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2021-12-31-accounts

Cornwall Community Foundation (Limited by Guarantee) Trustees’ Report and Financial Statements

For the year ended 31 December 2021

Charity registration number 1099977 Company registration number 04816191

Cornwall Community Foundation

Contents

Page
Report of the Board of Trustees 1 – 7
Independent auditors’ report 8 – 11
Statement of financial activities 12
Balance sheet 13
Statement of cash flows 14
Notes to statement of cash flows 15
Notes to the financial statements 16 – 38

Cornwall Community Foundation

Report of the Board of Trustees

For the year ended 31 December 2021

The Board of Trustees present their annual report for the year ended 31 December 2021, together with the audited financial statements for the year which are also prepared to meet the requirements for a directors’ report and financial statements for Companies Act purposes.

The financial statements comply with the Charities Act 2011, Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting for Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

Purpose and activities

Charitable purposes

These are:

Public benefit, aims and objectives

The charity complies with the public benefit requirement through its grant making programmes.

We want Cornwall & the Isles of Scilly to be a great place to live for everyone - a place where people work together to address disadvantage and build strong, resilient communities.

Our mission is to inspire local giving to meet local needs. We aim to make sustainable funding available to address disadvantage and build strong communities by promoting effective philanthropy.

We have three strategic priorities:

The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities and setting the grant making policy each year.

The grant making programmes are wholly directed at supporting community groups within Cornwall and the Isles of Scilly.

The charity’s fund development work is aimed at ensuring the funds continue to be available in the future so that income can be generated to continue to support the above groups for the benefit of the residents in the county.

In addition to the guidance from Charity Commission and the Fundraising Regulator the trustees have also used the Charity Governance Code as their frame of reference.

1

Cornwall Community Foundation

Report of the Board of Trustees

For the year ended 31 December 2021

Strategic report

Review of achievements and plans for the future (incorporating Chairman’s Report)

In 2021 the Cornwall Community Foundation (CCF) had another record year and distributed £2,421,868 to 660 community projects and individuals. The continuing pandemic and the increase in the costs of living made our grant awarding needed more than ever. The grants from the CCF enabled community groups in Cornwall and the Isles of Scilly to look beyond immediate crisis provision to develop and reopen community services for the future, with the aim of helping people to flourish and emerge from the pandemic stronger, with new skills and regained confidence. Since 2003 the CCF has awarded £13 million to more than 6,000 community projects all across Cornwall and the Isles of Scilly.

At the end of 2021 CCF’s assets totalled £10,582,164 (an increase of £1,712,869 in the year), of which, total funds held and managed in the CCF’s endowment was £7,968,150 (an increase of £1,399,540 in the year). The financial objective of the CCF is to maintain at least the real value of the assets while generating a growing income to fund grant making. The investment objective of the CCF is to produce the best financial return from its endowment within an acceptable level of risk.

Our fund development aims to substantially increase the funds at our disposal by prioritising endowment; encouraging annual contributions; increasing the contribution from local businesses and individuals based in and outside of Cornwall. Our Friends membership scheme had 403 members at the end of 2021 and our Friends responded very generously to our appeals.

Several new funds were established in 2021, including the Young Minds First Fund to support young people with mental health issues, the Caledonia Investments Charitable Fund to support debt advice and financial planning, the Charles Reynolds Fund to tackle the effects of generational poverty and the Carew Pole Charitable Trust to support community projects in South East Cornwall and beyond.

A heartfelt thank you to Mr Peter Harrison and his family who established the Cornwall Social Enterprise Fund to create new employment, development and training opportunities in the vibrant social enterprise sector.

We are very grateful to Cornwall Council for transferring a total of £633,918 for grant awarding from the Contain Outbreak Management Fund (COMF), Public Health Community Fund and Adult Social Care Funds to help vulnerable people and their support networks to build confidence and resilience. We couldn’t have helped so many people in Cornwall without the £285,234 donation from UK Community Foundations (UKCF), including donations from the National Emergencies Trust (NET), the Department for Digital, Culture, Media & Sport (DCMS), Cellnex UK and Made by Sports’ ‘Clubs in Crisis’ Fund. The Cornwall Christmas Fair Committee raised an amazing £70,154 at this popular event, hosted by the Eden Project. The Duke of Cornwall’s Benevolent Fund generously donated £40,000 to our Crisis Fund. The Police and Crime Commissioner for Devon, Cornwall and the Isles of Scilly donated £30,000 to help community groups that focus on activities that reduce anti-social behaviour. Great Western Railway donated £20,000 to help the wellbeing of young people.

Our grant awarding heavily focused on aiding our communities in the recovery from Covid and funding from our Build Back Better Fund helped groups who would otherwise struggle to continue their services in the longer term. The Emergency and Build Back Better Funds distributed £1,092,247 and our Crisis Fund distributed £84,742 in 2021.

The Cornwall Social Enterprise Fund distributed £189,775 during its first year. Our Community Fund distributed £72,890 in 2021.

2

Cornwall Community Foundation

Report of the Board of Trustees

For the year ended 31 December 2021

Review of achievements and plans for the future (incorporating Chairman’s Report) (continued)

The Headstart Kernow Fund, a National Lottery funded partnership programme with Cornwall Council, distributed £124,890 to 39 projects helping young people with mental health issues. The Worval Foundation also helps young people and distributed £72,788. The Lord Lieutenant’s Fund for Youth distributed £27,900 to 19 gifted young people.

Our Business Club awarded a total of £39,000 to 17 community projects in 2021. Many of our business supporters helped us beyond their membership fees, including the Headland Hotel, the Budock Vean Hotel, Lillicrap Chilcott, Savills Estate Agents, John Bray and Partners Ltd, Rodda’s Creamery and St Austell Printing Company.

We are dedicated to adhere to the highest fundraising standards and have registered with the Fundraising Regulator. Our ambition remains to increase our endowment to £10m and to respond to the need appropriately. We are committed to meeting the increasing demand on funding by bringing together people who want to help Cornish communities with projects that make a real difference.

We aim to work closer with professional advisors to support their clients’ charitable goals. We offer similar support to corporate donors who have an interest in the local community and are interested in putting their corporate social responsibility into practice.

Almost all income generation activity is undertaken by CCF trustees and staff or on our behalf through introductions made by our network of contacts. We also connect to potential donors and partners through networking and by raising our profile through communications.

We will not:

The CCF maintains records of all complaints received and during the year received no complaints on its fundraising activities.

The pandemic has exacerbated pre-existing issues of poverty, mental health and social isolation in the county. I’m very grateful to our team of trustees, staff and volunteers who all pulled together to meet the increasing need. The rise in the cost of living has brought more challenges to people. Community projects, charities and social enterprise offer much needed help across Cornwall and the Isles of Scilly and we remain committed to supporting their work to bring positive change for one and all.

Jane Hartley DL Chairman

28 July 2022

3

Cornwall Community Foundation

Report of the Board of Trustees

For the year ended 31 December 2021

Financial review

The total income for the year was £3,741,941 (2020: £3,140,760). Total expenditure was £2,802,939 (2020: £1,964,300), giving net incoming movement in funds for the year of £1,712,869 (2020: £571,157) after investment gains of £773,867 (2020: losses of £605,303).

At the year-end total charity funds were £10,582,164 (2020: £8,869,295). This consisted of endowment funds of £7,968,150 (2020: £6,568,610), restricted funds of £2,015,764 (2020: £1,861,417) and unrestricted funds of £598,250 (2020: £439,268).

Investment powers and policy

Under the Memorandum and Articles of Association, the charity has the power to make any investments which the trustees see fit. The trustees regularly review internal financial information to ensure their financial position is such that it is adequate to provide sufficient resources to perform the charity’s objects in all types of conditions and to act accordingly. The trustees have reflected on the need to balance risk and return on its reserves and have decided to maintain a balance between equity investments and interest bearing accounts.

Grant making policy

The charity considers applications for funding support on a regular basis. Applications are reviewed against specific criteria and the amount granted is based on available funds.

Reserves policy

It is the trustees’ view that it is prudent to accumulate free reserves to be able to cover anticipated administration costs to sustain its operations, during any period when income generating activities may temporarily cease. The trustees therefore consider that reserves should be held to finance at least nine months of budgeted operating costs which is approximately £326,700. At the year end the unrestricted fund was £580,548 (2020: £432,302), of which funds of approximately £250,000 have been earmarked by the trustees for a number of projects to aid the future development of the charity. The level of reserves held is closely monitored by the trustees.

4

Cornwall Community Foundation

Report of the Board of Trustees

For the year ended 31 December 2021

Reference and Administrative Details

Name of Charity: Cornwall Community Foundation Charity registration number: 1099977 Company registration number: 04816191 Governing instrument: Memorandum and Articles of Association dated 1 July 2003 as amended 14 July 2010 and 17 January 2020 Principal address and registered office: Suite 1, Sheers Barton, Lawhitton, Launceston, Cornwall, PL15 9NJ Website: www.cornwallcommunityfoundation.com Patron: HRH The Duchess of Cornwall President: Colonel Edward Bolitho OBE, Lord-Lieutenant of Cornwall Vice Presidents: The Rt Rev Timothy Thornton, Bishop at Lambeth Mr James Williams DL The Hon Evelyn Boscawen DL Officers: Mr Tamas Haydu Chief Executive Mr Richard Pollock Company Secretary Board of Directors/Trustees: Mrs Jane Hartley DL (Chairman) Mr Kim Conchie (Vice Chairman) Mr Timothy Smith FCA (Vice Chairman) Mrs Natercia Hughes FCCA DChA (Treasurer) Mr Toby Ashworth Mr Daiman Baker Mr Sam Galsworthy Ms Sophie Hosking Appointed 13 May 2021 Mrs Emma Mantle Resigned 29 July 2021 Mrs Nicola Marquis Resigned 29 July 2021 The Rt Rev Philip Mounstephen, Bishop of Truro Mr Thomas Van Oss Mrs Gillian Pipkin Mr Jeremy Sharp Miss Daphne Skinnard DL Ms Verity Slater Appointed 29 July 2021 Mrs Jane Trahair Auditors: RRL LLP, Peat House, Newham Road, Truro, Cornwall TR1 2DP Solicitors: Coodes LLP, 8 Race Hill, Launceston, Cornwall PL15 9BA Bankers: National Westminster Bank Plc, 3 St Nicholas Street, Truro, Cornwall TR1 2RN

5

Cornwall Community Foundation

Report of the Board of Trustees

For the year ended 31 December 2021

Structure, Governance and Management

The Cornwall Community Foundation is constituted as a company limited by guarantee and was incorporated on 1 July 2003 and registered as a charity on 10 October 2003. The charity is administered by a board of trustees which meets a minimum of three times a year. A Chief Executive, who is not a trustee, is appointed by the board to manage the day-to-day operations of the charity.

Recruitment and induction of trustees

Suitable candidates are selected by the existing trustees and invited to become trustees. New trustees are invited to the CCF office for an induction meeting with the Chief Executive and the team in order to gain further understanding of the operations of the CCF. In addition, all Trustees are invited to attend the Grants Committee meetings. Trustees are also invited to training opportunities such as conferences and training courses to deepen their understanding of the context for the network of Community Foundations.

Pay policy for senior staff

The pay of the senior staff is reviewed annually. In view of the nature of the charity, the directors benchmark against pay levels in other similar organisations.

Related parties

None of the trustees receive remuneration or other benefit from their work with the charity.

Any connection between a trustee or senior staff member with a grant recipient or supplier of the charity is disclosed to the board of Trustees in the same way as any other contractual relationship with a related party.

In the current year no such related party transactions were reported.

Risk assessment

The trustees have assessed the principal risks and uncertainties to which the charity is exposed and have established systems to mitigate those risks. The principal financial risk is a loss of income through falling donations and investment performance. This is monitored to ensure expenditure is kept within the funds available. This is an ongoing procedure and is subject to regular review.

A risk assessment is carried out annually as part of the CCF’s Quality Assurance accreditation, covering all aspects of the charity’s activities and scored according to probability and impact. Remedial measure is taken where required.

6

Cornwall Community Foundation

Report of the Board of Trustees

For the year ended 31 December 2021

Statement of trustees’ responsibilities

The trustees (who are also directors of Cornwall Community Foundation, for the purposes of company law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including income and expenditure of the charitable company for that period. In preparing those financial statements, the directors are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006 and the Charities Act 2011. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as the trustees are aware, there is no relevant audit information of which the charitable company’s auditors are unaware. Additionally, the trustees have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the charitable company’s auditors are aware of that information.

This report has been prepared in accordance with the special provision of part 15 of the Companies Act 2006 relating to small companies.

In approving the Report of the Board of Trustees we also approve the Strategic Report included therein, in our capacity as company directors.

Signed on behalf of the Trustees by

Suite 1 Sheers Barton Lawhitton LAUNCESTON Cornwall PL15 9NJ

Natercia Hughes Treasurer

28 July 2022

7

Cornwall Community Foundation

Independent auditors’ report to the Members of Cornwall Community Foundation

Opinion

We have audited the financial statements of Cornwall Community Foundation (the ‘charity’) for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) .

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

The impact of macro-economic uncertainties on our audit

Our audit of the financial statements requires us to obtain an understanding of all relevant uncertainties, including those arising as a consequence of the effects of macro-economic uncertainties such as Covid-19 and Brexit. All audits assess and challenge the reasonableness of estimates made by the directors and the related disclosures and the appropriateness of the going concern basis of preparation of the financial statements. All of these depend on assessments of the future economic environment and the company’s future prospects and performance.

Covid-19 and Brexit are amongst the most significant economic events currently faced by the UK, and at the date of this report their effects are subject to unprecedented levels of uncertainty, with the full range of possible outcomes and their impacts unknown. We applied a standardised firm-wide approach in response to these uncertainties when assessing the company’s future prospects and performance. However, no audit should be expected to predict the unknowable factors or all possible future implications for a company associated with these particular events.

8

Cornwall Community Foundation

Independent auditors’ report to the Members of Cornwall Community Foundation

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

In our evaluation of the directors’ conclusion, we considered the risks associated with the company’s business, including effects arising from macro-economic uncertainties such as Covid-19 and Brexit. We analysed how those risks might affect the company’s financial resources or ability to continue operations over the period of at least twelve months from the date when the financial statements are authorised for issue. In accordance with the above, we have nothing to report in these respects.

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the absence of reference to a material uncertainty in this auditor's report is not a guarantee that the company will continue in operation.

Other information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

9

Cornwall Community Foundation

Independent auditors’ report to the Members of Cornwall Community Foundation

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

As part of our audit work, we obtained an understanding of the legal and regulatory frameworks applicable to the charity and the sector in which they operate. Given the activities of the charity, we determined that the most significant laws and regulations are charity fundraising regulations, UK tax legislation, employment law and health and safety and those that have a direct impact on the preparation of the financial statements such as the Charities Act 2011, the Companies Act 2006 and compliance with financial reporting framework FRS102 and the Charities Statement of Recommended Practice.

10

Cornwall Community Foundation

Independent auditors’ report to the Members of Cornwall Community Foundation

The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

We also communicate relevant identified laws and regulations and potential fraud risk to all engagement team members and remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-andassurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilitiesfor-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Williams FCA DChA

(Senior Statutory Auditor)

For and on behalf of RRL LLP

Peat House Newham Road TRURO Cornwall TR1 2DP

28 July 2022

11

Cornwall Community Foundation

Statement of financial activities

(incorporating income and expenditure account)

For the year ended 31 December 2021

Endowment Restricted Unrestricted 2021 2020
Funds Funds Funds Total Total
Notes £ £ £ £ £
Income
Donations and legacies 3 616,410 2,737,351 118,564 3,472,325 2,871,871
Income from trading activities 5 - 2,000 4,108 6,108 14,289
Investment income 6 17,583 236,758 9,167 263,508 254,600
__ __ __ __ __
Total income 633,993 2,976,109 131,839 3,741,941 3,140,760
__ __ __ __ __
Expenditure
Expenditure on raising funds 7 - 3,642 80,069 83,711 84,127
Expenditure on charitable
activities 8 - 2,439,138 280,090 2,706,387 1,880,173
__ __ __ __ __
Total expenditure - 2,442,780 360,159 2,802,939 1,964,300
__ __ __ __ __
Net income/(expenditure) for
the year before net gains on 633,993 533,329 (228,320) 939,002 1,176,460
investments
Net gains/(losses) on investments 752,959 10,172 10,736 773,867 (605,303)
__ __ __ __ __
Net income/(expenditure) for the year 1,386,952 543,501 (217,584) 1,712,869 571,157
Transfers between funds 23 12,588 (389,154) 376,566 - -
__ __ __ __ __
Net movement in funds 12 1,399,540 154,347 158,982 1,712,869 571,157
Reconciliation of funds
Total funds brought forward 6,568,610 1,861,417 439,268 8,869,295 8,298,138
__ __ __ __ __
Total funds carried forward 7,968,150 2,015,764 598,250 10,582,164 8,869,295

All income and expenditure are derived from continuing activities.

The statement of financial activities includes all gains and losses recognised in the year.

12

Cornwall Community Foundation

Balance sheet

As at 31 December 2021
2021
Notes
£
£
Fixed assets
Tangible assets
15
4,876
Investments
16
7,560,269
__
7,565,145
Current assets
Debtors
17
434,975
Cash in bank - deposit accounts
1,660,900
Cash in bank - current accounts
966,813
Cash in hand
32
__
Total current assets
3,062,720
Creditors: amounts falling due within
one year
18
(45,701)
__
Net current assets
3,017,019
__
Net assets
20
10,582,164

Funds of the charity
Endowment funds
21
7,968,150
Restricted funds
22
2,015,764
Unrestricted funds
23
580,548
Revaluation reserve
23
17,702
__
Total charity funds
10,582,164
 £
120,446
1,080,515
1,059,311
65
__
2,260,337
(21,828)		 2020
£
1,878
6,628,908
_
6,630,786
2,238,509
_
8,869,295
6,568,610
1,861,417
432,302
6,966
__
8,869,295

The financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the financial statements required by the Companies Act 2006 and are for circulation to the members of the company.

Signed on behalf of the trustees by:

Natercia Hughes Treasurer

Approved and authorised for issue by the trustees on: 28 July 2022

Company registration No. 04816191

13

Cornwall Community Foundation

Statement of cash flows

For the year ended 31 December 2021

Notes
£
Cash flows from operating activities:
Net cash provided by operating activities
1
Cash flows from investing activities:
Payments for purchase of fixed assets
(5,433)
Investment income received
263,508
Payments for purchase of investments
(803,495)
Proceeds from sale of investments
646,001
__
Net cash provided by investing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period
Represented by:
Deposit accounts
Current accounts
Cash in hand		 2021
£
£
387,273
(2,817)
254,600
(554,531)
477,718
__
100,581

487,854
2,139,891

2,627,745

£
1,660,900
966,813
32

2,627,745
 2020
£
832,225
174,970

1,007,195
1,132,696
2,139,891
£
1,080,515
1,059,311
65
2,139,891

14

Cornwall Community Foundation

Notes to the statement of cash flows

For the year ended 31 December 2021

1 Reconciliation of net income to net cash provided by operating activities

2021 2020
£ £
Net income for the reporting period (as per the statement of
financial activities) 1,712,869 571,157
Adjusted for:
Depreciation 2,435 939
Investment income (263,508) (254,600)
(Gains)/losses on investments (773,867) 605,303
Increase in debtors (314,529) (96,475)
Increase in creditors within one year 23,873 5,901
__ __
Net cash provided by operating activities 387,273 832,225

15

Cornwall Community Foundation

Notes

(forming part of the financial statements)

1 General information

The company is incorporated as a company limited by guarantee and does not have share capital. In the event of the company being wound up each member is liable to contribute a sum not exceeding £10 towards the debts and liabilities of the company and the costs, charges and expenses of winding up. There were 15 members at 31 December 2021 (2020: 15).

2 Summary of significant accounting policies

2.1 Accounting convention

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (Charities SORP (FRS 102)) and the Companies Act 2006.

Cornwall Community Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. The financial statements are prepared in Sterling which is the functional currency of the charity and rounded to the nearest £.

2.2 Income

Incoming resources including grants receivable are accounted for in the period in which the charitable company is entitled to receipt.

No amount is included in the financial statements for volunteers’ time in line with the SORP (FRS102).

2.3 Bequests and legacies

A legacy or bequest is recognised in the financial statements when the certainty of receipt and the amount receivable has been established.

2.4 Expenditure

Expenditure is included on an accruals basis. The irrecoverable element of VAT is included with the item of expense to which it relates.

Certain expenditure is directly attributable to specific activities and has been included in those cost categories. Other costs, which are attributable to more than one activity, are apportioned across cost categories on the basis of an estimate of the proportion of time spent by staff on those activities.

Grants payable are charged in the period when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the period end are noted as a commitment, but not accrued as expenditure.

2.5 Unrestricted and designated funds

These funds have been made available to the trustees without specific conditions. The use of unrestricted funds is entirely at the discretion of the trustees. Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

2.6 Restricted funds

These funds are made available to the trustees with specific conditions imposed by the donors as to the nature of their use.

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Cornwall Community Foundation

Notes

(forming part of the financial statements)

2.7 Endowment funds

These include a permanent endowment fund which is to be held permanently and only the income from it is used for charitable activities. Expendable endowment funds are primarily held to provide income but the trustees also have the option to spend the fund capital on charitable activities.

2.8 Transfers

Transfers are made when appropriate from a specific fund to recover costs incurred not charged directly to that fund.

2.9 Taxation

The company is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the test set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

2.10 Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The charity operates a defined contribution pension plan for the benefit of its employees. Contributions are expensed as they become payable.

2.11 Tangible fixed assets

Tangible fixed assets are stated at costs (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Fixtures, fittings & equipment 3 years

2.12 Fixed asset investments

Investments are stated in the financial statements at fair/market value. Unrealised gains on investments are calculated by reference to the difference between fair/market value from one year to the next. Realised gains or losses are calculated by reference to the difference between proceeds of sale and the carrying value of the investment at the previous year end.

2.13 Debtors and creditors

Debtors receivable and creditors payable within one year are recorded at transaction price.

2.14 Operating leases

Rental charges are charged in the statement of financial activities on a straight line basis over the life of the lease.

17

Cornwall Community Foundation

Notes

(forming part of the financial statements)

3
Donations and legacies
Endowment
funds
£
Legacies
295,000
Donations and grants (see
note 4)
258,910
Friends
-
Gift Aid
62,500
__
616,410
For the year ended 31
December 2020
128,689		 Restricted
funds
Unrestricted
funds
£
£
23,918
12,100
2,712,720
22,155
-
27,332
713
56,977
_
_
2,737,351
118,564


2,553,094
190,088		 2021
£
331,018
2,993,785
27,332
120,190
__
3,472,325
 2020
£
6,697
2,694,347
24,939
145,888
__
2,871,871
2,871,871

Cornwall Council – grants have been received totalling £372,000 (2020: £110,000). The grants received in 2021 are to support the charity’s efforts within the Winter Fuel Payments, Adult Social Care and Emergency Fund – Build Back Better funds.

18

Cornwall Community Foundation

Notes

(forming part of the financial statements)

4 Donations and grants

Endowment Restricted Unrestricted
funds funds funds 2021 2020
£ £ £ £ £
Grants and donations received:
Community First
CCF Community Fund - 61,578 - 61,578 -
Renewables (wind and solar)
Boyton Solar and Wind Farms - 9,518 - 9,518 9,253
East Langford Solar Farm - 29,844 - 29,844 31,926
Goonhilly Wind Farm - 61,918 - 61,918 60,912
Kala Power Ltd - 34,050 - 34,050 35,993
Luxulyan Parish Council - 11,759 - 11,759 22,467
Manor Solar Farm - 30,214 - 30,214 31,938
Papillon Turbine Fund - 7,800 - 7,800 8,000
Ruth Burden Community Trust Fund 4,000 5,750 - 9,750 10,000
Trenouth Solar Farm - 16,935 - 16,935 17,902
Trust appeals
Fifteen/Cornwall Food Foundation - - - - 7,793
Surviving Winter - 176,660 - 176,660 15,586
Other
Adult Social Care - 100,000 - 100,000 -
Albert Van Den Bergh / Jane Hartley
Fund - - - - 10,000
Amaranth Fund - 6,800 - 6,800 -
Bude Area Fund - - - - 10,000
Business Club - 34,868 - 34,868 36,680
Caradon Area Community Fund - - - - 17,725
Carew Pole Charitable Trust - 13,717 - 13,717 -
Charles Reynolds Fund - 40,000 - 40,000 -
Clare Milne Fund 10,000 - 10,000 -
Commissioner’s Community Grant
Scheme - 30,000 - 30,000 -
Cornwall Club - 82,338 - 82,338 106,222
Cornwall Crimebeat Fund 4,684 - 4,684 26,283
Cornwall Glass and Glazing 7,150 - - 7,150 6,050
Cornwall Women's Fund 10,079 - 10,079 -
Cornwall’s Social Enterprise Fund - 828,000 - 828,000 -
Crisis Fund - 60,442 - 60,442 19,680
Emergency Fund - 6,456 - 6,456 1,755,652
Emergency Fund - Build Back Better - 441,786 - 441,786 181,253
Headland Hotel - 10,164 - 10,164 -
HeadStart Kernow Mental Health
Programme - 46,030 - 46,030 -
Healeys Charitable Trust Fund - - - - 10,000
__ __ __ __ __
Subtotal carried forward 11,150 2,171,390 - 2,182,540 2,431,315

19

Cornwall Community Foundation

Notes

(forming part of the financial statements)

4 Donations and grants (continued)

Endowment
funds
£
Subtotal brought forward
11,150
Mental Health Fund for Children and
Young People
-
Made by Sport – Clubs in Crisis
-
North Cornwall Area Fund
6,388
Public Health Community Fund
-
South West Enterprise Fund
-
The Caledonia Investments Charitable
Fund
-
The Trewithen Fund
-
The Viscountess Boyd Charitable
Trust
16,372
Worval Foundation
30,000
Young and Talented
-
Young Minds First
195,000
#iwill campaign
-
Other (individually £5,000 or less)
-
General / Unrestricted donations
-
__
258,910
For the year ended 31 December
2020
103,689
5
Income from trading activities
Fundraising events
Sundry income
For the year ended 31 December 2020		 Restricted
funds
Unrestricted
funds
£
£
2,171,390
-
-
-
58,525
-
6,538
-
258,750
-
50,000
-
75,000
-
6,030
-
-
-
53,000
-
8,040
-
15,000
-
650
-
9,797
-
-
22,155
_
_
2,712,720
22,155
2,546,139
44,519
Restricted
funds
Unrestricted
funds
£
£
2,000
-
-
4,108
_
_
2,000
4,108


6,797
7,492

 2021
£
2,182,540
-
58,525
12,926
258,750
50,000
75,000
6,030
16,372
83,000
8,040
210,000
650
9,797
22,155
__
2,993,785
2021
£
2,000
4,108
__
6,108
 2020
£
2,431,315
20,000
-
31,280
-
-
-
50,400
-
60,000
9,300
-
29,925
17,608
44,519
_
2,694,347
2,694,347

2020
£
14,289
-
_
14,289
14,289

20

Cornwall Community Foundation

Notes

(forming part of the financial statements)

6 Investment income

Endowment
funds
£
Bank interest
-
Listed investment income
16,296
Other investment income
1,287
_
17,583

For the year ended 31 December 2020
13,924

7
Expenditure on raising funds
Endowment
funds

£
Wages and salaries (note 13)
-
Marketing and publicity costs
-
_
-

For the year ended 31 December 2020
16		 Restricted
funds
Unrestricted
funds
£
£
226
1,753
175,652
7,397
60,880
17
_
_
236,758
9,167


229,643
11,033


Restricted
funds
Unrestricted
funds
£
£
-
70,870
3,642
9,199
_
_
3,642
80,069


13,271
70,840		 2021
£
1,979
199,345
62,184
__
263,508
2021
£
70,870
12,841
__
83,711		 2020
£
2,354
191,865
60,381
_
254,600
254,600

2020
£
68,774
15,353
_
84,127
84,127

Wages and salaries are allocated between “Expenditure on raising funds” and “Charitable activities” following a review of staff time spent on each activity. For consistency the 2020 comparatives also reflect this allocation.

8 Expenditure on charitable activities

Endowment
funds
£
Grants payable (note 9)
-
Support costs (note 10)
-
__
-
For the year ended 31 December
2020
21,110
 Restricted
funds
Unrestricted
funds
£
£
2,421,868
-
17,270
280,090
_
_
2,439,138
280,090

1,660,058
199,005

 2021
£
2,421,868
297,360
__
2,719,228

 2020
£
1,644,365
235,808
__
1,880,173
1,880,173

21

Cornwall Community Foundation

Notes

(forming part of the financial statements)

9 Grants payable

Grants payable
2021 2020
£ £
Community First
CCF Community Fund 73,890 8,880
Renewables (wind and solar)
Boyton Solar and Wind Farms 2,448 -
East Langford Solar Farm 43,119 4,078
Goonhilly Wind Farm Community Fund 16,002 34,683
Kala Power Limited - 19,960
Luxulyan Parish Council 11,687 -
Manor Solar Farm 15,346 -
North Petherwin Community Fund 13,425 -
Papillon Turbine Fund 3,400 -
Ruth Burden Community Trust Fund 3,099 1,100
Trenouth Solar Farm 34,996 -
Trewen Fund - 2,000
United Downs Geothermal Community Fund 7,918 -
Trust appeals
Bruce Davis Trust Fund 5,100 -
Emily Bolitho Trust Fund 7,433 6,782
Terence Beer Trust - 1,500
The Duke of Cornwall’s Benevolent Fund 1,150 4,485
Surviving Winter 25,240 27,500
Viscountess Boyd Charitable Trust 28,724 13,500
Other
Albert Van Den Bergh / Jane Hartley Fund 4,184 3,693
Amaranth Fund 6,200 -
Bright Futures Grant 854 -
Benefitting Older People 949 -
Bosvigo School Fund 7,320 -
Bude Area Fund 5,000 3,928
Business Club 39,000 27,173
Caradon Area Community Fund (2,000) 25,212
Carew Pole Charitable Trust 12,470 -
Charles Reynolds Fund 16,473 -
Clare Milne Fund 6,638 3,790
Commissioner’s Community Grant Scheme 26,087 -
Cornwall Crimebeat Fund - 13,996
Cornwall Glass and Glazing Fund - 20,860
Cornwall Women’s Fund 5,411 -
Cornwall’s Social Enterprise Fund 189,775 -
Crisis Fund 84,742 91,270
Emergency Fund 514,491 1,033,015
Emergency Fund - Build Back Better 577,756 144,457
Fifteen/Cornwall Food Foundation Fund - 11,365
Goldsmiths Fund for the Elderly 275 17,478
Headland Hotel 9,845 -
HeadStart Kernow Mental Health 124,890 -
Karenza Fund 12,682 -
Live Well Fund - 5,241
Made by Sport – Clubs in Crisis 54,051 -
Mental Health Fund for Children and Young People - 1,000
Mining District Fund 3,253 -
North Cornwall Area Fund 22,194 3,000
Penwith and Isles of Scilly Area Community Fund 25,755 1,000
__ __
Subtotal carried forward 2,069,172 1,560,234

22

Cornwall Community Foundation

Notes

(forming part of the financial statements)

9 Grants payable (continued)

2021 2020
£ £
Subtotal brought forward 2,069,172 1,560,234
Public Health Community Fund 225,000 -
Royston Leigh 2,000 3,000
The Eddie and Vanessa George Memorial Fund - 686
The Jack Moon and Lors Trust 2,750 -
The Quinnian Fund - 250
The Resettlement Fund - 1,315
The Worval Foundation 72,788 28,226
Trewithen Fund 20,000 -
Tuppenny Fund 16,521 4,231
Young and Talented 27,900 28,602
#iwill campaign 13,637 47,109
_ _
2,421,868 1,644,365

23

Cornwall Community Foundation

Notes

(forming part of the financial statements)

10 Support costs
2021 2020
£ £
Rent and rates, light and heat 11,457 9,075
Wages and salaries (note 13) 223,830 161,876
Training and other staff costs 8,345 4,800
Travel and meeting costs 5,739 4,293
Office equipment hire 2,142 2,294
Computer and software costs 6,838 3,951
Office costs and insurance 5,855 5,602
Postage and telephone 5,503 5,709
Publicity and website costs 1,400 3,209
Accountancy 4,400 3,820
Consultancy and professional fees 294 12,862
Subscriptions 13,487 10,331
Bank charges and interest 1,635 3,447
Governance (note 11) 4,000 3,600
Depreciation 2,435 939
__ __
297,360 235,808

The allocation of support costs for grants and associated costs is £142,733 (2020: £106,114) and for governance, finance and admin support is £154,627 (2020: £129,694).

11 Governance

Audit fees
12
Net movement in funds
Is stated after charging:
Auditors remuneration – audit
Auditors remuneration – other services
Operating lease rentals – equipment
– property		 2021
£
4,000
2021
£
4,000
4,400
3,034
9,300		 2020
£
3,600
2020
£
3,600
3,820
3,034
9,300

24

Cornwall Community Foundation

Notes

(forming part of the financial statements)

13
Staff costs
Wages and salaries
Social security costs
Pension costs		 2021
£
265,240
21,602
7,858
__
294,700
 2020
£
208,995
14,962
6,693
__
230,650

An average of 10 (2020: 8) employees were employed on charitable and related activities during the year.

The charity operates a defined contribution pension scheme. The pension costs for the year represent contributions payable by the charity to the independently administered pension fund. There were contributions totalling £1,492 payable at the year end (2020: £1,299).

The directors (trustees under charity law) received no remuneration.

No employee received remuneration in excess of £60,000.

Total key management personnel benefits received in the year were £57,182 (2020: £54,974).

14 Transactions with trustees and connected persons

Due to the nature of the charity’s operations and composition of the trustees, it is inevitable that transactions will take place with organisations and individuals in which a trustee or persons connected with them, may have an interest. Trustees do not vote on any decision made regarding grants payable to organisations in which they have an interest.

No trustees claimed travelling expenses during the year (2020: None).

The total amount donated to the charity by trustees in the year was £15,895 (2020: £83,310).

15 Tangible assets

Fixtures,
fittings and
equipment
£
Cost
At 1 January 2021
2,817
Additions
5,433
_
At 31 December 2021
8,250
Depreciation
At 1 January 2021
939
Depreciation
2,435
_
At 31 December 2021
3,374
Net book value
At 31 December 2021
4,876
At 31 December 2020
1,878		 Total
£
2,817
5,433
_
8,250
939
2,435
_
3,374
4,876
1,878

25

Cornwall Community Foundation

Notes

(forming part of the financial statements)

16 Investments

Charifund &
Charibond
£
Valuation
At 1 January 2021
4,293,007
Additions
239,145
Disposals
(559,883)
Revaluation
295,235
__
At 31 December 2021
4,267,504
Cost
At 31 December 2021
4,046,701
At 31 December 2020
4,412,740		 COIF
£
2,335,901
564,350
-
392,514
__
3,292,765
2,170,033
1,605,684		 Total
£
6,628,908
803,495
(559,883)
687,749
__
7,560,269
6,216,734
6,018,424

Charifund and Charibond investments are held with M & G Investments in Equities Investment Fund for Charities and Charities Fixed Interest Common Investment Fund.

COIF investments are held with CCLA in COIF Charities Investment Fund Income Units.

17 Debtors

Other debtors and prepayments
18
Creditors: amounts falling due within one year
Taxation and social security
Other creditors
Accruals
Deferred income (note 19)		 2021
£
434,975

2021
£
5,750
1,492
26,459
12,000
__
45,701
 2020
£
120,446
2020
£
4,949
1,299
15,580
-
__
21,828

26

Cornwall Community Foundation

Notes

(forming part of the financial statements)

19 Deferred income

Balance at 1 January 2021
Amount released to incoming resources
Deferred in year
Balance at 31 December 2021		 2021
£
-
-
12,000
__
12,000
 2020
£
-
-
-
__
-

20 Analysis of net assets between funds

Endowment Restricted Unrestricted
funds funds funds Total
£ £ £ £
Fixed assets 7,272,615 71,870 220,660 7,565,145
Current assets 695,535 1,952,091 415,094 3,062,720
Current liabilities - (8,197) (37,504) (45,701)
__ __ __ __
7,968,150 2,015,764 598,250 10,582,164

27

Cornwall Community Foundation

Notes

(forming part of the financial statements)

21 Endowment funds

Permanent Endowments:
Albert Van Den Bergh/Jane Hartley Fund
Business Club
Caradon Area Community Fund
Community First - Albert Van Den Bergh/Jane Hartley Fund
Community First - Dennis Arbon Fund
Community First - Emily Bolitho Trust Fund
Community First - Crisis Fund
Community First - Lord St Levan
Community First Scheme
Community First - Tregothnan Foundation
Cornwall Crimebeat
Cornwall Glass and Glazing
Friends of Cornwall Community Foundation
Reg Windpower
Grassroots Fund
The Jack Moon and Lors Trust
The Eddie and Vanessa George Memorial Fund
Mining District Fund
Penwith and Isles of Scilly Area Community Fund
Quinnian Fund
Royston Leigh Fund
Tuppenny/China Clay Fund
Other Funds
Expendable Endowments:
Active Bodies Happy Minds/ Mental Health Fund
Amaranth Fund
Bruce Davis Trust
CCF Community Fund
Cornwall Crimebeat
Cornwall Glass and Glazing
Development Endowment Fund
HeadStart Kernow Mental Health Fund
Healeys Charitable Trust Fund
Karenza Endowment Fund
Lanherne Fund
Lilian Simons Legacy Fund
North Cornwall Area Fund
Patrixbourne Fund
Ruth Burden Community Trust
Terence Beer Trust
Tregothnan Foundation
The Trewithen Fund
Viscountess Boyd Charitable Trust
The Worval Foundation
Young and Talented
Young Minds First
Other Funds		 Brought
forward

£
32,572
44,402
238,024
455,949
229,051
471,845
65,780
273,831
348,547
150,247
34,089
166,557
32,074
24,697
74,863
114,771
34,922
34,450
242,028
27,652
56,640
460,496
8,421
_
3,621,908
_
58,451
109,834
100,844
134,267
13,639
4,970
40,247
-
66,011
329,616
121,723
-
127,620
198,696
30,000
23,885
19,856
207,927
893,990
118,084
330,802
-
16,240
_
2,946,702
_
6,568,610
 Movement
in year
£
3,560
4,221
24,633
65,712
33,011
68,003
9,481
39,467
50,231
21,654
3,534
17,263
2,946
2,562
7,791
12,052
3,617
3,570
35,205
2,866
5,871
47,727
848
_
465,825
_
(58,451)
11,377
10,452
14,769
1,413
12,044
864
64,709
5,232
34,165
12,425
295,000
18,751
20,581
4,000
1,646
35,983
28,166
108,372
35,602
35,252
247,500
(6,137)
_
933,715
_
1,399,540
 Carried
forward
£
36,132
48,623
262,657
521,661
262,062
539,848
75,261
313,298
398,778
171,901
37,623
183,820
35,020
27,259
82,654
126,823
38,539
38,020
277,233
30,518
62,511
508,223
9,269
_
4,087,733
_
-
121,211
111,296
149,036
15,052
17,014
41,111
64,709
71,243
363,781
134,148
295,000
146,371
219,277
34,000
25,531
55,839
243,824
1,002,362
153,686
366,054
247,500
10,103
_
3,880,417
__
7,968,150

28

Cornwall Community Foundation

Notes

(forming part of the financial statements)

21 Endowment funds (continued)

Permanent Endowments:

Albert Van Den Bergh/Jane Hartley Fund – donor directed fund for community projects generally in Newquay area Business Club – awards to community projects across Cornwall Caradon Area Community Fund – legacy fund for community projects in SE Cornwall Community First - Albert Van Den Bergh/Jane Hartley Fund - donor directed fund for community projects generally in Newquay area

Community First - Dennis Arbon Fund – donor directed fund for apprenticeships Community First - Emily Bolitho Trust Fund – trust transfer to meet community needs in Penzance and surrounds Community First - Crisis Fund – trust transfer: emergency support for single parents Community First – Lord St Levan - legacy fund for the relief of poverty and hardship, and for crisis intervention Community First Scheme – government match funding challenge for charitable donations Community First - Tregothnan Foundation – donor directed fund Cornwall Crimebeat - fund to support projects that help to reduce offending in Cornwall and the Isles of Scilly Cornwall Glass and Glazing – donor directed fund for community projects across Cornwall Friends of Cornwall Community Foundation – CCF’s membership scheme

Goonhilly Wind Farm Community Fund – REG Windpower community benefit fund for projects in the TR12 postcode area Grassroots Fund – government match challenge fund (closed) The Jack Moon and Lors Trust – to support voluntary activities in Lostwithiel and St Winnow The Eddie and Vanessa George Memorial Fund – memorial fund for Lord and Lady George, to help groups train in information technology Mining District Fund – donor directed fund for community projects in the old district of Kerrier Penwith and Isles of Scilly Area Community Fund – donated fund for community projects in West Cornwall and the Isles of Scilly

Quinnian Fund – donor directed fund for community projects Royston Leigh Fund – donor directed fund for community projects

Tuppenny/China Clay Fund – donated fund for community projects in the Clay Area Other funds – other smaller funds for the charity’s objectives

Expendable Endowments:

Active Bodies Happy Minds – to increase sport and outdoor activity to help young people who suffer from poor mental health conditions

Amaranth Fund – this fund welcomes applications from projects on the Roseland, but also considers Falmouth and St Austell areas

Bruce Davis Trust Fund Endowment – donor directed fund for community projects across Cornwall. CCF Community Fund - the CCF’s own fund for community projects

Cornwall Crimebeat - fund to support projects that help to reduce offending in Cornwall and the Isles of Scilly Cornwall Glass and Glazing - donor directed fund for community projects across Cornwall

Development Endowment Fund – the CCF’s general fund for community projects

HeadStart Kernow Mental Health Fund - Headstart Kernow is a National Lottery Funded Partnership Programme with Cornwall Council to support young people aged 10-16 to cope better with difficult circumstances, preventing them from experiencing common mental health problems. Young People’s Mental Health Fund Expendable Endowment, and some of the flowthrough funds were transferred to the Headstart Kernow Mental Health Fund

Healeys Charitable Trust Fund – the fund welcomes applications from entrepreneurial young people to support their business ideas with grant funding

Karenza Endowment Fund – to improve care for children and young people with special needs or disability Lanherne Fund - aims to support community initiatives which focus on managing and improving the natural environment in Cornwall and Isle of Scilly.

Lilian Simons Legacy Fund – to provide match-funding for new endowment donations received. North Cornwall Area Fund – endowment to attract donors within the North Cornwall area to donate to a specific area in which they are passionate

Patrixbourne Fund – community projects across Cornwall through CCF’s community fund

Ruth Burden Community Trust – donor directed fund for community projects within the parishes of Launceston South and Central, Lawhitton, South Petherwin and Lezant

29

Cornwall Community Foundation

Notes

(forming part of the financial statements)

21 Endowment funds (continued)

Terence Beer Trust – aims to help provide support for disadvantaged children and young people, primary age between 11-25 years of age but not exclusively, who are unable to achieve their potential due to financial circumstances.

The Tregothnan Expendable Endowment – donor directed fund for emergency assistance. Trewithen Fund – this fund welcomes applications from projects enabling volunteers to assist young people who are not achieving their full potential

Viscountess Boyd Charitable Trust – This fund welcomes applications from South East Cornwall. The Fundholders may consider other applications from Cornwall and outside of Cornwall. Priority will be given to organisations working on church restoration, mental wellbeing, gardening and horticultural projects.

The Worval Foundation – aims to help provide opportunities for young disadvantaged people, primarily aged between 11-15 years of age but not exclusively, who are on the edge of exclusion from school or are finding it hard to cope, possibly due to an illness, learning difficulties or life circumstances

Young and Talented – fund administered by the CCF on behalf of the Lord Lieutenant for talented young people in Cornwall and the Isles of Scilly

Young Minds First - to support projects in Cornwall and the Isles of Scilly who are working with children and young people up to 18 years of age to support their emotional wellbeing and those suffering with or at severe risk of mental health difficulties

Other funds – other smaller funds for charitable objectives

30

Cornwall Community Foundation

Notes

(forming part of the financial statements)

22 Restricted funds

Restricted funds
Brought Movement Carried
forward in year forward
£ £ £
Adult Social Care - 100,000 100,000
Albert Van Den Bergh/Jane Hartley Fund 20,604 4,294 24,898
Amaranth Fund 5,684 3,397 9,081
BBC Radio Cornwall 356 (356) -
Boyton Solar and Wind Farm Community Fund 45,122 6,828 51,950
Bude Area Fund 6,095 (5,500) 595
Business Club 18,466 (12,632) 5,834
Caledonia Investments Charitable Foundation - 75,000 75,000
Caradon Area Community Fund 8,240 8,544 16,784
Charles Reynolds Fund - 21,880 21,880
CCF Community Fund 200,471 (155,381) 45,090
Cornwall Club 1,503 (1,435) 68
Cornwall Crimebeat Fund 7,641 6,290 13,931
Cornwall Emergency Fund 528,170 (506,935) 21,235
Cornwall Women's Fund 23,031 3,283 26,314
Cornwall’s Social Enterprise Fund - 609,971 609,971
Crisis Fund 17,862 16,463 34,325
Denis Arbon Fund 5,307 3,966 9,273
Duke of Cornwall Benevolent Fund 13,205 (4,858) 8,347
East Langford Solar Farm 54,401 (20,563) 33,838
Emergency Fund – Build Back Better 130,204 (36,067) 94,137
Emily Bolitho Trust Fund 15,355 (227) 15,128
Goldsmiths Fund for Elderly 303 (303) -
Goonhilly Wind Farm Community Fund 27,728 37,354 65,082
Headland Hotel 707 (664) 43
Headstart Kernow Mental Health 120,000 (92,262) 27,738
Healeys Entrepreneurs Fund 3,192 2,575 5,767
Kala Power Limited (was Howton Solar Farm) 35,664 26,951 62,615
Karenza Fund 13,848 (4,898) 8,950
Lanherne Fund 2,607 3,963 6,570
Live Well Fund 1,485 - 1,485
Lord St Levan Fund 9,834 6,035 15,869
Luxulyan Parish Council 32,168 (1,097) 31,071
Manor Farm Solar 40,489 7,527 48,016
North Cornwall Area Fund 26,479 (15,528) 10,951
North Petherwin Community Fund 39,631 (9,866) 29,765
Penwith and Isles of Scilly Area Community Fund 19,672 (16,610) 3,062
Philanthropy Director Funding 13,136 (13,136) -
Royston Leigh Fund 3,104 (136) 2,968
South West Enterprise Fund - 50,000 50,000
Surviving Winter 20,902 154,350 175,252
Tampon Tax Fund 1,320 86 1,406
Terence Beer Trust 387 2,330 2,717
Tregothnan Foundation 29,504 (29,504) -
Trenouth Solar Farm 58,930 (22,173) 36,757
Trewen Fund 29,972 4,175 34,147
Trewithen Fund 16,357 (11,762) 4,595
Tuppenny Fund 20,514 (4,642) 15,872
United Downs Geothermal Community Fund 9,356 (9,356) -
Viscountess Boyd Charitable Trust 14,551 (4,865) 9,686
The Worval Foundation 62,305 (28,623) 33,682
Young and Talented 13,883 10,642 24,525
Young Minds First - 15,000 15,000
Young People’s Mental Health Fund 27,750 (7,750) 20,000
#iwill campaign (Youth Social Action Fund) 15,678 (12,987) 2,691
Other Funds 48,244 379 48,623
__ __ __
1,861,417
 154,380 2,015,764

31

Cornwall Community Foundation

Notes

(forming part of the financial statements)

22 Restricted funds (continued)

Adult Social Care - funded by Cornwall Council to reduce isolation and build confidence for adults, especially for adults who have been bereaved during the pandemic or have been self-isolating, with a focus on self-help and peer support to improve wellbeing

Albert Van Den Bergh/Jane Hartley Fund - donor directed fund for community projects generally in Newquay area Amaranth Fund - this fund welcomes applications from projects on the Roseland, but also considers Falmouth and St Austell areas BBC Radio Cornwall – donor directed fund for community projects across Cornwall Boyton Solar and Wind Farm Community Fund – for community projects within Boyton parish Bude Area Fund – this fund welcomes applications from projects in and around the Bude area Business Club - awards to community projects across Cornwall Caledonia Investments Charitable Foundation - to support community projects in Cornwall and the Isles of Scilly which address the inter-related issues of financial planning, debt management and the financial education of adults and children Caradon Area Community Fund - legacy fund for community projects in SE Cornwall Carew Pole Charitable Trust - to support projects, ideally to provide long term impacts, that help people from Cornwall and the Isles of Scilly who are in need

CCF Community Fund – the CCF’s own fund for community projects Charles Reynolds Fund - for the relief of generational poverty and the relief of those in need by reason of youth, age, ill health, disability, financial hardship or other disadvantage in Cornwall the Isles of Scilly Commissioner’s Community Grant Scheme - funded by the Police and Crime Commissioner of Devon, Cornwall and the Isles of Scilly for schemes or projects which are aimed at raising awareness of the risks around drug use or which divert young people and adults from becoming involved in illegal drugs activity Cornwall Club – the CCF’s philanthropy arm for those living outside Cornwall Cornwall Crimebeat Fund – fund to support projects that help to reduce offending in Cornwall and the Isles of Scilly Cornwall Emergency Fund – fund to provide emergency support to those affected by natural crisis Cornwall Women’s Fund – t he criteria are broad and similar to the Tampon Tax Fund - to support projects where women and girls are the main beneficiaries. Cornwall’s Social Enterprise Fund - to create employment, apprenticeships and training opportunities, and to improve skills leading to the development of services and products which maximise trade, reinvestment and sustainability Crisis Fund – provides grant assistance to individuals, families and communities in crisis situations Denis Arbon Fund – donor directed fund Duke of Cornwall Benevolent Fund – provides support to young carers East Langford Solar Farm – community benefit fund for Kilkhampton, Launcells and Morwenstow Emergency Fund – Build Back Better - to help Cornish communities survive the Coronavirus crisis and build back better for the future, including donations from Cornwall Council and he Department for Digital, Culture, Media and Sport (DCMS) Emily Bolitho Trust Fund – to support the wellbeing of individuals, especially those faced with hardship through poor health or low income, and for organisations that provide services to those facing hardship Goldsmiths Fund for the Elderly – to support the elderly in Cornwall and Isles of Scilly Goonhilly Wind Farm Community Fund – for community projects in the Goonhilly area Headland Hotel – to offer opportunities to grassroots community and voluntary groups in Newquay and surrounding areas to receive small grants so they may create and/or deliver projects for the benefit of their community and members. Headstart Kernow Mental Health – HeadStart Kernow is a National Lottery Funded Partnership Programme, and is part of a national project to equip young people age 10-16 to cope better with difficult circumstances, preventing them from experiencing common mental health problems.

Healeys Entrepreneurs Fund – the fund welcomes applications from entrepreneurial young people to support their business ideas with grant funding. Kala Power Limited – community benefit fund for 5 parishes in SE Cornwall Karenza Endowment Fund – to improve care for children and young people with special needs or disability Lanherne Fund – aims to support community initiatives which focus on managing and improving the natural environment in Cornwall and Isle of Scilly.

Live Well Fund – supports projects that improve the physical health and wellbeing of people in their communities.

Lord St Levan Fund – legacy fund for the relief of poverty and hardship, and for crisis intervention Luxulyan Community Fund – to support community projects within the parish of Luxulyan

32

Cornwall Community Foundation

Notes

(forming part of the financial statements)

22 Restricted funds (continued)

Made by Sport (Clubs in Crisis) - for sports clubs or organisations working within the sport for development sector, which have been adversely affected by the COVID pandemic and which require funding to save, resume or adapt their activity

Manor Farm Solar – for community projects in the Burngullow/ St Austell area

North Cornwall Area Fund - fund to attract donors within the North Cornwall area to donate to a specific area in which they are passionate

North Petherwin Community Fund – for community projects in the parish of North Petherwin

Penwith and Isles of Scilly Area Community Fund - donated fund for community projects in West Cornwall and the Isles of Scilly Philanthropy Director Fund – funding for this staff post from Garfield Weston Foundation and Albert Van Den Bergh Charitable Trust

Royston Leigh Fund – donor directed fund for community projects

Surviving Winter – special appeal fund for vulnerable and other people experiencing fuel poverty South West Enterprise Fund - to support a variety of young Cornish people who do not have the initial starter funds to get their business idea off the ground

Tampon Tax Fund – The Tampon Tax Community Fund aims to support local organisations working with women who are most marginalised to overcome barriers that prevent them from fulfilling their potential Terence Beer Trust – aims to help provide support for disadvantaged children and young people, primary age between 11-25 years of age but not exclusively, who are unable to achieve their potential due to financial circumstances

Tregothnan Foundation - donor directed fund for emergency assistance Trenouth Solar Farm – community benefit fund for 4 parishes in North Cornwall Trewen Fund – community benefit fund for Trewen Parish

Trewithen Fund – this fund welcomes applications from projects enabling volunteers to assist young people who are not achieving their full potential

Tuppenny Fund – for community projects within the China Clay area

United Downs Geothermal Community Fund – this fund supports community projects in the areas of: Gwennap, St Day, Carharrack and Lanner. Projects with awareness of reducing their carbon footprint may be given priority.

Viscountess Boyd Charitable Trust – this fund welcomes applications from South East Cornwall. The Fundholders may consider other applications from Cornwall and outside of Cornwall. Priority will be given to organisations working on church restoration, mental wellbeing, gardening and horticultural projects

The Worval Foundation – to help provide opportunities for young disadvantaged people, primarily aged between11-15 years of age but not exclusively, who are on the edge of exclusion from school or are finding it hard to cope, possibly due to an illness, learning difficulties or life circumstances

Young and Talented - fund administered by the CCF on behalf of the Lord Lieutenant for talented young people in Cornwall and the Isles of Scilly

Young Minds First - to support projects in Cornwall and the Isles of Scilly who are working with children and young people up to 18 years of age to support their emotional wellbeing and those suffering with or at severe risk of mental health difficulties

Young People’s Mental Health Fund - to increase sport and outdoor activity to help young people who suffer from poor mental health conditions

#iwill campaign – Social action involves activities such as campaigning, fundraising, and volunteering, all of which enables participants to make a positive difference in their communities Other Funds – other smaller funds for charitable objectives

33

Cornwall Community Foundation

Notes

(forming part of the financial statements)

23 Unrestricted funds

General fund
Revaluation
reserve
Total		 At 1
January
2021
£
432,302
6,966
__
439,268
 Income
Expenditure
£
£
131,839
(360,159)
-
-
_
_
131,839
(360,159)		 Transfers
Investment
gains
At 31
December
2021
£
£
£
376,566
-
580,548
-
10,736
17,702
_
_
__
376,533
10,736
598,250

Revaluation reserve – this represents the market value of unrestricted investments above cost.

Transfers mainly relate to management fees charged to restricted and endowment funds in accordance with the relevant funder agreements.

In addition occasionally a fund is reclassified upon consultation with the funder. Such reclassifications are dealt with by way of a fund transfer.

24 Commitments

Total future commitments payable under non-cancellable operating leases are as follows:

Land and buildings
Operating leases which expire:
Within one year
In two to five years
Equipment
Operating leases which expire:
Within one year
In two to five years		 2021
£
7,750
29,063
__
36,813
2,540
4,723
__
7,263		 2020
£
7,750
21,958
__
29,708
3,034
1,358
__
4,392

At the year end the charity had made a commitment to pay £184,594 (2020: £186,319) in grants to applicants which had not completed the approval process for final payment.

34

Cornwall Community Foundation

Notes

(forming part of the financial statements)

25 Prior year analysis of net assets between funds

Endowment Restricted Unrestricted
funds funds funds Total
£ £ £ £
Fixed assets 6,347,123 113,910 169,753 6,630,786
Current assets 221,487 1,747,507 291,343 2,260,337
Current liabilities - - (21,828) (21,828)
__ __ __ __
6,568,610 1,861,417 439,268 8,869,295

35

Cornwall Community Foundation

Notes

(forming part of the financial statements)

26
Prior year endowment funds
Permanent Endowments:
Albert Van Den Bergh/Jane Hartley Fund
Caradon Area Community Fund
Community First - Albert Van Den Bergh/Jane Hartley Fund
Community First - Dennis Arbon Fund
Community First - Emily Bolitho Trust Fund
Community First - Crisis Fund
Community First - Lord St Levan
Community First Scheme
Community First - Tregothnan Foundation
Business Club
Cornwall Crimebeat
Cornwall Glass and Glazing
Friends of Cornwall Community Foundation
Reg Windpower
Grassroots Fund
The Jack Moon and Lors Trust
The Eddie and Vanessa George Memorial Fund
Mining District Fund
Penwith and Isles of Scilly Area Community Fund
Quinnian Fund
Royston Leigh Fund
Tuppenny/China Clay Fund
Other Funds
Expendable Endowments:
Active Bodies Happy Minds/ Mental Health Fund
Amaranth Fund
Bruce Davis Trust
Cornwall Club
Cornwall Crimebeat
Cornwall Glass and Glazing
Development Endowment Fund
Healeys Charitable Trust Fund
Karenza Endowment Fund
Lanherne Fund
Lord Lieutenant's Fund for Youth
North Cornwall Area Fund
Patrixbourne Fund
Ruth Burden Community Trust
Social Action
Terence Beer Trust
Tregothnan Foundation
The Trewithen Fund
Viscountess Boyd Charitable Trust
The Worval Foundation
Other Funds		 1 January
2020
Movement
in year
£
£
37,938
(5,366)
275,503
(37,479)
429,392
26,557
215,710
13,341
444,362
27,483
61,949
3,831
257,876
15,955
328,251
20,296
141,496
8,751
50,919
(6,517)
39,448
(5,359)
192,785
(26,228)
36,656
(4,582)
28,539
(3,842)
86,735
(11,872)
130,165
(15,394)
40,427
(5,505)
39,877
(5,427)
292,880
(50,852)
32,006
(4,354)
65,556
(8,916)
533,009
(72,513)
9,748
(1,327)
_
_
3,771,227
(149,319)
_
_
67,165
(8,714)
127,333
(17,499)
116,752
(15,908)
25,759
(25,759)
15,814
(2,175)
17,453
(12,483)
80,016
(39,769)
63,533
2,478
381,482
(51,866)
80,486
41,237
382,374
(51,572)
129,374
(1,754)
230,402
(31,706)
20,000
10,000
130,020
4,247
26,829
(2,944)
20,857
(1,001)
191,338
16,589
1,038,891
(144,901)
91,734
26,350
16,474
(234)
_
3,254,086
(307,384)
_
__
7,025,313
(456,703)
 31 Dec
2020
£
32,572
238,024
455,949
229,051
471,845
65,780
273,831
348,547
150,247
44,402
34,089
166,557
32,074
24,697
74,863
114,771
34,922
34,450
242,028
27,652
56,640
460,496
8,421
_
3,621,908
_
58,451
109,834
100,844
-
13,639
4,970
40,247
66,011
329,616
121,723
330,802
127,620
198,696
30,000
134,267
23,885
19,856
207,927
893,990
118,084
16,240
_
2,946,702
__
6,568,610

36

Cornwall Community Foundation

Notes

(forming part of the financial statements)

27 Prior year restricted funds

Active Bodies Happy Minds
Albert Van Den Bergh/Jane Hartley Fund
Amaranth Fund
BBC Radio Cornwall
Boyton Solar and Wind Farm Community Fund
Bude Area Fund
Caradon Area Community Fund
Business Club
Cornwall Club
Cornwall Crimebeat Fund
Cornwall Emergency Fund
Cornwall Women's Fund
Crisis Fund
Denis Arbon Fund
Duke of Cornwall Benevolent Fund
East Langford Solar Farm
Emergency Fund – Build Back Better
Emily Bolitho Trust Fund
Fifteen/Cornwall Food Foundation
Goldsmiths Fund for Elderly
Goonhilly Wind Farm Community Fund
GWR-Job Seekers Fund
Headland Hotel
Headstart Kernow Mental Health
Healeys Entrepreneurs Fund
Kala Power Limited (was Howton Solar Farm)
Karenza Fund
Lanherne Fund
Live Well Fund
Lord Lieutenant's Fund for Youth
Lord St Levan Fund
Luxulyan Parish Council
Manor Farm Solar
North Cornwall Area Fund
North Petherwin Community Fund
Penwith and Isles of Scilly Area Community Fund
Philanthropy Director Funding
Royston Leigh Fund
Social Action
Tampon Tax Fund
Terence Beer Trust
Tregothnan Foundation
Trenouth Solar Farm
Trewen Fund
Trewithen Fund
Tuppenny Fund
United Downs Geothermal Community Fund
Viscountess Boyd Charitable Trust
Winter Fuel Payments Fund
The Worval Foundation
#iwill campaign (Youth Social Action Fund)
Other Funds		 1 January
2020
Movement
in year
£
£
7,170
20,580
5,173
15,431
2,398
3,286
698
(342)
35,800
9,322
414
5,681
11,222
(2,982)
16,019
2,447
2,998
(1,495)
5,139
2,502
25,276
502,894
19,620
3,411
53,901
(36,039)
995
4,312
18,855
(5,650)
27,594
26,807
-
130,204
14,271
1,084
3,573
(3,573)
19,529
(19,226)
46,445
(18,717)
13
(13)
707
-
140,000
(20,000)
1,677
1,515
21,978
13,686
4,945
8,903
26,037
(23,430)
7,250
(5,765)
20,343
(6,460)
3,752
6,082
11,701
20,467
9,592
30,897
10,898
15,581
34,796
4,835
9,150
10,522
47,733
(34,597)
5,120
(2,016)
113,997
86,474
503
817
1,417
(1,030)
28,721
783
41,553
17,377
36,127
(6,155)
1,340
15,017
11,527
8,987
9,356
-
-
14,551
15,819
5,083
33,497
28,808
15,180
498
39,522
8,722

1,021,341
840,076
 31 Dec
2020
£
27,750
20,604
5,684
356
45,122
6,095
8,240
18,466
1,503
7,641
528,170
23,031
17,862
5,307
13,205
54,401
130,204
15,355
-
303
27,728
-
707
120,000
3,192
35,664
13,848
2,607
1,485
13,883
9,834
32,168
40,489
26,479
39,631
19,672
13,136
3,104
200,471
1,320
387
29,504
58,930
29,972
16,357
20,514
9,356
14,551
20,902
62,305
15,678
48,244
1,861,417

37

Cornwall Community Foundation

Notes

(forming part of the financial statements)

28 Prior year unrestricted funds

General fund
Revaluation
reserve
Total		 At 1
January
2020
Income
Expenditure
Transfers
Investment
losses
At 31
December
2020
£
£
£
£
£
£
218,784
208,613
(269,845)
274,750
-
432,302
32,700
-
-
-
(25,734)
6,966
_
_
_
_
_
_
251,484
208,613
(269,845)
274,750
(25,734)
439,268

38