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 Re￿eW
Future Plans
Statement of Trustees, Responsibilities
11
Independent Auditor's Report
12
Statement of Financial Acti￿tieS
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 I￿n'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
IntI￿dUctIon
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 tI￿stS 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 deplO￿nent, 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 endOl￿ne1]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 I￿ONVIedge and understanding of
the UK, iiieluding the FRC'S Ethical Standard and
the charitable coiiipany and its en￿L'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, eMplO￿nent
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￿%

?4
Jy g
dlll

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
endo￿ne]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 accI￿ed
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 E￿ecutiVe, 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 ca￿led 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
Cal￿Ord 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 DoM￿S 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'id￿llater
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
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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