Somerset Community Foundation TRUSTEES, REPORT AND FINANCIAI STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Rcgistered COlilPcl11)' Iiiiiiibei. 04530979 | Registci'ed cli<ll'ity iiuiiibci. 1094446 SOMERSETCOMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 2025 |TRUSTEES' REPORT
CONTENTS PAGE Chair's Statement Trustees, Report Governance Financial ReeW Future Plans Statement of Trustees, Responsibilities 11 Independent Auditor's Report 12 Statement of Financial ActitieS 15 Balance Sheet 18 Statement of Cashflows Notes to the Financial Statements 20 SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 20251 TRUSTEES, REPORT Page 2
CHAIR'S STATEMENT It giv&s me great pleasure to present the Somerset Comiiiunity Foundation Trustees, Annu<il Repoit and Financial Statements foi. tlie year ended March 31, 2025. We firmly believe tliat the path toivards a better life has to include - and indeed start with - creating stronger and more resilient conimunities. We see aijd undei'stand the pi'e&sure that local groups that we fund are under. Many are experiencing i'ising demands on theii. services, falling ineomes, and increased costs. Their commitment is nevei. in doubt, but their resilieiice cannot be taken for granted. Four years ago we set ourselves a set of ambitious goals in our "Sti'onger Coinmuiiities" strategy. Despite the disi'uptions of the Coi4d-19 pandemic and the Cost-of-Living ci'isis, I am pleased to i'eport that we have becoine a more significant, Inore impactful, and more focussed chai'ity. In short, our work has never been more important. Building oil the tlieiiies tliat uiidei'pinned oui. re-bi'and last year, and over 20 yeai's of delivering fuiiding to local communities aci'oss Somei'set our Board sigi)ed off our new sti'ategy at the end of the year. The extraordinaiy increase in income that occuri'ed through the i)andemic, and the coi'i'esponding gi'owth in our fvnding, has been sustained dui'ing these latter years. For the fourth year in a row, our ndIng to local cl)aiities, coinniunity orgai)isations aiid social enterprises has exceeded £4million. Tlirough the sti'ategy ive Commit to deliiTer Inore targeted aiid effective funding duiing tlie next decade, to use our insights aiid expeitise to champion cominuiiity action aiid tlie role of local philanthi'opy, and eiisure li'e- the current custodians of the Foundation - build an oi'ganisatioii tliat will bettei. seive futui'e generations. Tlie paijdemie also gave us an oppoi'tunity to design and delivei. our own i'esponses and, again, in these lattei. years iiie have built on tliis to work Inore proactively with our donors and funding partiiei's iii the developineiit of other programines. We have, foi. example, iiicreased the nuniber of multi-year grants and ive haiie been able to make much mole of our fiJnding more flexible, trusting the groups tliat we support to decide how to use our support in changiiig cii'cuinstanees. I would like to tliaiik my fellow trustees and ouL' staff for eveiything they do to make the Foundation such an important charity for Somerset. But aboiie all l ivish to thaiil( our donoi"s, partnei's aiid all the gi'oups we suppoit for everything tliey do to inake Somei'set a place where n)ore people can thriiye. Behiiid this we liave been steadily gL'owiiig our endowiiient- our'Forever Fund, _ tl)at we hold as a long-term asset for our comniunities. It is these fuiids that foi'm the bedrock of oui. woi'k, enabling us to respond as needs and oppoitiinities <ll'ise, but also to stay the coui'se to achieve the change our cominunities ii?ant and need. Woi'king together we are niaking a real and lasting difference. Tlie Hon. Michael Saniuel MBE Cliaii. At the core of oui. Ivork is our support to irery local groups created and In'bY and foi conimunities, in all tlieir foi'ins. Thejj are run bj, people ivlio know best what our comniunities - in all theii. fornis - valiie and need, because they ai'e'of those cominuiiities. Oui. county faces the same challenges as any other part of the UK. From the niost depriiyed neighboiirhoods in our larger toNI'ns to our inost i'emote hamlets and iryllages, Ive shal'e the sanie complex and deep-rooted issues affecting the lii'es of people of all ages and backgrouiids. SOMERSET COMMUNITY FOUNDATION I YEAR ENDED 31 MARCH 2025 | TRUSTEES, REPORT Page 3
OUR TRUSTEES. REPORT oui. growth and developmeiit to make sui'e we remain fit for the futuie. Weleome to our report and financial statenieiits for the yeai. ended 31 Mal'ch 2025. As a result of the pandemic we moved to a pernianent hybrid model of working, which has undei"piiined our productllFit),. Despite the challenges of the past feiv years, our team are more suppoited, happier and Inoi'e engaged than ever before. Oui. report ineoi'poi'ates the i'equii'ement undei Company Law of a Directors, Report. Tlie fiiiancial statements have been prepared in accordance with the accounting policies set out in iiote i to the accounts and coniply with our Articles of Association, the Companies Act 2006 and Accounting and Reporting by Chai'ities.. Statement of Reconimended Pi'actice applicable to charities pi'eparing theii. accounts- Financial Reportiiig Standard applicable in the UK aiid Republic of Irelaiid (FRS 102). We still Iiave much to do on making the most of our insights to maximise our influence and atti'act staff alid Trustees from inore diverse bael<grounds. These are pi'iorities for our next sti'ategy which you'll find at the end of ouL' i'eport. 1. DEIIVERING MORE TARGETED AND EFFECTIVE FUNDING FOR OUR COMMUNITIES IntIdUctIon The 2024125 year saw the conclusion of oui. Thriving Somerset Communities strategy tliat has guided oui. Ivoi'k foi. the past 4 years. Key facts and figures 2024125 4,602,799 2023124 4,266,022 During this time we had to i'espond to the Coi'onaviriis pandemic and the eost-of-liiiing ci'isis. At the same time, we saw njaiiy of the groups we supi)oit face rising denjand, increased costs and falling incomes. Funding Awarded (incl. social investments) No. of grants and social investments to orsanisations % Applications that were successful 483 504 We've i'emained iiimble and flexible, adapting to these cliaiigin8 circumstaiices by reinaining focused on oui. col'e pui'pose and makiiig the most of oppoituiiities. While iiiany of the pi'essui'es on us wei'e inimediate and short term, we've not lost sight of our long-tern) goals. 63% Tlie year saw us aw¢ird gi'c1nts and social investments woith £4,602,799 (2024: £4,266,022) to 338 orgaiiisatioiis (2024: 373) and 346 individuals (2024: 391). Indeed, oui. efforts to support and sustain the woi'k of coininuliity-led groups dui'ing tliis period has beeii as Iiiuch about ensuiing oui. conimunities ean thi'ii'e iii the futui'e as iiieeting the iinniediate demands they were facing. While oiii. grants to oi'ganisations l'ange fiom £100 to £436,000 tlie typical (niedian) awai'd was £3,380. The tsT)ical OL'gcinisation MTe fiiiided last yeai.: We set ourseliies the goals to grow oui i'egular, funding to £2 million and increase our endoivnieiit by £3 millioii. We've achieiyed the first goal and exLeeded the second. supported 150 people suppoi'ted by 15 Itolunteei's had an alinual income of around £40,000. Oiier1<11, Ive'iFe aivarded £4,466,049 of funding thi'ough 483 'antS and social investments to local organisations. Tlie long-tei'm ndS we Iiold in our endoilqnent also gi.ew by 17% to £10,673,644. The ftiiiding we award is inade available from 80 Funds cl'eated by iiidiiyiduals, local conipanies, charitiible tIstS and public sector partners. Iii some cases ive work with oui. funding partners to build bespoke paiiels to award gi'aiits. Other gi'ants wei'e aw<ll'ded (especicilly Ml< iii Gl'ants) by oui. owii panel of Trustees and voliinteei's from the conimunity. We coiitinue to operate a sustainable business model, COlTering the ina.jority of oui. day-to-day opeiating costs thi'ough conti'ibutions fi'oni the funds li'e maiic2ge. At the same time, Ive've mcode (aiid continue to inake) significaiit illlTestii)ents in SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 2025 | TRUSTEES, REPORT Page 4
We awai'ded £1,063,154 froin the Hinkley Point C Community Fund, taking the total awarded sinee 2017 to almost £11 million. Twelve pei. cent said they wei'e dissatisfied oi. veiy dissatisfied (2024: 10%). Hoivever, most of this second group also gaire positive feedback to us in the survey. During the year we commissioned researchers to work ivith local communities to help define the legacy they waiit to see from this Fund. We'll be using the results in 2025/26 to shape the i'emaining years of tliis programme. We also discovered: 95% said they found our applicatioii form easy to complete. 86% said they i'eceived helpful feedback dui'ii)g the pi'ocess. 97% said they felt the application process was fair. 81% said that oui. repoiting i'equii'ements are relevant to their M?ork. With the success] conclusion of the Soinerset Social Enterprise Fund in 2024, we paused our social iniiestments and designed a new, more focused programine called the Soinerset Social Investment Progran)me using inoney i'epaid fi'om earliei. loans. Oui. first social investment was awarded from this fund during the year, with another pi'ovisional awai'd also agreed. In response to feedback from applicants, towards tlie end of tlie yeai" we deeided to delegate decisioiis oli sonie funds to the Executive team to speed up decisioii-making and deplOnent, and reduce administration. Moly strategie ndIng As usual, our grants support a divei'se range of oi'ganisations and projects addi'essing different needs and causes throughout Sonierset. For tlie first time we've mapped our grants agaiiist the Index of Multiple Depriiiation - a ineasure used to assess relatiiie leilels of deprivation across ai'eas ii) England. Tliis will free up tinie foi. us to engage a broader range of people fi'om the sector with i'elevant lived experiences to conti'ibute to oui. woi'k in a niore strategic way in 2025126, 2. USING OUR KNOWLEDGE AND INSIGIIT 40% An iinpoitant part of oill. sti'ategy is to use the knowledge and insiglits we're priirileged to have through oui. funding pi'ogi'ammes to raise the profile of the unique value of local charities, voluiitary orgaiiisations and social enterprises. io% io% We also iiicrease awareness of the challenges tliey see in theii. comii)uiiities and tlie oppoitunities they create to Inake a difference. 0% More deprlved Less % neighbourhoods spend During the past 4 yeais, the pressures of the pandemic and cost-of-living crisis have i'educed oui. opportunities to do tliis. We Iuiow 27% of oui. fundiiig O)y value) has been dii'ected to projects in, or supporting people living in, 9% of neighbourhoods classed as amoiig the most depi'jiied nationally. Howeiyei., diii'ing 2023/24 M'e reconi'ened the Somei'set Fuilders Foruni, bringiiig togetlier L'epi'esentatives of local, regional and national fundei's to consider prioi'ities in Somei'set and exploi"e ways we might all ii'ork togethei. more effectively. Responding to feedback Evely year iiie carry out a suThiey of oi'ganisatioiis tliat haiye applied to us foi. fLinding to understand l)oiv M'e could better suppo1* them. One outcome l)as been a collaboration ivith Clarks Foundatioii to help comniunity buildiiigs to becoine inoi'e ei)ei"gy efficient as a way of i'educing costs aiid cai'bon emissions. These grants will be aivarded in 2025/26. OITerall, 88% of tlie 58 respondents (2024.. 92) said they wei'e satisfied or very satisfied (2024: 89%) with the seiiiice they i'eceived from us. SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 20251 TRUSTEES, REPORT Page 5
Oui. CEO has also continued to woi'k with DeiFon Community Foundation and other partners on Rural Philanthropy. A national steering group with representatiires from conimunity fouiidations aiid other oi'ganisations has been formed to develop a progi'amine of i"esearch and influencing. We were also awarded £1.4 million of the Household Suppoit Fund to lielp Somerset communities iiiore generally through the winter. This funding supported our SunFiiiing Winter grants, as well as a number of community venues and a collaboration Mwith Citizen Advice Somei'set to support households living in poverty. 3. SIGNIFICANTLY GROWING OUR FUNDING FOR COMMUNITIES Referrals from local solicitoi's and finaIicial planners continue to be important. We've secui'ed several legacy pledges as well as life-time gifts as a L'esult. We engaged with 8 pi'ofessional advisoi. fil'ms during the year. Key facts and figures 2024125 £7,500,235 £1,945,133 2023124 £4,808,132 £910,924 ,' Income received ..of which is endowment | Number of Funds suppoiting , funding ro ammes Number of new Funds created Driviiig oui. woi'k oil philanthi'opy is the way we engage our fundholders in tlie impact of the Funds they set lip with us. In our most recent fijndholder survey, 80% of our respondents gaiie us a scoi'e of 8 out of io or highei, foi. theii. leiiel of satisfaction with our service to them. 80 131 At a regional level we continue to work closely Ivith neighboui'ing cominunity foundLltions on seiiei'al Funds and donor i'elationsliips. These include the Old Mill Fund, the Somei'set Higli Shei'iff Fund aiid the Pi'eventing Victims Fund (funded by the Avon and Somei'set Office of the Police ¢lnd Criine Coinmissioner). We help ensure tliere's a consisteiit approach to delivei'iiig funding prosramnies aci'oss couiity boundai'ies. The yeai. saiv us continue to iiicrease our focus on our regular philanthi'opy development, most notably thi'ough establishing 8 new Funds and the contiiiued support of existing fund holdei's, Oui. long-terin goal is to build a sigi)ifieant endowment to pi'ovide rnedium to loiig-term support for our coiiimunities. One of the i'oles of oui. endowjnent is to provide a home for othei. trusts tliat suppoi't Somei'set. During the year we conipleted the transfei" of tlie £2 Inillion Gooch Charitable Trust which supports the Ilminster cominiiiiity. We also started discussions ivith Triistees of 4 Othei. local chai'itable trusts intei'ested in ti'ansferi'ing theii. assets to us. 4. BUIIDING AN ORGANISATION THAT IS FIT FOR THE FUTURE Key facts and figures 2024125 79. 2023124 77Q/o % of core costs covered by Fund coiiti'ibutions | SCF Boai'd Gender Bcilance 52148 50150 We received fundiiig fi'om CCLA which was Inatclied witli Contributions from Sonierset Council and private donors to create a 3-year progi'anime of fuiiding foi. care leavers worth over £400,000. The ainis of the nd are beiiig shaped by cal'e leaveis themselves, and the fii'st gi'ants were awarded dui'ing tlie yeai.. Highest: Median Salaiy ratio 2.24:1 Our new website was launclied iii eai'ly 2024/25 to bring oiii. new bi'and to life, pi'oiyidiiig cleai'er niessaging foi. donors and guidance to grant applicaiits. Supporting local communities Alongside this we had expected to ti'aiisfer to a new Customer Relationsliip Managenient (CRM) s}rsteni that ivould iinpi'oire oui. seniices to doiioi's and funding applicants. This pi'oject, delivel'ed by UK Community Foundations to some of our fellow menibei's, has been significantly delayed. We now expect the transfei. to take place dul'iiig Q3 in 2025/26. SOMERSET COMMUNITY FOUNDATION I YEAR ENDED 31 MARCH 2025 | TRUSTEES, REPORT Despite the change in tlie Goiiernment policy on Winter Fuel PasTments, we iyere encouiaged by donors to continue our annual Suniiviiig Winter appeal. We're pleased to say over £73,000 was donated by individual people. Page 6
Although pi'eseiiting some challenges to our team. in the long run this collective approach will provide with a systeni in a fai. more cost- effective way. In the meantiine, Mie al'e also working with other funders to uiiderstand the Al tools that al'e eineiging to suppoit oui. Niioi"k. Social Iiivestment Trustee Search Committee *The Foiiiidatioii has 2 Trustees repi'esented on the Co-Iiivestmeiit Coi7117iittee wliich also iiicludes repi'eseiitotivesfroiii 3 Otliei" conimunity foiiiidotions ovei'seeing tlie ii?Ipleineiitation of oiirjoint inuesti?ient policy. Improving DEI perfoi'manee We continue to work on improving our performance oil Divei'sity, EqLiity and Inclusion (DEI). Responsibility foi. tliis iiow i'ests with tlie CEO who Mqll work with the Board and staff teaiiis to ensure that DEI is taken into coiisidei'atioii in eileiythiiig Mpe do. These conimittees are i'esponsible foi. the detailed oiiersight of strategy and activities within their ai'eas of responsibility, w2th their own teiins of 1'eferen and delegated powei's. These include poivei's to appoint additional non-Trustees as members of these committees. We publÉshed our third DEI re oit on oui. website wliich iiicludes ¢1 progress report and a bi'eakdown of diversity in oui. organisatioii at the end of the year. We're a quality-accredited member of UK Commuiiity Foundations, tEie membership organisatioii that supports and promotes the 47 community foundations opei'ating across the UK. GOVERNANCE With endowment funds of ovei. £800 million aiid annual grant making of ovei. £180 niillion, the netwoi'k is one of the UK'S most significant fundei's. SCF is Li registei'ed private company, liiiiited by guarantee (no.0453979) and a registered chai'ity (110.1094446) govei'ned bs1 its Memorandum and Articles of Association. Tlie Dil'ectors of SCF are also its Trustees foi. the purposes of chai'ity law and are referred to as 'Trustees' throughout this i'epoit. Management and staff remuneration The day-to-day management of the Foundation is delegated to our Cliief Executive, who is also respoiisible for the inipleiiieiitation of the strate, The Fouiidatioii's charitable objects, as defined in oui. Memoi'arAdum and Articles of Association al'e to: At the end of the year, we eniployed 17 niembers of staff (14.98 full-tiiiie equivaleiits) who undeitake thc col'e functions of the Fouiidation: gi'ant-lnalcing, deiielopnient, finance, administration, Inarketing and communications. promote charitable purposes for the benefit of tlie community in the area senped by Somerset Council, and in pai'ticulai. the i'elief of poipeity and adiiancement of education pi'omote other charitable purposes in the United Kingdom and elsewhere. Reniunei'ation of tlie staff, including key niaiiagemeiit per8oiinel, is reviewed by the Finance and Govei'nance Conimittee as pait of the annual budgeting process and any othei. time as i"equired, taking account of cost of liiring, perforinanee and beiichiiiai'king against similai. roles extei'nally. The Trustees confii'in that they have i'efei'red to guidance pi'oduced by the Charity Commissioii on public benefit wlien i'eviemring the Foundic tion's objectives and in planning future actiiryties ai)d are satisfied that the requiremeiits are imet. Managing risk We maintaiii a compi'eliensive risk registei. covering the breadth of the Fouiidation's woi'k. This is reiuem'ed in detail at every Fiiiaiice and Goi'ei'nance Committee meeting and is also considered at eiierJF Board Ineeting. It lists the most significaiit risks, scoi-ed oil a mix of pi'obability and impact, with updates oil niitigation nieasures. Board of Trustees During tlje yeai., 6 sub-coIllmittees ivei'e in operation: Co-Iniiestineiit° Finance and Goiiernance Grants HPC Conimunity Fuiid Awai'ds Panel SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 2025 | TRUSTEES, REPORT Page 7
Dui'ing the yeai., the majoi. risks facing the Foundation related to our dependence on a small iiunibei. of key senior pei'sonnel, the potential impact of public sector funding cuts to us directly and tlie broader impact on Sotnerset's voluntary sector. othei. pw poses linked to oui. gi'oivth and development. Having Considered tlie niedium-terni nature of much of the Foundation's funding, the Trustees are .satisfied this represents a sustainable position. Oui. Operations Director left to take up a CEO position with another Coinmunity Foundation. We successfully recruited a replacement for her in a timely way. In the shoit term we'iye been directly impacted by public sectoi. finaiices, but we continue to build our pliilanthi'opic income to i'educe our iEliance on these funds. Our appi'oach to managing our reseriyes will be i'eviewed dui'ing 2025/26 to align with oui new strategy. Restricted Funds The impacts of the cuts oil the seetor Mre fund is gi'oiiryng and we'i'e seeing an incl'ease in demand for oui. Funds. We're keen to avoid excessive demand on tliem aiid we'll coiitinue to pi'oiryde cleai. guidance to applicants to Iielp them understaiid theii. likelihood of success. Our new strategy will help focus our work whei'e we belieiFe we can have Inost iinpact. Most of oui. income aiid expenditui'e comes from restricted fvnds supporting our funding pi'ograinmes and other charitable work. Restricted income foi. the year was £4,858,903 (2024: £3,500,291) and expenditure was £4,354,783 (2024: £4,222,987). The excess resti'icted funds will be used to suppoit grant- making in futui'e years. HNANCIAI REVIEW At tl)e end of tlie year £5,498,002 (2024: £4,881,400) was carried forward, iiicluding £1,534,306 in the Discoirery Conimunity Fuiid, £980,002 111 the HPC Community Fund, and £648,385 in our social investinent funds. The fall in funds carrled foiward i'eflects how we are deployiiig funds that were doiiated in earlier years. We had a strong finanL'ial year, with a I'ecord income of £7,500,235 (2024: £4,808,132), iiicluding £1.95 million added to our endowment. Our expeiiditui'e was £5,131,943 (2024: £4,863,984) ivith 96% (2024.96%) of this on charitable activities and goiyei'iiance, includiiig £4,357,885 aNYai'ded as grants (2024: £4,076,362). Our SORP requii'es that Nve recognise gi'ants Pl'ovided to organisations whei'e they have beeii coinniitted to in adiTaiice of makiiig tlie payments (oi. in iiiost cases recognising the income that the grant payments will be made fi'om). Expendituie on raising funds was £223,300 (2024: £182,495). Over the past 3 yeais, on average we have secured £30 of iiicome for every £1 spent on i'aising fi]nds. As a result, our balance sheet includes graiits coinniitted to but not yet paid of £2,357,640 (2024: £2,764,725). £1,907,716 of this is due Ivithin i year and £449,924 in niore thcin i year. Unrestrictcd Funds and Fl'ee Reserves At the end of the JFear oui. unresti'icted funds wei'e £793,263 (2024: £732,151). Endowment and Investment Policy Oui. endoM?nient is invested aci'oss 3 ini'estment mciiiagei's and is held 2L s pait of a larger poitfolio made up of thc endowinent funds of 3 Other Coinmunity Foundations. The Foundation's Reserves Policy (reviemied in September 2021) is to hold sufficient uni'esti'icted i'eserves to nieet sliort-tei'm cash floNIT needs and Inanage n]edium-terni fluctucltions in income. During the year, our endOlne1]t fuiid atti'acted new donations ivoith £1,945,133 (2024: £910.924). MoiFements in the niai'kets led to a loss of £104,777 011 the iTalue of oui. investineiits (2024: gain of £572,737). Follow'iiig capital i%'ithdrawals as part of oiii. total retui'n policy (see At the end of tlie sieai., free reserves st14 nd at £728,331 (2024: £660,439). This includes designated funds i%'oLth £4lJ,900 (2024: £431,345) set aside for investment in our rr systems ,philanthi'opy deiielopmentj s ivell as SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 2025 I TRUSTEES, REPORT Page 8
below) at the end of the yeai. our endowinent nd was i7alued at £10,673,644 (2024: £9,082,546). Building a dedic¢1ted legacy campaign. Growing our Collective Giving Fiinds, with a focus on the Somerset Youth Fund. Completing oui pilot paiticipatoiy grants progranime in Yeovil. Implementing our new impact framework to bettei. explain the difference oui. funding is malcing. Creating a long-term fund for an advocacy service. Focusing the Hinkley Point C Community Fund on legaey-building. The aim of our investmeiit policy is to generate a total i'eturn on the inirestments to at least Inaintain the capital value of the Fund in the long term while generatiiig a surplus foi. grant-lnaking and supporting the costs of the Foundation. Each year we withdraw a 4% total return for these purposes. A benclimai'k of CPI+4% is used as a key performance indicator. The 3-year aiinualised i'etui'n was 3.5% (2024: 6.1%) coinpai'ed to the bencl)mark of 9.7%, i'eflectiiig the iinpact of l)igh inflation during this period. OiyeL' the same period the peifoi'mance of our ini7estments exceeded the ARC Chai'ity Index, a sectoi'_specific compai'ator. Consolidating our small giants programmes into i new fund. Conipleting the tiansfer to a new CRM database and exploi'ing tlie potential of Al. Establishing an advisoiy gi'oup of people with lived experience iElevant to our funding. FUTURE PIANS We staited to develop a new strategy foi. the Foundation in December 2023. This work eoncluded in Juiie 2025 Witli our Board signiiig off Strong Roots, Shai'ed Futures - our io-year strategy to build commuiiity-led change. The strategy sets out how we'll become a mol'e impactful oi'ganisation and homp we'll grow the Foundatioii to better seive futui'e generations. You can find a full list of our goals on our wtsbilg. It's underpinned by rolling 3-yeai' deliveiy plans and strategic Inilestoiies set foi. 2028, 2031 and 2035. Oui. Stl'ategic Goals for the io-yeai. period al'e to.. Build a niore equitable society by funding what matters Inost to different conimunities, undei'pinned by reseai'ch and iiisiglits. Build a largei. and more divei'se community of donors suppoiting Somerset today aiid foi. geiiei'ations to come. H<irness our knoivledge, insiglits 1( l)d networkg to influence and help otliei's pioinote a nioi'e equitable society in Somerset. AcliieiTe excelleiice in oui. goiTernance and opei'atioiis - ensui'ing oui. woi'k is shaped by, and responsiiTe to, the communities we serve. In the next 3ieai' our prioi'ities include: Building our links with ic wider range of professional adiqsors. SOMERSETCOMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 2025 | TRUSTEES, REPORT Page 9
LEGALAND ADMINISTRATIVE INFORMATION Trustees Michael Samuel MBE (Chair) Chris Bisliop (retired 31103/25) Amaiida Ellingwoitli Francls Clark (appointed 04/08125) Michelle Ferris F&G, SI, HPC TSC CI. F&G F&G, TSC G, HPC Helen Gulvin Kokila Lane (i'etired 12/08125) Igela Keri. John Lyon CB Bruce Mclntosh F&G, HPC, TSC CI, F&G Lucy Nelson DL Louisa Raybould James Shakespeare (appoiiited 14/07/24) David Taylor Tim Walker (retired 12/07124) Giles Wood HPC, G, SI F&G TSC ci, si CJ,. Co-Inuestinent Coiiiinittee,. F&G.. nance & GotJei'iion¢e Coinmittee,. G.. Gi'ants C017117llttee,' HPC.. Hinkley P<)int C (,'oinmuiiity Miiid Awai'ds Panel,. SI.. Sociol Iiivestmeiit Committee,. ISC., Trustee Search Committee Chief Exeeiitiiie & Coiiipany Jiistin Sargent OBE DL Secretaiy Pliilanthropy Dii'ector Opei'ations Dii'ectoi. Pi'ogrammes Dii'ector Laura Blake Kelly Hall Andrew Ridgewell Registei'ed cl)arity number 1094446 Registei'ed company numbei. 04530979 Registered Office Yeomaii House, Batli and West Shoivground, Sliepton Mcillet, BA4 6QN Auditors AC Mole LLP, Stafford House, Blackbi'ook Pai'k Ave, Taunton, TAI 2PX Bankei's CAF Bai)k, 25 Kings Hill Aiie, Kings Hill, West Malling, MEI9 4JQ Investment Managers CCL4, Senator House, 85 Queen Victoria Sti'eet, London, EC4V 4ET Eiyeljin Partners, Portwall Place, Portwall Lane, Bristol, BSI 6NA Sai'asin & Paitnei's, Juxon House, loo St Paul's ChuL'ch}Tard, London EC4M 8BU Solicitors Clarke Willmott, Blackbrook Gate, Blackbrook Park Aire, Taunton, TAI 2PG SOMERSET COMMUNITY FOUNDATION I YEAR ENDED 31 MARCH 2025 | TRUSTEES, REPORT Page 10
STATEMENT OF TRUSTEES, RESPONSIBILITIES pi'esume that the Foundation will continue in business. The Trustees are also responsible for maintaining proper accounting records that disclose with reasonable aecui'acy at any tiine the financial position of the Foundation and enable them to ensure that the fiiiancial statements coniply with the Com anies Act 2006. They are also responsicie for safeguarding the assets of the Fouiidation and hence for taking L'easonable ste for the pi'evention and detection of fraud and ot irregularities. In so far as the Trustees are aware: There is no releiTant audit infoi'mation of which the Foundation's aiiditoi, is unaware. The Trustees have taken all steps tliat they ought to haiie taken to make themseliies awai'e of any i'elevant audit infoi'iiiation and to establisli that tlie auditor is aware of that informatioii. The Trustees are i'esponsible for the maintenance and integrity of the coi'porate and financial infoi'ination included on the Foundation's website. Legislatioii in the United Kingdom goiieriiing the preparation and dissemination of financial statements niay diffei. froni legislatioii in otlier jurisdictions. Approved by the Trustees on io October 2025 and signed oil theii. be Ifby The Trustees, Ivho are also dii'ectors of Somerset Community Fouiidation (Limited by Guarantee) for the purposes of compaiiy law, al'e i'espoiisiblc for preparing the Trustees, Report (incorporating the directors, report) and the finaiicial statements in aecoi'dance wryth applicable law and United Kingdoin Accounting Staiidards iiicluding Financial Repoiting Standai'd 102: the Financial Reporting Staiidard applicable in tlie UK and Republic of Ireland (United Kingdon) Generally Accepted Accounting Practice). Coinpany law i'equii'es the Ti'ustees to pL'epaL'e financial statenients for each fiiiancial year which give a true and fail. view of the state of affaii's of the Foundation and of the income and expenditure of the Foundation for that period. In preparing these financial statements, the Ti'ustees al'e required to: Select suitable accoiiiiting policies and then apply theni coiisistently. Observe the inetliods and principles in tlie Charity's SORP. Make judgements and accounting estimates that are iEasonable and prudent. State ivhethei. applicable United Kingdom Accounting Staiidards have been followed, subject to any material departures disclosed and explained in the fiiiancial statemeiits. Prepai'e the financial statements on the going concerii basis unless it is Illcippropi'iate to ei. Michael Samuel MBE (Chaii. of Trustees) SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 20251 TRUSTEES, REPORT Page 11
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SOMERSET COMMUNITY FOUNDATION Based on the work we have performed, we have not identified any niaterial unceitainties relating to eiients or eonditions that, individually or collectively, Inay cast significant doubt on the entity's ability to continue as a going concern foi. a period of at least twelve moiiths from ivhen tlie financial stL2teinents are authorised for issue. Opinion We haiie audited the financial statements of Soinerset Coinmunity Fouiidation (the 'Chai'itable Our responsibilities and the responsibilities of the conipany) for the yeai. ended 31 Marcli 2025 which trustees with respect to going concern al'e described comprise the Statement of Financial Activities, the in the relevant sectioiis of this repoit. Balance Sheet, the Stateinent of CashfloNVS and notes other information to the financial statei]]eiits, iiicluding a suminary of significant accounting policies. The financial reporting frameivorli that has been applied in tl)eii' pi'eparation is applicable law and United Kiiigdom Aecouiiting Standards, including Financial Repoiting Standai'd 102: The Finaiicial Reportiiig Standard applicable in the UK and Republic of Ireland (Uiiited Kingdom Generally Accepted Accounting Practice). The trustees are responsible for the other information. The other information coniprises the infoimation inLluded in the annual report otheL' thali the fiiiaiicial statements and our auditor's i"eport thereon. Oui. opinion on tlie financial stateineiits does not cover the othei. information and, except to tlie extent otlieiTrvise explicitly stated in our report, we do not express aiiy form of assurance conclusion thei'eon, In our opinion, the financial statemeiits: give a tl'ue and fail. view of the state of the charitable company's affairs as of 31 Mai'ch 2025 and of its iiicome and expenditure for tlie pei'iod then ended; have been pi'operly prepared in accordance with United Kingdoin Generally Accepted Accounting Pi'actice. have beeii i)repared in accordance with the requirements of the Chai'ities Act 2011 Iii connection with oui audit of the finaiic'ial stateineiits, oui. L'espoiisibility is to l'ead tlie otlier iiiformation and, in doing so, consider whether the othei. infoi'ination is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherivise appears to be materially niisstated. If ive ideiitify such material inconsistencies oi. appaL'ent matei'ial inisstateinents. we al'e I'equiL'ed to detel'mine whetheL' thei'e is a matei'ial inisstateinent in tlie financial statenients or a i)iaterial misstatement of the other information. If, based on the worl< we have pei'foi'med, we conclude that theie is a niatei'ial misstatemeijt of this othei. infoi'mation, we al'e requii'ed to report tliat fact. Basis for opinion We Conducted oui audit in accoi'danee ivith Intei'national Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards al'e further desci'ibed in the Auditoi s responsibilities for the audit of the financial stateinents section of oui. i'epoi't. We al'e independeiit of the chai'itable conipany in accoi'dance with the ethical requii'ements that are i'elevant to our audit of the financial stateineiits in In the liglit of the IONVIedge and understanding of the UK, iiieluding the FRC'S Ethical Standard and the charitable coiiipany and its enL'Onn1ent we Iiaiie fulfilled oui. otlier etliical i'esponsibilities in obtained in the coui'se of the audit, we have not accordance witli these requii'eineiits. We believe that identified material misstatements in tlie Directors the audit eiyidence we liave obtaiiied is sufficient and Report included iiqthiii tlie trustees, repoit. appropriate to proiryde a basis for our opinion. We have nothing to report in this i'egai'd. Matters on which we are required to report by exception Conelusions relating to going concern Iii ciuditing tlie financial statenieiits, we haire concluded tliat the trustees, iise of the going coiicern basis of accounting in tlie prepai'ation of the financial statenieiits is appi'opiiate. SOMERSETCOMMUNITY FOUNDATION I YEAR ENDED 31 MARCH 2025 | TRUSTEES, REPORT Page 12
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF SOMEnsET COMMUNITY FOUNDATION are free fiDm Inatei'ial misstatement, whethei. due to fraud or eri'or, and to issue an auditor's report tliat includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a matei'ial misstatenieiit when it We haipe iiothiiig to repoit iii i'espect of the followiiig exists. Misstatements can arise from fraud or error mattel's in i'elation to the Chai'ities (Accounts and Reports) Regulations 2008 I'equires us to i"eport to and are coiisidered inaterial if, individually or in the you if, in our opinion: aggregate, they could reasonably be expected to influence the economic decisions of usei's taken on adequate and pi'oper accounting i'ecoi'ds have the basis of these financial statements. not been kept, oi. returns adequate for our audit have not beeii i'eceived fL'om bi'aiiches not visited Identifying and assessing potential risks of by us; or material misstatement due to irregularities the financial statements are not in agreement with the accounting records and retui'ns. or ceitain disclosures of trustees, remunei'ation specified by law are not made. oi. we haiTe iiot received all the ii)foi'mation and explanations we require for our audit. We considered the following when identifying and assessing risks of matei'ial misstatement due to irregulai'ities, iiicluding fraiid and i)on-conipliaiice with laws and i'egulations: the legal and regulatory frameivork iii which the cliai'itable Company opei'ates the sector in which the charitable company opei'ates the conti'ol envii'onment and conti'ols established to mitigate such risks the i'esults of our enquiries of manageinent about theii. identification and assessment of risks of irregularities discussions with the audit eiigagement team about whei'e fraud inight occur the incentives foi. fraud. Responsibilities of the trustees As explained more fully iii the trustees, i'esponsibilities stateiiient, the trustees (who are also the directors of the charitable compaiiy foi. tlie purposes of company law) al'e responsible for the pi'eparation of the financial statements and for being satisfied that they give a ti'ue and fail. view, and for such intei'nal coiitrol as the ti'ustees detei'iniiie is necessary to eiiable the pi'eparation of financial statenients that are free froin niaterial Inisstatenient, whether due to fraud or eri'or. Laws and i'egulations whicli al'e considered to be sigi)ificant to the charitable coiiipany iiiclude those relating to the i'equii'ements of financial repoi'ting fi'aineivork FRS102, the Conipanies Act 2006, the Charities Act 2011, UK tax legislation, eMplOnent law aiid health and safety. Iii addition, Ive considei. other lai¥s and i'egulation ivhicli may not dii'ectly impact the financial statenients but may inipact on tlie opel'ation of the charitable company. In prepai'ing the financial stateinents, the trustees are responsible foi. assessing the chai'itable conipany's ability to continue as a going concel'n, disclosing, as applicable, niatters related to going concern and using the going concerii basis of accountiiig unless the ti'ustees either intend to liquidate the charitable company or to cease operations, oi. Iiave no realistic altei'iiative but to do so. As a result of these proceduies we concluded, in accordance with Interiiational Auditing Standards, tliat a risk in i'elation to the potential for nianagement ovei'i'ide of conti'ols existed. Oui. responsibilities for the audit of the finaneial statements The trustees IiaiTe elected foi. tlie financial statenients to be audited in accordance 144th tl)e Charities Act 2011 l'ather than tlie Conipaiiies Act 2006. Accordiiiglyj we have been appointed iindei. section 144 of the Charities Act 2011, and i'eport in 2ccoi"dance with the Acts aiid relevant regulations Inade oi. hairyng effect thereunder. Our objectiiies are to obtain i'easoiiable assur¢1nce about ivhetliei. the finaiicial statenients as a ivhole SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 2025 | TRUSTEES, REPORT Page 13
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SOMERSET COMMUNITY FOUNDATION body, foi. oui. audit work, foi. this i'epoit, oi. for the opinions we have foi'med. AcMoiÉ LLf AC Mole LLP (Statutory Auditor) Chartered Accountants aiid Registered Auditors Stafford House Blackbi'ook Pai'k Avenue Taunton Somei'set T 2PX Audit responses to risks identified We undeittook audit procedui'es to respond to the i'isks identified and designed oui. audit testiiig to respond to these risks. Tlie additional pi'ocedui'es we undertook included the following: gaining an understanding of the chai'itable company's procedui'es foi. ensui'ing compliance witli laws and regulations testing the appropi'iateness of journal enti'ies and other adjustments consideriiig whether accounting estimates were indicatiiie of poteiitial bias considering whether any transactions arose outside the i)ornial coui'se of business Inaking enquiries of management coi'roborating oui. enquii'ies through review of Boai'd Minutes aiid coi'respondence. 2025 We also conimunicated relevant lamps and i'egulations 2( lid potential fraud risks to all engageinent team )iieii]bers and I'einained aleit to any indicat013 of fl'aud or non-conipliance witli laws and regulations throughout the audit. A fuithei" description of ouL' respoiisibilities for the audit of the fiiiancial statements is located on tlie Financial Repoi'ting Council's website at: www.frc.oi'g.uk/auditorsi'esponsibilities. This description forms part of our auditor's ieport. A C Mole LLP is eligible for appointment as auditor of the cliai'itable compaiiy by iTirtue of its eligibility foi. appointment as auditoi. of a company undeL' section 1212 of the Conipaiiies Act 2006. Use of this repoi This report is made solely to the charitable coinpany's trustees, as a body, in accoi'dance iiryth part 4 of the Cliarities (Accounts and Reports) Regulations 2008. Our audit work has been undeitak.en so that we might state to the Chai'ity trustees those mattel's we al'e requii'ed to state to tliem in an auditoi's, report and for no othei. purpose. To the fullest extent permitted b}, laiiF ive do not accept oi. assiiine i'esponsibility to anyoiie other thali the charity and the Chal'ity's ti'ustees as a SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 2025 | TRUSTEES, REPORT Page 14
?4 11 1>1 111 e+4•e t4¢<U(Zi<o Z%
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SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Income 5,013,646 541,456 5,555,102 (5,127,690) 427,412 5,297 245,005 677,714 3,411,920 485,288 3,897,208 (4,855,059) (957,851) 25,044 140,534 (792,273) Interest and Investment Iiicome Gi"oss Income in the Reportiiig Pei'iod Total Expenditure in the Repoiting Period Net Income Before Gains and Losses Gains/(Losses) on Investments Transfers Net Income foi the Financial Yeai. The summaiy income and expenditure account are deriiled from the statenient of financial actiiryties on page 15 (excluding endowment fund iiicoming resources and resources expended) which, together with the Iiotes to the financial staternents, pi'ovides 15 information on the inovements during the yeai. on all the Funds. Excluded froni the total net incoming resoui'ces in the statement of financial activities to aL'rive at the aboiTe figui'e is £1,945,133 (2024: £910,924) of endownient iiicome, £4,253 (2024: £8,925) of endone]it expenses aiid loss of £104,777, (2024: gain of £572,737) on investments. All income aiid expeiiditure del'ive from contiiiuing operations. The notes foi'm an integi'al pait of these financial statements. SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 2025 | TRUSTEES, REPORT Page 17
BAIANCE SHEET AS AT 31 MARCH 2025 2025 2024 Notes Fixed Assets Inv&stments Tangible Fixed Assets Total Fixed Assets Non-current Assets Current Assets Investineiits Debtors Bank Total Current A.ssets 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 Unrestrietcd Fuiid Desigiiated Fund Restricted Fund Expendable Eiidowment Fund Total Charity Funds 11 13 11,030,429 64,932 11,095,361 273,207 9,416,189 71,712 9,487,901 389,126 12 12 14 137,361 221,928 7,635,659 7,994,948 (1,948,683) 6,046,265 (449,924) 16,964,909 105,342 357,283 7,163,287 7,625,912 {1,750,067) 5,875,845 (1,056,775) 14,696,097 15 16 17 17 17 381,363 411,900 5,498,002 10,673,644 16,964,909 300,806 431,345 4,881,400 9,082,546 14,696,097 17 These accouiits have been pi'epared and delivered in accoi'dance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and the Financial Rcporting Standai'd applicable in the UK and Republic of Ireland (FRS 102). For the yeai. in question, the charitable company was eiititled to exemption fi'om an audit under sectloll 477 of the Companies Act 2006. The Inembei3 have not requii'ed the chai'itable coinpany to obtain an audit of its accounts for the year in question iii accordance witlj section 476 of the Act. The trustees/directors acknoii,ledge their i'esponsibilities foi. complyiiig with the i'equii'ements of the Conipanies Act 2006 with i'espect to accouiiting i'ecoi'ds and the prepai'ation of accounts. Appi'oved by Ti'us n io Octobei. 2025 and signed on tlieir behalf by Michael SELmiiel MBE . Michelle Fei'ris FCA Registered Coinpany No: 04530979. The iiotes foim an integi'al pait of these fiiiaiicial stateinents. SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 2025 ITRUSTEES, REPORT Page 18
STATEMENT OF CASH FLOWS FOR THEYEAR ENDED 31 MARCH 2025 Note Total 2025 Total 2024 Cash Flows from Operating Activities: Net cash generated fi'oni Operating Activities 21 1,647,356 883,943 Cash Flows from Investing Activities Dividends aiid Interest from Iiivestinents Pui'chase of Equipnient Proceeds from Sale of Investments Purchase of Investments 541,456 {3,074) 3,040,893 (4,711,748) 485,288 13 11 11 2,853,698 (3,597,532) Net cash (used in) Investing Activities (1,132,473) {258,546 Change in Cash and Cash Equivalents in the Reporting Period 514,883 625,397 Cash and Cash Equivalents at the Beginning of the Reporting Period 7,211,254 6,585,857 Cash and Cash Equivalents at the End of the Reporting Period 21 7,726,137 7,211,254 SOMERSET COMMUNITY FOUNDATION I YEAR ENDED 31 MARCH 2025 |TRUSTEES' REPORT Page 19
NOTES TO THE FINANCIAI STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 grants, whether 'capital' grants or 'revenue' grants, is recognised in the same way unless it is deferred. x. gaI Status of the Foundation The Foundation is a registered charity aiid a i'egistered company, liniited by guarantee, and has no share capital. The guarantors are the members whose liability in the event of a winding-up is limited to £1 each. Thei'e weie 13 Inembers at tlie balance sheet date (2024: 14). Cash donations are recognised on receipt. Othei. doiiations are i'ecognised once the Foundation has been notified of the donation unless performance conditions require deferral of tlje amount. Income tax recoiperable in relation to donations received under Gift Aid is i'eeognised at the tiiiie of the doiiation. 2. Accounting Policies Accoiintiiig Coni'eiition and Statenient of ConiR)liaiicc These accounts have been prepared in accordance with FRS 102 ' The Financial Reporting Standai'd applicable in the UK aiid Republic or Ii'eland" ("FRS 102"), Accounting and Repolting by Charities" the Statement of Recoinmended Pi'aetice for charities applying FRS 102, the Companies Act 2006, tlie Charities Act 2011 and UK Geiierally Accepted Accounting Practice as it applies fi'om i Januaiy 2019. The Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are iiiitially i'ecognised at historical cost or transaction iTalue unless otheLwise stated iii the L'elevant accountii)g policy note(s), Legacies are i'ecogiiised on i'eceipt or wlieii the Foundation has been notified of an impending distribution, the amount 18 known, and receipt is pi'obable. If the amount Ccinnot be reliably estimated, the legacy is treated as a contingent asset. Donated Pl'ofessional seiTrrices and doiiated facilities are recognised as inconie when tlie Foundation has control OiTer the itein, any conditions associated ivith tlie donated item haiie beeii niet, the receipt of economic benefit from the use by the Foundation of tlie itei)i is PL'obable and that economic benefit can be Ineasured reliably. In accordance with the Chai'ities SORP {FRS 102), the genei'al time of the volunteers is not recognised. Refei. to the Ti'ustees, annual i'eport for inore infoi'niatioii about tlieir contribution. The accounts al'e prepared in sterling, wliich is the fuiictional curi'ency of the charity. Monetary amounts in these financial stateinents al'e rounded to tlie nearest pound. On receipt, donated professional seLTh4ces Lind donated facilities are recognised 011 tlie basis of the value of the gift to the Foundation wliich is tlie ainount the Foundation ivould have been williiig to pay to obtain services or facilities of equivalent econoinic benefit oli tlie opeii inarket; a coi'i'esponding amount is tlien i'ecognised in expenditui'e in the period of receipt. The accounts have been pi'epared on the histoi'ieal cost conveiition modified by tlie iniiestment asset8, which are lield at fail. iialue. The pi'incipal accounting policies are set out below. Goiiig coiicei'ii At the tinie of appi'oillng the accounts, the Trustees Iiave a reasonable expectation that Sonierset Coiiimunity Foui)dation has adequate resources to continue in opeL'ational senriee for the foi'eseeable futui'e. Thus, the Ti'ustees continue to adopt the going coneern basis of accountiiig iii the prepai'ation of the accounts. Resoui'ces expeiided Expenditure is accounted for on an accruals basis and lias been included undei. expenses categories that aggregate all costs for allocatioii to actiirities. Where costs cannot be directly attributed to paiticulai. activities, they haile been allocated on a basis coiisistent with tlie use of the i'esoui'ces. Iiieoiiiiiig I'esoiii'Les Income is recognised ivhen the Foundatioii has entitlement to the fviids, any perforniance conditions attached to the item of inconie has been niet, it is probable that the incoine will be receiiFed, and the amount can be measured reliably. Incoine fi'oni goveriinient alid otlier SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 20251 TRUSTEES, REPORT Page 20
NOTES TO THE FINANCIAI STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 adjusted in subsequent yeai's to i'eflect repayments and any accrned interest, adjusted, if necessaiy, foi. any inipairment. Support costs al'e those Costs incuL'red dii'eetly in suppoit of expenditure on tlie objects of the Foundation and include project management cai'ried out at the Foundation's offices. Concessionary loans are assessed for evidence of impainnent at the end of each year. Last year, the charity ivas gifted some land. The land was iyalued at fair iialue at the date of the gift, with the value included in the accounts, and the value eonsidei'ed at each subsequent year end. Governance costs are those incurred in connection ivith the adininisti'atioii of the Foundation aiid compliance with constitutional and statutory requirements. Cui'i'ent assets illlFestiiieiits Current assets iiivestments al'e the proportion of concessioiiary loans (treated as mixed inotive investments) which are due witliin 12 months of the balance sheet date. The concessionary loans are initially recognised at the amount paid out, Ivith the cai'iying amount adjusted in subsequent yeai's to i'eflect i'epayments and any accrued interest, ad.justed, if necessaiyg for any inipairment. Coiicessionary loans are assessed for evidence of iinpaii'ment at the end of each year. Costs of chai'itable activities comprise grants payable and support costs. Grants payable al'e included iii resources expeiided once the gi'aiit application has been approved by the grants cominittee and this has been conimunicated to tlie graiit i'eeipient, except in those cases where the offer is conditional, such gi'ants being i'ecognised as expenditure when tlie conditions attached are fulfilled. Grants offei'ed subject to eonditions which haiie not been met at the year- end are noted as a commitmeiit, but not accIed as expenditure. Where multi-year grants are offered, these al'e accounted for in full undei. the ci'itei'ia noted above. Casli and cash eouivcilents Cash and casli equivalents include cash in hand, deposits held at call with banks and other short- terni liquid assets. FiniillL'i(Il insti'unients The Foundation has elected to apply the provisions of Section li 'Basic Fiiiancial Instrumcnts, FRS102 to all of its financial instruments. Financial insti'umeiits al'e recognised when the Foundation becomes party to the conti'actual proi4sions of the instruinent. Fixed iisset.q aiid depi'eciatioii All capital assets witli a value of less than £1,000 are expensed in the statement of financial actii4ties. Tangible fixed assets are initially measured at cost and subsequently measured at cost, iiet of depreciation and any iinp1c ii'ment losses. Depi'eciation on coniputer equipment IS 3 yeai's to I'eflect the useful life of the assets. Leasehold Property and Iinpi'ovements 0 25 yeai's (straiglit line) FurnitUL'e aiid Equipnient 3 years (straiglit line) The charity oiily holds basic fiiiancial insti'umeiits as defined in FRS102. Tlie financial assets and liabilities of the cliaiity and theii. measurements al'e as follows: Bclsic fiiianci<i1 assets Basic financial assets, M,hich include trade and other receivables and cash and bank balances, are initiall}I measured at transactioii price including transaction costs and are subscquently cari'ied at amoitised cost using tlie effectiiie iiiterest metliod. Fixe(I clSSLt iiii'Lstnieiils Listed investnients al'e included in the balaiice sheet at thcii. niarket iialue at the balance sheet date. Realised and unrealised gaiiis and losses on investments al'e included in the stateinent of financial actiirities in the yeai. in ivhich tliey ai'ise. Investment income is credited to income on ali accruals basis. The chai'ity uses a total return <ipproach to its investnient which is disclosed iii note 23. Ti'ade, othei. debtois and loans (mixed motive investments) are basic finaiicial instruments and are debt instruments Ineasured at ainortised cost as disclosed in iiote 24. 111}Festment poitfolios al'e basic financial instruments nieasured at fair i'alue Noii-LLIL'i'eiit c2sset i Iii'estiiieiits Non-current assets iniTestments are the propoition of coneessionary loans (treated as mixed motiiie investments), Ivhich al'e due after Inore than 12 Iiionths fi'oni the balance sheet d<lte. The eoncessionaiy loans al'e initiallji i'ecognised at tlie aniouiit paid out, with tlie earryiiig amount SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 2025 | TRUSTEES, REPORT Page 21
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Designated funds - these are funds set aside by the Trustees out of unresti'ieted general fvnds for specific future purposes or pi'ojeets. Restricted funds - these are funds that cali only be used for particular, restricted pui'poses within the objects of the Foundation. Restrictions arise wlien specified by the donor or when funds are raised for particular, restricted purpose. EndoNvment Fuiids - th&se are funds whose assets pi'ovide a long-terni source of income to suppoit the Foundation's objects. Indiirydual donations to the endowment fund iiiay be uni'estricted oi. restricted if the donor has specified how tlie incoine ai'ising should be spent. The Ti'ustees haire the power to spend the capital if they so detei'miiie. through the inconie and expenditure account. Pi'epayments are not financial instruments. Cash at bank and as pait of the iniNestments are classified as basic financial insti'uments and are measured at fair value. Basie finaiicial liabilities Basic financial liabilities, including trade and other payables, are iilltially recognised at traiisaction pi'ice. Debt instruments are subsequently carried at amortised cost, using the effectiire interest rate method. Trade payables are obligations to pay for goods or seivic£q that haiie been acquired in the ordinaiy Course of operations from suppliers. Accounts payable al'e classified as cui'i'ent liabilities if payment is due within i yeai. oi. less. Trade paycibles are recognised initially at transaction price and subsequeiitly measured at amoilised cost using the effective interest method. In niany cases, and with the prior agreement of the donor, I donatioii may be divided between various funds. FurtlieL' explanation of the nature nd pui'pose of each fuiid is included in note 17 to the financial statements. Trade creditors, accruals and other ci'editoi"s are financial iiisti'uiiients and al'e measured at amortised cost as detailed in note 24. Taxation and social security are not included in tlie financial insti'uii)ent's disclosure definition. DeferL'ed income is not deemed to be a financial liability, as tlie cash settleinent has c2lready taken place and there is ali obligation to delivei. seiviees i'athei. than cash oi. anothei. financial insti'ument. SignificLqlIt jLiclg¥einciitS cqiid eEstIlllLItcs Tlie Tiijstees haiie i'eviewed the opei'ations of the cliai'ity and have concluded that thei'e are no areas of sigiiificant management judgement or key (ll'eas of estiniation or uncertainty required to be disclosed, Tax status The Foundation is exempt fi'oni any taxation in relation to its charitable activities except foi. Value Added Tax. Pe1181011 Costs The Fouiidatioii contributes to a defined contribution peiision scheme, the assets of which al'e held separately fi'om those of the Foundation. The scheme is independently adininistered. Conti'ibutions are chai'ged in the stateinent of financial aL'tiiTities as they fall due in accordance with the scheme rules. Loaiis ¢idiiiiiiced One of the objectiiies of the Fouiidation is to support existing and emerging enterprises thi'ough the makiiig of grants and loai)s. Loans i'eceivable by the Foundation are recognised when funds are advanced to boL'L'owers. Amounts due for i'epaynient aftei. Inoi'e thali i year froni the balance sheet date al'e shOm as loiig-tei'iii debtors within curl'ent assets. Oi)ei'gc tiiig Lei¢ ge .4gi'eeiiiciits Reiitals applicable to operating leases ivhere substaiitially all the benefits aiid risks of ownership remain witli the lessoi. are charged against PL'ofits on a straight-line basis over the period of the lease. Fees charged in i'espeet of loan applications are recognised in full wlieii fuiids al'e adilanced to boi'i'owei's. Intei'est i'eceiiiable on loans is i'ecognised oil an acciuals basis when funds are repaid and not when loans are adiyanced. Fees and interest are deemed to be restricted incoine, to be utilised in tlie making of future loaiis in accoidance ivith the fund objectiires. Fiiiid aL'L'oiiiiti lig Funds held by the Foundatioii are eithei: Unrestricted general ndS - these are nds i%,hich can be used in accordance Nvith the chai'itable ob.jects at the discretion of the Trustees. SOMERSET COMMUNITY FOUNDATION I YEAR ENDED 31 MARCH 2025 | TRUSTEES, REPORT Page 22
NOTES TO THE FINANCIAI STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 3. Donations and Legacies 2025 2024 Bishop Fox's Trust Corton Hill Trust Field House Ti'ust The Gooch Charitable Thust HPC Commuiiity Fund Hunt's Food Group ICB Commuiiity Resilience Fund Old Mill Fund Quattet to Wessex Watei. SCC to Cost of Liiqng Somerset Council to Accelerating Reform Fund Soinerset Council to Cal'e Leavers Soinerset Council to Help Through Winter Police and Crime Commissionei. Fund Othei. Donatioiis and Gi'ants (< £70,000) 262,608 50,000 1,000,000 106,000 1,982,646 1,670,940 50,000 78,656 1,632,479 50,000 56,250 53,529 42,238 400,000 43,600 616,418 213,750 1,400,000 295,000 345,161 932,348 4,322,844 6,958,779 We al'e 'ateful to the folloNving for theii. SUPPOL't dui'ing tlie year: Clai'ke Willmott, Albert Goodman, Andy Jennings (Andelli and Design). SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 2025 | TRUSTEES, REPORT Page 23
NOTES TO THE HNANCIAI STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 4. Investment Ineome 2025 2024 Dividends on Equities and Fixed Interest Securities Interest on Cash Deposits 210,183 331,273 541,456 205,228 280,060 485,288 5. Expenditure on Raising Funds - Current Year The costs comprise: Unrestricted Restricted Endowinent 2025 Staff Salaries 167,660 167,660 Support Costs Staff Expenses and Other Costs Staff Training and Reci'uitiiieiit Event Costs Mai'keting and Proinotion Rent and Utilities Postage, Pi'inting and Stationery IT Suppoit Bookkeeping and Accountaney Support Subsci'iptions Finance Charges and Insiirance Building Maintenance Depreciation Professional Fees InvestineLIt Managei s Fees 2,366 1,588 3,190 3,776 2,873 425 4,418 373 5,774 1,799 830 9,853 733 103 205,761 2,366 1,588 3,190 3,776 2,873 425 4,418 373 5,774 1,848 830 9,853 13,865 4,461 223,300 49 13,132 105 13,286 4,253 4,253 SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 2025 | TRUSTEES, REPORT Page 24
NOTES TO THE FINANCIAI STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 5. Expenditure on Raising Funds - Previous Year The costs comprise: Unrestricted Restricted Endowment 2024 Staff Salai'ies 104,765 15,735 120,500 Support Costs Staff Expenses aiid Othei. Costs Staff Ti'aining and Recruitnient Event Costs Marketing and Proinotion Rent and Utilities Postage, Pi'inting and Stationery IT Suppoi Bookkeeping and Accountancy Support Subsci'iptions Finance Chai'ges aiid Insurance Building Mainteiiance Ui)restricted Grant Making Depreciatioii Professional Fees Investment Managei s Fees 1,028 963 4,496 1,100 2,030 263 407 1,291 1,370 4,496 1,100 2,296 748 4,135 460 4,633 4,831 6,483 266 99 377 135 352 362 3,758 325 4,281 4,469 6,483 8,828 12,131 169 155,475 8,828 12,131 9,193 182,495 99 18,095 8,925 8,925 SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 2025 |TRUSTEES' REPORT Page 25
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 6. Charitable Activities Detailed by Fund Unrestricted Restricted Endowment 2025 2024 Grant Making 4,357,885 4,357,885 4,076,362 Direct Support Costs Staff Salaries Staff Expenses and Other Costs Rent and Utilities Marketing and Pi'omotion Postage, Printing and Stationeiy Staff Training and Reci'uitment IT Support Bookkeeping and Accountancy Support Subsci'iptions Social Iniiestment Loan Wi'ite-off Finance Charges and Insui'ance CCLA CLlPitiil Drawdown Professional Fees 384,538 384,538 348,867 5,670 15,338 17,218 5,670 15,338 18,103 4,834 40,815 22,304 885 1,698 1,698 3,396 4,409 17,672 4,409 17,672 5,934 18,082 1,493 23,096 1,493 23,096 1,465 19,972 11,987 2,490 71 (30,115) 11,271 (17,888) 4,339,997 2,561 (30,115) 14,617 459,080 4,816,965 3,603 (2Q,055) 47,764 508,968 4,585,330 3,346 476,968 476,968 Sub Total Governance Costs Management Audit Otliei. Costs Total 73,560 14,100 2,518 90,178 73,560 14,100 4,018 91,678 81,366 12,240 2,553 96,159 1,500 1,500 Total Expenditure on Charitable Activities 567,146 4,341,497 4,908,643 4,681,489 SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 2025 | TRUSTEES, REPORT Page 26
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 6. Charitable Activities - Previous year Unrestricted Restiicted Endown)ent 2024 Grant Making 4,076,362 4,076,362 Direct Support Costs Staff Salaries Staff Expenses and Other Costs Rent and Utilities Mai'ketiiig and Pi'omotion Postage, Pi'inting and Stationery Staff Training and Reci'uitineiit IT Suppoi Bookkeeping and Accountclncy Support Subsci'iptioiis Social Investment Loan Write-off Finance Charges and Insurance CCIA Capital Di'awdown Professional Fees 275,009 73,858 348,867 2,704 34,060 5,394 2,130 6,755 16,910 4,834 40,815 22,304 2,595 801 3,396 2,641 15,033 3,293 3,049 5,934 18,082 1,300 17,124 165 2,848 1,465 19,972 11,987 11,987 2,598 1,005 120,055) 11,435) 101,311 4,177,673 3,603 {20,055) 47,764 508,968 4,585,330 49,199 407,657 407,657 Sub Total Govei'nance Costs Maiiagenieiit Audit Other Costs Total 56,747 9,640 2,553 68,940 24,619 2,600 81,366 12,240 2,553 96,159 27,219 Total Expenditure on Charitable ActivAties 476,597 4,204,892 4,681,489 SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 2025 | TRUSTEES, REPORT Page 27
NOTES TO THE RNANCIAI STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 7. Net Income/(Expenditure) Net Income/(Expenditiii'e) is stated after charging: 2025 2024 Auditor's Remuneration: Audit of Statutory Financial Statements 14,100 14,100 12,240 12,240 8. Trustees Expenses and Remuneration During the yeai., Trustees wei'e reimbui'sed £nil (2024: £85 travel to i ti'ustee) in expenses relating to tlieir i'ole as Trustee. 9. Related Party Transactions During the year, the Foundation inade gi'ants worth £50,000 (2024: £45,500) to Tlie Nelson Trust, a charity of which J Sargent, Chief Executive, is a Trustee. The Fouiidation also niade grants worth £300,083 (2024: £108,000) to Citizens Advice Somerset, a charity of whicli A Kerr, Trustee, is a CEO. The tel'ms of, and process fol. providiiig these grants al'e the san)e as all other gL'ai)ts made in tlie year. io. Staff Costs Einployee liiformation 2025 2024 Salaries Einployei s National Insurance Contributions Employei s Pension Coiitributions 550,455 49,727 25,576 625,758 487,210 43,056 20,467 550,733 There were 18 einployees dui'iiig the yeai. calculated on an ai7erage basis (2024: 15). Tl)e key nianagement personnel of the Fouiidation comprise the Chief EecutiVe, Operations Director, Programines Dii'ector and Philanthropy Director. The total employee beiiefits of the key management pei'sonnel of tlie Foundation wei'e £272,588 (2024: £257,950). This year the charity has made £nil ex-gratia payments (2024: £2,126 pajuneiit to one eiiiployee on healtli grounds). There ivei'e no ainounts outstanding at the yeai'*nd (2024: £nil) The numbei. of employees wliose aniiual emoluments were £60,000 or inore were: 2025 2024 £70,000 - £80,000 £60,000 - £70,000 SOMERSET COMMUNITY FOUNDATION I YEAR ENDED 31 MARCH 2025 | TRUSTEES, REPORT Page 28
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ii. Investments Fixed Asset Investments 2025 2024 Listed Investmeiits Cash Held in Investment Portfolio 10,939,951 90,478 11,030,429 9,368,222 47,967 9,416,189 2025 2024 Listed Investments al'e made up as follows: Market Value brought forward Acquisitions at Costs Sale Pi'oceeds Realised (Losses) Unrealised (LA)sses)/Gains Market Value Carried Forward 9,368,222 4,711,748 (3,040,893) {6,452) (92,674) 10,939,951 8,027,254 3,597,532 {2,853,698 184,118> 681,252 9,368,222 Book Cost caled Forward 9,905,787 8,455,744 The aboiFe iniiestments comprise fixed asset interest securities and equities of whicli £3>531,619 (2024: £3,033,428) are UK Investinents and £7,408,332 (2024: £6,334,794) ielate to investments held outside the UK. Additioiial realised losses of £354 (2024: £647 gaiii) are sliown in the Statement of Financial Aetiiryties which i'elate to foreign exchange settlements and cash distributioiis. Shareholdiiigs whicli individually represent more than 5% of the charity's iiivestiiieiits aiE: No. Of Shares 108,092 3,272,592 Iniyestments COIF Communities First SCF Sai'asin Endowments Fuiid Class A NIC Market Value £2,105,691 £4,087,467 12. Non-current Assets 2025 2024 Social liivestiiieiit Loaiis at Beginning of the Yeai. Neiv Loans Loan Repayments Loan Wi'ite Off Loan Intel'est Social Investment anS at end of the Year 404,468 31,800 (135,106) 444,895 80,800 (135,484) {11,987) 26,244 19,406 320,568 404,468 Land Gifted to the charity Sub Total 90,000 410,568 90,000 494,468 Non-current Asset Current Asset 273,207 137,361 389,126 105,342 SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 2025 | TRUSTEES, REPORT Page 29
NOTES TO THE HNAMCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13. Tangible Fixed Assets Leasehold & Property improvements Furniture & Equipment Total Cost At the Beginning of the Yeai. Additions Disposals At the End of the Year 167,500 26,167 3,074 (10,2921 18,949 193,667 3,074 {10,292) 186,449 167,500 Depreciation At the Beginning of the Year Charge for the Year Disposals At the End of the Year 97,918 6.700 24,037 3,153 110,2911 16,899 121,955 9,853 (10,291) 121,517 104,618 Net Book Value At tlie Beginning of the Yeai. At the End of the Year 69,582 62,882 2,130 2,050 71,712 64,932 14. Debtors 2025 2024 Other Debtors Prepaymeiits 210,013 11,915 221,928 342,532 14,751 357,283 15. Creditors: Amounts falling due within one year 2025 2024 Gi'ants Payable Accrucils aiid Deferred Inconie Other Tax and Social Security 1,907,716 25,226 15,741 1,948,683 1,707,950 26,826 15,291 1,750,067 16. Creditors: Amounts falling due after niore than one year 2025 2024 Grants Payable 449,924 1,056,775 SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 2025 | TRUSTEES, REPORT Page 30
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NOTES TO THE FINANCIAI STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Designated Funds Building and Maintenance Fund - for the upkeep and maintenance of Yeoinan House SYVN (Soinei'set Youth Volunteer Network) - to support youth volunteers in Somerset Raising Aspirations Researeh Fund - to fund research in suppoit of the Raising Aspirations mentoring programine Yeoman House - Funds donated to purchase Yeoman House. The funds have been fully 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, eominission the build of a new website, and to introduce an updated CRM package. Hidden Somerset - Funds to support research and analysis on issues facing Somerset communities. Jxgacy Designate - Funds set aside for investineiit in philanthropy development. Restricted Funds & Endowment Fuiids Somerset Forever Fund - supporting the long-term development and growth of SCF'S philanthropy. All otlier i'estricted aiid endowTnent funds that support our funding programmes are listed witli brief desci'iptions on oui. website. SOMERSET COMMUNITY FOUNDATION I YEAR ENDED 31 MARCH 2025 | TRUSTEES, REPORT Page 39
NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2025 18. Analysis of Net Assets between Funds - Current Year Unrestricted Restricted Endowment Funds Funds Funds Total Funds II]ITestments Fixed Assets Non-current Assets Cui'rent Assets Noii-CurL'ent (Liabilities) 200,918 64,932 70,068 10,759,443 11,030,429 64,932 273,207 6,046,265 273,207 5,604,651 527,413 {85,799) 1449,9241 5,498,002 {449,924) 16,964,909 793,263 10,673,644 18. Analysis of Net Assets between Funds - Prevlous Year Unrestricted Restricted Endowment Funds Funds Funds Total Funds Investments Fixed Assets Non-current Assets Current Assets Non-Curi'ei)t (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) (1,056,775) 4,881,400 (1,056,775) 14,696,097 732,151 9,082,546 SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 20251 TRUSTEE5' REPORT Page 40
NOTES TO THE HNANCIAI STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. Finaneial Commitments Operating lease commitments At 31 March 2025, the Foundation had outstanding commitnients foi. future minimum lease payments under non-caneellable operating leases, which fall due as follows: 2025 2024 Within i year Between 2 - 5 years Over 5 yeai's 8,277 23,464 22,865 54,606 8,316 28,062 26,131 62,509 Amounts recognised in the statement of financial activities as a cost during the period in respect of operating lease arrangements ainounted to £8,393 (2024-£7,632). 20. Transfer8 - Current Year Unrestricted Restricted Endowment Total Funds Funds Funds Funds liicome Fund Capt Drawdoivn Other 108,025 1108,025) 245,005 125,000) 111,980 (245,005) 25,000 133,025 (245,005) 20. Transfers - Previous year Unrestricted Restricted Endowment Funds Funds Funds Total Funds Incoiiie Fund Capt Drawdown Other 93,218 45,221 20,000 158,439 {93,218) 95,313 {20,000) (17,905) (140,534) {140,534) Income Fuiid relates to conti'ibutions to opei'ationc21 costs applied from the i'estricted endowment ineon)e funds, iii line iiyith the terms of the fuiids. Capital Di'awdown is tlie ainount of capital withdrawii froin oui. Endownient Fund and inoired into Endowment Incoine funds iii line witli our total return policy. It also includes witlidi.awal of uni'esti'icted funds foi. capital pi'ojects. Othei. i'elates to the transfei. of fuiids fi'om restricted funds to coi'ei. the opei'ational costs of specific prograinmes. SOMERSET COMMUNITY FOUNDATIQN | YEAR ENDED 31 MARCH 2025 | TRUSTEES, REPORT Page 41
NOTES TO THE FINANCIAI STATEMENTS FOR THEYEAR ENDED 31 MARCH 2025 21. Reconciliation of Net Income to Net Cash Flow from Operating Activities 2025 2024 Net Income for the Reporting Period (as per the Statement of Financial Activities) 2,268,812 541,929 Adjustments for: Depreciation Charges IA)sses/(Gains) on Investments DiiTidends and Intei'est froin Investnients Decrease in Debtois (Increase)/Deci'ease in Creditors Decrease in Social Iiivestsiients Net Cash provided by Operating Activities 13 11 9,854 99,126 {541,456) 135,355 {408,235) 83,900 1,647,356 8,828 1597,134) 1485,288) 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 7,635,659 90,478 7,726,137 7,163,287 47,967 7,211,254 22. Contingent assets The ehai'ity has funding fi'om EDF in relation to the Hinkley Point C Comniunity Fund progranime. Approximately £6 million (2024: £8 millioii) has been eommitted to the charity but is not recognised in these accounts as the conditions for recognition al'e not met. Dui'ing the year the chai'ity was notified of entitlement to a legacy gift. This has not been recognised within the accounts as we are Iiot yet able to i'eliably estimate the value. SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 20251 TRUSTEES, REPORT Page 42
NOTES TO THE HNANCIAI STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 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 s at i April 2024: Gift component of the endowment Unapplied total return Total 8,659,268 8,659,268 423,278 9,082,546 423,278 423,278 8,659,268 Movements in the reporting period: Gift of eiidownieiit funds Investineiit return: realised and unrealised gains and (losses) Less: investment management costs 1,945,133 1,945,133 {104,777) {104,777) {4,253) (4,253 Total Unapplied total return allocated to income in the i'epoi'ting pei'iod Net movements in reporting period 1,945,133 {109,030) {245,005) 1,836,103 (245,005) 1,945,133 (354,035) 1,591,098 As at 31 March 2025: Gift coinpoiient of the endowment Unapplied total return Total 10,604,401 10,604,401 69,243 10,673,644 69,243 69,243 10,604,401 SOMERSETCOMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 20251 TRUSTEES, REPORT Page 43
NOTES TO THE FINANCIAI STATEMENTS FOR THE YEIIR ENDED 31 MARCH 2025 23. Total Return Disclosure continued Previous Year Trust for Investment Unapplied Total Return Total Endowment As at i April 2023: Gift Component of the endowment Unapplied total return Total 7,748,344 7,748,344 7,748,344 7,748,344 Movements in the reporting period: Gift of endowment funds Investment return: realised and uni'ealised gains and (losses) Less: iiivestineiit nianagement costs 910,924 910,924 572,737 572,737 {8,9251 (8,925) Total Unapplied total return allocated to income iii the reporting period Net movements in reporting period 910,924 563,812 {140,5341 1,474,736 {140,534) 910,924 423,278 1,334,202 As at 31 Mareh 2024: Gift compoiient of the endowment Unapplied total return Total 8,659,268 8,659,268 423,278 9,082,546 423,278 423,278 8,659,268 SOMERSET COMMUNITY FOUNDATION I YEAR ENDED 31 MARCH 2025 | TRUSTEES, REPORT Page 44
NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2025 24. Financial Instruments Categorisation of finaneial instruments 2025 2024 Financial assets measured at fair value thi'ough income and expenditure account Financial assets that are debt instruments measured at amoitised cost 10,939,951 9,368,222 8,256,719 7,958,254. 19 196 670 17 326 476 Financial liabilities measui'ed at amortised cost 2,382,867 2,791,551 "The 2024 prioi. yeai. coinpai'atoi. has been ainended fi'om the 2023124 accounts (fi'om £7,973,005), due to a calculation errol. that has been identified subsequent to tlieii publication. Item of income, expenditurcg gain or losses Income Expense Net gains Net losses 2025 Fiiiaiicial assets measured at fair value tlii'ough income and expenditure account 541,456 99,126 541,456 99,126 Income Expense Net gains Net losses 2024 Financial assets ineasured at fair value through inconie aiid expenditure account 485,288 597,134 485,288 597,134 50MERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 2025 | TRUSTEES, REPORT Page 45
NOTES TO THE FINANCIAI STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 25. Grants payable 2025 2024 Organisations Individuals Grants to Individuals from Unresti'icted Fund Returned Grants to Groups and Individuals Total Grants Payable 4,436,049 136,750 3,964,527 221,494 (214,914) 4,357,885 (109,659) 4,076,362 2025 Amount Grants to Groups >£2000 1st Watehet Sea Scout Group 2BU Soiiierset Age UK Somei'set (4 Grants) Alberinai'le Centi'e (2 Gi'ants) Arc APX at Egwood Art Care Education Art Experience Days CIC Arts Tauntoii (2 Graiits) Ashill Village Hall Cominittee (2 Grants) Awe and Wondei. Axe Valley Men's Shed BIBIC Bishop Fox's School Black 't1st5 on the Move (2 Grants) Blackdoivn Support Group (2 Grants) Bourneinouth Churches Housing Association Brainwave Bi'eiit Knoll Coinmunity Shop Liniited Bridgwater and A]bion Rugby Football Club Broadway and Horton Cricket Club Brompton Regis Village Sliop Burnhain and Highbridge Community Association Cannington United Reforined Church (2 Gi'ants) 2,500 4,000 28,700 25,000 5,000 5,000 5,000 4,900 7,500 5,540 3,000 2,500 5,000 10,000 11,000 5,CH)O 10,000 2,500 2,000 10,000 5,000 18,000 2,100 SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 20251 TRUSTEES, REPORT Page 46
NOTES TO THE HNANCIAI STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Caiy Cares CalOrd Community Hall Caryinoor Enirironmental Trust Centre for Sustainable Ellergy Chard Con)muniTea Waffle (3 Grants) Chard Community Hub (4 Grants) Chard WATCH (3 Gi'aiits) CHARIS (5 Grants) Children's Woi'ld (2 Grants) Citizeiis Advice Somerset (3 Grants) Climate Action Tauntoii Cominunity Council for Somerset (3 Grants) Cominunity Counselliiig CIC Compass Disability Seivices (2 Gi'ants) Connect Coinmunity Chui'ch, Wells (3 Grants) Court Fields School Ci'eate & Thrive Creative Innovation Centi"e Ci'eivkerne Cominunity Kitchen (2 Grants) Ci'eM,kerne In Bloom Crispin Hall Trust (2 Gi'ants) Curl'y Mallet & Beerci'ocombe Village Hall Defence Medical Welfare Service Devon Community Foundation Discovery Diversity Voice DofE Somerset Committee Donate IT Doi'set Coinniiiiiity Foundation Edventui'e Frome Engineering Deiielopnieiit Trust Eseapeline (2 Grants) ESS Education and Suppoi't Services (2 Graiits) EvoliTe Music Exinoor Community Youth Club Fair Frome 5,000 10,000 2,000 11,000 10,400 33,400 15,500 34,770 8,900 106,700 4,500 43,000 5,000 3,090 23,400 9,216 5,000 5,000 5,400 2,000 20,400 2,500 3,300 436,CH)O 2,500 20,000 5,000 19,250 4,000 4,250 16,000 2,300 5,000 3,CK)O 20,000 SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 2025 | TRUSTEES, REPORT Page 47
NOTES TO THE FINANCIAI STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Fight Against Blindness Foi'dHaven (3 Gi'aiits) Frome and District Day Centre Frome Birth Talk (3 Grants) Frome Community Pi'oductions CIC Gei'anium Trust Glastonbury (Wyri'al Pai'k) Bowls Glastonbury Mental Health Network {2 Grants) Glastonbury Repaii, Café Good Felloivsliip Club Got Your Six UK CIC Growing Space (3 Grants) Guildhall Young Artists Taunton Headway Somei'set Healtli Connections Mendip Henhayes Centre (2 Gi'ants) Homes in Sedgemoor Horne-start Blackmore Vale Hoine-start West Soinei'set lCanandIAm Ilminstei. Bowling and Tennis Club In Charley's Memory (2 Grants) n the Mix Youth Pi'oject (6 Gi'ants) Julian House Kingsmead School Knights Templar School and Community Association (KTSCA) Langpoit Cliurcli Comniunity Ti'ust (2 Grants) Life Education Wessex Liiyewest Hoines Living Paiiitings Long Sutton Village Hall Love Cominunity CIC Love Glastonbury Loveable CIC (2 Grants) Make the Sunshine CIC (2 Grants) 4,000 15,400 4,000 8,250 2,500 2,500 2,500 7,000 5,000 5,000 10,000 5,500 20,000 2,500 28,600 8,000 16,500 2,000 20,000 2,500 5,000 11,081 18,847 15,000 10,000 2,500 8,700 2,345 2,500 2,000 2,500 20,000 6,000 5,900 3,400 SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 2025 | TRUSTEES, REPORT Page 48
NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2025 MC Inspired Together Mendip Community Credit Uiiion MHA Communities Mendip (3 Gi'ants) MHA Conimunities South Soinerset (5 Grants) Miiid in Somei'set (2 Grants) Minehead EYE (2 Grants) Miiigle Bristol CIC (2 Grants) Moi)kton Wood Acadeiny Moor Outdoor CIC Moorland Food Bank (2 Gi'ants) Motiv8 Productions Move the Mind Foundation CIO Museum To You CIC (2 Grants) Neroche Woodlanders Ltd Neuroconneet CIC North Curly Music Festiiral North Tauntoi) Paitnership (5 Grants) Oake & District Community Shop Ltd Oake and District Villase Hall and Recreatioii Giound Oake Parish Council Octagon Theatre Openstotyfellers (3 Gi'aiits) OSR Projects Art & Culture CIC Pai'ochial Chui'ch Council of Lydford oil Fosse Pawlett Village Hall Porloek Vale CIC (3 Grants) PL'odigal Bikes PROMISEwoi"k8 (2 Grants) Purple Elephant Family Support (3 Grants) Pyrland School Quaitet Cominunity Foundation (4 Gi'ants) Red Brick Building (2 Grants) Reimagining the Levels Reminiscence Learning (3 Graiits) ROC Taunton Deane (2 Gi'aiits) Root Coniiectioiis (3 Gi'ants) 3,000 5,000 9,400 23,473 30,000 21,250 3,400 13,618 4,000 9,000 2,500 3,000 3,380 9,500 2,000 2,500 26,700 2,000 2,000 2,000 2,500 55,695 2,480 2,500 2,500 8,500 3,000 27,000 15,742 10,Crf)O 228,643 23,500 6,739 17,900 10,000 15,400 SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 20251 TRUSTEES, REPORT Page 49
NOTES TO THE FINANCIAI STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Rusty Road to Recovery (2 Grants) Second Step Sedgemooi. Community Partiiersliip (3 Grants) Sense Shepton Mallet Town Council Social Circles Somerset Activity aiid Sports Partnership (2 Grants) Somerset and AITon Rape and Sexual Abuse Support Somerset Art Woi'ks Somerset CA)inniunity Credit Union Somerset Council Somerset Q)unselling Centi'e Somerset Sight Somel'set Youth Theati'e CIC (4 Gi'ants) Soinerset Youth Volunteer Network Soinerton Music and Festival Sounds Joyful CIC South Barrow Recreation Trust (2 Grants) South Somei'set Asti'onoiiiical Society South Somerset Conimunity Accessible Transport Spark Somei'set (3 Grants) Spii'it Gymnastics Academy Ltd SSAFA Somerset St Benedict's Churcli, Glastonbury (2 Grants) St George's Chureli, Wiltoii (2 Grants) St George's Wilton Taunton St Mai'garet's Hospice Care (2 Gi'ants) St Mary's Church, Ilminster St Maiy's, Bi'idgwater (3 Grants) St Peter's Community Centre Stacked Wonky Staiid Against Racism & Iiiequality Stand Against Violeiice (2 Gi'ants) State of Ti'ust (2 Gi'ants) Stogursey Coiiiniunit), Netsl'ork Stoke St Gi'egory Reci'eation aiid Playing Field 3,400 7,500 32,760 2,500 5,000 5,000 227,440 20,000 5,000 20,000 90,000 4,444 20,000 10,201 10,000 2,000 4,851 19,966 2,500 5,000 46,000 5,000 6,600 8,000 6,000 2,500 35,000 20,606 15,400 15,000 7,500 5,000 8,000 7,450 3,000 2,500 SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 2025 | TRUSTEES, REPORT Page 50
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Sustainable Frome SWEDA Sweet Track Counselling Agency CIC Talk Club TASCC - Taunton Adventurous Spoits & Canoe Club Taunton Area Debt Advice Taunton East Development Ti'ust Taunton Oppoitunity Gi'oup Taunton Pi'ide Taunton Theatre Association Ltd Terrestrial The Balsani Centre (3 Grants) The Castle School The Charltoiis Community Centre Th'ust Tlie Cominunity Youth Project (Sonierset) The Good Healt Fi'onie (2 Gi'ants) Tlie Heard Therapy CIC (3 Gi'ants) The Hub at Bridgwater The Meeting House Arts Centre The Nelson Trust (4 Gi'ants) The Old Stores Studio The Open Dooi. Taunton (2 Gi'ants) The Pod Youth Club (2 Grants) The Reanella Trust The Rubbish Alt Project The Somerscieiice Trust The Space (2 Grants) The Thomas Poole Libi'ary Nether Stowey (2 Grants) Tlie Volunteer Netwoi'k The Waffle Hub (2 Grants) The Warehouse Trust Tlie Wells Cathedral Chorister Trust This Living Place (2 Grants) Timberscombe Parisli Council Towards Tomoi'row Togetlier 2,500 4,721 4,220 5,000 2,500 2,500 20,000 4,000 2,500 3,500 20,000 23,890 10,000 2,168 4,988 25,000 5,750 3,000 4,453 50,000 4.000 16,750 8,500 5,000 17,500 5,000 15,000 5,500 5,000 26,250 3,000 32,975 7,000 3,000 5,000 SOMERSET COMMUNITY FOUNDATION I YEAR ENDED 31 MARCH 20251 TRUSTEES, REPORT Page 51
NOTES TO THE HNANeiAI STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Transition Town Wellington Ups and DoMS Southwest Victoria Park Community Centre (2 Grants) VOICES 2,000 4,995 11,350 2,000 2,200 2,500 4,000 2,000 3,000 12,859 13,300 5,000 3,300 3,000 9,900 5,000 22,000 9,300 27,000 2,000 3,000 12,500 20,300 10,000 2,000 3,000 30,150 20,QOO 10,365 2,500 3,309,661 63,234 3,372,895 Wedniore Tuesday Club Wedmore Village Fai'm Wellington Coinmunity Food Wells Art Contemporaiy Ltd Wells Community Network West Somerset Green Forum (Foi'uin 21) (2 Grants) Westfield United Refonned Churcli, Bridgwater (2 Grants) Williton Parish Council Wiltshire Q)minunity Foundation Wincanton Cares Windsoi. Hill Wood (2 Gi'ants) Wiveliscombe Area Paitiiei'sljip Wivey Cares (4 Graiits) Wivey Kitclien CIO (2 Grants) Woinen's Work Lab Words in Watcliet Yeast Scrapstore Ltd Yeovil Art Space Yeovil Community Chui'eh (2 Gi'ants) Yeovil Opportunity Group (2 Gi'ants) Yeovil Rivers Community Trust Yeovil Shopniobility YMCA Brunel Group (4 Gi'ants) YMCA Dulveiton Group Young Somei'set (2 Grants) Youth Adilentui'e Ti'ust Total Grants 82 Grants to Groups< £2000 Total Grants to Groups SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 20251 TRUSTEES, REPORT Page 52
NOTES TO THE FINANCIAI STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 HPC Grants 1st Huntspill and Highbridge Scout Group 1st Watchet Sea Scout Group Adventure Therapy ARK at Egwood Bowmen of Danesfield Brent Knoll Community Shop Liinited Bridgwater Armed Foi'ces and Veterans Bi'eakfast Club BL'idgwatei' Division Guides Association Churchfield Friends & Community Cit17Ens Advice Somerset Eco Centre CBS Limited Enmore Memorial Hall FusePerfoi'manee (2 Gi'ants) Hardknox boxing CIC Knights Templar School and Commuiiity Assoeiation (IUSCA) Loveable CIC Mingle Bi'istol CIC North Petherton Community Centre Quantock Orienteers Restore Hope West Somerset Soinerset Cl'icket Foundation Soinerset Youth Theati'e CIC St George's Weiiibdoii, Pai'ish Centre St Mai'garet's Hospice St Mary's, B1'idllater Stacked Wonky Stand Against Violence Stogursey Community Netwoi'k Stogursey Football club SWCP United Taunton Street Pastoi's Taunton Welcoines Refugees The Hub at Bi'idgiiiater The Valley Kings Foundation 8,880 10,000 47,288 105,652 10,000 3,500 1,500 2,415 9,000 193,383 5.000 6.070 7,180 9,750 2,500 10,000 10,000 10,000 3,460 1,420 50,000 10,000 6,000 132,294 20,000 10,000 4,000 2,500 6,500 9,000 15,000 4,250 10,000 10,000 SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 2025 | TRUSTEES, REPORT Page 53
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Victoria Park Community Centre Wenibdon Village Hall & Playing Fields Trust Weston Hospiceeare Williton Allotments Xcelerate CIO (formerly IKiwei' Lakes) Total HPC CF Grants 46,627 100,000 150,000 10,000 9,985 1,063,154 Grants to Groups Grants to Individuals 4,436,049 136,750 Grant Payment Returns and Reversals to Organisations Grant Payment Returns and Reversals to Individuals (208,797) (6,117) Total Grants 4,357,885 Somerset Soclal Investment Programme IA)ans A Root Connections 30,000 i The Soiiierset Social Enterprise Fund graiits aiid loaiis are made possible due to support from Somerset Council and The Gi'owth Fund, a £50 inillion paitnei'ship which uses a coinbination of gi'ant fundiiig, made possible thanks to National Lottei), players, and loan finance fi'oin Big Society Capital and otliei. co- ini7estoi's, to address specifie gaps in the social investment inarket. The progi'amn)e is delivei'ed by Access through a l'ange of social iniFestors. Fuiids fi'om The National Lotteiy Community Fuiid, undei. the Gi'oiiTth Fund progi'anime have been treated as restiicted funds, in these accouiits. SOMERSET COMMUNITY FOUNDATION | YEAR ENDED 31 MARCH 20251 TRUSTEES, REPORT Page 54