Wiltshire Community Foundation Report and Financial Statements for the year ended 31 March 2024 The Community Foundation for Wiltshire & Swindon i:, trading as Wiltshire Community Foundation Registered charity number: 1123126 A: Registered company number: 6504318
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 CONTENTS PAGE NUMBER Trustees, Report 2-26 Independent Auditor's Report 27-29 Statement of Financial Activities 30 Balance Sheet 31 Statement of Cash Flows 32 Notes to the Financial Statements 33-56
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Trustees, Report The trustees are pleased to present their report and financial statement5 of Wiltshire Community Foundation (the Foundation) for the year ended 31 March 2024. The report has been prepared to meet the requirements of a directors, report and account5 for Companies Act purposes. The financial statements cornply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities.. Statement of Recommended Practice, published in October 2019, applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. Introduction Wiltshire Community Foundation is an independent charity dedicated to inspiring local philanthropy and giving to support the voluntary sector in tackling disadvantage and strengthening local communities. We provide a tailored philanthropy service to individuals, families, businesses, trusts, and organisations who want to give somethinB back to their local area. Our approach considers their charitable giving objectives and motivations as well as the level of involvement required and whether they wish their funding to have a long-term or immediate impact. While we offer a broad range of giving options, we believe that to meet the future needs of our communities we need resources with longevity. Many of our donors set up named endowment funds with us, providing a long-term lasting community a55et for people in Wiltshire. Our endowment is made up of 161 named funds, valued at £30.1 million at 31 March 2024. The funds 3re invested with three experienced investment management firms, whose objective is to maximise return over the medium and long-term without taking unnecessary risks. The returns generated are available to support individuals and local communities through ourgrant programmes. As a result of the generosity of local people, we have grown into one of the largest grant-giving organi5ations in Wiltshire. Each year we award hundreds of grants across a range of grant programmes. Our funding mainly focuses on two areas.. SUPPOrting grassroots charities and community groups to tackle disadvantage and ineqLAalities in their communities, and improving the development, learning, and future employment prospects of disadvantaged young people. We strive to ensure that our grant-making 15 as open and flexible as possible so that it can be accessed by voluntary groups regardless of their experience in making applications. We priorit15e f unding to grassroots and Small to medium-sized organisation5 where we know our grants will have a big impact. Alongside thi5, we also invest resources in equipping the local voluntary sector and individua15 Wlth skills, knowledge, and information through our Funder+ programme. We provide dvice and support to people applying for grants as well those thinking about applying or those wanting to know more about the voluntary sector in our county. We also run a range of Meet the Funder sessions to enable groups to access funding from other organisations and provide opportunities for them to network and share best practice. We work c105ely with Wessex Community Action and Voluntary Action Swindon, 5ignpostin8 people and organisation5 to them as the county's voluntary sector infrastructure organisations. As part of our Funder+ work we play an important role in community leadership, championing 2nd advocating for the wider voluntary sector by participating in many cr05s-sector network5 and local partnerships alongside local authorities, health, police, and other key organisations. Through thi5 Strategic engagement, along with our other Funder+ activities, we are helping to inform local policy and decision-making, increasing both the impact of our work and the wider sector. All reference to-Wiltshire- or 'countW throughout this document Is geographical and therefore always includes 5windon unless Stèted.
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Introduction continued As a result of the relationships we have built, and the numerous interactions we have with local charities, groups, and the wider voluntary sector, we are uniquely placed to understand the key needs and issues across the county. We build on this knowledge by undertaking or commissioning in-depth research into local need. This inform5 our grant-making priorities a5 well as enabling us to advise those who want to give locally on the most pressing needs and issues and how their support can have the greatest impact. The Foundation is one of47 members of the UK Community Foundation network. Through the network we benefit from sharing our collective knowledge and experience as well as having the opportunity to access national funding for our local communities. Every three years we undergo Quality Accreditation, a iigorous independent assessment against agreed standards including strategy, financial management, governance, philanthropy services, grant-making and community participation. We have held this accreditation and endorsement since it was first introduced in 2007. Aims and Objectives The objects of the Foundation are.. "the promotion of any charitable purposes for the community in the county of Wiltshire including the borough of Swindon and it5 immediate neighbourhood and other exclusively charitable purposes in the United Kingdom which are in the opinion of the trustees beneficial to the community with a preference for those in the area of benefit. We aim to meet our charitable objects through delivering our vision, our mission, and our strategic objectives. Vision: To see more people thriving across Wiltshire Mlsslon.. To maximise the impact of charitable activity in our local communities by connecting people, information, and resources Our Values.. UnderpinninE our work are our value5, expressed as the "BRICKS" upon which the Foundation is built and values we live and operate by: Brave: We are not afraid to uncover and address the issues affecting our communitie5 Representative.. We strive to reflect the county and people we serve Informed: We gather information from across the county and put it at the heart of everything we do Collaboratlve: We recognise that community projects are all about working with other5 for the common good Kind: We are caring and respectful when working with our communitie5 and each other Strategic.. We are one team, united by one vision of more thriving communities across Wiltshire Destination Statement- We are an inspirational and aspirational organi5ation, which people want to be part of. We are responsive, relevant, and known in the community. We are widely recognised, and valued for our knowledge, grant making and advice. People are making a difference by working with us. Strategic Objectives-5 year Strategic Plan April 2020 March 2025 The trustees are responsible for delivering strategic leadership to the Foundation. A strategic plan was established in July 2020, providing the framework to enable the Foundation to deliver its objectives for the five years to March 2025. For purposes of strategic governance, progress against the strategic plan is monitored by committees and the board on a quar- terly ba51S.
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Strategic Objectives 5 year Strategic Plan April 2020 March 2025 Key Strategic Objective The key strategic objective of the five-year strategic plan is to invest at least £10 million into our local communities to help them thrive. £9.5 million of thi5 investment will be through financial grants, Wlth the remaining EO.5 million supporting our Funder+ activities that involve voluntary sector development, community leadership and advice for students. As at the end of March 2024 we were on target to meet this objective. Our Plans for 2024/25 We will continue to work towards the delivery of our key strategic objective as stated above. During 2024125 we plan to award grants of £2.051m and secure endowment donations of £0.5m and flow-through donations of £1.2m. We are also working on our next strategic plan and involving internal and external stakeholders to shape and develop our next 5-year plan covering 2025-2030. Key threads running through our work As highlighted in our last annual report and account5, we have key threads that run through all areas of our organisation. We are committed to developing and championing these through our own work and in the work of our stakeholders throughout 2024125 and beyond. The Need in Our County We research need throughout the county, collaborating with and bringing together organisations to help develop the charitable sector and feeding back the insights gained to our donors, our stakeholders and to our team, ensuring that our work is targeted at key 3reas of need. During 2024/25 we will continue to Use our 2023 Needs Analysis for Wiltshire and Swindon to inform our own work and make it available for others to use and benefit from. Equityp Diversity, and Inclu5Ton (EDII We value diversity and treating people fairly. We recognise that people bring different perspectives, experience, ideas, knowledge, and insights that will help us to develop all areas of our work. During 2024125, through our Brant making and community leadership work, we will ensure that the views of individuals and organisations throughout the county whose voices are often underrepresented are sought and heard. We will continuè to investigate and invest in digital enhancements that will improve the accessibility of our grant programme5, looking to address barriers and extend our reach into communitie5. We want our trustees, volunteers, and operational team to reflect the county we live in. We will build on work completed during 2023/24 which a55e55ed our operational and trustee team diversity against benchmarks based on county censu5 data, extending this to our volunteers. We will continue to review and improve employment 2nd recruitment policies, ensuring we are maximising opportunities to extend our diversity. Whilst we recognise the importance of incre2sing our diversity, we also recognise that individuals should not have to disclose information regarding their own lived or learned experiences or diversity to satisfy our desire to increase our organisational diversity. In any analysis or data collection relating to our organisational diversity, we will always offer an option to not take part or to respond with 'prefer not to say" Climate Emergency The effects of global warming are already apparent across the world. They will increasingly affect both individuals and organisation5. We will reduce our carbon footprint, by heating and lighting our off ices with green electricity and biogas, by reducing travel and continuing with flexible working. We have also signed up to the A5SOClation of Charitable Foundation's Funders Commitment to Climate Change and will complete our first year of assessment against their framework during 2024/25.
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Our Plans for 2024125 - continued During 2024125 and as part of our wider strategic plan development we will consider introducing sustainability related questions in our application and assessment processes and will continue to Share and gain knowledge and experience where appropriate. Our investment policy requires our investment managers to adhere to industry best prartice when screening investment5 for compliance with Environmental, Social and Governance principles and we will expect our investment managers to report back to us on this. UN Sustainable Development Goals The UN Sustainable Development Goals are a plan agreed by all world leaders to build a greener, fairer, better world by 2030, and we all have a role in achieving them. For several years, we have been engaging with, promoting, and developing how we can use the goals throughout our work. In addition to reporting the impact of our grants against them, we have engaged stakeholders in discussions about how their local action can have a global impart. We have delivered thi5 work through our networks and other engagement conversations, raising awareness of the local relevance of the 803ls. We will continue our work in this area throughout 2024125. Digital transformation A key strand of our 2020-2025 Strategic Plan was the need for us to embrace, develop, and grow our digital capabilities, enabling us to be more effective and efficient. During 2024125 we will continue to develop our skills, processes, and knowledge within our new Customer Relationship Management ICRMI system (launched March 20231, building on efficiencies and ensuring we provide excellent digital experiences for all our stakeholder5, enabling us to deliver more funding to our communities and ensuring sustainable growth across the organisation. We will build on efficiencies through our new finance system which was implemented in April 2024, ensuring that we harne55 effective and efficient financial processes with full integration between other systems including our new CRM system and banking software. Public Benefit The trustees confirm that they have referred to the Charity Commission's general guidance on public benefit when reviewing the Foundation's aims and objectives and in planning future activities 2nd setting the grant-making policy for the year. Achievement and Performance Grant-making As highlighted in last yearfs trustees, report, we planned to award £1.915 million in grant5 during 2023124. We exceeded this, awarding a total of £2,072,833 across 364 grants to community groups and individuals in the county through 25 different grant proBrammes. The total awarded by the Foundation since 1975 is now over £24 million and we are on track to deliver our key strategic objective of investing £9.5 million through financial grants during the period April 2020- March 2025. We identified five themes for our grant-makin8 in 2023124 drawing on the insights provided by ovr stat15tical needs analysis of the county alon8 Wlth insight from our many stakeholder conversations. Grants were awarded acr055 these five themes a5 follows (note that giants can address multiple theme51'. Supporting children and young people Preventing or alleviating poor mental health Tackling poverty and inequality and its effects Supporting older people165+1 onlv Supporting women and girls onlv 2218rants 269 grants 225 grants 36 grants 92 grants
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Achievements and Performance - continued A5 highlighted on the previous page, we report the impact of our grants against the UN Sustainable Development Goals ISDGs1. During 2023124 the grants we gave contributed to 12 of the 17 SDGS and had the m05t significant impact on these six.. SDGI No Poverty, SDG3 Good Health & Wellbeing, SDG4 Quality Education, SDG8 Decent Work and Economic Growth, SDGIO Reduced Inequalities and SDGII Sustainable Citie5 & Communities. As in previous years, a small amount of our grants awarded, either in current or previou5 years, are returned to the Foundation. In 2023124 the total amount returned was £70,132. Grants were returned due to the following.. student5 not continuin8 Wlth their studies1£16,0001, closure of a group1£22,9101, groups not spending the full grant award1£29,6021 and grants being awarded but then being withdrawn by recipient before gr8nt was paid l£1,6201. In 2022123 £55,893 wa5 returned. During 2023124, we continued reviewing our grant-making processes, ensuring that they were as effective and efficient as possible. We continue to balance due diligence and informed grant decisions with efficiency and proportionality for the Foundation and applicants. We seek to fund groups or individuals regardless of their experience in making grant applications and actively help all applicants. Our end of grant reporting aims to be simple and useful to grantees. Our processes continue to be informed by the "open and trusting grant-making" approach developed by IVAR in early 2021, which seeks to minimise the information required f rom applicants before and after a grant and to build strong relationship5 between funder and funded. We will continue and build on this approach in 2024125. From a total of 519 applications started in 2023124, 214 of the applications were for grants to individuals and 305 were for grants to group5. The success rates vary between these two main types, and within specific programme5. For individuals, 25 applications did not reach panel stage. Six were ineligible meaning that they did not fit the programme's criteria. A further 19 were withdrawn, mainly because applicants didn't complete their application, or because their plans changed, or they secured other funds. 36 applicants were unsuccessful at panel stage, often because of insufficient funds or there not being a strong enough fit with criteria. At Panel stage the average Success rate across individual programmes was 81%. For groups, 57 applications did not reach panel stage. 11 were ineligible and the remaining 46 were withdrawn. Again, reasons for withdrawal included incomplete applications or a weaker fit with programme criteria,. some groups also needed stronger governance andlor financial management to be considered. Plans might also change and at least one group merged with another charity which changed their approach. 37 group programme applications were unsuccessful at panel stage, with the main rea50n being insuff icient funds. Other reasons varied across the different programmes but included cost5 considered too high, pSans not well developed enough or some duplication of seNices. At panel stage the average success rate across group progr3mme5 wa5 850A, but varied widely between programme5, from 500A to 100%. AII unsuccessful applicants are given feedback, including further Buidance where appropriate and signposting to other sources of funding as available. The Grants Team and the Marketing Team work closely together to regularly review the promotion of our grants programme5 $0 we can help applicants at the earliest opportunity to understand the parameters of each programme. During 2023124 we have thoroughly reviewed the information on our website regarding the grant making process. Ensuring that the information is clear, concise and easy to understand. Funder+ activities such as our 'Meet the Funderf, se55i0ns help applicants to assess their eligibility prior to making an application. Grant decisions are made by panels of the Foundation's trustees and local people with relevant experience or skills. Working in thi5 way enables us to draw on local knowledge and lived experience to ensure our funding is as effective nd sensitive to local need as possible. We will be building on thi5 participatory grant-making approach for other programmes during 2024/25. The Foundation 15 extremely grateful to the 47 volunteers who took part in grants panels in 2023124.
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Achievements and Performance - continued Grants to Groups In 2023/24, 78.6% of the grant5 total IEI,628,810 through 211 grants) was awarded to 157 different voluntary 8roups. 52 8roups received a grant from the Foundation for the first time. This compares to 77.9% of the grants total1£1,557,218 through 269 grant51 being awarded to 165 different voluntary groups in 2022123 when 41 groups received a grant from the Foundation for the first time. Many of the organisations we fund are micro, Small, and medium groups. Over 73%11541 of our grants are awarded to groups with an iTicome of less than £250,000 per year. Grants to these groups average just under £5,000, a relatively small amount, but we know that focussing our f unding on smaller grassroots organisations who understand the specific challenge5 faced in their area5 and are well placed to build relationships and support their communities, ensures our funding reaches those who need it most and has the most significant impact it can. Most of the grants awarded to small, micro and medium groups are delivered through our flagship grants programme, Community Grants. This programme offers sustainable funding with up to £5,000 per year for up to 3 year5 to grassroots organisations to fund the most pressing need5 and issues in the county. This year we prioritised three key areas through our Community Grants programme= addressing poverty and its effects, supporting children and youn8 people, and preventing or alleviating poor mental health. Nearly 33% of ourtotsl grant making to groups is awarded through thi5 programme. In 2023124, we awarded 66 Community Grant5, of which 33 were multi-year, and ofthose, 23 were 3-year grants. In 2022123. we awarded 34 multi-year Community Grants, of which 30 were 3-year Brants. Working with smaller groups is where our supportive and flexible approach to funding can really add value, including signp05ting to other areas of support and funding, as well as playing a 'critical friend, role on issues such as articulating need. financial planning, or Strengthening governance. Importantly, as well as offering grants for specific projects, the programme provides core funding. Core funding is vital, providing a degree of financial stability to deliver essential services and crucially, to give groups breathing space to take stock and look at work more strategically. It also offers flexibility to groups, trusted to allocate resources where they are needed most, and supporting internal capacity building to encourage innovation and improved efficiencies and outcomes. One of our roles as a community foundation is to inspire philanthropy and utili5e our networks and influence to direct funding into our county to support the vital work of the local voluntary sector. Our Wiltshire Energy, Food and Community Support programme saw us partner with Wiltshire Council to deliver government funding, collaborating with key groups in the county that are expert at reaching individuals in most need. This programme distributed funds from the UK Government's Household Support Fund, awarding nearly £285,000 to 19 organisations providing direct aSSlStance to vulnerable households most affected by the rising cost of living. The support included grants for utility bills, household items such as cookers, heaters, fridges. carpets and electric blankets, as well as food items, vouchers, and tran5POrt costs. Overall, the program sUPPOrted 2,938 households across the tounty, benefiting an estimated 7.638 adults and children. Thanks to a long-established philanthropic partnership with The Pargiter Trust, we also launched the Older People's programme this year. Our needs analysis and community leadership work have highlighted the deepening range of issues facing older people acr055 Wiltshire and Swindon and numerous studies have shown the benefits of social interaction and sense of community with ageing well. We worked with The Pargiter Trust to create a new grants programme to support the voluntary sector in Wiltshire and Swindon to improve health and wellbein& reduce social isolation and improve access to facilities and services for older people. Grants totalling £72,000 were awarded to 19 groups for projects ranging from clubs and activities for people with dementia, dance and music sessions, a community transport service and a befriending Scheme. Together these projects supported over 2,600 older people to live healthier, happier live5.
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Achievements and Performance - continued We a150 reinvigorated our partnership with the Office of the Police & Crime Commissioner IOPCCI, delivering just under £90,000 through the Police and Crime Commissionerfs Community Action Grants programme, supporting voluntary groups to reduce violence and serious harm, tackle crimes that matter most to local communities and improve the experience5 of victims. We are pleased to confirm that all three of these programmes will continue to be delivered in 2024125. In addition to these three new programmes and our Community Grants programme, we ran an additional six open grants programmes, working with a range of partners and funders for the benefit of people in Wiltshire and Swindon. These included programmes encouraging conservation, tackling climate change and improving the local built and natural environment. Throughout 2023124 we have worked closely with and listened to the voluntary sector to understand the changing nature of its challenges, being flexible and innovative in our response. Because of the willingness of funders and partners like those mentioned above to work with us and trust our expertise, we have secured the resources our grassroots group5 and charities need to continue helping their communities, not just to survive but to thrive. We estimate that in 2023124 we helped improve the lives of over 72,400 people through our grants to groups programmes. Surviving Winter-tackling fuel poverty Our Surviving Wintor programme, now in its 13 year, is widely recognised across the county as an efficient and effective model for 5UPPOrtin£ those who are most vulnerable and at risk of serious harm during the tolder months of the year. During 2023124 we continued to deliver the programme by working with trusted partners.. Citizens Advice in Wiltshire and Swindon, the Centre for Sustainable Energy's Warm and Safe Wiltshire project and Age UK Wiltshire, along with new partner Wiltshire Centre for Independent Living. This user-led organization supports disabled individuals across Wiltshire and has enabled us to reach another group vulnerable to fuel poverty and its impact5. The programme continued to focus on supporting the elderly and those with disabilitie5 or health conditions by providing financial grants. However, through working with experienced ènd skilled partners, the programme also helps individuals and households who have a range of different and often complex needs by providing tailored advice and support. This includes practical information on keeping home5 warm, recommendations for boiler replacement,. income maximisation through identifying and help with claiming benefits and working with energy companies and landlords to manage energy bill debt. Due to our close relationship with and knowledge of the local voluntary sector along with the known breadth and depth of our Surviving Winter programme, we were selected by both Wiltshire Council and Swindon Borough Council to distribute part of the Household Support Fund funded by the UK Government through the existing programme, providing essential support to those most impacted by the c05t-of-living crisis in Wiltshire and Swindon and making a huge difference when people needed it most. Due to the delivery of the Household Support Fund funding and the generosity of our own donors, we were able to award over £447,000 through the 2023124 Surviving Winter programme, benefitting 2,855 individuals in 1,668 households. But the impact extended beyond the initial funding. Due to the expertise and knowledge of our partners, the household income of those supported by the pro8ramme in 2023124 increased by a total of £1,524,803 annually. Since 2020, household income of those supported ha5 increased cumulatively by over £3million annually. This fantastic collective effort has made a significant contribution to helping households move out of fuel poverty. Grants to Individuals Our dedicated sUPPOrt for the education and development of young people across Wiltshire and Swindon continues to be a key area of our work. In 2023124, acr055 our education and enterprise programmes, we distributed almost £445,000 in grants to 211 children and young people. We strive to ensure our work is always informed by the need in our county by using the local knowledge and insight we gain from the close relationship we have with organisations workin8 Wlthin our communities, underpinned by national research and our own finding5. Because of this we know that pupils from disadvantaged backgrounds here perform poorly, both relative to non-disadvantaged pupils and compared to disadvantaged pupils elsewhere in the country.
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Achievements and Performance - continued As detailed last year our Needs Analysis for the county highlights pockets of very high educational deprivation among children and young people living here. With 44 neighbourhoods ranked among the most deprived 10 per cent in England. Wiltshire and Swindon have lower proportions of pupils from state schools entering Higher Education than the national average. This is true in ten of our 15 largest towns. 2023 marked the 15, anniversary of our University Bursary programme, our flagship and largest education pro8ramme. Originally established in 2008 through a generous legacy donation, and now supported by several funds and donors, the programme supports young people from low-income families undertakin8 their first undergraduate degree or higher education course. In 2023124 we awarded bursaries totalling £348,800 to 68 students. Since 2008, we have been able to support 575 young people across Wiltshire and Swindon with grants totalling £3million. The impact of these grants cannot be underestimated. Through regular monitoring and feedback, the young people conslstently tell us that this support improves their mental health and wellbein8 as they feel less worried about money and more confident about undertaking their studies. It helps to tackle the economic disadvantage they face, a5 they can afford essentials such a5 food, utilities, rent and course-related materials. Importantly, for many it also improves their overall education outcomes, as they felt they achieved better results because they could concentrate on their studies. In addition to our University Bursary programme. we have been awarding grants to children and young people who need support with their education due to a physical disability, learning difficulty or health problem through our Education Support programme Since 2013. In 2023124 we reviewed this programme and decided to change the delivery model, embarking on pilot with two SEND partner schools within the county. The new pilot is proving to be more agile and responsive, with support getting to where it Is needed more efficiently. The grants are effertively targeted at those most in need, as the school and other associated professionals know family circumstances and understand the specific needs of the individual child or young person. An unexpected benefit of the programme was that the schools were able to expand the funding from us by applying for match grants from other charitable trusts and working with organisation5 like the Salvation Army to provide refurbished equipment. Crucially, the programme itself has had a far greater impact. Previously, we were able to support between 15-20 children each year. ThroLJgh the new approach, we have seen a significant rise, and have been able to help over 50 children and young people from early years through to young adults with sensory equipment. therapeutic services such as music, hydrotherapy and animal therapy. This support, no matter how large or Small, has made a real difference and we look forward to working with our partners to further develop this pro8ramme over the coming years. We continued to deliver our Vocational grants programme provide funding for materials, equipment and transport costs to young people aged between 14 and 25. During the year we awarded 49 grants totalling nearly £40,000, this was a huge increase from 2022123 when we delivered 20 grants totalling nearly £24,000. We also continued to work with SWEF to award business development grants of up to £2,000 to help young people without easy acce55 to other sources of finance to setup or develop their businesses. During the year we awarded 35 grants totalling over £40,000, this was a slight reduction on 2022123 when we awarded 39 grants totalling over £53,000. In addition to financial 51JPPOrt, grant recipients also receive ongoing support and become part of a community of young businesses. Many of these creative, innovative, and imaginative young businesspeople will go on to create jobs and opportunities for others, which will contribute to helping their communities thrive. Voluntary Sector Development and Support for Student5 Alongside financial grants, the Foundation invests resources in equipping the local voluntary sector and individuals with skills, information, and encouragement to succeed, referred to as a 'Funder+" approach. Our Funder+ provision in 2023124 included our supportive approach to grant-making, advice, 'Meet The Funder" sessions, dissemination of information, advocating, and convening.
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Achievements and Performance - continued Through pre- and post-application advice, grant assessment conversations, and in response to phone and email enquiries, we provide advice and guidance related to either an application to the Foundation or a group or individual's wider development needs. This includes advice on funding or governance, referring groups to other local support organisation5, and advising students on processes for accessing student finance, other bursaries and university support. Because we target smaller groups who may lack experience, and many students we support are from families unfamiliar with higher education, this encouragement and guidance is a valued part of the Foundation's offering. Throughout the year we continued to distribute our regular e-bulletin to nearly 1,000 individuals providing funding opportunities, training news and other sector information. We organised nine online Meet the Funder events, giving group5 the opportunity to hear from funders about their grant programmes and criteria. Speakers included Lloyds Bank Foundation, People's Postcode Lottery and Wiltshire Council Area Boards. Four members of our team a150 attended a funding conference organi5ed by Voluntary Action Swindon and gave information and advice in one-to-one sessions with 11 local voluntary sector groups. As part of the Older People's Programme, we provided 2 online sessions in June and September, focused on adult safeguarding, delivered by external company Winterbury Training, with 34 attendees across the two sessions. In total, our online training and Meet the Funder events were attended by 550 people. Community Leadership Our community leadership activity is a core part of our Funder+ work and aims to increase the understanding of the needs and nature of micro, small and medium voluntary group5 Wlth various stakeholders. We strive to use our insight and community knowledge to challenge preconception5 and shape conversations which in turn help to develop new opportunities and maximise the impact we have with all our partners. We broker relationships helping to maximise the impact of the voluntary sector within the county and we convene and host networks to strengthen connections and collaborations between local voluntary groups. Our role in community leadership is key to connecting people who care with causes that matter. We believe that by working in partnership we can create opportunities for smaller, local community groups and charities to access statutory funds whilst breaking down some of the barrier5 they often face in traditional commissioning environments. By working in partnership, we have been able to significantly impact on local communitie5 and we are well- positioned to create even more positive outcomes for the people of Wiltshire and Swindon in the coming years. During 2023124, we have continued to facilitate the Wiltshire Youth Partnership, a collaboration of voluntary and community sector organisations and statutory partners involved in delivering and supporting youth work provision in the county. The Partnership aims to improve youth services acr055 Wiltshire. Current priorities include highlighting the positive impact youth work has on local young people,. influencing the strategic landscape for youth services and activities,. sharing ideas, learning, knowledge, and resources,. and improving training and development for local youth workers. The Partnership's Action Plan focuses on working together to help improve outcomes for local young people. The Wiltshire Youth Partnership, as part of a national pilot supported by the Young Peoples Foundation Trust, builds on learning from local youth partnerships across the country. Our work to help establish the Wiltshire Youth Partnership builds on the Wiltshire and Swindon Youth Work Network which we established in 2020 to bring together youth work organisations to Share experiences, learn and create new connections. During the last year, the network, explored need and impact, young people and the digital world, emotional wellbeing, youth sector training and development needs, and local delivery. Having met online since 2020, in March 2024 we hosted our first in-person network workshop, with c.50 participants, to explore and refine priorities for the Youth Partnership. Another key partnership we have been (Jeveloping further in 2023124 complement5 our long track record of supporting ctivities that improve people's mental and physical health. By actively involving ourselves in the work of the Integrated Care Board IICBI we continue to highlight the positive impacts our local voluntary sector makes in helping to address health inequalities. io
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Achievements and Performance - continued Building on our experience last year of delivering the Nation31 Health Service'5 INHSI South West Community Investment Fund in Wiltshire, on behalf of the NH5 Bath and North East Somerset, Swindon and Wiltshire Integrated Care Board IICBI, our partnership continues to create new ways for NHS funding to reach and enable smaller, local voluntary sector groups. Our successful bid to deliver part of the NHS 2023124 Health Inequ3lities Fund in Wiltshire has enabled the creation of a new grants prosramme, Targeting Health Inequalities in Wiltshire, which was delivered during QI 2024125. Having built excellent working relationships with the local authorities and the voluntary sector over many years, we were able to successfully bid for a new 3-year funding partnership with UK Community Foundations IUKCFI, CCLA and the Local Government Association. We are working in partnership with Swindon Borough Council, Wiltshire Council and SMASH to develop and deliver this new programme in 2024125 which will sUPPOrt the successful transition of care leaver5 to adult life. Advocating for policy change and r3i5ing awareness of issue5 impacting our local communities has also led to new partnership5. Our long-standing partnership with the High Sheriffs of Wiltshire led to our involvement in the Ending Violence Against Women and Girls Group and in March 2023 we partnered with La(Sy Lansdowne and Wansbroughs LLP to deliver an International Women's Day event calling for an End to Violence Against Women and Girls and to launch our new Women and Girls Fund. Our work with the EVAWG group continued throughout 2023124 and we are hosting an event in November 2024 to highlight the need for male allyship within these important conversations. We remain an active member in many key local partnerships: we continue to represent the voluntary sector at the Wiltshire Public Services Board and to participate in both the Wiltshire and Swindon Health Inequalities Groups, Wiltshire's and Swindon's VCS Leadership Alliances, the Wiltshire Inclusion Network, the Children and Families Voluntary Sertor Forum and South-west Funders. Members of our team regularly engage with a wide range of health, local authority, and voluntary sector colleagues and the Bank of England'5 External Engagement team, contributing insight gained from our grant-making and our networks to help inform strategic debates, local policy and decision-making. The local knowledge we gain from our wide range of community leadership and Funder+ activities are also key to informing our grant programmes and donor engagement. We recognise the critical role foundations must play in addressing broader sotietal and environmental concerns at a local, national and global level. As one of 47 community foundations in the UK and a member of the Association of Charitable Foundation5 IACFI, we recogni5e the value in sharing and learning good practice from other foundations. As with our local networks, these national forums provide us with a rich source of information and guidance and enable us to share our experiences to advocate for change. We have recently signed ACF'S Funders Commitment to Climate Change and our newly formed staff working group'The Green Team" are already upcycling our thinking and challenging how we can be even more environmentally responsible across all aspects of our work. As part of our commitment to equity, diversity and inclusion in our community. we are very proud to have been accredited as a Living Wage Employer, joining a movement to challenge low pay and advocate for systemic change on behalf of people on low incomes. During 2023124 we have also spent time reviewing our practice5 against the Foundation Practice Rating IFPRI which is a project initiated by a group of diverse UK foundation5 to enhance their przttices in terms of diversity, transparency, and accountability. We as5e5sed ourselves against the published 2022123 criteria, resulting in changes to our website content for grant programmes and our organi5ational diversity. Philanthropy Development, Donor Care, Advice, and Stewardship Philanthropy strengthens our community. Whether it's giving time or money, philanthropy brings people together to support a cause thays bigger than themselve5. Without philanthropy• many needs would go unmet, and we would not achieve our mission or vision. We are committed to encouraging people to support local community initiatives by giving money, sharing skills and knowledge and volunteering their time. Over the last 49 years, philanthropic activity by our fund holder5 and supporters has enabled us to grow our endowment to over £30 million. This 15 a long-term community asset that we Steward to serve our county now and, in the future, providing a stable return that enables u5 to fund grants and provide advice and support to local community groups and individuals, helping thousands of disadvantaged people living in Wiltshire and Swindon. li
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Achievements and Performance - continued We manage and steward 161 named endowment funds and over 100 revenue funds. We ensure grants are awarded in line with donor wishes and that they receive their desired level of involvement in decision-making. We provide annual statement5 highlighting the key financial information for each fundholder and identifying the grants their funding has enabled us to award. In 2023124 we continued to work with donors, funders, and professional advisors, highlighting need within the county and the ways that their philanthropy can help to bring change within the communitie5 in which they live and work. Our aim is to establish long-term partnerships for good within the community and we remain committed to building a culture of philanthropy throughout our county, not just for the Foundation but for the whole voluntary sector. We work with professional advisors - solicitors, accountants, and investment advisors- to raise awareness of the options for effective local giving, enabling them to help local people make a difference in their communities and to encourage tax- efficient giving. In March 2024 we recruited a full time Philanthropy Director to support and develop this key area of our work. Fundraising As highlighted in last year'5 trustees, report, we planned to raise £500,OCNJ in endowment donations and £1,200,000 in flow through donations in 2023124. We exceeded both targets. raising gross endowment donations of £711.359142% above target) and gr055 flow through donations of £1,332,0351ll% above target). These figures include contributions to our core costs as agreed with donors. Five new endowment funds were established13 in 20221231, a 10-year endowment fund Icorton Hill Trust Fund), a legacy fund {Dan Webber Fund), a trust transfer (Old Dauntseian'5 Fund), the Swindon Science Museum Solar Park Endowment Fund which was established to create a lasting legacy for the solar park in Wroughton and the Women & Girls Endowment Fund established to provide a sustainable source of funding for thi5 priority area of work. We also continued to work with established fundholders many of whom added funds to their endowments during the year. For funders who prefer their local giving to be dispersed directly to local community projetts rather than adding to our endowment, our flexible flow through funds provide a solution. In 2023124 we welcomed 8 new flow through funds115 in 20221231- the Bourlet Consulting Fund, The Butler Fund, Care Leavers Fund, The 5NG Community Fund, ODM Event Fund, Wiltshire Energy, Food and Community Support Fund, Wiltshire Health Inequalities Evaluation Fund and the Wiltshire Women & Girls Flow Through Fund. These funds were set up to respond to need within the county or to support causes and issues in line with the wishes or specific interests of the donor. As detailed above, in 2023124 we continued to work with both Wiltshire Council and 5windon Borough Council in the delivery of the UK Government Household Support Fund, the total amount received during the year from the councils was £726,940, accounting for nearly 55Yo of our flow through donations. Our fundraising practice was monitored and evaluated by our Business Development committee and board of trustee5 to ensure we fully comply with the Charities (Protection and Social Investment) Act 2016 and Fundraising Regulations. GDPR and PECR compliance is monitored by our People and Governance committee and board of trustee5. We do not use profe55ional fundraisers, and we had no commercial partlClP3tion agreement5 during the year. During 2023124 no complaints were received by the Foundation regarding its fundraising activity. We remain confident that our fundraising is cornpliant with the recognised standards of fundraising (set out in the Code of Fundraising Practice) as well a5 those required under charity law and wider law. We are committed to observing the fundraising legislation and good practice, including safeguarding of vulnerable donors outlined in the Fundraising Regulator's Code of Conduct, Tax legislation, the Data Protection Act 1998, the Proceeds of Crime Act 2002, and the Charity Commission Law. We would like to take this opportunity to thank every one of our fund holders and supporter5 who have enabled us to respond to the various needs of individuals and communities acros5 the county. 12
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Financial Review Gifts in Kind Durin8 the year to 31 March 2024, the Foundation received gifts in kind totalling £575 which related to the monetary value of room and marquee hire gifted for events. Key numbers 35,(X>O.(KX) 30.WQ,(KY) 25,[)0.{1x) 20,WO,IX)O I5.O.(yJo io,coo.(x)o 5.OW,O 15,(x)o,oIKJI 2023124 30,699.%3 30.144,556 2,074 128 3,024,836 2.745.914 20?2123 2&Y6.973 27,9J4.538 11,IY47,9811 2,3{,20? 2.7(K,608 •¢eTaIl Funds£ Endoivmtni ftsnLI £ InvÈsiiriÈni n)0@1)t E Expeiidiluie { Overall, fund5 have increased from £28.3m in 2022123 to £30.7m in 2023124. This is primarily due to an increase in the endowment fund value which stands at £30.Im, with £2.Im of the increase due to investment movements for the year. Income Total income for the year rose from £2.3m in 2022123 to £3m in 2023124, an increase of 31%. Where did our income come from? £3.500,CK)O £3,{K)0,o Floio Through t1ir13tions £2,500.tKx> -£ 1,199,f)ob Eiidownieni Fui)d Doiiations £2,(K)O.(x)o Investmènt Income E f 1.500.IX)O £1,077,458 1 £690,108. oihei ti)conie £ i,(XX),(K)O £357,734 £500,Wn £921,02 -£714,506 £0 2n23124 202212.4 Year Flow through donations Inetl rose by Il% to £1.2m in 2023124. We continued to work with many long standing flow through donors, receiving donations into 23 established flow through funds. The biggest increase in funding against 2022123, was through our continued partnership with Wiltshire Council distributing the UK Government Household Support Fund funding, which totalled £646,940 for the year, an increase of over £450k. Partially offsetting this were donations from five signif icant flow through donors in Q4 of 2022123 totalling £280k which were not repeated in Q4 of 2023124. Endowment donations Inetl increased si8nificantly by 93% reaching £0.7m in 2023124. They accounted for 23% of our total income in 2023124, compared with 16Ya of total income in 2022123. We continue to be fully committed to growing our endowment through working with both existing and new endowment fund holders. During 2023124, five new endowment funds were established13 in 20221231, four through existing relationships and the fifth being the Wiltshire Women and Girls Fund which wa5 set up by the Foundation to support our work in thi5 area. The table on the next page shows our endowment donations by source for 2023124 and 2022123. 13
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Financial Review continued 2023124 2022123 Number Number Cor orates Charities and Trusts Ind ividuals Legacy TOTAL 14,659 426,682 124,128 124,741 690,109 121,488 75,620 156,936 3,690 357,734 40 21 51 31 As detailed above the value of endowment donations increased significantly in 2023124, we are extremely encouraged to see increases in the overall number of donors addin8 to our endowment fund from 31 in 2022123 to 51 in 2023124, a 65% increase. The value of endowment donations from "Charities and Trusts" increased significantly in the year due to a donation from the Corton Hill Trust who have chosen to create a 10-year expendable endowment with us of £242,500, and a trust transfer of the Old Dauntseian's Fund of £182,845. Although the value of endowment donations from individuals have decreased, we have seen a significant increase in the number of individuals donating to the endowment. This is mainly due to the new Wiltshire Women and Girls Fund where every donation made to the fund is split between the endowment fund and a flow through fund on a 25'.75 split. This enables U5 to build a sustainable fund for this key area of work which will generate returns in perpetuity. whilst providing immediate funding for immediate needs, it also enables us to discuss and explain our endowment fund to a wider range of donors. Investment income increased Significantly from £714,506 in 2022123 to £921,025 in 2023124 which was accompanied by strong investment gains. Most of the increase was due to an increased income yield from 2.5% in 2022123 to 3.0% in 2023124. We also experienced significant increases in bank interest from £19k in 2022123 to £46k in 2023124, due to increased interest rates and higher cash reserves during the year. The Foundation continues to receive contributions towards our running costs from donations, sponsorship, and events. In 2023124. this totalled £199,460 compared with £156,503 in 2022123, with the increase being mainly due to the increase across all donation types and subsequent increase in contributions to our running costs. Expenditure Total expenditure for the year rose slightly from £2.71m in 2022123 to £2.75m in 2023124, an increase of 1.5%. Thi5 was mainly due to an increase of £52k13%} in grants awarded (net of returns), an increase in our charitable support costs of £36k Ill%) and a decrease in our investment mana8ement costs of £62k169%1. How did we spend our money. £3,(K)O.coo £ 2,500,(X)o £2,WO,(K)o Grants èivai ded Iiiet ol retui 1151 2,002, 1,950, Cl)aritable actiiiilies I I,SOO,LX)O Cliaritable supi3cirl COSts f I,0,0 Rai5iiig fiinds Investiiieiii niariaueiiient cost5 I so0,0 £277,384 £263,630 -.£373,418 .£337,192 fo 20231?4 202212 3 14
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Financial Review - continued Overall, £2.3m183%1 of total expenditure directly advanced our charitable purposes, either through awarding grants, which continues to be our largest expense. representing over 73% of our total expenditure, or through other charitable activities. A further £373k was incurred to support the delivery of these activities and £92k was incurred generating income through donation5 and investments. What did we spend on other Charitable Activities £300,(X)O E250,(K)O £57,854 Voluntary seitor developnient & support lor sludents E200,LK)O £ iso,tKK) Cost ol grant niakin8 £ loo,(00 150.0 Comn)uni(v leadership £0 2023124 2022123 Voluntary sertor Development and Support for Students Throughout the year we continued with our Funder+ approach to grant making, providing voluntary sector organisations and students with advice and support, both through our application process and with general enquiries. We also hosted events in line with previous years. Expenditure in this area fell slightly from £64,111 in 2022123 to £57,854 in 20231241IOY. decreasel, mainly due to the reduction in the number of grants awarded from 410 in 2022123 to 364 in 2023124. It is also worth noting that the irnplementation of our new Salesforce system in March 2023, resulted ID time being spent by the Grants team establishing and refining processes for grant making. Cost of Grant-making The cost5 of grant making increased to £141,149 in 2023124 from £137,336 in 202212313% irbcreasel. illustrating the point above regarding Salesforce implementation. Overall, for every £1 spent on grant making in 2023124, we awarded grants of £14.68, thi5 compared to £14.56 for 2022123. Community Leadership Our expenditure on community leadership was £78,381, an increase f rom £62,183 in 2022123. This reflects a continual increase post covid in our partnership working, a key growth area within the organisation. This is a key element of our Funder+ work and aims to increase the understanding of the needs and nature of micro, small and medium voluntary groups with a diverse group of partners. Our commitment to new partnership5 like the Endin8 Violent Against Women and Gir15 group and initiatives like ACF'5 Funders Commitment to Climate Change and the Living Wage Employer movement which we have signed up to during the year, have meant time spent working in this area across the team has increased. What did we spend on Charitable Support Costs? (400,( £350,(K)O f .4(10,U)o £250,(X)O £103,204 Philanthiopy developi7iei)t £122,390 £97, 191 Governance & siraleRv E200.(X)O { 150,(K)O I i(11),IKJo £ 50,0 £92,053 Charity manag?nieiit 120,34 Canip3ign and fiindraiy ng siJprK)rl f_7 1,-412 Projeil maiiageiiienl £0 20? 3124 ?n?. il? 3 Overall, charitable support Costs increased from £337,192 in 2022123 to £373,418 in 2023124, an increase of IIYO. This 15 mainly due to 2 £14k intrease in staff tosts12.7Yo increase), £14k increase in admin costs of which £IOk relate5 to the implementation of our new finance System Ixerol and a £20k increase in depreciation for our new CRM system implemented in March 2023. 15
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Financial Review continued Philanthropy development costs have reduced by 16Yo from £122,390 in 2022123 to £103,204 in 2023124, this 15 due to the restructure of the Development team which reduced the headcount of the team by 0.8 FTE for nearly 6 months of the year la new Philanthropy Director joined the team in March 20241. Governance and strategy costs have increased by 6% from £92,053 in 2022123 to £97,191 in 2023124 reflecting increased time spent on restructure and recruitment during the year. Charity management increased significantly from £71,512 in 2022123 to £120,349 in 2023124. The largest increase was due to staff costs1£30kl, reflecting the recruitment of a Fundraising and Operations Administrator in August 2023 (with 50Yo of their costs allocated to this category), along with an increase in cost allocation for our Operations Manager, whose time in 2022123 was mainly allocated to the Project Management costs category representing time spent on the project management of our new CRM system. A further £IOk was allocated here for our new finance system Ixerol and £4k as an apportionment of the CRM system depreciation. Campaign & fundraising support costs have also increased from £14,272 in 2022123 to £24,451 in 2023124. This reflects the recruitment of our Fundraising and Operations Administrator (with 45% 01 their costs allocated to this category). This category includes the work undertaken on the day to day running of the organi5ation and the operational costs incurred during campai8ns and fundraising activities processing donations and thanking supporter5, Wlth donations increasing by 32% there will be a knock-on effect within this category. Although project management costs have decreased during the year from £36,965 in 2022123 to £28,223 in 2023124, we continued our digital transformation, and the costs incurred represent our internal project management costs. Our new CRM System was implemented in March 2023, 50 there was considerable time spent in 2023124 embedding the System acros5 all teams and continuing to develop the system throughout the year. This project was managed internally by our Operations Manager with 5UPPOrt from one of our Joint Chief Executives. We also embarked on a project to implement a new finance system on I" April 2024. Thi5 project was managed by our Finance Manager and 15Yo of their costs were allocated to this category in 2023124. With an April implementation date, we will expect to see costs within this category next year. What was our expenditure on raising funds? 70,0(X) Eti¥.i4? £ 60,0 2023124 202212 3 Ye31 Raising Funds Cost5 relating to raising funds, have reduced slightly from £65,682 in 2022123 to £64,855 in 2023124, representing the restructure in the Development team. Overall, for every £1 spent on raising funds in 2023/24, we received donations of £29. 14 this compared to £21.85 for 2022123. Investment Management costs Investment management costs fell significantly from £89,711 in 2022123 to £27,616 in 2022123. The decrease is due to move away from managed funds held with Evelyn, to largely unitised fund5, held with CCLA and Sarasin, which do not attract fee5 in the same way. At the end of the year we held 1% of investments in managed funds compared to 59% in 2022123. 16
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Principal Risks and Uncertainties At each board meeting, the trustees review the strategic risks of the organisation and the mitigations that are in place. The review takes place at the start of each board meeting with a further review conducted at the end of the meeting to capture any changes which may have become apparent. On an annual basis all committees identify and discuss the principal risks and uncertainties to be included in this report, these are then distussed and agreed at the following board meeting. The Audit, Finance & Risk committee review the principal risks and uncertainties at the start and end of each meeting. Political Landscape The current political landscape presents several risks and uncertainties to all charitable organisètions. These risks are shaped by political uncertainty, shifting government priorities, economic instability, and changes to regulation. The recent change in the UK government has brought change at both local and national levels. This brings a level of uncertainty and risk to both the groups and individuals we seek to 5UPPOrt and to our donors, including-. Potential reduction in funding for the organisations that we 5UPPOrt, especially those that rely on grants or contracts from local or national government. This could mean some vital organisations close or change their operational mode15 to survive and may mean they will require more funding from the Foundation. Economic pressures, such as inflation, risin8 interest rates, and post-pandemic recovery challenges, could lead the government to implement austerity measures. This economic instability could reduce disP05able income, leading to lower donations and increased competition for shrinking funding pools. It could also increase demand for community services as more people face economic hardship. Changes to tax policy, such as reducing tax relief on charitable donations or changing the structure of Gift Aid, could decrease incentives for individuals and companies to donate, affecting our ability to raise funds and award grants. Mitigation Keep up to date with changes in the political landscape, assessing and understanding how potential change5 may affect the Foundation, the local voluntary sector and our supporters Continue our partnerships and good working relationships with both councils Meet with and communicate regularly with our local MPS about issues affecting the Foundation and the voluntary sector we work within The state of the voluntary sector Funding from government and local authorities continues to be squeezed, affecting both the organisations we support and their beneficiaries. Organisational running costs have increased for most or8anisations, they are also seeing reduced income due to several year5 in f inancial flux following the pandemic and the cost-of-living crisi5.155ue5 Wlth commissioning from local authorities are causing serious challenges for larger charities within the county. Many organisations are experiencing growing operational issues from recruitment and retention of staff to setting up and maintaining bank accoLJnts, these all take time to resolve and are stretching organisations at a time when many are seeing increasing demand for their services alongside an increase in the depth of need for their beneficiaries. Many organisations are using reserves to cover core costs this will not be sustainable for many and may result in increased need for funding from the Foundation alon8 Wlth in- creased closures. Mitigation We will continue to listen to the sector, being present and supporknve to organisations through our application process and Funder+ activities We will continue to be engaged in conversations across the sertor to understand their experiences We will continue to develop our grant making processes, ensuring we continue to be an open and trusting funder Continue to be a 'tore cost, Funder 17
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Principal Risks and Uncertainties continued Team Resourcing As detailed above, many charitable organisation5 in the county and throughout the wider Foundation network are statin8 that they are losing staff to higher paid roles and finding recruitment for vacancies extremely difficult. Hybrid working is opening up role5 that may have previously not been considered due to long commutes and the "perks" offered by charities Ipart-time working, flexible working, hybrid workingl are now mainstream and expected by many. Volunteers are also harder to recruit across all sectors as people no longer have the time and money to do unpaid roles. Our ambitions to grow will continue into our next Strategic plan period. we will want to recruit new team members in addition to retaining our skilled and knowledgeable team. We want our team to feel valued and to enjoy working for the Foundation. We know our staff team, trustees and volunteers are not as diverse as they could be and there is a risk that we will therefore not be able to represent or reach all communities in our county. Mitigation We continue to offer flexible working and will be responsive to individual and organisational needs. We continue to listen to the team through regular team meetings and monthly 1=15 Wlth all staff; these continue to provide vital touch points with the team enabling u5 to be alerted to any issues more quickly and respond effectively to re501ve them. Although we provided below inflation pay rises in April 202315%) and April 202413.5%), we have a good benefit5 offer including Death in Service provision, a Health Cash Plan and an additional day of leave for birthdays. Our holiday allowance is above statutory requirement at 27 days per year + bank holidays and we offer discretionary leave between Christmas and New Year. Our pension benefits are non-contributory and are above auto-enrolment requirements, at 7.5% of total earnings. In 2023124 we introduced flexible bank holidays, recognising that traditional UK bank holidays do not reflect all communities. Team members are able to work standard bank holidays and take leave at time5 which work for them and their families. We will always discuss vacancie5 Wlth team members to see if anyone would like to progress within the team prior to externally recruiting. We review trustee succession on an annual basis enabling us to recruit trustees with specific skills before current trustees come to the end of their terms. We have introduced an annual diversity survey, the results of which are published on our website. Thi5 looks at range of characteristics acros5 our staff and trustee teams. We benchmark our diversity against a primary benchmark of the statistics for the county of Wiltshire, along with secondary national and Community Foundation network benchmarks. Where deviations are noted, we will review our recruitment practices to ensure we are adverknsing in a broad range of places. We will always show the salary for roles within external adverts. Increase in polarised issues We have seen increased polarisation of views effecting Britlsh Society in recent years. We need to ensure that we consider how this will affect the Foundation. Public sentiment towards charities, especially those perceived as aligning with or against certain social or political issues could lead to public backlash, reduced donations, or difficulty in engaging with certain parts of the community. We are a 5m311 team and need to recognise that we will not always have the relevant experiences or knowledge to explore these issues fully. Mitigation By increasing the diversity within our staff and trustee teams we can broaden our knowledge and expertise through lived experience and learnt skills. We have invested in our Marketing and Communications resources during 2024125 enabling us to be aware of and understand more about polarising issues. We will continue to listen to the voluntary sector and OLtr partners, including the UK Community Foundation network who are more experienced than we are in specific subject areas. We will research and highlight risks associated with emerging areas of need. 18
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Principal Risks and Uncertainties continued Cyber security breach No organisation is immune to the risk of a cyber security breach. In recent years charities have found themselves targeted in many ways by cyber criminals and we must not be complacent. There is a risk of staff not staying sjp to date with current software and IT issues. The emergente of Artificial Intelligence IAII also poses both risks and opportunities. Mitigation We outsource our IT provision to an experienced organisation and ensure that updates are completed on our IT kit. We have two members of the team with a specific interest in cyber security, they have attended training and refresher sessions which are then discussed with the whole team and knowledge is Shared. We introduced an annual cyber audit in 2021 with an external organisation. We act on specific items highlighted in the audit to improve our practices. In 2023124 we worked with Wiltshire Police to provide a police led cyber trime workshop to our whole team to ensure we had up to date information and skills. We are experimentin8 Wlth Al and looking for ways for it to integrate with our systems and processes. Reputational damage As a Foundation accepting both endowment and flow through donations, we must recognise the risks associated with both historical and current donation acceptance. Although this risk has the potential for high impact it does have low likelihood but still needs to be recogni5ed as a principal reputational risk. We also need to recognise the reputational risks of not accepting donations. Mitigation Our focus will be on the source of current and future donations rather than existing endowment funds. All donations over £IOO,000 currently go to the board of trustees for approval before acceptance. We have formalised our due diligence process which is based on "know your donorf, principles, Fundraising Regulator advice and Charity Commission guidelines ensuring we adopt best practice. We have formali5ed the process for escalation of donations of any size or relationship development to the Busines5 Development committee which may have a reputational risk to the Foundation. Talking about risk is now embedded fully in the committee and board structure, we talk about it a lot, we spend time discussing ri5k5 and their impacts and mitigations rather than discussion scores on a risk matrix We held a training session on Risk with our auditors during 2023124 and hope to build on this during 2024125. General economic outlook Although the UK appear5 to have shifted out of an official recession in recent month5, we recognise the disproportional impart the current cost of living crisis has on those who are in the most difficult financial situations and know that this will impact on several areas of the organisation including staff wellbeing and the impact on community groups supporting those in greatest need. Although we experienced Bains in our investment portfolio during 2023124. The trustees continue to keep a watchful eye on this, ensuring that the current long-term target of CPI + 4% is realistic going forward and to identify whether current drawdown proce55es are suitable and sustainable. This need5 to be looked at in conjunction with needs arising and detrimental impacts of potentially reducing grant awards. Mitigation A5 highlighted above across all other risks identified We have two very engaged trustees with significant experience in investment management who sit on the Co- investment committee. This ensures that investment managers are challenged and provide us with the required information to make informed decisions Usage of the coverage ratio for endowment funded grants Icurrently approx. 96% with a target range of 90%- 110%) Ènsures that we are monitoring the impact of grant making that is funded by our endowment. This is a trigger to highlight when 5pendin8 from our endowment may become unsustainable, at which point a trustee discussion will take place 19
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Principal Risks and Uncertainties continued Mitigation Icont.) Drawdown processes can be changed at any time but may impact our ability to meet grant making budgets. This would need to be considered before drawdowns were paused or stopped. Reserves Policy The trustees have set a standard reserves policy whereby unrestricted funds, which are the free reserves of the Foundation, are maintained at a level which equates to between l and 2 months of operational expenditure. In setting this reseNe5 policy, we need to ensure that sufficient resee5 exist to enable the Foundation to meet its operational requirements and to be able to tontinue to function in the light of 3 significant downturn in income. For 2023124, OLJr free reserves, after deducting fixed assets of £73,244, amounted to £146,4401,12022123 £136,80111, highlighting negative free reserves. The trustees recogni5e that negative free reserves are not an ideal position but have taken the decision to not draw down the full cost of the new CRM 5yStem from specific funds within the endowment fund within this financial year and will complete drawdowns in line with depreciation over the next five years, if required. The trustee5 are comfortable with thi5 Posltion for the short term and expect to be within the 1-2 month range within the next 3 years. The trustees have assessed the principal risk5 and uncertainties faced by the organisation and the likely cost implications of those risks when coming to this decision. This decision hès been taken in the knowledge that the Foundation, as part of its expendable endowment holds unrestricted reserves which, as at 31 March 2024, amounted to £6,336,76612022123 £5,901,487). In the event of a major challenge to the Foundation's finances which could not be met by the unrestricted funds available under the agreed reserves policy, the trustees would expend part of the expendable endowment to supplement the unrestricted reseNes. The reserves held by the Foundation on 31 March 2024 were as follows.. Number of active funds Total Permanent endowment reserve Restricted £3,063,860 Expendable endowment reserve Expendable endowment reserve Restricted 77 £20,743,929 Unrestricted 83 £6,336,767 Total endowment reserve 161 £30,144,556 Restricted reserves loo £528,566 Unrestricted reserves £26,841 TOTAL reserves 263 £30,699,963 Reserves are monitored on a quarterly basis by the trustees, lookin8 both at the reserve5 at the time of the trustees meeting and at the forecast position for the following year end. This ensures that remedial action can be taken quickly if required in the event of an unexpected, significant, or irreversible defitit in the free reserves of the Foundation. As any temporary downturn in reserves levels in a particular quarter may reverse in subsequent quarters, the trustees, policy is to keep reservos under constant review, but only confirm formally any release of funds from expendable endowment at the end of each financial year, if deemed required. The balance of unrestricted reserves as at 31 March 2024 was £26,84112022123 £69,670) with a balance of £3712021122 £8,4511 being designated for grant making, represented by the closing balances on our two unrestricted grant fund5. 20
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Going Concern The trustee5 have considered the financial position of the Foundation at 31 March 2024 to ensure that they are satisfied that it continues to be regarded as going concern and that it is able to meet its liabilities as they fall due. The 2023124 accounts show net current assets of £906,02112022123 £691.6321. Cash held amounted to £1,153,444 12022123 £1,168,010) sufficient to cover all grants payable within one year. Current assets exceed current liabilities by £906,021. The trustees are confident that resources exist to meet liabilities as they fall due. The fixed assets of the Foundation consist of three investment portfolios invested principally in investments which would be easily realisable in case of need to expend part of the expendable endowment. Accordingly, the trustees are reassured that the Foundation is in a strong financial p051tion and may be regarded as a goin8 concern. Investments The investment of our endowment f und is managed by three investment management firms Evelyn, Sarasin and CCL4. The Evelyn portfolio is a traditional portfolio with direct investments acr055 a ranEe of asset types (note we are currently in the process of divesting fully out of Evelyn), whilst the investments held with Sarasin and CCLA are held as units within investment funds Ithe Sarasin Endowment and COIF Charities Investment Fund). Our investment policy governs how the investments are managed. Our investment policy was set in 2012 and is reviewed annually. The trustees prepared our policy in accordance with the guidelines issued by the Charity Commission and with reference to the Trustee Act 2000. The ultimate power and responsibility for investment policy rests with the trustees with day-to-day oversight being carried out by the Co-lnvestment committee and supervised by the Audit, Finance and Risk committee on behalf of the board. The Co-investment committee representing four Community Foundations based in the Southwest of England is responsible for overseeing the performance and management of the three investment management firms. Each Foundation retains its individual identity, but the same investment man2ger5 are utilised to benefit frorn the corresponding economies of scale. The committee meets on a quarterly basis and has representatives from each Foundation who are accountable to their own trustee5. The investment objective is to maximise the total return over the medium and long term, without taking undue risk. The aim is to maintain the capital value of the fund, allowing for inflation and to generate a return Iwhether from capital gains, dividends. or interest) for grant programmes and core costs and to deliver a total return equivalent to Consumer Price Index ICPI) + 4% pa measured over rolling three-to-five-year periods. Thi5 objective was reviewed during the year and the members of the Co-lnvestment committee agreed that this objective remained appropriate at present but recognise that a watching brief is required due to the changing economic environment that we are in. In 2024, the Co-investment committee updated the policy to require our investment managers to screen out investments in companies that generate IO% or more of their revenue from the followin8 activitie5'. Adult Entertainment Manufacture of indiscriminate armaments & civilian firearms Gambling Tobacco production, distribution and retail The policy also states that we expect our investment managers to be signatories of the UN Principles of Responsible Investment and to be participating in Climate Action IOO+. Trustees have the power to decide to drawdown from investments from time to time to provide additional funding for grants or core costs. 21
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Investments continued Investment approach Investment5 are made in an appropriate mix of real assets i.e. equities, fixed interest securities, alternative a5set5, and monetary assets. Trustees recognise that the returns on equities, while expected to be greater over the longer term than those of fixed interest and monetary assets, are likely to be more volatile. Investment in a mix of asset classes should nevertheless provide the levels of return required and mitigate volatility for the Foundation to achieve its objectives over the medium/long term. Our investment managers adhere to the Foundation's ethical policy not to directly invest in single companies where those investments and their non-financial activities compete directly with the goals of the Foundation. They also consider how the companies in which we invest address Environmental, Social and Governance IESGI issues and integrate these into their businesses. The investment managers, purchase of collectives does not represent a direct investment within thi5 guidance. It is important to mention that the global strategy employed by Sèrasin takes fully into account ESG risks when selecting individual investments. New for 2023/24 The divestment from Quilter Cheviot to Sarasin & Partners took place in May 2023. Through discussions during 2023, the Co-investment committee agreed that more institutional and unitised approach would be more appropriate going forward. The managers of a unitised structure have more investment tools to choose from to manage risk and provide portfolio protection durin8 periods of market Stress. In addition, the managers have more time to monitor markets and make active trading decision5 as they have far less client relationship management duties. The trustees felt that was very important as we appear to be moving into an extended period of higher interest rates and inflation. From 3 practical point of view a unit15ed approach is more suitable for an endowment made up of many sub funds. It is significantly quicker and easier for the operational team to report additions, disposals, gains, and losses to each sub fund, therefore saving time and indirect costs. Due to the above, the trustees of Wiltshire Community Foundation decided to move to a 50.'50 split between Sarasin & Partner5 and CCLA, and to move away fully from Evelyn & Partners and the traditional private client portFolio approach during 2023124. This process IS still ongoing but Is expected to complete during 2024125. Overall investment performante Investment performance and values at 31103/2024 Val ue Percentage of portfolio Evelyn £438,009 1.5Y. Sarasin CCLA TOTAL £15,135,188 50.4Yo £14,432,325 48.1% £30,005,522 ioo.o°A Performance 12 months CPI + 4Yo over 12 months Performance 36 months CPI + 4% over 36 months 10.4% 8.2% 12.2% 10.0° 7.6% 7.6% 7.6% 7.6Y. 5.7% 7.5% 6.1°A 10.9% 10.9¥. 10.9% 10.9° 31103123 31103124 ield ield 2.4% 3.0% 2.9% 2.50A 2.3% 3.2% 3.lts Overall, our portfoli05 delivered gains during the year of £2,074,128 compared to losse5 in 2022123 EII,097,9811. Performance across 211 investment managers was significantly higher than our target of CPI +4% which was 7.6'A. However, performance over 36 months is still well below the target of 10.9¥0, due to periods of very high inflation during that time. Income yields continue to be lower than the trustee's requirement of 4%, with a weighted average of 3.1%12022123 2.5%). Looking fonM2rd, our investment managers have all highlighted that we should expect markets to remain volatile in the near term but that equities Still offer the potential for reèl returns over the long term. 22
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Structure, Governance, and Management Governing Document The CommtJnity Foundation for Wiltshire & Swindon is an independent registered charity. The registered charity number is 1123126 and the registered company number is 6504318. The Direttors of the company are 8150 charity trustees for the purpose of charity law and, under the companvs Article5 of A55ociation, are known as members of the board of trustees. The company was formed under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Article5 of Association. There are currently 14 members114 in 20221231, each of whom agrees to contribute £10 in the event of the charity winding Trustees and key management personnel The trustees have been recruited from across Wiltshire and those with strong connections to Wiltshire. They have a variety of background5 and expertise and are responsible for giving Strategic leadership to the Foundation, overseeing the work of the Foundation, and ensuring that the Foundation is properly resourced to carry out its activities. The activities of the Foundation are overseen by the board of trustees, which meets quarterly. Many of the boards, functions are delegated to one of five committees.. the Busines5 Development committee, the Programme Delivery committee, the Audit, Finance and Risk committee, the Co-investment committee, and the People and Governance committee. The Programme Delivery committee is responsible for overseeing the work carried out by the grant's panels, which meet as required to make grant making decisions on behalf of the trustees. The committees along with the board of trustees are responsible for delivering the five-year strategic objectives of the Foundation, committees have responsibility for their own specific parts of the strategic plan and monitor progress against critical success factors. The monitoring of risk, Quality Accreditation Standards and the delivery of the Annual Business Plan are key tasks, and trustees, strategic perspective, oversight, expertise, and input are key features of committee work. All trustees sit on one or more of the committees or grant panels. Member5 of staff whose work is overseen by the committees are welcome to attend committees and to contribute to the discussion of business but have no voting rights. Similarly, members of the senior leadership team are welcome to attend board meetings but have no voting rights. The Joint Chief Executives take responsibility for operational matters, hiring staff, operational planning, managing staff and ensurin8 that budgets and accounts are prepared for the board's approval. The trustees consider the board of trustee5 and the Joint Chief Executives as comprising the key management personnel of the Foundation in charge of directing, controlling, and operating the Foundation on a day-to-day basis. All trustees give their time freely and no trustee remuneration was paid in the period. Details of trustee expenses and related party transactions are disclosed in the accounts. Trustees are required to disclose all relevant interests and register them with the Joint Chief Executives and, in accordance with the Foundation's policy, withdraw from decisions where a conflict of interest arises. The pay of the employees of the Foundation, including the Joint Chief Executives is reviewed annually. The remuneration is bench~marked with similar organisations in both size and activity to ensure that it is fair and in line with that generally paid for similar roles. Board recruitment, induction, and development The Foundation has a formal process for recruitin8 and inducting trustees. Where possible, we like prospective trustee5 to spend time volLJnteering with the Foundation, either on a grants panel or a committee, before applying for a trustee position. Where there are specific skill Shortages on the board, vacancie5 will be advertised, and potential applicants interviewed. Appointments are made taking into consideration the annual board ski115 audit and the strategic aims of the Foundation. This ensures a balance of experience, skills, local representation, and geographical coverage. 23
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Structure, Governance, and Management - continued Trustee5 are appointed for three years with the opportunity to be re-appointed for a further two terms. The chair and vice chair are elected annually by the trustees at the Annual General Meeting. Trustees undergo a formal induction including a briefing by the Joint Chief Executives and a discussion with the chair of trustee5 to brief them on their1egal obligations under charity and company law, including the charity commission guidance on public benefit, and to inform them of the content of the memorandum and Articles of Association, the committee and decision-making processes, the strategic plan, and recent financial performance of the Foundation. Trustees are expected to take part in training both as a full trustee body at strategy day5 and a5 part of their responsibilities as members of committees. Volunteers During the year we were grateful for the support of over 47 volunteers in addition to trustees. The majority of these supported us through our grants panels and committees. Reference & Administrative Details Registered company name: The Community Foundation for Wiltshire & Swindon Trading name: Wiltshire Community Foundation Registered company number: 6504318 Registered office: Sandcliff House, 21 Northgate Street, Devizes, Wiltshire, SNIO IJT Tel: 01380 729284 Email.. info wiltshirecf.or Website: www.wiltshirecf.or Registered charity number: 1123126 Linked charities: 1123126-1 William (Docl Couch Trust 1123126-2 Alfred Ernest Withy's Trust Fund 1123126-3 The Shuker Educational Fund Bankers: HSBC plc, 45 Market Place, Devizes, Wiltshire, SNIO IHZ Handelsbanken, Stella Building, Windmill Hill Business Park, Whitehall Way, Swindon, SN5 6NX Auditors: Sumer Audit, County Way, Trowbridge. Wiltshire, BA14 7FJ Legal advisors: Wan5broughs LLP, Northgate House, Northgate Street, Devizes, Wiltshire, SNIO IJX Investment fund managers: CCLA, l Angel Lane, London, EC2R 3AB Evelyn Partners Investment Management LLP, Portwall Place, Portwall Lane, Bristol BSI 6NA Sarasi n and Partner5, JLJxon House, 100 St Pauls Churchyard, London, EC4M 8BU (from May 20231 Quilter Cheviot Investment Management, Senator House, 85 Queen Victoria Street, London, EC4V 4Et Ito June 2023} 24
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Trustees and Key Management Personnel The directors of the charitable company Ithe charity) are its trijstees for the purpose5 of charity law. The trustees and officer5 serving during the year and since the year end were as follows.. Chair Angus Macpherson Vice Chair Mark Barnett Board and committee members Junab Ali David Coombs Oliver Jones-Davies Damian Haasjes Charles Hobhouse Lisa Lewis Samantha 0'5ullivan Denis Twomey (appointed I September 20231 Steve Wall Sue Webber Elizabeth Webbe David Wray Patrons Sarah Troughton DStJ, Lord Lieutenant of Wiltshire Dame Elizabeth Neville, DBE, QPM, DL (September 20241 John Rendell Iseptember 20241 John Bush CVO OBE Cstj JP (deceased 11 May 2024} Joint Chief Executives Vicky H ickey Fiona Oliver Statement of Trustees, Responsibility The trustees (who are a150 the directors of The Community Foundation for Wiltshire & Swindon for the purposes of company lawl are responsible for preparing the report of the trustees and the financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustee5 to prepare financial Statements for each financial year which give a true and fair view of the state of affairs of the Charitable Company and of the incoming resources and application of resource5. including the income and expenditure, of the Charitable Company for that period. In preparing those financial statements, the trustees are required to.. Select suitable accounting policies and then apply them consistently,. Observe the method5 and principles in the Charity SORP 2019 IFRS 1021,. Make judgements and estimates that are reasonable and prudent,. State whether applicable accounting standards have been followed, subject to any material departure5 disclosed and explained in the financial statements,. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charitable Company will continue in business. 25
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Statement of Trustees, Responsibility continued The trustee5 are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transaction5 and disclose with reasonable accuracy at any time the financial position of the charitable company and to enable it to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's webslte. Leg151ation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions Statement as to disclosure of information to auditors So far a5 the trustees are aware, there is no relevant information las delined by Section 418 of the Companies Act 20061 of which the Charitable Company's auditors are unaware, and each trustee ha5 taken all the steps that they ought to have taken as a trustee in order to make them aware of any audit information and to establish that the charity's auditors are aware of that information. Auditors A resolution proposing that Sumer Audit be re-appointed a5 auditors of the charity will be put to the Annual General Meeting. Angus Macpherson {Chair of Foundation) Mark Barnett Ivlce Chair of Foundatlonl £?loq l iolLk 26
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Independent Auditorfs Report to the Members of The Community Foundation for Wiltshire & Swindon Opinion We have audited the financial statements of The Community Foundation for Wiltshire & Swindon (the 'charitable companVI for the year ended 31 March 2024 which comprise the Statement of Finaricial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporhng framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, includin8 Financial Reporting Standard 102 The Fin(Jnciol Reporting Standord opplicoble in the UK ond Republic of Ireland (United Kingdom Generally Accepted Accounting Practicel. 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 2024, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companie5 Act 2006. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those st2ndards are further described in the Auditorfs responsibilities for the audit of the financial statements 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 FRCS 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 that the 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 ability to continue as a going concern for a period of at least twelve month5 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 sec- tion5 of this report. Other Information The other information comprises the information included in the trustees, report, other than the financial statements and our auditor's report thereon.The trustees are responsible for the other information contained within the trustee5' report. 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 incon515tent with the financial statements or our knowledge obtained in the tourse of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material mi55tatements, we are reqLJired to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there 15 a material misstatement of this other information, we are required to report that fact. We have nothing to report in thi5 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 (incorporating the directors, report) for the financial year for which the financial statements are prepared is consistent with the Ilnèncial 5taternents,' and the directors, report ha5 been prepared in accordance with applicable legal requirements. 27
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Independent Auditorfs Report continued 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 ¢our5e of the audit, we have not identified material misstatements in the directors, 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 return5 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 directors, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit; or the trustees were not entitled to prepare the financial statements in accordance with the small companie5, regime nd take advantage of the small companies, exemption5 in preparing the directors, report and from the requirement to prepare a strategic report. Responsibilities of Trustees As exp5ained more fully in the statement of trustees, responsibilities set out on page 26, the trustees (who are a150 the directors of the charitable company for the purposes of company lawl 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 a55e55ing 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 compariy or to cease operations, or have no realistic alternative but to do so. Auditorfs Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to Issue an auditorfs report that include5 our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material rni55tètement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they couSd reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with law5 and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for thi5 engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below. Based on our understanding of the charitable company and industry, we identified that the principal risks of non-compliance with law5 and regulations related to compliance with employment law and charities and company legislation, and we considered the extent to which non-compliance miEht have a material effect on the tinancial statements of the company. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such a5 the Charities Act 2011, the Companies Act 2006 and Accounting and Reporting by Charities.- Statement of Recommend Practice 2019 applicable to charities preparing their accounts in accordance with the Financial Reporknng Standard applicable in the UK and Republic of Ireland IFRS 1021. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial Statements lincluding the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates ènd judgemental areas of the linancial statements. 28
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Independent Auditorfs Report continued Audit procedures performed by the audit engagement team included.. Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud,. Understanding of management's internal controls designed to prevent and detect irre8ularities, and fraud,. Reviewing the minites of Board of Trustees meeting5,' Designing audit procedures to incorporate unpredictability around the nature, timin8 or extent of our testing of expenses,. Performing analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud,. Reviewin8 of the financial statements di5c105ure5 and testing to supporting documentation to asse55 compliance with relevant law5 and regulations discussed above; Testing transactions entered into outside of the normal course of the charitable company's busine55,' and Identifyin8 and testing journal entries, in parkncular any journal entries with fraud characteristic5 such as journals with round numbers. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leadin to a material misstatement in the financial statement5 or non-compliance with regulation. This risk increases the more that compliance with a law or regulation 15 removed from the events and transactions reflected in the financial statements, a5 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, om155ion or misrepresentation. A further description of our responsibilities is availableon the Financial Reporting Council's website at.. htt www.frc.or audilorsres onsibilities. This description forms part of our auditorfs report. 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 auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable compan¢5 member5 as a body, for our audit work, for thi5 report, or for the opinions we have formed. Jame5 Gare For and on behalf of SumerAudit ststutory Auditor Chartered Accountants County Gate Countyway Trowbridge Wiltshire BA14 7FJ L I Date.. 29
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Statement of Financial Activities-including Income and Expenditure Account Unrestricted Funds Restricted Endowment Total Funds Total Funds Funds Fund 2024 2023 Notes Income & endowments from: Donations & legacies Other trading activities Investments 206,059 8,037 562,472 1,199,606 690,109 2,095,774 8,037 921,025 1,586,414 5,282 714.506 358,553 TOTAL 776,568 1,558,159 690,109 3,024,836 2,306,202 Expenditure on: Raising fund5 617 64,855 64,855 65,682 Investment management costs 27,616 27,616 89,711 Charitable activities Grant making Voluntary sector development & support for students Community leadership 617 346,121 1,797,729 2,143,850 2,087,729 57,854 70,556 57,854 78,381 64,111 62,183 7,825 Charitable support costs Philanthropy development Governance & strategy Charity management Campaign & fundraising support costs 6/7 103,204 97,191 120,349 103,204 97,191 120,349 122,390 92,053 71,512 24,451 28,223 24,451 28,223 14,272 36,965 Projett management costs 912,804 1,805,554 27,616 2.745,974 2,706,608 IL055e5l/Gains on reva luation of fixed assets 14 2,074,128 2,074,128 11,097,981) Net {Expenditure) / Income 1136.2361 {247,3951 2,736,621 2,352,990 11,498,387) Transfers between funds 22 93.407 403,196 1496,6031 Net movement in funds Reconciliation of funds: Total funds brought forward 142,8291 155,801 2,240,018 2,352,990 11,498,387) 69,670 372,765 27,904,538 28,346,973 29,845,360 Total funds carried forward 19/20/21 26,841 528,566 30,144,556 30,699,963 28,346,973 The Statement of Financial Activitie5 includes all gains &1055es in the year. All income and endowments and expenditure derive from continuing activitie5. The notes on pages 33 to 56 form part of these financial statements. 30
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Balance Sheet Company Number: 6504318 Notes 2024 2023 FIXED ASSETS: Intangible assets Tangible assets Investments li 12 14 73,244 6,922 30,005,522 91,555 6,465 27,918,273 Total Fixed Assets 30,085,688 28,016,293 CURRENT ASSETS: Debtors Cash at bank and in hand 15 16 412,567 1,153,444 208,816 1,168,010 Total Current Assets 1,566,011 1,376,826 LIABILITIES: Creditor5: Amounts falling due within one year 17 1659,9901 1685,1941 Net Current Assets 906,021 691,632 Total A55ets Less Current Liabilities 30,991,709 28,707,925 Creditors- Amounts falling due after more than one year 18 1291,7461 1360,9521 TOTAL NET ASSETS 30,699,963 28,346,973 THE FUNDS OF THE CHARITY.. Endowment funds Restricted income fu nds Unrestricted funds 19 20 21 30,144,556 528,566 26,841 27,904,538 372,765 69,670 TOTAL CHARITY FUNDS 30,699,963 28,346,973 These linancial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. The financial statements were approved by the Board of Trustees on and were signed on its behalf ANGUS MACPHERSON oq MARK BARNE The notes on page5 33 to 56 form part of these linancial statements 31
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Statement of Cash Flows Notes 2024 2023 NET CASH (ABSORBED BY) OPERATING ACTIVITIES (see below) 3,023 1100,634) CASHFLOWS FROM INVESTING ACTIVITIES Purchase of tangible fixed assets Net additions to investments Proceeds from sale of investments Equilisation loss Net decrease / lincreasel in cash holdings by investment managers 11112 14 14 14 14 14,4681 124,007,446) 23,415,782 2,108 576,435 196,4891 16,486,022) 6,452.778 4,799 506,982 NET CASH GENERATED FROM INVESTING ACTIVITIES 117,5891 382,048 CHANGE IN CASH AND CASH EQUIVALENTS IN THE REPORTING PERIOD {14,5661 281,414 CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE REPORTING PERIOD 16 1,168,010 886,596 CASH AND CASH EQUIVALENTS ATTHE END OF THE REPORTING PERIOD 16 1,153,444 1,168,010 RECONCILIATION OF NEf INCOME TO NET CASH FLOW FROM OPERATING AcfiviTIES Notes 2024 2023 Net lexpenditu rel / income for the reporting period as per the statement of financial activities 2,352,990 11,498,387} Adjustments for: Depreciation charges Amortisation charges Losses / (Gains) on investments Decrease in debtors Increase in creditors 12 li 14 4,011 18,311 12,074,128) 1203,7511 194,4101 2,894 1,097,981 139,018 157,860 NET CASH {ABSORBEDI BY OPERATING ACTIVITIES 3,023 1100,6341 ANALYSIS OF CASH AND CASH EQUIVALENTS Cash at bank and in hand 16 1,153,444 1,168,010 Total cash and cash equivalents 1,153,444 1,168,010 ANALYSIS OF CHANGES IN NET DEBT The charity held no debt at the year end date and net funds are represented by cash and cash equivalents held. 32
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Notes to the Financial Statements I. ACCOUNTING POLICIES The significant accounting policies applied in the preparation of these financial statement5 are Set out below. These policies have been consistently applied to all years presented unless otheNise stated. 1.1 Basis of Preparation The Foundation is an incorporated charity registered in the United Kingdom. It is 3 company limited by Buarantee and the trustees are the members of the Company. As at 31 March 2024 there were 14 members113 in 20221231, each of whom agrees to contribute £10 in the event of the Foundation's winding up. The address of the registered office is given in the charity information on page 24 of these linancial statements. The nature of the Foundation's operations and principal activities are detailed in the Trustees report. The Foundation constitutes a public benefit entity as defrned by FRS 102. The financial statement5 have been prepared in accordance with Accounting and Reporting by Charities.- Statement of Recommended Prartice (published October 20191 applicable to charities preparing their accounts in accordance with the Financial Reporknng standard applicable in the UK and Republic of Ireland l FRS 1021, 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. 1.2 Fund Accounting Unrestricted fund5 are available for use at the discretion of the trustees in furtherance of the general objectives of the Foundation. Designated funds are amounts set aside by the trustees for specific purposes. Restricted funds are subject to restrictions on their expenditure imposed by the donor or through the terms of a grant. The Foundation has two elements to its endowment ftjnd. It has an expendable endowment fund and a permanent endowment fund. The capital of the expendable endowment fund 15 unrestricted and is available for use at the discretion of the trustee5 in furtherance of the general objectives of the Foundation. However, the income generated on the capital may be restricted or unrestricted. This fund is accumulated to provide a regular source of income to fund the Foundation's grant programmes. We have one permanent endowment fund, which requires the trustees to invest the capital in perpetuity. The internal management Costs of the investments held as part of the permanent endowment fund are applied to the income received before grants are made. Additional details on funds are included in the note5 to the account5. 1.3 Income Recognition All incoming resources are included in the Statement of Financial Activities ISOFAI when the Foundation is legally entitled to the income after any 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 Foundation will have been notified of the arnounts and the settlement date in writing. If there are condition5 attached to the donation and this require5 a level of performance before entitlement can be obtained, then income is deferred until those conditions are f ully met or the fulfilment of those conditions is within the control of the Foundation, and it 15 probable that they will be fulfilled. Donated facilities and donated professional services are recognised in income at their fair value. Fair value is determined on the ba515 of the value of the gift, for example, the amount the Foundation would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure. No amount is included in the financial statements for volunteer time in line with the SORP IFRS 1021. Further detail is given in the Trustees, Report. 33
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Notes to the Financial Statements 1.3 Income Recognition (continued} Where practicable, gifts in kind donated for distribution to the beneficiaries of the Foundation are included in stock and donations in the financial statements upon receipt. If it 15 impracticable to assess the fair value at receipt or if the costs to undertake such a valuation outweigh any benefits, then the fair value is recognised as a component of donations when it is distributed and an equivalent amount recognised as charitable expenditure. For legacies, entitlement is the earlier of the Foundation being notilied of an impending distribution or the legacy being received. At this point income 15 recognised. On occasion legacies will be notified to the Foundation however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy 15 treated as 8 contingent asset and disclosed. Income from other trading activities includes income earned from fundraising events and trading activities to raise funds for the Foundation. Income is received in exchange for supplying services in order to raise funds and is recognised when entitlement has occurred. Income from grants is recognised when the Foundation has entitlement to the funds providing receipt of the grant is not deferred. Where the grant has been received but the criteria for income recognition have not been met as at the year end, the income is deferred. Governmernt Funding is included in income from Donations and Legacies as this reflects the nature of the funding more accurately. Grants are not received from government sources. However, as a leading grant maker in the county we are often asked to oversee and manage grant programmes on behalf of the local authorities. Investment income is earned through holding assets for investment purposes such as shares. It include5 dividends and interest. Interest income is recognised using the effective interest method and dividends are recognised as the date when Foundation's right to receive payment is established. Conversion of endowment funds into income is not shown as income but15 reflected as transfer of funds. 1.4 Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parknes, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Expenditure on raising funds comprise the costs a550ciated with attracting donation and legacy income. Expenditure on ch2ritable activities comprises all other costs incurred by the Foundation in the delivery of its activities and services for its beneficiaries, including governance costs. It includes both costs that can be allocated directly to such activities and those of an indirect nature necessary to 5UPPOrt them. Governance cost5 include those costs associated with meeting the constitutional and statutory requirements of the Foundation and include audit fee5 and costs linked to the strategic management of the Foundation. All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly,. others are apportioned on an appropriate basis. Salaries are allocated by reviewing time spent by each employee on the activities and attributing c05t 2ccordinglv. 1.5 Fundraising and Philanthropy Costs Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of di55eminating information in support of the charitable activitie5. Philanthropy development includes the costs of educating, informing and advising donors as to local needs, and effective methods of donation to meet those needs, so as to develop an informed donor community with the objective of 'connecting people who care with cuuses thot motterf. 34
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Notes to the Financial Statements 1.6 Grants Payable Grants payable are payments made to third parties in furtherance of the charitable object5 of the Foundation. Where the grant 15 unconditional, it 15 accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grants awards that are subject to the recipient f ullilling performance conditions are only accrued when the recipient has been notilied of the grant and any remaining unfultilled conditions attaching to that grant are outside of the control of the Foundation. 1.7 Grant Returns Every year a small proportion of the grants awarded are returned. Betause the amount5 returned and reasons for return differ from year to year, no provision is made for grant returns and any amount returned is recognised in the year of return. 1.8 Operating Lease5 The Foundation classilie5 the lease of it5 offices at Sandcliff House and of a frankin8 machine as operating leases; the title to the building and equipment remains with the lessor. Rental charges are charged on a straight-line basis over the term of the lease. 1.9 IntangTble Fixed Assets, Fixed Assets and Depreciation Fixed assets with a value in excess of £500 are initially recorded at cost where known, or at a reasonable approximation thereof if donated in kind. Depreciation on computer and office equipment is charged using the strai8ht-line method over four years. Intangible assets have been recorded at cost and are amorkn5ed using the straight-line method over five years. 1.10 Investments Investments are recogni5ed initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are moasured at fair value with changes recognised as 'lLossesl/ Gains on revaluation of fixed assets, in the SOFA if the 5hare5 are publicly traded or their fair value can otherwise be measured reliably. 1.11 Cash and Cash Equivalents Cash and cash equivalents include cash, bank deposit and current accounts and the cash held withing the Flagstone cash investment portfolio as detailed in note 16 to these accounts. All of the funds have maturity date5 in le55 than a year. 1.12 Debtors and Creditors Receivable / Payable within One Year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. 1.13 Financial Instruments The Foundation has only financial assets and financial liabilities of a kind that qualify a5 basic financial instruments. Basic linancial instruments include trade debtors and other debtors as detailed in note 15, cash as detsiled in note 16 and trade creditor5 and accruals as detailed in note5 17 and 18. Prepayments are not financial instruments. Basic financial instruments are initially reco8nised at transaction value and subsequently measured at their settlement value apart from investments which are measured at fair value. 1.14 Pensions The Foundation contributes to delined contribution scheme5 in which employees are members. The assets of these schemes are held separately from those of the Foundation in independently administered funds. The pension charge in the Statement of Financial Activities in respect of these schemes represents the amount payable by the Foundation to these funds in respect of the year. Any unpaid contributions are included in creditors and detailed in note 25. 1.15 Tax The Foundation is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and 15 considered to pass the tests set out in Paragraph I Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. 35
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Notes to the Financial Statements 1.16 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 held and the expected level of income and expenditure for 12 months from authorising these linancial statements and have concluded that the budgeted income and expenditure is sufficient, in conjunction with the reserves of the Foundation, for the Foundation to be able to continue as a going concern. 2. INCOME FROM DONATIONS AND LEGACIES Unrestricted funds Restricted Endowment funds fund 2024 2023 Donations and Gift5- General Government Funding Legacie5 Donations in kind 196,626 472,666 726,940 565,368 1,234,660 726,940 133,599 575 1,205,353 370,001 3,804 7.256 8,858 575 124,741 206,059 1,199,606 690,109 2,095,774 1,586,414 3. INCOME FROM OTHER TRADING AcfiviTIES Unrestricted funds Restricted Endowment funds fund 2024 2023 Sponsorship Events 5,000 3,037 5,000 3,037 2,500 2,782 8,037 8,037 5,282 4. INCOME FROM INVESTMENTS Unrestricted funds Restricted Endowment funds fund 2024 2023 Dividend income Investment interest 516,246 46,226 358,553 874,799 46,226 694.650 19,856 562,472 358,553 921,025 714,506 36
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Notes to the Financial Statements 5. GRANTS PAYABLE IN FURTHERANCE OF CHARITY'S OBJECTIVES 2024 2023 Direct costs of grant making Total Grants awarded in year Gift in Kind - Anchor Vouchers Grant5 returned / not continued during year Release of grant creditor for Stronger Families programme 2,072,833 1,999,030 7,256 151,4261 14.4671 170,1321 Grants made net of returns Support Costs for grant making {notes 6/71 2,002,701 141,149 1,950,393 137,336 Total grants awarded including costs of grant making {see note 61 2,143,850 2,087,729 Distribution of grants between Individuals and groups 2024 2023 Grants to groups 2023124- 211 grants to 157 organisations 1,628,810 2022123 - 269 grants to 165 organisations 1.557,218 Grant5 to individuals 2023124- 153 grants 444,023 2022123 - 141 grants 441,812 2,072,833 1,999,030 Grants awarded to groups within Wiltshire during the year by impact category No of Grants Average grant in£ 15,372 5,193 8,857 5,152 4,686 3,928 Alleviate Poverty Decrease isolation and strengthen communities Improve educational outcomes and skills Improve people5 mental or physical health Improve the local environment Increase enjoyment 783,977 342,763 70,852 345,212 70,296 15,710 51 66 67 15 1,628,810 211 7,719 37
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Notes to the Financial Statements 5. GRANTS PAYABLE IN FURTHERANCE OF CHARITY'S OBJECTIVES - CONTINUED Grants awarded within Wiltshire totalling > £12,000 per group comprise the following.. No of Grants Age UK Wiltshire Centre for Sustainable Energy Wiltshire Citizens Advice Swindon Citizens Advice Wiltshire Centre for Independent Living Kennet Furniture Refurbiz LTD Community First Wessex MS Therapy Centre Waste Not Want Not Trowbridge Future Bristol Avon Rivers Trust Art5 Together Thamesdown Hydrotherapy Pool Association Wiltsh ire Youth for Christ The Recovery Tree Charitv Eastcott Community Organisation Ablaze Back on Track- Stroke Rehab Service Corsham Youth Zone Pattern Church Rag and Bone Arts CIC Shine PND Support Swindon Bicycle Users Group Swindon SEND Families Voice We Hearyou Education Business Partnership Swindon Dance Young Carers Developmènt Trust Malmesbury and District Food Bank 5eeds45uccess Wiltsh ire Parent Carer Council IWPCCI Other grants < £12,000 pergroup 105,079 97,451 93,038 88,738 63,456 60,706 60,648 37,000 32,500 30,877 27,000 24,031 20,000 20,000 19,675 18,011 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 14,850 14,817 14.550 14,000 12,588 12,000 612,795 156 1,628,810 211 A list detailing the grants which make up the grants awarded total can be obtained by contactin8 the Foundation. During the year we awarded £569,116 to seven organ15ations, the reasons for this are set out below.. The Centre for Sustainable Energy was a grant in order to deliver Survivin8 Winter grants through their Warm and Safe Wiltshire programme which supports those in fuel poverty by distributing £200 emergency vouchers. Age UK Wiltshire was awarded two grants in the year through the Surviving Winter proBramme. Age UK provides an information and advice line to help people to access the benefits and grants that they are entitled to. 38
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Notes to the Financial Statements 5. GRANTS PAYABLE IN FURTHERANCE OF CHARITY'S OBJECTIVES - CONTINUED Wiltshire Centre for Independent Living was awarded on grant through the Surviving Winter Programme to provide grants of £200 to support to those identified in fuel poverty who have a disability or health condition. Wiltshire Citizens Advice and Swindon Citizens Advice were awarded one grant each from the Surviving Winter programme to deliver benefits advice and fuel grants to older people, the disabled and other vulnerable people. Kennet Furniture Refurbi2 Ltd IKFRI was awarded three grants in the year, all from the Wiltshire Energy, Food and Community Support Pro8ramme. KFR takes donations of furniture 2nd white goods which they retondition to sell at affordable prices to the public or at subsided prices for people experiencing particular hardship. The grant5 were for their Crisis Provision Fund which donates white goods at no charge to people in need. Community first was awarded two grant5, one through Wiltshire Energy, Food and Community Support programme to provide grants to households to support them with cost-of-livinB costs, the other through the Police and Crime commissioner programme to support young victims of crimes. 6. EXPENDITURE SPLIT BY SOFA CATEGORIES Direct cost of activities Support costs Actlvity 2024 2023 Raising funds 64,855 64,855 65,682 Investment management costs 27,616 27,616 89,711 Charitable activities Grant making Voluntary sector development & support for students Community leadership 2,002,701 141,149 2,143,850 2,087,729 57,854 57,854 64,111 78,381 78,381 62,183 Charitable support Costs Philanthropy development Governance & strategy Charity management Campaign & fundraising support costs Project Management Costs 103,204 97,191 120,349 24,451 28,223 103,204 97,191 120,349 24,451 28,223 122,390 92,053 71,512 14,272 36,965 Total expenditure 2,030,317 715,657 2,745,974 2,706,608 7. ANALYS15 OF CORE OPERATING COSTS BETWEEN MAJOR TYPES OF EXPENDITURE The table on the following page shows the allocation of core costs between the activitie5 of the Foundation. This allocation is carried out using the followin8 allocation bases. Where directly attributable, costs are allocated to the relevant activity. Salary and consultsnts costs are allocated on the basis of time spent by individual employees working on each of the Foundation's activities. Residual costs are allocated on the basis of the time spent by employees on each activity. 39
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Notes to the Financial Statements 7. ANALYSIS OF CORE OPERATING COSTS BETWEEN MAIOR TYPES OF EXPENDITURE - CONTINUED om Ln o ui ¢w cn 0 (7) t m tri o to c¢ co op r* O ¢J) Trl N Ln en Ln o) co o Ln O Ln co c¢ 40
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Notes to the Financial Statements 8. EXPENDITURE Included in net lexpenditurel / income are the following amounts.. 2024 2023 Investment management costs All investment management costs were attributable to the endowment fund. 27,616 89,711 Auditors remuneration Operating lease rentals Depreciation of owned fixed assets Amorknsation of intangible assets Net Ilossl / gains on revaluation of fixed assets 14,214 18,842 4,011 18,311 2,074,128 13,080 18,842 2,894 11,097,981) 9. STAFF COSTS 2024 2023 Wages & salaries Social security costs Pension costs Employee Benefits 445,024 38,765 31,473 2,854 432,665 38,516 29,773 2,929 Cost5 of employing staff 518,116 503,883 Reconciliation to staff & contractors costs in note 7 Wages & Salaries a5 above Less.. Salary costs allocated recharged to projects 518,116 15,4491 503,883 11,6331 Wages & salaries Contractor costs 512,667 21,464 502,250 17,797 534,131 520,047 Restated 2023 The average headcount for employees was as follows.. Senior management team Office / administration 2024 12.2 12.4 14.2 14.4 Average Full Time Equivalent employees 11.5 11.2 Two employees received remuneration of between £80,000 and £90,00012022123 two employees received between £70,000 and £80,000) Remuneration paid to key management personnel 2024 2023 Wages & salaries Social security costs Pension costs 137,196 14,829 10,290 130,662 14,994 9,800 162,315 155,456 In the view of the Foundation, the Joint Chief Executives, together with the Board of TrLJStees (who are unremuneratedl are the key management personnel. 41
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Notes to the Financial Statements 10. PRIOR YEAR STATEMENT OF FINANCIAL ACTIVITIES {INCLUDING INCOME AND EXPENDITURE ACCOUNT) Unrestricted Endowment Total Funds Funds Fund 2023 Restricted funds Income & endowments from.. Donations & legacies Other trading activities Investments 186,077 5,282 466,804 1,042,603 357,734 1,586,414 5,282 714,506 247,702 Total 658,163 1,290,305 357,734 2,306,202 Expenditure on: Raising funds 65,682 65,682 Investment management costs 89,711 89,711 Charitable activitie5 Grant making Voluntary sector development & support for students Community leadership 289,372 1,798,357 2,087,729 64.111 57,433 64,111 62,183 4,750 Charitable support costs Philanthropy development Governance & strategv Charity management Campaign & fundraising support costs Project management costs 122,390 92,053 71,512 14,272 36,965 122,390 92,053 71,512 14,272 36,965 TOTAL 813,790 11,803,107) 189,7111 2,706,608 Gains on rev31uation of fixed assets 11,097,981) 11,097,981) Net Income / (Expenditure) 1155,6271 1512,8021 1829,9581 11,498,387) Transfers between funds 169,768 463,328 1633,096} Net movement in funds Reconciliation of funds: 14,141 {49,474 11,463,0541 11,498,387) Total funds brought forward 55,529 422,239 29,367,592 29,845,360 Total funds carried forward 69,670 372,765 27,904,538 28,346,973 42
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Notes to the Financial Statements 11. INTANGIBLE FIXED ASSETS Total Cost: At l April 2023 Additions 91,555 At 31 March 2024 91,555 Depreciation: At l April 2023 Charge for the year 18,311 At 31 March 2024 18,311 Net Book Value as at: 31 March 2024 73,244 31 March 2023 91,555 This year we have built a fully custornised CRM system for the Foundation. The cost of thi5 has been capitalised and will be amorknsed over the next 5 years. The system went live at the end of March 2023 so no amorhsation has been taken in the year ending 31 March 2023. 12. TANGIBLE FIXED ASSETS Computer & office equipment Cost: At l April 2023 Additions Disposals 44,186 4,468 At 31 March 2024 48,654 Depreciation: At l April 2023 Charge for the year Disposals 37,721 4,011 At 31 March 2024 41,732 Net Book Value as at: 31 March 2024 6,922 31 March 2023 6,465 43
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Notes to the Financial Statements 13. INVESTMENT PROPERTIES As at l April 2024, the Foundation held freehold titles to 21 properties all of which are nominally assets of the linked charity, the Alfred Ernest Withy Trust Fund. The ground rent due on those properlies ranges from between £1.00 and £2.00 per year and is collected by 501icitors when the leaseholds are sold. Due to the low value of the annual ground rent no attempt has been made to either value these freehold5 or to make any provision for ground rent receivable in these accounts. The freehold titles for the propertie5 are held in the Foundation's name following transfer from the previous trustee Iwiltshire Counci11 in 2018. In 2020121, the Foundation offered the leaseholders the opportunity to acquire their individual freehold in return for a payment of £500 per freehold lin line with a Charities Act Valuation of the value of the freehold titles) and an undertakin8 that the vendor would meet all relevant legal and conveyancing costs. During the current year no titles have been sold. 14. INVESTMENTS As at 31 March 2024. investments comprised:_ 2024 2023 Cash or cash equivalents Listed investments Total investments 574,234 27,344,039 27,918,273 30,005,522 30,005,522 2024 2023 Evelyn Partners Sarasin Quilter Cheviot Investment Management CCLA 438,009 15,135,188 16,367,813 5,690,319 5,860,141 27,918,273 14,432,325 30,005,522 2024 2023 Market value at l April 2023 Additions Disposal proceeds Decrease in Cash Realised gain Unrealised gain / Ilossl 27,344,039 24,007,446 123,415,782) {2,2011 1115,5121 2,187,532 28,413,575 6,486,022 16,452,778} 119,950 11,222,730) Market value at 31 March 2024 30,005,522 27,344,039 All investments are carried at their fair value, usin8 the closing quoted market price for listed investments. Investment management costs for CCLA and Sarasin are charged directly to the underlying fund5. Gains for the year as reported in the Statement of Financial Activities 2024 2023 Realisod £ains Unrealised Ilosses) / gains 1115,5121 2,187,532 119,950 (1,222,730) Equalisation & currency gains 2,108 2,074,128 4,799 (1,097,981 44
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Notes to the Financial Statements 14. INVESTMENTS - CONTINUED Cash movements in holdings by investment managers for the Cashflow statement 2024 2023 Cash from investment movements Investment management costs paid Currency & equalisation gains Cash invested Less: Cash withdrawn from portfolio 1264,3801 145,2601 2,108 50,000 1318.903} 120,3311 195,387} 4,799 140,000 1536,0631 Decrease in cash held by investment managers 1576,435 1506,9821 15. DEBTORS 2024 2023 Trade debtors Prepayments Legacies receivable Donations & grant funds receivable Taxation recoverable Interest & other investment income 9,855 27,209 16,604 18,856 75,895 8,000 2,143 87,318 161,500 214,003 412,567 208,816 16. CASH & CASH EQUIVALENTS 2024 2023 Cash at bank and in hand Short term deposits Flagstone cash deposit platform 36,501 1.032,442 84,501 52,163 142,167 973,680 At 31 March 2024 1,153,444 1,168,010 In 2024 we have started to move away from Flagstone to a short tÈrm fund designed for charities, managed by CCLA. Under money Market Fund Regulation, the COIF Charities Deposit Fund is categorised as a short term Low Volatility Net Asset Value Money Market Fund. The fund objective is to provide a high level of capital security and a competitive yield. The Flagstone cash deposit platforrn 15 rnanaged by Flagstone Investment Management and enables the Foundation to invest Surplus cash acr055 a variety of short term deposits, both fixed terms and short term notice accounts of les5 than a year. It allows the Foundation to ensure that funds deposited are within the Financial Services Compensation Limits, thereby reduc- ing risk. 45
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Notes to the Financial Statements 17. CREDITORS AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Grants payable Regular accruals Annual leave accruals 7,335 615,087 22,978 14,590 7,875 626,478 42,090 8.751 659,990 685,194 18. CREDITORS AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR BUT WITHIN FIVE YEARS 2024 2023 Accruals for grants payable 291746 360 952 46
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Notes to the Financial Statements 19. ENDOWMENT FUND - 2024 MOVEMENTS Ln ) * ONLDM Ul fft Ln ¢J) v o rs ¢3> O m¢0 CD u) Lri th Lrl DI LD O Lnth ¢Noo s ¢n rri Ln o t O Ln LD ts) T4 0M o c) t4 r Ln cn ioffi O ¢3) Cb OIn Ln Ln rs tD LD Ln Ln o c¢ ko co rri Kci o mo co o cn tD co cn ooo om ff5 LL ZS E E £- co
Ln LL W Z5 IJ c c 47
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Notes to the Financial Statements 19. ENDOWMENT FUND - 2024 MOVEMENTS - CONTINUED O) Ln en Ln ¢ ) u) Ln Ln co O o) Ln t ai ID CQ Ln co O Ln u) Ln mm M ¢Ji r4 (o o Ln vo Gi ¢Ji 48
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Notes to the Financial Statements 19. ENDOWMENT FUND - 2023 MOVEMENTS Ln o ¢J(y Ln o ovoeo Ln v ts) m N vl O Pi P4rri co crs m¢J O O O T4 vm rri s OmL0 a> como ) Ln mffl O Cn m Eo V LO rrieri O ¢ Ln rn rtj othty) Ln u) c¢ O Lf r ** g) ri rri O O Ln Ln th Ln ri Ln ni A eri p Ln Ln o 090 Lnrnrn Cfj Ln (Th Ln Ln o ¢D Lf> Lfi Ln O C+ IN IN Qs Ln r4 ojo * Ln c) m A U) Ln OAOccth tr) P4 Om LL c c u LU ru o 49
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Notes to the Financial Statements 19. ENDOWMENT FUND - 2023 MOVEMENTS - CONTINUED Ln (n ** o m Ln cn ¢Ji CD f4 Ln r4 LD N Ui Ln m N Ln q> o) rri Ln 1 7J ID o w o u) o co ¢ rr> ai O Ln c¢ ¥£J 50
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Notes to the Financial Statements 20. RESTRICTED FUNDS These restricted funds receive income for grant making either from flow through donations or from related endowment funds. A5 a general rule, these funds are all short-term in nature and, dependant on finding Sultable grant beneficiaries, income received is normally distributed by way of grant5 by the end of the year following receipt. Funds where there was a balance in excess of £25,000 or which were in deficit. as at 31 March 2024, 2nd brief details of the restricknons are as follows.. Alan Evans Memorial Trust Grants Fund A restricted fund promoting preservation of the nation of land tenements of beauty of historic object5 A restricted fund supporting youn8 people aged 14-25 in education Broad Town Trust Grants Fund The Butler Fund A restricted fund 5UPPOrting young peoples education and aspirations Care Leavers Fund A restricted fund to support care leavers in line with the UKCF Care Leavers Programme A restricted fund to collate donations to the cost of living programme/ appeol Cost of Living Fund Salisbury Jubilee Grant5 Fund A restricted fund benefitting the people of Salisbury and District. Shuker Educational Grants Fund A restricted fund 5upporknn8 youn8 people from West Wiltshire, aged 17-24 who are studying for, or are planning to study for a first degree. A donor advised flow through fund supporting disadvantaged young people. South West Enterprise Fund Taurus Grants Fund A restricted fund supporting education and trainin8 for employment opportunities A restricted fund for use within a 10 mile radius of Swindon Town Centre for the benefit of those with cerebral pa15y or associated disabilities. A Restricted Fund supporhng provisions of aid and a5515tance to those in need and / or to handicapped children and young persons under the age of 25 An endowment grants fund supporting young people aged 16-25 in education Tony Long Trust Grants Fund William Doc Couch Grants for Groups William Doc Couch Grants for Individuals Wiltshire Education Grants Fund A Restricted Fund supporknng young people aged 16-25 in education The balance of the remaining Restricted Funds, 85 flow through funds and 59 endowment grant funds wa5 £250,746 as at 31 March 2024. The individual balances of each of these funds was between £0 and £25,000. Funds in Deficit as at 31 March 2024 *Following the requirements of FRS102, the trustees report the total amounts awarded in the year in which the awards were approved. In some case5, the payment of these grant5 15 to be met by future income streams or future drawdowns, this means that a number of funds show a deficit balance at the 31 March 2024. These are listed below'.- Alan Evans Memorial Trust Grants Fund This is a programme that runs yearly, one applicant w35 awarded a grant of £25,000 as the project was a good match for the fund. The grants programme will run with a lower amount in 2024125 to remove the deficit. The Butler Fund - A three year grant of £13,450 arose which the donors were keen to fund was awarded with Grants to be paid until Autumn 2025. In March 2024 the grants panel awarded severa1 grant5 that spanned multi years and matched fund restrictions well, this has meant a deficit in several funds Salisbury Jubilee Grants fund, Taurus Fund, William Doc grants for Groups and the Cost of Living Fund, these grants will be funded by future Income. 51
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Notes to the Financial Statements 20. RESTRicfED FUNDS - CONTINUED Transfers Transfers from from restricted/ endowment unrestricted fund funds Balance a5at31 March 2024 2024 Movements of Restricted Funds Balance as with closing balance5 > £25,000 or < at l April zero 2023 Income Expenditure Alan Evans Memorial Trust Grants Fund Broad Town Trust Grants Fund * The Butler Fund Care Leavers Fund Cost of Living Fund Salisbury Jubilee Grants Fund Shuker Educational Grants Fund South West Enterprise Fund * Taurus Grants Fund Tony Long Trust Grants Fund * William Doc Couch Grants for Groups William Doc Couch Grants for Individua Is Wiltshire Education Grants Fund Other Restricted Fu nds 1.323 12,652 18.572 35,689 10,751 40,000 14,304 1,369 45,042 30,000 7.676 32,083 71,331 125,0001 118,9601 120,4501 15, 1051 29,381 19,7001 40,000 14761 11,1021 44,407 25,018 12,2161 61,544 16,8531 960 115,7401 12,4751 116,4771 138,6401 110,375) 11,509} 1125,0721 15,842 33,658 483 30,970 4,389 42,500 32,501 76,470 1134,0601 90,000 64,911 21,052 44,540 (28,6411 218,931 1,130,333 11,368,155) 372,765 1,558,159 {1,805,5541 1,059 38,009 12,2581 250,746 11,1991 528,566 Transfers Transfers from from Restricted/ endowment Unrestricted fund funds 271,895 404,395 Balance asat31 March 2023 2023 Movements of Restricted Funds Balance with closing balances > £25,000 or < asatl zero April 2022 Income Expenditure Gordon Lake Fund for Groups, 17,8001 15,783 113,6351 15,6521 Office of the Police & Crime South West Enterprise Fund 80,000 80,000 36,650 61,250 164,2421 33,658 Strategic Grants Fund 2018- Stronger 149,1861 25,000 4,467 6,756 112,9631 Tong Long Trust Grants Fund William Doc Couch Grants for 7,215 26,455 12,7001 30,970 47,233 65,068 1129,8001 50,000 32,501 Other Restricted Funds 388,127 1,016,749 11,597,197) 378,828 27,744 214,251 422,239 -1,290,305 11,803,107) 428,828 34,500 - 372,765 Total transfers into restricted income Funds 2024 2023 Transfers from Endowment Fund 404,395 {1,1991 403,196 428,828 34,500 463,328 Transfers f rom restrictedl Ltnrestricted funds Total Transfers 52
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Notes to the Financial Statements 21. UNRESTRICTED FUNDS 2024 At l April 2023 At 31 March 2024 Income Expenditure Transfers Designated u nrestricted grant funds Other unrestricted funds 8,451 61,219 69,670 104,350 672.218 776,568 204,972 707,832 912,804 92,208 1,199 93,407 37 26,804 26,841 The designated unrestricted funds are two unrestricted 8rant fund5. Details of transfers are documented in Note 22. 2023 At l April 2022 Income Expenditure Transfers At 31 March 2023 Designated unrestricted grant funds Other unrestricted fu nds 6,652 48,877 55,529 71,567 586,596 658,163 152,037 661,753 813,790 82,269 87,499 8,451 61,219 69,670 169,768 22. FUND TRANSFERS 2024 Unrestricted fund5 Designated funds Restricted Endowment funds fund TOTAL Endowment expended during the year To meet 40A income requirement Specific additional drawdowns Total endowment fund transfers 92,208 226,696 185,949 {318,904} 1187,1481 1506,0521 1,199 1,199 92,208 412.645 Other fund transfers To create new endowment fund To fund core activities 19,4491 9,449 19,4491 9,449 Total fund transfers 1,199 92,208 403,196 1496.6031 Transfers to u nrestricted funds Transfers to designated funds Total transfers to un restricted funds 1,199 92,208 93,407 Endowment expended for Additional Grant-making The Trustees continued to extract funds from the expendable endowment to enable increased grant making during the year. £318,904 was expended from the Expendable Endowment during the year by way of regular extractions12022/23 £336,064) and a further £187,148 12022123.. £187,032) was drawndown from specific endowment funds in agreement with the fundholders where the restriction5 on the funds matched with applications received during the year. This ensured that funds were utilised as effectively as possible. 53
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Notes to the Financial Statements 22. FUND TRANSFERS - CONTINUED PRIOR YEAR COMPARISON Unrestricted funds Designated funds Restricted Endowment funds fund TOTAL Extractions from expendable endow- ment To meet 4% income requirement Specific additional drawdowns 94,268 112,0001 241,796 221,532 1336,0641 1187,0321 122,5001 122,5001 112,0001 221,532 {187,0321 Other fund transfers To fund GCLS Programme To fund core activities iio,000 iio,000 {iio,0001 {iio,0001 Total fund transfers 122,500) 112,0001 221,532 1187,0321 Transfers to U nrestricted Funds Transfers to Designated Fund5 87.500 82.268 Total Transfers to unrestricted funds 169,768 23. ANALYSIS OF FUNDS BY NET ASSET Unrestricted funds Designated funds Restricted funds Endowment fund 2024 TOTAL Fixed assets Investments Current assets Current liabilities Creditors due after more than one year 80,166 80,166 30,005,522 1,566,011 1659,9901 14,711 1,253,879 1506,0481 29,990,811 153,745 18,4591 144,9031 166,846 1109,0391 157,7701 1233,9761 1291,7461 26,804 37 528,566 30,144,556 30,699,963 General unrestricted funds Designated funds Unrestricted funds 26,804 37 26,841 54
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Notes to the Financial Statements 23. ANALYSIS OF FUNDS BY NET ASSET - CONTINUED Unrestricted Funds 2023 Irestated} Designated Funds Restricted Funds Endowment Fund TOTAL Fixed assets Investments Current assets Cu rrent liabilities Creditors due after more than a 98,020 98,020 27,918,273 1,376,826 1685,1941 69,751 1,114,009 1504,6111 27,848,522 73,660 117,644} 4,271 141,0721 184,886 {121,8671 year 154,568) 8,451 1306,3841 372,765 1360,9521 28,346,973 61,219 27,904,538 General unrestricted funds Designated funds Total unrestricted funds 61,219 8,451 69,670 24. FINANCIAL COMMITMENTS At 31 March 2024 the Foundation had the total of future minimum lease payments under non-cancellable operating leases for each of the following periods.. Land & buildin85 Other Total Less than one year Between one and five years More than five years 18,600 9,529 242 485 18,842 10,014 28,129 727 28,856 Our lease of Sandcliff House will expire on 4 October 2025. Prior year comparison Land & buildings Other Total Less than one year Between one and five years More than five years 18,600 27,900 242 727 18,842 28,627 46,500 969 47,469 23. PENSION COMMITMENTS The Foundation contributes to defined contribution schemes in which employees are members. The a55ets of these schemes are held separately in independently administered fund5. The pension cost charges for the period were.. 2024 2023 All staff 31,473 29,773 Pension contributions outstanding at year end 4,131 2,905 55
The Community Foundation for Wiltshire & Swindon Report and Financial Statements for the year ended 31 March 2024 Notes to the Financial Statements 26. RELATED PARTY DISCLOSURE Neither remuneration nor payments for consultancy services provided were paid to trustees in 2023124 12022123 £nill. Expenses of £458 to trustee5 in 202312412022123 £nill. No Costs relating to trustee indemnity insurance were paid in the current or prior year. Donations totalling £5,410 were received from trustees during 2023/2412022123.. £3,594). £10 wa5 received towards the Women and Gir15 Funds. £5,400 was received into the David and Tracey Coombs Swindon Match Fund. None of the donations had conditions attached to them. No donations were received by the Foundation from organisations where connections exist with trustee5 during 2023124 12022123.. £nill. None of the donations received in the prior year had conditions attached to them. In January 2017, the spouse IPhilippa Wall) of a trustee Isteve Wall) was employed as a part time Finance Assistant, a role that she continues to fulfil. The standard recruitment process was followed with four other applicants attending interviews. The successful candidate had relevant experience and held qualifications in excess of those required for the role. The following grants were awarded during the year to 31 March 2024 to organisations where our own trustee5 have a relationship with the beneficiary organisation. Where a trustee has now retired from the Foundation, we have included grants awarded up to their retirement date.. The Filling Station (Swindonl was awarded grants totalling £1,23312022123 £1,2461. Angus Macpherson is a trustee for The Filling station15windonl and Chair of the Foundation. Doonmay Wiltshire wa5 2warded grants totalling £10,09212022123 £12,880). Mark Barnett is Chair of Trustees for Doorway Wiltshire and Vice Chair of the Foundation. Wiltshire Wildlife Trust was awarded one grant for £3,70412022123 £2,000). Damien Haasjes is a Trustee for the Foundation Bnd an employee of Wiltshire Wildlife Trust. Damian's spouse Kirsty Haasjes is employed by Wessex Water. The Foundation has been working with Wessex Water and Kirsty in her role as Head of Community Engagement since 2018 to deliver grant prosrammes within the Wessex Water region. Damian ha5 no involvement in the Wessex Water grant programme panels. No further grants were made to related party organisations in 2023124. In 2022123 the following grants were made.. Swindon Womens Aid was awarded two grants totalling £8,500. Angus Macpherson is a Trustee for Swindon Womens Aid and of Chair the Foundation. Potential conflicts of interest in relation to grant application5 are acknowledged within the 'Terms of Reference for Grant Committees considering grant applications from groups, as follows.. "When an application is under discussion in which a member, adviser or staff member has an interest, they must declare it and leave that part of the meeting. A conflict of interest in this case is where the person ha5 a direct financial interest in the outcome, or a familial or close friendship relationship with someone who has a direct interest. Interest must also be declared if an individual has been closely involved in preparing the application, even if they have no other interest in the result. 27. ULTIMATE CONTROLLING PARTY The trustees consider that the charity is jointly controlled by them and that there is no ultimate controlling partv- 56