Charlty Reglstratlon No. 1113226 Company Registration No. 5670692 IEntland and Wales) SUSSEX COMMUNITY FOUNDATION ANNUAL REPORT ANO FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2025 BUSINESS ADVISORS & ACCOUM¥AP4TS One Bell Lane Lewe5 East Sussex BN71JU SUSSEX COMMUNrrY FOUNDATION cop¥rENTS Page Company information Trustees, ieport 1-12 Statement of tru5tee5' re5pon5ibilities 13 Independent auditor's report 14-17 ststement of frnanctral activities 18-19 Summary sncome and expenditure account 20 Balance sheet 21 statemont of cash flows 22 Notes to the hnancial statements 23-39 SUSSEX COMMUNITY FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Andrew Baird Sally Case Guy Davison Corinne Day Mebrak Ghebreweldi Christine Gibbon5 David Hill Brian Mi115 Martin Roberts Mark Spofforth 08E- Chair Patrick Stevens- Treasurer Nick Munday Deirdre Prower- Deputy Chair David Sampson Kevin Powell IAppointed 22 May 20251 Secretary and Chief Executive Kevin Richmond Founder The 10th Duke of Richmond & Gordon Joint Presidents Andrew Blackman Lord Lieutenant of East Su55ex Lady Emma Ba¥nard Lord Lieutenant of Wett stjssex Patron The Ilth Duke of Richmond & Gordon Charity number 1113226 Company number 5670692 Registered offi 15 Western Road Lewe5 East Sussex BN7 IRL sussexcommunityfoundation.org info@5ussexcommvnityfoundation.or8 Auditor TCGroup One Bell Lane Lewes East Su55ex BN7 IJU SUSSEX COMMUNITY FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Banker5 CAF Bank 25 Kings Hill Avenue West Malling Kent ME19 4JQ Natwest Unit 40 56 Churchill Square Brighton BNI 2ES 50li£itors Adams and Remers LLP Trinity House School Hill Lewe5 East Sussex BN7 2NN Investment advisors CCLA Investment Management Ltd Senator House 85 Queen Victoria London EC4V 4ET Sarasin & Partners LLP Juxon House I￿ St Paul's Churchyard London EC4M 8BU SUSSEX COMMUNITY FOUNDATION TRU￿EE5, REPORT (INCLUDING DIRE￿oR5. REPORTI FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their annual report and financial statemet7ts for the year ended 31 March 2025. The linancial statements have been prepared in accordance with the accounting policies set out in note I to the finantial 5tatoments 8nd comply with the ¢harity'5 Memorandum & Arbcles of Association, the Companies Act 2(X)6 and "Accounting and Reportin8 by Charities- Ststement of Recommended Practice applicable to ch¥ities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK aAI Republic of Ireland IFf¢S 1021. Itffective l January 20191. Chalrfs report for TNstees' Annual Report and Accounts 2024-25 This year has been one of our most challenging for years. In common with many other charities, a lull in post- Covid giving has coincided with a greater global uncertainty that grew through the year. Any uncertainty causes donors to hesitate, and dramatic world events have led to many philanthropists adoptin8 a cautious %4ait ènd see" policy. The Community Foundatitsn model is based on estsblishing Endowment Funds that tat) deliver help over many years at the dirertion of the donor. A measure of the tlJfrer>t challenging times is thèt endowmeni donation income this year amounted to £873,613 compared to budget of £1,500,000 and the previous year's total of £1,828,484, (although last year was boosted by matched funding provided by the Lawson Trust. showing what a great incentive matched fundlng can bel. We have been more successful in raising funds for immediate use,. flow-through income was £1,632,904, very dosè to budget of £I,70O,L￿ and greater than the prior year. £1,299,297. These hgures demonstrate what a challen8ing time Èt has been financially for the foundation. The trend in income for both endowment and flow-through has redLtced significantly since the pandemic, especially donation5 fiom companies and local government, both of which are facing stretched financial circumstances and uncertainty. We have managed to attract a significant amount of unrestricted funding to SUPPOrt the Foundation s work, and we are most grateful to those donors who have helped us In this way. Nonetheless we have reported a deficit for the three years ending 2023, 24 and 25. As a re5uIt. we have had to adapt and look again at our current strategy to see where we can do things drfferentlv. The Board has undertaken a governance and strategy review and is now implementing the chan8es and reviewin8 the way we operate with a view to making the charity more efficient and effective. At the end of the year. the trustees regYetFully decided there was a need to reduce Costs and consequently the stsff team, and we now look to the future hoping to rebuild our reserves to a more comfortable level. Global economic storm5 emphasise the vital importance of local charities and community organisatrons in assisting those most adversely affected. These organi5ations bring peoplè together to resolve local issues and build bridges between people who might not otherwise meet, and our emphasis on plactrbased giving and support becomes arguably the priority dèlivery mechanism to get services where they are needed most effect*vely. Oespite the challenges, our Community Foundation ha5 continued to deliver assistance and support based on a keen understanding of the local voluntsry sector,. we have built a bank of knowledge of the voluntary sector in Sussex that 15 urTrrivalled and is best placed to direct funds to the optimal deliverers of help to beneficiaries. SUSSEX COMMUNITY FOUNDATION TRUSTEES. REPORT (INCLUDING DIREcfoRS' REPORn ICONTINUEOI FOR THE YEAR ENDED 31 MARCH2025 This year we have 3warded over £2.8m grants from 94 different fund5. ￿athing 420 voluntary sertor organisations. Three funds merit specific mention for the innovative approach to part￿ership working. The Chagossian Community Fund. supported by the Foreign Commonwealth and Development Office continues to support tlis very maiginalised community, and thanks lo funding from FCDO we were able to appoint a gT3nts offi.ter post dedicated to supporting bids from the community itself as well as ensuring that projects funded by wider community partners are reaching their target audience. We have worked with Southern Water to create a new model of grant making for the Goodwill Fund for Ha5tings and St Leonards. We jointly iecruited a community panel to advise on the needs of the local community and to agree the parameters for selecnng 8rants. For the Brighton & Hove Homelessness Fund, we worked with the donor to convene a partnef5hip with local charities working in this area to identify need and develop partnership projects that will make a strategic difference to homeless people in the city. This year we published the Second of our Su55ex Uncovered Reports focusing on our funding priorities. Reaching Potential investigate(J edijcation, training and employment in the county. It highlighted PDor educational attainmenr and high level of school non-attendance. mental health pmblems and special educational need in the county, as well as showcèsing some of the great charities that are helping young people who face th￿e chèllenEes. It remains a frustrating challenge that many residents continue to view the county as relatively wecilthy and immune to the%e issues. issues that must be addressed now if businesses wi51 be able to acces5 a suti.3ble pool of talent in the future to grow and 5VPPOrt 3n economitally 5U5t3inable and successful county. We continue to prodtice publications and events thèt highlight the challenges and Barner financtal support for those charities focussed on resolving these problems. The highlight of our events thi5 yoar was a rÉreption at th@ House of Lord5, generously hosted by BaToness AndTews of Southover and sponsored by CCLA, Looking ahead, we anticipate continued uncertainty, but also opportunity. The reorganisation of local government and the creatiot) of a Sussex mayoral authority could offer new wèys to embed 5UPPOrt for the voluntary sertor sn Tegional planning and might Strengthen a Sussex identity, encouraging more investment in local commw*ities. Through it all, Sussex Community Foundation remain5 committed to place-based giving founded on deep loc31 knowledge. We are proud of our role in connecting donors with the most effective charities. and we thank staff and trustees for their dedication and belief in our mission. OBJECnVES AND ACTIV￿1£5 The Foundation's Charitable Objects are.. The promotion of any charitable purposes for the beneth"t of the community in the CoLJnties of East Sussex, West Sussex and the City of Brighton and Hove (referred to as 'Sussex" in this document) and in part7cular the adv3nc@ment of edkJ£ation, the protection of good health both mental and physical and the relief of poverty and sickness. Other exclusively charitable purposes in the Uniied Kingdom and elsewhere which are, in the opinion of the trustees, beneficial to the community includinE those in the area of benefit. In 2022 The Board of Trustees approved the Foundation's Strategy 2022-27.. Towards a fairer and Fnore equal Sussex. SUSSEX COMMUNITY FOUNDATION TRusfEES' REPORT (INCLUDING DIREcfoRS' REPORTI (CONTINUED) FOR THE YEAR ENDED 31 MARCH2025 OURVISION: To see a fairer and more equal Sussex, where people and communities thrive for today and for the fvture. OUR MISSION: To champion and enable all who want to make a positive contribution to our local area through eff￿￿ve philanthropy and community action. WE WILL E>0 THIS BY: Inspirin8 local people to give to fneet local needs Investing in local charities and community groups, and helping them to become Strong and SUStsirÈable organisations Informin8 & Influencing philanthropists and the wider tommunity about local needs. now and in the longer term. ALLOURWORK 5$ INFORMED BY OUR VALUES: We show leadership, acting boldly and positively for the public 800d. We champion equity. working in accessible and inclusive ways, supporting greater fairne55, and st3ndin8 against prejudice. discFtmination and dlsadvantage. Our approach is empowering, helping others to make the difference that they want to make. We maintain the highest standards of integrity in all that we do. We believe that people achleve the most when they work together with shared passion and vision. OUR COMMITMENTS: Sussex Community Foundation is a broad-based local fvnder, supporting a wide range of charitable activities and enabling philanthroplsts to address the causes they care about. In this strategy we are making six 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 commltmènts are: To focus our support clearly and openly on addressing poverty and disadvantage. To help strengthen local communities the voluntary sertor To increase the amoL¢nt and the effectiveness of local phtlanthropy in Sussex To use data and local knowledge to inform our work To promote equtty. diversity and inclusion To support local artion tts address tlimate change To be an open and trusting grant maker Our Funding Priorities: We use national and local data to focus OUT impact on four funding priorities where we believe we can make the biggest difference. ThrouEh our philanthropy advice we help to match our supporters. aims with the many small, effectr.ve charitie5 Qffeiing solutions to local issues. Our Funding Priorities are.. Acting on Climate Improving Health Reaching Potential Tackling Poverty SUSSEX COMMUNfTh FOUNDATION TRU5TEES' REPORT (INCLUDING DIREcfoRS' REPORTI ICONTINUEDI FOR THE YEAR ENDED 31 MARCH2025 ACHIEVEMENTS AND PERFORMANCE Attracting Funds for Immediate Gr3nt Makin8 Indicator 2024125 £1,632,904 91 2023124 £1,299,297 95 Amount Oonated to flow-through Number of active funds Contribution to grant funds from Community First Endowrnent Contribution to grant funds from other endowment £323,499 £978,498 £355,480 £891,650 If funds raised for immediate grant making are greater than the amount distributed in the year then the surplus will be ringfenced and distributed future periods. GRANT MAKING One of the most challenging roles for the Trustees is choosing which of many deserving causes should be assisted from limited resources. The Board of Trustees is ultimately responsible for all grants awarded by the Foundation, but it delegate5 detailed decision-making to ils Granis Commirtee. The Foundahon solicits applications and assesses those that are eligible lor fUnd￿n￿. Applications are then matchod with th¢ charitable goals of each fund and donor. Indicator Value of grants awarded Number of grants awarded Average size of grant Number of %rants £IO,OOD or over Numbef of groups SUPPOrted Number of grants to individuals Number of gr3nts under £l,O(K) 2024125 £2,804,249 518 2023124 £2,639,725 668 £4,255 53 £4.630.31 57 420 449 51 34 25119%) 132121)%1 20 groups ￿ceiVed more than one grant lavera8e number ol grants per Eroup was 1.231. Number of grants by Funding Priority 2024125 TotalAwarded £243,140 C8JC 3.857 £881.178 £770,4r £35.851 on Climtit rovin health Recichiii T3cklin OilTrer Jov￿[1 SUSSEX COMMVNITY FOUNDATSON TRUSTEES. REPORT IINCWDING OIRECTORS, REPORTI ICONTINUEDI FOR fHE YEAR ENDED 31 MARCH 2025 Number of grants b¥ Are Totsl Awatded £671251 £951.303 £228.581 £912.753 £60.601 hton and Howe East SusseK Sussex Widè West Sussex Oihèr Tol.￿1 AwL4rtue(I Number of grdnts by Distrlct & Borough TotatAwarded £107.836 É72.198 7.7&8 £158,521 £316,086 £152.140 £370.674 £143,b99 £189.010 £103.600 £125.047 £80.579 E76.727 Adur Awun hron 8nd MDve Chiche51eT Ciawle Easiboiirne H35tI Total A￿￿￿1..￿e(l Mid SLissex Roihef Wealdefi Vorthi Other/NIA SUSSEX COMMUNITY FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI ICONTINUEDI FOR fHE YEAR ENDED 31 MARCH 2025 Number of grants by Primary Bènéfitiary Area otal Awarded Children and young people People living povertyldisadvantsge People from a particular minority ethnic or racial origin People experiencing homelessness Local residents People living with mental health problems Older people People living with physical or sensory disabilities Refugeeslasylum seekerslvulnerable migrants People living with a long-term health or life limiting condition Familie5/parents People living with le3¥ning disabilities .Women andlor gir15 Young people not in education. employment and training INEETI Victims or survivors of crifne/violence/abu5e People living im rural areas Ex-oflenders/offenders/people at ￿15k of offending '.People who self-idcntify as LGBTQ+ People living with alcohol/druB addictions Men andlor boys Carers £649,898 £408,471 £286,186 £218,966 £204,430 £157,344 £134,233 £111,781 £98,450 £98,064 £88,023 £77,096 £73,314 £34.035 £29,337 £23,750 £18,248 £16,300 £14,179 £6,200 £4,833 £750 Long term unemployed IMPAcf REPORTING Making dècision5 about who should benefit is challenging. However, the Foundation's role does not stop there, and the Trvstees are mindful of the need to understand the impact that each grant has made, and to follow up contact with benefi'ciaries. The Foundation requires all grant recipients to return monitoring form5 at the end of their projetts. These are Used to monitor 0￿cOmeS and inform assessment of future applications. The Foundatioii collates qijanttative and qualitative data from these monitoring returns and uses thi5 data to produce reports to trustees. donors and stakeholders on the achievements of the groups that we fund. The Board of Trustees has maintained oversight of the grants proce55 and is satlsfied with this year's outcomes. Healihy discu55ions at Board meetings ensure that there is no complacenry with the Foundation's achievements, and the Trustees continue to learn and strive for greater impact with the resources available. SUSSEX COMMUNITY FOUNDATION TRUSTEES, REPORT IINCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 HELPING COMMUNITIES TO RECOVER FROM DISAsfERS Community foundations across the UK have played a key role in managing funds donated to help people affected by disastets. Community foundations have a unique knowledge of the needs of local communities and an ability to mhke grants quickly and effectively. The Foundation responded to the Shoreham Air Shciw crash and the Covid Pandemic through the Sussex Crisis Fund and stands ready to respond in future should another disast¥ strike our community. PUBLIC BENEFIT The goal of all the Foundation's activities is to provide benetit to the public in Sussex, focusing on addressing disadvantage and depr*vation and bullding strong communitie5, but 5upportin8 all area5 of charitable 3cbvity. It chieves this by awarding grants to local chaiitie5 and community groups, which provide demonstrable community benefi'ts. In assessing applications for a grant. the Foundation seeks evidence of genuinepublic benelit and requires applicants to have an appropriate Equal Opportunities Statement that assures that benefrts are available to all within thè relevant community- The Trustees have had due regard for the guidance ptbli5hed by the Charity Commission on public benefit. GRANrs poucy The Foundation has developed a grants poliry. which aims to match the charitable goals of its doncys with the eeds of the community, focusing on addressing disadvantage. Pfon70ting thriving communities. improving quality of life. and helping people to fulfil their potentlal. FUNDRAISING The Foundation is registered with the Fundraising Regulètor and has signed up to the Fundraising Promise and the Code of Fundraising Practice. It is blso Quality Accredited by UK Community Foundations. The Foundation raises funds by developin8 long-term relattonships with potential sypporters. Fundraising activities are undertaken by paid employees. volunteer trustees and ambassadors, all of whom are accountable to the Chief Executive and the 8oard of Trustees. The Foundation does not use any paid external fundraising agencies or con5ultsftt5. There have been no failures to comply with Fundraising Standards and no complaints regarding the Foundation's fundraising activities in thi5 financial year. ENDOWMENT FVNO In order to achieve long-term benefit for the community. the Foundation is building an Endowment Fund, which will enable the Foundation to provide public beneéit to the local community across Sussex for generations to colne. SUSSEX COMMUNITY FOUNDATION TRUSTEES. REPORT IINCIUDING OIREcfoRS' REPORTI ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 HICAL INVESTMENr In February 2020, the trvstees took the decision to move all our rnvestments held at $3ra5in to ttrpir "Clirnate Aaive Fund" which doe5 not invest in fossbl fuels and proactively invests in businesses that are making a positive ctsntributson to addressing climate change. On l July 2C)21 the trustees decided to transfer all funds held at CCL4 to the 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 invÈ5tment managers, ethical investment policies are available on request. SERVICE TO DONORS The Foundation's individual character arise5 from the strategy for attrachng funds from donor5 who wish to advise on how their donation5 are applied. As a result, the Foundaknon's work provides a comprehensive donor servif e to individuals and companies who care about their local tomfflunity,. assisting donors to make the maximum positive impact on the community. Named Funds are a core element of this service for donors. A named fund offers the donor the opportunity to establish a charitable fund their own name, which can be used to award grants to match the donor's specilic charitable interest5. Thère are two types of named fund.. Flow-through named fund 15 distributed within an agreed trmescale, normally one year, so as to maximise the Immediate impact in the community. Endowment named fund is a c3Pltal fund invested to generète investment income and capital £rowth. which can be distributed a5 granls for the benefit of the community for the long term. Flnanclal review Donations to endowment £873,613 signilicantly lower than the previous ye8r12024 - £1,828,484) which had been boosted by match funding from the Lawson Trust. Income for immediate grant making lflow-through fundsl was £1,632.904 for the yeèr12024 - £1.299,2971. The Foundation gave oijt £2,8C14,249 In 518 grants12024- £2,639.7251. As at 31 March 2025, the Foundation held £1,485.980 in restricted grant making funds, which are f(￿ the sole purpose of grant making in future periods and cannot be used for the general pijrposes of the charity The high value of funds held is due in part to balances held on soine funds which are committed to multi-year projects. or large balances for individtjal funds which are held for a limited number of capital projects which have yet to meet conditions. At the year end the Found3tion held £281,097 in reserves for core operations, which falls above the resèrves policy lower threshold of three months of the subsequent year's expenditure. SUSSEX COMMLINITY FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORTI ICONTINUEDI FOR THE YEAR ENDED 31 MARCH2025 The charity's investments showed a gain over the year of an average 1% compared to last financial year's 12%, resulting in an overall loss of £21.833 compared with an overall ￿1￿ of £2,580,089 in 2024. The table below compares the investment performance of our two fund managers in the periods up to 31 March 2025. Last 12 months 3 years laveragel +3.4% S Years la¥era8e) +6.3% Sarasin +3.5% CCLA Charities ethical fund -1.46% +2.99% +8.58% RESERVES POLICY As with all charities, Sussex Community Foundation must raise the funds required to support its (C￿ operation. It 15 important to ensure that the or8anisation is SLJStainable and 5ucce55ful the long tèrm. In order to ensure that sustainability, the Charity must hold an appropriate level of Reserves. Our Reserves Po11CY 15 that unrestricted [￿nds, which have not been designated for 3 specifi.c use, should be maintained between an upper level of eight month5, and a lower level of three month5, of the subSeq￿nt year'5 budgeted operating expenditure. The trustees consider that this 15 a measured risk due to the annual drawdown for core costs of 15% of the value of the endowment fund, currently held at a value of £26.3m. This posttion is unlikely to reduce over the course of the next few years. This contributes a known minimum amount per annum to the core tosts. which is a significant positNe contribution that enable5 confidence in the projerted financial position. As at 31 March 2025, unrestricted reserves stood at £281,097, which fepresents 17 weeks'14 month4 operatfn expenditure bLtdget for 2025-26 compared with £343,311 or 21 weeks14.8 monthsl in the previous year. INVE￿MENT POLICY Investment Obje¢tsvÈ To develop expendable endowment funds, which provide sustsir*able support for local communitie5 in the long- term. This will reqL¢ire a balance between.. The need for current 8rant making funds. and Maintaining an endowment to meet the funding needs of future 8eneration5 Power of Investment The investment powers of the Board of Sussex Community Foundation Ithe Foundation) are delined in Article Four of the Memorandum and Articles of Assoclation. SUSSEX COMMuN￿y FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORTI ICONTINUEDI FOR THE YEAR ENDED 31 MARCH2025 Sussex Community Foundation's investment pollcy for its Endowment seeks to: To maximtse performance through 3 diversified asset portlolio and a medlum risk strategy To achieve 3 total investment return of at least 1% pey annum after costs above that of the ARC Charitiè5 Steady Growth Index over rolllng three-year perlods. To achieve a total ifivestment return that exceeds the Customer prb￿s Index. over rollirbg three-year periods. A5 at january 2025. our invesiment portfolios ISara5in & CCLAI 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 hold5 funds derived from revenue donation5 for grant making and operational costs. The Foundation will seek to obtain the best return at low risk for these short-term holdings. RISK MANAGEMENT The major factors which affect the success and sustainability of the chir rity are= l. 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 3 high quality service to its donors and to ihe community 4. The Teputation of the charity among potential donors, community graups. charitses and tntermedièries The trustees have developed a compiehensive risk management poliry and system, which allocates responsibilily for managing risk to sub-comtnittees and named individuals and is overseen by the Audit & Risk Committee. PLANS FOR FUTURE PERIODS In his ieport our Chair highlighted the challenge5 that the communily foundation. and the wider voluntary sertor. ss facing. In these uncertain times. and when funding for voluntsry and community OTganisatiofis is in greatest demand but shortest supply, the role of a community foundation is more important than ever. We are driven to fi'nd new sources of funding for local charities, and to inspire more people and organisations to Eive locally, SQ that we can provide the funds the community needs now and for the long term. Our challenge is at the same time greater, and more ifflportant. than ever bthre. We have h3d to make Some difficult decisions this year, btjt we are mindful of the adage that the strongest organisarions are forEed in the most challenging times. As we start the 2025-26 financial year. we arè taking 3 short time to review the way we work. Wo believe that a clearer focus on our core objective5- providing funding for community action,. helping our donor5 to support the causes they care about and attracting new donors- can lead to a more efh'cient and effective organisation, and a better service for our donors and the community. 70~ SUSSEX COMMUNITY FOUNDATION TRU￿EE5, REPORT {INCWDING DIRECTORS, REPORll ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 We also want to explore treative and flexible ways of connecting our donors with local charities that truly demonstrate the irnpact that can be achieved and create a strong sense of common purpose across all Ihose involved with the Foundation. We have taken the decision to pause our grant making activsty for the first quarter of the financ?1 year to allow time to explore and implement these changes. This was a difficult decision to make as we know it wil have an effect for the many charities we would have supported in this period. We are committed to giving out the same amount of money in the year, and wè hope that the changes will be a big improvement for o)ur grant applicants. Our goal is to build a strong base for the next phase of growth for the Foundation. We will also be preparin@ to mark our 20, anniversary in 2026. using this milestone as a catalyst to inspire a new generation of donors and support the people who work every day towards a fairer. more equal Sussex. StrutturÈ* governante afid management The Board of Trustees, which meets four times per year, governs the charity. There are currently IS trustees on the Board. Sub-committees have been established to address specifi.c areas of governènce and meet as required. These cOM￿ltteeS Include a Finance & Resourte5 Committee, Grants Comrnittee, Impart Committee, Fund Development & Marketing Committee, Nominations Co¥nmittee, and Audit & Risk Cornmittee. As at June 2025, 15 permanent staff condutt the day-to4ay business of the charity, led by the Chief Executive who reports to the Board. Sussex Community Foundation is a registered charity and a company limlted by guarantee. It is governed by its Memorandum and Articles of Association dated 10 January 2006 as amended on 11 May 2010. Trustees and officers who served during the year or at the time of publication were.. Andrew BaiTd Julia Carrette Sally Case Guy Davison Corinne Day Mebrak Ghebreweldi Christine Gibbons David Hill Brian Mills Martin Roberts Mark Spofforth OBE- Chair Patrick Stevens- Treasurer Nick Munday Deirdre Prower- Deputy Chair David Sampson Kevin Powell (Resigned 28 November 20241 (Appotnted 22 May 20251 SU55EX COMMUNITY FOUNDATION TRUSTEES, REPQRT IINCLUDING DIRE￿oRs, REPORTI ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Recruitment and appointment of Trustees Trustees are appointed by the Board of Trustees for a three-year term. which can be renewed up to twice. Recruitment of new trustees is overseen by a Nominations Committee, which makes recommendations tc> the Board. At least every three years, the Trustees tarry out a detailed ieview of the skills of members of the Board in Order to identify any £aps. The 5ki115 matrix is currently under review. Trustee Indu¢tion and traknlng The Foundation has adopted procedures for recrtsitment. induction 6nd training of Trustees. which h)clude ind￿CtIOn meetings with the Chair and Chief Executive, a iecruitment infr)rmation pack and approp¥iate train¢ng. Trustee Remuneration and Register of Interests All Trustee5 give their Thme freely ènd no tTU5tee remuneTètion was paid in the year. Details of trustee expenses and related party transactions are disclosed in htote 10 and Note 26 to the accounts. Trustees are required to disclose all relevant interests and register them with the Chief Executt￿ and to withdraw from decisions where a conflict of interest arises. At the beginning of every trustee meetsng, those present are asked to declare any interests In any item In the agenda. Trustee5 may 31so dec13re any additional interest 35 the meeting unfolds. Related Charities None of the Trustees ha5 any berTrelicial interest in the Foundation. All of the Trustoe5 are members of tho company and guarantee to contribute £10 in the event ol winding-up. Sussex Community Foundation is a quality accredited member of UK Community Foundabons (which is itself a Registered Charityl. Accrediiation is subject to independent assessment every three years. which the Foundalion has achieved since 20C)7. The Chief Execkjtive of the Foundation resigned as a Trustee of UKCF on 14 Novembor 2024. Auditor In accordance with the company'5 articles, a ¥esolytion proposing that TC Group be reappoit)ted as auditor of the company will be put at a General Meeting. Disclosure of Information to audltor Each of the trustees has confirmed that there is no information of which they are aware which is ￿levant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate Steps to identify such relevant informarion and to establish that the auditor Is aware of such informaknon. The trustees, report wa5 approved by the Boèrd of Trustees. Ma¥k Spofforth OBE - Chair Trustee Date.. 72 SUSSEX COMMUNITY FOUNDATION srAf£MENT OF TRUSTEES, RESPONS181LITIES FOR THE YEAR ENDED 31 MARCH 2025 The trustees, who afe 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 accordante with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accountirtr8 Practice). Company Law requires the t¥U5tees to prepare financial statements for each flnanclal year which gNe a true and fair view of the state of affairs of the charity and of the incoming resource5 and application of resource5, including the income and expenditure. of the charitable company for that year. In preparing these financial statements, the trvstees are fequired to.. select suitable accotjnting policies and then apply them conssstently,. - observe the methods and principles in the Charities SORP.. make 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 ¢haiity will continue in operatlon. The trustees are responsible for keeping adequate accountin8 records that disclose with reasonable accuracy at any time the fi.nancial position of the charity at)d enable them to ensure that the financial ststemenrs comply with the Companies Act 2006, the Charities Act 2011 and the Charity IAccount5 and Report51 Regulations 2CKJ8. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 13- SUSSEX COMMUNITY FOUNDATION 1NDEPENDEP￿AUDIT0R'S REPORT TO THE MEMBERS OF SUSSEXCOMMUNrrY FOUNDATION Oplnlon We have audited the financial Statements of Sussex Community Foundation Ithe 'charity'l for the year ended 31 March 2025 which comprise the statement of financièl activities, the summary income and expenditijre account. the balance shew. the statement of cash flow5 and the notes to the financial statements, including a summary of signih.cant atcounting po14cie5. The h"nancial reporting framework that has been applied tn their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 rhe Financiol Reporting Stundord opplicoble in the UK (rnd Republic of Irelond (United Kingdom Generally Accepted Accounting Practice). In our opiniorl, the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, fjncluding its income and exponditufe, for the year then ended.. have been properly prep3ied in accordance with United Kingdom Generally Accepted Accounting P￿cti￿.. and have bèen prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conduaed our audit in accordance with Intemational Standafds on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those staridards ère further described in the Audittrr'5 respon51bilitie5 for the audit of the fv"nuncNal stotement5 section of our report. We are independent of the charity in accordarKe with the ethical requirements that are relevant to our audit of the fincincial 5tatetnents in the UK, including the FRC'S Ethical Stsndard, and we have fulh.lled our irther ethical responsibilities in accordcince with these requirements. We believe that the audit evidence we have obtained is sufficient and appiopriate to provide a basis for our opinion. Conclusions relatine to going contern We have nothing to report in respect of the following matters in relation to which the ISAS IUKI r￿ul¥e us to report to you where". the trustees, use of the going concern ba515 of accounting in the preparation of the finantial statements is not appropriate,. or the trustees have not disclosed in the linancial statements any identifi.ed material tsncertainties that may cast signifi.cant doubt about the charity's ability to contintje to adopt the going concern basis of &counting for a per4 costs 565.800 53.097 26.972 548,003 51,943 26.J58 645,869 626.104 Redundancy and termination payments totalling £25,68312024- £Nill were made in the roporting period. All terminatio￿ costs are recogni5ed in the Statement of Financial Activities in the period in which the obligation arise5. As at the balance sheet date of 31 March 2025. all redundancy and termination payments are included within accruals. Pension contributions The charity operates a dehned contribution pension scheme. At the year end, there were £3,563 of outstanding pension contributions owing to the schetne12024- £3,441). The number of employees whose annual remuneration was more than £60,000 is as follows-. 2025 2024 Number Number In the band E70.001- £80,000 In the band £80.001- £90,000 Contributions totalling £4,050 12024 - £3,922) were made to defined contribution Fension schemes on behalf of employees whose emoluments exceed E60.000. -32- SUSSEX COMMUNITY FOUNDATION NOTESTO THE FINANCIAL 5TATEMENT5 ICONTINUEDI FOR niE YEAR ENDED 31 MARCH 2025 11 Employees (Continued) Remunerdtion of key man3¥ement personnel The remuneration of key management personnel is as follows. Z025 2024 Aggresète compensation 94.983 91,937 12 Gains and losses on investments Endowment Endowment funds funds 2025 2024 G3ins/llosses1 aristng on.. Revaluation of investments 121,8831 2,580,089 13 Taxation The charity is exempt from taxation on its activities because all its income is applied for charttable purpose5. 33- SUSSEX COMMUNITY FOUNDATION hlOTES TOThE FINANCIAL ￿ATEME￿5 (CONTINUED} FOR THE YEAR ENDED 31 MARCH2025 14 Fixed asset investments Listed investments Cost or Valuation At l April 2024 AdditFons Valuation changes 26,889,251 768,213 121,8831 At 31 March 2025 27,635,581 Impairment At l April 2024 Disposals 1,631,158 At 31 March 2025 1,631,158 Carrying amount At 31 March 2025 26,004,423 At 31 March 202.4 26,889,251 15 Financial instruments 2025 2024 Carrying amount of financial assets Instruments measured at fair value through proht or loss 26.295,423 27,180,251 16 Debtors 2025 2024 Amounts falling due within one year: Trade debtors Other debtors 182,526 91,697 18,565 30,731 135,865 25,250 Prepaymenis and accrued income 292.788 191,846 SUSSEX COMMUNITY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH2025 17 Current asset investments 2025 2024 Short term investrnent5 291,IX)O 291,000 Current asset investments represent freehold properties held for sale. 18 c￿ditorS. amounts falling due wtthin one year 2025 2024 Notes Other tsxation and social securitv Deferred income Trade creditors Other creditors Actruals 15.159 9,226 14.214 3.563 47,955 13,710 19 3.470 3.691 42,635 90,117 63.506 19 Deferred intome 2025 2024 Other deferred income 9,226 Deferred income is included in the ftnancial statements a5 follows.. 2025 2024 Deferred income is included within.. Current liabilities 9,226 Movements in the year: Deferred income at l April 2024 Resource5 deferred in the Year 9,226 Deferred income at 31 March 2025 9,226 35- SUSSEX COMMUNrtY FOUNDATION NOTES TO THE FINANCtAL sfATEMEMfs ICONfiNUEDI FOR THE YEAR ENDED 31 MARCH2025 19 Deferred intome IContinued} Deferred income represents donatior> Income received for the Grants Officer position for the period of April- June 2025. 20 Retirement benefit schemes 2025 2024 Defined corttrbbution schemes Charge to profi.t or loss in respett of defined co￿trIbUtion schemes 26,972 26.158 The charity operates a defrned contribvtion pension scheme for all qualifying employee5. The a55ets of the scheme are held Separately from those of the charity in an independently administered fund. 21 Endowment f￿ndS At l April 2024 Incomlng resourtes ResoU￿S expended Transfer5 Gabns and At 31 March losses 2025 Expendable endowments Sarasin Endowment including grassroots Community First Trust CCLA Other 12.545.324 658.541 1202,8501 11.OJ5.8811 425,321 12.410,455 8,613,554 5,874,556 1365,4001 181.8041 8.248.154 5.347.250 218.151 186,5371 1577,1161 Property held for sale 291.000 291,000 27,033,434 876,692 1289.3871 11,301,997) 121.8831 26,296.859 36. SU55EX COMMUNITY FOUNDATION NOTES TO THE FINANCIAL VATEMENTS ICOWINUEDI FOR THE YEAR ENDED 31 MARCH2025 21 Endowment funds Icontinuedl p￿¥$ou5 year: At l April 2023 Incomin8 resources Resources expended Transfers Galns and At 31 March losses 2024 Expendable endowments Sara5in Endowment including @rassroots Community First Trust CCLA Other 11,696,378 484,574 1172,2561 1686,8561 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 1109,4561 1443,3721 24,034,460 1.830,825 1281.7121 11.130.228) 2,580.089 27.033.434 Transfers of £1,301,99712024 - £1.130,2281 represent drawdowns from endowment for grant making aNt operating costs. "Grassroots" and "Community First" relate to two government fijnded endowment match challenges. 22 Restricted funds The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific pu¥poses'. At l Aprfl 2024 Intoming resources Resources expended Transfers At 31 March 2025 Funds held for grant making 1,405,025 1,877,337 13,096,527) 1,300,145 1,485.980 Previous year: At l April 2023 Incomlng resources Resources expended Transfers At 31 March 2024 Funds held for grant making 1,611,698 1,549,983 12,886,884) 1,130.228 1,405,025 -37- SUSSEX COMMUNITY FOUNDATION NOTES TO THE FINANCIAL sfATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 23 un￿StrICted funds The unrestritted funds of the charity comprise the unexpellded balances of donations and grants which are not subject to Specific condition5 by donors and grantors as to how they may be used. These include designated funds which have been set aslde out of unrestricted funds by the trustees for specific purposes. At l April 2024 Incoming resource5 Resources expended Transfers At 31 Marth 2025 General funds 343,311 799,581 1863,6471 1,852 281,097 Previous year: At l April 2023 In¢ominB resources Resources expended Trnnsfers At 31 March 2024 General funds 502,490 682,162 1841.3411 343,311 24 Analysis of net assets between funds Unrestricted funds 2025 Restricted Endowment funds funds 2025 Total 2025 2025 At 31 March 2025: Investments Current assetsllliabilitiesl 26.(X)4,423 292,436 26,004.423 2.0)9,513 281,097 1,485,980 281,097 1,485,980 26.296,859 28,063.936 Unrestricted fLtrnds 2024 Restricted Endowment funds funds 2024 Total 2024 2024 At 31 March 2024: Investments Current assetsllliabilitiesl 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 38- SUSSEX COMMUNITY FQUNDATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH2025 25 Operating lease commitments Lessee At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fèll due as follows.. 2025 2024 Within one year Between two and fi.ve years 31.383 104,171 32.639 14.393 135.554 47,032 26 Related party transathons Transartions wlth related pa￿è$ During the year the charity entered into the following transactions with related parties.. Grants totalling £5.000 were awarded to Diversity Resource International of which M Ghebrèweldi is a Oirettor. 27 Cash generated from operations 2025 2024 IDelicstl/surpus for the year 1717.8341 2,633.122 Adjustments for.. Investment Income recognised in ststement of linancial activities Fair value gains and losses on investments 1342,1881 21.883 1310,2331 12,580,0891 Movements in working capital.. Ilntreasel/decrease in debtors Increaselldecreasel in creditors Increase in deferred income 1100,9421 17,385 9,226 2,784 192.9501 Cash absorbed by operations 11,112,470) 1347,3661 28 Analysts of changes in net funds The Charity had no material debt duiing the year. 39-