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← Worcestershire Community Foundation Limited

2023-09-30-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 2023

WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Professor T J Thompson OBE
Mr N P Wentworth-Stanley
Mr D K Shaw
Mr M J Yates
Ms K Leather
Mr N Lloyd
Mr J Chenevix-Trench
Mr T Venner (Appointed 15 May 2023)
Mr O Carpenter (Appointed 15 May 2023)
Mr M Jackson OBE
Charity number 1102266
Company number 04809926
Registered office Kingsway House
40-41 Foregate Street
Worcester
Worcestershire
WR1 1EE
Independent examiner Kendall Wadley LLP
Granta Lodge
71 Graham Road
Malvern
Worcestershire
WR14 2JS
Bankers National Westminter Bank Plc
26 High Street
Stourport-on-Severn
Worcestershire
DY13 8BF

WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

CONTENTS

Page
Trustees' report 1 - 3
Statement of trustees' responsibilities 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Statement of cash flows 8
Notes to the accounts 9 - 21

WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2023

The trustees present their annual report and financial statements for the year ended 30 September 2023.

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. We are an accredited member of UK Community Foundations, a national association which promotes and supports 47 community foundations across the UK.

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.

During the year, Worcestershire Community Foundation (WCF) achieved the following significant impacts to the benefit of our communities county-wide through the delivery of funding as follows:

The High Sheriff Fund (HS) - The Fund received a significant amount through HS fundraising campaigns, distributing £59,500 in small grants to a selected number of local charities specialising in mental health and young people’s causes.

The Arts & Mental Health Fund (Worcester Arts Services) – This Fund gave out over £100,000, a record sum due to a strong financial return by CCLA. The funding was allocated to a wide range of community arts/cultural projects including Worcester Film Festival; Worcester Arts Festival; Worcester Symphony Orchestra and Worcester Mela, a celebration of Worcester’s Asian community and heritage.

West Mercia Police & Crime Commission

We were invited by the West Mercia Police & Crime Commissioner (WMPCC) to set up a pilot fund Inclusive Communities , for which WMPCC provided £50,000 of seed funding, matched by WCF through £25,000 from the Community Fund, £12,500 from the Arts & Mental Health fund, together with £12,500 from the CT Trust.. We distributed £90,000 to 15 innovative projects addressing isolation and discrimination. Selected projects worked with refugees, LBGTQ+ communities and young people. The Fund was hugely oversubscribed, with over £400,000 of applications.

We hope to be able to set this up as a regular funding programme.

WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2023

NHS Funding

This flow-through came to us via our partnership with the new VCSE Alliance that is in the process of establishing itself as Worcestershire’s representative body. A total of £200,000 has been chanelled via the Foundation to support useful work around setting up the Alliance with associated running costs as well as mental health projects.

Communities in Crisis

This was a small-scale but invaluable national funding strand to support the most disadvantaged in society; we had £18,500 which was distributed amongst 9 small foodbanks, community pantries and warm hubs, including core costs.

hashtag iwill

Part of the national hashtag iwill programme, The Foundation received £34,000 funding, which was matched by WCF, making a total of £67,686. This was distributed to 10 organisations for projects engaging young people, giving them a voice and encouraging them to work within their community.

Edward Cadbury Trust

We received £20,000 from this Brimingham-based trust to support groups struggling with the cost-of-living in the immediate post-Covid period. We supported 4 local foodbanks with this pre-Christmas funding as part of a wider appeal set up by a partner fundraising/networking group.

For the 23/24 year, the Foundation is developing a new 24-26 strategy to lead us forward, with the aim of becoming a more resilient, inclusive and effective grant maker which can help meet Worcestershire’s community needs. We plan to develop existing and new funding relationships with donors and strategic partners to increase and improve our fundraising and grant-making impacts. This includes working with local agencies including the Councils, the Police and the NHS, as well as corporate and individual donors. We wish to focus on setting up a new legacy programme to support our endowment funding; at the same time, we must be cognisant of maintaining and developing strands of flow-through funding for immediate impacts to current challenges across the county.

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 and CCLA.

Incoming resources totalled £511,177 (2022 - £279,964) with expenditure of £496,366 (2022 - £744,923). The investment gains were £28,964 (2022 - losses £107,127) resulting in an increase in total funds of £43,775 (2022 - decrease of £572,086 ) and total reserves of £1,816,001- (2022 - £1,772,226) of which general reserves total £218,346 (2022 - £160,438).

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 six to twelve 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.

WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2023

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.

The Foundation acts as a conduit to local philanthropy, linking private and public funders with small community projects across Worcestershire. We are an accredited member of UK Community Foundations, a national association which promotes and supports 47 community foundations across the UK.

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 (Resigned 31 March 2023) Professor T J Thompson OBE Mr Roger Britton (Resigned 30 March 2023) Mr N P Wentworth-Stanley Mr D K Shaw Mr M J Yates Ms K Leather Mr N Lloyd Mr J Chenevix-Trench Mr T Venner (Appointed 15 May 2023) Mr O Carpenter (Appointed 15 May 2023) Mr M Jackson OBE

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; (b) contacts which have the potential to yield significant donations and c) new trustees undergo an induction process to brief them on the organisation and their statutory obligations under charity & company law. Training for Board members is undertaken on an ad hoc basis as appropriate in order to ensure that the Board represents relevant skill sets for the effective functioning of the Foundation.

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 whole.

The nature of the roles of the 2 employees are Director and Grants Officer. The average number of employees during the year was one (FTE); during the year a Grants Officer was employed to support the grants making function. Both posts are part-time. Financing and accounting support is contracted on a freelance basis.

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.

Mr D K Shaw Director Dated: 16 May 2024

WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 30 SEPTEMBER 2023

The trustees, who are also the directors of Worcestershire Community Foundation Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

I report on the financial statements of the Foundation for the year ended 30 September 2023, which are set out on pages 6 to 21.

Respective responsibilities of trustees and examiner

The trustees who are also the directors 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:

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 2JS

Dated: 16 May 2024

WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 SEPTEMBER 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income from:
Donations and legacies
3
3,500
471,571
Investments
4
1,260
34,846
Total income
4,760
506,417
Expenditure on:
Charitable activities
5
46,766
449,600
Net gains on
investments
10
(408)
29,372
Net
(outgoing)/incoming
resources before
transfers
(42,414)
86,189
Gross transfers between
funds
11
100,322
(100,322)
Net movement in funds
57,908
(14,133)
Fund balances at 1
October
160,438
1,611,788
Fund balances at 30
September
218,346
1,597,655		 Total
Unrestricted
funds
2023
2022
£
£
475,071
-
36,106
53
511,177
53
496,366
63,146
28,964
(2,023)
43,775
(65,116)
-
35,485
43,775
(29,631)
1,772,226
190,069
1,816,001
160,438		 Restricted
funds
2022
£
237,771
42,140
279,911
681,777
(105,104)
(506,970)
(35,485)
(542,455)
2,154,243
1,611,788		 Total
2022
£
237,771
42,193
279,964
744,923
(107,127)
(572,087)
-
(572,086)
2,344,312
1,772,226

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

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.

WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

BALANCE SHEET

AS AT 30 SEPTEMBER 2023

Notes
Fixed assets
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
15
Unrestricted funds - general		 2023
£
£
1,334,240
144,702
344,503
489,205
(7,444)
481,761
1,816,001
1,597,655
218,346
1,816,001		 2022
£
£
1,305,276
3,756
473,707
477,463
(10,513)
466,950
1,772,226
1,611,788
160,438
1,772,226		 2022
£
£
1,305,276
3,756
473,707
477,463
(10,513)
466,950
1,772,226
1,611,788
160,438
1,772,226
1,772,226
1,611,788
160,438
1,772,226

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 2023.

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.

The accounts were approved by the Trustees on 16 May 2024

Mr D K Shaw Trustee

Company Registration No. 04809926

WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2023

Notes
Cash flows from operating activities
Cash absorbed by operations
20
Investing activities
Interest received
Net cash generated from investing
activities
Net cash used in financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
£
(165,310)
36,106
36,106
-
(129,204)
473,707
344,503		 2022
£
£
(506,635)
42,193
42,193
-
(464,442)
938,149
473,707

WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

1 Accounting policies

Company information

Worcestershire Community Foundation Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Kingsway House, 40-41 Foregate Street, Worcester, Worcestershire, WR1 1EE.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Foundation's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 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.

1.2 Going concern

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 concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors 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

Income is recognised when the Foundation is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

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.

WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

1 Accounting policies

(Continued)

1.5 Resources expended

Resources expended are recognised on an accruals basis and are summarised under functional headings on a direct cost basis, inclusive of any irrecoverable input VAT.

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.

1.6 Fixed asset investments

Fixed asset investments are stated at market value.

1.7 Cash and cash equivalents

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.

1.8 Financial instruments

The Foundation has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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.

WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

3 Donations and legacies

Unrestricted
Restricted
funds
funds
£
£
Donations and gifts
3,500
429,846
Grants receivable
-
41,725
3,500
471,571
For the year ended 30 September 2022
-
237,771
Grants receivable for core activities
Communities in crisis
-
939
Covid - 19
-
-
British Red Cross
-
255
Half term grant funding
-
-
Queen's Jubilee
-
-
Youth Social Action Fund
-
37,470
DCMS
-
561
NHS Herefordshire & Worcestershire
-
2,500
-
41,725		 Total
2023
£
433,346
41,725
475,071
939
-
255
-
-
37,470
561
2,500
41,725		 Total
2022
£
65,242
172,529
237,771
237,771
-
69,172
-
50,000
48,357
5,000
-
-
172,529

4 Investments

Unrestricted
Restricted
funds
funds
£
£
Income from listed investments
-
32,871
Interest receivable
1,260
1,975
1,260
34,846
For the year ended 30 September 2022
53
42,140		 Total
2023
£
32,871
3,235
36,106		 Total
2022
£
40,463
1,730
42,193
42,193

WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

5 Charitable activities

Other costs
2023
£
Staff costs (including sub-
contract)
46,029
Direct fund costs
907
Cost of events
2,928
49,864
Grant funding of activities
(see note 6)
-
Share of governance costs
(see note 7)
46,766
96,630
Analysis by fund
Unrestricted funds -
general
46,766
Restricted funds
49,864
96,630
6
Grants payable		 Grant
funding
2023
£
-
-
-
-
399,736
-
399,736
-
399,736
399,736		 Total
2023
Other costs
2022
£
£
46,029
33,728
907
245
2,928
-
49,864
33,973
399,736
-
46,766
63,146
496,366
97,119
46,766
63,146
449,600
33,973
496,366
97,119		 Grant
funding
2022
£
-
-
-
-
647,804
-
647,804
-
647,804
647,804		 Total
2022
£
33,728
245
-
33,973
647,804
63,146
744,923
63,146
681,777
744,923
2023 2022
£ £
Grants to institutions:
Voluntary and community groups 399,736 647,804

WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

7 Governance costs

Payments to other bodies
Fundraising and administration costs
Bank charges
Insurance
Independent examination and
accountancy
Legal and professional fees
Analysed between
Charitable activities		 2023
£
3,295
28,268
513
456
13,975
259
46,766
46,766		 2022 Basis of allocation
£
6,015 Governance
44,061 Governance
425 Governance
449 Governance
12,196
Governance
- Governance
63,146
63,146

Governance costs includes payments to the Independent Examiner of £2,370 (2022 £1,250) for examination fees.

8 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 (2022- None).

WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

9 Employees

Number of employees

The average monthly number employees during the year was:

Development director
Employment costs
Wages and salaries
Other pension costs		 2023
Number
1
2023
£
37,566
1,127
38,693		 2022
Number
1
2022
£
32,783
945
33,728

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.

10 Net gains on investments

Unrestricted
Restricted
funds
funds
general
£
£
Revaluation of investments
(408)
29,374
For the year ended 30
September 2022
(2,023)
(105,105)		 Total
Total
2023
2022
£
£
28,966
(107,128)
(107,128)

11 Transfers

Transfers include management fees as permitted by the agreements made with donors on the receipt of funds for distribution. Total fees transferred for the year were £70,478 together with expenditure of £29,844.

On 27 April 2023, the Trustees sought to consolidate various existing funds in order to create the Community Fund, it was felt that this would ensure better use of the restricted funding available. The total value of the transfers from existing restricted funds to the Community Fund was £316,785. The trustees were satisfied that the use of the transferred funds complied with the remit of the original donations/funds.

WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

12 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 October 2022 1,305,276
Valuation changes 28,964
At 30 September 2023 1,334,240
Carrying amount
At 30 September 2023 1,334,240
At 30 September 2022 1,305,276
13
Debtors
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income
14
Creditors: amounts falling due within one year
Other taxation and social security
Other creditors
Accruals and deferred income		 2023
£
129,566
15,136
144,702
2023
£
-
4,533
2,911
7,444		 2022
£
1,550
2,206
3,756
2022
£
524
6,528
3,461
10,513

WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

15 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Movement in funds in funds Movement in funds Movement in funds
Balance at Income **Expenditure ** Movements Transfers Balance at Income Expenditure Transfers Movements
Balance at
1 October on 1 October on
30 September 2023
2021 investments 2022 investments
£ £ £ £ £ £ £ £ £ £ £
Glencora 212,258 470 (3,000) (20,764) (2,834) 186,130 480 - (202,383) 15,773 -
Comic Relief 2,826 - - - - 2,826 - - (2,826) - -
Surviving Winter 450,046 - (450,000) - - 46 - - (46) - -
High Sheriff 22,662 43,337 (7,500) - - 58,499 76,027 (59,512) (16,285) - 58,729
Mazak 11,069 - - - - 11,069 - - (11,069) - -
Core Services 6,640 - - - - 6,640 - - (6,640) - -
Worcester Arts Services 1,244,324 41,291 (39,500) (84,340) (29,044) 1,132,731 33,978 (70,500) (89,920) 13,599 1,019,888
Youth Social Action Fund 28,963 5,000 - - - 33,963 37,470 (67,686) (3,747) - -
Other funds 101,677 8,707 (30,954) - - 79,430 8,397 (76,130) (11,499) - 198
Tampon Tax 152 - - - - 152 - - (152) - -
Mental Health 7,502 - - - - 7,502 - - - - 7,502
Dr Carl Ellson Clinical
Innovation Fund - - - - - - 10,655 (160) (2,500) - 7,995
Edward Cadbury Trust - - - - - - 20,000 (20,000) - - -
Covid 19 Fund 57,901 69,186 (53,648) - - 73,439 - (16,576) (56,863) - -
Green Canopy Queen's
Jubilee 378 754 - - - 1,132 - (1,080) (52) - -
Tom Jones Memoriam
Fund 7,845 11,164 (2,425) - - 16,584 2,729 (59) (1,594) - 17,660
Ukraine Welcome Fund - 1,585 - - - 1,585 5,000 (5,000) - - 1,585
Queen's Commemoration
Fund - 60 - - - 60 - - (60) - -
Bradley Haynes Law
Fundraising Appeal - 48,357 (44,750) - (3,607) - 78 (3) - - 75

WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

15 Restricted funds (Continued)
the Community Fund - 50,000 (50,000) - - - - - 280,503 - 280,503
Inclusive Communities
Fund - - - - - - 62,500 (90,000) 27,500 -
Community in Crisis Fund - - - - - - 19,537 (18,348) (1,189) -
NHS Trust - - - - - - 229,566 (24,546) (1,500) 203,520
2,154,243 279,911 (681,777) (105,104) (35,485) 1,611,788 506,417 (487,100) (100,322) 29,372 1,597,655

WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

15 Restricted funds

(Continued)

Glencora - this fund is used to promote activities that benefit the environment, enhance lifestyles of the older generation and further the arts with a particular emphasis on music

Comic Relief - a community grant of which 50% must be spent on sports projects that increase access to sport and exercise for people who face social exclusion and isolation. The remaining funds will be used to support community groups running projects that work towards the following outcomes:

Surviving Winter - Represents monies received to enable individuals to meet energy bills in the winter months.

High Sheriff - Funds raised by events held by the High Sheriff to support a wide range of community based projects.

Mazak, Core Services, and Worcester Arts Fund - These monies were given to the charity under the government matching scheme. Funds are held to promote the activities of the charity and arts in the Community.

Youth social action fund - The Youth Social Action Fund, now referred to as the iWill Fund is sponsored by a number of bodies and charities - Step Up To Serve, Big Lottery Fund and the Government Office for Civil Society. Community Foundations strive to match this investment, which Worcestershire Community Foundation have done, with the support of funds raised through the Worcestershire Ambassadors.

The idea of this initiative is to provide opportunities for young people to develop their personal skills and, in particular, engage with their local communities; the programme particularly supports opportunities where the initiatives are inspired and led by the young people themselves.

Other - Funds given by a number of donors for use in the Community rather than core services pooled together into other funds. This includes the 100 Club, a fund developed as a way of local businesses providing financial support to the Charity over a fixed term up to five years. The fund will be used to support a wide range of community based projects, but does not have any specific priorities.

Tampon Tax - funds received from the Tampon Tax fund for distribution to local groups and charities. Mental Health - The establishment of a Mental Health Fund to help those in need in Worcestershire. Salary Fund - monies received to fund the post of development director.

Covid-19 - Fund - comprises of funds received via the National Community Foundation for distribution to those in the region in need as a result of the Covid-19 pandemic, and funds raised from businesses and individuals in the community through a community appeal.

Green Canopy Queen's Jubilee - A UK wide tree planting project for the Queen,s Jubilee

WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

15 Restricted funds

(Continued)

Tom Jones Memoriam Fund- Set up to celebrate the memory of a young student Tom Jones.

The main emphasis will be on helping to provide sports-related opportunities to all children and young adults in schools, colleges and universities and working closely with local sports groups – reflecting Tom’s passion for sport.

Ukraine Welcome Fund - Supporting Ukrainian refugees who are being hosted by local families across the county.

Arts Council England Jubilee Fund - supporting voluntary and community groups to develop creative and cultural activities as part of the Queen’s Platinum Jubilee celebrations.

Queen's Commemoration Fund- supporting a range of community projects across Worcestershire.

October Half Term Grant Fund- supporting those in need over the half term break from school.

the Community Fund - This is an endowment-based fund which is formed from an amalgamation of former funds/donations. Its broad remit is to fund community projects which cannot be funded by other available funds.

Inclusive Communities Fund - A flow-through fund developed in partnership with West Mercia Police & Crime Commission to fund projects addressing minority and marginalised groups. See the report of the trustees for further detail.

Community in Crisis Fund - National funding via UKCF to support food/warm spaces & white goods provision for small community groups.

NHS Trust - Funding from the Worcestershire Acute Hospitals NHS Trust supporting infrastructure development of the new VCSE Alliance for Worcestershire alongside some mental health services.

WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2023

16
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2023
2023
£
£
Fund balances at 30
September 2023 are
represented by:
Investments
41,923
1,292,317
Current assets/(liabilities)
176,423
305,338
218,346
1,597,655		 Total
Unrestricted
funds
2023
2022
£
£
1,334,240
42,331
481,761
118,107
1,816,001
160,438		 Restricted
funds
2022
£
1,262,945
348,843
1,611,788		 Total
2022
£
1,305,276
466,950
1,772,226

17 Operating lease commitments

Lessee

At the reporting end date the Foundation had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2023
£
431
108
539		 2022
£
-
-
-

18 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 had a mutual trustee of Mr R Britton. Payroll services and administration are provided by Community First. There is £nil outstanding to Community First in Herefordshire and Worcestershire at year end (2022 -£48 ).

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

WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

19 Other connected income

During the period a donation was pledged by one of the Trustees’ charitable trusts which remains a receivable on the balance sheet.

20 Cash generated from operations 2023 2022
£ £
Surplus/(deficit) for the year 43,775 (572,087)
Adjustments for:
Investment income recognised in statement of financial activities (36,106) (42,193)
Fair value gains and losses on investments (28,965) 107,128
Movements in working capital:
(Increase)/decrease in debtors (140,946) 2,639
(Decrease) in creditors (3,068) (2,122)
Cash absorbed by operations (165,310) (506,635)

21 Analysis of changes in net funds

The Foundation had no material debt during the year.