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2022-03-31-accounts

CONTENTS PAGE NUMBER
Trustees'
report		 2—24
Independent
auditor's		 report 25—27
Statement
offinancial		 activities 28
Balance sheet 29
Statement
ofcash flows		 30
Notes to the financial statements 31—54

Address the impact ofthe coronavirus pandemic: 32grants
Support children
and young people		 78grants
Prevent or alleviate poor mental
health		 133grants
Tackle poverty and inequality
and its effects		 155grants

Number offunds Total
Permanent
endowment		 reserve Restricted 1 E2,988,159
Expendable
endowment		 reserve Restricted 70 E20,175,619
Expendable
endowment		 reserve Unrestricted 84 E6,203,814
Tota I endowment
reserve		 155 E29,367,592
Restricted reserves E422,239
Unrestricted
reserves		 E55,529
TOTAL reserves 240 E29,845,360

Investment
performance		 and Evelyn (Smith &Wil-
values at 31/03/2022 liamson) Quilter Cheviot CCLA TOTAL
Value f17,109,024 f6,308,672 f6,077,095 E29,494,791
Percentage ofporffolio 58.0% 21.49o 20.69o 100.0%
Performance
12months		 8.99o 6.9Yo 11.69o 9.0Yo
CPI +4%over 12months 10.49o 10.4% 10.4Yo 10.49o
Performance
36months		 9 1o/ 9.9% 11.5% 9.89o
CPI +4%over 36months 6.89o 6.8/o 6.89o 6.8%
31/03/21 yield 2.3Yo 2.09o 3 0% 2.49o
31/03/22 yield 2.3Yo 2.1% 2.8Yo 2.4'Yo

The directors ofthe charitable The directors ofthe charitable The directors ofthe charitable The directors ofthe charitable company company (the charity) are its trustees for the purposes (the charity) are its trustees for the purposes (the charity) are its trustees for the purposes (the charity) are its trustees for the purposes of charity law.
The trustees and officers serving during the year and since the year end were as follows:
Chair Angus Macpherson (from 1June 2022)
Vice Chair Angus Macpherson (to 31 May 2022)
Board members Junab
Ali
Mark Barnett (appointed
19October 2021)
David Coombs (appointed
13May 2022)
Oliver Jones-Davies
Lisa Lewis
Samantha
O'Sullivan
Andy Tait (retired 31May 2022)
lan Thomas (retired 13May 2022)
Ashley Truluck (retired 31May 2022)
Steve Wall
Sue Webber
David Wray
Retirements Jason Dalley (retired October 2021)
Patrons John Bush CVO OBE CSU JP
Sarah Troughton CSU, Lord Lieutenant ofWiltshire
The Rt Revd Dr Lee Rayfield
The Rt Revd Nicholas
Holtam (retired July 2021)
Senior Management Team:
Joint Chief Executives Fiona Oliver &Vicky Hickey
Director of Philanthropy Jo Brady
Director of Programme Delivery Jane Butler
Director of Research & Engagement Margaret
Firth
Marketing &Comms Manager Beth Maughan (appointed 2 November 2021)

Unrestricted Restricted Endowment Total Funds Total Funds
Notes Funds Funds Fund 2022 2021
f f f f f
Income &endowments from:
Donations
& legacies		 137,215 742,162 404,814 1,284,191 2,274,925
Other trading activities 3,232 3,232 29,319
Investments 437,715 273,465 711,180 628,620
TOTAL 578,162 1,015,627 404,814 1,998,603 2,932,864
Expenditure
on:
Raising funds 6/7 53,914 218 54,132 50,545
Investment
management		 costs 93,639 93,639 85,183
Charitable
activities		 6/7
Grant making 320,709 1,460,293 1,781,002 2,217,603
Voluntary
sector
development		 &
support for students 74,780 74,780 85,899
Community
leadership		 50,873 11,048 61,921 68,367
Charitable
support costs		 6/7
Philanthropy
development		 113,251 113,251 99,503
Governance
&strategy		 86,763 86,763 73,548
Charity management 56,543 56,543 47,653
Campaign
&fundraising		 support costs 18,657 18,657 8,869
Covid premises costs 23,522
775,490 1,471,559 93,639 2,340,688 2,760,692
Gains on revaluation
offixed assets		 13 1,838,971 1,838,971 5,172,434
Net Income/(Expenditure) (197,328) (455,932) 2,150,146 1,496,886 5,344,606
Transfers between
funds		 21 189,439 464,381 (653,820)
Net movement
in funds		 (7,889) 8,449 1,496,326 1,496,886 5,344,606
Reconciliation offunds:
Total funds brought
forward		 63,418 413,790 27,871,266 28,348,474 23,003,868
Total funds carried forward 18/19/20 55,529 422,239 29,367,592 29,845,360 28,348,474

Company
Number:		 6504318 6504318
Notes 2022 2021
E E
FIXEDASSETS:
Tangible assets 11 4,425 6,194
Investments 13 29,494,791 27,916,023
Total Fixed Assets 29,499,216 27,922,217
CURRENT ASSETS:
Debtors 14 347,834 589,471
Cash at bank and in hand 15 886,596 637,424
Total Current Assets 1,234,430 1,226,895
LIABILITIES:
Creditors: Amounts falling due within one year 16 (594,543) (608,005)
Net Current Assets 639,887 618,890
Total Assets Less Current Liabilities 30,139,103 28,541,107
Creditors: Amounts falling due after more than one year 17 (293,743) (192,633)
TOTAL NET ASSETS 29,845,360 28,348,474
THE FUNDS OF THE CHARITY:
Endowment
funds		 18 29,367,592 27,871,266
Restricted income funds 19 422,239 413,790
Unrestricted
funds		 20 55,529 63,418
TOTAL CHARITY FUNDS 29,845,360 28,348,474

Notes 2022 2021
F. E
NET CASH (ABSORBED BY)OPERATING ACTIVITIES (see below) (6,622) (367,657)
CASHFLOWS FROM INVESTING ACTIVITIES
Purchase oftangible fixed assets 11 (4,409) (2,233)
Net additions to investments 13 (3,167,419) (4,082,155)
Proceeds from sale ofinvestments 13 3,711,442 5,069,941
Equilisation
Gain		 13 17,097 705
Net (increase)
in cash holdings		 by investment managers 13 (300,917) (260,923)
NET CASH GENERATED FROM INVESTING ACTIVITIES 255,794 725,335
CHANGE
IN CASH AND CASH EQUIVALENTS		 IN THE REPORTING PERIOD 249,172 357,678
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE REPORTING PERIOD 15 637,424 279,746
CASH AND CASH EQUIVALENTS AT THE END OF THE REPORTING PERIOD 15 886,596 637,424
RECONCILIATION
OF NET INCOME TO NET CASH FLOW FROM OPERATING		 ACTIVITIES
Notes 2022 2021
E E
Net income / (expenditure)
for		 the reporting period as per the statement of
financial
activities		 1,496,886 5,344,606
Adjustments
for:
Depreciation
charges		 8 6,178 5,274
(Gains) on investments 13 (1,838,971) (5,172,434)
Decrease/ (increase)
in debtors		 241,637 (491,915)
Increase/
(decrease)
in creditors		 87,648 (53,188)
NET CASH (ABSORBED) BYOPERATING
ACTIVITIES		 (6,622) (367,657)
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash at bank and in hand 15 886,596 637,424
Total cash and cash equivalents &86,596 637,424
ANALYSIS OF CHANGES
IN NET		 DEBT

Unrestricted Restricted Endowment
funds funds fund 2022 2021
f f f f f
Donations and Gifts - General 131,514 733,715 255,242 1,120,471 680,004
Coronavirus support 8,447 8,447 1,122,521
Legacies 3,000 97,000 100,000 470,000
Donations in kind 2,701 52,572 55,273 2,400
137,215 742,162 404,814 1,284,191 2,274,925

Unrestricted Restricted Endowment
funds funds funds 2022 2021
Sponsorship 2,495 2,495 1,000
Events 737 737
Outsourced income 28,319
3,232 3,232 29,319

Unrestricted Unrestricted Unrestricted Restricted Restricted Endowment
funds funds funds 2022 2021
f f f
Dividend
income		 435,539 273,465 709,004 623,068
Investment
interest		 2,176 2,176 5,552
437,715 273,465 711,180 628,620
5.GRANTS PAYABLE IN FURTHERANCE OF CHARITY'5 OBJECTIVES
2022 2021
f f
Direct costs ofgrant making
Total Grants awarded in year 1,703,135 2,164,871
Grants returned
/ not		 continued during year (23,440) (62,645)
Release ofgrant creditor for Stronger Families programme (26,148)
Grants made net ofreturns 1,653,547 2,102,226
Support costs for grant making (notes 6/7) 127,455 115,377
Total grants awarded including costs ofgrant making (see note 6) 1,781,002 2,217,603
The Foundation
is a member of UK Community		 Foundations (UKCF) and access funding for national progra mmes through
them. From time to time, the Foundation is asked to deliver funding outside ofthe county to ensure national coverage. The
summary
below shows the value		 ofgrants made to organisations outside Wiltshire.
All grants awarded to individuals, were to individuals who were living within the county on the date was awarded
2022 2021
f f
Total grants awarded in year 1,703,135 2,164,871
Less: Grants awarded out ofcounty—
Made by Sport Devon programme (37,187)
¹iwill Oxfordshire
programme		 (20,000)
Total grants awarded in Wiltshire 1,665,948 2,144,871
Distribution
ofgrants between
individuals		 and groups
2022 2021
f f
Grants to groups
2021/22 - 197grants to 142different organisations 1,314,430
2020/21- 374grants to 246 different organisations 1,782,819
Grants to individuals
2021/22 - 128grants 351,518
2020/21 - 147grants including 16Surviving Winter grants 362,052
1,665,948 2,144,871

5.GRANTS PAYABLE IN FURTH 5.GRANTS PAYABLE IN FURTH 5.GRANTS PAYABLE IN FURTH 5.GRANTS PAYABLE IN FURTH ERANCE
 ERANCE
 ERANCE
 OF CHARITY'5 OBJECTIVES (continued) OF CHARITY'5 OBJECTIVES (continued) OF CHARITY'5 OBJECTIVES (continued) OF CHARITY'5 OBJECTIVES (continued)
Grants awarded togroups within Wiltshire during the year by impact category
Average grant in
No ofGrants f
Advancement
of
people's		 physical and mental health,
wellbeing
and safety		 611,044 87 7,023
Promoting the
reduction		 of isolation and disadvantage and
access to local services 334,780 53 6,317
Improving
life skills, education,		 employability and enterprise 195,220 28 6,972
Maximising the ability to strengthen community cohesion and
build social capacity 54,565 7,795
Transforming access to, and engagement with, the
environment and public spaces 56,907 12 4,742
Connecting people with the arts, culture and heritage 61,914 10 6,191
1,314,430 197 6,672

Grants awarded
within		 W il tshire totalling
&612,000per group
comprise the fol		 lowing:
No of
4 Youth (South West) 19,500 3
Action for the River Kennet 20,000 1
Age UK Wiltshire 65,571 5
Bravo Medics 13,329 1
Brunel Special Education Needs Multi Academy Trust 18,294 1
Centre for Sustainable Energy 95,604 3
Crosspoint
(Westbury)		 15,000 1
Dinton Recreation
Ground		 25,986 1
Doorway 18,000 2
First Light South West 15,000 1
Headway
Salisbury
&South		 Wiltshire 15,000 1
HEALS 17,000 2
Home-Start
Kennet		 15,000 1
Home-Start
South Wiltshire		 18,000 2
Inner Flame 15,000 1
Julia's House 15,000 1
MUSE SW C.I.C 12,070 3
Open Blue Trust 18,822 3
Phoenix Enterprises 15,000 1
Prime Theatre Company 32,500 2
REACH Inclusive Arts 25,975 3
SMASH Youth Project 15,000 1
Swindon 105.5 15,000 1
Swindon
Carers Centre		 22,500 3
Swindon
Dial A Ride		 21,000 2
Swindon
Downs Syndrome		 Group 15,000 1
Swindon
MS and Neuro		 Therapy Centre 21,000 2
Swindon
Night Shelter		 15,000 1
Thamesdown
Hydrotherapy		 Pool Association 21,000 2
The Bridge Youth Project Trust 22,500 2
The Harbour Project 15,000 1
The Platform Project 24,210 2
The Recovery Tree Charity 15,000 1
The Wilts
fL Berks Canal		 Trust 15,000 1
Trowbridge
Future		 31,126 2
Waste Not Want Not 17,500 2
Willows Counselling
Service		 30,600 3
Wiltshire
Citizens Advice		 12,642 2
Wiltshire
Law Centre		 15,000 1
Wiltshire
Music Centre		 19,301 5
Wiltshire
Women Empowerment		 Program 14,552 2
YMCA Brunel Group 13,000 3
Other grants
&E10,000 per		 group 417,848 118
1,314,430 197

2022 2021
f f
Grants awarded
by programme
Coronavirus
Response and Recovery programme		 223,156 1,410,624
Other programmes 1,442,792 734,247
1,665,948 2,144,871
6.EXPENDITURE SPLIT BYSOFA CATEGORIES
Grant Direct cost Support
Activity making ofactivities costs 2022 2021
f f f f
Raising funds 44,709 9,423 54,132 50,545
Investment
management		 costs 93,639 93,639 85,183
Charitable
activities
Grant making 1,653,547 104,975 22,480 1,781,002 2,217,603
voluntary
sector development		 &support for
students 62,039 12,741 74,780 85,899
Community
leadership		 54,534 7,387 61,921 68,367
Charitable
support costs
Philanthropy
development		 97,066 16,185 113,251 99,503
Governance
&strategy		 75,762 11,001 86,763 73,548
Charity management 46,940 9,603 56,543 47,653
Campaign
&fundraising		 support costs 16,053 2,604 18,657 8,869
Covid premises costs 23,522
Total expenditure 1,653,547 595,717 91,424 2,340,688 2,760,692

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Notes tothe F in ancial tatement s
8. EXPENDITURE
Included
in net income/(expenditure)		 are the following amounts: 2022 2021
f E
Investment
management		 costs 93,639 85,183
All investment
management		 costs were attributable to the endowment fund.
Auditors
remuneration		 11,838 10,767
Operating
lease rentals		 18,842 14,196
Depreciation
ofowned fixed assets		 6,178 5,274
Net gains on revaluation of fixed assets 1,838,971 5,172,434
9. STAFF COSTS
2022 2021
E f
Wages &salaries 368,911 336,406
Social security costs 30,952 29,186
Pension costs 24,996 23,379
Costs ofemploying
staff		 424,859 388,971
Reconciliation to staff &contractors costs in note 7
Wages &salaries as above 424,859 388,971
Less: Salary costs allocated recharged to projects (10,830)
Wages &salaries 414,029 388,971
Contractor costs 48,763 66,334
462,792 455,305
The average headcount for employees was as follows: 2022 2021
Senior management
team		 5.4 5.0
ONce / administration 6.9 5.1
12.3 10.1
Average
full time equivalent		 employees 9.6 7.9
Two employees
received		 remuneration ofbetween f70 000and 680 000(2020/21 two)
Remuneration
paid to key		 management personnel 2022 2021
E E
Wages &salaries 228,833 212,150
Social security costs 22,284 17,704
Pension costs 16,303 15,364
267,420 245,218

10.PRIOR YEAR STAT EMENT OF FINANCIAL ACTIVITIES (INCLU DING
INCOME AN		 D EXPENDIT URE ACCO UNT)
Unrestricted Total Funds
Funds Restricted funds Endowment Fund 2021
f E E E
Income &endowments from:
Donations
& legacies		 174,665 1,576,738 523,522 2,274,925
Other trading activities 29,319 29,319
Investments 396,178 232,442 628,620
Total 600,162 1,809,180 523,522 2,932,864
Expenditure
on:
Raising funds 50,545 50,545
Investment
management		 costs 85,183 85,183
Charitable
activities
Grant making 150,184 2,067,419 2,217,603
Voluntary
sector development		 &support for
students 85,899 85,899
Community
leadership		 68,367 68,367
Charitable
support costs
Philanthropy
development		 99,503 99,503
Governance
&strategy		 73,548 73,548
Charity management 47,653 47,653
Campaign
&fundraising		 support costs 8,869 8,869
Covid premises costs 23,522 23,522
TOTAL 608,090 2,067,419 85,183 2,760,692
Gains on revaluation
offixed assets		 5,172,434 5,172,434
Net Income / (Expenditure) (7,928) (258,239) 5,610,773 5,344,606
Transfers between
funds		 18,847 368,920 (387,767)
Net movement
in funds		 10,919 110,681 5,223,006 5,344,606
Reconciliation offunds:
Total funds brought forward 52,499 303,109 22,648,260 23,003,868
Total funds carried forward 63,418 413,790 27,871,266 28,348,474

11.TANGIBLE FIXED ASSETS
Computer &office equipment
E
Cost:
At 1April 2021 60,547
Additions 4,409
At 31March 2022 64,956
Depreciation:
At 1April 2021 54,353
Charge for the year 6,178
At 31March 2022 60,531
Net Book Value as at:
31March 2022 4,425
31March 2021 6,194

2022
E		 2021f
Cash or Cash Equivalents 1,081,216 780,299
Listed Investments 28,413,575 27,135,724
Total Investments 29,494,791 27,916,023
2022 2021
f
Evelyn Partners (formerly Smith &Williamson) 17,109,024 16,498,838
Quilter Cheviot Investment Management 6,308,672 5,887,474
CCLA 6,077,095 5,529,711
42 29,494,791 27,916,023

13. INVESTMENTS (continued)
2022 2021
E E
Market value at 1April 2021 27,135,724 22 951781
Additions 3,167,419 4,082,155
Disposal proceeds (3,711,442) (5,069,941)
Realised gain 61,010 134,721
Unrealised
gain		 1,760,864 5,037,008
Market value at 31March 2022 28,413,575 27,135,724
Gains for t he year as reported
in the Statement of Finan		 cial Activities
2022 2021
E E
Realised gains 61,010 134,721
Unrealised gains 1,760,864 5,037,008
Equilisation &currency gains 17,097 705
1,838,971 5,172,434

14. DEBTORS
2022 2021
E E
Trade debtors 4,299 28,004
Prepayments 16,424 14,721
Legacies receivable 180,000 470,000
Donations
&grant funds receivable		 60,000
Taxation recoverable 390 1,321
Interest &other investment income 86,721 75,425
347,834 589,471

2022 2021
6 E
Cash at bank and in hand 58,887 33,088
Short term deposits 105,005 237,884
Flagstone cash deposit platform 722,704 366,452
At 31March 2022 886,596 637,424

16.CREDITORS AMOUNTS
FALLING DUE WITHIN ON		 E YEAR
2022f 2021f
Trade creditors 7,023 12,812
Grants payable 532,883 527,072
Regular accruals 40,239 40,858
Annual
leave accruals		 14,398 16,277
Exceptional
accruals		 10,986
594,543 608,005
2022 2021
E 6
Accruals for grants payable 293,743 192,633

18. 18. ENDOWMENT ENDOWMENT ENDOWMENT ENDOWMENT FUND - 2022 Movements - 2022 Movements - 2022 Movements - 2022 Movements - 2022 Movements - 2022 Movements
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18. ENDOWMENT FUND - FUND - FUND - 2022 Movements Movements (continued)
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18. ENDOWMENT 18. ENDOWMENT 18. ENDOWMENT FUND -2022 -2022 Movements Movements Movements (continued) (continued) (continued)
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49

At 31March
2022 At 1April 2021 Income Expenditure Transfers 2022
E f E E E
Designated
unrestricted		 grant funds 18,126 76,918 193,254 104,862 6,652
Other unrestricted
funds		 45,292 501,244 582,236 84,577 48,877
63,418 578,162 775,490 189,439 55,529
The designated
unrestricted		 funds are two unrestricted grant funds.
Details oftransfers are documented in Note 21
At 31March
2021 At 1April 2020
E		 Income
f		 Expenditure
E		 Transfers
f		 2021
E
Designated
unrestricted		 grant funds 10,472 69,792 (37,968) (24,170) 18,126
Other unrestricted
funds		 42,027 530,370 (570,122) 43,017 45,292
52,499 600,162 (608,090) 18,847 63,418
21.FUND TRANSFERS
Unrestricted Designated Restricted Endowment
2022 funds funds funds fund TOTAL
E
Endowment
expended		 during the year
To meet 4%income requirement 104,862 276,271 (381,133)
Specific additional
drawdowns		 182,687 (182,687)
Total endowment
fund		 transfers 104,862 458,958 (563,820)
Other fund transfers
Tofund GCLS Programme (5,423) 5,423
To fund core activities 90,000 (90,000)
84,577 5,423 — (90,000)
Total fund transfers 84,577 104,862 464,381 (653,820)
Transfers to unrestricted funds 84,577
Transfers to designated funds 104,862
Total transfers to unrestricted funds 189,439

Unrestricted Designated Restricted Endowment
funds funds funds fund TOTAL
E E E E E
from
Extractions		 expendable
endowment
Tomeet 4%income requirement 70,830 194,275 (265,105)
Specific additional
drawdowns		 77,886 (77,886)
High Sheriff event donations (1,224) 1,224
70,830 270,937 (341,767)
Other fund transfers
Coronavirus
Response & Recovery Fund		 (95,000) 95,000
To clear fund balance (88) 88
To fund grant return (2,895) 2,895
To fund core activities 46,000 (46,000)
43,017 (95,000) 97,983 (46,000)
Total fund transfers 43,017 (24,170) 368,920 (387,767)
Transfers to Unrestricted Funds (24,170)
Transfers to Designated Funds 43,017
Total Transfers to unrestricted funds 18,847
22.ANALYSIS OF FUNDS BY NET ASSETS
2022
Unrestricted Designated Restricted Endowment
funds funds funds fund TOTAL
E E E E E
Tangible fixed assets 4,425 4,425
Investments 278,480 29,216,311 29,494,791
Current assets 80,431 147,033 832,366 174,600 1,234,430
Current liabilities (35,979) (63,068) (472,177) (23,319) (594,543)
Creditors amounts falling due after (77,313) (216,430) (293,743)
48,877 6,652 422,239 29,367,592 29,845,360
General unrestricted funds 48,877
Designated
funds		 6,652
Unrestricted
funds		 55,529

22. ANALYSIS OF FUNDS BYNET ASS ETS(continued)
Unrestricted Designated Restricted Endowment
2021 Funds
f		 Funds
f		 Funds
E		 Fund
f		 TOTAL
f
Tangible fixed assets
Investments
Current assets		 6,194
39,098		 67,848 22,876
1,119,949		 27,893,147 6,194
27,916,023
1,226,895
Current
liabilities
Creditors due after more than a year		 45,292 (49,722)
18,126		 (536,402)
(192,633)
413,790		 (21,881)
27,871,266		 (608,005)
(192,633)
28,348,474
General unrestricted
funds		 45,292
Designated
funds		 18,126
Total unrestricted
funds		 63,418
23. FINANCIAL COMMITMENTS
each ofthe following periods:
Land & buildings
f		 Other
f		 Total
f
Less than one year
Between one and five
More than five years		 years 18,600
46,500
65,100		 242
970
61
1,273		 18,842
47,470
61
66,373
During the year, our landlords agreed a 3year extension to our lease ofSandcliff House which
will		 now expire on 4 October 2025
Prior year comparison Land & buildings
f		 Other
f		 Total
f
Less than one year
Between one and five		 years 18,600
9,300		 242
909		 18,842
10,209
More than five years 27,900 1,151 29,051
24. PENSION COMMITMENTS
The Foundation
contributes		 to defined contribution
schemes		 in which employees are members. The assets ofthese schemes ar
held separately
in independently		 administered funds.
The pension cost charges forthe period were: 2022 2021
E f
Senior
management
Other staff		 team — six members (2020/21 16,303
8,694		 14,591
8,787
24,997 23,378
Pension contributions outstanding at year end 3,276 3,767
53