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2023-03-31-accounts

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Cambridgeshire Community Foundation (A Company Limited by Guarantee) Trustees’ Report and Financial Statements For the year ended 31 March 2023

Registered number: 04998990 Charity number: 1103314

Contents

Reference and administrative details of the company, its Trustees and advisers ......................... 2 Trustees’ report ..................................................................................................................................... 3 Independent auditor’s report ............................................................................................................. 19 Financial statements ........................................................................................................................... 23 Statement of financial activites ......................................................................................................... 24 Balance sheet ...................................................................................................................................... 25 Cash flow statement ........................................................................................................................... 26 Notes to the financial statements ...................................................................................................... 27

1

Reference and administrative details of the company, its Trustees and advisers for the year ended 31 March 2023

Trustees S J Catling (Chair)
L Sinclair (Vice Chair)
C Stenner
S Thompson
J Slota-Newson
G Thomas
P Lewis
E Damazer
A B Griffiths
S Garnham
J Jelley
J Millard (resigned 26 April 2023)
A Blake (resigned 2 January 2023)
Company registered number 04998990
Charity registered number 1103314
Registered office Hangar One, The Airport
Newmarket Road
Cambridge
CB5 8TG
Chief Executive Officer Michael O’Toole
Independent auditors Price Bailey LLP
Tennyson House
Cambridge Business Park
Cambridge
CB4 0WZ
Bankers Lloyds Bank
Gonville Place
Cambridge
CB2 1BQ
Unity Trust Bank
Nine Brindley Place
Birmingham
B1 2HB
Investment managers Rathbone Investment Management Limited
City House
126-130 Hills Road
Cambridge
CB2 1RE
CCLA Investment Management Limited
Senator House, 85 Queen Victoria Street
London
EC4V 4ET

2

Trustees, report

Chair’s statement

We have great pleasure in presenting Cambridgeshire Community Foundation's Annual Report for the year ended 31 March 2023.

Cambridgeshire Community Foundation is the charity for a better Cambridgeshire, working to increase the understanding of local needs and to raise funds to support charitable projects tackling issues in our local community. The projects we support contribute to a better quality of life across the county, including reducing disadvantage and inequalities.

2022-2023 was the first year of our three-year Strategic Plan. I am delighted that we have achieved most of our year one strategic aims and made significant progress against our longer-term strategies. Most importantly, our grant-making for 2022-2023 totalled £2,905,381 against our £2.9 million target and compared to £2,777,046 in the previous year. This represents year-on-year growth in grant-making of almost 5%. I am very proud of the growth, especially against the backdrop of a challenging investment environment for our endowed funds. It was made possible by a highly efficient grant-making process and the significant new donor funds that we were able to secure in the year. One of the notable new funds is the Department for Digital, Culture, Media, and Sport Know Your Neighbourhood Fund which will make £1.3 million available in grants, over two years, for projects working to increase volunteering and reduce loneliness in Fenland. Also, the Healthier Futures Fund, delivered in partnership with the Cambridgeshire & Peterborough Integrated Care System, is making £2 million available from April 2023 to projects across Cambridgeshire to deliver health and wellbeing improvements for local people and communities. By securing these new funds, among others, we have been able to increase our grantmaking target for 2023-2024 to £4 million.

The impact that these grants achieve is what drives us to make Cambridgeshire Community Foundation even more successful at supporting the local community. We are the only charity focused on growing local philanthropy and place-based grant-making in Cambridgeshire. We ensure that charitable giving has maximum positive impact. Our experience, research, and knowledge help donors effectively support the most important causes. Our aim is to tackle disadvantage and empower the most vulnerable by supporting communities to build positive change from the ground up. Please join us in tackling the biggest challenges our community faces.

Stephen Catling Chair of Trustees

4

CEO’s introduction

The past year has seen everyone face a succession of challenges. Many local charities are facing exceptionally high demand alongside pressure on income, lower financial reserves, a challenging recruitment market and a volunteering sector that is still subject to the pandemic's lasting impact.

Alongside these challenges, we have seen war in Europe, an unprecedented cost-of-living crisis, rising inflation, and political uncertainty. Sadly, people in our communities who are already disadvantaged will feel these challenges more acutely, with thousands of people facing new levels of poverty and hardship. At times like these, local charities and community groups are an incredibly valuable resource to support the Cambridgeshire community, including the most disadvantaged and vulnerable.

At Cambridgeshire Community Foundation, we know that these local charitable organisations are among the greatest assets in this country. I am passionate that we continue to support them today and for the long term. I am delighted that we were able to award 971 grants in the year 2022-2023, totalling £2,905,381. We have also continued our strategic focus on improving the effectiveness and responsiveness of our grant-making approach. Therefore, I am pleased that we have increased our average grant size to £8,720 for organisations and awarded more multi-year grants. Moreover, it is important for Cambridgeshire Community Foundation to be responsive to our local community and the charitable organisations within it. Therefore, I am also very happy that we were able to significantly increase our community outreach work in 2022-2023. We visited 62 funded projects throughout the year and our Grants Team attended quarterly ‘Meet the Funder sessions’ and provided online workshops to assist groups wishing to apply for funding. The year’s highlights also included securing significant new funding streams, with £574,000 of new donations plus additions of £269,781 from current donors to our endowment. To support our ambition to grow the charity's profile, we have also updated our brand, which can be seen in this report.

Finally, I want to thank everyone who made it possible for Cambridgeshire Community Foundation to achieve this year’s successes and impact. Special thanks go to all the charitable organisations who have delivered such positive change in our communities, to our donors and to the whole team at Cambridgeshire Community Foundation – staff, Trustees, and volunteers.

Michael O'Toole Chief Executive Officer

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Overview of report

The Trustees (who are also directors of the Foundation for the purposes of the Companies Act) present their Annual Report together with the audited financial statements of Cambridgeshire Community Foundation (the Foundation) for the year ended 31 March 2023.

The Trustees confirm that the Annual Report and financial statements of the Foundation comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice “Accounting and Reporting by Charities (SORP 2019)” 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.

6

Objectives and activities

Cambridgeshire Community Foundation’s objectives, as set out in the governing document, are to award grants to local charitable causes working in the community in the county of Cambridgeshire and its immediate neighbourhood. Individuals, families, local companies, and public bodies make this possible by supporting charitable funds held by Cambridgeshire Community Foundation.

Cambridgeshire Community Foundation is the charity for a better Cambridgeshire, working to increase the understanding of local needs and to raise funds to support charitable projects tackling issues in our local community. Supported projects contribute to a better quality of life across the county, including reducing disadvantage and inequalities.

Our mission

Cambridgeshire Community Foundation is a proactive community and philanthropic leader dedicated to improving the quality of life for the people of Cambridgeshire. To advance our mission we work with many partners to:

Our vision

Our strategic vision is to harness the county’s success and economic performance to reduce inequity and social problems by empowering communities to help themselves.

To achieve this, our aims are:

Objectives

The Foundation's objectives, as defined in its Memorandum, are:

In line with the Charities Act, charitable purpose for Cambridgeshire Community Foundation therefore includes:

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Understanding needs

Cambridgeshire is rightly perceived as an affluent county in overall terms. However, this hides the reality that there are communities that face severe disadvantage and deprivation. Our Vital Signs 2021 report helps Cambridgeshire Community Foundation to take the pulse of our community, to measure the quality of life and to highlight the county’s priorities and opportunities for action. Understanding needs and issues in a community is the first step to being able to solve them. This is what Vital Signs 2021 does. It looks at published statistics and facts gathered from local and national sources. It measures the quality of life across Cambridgeshire to uncover the areas that need the most help.

Activities for achieving objectives

Cambridgeshire Community Foundation aims to encourage philanthropy in Cambridgeshire, manage funds set up at the charity by donors, and make and monitor grants to local voluntary organisations that are effectively addressing local needs.

Cambridgeshire Community Foundation's principal target is to build funds, including endowed funds, to provide resources to tackle the needs identified in its research and the advice it receives, whilst running the charity in the most efficient, equitable and sustainable way.

Through an ever-increasing number of funds managed on behalf of individual and corporate donors, local and national government and national grant-making bodies, Cambridgeshire Community Foundation supports projects and initiatives that aim to improve the quality of life for local people who face disadvantage, and to tackle social issues.

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The year in numbers 85 £2,905,381 awarded in grants (2021122: £2,777,046) live funds 971 grants awarded Funding by primary area of benefit Other 13.8% FenlarKI 13.6¥0 Peterborough 10.5° Cambridge Cty 19.9•A Hunts 13.2V East Camb$ 6.9% South Cambs 22.2% Range of grant sizes £100 £86,351 6new funds

*This includes partner organisations for the Surviving Winter Appeal and The Cambridge Building Society Cost of Living Crisis Fund, which then awarded grants to individuals.

10

Statement of public benefit

The Trustees have complied with the duty to have due regard to public benefit guidance published by the Charities Commission. The Trustees have considered the public benefit delivered by Cambridgeshire Community Foundation and have made the following response:

"Our aim is to improve the quality of life for people, predominantly residents of Cambridgeshire, and to target those that face disadvantage by making grants to support relevant, charitable or voluntary organisations which make a difference to their local communities. We ensure these organisations and their beneficiaries are appropriate and their aims meet our objectives. The groups we support deliver benefit to their communities in many different ways, they make no payment for our services and no relevant groups are excluded from our application procedures. Our primary focus is on Cambridgeshire; there are other members of UK Community Foundations providing similar services throughout the UK."

Review of activities

In carrying out its objectives, Cambridgeshire Community Foundation awards grants to local charitable organisations to support work they are undertaking for the benefit of the communities principally in Cambridgeshire. Donors make the grant making possible by supporting charitable funds held by the Foundation.

Throughout the year, Cambridgeshire Community Foundation was successful in developing relationships with both existing and new donors, and this led to further donations being received into existing funds, and new funds being established. The charity now holds over 80 different funds. A list of the live funds is on Cambridgeshire Community Foundation's website along with examples of many of the charitable projects the charity has been able to support.

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Highlights of the year The Bishop of Ely kindty hosted a dtnner for some of ¢x4r supp)rters June We Iwk part in the first ever Cambridgeshire County Day The Tees Better Future Fund launched September Our annual GO￿ Day raiwj a record total of over £4.OLK) Our CEO was on the judging panel of the BBC Make a Drfference Awards We were althated £40.000 to supwrt local ¢xganisalions working with Ukrainian refugees November Access Migrant Support were anrKsunced as winners of the inaugural Health Inequalitses Challenge Prize December The CambrKJge BuikliThJ Society Cost of Living Crisis FUNJ launched The DCMS Know Your NewJhLK)urhLKKJ Fund launched We hosted 8 reception at Peterb￿h Cathedral lo ¢%lebrate our woth in the area March The Healthier Futures Fund launch We surpassed £2(Klk in the total value of grants awaided by the Stay Well fund Surviving Winter Appe81 raised a record totsl of £34.997 12

Financial policies

Overall financial performance

The Trustees were very pleased to see that income surpassed the budget set for the year, and whilst the investments showed a loss for the year, the income derived from our endowed funds was better than anticipated. The increase in income allowed us to increase our grant making by 4.5% against our target for the year of 5%.

We also took part in the very successful Cambridgeshire County Day held in June 2022 to celebrate the Platinum Jubilee of Her Majesty Queen Elizabeth II. This raised over £82,000 which will be distributed during 2023-24.

Plans for the future

Fund-raising standards information CA 162A

Cambridgeshire Community Foundation raises some funds from the public. We are registered with the Fundraising Regulator and are committed to good fundraising practice:

13

Investment policy

Endowed funds are invested to produce a return to cover annual grant making, contribute to Cambridgeshire Community Foundation’s running costs, and to protect the capital against inflation.

Following a formal tender and review of investment advisers, concluding in July 2022, external investment advisers (Rathbone Investment Management Limited and CCLA Investment Management Limited) were reappointed to manage the investment of the endowed funds.

The funds managed by Rathbone Investment Management Limited are within a portfolio that aims for a balance between income and capital growth and the investments are managed subject to medium level of risk. As such, the portfolio comprises UK company unit and investment trusts, including those investing in international markets, and some fixed interest securities.

The endowed funds held by CCLA are as a requirement of the Community First Endowment Match Challenge Programme.

Investment performance

Global investments during 2022-23 suffered from various outside forces and this is reflected in the annual performance, which fell below the targets set. The Total Return for the year to 31 March 2023 was 1.3% nett delivered by Rathbone Investment Management Limited. The Board are satisfied with the performance, noting the greater diversification, and hence lower risk of the portfolio. The Total Return for the COIF Charities Investment Fund was -0.9% nett.

The investment performance of Rathbone Investment Management and the CCLA Investment Management Limited managed COIF Charities Investment Fund is regularly reviewed, and the Trustees were satisfied with the results compared to overall comparators of -3.97% for the year.

Grant making policy and grant making approach

The criteria for grant programmes are set by the Trustees, but this process may include discussions with donors to consider any factors the donor would like to focus on with regard to, for example, targeted outcomes for the grant programme or beneficiary groups helped.

Applications for funding are assessed and those approved for funding by Cambridgeshire Community Foundation’s grant panels are discussed with donors to determine any awards.

Principal funding sources and fundraising strategy

As shown in Note 2, other income was from a variety of external sources including local companies, private donors, public sector bodies and other charitable entities.

Reserves fund policy

During the year, the Trustees reviewed the Reserves Policy and amended it accordingly to reflect the current volatility within the sector:

General - A Reserve Fund targeted to hold a sum to cover current operational costs for nine months – taking into account any changes of costs anticipated over the period. This Fund might be needed to meet an unforeseen emergency or other unexpected need. General Reserves as at 31 March 2023 are

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£381,327 (2021-22: £430,011) which equates to approximately 9 months of total anticipated expenditure in 2023-24 of £508,760.

Designated - The Designated Reserve will be separately shown in the Financial Statements, on the SOFA and in a separate note to show movement in the Designated Reserve.

The parameters for the Designated Reserve are:

Remuneration

The remuneration of staff is reviewed by the HR & Governance Committee and benchmarked against what are considered to be comparable market rates. A manageable uplift for staff and the CEO was agreed for 2023-24 taking into consideration the current cost of living crisis. From 2024-25 onwards adjustments to the remuneration of staff will be overseen by a new Remuneration Committee.”

15

Structure, governance, and management

Constitution

Cambridgeshire Community Foundation is a charitable company limited by guarantee and was set up on 18 December 2003. In the event of the charity being wound up, the members are each required to contribute an amount not exceeding £1.

The Memorandum of Association which establishes the objects and powers of Cambridgeshire Community Foundation and the Articles of Association which govern procedures were issued on 21 April 2004 and updated in November 2009, July 2011, and October 2016.

Policies adopted for the induction and training of Trustees

Potential Trustees are selected for their skills and expertise in matters of relevance to the board such as marketing, finance, and legal matters. Potential Trustees are invited to meet members of the board to obtain an understanding of the operations and aims of Cambridgeshire Community Foundation.

Organisational structure and decision making

The board meets for four full board meetings a year and on further occasions to focus on particular aspects of the charity, such as donor development and grants. The Trustees are responsible for the strategic direction and policy of Cambridgeshire Community Foundation.

A scheme of delegation is in place and day-to-day responsibility for the delivery of operations rests with the Chief Executive Officer.

Subcommittees of the Board operate to focus on the core activities of Governance, Finance and Risk, HR, Marketing & Communications, Donor Development, Grant & Community Impact. Under the Terms of Reference for each subcommittee, the majority of members must be Trustees, and each subcommittee is chaired by a Trustee.

Risk management

The Trustees regularly conduct a review of the major risks to which Cambridgeshire Community Foundation is potentially exposed and ensure that appropriate systems and controls are in place to manage significant risks. The Trustees also track emerging risks by considering issues that are perceived to be potentially significant, but which may not be fully understood yet. The risk register is regularly updated by each subcommittee and reviewed at main Board meetings and actions are taken to mitigate risk where appropriate.

Key risks and actions to address them are as follows:

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Financial matters are kept under close review and financial risk is considered to be relatively low. This is due in part to the Reserves Policy adopted by the Trustees, which means there is cover for operational costs and also funds to invest in the growth and development of Cambridgeshire Community Foundation. In addition, the agreed contribution the endowed funds make towards annual operating costs provides further stability. In order to ensure the financial risk remains low, the Trustees continue to examine ways to grow the level of endowment and the level of grant making to diversify further the income sources of the charity.

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Trustees’ responsibilities statement

The Trustees (who are also directors of the Foundation for the purposes of the Companies Act) 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 directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the directors are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions. These accounting records will also be sufficient to disclose with reasonable accuracy at any time the financial position of the charitable company and enable the Trustees to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for ensuring the maintenance and integrity of the corporate and financial information included on Cambridgeshire Community Foundation’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Disclosure of information to auditor

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the Trustees on 1 November 2023 and signed on their behalf by:

S Catling, Chairman of Board of Trustees

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Independent auditor's report 19

Independent Auditor’s Report to the Members of Cambridgeshire Community Foundation for the year ended 31 March 2023

Opinion

We have audited the financial statements of Cambridgeshire Community Foundation (the ‘charitable company’) for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of cash and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the trustees' annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine

20

Independent Auditor’s Report to the Members of Cambridgeshire Community Foundation for the year ended 31 March 2023

whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

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

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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Independent Auditor’s Report to the Members of Cambridgeshire Community Foundation for the year ended 31 March 2023

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the charity and how it operates and considered the risk of the charity not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements. In relation to the charity this included financial reporting. The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-forthe-audit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilities-forThis description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Suzanne Goldsmith For and on behalf of Price Bailey LLP Chartered Accountants, Statutory Auditor Tennyson House, Cambridge Business Park, Cambridge, CB4 0BZ Date: 8 December 2023

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Financial statements For the year ended March 2023

23

Cambridgeshire Community Foundation (A Company Limited by Guarantee) Registered company number: 04998990 | Registered charity number: 1103314

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

Note
Income &
Endowments from:
Donations &
Legacies
2
Investments
3
Total Income
14
Expenditure on:
Raising funds
4
Charitable
activities
5
Total Expenditure
Net(loss)/gain on
investments
Net income/
(Expenditure)
Transfers between
funds
14
Net movement in
funds
Reconciliation of
funds:
Total funds at 1 April
2022
Total funds at 31
March 2023		 Endowment
Funds
Restricted
Funds
Unrestrict
ed FundsTotal Funds
Total Funds
2023
2023
2023
2023
2022
£'000
£'000
£'000
£'000
£'000
843,781
2,656,255
233,207
3,733,243
7,453,933
171,173
101,741
22,126
295,040
198,597
1,014,954
2,757,996
255,333
4,028,283
7,652,530
42,726
277,767
90,118
410,611
101,538
-
2,954,140
314,462
3,268,602
3,060,854
42,726
3,231,907
404,580
3,679,213
3,162,392
(201,764)
-
-
(201,764)
440,723
770,464
(473,911)
(149,247)
147,306
4,930,861
(743,658)
566,595
177,063
--
26,806
92,684
27,816
147,306
4,930,861
13,075,097
1,495,512
588,237
15,158,846
10,227,985
13,101,903
1,588,196
616,053
15,306,152
15,158,846

Notes on pages 27 to 43 form part of these accounts.

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Cambridgeshire Community Foundation (A Company Limited by Guarantee) Registered company number: 04998990 | Registered charity number: 1103314

BALANCE SHEET AS AT 31 MARCH 2023

Note
Fixed assets
Tangible assets
10
Investments
11
Current assets
Debtors
12
Short term deposits
Cash at bank and in hand
Creditors: amounts falling due
within one year
13
Net current assets
Net assets
Charity Funds
Endowment funds
14
Restricted funds
14
Designated funds
14
General funds
14
Total funds		 £
294,396
1,429,357
1,870,776		 2023
£
36,655
12,854,690		 £
314,124
918,892
2,243,411		 2022
£
1,219
13,086,248
12,891,345
2,414,807		 13,087,467
2,071,379
3,594,529
(1,179,722)		 3,476,427
(1,405,048)
15,306,152 15,158,846
13,101,903
1,588,196
234,726
381,327		 13,075,097
1,495,512
158,226
430,011
15,306,152 15,158,846

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

The financial statements were approved on 1 November and signed by:

S Catling A B Griffiths Chairman Trustee

The notes on pages 27 to 43 form part of these financial statements.

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Cambridgeshire Community Foundation (A Company Limited by Guarantee) Registered company number: 04998990 | Registered charity number: 1103314

CASH FLOW STATEMENT AS AT 31 MARCH 2023

Note
Cash flows from operating activities:
net cash provided by operating activities
15a
Cash flows from investing activities:
Dividends, interests, and rents from investments
Purchase of tangible fixed assets
Proceeds from the sale of investments
Purchase of investments
Net cash provided by investing activities
Net increase/(Decrease) in cash and cash equivalents
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
15b		 2023
2022
£
£
(248,469)
3,787,561
295,040
198,597
(36,688)
(919)
1,841,175
5,087,550
(1,706,667)
(9,365,700)
392,860
(4,080,472)
144,391
(292,911)
3,155,743
3,448,654
3,300,134
3,155,743

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NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1[ACCOUNTING POLICIES]

1.1 Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention, in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities (SORP 2019)” 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; and the Companies Act 2006.

The accounts are presented in pound sterling which is the functional currency of the charity.

1.2 Company status

Cambridgeshire Community Foundation, a public benefit entity, is incorporated in England and Wales as a company limited by guarantee not having a share capital. The members of the company are the Trustees named on page 2. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. The Foundation is a registered charity. The registered office is given on page 2.

1.3 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes. Designated funds are unrestricted funds that have been set aside for particular purposes as set out in the notes to the financial statements.

Restricted funds are funds subject to specific restrictions imposed by the funding authorities and donors. These funds are not available for the Trustees to apply at their discretion. The purpose and use of the restricted funds is set out in the notes to the financial statements.

Endowment funds are expendable endowment funds that are invested to produce income to be used in accordance with the objects of the Foundation. Although the Trustees are able to convert all or part of the endowed funds into a restricted fund which can then be used in accordance with the objects of Cambridgeshire Community Foundation, the intention is to hold the funds as endowments on a permanent basis. Any capital gains or losses arising on the investments form part of the endowed funds. Any investment management charges are charged against the endowed funds.

1.4 Income

All income is included in the Statement of Financial Activities when the company has entitlement to the funds, probability of receipt and the amount can be measured with sufficient reliability.

Donations received are recognised by the Foundation on being notified of the amounts and likely date of receipt. If there are conditions attached to the donation, then these are treated as restricted and only released once the conditions have been met.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by the investment advisor of the dividend yield of the investment portfolio. Income from Government Securities is recognised when it is

27

received; income accrued and not received on these securities at 31 March is included in the market value of the investments held.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party. It is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

Support costs are those costs incurred directly in support of expenditure on the objects of the Foundation. Governance costs are those incurred in connection with administration of the Foundation and compliance with constitutional and statutory requirements.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Costs of raising funds include fund raising costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All resources expended are inclusive of irrecoverable Value Added Tax.

1.6 Tangible fixed assets and depreciation

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Office equipment - 3 years straight line

1.7 Going concern

At the date of the Trustees’ Report, the Trustees aim to maintain or exceed the overall level of grant making achieved during 2022-23 with several new funds being launched in 2023-24.

The designated fund allows for one-off costs that may arise in the growth of the charity.

The Trustees consider that there are no material uncertainties about the Foundation's ability to continue as a going concern. As such, they continue to adopt the going concern basis of accounts in the financial statements, which assumes the Foundation will continue in operational existence for the foreseeable future. The Trustees have given due consideration to the working capital and cash flow requirements of the Foundation for at least 12 months from the date of signature of the accounts.

1.8 Investments

Fixed asset Investments are a form of financial instrument and are stated in the balance sheet at their market value. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of Financial Activities.

28

1.9 Pensions

The company operates defined contribution pension schemes and the pension charge represents the amounts payable by the company to the funds in respect of the year.

1.10 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Foundation anticipates It will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

1.12 Taxation

The Foundation is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Foundation is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Value Added Tax is not recoverable and is included in the relevant charges for administration expenses.

1.13 Cash at Bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.14 Financial instruments

The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their market value. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

1.15 Significant Accounting Estimates and Judgements

No significant judgements, accounting policies or estimates have been made by management in applying the charity’s accounting policies.

29

2 INCOME FROM DONATIONS AND GRANTS

Endowment
funds		 Restricted
Funds		 Unrestricted
Funds		 Total Funds
2023 2023 2023 2023
£ £ £ £
Donations 843,781 2,397,086 203,620 3,444,487
Events -
 259,169 29,587 288,756
Voluntary income 843,781 2,656,255 233,207 3,733,243
PRIOR YEAR
Endowment
funds		 Restricted
Funds		 Unrestricted
Funds		 Total Funds
2022 2022 2022 2022
£ £ £ £
Donations 4,749,753 2,344,024 258,815 7,352,592
Events
 -
 93,000 8,341 101,341
Voluntary income 4,749,753 2,437,024 267,156 7,453,933
INVESTMENT INCOME
Endowment
funds		 Restricted
Funds		 Unrestricted
Funds		 Total Funds
2023 2023 2023 2023
£ £ £ £
Investment income 171,173
 101,741 22,126 295,040
PRIOR YEAR
Endowment
funds		 Restricted
Funds		 Unrestricted
Funds		 Total Funds
2022 2022 2022 2022
£ £ £ £
Investment income 97,973 95,171 5,453 198,597

3 INVESTMENT INCOME

30

4 RAISING FUNDS

RAISING FUNDS
Investment management fees
Marketing
Other support costs		 Endowment
funds
Restricted
Funds
Unrestricted
funds
Total Funds
2023
2023
2023
2023
£
£
£
£
42,726
-
-
42,726
--
277,767
13,194
290,961
-
-
76,924
76,924
42,726
277,767
90,118
410,611

During the year we administered the Cambridgeshire County Day, which resulted in a net surplus of £68,970 to be awarded in grants during 2023-24. Some income for this event was received and recognised in 2021-22.

PRIOR YEAR

PRIOR YEAR
Endowment
funds		 Restricted
Funds		 Unrestricted
funds		 Total Funds
2022 2022 2022 2022
£ £ £ £
Investment management fees
 41,604 - - 41,604
Marketing - 7,348 4,661 12,009
Other support costs - - 47,925 47,925
41,604 7,348 52,586 101,538
CHARITABLE ACTIVITIES
Grantmaking Support costs Direct costs Total
2023 2023 2023 2023
£ £ £ £
Grantmaking
 2,905,381 314,462
 48,759 3,268,602
PRIOR YEAR Grantmaking Support costs Direct costs Total
2022 2022 2022 2022
£ £ £ £
Grantmaking
 2,777,046 255,108
 28,700 3,060,854

5 CHARITABLE ACTIVITIES

31

6 GRANTS

GRANTS
Number of grants
awarded
2023
Grants to institutions
306
Grants to individuals
665
971
PRIOR YEAR
Number of grants
awarded
2022
Grants to institutions
423
Grants to individuals
356
779
RECONCILIATION OF GRANTS PAYABLE:
Accrued at 1 April 2022
Grants awarded for the year
Grants paid during the year
Accrued at 31 March 2023
Payable as follows:
Grants payable <1yr - institutional		 Number of grants
awarded
2023
306
665		 Restricted funds
Total
2023
2023
£
£
2,668,314
2,668,314
237,067
237,067
971 2,905,381
2,905,381
Number of grants
awarded
2022
423
356		 Restricted funds
Total
2022
2022
£
£
2,630,857
2,630,857
146,189
146,189
779 2,777,046
2,777,046
2023
2022
£
£
1,292,384
1,355,868
2,905,381
2,777,046
(3,148,334)
(2,840,530)
1,049,431
1,292,384
1,049,431
1,292,384

All grants go to support charitable work, predominantly in Cambridgeshire.

32

Grants awarded in the year fall under the following
headings:
Adults facing life crisis
Theme:
Economic hardship
Theme:
Homelessness
Theme:
Isolation
Theme:
Family crisis
Theme:
Health
Theme:
Impact of crime and antisocial behaviour
Community development & engagement
Theme:
Community cohesion
Theme:
Enhancing local charities
Theme:
Community assets
Children, young people, and families
Theme:
Education & skills
Theme:
Social inclusion
Health
Theme:
Healthy living
Theme:
Mental health
The natural environment
Theme:
Improved green spaces
Theme:
Help limit climate change
Other
Small miscellaneous amounts
Total		 2023
2022
£
£
469,638
177,182
82,930
93,696
162,448
106,919
45,314
33,663
269,761
459,681
17,034
23,648
128,872
71,564
20,467
3,000
750,701
844,250
128,016
114,350
342,283
284,325
61,230
40,112
169,383
22,905
136,875
141,516
16,470
18,000
103,959
342,235
2,905,381
2,777,046

33

7 SUPPORT COSTS

General office
Travel & other staff costs
Premises
Marketing
Subscription to National Network
Staff costs
National insurance
Pension cost
Depreciation
Governance
Auditors' remuneration
Staff costs
Legal & Professional fees
Trustees' expenses
PRIOR YEAR
General office
Subsistence
Premises
Marketing
Subscription to National Network
Staff costs
National insurance
Pension cost
Depreciation
Governance
Auditors' remuneration
Staff costs
Legal & Professional fees
Trustees' expenses		 Raising Funds
Charitable activities
Total
2023
2023
2023
£
£
£
5,279
21,117
26,396
1,163
27,682
28,845
1,200
4,800
6,000
-
9,248
9,248
2,864
2,863
5,727
58,422
202,705
261,127
5,949
16,727
22,676
1,796
4,542
6,338
251
1,002
1,253
-
11,875
11,875
-
11,203
11,203
-
-
-
698
698
76,924
314,462
391,386
Raising Funds
Charitable activities
Total
2022
2022
2022
£
£
£
3,958
15,832
19,790
6,769
20,515
27,284
1,200
4,800
6,000
4,661
2,740
7,401
2,673
2,673
5,346
28,610
164,019
192,629
3,164
12,993
16,157
1,081
3,916
4,997
470
1,881
2,351
-
11,500
11,500
-
9,076
9,076
-
4,810
4,810
-
353
353
52,586
255,108
307,694

34

8
NET INCOME/EXPENDITURE
This is stated after charging:
2023
£
Depreciation of tangible fixed assets:
Owned by the charity
1,253
Auditors' remuneration
11,875
Pension contributions
6,730		 2022
£
2,351
11,500
4,997

During the year Trustees received no remuneration or benefits in kind; reimbursement of expenses for travel amounted to £698 (2022: £353).

9 STAFF COSTS

STAFF COSTS
Staff costs were as follows:
Wages and salaries
Social security costs
Pension contributions		 2023
2022
£
£
270,852
200,395
23,763
17,091
6,730
5,372
301,345
222,858

Staff costs include 19 days (2022:12 days) of untaken leave.

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

2023 2022
No. No.
8 7

The total number of key management personnel is 1 (2022:1)

Total remuneration of the key management personnel of the Foundation for the year is £88,666 (2022: £81,345).

No of staff earning £80,001 - £90,000 2023
2022
No.
No.
1
1

Pension contributions in respect of this employee were £3,918(2022: £3,755).

There are no other staff earning over £60,000 (2022:nil)

35

10 TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
Cost
At 1 April 2022
Additions
Disposals
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Office equipment
£
11,325
1,018
-		 Restricted
Total
£
£
-
11,325
35,670
36,688

-
12,343 35,670
48,013
10,105
1,253		 -
10,105
-
1,253
11,358 -
11,358
985 35,670
36,655
1,219 -
1,219

The restricted asset refers to a portrait of the Duke and Duchess of Cambridge, which is currently on loan to the National Portrait Gallery.

36

11 FIXED ASSET INVESTMENTS FIXED ASSET INVESTMENTS
Listed investments Portfolio cash
Other		 Total
£ £
£		 £
At 1 April 2022 12,798,887 287,361
-		 13,086,248
Transfer -
-
-
-
Additions 1,706,667 -
-		 1,706,667
Disposals (1,841,175) -
-		 (1,841,175)
Cash Movement -
104,714
-		 104,714
Revaluations (201,764) -
-		 (201,764)
At 31 March 2023 12,462,615 392,075
0		 12,854,690
Investments at market value comprise:
UK Overseas 2023
£ £ £
UK Equities 6,753,141 4,196,686 10,949,827
Fixed interest 475,105 - 475,105
Alternatives 1,037,683 - 1,037,683
Cash 392,075 - 392,075
Total market value 8,658,004 4,196,686 12,854,690
Listed investments Portfolio cash Total
PRIOR YEAR £ £ £
At 1 April 2021 8,080,014 123,051 8,203,065
Transfer 4,446,084 140,983 4,587,067
Additions 4,919,616 - 4,919,616
Disposals (5,087,550) - (5,087,550)
Cash Movement - 23,327 23,327
Revaluations 440,723 - 440,723
12,798,887 287,361 13,086,248
UK Overseas 2022
£ £ £
UK Equities 6,590,904 4,943,563 11,534,467
Fixed Interest 360,362 - 360,362
Alternatives 904,058 - 904,058
Cash 287,361 - 287,361
8,142,685 4,943,563 13,086,248

37

12 DEBTORS

12
DEBTORS
Trade debtors
Prepayments and accrued income
13
CREDITORS: Amounts falling due within one year
Trade creditors
Deferred income
Accruals & other creditors
Grants accrued - institutional (see note 6)		 2023
2022
£
£
253,807
301,393
40,589
12,731
294,396
314,124
2023
2022
£
£
17,312
2,237
77,544
77,544
35,435
32,883
1,049,431
1,292,384
1,179,722
1,405,048

Deferred income relates to funds held on behalf of funders and which is accounted for in the year during which grants are made.

Deferred income reconciliation
Brought forward
Amounts deferred in year
Amounts released		 2023
2022
£
£
77,544
115,794
52,714
54,445
(52,714)
(92,695)
77,544
77,544

38

14 STATEMENT OF FUNDS
CURRENT
YEAR		 Brought
Forward		 Income Expenditur
e		 Transfers
in/(out)		 Gains/
(Losses)		 Carried
Forward
£ £ £ £ £ £
Designated
fund		 158,226 - -
76,500		 - 234,726
General fund 430,011 255,333 (404,580) 100,563 381,327
-
Total
unrestricted 588,237 255,333 (404,580) 177,063 616,053
funds -
Endowment
funds		 13,075,097 1,014,954 (42,726) (743,658) (201,764) 13,101,903
Restricted
funds:
(i) Thalia WB
Community 153,918 706,875 (727,891) - 132,902
Fund -
(ii) Healthy
Fenland 188,866 (94,040) - 94,826
Fund - -
(iii) Anglian
Water		 130,536 66,028 (61,345) -
-		 135,219
(iv) Stay Well 58,354 325,399 (199,564) - 184,189
-
(v) Wryde
Croft Wind
Farm 141,249 (71,647) - 69,602
Community - -
Benefit Fund
(vi) Other 822,589 1,656,694 (2,077,420) 566,595 971,458
-
1,495,512 2,757,996 (3,231,907) 566,595 1,588,196
-
Total funds 15,158,846 4,028,283 (3,679,213) - (201,764) 15,306,152

Transfers between funds relate to amounts drawn down from expendable endowments.

The Foundation has a wide range of restricted funds, some as revenue funds for those with an endowment fund and others that have been set up by individual donors.

(i) The Thalia WB Community Fund offers grants of up to £100,000 for capital projects to improve the local environment.

(ii) The Healthy Fenland Fund offers grants up to £5,000 for projects seeking to improve the health and well-being of people living in Fenland,

39

(iii) Anglian Water have several funds covering a wide range of projects from protecting the environment from invasive species and enhancing wetland areas, to providing help to local communities.

(iv) The Cambridge Building Society Community Fund aims to improve access to shelter and housing.

(vi) (vii) Stay Warm and Well awards grants to those facing fuel poverty and is operated on behalf of Cambridgeshire County Council.

(viii) We receive grants from several Wind Farms for community projects within several miles of the specific Wind Farm, and the Wryde Croft Wind Farm Community Benefit Fund is for those in Peterborough within 6km of the wind farm.

(ix) Other restricted funds offer grants to support projects working within the themes as detailed in Note 6.

SUMMARY OF FUNDS
Brought Incoming Resources Transfers Gains/ Carried
Forward Resources Expended in/(out) (Losses) Forward
£ £ £ £ £ £
Unrestricted
funds
588,237		 255,333 (404,580) 177,063 - 616,053
Endowment
funds
13,075,097		 1,014,954 (42,726) (743,658) (201,764) 13,101,903
Restricted
funds		 1,495,512 2,757,996 (3,231,907) 566,595 - 1,588,196
15,158,846 4,028,283 (3,679,213) - (201,764) 15,306,152

Endowment Funds

On an annual basis a percentage of the Endowment Fund held by Rathbones is released via transfers to be made available for grant making over the coming 12 months and to contribute to the operational costs of the Foundation in making those grants.

The endowed funds support projects under the following priorities:

Unrestricted Funds

Unrestricted funds include those that have been designated for future expenditure that is outside of the normal day to day costs of running the charity. This may include an upgrade to IT systems, office accommodation or increasing the staff numbers. Amounts transferred to or from the designated funds are agreed by the Board prior to the year end.

40

Brought Incoming Resources Transfers
Gains/
Carried
PRIOR YEAR Forward Resources Expended in/(out) (Losses)
Forward
£ £ £ £ £
£
Designated fund 158,226 - - -
-
158,226
General fund 335,139 272,609 (307,694) 129,957 -
430,011
Total
Unrestricted
Funds 493,365 272,609 (307,694) 129,957 - 588,237
Endowment
funds: 8,223,065 4,847,726 (41,604) (394,813) 440,723
13,075,097
Restricted funds:
Thalia WB
Community
Fund 154,270 748,200 (748,552) -
-
153,918
Healthy Fenland
Fund 150,366 87,250 (48,750) -
-
188,866
Anglian Water 563,530 178,695 (611,689) -
-
130,536
Wryde Croft
Wind Farm 194,802 64,393 (117,946) -
-
141,249
Other
448,587 1,453,657 (1,286,157) 264,856 -
880,943
1,511,555 2,532,195 (2,813,094) 264,856 - 1,495,512
Total Funds 10,227,985 7,652,530 (3,162,392) -
440,723		 15,158,846
SUMMARY OF FUNDS
Brought
Incoming
Resources
Transfers		 Gains/ Carried
Forward
Resources
Expended
in/(out)		 (Losses) Forward
£ £ £ £ £ £
Unrestricted
funds		 493,365
272,609
(307,694)
129,957
 - 588,237
Endowment
funds		 8,223,065
4,847,726
(41,604)
(394,813)		 440,723 13,075,097
Restricted
funds		 1,511,555
2,532,195
(2,813,094)
264,856
 - 1,495,512
10,227,985
7,652,530
(3,162,392)		 - 440,723 15,158,846

41

15A
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET
OPERATING ACTIVITIES
Net income/(Expenditure for the year (as per Statement of
Financial Activities)
Adjustments for:
Depreciation
Losses/(Gains) on investments
Dividends, interests and rents from investments
(Increase)/decrease in cash investments
(Increase)/decrease in debtors
(Decrease)/Increase in creditors
Net cash (used by)/generated from operating activities
15B
NET DEBT RECONCILIATION
at 1 Apr 22
Short term deposits
918,892
Cash at bank and in hand
2,243,411
3,162,303
PRIOR YEAR
at 1 Apr 21
Short term deposits
517,975
Cash at bank and in hand
2,930,679
3,448,654		 15A
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET
OPERATING ACTIVITIES
Net income/(Expenditure for the year (as per Statement of
Financial Activities)
Adjustments for:
Depreciation
Losses/(Gains) on investments
Dividends, interests and rents from investments
(Increase)/decrease in cash investments
(Increase)/decrease in debtors
(Decrease)/Increase in creditors
Net cash (used by)/generated from operating activities
15B
NET DEBT RECONCILIATION
at 1 Apr 22
Short term deposits
918,892
Cash at bank and in hand
2,243,411
3,162,303
PRIOR YEAR
at 1 Apr 21
Short term deposits
517,975
Cash at bank and in hand
2,930,679
3,448,654		 CASH FLOW FROM
2023
2022
£
£
147,306
4,930,861
1,253
2,351
201,764
(440,723)
(295,040)
(198,597)
(98,154)
(170,870)
19,728
(229,272)
(225,326)
(106,189)
(248,469)
3,787,561
Cashflows
at 31 Mar 23
510,465
1,429,357
(372,635)
1,870,776
3,162,303 137,830
3,300,133
at 1 Apr 21
517,975
2,930,679		 Cashflows
at 31 Mar 22
400,917
918,892
(687,268)
2,243,411
3,448,654 (286,351)
3,162,303

42

16 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fixed Asset
Investments
Current Assets
Creditors due
within one year
PRIOR YEAR
Fixed Asset
Investments
Current Assets
Creditors due
within one year		 Endowment funds
Restricted funds
Unrestricted funds
Total funds
2023
2023
2023
2023
35,670
985
36,655
12,854,690
12,854,690
257,750
2,601,957
734,822
3,594,529
(10,537)
(1,049,431)
(119,754)
(1,179,722)
13,101,903
1,588,196
616,053
15,306,152
Endowment
Restricted
Unrestricted
Total
funds
funds
funds
funds
2022
2022
2022
2022
1,219
1,219
13,086,248
13,086,248
2,776,745
699,682
3,476,427
(1,292,384)
(112,664)
(1,405,048)
13,086,248
1,484,361
588,237
15,158,846

17 PENSION COMMITMENTS

The company contributes to personal pension plans of employees which are defined contributions pension schemes. The pension cost charge represents contributions payable by the company and amounted to £6,730(2022 - £5,372). Contributions outstanding at the balance sheet date were £826 (2022 - £660).

18 RELATED PARTY TRANSACTIONS

There were no related party transactions to note. (2022:none)

19 OPERATING LEASE COMMITMENTS

The charity renewed a lease on 1 Dec 2022 with MGPH Ltd in respect of rent for the office building.

The lease expires on 16 October 2025 and allows for a six-month notice clause within that period, free of any penalties.

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