2024-03-31-accounts

WE ARE DEVON Community Foundation Devon Community Foundation {a charitable company limited by guarantee) Registered charity number 1057923 Trustees, Report and Financial Statements Year Ended 31 March 2024 Company registered number 03236918 Quality accredyced Dy UK Comrnunrty Foundatkirs aTh1ard5 eromj ty the Cttarty Comrn159on UK Community Foundations

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Contents Page Trustees, Report Statement of Trustees, Responsibilities 13 Independent Auditorfs Report 14 Statement of Financial Activities 18 Balance Sheet 19 Cash Flow Statement 20 Notes and Accounting Policies 21

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Trustees Report The trustees are pleased to present their annual director5. report together with the consolidated financial statements of the charity and its subsidiaries, Tiverton Educational Foundation and Devon Social Finan￿ Ltd, for the year ending 31 March 2024, 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 thelr financial statements in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021. In 2023/2024 Devon Community Foundation IDCF) continued to support Devon's communities as outlined in this report. Chairfs Report There was a change in trustees overthe year. We were sad to say goodbye to Graham Howe, Robert Atwell, Bishop of Exeter, and Peter Holden: all had been long-serving members of the board who particularly supported the organisation around finance and policy issues. Bishop Robert's speech on social housing in rural and coastal areas at the House of Lords in July eloquently spoke to the work that communityfoundations need to engage with in supporting communities facing disadvantage. We were pleased to recruit Rowan Truscott and Jackie Searle, Bishop of Crediton and Acting Bishop of Exeter, to the board. The balance between old and new members and diversity of thought have been key to the continuing development of DCF. Following the recruitment of Ceri Goddard as the new Chief Executive in September 2022, the new financial year saw her continuing to Strengthen the organisation's staff team, in particular working with trustees to develop and recruit to two new posts to head up the delivery of our phllanthropy and grants work. Partnership and collaboration were important to all we did. We worked Close￿ with other funders Including the national Community Foundation network, UKCF, and the South West Funders Forum, which Ceri co-chaired. This ensured we took advantage of best practice examples and shared our work with others supporting their communities with local giving. We engaged more closely around community safety too, working with the High Shertff, the Police and Crime Commissioner and the Chief Constable to ensure the funds they entrusted to DCF continued to deliverthe best outcomes possible. As part of developing our environmental work we were pleased to hold events with both community groups and potential donors to help design future work in this important area. Our work with the voluntary, community and social enterprise sector was also strengthened by our membership of the VCSE Assembly. Food insecurity was a big issue for us in 2023- 2024. We held an event on food insecurlty in North Devon in October and produced a report in January looking at who faced problems accessing food and what those Issues were. For instance, the lack of local shops in wral areas and the cost-of-living crisis were noted, as was the plight of asylum seekers with no recourse to public funds and temporary housing without adequate cooking facilities. We continued to fund work in this area with the support of Devon County Council and the Young Foundation, amongst others. From July we spent time working on getting our new branding developed and that was put in place for the next financial year {2024/2025). Our regular newsletterwas also reinvigorated, and we undertook

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Trustees, Report contlnued a review of our digital capacity and potential changes we could make to help us use technology more effectively and efficiently. Caroline Harlow Acting Chair

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Trustees. Report continued Objectives and Activities The purpose of the charity Is: To distribute grant fundlng across Devon, Plymouth and Torbay to local community groups and organisations that tackle deprivation and disadvantage within their communities and to support vulnerable people in the county. All the activities of the Charity are wholly aimed at the public benefit of hlstorlc Devon's residents. Our Vision, Mission and Activities Devon Communty Foundation's vision and mission in 2023- 2024 were: Vision: Thrivlng Devon Communitles Mlsslon: To support greater equity and flourishing communities with opportunities for everyone in Devon by connecting communities, donors, and partners to maximise local impact together. The board of DCF reviewed Its objectives and activities and set its goals for 202312024 in early 2023, This included ensuring our activities met with the Charity Commission's test on public benefit alongside our charity purpose. Money was distributed to local community groups and organisations to address disadvantage and deprivation across the county. To give some more insight into the worl a few highlights follow. Philanthropy The focus in Development and Philanthropy was on strengthening engagement with our current donors and fund holders, being more visible, and offering opportunities for match funding where possible. This resulted in additional fvnding to augment public money through a number of different programmes - CLASP (Communities Local Action for Suicide Prevention). Food Fuel and More, and Safer Communities {Office of the Pollce and Crime Commissioner). A mlni appeal for Surviving Winter ralsed £15.000 from those who could afford to donate their Winter Fuel Payment. We were pleased wlth the response as well as the traction it recelved in the media. Our relationship with the Sedel-collings Foundation continued to develop, with the Foundation providing match funding over the year, a5 well as further funds to run a programme to support the mental health of those working in frontline charTties- Supporting the Supporters. We would also like to thank Pencarrie Ltd for their generous donation which is supporting early years work for children and young people. Fundlng Local Communities In terms of funding and grant makin& the first half of the financial year saw us run a number of grant programmes with individual donors {notably Thrive wlth Five, Mobillse and Communty Grants}, while in the second we ran three large programmes for public bodles: Safer Communities, distributing Police and Crime Commissioner Funds {matched by other donors); Food Fuel and More, dlstributing Household Support Fund monies via Devon County Council; and CLASP, as mentioned earller, distributing funds from Devon and Torbay councils.

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Trustees, Report continued We also continued to distribute from four Community Benefit Funds (Thorne Farm, Babeleigh Barton, Diptford and Batsworthy Cross), with the last closed for six months while we reviewed guidance, grant structure and governance. At the same time, we planned our approach to grant making for the upcoming three years, reviewing all of our systems and processes with the aim of creating a more streamlinedljoined-up approach to grant making across our income streams. Research and Learning The year saw us continuing to manage Wellbeing Exeter IWBE} with our partners. We undertook and launched an impact report that showed the value of the project's community development work which focused on improving the health and wellbeing outcomes for residents across the city and Cranbrook. As mentioned in the Chairfs report. food insecurity was a key focus. We received £97,000 from the Young Foundation for Food for Thought to undertake work in North Devon bringing together young people with food producers and caterers to look at ways to gain community benefit by improving local food production and preparation. Working across the organisation we convened a Roundtable event in February focusing on the theme of climate action which provided valuable insight from the VCSE sector, donors and researchers. We also worked with Plymouth City Council, to establish a new programme to test funding projects that raise awareness of, and address. male violence against women and girls. Learning from these will inform our future philanthropy and grant making. West 06von VAIIIE OF GIIANTS BY LOCAL AUTHORITY £54.218 Torridge £56.011 s% North Dovon É232.916 Tortwy £87.354 Id DOT* £87.724 T0ignbiidg• E118,38S Exotor £217.091 outh f'120.549 10% East D•¥¢ £141.062 South Han £128266 'io%

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 TOTAL VALUE OF GRAMTS BY ORGAMISATIOM SIZE £250,(fJO £227.946 £227.815 £159.803 £165.897 £102.127 £96.3n £59268 P ts) £5(IXI £SCthto £10.00) to £25.0(n to £50 OCO to £1C0.￿oI0 £250.CO) £10.OCQ F25 OC £so.Ofl) £1CQ CQO f2S),CKJO AverageAnnual InCune￿ oryantsatton IIIIIIBER OF GIANTS BY •IGAMISATIOI SIIE 31 28 25 ?4 2 J5 io s.cw ) Éso.10) £1fy) (W lo tyr (250 C

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Trustees, Report continued Financial Review The FoundatSon's total Income for the year was £2,534,721 (2023: £2,611,420). The income from donation5 was £1,245,712 {2023: £1,123,329), charitable activities £898,905 (2023: £1,229,696) and investments £390,104 (2023: £258,395). Total expenditure was £2,946,666 (2023: £2,893,982). The expendlture on ralsing funds was £126,792 (2023: £96,596) and on charitable activities £2,515,040 (including grants payable of £2,341,149) {2023: £2,488,489), (includes grants payable of £2,325,083>. Net assets at the 31 March 2024 were £11,350,343 (2023: £11,008,310). Ourtotal endowment Increased by 6.83% to £9,362,397 (2023: £8,763,684). There were new donatlons to the endowment funds of £14,35112023: £26,882} and the total unrealised gain on investments amounted to £753,978 12023.loss of £407,615). Consequentlyi unrestricted reserves are now at £536,873 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 ￿$trIcted funds of £1,451,073 are for future grant making and active projects. Reserves Policy The trustees have designated £122,000, which is the minimum level of reseNes 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 reserves policy each year. At the year end the unrestricted reserves were £536,873, which was at the upper level. The trustees believe that it is appropriate to maintain unrestricted funds to ensure: i. the smooth operation of the Foundation in the event of long-term illness of a member of staff 2. the continuation of activitles in the short term if sources of flow-through grant-making ￿aSed or diminished 3. the management of medium, or longertenn, fluctuations in Income 4. the financing of obllgations, residual liabilities and redundancies should the Foundation cease to operate Going Concern The Foundation is in the fortunate POSTtion of having a healthy cash-flow projection due to recelving 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 perpetuty and is able to support itself with a reliable source of income. The three-year f5nancial 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 expenditure to align with income. The trustees are fully confident that Devon Community Foundation is a going concern in every sense.

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Trustees, Report continued Investments Devon Community Foundation continues to work with Wiltshire Community Foundation, Dorset Communlty Foundation and Somerset Communty Foundation with a collective agreement for investment. The jolnt Investment Committee, with representatives from all fourcommunity Foundations, carries out scrutiny of our investment performance and Investment Managers. The total return on endowment investments was Il% in 2023-24. In consideration of the potential near-term volatilTty of global economies, the trustees declded to distrlbute 3.5% of endowed value at 31 December 2022 for grant making in 2023-24 and those funds were distributed in the year. The Foundatlon has investments with: Evelyn Partners Llmited Portwall Place 21 Portwall Lane Redcliffe Bristol BSI 6NA Sarasln & Partners Juxon House 100 St. Paul's Churchyard London EC4M 8BU CCLA Investment Management Limited Senator House 85 Queen Victoria Street London EC4V 4ET Principal Risks and Uncertainties In 2023-2024, the board of trustees reviewed the risks to the work of Devon Community Foundatlon as part of reviewing the strategy and in quarterly board meetings. The global and domestic social, economic and political uncertainty remained a significant risk to our income both from donations and investments. The CEO worked with the board to continue a strategic review started in December 2022, to consider the best strategy to ensure the long-term sustalnability and maximum irnpact of the Foundation.

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Trustees, Report continued The Future As we lookforward, 202412025 will still see us offering support to local philanthropists, working to nderstand our communities, needs and aspirations, and supporting voluntary and community groups doing arnazing work to tackle issue5. Supporting Devon's communities through philanthropy, grant making and research will be our core work, with a new mission and values agreed by the trustee5 and staff team to reflect this focused approach. By engaging with our donors, charities and the public and private sectors, DCF trustees and the staff team will continue to work, strengthening communities and tackling inequalities to contribute to a Devon that works for everyone, today and tomorrow. We will be ensuring we continue to recruit new trustees with the skills and experience the Foundatlon needs to deliver our mission. A full governance review will be completed to update the Memorandum and Articles of Association and other governan￿ policies and prO￿dureS to meet current best practice standards. We will also be looking at how we can involve more volunteers in our work, for instance, through sub-committees working on spectFic areas of work such as funding, specific themes such as community safety or specific areas of Devon such as Tiverton. Building on the strategic development work started in 2023- 2024 and ensuring a long-term business plan is in place will be key to the work of the board now and beyond the next year. With Ceri Goddard leaving in July 2024, Dinah Cox took on the role of Interim Chief Executive after stepping down from her role as Chair. It Is hoped that a new Chief Executive will be in post by early 2025. Caroline Harlow has taken on the role of Acting Chair to guide the organisation through this year. Internally we will be working with other Communtty Foundations to improve our digital capacity using a shared Salesforce Customer Relationship Management System. This will allow accurate data to be shared between organisations and save our staff time with the administrative tasks needed to carry out our work. We will also develop a plan to implement other changes that were recommended in our review of the use of digital technolo￿. Collaboration will feature as a priority- For example. building on our community safety work with the High Sheriff, the Police and Crime Commissioner and the Chief Constable to ensure the funds they entrusted to DCF continued to deliver the best outcornes possible. As Caroline Harlow, acting chair, is due to take on the role of High Sheriff in 202512026, we will see this area of work continue to strengthen. Food insecurity Is another area that continues to be a big issue for Devon communities as mentioned in the Trustees, report earlier in this document. It is essential we work in partnership to tackle this and we will be looking to further develop our research and delivery around improving access to food with local communities, Devon County Council, the Young Foundation and other interested parties. Mental wellbeing has been a concern to the Foundation for many years and sadly mental health Issues impact the lives of so many in our communities. We are however pleased that in 2024- 2025 our relationship with the Sedel-collings Foundation and others will continue, in particular with Supporting the Supporters, a much-needed grants programme supporting the mental health of those working in frontline charities. In grant rnaklng we will also continue to fund groups through our small grants prograrnme and from four Community Benefit Funds (Thorne Farm, Babeleigh Barton, Diptford and Batsworthy Cross). We will be reinvigorating our broader grantmaking processes looking at the potentlal for multl-year grants and the most effective ways to fund areas of work such as the environment. The coming year wlll see us hand over management of Wellbeing Exeter IWBEI to the charity CoLab. We are delighted to say that we will however, continue to support the strategic element of the work.

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Trustees. Report continued Our close working relationship with the voluntary and communlty sector is important to us and we will continue to strengthen our engagement through a State of the Sector research report and membership of the VCSE Assembly. Structure, Governance and Management Governlng Document Devon Community Foundation is a company limited by guarantee governed by its Memorandum and Articles of Association dated 21 November 21)J6 and a registered charity with the Charity Commission. As direttors of the company, trustees must ensure it is run in accordance with the Articles of AssociatSon and the law In general. The board is responsible and accountable forthe strategic direction of the Devon Community Foundation and collectively sets and monitors the vision, mission, values and strategies forthe charity. As guardians of the charity, all trustees are equally responsible in law forthe 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 nurnber of trustees is determined by the company in general meeting and the minimum number of members of the board of trustees is thr￿. None of our trustees receive remuneration or other benefit from their work with the charity afthough 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 revlewed at board, annually, and the board of trustees agrees any pay increases or alterations considering the current and projected financial perfomiance 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 fÉve years, and a trustee is then eligiblefor r&election for a further five years as decided by the board. There is provision for the second temi 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 numbers on the board for it to function effectively. In anticipation of retlring trustees, the board decides what skills and attributes are needed in new trustees and a recruitment process commences, There are role descriptions for trustees and specific role descriptions for those taking on additional responsibilities such as the chair. Role5 are advertised in appropriate media requesting a CV and statement. This is reviewed by the board and suitable candidates invited to an interview wrth the Chair, one or two other trustees and the Chief Executive. If, after interview, everyone wishes to proceed, both board and applicant, then they are nominated and elected at the next available board meeting. New trustees spend time with the Chief Executive and the team to gain further understanding of the Foundation's work. Furthertraining needs are identrfied as required and training opportunities (including conferences and tralning coursesl are publicised to trustees. An annual appraisal is held 10

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Trustees. Report contlnued between the Chair and each trustee to ensure the needs of the trustee and the organisation continue to be met. Organisation The Chief Executive has been delegated overall responsibilityfor the effective operational running of the Foundation, wlth support and guidan￿ 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 strateglc direction of the organisation. There is also an annual strategy awayday for trustees and staff as well as ad hoc meetings and working groups as necessary in relation to a variety of Internal and external Issues. 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 TNerton Education Foundation ITEF) in Ottober 2014. The grantmaking 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 subsidlary of Devon Community Foundation incorporated in the UK on 9June 2017 Reference and Administrative details Presldent David Fursdon, HM Lord Lieutenant of Devon Patrons Countess of Arran Sir lan Amory Sir Eric Dancer, KCVO, CBE, JP Trustees and Dlrertors Dinah Cox, OBE (Chair until 28 July 2024, then Interim Chief Executive) Caroline Harlow (Acting Chair from 28 July 2024) Rt. Rev. Robert Atwell Bishop of Exeter {resigned 27 September 2023) Edward Burnand (Vice Chair) Peter Holden (resigned 27 February 2024) Sally Wace Rev. Georgina Radford Ann Holman Rt. Rev. Jacqueline Searle (appointed 2 August 2023) Rowan Truscott (appointed 27 September 2023)

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Trustee< Report continued Management The day-to-day management of Devon Community Foundation was delegated to the Chief Executive, Ceri Goddard {12th September 2022- 28 July 2024), who was responsible for implementation of the Foundation's strategy. Dinah Cox took on the Interlm Chief Executive role in July 2024. The Foundation employed 15 staff {10.7 FfEI who undertake the core functions of grant makln& programmes, communications, development, insight, finance and administration. Devon Community Foundatlon was founded in 1996 and is a registered Charlty, number 1057923 and a company limlted by guarantee, registered number 03236918. Registered & Correspondence Office: The Factory Leat Street Tiverton Devon EX16 5LL Professional Advlsers Bankers: Charitles 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 PLI 3AE It is confirmed that the flnancial statements comply wtth current statutory requirements, with the Statement of Recommended Practice for charity accounting, the Charities Act 2011 and wlth the requirements of the Memorandum and Articles of Association. Audltors PKF Francis Clark has indicated its willingness to contlnue in office and a resolution to re-appoint them was proposed and agreed at the Foundation's AGM. 73

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Trusteeg Report continued Trustees, responsibilities in relation to the financial statements The charity trustees {who are also direttors of Devon Community Foundation for the purposes of company lawl 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 fairview of the state of affairs of the charitable company and the group and of the incoming resources and application of resour￿, includlng 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 estlmates 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 5. prepare the financial statements on the 'going concern, basis unless it is inapproprlate to 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 financlal statements cornply with the Companies Act 2tK)6. 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 ir￿gUIarities. 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 governlng the preparation and dissemination of financial statements may differ from legislation in other jurisdittions. In so far as the trustees are aware at the time of approving ourtrustees, annual report: 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 auditorthat they ought to have individually taken, have each taken all steps that they are obliged to take as a dlrector in orderto make thernselves aware of any relevant audit information and to establlsh that the audStor is aware of that information. The trustees approve the Trustees. Annual Report, including approval in their capacity as company directors of the Strategic Report contained within it, on 11 November 2024. Caroline Harlow Acting Chair JA-JUloD 13

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Independent Auditorfs Report to the Members of Devon Community Foundation Oplnlon We have audited thefinancial statements of Devon Community Foundation (the"Charity"I fortheyear ended 31 March 2D24, whlch comprise Group Statement of Flnanclal Actlvitles, 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 15 applicable law and United ￿ngdoM Accounting Standards {United Kingdom Generally Accepted Accounting Practice), i ncluding Financial Reporting Standard 102: The Financial Reporting Standard appllcable in the UK and Republic of Ireland. In our opinion, the financial statements: give a true and fairview of the state of thegroup's and charitvs affairs as at 31 March 2024 and of its income and expenditure for the yearthen ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; have been prepared in accordan￿ with the requirements of the Companies Art 2006. Basis for opinion We conducted our audit in accordance with. International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs 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 relevantto our audit of the financi31 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. Concluslons relating to going concern In auditing the financial statements, we have conduded 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 identlfied any materlal uncertainties relating to events or conditions that, indlvidually or collectively, may cast significant doubt on the Charity's ability to continue as a golng 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 respectto going concern are described in the relevant sections of this report. 14

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Independent Auditorfs Report to the Members of Devon Community Foundation (continued) Other infonnation The trustees are responsible for the other Infomiation. The other informatlon comprises the information included in the annual report other than the financial statements and our auditorfs report thereon. Our opinion onthefinanclalstatementsdoesnot coverthe otherinformation and,excepttothe extentotherwise expllcitly stated in our report, we do not express any form of assurance conclusion thereon. In connectSon wlth 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 wlth the financial statements or our knowledge obtained in the audlt or otherwise appear5 to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whetherthere isa material misstatementinthefinancial statementsora material misstatementofthe other information. If, based on the work we have perfornied, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothlng to report In this regard. Opinions on other matters prescrlbed by the Companies Act 21MJ6 In our opinion, based on the work undertaken In the course of the audit: the information given in thetrustee5' report, (which includesthe directors, report prepared forthe purposes of company law) forthefinancial yearfor which the financial statements are prepared is Consistent wlth the financial statements; and the directors, report included within the trustees, report have been prepared In accordance with applicable legal requlrements. Matters on whith we are requlred 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 respett of the following matters in relatlon to which the Companies Art 20Q6 requlres 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 recelved from branches not visited by us; or financial statements are not in agreement with the accounting records and returns; or certain disclosures oftrustÈes' remuneration specified by laware not made; or we have not obtained all the information and explanations necessary for the purposes of our audit 15

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Independent Auditorfs Report to the Members of Devon Community Foundation (continued) Responsibilitles of the trustees As explained more fully In the Statement of Trustees, Responsibilities set out on page 13, the trustees (who are a150 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 statement5 that are free from material misstatement, whether due to fraud or error. In preparlng the financial statements, the trustees are responsible for assessing the Charitls ability to continue as a going concern, disclosing, as applicable, matters related to going concern and usingthe going concern basis of accounting unless thetrustees either intend to liquidatethe Charity orto cease operations, or have no realistic alternative but to do so. Our responsibilities for the audlt of the financial ststements Our objectives are to obtaln reasonable assurnnce about whether the financlal statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinlon. Reasonable assuran￿ 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 orerror and are considered material rf, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these flnancial statements. Irregularlties, including fraud, are instances of non-compliance with laws and regulations. We deslgn 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: W￿￿.frCorg.Uvaudit0rsresponSibIlitie$. This description forms part of our audltorfs report. We also considered managemenvs manipulation incentives and opportunitiesforfraudulent overstatement of profit, and fraud risk more generally. Based on this we designed our audit procedures to identify irregularitles. Our audit procedures involved the followlng: Review of Trustees meeting minutes for irregularities with laws and regulation5; Review of any heaFth and safety incidentsthat have been reported underthe Reportingof Injuries, Diseases and Dangerous Occurrences Regulations 2013 ( RIDDOR") during the period. Review of any controls in relation to GDPR and enquiries of management as to the outcome of any reportable breaches; 16

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Independent Auditorfs Report to the Members of Devon Community Foundation (continued) On a sample basis confirmed that expendfture was properly authorised and made in accordance with the terms of the relevant fund; Auditingthe risk of management override of controls, includingthrough testing journal entrles and other adjustments for approprlateness, and evaluating he business rationale of significant transactions outside the normal course of business; Review of financial statement disclosures and testing to support documentatlon to assess compliance with applicable laws and regulations; and Revlew of Charlty Commission and Companies House filings Because of the inherent limitatlons of an audit, there is a risk that we wlll not detect all irregularities, including those leading to a materlal 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 FinancSal Reporting Council's website at: www.frc.org.uvauditorsresponsibilities. This description forms part of our auditorfs report. Use of our Report This report is made solely to the Charitvs members, as a body. tn 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 Chariws members those matters we are required to state to them in an auditorf5 report and for no other purpose, To the fullest extent permitted by law, we do not accept orassume responsibilltyto anyoneotherthan thecharl￿$ members as a body, for our audit work, forthls report, orfor the opinlons we have fom)ed. Neil Hltchings {SeniorStatutoryAuditor} For and on behalf of PKF FRANCIS CLARK Chartered Accountants & StatutoryAuditor Centenary House Peninsula Park Rydon Lane Exeter EX27XE DATE 12 December 2024 17

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Consolidated Statement of Financlal Activities (including consolidated Income and expenditure account) For the year ended 31 March 2024 Unrestricted funds (note 181 Restrlcted Endowment fvnds funds (note 19) {note 20) 2024 2023 Note Income and endowments from: Donatlons & Legodes 7,935 1,223,426 14.351 1245,712 1,123,329 Charftable ortivitles 36,172 862.733 898,905 1,229,696 Investments 46,036 109.304 234,764 390,104 258,395 Total Income and end(w4ments Expendlture on: Roisingfvnds Costs ofgeneratingvoluntary income Churltoble artivltles Grants Payable Administration of grant making Other 5UPPOrt Costs 2.195A63 249.115 2,534,721 2,611,420 126,792 126,792 96,593 2,341,149 2.341.149 2,325.083 173.891 163,406 304,834 308,900 173,891 241,476 718 63.358 Total expenditure 542,159 2A04.507 2.946,666 2,893,982 Net 8alns/llosses) on investments Net Incomel lexpendlture) Transfers between funds Net movement in funds Reconciliatlon In funds: Fund balances brought forward Fund balances caThied fonvard 26,258 1425,758) 335.082 190.676} 727,720 976,835 1378.122) 598,713 753,978 1407,6151 342,033 1690,1771 1209.0441 43,¢yio (166.004) 20121 342.033 1690,1771 627,549 536,873 1,617,077 IA51.073 8,763,684 11,1)08,310 11,698,487 9,362,397 11.350,343 11,008,310 21 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure der5ve from continuing activtties. 18

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Balance Sheets 2024 2023 Consolldated Company Consolidated Company Note Flxed Assets: Intan8ible flxed assets Tangible fixed assets Investments- listed Investments- in 8roup li 3,384 268,903 10,092036 7,896 271,517 9,345,124 7.896 5,517 9,345,124 Icrt) 12 13 2,903 10,092.836 100 Total flxed assets 10,365,123 10,099.223 9,624,537 9,358,637 Current Assets: Debtors amounts falling due wlthin one year Debtors amounts greater than one year Cash in bank 14 229,761 295,100 28,266 85,780 14a 56,373 1228,153 97,780 1.103.259 59,039 1,589,007 100,446 1,466,701 15 Total current assets 1.514,287 IA96,139 1.676,312 1,652,927 iiabilitles: Creditors amounts falllng due withln oneyear 16 (453.018) 1444.528) 1216,4901 1211,0011 Net current assets 1,061,269 I￿51.610 1,459,822 1,441,926 Creditors amounts greater than one year 16 (76.049) 176,0491 Total net assets 17 11.350,343 11,150,834 11,C(18.310 10,800,563 The funds of the charlty: Endowmentfunds Restricted funds Unrestdrted funds 20 9,362397 1,451,073 536,873 9,096.397 1,473,253 581,184 8,763,684 1,617,077 627,549 8,497,684 1,639,507 663,372 19 18 Total charlty funds 21 11.350,343 11,150,834 11.008,310 10,800,563 The surplus of the charlty only was £350,271. 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 wlth the special provisions of Part 15 of the Companies Act relating to small companie5 and constitute the annual flnancial statements required bythe Companies Act 2006 and are for circulation to members of the company. The notes at pages 21 to 43 form part of these financial statements Caroline Harlow, Chair of trustees on behalf of the trustees Approved by the trustees on 11 IC52 Company registratlon number: 03236918 19 o)

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Consolidated Cash Flow Statement For the year ended 31 March 2024 Group 2024 Group 2023 Cash flows from operatlng actlvltles: Cash provldedl{used in) by operating activitie5 463353) 303,655 Cash flows from Investlng actlvTrtles: Investment Income 268,797 258,395 Purchase / Sale of investments Purchase of property & equipment Purchase of intangible assets Cash provided byl (used in) investing artlvltles (180,649) (645,215) 14,876) 88,148 1391,6961 Cash ftows from financlng actlvftles: Receipt of endowment Cash provided by (used In) flnanclng actlvftles 14351 14.351 26,882 26,882 Increase/(decrease) in cash and equivalents in the reportlng perlod {360.854) 161,159} Cash and cash equlvalents In the beglnnlng of the reportlng perlod 1,589,007 1,650,166 Cash and cash equlvalents In the end of the reportin8 period 1,228,153 1,589,007 Group 2024 Group 2023 Reconciliation of net inc0melexpendl￿re to net cash flow operatlng artlvllles Net Income/{expendfture) for the reportin8 period Adjustynents for: Receipt of endowment Depreciation tharges IGalnsl Ilosses on investments Investment income Increase/ Idecreasel In creditors Ilncreasel / decrease in debtors 342,033 {690,1771 (14.351) 7.126 {567,063) (268.797) 236,528 (198,829) 126,882} 6,980 1,023,738 1258,3951 260 248,131 IProfltl or loss on sale of fixed asset Net cash provlded by (used In) operatlng activftles 1463.353) 303,655

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Notes to the financial statements Accounting Policies The principal accounting policies adopted, judgements and key sources of estimation uncertalnty in the preparation of the financial statements are as follows: _ Basis of preparation The flnanclal statements have been prepared underthe historlcal cost convention, as modified bythe revaluation of investments. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended practi￿ applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006 and the Charities Act 2011. The trustees have assessed the charitvs activities with regard to the Charity Commission's guidance on public beneflt. The Foundation meets the definition of a public benefrt 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 forthe charty alone as permitted by section 408 of the companie5 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 concem basls The Foundation is in the fortunate position of having a healthy cash-flow projection due to receiving grant fund5 before distribution. In addition, the core costs element {DCF share) of the endowrnent 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 yearfinancial forecast is reviewed at every Board meeting and mitigating action taken when financial pressures require (for example recruiting or10sing roles as required) and adjusting the expenditure to meet the expected income. Consolidated financial statements These financial statements consolidate the results of the charity and its wholly-owned subsidiaries Tiverton Educational Foundation ITEFI and Devon Social Finance LTD (DSF) on a line by line basis. A separate Statement 21

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Notes to the flnancial statements (continued) of Financial Activities, or income and expenditure account, for the charity itself is not presented because the charity has taken advantage of the exemptlons afforded by section 408 of the Companies Act 2006. The Charlty 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 fijnds, any conditions attached to the grants have been met, it is probable that the income will be received and the arnount 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 executorlsl 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 notrfied of the executorfs intention to make a distribution. Where legacies have been notrfied 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 contlngent asset and d￿ClOSed if material. Donated services and facilities Donated professional services and donated facilitles 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 benefrt can be measured reliably. Donated professional services and donated facilitles are recognised on the basis of the value of the grft to the Charity which is the amount the Charity would have been willing to payto 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 orforspecific 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.

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Notes to the financial statements (continued) Investment income is allocated to the endowment funds. Wtthdrawals from the endowment fund have been made at a rate of 3.5 % (2023: 3.5%) which the trustees review annually and considerto be a reasonable withdrawal rate. Expenditure and Irrecoverable VAT Expendrture 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 classifsed under the following activity headings: Costs of ralslng funds comprise the costs of fund development or Ma￿etInFjadvertiSlng. Expenditure on charitable activities includes the costs of grant makin& property expenses and project activities undertaken to further the purposes of the charity and their associated support costs. Other expendlture 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 arnount of time staff work on each area. Irrecoverable VAT is charged as a cost agalnst the activity for which the expenditure was incurred. Allocation of support costs Support costs include those costs associated with meeting the constitutional and statutory requlrements 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 wlthln section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gain5 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 forthe year are calculated based on market value brought forward plus any additions in the year. 23

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Notes to the financial ststements (continued) Intanglble fixed assets Webslte 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 lrfe of the website is 3 years. Tanglble 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 1021. A valuation was carried out by an independent expert in 2006. The trustees have considered revaluation and declded the property is measured at fair value (using a rental yield 6% of value of property) therefore the value remains at £141,OCKI and will be revalued at each reporting date. The Foundation is constrained by the Trust Deed a5 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 reclassrfied 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 provlslons Creditors and provlsions a￿ 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 attheir settlement amount after allowing for any trade discounts due. 24

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Notes to the financial statements (contlnued) Flnanclal Instruments The Foundation only has financial assets and financial liabillties of a kind that qualify as basic flnancial instruments. Baslc flnancial 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. Penslons Penslon provtsion 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. 3. Income from donations and legacies Donations 2024 2023 Donations & Gifts Income tax refunded 1.245.712 1,123,329 1.245,712 1,123,329 The income from donations and legacies was £1,245.71212023". £1,123,329) ofvthich £7,935 was unrestricted12023: £148,973), £1,223,426 was restricted (2023; £947,474) and £14,351 was endowment12023: £26,882). Includes gift aid income. 4. Income from charitable actlvltles 2024 2023 Grant Income 898,905 898.905 1,229,696 1,229,696 The grant Income was £898,90512023: £1.229,696) of whlch £36,172 was unrestricted12023'. £27,238} and £862,733 was restricted (2023.. £1,202,458). 25

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Notes to the flnanclal statements (continued) 5. Income from investments 2024 2023 Interest receivable Investment income Loan Interest received Rent from Propertles 23,313 245.235 249 121,307 390.104 8,751 249,058 586 258,395 The income from investments was £390,10412023: £258,395) of which £46,036 was unrestricted12023: £21,016), £109,304 was restrlcted (2023: £9801 and £234.764 was endowment12023: £236.399). 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 Cornmunity Social Enterprises. Rent from properties arises from rentals on properties held within the Sarah Wood Fogwell Fund and Tiverton Educatlonal Foundation. Income from other artivities The wholly owned subsidiaryTwerton Educational Foundation is incorporated in the UK (charity number 3067011 and pays all of its profit to the charity under the gift aid scheme. The registered Offi￿ of the subsidiary is The Factory, Leat Street, Tiverton, Devon EX16 5LL. A summary of the trading results is shown below: 2024 2023 The summary financlal perfomiance of the subsldlary alone Is: Income 12.524 117,861) (5,337) (5337) 35,000 135,0291 1291 129} Expenditure Net incomingl (expendlture) Retained bn the subsidiary The assets and Ilabilities of the subsldlary were: Fixed assets 266,000 266,000 Current assets Current liabilities Total net assets 751 (14,771) 14.020) 2,418 Iii,ioii 18,6831 Total Funds 251,980 257.317 28

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Notes to the flnancial statements Icontinued) The income of £12,524was ￿ntaI from a lease on the property known as 47a Barrington St. The lease is for a term of 7 years dated 24 May,2023 at an initial rentsl rate of £15,000 per annum. with an option to end the lease on 24 May, 2026. The wholly owned subsldlary Devon Social Finance Ltd was incorporated in the UK on 9 June 2017 (company number 108119771. The registered office of the subsidiary isThe Factory, Leat Street, Tiverton EX16 5LL. A summary of the trading results are shown below: 2024 2023 The summary flnanclal performance of the subsldiary alone is: Income 249 9,886 69,561 79,447 Expenditure Net Incoming/ (expenditure) 3.148 (2,899) Retalned In the subsldlary (2A99) 79,447 The assets and Ilabllltles of the subsldlary were: Current a55ets Current liabllltles Totsl net assets 124,995 1177,365) {52,370) 122,406 1171,8771 149,4711 Total Funds (52,370) 149,4711 6. Cost of raising funds Unrestrfrted Funds Restricted Funds Endowment Funds 2024 2023 Support staff costs Fund development costs Dlrect assoclated costs 99,887 2,721 24.184 126,792 99,887 2.721 24,184 126,792 51,273 42,911 96,593 Expenditure on raising funds was £126,79212023: £96.593) all of which is unrestricted. 27

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Notes to the flnanclal statements (continued) 7. Charitable activities costs Unrestrlcted Funds Endowment Funds Restrlrted Funds 2024 2023 Grants Payable Administration of grant making Support costs 2.341.149 2.341.149 173.891 304.834 2,325,083 163,406 308,9CM) 173,891 241,476 63.358 415,367 2,404,507 2.819.874 2,797,389 Expenditure on charitable activities was £2,819,874 {2023: £2.797.3891 of which £415,367 was unrestrlcted12023: £345,091), £2.404,507 was restricted12023: £2,452,298) and £nll was endowment {2023:£nill. Grants were awarded in the year to other charltles, voluntsry organlsatlons and Indmduals as follows: 2024 Number 278 2.319,729 21,420 286 2.341.149 2024 2023 Number 339 2,321,289 3,794 2,325,083 2023 Other chadties & voluntary organisations Individua15 Total grant expendlture 344 8. Support costs Programme Management Governance & Evaluation support General Support Basi5 of apportionment 2024 2023 Staff costs General office Marketing & Promotion Audit fees Consultancy Legal & Professional fees Buildin8 Repair & Maintenance Depreciation Trustee meetings/training 160,542 714 6,974 61,237 2.378 2.431 41,491 10,855 167.516 61,951 2,378 6.431 41.491 18,576 240,021 20,877 579 4,330 15,829 2,129 Allocated on time Allocated by staff Pro8r8mme Governance Allocated by Cost Governance 7.721 4,140 4.140 1.924 427 24,069 628 438 Allocated by Cost Programme Governance 1,924 427 161,256 127.717 15,861 304,834 308,900

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Notes to the financial ststements (continued) 9. Net Income/(expenditure) for the year 2024 2023 This is stated after charging: Depreciation & amortlsatlon Audlt fees 7,126 13.004 6,980 ii,ioo 10. Staff numbers and costs The group, on average. employed 15 {2023: 171 part-time staff during the reportlng period, which is equivalent to 10.7 IFTE) employees12023: 12.51. The emoluments these employee5 were.. 2024 2023 Salaries Social security costs Pension Costs 360,553 27,177 7,899 395.629 386,461 22,471 7,868 416,800 Staff numbers 2024 Number 0.80 2023 Number 0.82 Management & Governance Finance Fund Development Programmes & Grants Communications & Administration Totsl number full time equlvalent 0.47 4.78 2.49 10.74 8.05 1.65 12.52 There were no employees with emoluments above £60,CMJO12023: nill. 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. Head of Finance & Operatlons, Head of Philanthropy, Head of Grants and Head of Impart. Insight & Learning. The latter three roles were recruited durin8 the year and the total employee benefits ofthe key management personnel of the group were £183,604 {2023: £85,983}. Trustees recelved no remuneration {2023: £nil). During the year ended 31 Marth 2024 trustees were reimbursed for expenses amounting to £75712022: £1,173). 2g

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Notes to the financial ststements (continued) 11. Intanglble fixed assets- group & company Webslte Total Cost At l Aprfl 2023 Additions Disposals 13.536 13,536 At 31 March 2024 13,536 13.536 Amortisation At l April 2023 Charge for the year Eliminated on disposal 5,640 4,512 4.512 At 31 March 2024 10,152 10.152 Net book values At 31 March 2024 3,384 3,384 At 31 March 2023 7,896 7,896 12.Tangible fixed assets - company Property Computer Other Total Cost At l April 2023 Additions Disposals 22.930 9,965 32,895 At 31 March 2024 22.930 9.965 32,895 Depreclatlon At l April 2023 Charge for the year Eliminated on disposal 20,539 1,133 6,839 1,481 27,378 2,614 At 31 March 2024 21,672 8,320 29,992 Net book values At 31 March 2024 1258 1.645 2,903 At 31 March 2023 2391 3,126 5.517 30

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Notes to the financial statements (contlnued) Property & Investment Property Tanglble fixed assets- group cOrnp￿er Other Total Cost At l Aprll 2023 Addltions Disposals 266,CKJO 22,930 9,965 298,895 At 31 Marth 2024 266,C 22.930 9,965 298,895 Depreciatlon At l April 2023 Charge for the year Ellmlnated on disposal 20,539 1,133 6,839 1,481 27,378 2,614 At 31 March 2024 21,672 8320 29,992 Net book values At 31 Marth 2024 266,000 1,258 1,645 268.903 At 31 March 2023 266,(MJ) 2,391 3,126 271,517 Investment property comprises of land at the Castle School and a property at 47a Ba￿ingtOn Street. The Foundation has had the land re-valued by Wickery Holman in June 2017 based on a rentsl yleld calculation as there is a protected tenant in place. The Foundation has reviewed 47A Barrington Street and considerthevaluation under FRS 102 to be a fair value. 31

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Notes to the financial statements (continued) 13. Inve5tments- group and company Investment to support core costs Endowment Investments Market value 2024 2023 At l Aprfl 2023 Additions Disposals Unrealised & Realised gains I (losses) Movement on investment and dividend accounts 4.225 9,340,899 2.832,726 {2,652,0761 771,715 {204,2311 9,345,124 2.832,726 {2,652,0761 771,293 (204,2311 lo,092￿36 9,723,647 1,774,921 11,492.1471 1383,920} 1277,377} 9,345,124 14221 At 31 March 2024 3,803 10.089,033 Listed Investment are detalled as follows: 2024 Market Value 488,009 158,935 423,309 68,822 1.427,964 5,776.445 1,749352 10.092,836 2023 Market Value 734,631 UK Flxed Interest Overseas Flxed Interest UK Index Linked Overseas Index Linked UK Equities Overseas Equities Other 259,392 66,391 1,427,231 4,925,790 1,931,689 9,345,124 Investments are stated at their quoted marketvalue at the end ofthe 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 foThiard plus any additions in the year. 14. Debtors: amounts due within one year- group and company Group Company Group Company 2024 2024 2023 2023 Loan to subsidiary DSF Loan Grant income Prepayments Other Debtors 56.521 18,610 17,685 194,344 1,728 10,693 6,273 14.932 2.580 295,100 28,266 51,133 17,685 1.728 5,028 10,206 85,780 18.610 194.344 11,444 s￿63 229,761 32

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Notes to the flnancial ststements (continued) 14a. Debtors: amounts due over one year- group and companv Group 2024 Company 2024 Group 2023 Company 2023 Loan to 5ubsidlary DSF Loans 41.407 56,373 97.780 41,407 59,039 100,446 56,373 56,373 59,039 59,039 15. Cash at bank-group and company Group 2024 Company 2024 Group Company 2023 2023 Revenue accounts: CAF Current Account CAF Current Gold Account CAF Gold Account CAF DSF Cash Account CAF DSF 2 Cash Account 54,223 122.(M)O 927,036 46,102 46,102 122,000 122,C(10 1,298,599 1,298,599 i(N),oio 22,296 1,589,007 1,466,701 927.0% 102,627 22,267 1.228.153 1,103259 16. Creditors: amounts falling due within one year Group 2024 Company 2024 Group 2023 Companv 2023 Trade creditors Other creditors- HMRC Other creditors- Grants Other creditors- TEF Accrua15 and deferred income 4224 7.733 161,713 4224 7,733 161.713 5,595 6,313 177,334 5,695 6,313 177,334 279,348 453A118 270.858 444.528 27,248 216,490 27,659 211,001 16a. Creditors: amounts falling due over one year Group 2024 Company 2024 Group 2023 Company 2023 Other creditors- Loans Other creditors- Grdnts 76049 76,049 76,049 76.049 33

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Notes to the flnanclal statements (continued) Loans Future minimum loan recelpts: 2024 Consolidated 2023 Company Not later than one year Later than one year and not later than fNe years 76,049 76,049 76,049 76,049 17. Funds of the tharlty Income and expendlture account 10,800,563 At l Aprfl 2023 Surplus for the year At 31 March 2024 350.271 11,150,834 Funds of the tharlty- 2023 comparative: Income and expenditure account At l April 2022 Deficit for the year At 31 Marth 2023 11,570.159 1769,5961 10.800.563 18. Unrestrirted funds - group Designated ReseNe Fund General Fund Total Fund balances broughtforward Incomlng resources Outgoing resour￿$ Net 8ains/llosses) on Investments Transfer between funds Fund balances carrfed forward 505,549 90,143 1542,1591 26,258 335.082 414,873 122,000 627.549 ,143 1542,159) 26,258 335,082 536.873 122,000

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Notes to the financial statements Icontinued) Unrestricted funds- group 2023 comparative Deslgnated Reserve Fund General Fund Total Fund balances brought forward Incornin8 resources Outgolng resources Net gains/llossesl on investments Transfer between funds Fund balances carried forward 445,711 197,227 {441,6841 (21,5361 325,831 505,549 122,¢X)O 567,711 197,227 1441,6841 121,536} 325,831 627,549 122.000 19. Restricted funds - group Brought Forward Incoming resources Project Expenditure Grants Awarded 31 March 2024 Fund Transfers Activistock Alex Ferryman Foundation Anchor Fund Arnold Family BabeleSgh CE Turbine Batsworthy Cr055 Beckly Revenue Fund Blackdown Hills 81undell's Chiggy Pig Clare Mllne Comic & Sport Relief Communities in Crfsis Community grants Cooper family (Stags) Crimebeat Dart Harbour DCC Household Support DCC Suicide Prevention DCC Wlnter Support Devon 100 Club Devon Emergency Fund Devon Flood Devon Coronavlrus RR Devon On Earth Devon Ripple Devonlan Devonian Leased Property 5,691 580 5.180 12,OC(Il 8,871 36,667 (3.3331 945 {6031 122.008) 11,334 1.311 1,236 {33,3281 {1,5901 110,9201 1120,1561 (7,C((11 136) 13,715 272,621 15,262 1,629 2,636 249 6,727 13,426 287.410 10,928 318 11,812 127,375 249 39,605 49 11,IXI6 149 1,483 19.659 132,8781 149) {124) 25,308 1,285 2,910 1500} 141,0901 (7,935) 723 7,690 111.CrfJ61 135,8411 {2.lJ)Q) 599 12,694) 768 22,569 9,348 4,110 49.386 10,947 452,OCK) 53,4fX) {416,8001 145.1601 1937) 49,081 11.883 (1.6831 15,000 (46) 6,141 1,077 71,690 13,801 46,334 1461 15,456 5,169 19.166 14,817 46.334 19,3151 15,0(N)I 121,4381 120,672) 73,962 19,656 35

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Dipford evon Social Investment Eagle One Earth to Earth Eileen Whitelaw Foot Anstey Hazel & Gerald Frankpitt Hely-Hutchinson High Sheriff Hlstorical Exeter Fire Appeal Give Love Devon Insplras Kitsons Laurie Connor Mildmay White Family Mumme Ackford Neuro Development Through Movement North Devon Relief OPCC Communlty Grants OPCC PropertyArt Fund Philip J Milton & Co PIC Plymouth Drake Foundation Fund Posltlve People BBO Aquarious- Pye Queen Victoria Commemoration Fund Ray Miles Rew Rural Devon Sarah Wood Fogwell Sedel-collings Foundation Sovereign Housing Surviving Winter Tampon Tax TCCF- Executive Commlttee TEF revenue Thorne Farm Tiverton Community Partnership riverton Learning Tony Hawks Torbay Suicide Prevention Transformlng Aging Two four 4,082 7.889 989 2,314 11,100) 5.296 7,889 1,772 3279 157 2,683 8,109 783 3,279 1281 1.539 6,187 2.309 {2591 (4.0841 {6) 185 1.832 3,512 10,922 (4,2001 19,0001 12,3091 12.5(XJl 87 3,098 426 9,945 6,138 42 9,981 6,138 1,789 954 971 1,106 14.7981 1,691 1.333 79 26,984 2,645 {2.0001 1.185 12,314 {14.6701 3.731 35,040 4.470 120,0001 110.7071 1,012 48,202 14,0001 {143,6731 153,532) 4,204 4,700 7.142 1,792 276,308 133,333 71,380 780 228,106 17,176) 78 5,121 7,430 1306) 52 78 10,312 71 5,120 IAIO 1.795 4,609 {3,9701 2.888 1,795 4,319 98,988 63,713 29.325 17,794 144 2J28 76,038 2.780 306 3,810 13,820 36,070 3,332 4,189 144 14.1001 123,8141 {118,759 13,3321 11,2001 108.982 172,OCtI 34,500 16,444 {25,598) {5.175) (1,639) 5.104 (8201 39,698 (841) {6,0001 {9,7301 112,7241 46,070 16,345 306 36,176 5,325 25.030 9890 46,066 5,325 21.246 24.495 {4.249) {840) {175} 124,030} 175 38

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 VBCT Wace Wellbeing Exeter- BCF We51being Exeter- CB Wellbeing Exeter- NHS Charltles Together Wellbein8 Exeter~ PCN Wellbelng Exeter- SE Accelerator Wellbelng Exeter-sport England LDP Wellbeing ExeterTCA Wellbeing Exeter- Ukralne Youth Mental Health 23,253 11,938 152,117 169,2021 2116 iio,0001 IiQ,OQM)} (277.550) 1330,7041 (2501 13,Z53 11,809 82,525 (128,862) 1,807 9,871 (44,6001 255,139 271,044 1,5(KJ 12,5811 11,551) 18) (13.151) 324,525 {20.058) {429,5651 133,2091 81.697 289,OCK> (43.8501 158,413) 22,291 18,575 {2,4081 38.458 49,580 28.883 49.580 IA86 43,750 20,044 50.DJO 147,5411 16,250) Company 1.639,507 2,195213 (63358) 12,341.1491 IA73,253 Devon Social Investment 122.4301 250 122,1801 Group 1,617,077 2,195A63 43,040 (63,358) (2B41.1491 1,451,073 Explanation of major restricted funds All restricted funds above are 8rant making funds apart from the Project Funds & Devonian Leased Property listed below. Devonian Leased Property- Property lease-5hows the devaluation on the lease. Batwsorthy Cross and Babelei8h Barton are both community benefit funds generated by the installation of alternatlve energy wind turbines and are directed to benefrt localised geographic communities affected by these wlnd farm5. Devon Rlpple-To support local communitygroupsand organisations whith offer preventlve work with dlsadvanta8ed young people up to 19 years old. OPCC Community Grants- funding for projects and initiatives across Devon that directly impact communities and whlch align with the Police and Crime Plan of providin8 place-based support for victims and offenders to address local priorities. DCC Household Support are funds received from Devon County Council, relatingto part of the HSF4 funding provlded bythe 8overnment, to support households in most need of help through the provision of Food. Fuel and More grants to organisations working wlth vulnerable households and those In most need of support. Pollce Property/Crimebeat- Helps communities come together with the Police to find solutions to specific and local crime 'hotspots' or issues. Wellbeing Exeter 15 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. 37

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Notes to the financial statements (continued) 19. Restrlcted funds - group lcontinued) Devon Social Investment- Devon Social Finance make indlvldual loans of up to £150,000 to Voluntsry Community & Social Enterprises. Thls is funded through contributions from Devon Community Foundation IDCFI and The Growth Fund. The Growth Fund, is a £50m partnership which uses a combination of grant fundln& made possible thanks to National Lottery players, and loan finance from Big Society Capital and other ctrinvestors, to address specific gaps in the social Investrnent market. The programme is delivered by Access through a range of social investors. Grant funding for this programme is treated a5 restricted funding. Restricted Funds are funds held by the Foundation for specific activities. They include the yleld from the Endowment Fund which Is restrlcted for Brant making and Brant programmes. Core costs contributions are made by restrirted funds as agreed with donors. Restrlrted funds- group 2023 comparative: Brou8ht FoNard Incoming resources Project Transfers Expendlture Grants Awarded 31 March 2023 Fund Activistock ex Ferryman Foundation Arnold Famlly Babelelgh CE Turblne Batsworthy Cr05S Beckly Revenue Fund Blackdown Hills Blundell's British Red Cross Chi88y Pig Clare Milne Comic & Sport Relief Communities in Crisls Community grants Cooper famlly {Stagsl Crimebeat DD McPhail Charitable Dart Harbour DCC Household Support DCC Public Health Fund DCC Suicide Prevention DCC Winter Support Devon 100 Club Devon Emergency Fund Devon Flood Devon Coronavirus RR Devon On Earth 5.993 1500) 15,7051 iio,0001 5,691 580 io,o)o 1080 2,971 12,169 196,737 1,087 11,228 19,06111 116.823 {19,9401 12,988 1.528 13,4491 {9101 16,210} 17,060} 16,717) 609 13,426 287,410 10,928 318 1,400 5.507 46.996 15.000} 141,996 {16,(MJO) {5,9951 16,249 6(K) 249 39,605 49 11,006 149 1,483 19,658 50.IJ)O 15.OIXI) 49 25,823 4,176 115161 20,958 {13,3011 {110,7491 85.764 16,313 (7,154) (4,500) -00) 175,649 115.967) 20,OCM) {2,609) 52.9LK) (7.270) 12,Th)01 1159,6741 117,3911 4,848 (81 3.451 14,383 1.683 15.OCM) {461 42,670 307 49,081 11,883 1,683 15,000 146} 15,457 5,169 12,5001 4,686 131,899) 4.862 38

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Devon Ripple Devonian Devonian Leased Property Dipford Devon Social Investment 150,915 71,113 85,530 22,593 1217,2791 178,889) 19,166 14,817 46,334 46,334 2,422 11,¢Jooi 4,082 7,889 989 Eagle One Food Insecurity Hub Foot Anstey George Earl Hazel & Gerald Frankpitt Hely-Hutchlnson Hlgh Sheriff Historical Exeter Fire Appeal Hobson's Choice Hospiscare Glve Love Devon Inspira5 Kltsons Laurie Connor Mildmay White Family Mumme Ackford Neuro Development Through Movement North Devon Relief Old Mill OPCC Community Grants OPCC Property Att Fund Philip J Milton &Co PIC Plymouth Drake Foundation Fund Positive People BBO Aquarlous- Pye Queen Victoria Commemoratlon Fund Ray Miles Rew Rural Devon Sarah Wood Fogwell Sedel-collings Foundation Soverelgn Housing Surviving Winter Tampon Tax TCCF- Executive Committee TEF revenue 141 (4,000) 11.7271 13,2001 125,2¢)Jl (9,7761 {2,6801 16.IKIO) 1,727 1,509 28,000 3,299 3,512 {2.800) 6,342 14,356 10,922 2,833 3,577 (323) 87 4,084 18,(KM) 118.000) 12,205 5,368 4,947 595 217 230 12.4901 9,945 6,138 3,(￿9 1,691 1,333 79 770 13,996) 1,096 1,116 1.271 14,2001 26.984 11.674 26,984 3,731 4,679 6,6CLI {600) 110,500 {16,575) 81,600 {12.2401 1,163 51,335 113,0841 16.0001 1171,0031 169.3601 {2,750) 112.118 35,040 2,367 780 228,106 176,771 1,093 2,078 4,730 101,6¢J) (17.807) 192,0621 (7.176} 78 5,121 12,0001 {5.0681 391 S.(￿8 3,826 864 10,540 15,059 1,622 5,448 12,9271 112,0281 17,440 {48,930) 5,298 3,810 13,820 36,070 6,201 IW,000 11s,L￿OI 34,500 4,654 14,5001 1,990 (26,6681 15,9401 3,332 4,189 144 4,736 1710) 110,3031 4,044 10,321 69,848 46.222 (70,0001 46,070 39

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Thorne Fèrm Tiverton Community Partnership Twerton Learnin8 Tony Hawks Torbay Suicide Prevention TransformingAgin8 Two four VBcr Wace Wellbeing Exeter- BCF Wellbeing Exeter- CB Wellbein8 Exeter- NHS Charltles Together Wellbeing Exeter- PCN Wellbeing Exeter- SE Accelerator Wellbeing Exeter- Sport England LDP Wellbelng Exeter TCA Wellbeing Exeter Living Options Wellbeing Exeter Ukraine 16,948 (1,241) 115,707) 306 306 26.713 5,325 11.515 12.0521 36,176 5,325 25,030 24.995 {32601 3,295 840 175 23,253 11,938 152,117 169,2021 2,116 175 23.253 592 49,638 134,496) 2,750 11,346 395,000 {40,4031 264,859 1.500 12.390) 1249.7281 1299,5651 15001 (1.4621 {172) 149 475.720 24,911 17501 289.OLTrJ 141.171) 137,4611 {387,6491 113,1511 324,525 (11.3751 11,259 29,992 (18,9601 22,291 64.765 1500) {2.2561 112,429) 12,OiJ)I 49,580 93,871 164,988 28,883 Company 1,863,342 2,151,096 77,367 1127,215) 12,325,083) 1,639,507 Devon Social Investment 122,2461 {184) 122,430) Group 1,841,096 2.150,912 77.367 1127.2151 12,325,083) 1,617,077

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Notes to the financial ststements (continued) 20. Expendable Endowment Funds- company Realised & unreallsed Investment Transfer& proflts/ Outgoing (losses) Resources OIApril Incoming 2023 Resources 31 Marth 2024 Transfers Endowment Funds include: Devon Community Funds Plyrnouth Funds 7,094,627 1.403.057 213,786 35,329 617,528 110,192 {328,2921 149,8301 7,597,649 IA98,748 ** 8A97,684 249,115 n7.720 {378,1221 9,096.397 Devon Community & Plymouth Funds are forthe purpose of financingfuture grant making to local groups and organ5satlons tackling disadvantage and deprivation in Devon. Plymouth and Torbay. In partnershlp with Plymouth Drake Foundation- these funds are restricted for use only in the Plymouth City and travel to work area. Expendable Endowment Funds - company 2023 comparative Realised & unreallsed Investment Tran5fer& profftsl Oirtgoing Ilosses) Resources l Aprll Incoming 2022 Resources 31 March 2023 Transfers Endowment Funds include: Devon Community Funds Plymouth Funds. 7,544,316 1,479,364 228,098 35.183 1325.9241 (60,1551 {351,8631 {51,3351 7,094,627 1,403,057 9,023,680 263,281 (386,079) (270,958) 8,497,684 4t

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Notes to the flnanclal statements (continued) Endowment Funds- group Realised & unreallsed Investment Transfers & profitsl Outgolng (lo￿e5) Resources l April Incomlng 2023 Resources 31 March 2024 Trdnsfers Endowment Funds include: Devon Community Funds Plymouth Funds ' 7,094,627 1,403.057 213,786 35,329 617.528 110,192 1328,2921 149,8301 7.597,649 IA98,748 riverton Educational Foundation 266,OCrf) 8,763,684 266,000 9362,397 249,115 727.720 (378,122) Endowment Funds- group 2023 comparative RealTsed & unreallsed Investment profitsl (losses) Transfers & OutBoin8 Resour￿$ l Aprll Incomin8 2022 Resources 31 March 2023 Transfers Endowment Funds include: Devon Community Funds Plymouth Funds ° Tlverton Educatlonal Foundadon 7.544,316 1,479,364 266.QCMJ 9,289,680 228,098 35,183 {325,9241 (60.155) 1351,8631 151,3351 7,094,627 1,403,057 266,000 8,763,684 263.281 (386.079) 1403,198) A total of £378,12212023: £403,198) was transferred from the endowment funds to restricted1£43,0401 and unrestricted 1£335,0821 funds in the year. 21. Analysis of net assets between funds- group T￿gIble & Intanglble Net Current Investsnents Total Endowment funds Restritted fund5 Unrestrfcted funds 266.000 9,096,397 633.644 362,795 lo,092￿36 9,362,397 1,451,073 536.873 11,350,343 817,429 167,791 985,220 6,287 272.287 42

DEVON COMMUNITY FOUNDATION Year ended 31 March 2024 Notes to the financlal statements (continued) Analysis of net assets between funds- group 2023 comparative: Tan8ible & Intangible Assets Net Current Assets Totsl Endowment funds Restricted funds Unrestricted funds 266,CK)O 8,497,684 354,466 492.974 9,345,124 8,763,684 1,617,077 627,549 11,008,310 1.262.611 121,162 1,383.773 13.413 279,413 22. Capital commitments There were no capital commltments attheyearend. 23. Operatlng leases 2024 Barlngton St 2023 Barrlngton St Future minimum lease receipts Not later than one year Later than one year and not later than Five Years 15.000 17,178 32,178 43