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2020-09-30-accounts

Charity Registration No. 1102266

Company Registration No. 04809926 (England and Wales)

WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr R Sykes OBE
Mr J Clarke-Morris
Professor T
J Thompson OBE
Mr. Roger Britton
Mr N P Wentwarth-Stanley
Mr DK Shaw
MrM J Yates
Mr R Capper
Ms K Leather (Appointed 1 December
2020)
Mr N Lloyd (Appointed 1 December
2020)
Charity number 1102266
Company number 04809926
Registered office First Floor, Unit 3, Harmac House
Chequers Close
Enigma Business Park
Malvern
Worcestershire
WR14 71GP
Independent examiner Kendall Wadley LLP
Granta Lodge
71 Graham Road
Malvern
Worcestershire
WR14 2J8
Bankers National Westminter Bank Plc
26 High Street
Stourport-on-Severn
Worcestershire
DY138BF

WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

CONTENTS

Page
Trustees' report 1-2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notestotheaccounts 6-18

WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2020

The trustees present their report and financial statements for the year ended 30 September 2020,

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Foundation’s [governing document], the Companies Act 2006 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 (FRS 102) (effective 1 January 2019)".

Objectives and activities

The Foundation's objects are to channel endowments and other funds to local voluntary and community groups within the County of Worcestershire. There has been no change in these during the year.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Foundation should undertake.

Achievements and performance

The movements on the reserves managed by the Foundation are described in the notes accompanying the financial statements. Funds managed included those held on behalf of Tampon Tax and Covid-19 relief.

Financial review

The majority of the Foundation's income is obtained from donations, grant administration, and Government (Gift Aid and Grassroots),

Banking arrangements are placed with NatWest Bank plc.

The Foundation's endowment funds are managed by St James's Place Partnership and those subject to Government matched funding are placed in COIF Charities Deposit Funds as required under that scheme.

Incoming resources totalled £836,606 (2019 - £199,285) with expenditure of £616,638 (2019 - £1 97,688). The investment gains were £66,125 (2019 - rose in value by £86,284) resulting in an increase in total funds of £286,094 (2019 - £87,881 ) and total reserves of £1,772.470 (2019 - £1,486,376) of which general reserves total £111,546 (2019 - £66,167),

It is the policy of the Foundation that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Foundation’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The trustees have assessed the major risks to which the Foundation is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks,

Structure, governance and management

The Foundation is a company limited by guarantee and is governed by its Memorandum and Articles of Association dated 3 June 2003.

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WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

TRUSTEES’ REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2020

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr R Sykes OBE

Mr J Clarke-Marris Professor T J Thompson OBE Mr. Roger Britton

Mr N P Wentworth-Stanley

Mr DK Shaw

Mr M J Yates

Mr R Capper Ms K Leather {Appointed 1 December 2020) Mr N Lloyd {Appointed 1 December 2020)

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The Board engages in an ongoing and pragmatic scan of potentially suitable Trustees seeking (a) knowledge of the sector and (b) contacts which have the potential to yield significant donations. Training for Board members is delivered through specific items included on Board agendas and special sessions to concentrate on important topics. All training seeks to develop both individuals and the organisation as a whale.

The Management Board, which is made up of the directors and trustees and co-opted members, is responsible for the delegating day-to-day management to Community First Limited. In addition the Chair held quarterly meetings with Community First Limited to review achievements and performance,

The nature of the role of the employee is a development director.

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006,

The trustees' report was approved by the Board of Trustees.

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Mr. RogerTs
Director¢
Dated: 25 June 2021
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WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

| report on the financial statements of the Foundation for the year ended 30 September 2020, which are set out on pages 4 to 18.

Respective responsibilities of trustees and examiner

The trustees who are also the directars of Worcestershire Community Foundation Limited for the purposes of company law, are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011, the 2011 Act, and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

(i) examine the financial statements under section 145 of the 2011 Act;

(ii) to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5}(b) of the 2011 Act; and

(iii) to state whether particular matters have come to my attention.

Basis of independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

E D Needham ACA

Kendall Wadley LLP

Granta Lodge

71 Graham Road Malvern Worcestershire WR14 2J5 19 Dated: 28 June 2021

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WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2020

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2020 2020 2020 2019 2019 2019
Notes £ £ £ £ E £
Income from:
Donations and legacies 3 12,794 738,070 750,864 9,752 147,951 157,703
Charitable activities 4 49,132 - 49,132 4,699 - 4.699
Investments 5 553 36,057 36,610 676 36,207 36,883
Total income 62,479 774,127 836,606 15,127 184,158 199,285
Expenditure
on;
Charitable activities 6 38,602 578,036 616,638 44,850 152,838 197 688
Net gains on
investments 11 384 65,741 66,125 1,847 84,437 86,284
Net incoming
resources before
transfers 24,261 261,833 286,094 (27,876) 115,757 87,881
Gross transfers
betweenfunds 12 21,118 (21,118) - 26,304 (28,304) -
Net movement in funds 45,379 240,715 286,094 428 87.453 87 881
Fund balances at 1
October 2019 66,167 1,420,209 1,486,376 65,739 1,332,756 1,398,495
Fund balances at 30
September2020 111,546 1,660,924 1,772,470 66,167 1,420,209 1,486,376

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

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

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WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

BALANCE SHEET AS AT 30 SEPTEMBER 2020

2020 2019
Notes £ £ £ £
Fixed assets
Investments 43 1,362,731 1,296,605
Current assets
Debtors 15 1,984 13,044
Cash at bank and in hand 411,380 194 666
413,361 207,710
Creditors: amounts falling due within 16
one year (3,622) (17,939)
Net current assets 409,739 189,771
Total assets less current liabilities 1,772,470 1,486,376
Income funds
Restricted funds 17 1,660,924 1,420,209
Unrestricted funds - general
Designated funds 18 - 5,000
General unrestricted funds 111,546 61,167
111,546 66,167
1,772,470 1,486,376

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

4 Wy The accountsYe by the Trustees on 25 June 2021 Mr. Roger Britton Lo Trustee

Company Registration No. 04809926

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WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

Company information

Worcestershire Community Foundation Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is First Floor, Unit 3, Harmac House, Chequers Close, Enigma Business Park, Malvern, Worcestershire, WR14 1GP.

The financial statements have been prepared in accordance with the Foundation's [governing document], the Companies Act 2006 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 (FRS 102) (effective 1 January 2019)", The Foundation is a Public Benefit Entity as defined by FRS 102,

The Foundation has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows,

The financial statements are prepared in sterling, which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared on the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

At the time of approving the financial statements, the trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concer basis of accounting in preparing the financial statements,

1.3 Charitable funds

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Foundation.

1.4 Incoming resources

Cash donations are recognised on receipt. Other donations are recognised once the Foundation has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Incoming resources are recognised to the extent that there is a right to consideration and is recorded at the value of the consideration due,

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WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

(Continued)

Expenditure relating to charitable activities comprise of all expenses that are incurred in the running of the company and all related activities.

Governance costs are costs that are directly attributable to the management of the company's assets, organisational procedures and legal! procedures for compliance with statutory requirements.

Fixed asset investments are stated at market value.

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

Financial instruments are recognised in the Foundation's balance sheet when the Foundation becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Foundation’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the Foundation's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

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|||||||||| |---|---|---|---|---|---|---|---|---| |3|Donations|and|legacies| |Unrestricted|Restricted|Total|Total| |funds|funds|2020|2019| |£|£|£|£| |Donations|and|gifts|12,794|67|484|80,278|91,602| |Grants|receivable|-|670,586|670,586|66,101| |12,794|738,070|750,864|157,703| |For the|year|ended|30|September|2019|9,752|147,951|157,703| |Grants|receivable|for|core|activities| |Tampon|Tax|5|59.056|59,056|66,101| |Covid|-|19|“|611,530|611,530|-| |.|670,586|670,586|66,101| |4|Charitable|activities| |Fund|Fund|manage-ment| |manage-|fees| |ment|fees| |2020|2019| |£|.| |Other|income|49|132|4,699| |5|Investments| |Unrestricted|Restricted|Total|Total| |funds|funds|2020|2019| |£|£|£|£| |Incame|fram|listed|investments|440|34,473|34,913|35,216| |Interest|receivable|113|1,584|1,697|1,667| |553|36,057|36,610|36,883| |For the|year ended|30|September|2019|676|36,207|36,883|

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WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

6 Charitable activities

Other costs Grant Total Other costs Grant Total
funding 2020 funding 2019
2020 2020 2019 2019
E E 3 £ a tz
Staffcosts 31,601 - 31,601 27,675 . 27,675
Direct fund costs 632 - 532 - - -
32,133 - 32,133 27,675 - 27,675
Grant funding of activities
(see note 7) - 539,141 539,141 - 125,163 125,163
Share of governance costs
{see note 8) 45,364 - 45,364 44,850 . 44,850
TF Ag7 539,141 616,638 72,525 125,163 197,688
Analysis by fund
Unrestricted funds -
general 38,602 - 38,602 44 850 - 44,850
Restricted funds 38,895 539,141 578,036 27.675 125,163 152,838
77 497 539,141 616,638 72,525 125,163 197,688
7 Grants payable
2020 2019
£ E
Grants to institutions:
Voluntaryandcommunitygroups 539,141 125,163

4, total of 173 (20) grants were paid out to local charities and not for profit entitities to assist in their work in the community and more specifically for 2020 to enable the organisations to continue to operate during the Covid-19 pandemic.

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WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2020

8 Governance costs
2020 2019 Basis of allocation
a £
Payments to other bodies 1.907 1,329 Governance
Fundraising and administration costs 37,946 37,908 Governance
Bank charges 512 662 Governance
Insurance 473 514 Governance
Independent examination and Governance
accountancy 4,525 4.417
45,363 44 850
Analysed between
Charitableactivities 45,364 44,850

Governance costs includes payments to the Independent Examiner of £1,051 (2019- £1,051) for examination fees.

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year, and none of them were reimbursed for travelling expenses (2019- None).

-10-

WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

10 Employees

Number of employees

The average monthly number employees during the year was:

Number of employees
The average monthly number employees during the		 year was:
2020 2019
Number Number
Development director
Employment costs 2020 2019
E £
Wages and salaries 30,681 27,000
Other pension costs 920 675
31,601 27,675

Remuneration of key management personnel

The trustees, who receive no remuneration (note 9), together with the development director, whose remuneration is shown above, are deemed to be the key management personnel.

There were no employees whose annual remuneration was £60,000 or more.

  1. ‘Net gains on investments
Unrestricted Restricted Total Total
funds funds 2020 2019
general
£ £ £ £
Revaluation of investments 384 65,741 66,125 86,127
Gain on sale of investments - - - 157
384 65,741 66,125 86,284
For the yearended 30
September2019 1,847 84,437 86,284

12. Transfers

Transfers include management fees as permitted by the agreements made with donors on the receipt of funds for distribution.The historic arrangement with Glencora Fund will continue at 1.5% per annum, and the Foundation continues to discount the annual charge to Worcester Arts Services from 5% to 2.5% of the original investment cost per annum.

In addition a transfer has been made from the designated and other restricted funds to cover the deficit arising on Mental Health support in the year.

-1-

WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2020

13 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 October 2019 1,296,605
Valuation changes 66,126
At 30 September 2020 1,362,731
Carrying amount
At 30 September 2020 1,362,731
At30September 2019 1,296,605
14 Financial instruments 2020 2019
£ £
Carrying amount offinancial assets
Instruments measured at fair value through profit or loss 1,362,734 1,296,605
15 Debtors
2020 2019
Amounts falling due within one year: £ £
Trade debtors 436 -
Prepayments and accrued income 1,545 13,044
1,981 13,044
16 Creditors: amounts falling due within oneyear
2020 2019
£ £
Other taxation and social security 788 425
Other creditors 1.418 15,547
Accruals and deferred income 1,416 1,967
3,622 17,939

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WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

18 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Transfers 1 Balance at
October 2018		 Transfers Balance at
30 September
2020
£ £ £ £
Mental Health Fund 5,000 5,000 (5,000) -

Mental Health Fund - reserves designated by the trustees to match restricted income received for the Mental Health Fund.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

20 Related party transactions

Transactions with related parties

During the year the Foundation entered into the following transactions with related parties:

Community First in Herefordshire and Worcestershire has a mutual trustee of Mr R Britton, Payroll services and administration are provided by Community First. There is £926 outstanding to Community First in Herefordshire and Worcestershire at year end (2019 -£13,738 ).

Donations are received from trustees to support the work of the Foundation. These are freely given.

  • 18 -