Charity Registration Number= 1100417 Company Registration Number.. 04534462 HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION la registered company limited by guarantee and a registered charity) ANNUAL REPORT ITRUSTEES, REPORT AND FINANCIALSTATEMENTSI ST FOR THE YEAR ENDED 31 DECEMBER 2020
ANNUAL REPORT ST YEAR ENDED 31 DECEMBER 2020 Contents Pages Trustees, Report Auditors, Report 10-13 Financial Statements Statement of financial activities 14 Balance Sheet 15 Statement of Cashflow 16 Notes to the Financial Statements 17-27
HAMPSHIRE ANDTHE ISLE OF WIGHT COMMUNITY FOUNOATION TRUSTEES, REPORT The Trustees present their report, together with the financial statements of the Charity, for the year ended 31st December 2020. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by 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 IFRS102- effective l January 20191. The Hampshire and Isle of Wight Community Foundation IHIWCFI isa registered Charity (number 11004171. These accounts include the activity of four linked charities.. Montagu Neville Durnford and Saint Leo Cawthan Memorial Trust (linked charity- 1100417-11,. The Lord Mayor of Portsmouth's Charity (linked charity- 1100417-21,. Alderman Joe Davidson Ilinked charity- 1100417-41; and Futcher School Foundation Ilinked charity- 1100417-51. The charity is a Company limited by guarantee and registered in England & Wales (number 045344621. The principal and registered office addres5 is: Westgate Chambers Staple Gardens Winchester Hampshire S023 85R President Nigel Atkinson, Her Majesty's Lord-Lieutenant of Hampshire Trustees Jonathan Cheshire OBE - Chair Iresigned 28th September 20201 Jo Ash CBE Rebecca Kennelly MBE -lappointed Chair 25th September 20201 Virginia Lovell IP DL Hugh Mason Jonathan Moseley Dan Putty Adrian RLJtter- Treasurer Jane Sandars James Kennedy- Company Secretary Andrew loy Krysia Butwilowska Sukanya Sitaram Michael Smith Key management personnel Grant Cornwell MBE- Chief Executive Iresigned 29 january 20211 Kate Shurety FRSA- Interim Chief Executive Ifrom 15 February 20211 Linzi Lawrence- Finance Manager Bankers Coutts & Co 440 Strand London WC2R OQS
HAMPSHIRE ANDTHE ISLE OF WIGHT COMMUNITY FOUNOATION TRUSTEES, REPORT Investment Managers Brewin Dolphin Ito February 20211 12 Smithfield Street London ECIA 9BD CCLA Senator House 85 Queen Victoria stet London EC4V 4ET Sarasin & Partners (from I january 20211 Juxon House 100 St Paul's Churchyard London EC4M 8BU Mayfair Capital Investment Management Ltd 55 Wells Street London WIT 3PT Auditors Alliotts LLP Friary Court 13- 21 High Street Guildford Surrev GUI 3DL Sollcltors Coffin Mew 1000 Lakeside North Harbour Portsmouth Hampshire P06 3EN
HAMPSHIRE ANDTHE ISLE OF WIGHT COMMUNITY FOUNDATION TRUSTEES. REPORT Our purpose The Trustees are committed to building funds and distributing grants to support community projects delivered by local voluntary and community groups across Hampshire & Isle of Wight. Southampton & Portsmouth. We have built endowment funds to nearly £15m for the long term benefit of our communities, and in the last 10 years have distributed over £IOm in grants to support over 3,700community projects across Hampshire and Isle of Wight. Our Erant-making programmes support community projects for all ages.. those with disabilities.. families in crisis- the homeless.. those in poor health,. people looking to get back into work,. those seeking protection- looking to get healthier through sport, drama and singing., people who want to learn aboLJt the arts and local culture,. those that are isolated or lonely,. and local people struggling to cope with their lives. We award grants to smaller, lesser known charities and community groups who offer the support, services and activities that can really make a difference to the lives of local people. Hampshire & Isle of Wight Community Foundation is focused on enabling a wide variety of donors to fund projects which make a real difference to the lives of local people across Hampshire & Isle of Wight, Portsmouth and Southampton. We do this bv.. •working in partnership with government, National Emergency Trust INETI created in 2020, the European Social FundlESFI, local councils, and multinational and loc31 companies to target their social action initiatives where they will be most effective,. •using the income from our endowment funds to direct our own grant-making •working with donors on donor-dire¢ted grant-making •managing flow-through/revenue funds on behalf of local companies, councils and partners. Our aim is to provide a high standard of philanthropy advice to donors, grant-making and support to community organisations across Hampshire and Isle of Wight, Portsmouth and Southampton. Achievements and performance in 2020 With the Covid-19 pandemic. 2020 has presented a substantial challenge for the charitable sector with the pandemic disproportionately impacting on the most disadvantaged people acros5 the UK and this has been no different for our communities across Hampshire and the Isle of Wight. The pandemic has also shown us that communtty really matters with millions of volunteers stepping forward to support their local communities. Local charitable organisations and voluntary groups have stepped up to support those in need. They have provided a variety of activities such as emergency food. hot meals and medication. and have adapted their services to provide counsellinB, activities and training online making sure those most vulnerable to the pandemic are supported. In the fulfilment of our strategic priorities, the Foundation responded swiftly to support local voluntary, community, faith and community enterprise helping those hit hardest by the coronavirus crisis. At the start of lockdown in March we launched a 'We're All Togetherf fundraising campaign initially hoping to raise £500k. With the help of our existing donors and fundholders. our President, past Chairs, and other supporters we raised over £2.4m including funds from the National Emergency Trust, VIVID Housing, Hampshire County Council, the DCMS and NHS,. By the end of 2020 our We're All Togetherf Emergency Coronavirus CampaiEn and other funds had distributed 462 grants Wlth a total value of just over £2.3m to groups and charities for the public benefit of communities across Hampshire, Portsmouth, Southampton and Isle of Wight Further grant awards are also scheduled for early 2021 to help families and communities most in need recover from the Impact of Covid-19. In addition in 2020 we.. secured two new endowment funds- from the Charles Burnett Memorial Fund for £l.Om and the Hampshire Playing Fields Association for £486k Launched 7newgrant programmes. Westquay Giving Back Project. We're All Together, Vivid, NHS, Co-op, National Emergency Trust INETI and Department for Digital. Culture. Media & Sport IDCMSI LaLJnched a new ESF programme running to March 2023, which together with match funding from donors and local authorities will support a grants programme in the Solent LEP area worth £1.76 million.
HAMPSHIRE ANDTHE ISLE OF WIGHT COMMUNITY FOUNDATION TRUSTEES. REPORT Senior changes We welcomed Rebecca Kennelly as our new Chair of Trustees in September. Rebecca has been a board member and trustee of the Foundation for ten years and is Director of Volunteering for Royal Voluntary Service, one of the country's largest volunteering organisations. An advocate of volunteering, Rebecca has held a number of trustee and volunteer positions in the sector and is currently serving as a trustee of a Homelessness charity, and is also a Parish Councillor. Rebecca replaced Jonathan Cheshire, who wa5 finally'allowed to retire, by his fellow Trustees after seven years as a member of the Board, and our Chair for the past three years. The Trustees are extremely grateful to him for staying on to guide us with hi5 gentle humour, commitment and above all complete dedication to 5UPPOrting disadvantaged people acr055 our region. He remains a great friend to the Foundation. Finally it was with sadness that the Trustees accepted the resignation of our CEO, Grant Cornwell left the Foundation at the end of January 2021. Having relocated outside the county, Grant decided that he should step aside to allow the Board to appoint Someone more 'local' to take the organisation forward. Grant joined the Foundation in 2018 with 3 specific remit to review the organisation's strategic operating model, lead on fund development and the development of key partner5hip5, drive growth of HIWCF'S profile and make us the local leading community based grant giving charity in Hampshire & Isle of Wight and there is no doubt that he delivered on all of those objectives. HIWCF'S charitable objects and public benef it HIWCF is an independent grant-making charity and company limited by guarantee. Founded in 2003, Hampshire & Isle of Wight Community Foundation serves a population of c.2.0 million people across Hampshire, Isle of Wight, Portsmouth and Southampton. The Foundation's charitable objects for the Public Benefit, as defined in the Memorandum & Articles of Association, are.. l. The promotion of charitable purposes for the benefit of the communities of Hampshire, Isle of Wight, Southampton and Portsmouth,. 2. Other exclusively charitable purposes in the UK and elsewhere which are in the opinion of the Trustees beneficial to the community including those in the area of benefit. In achieving these objects, the Foundation has powers to assist financially or otherwise a charitable trust, association, individual or voluntary organisation, for the purposes of relieving those injured, bereaved, or in need or of other charitable purposes connected with or arising out of the counties of Hampshire and the Isle of Wight, and cities of Southampton and Portsmouth. The Trustees have given due regard to public benefit guidance PLJblished by the Charity Commission in ac¢ordan¢e with Section 17 of The Charities Act 2011. These charitable objects are achieved throuEh= Partnering with Government, the European Social Fund, local councils, national charities, multinational and local companies to manage effective grants programmes which assess applications, make grants, and distribute and monitor funds to charities, voluntary and community organisations that meet the Foundation's criteria and criteria set by funders., Increasing endowment and flow-throughlrevenue funds under management by providing flexible, donor-centric investment management and grant-making services. and by retaining existing and attracting new donors,. Ensuring that all levels of the Foundation operate to the highest standards The Trustees refer to guidance on public benefit produced by the Charity Commission when reviewing the Foundation's charitable objectives and when planning future activities and grant-making, and are satisfied that these objects meet the appropriate charitable purposes and public benefit criteria as defined by the Charities Act 2016. Structure, Governance and Management Governing Document Hampshire & the151e of Wight Community Foundation, IHIWCFI, is an independent Charitable Foundation, registered in 2003 (Charity Registration 11004171 and is incorporated as a company limited by guarantee 1045344621. HIWCF is governed by its Memorandum and Articles of Association. The Articles define the public benefit of HIWCF and set out the powers of the Board of Trustees. The Trustees of the Charity and the principal advisors are listed on pages l and 2. The liability of the members in the event of HIWCF being wound up is limited to a sum not exceeding £1. HIWCF is a member of UK Community Foundations, a national organisation that connects and represents the 46 UK Community Foundations at a national level.
HAMPSHIRE ANDTHE ISLE OF WIGHT COMMUNITY FOUNDATION TRUSTEES. REPORT Appolntment ond Indurtlon of Trustees Invitation to join the Board is by selection and consideration is given to expertise, experience, skills and geographical representation. There is no limit on the number of members of the Company, however at leastthree member5 lor 25% of members if greater) must be in attendance for general meetings to be quorate. Board members approve any new Trustees at Board meetings who are then ¢o-opted during the year and appointed at the next Annual General Meeting. New TrLJStees have a meeting with the Chairman, the CEO, visit the office and meet the staff of H IWCF. Induction training is recorded and covers building funds, grant-making, policies and procedures. Trustees meet quarterly and the Board meetings work to an agenda, which allows ample time for open discussion on all issues including those related to HIWCF'S areas of interest and public benefit. Business 15 conducted between Board meetings through five committees which are responsible for reviewing operational activities- Finance and Investment Committee, Grants Committee, Fund Development Committee. Portsmouth Advisory Board, and the Isle of Wight Committee. The terms of reference for these Committees set out the powers and authority delegated to them. The day-to-day management of HIWCF. the administration of the grants and the development of the funds is delegated to the Chief Executive and staff. Monitoring performance Trustees monitored performance during the year by reporting quarterly to both the Finance & Investment Committee and the full Board on the actions being taken to address the key risks to the Charity not achieving its strategic aims. The key risks were identified during the full risk management review in November 2018 as being.. Managing Strategic Priorities Uncertainty about investment markets Impact of grant-making Changes to grant-making Raising HIWCF profile Reliance on Key employees A further risk review was completed in February 2021 and confirmed all of the above key risks as continuing except for Raising HIWCFprofile, which had substantially improved, and added three further key risks being= potential loss of opportunities as a result of the change in Chief Executive • the impact of Covid-19 the new contract for awarding grants match funded by the European Social Fund Through quarterly reports the Trustees are ensuring that all possible steps are being taken to mitigate the risks against achieving the Charity's objectives. The key performance indicators for 2020 were linked to financial and risk targets, being to achieve a small gain on core position, to exceed £900k of grant-making, and to manage effectively strategic risks through quarterly reports to the Finance & Investment Committee as listed above. Remits of Committees: Finance and Investment Committee- the Committee is specially set-up to oversee the administration of the financial and investment transactions. This Committee devises and reviews policies that ensure the proper administration of the Foundation's finances and investments including but not limited to.. financial management,. overseeing investment performance.. development of efficient financial and investment administration systems; annual review with investment managers,. IT and data protection,. property management,. and overseeing the management of risk. Grants Committee- the Committee leads HIWCF'S strategy for its interface with the community, including grant-making. The Committee.. keeps abreast of needs in the area of benefit. the funding environment and other relevant issues,. recommends grant-making strategy and targets to the Board,. monitors the implementation of the strategy and achievements, reporting trends and exceptions to the Board,. assesses the impact of the grant-making programmes.. recommends the grants budget available annually between areas/issues, taking account of any restrictions placed by donors for approval by the Board; oversees the grant application procedures and policies including assessment and monitoring,. oversees grants made by grant advisory panels and ensure these are in line with policy and strategy; recommends an appeals procedure to the Board and act as appeal body as required under procedures established; identifies ways other than
HAMPSHIRE ANDTHE ISLE OF WIGHT COMMUNITY FOUNDATION TRUSTEES. REPORT grant-making for HIWCF to contribute appropriately to meeting the needs of local communities and monitors progress on the initiatives priorit15ed- establishes task groups from time to time to undertake Specific, time- limited pieces of work. Members of this Committee will.. participate in one or more grant panels as a representative of HIWCF,. attend and encourage others to attend visits to community organisations,. undertake at least one visit each year to a grant-aided organisation as part of the grant monitoring process. Portsmouth Advisory Board- The Advisory Board oversees the activities of Hampshire & Isle of Wight Community Foundation in the Portsmouth Local Authority Area. The Committee is responsible for management and direction of Portsmouth City Community Funds, Alderman Joe Davidson Funds, Montagu Neville Durnford and St Leo Cawthorn Memorial Trust Funds, Futcher Trust, Cornellius Centre Fund and Civic Portsmouth Funds. In managing these funds they will: ensure compliance with the original objects of the trusts,. provide strategic direction on 811 other Portsmouth specific funds as required,. approve the annual draw-down of endowment funds for grant-making,. approve criteria for Flow- through/Revenue funds,. review the effectiveness of grant-m3king,' set the timetable for Advisory Board and Grant panel meetings,. address trends and gaps within the Portsmouth City grant-making communities,. receive Annual Fund Statements for managed funds, and assist in attracting additional funds. Isle of Wight Committee- To lead HIWCF'S strategy for its interface with the Isle of Wight community, including grant-making and fund development. Regarding grants and community development- this Committee will.. keep abreast of needs in the area of benefit. the funding environment and other issues relevant to HIWCF'S interface with the Isle of Wight community,. recommend grant-making strategy and targets,. recommend individuals with the appropriate experience and knowledge to sit on the Committee,. monitor, with the support of HIWCF staff, the implementation of the strategy and achievements, reporting trends and exceptions,. assess the impact of the grant-making programmes,. recommend the grants. budget available annually between areaslissues, taking account of restrictions placed by donors. approve grants in accordance with the schedule of delegation established by the Board- oversee grants made by IOW Grant Panel and ensure these are in line with policy and strategy,. art as appeal body as required under procedures established.. identify ways other than grant-makinE for IWCF to contribute appropriately to meeting the needs of local communities and monitor progress on the initiatives prioritised.. be responsible for the management and direction of the IWCF funds,. host and support the organisation of seminars and receptions on the Isle of Wight,. and establish task groups from time to time to undertake Specific, time-limited pieces of work. Main Board The Chair, jonathan Cheshire resigned in 2020, having served as a trustee since 2013. Rebecca Kennelly was appointed as the new Chair. There were no new Trustees joining the board in 2020. The Board is delightedthat the Lord Lieutenant, Mr Nigel Atkinson, has continued to be our President throughout 2020. None of the Trustees receive remuneration or other benefit from their work with the charity. We hold a register of interests for all Board members. Any connections between a Trustee and a grantee or potential funding partner are fLJlly disclosed. The Board of Trustees aims to set a level of grant expenditure from the endowed funds which provides a realistic level of grant-making, consistent with the long-term maintenance of the value of the endowed funds, and subject to any Conditions imposed by donors. Each year the Board reviews a level to be distributed in grants from endowment funds. For funds invested with Brewin Dolphin it was agreed to distribute 5% of the capital value of the fund as at 31 December 2020, with some minor exceptions where slightly more or less was agreed with fund holders for specific projects. For Community First Funds invested with CCLA we are permitted to distribute the net income and any gains over and above RPI since the inception of the fund. The HIWCF Board has decided to spread the spending of any gains over the subsequent two years. For 2020 this gave an average distribution rate of 3.3% of the value of funds14.3% distributed in 20191. The average size of a grant (based on the net amount of money awarded) was just below £5,000.
HAMPSHIRE ANDTHE ISLE OF WIGHT COMMUNITY FOUNDATION TRUSTEES. REPORT Staff and key management personnel There are two full-time and five part-time members of staff: and seven external assessors trained to help with our grant programmes. Two staff members, the Chief Executive and the Finance Manager are designated as key management personnel. Pay reviews for all staff including key management personnel are conducted with effect from April 1st, within parameters recommended by the Finance & Investment Committee and approved by the Board. These parameters take account of trustees, knowledge of pay awards made at other local charities. Risk Management The Board receives a risk assessment prepared by the Chief Executive and the Finance & Investment Committee approximately annually. The Finance & Investment meeting receives an update on the status of the highest risks on a quarterly basis Fund Development Our ability to generate a sustainable annual income for distribution to local voluntary and community groups is achieved by encouraging philanthropy. providing donor-managed services, and by building relationships with current and prospective donors to further grow HIWCF'S grant-making potential. Key to this approach is HIWCF'S commitment to help donors identify their philanthropic and charitable interests and to offer them opportunities to make a local difference. Fund development is measured in HIWCF'S ability to increase the number of new funds under its management in order to distribute grants. During 2020 we had a total of 129 funds under management12019 ..1191, and at 31st December 2020 we had 97 endowment fund$12019- 951, providing donors with servicestailored totheir individual requirements and charitable intere5t5. Eight new flow-through fund5, including Six in response to the Covid-19 pandemic, and two new endowment were established in 2020. New flow-through funds.. Westquay Giving Back Project We're All Together We're All Together - Vivid We're All Together- NHS We're All Together- CO-OP/Barclays We're All Together- NET We're All Together- DCMS IOW John Swire 1989 New endowment funds.. Charles Burnett Memorial Fund Hampshire Playing Fields Association Financial Review Restricted Fund5 Income in 2020from new flowthrough funds totalled £2,834K12019: £291KI- Thistogetherwith distributions from endowment funds, helped us distribute £2,307k in grants. This was well above our grants budget of £1,025k and was mainly because we were able to attract funding to provide emergency grants to charities needing support during the pandemic. Unrestricted Funds Unrestricted funds returned a surplus of £112k in 2020 for net income and investment12019 surplus £16kl. Core costs, which totalled £332k in 2020, continued to be well managed and were less than bLJdgeted. Core income of £449k was above budget due to an increase in flow-through income and endowment set-up fees. There was a small loss in the value of unrestricted fund investments of £4k for 2020 Endowment Funds In 2020 there were two new endowment funds, a transfer from the Hampshire Playing Field A550ciation, and a new donation from Notsew Orm Sands Foundation for The Charles Burnett Fund. Investment markets fell in QI 2020 and then made a full recovery from these1055e5 by Q4 2020 and our endowment ended the year with a net gain (mostly unreali5edl of £523k. After income and grant distribution5 and transfer5, the closing balance of endowment funds at 31 December 2020 was £14.9m compared to £13.2m at the end of 2019.
HAMPSHIRE ANDTHE ISLE OF WIGHT COMMUNITY FOUNDATION TRUSTEES. REPORT Investment policy The development of an endowed fund providing sustainable long-term support for local Communities is Central to the role of HIWCF. The guiding objectives of the Finance and Investment Committee are to maximise long-term total returns (from income and capital growthl, while providing annual income to help fund grant programmes. Brewin Dolphin and CCLA were the primary investment managers during 2020. between them managing over 90Yo of our £14.9m endowment assets. Property endowed to HIWCF is approximately 4.5% of our endowment assets and net rental income is applied to grant-making. After a competitive tendering exercise the Board appointed Sarasin and Partners who replaced Brewin Dolphin commencing in january 2021. The CCLA funds are managed through a 'central' contract established by the Government and UKCF. Investment Strategy and Rlsk Proflle HIWCF'S policy is to invest funds to achieve a balance between capital growth and income using a medium risk investment strategy. Ethical Investment and Other Constraints The Board considers that HIWCF'S interests are best served by seeking to obtain a sound financial return from a suitably diverse portfolio of investments. The Trustees have considered establishing an ethical investment policy and, whilst not excluding any specific investments, asked the investment managers to have due regard to not investing in companies whose activities could be detrimental to the objectives and aims of HIWCF. Investment Performance Investment markets fluctuated substantially in 2020 with a significant decline in investment values in March 2020 when the Covid-19 pandemic emerged followed by recoveries in the remainder of the year. Over the year both our main funds recorded positive returns.. funds invested with Brewin Dolphin showed a total return of 5.2%12019'. 17.6%) and funds invested with CCLA a total return of 9.8%12019: 21.6%1. These performances compare with a total return on the MSCI PIMFA Private Investors Balanced index of 7.4%12019'. 16.2%). Within these figures the income yield on Brewin Dolphin was 2.7%12019'. 3.3%1 and CCLA, 4.7%12019: 3.09Y.I. ReseNes Policy The TrLJStees aim to hold unrestricted reserves to a level which equates to approximately twelve months of staffing and support costs. At 31st December 2020 the balance on unrestricted reserves amounted to £392,423 compared with £280,046 in the previou5 year. At current levels unrestricted reserves equate to just under budgeted annual running costs for 2021. The Trustees consider that this level should be adequate to sustain HIWCF for the medium- term. Endowments and grant-making The bulk of HIWCF'S expenditure is grant distribution. Funding for this is taken from investment returns and flow-through donations received for grant-making. In 2020 HIWCF.. Raised donations and legacies of £4.3m I£0.3m in 20191 Generated investment income of £416k1£436k in 20191 Distributed a net amount of £2.3m in grants to charities and community groups I£0.7m in 20191 Spent £332k12019= £249kl of unrestricted funds mainly on grant-making and raising funds. Plans for the future Whilst the Trustees are satisfied with the outcomes achieved in 2020, we anticipate that 2021 and future years will be challenging as the local economy recovers from Covid-19. Attracting new endowment funding has also proven more difficult following the end of government match funding,. potential flow through funding is dependent on funders, own financial circumstances and is often taking longer to come to fruition,. and there is continuing uncertainty about future investment performance, which is likely to remain volatile and may not match the investment returns achieved in recent years.
HAMPSHIRE ANDTHE ISLE OF WIGHT COMMUNITY FOUNDATION TRUSTEES. REPORT Our strategy (approved by the Board of Trustees in November 2018 and currently subject to review) continues to aim to make our communities a better place by increasing philanthropic behaviour and managing our assets efficiently improve our communications so that communities, partners and donors recognise HIWCF as the key grant making and fundraising charity locally target grant-making at communities most in need establish HIWCF as the first choice for grant giving, known for its Collaborative approach and knowledge of local community need. Tru5tees' Responsibilities The Charity Trustees (who are also directors of Hampshire and the Isle of Wight Community Foundation for the purposes of Company Lawl are responsible for preparing the Trustees, Annual Report and Financial Statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generallv Accepted Accounting Practice). Company law requires the Charity Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affair5 of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the financial year. In preparing these financial statements, the Trustees are required to.. Select suitable accounting policies and then apply them consistently. Observe the methods and principles in the Charities SORP,. Make judgments and estimates that are reasonable and prudent.. State whether applicable U.K. accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements,. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularitie5. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Auditors The auditors, Alliots LLP, are deemed to be reappointed under section 487121 of the Companies Act 2006. Statement of disclosure to auditor The Trustees who held office at the date of approval of this Report confirm that, so far as they are each aware, there 15 no relevant audit information of which the Company's auditors are not aware,. and each Trustee has taken all the steps that he ought to have taken as a Trustee to make himself aware of any relevant audit information and to establish that the Company's aLJditors were aware of that information. This report has been prepared in accordance with the special provisions relating to small companies within part 15 of the Companies Act 2006. By order of the Board of Trustees Approved bythe Trustees on 071071 2021 Mrs. Rebecca Kennelly (Chairl Mr. Adrian Rutter (Trusteel
HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION Opinion We have audited the financial statements of Hampshire and the IS of WKJht Community Foundation (the '¢harity'l for the year ended 31 December 2020 which comprise the Slalemenl of Financial activities, the Balance Sheet, the Statement of Cash Flows and the notes lo the financial slalements, including a summary of significant accounting policies. The financial reporting framework that has b&n 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 slalements.. give a true and fair view of the stsle of the charitable company's affairs as at 31 Dember 2020 and of its incoming resources and application of reSoUrs, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accept&J Accounting Practice", and have been prepared in ardance with the requirements of the Companies Ad 2006. Basis for opinion We conducted our audit in accordance wth International Standards on Auditing IUKI IISAS IUKII and applicable law. Our SPOnsibl1((les under those standards are further described in the Auditor's responsibili(ies for the audit of the financial slalemenls section of our report. We 8re independent of the charity in accordance with the èthical 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 eviden 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 conrn 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 colledively, may cast significant doubt on the charitable company's abilrty to continue as a going concem for a period of al least months from when the financial slalemenls are aulhorised for issue. Our responsibilrties and the responsibilities of the Trustees wlh respect to going conrn are described in the relevant sections of this report. Other Informatlon The other Infonralion comprises the information included in the annual report other than the financial statements and our auditor's report Ihereon. The Trustees are responsible for the other infomalion contained within the annual report. Our opinion on the financial slalemenls does not cover the other information and we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is Material inconsistent with the financial statements or our knowledge obtained in the course of the audit, or olheTWiSe appears to be materially misstated. W we identify such material inconsistencies or apparent material misstalemenls, we are required lo delemiine whether this gives rise lo a material misslalemenl in the financial slalemenls themselves. If, based on the work we have performed, we conclude that there is a material misslalemenl of this other infomalion, we are required lo report that f8cI. We have nothing to report in this regard. 10
HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF HAMPSHIRE AND THE ISLE OF WIGHTCOMMUNITY FOUNDATION Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the infomiation gThien in the Trustees. report, which includes the d1CtOrS, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial slalements., and the directors, report included within the Trustees, report has been prepared in accordan with appIable legal requirements. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Companies Act 20(E requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial 5ts1emenls are not in agreement with the accounting records and relums., or certain disclosures of Iruslees, remuneration specified by law are not made,. or we have not received all the information and explanation5 we require for our audit," or the Trustees were not entf(led lo prepare the financial slalemenls in accordan with the small companies regime and lake advantage of the small companies, exemptions in preparing the Trustees report and from the requirement to prepare a Strategic Report. Responsibilities of trustees As explained more ful in the Statement of Trustees, Responsibilities. the Trustees, who are also the directors of the charty for the purpose of company law, are responsible for the preparation of the financial slalements 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 a free from material misstatement. whether due lo fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable Company's ability to continue as a going ¢on¢em. disclosing. as applicable, matters related to going ¢oncem and using the going concern basis of accoLJnting unsS the Trustees either intend to liquidate the charitable company or lo cease operatsons, or have no realistic aernatIVe but to do so. Auditorfs 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 lo fraud or error, and lo issue an auditor's report that inclLJdes OLJr opinion. Reasonable assuran is a high level of assuran but is not a guarantee that an audit conducted in accordan with ISAS IUKI will always detect a material misslalemenl when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users tsken on the basis of these financial slalemenls. Irregularities, including fraud, are instanS of non-compliance wlh laws and regulations. We design procedures in line with our responsibilities, outlined above, to delect material misstslemenls in respect of irregularities, including fraud. The extsnt to which our procedures are capable of detecting irregularities, including fraud, is detsiled below.
HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION Extent to which the audit was considered capable of detecting irregularities. including fraud OLJr approach to identifying and assessing the risks of material misslatemenl in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team colledivety had the appropriate competen, capabilities and skills lo identify or recognise non-complian with applicable laws and regulations., we identrfied the laws and regulations applicable lo the company through discussions with Trustees and other management, and from our knoedge and experien of the sector., we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Charitab company, including the Companies Act 2006, the Charities Act 2011, the Charities SORP, laxalion legislation, dats protection, antbribery, employment, environmental and health and safety gIslatIOn,. we assessed the extent of compliance wlh the laws and regulations identified above through making enquiries of management and inspecting legal correspondence,. and identified laws and regulations were communicated wi(hin the aud(t tearn regularly and the team remained alert lo instances of non-compliance throughout the audit. We assessed the susceptibility of the charitable company's financial statements to matsrial misslalemenl, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as lo where they considered there was susceptibility lo fraud, their knowledge of actual, suspected and alleged fraud,. and considering the internal Controls in pla to miligale risks of fraud and non-complian with laws and reoulalions. Audit response to risks identified To address the risk of fraud through management bias and override of controls, we.. perfomied analytical procedures lo identify any unusual or unexpectsd relationships., reviewed all transactions listed., assessed whether judgements and assumptions made in delemiining the accounting estimates were indicative of potential bias., and investigatèd the r81ionale behind significant or unusual Iransaclions. In respx)nse to the risk of irregularities and non-complian with laws and regulations, we designed prOdureS which included, bul were not limited lo.. agreeing financi81 slalemenl disclosures to underlying suptK)rting documenlalion," and enquiring of management as lo actual and wtenlial liligalion and claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-complian¢e. Auditing standards also limit the audit procedures required lo idenlrfy non-compliance with laws and reguL4tions lo enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, rf any. Material misslalements that arise due lo fraud can be harder lo delecl than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at.. hltps'.IlwM.frC.or9.UkIaudlt0rsreSponSlb1lI1les. This description fomis part of our audilorfs report. 12
HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION Use of our report This report is made solely to the Charty's Trustees, as a body, in accordance wlh Chapter 3 of Part 16 of the Compan$ Act 2006. Our audit work has been undertaken so that we might stsle lo the charitable company's Trustees those matters we are required lo state lo them in an auditors, report and for no other purpose. To the fullest extent pemiitted by law. we do not accept or assume responsibility to anyone other than the charf(ab company and the charitable company's Trustees as a body, for our audit work, for this report, or for the opinions we have fomed. Stephen Meredith BA FCA DChA (Senior Statutory Auditor) for and on behalf of Alliotts LLP 0810712021 Chartered Accountants Statutory Auditor Friary Court 13-21 High Street Guildford Surrey GU1 3DL 13
HAMPSHIRE AND THE ISLE OF WIGHTCOMMUNITY FOUNDATION Financial Statements STATEMENT OF FINANCIAL A1VITIEs (incorporating the Income & Expenditure Account) for the year ended 31st December 2020 Unrestricted Funds Restricted Endowment Funds Funds 2020 2019 Income and endowments from.. Donations and legacies Investment Income 875 17,610 18,485 2,831,884 1,486,212 4,318,971 413,854 431,464 1,900,066 4,750,435 344,460 457,000 801,460 Total income and endowments Expenditure on: Raising funds Charitable activities Total Expenditure 2,831,884 120,860 211,246 332,106 120,860 28,841 2,542, 118 28,841 2,662,979 102,367 872,182 974,549 415 2,302,031 2,302,031 Net Ilossesl/gains on Investment Assets Net {expenditure)/income Transfers between funds Net movement in funds Fund Balances brought forward Fund Balances carried forward 14,0361 1317,6571 430,034 112,377 280,046 392,423 522,725 518,689 1,610.514 2,393,950 2,606,147 1,437,425 1716,1381 101 1,677,812 2,606,146 1,437,425 13,199,250 13,810,671 12,373,248 14.877,062 16,416,817 13,810,673 529,853 286,104 815,957 331,375 1,147,332 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing operations. 14
HAMPSHIRE AND THE ISLE OF WIGHTCOMMUNITY FOUNDATION Financial Ststements Balance Sheet as at 31st December 2020 2020 2019 Fixed assets Tangible Assets Investments Properties 13,892,423 600,000 14,492,423 12,388,702 600,000 12,988,702 Current assets Debtors Cash at Bank and in hand io 129,912 1,826,236 1,956,148 131,7541 1,924,394 16,416,817 2,236 918,534 920,770 198,8011 821,969 13.810.671 Creditors falling due within one year Net current assets li Netassets 12 The funds ofthe charity: Unrestricted funds= General funds Revaluation resetve 392,423 280,046 12 392,423 280,046 Endowment funds Restricted income funds 12113 12114 14,877,062 1,147,332 13,199,250 331,375 Total Charity Funds 12 16,416,817 13.810.671 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime within Part 15 of the Companies Act 2006. Approved by the Trustee5 on 08107 2021 and signed on their behalf.. Rebecca Kennelly, Chair Company Registration Number.. 04534462 15
HAMPSHIRE AND THE ISLE OF WIGHTCOMMUNITY FOUNDATION Financial Statements Statement of Cashflow for the year ended 31st December 2020 2020 2019 Cash flows from operating activities Cashflows from investment activities Net Idecrease)l increase in cash during the year Cash at the beginning of the yea r Total cash at the end of the year 19 1,496,555 1588,8531 907.702 918,534 1,826,236 1499,1051 754,645 255.540 662,994 918,534 20 16
HAMPSHIRE AND THE ISLE OF WIGHTCOMMUNITY FOUNDATION Notes ToThe Financial Statements ForThe Year Ended 31st December 2020 Accounting Policies The following accounting policies have been applied consistently in dealing with items that are considered material in relation to the financial statements. Accounting Convention The financial statements have been prepared under the historical cost convention and in accordance with the Accounting and Reporting by 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 IFR51021 leffective l January 20191- (Charities SORPIFR510211, the Financial Reporting. Standard applicable in the UK and Republic of Ireland IFR51021 and the Companies Act 2QK)6. The accounts are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £1 Hampshire and Isle of WiEht Community Foundation meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notelsl. Preparation of the accounts on a going concern basis The organisation has financial reserves held in investments, together with long-term endowments provided by donor5. The organisation has cash at bank of £1,826,236, as a consequence the Trustees believe that the charity is well placed to manage its business risks successfully despite the current uncertain economic outlook. The Trustees have a reasonable expectation that the organisation will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt a going concern basis in preparing these financial statements. Incoming Resources Income and debt is recoEnised when the Charity has entitlement to the funds, any performance conditions attached to the itemlsl of income have been met, it is probable that the income will be received and the amount can be measured reliably. Income from trust transfers and new endowments is recognised when funds are received. Income from government and other grants, whether'capital, grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it IS probable that the income will be received and the amount can be measured reliably and is not deferred. Donated facilities are recognised on the basis of the value of the gift to the charity, which is the amount the charity would have been willing to pay to obtain facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. Investment income is recorded in the financial statements on the accruals basis and is allocated to individual endowment funds at the end of each quarter on the basis of the fund value at the end of the previous quarter. Interest earned on current accounts is allocated to core funds. Flow-through funds receive no interest except where the fund is required to be held in a separate account. 17
HAMPSHIRE AND THE ISLE OF WIGHTCOMMUNITY FOUNDATION Notes ToThe Financial Statements ForThe Year Ended 31st December 2020 l Accounting Policies {continuedl Fund Accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees. Restricted funds can only be used for the particular restricted grant-making purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for a particular restricted purpose. The unrestricted fund makes a charEe on the other funds as follows.. Flow-through funds- as agreed with the donor Endowment funds- 1.5% of the fund balance per annum Expenditure and irrecoverable VAT Expenditure and liability is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings.. Costs of raising funds comprise the staff time of key members of staff responsible for business development namely the CEO, Isle of Wight Administrator with support from the Financial Controller and the Marketing Administrator, along with directly attributable support costs and a share of overheads proportionate the percentage of staff costs,. Expenditure on charitable activities includes all grants paid and other costs directly associated with grant-making, including donor and fund-holder services and marketing and their associated support costs; Other expenditure represents those items not falling into any other heading. Irrecoverable VAT is charged at cost against the activity for which the expenditure was incurred. Allocation of support costs Support costs are those functions that assist the work of the charity but do not directly undertake fund raising or charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which sUPPOrt the charity's objects. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note Payment of grants Grants payable are paymer)ts made to third parties in the furtherance of the charitable objectives of the charity. Single or multi-year Erants are accounted for when the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition. Grants are paid as soon as they fall due. Grants which are payable out of future income and where the beneficiaries are aware they are conditional upon that income being received by the charity, are not accrued in advance of that income being received, so that the expenditure is matched with the income as it arises. Details of any such future commitments are set out in the notes as contingent liabilities. TanEible Fixed Assets Assets costing more than £3,000 are capitalised at cost. Provision for depreciation of fixed assets held for use by the charity is made at annual rates calculated to spread the cost of each asset evenly over its useful expected life. The depreciation rates are- 18
HAMPSHIRE AND THE ISLE OF WIGHTCOMMUNITY FOUNDATION Notes ToThe Financial Statements ForThe Year Ended 31st December 2020 Computer equipment Furniture, fixtures and equipment over 3 years over 3 to 10 years Fixed Asset Investments Investments are stated at market value as at the balance sheet date. The statement of financial activities includes the net Eains and losses arising from disposals throughout the year and revaluation at the year end. Financial Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Pensions The charity contributes to defined contribution pension schemes of individual staff members with more than 3 months, continuous service, unless the staff member chooses to opt-out of the arrangement. All eligible staff have been written to concerning automatic enrolment and been offered contributions into a NEST company scheme, continuing with existing arrangements or opting out. Pension costs are charged to the Statement of Financial Activities as incurred. Unrestricted Funds Restricted Endowment Funds Funds 2 Donations and Legacies 2020 2019 Grants receivable, gifts and donations Government Grant Income Sponsorship Donated services and facilities 875 2,143,048 688,836 1,486,212 3,630,135 688,836 346,167 14,6191 2,912 344,460 344,459 875 3,478 2,831,884 289,353 1,486,212 51,628 4,318,971 2019 analysis 3 Investment Income Unrestricted Funds Restricted Endowment Funds Funds 2020 2019 Dividends received Income from investment properties Interest received 16,368 383,332 29,020 1,502 399,700 29,020 2,744 427,074 26,177 3,749 1,242 17,610 20,825 413,854 436,175 431,464 457,(M)O 457,(N)O 2019 unalysis 4 Charitable Activity 2020 2019 Institutional Grants Paid Grants paid to Individuals Iwinter and Summer campaignsl Total Grants Paidlsee note 14 for detail) Support costs see detail in note 5 Charitable Activities 2.275.443 671,6 26,587 21.475 2.302.030 693.075 240.088 2,542,118 179,107 872,182 19
HAMPSHIRE AND THE ISLE OF WIGHTCOMMUNITY FOUNDATION Notes ToThe Financial Statements ForThe Year Ended 31st December 2020 The largest institutional grant paid in 2020 was £125,000,12019 £15,000). A full list of grants paid is published in the charity's Annual Review, which is available on request and via our website. The causes supported during 2020 are.. 155ues Arts, Cult(Jre & Herita Community & Family Su ort Counsellin Advice & Mentorin Crime & Anti-social Behaviour Education & Training Employment & Labour Healthy Livin Housin & Homelessness Mental or Physical 111-health & Di53bilit Poverty & Disadvantage Social Inclusion, Fairness & Equalit Domestic violence Emer /Rescue ServIS IT / Technolo This is based on all the grants for 2020 who recorded this data. 0% 18% 4% 7% 18Yo 18% 1% 11% 14% 4% 2% en 0% S Analysis of expenditure 2020 2020 2019 2019 Ralslng Funds Charltable Activity Charltable Artivity Ralslng Funds Staff costs/ Consultant cost ESF costs Recruitment costs Travel, training and subsistence Marketing costs General Offi costs Grant programme costs Governance costs Ibelowl Bank charges Investment management costs Unrestricted Expenditure Investment manègement COSts Total support costs Restricted grant making Total Resour$ Expended 87,610 7.463 4,209 586 7,187 13,709 105,945 29,853 1,943 309 7.187 17,650 3,059 42.250 865 2,185 211.246 28,841 240.087 2,302,031 2.542,118 83,507 96,792 4,919 1,378 12,472 2,593 4,779 15,053 5,6(M) 18.426 819 2,313 146,376 32.731 179,107 693,075 872,182 96 91 120.860 102.367 120R60 102,367 120.860 102.367 2020 2019 Governance Costs Staff costs Recruitment costs Travel, training and subsistence General office costs Professional fees 10,187 324 1,057 1,522 29,160 42,250 9,489 1,701 6,436 18,426 20
HAMPSHIRE AND THE ISLE OF WIGHTCOMMUNITY FOUNDATION Notes ToThe Financial Statements ForThe Year Ended 31st December 2020 Governance professional fees include auditors, remuneration of £5,87012019.' £5,540), investment consultants £11,700 engaged in 2020 to assist the Finance & Investment Committee and HR consultants £9,461 to advise on staff contracts and other HR matters 6 Transfers between fvnds Unrestricted Funds Restricted Funds Endowment Funds Transfer from Endowment to Restrirted Funds towards the payment of grants Transfer of approved management fees Transfer of approved management fees Net Transfer$ 2020 Net Tmnsfers 2019 501,355 1501,3551 219,816 210,218 430.034 213,057 1219,8161 5,033 1716,1381 {667,723J 1215,2511 286.104 454.666 7 Tanglble Flxed Assets Computer Equlpment Cost Cost brought forward Additions Disp05als Cost carried forward 10,681 19,1211 1,560 DePCIatIOn Depreciation brought forward Charge for the year Disposals Depreciation carried forward Net Book Value Net Btsok Value at 31 December 2020 Net Book Value at 31 December 2019 10,681 19,1211 1,560 8 Financial Instrument5 2020 2019 Carrying amount of finantial assets Investments measured at fair value through net income / expenditure Debt in5trument5 measured at amort15ed c05t Carrying value of financial liabilities Accruals measured at amortised cost 13,624.071 2.219,866 12.343,407 963,830 31.754 98.801 21
HAMPSHIRE AND THE ISLE OF WIGHTCOMMUNITY FOUNDATION Notes ToThe Financial Statements ForThe Year Ended 31st December 2020 9 Investments Market value at I, January Additions at cost or transfer value Realised gains/llosses1 on disposal Unrealised gains IIOs5esl 2020 2019 12.388,702 1,704,874 1921,2101 493,305 11,102,383 1,727 28,563 1,583,964 Increase Ildecrease in cash invested maet value as at 31st December Historical Cost as at 31 December 226,752 13,892,423 10,724,963 327,935 12,388,702 9,931,449 The investment held at the year end at market value comprise.. 2020 2019 Investments comprise.. Listed investments CCLA investment managed fund Property intome trusts for charities Cash Market value as at 31° December 49% 48% 6,792,831 6,719,372 111,868 268,352 13,892,423 57Yo 42% 7.013,088 5,211,422 118,897 45,295 12,388,702 2Y, oy, loo% loo% £268,83012019'. £276,313) of the Investment Assets are unrestricted funds, £200,000 is restricted funds12019: £200,000) with the balance of £13,423,59312019.. £11,912,389) relating to Endowment Funds. The UK investment properties are included at the Trustees, estimate of market value. Alderman Joe Davidson Properties were valued in May 2013 as part of the transfer of assets from the linked charity at £600,000. The Trustees are not aware of any material changes since the valuations. 10 Debtors 2020 2019 Donatic)ns & Grants Receivable Prepayments 125,279 4,633 129,912 2,236 2.236 11 Creditors 2020 2019 Accruals 26.953 4,801 31.754 94.542 4,259 98,801 Tax & Social Security 22
HAMPSHIRE AND THE ISLE OF WIGHTCOMMUNITY FOUNDATION Notes ToThe Financial Statements ForThe Year Ended 31st December 2020 12 Net Assets & AnalysSs of Funds The net assets represent the combined funds of four linked ch8ritie5-. Investments Cash at bank Other net current assets Net assets Hampshire & the Isle of Wight Community Foundation (the reportinB charity- 1100417-01 Endtswment Funds Re5tritted Funds Unrestricted Funds 11,886.398 200,0 268,831 12,355,229 853,469 807.146 150,713 1,811,328 12.739,867 1.132,424 392,423 14,264,714 125.278 127,1211 98,157 Montagu Nevllle Durnford and Saint Leo Cawthan Memorial Trust Ilinked charity- 1100417-11 Endowment Funds Restricted Funds Unrestricted Funds 656,120 656,120 656,120 656,120 The Lord Mayor of Portsmouth's Charity (linked charity- 1100417-21 Endowment Funds Restricted Funds Unrestricted Funds 636,815 636,815 636,815 636,815 Alderman Joe Davidson (linked charity 110041741 Endowment Funds Restrirted Funds Unrestricted Funds 775,954 775,954 14,908 14,908 775,954 14,908 790.862 Futther School Foundation (linked charity- 1100417-51 Endowment Funds Restrirted Funds Unrestricted Fund5 68,306 68,306 68,306 68,306 Totals for all Charitles Above Endowment Funds Restrirted Funds Unrestricted Funds 14,023.593 200,000 268,831 853,469 822,054 150,713 14.877,062 1,147,332 392,423 125,278 127,1211 TOTAL FUNDS 14,492,424 1,826,236 98.157 16,416.817 23
HAMPSHIRE AND THE ISLE OF WIGHTCOMMUNITY FOUNDATION Notes ToThe Financial Statements ForThe Year Ended 31st December 2020 13 Endowment Funds Note Balance at Incoming Investment Balance at 0110112020 Resources Expenditure Transfers )ins/lLossesl 31/1212020 Llnked Charltles Alderman Joe Davidson Civic Fund Portsmouth Capital Charity Fund (Linkedl Montagu Neville Durnford & St Leo Cawthan (Linked) Capital Fund Futcher School Foundation 779,465 30,970 127,4291 17,0521 775,954 609,224 18,666 128,1961 37,121 636,815 627,692 19,25S 129,0751 38,248 656,120 68,367 2,015 13231 13,2721 1,519 68,306 Other funds > £41Xlk BAT Endowment FLJnd 8lagrave Capital Funds Ooris Campbell Memorial Fund Vivid Funds Ford Southampton Fund Isle of Wight Community Fund Penton Grassroots Fund Portsmouth City Community Funds Charles Burnett Memorial Fund Hampshire Playing Fields A550Clatiori Rock Bottom Funds Other endowment funds 499,615 573,717 770,841 570,585 644,672 626,400 595,980 1,048,182 14,740 17,316 24,559 17,383 19,784 18,460 17,398 31,488 1,000,005 11,4541 125,4711 19771 127,0681 12,7361 137,4891 14111 126,6381 129,7381 12,6051 180.3351 12,4551 134,4831 12,2951 149,7151 115,0651 11,845 499,275 25,868 588,856 10.257 765,432 3D,940 591,859 39,300 674,018 13.921 575,841 11,749 588,189 42,505 1.070,165 36,043 1,020,983 490.287 125,4311 18.297 483.153 517,484 15,2SI 5,267,026 162,488 13,199,250 1.900,066 12,1521 125,0601 113,4331 1251,6711 28,8411 716,136 11,500 517,023 200,662 5,365,073 522,723 14,877,062 Endowment funds represent those assets, which are held in the long term by the charity, principally investments. Income arising on the endowment funds can be used in accordance with the objects of the charity and in line with the donor wishes on restricted funds. Transfers include both transfer of expendable endowments to restricted funds for furtherance of charitable objectives and also management fees char8ed on endowment funds. Funds are disclosed individually where considered significant, based on a threshold of 5Yo of the category totals, andlor the nature of the transactions within the fund. Consideration of the identity of the parties involved in the transactions, and the effect on the disc105ure headings such as the openin8 and closing balances, income, payments and transfers within the fund have also been taken into account when considering whether an individual fund is significant. All other funds not considered individually significant are shown in aggregate as 'Other endowment funds,. Notes relatinE to significant funds.. a. The Alderman Joe Davidson (linked charity) fund comprises property valued at £600,000 and CCLA investment of £137,419, together with a sinking fund of £25,000 plus a property management account of £13,534 b. This is a Community First Fund that is focused on small, local voluntary and community Eroups in Portsmouth- This is a Community First Fund that is focused on people over 50 with priority given to Naval men, women and their widows in the Portsmouth area; d. This is a fund transferred from Portsmouth City Council for the benefit of Portsmouth groups,. e. These funds are all expendable endowment funds with linked revenue funds for annual grant-makinE,' 24
HAMPSHIRE AND THE ISLE OF WIGHTCOMMUNITY FOUNDATION Notes ToThe Financial Statements ForThe Year Ended 31st December 2020 The Isle of Wight Community Fund includes proceeds from the sale of two properties on the Isle of Wight. 14 Restrlcted Funds Balance at 11112020 Balance at 3111212020 Note Net Income Grants paid Transfers Llnked charltles- revenue funds Alderman Joe Davidson (linked charity) aa. 11,128 121,4301 25,211 14,909 Civic Fund Portsmouth Revenue Fund aa. 7,852 132,3791 24,527 Montagu Neville Durnford & St. Leo Cawthan Fund5 (linked charity) Futcher School Foundation aa. 120,0831 20,083 12.3931 2,393 Flow-throu8h contrarts Solent Employment Grant - match Solent Employment Grant - DWP IWILL bb. 138,834 215,000 1117.7781 50.000 125,278 1111,6381 121,1401 25,000 20,000 735,663 1384,6511 144,6731 1,677,273 11.419,6091 1104,9461 53,670 1192,0691 314.648 286.056 17,5001 45.000 306,339 bb. cc. We're All Together We're All Together-NET/DCMS Other grant revenue and flow through funds dd. ee. 152,718 173,561 349.810 331,375 2,831,884 12,302.0301 286,103 1,147.332 Restricted funds are funds that have been given for particular purposes and projects in order for the charity to fulfil its charitable objectives. Restricted Funds are held for future grant-makinB, all funds held at 31st December 2020 are expected to be distributed during 2021. Funds are disclosed individually where considered significant based on the volume of grant-making and/or balance at the year end, or where the fund is a linked charity. Consideration of the identity of the parties involved in the transactions, and the effect on the disclosure headings such as the opening and closing balances, income, payments and transfers within the fund have also been taken into account when considering whether an individual fund is significant. All other funds not considered individually significant are shown in aggregate. Transfers comprise transfers from endowment funds to linked revenue funds for annual grant-making totalling £501,354 less contributions from restricted f unds to core costs charged on flow-through contracts totalling £210,218 and transfer to Endowment funds of £5,033 aa. These show income transferred from Endowment funds to Revenue funds to support charitable grant making on behalf of Linked Charities bb. Solent Employment Grant Programme is a Flow-through fund covering the period April 2020 to March 2023. The balance from Solent Community Grants Programme was transferred to the Solent Employment Grant Programme cc. These are all Flow-through funds distributed in accordance with their defined charitable purposes. dd. HIWCF launched We're All Together Fund in response to the pandemic in 2020, this fund also included contributions from Vivid, NHS, CO-OP and Barclays. ee. HIWCF received funding from National Emergency Trust INETI and the Department for Digital, Culture, Media & Sport IDCMSI via UKCF for emergency grants in response to the pandemic 25
HAMPSHIRE AND THE ISLE OF WIGHTCOMMUNITY FOUNDATION Notes To The Financial Statements For The Year Ended 31st December 2020 15 Staff Costs and Emoluments 2020 2019 Wages and salaries Social security costs Pension costs 207,464 14,238 7,499 229,201 169,750 12,542 7,497 189,789 The average headcount during the year was as follows.. 2020 2019 Senior management Managers Officel Administration At 31st December there were 2 full-time staff and 5 part-time staff, making 5 full-time equivalent staff12019: 51. The aggregate remuneration of key management personnel was £116,65312019'. £112,4001 with one employee receiving more than £60,0(x) per annum12019'. one employee receiving more than £60,CM)01. Pension costs are allocated to activities in proportion to the related staffing costs incurred and are wholly charged to unrestricted funds. No staff received any benefits in kind. 16 TNstees' Remuneration The trustees did not receive any remuneration during the year12019=£nill. Three trustees12019.. 21 were reimbursed for travel expenses totalling £l,01012019.. £1,306). 17 Penslons The charity contributes to individual staff s defined contribution pension schemes. The contributions due for the year were £7,49912019 £7,497). At the year-end there was a pension creditor of £47612019 £2941. 18 Grant Commitments There are no contingent liabilities in respect of future grant commitments in 20201£0 in 2019 payable in 20201. 19 Ca5hflow from operating artivities 2020 2019 Net income/ lexpenditurel Add back depreciation charge Oecrea5e in debtOf5 Increase / Idecreasel in creditors Investment income Inc>te 31 Unrealised gain51 Ios5e5 (note 91 2,606,146 1,437,425 1127,6751 167,0471 1431,4651 1483,4041 1,496,555 31.660 72,776 1457,0001 11,583,9661 1499,1051 26
HAMPSHIRE AND THE ISLE OF WIGHTCOMMUNITY FOUNDATION Notes ToThe Financial Statements ForThe Year Ended 31st December 2020 20 Cashflow from Investment a¢tlvStles 2020 2019 Investment income (note 31 Investment additions at cost or transfer value (note 91 Realised gain on disposal Proceeds on disposal Inote 91 431,464 457,(M)O 11.134,5381 11,7271 135,2831 128,5631 Decrease in cash invested (note 91 149,504 327,935 1588,8531 754,645 27