Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F **Devon Community Foundation** **(a charitable company limited by guarantee)** **Registered charity number 1057923** **Trustees’ Report and Financial Statements** **Year Ended 31 March 2025** **Company registered number 03236918** Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## DEVON COMMUNITY FOUNDATION Year ended 31 March 2025 |**Contents**|**Page**| |---|---| |Trustees’ Report|2| |Statement of Trustees’ Responsibilities|10| |Independent Auditor’s Report|11| |Statement of Financial Activities|15| |Balance Sheet|16| |Statement of Cash Flows|17| |Notes to the Financial Statement|18| 1 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## DEVON COMMUNITY FOUNDATION Year ended 31 March 2025 ## **Trustees’ Report** The trustees are pleased to present their annual directors’ report together with the consolidated financial statements of Devon Community Foundation and its subsidiaries, Tiverton Educational Foundation, Devon Social Finance Ltd and Sarah Wood Fogwell’s Charity for the year ending 31 March 2025, 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 (FRS 102). In 2024.25 Devon Community Foundation (DCF) continued to support Devon’s communities as outlined in this report. ## **Chair’s Statement** The 2024.25 Financial Year was one of change and renewal. We launched our new brand across printed and digital materials. Brand is about so much more than logos and colours. It’s about reputation, our unique selling points, and if done right, a rebrand should help an organisation better understand themselves and be better at what they do. We also introduced a refreshed set of values, Trust, Expertise, Collaboration, and Compassion. These values guide our decision-making and act as a compass for everything we do. During the year, we welcomed new trustees Sandy Goscomb and Cary Rudolph. Sandy has taken up the baton of Treasurer, and Cary has led us through a comprehensive and thorough governance review process. Among staff Clare Williamson-Cary, Sue Hennessey and Ceri Goddard left the Foundation during the year, and I stepped in as Interim Chief Executive to provide continuity and support to the executive team. In the final quarter of the year, Mary Hancock joined us as the new Chief Executive, bringing with her nearly 13 years of team leadership and operational experience within the Community Foundation network. Partnerships continued to be central to our work during the year. We continued to work closely with the national Community Foundation network (UKCF) and the South West Funders Forum. We partnered with the High Sheriff of Devon to reinvigorate the High Sheriff Fund, and we worked with Devon County Council to distribute a new fund focused on smoking cessation. We paused most of our grant making programmes in the early months of 2025 to review our application and awarding procedures. Over the summer, we recruited 2 new grants managers, and in July we launched our refreshed approach to grant making. Looking ahead, we’ll be growing our trustee board, strengthening the team and drafting a long-term strategy that will take us into the next 10 years of inspiring philanthropy and tackling disadvantage in Devon. Dinah Cox, OBE 2 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## DEVON COMMUNITY FOUNDATION Year ended 31 March 2025 ## **Trustees’ Report continued** ## **Philanthropy** This year marked several significant milestones for the Foundation. We successfully launched our first-ever programme in partnership with Plymouth City Council focused on Violence Against Women and Girls (VAWG). We also secured match funding from Sedel Collings, which effectively doubled our grantmaking capacity for this initiative. Additionally, we reinstated our relationship with Mars Wrigley, resulting in a generous donation of £23,000, which we are pleased to confirm will be a recurring annual contribution. During the year, we established new partnerships with locally based donors Simon and Jane Hallett, and we strengthened our ties with the Clare Milne Trust to help their trustees reach very small, grassroots groups in Devon. During the year we continued, a multiyear partnership with Devon County Council, developing the food hubs project. A notable surprise came in the form of a last-minute donation of £100,000 from Devon County Council to support a smoking cessation grant programme, with £85,000 dedicated to grantmaking, which underlines the deep trust and connection we have established with them. Furthermore, we hosted a black-tie fundraising event, which, along with associated donations, raised over £20,000 for the newly established High Sheriff of Devon Fund. We also engaged in numerous meetings and talks with professional advisers to raise awareness of our philanthropy services and foster new relationships. Overall, this year has been marked by growth, strengthened partnerships, and exciting new programmes. ## **Funding Local Communities** While inflation rates began to drop during the year, the Cost-of-Living crisis morphed into business as normal, which means that many local charities continued to see a rise in demand for their services. At the same time, many sources of funding such as long-established charitable foundations stopped grantmaking, and the cost to run a charity is higher than ever. Demand for our funding continued to be high throughout the year. In total, we paid £2,038,096 in grants during the financial year. Although we award an increasing number of large grants and support a handful of larger organisations, we continue to focus on funding the small, grassroots groups that respond to local need based on local knowledge. Renewable energy and land or property development firms often make charitable investments in the communities where they work through Community Benefit Funds. We currently manage four of these funds, and during the year we focused on bringing in new members for the community-led decision-making panel and on increasing the volume of grants made for the largest of these funds, Batsworthy Cross Wind Farm. 3 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## DEVON COMMUNITY FOUNDATION Year ended 31 March 2025 ## **Trustees’ Report continued** Since 2021 we have worked with Devon County Council to distribute a share of the Government’s Household Support Fund through our Food, Fuel and More programme. To date we have made grants totalling almost £1.2m to 62 different organisations, and this year alone we distributed more than £400,000. The programme focuses on the provision of food, fuel, and other essentials to those experiencing hardship. It is aimed at organisations reaching priority communities that our research has shown are less likely to access support through other means. ## **Impact, Insight & Learning** Having been involved with grantmaking from the Household Support Fund and associated sources with our partners at Devon County Council, we conducted a review of the work, assessing what we learned from this evolving process, and bringing together grant holders to reflect on the experience for their organisations. Also working with Devon County Council, we embarked on a series of activities to better understand the state of the Voluntary, Community and Social Enterprise (VCSE) sector in Devon and have published a number of statistical releases based on original survey work and analysis of published datasets. As grantholders for a UKRI Community Knowledge Fund award, we ran the successful Food for Thought learning project in northern Devon, exploring connections between young people at risk of food insecurity and food producers in the local area. In parallel we hosted two Food Conversations with local stakeholders, funded by the Food, Farming and Countryside Commission. Our long association with the Torbay, Plymouth and Devon VCSE Assembly has led to our involvement with a series of initiatives funded by the NHS Research Engagement Network, including chairing a new VCSE research community of practice in the county. Looking forward, trustees have supported a more intentional approach to externally funded insight and convening work. This will see the Foundation looking to work more strategically with a range of partners, to contribute to the strength and sustainability of the VCSE sector in Devon, and to build a robust base of evidence and insight to inform our grantmaking work. ## **Governance** ## **Objectives and Activities** The purpose of the Charity is to distribute grant funding across Devon, Plymouth and Torbay to local community groups and organisations that tackle deprivation and disadvantage within their communities and support vulnerable people in the county. All the activities of the Charity are wholly aimed at the public benefit of historic Devon’s residents. ## **Our Vision, Mission and Activities** In 2024/25 Devon Community Foundation's vision was “A Devon that works for everyone, today and tomorrow.” Our mission was “Strengthening communities and tackling inequalities.” The board of DCF reviewed its objectives and activities and set its goals for 2024/25. These 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. Devon Community Foundation is a company limited by guarantee governed by its Memorandum and Articles of Association dated 21 November 2006 and a registered charity with the Charity Commission. As Directors of the company, trustees must ensure it is run in accordance with the Articles of Association and the law in general. 4 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## DEVON COMMUNITY FOUNDATION Year ended 31 March 2025 ## **Trustees’ Report continued** 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 a 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 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 retiring trustees, the Board decides what skills and attributes are needed in new trustees and a recruitment process commences. Roles are advertised via mainstream and social media with a recruitment pack containing the role description and description of the organisation. Applications are shortlisted by the executive staff and trustees, who then invite candidates to an interview before a panel consisting of trustees, the Chief Executive and a third-party member (such as the Chief Executive of another community foundation). ## **Trustee Induction and Training** Once appointed to the Board, a new trustee spends time with the Chief Executive and the Leadership Team at an induction day to gain further understanding of the mechanics of the Foundation. Further training needs are identified as needed and training opportunities (such as conferences and training courses) are publicised to trustees. They are encouraged to take advantage of these opportunities to both facilitate their role and deepen their understanding of the context of the Foundation. ## **Organisation** Overall responsibility for the effective running of the Foundation has been delegated to the Chief Executive, 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. 5 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## DEVON COMMUNITY FOUNDATION Year ended 31 March 2025 ## **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 at least every six weeks to discuss the strategic direction of the organisation. The day-to-day management of Devon Community Foundation is delegated to the Chief Executive, Mary Hancock (appointed 24 February 2025), who is responsible for implementation of the Foundation’s strategy. During 2024/25, the Foundation employed 14 staff (9.52 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 and a company limited by guarantee. ## **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. Promoting Children in Plymouth (formerly 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 and Sarah Wood Fogwell’s Charity (SWF) in March 2021. The grant-making elements of TEF and SWF have passed to Devon Community Foundation to take advantage of the improved efficiencies this brings through the creation of named funds within DCF. Devon Social Finance Ltd is a wholly owned subsidiary of Devon Community Foundation incorporated in the UK on 9 June 2017. ## **Financial Review** ## **Summary** The Foundation’s total income for the year was £2,154,227 (2024: £2,534,721). The income from donations was £1,525,449 (2024: £1,245,712), charitable activities £269,293 (2024: £898,905) investments £334,485 (2024: £390,104) and other £25,000 (2024: Nil) Total expenditure was £2,673,142 (2024: £2,946,666). The expenditure on raising funds was £139,799 (2024: £126,792) and on charitable activities £2,239,893 (including grants payable of £2,038,096) (2024: £2,515,040, including grants payable £2,341,149). Net assets at the 31 March 2025 were £11,426,601 (2024: £12,085,343) these figures include the consolidation of the Sarah Wood Fogwell’s Charity properties for the first time with a value of £735,000. Our total endowment decreased by 2.6% to £9,121,616 (2024: £9,362,397). There were new donations to the endowment funds of £30,666 (2024: £ 14,351), and the total unrealised loss on investments amounted to £139,039 (2024: gain £753,978). Consequently, unrestricted reserves are now at £375,366 of which £250,000 are designated to cover 6 months costs. 6 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## DEVON COMMUNITY FOUNDATION Year ended 31 March 2025 ## **Trustees’ Report continued** ## **Reserves Policy** 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 £1,194,619 are for future grant making and active projects. The trustees believe that it is appropriate to maintain unrestricted funds to ensure: 1. the smooth operation of the Foundation in the event of long-term illness of a member of staff. 2. the continuation of activities in the short term if sources of flow-through grant-making ceased or diminished. 3. the management of medium, or longer term, fluctuations in income. 4. the financing of obligations, residual liabilities and redundancies should the Foundation cease to operate. ## **Going Concern** The Foundation is in the fortunate position of having a healthy cash-flow projection due to receiving grant funds before distribution. In addition, the core costs element of the endowment is secure for the foreseeable future. This is sufficient to be sure the Foundation can and will continue in perpetuity and is able to support itself with a reliable source of income. 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 as part of a collective agreement for investment. The joint Investment Committee, with representatives from all four Community Foundations, carries out scrutiny of our investment performance and investment managers. The total return on endowment investments was 1.3% in 2024.25. The Trustees decided to distribute 3.5% of endowed value at 31 December 2023 for grant making in 2024/25 and those funds were distributed in the year. ## **Future Plans** When she took the helm at DCF in early 2025, Chief Executive Mary Hancock’s 3 main priorities for the first half of the year were: - to get to know the staff team and to review each of the job descriptions to ensure that we were getting the most out of our talented and dedicated team. Some job titles were changed as a result. - to get to know the existing donors and philanthropists whose support makes our work possible. - to bring DCF closer to the rest of the existing UK Community Foundation network, learning and sharing resources from our neighbouring foundations. In July 2025 we recruited new, part-time members of the grants teams to help us roll out a newly refreshed grantmaking approach. Our aim is to make it easier for organisations to secure grants. Groups will no longer have 7 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## DEVON COMMUNITY FOUNDATION Year ended 31 March 2025 ## **Trustees’ Report continued** to spend precious time submitting a new application each time new funding becomes available. Instead, we will work behind the scenes, using our extensive database built up over the last 29 years, to match up the groups and funds that fit best. This means that when groups are invited to submit an application, they will have a much better chance of success. In early 2025 the trustees agreed to invest in additional staff capacity for the Learning and Insights team. This means that we welcomed Ian Blackwell back to the team. He and Nicola Frost were joined by a research assistant on a temporary basis during the year to support the ever-growing portfolio of research work the team is leading in collaboration with partners such as the NHS and the University of Exeter. Not many community foundations in the UK have dedicated research departments, and we believe this unique offer will be the keystone in our next long-term strategy. In the Autumn, we will complete the process of setting up our new Customer Management System, a longstanding project initiated by UK Community Foundations. The new CRM will enable us to further automate processes, which should result in time and financial savings. Four new trustees were recruited in August 2025. They, alongside current trustees, will attend an in-person induction day at the office in September, where they’ll have an opportunity to get to know the staff and leadership group, as well as important policies, before the trustee board meeting in October. Then, trustees and the Leadership Group will come together again for an Away Day in December, where work will begin on our next strategy. During Q4, DCF will take part in a Quality Accreditation exercise spearheaded by UK Community Foundations. This will be our 6[th] Quality Accreditation, and we hope for feedback that’s as positive as it has been in previous years. To support our application, we will be introducing new policies covering topics ranging from menopause to trustee recruitment and expenses. We will also refresh our Staff Handbook and introduce more progressive staff benefits, ensuring that we continue to attract and retain high quality, talented employees. Finally, a bold and ambitious 10-year strategy will be considered by the Board in March 2026. The new strategy document will be introduced to the outside world in Q1 of the next financial year. While endowment building will be fundamental to our philanthropic services, insight-led grantmaking will be our unique offer to charities and grassroots groups across the county. 8 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## DEVON COMMUNITY FOUNDATION Year ended 31 March 2025 **Trustees’ Report continued** ## **Legal and Administrative Information** Trustees Dinah Cox, OBE (Interim Chief Executive 24.7.24 to 23.2.25, then Chair) Caroline Harlow (Acting Chair 24.7.24 to 23.2.25) Sandra Goscomb (appointed 9.9.24) Edward Burnand (retired 9.9.24) Anne Gunther (appointed 13.10.25) Ann Holman Nick James (appointed 13.10.25) Jessica Pilkington (appointed 13.10.25) Rev. Georgina Radford Cary Rudolph (appointed 9.9.24) Rt. Rev. Jacqueline Searle (retired 11.11.24) Kelly Spry-Phare (appointed (13.10.25) Rowan Truscott Sally Wace Chief Executive Mary Hancock Head of Development Laura Cameron Long (resigned 31.7.25) Head of Impact, Insight, Nicola Frost & Learning Heads of Grants Vanessa Johnson and Philippa Knott Koss Head of Finance Andrew Minns Registered Charity Number 1057923 Registered Company Number 03236918 Registered Office The Factory, Leat Street, Tiverton EX16 5LL Bank 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 Investment Managers Evelyn Partners Limited, Portwall Place, 21 Portwall Lane, Redcliffe, Bristol, BS1 6NA Sarasin and Partners, Juxon House, 100 St. Paul’s Churchyard, London, EC4M 8BU CCLA Investment Management Ltd, 1 Angel Lane, London EC4A 3AB 9 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## DEVON COMMUNITY FOUNDATION Year ended 31 March 2025 **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. Company law requires the charity trustees to prepare financial statements for each year these must give a true and fair view of the financial position, assets, liabilities and income and expenditure of the charitable group for that period. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently. - observe the methods and principles in the Charities SORP. - make judgements and estimates that are reasonable and prudent. - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements, and - prepare the financial statements on the ‘going concern’ basis unless it is inappropriate to presume that the charitable company will continue in operation. The trustees are responsible for keeping 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, 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. The trustees, having made enquiries of fellow directors and the group’s auditor that they ought to have individually taken, have each taken all steps that they are obliged to take as a director in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. The trustees approve the Trustees’ Annual Report, including approval in their capacity as company directors of the Strategic Report contained within it, on 13 October 2025. Dinah Cox, OBE Chair of the Board 10 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F DEVON COMMUNITY FOUNDATION Year ended 31 March 2025 ## **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 2025, 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: - give a true and fair view of the state of the group’s and charity’s affairs as at 31 March 2025 and of its income and expenditure for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and 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. ## **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. 11 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## DEVON COMMUNITY FOUNDATION Year ended 31 March 2025 ## **Independent Auditor’s Report to the Members of Devon Community Foundation (continued)** 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: - the information given in the trustees’ report, (which includes the directors’ report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the 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: - adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees’ remuneration specified by law are not made; or - we have not obtained all the information and explanations necessary for the purposes of our audit. ## **Responsibilities of the trustees** As explained more fully in the Statement of Trustees’ Responsibilities set out on page 16, 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. 12 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F DEVON COMMUNITY FOUNDATION Year ended 31 March 2025 ## **Independent Auditor’s Report to the Members of Devon Community Foundation (continued)** 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. 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: - Review of Trustees meeting minutes for irregularities with laws and regulations; - Review of any health and safety incidents that have been reported under the Reporting of Injuries, Diseases 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; - On a sample basis confirmed that expenditure was properly authorised and made in accordance with the terms of the relevant fund; 13 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## DEVON COMMUNITY FOUNDATION Year ended 31 March 2025 ## **Independent Auditor’s Report to the Members of Devon Community Foundation (continued)** - Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; - Auditing the risk of fraud in revenue recognition, including substantive testing of grants and donations on a sample basis, to confirm that income is complete, recognised in the correct accounting period and correctly classified to the relevant fund; - Review of financial statement disclosures and testing to support documentation to assess compliance with applicable laws and regulations; and - Review of Charity Commission and Companies House filings Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one because of error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are closely related to events and transactions reflected in the financial statements. 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 16 October 2025 14 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## **DEVON COMMUNITY FOUNDATION Year ended 31 March 2025** ## **Consolidated Statement of Financial Activities (Including consolidated income and expenditure account) For the year ended 31 March 2025** |||**Unrestricted**|**Restricted**|**Endowment**|**2025**|**2024**| |---|---|---|---|---|---|---| |||**funds**|**funds**|**funds**||| ||**Note**|**(note 18)**|**(note 19)**|**(note 20)**||| |Income and endowments from:||**£**|**£**|**£**|**£**|**£**| |Donations & legacies|3|10,852|1,483,931|30,666|**1,525,449**|1,245,712| |Charitable activities|4|91,692|177,601|-|**269,293**|898,905| |Investments|5|48,627|25,015|260,843|**334,485**|390,104| |Other|4|25,000|-|-|**25,000**|-| |Total income & endowments||176,171|1,686,547|291,509|**2,154,227**|2,534,721| |**Expenditure on:**||||||| |**_Raising funds_**||||||| |Costs of generating voluntary income|6|139,799|-|-|**139,799**|126,792| |**_Charitable activities_**||||||| |Grants Payable|7|-|2,038,096|-|**2,038,096**|2,341,149| |Grant repaid|7|-|72,242|-|**72,242**|-| |Administration of grant making|7|129,555|-|-|**129,555**|173,891| |Other support costs|7/8|289,249|4,201|-|**293,450**|304,834| |**Total expenditure**||558,603|2,114,539|-|**2,673,142**|2,946,666| |**Netgains/(losses) on investments**||(788)|-|(139,039)|**(139,827)**|753,978| |**Net income/ (expenditure)**|9|(383,220)|(427,991)|152,470|**(658,742)**|342,033| |Transfers between funds|20/21|221,713|171,538|(393,251)|**-**|-| |**Net movement in funds**||(161,507)|(256,454)|(240,781)|**(658,742)**|342,033| |**Reconciliation in funds:**||||||| |Fund balances brought forward||536,873|2,186,073|9,362,397|**12,085,343**|11,743,310| |**Fund balance carried forward**|21|**375,366**|**1,929,619**|**9,121,616**|**11,426,601**|12,085,343| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 15 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## **DEVON COMMUNITY FOUNDATION Year ended 31 March 2025** |**Year ended 31 March 2025**|**Year ended 31 March 2025**||||| |---|---|---|---|---|---| |**Balance Sheets**||**2025**|**2025**|2024|2024| |||||Consolidated|| |||**Consolidated**|**Company**|As Restated|Company| ||Note|**£**|**£**|**£**|**£**| |**Fixed Assets**|||||| |Intangible fixed assets|11|**-**|**-**|3,384|3,384| |Tangible fixed assets|12|**1,001,473**|**382**|1,003,903|2,903| |Investments -listed|13|**9,951,371**|**9,951,371**|10,092,836|10,092,836| |Investments - ingroup||**-**|**-**|-|100| |Total fixed assets||**10,952,844**|**9,951,753**|11,100,123|10,099,223| |**Current Assets**|||||| |Debtors amounts falling|||||| |due within one year|14|**17,733**|**18,380**|229,761|295,100| |Debtors amounts greater||**-**|**-**|-|-| |than one year|14a|**-**|**41,407**|56,373|97,780| |Cash in bank|15|**904,485**|**904,485**|1,228,153|1,103,259| |Total current assets||**922,218**|**964,272**|1,514,287|1,496,139| |**Liabilities**|||||| |Creditors amounts falling|||||| |due within oneyear|16|**(372,412)**|**(428,460)**|(453,018)|(444,528)| |**Net current assets**||**549,806**|**535,812**|1,061,269|1,051,611| |Creditors amounts|||||| |greater than oneyear|16a|**(76,049)**|**-**|(76,049)|-| |**Total net assets**
~~ny~~|~~ny~~|**11,426,601**
~~ny~~|**10,487,565**
~~ny~~|12,085,343
~~ny~~|11,150,834
~~ny~~| |~~ny~~|~~ny~~|~~ny~~|~~ny~~|~~ny~~|~~ny~~| |**The funds of the charity**|||||| |Endowment funds|20|9,121,616|8,855,616|9,362,397|9,096,397| |Restricted funds|19|1,929,619|1,216,800|2,186,073|1,473,253| |Unrestricted funds|18|375,366|415,149|536,873|581,184| |**Total charity funds**|21|11,426,601|10,487,565|12,085,343|11,150,834| The deficit of the charity only was £663,269 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 18 to 40 form part of these financial statements Dinah Cox, Chair of trustees on behalf of the trustees BE1916670DBA4C2... Approved by the trustees on 13[th] October 2025 **Company registration number: 03236918** 16 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## **DEVON COMMUNITY FOUNDATION Year ended 31 March 2025** ## **Consolidated Cash Flow Statement** **For the year ended 31 March 2025** |**Consolidated Cash Flow Statement**
**For the year ended 31 March 2025**|| |---|---| ||**Group**
Group
**2025**
2024| |**Cash flows from operating activities:**
**Cash provided/(used in) by operating activities**|(587,737)
(463,353)| |**Cash flows from investing activities**
Investment income
Purchase/Sale of investments
Purchase of property & equipment
Purchase of intangible assets|294,690
268,797
(61,287)
(180,649)
-
-
-
-| |**Cashgenerated by/(used in) investing activities**|233,403
88,148| |**Cash flows from financing activities:**
Receipt of endowment|30,666
14,351| |**Cashprovided/(used in) financing activities**|30,666
14,351| |**Increase/(decrease) in cash and equivalents in the reporting period**
**Cash and cash equivalents in the beginning of the reporting period**|(323,668)
(360,854)
1,228,153
1,589,007| |**Cash and cash equivalents at the end of the reporting period**|904,485
-
1,228,153| |**Reconciliation of net income/expenditure to net**
**cash flow operating activities**
**Net income /expenditure for the reporting period**
Adjustments for:
Receipt of endowment
Depreciation charges
(Gains)/losses on investments
Investment income
Increase/(decrease) in creditors
(Increase)/decrease in debtors
(Profit)or loss on disposal of assets|**Group**
Group
**2025**
2024| ||(658,742)
342,033
(30,666)
(14,351)
5,321
7,126
202,752
(567,063)
(294,690)
(268,797)
(80,606)
236,528
268,401
(198,829)
493
-| |**Net cashprovided by (used in) operating activities**|(587,737)
(463,353)| 17 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## **DEVON COMMUNITY FOUNDATION Year ended 31 March 2025** ## **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. 18 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## **DEVON COMMUNITY FOUNDATION Year ended 31 March 2025** ## **Notes to the financial statements (continued)** ## **Consolidated financial statements** These financial statements consolidate the results of the charity and its wholly owned subsidiaries Tiverton Educational Foundation (TEF), Sarah Wood Fogwell’s Charity (SWF) 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 and Sarah Wood Fogwell’s Charity on 12 March 2021. The prior year adjustment in respect of Sarah Wood Fogwell’s Charity is detailed in note 24. ## **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 funds 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. 19 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## **DEVON COMMUNITY FOUNDATION Year ended 31 March 2025** ## **Notes to the financial statements (continued)** Investment income is allocated to the endowment funds. Withdrawals from the endowment fund have been made at a rate of 3.5 % (2024: 3.5%) 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. - Other expenditure represents those items not falling into any other heading. Expenditure is allocated between the above headings in the Statement of Financial Activities on a direct basis apart from staff costs, which are allocated based upon the amount of time staff work on each area. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. ## **Allocation of support costs** Support costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include costs linked to the strategic management of the Charity. Support costs include back office costs, finance, personnel, payroll and governance costs which support the Foundations activities. ## **Taxation** Devon Community Foundation has charitable status and uses its funds for charitable purposes. Therefore, no taxation is included in these financial statements and is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992. The charity is not registered for Value Added Tax, and expenditure therefore includes VAT where appropriate. ## **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. 20 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## **DEVON COMMUNITY FOUNDATION Year ended 31 March 2025** ## **Notes to the financial statements (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 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. Property in Brixham, part of Sarah Wood Fogwell’s Charity, has now been transferred to the charity and is investment property under charities SORP (FRS 102). A valuation was carried out by an independent expert in 2023 with a value of £735,000 for the 5 properties. These are all rented out at commercial rates. Details of the prior year adjustment in respect of these properties is given in note 24. ## **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 except for 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. 21 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## **DEVON COMMUNITY FOUNDATION Year ended 31 March 2025** ## **Notes to the financial statements (continued)** ## **2. Legal status of the Foundation** The Foundation is a company limited by guarantee and has no share capital. ## **3. Income from donations & legacies** |**Donations**
Donations & Gifts
Income tax refunded|**2025**
**2024**
£
£
1,525,449
1,245,712
-
-| |---|---| ||1,525,449
1,245,712| The income from donations and legacies was £1,525,449 (2024: £1,245,712) of which £10,852 was unrestricted (2024: £7,935), £1,483,931 was restricted (2024: £1,223,426) and £30,666 was endowment (2024: £14,351) including gift aid income. ## **4. Income from charitable activities** |Grant income|**2025**
**2024**
£
£
269,293
898,905| |---|---| ||269,293
898,905| The grant income was £269,293 (2024: £898,905) of which £91,692 was unrestricted (2024: £36,172) and £177,601 was restricted (2024: £862,733). ## **Other** Other income represents the write back of a bad debt provision made against a loan made by DSF that has been fully repaid. ## **5. Income from Investments** |Interest receivable
Investment income
Loan interest received
Rent from properties|**2025**
**2024**
£
£
26,924
23,313
267,767
245,235
-
249
39,794
121,307| |---|---| ||334,485
390,104| The income from investments was £334,485 (2024: £390,104) of which £48,627 was unrestricted (2024: £46,036), £25,015 was restricted (2024: £109,304) and £260,843 was endowment (2024: £234,764). 22 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## **DEVON COMMUNITY FOUNDATION Year ended 31 March 2025** ## **Notes to the financial statements (continued)** 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 special investment loans supporting Voluntary Community Social Enterprises. Rent from properties arises from rentals on properties held within the Sarah Wood Fogwell Fund and Tiverton Educational Foundation. ## Income from other activities The wholly owned subsidiary Tiverton Educational Foundation is incorporated in the UK (charity number 306701) and pays all of its profits 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|**2025**
**2024**
£
£| |---|---| ||15,000
12,524
(7,281)
(17,861)| ||7,719
(5,337)| ||7,719
(5,337)| ||266,000
266,000
751
(6,301)
(14,771)| ||(6,301)
(14,020)
259,699
251,980| The income of £15,000 (2024: £12,524) was rental from a lease on the property known as 47a Barrington Street. The lease is for a term of 7 years dated 24 May 2023 at an initial rental of £15,000 pa, with an option to end the lease on 24 May 2026. 23 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## **DEVON COMMUNITY FOUNDATION Year ended 31 March 2025** ## **Notes to the financial statements (continued)** ## **6. Cost of raising funds** |**6. Cost of raising funds**|| |---|---| |Support staff costs
Fund development costs
Direct associated costs|Unrestricted
Funds
Restricted
Funds
Endowment
Funds
**2025**
2024
£
£
£
**£**
£
90,855
-
-
**90,855**
99,887
3,602
-
-
**3,602**
2,721
45,342
-
-
**45,342**
24,184| ||139,799
-
-
**139,799**
126,792| Expenditure on raising funds was £139,799 (2024: £126,792) all of which is unrestricted. ## **7. Charitable activities costs** |**7. Charitable activities costs**|| |---|---| |Grants payable
Grant repaid
Administration of grant making
Support Costs|Unrestricted
Restricted
Endowment
Funds
Funds
Funds
**2025**
2024
£
£
£
**£**
£
-
2,038,096
-
**2,038,096**
2,341,149
-
72,242
**72,242**
129,555
-
-
**129,555**
173,891
289,249
4,201
-
**293,450**
304,834| ||418,804
2,114,539
-
**2,533,343**
2,819,874| Expenditure on charitable activities was £ 2,533,343 ( 2024: £2,819,874) of which £418,804 was unrestricted (2024: £415,367) £2,114,539 was restricted (2024: £2,404,507 and £nil was endowed (2024: £nil) ## **Grants were awarded in the year to other charities, voluntary organisations and individuals as follows:** |Other charities & voluntary organisations
Individuals
**Total grant expenditure**|**2025**
**2025**
2024
2024
**Number**
**£**
Number
£
**303**
**2,031,564**
278
2,319,729
**6**
**6,532**
8
21,420| |---|---| ||**309**
**2,038,096**
286
2,341,149| ## **8. Support costs** |Staff costs
General office
Marketing & Promotion
Audit fees
Consultancy
Legal & Professional fees
Building repair & maintenance
Depreciation
Trustee meetings/training|Programme
General Management
Governance
Basis of
support
& Evaluation
support
**2025**
2024 apportionment
£
£
£
**£**
£
221,214
-
-
**221,214**
167,516
Time
4,886
11,465
-
**16,351**
61,951
Staff
-
5,234
-
**5,234**
2,378
Programme
-
8,839
4,740
**13,579**
6,431
Governance
-
30,315
-
**30,315**
41,491
Cost
-
3,932
(167)
**3,765**
18,576
Governance
-
1,030
-
**1,030**
4,140
Cost
-
1,479
-
**1,479**
1,924
Programme
-
483
-
**483**
427
Governance| |---|---| ||226,100
62,777
4,573
**293,450**
304,834| 24 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## **DEVON COMMUNITY FOUNDATION Year ended 31 March 2025** ## **Notes to the financial statements (continued)** ## **9. Net income/(expenditure) for the year** |**9. Net income/(expenditure) for the year**||| |---|---|---| ||**2025**|2024| ||**£**|£| |This is stated after charging:||| |Depreciation & amortisation|**5,412**|7,126| |Audit fees|**13,836**|13,004| ## **10. Staff numbers and costs** The group, on average, employed 14 (2024: 15) part-time staff during the reporting period which is the equivalent to 9.52 (FTE) employees (2024: 10.7). The emoluments for these employees were: |Salaries
Social security costs
Pension costs|**2025**
2024
**£**
£
**362,043**
360,553
**25,620**
27,177
**7,361**
7,899| |---|---| ||**395,024**
395,629| |Management & Governance
Finance
Fund Development
Programmes & Grants
Communications & Administration
**Total number full time equivalent**|**2025**
2024
**Number**
Number
**0.73**
0.8
**2.05**
2.2
**0.80**
0.47
**4.74**
4.78
**1.20**
2.49| |---|---| ||**9.52**
10.74| There were no employees with emoluments above £60,000 (2024: nil). 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 the trustees, the Chief Executive, Head of Finance, Head of Philanthropy Head of Grants and Head of Impact, Insight & learning. The total employee benefits of the key management personnel of the group were £219,485 (2024: £183,604). Trustees received no remuneration (2024: £nil). During the year ended 31 March 2025 trustees were reimbursed for expenses amounting to £494 (2024: £757). 25 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## **DEVON COMMUNITY FOUNDATION Year ended 31 March 2025** ## **Notes to the financial statements (continued)** ## **11. Intangible fixed assets - group & company** |**11. Intangible fixed assets - group & company**||||| |---|---|---|---|---| ||||**Website**|**Total**| ||||**£**|**£**| |**Cost**||||| |At 1 April 2024|||13,536|13,536| |Additions||||| |Disposals||||| |**At 31 March 2025**|||**13,536**|**13,536**| |**Amortisation**||||| |At 1 April 2024|||10,152|10,152| |Charge for the year|||3,384|3,384| |Eliminated on disposal||||-| |**At 31 March 2025**|||13,536|13,536| |**Net book values**||||| |**At 31 March 2025**|||**-**|**-**| |||||| |At 31 March 2024|||3,384|3,384| |**12. Tangible fixed assets - company**||||| ||**Property**|**Computers**|**Other**|**Total**| ||**£**|**£**|**£**|**£**| |**Cost**||||| |At 1 April 2024|-|22,930|9,965|32,895| |Additions||||-| |Disposals||(934)|-|(934)| |**At 31 March 2025**|-|21,996|9,965|31,961| |**Depreciation**||||| |At 1 April 2024|-|21,672|8,320|29,992| |Charge for the year|-|456|1,572|2,028| |Eliminated on disposal|-|(441)|-|(441)| |||||-| |**At 31 March 2025**|-|21,687|9,892|31,579| |**Net book values**||||| |**At 31 March 2025**|-|309|73|382| |||||| |At 31 March 2024|-|1,258|1,645|2,903| 26 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## **DEVON COMMUNITY FOUNDATION Year ended 31 March 2025** ## **Notes to the financial statements (continued)** |**Tangible fixed assets - group restated**||||| |---|---|---|---|---| ||**Property**|**Computers**|**Other**|**Total**| ||**£**|**£**|**£**|**£**| |**Cost**||||| |At 1 April 2024 restated|1,001,000|22,930|9,965|1,033,895| |Additions|-
|-
|-|-| |Disposals|-
|(934)
|-|(934)| |**At 31 March 2025**|1,001,000|21,996|9,965|1,032,961| |**Depreciation**||||| |At 1 April 2024|-|21,672|8,320|29,992| |Charge for the year|-|456|1,481|1,937| |Eliminated on disposal|-|(441)|-
|(441)
| |**At 31 March 2025**|-|21,687|9,801|-
31,488| |**Net book values**||||| |**At 31 March 2025**|1,001,000
|309|164|1,001,473| |At 31 March 2024|1,001,000|1,258|1,645|1,003,903| Investment property comprises of land at the Castle School and a property at 47a Barrington Street held by Tiverton Educational Foundation. 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 valuation was £266,000 The Foundation has reviewed 47A Barrington Street and consider the valuation under FRS 102 to be a fair value. The other properties are held by Sarah Wood Fogwell’s Charity and comprise 43,44,45 Overgang, Brixham and 3 The Strand Brixham. The properties were valued in August 2023 by Stratton Creber Commercial at £735,000. The foundation has reviewed this valuation and consider the valuation under FRS 102 to be a fair value. 27 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## **DEVON COMMUNITY FOUNDATION Year ended 31 March 2025** ## **Notes to the financial statements (continued)** ## **13. Investments - group and company** |**13. Investments - group and company**||||| |---|---|---|---|---| ||**Investment**|||| ||**to support**|**Endowment**||| ||**core costs**|**Investments**|**2025**|2024| ||£|£|£|£| |At 1 April 2024|3,803|10,089,033|**10,092,836**|9,345,124| |Additions||1,211,808|**1,211,808**|2,832,726| |Disposals||(1,150,521)|**(1,150,521)**|(2,652,076)| |Unrealised & Realised gains / (losses)|(161)|(236,284)|**(236,445)**|771,293| |Movement on investment & dividend accounts||33,693|**33,693**|(204,231)| |**At 31 March 2025**|3,642|9,947,729|**9,951,371**|10,092,836| |Listed investments are detailed as follows:|||**2025**|2024| ||||**Market Value**|Market Value| |Fixed Income|||**1,228,998**|1,279,300| |Equities|||**6,707,297**|7,183,785| |Property|||**453,865**|528,388| |Alternative Investments|||**885,550**|805,979| |Liquid Assets|||**675,661**|295,384| ||||**9,951,371**|10,092,836| |Investment managers used are:|||**2025**|2024| ||||**Market Value**|Market Value| |Evelyn|||**4,414,392**|4,415,517| |Sarasin & Partners|||**1,807,544**|1,783,670| |CCLA|||**3,709,315**|3,873,027| |M&G|||**20,120**|20,622| ||||**9,951,371**|10,092,836| Investments are stated at their quoted market value at the year end. The SOFA includes 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. 28 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## **DEVON COMMUNITY FOUNDATION Year ended 31 March 2025** ## **Notes to the financial statements (continued)** ## **14. Debtors: amounts due within one year - group and company** ||**Group**|**Company**|Group|Company| |---|---|---|---|---| ||**2025**|**2025**|2024|2024| ||**£**|**£**|£|£| |Loans to subsidiary DSF|-|-|-|56,521| |Loan|-|-|18,610|18,610| |Grant income|-|-|194,344|194,344| |Prepayments|13,327|13,327|11,444|10,693| |Other Debtors|4,406|5,053|5,363|14,932| ||17,733
|18,380|229,761
|295,100
| |**14a Debtors: amounts due over one year - group and company**||||| ||**Group**|**Company**|Group|Company| ||**2025**|**2025**|2024|2024| ||**£**|**£**|£|£| |Loan to subsidiary DSF|-|41,407|-
|41,407
| |Loans|-|-
|56,373
|56,373| ||-|41,407|56,373|97,780| 29 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## **DEVON COMMUNITY FOUNDATION Year ended 31 March 2025** ## **Notes to the financial statements (continued)** ## **15. Cash at bank - group and company** |**Group**
**Company**
Group
Company
**2025**
**2025**
2024
2024
**£**
**£**
£
£
CAF current Account
122,235
122,235
54,223
54,223
CAF Current Gold Account
122,000
122,000
122,000
122,000
CAF DSF Gold Account
660,250
660,250
927,036
927,036
CAF DSF Cash Account
-
-
102,627
-
CAF DSF Cash Account
-
-
22,267
-
904,485
904,485
1,228,153
1,103,259
**16. Creditors: amounts falling due within one year**
**Group**
**Company**
Group
Company
**2025**
**2025**
2024
2024
**£**
**£**
£
£
Trade creditors
5,442
5,442
4,224
4,224
Other creditors - HMRC
6,414
6,414
7,733
7,733
Other creditors - Grants
335,204
335,204
161,713
161,713
Other Creditor - DSF
-
65,280
-
-
Accruals & deferred income
25,352
16,120
279,348
270,858
372,412
428,460
453,018
444,528
**16a. Creditors: amounts falling due over one year**
**Group**
**Company**
Group
Company
**2025**
**2025**
2024
2024
**£**
**£**
£
£
Other creditors - Loans
76,049
-
76,049
-
Other creditors - Grants
-
-
-
76,049
-
76,049
-
Loans
**2025**
2024
Future minimum loan receipts:
**Consolidated**
Consolidated
**£**
£
Not later than one year
**-**
-
Later than one year and not later than 5 years
**76,049**
76,049|**Group**
**Company**
Group
Company
**2025**
**2025**
2024
2024
**£**
**£**
£
£
122,235
122,235
54,223
54,223
122,000
122,000
122,000
122,000
660,250
660,250
927,036
927,036
-
-
102,627
-
-
-
22,267
-|**Group**
**Company**
Group
Company
**2025**
**2025**
2024
2024
**£**
**£**
£
£
122,235
122,235
54,223
54,223
122,000
122,000
122,000
122,000
660,250
660,250
927,036
927,036
-
-
102,627
-
-
-
22,267
-| |---|---|---| ||904,485
904,485
1,228,153
1,103,259|| ||76,049
-|76,049
-| |||**2025**
2024
**Consolidated**
Consolidated
**£**
£
**-**
-
**76,049**
76,049| 30 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## **DEVON COMMUNITY FOUNDATION Year ended 31 March 2025** ## **Notes to the financial statements (continued)** ## **17. Funds of the Charity** |**At 1 April 2024**
Deficit for the year
**At 31 March 2025**
**Funds of the Charity - 2024 comparative**
**At 1 April 2023**
Surplus for the year
**At 31 March 2024**|**Income and**
**expenditure**
**account**
**£**
11,150,834
(663,269)| |---|---| ||10,487,565| ||**Income and**
**expenditure**
**account**
**£**
10,800,563
350,271| ||11,150,834| ## **18. Unrestricted funds - group** |**18. Unrestricted funds - group**|| |---|---| |**Fund balances 1 April 2024**
Incoming resources
Outgoing resources
Net gains/(losses) on investments
Transfer between funds
**Fund balances 31 March 2025**|**Designated**
**General Fund**
**Reserve Fund**
**Total**
**£**
**£**
**£**
414,873
122,000
536,873
176,171
-
176,171
(558,603)
-
(558,603)
(788)
-
(788)
93,713
128,000
221,713| ||125,366
250,000
375,366| ## **Unrestricted funds - group 2024 comparative** |**Fund balances 1 April 2023**
Incoming resources
Outgoing resources
Net gains/(losses) on investments
Transfer between funds
**Fund balances 31 March 2024**|**Designated**
**General Fund**
**Reserve Fund**
**Total**
**£**
**£**
**£**
505,549
122,000
627,549
90,143
-
90,143
(542,159)
-
(542,159)
26,258
-
26,258
335,082
-
335,082| |---|---| ||414,873
122,000
536,873| 31 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## **DEVON COMMUNITY FOUNDATION Year ended 31 March 2025** ## **Notes to the financial statements (continued)** ## **19. Restricted funds - group 2025** ||**Balance at**|**Incoming**|**Transfers Contributions**|**Transfers Contributions**|**Project**|**Grants**|**Balance at**| |---|---|---|---|---|---|---|---| ||**02-Apr-24**|**Resources**|**To/ (From)**|**Taken**|**delivery**|**Awarded**|**31-Mar-25**| ||**Restated**||**Fund**||||**Restated**| ||£|£|£|£|£|£|£| |Activistock|8,871|-|5,469|-|-|-|14,340| |Alex Ferryman Foundation|580|-|-|-|-|-|580| |Anchor Fund|5|-|-|-|-|-|5| |Arnold|(36)|100|975|(10)|-|(938)|91| |Bableigh CE Turbine|13,715|12,220|596|(1,220)|-|(450)|24,861| |Batsworthy Cross|272,621|131,902|(16,934)|(9,233)|-|(184,604)|193,752| |Beckly Revenue Fund|15,262|-|11,693|-|-|(15,000)|11,955| |Blackdown Hills|1,629|600|1,419|(60)|-|-|3,588| |Blundell's School|2,636|-|1,299|-|-|-|3,935| |Chiggy Pig|249|-|-|-|-|(243)|6| |Clare Milne|6,727|50,000|-|(5,000)|-|(22,624)|29,103| |Communities in Crisis|599|-|-|-|-|(599)|-| |Community Grants|(2,694)|5,568|20,064|(632)|-|(18,752)|3,554| |Cooper Family (Stags)|768|-|1,346||-|(2,114)|-| |Crimebeat|22,569|-|3,002|-|-|-|25,571| |Dart Harbour|9,348|-|-|-|-|(2,500)|6,848| |DCC Household Support|4,110|440,000|-|(40,000)|-|(397,431)|6,679| |DCC Suicide Prevention Fund|49,386|-|-|-|-|(49,386)|-| |DCC Winter Support/Food|10,947|-|-|-|-|-|10,947| |Devon Coronavirus (DCRRF)|6,141|-|-|-|-|(2,742)|3,399| |Devon Emergency Fund|15,000|-|-|-|-|-|15,000| |Devon Flood|(46)|-|-|-|-|-|(46)| |Devon on Earth revenue|1,077|-|937||-|(5,293)|(3,279)| |Devon Resilience (S Hallett)||-|89,169|(29,169)|-|(59,336)|664| |Devon Ripple|71,690|-|77,983|-|-|(92,375)|57,298| |Devon Social Investment Fund|7,889|-|-|-|-|-|7,889| |Devonian|13,801|-|20,279|-|-|(30,710)|3,370| |Devonian Leased Property|46,334|-|-|-|-|-|46,334| |Dipford|5,296|-|2,387|-|-||7,683| |Eagle One|1,772|-|832|-|-|(2,604)|-| |Earth to Earth|3,279|-|3,544|-|-|(3,544)|3,279| |Eileen Whitelaw|157|-|-|-|-|-|157| |Foot Anstey|2,683|-|2,152|-|-|-|4,835| |Give Love Devon|9,981|78|-|(8)|-|(10,051)|-| |Greg Matthews|-|-|-|-|-|-|-| |Hazel Olive (Frankpitts)|8,109|-|6,381|-|-|(5,000)|9,490| |Hely-Hutchinson|0|-|2,467||-|(2,467)|-| |High Sheriff|426|33,676|-|(475)|-|(425)|33,202| |Inspiras|6,139|-|-|-|-|-|6,139| |Kitsons|-|-|1,851|-|-|(1,851)|-| |Laurie Conner|2,645|-|984|-|-|(3,629)|-| |Mildmay - White|304|-|1,002|-|-|(1,306)|-| |Mohn Westlake|-|-|-|-|-|-|-| |Mumme Ackford|1,185|-|1,141|-|-|(2,326)|-| 32 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## **DEVON COMMUNITY FOUNDATION Year ended 31 March 2025** ## **Notes to the financial statements (continued)** ## **19. Restricted funds – group 2025 (continued)** |Neuro Development Through Mvt
North Devon Relief
Old Mill
OPCC Community Grants
OPCC Property Act Fund
Philip J Milton & Co
Plymouth
PYE - Aquarious
Queen Victoria Fund
Ray Miles
Rew
Rural Devon
Sarah Wood Fogwell
Sedel-Collings Foundation
Sovereign Housing Community Fund
Surviving Winter
Tampon Tax
TCCF - Executive Committee
TEF Revenue
Thorne Farm
Tiverton Community Partnership
Tiverton Learning
Tony Hawks
Torbay Suicide Prevention
VBCT
Wace
WE - Ukraine Project
WE Living Options - SP
Wellbeing E. - NHS Charities Together
Wellbeing Exeter - BCF
Wellbeing Exeter - CB
Wellbeing Exeter - PCN
Wellbeing Exeter - SE Accellerator
Wellbeing Exeter - Sport England LDP
Wellbeing Exeter TCA
Youth Mental Health
Young Foundation - Food For Thought
Plymouth City Council (VAWG)
DCC Food Hub Grant Scheme
Mars Wrigley Fund
Simon & Jane Hallett Fund
DCC Smoking Cessation
**Company**
Devon Social Investment
Sarah Wood Fogwell's Charity Property
**Group**|12,314
-

-
-
-
-
12,314
4,204
-

4,611
-
-
(8,796)
19
-
3,300
-
(300)
-
(3,000)
-
4,700
133,333
-
(13,333)
-
(124,700)
-
7,142
58,430
-
(5,843)
-
(59,729)
-
1,792
-
1,044
-
-
(1,000)
1,836
276,308
-
50,392
-
-
(31,324)
295,376
78
-
-
-
-
-
78
10,312
71
5,329
-
-
-
15,712
2,888
-
1,461
-
-
(4,349)
-
1,795
-
1,851
-
-
(3,646)
-
4,319
-
4,755
-
-
(6,823)
2,251
98,989
25,011
541
(541)
-
(28,020)
95,980
63,713
240,000
-
(24,000)
-
(264,003)
15,710
29,325
-
-
-
-
(29,325)
-
17,794
1,663
-
(166)
-
(18,755)
536
144
-
-
-
-
-
144
2,327
-
-
-
-
-
2,327
76,038
-
42,880
-
-
(15,417)
103,501
2,780
19,888
997
(1,989)
-
(17,979)
3,697
306
-
-
-
-
-
306
46,066
-
10,681
-
-
-
56,747
5,325
-
-
-
-
-
5,325
21,246
-
-
(500)
-
(20,746)
-
13,253
-
-
-
-
(12,396)
857
11,809
-
10,184
-
-
(7,033)
14,960
1,386

-
(1,386)
-
-
-
-
-
-
-
-
-

-
1,807

-
(1,807)
-
-
-
-
82,525
-
(66,083)
(16,250)
(192)
-

-
(128,862)
177,601
201,796
-
-
(250,535)
-
(33,209)
-
33,209
-
-
-
-
81,697
-
(77,689)
-
(4,009)
-
-
38,460
-
(38,460)
-
-
-
-
49,580
-
(49,580)
-
-
-

-
43,750
-
-

(1,250)
-
(42,500)
-
-
26,455
-
-
-
(26,455)

-
-
20,000
-

(3,000)
-
(17,000)
-
-
105,000
-
(20,000)
-
(120,000)
(35,000)
-
23,000
-
(3,450)
-

(19,550)
-
-
78,647
-
(11,797)
-
(58,955)
7,895
-
100,000
-
(15,000)

-
-
85,000
**1,473,256**
**1,686,543**
**374,764**
**(203,226)**
**(4,201)**
**(2,110,336)**
**1,216,800**| |---|---| ||(22,181)
-
-

-
-
-
(22,181)
735,000
-
-
-
-
-
735,000
**2,186,075**
**1,686,543**
**374,764**
**(203,226)**
**(4,201)**
**(2,110,336)**
**1,929,619**| 33 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## **DEVON COMMUNITY FOUNDATION Year ended 31 March 2025** ## **Notes to the financial statements (continued)** ## **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. 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. DCC Household Support are funds received from Devon County Council, relating to part of the HSF4 funding provided by the government, to support households in most need of help through the provision of Food, Fuel and More grants to organisations working with vulnerable households and those in most need of support. 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. The funds were transferred back to Exeter City Council during the year. 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 coinvestors, 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. 34 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## **DEVON COMMUNITY FOUNDATION Year ended 31 March 2025** ## **Notes to the financial statements (continued)** ## **Restricted funds – group 2024 comparative:** ||**Brought**|**Donations**|**Donations**|**Transfers**|**Project**|**Grants**|**31 March**| |---|---|---|---|---|---|---|---| ||**Forward**|**and Grants**|||**delivery**|**Awarded**|**2024**| ||||||||**Restated**| ||£||£|£|£|£|£| |Activistock|5,691|-||5,180|-|(2,000)|8,871| |Alex Ferryman Foundation|580|-||-|-|-|580| |Anchor Fund|-|36,667||(3,333)|-|(33,328)|6| |Arnold|609|-||945|-|(1,590)|(36)| |Bableigh CE Turbine|13,426|11,812||(603)|-|(10,920)|13,715| |Batsworthy Cross|287,410|127,375||(22,008)|-|(120,156)|272,621| |Beckly Revenue Fund|10,928|-||11,334|-|(7,000)|15,262| |Blackdown Hills|318|-||1,311|-|-|1,629| |Blundell's School|1,400|-||1,236|-|-|2,636| |Chiggy Pig|249|-||-|-|-|249| |Clare Milne|39,605|-||-|-|(32,878)|6,727| |Comic & Sport Relief|49|-||(49)|-|-|-| |Communities in Crisis|11,006|723||(124)|-|(11,006)|599| |Community Grants|149|7,690||25,308|-|(35,841)|(2,694)| |Cooper Family (Stags)|1,483|-||1,285|-|(2,000)|768| |Crimebeat|19,659|-||2,910|-|-|22,569| |Dart Harbour|4,848|5,000||(500)|-|-|9,348| |DCC Household Support|-|452,000||(41,090)|-|(406,800)|4,110| |DCC Suicide Prevention Fund|49,081|53,400||(7,935)|-|(45,160)|49,386| |DCC Winter Support/Food|11,883|-||-|-|(936)|10,947| |Devon 100 Club|1,683|-||(1,683)|-|-|-| |Devon Coronavirus (DCRRF)|15,456|-||-|-|(9,315)|6,141| |Devon Emergency Fund|15,000|-||-|-|-|15,000| |Devon Flood|(46)|-||-|-|-|(46)| |Devon on Earth revenue|5,169|-||908|-|(5,000)|1,077| |Devon Ripple|19,166|-||73,962|-|(21,438)|71,690| |Devonian|14,817|-||19,656|-|(20,672)|13,801| |Devonian Leased Property|46,334|-|||-|-|46,334| |Dipford|4,082|-||2,314|-|(1,100)|5,296| |Devon Social Investment|7,889||||||7,889| |Eagle One|989|-||783|-|-|1,772| |Earth to Earth|-|-||3,279|-|-|3,279| |Eileen Whitelaw|-|185||(28)|-|-|157| |Foot Anstey|3,512|1,832||1,539|-|(4,200)|2,683| |Give Love Devon|9,945||42|(6)|-|-|9,981| |Hazel Olive (Frankpitts)|10,922|-||6,187|-|(9,000)|8,109| |Hely-Hutchinson|-|-||2,309|-|(2,309)|-| |High Sheriff|87|3,098||(259)|-|(2,500)|426| |Historic Exeter Fire Appeal|4,084|-||(4,084)|-|-|-| |Inspiras|6,138|-||-|-|-|6,138| |Kitsons|3,009|-||1,789|-|(4,798)|-| |Laurie Conner|1,691|-||954|-|-|2,645| |Mildmay - White|1,333|-||971|-|(2,000)|304| |Mumme Ackford|79|-||1,106|-|-|1,185| 35 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## **DEVON COMMUNITY FOUNDATION Year ended 31 March 2025** ## **Notes to the financial statements (continued)** |**Restricted funds – group 2024**|**comparative (continued)**|**comparative (continued)**|**comparative (continued)**|||||| |---|---|---|---|---|---|---|---|---| |Historic Exeter Fire Appeal||4,084|-|(4,084)|-||-|-| |Inspiras||6,138|-|-|-||-|6,138| |Kitsons||3,009|-|1,789|-||(4,798)|-| |Laurie Conner||1,691|-|954|-||-|2,645| |Mildmay - White||1,333|-|971|-||(2,000)|304| |Mumme Ackford||79|-|1,106|-||-|1,185| |Neuro Development Through Mvt||26,984|-|-|-||(14,670)|12,314| |North Devon Relief||3,731|3|4,470|-||(4,000)|4,204| |OPCC Community Grants||35,040|133,333|(20,000)|-||(143,673)|4,700| |OPCC Property Act Fund||1|71,380|(10,707)|-||(53,532)|7,142| |Philip J Milton & Co||780|-|1,012|-||-|1,792| |Plymouth Drake||228,106|-|48,202|-||-|276,308| |Positive People BBO||(7,176)|7,430|(306)|52||-|-| |PYE - Aquarious||78|-|-|-||-|78| |Queen Victoria Fund||5,121|71|5,120|-||-|10,312| |Ray Miles||5,448|-|1,410|-||(3,970)|2,888| |Rew||-|-|1,795|-||-|1,795| |Rural Devon||3,810|-|4,609|-||(4,100)|4,319| |Sarah Wood Fogwell||13,820|108,982|-|-||(23,814)|98,988| |Sedel-Collings Foundation||36,070|172,000|(25,598)|-||(118,759)|63,713| |Sovereign Housing Community Fund||3,332|34,500|(5,175)|-||(3,332)|29,325| |Surviving Winter||4,189|16,444|(1,639)|-||(1,200)|17,794| |Tampon Tax||144|-|-|-|-||144| |TCCF - Executive Committee||4,044|5,104|(820)|-||(6,000)|2,328| |TEF Revenue||46,070|-|39,698|-||(9,730)|76,038| |Thorne Farm||-|16,345|(841)|-||(12,724)|2,780| |Tiverton Community Partnership||306|-|-|-||-|306| |Tiverton Learning||36,176|-|9,890|-||-|46,066| |Tony Hawks||5,325|-|-|-||-|5,325| |Torbay Suicide Prevention||25,030|24,495|(4,249)|-||(24,030)|21,246| |Transforming Aging Programme||840|-|(840)|-||-|-| |Two Four||175|-|(175)|-||-|-| |VBCT||23,253|-|-|-||(10,000)|13,253| |Wace||11,938|-|9,871|-||(10,000)|11,809| |WE - Ukraine Project||28,883|20,044|-|-||(47,541)|1,386| |Wellbeing E. - NHS Charities Together||2,116|1,500|(1,551)|(8)||(250)|1,807| |Wellbeing Exeter - BCF||152,117|255,139|(44,600)|(2,581)||(277,550)|82,525| |Wellbeing Exeter - CB||(69,202)|271,044|-|-||(330,704)|(128,862)| |Wellbeing Exeter - PCN||(13,151)|-|-|-||(20,058)|(33,209)| |Wellbeing Exeter - SE Accellerator||324,525|289,000|(43,850)|(58,413)||(429,565)|81,697| |Wellbeing Exeter - Sport England LDP||22,291|18,575|-|(2,408)||-|38,458| |Wellbeing Exeter TCA||49,580|-|-|-||-|49,580| |Youth Mental Health||-|50,000|(6,250)|-||-|43,750| |**Company**||**1,639,507**|**2,195,213**|**43,040**|**(63,358)**||**(2,341,149)**|**1,473,253**| |Devon Social Investment||(22,430)|250|-|-||-|(22,180)| |Sarah Wood Fogwell's Charity Property||-|735,000|-|-||-|735,000| |**Group**||**1,617,077**|**2,930,463**|**43,040**|**(63,358)**||**(2,341,149)**|**2,186,073**| 36 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## **DEVON COMMUNITY FOUNDATION Year ended 31 March 2025** ## **Notes to the financial statements (continued)** ## **20. Expendable Endowment Funds - company** |Endowment Funds include:
Devon Community Funds
Plymouth Funds **|**1 April**
**2024**
**Incoming**
**Resource**
**Realised &**
**unrealised**
**Investment**
**profits/**
**(losses)**
**Transfer &**
**Outgoing**
**Resource**
**Transfers**
**31 March**
**2025**
£
**£**
**£**
**£**
**£**
**£**
7,597,649
250,256
(135,211)
- (342,065)
**7,370,629**
1,498,748
41,253
(3,828)
-
(51,186)
**1,484,987**| |---|---| ||**9,096,397**
**291,509**
**(139,039)**
**-** **(393,251)**
**8,855,616**| 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 2024 comparative** |Endowment Funds include:
Devon Community Funds
Plymouth Funds **|**1 April**
**2023**
**Incoming**
**Resource**
**Realised &**
**unrealised**
**Investmen**
**t profits/**
**(losses)**
**Transfer&**
**Outgoing**
**Resource**
**Transfers**
**31 March**
**2024**
**£**
**£**
**£**
**£**
**£**
**£**
7,094,627
213,786
617,528
-
(328,292)
7,597,649
1,403,057
35,329
110,192
-
(49,830)
1,498,748| |---|---| ||**8,497,684**
**249,115**
**727,720**
**-**
**(378,122)**
**9,096,397**| 37 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## **DEVON COMMUNITY FOUNDATION Year ended 31 March 2025** ## **Notes to the financial statements (continued)** ## **Endowment Funds - group** |**ndowment Funds - group**|| |---|---| |Endowment Funds include:
Devon Community Funds
Plymouth Funds **
Tiverton Educational
Foundation|**1 April**
**2024**
**Incoming**
**Resource**
**s**
**Realised &**
**unrealised**
**Investment**
**profits/**
**(losses)**
**Transfers &**
**Outgoing**
**Resource**
**s**
**Transfers**
**31 March**
**2025**
**£**
**£**
**£**
**£**
**£**
**£**
7,597,649
250,256
(135,211)
-
(342,065)
**7,370,629**
1,498,748
41,253
(3,828)
-
(51,186)
**1,484,987**
266,000
-
-
-
-
**266,000**| ||**9,362,397**
**291,509**
**(139,039)**
**-**
**(393,251)**
**9,121,616**| ## **Endowment Funds – group 2024 comparative** |Endowment Funds include:
Devon Community Funds
Plymouth Funds **
Tiverton Educational
Foundation|**1 April**
**2023**
**Incoming**
**Resource**
**s**
**Realised &**
**unrealised**
**Investment**
**profits/**
**(losses)**
**Transfers &**
**Outgoing**
**Resource**
**s**
**Transfers**
**31 March**
**2024**
**£**
**£**
**£**
**£**
**£**
**£**
7,094,627
213,786
617,528
-
(328,292)
**7,597,649**
1,403,057
35,329
110,192
-
(49,830)
**1,498,748**
266,000
-
-
-
-
**266,000**| |---|---| ||**8,763,684**
**249,115**
**727,720**
**-**
**(378,122)**
**9,362,397**| A total of £393,251 (2024: £378,122) was transferred from the endowment funds to restricted (£171,538) and unrestricted (£221,713) funds in the year. 38 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## **DEVON COMMUNITY FOUNDATION Year ended 31 March 2025** ## **Notes to the financial statements (continued)** ## **21. Analysis of net assets between funds – group 2025** |Endowment funds
Restricted funds
Unrestricted funds|**Tangible &**
**Intangible**
**Assets**
**Investments**
**Net Current**
**Assets**
**Total**
**£**
**£**
**£**
**£**
266,000
8,855,616
-
**9,121,616**
735,000
854,261
340,574
**1,929,835**
472
241,494
133,184
**375.150**| |---|---| ||**1,001,472**
**9,951,371**
**473,758**
**11,426,601**| ## **Analysis of net assets between funds – group 2024 comparative:** |Endowment funds
Restricted funds
Unrestricted funds|**Tangible &**
**Intangible**
**Assets**
**Investments**
**Net Current**
**Assets**
**Total**
**£**
**£**
**£**
**£**
266,000
9,096,397
-
**9,362,397**
735,000
633,644
817,429
**2,186,073**
6,287
362,795
167,791
**536,873**| |---|---| ||**1,007,287**
**10,092,836**
**985,220**
**12,085,343**| ## **22. Capital commitments** There were no capital commitments at the year end. ## **23. Operating leases** |Property in Tiverton Educational
Foundation and Sarah Wood Fogwell’s
Charity
Future minimum lease receipts
Not later than one year
Later than one year and not later than
five years|**2025**
**2024**
**£**
**£**
19,725
15,000
3,753
17,178| |---|---| ||23,478
32,178| 39 Docusign Envelope ID: A548F54A-38AD-4A9F-82DF-D9CFC8AF978F ## **DEVON COMMUNITY FOUNDATION Year ended 31 March 2025** ## **Notes to the financial statements (continued)** ## **24. Prior Year Adjustment** A prior year adjustment has been made to consolidate the results of the Sarah Wood Fogwell’s charity, of which Devon Community Foundation is the sole trustee. The main impact is to include the Fixed Asset Investment Properties held by the charity in the consolidated accounts of the Foundation. The properties have been valued at £735,000. The effect of this is outlined below: - a) Changes in accounting policies There were no consequential changes in accounting policies related to this adjustment. Reconciliation of total group charity funds Previously reported group charity funds at the start of the comparative period have been increased by £735,000 to £11,743,310 from £11,008,310, previously reported consolidated charity funds at the end of the comparative period have been increased to £12,085,343 from £11,350,343. - b) Reconciliation of comparative period income and expenditure. No adjustment was made to previously reported income and expenditure in the comparative period. 40