2021-12-31-accounts

Charity Registration Number: 1100417

Company Registration Number: 04534462

HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION (a registered company limited by guarantee and a registered charity)

ANNUAL REPORT

FOR THE YEAR ENDED 31[ST] DECEMBER 2021

ANNUAL REPORT

YEAR ENDED 31[ST] DECEMBER 2021

Contents
	Pages
	1 - 11
	12 16
Financial Statements
Statement of financial activities	17
Summary income and expenditure	18
account
Balance Sheet	19
Statement of Cashflow	20
Notes to the Financial Statements	21 - 33

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HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

TRUSTEE REPORT

The Trustees present their report, together with the financial statements of the Charity, for the year ended 31[st] December 2021. 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 (FRS102 effective 1 January 2020).

The Hampshire and Isle of Wight Community Foundation (HIWCF) is a registered charity (number 1100417). These accounts include the activity of four linked charities: Montagu Neville Durnford and Saint Leo Cawthan Memorial Trust (linked charity 1100417-1); The Lord Mayor of Charity (linked charity 1100417-2); Alderman Joe Davidson (linked charity 1100417-4); and Futcher School Foundation (linked charity 1100417-5).

The charity is a company limited by guarantee and registered in England & Wales (number 04534462).

The principal and registered office address is:

The Orchard White Hart Lane Basingstoke Hampshire RG21 4AF

President

-Lieutenant of Hampshire

Trustees

Rebecca Kennelly MBE Peta Joyce Ash CBE Virginia Lovell JP DL Hugh Mason Jonathan Moseley (retired 21st May 2021) Danesh Putty Adrian Rutter Treasurer (resigned 30th September 2021) Jane Sandars James Kennedy - Company Secretary Andrew Joy Krysia Butwilowska Sukanya Sitaram Michael Smith Timothy Johnson (appointed 21st May 2021) Richard Barton-Wood - Treasurer (appointed 17th September 2021)

Key management personnel

Grant Cornwell MBE Chief Executive (resigned 29 January 2021) Kate Shurety FRSA Interim Chief Executive (from 15 February 2021- 27 August 2021)) Jacqui Scott ~~C~~ hief Executive (appointed 7 September 2021) Linzi Lawrence Finance Manager

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Bankers

Coutts & Co 440 Strand London WC2R 0QS

Investment Managers

CCLA Senator House 85 Queen Victoria Street London EC4V 4ET Sarasin & Partners (from 1 January 2021) Juxon House 100 St Paul's Churchyard London EC4M 8BU Mayfair Capital Investment Management Ltd 55 Wells Street London W1T 3PT

Auditors Alliotts LLP Friary Court 13 21 High Street Guildford Surrey GU1 3DL

Solicitors

Coffin Mew 1000 Lakeside North Harbour Portsmouth Hampshire PO6 3EN

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HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

TRUSTEE 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 (including Southampton and Portsmouth) & the Isle of Wight. We have built endowment funds to for the long-term benefit of our communities, and in the last 10 years have distributed over in grants to support over 4,100 community projects across Hampshire and Isle of Wight.

Our grant-making programmes support community projects throughout Hampshire & the Isle of Wight. We help meet the needs of diverse communities and those facing wide-ranging challenges particularly the communities which are most deprived. From supporting mental health needs, to helping reduce the impact of loneliness and isolation on older people, or funding support for families facing life with a disabled child and much more - we are fearless in being a grant maker that is helping to achieve real, positive, social change. Our support is channeled through eligible charities, voluntary, community and faith groups and social enterprises because they work at the coal face with the hardest to reach people. (Note that henceforth we will refer to all the types of group we support as community groups).

We award grants to smaller, lesser known community groups who offer the support, services and activities that can really make a difference to the lives of local people. We are proud that our funding has helped improve the lives of nearly 90,000 people in our local communities.

Hampshire & Isle of Wight Community Foundation enables a wide variety of donors to fund projects which make a real difference to the lives of local people across our communities. We do this because Hampshire & the Isle of Wight, despite pockets of significant wealth, are also home to some of the poorest and most deprived communities in the country. Our unique ability to leverage funding from such a wide range of donors means that we are also able to reach communities that other funders and donors simply cannot.

We do this by:

using the income from our endowment funds for our own grant-making working with donors on donor-directed grant-making

managing flow-through/revenue funds on behalf of local companies, councils and other partners working in partnership with government, National Emergencies Trust, European Social Fund, local authorities, as well as multinational and local companies to target their social impact initiatives where they will be most effective.

We provide a high standard of philanthropy advice, grant-making and support to community groups across our communities.

Achievements and performance in 2021

The past year has been another challenging one for the not-for-profit sector, and our support has continued to make an impact on the poorest and most disadvantaged communities across Hampshire, and the Isle of Wight. Throughout the year the impact of the Covid pandemic continued to hit the sector hard many groups were still unable to return to pre-Covid services and modes of fundraising, making our support even more important. Although it has been incredible to see our communities rallying around each other during this period, we are conscious that it has not been without cost almost without fail, when we speak to leaders of the sector, they report that not only their client groups but also their teams still feel overwhelmed and exhausted, as not only have they pivoted in so many ways to support their communities, they have frequently faced the impact of Covid in their home lives at the same time. We are hugely humbled and impressed by everything our colleagues in the sector have achieved.

We were delighted to achieve the following key impacts during the year:

• Providing grants to a value of K throughout the year, reaching nearly 500 community groups and close to 90,000 beneficiaries

• We were pleased to have been able to continue some grant maki

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and Hampshire County Council

by the Covid crisis.

• Early in 2021, upon recognition that sports clubs of all natures were facing a particularly Made By Sport

• usually for grants of . This was a welcome cushion for many groups whose ability to run their sport and physical activity work had been severely curtailed due to the Covid crisis. now people farthest from the workforce into a journey towards employment. These grants have reached 19 organisations, offering over 24 carefully targeted projects reaching many of the our communities. The

• Foundation welcomed significant match funding for this ESF funded programme from Hampshire County Council, Portsmouth City Council, Southampton City Council, Abri and Sovereign Housing Association Ltd.

• Grants of K for Covid Recovery funding, enabling19 community groups to support communities to begin to rebuild and face the continued impact of Covid on their work. young people, recognising the unique impact

• lockdowns and Covid restrictions have had on them. This fund also enabled us to give higher grants including core funding to enable 16 groups provide support for the increased complexity of need they are reporting amongst their younger service users.

• Ten grants worth were allocated for #iwill with #iwill funds being matched wide range of interesting projects funded

• including Aspire Ryde, who worked with young people on cooking skills, sharing the meals created with the most vulnerable in their community; a reimagining of a sustainable local Community Hub, working with young children to become youth leaders and mechanics.

Organisational changes

In 2021 we bade farewell to Grant Cornwell, who had been our CEO since May 2018, and welcomed Jacqui Scott, our new CEO in September. Jacqui comes to us with extensive experience in the UK non-profit sector, particularly in fundraising, specialising in working with groups supporting highly marginalised and disadvantaged communities. We were ably supported over the intervening months by Kate Shurety, who saw us through our successful UKCF Quality Assurance process during that time. We said farewell to our long-standing Treasurer, Adrian Rutter, who has given an incredible level of support to the Foundation over the years. Jonathan Moseley, also retired from the Board having contributed during his service with us. We have since welcomed two new Trustees: Tim Johnson with extensive experience and expertise in fund management, and Richard Barton-Wood as Treasurer, who joins after a career in the financial and pharmaceutical sectors.

During the year we took the decision to

based. This has proved an effective

way of working, dovetailed with opportunities for the team to meet in person being built into the model. It has the added advantage of enabling us to build a team which is more geographically spread around Hampshire, with no recruitment barrier being created inadvertently through travel limitations.

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 e

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objects for the Public Benefit, as defined in the Memorandum & Articles of Association, are:

1. 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 published by the Charity Commission in accordance with Section 17 of The Charities Act 2011. These charitable objects are achieved through:

• 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 t set by funders;

• Increasing endowment and flow-through/revenue 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 s and grantmaking, 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 & the Isle of Wight Community Foundation, (HIWCF), is an independent Charitable Foundation, registered in 2003 (Charity Registration 1100417) and is incorporated as a company limited by guarantee (04534462). 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 1 and 2. The liability of the members in the event of HIWCF being wo HIWCF is a member of UK Community Foundations, a national organisation that connects and represents the 47 UK Community Foundations at a national level.

Appointment and induction 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 least three members (or 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 co-opted during the year and appointed at the next Annual General Meeting. New Trustees have a meeting with the Chair, the CEO, key staff with whom they will work and the remaining staff when possible. 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 d benefit.

Business is conducted between Board meetings through five committees which are responsible for reviewing operational activities; Finance and Investment Committee, Grants Committee, Portsmouth Advisory Board, the Isle of Wight Committee and the People Committee. In addition, operational fund development activities are supported by a Philanthropy Working Group. The terms of reference for these Committees set out the powers and authority delegated to them. The day-to-

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TRUSTEE REPORT

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 February 2020 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 HIWCF profile , 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

Investment committee and reported to the Full Board at every quarterly Board meeting. A full Risk Assessment is completed annually or when a specific risk level rise.

The key performance indicators for 2021 were linked to financial and risk targets, being to achieve a small gain

-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 and risk. This Committee devises and reviews policies th 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 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 grantmaking for HIWCF to contribute appropriately to meeting the needs of local communities and

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monitors progress on the initiatives prioritised; 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, Cornelius 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 all 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-making; 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 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 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 grantbetween areas/issues, 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; act as appeal body as required under procedures established; identify ways other than grant-making 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.

People Committee - The Committee oversees all matters relating to staff and volunteers (including Trustees) of HIWCF, including but not limited to: reviewing and developing the way in which HIWCF remunerates staff to ensure alignment and proportionality; reviewing with the CEO the plans for the operational organisation of the staff and the employment HR policies, conditions and practices, including annual review of existing policies; managing the recruitment of the CEO on behalf of the Board; managing the recruitment of new Trustees on behalf of the Board; considering and managing succession planning for the Board and key senior management positions; maintaining a skills matrix for the Board and advise on any identified gaps; considering and monitor staffing requirements necessary to ensure that they are appropriate to the delivery of the HIWCF strategic goals and operational needs; facilitating and supporting the CEO on key HR procedures including grievance, disciplinary and staff change processes.

Main Board

The Board is responsible for the overall direction of the Charity, policies, legal compliance and financial assurance. Operational responsibility is delegated to the Chief Executive Officer, who is assisted by a small staff team. The CEO meets regularly with the Chair, and attends all Board meetings and subCommittee meetings, as well as ad hoc meetings with sub-Committee Chairs and other Trustees when

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operationally required.

The Board is delighted that the Lord Lieutenant, Mr Nigel Atkinson Esq, has continued to be our President throughout 2021.

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 fully 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 2021 this gave an average distribution rate of 3.3% of the value of funds (3.3% distributed in 2020).

The average size of a grant (based on the net amount of money awarded) was just below

.

Staff and key management personnel

There are two full-time and eight part-time members of staff; and nine external grants assessors. 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 in conjunction with the People Committee and approved by the Board.

Risk Management

The Board receives a risk assessment prepared by the Chief Executive and the Finance & Investment Committee annually. The Finance & Investment meeting receives an update on the status of the highest risks on a quarterly basis and dynamically if risk levels increase.

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, - philanthropic and charitable interests and to offer them opportunities to make a local difference. We took the decision in late 2021 to invest more staff time into developing this area, ensuring that the CEO is better supported in building and maintaining relationships with fundholder and potential fundholders.

management in order to distribute grants.

During 2021 we had a total of 129 funds under management (2020: 129), and at 31st December 2021 we had 98 endowment funds (2020: 97), and 31 flow-through funds (2020:32) providing donors with services tailored to their individual requirements and charitable interests. Three new flow-through funds and one new endowment were established in 2021.

New flow-through funds:

• Lymington Rowers 2021

New endowment funds:

• The Martin Wheeler Trust Capital Fund

• Made by Sport

• Covid Recovery Fund

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Financial Review

Restricted Funds

Income in 2021 from new flow-through funds totalled (2020: This together with distributions in 2,307K). This being delayed due to the effects of lockdown for some organisations.

Unrestricted Funds

less than budgeted. Core in -up

Endowment Funds

In 2021 there was one new endowment funds, a transfer from the Martin Wheeler Trust, and additional funds were added to the Hampshire Playing Fields Fund. Investment markets continued to recover from the pandemic throughout 2021 with our endowment ended the year k. After income and grant distributions and transfers, at the end of 2020.

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 growth), while providing annual income to help fund grant programmes. The committee is experienced in and tasked with monitoring risk and market volatility.

Sarasin and Partners (who replaced Brewin Dolphin in January 2021) and CCLA were the primary investment managers during 2021, between them endowment assets. Property endowed to HIWCF is approximately 4.7% of our endowment assets and net rental income is applied to grant-making.

Investment Strategy and Risk Profile

a medium risk investment strategy.

Ethical Investment and Other Constraints

nd 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 continued to improve in 2021 and remained positive throughout the year. Over the year both our main funds recorded positive returns: funds invested with Sarasin showed a total return of +11.3% (Brewin Dolphin 2020: +5.2%) and funds invested with CCLA a total return of +16.8% (2020: +9.8%). Within these figures the income yield on Sarasin was 2.2% (Brewin Dolphin 2020: 2.7%) and CCLA, 2.8% (2020: 4.7%).

Reserves Policy

The Trustees aim to hold unrestricted reserves to a level which equates to approximately twelve months of staffing and support costs. At 31st December 2021 the balance on unrestricted unrestricted reserves equate to just under budgeted annual running costs for 2022. The Trustees

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consider that this level should be adequate to sustain HIWCF for the medium-term.

Endowments and grant-making

returns and flow-through donations received for grant-making.

In 2021 HIWCF:

• Genera 02 31k in 2020) 1.8

• 2020)

  • 1.8 2.3m in

• 9k (2020 332k) of unrestricted funds mainly on grant-making and raising funds.

Plans for the future

Whilst the Trustees are satisfied with the outcomes achieved in 2021, we anticipate that 2022 and future years will be increasingly challenging. Uncertainties about the wider economic environment, including rising fuel prices and cost of living increases, means that the poorest people in our communities will continue to face the toughest challenges. As the economy faces the continued impact of the Covid pandemic, Brexit, and the war in Ukraine, we will need to monitor our investment performance very closely. It is increasingly important for us to build the value of our endowments to enable us to be there for our communities, now and in the future. Attracting new endowment funding is difficult; potential flow-through funding is dependent on

financial circumstances 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. Despite the challenging times, we move into 2022 with the confidence that we have the right leadership in place to enable us to build on over 20 years of successes and deliver on our strategy.

Our strategy (approved by the Board of Trustees in November 2018) 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.

Responsibilities

The Charity Trustees (who are also directors of Hampshire and the Isle of Wight Community F Annual Report and Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally 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 affairs 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.

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TRUSTEE REPORT

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 steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance website. Legislation in the United Kingdom governing preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditors

The auditors, Alliotts LLP, are deemed to be reappointed under section 487(2) 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 and each Trustee has taken all the steps that he ought to have taken as a Trustee to make 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 by the Trustees on 2022

Signed:

Mrs. Rebecca Kennelly (Chair) _ ~~_~~ __ ~~~~ ______

Mr. Richard Barton-Wood (Treasurer): _ ~~~~ ________

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HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

Opinion

We have audited the financial statements of Hampshire and the Isle of Wight Community Foundation (the 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:

• give a true and fair view of the state of the charitable company's affairs as at 31 December 2021 and of its incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

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 charity in accordance with the 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 condit 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.

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INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

Other information

The other information comprises the information included in the 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 we do not express any form of assurance conclusion thereon. 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 this gives rise to a material misstatement in the financial statements themselves. 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:

• purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• applicable 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 2006 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 statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees report and from the requirement to prepare a Strategic Report.

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HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

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 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.

Auditor's 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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the company through discussions with Trustees and other management, and from our knowledge and experience 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 charitable company, including the Companies Act 2006, the Charities Act 2011, the Charities SORP, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

Audit response to risks identified

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships; reviewed all transactions listed;

• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation; and

• enquiring of management as to actual and potential litigation 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-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

Use of our report

Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's Trustees 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 compan we have formed.

Stephen Meredith BA FCA DChA (Senior Statutory Auditor)

.........................

for and on behalf of Alliotts LLP

Chartered Accountants Statutory Auditor

Friary Court 13-21 High Street Guildford Surrey GU1 3DL

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HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

Financial Statements

STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 31st December 2021

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

All income and expenditure derive from continuing operations.

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HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

Financial Statements

SUMMARY INCOME AND EXPENDITURE ACCOUNT

for the year ended 31st December 2021

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HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

Financial Statements

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the

Approved by the Trustees on _______ 2022 and signed on their behalf:

Rebecca Kennelly, Chair: ~~~~ __ ~~~~ _ ~~__~~ _ ~~~~ ___________

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HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

Financial Statements

Company Registration Number: 04534462

Statement of Cashflow for the year ended 31st December 2021

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HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

Financial Statements

1 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 (FRS102) (effective 1 January 2019) (Charities SORP(FRS102)), the Financial Reporting. Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.

The accounts are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial

Hampshire and Isle of Wight 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 note(s).

Preparation of the accounts on a going concern basis

The organisation has financial reserves held in investments, together with long-term endowments provided by donors. The organisation has cash at bank o 700,766, 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 recognised when the Charity has entitlement to the funds, any performance conditions attached to the item(s) 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.

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.

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HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

Financial Statements

Accounting Policies (continued)

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.

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 charge 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 Finance Manager and the Marketing Officer, 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 s objects. These costs have been allocated

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HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

Financial Statements

between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 5.

Payment of grants

Grants payable are payments made to third parties in the furtherance of the charitable objectives of the

charity. Single or multi-year grants 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.

Tangible Fixed Assets

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:

Computer equipment over 3 years

Furniture, fixtures and equipment 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 gains 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 -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.

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HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION Financial Statements Unrestritted Funds Restrirted Endowment Funds Funds 2 Donations and Le8acies 2021 2020 Grants re￿1Vable. gifts and donations Government Grant Income Sponsorship Donated services and facilities 336,304 575,250 286,492 622,796 575,250 3.630,135 688,836 911,554 2,831,884 286,492 1,486,212 1,198,046 4.318,971 4,318,971 2020 analysis 875 Unrestricted Funds Restritted Endowment Funds Funds 3 Investment Income 2021 2020 Dividends re￿iVed Income from investment properties Interest re￿iVed 11,024 363,263 27,178 38 374,287 27,178 189 399,701 29.020 2,744 151 11,175 17,610 390,479 413,854 401,654 431,464 431,464 2020 anolysis 4 Charitablè Activity 2021 2020 Institutional Grants Paid Grants paid to Individuals (Winter and Summer campaignsl Total Grants Paid Iseè notè 14 for detail) SLJPPOrt costs Charitable Activities 1,801,614 2,275,443 12,474 26,587 1,814.088 2.302.030 see detail in note 5 306,326 2,120.414 240,089 2.542.118 24

HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

Financial Statements

The largest grant paid in 2021 2020 25,000). A full list of grants is available on request and via our website. The causes supported during 2021 are:

This is based on all the grants for 2021 who recorded this data.

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HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

Financial Statements

6,280 (2020 870), HR consultants 2,160 (2020 9,461), to advise on HR matters and investment consultants stment Committee).

26

HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION Financial Statements 6 Transfers between fvnd5 Unrestricted Funds Restritted Endowment Funds Funds Transfer from Endowment to Restricted Fund5 toward5 the payment of grants Transfer of approved management fees Transfer of approved management fees Net Transfers 2021 Net Tronsfers 2020 556,489 1556,4891 213,589 121,338 334.927 430,034 1213,5891 2,252 1767.8261 (716,1381 1123.5901 432.899 286,104 7 Tangible Fixed Assets Computer Equlpment Cost C05t brought forward Additions Disposals Cost carried forward 1,560 11,5601 Depreciation Depreci3tion brought forward Charge for the year Disposals Depreciation carried forward Net Book Value Net Book Value at 31 December 2021 Net Book Value at 31 Oecember 2020 1,560 11,5601 8 Finantial Instruments 2021 2020 Carrying amount of financial asset5 Investments measured at fair value through net income I expenditure Debt instrumeNt5 measured at amort15ed c05t Carrying value of financial liabilities Accruals measured at amortised cost 14,921,749 1,867,844 13,624,071 2,219,866 43,230 31,754 27

HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

Financial Statements

41,333 (2020 (2020 4,480,416 (2020 3,423,593) relating to Endowment Funds.

The UK investment properties are included at a surveyor valuation of market value. Alderman Joe changes since the valuations.

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HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

Financial Statements

12 Net Assets & Analysis of Funds

The net assets represent the combined funds of four linked charities:

----- Start of picture text -----
Other net
Investments Cash at bank Net assets
current assets
Hampshire & the Isle of Wight
Community Foundation (the reporting
Endowment Funds 13,326,860 1,225,852 - 14,552,712
Restricted Funds 200,000 305,658 163,248 668,906
Unrestricted Funds 277,000 160,465 (30,080) 407,385
13,803,860 1,691,975 133,168 15,629,003
Montagu Neville Durnford and Saint
Leo Cawthan Memorial Trust (linked
Endowment Funds 727,088 - - 727,088
Restricted Funds - - - -
Unrestricted Funds - - - -
727,088 - - 727,088
Endowment Funds 705,695 - 705,695
Restricted Funds 1,000 - 1,000
Unrestricted Funds - -
705,695 1,000 - 706,695
Alderman Joe Davidson (linked charity
Endowment Funds 797,891 - 797,891
Restricted Funds 7,791 - 7,791
Unrestricted Funds - -
797,891 7,791 - 805,682
Futcher School Foundation (linked
Endowment Funds 72,215 - - 72,215
Restricted Funds - - - -
Unrestricted Funds - - - -
72,215 - - 72,215
Totals for all Charities Above
Endowment Funds 15,629,749 1,225,852 - 16,855,601
Restricted Funds 200,000 314,449 163,248 677,697
Unrestricted Funds 277,000 160,465 (30,080) 407,385
TOTAL FUNDS 16,106,749 1,700,766 133,168 17,940,683
----- End of picture text -----

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HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

Financial Statements

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 charged on endowment funds.

Funds are disclosed individually where considered significant, based on a threshold of 5% of the category totals, and/or the nature of the transactions within the fund. 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 as 'Other endowment funds'. Notes relating to significant funds:

• a. 1,185,000 56,664 6,227

• b. This is a Community First Fund that is focused on small, local voluntary and community groups in Portsmouth;

• c. 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;

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HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

Financial Statements

• e. These funds are all expendable endowment funds with linked revenue funds for annual grant-making;

• f. The Isle of Wight Community Fund includes proceeds from the sale of two properties on the Isle of Wight.

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-making, all funds held at 31st December 2021 are expected to be distributed during 2022.

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 grantmaking totalling sts charged on flow.

aa. These show incomes 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 2021 to March 2023. The balance from Solent Community Grants Programme was transferred to the Solent Employment Grant Programme

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HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

Financial Statements

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 2021, this fund also included contributions from Vivid, NHS, CO-OP and Barclays.

ee. HIWCF received funding from National Emergency Trust (NET) and the Department for Digital, Culture, Media & Sport (DCMS) via UKCF for emergency grants in response to the pandemic

At 31st December there were 2 full-time staff and 8 part-time staff, making 7 full-time equivalent staff (2020: 5).

120,490 (2020 no employee receiving 2020: one employee receiving more than

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 Trustees' Remuneration

The trustees did not receive any remuneration during the year (2020: One trustees (2020: 3) were reimbursed 244 (2020 010).

17 Pensions

contributions due for the year 4,921 (2020 9). At the year-end there was a pension 324 (2020 476).

18 Grant Commitments

There are no contingent liabilities in respect of future grant commitments in 2021 2020 payable in 2021).

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HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION Financial Statements 19 Cashflow from opèrating attivitiès 2021 2020 Net income/ lexpenditurel Unrealised gains on property Decrease in debtors Increase / Idecreasel in creditors Investment income Inote 31 Unre31ised gain511055es (note 91 1,523,868 1585.0001 146,4871 11,475 1401,6541 11,351,767) 1849,5651 2,606,144 1127,6751 167,0471 1431,4641 1483,4041 1,496,554 20 Cashflow from investment activities 2021 2020 Investment income Inote 31 Investment additions at cost or transfer value Inote 91 Reali5ed gain on disposal Proceeds on disposal Inote 91 401,654 431,464 1274,9081 11,134,538) 1212,4751 135,2831 Deuease in cash invested (note 91 809,824 149,504 724,095 1588,8531 33