Bedfordshire and Luton Community Foundation REPORT AND FINANCIAL STATEMENTS For the period from I" April 2024 to 31" March 2025 Company Registration Number: 4141953 Charity Registration Number: 1086516 Member of the UK Communlty Foundatlons Network UKCOMMUNITY FOUNDA TIONS GIVING FOR LOCAL GOOD Bedfordshire and Luton Community Foundation Annual Report April 2024 - March 2025 Contents Page Reference and Administrative I nformation Chairfs report Trustees Report Structure, Governance and Management Objectives for Public Benefit 9-12 Achievements 2024-2025 12-13 Financial Review 13 -14 Investment Policy 15 Risk Management 16 Affiliations 16 Future Plans 16 Statement of Directors, Responsibilities Report of the Independent Auditor 17 18-21 Statement of Financial Activities 22 Balance Sheet 23 Statement of Cash Flows 24 Notes to the Accounts 2S-35 Bedfordshire and Luton Con)munity Foundation Annual Report April 2024 - March 2025 Reference and Administrative Information Charlty Name Bedfordshire and Luton Community Foundation Company Re8lStration Number 4141953 Charity Registration Number 1086516 Registered Office & Operatlonal Address Enterprise House Wrest Park Silsoe, Beds, MK45 4HS Directors and Trustees Susan Hughes Judith Barker (resigned 3 December 2024) lan Taylor Jame5 Western Christopher Collett Aimee Gomez Louise Mackenzie Giles Neoh (resigned I" September 2025) Junaid Ahmed (appointed 13 March 2025) th Venesa Coodien (appointed 13 March 20251 Julian Barker (appointed 16 June 20251 Augusta Evans (appointed 16 June 20251 Gareth Thomas (appointed 16 June 2025} Wayne Humberstone (appointed 16 June 2025) Honorary Patrons His Grace the Duke of Bedford Mrs Helen Nellis Mr Geoffrey Farr, MBE, DL Rt Rev Richard Atkinson OBE. Bishop of Bedford CEO Karen Perkins Bedfordshir¢ and Luton Community Foundation Annual Report April 2024 - March 2025 Independent auditor HW Associates Limited Chartered Accountants Portmill House Portmill Lane Hitchin Herts. SGS IDJ Prfncipal Bankers National Wèstminster Bank PLC 41 High Street North Dun5table Bedfordshire LU6 IJU CAF Bank Ltd 25 Kings Hill Avenue Kin85 Hill West Malling Kent ME19 4JQ Investment Brokers Rathbones Investment Management CCLA Investment Management Ltd North Wing, City House l Angel Lane 126-130 Hills Road London Cambridge EC4R 3AB CB2 IRE Solicitors Taylor Walton Solicitors 2844 Alma Street Luton LUI 2PL Bedfordshire and Luton Community Foundation Annual Report April 2024 - March 2025 Chairfs Report This has been my first full year as BLCF Chair. Last yearfs report reflected on a period of rapid grovrth and expansion, and this has continued, with trustees focusing on supportingthe Chief Executive through ensuring stability and maintaining a Sound financial footing. Diversification of funding sources has continued. alongside ongoing analysis of local needs and priorities to ensure that grant giving is timely and relevant. The number of donors has risen from sixteen to twenty- three, supporting thirty-three funds, up from nineteen last year. New funders include Knife Angel, SWEF Enterprise Fund, the Office of the Police and Crime Commissioner and Cadent Gas, alongside a range of other regular and one-off donors. BLCF has awarded more than £4.7m through 243 grants, which have benefited over 367k indiv￿u31$ across the area. BLCF'S participation in Luton's Fairness Taskforce continues, alongside broader efforts to address inequalities throughoutthe county. The Foundation applies IVAR'S open and trusted grant making principles to its giving and takes part in several networks to discover and apply best prartice in thi5 area and remains above the national average in the proportion of its giving to the diverse communities it seNes. The staff team has been significantly strengthened this year with the recent appointment of a grants officer, communications and administrative support and an apprentice data officer. BLCF'S social media profile has been significantly enhanced, raising its profile and promoting our grant giving. To ensure appropriate levels of remuneration and support retention, existing staff members have benefited from benchmark review of pay and benefits. 2024-5 has ended with the Charity in a sound financial position. BLCF'S property reserrfe has been retained in support of its future ambition to acquire premise5 for the development of a Charity Hub. Investments continue to be reviewed regularly to ensure the optimum balan￿ between return and risk. The board has welcomed two new trustees, as we start to replace those whose terms concluded recently. An open recruitment process is underway to find up to four more. The reinforced Board will bring fresh skills and ensure support is available forgrant panels. recruitment and the work of our executive committees and workinggroups. The Foundation is looking forward to its 25 anniversary year in 2026, and work is underway to develop a new endowment, inviting donors to match fund an initiative to help funded organisations become sustainable in the longerterm. rather than relying on projert funding. Buildingthe new endowment will run in parallel with plans for the anniversary itself- creation of a new video to promote BLCF'S mission and achievements. The year will be bookended with events. one of which will bring together the voluntary sector and the other BLCF'S stakeholders, to celebrate our journey of significant grovrth and to promote our future strategic focus. In conclusion, I would like to extend my thanks to current trustees, who, in support of Chief Executlve Karen Perkin5, have been instrumental in ensuring that BLCF continues to operate so effectively, thrive and develop. Thank you too to BLCF'5 exceptional staff team and to our volunteers. whose commitment and enthusiasm has been so important in the delivery of another successful year. Is¥ I)￿￿M￿￿ Joi£ Sue Hughes Chalr of Trustees Bedfordshire and Luton Community Foundation Bedfordshire and Luton Conununity Foundation Annual Report April 2024 - March 2025 ort of the Dlrertors and T￿￿teeS For the ear endi 31 March 2025 The Board and Staff of 8LCF present their report and audited financial statements for the year ending 31° March 2025. Trustees and Directors The Directors of the company, Bedfordshire and Luton Community Foundation (the Foundation or BLCF), are its trust*s for the purposes of charity law and throughout thi5 report are collectively referred to as Trustees. The Trustees who held office during the period IA April 2024 to 315t March 2025. and to the date of signature of the accounts are listed on page 3. The Company is limited by guarantee and, as such, has no share capital. Each memberfs liability is limited to Éio. Structure Governance and Mana ement The Foundation is a charitable compary limited by guarantee. incorporated on 16ih January 2001 and registered as a charity on 9th May 2001. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. Trustees meet fourtimes a year and Board meetings workto a standard agenda and detailed reporting system provided by the Chief ExecutNe ICE0} which enable the Board to maintain a consistent approach and understanding of how the team are delivering against the plan. Trustees are satisfied that this procedure gives time for both business matters and open discussion on issues related to the strategic direction of the Foundation. 8usiness is conducted between Board Meetings through executive committees which are responsible for operational stewardship. The executive committees cover Finance, Fund Development and Governance issues. each is led by a Trustee chair who reports back at each board meeting. A mandatory Impact workshop is an annual event, directed by the Chair and CEO, bringing together the data and impact information collected for the past year through research. grant award infographic data and case studies, to reflect and share learning and inform the future yearfs artivities. Focused task and finish group5 are convened a5 required to focus on targeted pieces of Trustee work such as developing an EDI Strategy. Trustees can appoint specialist advisors to the Board to provide expertise in areas where skills gaps currently exist or where specrfic time limited projects require it. Appointment5 to the Board of Trustees The Board maintains a regular overview of the spread of krKtrwledge and skills within the organi5ation's governance. This identrfies gaps in its makeup and seeks to fill these by approaching appropriate candidates and by placing advert15ernents aimed at specific skill sets and gaps. Trustees are recruited through a transparent process, following a recruitment policy which includes an online application proces5 and subsequent interview. The role and responsibilities of Trustees are carefully explained by the chair before applicants are invited to meet the selection panel. The Trustees are appointed against role descriptions for the 2 key roles of Trustees and Chair. These roles are reviewed regularly by the board along with the recruitment process. Trustees undergo an annual Declaration of Interest check and are DBS checked and sign a Code of Conduct, and their skills are regularly audited to identrfy strengths and gaps. On joining, Trustees re invited by the chair to sit on an executive committee that matchestheir skills. Bedfordshire and Luton Conununity Foundation Annual Report April 2024 - March 2025 Trustee Inductlon and tralnlng Once appointed all new Trustees are invited to a detailed indurtion meeting with the Chair and CEO, who will highlight key items from the Articles of Association and provide them with a synopsis of the strategic plans for the organisation. This includes a presentation about the purpose and processes of the foundation and an introduction to key staff and operational systems as well as the trustee role and responsibilities. A complete set of Induction slides are provided to new Trustees and include a full list of Foundation policies. Trustse Tralnlng All Trustees are encouraged to spènd time in company of the Senior Leadership Team (comprising the CEO, Head of Impact and Head of Business Development) and other staff members to gain a deeper understanding of the role of the Foundation within the local community. Atraining plan for staff and trustees is maintained and specific specialist training in Grant Panel work 15 mandatory forall Trustees in line with the Grant Making Policy, delivered bythe Foundation's Head of Impart. AIITrustees are required to attend a panel at least once a year to ensure due diligence processes are follovrfed by the presiding Grant Managers, thus ensuring Foundation policies are followed. At least one Trustee is required but two is preferable, when possible, to ensure continuity and ongoing peer learning. Copies of appropriate Charity Commission publications are provided by the chair to all Trustees before they join, and they can sign up to the mailing of the UK Community Foundations network for additional information and guidance. Trustees may be encoura8ed by the chair to take a position on a specific UKCF board relevant to their skills, and to attend the annual UK Community Foundations conference. Regular electronic updates are sent to all Trustees outlining Foundatson issues and highlighting national and regional issues that might have an impact on our work. Fonnal and informal events are organised for trustees and staff to meet. Patrons The Patrons of the Foundation act as honorary ambassadors and their support is much appreciated as we seek to strengthen our profile within the communities of Bedfordshire and beyond. Our patrons are led by our President of Patrons and founder Geoffry Farr. New patrons meet BLCF'5 Chair and CEO to understand more about our work and are encouraged to attend our events. UK Community Foundatlon The Foundation is a memberof UK Community Foundation (UKCF), the national networkwhich connects and represents the 47 accredited community foundations operating in the UK. During 2024-25 the Foundation underwent a quality accreditation (QA6) assessment process by external assessors appointed by UKCF and was pleased to be notified that it had gained accreditstion which will stay in place for 3 years. In addition, the Foundation was selected for and awarded a Foundation Practice Rating alongside many community foundations, trusts and independent charitable foundations in the UK. Bedfor(tshire and Luton Community Foundation Annual Report April 2024 - March 2025 Organisation The Board of Trustees delegates the day to day runnin8 of the Foundation to the CEO. In terms of award makin& the Board has delegated decision-making authority to its awards panels, with the proviso that any award more than £15,000 must be ratified at a full Board meeting or exceptionally by e- mail, following a clear auditable process. The Board has also authorised that awards of under £1,500 can be made on the recommendation of the Head of Impact subject to the approval of one Trustee member of the general awards panel, or of the donor. The Foundation has over 20 volunteers who sit on ourvarious grant panels. The general grants panel meets, on average, threetimes a year to discuss funding applications for its regular programmes and to agree which of these m05t closely match the criteria of the funds available for distribution. In addition, specialist panels are convened for programmes where specialist skills from communities or where donor representation is required. The Youth Fund panel, which oversees awardsfrom the Luton Youth Fund, meets twice a year. The Community Investment Fund panel. which oversees awards from Luton Rising, meets once every three years to award 3-year funding agreements. Grant programmes for one off contracts are managed through offering the donor representstion on the Gener31 Panel or by presenting applications at the donorfs Board or Governance Meetings. A Foundation trustee is invited to sit as an observeron all panel meetings. This ensure5 thatthe Foundation grants team is compliant with our policies. The Foundation operates secure IT systems which ensure a strong audit trail and accountability and due dlllgence. These comprise our Salesforce CRM system. which records all donor and grantee engagement, SharePoint for our files, management security SUPPOrted by Virtual IT, and a new information architetture structure in place to ensure good process and file management are maintained. Online security from LastPass password software, Mimecast email checks and multrfactor authentication are mandatory and used to ensure the highest level of security. Contractor Virtual IT provides an annual cyber security review and Cyber Essentials certification was awarded in June 2024. The CEO ensures compliance with IT security systems are maintained and changes implemented. During the fjnancial year we progressed the development of a new upgraded Salesforce System through project DITA working with UKCF. This new system will improve functionality and allow a more bespoke use of our data for development purposes. The roll out of the new systern is planned for September 2025. Trustees are provided with secure access to a BLCF email account, SharePoint file access for Trustee minutes and meetings information and a digital comrnunication channel called Slack to manage urgent communication and minimise risk of security breaches. Early in the financial year, with the arrival of new trustees we reorganised the rnanaging of risk to spread ownership across our Executive Sub Commlttees to ensure the most appropriate scrutiny and reporting into the main Board through our new Risk Register management process. Bedfordshire and Luton Community Foundation AJ]nual Report April 2024 - March 2025 Objectives and Activities undertaken by the Foundation for the Public Benefft The Foundatlon's Strats£k Plan for 2022 -2027 The Foundation has completed three years of its delivery. Its vision is to ensure Local Focus Lasting Change across the county whilst playing its part in a global context by aligning its work to UN Sustainable Development Goals. The Foundation ensures delivery of this work is set within the strategic context of its partners, funder5, and stakeholders. Delivery is managed and maintained through 3 Delivery Plan developed to ensure it delivers impact. and that it contribute5 to the landscape of support available for the voluntary and charity sertor in Bedfordshire. Its work is measured through clearly agreed deliverables and targets and reported at the Board meeting through a CEO Reportl Progress Report. The Strate8ic Plan is to undergo a full review and include stakeholder engagements too. for a revised version to be ready for late 2026. Our Vls5on We want a Bedford5hire which is thriving, collaborative and inclusive- where there is Opportunity for all and the lives of the most disadvantaged have been transformed through innovative, community-based solutions. Our Mlsslon Our mission is to be a catalyst for positNe social change in the county by connecting people, ideas, resources and needs to make a lasting difference in Bedfofdshire. Our Values A new set of values has been developed by the operational tearn. Ready to Challenge- enabling us to excel, our partners to have impact, our communities to work together and for all to help shift the balance of powerthrough the value of our data, insight, and knowledge. Dellver Lastlng Change- we use influence to make change happen that is long lasting and impactful for ourcommunity partners and individuals. Embraceopportunities-we have an appetiteto take calculated ri5ksto ensure our own and the charity sectors Sustainability and to help u5 grow and explore new opportunities. Always Accountable - we are trusted by our partner5, our funders and the people of Bedfordshire. We understand the needs of the communities and build that knowledge through relationships, built on fairness, equality, and transparency. Local Focused - we value our local 'place based, knowledge aTKI expert15e gained through our connections and networks ensuring our widergeographic reach. Ever Curious- to grow our understanding of local need through our collective curiosity and strive to always understand and be informed of the everchanging needs we aim to address. Hlghly 5killed- We are a skilled and passionate team working within quality standard5 and growing our reputation. experience, and professional development. Reflect and represent - the communities we senie and draw on our lived experiences to inform our work and seen in the makeup of our staff teams, volunteers, panels members and Trustees. Our Role: As a grant maker, ensuring effective grants which meet donorfs charitable interests and address the communitvs changing needs Bedfordshire and Luton Community Foundation Annual Report April 2024 - March 2025 As a philanthroplc advisor, offering information 2nd advice which helps donors achieve their objectives and improve the community As a community leader. stimulating community dialogue and decision making which help define common goals and solve crucial problems. The objerts for which the Charity was established are set out in our Memorandum of Association and Articles of A550ciation- l. the promotion of any charitable purposes for the benefit of the community in the geographic county of Bedford5hire and in particular advancement of education the protertion of good health both mental and physical and the relief of poverty and sickness. other exclusivety charitable purposes in the United Kingdom and elsewhere which are in the opinion of the Trustees beneficial to the community includin8 those in the area of benefit. There are no specific restrictions on the operations of the Charity, but it is intended that the greatest proportion of monies will be spent in the geographic county of Bedfordshire. Two of our donors ask that we make awards within parts of Hertfordshire and Buckinghamshire on occasion, and we link with the Hertfordshire and BuckinEhamshire Community Foundations to support this process if necessary. A summary of restrictions and investment powers is laid out in the Goveming Document. The Bedfordshire and Luton Community Foundation is dedicated to improving the quality of community life of the people in the county of Bedfordshire, including Luton, and in particular those in special need by reason of disability, age, financial or another disadvantage. Our priority areas of need have been identified through close workin8 With INSIGHT. our small charities forum, and are: To eradicate poverty in our county To create a healthy Bedfordshire To grow stronger communitie5 The Foundation is further committed, through its new Strategic Plan to reviewing and implementing three Golden Threads which will be addressed through its operational work, its advice and the seniices provided. These include l. Addressing inequality across all protetted characteristics 2. Listening and learning from our community partners 3. Contributing to addressing the Climate Crisis We continue to deliver against this Strategic Plan whist starting work on a review of the achievements of the plan over the first 3 years. 2025 marks this period of review and reflection as we work towards a revised plan for 2026 and a refreshed Vital Signs report and Annual Plan, together informing our new dirertion as we work towards our 25 anniversary year in 2026. Critical to the Foundation's operational sustainability has been to diversify its funding and reduce reliance and therefore risk of a single donor contributing a dlsproportionate amount to the running of the charity, Over the last 12 months the Foundation's grant making income has grown and diversified further through working with 23 donor5 across 33 funds, and in new CSR partnerships. The Foundation has received requests for £14,225,720 in fvnding and from this we have awarded £4,787,580 through 243 successful grants awarded following review of 481 full applications drawn from 743 enquiries for support. This represents a 51% success rate and has benefited 367,{￿) people. 10 Bedfordshire and Luton Community Foundation Annual Report April 2024 - March 2025 Publlc Benefft The Board speafically ensures that its work meets Charity Commission requirement to consider each year whetherthe work carried out is of public benefit, and tests this by looking at the projects we fund, the issues that these address and the outcomes that we can see. Each application for funding is assessed to ensure that it meets our Public Benefrt checklBt. Whilst we know that the above issue5 cannot be 505ved overnight, the board of Trustees and staff are dedicated to making a difference in these areas. We have established grant programmes to try and tackle these themes through the 19 funds we have delivered in 2024125 including: Community Trust Fund, Community Investment Fund13 yrs) Small Grants Programme, Luton Youth Fund12yrs) Near Neighbours Fund Greener Futures Fund The Stability Fund Luton Citizens Fund Knife Angel Legary Fund SWEF enterprise Fund Whitbread Chairmans Fund Community Recovery Fund Luton Collaboration Fund Bedfordshire Cultural Support Fund Central Bedfordshire Mental Health Collaboration Fund Wilkes Alms Fund Cadent Gas Live Well Fund Peabody Healthier Wealthier Happier fund Mamot Town Equity Prize LuDun Fund OPCC Safer Streets 5 Fund Frank Branston Fund Various Corporate Social Responsibility {CSR) programmes Supporting groups and communities who face discrimination and barriers to accessing support continues to be our priority. Through our better understanding of need the Foundation has been able to sign up to the FREA (Funders for Race Equalities Alliance) and IVAR (Institute of Voluntary Action Research) Open and Trusted Grant Making Principles to address inequality. The Foundation has joined the BAOBAB inequitv network and was a founding member of Luton's Fairness Taskforce. During the financial year BLCF contributed, for the fourth time, to the FREA racialjustice audit, showing our commitment to addressing inequality as outlined in our strategic plan Local Focus, Lasting Chang Bedfordshire & Luton Community Foundation Iblcf.org.ukl. The audrt look5 at and holds funders to account in their aims to address the levels of inequality experienced by global majority communities and those experiencing racial injustice across the funding sectors and helps them to see where barriers can be removed. These findings compare BLCF'S performantt to national averages. 2022-2023 saw 20 funders submit details of 1813 grants in the audit. The total value of the awards was £133.3 million. BLCF continued to contribute all of our fundln ro rammes across our regional spread to show a truly representative example of our work. rather than submitting a smaller sample. Bedfordshire and Luton Community Foundation Annual Report April 2024 - March 2025 We have kept on track with Dur percentage of grants awarded to groups led by representatives of the communities they serve (defined as 50% of management and 75% of the board) and are above the national average of 22% of grants going to group5 led by those with lived experien￿ of their beneficiaries at 35Qh of our total grantmaking. We have also kept on track with our reporting of the percentage of grants awarded to groups led by people who have experienced racial inequality, With BLCF reporting 35% against a national average of 24%. Of the27% of ourtotal grants that were specifically designed to benefit those communities. 95% went to groups led by representatives of communities they serve. Nationally, groups that work to benefit Asian/Asian British communitie5 receive the lowest value of grants, which is not reflected in our grant giving. 13.5% of ourtotal grants went to groups with a specific charitable aim to support Asian and Asian British communities, compared to a national average of 2%. The Foundation continues to diversify its donor portfolio and grant programmes as part of its long-term sustainability. Endowments and legacies remain a focus, but securing these is a slow process and more work will be done over the corning year. For the past year we have worked closely with experts at UKCF to explore dormant funds and revitalise trust programmes, asthey engage with The Charities Commission and DCMS to unlock charitable investments and repurpose them into grant making. Some of this work has seen early opportunities to deliver grants for other organisat￿n$, to build trust and grow a relationship that can in future be explored as an endowment to the Foundation or as a match funding opportunity. During the financial year the Trustees decided to withdraw the plans to invest in a property identified in Luton as a potential home for ourcharity Hub model. The Trustees felt the financial risk at the time was too great for this site. However, the Trustees remain committed to exploring the Charity hub concept with other potential sites and have retsined the property reseNes to invest when the right property is identified. Achievements 2024-25 This year has seen the Foundation complete the third year of our new Strategic Plan with 99% of our priority actions agreed for 2024-25 underway or completed. The Senior Leadership Team is now working on a process to review the Strategic plan based on the past 3 years and informed by trustees, stakeholders, donors and VCSE sector. A survey to inform the review is planned for summer 2025 and results will be th published in early 2026 as part of our 25 anniversary year. Key achievements in the last year include: l. Investment in the capatity of the 8LCF Team- an additional 1.2 FfE has been brought into the team following an organisational change process in February and March 2025, growing our FTE from 7.1 to 8.3FTE. The Trustees and CEO identified the significant risk to further growth of the foundation without upfront investment in staff and capacity- The Trustees took the decision to commit the Foundation's surplus at the end of 2024-25 towards staff recruitment. a. Vacancles have been filled for Head of Business Development and Grant Manager b. New roles appolnted include a Grants Officer, to create as a pipeline for future Grants Manager vacancies- an Office Administrator to support across team and Trustees, work and to allow the uplift of the Marketing and Comms Administrator to Officer level, and a new Data Officer (apprentice) to support data consistency, mining and research to inform our business growth. 2. Completlng a revlew of Payscale and benefits- a full pay review was conducted, as the foundation struggled to retain staff due to levels of pay compared to ne￿hbOUrJn8 Foundations and our proximity to London. This has involved: 12 Bedfordshire and Luton Community Foundation Annual Report April 2024 - March 2025 A full benchmarked revSew of pay and beneffts between BLCF and other foundations using UKCF survey data and ACF survey data. The Payscale review will stay in place for 3 years and be used to help staff progress through spine points based on performance and annual appraisal results. b. Implementation of an NHS Top Up health benefit offer for all staff c. Increased leave allowance to 28 days after 2 years of service, increasing by I day a year after the first 2 years until this maximum is reached d. Planned pension review for 2025 3. Trustee re¢ruitment to build on skills audit review completed by Chair of Trustees in 2024 bringing in five new Trustees with skills in areas of HR, business. policy and governance education and policing. 4. Securing our first funding programme with the OPCC for Bedfordshire which has developed into a potential long-term partnership for a further three years in line with current Police and Crime Commissionerfs delivery of the Police and Crime Plan. We also secured a 3-year programme with Luton Council to deliver a major Fairness Taskforce programme Innovation fvnd and a new two year Arts & Culture Fund. These new programmes all support 8LCF in building more long-term funding opportunities. We also started work on developing a new s￿L31nabl1Ity fund to support core VCSE costs and based on the work of the last 4 years in delivery of the Stability fund post Covid 19. Learning from this programme will tnform the new fund for 2026 with the support of Steel Charitable Trust and Amateurs Trust. 5. The Head of Business Development and CEO have started to shape an Endowment Match funding th campaign for our 25 Anniversary, to supportthe new Sustainabilityfund, and have started work with several other Trusts to expklre Trust transfers whilst we continue to drive and grow a pipeline of CSR work. and Social Value programmes are in development. 6. In 2024-25 we secured our Quality Assurance IQA61 assessment as part of the UKCF network and received a B ratin8 for Foundatlon Practice Rating. 7. We lead work across the U KCF network in shared learning regarding approaches to diversification of income and in a mapping projert to better understsnd Ereen funds and initiatives so we could again learn from each other acros5 the network. 8. We publicised a new Equality. Dlversity and Inclusion Framework and shared EDI data for our programme and staff and trustees to ensure we demonstrated our commitment to representing our communities 9. We started to work on an action plan for 2026 to mark the 2Q Anniversary of BLCF including a video of our succe55 and achievements, campaign and social media programme and major events for VCSE and stakeholders throughout the year Flnancial Review For Companies Act purposes the profit/{loss) for the year (exduding the net movement of Endowment Funds) was 2025.. £59.050 {2024: £323,843). The principal funders durin8 the year were as follows: Luton Rising London Luton Airport Operations Ltd Luton Borough Council Centrol BedAordshire Couno'l 13 Bedfordshire and Luton Community Foundation Annual Report April 2024 - March 2025 All other funds come from a spread of sources. The balance of unrestricted funds increased to £577,679 The trustees have designated an element of unrestricted funds to a property reserve, whilst ensuring that the reserves policy below is maintained. The chief sources of restricted funds available to the Foundation are derived from the Luton Rising projects. These funds are not kept by the Foundation but are drawn down on a quarterly basis. Restrbtted funds reduced by £34,022 to £1,504.071. The endowed funds, held in a separate account, reduced by £113,902 and were valued at £1,601,432 as of 31 March 2025 with investment income or an agreed percentage of the fund value being transferred to our award making accounts. The trustees are confident that the Foundation can continue to meet its liabilities as they fall due for the foreseeable future and that the accounts should be prepared on a going concern basis. Resetves Pollcy The Trustees consider it prudent to maintain an appropriate level of unrestricted reserves, Such re5erve5 could from time to time be required to avoid any disruption to the charitsble work, given that by their nature, certain sources of income are erratic and difficult to forecast. The optimal level of reserves is considered to be the equivalent of six months of administratrve expendtture. This is reviewed annually at a Trustees meeting. Atthe end of the year £300,000 was held in resepies. The Foundation also holds a specific property reserve to support the future plans for acquisitK)n of a site to deliverthe proposed Charity hub. This reserve total at 31" March 2025 amounted to £228,609. Remuneration Policy The Foundation operates a remuneration poliry whereby an annual percentage award is considered for all directly employed staff, from 1st April each year. and that the individual percentage be so calculated to include: a} Personal performance of the Employee, during the year and asse55 through the annual appraisal. b> The Financial perfomiance of the Foundation during the year; and c) Cost of living and inflation response benchmarked alongside the offer of other Communrty Foundations through the UKCF network In 2024-25 a full benchmarking review of salaries was completed drawing on data co15ected by the Association for Charitable Foundations and UK Community Foundation. This informed a revised Pay Scale model which wa5 approved by Trustees in December 2024 and implemented along with a new staff structure in April 2025. We further completed a benchmarking of leave and approved the increase of annual leave as detailed above. In addition, we continue to offer a contract with WPA health to offer a NHS Top Up benefits package to all paid staff. The cost for 2025 was £2,200 (2024:£1,218) The average employee headcount during the financial year was 7 plus contracted freelance support from 4 external bodies procured through a new Procurement Policyto 5UPPOrtdevelopment and deliveryof the new Strategic Plan. This included finance management, executive 5UPPOrt services and marketing provision. One employee earned more than £60,OC(I, and the total remuneration paid to key management personnel during the year was £75,13312024: £72,092). 14 Bedfordshire and Luton Community Foundation Annual Report April 2024 - March 2025 Investment Policy and Perforniance The Board discusses the investment Strate￿ each year. In the year ending 31st March 2025, funds V￿re maintained partly with National Westminster Bank and higher interest-bearing accounts with CCL4 investment management Itd in their COIF Deposit Account. The endowment is managed by Rathbones Investment for active (discretionary) management and CCL4 Investment Management Itd. Regular reports are received from these investors and Trustees can meet with Rathbones to discuss investment practices. CCLA investment is managed by a committee formed of UKCF staff and Trustees. Investment Objectives The trustees have a responsibility to invest and manage the Foundation'5 funds safely and professionally• paying due attention to risk whilst, at the same time, maximising the return on the funds invested. The trustees have declared the following objectives- Income should be maintained in real terms to maximise the income available for the Foundation's primary objective, the provision of grants. This will also provide the liquidity necessary for payment of grants during each financial year. The capital value of the invested funds shall be maintained at least in line with inflation over time but recognizing that there will be short term fluctuations due to market performance. A reasonable balance between short-term income and long-term preservation of the real value of the funds held shall be established and maintained Investment Perfomiance Investment perfomance is reviewed quarterly by an executive committee, with involvement of financial professionals and based upon the fonnal Quarterly performance reports from Rathbones. Overall, the performance is considered satisfactory and in line with Investment Objectives. Specifically, the overall value of investments has decreased over the period, and the trustees have taken the decision to move the endowments fund held with Rathbones to the management of Sarasin and Partners. Investment Sn property It remains an intention of the Trustees to explore and invest in a property for the Foundation however a suitable site has not yet been found and so the Trustees are committed to holding a property reserves to support this until a site is found. Risk management The Board of Trustees has overall responsibility for risk management, ensuring that the Foundation is not exposed to any major risks and that its governance procedu￿$ are such that any risks are able to be mitigated. At the start of the year It reviews a full Risk Register that is developed with Trustees and managed 15 Bedfordshire and Luton Community Foundation Annual Report April 2024 - March 2025 by the operational team, led by the CEO. All risks are scored using a RAG rating and the top 'Red' risks and any major movements are reported to each Board meeting for monitoring. Risk ownership is shared across 3 executive sub committees who lead on specific areas of risk and report in to the Board. All financial and employment legislation issues are managed as appropriate to the size of the organisation and the 8oard is kept fully advised of any necessary action. and consulted where necessary. There are currently no red risks for the organisation. Affiliations The Foundation remains affiliated to the UK Community Foundations Network (UKCFI, to whom we pay an annual fee. UKCF keeps us in contactwith other Foundations, offers training and support and runs the Quality Assurance IQA) scheme. Also, membership of the Association of Charitable Foundations (ACF) provides additional training, advice and benchmarking support. In addition, close links are maintained with local Council for Voluntary Service. sertor organisations, the Rural Communities Charity, Learning Partnership. and local and regional Government via a range of consultative panels and a regular log of networking in community forums is maintained, and delegated and shared across the operational team, ensuring BLCF continues to provide a level of information and expertise. All learning and research acquired is shared acrossthe organisation to infom) understanding of need and howwe deliver our priorities. In the year 2024-25 we have grown our networks significantly, widening our reach and partnerships across the county as a whole. The CEO and Senior Leadership Team sit on about ten strategic boards and use this participation to understand need, promote our work and connect with partners, priorities to shape our offer. Future Plans The new Foundation Strategic Business Plan 2022-27. has been in place and delivered for almost three years and 15 now ready for review. 2026, our anniversary year, marks an opportunity to ￿flect on the work of the Foundation over its 25 years and to ensure we are fit for a future 25 years. 2025-26 will see the completion of key work to inform a revised plan including". l. Review of the 2023 Vital Signs research to understand the shifts in community need 2. Creation of an Annual Reportto share headline information on ourcore grants work, partnership and network support 3. Development of a full set on infographic data and stories of changes of VCSE work completed to use for social rnedia work 4. Research and contracted support to complete a stakeholder review of the current plan to understand from partners, VCSE. donors. Staff and trustees the impact of investment to date to inform the next iteration. 2026 will be a year of celebration, marked by an anniversary event for stskeholder5 and funder5 in May 26 to reflect on our past, and a thank you event for VCSE groups in November 25 to look to the future. 16 Bedfordshire and Luton Community Foundation Annual Report April 2024 - March 2025 Statement of Director< Responsibilities Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Company and of the income and expenditure of the Company for that period. In preparing ttr￿Se financial statements, the dirertors are required to: Select suitable accounting policies and then apply them consistently. Make judgements and estimates that are reasonable and prudent. Observe the methods and principles in the Charities SORP. 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 thatthe Company will continue in business. The directors are responsible for maintaining proper accounting ￿CordS which disclose wfch reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply wtth the Companies Act 2tt16. They are also responsible for safeguarding the asset5 of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities, So far as the directors are aware, there 15 no relevant audit infomation of which the Company's auditors are unaware and we have tsken all the steps that we ought to havetaken as direttors in orderto make ourselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information. This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies, exemption. Is¥ t)eoofflkJer ao S Hughes Chair of Trustees 17 Bedfordshire and Luton Community Foundation Annual Report April 2024 - March 2025 Independent Audltorfs Report to the Members of Bedfordshlre and Luton Community Foundation Oplnlon We have audited the financial statements of Bedford5hire and Luton Community Foundation (the charitable company) fortheyearended 31 March 2025 which comprise thestatementof financial actlvities {incorporating an income and expenditure account), the balance sheet, cash flow statement and notes to the financial statements, induding a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including the 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 fairwew of the state of the tharitable companrfs affairs as at 31 March 2025 and of its incoming resources and application of resources forthe year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Prartice; have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the tharitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concem In auditing the financial statements. we have concluded thatthe trustees, 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 conditionsthat, individually or collectively. may cast S￿nifICant doubt on the charitable CoMpan￿S ability to continue as a going concern for a period of at least 12 months frorn when the financial statement5 are authorised for issue. Our responsibilities and the responsibilities of the trustees With respect to going concem are described in the relevant sertion5 of this report. Other informaticn The other information comprises the information included in the trustees, annual report. other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information contained within the trustees, annual report. 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. Our responsibility is to read the other information and, tn doing so, consider whether the other information is materially inconsistent with the financial Statements, or our knowledge obtained in the course of the 18 Bedforitshire and Luton Community Foundation Annual Report April 2024 - March 2025 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 gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material rnisstaternent of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescribed by the Companie5 Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the tru5tees' report. which included the directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and the directorf report included within the trustees, report has been prepa￿d in accordance wtth applicable legal requirements. Matters on which we are requlred to report by eX￿ptIon In the light of the knowledge and urKlerstanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if. in our opinion: adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustee5' remuneration specified by law are not made. or we have not received all the information and explanation5 we require for our audit; or the trustees 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 trustees, report and from the requirement to prepare a strategic report. Responsibilities of tristees As explained more fully in the trustees, responsibilities Statement the trustees (who are also the directors of the charitable company for the purposes of company law) are resrA)nsible 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 trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitable companvs ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the 8oin8 concern basis of accounting unlessthe trustees either intend to liquidate the company orto cease operations. or have no realistic alternative but to do so. Audttorfs responsibilities for the audlt of the financlal statements Our objectives are to obtsin reasonable assurance about whether the financral statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit 19 Bedfordshire and Luton Community Foundation Annual Report April 2024 - March 2025 conducted in accordance with ISAS (UK) will always detect a rnaterial misstatement when it exists. Misststements can arise from fraud or errorand are considered material rf, indivTrdually or in the aggregate, they could reasonably be experted to influence the economic decision5 of users taken on the basis of these financial statements. Irregularities, includin8 fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, is detailed below. The extent to which the audSt was considered capable of detecting irregularStles Including fraud In identifying and assessingthe risks of material misstaternent in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following,. The nature of the industry and sector. control environment and business performance including the design of the remuneration policies, key drivers for trustee remuneration, bonus levels and performance targets,- results of our enquiries of Management about their own identification and assessment of the risks of irregularities; any matters we identified having obtained and review the charitable companvs documentation of their policies and procedures relating to; identifyin& evaluating and complying with laws and regulation and whether they were aware of any instances of non-compliance. detecting and responding to the risks of fraud and whether they have knowledge of any actual. suspected or alleged fraud; the internal controls established to mitigate risks of fraud or non-complian￿ with laws and regulations; the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audrts under ISAS (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the charitable company 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 UK Companies Act. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but Complian￿ with which may be fundamental to the companvs ability to operate or to avoid a material penalty. These included the Employment law. 20 Bedfordshire and Luton Community Foundation Annual Report April 2024 - March 2025 Audit response to risks identif￿d To address the risk of fraud through management bias and override of controls. we: performed analytiC21 procedures to identify any unusual or unexpected relationships. tested journal entries to identify unusual transactions; assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: agreein8 financial statement disclosures to underlying supporting documentation; reading the minutes of meetin8s of those tharged with governance; and enquiring of management as to actual and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions,the less likely it is that wewould become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non- compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. Afurther description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uvauditorsresponsibilities. This description forms part of our auditorfs reporL Use of our report This report is made solely to the charitable companvs members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable cornpanvs membersthose matters we are required to State tothem in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable compan(s members as a body, for our audit work, forthis report, orfor the opinions we have formed. kA_I 4,-*-- Mark Hjertzen BA FCA (Senior Statutory Auditor) For and on behalf of HW Associates Limited Date: 14-La Qo25. Portmill House Portmill Lane Hitchin Herts, SG5 IDJ Chartered Accountants Statutory Auditor 21 Bedfordshire and Luton Comtnunity Foundation Annual Report April 2024 - March 2025 Bedfordshire and Luton Communi Foundation Statement of Financial Activitles includin income and ex for the ear ended 31M March 2025 dlture account 202S Re5trKted Expendable Endowrnent Unrestritted Total Year ended 2024 Income and endowments from: Donatlons ar•J le8acies Charitable xtivltles Investments Other Total intome Note 2 136 4,677,923 6.695 1,692 382.679 118.750 26.865 529,986 1.828 5.060,602 172,049 26,865 5,261.344 7.567 4,720.719 131.656 42.415 4.902,357 46.604 4.684.754 Expendlture 0￿. Raising fijnds Charitable activi￿S 5,876 275.612 204,286 281,488 4,957,468 185,B21 4,408,519 4,7S3.182 Total expen(4ture s￿76 4.753,182 479 5.238.956 4,594.340 et Income Ilexpenditure before gain5111055e5) on Inye5tnents 40,n8 168A281 22.388 308,017 Net gain51(lossesl ork investments 177.240) 177,2401 121,083 Net income Ilexpendlture {36,$12) (68,428) 50.088 (54.8521 429,1(Yl Transfers between lunds ITY?90) 41.984 Net movement In fuNts 1113.9021 134M22) 93.072 154A52) 429.100 Re¢onclll3tlon of fvnds: Total funds brought forward at l April 2024 1.715.334 l.S38.093 484.607 3.738.034 3,308.934 Total fund$ ￿rrted fonward at 31 March 2025 1.601,432 1,504ml s71￿9 3.683,182 3.738,034 Note.. for Companies Act purposes the profit for the year IeXd￿11￿ the net movement of Endowment Funds) was £59.050 12024.. £323,843). 22 Bedfordshire and Luton Community Foundation Annual Report April 2024 - March 2025 Bedfordshlre and Luton Communi Foundatlon 5t Balance Sheet at 31 March 2025 2025 2024 Ilotes FIXED ASSETS Investments 1,686.208 1,788,630 CURRENT ASSETS Debtors- accrued income Cash at bankand in hand 889,723 3.069.729 3.959.452 777.181 2,916,084 3,693,265 CREDITORS: amounts falling due within one year 11,962,478) 11.743,861) NEf CURRENf ASSErs 1,996.974 1,949,404 TiyfAL ASSEfs LESS CURRENT UABIUIIES 3,683,182 3.738,034 INCOME FUNDS Endowment fund Restricted funds Unrestricted funds 1,601,432 1.504.071 577,679 1,715,334 1,538,093 484,607 3.683.182 3.738.034 These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. The financial statements were approved by the Board of Trustees and authorised for issue on 1st December 2025 and are signed on its behalf by: S Hughes Chair Company Llmltsd by Guarantee No 4141953 23 Bedfordshire and Luton Community Foundation Annual Report April 2024 - March 2025 Bedfordshire and luton Commun" Statement of Cash Flows for the ear ended 31" March 2025 Foundatlon Total 2025 Total 2024 Cash fl(w15 from operating artlvltle5: Donations and legacie5 Charitable activitie5- grants received Other income Award5 and grant retum payments Salary related expenditure Other expendtture Net cash provlded by operatln8 arti¥itie5 1,828 4,983.743 33.205 {4,537,0651 1312,6671 1207,553) 38.5091 7,638 4,731,303 35,015 14,724.151) 1258.939) 1153.5331 (362,667) Cash flows from investlng activitie&. Investment withdrawals Dividends and interest from investments Bank deposit interest Net cash provided by investing a¢tl¥ttles 36.401 29,508 126,245 192,154 13,872 29.380 75,608 119,310 Chan8e in cash and cash equlvalents In the reportlnz perlod 153,645 (243,357) Cash and cash equivalents at the be8inning of the reporting period 2.916.084 3.159,441 C05h and cash equivalents at the end of the reporti period 3,069,729 2,916.084 24 Bedfor(lshire and Luton Cornmunity Foundation Annual Report ApIil 2024 - Marcb 2025 Bedfordshire and Luton Communi Foundation Notes to the financial statements for the ear endin 31" March 2025 l. Statement of Accounting Policies Company status and inforniation Bedfordshire and Luton Community Foundation 15 a private company limited by guarantee incorporated in England and Wales. The registered office 15 Enterprise House. Wrest Park. Silsoe, Bedfordshire MK45 4HS. In the event of the charity beinE wound up. the liability in respectof the guarantee is limited to £10 per member of the charity. Basts of preparation The accounts have been prepared in accordance with Accounting and Rep)rting by Charitles: Statement of Recommended Practi￿ applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective l January 2019}las amended by update Bulletins l and 2 in Ortober 2019) and the Companies Act 2006. The charity is a Public Benefit Entity as defined by FRS 102. The presentation currency used in the accounts is pounds sterling. Assets and liabilities are initially recognised at cost value unless otherwise stated in the relevant accounting policy. Golng concem The trustees are confident that the Foundation is able to continue to meet its liabilities as they fall due for the foreseeable future and that the accounts should be prepared on a going concern basis. Incoming resources a} Award income is credited to the statement of financial activities when it is received or is receivable in accordance with the arrangement5 specified by the grant making body. b) Donations are recognised as income when cash is received and recorded in the accounting records. c) Donated services and facilities are included in the Statement of Financial Activities where the benefit is reasonably quantifiable and ￿￿asUrable. dl Proportions of endowment or restricted fund awards and donations may be allocated to unrestricted funds towards core costs by agreement with the donor. Resources expended a) Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation comrnttting the charity to the expenditure. b) Award5 payable are charged to the statement of financial activities and included under Yotal resources expended" when the payment thereof has been approved. c) An analysis of total resources expended is *t out in note 4. All awards made are allocated to charitable expenditure, whilst all otherexpenditure is apportioned between headings on an item by item basis. except for staff costs which are apportioned between activities on the basis of estimated time spent. d) Pension costs represent the payments made in respect of personal pension policies. 25 Bedfordshire and Luton Community Foundation Annual Report April 2024 - March 2025 Bedfordshire and Luton Communi Foundation Notes to the financial statements for the ear endin 31° March 2025 continued l. Statement of Accounting Policies (continued) Fund Accounting a} General funds are unrestricted funds which are available for use at the discretion of the Trustee5 in furtherance of the general objectives of the charity and which have not been designated for other purposes. bl Expendable endowment funds arise from grants and donations given specifically to be held as capital unless the Trustees resolve they may be spent. They are invested to provide an income return which is then used to fund charttable activitie5, in accordance with any restrictions specified by the donor, by way of transfers to the relevant restricted award-makin8 fund. The Trustees may also approve transfers to unrestricted funds toward5 core costs. c} Restricted funds are funds which are to be used in accordance with specrfic restrictions imposed by donors. Details of the nature and purpose of each type of fund are set out in note 9. Fixed Asset Investments Investments are stated at their fair value. Holdings in common investment funds are stated at the mid-market price. The Statement of Financial Activitie5 includes the net gains and losses arising on revaluations and dwosals during the year. Investment Management Costs Where practicable, investment income is reported gross and the costs of managing investments are reported separatety. With collective investment schemes. such as unit trusts, or common investment fund5, investment management costs may be included within the bid-offer spread or recovered by transaction and portfolio charges rather than by a fee charged directty to the charity. Where it is not practicable to ascertain the actual or a notional apportionment of costs charged to the individual participants of such schemes with reasonable accuracy then the investment income 15 reported after the deduction of such fees. Taxatlon Bedfordshire and Luton Community Foundation is a registered charity and therefore is not liable to income tax or corporation tax on income or gains derived from its charitable activities, as they fall within the various exemptions available to registered charttie5. 26 Bedfordshire and Luton Community Foundation Annual Report April 2024 - March 2025 Bedfordshire and Luton Communi Foundation Notes to the financial Statements for the ear endin 31° March 2025 continued 2. Statement of Flnancial Activities (Includlng income and expendfture accountl for the year ended 31" March 2024 2024 Restricted Notes Expendable End0%￿nent Unrestricted Total Income and endowmènts from: Donations and legacies Charitable activities Investments Other Totsl Income 1,865 4.380.407 610 5,702 340,312 85,799 42.415 474.228 7.567 4,720.719 131,656 42,415 4.902357 45,247 45.247 4,382,882 Expenditure on: Raising funds Charitable activitles 5,557 180.264 241.546 185.821 4,408,519 4,166,973 Total expendlture S￿5? 4,166,973 421,810 4,594.340 Net Income before 8alns on investments 39￿90 215.909 52A18 308.017 Net gains on investments 121,083 121,083 Net inwme 160,7n 215,909 52.418 429,1 Transfer5 between fun(ts (55.5161 17,862 37,654 Net movement in funds 105257 233,771 90.072 429,IlXI Reconclllatlon of funds: Total funds brou8ht forward at l April 2023 1.610,077 1,304,322 394.535 3.308,934 Total funds carried forward at 31 March 2024 L715334 1,538,093 484,607 3,738,034 27 Bedfordshire and Luton Community Foundation Annual Report April 2024 - March 2025 Bedfordshlre and luton Communi Foundation Notes to the financial statements for the earendin 31° March 2025 continued 3. Incoming resources 2025 2024 Donatlons and legades Other donations, legacies and fund-raising acti¥Sties 1,828 7,567 Charttable artivitie5 Income from other grant making and charitable bodies 5.060.602 4.720,719 Investment Income Dlstributions from COIF Investment Fund Income from listed securities Bank deposit interest Total investment income 29.508 17,096 125,445 172.049 29,380 15,868 86,408 131.656 Other income Fees for management and other services Grants received Total Other Income 26.865 20,415 22,000 42,415 26.865 TOTAL INCOMING RESOUR 5,261,344 4,902,357 4. Analysis of total resources expended 2025 Total 2024 Total Endowment Restrlrted Unrestrirted Charitable aclivities Awards paid Awards payable Awards retumed Unspent grant fundlng returned External Audit Staff costs (see note 5) Other 3.055.392 3.055.392 1.667.205 119.S52) 8,828 7,280 197,006 41.609 4,957,468 2.676.908 1,492.697 {15.557} 2,725 6,900 173,364 10.200 4,347,237 {19.852) 8.828 7,280 197,006 41,609 4,753,182 204,286 Raising funds Fundraising costs Subscriptions Staff costs (see note 5) Consultancy Office rent and insurance Other office costs Website. internet and telephone Training 2nd conferences LÈ8al and professional fees Investment managerfs fees Travel and subsistence 2,808 3,176 116,545 63,496 26,624 34,236 3,021 2,418 16,985 2,808 3.176 116,545 63.496 26,624 34,236 3,021 2,418 16,985 5,876 6.303 281,488 8,994 2,894 87,106 53,659 26,154 31,156 959 670 24,029 5.557 5.925 247,103 5.876 6.303 275,612 5.876 Total resources expended 5.876 4.753.182 479,898 5,238.956 4,594,340 28 Bedfordsbire and Luton Community Foundation Annual Report April 2024 - March 2025 Bedfordshire and Luton Communi Foundation Notes to the financial statements for the ear endi 31° Mar