Charity registration number 1113226 Company reglstratlon number 5670692 {England and Wales) SUSSEX COMMUNITY FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
SUSSEX COMMUNITY FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Andrew Baird Julia Carrette Sally Case Guy Davison Corinne Day Mebrak Ghebreweldi Christine Gibbons David Hill Brian Mills Martin Roberts Mark Spofforth OBE- Chair Palrick Stevens - Treasurer Nick Munday Deirdre Prower David Sampson (Appointed 11 May 2023) {Appointed 11 May 2023) (Appointed 30 November 2023) (Appointed 30 November 2023) (Appointed 30 November 2023} Secretary and Chief Executive Kevin Richmond Founder The 1 Oth Duke of Richmond & Gordon Joint PTesidents Andrew Blackman Lord Lieutenant of East Sussex Lady Emma Barnard Lord Lieutenant ofwest Sussex Patron The 11th Duke of Richmond & Gordon Charity number 1113226 Company number 5670692 Registered office 15 Western Road Lewes East Sussex BN7 1RL sussexcommunityfoundation.org info@sussexcommunityfoundation.org Auditor Knill James LLP One Bell Lane Lewes East Sussex BN7 1JU Bankers CAF Bank 25 Kings Hill Avenue Kings Hill Wesl Malling Kent ME19 4JQ
SUSSEX COMMUNITY FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Solicitors Adams and Remers LLP Trinity House School Hill Lewes East Sussex BN7 2NN Investment advlsors CCLA Investment Management Ltd Senator House 85 Queen Victoria Street London EC4V 4ET Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU
SUSSEX COMMUNITY FOUNDATION CONTENTS Page Trustees. report Slatement of trustees, responsibilities 11 Independent auditor's report 12-14 Statement of financial adivilies 15-16 Summary income and expenditure account 17 Balance sheet 18 Statement of cash flows 19 Notes to the financial statements 20~34
SUSSEX COMMUNITY FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial slalements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounling policies set out in note 1 to the financial statements and comply with the charity's Memorandum & Articles of Association, the Companies Act 2006 and 'Accounting and Reportin9 by Charities- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). CHAIR'S REPORT 2023-24 In my first year as Chair of Trustees l am delighted lo present our Annual Report and Accounts for 2023124. In reviewing the year, the ongoing cost of living crisis, global economic uncertainties and conflicts have set a challenging environment for the many charities and community groups we support in the county. Society appears to be more fragmented than ever and the polarisation of the gap between those coping within this challenging situation and those less able to do so has increased. We continue to focus on getting ourselves and our causes better known around Ihe county. but the corollary to this is that we are receiving more calls on our limited resources. Statutory funding has reduced significantly this year and there are many more groups seeking granls than ever before. Nevertheless, thanks to the generosity of our fundholders and donors we have given out over £2.6m grants this year. This supported 449 organisations across Sussex. For example, Ihis year we started to Wofk in partnership with the Foreign, Commonwealth & Development Office to support Ihe Chagossian Community in Crawley. We are two years in to our &year strategy to build a fairer more eqtkal Sussex which focuses on fr Funding Priorities - Tackling Poverty, Reaching Potential, Improving Health, and Acting on Local Climale Change. Using these priorities as our building blocks, we want to play a leading role in philanihropy across Sussex, aiming to become the go-to knowledge hub for the issues that affect our communities. We can edL¢cate and infomi our donors about the local needs and undersland how best to tackle these issues by informing local charities and volunteer groups. Measuring. and maximising. the impacl of donations resulting from donors, generosity remairE key to our management objectives. This year we focussed on Tackling Poverty and analysed data and evidence highlighting the inequality across the county, producing a report that has been widely circulated and read. This gave us opportunities to reach out and attract new supporters from the private and public sectors and position ourselves as a trusted source of information about local communities. Our focLts remains to engage our fundholdeys in long tem philanthrop giving and work with them to understand and support their charitable aims. Thanks to generosity of the Lawson Trust, we launched an appeal rnatching new money wilh a bonus from the Trust, which helped us attract £1.8m in nèw endowment donations. We are very grateful for that support. Our "flow-through" donation figure of £1.3m is a significant achievement given the current economic climate. always demand exceeded our ability to meet it, we were only able to satisfy a third of the demand - we received applications worth over £7.5m. This record level of applications demonstrates the level of n8ed out in the community. We ar6 doing all we can to raise more money so that we can support more of the vital work being arried out by local charities. I wish to thank the Irustees who have stepped down this year, all of whom provided sterling service over many years (Keith Hollis, Pamela Stiles and Maggie Burgess) and I welcome our new trustees {Salty Case, Christine Gibbons, Nick Munday, Deirdre Prower, David Sampson) and hope that they enjoy working with the Foundation as much as I do. I cannot close this repori without thanking all the staff team for their commitment and enthusiasm lo the organisation and its vision during challenging times.
SUSSEX COMMUNITY FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES The Foundation's Charitable Objects are-. The promotion of any charitsble purposes for the benefil of the community in the Counlies of East Sussex, West Sussex and the City of Brighton and Hove (referred to as "Sussex" in this document) and in parbcular the advanMent of education, the protection of good health both mental and physic81 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 including those in the area of benefit. In 2022 The Board of Trustees approved the Foundation's Strategy 2022-27= Towards a fairer and MO equal Sussex. OUR VISION: To see a fairer and more eqLJal Sussex, where people and communities thrive for today and for Ihe future. OUR MISSION.. To champion and enable all who want to make a posilive contribution lo our local area through effectsve philanthropy and community action. WE WILL DO THIS BY-. Inspiring local people to give to meet local needs Investing in local ¢haiities and community groups, and helping them to become strong and sustainable organisations Informing & Influencing philanthropists and the wider community about local needs, now and in the longer temi. ALL OUR WORK IS INFORMED BY OUR VALUES.. We show leadership, acting boldly and positively for Ihe public good. We champion equity, working in acssIble and illclusive ways, supporting greater fairness, and standing against prejudice, discrsmination and disadvantage. Our approach is empowering, helping others to make the difference that they want to make. We maintain Ihe highest standards of integrity in all that we do. We believe that people achieve Ihe mosl when they work together with shared passion and vision. OUR COMMITMENTS: Sussex Community Foundation is a broad-based local funder, supporting a wide range of charitable activities and enabling phi18nthropi5ts to address the causes they care about. In this stralegy we are making seven specific commitments. We will measure our progress on each and report each year on what we have achieved and what is left to do. Our commitments are: To focus our support clearty and openly on addressing poverty and disadvar7tage. To help strengthen local commvnities and the voluntary sector To increase the amounl and the effectiveness of local philanthropy in Sussex To use data and local knowledge to inform our work To promote equity. diversily and inclusion To support local action to address climate change To be an open and trusting grant fflaker Our Funding Priorities: We use nalional and local data to focus our impact on four funding priorities where we believe we can make the biggest difference. Through our philanthropy advice we help to match our supporters, aims with the many small. effective charities offering solutions lo local issues. Our Funding Priorities are.. Acting on Climate Improving Health Reaching Potential Tackling Poverty
SUSSEX COMMUNITY FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENTS AND PERFORMANCE Attradlng Funds for Immediatè Grant Making Indicator Amount Donated to flow-through Number of active Flow-throu h funds Contribution to rant funds from Community Fifst Endowment Contribution to grant funds from other endowment 2023124 £1,299,297 42 £355,480 £891.650 2022123 £1,949,222 41 £498,860 £967,413 If funds raised for immediate grant making are greater than the amount distributed in the year then the surplus will be ringfenced and distributed in future periods. GRANT MAKING One of Ihe most challenging roles for the trustees is choosing which of many deservirig causes should be assisted from limited resources. The Board of Trustees is ultimately responsible for all grants awarded by the Foundation. but it delegates detailed decision-making to its Grants Committee. The Foundation solicits applications and assesses those that are eligible for funding. Applications are then matched with the charitable goals of each fund and donor. Indicator Value of grants awarded Number of grants awarded Average size of grant Number of grant5 £10,000 or over Number of groups supported Number of grants to individuals Number of grants under £1,000 2023124 £2,639,725 668 £4.255 53 449 34 132 {20°kn) 2022123 £3,274,590 726 £4.524 82 504 29 84 {12%) 135 groups received more than one grant (average number of grants per group was 2.25). A number of grants were awarded subject to conditions. which have not yel been fulfilled. The totsl value of these conditional grants was £68,970. Number of grants by Funding Prlority 2023124 Fvnding priority Total grants awarded 59, %282,43?: 270 £1,W2,629.' OihiT Acting on Climate 5mproving Health Reoching Poteritiol Tockling Povarty 711,691 'Total 618, £2,43?.725.
SUSSEX COMMUNITY FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Number of grants by Local Authority Area Loeal Authority East oueX 20231.24 2022/23 214 es1 Su5se¥. Brighton & Hove Olher 191 Tolal 726 IMPACT REPORTING Making decisions about who should benefit is challenging. However, the Foundation's role does nol stop there. and the trustees are mindful of the need to understand the impact that each grant has made, and lo follow up contact with beneficiaries. The Foundation requires all grant recipients lo return monitoring forms at the end of Iheir projects. These afe used to monitor outcomes and inform assessment of future applications. The Foundation collates quantitative and qualitative data from Ihese monitoring returns and uses Ihis dala to produce reports to trusteos, d(or$ and stakeholders on the achievements of the groups that we fund. The Board of Trustees has maintained oversight of the grants process and is satisfied with this yearfs outcomes. Heallhy dis¢tJssions at Board meetings ensure that there is no complacency with the Foundation's achievements, and the Trustees continue lo leam and strive for greater impact with the resources available. HELPING COMMUNITIES TO RECOVER FROM DISASTERS Community foundations across the UK have played a key role in managing funds donated to help people affected by disasters. Community foundations have a unique knowledge of the needs of local communilies and an ability to make grants quickly and effectively. The Foundation has responded to the Shoreham Air Show crash and the Covid Pandemic throLsgh the Sussex Crisis Fund and stands adY to respond in future should another disaster slrike our community. PUBLIC BENEFIT The goal of all the Foundation's aclivities is to provide benefit to the public in Sussex, focusi on addressing disadvantage and deprivation and building strong commLJnities, bul supporting all areas of charitable activity- It achieves this by awarding grants to local charities and community groups, which provide demonstrable community benefits. In assessing applications for a grant, the Foundation seeks evidence of genuine public benefit and requires applicants to have an appropriate Equal Opportunities Statement thal assures that benefits are available to all within the relevant community. The trustees have had due regard for the guidance published by the Charity Commission on public benefit.
SUSSEX COMMUNITY FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 GRANTS POLICY The Foundation has developed a grants policy, which aims to malch the charitable goals of its donors with tha needs of the community, focusing on addressing disadvantage, promoting thriving communilies. improving quality of life, and helping people to fulfil their potential. FUNDRAISING The Foundation is registered with the Fundraising Regulator and has signed up to the Fundraising Promise and the Code of Fundraising Practice. It is also Quality Accredited by UK Community Foundations. The Foundation raises funds by developing long-term relationships with potential supporters. Fundraising activities are undertaken by paid employees, volunteer Irustees and arnbassadors, all of whom are accountable lo the Chief Executive and the Board of Trustees. The Foundation does not use any paid extemal fundraising agencies or consultants. There have been no failures to comply wilh Fundraising Standards and no complaints regarding the Foundation's fundraising activities in this financial year. ENDOWMENT FUND In order to achieve long-temi benefil for the community, the Foundation is building an Endowment Fund, which will enable the Foundation to provide public benefit lo the local community across Sussex for generations to come. ETHICAL INVESTMENT In February 2020, the trustees took the decision to move all our investments held at Sarasin to their "Climate Active Fund" which does not invesl in fossil fuels and proactively invests in businesses thal are making a positive contribution to addressing climate change. On 1 July 2021 the trustees decided to transfer all funds held at CCLA to Ihe CCLA Charities Ethical Fund. Both Sarasin and CCLA are seen as leaders in the field of ethical investing and active engagement with companies in which they invest. Details of our investment managers, ethical investmerbt policies are available on request. SERVICE TO DONORS The Foundation's individual character arises from the strategy for attracting funds from donors who wish lo advise on how their donations are applied. As a result, the Foundation's work provides a comprehensive doncy service to individuals and companies who care about their local community.. assisting donors to make the maximum posstive impact on the community. Named Funds are a core element of this service for donors. A named fund offers the donor the opportunily to establish a charitable fund in their own name, which can be used lo award grants to match the donor's specific charitable interests. There are Iwo lypes of named fund.. Flow-through named fund is distrtbuted within an agreed timescale, normally one year, so as lo maximise the immediate impact in the ¢ommunity. Endowment named fund is a capital fund invested to generate investment income and capital growth. which can be distributed as grants for the benefit of the community for the long term.
SUSSEX COMMUNITY FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT} (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Financial review The financial year from April 2023 to March 2024 was encouraging, with progress made towards our targets supported by Ihe Lawson Malch Challenge as a demonstrable incentive lo fundholders. Donations to endowment exceeded budget at £1,828,484 - significantly higher than the previous year12023 - £563.601). Income for immediate grant making Iflow-through fijnds) was £1,299,297 for the year {£1.949.922 in the previous year}. This income helped us to make a significant difference within the local Sussex community, however progress in securing this funding has been impacted by local authorities having reduced funding available to channel Ihrough our service, as well as a funding gap created posl-pandemic and the Cosl-of-Living crisis response, which both contributed to peaks in previous years. Relationships with our local aulhorily partners remain strong and we are working logether to seek solutions for the future. As at 31 March 2024. the Foundation held £1,405.025 in restricted grant making funds, which are for the sole putpose of grant making in future periods and cannot be used for Ihe general purposes of the charity. The high value of funds held is due in part to advance payments form some funds which are due lo be spent over a number of years. or large balances for individual funds which are held for a limited number of capital projects which have yet to meet conditions. A proportion of these grant making funds will have been raised during the final quarter of Ihe financial year and will be rolled over to the first grant round in 2024125. The charity's investments showed a very favourable capital gain over the year of an average 12°/r*, which resulted in an increase of £2,580,089 compared with a loss of £942,547 in 2023. The table below compares the investment performance of our two fund managers in the periods up lo 31 March 2024. Last 12 months 3 years (average} +4.0/0 +7.34¥. 5 Years (average) +6.80/0 +8.95 /0 Sarasin CCLA Charities ethical fund +11.1 % +13.11°/. RESERVES POLICY As with all Charities. Sussex Community Foundation must raise the funds required to support its uxe OpetiOn. It is important to ensure that the organisalion is sustainable and successful in the long term. In order lo ensure that sustainabilily, the Charity must hold an appropriate level of Reserves. Our Reserves Policy is thal unrestricted funds, which have not been designated for a specific use. should be maintained between an upper level of eighl months, and a lower level of three months. of the subsequent year's budgeted operatirig expenditure. The trustees consider that this is a measured risk due to the annual drawdown for core costs of 15°/a of the value of the endowmerTrt fund, currently held at a value of £27m. This position is unlikely to reduce ovef the COLArse of the next few years. This contributes a known minimum amount per annum to the core costs, which is a significant positive contribution that enable5 confidence in the projected financial position. As at 31 March 2024, unrestricted reserves stood at £343.311, which represents 21 weeks'14.8 months) operating expenditL&re budget for 2024-25 compared with £502.490 or 28 weeks {6.4 months} in the previous year.
SUSSEX COMMUNITY FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 INVESTMENT POLICY Investment Objective To develop expendable endowment funds, which provide sustainable support for local communities in the long-term. This will require a balance between: The need for current grant making funds, and Maintaining an endowment to meet th8 funding needs offuture generations Power of Investment The investment powers of the Board of Sussex Community Foundation (the Foundation) are defined in Article Four of the Memorandum and Articles of Association. Sussex Community Foundatlon's Investment policy for its Endowment seeks to: To maxlmise performance through a diversified asset portfolio and a medium risk strategy To achleve a total Investment return of at least 1 /. per annum after costs above that of the ARC Charities Steady Growth Index over rolling three-year periods. To achieve a total investment retum that exceeds the customer prices index, over rolling three-year periods. As at January 2024. our inve5tmenl portfolios Isarasin & CCLA) have a target to achieve a combined income and capital return over the long term of 4.5 % to 5 % above CPI. The Foundation also holds funds derived from revenue donations for grant making and operalional costs. The Foundation will seek to obtain Ihe best return al low risk for these short-term holdings. RISK MANAGEMENT The major factors which affect the success and sustainability of the charity are.. 1. The degree of success in raising funds - for endowment. grant making and operating costs 2. The investment performance of endowment funds 3. The ability of the charity to provide a high quality service to its donors and to the community 4. The reputation of the charity among potential donors, community groups, charities and intermediaries The trustees have developed a comprehensive risk management policy and system. which allocates responsibility for managing risk to sub-committees and named individuals and is overseen by the Audit & Risk Committee.
SUSSEX COMMUNITY FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 PLANS FOR FUTURE PERIODS As we produce this report. we are approaching the middle of the period covered by our current slralegy 12022-2027). Our vision, goals and main activities remain as staled in that strategy and summarised in our last annual report. In short, we continue to strive to provide a sustainable source of funding for local community action to help build a fairer, more equal Sussex. We aim lo raise more fL*nds to provide both immediate granl-making and lo build our endowment for the long-term benefit of the community. It is also essential that our grant making is accessible and relevant to the vast range of community groups. Our Funding Priorities are providing a powerful tool for raising awareness of the challenges faced by Communits'es across Sussex, demonstrating the difference that local charities make, and attracting donalions from a much wider section ofthe community than we were able to previously. As our Chair explained in his introduction lo this report, the economic circumstances have changed significantly since our slrategy was published. Many charities are finding thal costs are increasing bul it is much harder lo raise funds. This trend is evident from the very high demand for our grants. We remain passionate about the incredible value that local chaflties provide for our cornmunities. We also believe that there are many more local philanthropists who would like to make a difference. In the lighl of the challenges our society is facing. we will strive ever harder to Connect those people who have funds to donate with the amazing local charities that are changing peoples, lives every day.
SUSSEX COMMUNITY FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structur6, governance and management The Board of Truslées, which meets four times per year, governs the charity. There are CuentlY 15 trustees on thè Board. Sub-committees have been established to address specific areas of governance and meet as required. These committees include a Finance & Resources Committee, Grants Committee, Impact Committee, Fund Development & Marketing Committee, Notninations Committee. and Audit & Risk Committee. As at June 2024, 14 pemianent staff conduct the day-to4ay business of the charity. led by the Chief Executive who reports to the Board. The tnJstee5 are extremely grateful for the valuable contribulion of volunteers and ambassadors, who play a central role in the success of the charity. Sussex Community Foundation is a registered charity and a company limited by guarantee. It is governed by its Memorandum and Articles ofAssociation dated 10th January 2006 as amended on 11 May 2010. Trustees and officers who served during the year or at the time of publication were.. Andrew Baird Maggie Burgess Julia Carrette Sally Case Guy Davison Corinne Day Mebrak Ghebreweldi Christine Gibbons David Hill Keith Hollis Brian Mills Martin Roberts Mark Spofforth OBE- Chair Palrick Stevens - Treasurer Pamela Sliles Rachel Misra Nick Munday Deirdre Prower David Sampson (Resigned 30 November 20231 (Appointed 11 May 20231 (Appointed 11 May 2023) (Resigned 30 November 2023} (Resigned 30 November 2023} {Appointed 11 May 2023 and resigned 10 November 20231 (Appointed 30 November 2023) (Appointed 30 November 2023) (Appointed 30 November 2023) Recrultment and appolntment of Trustees Trustees are appointed by the Board of Trustees for a three•year temi, which can be renewed up to twice. Recruitment of new trustees is overseen by a Nominations Committee, which makes recommendations to the Board. Al least every three years, the trustees carry out a detailed review of the skills of members of the Board in order to identify any gaps. This review was last completed in June 2022. During 2023, the trustees advertised to seek applications for new trustees. After a very positive response, three new trustees were appointed to the Board to slart in May 2023 and a further three were appointed to join the Board in November 2023. Trustee inductlon and training The Foundation has adopted procedures for recruitment, induction and training of trustees, which include induction meetings with the Chair and Chief Executive, a recruilment information pack and appropriate training.
SUSSEX COMMUNITY FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 TTUStee Remuneration and Register of Interests All trLJStees give their time freely and no Iruslee remuneration was paid in the year. Delails of Iruslee expenses and relaled party transactions are disclosed in Nole 10 and Note 25 to the accounts. Trustees are required lo disclose all relevant interests and register them with the Chief Executive and to wilhdraw from decisions where a conlict of interest arises. At the beginning of every trustee meeting, those present are asked to declare any interests in any item in the agenda. Truslees may also declare any additional interest as the meeting unfolds. RELATED CHARITIES None of the trustees has any beneficial inlerest in the Foundation. All of the trustees are members of Ihe company and guarantee lo contribule £10 in the event of winding-up. Sussex Community Foundalion is a quality accredited member of UK Community Foundations (which is itself a Registered Charity)- Ac¢ieditation is subject lo independent assessment every three years. which the Foundation has achieved sitTce 2007. The Chief Executive of the Foundation is currently a trustee of UKCF. Audilor In accordance with the company's articles, a resolution proposing that Knill James LLP be reappointed as auditor of the company will be put at a General Meeting. Disclosure of information to auditor Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit. but of which the audilor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that Ihe auditor is aware of such informalion. The Injstees, report was approved by the Board of Trustees. Mark Spofforlh OBE - Chair Trustee Dale.. 10-
SUSSEX COMMUNITY FOUNDATION STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are also the directors of Sussex Community Foundation for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Slandards (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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these 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- make judgements and estimates thal are reasonable and prudent- state whether applicable UK Accounting Slandards have been followed. subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the charrty will continue in operation. The Irustees are responsible for keeping adequate accounting records Ihat disclose wilh reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charilies Act 2011 and the Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding Ihe assets of the charity and hence for taking reasonable steps for the pventIOn and detection of fraud and other irregularities. 11
SUSSEX COMMUNITY FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SUSSEX COMMUNITY FOUNDATION Opinion We have audited the financial slalements of Sussex Community Foundation (the 'charity') for the year ended 31 March 2024 which comprise the slalement of financial activities, the summary income and expenditure account, the balance sheet, the statement of cash flows and the noles 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 Ur)ited Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland {United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for ihe year then ended: have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi., 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 {UKII and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for (he audit ol the linancial statements seclbon of our port. We are independent of the charity in accordance with the ethical requirements that are relevant to our aLAdit 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 Ihe audit evidence we have obtained is sufficient and appropriate lo provide a ba515 for our opinion. Conclusions lating to going concern In auditing the financial statemenls, we have concluded that the IfUStees' use of the going concem basis of accounling in Ihe preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not idenb.fied any material uncertainties relating to @vents or conditions that. individually or collectively, may cast significant doubl on the charity's ability to continue as a going concem for a peTiod of al least Iwelve monlhs from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Irustees wilh respect to going Goncern are described in the levanl sections of Ihis report. Other information The trustees are responsible for the other information. The other information comprises Ihe information included in the annual reporl, other than Ihe financial statements and our auditor's report Ihereon. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly staled in our report, we do not express any form of assurance condusion thereon. In connection with our audit of the financial statements, our responsibility 15 to read Ihe 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 misslated. If we idenlify such material inconsistencies or apparent material misstatements, we are required to determine whether Ihere is a material misstatement in the financial statements or a material misstalemenl of the other infomiation. If. based on the work we have performed. we condude thal there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. 12-
SUSSEX COMMUNITY FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF SUSSEX COMMUNITY FOUNDATION Opinions on other matters prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of our audit: the informalion given in the trustees, report for the financial year for which the financial statements are prepared, which includes the directors. report prepared for the purposes of company law, is consistent with the financial statements,. and the directors. report included within the trustees, report has been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exception In the light of Ihe knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the direclors, report included within the truslees. report. Vve have nothing to report in respect of Ihe following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us. or the financial ststements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specFfied 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, report and from the requiretnent lo prepare a strategic report. Responsibilities of trustees As explained more fully in the statement of trustees. responsibilities, the trustees, who are also the directors of the charity for tho purpose 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 f)ecessary 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 charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concwn basis of accounting unless the trustees either inlend to liquidate the charitable company or to cease operations, or have no realistic altemative but to do so. Auditor's responsibilities for the audit of the financlal ststements Our objectives are to obtain reasonable assurance about whether the financial ststements as a whole are free from material misstatement, whether dtje to fraud or error. and to issue an auditols report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit Gonducted in accordance with ISAS {UKI will always detect a material misslatemenl 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 lo influence the economic decisions of users taken on the basis of these financial statements. In identifying and assessing the risk of material misstatement in respect of irregularities, including fraud, we.. obtained an understanding of the nature of the seclor, including the legal and regulatory framewotk Ihat the charitable company operates in and how the charitable company complies with the legal and regulatory framework" inquired of management, and those charged with govemance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud,. and discussed matters about non-compliance with laws and regulations and how fraud might occur including assessmenl of how and where the financial statements may be susceptible to fraud. 13-
SUSSEX COMMUNITY FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF SUSSEX COMMUNITY FOUNDATION As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP {FRS 102). Companies Act 2006, Charities Acl 2011, the charitable company's governing document, tax legislation and the Charities (Protection and Social Investment) Act 2016. We perfomied audit procedures to detect nonacompliances which may have a material impacl on the financial statements which included reviewing the financial statements, including the Trustees, report, remaining alert to new or unusual transactions which may not be in accordance with Ihe governing docurnenl. The most significant laws and regulations that have an indirect impact on the financial statetnenls are employment law and the UK General Data Protection Regulation {UK GDPRI. We performed audit procedures lo inquire of management and those charged with governance whether the charitable company is in Compliance with these laws and regulations and inspected correspondence wilh regulatory authorities. We identified the risk of management override of conlrols as the area where the financial slalements were most susceptible to material misstatement due to fraud. Audit procedures performed included, but were not limited to. testing manual joumal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and challenging judgments and estimates. Because of the inherent limilalions of an audit, there is a risk that we will not delect all ifregularities. including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that Complian 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 8ware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves inlentional concealment. forgery, collusion, omission or mISrepSentaIIOn. A further description of our responsibilities is available on the Financial Reporting Council's website al.. https'.11 www.frc.org.uklauditorsresponsibilities. This description forms part of our auditof's report. Use of report This reporl ig made solely lo the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Cofflpanies Act 2006. Our audil work has been undertaken so that we might state to the chwitable company's Irustees those matters we are required to slate lo them in an auditor's report and for no othcr purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other tt2n the Charitable company and the charitable company's trustees as a body, for our audit work. for this report. or for the opinions we have formed Lir David Martin FCA (Senior Stalutory Auditor) for and on behalf of Knill James LLP Chartered Accountants Statutory Auditor One Bell Lane Lewes East Sussex BN7 1JU 14
SUSSEX COMMUNITY FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Current financial year Unrestrlcted Restrlcted Endowment funds funds funds 2024 2024 2024 Total Total 2024 2023 Notes Donations and legacies Other tfading aclivities Investments 622,615 1,299,297 1,828.484 2,341 3,750.396 3,206,976 2,341 2,822 310,233 337,514 59,547 250,686 Total income and endowments 682,162 1,549.983 1.830,825 4,062.970 3,547,312 Raising funds 160,174 160,174 140.618 Charilable aclivities 681,167 2,886,884 281,712 3,849,763 4,516,728 Total expendlture 841,341 2,886,884 281.712 4,009,937 4,657,346 Net gainsl(lossesl on investments 12 2,580,089 2,580,089 {942.547) Net (outgoing)lincoming resources before transfers (159,179) {1,336.901) 4,129,202 2,633,122 12,052,581) Gross transfers between funds 1,130,228 {1,130,228) Net movement in funds (159,179) (206.6731 2.998.974 2,633,122 12.052,5811 Fund balances at 1 April 2023 502.490 1,611,698 24,034,460 26,148,648 28.201,229 Fund balances at 31 March 2024 343.311 1.405,025 27,033,434 28,781,770 26,148,648 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 15-
SUSSEX COMMUNITY FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Prior financial year Unrestricted Restricted Endowment funds funds funds 2023 2023 2023 Total 2023 Notes Donations and legacies Other trading activities Investments 693,453 1,949,922 563.601 2.822 3,206.976 2,822 337.514 14,985 322,529 Total income and endowments 708,438 2,272,451 566,423 3.547.312 Ex ndi Raising funds 140,618 140,618 Charitable activities 617,731 3,635,019 263,978 4,516,728 Total expenditure 758,349 3,635,019 263,978 4.657,346 Net gainsl(losses) on investments 12 1942,5471 {942,5471 Net (outgoing)lincoming resources before transfers (49,9111 {1,362,5681 1640.1021 12,052,581 } Gross transfers between funds 1,290.726 (1,290,726) Net movement in funds (49,9111 171,842) {1.930,828} 12,052.581 } Fund balances at 1 April 2022 552.401 1.683.540 25.965.288 28.201,229 Fund balances at 31 March 2023 502.490 1,611.698 24.034.460 26,148,648 16-
SUSSEX COMMUNITY FOUNDATION SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Gross income Transfer from endowment funds 2,232,145 1,130.228 2,980.889 1,290,726 Total income in the reporting period 3,362.373 4,271,615 Total expenditure from income funds 3,728.225 4,393,368 Net expenditure for the year {365.852) (121.753) Reconciliation to Statement of Financial Activities Gross income (above) Endowrrtent fund income 2,232,145 1,828,484 2,980.889 563.601 Total income and endowments 4.060.629 3.544,490 Totsl expenditure from income funds (above) Endowment fund expenditure 3,728,225 281.712 4,393,368 263,978 Total expenditure 4.009.937 4,657,346 Net gainsl{losses) on investments 2,580,089 1942,547) Net movement in funds 2,630,781 12,055.4031 17-
SUSSEX COMMUNITY FOUNDATION BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Notes Fixed assets Investments 15 26.889,251 23,781.307 Current assets Debtors Investments Cash al bank and in hand 17 18 191,846 291,000 1,473.179 194.629 291.000 2.038,168 1,956,025 2.523,797 Creditors: amounts falling due within one year 19 {63.506} (156,456) Net current assets 1,892,519 2,367,341 Tolal assets less Current liabilities 28,781,770 26,148,648 Capital funds Endowment funds Income funds Reslricled funds Unrestricted funds 21 27.033.434 24,034.460 22 1,405,025 343,311 1,611,698 502.490 28,781,770 26,148,648 The financial statements were approved by the Trustees on ......................... Mark Spofforth OBE- Chair Trustee Company reglstTation number 5670692 18
SUSSEX COMMUNITY FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating activities Cash absorbed by operations 27 (347,366) {1,479.755) Investing activities Purchase of investmenls Proceeds from disposal of investments Investment income received (1.880,5221 1,352,666 310,233 (686,686) 1,452,700 337,514 Net cash {used in)Igenerated from investlng activities 1217.623) 1,103,528 Net cash used in financing activities Net decrease In cash and cash equivalents (564.989) {376.227) Cash and cash equivalents at beginning ofyear 2,038.168 2,414,395 Cash and cash equivalents at end of year 1,473,179 2,038,168 19-
SUSSEX COMMUNITY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting poltcies Charity information Sussex Comrnunity Foundation is a private company limited by guarantee incorporaled in England and Wales. The registered office 1$ 15 Westem Road, Lewes, East Sussex, BN7 1 RL. 1.1 Accounting convention The financial slalements have been prepared in accordance with the charily's Igoverning documentl, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. I'FRS 102.1 and the Charities SORP "Accounting and Reporting by Charities= Statement ot Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}" (effective 1 January 2019}. The charity is a Public Benefit Entity as defined by FRS 102. The financial slalements are prepared in sterling. which is the functional CurncY of the chaiily. Monetary afflounls in these financial statemenls are rounded to the nearest £. The financial statemenls have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are sel out below. 1.2 Going concern At the tiffle of approving the financial slalemenls. the trustees have a reasonable expectation thal the charily has adequate resources lo conlinue in operational existen for the foreseeable fijlure. Thus the trustees continue to adopt the going conrn basis of accounling in preparing Ihe financial stalemenls. 1.3 Charitable funds Unreslricled funds are available for use at the discretion of the trustees in furtherance of their charilable objectives unless the funds have been design8le(I for other purposes. Re51ricted funds are subject to specific conditions by donors as to how they may be used or have been raised by the charity for parlicular purposes. The purposes and uses of the reslricted funds are set out in the notes to the accounts. Expendable endowment funds represent those assets which, under the Articles of AssoGialion, the truslees have power to invest and which have been invested to generate investment income and capital gains which can be distributed as grants for the benefit of the community- Income arising on the expendable endowment funds can be used in accordance wilh the objects of the charity and is spilt belween restricted and unrestricted funds in accordance with agreements made with individual donors. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating lo the fund are charged against the fund. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable Ihat income will be received. Cash donations are recognised on receipt. Other donations are recognised once Ihe charity has been notified of the donation, unless performance conditions require deferral ol Ihe amount. Income lax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised at the time of the donatioll. Legacies are recognised on reIpl or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. -20-
SUSSEX COMMUNITY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) For flow-through funds management fees are taken at the time the donation is reiVed by the Foundation. If the value of the fee exceeds £5,000 this income is spread over the period during which the grant making fund is disbursed. In all cases the managemenl fee is treated as income at the date of receipt of the donation. 1.5 Expendlture All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will bè required and the amount of the obligation can be measured reliably. Fund raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out by the charity. Govemance costs are Ihose incurred in connection with the administration of the charity and compliance with constitutional and statutory requirements. Grants payable are charged in the year in which they are awarded. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of deprecialion and any impairrnent losses. Capital purchases over £5,000 are recognised at cost. Depreciation is recognised so as to write off Ihe cost or valuation of assets less their residual values over their useful lives on the following bases= Fixtures, fittings & equipment straight line over four years 1.7 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting dale. Changes in fair value are recognised in net incomel(expenditure) for the year. Transaction costs are expensed as iricurred. 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-lerm liquid inveslments wilh original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in currenl liabilities. 1.9 Financial instruments The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Sectlon 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised when the charity becom8s paty to the conlractual provisions of the instrument. Basic finan¢ial assets Basic financial assets. which include trade and other receivables and cash and bank balances, are initially measured al transaction price including transaction cosls and are subsequently carried at amortised cosl using the effective interest method unless the arrangement conslitutes a financing Iransaction, where the transaction is measured al the present value of the future receipts discounted at a market rate of interest. 21
SUSSEX COMMUNITY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) Basic financlal Ilabilitles Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing iransaction, where the debt instrument is measured at the present value of the future receipts discounted al a market rate of interest. Debt instruments are subsequently carried al amortised cosl, using the effective interest rale method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. 1.10 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 1.11 Leases Rentals payable under operating leases, induding any lease incentives received, are changed to income on a straight line basis over the term of the relevant lease. 1.12 Fund accounting Unrestricted funds are general funds which are available for use at the discretion of the truslees in furtherance of the general objectives of the charity including Core wsls and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charily for partiCLJlar purposes. The cost of raising and administering such funds are charged against the specific fund. All Restricted Funds held are Flow-through Named Funds, intended for awarding grants to local charilies and community groups within a short titnescale (normally up lo one year). These funds are detailed in Nole 16 to the financial statements. Expendable endowment funds represent those assets which. under the Articles of Association. the tnjstees have power to invest and which have been invested lo generate investment income and capital gains which can be distributed as grants for the benefit of the community. Income arising on the expendable endiyNment fijnds can be used in accordance with the objecls of the charity and is included as unrestrittled inc(yne. Any capital gains or losses arising on the inveslmenls form part of the fund. Investment management charges and legal advice relating lo Ihe fund are charged againsl the fund. Inveslment incoffle and gains are allocated to the appropriate fund. 22-
vj IYJ T> f fn * r YJN
SUSSEX COMMUNITY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Other trading activities Endowment funds 2024 Total Endowment funds 2023 2024 Letting arrangemenls 2,341 2,341 2,822 Investments Unrestricted Restricted funds funds 2024 2024 Total Unrestricled Restricted funds funds 2023 2023 Total 2024 2023 Income from unlisted investments Interest receivable 250,686 250,686 59,547 322,529 322.529 14,985 59,547 14,985 59,547 250,686 310,233 14.985 322,529 337,514 Raising funds Unrestricted Unrestricted funds funds 2024 2023 Fundr in and ublici Fundraising evenls Other fljndraising costs staff costs 8,963 1,177 347 139,094 151.211 160.174 140,618 -24-
SUSSEX COMMUNITY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on charftable activities 2024 2023 Staff costs Depreciation and impaimient Management charge Other costs 419.424 354,097 542 624.406 60,494 528.870 54.543 1.002.837 1,039.539 Grant funding of activities (see note 7) 2,639,725 3,274,590 Share of support and govemance costs (see note 8) Support Govemance 146,757 60,444 140,779 61,820 3,849.763 4,516.728 Analysis by fund Unrestricted funds Restricted funds Endowment funds 681,167 2,886,884 281.712 617,731 3,635,019 263.978 3.849,763 4,516,728 25-
SUSSEX COMMUNITY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Grants payable 2024 2023 Grants payable 2,639,725 3,274,590 668 grants {2023 - 7261 worth £2,639,725 12023 - £3,274,590) were awarded to 449" groups (2023 - 504) and 34 individuals (2023- 29). The average granl awarded was £4.255 {2023 - £4.5241. 132 grants were for £1,000 or less12023- 84). .13512023 - 1461 groups received more than one grant. Examples of the grants to institutions of more Ihan £10.000 awarded durir)g Ihe year were as follows= Details Amount £ CitizensAdvice in West Sussex £60,041 Jusllife Foundation £80,533 EthF)ic Minority & Travoller Achievement Service - West Sussex £29,743 Tuming rides £49,906 Kent Community Foundation £24.900 Crawley Community Youlh Senrice £22.000 Community Base £20,000 Grants to Kent Community Foundation relale to Little Cheyne Court Wind Farm Fund. which is managed in partnership with the Kent Community Foundation. -26-
SUSSEX COMMUNITY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs Support Governance costs costs 2024 Support Governance costs costs 2023 Staff costs Rent Insurance Property service charge Bank charges Staff training and recruitment Staff travel and subsistence Computer software, systems and applications Printing. postage and stationery Telephone Repairs and maintenance Grant making costs Audit fees Legal and professional Bookkeeping and accountancy Trustees meelings and expenses Annual report and AGM 21,720 29.446 753 7,592 338 33,749 55,469 29.446 753 7,592 338 28,712 22,836 270 5,915 297 37,301 66,013 22,836 270 5,915 297 10,406 10,406 41,133 41,133 5.238 5.238 4.822 4.822 63.183 63.183 29.382 29.382 2,259 4,114 1,708 2.259 4,114 1,708 2.816 4,124 472 2,816 4,124 472 370 7,260 6,852 370 7,260 6,852 7,920 8,634 7,920 8,634 6.167 6.167 5.806 5.806 1,748 2,226 1.748 2,226 2.058 2.173 2.058 2.173 146.757 60,444 207,201 140,779 61,820 202.599 Analysed to Charitable activities 146,757 60,444 207,201 140,779 61,820 202.599 The charity's auditors Knill James LLP also supplied accountancy services to the charity during the year for a fee of £Nil12023 - £600). Net movement in funds 2024. 2023 The net movement in funds is slaled after chargingllcrediting}= Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets 7,920 7,260 542 10 Trustees None of the Irltstees lor any persons connected with them) received any remunaration or benefits from the harity during the year. 27-
SUSSEX COMMUNITY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Charitable employees 15 14 Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 548.003 51,943 26.158 489,397 46,733 23.074 626,104 559,204 Pension contributions The charity operates a defined contribution pension scheme. At Ihe year end, there were £3.441 of outstanding pension contributions owing to the scheme12023 - £2,2301- The number of employees whose annual remuneration was more Ihan £60.000 is as follows-. 2024 Number 2023 Number In the band £70.001- £80,000 Contributions totalling £3,922 (2023 - £3,688) were made lo defined contribution pension schemes on behalf of employees whose emoluments exceed £60,000. Remuneration of key management personnel The remuneration of key management personnel is as follows. 2024 2023 Aggregate compensalion 91,937 86,841 12 Gains and losses on investment5 Endowment Endowment funds funds 2024 2023 Gainsl{losses) arising on.. Revaluation of investments 2,580,089 {942,5471 -28-
SUSSEX COMMUNITY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Taxation The charily is exempt from taxation on its activities because all its income is applied for charitable Pufposes. 14 Tangible fixed assets Fixtures, ffttSngs & ¥qulprn•nt Cost At 1 April 2023 13,758 At 31 March 2024 13,758 Depreciation and impairment At 1 April 2023 13.758 Al 31 March 2024 13,758 Carrylng amounl 15 Fixed asset investments Securities Cost or valuation At 1 April 2023 Addilions Valuation changes Disposals 23,781,307 1,880.522 2.580.088 {1.352,6661 At 31 March 2024 26.889,251 Carrying amount At 31 March 2024 26,889,251 Al 31 March 2023 23,781,307 16 Flnancial instruments 2024 2023 Carrying amount of financral assets Instruments measured at fair vallte through profit or loss 27,180,251 24,072,307 -29-
SUSSEX COMMUNITY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Debtors 2024 2023 Amounls falling due within one year: Trade debtors Other debtors Prepayments and accrued income 30,731 135,865 25,250 106,195 81,252 7.182 191,846 194,629 18 Current asset investments 2024 2023 Short lerm investments 291,000 291,000 Current asset investments represent freehold properties held for sale. 19 Creditors- amounts falling due wilhin one year 2024 2023 Other taxation and social security Trade creditofs Other creditors Accruals and deferred income 13,710 3,470 3.691 42.635 12,027 13.227 2.208 128,994 63.506 156.456 20 Retirement benefit schemes 2024 2023 Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes 26,158 23.074 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separalely from those of the charity in an independently administered fund. 30-
SUSSEX COMMUNITY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 21 Endowment funds At 1 April 2023 Incoming resources Resour¢es expended Transfers Gains and At 31 March losses 2024 Expendable endowments Sarasin Endowment including grassroots Community First Trust CCLA Other 11,696,378 484,574 1172,256) 1686.856) 1,223,484 12,545.324 7.842.989 4.495.093 770.565 586,040 8.613,554 5.874,556 1.346,251 (109.456) (443.372) 24,034,460 1.830.825 (281,712) (1,130.228) 2,580,089 27,033.434 Previous year: At 1 April 2022 Incoming resources ResouTce5 expended Transfer5 Gains and At 31 March losses 2023 Expendable endowments Sarasin Endowment including grassroots Community First Trust CCLA Other 12,651,271 395,423 1186,523) (712.213} 1451,580) 11.696.378 8,346.503 4,967,514 (86,6181 1491,895} (416,896) (74,071) 7,842,989 4,495,093 171,000 (77.455} 25,965,288 566,423 1263.978) (1,290,726} 1942,547} 24.034,460 Transfers of £1.130.228 (2023 - £1,290,726) represent drawdowns from endowrnent for grant making and operaling costs. "Grassroots" and "Community First" relate to two governmenl funded endowment match challenges. 22 Restricted funds The income funds of the charity include restricted funds comprising the following unexpended balan5 of donations and grants held on trust for specific purposes: At 1 Aprfl 2023 IncomÉng resources Resources expended Transfers At 31 March 2024 Funds held for grant making 1,611,698 1,549,983 (2,886,884} 1,130,228 1,405,025 31
SUSSEX COMMUNITY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 22 Restricled funds (Continued) Prevlous year: At 1 Aprll 2022 Incomlng resources Resources expended Transfers At 31 March 2023 Funds held for granl making 1,683,540 2.272,451 (3,635,019) 1,290.726 1,611,698 23 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subjecl to specific conditions by donors and grantors as lo how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 April 2023 Incoming resources Resources At 31 March expended 2024 General funds 502,490 682,162 (841,341) 343,311 Previous year- At 1 April 2022 Incoming resources Resources At 31 March expended 2023 General funds 552,401 708,438 (758.3491 502,490 24 Analysis of net assets between funds Unrestricted funds 2024 Restricted Endowment funds funds 2024 2024 Total 2024 At 31 March 2024: Inveslments Current assetsl(liabilities) 26.889.251 144,183 26,889,251 1,892,519 343.311 1.405.025 343,311 1,405,025 27,033,434 28.781.770 -32-
SUSSEX COMMUNITY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 24 Analysis of net assets between funds (Continued) Unrestrlcted funds 2023 Restrl¢ted Endowment funds funds 2023 2023 Total 2023 At 31 March 2023: Investments Current assetsllliabilities} 23,781,307 253,153 23,781,307 2.367,341 502,490 1,611,698 502,490 1.611,698 24,034,460 26,148.648 25 Operatlng lease commllments Lessee At the reporting end date the Charity had outstsnding Gommitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows-. 2024 2023 Within one year Between two and five years 32,639 14.393 26,333 13,480 47,032 39,813 26 Related party transactions Transactions with related parttes During the year the charity entered into the following transactions with related parties= Grants totalling £5,000 were awarded to Diversily Resource International of which M Ghebreweldi is a Direclor. Grants totalling £9,067 were awarded to Lancing and Sompting Churches Foodbank of which N Munday is a Trustee. -33-
SUSSEX COMMUNITY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 27 Cash generated from operations 2024 2023 Surplusl{deficit) for the year 2,633,122 12,052,581) Adjustments for: Inveslmenl iricome recognised in statement of financial activities Fair value gains and losses on investments Depreciation and impairment of tangible fixed assels {310,2331 (2,580.0891 1337.5141 942,547 542 Movements in working capital.. Decreasel{increase) in debtors (Decrease}lincrease in creditors 2,784 {92,950) {138,873) 106,124 Cash absorbed by operations 1347.3661 11,479,755) 28 Analysis of changes in net funds The charity had no malerial debt during the year.