Somerset Community Foundation TRUSTEES, REPORT AND FINANCIAI STATEMENTS FOR THEYEAR ENDED 31 MARCH 2024 Registered company number 045309791 Registered charity number 1094446 SOMERSET COMMUNIIY FOUNDATION I YEAR ENDED 31 MARCH 2024 ITRUSTEES, REPORT
CONTENTS PAGE Chairman's Statement Trustees, Report Governance Financial Review Future Plans ststement of Trustees, Responsibilities 11 Independent Auditor's Report 12 Statement of Financial Activities 15 Balance Sheet 18 Statement of Cashflows 19 Notes to the Financial Statements 20 SOMERSET COMMUNITY FOUNDATION I YEAR ENDED 31 MARCH 2024 | TRUSTEES, REPORT Page 2
CHAIRMAN'S STATEMENT insights into what is happening in our communities. It gives me great pleasure to present the Somerset Community Foundation Thistees, Annual Report and Financial Statements for the year ended March 31, 2024. I would like to thank my fellow Trustees and our staff for everything they do to make the Foundation such an important charity for Somerset. In particular, I would like to thank Kevin Whitmarsh for his contributions as a Trustee before he retired from the Board, and welcome Amanda Ellingworth and LA)uisa Raybould as we ernbark on the next phase of our exciting journey. The groups we support have a unique role in the wellbeing of our communities. They are run by people who know their local communities exceptionally well and can make the most of the opportunities to help others towards a better life. There is something very special about a handful of people coming together to make the world on their doorstep a little better. The local charities and groups we support are under incredible pressure: falling incomes, rising costs and increasing demand for their services. We know that OUT funding, and the way we deliver it, makes an enormous difference to their work and to the lives of thousands of people who need a helping hand in our wonderful county. The Hon. Michael Samuel MBE Chairman Of course, we would be unable to do this without the very generous support of our donors and partners, who work with us to fund these local organisations. On behalf the Board of Trustees, would like to thank everyone that has supported and worked wAth us during the past year. Like us, they care deeply about our county and the people that live here. They understand, like us, that there is a level of need that is all too often hidden but very real, and they share our passion to help communities respond. We have benefitted enormously from public sector funding and national appeals during the pandemic and cost-of-living crisis. This enabled us to award funding of over £5 million during each of the previous two years. However, it is significant as we return to 'bu5iness as usual, we have still been able to award over £4 million in the past year thanks to all the donors that support us. We know there is much more we ean and should do. The challenges we see today cannot be solved overnight, and as sorne - thankfully - will reduce, others will emerge. That is why we are committed to building the Foundation to be here, alongside our communities, for the long-term. Our new brand and website reflect our ambition to grow the Foundation and increase our impact and influence. Funding hundreds of organisations, not to mention an increasing number of individuals) gives us unparalleled SOMERSET COMMUNITh FOUNDATION I YEAR ENDED 31 MARCH 2024 | TRUSTEES, REPORT Page 3
TRUSTEES. REPORT In this report we set out our progress against the strategic goals we set out in our 2021-2025 Stronger Communities strategy? which continues to guide us in our work. The Trustees present their report and financial statements for the year ended 31 March 2024. The Trustees, Report also incorporates the requirement under Company taw of a Directors, Report. The financial statements have been prepared in accordance with the accounting policies set out in note one to the accounts and comply with the charitys Articles of Association, the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 1. DEIIVERING MORE TARGETED AND EFFECTIVE FUNDING FOR OUR COMMUNITIES Key Facts and Figures 2023124 £4,266,022 2022123 £5,219,408 Funding Awarded (incl. soclal Investments) No. of organisatlons funded % Applications that were successful 421 526 Introduction 68% 68% The 2023/24 year saw the conclusion to our responses to the cost-of-living crisis in our communities and to the impact of high inflation on many of the organisations we fund, The year saw us award £4,266,022 (2023: £5,219,408) of funding to 421 organisations (2023: 526) and 391 individuals (2023: 184). We have largelyi however, continued to return to 'business as usual., attracting new philanthropy for our county, giving a long-terni future to existing assets, and providing vital funding to local charities, community groups, individuals and social enterprises. Although we award an increasing number of larger grants and support some relatively large organisations, we continue to focus on funding smaller 'grassroots' organisations that are set up from within communities in response to local needs and opportunities. The year also saw a significant increase in the number of individuals we're helping as we formed a partnership with the Bishop Fox's FAlucational Foundation. There is no doubt that many of these groups are facing sustained (and sometimes unsustainable) pressures of rising costs, falling incomes and increased demandi yet they remain tal to the wellbeing of Somerset residents of all ages and backgrounds, While our grants to organisations range from £200 to £220,000 the typical (median) award is £3,000 and the typical organisation we fund: This presents both a challenge and an opportunity for the Foundation as we seek to increase our impact in the county. Overall Somerset Community Foundation is in a strong position to meet these and future challenges. supports loo people is run by 2 part time staff and 9 volunteers has an annual income of just over £50,000 We have also taken the opportunity to undertake our first proper branding exercise and commission a new website. The insights from stakeholders were invaluable in this process and we start 2024/2025 with a fresh look and a much- improved website. The funding we award is made available from 80 Funds created by individuals, local companies, charitable trusts and public sector partners. In many cases we support our funding partners, own panels to award grants, but OUT Main Grants programme utilises a range of funds, particularly income generated from funds that are invested for the long-tenn. These grants are awarded by our own panel of Trustees and volunteers from the community. Alongside this we adopted a set of new values to guide us in the way we deliver our work. They are: We're here for everyone We drive equity £1,859,830 was paid from the Hinldey Point C Community Fund, taking the total awarded since We act with Integrity 2017 to over £9 million. At the end of the year, we We lead with kindness had commenced a process to help define what the We strive to be better remaining years of the programme should focus SOMERSET COMMUNITY FOUNDATION I YEAR ENDED 31 MARCH 20241 TRUSTEES, REPORT Page 4
£1,859,830 was paid from the Hinkley Point C Community Fund, taking the total awarded since 2017 to over £9 million. At the end of the year, we had commenced a process to help define what the remaining years of the programme should focus on, to create a lasting legacy for communities closest to the new power station. 72% said that our reporting requirements are relevant to their work. In response to some of the feedback, we will be working to improve the speed of decision-making and deployment of grants, and we are reviewing our reporting requirement alongside the development of a new impact framework. We also made our final social investment from the Somerset Social Enterprise Fund before we closed it to new applications. Over the course of 7 years, we made 29 social investments worth £1.3 million of blended social finance to local organisations. At the end of 2023124 we had submitted a proposal to our key partner, Somerset Council, for a more focused social investment prosramme which we hope to launch in 2024/25. 2. USING OUR KNOWLEDGE AND INSIGHT An important part of our strategy is to e the knowledge and insights we are privileged to have access to through our funding programmes to Taise the profile of the unique value of local charities, voluntary organisations, and social enterprises. We also seek to increase awareness of the challenges they see in their communities and the opportunities they create to make a difference. Our funding supports a wide diversity of causes throughout the year and many of the organisations create multiple benefits. The following chart reflects the primary purpose behind our funding decisions in 2023/24. During the past 3 years, the pressures of the pandemic and cost-of-living crisis has reduced our capacity in this regard. However, during 2023/24 we reconvened the Somerset Funders FoTum, bringing together representatives of local, regional and national funders to consider priorities in Somerset and explore ways in which we might all work together more effectively. 40/ Our CEO has also continued to work with partners on the theme of rural philanthropy, with the first meeting of national stakeholders planned for early 2024125. Looking forward, with the support of a local philanthropist we have been able to employ our first Research and Insights Manager, increasing our capacity to undertake vital research and impact analysis in the future. 16% Impro mental health and M'ellbeins Improved physical health and Iirllbcing Improved commiinity cohesion Impmed uspiratlons for the future Improved community facilities Impro1, occes5 to services and 1ppOrt Improved perception and feeling of safety 3. SIGNIFICANTIY GROWING OUR FUNDING FOR COMMUNITIES Key Facts and Figures 2023124 2022123 £4,808,132 £5,781,122 £910,924 £135,472 Every year we conduct a survey of organisations that have applied to us for funding to understand how we could better support them. Overall, 89% of the 92 respondents said that they were satisfied or very satisfied with the service they received from us. In addition: Income received ..of which is endowment Number of Funds supporting fundi Number of new Funds 131 125 93% said they found our application forni easy to complete, 80% said they received helpful feedback during the process SOMERSET COMMUNITY FOUNDATION I YEAR ENDED 31 MARCH 20241 TRUSTEES, REPORT Page 5
The year saw us continue to increase our focus on our regular philanthropy development, most notably through the establishment of 7 new Funds and the continued support of existing fund holders. BUILDING AN ORGANISATION THAT IS FIT FOR THE FUTURE During the year, we developed a new website underpinned by a thorough rebrand exercise. We consulted donors, grant recipients and other partners who provided us with tremendous feedback and insight, most notably that they felt we should have a stronger identity and clear purpose. The long-term goal of the Foundation is to build a significant endowment to provide medium to long-term support for our comsnunities. During the year we received our fArst £1 million donation from a private individual through their Charitable Fund. It is designed to be used as an 'expendable endowment,, invested carefully but spent down within ten years. The new brand has put our strapline 'Directing Funds, Driving Change, at the heart of our new website which was launched in early 2024125. The website will help us be more efficient and effective as a funder of local organisations and as a vehicle for philanthropy within Somerset. We also commenced discussions with Trustees of 2 local charitable trusts with a view to transferring their assets to the Foundation. Shortly after the year end, the first of these, with assets of around £2 million, successfully transferred to the Foundation. In reeognition of our wider impact in the world beyond &)rnerset, we have strengthened our investment policy to define categories of investments that we wish to screen out on ethical grounds and our commitment to working with investment managers that take an active role in environmental, social and governance considerations. Towards the end of the year, we received notification that we had secured the first tranche of a 3-year funding programme to support young people leaving the care system. An offer of funding from CCLA has been matched by new donations which means, including our Eagle House Fund, we should be able to award at least £250,000 over the next 3 years. We continue to work on improving our performance on Diversity, Equity and Inclusion (DEI). Responsibility for this now rests with the CEO who will work with the Board and staff teams to ensure that DEI is taken into consideration in everything we do. We also continue to run funding programmes that enable a much wider range of people to contribute to philanthropy in Sonierset. In particular, our annual Surviving Winter appeal saw another strong response with £176,277 of new donations raised from members of the public. We have published our second DEI re ort on our website which includes a progress report and a breakdown of the diversity within the organisation. Highlights include providing funding to Diverse Communities to distribute to groups led by and for ethnic minorities in Somerset and improving the accessibility of our own office with the indusion of disabled bathroom facilities. Referrals from local solicitors and financial planners continues to be important, and we have been able to seeure several legacy pledges as well as life-time gifts as a result. Underpinning our work on philanthropy is the way we engage our fundholders in the impact of the Funds they set up with us. In our most recent fundholder surveyj 80% of our respondents gave us a score of 8 out of io or higher for their level of satisfaction with our service to them. GOVERNANCE At a regional level we continue to work closely with neighbouring Community Foundations on several Funds and donor relationships, including the Old Mill Fund, the Somerset High Sheriff Fund, and the Preventing Victims Fund (funded by the Avon and Somerset Office of the Police and Crime Commissioner), ensuring there is a consistent approach to the delivery of the funding programmes across county boundaries. SCF is a registered private company, limited by guarantee (no.0453979) and a registered charity (no.1094446) governed by its Memorandum and Articles of Assoeiation. The Directors of SCF are also its Trustees for the purposes of charity law and are referred to as 'Trustees' throughout this report. SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 2024 | TRUSTEES, REPORT Page 6
annual grant making of over £98 million, the network is one of the UK'S most significant funders. The Foundation's charitable objects, as defined in our Memorandum and Articles of Association are to: promote charitable purposes for the benefit of the community in the area served by Sornerset Council, and in particular the relief of poverty and advancement of education. and promote other charitable purposes in the United Kingdom and elsewhere. Management and staff remuneration The day-to-day management of the Foundation is delegated to our Chief Executive, who is also responsible for the implementation of the strategy. At the end of the year, we employed 15 members of staff (12.06 full-time equivalents) who undertake the core functions of the Foundation: grant-making) development, finance, administration, marketing and communications. During the year we also worked with a number of freelance 'External Grant Assessors, and our Social Investrnent Consultant. Key Facts and Figures 2023124 77% 202W23 % of core costs covered by Fund contributions SCF Board Gender Balance female male Highest: Median Salary ratio 50150 40160 2.03:1 Remuneration of the staff, including key management personnel, is reviewed by the Finance and Governance Cotnmittee as part of the annual budgeting process and any other time as required, taking account of cost of living, performance, and benchmarking against similar roles externally. During the year a revised Pay Policy was approved by the Board ensuring we have a transparent, fair and consistent approach to remuneration within the charity. The Trustees confirm that they have referred to guidance produced by the Charity Commission on public benefit when reviewing the Foundation's objectives and in planning future activities and are satisfied that the requirements are met. Board of Trustees Managing risk During the year, 6 sub-committees were in operation as follows: Co-Investment' Finance and Governance Grants HPC Community Fund Awards Panel IL)ans Trustee Search Committee We maintain a comprehensive risk register covering the breadth of the Foundation's work. This is reviewed in detail at every Finance and Governance Committee meeting and is also considered at every Board meeting. It lists the most significant risks, scored on a mix of probability and impact, with updates on mitigation measures. he Foundation has 2 Trustees represented on the Co-Inuestment Committee which also includes representativesfrom 3 Other Community Foundations overseeing the implementation off ourjoint investmentpolicy. During the year, the major risks facing the Foundation related to our dependence on a small number of key senior personnel and the potential impact of public sector funding cuts. To mitigate these risks, we have built a strong senior leadership team to ensure we have more 'strength in depth, within our executive, and our focus on growing income from private and corporate donors has reduced our reliance on public sector funding. These committees are responsible for the detailed oversight of strategy and activities within their areas of responsibility, with their own terms of reference and delegated powers, including powers to appoint additional non-Trustees as members of these committees. We are a quality accredited member of UK Community Foundations, the membership organisation that supports and protnotes the 47 community foundations operating across the UK. The Foundation had a strong financial year, with With endowment funds over £693 million and an overall income of £4,808,132 (2023: SOMERSET COMMUNITY FOUNDATION I YEAR ENDED 31 MARCH 20241 TRUSTEES, REPORT FIIIANCIAL REVIEW Page 7
£5,781,122), While this is a fall in income, it reflects a strong underlying trend after taking account of the additional funds donated to us in response to the pandemic. At the end of the year £4,881,400 (2023: £5,621,812) was carried forward, including £325,761 in the HPC Community Fund and £1,981,770 in the Discovery Community Fund. The fall in funds carried forward reflects how we are deploying funds that were donated in earlier years. Our expenditure was £4,863,984 (2023: £5,T/2,993) with 96% (2023.97%) of this on charitable activities and governance, including £4,076,362 awarded as grants (2023: £5,089,632). Again, after taking account of the exceptional grant of £1.25 million awarded in 2022/23, this reflects a strong and sustained impact. The Charities SORP requires that we recognise grants provided to organisations where they have been committed to in advance of making the payments (or in most cases recognising the income that the grant paTrents will be made from). As a result, the charitys balance sheet shows grants committed to but not yet paid of £2,764,725 (2023: £2,555,307). £1,707,950 of this is due within l year and £1,056,775 in more than i year (2023: £1,396,386 within i year and £1,158,921 in more than i year). Expenditure on raising funds was £182,495 (2023: £189,916). Over the past 3 years, on average we have secured £30 of income for every £1 spent on raising nds. Unrestricted Funds and Free Reserves Endowment and Investment Policy At the end of the year our unrestricted funds were £732,151 (2023: £784,012). This includes designated funds worth £485,623 (2023: £496,391). Our endowment is invested across 3 investment managers and is held as part of a larger portfolio made up of the end0ent funds of three other Community Foundations. The Foundation's Reserves Policy (reviewed in September 2021) is to hold sufficient unrestricted reserves to meet short-term cash flow needs, manage medium-term fluctuations in income and, if necessary, enable the Foundation to manage a long-term decline in income. The Board reviews the level of 'free' unrestricted reserves annuallyi considering income forecasts and assessment of risk. During the year, our endowment fund attracted new donations worth £910,924 (2023: £135,472). We experienced a net gain on our investments of £572,737 (2023: net loss of £284,148). Following capital withdrawals as part of our total return policy (see below) at the end of the year our endowment fund was valued at £9,082,546 (2023: £7,748,344). Designated funds include funds set aside to invest in improving our website and digital marketing and to produce further Hidden Somerset (or similar) reports. The aim of our investment policy is to generate a tot return on the investments to at least maintain the capital value of the Fund in the long- term while generating a surplus for grant-making and supporting the costs of the Foundation. Each year we withdraw a 4% total return for these purposes. At the end of the year, free reserves stand at £302,936 (2023: £291,877). Having considered the medium-term nature of much of the Foundation's funding, the Thistees are satisfied this represents a sustainable position. The position is strengthened through the building of a Fund, from legacies, within our endowment that supports the operational costs of the Foundation. A benchmark of CPI+4% is used as a key performance indicator. The 3-year annualised return was 6.1% (2023: 10.3%) compared to the benchmark of 10.9%, reflecting the impact of high inflation during this period. Encouragingly the total return for the year was ii.i% (2023: _1.4%) compared to the benChnrk of 7.6%. Restricted Funds Most of our income and expenditure is in the form of restricted funds supporting our funding programmes and other charitable work. Restricted income for the year was £3,500,291 (2023: £5,224,540) and expenditure was £4,222,987 (2023: £5,265,945). HITURE PLANS We have made good progress against the goals set out in our 2021-2025 strategyi and we will continue to follow the path we have set out, while responding to changing circumstances. In SOMERSET COMMUNITY FOUNDATION I YEAR ENDED 31 MARCH 20241 TRUSTEES, REPORT Page 8
particular, during 2024/25, we have set the following goals: We will also continue to focus on developing strong relationships with professional advisers in Somerset in order to facilitate more local philanthropy in the long-terni, and we will, for the first time, start to implement a legacy strategy. Delivering more targeted and effective funding Over and above the management of our regular programmes we will continue to seek opportunities to increase the number and value of unrestricted/core cost and multi-year grants that we award. In addition, we will put resources into building our first Collective Giving Funds, starting with the Sonierset Youth Fund. Building an organisation that is fit for the future We are exploring ways in which we can provide more consistent approaches to the way we manage our place-based Funds. During the coming year we will complete the process of setting up a new Customer Relationship Management database which will irnprove the user experience for grant applicants, enhance the serviees we can offer to donors and strengthen tbe way we will monitor the impact of our funding. Using our knowledge and insight During the year we aim to produce 2 new Hidden Somerset reports. We will also define priorities for our new Collective Giving Funds. We will also introduce a new recruitrnent poliey for staff and Thjstees to ensure our practices enable us to attract the skills, expertise and experience we need to grow and develop the Foundation. We will continue to convene the Somerset Funders Forum in order to facilitate the excliange of knowledge and good practice between funders operating in Somerset and explore opportunities for collaboration. Finally, we will be developing a bold and ambitious io-year Strate for the Foundation, drawing on the growth and experience from recent years to build a more impactful Somenset Community Foundation for future generations. s]lficantlY growing fimding for our communities Most importantly we will complete the transfer of 2 local charitable trusts to our endowment with a combined value of around £3 million. SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 2024 | TRUSTEES, REPORT Page 9
IEGAI AMD ADMISTRATIVE INFORMATION Trustees Michael Samuel MBE (Chair) Chris Bishop Amanda Ellingworth (appointed 27 January 2024) Michelle Ferris F&G, L, HPC F&G, TSC G, HPC Helen Gulvin Kokila Lane Angela Kerr John Lyon CB Bruce Mclntosh F&G, HPC, TSC CI, F&G Lucy Nelson DL Louisa Raybould (appointed 6 October 2023) David Taylor Tim Walker HPC, G TSC Giles Wood ci Kevin Whitmarsh (resigned 25 January 2024) CI.. Co-Investment Committee.. F&G.. Finance & Gouernance Committee,. G.. Grants Committee,. HPC.. Hinkley Point C Community Fund Awards Panel,. L.. Loons Committee,. 7SC.. Trustee Search Committee Chief Executive & Company Justin Sargent OBE DL Secretary Philanthropy Director Operations Director Programmes Director Laura Blake Mary Hancock Andrew Ridgewell Registered charity number 1094446 Registered company number 04530979 Registered Office Yeoman House, Bath and West Showground, Shepton Mallet, Somerset, BA4 6QN Auditors AC Mole LLP, Stafford House, Blackbrook Park Ave, Taunton, Somenset, TAI 2PX CAF Bank, 25 Kings Hill Ave, Kings Hill, West Malling, MEI9 4JQ CCLA, Senator House, 85 Queen Victoria Street, London, EC4V 4ET CCLA, Senator House, 85 Queen Victoria Street, London, EC4V 4ET Evelyn Partners, Portwall Place, Portwall Lane, Bristol, BSI 6NA Sarasin & Partners, Juxon House, loo St Paul's Churchyard, London EC4M 8BU Clarke Willmott, Blackbrook Gate, Blackbrook Park Ave, Taunton, 2PG Bankers Investment Managers Solicitors SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 20241 TRUSTEES, REPORT Page 10
STATEMENT OF TRUSTEES, RESPONSIBILITIES Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in business The Trustees are also res proper accounting recor reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Com anies Act 2006. They are also responsicie for safeguarding the assets of the Foundation and hence for taking reasonable ste for the prevention and detection of fraud and ot irregularities. In so far as the Trustees are aware: The Trustees, who are also directors of Somerset Community Foundation (Limited by Guarantee) for the purposes of company law, are responsible for preparing the Trustees, Report (incorporating the directors, report) and the financial ststements in accordance with applicable law and United Kingdorn 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). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation and of the income and expenditure, of the Foundation, 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 onsible for maintaining er There is no relevant audit information of which the Foundation's auditor is unaware, and The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. The Trustees are responsible for the maintenance and inte£rity of the corporate and financial Information ineluded on the Foundation's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved by the Trustees on li October, 2024 and signed on their alf by Make judgements and accounting estimates that are reasonable and prudent State whether applicable United Kingdom Aecounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements, and Michael Samuel MBE (Chair of TrLLStees) SOMERSET COMMUNITY FOUNDATION I YEAR ENDED 31 MARCH 20241 TRUSTEES, REPORT Page 11
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF SOMERSET COMMUNITY FOUNDATION Based on the work we have perfornied, we have not identified any material uncertainties relating to events or conditions that, individually or collectivelyi may cast signifieant doubt on the society's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for i&8ue. Opinion We have audited the financial statements of Somerset Community Foundation (the 'Charitable Our responsibilities and the responsibilities of the Company) for the year ended 31 March 2024 which trustees with respect to going concern are described comprise the Statement of Finaneial Activities, the in the relevant sections of this report. Balance Sheet, the Statement of Cashflows and notes other information to the financial statements, including a sutnmary of significant accounting policies. The financial reporting 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). The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's 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. In our opinion. the financial statements: give a true and fair view of the state of the charitable company's affairs as of 31 March 2024 and of its incorne and expenditure for the period then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; have been prepared in accordance with the requirements of the Charities Act 2011 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. Ef, based on the work we have performed, we conelude that there is a material misstatement of this other information, we are required to report that fact. Basis for opinion We condueted our audit in aceordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the finaucial stateiiients section of our report. We are independent of the charitable company in aecordance with the ethical requirements that are relevant to our audit of the financial statements in In the light of the knowledge and understanding of the UK, including the FRC'S Ethical Standard and the charitable company and its environment we have fulfilled our otlier ethical responsibilities in obtained in the course of the audit, we have not accordance with these requirements. We believe that identified material misstatements in the Directors the audit evidence we have obtained is sufficient and Report included within the trustees, report. appropriate to provide a basis for our opinion. We have nothing to report in this regard. Matters on which we are required to report by exception Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. SOMERSET COMMUNITY FOUNDATION I YEAR ENDED 31 MARCH 20241 TRUSTEES, REPORT Page 12
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SOMERSET COMMUNITY FOUNDATION 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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an We have nothing to report in respect of the following audit conducted in accordance with ISAS (UK) will matters in relation to the Charities (Accounts and Reports) Regulations 2008 requires us to report to always detect a material misstatement when it exists. Misstatements can arise from fraud or error you if, in our opinion: and are considered material if, individually or in the adequate and proper accounting records have aggregate, they could reasonably be expected to not been kept, or returns adequate for our audit influence the economic decisions of users taken on have not been received from branches not visited the basis of these financial statements. by us" or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit. Identifying and asse&sing potential risks of material misstatement due to irregularities We considered the following when identifying and assessing risks of material misstatement due to irregularities, including fraud and non-compliance with laws and regulations: the legal and regulatory framework in which the charitable Company operates the sector in which the eharitable company operates the control environnient and controls established to mitigate such risks the results of our enquiries of management about their identifieation and assessment of risks of iegUlatieS discussions with the audit engagement team about where fraud might occur the incentives for fraud. Responsibilities of the trustees As explained more ftElly in the trustees. responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 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 finaneial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern. disclosingi as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Laws and regulations which are considered to be significant to the charitable company include those relating to the requirements of financial reporting framework FRS102, the Companies Act 2006, the Charities Act 2011, UK tax legislation, ernplojinent law and health and safety. In addition, we consider other laws and regulation which may not directly impact the financial statements but may impact on the operation of the charitable company. Our responsibilities for the audit of the financial statements As a result of these procedures we concluded, in accordance with International Auditing Standards, that a risk in relation to the potential for management override of controls existed. The trustees have elected for the financial statements to be audited in accordance with the Charities Act 2011 rather than the Companies Act 2006. Accordingly, we have been appointed under section 144 of the Charities Act 2011, and report in accordance with the Acts and relevant regulations made or having effect thereunder. SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 20241 TRUSTEES, REPORT Page 13
INDEPENDENT AUDITORI REPORT TO THE MEMBERS OFSOMERSET COMMUNITY FOUNDATION A CMOLE LLP AC Mole LLP (Statutory Auditor) Chartered Aceountants and Registered Auditors Stafford House Blackbrook Park Avenue Taunton Somerset TAI 2PX Audit responses to risks identified We undertook audit procedures to respond to the risks identified and designed our audit testing to respond to these risks. The additional procedures we undertook included the following: gaining an understanding of the charitable company's pi'ocedur&s foi. ensuring compliance with laws and regulations testing the appropriateness of journal entries and other adjustments considering whether accounting estimates were indicative of potential bias considering whether any transactions arose outside the normal course of business making enquiries of management corroborating our enquiries through review of Board Minutes and correspondence. 11 OtrofjeR 2024 We also communicated relevant laws and regulations and potential fraud risks to all engagement team members and remained alert to any indicators of fraud or non-compliance with laws and regulations throughout the audit, A fijrther 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 foims part of our auditoi s report. A C Mole LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a conipany under section 1212 of the Companies Act 2006. Use of this rcport This report is made solely to the Charity's trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity trustees 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 the charity and the Chariws trustees as a body, for our audit work, for this report, or for the opinions we have formed. SOMERSET COMMUNITY FOUNDATION I YEAR ENDED 31 MARCH 2024 | TRUSTEES, REPORT Page 14
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SUMMARY INCOMEAND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Income 3,411,920 485,288 3,897,208 (4,855,059} 1957,851) 25,044 140,534 1792,273) 5,386,127 259,523 5,645,650 (5,747,504) (101,854) (12,185) 125,765 11,726 Interest and Investment Income Gross Income in the Reporting Period Total Expenditure in the Reporting Period Net Income Before Gains and Losses Gains/(Losses) on Investments Transfers Net Ineome for the Financial Year The summary income and expenditure account are derived from the statement of financial activities on page 17 (excluding endowment fund incoming resources and resources expended) which, together with the notes to the financial statements provides full information on the movements during the year on all the funds. Excluded from the total net incoming resources in the statement of financial activities to arrive at the above figure is £910,924(2023.' £135,472) of endowment income, £8,925 (2023: £25,489) of endowment expenses and gain of £572,737, (2023: loss of £284,148) on investments. All income and expenditure derive from continuing operations. The notes form an integral part of these financial statements. SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 20241 ACCOUNTS Page 17
BAIANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Fiyed Assets Investments Tangible Fixed A8sets Total Fixed Assets Non-current Assets Current Assets Investments Debtors Bank Total Current Assets Creditors: Amounts Falling Due Within One Year Net Current Assets Creditors: Amounts Falling due after One Year Total Net Assets The Funds of the Charity Unrestricted Fund Designated Fund Restricted Fund Expendable Endowment Fund Total Charity Funds 11 13 9,416,189 71,712 9,487,901 389,126 8,211,157 80,540 8,291,697 453,676 12 12 14 105,342 357,283 7,163,287 7,625,912 (1,750,067) 5,875,845 (1,056,775) 14,696,097 81,219 1,523,629 6,401,954 8,006,802 (1,439,086) 6,567,716 (1,158,921) 14,154,168 15 16 17 17 17 300,806 431,345 4,881,400 9,082,546 14,696,097 287,621 496,391 5,621,812 7,748,344 14,154,168 17 These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). For the year in question, the charitable company was entitled to exemption from an audit under section 477 of the Companies Act 2006. The members have not required the charitable company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Act. The trustees/directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. Approved eTr es on li October 2024 and signed on their behalf by Michael Samuel MBE . Michelle Ferris FCA Registered Company No: 04530979. The not&8 form an integral part of these financial statements. SOMERSET COMMUNITY FOUNDATION I YEAR ENDED 31 MARCH 20241 ACCOUNTS Page 18
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 Note Total 2024 Total 2023 Cash Flows from Operating Activities: Net cash generated from Operating Activities 21 883,943 713,252 Cash Flows from Investing Activities Dividends and Interest from Investments Purchase of Ehuipment Proceeds from Sale of Investments Purchase of Investments 485,288 259,523 (6,383} 1,537,779 {2,074,044) 2,853,698 13,597,532 Net cash (used in) Investing Activities (258,546) (283,125) Change in Cash and Cash Equivalents in the Reporting Period 625,397 430,127 Cash and Cash Equivalents at the Beginning of the Reporting Period 6,585,857 6,155,730 Cash and Cash EquAvalents at the End of the Reporting Period 21 7,211,254 6,585,857 SOMERSET COMMUNITY FOUNDATION I YEAR ENDED 31 MARCH 20241 ACCOUNTS Page 19
NOTES TO THE FINANCIAI STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 been met, it is probable that the income will be received, and the amount can be measured reliably. Income from government and other grants, whether 'eapital' grants or 'revenue' grants is recognised in the same way unless it is deferred. i. Legal Status of the Foundation The Foundation is a registered charity and a registered company, limited by gwarantee, and has no share capital. The guarantOTS are the members whose Itability in the event of a winding-up is limited to £1 each. There were 15 members at the balance sheet date (2023: 14). Cash donations are recognised on receipt. Other donations are recognised once the Foundation has been notified of the donation unless perfomianee conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid is recognised at the tizne of the donation. 2. Accounting Policies Accounting Convention and Statement of Compliance These accounts have been prepared in accordance with FRS 102 ' The Finaneial Reporting Staiidard applicable in the UK and Republic or Ireland" ("FRS 102"), "Accounting and Reporting by Charities" the Statement of Recommended Practice for charities applying FRS 102, the Companies Act 2006, the Charities Act 2011 and UK Generally Accepted Accounting Practice as it applies from i January 2019. The 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 otheiwise stated in the relevant accounting policy note(s). Legacies are recognised on receipt or when the Foundation has been notified of an impending distribution. the amount is known. and receipt is probable. If the amount cannot be reliably estimated, the legacy is treated as a contingent asset. Donated professional services and donated facilities are recognised as income when the Foundation has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the Foundation of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general time of the volunteers is not recognised and refer to the Tii]stees' annual report for more information about their contribution. The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared on the historical cost convention modified by the investment assets, which are held at fair value. The principal accounting policies are set out below. On receipt, donated professional services and donated faeilities are recognised on the basis of the value of the gift to the Foundation which is the amount the Foundation would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open tnarket. a corresponding amount is then recognised in expenditure in the period of receipt. Going Concern At the time of approving the accounts, the Trustees have a reasonable expectation that the Somenset Community Foundation has adequate resources to continue in operational service for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in the preparation of the accounts. Resources Expended Expenditure is accounted for on an accruals basis and has been included under expenses 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. Incoming Resources Income is recognised when the Foundation has entitlement to the funds, any performance conditions attached to the item of income has SOMERSET COMMUNITY FOUNDATION I YEAR ENDED 31 MARCH 20241 ACCOUNTS Page 20
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 the amount paid out, with the carrying amount adjusted in subsequent years to reflect repayments and any accrued interest, adjusted, if necessary, for any impairment. Concessionary loans are assessed for evidence of impairment at the end of each year. Last year, the charity was gifted sorne land. The land was valued at fair value at the date of the gift, with the value included in the accouiits, and the value considered at each subsequent year end. Support costs are those costs incurred directly in support of expenditure on the objects of the Foundation and include project management carried out at the Foundation's offices. Governance costs are those incurred in connection with the administration of the Foundation and compliance with constitutional and statutory requirements. Current assets investments Current assets investments are the proportion of COnSsiOnary loans (treated as mixed motive inVtMentS), which are due within 12 rnonths of the balance sheet date. The concessionary loans are initially recognised at the amount paid out, with the carrying amount adjusted in subsequent years to reflect repayments and any accrued interest. adjusted, if necessary, for any impairn]ent. Concessionary loans are assessed for evidence of impairment at the end of each year. Costs of charitable activities comprise grants payable and support costs. Grants payable are included in resources expended once the grant application has been approved by the grants committee and this has been communicated to the grant recipient, 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 eommitment, but not accrued as expenditure. Where multi-year grants are offered, these are accounted for in full under the criteria noted above, Cash and Cash Equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short- term liquid assets. Fixed Assets and Depreciation All capital assets with a value of less than £1,000 are expensed in the statement of financial activities. Tangible fixed assets are initially measured at cost and subsequently measured at eost, net of depreciation and any impairment losses. Depreciation on computer equipment IS 3 years to reflect the useful life of the assets. Leasehold Property and Irnprovements 0 25 years (straight line) Furniture and Equipment 3 years (straight line) Financial Instruments The Foundation has elected to apply the provisions of Section li 'Basic Financial Instruments, FRS 102 to all of its financial instrurnents. Finaneial instruments are recognised when the Foundation becomes party to the contraetual provisions of the instrument. The charity only holds basic financial instruments as defined in FRS102. The financial assets and liabilities of the charity and their measurements are as follows: Fixea Asset Investments Listed investments are included in the balance sheet at their market value at the balance sheet date. Reali*d and unrealised gains and losses on investments are included in the statement of financial activities in the year in which they arise. Investment income is credited to income on an accruals basis. Basie Financial A&sets Basic financial assets, whkch include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Charity uses total return approach to its investment which is disclosed in note 23. Trade, other debtors and loans (mixed motive investments) are basic financial instruments and are debt instruments measured at amortised cost as disclosed in note 24. Investment portfolios are basic financial instruments measured at fair value Non-current asset investments Non-current assets investments are the proportion of concessionary loans (treated as mixed motive investments), which are due after more than 12 months from the balance sheet date. The concessionary loans are initially recognised at SOMERSET COMMUNITY FOUNDATION I YEAR ENDED 31 MARCH 20241 ACCOUNTS Page 21
NOTES TO THE FINANCIAI STATEMENTS FOR THE YEAR ENDED 31 fMRCH 2024 Unrestricted general funds - these are fun(L8 which can be used in accordance with the charitable objects at the discretion of the Ttees. Designated funds - these are funds set aside by the Trustees out of unrestricted general funds for specific future purposes or projects. Restricted funds - these are funds that can only be used for particular, restricted purposes within the objects of the Foundation. R&%trictions arise when specified by the donor or when funds are raised for particular, restricted purpose. Endowment Funds - these are fijnds whose assets provide a long-term source of income to support the Foundation's objects. llldividual donations to the endowment fund may be unrestricted or restricted if the donor has specified how the income arising should be spent. The Trustees have the power to spend the capital if they so determine. through the income and expenditure account. Prepayments are not financial instruments. Cash at bank and as part of the investments are classified as basic financial instruments and are measured at fair value. Basic Financial Liabilities Basic financial liabilities, including trade and other payables, are initially recognised at transaction price. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. In many cases and with the prior agreement of the donor one donation may be divided between various funds. Further explanation of the nature and purpose of each fund is included in note 17 to the financial statements. Trade creditors, accruals and other creditors are financial instruments and are measured at amortised cost as detailed in note 24. Taxation and social security are not included in the financial instrument's disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument. Significant Judgements and Estimates The Trustees have reviewed the operations of the charity and have concluded that there are no areas of significant management judgement or key areas of estimation or uncertainty required to be disclosed. Pension Costs The Foundation contributes to a defined contribution pension scheme, the assets of which are held separately from those of the Foundation. The scheme is independently administered. Contributions are charged in the statement of financial activities as they fall due in accordanee with the scheme rules. Tax Status The Foundation is exempt from any taxation in relation to its charitable activities except for Value Added Tax. Loans Advaneed One of the objectives of the Foundation is to support existing and emerging enterprises through the making of grants and loans. Loans receivable by the Foundation are recognised when funds are advanced to borrowers. Amounts due for repayment after more than one year from the balance sheet date are shown as long-tern] debtors within current assets. Operating Lease Agreements Rentals applicable to operating leases where substantially all the benefits and risks of ownership remain with the lessor are charged against profits on a straight-line basis over the period of the lease. Fund Accounting Funds held by the Foundation are either: Fees charged in respect of loan applications are recognised in full when funds are advance to borrowers. Interest receivable on loans is recognised on an accruals basis when funds are SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 20241 ACCOUNTS Page 22
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 repaid and not when loans are advanced. Fees and interest are deemed to be restricted income, to be utilised in the making of future loans in accordance with the fund objectives. 3. Donations and tEgacies 2024 2023 Bishop Fox's Tht Corton Hill Trust Discovery Fund Field House Trust HPC Community Fund Hunt's Food Group SCC Somerset Fund Grant ICB Community Resilience Fund Old Mill Fund School for Social Entrepreneurs Gamble Fund Quartet to Wessex Water SCC to Cost of Living South Somerset DC to Cost of Living Sedgemoor DC to Cost of Living SW and Taunton to Cost of Living Fairfield Charitable Trust to Cost of Living SW Enterprise Fund Police and Crime Commissioner Fund Other Donations and Grants (< £70,000) 50,000 1,000,000 100,000 828,000 106,000 1,632,479 1,534,188 50,000 55,500 56,250 53,529 143,269 100,000 42,238 450,000 50,000 49,950 50,000 40,000 100,000 600,000 42,238 400,000 932,348 1,378,454 4,322,844 5,521,999 We are grateful to the following for their support during the year: Clarke Willmott. Brympton House, Albert Goodman, Sumnierfield Developrnents, Andy Jennings (Andelli Art and Design), Cognique, Co-Foundryi Hoare's Bank, Somerset Council. SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 2024 | ACCOUNTS Pa8e 23
NOTES TO TIIE FINANCIAI STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 4. Investment Income 2024 2023 Dividends on Equities and Fixed Interest Securiti&s Interest on Cash Deposits 205,228 280,060 485,288 204,555 54,968 259,523 5. Expenditure on Raising Funds - Cunrnt Year The costs comprise: Unrestricted Restricted Endowment 2024 Staff Salaries 104,765 15,735 120,500 Support Costs Staff Expenses and Other Costs Staff Training and Recruitment Event Costs Marketing and Promotion Rent and Utilities Postage, Printing and Stationery IT Support Bookkeeping and Accountancy Support Subscriptions Finance Charges and Insurance Building Maintenance Unrestricted Grant Making Depreciation Professional Fees Investment Manager's Fees 1,028 963 4,496 1,100 2,030 649 3,758 325 4,281 4,469 6,483 263 1,291 1,370 4,496 1,100 2,296 748 4,135 460 4,633 4,831 6,483 266 99 377 13S 352 362 8,828 12,131 169 155,475 8,828 12,131 9,193 182,495 8,925 8,925 18,095 SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 20241 ACCOUNTS Page 24
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 5.LYpenditure on Raising Funds (Previous Year) The costs comprise: Unrestricted Restricted Endowment 2023 stsff Salaries 58,652 55,263 113,915 Support Costs Staff Expenses and Other Costs Staff Training and Recruitment Event Costs Marketing and Promotion Rent and Utilities Postage, Printing and Stationery IT Support Bookkeeping and Accountancy Support Subscriptions Finance Charges and Insurance Quality Accreditation Unrestricted Grant Making Depreciation Professional Fees Investment Manager's Fees 1,758 1,639 3,808 1,708 2,537 655 2,867 476 2,555 3,179 175 1,442 10,255 3,677 343 95,726 888 986 908 1,117 1,593 250 1,837 219 1,164 335 1,078 2,646 2,625 4,716 2,825 4,130 905 4,704 695 3,719 3,514 1,253 1,442 10,255 6,664 25,908 189,916 2,987 76 68,701 25,489 25,489 SOMERSET COMMUNITr FOUNDATION | YEAR ENDED 31 MARCH 20241 ACCOUNTS Page 25
NOTES TO THE FINANCIAI STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 6. Charitable Activities Detailed by Fund Unrestricted Restricted Endowment 2024 2023 Grant Making 4,076,362 4,076,362 5,089,632 Dirert Support Costs Staff Salaries Staff Expenses and Other Costs Rent and Utilities Marketing and Promotion Postage, Printing and Stationery Staff Training and Recruitment IT Support Boold(eeping and Accountancy Support Subscriptions Social Investment Loan Write-off Finanee Charges and Insurance CCLA Capital Drawdown Professional Fees 275,009 73,858 348,867 321,937 2,704 34,060 5,394 2,130 6,755 16,910 4,834 40,815 22,304 9,124 14,111 11,623 2,595 801 3,396 2,925 2,641 15,033 3,293 3,049 5,934 18,082 7,614 13,716 1,30D 17,124 165 2,848 1,465 19,972 2,171 11,644 11,987 11,987 30,300 2,598 1,005 (20,055) (1,435) 101,311 4,177,673 3,603 120,055 47,764 508,968 4,585,330 4,364 (6,753) 16,267 439,043 5,528,675 49,199 407,657 407,657 Sub Total Governance Costs Management Audit Other Costs Total 56,747 9,640 2,553 68,940 24,619 2,600 81,366 12,240 2,553 96,159 40,279 12,240 1,883 54,402 27,219 Total Expenditure on Charitable Activities 476,597 4,204,892 4,681,489 5,583,077 SOMERSET COMMUNITY FOUNDATION I YEAR ENDED 31 MARCH 20241 ACCOUNTS Page 26
NOTES TO TIIE FINANCIAI STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 6. Charitable Activities (eont.) Detailed by Fund (Previous Year) Unrestricted Restricted Endowment 2023 Grant Making 5,089,632 5,089,632 Direet Support Costs Staff Salari&s Staff Expenses and Other Costs Rent and Utilities Marketing and Promotion Postage, Printing and Stationery Staff Training and Recruitment IT Support Bookkeeping and Accountancy Support Subscriptions Social Investment Loan Write-off Finance Charges and Insurance CCLA Adv Capital Receipt Professional Fees 254,393 67,544 321,937 7,543 10,846 9,522 1,581 3,265 2,101 9,124 14,111 11,623 2,620 305 2,925 6,904 11,470 710 2,246 7,614 13,716 1,903 10,222 268 1,422 2,171 11,644 30,300 30,300 2,972 1,392 (6,753 186 104,567 5,194,199 4,364 (6,753) 16,267 439,043 5,528,675 16,081 334,476 334,476 Sub Total Governance Costs Management Audit Other Costs Total 40,279 9,195 1,883 51,357 40,279 12,240 1,883 54,402 3,045 3,045 Total EXpendIre on Charitable Activities 385,833 5,197,244 5,583,077 SOMERSET COMMUNITr FOUNDATION | YEAR ENDED 31 MARCH 20241 ACCOUNTS Page 27
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 7. Net Income/(Expenditure) Net Income/(Expenditure) is stated after charging: 2024 2023 Auditor's Remuneration: Audit of Statutory Financial Statements Audit - Other 12,240 12,240 12,240 12,240 8. Trustees Expenses and Remuneration During the year, Trustees were reimbursed £85 (2023.. £64) in expenses relating to their role as Trustee. 9. Related Party Transactions During the year, the Foundation made grants worth £45,500 (2023: £177,154) to The Nelson Trust, a charity of which J Sargent, Chief Executive, is a Trustee. The terms of, and process for providing this grant are the same as all other grants made in the year. io. Staff Costs Employee Information 2024 2023 Salaries Employer's National Insurance Contributions Eniployer's Pension Contributions 487,210 43,056 20,467 550,733 418,660 36,951 20,520 476,131 There were 15 employees during the year Calculated on an average basis (2023: 14). The key management personnel of the Foundation comprise the Chief Executive, Operations Director, Programmes Director and Philanthropy Director. The total employee benefits of the key management personnel of the Foundation were £257,950 (2023: £245B78). This year the charity has made ex-gratia payment to one employee for £2,126 (2023: £nil) on health grounds. Although not legally required this was done to demonstrate goodwill and maintain a positive relationship with ernployee. There were no amounts outstanding at the year-end (2023: £nil) The number of employees whose annual emoluments were £60,000 or more were: 2024 2023 £60,000 - £70,000 SOMERSET COMMUNITY FOUNDATION I YEAR ENDED 31 MARCH 2024 | ACCOUNTS Page 28
NOTES TO THE FINANCIAI STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ii. Investments Fixed Asset Investments 2024 2023 Listed Investments Cash Held in Investment Portfolio 9,368,222 47,967 9,416,189 8,027,254 183,903 8,211,157 2024 2023 Listed Investments are made up as follows; Market Value brought forward Acquisitions at Costs Sale Proceeds Realised Gains/(Losses) Unrealised Gains/(Losses) Market Value Carried Forward 8,027,254 3,597,532 {2,853,6981 (84,118) 681,252 9,368,222 7,787,500 2,074,044 (1,537,779) 7,150 (303,661) 8,027,254 Book Cost Carried Forward 8,455,744 6,461,103 The above investments comprise fixed asset interest securities and equities of which £3,033.428 (2023: £5,230,736) are UK Investments and £6,3349794 (2023: £21796,518) relate to investments held outside the UK. Additional realised gains of £647 (2023: £178) are shown in the Statement of Financial Activities which relate to foreign exehange settlements and cash distributions. Shareholdings which individually represent more than 5% of the eharity's investments are; No. Of Shar 108,092 24,411 1,876,794 Investments COIF Communities First SCF COIF Somerset Community Foundation Sarasin Endowments Fund Class A NIC Market Value £2,208,594 £498,777 £2,319,718 12. Non-current Assets 2024 2023 Social Investment Loans at Beginning of the Year New tA)ans Loan Repayments Loan Write Off Loan Interest At End of the Year 444,895 80,800 (135,484) (11,987) 26,244 404,468 410,955 128,334 187,354) {30,300) 23,260 444,895 Land Gifted to the charity Sub Total 90,000 494,468 90,000 534,895 Non-current A3set Current Asset 389,126 105,342 453,676 81,219 SOMERSET COMMUNITY FOUNDATION I YEAR ENDED 31 MARCH 20241 ACCOUNTS Page 29
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Tangible Fixed Assets Leasehold & Property improvements Furniture & Equipment Totsl Cost At the Beginning and end of the Year Total 167,500 167,500 26,167 26,167 193.667 193,667 Depreciation At the Beginning of the Year Charge for the Year At the End of the Year 91,218 6,700 97,918 21,909 2,128 24,037 113,127 8,828 121,955 Net Book Value At the Beginning of the Year At the End of the Year 76,282 69,582 4,258 2,130 80,540 71,712 14. Debtors 2024 2023 Other Debtors Prepayments 342,532 14,751 357,283 1,506,848 16,781 1,523,629 15. Creditors: Amounts falling due thin one year 2024 2023 Grants Payable Accruals and Deferred Income Other Tax and Social Security 1,707,950 26,826 15,291 1,750,067 1,396,386 26,997 15,703 1,439,086 16. Creditors: Amounts falling due after more than one year 2024 2023 Grants Payable 1,056,775 1,158,921 SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 20241 ACCOUNTS Page 30
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 D&signated Funds Building and Maintenance Fund - for the upkeep and maintenance of Yeoman House SYVN (Somerset Youth Volunteer Network) - to support youth volunteers in Somerset Raising Aspirations Research Fund - to fund research in support of the Raising Aspirations mentoring programme Yeoman House - Funds donated to purchase Yeoman House. The funds have been 1]Y spent on acquiring the leasehold property, Yeoman House. The fund balance will be reduced by depreciation over the life of the lease. Digital Transformation - Funds donated by legacy and designated to complete a rebranding exercise, commission the build of a new website, and to introduce an updated CRM package. Restricted Funds & Endowment Funds Somerset Forever Fund - supporting the long-tenn development and growth of SCF'S philanthropy. All other restricted and endowment funds that support our ndIng programmes are listed with brief descriptions on our website. SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 2024 |TRUSTEES' REPORT Pa8e 39
NOTES TO THE FINANCIAL STATEMENTS FOR TIIE YEAR ENDED 31 MARCH 2024 18. Analysis of Net Assets between Funds - Current Year Unrestricted Restricted Endowment Total Funds Funds Funds Funds Investments Fixed Assets Non-current Assets Current Assets Non-current (Liabilities) 97,717 71,712 67,516 9,250,956 9,416,189 71,712 389,126 5,875,845 389,126 5,481,533 562,722 (168,410) 11,056,775) 4,881,400 (1,056,775) 14,696,097 732,151 9,082,546 18. Analysis of Net Assets between Funds - Previous Year Unrestricted Restricted Endownient Total Funds Funds Funds Funds Investments Fixed Assets Non-current Assets Current Assets Non-current (Liabilities) 94,647 80,540 65,566 8,050,944 8,211,157 80,540 453,676 6,567,716 453,676 6,261,491 608,825 (302,600) (1,158,921) 5,621,812 (1,158,921) 14,154,168 784,012 7,748,344 SOMERSET COMMUNITY FOUNDATION I YEAR ENDED 31 MARCH 20241 ACCOUNTS Page 40
NOTES TO THE FINANCIAI STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Financial Commitments Capital There were no eapital eommitments in respect of specific charitable projects or the purchase of tangible fixed assets as at 31 March 2024 (2023: £Nil). Operating lease commitments At 31 March 2024, the Foundation had outstanding commitments for future rninimum lease payments under non-cancellable operating leases, which fall due as follows: 2024 2023 Within i year Between 2 - 5 years Over 5 years 8,316 4,749 28,062 22,262 26,131 26,131 62,509 53,142 Amounts recognised in the statement of financial activities as a cost during the period in respect of operating lease arrangements amounted to £7,632 (2023-£3,656). 20. Transfers - Current Year Unrestricted Restricted Endowment Total Funds Funds Funds Funds Income Fund Capt Drawdown Other 93,218 45,221 20,000 158,439 (93,218) 95,313 {20,000 (17,905> 1140,534) (140,5341 20. Transfers - Previous Year Unrestricted Restricted Endowment Total Funds Funds Funds Funds Income Fund Capt Drawdown Other 91,325 {91,325} 125,765 (26,297) 8,143 (125,765) 26,297 117,622 (125,765) Ineome Fund relates to contributions to operational costs applied from the r&stricted endowment income funds, in line with the terms of the funds. Capital Drawdown is the atnount of capital withdrawn from our Endowment Fund and moved into Endowment Income funds in line with our total return policy. It also includes withdrawal of unrestricted funds for capital projects. Other relates to the transfer of funds from restricted nd cover the operational costs of specific programmes. SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 20241 ACCOUNTS Page 41
NOTES TO THE FINANCIAI STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. Reconciliation of Net Income to Net Cash Flow from Operating Activities 2024 2023 Net (Expenditure)/Income for the Reporting Period (as per the Statement of Financial Activities) 541,929 (288,204) Adjustments for: Depreciation Charges Donation of Land Losses/(Gains) on Investments Dividends and Interest from Investments Decrease/(Increase) in Debtors Increase in Creditors Decrease/(Increase) in Social Investments Net Cash provided by Operating Activities 8,828 10,255 (90,000) 296,511 {259,523) (228,050) 1,306,203 (33,940) 713,252 (597,134) (485,288) 1,166,346 208,835 40,427 883,943 Analysis of Cash and Cash Equivalents Cash in Hand Cash Held in Investment Portfolio Total Cash and Cash Equivalents 7,163,287 47,967 7,211,254 6,401,954 183,903 6,585,857 22. Contingent assets The charity has funding from EDF in relation to the Hinldey Point C Community Fund Programme. Approximately £8 million (2023: £9millioii) l)as been committed to the charity but is not recogiiised in thdse accounts as the conditions for recognition are not met. SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 20241 ACCOUNTS Page 42
NOTESTO THE FINANCIAI STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 23. Total Return Disclosure The charity uses a total return approach to the investment of the endowment. The return is 4% which is disclosed as below. Current Year Trust for Investment Unapplied Total Return Total Endowment As at i April 2023: Gift component of the endowment 7,748,344 Unapplied total return Total 7,748,344 7,748,344 7,748,344 Movements in the reporting period: Gift of endowment funds Investment return: realised and unrealised gains and (losses) Less: investment management costs 910,924 910,924 572,737 572,737 (8,925) {8,925) Total Unapplied total return allocated to incoine in the reporting period Net movements in reporting period 910,924 563,812 (140,534) 1,474,736 (140,534) 910,924 423,278 1,334,202 As at 31 March 2024: Gift component of the endowment 8,659,268 Unapplied total return Total 8,659,268 423,278 9,082,546 423,278 8,659,268 SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 2024 | ACCOUNTS Page 43
NOTES TO TIIE HNANCIAI STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 23. Total Return Disclosure continued Trust for Investment Unapplied Total Return Total Endowment Previous Year As at i April 2022: Gift component of the endowment Unapplied total return Total 7,735,139 7,735,139 313,135 8,048,274 313,135 313,135 7,735,139 Movements in the reporting period: Gift of endowment funds Investment return: realised and unrealised gains and (losses) Allocation from trust for investment Less: investinent management costs Total Unapplied total return allocated to income in the reporting period Net movements in reporting period 135,472 135,472 (284,148) 1284,148) (122,267) 122,267 (25,489) 1187,370) 1125,765) (25,489) (174,165) (125,765) 13,205 13,#205 1313,135) (299,930) As at 31 March 2023: Gift component of the endownient Unapplied total return Total 7,748,344 7,748,344 7,748,344 7,748,344 SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 20241 ACCOUNTS Page 44
NOTES TO THE FINANCIAI STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 24. Financial Instruments Categorisation of financial instruments 2024 2023 Financial assets measured at fair value through income and expenditure account Financial assets that are debt instruments measured at amortised cost 9,368,222 8,027,254 7,973,005 8,373,185 17 341227 16 400439 Financial liabilities measured at amortised cost 2,791,551 2,505,104 Item of income, expenditurei gain or losses Income Expense Net gains Net losses 2024 Financial assets measured at fair value through income and expenditure account 485,288 597,134 485,288 597,134 Income Expense Net gains Net losses 2023 Financial assets measured at fair value through income and expenditure account 259,523 296,333 259,523 296,333 SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 2024 | ACCOUNTS Page 45
NOTES TO THE FINANCIAL STATEMENTS FOR TIIE YEAR ENDED 31 MARCH 2024 25. Grants payable 2024 2023 Organisations Individuals Grants to Individuals from UnrestTlCted Fund Returned Grants to Groups and Individuals Total Grants Payable 3,964,527 221,494 4,990,410 142,195 1,442 (42,973) 5,091,074 (109,659) 4,076,362 2024 Amount Grants to Groups >£2000 41F Squadron Royal Air Force Air Cadets Abbeyfield Taunton Defendamus Society Ltd Accessible Transport West Somerset Actiontrack Adventure Therapy (2 Grants) Age UK Somerset (2 Graiits) Albermarle Centre Arc (3 Grants) Archiesxtra ARK at Egwood (2 Grants) Art Care Education Art Experience Days CIC Arts Taunton (2 Grants) Ash Millennium Wood Management Group Awe and Wonder pre-school creative sessions Bishop Sutton Pre-school and forest c Blue Flames Aniateur Boxing Club Bridgwater Armed Forces and Veterans Breakfast Club (Grant P Bridgwater United Community Sports Trust Brompton Regis Village Shop Carymoor Environmental Trust (2 Grants) CDST Ltd Central Somerset Outdoor Learning Partnership (Grant Payment Centre for Outdoor Activity & Community Hub (2 Grants) Centre for Sustainable Energy Chard Community Hub (3 Grants) Chard WATCH CHARIS {2 Grants) Charlton's Youth Club Cheddar Arts Quarter CIC Children's World Churchinford and District Community Store Citizens Advice Somerset (2 Grants) 2,OCrf) 3,609 2,500 4,800 6,000 27,800 5,000 23,800 3,000 8,000 3,000 2,500 7,500 2,000 5,000 2,0(K) 3,orfi) 3,000 2,474 3,000 5,608 3,200 9,395 11,000 5,000 10,130 5,000 8,200 2,000 2.000 4.250 5,900 78,CK)O SOMERSET COMMUNITY FOUNDATION I YEAR ENDED 31 MARCH 20241 ACCOUNTS Page 46
Citizens Advice South Somerset CMIST, Community Men in Sheds Taunton Community Council for Somerset (4 Grants) Contains Art Cossington Parish Council Countrymen UK Court Fields Community School Court Fields School Create & Thrive Creech St Michael Village Hall Cruse Bereavement Care Somerset Cultivating Community Dance 4 Parkinsons Wells Dunster Festival East Huntspill Crieket Club Edventure Frome Equine Rewilding CIC (t/a Paintedhorse) Escape Support Group Escapeline (3 Grants) Evercreech Youth Club Evolve Music Exmoor Community Bus Association Exmoor Community Youth Club Fair Frome (3 Grants) Family Counselling Trust Somerset FASD Hub South West Feed Avalon Focus Counselling FordHaven Friends of St.Leonard Frome Birth Talk Frome Festival Frome Field 2 Fork CIC Gardening Together (2 Grants) Glastonbury Mental Healtli Network Gocreate Taunton CIC (2 Grants) Green Ilminster Green Wedmore Growing Space Guildhall Young Artists Taunton Heads Up Health Connections Mendip (Frome Medical Practice CIC) Healthy Babies UK Henhayes Centre Home-start Blaekmore Vale Home-start West Somerset (2 Grants) In Charley's Memory (2 Grants) In the Mix Youth Project (3 Grants) Julian House 30,000 4,950 5,000 11,OCM) 4,000 3,200 2,000 4,926 3,850 3,783 4,000 2,000 4,794 2,5(M) 15,C(M) 3,120 3,500 3,312 3,000 6,350 3,000 5,000 3,5CN) 2,000 5,000 2,500 5,000 2,500 10,000 3,950 10,000 2,500 5.000 21,434 22,500 30,160 2,262 3,000 13,098 11,081 12,000 23,000 SOMERSET COMMUNITY FOUNDATION I YEAR ENDED 31 MARCH 20241 ACCOUNTS Page 47
Key4Life Kingsmead School - Cost Of Living Kingsmead School IryA Langport and Huish Episcopi Youth Group LIFEbeat Literally Shepton CIC Livewest Homes Loop:Frome (Frome Compost CIC) Lopen PCC Lost Projectz Lost Projectz (formerly tA)St Projects) Love Glastonbury Loveable CIC Make the Sunshine CIC Mendip Community Credit Union MHA Communities Meiidip MHA Communities South Somerset MHA Communities South Somerset & Mendip District Mind in Somerset Minehead and Exmoor Music Festival Minehead EYE (2 Grants) Move the Mind Foundation CIO Move the Mind Foundation CIO Museum To You CIC Neroche Woodlanders Ltd Nightingales North Curry Sport North Taunton Partnership (3 Grants) Nova Sports and Coaching Oake and District Village Hall and Recreation Ground (Grant Onion Collective Openstorffellers Osprey Outdoors CIC OSR Projects Art & Culture CIC Our Community Fridge - Monkton Heathfield PACE (Personal Achievements Creative Experiences) (Grant Pay Paddington Farm Trust (2 Grants) Pilton Pre-school/Pilton Playgroup Pitminster & Angersleigh Playing Field Association Plotgate Community Fann Polonia&Friends Porlock Vale CIC (2 Grants) Prodigal Bikes Project Factory CIC Project Food - Cooking with Confidence PROMISEworks (2 Grants) Purple Elephant Family Support 5,000 15,000 4,785 2,714 5,000 2,000 4,500 9,928 2,500 2,000 5,000 3,300 10,0 2,310 20,OCrf) 5,000 6,325 5,000 2,000 2,000 12,3 3,000 5,000 2,340 7,145 3,840 2,500 12,342 3,476 2,000 9,980 3,145 2,000 2,000 5,0Tr) 6,871 4,693 2,5CK) 5,000 2,438 5.000 4.000 12,534 2,496 14,526 5,716 SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 2024 | ACCOUNTS Page 48
Quartet Community Foundation (6 Grants) Queen Camel Community Land Trust Rama Life CIC Rare Species Theatre Reminiscence Learning (2 Grants) Rethink Mental Illness ROC Taunton Deane Root Connections (2 Grants) Rusty Road to Recovery Second Step (2 Grants) Seed of Hope Shapwiek Parish Council SHARE:Frome Shared Earth Learning Co-op (2 Grants) Sheba Soul Ensemble Shepton Mallet Men's Shed Social Circles (2 Grants) Somerset Activity and Sports Partnership Somerset African Caribbean Network Somerset and Avon Rape and Sexual Abuse Support Somerset Bus Partnership Somerset Child Contact Centres (2 Grants) Somerset Community Credit Union Somerset Counselling Centre Somerset Youth Theatre CIC Somerset Youth Theatre CIC Somerton Town Youth Football Club South Bristol Youth South Chard Church (The HUB) South Somerset Community Accessible Transport (2 Grants) Spark Somerset (2 Grants) SSAFA Somerset St Benedict's Church, Glastonbury St Francis of Assisi Church, Bridgwater St George's Church, Wilton St John the Baptist Church, Pawlett St Mary's, Bridgwater St Peter's Community Centre Stacked Wonky Stand Against Violence (2 Grants) Star Scheme State of Trust Stolce sub Hamdon Sports and Recreation Trust (2 Grants) Super Roots Sweet Track Counselling Agency CIC Tall Tails Theatre Company C.I.C Taunton & District Mencap Society 187,184 10,000 5,000 3,000 6,605 2,000 5,000 8,000 4,736 11,300 5,OCN) 2,5cN) 2,5CN) 6,676 3,000 4,500 28,0 5,000 19,000 3,913 8,500 30,000 7,621 5,000 2,000 12,000 3,000 10,000 13,552 3,000 2,000 3,250 2,000 2,500 2,5CN) 5,260 5,000 4,970 5.0(K) 5.Crf)O 5,000 3,000 4,689 SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 20241 ACCOUNTS Page 49
Taunton Street Pastors Taunton Welcomes Refugees The Balsam Centre (3 Grants) The Be A Good Neighbour Scheme The Bluebirds Theatre Company The Chard Area Youth Committee (2 Grants) The Coroners Court Support Service The Equivalent Project (3 Grants) The Food Forest Project (2 Grants) The Friends of Mendip Hospital Cemetery The Friendship Circle of Langford Budville and Runnington The Good Life Projects C.I.C The Heard Therapy CIC The Hub Yeovil Community Support Charity The Nelson Trust (3 Grants) Tlie Pod Youth Club The Rewild Life Project CIC The Rubbish Art Project (3 Grants) The Salvation Army Watchet The Somerseience Trust The Space (2 Grants) The Volunteer Network (2 Grants) The Waffle Hub Therapeutic Art Group Time Banks UK (operating name: Timebanking UK) Towards Tomorrow Together Victim Support Victoria Park Community Centre (2 Grants) We Hear You Wedmore Tuesday Club Wells Art Contemporary Ltd (2 Grants) Wells Boxing Club Wells Vineyard Wessex Counselling and Psychotlierapy (2 Grants) Wessex MS Therapy Centre West Somerset Green Forum (Forum 21) Westfield United Reformed Church, Bridgwater Wiltshire Community Foundation Windsor Hill Wood (3 grants) Wiveliscombe Area Partnership (2 Grants) Wiveliscombe Welcomes Refugees Wivey Grows (party of Wivey Cares) Wivey Kitchen CIO Yeovil Art Space Yeovil Opportunity Group Yeovil Rivers Community Trust (2 Grants) YMCA Brunel Group (2 Grants) YMCA Dulverton Group (2 Grants) 2,800 4,000 38,721 2,000 4,000 7,868 2.5 12,500 5,6 2,OCN) 2,0 10,000 2,984 4,OCI) 45,500 5,OC 2,OC() 27,000 2,5 2,5(K) 9,000 6,500 5,000 2,935 3,000 10,000 14,736 5,0(h) 2,OCK) 6,0 5,0 S,OCK) 6,000 5,000 11,OCK) 6,000 3,300 11,500 6,510 5,000 2,458 10,000 4,500 5,000 12,500 57,000 62,000 SOMERSET COMMUNITY FOUNDATION I YEAR ENDED 31 MARCH 2024 | ACCOUNTS Page 50
Young Somerset (2 Grants) Your IT Now Youth Connect South West Youth Resource Services (The Rendezvous, Sherborne) Ltd Total Grants 144 Grants to Groups<£2000 Total Grants to Groups 8,334 3,150 2,000 5,000 1,937,507 127,190 2,064,697 HPC Grants Actiontrack 2BU Somerset Berrow Church of England Primary School Berrow Community Association Bosfest Brainwave Bridgwater Community Sports Thist Bridgwater and Albion Rugby Football Club Bridgwater Cricket Club Bridgwater Foodbank Burnham BMX Club Burnham on Sea Motor Boat and Sailing Club Burnham-on-Se8 and Highbridge Town Council Burnham-on-sea Swimming Club Burnham's Excellent Entertaining Society (BEES) Burnham and Highbridge Community Assoeiation Chilton Trinity Village Hall Crimestoppers in the West Country Diversity Voice East Huntspill Parochial Church Council Escapeline Fiddington Village Hall Forge Rhyne Allotment Association Limited Highbridge Festival of the Arts Holford Cricket Club Homestart Southwest In Charley's Meniory Minehead and Coast Development Trust Minehead Dementia Action Alliance Minehead EYE National Coastwatch Institution Nature's Bond Sling Library CIC North newton village hall Otterhampton Village Hall Parkrun Ltd Parish Council Of Kilve Phoenix (Bridgwater) Scout Group Pride-on-sea PROMISEworks SBA CIC 96,000 75,000 10,000 31,513 5,OCN) 85,000 29,523 5,000 10,000 9,552 45,000 3,000 2,000 3,OCM) 20.000 3,478 22,677 25,910 1,897 189,650 4,500 2,200 3,500 8,820 150,000 112,750 10,000 5,OCwJ 172,840 24,999 3,500 10,000 5,701 2,800 1,400 5,000 3,500 185,466 120,000 SOMERSET COMMUNITY FOUNDATION I YEAR ENDED 31 MARCH 2024 | ACCOUNTS Page 51
Sedgemoor Playday Seed Sedgemoor Severnside Community Rail Partnership Slams Sotnerset L£vels and Moors Shed Somerset Sight Somerset Youth Theatre CIC Spaxton Cricket Club SFfs - Specialist & Personalised Training Services St Francis of Assisi Church, Bridgwater St John the Baptist Church, Pawlett Stogursey Parish Council Stogursey Youth Club Stowey Bears Pre School Stowey Gardeners Taunton Welcomes Refijgees The Avenue Tennis Club (Burnharn on Sea) Ltd The Parochial Church Council of St John the Evangelist The Thomas Poole Library Nether Stowey Tiddlygigs Woolavington Village Hall Westfield URF from HPC Total HPC CF Grants 2,000 6,670 10,000 4,920 85,000 10,000 5,000 43,564 5,000 5,000 2,000 5,000 5,000 1,5CK) 2,500 45,C 20,000 5CNJ 10,(h)O 1,859,830 Somerset Social Enterprise Grants Interim Spac 40,000 Grants to Groups Grants to Individuals 3,964,527 221,494 Grant Payment Returns and Reversals to Organisations Grant Payment Returns and Reversals to Individuals (99,449) (10,210) Total Grants 4,076,362 Somerset Social Enterprise Fund Loans, Interim Spaces 80,000 i The Somerset Social Enterprise Fund grants and loans are made possible due to support from Somerset Council and The Growth Fiind, a £5om partnership which uses a combination of grant funding¥ made possible thank8 to National Lottery players, and loan finance from Big Society Capital and other eo-investors, to address specific gaps in the social investment market. The programme is delivered by Access through a range of social investors. 14inds from The National Lottery Community Fiind, linder the Growth Flind programme have been treated as restricted funds, in these accounts. SOMERSET COMMUNITY FOUNDATION I YEAR ENDED 31 MARCH 20241 ACCOUNTS Page 52