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2022-03-31-accounts

Devon Community Foundation

(a charitable company limited by guarantee)

Registered charity number 1057923

Trustees’ Report and Financial Statements

Year Ended 31 March 2022

Company registered number 03236918

DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Contents Page
Trustees’ Report 2
Statement of Trustees’ Responsibilities 16
Independent Auditor’s Report 17
Statement of Financial Activities 21
Balance Sheet 22
Cash Flow Statement 23
Notes and Accounting Policies 24

1

DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Trustees’ Report

The trustees are pleased to present their annual directors’ report together with the consolidated financial statements of the charity and its subsidiaries, Tiverton Educational Foundation and Devon Social Finance Ltd, for the year ending 31 March 2022 which are also prepared to meet the requirements for a directors’ report and 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).

Chair’s Report

Devon Community Foundation’s (DCF) work over the last year saw us focus, and deliver, on three key, interrelated priorities. Responding to the continuing impact of, and fall out from, the COVID pandemic, returning where we could to “business as usual” whilst also responding to internal changes and external developments.

Whilst this year saw a lifting of the majority of the pandemic’s lockdown measures, both the previous impact of these, and COVID itself, was still being felt in our communities. In terms of our grant making, we delivered the remainder of National Emergency Trust (NET) COVID response fund and, working with our donors and other partners, sought to continue to align our grant making priorities to reflect the impact of Covid. We also briefly paused our wider grant making to restructure how we make grants to reflect the new landscape and sources of funding. We launched a revamped Community Grants scheme drawing on an increased number of donor funds and developed new ways to involve donors. We also launched new schemes that responded to issues identified by our communities more widely in areas including mental health, the environment and early years support. Our total grant making this year was £2,035,131, with more large grants made than before the pandemic, more funding to larger organisations and increased money coming from the public sector (up to 42% from 2.4% in 2019). Saying that however, 45% of our grants were still made to organisations with an income less than £50,000 which was more in line with our pre pandemic levels.

To some extent this trend reflects what was our necessary focus in working with other funders to provide grants to communities to help with their immediate post pandemic needs. Moving forward, we will look at how we ensure a balance of grants that continue to reach the smaller / micro community led organisations that community foundation play a critical role in promoting and supporting. Both our own impact reporting and that of our many collaborators and partners powerfully underlined the indispensable role of smaller local and placed based community organisations in supporting people and their communities to not only survive but thrive.

As the world and our communities started to move out of emergency mode, we sought to return to delivering our full range of pre pandemic activities. We opened and extended over 20 grants schemes, welcomed new donors and fund partners and recommenced the full suite of our Wellbeing Exeter and Positive People programme activities. Our Community Insight Team continued to generate vital, and unique insight into how communities are organising and supporting each other in different locations across Devon.

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DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Trustees’ Report (continued)

We also started to look to the future and consider what of the changes we made during the pandemic, both in terms of how we work and how we grant fund, we wanted to keep. Importantly, 2021 saw the departure of two of our senior and longstanding staff team leaders, our CEO, Martha Wilkinson and Deputy CEO, Sarah Yelland. I would like to take this opportunity to express the trustees’ gratitude for their many years of hard work and success in continuing DCF’s record of growth. I also want to thank our wider staff team who stepped up to not only hold DCF steady but kept us developing. A crucial role for the trustees this year was to consider what the organisation needed from a new CEO, and carry out the recruitment. Ceri Goddard, who joined us in September 2022, is already working with the Board and staff team to develop a partnership approach to ensure DCF is in a good place to deliver what our communities in Devon want and need in the current climate.

Whilst we know the importance of, and will ensure our stable presence in these changing times, we are also ambitious to become not only an outstanding but a pioneering Community Foundation – open to and capable of the change that will be needed. Looking forward, we have a solid basis on which to bring this ambition to life. One that will see us continuing to generate and flow money into the hearts of communities best placed to make difference, and increase our scale and deepen our impact. Not only by delivering more grants to communities but also capturing their learning and amplifying their ideas for the wider changes needed to deal with the root causes of the challenges they respond to every day.

Dinah Cox, OBE

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DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Trustees’ Report (continued)

Objectives and Activities

The purpose of the Charity is:

Our Vision, Mission and Theory of Change are:

Vision: Thriving Devon Communities

Mission: To support greater equity and flourishing communities with opportunities for everyone in Devon by connecting communities, donors, and partners to maximise local impact together.

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 commitment to enabling Devon’s communities and people to take the action they want to make life 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 facing disadvantage or in vulnerable situations 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 assessing our activities with regard to the Charity Commission’s guidance on public benefit. The yield 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.

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DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Trustees’ Report (continued)

Our grant-making policy is to distribute funding to local groups, organisations and charities that support the ambitions of local people and enabl ~~e~~ local communities to thrive. Grants will be made to constituted not-for-profit 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 be 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.

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		 2022
2022
2021
2021
Number
£
£
Number
295
2,034,131
2,775,377
496
1
1,000
6,044
5
296
2,035,131
2,781,421
501

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DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Trustees’ Report (continued)

Total Value of Grants by Local Authority

----- Start of picture text -----
£74,613
£262,274
£89,710
£92,298
£103,847 £216,262
£114,429
£128,798
£118,620
----- End of picture text -----

Exeter Mid Devon North Devon South Hams Plymouth East Devon Teignbridge Torbay Torridge West Devon

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DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Total Value of Grants by Organisation Size

----- Start of picture text -----
£500,000
£450,000
£400,000
£350,000
£300,000
£250,000
£200,000
£150,000
£100,000
£50,000
£0
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
Average Annual Income of Organisation
Total Value of Gratns
----- End of picture text -----

Total Number of Grants by Organisation Size

----- Start of picture text -----
60
50
40
30
20
10
0
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
Average Annual Income of Organisation
Total number of grants
----- End of picture text -----

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DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

----- Start of picture text -----
Number and Value of Grants by IMD Decile (whole of Devon)
£300,000 45
40
£250,000
35
£200,000 30
25
£150,000
20
Number of Grants
£100,000 15 Value of Grants
10
£50,000
5
£0 0
----- End of picture text -----

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DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Trustees’ Report (continued)

Financial Review

The Foundation’s total income for the year was £2,509,255 (2021: £4,186,609). The income from donations was £1,244,834 (2021: £2,392,213), charitable activities £1,024,786 (2021: £1,555,445) and investments £239,635 (2021: £238,951). While, as anticipated, levels of both distribution and income were down compared to 2021, as the emergency Coronavirus Response and Recovery funding and grant making drew to a close, they nevertheless compare favourably with pre pandemic levels.

This year, day to day operational costs increased slightly reflecting our 2021 strategic decision to continue investment in capacity for the team, enabling us to work with more donors and partners better. Total expenditure was £ 2,635,777 (2021: £3,348,235). The expenditure on raising funds was £128,486 (2021: £121,937) and on charitable activities £2,507,291 (including grants payable of £2,035,131) (2021: £3,226,298(includes grants payable £2,781,421).

Net assets at the 31 March 2022 were £11,698,487 (2020: £11,211,404). Our total endowment grew by 9.8% to £9,289,680 (£8,388,806 2021). There were new donations to the endowment funds of £351,685 (£142,420: 2021) and, despite global market volatility, the total gain on investments amounted to £613,605 (2021: £1,546,492).

Consequently, unrestricted reserves are now at £567,771 of which £122,000 are designated. 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 £1,841,096 are for future grant making and active projects.

Reserves Policy

The trustees have 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 £567,771, which was at the upper level.

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

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

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DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Trustees’ Report (continued)

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.

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 Trustees are fully confident that Devon Community Foundation is a going concern in every sense.

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 9.6% in 2021-22.

In consideration of the potential near term volatility of global economies, the Trustees decided to distribute 3.5% of endowed value at 31 December 2021 for grant making in 2021-22 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 and recent global economic uncertainty present a significant risk to our income both from donations and investments. The Board is undertaking a

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DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Trustees’ Report (continued)

strategic review commencing in December 2022 to ensure the long-term sustainability and maximum impact of the Foundation.

The Future

In 2018-19 we implemented a new 5-year strategy with 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 of our work. To underpin our evolved strategic aims, we will review the structure of our staff team to ensure we have the necessary capacity and skills to deliver our ambitions. We continue to develop new partnerships and alliances with all sectors which allows us to continually assess how the foundation can add value to, and collaborate with others who share our aim to empower Devon’s communities to effect change.

In common with most organisations, DCF has responded in an agile and flexible way in all areas of our work to the needs of our communities throughout the Covid pandemic. We believe that there will still be several years work to help address the economic and social fall out.

Our aims 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

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DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Trustees’ Report (continued)

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 2022-23.

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 A rticles 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 Charity, all trustees are equally responsible in law for the Board’s actions and decisions. They must ensure that 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 Foundation’s financial process for expense claims.

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

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DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Trustees’ Report (continued)

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.

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 gain further insight into the Foundation’s work.

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.

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DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Trustees’ Report (continued)

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 and Hely-Hutchinson Family Funds were created from donations by Sally Wace and Caroline Harlow respectively, who are current DCF Trustees.

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.

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 Caroline Harlow Rt. Revd Robert Atwell Bishop of Exeter Edward Burnand (Vice Chair) Peter Holden Sally Wace Graham Howe Rev. Georgina Radford Ann Holman

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DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Trustees’ Report (continued)

Management

The day to day management of Devon Community Foundation is delegated to the Chief Executive, Ceri Goddard, (Appointed 12[th] September 2022) who is responsible for implementation of the Foundation’s strategy.

Additionally, the Foundation employed 16 staff (11.6 FTE) who undertake the core functions of grant making, programmes, communications, development, finance and administration.

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

Registered & Correspondence Office:

The Factory Leat Street Tiverton Devon EX16 5LL

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 proposed and agreed at the Foundation’s AGM.

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DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Trustees’ Report (continued)

Trustees’ responsibilities in relation to the financial statements

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:

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 and dissemination of financial statements may differ from legislation in other jurisdictions.

In so far as the Trustees are aware at the time of approving our trustees’ annual report:

The Trustees approve the Trustees’ Annual Report, including approval in their capacity as company directors of the Strategic Report contained within it, on 30 November 2022.

Dinah Cox, OBE Chair of the Board

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DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Independent Auditor’s Report to the Members of Devon Community Foundation

Opinion

We have audited the financial statements of Devon Community Foundation (the “Charity”) for the year ended 31 March 2022, 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:

Basis for opinion

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

Conclusions relating to going concern

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

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

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DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Independent Auditor’s Report to the Members of Devon Community Foundation (continued)

Other information

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

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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

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DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Independent Auditor’s Report to the Members of Devon Community Foundation (continued)

Responsibilities of the trustees

As explained more fully in the Statement of Trustees’ Responsibilities 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.

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

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

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

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 financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

We also considered management’s manipulation incentives and opportunities for fraudulent overstatement of profit, and fraud risk more generally.

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

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DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Independent Auditor’s Report to the Members of Devon Community Foundation (continued)

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 non- compliance 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.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our Report

This report is made solely to the Charity’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity’s members as a body, 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 30 November 2022

20

DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Consolidated Statement of Financial Activities (including consolidated income and expenditure account) For the year ended 31 March 2022

Note
Income and endowments from:
Donations & Legacies
3
Charitable activities
4
Investments
5
Other		 Unrestricted
funds
Restricted
funds
Endowment
funds
2022
2021
(note 18)
(note 19)
(note 20)
£
£
£
£
£
18,815
874,334
351,685
1,244,834
2,392,213
17,470
1,007,316
-
1,024,786
1,555,445
9,338
929
229,368
239,635
238,951
-
-
-
-
-
Total income and endowments 45,623
1,882,579
581,053
2,509,255
4,186,609
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		 128,486
-
-
128,486
121,937
-
-
-
-
-
-
2,035,131
-
2,035,131
2,781,421
138,282
-
-
138,282
118,842
210,764
123,114
-
333,878
326,035
Total expenditure 477,532
2,158,245
-
2,635,777
3,348,235
Netgains/(losses) on investments 22,826
-
590,779
613,605
1,545,683
Net incoming / (expenditure)
9
Transfers between funds
20/21		 (409,083)
(275,666)
1,171,832
487,083
2,384,057
273,483
(2,525)
(270,958)
-
-
Net movement in funds (135,600)
(278,191)
900,874
487,083
2,384,057
Reconciliation in funds:
Fund balances brought forward		 703,311
2,119,287
8,388,806
11,211,404
8,827,347
Fund balances carried forward
21		 567,711
1,841,096
9,289,680
11,698,48711,211,404

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

21

DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Balance Sheets

Balance Sheets
2022 2021
Consolidated Company Consolidated
Company
Note
£ £ £
£
Fixed Assets:
Intangible fixed assets 11 12,408 12,408 - -
Tangible fixed assets 12 269,109 3,109 267,820 1,820
Investments – listed 13 9,723,647 9,723,647 8,771,281 8,771,281
Investments – in group 100 - 100
Total fixed assets 10,005,164 9,739,264 9,039,101 8,773,201
Current Assets:
Debtors amounts falling
due within one year 14 271,197 301,891 57,723 65,257
Debtors amounts greater
than one year 14a 64,239 195,466 96,740 194,733
Cash in bank 15 1,650,166 1,535,321 2,203,234 2,095,607
Total current assets 1,985,602 2,032,678 2,357,697 2,355,597
Liabilities:
Creditors amounts falling
due within one year 16 (206,930) (201,783) (100,045) (107,311)
Net current assets 1,778,672 1,830,895 2,257,652 2,248,286
Creditors amounts
greater than one year 16 (85,349) - (85,349) -
Total net assets 17 11,698,487 11,570,159 11,211,404 11,021,487
The funds of the charity:
Endowment funds 20 9,289,680 9,023,680 8,388,806 8,122,806
Restricted funds 19 1,841,096 1,863,342 2,119,287 2,141,726
Unrestricted funds 18 567,711 683,137 703,311 756,955
Total charity funds 21 11,698,487 11,570,159 11,211,404 11,021,487

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 24 to 44 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

22

DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Consolidated Cash Flow Statement For the year ended 31 March 2022

Consolidated Cash Flow Statement
For the year ended 31 March 2022
Group Group
2022 2021
£ £
Cash flows from operating activities:
Cashprovided/(used in) by operating activities (1,186,010) 751,783
Cash flows from investing activities:
Investment income 239,633 238,951
Purchase / Sale of investments 58,126 (159,862)
Purchase of property & equipment (2,966) -
Purchase of intangible assets (13,536) -
Cashprovided by/ (used in) investing activities 281,257 79,089
Cash flows from financing activities:
Receipt of endowment 351,685 150,459
Cashprovided by (used in) financing activities 351,685 150,459
Increase/(decrease) in cash and equivalents in the reporting
period (553,068) 981,331
Cash and cash equivalents in the beginning of the reporting
period 2,203,234 1,221,903
Cash and cash equivalents in the end
of the reporting period 1,650,166 2,203,234
Group Group
2022 2021
£ £
Reconciliation of net income/expenditure to net
cash flow operating activities
Net income/(expenditure) for the reporting period 487,083 2,384,057
Adjustments for:
Receipt of endowment (351,685) (150,459)
Depreciation charges 2,805 1,382
(Gains) /losses on investments (1,010,492) (1,528,471)
Investment income (239,633) (238,951)
Increase/ (decrease) in creditors 106,885 (314,547)
(Increase) / decrease in debtors (180,973) 598,772
(Profit)or loss on sale of fixed asset - -
Net cashprovided by (used in) operating activities (1,186,010) 751,783

23

DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

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 charity’s activities with regard to the Charity Commission’s guidance on public 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 details in the Trustees’ 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 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.

24

DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

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 the executor’s intention to make a distribution. Where legacies have been notified 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.

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 of the Foundation’s work or for specific 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.

25

DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Notes to the financial statements (continued)

1. Accounting Policies (continued)

Investment income is allocated to the endowment funds. Withdrawals from the endowment fund have been made at a rate of 3.5 % (2021: 5.5%) which the trustees review annually and consider to be a reasonable withdrawal rate.

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:

● Costs of raising funds comprise the costs of fund development or marketing/advertising.

● Expenditure 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.

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.

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.

Intangible fixed assets

Website

Depreciation is provided to write off the cost of intangible fixed assets by equal instalments over their estimated useful economic life. The estimated useful economic life of the website is 3 years.

26

DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Notes to the financial statements (continued)

1. Accounting Policies (continued)

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 (using a rental yield 8.6% of value of property) therefore the value remains at £141,000 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.

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 for all staff 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.

27

DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Notes to the financial statements (continued)

3. Income from donations and legacies

Donations
Donations & Gifts
Income tax refunded		 2022
2021
£
£
1,244,834
2,392,213
-
-
1,244,834
2,392,213

The income from donations and legacies was £1,244,834 (2021: £2,392,213) of which £18,815 was unrestricted (2021: £12,141), £874,334 was restricted (2021: £2,229,613) and £351,685 was endowment (2021: £150,459). Includes gift aid income.

4. Income from charitable activities

Grant Income 2022
2021
£
£
1,024,786
1,555,445
1,024,786
1,555,445

The grant income was £1,024,786 (2021: £1,555,445) of which £17,470 was unrestricted (2021: £5,683) and £1,007,316 was restricted (2021: £1,549,762).

5. Income from investments

Interest receivable
Investment income
Loan Interest received		 2022
2021
£
£
3,601
1,524
235,105
237,000
929
427
239,635
238,951

The income from investments was £239,635 (2021: £238,951) of which £9,338 was unrestricted (2021: £32,662), £929 was restricted (2021: £427) and £229,368 was endowment (2021: £205,862).

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

28

DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Notes to the financial statements (continued)

Income from other activities

The wholly owned subsidiary Tiverton Educational Foundation is incorporated in the UK (charity number 306701) and pays all of its profit to the charity under the gift aid scheme. The registered office of the subsidiary is The Factory, Leat Street, Tiverton, Devon EX16 5LL. A summary of the trading results is 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		 2022
2021
£
£
5000
24,710
(24,905)
(18,243)
(19,905)
6,467
(19,905)
6,467
266,000
266,000
2,309
14,674
(10,963)
(3423)
(8,654)
11,251
257,346
277,251

The income from other trading activities was £5,000 (2021: £24,710) of which all was unrestricted. Rental income arose from the rental of the investment property.

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 The Factory, Leat Street, Tiverton EX16 5LL. 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		 2022
2021
£
£
926
22,784
(42,610)
(72,257)
(41,684)
(49,473)
(41,684)
(49,473)
198,715
230,457
(327,633)
(317,691)
(128,918)
(87,234)
(128,918)
(87,234)

29

DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Notes to the financial statements (continued)

6. Cost of raising funds

Support staff costs
Fund development costs
Direct associated costs
Investment management costs		 Unrestricted
Funds
Restricted
Funds
Endowment
Funds
2022
2021
£
£
£
£
£
81,782
-
-
81,782
90,008
2,435
-
-
2,435
2,238
44,269
-
-
44,269
29,691
-
-
-
-
128,486
-
-
128,486
121,937

Expenditure on raising funds was £128,486 (2021: £121,937) all of which is unrestricted

7. Charitable activities costs

Grants Payable
Administration of grant making
Support costs		 Unrestricted
Funds
Restricted Funds
Endowment
Funds
2022
2021
£
£
£
£
£
-
2,035,131
-
2,035,131
2,781,421
138,282
-
-
138,282
118,842
210,764
123,114
-
333,878
326,035
349,046
2,158,245
-
2,507,291
3,226,298

Expenditure on charitable activities was £2,507,291 (2021: £3,226,298) of which £349,046 was unrestricted (2021: £371,674), £2,158,245 was restricted (2021: £2,908,624) and £nil was endowment (2021:£nil).

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

Other charities & voluntary organisations
Individuals
Total grant expenditure		 2022
2022
2021
2021
Number
£
£
Number
296
2,034,131
2,775,377
496
1
1,000
6,044
5
297
2,035,131
2,781,421
501

30

DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Notes to the financial statements (continued)

8. Support costs

. Support costs
Staff costs
General office
Marketing & Promotion
Audit fees
Consultancy
Legal & Professional fees
Building Repair &
Maintenance
Depreciation
Trustee meetings/training
Debt write off		 General
Support
Programme
Management
& Evaluation
Governance
support
2022
2021
Basis of
apportionment
£
£
£
£
£
141,844
101,099
-
242,943
223,219
Allocated on time
524
24,096
-
24,620
36,347
Allocated by staff
-
378
-
378
347
Programme
-
665
4,280
4,945
5,605
Governance
-
11,426
1,400
12,826
6,485
Allocated by Cost
-
1,540
-
1,540
1,474
Governance
-
-
13,921
13,921
6,418
Allocated by Cost
-
252
-
252
124
Programme
-
33
-
33
331
Governance
32,420
-
-
32,420
45,685
174,788
139,489
19,601
333,878326,035

9. Net income/(expenditure) for the year

2022 2021
This is stated after charging: £ £
Depreciation & amortisation 2,805 1,382
Audit fees 12,163 8,750

10. Staff numbers and costs

The group, on average, employed 16 (2021: 15) part-time staff during the reporting period, which is equivalent to 11.6 (FTE) employees (2021: 10.32). 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		 2022
2021
£
£
405,986
377,260
31,450
30,541
8,137
8,177
445,573
415,978
2022
2021
Number
Number
1.2
1.6
1.63
1.0
0.47
0.8
7.14
5.39
1.2
1.53
11.64
10.32

There were no employees with emoluments above £60,000 (2021: £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.

31

DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Notes to the financial statements (continued)

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 £196,022 (2021: £195,808).

Trustees received no remuneration (2021: £nil). During the year ended 31 March 2022 trustees’ were reimbursed for expenses amounting to £369 (2021: £527).

11. Intangible fixed assets – group & company

Website Total
Cost £ £
At 1 April 2021 - -
Additions 13,536 13,536
Disposals - -
At 31 March 2022 13,536 13,536
Amortisation
At 1 April 2021 - -
Charge for the year 1,128 1,128
Eliminated on disposal - -
At 31 March 2022 1,128 1,128
Net book values
At 31 March 2022 12,408 12,408
At 31 March 2021 - -
12. Tangible fixed assets - company
Property Computer Other Total
Cost £ £ £ £
At 1 April 2021 - 19,532 5,521 25,053
Additions - 1,454 1,512 2,966
Disposals - - - -
At 31 March 2022 - 20,986 7,033 28,019
Depreciation
At 1 April 2021 - 17,712 5,521 23,233
Charge for the year - 1,677 - 1,677
Eliminated on disposal - - - -
At 31 March 2022 - 19,389 5,521 24,910
Net book values
At 31 March 2022 - 1,597 1,512 3,109
At 31 March 2021 - 1,820 - 1,820

32

DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Notes to the financial statements (continued)

Property &
Tangible fixed assets – group Investment
Property Computer Other Total
Cost £ £ £ £
At 1 April 2021 266,000 19,532 5,521 291,053
Additions - 1,454 1,512 2,966
Disposals - - - -
At 31 March 2022 266,000 20,986 7,033 294,019
Depreciation
At 1 April 2021 - 17,712 5,521 23,233
Charge for the year - 1,677 - 1,677
Eliminated on disposal - - -
At 31 March 2022 - 19,389 5,521 24,910
Net book values
At 31 March 2022 266,000 1,597 1,512 269,109
At 31 March 2021 266,000 1,820 - 267,820

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.

33

DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Notes to the financial statements (continued)

13. Investments – group and company

Market value
At 1 April 2021
Additions
Disposals
Unrealised & Realised gains / (losses)
Movement on investment and dividend accounts
At 31 March 2022
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
2022
2021
£
£
£
£
3,337
8,767,944
8,771,281
7,082,947
1,097,266
1,097,266
1,152,705
(1,155,392)
(1,155,392)
(992,842)
569
632,327
632,896
1,546,492
377,596
377,596
(18,021)		 Investment
to support
core costs
Endowment
Investments
2022
2021
£
£
£
£
3,337
8,767,944
8,771,281
7,082,947
1,097,266
1,097,266
1,152,705
(1,155,392)
(1,155,392)
(992,842)
569
632,327
632,896
1,546,492
377,596
377,596
(18,021)
3,906
9,719,741
9,723,647
8,771,281
2022
Market Value
2021
Market Value
356,474
370,678
-
-
56,734
162,438
116,499
1,530,308
1,646,988
5,089,834
4,775,824
2,573,798
1,815,353
9,723,647
8,771,281

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.

14. Debtors: amounts due within one year – group and company

Loan to subsidiary DSF
Loan
Grant income
Prepayments
Other Debtors		 Group
Company
Group
Company
2022
2022
2021
2021
£
£
£
£
-
43,180
-
34,767
19,530
-
25,989
-
239,941
239,941
20,193
20,193
6,456
5,246
10,227
8,983
5,269
13,524
1,314
1,314
271,197
301,891
57,723
65,257

34

DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Notes to the financial statements (continued)

14a. Debtors: amounts due over one year – group and company

Loan to subsidiary DSF
Loans
15. Cash at bank – group and company
Revenue accounts:
CAF Current Account
Arbuthnot Latham Account
CAF Current Gold Account
Arbuthnot Latham 2 Account
CAF Gold Account
Secure Trust 120 Account
CAF DSF Cash Account
CAF DSF 2 Cash Account
16. Creditors: amounts falling due within one year
Trade creditors
Other creditors - HMRC
Other creditors - Grants
Other creditors - TEF
Accruals and deferred income
16a. Creditors: amounts falling due over one year
Other creditors – Loans
Other creditors – Grants		 Group
Company
Group
Company
2022
2022
2021
2021
£
£
£
£
-
195,466
-
194,733
64,239
96,740
-
64,239
195,466
96,740
194,733
Group
Company
Group
Company
2022
2022
2021
2021
£
£
£
£
671,282
671,282
1,347,618
1,347,618
-
-
69,330
69,330
122,000
122,000
55,081
55,081
-
-
22,433
22,433
742,039
742,039
601,145
601,145
-
-
-
-
92,493
-
85,166
-
22,352
-
22,461
-
1,650,166
1,535,321
2,203,234
2,095,607
Group
Company
Group
Company
2022
£
2022
£
2021
2021
£
£
12,194
12,194
3,308
3,308
6,684
6,684
8,437
8,437
171,338
171,338
-
-
-
-
-
13,430
16,714
11,567
88,300
82,136
206,930
201,783
100,045
107,311
Group
Company
Group
Company
2022
£
2022
£
2021
2021
£
£
85,349
-
85,349
-
-
-
-
-
85,349
-
85,349
-

35

DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

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
17. Funds of the Charity
At 1 April 2021
Surplus for the year
At 31 March 2022
Funds of the Charity – 2021 comparative:
At 1 April 2020
Surplus for the year
At 31 March 2021		 2022
Consolidated
£
-
85,349		 2021
Company
£
-
85,349
85,349 85,349
Income and
expenditure
account
£
11,021,487
548,672
11,570,159
Income and
expenditure
account
£
8,595,424
2,427,063
11,021,487

18. Unrestricted funds - group

18. 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
Designated
Reserve Fund
Total
£
£
£
581,311
122,000
703,311
45,623
-
45,623
(477,531)
-
(477,531)
22,826
-
22,826
273,482
-
273,482
445,711
122,000
567,711

36

DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Notes to the financial statements (continued)

Unrestricted funds – group 2021 comparative

Unrestricted funds – group 2021 comparative
Fund balances brought forward
Incoming resources
Outgoing resources
Net gains/(losses) on investments
Transfer between funds
Fund balances carried forward		 General Fund
Designated
Reserve Fund
Total
£
£
£
568,293
60,000
628,293
50,486
-
50,486
(439,611)
-
(439,611)
43,166
-
43,166
358,977
62,000
420,977
581,311
122,000
703,311

37

DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Notes to the financial statements (continued)

19. Restricted funds - group

Brought Incoming Project Grants 31 March
Fund Forward resources Transfers Expenditure Awarded 2022
£ £ £ £ £ £
Activistock (1) - 5,404 - - 5,403
Alex Ferryman Foundation 11,080 - - - (10,000) 1080
Arnold Family 1,981 - 990 - - 2,971
Babeleigh CE Turbine 24,691 19,082 (10,093) - (21,511) 12,169
Batsworthy Cross 115,874 103,990 (17,554) - (5573) 196,737
Beckly Revenue Fund - - 7,000 - (2,000) 5,000
Blackdown Hills 7,145 - 1,362 - (3,000) 5,507
Blundell’s 6,660 - 540 - (7,200) -
Chiggy Pig 814 18,750 (1,500) - (1,815) 16,249
Clare Milne 10,100 10,000 (1,000) - (18,500) 600
Comic & Sport Relief 49 - - - - 49
Community grants 26,556 12,095 78,041 - (30,928) 85,764
Cooper family (Stags) 2,253 - (2,253) - - -
Crimebeat 23,467 - (7,154) - - 16,313
DD McPhail Charitable 4,500 - (4,500) - - -
Dart Harbour 2,348 - - - - 2,348
DCC Household Support - 200,000 - - (200,008) (8)
DCC Suicide Prevention - 51,901 (7,935) - (40,515) 3,451
DCC Winter Support 122,284 30,200 (45,726) - (92,375) 14,383
Devon 100 Club 1,683 - - - - 1,683
Devon Emergency Fund - - 15,000 - - 15,000
Devon Flood (46) - - - - (46)
Devon Coronavirus RR 230,970 1,181 (10,647) - (178,834) 42,670
Devon On Earth 5,749 - 4,358 - (9,800) 307
Devon Ripple 227,395 - 57,169 - (133,649) 150,915
Devonian 60,532 - 20,581 - (10,000) 71,113
Devonian Leased Property 46,334 - - - - 46,334
Dipford - - 2,422 - - 2,422
Devon Social Investment 7,889 - - - - 7,889
Eagle One 3,124 - 816 - - 3,940
Foot Anstey 14,531 4,053 (11,185) - (4,100) 3,299
Hazel & Gerald Frankpitt 41,581 - (19,225) - (8,000) 14,356
Hely-Hutchinson 3,757 - 2,404 - (6,161) -
High Sheriff 890 2,159 (216) - - 2,833
Historical Exeter Fire Appeal 4,084 - - - - 4,084
Hobson’s Choice 18,000 - - - - 18,000
Hospiscare 10,243 2,752 59,755 - (72,750) -
Give Love Devon - 7,832 4,373 - - 12,205
Inspiras 4,635 733 - - - 5,368
Kitsons 4,238 - 1,872 - (1,163) 4,947
Laurie Connor 1,597 - 998 - (2,000) 595
Let’s Create Jubilee Fund - 100,662 (7,457) - (93,205) -
Mildmay White Family 3,201 - 1,016 - (4,000) 217
Mumme Ackford 1,851 - 1,157 - - 3,008

DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

19. Restricted funds - group

Neuro Development
Through Movement
North Devon Relief
Old Mill
OPCC Community Grants
OPCC Property Act Fund
Philip J Milton & Co Plc
Plymouth Drake Foundation
Fund
Positive People BBO
Aquarious – Pye
Queen Victoria
Commemoration Fund
Ray Miles
Rew
Rural Devon
Sarah Wood Fogwell
Surviving Winter
Tampon Tax
TCCF – Executive Committee
TEF revenue
Thorne Farm
Tiverton Community
Partnership
Tiverton Learning
Tony Hawks
Torbay Suicide Prevention
Transforming Aging
Two four
VBCT
Wace
Wellbeing Exeter – BLF
Wellbeing Exeter – CB
Wellbeing Exeter - NHS
Charities Together
Wellbeing Exeter – PCN
Wellbeing Exeter – SE
Accelerator
Wellbeing Exeter – Sport
England LDP
Wellbeing Exeter TCA
Wellbeing Exeter Living
Options
Company
Devon Social Investment
Group
27,984
-
-
-
(1,000)
26,984
7,452
3
4,679
-
(460)
11,674
1,000
-
-
-
(1,000)
0
-
204,000
(30,600)
-
(61,282)
112,118
-
51,002
(7,650)
(43,351)
1
3,248
-
1,059
-
(1,940)
2,367
130,111
-
46,660
-
-
176,771
4,828
87,451
(20,943)
(70,243)
-
1,093
14,158
-
(4,080)
-
(8,000)
2,078
-
-
4,730
-
-
4,730
2,351
-
1,475
-
-
3,826
2,985
-
1,879
-
(4,000)
864
9,660
-
4,825
-
(3,945)
10,540
15,435
-
-
-
(376)
15,059
2,345
1,250
(110)
-
-
3,485
144
-
-
-
-
144
3,281
12,095
8,395
-
(13,450)
10,321
95,128
-
15,720
-
(41,000)
69,848
14,516
15,647
(8,016)
-
(22,147)
0
306
-
-
-
-
306
23,476
-
3,237
-
-
26,713
5,325
-
-
-
-
5,325
-
25,685
(3285)
-
(19,105)
3,295
843
(3)
-
-
-
840
175
-
-
-
-
175
83,253
-
(60,000)
-
-
23,253
-
-
10,334
-
(9,742)
592
31,828
194,750
(43,774)
(3,047)
(130,119)
49,638
(10,862)
259,666
-
(53)
(283,247)
(34,496)
-
3,500
(750)
-
-
2,750
(3,275)
112,005
(2,625)
-
(105,956)
149
539,861
289,510
(35,993)
(10,235)
(307,423)
475,720
(542)
46,312
(1,005)
(33,506)
-
11,259
84,673
12,123
(5,500)
(6,030)
(20,501)
64,765
-
2,000
-
-
-
2,000
2,141,726
1,882,386
(2,525)
(123,114)
(2,035,131)
1,863,342
(22,439)
193
-
-
-
(22,246)
2,119,287
1,882,579
(2,525)
(123,114)
(2,035,131)
1,841,096

39

DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

19. Restricted funds – group (continued)

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.

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

Devon Coronavirus Response and Recovery Fund: In 2020 the DCRRF distributed over £1.25 million to small local charities and community organisations, to enable them to carry out a wide range of activities and endeavours, some very different to their previous practices, to support vulnerable people during the pandemic. The fund, that closed later in the year, was then superseded by a Core Cost Fund that aimed to help the groups themselves, as they reported their own financial discord. The donations to support this activity came largely from National Emergencies Trust (via UKCF) and local donors.

OPCC Community Grants - funding for projects and initiatives across Devon that directly impact communities and which align with the Police and Crime Plan of providing place-based support for victims and offenders to address local priorities

The Winter Support programme was a receipt of funds from Devon County Council providing emergency food support for families in Devon with a particular focus on the school holidays.

Police Property/Crimebeat – Helps communities come together with the Police to find solutions to specific and local crime ‘hotspots’ or issues.

Wellbeing Exeter 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.

Devon Social Investment - Devon Social Finance make individual loans of up to £150,000 to Voluntary Community & Social Enterprises. This is funded through contributions from Devon Community Foundation (DCF) and The Growth Fund. The Growth Fund, is a £50m partnership which uses a combination of grant funding, made possible thanks to National Lottery players, and loan finance from Big Society Capital and other co-investors, to address specific gaps in the social investment market. The programme is delivered by Access through a range of social investors. Grant funding for this programme is treated as restricted funding.

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.

40

DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

19. Restricted funds - group (continued)

Restricted funds – group 2021 comparative:

Brought Incoming Project Grants 31 March
Fund Forward resources Transfers Expenditure Awarded 2021
£ £ £ £ £ £
Activistock 874 - (875) - - (1)
Alex Ferryman Foundation - 30,000 (1,500) (17,420) 11,080
Arnold Family 409 - 1572 - - 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
Blundell’s 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 2,348 - - - -
Dart Harbour 2,348 - - - - 2,348
Devon 100 Club - - - - - 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
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 31,984 - - - (4,000) 27,984
Through Movement
North Devon Relief 3,997 - 6,993 2 (3,540) 7,452
Old Mill - 2,200 (200) - (1,000) 1,000

41

DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Philip J Milton & Co Plc
Plymouth Drake Foundation
Fund
Positive People BBO
Aquarious - Pye
Ray Miles
Rew
Rural
Surviving Winter Appeal
Tampon Tax
TCCF- Executive Committee
TEF Revenue
Thorne Farm
Tiverton Community
Partnership
Tiverton Learning
Tony Hawks
Transforming Ageing
Programme
Uncle Clems
Two Four
VBCT
Wace
Wellbeing Exeter - BLF
Wellbeing Exeter - CB
Wellbeing Exeter – PCN
Wellbeing Exeter – SE
Accelerator
Wellbeing Exeter – Sport
England
Wellbeing Exeter TCA
Youth Social Action Fund
Company
Devon Social Investment
Group		 1,565
-
1,683
-
-
3,248
53,783
-
73,972
-
2,356
130,111
5,247
94,100
(33,477)
(61,042)
-
4,828
13,601
557
-
-
-
14,158
12
-
2,339
-
-
2,351
-
-
2,985
-
-
2,985
4,645
-
5,015
-
-
9,660
2,092
3,859
(3,606)
-
-
2,345
-
144
-
-
-
144
3,552
5,357
(628)
-
(5,000)
3,281
36,958
-
64,170
-
(6,000)
95,128
387
15,542
(1,413)
-
-
14,516
(26,694)
30,000
-
-
-
306
9,087
-
15,989
-
(1,600)
23,476
5,325
-
-
-
-
5,325
843
-
-
-
-
843
4,680
-
(4,680)
-
-
-
175
-
-
-
-
175
88,183
-
-
-
(4,930)
83,253
21
-
(21)
-
-
-
30,867
390,000
(48,532)
(1,924)
(338,583)
21,828
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)
539861
(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

20. Expendable Endowment Funds - company

Endowment Funds include:
Devon Community Funds
Plymouth Funds **		 1 April
2021
Incoming
Resources
Realised &
unrealised
Investment
profits/
(losses)
Transfer&
Outgoing
Resources
Transfers
31 March
2022
£
£
£
£
£
£
6,777,351
547,032
507,009
-
(287,076)
7,544,316
1,345,455
34,021
83,770
-
16,118
1,479,364
8,122,806
581,053
590,779
-
(270,958)
9,023,680

42

DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Notes to the financial statements (continued)

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 2021 comparative

Endowment Funds include:
Devon Community Funds
Plymouth Funds
ndowment Funds - group
Endowment Funds include:
Devon Community Funds
Plymouth Funds
Tiverton Educational Foundation		 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)
6,777,351
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
1 April
2021
Incoming
Resources
Realised &
unrealised
Investment
profits/
(losses)
Transfers &
Outgoing
Resources
Transfers
31 March
2022
£
£
£
£
£
£
6,777,351
547,032
507,009
-
(287,076)
7,544,316
1,345,455
34,021
83,770
-
16,118
1,479,364
266,000
-
-
-
-
266,000
8,388,806
581,053
590,779
-
(270,958)
9,289,680

Endowment Funds - group

Endowment Funds – group 2021 comparative

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)
6,777,351
1,141,735
30,945
264,812
-
(92,036)
1,345,455
266,000
-
-
-
-
266,000
7,080,117
245,071
1,502,517
-
(550,149)
8,388,806

A total of £270,958 (2021: £550,149) was transferred from the endowment funds to restricted (£228,734) and unrestricted (£42,224) funds in the year.

43

DEVON COMMUNITY FOUNDATION Year ended 31 March 2022

Notes to the financial statements (continued)

21. Analysis of net assets between funds - group

Tangible &
Intangible Net Current
Assets Investments Assets Total
£ £ £ £
Endowment funds 266,000 9,023,680 - 9,289,680
Restricted funds - 394,411 1,446,685 1,841,096
Unrestricted funds 15,517 305,556 246,638 567,711
281,517 9,723,647 1,693,323 11,698,487
nalysis of net assets between funds – group 2021 comparative:
Tangible &
Intangible Net Current
Assets Investments Assets Total
£ £ £ £
Endowment funds 266,000 8,122,806 - 8,388,806
Restricted funds - 417,535 1,701,752 2,119,287
Unrestricted funds 1,820 230,940 470,551 703,311
267,820 8,771,281 2,172,303 11,211,404

Analysis of net assets between funds – group 2021 comparative:

22. Capital commitments

There were no capital commitments at the year end.

44