Charfty Registrallon No. 1102266 Company Raglstratlon No. 04809926 (England and Wales) WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustses Professor T J Thompson OBE Mr N P Wentworth-stanley MrDKShaw Mr M J Yates Ms K Leather Mr J Chenevix-Trench Mr T Venner Mr O Carpenter Mr M Jackson OBE Charity number {England and Wales) 1102266 Company number 04809926 Reglstered office Kingsway House 41F41 Foregate Street Worcester Worc&stershire WR1 1EE Indep8ndent examlner Kendall Wadley LLP Granta Lodge 71 Graham Road Malvem Worcestershire WR14 2JS Bankers National Westminler Bank PIC 24 High Street Kidderminster Worcestershire DY10 2DL
WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED CONTENTS Page Chalrman's Statement Trustees, report Statement of trustees, responsibililies Independent examinels report statement of financial activitles Balance sheet statement of cash flows Not8S to the accounts 10-22
WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED CHAIRMAN'S STATEMENT FOR THE YEAR ENOED 30 SEPTEMBER 2024 have great pleasu In prosenting our Annual Report and Flnanclal Slatem6nla for th8 yoar endlng 30 Septémbèr 2024. 11 has boen anothèr bu8y and $ucce$6ful ye0r for Ihe Foundallon, During the flnanelal yèar, we dlslrlbut¢d £236,473 10 23 communlty organl$allons, arffoss a great varlety of dlfferent ¢411888, It has never been our slrate9y lo allgn our8elveB wllh a partlwlar no6d or challen9e., We havo Iilstead sought lo fpcv.$ gn 111¢ 8mellor charjl165 and charltabla organisatlons In the tounty, Iho$e wlthoul $19ftificant fund-ral$lng abllltles, who 80 often do such fantagtlc and Important work, bul find It really hg,rd lo the mo!)ey whl¢h 1$ 80 t81 for th'elr gOilvlllR$. Wé y80 11 as our lob to know as much as po$8iblp about Ihe$-e charftable enlltles and Indivlduals, so that we can lft turn help thos& who wanl to gfve, arvd make sure th81 they con dlre¢t thelr charllable dona(iona in the most eff¢¢livg way. Thls year we wetq partlculatEy pleased tt) work v41th worc8stershlre County Coun¢ll to croate the SlrenOlh8nlng Wor¢stershlfe Fund,. we worked in partner,8hip with the touncil lo support dlsadyanlagod local ¢ommunlllos conllnulny to gXPèrlenGe th6 ongolng 6ffé¢ls of thé ¢o$l•f41vlnk. Ovér the course of th¢ $ummer, we raised £18,009 lo cothbinè Wtth £IOO,OOQ from th$ Councll, whlch w88 dlslrlbul8d aft¢r close of the ttnancial year10 8 ljroad range of ¢harltles dolng som6 Of Ihe mo6t vlfal at)d Impactfvl work In the Gouiity, to.g&ther wllh addFttonai fundlng ra¢Nfvod_ and ral8¢d post the reporlliig dale of £31,000 snd UQ,000 re$pocllvely. IN NoVp.mbei 2023,. we get up our Filends 9f the WCF ffiembersllp Scheme, IG ct)Inclde with our 2Iykn annlversary ¢&labratlons. Th¢ scheme Is targeted al our gEnero.us doThots - Indlvlduls, liu$t8 and cotporales. and th& fund$ ralséd wlll be split bèlwèen Our néw Communlty Fund and UDi¢slrleted (und'lng. As always, we wérp dellghted to worfÉ In g1!VP¢rt of thé Hlgh 8h¢rlff Fund, wl(h lurtds ral$.ed fmm a vBrlety Df evant and. ithilallves. A lolal of £49,200 was dlslrfbuted In small 9ran18 to eleven cominunlty groups 6eleot6d Liy Ihe Hlgh In Ma¥ 2015, Davld Shaw Èlepped down as Chalt of the Board of Ihe WCF, on¢ I wa$ appolnt¢d to ts-ka hfs plaea. I want (o tsKe Ihl3 opportlmlty to thank Davld for h18 funlastlc contflbthlon os aur Chalr., long and disllngul8h¢d Tacord of pub.iIG Ggrylcq provkled hlm wllh Invaluabl&, e%perf8n¢e lo guldp the WGF, in¢ludlng Ibrough the chollénglng ltheh Of ¢ovid, and i am most or8t6fUI Ihal ho hdsagr8ed lo. conllnue ta 8oNe Os A tru$lee. ay i atso tak8 Ihls opportunlty to thank our ggDeious donori, wlthoui whom we would not bo ab18 to provldo the rt aero8$ tho County whl¢h Is 80 badly needed, ourAmba$$adors. for contlnuln9 to pronK)le Ih.e Follndal(on' our. rusteeswhp.giv.o so genOUSlY of tbelr tlme and wl$dom' ahd not1È4$L our smaji ex6cutive team, Who woik so h#rd to hglp the WCF. make the. maxlmum Impact across th8 County. Wo look forward l() worklng wllh you all in tho yearlo ¢om6. r J Chenevlx-Trench Chalrmen Oate.. 8 May 2025
WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2024 The trustees present thelr annual report and finan¢lal statements for the year ended 30 September 2024. The flnan¢lal statements have been prepared In accordance wlth the accounting policies set out in note 1 to the flnancial slatements and comply with the Foundation's governlng document, the Companies Act 2006 and "Accounting and Reporting by Charlties.. Statement of Recomm6nded Practlce applicable to charities preparing their accounts In accordance with the Financlal Reporting Standard appllcable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). Oble¢tlve$ and actlvllles The Foundatlon's objects are to channel @ndowments and other funds to local voluntary and communlty groups within thé County of Worcestershire. We are an accredited m8mber of UK Community Foundations, a natlonal association which promotes and supports 47 Community foundations across th8 UK. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what aCtitIeS the Foundatlon should undertake. A¢hlevements and perfomian¢8 The movements on the reserves managed by the Foundatlon are descrfbed in the notes accompanylng the financial statement8. During the year, wOrstershIre Community Foundation (WCF) achleved the following significant Impacts to the benefit of our communities county-wide Ihrough the delivery of funding as follows: We dlstrfbuted £236,473 to 35 Community organisations We worked in partnership to deliver funding from tha following endowmenl-based and flow-through funds.. Flow-through Funds The Strengthening Worcestershire Fund A new flow-through match fund set up in partnership with Worcestershire County Councll lo dlstrlbute excess funds from a Govt. community grant scheme. WCF recelved a total of £100,000 from WCC matched by funding of £16,000 raised from other charitable funders, corporates and indlvidual donors. This was distributed aft8r th8 dose of the financial year together wlth additional funding r8ceiv8d and raised post the reporting date of £31,000 and £40,000 r8spectively. NHS Fund - A total of £163,000 to support mental heatthlwellbeing was distributad to a rang8 of healthcare providers across Worcestershire, including Sandycroft, Worcs. Associatlon of Carers, Young Solutions. Endowment Funds Tha Hlgh Sherlff Fund IHS Fund) - Th8 fund generated Income through fundraising events and initiatiV8S to support th8 work of community groups selected by the HS; £43,200 was distributed in small grants to eleven local charities specialising in mental health, young people's causes and homelessness, including Worcester Warriors Community Foundation and Wyre Forest Nightstop. Tom Jon88 Fund - In memoriam fund to commemorate a young student who traglcally lost his lrfe in 2018. This year we distributed £4,260 for projeGts relating to sport and young people, including a Festival of Sport and football kit.
WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2024 WCF Communlty Fund This fund is comprised of a number of small residual WCF funds whlch wer8 combined in 202310 cr8ate a new, more purposeful funding vehicle wllh a general remil, whlch is Intend8d to support where oth6r funds are unable to. It is recommended to distribute no more than 50/0 of its investment revenue value each year. In 23124 it gave out a grant of £5k to support a Worcester Choral Society concert Mass In Blue. Dr Carl Ellson Clinical Innovatlon Fund - An in memoriam fund commemorating Dr Carl Ellson, a much respected GP from the unty. The fund was set up with the express aim of raislng a certain level of income whl¢h will be allocated In an open bid process to a single healthcare organisalion delivering the most Innovative scheme to deploy the funding sustainably. Friends of WCF - Our new WCF membershlp scheme was launched in November 2023 to coincide with our 20th anniversary celebrations. The scheme Is targeted al individuals, other trusts and corporates, with the In¢ome raised divided between the Community Fund and unrestricted fundlng. W8 ar8 now actively worklng frorn a new 2024 -27 Development Strategy, wlth lh8 aim of becoming a more resilient, inclusive and 8ffe¢tiV6 grant mak8r which can sustainably meet Worcestershire's communlty needs. We are proactlvely developing existing and new funding relatlonships with donors and stralegi¢ partners to increase and Improve our fundraising and grant-making Impacts. This includes working wlth local agencAes includlng Councils, the Police and the NHS, as well as corporate and individual donors and professional advisors. We have begun the process of developing 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. Flnanclal review The majority of the Foundation's income is obtained from donations, grant administration, and Gov8rnment (Gift Aid and Grassroots). Banking arrangements are placed with Natwest Bank plc. The Foundatlon's endowment funds 8re managed by St James's Pla and CCLA. InGoming resources totalled £227,191 (2023 £511,177) with expenditure of £341,121 (2023 £498,367). The Investment gains were £153,762 (2023 - gains £28,966) resulting in an increase in total funds of £39,832 (2023 - increas8 of £43,776) and total reserves of £1,855,835 - (2023 £1,816.003) of which general reserves total £197,972 (2023 - £218,347). It is the policy of the Foundation that unrestrfcted funds whiGh have not been designated for a specific use should be maintained at a level equlvalent 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 fundlng, Ihey wlll be abl8 to continue the Foundation's current actlvltles whlle conslderation is given to ways in which additional funds may be raised. Thls level of r8seNes has been maintained throughout the year. Th8 trustees have assessed the major rlsks to which the Foundation 18 exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. Structur0¥ governance and management The Foundation is a company Ilmited by guarantea and is governed by Its Memorandum and Articles of Association dated 3 June 2003. The Foundation acts as a conduit to local philanthropy, linking prlvale and public funders with small communlty projects across Wor¢8St8rshire. We are an accredited member of UK Community Foundations, a national association which promotes and supports 47 community foundatlons across the UK.
WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED TRUS.TEES' RÉPQRT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR fHE YEAR ENDED 30 SEPTEMBER 2024 The Iru8te8s. who ar¢ 81s0 lh8 dlreclors for Iho purp089 Of aompany law, and who servgd durlng the year and up lo thé daté of 81gnatUfe otihe Inancl81 slatenEnts wgro.. PrLifosa¢tT J Thompson OBE Mr N P eriOrth-S[anIeY MrDKShaw Mrm! Yoles M& If Leathar Mt N Lloyd Mr J Chen8vlx-TreN¢h N4r T Vell¢Je¢ MF Q Carp8rn16r Mr M Jacksotl 0g.E (Restgned 31 October 2024) Nooeof tha. trustees has beneficlal Interasr In thè corbpgny. All ot the liustoes are momb&rs of tF)e ¢ompany and guarantge to contrlbu10 £1 In the ev&nt of a wlndlng up. The Board énoaue5 In an ongoino and praumalioscan of pol8nllall¥ gultablo Trustees 8eeklng (a) kttowledge of the &e¢tor,' and {tJ> c¢ntart$ whldl. h?ve the polenllal to yield #lgnlfi'¢8nt donallon&.14aw 1ru8ie.es under90 an Indu¢tioo pro¢e$s to brlef them on tha organlsatlon'And Ibelr 8fatth'ow obllgatbns ynder ¢harlly &.Gomp_anylaw. fralnlng lor aoard m¢mbor¥ l¥ und¢rtak¢n on an gd flo¢ ty0819 av4 dpproprl81¢ In ordarto ensure that the B¢>ard i&pre$enl8 relèvant skill set8 for tha erfd¢tlvo funrltonlna ol th9 FouiidalioTr. Tr8lnln9 for Board meiDhèrs la delfvef6d through speciflc Ilems Inctude(f on koard agendas and speelai 8Ossfons l&¢oncenlrale on Important loplc?. All tralnlno soeks to develop both Ir6dlvidvHls and fhe organlsallon as a wholé. Th& ngtuiè of Ih&roles of the 2 emO¥e08 ere ofF.o¢Eor and Grani$ Offl¢er. The aver*)e numberof employ durtntr tho yearwa3 (FTEI, both Posts ale pthllmé. FinaTh¢lng. and a¢¢ounllng SUPPQrtls conliaoled on a f(oèlahce ba$l$. Th1$ report has bdprF prepared In aordanC& wnh the 8ppckl prov181ons latIng to 8ma!I CQF))panles wllhln Part 15 oTlhe Compan10$A¢t 2006, Thetsusl8e& reportW88 8pprtsved by the Board. ofTru8lees. r J ¢h8nevlx-Trèn¢h Dlre¢for D8led: 8 May 2¢525
WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 The trustees, who ar8 also the dir8Ctors of Worcest8rshiie Community Foundallon Limited for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in accordance with applicabl8 law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Irustee5 to prepare financial statements for each financial year which give a true and fair vlew of the state of affairs of the Foundation and of the incomlng resources and application of resources, including Ihe income and expendlture, of the charilable company for that year. In preparing Ihese financial statements, the trustees are requlred to.. sel8Ct suitable accountlng pollcles and then apply Ihem consistenlly; obseNe the methods and principles in the Charitles SORP; make judgements and estimates that ara reasonable and prudent,. state whether appllcable UK AOUntIng Standards have b8en followed, subject to any material d8partures disdosed and explalned in the financial statements. and prepare the financial statements on the going concern basis unless it Is Inappropriate to pr8sume that the Foundation will continue in operation. The trustees are responsible for keeping adeqLFat8 accounting records that disclose wlth reasonable accuracy at any time the Ifnancial position of the Foundation and enable Ihem to ensure that the financial stslemenls comply with the Compani8s Act 2006. They are also responsible for safeguarding the assets of the Foundation and hence for taking réasonable 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 to the trustees on my examination of th8 financial statements of Worcestershlre Community Foundation Limited (the Foundalion) for the year ended 30 September 2024. Responsibllltios and bagis of report As the trustees of the Foundation (and also its dlrectors for the purposes of company law), you are responsible for the preparation of the finandal statements In accordance with the requirements of the Companles Act 2006. Having satlsfied myself that the finanoial statements of the Foundatlon are not required to be audlted under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the Foundation's financial slatements carried out under section 145 of the Chariti@s Act 2011. In carrying oul my examination I have followed the Direcllons given by the Charity Commission under section 145{5)(b} of the Charities Act2011. Independent examine¢$ Statement I have compleled my examlnatlon. I confirm that no matters have come to my attentlon In ¢onne¢tlon with th8 examination giving me causé to believe that in any material respect: accounting records wer8 not kept in respect of the Foundation as required by section 386 of the Companies Act 2006. the financial statements do not accord with those records,. or the flnancial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financlal statements give a true and fair view, which is not a matter ¢onsldered as part of an independent examlnatlon., or the flnan¢ial statements have not been prepared In accordan wlth the methods and prln¢lples of the Statement of Re¢ommend8d Practice for accounting and reporting by charlties applicable to charities preparing their financial statements in accordance with the Finandal Raporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no olher matters in connection with the examination to which attention should be drawn in this ort in order to enable a proper understanding of the financial statements to be reached. Kendall Wadley LLP Granta Lodge 71 Graham Road Malvern Worceslershlre WR14 2JS 8 May 2025
WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Unrestrlcted Restrlcted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notss Income from: Donalions and legacies Charllable acllvities Investments 7,780 24,398 3.515 156,951 164,731 24,398 38,062 3,500 471,571 475,071 34,547 1,280 34,846 36,106 Total income 35,693 191,498 227,191 4,780 508,417 511,177 enditure on: Charltable activtties 95,484 245.637 341,121 46,766 449,601 496,387 Net gains on investhients 10 (190) 153,952 153,762 (408) 29,374 28,966 Not (outgoing)Iln¢omlng resources before transfers Gross transfers between funds (59,9811 99,813 39,832 (42,414) 86,190 43,776 11 39,606 (39,606) 100,322 (100,322) Net movement In funds (20,375) 60,207 39,832 57,908 (14,132) 43,776 Fund balances at 1 October 218.347 1.597.658 1,816,003 160,439 1,611,788 1,772,227 Fund balance8 at 30 September 197,972 1,657,863 1,855,835 218,347 1,597,656 1,816,003 The stalement of financial activities includ88 all gains and losses recognised in the year. The slatement of financial activities includes all gains and losses r8cognised in the year. All income and expend6ture derlve from continuing activiti6S. The statement of flnanGial actlvlties also complies with the r8quirem8nts for an income and expenditure account under the Companles Act 2006.
WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED BALANCE SHEET AS AT30 SEPTEMBER 2024 2024 2023 Notes Flxed assets Inv&slments Current assèts Deblors Cash at bank and in hand 12 1,488,004 1,334,240 13 1,891 369,861 144,702 344,505 371,752 480,207 Credltors; amount8 falllng due wlthln ona year 14 {3,9211 (7,444} Net current assets 367,831 481,763 Tolal a8¥8ts les$ Current IIAbllltles 1,855,835 1,816,003 Income fund$ Restricted funds Unrostrlcled funds - general 16 1,657,883 197,972 1,597,656 218,347 1,855,835 1,816,003 Tha company 1$ entllled lo Ihe exemptlon from the audlt requlrement corbtalnad In secllon 477 of the Companles Act 2006, for the year ended 30 Seplember 2024. The members have not required the company to obtaln an audit of Its flnanclal 8tatom8nls for the y68r questlon in accordance wllh section 476. The trustfjes acknowledge Ihoir responslbililles for ensurfng that the charlty kaeps accountlng records whlch Comply with secflon 386 of the Act and for prepartng flnanclal 8Éalement8 whlch glve a true 4nd fair vl8w of tho slate of affairs ol tho c(yMpany as at the end of the financial year and of its incoming iesources and appllcalion of resources, ill¢luding it8 Income and expendllure, for thg flnanclal year In acwrdanc& wlth Ihe requlrements of sections 394 an(Tr 395 and whi¢h Othe1$e comply wlth the requiremonts of the ¢ompanle8 Act 2006 relallng to Plnanclal 8talemènts, so far &9 appllcable to the ¢ompany. Th8sa flnandal statements have been prepared In aordanCe w5th the provlsions appllcable to companies subject lo th& small ¢ompan16s reglm8. The accounts wéro approved by the Trustees on 8 May 2025 Mr J Chenevlx-Tren¢h Truslofj CoTnpany Reuigtratlon NLF. 04809926
WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 Notes Cash flows from operatlng actlvltles Cash absorbed by operations 21 (12,706) (165,310) Investlng acllvltles Interest received 38,062 36,106 Net cash generated from investing activities 38,062 36,106 Net cash used in financing activities Net Increasel{d8creaso) In cash and cash equlvalonts 25,356 {129,204} Cash and cash equivalents at beginning of year 344,505 473,709 Cash and cash equivalents at end of year 369,861 344,505
WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 A¢¢ounting poli¢les Company Infomiatlon Worc@stershir6 Communlty Foundation Limited is a private company limited by guarantee incorporated In England and Wales. The registered office is Klngsway House, 40-41 Foregate Street, Worces18r, Worcestershire, WR11EE. 1.1 Accounting Convention The financlal statements hav8 been pr6pared in accordanc8 with the Foundalion's [gov8rning document], the Companies A¢t 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republlc of Ireland" ("FRS 102°) and the Charities SORP "Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable to charities preparing their accounts in accordance wlth the Flnancial Reporting Standard appllcable In the UK and Republic of Ireland {FRS 102}" (effe¢tlve 1 January 2019). The Foundation Is a Publ1¢ Benefit Entty as defined by FRS 102, The financlal statements are pr@pared in sterling, which is the functional curr8ncy of the Foundatlon. Monetary amounts in these financial statements are rounded to the nearest £. Th8 accounts have been prepared on the historical cost convention, modifled to include certaln Ilnanclal instruments at fair value. The principal accounting policles adopted are set out below. 1.2 Going concern At the time of approving the flnanclal statements, the trustees have a reasonable expectatlon that the Foundation has adequate resources to continu8 in operational 6XiSt@nce for the for8seeabl8 future. Thus the trustees conllnue to adopt the golng concern basis of accounting in preparing the financial statements. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of thelr charltable objectives. Restricted funds are subject to speciflc condltions 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 fvnds are subject to speclfic conditions by donors that the capital must be maintained by the Foundation. 1A Incomlng resourc88 Incom8 is recognised when the Foundation is legally entitled to it after any performance condllions have be8n met, the amounts can be measured rellably, and it is probable that income wlll be re¢elved. Cash donatlons are re¢ognis8d on r8céipt. Oth8r donations are recognised onc8 the Foundation has been notified of the donatlon, un16ss p&rformance conditions reqL5ire deferral of the amount. Income tax recoverable in relation to donations r8c6ived under Gift Aid or deeds of covenant is recognised at the time of the donatlon. Incoming resources are recognised to the extent that there is a right to consideration and is recorded at the value of the consideration due. 10-
WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting policies (Contlnued) 1.5 Resources expended Resources expended are recognised on an accruals basis and are 5ummarised under functional headings on a direct cost basis, inclusive of any irrecoverable input VAT. Expenditure relating to charitable activitles comprlse of all expenses that are inCued in the running of the company and all related activities. Govemance costs are costs that are directly attributable to the management of Ihe ¢ompany'8 assets, organisational procedures and legal procedures for compliance with statutory requirem8nts. 1.6 Fixed asset Inveslments Fixed asset Investmenls are stated al market value. 1.7 Cash and cash equlvalents Cash and cash equival@nts indud8 cash in hand, deposits held at call with banks and other short-term liquld Invastments wilh original maturities of three months or less. 1.8 Flnanclal Instruments The Foundation has elected to apply the provisions of Section 11 'Baslc Finan¢lal Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instNments. Financlal Instwments are reGognised in the Foundation's balanc8 sheet when the Foundation becomes party to the contraclual provisions of th8 instrument. Bas1¢ Ilnanclal assets Basic financial assets, which include debtors and cash and bank balances, are Inltlally measured at transaclion price including transaction costs and are subsequently carrled at amortlsed Cost using the éffectlV8 interest. Financial assets classified as receivable within one year are not amortlsed. Baslc Ilnancial liabilities Baslc financial liabilities, induding creditors are initially recognised at transaction price. Financlal Ilabllllles classified as payab18 Wlthin one year are not amortised. Other charitable incom8 represents fees rec8iv8d dir6Ctly by the Foundation for management of funds on behalf of oth6rs, Derecognltlon of flnanclal Ilabillties Financial liabilities are derecognised when the Foundation's contraclual obligations expire or are discharged or cancelled. 1.9 Retirement benefits Payments to defined contribution retirement benefrt schemes are charged as an expense as they fall due. 11
WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Critical a¢counting estimates and Judgements In the appllcation of the Foundation's accountlng policies, the tNstees are required to make judgements, estimates and assumptions about the carying amount of assets and liabilities that are not readily apparent from other sources. The estlmales and assoclated assumpllons are based on historlcal experience and other factors that are considered to be relevant. Actual results may diff8r from these esllmates. The estimates and underlying assumption8 are reviewed on an ongoing basis. Revisions to accounting estimates are recognlsed in the period in which the estimate is revised where the revision affects only that period, or in the period of the revlsion and future periods where Ihe revlslon affects both current and fvture periods. Donations and legacies Unrestricted Restrfctod funds funds Total 2024 Tolal 2023 Donations and gifts Grants receivable 7.780 156,951 164,731 433,346 41,725 7,780 156,951 164,731 475,071 For the year ended 30 September 2023 3,500 471,571 475,071 Grants recalvabla for core actlvltle8 Communities in crisis British Red Cross Youth Social Action Fund DCMS NHS Herefordshir8 & Worc8st8rshire 939 255 37,470 561 2,500 41,725 Investments Unrestrl¢ted Restslcted funds funds Total 2024 Total 2023 Income from listed investmenls Inter8st rec8ivable 25,781 8.766 25.781 12.281 32,871 3,235 3,515 3,515 34,547 38,062 36,106 For the year ended 30 September 2023 1,260 36,106 12-
WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Charltable actlvltle8 Other costs Grant fundlng 2024 Total Other costs 2024 Grant funding 2023 Total 2023 2024 2023 Slaff costs {including sub- contract) Direct fund cosls Cosl of events 49.075 256 8,908 49,075 256 8,908 46,029 907 2,929 46,029 907 2,929 58,239 58.239 49,865 49,865 Grant funding of activities (see nole 6) Share of governance costs (see note 7) 236,473 236,473 399,736 399,736 46,409 46,409 46,766 46,768 104,848 236,473 341,121 96,631 399,736 496,367 Analy818 by fund Unrestricted funds - general Rastricted funds 95,484 9.164 95,484 245,637 46,766 49,865 46,766 449,601 236,473 399,736 104,648 236,473 341,121 96,631 399,738 496,367 Grants payable 2024 2023 Grants to instilutions: Voluntary and community groups 236,473 399,736 13-
WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Goveman¢e costs 2024 2023 Basls of allocatlon Payments to other bodies Fundraising and administration costs Bank charges Insurance Independent examination and accountancy Legal and professlonal fees 2,366 31,649 469 495 3,295 Governance 28,267 Governance 513 Governance 457 Governance Governance 11,430 13,975 259 Governance 46,409 46,766 Analysed between Charltable actlvities 46.409 46,766 Govemanc8 Costs includes payments to the Independent Examinér of £2,000 (2023 £2,370) for examination fees. Trustses None of the trustees (or any persons connected with them) reiVed any remuneration durlng the year, and none of them were relmbursed for travelling expenses (2023- None). 14-
WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Employees Number of employees The averag6 monthly number employees during the year was: 2024 Number 2023 Number Development director and grants officer Employment ¢osts 2024 2023 Wages and salaries Other pension costs 47,646 1,429 37,566 1,127 49,075 38,693 Remuneratlon of key management personnel The trustees, who r8ceiv8 no remuneration (note 8), together with the development director, and grants officer whose remuneration is shown above, are deemed to be the key management personnel. There wer8 no employees whose annual remuneration was £60,000 or more. 10 Net gains on investments Unrestrf¢ted Restrlcted funds funds general Total 2024 Total 2023 Revaluatlon of investments (190) 153,952 153,762 28,966 For the year endod 30 September 2023 (408) 29,374 28,966 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 £39,606 (2023 - £70,478) together with expendlture of £nil {2023 -£29,844). In the prior year, on 27 April 2023, the Trustees sought to consolidate various existing fvnds in order to ¢r&ate the Communlty Fund, It was felt that this would ensur8 better use of the restrlcted funding available. The total value of the Iransfers from exlsting restricted funds to the Communiiy Fund was £316,785. Th8 twsl8es were satisfied that the use of the transferred funds complied with the remit of the orlglnal donationsmunds. 15-
WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 12 Flxed asset Investments Llsted Inveslments Cost or valuallon At 1 October 2023 Valuatlon changes 1,334,240 153,764 At 30 S8Pt6mber 2024 1,488,004 Carrylng amount At 30 September 2024 1,488,004 At 30 September 2023 1,334,240 13 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Prepayments and accwed income 129,586 15,136 1,891 1,891 144,702 14 Cradltor8: amounts falllng due wlthln on8 year 2024 2023 Other creditors Accruals and deferred income 1,255 2,666 4,533 2,911 3,921 7,444 15 Retirement beneflt schemes 2024 2023 Deflned ¢ontribution schemes Charge to profit or loss In respect of defined contribution schemes 1,429 1,127 The Foundation operates a defined contrlbution penslon scheme for all qualifying employees. The assets of the scheme are held separately from those of the Foundatlon in an independently admjnlstered fund. 16-
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WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 17 Analys18 of nat as88ts between funds Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Reslrlcted funds funds 2023 2023 Total 2024 2023 Fund balances at 30 Seplember 2024 are represented by.. Investmenls Current assetsl(liabilities} 1,488.004 1,488,004 169,859 367,831 41,923 1,292,317 176.424 305,339 1,334,240 481,763 197,972 197,972 1.657,863 1,855,835 218,347 1.597,656 1,816,003 18 Operatlng lease commlknents Lessee At the reporting end dat8 the Foundation had outstandlng commitmenls for future minimum lease payments under non-cancellable operating leases. which fall due as follows.. 2024 2023 Within one year Between two and five years 108 431 108 108 539 19 Relatsd party transactlons Transactlons wfth related partles Durlng the year the Foundation entered into the following transactlons with related parties.. Donations are received from trustees to support the work of the Foundation, These are freely given. 20 Other connected In¢ome In 2023 a donallon was pledged by one of the Trustees, charitable trusts and was included in debtors. The pledge was sallsfied in 2024. -21-
WORCESTERSHIRE COMMUNITY FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 21 Cash generated from operations 2024 2023 Surplus for the year 39,832 43,775 Adjustments for.. Investmenl Income recognised in statement of financial actlvltles Fair value gains and losses on Investments (38,062) (153,762) (36,106) (28,965) Movements in working capital.. Decreasel(increase) in debtors (Decrease) in creditors 142,811 (3,525) {140,946) (3,068) Cash absorbed by opgratlons (12,706) {165,310) 22 Analysis of changes in netfunds The Foundation had no material debt during the year. -22-