heart o! england
COMMUNITYFOUNDATION
THE HEARTOF ENGLAND COMMUNITY FOU.NDATION
(A company Limited by guarantee)
REGISTERED CHARITY NO. 1117345
COMPANY REGISTERED NO. 5999452
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024

Table of Contents
TRUSTEESANDSTAFF..............................
PROFESSIONALADVISORS...................................................................................................
TRUSTEES REPORT (includlng Dlrectors, Report)........................
AUDITOR'SREPORT............................................................
.15
STATEMENT OF FINANCIAL ACTIVITIES (FOR THE YEAR END 31 MARCH 2024)............... .... .
.19
STATEMENT OF FINANCIAL ACTIVITIES (FOR THE YEAR END 31 MARCH 2023),............. ........
..20
BALANCESHEET....
.21
STATEMENTOFCASH FLOW................................................................................................22
NOTESFORMING PARTOFTHE FINANCIALSTATEMENTS....................................................23

THE HEARTOF ENGLAND COMMUNITY FOUNDATION
(A company Ilmlted by guarantee)
TRUSTEES AND STAFF
YEAR ENDED31 MARCH 2024
Reglstered Office:
Stellantis
Pinley House, Sunbeam Way
Coventry CV3 1 ND
Corporate Patron:
Patron:
Stellantis
Mrs Sally Carrick
Presidents:
Tim Cox, the Lord Lieutenant of Warwickshire
Sir John Crabtree OBE, the Lord Lieutenant of thewest Midlands
Trust888:
Mr Christopherwest
Ms Michelle Vincent
Mr Paul Belfield
Mr Amrik Bhabra MBE
Ms Lucie Byron
Ms Jude Jennison
Mr Daniel Worthing
Mrcalum Nlsbet
Ms Jasmin Koasha
Ms Alethea Fuller
Ms Cleo Morris
Mr Richard Port MBE
Chair
Treasurer
Resigned 5° October 2023
Senlor Staff:
Tina Costello OBE
Helen Kendrick
Sh8miela Ahmed
Jayne Taylor-F8rren
Ryan Boyce
Charleene Jefferson
Chief Executive Officer
Senlor Manager Operations
Senior Manager Programmes
Senior Manager Finance
Senior Manager Communications
Secretary

THE HEARTOF ENGLAND COMMUNITYFOUNDATION
(A company limlted by guarantee)
PROFESSIONAL ADVISORS
YEARENDED31 MARCH 2024
Audltors:
Dafferns LLP
One Eastwood, Harryweston Road
Binley Business Park
Coventry, West Mldlands
CV3 2UB
Investment Manager8:
James Hambro &
Partners LLP
45 Pall M811
London
SW1Y 5JG
CCLA
Rathbones
Senator Hous8
Temple Point
85 Queen Victorla Str88t 1 Temple Row
London
Birmingham
EC4V4ET
B2 5LG
EFG HarrSs Allday
33 Great Charles
Street
Birmingham
B3 3JN
M 8nd G Investments
PO Box 9039
Chelmsford
CM992XG
Bankors:
CAF Bank
25 Kings Hill Ave
Kings Hill
West Malllng, Kent
ME19 4JQ
Santander 88nk
Bootle
Merseyslde
L304GB
Sollcltors:
Wrlght Hassall LLP
Olympus Avenue
Leamington Spa
Warwickshlre

THE HEARTOF ENGLAND COMMUNITYFOUNDATION
(A company limited by guarantee)
TRusfEES' REPORT (indudlng Directors. Report)
YEAR ENDED31 MARCH 2024
The Trustees have pleasure in pr8sentingtheirAnnual Report alongwith thefinancial statements
of the charityforthe year ending 31 March 2024.
The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP)
"Accounting and Reporting by Charities" (FRS102) in preparing th8 annual report and financial
statements of the charity.
The financial statements have been prepared In accordance with the accounting policies set out
in Note 1 to the accounts and comply with the Charity's Memorandum and Articles of
Association, the Ch8rities Act 2011. and Statement of Recommended Practice applicable to
charities preparing thelr accounts in accordance with the Financlal Reporting Standard
applicable in the UK and Ireland as amended for accounting perlods commencing on or after 1
January 2019 and the Companies Act 2006.
1. Structur•, Oovernan¢• and Management
1.1 Objects and Activit1•8
The objects of the Communlty Foundation are defined In its Memorandum and Artlcles of
Associatlon. The Community Foundation manages a diverse portfolio of grant
programmes working with a range of donors to provide charitable and philanthroplc
services across the geographical areas of Birmingham, Bl8ckCountry, Coventry, Solihull,
and Warwickshlre. The Trustees conflrm that they have referred to the guidance
contained in the Charity Commission's general guidance on public beneftt when
reviewing the current aims and objectiv88 and in planning future strategies and setting
grant msking policies.
Our actlvities are determined by ourcharitable objectives:
The promotlon of any charitable purposes for the benefit of communities within
the County of West Midlands and Warwiekshire, United Kingdom and the
advancement of education, the protection of good health andthe relief of poverty
and sickness.
Any other exclusively charitable purposes, which are. in the opinion of the
Trustees, beneficlalto the community in benefit.
The Foundation exists to support the local voluntary and community sector across the
West Midlands and Warwickshire. We work with a range of donor8 to offer bespoke,
tailored philanthropic services. We aim to inspire and encourage local givlng; we are
advocates forsmaller organisations who are often underthe radarof nationalfunders but
making a huge differencg at the heart of their communities.
The Foundation primarily supports notfor profit organisations with grantswhich make an
impact at a local level. We endeavour to have a balanced portfolio of grant programmes
which enables us to fund a wide cross section of organisations supportingthose most in
need.

THE HEARTOFENGLAND COMMUNITYFOUNDATION
(A company limlted by guarantee)
TRusfEES' REPORT (Ineluding Dlrectors, Report}
YEAR ENDED 31 MARCH 2024
The Trustee8 confirm that they have complied with the duty in section 4 of the Charities
Act 2011 to have due regard to public benefit guidance publlshed by the Charities
Commission in determiningthe activities undertaken bythe Heart of England Community
Foundation and in planning future activities. The benefits of our activities are described
In this Annual Report and relate directly to our aims and objectives.
1.2 Board Appolntmènt8
At each AGM, one third of the Trustees must retire, those long88t in off ice retiring first.
The Board of Truste8s meet on a quarterly basis.
OurAGM was held on 19 October 2023, in which Dan Worthing. Jude Jennlson and
Chris West retired from the board by rotation and wgre unanimously re-appointed as
Trustees.
The nam8s of the Trustees who have served throughoutthe flnancialyear and to the date
of this report are shown on page 3. All Trustees have a full induction, are regularly
updated on the operational running of the Foundation and have opportunities to play key
roles in shapingthe development and future strategy of the Foundation.
As part of our 3-5-year strategywhich will be launched in March 2025, we will undertake
a full governance review, to include a skills gap analysis and how our current sub
committe8s operate. We want a board that reflects the diversity of our region ensuring
our board ha8 a range of skills that support the development of the Foundation.
1.3 Board Subcommlttees
The Foundation has three main sub-committees:
Flnance and Inve8tment Commlttee, responsible for:
Budg6ts and overseeing Investment performance
Quarterly Investment returns and endowment pertormance
Comparlson of Investment Managers
Maximisation of Interest rate returns
Reviewing investment strategy
Annual meetings with all Investment Managers
Reviewing asset class investments
Considering appropriate avenue for unrestricted core income
Reviewing quarterly management accounts
Analysingforecast agalnst actual performance
Monitoring and reviewfinance resources
Management Commlttee. responsible for:
Management of governance and operational risks
Approval of new and revisions to policies and procedures
Maintaining oversight of the risk register

THE HEARTOF ENGLAND COMMUNITY FOUNDATION
(A company Ilmlted by guarantee)
TRiISTEES' REPORT Ilncludlng Dlrectors, Report)
YEARENDED31 MARCH 2024
Maintaining oversight of the charity's operations
Oversight and monitoring of operational projects and programmes
Maintaining oversight of operational decision making on HR changes include-
disciplinaries, performance management and recruitment
Approval of formal HR changes such as staffing re-structures
Approval of pay 8wards as the charity's remuneration committee
Approval of recommendations for new tenderslcontracts and grant programmes
in Ilne with the del8gation of authority policy
Grant Sub-commlttees, responslble for:
D8¢lslon maklng on our own Found8tlon funds and non-donor-dlrected funds
across all our areas of beneflt Including
Strategic overview of grant making to ensure equitable and fair distribution of
funds
Profiling annual grant budgets
Review of impact of grants awarded
We have two independent decision-making committees, the Coventry, Solihull and
Warwick8hire Panel and the Birmingham and Black Country Panel. Both panels have
representation from keystakeholders, communityactivists, and chaired by a Foundation
Trustee.
The Trustees would like to thank our fanta8tic volunteers who glve theSr valuable time,
commltment and knowledge to support our decision maklng.
1.4 Buslness Planning
The Foundatlon is now at 8 Plvotal point in terms of the Foundation'8 growth and
tr8jectory. We have now delivered our 3-year strategywhich focused on the following key
priorities, a brief highlight summary is provided below:
> We wlll deliver accessible, inclusive and flexible funding
We developed several pllot activities, for ex8mple, tri811ing regional panels for declslon
making.
With the implementatlon of a new CRM system thi8 year, we are lookingto transform our
grant making, making it fit tor purpose for the future, for both the Foundation and the
organisations we support.
We would like to explore re-introducing the single front door, reflecting on why it wasn't
successful on the first implementation and how it could be improved to ensure a smooth
customerjourney.
We delivered on ourfunding strategy, developing new key relationships and our ambition
to award £10 million over 3 years has been achieved.

THE HEARTOF ENGLANDCOMMUNITY FOUNDATION
(A company limited by guarantee)
TRUSTEES, REPORT (ineluding Directors, Report)
YEAR ENDED 31 MARCH 2024
> Maintain strong relationships with existing donors to ensure we retaln their
investment to improve lives in the region.
We're so proud to have retained over 99% of our donors over the past 3 years. We've
implemented a donor care policy, regularly 'spotlight' our donors and the social value
they contribute to our local communities. Our donors are our most valuable assets, so
w8 continually celebrate our partnerships and work with them to deliver bespoke
programmes that make 8 real difference at a local level.
> Contlnually seek to attract new donors to incr888e our social investment in the
West Midlands region.
The Foundatlon has been successful in the transfer of several dormant charities and
trusts held in local authorities, which has been Instrumental in growing our long-term
Investment8. The transfer of South Birmingham Friends, Institute ass8ts has grown our
endowment by over a million in the last year and the 5 residential properties have
Strengthened the Foundation's assets forthe future.
The Foundation has al80 strengthened its relationships with local authorities, dellvering
funds on behalf of Birmlngham City Council, Solihull MBC, Warwickshire County Council
and the West Midlands Combined Authority.
> Strengthen ourexistingfinance, governance and leadership to ensure donortru8t
and confidence in the charSty's sustainability and longevity.
The Foundation successfully passed QualltyAccreditation 5 and we're now preparingfor
Quality Accreditation 6 later in the autumn. We've successfully diversified our board in
terms of age, ethnicity, gender, and dlversity of thought resulting in a board that truly
reflects the region we serve.
We've revlewed our staff handbook; increased staff benefits and 8chleved the Thrlve 8t
Work Bronze Award for employee 8UPPOrt. We continuallyworkto ensure the workplace
Is happy, productlve and Incluslve.
> To be an equitable, diverse and Incluslve funder.
We commlssioned an evaluation of our grant makingthrough Foreverconsulting in 2021,
which highlighted performance against indlces of deprivation, soci81 return on
Investment and a cost benefit analysis. It also identified 'cold spots, in terms of
geography and communities of interest. We have held workshops, webinars and
particularly Invested in areas of deprivation. We have now commlssioned an evaluation
ot our grant making from 2021-2024 as the report is valuable tor the Foundation, our
current donors and future donors we wantto attract to workwlth us.
We have held several workshops over the past 6 months with our Board of Trustees and
wider staff team to reflect, learn and establish the successes within our 3-year strategy
but also objectives thatweren'tfully achieved. We recognise that a global pandemic had
a huge influence on our strategy, shiftinggoal poststo ensure thatduringthis challenging

THE HEARTOF ENGLAND COMMUNITY FOUNDATION
(A company Ilmlted byguarantee)
TRUSTEES. REPORT {Inciudlng Directors, Report}
YEAR ENDED 31 MARCH 2024
time the Foundation was deliverlng on its mission, to support our communlties across
the West Midlands and Warwickshire.
The board agreed to pause, reflect and pilot several initiatives in this financial year,
supportingthe development of our 3-5-year strategywhich will launch in March 2025.
We continue to steadily grow the Foundation's resources and we have successfully
recruited to S8veral new positions which supportthe Foundatlon's growth.
1.5 Risk Management
The principal identlfled rlsks to which the Foundation are exposed 8re Int8grated into the
business plan to ensure they are regularly reviewed. The Foundation also m8int8ins a
rlsk regi8ter which is reviewed on 8 half-yearly basis bythe Management Commlttee.
We continue to review and amend our rl8k reglster.
1.6 Pay Policyfor Senlor Staff
The Trustees considerthe senior managementteam to comprlse the key personnelof the
Charity in charge of directlng, running, and operating the Charity on a day-to-day basls.
The pay of senior staff is reviewed annually bythe Management Committee and is based
on performance and average e8rnings across the sector.
1.7 Fundralslng Regulator Statement of Compllance
Heart of England Community Foundation does not contract to 8 thlrd partyto undertake
any fundraising on its behalf. The charity does employ 8 Head of Communications who
initiates campaigns and supports fundraising activlties. We have received no fundraising
complaints during the year.
The charity only makes fundr8i8ing approaches to contacts who have given expllclt
consent to receive such campalgn documentation under GDPR guldellnes.
2. Achlevement8 and Flnan¢ial Performance for 2023-24
It has been, beyond doubt, an extraordinaryyear for th8 Foundation and its history. We
have continued to build relationships with our existing donors, In particular, local
authorities andthg range of programmestheyentrust in usto deliveron their behalf. They
see the benefit and value of outsourcing grant making to the Foundation which has
resulted in securingfurther programmes.
We retained all our donors vthich is testamentto the positive relationships we have and
the exceptional service we strive to offerto our donors.
The 2022 Birmingham Commonwealth Games was a huge success not only for
Birmingham butthewider region. This resulted in a significant underspend of £70 million
on budget which the Treasury agreed could remain in the region to support the legacy of
the games.

THE HEARTOF ENGLAND COMMUNITY FOUNDATION
(A company limited by guarantee)
TRUSTEES. REPORT (includlng Dlrectors, Report)
YEAR ENDED 31 MARCH 2024
The Foundation submitted a tender to the West Midlands Combined Authorityto deliver
a £9 million fund for community organisations across the region and we were awarded
the tender. Weworked in partnership with United by 2022, the off icial legacy charityfrom
the games to jointly promote the Inclusive Communities Fund (ICF) across the West
Midlands Region.
The ICFfund was hugely popular offeringfour different strands:
Large Grants up to £300,000
Medium Grants up to £75,000
Small Grants up to £15,000
Smallworks Capital Programme up to 2100.000
The Foundation received an unprecedented number of appLications to the value of over
£76 mlllion.
We convened communlty Panels to support our decision making, these panels reflectad
the dlversity of our region. Ensurlng representation in terms of geography, diverse
communltl88, community knowledge and diversity of thought. The panels worked
incredibly h8rd, often having difficult decisions with limited budgets. The Foundation
would like to thankthese volunteers for thelr exceptionaL commitment to making the ICF
programme a resounding success.
The West Midlands Combined Authority secured a further £3 million for the programme
which enabled usto support more brilliant community initiatives, funding 388 projectsto
the value of £11.8 mllllon.
Agaln, working in partnershlp with the West Mldlands Combined Authority, we were
successful in tenderingto supportthe deliveryofthe Community Environment Fund. This
£1.2 million is a further programme from the successful delivery of Birmingham 2022
Commonwealth Games. The Foundation receives applications to undertake due
diligence, butthe WMCA lead on decision making, the Foundation isthen responsible for
monitoringand evaluation of each project. Thesefantastlc projects are breathlng life into
communities through developing community gardens, green spaces and encouraging
communities to access local green space.
We are grateful to all donors who choose to work with us and see the benefits of our
posltive partnerships. The Foundation has securedfurther programmes. deLivering Fairer
Futures Fund across both Birmingham and Solihull. These funds are focused on specific
areas where inequallties exist in terms of health and opportunities.
The Foundation continues to strive to raise its profile, attending relevant events and
conferences to continually build our relationships with the voluntary and community
Sector.
The Found8tion h05ted its own International Women's Day in March 2024, which was a
huge success, a follow-on event took place in August 2024 where the Foundation
10

THE HEARTOF ENGLAND COMMUNrrY FOUNDATION
(A company limited by guarantee)
TRUSTEES, REPORT (includlng Dlrectors, Report)
YEAR ENDED 31 MARCH 2024
launched its own Women and Girls Fund, responding to the rising issues facing women
and girls across our region.
Our focus for 2024-25 is growing our long-term investments and securing more regional
corporates who see the beneflts of giving locally to grassroots organisations often
operating right on their doorsteps.
This has been 8 successful year tor the Foundation but without the support of all our
donor8 we Could not make the impact we strive to achieve in changing lives locally.
Key P•rformance Mo88ure8
The Foundation has sever81 slgnlflcant projects In 2024-25, Includlng a new CRM system
which we hope will supportthe transformation of our grant making both internally and for
our communltles who applyforfunds.
We have developed a fund development strategy alongslde a 1-ye8r operatlonal plan In
which we will pilot several new initiatives leading to the development and
implementation of our 3-5-year 8trate8y in 2025.
Human R080urc09
The recrultment market 8eems to have shlfted this year 8nd we've been fortunate to
recruit several new positions to support the delivery of the Inclusive Communities Fund
and a project manager to leed on the Implementatlon of our new Salesforce system.
We recruited a newS8nior Manag8rStrategyand Developmentwho 18 le8dingon learning,
Impact, evaluation and development ot our new strategy.
Incomlng Re8ourca$
The Foundation's total incomlng resources for 2023-24were £15,620,667 andthe overall
funds of the foundatlon Increased by £3,066,799 to £26,649,204.
Endowod Donatlon$
We were fortunate to see sorne investment growth in 23-24 but our focus for 24-25 is to
grow our long-term investments to ensure funds 8re in perpetuity for generations to
come.
Investments
The Foundation's investment policy, updated and reviewed every three years, is for a
balanced portfolio which produces reasonable income for grant making whilst growing
the value of the assets to protect them against the effects of inflation or other defining
factors in the longer term. This Is considered a relatively low risk approach.

THE HEART OF ENGLAND COMMUNITY FOUNDATION
(A company Llmited byguarantee)
TRUSTEES, REPORT (Ineiuding Dlrectors, Raport)
YEAR ENDED 31 MARCH 2024
Our stock market Investments are managed by James Hambro, CCLA and Rathbones.
Performance is bench marked against the FTSE APCIMS {Association of Private Client
Investment Managers) Index.
Investment performance over the 12-month period ending 31. March 2024 stabilised
following a period of market volatility linked to the COVID-19 pandemic and other
economic factors. The net gain on investments was £1,673,704 in 2023-24.
Grants
The total grant income for 2023-24 was £13,604,371 which was an increase of
£10,895,406 from the previous fiscalyear. Our total grant expenditure w8s £13,111,457,
a full report on the foundation's discretionary grant making will be available on our
website.
Re8trlct•d Core Incom•
Restricted core income In 2023-24 was £70,050 compared to £66,714 in the prevlous
fiscal year.
Unrestrlcted Core Incoma
Our unrestricted core income this year is derived from several 80urces, our investments,
general donations, rented properties and grant maklng contract fees. The delivery of
programmes on behalf of donors such as Wesleyan Assurance, Coventry Building
Soclety, West Midlands Comblned Authority, Solihull MBC and Blrmlngham City Council
support our operating costs.
The balance of our unrestrlcted income Is, at present, used to meet core expenditure
which is not covered by restricted income. Unrestricted incomg for 2023-24 was
£1,198,912 compared with £495,789 in the previous fiscal year. This increase is largely
due to the significant local authority contracts that were dellvered during the financial
year.
We are eternally grateful to all the donors who choose to workwith us, A partlcular thank
you goes to 29th May 1961 Charitable Trust fortheir annual unrestricted don8tion.
Expenditure
The Found8tion made an operatinggain on unrestrlcted generalfunds of £325,825which
compares with a budgeted gain for the year of £52,961 and an operating gain in the
previous year of £139.237.
Designated Funds
Our designated funds as of 31°, March 2024 totallod £1,185,894. These include the
current value of £764.575 from the Youell Legacy plus funds of £421,319 for the delivery
of grant programmes in 2024-25, which are not regarded as free reserves bythe Trustees.
12

THE HEART OF ENGLAND COMMUNITYFOUNDATION
(A company limited by guarantee)
TRUSTEES, REPORT (in¢ludlng Dlraetor$' Report)
YEAR ENDED 31 MARCH 2024
3. Reserves Policy
A considerable part of the Foundation's income is derived from unrestricted core
donations of which there is no c8rtainty and managemont fees for the delivery of flow
through grant programmes which are usually time bound. The Trustees believe it to be
necessary to retain suff icient fre8 reseNes to maintain the Foundation operationally
between the times such schemes end, and new programmes come on board. New
funding streams are often subject to competitive tendering and cannot be relied upon
with certainty. Free reserves mu8t also be retained to cover statutory obligations to our
staff should that prove necessary.
It is therefore the policy of the Foundation to maintain, 8lw8ys. free reseNes of no less
than the equivalent of six months core (support and govern8nce) cost8. At the 31 March
2024, total reserves were £26,649,204 of which endowed funds were £21,411,109 and
restricted funds were £2,975,979. Of the remaining unrestricted funds totalling
£2.262,116, £1,185,894 has been deslgnated byTrustees. The actualfree reseNes at the
end of the fiscal year equate to £1,076,222. However. £350,303 of these free reserves
represent non-liquld fixed asset8. The balance of £725,919 is 7 month8 of budgeted core
C08ts for 2023-24.
4. Trustees, Responslbllitie8 Statement
The trustees (who are also directors of The He8rt of England Community Foundation for
the purposes of company law) are responsible for preparing the Trustees, Annual Report
and the fin8nci8l statements In accordance with applicable law and United Kingdom
Accounting Standards {Unlted Kingdom GenerallyAccepted Accountlng Practice).
Company law requlres the trustees to prepare financlal statements for each financlal
year. Under company lawthe trustees must not approve the financial statements unless
they are satisfied that they glve a true and fair view of the state of affairs of the charitable
company and of the incoming resources and application of resources, 5ncluding the
income and expenditure, of the charitable company for that period. In preparing these
financial statements, the trustees are required to:
select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP 2019 IFRS 102);
make judgements 8nd estimates that are reasonable and prudent;
state whether applicable UKAccounting Standards have been followed;
prepare the financial statements on the going concern basis unless it is
Inappropriate to presume thatthe chsritable companywill contlnu8 in operation.
The trustees are responsible for keeping adequate accounting records that disclose with
reasonable accuracy at any time the financial position of the charitable company and
enable them to ensure that the financial statements comply with the Companies Act
2006. They are also responsible for safeguarding th8 assets of the charitable company
and hence fortaking reasonable stepsforthe prevention and detection of fraud and other
irregularities.
13

THE HEARTOF ENGLAND COMMUNITYFOUNDATION
(A company Ilmlted by guarantee)
TRUSTEES, REPORT (including Directors, Report)
YEARENDED31 MARCH 2024
In so far as the trustees are aware:
there is no relevant audit information of whlch the charitabl8 company's auditor
is unaware; and
the twstees have taken all steps that they ought to have taken to make
themselves aware of any relevant audit infomatlon and to establish that the
auditor is aware of that infomiation.
The trustees are responsible for the maintenance and Integrity of the corporate and
financial Snfonnation included on the charitable company's website. Legislation in the
Unlted Kingdom governing the preparation and dlssemin8tion of financial statements
may differ from legislation in otherjuri8diGtions.
5. Aud5tor8
A resolution to re-appoint Dafferns LLP as the Ch8rlty'S auditor will be proposed at the
forthcomingAnnual General Meetlng.
The report of the Trustees has been prepared taking advantage of the small companies,
exemption in the Companles Act2006.This reportwas approved bythe Board of Trustees
and authorlsed for issue on 18 September 2024 and signed on its behalf by:
Chrls We8t
Chair
14

THE HEARTOF ENGLAND COMMUNITY FOUNDATION
(A company limited by guarantee)
AUDrfoR% REpoKr
YEAR ENDED 31 MARCH 2024
Opinion
We have audited the financial statements of The Heart of England Community Foundation (the
'charitable company,) for the year ended 31 March 2024, which comprise the Statement of
Financial Activities. the Balance Sheet, the Statement of Cash Flows. end notes to the flnanci81
statements, including significant accounting pollcies. Thefinanci81 reportingframeworkthat has
been applied in their preparation is applicable law and United Kingdom Accountlng standards,
including Financial Reporting Standard 102 The Financi81 Reporting Standard applic8b18 in the
UK8nclRepublic of Ireland (United Kingdom GenerallyAccepted Accountlng Practice).
In our opinion the flnanclal st8tements:
give a true and falr vlew of the state of the ch8rltable company's affairs as at 31 March
2024, and of its incoming resources and application of resources. including its income
and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted
Accountlng Pr8Ctice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basls tor opinion
We conducted our audlt In accordance with Intern8tlonal Stand8rds on Auditlng {UK} (ISAS {UK)}
and applicable 18w. Our responsibilities under those standards are further described in the
audltor responsibilities for the audit of the tinancial statements section of our report. We are
Independent of the charitable company in accorcl8nce with the ethical requirements that are
relevant to our audit of the flnancial statements in the UK, includlng the FRC'S Ethical Standard.
and we have fulfilled our other ethical responsibllities in accordance wlth these
requirements. We believe thet the audit evidence we have obtained is sufficient and appropriate
to provlde a basisfor our opinlon.
Concluslons relating to golng concern
In audltlng the financlal statements, we have concluded that the trustees, use of the going
concern basis of accounting In the preparation of the fln8ncial st8tements Is appropriate.
Based on the workw8 have performed. we have not Identifled Bny materlal uncertainties relating
to events or conditions that, indivldually or collectively, may cast significant doubt on the
charitable company's abilityto continue as a going concern for a period of at least twelve months
from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are
described in the relevant sections of this report.
Other information
The other information comprises the inform8tion included in the trustees, annual report, other
than the financial statements and our auditor's report thereon. The trustees are responsible for
the other information. Our oplnion on the financial statements does not cover the other
information and, exc8Pt to the extent otherwise explicitly stated in our report, we do not express
any form of assurance conclusion thereon. Our responsibility is to read the other informatlon
and, in doing so, consider whetherthe other information is materially inconsistent with the
15

THE HEART OF ENGLAND COMMUNITYFOUNDATION
(A company limited by guarantee)
AUDrroRE REPORT
YEAR ENDED 31 MARCH 2024
financial statements or our knowledge obtained in the course of the audit or otherwise appears
to be materially misstated. If we identify such material inconsistencies or apparent material
misstatements, we are required to determine whether thls gives rise to 8 material misstatement
in the financial statements themselves. If, based on the work we have performed, we conclude
thatthere is 8 material misstatement of this other information, we are required to reportthatfact.
We have nothing to report in this regard.
Oplnlons on other matters prescrlbed bythe Companles Act 2006
In our oplnlon, b8sed on the work undertaken In the course of the 8udlt:
the information given in the trustees, report, whlch includes the dlr8Ctors' report prep8red
forthe purposes of company law, forthe financialyearforwhich the financial statements
are prepared is consistent with the flnancial statements; and
the directors, report included within the trustees, report has b88n prep8red In accordance
with applicable legal requirements.
Mattern on which we are requlred to report by exceptlon
In the light of the knowledge and understanding of the charit8ble company and its envlronment
obtained in the course of the audit, we have not Sdentified mat8rial misstatements in the
clirectors. report included within the trustees, report.
We have nothing to report in respect of the 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 returns 8dequate for our audit have
not been received from branches notvisited by us; or
the financial statements are not in agreement with the accounting records and return8;
or
cert8in dlsclosure8 of trustees, remuneration specifled by law are not made; or
we have not received allthe information and explanations we require for our audit: or
the trustees were not entltled to prepare the financial statements In 8ccord8nce with the
sm8ll companies, regime and take advantage of the small companies, exemptlons in
preparlng the directors, report and from the requirement to prep8r8 8 Strategic report.
Responslbllltle8 of tru8teo8
As explalned more fully in the trustees, responsibilities statement set out on pages 13 - 14, th8
trustees (who are also the directors of the charitable companyfor the purposes of company law)
are responsib18 for the preparation of the financial statements and for being satisfied that they
give a true and fair view. and for such internal control as the trustees determine is necessary to
enablethe preparation offinanciaL statementsthatarefree from m8terlal misstatement. whether
due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable
company's ability to continue as a going concern. discloslng, as applicable, matters related to
going concern and using the going concern basis of accounting unless the trustees either Intend
to liquidate the charitable company orto cease operations, or h8ve no realistic alternative but to
do so.
16

THE HEARTOF ENGLAND COMMUNITYFOUNDATION
(A company Ilmited by guarantee)
AUDITORS REPORT
YEAR ENDED 31 MARCH 2024
Audltor responsibilities forthe audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as 8
whole are free from material misstatement, whether due to fraud or error. and to issue an
auditor's reportthat includes our opinion. Reasonable assurance is a high level of assurance, but
is not 8 guarantee that an audit conducted in accordance wlth ISAS (UK) will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are
considerecl m8terial if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the b8sis of thes8 financlal statements.
Irregularities. including fraud, are instances of non-compllance wlth laws and regulations. We
design procedures In line with our responsibilities, outllned above, to detect materi81
mlsstatements in respect of irregularities, including fraud. The extent to which our procedures
8re capable of detectlng irregularities, including fraud is detalled below:
enquiry of management around actual and potential litigation and claims;
reviewing flnanci8L st8tement disclosures 8nd testlng to supporting documentation to
assess compliance with applicable laws and regulations;
performing audit work over the risk of management override of controls. includingtesting
of journal entries and other adjustments for appropriateness, evaluating the business
rationale of signrfic8nttransactions outsidethe normal course of buslness, and reviewing
accounting estimates for bias.
Because of the Inherent Ilmltatlons of an audit, there is a risk that we will not detect all
irregularitles, Includlng those leadlng to 8 material misstatement in the financial statements or
non-compliance with regulation. This risk increases th8 more that compliance wlth a law or
regulation is removed from the events and transactions reflected in the financial st8tem8nts. 88
we will be less likely to become aware of instance8 of non-compliance. The risk 18 also greater
regarding irregularities occurring due to fraud rather than error, 88 fraud involves intentlon8l
concealment, forgery, collusion, omission or mlsrepresentatlon.
A further description of our responsibilities Is 8vailableon the FRC'S website at.,
hJlP.s'1g￿￿￿..j.r£ .0.w.uklLitstau￿.tar￿rdLQ.QdP.s.loli.cyjA￿di5￿.A￿WA0.￿.a11£LAtiIQ.sL&LdJtQL￿"
r_0s.p.o.￿s.[ts_L{itLOslQ￿thE1udl11. This description forms part of our audltor's report.
17

THE HEART OF ENGLAND COMMUNITYFOUNDATION
(A company limited by guarantee)
AUDrroR'S REPORT
YEAR ENDED 31 MARCH 2024
Use of our report
This report is made solely to the charitable compary's members. as a body. in accordance with
Chapter 3 of Part 16 of the Companies Act 2006. Our audit work h88 been undertaken so thatv
might state to the charitsble company's members those matters we are required to state to them
in an auditor's report and for no other purpose. To the fullest extent permitted by law, V￿ do not
accept or assume responslbllityto anyone Otherthan the ch8ritable company and the ch8ritsble
company's members as 8 body, for our audit work, for thls report, or for the oplnions we have
formed.
Slgned:
Geoffrey Cox BA FCA (Senlor Ststutory Auditor)
For ancl on beh8lf of Daffern8 LLP
One Eastwood, Harryweston Road,
Binley Business Park, Coventry
CV32UB
Date:
18

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THE HEARTOFENGLAND COMMUNITY FOUNDATION
IA company Ilmlted by guarantee)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
FOR THEYEAR ENDED 31 MARCH 2024
1. Accounting Pollcles
Basis of preparation
Heart of England Community Foundation is a company limited by guarantee in England and
Wales. In the event of the charity being wound up, the liability in respect of the guarantee is
limited to £10 per member of the charity.The address of the registered office is given inthe charity
information on page 3 of thes8 financi81 statements. The nature of the charity's oper8tions and
principal activities are to act as a conduitfor philanthropy. linking private and public funders with
small community projects across the county of West Midlands.
The charity constitutes 8 public beneflt entity as defined by FRS 102. The financial statements
have been prepared In accordance with Accounting and Reporting by Ch8rities: Statement of
Recommended Practlce applic8ble to charlties preparing thelr accounts in accordance with the
Financlal Reporting standard 8pplicable In the UK and Republic of Ireland (FRS 102) 88 amended
for8ccounting periods commencing on or 8fter 1 January 2019, the Flnancial Reportlng stand8rd
applicable In the United Klngdom and Republic of Ireland (FRS 1021, the Charities Act 2011, the
Companies Act 2006 and UK Ganerally Accepted Practice.
The financial statements are prepared on a going concern basls under the hlstorScal cost
convention. modified to include certain Items at fair value. The financial statements are
presented in sterling which Is the functional currency of the charity and are rounded to the
nearest £1.
The significant accountlng policies applied in the preparation of these financlal statements are
set out below. These policies have been consistently applied to all years presented unless
otherwise stated.
Incomlng Resources
All incoming resources are included In the Statement of Flnancial Activities (SOFA) when the
charity is legally entitled to the income and after performanc8 conditions h8ve been met. the
amount can be measured reliably, and it is probable that the income will be received.
For donations to be recognised the charlty will have been notifled of the amounts and the
settlement date in wrltlng. If there are condltlons att8ched to the donatlon and this requires a
level of performance b8fore entitlement can be obtained, then income is deferred until those
conditions are fully met or the fulfilment of those conditions is within the control of the charity
and it is probable that they will be fulfilled.
Donated facilities are recognised in income at their fair value when their economic benefit is
probable, it can be measured reliably. and the charity has control over the item. Fair value is
determined on the basis of thevalue of the gifttothe charity. For example, the amountthe charity
would be willing to pay in the open market for such facilities. A corresponding amount is
recognised in expenditure.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS
102). Further detail is given in the Trustees, Annual Reports.
23

THE HEART OF ENGLAND COMMUNITYFOUNDATION
(A Company limited by guarantee)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED31 MARCH 2024
For Legacies entitlement is the earlier otthe charity being notified of an impending distribution or
the legacy being received. At this point income is recognised. On occasion legacies will be
notified to the charity however it is not possible to measure the amount expected to be
distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.
Income from government and other grants are recognised at fair v8lue when the charity has
entitlement after any performance conditions have been met, it is probable that the income will
be received, and the amount can be me8sured reliably. If entitlement is not met then these
amounts are deferred.
Investment income is earned through holding assetsfor investment purposes such as sh8res and
property. It includes dividends, interest and rent. Where it is not practicable to identify
investment management costs incurred within a scheme with reasonable accuracy the
investment income is reported net of these costs. It is included when the amount can be
measured reliably. Interest income is recognised using the effective interest method and
dividend and rent income is recognised 88 the charity's right to receive payment is established.
Resources expendod and irrecoverable VAT
Liabilities 8re recognised 8s resources expended as soon 8S there Is a legal or constructive
obligation committing the charity to the expenditure. All expenditure is accounted for on an
8ccruals basis 8nd has been classified under headings that 8ggr8gat8 8ll costs related to the
category.
Grants payable are payments made to third parties in the furtharance of the ch8ritable objectives
of the Foundation. The grants are accounted forwhere eitherthe Trustees have agreed to paythe
grant wlthout condition and the reciplent has a reasonable expectation that they wlll recelve
grant, or any condltlon attachingto the grant Is outslde the control of the Foundation.
Irrecoverable VAT is charged agalnst the category of resources expended for whlch It was
incurred.
Allocation otoverhead and support costs
Overhead 8nd support costs have been allocated between charitable activity and governance
costs. Overhead and support costs relating to charitabLe activities have been apportioned on a
basis consistent with the use of resource8.
Charltable actlvltles
Costs of ch8ritable activities include grants made and support costs as shown in note 6.
Governance costs
Governance costs comprise all costs involving the public accountability of the charity and its
compliance with regulation and good practice.
24

THE HEART OF ENGLAND COMMUNITY FOUNDATION
(A company Ilmlted by guarantee)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
FOR THEYEAR ENDED 31 MARCH 2024
Support cost allocatlon
Support costs are those that asslstthework of the charity but do not directly represent charitable
activities and include off ice costs. governance costs, and administrative payroll costs. They are
incurred directly in support of expenditure on the objects of the ch8rity and include project
management carried out at Headquarters. Where support costs cannot be directly attributed to
particular headings. they have been allocated to cost of raising funds and expenditure on
charitable activities on a basis consistent with use of the resource.
Fundralslng Costs
Fund-raising costs are those which are incurred in seeking voluntary contributions and do not
include the costs of dissemin8ting information in support of charitable activities.
The analysis of these costs is included in note 4.
Endowment funds
These funds Include expendable endowments whlch 8ro8e from gr8ntS and donatlons given
specificallyto be held as capit8l unlessthe Trustees resolve they may be spent. It Is the intention
of the Trustee8 that these funds be m8lnt81ned for the forese8abl8 future. Grants are funded
from the Income generated from the capital investments. There can be an Inltlal period of income
accumulation in accordance wlth the donor's wishes.
Restrlcted fund8
These funds are received lor specific purposes set bythe gr8nt funders or donors. These include
funds received to enable grants to be paid to beneficiaries and meet the cost of projects and, in
additlon, funds received towardsthe Foundation's operating costs in man8gingthose grants and
projects.
De81gnated funds
These funds are unrestricted funds set aslde by the Trustees for specific purposes.
Investments
Investments in Listed securities and properties are shown on the balance sheet at their open
marketvalue. Profits and losses on sales of investments and the movements in marketvalue are
taken to the St8tement of Financial Activities. Property in course of construction is valued at
cost.
Fixed assets and depreciatlon
No depreciation is provided againstthe cost of land. Operational assets costing lessthan £1.000
are written off In full through the Statement of Financial Activities in the year of purchase.
Depreciation is provided bythe Foundation to write off the cost less the estimated residualvalue
of otheroper8tionalfixed assets byequal instalments overtheir usefuLeconomic lives asfollows:
Office and computer equipment- 4years
25

THE HEARTOF ENGLAND COMMUNITY FOUNDATION
(A company Ilmlted by guarantee)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
FOR THEYEAR ENDED 31 MARCH 2024
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or pay8ble within one year are
recorded at transaction price. Any loss arising from impairment are recognised in expenditure.
Penslon schemes
The charity operates defined contribution pension schemes. Contributions payable in the year
ar8 charged in the Statement of Financial Activities.
Tax
The charity is an exempt charity within the meaning of schedule 3 of the Ch8rities Act 2011 and
Is considered to pass the tests set out In Paragraph 1 Schedule 6 Finance Act 2010 and therefore
it meets the deflnltlon of a charltable company for UK corporation tax purposes.
Golngeoncarn
The financlal statements have been prepared on a going concern basis as the Trustees belleve
that no materlal uncertainties exist. The trustees have considered the level of funds and the
expected level of income and expenditure for 12 months from authorising these financial
statements. The budgeted income and expenditure18 suff icient with the level of reserves for the
charityto be able to continue as a going concern.
Financial Instruments
Financial assets
Basicfinancialassets. includingtrade and otherreceivables. cash and bank balances are initially
recognised at tr8ns8Ction price.
Other flnanclal assets. Includlng Investments in equity instruments and whlch are not
subsidiaries, associates or joint ventures. are initially measured 8t fair value which is normally
trans8Ction price. Such assets are subsequentlyc8rried atf8irvalue and the changes infairvalue
are recognised In profit and loss.
Flnanclal liabilities
Basic financial liabiLities. Including tr8de and other payables, 8nd bank loans that are cl8ssified
as debt are initially recognised at transaction price. Debt instruments are subsequently carrled
8t amortised cost. using the effective interest rate method.
26

THE HEARTOF ENGLAND COMMUNITY FOUNDATION
(A company limited by guarantee)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
FOR THEYEAR ENDED31 MARCH 2024
2. Donations and Legacles
Donors contributed to the following restricted funds during the period:
Core
Costs
Dlstributable
Grants
Total
2024
Total
2023
29° May 1961 Charltable Trust
BRC Fund
Communlty Energy
Warwickshlre
Cost of Llvlng Fund
Coventry Bullding Soclety
Coventrycityof Culture Fund
Coventrywarm Space Fund
DCMS Cost of Llving Fund
Dulverton Trust
Graham Grifflths Fund
Helping Hearts
High Sherrlf of Warwlckshlre
Internatlonal Chlldren's Games
JLR Sollhull Employees Charlty
Fund
John Taylor
Knowyour Neighbourhood
Leamlngton Fund
ma￿LeX UK Ltd
M and G Fund
NNS Blrmlngham Clty Councll
Orblt Indlvldual Grants
Orblt Flrst Year Tenancy
Orlt Hardshlp Fund
PSA Peugeot Cltroen
Peddlrnore
Posltive Futures
R Medwell
Sollhull Reslllence Fund
The Freemason's Charlty
Tlpton Educatlon Fund
Vltal EV Solutlons
Warwlckshlre Countycouncll
Wesleyan
WindsorAcademyTrust
Communlty Foundatlon
28,000
12,186
7,047
81,892
25.000
loo,000
60,588
99,299
45.000
50,000
2,325
1.191
13,376
1,191
13,376
787
787
321
2,860
135,333
2,767
9,200
13,011
388,310
550
21,000
212,731
66,714
27,000
90,000
2,351
2,351
70,050
70,050
2,000
2,000
50,600
45,000
10,800
4,500
343,748
839,200
9,354
29,059
9,354
99,109
70,050
2,775,679
Donatlons In klnd
Duringthe financialyear PSA Peugeot Citroen {Stellantis) again provided office accommodation
and facilities free of charge to the Foundation. The estimated value of these benefits is £70,050
(2023: £66,714) has been reflected in the Statement of FinanciaL Activities 88 gifts and as
support costs within the restricted core cost fund.
27

THE HEARTOF ENGLAND COMMUNITY FOUNDATION
(A company limited by guarantee)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
FOR THEYEAR ENDED31 MARCH 2024
3. Income from Grant Contracts
Core
Costs
Dlstrlbutable
Grants
Total
2024
29th May 1961 Charitable Trust
Building Better Opportunitles Fund
Breathe BetterAir Fund
Bretherton
Bristol and West
Community Energywarwlckshire
Communlty Environment Fund
Coventry Buildingsociety
Coventrycommunlty Fund
DCMS Costof Llvlng Fund
Deutsche Bank
Dulverton Trust
Greggs Foundatlon
Gowllngs
IM Communlty Fund
Inclusive Communltles Fund
Income Maxim15atlon Fund
Klnghur5t Fund
Knowyour Neighbourhood
Love My Keresleycommunlty
NHS- Small Grants
NNS- Blrmlngham Clty Councll
Orblt- Indlvldual Grants
Orblt Extension Hardshlp Fund
Orblt Furnlsh Homes
Orblt Hardshlp Trust
Peddlmore Fund
PHP Fund
Posltlve Futures
SollhuLi Falrer Futures Fund
Sollhull Hong Kong Fund
Sollhullwarm Welcome Hub Fund
The Davld East Fund
Tlpton Educatlon Fund
Together In Sollhull Afghan Fund
Together In Solihull Asylum Seekers Fund
Together In Sollhull Ukralne Fund
Warwlckshlre County Councll
Wesleyan
WMCA Green Grants
3,000
19,701}
8,333
21,000
24,000
19,7011
79,166
3,000
598
8,109
466,163
88,324
7,750
116,754)
30,000
110,332
19,800
11.000
199,500
7,412.552
994,424
10,000
1,204,401
118,200)
72,049
434,085
1441
102,645
111,5761
138,683}
27.750
95,000
92,500
208,000
30.000
55,243
18,000
13,500
19,929
19,929
49,805
1,327,120
852,610
261.052
14.253.378
70.833
3,000
598
7,369
429,579
86,170
7,750
116,7541
27,000
99,299
18,000
10,000
189.500
7,089,864
948,649
10,000
1,171,334
118,2001
72,049
390,960
740
36,584
2,154
3,000
11,033
1,800
1,000
10,000
322.688
45,775
33,067
43,125
17,250
85,395
111.5761
138,6831
27,000
85,000
90.000
200,000
29,000
51,151
18,000
11,700
18,170
18,170
45,410
1,260,000
847,100
250,578
13,604,371
750
10,000
2,500
8,000
1,000
4,092
1,800
1,759
1.759
4,395
67,120
5,510
10.474
649,007
Income from Grant Contracts has been reclassified and shown separatelyfrom Donations and
Legacies in the 2024 accounts. Comparatives have not been adjusted.
28

THE HEART OF ENGLAND COMMUNITY FOUNDATION
(A company limited byguarantee)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
FOR THEYEAR ENDED 31 MARCH 2024
4. Fundralslng Costs
Unrestricted
Restricted
Tolal
2024
Consultsncy
Staff Costs
Other costs
47,321
13,124
60,445
47,321
13,124
60,445
Unrestrlctod
RgStrlcted
Total
2023
Consultancy
Staff Costs
Other costs
40,752
17,912
58,664
40,752
17,912
58,664
S. Grants
Totsl
Totsl
2024
2023
Grants awarded- Restrlcted funds
13,111,157
300
2,858.131
8.000
Grants awarded- Oèslgnated funds
13.111.457
2,866,131
Forfull details of grants awarded duringthe year please visit our webslte to download our
'Gr8nts Making & soclal Investment Report 2023124, at
29

THE HEARTOF ENGLAND COMMUNITY FOUNDATION
{A company Ilmlted by guarantee)
NOTES FORMING PART OF THE FINANCIAL sfATEMENTS
FOR THEYEAR ENDED 31 MARCH 2024
6. Support Costs
Grants
Admlnlstratlon
2024
2023
Staff Costs (see note 71
Recruitment
PRand Advertlslng
Training and Conferences
Subscrlptlons
Traveland Subslstence
Staff Welfare
Meetlngs
Prlntlngand Ststionery
Postage and Telephone
Offlce Equlpment
Legal and Professional fees
Rent and Rates
Flxed Asset DepreciatSon
OfflceAccommodatlon and
Facllltles (see note 21
Sundry Expense
Insurance
251.410
18.480
4,081
836
251.556
9,576
4,084
837
11,509
2,820
207
960
1,903
3,285
18,423
4,425
502,966
28,056
8.165
1,673
11.509
5,638
413
1,919
3.805
6,568
36,835
8,848
5,178
360
64,026
345,133
13,100
9,077
3,678
10.915
7,067
1,068
2,818
206
959
1,902
3,283
18,412
4,423
5,178
180
32,004
1,891
5,586
26,751
35,959
4,307
1,339
59,375
180
32,022
190
423
344.785
190
423
342,400
380
846
687,185
422
1,758
528,034
The Support costs are incurred from the followingfunds:
Unrestrlcted General Fund
Restricted Core Fund
Restrlcted Grant Fund
617,056
70,050
7. Staff numb8rs and costs
The average number of person8 employed by the Foundation during the period was 1412023-
11). The full-time equivalent number of employees was 12.1 (2023- 9.7) and the aggregate
Payroll costs were as follows:
Total
Total
2024
2023
Saiarles
46B,589
343.382
2,100
29,360
11,043
Agency staff costs
Soclal security costs
Other pension costs
48,058
29,796
550,287
385.885
Support costs (see note 61
Fundralslng costs (see note 41
502,966
47,321
345.133
40.752
550,287
385,885
30

THE HEARTOF ENGLAND COMMUNITY FOUNDATION
(A company limited by guarantee)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The number of employees earning over £60.000 peryear (including benefits) in the period is as
follows:
2024
No.
2023
No.
£70,000 - £80,000
8. Trust8è8' and key management personnel renumeration and expenses
The charity considers it8 key management personnel as Tina Costello.
The total amount of employee benefits (including employers Nl) received by key man8gement
personnel Is £94,636 (2023: £83,049),
The Trustees did not receive any remuneratlon durlngthe year (2023: £nll). No expenses were
claimed duringthe year (2023: NIL).
a. Third party related transactlon8
The charity paid £20,984 (2023: £16,356) to Adecs Limited, a company related to AmrSk Bhabr8.
a Trustee. for IT services. The charity paid £8,820 (2023: £11,116) to Wright Hassall LLP,
company related to Lucie Byron. The Charity paid £nil (2023- £1,200) to Leaders by Nature, an
organisation related to Jude Jennison.
9. Governance Cost8
Unrestrlcted
Restrlued
Endowment
Total
Total
2024
2023
Statutory audlt fees
12.000
12,000
12.912
12.000
12,000
12.912
The auditor's remuneration 8mounted to an auditfee of £11,700 {2023: £12,612) and other
seniices of £300 (2023: £300).
31

THE HEART OF ENGLAND COMMUNITY FOUNDATION
(A company limited by guarantee)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
FOR THEYEAR ENDED 31 MARCH 2024
10. Transfer between funds
Restrlcted
osts
D15trlbutable
Granis
Endowment
Funds
Oeneral
De$lgnated
Transferof designated fund to
unrestricted
Transfer of designated fund to
grants
Transfer of grant fund to
unrestrlcted
Transfer of BBO from
Deslgnated
Transfer of Heart of England
Pflorltles to unrestrlcted
64.382
164,3821
135.0001
35,000
500
15001
112.6231
12,623
10,000
iio,0001
74,882
1112,0051
12,623
24.500
11. Tanglble Flxed A88ets
Froehold
Property
Computer
Equlpmenl
Total
Cost
l Apr112023
1,185.000
27.471
1,212.471
Addltlons
DIsp05ais
7,200
8,629
31 March 2024
1.192,200
28.900
1,221,100
Depreclatlon
l Aprll 2023
25,926
25.926
Chargeforyear
395
395
31 March 2024
26,321
26.321
Net Book value 31 March 2023
1.185.000
1,186.545
NetBookvalue31 March 2024
1.192.200
2.579
1,194,779
32

THE HEART OF ENGLAND COMMUNITY FOUNDATION
(A company limitsd by guarantee)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
FOR THEYEAR ENDED 31 MARCH 2024
12.2 Investment Prop8rties
Small
Barn
Larg8 Barn
South
Birmingham
Properties
Total
2024
Total
2023
Valuatlons
IAprll2023
Additions
Gainslllosses}
31 March 2024
Historical Cost
177,000
1,065,000
340.000
1,582,000
1,005,000
237,000
340.000
1,582,000
1,339,161
177,000
90,511
1,065,000
908,650
340.000
340,000
1,582,000
1,339,161
Two barn buildings and the land they stand on were donated to the Foundation for development
into office buildings for letting when complete. The original valu8 of the underdeveloped land
and properties don8ted was estimated byth6Trustees at 285,000.
Both barns were revalued at 31 March 23 on 30 June 2023 by Roger Stanway FRICS of Holt
Commerci8l, Chartered Surveyors on the basis of fair value.
The South Birmingham Investment Propety w8S transferred to the Foundation at a valuatlon of
th
£340,000 on 28 February 2023.
13 Debtor8
Total
2024
Total
2023
Trade Debtors
Accrued Income
155,718
1,557,531
1.713,249
5,248
1,718,497
484,313
44,942
529.255
3,113
532,368
Prepayments
34

THE HEART OF ENGLAND COMMUNITY FOUNDATION
(A company limitsd byguarantee)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
FOR THEYEAR ENDED31 MARCH 2024
14 Creditors
Totsi
2024
Total
2023
Trade creditors
Unpaid grants
Deferred Income (See note 151
Employees tax and social securlty
VAT
Staff pension scheme contribution
40,894
7,155,659
150,507
13,268
37,746
3,714
7,401,788
76,467
7,478,255
44,244
362.214
20,733
7,929
8,T70
1,775
445,665
66,155
511,820
Accruals
15 Deferred Income
Total
2024
Total
2023
18t April 2023
Additlons
Released to SOFA
20.733
280.972
{151,198)
150,507
21.162
87,700
188,129)
20,733
Deferred Income has arisen as a result of rental 8nd other income belng recelved In advance.
35

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THE HEART OF ENGLAND COMMUNITY FOUNDATION
(A company limlted by guarantee)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
FOR THEYEAR ENDED 31 MARCH 2024
18 Designated Funds
l Aprll
2023
Income
Expenses
GalnslL055 on
Investments
Transfe
31 March
2024
BBO Provision
Birmingham Clty
Councll
CoventryBulldlng
Soclety
CommunltyEnergy
Warwlckshlre
Heartof England Fund
IM Development
Mayflex Fund
Orblt
South Blrmlngham
Frlends Fund
Warwlckshlre County
Councll
Wesleyan
YoueLi Famlly Fund
120,463
2,650
112,6221
12.6501
107,841
8.190
18.190}
698
1698)
296,791
13,000
800
8,145
38,820
13001
iio,0001
113,0001
18001
18,1451
125,0001
286,491
13,167
26,987
500
15001
30,400
704,551
1,225,008
130,4001
14,291
14,591
64,315
64,315
764,575
1112,0051 1,185,894
13,167
The Youell FamiLy Fund is 8 Legacyfrom the late Alfred Youell MBE.
The BBO Provision fund represents an amount set aside to cover any clawback from the BBO
programme in the future.
The Heart of EngLand Fund Ss 8 fund set up by the Trustees that can be used for Immedlate need
In the communlty thatthe Ch8rlty could support.
The SBFI Fund Is an amount set aslde for future grant maklng.
19 Analysis of fund balances between net assets
General
Funds
0851gn4ted
Funds
Restrl¢ted
Funds
Endowment
Funds
Total Funds
2024
Tangible Flxed Assets
9.779
1.185,000
1.194.779
Investments
340,523
764,575
20,052,731
173.378
21,157,829
10,056,354
Bank and Cash
Balances
Debtors
808.045
421,319
8.653.612
235,471
1,483,026
1.718.497
Credltots
1317,5961
17,160.6591
17.478,2551
1,076,222
1,185.894
2.975,979
21.411,109
26,649.204
42

THE HEART OFENGLAND COMMUNITY FOUNDATION
(A company limited byguarantee)
NOTES FORMING PAKf OF THE FINANCIAL STATEMENTS
FOR THEYEAR ENDED 31 MARCH 2024
20 Reconciliation of net income to net cash tlowtrom operatlng actlvltles
2024
2023
Net Income foryear
Dividend Received
Rents recelved from Investment propertle5
Interest receivable
Depreclation and Impalrment of tangible flxed assets
{Gainslllosses on Investments
Receipt ofendowment
(Increaselldecrease In debtors
Increase Ildecreasel In creditors
3.066,799
1475,587)
1124,7391
1174,045)
395
11,673,704)
1393,7981
11,188,129)
6,966,435
2,115,049
1371.2351
190.2771
155,8111
1,505
997,675
12.924,204}
{309,102}
1746,969}
Net cash flow from operatlng actlvltles
6.005.627
11,383.3691
Analy818 Ot Net Debt
1" Aprll 2023
Ca8hflow
31" March 2024
Cash and cash equivalents
£3,307,897
£6,748,457
£10,056.354
21 Control Relatlonshlps
The Board ofTrustees is ultlmately responslble forthe control of the Charitable Foundation.
22 Taxatlon
The Foundatlon Is a reglstered charlty and Its actlvltles are such that no liability to Corporation tax arises
on Its resuLts for the year.
23 Members'Guarantee
Every mernber has agreed that, If the charity is dissolved. while he or she remains a member orwlthin
twelve months afterwards, to contrlbute up to £10 towards the costof dissolution and the liabilities of
the charity.
24 Penslons and Post Retlrement Beneflts
Defined contribution pension plans-
The charlty contrlbutes to the money purchase pension plan forcertain of Its employees. The amount
recognlsed as an expense in the period was £29,796 (2023: £11,043).
43

THE HEARTOF ENGLAND COMMUNITY FOUNDATION
(A company limited by guarantee)
NOTES FORMING PART OF THE FINANCIAL sfATEMENTS
FOR THEYEAR ENDED 31 MARCH 2024
25 Flnan¢lal Instruments
The carryingvalue of the charlty's Financial instruments
2024
2023
FlnanclalAssets
Measured atfalrvalue through net Income l expenditure:
Fixed asset Investments (note 12)
19,575,829
17,485,415
Measured at amortlsed cost:
Barn rent recelvable
25,493
25,043
The income, expendlture, net galns and net losses attrlbutable to the charlty's flnanclal Instruments are
as foLIows:
2024
2023
Netgalns and losses
Financial assets measured at falrvalue through net Income I
expendlture
1,673,704
1997,675)
26 Operatlng Leases- L088or
Totalfuture minimum lease payments collectable under non-cancellable operatlng leases:
2024
2023
Withln one year
1-5 years
More than 5 years
Total
16.050
72,900
75,000
163,950
63.200
8,661
71,861
The Foundation lets the large and smallyouell Barns and the SBFI propertles. The small barn lease was
st
renewed durlng2023-24for a perlod of ten years. The ￿rge barn lease was under revlew at 31 March
2024 with terms yet to be agreed. The SBFI propertles are sublectto indlvldual agreements whlch are
reviewed annually.