# For the year ended 31 December 2021 



## Contents 

|Contents||
|---|---|
|**Trustees' Annual Report**|**01-15**|
|**Independent Auditor's Report**|**16-18**|
|**Aggregated statement of financial**|**19**|
|**activities**||
|**Aggregated summary income and**|**20**|
|**expenditure account**||
|**Aggregated balance sheet**|**21**|
|**Cash flow statement**|**22**|
|**Notes to the financial statements**|**23-44**|



## Reference and administrative details 

## **Name of charity:** 

## **Company Secretary:** 

Norfolk Community Foundation 

Edward Savory – _appointed 22 March 2021_ 

**Charity registration number:** 1110817 

Martin Webster – _resigned 22 March 2021_ 

## **Chief Executive:** 

**Company registration number:** 05234236 

Claire Cullens 

## **Address of principal and registered office:** 

## **Bankers:** 

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

St. James Mill, Whitefriars, Norwich, NR3 1TN 

## **Auditors:** 

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

## **Trustees:** 

Henry Cator OBE DL (Chairman) – _resigned 21 March 2022_ Jo Pearson (Vice Chairman) – _resigned 13 December 2021_ Stephen Allen Lady Kay Fisher DL 

## **Solicitors:** 

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

Michael Gurney – _resigned 22 March 2021_ 

## **Investment Managers:** 

Barclays Wealth, Level 15, 1 Churchill Place, Canary Wharf, London E14 5HP Barratt & Cooke Limited, 5 Opie Street, Norwich, NR1 3DW 

Nicholas Pratt DL Michelle Raper FCCA ACA – _resigned 22 March 2021_ Simon Bailey CBE QPM DL (Chairman from 21 March 2022) Simon Brickles Andrew Jamieson – _resigned 21 March 2022_ Fiona McDiarmid – _appointed 22 March 2021_ Jessica Middleton _– appointed 22 March 2021_ Rosalyn Proops MBE – _appointed 22 March 2021_ 

CCLA, Senator House, 85 Queen Victoria Street, London EC4V 4ET 

Richard Ross – _appointed 22 March 2021_ 

Jenny Watson CBE – _appointed 22 March 2021_ 

**01  Trustees' Annual Report 2021 & Financial Statements** 



## Objectives and activities 

## **Aims** 

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

The promotion of any charitable purposes for the benefit of the community in the County of Norfolk and its immediate neighbourhood and in particular the advancement of education, the protection of good health both mental and physical, and the relief of poverty and sickness. 

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 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. 

## **Our vision and 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 16 years NCF has been inspiring philanthropy to tackle immediate need and long term social change. 

We achieve this by: 

Supporting Norfolk’s grassroots charities and community groups with the right funding offer and local leadership they need to sustain, grow and develop their organisations. 

Inspiring local philanthropy and giving through our knowledge of community issues and demonstrating the impact that giving achieves. Offering accessible, trusted mechanisms to give locally. Working in cross sector partnerships, to convene and broker community change. Building endowment funds to ensure we are able to support communities in perpetuity. 

£4.2m + 1,000 **of support delivered grants awarded** 




**02  Trustees' Annual Report 2021 & Financial Statements** 



## **Significant activities: Building stronger communities** 

Our partnerships with donors, close working relationships with local charities and dynamic understanding of community issues allowed us to respond to the emerging need throughout 2021 in Norfolk. 

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 £4,175k were awarded during the financial period (note 6) – this consisted of £4,130k in grants to 813 community groups and other voluntary organisations, and £45k to 191 individuals thus demonstrating NCF’s commitment towards providing public benefit to a wide variety of charitable purposes in Norfolk. 

NCF has over £25m of endowed funds which will enable grant giving for many years to come and provide long term financial public benefit. 

## **Resources spent on particular activities** 

NCF employs 19 staff members (16 FTE) who manage over 250 donor funds, of which 163 are restricted revenue funds, with the remaining funds being endowment funds (capital). The direct 

Claire Cullens, Chief Executive, Norfolk Community Foundation 

staff costs to manage these donor portfolios, including grant making, cost £351k during 2021, this represents 70% of total salary costs. 

## In 2021 NCF has delivered: 

A professional and effective administration service to all its donors, bringing a greater degree of certainty and reassurance to the job of grant giving. Advice on suitability for funding against agreed criteria. Grant award monitoring to ensure that funded projects deliver outcomes which benefit local communities. Efficient and effective funding support to strengthen the VCSE sector. 

Additional support to charities and community groups with the growth of our ‘Funding Plus’ free 

training and capacity building programme, and partnership with Norfolk Prohelp, offering pro bono business support for charities. Fundraising support. 

- Expertise on the local need; increasing collective giving, brokering partnerships, accessing charitable trust funding. Regular communications through newsletters, updates, fund statements and impact reports. Innovative, bespoke and solution based funding models. 

## **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: 

- To meet community needs and aspirations. 

To increase and strengthen community and voluntary activity in Norfolk. 

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. 

**This grant has been more about togetherness and support than I ever imagined. With the help of your funding we have mutated and survived. - Mind The Gap** 

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. 

**03  Trustees' Annual Report 2021 & Financial Statements** 



## **Fundraising** 

As a fully accredited member of the UKCF (United Kingdom Community Foundations), and one of 47 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 1988, 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. 

## **Quality Accreditation 5** 

NCF were delighted to have passed Quality Accreditation 5, a comprehensive, independent audit carried out by Ideas to Impact to review the work of all 47 Community Foundations in the UK. 

All activities of NCF were examined, from how we manage our finances and how we take care of our staff to how well we connect with local groups and how effectively we engage funders and philanthropists. We achieved a rating of either good or excellent in all 14 criteria, giving us a strong pass overall. 

The auditors were particularly impressed with our Thetford Shines Brighter initiative, as well as our themed funds and wellbeing initiatives for staff, including a 'wellbeing supermarket' where staff are encouraged to fill up for free a bag with recipes, snacks and pampering products once a month. 

**It is very exciting to see just how quickly money has been able to help people. NCF’s local knowledge has meant that help has got to where it is really needed at street or village level very rapidly.** 

**- General The Lord Richard Dannatt, Chairman, The National Emergencies Trust** 

## Achievements and 

## performance 

## **Norfolk Community Foundation is** 

## **Investing in local charities:** 

**dedicated to building stronger communities and improving the lives of people in Norfolk.** 

- Straightforward funding for vital community projects led by local people Skills support and pro bono professional services to help resilience and growth A voice for Norfolk’s charitable sector to raise awareness and unlock investment 

Working across sectors to provide emergency support in crisis, helping households respond to hardship, enabling communities to develop skills to create opportunities and brighter futures, supporting mental wellbeing, improving community spaces – these are just some of the key issues facing our local communities that our work in 2021 helped to address. 

## **Encouraging local giving:** 

- A trusted partner to share knowledge and expertise to inform giving Coordinating partnerships with local authorities and private funders Aligned giving: facilitated funders coming together under a common purpose Shared giving with charitable trusts: significant support from major trusts and numerous minor trusts 

Over 4,000 small charities and voluntary groups are working in every neighbourhood across Norfolk. We build funding and support that ensures that local charities and voluntary groups can continue and grow, providing essential care, support and opportunities for the most vulnerable in our communities. Led by our local knowledge and insight, we direct support to where it is most needed, with our work touching 1 in 4 people in Norfolk. 

**04  Trustees' Annual Report 2021 & Financial Statements** 



## Building a brighter future for children and young people 

**1 in 6 children were identified as having a mental health problem in 2021, with 1 in 4 young people reporting they are ‘unable to cope with life’ since Covid-19. Faced with long waiting times to access clinical services coupled with the impact of Covid-19 on their mental wellbeing, many children and young people in Norfolk are not getting the support they need.** 

## **Coming to the centre** 

**- Young person supported** 

## **Working together to enrich our children and young people's lives** 

**Keen to champion an innovative approach that goes beyond a grant making programme and following consultation with the VCSE sector, the Sir Norman Lamb Coalition for Young People was established to provide an opportunity for charities and community groups to engage, develop and learn.** 

By providing access to shared resources and opportunities, sharing good practice, raising the profile of the work that groups do, and linking up with larger countywide and national networks, the Coalition enables groups to have a seat at the table and grow. So far, over 45 groups from the length and breadth of Norfolk have joined, receiving over £175,000 worth of support in 2021 including direct funding and training. 

**charities/ groups worked with** 

+ 45 

£175 **worth of support**[k] **of young** 90% **peoplereported improved wellbeing** 


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The Hamlet Centre<br>**----- End of picture text -----**<br>


**Your funding has helped so many young people go from simply surviving to thriving. - Mancroft Advice Project** 

## **Looking ahead** 

The Coalition continues to expand its membership and provide funding and support to local charities and community groups. Outside of the Coalition, NCF has and continues to support a range of other health and wellbeing projects to help people of all ages stay healthy, well and connected to their community, able to live an active, independent and 

fulfilling life. 

£675k **awarded to additional health and wellbeing projects** 

**05  Trustees' Annual Report 2021 & Financial Statements** 



## Ensuring no one goes hungry Tackling food poverty today and tomorrow 

or for free, offering the benefit of dignity and choice for people living under increasing financial pressure to meet basic needs. 

**In the beautiful county of Norfolk known for centuries for agriculture and food production, there are thousands of people struggling to access good quality, affordable food. On top of this, existing food inequalities within society have only widened as a result of the global pandemic.** 

The pilot hub, The Burrell Shop, was opened in 2020 and has over 350 members, feeding around 1,200 people with an average saving of 40% on the weekly shop. Since then, a further 2 food hubs opened in 2021 with another 12 hubs to open in 2022. 

Food insecurity can be a long-term issue in someone’s life; for others, it is a temporary situation caused by a sudden change in circumstances. In Norfolk, around 86,000 people worry that they could struggle to provide adequate food for their household in the future. 

**2 in 10 people living in poverty don't know where their next meal is coming from** 

**Food security is not only about being able to afford enough food but also being able to afford food that is nutritious.** 

**of NCF's** 25 % **Covidfunding was used to support pop-up food hubs** 

## **- Joseph Rowntree Foundation** 

At Norfolk Community Foundation, we are developing innovative solutions to ensure that no-one goes hungry, including establishing local food hubs. These act as community spaces where people can shop for food locally on a budget. Hubs provide healthy, nutritious food at low prices 

**4 in 10 households on Universal Credit are food-insecure** 

## **06  Trustees' Annual Report 2021 & Financial Statements** 





Working closely with local, embedded community groups, we have identified a roll out programme to develop the network of hubs. 

We are looking to secure an initial **£1 million** of funding to help us put into action phase 1 of this project, which would create: 

15 food hubs, aiming to support 5,000 households across Norfolk A Norfolk distribution hub where surplus and donated stock would be received before being distributed throughout the network of food hubs Employment and training opportunities where staff are needed to manage and coordinate the food hub 

**food hubs open in 2021** 

**food hubs to open in 2022** 

**off weekly shop** 

5,000 

**of the most vulnerable households to be supported by the end of 2022** 



## Developing skills to help stars shine 

## Driving the economic future of Norfolk 

Fund, and the West Norfolk Employment Fund we've been able to help young people to raise their aspirations, develop new skills and access training and employment opportunities. 

**Learning plays a vital part in unlocking our potential. Building skills and aspirations for people of all ages helps to enrich our lives and enables us to flourish at work, at home and in the community.** 

Norfolk falls behind the region for educational attainment, with fewer people achieving a degree, and more people leaving education with no qualifications. There are also a higher number of NEET young people (those not in education, employment or training) in the county, raising concerns about engagement with learning post-16. 

**Leaving school was a daunting prospect as I really didn’t know what I wanted to do. I saw an advert for an apprenticeship in Motorcycle Engineering at Kickstart. I applied and was successful in securing the apprenticeship. I was so pleased when leading up to the end of my apprenticeship, Kickstart offered me a job as a Junior Technician and trained to become an MOT tester and a mobile technician.** 

> Low skills and unemployment are **to the end of my apprenticeship,** often concentrated in our most **Kickstart offered me a job as a** deprived communities, compounding **Junior Technician and trained to** the challenges people can face in **become an MOT tester and a** moving out of poverty and improving their life chances. Community support **mobile technician.** 

> plays a vital role in bridging these **- Jack, Kickstart Mechanic** gaps, and the charities we fund are able to offer flexible, bespoke support to overcome complex personal barriers to education, employment £638k and life-long learning. **towards unlocking potential** 

Working with local partners including Sheringham Shoal, the J P Blanch 


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## **Getting every child online** 

**In January 2021, as the UK settled into another lockdown, hundreds of Norfolk children were at a major disadvantage because of a lack of access to suitable equipment required for remote learning.** 

Working with Norfolk County Council and the Eastern Daily Press, we launched the Every Child Online campaign. Our aim was simple: to ensure every school age child in Norfolk had a digital device and internet connection to enable them to learn from home. 

By working together and pooling resources, knowledge and expertise, more than 5,000 devices were provided to ensure that no child was left behind in their learning because of digital disadvantage. 

## **Looking ahead** 

**Child literacy is a significant problem in Norfolk, with some of our communities seeing 1 in 4 children leave school unable to read. Children born in areas with the most serious literacy challenges have some of the lowest life expectancies in England. The National Literacy Trust has found that children who enjoy reading and writing are happier with their lives and are three times more likely to have good mental wellbeing.** 

Working with the National Literacy Trust and the Norfolk Reading Project, we are launching pilot projects in Thetford and Norwich in 2022 to support schools, linking up businesses to help encourage children to take 10 minutes out of their day to read and the Reading Buddies scheme, where trained volunteers will read with children in 6-week programme blocks. 

**07  Trustees' Annual Report 2021 & Financial Statements** 



## Responding rapidly to a crisis Delivering vital aid where it's needed most 


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**At the beginning of the pandemic, we supported our local charities to work at pace to respond to emerging need in communities and they have continued to respond rapidly in the wake of the Covid-19 crisis.** 

As we head into what is claimed to be the biggest fall in living standards since the end of the Second World War, it is expected that a further 1.3 million people will fall into absolute poverty. Whilst Norfolk appears a wealthy county on the surface, there are alarming levels of ‘invisible poverty’ – especially in rural areas where support is more difficult to access. Our local charities have been on the frontlines, tackling the most pressing issues like food and fuel poverty. 

faced with a difficult winter (closely followed by a further £500k in 2022, delivering a total of £1m). 

**So many of our shoppers burst into tears in relief, and have told us numerous times that it’s made the difference between having Christmas and not, being able to use the heating and not live in a cold home which in itself creates other issues.** 

During 2021, it was estimated that 15,000 people in Norfolk had missed out on at least one meal because they couldn’t afford it. Since then, people on low incomes have found their budgets stretched further. 

**- The Burrell Shop** 

Working with our partners Norfolk County Council, we delivered £500k worth of support in 2021 through the £1.5m Household Support Fund to Norfolk **awarded in total in 2021 to** charities and community groups to **projects tackling** supply quick and vital food and fuel **disadvantage and** aid to people in local communities **support those facing crisis** 

£500k **of support delivered in 2021** 

8,927 

**households received support in round 2 (2022)** 

**charities/groups connecting** 140+ **with those who need it most** 


**08  Trustees' Annual Report 2021 & Financial Statements** 




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## Helping local people solve local problems 

**Our mission is to build stronger communities from the ground up through local places, spaces and services. We help local people work together to solve local problems and take action to provide the care, opportunities and facilities people need most.** 

Norfolk & Norwich SEND Association (NANSA) received funding to help them deliver their family services and meet increased demand to support the mental and physical wellbeing of families of children with disabilities and special educational needs (SEND) in Norfolk. Their Family Centre was originally a domestic dwelling and not purpose built, and so has presented issues with the use of spaces. By making changes to the layout of the building and creating an extension, the Centre has been futureproofed and now has increased capacity to meet the 

continuing demand. 

## £1.2m 

**awarded to community focused projects** 

## **Looking ahead** 

**The last few years have highlighted more than ever the need for community support and we know this will continue to grow as more and more people find themselves in challenging circumstances.** 

Our local charities and voluntary groups are working across Norfolk to tackle the big issues facing communities. However, these vital groups remain reliant on grant funding and other support to continue their essential work. 


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Thanks to the trust and support of our local and national partners, we have been able to deliver vital funds and support to help us succeed in our mission to build stronger communities from the ground up. 

Benjamin Foundation 

As we enter a new crisis with the increasing challenges of the cost of living, we stand ready to support our local charities and community groups who will be front and centre in supporting people when they need it most. 

**Norfolk Community Foundation is invaluable, supporting grassroot small charities like ourselves. We often turn to the Foundation when new issues and needs arise.** 

**- Holt Youth Project** 

**09  Trustees' Annual Report 2021 & Financial Statements** 



## Partnering to achieve more Unlocking business power for community benefit 


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Creative Arts East<br>**----- End of picture text -----**<br>


**The community response to the Covid-19 pandemic demonstrated what can be achieved when we come together.** 

At Norfolk Community Foundation, we recognise the value of bringing partners together, pooling knowledge, expertise and resources. 

Through the Norfolk ProHelp scheme managed by the Foundation, we link up local charities and community groups with vital free advice and support provided by professional firms committed to making a difference. This might include support around an individual project to oneto-one advice sessions and countywide webinars. Norfolk businesses have provided probono their professional skills and expertise in a range of services including marketing and website design, employment and HR concerns, and legal advice and support, helping to free up funding to communities. 

Whilst grant funding will always be vital, our Opportunities4Communities initiative has also helped to match people who have other things of real value which they want to give, from IT and office equipment to use of a minibus, with Norfolk charities and community groups grateful for any help offered. 

**To be able to help organisations in the charitable and community sector who are working with finite budgets and need to use their funds to focus supporting key activities for their beneficiaries is very important to us as a business.** 

## **projects supported by** 21 **businesses** 

£50 **worth of support**[k] 

## **- Liz Owers, MAD-HR** 

## **Collective giving** 

**Collective giving perfectly demonstrates how by coming together we can make a big difference to the lives of people in Norfolk.** 

Our payroll giving initiative is a flexible way of enabling employees to give monthly donations straight from their salary to help tackle some of the key issues in our county. 

Every UK employer can start a payroll giving scheme. Simple to run and easy to set up, it provides charities with a regular income and gives employees a tax break on the donations they make. 

**Here at Broadland and South Norfolk Councils we have been really proud to be able to work alongside the Norfolk Community Foundation to develop a payroll giving scheme and to be an early adopter. The scheme is an easy way for us all to make a real difference to people in Norfolk. We can collectively have a very real impact on individuals in need of support in our community.** 

**- Trevor Holden, Managing Director of Broadland Council and South Norfolk Council** 

**The unique nature of rural, city and county living creates varied challenges of deprivation and need. Norfolk Community Foundation shines through as a beacon of support, reaching smaller charities that I could never find myself.** 

**- Simon Smith, Norfolk 100 member and Regional Director for Barclays Wealth Management** 

We’re inspired by the Norfolk communities we collaborate with every day, who approach local issues with passion and ideas. 

Alongside payroll giving, our giving circles make philanthropy easy for people who are at different stages of their careers, income levels or lives to contribute at a level that suits them best, making a greater impact and effect real change locally. 

We have been proud to work with our Norfolk 100 members on our Love Norfolk Fund, recognising that our local charities understand what their communities need and helping to give them the funding and support they need to flourish. 

**10  Trustees' Annual Report 2021 & Financial Statements** 



## **Planting seeds for future generations** 

## Connecting people who care with causes that matter 

**Thousands of local donors trust us with helping them see the difference they want to make.** 


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The Greening Our Communities Fund was established in 2021 with a founding donation of £150,000 to be invested in the community over three years. The Fund aims to support communities in Norfolk to take action to improve their local environment while providing people with the positive effects of being outside and connecting with nature. 

Working with NHS Charities Together and local NHS organisations, nearly £500,000 was invested in charities and community groups across Norfolk and Waveney supporting older people, vulnerable communities and those with physical and mental health issues. 

The donor is interested in environmental issues. When an opportunity arose to make a difference at a local level, a member of an organisation who had benefited from one of their grants suggested that working with the Norfolk Community Foundation might 

Continuing the legacy of Captain Sir Tom Moore who captured the spirit of the nation when he raised funds for NHS Charities Together, the funded groups helped communities recovering from the pandemic. Projects included finding new ways of supporting patients to rehabilitate in the community following discharge from hospital, helping asylum seekers, recently resettled refugees and other ethnic minorities through promoting social inclusion and preventing people from becoming socially excluded, and offering a naturebased, physical activities programme to establish self-sustaining running and walking groups for those experiencing or at risk of poor mental health because of the pandemic. 

## **Because healthcare** 


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**- Ellie Orton OBE, NHS Charities Together** 

be of interest. Establishing a dedicated fund enables the donor to stay in the driving seat, directing their funding with confidence that the Foundation's assessments and diligence protect their investment. 

**The Foundation have taken care of the whole process, utilising their expertise and local knowledge to present us with comprehensive proposals for projects that connect with our interests. We are very active locally but they were able to introduce us to some organisations and projects that were new to us. We were then able to make informed decisions about who and what to support and we are looking forward to hearing more about the difference the projects have made to improve the environment here in Norfolk.** 

**- Greening Our Communities Fundholder** 

**11  Trustees' Annual Report 2021 & Financial Statements** 



## Financial review 


The financial position of the Foundation is shown in the Statement of Financial Activities on page 19 and the Balance Sheet on page 21. 

## **Income** 

The total income for the year 2021 was £4.4m, compared with £5.8m in 2020. The decrease was mainly reflected by a reduction in donations to the Covid19 emergency response fund. This Fund attracted donations of £1.9m in 2020 compared to £118K in early 2021 as the fund was coming to a close. 

**Income streams to core costs** 

The Trustees are pleased to note the level of donations and grants received for the Endowment and Restricted funds in the period to 31 December 2021, which totalled £3,713k. Donations and unrestricted investment income to core costs totalled £40k, creating a deficit of £570k in the net expenditure at the year end. However, this was covered by £620k of transfers, which resulted in a surplus of core cost funds of £50k at the year end. The financial position overall at the end of the period is considered strong. 

- **Direct donations:** 17% (9% in 2020) **Contribution from Restricted Funds:** 50% (57% in 2020) 

**Contribution from Endowment Funds:** 33% (32% in 2020) **Investment:** 0% (2% in 2020) 

support and governance costs. Grant award expenditure has increased from £3.75m in 2020 to £4.18m in 2021. Core Cost expenditure has also risen to £610k in 2021 (from £546k in 2020). This represents a 10% increase in expenditure for both grant making and the associated costs in delivering those programmes. 

## **Expenditure** 

The Statement of Financial Activities shows our expenditure analysed between the cost of raising funds, the cost of our charitable work and 

Our costs are kept to a minimum by the 'rent free' provision of our office space by Jarrolds. 

## **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 £560k. The balance held as unrestricted funds at 31 December 2021 was £854k, which is made up of £735k free reserves and £119k designated funds. The excess in free reserves is due to increased direct donations. 

The retention of a level of reserves of approximately 6 months was approved in 2021 by the Trustees. It has been agreed for the excess funds to be invested. 

The total funds held by NCF at the end of this reporting period: 

- **£29,504k, which comprises: £854k unrestricted £3,122k restricted £25,528k 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. 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% - 4% which was, despite the market volatility, achieved during 2021. 

Since the financial year end, markets have come under pressure due to the war in Ukraine and inflationary concerns. This has caused the investments to drop in value from their year end position, representing a 6% (£1,868,687) overall drop as at 31.05.22. The Trustees do not consider this fall in value is permanent and therefore do not consider it appropriate to recognise this decrease in the financial statements. 

## **Risk management** 

The Trustees regularly review all risks 

## **12  Trustees' Annual Report 2021 & Financial Statements** 



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 2021 to make sure that these are current. 

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 2021 and recommendations implemented as a result. 

The pandemic, and subsequent cost of living crisis 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 have reviewed their business continuity plans and provisions have been put into place for Staff to work remotely when needed, enabling us to provide an uninterrupted service. NCF have continued 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 expected that this reputation will enable NCF to continue to attract funding from a range of sources moving forward. 

**13  Trustees' Annual Report 2021 & Financial Statements** 



## Structure, governance and management 

## **Constitution** 

## **Recruitment and appointment of Trustees** 

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. 

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 recruit identified required specialism and 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 reelection 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. 

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. 

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. 

**My experience with the Foundation has shown the power of bringing everyone together to tackle the issues our communities are facing, whether it be during the recent pandemic or as we prepare for the full impact of rising fuel prices and inflation. The Foundation exists to build community and give everyone the opportunity to thrive and I am delighted to lead this organisation at a time when Norfolk needs it the most.** 

**- Simon Bailey QPM, DL, Chair of Norfolk Community Foundation** 

## **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. Each new Trustee in 2021 underwent an extensive induction programme with the Senior Management Team to fully understand our community investment, philanthropy, finance and governance operations. 

## All Trustees are invited and 

encouraged to attend an annual training session and/or 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. In addition to formal Trustee meetings, Trustees receive weekly updates on current activities and plans. 

## **Organisational structure** 

The Board of Trustees meets quarterly (In 2021 these were held virtually). Between these main board meetings, business is conducted through a sub committee (Management and Finance Committee / and 

Remuneration Committee which consists of the Chairman, Trustees 

**14  Trustees' Annual Report 2021 & Financial Statements** 



and the Chief Executive) who provide reports on activity for approval of the full board. 

The day to day management of NCF in 2021 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 Programmes, 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. 

## **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: 

- select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP (FRS 102); 

- make judgments and accounting estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable group will continue in business. 

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: 

   - there is no relevant audit information of which the charitable company’s auditor is unaware; and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. 

- 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 has expressed their willingness to continue in office as auditor. 


**Signed:** Simon Bailey, Chairman **Date:** 10th August 2022 

**15  Trustees' Annual Report 2021 & Financial Statements** 



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

application of resources, including its income and expenditure, for the year then ended; 

## **Opinion** 

We have audited the financial statements of Norfolk Community Foundation (the ‘charitable company’) for the year ended 31 December 2021 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). 

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 and Charities Act 2011. 

## **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 

In our opinion the financial statements: 

give a true and fair view of the state of the group’s and parent company’s affairs as at 31 December 2021, and of the group’s incoming resources and 

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. 

**16  Trustees' Annual Report 2021 & Financial Statements** 



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. 

## **Opinion on other matters prescribed by the Companies Act 2006** 

- In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

the trustees’ annual 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 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: 

the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us: or the parent charitable company financial statements are not in agreement with the accounting records and returns; or certain disclosures of directors’ 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’ annual report and from the requirement to prepare a strategic report. 

## **Responsibilities of Trustees** 

As explained more fully in the Trustees’ responsibilities statement set out on page 15, 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. 

## **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: 

**17  Trustees' Annual Report 2021 & Financial Statements** 



- enquiries with management and trustees about any known or suspected instances of noncompliance with laws and regulations and fraud; review of board and subcommittee minutes; reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; challenging assumptions and judgements made by management; and auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness. 

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/auditorsresponsibi lities. 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. 


**Signed:** Julie Grimmer FCA DChA, Senior Statutory Auditor for and on behalf of Larking Gowen LLP, Statutory Auditors, Chartered Accountants, Norwich **Date:** 10th August 2022 

**18  Trustees' Annual Report 2021 & Financial Statements** 



## Aggregated statement of financial activities for the year ended 31 December 2021 

||**Unrestricted Funds**<br>**£000**<br>**Restricted Funds**<br>**£000**<br>**Endowment Funds**<br>**£000**<br>**2021 Total**<br>**£000**<br>**2020 Total**<br>**£000**<br>**Notes**|
|---|---|
|**Income and endowments:**<br>Donations towards core costs<br>Other donations<br>Investment income<br>**Total income**<br>**Expenditure on:**<br>Raising funds<br>Charitable activities:<br>Grants awarded<br>Support costs<br>Governance costs<br>**Total expenditure**<br>**Net income/(expenditure) and net movement in**<br>**funds before gains and losses on investments**<br>Net gains/(losses) on investments:<br>Realised<br>Unrealised<br>**Net income/(expenditure) before transfers**<br>Transfers between funds<br>**Net movement in funds**<br>**Reconciliation of Funds:**<br>Total funds brought forward<br>Total funds carried forward|2<br>3<br>4<br>21<br>18<br>1<br>-<br>3,621<br>492<br>-<br>92<br>129<br>21<br>3,731<br>622<br>28<br>5,099<br>674|
||**40**<br>**4,113**<br>**221**<br>**4,374**<br>**5,801**|
||5<br>5<br>5<br>5<br>131<br>-<br>424<br>55<br>31<br>4,175<br>-<br>-<br>-<br>-<br>-<br>-<br>162<br>4,175<br>424<br>55<br>134<br>3,740<br>381<br>49|
||**610**<br>**4,206**<br>-<br>**4,816**<br>**4,304**|
||11<br>11<br>**(570)**<br>-<br>-<br>**(93)**<br>-<br>-<br>**221**<br>117<br>2,900<br>**(442)**<br>117<br>2,900<br>**1,497**<br>(177)<br>1,062|
||14&15<br>**(570)**<br>620<br>**(93)**<br>318<br>**3,238**<br>(938)<br>**2,575**<br>-<br>**2,382**<br>-|
||17<br>**50**<br>804<br>**225**<br>2,897<br>**2,300**<br>23,228<br>**2,575**<br>**26,929**<br>**2,382**<br>**24,547**|
||17<br>**854**<br>**3,122**<br>**25,528**<br>**29,504**<br>**26,929**|



All recognised gains and losses are included in the Statement of Financial Activities above and relate to continuing operations. The notes on pages 23 to 44 form part of the financial statements. 

**19  Trustees' Annual Report 2021 & Financial Statements** 



## Aggregated summary income and expenditure account for the year ended 31 December 2021 

||**2021 Total**<br>**£000**<br>**2020 Total**<br>**£000**|
|---|---|
|**Income**<br>Transfer from Endowment Funds<br>Gross income in the reporting period<br>Total expenditure in the reporting period<br>Net income/(expenditure) for the year|4,153<br>938<br>4,832<br>83|
||**5,091**<br>**4,915**|
||(4,816)<br>(4,304)|
||**275**<br>**611**|



## Aggregated statement of recognised gains and losses for the year ended 31 December 2021 

||**2021 Total**<br>**£000**<br>**2020 Total**<br>**£000**|
|---|---|
|Net income/(expenditure) for the year<br>Net movement in Endowment Funds<br>Net movement in Funds|275<br>2,300<br>611<br>1,771|
||**2,575**<br>**2,382**|



The notes on pages 23 to 44 form part of the financial statements. 

**20  Trustees' Annual Report 2021 & Financial Statements** 



## Charity aggregated balance sheet at 31 December 2021 

## **Norfolk Community Foundation Company number 5234236** 

||**Charity Company**<br>**£000**<br>**Charitable Trust**<br>**£000**<br>**2020 Aggregated Total**<br>**£000**<br>**2021 Aggregated Total**<br>**£000**<br>**Notes**|
|---|---|
|**Fixed assets**<br>Tangible assets<br>Investments<br>**Current assets**<br>Debtors<br>Cash at bank<br>**Liabilities**<br>Creditors: amounts falling due within one year<br>**Net current assets**<br>**Total assets less current liabilities**<br>**Total net assets**<br>**Income funds**<br>Unrestricted funds<br>General funds<br>Designated funds<br>Restricted funds<br>**Endowment funds**<br>Permanent Endowments<br>Expendable Endowments<br>**Total funds**|10<br>11<br>51<br>25,129<br>1,691<br>51<br>26,820<br>20<br>25,071|
||**25,180**<br>**1,691**<br>**26,871**<br>**25,091**|
||12<br>189<br>2,999<br>-<br>-<br>189<br>2,999<br>176<br>1,811|
||**3,188**<br>-<br>**3,188**<br>**1,987**|
||13<br>(555)<br>**2,633**<br>-<br>-<br>(555)<br>**2,633**<br>(149)<br>**1,838**|
||**27,813**<br>**1,691**<br>**29,504**<br>**26,929**|
||**27,813**<br>**1,691**<br>**29,504**<br>**26,929**|
||14<br>15<br>15<br>735<br>119<br>3,122<br>-<br>23,837<br>-<br>-<br>-<br>1,691<br>-<br>735<br>119<br>3,122<br>1,691<br>23,837<br>645<br>159<br>2,897<br>1,535<br>21,693|
||17<br>**27,769**<br>**1,691**<br>**29,504**<br>**26,929**|



The notes on pages 23 to 44 form part of the financial statements. The financial statements were approved by the Board and authorised for issue on 10th August 2022 and signed on its behalf by: 

**Simon Bailey, Chairman                                                                            Stephen Allen, Trustee** 

**21  Trustees' Annual Report 2021 & Financial Statements** 

**................................................................. .................................................................** 



## Cash flow statement for the year ended 31 December 2021 

|**Notes**<br>**2021**<br>**£000**<br>**2020**<br>**£000**|**Notes**<br>**2021**<br>**£000**<br>**2020**<br>**£000**|
|---|---|
|**Net cash used in operating activities**<br>**Cash flows from investing activities:**<br>Interest and dividends from investments<br>Purchase of listed investments<br>Proceeds from sale of listed investments<br>Net (increase)/reduction in cash deposit investments<br>Purchase of tangible assets<br>**Net cash provided by/(used in) investing activities**<br>**Change in cash and cash equivalents in the year**<br>Cash and cash equivalents at the beginning of the year<br>**Cash and cash equivalents at the end of the year**|**a**<br>**(663)**<br>622<br>(1,679)<br>2,266<br>681<br>(39)<br>**1,851**<br>**716**<br>674<br>(1,893)<br>1,196<br>(346)<br>-<br>**(369)**|
||<br>**1,188**<br>1,811<br>**347**<br>1,464|
||**b**<br>**2,999**<br>**1,811**|
|||
|**a.     Reconciliation of net income/(expenditure) to net**<br>**cash inflow from operating activities**|**2021**<br>**£000**<br>**2020**<br>**£000**|
|**Net income/(expenditure) for the year**<br>**Adjustments for:**<br>(Gains)/losses on investments<br>Dividends and interest from investments<br>Depreciation charges<br>(Increase)/decrease in debtors<br>(Decrease) in creditors<br>**Net cash provided by/(used in) operating activities**|**2,575**<br>(3,017)<br>(622)<br>8<br>(13)<br>406<br>**2,382**<br>(885)<br>(674)<br>7<br>(19)<br>(95)|
||**(663)**<br>**716**|
|||
|**b.     Analysis of cash and cash equivalents**|<br>**2021**<br>**£000**<br>**2020**<br>**£000**|
|Cash in hand|2,999<br>**2,811**<br>1,464<br>**1,464**|



**22  Trustees' Annual Report 2021 & Financial Statements** 



## Notes forming part of the financial statements for the year ended 31 December 2021 

## **1) Accounting policies Basis of accounting** 

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 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 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. 

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 

## **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. 

## **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: 

(a) Income and capital appreciation / depreciation are allocated to the individual funds at the year end. 

(b) A contribution to core costs as agreed with the original donor (normally 1%) is made by each fund and transferred to the general fund towards the running costs of the Foundation. 

(c) An amount representing a percentage of the fund at the beginning of the year (or proportionately for funds received during the year) is transferred to restricted funds for grant-making. The percentage is decided annually by the Trustees and is currently 4%. 

**23  Trustees' Annual Report 2021 & Financial Statements** 



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:- 

Grants, donations and gifts are included in full in the Statement of Financial Activities when receivable. Grants, where 

entitlement is not conditional on the delivery of specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. 

Donated equipment, services and facilities 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. Investment income is included when receivable. 

## **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:- 

Grants payable are recognised as expenditure when the grant is approved. 

Costs of raising funds comprises the costs associated with attracting voluntary income. Charitable expenditure comprises those costs incurred by the charity and the delivery of its activities and services for its beneficiaries. It includes both the costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. 

Governance costs include those 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 reflect the use of the resource. Costs relating to a particular activity are allocated to that activity whilst others are apportioned on an appropriate basis. 

## **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. 

## **Computer & office equipment** 

25% reducing balance 

## **Website** 

3 years straight line basis 

## **Furniture & fixtures** 

25% reducing balance 

## **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 

**24  Trustees' Annual Report 2021 & Financial Statements** 



measured initially at fair value, net of transaction costs, and are measured subsequently as amortised cost using the effective interest method, less any impairment. 

## **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. 

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. 

## **2) Donations towards core costs** 

Donations and grants towards core costs total £21k (2020: £28k), all is unrestricted (2020: all). 

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

- The Privy Purse The Charles Littlewood Trust The Lady Hind Charitable Trust The Manor Trust 

In addition, amounts totalling £620k 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: 

||**2021**<br>**£000**|**2020**<br>**£000**||
|---|---|---|---|
|||||
|Endowment Funds|-|-||
|Restricted Funds|620|623||
||**620**|**623**||



## **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 

**25  Trustees' Annual Report 2021 & Financial Statements** 



## **3) Other donations and grants** 

|**Current year**|**Unrestricted Funds**<br>**£000**<br>**Restricted Funds**<br>**£000**<br>**Endowment Funds**<br>**£000**<br>**2021**<br>**£000**|
|---|---|
|For grant making and endowment funds|39<br>3,621<br>92<br>3,752|
||**39**<br>**3,621**<br>**92**<br>**3,752**|
|||
|**Prior year**|**Unrestricted Funds**<br>**£000**<br>**Restricted Funds**<br>**£000**<br>**Endowment Funds**<br>**£000**<br>**2020**<br>**£000**|
|For grant making and endowment funds|28<br>4,130<br>969<br>5,127|
||**28**<br>**4,130**<br>**969**<br>**5,127**|



## **4) Income from investments** 

Investment income was £622k (2020: £674k) of which £1k was unrestricted (2020: £10k), £492k was restricted (2020: £664k) and £129k to endowment (£Nil). 

**26  Trustees' Annual Report 2021 & Financial Statements** 



## **5) Expenditure** 

|**Current year**|**Costs of raising funds**<br>**£000**<br>**Costs of charitable activities**<br>**£000**<br>**Total 2021**<br>**£000**<br>**Governance costs**<br>**£000**<br>**Basis of**<br>**allocation**|
|---|---|
|Grants awarded (note 6)<br>**Support costs allocated to activities**<br>Salaries and pension costs<br>Premises Expenses<br>Grants support<br>Other office expenses<br>Training and conferences<br>Recruitment costs<br>IT & computer costs<br>Advertising and marketing<br>Printing costs<br>Website development<br>Publications and subscriptions<br>Telephone & postage<br>Travel & accommodation<br>Insurances<br>Professional fees<br>Depreciation<br>Audit fee<br>**Restricted Fund**<br>Revenue Fund costs<br>**Total (including grants)**|Direct<br>-<br>4,175<br>-<br>4,175|
||Staff time<br>Staff time<br>Direct<br>Staff time<br>Staff time<br>Staff time<br>Staff time<br>Direct<br>Direct<br>Staff time<br>Staff time<br>Staff time<br>Staff time<br>Staff time<br>Staff time<br>Staff time<br>Direct<br>108<br>6<br>-<br>1<br>-<br>1<br>2<br>1<br>1<br>-<br>-<br>2<br>-<br>1<br>6<br>2<br>-<br>354<br>24<br>-<br>4<br>-<br>-<br>8<br>1<br>2<br>-<br>1<br>2<br>2<br>5<br>15<br>6<br>39<br>2<br>-<br>-<br>-<br>-<br>1<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>2<br>-<br>11<br>501<br>32<br>-<br>5<br>-<br>1<br>11<br>2<br>3<br>-<br>1<br>4<br>2<br>6<br>23<br>8<br>11|
||**131**<br>31<br>**424**<br>-<br>**55**<br>-<br>**610**<br>31|
||**162**<br>**4,599**<br>**55**<br>**4,816**|



Expenditure on raising funds was £162k (2020: £134k) of which £131k was unrestricted (2020: £116k) and £31k was restricted (2020: £18k). 

Expenditure on charitable activities was £4,599k (2020: £4,121k) of which £424k was unrestricted (2020: £381k) and £4,175k was restricted (2020: £3,740k). 

Expenditure on governance costs was £55k (2020: £49k) of which all was unrestricted (2020: all). 

**27  Trustees' Annual Report 2021 & Financial Statements** 



## **5) Expenditure (continued)** 

|**Prior year**|**Costs of raising funds**<br>**£000**<br>**Costs of charitable activities**<br>**£000**<br>**Total 2020**<br>**£000**<br>**Governance costs**<br>**£000**<br>**Basis of**<br>**allocation**|
|---|---|
|Grants awarded<br>**Support costs allocated to activities**<br>Salaries and pension costs<br>Premises Expenses<br>Grants support<br>Other office expenses<br>Training and conferences<br>Recruitment costs<br>IT & computer costs<br>Advertising and marketing<br>Printing costs<br>Website development<br>Publications and subscriptions<br>Telephone & postage<br>Travel & accommodation<br>Insurances<br>Professional fees<br>Depreciation<br>Audit fee<br>**Restricted Fund**<br>Revenue Fund costs<br>**Total (including grants)**|Direct<br>-<br>3,740<br>-<br>3,740|
||Staff time<br>Staff time<br>Direct<br>Staff time<br>Staff time<br>Staff time<br>Staff time<br>Direct<br>Direct<br>Staff time<br>Staff time<br>Staff time<br>Staff time<br>Staff time<br>Staff time<br>Staff time<br>Direct<br>93<br>6<br>-<br>1<br>-<br>-<br>3<br>2<br>-<br>1<br>-<br>1<br>-<br>1<br>6<br>2<br>-<br>305<br>23<br>-<br>3<br>1<br>-<br>11<br>2<br>2<br>-<br>2<br>3<br>1<br>5<br>18<br>5<br>-<br>34<br>2<br>-<br>-<br>-<br>-<br>1<br>1<br>-<br>-<br>-<br>-<br>-<br>-<br>1<br>-<br>10<br>432<br>31<br>-<br>4<br>1<br>-<br>15<br>5<br>2<br>1<br>2<br>4<br>1<br>6<br>25<br>7<br>10|
||**116**<br>18<br>**381**<br>-<br>**49**<br>-<br>**546**<br>18|
||**134**<br>**4,121**<br>**49**<br>**4,304**|



**28  Trustees' Annual Report 2021 & Financial Statements** 



## **6) Grants payable** 

Grants totalling £4,175,027 were awarded during the year (2020: £3,739,764). 

- £4,130,438 to 813 different community groups and other organisations (2020: £3,686,948 to 610). 

- £44,589 to 191 individuals, primarily through carers grants available from the Norfolk Millennium Trust for Carers (2020: £52,815 to 210). 

2021 saw Norfolk charitable sector move from Covid-19 crisis response into longer term planning towards future resilience. Community services have continued to adapt around Covid safety measures, and the needs of vulnerable people who still feel some degree of anxiety about participating in face to face activities. 

The average grant awarded in 2021 was £4,158 (2020: £2,966) which reflects the shift from the small, rapid response community grant making in the early stages of the pandemic, to larger strategic grants to support sector recovery. However small grants continue to play an important role in sustaining and growing voluntary and community activity – awards of £2,500 and under represent 56% of all grants made in 2021. 

multiple areas with their work which may not be reflected here. 


## **% of grants made by primary area of benefit** 

**Breckland:** 15% **Broadland:** 8% **Great Yarmouth:** 11% **West Norfolk:** 9% **North Norfolk:** 12% **Norwich:** 36% **Outside Norfolk:** 1% **South Norfolk:** 7% 

The following chart shows the primary area of benefit of grants awarded in 2021. It is noted that in many cases, funded organisations reach across 

**29  Trustees' Annual Report 2021 & Financial Statements** 



## **6) Grants payable (continued) - large grants** 

The following list shows the largest grants approved in 2021, with a value of £20,000 and over. 

||**Account name**|**Amount awarded**|**Project description (summary)**||
|---|---|---|---|---|
|||**£**|||
||Norfolk County Council|191,938|To provide devices and wifi where there is need, as identified by schools across||
||||Norfolk through the 'EveryChild Online' initiative.||
||Priscilla Bacon Hospice|150,000|To contribute to the new hospice appeal.||
||Salvation Army|93,050|To provide food aid to 1,861 struggling households across Norwich, Sheringham,||
||||Thetford, Dereham, Fakenham, Diss and North Walsham at a cost of £93,050 (£50 per||
||||household). These families have been referred to Salvation Army through||
||||organisations such as social services and schools. Salvation Army will use the grant||
||||to create food parcels up to a value of £50 per household, which will be distributed||
||||through their bases in each location.||
||Norwich City Football Club|75,000|Children With Challenges Fund have negotiated a rate with Norwich City Football||
||||Club for exclusive box hire for 3 seasons (2021-24) for children with challenges who are||
||||struggling physicallyor mentally.||
||MensCraft|51,127|To set up and run three local Pit Stops in Great Yarmouth and train Men's Health||
||||Champions to support men adverselyaffected bythepandemic.||
||NorseCare Ltd|50,570|Topurchase a number of digital activitytables for residential care homes.||
||Red House Youth Trust|50,000|To facilitate thegrants that the Redhouse Trustees have agreed to make.||
||Priscilla Bacon Hospice|50,000|To support the Priscilla Bacon Hospice capital appeal.||
||Norfolk and Waveney Mind|49,974|To set up self-sustaining running and walking groups for people at risk of poor||
||||mental health as a result of the impact of thepandemic.||
||New Routes Integration|49,825|To employapart-time Health and WellbeingCoordinator.||
||The Big C|49,752|To pilot a 12-week programme aimed at improving the health outcomes and quality||
||||of life of cancerpatients at risk of malnutrition.||
||Norfolk Deaf Association (t/a Hear for Norfolk)|49,688|To support the running costs of the mobile 'Cuppa Care' project aimed at preventing||
||||or reducingloneliness and isolation.||
||Exercising People In Communities (EPIC) Norfolk Ltd|49,605|To deliver a pilot digital programme to enhance the physical activity provision and||
||||recovery provided to patients who come through Adult Social Care’s Reablement||
||||Team.||
||DIAL Great Yarmouth|49,210|To offer a ‘Waiting Well’ service across the (former) Great Yarmouth and Waveney||
||||CCG area||
||Kickstart Norfolk|47,896|The funding to be released to Kickstart is to provide the means for fitting out,||
||||equipping and ensuring the Breckland Food Bus is ready for launch in Spring 2022, as||
||||part of the 'Nourishing Norfolk' initiative.||
||||to fund a Specialist Women’s Worker to provide gender and trauma-informed||
||||support to women experiencing mental ill-health and multiple disadvantage as a||
||||result of Covid-19, including female sex workers and victims of sexual exploitation||
||||and coercion.||



**30  Trustees' Annual Report 2021 & Financial Statements** 



|**Account name**|**Amount awarded**|**Project description (summary)**|
|---|---|---|
||**£**||
|The Magdalene Group Norfolk|46,000|To fund a Specialist Women’s Worker to provide gender and trauma-informed|
|||support to women experiencing mental ill-health and multiple disadvantage as a|
|||result of Covid-19, including female sex workers and victims of sexual exploitation|
|||and coercion.|
|Age UK Norwich|40,352|To deliver a supported social prescribing pilot from St Stephens Gate surgery in|
|||Norwich, for older people (50+) who need additional support for their physical and|
|||mental health.|
|Norfolk Citizens Advice|28,750|To deliver hardship support focused on food, fuel and other essential bills to|
|||beneficiaries countywide(not includingDiss and Thetford CADAT offices).|
|St Edmunds Society|25,000|To convert an unused part of the building as part of a planned expansion to offer|
|||moreplumbing qualifications foryoung people.|
|Norfolk Deaf Association (t/a Hear for Norfolk)|25,000|Towards costs of purchasing and converting a vehicle to enable the mobile 'Cuppa|
|||Care'project to be rolled out countywide.|
|Norfolk & Norwich SEND Association (NANSA)|25,000|Towards purchasing and installing a garden office which will increase capacity and|
|||futureproof Nansa’s range of familyservices.|
|Caring Together Charity|25,000|To provide a counselling service focused on adult carers and recent former carers in|
|||Norfolk.|
|Age UK Norfolk|25,000|To deliver hardship assistance to those aged 50 and over and resident in Norfolk|
|||where Age UK Norfolk services have identified an eligible need. The programme will|
|||run from November 2021 to March 31 2022, with a review on 16 December 2021 which|
|||will determine the need for/ availabilityof further fundingfor thispurpose.|
|Flagship Housing Group|25,000|To contribute to the costs of installing air source heating and mechanical ventilation|
|||and heat recoverysystems in 12 new homes in Warham.|
|Norfolk CountyCouncil|25,000|To fund The Chances Project across Norfolk.|
|Norfolk & Norwich Association for the Blind|20,000|To enhance and expand deliveryof the telephone befriendingservice "Telefriends".|
|New Routes Integration|20,000|To contribute towards internal adaptions of the premises to ensure it is fit for|
|||purpose and safe to resume face to face sessions for vulnerable members.|
|The Mason Trust|20,000|To continue the Digital Youth Hub programme from 1st April 2022 for a 12 month|
|||period,with further reach in to King's Lynn and West Norfolk.|
|The Purfleet Trust|20,000|To employ a part time employability coach to work with NEET young people (18 to 25)|
|||to equip them with the necessary skills to enter employment.|



**31  Trustees' Annual Report 2021 & Financial Statements** 



## **7) Net incoming resources for the period** 

||**2021**|**2020**|
|---|---|---|
||**£000**|**£000**|
|This is stated after charging:|||
|Depreciation|8|7|
|**Auditors remuneration**|||
|Audit fees|8|8|
|Accounting support and advisory|2|2|



## **8) Analysis of staff costs and remuneration of key management personnel** 

||**2021**<br>**£000**<br>**2020**<br>**£000**|
|---|---|
|Staff costs were as follows:<br>Salaries<br>Social Security costs<br>Pension contributions|445<br>35<br>21<br>388<br>26<br>18|
||**501**<br>**432**|



One (2020: One) employee in the year received emoluments exceeding £60,000. This employee’s earnings fell between £70,000 to £80,000 (2020: £70,000 to £80,000). Company pension contributions in respect of this employee were £3,698 (2020: £3,503). 

The average number of employees during the year, calculated on the basis of full time equivalents, was 16 (2020: 15). 

## **9) Trustee remuneration and related party transactions** 

No trustees (2020: None) were reimbursed for expenses during the year (2020: £Nil) 

Donations, without conditions attached that would significantly alter the nature of the charity’s activities, were received in the period of £9,248 (2020: £11,180) from related parties 

## **10) Tangible fixed assets** 

|**Group and Company Computers**|**and Office Equipment**|
|---|---|
||**£000**|
|**Cost**||
|At 1 January 2021|44|
|Additions|39|
|At 31 December 2021|83|
|**Depreciation**||
|At 1 January 2021|24|
|Charge for the period|8|
|At 31 December 2021|32|
|**Net book value**||
|At 31 December 2021|51|
|At 31 December 2020|20|



The key management personnel in the year received a total remuneration including pension and employers national insurance contributions of £218,853 (2020: £200,612). 

**32  Trustees' Annual Report 2021 & Financial Statements** 



## **11) Investments** 

|**11) Investments**||
|---|---|
||25,310<br>1,510<br>22,880<br>2,191<br>**2020**<br>**£000**<br>**2021**<br>**£000**|
|**Aggregated**<br>Listed Investments<br>Cash deposits<br>Total investments<br>**Charitable Company**<br>Listed Investments<br>Cash deposits<br>Total investments<br>**Charitable Trust**<br>Listed Investments<br>Cash deposits<br>Total investments<br>**Listed investments at valuation**<br>At 1 January 2021<br>Additions at cost<br>Disposals<br>Realised/Unrealised gains/losses<br>At 31 December 2021<br>**Analysis of Funds**<br>Barclays Wealth<br>CCLA<br>Barratt & Cooke - (Charitable Company)<br>Barratt & Cooke - (Charitable Trust)<br>**Endowment cash deposits**<br>**Other cash deposits**||
||**26,820**<br>23,644<br>1,485<br>**25,071**<br>21,370<br>2,166|
||**25,129**<br>1,666<br>25<br>**23,536**<br>1,510<br>25|
||**1,691**<br>22,880<br>1,679<br>(2,266)<br>3,017<br>**1,535**<br>21,298<br>1,893<br>(1,196)<br>885|
||**25,310**<br>2,232<br>17,874<br>3,538<br>1,666<br>**22,880**<br>2,097<br>16,141<br>3,131<br>1,511|
||**25,310**<br>25<br>1,485<br>**22,880**<br>283<br>1,908|
||**1,510**<br>**2,191**|



Since the financial year end, markets have come under pressure due to the war in Ukraine and inflationary concerns. This has caused the investments to drop in value from their year end position, representing a 6% (£1,868,687) overall drop as at 31.05.22. The Trustees do not consider this fall in value is permanent and therefore do not consider it appropriate to recognise this decrease in the financial statements. 

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). 

**33  Trustees' Annual Report 2021 & Financial Statements** 



## **12) Debtors** 

||**Charitable Company**<br>**£000**<br>**Charitable Trust**<br>**£000**<br>**Aggregated 2021**<br>**£000**<br>**Aggregated 2020**<br>**£000**|
|---|---|
|Prepayments and accrued income<br>Other debtors|189<br>-<br>-<br>-<br>189<br>-<br>175<br>1|
||**189**<br>-<br>**189**<br>**176**|



Other debtors and prepayments include £Nil (2020: £Nil) falling due after more than one year. 

## **13) Creditors - amount falling due within one year** 

||**Charitable Company**<br>**£000**<br>**Charitable Trust**<br>**£000**<br>**Aggregated 2021**<br>**£000**<br>**Aggregated 2020**<br>**£000**|
|---|---|
|Trade creditors<br>Taxation and social security<br>Other creditors<br>Accruals and deferred income|6<br>18<br>500<br>31<br>-<br>-<br>-<br>-<br>6<br>18<br>500<br>31<br>-<br>13<br>126<br>10|
||**555**<br>-<br>**555**<br>**149**|



**34  Trustees' Annual Report 2021 & Financial Statements** 



## **14) Restricted Funds** 

|**Opening**|**Opening**|**Donations**|**Payroll**|**Gift**|**Other**|**Grants**|**Donations to**|**Other**|**Income from**|**Transfers from**|**Closing**|
|---|---|---|---|---|---|---|---|---|---|---|---|
|**balance**|||**giving**|**aid**|**transfers (3)**|**payable**|**admin costs**|**costs**|**endowment (1)**|**endowment (2)**|**balance**|
|Adult Trust Community First Revenue Fund|41,763|-|-|-|-|(50,570)|(3,008)|-|8,635|33,732|30,552|
|Adult Trust CS Revenue Fund (B&C)|56,196|-|-|-|-|(410)|-|-|-|-|55,786|
|Anglian Water Positive Difference Fund|-|74,230|-|-|-|(70,028)|(4,202)|-|-|-|-|
|Anne Sloman Revenue Fund|78|-|-|-|-|(1,000)|(286)|-|40|1,223|55|
|Annie Bell Revenue Fund|501|-|-|-|-|-|(355)|-|47|-|193|
|Anonymous|45,704|40,000|-|10,000|-||(11,325)|-|18,884|37,041|140,304|
|Arts Platinum Jubilee|-|5,190|-|-|-|-|(5,190)|-|-|-|-|
|Barclays Bank Revenue|10,017|-|-|-|(10,017)|-|-|-|-|-|-|
|Beech Revenue Fund (B&C)|675|-|-|-|-|-|(437)|-|-|1,850|2,088|
|Ben Burgess Revenue Fund|16,739|-|-|-|-|-|(784)|-|2,448|-|18,403|
|Bernard Matthews Revenue Fund|9,921|-|-|-|-|-|(1,470)|-|204|6,294|14,949|
|Bill Moore Revenue Fund|1,857|-|-|-|(1,500)|(1,300)|(645)|-|89|2,763|1,264|
|Birketts Revenue Fund|10,388|20,476|-|5,119|-|(32,885)|(4,293)|-|5,411|-|4,216|
|Bishop of Norwich Community Fund|33|5,500|-|-|-|(5,000)|(500)|-|-|-|33|
|Bolton Trust Revenue Fund|4,328|-|-|-|-|(12,000)|(2,096)|-|6,367|8,000|4,599|
|Breckland DC Community Match Funding Fund|71,997|105,410|-|-|1,502|(162,618)|(10,000)|-|-|-|6,291|
|Breckland DC WWII Fund|1,502|-|-|-|(1,502)|7,738|-|-|-|-|7,738|
|Brief Community Fund|-|16,000|-|4,000|-|(12,000)|(1,600)|-|-|-|6,400|
|Broadland Meridian Mental Health & Wellbeing Fund|-|25,000|-|-|-|(18,324)|(2,500)|-|-|-|4,176|
|C B Jewson Revenue Fund|1,546|-|-|-|-|(1,000)|(607)|-|84|2,597|2,620|
|CCG Respite, Short Breaks and Additional Community Support|-|24,391|-|-|-|(21,810)|(2,581)|-|-|-|-|
|CCG Young People Community Support|-|67,529|-|-|-|(60,632)|(6,896)|-|-|-|-|
|Cedar Trust Revenue Fund|6,893|15,000|-|-|(8,286)|-|(2,178)|-|2,113|3,286|16,828|
|Charles & Caroline Barratt Revenue Fund|-|-|-|-|(26,942)|(150,000)|-|-|-|176,942|-|
|Children With Challenges|-|79,750|-|-|-|(75,000)|(3,750)|(1,000)|-|-|-|
|Chiplow Wind Farm Fund|-|20,000|-|-|-|(17,542)|(2,000)|-|-|-|458|
|Clan Trust|3,660|-|-|-|-|-|-|-|-|-|3,660|
|Connecting Older People|-|82,068|-|-|-|(74,568)|(7,500)|-|-|-|-|
|Corton House|13,080|-|-|-|-|-|-|-|-|-|13,080|
|Covid Lottery Revenue Fund|95,000|-|-|-|-|(95,000)|-|-|-|-|-|
|Covid-19 Community Response Fund|62,404|117,965|-|6,434|85,190|(207,211)|(10,646)|-|-|-|54,136|
|Cullingford-Youngs Revenue Fund|276|-|-|-|-|-|(198)|-|26|-|104|
|D'Attanasio Family Revenue Fund|795|-|-|-|-|-|(280)|-|873|-|1,388|
|Delaval & Veronica Hastings Revenue Fund|10,201|-|-|-|-|-|(1,767)|-|245|7,565|16,244|
|Developing Communities Fund|76,269|44,962|-|1,206|(28,996)|(1,010)|-|(15,730)|-|-|76,701|
|Diocese of Norwich Revenue Fund|92,079|-|-|-|-|-|(3,814)|-|15,881|-|104,146|
|Dudgeon Community Fund|79,092|115,473|-|-|(104,975)|-|(10,498)|-|-|-|79,092|
|Duncan Baker Fund|-|31,559|-|3,810|-|(31,696)|(3,455)|(217)|-|-|1|
|Earle & Stuart CT Bursary Fund|15,000|21,000|-|-|-|(25,000)|(1,000)|-|-|-|10,000|
|East Norfolk Multi Academy Trust|675|-|-|-|-|-|-|-|-|-|675|
|East of England Co-op Community Care Fund|-|48,400|-|-|-|(42,500)|(5,900)|-|-|-|-|
|Eliel Family Revenue Fund|1,510|-|-|-|(1,375)|(5,500)|(1,066)|-|3,192|6,069|2,830|
|Elsing Hall Charitable Trust Fund|12,148|-|-|-|-|(2,000)|-|-|-|-|10,148|
|Every Child Online|(2,000)|26,042|-|3,979|174,725|(189,088)|(6,627)|-|-|-|7,031|
|Ewing Revenue Fund|3,216|-|-|-|-|-|(1,313)|-|-|5,559|7,462|
|Falgate Revenue Fund|35,825|-|-|-|(25,000)|(33,000)|(4,341)|-|17,176|40,000|30,660|
|Farnborough Revenue Fund|3,004|-|-|-|-|-|(355)|-|1,039|-|3,688|



**35  Trustees' Annual Report 2021 & Financial Statements** 



||**Opening**|**Donations**|**Payroll**|**Gift**|**Other**|**Grants**|**Donations to**|**Other**|**Income from**|**Transfers from**|**Closing**|
|---|---|---|---|---|---|---|---|---|---|---|---|
||**balance**||**giving**|**aid**|**transfers (3)**|**payable**|**admin costs**|**costs**|**endowment (1)**|**endowment (2)**|**balance**|
|Florence Clarke Revenue Fund|2,638|-|-|-|-|(3,000)|(1,816)|-|252|7,776|5,850|
|Foulger Charity Revenue Fund|4,132|-|-|-|-|-|(140)|-|19|-|4,011|
|Fountain Fund|1,630|-|-|-|-|-|-|-|-|-|1,630|
|Freebridge Community Housing Revenue Fund|72,624|-|-|-|-|(6,000)|(4,864)|-|15,190|-|76,950|
|Friends of Norfolk|16,473|18,100|-|2,410|(20,000)|-|-|-|-|-|16,983|
|Fuller Revenue Fund|13,560|-|-|-|(1,000)|(22,000)|(11,982)|-|46,778|-|25,356|
|Goodman Trust Revenue Fund|2,135|5,000|-|-|(5,000)|(6,000)|(179)|-|25|5,000|981|
|Great Yarmouth Community Investment Fund|-|50,000|-|-|-|(45,000)|(5,000)|-|-|-|-|
|Greening Our Communities Fund|-|150,000|-|-|-|(71,252)|(15,000)|-|-|-|63,748|
|Hambro Revenue Fund|766|-|-|-|-|-|(503)|-|70|2,151|2,484|
|Handelsbanken Mental Health & Wellbeing|-|-|-|-|-|5,000|-|-|-|-|5,000|
|Healthy Norwich Sustainable Communities Fund|74,680|-|-|-|-|(12,664)|-|-|-|-|62,016|
|High Sheriff Revenue Fund|920|14,223|-|3,179|(1,800)|(9,000)|(2,121)|-|1,191|-|6,592|
|Higham Family Revenue Fund|25,526|-|-|-|-|(15,000)|(4,930)|-|30,795|-|36,391|
|Holton Wind Farm Community Fund|12,115|10,000|-|-|-|(17,500)|(1,000)|-|-|-|3,615|
|Hopestead Fund|240|20|1,620|-|-|(1,455)|(41)|-|-|-|384|
|Horning Community Fund|3,982|6,036|-|-|-|-|(604)|(4,372)|-|-|5,042|
|Household Support Fund|-|650,000|-|-|-|(588,450)|(50,000)|-|-|-|11,550|
|J P Blanch Revenue Fund|46,718|-|-|-|(5,000)|(35,660)|(11,997)|-|37,467|-|31,528|
|Jacks Lane Wind Farm Community Fund|15,162|49,271|-|-|-|(39,199)|(2,962)|-|-|-|22,272|
|Jeffries Revenue|2,021|-|-|-|-|(9,000)|(286)|-|40|7,234|9|
|Josiah Vavasseur & YMCA Revenue Fund|708|-|-|-|-|(1,953)|(298)|-|55|1,701|213|
|Kennard Family Revenue Fund|5,853|-|-|-|-|-|(670)|-|2,085|-|7,268|
|Kier Revenue Fund|8,389|-|-|-|-|-|(892)|-|2,787|-|10,284|
|Kings Lynn & West Norfolk Capital FAS|20,770|22,433|-|-|-|(10,390)|(3,210)|-|-|-|29,603|
|Kings Lynn & West Norfolk Revenue FAS|2,680|13,560|-|-|-|(13,030)|(3,210)|-|-|-|-|
|Kings Lynn & West Norfolk Themed Revenue Fund|720|3,280|-|-|-|-|-|-|-|-|4,000|
|KL.FM|5,846|-|-|-|-|-|-|-|-|-|5,846|
|Lane Family Revenue Fund|7,743|-|-|-|(14,874)|-|(1,325)|-|3,804|14,874|10,222|
|Little Acorns Community Fund|10,917|23,000|-|5,750|-|(31,166)|(2,013)|-|-|-|6,488|
|Longforth Revenue Fund|10,611|-|-|-|-|(11,777)|-|-|1,564|-|398|
|Love Norfolk Revenue Fund|107,231|15,664|108|1,538|35,349|(91,932)|(24,891)|-|33,281|-|76,348|
|Lovewell Blake|18,135|6,653|-|74|-|(15,104)|(484)|-|-|-|9,274|
|Luke Day Adventure Fund|1,967|70|-|-|-|-|(7)|-|-|-|2,030|
|Made by Sport|-|51,740|-|-|-|(47,601)|(4,139)|-|-|-|-|
|Mars Fund|22|-|-|-|-|-|-|-|-|-|22|
|Mike Lindsell Community First Revenue Fund|1,328|5,000|-|-|(5,000)|(1,300)|(289)|-|1,640|-|1,379|
|Mills & Reeve CT Revenue|5,832|-|-|-|(4,196)|(1,000)|(417)|-|58|1,784|2,061|
|Morris/Fischer Revenue Fund|976|-|-|-|(4,000)|-|(341)|-|975|4,000|1,610|
|Musker McIntyre Community Fund|-|6,000|-|1,250|-|-|(725)|-|-|-|6,525|
|NCC Empowering Communities Fund|-|150,000|-|-|-|(63,840)|(15,000)|-|-|-|71,160|
|NCC Winter Hardship Fund|29,904|-|-|-|-|(29,904)|-|-|-|-|-|
|Nelsonspirit Community Leaders Fund|538|1,000|-|250|375|(1,035)|(125)|-|-|-|1,003|
|nelsonspirit future leaders revenue fund|6,986|450|-|-|-|-|(184)|-|434|-|7,686|
|New Endeavour Rangers Community Fund|46,024|-|-|-|-|(15,335)|-|-|-|-|30,689|
|New Life Fund|26,128|-|-|-|-|(1,737)|-|-|-|-|24,391|
|NHS Charities Together|-|139,068|-|-|-|(113,765)|(24,053)|-|-|-|1,250|
|NHS Vaccination Hesitancy Fund|-|55,033|-|-|-|(28,327)|(5,503)|(513)|-|-|20,690|
|Norfolk & Waveney Mental Health Community Engagement|-|25,000|-|-|-|-|(2,273)|-|-|-|22,727|



**36  Trustees' Annual Report 2021 & Financial Statements** 



||**Opening**|**Donations**|**Payroll**|**Gift**|**Other**|**Grants**|**Donations to**|**Other**|**Income from**|**Transfers from**|**Closing**|
|---|---|---|---|---|---|---|---|---|---|---|---|
||**balance**||**giving**|**aid**|**transfers (3)**|**payable**|**admin costs**|**costs**|**endowment (1)**|**endowment (2)**|**balance**|
|Norfolk 100|-|95,766|-|-|(60,565)|-|-|-|-|(35,349)|(148)|
|Norfolk 2020 Commemoration Fund|2,100|(6,051)|-|-|-|10,815|-|-|-|-|6,864|
|Norfolk Armed Forces Community Wellbeing Fund|-|44,613|-|-|-|(40,613)|(4,000)|-|-|-|-|
|Norfolk Children & Young People Revenue|12,813|-|-|-|-|-|(579)|-|-|4,905|17,139|
|Norfolk Millennium Trust for Carers|20,834|11,200|-|-|-|(44,965)|(15,317)|(385)|-|60,207|31,574|
|Norfolk PACT Revenue (B&C)|3,299|-|-|-|-|-|(607)|-|-|2,568|5,260|
|Norfolk Women and Girls Revenue Fund|247|1,609|192|288|-|-|(305)|-|-|-|2,031|
|Norfolk Womens Revenue Fund|1,987|50|-|13|-|(17,650)|(423)|-|983|17,800|2,760|
|Norfolk Youth Music Trust Revenue|5,206|-|-|-|-|(1,500)|(302)|-|1,256|-|4,660|
|Norman Lamb Mental Health & Wellbeing Revenue Fund|199,417|84,484|699|1,919|27,758|(54,278)|(8,537)|(3,465)|-|-|247,997|
|North Pickenham Wind Farm Community Fund|-|10,000|-|-|-|(8,762)|(1,000)|-|-|-|238|
|Norwich 4 New Enterprise|24,967|-|-|-|-|-|-|-|-|-|24,967|
|Norwich Heritage Fund|1,131|-|-|-|-|-|-|-|-|-|1,131|
|Norwich Lads Club & YMCA Revenue Fund|2,958|-|-|-|-|(8,169)|(1,247)|-|230|7,119|891|
|Nourishing Norfolk|35,614|134,374|-|230|47,458|(78,182)|(6,007)|-|-|-|133,487|
|P & W Bassham CT Community First Revenue Fund|68,318|-|-|-|(2,000)|(48,500)|(6,606)|-|39,014|100,000|150,226|
|Palms Mental Health Revenue Fund|2,117|-|-|-|-|-|(203)|-|635|-|2,549|
|Paul Morgan Revenue Fund|1,266|-|-|-|-|(2,500)|(973)|-|3,039|-|832|
|Pearson Family Revenue Fund|1,284|-|-|-|-|-|(447)|-|1,330|3,000|5,167|
|Perinatal Mental Health Fund|108,000|(30,450)|-|-|-|(80,318)|2,768|-|-|-|-|
|Platinum Jubilee Fund|-|2,500|-|-|-|-|(250)|(750)|-|-|1,500|
|Plug The Gap Revenue Fund|2,000|8,541|-|196|12,750|(21,988)|(1,499)|-|-|-|-|
|Property Flooding Protection Fund|1|-|-|-|-|3,500|-|-|-|-|3,501|
|Rachel Lane Fund|13,917|-|-|-|-|-|-|-|-|-|13,917|
|Raise the Alarm Fund|10,136|-|-|-|-|-|-|-|-|-|10,136|
|R C Snelling Revenue Fund|33,287|5,000|-|-|(5,000)|(25,000)|(5,687)|-|15,711|10,676|28,987|
|R G Carter Revenue Fund|3,618|-|-|-|-|-|(221)|-|41|1,264|4,702|
|R M Madders Revenue Fund|7,062|1,000|-|500|(4,500)|(3,400)|(1,222)|-|-|1,000|440|
|Ranworth Trust Revenue|24,711|-|-|-|-|(40,970)|(5,231)|-|-|29,588|8,098|
|Red House Trust Revenue Fund|6,830|-|-|-|-|(49,000)|(7,472)|-|16,739|71,625|38,722|
|Richard Cole Revenue Fund|1,203|-|-|-|-|(1,202)|(130)|-|740|-|611|
|Richard Nash Group Revenue|1,849|-|-|-|-|-|(332)|-|46|1,421|2,984|
|Rose Berney Memorial Fund|22,386|54|-|71|(5,000)|(5,000)|-|-|-|-|12,511|
|Saracens Norfolk Fund|5,821|21,400|-|-|-|(21,690)|(1,400)|-|-|-|4,131|
|Scout Association Revenue Fund|54,222|-|-|-|-|-|(1,563)|-|168|-|52,827|
|Shadwell Community Fund|5,000|5,300|-|-|(5,000)|-|(300)|-|-|-|5,000|
|Shelroy Trust Revenue Fund|35,964|-|-|-|(15,000)|(147,921)|(41,625)|-|94,640|100,000|26,058|
|Sheringham Shoal Revenue Fund|27,821|100,000|-|-|(25,000)|(92,643)|(8,742)|-|172|5,317|6,925|
|Silk Purse Revenue Fund|2,235|-|-|-|(50,000)|-|(3,900)|-|11,056|50,000|9,391|
|Sophie's Sparkle Fund|-|24,989|-|122|-|(1,250)|(2,511)|-|-|-|21,350|
|South Norfolk Council Community Sports Fund|470|-|-|-|-|259|-|-|-|-|729|
|Street Aid|16,950|5,349|-|618|(1,300)|(3,016)|(584)|(2,061)|-|-|15,956|
|Surviving Winter Appeal|159,679|41,888|-|6,404|16,000|(179,564)|(5,329)|-|-|-|39,078|
|TargetFollow Foundation Revenue Fund|13,268|-|-|-|-|(9,000)|-|-|-|-|4,268|
|The Brighter Future Fund|4,638|-|-|-|-|-|-|-|-|-|4,638|
|The NCF Bursary Fund|-|1,100|-|-|-|(1,000)|(100)|-|-|-|-|
|The New Anglia LEP Prize Challenge Fund|2,593|125,000|-|-|-|(115,085)|(12,500)|-|-|-|8|
|The Norfolk Heart Trust|21,251|103,826|-|547|-|(17,832)|(3,727)|(173)|284|8,228|112,404|
|The Norfolk Sports Academy Fund|4,875|4,583|-|-|-|-|(115)|-|-|-|9,343|



**37  Trustees' Annual Report 2021 & Financial Statements** 



||**Opening**<br>**balance**<br>**Donations**<br>**Payroll**<br>**giving**<br>**Gift**<br>**aid**<br>**Other**<br>**transfers (3)**<br>**Grants**<br>**payable**<br>**Donations to**<br>**admin costs**<br>**Other**<br>**costs**<br>**Income from**<br>**endowment (1)**<br>**Transfers from**<br>**endowment (2)**<br>**Closing**<br>**balance**|
|---|---|
|Thelveton Revenue Fund<br>Theodore Agnew Revenue<br>Thetford Shines Brighter<br>Tim & Hazel Barrett Revenue Fund<br>Transforming Communities Fund<br>Turnpike Farm Revenue Fund<br>Two Year Old Captal Fund<br>Victory Homes Community Fund<br>Vulnerable Families (NCF Themed)<br>Walking 4 Norfolk<br>Walsingham Way Project Fund<br>Warminger Wellbeing Fund<br>Wellingham Relief in Need Revenue Fund<br>West Norfolk Employment Fund (Colson Rev CF)<br>West Norfolk Lives Revenue Fund<br>Weston Wind Farm Community Fund<br>Young Norfolk Sports Fund<br>Youth Social Action Fund<br>**Total Restricted Funds**|25<br>-<br>25<br>-<br>-<br>-<br>-<br>-<br>-<br>516<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>11,891<br>24,794<br>16,120<br>1,107<br>-<br>994<br>203,589<br>1,196<br>134,429<br>13,141<br>93<br>43,625<br>-<br>42,936<br>13,829<br>16,910<br>2,250<br>-<br>100<br>-<br>30,750<br>4,000<br>50,000<br>-<br>-<br>96,382<br>-<br>7,604<br>-<br>100,000<br>5,814<br>-<br>-<br>10,000<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>294<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(10,000)<br>(25,750)<br>(4,000)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(10,000)<br>(1,000)<br>-<br>-<br>-<br>-<br>-<br>-<br>(6,000)<br>-<br>-<br>(45,000)<br>-<br>(22,938)<br>(63,223)<br>(25,000)<br>(5,000)<br>-<br>(44,962)<br>-<br>(98,045)<br>-<br>(12,815)<br>-<br>709<br>(818)<br>(9,380)<br>(508)<br>(279)<br>(5,000)<br>(335)<br>-<br>(8,447)<br>(28)<br>(820)<br>-<br>(10,000)<br>(1,968)<br>(4,429)<br>(7,515)<br>(1,000)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(1,000)<br>(93)<br>-<br>(1,506)<br>-<br>-<br>-<br>-<br>-<br>2,430<br>20,174<br>-<br>39<br>-<br>524<br>2<br>4,145<br>-<br>-<br>-<br>-<br>4,331<br>12,131<br>1,041<br>-<br>-<br>-<br>-<br>12,323<br>-<br>1,194<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>75,617<br>32,169<br>-<br>-<br>-<br>13,628<br>31,911<br>20,637<br>2,061<br>-<br>1,183<br>180,653<br>30,053<br>109,695<br>14,441<br>-<br>78,663<br>5,671<br>28,210<br>39,524<br>13,095<br>2,250<br>709|
||**60,473**<br>**2,897,251**<br>**3,557,321**<br>**2,913**<br>**(92,471**)<br>**(4,175,028)**<br>**(527,689)**<br>**(31,265)**<br>**492,165**<br>**938,113**<br>**3,121,782**|



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 £620,160 comprises (2) and donations to admin costs. 

**38  Trustees' Annual Report 2021 & Financial Statements** 



## **15) Endowment Funds** 

||**Opening**|**Investment**|**Donations**|**Gift**|**Transfers (1)**|**Gain/loss on**|**Closing**|
|---|---|---|---|---|---|---|---|
||**balance**|**income**||**aid**||**investment**|**balance**|
|Adult Trust Community First Endowment Fund|300,774|-|-|-|(33,732)|39,182|306,224|
|Anne Sloman Endowment Fund|28,563|-|-|-|(1,223)|3,267|30,607|
|Annie Bell Endowment Fund|35,494|-|505|126|-|3,876|40,001|
|Anonymous|327,938|-|-|-|(37,041)|42,517|333,414|
|Anonymous|304,638|-|-|-|-|43,214|347,852|
|Beech Fund Endowment (B&C)|43,692|1,158|-|-|(1,850)|3,431|46,431|
|Ben Burgess Community First Endowment Fund|43,357|-|-|-|-|6,150|49,507|
|Ben Burgess Endowment Fund|35,016|-|-|-|-|4,967|39,983|
|Bernard Matthew Grassroots Endowment Fund|147,036|-|-|-|(6,294)|16,814|157,556|
|Bill Moore Grassroots Endowment Fund|64,536|-|-|-|(2,763)|7,380|69,153|
|Birketts Community First Endowment Fund|88,580|-|-|-|-|12,566|101,146|
|Birketts Grassroots Endowment Fund|84,665|-|-|-|-|12,010|96,675|
|Bolton Trust Community First Endowment Fund|209,628|-|-|-|(8,000)|28,911|230,539|
|C B Jewson Grassroots Endowment Fund|60,674|-|-|-|(2,597)|6,938|65,015|
|Cedar Trust Community First Endowment Fund|28,442|-|-|-|(3,286)|3,695|28,851|
|Cedar Trust Grassroots Endowment|39,442|-|10,000|-|-|5,599|55,041|
|Charles & Caroline Barratt CT Grassroots Endowment|176,941|-|-|-|(176,942)|-|(1)|
|Cullingford-Youngs Family Endowment Fund|19,845|-|360|90|-|2,146|22,441|
|D'Attanasio Family Community First Endowment Fund|27,958|-|-|-|-|3,966|31,924|
|Delaval & Veronica Hastings Endowment Fund|176,711|-|-|-|(7,565)|20,208|189,354|
|Diocese of Norwich Community First Endowment Fund|466,133|-|-|-|-|66,123|532,256|
|Diocese of Norwich Endowment Fund|42,347|-|-|-|-|6,007|48,354|
|Eliel Family Community First Endowment Fund|106,570|-|-|-|(6,069)|14,491|114,992|
|Ewing Endowment Fund|131,285|3,486|-|-|(5,559)|10,364|139,576|
|Falgate Community First Endowment Fund|578,765|-|-|-|(40,000)|77,969|616,734|
|Farnborough Community First Endowment Fund|31,535|-|-|-|-|4,471|36,006|
|Farnborough Endowment Fund|3,995|-|600|150|-|248|4,993|
|Florence Clarke Grassroots Endowment Fund|181,643|-|-|-|(7,776)|20,772|194,639|
|Foulger Charity Endowment Fund|13,997|-|-|-|-|1,615|15,612|
|Freebridge Community First Endowment Fund|387,796|-|-|-|-|55,010|442,806|
|Freebridge Community Housing Grassroots Endowment Fund|98,575|-|-|-|-|13,983|112,558|
|Fuller Community First Endowment Fund|1,157,028|-|-|-|-|164,130|1,321,158|
|Fuller Endowment|340,744|-|-|-|-|48,336|389,080|
|Goodman Trust Endowment Fund|17,906|-|-|-|(5,000)|2,071|14,977|
|Hambro Grassroots Endowment Fund|50,257|-|-|-|(2,151)|5,747|53,853|
|High Sheriff Community First Endowment Fund|38,126|-|-|-|-|5,408|43,534|
|Higham Family Community First Endowment Fund|986,007|-|-|-|-|139,870|1,125,877|
|J P Blanch Community First Endowment Fund|795,575|-|-|-|-|112,856|908,431|
|J P Blanch Grassroots Endowment Fund|404,056|-|-|-|-|57,317|461,373|
|Jeffries Grassroots Endowment Fund|28,587|-|-|-|(7,234)|3,203|24,556|
|Josiah Vavasseur & YMCA Grassroots Endowment Fund|39,733|-|-|-|(1,701)|4,544|42,576|
|Kennard Family Community First Endowment Fund|66,968|-|12,500|-|-|9,470|88,938|
|Kier Grassroots Endowment Fund|89,232|-|-|-|-|12,658|101,890|
|Lane Family Community First Endowment Fund|132,513|-|-|-|(14,874)|17,261|134,900|
|Longforth Endowment Fund|50,062|-|-|-|-|7,102|57,164|
|Love Norfolk Community First Endowment Fund|199,916|-|-|-|-|28,467|228,383|
|Love Norfolk Endowment Fund|956,099|-|16,899|-|35,349|129,224|1,137,571|



**39  Trustees' Annual Report 2021 & Financial Statements** 



||**Opening**<br>**balance**<br>**Donations**<br>**Gift**<br>**aid**<br>**Transfers (1)**<br>**Investment**<br>**income**<br>**Gain/loss on**<br>**investment**<br>**Closing**<br>**balance**|
|---|---|
|Mike Lindsell Community First Endowment Fund<br>Mills & Reeve Grassroots Endowment Fund<br>Morris/Fischer Community First Endowment Fund<br>nelsonspirit future leaders Community First Endowment Fund<br>Norfolk PACT Endowment<br>Norfolk Womens Endowment Fund<br>Norfolk Youth Music Trust Endowment (CCLA)<br>Norwich Lads Club & YMCA Grassroots Endowment<br>P & W Bassham CT Community First Endowment Fund<br>Palms Mental Health Community First Endowment Fund<br>Paul Morgan Community First Endowment Fund<br>Pearson Family Community First Endowment Fund<br>R C Snelling Community First Endowment Fund<br>R C Snelling Grassroots Endowment Fund<br>R G Carter Grassroots Endowment<br>R M Madders Endowment Fund<br>Ranworth Trust Grassroots Endowment Fund<br>Red House Community First Endowment Fund<br>Red House Youth Project Endowment Fund<br>Richard Cole Community First Endowment<br>Richard Nash Group Endowment<br>Scout Association Endowment Fund<br>Shelroy Trust Community First Endowment Fund<br>Shelroy Trust End (B&C)<br>Shelroy Trust Endowment Fund (CCLA)<br>Sheringham Shoal Grassroots Endowment Fund<br>Silk Purse Community First Endowment Fund<br>The Norfolk Heart Trust Endowment Fund<br>Thelveton (non CF) CCLA Endowment<br>Thelveton Community First Endowment Fund<br>Theodore Agnew Community First Endowment Fund<br>Theodore Agnew Endowment<br>Tim & Hazel Barrett Endowment Fund<br>Turnpike Farm Community First Endowment Fund<br>Turnpike Farm Endowment Fund<br>Victory Housing Community First Endowment<br>Wellingham Relief in Need Endowment<br>West Norfolk Employment Fund (Colson End Community First)<br>West Norfolk Lives Endowment Fund<br> **Total Charitable Company Endowments Funds**<br>**Charitable Trust  (Permanent endowment fund held within Norfolk Community Foundation)**<br>Norfolk Children & Young People Endowment<br>Norfolk Millennium Trust for Carers Endowment<br>**Total Charitable Trust Endowments Funds**<br>**Total Endowment Funds**|52,501<br>41,668<br>34,120<br>13,872<br>60,652<br>41,713<br>40,230<br>166,288<br>1,321,212<br>20,339<br>97,292<br>44,736<br>503,039<br>255,195<br>29,525<br>122,175<br>697,529<br>578,029<br>169,204<br>23,696<br>33,200<br>312,632<br>2,966,854<br>957,914<br>237,707<br>124,195<br>390,026<br>172,337<br>20,830<br>59,477<br>645,934<br>292,124<br>27,898<br>15,982<br>17,538<br>132,711<br>138,679<br>442,896<br>751,467<br>**21,692,796**<br>115,826<br>1,419,668<br>**1,535,494**<br>**23,228,290**<br>-<br>-<br>-<br>-<br>1,608<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>7,424<br>-<br>3,296<br>18,850<br>-<br>3,705<br>-<br>-<br>7,915<br>-<br>27,351<br>-<br>-<br>-<br>2,237<br>-<br>-<br>-<br>7,803<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>**84,833**<br>3,069<br>40,846<br>**43,915**<br>**128,748**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>41,000<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>**81,864**<br>-<br>-<br>-<br>**81,864**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>10,000<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>**10,366**<br>-<br>-<br>-<br>**10,366**<br>-<br>(1,784)<br>(4,000)<br>-<br>(2,568)<br>(17,800)<br>-<br>(7,119)<br>(100,000)<br>-<br>-<br>(3,000)<br>-<br>(10,676)<br>(1,264)<br>(1,000)<br>(29,588)<br>(64,500)<br>(7,125)<br>-<br>(1,421)<br>-<br>(332,869)<br>(50,000)<br>282,869<br>(5,317)<br>(50,000)<br>(8,228)<br>-<br>-<br>-<br>(12,323)<br>(1,194)<br>-<br>-<br>-<br>-<br>(75,617)<br>(32,169)<br>**(873,001)**<br>(4,905)<br>(60,207)<br>**(65,112)**<br>**(938,113)**<br>7,447<br>4,765<br>4,424<br>2,003<br>4,774<br>4,653<br>5,707<br>19,016<br>177,092<br>2,885<br>13,801<br>6,036<br>71,358<br>26,320<br>3,376<br>10,884<br>89,003<br>75,335<br>16,146<br>3,361<br>3,797<br>35,447<br>386,484<br>112,371<br>50,780<br>14,202<br>50,163<br>27,699<br>2,601<br>8,434<br>91,629<br>35,523<br>3,191<br>2,270<br>2,023<br>18,826<br>19,672<br>55,018<br>85,835<br>**2,839,905**<br>9,114<br>167,580<br>**176,694**<br>**3,016,599**<br>59,948<br>44,649<br>34,544<br>15,875<br>64,466<br>28,566<br>45,937<br>178,185<br>1,398,304<br>23,224<br>111,093<br>47,772<br>574,397<br>278,263<br>31,637<br>186,355<br>775,794<br>588,864<br>181,930<br>27,057<br>35,576<br>355,994<br>3,020,469<br>1,047,636<br>571,356<br>133,080<br>390,189<br>194,045<br>23,431<br>67,911<br>737,563<br>323,127<br>29,895<br>18,252<br>19,561<br>151,537<br>158,351<br>422,297<br>805,133<br>**23,836,763**<br>123,104<br>1,567,887<br>**1,690,991**<br>**25,527,754**|



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. 

**40  Trustees' Annual Report 2021 & Financial Statements** 



## **16) Analysis net assets between funds – current year** 

||**Unrestricted Funds**<br>**£000**<br>**Restricted Funds**<br>**£000**<br>**Endowment Funds**<br>**£000**<br>**Total Funds**<br>**£000**|
|---|---|
|**Aggregated**<br>Tangible fixed assets<br>Investments<br>Bank balances<br>Other net current assets/(liabilities)<br>**Charitable Company**<br>Tangible fixed assets<br>Investments<br>Bank balances<br>Other net current assets/(liabilities)<br>Charitable Trust<br>Investments|51<br>200<br>644<br>(41)<br>-<br>1,201<br>2,247<br>(326)<br>-<br>25,420<br>108<br>-<br>51<br>26,820<br>2,999<br>(367)|
||**854**<br>**3,122**<br>**25,528**<br>**29,504**|
||51<br>200<br>644<br>(41)<br>-<br>1,201<br>2,247<br>(326)<br>-<br>23,729<br>108<br>-<br>51<br>25,130<br>2,999<br>(367)|
||**854**<br>**3,122**<br>**23,837**<br>**27,813**|
||-<br>-<br>1,691<br>1,691|
||-<br>-<br>**1,691**<br>**1,691**|



## **16) Analysis net assets between funds – prior year** 

||**Unrestricted Funds**<br>**£000**<br>**Restricted Funds**<br>**£000**<br>**Endowment Funds**<br>**£000**<br>**Total Funds**<br>**£000**|
|---|---|
|**Aggregated**<br>Tangible fixed assets<br>Investments<br>Bank balances<br>Other net current assets/(liabilities)<br>**Charitable Company**<br>Tangible fixed assets<br>Investments<br>Bank balances<br>Other net current assets/(liabilities)<br>Charitable Trust<br>Investments|20<br>300<br>547<br>(63)<br>-<br>1,601<br>1,238<br>58<br>-<br>23,170<br>26<br>32<br>20<br>25,071<br>1,811<br>27|
||**804**<br>**2,897**<br>**23,228**<br>**26,929**|
||20<br>300<br>547<br>(63)<br>-<br>1,601<br>1,238<br>58<br>-<br>21,635<br>26<br>32<br>20<br>23,536<br>1,811<br>27|
||**804**<br>**2,897**<br>**21,693**<br>**25,394**|
||-<br>-<br>1,535<br>1,535|
||-<br>-<br>**1,535**<br>**1,535**|



**41  Trustees' Annual Report 2021 & Financial Statements** 



## **17) Movement in funds – current year** 

Fund balances at 31 December 2021 are represented by: 

|**Incoming resources**<br>**£000**<br>**Closing balance**<br>**£000**<br>**Investment gains**<br>**£000**<br>**Opening balance**<br>**£000**<br>**Outgoing resources**<br>**£000**<br>**Transfers**<br>**£000**|**Incoming resources**<br>**£000**<br>**Closing balance**<br>**£000**<br>**Investment gains**<br>**£000**<br>**Opening balance**<br>**£000**<br>**Outgoing resources**<br>**£000**<br>**Transfers**<br>**£000**|
|---|---|
|**Aggregated**<br>Unrestricted funds<br>General fund<br>Designated funds<br>Restricted funds<br>Endowment funds<br>**Charitable Company**<br>Unrestricted funds<br>General fund<br>Designated funds<br>Restricted funds<br>Endowment funds<br>**Charitable Trust**<br>Endowment Funds|645<br>159<br>2,897<br>23,228<br>40<br>-<br>4,113<br>221<br>-<br>-<br>-<br>3,017<br>735<br>119<br>3,122<br>25,528<br>(570)<br>(40)<br>(4,206)<br>-<br>620<br>-<br>318<br>(938)|
||**26,929**<br>**4,374**<br>**3,017**<br>**29,504**<br>**(4,816)**<br>-|
||645<br>159<br>2,897<br>21,693<br>40<br>-<br>4,113<br>177<br>-<br>-<br>-<br>2,840<br>735<br>119<br>3,122<br>24,014<br>(570)<br>(40)<br>(4,206)<br>-<br>620<br>-<br>318<br>(873)|
||**25,394**<br>**4,330**<br>**2,840**<br>**27,990**<br>**(4,816)**<br>**65**|
||1,535<br>44<br>177<br>1,691<br>-<br>(65)|
||**1,535**<br>**44**<br>**177**<br>**1,691**<br>-<br>**(65)**|



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

**42  Trustees' Annual Report 2021 & Financial Statements** 



## **17) Movement in funds – prior year** 

Fund balances at 31 December 2020 are represented by: 

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



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

**43  Trustees' Annual Report 2021 & Financial Statements** 



## **18) Financial instruments** 

||**2021**<br>**£000**<br>**2020**<br>**£000**|
|---|---|
|_Financial assets at fair value through statement of_<br>_financial activities:_<br>Investments|25,310<br>22,880|
||**25,310**<br>**22,880**|



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. 

**44  Trustees' Annual Report 2021 & Financial Statements** 




## **Find out more or get in touch** 

## **Follow us on social media** 

www.norfolkfoundation.com 

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@NorfolkCF 

@NorfolkCF 

@NorfolkCF 

@NorfolkCommunityFoundation 




Registered Charity Number 1110817 | Company Registration Number 05234236