heart of england
COMMUNIIYFOUNDATION
THE HEARTOF ENGLAND COMMUNITY FOUNDATION
(A company limitecl by guarantee)
REGISTERED CHARITY NO. 1117345
COMPANY REGISTERED NO. 5999452
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2025

Table of Contents
TRUSTEESANDSTAFF............................................................................................................
PROFESSIONALADVISORS ...................................................................................................
TRUSTEES, REPORT {includlng Directors, Report).............
AUDITOR'S REPORT.............................................................................................................15
STATEMENTOF FINANCIALACTIVITIES(FOR THEYEAR END 31 MARCH20251..........................20
STATEMENT OF FINANCIAL ACTIVITIES (FOR THE YEAR END 31 MARCH 2024)... ..
.21
BALANCE SHEET..................................................................................................................22
STATEMENTOFCASH FLOW................................................................................................23
NOTES FORMING PARTOFTHE FINANCIALSTATEMENTS....................................................24

THE HEARTOFENGLANDCOMMUNITYFOUNDATION
(A company limited by guarantee)
TRUSTEES AND STAFF
YEAR ENDED 31 MARCH 2025
Registered 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
Trustees:
Mr Christopher West
Ms Michelle Vincent
Mr Paul Belfield
MrAmrik Bh8bra MBE
Ms Lucie Byron
Ms Jude Jennison
Mr Danielworthing
Mr Calum Nisbet
Ms Alethea Fuller
Ms Cleo Morris
Mr Richard Port MBE
Mr Daniel Boardman-weston
Chair
Treasurer
th
Resigned 16 October 2024
th
Resigned 16 October 2024
th
Resigned 16 October 2024
Resigned 16" January 2025
Appointed 4" June 2025
Senior Staff:
Tina Costello OBE
Helen Kendrick
Samantha Davis
Shamiela Ahmed
Jayne Taylor-Farren
Ryan Boyce
Chief Executive Off icer
Senior Manager Operations
Senior Manager Operations (Maternity Cover)
Senior Manager Programmes
Senior Manager Finance
Senior Manager Communications- Resigned
th
20 September 2024
Secretary
Charleene Jefferson

THE HEARTOF ENGLAND COMMUNITY FOUNDATION
(A company limited by guarantee)
PROFESSIONAL ADVISORS
YEAR ENDED 31 MARCH 2025
Auditors:
D8fferns Audit Limited
One Eastwood, Harryweston Road
Binley Business Park
Coventry, West Midlands
CV32UB
Investment Managers:
James Hambro &
Partners LLP
45 Pall Mall
London
SW1Y 5JG
CCLA
Rathbones
Senator House
Temple Point
85 Queen Victoria Street 1 Temple Row
London
Birmingham
EC4V 4ET
B2 5LG
Bankers:
CAF Bank
25 Kings Hill Ave
Kings Hill
West Malling, Kent
ME194JQ
Santander Bank
Bootle
Merseyside
L30 4GB
Solicitors:
Wright Hassall LLP
Olympus Avenue
Leamington Spa
Warwickshire
CV34 6BF

THE HEARTOF ENGLAND COMMUNITYFOUNDATION
(A company limited by guarantee)
TRUSTEES, REPORT (including Directors, Report)
YEAR ENDED 31 MARCH 2025
The Trustees have pleasure in presentingtheir Annual Report alongwith the financial statements
ofthe charityfortheyear ending 31 March 2025.
The Trustees have adopted the provisions of the Statement of Recommended Practice ISORPI
"Accounting and Reporting by Charities" IFRS1021 in preparing the 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 Charities Act 2011, and Statement of Recommended Practice applicable to
charities preparing their accounts in accordance with the Financial Reporting Standard
applicable in the UK and Ireland as amended for accounting periods commencing on or after 1
January 2019 and the Companies Act 2006.
1. Structure, Governance and Management
1.1 Objects and Activities
The objects of the Community FoLJndation are defined in its Memorandum and Articles of
Association. The Community Foundation manages a diverse portfolio of grant
programmes working with a range of donors to provide charitable and philanthfOPiC
seNices across the geographical areas of Birmingham, Black Country, Coventry, SolihulL,
and Wawickshire. The Trustees confirm that they have referred to the guidance
contained in the Charity Commission's general guidance on public benefit when
reviewing the current aims and objectives and in planning future strategies and setting
grant making policies.
Our activities are determined by our charitable objectives:
The promotion of any charitable purposes for the benefit of communities within
the County of West Midlands and Warwickshire and elsewhere in the United
Kingdom and in particular, the advancement of education, the protection of good
health and the relief of poverty and sickness.
Any other exclusively charitable purposes, which are, in the opinion of the
Trustees, beneficialtothe community in the area of benefit.
The Foundation exists to support the local voluntary and community sector across the
West Midlands and Warwickshire. We work with a range of donors to off er bespoke.
tailored philanthropic services. We aim to inspire and encourage local giving; we are
advocatesforsmaller organisations who are often underthe radarof nationalfunders but
making a huge difference at the heart of their communities.
The Foundation primarily supports not for profit organisations with grants which 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 limited by guarantee)
TRUSTEES, REPORT {including Director's Reportl
YEAR ENDED 31 MARCH 2024
The Trustees confirm that they have complied with the duty in section 4 of the Charities
Act 201 I to have due regard to public benefit guidance published 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 Annu81 Report and relate directly to our aims and objectives.
1.2 Board Appointments
At each AGM, one third of the Trustees must retire, those longest in office retiring first.
The Board of Trustees meet on a quarterly b8SiS.
Our AGM was held on 16" October 2024, during which Dan Worthing, Amrik Bhabra and
Lucie Byron resigned from the board. The Trustees would like to thank them for their
invaluable time and commitment to the Foundation.
A resignation was also received from Cleo Morris who resigned from the board on 16
th
January 2025. We'd liketothank Cleofor her advice and guidance on diversity, equity and
inclusion.
th
Daniel Boardman-weston was appointed as 8 Trustee on 4 June 2025, Dan brings
extensive experience in investment management and will play a key role on our Finance,
Audit and Risk Committee.
The names of the Trustees who have served throughout the financialyear and to the date
of this report are shown on page 3. AIITrustees have a full induction, are regularly updated
on the operational running of the Foundation and have opportunities to play key roles in
shaping the development and future strategy of the Foundation.
1.3 Board Subcommittees
During the year, the Board undertook a governance review to ensure our structures
remain effective and fit for purpose. As a result, we streamlined our committee
arrangements. We now have two sub-committees, Finance, Audit and Risk and Grants
Sub Committee.
The full Board of Trustees has assumed the functions previously delegated to the
Management Committee and is now collectively responsible for all aspects of the
Foundation's governance.
Finance, Audit and Rlsk Committee-Responsibilities:
Finance and Audit
Approve and monitor the Foundation's annual budget
Review statutory 8ccounts and recommend to Board for ratification
Recommend the appointment of external auditors
Discuss and agree the scope of the external audit

THE HEART OF ENGLAND COMMUNITY FOUNDATION
(A company limited by guarantee)
TRUSTEES. REPORT (Including Director's Report)
YEAR ENDED 31 MARCH 2025
Review of auditor's annual management letter and recommendations
Review and monitor the financial controls of the Foundation
Consider appropriate use of unrestricted core income
Recommend use of surplus funds
Set up of designated funds
Review quarterly management accounts
Analyse forecast against actual annual budget
Monitor and review finance resources
Review financial policies and recommend for approval by Board
Review compliance with relevant laws, regulations and internal policies
Investments
Monitor the Quarterly investments returns and endowment performance
Compare and contrast Investment Managers and instigate tendering
processes for new investment houses
M8ximise interest income
Review investment strategy
Invite Investment M8n8gers to annual meetings
Review asset class investments
Review Investment policies and recommend for approval by Board
Review compliance with relevant laws, regulations and internal policies
Risk
Monitor the risk management processes of the Foundation
Review and monitor the risk reEiSter
Approve changes to risk ratings
Scrutinise new risks
Approve removal of risks from the risk register
Review Risk Management policies and recommend for approval by Board
Review compliance with relevant laws, regulations and internal policies
Board of Trustees - Responsibilities:
Set the vision, values and strategy of the Foundation
Ensure that the Charity remains value led and vision focussed
Monitor progress and performance against our strategic business plan
Ensure that the Charity is compliant with the Companies Act 2006, Charity Law
and governance
Approval of new and revisions to policies and procedures
Ensure that the Charity complies with its Memorandum and Articles of
Association
Act at all times in the best interest of the Charity
Set and ratify decisions made at the Charity's Sub Committees including
approval of grants
Oversee the Charity's property portfolio and compliance with the required
property law
Oversee the Charity's assets and financial portfolio

THE HEART OF ENGLAND COMMUNITY FOUNDATION
{A company limited by guarantee)
TRUSTEES, REPORT (including Director's Report)
YEAR ENDED 31 MARCH 2025
Approve the programmes, tenders and contracts in line with the Charity's
delegation of authority policy
Ratitythe Statutory Accounts and appoint auditors
Approve formal HR changes such as staff ing re-structures
Approve pay structure and awards for staff
Ensure compliance with Health and Safety policies and legal obligations
GDPR compliance and associated risks
Grant Sub-committees
As a grant-making charity, we have reviewed our processes to identify more effective
ways to senie our communities. While our existing procedures remain in place, we have
introduced a system of full officer delegation, with decisions subject to Trustee
ratification. This change is designed to streamline our processes and enable faster
decision-making for applicant organisations.
The Foundation has a number of donor directed panels, in which donors make decisions
on their funding programme, with full secretariat provided by the Foundation.
The Trustees would like to thank our fantastic volunteers who have given their valuable
time, commitment and knowledge to support our (Jecision making.
1.4 Business Planning
Over the past year, our Board of Trustees and Senior Leadership Team have worked
collaboratively to develop a new five-year strategy. This process included a staff team
away day to reflect and plan together, as well as consultation with key stakeholders to
ensure the strategy is informed, relevant, and responsive to the needs of the
communities we seNe.
The Foundation is unique in its understanding of our local communities and the
challenges they face. We have 8 clear five-year strategy which ensures we are fit for the
future. builds on our strengths while responding proactivelyto the emerging needs of our
communities.
Over the next five years
we aim to transform our grant-making to be even more accessible, responsive,
and effective making it easier for local groups to secure the support they need.
grow and diversify our funding base to distribute £25 million in grants. ensuring
we reach more communities, especially those most in need.
celebrate our donors and supporters. strengthening those vital relationships
while attracting new partners who share our vision and values.
operational excellence will be central to our work. We will invest in our staff and
Board, embrace best practice in governance, and adopt new systems to improve
the way we work.

THE HEART OF ENGLAND COMMUNITY FOUNDATION
(A company limited by guarantee)
TRUSTEES, REPORT {Including Director's Reportl
YEAR ENDED 31 MARCH 2025
Sustainability is also embedded throughout our strategy" we will integrate
Environmental. Social, and Governance IESGI priorities across our operations,
investments. and grant-making, contributingto the UN Sustainable Development
goals at a local level.
Ultimately. our strategy is about making our mission a lived reality: supporting
communities to create a fairer, happier, and healthier region where everyone has equal
access to opportunities, experiences genuine wellbeing, and feels part of a vibrant local
community.
We hope to attract new donors, retain our existing donors and grow our income base to
ensure we can continue to respond to our community needs.
1.5 Risk Management
The principal identified risks to which the Foundation are exposed are integrated into the
business plan to ensure they are regularly reviewed. The Foundation also maintains a
risk register which is reviewed every six-months at Finance, Audit and Risk Committee.
We continue to review and amend our risk register.
1.6 Pay Policyfor Senior Staff
The Trustees considerthe senior managementteam to comprise the key personnel of the
Charity in charge of directing, rLJnning, and operating the Charity on a day-to-day basis.
The pay of senior staff is reviewed annually by the Trustee Board and is based on
performance and average earnings across the sector.
1.7 Fundraising Regulator Ststement of Compliance
Heart of England Community Foundation does not contract to a third party to undertake
any fundraising on its behalf. The charity does employ 8 Senior Marketing Off icer who
initiates campaigns and supports fundraising activities. We have received no fundraising
complaints duringthe year.
The charity only makes fundr8ising approaches to contacts who have given explicit
consent to receive such campaign documentation under GDPR guidelines.
2. Strategic Report
During the year the Foundation continued to deliver impact through targeted grant-
making, strategic partnerships and ongoing engagement with stakeholders. The
Foundation is committed to ensuring that, in a changing external environment, the new
strategy will strengthen our resilience and focus our resources to meet the needs of our
benef iciaries.

THE HEARTOFENGLANDCOMMUNITYFOUNDATION
(A company limited by guarantee)
TRUSTEES. REPORT (including Director's Report)
YEAR ENDED 31 MARCH 2025
The Foundation continued with the delivery of the Inclusive Communities Fund, which
was reported in the 2023-2024 annual trustee report. In total over £11 million was
distributed to 388 organisations across the Region. We are incredibly proud that the
Foundation has demonstrated its ability to manage large scale grant programmes to
incredibly tight deadlines.
The Foundation has commissioned an independent evaluation from Forever Consulting
to help us understand the effectiveness of our gr8nt-making, capture the outcomes and
experiences of funded organisations and communities, and identify learning to inform
ourfuture work. By investing in a robust evaluation, we aim to demonstrate accountability
for this significant public investment and strengthen our commitment to funding that is
responsive, equitable, and evidence led.
During the year, the Foundation was fortunate to deliver sever81 large-scale grant
programmes in collaboration with key local authority partners, including Birmingham City
Council and Solihull Metropolitan Borough Council.
Working in partnership with Birmingham City Council, the Foundation has delivered
Birmingham Fairer Futures which focuses on addressing health inequalities for
communities of identity in specific localities across Birmingham.
Again, working with Birmingham City Council, we delivered the Income Maximisation
Fund, ensuringthat individuals and families in need were receivingthe correct advice and
guid8nce in terms of their income.
We continue to deliver a range of programmes as part of Birmingham City Council's
Neighbourhood Network Schemes and have built some long-lasting relationships with
our NNS partners.
Our partnershipwith Solihull Metropolitan Borough Council has continued toflourish and
we have delivered various programmes to benefit their residents. Solihull Fairer Futures
Fund focusing on health inequalities, Solihull Community Building Programme to
improve community spaces and Solihull Winter Prevention Fund to support people
through the winter months.
We are incredibly grateful to work in partnership with our local authorities, and we hope
to develop further relationships with other local authorities across our region.
The Department of Culture, Media and Sport Know Your Neighbourhood Fund has been a
resounding success. With a focus on Wolverhampton, the programme has increased
volunteering opportunities, reduced loneliness 2nd isolation and enabled organisations
to pilot a variety of new initiatives to support their local communities.
The Foundation continues to work in partnership with our corporate partners, Wesleyan
Assurance. IM Properties and Coventry Building Society. It is refreshing to work in
partnership with businesses who have a real, genuine focus on social investment and
wellbeing for communities.
10

THE HEARTOF ENGLAND COMMUNITY FOUNDATION
(A company limited by guarantee)
TRUSTEES, REPORT (including Direclor's Report)
YEAR ENDED 31 MARCH 2025
In addition, we laLJnched the South Birmingham Friends Fund and the Coventry
Community Fund, both long term investment funds providing vital financial resource in
perpetuity.
We are incredibly grateful to the donors who choose to work with us to deliver their
funding to where it is most needed. By entrusting the Foundation with their charitable
funds, our donors enable us to channel vital resources into local communities, changing
lives, tackling need 8nd creating lasting change.
The Trustees would like to sincerely thank our partners, stakeholders, frien(Js and
supporters of our work for supporting our mission and amplifying the power of local
giving.
Key Performance Measures
The Foundation has several significant projects in 2025- 26, including a new CRM system
which we hope will support the transformation of our grant making both internally and for
our communities who apply for funds.
Human Resources
The Foundation team is in 8 good, stable position in terms of the staff team, and we look
forward to our Senior Manager of Operations returningfrom maternity leave later in 2025.
We have created a new position of Business Support Assistant who has a varied role in
supporting the wider work of the Foundation.
Incoming Resources
The Foundation's total incoming resources for 2024-25 were £13.559,348 {2023-24
£15,620,667) and the overall funds of the foundation increased by £1,385,156 to
£28,034.360.
Endowed Donations
Following a period of significant growth in our endowments, 2024-25 endowment income
remained static. A strategic objective for the next five years is to grow our long-term
investments, ensuring not only the sustainability of the Foundation but a long-term
source of funding for communities.
Investments
The Foundation's investment policy, updated and reviewed every three years, is for 8
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 longerterm. This is considered a relatively low risk approach.

THE HEARTOF ENGLAND COMMUNITY FOUNDATION
IA company limited by guarantee)
TRUSTEES, REPORT (including Director's Report)
YEAR ENDED 31 MARCH 2025
Our stock market investments are managed by James Hambro. CCLA and Rathbones.
Performance is benchmarked against the ￿SE APCIMS (Association of Private Client
Investment Managers} Index.
Investment performance over the 12-month period ending 31" March 2025 was affected
by significant economic and world events. The resulting instability was reflected in a fall
in investment values during the last quarter. The markets have since stabilised.
The net loss on investments was £479,9691£1,673,704 gain in 2023-241.
Grants
The total grant income for 2024-25 was £11,127,378 {2023-24 £13,604,371). Total grant
expenditure was £10.560.15912023-24 £13,111,457), a full report on the foundation's
discretionary grant making will be available on our website.
Restricted Core Income
Restricted core income in 2024-25 was £73,553 (2023-24 £70,050).
Unrestricted Core Income
Our unrestricted core income this year is derived from several sources, our investments,
general donations, rented properties and grant making contract fees. The delivery of
programmes on behalf of donors such as Wesleyan Assurance. Coventry Building
Society, West Midlands Combined Authority, Solihull MBC and Birmingham City Council
support our operating costs.
The balance of our unrestricted income is, at present, used to meet core expenditure
which is not covered by restricted income. Unrestricted income for 2024-25 was
£1,957,908 {2023-24 £1.198,9121 This increase is largely due to the significant local
authority contracts that were delivered during the financial year.
We are etern811y grateful to all the donors who choose to work with us, A particular thank
you goes to 29" May 1961 Charitable Trust fortheir annu81 unrestricted donation.
The Foundation made an oper8tinggain on unrestricted generalfunds of £511.909 {2023-
24 £325,825}. An increase in the number and size of local authority contracts during the
year contributed to this healthy gain and will enable the Foundation to meet its financial
obligations and invest in an ambitious strategyfor growth over the next five years.
Designated Funds
Our designated funds as of 31" March 2025 totalled £1,413,772 (31" March 2024
£1.185,894). These include the current value of £742,937 (2024 - £764,575) from the
Youell Legacy plus funds of £583,335 12024 - £421,319) for the delivery of grant
programmes in 2025-26 and £87,500 designated for costs on specific projects. These
funds are not regarded as free reseNes by the Trustees.
12

THE HEART OF ENGLAND COMMUNITY FOUNDATION
(A company limited by guarantee)
TRUSTEES, REPORT {including Director's Report)
YEAR ENDED 31 MARCH 2025
Principal Risks and Uncertainties
The Foundation has considered the principal risks and uncertainties and are satisfied
that appropriate systems and policies are in place to manage these effectively.
Key risks include
Financial Sustainability: Potential fluctuations in income due to economic
conditions and donor behaviour. This is mitigated through diversified funding and
prudent financi81 management.
Governance and Leadership: Succession planning for trustees and senior staff
impacting on governance, continuity and strategic delivery. This is mitig8te(J
through proactive planning and governance oversight.
External Environment: Uncertainties arising from political, social and
environmental developments could affect the funding landscape and the needs
of our beneficiaries. The Foundation mitigates this riskthrough flexible processes
and continuous assessment of the developments.
3. Reserves Policy
A considerable part of the Foundation's income is derived from unrestricted core
donations of which there is no certainty and management fees for the delivery of flow
through grant programmes which are usually time bound. The Trustees believe it to be
necessary to retain sufficient free reserves to maintain the Foundation operationally
between the times such schemes end, and new programmes come on board. New
funding stre8ms are often subject to competitive tendering and cannot be relied upon
with certainty. Free reseNes must also be retained to cover statutory obligations to our
staff should that prove necessary.
It is therefore the policy of the Foundation to maintain, always, free reseNes of no less
than the equivalent of six months core (support and governance} costs. At the 31 March
2025, total reserves were £28,034.36012024 - £26,649,204) of which endowed funds
were £20,875,417 (2024 - £21,411,109) and restricted funds were £4,157,040 {2024
£2.975.9791. Of the remaining unrestricted funds totalling £3.001,903 12024
£2,262,116), £1,413,772 12024 - £1,185,894} has been designated by Trustees. The
actual free reserves 8t the end of the fiscal year equate to £1,588,131 1£1.076.222).
However, £345.53012024 - £350,303) of these free reseNes represent non-liquid fixed
assets. The balance of £1,242,60112024- £725,919) is 1812024- 7) months of budgeted
core costs for 2025-26.
13

THE HEARTOF ENGLAND COMMUNITYFOUNDATION
(A company limited by guarantee)
TRUSTEES, REPORT (Including Dlrector's Report)
YEAR ENDED 31 MARCH 2025
4. Trustees, Responsibilities Statement
The trustees (who are also directors of The Heart of England Community Foundation for
the purposes of company lawl are responsible for preparing the Trustees. Annual Report
and the financial statements in accordance with applicable law and United Kingdom
Accounting Standards (United Kingdom GenerallyAccepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial
year. Under company lawthe trustees must not approve the financial statements unless
they are satisfied that they give a true and fair view of the state of affairs of the charitable
company and of the incoming resources and application of resources. including the
income and expenditure, of the charitable company for that period. In preparing these
financial statements, the trustees are required to:
select suitable accounting policies and then applythem consistently.
observe the methods and principles in the Charities SORP 2019 IFRS 102);
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed;
prepare the financial statements on the going concern basis unless it is
inappropriate to presume that the charitable company will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with
reasonable accuracy at any time the financi81 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 the 8ssets of the charitable company
and hence fortaking reasonable steps forthe prevention and detection of fraud and other
irregularities.
In so far as the trustees are aware:
there is no relevant audit information of which the charitable company's auditor
is unaware. and
the trustees have taken 811 steps th8t they ought to have taken to make
themselves aware of any relevant audit information and to establish that the
auditor is aware of that information.
The trustees are responsible for the maintenance and integrity of the corporate and
financial information included on the charitable company's website. Legislation in the
United Kingdom governing the preparation and dissemination of financial statements
may differ from legislation in otherjurisdictions.
14

THE HEARTOFENGLAND COMMUNITYFOUNDATION
(A company limited by guarantee)
TRUSTEES, REPORT (including Director's Report)
YEAR ENDED 31 MARCH 2025
5. Auditors
A resolution to re-appoint Dafferns Audit Limited asthe Charity's auditorwill be proposed
at the forthcoming Annual General Meeting.
This report (incorporating the directors, report and the strategic report) was approved by
nd
the Board of Trustees and authorised for issue on 22 October 2025 and signed on its
behalf by:
Chris West
Chair

THE HEARTOFENGLANDCOMMUNITYFOUNDATION
{A company limited by guarantee)
AUDITOR'S REPORT
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 2025, which comprise the Statement of
Financial Activities, the Balance Sheet, the Statement of Cash Flows, and notes to the financial
statements, includingsignificant accounting policies. Thefinancial reporting frameworkthat has
been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the
UK8nd Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the charitable company's affairs as at 31 March
2025, 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
Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with Internation81 Stan(Jards on Auditing {UK) (ISAS {UK)I
and applicable law. Our responsibilities under those standards are further described in the
auditor responsibilities for the audit of the financial st8tements section of our report. We are
independent of the charitable company in accordance with the ethical requirements that are
relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard.
and we have fulfilled our other ethical responsibilities in accordance with these
requirements. We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded thatthe trustees, use of the going
concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating
to events or conditions that, individually or collectively, may cast significant doubt on the
charitable 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.
16

THE HEARTOF ENGLAND COMMUNITY FOUNDATION
(A company limited by guarantee)
AUDITOR'S REPORT
YEAR ENDED 31 MARCH 2024
Other information
The other information comprises the information 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 opinion on the financial statements does not cover the other
information and, except to the extent otherwise explicitly stated in our report, we do not express
any form of assurance conclusion thereon. Our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtainecl 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 this gives rise to a m8teri81 misstatement
in the financial statements themselves. If, based on the work we have performed. we conclude
thatthere is a m8teri81 misstatement of this other information, we are required to report thatfact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the trustees, report, which includes the (Jirectors, report and
strategic report, prepared for the purposes of company law, for the financial year for
which the financial statements are prepared is consistent with the financial statements;
and
the directors, report and strategic report included within the trustees, report has been
prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment
obtained in the course of the audit, we have not identified material misstatements in the
directors, 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 adequate for our audit have
not been received from branches not visited by us. or
the financial statements are not in agreement with the accounting records and returns;
or
certain disclosures of trustees, remuneration specified by law are not made. or
we have not received all the information and exp18nations we require for our audit.
17

THE HEARTOF ENGLAND COMMUNITY FOUNDATION
(A company limited by guarantee)
AUDITOR'S REPORT
YEAR ENDED 31 MARCH 2025
Responsibilities of trustees
As explained more fully in the trustees, responsibilities statement set out on page 14. the trustees
(who are also the directors of the charitable company for the purposes of company law) are
responsible for the preparation of the financial statements and for being satisfied that they give a
true and fair view, and for such internal control as the trustees determine is necessary to enable
the preparation of financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable
company's ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless the trustees either intend
to liquidate the charitable company or to cease operations, or have no realistic alternative but to
do so.
Auditor responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the fin8ncial statements as a
whole are free from material misstatement, whether due to fraud or error, 8nd to issue an
auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but
is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud. are inst8nces of non-compliance with laws and regulations. We
design procedures in line with our responsibilities. outlined above, to detect material
misstatements in respect of irregularities. including fraud. The extent to which our procedures
are capable of detecting irregularities, including fraud is detailed below:
enquiry of management around actual and potential litigation and claims;
reviewing financial statement disclosures and testing to supporting documentation to
assess compliance with applicable laws and regulations.
performing audit work over the risk of management override of controls, including testing
of journal entries and other adjustments for appropriateness, evaluating the business
rationale of significanttransactions outsidethe normal course of business, and reviewing
accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect 811
irregularities, including those leading to a material misstatement in the financial statements or
non-compliance with regulation. This risk increases the more that compliance with a law or
regulation is removed from the events and transactions reflected in the financial statements, as
we will be less likely to become aware of instances of non-compliance. The risk is also greater
regarding irregularities occurring due to fraud rather than error, as fraud involves intentional
concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is availableon the FRC'S website at:
https://www:frc.oig.ukllibrary/
standards-codes-policy/audit-assur8nce-an¢.-.ethic&/a.ubiJt r
responsibilities-foi-the-audit/. This description forms part of our auditor's report.
18

THE HEARTOF ENGLANDCOMMUNITY FOUNDATION
(A company limited by guarantee)
AUDITOR'S REPORT
YEAR ENDED 31 MARCH 2025
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with
Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we
might state to the charitable company's members those matters we are required to state to them
in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone otherthan the charitable company and the charitable
company's members as a body, for our audit work, for this report, or for the opinions we have
formed.
Signed:
Geoffrey Cox BA FCA (Senior StatutoryAuditor}
For and on behalf of Dafferns Audit
Limited
One Eastwood, Harryweston Road,
Binley Business Park, Coventry
CV32UB
Date:
19

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LL

THE HEARTOF ENGLAND COMMUNITYFOUNDATION
(A company limited by guarantee)
NOTES FORMING PARTOF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
1. Accounting Policies
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 memberof the charity. The address ofthe registered off ice is given in the charity
information on page 3 of these financial statements. The nature of the charity's operations and
principalactivities 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 benefit entity as defined by FRS 102. The financial statements
have been prepared in accordance with Accounting and Reporting by Charities: Statement of
Recommended Practice applicable to charities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) as amended
for accounting periods commencing on or after 1 January 2019, the Financial Reporting Standard
applicable in the United Kingdom and Republic of Ireland {FRS 102}, the Charities Act 2011. the
Companies Act 2006 and UK Generally Accepted Practice.
The financial statements are prepared on a going concern basis under the historical 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 accounting policies applied in the preparation of these financial statements are
set out below. These policies have been consistently applied to all years presented unless
otherwise stated.
Incoming Resources
All incoming resources are included in the Statement of Financial Activities {SoFAI when the
charity is legally entitled to the income and after performance conditions have been met, the
amount can be measured reliably, and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the
settlement date in writing. If there are conditions attached to the donation and this requires a
level of performance before 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 gift to the charity. Forexample, 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 st8tements for volunteer time in line with the SORP IFRS
102}. Further detail is given in the Trustees, Annual Reports.
24

THE HEARTOF ENGLAND COMMUNITY FOUNDATION
(A company limited by guarantee)
NOTES FORMING PARTOF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
For legacies entitlement is the earlier of the 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 value 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 measured reliably. If entitlement is not met then these
amounts are deferred.
Investment income is earned through holding assets for investment purposes such as shares and
property. It includes diviLJends, 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 as the charity's right to receive payment is established.
Resources expended and irrecoverable VAT
Liabilities are recognised as resources expended as soon as there is a legal or constructive
obligation committing the charity to the expenditure. All expenditure is accounted for on an
accruals basis and has been classified under headings that aggregate all costs related to the
category.
Grants payable are payments made to third parties in the furtherance of the charitable objectives
of the Foundation. The grants are accounted forwhere eitherthe Trustees have agreed to Pay the
grant without condition and the recipient has a reasonable expectation that they will receive 8
grant, or any condition attaching to the grant is outside the control of the Foundation.
Irrecoverable VAT is charged 8gainst the category of resources expended for which it was
incurred.
Allocatlon of overhead and support costs
Overhead and support costs h8ve 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 resources.
Charltable activities
Costs of charitable 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.
25

THE HEARTOF ENGLAND COMMUNITY FOUNDATION
(A company limited by guarantee)
NOTES FORMING PART OFTHE FINANCIALSTATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Support cost allocation
Support costs are thosethat assistthe work 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 charity 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.
Fundraising Costs
Fund-raising costs are those which are incurred in seeking voluntary contributions and do not
include the costs of disseminating information in support of charitable activities.
The analysis of these costs is included in note 4.
Endowment funds
These funds include expendable endowments which arose from grants and donations given
specificallyto be held as capital unless the Trustees resolve they may be spent. It is the intention
of the Trustees that these funds be maintained for the foreseeable future. Grants are funded
from the income generated from the capital investments. There can be an initial period of income
accumulation in accordance with the donor's wishes.
Restricted funds
These funds are received for specific purposes set bythe grant funders or donors. These include
funds received to enable grants to be paid to beneficiaries and meet the cost of projects and. in
addition, funds received towards the Foundation's operating costs in managingthose grants and
projects.
Designated funds
These funds are unrestricted funds set aside by the Trustees for specific purposes.
Investments
Investments in listed securities and properties are shown on the balance sheet at their open
market value. Profits and losses on sales of investments and the movements in market value are
taken to the Statement of Financial Activities. Property in course of construction is valued at
cost.
Fixed assets and depreciation
No depreciation is provided against the cost of land. Operational assets costing less than £1.000
are written off in full through the Statement of Fin8ncial Activities in the year of purchase.
Depreciation is provided bythe Foundation to write off the cost less the estimated residual value
of other operationalfixed assets byequal instalments overtheir usefuleconomic lives as follows:
Off ice and computer equipment- 4 years
26

THE HEARTOF ENGLAND COMMUNITY FOUNDATION
(A company limited by guarantee)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
FOR THEYEARENDED 31 MARCH2025
Debtors and creditors receivablelpayabLe within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are
recorded at transaction price. Any loss arising from impairment are recognised in expen(Jiture.
Pension schemes
The charity operates defined contribution pension schemes. Contributions payable in the year
are charged in the Statement of Financial Activities.
Tax
The charity is an exempt charitywithin the meaning of schedule 3 of the Charities Act 2011 and
is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore
it meets the definition of a charitable company for UK corporation tax purposes.
Going concern
The financial statements have been prepared on a going concern basis as the Trustees believe
that no material 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 expenditure is suff icient with the level of reserves for the
charityto be able to continue as a going concern.
Financlal instruments
Financial assets
Basic financial assets, includingtrade and other receivables, cash and bank balances are initially
recognised at transaction price.
Other financial assets, including investments in equity instruments and which are not
subsidiaries, associates or joint ventures, are initially measured at fair value which is normally
transaction price. Such assets are subsequently carried atfairvalue and the changes infairvalue
are recognised in profit and loss.
Financial liabilities
Basic financial liabilities, including trade and other payables. and bank loans that are classified
as debt are initially recognised at transaction price. Debt instruments are subsequently carried
at amortised cost, using the eff ective interest rate method.
27

THE HEARTOF ENGLAND COMMUNITYFOUNDATION
{A company limited by guarantee)
NOTES FORMING PARTOF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2. Donations and Legacies
Donors contributed to the following restricted funds during the period:
Core
Costs
Dlstrlbutable
Grants
Total
2025
Total
2024
High Sheriff of Warwickshlre
583
583
1,191
International Children's Games
17,562
17,562
13,376
JLR Solihull Employees Charity
Fund
881
881
787
Leamington Fund
1,981
1,981
2,351
PSA Peugeot Citroen
73.553
73,553
70.050
R Medwell
2,000
WindsorAcademyTrust Community
Foundation
14.808
14.808
9.354
Women and Girls Fund
3.466
3,466
73,553
39,281
112,834
99,109
Donations in kind
During the financial year PSA Peugeot Citroen Istellantisl again provided off ice 8ccommodation
and facilities free of charge to the Foundation. The estimated value of these benefits is £73,553
(2024: £70,050) has been reflected in the Statement of Financial Activities as a donation and as
support costs within the restricted core costs.
28

THE HEART OF ENGLAND COMMUNITY FOUNDATION
{A company limited by guarantee)
NOTES FORMING PART OFTHE FINANCIALSTATEMENTS
FOR THEYEAR ENDED 31 MARCH 2025
3. Income from Grant Contracts
Core
Costs
Dlstrlbutable
Grants
Total
2025
Total
2024
29th May 1961 Charbiable Trust
19.500
19,500
24.000
Blrmingharn Fairer Future5- Citwiide
166.917
1.645,082
1.811,999
Birmingham Fairer Futures- Locèllty
96,099
819.333
915,432
Building Belter Opportunities Fun
19,7011
Breaihe BetterAir Fund
122.7291
122.7291
79,166
BretMertoTh
3.000
Brisioland West
598
Care Leavers Fun(J
2.500
25.000
27,500
Community Energywarwickshire
1.670
15,034
16,704
8.109
Community Environmefit Fund
48,651
486.596
535.247
466,163
Coventry Building Society
Covenirycommunity Fund
83.064
91,603
88.324
7.750
DCMS Cosi ol Living Fund
116.7541
Deutsche Bank
2,000
18,000
20.000
30.000
Dulverton Trust
11,033
99,299
110,332
110.332
Greggs Foundation
19,800
Gowlings
11,000
Helping Hearts
30,000
30,000
IM Communlty Fund
10,000
loo,000
iio.000
199,500
Inclusive Communities Fund
687.143
4,727,946
5.415.089
7.412,552
Income Maximisation Fun(J
60.325
60J25
994,424
Kinghurst FuTrd
19,7001
19,7001
10.000
Xnowyour Nel8hbourhood
36,167
10,750
46.917
1,204,401
Love my Kere51eyCommunity
118.2001
NHS- Small Gfanis
6.471
2.623
9,094
72,049
NNS- BirminEham CItyCouncil
34,460
391,000
*125,460
434,085
NNS Mlcrogranis
2,000
20.000
22,000
Orbit- Individual Grants
1441
Orblt Extension Hardship Fund
102,645
Orbit Furnish Homes
111.5761
Orbll HardshipTrust
136.6831
29

THE HEARTOF ENGLAND COMMUNITY FOUNDATION
(A company limited by Euarantee)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
FOR THEYEAR ENDED 31 MARCH 2025
Core
Costs
Dlstrlbutable
Grants
Total
2025
Total
2024
Peddimore Fund
2.250
2.250
27,750
PHP Fund
95,000
Positive Futures
10,000
90.000
loo.000
92.500
Solihyll Cornmunity Building5
25,000
258,720
283.720
Solihull Fairer Flrtures Fund
15,283
23,283
208,000
Solihull Hong Kong Fund
30,000
Solihullwarmwelcome Hub Fund
55,243
Solihullwinter Support
5,000
50.000
55,000
Sl George Earl
2.800
25,200
28.000
The David East Fund
18.000
Tipion Education Fund
1.300
11.700
13,000
13.500
Together in Solihull Afghan Fun
19.929
Together in Solihull Asylum Seekers Fund
360
4.500
19.929
Together in Solihull Ukraine Fund
Warwickshife Countycouncil Social Fabric
Fund
960
12,000
12,960
49.805
67,120
1,240.000
1,307.120
1.327.120
Wesleyan
49,594
847.100
896.694
852,610
WMCA Green Grants
82.077
82.077
261,052
Women and Girls Fund
30,000
11.127,378
30.000
12,473,737
1.346,359
14,253,378
30

THE HEARTOF ENGLAND COMMUNITY FOUNDATION
(A company limited by guarantee)
NOTES FORMING PARTOF THE FINANCIAL STATEMENTS
FOR THEYEAR ENDED 31 MARCH 2025
4. Fundraising Costs
Unrestrlcted
Restricted
Tolal
Total
2025
2024
Staff Costs (Note 71
Other costs
61,595
10,095
61,595
17,170
78,765
47,321
13,124
60,445
7,075
7,075
71,690
5. Grants
Total
Tolal
2025
2024
Gfants awarded- restricted funds
Grants awarded- designated funds
10,559,159
1,000
1.311,157
300
10,560,159
1,311.457
For f ull details of grants awarded during the year please visit our websile to download our'Grants Making
& Social Investment Report 2024125, 81 www.heartofengiandcf.co.uk
6. Support Costs
Total
Total
Granis
Admlnistraiion
2025
2024
Staff costs
314,812
475
263,967
8,640
578,779
9,115
18,534
3,837
13,528
7.188
502.966
28,056
8,165
1,673
11,509
5.638
1.919
Recruitment
PR and advertising
Training and conferences
Subscriplions
Tiavel and SubSi￿enCe
10,081
2,087
1,750
13,528
3,278
3.910
Meeiings
Printing an($ stationary
Postage and telephone
Office equipment
Legal anis Professional
Fees
220
457
383
3,805
6.568
3,482
25,996
2,920
21,798
6,402
47,794
36,835
3.910
3.279
7,189
Rent and raies
4.412
4.412
5,178
Fixed asset depreciation
370
310
680
360
Office actommodation
and Facililies Isee note 21
Sundryexpenses
Insurance
36.159
30,319
447
66,478
981
64,026
793
534
546
458
1.004
407.451
359,714
767,165
687.185
31

THE HEARTOFENGLAND COMMUNITYFOUNDATION
(A company limited by guarantee)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
FOR THEYEAR ENDED 31 MARCH 2025
The Support costs are incurred from the following funds".
Total
Tolal
2025
2024
Unreslricted General Fun(i
700,447
66,478
240
617,056
70.050
79
Restricted Core Fund
Restricted Grant Fund
767,165
687,185
7. Staff numbers and costs
The average number of persons employed by the Foundation during the period was 16 {2024-
141. The full-time equivalent number of employees was 15 (2024- 12) and the aggregate payroll
costs were as follows:
Total
Toial
2025
2024
Salaries
551,285
468,589
3,844
48,058
29,796
Agency staff costs
Social security costs
Other pension cos15
51.732
37.357
640.374
550,287
Support costs Isee note6
Fundraising cosis lsee note 41
578,779
61,595
502.966
47.321
640.374
550.287
The number of employees earning over £60,000 per year (including benefits) in the period is as
follows:
2025
2024
No
No
£70,001-£80.000
£80.001-£90,000
8. Trustees, and key management personnel renumeration and expenses
The charity considers its key management personnel as Tina Costello OBE.
The total amount of employee benefits {including employers Nll received by key management
personnel is £101,93512024: £94,636).
32

THE HEARTOF ENGLAND COMMUNITY FOUNDATION
(A company limited by guarantee)
NOTES FORMING PARTOFTHE FINANCIALSTATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The Trustees did not receive any remuneration during the year {2024: £nil). No expenses were
claimed during the year (2024: Nill.
Third party related transactions
The charity paid £11,286 {2024: £20,984), to Adecs Limited, 8 company related Amrik Bhabra. a
former trustee, for IT services. The charity paid £2,398 (2024: £8,820) to Wright Hassall LLP, a
company related to Lucie Byron, 8 former trustee.
9. Governance Costs
Total
Total
Unrestrlcted
2025
2024
Statutory auditfees
12,000
12,000
12.000
12,000
12,000
12.000
The auditor's remuneration amounted to an audit fee of £12,000 (2024: £11,700) and other
services of £nil (2024: £300).
33

THE HEARTOF ENGLAND COMMUNITY FOUNDATION
{A company limited by guarantee)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
FOR THEYEAR ENDED 31 MARCH 2025
10. Transfer between funds
Core
Costs
Endowment
Fvntts
General
Designated
Grants
Transfer of Designateij to Grants
1174,4561
174,456
Translei ol Unresirlcied ioGrants
160,0001
60.000
Transfer of Grants to Unresiricied
500
15001
Transfer from Unresiricted to
Designaied
1407,5001
407,500
1487,0001
233.044
233,956
11. Tangible Fixed Assets
Freehold
Computer
Tolal
Total
Pvoperty
Equlpmeni
2025
2024
Cost
l April 2024
Additions
1.192,200
28,900
1,221.100
1,212,471
8,629
31 March 2025
1.192,200
28.900
1.221.100
1,221,100
Depreciaiion
IApril 2024
26.321
26,321
25.926
Charge foryear
752
752
395
31 March 2025
27,073
27,073
26.321
Net Bookvalue 31 Ilarch 2024
1.192.200
2.579
1,194,779
1.186,545
Net Book value 31 March 2025
1.192.200
1.827
1,194,027
1.194.779
34

THE HEARTOFENGLAND COMMUNITYFOUNDATION
(A company limited by guarantee)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
12.2 Investment Properties
South Blrmlngham
Plopertles
Small Barn
Large Barn
Total
Total
2025
2024
l Aprll 2024
177,000
1,065,000
340,000
1.582.000
1.582,000
A(Sditions
5.008
5,008
G3inslllossesl
31 March 2025
182,008
1,065.000
340.000
1,587,008
1.582.000
Higtorical cost
95,519
908,650
340,0(
1.344.169
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 value of the underdeveloped land
and properties donated was estimated bythe Trustees at £85,000.
Both barns were revalued at 31 March 2023 by Roger Stanway FRICS of Holt Commercial,
Chartered Surveyors on the basis of fair value.
The South Birmingham Investment Property was transferred to the Foundation at a valuation of
£340,000 on 28" February 2023.
13 Debtors
Total
Total
2025
2024
Traée Debtors
218.520
155.718
Accrued Income
851.953
1,557,531
1.070.473
1.713,249
Prepayments
10,421
5,248
1,080,894
1,718,497
36

THE HEARTOFENGLANDCOMMUNITYFOUNDATION
(A company limited by guarantee)
NOTES FORMING PART OFTHE FINANCIAL STATEMENTS
FOR THEYEAR ENDED 31 MARCH 2025
14 Creditors
Amoyntsduewlthln one year
Total
Total
2025
2024
Tratte creditors
71.927
40,894
Unpaid grants
Deferred Income
1,679,709
7,155.659
75.803
150.507
Employees tax and socialsecurity
VAT
12.787
13,268
66,936
37.746
Staff pension scheme contribution
3,937
3.714
1,911,099
7.401,788
Accruals
39,897
76,467
1.950,996
7.478.255
Amounis Oue ￿e1 oneyear
Unpaid granis
516.118
15 Deferred Income
Toial
Total
2025
2024
IsiApril 2024
Ad¢iiions
150,507
20,733
122.834
280,972
Released io SOFA
1197,5381
1151,1981
31" March 2025
75,803
150.507
Deferred income has arisen as a result of rental and other income being received in advance.
37

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THE HEARTOF ENGLAND COMMUNITY FOUNDATION
{A company limited by guarantee)
NOTES FORMING PART OFTHE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
18 Designated Funds
GalnslLos5es
on
Investments
315t
Maich
2025
IstAprll
2024
In¢om•
Expenses
Transfeis
BBO Provislon
107,841
107,841
Heart ol Engtsnd Fund
286.491
11,0001
100,003
385,494
South Birmingham Friends
Fund
26.987
17.472
144,4591
Youell Family Fund
Inclusive Comrnuniiies
Fund
764,575
15.8401
115.7981
742.937
55.$00
55.500
Technology Fund
17,000
17,000
Pfoperty Maintenance
Fund
15,000
15,000
BuFldingBetter Lives Fund
50,000
50.000
Dudley Community Fund
40.000
40,000
1,185.894
17,472
16.8401
115,7981
233,044
1.413,772
The Youell Family Fund is a Legacy from the18te Alfred Youell MBE.
The BBO Provision fund represents an amount set aside to cover any clawback from the BBO
programme in the tuture.
The Heart of England Fund is a fund set up by the Trustees that can be used for immediate need
in the communitythat the Charity could support.
The SBFI Fund is an amount set aside for future grant making.
The Inclusive Communities Fund represents future costs committed to the contract.
The Technology Fund is an amount set aside for IT development and new systems.
The Property Maintenance Fund is an amount set aside for the upkeep and maintenance of the
SBFI properties.
The Building Better Lives Fund is a fund set up to provide support to prevent homelessness.
The Dudley Community Fund is a fund set aside for activity in underserved areas.
43

THE HEARTOF ENGLANDCOMMUNITYFOUNDATION
(A company limited by guarantee)
NOTES FORMING PART OFTHE FINANCIAL STATEMENTS
FOR THEYEAR ENDED31 MARCH2025
19 Analysis of fund balances between net assets
General
Funds
Designated
Funds
Restricted
Funds
Endowment
funds
Total funds
2025
Tangible Fixed assets
9,027
1,185,000
1.194.027
Investrnents
345,530
744,092
19,343,903
20.433,525
Bank and cash
balances
1.360.325
670,836
5,405,712
356,155
7,793,028
Debtors
135,146
945,748
1,080.894
Creditors
1261,8971
11,156
12,194,420)
19,6411
12,467,114>
1,588.131
1.413.n2
4,157.040
20,875,417
28,034.360
20 Reconciliation of net income to net cash flow from operating activities
2025
2024
Nei incorne foryear
Dwidend received
Rents received from investment propertie5
Inierest receivable
Depreciation and impairtnèni of tangible fixed assets
IGainslllosses on Investments
Receipt ol endowmeni
Ilncreaselldecrease in deE)tor5
Inciease Ildecreasel in creditors
Nei cash flow frorn opeiating activities
1,385,156
1526,3451
1121,3191
1237,5181
752
479.969
13,9111
637,603
15,011,141)
13.396,7541
3,066,799
1475,5871
1124,7391
1174,0451
395
11,673.7041
1393,7981
11,186.1291
6,966,435
6,005,627
Analysis of Net Debt
1" April 2024
Cashflow
31" March 2025
Cash and cash equivalents
10,056.354
12,263,326)
7,793,028
21 Control Relationships
The Board of Trustees is ultimately responsible for the control of the Charitable Foundation,
22 Taxatlon
The Foundation is a registered charity and its activities are such that no liability to Corporation tax arises
on its results for the year.
23 Members, Guarantee
Every member has agreed that, if the charity is dissolved, while he or she remains a member or within
twelve months afterwards. to contribute up to £10 towards the cost of dissolution and the liabilities of
the charity.
44

THE HEARTOFENGLAND COMMUNITYFOUNDATION
{A company limited by guarantee)
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
24 Penslons and Post Retlrement Beneflts
Def ined contribution pension plans-
The charity contributes to the money purchase pension plan for its employees, The amount recognise(I
as an expense in theyearwas £37,35712024: £29,796).
25 Financlal Instruments
The carryingvalue ofthe charity's financial instruments
Flnan¢lalAs$ets
2025
2024
Measured atfairvalue through nei incomelexpend1lu￿'.
Fixed asset investments Inoie 121
18.846,517
19.575,829
Measured at amortiseu ¢ost'.
Barn reni receivable
3.828
25.493
The income, expenditure, net gains and net losses attributable to the charrty's financial instruments are
as follows:
2025
2024
Netg•lns and losses
Financial assets measured at fair value through
net incomelexpenditure
1479.wl
1,673.7041
26 Operating Leases- Lessor
Total future minimum lease payments collectable under non-cancellable operating leases:
2025
2024
Wlthin one year
1-5 years
Moreihan 5years
94,300
212,000
60,000
366,300
16.050
72,900
75,000
163,950
The Foundation lets the large and smallyouell Barns and the SBFI properties. The small barn lease was
renewed during 2023-24 for a period often years. The large barn lease was renewed in March 2025 for a
period of f ive years subject to a three-year break clause. The SBFI pioperties are subject to individual
agreements which are reviewed annually.
45