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2023-12-31-accounts

Docusign Envelope ID: CF65A7EB-2866-457B-A1E7-CA772A9C2E70

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

(TRUSTEES’ REPORT AND FINANCIAL STATEMENTS)

FOR THE YEAR ENDED 31[ST] DECEMBER 2023

Docusign Envelope ID: CF65A7EB-2866-457B-A1E7-CA772A9C2E70

ANNUAL REPORT

YEAR ENDED 31[ST] DECEMBER 2023

Contents
Pages
Trustees’ Report 1-11
Auditors’ Report 12-15
Financial Statements:
Statement of financial activities 16
Balance Sheet 17
Cashflow statement 18-19
Notes to the Financial Statements 20-31

Docusign Envelope ID: CF65A7EB-2866-457B-A1E7-CA772A9C2E70

HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

TRUSTEES’ REPORT

The Trustees present their report, together with the financial statements of the Charity, for the year ended 31[st] December 2023. 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 2019).

The Hampshire and the 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 Portsmouth’s 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

Nigel Atkinson, His Majesty’s Lord-Lieutenant of Hampshire

Trustees

Rebecca Kennelly MBE – Chair Richard Barton-Wood – Hon Treasurer Krysia Butwilowska - Deputy Chair, Chair of Portsmouth Committee James Kennedy - Company Secretary (Retired 8 June 2023) Simon Cleverly – Company Secretary (Appointed 8 June 2023) Peta Joyce (Jo) Ash CBE Grace Cheyney (Appointed 8 June 2023) Joshua Hensman (Appointed 8 June 2023) Andrew Joy Hugh Mason (Retired 8 June 2023) Ian Prideaux (Appointed 8 June 2023) Danesh Putty Jane Sandars (Retired 1 December 2023) Sukanya (Suki) Sitaram (Chair of the Grants Committee) Michael Smith (Chair of the IOW Committee) Robert (Rob) Wood (Appointed 8 June 2023)

Key management personnel

Jacqui Scott –Chief Executive Andrew Minns – Finance Manager

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TRUSTEES’ REPORT

Bankers

Coutts & Co 440 Strand London WC2R 0QS

Investment Managers

CCLA One Angel Lane London EC4R 3AB

Sarasin & Partners Juxon House 100 St Paul's Churchyard London EC4M 8BU

Mayfair Capital Investment Management Ltd 55 Wells Street London W1T 3PT

Auditors

Morris Crocker Station House North Street Havant PO9 1QU

Solicitors

Knights Plc 1000 Lakeside North Harbour Western Road Portsmouth Hampshire PO6 3EN

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HAMPSHIRE AND THE 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 supporting local communities across Hampshire, Portsmouth, Southampton and the Isle of Wight. We have built total funds to over £16m for the long-term benefit of our communities, and in the last 10 years have distributed approximately £14.5m in grants to support thousands of community projects across our region.

We award grants to smaller, lesser-known community groups who offer the support, services and activities that make a tangible difference to the lives of local people – often undertaking work that is not regularly funded by others. Our grants help meet the needs of diverse communities and those facing wide-ranging challenges – with a focus on supporting communities which are most vulnerable or deprived. From young people’s complex 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 help achieve real, positive, social change. We have a strong eye towards ensuring that our funding reaches minoritised groups and seek to fund work where the community affected has a clear voice in the design and development of the work that is intended to help them. We make grants to eligible charities, voluntary, community and faith groups and social enterprises because they work at the coal face with the communities facing the toughest of lives. (Note that henceforth we will refer to all the types of groups we support as community groups).

Unusually for many grant makers, Hampshire and the Isle of Wight Community Foundation also actively fundraises within our community. We work with philanthropists, companies and government and other bodies to bring charitable investment into our region. By doing this, our specialist support 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 despite being a region with pockets of significant wealth, within our region are many of the poorest and most deprived communities in the UK. 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:

●managing flow-through/revenue grant funds on behalf of local companies, councils, and other partners

●working in partnership with other bodies including governmental and non-governmental to target their social impact initiatives and philanthropy where and how it will be most effective in our region.

We provide a high standard of philanthropy advice and grant making across our entire geographic area.

Achievements and performance in 2023

2023 was a challenging year for the not-for-profit sector, particularly those working at the coal-face with people facing poverty and complex challenges. The cost of living crisis had a major impact on clients – many community groups working in poverty alleviation reported that they were working with people who had never depended on state or charitable aid in generations. Community groups themselves were also heavily impacted – often facing higher ongoing costs themselves – as were their staff, most of whom are on lower salaries themselves, often with fewer volunteers and clients with more complex and entrenched challenges. It has been an exceptionally difficult period for the sector, and for all those people who depend on its support.

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TRUSTEES’ REPORT

At HIWCF we are proud to support the community groups who provide such vital aid, often in the margins, and with people who are voiceless and vulnerable. We were delighted to achieve the following key impacts during the year:

Sadly, 2023 also saw the end of our phenomenally successful Solent Supporting Employment programme, funded by the European Social Fund, Abri, Sovereign Network Group, Hampshire County Council, Portsmouth City Council and Southampton City Council. This programme reached nearly four times as many participants as originally expected, and has enabled 1,200 highly vulnerable, disadvantaged or minoritised people to move closer to the workforce, enrol in training or education, or become employed. This was achieved through the brilliant “shoulder to shoulder” support provided by 19 community groups. We are immensely proud of this programme and direct all interested parties to the impact report found here: https://hiwcf.org.uk/solent-supporting-employment-programme-delivers-extraordinary-impact/

Organisational changes

During 2023 we recruited three key new staff: Joanne Davies, to manage our grant making; Lucy Walford, to lead on growing our income through philanthropy; and Heather Wilkins, to develop our increasingly strong communications for all our stakeholder groups. The addition of these new, highly experienced staff signifies an important new phase for HIWCF, ensuring our role as an influential, progressive grant maker and sector body is securely underpinned with the team that can make that happen. Additionally, in the first half of the year, we developed an entirely new database for our grant making and stakeholder relationship management. This was a significant enabler for us to simplify the application process for community groups, improve the internal efficiency of grants administration, enhance our understanding of the impact of our grantmaking and to better manage interactions with stakeholders including improvements on reporting Fund information. This new database means we have also moved away from dependence on a jointly owned UK Community Foundations database, giving us far more autonomy in how we manage grant making in future. Later in the year we overhauled our website to ensure much improved accessibility, simpler and clearer navigation, and a fresher, more modern “store front” for our work.

We were delighted to recruit five new Trustees during 2023, who were all unanimously appointed at our AGM in June. This new cohort of Trustees brings considerable skill and experience in the voluntary sector, business, investment management and legal and governance matters in particular. More information about our Trustees can be found here: https://hiwcf.org.uk/our-people/

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HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

TRUSTEES’ REPORT

HIWCF’s charitable objects and public benefit

HIWCF is an independent grant making charity and company limited by guarantee. Founded in 2003, Hampshire and the Isle of Wight Community Foundation serves a population of c.2 million people across Hampshire, Portsmouth, Southampton and the Isle of Wight. The Foundation’s charitable objects for 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, the 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 Portsmouth and Southampton. 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:

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 and 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 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 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 covers building funds, grant making, policies and procedures. Trustees meet quarterly, alternate meetings are held in person, 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.

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HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

TRUSTEES’ REPORT

Business is conducted between Board meetings through five committees which are responsible for reviewing operational activities; Finance, Investment and Risk 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-day management of HIWCF, the management of grants and the development of the funds is delegated to the Chief Executive and staff.

Monitoring performance

Trustees monitored performance during the year by receiving quarterly reports to both the Finance, Investment and Risk Committee and the full Board on the actions being taken to address the key risks to the Charity of not achieving its strategic aims.

The executive team report to the Board quarterly against a set of Key Performance Indicators (KPIs) which enable the Board to retain oversight of our key strategic and development aims as an organisation. These KPIs will be reviewed in June 2024 as part of our wider organizational strategic review.

A full risk management review was undertaken in November 2022, and this is monitored on a quarterly basis. It will be fully reviewed again as part of a wider strategic review in June 2024. The most significant risks for attention during the year were:

In November it was agreed to add the potential of financial fraud, particularly cyber crime, as an additional key risk for close monitoring.

Through the quarterly reviews the Trustees are ensuring that all possible steps are being taken to mitigate the risks against achieving the Charity’s objectives. The key risks are monitored by the Finance, Investment and Risk 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 rises.

Remits of Committees:

Finance, Investment and Risk Committee – (formerly known as the Finance & Investment Committee) the FI&R Committee is set up to oversee the administration of the financial and investment transactions and risk. 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 including audit; 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 grant making. The Committee: keeps abreast of needs in the area of benefit, the funding environment and other relevant issues; recommends grant making strategy 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; 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. grant making establishes task groups from time to time to undertake specific, time-limited pieces of work. The

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HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

TRUSTEES’ REPORT

Grants Committee also forms the panels for relevant region-wide grant programmes, selecting the appropriate groups for grants after the standard HIWCF grant application and assessment procedures have taken place.

Portsmouth Advisory Board - The Advisory Board oversees the activities of the Hampshire and the 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 Portsmouth Civic 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 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 – this Committee’s purpose is four-fold: To advise the HIWCF Board on the strategy for grant making from HIWCF funds which are restricted solely to IOW causes; To advise the HIWCF Board on the unique issues facing the IOW which could influence grant making policy; To convene a Grants Panel to agree appropriate distribution of the above funds on behalf of HIWCF; To support the development of HIWCF’s philanthropy on the IOW. The Committee is Chaired by an HIWCF Trustee and has delegated powers from the HIWCF Board to carry out the following responsibilities: Advising the appropriate grant making strategy for IOW funds, reviewing this at least annually; Convening IOW Grants Panel meetings at least once per year; Selecting the appropriate groups for grants, after the standard HIWCF grant application and assessment procedures have taken place; Receive summary reports on the impact of grant making on the IOW. The committee is also encouraged to advise the HIWCF Board and management on: Unfolding community needs and issues on the IOW; Highlighting charitable organisations of particular interest to the committee or HIWCF; Potential philanthropic opportunities on the IOW; Events and promotional activities suitable for HIWCF on the Isle of Wight.

People Committee - The People Committee supports the Board in its responsibilities for issues of HR, Remuneration and Nominations. It has delegated powers from the Board to carry out the following responsibilities: Review and develop the way in which HIWCF remunerates staff to ensure alignment with benchmarks, and proportionality; Review with the CEO the plans for the operational organisation of the staff and the employment HR policies, conditions and practices, including regular review of existing policies; Manage the recruitment of the CEO on behalf of the Board; Manage the recruitment of new Trustees on behalf of the Board; Consider and manage succession planning for the Board and key senior management positions; Maintain a skills matrix for the Board and advise on any identified gaps; Consider and monitor staffing requirements necessary to ensure that they are appropriate to the delivery of the HIWCF strategic goals and operational needs; Facilitate and support 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 sub-Committee meetings, as well as ad hoc meetings with sub-Committee Chairs and other Trustees when operationally required.

The Board is delighted that His Majesty’s Lord-Lieutenant of Hampshire, Mr Nigel Atkinson, has continued to be our President throughout 2023. The Lord-Lieutenant of the Isle of Wight, Mrs Susie Sheldon, is the President of the Isle of Wight Community Funds.

None of the Trustees receive remuneration or other benefit from their work with the charity. We hold a register of interest for all Board members. Any connections between a Trustee and a grantee or potential

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HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

TRUSTEES’ REPORT

funding partner are fully disclosed, and Trustees (and co-opted panel members) are required to recuse themselves from grant decision making where they have an interest in the grantee body.

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 Sarasin it was agreed to distribute 3.5% of the capital value of the fund as at 31 December 2022, 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 2023 this gave an average distribution rate of 0.9% of the value of funds (0.9% distributed in 2022).

The average size of a grant was £4,238 (2022: £4,630). This reflects the ongoing influence of the larger grants made available through the Charles Burnett Memorial Fund (up to £25,000), but also our need to increase the financial value of some support as costs have risen for community groups due to increases in the cost of living and inflationary pressures.

Staff and key management personnel

During 2023 there was an average of 5.5 FTE staff, across seven staff positions; and ten 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 by the People Committee. Recommendations are made to the Finance, Investment & Risk Committee, and finally approved by the Board with effect from 1[st] January [the following year].

Fund development and philanthropy

Our ability to generate a sustainable annual income for distribution to local voluntary and community groups is achieved by encouraging philanthropy, providing donor advised grant making services, and by building relationships with current and prospective donors and to widen recognition of our work and impact in the region, 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.

During 2023 we had a total of 130 funds under management (2022: 121), being 100 endowment funds (2022: 100), and 30 flow-through funds (2022:17) providing donors with services tailored to their individual requirements and charitable interests. (Note that a number of flow-through funds carried over from 2022 with limited funds left to disburse).

New funds established or delivered in 2023 were:

Flow through:

A further five Flow through funds were substantially “topped up” or repeated:

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HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

TRUSTEES’ REPORT

Endowment:

One endowment fund had additional funds added.

Financial Review

Restricted Funds

Income in 2023 from flow-through funds totaled £426K (2022: £1,345K). This, together with distributions from endowment funds, helped us distribute £1,481K in grants (2021: £1,911K).

Unrestricted Funds

Unrestricted funds returned a surplus of £958K in 2023 for net income and investment (2022 deficit £37K). This was mainly due to investment gains in the last quarter of 2023. Core costs, which totaled £337K in 2022, continued to be well managed and were less than budgeted. Core income of £361K was slightly above budget due to flow-through fund fees.

Endowment Funds

In 2023 no new endowment funds were opened, but one fund had additional funds added to it. Although investment markets remained difficult through 2023, our investments made an unrealised gain of £984K. After income and grant distributions and transfers, the closing balance of endowment funds at 31 December 2023 was £15.2m compared to £14.8m at the end of 2022.

Investment policy

The development of an endowment fund providing sustainable long-term support for local communities is central to the role of HIWCF. The guiding objectives of the Finance, Investment and Risk 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 2023, between them managing over 90% of our £15.2m endowment assets. Property endowed to HIWCF is approximately 6% of our endowment assets and net rental income is applied to grant making.

The CCLA funds are managed through a ‘central’ contract established by the Government and UKCF.

Investment Strategy and Risk Profile

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 ask the investment managers to have due regard to not investing in companies whose activities could be detrimental to the objectives and aims of HIWCF; these include tobacco, fossil fuel extraction, gambling and arms and munitions.

Investment Performance

After a difficult investment market for most of 2022, we have seen our fund performance generally stabilize, and are pleased to have seen an uplift in the total value of our holdings to £16.2m as at 31 December 2023. Over the year our main funds recorded returns as follows: funds invested with Sarasin showed a total return of +8.3% (2022: -10.8%) and funds invested with CCLA a total return of +13.6% (2022: -9.7%).

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HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

TRUSTEES’ REPORT

Our benchmarks ARC Steady Growth, Morningstar UK Target and Morningstar Moderately Active showed increases of 7.1%, 11.1% and 4.9% respectively.

The income yield on our invested funds was down on the previous year - Sarasin was 2.7% (2021: 3.3%) and CCLA, 2.8% (2021: 3.1%).

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 2023 the balance on unrestricted reserves amounted to £457,688 compared with £370,068 in the previous year. At current levels unrestricted reserves equate to just under budgeted annual running costs for 2024. 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 grants distribution. Funding for this is taken from investment returns and flow-through donations received for grant making.

In 2023 HIWCF:

Plans for the future

As we enter 2024, HIWCF are undertaking a strategic review, with completion expected by mid-year. The strategy will reinforce our fundamental commitment to our local communities: that we aim to undertake more effective and inclusive grantmaking at an increased level. The new strategy will be underpinned by renewed fundraising, with particular emphasis on long term growth of our endowment. We will refresh our approach to demonstrating the impact of our grant making and re-position ourselves as thought leaders within the not-for-profit sector in our region.

To achieve this endowment growth is vital, yet we are aware of how difficult that is to achieve during difficult economic times, and particularly without significant matched funding to incentivise endowment donations. But the commitment we make to our communities – that we will be there for them, now and in the future – is the driver towards building the endowment funds. We will continue to work hard at this whilst at the same time effectively managing new and repeat flow through funds, enabling us to fulfil that commitment in the immediate term as well.

Trustees’ Responsibilities

The Charity Trustees (who are also directors of Hampshire and the Isle of Wight Community Foundation for the purposes of Company Law) are responsible for preparing the Trustees’ 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:

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TRUSTEES’ 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 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, Morris Crocker, were agreed to be appointed by the Board of Trustees in December 2023. They are highly experienced in working with the not-for-profit sector in the region and were selected through a competitive process. Our former auditors, Alliotts, resigned in October 2023.

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 is 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 auditors 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 by the Trustees on 7[th] June 2024

Signed:

Mrs. Rebecca Kennelly (Chair)

Mr. Richard Barton-Wood (Treasurer)

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AUDITORS’ REPORT

Opinion

We have audited the financial statements of Hampshire and the Isle of Wight Community Foundation (the ‘charity’) for the year ended 31 December 2023 which comprise the Statement of Financial activities, the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the 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.

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AUDITORS’ REPORT

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the Trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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.

13

Docusign Envelope ID: CF65A7EB-2866-457B-A1E7-CA772A9C2E70

HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

AUDITORS’ REPORT

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:

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Audit response to risks identified

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

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

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 noncompliance. 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

14

Docusign Envelope ID: CF65A7EB-2866-457B-A1E7-CA772A9C2E70

HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

AUDITORS’ REPORT

Use of our report

This report is made solely to the charitable company’s Trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's 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 company’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

10/09/2024

Paul Underwood

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

for and on behalf of Morris Crocker

Chartered Accountants Statutory Auditor

15

Docusign Envelope ID: CF65A7EB-2866-457B-A1E7-CA772A9C2E70

HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023

13
Unrestricted
funds
Notes
£
INCOME AND
ENDOWMENTS FROM
Donations and legacies
2
-
Investment income
3

14,509
Total

14,509
EXPENDITURE ON
Raising funds
4
72,001
Charitable activities
Grant making
5

274,153
Total

346,154
Net gains/(losses) on
investments
(13,311)
NET
INCOME/(EXPENDITURE)
(344,956)
Transfers between funds
18
432,576
Net movement in funds
87,620
RECONCILIATION OF
FUNDS
Total funds brought forward
370,068
TOTAL FUNDS CARRIED
FORWARD

457,688		 13
Unrestricted
funds
Notes
£
INCOME AND
ENDOWMENTS FROM
Donations and legacies
2
-
Investment income
3

14,509
Total

14,509
EXPENDITURE ON
Raising funds
4
72,001
Charitable activities
Grant making
5

274,153
Total

346,154
Net gains/(losses) on
investments
(13,311)
NET
INCOME/(EXPENDITURE)
(344,956)
Transfers between funds
18
432,576
Net movement in funds
87,620
RECONCILIATION OF
FUNDS
Total funds brought forward
370,068
TOTAL FUNDS CARRIED
FORWARD

457,688
Restricted
fund
£
375,822

6,461

382,283
-
1,480,574
1,480,574
(7,030)
(1,105,321)
766,628
(338,693)
793,721		 Endowment
fund
£
233,338

385,198

618,536
-

-

-
975,139
1,593,675
(1,199,204)
394,471
14,844,324
2023
Total
funds
£
609,160

406,168
1,015,328
72,001
1,754,727
1,826,728
954,798
143,398
-
143,398
16,008,113
16,151,511		 2022
Total
funds
£
2,018,786

425,289
2,444,075
130,908
2,117,147
2,248,055
(2,128,590)
(1,932,570)
-
(1,932,570)
17,940,683

457,688		 455,028 15,238,795 16,008,113

16

Docusign Envelope ID: CF65A7EB-2866-457B-A1E7-CA772A9C2E70

HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

BALANCE SHEET 31 DECEMBER 2023

FIXED ASSETS
Notes
Intangible assets
12
Investments
13
CURRENT ASSETS
Debtors
14
Investments
15
Cash at bank
CREDITORS
Amounts falling due within one year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
Unrestricted funds
18
Restricted funds
Endowment funds
TOTAL FUNDS		 2023
£
86,512
14,159,142
14,245,654
29,155
990,000
911,493
1,930,648
(24,791)		 2022
£
-
13,421,660
13,421,660
128,348
990,000
1,506,839
2,625,187
(38,734)
1,905,857
16,151,511		 2,586,453
16,008,113
16,151,511
457,688
455,028
15,238,795
16,151,511		 16,008,113
370,068
793,721
14,844,324
16,008,113

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 8/21/2024 ............................................. and were signed on its behalf by:

............................................. R Kennelly - Trustee

17

Docusign Envelope ID: CF65A7EB-2866-457B-A1E7-CA772A9C2E70

HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023

Cash flows from operating activities
Notes
Cash generated from operations
1
Net cash used in operating activities
Cash flows from investing activities
Purchase of intangible fixed assets
Purchase of fixed asset investments
Sale of fixed asset investments
Income from investment properties
Decrease of cash invested
Interest received
Dividends received
Net cash provided by/(used in) investing activities
Cash flows from financing activities
Income attributable to endowment
Net cash provided by financing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period		 2023
£
(1,720,733)
(1,720,733)
(94,377)
-
217,316
-
-
15,488
368,424

506,851
618,536

618,536
(595,346)
1,506,839

911,493		 2022
£
(1,267,798)
(1,267,798)
-
(497,286)
-
18,190
63,785
3,027
404,072

(8,212)
1,082,083
1,082,083
(193,927)
1,700,766
1,506,839

18

Docusign Envelope ID: CF65A7EB-2866-457B-A1E7-CA772A9C2E70

HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
(Gain)/losses on investments
Interest received
Dividends received
Income attributable to endowment
Income from investment properties
Decrease in debtors
Decrease in creditors
Net cash used in operations
ANALYSIS OF CHANGES IN NET FUNDS
At 1.1.23
£
Net cash
Cash at bank
1,506,839
1,506,839
Liquid resources
Deposits included in cash
-
Current asset investments
990,000
990,000
Total
2,496,839		 2023
£
143,398
7,865
(954,798)
(15,488)
(368,424)
(618,536)
-
99,193
(13,943)
(1,720,733)		 2022
£
(1,932,570)
-
2,128,590
(3,027)
(404,072)
(1,082,083)
(18,190)
48,049
(4,495)
(1,267,798)
Cash flow
£
(595,346)
(595,346)
-
-

-
(595,346)		 At 31.12.23
£
911,493
911,493
-
990,000
990,000
1,901,493

2. ANALYSIS OF CHANGES IN NET FUNDS

19

Docusign Envelope ID: CF65A7EB-2866-457B-A1E7-CA772A9C2E70

HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

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 the 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 of £911,493 as a consequence the Trustees believe that the charity is well placed to manage its business risk 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

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, 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.

Expenditure and irrecoverable VAT

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Expenditure is classified under the following activity headings:

20

Docusign Envelope ID: CF65A7EB-2866-457B-A1E7-CA772A9C2E70

HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

• 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;

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake fundraising or charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity's objectives. These costs have been allocated between costs 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.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Taxation

The charity is exempt from corporation tax on its charitable activities.

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 particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

The unrestricted fund makes a charge on the other funds as follows:

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

21

Docusign Envelope ID: CF65A7EB-2866-457B-A1E7-CA772A9C2E70

HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

2.
DONATIONS AND LEGACIES
Grants receivable, gifts and donations
Government Grant Income
3.
INVESTMENT INCOME
Income from investment properties
Dividends received
Interest received		 2023
£
65,920
543,240
609,160		 2022
£
1,591,235
427,551
2,018,786
2022
£
18,190
404,072
3,027
425,289
2023
£
22,256
368,424
15,488
406,168

All investment income is derived from assets held in the United Kingdom.

4. RAISING FUNDS

Raising donations and legacies

Staff costs
Recruitment costs
Travel, training and subsistence
Marketing Costs
Grant programme costs
General office costs
Bank charges
Investment management costs
Portfolio management
Aggregate amounts		 2023
£
63,638
530
1,549
2,731
1,406
3,776
245
73,875		 2022
£
115,316
1,680
1,393
4,067
-
8,213
239
130,908
2022
£
-
130,908
2023
£
(1,874)
72,001

22

Docusign Envelope ID: CF65A7EB-2866-457B-A1E7-CA772A9C2E70

HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

5. CHARITABLE ACTIVITIES COSTS

Grant making
6.
GRANTS PAYABLE
Grant making
Impact Theme 2023
Flourishing Communities
Health and Wellbeing
Employability and Skills
Poverty and disadvantage
The Environment
Crime and Safety
7.
SUPPORT COSTS
Grant making		 Grant
funding of
activities
Support
(see note
costs (see
6)
note 7)
Totals
£
£
£
1,548,380
206,347
1,754,727
2023
2022
£
£
1,548,380
1,911,224
Amount
funded 2023
%
Amount
funded 2022
%
29%
20%
26%
25%
17%
42%
23%
9%
3%
0%
2%
4%
100%
100%
Governance
Management
costs
Totals
£
£
£
178,157
28,190
206,347

23

Docusign Envelope ID: CF65A7EB-2866-457B-A1E7-CA772A9C2E70

HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

7. SUPPORT COSTS - continued

Support costs, included in the above, are as follows:

Management

Staff costs/Consultant costs
Recruitment costs
Travel, training and subsistence
Marketing costs
General office costs
Grant programme costs
Bank charges
Amortisation of intangible fixed assets
Governance costs
Staff costs
Recruitment costs
Travel, training and subsistence
General office costs
Professional fees		 2023
Grant
making
£
146,412
1,236
3,613
6,371
8,809
3,279
572
7,865
178,157
2023
Grant
making
£
2,078
-
-
267
25,845
28,190		 2022
Total
activities
£
152,570
3,487
2,741
4,067
17,450
-
508
-
180,823		 2022
Total
activities
£
152,570
3,487
2,741
4,067
17,450
-
508
-
180,823
2022
Total
activities
£
10,542
83
218
521
13,736
25,100

8.

NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Recruitment costs
Other operating leases
Computer software amortisation		 2023
£
1,766
2022
£
5,250
3,613
2,741
7,865
-

24

Docusign Envelope ID: CF65A7EB-2866-457B-A1E7-CA772A9C2E70

HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.

Trustees' expenses

During the year, 4 trustees (2022: none) were reimbursed for travel expenses totalling £267.22 (2022: £nil).

10.
STAFF COSTS
Wages and salaries		 2023
£
212,128
212,128		 2022
£
278,428
278,428

Key Management Remuneration

Key management personnel is comprised of the CEO and Finance manager with a total of £109,231 remunerated in 2023 (2022: £108,178).

The average monthly number of employees during the year was as follows:

Average staff 2023
2022
8
9

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

11.

£60,001 - £70,000
COMPARATIVES FOR THE STATEMENT
INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Grant making
Total		 OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
funds
fund
£
£
62
1,345,879

16,051

-

16,113
1,345,879
130,908
-

205,923
1,911,224

336,831
1,911,224		 2023
1

Endowment
fund
£
672,845

409,238
1,082,083
-

-

-		 2022
1

Total
funds
£
2,018,786

425,289
2,444,075

130,908
2,117,147
2,248,055

25

Docusign Envelope ID: CF65A7EB-2866-457B-A1E7-CA772A9C2E70

HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
Restricted
fund
£
£
Net gains/(losses) on investments
(77,637)
-
NET INCOME/(EXPENDITURE)
(398,355)
(565,345)
Transfers between funds
361,038
681,369
Net movement in funds
(37,317)
116,024
RECONCILIATION OF FUNDS
Total funds brought forward
407,385
677,697
TOTAL FUNDS CARRIED FORWARD

370,068
793,721
12.
INTANGIBLE FIXED ASSETS
COST
Additions
AMORTISATION
Charge for year
NET BOOK VALUE
At 31 December 2023
At 31 December 2022
13.
FIXED ASSET INVESTMENTS
Valuation at 31 December 2022
Disposals
Revaluations
Valuation at 31 December 2023		 11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
Restricted
fund
£
£
Net gains/(losses) on investments
(77,637)
-
NET INCOME/(EXPENDITURE)
(398,355)
(565,345)
Transfers between funds
361,038
681,369
Net movement in funds
(37,317)
116,024
RECONCILIATION OF FUNDS
Total funds brought forward
407,385
677,697
TOTAL FUNDS CARRIED FORWARD

370,068
793,721
12.
INTANGIBLE FIXED ASSETS
COST
Additions
AMORTISATION
Charge for year
NET BOOK VALUE
At 31 December 2023
At 31 December 2022
13.
FIXED ASSET INVESTMENTS
Valuation at 31 December 2022
Disposals
Revaluations
Valuation at 31 December 2023		 11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
Restricted
fund
£
£
Net gains/(losses) on investments
(77,637)
-
NET INCOME/(EXPENDITURE)
(398,355)
(565,345)
Transfers between funds
361,038
681,369
Net movement in funds
(37,317)
116,024
RECONCILIATION OF FUNDS
Total funds brought forward
407,385
677,697
TOTAL FUNDS CARRIED FORWARD

370,068
793,721
12.
INTANGIBLE FIXED ASSETS
COST
Additions
AMORTISATION
Charge for year
NET BOOK VALUE
At 31 December 2023
At 31 December 2022
13.
FIXED ASSET INVESTMENTS
Valuation at 31 December 2022
Disposals
Revaluations
Valuation at 31 December 2023		 - continued
Endowment
fund
Total
funds
£
£
(2,050,953)
(2,128,590)
(968,870)
(1,932,570)
(1,042,407)
-
(2,011,277)
(1,932,570)
16,855,601
17,940,683		 - continued
Endowment
fund
Total
funds
£
£
(2,050,953)
(2,128,590)
(968,870)
(1,932,570)
(1,042,407)
-
(2,011,277)
(1,932,570)
16,855,601
17,940,683		 - continued
Endowment
fund
Total
funds
£
£
(2,050,953)
(2,128,590)
(968,870)
(1,932,570)
(1,042,407)
-
(2,011,277)
(1,932,570)
16,855,601
17,940,683		 - continued
Endowment
fund
Total
funds
£
£
(2,050,953)
(2,128,590)
(968,870)
(1,932,570)
(1,042,407)
-
(2,011,277)
(1,932,570)
16,855,601
17,940,683

370,068		 793,721 14,844,324 16,008,113
Computer
software
£
94,377
7,865
86,512

-
Listed
investments
£
13,421,660
(217,316)
954,798
14,159,142

HIWCF only invest with funds based in the UK.

26

Docusign Envelope ID: CF65A7EB-2866-457B-A1E7-CA772A9C2E70

HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

13. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 December 2023 is represented by:

Revaluation in 2023
Cost and historical revaluations
14.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
Prepayments
15.
CURRENT ASSET INVESTMENTS
Investment property
16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Social security and other taxes
Accrued expenses		 2023
£
29,155
-
29,155
2023
£
990,000
2023
£
-
24,791
24,791		 Listed
investments
£
954,798
13,204,344
14,159,142		 Listed
investments
£
954,798
13,204,344
14,159,142		 Listed
investments
£
954,798
13,204,344
14,159,142
2022
£
121,849
6,499
128,348
2022
£
990,000
2022
£
4,978
33,756
38,734

27

Docusign Envelope ID: CF65A7EB-2866-457B-A1E7-CA772A9C2E70

HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Hampshire and Isle of Wight
Community Foundation (the
reporting charity 1100417-0)
Endowment
Restricted
Unrestricted
Montagu Neville Durnford and Saint
Leo Cawthorn Memorial Trust
(linked charity 1100417-1)
Endowment
Restricted
Unresticted
The Lord Mayor of Portsmouth's
Charity (linked charity 110417-2)
Endowment
Restricted
Unrestricted
Alderman Joe Davidson (linked
charity 110417-4)
Endowment
Restricted
Unrestricted
Futcher Schools Foundation (linked
charity 1100417-5)
Endowment
Restricted
Unrestricted		 Investments
Cash at
Bank
Other Net
Current
Assets
£
£
£
12,722,607
324,410
-
192,970
255,583
-
41,787
325,025
90,876		 Net Assets
£

13,047,017

448,553

457,688
13,953,258

565,799

-
-
565,799

576,646

-
-
576,646

990,000

6,475
-
996,475

59,333

-
-
59,333



12,957,364
905,018
90,876



565,799
-
-
-
-
-
-
-
-

565,799
-
-

576,646
-
-
-
-
-
-
-
-

576,646
-
-

990,000
-
-
-
6,475
-
-
-
-

990,000
6,475
-



59,333
-
-
-
-
-
-
-
-

59,333
-
-

28

Docusign Envelope ID: CF65A7EB-2866-457B-A1E7-CA772A9C2E70

HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS - continued

Total for all above charities

Endowment
Restricted
Unrestricted		 14,914,385
192,970
41,787
15,149,142		 324,410
262,058
325,025

911,493		 -
-
90,876

90,876		 15,238,795
455,028
457,688
16,151,511

29

Docusign Envelope ID: CF65A7EB-2866-457B-A1E7-CA772A9C2E70

HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

18. MOVEMENT IN FUNDS

Unrestricted Funds
General
Endowment Funds
Linked Charities
Alderman Joe Davidson
Civic Fund Portsmouth
Capital Charity Fund
(linked)
Montague Neville
Durnford St Leo Cawthan
linked capital fund
Futcher School
Foundation
Other Funds > £400k
BAT Endowment Fund
Blagrave Capital Funds
Doris Campbell
Memorial Fund
Vivid Funds
Ford Southampton Fund
Isle of Wight Community
Fund
Penton Grassroots Fund
Portsmouth City
Community Funds
Chalres Burnett
Memorial Fund
Hampshire Playing
Fields Association
Rock Bottom funds
Other Endowment
Funds
Restricted Funds
Linked Charities -
revenue funds
Alderman Joe Davidson
Civic Fund Portsmouth
Revenue Fund
Montagu Neville Durnford
St Leo Cawthan Funds
(linked charity)
Futcher School
Foundation		 Balance at
01/01/2023
£
Net
movement
£
370,068
627,249
Balance at
Incoming
01/01/2023
Resources
£
£
1,159,423
-
593,251
611,235
13,313
13,937
61,106
1,268
447,369
9,310
540,229
11,881
695,763
547,894
18,578
12,307
630,112
14,321
516,191
526,962
10,693
10,916
977,552
1,248,920
19,437
156,077
557,490
16,472
463,463
9,549
5,267,364
300,477
14,844,324

618,536
Balance at
01/01/2023
£
Net Income
£
28,811
-
-
12,763
-
-
2,528
-		 Balance at
01/01/2023
£
Net
movement
£
370,068
627,249
Balance at
Incoming
01/01/2023
Resources
£
£
1,159,423
-
593,251
611,235
13,313
13,937
61,106
1,268
447,369
9,310
540,229
11,881
695,763
547,894
18,578
12,307
630,112
14,321
516,191
526,962
10,693
10,916
977,552
1,248,920
19,437
156,077
557,490
16,472
463,463
9,549
5,267,364
300,477
14,844,324

618,536
Balance at
01/01/2023
£
Net Income
£
28,811
-
-
12,763
-
-
2,528
-		 Transfers
£
432,576
Transfers
£
25,577
-
(53,864)
(2,821)
(20,795)
(31,646)
(32,218)
(44,656)
(55,350)
(23,773)
(24,321)
(65,400)
(451,213)
(25,770)
(21,364)
(371,590)		 Investment
gains/losses
£
(13,311)
Investment
gains/losses
£

(195,000)

53,500
(5,509)

(220)

(1,207)

4,974


(2,153)
7,675

(4,449)


(1,900)
(1,939)


(4,281)
4,858

(4,943)

(1,867)

1,127,600

975,139
Transfers
£

-


35,387
47,130

(2,528)		 Balance at
31/12/2023
£
457,688
Balance at
31/12/2023
£
990,000
660,064
565,799
59,333
434,677
525,438
679,970
523,220
584,634
501,211
511,618
927,308
958,642
543,249
449,781
6,323,851
15,238,795
Balance at
31/12/2023
£
6,475
25,387
26,093
-
14,844,324
Balance at
01/01/2023
£
28,811
-
12,763
2,528
618,536
Net Income
£
-
-
-
-		 (1,199,204)

Grants Paid
£
(22,336)
(10,000)
(33,800)
-

30

Docusign Envelope ID: CF65A7EB-2866-457B-A1E7-CA772A9C2E70

HAMPSHIRE AND THE ISLE OF WIGHT COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

18. MOVEMENT IN FUNDS - continued

Flow through contracts

Solent Employment
Grants - match
Solent Employment
Grants - DWP
IWILL
British Red Cross
Ukraine Fund
Masonic Charitable
Foundation - Ukraine
Fund
Moneybarn
NHS
Kenwood
ACE
Cost of Living Appeal
Other grant revenue
and flow through funds		 160,250
13,547
73,097
39,600
21,500
49,506
47,075
1,992
6,269
8,572
328,211

 -
(67,989)
(92,261)
-
284,381
(64,127)
(233,801)
-
-
-
(73,097)
-
-
(39,600)
-
-
-
(21,500)
-
-
69,000
(81,020)
-
37,486
-
(13,225)
-
33,850
25,000
(26,992)
-
-
-
-
-
6,269
3,902
(14,187)
-
(1,713)
(7,030)
(1,085,798)
1,085,798
321,181





389,313 (1,480,574)
766,628
455,028		 -
(67,989)
(92,261)
-
284,381
(64,127)
(233,801)
-
-
-
(73,097)
-
-
(39,600)
-
-
-
(21,500)
-
-
69,000
(81,020)
-
37,486
-
(13,225)
-
33,850
25,000
(26,992)
-
-
-
-
-
6,269
3,902
(14,187)
-
(1,713)
(7,030)
(1,085,798)
1,085,798
321,181





389,313 (1,480,574)
766,628
455,028		 -
(67,989)
(92,261)
-
284,381
(64,127)
(233,801)
-
-
-
(73,097)
-
-
(39,600)
-
-
-
(21,500)
-
-
69,000
(81,020)
-
37,486
-
(13,225)
-
33,850
25,000
(26,992)
-
-
-
-
-
6,269
3,902
(14,187)
-
(1,713)
(7,030)
(1,085,798)
1,085,798
321,181





389,313 (1,480,574)
766,628
455,028		 -
(67,989)
(92,261)
-
284,381
(64,127)
(233,801)
-
-
-
(73,097)
-
-
(39,600)
-
-
-
(21,500)
-
-
69,000
(81,020)
-
37,486
-
(13,225)
-
33,850
25,000
(26,992)
-
-
-
-
-
6,269
3,902
(14,187)
-
(1,713)
(7,030)
(1,085,798)
1,085,798
321,181





389,313 (1,480,574)
766,628
455,028		 -
(67,989)
(92,261)
-
284,381
(64,127)
(233,801)
-
-
-
(73,097)
-
-
(39,600)
-
-
-
(21,500)
-
-
69,000
(81,020)
-
37,486
-
(13,225)
-
33,850
25,000
(26,992)
-
-
-
-
-
6,269
3,902
(14,187)
-
(1,713)
(7,030)
(1,085,798)
1,085,798
321,181





389,313 (1,480,574)
766,628
455,028

793,721
389,313		 (1,480,574 ) 766,628
455,028

19. EMPLOYEE BENEFIT OBLIGATIONS

The charity contributes to individual staff's defined contribution schemes. The contributions due for the year were £10,311 (2022: £9,685). At the year-end there was a pension creditor of £3,242 (2022: £1,436).

20. GRANT COMMITMENTS

There are no contingent liabilities in respect of future grant commitments in 2023 (2022: £nil).

21. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2023.

22. ULTIMATE CONTROLLING PARTY

The charitable company is not under the control of another entity or any one individual.

31