ESSEX COMMUNITY FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2023 Company Number3062567 Charity Number 1052061
ESSEX COMMUNITY FOUNDATION REFERENCE AND ADMINISTRATION INFORMATION FOR THE YEAR ENDED 30 JUNE 2023 CONTENTS Page Reference & Administrative Information Chairnan's Statement Trustees, Report Structure, Governance and Management Vision, Mission, Values Achievements & Performance 2022- 2023 Significant Activities ESG Grantmaking Grant Distribution Policy Fund Development Financial Review Investment Performance Investment Objective Reserves Policy Principal Risks and Uncertainties Future Plans Statement of Trustee ResFX)nsibilities 10 10 12 12 13 14 14 Report of the Independent Auditor 16 Statement of Financial Activities 19 Summary Income and Expendiiure Account 20 Balance Sheet 21 Statement ofcash Flows 23 Notes to ihe Accounts 24-54
ESSEX COMMUNITY FOUNDATION
REFERENCE AND ADMINISTRATION INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023
The Dire
ESSEX COMMUNITY FOUNDATION REFERENCE AND ADMINISTRATION INFORMATION FOR THE YEAR ENDED 30 JUNE 2023 Audilors Haysmacintyre LLP. 10 Queen Street Place, London EC4R IAG Investment Managers Rathboneswealth & Investmentlincorporating Investe( Wealth & Investment Ltd as at September 20231, 30 Gresham Street, London EC2V 7QN CCW Senator House, 85 Queen Victoria SireeL London EC4V 4 Liontrust, 2 Savoy Court, London WC2R OEZ Solicitois Birkett Long LLP, Faviell House. I Coval Wells, Chelmsford CMI IWZ
ESSEX COMMUNITY FOUNDATION CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 30 JUNE 2023 Chairnwn'5 Siatement It is a pleasure once again to present Essex Community Foundation Trustees, Annual Report and Financial Statements for the year ending 30 June 2023.This report, complemented by our Annual Review, highlights our key activities and achievement This has been my frfth yearas Chair of Trustees. during which I was also privileged to seNe as High Sherrff of Essex which gave me a helpful additional perspective to the work of the Foundation. I have been struck by how our communities have stood strong in the face of another turbulent year. Without doubt the ongoing cost-of4iving crisis, the lingering impactof the COVILY19 pandemic and global economic uncertainties have created a challenging environmentforour local charities and voluntarygroups. But we have seen resilience. commitmenL and adaptabilityfirst hand and through our grantmaking. Thanks to the incredible generosiiyof our donors, this year we have paid out grants totalling £4.4 million to support a wide range of small charities working at the heart of their local communities. We remain committed not only to help charities expand and develop their work, but also to provide financial sUPPOrt towards their core costs with 55% of our grants supporting these everydaydemands. Our Community Listening Projects give us a deeper understanding of the ongoing challenges that local groups are tackling and of what we can do to help.our latest research highlights the impact of the cost-of- living crisis and the pandemic, both on organisationsand on iheir beneficiaries. In response, during the year trustees agreed to offer an immediate, and well-re(eived uplift to oursmall existing grant partners you can read more on pages 910. We have Ixn in our new home forjusi overa year now and this has given us the opportunity to widen our support by offering free meeting and workspace. We have actively promoted the Foundation Hub to charities we supporL and the Hub has aladY been used for over 2.200 hours.This is just one way we facilitate collaboration and networking among charities, and we continue to explore how we can advocate forthem and enhance their collective impact. The development of our philanthropy work has remained a priority. and during the year, new and existing donors gave £2.7 million into endowed funds. Our core offer remains to engage our donors in loni>term, philanthropic giving by working with them to understand and meettheircharitable aims. Our Private Client Networking events have proved a particularly popular way to share the benefits of working with the Foundation to a range of finance and legal professionals and we will coniinue this successful initkltive. we write more about this on pages l 0-11. Finally, l am excited that our trustees and the team have started io consider our next strategic plan, which 11 come into effect in 2024. This work will develop over the coming year as we consider how we can use all our resources to further our workfor the benefit of Essex. On behalf of the Foundation. l express my deep gratitude to our fundholders and donor& our volunteer& trustees, and staff team. led by our CEO, Caroline Taylor. You are the"Essex Community Foundation family'.Together with our friends and colleagues across the voluntary sector we are making a difference in our local communities, and l am excited to see what morewe can accomplish in the year ahead. Ni¢holasAlston CBE DL Chair of Trustees
ESSEX COMMUNITY FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2023 The Trustees preseni iheir report along with the audited financial statements of the charity for the year ended 30 June 2023. The Trustees have adopted the provisions of the Statement of Recommended Practice1SORPI in preparing the annual report and financial statements of the charity. Siructure. Governance and Management Essex Communiiy Foundation IECFI was established in 1996 as a company limited by guarantee registered in England and Wales. company number 3062567. and is registered as a charity with thecharity Commission, registration number 1052061. The Trustees and officers of the charity and its principal advisers are listed on page 2 and 3. The Foundation is governed by its Articles of Associaiion which setout the objects of the Foundation and the powers of the Board of Trustees. The Articles were reviewed and adopted by Members in November 2022. TheTrustee Board meetings are held quarterly with business conducted between meetings through sulF committeesthat report directlyto the Board. Thecommitteesare Audit & Risl Governance & Compliance, Grants & Programmes, Fund DevelopmenL Finance & InvtMent, and Remuneratiorn and, as required, the Nominations Committee. Each committee has Terms of Reference which set out delegated authority and areas of responsibility. which are regularly reviewed by the Board of Trustees. Board meetings work to a consent agenda, which enables Trusiees to group routine items e.g., committee business and vote on recommendations withoui additional discussion unless required by a request from a trustee before the meeting. Trustees are saiisfied that this procedure gives time for both business matters and open disCU55ion on issues related to ihe strategic direction of the Foundètion.Trustee and staff meetings. away days and workshops provide additional time for strategic disCU55ion concerning the longer-term aspirations of the organisation. The Governance & Compliance Committee oversees a programme of Trustee professional development which siarts with the trustee induction. The induction provides ihe opportunity for newTrusiees to meet Staff and to understand organisational procedures. On appoiniment, Trustees have access to an online induction pack which is regularly updated and always available for reference. The pack includes key policies and documents including our Articles, current Business Plan and 'The Essential Trustee Guide. published by the Charity Commission. All Trusiees must complete a declaration of eligibility and interests form annually. Trustees are encouraged to undertake a range of professional development opportunities within the year. including formal training, seminars, reading key sources, and vislting a range of local organisations. The Remuneration Committee, whose members are the Chair ofTrustees and the Chairs of each committee, agrees the Remuneration Policy. and recommends the CEO salary to ihe Board in addition toany other staff benefits and annual staff pay increases. Our Articles allow for a maximum of 15 trustees and there were 12 Trustees at the year-end. There were three trustees elected as of 30 June 2022, Emma Goode, Soumya Krishna Kumar and Atul Manek At the AGM on 24 November 2022. Ihey were confirmed by Members. and trustees Clare Ball and Viviene Depledge retired. Clare had served as a member of Finance & InvestmenL Grants & Programmes, Fund Development and Audit & Risk Committees during her eight-year term and worked on our tk)mestic Abuse Project and ESG Working group. As an experienced charity CEO, Vivienne brought insight and expertise ofthe day-tIFdaychallengesexperienced bythe voluniary and community sector and creative ways for the Foundation to develop a strategic response through her role as Chair of our Thriving Third Seuor Fund Panel. Our Board of Trustees has a broad range of skills and experience including legal. financial. marketing, development, charity management and grantmaking. The current Board membership is 58% female and 42% male with an average age of 52 years old. 75% identify as White British, 17% as Indian and 8% as White Other.Trustees are committed to increase the diversity of its members so that we can benefit from a range of social backgrounds, skills. and experience.
ESSEX COMMUNITY FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2023 Trustee skills are reviewed annually and our open trustee recruitment process. now in its third round focuses on attracting the required skillswhilst encouraging applicants from different backgrounds and with proiected characterisiics. Staff resources are15.2 FTE or16employees an increase of l FTEfrom last year. After18years of dedicated service.jill Curd retired in March. An experienced grants officer and assessor. Jill assessed at least 2.800 funding applications, which resulted in over £IOm of funding to our local communities, in addition Jill helped over 600 individuals access financial support. In October Dee Davies and Frankie WeblFHuseyin joined the team. As Executive PA Dee. primarily supports Caroline and Perry, in addition to ihe Senior Management Team. Frankie joined the ieam as a Grants Officer through the Ten Years, Time initiative and has been offered a permanent position in the team. Maria Kravchukjoined as a Granis Adminisiratorin May. replacingwill Wiseman who left injanuary. The remuneration committeeensure all staff salaries are benchTnarked to the median salary rangeof the charity sector by using Croner Salary Survey together with peer benchmarking across other foundations and grantmaking trusts. We are supported by our dedicated and long-serving volunteers who coniinue to add significant value as members of our team. In total ihey have given 164days, which is equivalent to 1.151 volunteer hours. Their length of service is also impressive with Andrew Clarke volunteering at the Foundation for 23 years. Barbara Garside for 18years and Lorraine Brook5 for 7 year5. Volunteers generally support the work of the grants team but also help across other areas including finance, communications, and events. The Foundation receives pro-bono legal advice from Martin Hopkins, Managing Partner at Birkett Long Solicitors and prtrbono payroll service is provided by Louisa Tippett of Streets Whittles Chartered Accountants. Fundholders and communily panel members work with the Foundation in helping make decisions on grantmaking during the year. The Patron. the Presideni and the Vice Presidents of the Foundation act as honorary ambassadors and their support is much appre(iaied as we seek to strengthen our profile. Care is taken to keep all our ambassadors informed of the Foundation's activities arxl their attendance at events is encouraged, to increase their knowledge and undersianding. Essex Community Foundation is a member of UK Community Foundations IUKCFI and the Association of Charitable Foundations IACFI Obje<tive$ Jnd Artivities undertaken by the Foundation for the Public Benefit OUR VISION Strong generous communities- an Essex where everyone works together to enhance the quality of local OUR MISSION To inspire philanthropy and charitable giving- matching people. ideas. reurCeS and needs to make a lasting difference. OUR VALUES We are accountable to our communities and to our donors and funders. We are committed to being approachable and accessible to our donors. grant recipients and strategic partners.
ESSEX COMMUNITY FOUNDATION TRUSTEES’ REPORT FOR THE YEAR ENDED 30 JUNE 2023
ESSEX COMMUNITY FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2023 Essex Community Foundation currently has 146 endowed funds, iogether with 40 flowrhrough funds currently under its management. Significant Artlvlties 2023 was thefourth year of our fiv*year strategic plan and wecontinue to make good progress against our objectives. The Board of Trustees reviewed our progress at an annual straiegy day in April and within the year started to plan for our next strategic plan, which will commence in 2024. Our latest Community Listening Project research, which is the third report commissioned. helped us to understand the impact of the cost-of-living crisis on our grant partners. Unsurprisingly key findings included higher costs and lower income levels, the volume and complexity of demand, and volunieer capacity with falling numbers. In response, trustees agreed to offer a 10% or £500 uplift, whichever was the greater. to all existing endowmeni grant partners as the most immediate and practical way to offer support. We have had a full year working from our new office premises in central Chelmsford which we were generously gifted the use of at a peppercorn rent of £1 txa. for 25 years by a local family. The team has settled into our new home, and we held four open house events in the first 6 months of the year. io welcome a range of guesis, including our founding CEO, Laura Warren. We started to promote and increase the use of our ground floor space, Foundation Hub. which our grant partners and charities can use for free.This is another way in which we can extend our support and resources to charities. The Hub now has 60 registered users from 40 different organisations. Since it was launched in November 2022 over 2200 hour5 have been utilised. This equates to almost £40,000 at commercial rates. Our CRM system is an integral operating tool that enables us to manage effectively our grantmaking, finances, communications. and fund management. Our current Sysiem is no longer fit for purpose and trusteesagreed to work with colleagues at Kent Community Foundation to share the costs of developing a new CRM system that will meet both our requirements. This is a significant project that will pul us on a firmer footing for the future and will ensure we can continually develop in line with our operating needs. Head of Operations, Steve Mackenzie is leading on this project and the first phase is due to rolled out later this year. Newly appointed Trustee, Atul ManeL who succeeded Russell Edey as chair of our Audit & Risk Committee. commenced a review of our risk framework. statement, and register. Atul is an experienced Chief Operating Officer and Chief Financial Officer and is working with all committees and the executive team to lead on ihe review which will conclude in 2023124. Interim results show that our approach is Strong with minor improvements and additions required. We were humbled to learn that a long-time supporter, DrGeoffrey Sneed whodied this year, had chosen to leave his legacy to local communities. under our management. With a passion for engineering and educaiion it will be a privilege to support future generations with an interest in these important subjects. Finally, we developed a new relationship with Essex Life magazine and now publish monthly articles showcasing the benefits of giving io communities through the Foundation.We regularly write articles for several relevant business publications and are active on all social media plarforms. Our annual programme of events commenced with our AGM ai Haifield Place in November where we were joined by 130 guests. In March we hosted the annual High Sheriff Awards at Hylands Park, Chelmsford in partnership with BBC Essex who broadcasted live from the event and two Spring receptions for fundholders and supporters, held in April ai Ingaiestone Hall and in May at Layer Marney Tower. Events focused on fund development continued with a series of networking meetings for professional advisers. to raise awareness of our work further detail on page I7 l.
ESSEX COMMUNITY FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2023 Environmental Social •nd Governance1$5ues During the year ESG was embedded in each of the Board'scommittees Irather thèn working groups), with the Chair taking responsibility for ensuring ESG remains a priority and reporting back to the Board. We take ESG to mean recognising the importance of considering environmental, social and governance issueswithin the organisation and across the organisation's work. A key focus for our ESG work continues to be within our Finance & Investment Commiltee, particularly in relation to the Foundation's investment porrfolio where funds are invested on behalf of our fundholders to provide ongoing support io charities and voluntary organisaiions across Essex. Work in this area has included.. Requiring more detailed ESG and responsiblelsustainable investment reporting from our three fund managers and raising queries on these areas in our bi-annual factritrface meetings with them. Ensuring our approach to ESG is noted as a managed risk within our Finance & Investment Committee risk register. Organising workshops for trustees and staff to consider potential investment exclusions ionsidering the range of stskeholders we work with and on behalf of. These lively participatory sessions explored issues including the Foundation's objects, defining our stakeholders, recognising that responsibility for investments lies with all trustees, the spectrum of capital, the legal and regulatory framework for charity investments, investment policy examples and how investment screens work. The outcomes of these sessions will be considered by ihe Board. prior to a potential rewriting of the Foundation's Investment Policy to take greater account of ESG issues. In addition to the work above, on a broader level: We remain a signaiory to the Living Wage and the Funder Commitment on Climate Change. Grantmaking is now coded to the 17 UN Sustainable Development Goals as part of our management reporting framework. We have a continued focus on managing environmental factors within our office building which was designed with efficient heating and cooling systems and insulation for maximum energy efficiency. GrantmakiThg We have paid out £4,427,366 in new grants this year, just ahead ofthe £4.422,122 paid in 2022. We were able to pay 1,050 grants funding 629 organisations and 131 individuals. Our average grant is similar to prÈYovid values at £5,238, and although a slight decrease, Ihis is generally due to the types of funding programmes that we manage. so will vary from year to year. We continue to attract organisations that had not applied to us before, with these firsi-time applicants receiving 27% of the total amount paid. Grants to individuals increased from £110,494 in 2022 to £198.793.This is due to managing several new funds with a focus oneducational grants and sUPPOrting physical health and people with disabilities. The cost-of-living crisis has continued to impact the voluntary sector and the communities they sUPPOrt. As a significant funder of small and grassroots organisations, we needed to provide an effective response through a range of measures We promoted core costs funding, we priorilised'cost of living, applications, we provided opportunities to discuss the impact of the crisis with groups and instigaied our ihird community listening projeu ICLPI. At the beginning of February 2023, Trusteesconsidered the analysis from the half-year grantmaking data and the initial insighi from the CLP and agreed that we needed to do more to address the effects of the cost-of-living crisis on organisations and small grassroots groups.
ESSEX COMMUNITY FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2023 As a resuli, we immediately offered a cost-of-living uplift of l 0% or £5(M) Ibased (n their original granL whichever was greaierl to small and grassroots organisations, which cost £134,646 and came from the Acorn Fund. We also provided an additional funding of £65,000 from our Acorn Fund to support organisations wiih an urgent COSt-of-living related issue identified by the CLP. Additional emergency funding was also received from fundholders to address the immediate impact of the crisis, including Douglas Allen Estate Agenis providing £133.950 in emergency funds, East of England Ctrop awarding £23.000 for warm hubs and our surviving winter/cost-of-living appeal raising £21,000. We also continued to increase and improve access for underrepresented groups Wlth our funding to minority ethnic community organisations and those sUPPOrting refugees and asylum seekers increasing again this year to £313,000 from £229.270 last year. This demonstrates our continued commitment to building relationships with marginalised groups including minority ethnic communities, to ensure equal access to our funding. As a result, we were also able to deliver a Mental Health Inequalities programme on behaof Mid & South Essex NHSTrustwith a focus on marginalised and historically underrepresented iommunities. Our support for the sustainability of the voluntary and community sector includes a focus on awarding funding for core cost& This year we have paid 295 core grants. which is up by 73.5% from last year. and core grants accounted for the largest percentage of grants paid at 55%. Of this, £1.548,982 came from endowed and donor advised funds, which demonstrates the enthusiasm of our donors to support the important everyday work undertaken by charitable and voluntary organisations across Essex. The Thrive Programme, which provides tailored strategic and organisational development support in partnership with the Cranfield Trust has completed three iohorts. The fourth cohort, which started in March 2023 includes organisations from Southend and Thurrock, and this will complete at the end of 2023. Grant Distributlon Pollcy Each year the Board of Trustees approves a level of grant expenditure from endowed funds which is consistent with the aim of maintaining the nominal value of endowment funds and subject to any conditions imposed by donors. The Finance & Investment Committee recommends to the Board what it considers to be an appropriate level to be distributed in granis. taking into accouni social needs, economic outlool and the Foundation's policy to maintain the endowvment funds nominal value. A distribution raie of5.$% was agreed for the year under review with the option to request additional funds from discretionary funds if need was identified. In January 2023 Trustee5 agreed to provide a cost-of- living response by withdrawing a further circa £200.000 from the Acorn Fund, representing a total distribution within the year of 69& Fund Development The year under review has attracted £5.3 million in total income, including donations. from individuals. companies. charitable trusts, the public sector, and investments, which is slightly less from £5.4 million last year. This comprised £2.7 million in new endowed donations and £2.6 million in flowthrough funds. investment and managemeni income. Our Private Client Professional Adviser Networking events have continued todeveloll with three taking place at Hatfield Place. Layer Marney Tower and Marks Hall Estate. Each event welcomed over 70 attendees and provides the opportunity to regularly engage with local advisors so that they can build their knowledge and undersianding of the Foundation. These events also help us to understand what information and support local advisors need to inform their clients about the multiple benefits of giving through the Foundation. As a result, within the year we commenced planning of a new legacy strategy, which will continue to develop in the coming year. As part of this process, we have developed a legacy publication following requests from local Private Client Solicitor& 10
ESSEX COMMUNITY FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2023 This year we also launched a new iniliative, the Fundbuilder programme. as an alternative option for donors who wish to start their giving through the Foundation. Donors can give regularly to build their own fund over a longer period and can make additional donations from fundraising events or by making ontroff gifts. We have rolled out this new initiative to a small number of donors as part of a pilot phase. with plans to expand in future years. Our core offer remains to engage our donors in long-term, philanthropic giving by working with them to understand theircharitable aims. Donors can establish a fund with a on*off donation, actively fundraise, or make regular contributions to their fund. We can take on the management of existing charitable trusts where the original trustees may not be able io continue to manage the funds as we provide an efficient and effective alternative solution. Fifteen newfundswere established during theyear.. sixflowthrough and nineendowed. six ofwhich were established under our new Fundbuilder programme. The six new flowthrough funds were the Communities in Cri515 Appeal, Community Inclusion Fund, Douglas Allen Emergency Fund Dulverton Trust Fund, LTC Community Fund and Ukrainian Refugee Suppon Project. Thethree newendowed funds were the Donovan Family Fund, Dr Geoffrey Sneed Engineering Fund and TFP Community Fund. The six Fundbuilder funds were the Bailey Family Community Fund, Bydand Charitable Fund, Doubtfire Community Fund, HankirkAppleby Charitable Fund. Nandha Family Fund and Trait Macwilson Family Fund. We do not use professional fundraising agencies. We have never failed to comply with any fundraising scheme or standard. Any person acting on our behalf for the purpose of fundraising is given strict guidelines to adhere to. To protect vulnerable people and other members of the public and in line with our business model, we never undertake cold calling or uninitiated contact practices. We are registered with the Fundraising Regulator and the Fundraising Preference Service. No complaints have been registered againsi the Foundation during the year under review or since our registration in July 2017. Flnan¢lal Revlew Toial income for the year was £5.333,896compared with £5,375,133 in the year to June 2022. Donations to the endowment fund during the year totalled £2,678.724. As of June 2023, endowed funds totalled £46,800,003 compared with £44,919,172 in June 2022. The majority of our expenditure is in grant distribution, and funding for this is taken as an annual drawdown from the endowment funds together with flowthrough funds. Within the 5tatemeni of Financial Aaivities ISOFAI the Foundation recognised grant expenditure of £3,927,378 (see note 61 to charities. individuals. and voluntary and community organisations in the year under review, compared with £4,458.707 in 2022. Our unrestricted loperatingl income mainly comes from a Contribution made by fundholders Iboth endowed and flowthrough fundsl to our charitable activities, as well as membership subscriptions and sponsorship. Operating income as reported in the SOFA was £101.686. Within the year our operating expenditure was £960,639, this being 96.4% of the budgeted figure of £996,825. We received contributions from fundholders as transfers from endowed funds of £676,392 Inoie l 01 and flowthrough funds of £125,543 Inoie 101 which resulted in total operating income of £903.621 for the year. Designated reservesinclude money set asideforour newCRM development project and £9,185 ofthis was trènsferred to unrestricted funds reflecting the amount spent within thefinancial year. Similarly, amounts of £31,781 and £14,274 were transferred from designated reserves to offset amortisation £05ts of Property Improvements and our Programme Related Investment resptIvelY. This gave an annual operating deficit of £11.7781 for the year under review compared with budgeted deficit of £1150.8801. Trustees agreed to release funds from the Acorn Fund io meet this deficit and thereby maintain the level of unrestricted reserves.
ESSEX COMMUNITY FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2023 Resiricted reserves of £643.871 have decreased from the opening position of £1.058.557 reflecting the volume of flowthrough grantmaking funds under management at theyear*nd date. Cash at the bank reflecis this funding awaiting imminent disbursemeni. Unrestricted reserves of £482,330 will be carried forward Isee SOFA page 171. Contributions towards charitable costs from endowed funds under managemeni covered 70.2% ofthe Foundation's operating expenditure (excluding relocation costs1 compared with 73% as budgeted. Investment Performance The financial year started off on a negative note as rising consumer prices, on a global basis, led to the authorities raising inierest rates, which caused prices of fixed inierest assets to fall. The UK had its own particular problems to deal with in addition to inflation problems, not least the number of Chancellors of the Exchequer over this period. The first of the four over this period was the incumbent, Rishi Sunak, for the firs15 days of July and ihe last was Jeremy Hunt from 14 October. Just prior to Jeremy Hunt taking his role UK terkyear government bond yields shot up to 4.5%, a level lasi seen in January 2008, from 2.3%, causing problems for companies with high leve& of debt. Bond prices steadied but still fell over the 12- month period and recorded a sizeable negative return. Higher inflation. rising interest rates and rising yields initially led io weakness in equities as investors Swltched into higher yielding bonds and cash. As the year progressed and ihe prospect of core inflation peaking. $0 equities started to rally. Equities benefitted from their lower start value. from growth being strongerthan anticipated and from news of advancements in generative artificial intelligence. As much of this news came out of the US, the US market rallied more than most markets and $0 a bias io overseas equities was beneficial to returns. Higher interest rates in the UK a150 led to sterling strengthening againsl the dollar which acted as a slight headwind to the UK equity market. The investment committee gave our fund managers greaterflexibility io invest in overseas equities, by reducing ihe benchmark of UK equilies in January 2023. which aided performance. Overthe 12-monthsio 30 June2023, the yield on ten-year UKgovernment bonds rose from 2.3% to45%. This led io negative returns for fixed interest stocks. with the FT All Stocks Government Bond index producing a negative total return of -14.5%. Over the same period, UK equities las measured by the FFSE All Share Index) produced a return of +7.9% and overseas equities a return of +13.6%. Cer the year core portfolio produced a net return of +5.21% which was good relative to ihe peer grwp (ARC Steady Growth PC Index) return of +2.9%, bui behind inflation (measured by UK CPI) which rose strongly by +8% over the year. At the manager level. Investec produced a return of +6.0%. CCLA +5.5% and Liontrust, our ethical manager 4.4% (all net of fees). Long-term porrfolio performance remains strong, with a ten-year average return of +5.9% p.a. This is ahead of the peer group (ARC Steady Growth PC Index) return of +4.7% p.a. however, the investment committee note that given the recent very high levels of inflation, portfolio performance is now behind the long-term objective of CPl+4%. That measure is +7.1% p.a. over the same period and looks likely to remain a challenge for investment portfolios going forward. We will be ccmmencing our usual fivtryearly review of investment managers during ihe next financial year. Investment Objertive The development of an expendable endowment fund. providing susiainable and growing sUPPOrt for local communities in the long term. is central to our grani making role. 12
ESSEX COMMUNITY FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2023 We aim to achieve an investment return which will attract new donors and meet endowment fund development objeaives. Funher, the overall financial return of the investments will be consistent with the risk tolerance and commercial prudence agreed by the Board of Trustees. The Investmeni Objective relates to the expendable endowment funds managed by ECF only and not Community First monies. The Investment Objective is to: Maintain the cumulative nominal value of the endowment fund over the medium term The target return on investments Is CPI +4% Reserves Pollcy Fund balances Isee SOFA page 191 at 30 June 2023 comprised.. Unrestricted Igenerall Unrestricted Idesignatedl Restricted Endowed £482,330 £979.730 £643.871 £46WO,003 At 30 June 2023, the balance carried forward on unrestricted reserves was £482,330 (see note 191. Unrestricted designated reserves comprise £42,098 for organisational development intended for our CRM development work, £595.069 for property improvements to leasehold reserve and £342.563 for a Programme Related Investment reserve. The aim of the Board of Trustees is to have at least six monihs of the ne yearfs operational expenditure budget as unrestricted reserves. Currently this would amount to £500,000. The Board of Trustees continue to believethat reserves should be a prudent minimum, and that the funds deployed in grantmaking should be maximised. To the extent that the carried forward unrestricted reserves (excluding dilapidationsl slightly fall short of the target figure, the Trustees take account of theirability to allocate from the endowed Acorn Fund to operational expenditure if there were a severe and unexpected decline in the Foundaiion's financial posltion. The Trustees monitor ihe Sltuation to ensure that the available reserves and Acorn Fund together providea sufficient reserve. The Trustees remain confident that all the Foundation's financial obligations can be met. Principal Rlsks and Uncertainiles A regular review of the Foundation's risk frameworkiommenced in the year and will conclude next year. Our current risk framework sets out our overall appetite for risk and drills down to include an appetite Statemeni for each risk area. We adapted and implemented the National Council for Voluniary Organisations INCVOs1 Risk Register, which includes a high4evel risk dashboard ihat categorises our risks by Redl Amber IGreen and highlights the key risks, changes to risk, and new risks. The Risk Register is a Standard item on all sub<ommittee meeting agendas, reviewed in entirety by the Audit & Risk Committee, and approved by the Board of Trusiees. Key risks have been identified as listed below. followed by ihe controls to mitigate them.. Failure of thir¢kparty IT services Iln-house and external CRM (Customer Relationship Management) training, proactive review of IT tools available. Business continuity plans) Corporate & Trustee identity fraud (Financial Controls Policy and processes, proactive working relaiionship with all financial providersl IT Failure (Move to predominately cloud based servers, Data Protection Policy, IT Policy. business continuity plan). Internet Enabled Fraud (IT Policy, Financial Controls Policy and processes, proactive working relationship with all financial providersl Material falls in value of investments (Formal Investment Policy, Reserves Policy, relative benchmark performance. Total Return Policy. split porrfolios, review of allocation beiween 13
ESSEX COMMUNITY FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2023 investment managers of large donations and any ad hoc liquidity events, call an emergency FIC meeting and consult Investment Managers) The Board is satisfied that appropriate procedures are in place io miiigate each of these risks to an acceptable level. Future Plans Develop a new organisational five-year strategy for 2024-2029 Complete and implement the first phase of a new CRM sysiem Increase the use of Foundation Hub, our free community office space for charities Develop a new Investment Policy following our ESG work Trustees. Responslbilitles TheTrustees are responsiblefor preparing the annual report and thefinancial statements in accordance with applicable law and regulations. Company law requires the Trustees io prepare financial statements for each financial year. Under thai law the Trustees have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accouniing Practice). Under company law the Trustees must not approve the financial statements unle55 they are 5at15fied that they give a true and fair view of the state of affairs of the Foundation and of the surplus or deficit of the Foundation for that period. In preparing these financial statements. the Trusteesare required to.. Selecr suitable accounting policies and then apply them consistently Makejudgements and accounting estimates that are reasonable and prudent Prepare the financial statements on the going concern basis unless It is inappropriate to presume that the company will continue in business Observe the methods and principles of the charities SORP The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Foundation's transactions and disclose with reasonable accuracy at any time ihe financial position of the Foundation and enable them to ensurethat the financial statements comply with the Companies Act 2006 and as amended by the Companies Act of 2011. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The following information forthe accounting year to 30 June 2023 is presented in the form required by the Charity Commission and the Companies Act 2006 and as amended by the Companies Act of 2011. The Foundation also produces an Annual Review, which includes information presented more visually about activilies undertaken in the year. including detailed grant information. The Financial Staiements and Annual Review are also published on the Foundation's website in accordance with legislation in the United Kingdom governing the preparation and disseminaiion of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the Foundation's webslte is the responsibility of the Trustees. The Trustees. responsibility also extends to the on%oing integrity of the financial statements contained therein. 14
ESSEX COMMUNITY FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2023 Auditors All the current Trustees, and the Chair of the Audit & Risk Committee, have taken the sieps they oughi to have taken to make themselves aware of any information needed by the Foundation's auditors for the purposes of theiraudit and to establish thatthe auditors are aware of that information.TheTrustees are not aware of any relevani audit information of which the auditors are unaware. In preparing this Trustees, Report advantage has been taken of the small companies, exemption under the Companies Act 2006. By order of the Trustees Nicholas Alston CBE DL Chair Board of Trustees Date: 9 November 2023 Atul Manek Chair Audit & Risk Committee Dale- 9 November 2023 15
ESSEX COMMUNITY FOUNDATION INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF ESSEX COMMUNITY FOUNDATION FOR THE YEAR ENDED 30 JUNE 2023
ESSEX COMMUNITY FOUNDATION INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF ESSEX COMMUNITY FOUNDATION FOR THE YEAR ENDED 30 JUNE 2023
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF ESSEX COMMUNITY FOUNDATION FOR THE YEAR ENDED 30 JUNE 2023
ESSEX COMMUNITY FOUNDATION
ESSEX COMMUNITY FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2023 Expendable Endowment Funds Total Total Unre#rlrted Funds Remrfrted Funds Funds 2023 Funils Deslgnated 2022 Notes INCOMEANDENDOWMENTS FROM- Donations and legacie5 0onotion5and1eg5 Grants chartae actlvStles 29,440 1,127,505 231.650 2fj78,724 3/35.669 231,650 7,634 1258,943 3,391,487 858.931 7,771 7,634 Investtnent incotne 64,612 48,262 1,146,069 1,116,944 TOTALINCOME 101,686 48,262 2,505,224 2fj78,724 5.333W6 5,375,133 EXPENDITURE ON: Raising funds char51ae actlvStles 179,115 781.524 500 45,514 3.618,071 84,872 310.001 4.708,gJ2 282,266 5.075,536 309.307 TOTALEXPENDITURE 960,639 309,807 3,663,585 84,872 SAI18,s3 5,357,802 Netlexpenditurelfincome before g3in5111055e51 on inve5ttnents 1858,9531 1261,5451 11,158,3611 2593,852 314,993 17.331 Netgalnsj Ilossesl on Investments 1,095,912 Im5,912 13,650,935) Net Incomellexpendlre) 1858,9531 1261,5451 11,158,361) 3fj89,764 13,633,604) Transfers between funds 858,953 206,305 743,675 11,808,933) Netmo¥ement In funds 155,2401 1414ffj861 1880,831 13,633,604) Total fvnds broughtforward 482,330 1,034,970 1,058,557 44,919,172 47,495,029 51,128,633 Toialfvnds<athed forward 482,330 979,730 643,871 46HOO,003 485,34 47,495,029 All of the activiiies undertaken by the Foundation were continuing activities. There were no other recognised gains and losses for the year. The notes on pages 24 to 54form part ofthese financial statements. Full comparative figures forihe year ended 30 June 2022 are shown in noie 27. 19
ESSEX COMMUNITY FOUNDATION SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2023 2023 2022 Summ•ry in<ome and expendilure •ccoynV Income Interest and investment income 1.396.229 1.258.943 2.391,857 1.116,944 Gr0$5 income in ihe reporting period 2k+55.172 3.508,801 Expenditure Depreciation Amortisation 476.136 43.621 14.274 5,258,203 6.877 T1 expenditure in ihe reporting period 934.031 5.265,080 Net expenditure before tsx in the reporting period 12,278,859) 11,756,279) Tax payable." Net expenditure in the reporting perl4xl 12.278.859) 11,756,279) The notes on pages 24 to 54form part ofthese financial statements. This note does not include figu5 for endowment 'The Foundation is not liable to pay tax as our income is used for charitable purFX)ses. 20
ESSEX COMMUNITY FOUNDATION BALANCE SHEET FOR THE YEAR ENDED 30JUNE 2023 Company No 3062567 2023 2022 Note FIXEDASSETS Tangible assets Property improvemenis to leasehold Programme related investments Investments 103.009 513,845 342,563 45.028.194 120.297 535.256 356.837 45,076,201 12 12 45.987.611 46.088.591 CURRENT ASSETS Debiors Short term bankdeposits Short term money market fund and bank deposits Cash at bank and in hand 13 14 14 1.793.453 60.754 1.890.826 456.623 168.317 2.185.522 200 3.745.143 2.810.662 CURRENT LIABILITIES: CREDITORS: amounts falling due within one year 15 1695.636} 11.218A821 NETCURRENT ASSETS 3.049.507 1,591,780 TOTAL ASSETS LESSCURRENT LIABILITIES 49.037.118 47.680.371 CREDITORS: amounts l•lling due after more than one year 16 1131.1841 1185,3421 NET ASSETS 18 48.905.934 47,495,029 Income Funds Unrestricted funds- general Unrestricted funds- designated General funds Restricted funds C•pitsl funds Expendableendowment funds 19 19 482.330 979.730 482.330 1,034,970 20 643,871 1,058.557 21 4600.003 4H,919,172 TOTAL FUNDS 48.905.934 47,495,029 21
ESSEX COMMUNITY FOUNDATION BALANCE SHEET FOR THE YEAR ENDED 30JUNE 2023 Company No 3062567 These financial statements have been prepared in accordance with the provisionsapplicable to companies subject io the Companies Act 2006 small companies, regime. The financial statements were approved bythe Board and authorised for issue on 9 November 2023. Nicholas Alston CBE DL Chair Board of Trustees Date.. 9 November 2023 Atul Manek Trustee Chair of Audit & Risk Committee Date: 9 November 2023 The notes on pages 24 to 54form part of these financial statements. 22
ESSEX COMMUNITY FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2023 Company No 3062567 2023 2022 Note CASH USED IN OPERATING ACTIVITIES 26a 15N79.0131 12.788.653) CASH FLOWS FROM INVESTINGACTIVITIES: Dividends. interest and rents from investments Purchase of property, plant and equipment Proceeds from the sale of investments Purchase of investments Ilncreasel IDecrease in cash investmenis 1,258.943 14.9221 12.297.215 110.973.2431 1180.0531 1,116,944 1650,7481 25.458,461 125,508,798) 86.369 2,397.940 502,228 CASH FLOWS FROM FINANCING ACTIVITIES Endowment donations 278.724 1,866.332 IDECREASEIIINCREASE IN CASH AND CASH EQUIVALENTS 26b 1402.3491 1420,0931 Cash and cash equivalents ai the beginning of the year 2,354.039 2,774.132 Cash •nd (ash equi¥•lent$ atihe end of ihe year 26b 1.951.090 2,354.039 The notes on pages 24 to 54form part ofthese financial statements. 23
ESSEX COMMUNITY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 ACCOUNTING POLICIES Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting bychariiies.. Statemeni of Recommended Practice applicable io charities preparing their accounts in accordance with the Siatement of Recommended Practice for Charities ISORP 201511Second Edition, effective l January 20191,the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The 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 notelsl. Preparation of Jccounts on a going concern basis The Trustees consider there are no material uncertainties aboui the Charity's ability to continue as a going concern. The review of ourfinancial position, reserves levels and future plans gives Trusiees confidence the charity remains a going concem for the foreseeablefuture. Trustees thoroughly vieWed the principal risks and uncertainties pertaining to the current economic climate and the likely impact of the cost-of-living crisis and agreed that our current risk register sufficiently captured all known risks and would be continually reviewed. Grant making cashflows are prepared and, as flowthrough funding is received in advance, trustees are confident that our grant making ability will be unaffected. Trustees continue to monitor our worL investments and needs of our communities. We are confident that we have the capacity and resource to continue our development plans alongside delivery of ourdaY-tcaY work The following principal accounting policies have been applied.. Income Donations and legacies are accounted for when receivable by the Foundation. Revenue grant5 are credited to the Statement of Financial Activities ISOFAI when the charity is considered to have entitlement to the assets, it is probable that the resources will be received, and the monary value of income can be measured with sufficieni reliability. If grants are related to a future donor-imposed period. the income is deferred until that period. Other income is accounted for on an accruals basis as far as it is prudent to do so. Expenditure Liabilities are re(ognised as expenditureas soon as there is a legal or constructiveobligation committing thecharity to the expenditure. Allexpenditure is accounted for on an accruals basis and includes irrecoverable valueadded tax. Grants payableare payments made to third parties in thefurtherance of the charity's objectives. Singleor muliFyear grants are recognised as expenditu when a grant commitment is made without condition. or when the condition will not in practice allowthe charity to avoid the liability. EKpenditure on raising funds Comprisethose costs directly attributableto managing the investment portfolio togetherwith a proportion of other costs attributable to the development of funds and publicity. Expenditure on churitableacrivities Includesthe value of grantsawarded bythe Foundation and both thedirectand managementcosts relating tothese activities. Grants payable are recognised as expenditure and included in the SOFA when approved by the Trustees and accepted by the beneficiarie5. The value of such grants unpaid at the year*nd is accrued. Grants where the beneficiary has to meei certainconditions before the grant Is released are accrued asfinancial commitment& Where a grant is to be paid by instalments. the outstanding balance is disclosed as a liability. Grani costs include the administrative functions and have been allocated to acThvity cost categories on a basis consistent with the use of resources. 24
ESSEX COMMUNITY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 Costs that can be recognised as being wholly associaied with support activities are directly allocated. All other iosts, including staffing costs, are apportioned on the basis of an estimate of the time spent by each member of staff. Oiher employee benefit5 Short term benefits including holiday pay are recognised as an expense in the period in which the setvice is received. Termination benefits areaccounted for on an accrual basis and in line with FRS 102. Gifts in kind The Foundaiion receives the benefit of work carried out byvolunteers. No account of this IS taken in the Statement of Financial Activities. The Foundation receives ihe benefit of legal and payroll work given on a pro bono basis. This work is included within Donations and gifts in the Statement of Financial Activities and is valued at the open market value of the seNices provided (see note 241. Operating leases Rentals paid under operating leases are included in the accounts over the period in which the cost is incurred. Future obligations under operating leases are detailed in note 25 of these financial statements. Taxation As a registered charity, the Foundation benefits from Business Rates relief and is generally exempt from Income Tax and Capital Gains TaL but not from VAT. Irrecoverable VAT is included in the cost of those items to which it relates. Fin•nciJl In5trumenl$ The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instrument Basic financial instruments are initially recognised at transaction value and Subsequently measured at their settlement value. Inveslmenls Investments are stated in the balance sheet ai their market value. Realised gains and losses a included in the income and expenditure account. Investmeni income is recognised on the basis of the due date for payment. Unrealised gains (see note 121 are included in the Statement of Financial Activitie5. Programme Related investmenls Programme Related investments relate to property work5 undertaken on the portion of the charitls new offices which will be shared with othercharitable organisations. They are included at their cost value and amortised over Ihe remaining term of the lease125 years). Thiswill be remewed annually in subsequeni years. Tangible fixed assets and depreuation Tangible fixed assets are included at cost. Depreciaiion of tangible fixed assets is provided ai the following annual rates in orderto write off each asset over its estimated useful life.. Office equipment including IT14 yearsl- 25% straight line Furniture &fittings11 O yearsl- IO% straight line Improvements to property leasehold125 yearsl- Remaining term of the lease or 4% straight line Debtors Tradeand other debtorsare recognised atthe setdementamountdue afteranyiradediscountoffered. Prepayments are valued at the amount prepaid net of any trade discounts due. 25
ESSEX COMMUNITY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 Creditors •nd provision5 Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised ai their settlement amount after allowing for any trade diKounts due. Pensions The Foundaiion has a defined contribution pension scheme. The cost of contributions payable by the Foundation to the scheme is charged to the income and expenditure account as incurred. Fund •ccounting Funds held by the Foundation are: Unrestrictedfunds- these are funds that can be used in furtherance of the charitable objects at the discretion of the Trusiees. Restricted fvnds- these are funds that can only be used for particular restricted purposes within the objects of the Foundaiion. Restriuions arise when st*cified by the donor or when funds are raised for particular restricted purposes. Endowment funds - represent those assets held in the long ierm by the charity, principally investments. In accordance with the donors, wishes the capital is expendable for grant making at the discretion of the Trustees. Income arising on endowmentfunds is included as restricted income, except in ihe case of ihe Acorn Fund, where income can be used to meet the general objectives of the charity and is therefore included within unrestricted income. Any capital gains or losses arising and the investment management charges and legal advice relating to the fund are charged against the fund. Transfers- between funds are at the discretion of the Trustees. The purpose is to allocate resources to particular projects that are in accordance with the charitable objectives. Critical a<counting judgemenls and key sources of estimation uncertainty In the application of theaccounting policies, Trustees are required to makejudgements estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparentfrom oiher sources. The estimates and undedying assumpiions are based on historical ex[rIenCe and other factors that are considered io be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions a reviewed on an ongoing basis. In the view of ihe Trustees, the recognition of liabilities for futu grant commiiment is an area of judgemeni significant to the accounts as the timing of these payments is not always predictable, particularly for multkyear grants. Accrued legacies are included only if probate has been granted and there is certainty of value and receipt. The subsequent timing of these receipts however is noi always predictable and beyond our control. No other assumpiions concerning the future or estimation of uncertainty affeciing assets or liabilities at the balance sheet date are likely to result in a material adjustment io their carrying amounts in the next financial year. 26
ESSEX COMMUNITY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 INCOME FROM DONATIONS AND LEGACIES Unrestri¢ted Funds Total Fund5 Total Funds 2022 Restrl<ted Funds Endowmeni Funds 2023 Acorn Fund Bengisen Family Fund Butler Educational Foundation Charlie Waikins Foundation lflowthroughl Charlie Waikins Foundation lendowmentl Douglas Allen Foundation Douglas Allen Emergency Fund Dr Geofftey Sneed Engineering Fund Dulverton Trust East of England Community Cares Fund Essex Community Foundation Management Essex Community Foundation Restricted Fund Essex Police Proceeds of Crime Match Funding Scheme Let's Create Jubilee Fund Lower Thames Crossing Manek Foundation Mersea Homes Charitable Fund (Community Safeiyl NS Community Fund Provide Foundation lflowthroughl Saffron Building Society Community Fund Turncole Wind Farm Community Benefit Fund Total her Donations and Gifts 207,006 261,449 207.006 261.449 109,397 169,906 22.787 163BOS 163.805 19.942 100,000 146.239 100.000 146.239 110,000 I,&J),CM)O IAIO.000 04.668 57.800 57.800 63.800 29A40 29.440 22A16 259,500 75.( 75.000 75.(M)O 139,1 $0 181,500 181.500 500.000 104.290 25.wo 354BSO 411,492 65.105 65.105 437,193 883.657 1.003,957 29.440 1,127,505 2.678.724 3.835.669 3.391,487 Funds are disclosed individually where considered significant. based on a threshold of 5% of the category totals, andlor the nature of the transactions within the fund. Consideration of the identity of the parties involved in the transactions, and the effect on the disclosure headings such as the opening and closing balances, income, payments and iransfers within the fund have also been taken into account when considered whether an individual fund is significant. All other fund5 not Considered individually significant are shown in aggregate. 27
ESSEX COMMUNITY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 INCOME FROM GRANTS Unrestrirted Funds Total Fund5 Total Funds 2022 Restrirted Endowment Funds Funds Designated 2023 Essex Covid Response Fund Mid & Souih Essex Community Partnership Grants Programme Mid & Souih Essex Mental Health Inequalities Programme Ukraine Refugee Support Project The Henrysmith Charity 140,192 549,189 196,650 19th650 168,350 35.(M)O 35.000 1.200 231050 231.650 858,931 INCOME FROM INVESTMENTS Unrestrirted Funds Totsl Funds 2023 Total Funds 2022 Re$tri<ted EThdowmenl Funds Funds Designat Interest receivable Income from investment wrtfolios 64.612 64h12 2.269 48,262 1,146,069 1.194.331 1,114,675 64.612 48.262 1,146,069 1.258.943 1.116,944 EXPENDITURE ON RAISING FUNDS Unrestrirted Funds Totsl Funds 2023 Totsl Fund5 2022 Restrlrted Endowmeni Funds Funds Designated Allocated costs.. Staff costs Premises Costs Other costs Publicity and communications Investment managers 142A62 13.037 23.216 141862 13.037 23.216 123.219 3.756 18,457 500 45.514 46.014 4H.112 84.872 84.872 92.722 179,115 500 45.514 84.872 310.001 282,266 28
ESSEX COMMUNITY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 Fees paid to Investe( Wealth Management were £84,87212022.. £92,722 to Investecl these fees are charged directly to endowment funds. CCLA and Liontrust are Unit Trust funds and as such fees are charged, internally to the Fund.Thefull transaaional cosis of investmeni managementare shown in the listed Ongoing Charges Figure IOCFI for each manager as shown below- Fund manager Investec CCLA Liontrust 2023 0.95% 0.71% 0.91% 2022 0.93% 0.80% 0.79% GRANTS PAYABLE AND ASSOCIATED COSTS 22 Grants payable.. (See SOFAI -designated - restricted 309.307 128,191 3,618,071 4.330,516 3,927,378 4A58,707 Grant 5UPPOrt<05t Staff cost5 Premises expenses Literature 93,170 5,867 26,705 2,607 164,247 15,645 284,122 24.119 41935 4.563 251,201 23467 578,258 51149 479A12 19222 724 322 1,930 1976 563 6A34 brochures Marketing &publicty Other cost5 AudSt costs 20,356 20,356 20,356 19,907 9,723 4,321 46,949 60,993 7.563 43A71 111027 P4)N77 12,300 12,300 11300 12NOO 129,840 33,955 241,071 404A66 S524 321.034 781,524 67629 Totalcost of grantmaklng 4,7o8,s2 5m5536 During the year the Foundation paid out £4.427,366 in grants which included grants awarded in prior periodslsee note 91. Included within management and administration we recognise donated services for payroll worktotalling £1,933 and legal work totalling £2.736. 29
ESSEX COMMUNITY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 Allocatlon of supportcosts Costs that can be recognised as wholly attributable to one of the above categories are direcrly allocated. All other £0Sts including staff and premises expenses are apportioned on the basi5 of an estimate of the time spent by each member of staff within the categories. Costs have been apportioned as follows.. CO01 generating ds Operatlons Grantl ot support Management And adminlstratlon Publkltyand communkatlons Investment mana9ement Role Chief Executive Marketing & Comm5 Finance Programmes Opeiarions Development 25% 15% 45% 15% 15% 75% 15 COSTS OF RUNNING THE OftGANISATION The iotal expenditure on running the organisation was asfollows: 2023 2022 Staff costs Premises Costs Other costs inc.consultancy Literature & brochures Marketing & publicity Audit costs Relocaiion costs 721.120 65.186 135.243 6.434 20.356 12.300 602,632 18.779 97.582 6.763 I9.7 12.400 4.198 960.639 762.261 Publicity & communication Investment managers fees 46.014 84.872 44.112 92.722 1.091.525 899,095 Investment managers, fees of £84,87212022.. £92,722) are charged direct to endowment funds. Costs of £46,01412022.' £44,412) of publicity and communication expenses relating specifically to certain restricted funds is charged direct to them. The balance of expenditure is £960,63912022- £762,261) for regular activities. This expenditure is allocated to the costs of raising funds and of making grants as detailed in note 5.. £179.115 and note 6- £781,524 respectively. It is met by operational income of £101,68612022- £32,4561together withtransfers from designated. restricied andendowedfunds totalling £858.95312022.. £7290051 (note l 01. 30
ESSEX COMMUNITY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 & GOVERNANCE COSTS Included wiihin management and administration costs are governance costs. comprising.. Total 2023 Total 2022 Staff costs Premises costs Orher costs- (including consultancy) Audit fees 74A73 6.519 23.042 12.300 66,552 1.878 14,770 12,400 11th334 95,600 9. GRANTS PAID The highest fifty aggregated grants paid out within the year are listed below. A full list of all ihe grants paid out is available at essexcommunityfoundation.org.uk Name Amount Cirdan Sailing Trust Action for Family Carers Hom&Start Essex CARA Centre for Action on Rape and Abuse Special Needs and Parents Limited Pioneer Sailing Trust Cranfield Trust Families InFocus (Essex) South Essex Advocacy Services Southend Carers Kool Carers Southeast Limited Trust Links Ltd BOSP Brighter Opportunities for Special People Essex Dementia Care Kids Inspire Debden Parochial Church Council Dial South Essex Wilderness Foundation UK Maldon & District Community Voluntary Services Micro Rainbow CIC Parents I st UK Citizens Advice Bureau-Tendring CHESS Homeless Lighthouse Furniture Project The Craig Tyler Trust Refugee and Migrant Forum ofEssex and London Blind and Sight Impaired Society Waltham Abbey Youth 2000 Essex Boys, and Girls, Clubs Yellow Door Youth Hub £169,702 £114,798 £79,087 £71,011 £68,363 £48,904 £45,000 £41,605 £40,000 £39,744 £39,204 £39,000 £37,457 £35,000 £33,750 £32,000 £29,660 £28,146 £27,900 £27,700 £26,000 £25,985 £25,770 £25,000 £22,500 £21,697 £21,500 £21,250 £21,000 £20,648 31
ESSEX COMMUNITY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 Christ Church URC Southminster Yoga4all Group CIC Sanctus Dynamic New Anglian NeorkS Voluntary Action Epping Forest MYOTAS £20,525 £19,970 £19,400 £18,900 £18,730 £18,444 £18,369 £18,237 £18,000 £18,000 £18,000 £17,700 £17,500 £17,280 £16,250 £16,221 £16,000 £15,665 £15,612 £15,350 Firstsite Hearing Help Essex Limited Citizens Advice Bureau- Harlow Southminster C of E Primary School PTA Teen Talk IHarwichl Abberton Rural Training IART) Basildon Foodbank Renew Counselling Ltd Point Clear Community Association Homeless Action Resource Project Southend In Sight Rainbow Services (Harlow) One Community DevelopmentTrust Basildon Parents4Parents Sub4otal Other grants £1,633,534 £2,793,832 Total grants paid out in the year (see Achievements & Performance p. 71 £4,427,366 32
ESSEX COMMUNITY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 10. FUNO TRANSFERS Unrestrirted Funds Designated Funds Restri<ted Funds Endowment Funds Transfers from Acorn endowment to meet operational deficit 1.778 11.7781 Transfers from designated fund for organisational development ICRMI 9.185 19,1851 Transfers fromdesignated fund for programme lated investment amortisation 14.274 114.2741 Transfers from designated fund for property- improvements 10 leasehold amortlsation 21.411 121.4111 Transfers from designated fund for property improvements- relocation costs amortisation 10,370 110,3701 Transfers of expendable endowments to restricred and designated funds for furtherance of charitable objectives 261,545 1,052,474 11.314.019) Transfers of restricted funds receivable as a contribution towards the chariils suppori costs 125,543 1125,5431 Transfers of management contributions from endowment or restricted to unrestricted 67&392 1110.1361 15ffi.2561 Transfers of endowed to restricted High Sheriffs Fund 15661 Transfers of endowed to restricted Charlie Watkins Fund 5.000 Is,0001 Transfers of restricted to endowed Essex Heart Fund 13,6861 3,686 Transfers of restricted to endowed for POCA match 175,OCN)I 75.(M)O 858.953 206.305 743.675 11.808,9331 33
ESSEX COMMUNITY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 11. (al TANGIBLE FIXED ASSETS Fixtures. Fittings & Equipment Cost At l July 2022 Additions 175.203 4,922 At 30 June 2023 180.125 Depre<iation At l July 2022 Charge for the year 54.906 22.210 At 30 June 2023 77,116 Net Book Value As at 30 June 2023 103.009 As at 30 June 2022 120.297 The depreciation charge forthe year ended 30 June 2023 was £22.21012022.. £60771. Ibl FIXED ASSETS- Property improvemenls to leasehold Property Improvements to leasehold Co At l July 2022 Additions 535.256 At 30 June 2023 535.256 Depre<iation At l July 2022 Charge for the year 21.411 At 30 June 2023 21.411 Net Bookvalue As at 30 June 2023 513.845 As at 30 June 2022 535.256 The depreciation charge for the year ended 30 June 2023 was £21.41112022.. £nill. 34
ESSEX COMMUNITY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 12. (•) INVESTMENTS 2023 Funds 2022 Funds Market value at l July.. Listed invesiments Cash 44.856.012 220.189 48B13.L147 306,558 45,076.201 49.120,005 Additions at cost ortransfervalue.. Gifts of shares Purchased Investments Disposals Unrealised Ilossesllgainson revaluation at 30 June 261.449 10.711.794 1IZ297.2151 25,151,961 125,458,461) 1.1)02.047 13.21 5.0851 (Lossesllgains realised during the year to 30 June 93.865 1435.8501 Sul>toial (per SOFA) (Decreaselllncrease in cash invested IDecreaselAncrease in accrued interest 1.095.912 185.412 15.3591 13b50,9351 186,3691 Closing value at 30 June Listed investments Cash 44.622.593 405,601 44,856,012 220,189 Closing market value at 30 June. 45.028.194 45.076.201 Historic cost of investments 41,663.710 41.455,282 The investments held at the year*nd can be analysed at Ibidl market value as follows.. 2023 2022 Cash deposits UK equity funds UK propertyfunds UK fixed interest [erseaS equity funds Other incl. Alternatives & near cash US fixed interest 1.061.810 8.256.391 1.833.527 2.361.447 26.267,685 4.476.405 770.929 220.189 11.701,686 2.505,556 879.163 21,731,618 7,380,107 657A82 18.3 26.0 2.0 58.4 16.4 45.028.194 45.076,201 35
ESSEX COMMUNITY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 Ibl PROGRAMME RELATED INVESTMENTS 2023 Funds 2022 Funds Market value at 1 July 2022.. Programme related investments 356.837 35th837 Additions at cost Improvements to leasehold property 356037 Sul>total 356.837 356A37 Closing value at 30 June 2023.. Improvements to leasehold property Amortlsation of leasehold property 356037 114.2741 Value at 30 June 2023.. 342.563 356A37 Historic cost of investments 356.837 356A37 13. DEBTORS 2023 2022 Accrued legacy Income due for grants programmes Prepayments and otheraccrued income Other debtors IAIo.000 270.211 179,1 $7 7.255 186.1)82 7.371 1.793.453 456.623 All amountsfall due for payment within one year. 14 BANK DEPOSITS Short ierm bankdeposits at £60,754 includes cash awaiting distribution via the various grant programmes. Short term money market fund and bank deFX)siiS at £1.890A26 comprise amounts not immediately required for disbursement. The AAA rating of the short-term money marketfund by Fitch was affimed on 14 August 2023. 36
ESSEX COMMUNITY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 15. CREDITORS: Jmount5 falling duewithin one year 2023 2022 Accrued grants liability Accruals Deferred income Inote 171 571098 103.538 20.1)00 984.570 195.012 39,300 695.636 1,218,882 Deferred income represents grants income received by the charity that relates to future donOrmpOsed periods. 16. CREDITORS: amounts hlling due•fter more than one year 2023 2022 Accrued grants liability 131.184 185.342 17. ANALYSIS OF DEFERRED INCOME 2023 2022 Deferred income at l July 2022 Released during the year Added in year 39.300 139.3001 20.1)00 25.000 125.0001 39.300 Deferred income at 30 June 2023 20.000 39.300 18. ANALYSIS OF ASSETS BEtWEEN FUNDS Unrestrirted Designated Restricted Endowment Funds Funds Funds Funds Tolal Funds Fund balances at 30 June 2023 are represented by.. Tangible fixed assets Investments Net current assels less creditors
1 year 103,009 513A45 342.563 616.854 45.028.194 45.370.757 379.321 123,322 643,871 1.771.809 2.918.323 Total net assets 482.330 979.730 643,871 46,800,(K>3 48.905.934 Further details of movements in restricted and endowment funds are given in notes 20 and 21. 37
ESSEX COMMUNITY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 19. UNRESTRICTED FUNDS ljuty 2022 Balance 30June 2023 Balance Income Expenditure Transfers General fund&" Revenue fund 482,330 101.686 1960.6391 858.953 48Z330 482.330 101.686 1960.6391 858.953 481330 Deslgnaiedfund&" Acorn Fund Organisational developmeni reserve Propety fixtures and fittings reserve 48,262 1309,8071 261,545 19.2851 51,383 42.098 91,494 110.2701 81.224 Property improvements to leasehold reserve Programme related investmeni reserve 535,256 513.845 356037 114.2741 341563 1,034,970 48,262 1309,8071 206,305 979.730 Tal Unrestrirted Funds 1.517.31XI 149.948 11.270,4461 1.065.258 1.462.060 The revenue fund represents the free funds of the charity that are not designated for particular purposes and constituies part of the charity's unrestricred reserves. Two designated reserve funds were established last year.. one for ihe property improvements to leasehold which are being depreciated over the course of the 25-year lease and relocation costs which are being depreciated over 4 or 10 years according to our policy, and the second for the value of the programme related investments which are anticipated will be impaired over their useful life (currently estimated at 25 years) as the charity Is not able to charge for the occupation or subletting of the space. FurKls are released annually from ihe reserves to offset the amortisation costs of these assets. The designated Acorn Fund represents the income from the Acorn endowed fund, which is an expendable endowment fund. The aim of the fund is to build an endowed fund which is primarily used as a source of grantmaking to improve the quality of life of people in Essex. Any expenditure is agreed by the Board of Trustees and hitherto has been used to make granis, invest in the Foundation's growth or towards maintaining the agreed level of reserves in the years when there has been an annual deficit. The transfer of £261,545 represents the funding of grantmaking from the Acorn Fund. Full details of all transfers between funds are in note l O. 38
ESSEX COMMUNITY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023
155,331 (283,682) (76,451) 103,405
ESSEX COMMUNITY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 21. ENDOWMENT FUNDS 30 Jun•2023 01 July 2022 (Losses) Gains Invstm•nt fees Donations Tr•nsfers Bal•nce Acorn Fund Bengtsen Family Fund Braintree District and Greenfields Community Fund Charlie Watkins Foundation Diana finson Fund Geoffrey Sneed Engineering Fund Thriving Third Sector Fund William and Gladys Pudney Memorial Fund Total Other Endowed Funds 1,912,435 229,701 207.006 261.H9 47,626 S.604 14,3361 15231 1287,6651 111,6641 1,875,( 484,567 1,956,791 45,524 14,3891 183,2401 1,914,686 257,707 2.385,830 163.805 10,161 57.633 116,7031 199,6931 414,219 2,338,371 15,3991 IAK),o(K) 15.3751 1,$94,625 2.680,711 64.261 16,0761 2,627,796 3,510,993 86,986 17,9871 1158,3491 3,431,643 24,216,203 594,605 155,4111 11,035,144) 24,166.717 Endowed Funds dfwd 37.150,371 2,678,724 912.400 184.8721 11.809331 38,847.690 Communlty Flrst Funds: Yellow Car Charitable Fund Total Other Endowed Community First Funds 2.796,450 66.018 2,862,468 4,972,351 117,494 5,089,845 CommunityFirst Funds clfwd: 7,768,801 183.512 7.952.313 Total 44.919,172 2,678,724 1,095,912 184.8721 11,80I9331 46,800.003 Theendowment funds represenl those assets. which are held in the long term by the charily, principally investments. Income arising on the endowment fund can be used in accordance with the objects of the charity or in line with donor wishes on restricted funds. Including, but not limited to geographic areas, particular demographics or ihematlc Issues. Funds can be restricted in line with donor wishes and are set oul in their fund agreements. Fund holderscan change or expand the purposes of theirfunds in response to changingcharitable need and in line wiih our grantmaking policy. Information on ourfunds can be found on the webslte or is available from the office upon requesi. Endowment funds are expendable. Transfers include Ix)th transfers of expendable endowments to restricted funds forfunherance of charitable objectives and also management fees charged on endowed funds. Funds are disclosed individually where considered significanL based on a ihreshold of S% of the category totals, andlor the nature of the transactions Wlthin the fund. Consideration of the identity of the parties involved in the transactions, and the effect on the disclosure headings such as the opening and closing balances, income, payments and transfers within the fund have also been taken into account when Considering whether an individual fund is significant. All other funds not considered individually significant are
ESSEX COMMUNITY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 shown in aggregate. All funds are listed separately in the Detailed List of Endowed Funds which follows ihese Financial Statements. 22. EMPLOYEES AND STAFF COSTS 2023 Number 2022 Number The average numkr of employees of ihe Foundation was 16 14 Total staff costsfor the year were.. Wages and salaries Social security costs Pension costs 620.704 5&707 43.709 553A91 46.034 36,735 721.120 636.260 At the year end the Foundation employed 14 full time and 2 part-time members of staff12022: 12 full-time, 3 part- timel. During the year there was one employee whose salary, before any salary sacrifice, was between £80,000- £90,000 12022.. One employee. £70,OW£80,0001. No other members of staff earned over £60,000. The total cost to ihe charity lincluding salary, social security and pension) of remunerating key management personnel in the year was to one employee, £I05,58212022.' one employee, £92.8481. 23. PENSIONS The Foundation pays pension contributions via its auto*nrolment scheme with Royal London. Employees have the option to contribute via a salary sacrifice scheme option within the same scheme. The policy provides for benefit5 on a defined contribution bas15 and the pension provider holds the assets underlying the policy. The pension cost charge which represents the contributions payable by the Foundation amounted to £43,709 12022.. £36.7351. The amount paid for Death in SeNice benefit was £4,330. 24. RELATED PARTYTRANSACTIONS, VOLUNTEERS AND DONATED SERVICES All the following transactions are permitted by the Charity's constitution and appropriate procedures were in place and observed before they were entered into. During the year under review. Grants- related party tran5artions Two grants totalling £7.846 were awarded to Wilderness Foundation. ECF Trusiee, Simon Hall, is Patron of this organisation. Two grants totalling £IO.000 were awarded to Open Road. ECF Trustee. Simon Hall. is Patron of this organisation and ECF Chairman, Nicholas Alston, is a Trustee of this organisation. A grant of £300 was awvarded to CPRE Essex. ECF Trustee, Simon Hall is a vic+president of this organisation. Two grants totalling £4,700 were awarded to Raw Learning Communily CIC. ECF Trustee, Gemma Cartwright is a Director of this organisation. A grant of £3,000 was awarded to Souihend Association of Voluntary Service& ECF Trustee. Gemma Carrwright was a staff member with this organisation. 41
ESSEX COMMUNITY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 Tru5tees- related p•rty transartions An amount of £263 relating to expenses was reimbursed to Trustees within the year12022.. £1291. Seven Trustees made donations to the Foundation during the yeartotalling £9.27412022.. Seven. £511,098). No Trustee or connected person received any remuneration either directly or indirectly. Volunteering Three offictrbased volunieers provided 1,151 hours or164 days of administrative support during the year12022.. Three, 848. 1211. Donated Services Streets Whittles, West Mersea, provided professional services relating to payroll valued at £1.933 on a pro bono basis12022- £1.4411. Martin Hopkins of Birkett Long LLP provided professional services on a pro bono basis valued ai £2,73612022- £3.4801. 25. COMMITMENTS Operatlng Lease Commiiments Land and Bulldings 2023 2022 Wiihin One Year Payable 2-5 years Greater than 5 years 9.626 19 20 9.650 The total payable under operating leases in the year was £2412022.. £9.6251. We have signed a 25-year Lease forour offices. which we occupied in June 2022. In accordance with the terms of the Lease we pay an annual rent of £1. 42
ESSEX COMMUNITY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 26. NOTES TO THE CASH FLOW STATEMENT lal Recon¢iliatlon of net income to net ¢ash flow from operatlng actlvities 2023 2022 Net Income Endowment donations Investment Income Depreciation charge Programme related investmenis amortisation Ilncreasel Idecrease indebtors Increasel Idecreasel in creditors 314.993 12.678.724) 11.258,9431 43h21 14.274 11.336.830) 1577.4041 17.331 11.866,3321 11,116,944) 6,877 31.898 138.517 Net cash outhow from operaiing acThvities 15.479.013) 12.788.653) Ibl Analysis of net funds Movemeni In Cash Flow 2022 2023 Cash ai bank and in hand Short term bank deposlts Short term money marketfund 200 168.317 2,185,522 1901 1107.5631 1294,6961 110 00.754 1.890.826 2,354,039 1402,3491 I.95190 43
ESSEX COMMUNITY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 27. COMPARATIVE STATEMENT OF FINANCIAL AcnviTIES lextractfrorn thefinancial ststetnent5foithe yearended 30June 20221 Expendable Endowment Funds Total Funds 2022 Unrestrirted Funds Re5tricled Funds Desnated INCOMEANDENDOWMENTS FROM- Donation5 and legacie5 DonationsondlegGcles Gront5 Charitaue activitie5 21416 1,502,739 1,866,332 3,391A87 858,931 7,771 1.116,944 858,931 7,771 2.269 InvestmentSncome 46,185 1,068,490 TOTALINCOME 32,456 46,185 3,430,160 1,866,332 5.375,133 EXPENDITURE ON: Raising funds Charitaue activitie5 145,432 616,829 44,112 4,330,516 92,722 281266 5,075,536 128,191 TOTALEXPENDITURE 762,261 128,191 4,374,628 92,722 5,357002 Net income beloregain5111055es1 on Snvestmenrs 1729,8051 182,0061 1944N681 1,773,610 17.331 Netgain5 111055e51 on inve5trnents 13,650,935) 13,650.9351 Net Incomellexpendlre) 1729,8051 182,OLN51 1944.4681 11,877,325) la,6334} Transfers between funds 729.805 486.918 630.662 11,847,385) Netmo¥ement In funds 404.912 1313BLI51 13,724,710) 13,633,6041 Toral funds broughtforward 482.330 630.058 1,372,363 48,643,882 S1,12833 Toialfvnds<aYrled forward 482.330 1,034,970 1,058,557 44,919,172 47,495,029
ESSEX COMMUNITY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 COMPARATIVE5 FOR NOTE 2 INCOME FROM DONATIONS AND LEGACIES Unrestri¢ted Funds Tal Funds 2022 Restrirted Funds Endowmeni Funds Acorn Fund Butler Educational Foundation Charlie Watkins Foundation Illowthroughl Douglas Allen Foundation East of England Community Cares Fund Essex Community Foundation Essex Community Foundation Restricted Fund Essex Police Proceeds of Crime Match Funding Scheme Gwendy Marrs Fund Let's Create Jubilee Fund Manek Foundation Mersea Homes Charitable Fund (Community Safeiyl NEfcoronavirus Appeal Programme NLCF Essex Coronavirus Response Fund NS Community Fund Pioneer Fund Provide Foundation lflowthroughl Saffron Building Society Community Fund Salter McKinlay Charitable Salter McKinlay Charitable Turncole Wind Farm Community Benefit Fund WOMAC Fund Total Other Donations and Gifts 109.397 169,906 109.397 169.906 22.787 21787 110.000 i 10.000 63.800 63.800 22.416 21416 259,500 259.500 75.( 75.000 139,1 $0 139.150 500.1)00 500.000 104,290 104.290 25.(MX> 25.000 354050 354.850 411,492 411.492 477.652 546,247 1.023.899 22.416 1,502,739 1.866,332 3.391.487 45
ESSEX COMMUNITY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 COMPARATIVES FOR NOTE 3 INCOME FROM GRANTS Tal Funds 2022 Unrestrirted Funds Restrirted Endowment Funds Fund5 Desl9nated Essex Covid Response Fund Realising Ambitions Fund Mid & Souih Essex Community Partnership Grants Programme Mid & Souih Essex Mental Health Inequalities Programme The Henrysmith Charity 140.192 140.192 549,189 549.189 168,350 168.350 1,200 1.200 858,931 858.931 COMPARATIVES FOR NOTE4 INCOME FROM INVESTMENTS Unrestri¢ted Funds Tal Funds 2022 Restylrted Endowment Funds Funds Designated Interest receivable Other investment income 2.269 2.269 46,185 1,068,490 I.11475 2.269 46,185 1,068,490 1.116.9H
ESSEX COMMUNITY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 COMPARATIVES FOR NOTE 5 EXPENDITURE ON RAISING FUNDS Unrestrirted Funds Total Funds 2022 Totsl Funds 2021 Restrirted Endowmeni Funds Funds Designated Allocated costs.. Staff costs Premises Costs Other costs Publicity and iommunications Investment managers 123,219 3.756 18.457 123.219 3.756 18A57 146.614 24.2 15.555 44.112 44.112 34.356 92.722 92.722 95.164 145,432 44.112 92.722 28Z266 316,591 Fees paid to Investec Wealth Management were £92,72212021.. £95.164 to Investec and Rufferl these fees are charged direcily toendowment funds. CCLA and Liontrust are UnitTrust funds and as such fees are charged. internally to the Fund. The full transactional costs of investment management are shown in the listed Ongoing Charges Figure IOCFI for each manager as shown below.. Fund manager Investec CCLA 2022 0.93% 0.80% 0.79% 2021 0.97% 0.86% 0.82% Liontrust 47
ESSEX COMMUNITY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 COMPARATIVES FOR NOTE 6 GRANTS PAYABLE AND ASSOCIATED COSTS To 2022 Grants payable.. (See SOFA) -designated - restrScied 128,191 4,330,516 4,458,707 Grant 5UPPOrt<05t Staff costs Premises expenses 53,417 1,690 24,933 751 145,862 8,706 224.212 11,147 40,300 1.315 214,*)0 6,760 479A12 19222 609 271 1,623 1503 473 1435 brochures arketing &publicity Other cost5 Audit cost5 19,907 19,907 19.907 7,697 3,421 31584 43,702 5.987 30,788 P4JA77 11400 11400 11400 83,320 29,376 201,175 313071 48075 254083 61629 Totalcost of grantmaking 5,075536 C05tof generating funds Operotion5 Grantl proiert 5UPPOrt costs 5% Monagement and admini5trotion Publicity and communications Investment management Role Chief Executive Markeiing & Commg Finance Programmes Operations Development 25% Is% 4S% 15% 75% Is%
ESSEX COMMUNITY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 COMPARATIVES FOR NOTE 10 FUND TRANSFERS Unrestrirted Funds Designated Funds Restrirted Funds Endowmeni Funds Release propety costs reserve 700,000 1450.(KJOI 1250.(KJOI Transfers from Acorn endowment to relocation costs 75.094 I7594) Redesignation ofAcorn endowment match balance to relocation costs 107,009 1107.(M)91 Transfers to establishdesignated fund for programme lated investment 1356.8371 356037 Transfers to establish designated fund for property improvements impairment 1626.7521 626,752 Transfers of expendable endowments to resiricted and designated funds for furtheranceof charitable objectives 82.(K>5 1,304,142 11.386,1471 Transfers of restricted funds receivable as a contribution towards the charity's sUPPOrt costs 115,135 1115,1351 Transfers of management iontributions from endowment or restricted to unrestricted 716,156 1118,2431 1597,9131 Transfers forAcorn endowment match challenge 121.667) 21.667 Transfers of restricted to endowed Charlie Watkins Fund 183.6921 83.692 Transfers of restricted to endowed Ellisons Fund 14,2651 4,265 Transfers of restricted to endowed for POCA match 1102.1451 102,145 729.805 486.918 630.662 11.847.385) 49
ESSEX COMMUNITY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 COMPARAnvES FOR NOTE 18 ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestrirted Designated Restrirted Endowmenl Funds Funds Funds Funds Tolal Funds Fund balances at 30 June 2022 are represented by. Tangible fixed assets Investments Net current assets less creditors
1 year 120,297 535,256 356,837 655.553 45A33.038 892,093 44.184,108 362,033 142,877 166,464 735,064 1.406.438 T1 net•et5 482,330 1,034,970 1,058.557 44,919,172 47A95.029 Further details of movements in restricted and endowmentfunds are given in notes 20 and 21. 50
ESSEX COMMUNITY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 COMPARATIVES FOR NOTE 19 UNRESTRICTED FUNDS l July 2021 Balan 30June 2022 Balance Income Expenditure Transfers General fund&" Revenue fund 482.330 32.456 1762.2611 729AOS 481330 482,330 32A56 1762,2611 729AOS 48Z330 Deslgnaiedfund&" Acorn Fund Property Costs reserve Endowed Match challenge Organisational development reserve Property fixtures and fittings reserve Property improvements to leasehold reserve Programme related investmeni reserve 46.185 1128.1911 82,006 1450,0001 1128.6751 450,000 128.675 51.383 51.383 91.494 91A94 535,256 535.256 356037 356.837 630.058 46,185 1128.1911 486.918 1.034.970 Tal Unrestrirted Funds 1.112.388 78WII 1890.4521 1.216.723 1.517.31XI The revenue fund represents the free funds of the charity that are not designaied for particular purposes and constitutes part of the charity's unrestricted reserves. The property costs reserve represents funds set aside for the costs of moving to new premises which look place this year. Two new designated reserve funds have been esiablished during the year.. one for ihe property improvements to leasehold which will be depreciated over the course of the 25-year lease, and the second for the value of the programme related investment which are anticipaied wvill be impaired over their useful life as the charity is not able to charge for the occupation or sulFletting of the space. The designated Acorn Fund represents the income from the Acorn endowed fund. which is an expendable endowment fund. The aim of the fund is to build an endowed fund which is primarily used as a source of grantmaking to improve ihe quality of life of people in Essex. Any expenditure is agreed by the Board of Trustees and hitherto has been used to make grants, invest in the Foundation's growth or towards maintaining the agreed level of reserves in the years when there has been an annual deficit. The transfer of £82,006 represents the funding of grantmaking from the Acorn fund. The £450,000 property Costs reserve was transferred to finance the relocation. The £128,675 Endowed match challenge was expended partly on matching donations and the balance redesignated to the relocation. Two new reserve funds were established within the year to finance the future impairment of property improvements. Details of all transfers are in note 10. 51
ESSEX COMMUNITY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 COMPARATIVES FOR NOTE 20 RESTRICTED FUNDS Investment Income and Grants and Expenditur 01 July 2021 30June2022 Balance Donations Transfer Balan¢e Charlie Watkins Foundation lflowthroughl Essex Community Foundation Restricted Fund Essex Covid Response Fund Essex Police Proceeds of Crime Match Funding Scheme Mid and South Essex Community Partnership Grants Programme Mid and South Essex Mental Health"Inequalities" Pfogramme Provide Foundation Total Other Restricted Funds 125.628 22.788 153,7961 185,9041 8,716 259.500 140.192 19,5001 1538,2741 1250,0001 129,1651 427.247 27,147 75,000 1102,1471 549,189 1535B231 113,3661 168,350 354,850 1326,0531 1,620.318 12,440,074) 11,8501 15,6631 922.911 166,500 23,134 395.573 292.418 Restrirted funds ¢lfwd 871440 3,190.187 13.903.520) 434.816 593.923 Community First Fund5: Yellow Carcharitable Fund Total Other Restricted Community First Funds 177.529 86,247 1177,4991 70.150 156.427 322.394 153.726 1293,6091 125.696 308.207 Community First Funds dfwd: 499.923 239.973 1471.1081 195.846 464.634 Totsl 1.372.363 3A30.160 14.374.628) 630.662 1.058.557 Restricted funds are funds that have been given for particular purposes and projects in order forthe Foundation to fulfil its Charitable objectives. Funds are disclosed individually where considered significant. based on a threshold of 596 of the categorytotals, and/or the nature of the transacrions within the fund. Consideration of the identity of the parties involved in the transactions, and the effect on the disclosure headings such as the opening and closing balances. income, payments and transfers within the fund have also been taken into account when considering whether an individual fund is significant. All other funds not considered individually significant are shown in aggregate. Transfers include both transfers of expendable endowments to restricted funds for furtherance of charitable objectives and also management fees Iharged on endowed funds. 52
ESSEX COMMUNITY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 COMPARATIVES FOR NOTE 21 ENDOVRD FUNDS 30 June 2022 ILoMsl Gains Invstm•nt fees 01 July2021 Donations Tr•nsfers Balance Acorn Fund Braintree District and Greenfield5 Community Fund Butler Educaiional Foundation Chrysalis Fund Community Resilience Fund Diana Tinson Fund Essex Fund Jerome Booth Charitable Fund Malcolm & Beryl Crook Fund Manek Foundation Mersea Homes Charitable Fund (Community Safety) Pioneer Fund Saffron Building Society Community Fund Thriving Third Sector Fund William and Gladys Pudney Memorial Fund Total Other Endowed Funds 2.139,664 109,394 1169,7111 14A981 1162,0141 1.912,435 2,240,958 1161,6611 15.0511 1117,4551 17621 1,956,791 169,9C6 169,144 1,597,235 1123,3781 199,0761 1213,2411 13,6511 13,0901 16,2911 13,4471 180,5941 171,6901 1136,8651 177,2081 1,389,612 1,370,744 1,196,888 2,742,227 2,385,830 1,490,760 1,291,819 1,060,912 1,130,234 183,4581 187,8141 140,7111 12A271 12,5941 12401 1%,5161 171,7581 918,Sl1 ,068 458,936 5(K),O(K) 41,290 120,710 17.7161 12451 152,6631 101,376 1,023,176 176,8141 12.3361 154,8601 889,165 83,143 411,492 16.2291 11901 16,4431 481,773 3,016.771 1232,8761 16,9211 1%,2631 2,680,711 3,72S,512 1303,8531 11,483,166) 142,6891 1646,0831 18b521 97,986 3.SI0,993 18A56,313 553,943 16.838,318 Endowed Funds dfwd 40.118,939 1,866,332 13,208.8771 192,7221 11,533,3011 37.150,371 Communlty Flrst Funds: Yellow Car Charitable Fund Total Other Endowed Community First Funds 3,061,909 1159,2401 1106,2191 2.796,450 5,463,034 1282,8181 1207,8651 4,972,351 Community First Funds dfwd: 8.524.943 1442.0581 1314.0841 7.768.801 Total 48,643,882 1,866,332 13,650.9351 192,7221 11,847,3851 44.919,172 53
ESSEX COMMUNITY FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 The endowment funds represent those assets, which are held in the long term by the charity, principally investments. Income arising on the endowment fund can be used in accordance with the objects of the charity or in line wiih donor wishes on restricted funds. Endowment funds are expendable. Transfers include both transfers of expendable endowmenis to restricted funds for furtherance of charitable objectives and also management fees charged on endowed funds. Funds are disclosed individually where considered significant, based on a threshold of 5% of the category totals. andlor the nature of the transactions within the fund. Consideration of the identity of the parties involved in the transactions, and the effect on the disclosure headings such as the opening and closing balances, income. paymenis and transfers within the fund have also been taken into account when considering whether an individual fund is significant. All other funds not considered individually significant are shown in aggregate. 54
ESSEX COMMUNITY FOUNDATION DESIGNATED RESTRICTED AND ENDOWED FUNDS LISTS FOR THE YEAR ENDED 30 JUNE 2023 The following pages do not form part of the financial statements Detailed list of Designated Funds Detailed list of Restricted Funds Detailed list of Endowed Funds 55
ESSEX COMMUNITY FOUNDATION DESIGNATED RESTRICTED AND ENDOWED FUNDS LISTS FOR THE YEAR ENDED 30 JUNE 2023 Deslgnated funds Investment Income and Grants and Donations Expenditure 01 July 2022 Balan<e 30 June 2023 Balance Transfer Acorn Fund Organisational development reserve 48,262 1309B071 261,545 51,383 19,2851 42,098 Property improvements to leasehold reserve Property improvements to leasehold reserve Programme related investment reserve 91,494 110.2701 81.224 535,256 513045 356037 114.2741 342,563 Total 1.034.972 48.262 1309.8071 206.305 979.730 56
ESSEX COMMUNITY FOUNDATION
DESIGNATED RESTRICTED AND ENDOWED FUNDS LISTS
FOR THE YEAR ENDED 30 JUNE 2023
Restrl<ted funds
Investment
01 July
2022 Incomeand Grants and
Balance
Donations Expendilure Transfer
30Jyne
2023
Balan
ESSEX COMMUNITY FOUNDATION DESIGNATED RESTRICTED AND ENDOWED FUNDS LISTS FOR THE YEAR ENDED 30 JUNE 2023 Chrysalis Fund Clark Family Charitable Fund Colchester Fund Collier Family Fund Communilies in Crisis Appeal Community Inclusion Fund Community Resilience Fund Coombewood Amenity Fund Crix Charitable Fund Daphnewoodward Home-start Fund Dennis and Kathleen Smith Fund Derrick and Margery Bailey Fund Diana Tinson Fund Donovan Family Fund Douglas Allen Emergency Fund Douglas Allen Foundation Estate Agents Charity Fund Drop Swap Iniiiative Fund Duet Fund Dulverton Trust Fund Earls Hall Farm Community Benefit Fund East of England Co-op Community Cares Fund Ellisons Foundation Ellisons Foundation (Flomhroughl Elspeth Hodgkinson Fund Essex & Southend Sports Charitable Fund Essex & Suffolk Water Community Fund Essex Community Foundation Restricted Fund Essex Community Foundaiion Team Fund Essex County Fire & Rescue Service Charitable Fund 35,476 815 176,4541 11,7421 11,7621 16,2391 115,3961 15,7741 165E291 111,4961 113.0001 17,1351 134,0001 13,2001 1131,2211 40,978 927 797 2.988 16,615 6,352 31,038 5.379 6.111 6,992 15,393 1,477 60,480 259 146.239 3,251 11,2191 15781 34,791 6,117 6,889 143 18,607 1,723 70,741 12591 1133,9501 112.2891 24.341 Ilx).000 8.613 19,496 64,668 18,332 175.4321 110.0001 15,8001 16381 141,3681 21,872 126,9351 16,4671 117.6801 11,6661 38,909 2,175 31,266 47 1,061 35.000 57,800 393 192EOOI 13931 2.726 50,000 3.751 15,7511 134,6581 18,2201 3,025 15,0001 4,469 6,947 17,289 2.437 2,437 11,9301 1,029 6,665 7.599 33,570 1.459 114,4201 116.1001 171,0511 16,6351 11,9121 7,755 8,501 37,481 5,176 13,6861 Essex Education Fund Essex Fund Essex Heart Fund Essex Heart Fund (Flow though) Essex Police Proceeds of Crime Match Funding Scheme Essex Rural Fund 18B66 13.268 75,000 5,988 7,752 2.206 11,149 25,000 2.252 73 175,0001 7.000 1.136 2,584 12,981 12,5001 2,185 1731 112,9881 18,8881 14,7901 124.1301 122,5001 14,4371 Essex Young Musicians Trust EWAG Charitable Fund Firebird Fund Frank Lichfield General Charitable Fund FW Charitable Fund Fundbuilder Fund 58
ESSEX COMMUNITY FOUNDATION DESIGNATED RESTRICTED AND ENDOWED FUNDS LISTS FOR THE YEAR ENDED 30 JUNE 2023 Galloper Wind Farm Community Fund Gary Sullivan Charitable Fund George Courtauld's Educational Fund Geoffrey Sneed Fund Golbourn Family Fund Gwendy Marrs Fund Harlow Education Trust Harlow Recreation Trust Harwich Haven Authoriiy Community Fund Harwich Haven Authority Community Fund IFlow through) Harwich Mayfiower Legacy Fund Harwich Peninsula Educational Support Trust Hew Watt Family Charitable Fund High Sheriffs, Fund High Sheriffs. Fund IFlow through) Hills Family Charitable Fund Hollis Family Fur)d Honalee Fund Humphrey Pennington Fund Hutton Charity lan and Angela Marks Charitable Fund Jack Elliott Charitable Fund Jerome Booth Charitable Fund John and Wenna Marks Charitable Fund John Laing Community Fund Joseph and Lilan Sully Foundation Kay Jenkins Fund Leeze Charitable Fund (Community Safety) Let's Create Jubliee Fund Longfield Solar Fund LTC Community Fund Malcolm and Beryl Crook Fund Manek Foundation Margaretting Fund Marion Ruth Courtauld Educational Fund Maypole House Charitable Fund Mersea Homes Charitable Fund Mersea Homes Charitable Fund (Community Safety) Michael Pratley Charitable Fund Mid and South Essex Mental Health 'Inequalities" Programme 3,881 14,000 1,626 1.492 116,4811 13,5751 12,6271 11,4001 1,949 1,135 3,218 1.011 2.212 18,185 17,0001 12,1501 14,8001 139.7871 3,782 1,139 2,588 21,602 2,680 15,7501 3,070 35BI 9 135EI 91 12,9701 1.392 1.578 12,0751 144,2841 140E561 17,0121 11,8311 11,9631 11,3261 15,0001 16,7951 19,0191 11,1291 150,3291 114E501 115,0001 136,0001 16,0491 113.4301 2,317 12,3001 1165,0001 116.5001 153.1001 28,134 125.2001 13,446 19031 17,7651 18,9491 15,5761 1,113 23,894 27.778 566 986 20,390 13,078 6,000 446 951 1.012 721 605 2,797 2,122 4,093 520 2.203 4.673 4,926 23,502 6,853 16,500 30,000 2.776 6.156 12,3171 26,827 7,997 11,5001 13,0001 3,273 7,274 9,000 10,000 7,700 181.500 24,966 11,754 416 5,487 4,092 2,395 2,278 4,857 3,181 7.518 2.587 114,4321 15,5591 6,914 2,972 166,500 196.650 1166,5001 116.6501 180.000 59
ESSEX COMMUNITY FOUNDATION DESIGNATED RESTRICTED AND ENDOWED FUNDS LISTS FOR THE YEAR ENDED 30 JUNE 2023 Middlewick Wind Farm Community Benefit Fund Middlewick Wind Farm Scholarship Fund Milsom Charitable Fund Minter Family Fund (Community Safety) Minter Family Fund Moody Fund Nicki Alvey Bazlinton Trust Nscommunity Fund Opportunity Fund Pioneer Fund Police Property Act Fund Poter Family Fund Priest Foundation Provide Foundation Provide Foundation (Flow through) Rickard Luckin Community Fund River City Fund (Community Safety) Roger and Jean Heath Charitable Fund Roger and Jean Heaih Charitable Fund (Flow through) RSM Community Fund Saffron Building Society Community Fund Saffron Building Society Community Fund (Flow through) Salter McKinlayCharitable Fund Salter McKinlay Charitable Fund (Flow through) Salix Trust Searle Trust Sebright Fund Sound Financial Planning Charitable Fund Southend Community Fund Spence Family Fund Squier Charitable Fund Squirrel Fund Stour Valley Environment Fund Stour Valley Environment Fund (Flow through) Surviving Winter Appeal Taylor Family Fund TFP Community Fund Teledyne e2v Foundation Thomas & Evelyn Gepp Fund Thriving Third Sector Fund Thurrock Fund 10.592 31.422 31,050 10,500 1.173 2.874 1.108 138.2971 13,1051 11,0501 1,341 3,270 1,281 240 40,872 12,5141 16,1441 12,3891 46,758 26.647 639 11,3871 15,7801 2.995 14,4031 2.156 148,9041 25,857 113.5001 6,238 12,4471 1,325 11,3001 519 128,4901 10,720 127,3811 123,0691 12,5501 1,336 18,0211 4,339 112.9341 6,910 748 2,785 2,247 23,047 7.262 1.122 781 17,770 31,445 1.214 3.682 6.024 23,134 4,129 3.566 918 12,232 13,5661 12,0001 126.4971 1,082 14,265 14.250 13,020 3.410 123.5071 124.3121 16281 20,902 3,135 12,350 112.0881 12,0001 126,4711 16,1411 11,5641 129,9021 17,6561 15081 11,9441 11,8601 262 1.125 14,396 2,832 715 875 12.075 3.309 13.726 3.604 239 16.176 4,052 269 907 1,037 975 1,706 31 5,455 20.840 309 14,3551 120,1861 16591 2.806 16851 350 4.250 1.351 68,227 2.368 19,1771 12,8001 1147,4371 15,2381 4,927 1,449 79,210 2.870
ESSEX COMMUNITY FOUNDATION DESIGNATED RESTRICTED AND ENDOWED FUNDS LISTS FOR THE YEAR ENDED 30 JUNE 2023 Tinneveld Family Fund Turncole Wind Farm Ukraine Refugee Support Project WG Stacey Family Fund White House Farm Charitable Fund Willam and Gladys Pudney Memorial Fund William Julien Courtauld Medical Fund WOMAC Fund Young Sport Fund 6,811 65,105 35,000 753 5,502 89,172 2.228 38,350 114,7251 158,0901 131.5001 11,6341 112,2001 1207,3461 13,1411 147,0121 11,3251 7,914 14,3841 13,5001 59.030 61,661 6,698 118,174 913 13,8001 720 31,185 18,723 Sub Total clfwd 593.923 2.261514 13.223.480) 853.811 486.769 61
ESSEX COMMUNITY FOUNDATION DESIGNATED RESTRICTED AND ENDOWED FUNDS LISTS FOR THE YEAR ENDED 30 JUNE 2023 Restricted funds {cont.} Invstm•nt 01 July 2022 Income and Grants and 30 June 2023 Balancè Donation$ Expenditur Transfer Balanc* Sub Total blfvid 593.923 2.262.514 13.223.480) 853,811 486.769 Annabel and Gerald Malion Charitable Fund Belinda Starling Memorial Fund Birketts Charitable Fund Brooks Family Fund CoodtrAdams Firstsite Charitable Fund Duet Fund Essex Rural Fund Jean and Peter Davey Charitable Fund Koinonia Charitable Fund Link-ed Mikewilliamson Memorial Fund Little Braxted Community and Educational Fund Maypole House Charitable Fund Mersea Homescharitable Fund Minter Family Fund River City Fund Sebright Fund Southend Education Fund 6,983 11.377 4,4L16 i 0,000 18.372 48.344 7,485 24,312 9.500 12,757 3.866 5.466 2,469 5,541 10,191 27,071 4,159 13.493 5,260 3,920 16,9831 19,8771 14,4441 19,8781 118,3691 148,3341 17,4901 124,3111 19,4991 112,6501 12,3731 12,6451 11,1951 13,1821 15,3551 19,9521 12,0131 17,0301 13,0461 12,3981 1,493 4,321 1,276 2,481 4,839 17,129 2.141 6.464 2,215 1.629 51.125 24,551 2,181 5,497 3,806 20,878 10,018 36,577 156,426 16,426 13,639 1.212 3.053 2.107 11.599 128,3451 18,4491 124,5511 16,6011 12,1811 15871 15,4961 11,4771 13,8001 11,0201 120,8801 15,6141 110,0181 13,1871 136,5761 110,3271 1156,4231 133,6851 30,757 7,038 625 1,577 1,093 5.983 5,552 2,365 Wilkin50n Family Charitable Fund Yellow Car Charitable Fund 20.307 9.981 87.379 53,698 Sub Total clfwd 464.635 241710 1440.1051 1110.1361 157.103 Total 1,058.557 2.505.224 13.663.585) 743.675 643.871 62
ESSEX COMMUNITY FOUNDATION DESIGNATED RESTRICTED AND ENDOWED FUNDS LISTS FOR THE YEAR ENDED 30 JUNE 2023 01 July 2022 30 June 2023 Endowment funds ILoMsl Galn$ Inv$tment Donations Ftts Transfers Balanc* Acorn Fund Ajvir Singh Sandhu Leadership Fund AJW Charitable Fund Alan and Fay Cherry Fund Alasiair and Patricia Stewart Charitable Fund Alasiair and Patricia Stewart Charitable Fund (Community Safetyl Alston Family Charitable Fund Asquith Family Fund Austin Hicks Charitable Fund Ball Family Fund Bartella Charitable Fund Bartleet Family Fund Belinda Starling Memorial Fund Bengtsen Family Fund Beresford Foundation Bill Southern Legacy Fund Birkett Long Community Fund Birkeits Charitable Fund Blanc Family Fund Braintree District and Greenfields Community Fund Brian and Julie Cue Fund Britvic Community Fund Butler Educational Foundation Butler Family Fund Charlie Watkins Foundaiion Chelmsford Star CO-OP Community Fund Christopher Holmes Charitable Fund Chrysalis Fund Clark Family Charitable Fund Colchesier Fund Collier Family Fund Communily Resilience Fund Coombewood Amenity Fund Crix Charitable Fund Daphne Woodward Home-start Fund 1,912.435 207.006 47,626 14,3361 1287.6651 1,875.066 49,474 76,012 96,026 1,227 1,746 2,304 12,4311 13,7521 14,7411 48,156 73,838 93,373 11681 12161 63.275 1,459 11401 61.482 53.905 88,278 21,281 45,827 33,900 301.931 680.651 109.551 229.701 23,793 50,712 41,437 144.523 52,457 89 1.332 2,021 525 1,085 12.5981 14,3681 52.605 85,736 20,707 44,549 32,953 294,553 656,497 107,491 484,567 23,167 49,252 42,649 166,016 53,309 11951 1481 11031 1751 16731 11,5261 12481 15231 1551 12,2601 11,6751 113,9391 138,8771 14,4531 111,6641 211 7,023 16,249 2,641 5,604 590 1,166 1,025 3,618 1,317 261.449 12,5131 233 112,2971 12,5931 50 1961 13411 30,513 2,249 1,956.791 27,482 133.253 169,144 61,496 257.707 45,524 637 3,089 6,541 1,423 10,161 14,3891 1621 12981 14811 11381 183,2401 11,3461 16,4271 13,0891 14,0461 116,7031 1.914,686 26,909 129,617 259,656 58,735 414,219 198 87,541 163.805 27,760 1651 11,3641 27,018 834.368 1,389.612 31,674 32,029 113,434 1,196.888 209,012 236.367 19,275 33,885 791 737 2,905 29.761 5,177 5,866 11,8551 13,1651 1731 137,6671 160,2311 11,5631 11,5821 15,5231 152,2881 19,7421 110,9391 814,121 1.360,101 31,454 31,113 123,050 1.171.600 203,968 231,749 625 12,500 12661 12,7611 14791 15451 1,000 272,644 6.659 16221 14.7291 273,952 63
ESSEX COMMUNITY FOUNDATION DESIGNATED RESTRICTED AND ENDOWED FUNDS LISTS FOR THE YEAR ENDED 30 JUNE 2023 Dennis and Kathleen Smith Fund Derrick and Margery Bailey Fund Diana Tinson Fund Donovan Family Fund Duet Fund Ellisons Foundation Elspeth Hodgkinson Fund Essex Fund Essex Heart Fund Essex & Suffolk Water Communily Fund Essex Community Foundation Team Fund Essex County Fire and Rescue Service Charitable Fund Essex Educaiion Fund Essex Rural Fund Essex Young Musicians Trust EWAG Charitable Fund Firebird Fund Fundbuilder Fund FW Charitable Fund Gary Sullivan Charitable Fund Geoffrey Sneed Fund George Courtauld's Educational Charity Golbourn Family Fund Gwendy Marrs Fund Harlow Education Trust Harlow Recreation Trust Harwich Haven Authority Community Fund Harwich Mayfiower Legacy Fund Harwich Peninsula Education Support Trust Hew Watt Family Charitable Fund High Sheriffs. Fund Hills Family Chariiable Fund Hollis Family Fund Honalee Fund Humphrey Pennington Fund Hutton Charity lan and Angela Marks Charitable Fund Jack Elliott Charitable Fund Jerome Booth Charitable Fund 618,367 59,250 2,385.830 14,219 1,367 57.633 128,0411 12,8681 199,6931 1461 133,6761 1351 15,1401 155,9561 12,6901 603,174 57,617 2.338.371 33,752 735,427 31,034 111,779 1.265.191 67,783 15,3991 33,750 752,1 $0 4,2LH 104,564 1,291.819 53,615 18,688 11,7351 1341 12431 12,9851 11281 26,295 10,000 66 15,497 2,598 32,247 1,489 148.947 3,487 13351 17,1481 144,951 35.158 1,692 1801 11,7331 35.878 262.762 292,721 236,137 303,299 87,065 439,727 6,471 7,335 5,585 7,378 2,147 10,536 15971 16771 15331 16911 11981 19951 141 12021 11451 112,1451 113,4621 111,0161 16,1971 14,3021 119,9621 1401 13.9391 13.2101 15.3751 256,491 299,576 241,512 312,275 84,712 429,306 14,826 86,708 63,184 1,594,625 13,659 11,339 8,486 14.851 88,664 65,002 2.185 1,537 1.61K>,000 59,684 129,807 39,086 87,285 723,400 1,385 2,972 12,2921 16,1501 58,644 126,342 38,045 84,929 705,924 12871 1891 11981 11,6211 2,152 16,811 14,3101 132,6661 104.539 53,749 2,586 1,331 12401 11241 15,1291 12,6791 101,756 57,350 5,073 37.717 805.281 502,869 33,292 35,683 23,934 108.107 81,977 906 11,8561 136,2381 119,8491 11,6431 107 36,681 786,428 523,032 32,391 40,348 23,277 106,207 77,516 19,203 12,818 818 891 591 2,678 2,030 11,8181 11,1661 1761 1831 1551 12501 11891 28,360 3.750 14,3281 16,3021 164.296 20,520 918.511 3,824 507 13651 1481 12,0991 17,8051 11,0141 141,0061 159,950 19,965 898,080 22.674
ESSEX COMMUNITY FOUNDATION DESIGNATED RESTRICTED AND ENDOWED FUNDS LISTS FOR THE YEAR ENDED 30 JUNE 2023 John and Wenna Marks Charitable Fund Kay Jenkins Fund Leeze Charitable Fund (Community Safety) Malcolm & Beryl Crook Fund Manek Foundation Margaretting Fund Marion Ruth Courtauld Educaiional Fund Maypole House Charitable Fund Mersea Homes Charitable Fund Mersea Homes Charitable Fund (Community Safety) Michael Pratleycharitable Fund Milsom Charitable Fund Minter Family Fund Icommunity Safetyl Minter Family Fund Nicki Alvey Bazlinton Trust NS Community Fund Opportunity Fund Pioneer Fund Police Property Act Fund Poter Family Fund Priest Foundation Provide Foundation Rickard Luckin Community Fund River City Fund (Community Safetyl Roger and Jean Heath Charitable Fund RSM Communily Fund Saffron Communily Fund Salter McKinlay Charitable Fund Salix Trust Searle Trust Sebright Fund Sound Financial Planning Charitable Fund Southend Community Fund Spence Family Fund Squier Charitable Fund Squirrel Fund Stour Valley Environment Fund Taylor Family Fund Teledyne e2v Foundation 270.007 111.592 6,667 2,584 16141 12481 112,4971 15,3861 263,563 108,542 244.264 968,068 458,936 16,419 5,862 23,792 11,180 405 15501 12,2221 11,0461 1361 111,3591 143,1151 120,7611 238,217 946,523 448,309 15.977 215.567 162,323 101.376 5,231 3,859 2,434 14901 13661 12191 15,9841 17,7381 127,5351 214,324 158,078 76,056 262,403 101,068 45,715 25,000 3,700 7,339 2,466 1,116 16561 34,383 14,9891 12,2481 328,469 102,014 44,479 11041 111,513 43,438 25,218 105.135 80,050 889,166 246,300 44,496 24,249 699.817 46,345 2.625 500 2.815 1.085 622 2,622 2,333 22,097 7,710 1,048 876 12581 11001 1561 12461 12011 12,0511 16451 11001 1681 14.1461 12.1451 11,2451 7,355 13,9481 139,7211 111,1491 12,1951 11,1781 121,6291 12,2931 112,549 42,778 24,539 114,866 88,609 869,491 293,965 43,749 37,200 693,893 50,328 10,375 51,749 500 13,321 17.296 1,131 5,252 11071 145.831 3,497 13301 16,9831 142,015 235,158 34,669 481,776 140,724 37,312 565,484 111,661 892 5.820 15381 1821 11.0961 13101 1951 11,2831 12541 110,9191 11.7981 121,9041 123,3601 16,950 120,9501 15,4621 230AI 3 35.607 470,681 120,485 55,134 556,787 108,696 1.936 11,905 3,431 13.536 2,751 28,442 543,685 139,205 9,230 35,341 34,493 11,982 166,861 50 659 1631 11.2271 13201 11.4021 124,6711 16.6411 14541 11,7641 11,6701 15891 17,9141 27,686 531,098 135,696 8,983 39,357 39,304 11,662 172,431 250 13,061 3.452 228 5,000 5,545 1,024 297 1881 1281 13751 10,000 3,859 65
ESSEX COMMUNITY FOUNDATION DESIGNATED RESTRICTED AND ENDOWED FUNDS LISTS FOR THE YEAR ENDED 30 JUNE 2023 TFP Community Fund Thomas and Evelyn Gepp Charitable Fund Thriving Third Sector Fund Thurrock Fund Tinneveld Family Fund WG Stacey Fund White House Farm Charitable Fund William and Gladys Pudney Memorial Fund William Julien Courtauld Medical Fund Young Sport Fund 1.976 1,973 54,010 2,680.711 95,245 268.087 29,711 1,252 64,261 2,186 6,376 732 12,4971 52,644 2.627,796 92,517 261,488 28.908 16,0761 14,7031 112,3681 11.4671 16071 1681 221.349 5,078 14891 110,3911 215,547 3,510.993 86.986 17,9871 1158,3491 3.431.643 86,949 24,109 2,150 559 121K>l 1551 12,6501 11,1891 86,249 23,424 Sub Total clfwd 37.150.371 2ffj78.724 911400 184.872} 11.808.9331 3847.690 l July 2022 ILoMsl Invstm•nt 30 Junt 2023 Balance Communlty Flrst Match Challenge funds Donations IGJins Fees Tr•nsfers Sub Total blfwd 37.150,371 2fv78.724 911400 184,872} 11.808.9331 3847,690 Annabel and Gerald Malion Charitable Fund Belinda Starling Memorial Fund Birkeits Charitable Fund Brooks Family Fund CoodtrAdams First Site Charitable Fund Duet Fund Essex Rural Fund Jean and Peter Davey Charitable Fund Koinonia Charitable Fund Link*d Mike Williamson Memorial Fund Little Braxted Community and Educational Fund Maypole House Charitable Fund Mersea Homes Charitable Fund Minter Family Fund River City Fund Sebright Fund Southend Educational Fund 123,779 174,967 79,040 177.386 3,101 4,128 1,865 4,183 126B80 179,095 80,905 181,569 326.286 866.321 133.145 7,697 20,454 3,141 333,983 886,775 136,286 431.932 168.397 10.189 3,971 442,121 172,368 125,532 2,960 128A92 525,805 436,638 38,851 97.725 12,404 10,302 917 538,209 446,940 39,768 100,030 69,028 2.305 67.437 1.591 371,322 8.761 380,083 181,934 177,743 4,191
ESSEX COMMUNITY FOUNDATION DESIGNATED RESTRICTED AND ENDOWED FUNDS LISTS FOR THE YEAR ENDED 30 JUNE 2023 Wilkinson Family Fund Yellow Car Charitable Fund 650,045 2,796.450 15,334 66,018 665,379 2,862,L168 Sub Total clfwd 7.768.801 183.512 7.952.313 Total 44.919.172 2ffj78.724 1,095.912 184.872} 11.808.9331 461)0.003 67