**We are pleased to enclose your annual accounts.** REGISTERED COMPANY NUMBER: 06236043 IEngland and Wales) REGISTERED CHARITY NUMBER: 1121884 Community Foundation for Wakefield Report of the Trustees and Flnancial Statements for the Year Ended 31 Marth 2024 SMH lolllffe Cork Ltd 33 George Street Wakefield West Yorkshire WFI ILX Communlty Foundatlon for Wakefield Contents of the Financial Statements for the Year Ended 31 March 2024 PaBe Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet 9 to 10 Notes to the Financial Statements 11 to 21 Detailed Statement of finanaal Aciivities 22 to 23 Community Foundation for Wakefield Repon of the Trustees for the Year Ended 31 March 2024 The Trustees present their report together with the financial statements for the year ended 31 March 2024. oBJE￿IVEs AND AcfiviTIES The Community Foundation for Wakefield District is dedtcated to helping individuals, families and communities of the District through gifts and donation5 received from individuals. companies, trusts, public bodies, 3nd other organisations. We work with philanthropists, businesses. and others to contribute into our Endowment Fund to achieve their charitable objectives. Through our Endowment Fund we support local voluntary groups to secure funding / grants for their work. We promote and celebrate Unsung Heroes who have made a major contribLStion to their community. Objects for which the Charity was established The promotion of any charitable purposes for the benefit of communities within the Wakefield Metropolitsn District and in particular.. The advancement of education The protection of good health (both mental and physicall Relief of poverty and sickness Oblertives and aims Times, circumstances. environment and landscape change at an ever-increasing pace and so the Foundation need5 to review its Vision, Mission afid Values on a regular basis. At our Away Day we examined our current activities and the changing scene and how we could be more relevant to meeting the needs of individuals. families and communities of the Wakefield District. This resulted in the confirmation of the following: Our Vision environment to build strong and sustainable communities within the Wakefield Distritt that and provide a ¢arin8 and safe Our Mission- to continue to develop the Foundation as a mean5 of bringing donors and communities together. Our Value5- the Foundation strives to achieve the following core values in everything we do.. Commitment- to addressing disadvantage and making a real difference now and in the future KrtowledBe- in our understanding of local communitie5 and local issues Collaboration - working together with individuals, farnilie5, companies, local and central government and third sertor organisations Accountability- to our donors, partners and the local communlty Transparency- in the way we work. how we mana8e funds and the @rant processes Integrity- being honest. open and reliable Leading- and promoting community engagement and enterprise Strategi¢ objettives Give Box development and expansion in both sale5 and indirect benefits Diversification of income Streams, inclvding grants, events, membership, lottery, etc. Maximise grassroot opportunities Relationship building with community groups, the third sertor organisations, private companies, through effectlve communications and marketing Operate, economically, efficiently, and effettively, ensuring ongoing 5U5tainability. From the above we developed a resourced 2 Year Action Plan. This demonstrated that our aspirations were greater than our human resources, so we decided to recruit a further staff member and to prioritise the artions into high, medium, low and on-going. ACHIEVEMENTS AND PERFORMANCE The Give Box15imilar to a Charity Shop but much morel is located in the Trinity Walk, Wèkefield's newest Shopping Centre and is our main sosjrce of finance. Although we don't have a lot of resources for grant givin& through the Give Box, we are able to meet the needs of many at grassroots level. We provide a huge amount in terms of social benefit, which is equivalent to over £250,000 for the whole year. For eyamples refer to our website www.wakefieldcf.or Page I Community Foundation for Wakefield Report of the Trustees for the Year Ended 31 Mar¢h 2024 ACHIEVEMENTS AND PERFORMANCE- contlnued Grant Fund5= Haribo Happiness Together Fund.. Originally planned for four years thè Èffectiveness of the program was reviewed at the end of year 2 and it wa5 mutually agreed that the future two years wouldn't take place. Elderly Persons Social Isolation Fund.. This came out of the blue from an anonymous individual. The Foundation was zsked to administer a total of £ISO,000 in grants for the elderly to address social i501ation. There is approximately £23,800 left to distribute. Women'5 Fund.. Having been dormant for a whlle, it 15 planned that it will be reviewed next year. Fuel Poverty Fund., The objective of the fund is to a5515t individuals who are in fuel poverty and struggling to pay their fuel bills. The target was to raise £25,000 through pledges from Wakefield District Hou5in& Wakefield Council and frorn match funding. Historically this match funding has corne through "The Big Give" but this year this wa5 not available, so the Foundation contributed instead. This year approximately £18,000 was raised and presented to Wakefield Council in the autumn to coincide with the heating going on. Unsung Heroes Annual Awards Ceremony.. This event isn't just an awards ceremony; it's a celebration of the incrediblè individua15 in the Wakefield District who go above and beyond without expecting anything in return. All shortlisted heroes are honoured for their contributions, receiving certific3te5 and trophies, along with complimentary tickets to the evening, ensuring everyone can enjoy the celebration of their efforts. What makes this night even more special are the awards: the People'5 Choice Award, where the public's vote determines the winner, Team of the Year Award, for the group in the District that's making the greatest impact, and the Overall Winner Award, which recognises exceptional dedication. Other agencies I charities / groups we support and work with.. Do85 homes Cère homes Baby banks Neo natal unit Brownies, cub5, Scouts, after School groups Schools Churches/Mosques City of Sanctuary- refugees Adult social care Memory Action Group- dementia care New Hall Prison SWYFT- South West Yorkshire Foundation Trust Mental health outreach workers WADAS- Domèstic violence service WDH- Wakefield District Housing AMC-Andy's Man Club WSK- Wakefield Street Kitchen Food Banks Communsty Centres Step Up Fieldhead Hospital Wakefield Technology For All Ey Up Charity Other charity retailers we support- My Eco Baby Well Project Shop Normanton Wakefield Prlde The Rerycle Yard CAP Kidz Aware Bag Fairies Unrform Bank Page 2 Community Foundation for Wakefield Report ol the Trustees for the Year Ended 31 March 2024 FINANCIAL REVIEW Funding Funding of core costs Is generated through four key strands.. The Endowment Fund, currently valued at £481.127 (management fees 1.5% of capital value are charged annually) Funds available for grant-making (management fees of IO% are char8edl Give Box Membership and event fee5 (including Unsung Heroes) Financial statements The financial statements have been prepared in accordance with the Companies Act 2006 and comply with the Statement of Recommerbded Practice on Accounting by Charities. The financial result5 for the Foundation are shown in the annexed financi31 statements. ReseNes Pollcy The reserves of the Foundation are composed of unrestricted. restricted and endowment funds. These funds are maintained at a sufficient level in order to allow the smooth operation of activities. Unrestricted Reserves.. The Trustees are committed to maintaining general reserves to ensure that core activitie5 of the Foundation will continue into the future. The trustees consider that the minimum level of reserves required to meet our legal commitmènts if the Foundation ceased to operate and provide funds to cover unforeseen expenditure or an unexpectedloss of income is £35,000. At 31 March 2024 the balance of unrestricted funds totalled £49,17412023.. £36,820). Restricted Reserves.. The composition and movement in restricted reserves 15 shown in the financial statements. The restricted funds are held in the form of cash in bank accounts. The current level of restricted funds. and the ongoing funding arrangernents relating to those funds, is sufficiènt to maintain the speciflc projects to which they relate. At 31 March 2024 the balance of restricted funds totalled £94,99412023.. £122.8711. Endowment F¢Jnd.. The Endowment Fund is a permanent capital fund, maintained in investments. The movement in the fund is shown in the financial statements. At 31 March 2024 the balance of endowment funds totalled £481,12712023.' £451,322). Investments The trustees regularly review investments and investment policy, which are subject to professional m3n3gement. The investment policy is to protect capital but maintain income of about 3.5% pa. This polity rema5ns unchanged following the upheavals in the financial markets in the last and current firhancial year. The management charge is 0.7% of the value of the fund5 invested. Commitments The trustees had made no commitrnents to future tapital purchases, nor given any guarantee5, at the balance sheet date. Post Balance Sheet Events The tru5tee5 are not aware of any events after the balance Sheet date that have any material effect on the position presented in these financial statements. PLANS FOR FUTURE PERIODS Wakefield District Community Foundation has been active for seventeen years. During thi5 time, it has distributed over £2 million in grants to 3.075 beneficiaries, and in so doing has helped over 33,500 people. It ha5 a150 provided over £250,000 in social benefit. As mentioned above due to the changing circurnstance5 the Foundation is migrating from grant giving to more of a grassroots-ba5ed organisation, meeting individuals. families and communities needs. as a result of the cost of living crisis, high fuel costs. etc. Thi5 will be achieved through the Give Box development and expansion. diversrfication of income streams, maximising grassroot opportunities and connections, building relationships with charities and corporate partners, greater use of social rnedia and effective marketing. One recent initiative which the Foundation is investigatlng is how we can assist in addressing 'Bed Poverty,. Wakefield District is 'hot spot, for childhood poverty i.e. children who do not have a bed to sleep in (statistics from Census, End Child Poverty Coalition and Barnardos No crib for a Bed, report, indicate there a￿ 6000 children in Wakefield District that do not have a bed). The implications are wide ranging as children who do not get a good night's sleep are not in the best situation to be engaged or learn at school. They can be perceived as lacking attentlon, not engaged, naughty, resulting in segregation, detention and then exclusion. etc. Page 3 CommLtnlty Foundation for Wakefield Report of the Trustees for the Year Ended 31 March 2024 STRUCTURE. GOVERNANCE AND MANAGEME Governing document The Company is constituted as a Company Limited by Guarantee and has Charltable Status. The governing instrument is the Memorandum & Articles of Association. Appointment of Trustees The Trustees are initially appointed by the Board and their appointment ratified èt the next Annual General Meeting of the cornpany's members. Curreritly there are five Trustees who are appointed for their professional, business or community experience in line with the Trust's need to ensure that it has all relevant expertise consistent with its principal rolelsl. Trustees are appointed for a period of 3 years. after which they must stand for re-election, except that no trustee shall generally be eligible for re-election after completing three consecutive term5 of office. The Articles provide for a minimum of four trustees and there 15 no maximum. The Foundation hès a relatively new Board of Trustees due to retirement of number of long 5etving Trustees. The current Trustees have a desire and commitment to see the Foundation have a greater impart and are fully involved and supportive. Their skills and experience complement one another and a skills based a55es5ment is used when recruiting new Trustees to ensure any gaps are The Chairman is Richafd Hodgson and Sir Rodney Walker is the Foijndation's Honorary President, recognising his unique contribution to the support for the businesses and communities of Wakefield District. Two new Trustees joined the Foundation during the period frorn April 2023, effectively replacing two Trustees who resigned. We are grateful to them all for their commitment anil energy and are looking forward to working closely with our new appointments. Organisation and Structure Day to day management of the Trust'5 business 15 vested in the Executive Director (who is also Secretary to the Trustees) who report5 to quarterly meetings of the Board. The Executive Director is supported by the Trustees, Social Media Assistant. Senior Retail Manager. two Retail Managers, Executive Assistant and volunteers. The Role of Volunteers The Foundation is constantly seekln8 more support for its work acr05S the District and in the Give Box. Grant Making Policy The Basic criteria that apply to all open grant programmes are that groups must be based within the Wakefield Metropolitan District or. if baseil outside the area, must use the grants for the benefit of communities within the district. Unless otherwise stated, all funding stream5 are open to'not-for-profrt" organisation5 whether formally incorporated or not. Potential recipients do not need to bè a re815tered charity, as long a5 they have charitable aims and a strurture in place to demonstrate that itls properly run. Appropriate due diligence 15 always carried out a5 part of the assessment process. In order to ensure that grant5 awarded are used effectively. all recipients are reqUI￿d to submit monitoring and evaluation forms, and random inspection visits are arranged. The Foundation has recently adopted the 'Principles of Grant Reporting" as recommended by IVAR. the Institute for Voluntary Action Research. RISK MANAGEMENr The Foundation has produced a detailed Risk Management Pollcy. With SiEnificant operational changes Continuing to take place, the policy is reviewed on an annual basis. Page 4 Community Foundation for Wakefield Report of the Trustees for the Year Ended 31 March 2024 REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 06236043 (England and Walesl Registered Charity number 1121884 Registered office 13 Upper York Street Wakefield West Yorkshire WFI 9NW Trustees Richard Hodgson (Chairl David Dinmore Ire5igned December 20231 Barbara Paterson (resigned December 20231 Marie Szczepanski Louise Pearson (resigned April 20241 Denise leffery Iresi8ned July 20231 Simon Cowling (resigned April 20241 Natalie Glover Jenna Fan Charlotte Stone (appointed April 2023, resigned June 20241 Jonathan Scott (appointed April 20231 President Sir Rodney Walker Executive Dirertor & Company Secretary Lisa Milburn Independent Examiner SMH Jolliffe Cork Ltd 33 George Street Wakefield West Yorkshire WFI ILX Bankers Virgin Money (formerly Yorkshire Bank plcl 6-10 Northg3te Wakefield West Yorkshire WFI ITA Solicltors Chadwick Lawrence LLP Paragon Business Village Red Hall Crescent Wakefield WFI 2DF Page 5 Community Foundation for Wakefield Report of the Trustees for the Year Ended 31 March 2024 REFERENCE AND ADMINISTRATIVE DEfAILS- continued Investment Managers Rathbone Investment Management Port of Liverpool Building Pier Head Liverpool L3 INW Approved by order of the board of trustees on 3 December 2024 and signed on its behalf bv.. MrR dgson-