Heart of Bucks COF•WNITY FOUNDATION FOR BUCKXNGXAMSHIRE Trn5tee5' ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Heart of Bucks Buckinghamshire Community Foundation Report and Financial Statements Year ended: 31st March 2021 Charity no. 1073861 ￿efre￿ce rfnd AdmiKi5tr4tive iffjrnirtio Buckinghamshire Community Foundation - Trustee Directors The trustees, who are alsa the directors for the purpose of company law, and who served during the year and up to the date of signature of the finanaal Statements were: Countess E H Howe DL - Chairman (until March 2021) (from November 2020 HM Lord-Lieutenant of Buckinghamshi￿) Mr W M Stewart - Vice Chairman from D￿ember 2020, Chairman f￿rn March 2021 Mr J G Barclay - (retired March 2021) Mr M Bradbury- Chairman of Social Investment (Loans) Committ Mr5 L V Cannon Clegg Mr R Collins Mr G Corney (retired December 2020) Mr G Garg - appointed March 2021 Mrs P Kirkbride - appointed December 2020. Chair of Development Board Mr P J Manktelow- Treasurer Mrs L Marston-weston - Chair of Grants Committ Mrs T Scrivener - {retired March 2021) Ns A Smith (Pask) Mr R D Taylor- Chaiman of Finance & Investment Committee and Wice Chairman from March 2021 Mrs L C Wood Chief Executive Mr Henry Allmand Subsidiary Company - Buckinghamshire Community Foundation (KHC) Ltd Dirertors CoUntl￿S E H Howe DL- Chairman (until September 2021- retired)(from November 2020 HM Lord- Lieutenant of Buckn'nghamshire) Mr W M Stewart (appointed November 2020) Chaimian from September 2021 Mr A Bacon - Treasurer (apwinted October 2020) Mr J Biggs Mrs L V Qinnon Clegg (apw>inted Ortober 2020) Mr G Corney (appointed Novemker 2020} Mr P J Manktelow Page 2 141 Office address: New Road, Weston Turville, Aylesbury, Buck5, HP22 5QT Charity No. 1073861 Company No. 03662246 (Registered in England and Wales) Auditors: Azets Audit SeNices, The Mill House, Boundary Road, Loudwater, High Wycombe, HPIO 9QN www.azets.co.uk Bankers: Nat West Bank, 22 Market Square, Aylesburyi HP20 ITW Investment Managers: CCL4 Investment Management Ltd. Senator House, 85 Queen Victoria Street, London EC4V 4 Sarasin and Partners LLP, Juxon House, 100 St Pauls Churchyard, London EC4M 8BU Page 3 Content5 Page Trustees, report 5-14 Independent auditor's report 15-18 ststement of financial activities 19 Summary income and expenditure account 20 Balance sh￿t 21-22 Statement of cash flows 23 Notes to the financial statements 24-54 Page 4 Eeprt trugtree5 The trustees of Buckinghamshire Community Foundation pleased to present their reFX)rt and financial statements for the year ended 31 March 2021. The financial statements have been prepared in accordance with the accounting policies set out in note I to the financial ststements and comply with the charity s governlng document, the Companies Att 2006 and "Accounting and Reporting by Charities: Statement of Recommended practi￿ applicable to charities preparing their accounts in attordance with the Financial Rep)rting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019)". 5tThGtMre, &oven7Ak7ce MrfnoJeiwt Introduction Buckingham5hire Community Foundation fBCFI Is the formal name of our charity and is used for goveman and legal requirements. Our working name, by which we are recognised in our community, is Heart of Bucks HOBJ. The foundation was established in 1999 a5 a grant-making charity, by the late Sir Nigel Mobbs JP who was HM Lord-Lieutenant of Buckinghamshire betw*n 1997 and 2005. At that time, community foundations were already well-established in North America and, seeing the power of ￿Ople coming together through their giving, to build thriving communities, Sir Nigel want&1 the same for Buckinghamshire. sin￿ then, we have given away more than £IOm in funding. We are part of a network of 47 Community Foundatlons across the UK, all grant-making charTtTes dedicated to improving the lives of people in a defined geographic area, We bring together the financial resour￿5 of individuals, families, public authorities, national funders and businesses to support our local communiti￿. The foundation is a registered charity and company limited by guarantee, registered in England and Wales. The Board and Committees The trustees of HOB are also directors for the purposes of company law. New trustees are appointed by the existsng trustees and seNe for a maximum of nine years. New trustees are sought through a formal recruitment process which may indude open advertisement or recommendations from I￿al networks, dependent on the type of skills sought. The pro￿5 will include all relevant eligibility checks and interviews Wth memLErs of the Board, kefore a formal vote is taken to appoint, Our governing dcKument provides for a minimum of five trustees and a maximum of 13. As at 31st March 2021, 12 trustee5 were in post. On appointment, and periodically thereafter, trustees sign model Trustee and Director Declaration Statements. They are welcomed with an induction pack and programme, briefing them on the background to the foundation and the various aspects of our work, as well as the role and reskxjnsibility of trusteeldirectors. In the first year new trustees will observe a grants panel and other committees as best suited to their area of expertise and interest. Page 5 Trustees are required to declare any competing or conflicting interests which are maintslned as a pemanent record and reviewed at the stsrt of each Board and Committee meeting. Where a conflict of interest arises, trustees are required to absent themselves from any discussion or decision making. Trustees have ac￿5 to an online Board portal with all relevant ￿ll(leS and information about the foundation's activity as a permanently available resour￿, and this 15 also used to manage online discussion, approvals and meeting papers. All trustees give of their time fr￿lY and no remuneration is paid. To enable us to bring in expert and specialist support, Ho8 operates a number of sub-committees; Fundraising Board, Corporate Partnerships Committee, Finan￿ and Investment Committee, Social Investment Committee, Grants Committee and various grants panels. All committees operate under Terms of Referen￿ approved by the Board, whith in some cases includes delegated authority - ft)r example, the grant5 panels which can make grant and loan awards, within the over-arching policy approved by the Board. Volunteers are recruited to work alongside tn)stees on these sub-committees to help us ensure our activities are well-informed by specialist or local knowledge and that grant decisions are independent. Appointment of committee members is r￿eNed to the trustees who will review any recommendations made by the committees. Role of the Board At their quarterly meetings, the trustees agree the broad areas of strategy and activity. They scrutinise performan￿ against a set of key performan￿ issues under three strategic aim5. Income Generation, M￿ting LIKal N&d and Civic and Communty Leadership. Matters reviewed at eath Board meeting include grant making, investment fund perf0mlan￿, budget and finan￿, fundraising and donor relations as well as HR matters, risK poliaes and other governan￿ matters. The day to day management of these issues Is delegated to the staff team, under the direction of the ￿lef Executive. Membership and External Regulators As a member of the UKCF network, HOB kenefits from the experien￿, collaborBtion and support of 47 Community Foundations. MemlRrship also enables us to access national funding programmes, such as that from the National Emergencies Trust, which distributed significant amounts of Covid-19 response funding via the UK￿ nthork in 2020. Heart of Bucks is registered with the Fundfaising Regulator and with the Information Commissioners Office as a Data Controller. Risk Management The trustees have a robust Risk Policy and appoint one of their number to lead on Risk for the Charity. Page 6 Major risks are recognised and recorded on our Rlsk Register under five categories. Strategic and Govemance, Finanaal, OFerational and Reputation, Staffing and Culture. They are kept under active review, with a fomal board-level review occurring every six months (quarterly from 2021). At these reviews trust￿ consider whether the current mitigation measures are sufficien¢ or whether further attion Is required and identlfy any new or emerging risks. For the reporting year the trustees identified our most slgnificant risks to te the loss of investment income andlor invested capital due to poor returns and the impact of Covid-19. Fundraising Artivities Our Fundraising Board and Corporate Partnerships Committee lead on our fundraising activity, with reporting responsibility to our Board of Trustees. We are ￿gIStered with the Fundraising Regulator and work hard to ensure we are compliant with the Fundraising Code of Prartice. We are registered with the Information Commissioners Office and have policies and processes in Pla￿ to ensu￿ we comply with the Data Protection Act, General Dats Protertion regulations and the Privacy and Electronic Communications Regulations in our contscts with supporte￿, donors and teneficiaries, as well as the wider community. Our Donor Acceptsn and Refusal Policy sets out the circumstantrs in which we will undertake further enquiries into the sou of donab'on5 and when we may refuse a donation. It also provides guidance on how we will take account of the capaaty of a donor to make a decision to donate, as well as providing staff with guidan￿ on anti-money laundering measures. Ofjectives AGtivities Our Vision Our vision is to promote and support a culture of giving that strengthens and supports communities throughout Buckinghamshire. We want donors of all kinds to be aware of and f&] engaged with local causes so they can experience the impact and positive change their generous giving can create. Through a programme of informed and targeted funding and advi￿ we want to make our community a better pla￿ to live, work, play and do business. How we benefft the publi¢ Our trustees have taken account of their duty under section 4 of the Charities Att 2011 and of their obligations with regard to the Charity Commission guidan￿ on public benefit when planning our business and actsvity programmes. Trustees remew our public benefft annually to make sure that our otRrations continue tr) align with this responsibility. This was last done on 10th December 2020. The dir￿ public benefit that flows from our charitable purpose is primarily the provision of grant and loan funding for a broad range of community Services and projects. To be eligible for our funding, projects must be exdu5ively "not for profiy, and in the main, must benefit residents of Buckinghamshire. We specialise in making awards to small community 9roups at grassroots level that mighl otherwise not be able to aC￿S supwrt. The range of funds we administer cover all of the issues and themes of need listed in our charitsble purposes. These are Shown below, with examples of activities delivered. Page 7 For the Relief of Poverty. We made a grant to Citizens Advi￿ to supwrt the recruitment of a new welfare benefits caseworker. For the advancement of education: We took on the management of the Rayners Special Education Trust Fund and the Olney British School Fund, together with the ongoing distribution of grants to support students needing financial aS5Istsn￿ and groups supporting students with additional needs. For the advancement of health and saving of lives: We manage a number of funds which have health and wellbeing as a priority. For example, grants given to Scannappeal for medical diagnostic equipment, and to Maggie Keswick lend<5 Can￿r Caring Centres Twst, for the supwrt of people with Can￿r. • For the advancement of citizenship or community development: We have distributed grants derived from the National Lottery Community Fund and other funds with community development at their heart. For example a grant to Action for Youth enabled them to expand their National Citizen seN1￿ (NCS) to SEN participants throughout Bucks. For the advancement of the arts, culture, heritage or scien￿. Through our Arts Fund and others with heritage or culture as a priority, we have provided a range of grants induding to Theatre Shed, a theatre organisation working with young people with a range of disabilities. For the advancement of amateur sport: We have provided grants through a number of sports targeted funds including the Nic Willoughby Fund, Julian Budd Kids in Sport Fund and Moving Our Community Fund, the latter delivered in partnership with Ictal spryts charity LEAP. • For the advancement of human rights, conflict resolution or reconciliation or the promotion of religious or racial harmony or equality and diversity: We have provided grdnts from a number of funds, for example, to UnS￿n, to support The Modern Slavery Helpline - A vitsl lifeline for victims across Buckinghamshire. For the advancement of environmentsl protection or ImprovemenL' We have supported numerous organisations through the delivery of the Green Futures, Green Schools and Flood Recovery and Prevention Funds. For example, we prowded a grant to Waddesdon Primary School for a Pupiwled project to create a pond and wildlife area. • The relief of those in need by reason of youth, age, ill-health, disability, financial hardship or other disadvantage: We run a number of individual crisis funds, for example our Winter Warmth Fund whith supports w)ple with items such as warm clothing and bedding, or ex￿siVe winter fuel bills. Our delivery of the Bucknnghafnshire Emergency Assistan￿ Fund for Buckinghamshire Council supported 177 beneficiaries In financial hardship as a result of Coronavirus pandemic during the year and was consequently extended into 2021-22. The benefits derived from our activities are eVIden￿d by way of feedback from the reapients and their onward beneficiaries, as well as from our"End of Granv, monitoring. These rewrts gather information from the groups about their projects and gives them the opportunity to showcase the impact of their work. The demand for our setvices is evidenced by the fact that the majority of our funds are oversubscribed every year, and in 2020-2021 we distributed more than twice our highest ever annual amount of grants. Page 8 Our Activities Grant and Loan Making We actively seek funding for Buckinghamshire causes from a broad range of Sour￿5, including public sector, government pr(xJrammes, national charity programme5, local business, trusts and private donors. HOB awards gTrnts and social investment loans to constituted not-for-profft groups, which indudes RegIste￿d and non-Registered charities, Community Groups, Community Interest Companies (CIOS), incorpo￿ted Sports Clubs, Charitsble Incorporated Companies {excluding those limited by shares) and Parish Councils operdting within the administrative county of Buckinghamshire. We also operate a number of crisis fund5 which give grants to individuals and families in crisis, working through a nehvork of Community Advocates who are able to provide holistic support to the recipients, alongside our cash grant. Due to the bespK>ke nature of our donor serviTrs, some fund5 may have specific eligibility criterla, or may specify partlcular themes or causes that the donof wishes to support. In some c3se5, donors direct the specific organisations to whom grants are to be made from their funds. However, where donors are less certain about what types of issues to support, we will work closely with them to develop an appropriate fund. This may include sharing information about local needs, as well as understanding what issues are important to them and their families. However, in all cases, eligibility criteria is subject to the over-arching policy of the Board of Trustee5 which SFecifies a small number of exclusions, for example, activities supporting animal welfare. Applications are invited from eligible groups through a programme of marketing, promotion and outreach activity aimed at reach grassroots organisations acr055 the County. On receipt of applications, HOB staff conduct thorough due diligence checks, prior to the application being considered by the GtBnts or Social Investment Loans Panels. These are independent decision making b()Jies, drawn from a county-wide [￿1 of around 20 volunteers and each led by a HOB trustee. At all decision- making meetings, panel members are asked to declare any interests in the applications before them and, if so declared, are excluded from decision making on that item. Decision-making for crisis funds, induding this year, smaller grant5 made under the Coronavirus Emergency Programmes, is delegated to the staff team, in order that very quick decisions can be given to those in crisls. These grants are all reported to our grants panel for independent scrutiny. In the case of some of our Corporate Funds, the decision-making may be made by the donor ￿MpanY s staff team, engaging them in Corporate Social Responsibility programmes. This enables the company's workforce to engage in charitable giving and to gain awareness of community needs. Most grants awarded are £5,000 or less (£2,000 in the case of crisis funds), but this year, trustees authorised the distribution of grants up to £10,000 through our Covid-19 response programmes and larger grnnts were made on the dir&tion of stEcific donors. All payments over £5,000 are also reported to the Finan￿ & Investment Committee for scrutiny. Social Investrnent Loans may LE award8J up to £25,000 repayable over a period up to five years. These are interest-free, unsecured unregulated loan5. Following due diligence ched2021 We distributed £1.45m in grnnt funding, our largest ever grant-maknng year, supporting 762 projects and households dlrecty benefitting around 43,000 people across the County. A5 demonstTrted in "How we benefft the public" above, we are an extremely broad rangingi pla￿-baSed funder able to support a huge variety of causes and issues. In 2020-2021, our grants ranged from £150 to Page 10 SUPPOrt a family in crisis to replace a much-needed cooker, to £73,000 to the Oasis Pathership for their -Listen, Learn, Adapt" collaborative project researching the needs of communities in Buckinghamshire who eX￿rien￿ racial inequality. 2020-2021 was our busiest ever year, due in large part to the Coronavirus pandemic. We were quick to cogni5e the wtential impact on our l(x21 community and not-for-profft organisations and to respond, launching our local fund raising campaign withln a week of the first national lockdown. We were a150 pleased to ￿ instrumental in distribution of national funding prograrnmes through the National Emergencies Trust, Dept. for Digitsl, Culture Media and Swrt and the National Lottery Community Fund, bringing a huge amount of funding into our county. To achieve the quick turn-around demanded by a cris15 of this nature, we responded by redesigning our systems. We put in pla￿ flexible and responsive programmes whid) ￿abled LS to respond to applications for funding far more quickly than our traditional programmes, in as little as 24 hours in some cases. We re￿iVed fantastic support with this from our volunteer grants panel members, who have met many more times than usual this year to continue to bring our expected standards of scrutiny and independence to decision making. We are so pleased to have trEen able to bring such vital support to our community at the time of greatest need, In contrnst,"business as usual" was heavily impacted this year, including the curtailment of our usual outreach worK and the Can￿lIatiOn of major fund raising events and our Annual Supporters Reception. Our staff were all rediretted to home working and our use of technology to keep in touch and ftKussed as a team has increased exponentially. However, despite this, we have still been able to achieve some growth into our endowment funds, coupled with a number of new non-covid "immediate impact" funds focussed on the important area of environment. With the support of some fantastic local businesses, we were also able to refresh our Corpoffjte Partnerships Committee and to launch our Community Investors programme which recognises business in Bucklnghamshire who are contributlng finanaalty or through other fomis of support to help us to make our community stronger. Some of the notable achievements during the year were: £1.45m distributed in grant funding - our largest ever funding year. Our largest ever grant - £73k to Oasis partnership as a Capacity Building grant to support 5ervitrs to communities experienang racial inequality. Launch of an innovative pr(yJramme worklng alongside NHS partne￿ to find community solutions to long-standing health inequalities. Apwintment of six high profile Ambassadors across slx key themes. Implementstion of new grant monitoring processesi provlding high quality feedback to beneficiary organisation5 to help them improve haw they tell the story of their community impact. Our first ever online supporters re￿ption including video messages and online voting for our Peoples Choice and Coronavirus champions awards. Publication of our Buckinghamshire Uncovered research report which looked at the hidden n￿d5 across the county. Establishment of 14 new funds to widen the range of grants available. To ensure the charity has the appropriate expertlse and infrastrutture to support our continued growth, we also restruttured our staff team, bringing in new Lzpacity for Business and Philanthropy Development. The new strutture will tske effect from the stsrt of 2021-2022. Fège 11 Fundraising Our direct fundraising events, including our Annual Golf Day and the subsidiary-run Kop Hill Climb Festival were sadly wstponed this year due to the national lockdown measures. However, we were pleased to form some new relationships with the looil business S￿Or, and were delighted to be recognised as the charity partner for Bucks Business First, the local ￿ntral information and support hub for all businesses in Bucknnghamshire, Future plans The ability that we have to distribute grant funding in perpetuity is a testament to the vision of Sir Nigel Mobbs, however our trustees are mindful that there is still much work to do to meet all the various needs of our county, and to address some of the more emtedded, and often hidden challenges. We have refocussed our stsffing budget, achieving a small cost saving, whilst building in new capadty for development and fundraising activity. With thanks to the Rothschild Foundation, who provided vital grant fundingi our fundraising programme is being refreshed, led by our new Development team, who will work closely with the newly appointed lead trustee for fundraising. We are looking fomard to building both on the strategic partnerships and relationshitE with new community groups that were estsblished during the pandemic response, and continuing to maximise the opportunities to bring funding money into our county. Our core grants programmes will continue, with the addition of a number of new programmes that are in development, and we hope that we will be able to see the return of at least some of our events. Having learnt from the enforced remote operation of our business over the last year, we will also trE taking the opportunity to refresh some of our own infrastructure, including ￿ systems and re1c￿ting offitr premises, taking advantage of cost-saving opportunities. Finally, during the coming year we will also be undertaking our tri-annual quality assessment, extemally accredited and benchmarked against our Community Foundation partners which also presents a good opportunity for us to review our performance and identify improvements for ourselves. FIKAKarfl Eevie Our work is entirely reliant on Income and investment retums from our endowments, donations to our flow- through funding programmes and other unrestricted donations received. HOB draws funding from as wide a range of income streams as possible, including individual philanthropic donors, corwrate donors, local and ￿￿traI governrnent, other national and regional funders, trusts and (in normal yea￿} fundraising activity. During the year HOB was the agent in Buckinghamshire for the National Emergencies Trust Fund, including funds from the Dept. for Digitsl, Culture, Media and Sport (DCMS) and #iwill (a Youth Social Action fund also dellvered on behalf of the DCMS). Other significant funding wa5 received this year from Buckinghamshire Council for a nUM￿r of different funding programmes, from LEAP, I(￿1 partners for a Sport England-funded activity programme and from the Rothschild Foundation who suppY)rted our Covid-19 resp)nse fund and were partners with us in delivering our largest ever individual grant. During the financial year HOB ￿ognIS&j income totslling £2.1 million. Investment income (exduding revaluation of investment funds) contributed £0.3 million of the income re￿iVed and a full analysis of this is given in note 6 of the financial statements. Our core costs were £342K lower than 2020 (£378k due in part to a staff vacanLry that we canied for much of the year. Page 12 In total we held funds at year end with a value of £9.4 million la change of £1.9 million from £7.9 million in 2019-2020). The year-end funds comprised £8.6 million of investments, with the remaining £0.8 million predominantly held in restricted funds for grant giving. Funding, including grants and loans, of £1.5 million was awarded in the year. Of that, grants awarded totsll&l £1.4 million, representing a huge and welcome increase of £1 million compared to 2019-20 (£0.4 million). As explained above, this is largely attributable to funds generated by way of a much-needed restKinse to the impatt of coronavirus on local communities. The detsiled results for the company for the year ended 31 March 2021 are set out in the attached financial statements. Investments and Investment Policy HOB'S Investment Poliry is intended to achieve an appropriate balan￿ trEtween protection and growth of long-term investment funds and generation of income to fund grant awards and our overhead costs. We aim to enhan￿ our assets by investing in a range of instruments which are both tsx efficient and responsive to liquidity requirements, and which exhibit the appropriate risk profiles. Our Policy includes exdusions for some types of investments which we would not consider to fit well with our vision for our Iccal community. Exclusions include companies involved in tobacco or arms sales. Our investment managers, CCLA and Sarasin are made aware of these ethical considerations and report regularly on our investment F()rtfolio. Our Finan￿ and Investment Committee {F￿C} which comprises some of our trustees and other external volunteers with appropriate investment experien￿ and knowledge, monitors the performan￿ of the selected investment houses to determine the optimum placement for the majority of our funds. There are a small number of fund5, principally those deriving from Govemment match-funding schemes, which are required to be invested in specified investment houses by reason of the conditions of their original award. Investment ￿rforManCe is monitored on a monthly basis and reviewed quarterly by the F&IC who also have oversight of the Social Investment (Loans) Committee. Despite a small dip in the fourth quarter, investment gains of approximately 21.OO/D duririg the full tMelve- month period more than made up for the 4.OD/o1055 experienced in the previous Financial Year. Investment dividends of 3.10/0 during the tEriod were slightly down on previous years. Current indications re that either this rate, or 900/0 thereof, should be maintainable during 2021-2022. Having considered the tErformance of our funds, compared with benchmarks for similar investment houses and funds, the Trustees are 5at15fied with the Performan￿ of the investments during the year. They have considered, but have not at this time chosen to adopt a'total return" approach. Reserves Policy HOB'S policy is that the unrestricted funds not committed or invested in tangible fixed assets should include sufficient to cover the admlnistration costs of the charlty for a period of 6 months. Six months administration costs Cur￿ntlY amount to approximately £170,000. This foThs part of our Generdl Fund investments of £1,638,000 and could be liquidated at short noti￿. The remainder of these investments Includes £21,000 to cover the General Fund deficit share of the funds bank account, with the balan￿ of £1,617,000 representing long-term investments held in accordance with the wishes of the trustees to create both long-temi capitsl growth and annual dividend income that can be used to help defray operating costs. Remuneration Policy Responsibility for HOB'S remuneration policy rests with the Board who, in 2020-2021, reviewed and approved a new Pay and Reward Policy with the aim of paying sector-appropriate salaries and ensuring we are able to recruit and retsin appropriately skilled stsff to deliver HOB'S missiori. Page 13 Remuneration of stsff 15 reviewed annually. HOB is accredited to The Living Wage Foundation and a committed to paying at least the Real Living Wage to all stsff. The remuneration package includes access to an employee discount shopping platform and a Group Life Assurance benefit. Trustees do not re￿1ve remuneration although reasonable out-of-pocket expenses are available for all Trustees and Sub-committee members. Acknowledgements The trustees would like to thank our public sector, national charity and corFK>rate donors, those who made philanthropic donations a5 individuals, families or through trust funds and other supporters who have made such significant contrlbutions to support our work during the past year, We aE indebted to the UKCF network for their endlessly generous sharing of resources and knowledge. The Board would like to record their sin￿re thanks to our President, VI￿ President and Ambassadors and to all the volunteer members of our sub-committees and panels and the KHC Board and volunteers for having generously given so much of their time and commitment. Finally, we wlsh to record our thanks to the staff team for rising to the challenges that Covid-19 ha5 undoubtedly presented this year. Trustees, responsibilities in relation to the financial statements The trustees are responsible for preparlng the Trustees. RetY)rt and the finanaal ststements in accordan with applicable law and the United Kingdom Acu)unting stsndards. The law applicable to charities in England and Wales require the trustees to prepare financial ststsments for each financial year, which give a true and frdir view of the stste of affairs of the charity and of the resources and application of resources of the charity for that period. In prepariTrJ these finanaal 5tstements, trustees are required to., Select suitable accounting PK)licies and apply them consistently, Observe the methods and principles of the Charities SORP Make judgements and estimates that are reasonable and prudent State whether applicable accounting standards have been followed, subject to any departures that are disclosed and explained Prepare the financial ststements on the"going COn￿rn. basis, unless it is inappropriate to presume that the charity will continue in business. The trustees are restx)nsible for keeping accounting records which disclose, with reasonable accuracy the financial posf(ion of the charity, and enable them to ensure that the financial ststements comply with the Charities Act 1993, the Charity (Accounts and Reports) Regulations 2008 and the provisions of our governing document. They are also responsible for safeguarding the assets of the charity and for taking reasonable steps for the prevention and detection of fraud or other irregularities. Finally, the trustees are also responsible for the maintenance and integrity of any financial information induded on the tharities webslte and that these accurately represent the charity's P)sition. Auditor In accordance with the company's articles, a resolution prowsing the apwintment of auditors for the next financial year for the company wlll be put at a General M￿ting. The trustees, reporL including the strategic report, was approved by the Board of Trustees. W. Moir Stewart - Chairman Page 14 BUCKINGHAMSHIRE COMMUNITY FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF BUCKINGHAMSHIRE COMMUNITY FOUNDATION Oplnlon We have audited the consolidated financial statèmènts of Buckinghamshire Community Foundation Ilhe 'parenl oharitable comFony'l and its subsidiary Ilhe 'group'l for thè year ended 31 March 2021 which comprise of the Consolidated Statement of Financial Actlvth"es, the group and parent comFony Balance Shoet. thè Consolidated Cash Flow Stalewent and notgs to the financial statements, including a summary of signrficant accounting policies. The financial reporting framework that has t*èn ap￿i&d in their preparation is applicablè law and United Kingdom Accounting Standards. including Financial ReForhng Standard 102 The Financial Rewrting Stsndard aptJi¢abla in the UK and Republic of Iraland (Unitèd Kingdom Generally Accepted Ac¢ounting Pract'cel. In our opinion, the financial ststemenls.. gr4e a true and fair view of the state of the group's and parent charitable cornpany's affairs as at 31 March 2021 and of the group's incoming resources and applicath)n of resources, for tha year then ended". hav8 teen properly prepared in accordance with United Kingdom Generally Accepted Accounting Pracb'co., and have tEen prepared in accordance wth the requirements of the Companies Act 2006. Basis for oplnion Wè conducted cyjr audit in accordance wrth Intemational Standards on Auditing IUKI IISAS IUKII and applicab law. Our rèsponsibilities under those standard5 are further d&scri￿d in thè Audiloff s resFonsibilities for the audit of th6 financial statements section of our report. We are Indepèndent of the charty in accordan¢e wrth tt)e ethical requirements that are relevant lo our audrt of the financial staternent5 In the UK, including the FRC'S Ethical Stsndard, and we have fu￿111ed our other 8thical rèsponsibilities in accordance with these r8quiraments. We believe that the audit emdence we have obtsined is suffieiènt and appropriate to prowde a basis for our oy'nion. Conclusions relating to going concem In auditin9 the financial stataments. wa havè concluded that the Iruslees, use of the going concem basis of accounting in the preparation of the financial staterrEnts is appropriate. Based on the work we have perforrned, we havè not idèntified any material uncertainties rèlating to èvents or condition5 tha( individually or co11ectivély, may east significant doubl on the charity's abilty to continue as a 9)1 concern for a pericKI of at least twelve months from when the financial statements are authorised for issue. Our rèsponsikn'libes and the respon5ibilthes of the Irusleas wfch respect to going concern are described in the relevant 5ectlOll5 of this rewrt. other information The other infoimation comprisas the information included in the annLJal ￿port other than the financial statemènts and our audrtorfs report thereon. Th8 trustees are responsible for the other Infom)ation conkined within the annual report. Our opinion on the financial statements does not cov8r thè othèr infomation and, except to the èxtent otherwsè explicitly ststed in our rèpor( we do not express any fom of assurancè conclush)n thereon. Our respon5ibilily is lo read th& othèr information and, in doing 50, consider whéthèr the other information Is materially inconsistent with the financial statements or our knowledgè obtained in the course of the audiL or olhermqse appears to be matorially misstated. If we idenlrfy such material inconsistencies or apparent material misstatements, we are requirèd to dètsrminè whother this gives rise to a material misstatomenl in the financial stalernents themselvès. If. based on the work we have performed, we Conclude that there is a material misstatement of this other inforrrRtion, we are required to report that fact Wa have nothing to report in th15 regard. Page 15 BUCKINGHAMSHIRE COMMUNITY FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF BUCKINGHAMSHIRE COMMUNITY FOUNDATION Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinion. based on the work undertaken in the eourse of our audit.. the infomation given in tha trustegs, report. which includes thè director5. rey)rt and the strategic report prepared for the purposes of company law, for the financial year for whieh the financial statements are pieparèd is consistent the financial statements,. and the stratsoic report and thè director5. report included within the tNstees' report have teen prepared in accordance with applicablè legal requirements. Matters on whlch we are rèqulred to report by exception In thè lighl of the knowlédge and understanding of the group and parent charitable company and its environment oitained in the course of the audit we have not Idantif￿d materia1 misstatements in the strategic rep)rt or th d1￿ctOrS, report included within the trusteès, reporL We have nothing to report In respect of the followng matteF5 in relation to which thè Companies Act 2006 requirés us to Tewjrt to you if, Sn our opinion". adequats accounting records have not been kept, or rotums adequatè for our audit have not bean received from branchés not visfced by us.. or the parent charitable companls financial statsments are not in agreewenl with the accounting records aThJ returns.. or certain disclosures of trustees, remuneration $￿CIfIed by law are not made., or we have not rècewed all the information and ex ￿anationS we requira for our audrt Responslbll1￿eS of trustses As èxplained more fully in the statement of trustees, responsibilities, the trustèès, who are also the directors of the group and parent ¢haritable company for the purpose of eompany law, are responsible for the prepswtion of the financial statements and for being sats"sfied that they give a tNe and fail view. and for such internal control as the trustees determine is necessary lo onable the prgparation of fillanckal statements that are free from material misstalemenl, wh8ther due to fraud or èrror. In waparing the finanerdl statements, thé trustags are ￿SponSIbl0 for asses&ng th$ group and parent charitable company's abilrty to continue as a going concern, diselosing, as applicable, matter5 ielated to going concern and using the going concèrn basis of accounting unless tt)e trustees either intend to liquidate the group or parent charitable comFony orto cease operations, or have no realistic alternalwe butto do so. Auditots re5ponslbilities for thè audlt of the flnanelal staements Our obieclives are to obtain reasonable assuranee about whethér the financial 5tstaments as a whole are free from matèrial misstaternent, whether due to fraud or error, and to issue an auditovs report that includes our opinion. Reasonab￿ assurance is a high leve5 of assurance bul is not a guarantee that an audit conducted in accordance wth ISAS IUKI will a￿y5 dètoct a material misststement when it exists. M1s5tatéments can anse from fraud or error and are considerèd material if, individually or in thè aggregatè. they could rèasonably be ext*ctèd to influence thè aconornic decisions of Use￿ tskén on the basis of these Iinancial statements A further description of our rèsponsibilities is available on the Financial Reporting Council's website *'. https'.IlvwN.frc.org uklaudftorsreswnsibilities. This description forms part of our audrto¢s report. Page 16 BUCKINGHAMSHIRE COMMUNITY FOUNDATION INDEPENDENT AUDITOR'S REPORT ICONTINUED) TO THE TRUSTEES OF BUCKINGHAMSHIRE COMMUNITY FOUNDATION Extentto which the audrtwas considered capablè of detecting Irregularrties. including fraud Ir￿gUlarities, including fraud, are Instsnces of non-compliance with laws and regulations We design procedures In line wrfth our responsibilitias, ouyined abova and on the Financial Reporting Council s wébsite, lo detèct material misstatèments in re5P8et of irregularikn"es, including fraud. We obtain and update our understanding of the entity. its activities. ts control enwronment, and likely future developmonts, inoluding in rolalion to the lègal and regulatory framework atplicable and how the entity is complying with that frarnework. 8ased on thi5 undèrstanding, we identrfy and assess tha risks of material m155latement of the financial staternènts. whether duè to fraud or error, dssign and perforrn audr( procedurès ￿spon$r￿ to those risks, and obkin audit èvidence that is sufficiant and appropriate to provid0 a basis for our opinion. This includes onsiderab.on of the risk ol acts by the ènb'ty that were contrary to applicable laws and regulations. including fraud. In response to th8 risk of irregularitiés and non-complianca wrth laws and règulations, including fraud wa designed procèdures which included.. Enquiry of management and those charged wth governancè around actual and potential litigab.on and clabms as well as actual. suspected and allègèd fraud., Reviewing minutes of mèetings of thosè charged with governance., Assessing the extent of compliancè wllth the laws and regulations cons4dered to have a diract malerlal èffect on tha financial statements or the operations of the entrty through enquiry and in5pecb"on,' Rèmewing financial ststèment disclosurès and te5bng to supporting do¢umentation lo assess compliance wth apFlicable 18ws and regulations., Performing audit work over the risk of managament bias and override of controls, including testing of journal entries and other adjustrnents for appropriateness, Wdluating the business rab"onalè of signtficant transactions outside the nomal course of businèss and reviewing accounting astimates for indicalois of potential bias. Because of thè inharent limitab.ons of an audit, there is a risk that we will not detect all irregularitlés, including thosè leading to a material misstatement in the financial State￿£llts or non-complianee wth regulation. This risk increases thè MO￿ that Complian￿ with a law or regulation is removad frorn the events and transactions rèflect in the financial statements, as we wll be less likély to become aware ol instances of non-compliance. The rtsk of not detecting a material misstatèment resulting from fraud is high8r than for one resulting from error. as fraud may invO￿e eollusion, forgery, intantional omissions, misrepresentations, or the overridè of internal control. Page 17 BUCKINGHAMSHIRE COMMUNITY FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED TO THE TRUSTEES OF BUCKINGHAMSHIRE COMMUNITY FOUNDATION Use of our report This rèp)rt is made solely to the group and parent ¢haritablÈ eompany's memters, as a body, in accordance wlh Chaptar 3 of Part 16 of the Companie5 Act 2006. Our audit work has been undert8ken so that we might state to the group and parent charitable company's members those matters we are required to state lo them in an auditOf5' report and for no other purpose. To the fullest extènt pèrmitted by law, we do not a¢cèpt or assumè rospon51bility to anyone other than the group and parent chantable company and the group and parént charitable company's member5 as a Mdy, for our audit worf(, forthis report, or for the opinions ￿ have formed. Chrlstopher Nlsbet BAIHonsl FCA (Senlor Statytory Audltorl for and on behall of Azets Audlt Servlcès 1211112021 Chartered Ac¢ounlants statutory Audltor The Mill House Boundary Roa($ Loudwater High Wycornbe Buckinghamshiro United Kingthlm HP109QN Page 18 BUCKINGHAMSHIRE COMMUNITY FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021 u￿reStrICted Funds 2021 R•stri¢ted Endowm•nt Funds Fund5 2021 2021 Total Total Funds 2021 2020 Notes Income a dowmonts fro Donations and legacias Othertrading activities Investrnents other incorne 53,755 1,479.956 329 205,643 88,119 1,621,830 329 260,146 180,292 1.510.297 217,120 259,147 106,281 54.503 180,292 rotal Income and endowmènts 288,550 1,685,928 88,119 2.062,S97 2,092.845 Ex enditUT Raising funds 42.419 178,013 3,814 224,245 273,586 Charitable aebwties 299,121 1.459.512 1,758,633 767.304 Total resoure•s expended 341,540 1,637,525 3.814 1,982,878 1,040,8 Nèl gaiTh￿ Ilossesl on invesbnents 14 293.093 1.078,470 1,371,563 1216,2811 Net loutgoingylncomlng resoure•s before transfe 240,103 48,403 1,162.775 1.451,281 835,674 Gross transfer5 between funds 20,642 141,5511 20.909 Met mowm•nt In funds 260.745 6,852 1.183,684 1,451.281 835,674 Fund b8Lgncas at 1 April 2020 1.346,574 756,O)9 5,833.198 7.935.781 7,100,107 Fund balances at 31 March 2024 1,607.319 762,861 7,016,882 9,387,OS2 7,935,781 Thè statament ol financial activities include5 all gains andlosses recognised in the year. Page 19 BUCKINGHAMSHIRE COMMUNITY FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021 All incorne and exwnditurè dèrive from continuing aclNi(ies. All incorne funds 2021 2020 Gross income Gains Illossesl on investrnents Transfgr fronv Itol endo¥wNnt funds 1,974,477 293,093 120,909) 1.112.845 151.8241 27,767 Total incorne in tha rap)rting period 2,246.661 1,088,788 Total expendrtuip from incomè funds 1.979,064 1,035,8go Net incoM¢llÈX￿ndItsre1 forthe yeaw 267,597 52.898 Page 20 BUCKINGHAMSHIRE COMMUNITY FOUNDATION CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2021 8alan¢è Shaèt as at 31st Mareh 2￿21 Note 2021 2(r20 Fixed assots Tangible assets Inv8skn8nts 15 16 6.051 8,644.292 6.797 e.262.824 8,65),343 6,269,￿21 Current assets Debtors falling due after one y88r Debtors falling due Mithin one year Cash at bank and in hand 17 17 14,221 103,998 1,589,341 105,025 657,201 791,516 1,707.560 Creditors.. amounts falllng due withln onè year 18 154.7981 141,4001 N¢t current assets 736,719 1,666.160 Totsl ass¢ts lèss current Ilabllltlès 9,387,062 7,935,781 Capltsl funds Endowment lund5- general Ineome funds Restricted funds Unrestrthd funds 20 7,016,882 5,833,198 21 782,861 1,607,319 756,( 1,346,574 9,387,062 7,935.781 Page 21 BUCKINGHAMSHIRE COMMUNITY FOUNDATION CHARITY 8ALANCE SHEET AS AT 31 MARCH 2021 2021 2020 Flxed assets Tangib18 asset5 Investrr*nts 15 16 5,187 8,644,292 5,140 6,262,824 8.649,479 6.287.984 Current assats Debtors fa111ng due atter one wr Debtor5 falling due w￿h1n one year Cash at bank and in hand 17 17 29,290 104,322 639,615 14,221 1￿J.297 1,579.778 773,227 1,697.296 Credrtors.. amounts falllng due wlthin one year 144,3551 135,6771 Net current assets 728,873 1,861,619 Totsl assèts less current Ilabllltlas 9,378,352 7.929,583 Capital funds Endowment funds- ge￿ra1 Income funds Restricted funds Ullre5tr￿t@d funds 20 7,016,882 5,833.198 21 754,151 1,607,319 749,811 1,346,574 9,378.352 7,929.583 The trustee5 ackn￿edge th8ii rèswngbilitiesfor ensuring that the charty keeps accounting records ¥s*ich conTJIyv￿th Sect￿￿ 386 01 the Art and foi preparing financial statements give a tiue and fairview of the stste of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the finanaal year in accordance wth the reQUr￿rnents ol S￿￿)n$ 394 and 395 and which oth&nM* ojmply wth the requ5rements otthe Companie5 Act 2(M)6 relating to financial stat8rrEnts. ￿ far as applicable to the company. The finanaal statements were approved by the Trustees on ............ Mr W. M Stewdrt (Chairrnanl Trustee Company Registrab"on No. 03662246 Page 22 BUCKINGHAMSHIRE COMMUNITY FOUNDATION CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR TO 31 MARCH 2021 2021 2020 Notes Cash flows from operating activities Cash generated Iromllabsorbed by) OFErations 29 1179,9271 741.201 Investing aetlvllles Purchasé of tangible fixed assets Purchas8 of Investments Froc88ds on disposal of investrnents I nvestment income recetved 12,4541 11,067,955) 58.049 260.146 11.5001 151.515 259, 147 Net cash gtnerated fromllused Inl Investing activities 1752.2141 409,162 Net cash used In flnanclny actlvltles Net inciEaselldecreasel in cash and cash equivalent5 1932.1411 1 150,363 Cash and cash equivalents at bèg1nning of year 1,589,264 438.901 Cash and cash èquivalènts at end of year 657,124 1 589.264 Relating to- Gash at bank and In hand Bank overdiafts included in creditors Ekqyable in one year 657,201 1,589.341 1771 1771 Page 23 BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 l Accounting pollcl•s Charlty Informatlon 8ud(inghamshire Community Foundation is a privatè company limited by guarantee incorporated Sn England and Wales. The registered office is New Road, Weston Turville, Aylesbury, HP22 5QT 1.1 Accounting convention The financial staterrents havè been prepared in aceorthnce the charity's oovgming do¢umanL the Companios Act 2006 and"Accounling and Reporting by Charities." Statsment ol Recorwff￿ndod Practice applicable to eharities preparing their accounts in accordance ￿th tha Finance Rèporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffactr48 1 January 20191." The charity is a Public Beneff( Entsty as defined by FRS 102. The financia1 staternents ar6 prepared in slerfing, which is the fvnctional currency of the charity Monètary arnounts in tt)8sa financial statements are rounded to the nearest£. Thè financial statèmants have been prèparèd under thè hi8torical cost convention, modified to include the revaluation of freehold properties and to ineludo investment proFerties and ctrrtain financial instruments at fair valuè The principal accounting Folicies adopted are Set out below. 12 Goong concern Al the bme of approving the financial statements, the trustees beliève that the charty has adequata resources and a reasonable aXFectation of future income to continue in otErational existence for the f01858aable fu￿re Thus the trustees continue to a(bptthe going concern basis of accounb.ng in eparing the financial statements. 12 Charttable fvnds Unrestiictèd funds are availab18 for use at the discretion of the trustèès in furtherancè of their charitablè objects.ves Restricted funds are subject to SFecrfic conditions by donors as to how they may tE used. Thè purwses and uses of the restricted funds are set out in the notes to the financial staternants. Endowment funds are subject to specific condf(ions by donors that the capital must be maintsined by the charity. 1A Incoming rèsources Incoming resources ar8 made up of four revenue streams- (bnations and legacies, events income, investrrEnt income and incorne frorn commercial trading operations. Incoma from donab.ons and legacies, including capital grants, is included in incoming resourcés en.. a. The group ￿coMeS entiued trj thè donation, legacy or similar incxjmè and any conditions for re￿Ipt are m8(. b. Tha TDJstees are reaSona￿Y certain thèy will re￿Ne rt and c. The Trustèès ara r&asonably certain that the value can te reliably measured. Page 24 BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Whèn the donors specify that donatr'ons and legacies. including capital grants. are for parbcular r6stricted purFQSes, which do not amunt to pre-condf(ions regardinu entiuement. Ihbs incoma is included in incoming resources of restricted funds. Commercial trading operations ￿late lo the actNities of the trading subsidiary The accountlng policies of the sut6idiary are in line wvth the group and incomè is ￿OgnISed in accordance wlh the above, wherè r818vant. Events incorne is recognised at the w)int at ￿thieh the event takes place. Income is defe￿ed when It has been re¢ar￿ad but eitherthe entitlèmènt to it has not yet erystsllised, or f( relat8s to future events which have not yet occurrgd. Inveslrnent income is recognised in accordance the period to which r( relates. Incoming resourcés from Endowments lè.g. Dividend5 and interÈstl are a11 treated as rèstricted flow through fun(ts. l ￿ Rèsources expendèd Liabilitiès are recognised as èxyanditure a5 soon as thère is a legal or constructive obligation wmmitting the charity to that èxpèndrf(ure, il is proba￿& that a transfei of oconomK benefits be rèquired in settlemant and th6 arnounl of the obligation can tx ry￿asured reliably. Expenditure is accounted for on an accrua15 iE5is and has teen classified under headings that aggregate all cost related to thè category. Where costs cannot be directly attribjted to particular headings they havè een alloeated to activ￿e8 on a basis consistent with thè us6 of resources. Grants offèred subject to condvtions which have not been mèt at the year end date are not8d as a commitmènl but not accrued as axpenditure. 1.6 Tanglble fixed assets Tangible fixed assets arè initia11y rneasured at cost and subsequently maasured al cost or valuation, nèt Df depreciab.on and any imFoirment105ses. Deprsciation is recognisad so as to write off the eost or valuation of assèts less their residual values ovar their useful lives on the following bases Fixtures and frttings Straight line 0￿r 3-5 year5 Computers Straight line over 3-5 year5 The gain or loss arising on the disFK)sal of an assat is detemiined as thè difference ￿￿￿een the Sale proceeds and the carrying value of tho assèt, and is recognised in nèt incomellexwnditurel for the year. 1.7 Fixed asset investments BCF'S policy is to hold investmants primarily in order to ganerate income and capital growth lor the support of its work over a long-tem) period. The effect ol this policy Is that fixed asset investments are shown at opgn rnarkèt valuation in line with SORP'Accounling By Char￿*s,. The SOFA includes thè net gains and losses arising on revaluab.ons and disposals throughout the year. Rèallsèd and unrealised gains Unrèa1is¢d gains and losses arise when fixed assèts for charity use or fixed asset invéstmants are included in the balance sheet at revalued amunts or rrdrkel value. Realised gains and losses are K8Ls)gnised when an assèt is dispmxed of. Page 25 BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 1.8 Impalrm•nt of fixed assèts At each raporting end datè, tho charity rewew5 the carrying amounts of 115 tangible assets to detèrmine whether ther8 is any indication that those assets haw suffered an imrAirmenl loss. If any such indication exists. tha recoverable amunt of the asset is èstimatsd in ordèr to detgrrnins the èxtant of the irHpairrNnt loss Irf any). 1.9 Cash and cash èquFvalents Cash and cash equivalents include cash in hand, dep*)srt5 held al call with banks. other short-term liquid investments Wrth original maturities of three mnths or lass, and bank overdraft5 Bank owrdrafts are shown vAthin borrowings in current liabil￿e$. 1.10 Finanelal instruments The charity has elected to apply the provisions ol Section 11 'Basic Financial Instruments, and Section 12 '0thei Financial Instruments Issuès, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charfly's balance sheet whan the charity bécomes party to the contracbjal wowslf)ns of the instruwEnl. Financial assets and liabilities are oftsèL the net amounts presented in the financial statoments, when there is a legally enforceable right to set off the racognised amounts and there is an intents.on to settle on a net tAsis or to realisa the asset and settlè the lialy.lily simultaneously. Basie financffalasjets Basie financial assets, which include debtors and cash and bank balances, are initially ￿a5Urèd at transaelion pri￿ including transath.on Costs and are subsequently carried at amortised cost using tha offective interost method unless th8 arrangement constitutès a financing transacb"on. whèrè the transaction is rnèasured at the present value of the future receipts discounted at a rnarkèt rate of interest. Finan¢ia1 assets classffied as reCeiva￿e wlthbn one yaar are not amortised. Basi¢ ffnanelalllabilities Basic financial liabilities, including credito)rs and bank loans are initially recognisad at transaction prlee unless the attangemènt constitutes a financing transaction. where the debt instrument is measured at the P￿sent valua of the future payments discount6d at a market ratè of interest. Debt instruments are subsequantly carried al amortised cos( using the effect￿ intere51 rate Ihod Trade cfftditors are obligations to pay for goods or seTrices that haw been acquirèd In the ordinary course of operations from supplièrs. Amounts payable are classified as current liabilitiès ff payTnent is due within one year or18ss. If not. they are prèsènted as non4urrent liabilities Trade creditOT5 arè tecognisad initially at transaction price and subsequently rI￿asured al amorbsed cost using tho effeclwa interest rnelhod. Page 26 BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Derecognltlon of financlal lialjlllllè$ Financial liatrm'lities are derecognised when the charitls contractual o￿lga￿on$ expire or ara discharged or cancelled. 1.11 R•tlr•m•nt benefits Payments lo dèfined contribJtr'on TPtlremènt bènefrt schemés arè charged as an expensè as they fall due. 1.12 Lease5 Rentals payable under operating leases. including 8ny lèasè incentwes recerrf8d, aré charged as an exwnsa on a straight line basis 0￿rthe term of the rèlevant lease. 1.13 Donated servle•s Where it is not too onerous to collect the inforrnalion, gifts in kind are included in the financial statements at market value. The income is recognised ￿￿thin Actr4rties for Gènarating Fund5 and the expenditure is recognlsed in the relevanl SOFA heading. 1.14 Basts of consolidation The financial ststements consolidat8 the results of the Charity and its wholly owned subsidiary Buckinghamshire Community Foundation (Kop Hill Climb) Limited on a line-by4inè basis. A separate &atement of Financial Activib"8s and income and èxpènditure account forthe charity has not been presented because th6 Foundation has taken advantago of the exernFrtion afforded by section 408 of the Companies Act 2CK16 Isae note 271. Page 27 BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 2 Critical a¢countlny estlmates and ludgom•nts In the applicatron of the charty's accounting policiès. the trustees are required to make judgemènts, ests"mates and assumptions about thè carrying amount of assets and liabilities that are not ￿adIlY apparent from othèr sources. The estimates and associated assurnptions are based on historical ex￿rien¢a and oth•r factors that are considered to be relevant. Actual re5Utts may differ from these èstimatos. The astirrAtes and underfying assumptions are remewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which thè estimatè is revisad whore the revislon affects only that pEiiod. or in the period of tho rèwsion and future periods wher8 the revision affects kK)Ih Currènt and future periods. Critical judgements The key assumptions eoncerning thè future at the end of the repDrting period that have 8 significant sk of causing a matèrial adjustment to the cairying armunls of assets and liabilrties in tha next financial year are.. The Charity ¢onsiders that at the balance sheet date all the loan5 advanced lo corTYnunity grouF6 by the Bucks Big Society Bank restricted fund are fully recoverable. These are classified undèr other dèbtors as follows.. Group 2021 Group 2020 Other debtors due within one year Other dabtors due greater than one year 12.492 29.290 20,042 14,221 Total of loans ao*nced 41.782 34,263 The chanty considérs this to be a reasonabke assumption to make following a rewew of thesa debtors at yèar ènd ancl a provan traek record of recovering similar debtors in the past Pdge 28 BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 3. Donatlons and l¢gael8S Unrestricted funds Restricted Endowment funds funds general 2021 Total Totsl 2021 2021 2021 2020 Donation5 and gilts Grants 53,755 1.329.956 E8,119 1,471.830 150,0Tr) 1,510.297 53.755 1,479,956 88,119 1,S21,830 1.510,297 For the year ended 31 March 2020 129,061 401.236 980,000 1.510,297 1,510,297 Donations and gffts Grfts Donation$ 6,0 1,313,312 10,644 6,(J)O 1.448.432 17,398 17,(MJ) 1,477,380 15,917 49.137 4,618 85,9&3 2.136 53,755 1.329.956 88.119 1,471,&30 1,510,297 Gits in kind relate to Servi￿ provided to the Charty including accountancy and ￿0kkeePIng £6,000 (2020.. £17,0(N)I The subsKliary runs a Charrtab￿ event for which the seNices of approximately 300 volunteers a￿ ub'lis8d to aid with the running. In addition to the other voluntsry Ser¥￿e$ by a core management team to prepare lor the evant throughout the year, these services have not curiently been recognised in the financial statements of the subsidiary, northese Consol￿al8d Hnancial statswents due to the dffFicuty in plaGing a value on these services. Grants recelvable Grants for core costs Grants Into restricted funds 50,(NJO 100,CQO 50.CXIO 100,000 150,OCiI 150,OC(J Page 29 BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TOTHE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 4. Other Tradlng Unrestricted Restrlctèd funds funds 2021 2021 Totsl Total 2021 2020 Fundraising events Trading subsKliary inGome 13,288 203,852 329 329 329 217,120 The ￿OllY 01￿&￿ trading subsidiary Buckinghèrnshire Communfy Foundation (Kop Hill Climb) Limtsd IKHC LtLI, in￿rporat￿ in the United Kingdom (Gornpany number 094g56701 pays all of rts prolts to the charity under the gift aid 5cherne. KHC Ltd undertakes the operation of the Kop Hill Climb event tak8s place annualty. The charty the entire share capitsl11 ordinary share of £11. The fgJrnmary financial performance of the subsidiary alone. Total Total 2020 Turnover Oonations and gffts in kind Event Costs Other costs 329 21,085 14,2841 110,328) 203,852 30,881 1118,3291 130,6631 Net Surplus before gffL abj donations Amunt gift aided to the charity 6,604 14,2911 85,741 196,1051 Movetrent on suLEKliaWs rese*ves in the year 2,513 110,3641 The assets and liabilrties ofthe Su￿diary ￿Pre.. Frxed assets Current assets Current liabilit￿8 865 18,290 110,4431 1,657 10,268 IS,7241 Total net assets 8,712 6.199 Aggregats share capital and r8serv8s 8,712 6.1g9 Page 30 BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Govgrnment and Local Authority Pathtrs Donations and grants ￿ceiVed Itom the Governmant and loca5 authorities into restricted funds 2021 2020 Buckingh8rrshire Counc51 Departmentfor Culture, Media and Sport 2￿,999 129,28B 410,287 Page 31 BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 6. Investments Unrestrlcted R¢strl¢ted funds funds 2021 2021 Total Unrestricted funds 2020 Restrictsd funds 2020 Total 2021 2020 Income from listed investments Interest receivable 53.874 205,570 259,444 73 702 62,743 2,392 193,727 256,470 285 2,677 54,503 205,643 260,146 65.135 194,012 259.147 7. Other income Unrestrletèd Restrletsd funds funds 2021 2021 Totsl Unr8strided tunds 2020 Re5trirted funds 2020 Total 2021 2020 Cor8 and adrninistralion fees 180,292 180,292 118,808 112,527) 106,281 Page 32 Page 33 BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TOTHE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 9. Charitable a¢tlvRles 20 2020 staff costs 257,360 3,1g9 3.407 4.315 5,219 338 16,157 241,430 2.709 2,242 3.g91 7,445 4,40S 17,312 13,800 815 Depreciation and impaiment Insurance Telephone &PPS Subscriptions Travelling Computer (x)sts Staff reciurf c lx ooo o (n o ou> (n ty) ) cn J o) (n J (Q 0> ￿U_ J in ro 0£n￿ c (h ) co tp) D) (Th o ro Oq 0> L ) ts) qi tn o) (Tr (Jl CO 0 (5)0) Tr ID ￿ ID u> Page 43 5) ffi 4) ¢D￿ l * o) J Tr- I o•J o i O I TrJw 4 Co ￿j tyJ q Ln ￿) hj C¢ OLnC L4a L￿￿)cA*￿C• CaWty)O -8, ObOfD tlj L4 PJ - 8 8 00 inrtyAr t5) OJ O OOOI i )¢DO ¢D ￿)ti>0)th U>OJO "S%8Tg, g28- th CO O) tsJ (J) 0>￿0￿￿)0 I ryJ>C I fD I Page 45 O ￿￿0 cc *co C P4 *¢DQ) -OÉO tY)c4￿0 00 on i¢ J c IfÉEwÉ- Page 46 ￿1 )ffio ¥ Il Page 47 BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 23. Rastrletsd and End¢)wment Funds Army Fund A Fkjw-through and an Endowment Fund to 5UPPJrt ex-5ervicerrEn and their fanNlies. Arts Fund A Fkfvthrough and an Endowment Fund to suppjrt projects relats.ng to Art and Culture acr￿3 Buckingharnshire. Aubrey-Fleteh•r Fund A Fb?￿through and Endowment Fund lor donor advised grant gNing wth priorib"8s around herrtage and young people BCDF Fund A Fk)W-through Fund to be ijsed to support the ernployrnent of derneTrb"a nurse5 Wthin 8u¢kinghatrffjhire. BCF IKHCI Limited A Fk￿thrOUgh Fund to support general charit8ble needs, especially in the Princes Risborough area. Big HeatlSurvi%Ang Winter Fund A Fkn through Fund for groups supporting Peop￿ Struggling fuel povarty. 8P Collins A F￿through Fund to support Iccal community groupslcharities vithin Bucks. Bucks Big Society Bank A F￿through Fund for the provision of bans to communty groups. Bucks Building Soclèty A Fh)w4hrough and an Endofftent Fund for general chartsNe needs, as agreed wth Buck5 Building Society. Bucks CorOna￿r￿S Response Appeal A Fbw-through fund to support organBations and indivbjuals in crisis duè to the CovKI-19 pandemr. Bucks Coronavirus Stabillsalion Fund A Fk)W-through fvnd to support organi$ations to r80)ver I stabili5e follo￿ing the cov￿-19 pandemK. BCRA Restricted for Indiwdual$ A F￿￿-thrOUgh fund to support individuals aff8th by the Ctr4id-19 pandemic. Bucks Masonic Fund Donor Advrsed A FI)￿through funded by the Bucks mason￿ Endo￿n￿nt Fynd for general charrtable needs wth rethpients decided by the donor. Bu¢ks Masonlc Fund Grants Panel A F￿￿through funded by the Bucks mastsn￿ EndoWTh￿Dt Fund lor general charitable needs y￿th redpients decided by grants panel. Bucklnghamshlre Capa¢lty Fund A Fk￿thr0Ugh fund to a%￿rd one large partnership giant for a v*llbeing programme. Page 48 BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2021 Bucklnghamshlro Emergency Asslstance Fund A Flow-through Fund to provide individual Crisis grants to resKlents of Bud(ingham5hire experiencing a short- term crisis related to th8 Coronavirus pandemi Burrèll Fun A Flow-through and an Endobwnent Fund to support charities. community groups or organisations wthin Bucks. Champniss Fund A Flow-through and on Endowment Fund to support general charitable need4 especrdlly youth and swrt. Chesham Fund A Flow-through Fund to support charities, communty groups or organisations wthin Bucks. Communlty In￿StorS A Flowthrough and Endowrnent Fund to la¢ilitste gNing by bcal busness in orderto support general charitable needs and the devebptrent and groth of the Community Foundation Comlc Rellef A Flowthrough Fund to support general charitabl8 ntseds as directed by Comic Relief. CoQperative Fo¢d Sècurlty Fknthrou9h Fund to prov￿8 support around f¢￿1 5ecurty and provision related to Covid impact Cummings Fund A Fknthrough and an Endowrnent Fund to 5UPPOrt Iwal Gommunty groupslcharit￿S wthin Bucks. DaMd Laing A Fbw-through and an EndowknTnent Fund to 5UPPOrtgeneral charitable nee(l& Dlamond Jubllèa Fund An EndowTrnt Fund for general chadtable needs as agreed wth the donors. ESRI UK A Fbw-through Fund to support general charitable needs in the Aythbury area Famlly Angds A Flow-through Fund to support WDrking framilies in short-term crisis. Flood R*¢overy A Fl￿-through Fund to help groups and indwiduals affected byflo¢JSs. Gawcott A Fl¢)W-through Fund to support cornmunty projects in the parishes wthin 5km of tt)e Gawtt Fields Solar Project. Gllllan Klng Fun A Flow-through and an Endowment Fund to support general charitable need5 as agre￿ wth the donors. Greèn Community Fund A Flow-through Fund to support environmental projects. Greèn Schools Fund A Flow-through Fund to support School counGi15 01 similar student bodie$vAth environmental irnprovement schemes. Page 49 BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TOTHE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Gurney Fund A FLo￿throUgh and an Endovment Fund to support general charitable needs, especially heath and environment. Hartmann Fund IDonorAdvlsedl A F￿throUgh fund to support general charitable need$y￿th th8 reCip￿nts chosen by the donor. Harbnann Fund (Grants Panell A Flow-through fund locussed on improving life $krfls, education & employabi1ty, Phyycal & Mentsl Health, ¥%ellbeing & safety, strengthening comrnunty coheslon, reducing I￿18￿.0n & d￿advantage. HOB General Match Fund An Erndowrr￿t Fund to provide reserves to be applied on a 2..1 rnatohing basis in order to encourage fubJr8 investments from both new and existing donors. Kolznar Fund A FlO￿thrOugh Fund to supportcharities. comnwnity groups or organisations ￿1th1n 8ucks. Klds In Sport Fund A FlO￿thrOUgh and an End0V￿rent Fund to support communty groups providing sports opportun((ies to young people in Buckinghamshire. Lieutenancy Fund A FFow4hrough and Endwnent Fund lor distribution by donor adv￿ed grants. Love Bucks A Flow-through Fund to support general charitable projects throughout Bucknnghamshire. Martin Baker A Flow-through Fund for groups ￿￿rkIng wth young people to help prepare them ready for ￿Ork. McGilvray Fund A Flowthrough Fund for groups foCu￿ng on COh￿Ve and supportNe familps and home anvironrnents, nutrrtion and heatthy food, o)n$eNation and the outdoor4 general heath and ￿elIbeIng, education, LGBTQ+ and emplyment and skil Mowng Ourcommunlty A FI￿￿through Fund to support COV￿ recovery through phygcal ac*NIty. Multse￿y Fund A Fluw4hrough and an Endowment Fund to support general chaiitable needs as agreed wth the donors. Nalional Lottery Communlty Fund Flcth-through fund for distribution under the Heart of Bucks Coronavirus Stabilisation programme. NEf CorOna￿r￿S Appeal A Flow4hrough fund to support organisats.ons wth their response to the Covid-19 pandemic NETIDCMS Fund A Fknthrough Fund to support Coronavirus r81i8f effort& Nic Willoughby Fund A Ftow-through Fund to support grassroots sports pfoj8Lts in Bud(ingharT%hire. Page 50 BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Olney British School Fund A Flow-through and an Endowrnent Fund to provid8 further educational asgstance support to young people living in Olney. Ostrer Fund A Flow-through and an End0¥￿Trent Fund to support general charitable needs Peter Cundlll A Flow-through Fund to support health and ￿elIbeIng, arts and CU￿Ure and education and training. Polieè Propèrty Act Fund A Flow-through Fund to SUPPOrt organi5ations ￿0$e Mork aligns wth the str8t8gic objectives of the Police and Crime Plan for the Thames Valley 2017-21. Prèventlon Matters A Flow-through Fund for groups working ￿1th vulnerable adufts. Rectory Homes A Flow-through Fund to support g8n8ral charitab18 needs as agre8(l ￿1th the donors. Roths¢hlld A restrictgd fund to provide sp¥ifi¢ deV8kJp￿nt roles for BUckinghan￿hlre Communty Foundation Rowland Education Fund A Flow-through Fund to be used to fund forffo18ducation in South 8uGks and High Wywnbo. RSET A Flow-through and Endowff*nt Fund to suppcrt organBations knDrking wth young people in Bucknngharnshire. Shèrtlng Fund A Flow-through and an EndowTn8nt Fund to support general charitable needs, especially spots projects. Slngle Donatlons A Flow-through Fund to mana98 one off donation5 whiGh do not relate to any other funds, to b8 awarded in specrfic grants. Slough Social Fund A Flow-through and an Endowwent Fund to support general charitabl8 needs in the South Bucks area. South Bucks Fund A Flow-through Fund to supp)rt voluntary and wmrnunity groups in the South Buckinghamshire D￿trict Council area. Splash Fund Fkjw-through Fund to support Education, Hvalth and Wellbeing, Isolation and Disadvantage. Tampun Tax Fund A Flow-through Fund to suP￿rt servic8s ben8fitting ￿Ornen and girls on the key thernes of hea￿h, IAEllbeing, building Gonfidence and Increasing sociaveconomic activity. Walter Hazèll A Flow-through and Endowment Fund to improve eduGaknon, life skills and 8rnployability, r8duGe i501ation & disadvantage and locus on poverty. physcal and rr*ntal hea￿h, wellbeing and safety. Page 51 BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Wheeler Fund A Flow-through Fund to support general charitable needs. Wlndhlll Fund A Flow-through and an Endowment Fund to 5UPF