Heart of Bucks COMMUNITY FOUNDATION TrM5fee5 ' ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Buckinghamshire Community Foundation Charity Registration No. 1073861 Company Registration No. 03662246
Heart of Bucks COMMVIIITY POUIIOATIO Buckinghamshire Community Foundation Report and Financial Statements Year ended: 31st March 2024 Charity no. 1073861 Kefflerek7 AdMiKi5trotive iffjYmAti(Tr7 Buckinghamshire Community Foundation - Trustee Directors The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: Mr W M Stewart - Chairman of the Board Mr R D Taylor - Vice Chairman and Chairman of Finan & Investment Committee & Remuneration Committees Mr G R Anson Mr M Bradbury - Chairman of Grdnts and Social Investment (Loans) Committee Mr R Collins (Retired November 2023) Mrs K Hobbs (appointed August 2024) Mrs P Kirkbride - Chair of Development Board Mr P J Manktelow - Treasurer Mrs L Marston-weston (Retired December 2023) Mrs A Norfolk-Beadle Ms A Smith (Pask) Mrs P Vaughan (appointed August 2024) Mrs L C Wood Chief Executive Mr Henry Allmand Charity No. 1073861 Buckinghamshire Community Foundation Company No. 03662246 (Registered in England & Wales) Subsidiary Company- Buckinghamshire Community Foundation (KHC) Ltd until sale on 8th February 2024 Directors Mr W M Stewart - Chairman Mr J Biggs Mrs L V Cannon Cleg Mr G Corney Mr P J Manktelow Mr W Pettinger - Treasurer Page 2
Registered office address: 70 New Road, Weston Turville, Aylesbury, Bucks, HP22 5QT Auditors: Azets Audit Services, Suites B & D, Burnham Yard, Beaconsfield, Bucks, HP9 2JH www.azets.co.uk Bankers: Nat West Bank, 22 Market Square, Aylesbury, 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
cOte*s Page Trustees, report 5-17 Independent auditor's report 18-20 ststement of financial activities 21 Summary income and expenditure account 22 Balance sheet 23-24 ststement of cash flows 25 Notes to the financial statements 26-64 Page 4
Eefrfft rf-the knstees The trustees of Buckinghamshire Community Foundation are pleased to present their report and financial statements for the year ended 31 March 2024. The financial statements have been ppared in accordance with the accounting policies set out in note I to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Ststement of Recommended Prattice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019) . Structure, Governok7 rfd Mrffr70fjemef Introduction Buckinghamshire Community Foundation C BCF,? is the formal name of our charity and is used for governance and legal requirements. Our working name, by which we are recogni5ed in our community, is Heart of Bucks ("Heart of Bucks,). The foundation was estsblished in 1999 as a grant-making charity, by the late Sir Nigel Mobbs JP who was HM Lord-Lieutenant of Buckinghamshire between 1997 and 2005. At that time, community foundations were already well-established in North America and, seeing the power of people coming together through their giving to build thriving communities, Sir Nigel wanted the same for Buckinghamshire. Since then, we have given away more than £15m in fvnding. We are part of a network of 47 Community Foundations across the UK, all grant-making charities dedicated to improving the lives of people in a defined geographic area. We bring together the fi'nancial resources of individuals, families, public authorities, national fvnders and businesses to support our local communities. The foundation is a registered charity and company limited by guaTrntee, registered in England and Wales. The Board and Committees The trustees of Heart of Bucks are also directors for the purposes of company law. New trustees are appointed by the existing trustees and serve for a maximum of nine years. New trustees are sought through a formal recruitment process which may include open advertisement or recommendations from local networks, dependent on the type of skills sought. The recruitment process includes relevant eligibility checks and interviews with members of the Board before a formal recommendation is taken tr) the full Board for approval. Our governing document provides for a minimum of five trustees and a maximum of 13. As at 31st March 2024, 9 trustees were in post. On appointment, and periodically thereafter, we ask our trustees to re-confirm their eligibility to serve, and Page 5
they sign model Trustee and Director Declaration statements. Trustees are welcomed with an induction pack and in-person programme which provides a briefing on the background to the foundation and the various aspects of our work, as well as the role and responsibility of trustee/directors. In their first year, new trustees will observe a grants panel and other coMmittS as best suited to their area of expertise and interest. Trustees are required to declare any competing or conflicting interests, which are maintained as a permanent record and reviewed at the start of each Board and Committee meeting. Where a conflict of interest arises, trustees are reqUId to absent themselves from any discussion or decision-making. Trustees have access to an online Board portal with all relevant policies and information about the foundation's activity as a permanently available resour, and this is also used to manage online discussion, approvals and meeting papers. All trustees give of their time freely and no remuneTrtion is paid. To enable us to bring in expert and specialist support, Heart of Bucks operates a number of sub-committees, being the Development Board, Finan and Investment Committee, Remuneration Committee, Social Investment (Loans) Committee, Grants Committee and various grants panels. All committees operate under Terms of Reference approved by the Board, which in some cases- for example the grants panels - includes delegated authority to decide on grant and loan awards, within the over-arching policy approved by the Board. Expert volunteers are recruited to work alongside trustees on these sub-committees to help us ensure our activities are well-informed by specialist or local knowledge and that grant decisions are independent. The appointment of committee members is reserved to the trustees who will review any recommendations made by the committees. The Board are supported with their governance responsibilities in respett of the Charity Commission and Companies House by the Head of Operations and Head of Finance. Role of the Board At their quarterly meetings, trustees discuss and agr the broad areas of strategy and activity. They scrutinise performance against a set of Key Performan Indicators under three strategic aims: Income Generation, Meeting Local Need and Civic and Community Leadership. Matters reviewed at each Board meeting include grant making, investment fvnd performance, budget and finances, fundraising and donor relations as well as HR matters, risk, policies and other governance matters. Twice a year the Board meet for strategy review and planning, with the focus alternating between finance and fundraising, and grant making and community impact. The day-to-day management of the charity is delegated to the stsff team under the leadership of the Chief Executive. Page 6
Membership and External Regulators As a member of the UKCF network Heart of Bucks benefits from the experience, collaboration, and support of 47 Community Foundations. Membership also enables us to access national funding programmes and to share the cost of investing in software development. Heart of Bucks is registered with the Charity Commission, Companie5 House, the Fundraising Regulator and the Information Commissioners Office as a Dats Controller. Risk Management The trustees have a robust Risk Poliry and the Chairman leads on risk for the Charity. Major risks are recognised and recorded, along with mitigation measures, on our Risk Register. Risks are recorded under five categories: Strategic and Governance, Financial, Operational and Reputational, Staffing and Culture. The board review the register at each quarterly meeting, identifying any new or emerging risks and considering whether current mitigation measures are sufficient, or whether further action is required. For the reporting year, the trustee5 identified our most significant risk to be the Ioss of investment income and/or invested capital due to poor economic performance. This risk is mitigated by our investments being actively managed by CCLA and Sarasin in line with objettives agreed by our trustees. We also put considerable effort into our fundraising attivities to generate both flow through (immediate spend) grant funds and for donations to our core operating costs. As explained below, (Investments and Investment Policy), the performance of the investment houses is monitored by our Finance and Investment Committee. It remains a possibility that lower investment income could reduce our ability to give out gTrnts but this would not affect the financial viability of Heart of Bucks in the next three years. Fundraising Activities The Development Board leads on our fvndraising activity, with reporting responsibility to the Board of Trustees. Heart of Bucks is registered with the Fundraising Regulator, and we work hard to ensure we are compliant with the Fundraising Code of Practice. We are also registered with the Information Commissioners offi.ce and have policies and processes in place to ensure we comply with the Data Protection Act, General Data Protection (UK) Regulations and the Privacy and Electronic Communications Regulations in our contacts with supporters, donors and beneficiarie5, as well as the wider community. Our Donor Acceptance and Refvsal Policy sets out the cIrcumstsn in which we will undertake further enquiries into the source of donations and when we may refuse a donation. It also provides guidance on how we will take account of the capacity of a donor to make a decision to donate, as well as providing staff with guidance on anti-money laundering measures. Related Parties One of our trustees is a partner at B P Collins LLP, which has consistently made donations into its restritted fund held by Heart of Bucks for grant giving. Another trustee is also the trustee of a charitable foundation which has given funds to Heart of Bucks for onward distribution. Page 7
Ojb- eLtive5 And Activitie5 Our Vision and Mission Our vision is to create and support a culture of giving that strengthens and supports communities throughout Buckinghamshire. Our mission is to be a catslyst for social change, simplifying, encouraging and enabling local giving and community philanthropy. Through a programme of informed and targeted funding and advice, we make our community a better place to live, work, play and do business. Our Values We listen respectfully We support locally We fund inclusively We lead collaboratively We advise professionally Our Strategy We art as a vocal. visible and collaborative champion for the whole community We ralse money for charities and good causes in Buckinghamshire VbÈ Flay a lJirwJ rde in sthin9 BuLinghamshire¥ IrKlividuals, organisatic6 arKI bu55rEs5es to financyalty support Iheir Icol CCAnmunty in facK that1e5 of tDday We dlstrfbute carefully considered grants. ensuring a lasting l(Kal impart VIÈ alwass carefully c(¥nskler the neeJ5 of the communty in Buthnghamshire ar#J tsr9et fvndlThJ tuwards tr* effective Irxal gcrAI causes How we benefit the public 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 guidance on public benefit when planning our business and activity programmes. The Board review our public benefit annually to assure themselves that our operations continue to align with this responsibility. This was last carried out on 16th May 2024. The direct 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 or services must be exclusively "not for profit" and in the main, must benefit residents of Buckinghamshire. The range of funds we managed throughout the reporting year cover all of the issues and themes of need listed in our charitable purposes. These are shown below, with examples of grants made during the year. Page 8
For the Relief of Poverty: We provided grant fvnding to several food-related projects, including £3,750 to the Vale of Aylesbury Vineyard's Foodbank and £10,000 to Wycombe Food Hub. Our Voluntary Sector Resilience Fund provided a £10,000 grant to The Link Foundation which supports vulnerable families living in Buckinghamshire, who struggle to provide essentials for their children. For the advancement of education: A grant of £10,000 was made to the Cloudy Foundation for their Buckinghamshire Skillbase Programme which supports Young People by educating them to develop critical employment skills that help to fill the specialised digitsl skills gap for tomorrow'5 workforce. Elsewhere, our partnership with local solicitors B P Collins enabled a gr3nt of £3,000 to the Red Balloon Educational Trust who provide a full-time educational and therapeutic recovery programme for young people unable to attend mainstream school due to bullying, mentsl ill-health or special educational needs. For the advancement of health and saving of lives: Brighter Futures Together were awarded a grant of £14,275 from our Young People's Wellbeing Fund, in partnership with Buckinghamshire Council. They are working to develop a network of Young Mental Health Champions (YMHCS), accredited by the Royal Society of Public Health. Chiltern Prostste Cancer Support Group received a gTrnt from our Let's Talk About Cancer Fund, in partnership with Buckinghamshire Healthcare Trust. This award enabled the group to run more of their successful community-ba5ed events offering free PSA testing to allow early signs of Prostate Cancer in men to be recognised. For the advancement of citizenship or community development: Aylesbury Hindu Temple Trust received a grant from our Micro-grants programme which enabled them to deliver the Holi Spring Festival of Colours 2024 community event. Community group Brill with Ukraine received a grant to continue their support, including English language le550ns, for the Ukrainian refugee families that have settled in the area. Through the judiciary system we were also fortunate beneficiaries of cash confiscated during the arrest of sentenced individuals, enabling us to redirect crime-related assets to good causes supporting safe and cohesive communities. • For the advancement of the arts, culture, heritage or science: We were delighted to be able to support the National Paralympic Heritage Centre with their Sensory Explorations - Heritage programme, linking SEND schoo15 With heritage partners. Elsewhere we were able to award grants to Vache Baroque for their"Come & Learn to Sing" SelOnS. a series of four accessible community singing workshops at Wycombe Arts Centre. We also supported the innovative Alina Orchestra to take their"Band in a Van" music workshops into Care Homes. • For the advancement of amateur sport: We have again provided a range of fvnding through a number of sports-targeted funds, including the Sherling Sports Fund, Nic Willoughby Fund, Julian Budd Kids in Sport Fund as well as from our geneTrl funds. Projects ranged from cheerleading equipment for SuperNova Cheer, a safe path with steps and handrail for the Cheddington Pentanque Club, to funding a bespoke wheelchair for Aces Wheelchair Basketball Club. • For the advancement of human rights, conflict resolution or reconciliation or the promotion of religious or racial harmony or equality and diversity: A grant from our Community Safety Fund supported Hope for Justice to continue their training programme for front-line professionals to help them spot and report the signs of modern slavery. Elsewhere, Community Youth Ventures CIC received a grdnt in support of their Weapons, Gang and Page 9
Exploitstion Preventstive Project. This programme 5eek5 to engage young people and to challenge the types of thinking and behaviour that can lead to the loss of their own life or someone else's. • For the advancement of environmental protection or improvement: The Inter-climate Trust received funding to support their development of a Climate Action Toolkit working with five Buckinghamshire schools to enable students to create a tsilored plan to motivate climate action. Meanwhile, Earthwatch Europe received funding to create finy Forests - small, tennis-court sized woodlands that were planted in ten areas of higher deprivation in Buckn"nghamshire and are now maintained by a community team of volunteer Tr Keepers. • The relief of those in need by reason of youth, age, ill-health, disability, financial hardship or other disadvantage: Throughout 2023-2024 we continued to run several hardship funds aimed at supporting individuals or families experiencing financial insecurity and/or fuel poverty. These included the Helping Hand Fund for which we partnered with Buckinghamshire Council, alongside our Crisis Fund, Together Against Poverty Fund, and fvnds supporting refugees from the conflict in Ukraine, and those resettled from Afghanistan. As the Cost-of-Living crisis continued to impact heavily, we saw consistently high demand for support and across all our hardship funds. Over the financial year we made 562 grBnts, with a value of more than £530,000, putting much needed support directly into the hands of those in OL4r Acti witie5 Grant and Loan Making Heart of Bucks generates funding, primarily for Buckinghamshire causes, from a broad range of sources, including ststutory bodies, government programmes, national charity programmes, local business, trusts and private philanthropic donors. We distribute grants and social investment loan5 to constituted not-for-profit group5, including Registered and non-registered Charities, Community Groups, Community Benefit Societies, Charitable Incorporated Organisations (CIOS), Community Amateur Sport5 Club5, Community Interest Companies (excluding those limited by shares) and Parish Councils operating within the administrative county of Buckn'nghamshire. We also operate a number of hardship funds giving grants to individuals and families in crisis. For these funds we work through a network of Community Advocates - associates working in non-profit or public sector organisations who are well-placed in the community to provide holistic advice, debt and budgeting support to the recipients of our grants, thus helping to maximise the impact of a small cash grant. Due to the bespoke nature of our donor services, some funds may have specific eligibility criteria, or may be targeted at particular themes or causes that the donor wishes to support. In some cases, donors give specifi'c instructions as to the organisations they wish to support. However, the real strength of the Community Foundation model is seen when donors are less certain about what types of issues to support, or which, out of a myriad of local and national organisations, is the best match for their giving aspirations. We work closely with donors to understsnd what issues are important to them and their families and share relevant information about local needs, to help them develop the fund that best aligns with their giving aspirations. In all cases, eligibility criteria are subject to the over-arching grant- making policy of the Board of Trustees which specifies a small but important number of exclusions, including activities supporting a single religion or political parties. Applications are invited from eligible groups through a programme of marketing, research, promotion and outreach activity aimed at reaching grassroots organisations across the County. On receipt of applications, Heart of Bucks staff conduct thorough due diligence checks, prior to the application being considered by the Grants or Social Investment Loans Panels. These are independent decision-making bodies, drawn from a county-wide pool of around 15 volunteers, working alongside donor representatives Page 10
where desired, and each led by a Heart of Bucks 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 hardship ftjnds is delegated to the staff team, in order that very quick decisions can be given to relieve those in hardship. This is also the case for smaller grants made under our micro-grants programme where the aim is to give small grants, with a quick turnaround to meet immediate needs. These grants are reported to our grants panel for independent scrutiny. In the case of some of our Corporate Funds, the decision-making may be made solely by the donor company's staff team. This enables the company's workforce to engage in charitable giving and to gain awareness of community needs, in support of the company's Corporate Social Responsibility Programmes. The majority of grants awarded are £10,000 or less (£2,000 or less in the case of hardship funds or micro- grants), but a number of our newer funds have increased the maximum grant available to £15,000. AII payments over £10,000 are reported to the Finance & Investment Committee for scrutiny. Social Investment "Loans" may be awarded up to £25,000, repayable over a period up to five years. These are interest-free, unsecured unregulated advances of funds. Following due diligence checks, decisions on the terms and condition of any advance are determined by the Social Investments (Loans) Committee. Monitoring Impact Ensuring that our donors, generosity is applied to the best PO55ible effect is very important to U5, 50 we monitor the usage and impact of any funding awarded. We work closely with beneficiary organisations to enable them to identify and report on the difference the award ha5 made to their community or service users. When End of Grant reports are received, our Progrnmmes Officers review these against both the original purpose of the fund and the stated purpose of the grant awarded, feeding back our findings to the reporting organisation to help them both to celebrBte achievements or to seek improvements where necessary. To complete the circle, we provide regular impact reports and feedback to the original donors so they can hear about the impact their giving has achieved. Community Leadership Heart of Bucks has a growing role in community leadership. As a non-affiliated, independently funded organisation, we are ideally placed to bring knowledge and expertise to influence local public policy around Voluntary and Community Sector Strategy and community development. This year we were delighted to be asked to host a community engagement event on behalf of the Deputy Governor of the Bank of England. Sir David Ramsden joined us and a cross section of ten community groups, to hear first-hand how the cost-of-living crisis was impacting on small charities and the people they serve. Inspired by the success of this event we went on to facilitate further Vitsl Voices events, community forums that give a platform to small, grassroots organisations in Bucks and help them connect with influential people on key issues to enact change and make a difference. Elsewhere, our six theme Ambassadors are experts in their field and bring a wealth of knowledge to guide our research and development work and provide regular guest blogs on issues of current concern or development. Topics covered in the last year include Climate Education, and the pitfalls for the UK Charity Settor in the expanding use of Artificial Intelligence. We also take pride in our regular 'Inspiring Buckinghamshire, series which gives local people from a range of sectors a chance to share their knowledge and insights to help inspire others. Contributors over the past year include Tomas Pukalski, Managing Director of Framework Digital, Cynthia Tooley MBE, Founder/Director of Jedidiah UK, and Haseeb Nawaz of Wycombe Youth Action. Page 11
Throughout the last year our CEO was a key partner in the Joint Strategic Funding Group, bringing together severBI funders including those from the public sector, family trusts and third sector to support our Buckinghamshire community. Our Policy & Insight Manager, funded by The National Lottery Community Fund, continues to research the areas of contrast across our county, and over the last year published a series of "Buckinghamshire: Uncovered" reports, highlighting issues from Our Ageing Population, to Homelessness, and Air Quality and the Environment. In 2023-2024 we continued to be a leading partner in the developing Bucks Dats Exchange project, bringing together data from across a range of sources and organisations to provide a more complete picture of the social needs, current funding and providers in Buckinghamshire. Through this project we also worked with Nottingham Trent University to shape their VCSE Barometer sur4ey. Subsidiary Company At the start of the year, Heart of Bucks was the owner of a separately constituted subsidiary company, Buckinghamshire Community Foundation (Kop Hill Climb) Limited. The purpose of this company is to raise charitable funds for grant making, currently from the Kop Hill Climb Festival. The surplus raised from this event was transferred to Heart of Bucks to provide grant-making funds. Two trust5 of Heart of Bucks sat as Director5 for the Subsidiary company along with three other Directors. The Kop Hill Climb event and scale of the subsidiary operation has grown significantly since coming into Heart of Bucks ownership in 2013, and this year the Heart of Bucks trustees agreed that it was time to support the Kop Hill Volunteer Committee to establish themselves as an independent CIO in order that they can retain their very local focus and volunteer engagement whilst enhancing their fundraising options. After some months of legal process, we were delighted that the new Kop Hill Charity CIO was registered with the Charity Commission on 9th October 2023 (Charity number 1205108). On 8th February 2024 the name of the subsidiary company was amended to KHC Ltd and ownership of the company was formally transferred to the new CIO. For the coming year we will continue to work with the new trustees to deliver their grant-making programme and will continue to be friends and supporters of the new charity as its gets independently established. We wish Kop Hill Charity every success for the future. 5trAtgic Eeprt Achievements and Performance In 2023-2024 we had our second-largest ever grant making year, distributing over £2 million in grant funding, supporting 224 projects and 562 households. As demonstrated in "How we benefit the public" above, we are a place-based funder able to support a huge variety of causes and issues. In 2023-2024, our grants ranged from just £23 to support a recently arrived Afghan refugee to tske his Driving Licence Theory Test, to a grant of £39,000 to provide sensory equipment and a mental health quiet space for our local Children's A&E department. We were particularly excited to launch our Young Futures project this year. (www.Youngfutures.org ). Young Futures is a partnership of local organisations and young people (aged 18-30) dedicated to supporting the aspirations and opportunities for young people across Buckinghamshire. With support from the Rothschild Foundation and a generous private donor, we were able to recruit a Programmes Manager to lead this project and were delighted when we received a huge number of applications from Young People all eager to help shape our youth focussed funding progTrmmes. Page 12
After a competitive recruitment campaign, 13 volUntrS joined our Young Futures Board. They have already been working hard to identify funding priorities that reflect the issues and challenges most impacting the lives of Young People. Supported by our Grants team, the Board have invited applications from groups working to address critical issues including vaping, mental health, discrimination and much more. They will be awarding their first grants early in the next financial year. We were also fortunate to benefit from further support from some fantsstic local businesses, and continued to build our Community Investors programme, which recognise5 busine55 in Buckinghamshire who are contributing fi.nancially or through other forms of support to help us to make our community stronger. Our Development Team, part-funded with the assistance of the Rothschild Foundation, continued to perform impressively. We received £2.2 million in donation5 and grants in the year, of which £0.4 million was invested in restricted endowments to fund grants in perpetuity and £1.6 million was donated to restricted flow-through funds for immediate grant making. We ended the year with a fabulous reception at Chequers hosted by His Majesty's Lord Lieutenant, with the kind permission of the Prime Minister and the generous sponsorship of The Mulberry Trust (with particular thanks to James and Elsie Frost). The event, marking the stsrt of our 25th Anniversary celebrations brought together many of our fundholders to celebrate our achievements to date, and tr) hear about future plans. What did we achieve? Some of our notable grants achievements during the year: £2m distributed in grant funding including over £560k in hardship fvnding to individual households. Launched our 25th Anniversary lebratIonS with an exclusive event at Chequers, kindly sponsored by The Mulberry Trust. Launched our Young Futures Board, to put young voices at the heart of grant making. Facilitated a new Series of events, Witsl Voices connecting the Vol of the charity sector to influential people and organisations. Brought together public and private funders to realise a huge £230k grant funding programme - the Voluntsry Sector Resilience Fund to support the VCSE sector through cost-of-living challenges. Launched our Together Against Poverty Appeal to support families and individuals experiencing a range of issues including, food, fuel and digitsl poverty. With the support of SWEF CIC, launched the SWEF Enterprise Bursary fund to support young entrepreneurs. Future plans We are looking forward to a year of marking our 25th Anniversary and will be embarking on an exciting programme of events across our county, shining a light on the amazing work delivered by charities of all kinds in our county. Our core grants programmes will continue, with the addition of a number of new programmes that are currently in development. We are particularly excited to be launching a series of bursary grant programmes to underpin our sUPPOrt for young people in the county. We will continue to work with UKCF colleagues to manage transition to a new Salesforce platform which will provide enhanced control of our data and much better access to information for our donors and grantees. We will be hosting the new Head of Bucks Data Exchange as part of the Heart of Bucks stsff team and we will publish further titles in our Buckinghamshire: Uncovered report series. Mindful always of the need to sustain our charity, we will also look for opportunities to diversify our income streams. Page 13
FinAk7aAI Eeviev Our work is entirely reliant on income and investment returns from our endowments, donations to our flow- through funding programmes and other unrestricted donations received. Heart of Bucks draws funding from as wide a rdnge of income streams as possible, including individual philanthropic donors, corporate donors, local and central government, other national and regional funders, trusts and fundraising activity. During the year a long-term supporter of Heart of Bucks, Peter Cullimore, sadly passed away. We are very grateful that he generously left five seats at the Royal Albert Hall in legacy to us, as an unrestritted donation worth £0.9 million. The Royal Albert Hall will manage these seats on our behalf to generate income in future years to support Heart of Bucks, charitable objectives. We also received funds of £0.4 million to endowment funds including significant donations from the transfer of the John Bedford's Charity Trust (£lllk), Gurney Charitable Trust (£25k) and £60k from the Buckinghamshire Building Society who were able to release dormantfvndsforcharitsble use. Although not a happy circumstance, we were also the named beneficiary following the dissolution of the Healthy Living Centre CIC and received £142k which has been invested in our Health & Wellbeing endowment fund, to generate income for related grant-giving in perpetuity, providing a suitable legacy for this wonderful local charity. We received donations of £1.6 million for immediate-impact (flow-through) grant making. Donations came from corporate donors De Soutter (£70k) and Rectory Homes (£75k), and many others including Balhsen UK, Veolia, ASM Auto Recycling & ASM Metal Recycling, BP Collins, Urenco Ltd, Hedsor House, Buckinghamshire Building Society, and ESRI UK. Our grateful thanks are also recorded to other corporates too numerous to mention here who donated to our pooled Community Investor Fund. We were also supported by a number of private donors including The Splash, McGilvray and Hartmann Funds, by Challe Burrell, Nick and Cate Archer, Clive and Sally Sherling, and many others, alongside donations from Charitable Trusts including, the Rothschild Foundation, the Anson Trust, T&S Williams Trust, the Amar and Wilson Family Trusts, the King-cullimore Charitable Trust, and SWEF CIC. Our staffing costs were partly offset by generous funding from The National Lottery Community Fund for our Policy & Insight manager, the Rothschild Foundation for some of our Development Team's cost, and private donations towards the Young Futures Fund, and other overheads. During the financial year Heart of Bucks recognised income totalling £3.8 million. Investment income (excluding revaluation of investment funds) contributed £0.4 million of the income received and a full analysis of this is given in note 6 of the financial statements. In total we held funds at year end with a value of £14.0 million (2022-2023: £12.1 million). The year-end funds comprised £12.1 million of investments, including the listed investments and the Royal Albert Hall Box,with the remaining £1.9 million held predominantly as cash restricted for the purposes of grant making. Grant funding of £2.0 million was distributed in the year. Unrestricted fijnds relate primarily to long term investments used to generate income to defray Heart of Bucks, operating costs, allowing donor5 to maximise the proportion of their donations to us to be passed on in grants to other organisations and individuals. During the year unrestritted funds increased by £l.I million, to £2.8 million, mostly as a result of the legacy donation of fi've seats at the Royal Albert Hall, which will be used to generate income in the coming years. Of the £2.8 million, £2.5 million relates to long term investments (including the Royal Albert Hall Box). £160k is held for match funding opportunities, to attract donations and £165k is held in a general fund in line with our reserves policy to fund operating costs and any unforeseen expenses. The detailed results for the company for the year ended 31 March 2024 are set out in the attached financial statements. Page 14
Investments and Investment Policy Heart of Bucks's Investment Policy is intended to achieve an appropriate balance between protection and growth of long-term investment funds and generation of income to fund grant awards and our overhead costs. We aim to enhance our assets by investing in a range of instruments which are both tax efficient and responsive to liquidity requirements, and which exhibit the appropriate risk profi'les. Our Policy includes exclusion5 for some type5 of investments which we would not consider to be a good fi't with our vision for our local 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 portfolio. Our Finance and Investment committ (F&IC) comprising some of our trustees and other external expert volunteer5, monitors the performance of our investment house5 to determine the optimum placement for the majority of our funds. There are a small number of funds, principally those deriving from Government match-funding scheme5, which are required to be invested in specified investment houses by rea50n of the conditions of their original award. Investment performance is monitored on a monthly basis and reviewed quarterly by the F&IC who also have oversight of the Social Investment (Loans) Committ. A strong investment performance for the year resulted in growth of approximately 8.5 % across the portfolio. Having considered the performance of our fvnds, compared with benchmarks for similar funds, the Trustees are satisfied with the performance of the investments during the year. They have considered but have not at this time chosen to adopt a "total return" approach although this will be revisited in the coming year. Reserves Policy Heart of Bucks, policy is that the unrestricted funds held in a general resenie, not committed or invested in tangible fixed assets, should include sufficient to cover the administrBtion costs of the charity for a period of 3 months. Three months administration costs currently amount to approximately £138,000 and this year the general reserve totsls £165,000. In addition to this, unrestricted long-term investments of £1.6 million are held in accordance with the directions of the trustees to create both long-term capital growth and annual dividend income that can be used to help defray operating costs. These can be liquidated at short notice if required. A fi've seat box at the Royal Albert Hall, valued at £912,500, has also been donated and income from this will be generated in the future. When possible, any unrestricted funds in the generdl reserve in excess of the three month target, reviewed on a rolling three year basis, will either be used to attTrct donations through a match fvnding scheme or given away in grants. At 31st March 2024 £160,000 was held for match funding in the coming year. Remuneration Policy Responsibility for Heart of Bucks, remuneration rests with the Board via our Remuneration Committ& who review our Pay and Reward Policy annually. Our aim is to pay mid-range sertor-appropriate salaries to ensure we are able to recruit and retsin appropriately skilled staff to deliver Heart of Bucks, mission, whilst maintaining a balanced budget. Heart of Bucks is accredited to The Living Wage Foundation and are committed to paying at least the Real Living Wage to all staff. The remuneration package includes access to Group Life Assurance benefi't, above-minimum pension contribution and access to the SmartHealth programme, including health advice, Page 15
counselling support etc. Trustees do not receive remuneration although reasonable out-of-pocket expenses are available for all Trustees, Committee members and Volunteers. Acknowledgements The trustees would like to thank our public sector, national charity, charitable trust and corporate donors, those who made philanthropic donations as individuals, families or through trust funds, and other supporters who have made signifi'cant contribution5 to support our woth during the past year. The Board would like to record their sincere thanks to our President, Vice President and Ambassadors and to all the volunteer members of our sub-committees and panels for having generously given so much of their time and commitment. Auditor Azets Audit Services were appointed as auditor to the company and in accordan with section 485 of the Companies Act 2006, a resolution proposing the appointment of auditors for the next financial year will be put at a General Meeting. Disclosure of information to auditor So far as each person who was a trust at the date of approving this report is aware, there is no relevant audit information of which the company'5 auditor is unaware. Additionally, the trustees individually have taken all the necessary steps that they ought to have tsken as trustees in order to make themselves aware of all relevant audit information and to estsblish that the company's auditor is aware of that information. The trustees, report, including the strBtegic report, was approved by the Board of Trustees on 6 December 2024. W. Moir Stewart - Chairman Page 16
Trustees, responsibilities in relation to the financial statements The trustees are responsible for preparing the TrUstS, Report and the financial statements in accordance with applicable law and the United Kingdom Accounting standards. The law applicable to charities in England and Wales require the trustees to prepare financial statements for each fi'nancial year, which give a true and fair view of the state of affairs of the charity and of the resources and application of resources of the charity for that period. In preparing these financial ststements, trustees are required to: Select suitsble accounting policies and apply them consistently, Observe the methods and principles of the Charities SORP Make judgements and estimates that are reasonable and prudent stste whether applicable accounting stsndards have b&n followed, subject to any departures that are disclosed and explained Prepare the financial Statements on the'going concem" basis, unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping accounting records which disclose, with reasonable accuracy the financial position of the charity, and enable them to ensure that the financial statements 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 included on the charitie5 website and that these accurately represent the charity's position. Page 17
BUCKINGHAMSHIRE COMMUNITY FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF BUCKINGHAMSHIRE COMMUNITY FOUNDATION Opinion We have audited the consolidated financial ststements of Bucktnghamshire Communty Foundats'on (the 'parent chantsble company,) and its sut6idiary (the 'group') for the year ended 31 March 2024 wfiich compnse of the Consolidated Statementof Financial Acbvttres, the group and Forentcompany Balance Sheet, the Consolidated Cash Flow Statement and notes to Ihe financial statements. including a summary of significant accounting policies The financial rep)rting framewvTk that has teen applied In their prepardbon Is aprAicable law and Unrted Kingdom Accounting Standards, including Financial Rewrb'ng Standard 102 The Financial ReFQrting Standard appliCate in the UK and Reput4 of Ireland (United Kingjom Generally Accepted Ac¢ountsng Practtt}. In our Onion, Ihe financial statements.. give a true and fair wew of the state of the group's arKI rent chantatle companvs affair5 as at 31 March 2024 and of the grou$ inming resources and arpli¢atson of resources, for the year then ended" have been pmperfy werored In accordance wrth Unrted ngdorn Generally Accepted Accountsng Prn¢tre,' and have been prepared in accordance the requirements of the Companies kt 20(. Basis for oplnlon We conducted our audit in accordance Intemabonal Standard5 on Audng (UK) (ISAS (UK)) and aPpIable law. Our resp)nsibilibes under those stsndards are further descrited in the Audrtorfs resp)nsitM'lrties for the audit of the financial ststements section of our rewrt. We are independent of the chanty in accordance wrth the ethical requirements that are relevantlo ouraudrt of the financial statements in trte UK, including the FRC'S Ethical Stsndard. and V have fulfilled our olher ethical resp)nsitslibes in acrdanCe these requirements We believe that the audrt evidence have obtsined sUffiCnt and appropnate to provKle a basis for our wnion. Con¢lusion$ relating to going ¢onGem In auditing the financial ststements. we have concluded that thetrustees, use of the going concem tosis ofaccounting in the preparation ofthe financial ststements is appropnate. Based on Ihe VDrk we have Ferfomled, ve have not idenkn'fied any material uncertainties relats'ng to events or conditons that, indmdually or collectwely, may cast signrficant thuL on the charity's abilty to contsnue as a going concern for a Fencrfj of at least tyfve months from when the financial statements are authonsed for issue. Our S[()nSItI1itles and the responsitx"lities of the trustees with respect to wng concem are deserited in the relevant sectsons of this reporL Other Inlorniatlon The other information comprises the infonnats'on included in the annual rewrt other than the financial statements and ourauditofs report thereon. The trustees are responsitle forthe other information contained wthin the annual report. Our opinion on the financial ststements e$ not cover the other informatson and, except to the extent othemse explicrtly stated in our rep)rt. we th> not express any form of assurance conclusion thereon. Our resp)nsibility is to read the other infomiatrn and. in doing so, considerwttether the other information is materially inconsistentwith the financial ststements or our knowledge otrtained in the course ofthe audit, or othenmse appears to b8 materially misstated If identsfy such matenal Inconsistencies or arparent matenal misststements, we are required to determine whether this gives nse to a matenal misstatement in the financial statements themsefves If. based on the work we have performed, V* conclude that there is a matenal misstatement of this other infoNnab'on. V are qUired to reFort that fact. We have nothing to rep)rt in this regard. Page 18
BUCKINGHAMSHIRE COMMUNITY FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF BUCKINGHAMSHIRE COMMUNITY FOUNDATION Opinions on other mattavs prescribed by th• Companies Act 2006 In our opnion, based on the rk undertaken in the course of our aud. the informatson given in the trustees. report forthe financial yearfor%thi¢h the financial statements are prepated. which includes the directors. rewrt and the strategc rep)rt prepared for the wrroses of company law. is consistent vnth the financial statements., and the strategic rewrt and the directors, rep)rt included wrthin the trustees, report have been wepared in accordance wrth appkable b8gal requirements. Matters on leh we are required to report by exception In the light of the knedge and understanding of the group and parent charrtable ccmpany and rts environment obtsined in the tt+urse of the audit. V have not identsfied material m6ststements in the strate9ic rep)rt or the directors. report inclutsd vthin the trustees, report. We have nothing io port in respect of the following mattets in latron to whKh the Companies Act 2006 requires us to report to you ff. in our opinion. adequate accountiry recor(ts have not kep( or retums adequate for our audrt have not been received from branches not visited ty us", or the parent ¢harrtatle ¢ompany's financial statements are not in agreemnt with the accounting records and retums., or certain disclosuS of Irustees, remuneratson specffied ty law are not made,. or we have not recerrfed all the infomiabon and explanabons require for our audit Responslbllltles of trustees As explained more fully In the statement of trustees, responsibilths, the trustees, vtho are also the directors of the group and parent charitable company for the purFose of company law, are reswnsible for the preparation of the financial statements and for being satsfied that they gtve a true and lair Mew, and for such intemal wntrol as the tnjstees detemine is necessary to enatAe the e[ratIOn of financkql ststements that are free from malerial misststement. whether due to fraud or error. In pParIng the financial statements, the trustees are reSnSIble for assessing the group and parent charitsble company's ab'lty to continue as a going concern, disclosing, as applicat4e, matters related to wing concern and usingthe g)ing ¢oncem basts ofa¢¢ountsng unless the trustees ertherintend to liquidatethe groupor parent charitable company or lo cease operatn5. or have no aliStiC altemative t1 to do so. Auditors respoftsib'lth'es for the audit of the financial ststements A further descripts'on of our reSwnsib'les is availatle on the Financial ReForts'ng Council's wetErte at.. hllPS.Ilwww.frc.org uklauthtorsresponsibilrties This descrioion fonns part of r audttorfs rep)rt Page 19
BUCKINGHAMSHIRE COMMUNITY FOUNDATION
INDEPENDENT AUDITOR'S REPORT (CONTINUED
TO THE TRUSTEES OF BUCKINGHAMSHIRE COMMUNITY FOUNDATION
Extent to which the audit was consider•d Capab of detecting irregulariti, including fraud
Irregulanties, including fraud, are instsnces of non-comFAian¢e la and regulatsons We design procedu$ in
line vh our resFonsit41thes, oullined aix)ve and on the Financial ReFOrting thuncil's IbS. e, to detect material
misslatements In resFect of irregulanties. including fraud
We obtsin and upjate our under5tsnding of the entity. its actmb'es. its control environment. and likely future
developments, including in relabon to the legal and reguktory frarneWrk aprAicable and how the entty Is complying
vnth that framew)rk. Based on this urKler5tsnding. we identfy and assess the nsks of material misstatement of the
financial statements, vthether due to fraud or error, design and perform audrt procedures resp)nsive to those nsks.
and oblain audit evi(knce that is suificient and aFpropriate to provide a basis lor our opinion. This includes
consideratson ofthe nsk of acts by the entrty that Ere contrary to applicaÈ4e laws and regulations, including fraud.
I n resp)nse to the risk of Irregularrts and non
00 ¢7)NO com OfDLO o>m 7J Page 21
(N (3) ((0 Page 22
BUCKINGHAMSHIRE COMMUNITY FOUNDATION CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 Balance Sheet as at 31st March 2024 Note 2023 Fixed assets Tangible as*ts Investments 17 18 8.863 12,1tA,199 11,034 g,533,695 12.115.062 9,544,729 Current assets Debtors falling due after one year Debtors falling due wthin one year Cash at bank and in hand 19 19 39,1) 221.394 1,656,270 89,253 147,907 2,471,586 1,915,794 2,708,746 Creditors.. amounts falling due within one year [78,3) (87,555) Net current assets 1,836,891 2,621,191 Total assets less current liabilities 13.951,954 12,165,920 Capitsl funds Endowment funds - general Income funds Restricted funds Unrestricted funds 9,746,804 8,659,627 1,383,512 2.821,638 1,815,681 1,690,612 13,951,954 12,165,920 The directors acknedge their responsibilities for comptying wth the requirements of the Companies Act 2006 wth respect to accounting records and the PreParatn of financial statements. The financial statements were apprcved and authorised for issue by the Trustees on 0611212024 v? Moir steart (Chairman) Trustee Company registration no. 03662246 Page 23
BUCKINGHAMSHIRE COMMUNITY FOUNDATION CHARITY BALANCE SHEET AS AT 31 MARCH 2024 Note 2023 Fixed assets Tangible assets Investments 17 18 8,863 12.106,199 10,100 9,533,695 12,115,062 9,543,795 Current assets Debtors falling due after one year Debtors falling due wthin one year Cash at bank and in hand 19 19 ,13) 221,394 1.656,270 89,253 146,520 2,415,127 1.915,794 2,650,900 Creditors: amounts falling due within one year 20 (78,)3) (79,613) Net current assets 1,836,891 2,571,287 Total assets less current liabilities 13,951,954 12,115,082 Capital funds EndowTnent funds- general Income funds Restricted funds Unrestricted funds 22 9.746,804 8,659,627 23 1.383,512 2,821,638 1,764,843 1,690,612 13,951,954 12,115,082 Page 24
BUCKINGHAMSHIRE COMMUNITY FOUNDATION CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR TO 31 MARCH 2024 2024 2023 Notes Cash flows from operating actNities Cash generated froml(absorbed by) OFErations 32 553,999 1,666,723 Investing activities Purchase of tsngible fixed assets Purchase of investments (11,027) {3,860> (912,500) 70,255 387,818 (5,712) (980,946) Royal AItErt Hall Box Legacy received Proceeds on disposal of investments Investment income received 66,960 304,816 Net cash generated froml(used in) investing activities (1,369,314) 1614,882) Net cash used in financing activities Net increaselldecrease) in cash and cash equivalents (815.315) 1,051,841 Cash and cash equivalents at beginning of year 2,471.586 1.419,744 Cash and cash equivalents at end of year 1,656,270 2,471,585 Relating to: Cash at bank and in hand 1,656.270 2,471,586 Page 25
BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 1 Accounting policies Charity information Buckinghamshire Community FoUndatic FS a private company limited by guarantee incorporated in England and Wales. The registered Offi is New Road, Weston Turville, Aylesbury, HP22 5QT 1.1 Accounting convention The financial statements have bn prepared in accordan wth the chartys governing dccument, the Companies Act 2006 and "Accounting and Reporting by Charrties". Statement of RecommerKled Practice applicable to charities preparing their accounts in accordan wth the Finance Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effethe 1 January 2019) ' The charity is a Public Benefit Entty as define(I by FRS 102 The financial statements are prepared in sterling, is the functional currency of the charty. Monetary amounts in these financial statements are round1 to the nearest £. The financial statements have been prepared under the histOTi(zI c05t convention, modffied to include the revaluation of investments and certain financial instruments at fair value. The principal accounting poIleS adopt1 are set out 1C. 1.2 Going concem At the time cé approving the financial statenEnts. the trustees believe that Ihe charty has adequate re9jur5 and a reasonable expectation of future in(L)me to continue in orxrational existen for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the diSCren of the trustees in furtheran of their charilable oblteS. Restrict funds are subJect to SFecific conditions by donors as to howthey Trray te used. The purFx)ses and uses of the restricted funds are set out in the notes to the financial statements. Endowrnent funds are SUbjt to Vctr condf(i(Ms by donors that the capital must maintained by the charty. 1.4 Incoming resources Incoming rescrtjrces are made up of fwr revenue streams - donabons and legacies, events income, investment income and income from commercial trading 0[ratiOnS. Income from donatnS and legxies, IrlUdirj caixtal grants, is included in incoming resources . The group boMeS entrtled to the donatic, IacY or similar Incorr and any condrtions for reIpt are met.. b. The Trustees are rea$(ablY certain they711 r1ve itr, and c. The Trustees are reasonably certain th the value can be reliably measured. Page 26
BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 When the donors swcifythat donatK)ns and193acies. inctuding capital grants, are for particular restricted purposes, which do not amount to pre-condrtions regarding entrtlement this income is included in incoming resources of restr1 funds. cCmercIal trading operatic5 relate to the actNrties of the tradirvJ subsidiary. The accounting policies of the subsidiary are in line wth the grP and income is iecoJnised in accordan wth the atxjve, where relevant. Events income is recognised at the point at which the event tske5 place. Income is deferred when it has been reVed but either the entrtlement to it has not yet crystallised, or it relates to fLrture events which have not yet ¢xcurred. Investment income is rcnISed in xcordance wth the period to vknich li relates. Incoming resour$ from Endonents (e.g. Dividernls and interest) are all treat as restricted flow through funds. 1.5 Resources expended Liabilities are reccgnised as Expendire as soon as there is a legal CY constructive obligation commrtting the charity to that expendtture. it is probable that a transfer of economic benefts wll be required in settlement and the amount of the obligation measured reliably. Expenditure is ac£cunted for on an arualS basis and has been classffid under headings that aggregate all cost related to the category. Where costs f2nrM)t be dirertly attritxrted to particular headings they have been allocat to actNities on a basis consistent 1th the use of resources. Grants offered subject to condrtions which have not been met at the year end date are noted as a o)mmrtment lyjt not accrued as eXndItUre. 1.6 Tangible fixed assets Tangible fiKed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairmtt b&se& Depreciation is recognised so as to rte off the cc6t or valuation cl assets s5 their residual values over their useful Ives on the followng bases: Ftxtures and fittings Straight line over 3-5 years C¢xnputers Straight line over 3-5 years The gain or loss arisirKJ on the diswsal of an asset is determined as the differen bthen the sale proceeds and the carrwng value of the asset and is rwnised in net ino)nEI(expendrture) for the year. 1.7 Fixed asset investments BCF'S polrcy is to hold investments primarily in order to generate income and caprtal grovrth for the SUPFX)rt of rts work over a long-term period. The effect of this FX)licy is that ftxed at investments are shown at open market valuation in line wth SORP 'ACUnts'ng By Charties,. The SOFA includes the net gains and Ic6ses arising on reValuatnS and disp)sals thrcgut the year. Page 27
BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Realised and unrealised gains Unrealised gains and losses arise then frxed assets for charty use or fixed asset investsnents are included in the balance sheet at revalued amounts or market value. Realised gains and losses are recognised when an asset is disp)sed of. 1.8 Impaiment of fixed assets At each reporting end date, the chanty rewle ts carrying amounts of its tsngible assets to determine whether there is any indicatton that those asset5 have suffered an impairment loss. If any such indication exists, the [0verable anUnt of the asset is ests"matl in order to determine the extent of the impairnEnt loss (rf any). 1.9 Cash and cash equiwdlents Cash and (2sh equivalents include c2sh in hand. deFX)Sits held at call 1th banks, other short-term liquid investments wth (xiginal maturrties of th[ rTK)nths (x less, and bank overdrafts. Bank overdrafts are shown within boiiowings in current liabilrties. 1.10 Financial instruments The charty has elected to apply the pr(wisions of lon 11 'Basic Financial Instruments, and Section 12 '0ther Financial InstTuments Issues, of FRS 102 to all of its financial instruments. Financial instruments are iecogniwl in the charivs balae sheet vh)en the charty comeS party to the contractual provisions of the instrument. Financial assets and liabilit.es are offset with the net amounts presented in the financial statements, when there is a legally entorable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liabilty simultaneously. Basic finanual assets Basic financial assets, thich include debtors and (zsh and bank balances, are initially measured at transaction pri including transaction costs and are subsequently Carri at amortIs cost using the effte interest methc(l unless the arrangement constibjtes a financing transaction, there the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as re1Vable wthin one year are not amorb.s. Basic finanaal liabilities Basic financial liabiltties, including cr&Jitors and bank loans are inth'ally reccgnil at transaction price unle&8 the arrangement (x)nstuteS a financing transaction, ere the debt instrument is Measur at the present value of the future payThents discounted at a market rate of interest. Debt instruments are subsequently carried at alrtIsed cost using the effethe interest rate meth)d. Page 28
BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Trade credttors are obligations to pay f(x g(yJds or seryices that have been acquired in the ordinary o)urse of OFerations from suppliers. Amounts payable are das&fied as current liabilities rf payment is due wthin one year or less. If n. they are presentaj as non-current liabilrties. Trade creditors are recognised inrtially at transaction 1xe and subsequently measured at amortised cost using the effte interest method. Derecognition of financial liakn"lities Financial liabilib'es are derCn[sl then the chartvs contracbjal ci)ligations expire or are discharged or Can11. 1.11 Retirement benefits Payments to defined contribution retirement beneftt schemes are charg8I a5 an expense as they fall due. 1.12 Operating Leases Rentals parable under operating leases. IlUding any lease incentives re1ved. are charged as an expense on a straight line basis over the term of the relevant lea. 1.13 Donated seNces Where rt is not too onerous to c£llect the informab-on, grfts in kind are Itluded in the financial statements at market value. The income is re(x)gnised wthin Activities for Generating Funds and the expenditure is r8xJgnised in the relevant SOFA heading. 1.14 Basis of consolidation The financial statements consolidate the results of the chartiy and its llY owned subsidiary Buckinghamshire Community Foundation (Kop Hill Climb) Limit on a lirE-by-line basis. A separate Statement of Financial Activtties and income and expendrture account for the charty has not keen presented tecause the Foundation has taken advantage of the exeMpt"C afford1 by Sb"On 408 of the Companies Act 20C6 (see note 29). 1.15 Operating costs-fund management The charitys unrestrirted operatiNJ c(x8ts are defrayed in part by charges transferred from the restricted and endcwment funds to the unrestricted fund as management f. In previous years these have tren presented on the SOFA as income in the unrestrcltI fund and eXnSeS in the restricted and end(Mment funds. A dl$lOn 4S taken for the year ended 31 March 2023 that these would be Present as a trartsfer funds. The prior year was restated accordingly 1.16 Taxation The charity is exempt from (x)rwratK)n tax on i& charitable wities. 1.17 Retirement benefits The company 0rateS defined contribution a1 funded mult"mIoyer defined benefft schemes on behaff of certain employees. Contributi(ms are Charg to the SOFA in the year they are made. The schemes funds are adminired by Tru&ees and are independent of the companls finances. Page 29
BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 2. Critical accounting estimates and judgements In the appliCan of the chartvs accounting Folicies, the trust are rquired to make judgements, estimates and assumptions abt the Car[ng amount of assets and liabilrts that are not readily apparent from other SoUrs. The estimates and a&Slatl assumpb.ons are based on historical experien and other factors that are considered to be relevant. Actual results may drffer from these estimates. The estimates and underlying assumptions are revi on an ongoir¥J basis. Revisions to accounting estimates are recogni in the in leh the estimte is rised ere the revision affects only that or in the Ir1 of the reVIn and future periods where the revision affts both current and future TIC#s. The areas for vthich signrficant eStiMatn has en appl are cortsidered to be as follows.. 2.1 Depreciation of tangible fixed assets Depreciation is provid in order to WTite off the cost less estimated resdual value of each asset over rf(s estimated useful lrfe. Management reawss the depreciation methods. useful lives and redUal values ere there is an indication of a significant change in pattern by which the company exp to consume an assef s future economic benefrt. 2.2 Bad debt provision Management make provision against any deb thich is deemed to be wtentialty Irr0VerabIe. This provision is revieed on an annual basls and assessed for reasonableness. Page 30
BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 3. Donations and legacies Unrestricted funds 2024 Restricted Endowment funds funds general 2024 2024 Total Total 2024 2023 Donations and gifts Legacies Grants 246.583 912.500 6.000 1.522.364 352.630 2.121,577 912,500 156,000 4.171,678 150.OCM) 218,519 1.165.083 1,672,364 352,630 3,1,077 4,390,197 For the year ended 31 March 2023 97,268 2,659,095 1,633,834 4,390,197 4,390,197 Donations and gifts Gtfts Donations Gtft aid 6.4C 1,478,634 37,330 6,400 2,072,192 42,985 6,400 4,137,561 27,717 240,928 5,655 352,630 246,583 1,522,364 352,630 2,121,577 4,171,678 Legacies relate to the donation of a five seat box at the Royal Albert Hall Grfts in kind relate to Servi5 provided to the Charity including accountancy and bcDkkeeping £6.400 (2023". £6,400). The subsidiary runs a charitable event for wthich the services of approximately 3(K) volunteers are utilised to aid wth the running. I n addition to the other voluntary services by a core management team to prepare for the event throughout the year, these services have not currently been recognised in the financial statements of the subsidiaiy, nor these consolidated financial statements due to the diff icuty in placing a value on these seNIs. Grants receivable Grants for core costs Grants into restricted funds 6,C0 6,000 150,000 118,519 100,000 150,OC() 6.000 150,OCK) 156,000 218,519 Page 31
BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 4. Other Trading Unrestricted Restricted funds funds 2024 2024 Total Total 2024 2023 Trading subsidiary income 234,645 234,645 274,280 234,645 234,645 274,280 The OllY owned trading subsidiary BuckirvJhamshire Community Foundation (Kop Hill Climb) Limited (KHC Ltd), incorporated in the United Kingdom (company number 09495670) vras sold for £1 on 7th February 2024. KHC Ltd undertakes the operation of the Kop Hill Climb event vthich takes Pla annually. The summary financial performance of the subsidiary alone up to 7 February 2024" Total at7Feb 2024 Total at31 Mar 2023 Turnover Donations and gifts in kind Event costs Other costs 234,645 21,382 (110,261) (18,158) 274,280 16,104 (149,728) (23,049) Net surplus before gift aid donations Amount gift aided to the charty 127,608 (92,49n 117,607 (89,150) Movement on subsidiarvs reserves in the year 35,111 28,457 The assets and liabilrties of the subsidiary on disposal at 7 February 2024 ere. 2024 2023 Fixed assets Current assets Current liabilrties 7,857 78,092 935 57,845 (7.942) Total net assets 85,949 50,838 Aggregate share capital and Teserves 85,949 50,838 Page 32
BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Government and Local Authority Partners Donations and grants receNed from the Govemment and l(xxl authorib'es into restricted funds 2024 2023 Buckinghamshire Council Department for Culture, Media and Swrt Arts Council England Thames Valley Police 894.799 6,587 336 56,047 1,143,978 9,948 91,232 957,769 1,245,158 Page 33
BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 6. Investments Unrestricted Restricted funds funds 2024 2024 Total Unrestricted funds 2023 Restricted funds 2023 Total 2024 2023 Income from investments Interest re1vable 67,153 66,144 242.749 309,902 11.772 77,916 48,363 24,683 Z22,172 270,535 9,598 34,281 133,297 254,521 387,818 73,046 231,770 304,816 7.Other income Unrestricted Restricted funds funds 2024 2024 Total Unrestricted f unds 2023 Restricted funds 2023 Total 2024 2023 External contract k Other 4,543 1,500 1,500 4.543 1,500 1,500 Page 34
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BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 9. Charitable activities 2024 2023 Staff costs 427,437 5,342 5,328 2,126 7,199 1,966 43,352 2,225 2,868 361 ,465 4,769 2,450 2,117 6,390 1,ga4 29,294 841 Depreciation and impairment I nsuran Telephone &PPS Subscriptions Travelling Computer costs Staff recruitrnent Training Bad debts 1,2 Professional fees 2,376 12.626 6,4C() 13,230 5,455 54,035 16,536 1,765 7,036 6,400 17,100 3,253 Legal & consutsncy Accountancy & bookkeeping Audrtors remuneration Bank charges Returned donations Sundry 5,026 608,501 451 ,802 Grant funding (see note 10) 2,021,518 2,271,610 2,630,019 2,723,412 Anal sis b fund Unrestricted funds 524,590 2,105,429 433,589 2,289,823 Restricted f unds 2,630,019 2,723,412 Page 36
BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10, Charitable activities - Grant Funding 2024 2023 Grants to institutions.. 55 grants of £10,000 and aly)ve (2023.. 32) 79 grants of £5.000-£9,999.99 (Z)23.' 94) 123 grants of £1,000-£4,999.99 (21Y23".146) 19 grants of £0-£999.9g (2023. 45) 666,940 507,541 3C(1,278 10,231 519,053 560,036 357,194 24,538 1,484,990 1,460,821 Grants to Individuals 243 grants of £1,000-£4,999.99 (2(Y23: 359) 340 grants of £0-£999.99 (2023.. 547) 383,504 153,024 575,619 235,170 536,528 810,789 2,021,518 2,271,610 The total grants paid to instttutions of £10,OC() and above during the year was as follow5.. 2024 Communty Youth Ventures (2 grants) Bucks Healthcare NHS Trust Charty (2 grants) Wycombe Youth Action (3 grants) Mama Bee Group12 grants) Theatre Shed (2 grants) caUdEll Youth (2 grants) Action 4 Youth 48,690 39,432 34,669 28,000 24.377 24,044 15,000 15,000 15,000 15,000 14,992 14,848 14,426 14,275 13,720 13.680 11,580 10,207 10,000 10,000 10,000 10,000 10,000 Caribbean Community Lunch Club Dvr Creative CIC Global Media Initiatives Oasis Partnership 7Roadlight CIC Youth Concem Brighter Futures Together CreateED South East Afghanistan and Centr21 Asian Association Wycombe Wanderers Hope For Justi Chesham & District Community Association 1st Chesham Bois Scouts 1 st Eaton Bray Scouts 4th Beaconsfield Scouts Buckingham Youth Clubs Page 37
BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Bucks Mind 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 Chiltern Open Air Museum Curzon Centre DASH Charty Earthwatch Horatios Graden Irene Taylor Trust Kings Church High Wycombe Lindengate Link Foundation Lord's Taverners Pace Centre Pitstone Memorial Hall Re-Engage Restore Hope Risborough Area Community Bus Road Farm Countryways Southcourt Baptist stewkley Village Hall Thames Valley Partnership The Pastures Church Wednesday Club Waddesdon Westbury Community Shop Wycombe Food Hub Youth Enquiry Setvice Page 38
BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Audltotrs remuneratlon 20rJ Fees payable to the audrtors: Audrt of the annual awounts 13,230 17,1CKI 12. Trustees None of the trustees c any persons connethd tlem) rece ary rerNnerakn or benefrts from the tharty during the year. (2023." £0). £0 of expenses were reimbursed to tru* in the year. (2023.. £1,130) Page 39
BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Employees Number of employees The average number of persons employed bythe Foundation during the Yearas.. 3)24 2023 Direct chartiable Administrative Management 15 Employment costs 2024 2023 Wages and salaries Social Securty costs Pension costs 392.691 24.182 10,564 325,821 27,076 8,568 427.437 361,465 The Foundation has six full_tinE employees at year end, the remaining staff are parttime. Key Management Personnel remunerabon in the year totalled £160.076 (2023 £148.881) There Wds one employee those remuneration vrds betn £80,000 and £,000. No other employees earned in excess of £60,000.12023.'1) The value of company pension contritrAJtions to money purchase schemes for employees whctse emoluments exed £60,OCMJ was £1,761 (2023. £1,761) One employee reiVed an ex-gratia payment of £2,194 on the termination of their employment, in recognition of their contributson to the charity. 14. Net gains I losses on investments Unrestricted Restricted Endowment funds funds Funds Total Unrestricted funds Endowment Funds Total 2024 2024 2024 2024 2023 2023 2023 Revaluation investments 92,278 (85,948) 734.121 740.451 {115.126) (379,972) (495.098) Page 40
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BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Tanglble Flxed Assets- Consolldated Planl and Machinery Fixtures and fitbngs Computers Total Cost At 1 April 2023 Disposals Additons 1.168 25,293 55,091 81,552 8.540 2.487 11,027 Al 31 March 2024 9,708 25.293 57,578 92,579 Depreaats"on and impaimient At 1 April 2023 Depreaation charged in the year Loss on disposal of KHC assets 234 21.286 48,998 2,518 70,518 5,342 1.618 7,8 At 31 March 2024 9,708 22.492 51,516 83,716 Carwng amount Al 31 March 2023 934 4.007 6.093 11.034 At 31 March 2024 2,¢1 6,062 8,863 Tangiblg Fixed Assets- Charty Fixtures and filb-ngs Compuler5 Total Cost Al 1 Apnl 2023 Additions 21.330 55.091 2.487 76,421 2,487 Al 31 March 2024 21.330 57.578 78.908 Depreaab"on and impaimienl At 1 April 2023 Depreaab'on charged in Ihe year 17.322 1.206 48.999 2.518 66,321 3,724 Al 31 March 2024 18.528 51,517 70,045 carrng amount At 31 March 2023 4.008 6.092 10,1CO At 31 March 2024 2.802 6,061 8,863 Page 43
BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Fixed asset investments Other fixed Listed asset investments inNpstments Total Cost orvaluation At 1 April 2023 Additions 9,533,695 903,860 826.3gg (70,255) 9,533,695 1,816,360 826,399 (70,255) 912,51X) Valuation changes Disposals At 31 March 2024 11,193,699 912,500 12,1C6,199 Carrying amount At 31 March 2023 9,533,695 9,533,695 At 31 March 2024 11,193,699 912,500 12,1(,199 Listed investments There are no investments outside the UK. Listed investments represent amounts in pr(Aessionally managed Common Investment Funds. The following inVestEnts represent than 5% of the pcrtfolio.. Fund for Endowment (Income Units).. £4,321,835 (2023'.£3,689,680) CCLA COIF Charfties Investment Fund.. £6,871,865 (2023.. £5,844,015) The historical cost of listed fixed asset investments at 31 March 2024 was £8.058.074 (2023. £7.225.065) other fixed asset investments relate to a five seat )X at the Royal Albert Hall ich Vds a legacy donab.on to heart of Bucks Investment in subsidiary At 31 March 2023 the individual Charty included the assets as above, plus the £1 share in Buckinghamshire Community Foundation (Kop Hill Climb) Limited lch Wds a 1CKJ% subsidiary of Buckinghamshire Community Foundation. The registered Offi was New Road. Weston Turville, Aylesbury, HP22 5QT. The company number is 09495670. On 7 February 2024 the suEx8idiarywas sold for£1. The financial performance ofthe subsidiary until 7 February 2024 is shown in note 4. Page 44
BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Debtors- Group 2024 2023 Amounts falling due within one year: Trade debtors Other debtors 13,333 208,061 13,847 134,060 Prepayments and accrued ino)me 221,394 147,907 2024 2023 Amounts falling due after more than one year. Other debtors 15,950 22,181 29,283 59,971 Accrued I nc£Jme 38,131 89,254 Total debtors 259,525 237,161 Debtors- Charity 2024 2023 Amounts falling due within one year: Trade debtors Other debtors 13,333 208,061 13,847 132,673 Prepayments and accrued income 221.394 146,520 2024 2023 Amounts falling due after more than one year. Other debtors 15,950 22,181 29,283 59,971 Accrued I ncome 38,131 89,254 Total debtors 25g,525 235,774 Debtors are recognised at the settlement amount due less any provision for doubtfvl debts. Prepayments are valued at the amount prepaid, calculated on a nth by month basis. Page 45
BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Creditors: amounts falling due within one year- Group 2024 2023 Bank overdrafts Other taxation and social securty Trade creditors Other CrltorS 9,833 5.732 49,151 14,187 14,465 4.656 46,300 22,134 Accruals and deferred income 78,903 87,555 Creditors: amounts falling due within one year- Charity 2024 2023 Bank overdrafts Other taxation and social securty Trade creditors 9,833 5,732 49,151 14,187 14,465 4,656 46,300 14,192 Other CrltorS Accruals and deferred income 78,903 79,613 Creditors and provisions are recogni$ where the group has a wesent obligation resulting from a past event that wll probably result in the transfer of funds to a third party 2nd the amount due to settle the obligation can be measured or estimated relbly. Creditors and provisions are normally re(£Jgnised at their settlement amount. Page 46
BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. Deferred income Deferred income is included in the financllal statements as follow5". Deferred income included wthin Credrtors- Group 2024 2023 Opening balance Deferred in the year Released in the year 1,425 2,791 1,425 (2,791) (1,425) Closing balance as at 31 March 24 1,425 There was no deferred incOff wthin the charity. Page 47
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BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 26. Restricted and Endowment Funds ACE Lets Create Jubilee Fund A Flow-through Fund to support voluntary and community groups to develop creative and cultural activities as part of the Queen's Platinum Jubilee celebrab'ons in June 2022 Anchor Community Connection Fund A Flow-through Fund to support communty focrfj projects. Arts and Culture Fund A Thematic Flow-through and an Endowment Fund enabling multiFAe donors to support projects relating to Art and Culture across Buckinghamshire. Arts Fund A Flow-through and an Endowment Fund in agreement vrith a single donor to support projects relating to Art and Culture across Buckinghamshire. Aubrey-Fletcher Fund A Flow-through and Endowment Fund for donor alfvised grant giving with priorities around heritage and young people Bahlsen Community Fund A Flow-through Fu nd for donor advised community food projects. BCDF Fund A Flow-through Fund to used to support the employment of dementia nur5e5 Within Buckinghamshire. BCF (KHC) Limited A Flow-through Fund to support general charitable needs, especially in the Pnnces Ristxjrough area. BCRA - Bucks Coronavirus Response Appeal - Restrictred to groups A Flow-through fund to support organisations in crisis due to the Covid-19 pandemic. BCRA- Bucks Coronavirus Response Appeal - Restricted for Individuals A Flow-through fund to support Individuals affected by the Covid-19 pandemic. Big Heausurviving Winter Fund A Flow- through Fund for groups supwrting Ople struggling with fuel povety. BP Collins A Flow-through Fund to support local community groupslcharities within Bucks. British Red Cross Fund A Flow-through Fund supporting community vRrm spaces and food propcts. Buckinghamshire Capacity Fund A Flow-through fund to award one large partnership grant for a wellbeing programme. Buckinghamshire Emergency Assistance Fund A Flow-through Fund to provide individual cnsis grants to residents of Buckinghamshire eXrIencing a short- term crisis related to the Coronavirus pandemic. Page 56
BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Bucks Army Reserve and Cadets. Fund A Flow-through and an Endowment Fund to suptK)rt ex-servicemen and theirfamilies. Bucks Big Society Bank A Flow-through Fund for the Fmvision of loans to community groups. Bucks Building Society A Flow-through and an EndowrrEnt Fund for general charrtable needs, as agreed with Bucks Building Society. Bucks Coronavirus Response Appeal A Flow-through fund to support organisations and individuals in crisis due to the Covid-19 pandemic. Bucks Coronavirus Stabilisation Fund A Flow-through fund to support organisations to recoverl stabilise following the Covid-19 pandemic. Bucks Council Employee Hardship Fund A Flow-through fund to support individuals in crisis as idenb'fied by the th)nor. Bucks Data Exchange Admin Fund A grant to support the costs of an employee at Buckinghamshire Community Foundation to manage the Bucks Data Exchange Bucks Masonic Fund Donor Advised A Flow-through funded by the Bucks Masonic Endowment Fund for general chantable needs with recipients decided by the donor. Bucks Masonic Fund Grants Panel A Flow-through funded by the Bucks Masonic Endowment Fund for general charitable needs with recipients decided by grants panel. Bucks Playing Field Association Legacy Fund A Flow-through and Endomnent Fund created as the result of a dormanttnjst transferto supwrt recreation facilities. Burrell Fund A Flow-through and an EndowrrEnt Fund to SUPIK)rt chariti'e5. community groups or organisations within Bucks. Champniss Fund A Flow-through and an Endowment Fund to supwrt general charitable needs. especially youth and swrt. Community Investors A Flow-through and Endowment Fund to facilitste giving by local business in order to suwort general charitable needs and the development and growth of the Community Foundation Communitysafety Fund A Flow-through Fund to support poriects addressing the commuinty safety priorities of the donor. Crisis Fund A Flow-through fund to support individuals in crisis. Page 57
BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Cummings Fund A Flow-through and an Endowment Fund to suptx)rt local community groU[lCharltleS within Bucks. David Laing A Flow-through and an Endowment Fund to supp)rt general charitable needs. DCMS VCSEP Fund A Flow-through Fund supporting community warm spaces, food projects and homelessness. De Soutter Medical Fund A Flow-through Fund to support projects related to disabilrty, Education and Training health and social welfare Diamond Jubilee Fund A Flow-through Fund for general charitable needs as agreed with the (k)nors. ESRI UK A Flow-through Fund to support general charitable needs in the Aylesbury area. FamilyAngels A Flow-through Fund to support workn'ng families in short-term crisis. Flood Recovery A Flow-through Fund to help grou and individuals affected by floods. Gawcott A Flow-through Fund to support communty projects in the parishes within 5km of the Gawcott Fields Solar Project. Gillian King Fund A Flow-through and an Endowment Fund to suptK)rt general charitable needs as agreed with the donors. Green Communty Fund A Flow-through Fund to support environmental projects. Green Schools Fund A Flow-through Fund to support school councils or similar student LdieS wth environmental improvement schemes. Gurney Fund A Flow-through and an Endowment Fund to supwrt general charitable needs. esFecially health and environment. Hartmann Fund (Donor Advised) A Flow-through fund to support general charttable needs with the recientS chosen by the donor. Health and Well-Being Impact Fund A Flow-through and Endowment Fund enabling multiple donors to SUprt projects relating to health and welltrEing across Buckinghamshire. Page 58
BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR AHkY&AIVDED 31 MARCH 2024 quj A Flow-through Fund focussed on reducing heatth inequalrties that impact on the life eX1CtanCY and quality of life for some people from ethnic minority communities across Buckinghamshire HealthyAgeing Fund A Flow-through Fund to support communty-tk8sed projects vthich improve social connectedness for older adu Its Helping Hand Fund A Flow-through Fund to support individuals in Buckinghamshire who are experiencing financial insecurity or hardship Helping Hand Fund for Afghanistan A Flow-through Fund to coordinate the collection of donations from across Buckinghamshire to supwrt newly arrived refugees from Afghanistan Helping Hand - Ukrainians in Bucks A Flow-through Fund to coordinate the collection of donations from across Buckinghamshire to supp)rt newly arrived refugees from Ukraine High March Ball Fund A Flow-through Fu nd for distritNJtion by donor advised grants. High Sheriff Fund A Flow-through fund to support donor instructed community projects. John Bedford Charty Fund A Flow-through and Endowment Fund to support older peoFAe living in Ayle5bury who are experiencing hardship Keizner Fund A Flow-through Fund to support charits'es, communty groups or organisations within Bucks. Kids in Sport Fund A Flow-through and an Endowment Fund to supwrt communrty grou providing swrts opwrtunities to young people in Buckinghamshire. Kop Hill Climb Grants Fund A Flow-through Fund to give away money raised at the Kop Hill Climb event Levs Talk about Cancer Iformerly NHS Help Us. Help You Fund) A Flow-through Fund supporting projects related to cancer outcome inequalrties. Lieutenancy Fund A Flow-through and Endowment Fund for distr1ttIOn by th)nor advised grants. Love Bucks A Flow-through Fund to support general charitatle projects throughout Buckinghamshire. M&G Investment Bank Fund A Flow-through fund to support community Iami spaces and food projects. Martin Baker A Flow-through Fund for groups working with young Ople to help prepare them ready for work. Page 59
BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR &FLE YEAII.E54DED 31 MARCH 2024 Ilvray A Flow-through Fund for groups focussing on cohesive and supwrtive families and home environments, nutrition and healthy food. conservation and the outdoors. general health and wellbeing, education. LGBTQ+ and emplyment and skills Moving Our Communty A Flow-through Fund to support Covid recovery through physical activity. Mulberry Fund A Flow-through and an Endowment Fund to supw)rt general charitable needs as agreed with the donors. National Lotterycommunity Fund - Policy & Insight A grant to support the costs of a full ts'me employee at Buckinghamshire Community Foundation to provide policy and insights to the local charitable sector. NET Coronavirus Appeal A Flow-through fund to support organisations with their response to the Covid-19 pandemic. Newsquest Cash for Charities Fund A Donor Aoknsed Flow-through Fund to distribute funding to organisations across the UK, as directed by the donor. Nic Willoughby Fund A Flow-through Fund to support grassroots sports projects in Buckinghamshire. Olney British School Fund A Flow-through and an Endowment Fund to provide further educational assistance supwrt to young people living in Olney. Ostrer Fund A Flow-through and an Endowment Fund to suptK)rt general charitable needs. Peter Cundill A Flow-through Fund to support health and wellbeing. arts and culture and education and training. Police Property Act Fund A Flow-through Fund to support organisations whose work aligns the strategic objectives of the Police and Crime Plan for the Thames Valley 2017-21. Prevention Matters A Flow-through Fund for groups working with vulnerable adults. Rectory Foundation Iformerly known as Rectory Homes) A Flow-through Fund to support general charitaLle needs as agreed with the donors. Rothschild A restricted fund to provide specrfic development roles for Buckinghamshire Community Foundation Rowland Education Fund A Flow-through Fund to te used to fund forrr1 education in South Bucks and High Wycombe. RSET A Flow-through and Endowment Fund to support organisations working with young people in Buckinghamshire. Page 60
BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR [HE YEAR FN9ED 31 MARCH 2024 aving Ives A Flow-through Fund to support projects which focus on preventing male suicide. Sherling Donor Advised Fund A Flow-through Fund to support organisations as directed by the donor Sherling Sports Fund A Flow-through and an Endowment Fund to suptK)rt general charitable needs. estEcially 5tM)rts projects. Single Donations A Flow-through Fund to manage one off rk)nations which th not relate to any other funds, to be awarded in specific grants. Slough Social Fund A Flow-through and an Endowment Fund to supwrt general charitable needs in the South Bucks area. South Bucks Association for the Disabled Fund A Flow-through and Endowment Fund to support FEople living wth a disabilty and their families. Splash Fund Flow-through Fund to SUPFX)rt Education. Health and Wel1tIng, Isolation and Disadvantage. stoke Park Community Fund A Flow-through Fund prioritising young people in South Buckinghamshire. Thematic Fund - Arts & Cutture A Flow-through Fund enabling multiFAe donors to support projects relating to arts and culture across Buckinghamshire. Thematic Fund- Education & Skills A Flow-through Fund enabling multiple donors to support projects relating to education and skills across Buckinghamshire. Thematic Fund - Poverty & Isolation A Flow-through Fund enabling multiple donors to support projects relating to FX)verty and isolation across Buckinghamshire. Thematic Fund - Safe & Cohesive Communities A Flow-through Fund enabling mUltie donors to support projects relating to safe and cohesive communities across Buckinghamshire. Veolia Water Technologies Fund A Flow-through Fund to award donor-advised grants to water related communrty projects. Voluntary Sector Resilience Fund A Flow-through fund to support charitable organisats-ons managing financial difficulties as a result of increased costs. Walter Hazell A Flow-through and Endowment Fund to improve education, lrfe skills and employabilty, reduce isolation & disadvantage and focus on povety, physical and mental health, wellbeing and safety. Page 61
BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR YEI.RENDED 31 MARCH 2024 A Flow-through Fund to support general charitatle needs. Windhill Fund A Flow-through and an Endowment Fund to supw)rt charitable projects in Princes Risborough, Monks Risborough and health projects countywide_ Wycombe Kids A Flow-through Fund for groups working with young children in High Wycombe. Wyke Fund A Flow-through and Endowment Fund transferred from a dormant fund to SUPFX)rt isolation and disadvantage, community swrts, heaf(h and wellteing. Young Futures Admin Fund A restricted fund to provide funding for the administration of the Young Futures Fund Young Futures Grants Fund A Flow-through Fund to support young individuals across Buckinghamshire Young People's Wellbeing Fund A Flow-through Fund to support people under 18 to improve their mental health. Youth Bank A Flow-through and an EndowrrEnt Fund for projects selected by young IOple. Page 62
BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 27. Financial commitments• guarantees and contingent liabilities Contingent Liabilities The Bucks Big Scciety Bank Fund provides loan finance to registered and unregistered charities, social enterprises and other bodies through Buckinghamshire Community Foundation. The balan of the Bucks Big Society Bank Fund at the year end is £203,633 (2023'.£203,633) Of this amount, £150,000 represents funding that aS originally ieceive(I from Bucks County Courril (now replaced by Buckinghamshire Council). Although this treated as income at the time of receipt, the fact that it is covered by a Loan Agreementwth Buckinghamshite COU11 meansthat it could potentially iepayable to them on 22nd April 2031. It therefore a contingent liability. Grant Making Commitments At 31 March 2024 (as in 2023) all grants offer1 but yet paid had bn xcrued (see note 18). 28. Pension Commitment The charty operates a defined contribution pension heMe. The pension costs charged to the incrjme statement represent contributions payable by the chanty to the fund in the year and amounted to £10,564 {2023.' £8,568) 29. Operating lease commitments At the reporting end date the charty had outstanding ccnmitments for future minimum lease payments under non-cancellable operating leases, vthich fall due as follow5.. 2024 2023 Within one year Beeen and fNe years 13,etJo ,7(X) 13,800 7,475 21,275 During the year £13,800 vrds paid as operating lease costs in the year (2023.. £13,800) 30. Related party transactions During the year the Charty entered into the followng transactions wth related parties". The trustees made unconditional donations of £440 (2023.. £10.315) and restricted donations of £0 (2023.. £10,200) to the Charity The subsidiary. Buckinghamshire Community Foundation (Kop Hill Climb) Limited th)nated £105,111 to the Charty during the year (2023. £89,150). One ofthe Trustees, L Wojd, is a partner in BP Cc41ins. DuriThJ the year BP Collins donated £10,440 (2023. £10,000) During the year, addItnal donations without condib'ons, vEre receNed from related parties totalling £25,175 (2023.. £20,39n Page 63
BUCKINGHAMSHIRE COMMUNITY FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 31. Parent charity surplus As permitted by section 408 of the Companies Act 20C6, the statement of financial actNities of the parent charity is not presented as part of these financial statements_ The parent charitys net movement in funds for the year an increase of £1,445,297 (2023.. increase of £1,192,292) 32. Cash Eenerated from operatlons 2024 2023 Surplus for the year 1.786.034 1.204.963 Investment income recognised in statement of f inancial actwities Fair value gains and losses on investments Depreciation and impairment of tangible f ixed assets Loss on disposal of Kop Hill Climb Ltd (387,818) (826,399) 5,342 7.856 (258,6g2) (531,532) 5,098 Movements in Vrkn.ng capital Decreasel (increase) in debtors (Decrease)l increase in creditors (22,364) (8,652) 28,585 3,628 553,999 452,050 32. Analysis of changes in net funds The charty had no debt during the year Page 64