BRADFORD DISTRICT COMMUNITY FOUNDATION
(A company limited by guarantee)
Company registration number: 6852262 Charity registration number: 1131588
Trustees’ Report and Financial Statements
For the Year Ended 31[st] March 2023
Bradford District Community Foundation Trustees’ Report and Financial Statements for the year ended 31 March 2023
Contents
| ents | |
|---|---|
| Page | |
| Trustees and Professional Advisors | 1 |
| Trustees’ Report | |
| Structure, Governance and Management | 2 |
| Financial Review | 3 |
| Statement of Responsibilities | 4 |
| Independent Examiner’s report | 5-6 |
| Financial Statements | |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Statement of Cash Flows and Net Debt Analysis | 9 |
| Notes to the Financial Statements | 10-17 |
Bradford District Community Foundation Trustees’ Report and Financial Statements for the year ended 31 March 2023
Trustees and Advisors
| Trustees | Sasha Bhat |
|---|---|
| Roohi Sultana Collins | |
| Steven Robert Hartley | |
| Amjid Hussain | |
| Sharon Orr | |
| Craig Suttle-Burton | |
| Azim Ul Hasan Kidwai | |
| Registered office | First Floor, 51a St Paul's Street, Leeds, LS1 2TE |
| Independent examiner | Sally Appleton |
| Saffery | |
| Mitre House, North Park Road, Harrogate, HG1 5RX | |
| Main bankers | Santander UK plc |
| Bootle, Merseyside, L30 4GB | |
| Solicitors | Wrigleys, 3rdFloor, 3 Wellington Place, Leeds, LS1 4AP |
Page 1
Bradford District Community Foundation
Trustees’ Report and Financial Statements for the year ended 31 March 2023
Structure, governance and management
Legal and Administrative details
The company was incorporated on 19th March 2009 as a company limited by guarantee with registered company number 6852262. It is a registered charity under the Charities Acts 2011, registration number 1131588. The Memorandum and Articles of Association are dated 19th March 2009 and modified by special resolution on 12th July 2009 and 19th January 2021.
Community Foundation for Leeds (referred to throughout as Leeds Community Foundation or LCF) is the sole member of this company. The principal and registered office is Leeds Community Foundation, 1st Floor, 51a St Paul’s Street, Leeds, LS1 2TE.
Trustees
The Articles of Association allow for a minimum of 3 trustees and a maximum of 12. LCF, for so long as it is the sole member, shall be entitled at any time by written notice to the Charity to appoint and/or remove any person or persons as a Trustee or Trustees.
One third (or the number nearest one third) of the Trustees must retire each year, those longest in office since their last appointment retiring first. A retiring Trustee who remains qualified may be reappointed.
The Board keeps the skill requirements for the Trustee Body under review. Any recruitment of new Trustees is undertaken by open advertisement and through a dialogue with interested parties.
Objectives and activities
The objects of the Charity are the promotion of any charitable purposes principally for the benefit of the community of Bradford Metropolitan District and its immediate neighbourhood and to a lesser degree throughout the sub-region of West Yorkshire and the United Kingdom as a whole. In particular the advancement of education, the promotion of good health, both mental and physical, and the prevention and relief of poverty and sickness.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives and in planning activities.
Fundraising
The company does not use a professional fundraiser or commercial participator to raise funds and we do not directly approach individual members of the public. Local press campaigns are used to raise awareness of our work and advise people how to donate should they wish to do so. During the period, no complaints have been received about our fundraising activities. Our fundraising practices comply with Charities Act 2011, the Charities (Protection and Social Investment) Act 2016, and the Code of Fundraising Practice.
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Bradford District Community Foundation
Trustees’ Report and Financial Statements for the year ended 31 March 2023
Financial Review
Review of financial activity
The financial statements have been prepared in accordance with the Companies Act 2006 and Charities Act 2011. The company has adopted FRS102 and complies with the Statement of Recommended Practice ‘Accounting and Reporting by Charities’ (issued in December 2019).
The charity received notification that it had been bequeathed a legacy donation and in March 2021 a sum of £280k was received from the estate of GS Morrell. This sum is unrestricted and it is hoped that the funds will provide sufficient investment to allow for a long-term increase in the amount of community foundation activity happening across the Bradford district. An indicative budget for the legacy spend over 3 years was agreed by trustees and expenditure and activity has been in keeping with that.
During this financial year, BDCF has built on activity and continued to develop relationships with partners across Bradford including:
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Increasing the profile of GiveBradford locally and nationally in support of achieving increased investment for Bradford and district from all sources
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Progressing The Bradford Fund working to an established fundraising target and strategy. During this year the fund was blessed by the faith community
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Further progressing the Local Access Programme to deliver the grant-making arm of a 10 year investment into social business in the district
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Strengthening our partnership with 2025 City of Culture to develop a match-fund programme ensuring all communities benefit from any investment generated by this status
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establishing a Community Action Group in Bradford where members share knowledge and insights on the ‘real time’ needs and issues both for them as Community Organisations and the communities they work with in Bradford, provide feedback to us about their experience of our grant making, and help to test out ideas, approaches, or issues in the district.
During the year net outgoing resources of £84,000 (2022: £37,000) were deducted from the unrestricted funds and net incoming resources of £29,000 (2022: £4,000) were added to the restricted funds, which resulted in the net assets of the company decreasing by £55,000 (2022: £33,000). The company’s total funds (unrestricted funds and restricted immediate impact funds) amounted to £191,000 (2022: £246,000) at 31 March 2023.
Reserves
The policy of the Board is to have sufficient reserves to enable the Charity to continue to fulfil its objectives.
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Bradford District Community Foundation Trustees’ Report and Financial Statements for the year ended 31 March 2023
Trustees’ Responsibilities Statement
The trustees (who are also directors of Bradford District Community Foundation for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the Trustees 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 resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the Trustees on 19 September 2023.
Azim Ul Hasan Kidwai
On behalf of Bradford District Community Foundation
Page 4
Bradford District Community Foundation Independent Examiner’s Report to the members of Bradford District Community Foundation for the year ended 31 March 2023
Independent examiner’s report to the trustees of Bradford District Community Foundation
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.
Respective responsibilities of trustees and examiner
As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities.
Page 5
Bradford District Community Foundation Independent Examiner’s Report to the members of Bradford District Community Foundation for the year ended 31 March 2023
Independent examiner’s report to the trustees of Bradford District Community Foundation (continued)
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed: Sally Appleton Sally Appleton (Dec 15, 2023 17:13 GMT)
Name: Sally Appleton Institute: Institute of Chartered Accountants England and Wales
Address: Saffery Mitre House North Park Road Harrogate HG1 5RX
Date: 15/12/2023
Page 6
Bradford District Community Foundation Statement of Financial Activities (incorporating statutory income & expenditure account) for the year ended 31 March 2023
| Notes Unrestricted Funds £’000 Income and endowments from: Donations and legacies 2 9 Charitable activities 3 7 Other trading activities 4 3 _ Total 19 _ Expenditure on: Charitable activities 5 - Other costs 6 103 _ Total 103 _ Net (expenditure)/income (84) _ Net movement in funds 13 (84) Reconciliation of funds: Total funds brought forward 242 _ Total funds carried forward 158 _ __ ___ |
Restricted Funds £’000 - 189 - _ 189 _ 160 - _ 160 _ 29 _ 29 4 _ 33 _ __ ___ |
Total Funds 2023 £’000 9 196 3 _ 208 _ 160 103 _ 263 _ (55) _ (55) 246 _ 191 _ __ ___ |
Total Funds 2022 £’000 2 4 - _ 6 _ - 39 _ 39 _ (33) _ (33) 279 _ 246 _ __ ___ |
|---|---|---|---|
The notes on pages 10-17 form part of these financial statements.
Page 7
Bradford District Community Foundation Balance sheet as at 31 March 2023
| Notes Current assets Debtors 10 Cash at bank and in hand Current liabilities: Creditors: amounts falling due within one year 11 Net current assets Net assets 12 Funds Unrestricted funds Restricted funds Total funds 13 |
2023 £’000 £’000 4 222 _ 226 (35) _________ 191 _________ 191 __ 158 33 ___ 191 _ __ ___ |
2022 £’000 £’000 1 288 _ 289 (43) _________ 246 _________ 246 __ 242 4 ___ 246 _ __ ___ |
|
|---|---|---|---|
For the year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The trustees have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies’ subject to the small companies’ regime.
Approved by the Trustees on 19 September 2023 and signed on its behalf by:
Azim Ul Hasan Kidwai
Chair of Trustees
The notes on pages 10-17 form part of these financial statements.
Page 8
Bradford District Community Foundation Statement of Cash Flows and Net Debt Analysis for the year ended 31 March 2023
| Cash flows from operating activities: Net income for the financial year Adjustments for: (Increase) in debtors (Decrease)/increase in creditors Net cash (used in)/provided by operating activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Net Debt Analysis At 1 Apr 2022 £’000 Cash 288 ___ 288 Total _ __ ___ |
2023 £’000 (55) (3) (8) _ (66) (66) 288 __ 222 __ Cash flows £’000 (66) _ (66) __ ___ |
_ |
2022 £'000 (33) (1) 42 _ 8 8 280 __ 288 __ ___ At 31 Mar 2023 £’000 222 ___ 222 __ ___ |
|
|---|---|---|---|---|
Page 9
Bradford District Community Foundation Notes to the Financial Statements for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with the Companies Act 2006 and Charities Act 2011. The company has adopted FRS102 and complies with the Statement of Recommended Practice ‘Accounting and Reporting by Charities’ (issued in December 2019).
Going Concern
The Board of Trustees have considered the financial position of the charity, and based on a review of forecast and available funds have reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in the preparation of the financial statements and annual report.
Fund accounting policy
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the Charity. Restricted funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Incoming resources
All incoming resources are included in the Statement of Financial Activities when the Foundation is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Donations and legacies - Voluntary income is received by way of donations and gifts (including donations in kind). These amounts are included in full in the Statement of Financial Activities in the year in which they are receivable. Income from membership schemes is recognised in line with the time period to which the membership applies.
Charitable activities - Income arising from grants and similar contracts specifically for the provision of grants, activities or services which are provided as part of the charitable activities of the Foundation. Grants to cover Bradford District Community Foundation administration costs are shown as charitable activities within the unrestricted fund. Grants receivable where the income is related to performance and specific deliverables are accounted for as the Foundation earns the right to consideration by its performance. Grants where entitlement is not conditional on the delivery of a specific performance by the Foundation are recognised when the Foundation becomes unconditionally entitled to the grant. Where grants are received during the year in respect of future periods, the amount of the grant which relates to future periods is deferred and is included within creditors.
Other trading activities - Service charges are recognised in full for activities undertaken during the year. Income relating to activities taking place in the following year is deferred.
Resources expended
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and is classified under headings that aggregate all costs related to the category.
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Bradford District Community Foundation Notes to the Financial Statements for the year ended 31 March 2023
1 Accounting Policies continued (continued)
Charitable activities - Grants payable are charged in the year in which the grant is paid to the recipient unless it is conditional. Conditional grants are recognised when the conditions attaching are fulfilled.
Other costs - represent those incurred in connection with governance and compliance with constitutional and statutory requirements.
2 Donations and legacies
| Membership The membership donations are all unrestricted. |
2023 £’000 9 ___ 9 _ __ ___ |
2022 £’000 2 ___ 2 _ __ ___ |
|---|---|---|
3 Income from Charitable Activities
| Unrestricted Funds Grants to cover administration costs: Immediate impact funds Deferred grants brought forward Grants arising in the year Grants deferred to future years Total Unrestricted Funds _ Restricted Funds The Bradford Fund The Local Access Fund Less: grants deferred to cover future administration costs _ Total |
2023 £’000 - 12 (5) _ 7 _ 151 50 (12) _ 189 _ 196 _ __ ___ |
2022 £’000 - - - _ - __ 4 - _ 4 __ 4 _ __ ___ |
|---|---|---|
Page 11
Bradford District Community Foundation Notes to the Financial Statements for the year ended 31 March 2023
4 Other trading activities
| Consultancy Charitable Activities Restricted Funds Grant making from Immediate Impact Funds The Bradford Fund The Local Access Fund Total grants Other costs Unrestricted Funds: Administration costs Independent Examiner’s remuneration |
2023 £’000 3 _ 3 __ 2023 £’000 140 20 _ 160 __ 2023 £’000 101 2 ___ 103 _ __ ___ |
2022 £’000 - _ - __ 2022 £’000 - - _ - __ 2022 £’000 38 1 ___ 39 _ __ ___ |
|---|---|---|
5 Charitable Activities
6 Other costs
Administration costs relate to Leeds Community Foundation costs in administering Bradford District Community Foundation.
7 Trustees’ remuneration and expenses
During the year an amount of £83 (2022: £0) was paid to 1 (2022: 0) Trustee for travel expenses to meetings. No Trustees received remuneration.
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Bradford District Community Foundation Notes to the Financial Statements for the year ended 31 March 2023
8 Employees’ remuneration
The charity had no employees and therefore no wages or salaries were paid in either the current or prior year.
9 Taxation
The Charity’s intended activities fall within the exemptions afforded by the provisions of the Income and Corporation Taxes Act 1988. Accordingly, there is no taxation charge in these accounts.
10 Debtors
| Debtors Accrued income |
2023 £’000 4 - ___ 4 _ __ ___ |
2022 £’000 - 1 ___ 1 _ __ ___ |
|---|---|---|
11 Creditors: amounts falling due within one year
| Accruals and deferred income Amount owed to related charity Deferred grants to cover administration costs |
2023 £’000 3 27 5 ___ 35 _ __ ___ |
2022 £’000 5 38 - ___ 43 _ __ ___ |
|---|---|---|
Included in accruals and deferred income is £1,000 (2022: £4,000) of income received in the year that relates to future periods.
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Bradford District Community Foundation Notes to the Financial Statements for the year ended 31 March 2023
11 Creditors: amounts falling due within one year (continued)
Deferred income Analysis
| Deferred income Total |
At 1 Apr 2022 £’000 4 _ 4 __ ___ |
Movement £’000 (3) _ (3) __ ___ |
At 31 Mar 2023 £’000 1 _ 1 __ ___ |
|---|---|---|---|
12 Analysis of Net Assets between Funds
| Current Year Unrestricted Funds £'000 Cash 189 Current assets 4 Current liabilities (35) _ Net Assets 158 _ Prior Year Unrestricted Funds £'000 Cash 284 Current assets 1 Current liabilities (43) __ Net Assets 242 ____ |
Restricted Funds £'000 33 - - _ 33 _ Restricted Funds £'000 4 - - __ 4 ____ |
Year Ended 31 March 2023 £'000 222 4 (35) _ 191 _ Year Ended 31 March 2022 £'000 288 1 (43) __ 246 ____ |
|---|---|---|
Page 14
Bradford District Community Foundation Notes to the Financial Statements for the year ended 31 March 2023
13 Movement in Funds
| Unrestricted Funds Restricted Funds The Bradford Fund Local Access Fund Total Restricted Funds Total Funds |
At 1 April 2022 £'000 242 ____ 4 - _ 4 _ 246 ____ |
Income Expenditure £'000 £'000 19 103 ____ _ 145 140 44 20 _ _ 189 160 _ _ 208 263 _ ____ |
At 31 March 2023 £'000 158 ____ 9 24 _ 33 _ 191 ____ |
|---|---|---|---|
The Bradford Fund: This is the central offer in GiveBradford’s strategy to maximise funding and outcomes for the voluntary and community sector across the district. The Fund is designed to cover the core costs of community organisations and encourage strategic development work alongside daily delivery; aiming to give the sector the best chance to deliver effectively and survive in the years ahead.
Local Access Fund: a partnership programme for third sector organisations to help with short-term organisational development support and capacity building needs to move them along their investment readiness journey for social investment loans.
| Prior Year Unrestricted Funds Restricted Funds Total Funds |
At 1 April 2021 £'000 279 ____ - _ 279 _ __ |
Income Expenditure £'000 £'000 2 39 ____ _ 4 - _ _ 6 39 _ ____ |
At 31 March 2022 £'000 242 ____ 4 _ 246 _ __ |
|---|---|---|---|
Page 15
Bradford District Community Foundation Notes to the Financial Statements for the year ended 31 March 2023
14 Members’ liability
The Charity is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
15 Related parties
The results of Bradford District Community Foundation are consolidated into the financial statements of Leeds Community Foundation, copies of which are available from www.leedscf.org.uk.
During the year an amount of £101,000 (2022: £38,000) was payable to Leeds Community Foundation for the administration of Bradford District Community Foundation, of which £27,000 (2022: £38,000) was owed by Bradford District Community Foundation to Leeds Community Foundation as at 31 March 2023.
As at 31 March 2023 an amount of £250 (2022: £0) was owed by Leeds Community Foundation to Bradford District Community Foundation for membership income received.
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Bradford District Community Foundation Notes to the Financial Statements for the year ended 31 March 2023
16 Comparative Statement of Financial Activities (incorporating statutory income & expenditure account) for the year ended 31 March 2022
| Notes Unrestricted Funds £’000 Income and endowments from: Donations and legacies 2 2 Charitable activities 3 - _ Total 2 _ Expenditure on: Other costs 4 39 _ Total 39 _ Net expenditure)/income (37) _ Net movement in funds 11 (37) Reconciliation of funds: Total funds brought forward 279 _ Total funds carried forward 242 _ __ ___ |
Restricted Total Funds Total Funds Funds 2022 2021 £’000 £’000 £’000 - 2 280 4 4 - _ _________ _________ 4 6 280 _ _ _ - 39 1 _ _ _ - 39 1 _ _ ___ 4 (33) 1 _ _ ___ 4 (33) 279 - 279 - _ _ ___ 4 246 279 __ __ ___ __ ___ |
|---|---|
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