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2020-12-31-accounts

FINANCIAL STATEMENTS 31 DECEMBER 2020

Charity No: 1110817 Company No: 05234236

NORFOLK COMMUNITY FOUNDATION

A Company Limited by Guarantee

Trustees’ Report and Financial Statements

31 December 2020

Contents

Page
Trustees’ Annual Report 1 - 12
Independent Auditor’s Report 13 - 15
Aggregated Statement of Financial Activities 16
Aggregated Summary income and expenditure account 17
Aggregated Balance Sheet 18
Cash flow statement 19
Notes to the Financial Statements 20 - 43

NORFOLK COMMUNITY FOUNDATION

Trustees’ Annual Report Reference and Administrative Details

Name of Charity Norfolk Community Foundation Charity registration number 1110817 Company registration number 05234236 Address of principal and registered office St. James Mill, Whitefriars, Norwich, NR3 1TN Trustees Henry Cator OBE DL (Chairman) Jo Pearson (Vice Chairman) Stephen Allen Simon Bailey Simon Brickles – appointed 22 March 2021 Lady Kay Fisher DL Michael Gurney – resigned 22 March 2021 Andrew Jamieson – appointed 15 June 2020 Fiona Mcdiarmid – appointed 22 March 2021 Jessica Middleton – appointed 22 March 21 Caroline Money – resigned 9 March 2020 Nicholas Pratt Rosalyn Proops – appointed 22 March 2021 Michelle Raper FCCA ACA – resigned 22 March 2021 Richard Ross – appointed 22 March 2021 Jennifer Watson – appointed 22 March 2021

Company Secretary

Martin Webster - resigned 22 March 2021 Edward Savory – appointed 22 March 2021

Chief Executive

Claire Cullens

Bankers

Barclays Bank Plc, 3 St James Court, Whitefriars, Norwich NR3 1WX

Auditors

Larking Gowen LLP, King Street House, 15 Upper King Street, Norwich, NR3 1RB

Solicitors

Mills & Reeve LLP, 1 St James Court, Whitefriars, Norwich, NR3 1RU

Investment Managers

Barclays Wealth, Level 15, 1 Churchill Place, Canary Wharf, London E14 5HP Barratt & Cooke Limited, 5 Opie Street, Norwich, NR1 3DW CCLA, Senator House, 85 Queen Victoria Street, London EC4V 4ET

1

NORFOLK COMMUNITY FOUNDATION

Trustees’ Annual Report (continued)

Aims

The principal objects and activities of Norfolk Community Foundation (NCF) are:

The Trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the charity’s aims and objectives, in planning future activities, and setting the grant making policy for the year.

Strategies

Providing a model and framework that encourages donors to engage in charitable work and to deliver their philanthropic aims, NCF encourages new donors and philanthropists to the charitable sector, which serves to increase the overall funding available to the smaller charities and community groups operating across Norfolk.

Vision/ mission

NCF exists to build Norfolk communities from the ground up, to be vibrant and equitable with opportunities for all, now and always. For over 15 years the Norfolk Community Foundation (NCF), has been inspiring philanthropy to tackle immediate need and long term social change.

We achieve this by:

Significant activities

Our partnerships with donors, close working relationships with local grassroots charities and dynamic understanding of community issues allowed us to respond immediately to the Covid-19 pandemic. Our fundraising and grant making activities were established in the first few weeks of the March lockdown and we subsequently led the local charitable response to the pandemic.

Our national relationships and in particular with the National Emergencies Trust enabled us to leverage additional funding into Norfolk to match local appetite for support.

Through its donors and partners NCF provides community investment to enable the work of grassroots charities and community groups operating across Norfolk to rapidly respond and continue to function.

Grants totalling £3,740k were awarded during the financial period (note 6) – this consisted of £3,687k in grants to 610 community groups and other voluntary organisations, and £53k to 210 individuals thus demonstrating the Foundation’s commitment towards providing public benefit to a wide variety of charitable purposes working across the county.

NCF has over £23m of endowed funds which will enable grant giving for many years to come and provide long term financial public benefit.

2

NORFOLK COMMUNITY FOUNDATION

Trustees’ Annual Report (continued)

Resources spent on particular activities

NCF employs 18 staff members (13 FTE) who manage over 230 donor funds, of which 151 are restricted revenue funds, with the remaining funds being endowment funds (capital). The direct staff costs to manage these donor portfolios, including grant making, cost £305k during 2020, this represents 71% of total salary costs.

In 2020 NCF has delivered:

Community Investment Policy

Community investment refers to the money, time, skills and expertise we invest in strengthening and supporting communities.

These resources are delivered by NCF in partnership with a range of individuals, public, private and voluntary sector bodies and other donors who wish to support good causes in Norfolk. Our community investments are primarily delivered through grant programmes for charitable groups in Norfolk, but can also include the offer of practical or professional volunteering support, or mentoring.

This policy recognises that giving through NCF can take a range of forms according to the aspirations, expertise and circumstances of the donor, though we administer all of our community investments in line with the following core principles:

NCF strives to ensure that our community investments are informed and responsive. We exist to meet the needs of a range of different communities, each with its own unique characteristics. These include the geographical communities across Norfolk, as well as communities of people who may face particular personal challenges. Our work is underpinned by ongoing engagement with local people, sector experts and other stakeholders to help grow our knowledge and shape our priorities for action.

3

NORFOLK COMMUNITY FOUNDATION

Trustees’ Annual Report (continued)

We are committed to continuous evaluation to ensure our community investments deliver real benefit for local people, and the places where they live. NCF measures the impact and outcomes of our work by working with our partners to identify the difference our investment has made.

Fundraising

As a fully accredited member of the UKCF (United Kingdom Community Foundations), and one of 46 foundations operating across the UK. NCF are clear about how any donations or gifts will be used and uphold the rights, dignities and privacy of all supporters and beneficiaries. No undue pressure is applied to prospective donors to make gifts, and we respect the decisions of those who decide not to give, or wish to cease giving.

NCF does not employ professional telephone or street fundraisers or commercial participators to carry out our fundraising activities nor does the Foundation directly approach members of the public.

NCF complies with all relevant statutory regulations, including the Charities Act 2011, Data Protection Act 2018, the new GDPR and the Privacy and Electronic Communications Regulations 2003. We are committed to act in ways that are legal, open, honest and respectful – striving for best practice in fundraising by complying with a range of codes of practice, including being registered with the Fundraising Regulator, paying its levy, and adhering to its Code of Fundraising practice and Fundraising promise. This includes logging, recording and responding to any complaints.

The beneficiaries of our grant making programmes

All NCF funds aim to address disadvantage and social need in the county and improve quality of life, particularly for the most marginalised and vulnerable residents.

Key outcomes from our grant making in 2020:

Covid-19 community response

In 2020 NCF has been successful in delivering funding to support community action in response to Covid-19 and its personal, social and economic impacts on Norfolk people. The Covid-19 pandemic has thrown into sharp relief the inequalities that exist in our communities, with figures suggesting that people in deprived areas are impacted by coronavirus at double the rate of their affluent neighbours. Those who lived on narrow margins prior to the pandemic are being pushed further into poverty and exclusion by unemployment and debt. More families are finding themselves vulnerable due to unexpected loss of income, and applying for benefits and visiting a foodbank for the first time. Information and advisory services are overwhelmed with enquiries from those struggling to understand their new financial and legal position.

4

NORFOLK COMMUNITY FOUNDATION

Trustees’ Annual Report (continued)

NCF grant making in the first 100 days of the pandemic enabled:

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52,000 people to receive care and support whilst struggling in isolation due to age, disability, serious health condition or special needs

300,000 people to access food aid in their community during lockdown

5,200 people affected by abuse, exploitation and domestic violence to receive support

69,000 people in crisis to access free advice on money, debt, family and employment matters

Achievements and Performance

In 2020 our VCSE sector support, grant making and fund raising activities were undeniably shaped in response to the Covid -19 pandemic, which shattered everyday lives, and the weeks under lockdown proving tough for many. This impacted the way we invested in our communities, how we raised funds and how our organisation was structured.

The experience gained in the recent crisis gave the Norfolk Community Foundation a unique opportunity to help rebuild local civil society and to be recognised as the organisation to lead this work.

The specific skills and experiences we have developed and been recognised for during the crisis are:

Our response to the Covid pandemic has allowed us to significantly accelerate our strategic plan in two key dimensions: increasing our levels of discretionary funding and increasing the number of individuals working with us (donors). Increased discretionary funding enables us to shape our grant programmes, respond quickly and innovate which in turn delivers greater impact and inspires greater funding support. Increasing our donor base creates greater funding and a stronger platform for growth.

5

NORFOLK COMMUNITY FOUNDATION

Trustees’ Annual Report (continued)

Community investment

The most vulnerable people in our communities rely on local support for day to day help, support and companionship. Covid-19 threatened to cut these lifelines when they were needed most, and our charities and volunteers stepped up to adapt and grow their vital services with incredible speed and commitment.

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NORFOLK COMMUNITY FOUNDATION

Trustees’ Annual Report (continued)

Philanthropy

Our grant activity was underpinned and enabled by our key discretionary fundraising programme, The Covid-19 appeal for Norfolk, which generated £2 million by the end of 2020.

The key things to note about the appeal are:

Additional Philanthropy activities

One of our stated ambitions in 2019 was to continue to investigate giving models to inspire local philanthropy. In response to this we have established and piloted a bespoke payroll giving scheme with a local authority and housing association in 2020. The pilot has given us the learning to move forward confidently in 2021 with wider roll out programme.

We have continued discussions with local charitable trusts around how the Community Foundation model might allow them to achieve their funding aspirations whilst reducing their administration and costs. In 2020 two local trusts with a combined investment value of £803k migrated to the Foundation.

Effective Organisation

When it became clear that that the country was heading into a Pandemic at the end of February, and recognised that this was going to be an unprecedented year, NCF quickly moved to formulate a plan understanding that it was critical that as an organisation we were going to have to be adaptable, robust and resilient at a time of uncertainty.

Key highlights:

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NORFOLK COMMUNITY FOUNDATION

Trustees’ Annual Report (continued)

We have learnt that we need to be adaptable and responsive, adopting a culture of continuous development and learning, always looking for new and innovative approaches and solutions in all areas of our organisation.

Looking ahead

NCF has played a critical role in sustaining and enabling our local charities to respond to the crisis. We need to continue to evolve our support role to them to ensure we are building resilient organisations to enable them to bounce back stronger.

We need to move on from recovery and response funding and to identify and support sustainable solutions to the problems are communities are facing.

Post Covid in a climate of economic uncertainty, funding capacity is likely to reduce, and partnership funding will become increasingly important moving forward. In 2020 we demonstrated that NCF occupies a unique space in convening funders from across all sectors to work together to achieve community benefit and we will work to develop these partnerships further in 2021 and beyond.

The recent pandemic stimulated many people to step up and volunteer and support their neighbours, reviving community spirit and cohesion that had become frayed. We will work to harness the power of that desire to work at a hyper local level and develop further our engagement models to continue to increase and broaden our donor base.

Financial Review

Financial position

Norfolk Community Foundation continues to benefit from the generosity and support of Jarrold & Sons Limited through the provision of office space within their offices at St James Mill rent free. Although an annual service charge of £25,800 is paid.

The financial position of the Foundation is shown in the Statement of Financial Activities on page 16 and the Balance Sheet on page 18. The Trustees are delighted with the level of donations and grants received for the Endowment and Restricted funds in the period to 31 December 2020, which totalled £5,099k. Core unrestricted funds expenditure amounted to £546k, donations and unrestricted investment income to core costs totalled £38k, creating a deficit of £508k in the net expenditure at the year end. However, this was covered by £624k of transfers, which resulted in a surplus of core cost funds of £116k at the year end. The excess was a result of the additional contribution to costs generated by the Covid-19 appeal. The financial position overall at the end of the period is considered satisfactory.

8

NORFOLK COMMUNITY FOUNDATION

Trustees’ Annual Report (continued)

Reserves Policy

The Trustee’s policy is to retain general fund reserves (cash balances, current assets less current liabilities) equivalent of approximately 12 months annual operating expenditure, which equates to £540k. The balance held as unrestricted funds at 31 December 2020 was £804k, which is made up of £645k free reserves and £159k designated funds.

The retention of a level of reserves of approximately 12 months was approved in 2019 by the Trustees. This decision was taken to reduce free reserves and to designate £200k of funds for the future sustainability and continuity of the Foundation. This will be a five year planning project which will be reviewed along with the level of free reserve on an annual basis at Management & Finance Committee Meetings.

The total funds held by NCF at the end of this reporting period are £26,929k, which comprises £804k unrestricted, £2,897k restricted and £23,228k endowment.

Investments policy and performance

Investments are held in accordance with the powers of the Trustees set out in the Articles of Association. Investment policy is to maximise the return on the portfolio while ensuring that the level of risk is moderate. The Management & Finance Committee has delegated authority from the Board to oversee the management of NCF’s investments and cash balances. The Board has appointed Barclays Wealth, Barratt & Cooke Limited, and CCLA as Investment Managers. In 2019 an Investment Strategy Working Group was formed by the Management & Finance to review and update NCF’s Investment Policy, to ensure compliance with the Charity Commission, to assess it is meeting NCF charitable objectives and to consider socially responsible investing options. This resulted in the decision to move to a total return approach from January 2021.

The charity instructs all investment advisors to invest over a long term. Across all investment managers, the charity holds a mixed portfolio of equities, bonds, and cash accounts which have been set up to provide a reasonable level of income, around 3.25% - 4% which was, despite the market volatility, achieved during 2020.

Donors who hold Community First endowment funds that are invested through CCLA can choose to take advantage of an annual drawdown if there is an excess of RPI gain over the market value of the fund. In 2020, 6 donors made the decision to benefit from a total drawdown of £59,450 for grant making.

Risk management

The Trustees regularly review all risks to which the charity is exposed. A risk register is held which identifies the levels of risk which could impact NCF and its ability to function. One area of concern is the loss of key members of staff. As a charity which employs a small workforce, there are key staff members who each have specialised knowledge in their area of expertise which is specific to NCF. This has been mitigated by working towards succession plans and ensuring all policies, procedures and operations are fully documented. There has been considerable work in 2020 to make sure that these have been updated.

As a charity and a company limited by guarantee, NCF is fully aware of risk around compliance and regulations, including timely annual returns to Companies House and the Charity Commission and important issues such as data protection. The Trustees of the Foundation agreed in 2016 that we should pay an optional annual levy to the new Fundraising Regulator and we continue to support the Regulator.

An internal IT and Cyber security review was undertaken in 2020 and recommendations for homeworking procedures were implemented as a result.

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NORFOLK COMMUNITY FOUNDATION

Trustees’ Annual Report (continued)

The pandemic has caused economic uncertainty, which could cause a significant effect on philanthropic giving moving forward, which could potentially be a challenging risk. However NCF are committed to continue to grow in knowledge of the needs within the local community, so that we can adapt accordingly to support our grass roots charities. This enables us to attract funding and be trusted by our donors to channel funding to where it is needed most. There will always be unforeseen situations but the Trustees have always adopted a moderate attitude towards investments to provide donors with a realistic level of investment income to enable adequate grant giving. In response to the risks identified, a five year plan has been drawn up to look into securing funding for the future to ensure the sustainability of NCF.

Norfolk Community Foundation has been able to respond and adapt very quickly to the Covid-19 crisis by putting business continuity plans into action to meet the restrictions and recommendations set out by the Government. Provisions have been put into place for Staff to work remotely, enabling us to provide an uninterrupted service. NCF has been able to play a significant role in the response to the crisis with the launch of the Covid-19 Community Response Fund. This has enabled NCF to demonstrate versatility in a crisis both internally and externally, which has raised its profile as a trusted partner to deliver funding to where it is needed, whilst carrying out the necessary due diligence. It is hoped that this reputation will enable NCF to continue to attract funding from a range of sources moving forward. Due to diligent management Norfolk Community Foundation has strong financial resilience and has no plans to repurpose restricted funding to combat the negative effects of the Covid-19 crisis. In summary NCF do not envisage any immediate negative impact from the Covid-19 crisis which would cause concern, either financially or in the service it delivers.

Structure, Governance and Management

Constitution

Norfolk Community Foundation (“the Foundation”) is established as a company limited by guarantee and was incorporated on 17 September 2004. It is registered as a charity with the Charity Commission (registered on 10 August 2005). The affairs of the Foundation are governed by its Articles of Association and managed by a Board of Trustees, who are also the Directors and Members of the company. The liability of the members in the event of NCF being wound up is limited to a sum not exceeding £1.

On 13 December 2010, The Norfolk Community Foundation Permanent Endowment Trust was set up to hold permanent funds on behalf of the Foundation, including certain trusts being transferred from Norfolk County Council. The Foundation is the sole trustee of the Trust. On 11 March 2011 The Norfolk Community Foundation Permanent Endowment Trust was registered with the Charity Commission and a uniting order was made by the Charity Commission on 8 July 2011 allowing endowment funds to be consolidated with the financial statements of the Foundation from that date.

Recruitment and appointment of Trustees

The Trustees are nominated for election because of the skills, expertise and local knowledge that they can bring to guiding the charity to fulfil its objectives. In 2020 Norfolk Community Foundation moved to a policy of open trustee recruitment, to ensure a fair and transparent process. Under the terms of the Articles of Association, a Trustee (Director) is elected to hold office for three years and is eligible for re-election for up to a further three years. All Trustees complete a skills audit, so gaps relating to retiring Trustees can be identified and built into future trustee recruitment.

A retiring director can be re-appointed for a second three year term if agreed by the Board. At the end of a second three year term, a director shall be re-appointed for a further year if the Board resolves by a simple majority that exceptional circumstances apply and it is in the best interests of the charity for the director to be re-appointed. No director shall serve more than seven years unless the Board resolves by a 75 per cent majority that exceptional circumstances apply and it is in the best interests of the charity for the director to be re-appointed for a specified term.

All Trustees (directors) named on page 1 held office throughout the year, except where dates indicate otherwise.

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NORFOLK COMMUNITY FOUNDATION

Trustees’ Annual Report (continued)

Induction and training of Trustees

On appointment all Trustees are provided with a Trustees Induction Pack which includes the Articles of Association, a copy of the latest financial statements, a copy of the most recent impact report, our marketing material and relevant policies on the role and responsibilities of being a Trustee. All new Trustees are encouraged to look at the Charity Commission website for detailed information, help and advice on their role as a Trustee.

All Trustees are invited and encouraged to attend an annual training session or/and an annual away day intended to familiarise them with the charity and the context within which it operates. Trustees are also encouraged to attend other training seminars held locally for charity trustees and to read newsletters and articles published by the Charity Commission, UKCF (the Community Foundation umbrella body) and other advisory bodies.

Organisational structure

The Board of Trustees meets quarterly (In 2020 these were held virtually). Between these main board meetings, business is conducted through two sub committees who provide reports on activity for approval of the full board. These committees are as follows:

The day to day management of NCF in 2020 was conducted by a full time Chief Executive who was supported by Head of Programmes, Head of Philanthropy, and Head of Finance and Operations all of whom are supported by the Grants, Finance, Marketing and Philanthropy Teams. The Chief Executive and office staff are supported by a full time Office Manager.

The Trustees have delegated authority to the Executive Team for grants under £25,000, after ratifying the process. A full list of the grants that are ratified by the Executive Team are made available to the Trustees at quarterly board meetings.

Remuneration of key management personnel

The Board considers the key management personnel in charge of directing and controlling NCF to comprise the Trustees and the Management Team led by the Chief Executive; with the Chief Executive running and operating the charity on a day to day basis.

The pay of all staff is reviewed annually by the CEO initially who then makes recommendations to the Remunerations Committee.

All trustees give their time freely and no trustee remuneration was paid in the year. Details of trustee expenses and related party transactions are disclosed in note 9.

Related parties

Norfolk Community Foundation is a member of the UK Community Foundation (UKCF). Established in 1991, UKCF is the national network linking, promoting and supporting over 46 community foundations in England, Northern Ireland, Scotland and Wales.

Trustees, staff and non-Trustees who sit on committees are required to disclose all relevant outside interests which are recorded in a policy document and updated annually. Where a conflict of interest exists, trustees withdraw from decisions.

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NORFOLK COMMUNITY FOUNDATION

Trustees’ Annual Report (continued)

Trustees’ Responsibilities Statement

The trustees (who are also directors of Norfolk Community Foundation for the purposes of company law) are responsible for preparing the Trustees’ Annual Report, including the Strategic Report, and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the 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 trustees are required to:

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

In so far as each of the trustees is aware:

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

Auditor

Larking Gowen LLP has expressed their willingness to continue in office as auditor.

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

………………………………………. Henry Cator, Chairman

Date: 21 June 2021

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NORFOLK COMMUNITY FOUNDATION

Independent auditor's report to the members and trustees of Norfolk Community Foundation

Opinion

We have audited the financial statements of Norfolk Community Foundation (the ‘charitable company’) for the year ended 31 December 2020 which comprise aggregated Statement of Financial Activities (incorporating the income and expenditure account), the charity aggregated balance sheet, the cash flow statement, and notes to the financial statements. 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’s responsibilities for the audit of the financial statements section of our report. We are independent of the 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 trustee's 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

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NORFOLK COMMUNITY FOUNDATION

Independent auditor's report to the members and trustees of Norfolk Community Foundation (continued)

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement set out on page 14, 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 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 company or to cease operations, or have no realistic alternative but to do so.

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NORFOLK COMMUNITY FOUNDATION

Independent auditor's report to the members and trustees of Norfolk Community Foundation (continued)

Auditor’s responsibilities for the audit of the financial statements

We have been appointed auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.

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.

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.

Because of the field in which the charitable company operates, we identified the following areas as those most likely to have a material impact on the financial statements: data protection, UKCF accreditation, and compliance with the UK Charity and Company Law. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

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 for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This 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 and to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s members and its trustees 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 and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Julie Grimmer FCA DChA, Senior Statutory Auditor, 28 June 2021 for and on behalf of Larking Gowen LLP, Statutory Auditors, Chartered Accountants, Norwich 

28 June 2021

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NORFOLK COMMUNITY FOUNDATION

Aggregated Statement of Financial Activities For the year ended 31 December 2020
Notes Unrestricted
Funds
£000		 Restricted
Funds
£000		 Endowment
Funds
£000		 2020
Total
£000		 2019
Total
£000
Income and endowments:
Donations towards core costs		 2 28 - - 28 40
Other donations 3 - 4,130 969 5,099 1,822
Investment income 4 10 664 - 674 698
Total income
Expenditure on:

Raising funds		 5 116 18 - 134 139

Charitable activities:
Grants awarded		 5 - 3,740 - 3,740 2,157
Support costs 5

Governance costs
Total expenditure
Net income/(expenditure) and net
movement in funds before gains
and losses on investments		 (508) 1,036 969 1,497 (138)
Net gains/(losses) on investments:

Realised		 11 - - (177) (177) 80
Unrealised 11 - - 1,062 1,062 2,890
Net income/(expenditure) before
transfers		 (508) 1,036 1,854 2,382 2,832
Transfers between funds 14 &
15		 624 (541) (83) - -
Net movement in funds
Reconciliation of Funds:
Total funds brought forward
Total funds carried forward

All recognised gains and losses are included in the Statement of Financial Activities above and relate to continuing operations. The notes on pages 20 to 43 form part of the financial statements.

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NORFOLK COMMUNITY FOUNDATION

Aggregated Summary Income and Expenditure Account For the year ended 31 December 2020
2020
Total
£000		 2019
Total
£000
Income 4,832 2,551
Transfer from Endowment Funds 83 188
4,915 2,739
Gross income in the reporting period
Total expenditure in the reporting period (4,304) (2,748)
611 (9)
Net income/(expenditure) for the year

Aggregated Statement of recognised gains and losses For the year ended 31 December 2020
2020
Total
£000		 2019
Total
£000
Net income/(expenditure) for the year 611 (9)

Net movement in Endowment Funds		 1,771 2,841
Net movement in Funds 2,382 2,832

The notes on pages 20 to 43 form part of the financial statements.

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NORFOLK COMMUNITY FOUNDATION

Charity Aggregated Balance Sheet at 31 December 2020 Company number 5234236


Notes
Charitable
Company
£000
Charitable
Trust
£000		 2020
Aggregated
Total
£000		 2019
Aggregated
Total
£000
Fixed assets
Tangible assets 10

Investments
Current assets
Debtors 12
Cash at bank
Liabilities
Creditors: amounts falling due
within one year
Net current assets
Total assets less current liabilities
25,394
1,535
26,929
24,547
Total net assets
Income funds
Unrestricted funds
General funds
Designated funds		 645
159		 -
-		 645
159		 505
183
Restricted funds 14 2,897 - 2,897 2,402
Endowment funds
Permanent Endowments 15
Expendable Endowments
Total funds

The financial statements were approved by the Board and authorised for issue on 21 June 2021 and signed on its behalf by:

Chairman:-

Henry Cator Stephen Allen

Trustee:-

The notes on pages 20 to 43 form part of the financial statements

18

NORFOLK COMMUNITY FOUNDATION

Cash flow statement For the year ended 31 December 2020

Note 2020 2019
£000 £000
Net cash used in operating activities a 716 (933)
Cash flows from investing activities:
Interest and dividends from investments 674 698
Purchase of listed investments (1,893) (1,186)
Proceeds from sale of listed investments 1,196 1,313
Net (increase)/reduction in cash deposit investments (346) (33)
Purchase of tangible assets - (19)
Net cash provided by/(used in) investing activities (369) 773
Change in cash and cash equivalents in the year 347 (160)
Cash and cash equivalents at the beginning of the year 1,464 1,624
Cash and cash equivalents at the end of the year b 1,811 1,464
a. Reconciliation of net income/(expenditure) to net cash inflow from operating activities
2020 2019
£000 £000
Net income/(expenditure) for the year 2,382 2,832
Adjustments for:
(Gains)/losses on investments (885) (2,970)
Dividends and interest from investments (674) (698)
Depreciation charges 7 5
(Increase)/decrease in debtors (19) (2)
(Decrease) in creditors (95) (100)
Net cash provided by/(used in) operating activities 716 (933)
b. Analysis of cash and cash equivalents 2020 2019
£000 £000
Cash in hand 2,811 1,464
2,811 1,464

19

NORFOLK COMMUNITY FOUNDATION

Notes forming part of the financial statements for the year ended 31 December 2020

1 Accounting policies

Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Norfolk Community 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 Charity Commission, in a Scheme dated 8 July 2011, issued a Uniting Direction such that the financial statements should show the aggregation of the results of Norfolk Community Foundation ("the charitable company") and The Norfolk Community Foundation Permanent Endowment Trust ("the trust") for submission to the Commission. The charitable company is sole trustee of the trust and accordingly is not the beneficial owner of the trust's assets. The Uniting Direction, contained in the 2011 scheme, requires the charitable company to file one set of financial statements aggregating the results of the charitable company and the trust. Information in respect of the trust has been identified separately within these financial statements to allow proper identification of the assets and liabilities of the charitable company and its subsidiaries as required by the Companies Act 2006. The charity aggregated balance sheet separately identifies the assets relating to the trust.

The most significant areas of adjustment and the assumptions that affect items in the accounts that are to do with estimating whether there is any liability from multi-year grants with respect to the next reporting period, the most significant area of uncertainty that affects the carrying value of assets held by the trust are the level of donations, the level of investment return and the performance of investment markets.

Going concern

The trustees have considered the charity’s position at the time of signing the financial statements, and in particular the current issues caused by Covid-19 and its potential impact on the charity, including on donations, investment values and demand for grants, together with the wider impact on the economy and on society. The trustees have also considered the current financial strength of the charity.

Based on this, the trustees have concluded that they have a reasonable expectation that the charity will have adequate resources to continue in operational existence for the foreseeable future, and at least twelve months from the date of signing these financial statements, they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

20

NORFOLK COMMUNITY FOUNDATION

Notes forming part of the financial statements (cont'd) for the year ended 31 December 2020

1 Accounting policies (continued)

Fund accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity. Designated funds are unrestricted funds of the charity which the Trustees have decided at their discretion to set aside to use for a specific purpose.

Restricted funds are those funds that can only be used for particular restricted purposes within the objects of the Foundation. Restrictions arise when specified by the donor or when funds are raised for particular restrictive purposes. In accordance with the terms of donor agreements, interest received on restricted fund balances is credited to the general (unrestricted) fund.

Expendable endowment funds are expendable funds that are held by the Foundation for long term investment and are represented by investments and cash deposits. Some large funds have separate investment portfolios whilst the remainder form one Group Portfolio for investment purposes. In order to balance the needs of present and future beneficiaries the Foundation has adopted the following policy for the Group Portfolio:

Permanent endowment funds, where the dividends provide the income for grant making, have increased with the four year Community First government match funding programme. A feature of this programme allows one drawdown a year of any gain over the retail price indexed figure for each portfolio.

The Norfolk Community Foundation Permanent Endowment Trust “The trust” is a charitable trust, which holds donations of permanent endowments to the Foundation. This will enable several historic trusts to be transferred to the Foundation. The Foundation is sole trustee of The Trust (registered charity number 1110817-1) and all the activities of the charity have been aggregated on a line by line basis in the Statement of Financial Activities and Balance Sheet.

Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. The following specific policies are applied to particular categories of income:-

21

NORFOLK COMMUNITY FOUNDATION

Notes forming part of the financial statements (cont'd) for the year ended 31 December 2020

Accounting policies (continued)

Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates:-

Tangible fixed assets and depreciation

Fixed assets (excluding investments) are stated at cost less accumulated depreciation. The costs of minor additions costing below £1,000 are not capitalised. Depreciation is provided at rates calculated to write off the cost of each asset over its expected useful life, which in all cases is estimated at 4 years.

Financial instruments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Trustees appoint Barclays Wealth, Barratt & Cooke Limited and CCLA as Investment Managers to manage the investments on a discretionary basis. All adopt a cautious to moderate risk.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities within particular sectors or sub sectors.

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.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Other receivables are measured initially at fair value, net of transaction costs, and are measured subsequently as amortised cost using the effective interest method, less any impairment.

22

NORFOLK COMMUNITY FOUNDATION

Notes forming part of the financial statements (cont'd) for the year ended 31 December 2020

1 Accounting policies (continued)

Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Short term creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Other financial liabilities are measured at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation

As a registered charity, the Foundation is generally exempt from income tax and capital gains tax, but not from VAT.

Pensions

The Foundation contributes to individual personal pension plans on behalf of its employees. The contributions payable by the Foundation are charged to the Statement of Financial Activities on an accruals basis.

Legal status of the Foundation

The Foundation is a private company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

23

NORFOLK COMMUNITY FOUNDATION

Notes forming part of the financial statements (cont'd) for the year ended 31 December 2020

2 Donations towards core costs

Donations and grants towards core costs total £28k (2019: £40k), all is unrestricted (2019: all).

Norfolk Community Foundation acknowledges generous donations and grants towards core costs from the following:-

John Laing Charitable Trust The Manor Trust The Charles Littlewood Charitable Trust The Lady Hind Charitable Trust The Privy Purse Bridgewater Charitable Trust

In addition, amounts totalling £623k were transferred from the Endowment and Restricted Funds, in accordance with the fund agreements, as contributions to core costs. These amounts are included in the transfers line of the Statement of Financial Activities:-

2020 2019
£000 £000
Endowment Funds - -
Restricted Funds 623 328
_ _
623 328

3 Other donations and grants

Current year

3 Other donations and grants
Current year
Unrestricted
Funds
£000		 Restricted
Funds
£000		 Endowment
Funds
£000		 2020
£000
For grant making and endowment
funds		 28 4,130 969 5,127

Prior year

Unrestricted
Funds
£000		 Restricted
Funds
£000		 Endowment
Funds
£000		 2019
£000		 2019
£000
For grant making and endowment
funds		 22 1,741 59 1,822

24

NORFOLK COMMUNITY FOUNDATION

Notes forming part of the financial statements (cont'd) for the year ended 31 December 2020

4 Income from investments

Investment income was £674k (2019: £698k) of which £10k was unrestricted (2019: £13k) and £664k was restricted (2019: £685k).

5 Expenditure

Current year

restricted (2019: £685k). restricted (2019: £685k). restricted (2019: £685k).
5 Expenditure
Current year
Basis of
allocation		 Costs of
raising
funds
£000
Costs of
Charitable
activities
£000
Governance
costs
£000
Total 2020
£000
-
3,740
-
3,740
Grants awarded (note 6) Direct
Support costs allocated to activities

Salaries and pension costs
Staff time		 93 305 34 432

Premises Expenses		 Staff time 6 23 2 31

Grants support		 Direct - - - -

Other office expenses		 Staff time 1 3 - 4

Training and conferences		 Staff time - 1 - 1

Recruitment costs		 Staff time - - - -
IT & computer costs Staff time 3 11 1 15

Advertising and marketing		 Direct 2 2 1 5

Printing costs		 Direct - 2 - 2

Website development		 Staff time 1 - - 1

Publications and
subscriptions		 Staff time - 2 - 2
Telephone & postage Staff time 1 3 - 4

Travel & accommodation		 Staff time - 1 - 1
Insurances Staff time 1 5 - 6
Professional fees Staff time 6 18 1 25
Depreciation Staff time 2 5 - 7
Audit fee Direct - - 10 10
116 381 49 546
Restricted Fund
Revenue Fund costs 18 - - 18
Total (including grants) 134 4,121 49 4,304

Expenditure on raising funds was £134k (2019: £139k) of which £116k was unrestricted (2019: £119k) and £18k was restricted (2019: £20k).

Expenditure on charitable activities was £4,121k (2019: £2,504k) of which £381k was unrestricted (2019: £347k) and £3,740k was restricted (2019: £2,157k).

Expenditure on governance costs was £49k (2019: £55k) of which all was unrestricted (2019: all).

25

NORFOLK COMMUNITY FOUNDATION

Notes forming part of the financial statements (cont'd) for the year ended 31 December 2020

5 Expenditure (continued)

Prior year

Basis of
allocation		 Basis of
allocation		 Costs of
raising
funds
£000
Costs of
charitable
activities
£000
Governance
costs
£000
Total 2019
£000
-
2,157
-
2,157		 Costs of
raising
funds
£000
Costs of
charitable
activities
£000
Governance
costs
£000
Total 2019
£000
-
2,157
-
2,157		 Costs of
raising
funds
£000
Costs of
charitable
activities
£000
Governance
costs
£000
Total 2019
£000
-
2,157
-
2,157		 Costs of
raising
funds
£000
Costs of
charitable
activities
£000
Governance
costs
£000
Total 2019
£000
-
2,157
-
2,157
Grants awarded Direct
Support costs allocated to activities

Salaries and pension costs
Staff time		 90 269 40 399

Premises Expenses		 Staff time 3 11 1 15

Grants support		 Direct - - - -

Other office expenses		 Staff time 2 6 - 8

Training and conferences		 Staff time 1 3 - 4

Recruitment costs		 Staff time - 1 - 1
IT & computer costs Staff time 2 7 1 10

Advertising and marketing		 Direct 10 10 2 22

Printing costs		 Direct - 2 - 2

Website development		 Staff time 1 1 - 2

Publications and
subscriptions		 Staff time - 2 - 2
Telephone & postage Staff time 2 6 1 9

Travel & accommodation		 Staff time 1 3 - 4
Insurances Staff time 1 3 - 4
Professional fees Staff time 5 19 1 25
Depreciation Staff time 1 4 - 5
Audit fee Direct - - 9 9
119 347 55 521
Restricted Fund
Loan write off
Revenue Fund costs 20 - - 20
20 - - 20
Total (including grants) 139 2,504 55 2,698

26

NORFOLK COMMUNITY FOUNDATION

Notes forming part of the financial statements (cont'd) for the year ended 31 December 2020

6 Grants payable

Grants totalling £3,739,764 were awarded during the year (2019: £2,156,951).

In a year dominated by Covid-19, the majority of Norfolk Community Foundation’s grant making focused on enabling charity-led community action, to help vulnerable people affected by the pandemic and support charities facing financial challenges.

The average grant awarded in 2020 was £2,996. Although grant programmes are available which offer larger grants, small, rapid-response grants have played a vital role in NCF’s Covid-19 grant making. Awards of £2,500 and under represent almost 70% of all grants made in 2020.

The following chart shows the primary area of benefit of grants awarded in 2020. It is noted that in many cases, funded organisations reach across multiple areas with their work which may not be reflected here.

27

NORFOLK COMMUNITY FOUNDATION

Notes forming part of the financial statements (cont'd) for the year ended 31 December 2020

6 Grants payable (continued) - large Grants - the following list shows the largest grants approved in 2020, with a value of £20,000 and over.

Account Name Amount
Awarded (£)		 Project Description – Summary
Access Community Trust
84,000		 A programme of food support operating November 2020 – March 2021 to
provide food aid for up to 15,000 households facing hardship.

Access Community Trust		 30,000
To pilot a service through Pink Orange for local charities and community
groups, to enable them to access food aid for the vulnerable people they are
helping.

North Norfolk Community
Transport		 25,000 To purchase an electric wheelchair accessible vehicle and install an electric
charging point.
Soul Foundation 25,000
To undertake a six month programme to deliver 629,000 meals for local
people in need.
Aylsham & District Care
Trust		 25,000
Third of the three year development capacity funding grant payments
St Martins 24,696
To provide local emergency respite accommodation and winter provision
packs for rough sleepers.
Age UK Norfolk 24,602
To deliver the Telephone Befriending service over winter, and to administer a
grant scheme for older people at risk of winter-related crisis/debt.

Access - Supporting
Migrants in East Anglia		 24,323
To provide IT equipment and additional staffing for 6 months to meet
increased and changing demand for the Community Pathways Partnership
multi-lingual/cultural information and advice services in response to Covid-19.

Norfolk Community Law
Service		 24,050
To improve the accessibility and efficiency of the NCAN Referral system in
response to Covid-19 through a public awareness campaign, new e-learning
training module, and building advisor knowledge.
Scotty's Little Soldiers 23,000
Support towards a shortfall in income caused by the Covid-19 pandemic.
Keystone Development
Trust		 22,886
To pay for staffing, provision of food and professional expertise to ensure
families and individuals in Thetford at continued risk can access meals,
mental health support, and debt advice over a 16 week period.
Corton House 22,629
To cover revenue shortfall of unoccupied rooms during the month of July
2020. Due to the exceptional and unforeseen circumstances of the
Coronavirus pandemic.
Diocese of Norwich 22,000
To supply weekly food hampers to families living in rural areas for six weeks.
Matthew Project 20,000
To contribute towards the core costs of Next Steps

Charles Burrell Centre
Ltd		 20,000
To contribute towards the setting up and operational costs of the new social
supermarket in the Charles Burrell Centre
The Norfolk Charitable
Trust		 20,000
To provide a fully accessible Coulam Wheelyboat V20 powerboat to provide
disabled people with access to the north Norfolk marine environment
Corton House 20,000
To cover revenue shortfall of unoccupied rooms during the month of August
2020. Due to the exceptional and unforeseen circumstances of the
Coronavirus pandemic.
Hawk and Owl Trust 20,000
To install air source heating, electric vehicle charging points and an off-grid
solar PV system
Benjamin Foundation 20,000
To support the Anchorage Employability Programme based in Great
Yarmouth which helps young people at risk of homelessness become work
ready.

RFEA – The Forces
Employment Charity		 20,000 To support 'Project Nova', a programme for veterans who are have been
arrested or who are at risk of arrest to help them move closer to the
workplace.

Red House Youth Trust		 20,000 To facilitate the grants that the Redhouse Trustees have agreed to make.

28

NORFOLK COMMUNITY FOUNDATION

Notes forming part of the financial statements (cont'd) for the year ended 31 December 2020

7 Net incoming resources for the period

7
Net incoming resources for the period
This is stated after charging:-
Depreciation
Auditor’s remuneration (including VAT)
Audit fees
Accounting support and advisory
8
Analysis of staff costs and remuneration of key management personnel
Staff costs were as follows:-
Salaries
Social Security costs
Pension contributions		 2020
£000
7
8
2
2020
£000
388
26
18
432		 2019
£000
5
8
1
2019
£000
356
26
17
399

One (2019: One) employee in the year received emoluments exceeding £60,000. This employee’s earnings fell between £70,000 to £80,000 (2019: £60,000 and £70,000). Company pension contributions in respect of this employee were £3,503 (2019: £3,315).

The average number of employees during the year, calculated on the basis of full time equivalents, was 15 (2019: 14).

The key management personnel in the year received a total remuneration including pension and employers national insurance contributions of £200,612 (2019: £188,733).

9 Trustee remuneration and related party transactions

No trustees (2019: None) were reimbursed for expenses during the year (2019: £Nil)

Donations, without conditions attached that would significantly alter the nature of the charity’s activities, were received in the period of £11,180 (2019: £23,204) from related parties.

29

NORFOLK COMMUNITY FOUNDATION

Notes forming part of the financial statements (cont'd) for the year ended 31 December 2020

10 Tangible fixed assets Group and Company
Computers and
Office Equipment
£000
Cost
At 1 January 2020 44
Additions -
At 31 December 2020 44
Depreciation
At 1 January 2020 17
Charge for the period 7
At 31 December 2020 24
Net book value
At 31 December 2020 20
At 31 December 2019 ~~27~~

30

NORFOLK COMMUNITY FOUNDATION

Notes forming part of the financial statements (cont'd) for the year ended 31 December 2020

11
Investments
Aggregated
Listed Investments
Cash deposits
Total investments
Charitable company
Listed Investments
Cash deposits
Total investments
Charitable trust
Listed Investments
Cash deposits
Total investments
Listed investments at valuation
At 1 January 2020
Additions at cost
Disposals
Realised/Unrealised gains/losses
At 31 December 2020
Analysis of Funds
Barclays Wealth
CCLA
Barratt & Cooke - (Charitable Company)
Barratt & Cooke - (Charitable Trust)
Endowment cash deposits
Other cash deposits		 2020
£000
22,880
2,191
25,071
21,370
2,166
23,536
1,510
25
1,535
21,298
1,893
(1,196)
885
22,880
2,097
16,141
3,131
1,511
22,880
283
1,908
2,191		 2019
£000
21,298
1,845
23,143
19,739
1,800
21,539
1,560
45
1,605
18,458
1,186
(1,316)
2,970
21,298
1,380
15,163
3,195
1,560
21,298
144
1,701
1,845

All investments are carried at their fair value. Investments in listed investments are all traded in quoted public markets. The basis of fair value for quoted investments is equivalent to its market value, using the bid price at the balance sheet date. Additions and disposals are recognised at the date of trade at cost (their transaction value).

31

NORFOLK COMMUNITY FOUNDATION

Notes forming part of the financial statements (cont'd) for the year ended 31 December 2020

12 Debtors

Debtors
Prepayments and accrued
income
Other debtors		 Charitable
Company
£000
175
1
176		 Charitable
Trust
£000
-
-
-		 Aggregated
2020
£000

175
1
176		 Aggregated
2019
£000
146
11
157

Other debtors and prepayments include £Nil (2019: £Nil) falling due after more than one year.

13 Creditors – amounts falling due within one year

Trade creditors
Taxation and social security
Other creditors
Accruals and deferred income		 Charitable
Company
£000
-
13
126
10
149		 Charitable
Trust
£000
-
-
-
-
-		 Aggregated
2020

£000
-
13
126
10
149		 Aggregated
2019
£000
3
7
224
10
244

32

NORFOLK COMMUNITY FOUNDATION

Notes forming part of the financial statements (cont'd) for the year ended 31 December 2020

14. Restricted Funds

14. Restricted Funds
Opening
Balance		 Donations Payroll Giving Gift Aid Other Transfers (3) Grants Payable Donations to
Admin Costs		 Other Costs Income from
Endowment
(1)		 Transfers from
endowment (2)		 Closing
balance
Adult Trust Community First Revenue Fund 39,796 - - - - (4,364) (2,827) - 9,161 - 41,765 -
Adult Trust CS Fund 56,196 - - - - - - - - - 56,196.29 -
Anglian Water Positive Difference Fund - 67,200 - - - (63,168) (4,032) - - - - -
Anne Sloman Revenue Fund 428 - - - - (890) (233) - 773 - 78 -
Annie Bell Revenue Fund 1,580 - - - (1,634) - (354) - 909 - 501 -
Anonymous 43,508 40,000 - 10,000 - (56,086) (10,946) - 19,228 - 45,704 -
Barclays Revenue 10,017 - - - - - - - - - 10,017 -
Beech Revenue Fund (B&C) 424 - - - (2,000) - (472) - 2,723 - 675 -
Ben Burgess Revenue Fund 15,089 - - - - - (737) - 2,387 - 16,739 -
Bernard Matthews Revenue Fund 8,940 - - - - (1,500) (1,496) - 3,977 - 9,921 -
Bill Moore Revenue Fund 1,768 - - - (1,000) - (657) - 1,746 - 1,857 -
Birketts Revenue Fund 6,380 23,187 - 5,000 (2,500) (27,914) (4,503) - 5,323 5,414 10,388 -
Bishop of Norwich Community Fund 33 7,756 - - - (7,756) - - - - 33 -
Bolton Trust Revenue Fund 4,743 - - - (2,819) (7,965) (2,032) - 6,436 5,965 4,328 -
Breckland DC Community Match Funding Fund 2,947 100,000 - - 1,059 (22,919) (9,090) - - - 71,997 -
Breckland DC WWII Fund - 33,000 - - (1,059) (27,439) (3,000) - - - 1,502 -
Brief Community Fund - 16,000 - 4,000 - (18,400) (1,600) - - - - -
Broadland Meridian Mental Health & Wellbeing Fund - 50,000 - - - (45,000) (5,000) - - - - -
C B Jewson Revenue Fund 2,522 - - - - (2,000) (617) - 1,641 - 1,546 -
Cedar Trust Revenue Fund 5,463 5,000 - - (5,000) - (638) - 2,068 - 6,893 -
Charles & Caroline Barratt Revenue Fund 578 - - - (1,988) (1,000) (1,917) - 4,327 - - 0
Chef East 157 509 - 29 (642) - (53) - - - - 0
Chiplow Wind Farm Fund 8,445 20,000 - - (20,000) (8,445) - - - - - -
Clan Trust 3,660 - - - - - - - - 3,660 -
Connecting Older People 67,500 44,141 - - - (108,310) (3,331) - - - - -
Corton House Benevolent Fund 87,100 - - - - (74,020) - - - - 13,080 -
Covid Lottery Revenue Fund - 100,000 - - - - (5,000) - - - 95,000 -
Covid-19 DCMS - 234,960 - - - (222,960) (12,000) - - - - -
Covid-19 Community Response Fund - 1,590,000 - 34,869 310,235 (1,699,229) (173,470) - - - 62,404 -
Cullingford-Youngs Revenue Fund 461 - - - (492) - (197) - 503 - 276 -
D'Attanasio Family Revenue Fund 207 - - - - - (263) - 851 - 795 -
Delaval & Veronica Hastings Revenue Fund 7,219 - - - - - (1,798) - 4,780 - 10,201 -
Developing Communities Fund 11,821 47,932 - 2,384 42,587 (1,000) (25,000) (2,455) - - 76,269 -
Diocese of Norwich Revenue Fund 80,177 - - - - - (3,585) - 15,487 - 92,079 -
Dudgeon Community Fund 33,280 111,650 - - (50,000) (5,688) (10,150) - - - 79,092 -
Earle & Stuart CT Bursary Fund 15,000 21,000 - - - (20,000) (1,000) - - - 15,000 -
East Norfolk Multi Academy Trust Fund - - - - 750 - (75) - - - 675 -
East of England Co-op Community Care Fund - 15,000 - - - (13,500) (1,500) - - - - -
Eliel Family Revenue Fund 716 - - - (1,200) (250) (1,002) - 3,246 - 1,510 -
Elsing Hall Charitable Trust Fund 12,148 - - - - - - - - - 12,148 -
Every Child Online - - - - (2,000) - - - - - - 2,000 -
Ewing Revenue Fund 1,600 20,000 - - (20,000) - (1,032) - 2,648 - 3,216 -
Falgate Revenue Fund 62,241 - - - (45,000) (35,000) (4,388) - 17,972 40,000 35,825 -
Farnborough Revenue Fund 2,318 - - - - - (327) - 1,013 - 3,004 -
Flagship Revenue Fund 3,862 - - - (3,862) - - - - - - -
Florence Clarke Revenue Fund 4,573 - - - (500) (4,500) (1,848) - 4,913 - 2,638 -
Foulger Charity Revenue Fund 3,895 - - - - - (142) - 379 - 4,132 -
Fountain Fund 1,630 - - - - - - - - - 1,630 -
Freebridge Community Housing Revenue Fund 75,814 - - - - (15,000) (4,587) - 14,827 1,571 72,624 -
Friends of Norfolk 15,367 18,608 - 2,498 - - (20,000) - - - 16,473 -
Fuller Revenue Fund 34,068 - - - (9,000) (45,000) (10,849) - 44,341 - 13,560 -
Goodman Trust Revenue Fund 309 - - - (5,000) (3,500) (299) - 625 10,000 2,135 -
Hambro Revenue Fund 3,734 - - - (3,816) - (511) - 1,359 - 766 -
Handelsbanken Mental Health & Wellbeing 41,462 - - - - (41,461) - - - - - 1
Healthy Norwich Sustainable Communities Fund 54,432 29,173 - - - (4,520) (2,917) (1,489) - - 74,680 -

33

NORFOLK COMMUNITY FOUNDATION

Notes forming part of the financial statements (cont'd) for the year ended 31 December 2020

Opening
Balance		 Donations Payroll Giving Gift Aid Other Transfers (3) Grants Payable Donations of
Admin Costs		 Other Costs Income from
Endowment
(1)		 Transfers from
endowment (2)		 Closing
balance		 #VALUE!
High Sheriff Revenue Fund 5,654 180 - - (5,699) - (376) - 1,161 - 920 -
Higham Family Revenue Fund 28,129 - - - (25,000) (3,000) (4,634) - 30,031 - 25,526 -
Holton Wind Farm Community Fund 6,765 10,000 - - - (3,650) (1,000) - - - 12,115 -
Hopestead Fund - - 240 - - - - - - - 240 -
Horning Community Fund 6,853 - - - - - - (2,871) - - 3,982 -
J P Blanch Revenue Fund 39,553 - - - (2,000) (20,710) (11,327) (378) 36,580 5,000 46,718 -
Jacks Lane Wind Farm Community Fund 6,789 49,244 - - - (37,942) (2,930) - - - 15,162 -
Jeffries Revenue 3,038 - - - (1,000) (500) (291) - 774 - 2,021 -
Josiah Vavasseur & YMCA Revenue Fund 963 - - - - (1,027) (303) - 1,075 - 708 -
Kennard Family Revenue Fund 4,450 - - - - - (630) - 2,033 - 5,853 -
Kier Revenue Fund 6,510 - - - - - (839) - 2,718 - 8,389 -
Kings Lynn & West Norfolk Capital FAS (1,925) 53,210 - - - (27,305) (3,210) - - - 20,770 -
Kings Lynn & West Norfolk Revenue FAS 2,500 16,240 - - - (12,850) (3,210) - - - 2,680 -
Kings Lynn & West Norfolk Themed Revenue Fund 1,820 - - - - (1,100) - - - - 720 -
Kings Lynn and West Norfolk Environment Fund - 495 - - - (450) (45) - - - - -
Kings Lynn and West Norfolk Open Spaces - 3,954 - - - (3,595) (360) - - - - - 1
KL.FM Cash in the Community Fund 5,846 - - - - - - - - 5,846 -
Lane Family Revenue Fund 6,952 32,000 - - (10,000) (20,000) (5,245) - 4,036 - 7,743 -
Little Acorns Community Fund 15,621 23,000 - 5,750 - (31,442) (2,013) - - - 10,917 -
Longforth Revenue Fund - 10,000 - 2,500 - - (2,250) - 361 - 10,611 -
Love Norfolk Revenue Fund 66,758 58 - - (15,000) (20,638) - 33,559 - 107,231 -
Lovewell Blake 774 19,711 - - - - (2,350) - - - 18,135 -
Luke Day Adventure Fund 1,354 622 - 59 - - (68) - - - 1,967 -
Mars 22 - - - - - - - - 22 -
Mike Lindsell Community First Revenue Fund 2,630 - - - - (2,630) (271) - 1,599 - 1,328 -
Mills & Reeve CT Revenue 5,129 - - - - - (424) - 1,127 - 5,832 -
Mohn Westlake 45,000 - - - - (45,000) - - - - - -
Morris/Fischer Revenue Fund 260 - - - (1,500) - (336) - 1,052 1,500 976 -
Musker McIntyre Community Fund 2,612 - - - (2,612) - - - - - - -
NCC Winter Hardship Fund - 200,000 - - - (154,096) (16,000) - - - 29,904 -
Nelsonspirit Community Leaders Fund 1,000 - - - - (463) - - - - 538 -
Nelsonspirit future leaders revenue fund 7,263 - - - - (570) (130) - 423 - 6,986 -
New Endeavour Rangers Community Fund 58,778 - - - - (12,754) - - - - 46,024 -
New Life Fund 27,856 - - - - (1,124) - (604) - - 26,128 -
Norfolk 100 - 88,273 - - (54,530) - (1,250) - - (32,493) - - 0
Norfolk 2020 Commemoration Fund - 27,370 - - - (22,782) (2,488) - - - 2,100 -
Norfolk Children & Young People Revenue 10,987 - - - - - (1,197) - 3,023 - 12,813 -
Norfolk Millennium Trust for Carers 29,852 23,335 - - - (51,273) (17,184) (255) 36,359 - 20,834 -
Norfolk PACT Revenue (B&C) 2,297 - - - - - (628) - 1,630 - 3,299 -
Norfolk Women and Girls Revenue Fund 46,497 14,002 87 75 - (60,249) (165) - - - 247 -
Norfolk Womens Revenue Fund 6,052 50 - 13 - (5,000) (398) - 1,270 - 1,987 -
Norfolk Youth Music Trust Revenue 4,109 - - - - (500) (378) - 1,225 - 5,206 -
Norman Lamb Mental Health & Wellbeing Revenue Fund 103,973 95,893 299 7,036 - - (16,184) (100) - - 199,417 -
North Pickenham Wind Farm Community Fund 4,500 - - - - (4,500) - - - - - -
Norwich Heritage Fund 1,131 - - - - - - - - - 1,131 -
Norwich Lads Club & YMCA Revenue Fund 3,556 - - - - (3,827) (1,269) - 4,498 - 2,958 -
Nourishing Norfolk 5,400 50,101 - 34 - (20,000) (14) - - - 35,614 -
Norwich 4 New Enterprise 24,967 - - - - - - - - - 24,967 -
P & W Bassham CT Community First Revenue Fund 76,287 - - - - (42,000) (6,209) - 40,240 - 68,318 -
Palms Mental Health Revenue Fund 1,689 - - - - - (191) - 619 - 2,117 -
Paul Morgan Revenue Fund 2,467 - - - (750) (2,500) (914) - 2,963 - 1,266 -
Pearson Family Revenue Fund 341 - - - - - (420) - 1,363 - 1,284 -
Perinatal Mental Health Fund - 120,000 - - - - (12,000) - - - 108,000 -
Plug The Gap Revenue Fund - - - - - - - - - - 2,000 -
Property Flooding Protection Fund 17,108 - - - (17,107) - - - - - 1 -
R C Snelling Revenue Fund 40,963 - - - - (25,000) (4,547) - 21,871 - 33,287 -

34

NORFOLK COMMUNITY FOUNDATION

Notes forming part of the financial statements (cont'd) for the year ended 31 December 2020

R G Carter Revenue Fund
R M Madders Revenue Fund
Rachel Lane Fund
Raise the Alarm
Ranworth Trust Revenue
Red House Trust Revenue Fund
Resolute Grants Fund
Richard Cole Revenue Fund
Richard Nash Group Revenue
Rose Berney Memorial Fund
Saracens Norfolk Fund
Scout Association Revenue Fund
Septagon Revenue Fund
Shadwell Community Fund
Shelroy Trust Revenue Fund
Sheringham Shoal Revenue Fund
Silk Purse Revenue Fund
South Norfolk Council Community Sports Fund
Street Aid
Surviving Winter Appeal
TargetFollow Foundation Revenue Fund
The Brighter Future Fund
The New Anglia LEP Prize Challenge Fund
The Norfolk Heart Trust
The Norfolk Sports Academy Fund
Thelveton Revenue Fund
Theodore Agnew Revenue
Thetford Shines Brighter
Tim & Hazel Barrett Revenue Fund
Turnpike Farm Revenue Fund
Two Year Old Capital Fund
Victory Housing Revenue Fund
Vulnerable Families (NCF Themed)
Walsingham Way Project
Walking 4 Norfolk
Wellingham Relief in Need Revenue Fund
West Norfolk Employment Fund (Colson Rev CF)
West Norfolk Lives Revenue Fund
Weston Wind Farm Community Fund
Young Norfolk Sports Fund
Total Restricted Funds		 Opening
Balance
Donations
Payroll Giving
Gift Aid
Other Transfers (3)
Grants Payable
Donations of
Admin Costs
Other Costs
Income from
Endowment
(1)
Transfers from
endowment (2)
Closing
balance
#VALUE!
3,619
-
-
-
-
(500)
(300)
-
799
-
3,618
-
5,359
-
-
-
-
(250)
(1,263)
-
3,216
-
7,062
-
13,528
414
-
18
-
-
(43)
-
-
-
13,917
-
10,136
-
-
-
-
-
-
-
-
10,136
-
33,915
20,000
-
-
(20,000)
(21,000)
(5,355)
-
17,151
-
24,711
-
41,308
-
-
-
-
(49,250)
(7,194)
-
21,966
-
6,830
-
-
-
-
-
-
-
-
-
-
-
-
-
603
-
-
-
-
-
(122)
-
722
-
1,203
-
1,289
-
-
-
-
-
(338)
-
898
-
1,849
-
-
24,798
-
68
-
-
(2,480)
-
-
-
22,386
-
21,515
21,400
-
-
(5,000)
(30,694)
(1,400)
-
-
-
5,821
-
48,411
-
-
-
-
-
(1,597)
-
7,408
-
54,222
-
5,000
-
-
-
-
(5,000)
-
-
-
-
-
-
-
5,300
-
-
-
-
(300)
-
-
-
5,000
-
29,401
-
-
-
(63,000)
(30,734)
(40,210)
(1,872)
122,378
20,000
35,964
-
1,225
100,000
-
-
50,000
-
(18,000)
(8,763)
-
3,359
-
27,821
-
2,978
-
-
-
8,956
-
-
(3,666)
-
11,879
-
2,235
-
1,512
-
-
-
-
(1,043)
-
-
-
-
470
-
10,360
9,304
-
1,240
-
(100)
(1,054)
(2,799)
-
-
16,950
-
39,105
66,935
-
10,656
-
(22,753)
(7,763)
-
-
-
159,679
-
12,330
1,500
-
375
-
-
(938)
-
-
-
13,268
-
13
5,000
-
1,250
-
(1,000)
(625)
-
-
-
4,638
-
376
125,000
-
-
-
(110,283)
(12,500)
-
-
-
2,593
-
-
29,136
-
24
-
-
(6,100)
(3,634)
1,825
-
21,251
-
-
5,000
-
-
-
-
(125)
-
-
-
4,875
-
10,163
100
-
25
-
-
(766)
-
2,369
-
11,891
-
23,004
-
-
-
(15,000)
(1,000)
(9,027)
-
26,817
-
24,794
-
44,750
197
-
50
(20,000)
(8,857)
(20)
-
-
-
16,120
-
1,311
1,000
-
250
(300)
(1,500)
(409)
-
755
-
1,107
-
360
-
-
-
-
-
(328)
-
962
-
994
-
203,567
-
-
-
-
-
-
-
22
-
203,589
-
(111)
59,511
-
-
-
(81,558)
(5,904)
-
4,258
25,000
1,196
-
143,537
87,239
167
223
-
(87,986)
(8,750)
-
-
-
134,429
-
93
-
-
-
-
-
-
-
-
-
93
-
23,751
29,930
-
3,896
-
(41,053)
(3,383)
-
-
-
13,141
-
36,432
5,953
-
-
-
-
(1,898)
(1,085)
4,224
-
43,625
-
33,610
-
-
-
-
-
(4,163)
-
13,489
-
42,936
-
-
6,500
-
-
-
-
(6,500)
-
13,829
-
13,829
-
22,490
-
-
-
-
(5,580)
-
-
-
-
16,910
-
2,250
-
-
-
-
-
-
-
-
-
2,250
-
2,401,932
4,037,015
851
92,318
-
(3,739,763)
(623,074)
(17,542)
663,562
81,957
2,897,251

Notes on transfers

Monies are transferred from the endowment to provide a drawdown (2) for grant making which, when added to the income received (1), amounts to 4% of the pooled endowment fund in accordance with the endowment policy of the Trustees of Norfolk Community Foundation, and in the case of CCLA funds, the annual drawdown of excess gain over an indexed value by request from the donor.

Transfers (3) between restricted funds or transfers to endowment funds or core costs are generally at the request of the respective donor.

The net transfer in the Statement of Financial Activities of £541,117 comprises (2), (3) and donations to admin costs.

35

N ORFOLK COMMUNITY FOUNDATION

Notes forming part of the financial statements (cont'd) for the year ended 31 December 2020

15. Endowment Funds

15. Endowment Funds
Opening Balance Donations Gift Aid Transfers (1) Gain/loss on
investment		 Closing balance
Adult Trust Community First Endowment Fund 282,694 - - - 18,080 300,774
Anne Sloman Endowment Fund 29,063 - - - (500) 28,563
Annie Bell Endowment Fund 35,445 505 126 - (582) 35,494
Anonymous 308,300 - - - 19,638 327,938
Anonymous 286,326 - - - 18,312 304,638
Beech Fund Endowment (B&C) 47,227 - - - (3,535) 43,692
Ben Burgess Community First Endowment Fund 40,751 - - - 2,606 43,357
Ben Burgess Endowment Fund 32,911 - - - 2,105 35,016
Bernard Matthew Grassroots Endowment Fund 149,584 - - - (2,548) 147,036
Bill Moore Grassroots Endowment Fund 65,654 - - - (1,118) 64,536
Birketts Community First Endowment Fund 88,821 - - (5,414) 5,173 88,580
Birketts Grassroots Endowment Fund 79,576 - - - 5,089 84,665
Bolton Trust Community First Endowment Fund 203,159 - - (5,965) 12,434 209,628
C B Jewson Grassroots Endowment Fund 61,725 - - - (1,051) 60,674
Cedar Trust Community First Endowment Fund 26,732 - - - 1,710 28,442
Cedar Trust Grassroots Endowment 37,071 - - - 2,371 39,442
Charles & Caroline Barratt CT Grassroots Endowment 191,657 - - - (14,716) 176,941
Cullingford-Youngs Family Endowment Fund 19,719 360 90 - (324) 19,845
D'Attanasio Family Community First Endowment Fund 26,277 - - - 1,681 27,958
Delaval & Veronica Hastings Endowment Fund 179,773 - - - (3,062) 176,711
Diocese of Norwich Community First Endowment Fund 438,113 - - - 28,020 466,133
Diocese of Norwich Endowment Fund 39,801 - - - 2,546 42,347
Eliel Family Community First Endowment Fund 100,164 - - - 6,406 106,570
Ewing Endowment Fund 103,172 25,000 6,250 - (3,137) 131,285
Falgate Community First Endowment Fund 585,094 - - (40,000) 33,671 578,765
Farnborough Community First Endowment Fund 29,640 - - - 1,895 31,535
Farnborough Endowment Fund 3,140 600 150 - 105 3,995
Florence Clarke Grassroots Endowment Fund 184,791 - - - (3,148) 181,643
Foulger Charity Endowment Fund 14,240 - - - (243) 13,997
Freebridge Community First Endowment Fund 366,099 - - (1,571) 23,267 387,796
Freebridge Community Housing Grassroots Endowment Fund 92,650 - - - 5,925 98,575
Fuller Community First Endowment Fund 1,087,477 - - - 69,551 1,157,028
Fuller Endowment 268,627 43,895 10,974 - 17,249 340,744
Goodman Trust Endowment Fund 29,934 - - (10,000) (2,028) 17,906
Hambro Grassroots Endowment Fund 51,128 - - - (871) 50,257

36

N ORFOLK COMMUNITY FOUNDATION

Notes forming part of the financial statements (cont'd) for the year ended 31 December 2020

Opening Balance Donations Gift Aid Transfers (1) Gain/loss on
investment		 Closing balance
High Sheriff Community First Endowment Fund 35,834 - - - 2,292 38,126
Higham Family Community First Endowment Fund 926,736 - - - 59,271 986,007
J P Blanch Community First Endowment Fund 752,891 - - (5,000) 47,684 795,575
J P Blanch Grassroots Endowment Fund 379,767 - - - 24,289 404,056
Jeffries Grassroots Endowment Fund 29,087 - - - (500) 28,587
Josiah Vavasseur & YMCA Grassroots Endowment Fund 40,421 - - - (688) 39,733
Kennard Family Community First Endowment Fund 62,955 - - - 4,013 66,968
Kier Grassroots Endowment Fund 83,868 - - - 5,364 89,232
Lane Family Community First Endowment Fund 124,546 - - - 7,966 132,512
Longforth Endowment Fund - 50,000 - - 62 50,062
Love Norfolk Community First Endowment Fund 187,853 - - - 12,063 199,916
Love Norfolk Endowment Fund 843,773 27,703 - 32,493 52,130 956,099
Mike Lindsell Community First Endowment Fund 49,345 - - - 3,156 52,501
Mills & Reeve Grassroots Endowment Fund 42,390 - - - (722) 41,668
Morris/Fischer Community First Endowment Fund 33,612 - - (1,500) 2,008 34,120
Nelsonspirit future leaders Community First Endowment Fund 13,036 - - - 836 13,872
Norfolk PACT Endowment 62,753 - - - (2,101) 60,652
Norfolk Womens Endowment Fund 39,206 - - - 2,507 41,713
Norfolk Youth Music Trust Endowment (CCLA) 37,812 - - - 2,418 40,230
Norwich Lads Club & YMCA Grassroots Endowment 169,170 - - - (2,882) 166,288
P & W Bassham CT Community First Endowment Fund 1,241,791 - - - 79,421 1,321,212
Palms Mental Health Community First Endowment Fund 19,116 - - - 1,223 20,339
Paul Morgan Community First Endowment Fund 91,444 - - - 5,848 97,292
Pearson Family Community First Endowment Fund 42,047 - - - 2,689 44,736
R C Snelling Community First Endowment Fund 472,800 - - - 30,239 503,039
R C Snelling Grassroots Endowment Fund 267,155 - - - (11,960) 255,195
R G Carter Grassroots Endowment 30,037 - - - (512) 29,525
R M Madders Endowment Fund 126,346 - - - (4,171) 122,175
Ranworth Trust Grassroots Endowment Fund 714,063 - - - (16,534) 697,529
Red House Community First Endowment Fund 543,283 - - - 34,746 578,029
Red House Youth Project Endowment Fund 176,138 - - - (6,934) 169,204
Richard Cole Community First Endowment 22,272 - - - 1,424 23,696
Richard Nash Group Endowment 33,775 - - - (575) 33,200
Scout Association Endowment Fund 319,483 - - - (6,851) 312,632
Shelroy Trust Community First Endowment Fund 2,788,511 - - - 178,343 2,966,854

37

N ORFOLK COMMUNITY FOUNDATION

Notes forming part of the financial statements (cont'd) for the year ended 31
Opening Balance Donations
Gift Aid		 financial statements (cont'd) for the year ended 31
Opening Balance Donations
Gift Aid		 financial statements (cont'd) for the year ended 31
Opening Balance Donations
Gift Aid		 December 2020
Transfers (1)		 Gain/loss on
investment		 Closing balance
Shelroy Trust End (B&C) 990,161 - - - (32,247) 957,914
Shelroy Trust Endowment Fund (CCLA) 242,314 - - (20,000) 15,393 237,707
Sheringham Shoal Grassroots Endowment Fund 126,347 - - - (2,152) 124,195
Silk Purse Community First Endowment Fund 366,581 - - - 23,445 390,026
The Norfolk Heart Trust Endowment Fund - 159,195 - - 13,141 172,337
Thelveton (non CF) CCLA Endowment 19,728 - - - 1,102 20,830
Thelveton Community First Endowment Fund 55,903 - - - 3,574 59,477
Theodore Agnew Community First Endowment Fund 607,106 - - - 38,828 645,934
Theodore Agnew Endowment 295,633 - - - (3,509) 292,124
Tim & Hazel Barrett Endowment Fund 28,386 - - - (488) 27,898
Turnpike Farm Community First Endowment Fund 15,020 - - - 962 15,982
Turnpike Farm Endowment Fund 17,842 - - - (304) 17,538
Victory Housing Community First Endowment 150,433 - - (25,000) 7,278 132,711
Wellingham Relief in Need Endowment 130,343 - - - 8,336 138,679
West Norfolk Employment Fund (Colson End Community First) 416,273 - - - 26,623 442,896
West Norfolk Lives Endowment Fund - 643,500 - - 107,967 751,467
Total Charitable Company Endowments Funds 19,851,921 950,758 17,590 (81,957) 954,484 21,692,796
*** Charitable Trust**
Norfolk Children & Young People Endowment 119,748 - - - (3,922) 115,826
Norfolk Millennium Trust for Carers Endowment 1,485,125 - - - (65,457) 1,419,668
Total Charitable Trust Endowments Funds 1,604,873 - - - (69,379) 1,535,494
Total Endowment Funds 21,456,794 950,758 17,590 (81,957) 885,105 23,228,290

Notes on transfers

Transfers to restricted funds (1): This is part of the drawdown for grant making which, when added to the income from endowment (shown in Note 14 - restricted funds) represents 4% of the pooled endowment fund in accordance with the endowment policy of the Trustees of Norfolk Community Foundation, and in the case of CCLA funds, the annual drawdown of excess gain over an indexed value by request from the donor.

38

NORFOLK COMMUNITY FOUNDATION

Notes forming part of the financial statements (cont'd) for the year ended 31 December 2020

16. Analysis net assets between funds – current year

Unrestricted
Funds
£000
20
300
547
(63)		 Restricted
Funds
£000
-
1,601
1,238
58		 Endowment
Funds
£000
-
23,170
26
32		 Total
Funds
£000
20
25,071
1,811
27
Aggregated
Tangible fixed assets

Investments
Bank balances
Other net current assets/(liabilities)
804 2,897 23,228 26,929
20
300
547
(63)		 -
1,601
1,238
58		 -
21,635
26
32		 20
23,536
1,811
27
Charitable Company
Tangible fixed assets

Investments
Bank balances
Other net current assets/(liabilities)
804 2,897 21,693 25,394
- - 1,535 1,535
Charitable Trust
Investments
- - 1,535 1,535

39

NORFOLK COMMUNITY FOUNDATION

Notes forming part of the financial statements (cont'd) for the year ended 31 December 2020

16. Analysis net assets between funds (continued) – prior year

Aggregated
Tangible fixed assets
Investments
Bank balances
Other net current assets/(liabilities)
Charitable Company
Tangible fixed assets
Investments
Bank balances
Other net current assets/(liabilities)
Charitable Trust
Investments		 Unrestricted
Funds
£000
Restricted
Funds
£000
Endowment
Funds
£000
Total
Funds
£000
27
-
-
27
300
1,405
21,438
23,143
378
1,067
19
1,464
(17)
(70)
-
(87)
688
2,402
21,457
24,547
27
300
-
1,405
-
19,833
27
21,538
378
1,067
19
1,464
(17)
(70)
-
(87)
688
2,402
19,852
22,942
-
-
1,605
1,605
-
-
1,605
1,605

40

NORFOLK COMMUNITY FOUNDATION

Notes forming part of the financial statements (cont'd) for the year ended 31 December 2020

17. Movement in funds – current year

Fund balances at 31 December 2020 are represented by:-

Opening Incoming Outgoing Investment Closing
Balance Resources Resources Transfers Gains Balance
Aggregated £000 £000 £000 £000 £000 £000
Unrestricted funds
General fund 505 38 (522) 624 - 645
Designated funds 183 - (24) - - 159
Restricted funds 2,402 4,794 (3,758) (541) - 2,897
Endowment funds 21,457 969 - (83) 885 23,228
24,547 5,801 (4,304) - 885 26,929
Charitable Company
Unrestricted funds
General fund 505 38 (522) 624 - 645
Designated funds 183 - (24) - - 159
Restricted funds 2,402 4,794 (3,758) (541) - 2,897
Endowment funds 19,852 969 - (83) 955 21,693
22,942 5,801 (4,304) - 955 25,394
Charitable Trust
Endowment funds 1,605 - - - (70) 1,535
1,605 - - - (70) 1,535

The designated funds relate to a five-year sustainability and continuity project.

41

NORFOLK COMMUNITY FOUNDATION

Notes forming part of the financial statements (cont'd) for the year ended 31 December 2020

17. Movement in funds (continued) – prior year

Fund balances at 31 December 2019 are represented by:-

Opening Incoming Outgoing Outgoing Investment Closing
Balance Resources Resources Transfers Gains Balance
Aggregated £000 £000 £000 £000 £000 £000
Unrestricted funds
General Fund 710 75 (521) 241 - 505
Designated funds - - - 183 - 183
Restricted funds 2,389 2,426 (2,177) (236) - 2,402
Endowment funds 18,616 59 - (188) 2,970 21,457
21,715 2,560 (2,698) - 2,790 24,547
Charitable Company
Unrestricted funds
General Fund 710 75 (521) 241 - 505
Designated funds - - - 183 - 183
Restricted funds 2,389 2,426 (2,177) (236) - 2,402
Endowment funds 17,187 59 - (188) 2,794 19,852
20,286 2,560 (2,698) - 2,794 22,942
Charitable Trust
Endowment funds 1,429 - - - 176 1,605
1,429 - - - 176 1,605

During the prior period the trustees designed £183k of general funds towards a five-year sustainability and continuity project.

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NORFOLK COMMUNITY FOUNDATION

Notes forming part of the financial statements (cont'd) for the year ended 31 December 2020

18.
Financial instruments
Financial assets at fair value through statement of financial activities:
Investments		 2020
2019
£000
£000
22,880
21,298
22,880
21,298

The main risk from the charity’s investment portfolio is uncertainly in the investment markets. This is managed by appointing professional fund managers who manage the funds on a moderate risk basis. Liquidity risk is considered low because investments are in traded securities.

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