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2022-12-31-accounts

Cornwall Community Foundation (Limited by Guarantee)

Trustees’ Report and Financial Statements

For the year ended 31 December 2022

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 2022

The Board of Trustees present their annual report for the year ended 31 December 2022, 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 2022

Strategic report

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

In 2022 the Cornwall Community Foundation (CCF) distributed £2,363,927 to 663 community projects and individuals. The pandemic and the cost of living crisis have exacerbated the challenges that our local communities are facing. We are very grateful to our friends, business supporters and fundholders whose generosity enabled us to respond to the increasing need. Since 2003 the CCF has awarded £15 million to more than 7,000 community projects all across Cornwall and the Isles of Scilly.

At the end of 2022 CCF’s assets totalled £13,123,042 (an increase of £2,540,878 in the year), of which, total funds held and managed in the CCF’s endowment was £10,072,161 (an increase of £2,104,011 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 364 members at the end of 2022 and our Friends responded very generously to our appeals.

Several new funds were established in 2022, including the Cost of Living Crisis Fund, the Welcome Fund, the Harrison Family Fund, the Sedel-Collings Foundation, the South West Enterprise Fund, the Cornish Lithium Fund and the Bude Area Fund. The legacy donation from the late Mrs Lillian Mary Simons helped the establishment of many of these funds. A heartfelt thank you to Mrs Lucie Nottingham for establishing the Tanner Phoenix Trust to support charities and community groups across Cornwall.

Generous match funding, offered by Mr Peter Harrison, was instrumental in launching our Cost of Living Crisis Fund which raised over £500,000. The Duchy Health Charity contributed £50,000 to the fund. Food insecurities, debt and housing risks, particularly for private rental tenants, have become real life challenges for many, impacting on people’s wellbeing and mental health.

Cornwall Council also supported the Cost of Living Crisis Fund and our Surviving Winter Fund and established the Welcome Fund to support groups working with refugees. Their donations totalled £410,000 in 2022 for which we are very grateful. We work closely with the Office of the Police and Crime Commissioner and the Chief Constable of Devon and Cornwall Police. Their funding, totalling £179,000 in 2022, helped to reduce antisocial behaviour across Cornwall.

The Cornwall Social Enterprise Fund distributed £261,580 in 2022 to increase employment and skill levels. The Arts Council Queen’s Platinum Jubilee Fund supported new creative and cultural activities with more than £40,000 funding as part of Her Majesty The Queen’s Platinum Jubilee celebrations.

The Duke of Cornwall’s Benevolent Fund established a new marine environmental fund to inspire community action, and remains a staunch supporter of our Crisis and Young Carers Funds.

We are very proud to be administering the Young & Talented Fund, the Lord Lieutenant’s Fund for Youth, which supported 26 talented young people with a total of £36,200. Thanks to funding from the Arts Council a new Creative Writing Award was established to support young writers in Cornwall aged between 16 and 23 from disadvantaged and challenging backgrounds.

2

Cornwall Community Foundation

Report of the Board of Trustees

For the year ended 31 December 2022

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

The Christmas Fair team raised an incredible £73,680 at this popular event, hosted by the Eden Project, and the proceeds benefited key charities and 19 foodbanks.

Our Business Club awarded a total of £35,000 to 14 community projects in 2022. 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, St Austell Printing Company and Wildanet.

In 2022 we published our second Vital Signs report which is an in depth research of local needs. We are very grateful to University of Exeter for their partnership and to James Williams Vice LordLieutenant and Vice President of the CCF for covering the cost of publishing the report.

We are dedicated to adhere to the highest fundraising standards and have registered with the Fundraising Regulator. Staff members and Trustees participated in UK Community Foundations’ biennial conference in Manchester.

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.

This year has brought new challenges, but the unwavering support from our donors has enabled us to respond to the unfolding cost of living crisis robustly and provide vital support to our communities. We are very grateful to our supporters who tirelessly volunteer their time and expertise. I would like to thank our dedicated staff and trustees, especially Jane Hartley DL, who chaired the CCF over the last five years. Under Jane’s leadership the CCF has evolved into one of the leading charities in the Duchy. We are proud to have supported over 100,000 people in Cornwall and the Isles of Scilly in 2022 and remain committed ensuring that everyone can have the chance that they deserve to succeed and thrive.

Kim Conchie DL FRSA Chair

27 July 2023

3

Cornwall Community Foundation

Report of the Board of Trustees

For the year ended 31 December 2022

Financial review

The total income for the year was £6,165,164 (2021: £3,741,941). Total expenditure was £2,865,818 (2021: £2,802,939), giving net incoming movement in funds for the year of £2,540,878 (2021: £1,712,869) after investment losses of £758,468 (2021: gains of £773,867).

At the year-end total charity funds were £13,123,042 (2021: £10,582,164). This consisted of endowment funds of £10,072,161 (2021: £7,968,150), restricted funds of £2,473,165 (2021: £2,015,764) and unrestricted funds of £577,716 (2021: £598,250).

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 £374,600. At the year end the unrestricted fund was £577,716 (2021: £580,548), of which funds of approximately £200,100 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 2022

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
(Patron during the period of accounts, awaiting confirmation of
continued patronage following allocation of royal duties).
President: Colonel Edward Bolitho OBE, Lord-Lieutenant of Cornwall
Vice Presidents: The Rt Rev Timothy Thornton, Bishop at Lambeth
Mr James Williams, Vice Lord-Lieutenant of Cornwall
The Hon Evelyn Boscawen DL
Officers: Mr Tamas Haydu
Chief Executive
Mr Richard Pollock
Company Secretary
Board of Directors/Trustees: Mr Kim Conchie (Chair from 28 July 2022)
Mrs Jane Hartley DL (Chair to 28 July 2022)
Mr Timothy Smith FCA (Vice Chair)
Mr Graham Clarke (Treasurer)
Appointed 28 July 2022
Mrs Natercia Hughes FCCA DChA Resigned 28 July 2022
Mr Toby Ashworth
Mr Daiman Baker
Mr Stamford Galsworthy
Ms Sophie Hosking
The Rt Rev Philip Mounstephen, Bishop of Truro
Mr Thomas Van Oss
Mrs Gillian Pipkin
Mr Jeremy Sharp
Miss Daphne Skinnard DL
Ms Verity Perham
Mrs Jane Trahair
Mr Joseph Turnbull
Appointed 28 July 2022
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 2022

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 2022

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

Mr Graham Clarke Treasurer

27 July 2023

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 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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.

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.

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.

8

Cornwall Community Foundation

Independent auditors’ report to the Members of Cornwall Community Foundation

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 course of 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:

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.

9

Cornwall Community Foundation

Independent auditors’ report to the Members of Cornwall Community Foundation

Auditors’ 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.

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.

10

Cornwall Community Foundation

Independent auditors’ report to the Members of Cornwall Community Foundation

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.

Josh Stevens ACA

(Senior Statutory Auditor)

For and on behalf of RRL LLP

Peat House Newham Road TRURO Cornwall TR1 2DP

24 August 2023

11

Cornwall Community Foundation

Statement of financial activities

(incorporating income and expenditure account)

For the year ended 31 December 2022

Endowment Restricted Unrestricted 2022 2021
Funds Funds Funds Total Total
Notes £ £ £ £ £
Income
Donations and legacies 3 2,885,054 2,845,900 114,363 5,845,317 3,472,325
Income from trading activities 5 - 7,000 3,564 10,564 6,108
Investment income 6 15,205 282,318 11,760 309,283 263,508
__ __ __ __ __
Total income 2,900,259 3,135,218 129,687 6,165,164 3,741,941
__ __ __ __ __
Expenditure
Expenditure on raising funds 7 - 15,800 89,631 105,431 83,711
Expenditure on charitable
activities 8 2,600 2,363,284 394,503 2,760,387 2,719,228
__ __ __ __ __
Total expenditure 2,600 2,379,084 484,134 2,865,818 2,802,939
__ __ __ __ __
Net income/(expenditure) for
the year before net gains on 2,897,659 756,134 (354,447) 3,299,346 939,002
investments
Net (losses)/gains on investments (734,434) (6,003) (18,031) (758,468) 773,867
__ __ __ __ __
Net income/(expenditure) for the year 2,163,225 750,131 (372,478) 2,540,878 1,712,869
Transfers between funds 23 (59,214) (292,730) 351,944 - -
__ __ __ __ __
Net movement in funds 12 2,104,011 457,401 (20,534) 2,540,878 1,712,869
Reconciliation of funds
Total funds brought forward 7,968,150 2,015,764 598,250 10,582,164 8,869,295
__ __ __ __ __
Total funds carried forward 10,072,161 2,473,165 577,716 13,123,042 10,582,164

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 2022

Balance sheet
As at 31 December 2022
2022 2021
Notes £ £ £ £
Fixed assets
Tangible assets 15 1,811 4,876
Investments 16 10,001,340 7,560,269
_ _ __
10,003,151 7,565,145
Current assets
Debtors 17 45,107 434,975
Cash in bank - deposit accounts 2,321,036 1,660,900
Cash in bank - current accounts 860,760 966,813
Cash in hand 73 32
__ __
Total current assets 3,226,976 3,062,720
Creditors: amounts falling due within
one year 18 (107,085) (45,701)
__ __
Net current assets 3,119,891 3,017,019
__ __
Net assets 20 13,123,042 10,582,164
Funds of the charity
Endowment funds 21 10,072,161 7,968,150
Restricted funds 22 2,473,165 2,015,764
Unrestricted funds 23 577,716 580,548
Revaluation reserve 23 - 17,702
__ __
Total charity funds 13,123,042 10,582,164

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:

Mr Graham Clarke Treasurer

Approved and authorised for issue by the trustees on: 27 July 2023

Company registration No. 04816191

13

Cornwall Community Foundation

Statement of cash flows

For the year ended 31 December 2022

2022
Notes
£
£
£
Cash flows from operating activities:
Net cash provided by operating activities
1
3,444,380
Cash flows from investing activities:
Payments for purchase of fixed assets
-
(5,433)
Investment income received
309,283
263,508
Payments for purchase of investments
(3,579,087)
(803,495)
Proceeds from sale of investments
379,548
646,001
__
__
Net cash (used in)/provided by investing
activities
(2,890,256)
Change in cash and cash equivalents
in the reporting period
554,124
Cash and cash equivalents at the
beginning of the reporting period
2,627,745
Cash and cash equivalents at the end
of the reporting period
3,181,869
Represented by:
£
Deposit accounts
2,321,036
Current accounts
860,760
Cash in hand
73
3,181,869		 2021
£
387,273
100,581
487,854
2,139,891
2,627,745
£
1,660,900
966,813
32
2,627,745

14

Cornwall Community Foundation

Notes to the statement of cash flows

For the year ended 31 December 2022

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

2022 2021
£ £
Net income for the reporting period (as per the statement of
financial activities) 2,540,878 1,712,869
Adjusted for:
Depreciation 3,065 2,435
Investment income (309,283) (263,508)
Losses/(gains) on investments 758,468 (773,867)
Decrease/(increase) in debtors 389,868 (314,529)
Increase in creditors within one year 61,384 23,873
__ __
Net cash provided by operating activities 3,444,380 387,273

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 16 members at 31 December 2022 (2021: 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.

16

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
75,000
Donations and grants (see
note 4)
2,783,804
Friends
-
Gift Aid
26,250
__
2,885,054
For the year ended 31
December 2021
616,410		 Restricted
funds
Unrestricted
funds
£
£
10,000
-
2,835,251
26,835
-
28,482
649
59,046
_
_
2,845,900
114,363
2,737,351
118,564		 2022
£
85,000
5,645,890
28,482
85,945
__
5,845,317		 2021
£
331,018
2,993,785
27,332
120,190
__
3,472,325
3,472,325

Cornwall Council – grants have been received totalling £472,998 (2021: £630,750). The grants received in 2022 are to support the charity’s efforts within the Winter Fuel Payments, Cost of Living Crisis, HeadStart Mental Health Kernow, Welcome Fund and Adult Social Care funds.

18

Cornwall Community Foundation

Notes

(forming part of the financial statements)

4 Donations and grants

Endowment Restricted Unrestricted
funds funds funds 2022 2021
£ £ £ £ £
Grants and donations received:
CCF Community Fund - 150,614 - 150,614 61,578
Renewables (wind and solar)
Boyton Solar and Wind Farms - 10,522 - 10,522 9,518
East Langford Solar Farm - 43,332 - 43,332 29,844
Goonhilly Wind Farm - 66,592 - 66,592 61,918
Kala Power Ltd - 39,174 - 39,174 34,050
Luxulyan Parish Council - 13,210 - 13,210 11,759
Manor Solar Farm - 43,346 - 43,346 30,214
Papillon Turbine Fund - 8,000 - 8,000 7,800
Ruth Burden Community Trust Fund 4,000 6,000 - 10,000 9,750
Trenouth Solar Farm - 19,475 - 19,475 16,935
Other
Adult Social Care - 25,000 - 25,000 100,000
Arts Council England Queen’s Platinum
Jubilee Weekend Fund - 39,745 - 39,745 -
AVdB/Hartley Fund 50,000 125 - 50,125 -
Amaranth Fund - - - - 6,800
Bude Endowment Fund 60,000 - - 60,000 -
Business Club - 42,423 - 42,423 34,868
Business Support Grants Fund - 44,952 - 44,952 -
Caradon Area Community Fund - - - - -
Carew Pole Charitable Trust - 19,470 - 19,470 13,717
Charles Reynolds Fund - 50 - 50 40,000
Churchtown Farm - 8,600 - 8,600 -
Clare Milne Fund - 10,000 - 10,000 10,000
Commissioner’s Community Grant Scheme - 128,000 - 128,000 30,000
Cornish Lithium - 20,000 - 20,000 -
Cornwall Club - 108,016 - 108,016 82,338
Cornwall Crimebeat Fund - 1,400 - 1,400 4,684
Cornwall Glass and Glazing 20,000 5,500 - 25,500 7,150
Cornwall Women's Fund - 7,480 - 7,480 10,079
Cornwall’s Social Enterprise Fund - 212,000 - 212,000 828,000
Cost of Living Crisis Fund - 557,405 - 557,405 -
Crisis Fund - 60,773 - 60,773 60,442
Duke of Cornwall’s Marine & Environmental
Fund - 100,000 - 100,000
Emergency Fund - - - - 6,456
Emergency Fund - Build Back Better - 2,100 - 2,100 441,786
Harrison Family Fund 100,000 - - 100,000 -
Headland Hotel - - - - 10,164
HeadStart Kernow Mental Health
Programme - 90,373 - 90,373 46,030
__ __ __ __ __
Subtotal carried forward 234,000 1,883,677 - 2,117,677 2,182,540

19

Cornwall Community Foundation

Notes

(forming part of the financial statements)

4 Donations and grants (continued)

Endowment
funds
£
Subtotal brought forward
234,000
Made by Sport – Clubs in Crisis
-
Mining District Fund
42,242
North Cornwall Area Fund
2,562
North Petherwin Community Fund
-
Police Property Act Fund
-
Public Health Community Fund
-
Sedel-Collings Foundation
-
South West Enterprise Fund
-
Surviving Winter
-
Tanner Phoenix Trust
2,400,000
The Caledonia Investments Charitable
Fund
-
The Trewithen Fund
-
The Viscountess Boyd Charitable Trust
-
The Worval Foundation
-
Welcome Fund
-
Young Carers
-
Young and Talented
-
Young Minds First
105,000
#iwill campaign
-
Other (individually £5,000 or less)
-
General / Unrestricted donations
-
__
2,783,804
For the year ended 31 December 2021
258,910		 Restricted
funds
Unrestricted
funds
£
£
1,883,677
-
-
-
-
-
13,793
-
5,395
-
48,020
-
-
-
200,000
-
-
-
266,137
-
100,000
-
82,500
-
2,850
-
-
-
67,900
-
36,375
-
10,000
-
42,833
-
-
-
65,670
-
10,101
-
-
26,835
_
_
2,835,251
26,835
2,712,720
22,155		 2022
£
2,117,677
-
42,242
16,355
5,395
48,020
-
200,000
-
266,137
2,500,000
82,500
2,850
-
67,900
36,375
10,000
42,833
105,000
65,670
10,101
26,835
__
5,645,890		 2021
£
2,182,540
58,525
-
12,926
-
-
258,750
-
50,000
176,660
-
75,000
6,030
16,372
83,000
-
-
8,040
210,000
650
9,797
22,155
__
2,993,785
2,993,785

5 Income from trading activities

Fundraising events
Sundry income
For the year ended 31 December 2021		 Restricted
funds
Unrestricted
funds
£
£
7,000
-
-
3,564
_
_
7,000
3,564


2,000
4,108

 2022
£
7,000
3,564
__
10,564		 2021
£
2,000
4,108
__
6,108
6,108

20

Cornwall Community Foundation

Notes

(forming part of the financial statements)

6 Investment income

Endowment
funds
£
Bank interest
-
Listed investment income
10,425
Other investment income
4,780
_
15,205

For the year ended 31 December 2021
17,583

7
Expenditure on raising funds
Endowment
funds

£
Wages and salaries (note 13)
-
Marketing and publicity costs
-
_
-
For the year ended 31 December 2021
-		 Restricted
funds
Unrestricted
funds
£
£
3,898
4,959
219,727
6,801
58,693
-
_
_
282,318
11,760


236,758
9,167


Restricted
funds
Unrestricted
funds
£
£
-
79,720
15,800
9,911
_
_
15,800
89,631


3,642
80,069		 2022
£
8,857
236,953
63,473
__
309,283
2022
£
79,720
25,711
__
105,431		 2021
£
1,979
199,345
62,184
__
263,508
263,508
2021
£
70,870
12,841
__
83,711
83,711

Wages and salaries are allocated between “Expenditure on raising funds” and “Charitable activities” following a review of staff time spent on each activity.

8 Expenditure on charitable activities

Endowment
funds
£
Grants payable (note 9)
2,600
Support costs (note 10)
-
__
2,600
For the year ended 31 December 2021
-		 Restricted
funds
Unrestricted
funds
£
£
2,361,327
-
1,957
394,503
_
_
2,363,284
394,503
2,439,138
280,090		 2022
£
2,363,927
396,460
__
2,760,387		 2021
£
2,421,868
297,360
__
2,719,228
2,719,228

21

Cornwall Community Foundation

Notes

(forming part of the financial statements)

9 Grants payable

Grants payable
2022 2021
£ £
CCF Community Fund 115,730 73,890
Renewables (wind and solar)
Boyton Solar and Wind Farms 3,133 2,448
East Langford Solar Farm 22,941 43,119
Goonhilly Wind Farm Community Fund 42,865 16,002
Kala Power Limited 23,000 -
Luxulyan Parish Council 15,734 11,687
Manor Solar Farm 34,788 15,346
North Petherwin Community Fund 4,450 13,425
Papillon Turbine Fund 7,177 3,400
Ruth Burden Community Trust Fund - 3,099
Trenouth Solar Farm 20,000 34,996
United Downs Geothermal Community Fund - 7,918
Other
Adult Social Care 101,700 -
Amaranth Fund 9,500 6,200
Arts Council England Queen’s Platinum Jubilee Weekend Fund 39,744 -
AVdB/Hartley Fund 24,885 4,184
Benefitting Older People - 949
Bosvigo School Fund - 7,320
Bright Futures Grant 2,125 854
Bruce Davis Trust Fund - 5,100
Bude Area Fund 1,500 5,000
Business Club 35,021 39,000
Business Support Grants Fund 31,431 -
Caradon Area Community Fund 19,841 (2,000)
Carew Pole Charitable Trust 12,200 12,470
Charles Reynolds Fund 17,448 16,473
Clare Milne Fund 7,500 6,638
Commissioner’s Community Grant Scheme 111,304 26,087
Cornish Lithium 17,000 -
Cornwall Glass and Glazing Fund 19,660 -
Cornwall Women’s Fund 19,716 5,411
Cornwall’s Social Enterprise Fund 327,630 189,775
Cost of Living Crisis Fund 300,989 -
Crisis Fund 56,773 84,742
Emergency Fund 20,000 514,491
Emergency Fund - Build Back Better 106,252 577,756
Emily Bolitho Trust Fund 6,217 7,433
Goldsmiths Fund for the Elderly - 275
Headland Hotel - 9,845
HeadStart Kernow Mental Health 119,415 124,890
Karenza Fund 13,590 12,682
Lanherne Fund 2,000 -
Made by Sport – Clubs in Crisis - 54,051
Mining District Fund - 3,253
North Cornwall Area Fund 10,193 22,194
Penwith and Isles of Scilly Area Community Fund 6,402 25,755
__ __
Subtotal carried forward 1,729,854 2,069,172

22

Cornwall Community Foundation

Notes

(forming part of the financial statements)

9 Grants payable (continued)

2022 2021
£ £
Subtotal brought forward 1,729,854 2,069,172
Public Health Community Fund - 225,000
Royston Leigh - 2,000
Sedel-Collings Foundation 33,000 -
South-Wesr Enterprise Fund 5,871 -
Surviving Winter 258,048 25,240
Tanner Phoenix Trust 25,000 -
The Caledonian Investments Charitable Foundation 124,227 -
The Jack Moon and Lors Trust 2,500 2,750
The Quinnian Fund 2,600 -
The Worval Foundation 83,697 72,788
Trewithen Fund - 20,000
Tuppenny Fund 14,590 16,521
Viscountess Boyd Charitable Trust 23,018 28,724
Welcome Fund 9,107 -
Young and Talented 36,401 27,900
Young Carers 12,037 1,150
Young Minds First 6,454 -
#iwill campaign (2,477) 13,637
_ _
2,363,927 2,421,868

23

Cornwall Community Foundation

Notes

(forming part of the financial statements)

10 Support costs
2022 2021
£ £
Rent and rates, light and heat 11,373 11,457
Wages and salaries (note 13) 280,131 223,830
Training and other staff costs 14,607 8,345
Travel and meeting costs 19,254 5,739
Office equipment hire 1,648 2,142
Computer and software costs 10,721 6,838
Office costs and insurance 13,017 5,855
Postage and telephone 7,138 5,503
Publicity and website costs 3,786 1,400
Accountancy 4,455 4,400
Consultancy and professional fees 8,445 294
Subscriptions 13,043 13,487
Bank charges and interest 1,727 1,635
Governance (note 11) 4,050 4,000
Depreciation 3,065 2,435
__ __
396,460 297,360

The allocation of support costs for grants and associated costs is £194,773 (2021: £142,733) and for governance, finance and admin support is £201,687 (2021: £154,627).

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		 2022
£
4,050
2022
£
4,050
4,455
2,540
9,300		 2021
£
4,000
2021
£
4,000
4,400
3,034
9,300

24

Cornwall Community Foundation

Notes

(forming part of the financial statements)

13 Staff costs
2022 2021
£ £
Wages and salaries 321,466 265,240
Social security costs 26,703 21,602
Pension costs 11,682 7,858
__ __
359,851 294,700

An average of 12 (2021: 10) 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 £1,881 payable at the year end (2021: £1,492).

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 £61,526 (2021: £57,182).

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 (2021: None).

The total amount donated to the charity by trustees in the year was £11,358 (2021: £15,895).

15 Tangible assets

Fixtures,
fittings and
equipment
£
Cost
At 1 January 2022
8,250
Additions
-
_
At 31 December 2022
8,250
Depreciation
At 1 January 2022
3,374
Depreciation
3,065
_
At 31 December 2022
6,439
Net book value
At 31 December 2022
1,811
At 31 December 2021
4,876		 Total
£
8,250
-
_
8,250
3,374
3,065
_
6,439
1,811
4,876

25

Cornwall Community Foundation

Notes

(forming part of the financial statements)

16 Investments

Charifund &
Charibond
£
Valuation
At 1 January 2022
4,267,504
Additions
1,514,316
Disposals
(411,991)
Revaluation
(257,704)
__
At 31 December 2022
5,112,125
Cost
At 31 December 2022
5,199,981
At 31 December 2021
4,046,701		 COIF

£
3,292,765
1,414,771
(18,512)
(444,260)
__
4,244,764
3,566,292
2,170,033		 Foresight
Total
£
£
-
7,560,269
650,000
3,579,087
-
(430,503)
(5,549)
(707,513)
_
_
644,451
10,001,340
650,000
9,416,273
-
6,216,734

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.

Foresight investments are held with Foresight Partners Limited in Foresight Global Real Infrastructure Fund.

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)		 2022
£
45,107
2022
£
7,373
1,881
22,900
74,931
__
107,085
 2021
£
434,975
2021
£
5,750
1,492
26,459
12,000
__
45,701

26

Cornwall Community Foundation

Notes

(forming part of the financial statements)

19 Deferred income

Balance at 1 January 2022
Amount released to incoming resources
Deferred in year
Balance at 31 December 2022		 2022
£
12,000
(12,000)
74,931
__
74,931
 2021
£
-
-
12,000
__
12,000

The deferred income balance includes income received during the year for events which are due to take place in 2023.

20 Analysis of net assets between funds

Endowment Restricted Unrestricted
funds funds funds Total
£ £ £ £
Fixed assets 9,882,746 118,295 2,110 10,003,151
Current assets 189,415 2,429,801 607,760 3,226,976
Current liabilities - (74,931) (32,154) (107,085)
__ __ __ __
10,072,161 2,473,165 577,716 13,123,042

27

Cornwall Community Foundation

Notes

(forming part of the financial statements)

21 Endowment funds

Endowment funds
Brought Movement Carried
forward in year forward
£ £ £
Permanent Endowments:
AVdB/Hartley Fund 36,132 120,731 156,863
Business Club 48,623 (3,505) 45,118
Caradon Area Community Fund 262,657 (20,075) 242,582
Community First - AVdB/Hartley Fund 521,661 (61,309) 460,352
Community First - Crisis Fund 75,261 (8,845) 66,416
Community First - Dennis Arbon Fund 262,062 (30,799) 231,263
Community First - Emily Bolitho Trust Fund 539,848 (63,447) 476,401
Community First - Lord St Levan 313,298 (46,880) 266,418
Community First - Tregothnan Foundation 171,901 (20,203) 151,698
Community First Scheme 398,778 (36,806) 361,972
Cornwall Crimebeat 37,623 (2,875) 34,748
Cornwall Glass and Glazing 183,820 (14,048) 169,772
Friends of Cornwall Community Foundation 35,020 (2,494) 32,526
Grassroots Fund 82,654 (6,315) 76,339
Mining District Fund 38,020 (2,975) 35,045
Penwith and Isles of Scilly Area Community Fund 277,233 (18,666) 258,567
Quinnian Fund 30,518 (2,333) 28,185
Reg Windpower 27,259 (2,084) 25,175
Royston Leigh Fund 62,511 (4,776) 57,735
The Eddie and Vanessa George Memorial Fund 38,539 (2,952) 35,587
The Jack Moon and Lors Trust 126,823 (9,703) 117,120
Tuppenny/China Clay Fund 508,223 (38,837) 469,386
Other Funds 9,269 (710) 8,559
4,087,733 (279,906) 3,807,827
_ __ _
Expendable Endowments:
Amaranth Fund 121,211 (9,264) 111,947
Bruce Davis Trust 111,296 (8,505) 102,791
Bude Endowment Fund - 88,030 88,030
CCF Community Fund 149,036 (12,009) 137,027
Cornwall Crimebeat 15,052 (1,150) 13,902
Cornwall Glass and Glazing 17,014 12,986 30,000
Development Endowment Fund 41,111 (29,824) 11,287
Harrison Family Fund - 147,954 147,954
HeadStart Kernow Mental Health Fund 64,709 (64,709) -
Healeys Charitable Trust Fund 71,243 (5,671) 65,572
Karenza Endowment Fund 363,781 (27,799) 335,982
Lanherne Fund 134,148 (9,533) 124,615
Lilian Simons Legacy Fund 295,000 (142,355) 152,645
Mining District Fund 4,324 62,214 66,538
North Cornwall Area Fund 146,371 (7,708) 138,663
Patrixbourne Fund 219,277 (16,759) 202,518
Ruth Burden Community Trust 34,000 12,000 46,000
Tanner Phoenix Fund - 2,362,923 2,362,923
Terence Beer Trust 25,531 (1,951) 23,580
The Trewithen Fund 236,093 (17,603) 218,490
Tregothnan Expendable Endowment 55,839 1,158 56,997
Viscountess Boyd Charitable Trust 1,002,362 (78,378) 923,984
The Worval Foundation 153,686 4,585 158,271
Young and Talented 366,054 (31,320) 334,734
Young Minds First 247,500 158,559 406,059
Other Funds 5,779 (1,954) 3,825
3,880,417 2,383,917 6,264,334
__ __ __
7,968,150 2,104,011 10,072,161

28

Cornwall Community Foundation

Notes

(forming part of the financial statements)

21 Endowment funds (continued)

Permanent Endowments:

AVdB/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 - AVdB/Hartley Fund - donor directed fund for community projects generally in Newquay area Community First - Crisis Fund – trust transfer: emergency support for single parents 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 – Lord St Levan - legacy fund for the relief of poverty and hardship, and for crisis intervention Community First - Tregothnan Foundation – donor directed fund Community First Scheme – government match funding challenge for charitable donations 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 Grassroots Fund – government match challenge fund (closed) 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 REG Windpower –community benefit fund for projects in the TR12 postcode area Royston Leigh Fund – donor directed fund for community projects

The Eddie and Vanessa George Memorial Fund – memorial fund for Lord and Lady George, to help groups train in information technology The Jack Moon and Lors Trust – to support voluntary activities in Lostwithiel and St Winnow 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:

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. Bude Endowment Fund – donor-directed fund for community projects in the Bude area – and may consider applications from outside the Bude area.

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

Harrison Family Fund – a community fund for the benefit of Cornwall and the Isles of Scilly 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. Mining District Fund – donor directed fund for community projects in the old district of Kerrier

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)

Tanner Phoenix Fund – donor-directed fund for community projects (across Cornwall and the Isles of Scilly) – and may consider applications from outside of Cornwall.

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

Tregothnan Expendable Endowment – donor directed fund for emergency assistance.

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) -
Amaranth Fund 9,081 (7,325) 1,756
AVdB/Hartley Fund 24,898 (13,881) 11,017
Boyton Solar and Wind Farm Community Fund 51,950 7,333 59,283
Bude Area Fund 595 4,264 4,859
Business Club 5,834 (962) 4,872
Caledonia Investments Charitable Foundation 75,000 (60,360) 14,640
Caradon Area Community Fund 16,784 (14,021) 2,763
CCF Community Fund 45,090 87,090 132,180
CCF Endowment Match Funding - 60,964 60,964
Charles Reynolds Fund 21,880 (19,143) 2,737
Cornwall Club 68 51 119
Cornwall Crimebeat Fund 13,931 (10,420) 3,511
Cornwall Women's Fund 26,314 (10,898) 15,416
Cornwall’s Social Enterprise Fund 609,971 (162,931) 447,040
Cost of Living Crisis Fund - 114,649 114,649
Crisis Fund 34,325 21,323 55,648
Denis Arbon Fund 9,273 4,337 13,610
Duke of Cornwall’s Marine & Environmental Fund - 100,000 100,000
East Langford Solar Farm 33,838 9,343 43,181
Emergency Fund 21,235 22,232 43,467
Emergency Fund – Build Back Better 94,137 (93,055) 1,082
Emily Bolitho Trust Fund 15,128 1,784 16,912
Goonhilly Wind Farm Community Fund 65,082 14,549 79,631
Headstart Kernow Mental Health 27,738 (27,738) -
Healeys Entrepreneurs Fund 5,767 2,134 7,901
Kala Power Limited (was Howton Solar Farm) 62,615 13,441 76,056
Karenza Fund 8,950 (4,821) 4,129
Lanherne Fund 6,570 1,467 8,037
Lord St Levan Fund 15,869 (15,869) -
Luxulyan Parish Council 31,071 (4,097) 26,974
Manor Farm Solar 48,016 (2,465) 45,551
North Cornwall Area Fund 10,951 6,175 17,126
North Petherwin Community Fund 29,765 1,157 30,922
Penwith and Isles of Scilly Area Community Fund 3,062 6,290 9,352
Police Property Act Fund - 48,020 48,020
Royston Leigh Fund 2,968 1,544 4,512
Sedel-Collings Foundation - 262,050 262,050
South West Enterprise Fund 50,000 (6,604) 43,396
Surviving Winter 175,252 (17,795) 157,457
Tampon Tax Fund 1,406 - 1,406
Tanner Phoenix Trust - 66,365 66,365
Terence Beer Trust 2,717 (2,277) 440
Trenouth Solar Farm 36,757 (1,666) 35,091
Trewen Fund 34,147 (1,565) 32,582
Trewithen Fund 4,595 (220) 4,375
Tuppenny Fund 15,872 (951) 14,921
Viscountess Boyd Charitable Trust 9,686 5,293 14,979
Welcome Fund - 26,354 26,354
The Worval Foundation 33,682 (24,485) 9,197
Young Carers 8,347 (3,772) 4,575
Young and Talented 24,525 50,744 75,269
Young Minds First 15,000 (9,672) 5,328
Young People’s Mental Health Fund 20,000 (20,000) -
#iwill campaign (Youth Social Action Fund) 2,691 123,641 126,332
Other Funds 53,331 31,800 85,131
__ __ __
2,015,764 457,401 2,473,165

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 Amaranth Fund - this fund welcomes applications from projects on the Roseland, but also considers Falmouth and St Austell areas AVdB/Hartley Fund - donor directed fund for community projects generally in Newquay area 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 CCF Community Fund – the CCF’s own fund for community projects CCF Endowment Match Funding – to provide match-funding to encourage new endowment donations 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 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 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 Cost of Living Crisis Fund – will help local voluntary sector and community groups to deliver a range of activities to support people who have been adversely impacted by the significant rise to the cost of living. Crisis Fund – provides grant assistance to individuals, families and communities in crisis situations Denis Arbon Fund – donor directed fund Duke of Cornwall’s Marine & Environmental Fund – will support projects which address themes relating to community action, improving infrastructure and innovation. East Langford Solar Farm – community benefit fund for Kilkhampton, Launcells and Morwenstow Emergency Fund – fund to provide emergency support to those affected by natural crisis 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 Goonhilly Wind Farm Community Fund – for community projects in the Goonhilly area 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. 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 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

Police Property Act Fund – will focus on supporting communities to provide diversionary activities from drugs related anti-social behaviour.

32

Cornwall Community Foundation

Notes

(forming part of the financial statements)

22 Restricted funds (continued)

Royston Leigh Fund – donor directed fund for community projects

Sedel-Collings Foundation – supports local voluntary sector and community groups in Cornwall and IOS which work to improve the lives of people in their communities.

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

Surviving Winter – special appeal fund for vulnerable and other people experiencing fuel poverty

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

Tanner Phoenix Trust - donor-directed fund for community projects (across Cornwall and the Isles of Scilly) – and may consider applications from outside of Cornwall.

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

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

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 Welcome Fund – provides financial support to refugees in Cornwall.

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 Carers - provides support to young carers

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

At 1 Income Expenditure Transfers Investment At 31
January losses December
2022 2022
£ £ £ £ £ £
General fund 580,548 129,687 (484,134) 351,615 - 577,716
Revaluation
reserve 17,702 - - 329 (18,031) -
__ __ __ __ __ __
Total 598,250 129,687 (484,134) 351,944 (18,031) 577,716

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		 2022
£
7,750
6,458
__
14,208
2,540
2,183
__
4,723		 2021
£
7,750
29,063
__
36,813
2,540
4,723
__
7,263

At the year end the charity had made a commitment to pay £32,841 (2021: £184,594) 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 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

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
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		 1 January
2021
£
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

36

Cornwall Community Foundation

Notes

(forming part of the financial statements)

27 Prior year restricted funds

Prior year restricted funds
1 January Movement 31 Dec
2021 in year 2021
£ £ £
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

37

Cornwall Community Foundation

Notes

(forming part of the financial statements)

28 Prior year unrestricted funds

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

38