Company no: 3981052 Charity no: 1080418 Quartet Community Foundation Trustees' Annual Report and Accounts 31 March 2025 Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2025 Contents Chair's Report.. Reference and Administrative Details. Trustees Report .. Independent Auditors' Report to the Members of Quartet Community Foundation Statement of Financial Activities Balance Sheet. Summary Income and Expenditure Account Statement of Cash Flows Notes to the Financial Statements 2 .3 ..5 ...7 ...28 ...29 Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2025 Chair's Report This has been a successful year for Quartet with high levels of income and for the second year in a row we were able to distribute over f5 million in grants across Bristol, Bath and North East Somerset (BANES), North Somerset and South Gloucestershire. We recruited three new board members who brought expertise in fund management, philanthropy and legal skills in property management, as we own our building. In the charitable and voluntary sector, there is a two pronged challenge: the cost of living continues to impact organisations, as they try to pay wages which attract and retain staff in the sector which is the least well paid and as the people they support need services more than before. They are challenged by increasing levels of food and energy poverty, homelessness and refugee communities face unrest in their communities. Budgets have been challenging for charities since the rise in National Insurance and Living Wage, meanwhile funding from trusts is restricted, some trusts are closing temporarily and/or defining their criteria, often more narrowly, to avoid being oversubscribed. So, it is harder for charities to be successful with their bids. Quartet needs to respond to this flexibly, by ensuring that we are bringing as much funding in, to get much needed grants out to charities. We will also be setting our strategy for the next three years in 2026 and working with donors to respond to the challenges faced by the sector. This will include considering multi-annual funding and acting as a catalyst to support partnerships and collaborate to focus on a particular area or group who need extra support or experience particular disadvantage. We said goodbye to our former Chief Executive, Suzanne Rolt in the summer of 2024. She moved on to a new role running Bristol's esteemed Arnolfini café and gallery. Suzanne was with Quartet for over three years and oversaw a period of significant growth in our endowment and giving. We welcomed Anna Smith as our new CEO In January 2025. Anna has a strong background as a former CEO having run a number of front-line services in charities in the women's sector in South Gloucestershire at Survive, London at Advance and in Bristol at One25. She led a government funded system change programme working to provide support to people facing multiple disadvantage through Changing Futures. Her most recent role was as CEO of Bristol Drugs Project, where she successfully secured their commissioning contract for a further five years. Her networks in Bristol, BANES and South Gloucestershire and her experience in the sector across the west, will bring increased knowledge and awareness of Quartet. Quartet continued to have a genuine commitment to further our Equality Diversity and Inclusion (EDI) setting up an internal working group across the organisation which meets monthly to work towards action. In 2025/6 we will appoint EDI representatives from the board and will continue to hold a range of training opportunities across the full staff team as well as collecting socio-economic data on our staff, committee members and board This will support us to see where more work can be done to improve the representation of staff across diverse categories. We continued to be a landlord to five other charities and faced the challenge of the restaurant business on the ground floor leaving due to decreased income. A process was put in place involving a task and finish group with experts from our board and in partnership with an estate agent, Hootons, to determine a long-term rental with a hospitality business, which we are confident will conclude in 2025/6 with a secure tenant in place. Our budget reflected this empty space and gave us sufficient time to find a strong, new tenant in 2025/6. Nationally our membership of UK Community Foundation (CF) has brought a new CEO to work with the 47 CFs across the UK. Her background in government offers an opportunity to raise the profile of philanthropy and to draw down central funds for distribution by local CFs. Our relationship with the CFs in the west, Cornwall, 3 Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2025 Devon, Gloucestershire, Somerset, Wiltshire and Dorset provides opportunities to meet bi-annually, learn from each other and come together to work alongside regional fund opportunities. We are proud to continue to be seen as a valued and significant funder, bringing the generosity of our donors and partners close to the charities and voluntary organisations which support communities who are disadvantaged. Our Behind the Scenes events, held about eight times a year, continue to provide a forum for donors to see first-hand the impact of their funding. We worked closely with Bristol Council, distributing a grant called the Community Recovery Fund in response to the racist action in Bristol and beyond in summer 2024. We also distributed funds in partnership with Wessex Water and Bank of Ireland. Quartet continues to invest its endowment, building this to offer sustainable funding to the west for as long as it is needed and we work to raise the profile and benefits of giving back to communities. Sue Mauntsteier Sue Mountstevens Chair of the Board of Trustees 5/12/25 Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2025 Reference and Administrative Details Company number Charity number 3981052 1080418 Status Registered office and operational address Trustees Patrons President Vice Presidents The Charity is registered for VAT - number 752791703 Royal Oak House Royal Oak Avenue Bristol B51 4GB 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 Saida Bello (retired June 2024) Sue Blatchford (retired Sep 2024) Matthew Crossman Oliver Delany OBE, Chair of Governance Committee (to June 2024) Caroline Hagen, Chair of PMG Committee (retired Sep 2024) Matthew Lee Raj Kakar-Clayton (retired Oct 2024) Ella Patel Kristen Pye, Chair of Programmes Committee Junior Sheikh Jo Turner (retired Sep 2024) Dan Wood, Chair of Governance Committee (from June 2024) Siôn Lutley (joined Dec 2024) Edward Thompson (joined Dec 2024) Lee Dineen (joined Dec 2024) Diane Robinson (joined Dec 2024) The Lord-Lieutenant of the City and County of Bristol, Peaches Golding OBE The Lord-Lieutenant of Somerset, Mohammed Saddiq (from Oct 2022) Trevor Smallwood OBE DL Will Bee Gillian Camm DL Chris Curling Geoff Matthews Mary Prior COMBE Professor Murray Stewart Sir James Tidmarsh KCVO MBE JP Lady Paula Wills 5 Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2025 Principal Officers Bankers Investment managers Legal advisors Anna Smith, Chief Executive Officer (from January 2025) Suzanne Rolt, Chief Executive Officer (to July 2024) Ronnie Brown, Philanthropy Director and Interim Chief Executive (from July 2024 to January 2025). Retired June 2025. Sarah Crispin, Head of Finance Aidan Woodburn, Head of Operations and Company Secretary Bank of Scotland Glass House, Cabot Circus Bristol. BS1 3BX Rathbones 8 Finsbury Circus London, EC2N 7AZ CCLA 80 Cheapside London, EC2V 6DZ Cazenove Capital (since April 2024) 12 Moorgate London EC2R 6DA Osborne Clarke 2 Temple Back East Temple Quay Bristol, BS1 6EG Veale Wasbrough Vizards Narrow Quay House, Narrow Quay Bristol, BS1 4QA CMS Cameron McKenna Nabarro Olswang LLP 2 College Square Anchor Road Bristol, BS1 SUE Temple Bright LLP 29 Great George St Bristol BS1 5QT Independent Auditors Bishop Fleming Audit Limited 10 Temple Back Bristol, BS1 6FL 6 Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2025 Trustees Report 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 2000 as a company limited by guarantee and registered as a charity with the Charity Commission. It is governed by its Memorandum and Articles of Association, which set out the charitable objects of the Foundation and powers of the Board, its governing body. The Board is able to have up to 15 Directors. The Directors are also the charity's Trustees for the purposes of charity law and are generally referred to as the Trustees. The latter are also the sole 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 circumstances, and to meet the needs of the organisation, appointments may, at the discretion of the Board, be further extended. In line with the seven principles of the Charity Commission's Charity Governance Code, the Board provides strategic leadership and ensures that Quartet's charitable aims are being 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 elects a Chair and Vice Chair and meets four times a year with the Chief Executive Officer (CEO) and senior staff in attendance. It also meets annually for an Away Day to review and refresh strategy. The Board delegates activity and authority to four Committees: Governance; Finance & Investments; Philanthropy, Marketing & Growth; and Programmes. They meet three to four times a year, are guided by Terms of Reference, clearly defined delegated authorities and areas of responsibility. The committees 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. 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 Vice Presidents are appointed in recognition of their outstanding contribution 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 (UKCF). UKCF supports and promotes good practice 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 variety of walks of life and from across our communities, across age groups and represent our region. Quartet is committed to ensuring that we have the representation on our Board and in our committees that reflects the 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 7 Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2025 through an annual audit which helps to identify gaps in knowledge and representation. Trustees are then recruited through an open application and interview process. On joining 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 structured 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 'What to Expect as a Quartet Trustee', as well as referral to The Essential Trustee Guide published by the Charity Commission. Trustees have the opportunity to be paired with a trustee colleague in a 'buddy' style system. All trustees are expected to make visits to local organisations in order to learn more about Quartet's work and the impact of our grant making activity. The Board provides strategic oversight and direction; it agrees an annual operating budget, annual organisational 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 2024/25 we had 23 staff (equating to 18 FTE staff). We said goodbye to our former Chief Executive, Suzanne Rolt in June 2024, at which point Quartet's Philanthropy Director stepped in as Interim Chief Executive during the recruitment of a new CEO. We welcomed Anna Smith as our new CEO in January 2025, following a successful recruitment campaign delivered by Moon Executive Search. 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 into the future. Our Mission 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: • Encouraging local giving and providing tailored philanthropy services for donors, including the public sector; • Investing in local communities through year-round grant programmes and the brokering of pro-bono professional services for the voluntary sector; and • Fostering civic collaboration and using our influence to shine a light on the most pressing issues of the day for the benefit of our communities and VSE 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. 8 Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2025 Charitable Objects Our charitable objects as set out in our Articles of Association (as adopted by written special resolution passed on 5th April 2024) are: • The promotion of any charitable purpose for the benefit of the community in and around: Bristol; Bath and North-East Somerset, North Somerset, and South Gloucestershire; and • In particular, 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 achieve our charitable objectives through: • Endowment & Revenue Funds: growing these as essential community assets in the immediate and long term, matching funds with community needs and priorities • Grant Making: managing a year-round programme of grants • Civic Engagement: joining up activities wherever possible, shining a light on the most pressing issues of the day and convening and participating in discussions where we can add our experience and understanding of the local voluntary sector. Endowment and Revenue Funds Quartet provides a high quality, tailored philanthropy service for a wide range of individuals 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 grant-making needs while expanding our future donor base. We provide advice and guidance for anyone seeking to know more about local philanthropic giving during, or beyond, their lifetime. Once a commitment to setting up a Fund is made, either Endowment or Revenue, Quartet manages the respective funds in a flexible way that meets the needs and interests of the Fund holder. While the financial support of philanthropists 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 primarily 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 2024) and sets out: • The principles underlying Quartet's Grant making decisions; • The principles governing assessment and award of grants; and • How successful Grants are monitored. 9 Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2025 Civic Engagement Quartet exists to champion local philanthropy and to support the voluntary sector through thoughtful grant- making. This community approach gives us an important role to play in connecting people, sharing 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 resources of others. This requires an ongoing commitment to strong networks, expert knowledge and open collaboration. Equality, Diversity & Inclusion Our Equality, Diversity and Inclusion (EDI) work continues and is embedded into our governance - with each committee having a clear indication of actions needed- as well as our culture. An internal EDI group, chaired by the CEO, meets on a six-weekly basis to review and refresh our actions against our EDI objectives, to provide a forum for discussion on all matters relating to EDI, and to foster and inclusive workplace. We continue to work to the "9 Pillars" framework produced by the Association of Charitable Foundations, aimed at supporting grant-making foundations' work to strengthen diversity, equity and inclusion. This means we are committed, amongst other things 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 publicly • Use our own power to advocate for and advance EDI practices. Safeguarding Safeguarding remains a significant priority not only for Quartet but also for the organisations to which we make grants. We carried out a full review of Quartet's safeguarding policy and practices, and are continuing a programme of safeguarding training and awareness for our workforce Climate Emergency Quartet aims to help secure a better and more sustainable future for all and believes that a place-based model is an important way of achieving this. In line with the Paris Agreement and the environmental goals set by the local authorities across the West of England, we support the ambition for carbon neutrality in all of our operations by 2030. Our ability to achieve this target will be driven by a series of both internal and external actions, with the most impactful relating to our responsible investment policy, an area we are already making significant improvements within. Quartet carry out Carbon Footprint Assessments each year in order to measure our carbon impact, measure progress in our efforts to reduce our impact, and identify opportunities for further improvements. The findings of these assessments are reported to the board and are used in setting agreed action plans going forward. Complaint Management We maintain a register of Comments, Compliments and Complaints. As in the previous year, we did not receive any complaints during the year about any aspect of our fundraising activities. Quartet Community Foundation is registered with the Fundraising Regulator, committing to fundraising in line with the Code of Fundraising Practice in a way that is legal, open, honest and respectful. 10 Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2025 Review of Year - Achievements, Performance & Significant Activities In 2024/25 we continued to deliver on our core business plan 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 service • 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 performance 2024/25: • £5.1m paid out in over 1,000 grants. • Endowed funds totalled £69.8 million • Total income for the year was £13.8million • Total donations received was £12.5m, of which £8.5m in endowment donations (including a legacy provision sum of £5m) and £4m in Revenue funds. • 15 new named funds established bringing in 14 new fund holders • Quartet has 254 endowed funds including 8 building funds, and 54 flow-through funds under management. Grant making: The effects of the rising cost of living that we reported last year have persisted throughout this year. Quartet has continued to support community-based activities that address the impact on communities, including issues around food insecurity, poor mental health and wellbeing, and limited access to essential goods and services. Also, there has been much activity to increase cohesion in our local communities following violent disorder across the country in August 2024. Quartet has supported activity that aims to bridge cultural divides, rebuild community safety, and empower those who were most affected. Demand for our grants remained high, with the total requested amount for several of our grant programme being three times more than what was available. For some, it was over four times more. Unfortunately, this meant we've had to decline a significant number of applications or offer only partial funding. For instance, our Megawatt Community Energy programme had a success rate of just 32% compared to the overall average of approximately 55% across all our open grant programmes. We are working hard to address the continued high demand for our grants by undertaking several ongoing actions. This includes refining the criteria and priorities for our grant programmes and being transparent about the application success rates in our communications. In addition, we are exploring other ways to engage with potential applicants, ensuring our programmes are well understood and accessible to a range of grant seekers. We aim to continue holding regular meetings with our donors to hear how they might align their funding priorities with the need in the sector and we regularly hear back from charities we fund about the challenges they face. Fund Development: Thanks to the generosity of our fund holders and donors, we distributed £5.1m in over 1,000 grants. The Cost of Living crisis, persistent inflation, the rising cost of energy and the increase in National Insurance contributions since October 2024 continue to provide challenges for the VSE sector. Our fund holders have responded positively to these pressures, continuing to add to their funds to increase their giving, and where possible increasing their grant sizes to take these external pressures into account. We are grateful for their continued generosity, with 97 donations of £5k+ by both new and existing donors. We welcomed 14 new fund holders from a range of different backgrounds. These included two new avenues of statutory funding: Bristol City 11 Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2025 Council's Community Recovery Fund, that helped us to support community cohesion work in light of the violent disorder in the summer of 2024, and Haywood Village Fund through Section 106 developer contributions within Planning Regulations. A long standing fund holder transferred their family trust to us so it can continue to provide support to our communities. Research and learning: This year we undertook some joint research with Bristol Climate and Nature Partnership (BCNP) to scope out the level of support for funding community climate action locally and explore ways this might be enhanced. We interviewed philanthropists, funders and local businesses. Our results revealed an appetite among some business to support community climate action work, an openness among some funders for more collaborative working and a desire among some philanthropists for strategic funding conversations. We're continuing to work with BCNP to identify the project's next steps. We also recently partnered with Tech4Good South West on a digital skills survey for the local VCSE sector. The survey provided insights into the sector's existing level of digital skills and the barriers organisations face to making the most of the digital world. The results are helping inform the advice we provide and our grant-making priorities. Key findings from the survey are published in our latest social needs report, In View, which this year focused on digital inclusion and the ways philanthropy helps to bring the digital divide. Collaboration and partnership: Our external collaborations continue to be a key element of Quartet's approach and impact, benefiting us through opportunities to position our work, enhance our influence and work strategically to get better outcomes for our area. As usual, this year our staff and trustees have been part of a range of partnerships, forums and working groups. These help us collaborate with other organisations to listen, learn and take collective action. In May, we jointly convened a session with Tech4Good South West for Bath Digital Festival on bridging Bath's digital divide, and in October we co-led an event exploring the role of women in tech and philanthropy. Other examples this year include the West of England Impact Alliance, and funding surgeries with infrastructure organisations Black South West Network and Voluntary Action North Somerset. Our collaborative funding initiatives remain active, including Bristol Funders Group, Bristol Older People's Funding Alliance, and the Youth Sector Development Fund. Our Pro Bono brokerage programme, ProHelp, has continued to expand across all areas of our region and in 2024/25 it brokered bespoke, 1:1 professional time and expertise for 60 local voluntary sector organisations, conservatively estimated at 600 hours of professional volunteering time, with a recorded value to date of €125,000. 12 Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2025 Future Plans and Objectives 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 commitments to make sure we are: • clear and transparent on our funding priorities for each grants programme we're delivering • asking only relevant questions of grant seekers • 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. We continue to reach into our communities and explore new opportunities 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 survey, which further refines our practices. We 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 experience and ensure that the people helping us to make decisions have relevant lived and learned experiences. Underpinning 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 development plan, adopted last year, points us in the direction of future growth areas within our region and we are already making significant 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. We have delivered two partnership events with Tech4Good South West as part of this goal. With the local health authorities, we have successfully attracted and delivered quick-response, flow-through funding that demonstrates our strengths of community connections and grant-making. With changes due to the health authorities in the next FY, we will be working closely with our South West community foundations to strengthen our offer. 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 foundation. We also recognise the importance of telling compelling stories of the impact of local giving, and amplifying these through our communications channels and our staff, committee members, fund holders and trustees. 13 Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2025 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 £13.8m (£5.7m: 2023-24). This included f8.5m of new donations to the Endowment Fund. With continued volatility in global markets the portfolio performance was below expectations. Since the year end, performance has improved. Our flow through funding of £2.8m helped us to distribute €5.1 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 modest surplus. As of 31 March 2025 Quartet held £69.8m in total endowment funds held, split between permanent endowment of £6.81 m and expendable endowment of £63.02m of which £8.9m is held under the Dormant Assets Scheme. These funds have come from bank and savings accounts which have been inactive for over 15 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 2024-5 was £501k. Quartet holds within our £69.8m a total of £8.6m of donor directed funds - please see note 24 for further details. Going Concern: Quartet trustees are satisfied that Quartet is a going 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 2025/26 with a projected deficit of £33.9k, but even taking this deficit into consideration we would still be operating well within our reserves policy. In reaching this conclusion, we have made the following assumptions: • Quartet holds, as of 31st March 2025, endowment funds to the value of £69.8m. The annual levy from this amount covers 55.8% of associated 2025/26 budgetary expenditure. • Interest on our cash deposit funds will provide approximately 9.3% of associated 2025/26 budgetary expenditure. • Core income generated from incoming endowment donations and revenue grant programmes combined for 2025/26 has been budgeted at £399k. To date we have received in total €1.8m, generating £115k core income which represents 38% of the £302k budgetary income for 2025/26 In total from the July 25 Management accounts, we have already secured 32% of core income totalling £457k against the full budgetary target of f1.407m. With expenditure at £430k year to date against a full budget of £1.441m, Quartet trustees are confident we can maintain our reserves policy for 2025/26. 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 continue to operate within its reserves and through revaluations of its cost base. Reserves: As a general principle, Quartet aims to retain a minimal balance of unrestricted funds. Accordingly, the reserves 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 is held to reserve up to 9 months of operating costs. At the year end, our free reserves were €1.37m, representing 96% of the original annual staffing and support costs. 14 Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2025 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 market 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, Cazenove 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 investment criteria which, states 'we will not invest in companies deemed to be 'ESG laggards' (as measured by investment managers' proprietary or third party ESG systems) unless there is good reason, and we expect the overall ESG rating of our portfolio to be better than that of the wider equity market. As well as broad ESG risk, we expect our investment managers to factor carbon, reputational and governance risk into their analysis. The active challenge for the Board, in relation to its investment policy, is fulfilment of the stated ambition to reach Net Zero. There is the ubiquitous conflict between the compulsion to maximize returns in the face of burgeoning need and the recognition that the imperative 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, the Board recognises the compelling need to align Quartet's Net Zero ambition with 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 supporting 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 aligned with our Net Zero ambitions. Having conducted a full review of our investment management, the trustees introduced a third investment manager to invest our endowment. Quartet introduced and transferred f20m from our existing Investment managers to Cazenove Capital. This is now invested in their SUTL Cazenove Charity Sustainable Multi-Asset fund, this fund operates within our responsible investment policy. The F&l committee conducted a full review of our responsible investment policy in line with our climate change ambitions in 2024-25. Remuneration policy: Our fund holders and donors demand - and deserve - a thoroughly professional service, as efficient and reliable as the leading advisers with which they deal. We must therefore continue to invest in our staff to provide unrivalled philanthropy advice, grant-making and civic influence. Trustees, who are all unpaid volunteers, set the overall pay and remuneration during the annual budget round, taking into account the drive to keep costs down, the extra work taken on by team members during 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 and retain professional, dedicated staff. In addition the 15 Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2025 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 2024/5 budget was 3% and some further individual adjustments were made in addition to this. Quartet offers a stakeholder pension scheme to staff and contributes 6% 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 the Hospital Saturday Fund. Risk: Trustees actively manage the risks that the organisation faces and have appropriate systems and procedures in place to mitigate risks. Quartet underwent a comprehensive review of risk management in 2024-25, resulting in an organisational risk management framework that is now being embedded across the foundation. Risk Management Statement: As a charity committed to good governance, ultimate accountability for the charity's management and control of Quartet rests with the trustees. Led by the CEO, the trustees appoint a suitably qualified and experienced staff team to deliver the work of the charity, and this work includes the identification of risk, and the implementation and management of risk management as part of its strategy, and as part of its everyday work. Therefore, board involvement with key aspects of risk management process is an important and essential part of each board meeting, with this matter featuring as part of the standing agenda. The board ensures that the identification, assessment and management of risk is linked to the achievement of the charity's objectives. As such, the board approves and monitors the risk management policy, reviews the results, and considers whether the charity is being effective in the overall management and control, and mitigation methods of this matter. The board maintains good governance of the charity, and delegates the governance committee to establish governance frameworks, and support and advise the board in governance areas. The governance committee operates an integrated risk and assurance approach; prioritising higher risks, so that the levels of monitoring and time spent on governance is suitable and proportionate to the size and nature of the organisation. Furthermore, the board delegates authority to its four committees, according to the defined terms of reference for each committee; to oversee matters of risk according to these different functions of the organisation, ensuring risks are properly identified, assessed and mitigated and supporting the Board to ensure the risk management/ assurance framework is operating effectively. Risk registers are used as a tool to record the results of the risk management process, evaluate the likelihood of each risk's occurrence and the impact should that event occur, and also record the control and mitigation systems that have been established to manage those risks. Day to day the staff, led by the CEO, are responsible for applying the risk management procedures to identify, assess and mitigate risk. Each committee works with relevant staff to contribute to, challenge and review risks in relation to the remit of each committee on a regular basis, with risk featuring as part of the standing agenda for each committee meeting. Adopting a prioritised risk approach, each committee identifies 'major risks that could have a significant impact on the charity, and reviews these risks and the agreed actions and mitigations, before reporting them back to the board. In turn, the board reviews the results of this risk review process, with particular scrutiny applied to identified major risks, and periodically evaluate and monitor both the controls in place to manage these specific major risks, and 16 Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2025 also the effectiveness of the processes in place to identify risk. This process ensures that risk management is ongoing, and embedded in management and operational procures. The Trustees have identified the following key risks faced by Quartet, which are considered and mitigated against in line with our operational and strategic objectives. • Fraud and Cyber Crime - due to fraudsters increasingly targeting charities during recent years, we continue to ensure we enhance our measures in place to mitigate against this and ongoing risk of fraud and cyber crime in all its forms. An ongoing staff training and awareness programme is in place - supported by professional consultants- to help prevent and identify fraud and cyber crime activity and attempts and follow best practice. We have robust cyber insurance in place. • 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 including variance analysis to track any budget variance. Investment values fall significantly - resulting in less income for grant making and core support. Mitigated 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 management of the programme funding. To mitigate against the event of poor performance in any financial year we have tasked our investment managers to provide returns on a five-year rolling basis, providing stability in the income for our core activities and for much of our grant-making • Our reputation could be damaged in a variety of ways. The risk register, regularly reviewed 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 strive 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 programme 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. Public Benefit: The trustees have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. In reviewing the charity's aims and activities, planning future activities and setting and regularly reviewing its grant making policy, the Board refers to Charity Commission guidance. In the fulfilment of its purposes, as detailed above, Quartet has provided a public benefit. Specifically, included amongst the 1,000 grants made by Quartet, is support given for the purposes of the following themes (with examples of 2024/25 grants): Prevention and relief of poverty: • South Bristol Advice Services - £35,000 Catalyst grant towards welfare benefits and debt projects supporting older people in South Bristol. • The Grace Period Project CIC - £2,800 Express grant to provide period product bags in the North Somerset and Bristol • Clean Slate Training & Employment - £4,695 Express grant to run a monthly two hour drop-in at The Hive in Peasdown St John, offering support around financial resilience to local residents. • Aishah's Food Charity - £5,000 Express grant for the Hot Meals Food Bank, providing free meals in Weston-super-Mare for people experiencing homelessness. 17 Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2025 Advancement of health: • Wellspring Counselling - £900 Express grant to provide group courses for young people called "It's OK ", designed for 11-18-year-olds to understand their emotions and talk about their • West of England Rural Network- £15,000 Catalyst grant to expand the Village Agent service, connecting older people in rural communities with their fellow residents, developing new social activities to reduce social isolation and enhance wellbeing. Evolve Music - E4,725 Express grant towards the Dads Rock project, a community music programme in B&NES providing creative support for fathers/male caregivers and young children to improve wellbeing, bond, and improve family relationships. Advancement of community development: • Wellspring Settlement - €1,000 Express grant for a Community Celebration for Barton Hill, marking the 20th anniversary of Wellspring Healthy Living Centre. • Oasis Hub South Bristol - £5,000 Catalyst grant for a project bringing the communities of three South Bristol academies together, exploring the root causes of knife crime, culminating in a co-designed film. • Southern Brooks Community Partnership - £9,500 Catalyst grant towards a Community Development Coordinator for the Little Stoke Area of South Gloucestershire. Advancement of education: Bristol Music Trust - Bristol Beacon - €10,000 Catalyst grant for 'Young Companies in Residence', two flagship ensembles that give talented young musicians who face economic barriers a world-class music education to encourage a professional music career. • Dovetail Orchestra - £5,000 Express grant toward musical learning and social integration activities to improve the lives, skills and prospects of refugees and asylum-seekers. • ACTA - £4,940 Express grant free weekly theatre group for young carers aged 10-18 living in Bristol; where they will use their ideas and imaginations to devise and perform an original live theatre performance. 18 Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2025 Statement of Trustees' Responsibilities The trustees (who are also directors of Quartet for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and regulations. Company law requires Quartet to prepare financial statements for each financial year. Under that law the trustees have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 statements, the trustees are required to: • select suitable accounting policies and then apply them consistently; • observe the methods and principles in the Charities SORP; • make judgments and estimates that are reasonable and prudent; • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's 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 taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Statements on disclosure of information to the auditors So far as each trustee is aware, there is no relevant audit information of which the company's auditors are unaware. Each trustee has taken all the steps (such as making enquires of other trustees and the auditors and any other steps required by the trustee's duty to exercise 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 company's auditors are aware of that information. The members of the charity undertake to contribute an amount not exceeding f1 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. 19 Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2025 Auditors At our 2025 AGM we were delighted to confirm the re-appointment of our auditors Bishop Fleming Audit Limited Small companies note In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report, was approved by the Trustees, in their capacity as company directors and signed on their behalf by: Sue Maintshever Sue Mountstevens Chair of Trustees Quartet Community Foundation Date: 5/12/25 20 Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2025 Independent Auditors' Report to the Members of Quartet Community Foundation Opinion: We have audited the financial statements of Quartet Community Foundation (the 'Charity') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial report- ing framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting 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 2025 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 Companies Act 2006 and the Charities Act 2011 Basis for Opinion: We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 Kingdom, including 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. Conclusions relating to going concern: In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report. Other information: 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. 21 Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2025 In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 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 understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Annual Report. We have nothing to report in respect of the following matters in relation 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. • the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report. Responsibilities of members: As explained more fully in the member's 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 preparing the financial statements, the members are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so. Auditors' responsibilities for the audit of the financial statements: Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. • We have considered the nature of the sector, control environment and financial performance; 22 Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2025 • We have considered the results of enquiries 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 walkthroughs of transactions to confirm that the systems 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 (UK) we are also required to perform specific procedures to respond to the risk of management override. 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 Charity's ability to operate or avoid a material penalty. Our procedures to respond to risks identified included the following: • Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; • Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; • Reviewing board meeting minutes; • Enquiring of management in relation to actual and potential claims or litigations; • Performing detailed transactional testing in relation to the recognition of revenue, with a particular focus around year-end cut off; and • In addressing the risk of fraud through management override of controls, 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 limitations of an audit, there is a risk that not all irregularities, including a material misstatement in financial statements or non-compliance with regulation, will be detected by us. 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, omission or misrepresentation. 23 Quartet Community Foundation Trustee's Report For the Year Ended 31 March 2025 A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. Use of our report: This report is made solely to the members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company'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 an Auditors' Report and for no other purpose. To the 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 Chris Truth Chris Trantham FCA for and on behalf of Bishop Fleming Audit Limited Chartered Accountants Statutory Auditors 10 Temple Back Bristol BS1 6FL Date: 15 December 2025 24 Quartet Community Foundation Statement of financial activities For the year ended 31 March 2025 Note Restricted revenue Endowment Funds funds 2025 Total 2024 Total Income and endowments from: Donations and legacies Donations and gifts Gifts in kind Other trading activities Consultancy and other income Investments Investment properties Investment income Total income and endowments 1,183,045 4,000 56,201 43,296 244,422 1,530,964 2,776,681 41,762 899,285 3.717,728 8,582,529 8,582,529 12,542,255 4,000 56,201 85,058 1,143,707 13,831,221 5,145,52 27,000 22,359 78,166 520,242 5.793,287 Expenditure on: Raising funds City Funds Civic Influence/Community Leadersh Communications and publicity Consultancy Donor services Employer Engagement Fund development Investment management costs Investment properties 8,105 48,629 234,792 27,016 286,372 54,032 79,645 27,016 13,140 : 119,776 4,387 .... 8,105 48,629 234,792 27,016 286,372 54,032 79,645 146,792 17,527 7,180 40,681 241,718 26,324 263,233 47,860 79,576 158,723 17,817 Charitable activities Draw-downs 75,000 Grants payable 11 Support costs of grants programme Total expenditure 7 659,236 1.437,983 5,174,433 238.206 5,412,639 199,163 75,000 5,174,433 897,442 7,049,785 60,000 4,683,121 666,528 6,292,761 Net (expenditure) / income before gains and losses 92,981 (1,694,911) Net gains / (losses) on investments 13,14 Net income Transfers between funds Net movement in funds 23 8 92,981 (54,141) 38,840 8,383,366 6,781,436 = (1,366,885) (1,366,885) (1,694,911) 7,016,481 5,414,551 1,165,340 (1,111,199) (529,571) 5,905,282 (499,474) 5.076.228 4,576,754 5,414,551 4,576,754 Reconciliation of funds: Total funds brought forward 1,566,443 4,049,867 63,935.081 69,551,391 64.974,637 Total funds carried forward 1,605,283 3.520.296 69,840,363 74.965,942 69.551.391 All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 24 and 25 to the financia statements. 25 Quartet Community Foundation Balance sheet As at 31 March 2025 Note Fixed assets Tangible fixed assets Investments Property Other Current assets Debtors Cash at bank and in hand Liabilities Creditors: amounts falling due within Net current assets Net assets Funds Capital funds Endowment funds Revenue funds Restricted funds Unrestricted funds Total charity funds 12 13 14 15 16 18 24 25 5,437,133 7,911,730 13,348,863 (1,139,740) 2025 € 180,014 552,000 62,024,805 62,756,819 12,209,123 74,965,942 69,840,363 3,520,296 1,605,283 74,965,942 2024 190,471 625,600 61,960,810 62.776,881 858,800 6.860,255 7,719,055 (944,545) 6,774,510 69,551,391 63,935,081 4,049,867 1,566,443 69,551,391 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. Approved by the trustees on. 5 12/25 and signed on their behalf by Sue Mauntstane Hee Sue Mountstevens - Chair of Trustees Nicholas Lee - Trustee 26 Quartet Community Foundation Summary income and expenditure account For the year ended 31 March 2025 All income funds 2025 € All income funds 2024 Income from: Donations and legacies Donations and gifts Gifts in kind Other trading activities Consultancy and other income Investment properties Investment income Gains on investments Gross income in the financial year 3,959,726 4,000 56,201 85,058 1,143,707 5,248,692 3.729,538 27,000 22,359 78,166 520,242 1,573,855 5,951,160 Expenditure on: Raising funds City Funds Civic Influence/Community Leadership Communications and publicity Consultancy Donor services Employer Engagement Fund development Investment management costs Investment properties Charitable activities Draw-downs Grants payable Support costs of grants programme 8,105 48,629 234,792 27,016 286,372 54,032 79,645 27,016 13,140 7,180 40,681 241,718 26,324 263,233 47,860 79,576 26,326 17,817 5,174,433 897,442 Gross expenditure in the financial year 6,850,622 Net (expenditure) / income before tax for the financial year (1,601,930) Tax payable Net (expenditure) / income for the financial year 4,683,121 666,528 6,100,364 (149,204) (1,601,930) (149,204) ite the ace and expenditus accounts, peride in me ate of femenis dies yeah nate 27 Quartet Community Foundation Statement of cash flows For the year ended 31 March 2025 Cash generated by operating activities: Net cash generated by operating activities Cash flows from investing activities: Dividends, interest and rents from investments Purchase of tangible fixed assets Proceeds from the sale of investments Cash movement on investments Purchase of investments Net cash used by investing activities Increase in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 28 Note 23 271,034 1,228,765 (17,045) 27,648,480 358,834 (28,438,593) 780,441 1,051,475 6,860,255 7,911,730 2024 € (521,070) 598,408 (17,757) 8,866,948 (250,815) (8.184,725) 1,012,060 490,990 6,369,265 6,860,255 Quartet Community Foundation Notes to the financial statements For the year ended 31 March 2025 1. General information Quartet Community Foundation is a grant-making charitable company. It is part of a network of 4 quality accredited Community Foundations 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 limited by guarantee and a registered charity. It is registered in England and Wales. The address of the registered office is Royal Oak House, Royal Oak Avenue, Bristol, BS1 4GB. Statement of compliance 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. The disclosure requirements of Section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view. Summary of significant accounting policies a) Basis of preparation These financial statements have been prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of investments and investment properties which have been measured at fair value through the profit and loss. The preparation of financial statements in conformity 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 where assumptions and estimates are significant to the financial statements are disclosed in note 1 (o). Quartet Community Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. b) Company status The Charity is a company limited by guarantee. The members of the company are the trustees named on pages 5 and 6. 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 accounting General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. However all general funds relating to grant giving have now been classified as restricted. Restricted funds are funds which are to be used in accordance with specific restrictions 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 specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Endowment funds 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 it 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. 29 Quartet Community Foundation Notes to the financial statements For the year ended 31 March 2025 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, Cazenove, and Rathbones, the Rathbones element is invested in a bespoke portfolio. In relation to these funds, the trustees operate a "informal total return" policy (capital growth and yield) and approve 4.5% to be transferred from the endowment fund to the grant making funds. Where the income yields fell short of 4.5%, a top-up was made by reducina the capital dains or increasina the cabital losses (as appropriate) of the share portfolio The Community First endowment funds are held in a unitised investment fund managed by CCLA CCLA in January 2018 have taken the decision to operate the Community First funds on a total return policy (Capital Growth and Yield). The remit of the fund is to achieve an income return of approximately 4% while still maintaining the capital value of the fund. Investment income, gains and losses are allocated to the appropriate fund d) Income Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the items) of income have been met, it is probable that the income will be received and the amount can be measured reliably. Donated services or facilities, which comprise donated services, are included in income at a valuation which is an estimate of the financial cost borne by the donor where such a cost is quantifiable and measurable. No income is recognised where there is no financial cost borne by a third party. A corresponding amount is then recoanised in expenditure in the period of receipt. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time 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 legacies are recognised following formal notification from the estate. Residuary legacies are recognised only when Quartet's interest can be measured, which is normally on grant of probate. e) Expenditure All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities 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 of the charitable activities. Grants payable are charged in the year when the offer is made except in those 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. 30 Quartet Community Foundation Notes to the financial statements For the year ended 31 March 2025 Discretionary grants awarded within this financial year are shown as restricted expenditure - a change from previous years where shown as unrestricted expenditure. All resources expended are inclusive of irrecoverable VAT. f) Allocation of support and governance costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of he charity, including the costs of complying with constitutional and statutory requirements and any osts associated with the strategic management of the charity's activities. The basis of allocation o support and governance costs is shown in note 7. g) Going concern basis of accounting The Charity produces annual budgets which take into account expected changes in the funding streams and which demonstrate that the charity will be able to continue to operate. We have produced forecasts and cash flows to demonstrate to the trustees that the charity has sufficient cash reserves to continue as a going concern for a period of at least 12 months from the date on which these financial statements were abbroved. h) Investments Investments are stated at market value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year. i) Investment Properties Royal Oak House, is mixed use property which is primarily held for investment purposes but also provides head office accommodation for the charitable company. In line with FRS 102, the owner- occupied portion of the building is classified as a tangible fixed asset and the tenant-occupied portion is classified as an investment property. Depreciation is charged on the owner-occupied portion in line with the charitable company's accounting policy in note 1 (i). 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 valuation used is Fair Value of the property. j) Tangible fixed assets and depreciation Expenditure on the acquisition, 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 monthly basis as follows:- Freehold buildings Fixtures and fittings Computer equipment 2% pa 20% pa 33% pa Fixed assets are capitalised if the cost exceeds £500 per item. k) Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 31 Quartet Community Foundation Notes to the financial statements For the year ended 31 March 2025 1) Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highiy liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar m) Creditors Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. n) Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. o) Critical accounting judgements in applying the entity's accounting policies stimates and judgements are continually evaluated and are based on historical experience and oth ctors, including expectations of future events that are believed to be reasonable under t circumstances. p) Critical accounting estimates and assumptions The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. 32 Quartet Community Foundation Notes to the financial statements For the year ended 31 March 2025 2. Prior year comparatives Unrestricted revenue Income and endowments from: Donations and legacies Donations and gifts Gifts in kind Other trading activities Consultancy and other income Investments Investment properties Investment income Total income and endowments Expenditure on: Raising funds Communications and publicity Consultancy Civic Influence/Community Leadership Employer Engagement Philanthropy services City Fundso Fund development Investment management costs Investment properties Charitable activities Draw-downs Grants payable Support costs of grants programme Total expenditure Net (expenditure) / income before gains and losses Net gains on investments Net income Transfers between funds Net movement in funds 1,094,059 27,000 22,359 35,301 257,775 1,436,494 241,718 26,324 40,681 47,860 263,233 7,180 79,576 26,326 17,817 430,745 1,181,460 255,034 19,548 274,582 274,582 33 Restricted revenue Endowment funds funds 2,35,479 1,415,982 42,865 262,467 2,940,811 1,415,982 4,683,121 235,783 4,918,904 (1,978,093) 1,554,307 (423,786) 677 (423,109) 132,397 - 60,000 192,397 1,223,585 3,502,373 4,725,958 (677) 4,725,281 2024 Total 5,145,520 27,000 22,359 78,166 520,242 5,793,287 241,718 26,324 40,681 47,860 263,233 7,180 79,576 158,723 17,817 60,000 4,683,121 666,528 6,292,761 (499,474) 5,076,228 4,576,754 4,576,754 Quartet Community Foundation Notes to the financial statements For the year ended 31 March 2025 3. Donations and gifts Material donations from institutions (greater than 5% of the total) have been received from: 2025 Total 1 in 4 People Bank of Ireland Bristol Local Food Fund Community Investment Fund - BNES Hutchen Charitble Trust Lark Trust Osborne Clarke Pople Charitable Trust Revenue Fund Redcliffe Parish Charity Thrings Solicitors Fund Wessex Water *Bank of Ireland value is net of returned unclaimed assets. The charity received the following government grants: (58,338) 120,342 1,051,924 337,000 20,000 210,557 729,524 2024 Total 108,627 (265,488) 100,000 63,903 305,000 30,000 19,073 575,121 2025 Total Bristol City Council Commissioners Crime Prevention Fund Bath & NES Supporting Communities and Welness 509,303 220,874 730,177 2024 Total 635,252 114,442 10,000 759.694 There are no unfulfilled conditions in respect of the government grants disclosed above (2024: none). The charity did not benefit from any other forms of government assistance during the year (2024: none). 4. Gifts in kind We are grateful to the following organisations for their support during the year: • Bank of Scotland for banking services; • Business West - Membership We estimate that the costs saved by Quartet of providing these services amounts to £4,000(2024: £27,000). We are grateful for the help provided by our volunteers, especially members of our committees, grants advisory panels and task groups. 34 Quartet Community Foundation Notes to the financial statements For the year ended 31 March 2025 5. Investment properties Unrestricted Income Tenants' contributions to future maintenance and repairs Investment income Restricted Endowment 41000 42,762 Expenditure Depreciation of fixtures and fittings Running costs Net income 43,296 43,296 3,160 4,387 7,547 35,749 42,762 During the year, sundry costs were incurred in respect of the maintenance of the buildings. Prior period comparative: Income Tenants' contributions to future maintenance and repairs Investment income Unrestricted Restricted Endowment 1,000 42,865 43,865 : Expenditure Depreciation of fixtures and fittings Running costs Net income 35,301 35,301 7,860 14,720 20,581 43,865 35 2025 Total € 49000 86,058 3,160 4,387 7,547 78,511 2024 Total € 1,000 78.166 79,166 7,860 6,860 14,720 64,446 Quartet Community Foundation Notes to the financial statements For the year ended 31 March 2025 6. Investment income Unrestricted Restricted Endowment 2025 Total Allocation of investment income from endowment Interest on current accounts Total investment income 899,285 244,422 : 244,422 899,285 Quartet takes 4.5% total return from capital gain and reinvest the dividend earned into the investment. Prior period comparative: Unrestricted Restricted Endowment 899,285 244,422 1,143,707 2024 Total Allocation of investment income from endowment Interest on current accounts Total investment income (262,467) - 257.775 257,775 (262,467) (262,467) 257,775 (4,692) 36 Quartet Community Foundation Notes to the financial statements For the year ended 31 March 2025 7. Analysis of total expenditure Costs by charitable activity City Funds Civic Influence/Community Leadership Communications and publicity Consultancy Donor services Employer Engagement Fund development Investment management costs Investment properties Grants payable Support costs of grants programme Direct Draw-downs Total resources expended Allocation of support and governance costs by activity Activities undertaken directly Investment properties Communications and publicity Fund development Philanthropy Services Consultancy Investment management costs Support costs of grants programme Civic Influence (Community Leadershi) Employer Engagement City Funds Community Leadership Total Basis of allocation % Specific 15.87% 6.09% 23.04% 2.17% 2.17% 41.74% 2.61% 4.35% 0.65% 1.30% Grant funding of activities E E 5,174,433 238,206 5,412,639 Property costs 9,466 3,631 13,745 1,297 1,297 24,896 1,556 2,593 389 779 59,649 been alton all costs E 726 37 Other costs Depreciation E 13,680 5,247 19,863 1,874 1,874 176,505 2,249 3,748 562 1,124 226,726 13,140 2,279 874 3,310 312 312 5,995 375 624 94 188 27,503 Governanc e 2025 Total 6,948 2,665 10,089 952 952 18,274 1.142 1,904 286 571 43,783 13,140 234,792 75,645 286,372 27,016 27,016 659,236 32,420 54,032 8,105 16,209 1,433,983 Quartet Community Foundation Notes to the financial statements For the year ended 31 March 2025 7. Analysis of total expenditure (prior period comparative) Costs by charitable activity Communications and publicity Consultancy Civic Influence/Community Leadership Employer Engagement Philanthropy services Draw-downs City Funds Fund development Grants payable Investment management costs Investment properties Support costs of grants programme Total resources expended 262,105 Grant Support & costs 4.918.904 1.111.752 38 2024 Total 6.292.761 7. Analysis of total expenditure (prior period comparative) con't Allocation of support and Basis of governance costs by activity allocation Staff costs E e 2024 Total Communications and publicity Consultancy Civic Influence (Community Leadersh Employer Engagement Philanthropy services Draw-downs Fund development Grants payable Investment management costs Investment properties City Funds Support costs of grants programme Total 16.52% 2.39% 3.70% 4.35% 23.91% Specific 6.96% Specific 2.39% Specific 0.65% 39.13% - 313 573 9,315 1,348 2,083 2,451 3,922 1,348 368 2,235 324 501 588 3,235 88 5,294 338 39 Quartet Community Foundation Notes to the financial statements For the year ended 31 March 2025 7. Analysis of total expenditure (continued) Staffing and support costs: Quartet receives some donations in support of its running costs. In addition, some donors to Quartet's endowment 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 publicity: 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 the funding available for charities in the West of England. • Philanthropy services: Providing advice to donors and managing funds on their behalf, including investment of endowment funds. During the year Quartet managed 254 endowment funds including 8 building funds, and 54 flow through funds. • Consultancy: Costs incurred in relation to the provision@ consultancy services provided to Gloucestershire Community Foundation and others. • Investment management costs: Checking and monitoring investment performance and reviewing effect of total return policy. • Support costs of grant programme: Includes staff time spent in assessing, allocating and monitoring grants made together with appropriate administrative backing. Outreach activities, to promote the grants programme and support organisations applying for funds. Details of grants made are provided in note 26 8. Net movement in funds This is stated after charging: Depreciation Operating lease rentals - plant and machinery Trustees' remuneration Trustees' reimbursed expenses Auditors' remuneration: • Statutory audit • Other services 2025 27,502 8,043 Nit Nil 15,900 2,850 2024 24,487 Nil Nil 15,600 1,375 40 Quartet Community Foundation Notes to the financial statements For the year ended 31 March 2025 9. Staff costs and numbers Staff costs were as follows: 2025 2024 Salaries and wages Social security costs Pension costs HSF Health Plan Total employment costs Consultants and secondees 777,485 74,195 67,343 3,216 922,239 5,174 927,413 739,110 69,243 27,331 2.978 838,662 4,631 843,293 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 £248,889 (2024: E235.286). One employee earned £60,000 - E70,000 during the year (2024: None). No employee earned E70,000 - E80,000 during the year (2024: One). The average head count during the reporting year was 22(2024:23). The average number of full time equivalent employees during the year was 21(2024:20). 10. Taxation The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. Quartet Community Foundation Notes to the financial statements For the year ended 31 March 2025 11. Grants payable The amount payable in the year comprises: Foundation grants: Quartet's grants programme Sub-total Unrestricted funds Restricted funds Endowment funds 2025 Total Donor directed grants Lapsed and returned grants Total grants payable 3.586,867 3.586,867 1,661,237 (73,671) 5,174,433 : 3,586,867 3,586,867 1,661,237 (73.671) 5,174,433 Prior period comparative: Foundation grants: Quartet's grants programme Unrestricted Restricted Endowment 2024 Total Sub-total Donor directed grants Lapsed and returned grants Total grants payable 3,718,974 3,718,974 1,096,084 (131,937) 4,683,121 3,718,974 3,718,974 1,096,084 (131,937) 4.683.121 quartet's grants programm Quartet's grants programme provides various levels of support as follow Express Grants up to £5,000 for small local voluntary and community organisations where a small amount of funding can make a difference. Catalyst Grants of up to £60,000 available from charitable funds managed by Quartet which have been solicited by the donor. Special advised Grants of varying amounts up to £50,000 from charitable funds managed 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 well as local causes. 42 Quartet Community Foundation Notes to the financial statements For the year ended 31 March 2025 12. Tangible fixed assets Freehold property Royal Oak House fixtures & fittings Fixtures, fittings & equipment Cost At 1 April 2024 158,021 Additions in year 111,189 53,583 10,975 6,070 Disposals in year At 31 March 2025 158,021 122,164 59,653 Accumulated Depreciation At 1 April 2024 Charge for the year Disposals 21,774 3,160 73,719 13,140 36,829 11,202 At 31 March 2025 24,934 86,859 48,031 Net book value At 31 March 2025 133,087 At 31 March 2024 136,247 35,305. 37,470 11,622 16,754 Freehold property consists the owner-occupied element of Royal Oak House. 13. Investment properties Total 322,792 17.045 339,837 132,321 27,502 159,823 180,014 190,471 Royal Oak House was purchased by the Foundation in 1998 and was refurbished during 1999-2000. Royal Oak House is a mixed use investment property. 20% of the property is occupied by Quartet for operational use an increase from 13.6% in 2020. In line with FRS 102 this portion of the property is classified as a tangible fixed asset and depreciated at 2% per annum. The remaining 80% is classified as an investment property and carried at fair value. A formal revaluation of Royal Oak House was undertaken in September 2025 by commercial real estate advisors Hootons, Bristol, RICS registered valuer. Hootons used the investment method of valuation and in their opinion the Fair Value of the property was £690,000 (of which 80%, or £552,000 relates to use as an investment property. Market value at 1 April 2024 Transfers Unrealised investment gain / (loss) Market value at 31 March 2025 Cost at 31 March 2025 2025 625,600 (73,600) 552,000 847,691 2024 632,000 (6.400) 625,600 847,691 43 Quartet Community Foundation Notes to the financial statements For the year ended 31 March 2025 14. Other investments Quoted investments: Market value at 1 April 2024 Acquisitions at cost Gift of shares Disposals proceeds Cash movements Net gain/(loss) in the year Market value at 31 March 2025 Cost at 31 March 2024 Analysis by geographical sector: Investment assets in the UK Investment assets outside the UK 2025 € 61,960,810 28,438,593 926,001 (27,648,480) (358,834) (1,293,285) 62,024,805 53,224,214 21,966,900 40,057,905 62,024,805 15. Debtors Gift aid receivable Other debtors and prepayments 2025 18,826 5,418,307 5,437,133 16. Creditors: amounts falling within 1 year Trade creditors Taxation and social security Other creditors Accruals and deferred income Grants payable 2025 € 33,428 19,358 52,872 93,325 940,757 1,139,740 44 2024 57,272,664 8,184,725 36,930 (8,866,948) 250,815 5,082,624 61,960,810 50,798,486 25,277,157 36.683.653 61,960,810 2024 37,144 821,656 858,800 2024 10,255 18,953 57,182 93,110 765.045 944,545 Quartet Community Foundation Notes to the financial statements For the year ended 31 March 2025 17. Deferred income At 1 April 2024 Deferred during the year Released during the year At 31 March 2025 Deferred income relates to Royal Oak House rent demanded in advance. 18. Analysis of net assets between funds Unrestricted funds Fixed assets Investments - property Investments- other Debtors Cash at bank and in hand Creditors Net assets at 31 March 2025 46,928 58,520 160,541 1,502,192 (162,898) 1,605,283 Prior year comparatives Unrestricted funds Fixed assets Investments - property Investments - other Debtors Cash at bank and in hand Creditors Net assets at 31 March 2024 54,224 61,681 - 159,058 1,436,632 (145,151) 1,566,444 Permanent Restricted endowment funds funds 133,086 493,480 6,191,360 276,592 4,184,461 (940,757) 3,520,296 6,817,926 Permanent Restricted endowment funds Funds : 136,247 563,919 7.077,662 434,108 4,380,804 (765,045) 4,049,867 7,777,828 2025 € 24,961 12,142 (24,961) 12,142 Expendable endowment funds 55,833,445 5,000,000 2,225,077 (36,085) 63,022,437 Expendable endowment 54.83 145 265,634 1,042,819 (34,349) 56,157,253 2024 16,150 24,961 (16,150) 24,961 Total funds 180,014 552,000 62,024,805 5,437,133 7,911,730 (1,139,740) 74,965,942 Total funds 190,471 625,600 61,960,810 858,800 6,860,255 (944,545) 69,551,391 Sufficient resources are held to enable each fund to be applied in accordance with the restrictions imposed on it. 45 Quartet Community Foundation Notes to the financial statements For the year ended 31 March 2025 19. Share capital luartet is a company limited by guarantee and does not have share capital. The liability of members in th vent of winding up is limited to an amount not exceeding £1 per membe 20. Other financial commitments At the year end the charity had operating leases with total future minimum lease payments as follows: Plant & machinery 2025 € 2024 Amount falling due: Within 1 year Within 2 - 5 years 2,802 7,581 3,149 9,754 10,383 12,903 21. Related party transactions A number of trustees, and/or parties/organisations connected to them, have made donations to Quartet during the year. These donations amounted to £3,000 in the year (2024: £525). None of the individual donations were material to the individual/organisation or to Quartet. In addition, some trustees are connected to organisations 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: Connected organisation Grant awarded Connected trustee Position held Society of Merchant Venturers First Steps (Bath) Southside Family Project Society of Merchant Venturers 4,500 Nicholas Lee 6,175 Sion Lutley 18,860 Sion Lutley 4,500 Susan Blatchford Member Spouse Spouse Member Consultancy income amounting to £2,550 was charged to the Society of Merchant Venturers during the year (2024: E3,400) Donations received through organisations connected with two of our Trustees totalled E19,166 from SMV €10,500 / Thrings LLP £8,666. 46 Quartet Community Foundation Notes to the financial statements For the year ended 31 March 2025 22. Connected charities During the year, Quartet undertook a contract to provide financial administration to Gloucestershire Community Foundation (GCF). The services provided, and the agreed fee for these services, are detailed in a service level agreement signed by both organisations. A patron of Quartet, Dame Janet Trotter DBE, is also the president of GCF but the two organisations do not have any trustees, or affiliated members, in common. Both organisations are members of UK Community Foundation. Under guidelines of the Charities SORP, GCF is a "connected charity" as 2 members of Quartet's staff now have responsibility for delivering services on behalf of GCF 23. Reconciliation of net movement in funds to net cash flow from operating activities Net movement in funds Depreciation charges Gift of shares (Gains) / losses on investments Dividends, interest and rents from investments Decrease / (increase) in debtors Decrease / (increase) in creditors Net cash generated by operating activities 2025 € 5,414,551 27,502 (926,001) 1,366,885 (1,228,765) (4,578,333) 195,195 271,034 2024 4,576,754 24,487 (36,930) (5,076,228) (598,408) 571,867 17,388 (521,070) Quartet Community Foundation Notes to the financial statements For the year ended 31 March 2025 24. Endowment funds (Losses) / At 1 April Net movement in gains on 2024 funds investments Transfers between At 31 March funds 2025 Permanent endowment Unrestricted endowment funds Discretionary (a) Restricted endowment funds Field of interest (b) Donor directed (c) Foundation (d) 1,153,801 (2,159) (28,672) (12,736) 1,110,234 1,745,390 2,274,256 1,904,215 Total permanent endowment 7,077,662 (3,965) 5,279 (4,298) (5,143) (62,628) (82,679) (67,878) 1,678,797 2,196,856 1,832,039 (241,857) (12,736) 6,817,926 Expendable endowment funds Unrestricted endowment funds Discretionary (e) 1,437,595 49,806 (31,661) 4,047 1,459,787 Restricted endowment funds Field of interest (f) Donor directed (g) Grassroots Endowment Challenge (h) Community First Programme (i) Foundation (i) Royal Oak House (k) Legacy Provision Total expendable endowment funds 32,435,417 6,659,193 5,791,730 7,360,546 2,207,141 700,166 265,630 1,112,090 2,218,680 (3,470) 277,034 4,734,370 (428,215) (127,296) (130,572) (312,133) (21,551) (73,600) (788,966) (161,628) (83,440) (111) (68,365) 32,330,326 8,588,949 5,574,248 7,048,302 2,394,259 626,566 5,000,000 56,857.418 8,388,510 (1,125.028) (1,098,463) 63,022,437 Total endowment funds 63,935,080 8,383,367 (1,366,885) (1,111,199) 69,840,363 Vamed endowment funds are at the heart of Quartet's work. These funds are invested to maintain their rea value and generate income which is spent in accordance with the donors' wishes. Grants are made in the name of the donor if required. Quartet offers various types of named funds. (a) and (e) Discretionary Grants are allocated at the trustees' discretion to meet current community needs. All grants allocated are from general grantmaking funds which are classified as restricted. (b) and (f) Field 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 (g) Donor directed The donor chooses which projects to support. 48 Quartet Community Foundation Notes to the financial statements For the year ended 31 March 2025 24. Endowment funds (continued) (d) and (i) Foundation Income from the fund is used to support Quartet's core activities and contribute to its development. (h) Grassroots Endowment Challenge The government introduced the Grassroots Endowment Challenge during 2008-9 to encourage local people and companies to 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 to £5,000 to local voluntary and community groups with income of less than £20,000. (i) Community First Programme The government introduced the Community First Programme during 2011-12 to encourage local people who want to make change possible and who want to support their local community. Up to 31 March 2012, the government matched government matched all new endowment donations by 50%. Thereafter the 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 donor's priorities. (k) Royal Oak House Expendable endowments have been invested in property owned by Quartet. (I) Legacy provision Legacy provision in the accounts value £5m awaiting payment from the Jarman Trust. E265k 2023/24 Buston Trust Deed was received during this Financial year. Unclaimed Assets - At 31 March 2025 Quartet held £9m of endowment funds which have been received under the Dormant Assets scheme. These funds have come from bank and savings accounts which have been inactive for over 15 years. Should the rightful owners of these funds come forward then those funds will have to be repaid to the institution concerned. The amount repaid in 2024/25 was E354k. The permanent endowment funds are those of a separate charity, The Greater Bristol Foundation Permanent Endowment Fund. The Charity Commission has given a Uniting Direction under section 96(5) of the Charities Act 1993 which enables the Greater Bristol Foundation Permanent Endowment Fund to be treated as part of the main charity, Quartet Community Foundation. Accordingly the two charities have been linked under the same charity registration number. The purposes of the 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 funds and the revenue grant funds. The net value of these transfers was £25,455 (2024: £667) 49 Quartet Community Foundation Notes to the financial statements For the year ended 31 March 2025 Permanent endowment Number of funds [a) Discretionary (b) Field of interest (b) Field of interest (c) Donor directed (d) Foundation 24. Endowment funds (continued) Expendable endowment 10 2 4 1 4 5 16 10 8 Number of funds (e) Discretionary (f) Field of interest (f Field of interest (g) Donor directed (h) Grassroots Challenge (i) Community First Programme (i) Foundation (k) Royal Oak House (I) Legacy Provision 21 10 14 8 11 3 27 26 103 30 49 71 5 1 1 Purpose of fund Discretionary grant-making Disability Education and training Elderly people Homelessness Young people Donor directed Quartet staffing & support costs Purpose of fund Discretionary grant-making Education and training Environment Homelessness Safer community environments North Somerset Bath & North East Somerset Elderly people Young people Other field of interest Donor directed Smal/local voluntary groups Small/local voluntary groups Quartet staffing & support costs Donor directed and Quartet staffing & support costs Jarman Legacy 50 2025 € 1,110,234 415,908 412,194 25,803 459,660 365,231 1.678,797 2,196,856 1,832,039 2025 € 1,459,787 2,108,272 703,286 99,460 9,087,890 577,534 957,410 5,232,072 13,511,660 32,330,325 8,588,949 5,574,248 7,048,302 2,394,259 626,566 5,000,000 2024 € 1,153,801 432,401 428,540 26,827 379723 1,745,390 2.274,256 1.904,215 2024 € 1,437,595 2,189,221 730,753 103,353 9,262,394 995,022 4,459,250 14,061,962 32.435,417 6,659,193 5,791,730 7,360,546 2,207,140 706,566 265,631 Quartet Community Foundation Notes to the financial statements For the year ended 31 March 2025 25. Revenue funds Unrestricted Restricted Total Balance at 1 April 2024 Net movement in funds Realised and unrealised investment gains Transfers Balance at 31 March 2025 1,566,443 4,049,867 5,616,310 92,981 (1,694,911) (1,601,930) (54,141) 1,165,340 1.111.199 1,605,283 3,520,296 5,125,579 25. Revenue funds (continued) The revenue fund movements during the year can be analysed as follows: Gains / losses At 1 April Net movement in on 2024 € funds investments Transfers between funds € Unrestricted income funds Staffing and support costs 1,266,443 Designated Fund 300,000 Total unrestricted income funds 1,566,443 92,981 92,981 12,736 (66,877) (54,141) Transfers between Restricted income funds Discretionary (a) Donor directed (b) Field of interest (c) Foundation (i) Grassroots Endowment (h) Community First Programme (i) Royal Oak House maintenance fund Total restricted revenue funds Gains / losses At 1 April Net movement in 2024 € funds investments 244,839 (264,659) 478,637 (111,802) 2,913,426 (1,079,248) 2,150 (66,103) 178,614 (121,131) 199,803 (53,521) 32,398 1,553 4,049,867 (1,694,911) 5,616,310 (1,601,930) 122,085 146,907 743,704 68,365 84,168 111 - -_ 1,165,340 1,111,199 At 31 March 2025 € 1,372,160 233,123 1,605,283 At 31 March 2025 102,265 513,742 2,577,882 4,412 141,651 146,393 33,951 3,520,296 5,125,579 Total revenue funds Transfers During the year a number of transfers were made between the expendable endowment funds and the revenue grant funds. The net value of these transfers was £1,111,199 (2024: £677) 51 Quartet Community Foundation Notes to the financial statements For the year ended 31 March 2025 The detailed revenue grants fund balances are as follows: Restricted grant funds Number of funds (a) Discretionary (b) Donor directed 25. Revenue funds (continued) (c) Field of interest 47 47 Purpose of fund Discretionary grant-making Donor directed 2025 102,265 513,742 2024 E 244,839 478,637 [c) Field of interest (h) Grassroots Endowment Challenge 46 23 16 8 3 8 12 18 4 11 44 193 37 Young people Education Bristol North Somerset Sport Homelessness Bath & North East Somerset Environment Disability Elderly people Other field of interest Small & local voluntary groups 817,589 124,026 87,877 148,198 4,153 54,999 15,857 14,334 14,391 100,962 1,195,495 2,577,882 141,651 797,435 103,198 106,610 124,135 3,311 68,497 122,737 32,516 46,961 151,669 1,356,357 2,913,426 178,614 2025 2024 Number of funds Purpose of fund ) Community Firs rogramm 19 Small & local voluntary groups 146,393 199,803 onor directed grants - certain donors have reserved the right to instruct Quartet how to distribute the incom om their funds. A total of £778.3k of our grants were "donor Directed" and of that amount £334.6k went organisations outside our geographic area. 52 Quartet Community Foundation Notes to the financial statements For the year ended 31 March 2025 26. Grants payable The total number and value of grants payable, analysed by grant beneficiary, is as follows: Payable by primary beneficiary Carers Children and young people Ex-offenders/Offenders & People at risk of offending Families LGBTQ+ Local Residents Long term health or life-limiting condiation Long term unemployed Older people People experiencing homelessness People from a particular minority ethnic or racial origin People living in poverty / disadvantage People living in rural areas People living in urban areas People living with alcohol / drug additions People living with mental health problems People living with physical or sensory disabilities People who are serving/have served in the Armed Forces and/or their families People with learning disabilities Refugees / asylum seekers / vulnerable migrants Victims or survivors of crime / violence / abuse Women and/or girls Young people not in education, employment & training (NEET) Number 8 25 15 71 8 211 68 3 5 24 1 297 11 29 5 51 31 1 74 62 23 3 13 1,039 2025 53,121 52,914 97,277 325,693 27,190 1,178,430 118,666 17,000 57,250 109,197 25,000 1,548,141 96,359 338,553 21,306 270,458 120,048 5,000 267,454 284,205 108,966 1,775 50,429 5,174,433 53 2024 51,664 - 87,418 210,880 27,896 1,220,869 122,024 9,980 149,707 550 1,471,229 38,685 125,810 18,596 342,597 195,009 - 184,543 260,787 107,000 57,877 4,683,121 Quartet Community Foundation Notes to the financial statements For the year ended 31 March 2025 27. Financial instruments Financial assets that are debt instruments measured at amortised cost comprise the following: Gift aid receivable Other debtors and prepayments Total Financial liabilities measured at amortised cost comprise the following: Trade creditors Taxation and social security Other creditors Accruals and deferred income Grants payable 2025 18,826 5,418,307 5,437,133 33,428 19,358 52,872 93,325 940,757 1,139,740 The company has no foreign currency or interest rate derivative financial instruments. 54 2024 37,144 821,656 858,800 10,255 18,953 57,182 93,110 765.045 944,545