Charity Registration No. 01109453 Company Registration No. 05369725 (England and Wales) SUFFOLK Community Foundation Suffolk Community Foundation Trustees, Report and Financial Statements For the Year Ended 30June 2024
Suffolk Community Foundation Legal and Administrative Information Trustees George Vestey DL Peter Newnham (to 12 March 20241 Jonathan Agar DL Susan Gull Jordan Holder Anna Hughes {to 16 July 20241 William Kendall DL Jane Millar Neil Walmslev Terrence Ward Ito 12, March 20241 Gareth Wilson Sarah Zins Helen Taylor {from 12 March 2024) th th th th Louise Long Ifrom 12 March 20241 Chief Executive th Melanie Craig (to 17 July 2024} th Anna Hughes (from 17 July 20241 Company Secretary Sarah Cossey {from 24" July 2023, to 4" October 20241 Charity number 01109453 Company number 05369725 Registered office The Old Barns Peninsula Business Centre Wherstead Ipswich IP9 2BB Auditors Ensors Accountants LLP Connexions 159 Princes Street Ipswich Ipi ioj
Suffolk Community Foundation Legal and Administrative Information Bankers Barclays Bank plc 21 Cornhill Bury St Edmunds IP33 IDY Lloyds Bank plc Cornhill North Ipswich IPI IDG Solicitors Birketts LLP Providence House 141- 145 Princes Street Ipswich Ipi ioj Investment advisors Barratt & Cooke 5 Opie Street Norwich NRI 3DW CCLA Senator House 85 Queen Victoria Street London EC4V 4ET Rathbones North Win& City House 126-130 Hills Road Cambridge CB2 IRE Evelyn Partners 45 Gresham Street London EC2V 78G
Suffolk Community Foundation Contents Chairman's statement Trustees, report 6-14 Statement of trustees, responsibilities 15 Independent auditors, report 16-19 Statement of financial activities 20 Summary income and expenditure account 21 Balance sheet 22 Cash flow statement 23 Notes to the accounts 24-44
Suffolk Comrnunity Foundation Trustees. Report For the year ended 30 June 2024 l. Chairman's Statement It gives me great pleasure to present Suffolk Community Foundation'sTrustees' Report and Financial Statements for the year ended 30 June 2024. The past year has brought further challenges as public sector funding has again decreased while the need for support has continued to rise. To help address this, we have focussed on helping the most vulnerable members of our community by su pporting charities which are finding sustainable and innovative ways to alleviate poverty, improve health and wellbeing and tackle inequalities. We are proud that we were able to award £3.4m to 777 charities and community groups during the year, in turn cementing our position as the largest independent grant maker in Suffolk. As always, none of this would have been possible without the kindness and generosity of our donors, and we remain incredibly grateful for their ongoing support. In addition to our existing initiatives, the last 12 months have seen the launch of the Sizewell C Community Fund. The scheme will run for the next decade and is making £23m available to projects taking place in the East Suffolk Council area that reduce the impact of, or build on the opportunities created by, the construction of Sizewell C. We are pleased that we have been chosen to manage the fund and use our skills and expertise to ensure this significant pot of money reaches the areas where it will make the biggest difference. The past year has also seen internal change at the Foundation as we have welcomed Helen Taylor and Louise Long to our Board of Trustees. At the same time, Anna Hughes withdrew from her role as trustee to become Interim Chief Executive after Melanie Craigstepped down. We also said goodbye to outgoing trustees Terry Ward and Peter Newnham. On behalf of the Board, I would like to thank them all for their enormous contribution throughout their time with the Foundation and wish them well for the future. The coming 12 months will mark a significant milestone in our history as we celebrate our 20th anniversary year. I would like to take this opportunity to express my sincere gratitude to everyone associated with Suffolk Community Foundation- including our staff, volunteers, trustees, donors and patrons-for their hard work and commitment overthis time. I look forward to continuingto work closely withthem all and making an even greater difference to the people of Suffolk as we start to write the next chapter of the Foundation's story. Signed on 24 October 2024 George Vestey DL Chairman
Suffolk Community Foundation Trustees, Report For the year ended 30 June 2024 The trustees present their report and financial statements forthe year ended 30 June 2024. TheTrustees' Report a150 incorporates the requirement under Company Law of a Directors, Report. The financial statements have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the char5 Articles of Association, The Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the U K and Republic of Ireland IFR5102). 2. Structure. governance and management Suffolk Community Foundation is a company limited by guarantee (Company no. 053697251 incorporated on 18 February 2005 and a registered charity {Charity No. 01109453) governed by its Memorandum and Articles of Association dated 18 January 2005, and special resolutions dated Ilth September 2009, 28th November 2011 and 8th December 2020. The directors of the charitable company are its trustees for the purposes of charity law and throughout this report are referred to as the trustees. On 13 April 2015, the Charity Commission for England and Wales authorised a Linking Direction between Suffolk Community Foundation and the Fonnereau Road Health Foundation Fund IFRHFFI such that the FRHFF Endowment became a linked charity to the Foundation. The trustees hold the capital of this fund in the form of a permanent endowment with the income generated by this fund used by the trustees at their discretion in furthering the objects of the charity as documented in the Trust Deed dated 9 March 2015. Currently there are 11 trustees who meet formally at quarterly Board of Trustees Meetings112 during the financial year). strategic aims are agreed by the trustees at these meetings. The Board appoints three committees, Income Development; Grants & Community Impact: and Operations. These committees are responsible for more detailed oversight of strategy and operational activities within their terms of reference. The board and each committee have terms of reference and authority delegated to them, including the power to recruit additional non-trustee members who bring further expertise that the committees may feel beneficial or nessary. Committees are also able to form working groups for specific projects or events. Members of the Board who served during the year and as members of committees are as follows: George Ve5tey DL Peter Newnham Chair of Trustees. Income Development Committee Chair Vice Chair, Grants & Community Impact Committee. Income Development th Committee, Operations Committee {resigned 12 March 20241 Income Development Committee Operations Committee Chair Grants & Community Impact Committee Board of Trustees Grants & Community Impact Committee Operations Committee th Grants & Community Impact Committee (resigned 12 March 2024) Income Development Committee th Grants & Community Impact Committee (resigned 16 July 2024} Operations Committee th Income Development Committee {appointed 12 March 20241 Sizewell C Community Fund Panel lappointed 12" March 2024) Jonathan Agar DL Susan Gull Jordan Holder William Kendall DL Jane Millar Neil Walmsley Terrence Ward Sarah Zins Anna Hughes Gareth Wilson DL Louise Long Helen Taylor
Suffolk Comrnunity Foundation Trustees. Report For the year ended 30 June 2024 Louise joined Birketts in 2011 and is a Partner who heads up the Private Client Advisory Team. She is based in the Ipswich office and joins the Foundation as a trustee in preparation for the departure of Jonathan Agar, who will be stepping down. We are delighted that she will continue the long-standing relationship the Foundation has with Birketts. Louise specialises in the administration of estates with extensive experience of dealing with complex family and tax issues and the preparation of wills, trusts and inheritance tax planning. Helen joins us as a trustee and will chair the Sizewell C Community Fund Awards Panel. Helen has had a long career in health a nd social care. Originally qualifying as a nurse, she is currently the Chair of East Suffolk & North Essex NHS Foundation Trust IESNEFT) since 2019. ESNEFT is one of the largest NHS Trusts in the East of England and runs Ipswich and Colchester Hospitals, plus six community hospitals and community health seNices. Helen has lived in Suffolk for 20 years and brings senior level experience in social care, charities and health inequalities, as well as a detailed understanding of good governance in a publicly accountable setting. The day-to-day management of the Foundation is delegated to the chief executive. At the year end June 2024, the Foundation employed 14 members of staff, (12.8 full time equivalentl12023: 18 members of staff: 14.9 full time equivalent) who undertake its core functions - grantmaking, income development, finance, administration, marketing, communications and event management. The Foundation is also supported by volunteers who sit on grant panels, using their local knowledge to inform and strengthen the decision-making process. The Board of Trustees would like to record its appreciation for their help and dedication. The Foundation is a quality accredited member of UK Community Foundations, the membership organisation that supports and promotes the 47 community foundations operating across the UK. With combined endowment funds under investment in excess of £700m, UK community foundations are now collectivety the fourth largest grant maker across the UK. The Foundation greatly appreciate5 and values the continued support and guidance from its patrons, vice patrons and honorary life patron who act as ambassadors throughout the County. We extend our gratitude and best wishes to Peter Newnham and Terrence Ward who retired from the Board in March 2024 and thank them for their outstanding, significant contributions during their time as trustees. 3. Trustee recruitment, induction, and training As set out in the Memorandum and Articles of Association, new trustees are appointed by the Board of Trustees and formally elected at the following annual general meeting. New trustees are identified through nominations by other trustees, advertisements. recommendations from respected individuals and engagement with the Foundation through professional networks. Prior to appointment, potential trustee5 are reviewed by a nominations committee made up of existing trustees and shortlisted candidates are put to the Board for approval. Trustees are appointed with a ra nge of identified skills and experience to support sound governance and strong progress towards the charivs mission and aims. Any newly appointed trustee serves for a three- year term and is eligible for re-election for two fu rther terms of three years, and annually thereafter if there are exceptional circumstances to retain the trustee in the short term. New trustees receive an information pack including the Memorandum and Articles of Association, accounts. business plan. role description, Charity Commission guidelines and are asked to complete a declaration of eligibility. I ntroductory briefings with the chief executive and key staff are provided, and all trustees are invrted to Serve on at least one committee. Trustees have access to a variety of ongoing training courses through contacts with local law firms and online training in area5 such as IT and digital security.
Suffolk Community Foundation Trustees. Report For the year ended 30 June 2024 4. Objectives and activities The trustees confirm that they have referred to the Charity Commission's guidance on public benefrt when reviewing the Foundation's aims and objectives, in plannlng future activities and settin8 the grantmaking policy for the year. Suffolk Community Foundation's charitable objects for the public benefit, as defined in our Memorandum and Articles of A550ciation are: The promotion of any charitable purpose for the benefit of the community in the County of Suffolk and its immediate neighbourhood including but not limited to the advancement of education, the protection of good health, both mental and physical, and the relief of poverty and sickness: and other exclusively charitable purposes in the United Kingdom and elsewhere which are in the opinion of the trustees beneficial to the community with a preference for those in the area of benefit. The Foundation further endorses its charitable purposes for the public benefit through its vision, mission, purpose and values, together with its grantmaking policy. Our vision To make Suffolk a better place for all Our mission To change local lives by connecting causes that matter with people who care Our purpose To reach those in most need by combining robust evidence with local service delivery We do this by: Researching, analysing, identifying, and understanding the needs of the County Being creative, energetic, em pathetic, and open to new ideas and initiatives Seeking out and supporting key frontline organisations which can play a role in addressing social need and inequality Securin& managing, and distributing resources and funds to support frontline charities and community organisations with their overheads and project costs Developing and nurturing partnerships where we can work together to make a difference Showcasing local charities and community organisations to demonstrate their impact and achievements, therebv inspiring continued efforts to address local need Believing in and empowering local people and their knowledge to improve their communities Our values Be compassionate and fair in our purpose Be professional and independent in all our relationships Be open and clear in our communications
Suffolk Community Foundation Trustees, Report For the year ended 30 June 2024 5. Significant activities The Foundation established a grantmaking policy to further its objects for the public benefit. It aims to provide a bridge between people who care about their community and the wide range of local charities. voluntary organi5ations and community groups which help relieve disadvantage and deprivation across Suffolk. The Foundation's grantmaking capability is supported by its abilityto develop private and corporate philanthropy as well as its proficiency in providing grantmaking services for the public sector and other charitable trusts. The Foundation offers a flexible SeiCe designed to help donors achieve their philanthropic objectives, whatever their area of interest or level of giving. Donations can be given for total disbursement over a specific time-period Iflow-through funds} or invested to provide income for 5UStainable grantmaking into the future lendowment funds which utilise annual investment returns for sustainable grantmakingl. Donations can be pooled in general funds to address specific local needs or deposited into individual funds that are managed to meet the donorfs charitable ambitions. All funds: concentrate on funding for defined and measurable objectives give preference to smaller grants for local organisations which takle social need, and use priorities that are determined by local needs analysis, including the Foundation's Hidden Needs Report 2020 As at the year end, the Foundation managed 242 individual funds on behalf of its donors, of which 109 are endowed. The combined endowment value of these invested funds increased to £21.7m. 6. Resources spent on charitable activities During the past year. the Foundation managed grantmaking forthese 242 individual funds12023- 2081 on behalf of individuals, families, businesses, other trusts and foundations and public sector organisations. Diligent, effective, and impactful grantmaking involves rnany operational processes from understanding and developing a donorfs or funderfs giving ambitions; designing the grant programme; promoting it; assessing applications; awarding grants and monf(oring the impact post-award. The accumulated knowledge that the Foundation gathers through the delivery of the associated grants programme, particularly regarding the opportunities and challenges that voluntary and charitable organisations face, including the financial conditions they are working with and the effective practices they em ploy to tackle local need, is of great value. As a result, the Foundation is increasingly spending more time promoting the sector, its attributes, and qualities, to help strengthen the sectorfs importance and relevance across Suffolk. In addition to delivering grant programmes, resource is also employed to support the voluntary and charitable sertor by providing advice on how to access funding on a one-to-one basis. through workshop5, and increasingly by using on-line webinars. The Foundation is also called upon and supports organisations facing difficultie5, typically funding pressures through increased service demand or funding shortfalls, by offering grant investment advice and other services. including signposting to other funding sources.
Suffolk Community Foundation Trustee5' Report For the year ended 30 June 2024 Wtth state services being pared back and at the same time facing increasing demand, people are seeking increased support from the voluntary, charitable, faith and social enterprise settor (VCFSEI. Many of our VCFSE organisations are financially very small and yet play a vital role in their communities. Our sector is under significant strain. The cost of the Foundation's grant activity is £402,29612023: £322,673) {Note 7}. The Foundation's charitsble activity is broader than its direct grantmaking activity and includes knowledge sharin& producing evidence. associated research and awareness of local issues and collaborative working. This community development activity is intensive, complex in nature and often involves multi-partnership working across private, public, and voluntary sectors. The financial contribution to this charitable activity over the past year eq uates to £331.895 {2023- £245,8481- note 7. Commitment to research and educational activity helps raise awareness of social need and has become a cornerstone of Foundation activity. over the past year £100,57512023: £117,485) note 7 of cha ritable giving was attributed to this area. 7. Quality Accreditation AII 47 UK community foundations undertake a rigorous independent quality accreditation assessment. Re- accreditation requires a community foundation to pass the core standards to maintain membership to the UK community foundation network. The assessment tracks developmental progress against the previous quality accreditation assessments and highlights areas for further development and improvement. Typically, accreditation is undertaken every three years. The latest accreditation reported in last yearfs Trustees, Report still stands and as with previous accreditations, Suffolk Community Foundation performed very well. Scoring against the fourteen core standards demonstrates this with 5 good passes, 8 excellent passes and, l exemplar pass. Re-accreditation IQA61 is scheduled to take place at the end of 2024/early 2025 with a revamped and simplified programme which separates compliance from organisaitaonal development. 8. Performance and achievements and future plans Over the past financial year. the Foundation awarded £3.4m in 881 grants to 777 charfcies and communitv groups. The average grant award was £3,830, with grant award values ranging from £50 to £126k. Since 2005, the Foundation has awarded 10.787 grants with a combined value of £44m. In particular, the trustees would like to note.. Sizewell C Community Fund The Fund was launched early in 2024, and is designed to support those local communities impacted by the proposed construction works. The Foundation has recruited two new members of staff, designed the relevant processes, held a number of local workshops to explain the fund and established an independent grants panel, chaired by a Foundation trustee, Helen Taylor. The first applications to the Fund were assessed by the panel after the year end with awards expected in November 2024. Surviving Winter annual appeal The appeal, which has been running since 2010, invites people who do not need their winter fuel payment to donate it for the benefit of someone who does. Last winter, individuals and businesses across Suffolk generously donated £155k to the appeal. io
Suffolk Community Foundation Trustees, Report For the year ended 30 June 2024 Surviving Winter was a year-round programme to both help lower income households with fuel payments and give people support and advice to improve their financial resilience. This was a different approach from previous years, in that, via our partners Citizens Advice, we: Enabled 940 people to access others services to help them maximise there income, as well as other support they may not have been aware of Focused on those who were not receiving additional support but still struggling to meet energy costs Promoted an online application process. Professional Advisors and the commercial sector Our work with professional advisors has deepened and extended, both through two successful networking events and one-to-one meetings. Professional advisors continue to be important and valuable sources of expert advice and income forthe Foundation. Relationships with the commercial sector have also strengthened, obtaining corporate sponsorship for our supporter events and publications as well as the establishment of new corporate funds helping businesses to direct their charitable giving towards their areas of interest and to those who need it most. Work with the public sector The Cancer Community Partnership Fund launched in September 2023, funded by the Suffolk & North East Essex Integrated Care Board ISNEE ICBI. The £300,000 fund aims to increase the proportion of early-stage cancer diagnoses (Stages l & 2). The Foundation manages grant applications from Suffolk, while partner organisations in Essex handle applications for that region. In partnership with Suffolk County Council, The Digital Inclusion Fund launched in October 2023. The Digital Inclusion Fund has been developed to reduce digital poverty and its effects across target demographics within Suffolk. The Fund has held three panels to date, awarding £145,124. The Serious Violence Duty Fund was a one-time allocation of £150,000 from the Home Office, aimed at preventing and reducing serious violence. its purpose was to enhance the lrfe outcomes of young people and promote safer communities. Through this fund. 15 interventions were successfully supported. Our Annual Review and High Sherifffs Awards Ceremony was held jointly in March, attended by nearly 300 guests. This was a valuable opportunity to introduce new members of staff and trustees, thank our donors, supporters and partners and showcase the inspirational impactful work of the local charities. Building for the Future In 2025, we will be celebrating our 20th anniversary. To mark this special milestone, we launched a new fund called Suffolk Futures to support organisations who work with 16-25 year olds. helping them address issues with mental health, education, housing and employment. Guests were invited to join us at an event at Great Thurlow Hall in June, to receive thanks for their ongoing support and hear about our plans forthis new fund in 2025. The young people of today will have a significant impact on the future of our county, so investing in them now will leave a lasting and positive legacy for Suffolk. li
Suffolk Community Foundation Trustees, Report For the year ended 30 June 2024 We have ongoing ambitious plans to continue to become more widely known in Suffolk and to build our endowment and through-flow income in order that we can grow our financial support of our critical but challenged voluntary sector. We also need to support the voluntary sector by simplifying our grant making processes and by encouraging more donors to consider multi-year grants. Efficient, well-directed grant making will continue and we intend to grow the knowledge of the role of the Foundation in the charitable sector to encourage applications from charities we do not yet know about. Overview of f inancial position The Foundation's financial position is shown in the Statement of Financial Activities on page 20 and the Balance Sheet on page 22. Total income forthe year was £6.3m12023- £4.9ml. Accounting Standards applicable to charities, including the Charities Statement of Recommended Practice ISORP), require income to be recognised in full as soon as entitlement is probable, whereas associated grant awards and overhead expenditure may take place in future periods. This can lead to fluctuations in the level of income in any one period as well as reserves at a given balance sheet date. This is frequently an issue for the Foundation, particularly given the variety of funding sources, which include the public sector and private individuals. For example, at 30 June 2024 the annual income from the Sizewell Community Fund of £2.3m was recognised in the financial year but due to the timing of panels no awards will be made tjntil the following financial year. At 24th October 2024, gra nts in excess of £3CX)k are at the final award stage. In addition certain costs to deliver the programme had already been incurred by 30 June 2024 . Both unrestricted and endowment income were less than 2023 by £458k and £160k respectively. Consequently, total costs fell in the year from £5.5m to £4.6m. Grants awarded amounted to £3.4m12023: £4.5ml. The net movement for the year across all funds was £3.Im. The unrestricted fund fell by £0.2m, the restricted fund increased by £2.Im (including 5izewell Cl and the endowment fund increased by £1.2m. The net gains on investments amounted to £1.4m12023: £0.4ml meaning that overall, fund balances increased from £23.5m at 30th June 2023 to £26.6m at this year end. 10. Principal funding sources The Foundation's income is derived mainly from grants, donations and legacies from the following sources: Individuals, families, and businesses, with referrals often coming from professional advisors (solicitors, accountants, and wealth managers) Public sector organisations Other trusts and foundations 12
Suffolk Community Foundation Trustees. Report For the year ended 30 June 2024 11. Fundraising Regulator The Fou ndation demonstrates its commitment to good fundraising practice by subscribing to the Fundraising Regulator Levy and follows the Fundraising Code. The Foundation does not use professional fundraising agencies. No complaint5 have been registered against the Foundation du ring the year under review. 12. Investment policy and performance Investments are held in accordance with the powers of the trustees set out in the Articles of Association14.151 and the Investment Policy. The investment objective is to achieve an overall return on the investments within the risk appetite set by the trustees and to provide financial returns to support Sustainable grant distribution across Suffolk and as endowed funds increase over time, grant making growth too. In addition, social, environmental, and ethical parameters are considered and incorporated in the investment vehicles chosen. Overall responsibility for the investment portfolio is overseen by the Operations Commsttee which reports to the Board of Trustees. The Foundation uses the seNices of investment managers to invest its financial assets. These are selected following a structu red selection process in line with the investment objectives. Over the past financial year, the Foundation has continued to contract the services of investment managers Rathbones, CCLA, Evelyn and Barratt and Cooke. All investment managers, performance has been monitored closely in line with the investment objectives and prevailing market conditions. The current portfolio of listed investments managed by the investment managers is £19,177,833 an increase of 7.8% at year-end {Note 131. The trustees have considered the valuation of the investment properties. At the present time the propertv market is very volatile, but given the unique nature of the properties and their location, the trustees do not believe there has been any significant change in the market value of the propertie5. The portfolio was revalued in May 2023 by Lacy, Scott and Knight, Chartered Surveyors. 13. Risk management In line with our risk management policy, an audit of risks affecting the Foundation is conducted quarterly. All changes to the risk register are brought to the trustees, attention and dependent upon severity, action plans implemented to address the risk. Trustees consider the main strategic risk facing the Foundation to be a significant loss of income combined wtth increasing demand for grants as conditions in the charitable sector remain challenging, with higher demand from many individuals and some communities. This risk is managed through a focus on developing new income sources, efficient grant processes and our reserves policy. 14. Reserves policv The trustees and senior leadership team have considered the level of unrestricted reserves necessary to ensure the continuation of Suffolk Community Fou ndation's activities for the foreseeable future. This assessment 15 on- going and 15 part of the Board of Trustees, financial risk management. The Foundation's unrestricted resenle derives from donations, legacies, sponsorship, events, and gifts from both corporate and private sources. The Foundation's activities require effective administration. Accordingly. to allow the Foundation to continue to deliver on its objectives and adjust to negative short temi changes in funding, the trustees believe that the Foundation should endeavour to build up and then maintain reserves in the range of six to twelve months (£333,500 to £667,LX)01 of our projected overheads. To that end. the Foundation is currently holding reserves at 13
Suffolk Community Foundation Trustees, Report For the year ended 30 June 2024 year end of £681,58812023: £930,944). The Trustees are of the view that Suffolk Community Foundation is a going concern. 15. Trustees, agreements All trustees give their time f reely and no trustee remuneration was paid in the year. Trustee expenses paid in the year totalled £127 {2023: £nill. 16. Senior Leadership Team remLJneration The pay of all senior staff is reviewed annually by the chief executive initially who then makes recommendations to the Board of Trustees. 17. Related parties Trustees, staff, and non-trustees who sit on committees are required to disclose all relevant outside interests which are recorded in a document and updated quarterly. Where a conflict of interest exists, trustees withdraw from decisions. 18. Disclosure of information to auditors All of the current Trustees have taken all the steps that they ought to have taken to make themselves aware of any infomiation needed by the Foundation's audrtors for the purposes of their audit and to establish that the auditors are aware of that information. The Trustees are not aware of any relevant audit information of which the auditors are unaware. On behalf of the board of trustees on 24 October 2024. George Vestey DL Trustee 14
Suffolk Community Foundation Statement of Trustees. Responsibilities For the year ended 30 June 2024 The trustees. who are also the dirertors of Suffolk Community Foundation for the purpose of company law, are responsible for preparing the Trustees, Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these accounts, the trustees are required to: select suitable accounting policies and then apply them consistently. obseNe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent; and prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The tru5tee5 are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The following information for the accounting year ended 30 June 2024 is presented in the fomi required by the Charity Commission and the Companies Act 2CrfJ6 and as amended by the Charities Act 2011. The Foundation also produces an Annual Review, which includes information presented more visually about activities undertaken in the year, including detailed grant information. The Financial Statements and Annual Review are also published on the Foundation's website Iwww suffolkcf or .ukl in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The Maintenance and integrity of the Foundation's website is the responsibility of the trustees. The trustees, responsibility also extends to the on-going integrity of the financial statements contained therein. 15
Suffolk Community Foundation Independent Auditors. Report to the Members of Suffolk Community Foundation For the year ended 30 June 2024 Opinion We have audited the financial statements of Suffolk Communty Foundation {the 'charitable companV) for the year ended 30June 2024 which comprisethe Statement of Financial Activities, Summary Income and Expenditure Account, Balance Sheet, Cash Flow Statement and notes to the accounts, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting standard 102 The Fin(7nciol Reporting Standard t7pplicable in the UK ond Republic of Ireland (United Kingdom Generally Accepted Accounting Practi1. In our opinion the financial statements: give a true and fair view of the state of the charitable companVs affairs as at 30 June 2024, and of its net movement in funds, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accorda nce with International Standards on Auditing (UK) {ISAs {UKII and applicable law. Our responsibilities under those standards are further described in the Auditors, 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 FRCS 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 conditlons that, individually or collectively, may cast significant doubt on the charitable compan¢s ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue. Our responsibility and the responsibilities of the Trustees with respect to going concern are described in the relevant Sections of this report. 16
Suffolk Community Foundation Independent Auditors, Report to the Members of Suffolk Community Foundation For the year ended 30 June 2024 Other infomiation The other information comprises the information included in the annual report other than the financial statements and our auditorfs report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledgeobtained in the audit, orotherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to 3 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. Opinion5 on other matters prescribed by the Companies kt 2006 In our opinion, based on the work undertaken in the course of the audit: the information gtven in the Trustees, Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our 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 Trustees, 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: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit,. or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the trustees, directors, report and from the requirement to prepare a strategic report. Respon5ibilitie5 of trustees As explained more fully in the trustees, responsibilities statement set out on page 15, the trustees are responsible for the preparation of the fina ncial statements a nd for being sat15fied that they give a true and fair view, and for such internal control as the trustees determ ine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 17
Suffolk Community Foundation Independent Auditors. Report to the Members of Suffolk Community Foundation For the year ended 30 June 2024 In preparing the financial statements, the trustees are responsible for assessingthe charitable companrfs 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. Auditors. responsibllities 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 auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit condutted in accordance with ISAS IUKI will always detect a material misstatement when it exists. M isstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including f raud, 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 detetting irregularities, including fraud, is detailed below. Our audit wa5 designed, after obtaining suitable knowledge and understanding of the charitable company and its operating systems, controls and culture, to include tests of detail together with supportive analytical procedures, to enable us to obtain reasonable assurance that the financial statements are free from material misstatements. The engagement partner ensured the audit team collectively had the required experience, knowledge and competence to undertake the planned work and identify any material misstatements due to irregularities. Our planned procedures included consideration of the work of Service organi5ations utilised by the charity. From the work performed, discussions with management and the trustees and our knowledge and experience of the cha rity sector, we have obtained an understanding of the legal and regulatory framework the Charity operates in. Our audit included higher levels of work on areas where we considered there to be a higher risk of fraud or misstatement, including revenue recognition and areas where there is a risk of management override of systems and controls or where there are high levels of uncertainty regarding an estimate orjudgement. However, it is the primary responsibility of management, with the oversight of the trustees, to ensure that the entit¢s operations are conducted in accordance wrth the provisions of laws and regulations and for the prevention and detection of fraud. A further description of our responsibilitie5 for the audit of the financial statements is located on the Financial Reporting Council's website at: litt www.frc.or auditorgres onsi bil ities. Th is description forms part of our auditorfs report. 18
Suffolk Community Foundation
Independent Auditors' Report to the Members of Suffolk Community Foundation
For the year ended 30 June 2024
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 auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members as a body, for our audit work, for this report, or for the opinions we have formed.
Helen Rumsey (Senior Statutory Auditor) for and on behalf of Ensors Accountants LLP Statutory Auditor
Connexions 159 Princes Street Ipswich IPl lQJ
Dated: 29/10/2024
19
Suffolk Community Foundation Statement of Financial Artivitie5 For the year ended 30 June 2024 Wote5 unrtrle Re5trlcted ETrdDwffleTrt FndS funds Totsl 2024 Unrestricted funds Restricted Funds End(wrnent funds Total 2023 Income and endowmentsfrom.. 266,109 5,105.990 173.160 5.545.259 728.078 62,734 62,836 3.162.410 27,400 541.061 333.243 4,223,731 90,134 603,897 Inve5tment5 129,706 582,512 712,218 Total Income 395,815 5,68B,502 173,160 6,257,477 859.648 3,730ml 333.243 4.917.762 Eynthture orl.. 222.570 73.Lk)4 48.922 344.496 220.C67 89.007 41.740 350.814 Charitable actwitie5 6rtrntS Obvfirded othercharituble uctivftiE5 167,647 845,51S 3,233.621 13,742 3.401.268 859,811 120.4?5 689,233 4,353.456 15.097 4,473,931 704,330 554 Totsl expendbiure 1,235,732 3.320.367 49,476 4,605,575 I,D29,775 4A57,560 41,740 5.529.075 Net8ain5/lb5Se51 On inve5tment5 1.437,588 1.437.588 979 402.254 403.188 Net Intome I (Èxpenditurel 1839.9171 2.368.135 1.561,272 3.089.490 1176.1721 1725.7101 693.757 208.1251 Transfers between funds 590,561 1273,9101 591,988 1299,7541 1292,2341 Net movemeDt i• 1249,3561 930.944 2.094.225 2.061.732 1.244.621 20.478.(0) 3,089.490 13.470.676 415.816 515.128 11.015,4641 3.087.196 40L521 20.076.477 1208,1251 23.678.801 Fuhd balanre5 at l Juty2023 Fund balance5 at 30June 2024 6BI,588 4,155.957 21.7ZZ,621 2660.166 gJO,944 2,061,732 10,478,000 Z3,470,676 20
Suffolk Community Foundation Summary Income and Expenditure Account For the year ended 30 June 2024 2024 2023 Income Gains /1105se51 on investments Interest and investment income 5,688,750 4.272.856 934 603,897 712,218 Gross income in the reporting period 6ACKI,968 4,877.687 Expenditure Depreciation 4.553.310 2,789 5N84.107 3.228 Total expenditure in the reporting period 4,556,099 5.487,335 Net incomellexpenditurel before tax in the reporting period IW,869 {609.648) Tax payable Net incomellexpenditure) In the reporting period 1,844,869 1609.648) The above excludes income for endowment. Statement of Recognised Gains and Losses Net income/{expenditure) for the year 1,844,869 1609,648) Net movement on endowment funds 1,244,621 401,523 3.089.490 {208,125} 21
Suffolk Community Foundation Balance Sheet As at 30 June 2024 Company number 05369725 2024 2023 Notes Fixed ossets Tangible assets Investments Investment properties 12 13 13 10,168 19,177,833 3,035,000 6,239 17,785,705 3,035,000 Total fixed assets 22,223,001 20,826,944 Current Q$5et5.' Debtors Cash at bank and in hand 14 682,407 4,542,706 899, 129 3,083,538 Total current assets 5,225,113 3,982,667 Liobilities.. Creditors amounts falling due within one year 15 1783,9481 11,284.7391 Net current assets 4,441,165 2,697,928 Total assets less current liabilities 26,664,166 23,524,872 Creditors.. amounts falling due after more than one year 16 1104,0001 154,1961 Net assets 26,560,166 23,470.676 TheAund5 OA the charity.. Capital funds Endowment funds 17 21,722,621 20,478,000 Incomefunds Restricted funds 4,155.957 2.061.732 Unrestricted funds 681,588 930,944 Total charity funds 26,560,166 23,470,676 These financial statements have been prepared In accordance with the provisions applicable to companies subject to the Companies Act 2006 small companles, regime. The financial statements were approved by the Board and authorised for issue on24 October 2024. MrG Vestey DL Trustee MrsSGull Trustee The notes on pages 24 to 44 form part of these financial statements. 22
Suffolk Community Foundation Cash Flow Statement For the year ended 30 June 2024 2024 2023 Note5 Ca5hflowsfrom opernting artlvities.. Net cash provided by/lused in) operating activities 20a 535.048 11,218,021) C¢75hflowsfrom investing ottivities.. Dividends, interest and rents from investments Proceeds from the sale of investments Purchase of fixed assets Purchase of investments 712,218 2,641,894 16,7181 12,596,434) 603,897 2,675,249 13,285,466) Net cosh used in investing t7rtivities 750,960 16,3201 Cash flowsAromAinoncing ortivities." Receipt of endowments 173,160 333,243 Changes in cosh ond cosh equivalents in the year 20b 1,459,168 1891,0981 Cash and cash equivalents at the beginning of the reporting period 3,083,538 3,974,636 Cosh Gnd cash equivalents ot the end o the reporting period 20b 4.542.706 3,083,538 The notes on pages 24 to 44 ft)rm part of these financial statements. 23
Suffolk Community Foundation Notes to the Accounts For the year ended 30 June 2024 Accounting policies Suffolk Community Foundation is a company limited by guarantee, domiciled and incorporated in England and Wales, registration number 05369725. Suffolk Community Foundation is a registered charity, registratlon number 01109453. The registered office for the charity is The Old Barns, Peninsula Business Centre, Wherstead, Ipswich, IP9 2BB. Basis of preparation The accounts have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 effective I january 2019, and the Companies Act 2006. The Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The financial statements have been prepared in sterlin& which is the functional currency of the Foundation, and rounded to the nearest pound. Preparation of accounts on a going concern basis The trustees consider that there are no material unrtaintieS about the tharrtrfs ablllty to continue as a goin8 concern. The review of the financial position, reserves levels and future plans gives trustees confidence the charity remains a going concern for the foreseeable future. The following principal accounting policies have been applied: Income All income 15 included in the Statement of Financial Activities when the income entitlement is probable, and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: Donotions comprise grants, donations and gifts given to the charity towards the core running costs and grantmaking. Income is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is conditional on the delivery of a specific performance by the charity, are recognised when the ch3rity becomes unconditionally entitled to the grant- Other troding artivitie5 comprises income generated from fundraising events, including sponsorship towards such event5. Income is included in full in the Statement of Financial Activities when receivable; Investment Income is included when receivable. Realised and unrealised gains are included on the bottom of the Statement of Financial Activities,. Legocles are accounted for on an accruals basis as soon as they have been notified to the charity, and can be evaluated with reasonable certainty,. i>onoted good5, 5ervice5 and fvcilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included in these accounts. 24
Suffolk Community Foundation Notes to the Accounts (continued) For the year ended 30 June 2024 Accounting pollcles Icontlnuedl Expenditure Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be recovered and is reported as part of the expenditure to which it relates. The following specific policies are applied to particular categorie5 of expenditure,. Expenditure on mising funds comprises those costs incurred in generating voluntary income, fundraising trading C05t5 and investment management costs. These costs are regarded as necessary to generate funds needed to finance charitable activities,. Expenditure on charltoble ortlvities includes the value of grants awarded by the Foundation and the costs incurred by the charity in the delivery of its attivities and services for its beneficiaries. Grants payable are recognised as expenditure and included in the SOFA when approved by the trustee5 and accepted by the beneficiaries. The value of such grants unpaid at the year*nd is accrued. Grant5 where the beneficiary has to meet certain conditions before the grant is released are accrued as financial commitments. Where a grant is to be paid by instalments, the outstanding balance is disclosed as a liability. Charitable expenditure includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to SUPPOrt them and have been allocated on an activity costs basis consistent with the use of resources. Within these costs are governance costs which are the costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflert the use of resources. Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less depreciation. Capitsl costs greater than £500 are capitalised and carried in the balan Sheet at historica1 cost. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows.. Computer equipment Fixtures, fittings & equipment 33% straight line 25% reducing bal3nce At each reporting date the charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined by which 15 the higher of its fair value less costs to sell and its value in use. An impairment1055 is recognised where the carrying amount exceeds the recoverable amount. Leasing Rentals payable under operating leases are charged against income on a straight-line basis over the period of the lease. 25
Suffolk Community Foundation Notes to the Accounts (continued) For the year ended 30 June 2024 Accounting policies (continued) Taxation A5 a registered charity, the Foundation benefits from Council tax relief and is generally exempt from Income Tax and Capital Gains Tax, but not from VAT. Irrecoverable VAT is included in the cost of those items to which it relates. Financial instruments Financial instruments are recognised in the Balance Sheet when the charity becomes party to the contractual provision of the instrument. Financial assets and liabilities are offset, wfch the net amounts presented in the financial statements, when there is a legal enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financi31 assets include trade and other receivables and cash and bank balances. These are initially measured at transartion price, including transaction costs and are subsequently tarried at amortised c05t using the effective interest method. u nless the transaction constitutes a financing transaction, where the transaction is measured at the present value of the future receipts. Impairment of financial assets Financial assets are assessed for indicators of impairment each year. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been afferted. This impairment is recognised in the Statement of Financial Activities. Dfrrecognition of financial assets Financial assets are derecognised only when the c(Intractual rights to the cash flows from the asset expire, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity. Classification of financial liabilitie5 Financial liabilities are cl355ified 8ccording to the substance of the contractual arrangements entered into. Basic financial liabilities Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument 15 measured at the present value of the future payments discounted at a market rate of interest. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of operations from suppliers. Account5 payable are classified as a current liability if payment is dije within one year or less. If not, they are presented as non-current liabilities. Trade payable5 are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. De-recognttion of flnancial liabillties Flnancial liabilities are derecognised when, and only when, the chariW5 obligation5 are discharged, cancelled, or they expire. Investments Quoted investments are shown at middle market value. Differences arising on closing market value are taken to the Statement of Financial Attivities as an unrealised movement. Income arising from investments is accounted for on an accruals basis. Investment income on endowment is taken to unrestricted or restricted income as appropriate. 26
Suffolk Community Foundation Notes to the Accounts (continued} For the year ended 30 June 2024 ActountinE policies Icontinuedl i.io Pensions The charity operates a defined contribution pension scheme. Contributions are charged in the accounts a5 they become payable in accordance with the rules of the scheme. i.ii Employee benefits The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termin3tion benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provitle termination benef its. 1.12 Fund accounting Fund5 held by the Foundation are.. Unrestrirtedfvnds- these a funds that can be used in furtherance of the charitable objects at the discretion of the trustees. Restrictedfund5- these are fu nds that can only be used for restricted pu rposes within the objects of the Foundation. Restrittions arise when specified by the donor or when funds are raised for restricted purposes. Charttable contributions are levied from restrirted funds as grants are awarded and transferred to unrestricted funds to help support the Foundation's core costs. Endowment funds - are represented by assets held for the long term by the charity, principally investments. In accordance with the donors, wlshes the capltal can be permanent or expendable by nature. Income arising from the endowment assets is typically used for grant making or other charitable objects. Realised and unrealised gains or losses arise and the investment management charges are credited or charged to the funds. In addition, an agreed contribution to core costs is made by each fund within the endowments and is transferred to the unrestritted fund to support the work of the Foundation. Income arising on endowment funds is cred¢ted to unrestricted fLsnds or restricted funds and is used for grant making or other charitable activity. For most endowment funds, if they are expendable in nature. and if the investment income does not meet the annual target designated for grant making Icurrently 5%), a transfer is made from capital to meet the shortfall. Tronsfers- comprise transfers to unrestrirted funds from restricted funds and endowment funds to support the work of the Foundation as described above, plus certain transfers of capital as described above, plus other relevant items that may arise periodically. 1.13 Investment properties Investment propertles are stated at valuation. Surpluses arising on revaluation are taken to the Statement of Financial ArtNities. 1.14 Cash and bank Cash is represented by cash in hand and deposits with f inancial institutions repayable without penalty on notice of not more than 24 hours. Cash equ ivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readlly convertible to known amounts of cash with insignificant risk of change in value. 27
Suffolk Cornmunity Foundation Notes to the Accounts (continued) For the year ended 30 June 2024 Accounting policies (continued) Judgements and key sources of estimation uncertainty In application of the tharltvs accountlng policies, the trustees ère required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. 1.15 The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accou nting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both the current and future periods. The key areas of judgement are,. Investment property valuation: the portfolio of freehold investment properties is held at fair value on the basis of valuations carried out by 3 professional valuer at regular intervals, updated annually through consultation between the Trustees and professional valuer5 and with reference to market information. Legacy income.. accrued legacies are included only if probate has been granted and there is certainty of value and receipt. Donations and legacies Unrestricted funds Restrlcted Endowment funds funds Total 2024 Donations and gifts Legacy income 274,681 18,5721 4,999,140 106,850 48,160 125,000 5,321,981 223,278 266,109 5,105,990 173,160 5,545,259 Donations, gifts & legaaes Unrestricted funds.. Corporate donations and gifts Private donations and gifts Membership 98,352 114.712 53,045 266,109 28
Suffolk Community Foundation Notes to the Accounts (continued) For the year ended 30 June 2024 Donations and legacies Icontinuedl Unrestrirted funds Restricted funds Endowment funds Total 2023 Donations and gifts Legacy income 221,716 506,362 3,162,230 180 317,145 16,098 3.701,091 522,640 728,078 3,162,410 333,243 4,223,731 Donations, gifts & legèaes Unrestricted funds.. Corporate donations and gifts Private donations and gift5 Membership 92,855 583,558 51,665 728,078 Income from trading activities Unrestricted funds Restricted funds Endowment fund5 Total 2024 Event income Unrestricted funds Restricted funds Endowment funds Total 2023 Event income 62,734 27,400 90,134 62,734 27,400 90,134 Investment Sncome Unrestrlcted funds Restrlcted Funds Endowment funds Total 2024 Rental income f rom property investments Income from listed investments Other investment income 82.503 502,521 12,5121 82,503 582,339 47,376 79,818 49,888 129.706 582,512 712,218 29
Suffolk Community Foundation Notes to the Accounts (continued) For the year ended 30 June 2024 Investment income Icontinuedl Unrestricted funds Restricted Funds Endowment fund5 Total 2023 Rental income from property investments Income from listed investments Other investment income 79,150 458.836 3,075 79,150 513,533 11,214 54,697 8,139 62,836 541,061 603,897 Realised and unrealised gains and losses on investments are not shown as investment income but are included at the bottom of the Statement of Financial Activities. 30
Suffolk Community Foundation Notes to the Accounts (continued) For the year ended 30 June 2024 5 Expenditure Note Staff costs Depreciation Other Costs Grant Funding Total 2024 Raisingfunds Events and marketing Support costs Investment management costs Other investment property cost5 86,999 31,377 58,690 27,830 86,999 170.977 58.690 27,830 139,126 474 Total raising funds 139.126 474 204.896 344A96 Choritoble activities Grants programme Grant funding of activities Support costs 3,401,268 3,401,268 402,296 327,355 1,115 73,826 327,355 1,115 73,826 3.401,268 3,803,564 Community development Support costs 270,068 921 60,906 331,895 Re5earth and education Support tosts 81,839 279 18,457 100,575 Management, operational and financial administration Support costs 25,045 25,045 Total charitable activities 679,262 2,315 178,234 3,401,268 4,261,079 Total expenditure 818.388 2.789 383.130 3.401.268 4,605,575 31
Suffolk Community Foundation Notes to the Accounts (continued) For the year ended 30 June 2024 5 Expenditure Icontinuedl Note Staff Costs Depreciation Other Costs Grant Funding Total 2023 Roisingfunds Events and marketing Support costs Investment management costs Other investment property costs 66,508 22,297 59,768 40,561 66,508 183,977 59,768 40.561 162,836 11,1561 Total raising funds I6236 11.1561 189.134 350.814 Charitoble Jrtivities Grants programme Grant fundinB of activities Support costs 4,473,931 4,473,931 322,673 256,357 2,113 64,203 256.357 2,113 64.203 4,473,931 4.796,604 Communtty development Support costs 2CK),825 1,743 43,280 245,848 Researth and education Support costs 103,843 528 13,114 117,485 Management, operational and financial administration Support COSts 18,324 18,324 Total char¢table attivities 561,025 4,384 138,921 4,473,931 5,178,261 Total expenditure 72361 3.228 328.055 4.473.931 5.529,075 32
Suffolk Community Foundation Notes to the Accounts (continued) For the year ended 30 June 2024 Grants payable 2024 2023 Grants programme 3,401,268 4,473,931 The Foundation manages a wide portfolio of funds on behalf of statutory bodies, individuals and organisations. Its core activity is to provide support to small, local, grass-root tommunity and voluntary groups across Suffolk. The vast majority of its grantmaking activity, in terms of both number and monetsry value of grants, has been directed to this objective. Grants are distributed through panels across Suffolk. During the year 881 grants12023'. 8631 were distributed. A full analysis of grants paid in the year can be obtained from the registered office. All gra nts paid in the year were made to institutions. None of the grants to any particular institution in total were material during either year. 2024 2023 Reconciliation of grants payable Commttments made in the year Grants paid during the year Commitments at l July 2023 3,401,268 13,958,371) 1,285,039 4,473,931 13,970,8561 781,964 Commitments at 30 lune 2024 727,936 1,285,039 Commitments at 30 lune 2024 are payable as follows.. Within one year After more than one year 623,936 104,OCH) 1,230,843 54,196 727,936 1,285,039 Grants awarded in the year fall under the follow5ng themes: 2024 2023 Children & Young People Economic HardshiplPoverty Education & Skills Environmental Issues Health & Wellbeing Impact of Crime & Anti-social Behaviour Older People Other 50,255 934,454 271,346 34,182 1,722.621 238.587 120,269 29,554 54,251 1,506,709 140,753 2,342,660 310,312 119,246 3,401,268 4.473,931 33
Suffolk Community Foundation Notes to the Accounts (continued) For the year ended 30 June 2024 Support costs Ralsing funds Grants Management Community Research & programme & admin development education Total 2024 Office and admin Premises expenses Staff costs Depreciation Information technobgy costs Governance costs (Note 81 20,044 7,549 139,126 474 3,784 47,162 17,761 327,355 1,115 8,903 38.908 14,653 270,068 921 7,345 11,791 4,440 81,839 279 2,226 117,905 44,403 818,388 2,789 22,258 25,045 25,045 170,977 402,296 25,045 331,895 100,575 1,030,788 Premise5 expenses include £27,801 12023.. £24,7981 payable in respect of operating leases for property. Office and administration expenses include £2,05012023: £2,050) in respect of operating leases for plant and machinery. Raising Grants Management Community Research & funds programme & admin development education Total 2023 Office and admin Premises expenses Staff costs Depreciation Information technology costs Governance cost5 INote 81 12,384 6,613 162,836 11,1561 3,300 40,873 15,562 256,357 2,113 7,768 24,042 12.837 200,825 1,743 6,401 7,283 3.890 103,843 528 1,941 84,582 38,902 723,861 3.228 19,410 18,324 18,324 183,977 322,673 18,324 245,848 117,485 888,307 Governance costs 2024 2023 Legal and professional fees Other costs 23,752 1,293 17,044 1,280 25,045 18,324 Governance costs includes payments to the auditors of £14,10012023.' £14,500) for audit fees and £9,652 12023.. £2,544) for non audit fees. 34
Suffolk Cornmunity Foundation Notes to the Accounts (continued) For the year ended 30 June 2024 Trustees None of the trustees lor any persons connected with them) received any remuneration during the year12023- £nill. One trustee received expenses during the year of £12712023.. £nill for travel. The charity has purchased trustee indemnity insurance for £39112023: £3651. 10 Employees Number of employees The average monthly number of employees during the year was: 2024 Number 2023 Number Key management personnel Operational li 14 16 19 The average number of full-time equivalent employees during the year was 13.712023= 15.61 2024 2023 Employment costs Wages and salaries Social security costs Other pension costs 669,571 62,783 56,142 617,118 60,107 42,834 788,496 720,059 One employee received remuneration of between £60,000 and £69,999, two employees between £70,000 and £79,999 and one employee between £140,000 and £149,999 12023.. Two between £90,000 and £99,999) including pension contributions. Special staff severance payments are amounts paid to employees outside of statutory and contrartual requirements. During the year there were two severance payments made totalling £82,94512023= £nill. The key management personnel comprise the Chief Executive, Director of Finance and Operations, D1ctOr of Philanthropy and Engagement and Director of ProBrammes. The total employee benefits including pension and employerfs national insurance contributions of the key management personnel were £469,30612023'. £355,367). li Pension and other post-retirement benefit commitments Defined contribution 2024 2023 Contributions payable by the company for the year 56,142 42,834 35
Suffolk Community Foundation Notes to the Accounts (continued) For the year ended 30 June 2024 Tangible fixed assets Fixtures, fittings & equipment Cost At l July 2023 Additions Disposals 45,406 6,718 At 30 June 2024 52,124 Depreciation At I july 2022 On disposals Charge for the year 39,167 2,789 At 30 June 2024 41,956 Net book value At 30June 2024 10,168 At 30 June 2023 6,239 13 Fixed asset investments Listed investrnents Investment properties Unlisted Investments Total Market value at l July 2023 Disposa 5 proceed5 Acquisitions at cost Change in value in the year 17,785,705 12,641,8941 2,596.434 1,437,588 3,035,000 20,820,705 12,641,894) 2,596,434 1,437,588 Market value at 30 June 2024 19,177,833 3,035,000 22,212,833 Historical cost.. At 30 June 2024 17,061,708 2,433,974 19,495,683 At30June 2023 17,131,272 2,433.974 19,565,247 36
Suffolk Community Foundation Notes to the Accounts (continued) For the year ended 30 June 2024 13 fixed asset Investments Icontlnued) The trustees have considered the value of the investment properties and have assessed this to be unchanged Since the last formal valuation. The portfolio was revalued in May 2023 by Lacy, Scott and Knight, Chartered Surveyors. Holdings of more than 5% Holdings representing more than 5% of the value of total market investments.. Marketvalue COIF Charities Ethical Investment Fund13,092,931 income units) 9,572,312 14 Debtors 2024 2023 Trade debtors Accrued income Prepayments Other debtors 20,000 572,876 29,631 59,900 582,959 204,720 20,968 90,482 682,407 899,129 Other debtors include loans of £59,90012023: £90,482). Normal market rates of interest have been charged on the loans. 37
Suffolk Community Foundation Notes to the Accounts (continued) For the year ended 30 June 2024 15 Creditors: amounts lalling due wlthin one year 2024 2023 Trade creditors Other creditors Taxation and social secu rity Grants payable- see note 6 Accruals and deferred income 54,142 36,356 22,592 623,936 46,922 28,281 665 1,230,843 24,950 783,948 1,284,739 2024 2023 Deferred income brought forward Released during the year Deferred during the year 665 16651 665 202,065 1202,0651 665 Deferred income carried forward 665 665 Deferred income relates to amounts received in advance for future periods 16 Creditors.. amounts falling due after more than one year 2024 2023 Grants payable- see note 6 104,000 54,196 104,000 54,196 38
Suffolk Community Foundation Notes to the Accounts (continued) For the year ended 30 June 2024 17 Endowment funds summarv Balance at l Juty 2023 Income Investment Other fees transfers Investment Balance at ga•ns11055es 30 June 2024 Linked charity 983,237 13,1591 9,439 67,883 1,057,400 Children & Young People: Other funds 504,794 14141 110,7361 45,521 539,165 Economic Fund I Other funds 315,122 124,752 118,9071 14,9801 30,084 10,135 326,299 129,680 12271 Education & Skills= Fund 2 Fund 3 Fund 16 Other funds 484,237 338,672 12,2911 115,0761 25,094 31,688 64,522 80,052 491,964 370,360 1,528,468 926,540 18,5541 1,472,500 13.0791 130,2841 876,311 3.540 Health & Wellbeing.. Fund 4 Fund 5 Fund 6 Fund 7 Fund 8 Fund 9 Fund 10 Fund 11 Fund 12 Fund 13 Fund 14 Other funds 802,478 422,684 2,370,502 312,314 1,351,689 1,017,956 3.199,938 393,686 1,452,231 1,413,487 325,728 3,216,219 11,1991 16,8591 13471 11,9831 15,0881 11,550,000) 16221 12,9551 16,8631 139,2261 66,113 36,957 140,045 23,580 75, 174 95,246 14,044 34,963 11)4,819 127,790 18,123 278,150 860,533 457,311 1,080,459 334,891 1,380,774 1,113,202 3,205,257 421,028 1,573,071 1,535,112 332,747 3.466,825 125,000 2,574 11,5531 17,1721 13,6841 13,9371 14,3531 20,374 11,4641 18,3551 11,6561 19,4481 14,9231 161,0131 3,654 38,392 Older People: Fund 15 571,963 148,0331 67,605 591,535 20,478,000 173,160 149,4761 1316,6511 1,437.588 21,722,621 39
Suffolk Community Foundation Notes to the Accounts (continued) For the year ended 30 June 2024 17 Endowment funds summary Icontinuedl Balance at l July 2022 Income Investment fees Other Investment Balance at transfers gainsllosses 30 June 2023 Linked charity 996,623 19,9661 13.4201 983,237 Children & Young People.. Other funds 506,683 110,0641 8,175 504,794 Economic Fund I Other funds 318,153 127,029 110,3021 16,3081 7,271 1,031 315.122 124,752 3,000 Education & Skills.. Fund 2 Fund 3 Other funds 471,050 331,013 624,441 111,9451 25, 132 7,659 8,958 484,237 338,672 876,311 255,122 112,2101 Health & Wellbeing.. Fund 4 Fund 5 Fund 6 Fund 7 Fund 8 Fund 9 Fund 10 Fund 11 Fund 12 Fund 13 Fund 14 Other funds 802,082 461,537 2,311,493 299,737 1,422,703 994,936 3,073,947 373,074 1,399,106 1,448,177 342,843 3,202,140 18.0571 145,6061 8,453 6,753 59,009 3,141 124,9131 23,020 134,421 19,1611 53,125 22,798 16,0061 63,624 802,478 422,684 2,370,502 312,314 1,351,689 1,017.956 3,199.938 393,686 1,452,231 1,413,487 325,728 3,216,219 2,700 6,736 146,1011 18,4301 29,773 1,287 158,7751 111,1091 133,0681 25,263 141,7401 Older People= Fund IS 569,710 16,098 127,0291 13,184 571,963 20,076,477 333,243 141,7401 1292,2341 402,254 20,478,000 Llnked tharlty On 25 March 2015, the Charrty Commission for England and Wales authorised a Linking Direction between Suffolk Community Foundation and Fonnereau Road Health Foundation Fund IFRHFFI such that the FRHFF Endowment became a linked charity of the Foundation. The trustees hold the tapital of this fund in the form of permanent endowment wrth any income generated by this fund used by the trustees at their dIretIOn in furthering the objects of the charity as documented in the Trust Deed. All other endowments We build and manage both expendable and permanent endowments to provide sustainable revenue for grant making. The °other funds" are made up of low value fund balances that separate disclosure would not provide any additional value to the reader of the financial statements. These have therefore been combined for presentational purposes. Grantmaking Grants from endowment funds are made from restrirted funds of the same name, see note 18.
Suffolk Community Foundation Notes to the Accounts (continued) For the year ended 30 June 2024 17 Endowment funds summary (continued) Transfers Transfers from endowment funds represent donor advised amounts for grantmaking purposes. Transfers to endowment funds are generally from the related restricted funds either to fund management fees or as a donor advised transfer to increase their endowment fund from general donations. In certain circumstances the Trustees can authorise transfers to endowment funds from unrestricted funds for furtherance of the charitsble objectives. Investment income In accordance with the SORP any income earned on endowment funds invested is received in the grantmaking fund to enable grants to be made from the income. Restricted funds The income funds of the charf(v include restrirted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes= Balance at l July 2023 Incoming resources Resources expended Other transfers Investments gains on disposal Balance at 30 June 2024 Grantmaking funds Children & Young People Economic Education & Skills Environmental issues Health & wellbeing Impact of crime Older people Other Overhead funds 66,540 293,681 49,299 20,000 1,225,518 261,079 4,137 141,478 72,113 818,785 387,425 24.000 1,794,336 143,5861 131,3261 1910,1071 146,8451 1262,7(K)I 185,745 121,6821 12, 1681 11,696,952) 1192,5071 1228,0871 121,4911 1120,2691 29,986 136,9841 1195,3041 63,741 155,514 359,769 20,150 1,130,395 11.501 12,629 2,402.258 98,775 2,493,068 2,061,732 5,688,502 13,320,367) 1273,9101 4,155,957 Balance at l July 2022 Incoming resources Resources expended Other transfers Investments gains on dlsposal Balance at 30 June 2023 Grantmaking funds Children & Young People Economic Education & Skills Environmental issues Health & wellbeing Impact of crime Older people Other Overhead funds 30,974 303,466 49,305 42,310 1,604,602 146,568 20,000 1,477.327 3(X),000 112,962 3,202 23,900 154,9241 11,513,643) 1140,8271 47,176 1100,7441 15,7471 1,004 66,540 293,681 49,299 20,000 1,225,518 261,079 4,137 141,478 2.222,256 290,543 1,588 189,064 12,293,920) 1180,1201 1310,3121 119,1521 1119,2461 8,833 17881 150,0001 123,9001 1251 3,087,196 3,730,871 14,457,560) 1299,7541 979 2,061,732 41
Suffolk Community Foundation Notes to the Accounts (continued) For the year ended 30 June 2024 18 Restrirted funds Icontinuedl Grantmaking funds Funds held for the purpose of grantmaking to communities, groups and projects as defined by the purTiose of each fvnd. Overhead funds Fund5 awarded towards specific running cost5. Transfers Transfers in represent a release of capital from endowment funds. Transfers out generally represent donor wishes to convert part of their donation to an endowment fund, or a transfer of restricted fvnds of a similar nature. 19 Analysis of net assets between funds Unrestricted Restricted Endowment Total Fund balances at 30 lune 2024 are represented by.. Tangible fixed assets Investments Current assets Creditors.. amounts falling due within one year Creditors.. amounts falling due after more than one year 10, 168 482,846 308,977 1120,4031 10, 168 22,212,833 5,225,113 1783,9481 1104,0001 21,729,987 4,916,136 1656,1791 1104,0001 17,3661 681,588 4,155,957 21,722,621 26,560,166 Unrestricted Restrirted Endowment Total Fund balances at 30 lune 2023 are represented by= Tangible fixed assets Investments Current assets Creditors.. amounts falling due within one year Creditors.. amounts falling due after more than one year 6.239 335,624 635,231 3,347,436 146,1501 11,231,508) 154,1961 6,239 20,820,705 3,982,667 17,0811 11,284,739) 154,1961 20,485,081 930.944 2,061,732 20,478,000 23,470,676 42
Suffolk Community Foundation Notes to the Accounts (continued) For the year ended 30 June 2024 20 Note5 to the tash flow statement Reconciliation of net incoming resources to net cash flow from operating activities 2024 2023 Net income / lexpenditurel for the reported period las per the statement of financial activitiesl Adjustments for: Depreciation charges (Gains) / losses on investments New endowments Dividend5 interest and rents from investments Loss / Iprofitl on sale of investment and assets Ilncreasel / decrease in debtors Increase / Idecreasel in creditors 3,089,490 1208,1251 2,789 11,507,011) 1173,1601 1712,2181 69,423 216,722 1450,9871 3,228 1362,4351 1333,2431 1603,8971 140,7521 35,610 291,593 Net cash provlded by I (used in) operating activities 535,048 11,218,021) {bl Analysis of cash and cash equivalents 2023 Movement In in cash flow 2024 Cash at bank and in hand 3,083.538 1,459,168 4,542,706 3,083,538 1,459,168 4,542,706 21 Commitments under operating leases At 30 lune 2024 the charity had annual commitments under non-cancellable operating leases as follows= Land and bulldings 2024 2023 Other 2024 2023 Expiry date.. Within one year Between two and five years 30,750 57,750 27.750 88.500 1,584 1.555 1,584 3,139 88,500 116,250 3,139 4,723 43
Suffolk Community Foundation Notes to the Accounts (continued) For the year ended 30 June 2024 22 Related party transartlons Due to the nature of the charitable companWs operation5 and the tomposition of the Board of Trustees, varlous trustees are fund holders and have a registered interest in charities receiving grants from Suffolk Community Foundation. During the year, donations from trustees totalled £7.83012023.. £5,500) and donations from entities in which trustees have an interest totalled £90,03012023'. £71,319). Grants awarded to charities in whith trustees have an interest totalled £133,72712023: E499,2291. The following amounts were incurred as professional fees.. £14,21512023.' £5,722) Birketts LLP - a business in which trustees Jonathan Agar and Louise Long have an interest- for professional services in relation to premises lease, legacy and fund development advice. At the year end, £3,60012023'. £nill was included in trade creditors. £4,71812023- £5,847) Scrutton Bland Insurance Brokers Limited a business in which Trustee Susan Gull had an interest until 281h March 2024- for professional services in relation to insurance. 23 Members, Ilablllty The liability of the members, in the event of the Foundation being wound up, is limited to the sum not exeIng £1. 24 Financial instruments 2024 2023 Financial assets measured at market value 19,177,833 17,785,705 Financial assets that are debt instruments measured at market value comprise investments. Financial asset5 and liabilities measured at amortised cost are not required for disclosure.