2024-03-31-accounts

Company no: 3981052 Charity no: 1080418 Quartet Community Foundation Report and Audited Financial Statements 31 March 2024 •ADE20RYB* 1911012024 COMPANIES HOUSE

Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2024 Contents Pages Reference and Administrative Details Trustees Report Independent Auditors, Report 19 Statement of Financial Artivities 23 Balance Sheet 24 Summary Income and Expenditure Account 25 Statement of Cash Flows 26 Notes to the Financial Statements 27

Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2024 Company number Charity number 3981052 1080418 Status The Charity is registered as an Environmental Body- number 689972 The Charity is registered for VAT- number 752791703 Registered office and operational address Royal Oak House Royal Oak Avenue Bristol BSI 4GB Trustees Trustees, who are also Directors under company law, who served during the year and up to the date of this report were as follows: Sue Mountstevens OBE. Chair of Trustees Nick Lee, Deputy Chair of Trustees and Chair of Finance & Investment Committee Jonathon Baker {retired Sept 20231 Saida Bello (retired June 20241 Sue Blatchford Lauren Couch (joined Dec 20231 Matthew Crossman Oliver Delany OBE, Chair of Governance Cornmittee (to June 2024} Caroline Hagen, Chair of PMG Committee {to June 2024) Matthew Lee Chris Johnson (retired Sept 20231 Raj Kakar-clayton Ella Patel (joined Dec 20231 Kristen Pye, Chair of Prograrnmes Cornmittee Junior Shelkh Ben Silvey (retired Sept 20231 Jo Turner Dan Wood ts'oined Dec 20231 Patrons The Lord-Lieutenant of the City and County of Bristol, Peaches Goldln8 OBE The Lord-Lieutenant of Somerset, Mohammed Saddiq (from Oct 20221 President Trevor Smallwood OBE DL Wi¢e Presldents Will Bee Gillian Camm DL Chris Curllng Geoff Matthews Mary Prior CVO MBE Professor Murray Stewart Sir James Tidmarsh KCVO MBE JP Lady Paula Wills Principal Officers Suzanne Rolt, Chief Executive (to July 20241 Ronnie Brown, Philanthropy Director and Interirn Chief Executive {from July 2024) Sarah Crispin, Head of Finance Aidan Woodburn, Head of Operations and Company Secretary {from Feb 2024)

Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2024 8ankers Bank of Scotland Glass House, Cabot Circus Bristol. BSI 38X Investment Rathbones 8 Finsbury Circus London. EC2N 7AZ managers CCLA 80 Cheapside London, EC2V 6DZ Le8al advisors Osborne Clarke 2 Temple Back East Temple Quay Bristol, BSI 6EG Veale Wasbrough Vlzards Narrow Quay House. Narrow Quay Bristol, 8514QA CMS Cameron McKenna Nabarro Olswang LLP 2 College Square Anchor Road Bristol, 8SI SUE Independent Auditors Bishop Fleming 10 Temple Back Bristol, 8SI 6FL

Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2024 Strurture, Governance & Management Structure Quartet Community Foundation (Quartet) is the community foundation for the West of England. We exist to champion local philanthropy and place-based giving. Our model centres on building our endowment fund, an independent resource, to support our communities long into the future. Quartet was incorporated in April 2￿0 as a company limited by guarantee and registered as a charity with the Charity Commission. It Is governed by its Memorandum and Articles of Associatlon, which set out the charitable objects of the Foundation and powers of the Board, its governing body. The Board has up to 15 Directors. The Oirectors are also the charit(s Trustees for the purposes of charity law and are generally referred to as the Trustees. The latter are also the 501e Members of Quartet. The liability of the Members for the debts and liabilities of the company is limited and in the event of the company being wound up would not exceed £1 per Member. The Trustees have no beneficial interest in the charity. Trustees are elected for a maximum of two consecutive three-year terms. In special clrcumstances, and to meet the needs of the organisation, appointments mayi at the discretion of the Board, be further extended. In line with the seven principles of the Charity Cornmission's Charity Governance Code, the Board provides strategic leadership and ensures that Quartet's charitable aims are bein8 delivered in an effective and sustainable way. It has ultimate responsibility for the conduct and financial stability of Quartet and for ensuring that there are effective processes in place around grant making, decision-making, risk and control. The Board annually eletts a Chair and Deputy Chair and meets four times a year with the Chief Executive Officer ICEOI and sen￿r staff in attendance. It also meets annually for an Away Day to review and refresh strategy. The Board delegates activlty and authorlty to four Commlttees: Governance; Finance & Investments. Philanthropyi Marketin8 & Grovrth; and Pro8rammes. They meet three to four times a year and are guided by Terms of Reference and clearly defined delegated authorlties and areas of responslbllity. The commlttees are all supported by a volunteer membership with relevant expertise but no formal responsibility for the management of the charity. Decisions and recommendations made by Committees go to the Board for approval. The Board also appoints Grant panels, made up of trustees, volunteer members and executive staff, to Inform the decision-making process around individual grant programmes. The Grant panels have a delegated authority to make grants of a maximum individual value of £24,999 (increased by approval of Trustee5 (March 20241 from the historic value of £9,999). All grant awards in excess of that figure, other than those directed by fund holders, have to be ratified by.the Board. Patrons, Presidents and Vlce Presidents are appointed In recognition of their outstanding contributlon both to Quartet and to the local community. These are honorary positions with no formal duties or responsibilities. We are very grateful for their continued support and advocacy. Quartet is a member of UK Community Foundations {UKCFI. UKCF supports and promotes good practlce amongst UK community foundations and manages a formal accreditation process every three years. On occasion Quartet manages funding programmes on contract from UKCF but it is not subject to any governance arrangements or responsibilities. Governance Our trustees are drawn from a wide varlety of walks of life and from across our communities. Quartet is committed to ensuring that we have the representation on our Board and in our committees that reflects the

Quartet Community Foundation Truslee's Report For the Year Ended 31 March 2024 constituency we support. Moreover, there is the requisite level of skills, knowledge and experience. The skills and protected characteristics of our trustees are recorded and updated through an annual audit whlch helps to identify gaps in knowledge and representation. Trustees are then recruited through an open application and interview process. On jolnlng the Board, trustees are expected to work as part of an effective team and to conduct themselves according to the values of Quartet. this includes a commitment to equality, diversity and inclusion and to openness and accountability. To this end, the Governance Committee oversees a strurtured programme of trustee professional development that begins with trustee Induction. On appointment, new trustees meet with the CEO and Senior Management Team in order to understand the history, working practices and organisational procedures. New trustees are given access to a comprehensive pack of information, including key policies and documents and a current Business Plan, a bespoke guide entitled 'Whot to Expect os o Quortet Trustee,, as well as referral to'The Essentiol Trustee Guide, published by the Charity Commission. Trustees have the opportunity to be paired with a trustee colleague in a 'buddl Sty￿ system. All trustees are encouraged and to make visits to local organisations in order to learn rnore about Quartet's work and the impact of our grant making actlvlty. The Board provldes strategic oversight and directlon,, it agrees an annual operating budget, annual oTganisational objectives, and monitors performance within agreed targets and considers risk. All operational matters including the day to day running of Quartet is delegated to the CEO and executive team. At the end of 2023124 we had 22 staff (equating to 18 FTE staff). The position of Head of Operations was vacant for much of the year, due to an appointment made in May 2023 ending in September 2023 due to personal reasons. Appointment of our new Head of Operations Aidan Woodburn was made in November 2023 and began in February 2024. Our Vision Our vision is of a West of England where local communities are well resourced, confident and strong, and where community and voluntary sector groups can respond to the needs and aspirations of all who live there, now and far inlo the future. Our Misslon We seek to inspire people through philanthropy to help transform our local communities so that they become fairer. greener and a place for all to thrive. We do this by- Encoura8in8 local 8ivin8 and providing tallored philanthropy services for donors Including the public sector; Investing in local communitie5 through year-round grant programmes and the brokering of pro-bono professional services for the voluntary sector,. and Fostering civic collaboration and usin8 our influence to shine a light on the most pressing issues of the day for the benefit of our communities and VCSE sector. Quartet works across four key areas: Bristol, Bath and North East Somerset, North Somerset and South Gloucestershire. We take a whole West of England, approach to our work, but we continue to be mindful of the four areas, particular needs and the importance of proportionate grant-making in each. While our office is based in central Bristol, we also have a satellite office and team members in Bath- this recognises the importance for Quartet of maintaining a prominent presence for its work across BANES and North Somerset

Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2024 Charitable Objerts Our charitable objects as set out in our Articles of Association las adopted by written special resolution passed on 5 April 2024) are: The promotion of any charitable purpose for the benefit of the community in and around: 8ristol. Bath and North-Ea5t 5omer5et, North Somerset, and South Gloucestershire. and In partlcular. the advancement of education, the protection of good health, both mental and physical, the relief of poverty and sickness and the provision of equipment in the interests of social welfare and for the public benefit of facilities for recreation or other leisure time occupation with the object of improving the conditions of life of persons for whom the facilities are primarily intended and conservation of the environment for the benefit of the public; and Other exclusively charitable purposes in the UK and elsewhere with a preference for those which are in the opinion of the Trustees beneficial to the community in the area of benefit. We achleve our charltable objectlves through: Endowment & Revenue Funds: growin8 these as essential community assets in the immediate and long term, matching funds with community needs and priorities Grant Makin8.' managing a year-round programme of grants Clvlc Enga8ernent.' joinin8 up activities wherever posslble, shlning a light on the most pressin8 issues of the day and convening and participating In dlscussions where we can add our experience and understanding of the local voluntary sector. Endowment & Revenue Funds Quartet provides a high quality, tailored phllanthropy service for a wide range of Indlvlduals and organisations and is always seeking to promote the value of philanthropic giving as widely as possible. We have a Fund Development Plan, reviewed on an annual basis, that helps guides how we balance endowment building with immediate 8rant-rnakin8 needs while expanding our future donor base. We provide advice and guidance for anyone seeking to know more about local phllanthropic 8ivlng durlng, or beyond, their lifetime. Once a commitment to setting up a Fund is made, either Endowrnent or Revenue. Quartet manages the respective funds in a flexible way that meets the needs and interests of the Fund holder. While the flnancial support of phtlanthroplsts is vital to enable Quartet to continue its work, we recognise that people can also give of their time, talents, knowledge and contacts. Our ProHelp service connects business and people with local voluntary and community groups to share their skills, professional advice and services, and help to strengthen the vital services that they deliver for our local communities. Grant making Quartet makes grants to individuals. registered charities and organisations that can demonstrate that they have charitable purposes. Grants are prirnarity made within Quartet's geographic areas of benefits. however, the charity may make grants anywhere in the UK and internationally, in accordance with its charitable aims. Quartet strives to be as open and accessible as possible to local groups and organisations that need grant funding. A grant making policy is reviewed on a regular basis by the Programme Committee (most recently in June 20241 and sets out: The principles undertying Quartet's Grant making decisions; The principles governing assessment and award of grants. and How successful Grants are monitored.

Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2024 Civic Engagement Quartet exists to charnpion local philanthropy and to support the voluntary sertor through thoughtful grant- making. This community approach gives us an important role to play in connecting people, sharin8 ideas and helping to create common agendas for positive change. We recognise that our own contributions are enhanced when the funding we distribute is aligned with wider initiatives in our area and with the resotsrces of others. This requires an ongoing cornmitrnent to strong networks, expert knowledge and open collaboration. Equality, Dlverslty & Incluslon Our Equality, Diversity and Inclusion IEDII work is continuing to make progress and is now embedded into our committee and board structure, with each committee having a clear indication of actions needed. An internal EDI group, chaired by the CEO, meets on a monthly basls to review and refresh these actions and to foster and inclusive workplace. We contlnue to work to the "9 Pillars. framework produced by the Assoclatlon of Charltable Foundatlons, airned at supporting grant-making foundations, work to strengthen dlversity, equity and inclusion. Thls means we are cornmitted, arnongst other thin85 to: Invest time and resources in understanding and defining equity, diversity and inclusion Have a diverse Trustee and staff team, both in terms of demographics and experience Reflect and implement EDI practices in our funding activities Express our EDI commitment, policies and practices publiclv Use our own power to advocate for and advance EDI practices. Safeguarding remains a significant concern not only for Quartet but also for the organisatlons to which we make 8rants. We continue to review our organisational safeguarding practices, and are continuing a programme of safeguardlng training for staff and trustees. We have reviewed and updated safeguarding in respect of our grant assessment work and the safeguarding evidence required by 8rant applicants. Climate Emergency Quartet aims to help secure a better and more sustalnable future for all and believes that a place-based model is an important way of achieving this. In line with the Parls Agreement and the environmental goals set by the local authorities across the West of England, we are committed to the ambitious target of Net Zero in relation to all of our activities by 2030. Our ability to achieve this target will be driven by a series of both internal and external actions, wlth the most Impactful relatin8 to our responslble Investment pollcy. Quartet's annual Away Day (March 20241 with staff and trustees focussed on carbon literacy and action planning in kev high impact operational areas. This identified a number of key targets set for the year ahead. which will continue to be monitored by each of our four committees, and more routinely managed by an internal working 8roup of key personnel. Complaint Management We maintain a re8lSter of Comments, Compliments and Complaints. As in the previous year, we did not recebve any complaints during the year about any aspect of our fundraising activities.

Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2024 Review of Year - Achievement5, Performance & Significant Activitles In 2023/24 we continued to deliver on our core objectives.. To be here for the long term by continuing to grow our permanent endowment fund To help our donors to make a difference by providing a high-quality philanthropy advice 5ervlce To respond to the needs and aspirations of our communities through equitable grant making To listen and to add our voice through civic collaboration and sharing our research & learning Achievements and perfomlance 2023124 £4.6m paid out in 901 grants Endowed funds totalled £63.9 million Tolal income for the year was £5.7 million New donations income for endowment was £1.4 mlllion 11 new named funds established Quartet has 247 endowed funds and 53 flow-through funds under managernent Grant maklng For much of the early part of the year we were responding to the fall-out from the cost-of-living crisis. The increases in food, fuel and utility costs had led to an increasing number of people relying on the vital support provided by local community organisations and charltles. These organlsations continued to do.more wlth less" absorbing this increased demand into their core work at a time when their own costs and competition for funding had increased. Across geography, issue and community this has continued to result in over- subscription to many of the funds we run on behalf of our fund holders. Unfortunately, this has also meant having to reject many good applications, with an overall success rate across all our°open" grants programmes of approximately 60% for the year. For example, the Social Action Grants Pro8ramme that we are deliverin8 In partnership with Bristol One City in its September 2023 round received over 90 applications requesting over £430.000 compared to £125,000 we had avallable, making it over subscribed by 244%. We contlnue to work hard to make the 8rant-makin8 process easier and this year we signed up to Ihe IVAR principles of Open and Trusting Grant-making. We are adopting these principles as part of our cornmitrnent to make it as easy as possible for local organisations to apply for and access the funding they need to do their work. One of these cornmitments is to not waste applicants, time, so being clear on our funding priorities and bein8 open and transparent about our requirements and exclusions. To meet thls commitment, we continue to work with others to deliverfunder surgeries and attend 'meet the fvnder events,. For instance, we have worked with Black South West Network to hold monthly funder surgeries and have accompanied Voscur on outreach at various community centre locations across Bristol. We will continue to explore other opportunities to reach grant seekers. With the limited funding available we have been evolvlng how we work with our fund holders to ensure that we respond to the different forms of support that we are being asked to provide. So, in addition to smaller grants towards specific projects and activities, we have been offering larger core cost grants to help individual organisations to become more resilient, and we continue to offer a number of multi-year strategic grants to support the development of specific sectors. For example, during the year we awarded £40,000 over two years to Bath Area Play Project to employ a co-ordinator for the Bath & North East Sornerset Children & Young People's Network. This will help develop the network of groups and organisations across the district working

Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2024 with children and young people, providing leadership and advocacy within the sector and facilitating peer learning. Fund development Thanks to the generosity of our fund holders, we distributed £4.6m through 901 grants and the average size of a grant was £5,197. Our fund holders and supporters have been immensely 8enerous In their 8ivln8 over the past year, In the previous year, the cost-of-living crisis had served as a vital catalyst for increased giving. this trend contlnued in 2023/24 with some significant new endowment funds established. 41 additions by existing fund holders totalling £4.5m. including the balance of the residuary legacies, helped boost our ability to respond to growing needs. We also welcomed 11 new fund holders from a range of different backgrounds spanning statutory funding, private and corporate philanthropy. Particularly notable were two charitable trust transfers where trustees no lon8er wished to carry the administrative burden of distributing charitable income. These trusts will continue to work for their communities through the foundation instead. We also attracted flow-through funding from a new statutory source, the Integrated Care Board of Bath, Swlndon and Wiltshire. Research and learnin8 This year we have refreshed the branding and content of our annual social needs reports. The new format, now called 'ln Vie￿, allows us to retaln the best of the previous'vital Signs, model whlle allowlng more flexibility of content. In View will enable us to share more of our own learnlng from the data we hold, as well continuin8 to place this In the national and local context. The first of such publications, launched in July• focuses on health and wellbeing and highlights the important way that VCSE sector services foster local community health and work alongside statutory services. Collaboratlon and partnership The ways we collaborate externally contlnue to be a key element of Quarteys approach and Impact, benefiting us through opportunities to position our work. enhance our influence and work strategically to get better outcomes for our area. This year our staff and trustees have contributed to a range of key partnerships and represented us on various committees. These include 8ristol City Funds, the North Somerset Partnership Board, and a serles of task groups convened by Voscur, for example on creating greater join-up between potential support organisations when VSCE organisations are concerned about their future. Our collaborative fundin8 iriitiatpie5 rernain active. includin8 Bristol Funder5 Group, Bristol Older People's Funding Alliance, and the Youth Sector Development Fund. Our Pro Bono brokerage pro8ramme, ProHelp, has continued to expand across all areas of our region and in 2023124 it brokered bespoke, I:1 professional time and expertise for more than 50 local voluntary sector organisations, conservatively estimated at 1,500 hours of professional volunteering time, with a recorded value to date of £150,000. Future Plans and Objectlves Grant making Signing up to IVAR commitments to open and grant-making provides us with a framework for continuous improvement and development of our grant-making. This will help us to continue reviewing and ensuring we are accessible, and our requirements are proportionate for grant seekers and grant holders. We will continue to assess ourselves against these IVAR cornmitments to make sure we are: clear and transparent on our fundin8 priorlties for each grants prograrnme we're delivering asking only relevant questions of grant seekers 10

Quartet Community Foundation Truslee's Report For the Year Ended 31 March 2024 being reasonable with how we assess risk in our funding decisions clear on our grant application decision timescales open about our decisions, giving feedback to unsuccessful applicants and publishing information on our success rates making our funding as flexible as possible and being flexible to a grant holder's changing needs and priorities clear about our relationship with a grant holder from the start and work in partnership with them, showing respect. interest and confidence. being proportionate with our reporting requirements for grant holders In addition, we will continue to reach Into our communities and explore new opportunitles to meet grant seekers face-to- face, have conversations with them. and learn more about each other. Additionally. we receive continuous feedback from our applicants via an anonymous surveyi which further refines our practices. We will continue to grow and maintain diversity in our grant-making decisions. We have always aimed to include people external to Quartet on our various grant decision-making panels. We will continue doing this through our panel pool of volunteers with relevant experlence and ensure that the people helpin8 US to make decisions have relevant lived and learned experlences. Underpinnin8 this work we need to be diligent, and show humility and respect to those seeking a grant and in receipt of our funding Fund development We continue to respond to current needs with an eye to future security and growth. Our fund developmeftt plan, adopted last year, points us in the direction of future growth areas within our region and we are already makin8 Si8nif icant inroads in those. With the tech sector, we have built new positive relationships in Bristol and Bath and grown their awareness of our work organically. With the local health authorltles, we have successfully attracted and delivered quick-response, flow-throu8h fundin8 that demonstrates our strengths of community connections and grant-making. We continue to expand the breadth of professional advisors who know us. We recognise that all this work relies on slow and steady process of building trusting relationships with those new to philanthropy and the community foundatlon. We also recognise the importance of telling compelling stories of the Impact of local 8ivin8, and arnplifyin8 these through our communications channels and our staff, committee members, fund holders and trustees. Financial Review As indicated above, with the support of our philanthropic community, Quartet have continued to thrive with another good year with income received over £5.7m1£9.9m: 2022-231. This included £1.4m of new donations to the Endowment Fund. With continued volatility in global market5 relenting in late 2023 and the portfolio performance returnin8 Posltively by the end of the financial year. we can happily report our endowment fund ha5 grown to £63.9m as at 31 March 2024. Our flow through funding of £2.9m helped us to distribute £4.6 million, thereby maintaining the grant making levels we aspire to in our strategy. All this activity has helped Quartet to cover 100% of our budgetary costs and again return a surplus. Quartet has once again opted to increase the designated fund by £180k from our surplus therefore we have the means to protect our Total return 4.5% for 2024-25. As at 31 March 2024 Quartet held £63.9m in total endowment funds held, split between permanent endowment of £7.07m and expendable endowment of £56.8m of which £9.2m is held under the Dormant Assets Scheme. These funds have come frorn bank and savings accounts which have been inactive for over 15

Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2024 years. Should the owners of these funds come forward then those funds will have to be repaid to the institution concerned. The amount repaid in 2023-24 was £354k. Quartet holds within our £63.9m a total of £8.9m of donor directed funds- please see note 24 for further details. Golng Concern Quartet trustees are satisfied that Quartet is a goin8 concern. Quartet accounts indicate an operating surplus of 94% which is well within the range of our Reserves Policy which recommends that the charity should hold up to 9 months of operating costs. With this in mind, Quartet trustees have approved a deficit budget for 2024-25 with a projected deficit of £70.9k, but even taking this deficit into consideration we would still be operatin8 well within our reserves policy. In reaching this conclusion, we have made the following assumptions: Quartet holds, as of 31S1 March 2024, endowment funds to the value of £63.9m. The annual levy from this amount covers 54.9% of associated 202412S budgetary expenditure. Interest on our cash deposit funds will provide approximately 11.1% of associated 2024/25 budgetary expenditure. Core incorne generated from incoming endowment donations and revenue grant programmes combined for 2024125 has been budgeted at £302k. To date we have recebved in total £1.9m, generating £160.6k core income which represents 53.2% of the £302k budgetary income for 2024125. In total from the July 24 Management accounts, we have already secured 41% of core income totalling £523k against the full budgetary tar8et of £1.275m. Wlth expenditure at £421k year to date a8ainst a full budget of £1,346m, Quartet trustees are confident we can maintain our reserves policy for 2024-25. The only other consideration affecting our going concern status relates to the possibility of a global stock market failure. While this would be damaging to our balance sheet and investment holdings, Quartet would nonetheless be able to contlnue to operate within its reserves and throu8h revaluations of its cost base. Reserves As a general principle, Quartet alrns to retain a mlnlmal balance.of unrestricted funds. Accordingly, the reseprfes policy was reviewed during the year. Having assessed the attendant risks (such as the failure of investment markets to produce sufficient income, unexpected building costs or contractual commitments that would have to be met in the case of closure of the charity or the requirement to fund a new opportunity that might arise), the conclusion was to hold up to 9 months of operating costs. At the yearend our free reserves were £1.2m, representing 94% of the original annual staffing and support costs, Investment Policy Quartet holds a major investment portfolio of endowed funds. Together with revenue funds from statutory, individual and corporate sources, the investment returns fund our grant-making and make a significant contribution to our core costs. We view the investment rnarket through a long-term lens, recognising that there will be periods of volatility that may erode our investment values. It can be difficult to predict income in any single year, so Quartet actively develops pipelines of philanthropic support for the medium as well as immediate term. Fund performance rests with our investment managers, currently CCLA and Rathbones. It is the responsibility of our Finance & Investment Committee to monitor the performance of these funds against our investment policy and agreed benchmark and performance criteria. Within Quartet's Investment policy we have our 12

Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2024 investment criteria which, states 'we will not invest in componies deemed to be 'ESG loggards'(0s measured by investment managers, proprietory or third porty ESG systems) unless there Is good reason, and we expect the overall ESG roting of our portfolio to be better thon thot of the wlder equity morket. As well GS broad ESG risk, we expect our investment monogers to foctor corbon, reputotionol ond governonce risk into their onolysis. The active challen8e for the Board, in relation to its investment policy, is fulfilment of the stated ambition to reach Net Zero no later than 2050. There is the ubiquilous conflict between the compulsion to maximize returns in the face of burgeoning need and the recognition that the irnperative of climate change demands a proactive approach to investment that minimises our carbon footprint. The latter has the attendant impact, in the short term at least, of a decline in returns and our ability to support those seeking help. Quartet's ability to resolve this dilemma is compounded by the necessity also to consider the diverse views of our fund holders. However, havlng set the Net Zero in 2050 target, the Board recognises the compelling need to align that ambition wlth our investment policy and portfolio. Our investment managers have been given a clear mandate. This has involved as an evaluating our priorities in relation to investment reallocation -divestment, active ownership and supportin8 companies that provide climate change solutions. We continue to refine our baseline and markers against which performance can be measured. There Is further work to be done with our stakeholders to ensure that all is allgned with our Net Zero ambitions. We have conducted a full review of our investment mana8ement which resulted with the trustees introducing a third investment rnanager to invest our endowment, from 2024-25 Quartet will introduce and transfer at least £20m from our existln8 Investment managers to Cazenove Capital and to be invested in there SUTL Cazenove Charlty Sustainable Multi-Asset fund, this fund operates within our current responsible investment policy. The F&1 committee will be conductin8 a f ull review of our responsible investment policy in line with our climate change ambitions, this will be undertaken in 2024-25. Remuneration policy Our fund holders and donors demand- and deserve- a thoroughly professlonal service, as efficient and reliable as the lead in8 advisers with which they deal. We must therefore contlnue to Invest in our staff to provide unrivalled philanthropy advice, grant-rnakin8 and civlc influence. Trustees, who are all unpaid volunteers, set the overall pay and remuneration durin8 the annual budget round, taking into account the drive to keep costs down, the extra work taken on by team members durlng the year and noting pay in comparable roles in the local area. The process for setting remuneration is the same for all staff, with pay set at the appropriate rate to attract ar)d retain professional, dedicated staff. In addition the Governance Committee recommends to the Board the pay for any member of staff paid. The charity does not make any performance related payments. The staff pay award set in the 202415 budget was 4% and some further individual adjustments were made in addition to this. Quartet offers a stakeholder pension scheme to staff and contributes 5% to this or direct to staff members, individual pensions. In addition we offer a NEST pension scheme to comply with the government's auto enrolment pensions legislation. During the year we continued to provide and contribute, on behalf of all staff, to an employee benefit scheme with HSF. We have this year embarked on a review of our pension arrangements. with any changes likely to come into play in 2024125. 13

Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2024 Risk Management Trustees actively manage the risks that the organisation faces and have systems and procedures in place to mitigate risks. The risk register is monitored at all Board and relevant sub-committee meetings. In light of Quartet signing up (March 2024) to the IVAR Principles of Open and Trusting Grant-making, and as good charity practice. a review of the Quartet'5 organisational risk rnanagement policy will be undertaken in 2024- 25. In the meantime, Quartet's key identified risks continue to be.. Fraud - due to fraudsters increasingly targeting charities during recent years, we continue to ensure we enhance our measures in place to mitigate against this and ongoin8 risk of fraud. Awareness of fraud has been heightened across the organisation. Staff training is in place to help identify fraud. Cyber crime lin all its formsl- Our measures in place to mitigate cyber crirne are continually reviewed and developed with additional contro15 bein8 implemented in the past year. We seek expert advice on steps to be taken, we havé robust cyber insurance in place, and regular cyber awareness training Is scheduled for our staff, trustees and committee members. We continue to work proactively with our IT contractor to look for ways to further develop our procedures and systems to mitigate the risks we have from cyber crime. Costs could outstrip income- This has been another extremely good year for income but nevertheless we continue to maintain close monitoring and control of costs, routinely reporting Monthly management accounts includln8 varlance analysis to track any budget varlance. Investment values fall signif icantly- resulting in less income for grant making and core support. Miti8ated by close liaison with our investment managers and regular reviews of our distribution rate. Our work is funded by income from investing our permanent endowment funds as well as through the efficient mana8ement of the programme funding. To mitigate against the event of poor performance in any financial year we have tasked our investment managers to provlde returns on a five-year rollin8 basis, providing stability in the income for our core activities and for much of our grant-making. Our reputatlon could be damaged In a variety of ways. The rlsk register, regularly revlewed by the Board and sub-committees as well as by the Senior Management Team, ensures that we take proactive steps to mitigate these risks associated with organisational reputation. Our people- as an employer we strlve to support, retain and develop our team as well as we can. We provide an annual training plan, an employee health cash back scheme and an employee assistance prograrnme to all staff, and support flexible working and encourage a healthy work-life balance. Mitigations are in place for the impact of losing key personnel. Safeguarding remains a significant concern not only for Quartet, but also for the organisation5 to which we give grants. We continue to review our organisational safeguarding practices, and are continuing a programme of safeguarding training for Staff and trustees. Publlc Benefit The trustees have complied with the duty in Section 4 of the Charities Art 2011 to have due regard to public benefit 8uidance published by the Charity Commission. In rev￿wIng the charitls aims and activities, planning future actlvities and setting and regularly revlewlng its grant making policy, the Board refers to Charity Cornmission guidance. 14

Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2024 In the fulfilment of its purposes. as detailed above, Quartet has provided a public benefit. Specifically, included amongst the 901 grants made by Quartet, is support given for the purposes of the following themes {with examples of 2023/24 grants): Prevention and relief of poverty Black South West Network - £20,000 Catalyst grant to provide culturally appropriate meals for.Black and Minoritised households to address the Cost of Living Crisis. South Gloucestetshlre Citizens Advlce Bureau - Express Grant of £5,000 to employ an energy advisor to offer advice for those at risk of fuel poverty. 114 people benefited from this service. Julian House- £18,000 Catalyst grant to support people sleeping rough, single homeless people, and members of the 8yPSyi Roma, travelling and boater communities in 8&NES. Advancement of health Allve Actlvltles - £19.980 North Somerset Community Partnership grant to improve the wellbeing of disadvanla8ed older adults through 'Wellbeing In Nature, sessions and bulld the capacity/sustainability of Stanley's Garden - an accessible, volunteer-managed, dementla-frlendly, community wellbeing garden in Worle. The Haven- Express Grant of £4,600 towards 60 creative health-based activities to improve the health and wellbeing for those experiencing addictlon, depresslon and other mental health crlsis. 115 people attended sesslons Including muslc, Chl Gong, and gardening with notable positlve outcomes. The Green House- £50,000 Catalyst grant for over 2 years to ensure the continued provision of their services, which is supporting children across Avon and Somerset wlK> have experienced sexual abuse. Advancement of communlty development Your Park Bristol & Bath- Express Grant of £3,000 towards developing community-led park assessments for disabled people and carers in urban parks. As a result of this fund, assessments were tested in Hartcliffe Millennium Green where there is now an access plan to inform future development. Easton Jamia Mosque- £5,000 Express grant towards a mini localised drop-in citizens advice service for the community that will provide expert language specific support, advocacy, IT support and interpreter services. send and You- Express Grant of £5,000 towards developing comrnunity ambassadors, offering volunteerin8 Opportunities to support people with skills development and work experience. Advancement of education Young Carers Oevelopment Trust- Express Grant of £4,933 towards the costs of pairing 13 young carers to mentors for their4-year mentoring scheme and to fund their Young Adult Carer Aspirations Conference in UWE. Combined, this benefited 92 people. South Brlstol Youth - Express Grant of £5,000 for their 'Discover Maths, programme in South Bristol schools. This aims to make maths more accessible and understandable in schools with lower educational outcomes. Re:Work - £3.000 Express grant towards work experience placements for young people struggling in school in South Bristol. 15

Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2024 Advancement of arts, culture, heritage or sclence Diverse Arts Network- Express Grant of £4,790 towards their 'Flag up your Identitv community work5hop5 that culrninated in a fla8 procession at their May festival'Diaspora' 645 people benefited from thls activity vla 35 workshops across Bristol. Trans Pride South West - £3,075 Express grant towards a Transgender Day of Remembrance Vigil, Community Day, Young People's event and website costs. Sheba Soul Ensemble - £5.000 Express grant towards hosting 5 workshops in central Bristol schools exploring Black musical history and run their Anansi production to 5 schools in South Gloucestershire. 16

Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2024 Statsment of Trustees, Responsibilities The trustees (who are also directors of Quartet for the purposes of company lawl are responsible for preparing the Trustees, Annual Report and the flnancial statement5 in accordance with applicable law and regulations. Company law requires Quartet to prepare financial statements for each financial year. Under that law the trustee5 have prepared the financial statements in accordance with United Klngdom Generally Accepted Accounting Practice {United Kin8dom Accounting Standards and applicable lawl. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statemenls, the trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP. make judgments and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subjett to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the goin8 concern basis unless it is inappropriate to presume that the charitable company will continue in business. Trustees are responslble for keeplng adequate accounting records that are sufficient to show and explain the charitable companrfs transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taklng reasonable steps for the prevention and detection of f raud and other irregularities. The trustees are responslble for the maintenance and integrity of the charitable companvs website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Statements on dlsclosure of Inforniatlon to the audltors So far as each trustee Is aware, there Is no relevant audit Information of whlch the company's audltors are unaware. Each trustee has taken all the steps (such as making enquires of other trustees and the auditors and any other steps requlred by the trustee's duty to exerclse due care, skill and diligence) that they ought to have taken in this duty as a trustee in order to make themselves aware of any relevant audit information and to establish that the companrfs auditors are aware of that information. The rnembers of the charity undertake to contrlbute an amount not exceeding £1 to the assets of the charity in the event of winding up. The trustees are members of the charity. but this entitles them only to voting rights. The trustees have no beneficial interest in the charity. Audltors At our 2024 AGM we were delighted to confirm the re-appointrnent of our auditors Bishop Fleming LLP 17

Quartet Community Foundalion Trustee's Report For the Year Ended 31 March 2024 This report, was approved by the Trustees, in their capacity as company directors and signed on their behaff by: aHa Sue Mountstevens Chair of Trustees Quartet Community Foundation Date.. 18

Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2024 Independent Audltor< Report to the Member5 of Quartet Communlty Foundatlon Opinion We have audited the financial statements of Quartet Comrnunity Foundation (the 'Charity'l for the year ended 31 March 2024 which comprise the Statement of Financial Activities. the Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting frarnework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reportin8 Standard 102 'The Financial Reportin8 Standard appllcable in the UK and Republic of Ireland, Iunited Klngdom Generally Accepted Accountlng Practice). In our opinion the financial statements.. give a true and fair view of the state of the Charity's affairs as at 31 March 2024 and of the Charity's Incoming resources and application of resources, including Its income and expenditure for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companles Act 2006 and the Charltles Act 2011 Basis for Oplnion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS {UKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kin8dom, includin8 the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial statements, we have concluded that the members, use of the goin8 concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast signif icant doubt on the Charity's ability to continue as a 80in8 concern for a period of at least twelve months from when the financial statements are authorised fof issue. Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report. Other Informallon The members are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors, Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. n connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial staternents, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material rnisstaternent in the financial statements or a material misstatement of the other information. If. based 19

Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2024 on the work we have performed. we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception In the light of our knowledge and understandin8 of the Charity and its environment obtained In the course of the audit, we have not identified rnaterial misstatements in the Annual Report. We have nothing to report In respect of the following matters in relatlon to which we to report to you if, in our opinion.. the Charity has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us. or the Charity financial statements are not in agreement with the accounting records and returns, or we have not received all the information and explanations we require for our audit. Responslbllltles of members As explained rnore fully In the memberfs responsibilities statement, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparin8 the financial statements, the members are ￿spOnSible for assessing the Charitvs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so. Audltorf responslbllltles for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from materlal mlsstatement, whether due to fraud or error, and to issue an Auditors, Report that Includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK} will always detect a rnaterial mi55taternent when it exists. Mi55tatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic declsions of users taken on the basis of these financial statements. Irregtjlarities, including fraud, are instances of non.compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatement5 in respect of irregularities, includin8 fraud. We have considered the nature of the sector, control environment and financial performance. We have considered the results of enquirles with management and members In relation to their own identification and assessment of the risk of irregularities within the entity; and We have reviewed the documentation of key processes and controls and performed walkthrough5 of transactions to confirm that the sy5tem5 are operating in line with documentation. we have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud. As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut off. In common with all audits under ISAS IUKI we are also required to perform specific procedures to respond to the risk of management override. 20

Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2024 We have also obtained understanding of the legal and regulatory frameworks that the Charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities Act 2011, Charity SORP 2019, FRS 102 and the terms and conditions attaching to material grants and donations received by and made by the Charity. In addition, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Charitls abilityto operate or avoid a material penalty. Our procedures to respond to rlsks Identlfied Included the followlng: Reviewing the financial statement disclosures and testing to supporting documentatlon to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the flnancial statements; Performing analytical procedures to identify unusual or unexpected relationshlps that may Indlcate risks of material misstatement due to fraud,. Reviewing board meeting minutes; Enquiring of management in relation to actual and potential claims or litigations; Performin8 detailed transactional testin8 in relation to the reco8nition of revenue, with a particular focus around year-end cut off; and In addressing the risk of fraud through rnanagement override of control&, testing the appropriateness of journal entries and other adjustments. We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit. As a result of the inherent limitatlons of an audit, there is a risk that not all irregularities, including a material misstatement in flnancial statements or non-cornpliance with regulation. will be detected by u5. The risk increases the further removed compliance with a law and regulation is from the events and transactions reflected in the financial statements, given we will be less likely to be aware of it, or should the irregularity occur as a result of fraud rather than a one-off error, as this may Involve intentional concealment, forgery, collusion, ornission or misrepresentation. A further description of our responsibilities for the audit of the financlal statements is located on the Financial Reporting Council's website at: www.frc,org.uVauditorsresponsibilities. This description forms part of our Auditors, Report. Use of our report This report is made solelyto the members, as a body, in accordance with Chapter 3 of Part 16 ofthe Companies Act 2006, and to the charitable compan¢s Trustees, as a body, Part 4 of the Charities {Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the members those matters we are required to state to them in anAuditors' Reportand for no other purpose. Tolhe fullest extent permitted by law, we do not accept or assume responsibility to anyone other than charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. 21

Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2024 M<J&- Chris Trantham FCA for and on behalf of Bishop Fleming LLP Chartered Accountants Statutory Auditors 10 Temple 8ack Bristol BSI 6FL Date: 10 22

Quartet Communlty Foundation Statement of financial activities For the ear ended 31 March 2024 Unrestricted Restricted revenue revenue Endowment funds funds funds 2024 Total 2023 Total Note Income and endowmènts from: Donations and legacies Donations and gifts Gifts in kind Other trading activitl8S Consultancy and other income Investments Investment properties Investment income 1,094,059 27,000 2,635,479 1,415.982 5,145,520 27,000 9,558,192 4,000 22,359 22.359 21,067 35,301 257.775 42,86S 262,467 78,166 620,242 76,459 278,328 Totsl Income and endowments 1436,494 2,940,811 1,415,982 5,793,287 9,938,046 Expendlture on: Raising funds Communications and publiclty Consultancy Civic Influencelcommunity Leadersh Employer Engagement Philanthropy seryices City Funds Fund development Investment management costs Investment properties 241,718 26,324 40,681 47,860 263,233 7,180 79,576 26,326 17,817 241,718 26,324 40,681 47,860 263.233 7.180 79,576 158,723 17,817 214.774 21.259 19,134 250,869 53,150 71,034 152,469 41,637 132,397 Charitable activilies Draw-downs Grants payable Support costs of grants programme 60,000 60,000 4.683,121 196.960 8,516,733 4,683.121 430,745 235,783 666,528 576.612 Total expendlture 1,181,460 4,918,904 192.397 6,292.761 8,114.631 Not (expendituro) l ineom• bofore gains and losses 255,034 (1,978,093) 1,223,585 1499,4741 1,823,415 Net gains on investments 13.14 19,548 1,554,307 3,502,373 5,076,228 3,129,183 Net Income 274,582 (423,786) 4,725,958 4,576.754 (1,305.768) Transfers betrNeen funds 23 677 Net movement In funds 274,582 {423,109) 4,725,281 4,576,754 <1,305.768) Reconciliation of funds: Total funds brought forward 1291,861 4,472,976 59,209,800 64,974,637 66,280.405 Total funds carried forward 1.566,443 4,049,867 63,935,081 69,551,391 64,974,637 All of the above results are derived from conlinuing activities. There y￿re no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 24 and 25 lo the financial $latemgnt$. 23

Quartet Community Foundation Balance shoot As at 31 March 2024 2024 2023 Note Fixed assets Tangible fixed assets Investments Property Other 12 190.471 197,198 13 14 625,600 61,960,810 632.000 57,272.664 62 776,881 58,101,862 Current assets Debtors Cash at bank and in hand 15 858,800 6 860 255 1,430,667 6,369,265 7,719,055 7,799,932 Llablllll•• Creditors.. amounts falllng due Viithin 16 944,545 927,157 Net current assets 6,774,510 6,872,775 Net a$8et• 18 69 $51391 64.974.637 Funds Capital funds Endowment funds 24 63,935,081 59,209,800 Revenue funds Restricted funds Unrestricted fvnds 25 4,049,867 1,566,443 4.472,976 1,291,861 Total charity fund8 69,551,391 64,974,637 24 Approved by the trustees on (da nd signed on their behalf by Sue Mountstevens - Chair of Trustees Nicholas Lee - Trustee 24

Quartet Communlty Foundation Summary income and expenditure account For the •ar ended 31 March 2024 All income funds 2024 All income fijnds 2023 Income from: Donations and legacies Donations and grfts Gifts in kind Oth8r trading a¢tivili8S Consultancy and other income Inveslments Investment properties Investment income Galns on Investments 3.729,538 27,000 5,253,171 4,000 22,359 21,067 78,166 520,242 1 S73 855 76,459 278,328 1,628,901 Gro88 income In the financlal year 5 951160 7,261926 Expendlturo on: Raising fvnds Communications and publicity Con$ultan¢y Community Leadership Donor servlces Employer Engagement Project Fund development Investment management costs Investment properties Charilable activilies Grants payable Support Costs of grant8 programme 241,718 26,324 40,681 263,233 7,180 79,576 26,326 17,817 214,774 21,259 19,134 250,869 53,150 71,034 19.136 41.637 4,683,121 6,516,733 666 S28 576,612 Gross expendlture In tho financial year 6.052,504 7,784,338 Net l•xpendlture) I In¢om• befor• tax lor th• flnancl81 year 1101,344) (522,412) Tax payable Net (expendtture> I Income for the financlal year 101,344 522,412 The income and expenditure account is derived from the Statement of Financial Activities which. together with the accounting policies and notes, provides informats'on of the movements during the year on all the funds of the Foundation. 25

Quartet Communlty Foundation Statsment of cash flows For the oar ended 31 March 2024 2024 2023 Note Cash generated by operating activities: Net cash generated by operating activities 23 521070 283,042 Cash flows from investing activities: Dlvidends, interest and rents from investments Purchase of tangible fixed assets Proceeds from the sale of investments Cash movement on investments Purchase of inveslments 598,408 (17,757) 8,866,948 1250,81 S) 8,184,725 354,787 {39,3001 6.353.032 48,350 7,344,300 Net ca8h used by Investing activltles 1 012,060 627.431 Increaso in cash and cash equlvalents In tho year 490,990 (910,473) Cash and cash equivalenls at the beginning of the year 6 369 26S 7,279,738 Cash and cash equivalents at th• •nd of the year 6,860,255 6,369,265 26

Quartet Community Foundation Notes to the financial statements For the ear ended 31 March 2024 1. General Infomiation Quartet Community Foundation is a grant-making charitable company. It is part of a ne￿rk of 46 quality accredited Community Foundalions that match those who want to give money locally to charities and organisations that are working to improve local communities. Quartet Community Foundation is a private company limlted by guarantee and a reglstered Charity. It is registered in England and Wales. The address of the registered office is Royal Oak House, Royal Oak Avenue. Bristol, BS14GB. Statemont of compllanc8 The financial statements of Quartet Community Foundation have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" ('FRS 102), the Charities SORP FRS 102 and the Companies Act 2006. Summary of slgnlficant accountlng pollcles a) Basts of preparation These financial stalements have been prepared on a going concern basis. under the historical cost convention. as modified by the revaluation of investments and investment propertles which have been measured at fair value through the profit and loss. The preparation of financial stalements in Confomiity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the charitable company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas 4*here assumptions and estimates are significant to the financlal ststements are disclosed in note 1 (0). Quartet Community Foundatlon meets the definth'on of a public benefit entity under FRS 102. Assels and liabilitles are initially recognised at historlcal cost or transaction value unless othernfyryse stated In the relevant accounting policy note(s). b) Company $latus The Charity is a company limited by guarantee. The members of the company are the trustees named on page 3. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity. c) Funds accountlng General funds are unrestricted funds ￿1¢h are avallable for use at the discretlon of the trustees in furtherance of the general objectives of the Charity and vthi¢h have not been designated for other purposes. However all general funds relating to grant giving have now been Classified as reslricted. Reslricled funds are funds which are to be used in accordance with specific reslriclions Imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specifi¢ fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Endowment lunds are funds which are held on trust to be retained for the benefit of Quartet as a capital fund. Where the trustees must permanently maintain the whole of the fund il is referred to as permanent endowment and such a fund cannot normally be spent as if it were income. Where the trustees have a power of discretion to convert endowed Capital into income, it is referred to as expendable endowment. 27

Quartet Community Foundation Notes to the financial statements For the ear ended 31 March 2024 c) Funds accounting (continued) With the exception of the Community First endowment funds, the Charity's endowment funds are invested equally between CCLA Ethical Investment Fund and Rathbones, the Rathbones element is invested in a bespoke portfolio. In relation to these funds, the trustees operate a 'lnformal total return. policy (capital gr0￿h and yield) and approve 4.50A to be transferred from the endowment fund to the grant making funds. Where the income yields fell short of 4.50A. a top-up was made by reducing the capital gains or increasing ihe capital losses {as appropriate) of the share portfolio. The Community First endowment funds are held in a unltlsed investment fund managed by CCLA. CCLA in January 2018 have taken the decision to operate the Community First funds on a total retum policy (Capital Growth and Yield). The remit of the fund is to achieve an income retum of approximately 40￿ while still maintaining the Capital value of the fund Investment income, gains and losses are allocated to the appropriate fund. d) Income Income 1$ recognised when the Charity has entrtlement to the fijndg, any performance condits'ons attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. Donated seprfices or facilities, vthich comprise donated services, are included in income at a valuation which is an ests'mate of the flnancial cost borne by the donor where such a cost is quantifiable and measurable. No income is recognised where there is no financial cosl borne by a third paty. A corresponding amount is then recognised in expenditure in the period of receipt. Income lax recoverable in relation to donations received under Gift Aid or deeds of covenant is re¢ogni$ed al the lime of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Income from grants Is recognised when the charity has entitlement to the funds. any performance conditions attached to the grants have been met. it is probable that the income will be received and the amount can be measured reliably and is not deferred. Legacies are accounted for on a receivable basis. Pecuniary legacie$ are re¢ognlsed followlng fomial notification from the estste. Residuary legacies are recognised only vthen Quartet's interest can be measured, which is normally on grant of probate. e) Exponditurn All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to aclivilies. Where costs cannot be directly attrlbuted to particular activitses they have been allocated on a basis consistent with the use of the resources. Fundraising costs are those incurred in seeking voluntary Contributions and do not include the costs of disseminating information in support ol the charitable activities. Grants payable are charged in the year when the offer is made except in Ihose cases where the offer is conditional, such grants being recognised as expenditure when the conditions attached are fulfilled. Grants offered subject to conditions which have not been met at the year-end are noted as a commitment, but not accrued as expenditure. 28

Quartet Communlty Foundation Notes to the financial statsments For th• oar ended 31 March 2024 Discretionary grants awarded within this financial year are shown as restricted expenditure - a change from wevious years where shown as unrestricted expenditure. All resources expended are inclusive of irrecoverable VAT. fj Allocation of support and governance costs Support costs are those functions that assist the work of the Charity bul do not directly undertake charitable acts'vitses. Governance costs are Ihe costs associated with the governance arrangements of the charity. including the costs of complying vdith constitutional and statutory requirements and any costs associated with the strategic management of the charity's acts'vities. The basis of allocation of support and governance costs is shown in note 7. g) Golng concern basis of accounting The Charity produces annual budgets which take into account expected changes in Ihe funding streams and ￿lch demonstrate that the charily will be able to continue to operate. We have produced lorecasts and cash flows to demonstrate to the trustees that the charity has $ufflcient cash reserves to continue as a going concern for a period of at least 12 months from the date on N*thich these financial statements were approved. h) Investment8 Investments are staled al market value al the balance sheet date. The Statement of Financial Activities includes the net gains and105ses arising on revaluations and disposals throughout the year. l) Investment Proportl•• Royal Oak House, is mixed use property which is primarily held for investment purposes but also provides head office accommodats'on for the charitable Company. In line wth FRS 102, the owner- occupied portion of the buildlng Is Classlfled as a tangible fixed asset and the tenant-occupied portion is classified as an investment propety. Depreciation is charged on the ownerwoc¢upied porb'on in line the charitable company's accounting policy in note 1 ts-). The investment portion of the property is not depreciated. A formal revaluation of Royal Oak House is undertaken annually by appointed commercial real estate advisors. currently appointed are Colliers International, and investment method of valuatson used is Fair Value of the property. j) Tangible fixed assets and dopreclatlon Expendilure on the acquisitlon, enhancement and Installation of tangible fixed assets is capitalised and Included in the balance sheet at cost. Depreciation is provided on a straight-line basis over the estimated useful lives of the assets, on a monihly basis as follows'.- Freehold buildings Fixtures and fittings Computer equipment 200h pa 330A pa Fixed assets are capilalised il the cost exceeds £500 per item. k) Debtors Trade and other debtors are recognised at the settlement amounl due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 29

Quartet Community Foundation Notes to the financial statements For the ear ended 31 March 2024 l) Cash at bank and in hand Cash at bank and cash in hand includes cash and short tem highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. m) Credltors Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Credrtors and provisions are normally recognised at their settlement amount after allowing lor any trade discounts due. n) Flnanclal Instruments The Charity only has financlal assets and financial liabilits'es of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al thelr settlement value. o) Critical accountlng Judgements in applying the entity's accounting policies Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed lo be reasonable under the circumstances. p) Crltlcal accounting estimate9 and assumptlons The company makes estimates and assumptions conceming the future. The resulting accounting estimates Viill, by definition, seldom equal the related actual results. There are no estimates and assumptions that have a slgnificant risk of causing a matenal adjustment to the Carrying amounts of assets and liabilities within the next financlal year. 30

Quartet Community Foundallon Notes to the financial statements For the oar onded 31 March 2024 2. Prior year comparatives Unrestricted revenue funds Reslricted revenue Endowment funds funds 2023 Total Income and endowment• from: Donat￿nS and legacies Donations and gifts Gifts in kind Other trading activities Consultancy and other income Investments Investment properties Investment income 1,155,617 4,000 4,097.554 4.305,021 9,558,192 4,000 21,067 21,067 34,241 25.321 42,218 253,007 76,459 278,328 Total Income and endowments 1,240,246 4,392,779 4,305,021 9,938,046 Expendltura on: Raising funds Communications and publicity Consultancy Community Leadership- New Donor services Employer Engagement Project - New Fund development Investment management costs Investment properties 214,774 21,259 19.134 250,869 53,150 71,034 19,136 7,230 214,774 21,259 19,134 250,869 53,150 71,034 152,469 41,637 133,333 34,407 Charitable aCtivit￿S Grants payable Draw-downs Support costs of grants programm• 6,516,733 6,516,733 196,960 576,612 196,960 393,312 183.300 Total expenditure 1,049.898 6.734,440 330,293 8,114.631 Net (•xp•nditur•) l income befor• galns and losses 190,348 {2,341,661) 3,974,728 1,823,415 Net gains on investments 20,354 1,608,547 4.758,084 3,129.183 Net Incom• 210.702 (733.114) (783,356) <1,305,768) Transfers between funds 24,400 15,600 Not movement in funds 757,514 798,956 1,305,768 31

Quartet Community Foundation Notes to the financial statements For the ear ended 31 March 2024 3. Donations and glfts Material donations from institutions (greater than 50h of the total) have been received from.. 2024 Total 2023 Total 1 in 4 People Bank of Ireland 8ristol Community Health Fund Community Investment Fund- BNES Hutchen Charitble Trust North Somerset Community Partnership Endowment Osborne Clarke Pople Charitable Trust Revenue Fund Thrings Solicitors Fund Wessex Water 108,627 1265,488) 574,219 127,724 100,000 63,903 110,009 284,000 63,500 20,580 716,050 305,000 30,000 19,073 575,121 Bank of Ireland value is net of returned unclaimed assets, please refer to note {m) page 46 for explanation The charity received the following government grants.. 2024 Tolal 2023 Total Bristol City Council Commissioners Crime Prevention Fund Bath & NES Supporting Communities and Welness 635.252 114.442 1,700,000 84,132 1804 132 There are no unfulfilled conditions in respect of the government grants disclosed above (2023.. none). The charity did not benefrt from any other fomis of government assistance durin9 the year {2023: none). 4. Glfts In klnd We are grateful to the following organisations for their support during the year: Bank of Scotland - banking Se￿iCe8. Business West- Membership, CMS - Property Legal Services, Osborne Clark - Legal services, Paragon Costs - Meeting space, Rathbones - Meeting space. We estimate that the costs saved by Quartet of providing these services amounts to £27,000 {2023: £4,000). We are grateful for the help provided by our volunteers, especially members of our committees. grants advisory panels and task groups. 32

Quartet Community Foundation Notes lo the financial statements For the ear ended 31 March 2024 S. Investment properlies 2024 Total Unrestricted Restricted Endovmient Income Tenanls, contributions to future maintenance and repairs Investment income 1,000 42.865 1,000 78,166 35,301 35,301 43,865 79,166 Expenditure Depreciation of fixtures and fittings Running costs 7,860 6,860 7,860 14,720 14,720 Net Income 20,581 43,865 64,446 During the year, sundry Costs vlere incurred in respect of the maintenance of the buildings. 2023 Total Prlor perlod comparatlve: Unrestricted Restricted Endowment Incom• Tenants, contributions to future maintenance and repairs Investment income 1,000 42,218 1,000 76,460 34,242 34,242 43,218 Expenditure Depreciation of fixture$ and fitting$ Running costs 7,230 7,230 34,407 41,637 41,637 Net Income 7,395 43,218 35,823 33

Quartet Community Foundation Notes lo the financial statements For thè ear ended 31 March 2024 6. Investment income 2024 Total Unrestricted Restricted Endowment Allocallon of investment income from endowment Interest on current account$ 1262,467) 1262.467 257,775 257,775 Total investment income 257,775 262,467 4,692 Quartet tskes 4.5% total return from capital gain and reinvest the dividend earned into the investment. 2023 Total Prior period comparativg: Unrestricted Restrided Endowment Allocation of investment income from endobvment Inte￿$t on Current accounts (253,008) {253,008) 25.321 25,321 Total investment inwme 253,008 227,687

Qu•rtrt¢omfflunity Foun￿10￿ Nots•toth• fin•ncthl •tthm•nts Fortho arendod 31 March 2024 7. An0￿￿ oftot•l oxpandlknre A¢tiwlie$ undert•keTh dir¢c21y SuFwt & Grnnl funLlng 9ryvvn•nc• ol acti¥iita• Colts by¢Mrftsbl• •¢Yv X24 Totsi 59.848 181.870 26.324 40,881 47,860 283,233 241,718 X.324 40.881 47.860 263,233 ,ooo 7.180 79.676 4683.121 160,723 17,817 Consullancy ¢i%lc InfluencelComrnuThty Le•JWs￿P Emk4oy¢r Eng89émÉfit Phl•nlhrgpy Se￿1 0r•wdown• City Funds FuTrJ de¥elopnwM ¢knnts payable In%tstment mwbagemThl ¢•JSt$ In%gtmenl properties Support co8ts of gran18 FYogramm• 7,180 71.576 3.OOLI 4,683,121 132.397 6.680 26.328 10.957 235 783 Toiil r••our¢M •xyNt•d 282 105 4 918 904 1 111 752 6 292 761 All¢>catton 018UPPOrt40d )st$ hwM$ts 0•préU￿ Gov•m￿¢• 2024 Totsl c￿m￿nIca￿OnI putrthdly ¢￿￿lIanCY cl￿¢ InflU•n￿ (¢￿Th￿n￿ Lwd•r•hli Em$4oyw Ewagemwnl Phlanthropy 8•Nc•• Dr••Aown8 Fund d¢¥¢lopnwnt Gr•fits p•yoblo Inwstmenl mBMg•m•nt In￿lIMent prop•rtl•i Cty Fundi Supprt cwt? ol w•nts pYogrnmm• 18.52% 2.39% 3.70 4.JS% 23.91% SP￿IC 8.96% Speu'fi¢ 2.39% Sp8c411c 0.65% 39.13% 139,327 20,188 31,163 38,865 201,6S7 7,926 1,147 1.774 2,088 11,472 14,$09 2.1(Kl 3,248 3.816 21,001 9,315 2.23S 8,SS8 1.239 1.914 2,2S2 12,386 111,870 20,324 40,141 47,960 263,233 2.Q83 2,4S1 13,482 S01 J,235 58,884 3,337 8,109 3,822 941 3.603 76.S70 20,107 1.147 2,11KI 1,J48 32$ 10,957 1,2a8 21,328 10.gS7 7.IlQ 31J S73 J4.38S 338 29.288 87.821 24 488 51797 1111762 35

Quortèt Cornmunlty Foundatlon Notes tr> the financlal Stst¢n￿nts For th• •at •nd•d 31 M•r¢h 2024 7. Anatyals ol total •xp•ndliurè Iprtor piod tomwativ•l Activi￿$ undertaken directly Grant SupK#Jt & rufidino of kwv¢rnonce •¢U'vili•$ 2023 Totsl Co•t• by ch•rltiblo •Ctl¥lty Ctsmmunitations and wblitsty CoTrsultarKy Community Leadership Philanlhrwy DraW.dty￿s City Funds Fund devdopmènt Grants payable Investn￿l rnanjggrnenl ty)Il• Invéstm￿1 propèrtiès Support eosls olorants programma 19.182 195.592 21,259 19,134 250.869 214.774 21,2$9 19.134 250,889 196,960 $3,150 71.034 6,516.7JJ 152,469 41,637 576 611 198.960 53.1SO 88,034 3.000 8,516,733 133,335 34,407 19.134 7.230 393.311 183.300 Total r••oufG•• •¥p•nd•d 6 700 033 1.027.71 J 8 114 630 Allo¢atlon ol Support and gov•rn•nc• ¢08t8 by •ctJ¥lty ea5is of Propwty Offi Gov¢m#n¢ Jiis Oeprecl•Uon 2023 Tot•1 CommunKation8 and Ct>nsuManty Clvl¢ Influenrx Icorn￿￿nIfy L•aderih Phllanthropy s•th•• Draw-dthtsns Fun(1 development Grants payable Inveslrrenl managernent cos1s Inve31menl properties Clty Funds Svpport cthts ol grantl Pmgramfi 19.17% 2.08% 187% 24.58% Spedflc 6.87% Spedfic 1.88% Spepfic 5.21% 38.54% 149,288 16,227 14,604 191,478 9,487 1,029 926 12.142 16.168 1,757 1,581 20,738 12,332 1,340 1,207 15,018 2.738 297 287 5,603 609 549 7,1eo 195,592 21,269 19,134 260,86 51,926 3.293 5.824 9S2 1,949 68,034 14,604 928 1,582 268 7.230 743 548 19.134 7,2 3.150 393311 40,587 2,573 1.394 3,351 24 799 1,S22 T+￿1 778 88$ 1027713

Quartet Community Foundation Notes to the flnanclal statements For the ear onded 31 March 2024 Analysls of total expendlture (Contlnued) Staffing and support costs: Quartet receives some donations in support of rts running costs. In addition, some donors to Quartet's endowTnent have specified that the investment income from their funds should be used to support Quartet's running costs. All such income has been treated as unrestricted. The costs are allocated to the following activities mainly according to the staff time spent.. Communications and publl¢lty: Promoting Quartet's services as an effective vehicle to manage local charitable giving. Raising awareness of Quartet's services (grant-making and fund management) and the needs of local communities. Fund development: Activities to Increase Ihe lundlng available lor charities in the West of England. Philanthropy servlces: Providing advice to donors and managing funds on their behalf, including investment of endowment funds. During the year Quartet managed 357 named funds, which incudes 53 flow through funds and 9 fvnds bulldln9 to 'named fund, statu8. Consultancy: Costs incurred In relation to the provision of consultancy services provided to Gloucestershire Community Foundation and others. Investment management costs: Checking and monitoring investment performance and reviewng effect of total return policy. Support costs of grant programme: Includes staff time spent in assessing, allocating and monitoring grants made together wth appropriate administrative backing. Outreach activities. to promote the grants programme and support organisalions applying for funds. Details of grants made are provided in note 26. Net movement in funds This18 Stated after char9lng: 2024 2023 Depreciation Operating lease rentals - plant and machinery Trustees, remuneration Trustees, reimbursed expenses Auditors, remuneration.. Statutory audit Other services 24,487 21,503 4,033 15,600 1,375 15,750 1.400 37

Quartet Community Foundatlon Notes to the financial statements For the ear onded 31 March 2024 Staff costs and numborn Staff costs were as follovts.. 2024 2023 Salarles and wages Social security costs Pension costs HSF Health Plan 739,110 69,243 27,331 683.893 66,049 26.329 1.613 Total employment costs 838,662 777.884 Consultants and secondees 4,631 1.001 843,293 778,885 The key management personnel of the charity comprise the trustees, the Chief Executive Officer and Senior Management Team. The total employee benefits of the key management personnel of the charity were £235,286 (2023.. £250,670). No employee earned £60,000- £70,000 during the year (2023.. None). One employee eamed £70,000- £80,000 during the year (2023.. One). The average head count during the reporting year was 23 {2023.'23). The average number of full time equivalent employees during the year was 20 (2023.19). 10. Taxation The charlty is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. 38

Quartet Community Foundation Notes to the financial statements For the ear ended 31 March 2024 11. Grants payable The amount payable in the year comprises.. Unrestricled funds Restricted Endowment funds funds 2024 Total FOundat￿n granls.. Quartet's grants programme 3 718,974 3 718 974 Sub-total 3,718,974 3,718,974 Donor directed grants Lapsed and returned grants 1,096.084 131937 1,096,084 131 937 Total grants payable 4 683 121 4683 121 Prlor porfod compardtiv•: Unrestricted Restricted Endobwnent 2023 Total Foundation gr8nls.' Quartet's grants programme 4.963,568 4,963,568 Sub-total 4,963,568 4,963,568 Donor directed grants Lapsed and retumed grants 1,592.122 38,957 1,592,122 Total grants payable 6 516 733 6 516 733 Quartet's grants programme Quartet's grants programme provides various levels of support as follows: Expr•$• Grants up to £5,000 for small local voluntary and community organisations Nthere a small amount of funding can make a difference. Catalyst Grants of up to £60,000 available from.charilable funds managed by Quartet ￿lch have been solicited by the donor. Special advised Grants of varying amounts up to £50,000 from charitable funds rnanaged by Quartet which have to comply with criteria set by the donor. Donor directed funds Quartet also manages funds which give donors the flexibility to support national and international charities of their choice as V¥EII as local causes. 39

Quartet Communlty Foundation Notes to the financial statements For the ear ended 31 March 2024 12. Tangible fixed assets Royal Oak House fixtures & rittings Fixtures. fittings & equipment Freehold property .Total Cost At 1 April 2023 Additions in year Disposals in year 158,020 208,345 8,134 105,290 123.957 9,623 79,997 490,322 17,757 185,287 At 31 March 2024 158020 111 189 322 792 Accumulated Depreclatlon At 1 April 2023 Charge for the year Disposals 18,605 3,168 168,055 10,957 105 293 106.464 10,362 293,124 24,487 185 290 At 31 March 2024 132 321 Net book value At 31 March 2024 136 247 190 471 At 31 March 2023 139415 197 198 Freehold property consists the owner-occupied element of Royal Oak House. 13. Invostment propertles Royal Oak House vrfas purchased by the Foundation in 1998 and was refurbished during 1999-2000. Royal Oak House is a mixed use investment property. 200A of the property is occupied by Quartet for operational use an increase from 13.6% In 2020. In Ilne with FRS 102 this portion of the propety 1$ classified as a tangible fixed asset and depreciated at 20A per annum. The remaining 800A is classified as an investment property and carried at fair value. A formal revaluation of Royal Oak House was undertaken at 31 March 2024 by commercial property agents, Hootons, Bristol, by MRICS registered valuer. Hootons used the compaflson and Investment method of valuation and in their opinion the Fair Value of the property was £782,000 (of which 80%, or £625,600 relates lo use as an investment property). 2024 2023 Market value at 1 April 2023 Transfers Unrealised investment gain l (loss) 632,000 664,000 32,000 Market value at 31 March 2024 625,600 632,000 Cost at 31 March 2024 847,691 847,691 40

Quartet Community Foundation Notes to the financial statements For the ear ended 31 March 2024 14. Other Investments 2024 2023 Quoted Investments: Market value at 1 April 2023 Acquisitions at cost Grft of shares Disposals proceeds Cash movements Net gainl(loss) in the year 57,272,664 8,184.725 36,930 {8,866,948) 250,815 5,082,624 57,840,710 7,344,300 1,586,223 (6,353,032) (48.350) 3,097,187 Market value at 31 March 2024 61960,810 57,272 664 Cost at 31 March 2024 50,798,486 50,895,066 Analysls by geographlcal soctor: Investment assets in the UK Investmenl assets outside the UK 25,277.1 $7 36,683,653 26,573,553 30,699,111 61,960,810 57,272,664 1 S, D•btor• 2024 2023 Gift aid receivable Other debtors and prepayments 37,144 821656 22,067 1408 600 858,800 1,430.667 16. Creditors . amounts falling within 1 year 2024 2023 Trade Creditors Taxation and social security Other creditors Accruals and deferred income Grants payable 10,255 18,953 57,182 93,110 765,045 7.009 17,842 47.546 64,063 790,697 944,545 927,157 41

Quartet Community Foundation Notes to the financial statements For the ear ended 31 March 2024 17. Deferred Income 2024 2023 At 1 April 2023 Deferred during the year Released during the year 16,150 24,961 16,150 15,416 16,150 15,416 At 31 March 2024 24,961 16,150 Deferred income relates to Royal Oak House rent demanded In 3dvanc•. 18. Analysis of not assets between funds Permanent Expendable Restricted endowment endowment funds funds funds Unrestricted funds Totsl funds Fixed assets Investments - property Investments- other Debtors Cash at bank and in hand Creditors 54,224 61,681 136.247 563.919 7,077,662 54,883.149 265,634 1,042.819 190.471 625,600 61,960.810 858,800 6,860,2SS 944,545 159,058 1,436,632 145,151 434,108 4,380.804 765,045 N•t assot• at 31 March 2024 1,566,444 4,049,867 7,777,828 56,157,253 69,551,391 Permanenl Expendable Restricted endowment endowment funds funds funds Unrestricted funds Prior year comparatives Total funds Fixed assets Investments - property Investments - other Debtors Cash at bank and in hand Creditors 57,783 64,849 139,415 567,151 6,708.999 50,563,665 1,262,191 (31,621) 197,198 632,000 57,272,664 1,430,667 6,369,265 927,157 92,754 1,212,935 136,460 75,722 5,187,951 790,697 Not assets at 31 March 2023 1,291,861 4,472,976 7,415,565 51,794,235 64,974,637 Sufficlent resources are held to enable each fund to be applied in accordance wth the restrictions imposed on it. 42

Quartet Community Foundatlon Notes to the finan¢lal Statsments For the oar ended 31 March 2024 19. Share capital Quartet is a company limited by guarantee and does not have share capital. The liability of members in the event of winding up is limited to an amount not exceeding £1 per member. 20. Other financial commltsnents At the year end the Charity had operating leases wrth total future minimum lease payment$ as foll0v￿.. Plant & machlnery 2024 2023 Amount falling due.. Within 1 year Within 2 - 5 years 3,149 9,754 4,033 5,003 9,036 21. Related party transacllons A number of trustees, andlor partieslorganisations eonnected to them, have made donations to Quartet during the year. These donations amounted to £525 in the year (2023.. £525). None of the individual donations were material to the individuallorganisation or to Quartet. In addition, some trustees are connected to organisalions that have benefited from grants distributed by Quartet during the year, but do not have any involvement in any grant panels or grant decisions, details as follows.. Conn•ct•d organlsatlon Grant awarded Conn•ct•d trust•• Posltlon held BRACE BRACE The Nelson Trust Square Food Foundation Square Food Foundation Royal West of England Academy Bricks Bristol Bricks Bristol Anchor Society 500 Susan Blatchford Pro Help Susan Blatchford 2,500 Sue Mountstevens 9,135 Caroline Hagen Pro Help Caroline Hagen 10,962 Abdul Hamid Sheikh 24,992 Kristen Pye Pro Help Kristen Pye 2,500 Oliver Delany Trustee Trustee Vice President Spouse Spouse Trustee Tenant Tenant Trustee I President to Feb 2024 Consultancy income amounting to £3,400 was charged to the Society of Merchant Venturers during the year (2023.. £3,400) 43

Quartet Community Foundation Notes to the financial statements For the ear ended 31 March 2024 Donations received through organisations connected with three of our Trustees totalled £39,153 from SMV £15,000 l Thrings LLP £19,163 and sponsorship of £5,000 from Rathbones. 22. Connected charitles During the year, Quartet undertook a contract to provide financial administration to Gloucestershire Community Foundation (GCF). The sep4ices provided, and the agreed fee for these services, are detailed in a Se￿iCe level agreement signed by both organisations. A patron of Quartet, Dame Janet Trotter DBE, is also the president of GCF but the two organisalions do not have any trustees. or affiliated members. in common. Both organisations are members of UK Community Foundation. Undef guidelines of the Charities SORP, GCF is a "connected charity" as 2 members of Quartet's staff now have responsibility for delivering sep4ices on behalf of GCF. 23. Re¢oncillation of net movement in funds to net cash flow from operating activltlos 2024 2023 Net movement In funds Adjustments for.. Depreciation charges Gift of shares Gains on investments Dividends, interest and rents from investments Decrease l (increase) in debtors Decrease l (increase) in creditors 4,576,754 (1,305,768) 24,487 (36,930) 15,076,228> 1598,408) 571,867 17388 21.504 {1,S86,223) 3,129.183 (354,787> (174,804) Net ush generated by operating activities 521,070 283,042 44

Quartet Community Foundation Notes to the financial statements For the ear ended 31 March 2024 24. Endowment funds (Losses) I At 1 April Net movement in gains on 2023 funds investments Transfers between At 31 March lunds 2024 Permanent endowment Unreslricted endowment lunds Discretionary (a) 1,105,652 5.657 59,880 (17,388) 1,153,801 Restricted endowment funds Field of interest (b) Donor directed (G) Foundation {d} 1,659,092 2,132,360 1811895 (4,246) 23.9)1 4,603 90,$43 1,74S,390 117,995 2,274,286 98,135 1,904,215 1,212 Total pernianent endowfflent 6 708 999 366 S53 7 077 662 Expendable endowment fund8 Unreslricted endowment funds Discretionary {e) 1,256,599 147,632 68,433 (35,069) 1,437,S95 Restricted endowment funds Fleld of interest (fj Donor directed (g) Grassroots Endowment Challenge (h) Community First Programme (i) Foundation ti) Royal Oak House (k) Legacy Provision Total expendable endowfflent funds 30.480,574 6,323,588 175.665 39,951 1,883,595 339,538 95.583 32,435,417 {43,884) 6,659,193 3,674,358 6.702,077 2.096.778 706,566 1260 261 1.839,656 277.052 658,469 115,133 <6.400) 5,791.730 7,360,546 2,207,141 700.166 265 630 (5,399) 629 994.631 52,500,801 1,202,874 3,135,820 17.923 S6,8S7,418 59 209 800 1223 584 677 63 935 081 Named endowment funds are at the heart of Quartet's work. These funds are invested to maintain Iheir real value and generate income which is spent In accordance with the donors, wishes. Grants are made in the name of the donor if Tequired. Quartet offers various types of named funds. (a) and (e) Discretionary Grants are allocated at the trustees. discretion to meet current community needs. All granls allocated are from general granlmaking funds which are classified as reslri¢ted. (b) and lfj Fleld of interest The donor specifies a field of interest to support work such as work with young people or a particular geographical area within the West of England. (c) and Ig) Donor directed The donor chooses which projects to support. 45

Quartet Community Foundation Notes to the flnancial statements For th8 ear ended 31 March 2024 24. Endowment funds Icontinued) {d} and Ul Foundatlon Income from the lund is used to support Quartevs core activities and contribute to its development. {hl Grassroots Endowment Challenge The government introduced the Grassroots Endowment Challenge durlng 2008-9 to encourage local people and companies lo give to their local communities. For a 3 year period the government matched all new endowment donations by 50 % up to an agreed annual.level. The funds will be used to provide grants of up 10 £5,￿0 to local voluntary and comrnunily groups with income of less than £20,000. (i) Community First Programme The government introduced the Community Flrsl Programme during 2011-12 lo encourage local people who want to make change possible and who want lo support their local community. Up to 31 March 2012. the government matched all new endowments by 1CMJ¥o and from 1 April 2012 until 31 March 2015, the government matched all new endowment donations by 509/0. Thereafter Ihe government matched funding will be at an agreed annual level. The funds will be used to provide grants to local voluntary and community groups which reflect the donorfs priorities. (k) Royal Oak House Expendable end¢)wmenls have been invested in property owned by Quartet. (l} Legacy provislon Legacy provision in the account$ value £265k awaiting paymenl of Buslon Trust Deed. (m) Unclalmed A89ets - Al 31 March 2024 Quartet held £9m of endowment funds which have been received under the Dormant Assets scheme. These funds have cA)me from bank and savings accounts which have been inactive for over 15 years. Should the righfful owners of these funds come forward then those funds will have to be repaid to the inslilulion ￿nCerned. The amount repaid in 2023124 was £354k The permanent endowment funds are those of a separate charrty, The Greater Bristol Foundation Permanent Endowment Fund. The Charity Commission has given a Uniting Direction under section 96(5> of Ihe Charltles Act 1993 which enables the Greater Bristol Foundation Permgnenl Endowment Fund lo be treated as part of the main charity, Quartet Communlty Foundalion. Accordingly the Iwo charities have been linked under the same charity registration number. The purposes ol Ihe funds, as well as the detailed composition of the endowment funds balances. are shown below. Transfers During the year a number of transfers were made between the expendable endowment fvnds and the revenue grant funds. The net value of these transfers was £667 (2023: £15,600) 46

Quartel Community Foundation Notes to the financial statements For the oar ended 31 March 2024 Permanent endowment 2024 2023 Number of funds Purpose of fund Discretiona 10 Discretiona ranl-makin 1,153.801 1,105,652 (b) Field of interest Disability Education and training Elderly people Homelessness Youn eo le 432,401 428,540 26.827 477,899 379,723 1,745.390 411,028 407,357 25,500 454,263 360,943 1,659,091 Field of interest 16 Donor direded 10 Donor directed 2,274.256 Foundation Quartet slaffin &su rt costs 1.904,215 1,811,895 24. Endowment funds (continued) Expendable 2024 2023 Number of fund8 Purpo$e of fund Di5creliona 21 Discretiona ranl-makin 1.437,595 1,255,851 (n Field of interest 10 14 Education and training Environment Homelessness Safer community environments North Somerset Bath & North Easl Somersel Elderly people Young people Other field of Interest 2,189,221 2,026.438 730.753 684,048 103.353 98,308 54,833 52.122 9,262,394 8,683,335 578.629 535,092 995,022 946.280 4,459,250 4,027.903 14,061.962 13,427,048 32,435,417 30,480,574 11 27 23 100 Field of interest Donor directed 27 Donor directed 6.659,193 6,323,588 Grassroots Challen 49 Smallllocal volunta rou 5.791.730 3,674,358 (i) Community First Pro ramme 71 Smallllocal voluntary groups 7,360,546 6,702.077 Foundation Quartet staffin &su ort costs 2,207.141 2,096.778 Donor directed and Quartet stsffin &su rt costs al Oak House 700.166 706,566 (l) Legacy Provision Buslon Legacy 265631 1,152.182 47

Quartet Community Foundation Notes to the flnanclal statements For the ear ended 31 March 2024 25. Revenue funds Unrestricted Restricted Total Balance at 1 April 2023 Net movemenl in funds Realised arKI unrealised investment gains Transfers 1,291,861 4.472,976 5,764.837 255,034 (1,978.093) {1,723,059> 19,548 1,554,307 1,573.855 677 677 Balance at 31 March 2024 1,566.443 4,049,867 5,616,310 25. Revenue fund• {contlnu•d) The revenue fund movernents during the year can be analysed as follows.. Gains l Transfers At 1 Aprll Nel movement in losses on between 2023 funds Investments funds At31 March 2024 Unreslri¢ted in¢ome fund8 Staffing and support cosls 1.171,861 Designated Fund 120,000 Total unrestrlcted Income funds 1,291,861 255,034 19,548 (180,000) 180,000 1,266,443 300,000 1,566,443 255,034 19,S48 Gains l Transfers At 1 April Nel movement in losses on between 2023 funds Investments funds A131 March 2024 Restrlcted Income funds Discretionary (a) Donor directed (b) Field of interest (c) Foundation 0.> Grassroots Endowment (h) Community First Programme (i) Royal Oak House mainlenanr 379,005 372,812 3,202.526 (217,820) {59,016) {1.535.016) (98,175> (97,089) 29.256 {233} 81,961 167,540 1,090.442 1CX),325 113,870 {3,391) 169 (150.400) 1,693 {2,699) 155.474 244,839 478,637 2,913.426 2,150 178,614 199.803 32,398 165,224 320,778 32.631 Total restrlcted revenue funds 4 472,976 1,978,093 1,SS4,307 677 4,049,867 ToLIl revenue funds 1723 059 1573,855 677 5 616,310 Transfers During the year a number of transfers weie made befvieen the expendable endowment funds and Ihe revenue granl lunds. The net value of these transfers was £677 (2023., £24,400) The detailed revenue grants fund balances are as follows.. 48

Quartet Communlty Foundation Notes to the financial statements For the ear ended 31 March 2024 Restricted grant funds 2024 2023 Number of fund8 Purpose of fund Discretiona 44 Oiscreliona ranl-makin 244.839 379,005 Donor directed 37 Donor directed 478,637 372.811 26. Revenue funds {continued (c) Field of interest 41 22 13 Young people Education 8ristol North Somersel Sport Homelessness 797,435 103,198 106,610 124,135 3,311 68,497 674.803 81,894 79,898 (30.812) 14,562 94,876 12 17 E-ll Bath & North East Somersel Environment Disability Elderly people Other field of inleTest 122,737 32,516 46,961 151.669 1,3S6,357 2,913,426 126,735 21,099 47,056 238,712 1.853,705 3.202,526 10 33 170 Field of interest {h) Grassroots Endowment Challen 36 Small & local voluntary groups 178,614 165,224 2024 2023 Number of fund• Purpose of lund (i) Community First ramme 19 Small & local voluntary groups 199,803 320,778 Donor directed grants - certain donors have reserved the right to instruct Quartet how to distribute the in¢orne from their funds. A total of £1.09m of our grants were "don￿ DIre￿ed, and of Ihat amount £675k went lo organisations outside our geographic area. 49

Quartet Community Foundatlon Notes to the financial ststements For the ear ended 31 March 2024 26. Grants payable The lolal number and value of grants payable, analysed by grant beneficiary, is as lollows.. 2024 2023 Payable by prlmary beneflclary Carers Ex-offendersloffenders & People at rlsk of offending Families LGBTQ+ Local Residents Long term health of life-limiling condiation Long tem unemployed People experiencing homelessness People Irom a particular minorty ethnic or racial origin People living In povety I disadvantage People living in Tural areas People living in urban areas People living with alcohol I drug additions People living with mental health problems People living with physical or sensory disabiliitief People with learning disabilities Refugees l asylum seekers I vulnerable migrant¢ Victims or suNivors ol crime I violence l abuse Young people not in education. employment & training INEET) Number 13 51,664 87,418 48.203 60,300 17 71 210,880 27,896 1,220,869 122,024 9,980 149,707 550 265.661 5,000 2.077,146 98,117 5.000 62,400 197 53 24 247 1,471,229 38,685 125,810 18,596 342,597 195,009 184,543 2fAI,787 107,000 67,877 2,389,874 54,359 116.636 20,880 595.188 214,724 246.925 182.291 52,389 41,640 24 60 41 39 12 13 gN)1 4683 121 6.516,733 27. Flnancial instruments 2024 2023 Flnancial assets that are debt instruments measured at amortised cost comprise the following: Gift aid receivable Other debtors and prepaymenls 37,144 821656 22.(￿7 1,408.600 Total 858,800 1,430,667 Finanual liabilities measured al amortised rJ)st comprise the following.. Trade creditors Taxation and social security Other creditors Accruals and deferred income Grants payable 10,265 18,9S3 57,182 93.110 7.(M)9 17.842 47.546 64,063 790 697 927,157 The company has no foreign currency or interest rate derivalive financial inslrumenls. 50