## **Tees Valley Community Foundation and its Subsidiaries trading as Tees Foundation** **Report of the Trustees & Financial Statements for the Year Ended 31 March 2025** **Registered Number: 05478088 Registered Charity Number: 1111222** ## **ANDERSON BARROWCLIFF LIMITED Chartered Accountants** |**Contents**|**Contents**|| |---|---|---| |1|**Chair’s Statement**|3| |2|**Trustees’ Report Summary**|4| |3|**Highlights**|4| |4|**Achievements & Impact 2024-25**|5-9| |5|**Future Plans**|10| |6|**Structure, Governance & Management**|11-12| |7|**Risk Management & Objects and Activities**|13| |8|**Financial Review**|14-15| |9|**Statement of Trustees’ Responsibilities**|16| |10|**Independent Auditor’s Report**|17-20| |11|**Statement of Financial Activities**|21| |12|**Balance Sheets**|22-25| |13|**Statement of Cash Flows**|26| |14|**Notes to the Financial Statements**|27-44| 2 ## **1. Chair's Statement** The Trustees present their report with the audited financial statements of Tees Foundation for the year ended 31 March 2025. Markets were volatile, with sharp April falls followed by strong recovery. This year has been marked by significant growth in our grant-giving activity, strategic partnerships and operational capabilities. It was also our first full year under the new Tees Foundation brand, a milestone in our 37-year history. Our work continues to focus on improving the quality of life for people across the Tees Valley through targeted grant support, capacity building and the development of social enterprise. In our first year under the Tees Foundation brand, the Tees Million awarded 284 grants worth £1,386,076 to 276 groups and 8 individuals. Looking ahead, we will launch the Tees Challenge in 2025 - buliding on the awardwinning Sports Challenge with Bauer Media - offering matched funding to double community fundraising. We also launched our Tees Foundation Alumni to retain former Trustees’ knowledge, with July’s first meeting uniting 20 past and present members including our President, Vice President and Chairs. We sincerely thank our donors, whose support enables us to improve quality of life across Teesside year after year. **Jeff Taylor - Chair** 3 ## **2. Trustees’ Report Summary** The Trustees present their report along with the financial statements of the charity for the year ended 31 March 2025. The financial statements have been prepared in accordance with note 1 to the financial statements and comply with the charity’s Memorandum and Articles of Association, the Charities Act 2011, the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland (FRS 102)(effective 1 January 2019). Tees Valley Community Foundation (the Foundation) has been granted a uniting direction under section 96(6) of the Charities Act 1993, which unites Cleveland Community Foundation with the Foundation for registration and accounting purposes. The Foundation is the sole trustee of Cleveland Community Foundation. Under a Charity Commission Scheme dated 12 July 2010, the Foundation became sole Trustee of the Speck Walker Fund and was granted a section 96(6) uniting direction in respect of this charity. On 14 March 2011, the assets and liabilities of the Teesside Emergency Relief Fund were transferred to the Foundation and the Foundation became its sole Trustee. A section 96(6) uniting direction has been granted in respect of this charity. The Foundation became sole Trustee of the Agnes Spencer Charitable Trust on 28 March 2014 and a linking order for accounting and registration purposes was granted by the Charity Commission effective on this date. This does not constitute an amalgamation of the charities, which remain separate and legally distinct. Group accounts have been prepared in order to comply with the Companies Act requirements. ## **3. Highlights** - **284 grants awarded** to groups and individuals Grant giving **up 36.4%** Number of groups supported **up 2%** - Launch of a bespoke, **digital grants platform** - **Major re-brand** to Tees Foundation **Launched Tees Million** - our streamlined grant programme 4 ## **4. Achievements & Impact 2024-2025** ## **Grant Making Summary** - **284** grants awarded – including **276** community groups and **8** individual legacy payments through the Speck Walker Fund - **£1,386,076** distributed – **up 36.4%** from last year’s **£1,016,476** - **276** groups supported – a **2% increase** on the **270** groups supported in 2023/24 - **226** grassroots community groups received small grants **under £5,000 totalling £617,501** - **50** organisations received larger grants totalling **£765,475. £3100** was awarded to individuals in the form of **8** grants. - Bespoke digital grants platform launched in April 2024 – **streamlining applications** , monitoring and reporting - Grant making focused on key community priorities: **education, wellbeing, culture, environmental sustainability, community safety** – with **sport** - recognised as an additional area of impact under wellbeing. Cont.. 5 4. Achievements & Impact 2024-2025 Applications by age group Alage5120) 1fr65 (16) >A2 (IS) ￿ Str*J%65+ {1¥ ￿ Yw¥JP* 1>18{8) ￿ Y•Jrffj 1>25 (7) Appllcatlons by cause Cont.. fo-undation 4. Achievements & Impact 2024-2025 Applications by value rnnge Appllcatlons by local authorlty Cont.. ## **Behind every grant is a story worth telling...** ## **4. Achievements & Impact 2024-2025** ## **Peat Rigg** Tees Foundation is proud to be the owner of an incredible place nestled in the North York Moors, which is also the home of Peat Rigg Outdoor Centre. For more than 25 years, Peat Rigg has been delivering short residential courses and adventure days designed to inspire and transform young people through safe, inclusive and exceptional outdoor educational experiences. Set on a stunning 97-acre farm, the centre welcomes pupils from more than 140 schools each year and works closely with local charities to ensure its opportunities reach those who need them most. Tees Foundation is also a significant funder of Peat Rigg, as part of our shared commitment to improving lives and opening up new horizons for young people. This is funding with huge impact—and we’re incredibly proud to support such a world-class facility. ## **Snack & Chat** Boosbeck Village Hall is a small rural charity in East Cleveland run by volunteers. It brings people together through regular groups and events that build community spirit, ease loneliness, and support those struggling with the cost of living. With many older residents affected by reduced winter fuel payments, the hall wanted to expand its warm space offer. This included providing free lunches at weekly creative sessions, refreshments at Thursday snack and chat groups, and a welcoming environment at fortnightly singing socials. A Tees Million grant made these activities possible, covering costs so the hall could offer warm, safe, and sociable spaces. The support helps reduce isolation and ensures local people can enjoy companionship in a comfortable setting. Cont.. 8 ## **4. Achievements & Impact 2024-2025** ## **Supporting Families in Kirthleatham** Kirkleatham Parish is among the 7% most deprived in England, with over a third of children living in low-income households. To meet this need, the parish created Little Seeds – weekly community sessions designed to reduce isolation, improve wellbeing, and strengthen local family support networks. Held in the church each week, with space provided free of charge, Little Seeds brings together eight volunteers who run creative play, music, and storytelling. These sessions give children an early educational boost while offering parents and carers valuable social contact, alongside refreshments for all. A Tees Million grant enabled the parish to provide essential items for families attending – including nappies, baby milk, wipes, food, and sanitary products. This practical help eases pressure on struggling households and ensures families can access the full benefit of this important community resource. ## **Cleveland Wheelers** This local grassroots cycling club has over 300 members and supports all kinds of competitive cycling – from road to track to circuit racing. With nine British Cycling accredited coaches, they're all about creating a safe, inclusive space for riders of all levels. For the second year running, the Wheelers hosted a brilliant cycling skills session on Saltburn’s lower prom as part of the East Cleveland Classic. Thanks to Tees Million funding, the club’s looking stronger than ever – with eye-catching kit and fun equipment that makes learning skills exciting for young riders. 9 ## **5. Future Plans** ## **The Trustees are committed to building on this year’s achievements and setting a clear course for the Foundation’s long-term future.** ## **Ten-Year Vision** Our ambition is to secure the Foundation’s position as Teesside’s leading independent grant giver, ensuring we continue to deliver sustainable, long-term support to communities for decades to come. ## **Planned Launches** - Tees Challenge – expanding our successful match-funding model to engage more charities and community groups across Teesside - Tees Venture – supporting innovation and social enterprise, creating new opportunities for local communities to thrive - Tees Data Hub – strengthening the way we collect, analyse and share insight, ensuring decisions are evidence-led and impact is clearly measured ## **Digital Transformation** We will continue to invest in digital systems to improve efficiency, enhance transparency and strengthen monitoring. This will allow us to track the real difference our grants are making and share those results with our donors, partners and communities. ## **Together, these plans represent the next stage in the evolution of Tees Foundation, positioning us to grow our impact and secure lasting change for Teesside.** 10 ## **6. Structure, Governance & Management** Tees Valley Community Foundation is a registered charity, number 1111222, and a company limited by guarantee, company number 05478088. It is constituted under a trust deed dated 3 June 2005. The Foundation was established in 1989 as a grant giving charity following the successful participation in a challenge set by the Mott Foundation of Flint Michigan in the USA and the Charities Aid Foundation, where £1m raised in the local area was matched by $1m gifted by the Mott Foundation, to establish a permanently endowed fund, the income from which would be used to distribute grants and operate the Foundation. The following years saw a significant campaign of fundraising, predominantly from corporate donors operating in the industrial Tees Valley successfully building a substantial endowment fund. A root and branch review of the governance of the Foundation took place in 2018, resulting in a streamlining of the committee structure and a reduction of the size of the Board of Trustees, to improve efficiency at an operational and a strategic level. The Foundation is overseen by a Board of seven Trustees. New Trustees are appointed by the existing Trustees and serve for four years and may put themselves forward for re-election. The Trust Deed provides for a minimum of 3 Trustees and a maximum of 12. A schedule of potential Trustees is regularly reviewed and updated under the supervision of the Board. Where practical, individuals interested in becoming a Trustee will be invited to attend a number of Board meetings as an observer, as a precursor to becoming a Trustee. New Trustees go through a formal induction process which provides support during their first twelve months service. All Trustees are issued with a Trustee handbook, which is regularly updated and subject to a full review every year. The handbook contains information on the structure of the Foundation, including Terms of Reference, governance details and a complete meeting schedule, as well as all contact information to enable a Trustee to fulfil their role within the Foundation. At quarterly Trustees’ meetings, the Trustees agree the broad strategy and areas of future development for the Foundation. Items considered include the management of investments, reserves and risks, policies and performance and impact reporting on the grant giving activity. The day-to-day administration of grants, including the application process and decision making to a level of £5,000, is delegated to the Chief Executive and Grants Manager, with decisions being ratified by the Trustees at the next quarterly meeting. Trustees are responsible for a specific area of interest based on their personal skill set. These include finance, investment, HR, development and law. The Board has the power to appoint temporary Task & Finish groups to carry out specific strategic activities and report back to the Trustees. The Board reviews the detailed Risk Matrix as a standing item at each meeting. The Board gives authority to the Trustee with responsibility for financial matters to oversee the annual external audit and the preparation of the annual accounts for presentation to the Trustees for consideration and approval. The Trustee appointed with responsibility for investment matters, receives the quarterly report of the Investment Manager and advises the Trustees on the performance of the fund at each Board meeting. This Trustee, with support from an appropriate Task & Finish Group is responsible for the appointment process of the Investment Manager every five years. Cont.. 11 ## **6. Structure, Governance & Management** Founder: Squadron Leader Kenneth Kime OBE President: Sir Ronald Norman OBE Vice President: Dr Tony Gillham MBE Trustees: Jeffrey Taylor - Chair Keith Smith Heather O’Driscoll Nigel Williams Emma Read Robin Smith Dr Wendy Shepherd MBE Bankers Handelsbanken Second Floor Lakeside House Kingfisher Way Stockton on Tees TS18 3NB Investment Advisor Rathbones Group PLC 4th Floor 3 Wellington Place Leeds LS1 4AP Solicitors Shakespeare Martineau LLP 1 Colmore Square Birmingham B4 6AA Company Secretary Peter Rowley OBE Chief Executive Hugh McGouran Auditors Anderson Barrowcliff Limited Chartered Accountants 3 Kingfisher Court Bowesfield Park Stockton on Tees TS18 3EX Registered Company number 05478088 (England and Wales) Registered Charity number 1111222 Registered Office 1st Floor Corvette House Falcon Court Preston Farm Stockton on Tees TS18 3TX 12 ## **7. Risk Management & Objects and Activities** ## **Risk Management** The Trustees have considered the major risks to which the Foundation is exposed and regularly review those risks and update the detailed Risk Matrix document at each Board meeting. The updated Risk Matrix is formally presented for approval at the September Board meeting with ongoing monitoring and updating carried out as a Standing Item at every Board meeting throughout the year ahead. The Trustees consider the variability of the investment returns on the permanent endowment to constitute the Foundation’s major financial risk. The power to supervise the performance of the fund and the performance of the Investment Manager has been delegated to the Trustee with responsibility for investment matters, who reviews this quarterly, with the Investment Manager making a formal presentation to the Board twice each year. Systems and procedures are in place to monitor and manage the risks faced by the Foundation, and these are formally reviewed by the Board. The setting of remuneration for all paid staff is the responsibility of the Board, led by the Trustee with responsibility for Human Resources, with an annual standing item at the November Board meeting so that decisions are made in December and staff informed of any changes in January ahead of implementation at the start of the new financial year. ## **Objects and Activities for the Public Benefit** The objectives of the Foundation are to improve the quality of life of the people of the Tees Valley. The Trustees confirm that they have referred to Charity Commission guidance on public benefit when reviewing this. This has been achieved primarily through the distribution of small grants to constituted groups working to improve and support their local communities. In the short to medium term the Trustees will ensure that grant giving represents the prime activity of the Foundation. In addition to this prime objective the Foundation will continue to develop its strategy to reduce grant dependency within participating groups. In the long term, the Foundation is seeking to build its reputation as an influencer within the sector, by working both to help local groups but also to assess what is needed in the community and use its influence to procure the support of the private and statutory sectors to aid this activity. The Foundation has developed a bespoke digital platform for the operation of the Foundation, which manages all elements of the grant giving process, from an accessible application portal to an efficient evaluation tool. This system was implemented in April 2024 and is now fully operational. All grant recipients are monitored to ensure compliance to the terms and conditions set out in the grant award agreement. This is an online form-based process and concentrates on quantitative evidence based on the forecast of the recipient in their grant application. A random selection of 25% of grant recipients are subject to further scrutiny in the form of a monitoring visit which is carried out by current Trustees, members of the Trustee alumni and staff members. A pre-planned interview is carried out and data fed into our monitoring system. Information gathered during this process is also used to generate content for our developing social media presence. 13 ## **8. Financial Review** ## **Financial Review** The financial position of the Foundation is continually monitored by the Chief Executive and is formally reviewed on a quarterly basis by the Board of Trustees. At these meetings income and expenditure are reviewed against the rolling budget forecast and reports. Following approval from the Charity Commission in March 2008 the Foundation adopted a total return approach to the investment of permanently endowed funds. The following is an extract from the sealed Order: - “In accordance with the terms of the Order, the Trustees confirm that: - In identifying the value of the portion of the permanent endowment that represented the unapplied total return, the Trustees first identified the value of the initial gift dating back to 1987 and any subsequent gifts of permanent endowment up until 31 March 2008, and: - When determining the amount of unapplied total return to transfer to income the Trustees have considered the amount of income required to maintain the current level of charitable activity, the likely benefits to future generations, and the likely needs of future beneficiaries, and: - When reaching their decision as to the unapplied total return to transfer to income, the Trustees have taken professional advice from their investment advisers regarding the market outlook, investment trends and yield, and the prospect for future capital growth.” As part of the total return implementation process the Trustees agreed that the investment managers be given an objective of an 8% long term average total return which comprises 4% for potential allocation to the Trust for application (Distribution Funds), 1.5% for the charge levied to administer the funds and 2.5% representing an inflationary and risk buffer. The value of the investment portfolio held with Rathbones Group PLC at the year end amounted to £13,277,849 (2024: £13,481,357). The value of the investment portfolio held with Redmayne Bentley at the year end amounted to £199,028 (2024: £188,654). The value of the investment portfolio held with CCLA at the year end amounted to £1,089,762 (2024: £1,143,018). The value of the investment portfolio held with Charles Stanley at the year end amounted to £3,996,598 (2024: £4,200,964). The investment portfolios received dividend and interest income for the year amounting to £408,755 (2024: £395,920). The primary source of income for the Foundation is the return on the investment of our endowment funds, both permanent and expendable. The capital investment is managed by Rathbones Group PLC Leeds as part of a bespoke portfolio. The Investment policy, reviewed annually, instructs the Investment Manager to implement a low to medium risk profile. The performance of the fund during this year saw a reduction in the value of the investments due to market volatility. Other income is generated through donations and acquisition of dormant and ineffective Trusts. The Foundation also manages a small number of flow through funds on behalf of partner organisations, these include the Tees Offshore Community Fund. A 10% annual management fee is charged on these funds. Cont.. 14 ## **8. Financial Review** ## **Reserves Policy** The Trustees aim to maintain free reserves equal to approximately six months’ core operating costs. Based on current predicted levels of activity six months’ core operating costs amount to £142,000 and the balance on the Unrestricted Income and Expenditure fund is £109,428 (2024: £169,389) of which £46,527 (2024: £107,611) are free reserves after adjusting for fixed assets. The reserves reduced during the year due to expenditure on the rebrand. The Foundation will look at increasing its unrestricted funds back to its free reserves policy over the next few years. The Trustees continue to monitor reserves on a regular basis and quarterly management accounts are reviewed by the Board of Trustees. The trustees are satisfied that the year end unrestricted reserves balance is appropriate. 15 ## **9. Statement of Trustees’ Responsibilities** The Trustees (who are also the directors of Tees Valley Community Foundation for the purposes of company law) are responsible for preparing the Report of the Trustees and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. 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 incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the Trustees are required to:- - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charity SORP; make sound judgements and estimates that are reasonable and prudent; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware: - there is no relevant audit information of which the charitable company’s auditors are 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 auditors are aware of that information. Auditors The auditors, Anderson Barrowcliff LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order of the board of trustees on ……………………………. and signed on its behalf by: Jeffrey Taylor Chair 16 ## **10. Independent Auditors’ Report to the Members of Tees Valley Community Foundation and its Subsidiaries** ## **Opinion** We have audited the financial statements of Tees Valley Community Foundation (the ‘charitable company’) for the year ended 31 March 2025 which comprise Group Statement of Financial Activities, the Group and the Parent Balance Sheet, and the Group and Parent Charity Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. ## **In our opinion the financial statements:** - give a true and fair view of the state of the groups and parent charitable company’s affairs as at 31 March 2025, and of the group’s incoming resources and application of resources, including its income and expenditure for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable groups and parent’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The 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 Report of the Independent Auditor’s 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. Cont... 17 ## **10. Independent Auditors’ Report to the Members of Tees Valley Community Foundation and its Subsidiaries** 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. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:- - the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or - the parent charitable company has not kept adequate accounting records; or - the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of trustees** As explained more fully in the Statement of Trustees Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. ## **Our responsibilities for the audit of the financial statements** We have been appointed as auditors under Section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 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 a Report of the Independent Auditors 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. Cont... 18 ## **10. Independent Auditors’ Report to the Members of Tees Valley Community Foundation and its Subsidiaries** Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Based on our understanding of the charity, we have considered applicable laws and regulations which may be fundamental to the charity's ability to operate or to avoid a material penalty, and we considered the extent to which non-compliance might have a material effect on the financial statements. We considered management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate manual journal entries to manipulate financial performance, management bias in significant accounting estimates and any significant one-off or unusual transactions. We discussed among the audit engagement team the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. ## **Audit procedures performed by the engagement team included:** - Enquiry of management and those charged with governance around actual and potential litigation and claims. - Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations. - Reviewing minutes of meetings of those charged with governance. - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. - Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. - Challenging estimates and judgements made by management in their significant accounting estimates. Revenue recognition; agreeing a sample of revenue transactions to gain assurance over the occurrence and accuracy of revenue and also to ensure revenue has been recognised in the correct period. 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. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Cont... 19 ## **10. Independent Auditors’ Report to the Members of Tees Valley Community Foundation and its Subsidiaries** ## **Use of our report** This report is made solely to the charitable company’s members, 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 those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. For & on behalf of Anderson Barrowcliff Limited Statutory Auditor Chartered Accountants Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 3 Kingfisher Court Bowesfield Park Stockton on Tees TS18 3EX Date: …………………… 20 Ch 4m* fo-undation 12. Balance Sheets Re8iSter•d Numb•r: 05478088 ni ubsidiar ndi nsolid•t•d Balanu Sh••t- At 31 M•rth 202 2025 2024 Note Fixed •ss•ts Intan8ible assets Tan8ible a55ets Investment property Investments 13 14 61155 746 720.ry)0 18.563.237 61.488 290 720.C(KJ 19.013.993 16 19.346.138 19,795,771 Curr•nt •ss•ts Debtors Cash ar bankand In hand 17 18 161.624 301.456 131.320 619.638 463.0 750.958 Creditori: amount5 fallin8 due within one year 19 194.616 229.396 N•t ¢urr•nt au•ts 521.562 19.614.602 20.317.333 Fin•nc•d by. R•strict•d funds: Permanenr Endowment hJnd Expendable Endowment Fund Disiribution Fund Peat Ri88 21 13.71l217 2.582.668 1.360.882 720.rAo 14.146,780 2,440.028 1,678.175 720.LNXI 24 15 18.375.787 18.984.983 Unrestricted lunds: Income & Expenditure Fund Designated Distribution Fund Designated Administration Fund 25 26 109.428 577.271 551116 169.389 6(KJ.020 562.941 1.238.815 1.332.350 Total fund 28 19.614.602 20.317.333 The Trustees considerthat the company is entrtled to exemption from the requlrementto have an audit underthe prowsions of section 477 of the Companies Att 20C6 lthe"Acf) and members have not required the company to obtain 4ryn audii for the year in question In accordance wrth secrion 476 of the Acc H¢)wever, an •udrr is required in accordance with secoon 151 of the Ch•ri)es kr 2011. The trustees acknowledge their responsibilities for. (a) ensuring that the charitable company keeps accounting record5 thot compty 7Mth Settions 386 and 387 ofthe Companies Acr 2W6 and (b) preparing financial statements Y4hich we a true and fair wew of the state of affair5 of the chorrrable company as 0¢ the end of each financial year and of its 5urplu5 or deficit for each ffinancial year in accordance with the requirements of Sections 394 and 395 and which otherwse compty wrth the requirements of the Companies Att relating to financial statements. so far a5 applicable to the charitable company. These financial statements have been audited under the requlrements of Sett]"on 151 of the Charities Act 2011. The notes form part of these financial 5fJtement5 22 Cont.. 12. Balance Sheets Registered Number: 05478088 T•esVall Communi Foundation •nd its Subsidiaries Consolidated Balance Sheet- continued At 31 March 2025 These financial statements have been prepared in accordance the prOvi￿onS applicable to charitable companies 5ubjett to the small companies regime. The financlal statemenTs were approved by the Board of Trustees and authonsed for issue on .............................. and were signed on their behaff by. J Taylor- Chairnmn H IYDrtscoll . Trustee 23 Cont.. fo-undation 12. Balance Sheets Re8iSter•d Numb•r: 05478088 ees V•ll Communi Foundati B•l•nc• Sh••t At31 March 20 2025 2024 Note Fix•d Intangible assets Tangible asseTS Inve5trnent property Investments 13 14 15 16 62.155 746 61,488 2￿ 720,CO] 562.941 552,114 1.335.015 1.344.719 Curr•o)i •ss•ti Debtors Cash at bank and in hand 17 142.314 288.885 157.237 579.413 431.199 736.650 Cr•ditori: amounts falling due ￿thin one year 19 173.n8 209.362 N•t curr•nt 257,471 527.288 N•t ••s•lJ 1.592.486 1.872.CQ7 FlTh•nt•d by: R￿tricI•d fund•: Distnbution Fund Peai1kn88 24 1S 210.942 720.( 419,677 720,( 930,942 1.139.677 Unreslrirted fvnds: Income & Expendiiure Account Designated Admini5troDon Fund 25 109.428 552.116 169,389 562.941 T•tal furKII 1.592.486 1.872.CQ7 The Trusrees consider thai the compary is enDded to exempD"on from the requi￿rnent to have an audit under the provisions of secrion 477 of the Companies Act 2C#)6 lthe"Acn and members have not required the company io obtain an audit for the year in question in accordance ¥￿th secvon 476 of the kn However, an audr¢ 15 required in accordance ￿th 5ecrion 151 of the char￿e5 Att 2011. The tnJstees acknowledge their responsibilities for en5urin8 that the charitable coMF￿nY keeps accountin8 records that tompty with Seco'on5 386 and 387 of the Companie5 Act 2CQ6 and (b) preparin8 financial statements ¥*thich and fair ¥iew of the state of affèir5 of the charitable ornpany a5 a¢ the end of each financial year and of ￿$ Surplus or deficit for each financial year in accordance wtth the requiremenrs of Sections 394 ond 395 and which oiherwise comply wtth Ihe requi￿rnen￿ of the Companies Act 2006 relating 10 financial sraiemenrs. so far as applicable to the charitable company. These finanoal 5¢atements have been audited under the requirefnents of Section 151 of the Charive5 Att 2011. The notes form part of these finanual mtements 24 Cont.. fo-undation 12. Balance Sheets Ro8iStered Number: 05478088 Tees V•ll Comrnuni Foundation Balanc• Sh••t- continued At 31 March 2025 These financial sratemenrs have been prepared in accordance with the provisions applicable to charlrable companies subjett to the small companies rewme. The financial sraremenrs were approved by the Board of Trusrees and authorised for issue on .............................. and were sisned on their behalf ty. J Taylor- Chairman H (YDriscoll- Trustee 25 13. Statement of Cash Flows ni and its Subsidi•rie St•t•ment ofC•*h Flows for the Year Ended 31 Marth 2025 2025 2024 rou ri Not• N•t c•sh provided by {us•d in) op•ratin8 activities 1330.3921 {1.417.053) 58.535 1827,509} Cash flow from inv•stins activities Payments to acqulre intangible and tan8ible fixed assets Interest, diwdends and rent Net proceeds on purchase and sale of investments 19.1151 29.775 19.1151 426.714 21.659 405.551 19.204 433.014 17.651 13.862.589} N•t ¢•sh flow u••d in inv•stins actiYiti•s 850.613 39.310 {3.457.038} C•sh flow from fin•ncins •£tiviti•s Receipt of endov4rynent 248.258 4,209.939 Net cash flow provid•d by rin•n¢in8 •ctiviti•• 248.258 4.209.939 Chan8• in cash and cash equivalents in the year Cash and ¢•sh equiv•lentJ •t th• b•8innin8 of th• yMr 1290.5281 1318.1821 97.845 (74.6081 579.413 619.638 481.568 694.246 Cash and cash •quival•nts •t th• •nd of th• yur 301.456 579.413 619.638 26 14. Notes to the Financial Statements Teesvall Communi Foundation Accountin8 Poliri•s (al G•n•r*l Inform•tion and b•si* of prep•ratiort Tees Valley Community Foundaiion is a private company limited by guarantee registered In England and Wales. It is regisrered as a charity with the Charity Commission. The address of rhe registered office 15 glven in rhe Report of the Trustees on page 1. The nature of the Fotsndaiion's operations and principal actiwties is gwen in the Report of the Twstees on page 3. The charity conststutes a public benefit entity as defined by FR5 102. The financiol statements have been prepared in accordance ¥vith Accounting and Reporrins by Charirie5.' Statement of Recommended Procuce applicable to charitie5 preparin8theirfinancial statements in accordance the Fin%inci•l Reporrins St4nd4rd applicable in the UK and Republic of Ireland (FR5 1021 {effeuive 1 January 20191, h"nancial Reportin8 Standard 102 The Financial Reporting Standard applic4ble in rhe United Kingdom and Republic of Irel•nrf •nd the Compjnies Aa 2(1)6. The financbal statemenrs have been prepared under the hlstoricJl cosr convenrion. The financial statements are prepared on a going concem basis under the historlcal cost convention. with iterns reco8nised at cosr or transaction value unless othewse stated in the relevant notelsl to the accounts. The Trus￿ consider that there are no material uncertainties about the FouTrdation'5 ability ro continue a5 • going concern. The financial 5tatement5 are prepared In srerfin8 ¥•thich is the funaional currency of the Foundation and rounded io the n￿re51 L The si8nrfic•nt •ccountin8 policles Jpplied in the prepar•rion of these fin•ncial 5ratements are sei out bel¢)w. These pollcies have been consistenty applied to all years preSen￿d unle otherwise Stated. (b) Group fin•nci•l statem•nts The consolidated financial statements incorporate the finandal statements of the comparyy and Its subsidiaries on a line ty line bo515. (c) Incorne All Incoming resources are recosnised in the Statement of Financial Actwitles (SOFA) when the Foundation is le8alty entided to the income after Jny performance condition5 have been mel nd the amount can be measured reliabty and it t5 probable that the income will be received. Grants from the government and other a8encies have been induded as income from acDwties in furtheronce of the chariWs objects where these amount to a contracr for se1￿CeS. but as donauons where the money is g]ven in response to an appeal or sreaier freedom of use. In accordance ￿th this policy, legacies a￿ included when the chariry is adwsed by the personal representative of an estate that payment will be made or property transferred and the amount Involved can be quantified. 27 Cont... 14. Notes to the Financial Statements Tees Vall Communi Foundation and its Subsidiaries {d) Expenditure l expenditure 15 included on on accrua15 basis and ha5 been classified under headings that aggregate all c05t5 related ro the category. Expenditure 15 recognised when there 15 a legal or constructive obligation to make payments to third parties. it 15 probable that the settlement V4fj11 be required and the amount of the obligation can be measured reliably. It 15 categorised under the following headings:_ Costs of raising funds comprornise the costs associated vdith rai5in8 funds. Expenditure on charitable attivitie5 includes the costs aSSOCiated with the objects of the Foundaoon. Charirable expenditure comprises those costs incufred by the Charity in the delrvery of it5 attiirities and serwces for its beneficiaries. It includes both cosrs which can be directty allocared to activities and those cosrs of an indirea nature necessbry to support them. Costs are allocated between ihe expendirure cotegories of the SOFA based on usage of ihe resource, Govemance cosrs are those Incurred In connecty.on wlth compliance with constlwtlonal and staDJrory requirements. Irrecoverable VAT 15 char8ed as an expense J8Jinst the artiwty for which expenditure ar05e. (e) Allocation ol support costs Suppon cosrs are those thar asgst the V￿rk of the Foundats"on but do not dirertly represenr charirable attrviDes and Include office costs. firbance. personnel. payroll and 8ovemance costs. which sUPPOrt the Foundation's actiwties. These cosEs have been allocated to expenditure on charitable acuwtie& The bases on which the support costs have been all¢xated are set out in note ifj Intangible Assets Intangible assets are initialty measured at COSL After inirial recognition. Intangible a5set5 are measured at cost less any accumulated arnortisation and any accumulated impairment105se5. Computer software 15 bein8 amortised eventy over its estimated useful lrfe of ten year T•n8ibl• Fix•d AM•ts Fixed assets are stated at cost less accumulated depreciation. Depreciorion is provided at the following annual rates in order to write off capitalised assets over their estimated useful lrfe. Computer equipment Fixtures & fittings 33%9b straight line 33%% straighr line (h) Inv￿trn•n¢ prop•rty Invesunent properties are measured at fairvalue at each reF)Ortin8 date with changes in fairvalue recognised in 'net gains l (losses) on investments. in the SOF Invostments Investments are reco8nised initialty atfair value vthich is nornially the tran5athon price excludin8 transaction costs. Subsequentty, they are measured at fair value vlith changes recognised in'net 8ains I1105sesl on investmenrs. in the SOFA if the shares are Public￿ traded or their fair value can other￿Se be measured reliabty (J-) Debtor4 •nd creditors receiv•blelp•y•ble within one y￿r Debtors and creijirors with no srared inieresr rare and receivable or ptyable within one year are recorded ar uansacrion price. Any losses arisingfrom impaimient are recognised in expendirure. Ik) Cash at bank and in hand Cash at bank and in hand includes cash and short term hi8hty liquid investments viith a short maturity of one year or less from the date of acquisition or opening of the deposit or similar accounc 28 Cont... 14. Notes to the Financial Statements V 11 Communi Fou nd its Subsidiar 20 o) L••sinB Commitm•nts Rentals paid under operating leases are charged to the statement of financial acrivities on straisht line basis over the period of the lease. (m) Juds•m•nts •nd Key sourc•s af •stim•tion unc•rt•inty In the application of the chari￿s accounting policies, t•thich are described above, the Trustee5 are required to make judgements, estimates and a5sumption5 about the car￿.ng amount5 of assets and liabilities that are not ￿adIlY apparent from other sources. The estimates and associated assumptions are based on historical experience and otherfactors that are considered to be relevanL Actual results may differ from these estimate& The e5timate5 and Under￿"n8 assumptions are reviewed on an on8oing basis. Revisions to accountin8 estimates are reco8nised in the period in which the estimate Is revised if the revision affecrs onty thar penod or in the period of the revision and furure periods rf rhe revision affects both currenr and future periods. Donationj and L•s•ci Total R•strirt•d R•strirt•d Endowm•nt 2025 2024 Miscellaneous Donations Intellisent investment Cleveland Youth Association Hill Fund Valeriejones Music Fund Lieutenant Colonel Cohen Charrtable Trust The Peter and Marie HammorKI Educational Fund 418 3.168 17.490 21.076 19.959 19.905 57,151 5.250 100 S.250 11JO 12,130 4.093,794 3.168 242.490 251.426 4.209.939 Income from donations and legacies for 2024 was £4.209,939 of which £76.330 was re5m"c¢ed. £23.577 was attributable to unrestricted and £4,110,032 was attributable to endovmient. ChariLqbl• Activiti•* Totsl R•stricted Restrict•d Endowmert 2025 2024 Tees Offshore Communfy Benefft Fund Playzone Projett 5ofio Offshore Windfami VONNE (LARCH Partnership Program} Targeted Community Interesr Your Active Living Fund Hadley Shipping Company 119.842 119.842 113,900 6.gJ2 36.666 145.425 82.227 81.975 15.000 145.425 82.227 81.975 15.000 157.250 137.045 136.625 481.135 481.135 588.448 Charttable activities for 2024 was £588.448 of which £588.448 was restritted. £Nil was attributable to unrestritted and £Nil was attributable to endowmenL 29 Cont... 14. Notes to the Financial Statements T•u Vall Communi Foundatio and its Subsidiaries Notes to the Financial Statements for the Y•ar Ended 31 March 2025 Inv•stm•nt Incom• Tot•1 Restrict￿ Re%trict•d Endowm•nt 2025 2024 Renial income Intere51 dividends and related tax crediis 17.959 17.959 9.631 385.191 408.755 395,920 41.523 385.191 426.714 405,551 Investment income for 2024 was £405,551 of Which £NIl wa5 restncted, £33,659 wa5 attributable to unresrricted and £371.892 was attributoble ro endov4rynenL R•isin8 Funds Total Restrirt•d R•strirt•d Endowment 2025 2024 Salaries Investment management costs General office costs Other cost5 16.260 16.260 14.587 5.717 8.328 3.091 83.593 89.310 8.328 3.091 78.302 7,570 2.193 83,593 116,989 102,652 Raisln8 funds expenditure for 2024 was £102,652 of wthich £Nil was restricted, £29,916 was attributable to unresrricted and £72.736 vias attributable to endowment. 30 Cont... 14. Notes to the Financial Statements Tees Vall Comrnuni Foundation •nd its Subsidi•iriti Notes to the Fin•nci•l Statements for th• Year End•d 31 March 2025 Ch•rit•bl• Activiti•s- Grant M•king Unr•strict•d lu•Mh 2025 2024 R•StrIct￿ lun& 2025 2024 Total 2024 Dir•rt Costs Salaries Grants awarded Grants retumedlwritten back External project costs Support Costs S4laries MarkeDng & adverrising Website & comrnunications Insurance Hear & light Telephone Prlntin& stationery & P05ta8e Computer expenses Bank charges Rent & rate5 Sundry expenses Depreciation and amorti5ation Subscnptions TroininB Travel Govern•n¢e coms (note 7) 14.228 1.138317 13.693 941,698 14.228 1.169,817 13.693 961,738 31.500 20.040 112.4911 15,992 (12,491) 15,992 18.123 18,123 138.650 124.383 18.250 19.440 138.650 18.250 19.440 124,383 1,588 41,034 5,341 1.717 359 41.034 5.341 1.717 359 3.871 542 3.871 926 19.185 421 13.542 1.969 643 8.645 386 9.579 926 19.185 421 13.542 1.969 643 8.645 386 9,579 4,832 6.473 5.762 6.547 1185 6.473 5.762 6.547 2.185 36 356 57,456 356 57.456 238 65.914 65.914 333.423 285,127 1.170.668 958.892 1.%14.091 1,244,019 An0￿1$ Of Gov•rn•nce Costs Vnr*str•ct•d funds 2025 2024 R•strirt•d lundi 2025 2024 Total 2024 Salaries Gener•1 ¢)ffice c¢)5t5 Auditors ￿MUneration Other accountancy fees Lesal & profes5ionol Clther c0*5 16.260 14.587 7.570 6.560 15.884 10.662 2.193 16.260 8.328 14,587 7.570 6,560 15,884 10,662 2.193 21.116 9.319 3.091 21.116 9,319 3.091 65.914 57.456 65.914 57.456 31 Cont... 14. Notes to the Financial Statements ees Vall Communi Foundat. Not*5 to the Fin•nci*l St•t•rntfit* for th* Y•ar Efftd￿ 31 Mthrth 2025 Ch•rit•bl• Ac¢iviti•s- Ad¥i¢• •nd Guidanc• Unrestr1rt￿ funds e%trirt•d fuhds Tatal 2025 2024 2025 2024 2025 2024 Direct Salaries Gran￿ awarded Intelligent Investment external costs Ployzone Project exrernal costs 6.925 216.259 7,943 54,738 6,925 216,259 7,943 54,738 58.998 58.998 6.491 6,491 58.998 223.184 69.172 223.184 128.170 Gr•nts •ward•d A Ilsr of srant5 awarded to or8anisation5 durin8 the year Is derJlled in Appendix 1 to the accounts. 10 St•ff fiumb•rn The over•8e number of per50n5 employed durin8 the year. analy5ed by category. was as follow￿:" Nurnb•r of Ernploy•• 2024 Administration Grant makin8 supporr cosrs Fundraisin8 Total 11 Staff costs and Trust••s' r•mun•r•tion 2024 Salaries Employerf5 National Insurance Penslon Contributions 171401 11515 7.407 157.559 10.467 7.167 Total 191323 175,193 32 Cont... 14. Notes to the Financial Statements T••s V•ll Communi Faund•tion and its Subsidi•ri•s 11 Staff costs •nd Trurt••s' r•mun•r•tion (c•ntinu•d) The number of employees whose toral emoluments (exdudlng employer pen￿On co￿) for the reF>orring period in the followng bands was: 2025 2024 Number number £70.000 ro £80.000 p.a. £80.000 ro £90.000 p.a. The Trustees recerved remuneraDon of £Nil (2024: £Nill. Trustee expenses paid in the year amounted to £Nil12024: £NIl). The total amount of employee benefits received by kry manasement personnel is £87,119 (2024 - £84,071). The Trusi considers irs kty management personnel comprise the Chief Executfve. 12 T•x•tion The charity is an exempt chJnty wmhin the meanin8 of schedule 3 of the Charitses Aa 2011 and is onsidered to pass the tests set out in Paragraph 1 Schedule 6 Finance Aa 2010 and therefore It mee the definition of a chantable company for UK corporation tax purposes. 13 Int•ng•bl• Au•ts Comput•r S•ftw•r• Cost Ai 1 April 2024 68.320 8,436 68.320 8.436 At 31 M*r¢h 2025 76.756 76.756 At 1 April 2024 Charge forthe year 6.832 7,769 6,832 7,769 At 31 March 2025 14.601 14,601 N•t Book V•lu•: 31 March 2025 61155 62,155 31 March 2024 61.488 61.488 33 Cont... 14. Notes to the Financial Statements Tees Vall Communi Foundation and its Sub%idiari•s 14 Tan8ibl• Ass•t* Comput•r Equipment Fixtures & Fittinss Total Cost: At 1 April 2024 Addirions Disposals 26.349 679 (22,966) 14.668 41.017 679 {22.9661 At 31 March 2025 4.Cfi2 14.668 18,730 D•pr•ci•tion: At 1 April 2024 Charge for the year EluDitiated on dispojal 26.059 223 (22.9661 14.668 40.727 223 {22.9661 At 31 March 2025 3,316 14.668 17.984 N•t Book Valu•: 31 March 2025 746 746 31 March 2024 2￿ 290 15 Investment property Total Fair V•lu•: At 1 April 2024 720,000 At 31 March 2025 720,000 Net Book Value". 31 M•rrh 2025 720.000 31 March 2024 720.000 An independent valuation of Peat ￿.88 Outdoor tralnin8 centre was carried out by H J Scott IMRICS) of Boultoncooper in February 2023. The properry wo5 valued oi It5 rnark￿ value amounring to £720.￿0. The trusrees believe there has bttn no mJrerial movemeni in the voluJDon during rhe year, 34 Cont... fo-undation 14. Notes to the Financial Statements Tees Vall Commun Foundatlon and Its Subsldlarles Flna Is rEnd 1Mar IrNestments are stated at falr value as at 31 March 2025 and comwise the follovlns- Company Group Company 2024 Group 2024 fthernment stocks Other fixed Interest stocks UK equlrles Invesrmeni rrustslfunds I￿r5eaS equlties Deposit account 63.003 1118.279 60.577 1036.740 103.289 3.471838 43.366 1.458.040 2n.703 9.370.5n 3.176 106.768 40,311 80,624 114,810 46,264 275,126 5.806 1,361,539 1723,176 3.877,863 1.561623 9.291700 196.092 551114 18.563.237 561941 19.013,993 Analy5ed as fo11th￿:. Investment assets In {UK) Investment assets outside {UK) 273.411 9.191665 278.703 9.370.5n 287.815 275,126 9.721.293 9.291700 551114 18.563,237 561941 19,013,993 Balance as at l fvprll 2024 Additions Increase In marketvalue of 1rNestrT￿ts DIsFK>sals Loss on dlsposal of Investments Movement on cash balances held 19.013.993 4.181.901 70.554 (4.525.592) {88.296) {89.323) BalarKe as at 31 March 2025 14563.237 17 Company Group Company 2024 Group 2024 Grants & donations receNable Prepayments and accr￿1 income Other debtors 123.984 123.984 120,722 1500 34,015 120.722 10.598 16.630 141314 161.624 157,237 131,320 Cash at bank and In hand Company Group Company 2024 Group 2024 Bank. Bank accounts & cash 301.456 579,413 619,638 35 Cont... fo-undation 14. Notes to the Financial Statements •ll Cornmuni Fou and its Subsidiaries Notes to the Financial Statem•nts for th• Y••r End•d 31 March 2025 19 Cr•ditors: Amounts f•llin8 du• within •n• y••r Comyny 2025 Group 2025 Cornpary 2024 Group 2024 Trade creditor5 Accruals and deferred income Taxation and social security 6.503 162.568 4.657 6.503 183.456 4.657 9.192 196,081 4.089 9.192 216.115 4,089 173.728 194.616 209,362 229,396 Included within accruals and deferred income is the folloY4in8 deferred income relating to fvture periods."- Tees Offshore Community Benefit Fund Sofia Offshore Windfam Fund Spark Grant 123.984 149.328 Fin•n¢i•l ih*¢rum•n¢* Measured at fair value ihrou8h income or expenditure. Comyny 2025 Group 2025 Company 2024 Group 2024 Investments (note 16) 552.114 18.563.237 564,941 19,013.993 36 Cont... mvm ¢N ¢>mm- tyJR 41 In f*4 11'11- 91 ID MID LTh r OP4mN oovi In Vw*v)> m C4 )ts) ho oj • J •J • u u u u ££££ eL CL CL wj D L r4J rdj r• w L u u v o w o o ULn ** 141 (o mmin 4 y) o fo-undation 14. Notes to the Financial Statements V 11 Communl Fou and Ats Subsldlarles Fund Anatysls The assets hekl by each of the Foundauorfs fur#Js are anal￿ as follows:. InfanOble and Tanglble Investrnnt Current Total Permanent ErKIv•yrrffit Fund Cesignated Administration Fund Expendable Enthvrnent Fund Restricted Distribution Fund Peat Rigg Unrestricted Income & Expenditure Fund Designared Disrriburlon Fund 11711237 13.711237 577,271 1582.668 1,138,945 577.271 1582.668 1.360.882 221,937 720.C(KI Ji 46.527 109.428 551116 551116 At 31 March 2025 720.IXQ 18.563.2>7 619J1 268.464 19.614.602 At 31 March 2024 720.IXKI 19.013,993 61,778 521,562 20,317,333 Control RelatIor￿1Ps X 31 March 202S Tees Vallty ComrNnlty Foundatlon was under ￿ control of the Trustees as noted on page l. Tees Vallty Corrmunfy FourKJatson is the sole trustee of Cleveland Communlty Foundation {Re8i5tered Charity no 1111222.1. pre¥lou5ty 7(K15681 vknlch from 1 Aprll 21￿6 hdds all Endowed Fund5 and Is respc*)slble for grant maklng out of those funds. Tee5 Valley Conynunty Foundatlon became the sole Trustee of The Speck Walker Fund (Rewstered Charity number 1111222.21 on 12Juty 2010. Tees Vallry Commurlty Fcmjndatlon became the sole Trustee of Tr Teesside Emergency Relief Fund {Registered Chariry number 1111222-3) on 14 Marth 2011. Tees Vallry Communty Foundatlon becaff* the sde Trustee of The Agnes SperKer Charltable Trust {Registered Chariry Number 11112224) on 28 March 2014. Related Party Trans•rtlons rlng the ytar the followlng tranSa￿onS t¢)ok place bet￿￿en Tees Vallry Communlty Foundatlon arKI aeveland Community Foundarlon'.- 2024 xlmin charge tr￿￿erred from aeAand Community Foundation to Tees Valley Comrrnnty Foundati¢ 225.171 Hugh McGouran Is a dlrector (from 26January 20241 of Oemenuanet CIC of*thlch has been awarded grants toralling £180.1KN) 12024.. £19.905). Hugh is a150 a direaor of aevelarKI AJzhein*rfs ResIden￿al Centre Limited of thich has been awarded grants toralling £Nil (2024: £4.51X)}. 42 Cont... fo-undation 14. Notes to the Financial Statements nd its Sub5idi•ri R•lated Party Transactions continu•d.. Tnjstee Jeffrty Toylor Is a Partner in a parmership which operates a franchise wrth Redmayne Bentlty and they manage a porrfolio on behalf of TVCF. The investment porrfolio amounted to £199,028 at 31 March 202512024: £188.6541 and irwestment management fee5 for the year totalled £2.491 12024: £2.2501. Trustee Wen(ty Shepherd is a Director of Seen Heard Believed a tharity of vthich ha5 been awarded 8rants by TVCF Totalling £28.5OJ12024,. £25.LXyJI. 31 Unappli•d Total Return Tee5 Valley Communry Foundation operates a total return investment stratesy and transfers income from its funds to pay for 8rants and runnin8 costs. The movements on Unapplied Total Return in respect of the Permanent EndoY4rynent Funds are:" 2025 Balance as at 1 April 2024 Transferred to Income & Expenditure Fund from Permanent Endowmeni Funds Transferred to Distribution Funds Total Retum for the period (income. realised 8ains11055e5 and changes in markff value) 1.470.789 (152.621) (505,204) 250.462 C1051n8 balance carried foThvard at 31 March 2025 1.023.426 Op•ratins L••M C•mmitm•nts Toral fLfftire minimum lease payments under non-concellable operafin8 leases are Os foll0v￿. 2025 2024 L•nd & buildin Expiry. Within one year 8.000 P•nsions The charity operates a contributory defined contribution pension scheme for all employees. The company contributions are charged to the Statement of Financial AcrNits"es in the peri¢xl to which they relate, £7.407 wa5 paid In contributions durin8 the year (2024: £7,167). The amount outstandin8 at 31 March 2025 was £Nil12024: £Nil 43 Cont... fo-undation 14. Notes to the Financial Statements Tees V•ll Comrnuni Found•tioTh Rtton