using an endowment based giving model to address both the problems of today and the issues facing future generations. 

The Foundation also augments its grantmaking activity and impact by distributing funds on behalf of companies, individuals and other charities, through a variety of grant making programmes. 

Our other objective focuses on the quality of our grant making, which is effectively our bridge between the people who care about the local community and the wide range of groups and individuals that need their help. A key element of our strategy for maintaining and strengthening this “bridge” is to listen to and learn from our stakeholders, to ensure that our grantmaking is informed by, relevant to and meets the needs of the communities we serve and enabling people with detailed local knowledge and lived experience to contribute to decision making. 

## _**Achievements and performance**_ 

## **a. Main achievements of the charitable company** 

- 326 grants awarded totalling £933k 

- Endowed funds totalling £9.66 million as at 31 March 2024 

- Over 7,500 grants totalling almost £19.425 million have now been awarded since the Foundation was established in 1996 

- 71 endowed funds now under Foundation Derbyshire’s management 

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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

TRUSTEES' REPORT (CONTINUED) 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **Achievements and performance (continued)** 

## **b. Review of activities** 

2023/24 was a year in which Foundation Derbyshire was able to consolidate its position as both the county’s largest independent distributor of grant funding for our voluntary and community sector and also a trusted philanthropic enabler for those that want to make a difference in our county. 

Against a backdrop of ongoing social and economic uncertainty for us all, the importance of a strong and thriving community foundation for Derby and Derbyshire has never been more evident. Applications received and grants awarded during the year were at their highest level since the pandemic, with groups and organisations working to tackle poverty receiving 53% (£499k) of funding. Although this is large part due to the £344k of grants that we were able to award from Derbyshire County Council’s Food Access Programme, we also saw an increase in applications from clothing banks, warm spaces projects and advice and welfare organisations. 

Thankfully, the continued support of our donors and funders left us better placed to meet this increasing need and enabled us to almost double our grantmaking during the year to £933k (from £493k in 2022/23). 

However, with more groups than ever turning to the Foundation for help, competition levels will undoubtedly rise and we are therefore envisaging more groups receiving partial awards and/or rejection rates potentially increasing. This in turn makes the role of our dedicated team grant panel members even more crucial and we thank them for giving so freely of their time, insight and understanding of our local community and voluntary sector, to ensure that our grantmaking decisions and policies continue to be informed and apposite. We also welcome our new Philanthropy Adviser, Vicki Martin, who joined the Grants Team in June, in order to increase our grant making capacity. 

Last year we reported that a portfolio of over £1 million of educational trusts had successfully been transferred to the Foundation by Derbyshire County Council. During the year, these trusts, which have been used to establish named funds within the Foundation, began providing grants to support educational opportunities for young people or enable them to develop talents in the arts, sports or science. 

In October we were delighted to welcome our ninth Jonathan Vickers Fine Art Award resident artist, Max Gimson, to Derby to begin his nine month residency, based at the University of Derby’s Banks Mill Studios. In addition to working on a collection of work in response to the theme ‘A Sense of Place’ (based on the heritage, culture, landscape or people of Derby and/or Derbyshire), Max has also been working on a community outreach project and contributed ten days of teaching/engagement within the University of Derby’s BA (Hons) Fine Art programme. This collaboration with the University of Derby’s College of Arts has enabled art students to gain valuable insight from the experience and practices of a working artist. Max’s collection will be exhibited at Derby Museum and Art Gallery towards the end of 2024 and then at Mall Galleries, London in early 2025. 

In November, we welcomed friends and supporters to our first post-Covid in-person event, celebrating the work of the Foundation and the groups we support at a wine tasting and Christmas shopping evening at Cromford Mills. Always looking for ways that the Foundation can be more responsive in the support that we provide, the event was designed around a series of “Purchase Grants”; by sourcing as much as we were able from local groups and projects, we ensured that the event was of direct financial benefit to several grassroots organisations and charities. 

We were also delighted to continue our support of Derbyshire’s Shrievalty during 2023/24 and thank Theresa Peltier for her fundraising and support of the community and voluntary sector during her year as High Sheriff. 

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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## TRUSTEES' REPORT (CONTINUED) 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **Achievements and performance (continued)** 

## **c. Grantmaking** 

The Foundation delivers public benefit for the residents of Derbyshire and Derby City, through the provision of grant funding. In 2023/24, £933k of funds were distributed throughout Derbyshire, bringing the total value of grants made by the Foundation, since its establishment in 1996, to £19.425 million. 

The total value of grants made during the year was £440k higher than last year’s total of £493k. 

Of the 326 grants awarded during the year, 34 grants (totalling £464.3k) were in excess of £7,000, reflecting the larger grants that have been distributed during the year on behalf of Derbyshire County Council, supporting food banks and food access projects across Derbyshire County. 

48% of grants awarded during the year (totalling £446.7k) were from our 71 named funds that have been established by generous individuals, families and organisations who want to make a difference and whose grant making criteria reflects their own charitable objectives and the issues and/or areas of Derbyshire that they care about. 

Smaller donations, and gifts from donors that do not want to establish a separate named fund, are held within our General Fund. This Fund has no specific priorities and therefore has the flexibility to respond to emerging issues and fund activities that might not meet the criteria of our donor directed funds. 

As a result, our funds support a wide and diverse range of issues and activities, from supporting carers, survivors of domestic abuse and isolated elderly residents to providing the people of Derbyshire with access to music, sport, advice, childcare, transport, counselling and a host of other services. 

The breadth of our grantmaking by primary issue is shown in the chart below: 

Tackling Poverty accounted for 53% of our grantmaking in 2023-24, a reflection of the impact of the cost-of-living crisis and also £344k of Foodbank funding distributed on behalf of Derbyshire County Council during the year. 

Stripping out the Derbyshire County Council funding reveals that grant spend by primary issue remains broadly in line with 2022-23. 

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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## TRUSTEES' REPORT (CONTINUED) 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **Achievements and performance (continued)** 

## Measuring Impact and Understanding Need 

Measuring the impact of our grantmaking is a vital part of ensuring that the Foundation continues to be relevant and responsive and not only addresses the need in our county but is able to inspire and inform our donors and funders. 

Understanding the challenges and issues within our communities starts at the very beginning of the Foundation’s grant application process, when all groups are encouraged to talk to us about their ideas and projects. Our rigorous assessment then enables us to draw out further information on the need that is being met and our bespoke data base (specifically designed for grant making bodies) enables us to generate visual geographic mapping of deprivation levels, down to LSOA* level 

*(Lower-layer Super Output Areas are small areas designed to be of a similar population size, with an average of approximately 1,500 residents or 650 households. There are 32,844 Lower-layer Super Output Areas (LSOAs) in England. 

End of grant monitoring provides additional information on the impact of our grantmaking and the difference it has made. As well as reporting on financial spend, this is a group’s chance to tell us how the project went and for us to capture case studies. An “Influence the Funder” section asks for feedback from grant recipients on the ongoing challenges that a group and the communities it serves might be facing. In addition, grant recipients are surveyed on a regular basis and representatives from our district Councils for Voluntary Service (“CVS”s) are represented on our Grants Committee, ensuring their knowledge of the local voluntary and community sector informs our decision making and policy. 

This on the ground, lived experience and intelligence is also vital when interpreting the statistical data that we gather on application levels, grantmaking by district, primary issues addressed, groups/project size (reserve levels and income) and indices of multiple deprivation. For example, the IMD ranking for any grant can only be based on a single postcode (usually that of the applicant group) and not the myriad individuals and communities that are being supported. Notwithstanding this, hard data plays an invaluable role in flagging areas and issues where additional focus and resource may be needed. 

Our impact measurement and needs analysis information is reviewed at quarterly Grants Committee and Board meetings and provides an opportunity for staff and Trustees to identify trends, as well as spot early warning signs, emerging communities in need and gaps in our provision. 

This in turn feeds into our grantmaking strategy and policies, from the philanthropic advice we give to our donors through to how and where we allocate our own resources. 

There are estimated to be over 5,000 voluntary and community organisations operating across Derbyshire, including formally registered organisations, such as charities, social enterprises and co-operatives, and a large number of 'below the radar' organisations that are not formally registered or incorporated. Nationally, approximately 50% of organisations are micro in size (annual income under £10,000) but receive only 1% of national voluntary sector income and it is therefore at this grassroots level where the Foundation’s grantmaking can and does make a real difference across Derbyshire. 

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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

TRUSTEES' REPORT (CONTINUED) _FOR THE YEAR ENDED 31 MARCH 2024_ 

## **Achievements and performance (continued)** 

As can be seen from the below chart, 24% of our grantmaking in 2023/24 went to groups with an annual income of under £10,000 and just under two thirds of our grantmaking went to groups with annual income of under £100k. 

Funding surgeries held across the City and County continue to be a key and effective way of communicating the availability of grants and how to apply for them to potential recipients. During 2023/24 ten community outreach events were organised or attended, including funding surgeries, workshops and presentations for other infrastructure organisations. 

## **d. Equity, Diversity & Inclusion** 

Foundation Derbyshire is committed to ensuring that the values of equity, diversity, inclusion (EDI) and respect for all inform and are embedded into everything that we do. 

EDI is a key element of the Foundation’s strategic plan and work continued throughout the year to support the Foundation’s Board of Trustees and Staff Team to not only fulfil their EDI obligations but to go beyond the legal requirements and understand, promote and implement greater diversity, equity and inclusion and ensure that everyone feels involved and included in our plans, programmes and activities. As part of this work, Diversity Marketplace were invited to deliver a training session with the Board of Trustees during the year on diversity, inclusion and unconscious bias. 

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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## TRUSTEES' REPORT (CONTINUED) 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **Achievements and performance (continued)** 

## **e. Volunteers** 

The Foundation aims to maximise the quality of public benefit delivered by involving members of the public in our grant making decisions. The Foundation has recruited a number of grant advisors (volunteers who live in their panel area and are involved in and have a strong understanding of the voluntary and community sector) as members of the Foundation’s grants committee, to attend meetings and advise on our grant making policy. 

This helps us to ensure that funding is directed where it is most needed and that all bids are considered in accordance with the Foundation’s constitutional objectives, the criteria of our funders and donors and the priorities of the communities we are here to support. 

The Foundation also manages a number of fund specific panels. Our panels continued to meet during the year, both virtually and in person, and the Board thanks all panel members for their ongoing commitment and contribution to the Foundation, during these challenging times. 

## **f. UKCF** 

We continue our membership of the national body for community foundations, UKCF, which continues to lobby at a national government and corporate level, in order to promote the capabilities of our national network. During the year we continued to avail of the benefits that UKCF membership brings including: 

- CEO Residential in Birmingham (May 2023) 

- Virtual Philanthropy Conference (Together 23) in October 2023 for staff and Trustees 

## **g. Fund development activity** 

Our grantmaking is made possible by the generosity of local people, corporates, funders and charitable trusts who recognise the invaluable work that is being done at a grassroots level and use our expertise and local knowledge to invest in their local communities and find and fund those groups that need their help the most. 

Building on our position as the county’s trusted philanthropic enabler and advisor continues to be a key priority for the Foundation, as is strengthening and developing the service that we offer to our existing donors, to ensure that their experience of giving through the Foundation is rewarding. 

A key initiative that we reported on last year was a series of feedback sessions with Trustees, that enabled donors to share their thoughts about the Foundation in a peer to peer setting and provided us with invaluable insight into why our donors give through the Foundation, the things we do well and the improvements we can make. The results of these sessions have now been collated and formed an invaluable part of our work during 2023/24 on the donor services that we provide, as well as our marketing and communications. Work is now underway delivering further session in 2024/25. 

Enabling donors to see, first hand, the impact that their philanthropy is having in their local communities is a highly important aspect of our work. Six “Seeing is Believing” visits to funded groups took place during the year, along with 3 “feedback” presentations by groups to donor panels, enabling groups to meet our panels in person and explain the difference that their grant funding has made.  The year-round newsletters, case studies and monitoring feedback that we share with Donor panels continue to be well received and enable our volunteer panel members to understand and appreciate the results of their decision making. 

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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## TRUSTEES' REPORT (CONTINUED) 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **Achievements and performance (continued)** 

Social Media continues to play an important role in communicating the work of the Foundation to both existing and potential grant recipients and donors. Around 930 subscribers receive our quarterly e-newsletter and we have over 2,500 followers on Twitter and 870 Facebook followers. 

The new website continues to perform well since its launch in March 2022. Comparing performance against last year, analytics show a healthy 32.5% increase in visitors overall. While most visitors arrive via a direct link, organic search is still robust, delivering 35% of overall visitors (a modest 8% increase). More pages have been viewed (up 17.25%), and engagement is also up (by 8.63%). 

Our Friends of Foundation Derbyshire scheme continues to be a vital source of funding that enables us to invest in and improve our services. During the year our Friends donated over £9k, to help us cover our day to day costs and develop our growth, and we thank them all for their invaluable and ongoing support of our work. 

## **h. Foundation Derbyshire Friends** 

Barbara Ball Ian Morgan Joanne & Tim Basford Jasper Olivier Edward Cadogan David Pinder Andrew Cochrane Barbi Rodger Lady Chichester Robert Shields Emma Curzon Charles Stephenson Alexandra Hayward Fiona Stephenson Bill & Gillian Hutchinson Oliver Stephenson William and Griselda Kerr Elizabeth Tarling Longcliffe Quarries Tony Walker Matthew Montague Architects 

## Foundation Derbyshire Lifetime Friends 

Duncan Ashby Bill & Gillian Hutchinson James Litchfield James Litchfield Peter Ashworth Derek & Karen Mapp Helen Bishop Nick Mirfin Arthur Blackwood Lady Marion Morris Jeremy Bowler Mel Morris David Coleman John Nicholson Mike Copestake David & Lucy Palmer Chris Endsor RobertShields Deborah Fern Rex Stone Sir Richard FitzHerbert Brigadier Edward Wilkinson Peter Gadsby John Wilson Michael Hall Robin Wood Roger Hollick Paul Broadhead 

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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

TRUSTEES' REPORT (CONTINUED) 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## _**Financial review**_ 

## **a. Results for the year** 

## Unrestricted Funds 

Management fee income of £48.6k was £35.6k higher than 2022/23, due primarily to grant programmes distributed on behalf of Derbyshire County Council. 

£9k of unrestricted donations and £14k of investment income during the year and net administration fees of £194.4k from endowed funds resulted in an operating surplus of £70.2k. This left unrestricted reserves at £292k as at 31 March 2024 (31 March 2023: £221.8k). 

## Restricted Funds 

Foodbank funding totalling £368k from Derbyshire County Council was the main contributor to £513.8k of Restricted Income during the year. 

Net grantmaking of £923k combined with £336.9k of distributable income transferred from endowed funds to restricted funds during the year (in accordance with the Foundation’s Total Return policy), left a restricted fund balance unspent at 31 March 2024 of £625.2k, £72.3k lower than the balance at 31 March 2023. 

This end of year restricted fund balance relates to funds which have not fully distributed their grant making capacity and will be available for grant distribution during 2024/25. 

## Endowment Fund 

£310.3k of new endowed funds were secured during the year. 

Strong if volatile market performance resulted in the Foundation’s investments returning an unrealised gain for the year of £713.3k (2022/23: £497.5k loss). Investment income (interest, dividends and rental income) of £325.4k during the year, helped to offset endowment expenses (investment management costs and expenses relating to our investment property) of £32.2k and £531.2k of distributions (relating to transfers under the Foundation’s Total Return Policy) and resulted in a £785.6k increase in endowed funds during the year to £9.66 million (2022/23: £8.88 million). 

## **b. Reserves policy** 

The reserves policy was revised in 2007 to reflect a target level of a minimum of four months running costs equating to £65,000. This revision reflected the increased timescales and potential costs of winding down the much larger organisation. Free reserves as at 31 March 2024 were £189,216 (2023: £122,022). 

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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

TRUSTEES' REPORT (CONTINUED) 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **c. Investments policy** 

Under the Memorandum and Articles of Association, Derbyshire Community Foundation has the power to invest any funds not immediately required for the furtherance of its objects in such investments, securities or property as may be thought fit. 

The investment objectives remain as:- 

- (a) the creation of a sufficient financial return to enable the Foundation to carry out its purposes effectively and without interruption, and 

- (b) to maintain and, if possible, enhance the value of the Foundation’s investment funds whilst they are invested, 

- (c) to obtain a reasonable balance between capital growth and income so that the Foundation can meet future as well as current need; 

- (d) to avoid investments that the Board of Trustees considers to be unduly risky. 

The Trustees have delegated their investment powers to appointed investment managers (currently Rathbones, Cazenove Capital Management and CCLA) on a discretionary basis.  In addition, the Office for Civil Society requires that CCLA manage a small portion of the Foundation’s endowment (£419.7k as at 31 March 2024) under the Community First programme. 

The investment manager is responsible for carrying out all day-to-day investment decisions including acquisition and realisation of investments.  The investment manager is required to exercise the power to give effect to the principles as contained in the Foundation’s Investment Policy and, in particular, must have regard to the need for diversification and suitability of investments selected. 

Whilst the Trustees are not involved in the day-to-day operation of the investment portfolio and do not directly influence attainment of a performance target, they assess performance quarterly. 

In addition, the appointment of investment managers is reviewed at least every five years by the Trustees. 

Investment policy remains to secure a balance between income and capital growth, with a minimum requirement of a 6% total return to support our agreed spending policy. 

As at 30 June 2024 the value of the Foundation’s investment portfolio was £10,992k (as at the balance sheet date of 31 March 2024: £10,434k). 

## **d. Going concern** 

The Trustees have prepared forecasts of income and expenditure to 31 March 2027 and subjected these to sensitivity analysis. These show they have sufficient reserves and cash to continue in operational existence for the foreseeable future. Further details regarding the adoption of the going concern basis can be found in the accounting policies. 

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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## TRUSTEES' REPORT (CONTINUED) 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **e. Principal risks and uncertainties** 

The Foundation has developed a Risk Management Register that details the risks to which the charity is exposed in the key areas of governance, finance, personnel, grant making, donor services, management, environment and premises. 

Along with the potential impact of those risks, the probability of them occurring and the mitigating action required is also outlined, to assist with: 

- a) regulatory compliance; 

- b) achieving the charity’s aims more effectively; 

- c) ensuring that significant risks are known and monitored, thereby enabling trustees to make a more effective contribution; and 

- d) improved forward planning. 

Major risks to which the Foundation is currently exposed and systems or procedures established to manage those risks are: 

1. Loss of revenue / discontinuation of major donation(s) The Foundation’s strategic planning process is on a three year rolling basis and donor care and development is a key element of this process. In addition, the Finance Committee monitors investment performance and reviews appropriateness of Total Return Policy distribution levels on an ongoing basis. Budgets are established at the beginning of each financial year and reviewed quarterly by the Finance Committee, along with cash flow and P&L performance. 

2. Stock Market volatility and/or poor performance 

   - The Foundation utilises the services of three investment managers in order to mitigate poor investment management performance and monitors their performance closely (including face to face meetings every 6 months). In addition, the appropriateness of distribution levels is reviewed alongside investment performance information. 

3. Inadequate planning/forecasting 

An annual Board/Senior Management Strategy session ensures that both staff and Trustees are involved in setting targets and that these are not only relevant but that an appropriate balance between realistic and challenging is maintained. 

## _**Structure, governance and management**_ 

## **a. Constitution** 

The charitable company is limited by guarantee without having a share capital and the liability of the members is limited to £1 each. The charitable company is governed by its Memorandum and Articles of Association and is a registered charity. 

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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

TRUSTEES' REPORT (CONTINUED) 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **Structure, governance and management (continued)** 

## **b. Methods of appointment or election of trustees** 

As of the 2010 AGM, at which amendments to the Articles of Association were approved, Trustees serve for a four year term. Trustees must retire at the AGM following their completion of four years’ service, but may stand for re-election, subject to a maximum of three consecutive four-year terms. 

To ensure that board transparency and effectiveness are not compromised, re-election is subject to satisfactory performance and the achievement of minimum performance standards. 

The Board has the power at any time to appoint any person to be a Trustee, either to fill a casual vacancy or as an addition to the existing Trustees, subject to the total number of Trustees at any time not exceeding sixteen. Any Trustee appointed holds office only until the next following AGM, and then becomes eligible for re election. 

New Trustees are found from the contacts and networks of existing Trustees. The Board regularly undertakes skills audits, in order to identify skills gaps amongst existing Trustees and to enable it to seek new Trustees with the skills and experience to fill these gaps. 

## **c. Organisational structure and decision-making policies** 

The Board of Trustees administers the charity. The Board meets quarterly and there are sub-committees covering Finance, Grant Making and EDI. 

The Chief Executive is appointed by the Trustees and manages the day to day operations of the charity, working within terms of delegation, approved by the Trustees, for operational matters including finance, employment, fund development and grant making related activities. 

## **d. Policies adopted for the induction and training of trustees** 

New Trustees attend an induction meeting, at which they are briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committees and decision making processes, the business plan, staffing structure and recent financial performance of the charity. 

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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## TRUSTEES' REPORT (CONTINUED) 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **Structure, governance and management (continued)** 

## **e. Governance and management** 

The Board of Trustees plays an important part in fulfilling the Foundation’s purpose and vision. Our goal continues to be that we maximise public benefit by ensuring that we: 

- embrace and reflect the whole community that we serve; 

- function effectively within the terms of a modern and relevant code of governance; 

- promote the commitment and satisfaction of those who serve on it; and 

- help the Foundation achieve its objectives. 

A Board skills audit is conducted on a regular basis and is used to inform the Trustee recruitment process. The Board is committed to ensuring that new Trustees have the skills and expertise required for the future growth and development of the Foundation and are reflective of the communities that we serve. 

The Foundation now employs a core staff of one full time and three part time employees (2.14 FTE) and continues to manage a significant grants budget and increasing number of named endowment funds. To enable us to maintain our efficiency and probity, ongoing work on our infrastructure, including policies, operational standards and management practice, continued as an ongoing priority. 

Remuneration of key management personnel is reviewed on an annual basis by the Foundation’s Finance Committee and their recommendations are then submitted to the Board for approval. 

## **f. Employees** 

The Trustees would like to formally express their appreciation to all employees and the members of our grant making panels for their contribution to another successful year. 

## **g. Trustees** 

The Trustees who have held office during the year are listed on page 1. 

The Board thanks all members for their contribution to another successful year for Derbyshire Community Foundation. 

## **h. Fundraising standards information** 

The Foundation does not use professional fund-raisers or commercial participators to carry out fundraising activities on its behalf and does not use direct marketing, telephone, doorstep or on-street fundraising. 

The charity has been registered with the Fundraising Regulator since May 2021 and is therefore subject to an undertaking to be bound by a voluntary scheme for regulating fund-raising, or voluntary standard for fund-raising in respect of its activities. 

The Foundation has developed a Donor Care policy that sets out the practices and commitment we make to all of our supporters, as part of our fundraising ethos and working practice. 

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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## TRUSTEES' REPORT (CONTINUED) 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **Plans for future periods** 

Our Strategic Plan continues to be used as the basis of the action plan and progress against targets is reported to, and reviewed at, quarterly Board meetings. 

The current three year strategic plan takes the organisation through to 2024 and was the subject of several Trustee Strategic planning sessions with senior staff during the year. It was agreed that our overarching strategic objectives remain relevant and fit for purpose for the 2023 – 2027 period, namely: 

- Build on Foundation Derbyshire’s position as the county’s trusted philanthropic enabler and advisor, a fair and intelligent grant-maker and a professional manager of charitable funds 

- Ensure our grantmaking is: 

   - a. Relevant, supportive & equitable - reflecting & meeting the needs of the communities we serve and targeting priority areas and issues. 

   - b. Pre-emptive as well as responsive and supportive. 

The focus is now on the projects and actions that are needed to deliver these objectives over the next four years and the most appropriate measures of our success. 

## **Statement of trustees' responsibilities** 

The trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Company law requires the trustees to prepare financial statements for each financial year. Under company law, the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles of the Charities SORP 2019 (FRS 102); 

- make judgements and accounting estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. 

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

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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## TRUSTEES' REPORT (CONTINUED) 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **Disclosure of information to auditor** 

So far as the trustees are aware: 

- there is no relevant audit information of which the charity's auditor is unaware, and 

- the trustees have taken all the steps that they ought to have taken in order to be aware of any relevant audit information and to establish that the auditor is aware of that information. 

## **Auditor** 

The auditor, BHP LLP, has indicated their willingness to continue in office. The designated trustees will propose a motion reappointing the auditor at a meeting of the trustees. 

Approved by order of the members of the board of trustees and signed on their behalf by: 

................................................Signer ID: SHF6MROGH7... Cig ~~—~~ **Oliver Stephenson** 

Chair 

Date: 08/10/2024 GMT 

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**(A Company Limited by Guarantee)** 

## **DERBYSHIRE COMMUNITY FOUNDATION** 

## INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF  DERBYSHIRE COMMUNITY FOUNDATION 

## **Opinion** 

We have audited the financial statements of Derbyshire Community Foundation (the ‘charitable company’) for the year ended 31 March 2024, which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 March 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; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **Basis for 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 responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 charitable company’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. 

## **Other information** 

The other information comprises the information included in the trustees' 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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. 

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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF  DERBYSHIRE COMMUNITY FOUNDATION (CONTINUED) 

## **Opinions on other matters prescribed by the Companies Act 2006** 

In our opinion, based on the work undertaken in the course of the audit: 

- the information given in the trustees' report, which includes the directors' report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the directors’ report included within the trustees' report has been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees' report. 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: 

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees’ remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report. 

## **Responsibilities of trustees** 

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so. 

## **Auditor responsibilities for the audit of the financial statements** 

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. 

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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF  DERBYSHIRE COMMUNITY FOUNDATION (CONTINUED) 

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: 

- the responsible individual ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 

- we identified the laws and regulations applicable to the charitable company through discussions with Trustees and other management, and from our knowledge and experience of the sector; 

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charitable company, including Companies Act 2006, Charities Act 2011, employment law and data protection laws; 

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 

- we ensured identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the entity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and 

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. 

To address the risk of fraud through management bias and override of controls, we 

- performed analytical procedures to identify any unusual or unexpected relationships; 

- tested journal entries to identify unusual transactions; 

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 

- investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 

- agreeing financial statement disclosures to underlying supporting documentation; 

- review of legal expenses; 

- reading the minutes of meetings of those charged with governance; and 

- enquiring of management as to actual and potential litigation and claims. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 

A further description of our responsibilities is available on the FRC's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF  DERBYSHIRE COMMUNITY FOUNDATION (CONTINUED) 

## **Use of our report** 

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. 

Signer ID: CZYRUVFAHR... Nicola Adams (Senior statutory auditor) 

for and on behalf of 

## **BHP LLP** 

Chartered Accountants Statutory Auditor One Waterside Place Basin Square Brimington Road Chesterfield Derbyshire S41 7FH 

Date: 10/10/2024 GMT 

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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) _FOR THE YEAR ENDED 31 MARCH 2024_ 

|**Note**<br>**Income and**<br>**endowments from:**<br>Donations and legacies<br>4<br>Charitable activities<br>5<br>Other trading activities<br>6<br>Investments<br>7<br>**Total income and**<br>**endowments**<br>**Expenditure on:**<br>Raising funds<br>8<br>Charitable activities<br>8<br>**Total expenditure**<br>**Net (expenditure)/**<br>**income before net**<br>**gains/ (losses) on**<br>**investments**<br>Net gains/(losses) on<br>investments<br>16<br>**Net (expenditure)/**<br>**income**<br>Transfers between funds<br>21<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought<br>forward<br>Net movement in funds<br>**Total funds carried**<br>**forward**|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>**9,040**<br>**48,637**<br>**-**<br>**14,015**<br>**71,692**<br>**12,665**<br>**183,183**<br>**195,848**<br>**(124,156)**<br>**-**<br>**(124,156)**<br>**194,374**<br>**70,218**<br>**221,781**<br>**70,218**<br>**291,999**|**Restricted**<br>**funds**<br>**2024**<br>**£**<br>**513,615**<br>**-**<br>**200**<br>**-**<br>**513,815**<br>**-**<br>**922,967**<br>**922,967**<br>**(409,152)**<br>**-**<br>**(409,152)**<br>**336,861**<br>**(72,291)**<br>**697,506**<br>**(72,291)**<br>**625,215**|**Endowment**<br>**funds**<br>**2024**<br>**£**<br>**310,328**<br>**-**<br>**-**<br>**325,425**<br>**635,753**<br>**32,153**<br>**-**<br>**32,153**<br>**603,600**<br>**713,263**<br>**1,316,863**<br>**(531,235)**<br>**785,628**<br>**8,877,049**<br>**785,628**<br>**9,662,677**|**Total**<br>**funds**<br>**2024**<br>**£**<br>**832,983**<br>**48,637**<br>**200**<br>**339,440**<br>**1,221,260**<br>**44,818**<br>**1,106,150**<br>**1,150,968**<br>**70,292**<br>**713,263**<br>**783,555**<br>**-**<br>**783,555**<br>**9,796,336**<br>**783,555**<br>**10,579,891**|Total<br>funds<br>2023<br>£<br>606,699<br>13,015<br>150<br>289,613<br>909,477<br>42,848<br>622,156<br>665,004<br>244,473<br>(497,437)<br>(252,964)<br>-<br>(252,964)<br>10,049,300<br>(252,964)<br>9,796,336|
|---|---|---|---|---|---|



The Statement of Financial Activities complies with the requirements for an income and expenditure account under the Companies Act 2006 and includes all gains and losses recognised in the year. 

All income and expenditure derive from continuing activities. 

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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

REGISTERED NUMBER: 02893759 

## BALANCE SHEET 

## _AS AT 31 MARCH 2024_ 

|**Note**<br>**Fixed assets**<br>Tangible assets<br>14<br>Heritage assets<br>15<br>Investments<br>16<br>Investment property<br>17<br>**Current assets**<br>Debtors<br>18<br>Cash at bank and in hand<br>Creditors: amounts falling due within one year<br>19<br>**Net current liabilities / assets**<br>**Total assets less current liabilities**<br>Creditors: amounts falling due after more than<br>one year<br>20<br>**Total net assets**<br>**Charity funds**<br>Endowment funds (includes revaluation reserve<br>of £2,564,995 (2023: £1,894,687 as restated)<br>21<br>Restricted funds<br>21<br>Unrestricted funds<br>21<br>**Total funds**|**20,538**<br>**137,434**<br>**157,972**<br>**(213,872)**|**2024**<br>**£**<br>**171,940**<br>**79,526**<br>**10,433,809**<br>**15,000**<br>**10,700,275**<br>**(55,900)**<br>**10,644,375**<br>**(64,484)**<br>**10,579,891**<br>**9,662,677**<br>**625,215**<br>**291,999**<br>**10,579,891**|40,439<br>321,845<br>362,284<br>(153,864)|2023<br>£<br>173,251<br>79,526<br>9,404,269<br>-<br>9,657,046<br>208,420<br>9,865,466<br>(69,130)<br>9,796,336<br>8,877,049<br>697,506<br>221,781<br>9,796,336|
|---|---|---|---|---|



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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

BALANCE SHEET (CONTINUED) _AS AT 31 MARCH 2024_ 

The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. 

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. 

The financial statements were approved and authorised for issue by the trustees and signed on their behalf by: 

................................................Signer ID: UOS82TH9EU... 

## **William Kerr** 

Treasurer Date: 10/10/2024 GMT 

The notes on pages 28 to 54 form part of these financial statements. 

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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## STATEMENT OF CASH FLOWS 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

|**Note**<br>**Cash flows from operating activities**<br>Net cash used in operating activities<br>24<br>**Cash flows from investing activities**<br>Dividends, interest and rents from investments<br>Purchase of tangible fixed assets<br>Proceeds from sale of investments<br>Purchase of investments<br>**Net cash provided by/(used in) investing activities**<br>**Cash flows from financing activities**<br>Repayments of borrowings<br>**Net cash used in financing activities**<br>**Change in cash and cash equivalents in the year**<br>Cash and cash equivalents at the beginning of the year<br>**Cash and cash equivalents at the end of the year**<br>25|**2024**<br>**£**<br>**(311,245)**<br>**339,440**<br>**(458)**<br>**751,613**<br>**(876,749)**<br>**213,846**<br>**(4,335)**<br>**(4,335)**<br>**(101,734)**<br>**348,424**<br>**246,690**|2023<br>£<br>(117,188)<br>295,722<br>(2,038)<br>295,714<br>(938,370)<br>**(348,972)**<br>(7,475)<br>**(7,475)**<br>**(473,635)**<br>822,059<br>348,424|
|---|---|---|



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**DERBYSHIRE COMMUNITY FOUNDATION** 

**(A Company Limited by Guarantee)** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **1. General information** 

The charitable company is a company limited by guarantee incorporated in England and Wales. The members of the company are the trustees named on page 1. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charitable company. 

## **2. Accounting policies** 

## _**2.1 Basis of preparation of financial statements**_ 

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: 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 (FRS 102) (effective January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. 

Derbyshire Community Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 

The financial statements are presented in sterling, which is the functional currency of the charity, and rounded to the nearest £1. 

## _**2.2 Going concern**_ 

The Trustees have prepared forecasts of income and expenditure to 31 March 2027 and subjected these to sensitivity analysis. These show they have sufficient reserves and cash to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. 

## _**2.3 Income**_ 

All income is recognised once the charitable company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the charitable company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the charitable company, can be reliably measured. 

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. 

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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **2. Accounting policies (continued)** 

## _**2.3 Income (continued)**_ 

Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the charitable company's accounting policies. 

Interest and dividends are included in the financial statements on an accruals basis. Tax recoverable on the above is accounted for on a receivable basis. 

Investment income is allocated to restricted or unrestricted funds by reference to the nature of the underlying funds generating the income. 

## _**2.4 Expenditure**_ 

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. 

Raising funds costs are those incurred in seeking the voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Investment management fees are also included under this heading. 

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charitable company's objectives, as well as any associated support costs. 

Grants payable are recognised as expenditure when the commitment is made. 

All expenditure is inclusive of irrecoverable VAT. 

## _**2.5 Taxation**_ 

The charitable company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charitable company 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 to charitable purposes. 

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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **2. Accounting policies (continued)** 

## _**2.6 Tangible fixed assets and depreciation**_ 

Tangible fixed assets costing £300 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. 

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. 

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. 

Depreciation is provided on the following basis: 

|Freehold property|-|no depreciation (see note below)|
|---|---|---|
|Office equipment|-|20% straight line|
|Computer equipment|-|20% straight line|



No depreciation has been charged on freehold property as in the view of the Trustees, based on the estimated residual value and a useful economical life of 25 years, the annual depreciation charge would be immaterial. 

## _**2.7 Heritage assets**_ 

Artwork is capitalised at its value on donation or insurance valuation. No depreciation is provided as the residual value is considered to be at least equal to the valuation. Any excess of market value (i.e. insurance value) over the value on donation is credited to the Statement of Financial Activities. 

Heritage assets are reviewed for evidence of impairment annually and no provision had been made in either year. In the view of the trustees, this is reasonable when considering the condition of the artwork and its potential for resale and/ or generating income. 

## _**2.8 Investments**_ 

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities. 

Investments held as fixed assets are shown at cost less provision for impairment. 

## _**2.9 Investment property**_ 

Investment properties are included in the balance sheet at their open market value in accordance with FRS 102 and are not depreciated. 

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**(A Company Limited by Guarantee)** 

## **DERBYSHIRE COMMUNITY FOUNDATION** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **2. Accounting policies (continued)** 

## _**2.10 Debtors**_ 

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 

## _**2.11 Cash at bank and in hand**_ 

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

## _**2.12 Liabilities and provisions**_ 

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 

Liabilities are recognised at the amount that the charitable company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. 

## _**2.13 Financial instruments**_ 

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 

## _**2.14 Operating leases**_ 

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term. 

## _**2.15 Pensions**_ 

The charitable company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charitable company to the fund in respect of the year. 

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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **2. Accounting policies (continued)** 

## _**2.16 Fund accounting**_ 

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charitable company and which have not been designated for other purposes. 

Endowment funds represent those assets which are expendable by the charity.  Income arising on the endowment funds is included as endowment income.  Any capital gains or losses arising on the investments form part of the fund.  Investment management charges and legal advice relating to the fund are charged against the fund. 

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charitable company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. 

Investment income, gains and losses are allocated to the appropriate fund. 

## _**2.17 Employee benefits**_ 

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. 

## _**3.**_ **Critical accounting estimates and areas of judgement** 

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 

Critical accounting estimates and assumptions: 

The charitable company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. 

The charitable company makes estimates and assumptions concerning the future. The following assumptions have a significant risk of causing a material adjustment to the carrying amounts of assets within the next financial year. 

Allocation of investment income, management costs and gains/ losses - these are allocated to funds by reference to the nature of the underlying funds which generated the income, incurred the costs or made the gain/ loss. Any misallocation could result in a material misstatement of fund balances and impact free reserves reported in these financial statements. 

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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **4. Income from donations and legacies** 

|Donations<br>Legacies<br>Grants<br>Total 2023|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>**9,040**<br>**-**<br>**-**<br>**9,040**<br>8,349|**Restricted**<br>**funds**<br>**2024**<br>**£**<br>**27,605**<br>**30,610**<br>**455,400**<br>**513,615**<br>178,532|**Endowment**<br>**funds**<br>**2024**<br>**£**<br>**310,328**<br>**-**<br>**-**<br>**310,328**<br>419,818|**Total**<br>**funds**<br>**2024**<br>**£**<br>**346,973**<br>**30,610**<br>**455,400**<br>**832,983**<br>606,699|Total<br>funds<br>2023<br>£<br>529,699<br>77,000<br>-|
|---|---|---|---|---|---|
||||||606,699|
|||||||



## **5. Income from charitable activities** 

|Administration fees<br>Total 2023|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>**48,637**<br>13,015|**Total**<br>**funds**<br>**2024**<br>**£**<br>**48,637**<br>13,015|Total<br>funds<br>2023<br>£<br>13,015|
|---|---|---|---|
|||||



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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **6. Fundraising income** 

## **Income from fundraising events** 

|Vickers artwork sales<br>Total 2023|**Restricted**<br>**funds**<br>**2024**<br>**£**<br>**200**<br>150|**Total**<br>**funds**<br>**2024**<br>**£**<br>**200**<br>150|Total<br>funds<br>2023<br>£<br>150|
|---|---|---|---|
|||||



## **7. Investment income** 

|Bank interest and dividends received<br>Total 2023|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>**14,015**<br>-|**Endowment**<br>**funds**<br>**2024**<br>**£**<br>**325,425**<br>289,613|**Total**<br>**funds**<br>**2024**<br>**£**<br>**339,440**<br>289,613|Total<br>funds<br>2023<br>£<br>289,613|
|---|---|---|---|---|
||||||



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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

|**8.**|**Expenditure by fund**|**Unrestricted**<br>**funds**|**Restricted**<br>**funds**|**Endowment**<br>**funds**|**Total**<br>**funds**|Total<br>funds|
|---|---|---|---|---|---|---|
|||**2024**|**2024**|**2024**|**2024**|2023|
|||**£**|**£**|**£**|**£**|£|
||**_Expenditure on raising funds_**||||||
||Fundraising (note 9)|**12,665**|**-**|**-**|**12,665**|12,117|
||Investment management fees|**-**|**-**|**32,153**|**32,153**|30,731|
|||**12,665**|**-**|**32,153**|**44,818**|42,848|
||**_Expenditure on charitable_**<br>**_activities_**||||||
||Grants payable/ restricted fund<br>expenditure(note 11)|**-**|**922,967**|**-**|**922,967**|467,451|
||Support costs(note 9)|**176,445**|**-**|**-**|**176,445**|149,996|
||Management and admin (note 9)|**6,738**|**-**|**-**|**6,738**|4,709|
|||**183,183**|**922,967**|**-**|**1,106,150**|622,156|
||||||||
||**_Total 2024_**|**195,848**|**922,967**|**32,153**|**1,150,968**|665,004|
||||||||
||Total 2023|166,822|467,451|30,731|665,004||



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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **9. Expenditure - fundraising, support costs and management and admin** 

||**Support costs**|**Management**<br>**and admin**|**Fundraising**|**Total**<br>**funds**|Total<br>funds|
|---|---|---|---|---|---|
||**2024**|**2024**|**2024**|**2024**|2023|
||**£**|**£**|**£**|**£**|£|
|Wages and salaries|**80,330**|**54**|**9,512**|**89,896**|93,498|
|Other staff costs|**1,735**|**218**|**94**|**2,047**|768|
|Fundraisingcosts|**-**|**-**|**287**|**287**|360|
|Utilities and insurances|**6,031**|**761**|**326**|**7,118**|3,748|
|Office and meetingcosts|**3,587**|**452**|**194**|**4,233**|1,662|
|Computer costs|**11,541**|**1,456**|**624**|**13,621**|11,100|
|Finance costs|**4,027**|**508**|**218**|**4,753**|1,465|
|Publicityand communications|**9,282**|**1,171**|**502**|**10,955**|2,481|
|Legal andprofessional|**16,790**|**2,118**|**908**|**19,816**|12,017|
|Depreciation|**1,769**|**-**|**-**|**1,769**|1,391|
|Governance costs(note 10)|**41,353**|**-**|**-**|**41,353**|38,332|
|||||||
|**_Total 2024_**|**176,445**|**6,738**|**12,665**|**195,848**|166,822|
|||||||
|Total 2023|149,996|4,709|12,117|166,822||



## **10. Governance costs** 

||**Unrestricted**<br>**funds**|**Restricted**<br>**funds**|**Endowment**<br>**funds**|**Total**<br>**funds**|Total<br>funds|
|---|---|---|---|---|---|
||**2024**|**2024**|**2024**|**2024**|2023|
||**£**|**£**|**£**|**£**|£|
|Auditor's remuneration|**19,008**|**-**|**-**|**19,008**|15,360|
|Other costs|**205**|**-**|**-**|**205**|250|
|Salaries and national insurance|**22,140**|**-**|**-**|**22,140**|22,722|
|||||||
|**_Total 2024_**|**41,353**|**-**|**-**|**41,353**|38,332|
|||||||
|Total 2023|38,332|-|-|38,332||



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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **11. Grants payable/ restricted fund expenditure** 

||**2024**|**2024**|2023|2023 (as<br>restated)|
|---|---|---|---|---|
||**Number**|**£**|Number|£|
|Grants to Community Groups & Voluntary<br>Organisations(see below)|**267**|**917,549**|222|484,275|
|Grants to individuals|**59**|**15,350**|11|2,900|
|Withdrawn/underspentgrants|**-**|**(33,069)**|-|(26,359)|
|Other restricted expenditure|**-**|**23,137**|-|6,635|
||||||
|**_Total 2024_**|**326**|**922,967**|233|467,451|
|**_Analysis of grants paid to organisations_**<br>Ambergate Primary School<br>Ashbourne Foodbank<br>Canaan Trust<br>Chesterfield FoodBank<br>Clay Cross Foodbank<br>Derby Museums<br>Derby Theatre<br>Derventio Housing Trust<br>Eckington Development Company<br>Firs Estate Allotments Assocation<br>Freedom Community<br>Friends of Hurst Farm<br>Gussies Pantry<br>Hadfield Coming Together<br>Heage Primary School<br>Jigsaw Food Bank<br>Kirk Hallam Community Hall Association<br>Life Cycle<br>Local Welcome<br>carried forward|||**2024**<br>**£**<br>**19,895**<br>**15,000**<br>**10,221**<br>**15,000**<br>**13,825**<br>**10,716**<br>**15,000**<br>**-**<br>**14,882**<br>**15,000**<br>**15,000**<br>**15,000**<br>**15,000**<br>**13,350**<br>**31,494**<br>**11,117**<br>**13,824**<br>**15,000**<br>**15,663**<br>**274,987**|2023<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>10,000<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>10,000|



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**(A Company Limited by Guarantee)** 

## **DERBYSHIRE COMMUNITY FOUNDATION** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

|**_Analysis of grants paid to organisations (continued)_**<br>brought forward<br>New Mills Youth and Community Project C.I.C.<br>Pathways of Chesterfield<br>Play And Recycling Centre<br>Rhubarb Farm CIC<br>Safe and Sound<br>St John's Church, Long Eaton<br>Staywell Derby CIC<br>The Brook Community Church and Centre<br>The Edge Ministries<br>The Zink Project CIO<br>Trinity Baptist Church<br>Viva Chamber Orchestra<br>**_Grants under £10k by category_**<br>Arts, Culture and Heritage<br>Community Cohesion<br>Community Safety / Reducing Crime & Anti-social Behaviour<br>Disability and Access Issues<br>Education, Training and Lifeskills<br>Environmental Issues (inc: public spaces)<br>Mental Health<br>Social Care / Inclusion<br>Sports / Exercise for Health<br>Supporting Family Life<br>Tackling Poverty|**2024**<br>**£**<br>**274,987**<br>**13,083**<br>**11,190**<br>**27,000**<br>**13,321**<br>**-**<br>**12,675**<br>**-**<br>**14,750**<br>**11,402**<br>**15,000**<br>**12,300**<br>**-**<br>**44,354**<br>**18,822**<br>**10,234**<br>**30,918**<br>**27,764**<br>**18,567**<br>**33,416**<br>**33,308**<br>**49,937**<br>**31,317**<br>**213,204**<br>**917,549**|2023<br>£<br>10,000<br>-<br>-<br>10,000<br>-<br>10,000<br>-<br>10,000<br>-<br>-<br>-<br>-<br>10,000<br>28,759<br>10,576<br>14,522<br>14,034<br>26,438<br>21,539<br>23,265<br>30,619<br>44,397<br>12,458<br>207,668|
|---|---|---|
|||484,275|



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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **12. Auditor's remuneration** 

||**2024**|2023|
|---|---|---|
||**£**|£|
|Fees payable to the charitable company's auditor for the audit of the charitable|||
|company's annual accounts|**11,040**|10,515|
|Fees payable to the charitable company's auditor in respect of:|||
|All taxation advisory services not included above|**1,100**|-|
|All non-audit services not included above|**4,800**|4,565|



## **13. Staff costs** 

|Wages and salaries<br>Social security costs<br>Pension and health scheme costs|**2024**<br>**£**<br>**101,621**<br>**4,351**<br>**6,064**<br>**112,036**|2023<br>£<br>100,720<br>10,597<br>4,903|
|---|---|---|
||||
|||116,220|



Included within pension and health scheme costs are pension contributions payable of £5,474 (2023: £4,502). 

The average number of persons employed by the charitable company during the year was as follows: 

|Grant support<br>Management|**2024**<br>**No.**<br>**3**<br>**1**<br>**4**|2023<br>No.<br>2<br>1|
|---|---|---|
||||
|||3|



The average headcount expressed as full-time equivalents was: 

|Allocated to charitable activities<br>Allocated to management, administration and fundraising|**2024**<br>**No.**<br>**2.22**<br>**0.40**<br>**2.62**|2023<br>No.<br>1.74<br>0.40|
|---|---|---|
||||
|||2.14|



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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **13. Staff costs (continued)** 

No employee received remuneration amounting to more than £60,000 in either year. 

During either year, no trustee received any remuneration or benefits in kind. 

The total amount of employee benefits (including employers NI and pension contributions) received by key management personnel were £96,240 (2023: £87,104). The charity considers its key management personnel to be the Chief Executive Officer and Assistant Director of Grants. 

## **14. Tangible fixed assets** 

|**_Cost_**<br>At 1 April 2023<br>Additions<br>At 31 March 2024<br>**_Depreciation_**<br>At 1 April 2023<br>Charge for the year<br>At 31 March 2024<br>**_Net book value_**<br>At 31 March 2024<br>At 31 March 2023|**Freehold**<br>**property**<br>**£**<br>**169,009**<br>**-**<br>**169,009**<br>**-**<br>**-**<br>**-**<br>**169,009**<br>169,009|**Office**<br>**equipment**<br>**£**<br>**1,502**<br>**458**<br>**1,960**<br>**1,100**<br>**338**<br>**1,438**<br>**522**<br>402|**Computer**<br>**equipment**<br>**£**<br>**7,153**<br>**-**<br>**7,153**<br>**3,313**<br>**1,431**<br>**4,744**<br>**2,409**<br>3,840|**Total**<br>**£**<br>**177,664**<br>**458**|
|---|---|---|---|---|
|||||**178,122**|
|||||**4,413**<br>**1,769**|
|||||**6,182**|
|||||**171,940**|
|||||173,251|



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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **15. Heritage assets** 

## **Assets recognised at valuation** 

|Market value at 1 April 2023<br>**_Market value at 31 March 2024_**|**Artwork**<br>**2024**<br>**£**<br>**79,526**|
|---|---|
|||
||**79,526**|



Artwork relates to the holding of pieces of art donated by or purchased from artists. The Board reviewed holdings during the year and determined that the valuation of works continued to be appropriate for the current year. 

## **Analysis of heritage asset transactions** 

|**_Donations_**<br>Artwork<br>**_Total additions_**|**2024**<br>**£**<br>**-**<br>**-**|**2023**<br>**£**<br>**-**<br>**-**|**2022**<br>**£**<br>**-**<br>**-**|**2021**<br>**£**<br>**17,210**<br>**17,210**|**2020**<br>**£**<br>**-**|
|---|---|---|---|---|---|
|||||||
||||||**-**|



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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **16. Fixed asset investments** 

||**Listed**<br>**investments**|**Total**<br>**2024**|**Total**<br>**2023**|
|---|---|---|---|
||**£**|**£**|**£**|
|**_Cost or valuation_**||||
|At 1 April 2023|9,377,690|**9,377,690**|9,232,471|
|Additions|985,213|**985,213**|938,370|
|Disposals|(751,613)|**(751,613)**|(295,714)|
|Revaluations|713,263|**713,263**|(497,437)|
|At 31 March 2024|10,324,553|**10,324,553**|9,377,690|
|||||
|Investment cash|109,256|**109,256**|26,579|
|At 31 March 2024|10,433,809|**10,433,809**|9,404,269|
|||||
|Historical cost|7,651,969|**7,651,969**|7,483,003|
|**Investments at market value comprise**||**2024**|2023|
|||**£**|£|
|Cazenove CharityMulti Asset Fund||**4,540,363**|4,082,991|
|CCLA Investment Management Ltd||**2,001,316**|1,835,197|
|Rathbones Investments Management||**3,892,130**|3,486,081|
|||||
|||**10,433,809**|9,404,269|



The investments consist of monies held in externally managed portfolios in a mixture of UK and foreign investments, and are shown at market value as at 31 March 2024. 

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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **17. Investment property** 

|**_Valuation_**<br>Additions<br>At 31 March 2024|**Investment**<br>**property**<br>**£**<br>**15,000**|
|---|---|
||**15,000**|



The addition of £15,000 represents the value of the Ambergate Cricket Ground which was donated to the charity on 8 December 2023. The investment land was valued at £15,000 by a Chartered Surveyor, Jeremy Wilson BSc, FRICS, on a market value basis on 9 March 2023. 

## **18. Debtors** 

|Trade debtors<br>Other debtors<br>Prepayments and accrued income|**2024**<br>**£**<br>**20**<br>**19,824**<br>**694**<br>**20,538**|2023<br>£<br>95<br>37,057<br>3,287|
|---|---|---|
||||
|||40,439|



## **19. Creditors: Amounts falling due within one year** 

|Mortgage repayments due within one year<br>Other taxation and social security<br>Other creditors<br>Accruals<br>Grants payable (i.e. awaiting contract return)|**2024**<br>**£**<br>**4,673**<br>**11,492**<br>**7,342**<br>**20,979**<br>**169,386**<br>**213,872**|2023<br>£<br>4,362<br>11,029<br>7,773<br>21,120<br>109,580|
|---|---|---|
||||
|||153,864|



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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **20. Creditors: Amounts falling due after more than one year** 

||**2024**|2023|
|---|---|---|
||**£**|£|
|Mortgage repayments due after one year|**64,484**|69,130|



The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is: 

|Payable or repayable by instalments|**2024**<br>**£**<br>**42,118**<br>**42,118**|2023<br>£<br>48,303|
|---|---|---|
||||
|||48,303|



The mortgage is secured by a legal charge over the charitable company's freehold property (Unit 2, Heritage Business Centre, Belper, Derbyshire, DE56 1SW). 

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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **21. Statement of funds** 

|**Statement of funds**||||||
|---|---|---|---|---|---|
|**Statement of funds - current year**<br>**Balance at 1**<br>**April 2023**<br>**£**<br>**_Unrestricted_**<br>**_funds_**<br>**_Designated funds_**<br>Golf day funds<br>**-**<br>**_General funds_**<br>General funds<br>**221,781**<br>**_Total Unrestricted_**<br>**_funds_**<br>**221,781**<br>**_Endowment funds_**<br>**_(expendable)_**<br>Discretionary<br>Funds<br>**381,141**<br>J Vickers Fund<br>**260,278**<br>Donor Directed<br>Funds<br>**7,811,973**<br>Community First<br>Funds<br>**423,657**<br>**8,877,049**<br>**_Restricted funds_**<br>Tom Carey<br>**92,167**<br>Assist Grassroots<br>Grant Revenue<br>**43,317**<br>Derbyshire<br>Building Society<br>**34,594**<br>SDLF<br>**52,060**<br>Rolls-Royce plc<br>Fund<br>**21,154**<br>S.D.C.C.T.E<br>**15,742**|**Income**<br>**£**<br>**-**<br>**71,692**<br>**71,692**<br>**50,769**<br>**6,673**<br>**578,311**<br>**-**<br>**635,753**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**|**Expenditure**<br>**£**<br>**-**<br>**(195,848)**<br>**(195,848)**<br>**(1,535)**<br>**(693)**<br>**(29,925)**<br>**-**<br>**(32,153)**<br>**(125,882)**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**|**Transfers**<br>**in/out**<br>**£**<br>**16,074**<br>**178,300**<br>**194,374**<br>**(23,502)**<br>**(10,838)**<br>**(496,895)**<br>**-**<br>**(531,235)**<br>**73,272**<br>**3,760**<br>**2,473**<br>**9,028**<br>**14,030**<br>**-**|**Gains/**<br>**(Losses)**<br>**£**<br>**-**<br>**-**<br>**-**<br>**32,648**<br>**14,171**<br>**628,454**<br>**37,990**<br>**713,263**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**|**Balance at 31**<br>**March 2024**<br>**£**<br>**16,074**|
|**_Unrestricted_**<br>**_funds_**<br>**_Designated funds_**<br>Golf day funds<br>**_General funds_**<br>General funds<br>**_Total Unrestricted_**<br>**_funds_**<br>**_Endowment funds_**<br>**_(expendable)_**<br>Discretionary<br>Funds<br>J Vickers Fund<br>Donor Directed<br>Funds<br>Community First<br>Funds<br>**_Restricted funds_**<br>Tom Carey<br>Assist Grassroots<br>Grant Revenue<br>Derbyshire<br>Building Society<br>SDLF<br>Rolls-Royce plc<br>Fund<br>S.D.C.C.T.E||||||
||||||**275,925**|
||||||**291,999**|
||||||**439,521**<br>**269,591**<br>**8,491,918**<br>**461,647**|
||||||**9,662,677**|
||||||**39,557**<br>**47,077**<br>**37,067**<br>**61,088**<br>**35,184**<br>**15,742**|



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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **21. Statement of funds (continued)** 

## _**Statement of funds - current year (continued)**_ 

|Freemasons GR<br>Made by Sport<br>Flood Relief Fund<br>Ashby Fund<br>Golf day<br>Jefford- Weller<br>Fund<br>Let's Create<br>Jubilee Fund<br>DCC Winter<br>Access Fund<br>Other named<br>funds<br>**_Total of funds_**|**Balance at 1**<br>**April 2023**<br>**£**<br>**9,577**<br>**58**<br>**12,481**<br>**15,794**<br>**16,074**<br>**6,402**<br>**309**<br>**3,792**<br>**373,985**<br>**697,506**<br>**9,796,336**|**Income**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**368,000**<br>**145,815**<br>**513,815**<br>**1,221,260**|**Expenditure**<br>**£**<br>**(21,222)**<br>**-**<br>**(9,000)**<br>**(32,609)**<br>**-**<br>**(10,985)**<br>**(309)**<br>**(343,542)**<br>**(379,418)**<br>**(922,967)**<br>**(1,150,968)**|**Transfers**<br>**in/out**<br>**£**<br>**17,109**<br>**-**<br>**-**<br>**36,639**<br>**(16,074)**<br>**9,193**<br>**-**<br>**-**<br>**187,431**<br>**336,861**<br>**-**|**Gains/**<br>**(Losses)**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**713,263**|**Balance at 31**<br>**March 2024**<br>**£**<br>**5,464**<br>**58**<br>**3,481**<br>**19,824**<br>**-**<br>**4,610**<br>**-**<br>**28,250**<br>**327,813**|
|---|---|---|---|---|---|---|
|||||||**625,215**|
|||||||**10,579,891**|



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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **21. Statement of funds (continued)** 

## **Statement of funds - prior year** 

|**_Unrestricted_**<br>**_funds_**<br>General funds<br>**_Endowment funds_**<br>**_(expendable)_**<br>Discretionary<br>Funds<br>J Vickers Fund<br>Donor Directed<br>Funds<br>Community First<br>Funds<br>**_Restricted funds_**<br>Tom Carey<br>Assist Grassroots<br>Grant Revenue<br>Derbyshire<br>Building Society<br>SDLF<br>Rolls-Royce plc<br>Fund<br>S.D.C.C.T.E<br>Freemasons GR<br>Made by Sport<br>Flood Relief Fund<br>Ashby Fund<br>Golf day|Balance at<br>1 April 2022<br>£<br>191,354<br>322,454<br>276,872<br>8,179,904<br>440,400<br>9,219,630<br>97,575<br>39,440<br>32,044<br>44,701<br>6,686<br>15,742<br>9,168<br>58<br>12,481<br>16,789<br>16,074|Income<br>£<br>21,364<br>95,230<br>6,094<br>608,107<br>-<br>709,431<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|Expenditure<br>£<br>(166,822)<br>(1,209)<br>(690)<br>(28,832)<br>-<br>(30,731)<br>(80,914)<br>-<br>-<br>-<br>-<br>-<br>(18,700)<br>-<br>-<br>(40,259)<br>-|Transfers<br>in/out<br>£<br>175,885<br>(18,334)<br>(11,176)<br>(494,334)<br>-<br>(523,844)<br>75,506<br>3,877<br>2,550<br>7,359<br>14,468<br>-<br>19,109<br>-<br>-<br>39,264<br>-|Gains/<br>(Losses)<br>£<br>-<br>(17,000)<br>(10,822)<br>(452,872)<br>(16,743)<br>(497,437)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|Balance at<br>31 March<br>2023<br>£<br>221,781|
|---|---|---|---|---|---|---|
|||||||381,141<br>260,278<br>7,811,973<br>423,657|
|||||||8,877,049|
|||||||92,167<br>43,317<br>34,594<br>52,060<br>21,154<br>15,742<br>9,577<br>58<br>12,481<br>15,794<br>16,074|



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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **21. Statement of funds (continued)** 

## _**Statement of funds - prior year (continued)**_ 

|Jefford- Weller<br>Fund<br>Let's Create<br>Jubilee Fund<br>DCC Winter<br>Access Fund<br>Other named<br>funds<br>**_Total of funds_**|Balance at<br>1 April 2022<br>£<br>7,642<br>210<br>52,064<br>287,642<br>638,316<br>10,049,300|Income<br>£<br>250<br>-<br>92,500<br>85,932<br>178,682<br>909,477|Expenditure<br>£<br>(10,970)<br>99<br>(140,772)<br>(175,935)<br>(467,451)<br>(665,004)|Transfers<br>in/out<br>£<br>9,480<br>-<br>-<br>176,346<br>347,959<br>-|Gains/<br>(Losses)<br>£<br>-<br>-<br>-<br>-<br>-<br>(497,437)|Balance at<br>31 March<br>2023<br>£<br>6,402<br>309<br>3,792<br>373,985|
|---|---|---|---|---|---|---|
|||||||697,506|
|||||||9,796,336|



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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **21. Statement of funds (continued)** 

## Purpose of designated funds 

Golf day funds have been moved from restricted to designated, since there are no restrictions around this funding. However trustees have designated this for potential future grant making. 

## Purpose of endowment funds 

Discretionary Funds grants are allocated at the Trustees’ discretion to meet current community needs. 

J Vickers Fund was established with a donation from the estate of the late Jonathan Vickers and distributions are used to fund and administer the Jonathan Vickers Fine Art Award. 

Donor Directed Funds are where the donor chooses which projects to support by establishing grantmaking criteria and may also be involved in the grantmaking decisions. 

Community First Funds are the Donor Directed Community First Funds held on trust in perpetuity separately from the charitable company's own assets. 

## Purpose of restricted funds 

Tom Carey fund is a named donor directed endowment fund that provides support to new and existing community activity in the Abbey ward of Derby City. 

Assist Grassroots Grant Revenue is a named donor directed fund established to support groups providing opportunities for people to gain new skills, qualifications or work experience. 

Derbyshire Building Society fund was established in 2004 as part of the Society’s wider ongoing commitment to support and improve life within our county. 

SDLF fund supports community and voluntary groups offering opportunities for people to gain new skills, which will ultimately allow people to enter or re-enter the world of employment. 

Rolls-Royce plc Fund is one of the Foundation's founding funds and was established to provide long term support to local groups and activities in Derbyshire. Every year the Foundation works alongside Rolls-Royce to develop a grant theme, responding to local needs, topics and concerns. 

S.D.C.C.T.E is a named fund established to provide core cost funding for the Foundation. 

Freemasons GR fund has been established by the Freemasons of Derbyshire Provincial Grand Charity to support community life and tackle disadvantage across Derbyshire by supporting community and voluntary groups and charities. 

Made by Sport - administered on behalf of Made by Sport to support clubs and community organisations that intentionally use sport or exercise to develop young people’s lives. 

Flood Relief Fund was launched by Foundation Derbyshire in November 2019 in response to the floods that affected parts of Derbyshire and Derby City. The Fund is now used to help individuals, families and communities that are affected by future floods. 

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**(A Company Limited by Guarantee)** 

## **DERBYSHIRE COMMUNITY FOUNDATION** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

Ashby Fund - aims to improve the quality of life for Derbyshire residents and to tackle inequalities and disadvantages faced in local communities, with a preference for groups operating in rural areas or projects focusing on heritage and arts & culture. 

Golf Day relates to the fundraising proceeds from the Foundation’s annual charity golf day. 

The Jefford Weller Fund supports individuals and groups who are working with homelessness and housing issues in Derbyshire. 

Let’s Create Jubilee Fund is distributed on behalf of Arts Council England (ACE) and supports voluntary and community groups to develop creative and cultural activities as part of the Queen’s Platinum Jubilee celebrations in June 2022. 

DCC Winter Access Fund is distributed on behalf of Derbyshire County Council to Derbyshire food banks and community food projects that are supporting vulnerable people who are experiencing financial crisis and food insecurity to access food. 

Other named funds are the grant revenue pots of the remaining discretionary and donor directed named endowment funds, which are held as part of the Foundation's endowment and flow through funds managed by the Foundation. 

## Transfers between funds 

Transfers into restricted funds, totalling £352,935 and unrestricted funds of £178,300 relate primarily to distributable income for grant making and administration that was transferred in accordance with the Foundation's Total Return Policy in relation to the management of the investment portfolio. These transfers were made from the Foundation's Endowment Fund into General Funds and the grant revenue pots of the 64 discretionary and donor directed named endowment funds, which have been established with the Foundation. A transfer of £16,074 was also made from restricted funds to designated funds for the golf day funds as discussed above. 

## **22. Summary of funds** 

**Summary of funds - current year** 

|Designated funds<br>General funds<br>Endowment funds<br>Restricted funds|**Balance at 1**<br>**April 2023**<br>**£**<br>**-**<br>**221,781**<br>**8,877,049**<br>**697,506**<br>**9,796,336**|**Income**<br>**£**<br>**-**<br>**71,692**<br>**635,753**<br>**513,815**<br>**1,221,260**|**Expenditure**<br>**£**<br>**-**<br>**(195,848)**<br>**(32,153)**<br>**(922,967)**<br>**(1,150,968)**|**Transfers**<br>**in/out**<br>**£**<br>**16,074**<br>**178,300**<br>**(531,235)**<br>**336,861**<br>**-**|**Gains/**<br>**(Losses)**<br>**£**<br>**-**<br>**-**<br>**713,263**<br>**-**<br>**713,263**|**Balance at 31**<br>**March 2024**<br>**£**<br>**16,074**<br>**275,925**<br>**9,662,677**<br>**625,215**|
|---|---|---|---|---|---|---|
|||||||**10,579,891**|



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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **22. Summary of funds (continued)** 

**Summary of funds - prior year** 

|General funds<br>Endowment funds<br>Restricted funds|Balance at<br>1 April 2022<br>£<br>191,354<br>9,219,630<br>638,316<br>10,049,300|Income<br>£<br>21,364<br>709,431<br>178,682<br>909,477|Expenditure<br>£<br>(166,822)<br>(30,731)<br>(467,451)<br>(665,004)|Transfers<br>in/out<br>£<br>175,885<br>(523,844)<br>347,959<br>-|Gains/<br>(Losses)<br>£<br>-<br>(497,437)<br>-<br>(497,437)|Balance at<br>31 March<br>2023<br>£<br>221,781<br>8,877,049<br>697,506|
|---|---|---|---|---|---|---|
|||||||9,796,336|



## **23. Analysis of net assets between funds** 

**Analysis of net assets between funds - current period** 

|Tangible fixed assets<br>Fixed asset investments<br>Investment property<br>Heritage assets<br>Current assets<br>Creditors due within one year<br>Creditors due in more than one year<br>**_Total_**|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>**171,940**<br>**-**<br>**-**<br>**-**<br>**229,029**<br>**(44,486)**<br>**(64,484)**<br>**291,999**|**Restricted**<br>**funds**<br>**2024**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**<br>**794,601**<br>**(169,386)**<br>**-**<br>**625,215**|**Endowment**<br>**funds**<br>**2024**<br>**£**<br>**-**<br>**10,433,809**<br>**15,000**<br>**79,526**<br>**(865,658)**<br>**-**<br>**-**<br>**9,662,677**|**Total**<br>**funds**<br>**2024**<br>**£**<br>**171,940**<br>**10,433,809**<br>**15,000**<br>**79,526**<br>**157,972**<br>**(213,872)**<br>**(64,484)**|
|---|---|---|---|---|
|||||**10,579,891**|



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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **23. Analysis of net assets between funds (continued)** 

## **Analysis of net assets between funds - prior period** 

|Tangible fixed assets<br>Fixed asset investments<br>Heritage assets<br>Current assets<br>Creditors due within one year<br>Creditors due in more than one year<br>**_Total_**|Unrestricted<br>funds<br>2023<br>£<br>173,251<br>-<br>-<br>161,944<br>(44,284)<br>(69,130)<br>221,781|Restricted<br>funds<br>2023<br>£<br>-<br>-<br>-<br>807,086<br>(109,580)<br>-<br>697,506|Endowment<br>funds<br>2023<br>£<br>-<br>9,404,269<br>79,526<br>(606,746)<br>-<br>-<br>8,877,049|Total<br>funds<br>2023<br>£<br>173,251<br>9,404,269<br>79,526<br>362,284<br>(153,864)<br>(69,130)<br>9,796,336|
|---|---|---|---|---|



## **24. Reconciliation of net movement in funds to net cash flow from operating activities** 

|Net income/(expenditure) for the year (as per Statement of Financial Activities)<br>**_Adjustments for:_**<br>Depreciation charges<br>Net (gains)/losses on investments<br>Dividends, interest and rents from investments<br>Decrease in debtors<br>Increase/(decrease) in creditors<br>Donation of investment property<br>Donation of fixed asset investment<br>**_Net cash used in operating activities_**|**2024**<br>**£**<br>**783,555**<br>**1,769**<br>**(713,263)**<br>**(339,440)**<br>**17,604**<br>**61,994**<br>**(15,000)**<br>**(108,464)**<br>**(311,245)**|2023<br>£<br>(252,964)<br>1,391<br>497,437<br>(295,722)<br>29,318<br>(96,648)<br>-<br>-<br>(117,188)|
|---|---|---|



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## **DERBYSHIRE COMMUNITY FOUNDATION** 

## **(A Company Limited by Guarantee)** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **25. Analysis of cash and cash equivalents** 

|Cash in hand<br>Cash held in the investment portfolio<br>**_Total cash and cash equivalents_**|**2024**<br>**£**<br>**137,434**<br>**109,256**<br>**246,690**|2023<br>£<br>321,845<br>26,579|
|---|---|---|
||||
|||348,424|



## **26. Analysis of changes in net debt** 

|Cash at bank and in hand<br>Cash in investments<br>Debt due within 1 year<br>Debt due after 1 year|**At 1 April**<br>**2023**<br>**£**<br>**321,845**<br>**26,579**<br>**(4,362)**<br>**(69,130)**<br>**274,932**|**Cash flows**<br>**£**<br>**(184,411)**<br>**82,677**<br>**(311)**<br>**4,646**<br>**(97,399)**|**At 31 March**<br>**2024**<br>**£**<br>**137,434**<br>**109,256**<br>**(4,673)**<br>**(64,484)**|
|---|---|---|---|
||||**177,533**|



## **27. Contingent assets** 

As at the reporting date, it is possible that an additional legacy of approximately £1.5m is to be received. This has not been included within accrued income, as although the income is probable and the charity has entitlement, the amount has not yet been confirmed. 

## **28. Pension commitments** 

The charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. The pension cost charge represents contributions payable by the charitable company to the fund and amounted to £5,474 (2023: £4,502). Contributions totalling £798 (2023: £634) were payable to the fund at the balance sheet date and are included in creditors. 

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**(A Company Limited by Guarantee)** 

## **DERBYSHIRE COMMUNITY FOUNDATION** 

## NOTES TO THE FINANCIAL STATEMENTS 

_FOR THE YEAR ENDED 31 MARCH 2024_ 

## **29. Operating lease commitments** 

At 31 March 2024 the charitable company had commitments to make future minimum lease payments under noncancellable operating leases as follows: 

|Not later than 1 year<br>Later than 1 year and not later than 5 years|**2024**<br>**£**<br>**650**<br>**163**<br>**813**|2023<br>£<br>650<br>813|
|---|---|---|
||||
|||1,463|



The following lease payments have been recognised as an expense in the Statement of financial activities: 

||**2024**|2023|
|---|---|---|
||**£**|£|
|Operating lease rentals|**650**|967|



## **30. Related party transactions** 

During the year donations made by trustees to the charitable company totalled £26,820 (2023: £1,060). In addition, £3,732 (2023: £1,434) was paid to Arha Labs Limited for website and design services, a company part owned by Trustee Alison Williams. 

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