2021-03-31-accounts - Devon Community Foundation

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Devon Community Foundation

(a charitable company limited by guarantee)

Registered charity number 1057923

Year Ended 31 March 2021

Company registered number 03236918

Devon Community Foundation Year ended 31 March 2021

Contents	Page
	2
	18
	19
Statement of Financial Activities	23
Balance Sheet	24
Cash Flow Statement	25
Notes and Accounting Policies	26

DEVON COMMUNITY FOUNDATION Year ended 31 March 2021

statements of the charity and its subsidiaries, Tiverton Educational Foundation and Devon Social Finance Ltd, for the year ending 31 March 2021 whic

financial statements for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

This year, my first full year as Chair, has been tumultuous for us all, with the advent of COVID and the extreme consequences for Devon residents as a result. Devon Community Foundation (DCF) has had to move quickly and flexibly to support the many groups and organisations (some existing and some new) to rise so magnificently to the task of looking after their neighbours, and especially those who were facing extra challenges in their lives.

Devon Community Foundation responded rapidly in multiple ways. We moved the whole staff team to remote working and put in the necessary wellbeing structures to make sure everyone could cope and work flexibly, especially those who were having to home school.

We contacted all our donors to ask if they were happy for us to use their funds extremely flexibly, rapidly and without consulting them as we normally do. Impressively no-one came back to us to say no: our donors have our community at their heart as we do, and so saw the need for funds to be made available as fast and as easily as possible. We owe them a great vote of thanks for their generosity of spirit and trust in us, and their funds have been an essential part of keeping the great work of local groups and organisations going.

Likewise, our Trustees rose to the occasion as we put in place daily grant decision panels, giving their time freely, which meant that most applications for emergency funding could be turned around from application to payment within 48 hours, facilitated by the extraordinary dedication of our staff team.

Getting funds out to groups was, of course, our top priority and we are hugely grateful to the early support of Devon County Council and Together for Devon, both of whom made significant donations to the emergency fund very early on. In addition, DCF was the channel to local action for the National Emergencies Trust who raised a staggering £97,000,000 over the year from corporate and individual donors. working alongside the 46 Community Foundations across the UK.

Our mission is to c onnect people, funds, services and systems to maximise their local impact: together creating fair and diverse communities with opportunity for everyone , and I am proud to say that this year when it was most needed, Devon Community Foundation really delivered.

It is only through the connections between funders, donors, the trustees, the staff team, local VCSE and statutory partners that we achieved as much as we have done.

DEVON COMMUNITY FOUNDATION Year ended 31 March 2021

Along the way we have learned a great deal and, as life returns slowly to something more normal, we are taking that learning with us into 2021 and beyond. We held a strategic review late in 2020 which has resulted in some structural changes to how we do things: trying to make sure that the flexibility that made it easier for groups to apply, and donors to make the impact they want, is maintained going forward.

The pandemic is not yet over, we are still in partial lockdown, and we know for sure that the consequences of COVID will be long lasting. The impact has been disproportionately high on our most deprived areas and disadvantaged people and communities, on young people and on groups. We are firmly focussed on doing what we can going forward to address that both with our grant making but also with strengthening our own Equality, Diversity and Inclusion policy and our partnership working.

There are daunting challenges ahead as we face the economic, social and personal fall-out from the pandemic and DCF will be at the forefront in Devon to rise to them.

Dinah Cox, OBE

DEVON COMMUNITY FOUNDATION Year ended 31 March 2021

Objectives and Activities

The purpose of the Charity is:

To distribute grant funding across Devon, Plymouth and Torbay to local community groups and organisations that tackle deprivation and disadvantage within their communities and support vulnerable people in the county. All the activities of the Charity are wholly aimed at the public benefit of historic

Our Vision, Mission and Theory of Change are:

Vision: Thriving Devon Communities

Mission: Connect people, funds, services and systems to maximise their local impact: together creating fair and diverse communities with opportunity for everyone

Theory of Change: If we use all our resources to support the ambitions of local people then their communities will be fairer with increased capability to thrive.

These three statements connect to forge our approach to Asset Based Community Development and our complete c better across the county. This applies equally to those who want to give locally and those who act, forming groups and organisations to do so.

It is not always easy for donors to know where to start. There are thousands of committed individuals and groups in Devon working hard to support those who are vulnerable and engaging local people in making their particular community a thriving and happy place to live. These community groups and small charities are on the front line, tackling really difficult issues and having incredibly positive impacts, and they need resources to do this vital work.

DCF connects the two sides of the same coin. Our 25-year history of action, on behalf of donors and in response to our community, puts us in the unique position to be able to see the picture as a whole and direct funds where they are really needed and will be used best for maximum impact.

We review our aims, objectives and activities each year and plan our activities for the future, including the trustees from the growing endowment fund is distributed to local community groups and organisations (and some individuals) that are working to address disadvantage and deprivation across the County alongside additional flow-through funds.

This is underpinned by a well-developed impact measurement framework which enables us to measure the effectiveness of our grant making and other activities against our Theory of Change. An impact report is produced each year and presented to the Board for consideration to enable the Charity to reflect upon and review its approach on an annual basis, based on evidence from the previous years.

DEVON COMMUNITY FOUNDATION Year ended 31 March 2021

Our grant-making policy is to distribute funding to local groups, organisations and charities that support the ambitions of local people and enabl ~~e l~~ ocal communities to thrive. Grants will be made to constituted not-forprofit registered charities, voluntary and community organisations (which may not be constituted), social enterprises and individuals within Devon, Plymouth and Torbay. At the Trustees’ discretion, grants may also made to organisations in the neighbouring counties of Cornwall, Dorset and Somerset.

In addition to our core work, DCF is also involved in two other significant projects:

The Positive People programme supports people who are not in work to help build their confidence, gain skills and experience and support them on their journey into work. Positive People is funded by The European Social Fund and The National Lottery Community Fund.

Wellbeing Exeter is a partnership of public, voluntary and community sector organisations working together to provide the firm foundations for individuals and communities to promote and improve their own health and wellbeing.

The programme has developed into a city-wide social model of prevention which recognises that communities, and the relationships that make them, are vital to creating and sustaining health and wellbeing. To achieve this, we put connecting, supporting and strengthening communities at the heart of our work.

Wellbeing Exeter is funded by Exeter City Council, Devon County Council, Sport England and Exeter Primary Care Networks.

Coronavirus Response

2020-2021 distribution of funds was, of course, entirely dominated by our response to Coronavirus in multiple ways:

Our Devon Coronavirus Response and Recovery Fund which offered resources for groups and organisations that were actively responding to the immediate needs of their communities
The Advice and Support Fund where we offered support to those organisations that addressed financial hardship or unemployment
A Core Costs Support Fund to keep groups afloat whilst their fundraising ability was severely reduced.
Our Food Programme which funded and facilitated Food Networks across Devon and distributed grants to organisation ~~s t~~ hat provide food to those people who were in need of it.

The figures and charts below relate to the financial year 2020-21. Information on grants awarded is based on the date the funds were allocated. Information on applications is based in the date the applications were received and therefore may not tally exactly. Given the exceptional nature of this year, comparisons with previous years

DEVON COMMUNITY FOUNDATION Year ended 31 March 2021

must be made with caution, but some trends have been noted. As it was not relevant to collect data on thriving community themes for Covid emergency grants, we have not included information on themes this year.

Wellbeing Exeter grants are excluded from most of the following charts as they can produce unhelpful distortions.

Grants were awarded in the year to other charities, voluntary organisations and individuals as follows:

Other charities & voluntary organisations Individuals Total grant expenditure	2021 2021 2020 2020 Number £ £ Number 496 2,775,377 1,196,948 156 5 6,044 24,068 16
	501 2,781,421 1,221,016 172

We made emergency grants, from Devon Coronavirus Response and Recovery Fund, of £1,582,506 . With the balance of distribution against the other funds.
Overall, there was a 70% success rate for applications , slightly improved from the previous year. A third of applications were from organisations new to DCF (this is higher than previous years and reflects the fact that eligibility criteria for Covid emergency grants were wider than our usual parameters). Applications from new organisations had a success rate of 52%, compared with those from organisations known to us of 74%
40% of grants (26% by value) were made to organisations with an average annual income of less than
£50,000 . This proportion is smaller than in previous years. 76% of the grants we made were for £5000 or less (27% by value).
Our grant making continues broadly to reflect the Indices of Multiple Deprivation, meaning our funds are focused on the more deprived parts of the county.

DEVON COMMUNITY FOUNDATION Year ended 31 March 2021

Value of Grants by Local Authority (excluding Wellbeing Exeter)

----- Start of picture text -----
£77,016
£85,485
£99,820
East Devon
Exeter
£199,119
£399,630 Mid Devon
North Devon
£107,803 Plymouth
South Hams
£154,666 Teignbridge
£198,297 Torbay
Torridge
West Devon
£112,295
£386,128
----- End of picture text -----

----- Start of picture text -----
Total Value of grants by Organisation Size
(excluding Wellbeing Exeter)
£800,000
£700,000
£600,000
£500,000
£400,000
£300,000
£200,000
£100,000
£0
up to £5000 to £10,000 to£25,000 to£50,000 to £100,000 over
£5000 £10,000 £25,000 £50,000 £100,000 to £250,000
£250,000
Average Annual Income of Organisation
Total Value of Grants
----- End of picture text -----

DEVON COMMUNITY FOUNDATION Year ended 31 March 2021

----- Start of picture text -----
Number of grants by Organisation Size
(Excluding Wellbeing Exeter)
120
100
80
60
40
20
0
up to £5000 to £10,000 to £25,000 to £50,000 to £100,000 over
£5000 £10,000 £25,000 £50,000 £100,000 to £250,000
£250,000
Average Annual Income of Organisation
Number and Value of Grants by IMD Decile
(excluding Wellbeing Exeter)
£500,000 80
£400,000 60
£300,000
40
£200,000
£100,000 20 Value of Grants
£0 0 Number of grants
IMD Decile
Number of Grants
Value of Grants 2 3 4 5 6 7 8 9 Number of Grants
----- End of picture text -----

DEVON COMMUNITY FOUNDATION Year ended 31 March 2021

----- Start of picture text -----
Covid-19 Emergency Funding
£49,426
Devon Coronavirus
£120,784
Response and Recovery
Fund
Community Food
£216,150
Programme
Core Cost Support Fund
(C19)
£1,196,146
Advice and Support
Programme
Breakdown of Grant Size by Organisation Size
(including Wellbeing Exeter)
60
50
40 under £500
£500 to £1000
30
£1000-£2500
20
£2500-£5000
10 £5000-£15,000
0 over £15,000
up to £5000 £5000 to £10,000 to £25,000 to £50,000 to £100,000 to over
£10,000 £25,000 £50,000 £100,000 £250,000 £250,000
Organisation Size by Annual Income
Number of Grants
----- End of picture text -----

DEVON COMMUNITY FOUNDATION Year ended 31 March 2021

Financial Review

This year we maintained our operational costs although delivering the hugely increased activity. Our total endowment grew by 18.5% to £8,388,806 (£7,080,117 2020) despite some market volatility in the light of the global COVID-19 pandemic and distribution more than doubled. We are here to make a difference and get grant support out into the community and steady progress in investment this year meant that we made the decision to access some capital to maintain distribution.

This year we also conducted a strategic review, and the Trustees made the commitment to more staff resource for 2021-2022. The Trustees are convinced that the continued investment in the development of the core team will yield significant benefits in the years to come and are fully satisfied that the Foundation is financially robust.

Net assets at the 31 March 2021 were £11,2 11 , 404 (2020: £8,827,347). £8,388,806 of which are endowment funds (2020: 7,080,117). The total unrealised and realised gain on investments amounted to £1,545,683 (2020: £-433,176).

£2,392,213 due in large part to the NET funds (2020: £463,450), charitable activities £1,555,445 (2020: £1,305,039) and investments £238,951 (2020: £238,431).

Total expenditure was £ 3 ,3 48235 , (2020: £1,721,075). The expenditure on raising funds was £121,937 (2020: £109,378), charitable activities £3, 226 , 298 (including grants payable of £2,781,421) (2020: £1,611,697 (includes grants payable £1,221,016).

DEVON COMMUNITY FOUNDATION Year ended 31 March 2021

In February 2021, the Trustees decided to increase the levels of designated reserves to £122,000 to protect the Foundation against what will inevitably be an unpredictable next few years as the nation recovers and rebalances after the pandemic.

Consequently, unrestricted reserves are now at £7 , of which £122,000 are designated. This is in line with the charity commission guidance. Reserves are needed to bridge the gap between the spending and the receiving of income and to cover unplanned emergency expenditure. The year end balances on the restricted funds of £2,119,287 are for future grant making and active projects.

Reserves Policy

The trustees reviewed the Charities reserve level and designated £122,000 which is the minimum level of reserves to allow the community foundation to operate for a period of 3 months if income streams were significantly impacted by market conditions. The trustees review the reserve policy each year. At the year end the unrestricted reserves were £7 , which was at the upper level.

The trustees believe that it is appropriate to maintain unrestricted funds to ensure:

the smooth operation of the Foundation in the event of long-term illness of a member of staff the continuation of activities in the short term if sources of flow-through grant-making ceased or diminished

the financing of obligations, residual liabilities and redundancies should the Foundation cease to operate

Going Concern

The Foundation is in the fortunate position of having a healthy cash-flow projection due to receiving grant funds before distribution. In addition, the core costs element of the endowment is secure for the foreseeable future. This is sufficient to be sure the Foundation can and will continue in perpetuity and is able to support itself with a reliable source of income.

In 2021 the Trustees authorised significant use of reserves to support the expansion of the Team anticipating a return on that investment over subsequent years. The three-year financial forecast is reviewed at every Board meeting and mitigating action taken when financial pressures require (for example recruiting or losing roles as required) and adjusting the expenditure to align with income.

The impact of covid- 19 on the UK and its economy has been significant. DCF has been very busy as a hub for distribution of its own and specific emergency funds over the last year. There is no reason why this cannot continue beyond the time when COVID-19 is no longer a threat to our lives and wellbeing and new partnerships have been forged which we believe will grow and develop over time.

DEVON COMMUNITY FOUNDATION Year ended 31 March 2021

Investments

Devon Community Foundation continues to work with Wiltshire Community Foundation, Dorset Community Foundation and Somerset Community Foundation with a collective agreement for investment.

The joint Investment Committee, with representatives from all three Community Foundations, carries out scrutiny of our investment performance and Investment Managers. The total return on endowment investments was 24.6% in 2020-21.

With consideration of potential future volatility, especially in Europe, the Trustees decided to distribute 5.5% of endowed value at 31 December 2019 for grant making in 2020-21 and those funds were distributed in the year.

The Foundation has investments with:

Smith & Williamson Investment Management

25 Moorgate London EC2R 6AY

Quilter Cheviot One Kings Way London WC2B 6AN

CCLA Investment Management Limited

Senator House, 85 Queen Victoria Street London EC4V 4ET

Principal Risks and Uncertainties

The Board has a remit to look more closely at enterprising ideas as opportunities arise to ensure that they meet our charitable purpose and are deliverable and sustainable within the resources of the Foundation. The Board of Trustees review the risk register quarterly in advance of the Board meetings and this register is circulated with the Board papers.

In common with every other organisation, COVID-19 presents a significant risk to our income both from donations and investments. The Board is completed a -term sustainability and maximum impact of the Foundation.

The Future

In 2018-19 we implemented a new 5-year strategy fully embracing Community Wellbeing as our overarching goal under which our three themes of distribution, philanthropy and leadership sit. In addition, the Board recognises that the development of our own digital competency and utilisation is an important cross cutting theme of all our work. Our digital tools are being updated and the advent of these new tools and approaches gives us, our partners and applicants, an opportunity to be more effective and efficient, with deeper insight into the need for and results

DEVON COMMUNITY FOUNDATION Year ended 31 March 2021

of our work. To underpin our evolved strategic aims, we have restructured our staff team to have the necessary capacity and skills to deliver our ambitions. We continue to develop new partnerships and alliances with all sectors which are leading to exploring ideas around what the Foundation can do for the Community that may not involve grants to groups and organisations.

In common with most organisations, DCF has had to pivot to respond in an agile and flexible way in all areas of our work to the needs of work and more likely two or three to help address the economic and social fall out.

We have completed an interim strategic review against our goals for 2019-2024 and have found them still relevant and important (in fact more so) in the light of what we have learned throughout COVID. Consequently, they remain:

Overarching aim: Devon Community Foundation Championing Community Wellbeing

Community wellbeing is the combination of social, economic, environmental, cultural, and political conditions identified by individuals and their communities as essential for them to flourish and fulfil their potential. We want to mobilise community wellbeing for the great good that that will do in supporting communities to identify and find their own solutions. Demonstrating our impact will encourage others to give alongside us.

We have three mechanisms

Philanthropic Services

Anyone can be a donor to the Foundation, on any scale, and make a real difference to local lives. We work with donors to develop and realise their philanthropic goals, matching their interests to community aspirations. Funds are distributed to a wide spectrum of projects across Devon to tackle local disadvantage and nurture our local communities.

Funding Local Communities

We offer financial and other support to local groups and organisations tackling local disadvantage and deprivation by assisting local people to improve their lives. Every gift distributed generates valuable learning about what works best and has the most impact. We share this widely with our donors and partners and use it to inform our collective strategy.

Community Collaboration

Partnerships and collaborations are vital to our success. We believe DCF is the largest independent grant-maker in the county and as such we have a responsibility to take a leadership role as champions of the groups, beneficiaries and donors we support. Increasingly we are involved in partnerships to help close the gap between the private, public and voluntary sectors and we welcome working closely with others to demonstrate the critical importance of local groups and donors in creating and maintaining Community Wellbeing.

Cross Cutting tool: Digital Transformation Devon Community Foundation fully embraces digital development in its own operations and in mobilising Community Wellbeing and has committed a significant sum to its own digital development for 2021-22.

DEVON COMMUNITY FOUNDATION Year ended 31 March 2021 Report (continued)

Structure, Governance and Management

Governing Document

Devon Community Foundation is a company limited by guarantee governed by its Memorandum and Articles of Association dated 21 November 2006 and a registered charity with the Charity Commission. As Directors of the company, Trustees must ensure it is run in accordance with the Articles of Association and the law in general.

The Board is responsible and accountable for the strategic direction of the Devon Community Foundation and collectively sets and monitors the vision, mission, values and strategies for the Charity. As guardians of the the organisation is performing well and is delivering the outcomes for which it is set up, in accordance with its Memorandum and Articles of Association.

Trustees are bound by an overriding duty, individually and as a Board, to act reasonably at all times in the interests of the organisation and of its present and future beneficiaries and members. Each and every trustee must act personally and not as a representative of any group or organisation.

The maximum number of Trustees is determined by the Company in general meeting and the minimum number of members of the Board of trustees is three.

None of our trustees receive remuneration or other benefit from their work with the Charity although they may claim reasonable expenses if incurred when representing the Charity. These expenses are claimed through the

The pay of all staff is reviewed at Board, annually, and the Board of Trustees agree any pay increases or alterations considering the current and projected financial performance and stability of the organisation.

Appointment of Trustees

The Board is responsible for the appointment of Trustees. The initial term of office for Trustees is five years, and a Trustee is then eligible for re-election for a further five years as decided by the Board. There is provision for the second term to be extended at the discretion of the Board should they perceive there to be a risk of either a) losing vital knowledge and skills from the Board and thereby endangering the progress of the Foundation and its Board or b) having insufficient number on the Board for it to function effectively.

In anticipation of retiring Trustees, the Board decides what skills and attributes are needed in new Trustees and a recruitment process commences. There are job descriptions for Trustees containing specific additional responsibilities for Lead Trustees for an area of responsibility. For example, there are lead Trustees for Grant Making, Finance, Investment, and Communications. Notwithstanding their shared and joint responsibility, these lead Trustees take an additional interest in the practical functions under their oversight within the operational team.

The work of the Foundation is often complex and intricate, and it operates in a fast-moving environment. Consequently, the Board took the decision that it was important to have detailed knowledge and access to operational activities where necessary to maintain overall Board understanding of all activities. The Lead Trustees adopt this role according to their experience.

DEVON COMMUNITY FOUNDATION Year ended 31 March 2021

Recruitment of New Trustees

Roles are advertised in appropriate media with a recruitment pack containing the role description, the annual review of the organisation and an application form is completed. This is reviewed by the Board and suitable candidates invited to an initial meeting with either or both the Chair and Vice Chair. This meeting is to establish their interest in the work of the Foundation, the experience and skills they offer and for prospective Trustees to

Following that meeting, prospective Trustees are invited to meet with the Chief Executive for a further conversation where she can answer more specific operations questions and explain the operational activities of the team. If at this stage everyone wishes to proceed, both Board and applicant, then they are nominated and elected at the next available Board meeting.

Trustee Induction and Training

Once appointed to the Board a new Trustee spends time in the office (or virtually) with the Chief Executive and the team at an induction day to gain further understanding of the mechanics of the Foundation. Lead Trustees spend additional time with the relevant team member and have regular meetings with that team member ongoing. In addition, all Trustees are invited to attend at least one Team Meeting a year. Further training needs are identified as needed and training opportunities (such as conferences and training courses) are publicised to Trustees, and they are encouraged to take advantage of these opportunities to both facilitate their role and deepen their understanding of the context for the Foundation.

Organisation

The Chief Executive has delegated overall responsibility for the effective running of the Foundation, with support and guidance from the Chair and Board of Trustees. The Chief Executive is responsible to the Trustees for financial management and the development of income streams, for staff management, for managing an effective funding distribution system and for developing relationships with a wide range of stakeholders.

The Board meets quarterly (virtually where appropriate) with papers provided one week prior to each meeting. In addition, the Chief Executive meets with the Chair every six weeks to discuss the strategic direction of the organisation. As previously described lead Trustees have variable levels of direct contact with the team in their areas of interest.

Related Parties

The Wace Family Fund was created from a donation from Sally Wace who is a DCF Trustee.

The Plymouth Drake Foundation works closely with Devon Community Foundation on several DCF Plymouth Based funds.

Devon Community Foundation became the Trustee of the Tiverton Education Foundation (TEF) in October 2014. The grant-making element of TEF has passed to Devon Community Foundation to take advantage of the improved efficiencies this brings through the creation of a named fund within DCF.

Devon Social Finance Ltd is a wholly owned subsidiary of Devon Community Foundation incorporated in the UK on 9 June 2017.

DEVON COMMUNITY FOUNDATION Year ended 31 March 2021

Reference and Administrative details Directors and Trustees

President

David Fursdon, HM Lord Lieutenant of Devon.

Patrons

Countess of Arran Sir Ian Amory Sir Eric Dancer, KCVO, CBE, JP

Trustees and Directors

Dinah Cox, OBE James Cross (resigned 20 May 2020) Caroline Harlow Rt. Revd Robert Atwell Bishop of Exeter Edward Burnand (Vice Chair) Peter Holden Sally Wace Graham Howe Rev. Georgina Radcliffe (appointed 9 February 2021) Ann Holman (appointed 11 November 2020)

Management

Martha Wilkinson Chief Executive Sarah Yelland Deputy Chief Executive Scott Walker Philanthropy Director Clare Williamson-Cary Head of Finance and Operations

Devon Community Foundation was founded in 1996 and is a registered Charity, number 1057923 and a company limited by guarantee, registered number 03236918.

Registered Office:

Correspondence Office:

c/o Womble Bond Dickinson (UK) LLP The Factory Ballard House Leat Street West Hoe Road Tiverton Plymouth Devon PL1 3AE EX16 5LL

DEVON COMMUNITY FOUNDATION Year ended 31 March 2021

T

Professional Advisers

Bankers: Charities Aid Foundation Kings Hill West Malling Kent , ME19 4TA Statutory Auditor: PKF Francis Clark Centenary House Peninsular Park Rydon Lane Exeter, EX2 7XE Solicitors: Womble Bond Dickinson (UK) LLP Ballard House West Hoe Road, Plymouth, PL1 3AE

It is confirmed that the financial statements comply with current statutory requirements, with the Statement of Recommended Practice for charity accounting, the Charities Act 2011 and with the requirements of the Memorandum and Articles of Association.

Auditors

PKF Francis Clark has indicated its willingness to continue in office and a resolution to re-appoint them was

DEVON COMMUNITY FOUNDATION Year ended 31 March 2021

The charity trustees (who are also directors of Devon Community Foundation for the purposes of company law) are responsible for preparing a Trustees’ Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
presume that the charitable company will continue in operation

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and the group and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation dissemination of financial statements may differ from legislation in other jurisdictions.

In so far as the Trustee

there is no relevant audit information, being information needed by the auditor in connection with preparing their report, of which the charity’s auditor is unaware; and the Trustees, having made enquiries of fellow directors and the group’s auditor that they ought to have individually taken, have each taken all steps that they are obliged to take as a director in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

the Strategic Report contained within it, on 23rd November, 2021 .

Dinah Cox, OBE Chair of the Board

DEVON COMMUNITY FOUNDATION Year ended 31 March 2021

Foundation

Opinion

for the year

ended 31 March 2021, which comprise Group Statement of Financial Activities, Group and Parent Company Balance Sheets, Statement of Consolidated Cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland.

In our opinion, the financial statements:

and chari 1 and of
its income and expenditure for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

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

DEVON COMMUNITY FOUNDATION Year ended 31 March 2021

of Devon Community

Foundation (continued)

Other information

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

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
t applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain d
we have not obtained all the information and explanations necessary for the purposes of our audit

DEVON COMMUNITY FOUNDATION Year ended 31 March 2021

of Devon Community

Foundation (continued)

Responsibilities of the trustees

ponsibilities set out on page 18, the trustees (who are also the directors of the charity for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

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

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

As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the entity and the sector in which it operates to identify the key laws and regulations. Key laws and regulations identified were the Charities Act 2011, Companies Act 2006, tax legislation, safeguarding and irregularities relating to the protection of data and health and safety. A further description of our responsibilities for the audit of the website at:

and fraud risk more generally.

Based on this we designed our audit procedures to identify irregularities. Our audit procedures involved the following:

Review of Trustees meeting minutes for irregularities with laws and regulations;

Review of any health and safety incidents that have been reported under the Reporting of Injuries, Diseases
Review of any controls in relation to GDPR and enquiries of management as to the outcome of any reportable breaches;
On a sample basis confirmed that expenditure was properly authorised and made in accordance with the terms of the relevant fund;

DEVON COMMUNITY FOUNDATION Year ended 31 March 2021

of Devon Community

Foundation (continued)

Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating he business rationale of significant transactions outside the normal course of business;
Review of financial statement disclosures and testing to support documentation to assess compliance with applicable laws and regulations; and
Review of Charity Commission and Companies House filings

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. This risk increases the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.f ~~r~~ c. ~~o~~ rg. ~~u~~ k/auditorsresponsibilities ~~.~~ This description forms part of our auditor’s report.

Use of our Report

Companies Act 2006. Our audit work has been undertaken so that we might state to

for our audit work, for this report, or for the opinions we have formed.

Neil Hitchings (Senior Statutory Auditor) For and on behalf of PKF FRANCIS CLARK Chartered Accountants & Statutory Auditor Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

DATE 08 December 2021

DEVON COMMUNITY FOUNDATION Year ended 31 March 2021 Consolidated Statement of Financial Activities (including consolidated income and expenditure account) For the year ended 31 March 2021

For the year ended 31 March 2021
Note Income and endowments from: *Donations & Legacies* 3 *Charitable activities* 4 *Investments* 5 *Other* 9	Unrestricted funds Restricted funds Endowment funds 2021 2020 (note 19) (note 20) (note 21) £ £ £ £ £ 12,141 2,229,613 150,459 2,392,213 463,450 5,683 1,549,762 - 1,555,445 1,305,039 32,662 427 205,862 238,951 238,431 - - - - 260,070
Total income and endowments	50,486 3,779,802 356,321 4,186,609 2,266,990
Expenditure on: *Raising funds* Costs of generating voluntary income 6 Investment management costs *Charitable activities* 7 Grants Payable 7 Administration of grant making 7 Other support Costs 7/8	121,937 - - 121,937 109,378 - - - - - - 2,781,421 - 2,781,421 1,221,016 118,842 - - 118,842 104,643 1 , 127,203 - , 286,038
Total expenditure	, 2,908,624 - 3,3 , 1,721,075
Netgains/(losses) on investments	43,166 - 1,502,517 1,545,683 (443,176)
Net income / (expenditure) 9	(3 , 871,178 1,858,838 2, , 102,739
Transfers between funds 20/21	420,977 129,172 (550,149) - -
Net movement in funds	, 1,000,350 1,308,689 2, , 102,739
Reconciliation in funds: Fund balances brought forward	628,293 1,118,937 7,080,117 8,827,347 8,724,608 7 , 2,119,287 8,388,806 11,2 , 8,827,347
Fund balances carried forward 22

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

DEVON COMMUNITY FOUNDATION Year ended 31 March 2021

Balance Sheets

Balance Sheets
			2021		2020
		Consolidated	Company	Consolidated	Company
	Note	£	£	£	£
Fixed Assets:
Tangible fixed assets	11	267,820	1,820	269,203	3,203
Investments listed	12	8,771,281	8,771,281	7,082,947	7,082,947
Investments in group		-	100	-	100
Total fixed assets		9,039,101	8,773,201	7,352,150	7,086,250
Current Assets:
Debtors amounts falling
due within one year	13	7, 5 723	65,257	405,864	343,008
Debtors amounts greater
than one year	13a	,7 96 40	194,733	347,371	194,626
Cash in bank	14	2,203,234	2,095,607	1,221,903	1,192,675
Total current assets 2, 2,355, 1,975,138 1,730,309 Liabilities: ~~88579697~~
Creditors amounts falling
due within one year	15	(100,045)	(107,311)	(219,966)	(222,135)
Net current assets 2, 2,248,286 1,755,172 1,508,174 Creditors amounts ~~257965~~
greater than one year	15	(85,349)	-	(279,975)	-
Total net assets 18 11,2 , 11,021,487 8,827,347 8,594,424 ~~©)~~
The funds of the charity:
Endowment funds	21	8,388,806	8,122,806	7,080,117	6,814,117
Restricted funds	20	2,119,287	2,141,726	1,118,937	1,141,695
Unrestricted funds	19	7 , 03 311	756,955	628,293	638,612
Total charity funds 22 11,2 , 11,021,487 8,827,347 8,594,424 ~~©)~~

The trustees have prepared group financial statements in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. These financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual financial statements required by the Companies Act 2006 and are for circulation to members of the company.

The notes at pages 25 to 45 form part of these financial statements

Dinah Cox OBE, Chair of trustees on behalf of the trustees

Approved by the trustees on

Company registration number: 03236918

DEVON COMMUNITY FOUNDATION Year ended 31 March 2021

Consolidated Cash Flow Statement For the year ended 31 March 2021

Consolidated Cash Flow Statement For the year ended 31 March 2021
		Group	Group
		2021	2020
		£	£
Cash flows from operating activities:
Cashprovided by/(used in) by operating activities		751,783	(410,504)
Cash flows from investing activities:
Investment income		238,951	238,431
Purchase / Sale of investments	(159,862)		(263,122)
Purchase of property & equipment		-	(3,940)
Sale ofproperty& equipment		-	311,070
Cashprovided by/ (used in) investing activities		79,089	282,439
Cash flows from financing activities:
Receipt of endowment		150,459	43,145
Cashprovided by financing activities		150,459	43,145
Increase/(decrease) in cash and equivalents in the reporting
period		981,331	(84,920)
Cash and cash equivalents in the beginning of the reporting
period	1,221,903		1,306,823
Cash and cash equivalents in the end
of the reporting period	2,203,234		1,221,903
		Group	Group
		2021	2020
		£	£
Reconciliation of net income/(expenditure) to net
cash flow operating activities
Net income/(expenditure) for the reporting period	2,	,	102,739
Adjustments for:
Receipt of endowment	(150,459)		(43,145)
Depreciation charges		1,382	2,816
(Gains) /losses on investments	(1,528,471)		699,696
Investment income	(238,951)		(238,431)
Increase/ (decrease) in creditors	(314,547)		(176,832)
(Increase) / decrease in debtors		5	(497,277)
(Profit)or loss on sale of fixed asset		-	(260,070)
Net cashprovided by (used in) operating activities		751,783	(410,504)

DEVON COMMUNITY FOUNDATION

Year ended 31 March 2021

Notes to the financial statements

1. Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: -

Basis of preparation

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investments. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006 and the Charities Act 2011.

The trustees have assessed the c benefit. The Foundation meets the definition of a public benefit entity under FRS 102.

Devon Community Foundation was incorporated in England UK. The registered office is deta report.

No separate SOFA has been presented for the charity alone as permitted by section 408 of the companies Act 2006

The functional currency of Devon Community Foundation is considered to be pounds sterling because it is the primary economic environment in which the Charity operates.

Preparation of financial statements on a going concern basis

The Foundation is in the fortunate position of having a healthy cash-flow projection due to receiving grant funds before distribution. In addition, the core costs element (DCF share) of the endowment is secure for the foreseeable future which is sufficient to ensure the Foundation can and will continue in perpetuity, and is able to support itself with a reliable source of income.

The three year financial projections are positive showing a small surplus forecast due to a range of diversified and sustainable sources of income at the current level of resourcing needed. The three year financial forecast is reviewed at every Board meeting and mitigating action taken when financial pressures require (for example recruiting or losing roles as required) and adjusting the expenditure to meet the expected income.

The impact of COVID-19 on the UK and its economy has been significant. DCF has been in the last year very busy as a hub for distribution of its own and specific emergency funds. There is no reason why this cannot continue beyond the time when COVID-19 is no longer a threat to our lives and wellbeing.

DEVON COMMUNITY FOUNDATION

Year ended 31 March 2021

Notes to the financial statements (continued)

1. Accounting Policies (continued)

Consolidated financial statements

These financial statements consolidate the results of the charity and its wholly-owned subsidiaries Tiverton Educational Foundation (TEF) and Devon Social Finance LTD (DSF) on a line by line basis. A separate Statement of Financial Activities, or income and expenditure account, for the charity itself is not presented because the charity has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006. The Charity became the sole corporate trustee of Tiverton Educational Foundation on 6 October 2014.

Income

Income from grants is recognised when the charity has entitlement to the funds, any conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance is deferred until the criteria for income recognition are met.

For legacies, entitlement is taken as the earlier of the date on which either: the Charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Charity has been notified of otified to the charity, or the Charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

Donated services and facilities

Donated professional services and donated facilities are recognised as income when the Charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the Charity of the item is probable and that economic benefit can be measured reliably.

Donated professional services and donated facilities are recognised on the basis of the value of the gift to the Charity which is the amount the Charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity: this is normally upon notification of interest paid or payable by the bank.

DEVON COMMUNITY FOUNDATION

Year ended 31 March 2021

Notes to the financial statements (continued)

1. Accounting Policies (continued)

Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the Charity. Designated funds are unrestricted of the Charity which trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas o projects being undertaken by the Foundation. Endowment funds are invested and the income from these funds is applied to the relevant restricted or unrestricted income funds.

Investment income is allocated to the endowment funds. Withdrawals from the endowment fund have been made at a rate of 5.5 % (2020: 4%) which the trustees review annually and consider to be a reasonable withdrawal rate. A total of £550,149 (2020: £358,700) was transferred from the endowment funds to restricted (£420,977) and unrestricted (£129,172) funds in the year.

Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

fund development or marketing/advertising.

on charitable activities includes the costs of grant making, property expenses and project activities undertaken to further the purposes of the charity and their associated support costs.

Other expenditure represents those items not falling into any other heading.

Expenditure is allocated between the above headings in the Statement of Financial Activities on a direct basis apart from staff costs, which are allocated based upon the amount of time staff work on each area.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Allocation of support costs

Support costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include costs linked to the strategic management of the Charity. Support costs include back office costs, finance, personnel, payroll and governance costs which support the Foundations activities.

Taxation

Devon Community Foundation has charitable status and uses its funds for charitable purposes. Therefore, no taxation is included in these financial statements and is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992. The charity is not registered for Value Added Tax, and expenditure therefore includes VAT where appropriate.

DEVON COMMUNITY FOUNDATION

Year ended 31 March 2021

Notes to the financial statements (continued)

1. Accounting Policies (continued)

Operating leases - lessor

Tiverton Educational Foundation classifies the lease of the property known as 47a Barrington Street as an operating lease. The lease on the property known as 47a Barrington Street has ceased following exercise of the break clause.

Investments

Investments are stated at their quoted market value at the end of the year.

The SOFA includes the net gains and losses on revaluations and disposals throughout the year. Realised gains and losses for the year are calculated based on market value brought forward plus any additions in the year.

Tangible fixed assets and depreciation

All assets costing more than £1,000 are capitalised and are included at cost. Depreciation is provided to write off the cost of tangible fixed assets by equal instalments over their estimated useful economic lives. Computer and office equipment are written off using straight line over 3 years.

Investment property at fair value.

47A Barrington Street property is treated as an investment property under charities SORP (FRS 102). A valuation was carried out by an independent expert in 2006. The trustees have considered revaluation and decided the property is measured at fair value therefore the value remains at 266,000 and will be revalued at each reporting date.

The Foundation is constrained by the Trust Deed as to the use of the land asset. A part of this land must be used as the site of Castle School and is subject to reverter rights. On this basis the Trustees have revalued the asset and reclassified the land as investment property.

Debtors

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

Cash at bank

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

DEVON COMMUNITY FOUNDATION

Year ended 31 March 2021

Notes to the financial statements (continued)

1. Accounting Policies (continued)

Creditors and provisions

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 at their settlement amount after allowing for any trade discounts due.

Financial instruments

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

Pensions

Pension provision is in place currently for the Chief Executive and was extended to all other staff in April 2017 in line with current pension regulations.

2. Legal status of the Foundation

The Foundation is a company limited by guarantee and has no share capital.

3. Income from donations and legacies

Donations Donations & Gifts	2021 2020 £ £ 2,392,213 463,450
	2,392,213 463,450

The income from donations and legacies was £2,392,213 (2020: £463,450) of which £12,141 was unrestricted (2020: £7,329), £2,229,613 was restricted (2020: £412,976) and £150,459 was endowment (2020: £43,145). This includes gift aid income. The above total includes £1,167,139 of grants received in relation to the Covid-19.

4. Income from charitable activities

Grant Income	2021 2020 £ £ 1,555,445 1,305,039
	1,555,445 1,305,039

The grant income was £1,555,445 (2020: £1,305,039) of which £5,683 was unrestricted (2020: £65,990) and £1,549,762 was restricted (2020: £1,239,049).

DEVON COMMUNITY FOUNDATION

Year ended 31 March 2021

Notes to the financial statements (continued)

5. Income from investments

Interest receivable Investment income Loan Interest received	2021 2020 £ £ 1,524 2,851 237,000 219,980 427 15,600
	238,951 238,431

The income from investments was £238,951 (2020: £238,431) of which £32,662 was unrestricted (2020: £20,905), £427 was restricted (2020: £15,600) and £205,862 was endowment (2020: £201,926).

Interest receivable arises from money held in bank accounts, the investment income arises from endowment funds held with investment managers,rentals and loan interest received is interest on social investment loans supporting Voluntary Community Social Enterprises.

Income from other activities

The wholly owned subsidiary Tiverton Educational Foundation is incorporated in the UK (charity number 306701). The registered office of the subsidiary is Ballard House, West Hoe Road, Plymouth, PL1 3AE. A summary of the trading results are shown below:

The summary financial performance of the subsidiary alone is: Income Expenditure Net incoming/ (expenditure) Retained in the subsidiary The assets and liabilities of the subsidiary were: Fixed assets Current assets Current liabilities Total net assets Total Funds	2021 2020 £ £
	24,710 13,745 (18,243) (14,173)
	6,467 (428)
	6,467 (428)
	266,000 266,000 14,674 6,044 (3,423) (1,260)
	11,251 4,784 277,251 270,784

The income from other trading activities was £24,710 (2020: £13,745) of which all was unrestricted. Rental income arose from the rental of the investment property.

DEVON COMMUNITY FOUNDATION

Year ended 31 March 2021

Notes to the financial statements (continued)

5. Income from investments (continued)

The wholly owned subsidiary Devon Social Finance Ltd was incorporated in the UK on 9 June 2017 (company number 10811977). The registered office of the subsidiary is Ballard House, West Hoe Road, Plymouth, PL1 3AE. A summary of the trading results are shown below:

The summary financial performance of the subsidiary alone is: Income Expenditure Net incoming/ (expenditure) Retained in the subsidiary The assets and liabilities of the subsidiary were: Current assets Current liabilities Total net assets Total Funds	2021 2020 £ £
	22,784 48,545 ( , ) (86,406)
	( ) (37,861)

	( ) (37861)
	,
	2 253,874 (317,69 ) (291,635)
	( ) (37,761)
	( (37,761)

6. Cost of raising funds

Support staff costs Fund development costs Direct associated costs Investment management costs	Unrestricted Funds Restricted Funds Endowment Funds 2021 2020 £ £ £ £ £ 90,008 - - 90,008 70,168 2,238 - - 2,238 1,503 29,691 - - 29,691 37,707 - - - - 121,937 - - 121,937 109,378

Expenditure on raising funds was £121,937 (2020: £109,378) all of which all unrestricted

DEVON COMMUNITY FOUNDATION

Year ended 31 March 2021

Notes to the financial statements (continued)

7. Charitable activities costs

Grants Payable Administration of grant making Support costs	Unrestricted Funds Restricted Funds Endowment Funds 2021 2020 £ £ £ £ £ 2,781,421 - 2,781,421 1,221,016 118,842 - - 118,842 104,603 1 127,203 - 286,038 2,908,624 - 3, 1721,075

Expenditure on charitable activities was £3, , (2020: £1,721,075) of which £ , was unrestricted (2020: £252,862), £2,908,624 was restricted (2020: £1,358,795) and £nil was endowment (2020:£nil).

Grants were awarded in the year to other charities, voluntary organisations and individuals as follows:

Other charities & voluntary organisations Individuals Total grant expenditure	2021 2021 2020 2020 £ Number £ Number 2,775,377 496 1,196,948 156 6,044 5 24,068 16
	2,781,421 501 1,221,016 172

8. Support costs

Staff costs General office Marketing & Promotion Audit fees Accountancy Consultancy Legal & Professional fees Building Repair & Maintenance Depreciation Trustee meetings/training Loan Interest Debt write off	General Support £ 130,280 645 - - - - - - - - -	Programme Management & Evaluation Governance support 2021 2020 Basis of apportionment £ £ £ £ 92,939 - 223,219 223,807 Allocated on time 35,702 - 36,347 20,471 Allocated by staff 347 - 347 233 Programme 649 4,956 5,605 5,006 Governance - - - - Governance 3,235 3,250 6,485 4,396 Allocated by Cost 1,474 - 1,474 3,262 Governance - 6,418 6,418 1,783 Allocated by Cost 253 Programme 1,185 Governance 3,183 Allocated by Cost 124 331 - - - 124 - 331 - - - 22,459 134,801 14,624 , 286,038
	1

DEVON COMMUNITY FOUNDATION

Year ended 31 March 2021

Notes to the financial statements (continued)

9. Net income/(expenditure) for the year

. Net income/(expenditure) for the year
	2021	2020
This is stated after charging:	£	£
Depreciation	1,382	2,816
Audit fees	8,750	8,349
Accountancy	-	2,750
Profit on disposal of property	-	260,068

10. Staff numbers and costs

The group, on average, employed 15 (2020: 15) part-time staff during the reporting period, which is equivalent to 10.3 (FTE) employees (2020: 10.8). The emoluments these employees were:

Salaries Social security costs Pension Costs Staff numbers Management & Governance Finance Fund Development Programmes & Grants Communications & Administration Total number full time equivalent	2021 2020 £ £ 377,260 339,603 30,541 25,607 8,177 7,446 415,978 372,656 2021 2020 Number Number 1.6 1.6 1.0 1.03 0.8 0.8 5.39 5.46 1.53 1.85 10.32 10.75

There were no employees with emoluments above £60,000 (2020: £60,000). Pension costs are allocated to activities in proportion to related staff costs incurred.

The only additional benefit to staff members over and above their salary is a pension provision.

The key management personnel of the group comprise of the trustees, the Chief Executive, Deputy Chief Executive, Head of Finance and Operations and the Philanthropy Director. The total employee benefits of the key management personnel of the group were £195,808 (2020: £145,050).

Trustees received no remuneration (2020: £nil). During the year ended 31 March 2021 were reimbursed for expenses amounting to £527 (2020: £461).

DEVON COMMUNITY FOUNDATION

Year ended 31 March 2021

Notes to the financial statements (continued)

11. Tangible fixed assets - company

	Property	Computer	Other	Total
Cost	£	£	£	£
At 1 April 2020	-	19,532	5,521	25,053
Additions	-	-	-	-
Disposals	-	-	-	-
At 31 March 2021	-	19,532	5,521	25,053
Depreciation
At 1 April 2020	-	16,329	5,521	21,850
Charge for the year	-	1,383	-	1,383
Eliminated on disposal	-	-	-	-
At 31 March 2021	-	17,712	5,521	23,233
Net book values
At 31 March 2021		1,820	-	1,820

At 31 March 2020	-	3,203	-	3,203
	Property &
Tangible fixed assets group	Investment
	Property	Computer	Other	Total
Cost	£	£	£	£
At 1 April 2020	266,000	19,532	5,521	291,053
Additions	-	-	-	-
Disposals	-	-	-	-
At 31 March 2021	266,000	19,532	5,521	291,053
Depreciation
At 1 April 2020	-	16,329	5,521	21,850
Charge for the year	-	1,383	-	1,383
Eliminated on disposal	-	-	-
At 31 March 2021	-	17,712	5,521	23,233
Net book values
At 31 March 2021	266,000	1,820	-	267,820

At 31 March 2020	266,000	3,203	-	269,203

Investment property comprises of land at the Castle School and a property at 47a Barrington Street. The Foundation has had the land re-valued by Vickery Holman in June 2017 based on a rental yield calculation as there is a protected tenant in place.

The Foundation has reviewed 47A Barrington Street and consider the valuation under FRS 102 to be a fair value.

DEVON COMMUNITY FOUNDATION

Year ended 31 March 2021

Notes to the financial statements (continued)

12. Investments listed - group and company

Market value At 1 April 2020 Additions Disposals Unrealised & Realised gains / (losses) Movement on investment and dividend accounts At 31 March 2021 Listed investment are detailed as follows: UK Fixed Interest Overseas Fixed Interest UK Index Linked Overseas Index Linked UK Equities Overseas Equities Other	Investment to support core costs Endowment Investments 2021 2020 £ £ £ £ 2,766 7,080,181 7,082,947 7,519,521 1,152,705 1,152,705 1,463,707 (992,842) (992,842) (1,200,675) 571 1,545,921 1,546,492 (428,649) (18,021) (18,021) (270,957)	Investment to support core costs Endowment Investments 2021 2020 £ £ £ £ 2,766 7,080,181 7,082,947 7,519,521 1,152,705 1,152,705 1,463,707 (992,842) (992,842) (1,200,675) 571 1,545,921 1,546,492 (428,649) (18,021) (18,021) (270,957)
	3,337 8,767,944 8,771,281 7,082,947
		2021 Market Value 2020 Market Value 370,678 365,129 - - 162,438 179,784 - 1,646,988 1,459,920 4,775,824 3,242,812 1,815,353 1,835,302
		8,771,281 7,082,947

Investments are stated at their quoted market value at the end of the year.

13. Debtors: amounts due within one year group and company

Rental Income Loan to subsidiary DSF Loan Grant income Prepayments Other Debtors	Group Company Group Company 2021 2021 2020 2020 £ £ £ £ - - - - - 34,767 - 9,458 5, - 71,801 - 20,193 20,193 329,185 329,185 10,227 8,983 4,365 4,365 1,314 1,314 - 7, 65,257 405,846 343,008

DEVON COMMUNITY FOUNDATION

Year ended 31 March 2021 Notes to the financial statements (continued)

13a. Debtors: amounts due over one year group and company

----- Start of picture text -----
Group Company Group Company
2021 2021 2020 2020
£ £ £ £
- -
Loan to subsidiary DSF 194,733 194,626
Loans 347,371 -
194,733 347,371 194,626
14. Cash at bank group and company
Group Company Group Company
Revenue accounts: 2021 2021 2020 2020
£ £ £ £
CAF Current Account 1,347,618 1,347,618 394,909 394,909
Arbuthnot Latham Account 69,330 69,330 69,419 69,419
CAF Current Gold Account 55,081 55,081 55,109 55,109
Arbuthnot Latham 2 Account 22,433 22,433 22,422 22,422
CAF Gold Account 601,145 601,145 490,394 490,394
Secure Trust 120 Account - - 160,422 160,422
CAF DSF Cash Account 85,166 - - -
CAF DSF 2 Cash Account 22,461 - 29,228 -
2,203,234 2,095,607 1,221,903 1,192,675
15. Creditors: amounts falling due within one year
Group Company Group Company
2021 2021 2020 2020
£ £ £ £
Trade creditors 3,308 3,308 1,802 1,802
Other creditors - HMRC 8,437 8,437 7,619 7,619
Other creditors - TEF - 13,430 - 5,531
Accruals and deferred income 88,300 82,136 210,545 207,183
100,045 107,311 219,966 222,135
15a. Creditors: amounts falling due over one year
Group Company Group Company
2021 2021 2020 2020
£ £ £ £
Other creditors Loans 85,349 - 279,975 -
- -
85,349 279,975
----- End of picture text -----

DEVON COMMUNITY FOUNDATION

Year ended 31 March 2021 Notes to the financial statements (continued)

Loans Future minimum loan receipts: Not later than one year Later than one year and not later than five years 16. Deferred Income group and company Brought forward Released in the year 17. Operating Leases - group Future minimum lease receipts: Not later than one year Later than one year and not later than five years 18. Funds of the Charity At 1 April 2020 Surplus for the year At 31 March 2021 Funds of the Charity 2020 comparative: At 1 April 2019 Surplus for the year At 31 March 2020	2021 Consolidated £ - 85,349 85,349	2021 Company £ - -
		-
	2021 £ - - -	2020 £ 163,666 (163,666)
		-
	2021 £ - -	2020 £ 3,992 -
	-	3,992
		Income and expenditure account £ 8,594,424 2,427,063 11,021,487 Income and expenditure account £ 8,453,287 141,137 8,594,424

DEVON COMMUNITY FOUNDATION

Year ended 31 March 2021

Notes to the financial statements (continued)

19. Unrestricted funds - group

Fund balances brought forward Incoming resources Outgoing resources Net gains/(losses) on investments Transfer between funds Fund balances carried forward	General Fund £ 568,293 50,486 ( , ) 43,166 358,977	Designated Reserve Fund Total £ £ 60,000 628,293 62,000 - 50,486 - - 43,166 122,000 7 ,
	,

Unrestricted funds group 2020 comparative

Fund balances brought forward Incoming resources Outgoing resources Net gains/(losses) on investments Transfer between funds Fund balances carried forward	General Fund £ 188,767 354,294 (362,280) (12,988) 400,500	Designated Reserve Fund Total £ £ 60,000 248,767 - 354,294 - (362,280) - (12,988) - 400,500 60,000 628,293
	568,293

20. Restricted funds - group

	Brought	Incoming		Project	Grants	31 March
Fund	Forward	resources	Transfers	Expenditure	Awarded	2021
	£	£	£	£	£	£
Activistock	874	-	(875)	-	-	(1)
Alex Ferryman Foundation	0	30,000	(1,500)	-	(17,420)	11,080
Arnold Family	409	-	1,572	-	-	1,981
Babeleigh CE Turbine	24,691	-	-	-	-	24,691
Batsworthy Cross	62,074	100,144	(27,012)	-	(19,332)	115,874
Blackdown Hills	5,031	-	2,114	-	-	7,145
	4,668	-	1,992	-	-	6,660
Chiggy Pig	814	-		-	-	814
Clare Milne	10,100	-	-	-	-	10,100
Comic & Sport Relief	49	-	-	-	-	49
Community grants	6,137	30,106	19,554	-	(29,241)	26,556
Cooper family (Stags)	692	-	1,561	-	-	2,253
Crimebeat	18,628	-	4,839	-	-	23,467
DD McPhail Charitable	4,500	-	-	-	-	4,500
Dart Harbour	2,348	-	-	-	-	2,348
	-	430,000	(30,000)	-	(277,716)	122,284

DEVON COMMUNITY FOUNDATION

Year ended 31 March 2021

DCC Winter Support
Devon 100 Club	1,683	-	-	-	-	1,683
Devon Flood	16,264	-	(16,310)	-	-	(46)
Devon C Resilience Fund	14,503	-	(14,503)	-	-	-
Devon Coronavirus RR	108,424	1,499,998	26,579	-	(1,404,031)	230,970
Devon On Earth	(1,059)	-	6,808	-	-	5,749
Devon Ripple	107,927	-	130,139	-	(10,671)	227,395
Devonian	29,888	-	32,688	-	(2,044)	60,532
Devonian Leased Property	46,334	-	-	-	-	46,334
Dipford	2,691	-	3,848	-	(6,539)	-
Devon Social Investment	7,889	-	-	-	-	7,889
Eagle One	1,844	-	1,280	-	-	3,124
ERDF	90	-	-	(90)	-	-
Foot Anstey	13,407	1,529	1,895	-	(2,300)	14,531
Hazel & Gerald Frankpitt	38,053	-	9,528	-	(6,000)	41,581
Hely-Hutchinson	-	-	3,757	-	-	3,757
High Sheriff	890	-	-	-	-	890
Historical Exeter Fire Appeal	4,084	-	-	-	-	4,084
	-	20,000	(2,000)	-	-	18,000
Hospiscare	-	10,243	-	-	-	10,243
Inspiras	4,529	-	106	-	-	4,635
Kitsons	4,123	-	115	-	-	4,238
Laurie Connor	2,806	-	(1,209)	-	-	1,597
Lewis	23,000	-	(23,000)	-	-	-
Mildmay White Family	1,587	-	1,614	-	-	3,201
Mohn Westlake	6,512	-	(6,512)	-	-	-
Mumme Ackford	12	-	1,839	-	-	1,851
Neuro Development
Through Movement	31,984	-	-	-	(4,000)	27,984
North Devon Relief	3,997	-	6,993	2	(3,540)	7,452
Old Mill	-	2,200	(200)	-	(1,000)	1,000
Philip J Milton & Co Plc	1,565	-	1,683	-	-	3,248
Plymouth Drake Foundation
Fund	53,783	-	73,972	-	2,356	130,111
Positive People BBO	5,247	94,100	(33,477)	(61,042)	-	4,828
Aquarious Pye	13,601	557	-	-	-	14,158
Ray Miles	12	-	2,339	-	-	2,351
Rew	-	-	2,985	-	-	2,985
Rural Devon	4,645	-	5,015	-	-	9,660
Sarah Wood Fogwell	-	55,435	(40,000)	-	-	15,435
Surviving Winter	2,092	3,859	(3,606)	-	-	2,345
Tampon Tax	-	144	-	-	-	144
TCCF Executive Committee	3,552	5,357	(628)	-	(5,000)	3,281
TEF revenue	36,958	-	64,170	-	(6,000)	95,128
Thorne Farm	387	15,542	(1,413)	-	-	14,516
Tiverton Community
Partnership	(29,694)	30,000	-	-	-	306
Tiverton Learning	9,087	-	15,989	-	(1,600)	23,476
Tony Hawks	5,325	-	-	-	-	5,325
Transforming aging
programme	843	-	-	-	-	843

DEVON COMMUNITY FOUNDATION

Year ended 31 March 2021

Two four Uncle Clems VBCT Wace Wellbeing Exeter BLF Wellbeing Exeter CB Wellbeing Exeter PCN Wellbeing Exeter SE accelerator Wellbeing Exeter Sport England LDP Wellbeing Exeter TCA Company Devon Social Investment Group	175 - - - - 175 4,680 - (4,680) - - - 88,183 - - - (4,930) 83,253 21 - (21) - - - 30,867 390,000 (48,532) (1,924) (338,583) 31,828 1,310 259,666 - (14,722) (257,116) (10,862) 3,048 95,987 (4,500) - (97,810) (3,275) 258,454 594,340 (30,750) (14,256) (267,927) 539,861 (1) 35,384 (1,968) (33,957) - (542) 35,080 57,877 (3,000) (1,214) (4,070) 84,673
	1,141,697 3,762,468 129,278 (127,203) (2,764,514) 2,141,726
	(22,760) 17,334 (106) - (16,907) (22,439)
	1,118,937 3,779,802 129,172 (127,203) (2,781,421) 2,119,287

Explanation of major restricted funds

All restricted funds above are grant making funds apart from the Project Funds & Devonian Leased Property listed below. Devonian Leased Property Property lease shows the devaluation on the lease.

Batwsorthy Cross and Babeleigh Barton are both community benefit funds generated by the installation of alternative energy wind turbines and are directed to benefit localised geographic communities affected by these wind farms.

Building a Stronger Britain Together is a UKCF fund in association with the Home Office and Saachi & Saachi designed to reduce hate crime and foster cross cultural understanding and social cohesion.

Comic & Sport Relief Grants given in line with the objectives set out by Comic & Sports Relief on each programme awarded.

Devon Ripple To support local community groups and organisations which offer preventive work with disadvantaged young people up to 19 years old.

Hazel & Gerald Frankpitt is a new fund directing funds to community organisations close to Tiverton.

Neuro Development Through Movement Is a new fund established by a donor to support innovative therapeutic work with children with acute neurological disabilities across Devon.

Police Property/Crimebeat Helps communities come together with the Police to find solutions to specific and local crime

Exeter Wellbeing is a programme of social prescribing and community building being delivered by a range of partners with DCF holding the funds and granting out to local VCSE organisations. The fund is in a deficit position at the year-end due to the delay in the grant receipts.

Youth Social Action is a UKCF programme of activity to stimulate young people taking an active role in their communities. DCF will also be attracting a similar amount in match funding.

DEVON COMMUNITY FOUNDATION

Year ended 31 March 2021 20. Restricted funds - group (continued)

Restricted Funds are funds held by the Foundation for specific activities. They include the yield from the Endowment Fund which is restricted for grant making and grant programmes. Core costs contributions are made by restricted funds as agreed with donors.

Restricted funds group 2020 comparative:

	Brought	Incoming		Project	Grants	31 March
Fund	Forward	resources	Transfers	Expenditure	Awarded	2020
	£	£	£	£	£	£
Access Growth	1,208	-	(1,038)	(170)	-	-
Activistock	3,110	-	5,828	-	(8,064)	874
Arnold Family	1,267	-	1,099	-	(1,957)	409
Babeleigh CE Turbine	16,506	9,095	(910)	-	-	24,691
Batsworthy Cross	100,424	99,293	(6,950)	-	(130,692)	62,075
Blackdown Hills	3,659	-	1,372	-	-	5,031
	3,297	-	1,371	-	-	4,668
Building A Stronger Britain	-	-	-	-	-	-
Chiggy Pig	13,814	-	-	-	(13,000)	814
Clare Milne	3,075	10,000	(1,000)	-	(1,975)	10,100
Comic & Sport Relief	49	-	-	-	-	49
Community grants	85	10,417	20,448	-	(24,813)	6,137
Cooper family (Stags)	-	-	692	-	-	692
Crimebeat	11,893	18,000	684	-	(11,949)	18,628
DD McPhail Charitable	-	5,000	(500)	-	-	4,500
Dart Harbour	-	2,646	(298)	-	-	2,348
Devon 100 Club	1,683	-	-	-	-	1,683
Devon Flood	16,264	-	-	-	-	16,264
Devon C Resilience Fund	14,503	-	-	-	-	14,503
Devon Coronavirus RR	-	150,490	(7,524)	-	(34,542)	108,424
Devon On Earth	8,070	-	4,600	-	(13,729)	(1,059)
Devon Ripple	59,155	-	48,772	-	-	107,927
Devonian	32,278	1,720	22,858	-	(26,969)	29,887
Devonian Leased Property	51,000	-	(4,666)	-	-	46,334
Dipford	-	-	2,691	-	-	2,691
Devon Social Investment	7,889	-	-	-	-	7,889
Eagle one	968	-	874	-	-	1,842
Earth to Earth	-	-	-	-	-	-
ERDF	-	21,308	8,626	(29,844)	-	90
Foot Anstey	12,962	4,608	1,237	-	(5,400)	13,407
Hazel & Gerald Frankpitt	36,252	-	6,051	-	(4,250)	38,053
Hely-Hutchinson	6,999	-	(6,999)	-	-	-
High Sheriff	893	-	-	-	-	893
Historical Exeter Fire Appeal	6,816	-	(2,732)	-	-	4,084
Inspiras	145,937	3,052	(144,460)	-	-	4,529
Kitsons	7,046	-	2,072	-	(4,995)	4,123
Laurie Connor	1,697	-	1,109	-	-	2,806
Lewis	-	25,000	(2,000)	-	-	23,000
Mildmay White Family	458	-	1,129	-	-	1,587
Mohn Westlake	-	45,000	(4,500)	(2,170)	(31,818)	6,512
Mumme Ackford	954	-	1,286	-	(2,228)	12

DEVON COMMUNITY FOUNDATION

Year ended 31 March 2021

Neuro Development Through Movement North Devon Relief Old Mill Philip J Milton & Co Plc Plymouth Drake Foundation Fund Positive People BBO Aquarious Pye Ray Miles Rew Royal London Programme Rural Devon Surviving Winter Tampon Tax TCCF Executive Committee TEF property maintenance TEF revenue Thorne Farm Tiverton Community Partnership Tiverton educational Tiverton Learning Tony Hawks Transforming aging programme Two four Uncle Clems VBCT Volunteer of the year Wace Wellbeing Exeter BLF Wellbeing Exeter CB Wellbeing Exeter PCN Wellbeing Exeter SE accelerator Wellbeing Exeter Sport England LDP Wellbeing Exeter TCA Youth Social Action Fund (#iwill) Company Devon Social Investment Group	46,542 - - - (14,558) 31,984 8,844 2 5,198 - (10,047) 3,997 - 998 - - (998) - 2,388 - 1,177 - (2,000) 1,565 41,404 - 51,525 - (39,146) 53,783 18,947 77,677 (36,186) (55,191) - 5,247 17,596 - - - (3,995) 13,601 4,851 - (4,839) - - 12 1,156 - (1,156) - - - - - - - - - 3,740 - 5,360 - (4,455) 4,645 635 4,026 (20) - (2,549) 2,092 - 60,968 (3,296) - (57,672) - 2,306 6,654 (608) - (4,800) 3,552 - - - - - - 38,574 - 43,130 - (44,746) 36,958 5,800 16,957 (1,922) - (20,448) 387 8,000 38,000 (16,000) - (59,694) (29,694) - - - - - - 6,287 - 10,750 - (7,950) 9,087 5,625 - - - (300) 5,325 843 - - - - 843 175 1 - - - 176 - 10,181 (1,000) - (4,500) 4,681 112,500 - - - (24,317) 88,183 - - - - - - 3,343 - 11,478 - (14,800) 21 26,882 395,000 (98,754) (3,631) (288,630) 30,867 (118,075) 259,666 52,939 - (193,220) 1,310 - 33,214 (750) - (29,416) 3,048 - 297,130 (17,191) (6,003) (15,482) 258,454 30 35,384 (2,067) (33,348) - (1) 39,316 - - (4,239) - 35,077 - 13,702 11,210 - (24,912) -
	847,920 1,655,189 (41,800) (134,596) (1,185,016) 1,141,697
	3,987 12,436 - (3,183) (36,000) (22,760)
	851,907 1,667,625 (41,800) (137,799) (1,221,016) 1,118,937

DEVON COMMUNITY FOUNDATION

Year ended 31 March 2021

Notes to the financial statements (continued)

21. Expendable Endowment Funds - company

Endowment Funds include: Devon Community Funds Plymouth Funds **	1 April 2020 Incoming Resources Realised & unrealised Investment profits/ (losses) Transfer& Outgoing Resources Transfers 31 March 2021 £ £ £ £ £ £ 5,672,382 325,376 1,237,705 - (458,113) 6,777,350 1,141,735 30,945 264,812 - (92,036) 1,345,455 6,814,117 356,321 1,502,517 - (550,149) 8,122,806

Devon Community & Plymouth Funds are for the purpose of financing future grant making to local groups and organisations tackling disadvantage and deprivation in Devon, Plymouth and Torbay.

** In partnership with Plymouth Drake Foundation these funds are restricted for use only in the Plymouth City and travel to work area.

Expendable Endowment Funds company 2020 comparative

Endowment Funds include: Devon Community Funds Plymouth Funds **	1 April 2019 Incoming Resources Realised & unrealised Investment profits/ (losses) Transfer& Outgoing Resources Transfers 31 March 2020 £ £ £ £ £ £ 6,089,025 215,8762 (342,358) - (290,147) 5,672,382 1,268,909 29,209 (87,830) - (68,553) 1,141,735 7,357,934 245,071 (430,188) - (358700) 6,814,117

Endowment Funds - group

Endowment Funds include:
Devon Community Funds
Plymouth Funds **
Tiverton Educational Foundation

1 April
2020
Incoming
Resources
Realised &
unrealised
Investment
profits/
(losses)
Transfers &
Outgoing
Resources
Transfers
31 March
2021
£
£
£
£
£
£
5,672,382
325,376
1,237,705
-
(458,113)
6,777,350
1,141,735
30,945
264,812
-
(92,036)
1,345,456
266,000
-
-
-
-
266,000
7,080,117
356,321
1,502,517
-
(550,149)
8,388,806

DEVON COMMUNITY FOUNDATION

Year ended 31 March 2021

Notes to the financial statements (continued)

Endowment Funds group 2020 comparative

Endowment Funds include:
Devon Community Funds
Plymouth Funds **
Tiverton Educational Foundation

1 April
2019
Incoming
Resources
Realised &
unrealised
Investment
profits/
(losses)
Transfers &
Outgoing
Resources
Transfers
31 March
2020
£
£
£
£
£
£
6,089,025
215,862
(342,358)
-
(290,147)
5,672,382
1,268,909
29,209
(87,830)
-
(68,553)
1,141,735
266,000
-
-
-
-
266,000
7,623,934
245,071
(430,188)
-
(358,700)
7,080,117

22. Analysis of net assets between funds - group

Endowment funds Restricted funds Unrestricted funds	Tangible Assets Investments Total £ £ £ 266,000 8,122,806 8,388,806 - - 2,119,287 1,820 648, Other Net Assets £ - 2,119,287 , 7 , 267,820 8,771,281 2, , 11,2 ,

Analysis of net assets between funds group 2020 comparative:

Endowment funds Restricted funds Unrestricted funds	Tangible Assets Investments Other Net Assets Total £ £ £ £ 266,000 7,080,181 (266,064) 7,080,117 - - 1,118,937 1,118,937 3,203 2,766 622,324 628,293 269,203 7,082,947 1,475,197 8,827,347

23. Capital commitments

There were no capital commitments at the year end.