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2022-09-30-accounts

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Registered number: 07545536 Charity number: 1140947

SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

CONTENTS

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Page
Reference and Administrative Details of the Company, its Trustees and Advisers 1 - 2
Chair's Statement 3
Trustees' Report 4 - 19
Independent Auditors' Report on the Financial Statements 20 - 24
Statement of Financial Activities 25
Balance Sheet 26
Statement of Cash Flows 27
Notes to the Financial Statements 28 - 60
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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2022

Directors and Trustees Professor Chris Booth-Mayblin, Chair
Dr Nick Kitchen, Vice Chair (from 15 December 2021)
Dr Julie Macdonald DL, Vice Chair
John Pickering DL, Vice Chair (resigned 14 December 2021)
Rick Plews FCA, Treasurer
Zaidah Ahmed MBE
Paul Benington
Victoria Clarke Brown FCMA, DIR
John R Holt DL
Yiannis Koursis OBE
Melvyn Lunn FCA
Craig McKay DL
Alex Pettifer MBE
Martin Ross
The Earl of Scarbrough DL
Shahida Siddique (resigned 5 November 2021)
Michele Wightman (resigned 14 August 2022)
Nick Pike (appointed 1 December 2022)
Tricia Smith (appointed 1 December 2022)
Tim Bailey (appointed 1 February 2023)
Aref Mohammed (appointed 1 February 2023)
Carole Diane O'Neill RGN JP (appointed 6 February 2023)
Rachael Blake (appointed 20 February 2023)
Reverend David Bussue (appointed 20 February 2023)
Company registered
number
07545536
Charity registered
number
1140947
Registered office
High Green Development Trust, The Campus
Pack Horse Lane
High Green
Sheffield
S35 3HY
Chief executive officer
Ruth E Willis MCIH FRSA
Independent auditors
Shorts
Chartered Accountants
Cedar House
63 Napier Street
Sheffield
South Yorkshire
S11 8HA
Bankers
CAF Bank LTD
Virgin Money
Investment Advisor
Investec Wealth & Investment Limited

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Honorary Officers

These positions are honorary positions and do not have attendant governance responsibilities.

President

Professor Dame Hilary A Chapman DBE RN - H.M. Lord-Lieutenant of South Yorkshire

President Emeritus

David Moody CVO Andrew J Coombe, CVO CStJ (from 5 November 2021)

Vice Presidents

Jonathan Hunt OBE TD DL Lady Neill DL

Honorary Vice Presidents Bishop of Sheffield Bishop of Doncaster Bishop of Hallam Bishop of Wakefield High Sheriff of South Yorkshire Mayor of Barnsley Mayor of Doncaster Mayor of Rotherham Lord Mayor of Sheffield Chair of the Methodist Church, Sheffield District Chair of South Yorkshire Muslim Community Forum Master Cutler Chief Constable of South Yorkshire South Yorkshire Police and Crime Commissioner Chief Fire Officer, South Yorkshire Fire and Rescue Rabbi, United Synagogue Vice Chancellor, Sheffield Hallam University His Honorable Justice Richardson QC

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

CHAIR'S STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2022

The chair presents her statement for the year.

Last year saw another tough year for everyone as all sectors continued to struggle with Covid and its aftermath, as well as an emerging cost of living crisis. In spite of the difficult environment we achieved some real successes. Our vision is to make a positive difference to South Yorkshire communities. To that end, we distributed £1.6m of grant funding to help people facing hardship and disadvantage. It is by connecting our donors, who care about the region, with community groups striving to build stronger and healthier communities, that we are able to deliver our vision.

At the beginning of the year we identified four key priorities. First, the need to refresh the strategic plan. This was completed and approved by the Board in October 2021, together with a business plan and KPIs. As would be expected, the strategy has directed and steered much of our work over the past year. The second priority was to build endowment, as a consequence the endowment increased and a new philanthropy initiative is under development. A philanthropy dinner was also held at Sandbeck Park, to reach out to new donors and several SY100 ‘Seeing is Believing’ events were held. Thirdly, we prioritised building partnerships and collaboration. Partnership building is on-going, and relationships have specifically developed this year with the SY Mayoral Combined Authority, Sheffield University and Sheffield Hallam University, Sheffield City Council, Barnsley MBC and the Integrated Care System (ICS) and the NHS. To underpin this work and increase our visibility we are working on a website refresh, branding and communications. The fourth priority was to confront the perennial problem of covering our operating costs. A Financial Sustainability group was established and has developed a costing tool, together with an action plan that is currently being implemented to cost all SYCF activities, create smarter more streamlined processes to free up staff time and reduce pressure, and undertake a benchmarking exercise amongst other things. We expect this is an exercise that will continue year on year.

Given the current external climate the Foundation has done extremely well in bringing in income through their endowment, distribution of new funding programmes and research for the ICS, which all resulted in a £3k surplus at the year end. This year also saw us launch a new themed grants programme, ‘Moving On Up’. This grants programme specifically supports organisations working with young people aged 14-30 years around employment and employability. To underpin our work, we published our Vital Signs report, which provides a snapshot of the state of the region and the key issues in the community.

Finally, a word on governance. Charities such as ourselves must demonstrate the highest standards of governance at all times. The Board has set out a clear vision to steer the organisation through these difficult times and it is our staff that have delivered our strategy. To assure effective governance and diversity, we have undertaken a skills audit over the past year, which we will refresh on an annual basis. The audit has enabled us to develop a succession plan to recruit new trustees and broaden our diversity, over the next few years.

Professor Chris Booth-Mayblin

Chair Date: 28 March 2023

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022

The Trustees present their annual report together with the audited financial statements of the Company for the financial year 1 October 2021 to 30 September 2022. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

About South Yorkshire Community Foundation Limited (SYCF)

Established in 1986 under a Deed of Trust, SYCF is an independent grant making charity. SYCF is the largest grant giving charity in South Yorkshire and is part of a national network, UK Community Foundations (UKCF), of 47 community foundations. UKCF’s central team assists and aids the development of individual community foundations throughout the UK. The formation of our policies and our operational procedures are determined by the Trustees in conjunction with the executive staff. SYCF supports the development of a strong Community Foundation presence throughout the UK and subscribes to the quality standards agreed between UKCF and the community foundations in the Network. SYCF currently holds the Quality Accreditation for Community Foundations version 5, which was renewed in October 2021 and will be reviewed again in 2024.

The charity promotes lasting charitable giving, by bringing together donors with their chosen causes, through well-targeted grants that make a genuine difference and impact on the lives of local people. It acts as a vehicle for individuals, families, funders and companies, who want to put something back into their local communities, either in their lifetime or through leaving a legacy. Similar to having a charitable trust, but without the legal and administrative costs, donors can choose from a number of ways to channel their charitable giving by setting up named funds for the causes closest to their hearts.

For over 36 years, since 1986, SYCF has made grants of more than £36m to community groups and individuals across Barnsley, Doncaster, Rotherham, and Sheffield, on behalf of our donors. Some grants are also given out to individuals outside South Yorkshire, through national funds such as Deakin & Withers, for women in hardship.

South Yorkshire Funding Advice Bureau (SYFAB) acquired in January 2014 provides funding advice, website resources and training courses to small, grassroots community groups across the region. SYFAB has secured contracts to ensure the sustainability of the service for the next 3-5 years.

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Objectives and Activities

a. Objectives and Activities

SYCF is established under its Memorandum and Articles of Association, which were reviewed and updated in June 2019, to promote any charitable purposes:

  1. Principally for the benefit of the community in South Yorkshire 2. And in exceptional circumstances, throughout the United Kingdom and elsewhere and in particular (but without prejudice to the generality of the foregoing), the advancement of education, the promotion of good health and the relief of poverty and sickness.

SYCF has three main aims:

  1. To help local people and businesses manage their charitable giving.

  2. To build stronger communities and enrich lives through awarding grants.

  3. To support the critical issues affecting our communities.

SYCF benefits the public by securing income for charitable grant programmes from the public and private sectors, and then distributes it as grants to support charitable and community activities. Grant programmes are established and developed in line with the social needs of the local communities we serve, which are identified via our locally based Grant Panels, our Vital Signs Reports and other research. Before any grant is made, we carefully assess the public benefits of the proposed activities. The impact of our grant making is then reported to funders, donors, stakeholders, staff and the Trustees as a measurement of achievement. SYCF produces an Impact Report every two years in three.

In 2021 a new Strategic Plan was developed, and a new set of objectives, mission and values were agreed by the Trustees. Our ambitions for the next five years are set out in that strategy.

Our Vision

Making a positive difference in South Yorkshire’s communities.

Our Mission

To be the most impactful, respected, trusted and sustainable funder of the voluntary, community and social enterprise sector in South Yorkshire. Engaging with donors, local people and strategic partners in programmes and projects that improve the quality of life for our communities and creating healthier, safe, and better places to live.

To be a catalyst for positive change, providing community leadership to help solve problems at a local level. Encouraging charitable giving for the benefit of the communities we serve.

Our Values

We are passionate about what we do – making a difference to those in need across South Yorkshire. We care deeply about all the people in our communities, our donors – without whose generosity we could not do what we do and our team, whose determination to always do that little bit extra makes them extraordinary.

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Objectives and Activities (continued)

To achieve our Vision and Mission, in the next five years we will deploy our resources towards the following five strategic objectives:

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Public Benefit

The Trustees confirm that they have referred to and complied with the guidance set out by the Charity Commission on public benefit. By adhering to the three main aims on page 5 and by making grants for the benefit of communities in need, in South Yorkshire, in the opinion of the Trustees, SYCF’s activities are for the public benefit.

c. Governance

SYCF is a charitable company limited by guarantee, No. 07545536 and is governed by its Memorandum and Articles of Association approved on 21 February 2011 and updated in 2013 and last updated in June 2019. It is a registered charity No.1140947.

SYCF has powers to appoint a President, Presidents Emeritus, Vice Presidents and Honorary Vice Presidents. The managing body is formed by the Trustees of SYCF. Each Trustee is appointed at an Annual General Meeting to serve as both a member and a director of SYCF. The Trustees are the only members of SYCF.

Trustees go through an induction programme when they join SYCF, which includes the history of SYCF, its current programmes and plans and a yearly schedule of meetings, which they are expected to attend. They are given a comprehensive Trustee Handbook, which contains The Essential Trustee booklet from the Charity Commission, the latest Audited Trustees Report and Financial Statements and the Trust Deeds and Memorandum and Articles of Association of SYCF. A governance diagram, mission statement, business plan, terms of reference of the various committees, staffing diagram and outline job descriptions, together with the various forms a new Director must complete to satisfy Charity Commission and Companies House regulations, are also made available to each new Trustee.

All new Trustees are expected to attend a grant panel as a part of their induction process to obtain a wider understanding of their new role. Trustees are invited to participate in grant panels and to attend other subcommittee meetings as part of their role. A Trustee Away Day, including key members of the staff team, takes place annually at which key aspects of SYCF's future strategic development and business plans are discussed.

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Objectives and Activities (continued)

d. Trustees

During the financial year there were four meetings of the Trustees, which received reports from five constituted sub-committees and any task and finish groups which have been established. The Trustees, who served in the year are listed below with membership of the principal sub-committees indicated. Most Trustees also serve on at least one area or special fund grant panel.

The current Trustees of the charitable company are listed below, including those who served during the year:

Professor Chris Booth-Mayblin Chair of Trustees and Chair of E and FIL Dr Nick Kitchen Chair (from 15 December 2021) and Chair of HR, E Dr Julie MacDonald DL Chair and Chair of GPC also on FFC, GPC, E John Pickering DL Vice Chair and Chair of FFC also on E, FIL, FFC (resigned 14 December 2021) Rick Plews FCA Treasurer - E, FIL Zaidah Ahmed MBE Tim Bailey Paul Benington GPC, FFC Rachael Blake Victoria Clarke Brown FCMA, CDIR FIL Reverend David Bussue John R Holt DL GPC, FIL Yiannis Koursis OBE GPC, HR Melvyn Lunn FCA GPC, FIL Craig McKay DL Aref Mohammed Carole Diane O'Neill RGN JP Alex Pettifer MBE Chair of FFC (from 15 December 2021) Nick Pike Martin Ross FFC The Earl of Scarbrough DL FFC Tricia Smith Shahida Siddique GPC (resigned 5 November 2021) Michele Wightman FFC, FIL, HR (resigned 14 August 2022)

Tricia Smith and Nick Pike were co-opted as trustees on 1 December 2022, Tim Bailey and Aref Mohammed were co-opted as trustees on 1 February 2023, Carole Diane O'Neill RGN JP was co-opted as trustee on 6 February 2023 and Rachael Blake and Reverend David Bussue were co-opted as trustees on 20 February 2023. All of them will be formally ratified at the next AGM meeting in April 2023.

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Objectives and Activities (continued)

e. Management

Since October 2021, there have been 16 Trustees who manage South Yorkshire Community Foundation Limited. Professor Chris Booth-Mayblin is the Chair of SYCF. Trustees are also the Members of SYCF and are representative of a broad and complementary range of qualifications, skills, and backgrounds. They live, work, or have an interest in one of the boroughs of Barnsley, Doncaster, Rotherham, or Sheffield. They include members from the public, private and voluntary sectors. The Trustees are responsible for the development, implementation, and management of SYCF’s strategy. They also appoint an Executive Committee and subcommittees to manage specific activities, where necessary and appropriate. There are also several task and finish groups appointed by the Trustees to develop activity for specific areas of SYCF's work, for example the Marketing and Communications Task and Finish Group.

The Trustees act in a voluntary capacity and did not receive any remuneration or reimbursed expenses during the financial year.

A Chief Executive is appointed by the Trustees to manage the day-to-day operations of the charity. To facilitate effective operations, the Chief Executive has been given delegated authority, within the terms of delegation approved by the Trustees, for matters including finance, employment, governance, staffing and project management related activity. The delegations are reviewed on an annual basis.

In addition, the Trustees delegate oversight of grant applications to locally based Grant Panels as follows:

• Bi-annual Community Grant Panels in Barnsley, Doncaster, Rotherham, Sheffield North West and Sheffield South East.

• Special grant panels for specific donor funds and for South Yorkshire-wide funds, for example the SY Mayoral Fund, 'Moving on Up' Fund and the Deakin and Withers Fund

• Three wind farm community benefit panels - Tween Bridge Community Grants Panel, Park Spring Windfarm Community Benefit Fund and Blackstone Edge Windfarm Community Fund.

• Social Enterprise Exchange (SEE), which distributes small and large grants to social enterprises through the legacy funds to the European Regional Development Fund Programme.

All grant panels are attended by volunteers from the local community, staff and have representation from the Trustees. SYCF is currently supported by a strong army of 55 volunteers. These volunteers give up their time to support the aims of SYCF through fundraising, grant assessments and decision-making and our project work. Without their contribution much of what we have achieved would simply not have been possible.

During this year, volunteers attended 35 grants panels to consider applications and award grants. Due to the ongoing legacy of Covid-19, many of these meetings took place remotely via Zoom. Face to face meetings will be restored going forward.

The Trustees are grateful for the substantial efforts of all volunteers and for the hard work of the staff during this year. In particular, we would acknowledge all of our long term volunteers some of whom have been making panel decisions for SYCF for several years: Akeela Mohammed, Alex Pettifer, Allen Pestell, Anita Cherryholme, Ann Rusby, Anne Dean, Annette Whitehead, Audrey Harwood, Carole O'Neill, Charlotte Williams, David Edmondson, David Harris, Dennis Anderson, Derek Liddell, Diana Young, Dominic Williams, Dorothy Coates, Edmund Greenwood, Ernest Bailey, Geoff Smith, Graham Murdin, Halima Mohamed, Jane Austin, Jennifer Hall, Joe Colville, John Johnson, John Raymond Holt, Judy Dalton, Julie MacDonald, Julie Reed, Katy Woodington, Leanne Watson, Lynn Smith, Lynne Williamson, Mark Houlbrook, Mark Wilde, Martin Greenshields, Martin Ross, Melvin Wake, Melvyn Lunn, Mushtaq Raj, Nicholas Anthony Kitchen, Paul Benington, Peter Hallam, Philip Bates, Richard Appleby, Richard Leighton, Richard Scarbrough, Shafiq Hussain, Shahid Ali, Sharon Fudge, Susan Durant, Tim Plant, Yiannis Koursis, Zaidah Ahmed.

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Objectives and Activities (continued)

We welcome the following, newly recruited grant panellists and volunteers: Richard Leighton. The following have retired from the Grant Panels this year: Gay Penfold, Geoffrey Hutchinson, John Pickering, Michele Wightman, Mike Anthony, Shahida Siddique, Sue Oliver. We thank them for their time and contribution to the Foundation over many years of service.

In December 2021, our longest serving member of staff Sue Wragg, Fund Manager, retired. Sue made a huge contribution to SYCF and the way in which grants are awarded to community groups. During 2022, Emma Mallinson and Rosalind Richards joined us as Grants Officers. Liz Bailey, Philanthropy Coordinator, left us to go travelling and Hazel Conduit, SEE Fund Manager, left SYCF to work for NHS Charities Together. Liz contributed greatly to our work on Vital Signs and the development of our response to the UN SDGs, as well as building the relationship and collaboration between SYCF and the two Universities. Hazel led the SEE Programme for the Foundation and acted up into the Head of Grants position. Paul Johnson joined us temporarily in early 2022 to assist in grants related work. We were also lucky to have had a number of students working with us from both Sheffield’s Universities. Lauren Andrew joined us from Sheffield Hallam University’s Business Management department for two months working with the Philanthropy team across various projects; Joshua Barlow and Arianne Cocking joined us from University of Sheffield to assist in the Grants Team for their placements. Some of the work was conducted from home, it was a huge challenge that they all rose to wonderfully.

Thanks must also go to Louise Mycroft, Andy Kershaw and Rob Billson who continued to work with the SYFAB team delivering the extensive SYFAB training programme.

f. Key Partnerships

SYCF has relationships with many key organisations, both regionally and nationally. These include South Yorkshire's four Local Authorities, the National Lottery Community Fund, Integrated Care System (ICS), the Charity Commission, local press and media organisations, Barnsley Community and Voluntary Services, Voluntary Actions in Doncaster, Rotherham and Sheffield, the three Chambers of Commerce in the region, the South Yorkshire Mayor and his team at the Combined Mayoral Authority, the Local Enterprise Partnership, a number of departments in central government, local health Trusts and third sector organisations, Black led community Networks, Anchor and place based community organisations and many others, as well as with the other Community Foundations nationally and specifically in the Yorkshire area.

SYCF continues to develop these relationships to include very specific development-related work focussed on inward philanthropic investment and sharing examples of excellence in investing in our communities to achieve strategic outcomes. SYCF appreciates the importance of effective collaboration and partnership working for the success of South Yorkshire as a whole.

SYCF's Professional Advisers' Group continues to raise the profile of SYCF amongst professional advisers across South Yorkshire. We would especially like to thank Suzy Harris-Milnes (BHP), Andrew Ryde (Investec), Steven Dawson (MKB Solicitors) and Michele Wightman for their continued support throughout 2021/2022. In addition, our Investment Advisors, Investec, support us in many ways and so do our Auditors, Shorts.

Our partnerships with High-Net-Worth individuals (HNWs) and corporate partners concentrates on developing joint solutions to tackling key social needs in South Yorkshire as identified in SYCF’s fourth Vital Signs Report 2021 and in other partners’ corporate and strategic plans. Annual donor report meetings have been and continue to be held with all relevant partners, despite the lockdown restrictions, and this will ensure we continue to provide the highest standard of stakeholder service for our fund holders. The format of our donor reports has changed, becoming more streamlined and these have been well received.

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Objectives and Activities (continued)

SY100 was introduced in 2015 as a patronage scheme with its aim to develop a group of 100 corporates and individuals, who would support the work of SYCF on an ongoing basis. Membership has remained stable with 30 members during 2021/22 with 4 new members having recently joined the network, and we continue to work towards achieving our aspiration of 100 members. The scheme has attracted those businesses, who are passionate about developing their corporate social responsibility as a part of their growth and local community involvement.

We continue to develop our marketing and communications activities to ensure that we are getting our message out and to the right audiences about our work. This also gives recognition to community groups, who are doing such invaluable work within our communities. Our marketing and communications strategy supports our communications delivery, both internally and externally. During 2022, SYCF has started to refresh its key messages and commenced work on a new website.

We continue to develop our approach to Vital Signs and built on our fourth report, which has been extremely well received by strategic partners across South Yorkshire. The launch, in October 2021, attracted 60 different organisations, businesses, and individuals. The report featured an evaluation of the previous three years reports. The Vital Signs report is critical to the work that SYCF does, as it supports our mission to build stronger communities by identifying key social issues across South Yorkshire. We also published a Covid-19 pandemic evaluation early in 2022.

SYFAB retained its contracts with both Barnsley MBC and Sheffield City Council and is in the middle of a three-year contract in Barnsley. The team had 378 contacts with 150 different groups. Funds raised by groups which were helped by SYFAB were £86,875 from 8 different grants. 18 training sessions and webinars were held, with 172 people attending.

The Social Enterprise Exchange Programme (SEE), funded by ERDF, is an ongoing programme set up to support start-up social enterprises and the transformation of existing social enterprises. Approval to extend SEE was gained in October 2021 and the programme will now continue until June 2023. The last round of grants will take place in February 2023.

Our rising influence within the sector in general, and South Yorkshire in particular, exemplifies how we are building our reputation and gaining more distribution funds from businesses, philanthropists, trusts and statutory sources. We aim to be the charity of choice for South Yorkshire, the 'Go to Funder', the charity to whom donors will look to provide the advice and information they need to make informed charitable-giving choices.

SYCF’s staff and Trustee team are continuing to work agilely post the pandemic. Thankfully SYCF’s operations have only been affected to a limited extent and without any adverse effects for the longer term. SYCF’s plans for the future remain, in broad terms, similar to what they were before the pandemic, but it is recognised that the time scale for achieving these plans will inevitably be affected. In 2022 SYCF moved from Riverside Works to a new premises at High Green Development Trust, which has firmly embedded the Foundation into a community campus and the local community.

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Objectives and Activities (continued)

g. Key Fund Investments

SYCF maintains a strong relationship with Key Fund Investments Limited (Key Fund), which it helped to found 23 years ago. Over the last few years, Key Fund has grown substantially and in 2021 its Board decided to restructure the Company to allow for new Members and a more modern set of Articles to reflect the current operations of the Company and its independence from the original Founders.

Discussions with SYCF and Locality, as the two remaining founding members, resulted in a new set of Articles being produced. In the new Articles of Association both the founding members, Locality and SYCF, are entitled to nominate two directors each. SYCF nominated Directors are currently Melvyn Lunn (from November 2021), a current Trustee of SYCF, and James Newman OBE, the former SYCF Chairman.

Both SYCF and Locality, as Founder Members of Key Fund, are equal beneficiaries of the assets of Key Fund within its dissolution clause.

h. Covid-19

A Covid Resilience Report was published in February 2022, which outlined and evaluated SYCF’s contribution towards the efforts of the community sector in South Yorkshire and our grant awards to community groups.

i. Risk Review

The Trustees and the CEO undertake a twice-yearly detailed review of the risks that the organisation faces. All the identified risks have been mitigated as far as possible and none remain unaddressed.

The principal risks faced by SYCF are the ongoing challenge of covering costs of operations with recurring and transitional income. This places pressure on the Trustees and staff team to deliver both our committed programmes and initiatives as well as pursuing opportunities in support of our charitable objectives, all with a view to revenue generation to assist in closing the funding gap.

The other major risk is the loss of any member of staff, each one of whom is key to the activities of SYCF. This is monitored on an ongoing basis by the Trustees and more specifically by SYCF’s Executive Committee. The Risk Management Register was last reviewed by Trustees in December 2022.

The aim of the Trustees of SYCF is to mitigate the risks of major income fluctuation by holding an appropriate level of reserves.

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Achievements and performance

a. Main achievements of the Charity

Overall, SYCF was involved in delivering £1,586,844 in grant support to community groups and individuals during the year. Of this, £183,821 came from National Sources (UKCF funds), £458,420 came from Statutory bodies, £81,515 came from Disaster funds and £863,088 came from local businesses, philanthropists and trusts.

Grants paid out during the year are summarised geographically as follows:

Barnsley
Doncaster
Rotherham
Sheffield
Outside South Yorkshire
Sub total
Returned grants
Total		 2022
£
%

197,643 12
236,534
15
238,400
15

780,740
48

166,252
10

1,619,569
100

(32,725)

1,586,844
 2021
£
%
309,734
16
381,555
20
310,560
16
861,296
45
49,132
3
1,912,277
100
(1,322)
1,910,955

Returned grants represent repayment from organisations which, for a variety of reasons, were unable to proceed with the project for which a grant had been made. The incidence of such repayments was exceptionally high this year.

The Endowment funds under management by SYCF as at 30 September 2022 were valued at £12,080,615 (2021: £13,368,259).

b. Fundraising

SYCF does not generally engage in public fundraising but is involved in activities to build its endowment and other funds to finance its grant making programmes. Our approach is to publicise our mission, objectives and activities together with our methodologies for achieving those objectives. We engage with individuals and businesses, who wish to support and contribute towards our mission.

In support of our philanthropy activities, we continued virtual ‘Seeing Is Believing’ events, which have proved to be a powerful tool in closing the gap between the boardroom and the community. In partnership with the High Sheriff of South Yorkshire, the first Seeing is Believing visit showcased how community organisation In2change is working towards tackling crime and removing barriers to employment for young people across South Yorkshire. The second Seeing is Believing visit and SY100 event contextualised climate change for South Yorkshire and demonstrated what the different players in the South Yorkshire community are doing in response to climate change. Visits included Regather, Regather Farm, Sheffield Organic Growers and Heeley City Farm.

By showcasing community organisations and the amazing work they undertake to a select group of senior business leaders, we can use the power of experiential learning to inspire and challenge the participants.

We researched and produced our Vital Signs 2021 report which was launched at an event in collaboration with the University of Sheffield and attended by 48 attendees. This Vital Signs report provides a thought-provoking snapshot of the current facts and priorities of the South Yorkshire Community. We want to respond to the crisis and support our communities with targeted interventions where they are most needed. We have been directing our grant giving to support these identified priorities; Crime and Safety, Disadvantage and Inequality, Work and

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Achievements and performance (continued)

the Local Economy and Mental Health. All these major challenges for society today are intrinsically linked and we wanted to support communities holistically. We launched an Employment and Employability themed programme called Moving on Up at the event, a pilot 3 year multi-year funding programme. This programme aimed to inspire the next generation by helping remove barriers to employment by connecting young people with opportunities to engage with business and employers.

c. Other notable activities during the year

As part of our ambition to be a sector leader in the region, we set up, in partnership with the National Lottery Community Fund, the South Yorkshire Funders Group, which now meets bi-monthly. A themed session is due to be held on arts and culture in October 2022. We have secured the contract to carry out the evaluation of the Volunteering Futures Programme led by Bassetlaw CVS. This is a 3-year programme promoting volunteering opportunities to young people within Bassetlaw and Doncaster.

We published our fourth Vital Signs Report, which looks at a health check of South Yorkshire's social needs, highlighting mental health, worklessness, deprivation and community cohesion as the top four issues for South Yorkshire's residents.

During 2021/22 we have developed a close working relationship with the South Yorkshire Combined Mayoral Authority, the new Integrated Care Partnership and System and the University of Sheffield. We are working with the University of Sheffield on a series of workshops for community groups to develop their evaluation skills.

During the year the South Yorkshire Charity Mentors has extended its reach; there are now seven live mentoring relationships, with 28 mentors on board, who have volunteered their time.

SYCF had the first grants awards round of the new thematic programme called ‘Moving On Up’, working to support community groups who deliver services to those young people 14-30, who are the furthest away from the labour market.

We gave out £1,619,569 in grants to over 300 community groups supporting 240,000 beneficiaries.

SYCF carried out a range of research projects for the Integrated Care System (ICS) during 2021/22 and have developed a strong collaborative relationship with the ICS and ICB.

d. Financial Review

The financial year under review has seen an increase in funds of £3,435 before investment losses of £1,222,160, resulting in an overall decrease in funds of £1,218,725.

We maintained our ongoing endeavours to grow both the Endowment and Restricted Funds under management which underpin our grant making and continued the management of a variety of grant making programmes. SYFAB has continued to secure training and consultancy income and to make a positive financial contribution. As always, costs were tightly controlled, and some expenditure was focussed on revenue generating activities. One-off non-recurring costs were incurred in relation to our relocation to High Green.

We were able to distribute nearly £1.6m in grants, a small reduction from the previous year which included the final elements of the flood and Covid relief funding. It is, however, a substantial increase on previous years distribution prior to 2019.

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Achievements and performance (continued)

Whereas the activities for the last two years included the final stages of grant programmes responding to the November 2019 flooding in South Yorkshire and the Covid-19 pandemic, the current year was rather more of a normal one with a broad range of activities and programmes. Most notable were research work for the CCG, the ICS green social prescribing grants and the South Yorkshire Mayor’s Health & Wellbeing Fund. In addition, we secured a very welcome resilience grant from Sheffield City Council to assist in underpinning our work with South Yorkshire communities in need.

Even after incurring the one-off non-recurring costs of our office move, from the myriad of activities undertaken in the year, we were able to generate a welcome surplus on our unrestricted reserves, our operations account.

Once again, we faced a challenging financial environment at the year's outset, so achieving a surplus is a considerable achievement. The CEO and her team are to be congratulated on the achievement of a financial result so significantly better than originally forecast.

Income

Total income for the year was £2,273,917 compared with £1,911,342 in the previous year. Endowment income for the year comprised £65,080 from donors and investment income of £41,342. Restricted fund income for the year was £1,736,309. This comprised £359,073 of investment income, £546,502 from flow through funds, £680,399 from Statutory bodies, £2,027 in response to floods and £148,308 from mainly UKCF programmes. In addition, SYCF generated £431,186 unrestricted income to fund its general charitable activities, the largest proportion of which was cost contributions for the management of funds and projects. We have benefitted from some donations and our ongoing supporters programme, SY100, has continued to make a noteworthy contribution. Investment income was £83,787.

Expenditure

Total expenditure for the year was £2,270,482 compared with £2,618,749 for the previous year. The cost of raising funds amounted to £83,549 (2021: £96,377), investment management fees were £41,268 (2021: £40,984) and governance costs were £36,717 (2021: £41,450). £1,729,931 was defrayed on charitable activities (2021: £2,090,059) of which £1,586,844 (2021: £1,910,955) was paid out in grants.

After taking into account losses on investment assets of £1,222,160 (2021: gains £1,735,593), the net decrease in funds for the year was £1,218,725 (2021: net increase of £1,028,186).

After this net decrease, total funds carried forward are £13,612,769 of which unrestricted funds are £402,713, restricted funds are £1,129,441 and endowment funds are £12,080,615.

e. Investments

Investment Policy

SYCF delegates day to day powers of investment to Investec Wealth & Investment (‘Investec’), professional fund managers, who manage the charity’s investment portfolio within pre-determined parameters of asset class and risk.

The overall objectives are to generate income to enable SYCF to carry out its grant making consistently year by year (with due and proper consideration for future needs) and to maintain and (if possible) enhance the value in real terms of the invested funds while they are retained. The criteria applied are a balance of income generation and capital growth, a medium risk profile and a discretionary mandate. The total income target is currently £475,000 per annum.

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Achievements and performance (continued)

The objectives are to be achieved by investing in a broad range of fixed interest securities, equities, and collective investment funds, all of which are tradeable on recognised investment exchanges. Part of the portfolio is invested in funds managed by CCLA, the selection of which is advised on by Investec. This arises from an obligation under the now closed Community First programme.

The policy contains a requirement to have consideration to ethical, social and governance issues when investing, with a small number of sectors specifically prohibited.

Markets

In the year to the end of September 2022, financial markets were dominated by inflationary pressures. These were initially triggered by the supply chain disruption resulting from Covid and then increased by Russia’s invasion of Ukraine with a pronounced impact on energy prices. Investors gradually realised that Central Banks were fully committed to stemming inflationary pressures through higher interest rates and were prepared for economies to suffer recessionary conditions if necessary. Their messaging to markets indicated that not only might rates have to be raised further than previously signposted but that they might need to stay at those elevated levels for some time even in the face of an increased likelihood of recession. After the rapid acceleration in inflationary pressures that prompted Central Bankers to adopt a more hawkish tone, recent months have contained fewer unpleasant surprises on inflation, although consumer prices have continued to move higher.

In the face of rising cost pressures and interest rates, the consensus forecast for global economic growth for the year has deteriorated but remains around 3.1%. However there has been a much sharper decline in expectations for next year (2022/23), now centring on 2.3% compared with a consensus of about 3.5% only a few months ago, largely resulting from materially higher interest rates for most of the developed world. Against this backdrop, most of the world’s major stock markets have posted losses in the year. The headline US index was down over 15% and Asian and Emerging markets lost between one quarter and one third of their value. The FTSE 100 was among the best performing global indices, largely because of weakness in Sterling against the US dollar and Euro, a factor which also helped to shield UK holders of overseas assets more generally.

Portfolio

In the year under review, the portfolio returned -6.4% on a total return basis, compared with the benchmark which returned -6.7%. An under performance from the UK equities (largely a result of no exposure to oil & gas companies) was counteracted by an outperformance from the overseas equities. Other asset classes have tended to struggle, with commercial property assets particularly hard hit. One notable feature of the reporting period was the poor performance of fixed interest assets (bonds) which struggled in the face of rising inflation and interest rates. They were among the poorest performing assets held by the Charity, declining by almost 15%, although faring significantly better than fixed interest markets more generally which declined by over 23% as measured by the UK government bond index.

The overall net losses on investments, both realised and unrealised, were £1,222,160 (2021: gain £1,735,593). The income generated in the year was £484,202 (2021: £433,095).

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

At the balance sheet date, the total funds of SYCF were £13.6m. These comprise, £12.1m in endowment funds (of which £6.7m was permanent endowment and not available for distribution and £5.4m was expendable endowment and available for distribution), £1.1m in restricted funds (available for distribution but only for the purposes specified by the donor) and £0.4m of unrestricted reserves (the ‘free reserves’ of the charity and available for and in support of its operational activities).

Being a major grant making charity operating in South Yorkshire to benefit communities in need, SYCF is required to establish and maintain its own operational resources to enable it to fulfil its charitable objectives. To support and maintain these operational resources necessitates SYCF retaining financial reserves to meet its ongoing expenditure commitments. This enables us to operate throughout the peaks and troughs of programme related funding.

As referred to in the Risk Review section of this report, SYCF faces ongoing challenges in endeavouring to ‘balance the books’ on its operational account. The levels of ‘near certain’ income and a tightly configured cost base suggest a structural deficit in the order of £100k to £150k per annum which then sets the income raising target for the year. In almost all recent years, this funding gap has been eliminated by the occurrence of revenue generating grant and activity programmes. Nevertheless, the Trustees are of the opinion that reserves should be retained to cover the potential gap for years where such programmes do not arise. They have evaluated this at two years (a period considered of sufficient length for the peaks and troughs of available funding to even out) at the mid-range level giving a reserve requirement of £250k.

In addition, the Trustees are conscious they have a responsibility for seeking income generating opportunities but recognise this may necessitate some form of investment. They have evaluated this at two such opportunities of £50k giving a reserves requirement of £100k. Such revenue generating opportunities would assist in closing any funding gap.

Therefore, the total target level of reserves set by the Trustees is £350k.

The actual reserves at the end of the financial year were £403k, representing a surplus of £53k above the target level. As referred to above, the financial climate for SYCF remains challenging. The Trustees are therefore comfortable with a c15% surplus of reserves above target recognising that this results solely from an exceptionally favourable year in financial terms in 2019-20. In forming this view, they have noted the apparently reducing number of income generating opportunities at the current time and recognised their agreed commitment to a number of ‘investments’ in projects to support income generation.

In this context, they continue to identify potential income generating activities and pursue those considered to be most beneficial and likely to succeed. If they were all successful, it should be possible to maintain the level of reserve around the target level. However, they recognise that these initiatives will take time to bear fruit.

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

c. Plans for the Future

Funds available for distribution continue to reduce from Central Government and are even less accessible. SYCF is always very aware of the lack of resources available to community groups in South Yorkshire, particularly those small community groups often run and managed by volunteers. The Trustees are committed to increasing the endowment funds so that support of local communities can continue into the future. Building the endowment is one of our five Strategic Objectives going forward and SYCF are looking at our current offer to donors to look at widening the types of funds available. We will continue to look to access further funds to distribute in grant making. This will be done in the context of a balanced budget with an eye to continuing to increase reserves as the opportunity arises.

SYCF is also committed to developing our Vital Signs reports. Our next three-year review document will be published in 2024. SYCF see this as an integral and significant part of developing our focus on local needs and social impact. The evidence provided by Vital Signs research will drive SYCF’s work when developing new themed grant programmes.

SYCF started its recruitment of new Trustees to the Board to ensure the filling of skills gaps on the board and to succession plan for future Trustees who will be coming to the end of their term of office. The recruitment is being driving by a full skills audit of current board members and looking towards what skills we need going forward to address the challenges of increasing philanthropic giving across South Yorkshire.

There are a number of initiatives and programmes that SYCF are and will be involved in going forward that will impact for future financial years:

• We will continue to build the valuable strategic partnerships and collaborations that we have developed. This has increased the profile of SYCF within the region as a significant local funder.

• A review of our staffing resources to address future work priorities based on our 5 year Strategic Plan.

• We are developing our marketing and communications to ensure that we are communicating our key messages about our work to the right audiences within deprived communities in South Yorkshire. We will be reviewing our website during 2023 to make it more accessible and intuitive. This includes giving recognition to community groups, who are doing such invaluable work within our communities.

• We will be using the feedback and results of the Quality Accreditation version 5 process to further improve our strategic planning as well as our continuous learning and sharing of good practice between other community foundations within the UKCF Network.

• SYFAB will be continuing to develop its online training packages and training aimed specifically at disadvantaged communities in South Yorkshire as well as investigating if its services and expertise can be utilised more widely across the UKCF Network and to other organisations.

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

• We have embraced new ways of working and the staff team have adopted a more agile way of working going forward. This has proved so far to be a very effective and efficient way of delivering SYCF’s services.

• Continuing to support the SY Charity Mentors initiative (SYCM) in January 2022. Several successful mentoring relationships have been set up. The Scheme has to date attracted 28 volunteer mentors.

Structure, governance and management

a. Constitution

South Yorkshire Community Foundation Limited is registered as a charitable company limited by guarantee and was set up by a Trust deed.

b. Methods of appointment or election of Trustees

The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' 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. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Auditors

In accordance with s485(4) of the Companies Act 2006, a resolution to re-appoint Shorts will be proposed at the next Annual General Meeting.

Approved by order of the members of the board of Trustees on 28 March 2023 and signed on their behalf by:

Professor Chris Booth-Mayblin Chair

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

Opinion

We have audited the financial statements of South Yorkshire Community Foundation Limited (the 'charitable company') for the year ended 30 September 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded 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 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual 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 inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Page 21

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (CONTINUED)

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the Charitable Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (CONTINUED)

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.

Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (CONTINUED)

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 Auditors' 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Howard Freeman BSc FCA (Senior Statutory Auditor)

for and on behalf of

Shorts

Chartered Accountants Statutory Auditor Cedar House 63 Napier Street Sheffield South Yorkshire S11 8HA

28 March 2023

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Note
Income and endowments
from:
Donations and legacies
Charitable activities
Investments
Other income
Total income and
endowments
4
Expenditure on:
Raising funds
Charitable activities
Investment management fee
Total expenditure
5
Net income/(expenditure)
before transfers
Transfers between funds
Other recognised
gains/(losses):
Gains/(losses) on
investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2022
£
47,398
299,368
83,787
633
431,186
83,549
334,019
50
417,618
13,568
-
(1,370)
12,198
390,515
12,198
402,713		 Restricted
funds
2022
£
32,209
1,345,027
359,073
-
1,736,309
-
1,729,931
-
1,729,931
6,378
50,343
-
56,721
1,072,720
56,721
1,129,441		 Endowment
funds
2022
£
65,080
-
41,342
-
106,422
-
81,715
41,218
122,933
(16,511)
(50,343)
(1,220,790)
(1,287,644)
13,368,259
(1,287,644)
12,080,615		 Total
funds
2022
£
144,687
1,644,395
484,202
633
2,273,917
83,549
2,145,665
41,268
2,270,482
3,435
-
(1,222,160)
(1,218,725)
14,831,494
(1,218,725)
13,612,769		 Total
funds
2021
£
31,041
1,419,295
433,095
27,911
1,911,342
96,377
2,481,388
40,984
2,618,749
(707,407)
-
1,735,593
1,028,186
13,803,308
1,028,186
14,831,494

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 28 to 60 form part of these financial statements.

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 07545536

BALANCE SHEET AS AT 30 SEPTEMBER 2022

Note
Fixed assets
Tangible assets
8
Investments
9
Current assets
Debtors
10
Short term deposits
Cash at bank and in hand
Creditors: amounts falling due within one
year
11
Net current assets
Total net assets
Charity funds
Endowment funds
18
Restricted funds
17
Unrestricted funds
Total funds		 140,902
89,095
1,689,317
1,919,314
(314,286)		 2022
£
526
12,007,215
12,007,741
1,605,028
13,612,769
12,080,615
1,129,441
402,713
13,612,769		 291,376
226,827
1,710,049
2,228,252
(635,820)		 2021
£
2,628
13,236,434
13,239,062
1,592,432
14,831,494
13,368,259
1,072,720
390,515
14,831,494

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on 28 March 2023 and signed on their behalf by:

Professor Chris Booth-Mayblin

(Chair of Trustees)

Rick Plews (Treasurer)

The notes on pages 28 to 60 form part of these financial statements.

Page 26

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2022

Note
Cash flows from operating activities
Net cash used in operating activities
12
Cash flows from investing activities
Investment income
Proceeds from the sale of investments
Purchase of fixed asset investments
Net cash provided by investing 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
13		 2022
£
(649,725)
484,202
934,635
(927,576)
491,261
(158,464)
1,936,876
1,778,412		 2021
£
(776,098)
433,095
847,194
(678,809)
601,480
(174,618)
2,111,494
1,936,876

The notes on pages 28 to 60 form part of these financial statements

Page 27

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

1. General information

South Yorkshire Community Foundation Limited (SYCF/the Charitable Company) took over the activities, assets and liabilities of South Yorkshire Community Foundation, The Deakin & Withers Trust and the Samuel Roberts Trust (the unincorporated charities) with effect from 1 October 2011 by an agreement and scheme of arrangement approved by the Charity Commission.

SYCF was established by a Declaration of Trust dated 29 May 1986 and is a registered Charity, number 1140947. SYCF is a company limited by guarantee (company number 07545536). The registered office is The Campus (High Green Development Trust), Pack Horse Lane, High Green, Sheffield, S35 3HY.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

South Yorkshire Community Foundation Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are presented in pounds Sterling (£).

2.2 Going concern

The financial statements have been prepared on the going concern basis. The Trustees have assessed the going concern position of SYCF and have no reason to believe that there is a material uncertainty that would affect the ability of the organisation to continue as a going concern for the forseeable future. The Trustees consider the forseeable future to be 12 months from the date that the financial statements are signed.

A ‘baseline’ forecast and income scenarios have been prepared. The ‘baseline’ forecast reflects income which is ‘guaranteed’ (virtually certain) and expenditure on the currently configured fullservice cost basis. This is viewed as a ‘worst case position’. The income scenarios reflect potential income sources based on current information (not available when the 'baseline' forecast was prepared) on opportunities based on a range of probabilities. All these income increase scenarios improve the financial outturn from the ‘baseline’ forecast. None of the forecasts prepared indicate an overwhelming permanent impact on SYCF’s status as a going concern, particularly in light of the expendable endowment funds referred to below

At the balance sheet date, unrestricted reserves were £403,000, of which £390,000 was held in ready access bank balances. In addition, there are certain expendable endowment funds, standing at £434,000 at the balance sheet date, which would be available to underpin operations for the medium term should the need arise.

Given the level of available reserves and liquid resources, based on the forecast and scenarios the Trustees consider SYCF will be able to continue operations on the current basis for the foreseeable future (as defined above).

Page 28

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Charitable Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

There are two types of endowment funding received by SYCF; Expendable Endowment and Permanent Endowment. The endowment funds are combined in a unitised investment portfolio.

Expendable Endowment Funds

Expendable endowment funds are those which arise from legacies and donations where the donor has made no specific condition that the Funds are to be held as Permanent Endowment Funds.

Permanent Endowment Funds

i) Invididuals and organisations donate funds to SYCF and the investments represented by such funds generate income and dividends, which, after the costs of administration have been deducted, are distributed as grants in accordance with the wishes of the individual donors. The capital is not distributed.

ii) Individual funds may be set up for amounts in excess of £25,000. The General Endowment Fund includes legacies and donations where the donor has not specifically requested a named fund together with smaller donations.

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Other income is recognised in the period in which it is receivable and to the extent of the service has been completed.

SYFAB training and consultancy income is recognised as and when the service is provided.

Page 29

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Charitable Company to raise funds for its charitable purposes and includes costs of all fundraising activities, events and noncharitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charitable Company's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Office equipment - 25% straight line

The Trustees have agreed that a single item or a collection of related items totalling £1,000 (e.g. a computer network) or that passes a longevity test of three or four years be considered as a capital item.

Page 30

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

2. Accounting policies (continued)

2.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities .

2.7 Financial instruments

The Charitable Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value (including transaction costs except in the initial measurement of financial assets and liabilities that are measured at fair value through profit or loss) and subsequently measured at amortised cost using the effective interest method. Investments, though classified as basic financial instruments, are measured at fair value through profit or loss.

2.8 Operating leases

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

2.9 Pensions

The Charitable Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charitable Company to the fund in respect of the year.

2.10 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charitable Company and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charitable Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Endowment funds represent those assets which are held long term on trust by the Charitable Company for the benefit of SYCF.

3. Critical accounting estimates and areas of judgement

Preparation of the financial statements requires management to make significant judgements and estimates. There are no such items in these financial statements.

Page 31

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

4. Total income

Unrestricted
funds		 Restricted
funds		 Endowment
funds		 Total
2022		 Total
2021
Income £ £ £ £ £
Donations
Friends and members schemes 19,815 - - 19,815 17,407
Donations and legacies 27,583 32,209 65,080 124,872 13,634
47,398 32,209 65,080 144,687 31,041
Investments
Investment income 74,741 359,073 41,342 475,156 433,095
Bank interest 9,046 - - 9,046 -
83,787 359,073 41,342 484,202 433,095
Charitable activities
Funds for distribution as
grants
National Campaign - 148,308 - 148,308 127,386
Statutory - 573,073 - 573,073 338,206
Individual and corporate - 546,502 - 546,502 452,303
Disaster - 2,027 - 2,027 149,498
- 1,269,910 - 1,269,910 1,067,393
Management fees
Statutory 34,960 - - 34,960 26,661
National Campaign 11,865 - - 11,865 12,036
Individual and corporate 38,651 - - 38,651 46,228
Disaster - - - - 9,185
CCG 48,117 - - 48,117 21,000
SYCF Endowment funds 83,083 - - 83,083 89,422
Social Enterprise Exchange 30,271 - - 30,271 36,136
Other 8,000 - - 8,000 -
Other trusts managed by SYCF 25,000 - - 25,000 25,000
279,947 - - 279,947 265,668
Training courses / consultancy 8,462 - - 8,462 9,932
Statutory - 75,117 - 75,117 76,302
Grants 10,959 - - 10,959 -
19,421 75,117 - 94,538 86,234
Other income
Grant income - - - - 22,815
Miscellaneous 633 - - 633 5,096
633 - - 633 27,911
Total income 431,186 1,736,309 106,422 2,273,917 1,911,342

Page 32

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

5.
Total expenditure		 Raising
funds		 Governance Charitable
activities		 Investment
costs		 Total
2022		 Total
2021
Direct costs £ £ £ £ £ £
Salaries and associated
costs		 50,021 19,482 196,363 - 265,866 252,443
Office costs 5,342 1,657 29,229 - 36,228 36,819
Activity expenses 12,213 702 46,329 - 59,244 47,332
Professional fees 11,792 48 740 - 12,580 12,675
Auditors'remuneration - 13,200 - - 13,200 15,450
Apportioned support
costs
Salaries and associated
costs		 3,494 1,361 18,839 - 23,694 27,116
Office costs 374 145 2,011 - 2,530 3,036
Activity expenses 313 122 1,689 - 2,124 1,480
Professional fees - - - 50 50 49
83,549 36,717 295,200 50 415,516 396,400
Depreciation - - 2,102 - 2,102 2,103
Total unrestricted
costs		 83,549 36,717 297,302 50 417,618 398,503
Grants distributed (net of
returned grants)		 - - 1,586,844 - 1,586,844 1,910,955
Investment management
fees		 - - - 41,218 41,218 40,935
Endowment management
fees		 - - 81,715 - 81,715 89,252
Other management fees - - 25,000 - 25,000 25,000
Returned to funder - - 10,761 - 10,761 77,802
Sheffield City Council
Community Covid
Recovery Grant		 - - 32,209 - 32,209 -
SYFAB salaries - - 75,117 - 75,117 76,302

Support Costs

Support costs represent expenditure by SYCF, other than grants, in direct support of its charitable objects and have been allocated based on expenditure that can be directly attributed and on staff hours. Raising funds - 15%, Governance - 6%, Costs of Charitable Activities - 80%.

Weekly staff hours analysis

Raising funds Governance costs Charitable activities Raising funds Governance costs Charitable activities Raising funds Governance costs Charitable activities Total
Staff hours 75
29
 402
 506
Support hours 1 1 9
 11
Total 76 30 411
 517

Page 33

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

6. Staff costs

Wages and salaries
Social security costs
Employer's pension contributions		 2022
£
327,581
23,415
13,681
364,677		 2021
£
318,361
23,321
14,179
355,861

The average number of persons employed by the Company during the year was as follows:

2022 2021
No. No.
Employees 15 15

The average headcount expressed as full-time equivalents was 13.4 (2021: 13.1).

No employee received remuneration amounting to more than £60,000 in either year.

The key management personnel of the charity consist of Chief Executive Officer, Head of Philanthropy, Head of Grants, Head of SYFAB, Grant Officers, Grants Administrator, SEE Fund Manager, Barnsley Development Worker, Training Manager, Head of SYFAB, Business Services Manager, Philanthropy Coordinator, Finance Manager, and Communications and Marketing Coordinator. The total remuneration of the key management personnel was £362,913 (2021: £350,661).

7. Trustees' remuneration and expenses

During the year ended 30 September 2022, no Trustees received any remuneration or other benefits (2021 - £NIL).

During the year ended 30 September 2022, no Trustee expenses have been incurred (2021 - £NIL).

Page 34

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

8. Tangible fixed assets

Cost
At 1 October 2021
Disposals
At 30 September 2022
Depreciation
At 1 October 2021
Charge for the year
On disposals
At 30 September 2022
Net book value
At 30 September 2022
At 30 September 2021
SYCF's office equipment is used at its offices to support the work of its staff.		 Office
equipment
£
13,951
(5,541)
8,410
11,323
2,102
(5,541)
7,884
526
2,628

Page 35

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

9. Fixed asset investments

Valuation
At 1 October 2021
Additions
Disposals
Revaluations
At 30 September 2022
Net book value
At 30 September 2022
At 30 September 2021
Historical cost at 30 September 2022 was £9,578,090 (2021: £9,268,537).
At 30 September 2022 the following investments exceeded 5% of the market value:
JP Morgan Fund Icvc JPM Us Eq Inc C2 GBP Net Di; £855,800
Vanguard Funds Plc S&P 500 Ucits Etf Inc USD Dis; £1,121,198		 Listed
investments
£
13,236,434
927,576
(934,635)
(1,222,160)
12,007,215
12,007,215
13,236,434

The difference between the market value and the historic cost of investments is largely held in Endowment Funds.

10. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2022
£
3,160
128,880
8,862
140,902		 2021
£
2,857
273,681
14,838
291,376

Page 36

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

11. Creditors: Amounts falling due within one year

Trade creditors
Other creditors
Accruals and deferred income		 2022
£
2,892
262,736
48,658
314,286		 2021
£
9,775
587,614
38,431
635,820

12. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Investment income
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash used in operating activities		 2022
£
3,435
2,102
(484,202)
150,474
(321,534)
(649,725)		 2021
£
(707,407)
2,103
(433,095)
(164,762)
527,063
(776,098)

13. Analysis of cash and cash equivalents

Unrestricted cash balances
Restricted cash balances
Short term investments
Total cash and cash equivalents		 2022
£
410,267
1,279,050
89,095
1,778,412		 2021
£
383,080
1,326,969
226,827
1,936,876

Unrestricted cash balances represents the amount available to fund the operations of the Charitable Company.

Page 37

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

14. Analysis of changes in net debt

Cash at bank and in hand
Liquid investments		 At 1
October
2021
£
1,710,049
226,827
1,936,876		 Cash flows
£
(20,732)
(137,732)
(158,464)		 At 30
September
2022
£
1,689,317
89,095
1,778,412

15. Financial instruments

2022 2021
£ £
Financial assets
Investments carried at fair value 12,007,215 13,236,434

Investment valuations are advised by Investec and CCLA. Investments are valued on the basis of mid-market prices from the appropriate Stock Exchange or from the relevant fund manager. Where fund managers publish a single price (ie. for OEICS) the valuation has been prepared on the basis of the published price. The prices of financial instruments subject to low liquidity due to their specific financial charateristics (ie. Private Equities) are evaluated on a best endeavours basis.

Page 38

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

16. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2022
£
Tangible fixed assets
526
Fixed asset investments
12,853
Current assets
439,139
Creditors due within one year
(49,805)
Total
402,713		 Restricted
funds
2022
£
-
-
1,384,282
(254,841)
1,129,441		 Endowment
funds
2022
£
-
11,994,362
95,893
(9,640)
12,080,615		 Total
funds
2022
£
526
12,007,215
1,919,314
(314,286)
13,612,769

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2021
£
2,628
14,273
419,591
(45,977)
390,515		 Restricted
funds
2021
£
-
-
1,574,459
(501,739)
1,072,720		 Endowment
funds
2021
£
-
13,222,161
234,202
(88,104)
13,368,259		 Total
funds
2021
£
2,628
13,236,434
2,228,252
(635,820)
14,831,494

Page 39

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

17. Restricted Funds

The restricted funds of SYCF are distributed as grants throughout South Yorkshire and comprise the following unexpended balances of donations and investment income held on trust to be applied for a specific purpose

Total as at 30
September
2021		 Total as at 30
September
2021		 Investment
income		 Income from
returned
grants		 Grant
expenditure		 SYCF
management
fees		 Transfers /
other
expenditure
Total as at 30
September
2022
Arthur Lee Charitable Fund 8,943 3,182 - (2,000) - -
10,125
Yorkshire & Lancaster (Barnsley) Fund 1,620 9,094 - (9,092) - -
1,622
Doncaster Chamber Benevolent Fund 314 316 277 (854) - -
53
Doncaster Community Endowment Fund 533 3,451 - (2,905) - -
1,079
Deakin & Withers Fund 234,073 69,372 - (35,550) (25,000) -
242,895
George & Clara Ann Hall Fund 3,145 2,556 - (3,000) - -
2,701
General Fund 2 - 1 - - -
3
The Hallamshire Battalion Fund 691 733 - (690) - -
734
Heald Head Cottage Charitable Fund 3,039 3,675 - (2,570) - -
4,144
Henry Boot Fund 311 1,680 - (1,711) - -
280
Hepworth Fund 819 1,695 - (2,232) - -
282
High Sheriff of South Yorkshire Fund 1 - - (1,149) - 1,148
-
Hugh & Ruby Sykes Fund 808 1,989 - (1,220) - -
1,577
J P Morgan Fleming Fund 333 1,558 - (1,578) - -
313
Keepmoat Fund 1,104 1,136 - (2,012) - -
228
John Laing Fund 557 2,609 - (2,643) - -
523
Lacewood Trust Fund 12,834 4,370 - (3,000) - -
14,204
Carried Forward 269,127 107,416 278 (72,206) (25,000) 1,148
280,763

Page 40

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

September
2021		 Investment
income		 returned
grants		 Grant
expenditure		 management
fees		 other
expenditure		 September
2022
Mrs Audrey May Hampshire Lowe Fund 4,197 6,200 - (1,007) - - 9,390
Investec Wealth & Investment Fund 692 727 - (1,252) - - 167
Rotherham Community Fund 480 2,255 - (1,395) - - 1,340
Pedder Family Charitable Fund 6,806 11,504 - (16,368) - - 1,942
Sir Samuel Osborn Fund 14,813 8,641 - (6,326) - - 17,128
Sir George Franklin Fund 3,796 2,240 - - - - 6,036
The Abaculi Fund 960 2,542 - 3,000 - - 6,502
The Hunter Community Fund 162 894 - (907) - - 149
The Sheffield Benefactors Fund 9,154 4,895 - (2,000) - - 12,049
The Sheffield Community Fund 422 518 - (778) - - 162
The Barnsley Community Fund 1,412 4,094 - (4,218) - - 1,288
South Yorkshire Outdoor Pursuits Trust Fund 899 3,701 - (3,754) - - 846
Tinsley Relief in Sickness Fund 1,018 3,181 - (3,562) - - 637
Total funds with permanent endowments 313,938 158,808 278 (110,773) (25,000) 1,148 338,399

Page 41

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

17. Restricted Funds (continued)

Total as at 30
September
2021		 Total as at 30
September
2021		 Income from
donations
and grants		 Income from
returned
grants		 Grant
expenditure		 Transfers /
other
expenditure
Total as at 30
September
2022
AESSEAL Lieutenancy Fund - 92,000 - - -
92,000
Blackstone Edge Wind Farm Community Fund 26,576 9,533 - (34,864) -
1,245
Blackstone Edge Wind Farm Low Carbon 23,371 - - (3,000) -
20,371
Bramall Foundation Moving on Up - 46,000 - - -
46,000
Building Stronger Communities - 16,000 - (16,000) -
-
Cost of Living-South Yorkshire - 1,849 - - -
1,849
Cost of Living-Sheffield - 23,875 - (23,875) -
-
Harry Harpham Memorial Fund 306 - - (213) -
93
I love Sheffield Distribution Fund 213 - - (213) -
-
Loscar Wind Farm Community Fund 4,471 8,667 - (13,138) -
-
Marjorie Coote Old People's Charity Fund 24 - 1,450 (1,474) -
-
Moving on Up-General - 900 - - -
900
NHS Charities Together Fund 659 148,988 - (148,329) -
1,318
Office Friendly Community Fund - 791 - (690) -
101
Park Spring Wind Farm Community Benefits Fund 18,556 47,225 - (26,642) -
39,139
Paul Bloomfield MP Distribution Fund 39 - - - -
39
Social Enterprise Exchange (SSE) 14,225 45,786 - (47,571) 1,586
14,026
South Yorkshire Climate Action Fund - 6,650 - (3,500) -
3,150
South Yorkshire Resilience Fund 130,629 - - (129,843) -
786
Carried Forward 219,069 448,264 1,450 (449,352) 1,586
221,017

Page 42

�������������������� ������� � �� ������ � ����� �������

SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

September
2021		 donations
and grants		 returned
grants		 Grant
expenditure		 other
expenditure		 September
2022
SToRMS: The Dan McAllister Foundation Fund 3,772 975 - - - 4,747
Survival Guide 1,054 50 - (80) - 1,024
Tween Bridge Wind Farm Community Benefits Fund 86,076 71,088 7,500 (28,708) - 135,956
Violence Reduction Unit-Moving on Up - 22,500 - (22,500) - -
Volunteer Fund 10 - - - - 10
The Young People Health & Wellbeing Fund 3,207 3,625 - (6,500) - 332
Total Flowthrough Funds 313,188 546,502 8,950 (507,140) 1,586 363,086

Page 43

�������������������� ������� � �� ������ � ����� �������

SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

17. Restricted Funds (continued)

Total as at 30
September
2021		 Total as at 30
September
2021		 Investment
income		 Income from
returned
grants		 Grant
expenditure		 Transfers /
other
expenditure
Total as at 30
September
2022
The AESSEAL Charitable Trust Grassroots Endowment Fund
for South Yorkshire		 22,152 - 9,711 (56,803) 45,414
20,474
Jackie Drayton Lord Mayor of Sheffield 2006/7 Grassroots Fund 294 533 - (738) -
89
Cutlers'Company Grassroots Fund 20,466 10,917 1,202 (8,005) -
24,580
The Doncaster Community Grassroots Fund 509 2,820 - (2,861) -
468
Employment Bond Grassroots Fund for SY 13,956 17,743 - (15,926) (1,586)
14,187
Anonymous Grassroots Fund for SY 4,916 1,884 - (6,486) -
314
Great Barnsley Grassroots Fund 287 377 - (601) -
63
Great Doncaster Grassroots Fund 160 888 823 (1,725) -
146
Great Rotherham Grassroots Fund 301 1,661 - (977) -
985
Great Sheffield Grassroots Fund 254 1,398 - (1,419) -
233
Hallamshire Battalion Grassroots Fund 828 4,589 - (3,489) -
1,928
Rotary Club of Hallam Grassroots Fund 171 947 - (961) -
157
Henry Boot Grassroots Fund 556 2,731 - (2,833) -
454
HSBC Grassroots Fund 1,424 911 - (2,183) -
152
The Samuel Roberts Trust Grassroots Fund 10,315 18,135 - (18,803) -
9,647
Hugh and Rugby Sykes Grassroots Fund 838 918 - (566) -
1,190
Investect Wealth & Investment Grassroots Fund 799 1,893 - (2,378) -
314
The Lloyd Grassroots Fund 861 1,114 - (1,790) -
185
Carried Forward 79,087 69,459 11,736 (128,544) 43,828
75,566

Page 44

�������������������� ������� � �� ������ � ����� �������

SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

September
2021		 Investment
income		 returned
grants		 Grant
expenditure		 other
expenditure		 September
2022
Loscar Wind Farm Community Grassroots Fund 15,734 5,349 - (9,243) - 11,840
Neil & Julie MacDonald Grassroots Fund 9,160 11,686 - (15,598) - 5,248
P & A Group Grassroots Fund 245 1,162 - (1,213) - 194
Senta Grassroots Fund for SY 2,052 2,161 - (3,856) - 357
South Yorkshire Grassroots Fund 118 194 - (279) - 33
South Yorkshire Open Forum Grassroots Fund 5,670 19,730 - (14,262) - 11,138
Trustee and Supporters Grassroots Fund 321 1,785 - (1,812) - 294
UK Steel Enterprise Grassroots Fund 1,894 5,348 - (6,354) - 888
Wilkinson Institution Grassroots Fund 8,743 8,587 - (10,093) - 7,237
William Cook Charitable Grassroots Fund 967 1,324 - (2,071) - 220
Total Funds with Grassroots Endowments 123,991 126,785 11,736 (193,325) 43,828 113,015

Page 45

�������������������� ������� � �� ������ � ����� �������

SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

17. Restricted Funds (continued)

Total as at 30
September
2021		 Total as at 30
September
2021		 Investment
income		 Grant
expenditure		 Transfers /
other
expenditure
Total as at 30
September
2022		 Transfers /
other
expenditure
Total as at 30
September
2022
The AESSEAL Charitable Community First Fund SY Wide 3,508 14,470 (448) - 17,530
AESSEAL CF B Fund-Expendable Capital Growth 2,103 4,292 (4,231) - 2,164
The Henry Boot Community First Fund 1,448 480 (2,165) 355 118
The Sheffield Association in Aid of the Adult Deaf Community First Fund for Sheffield 1,713 2,768 - - 4,481
SAAD CF B Fund-Expendable Capital Growth 2,724 1,017 - 2,043 5,784
The Doncaster Community Fund 131 574 (990) 424 139
Anonymous Community First Fund 2,484 174 (2,744) 129 43
R Children's Trust Community First Fund 5,975 657 (3,500) 487 3,619
Community First-South Yorkshire 315 465 (1,010) 343 113
William Cook CF B Fund-Expendable Capital Growth 1,078 1,364 (2,105) - 337
William Cook Charitable Community First Fund 1,808 7,060 (7,157) - 1,711
Total Funds with Community First Endowment 23,287 33,321 (24,350) 3,781 36,039

Page 46

�������������������� ������� � �� ������ � ����� �������

SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

17. Restricted Funds (continued)

Total as at 30
September
2021		 Total as at 30
September
2021		 Investment
income		 Income from
donations
and grants		 Income from
returned
grants		 Grant
expenditure		 SYCF
management
fees		 Transfers /
other
expenditure
Total as at 30
September
2022		 Transfers /
other
expenditure
Total as at 30
September
2022
David Price Charitable Fund* 3,371 2,799 - - (5,704) - - 466
Frank & Pat Carter Family Fund
Charitable Fund*		 1,794 1,960 - - (3,429) - - 325
Henry Boot Charitable Fund* 631 1,768 - - (2,105) - - 294
Mark Dransfield & Deborah Holmes
Charitable Fund*		 7,649 7,924 - - - - - 15,573
Sarah Beckett Charitable Fund* 2,834 3,108 - - (5,425) - - 517
The Bloomer Family Rotherham Fund* 4,577 4,444 - - (8,281) - - 740
The Gregory Family Rotherham Fund* 1,799 1,971 - - (3,441) - - 329
The Ken & Janet Cooke Charitable Fund* 2,203 2,183 - - (4,023) - - 363
The Marven Gardling Fund* 1,128 2,467 - - (3,185) - - 410
The Stanley Race Community Fund* 2,828 7,847 - - (9,371) - - 1,304
The Stanley Race Bursary Fund* 8,783 3,688 - - (3,500) - - 8,971
Total Philanthropy Catalyst
Endowment Funds		 37,597 40,159 - - (48,464) - - 29,292
Total General Funds 812,001 359,073 546,502 20,964 (884,052) (25,000) 50,343 879,831

Page 47

�������������������� ������� � �� ������ � ����� �������

SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

17. Restricted Funds (continued)

Total as at 30
September
2021		 Total as at 30
September
2021		 Income from
donations
and grants		 Income from
returned
grants		 Grant
expenditure		 SYFAB
expenditure		 Return to
funder		 Transfers /
other
expenditure
Total as at 30
September
2022		 Transfers /
other
expenditure
Total as at 30
September
2022
Covid-19-DCMS (NET & UKCF) 1,000 - - - - - - 1,000
Embedding the Voluntary Community and
Social Enterprise Sector		 - 8,333 - (8,333) - - - -
SHSC & VCS Mental Health Support Fund - 80,700 - (80,700) - - - -
South Yorkshire & Bassetlaw Green Social
Prescribing Programme		 - 484,040 1,000 (370,387) - - - 114,653
SCC Voluntary Sector Grant - 40,117 - - (40,117) - - -
Barnsley MBC - 35,000 - - (35,000) - - -
Sheffield City Council Community Covid
Recovery Grant		 - 32,209 - - - - (32,209) -
Total Public Sector Funds 1,000 680,399 1,000 (459,420) (75,117) - (32,209) 115,653
Let's Create Jubilee Fund - 113,308 761 (113,308) - (761) - -
Made by Sport 34,066 - - (34,066) - - - -
Tampon Tax - - 10,000 - - (10,000) - -
Wesleyan Foundation Fund 13,471 35,000 - (47,208) - - - 1,263
# iwill Fund 8,904 - - - - - - 8,904
Total National Campaign Fund 56,441 148,308 10,761 (194,582) - (10,761) - 10,167

Page 48

�������������������� ������� � �� ������ � ����� �������

SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

17. Restricted Funds (continued)

Total as at 30
September
2021		 Total as at 30
September
2021		 Investment
income		 Income from
donations
and grants		 Income from
returned
grants		 Grant
expenditure		 SYFAB
expenditure		 SYCF
management
fees		 Return to
funder		 Transfers /
other
expenditure
Total as at 30
September
2022		 Transfers /
other
expenditure
Total as at 30
September
2022
Flood Relief
(South
Yorkshire)
2019		 121,763 - 2,027 - - - - - - 123,790
Flood Relief -
National
Lottery
Community
Fund		 58,137 - - - (58,137) - - - - -
Covid-19 -
Local		 23,378 - - - (23,378) - - - - -
Total
Disaster
Funds		 203,278 - 2,027 - (81,515) - - - - 123,790
Total
Restricted
Funds		 1,072,720 359,073 1,377,236 32,725 (1,619,569) (75,117) (25,000) (10,761) 18,134 1,129,441

Page 49

�������������������� ������� � �� ������ � ����� �������

SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

17. Restricted Funds (continued)

Analysis of grants distributed by area (net of returned grants)

£
Barnsley 197,643
Doncaster 236,534
Rotherham 238,400
Sheffield 780,740
Outside South Yorkshire 166,252
Returned Grants (32,725)
1,586,844

Grants may be awarded in the financial year but not physically paid until the following year. The independent assessment panel may attach conditions to the grant that have to be met before payment is made.

General Funds - with Permanent Endowment

These are restricted funds comprising donations from individuals, corporations and trusts that are held as permanent endowment funds that are invested with Investec. The income generated is shown as Investment Income above and is distributed to communities across South Yorkshire in accordance with the wishes of the donor.

General Funds - without Permanent Endowment

These funds comprise donations from individuals, corporations and trusts specifically for distribution to community groups within South Yorkshire.

Grassroots Endowment Funds

These funds comprise donations from individuals, corporations and trusts and match funding provided by government through the Grassroots Grants Endowment programme. They are held as endowment and the income generated has been distributed in accordance with the criteria for the Grassroots Distribution Funds as set by the Office of the Third Sector (whose functions are now part of the government Department for Digital, Culture, Media & Sport).

Community First Endowment Funds

These funds comprise donations from individuals, corporations and trusts and match funding provided by government through the Community First Endowment programme. They are held as endowment and the income generated by the Community First Funds is distributed in accordance with the criteria for Community First as set by the Office of the Third Sector.

Philanthropy Catalyst Endowment Funds

These funds comprise donations from individuals, corporations and trusts specifically for distribution to community groups within South Yorkshire.

Page 50

�������������������� ������� � �� ������ � ����� �������

SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

Public Sector Funds

These funds are provided by public sector bodies to be distributed to South Yorkshire communities in line with specific programme aims. They include match funding provided by the government Department for Digital, Culture, Media and Sport towards our Covid-19 Response and Recovery and South Yorkshire Community Resilience programmes, and funding provided by the South Yorkshire Mayoral Combined Authority for the South Yorkshire Health and Wellbeing Mayoral Community Programme.

Also included here are the funds contributed by public sector partners to support the South Yorkshire Funding Advice Bureau (SYFAB): a part of the Foundation which provides voluntary groups with general advice, support, and information about funding. Sheffield City Council give a grant to support this activity with Sheffield based groups: it pays for staff time to give support to groups, helping them plan fundraising and running subsidised training sessions. Barnsley Metropolitan Borough Council pay a grant to pay for a worker based in Barnsley, who advises groups and runs events. Both grants also make a contribution towards running costs.

Disaster Funds

Flood Relief Funds

Created by generous local donations to our Flood Disaster Appeal, with match funding from the Ministry of Communities and Local Government and the National Lottery Community Fund, these funds awarded grants to households to relieve hardship caused directly or indirectly by the flooding in South Yorkshire in November 2019, and funded community organisations supporting the recovery and resilience of communities following floods. The remaining balance after the final grants were awarded in early 2021 is being held to kick start an appeal next time there is a disaster caused by flooding or another disaster affecting South Yorkshire.

Covid-19 Funds These funds are made up of generous donations from individuals, corporations and trusts, both directly to SYCF and via the National Emergencies Trust (NET) and UKCF, and are distributed to community organisations across South Yorkshire responding to and recovering from the Covid-19 pandemic.

National Campaign Funds

Made By Sport

Delivered on behalf of the Charity Made by Sport, this fund distributed grants to sports clubs in crisis as a result of Covid-19.

Wesleyan Foundation Fund

Delivered on behalf of the Wesleyan Foundation through the Heart of England Foundation. The fund aims to help Community Groups and Organisations that focus on health, social and education.

#iwill Fund (previously branded Youth Social Action Fund)

Delivered on behalf of the Big Lottery Fund and the Office for Civil Society, they have invested £2million this year to fund groups delivering local youth social action opportunities through the UK Community Foundations. Local fundraising is also a key part of the Youth Social Action programme. This fund’s aim is to increase the number of young people aged 10- 19 into volunteering.

Let's Create Jubilee Fund

Delivered on behalf of Arts Council England through the UK Community Foundation network. The Let’s Create Jubilee Fund was to support voluntary and community groups to develop creative and cultural activities as part of the Queen’s Platinum Jubilee celebrations in June 2022.

The fund was open to voluntary and community organisations with charitable aims and working towards a common goal which didn’t have to be solely based around arts and culture. This could include youth groups, parent/carer groups and volunteer organisations.

Page 51

�������������������� ������� � �� ������ � ����� �������

SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

18. Endowment Funds

Permanent Endowments
Total as at 30
September
2021		 Permanent Endowments
Total as at 30
September
2021		 Investment
income		 Transfer Investment
management
fees		 SYCF
management
fees 21/22
Net
movement in
market value
of investment
Total as at 30
September
2022		 SYCF
management
fees 21/22
Net
movement in
market value
of investment
Total as at 30
September
2022
Doncaster Chamber Benevolent Fund 10,294 - - (36) - (988)
9,270
The AESSEAL Charitable Trust Grassroots Endowment
Fund for South Yorkshire		 1,099,147 39,542 (45,414) (3,797) (11,353) (103,893)
974,232
Jackie Drayton Lord Mayor of Sheffield 2006/7
Grassroots Fund		 14,823 - - (51) (199) (1,410)
13,163
Cutlers'Company Grassroots Fund 303,902 - - (1,051) (4,071) (28,921)
269,859
Employment Bond Grassroots Fund for SY 493,905 - - (1,708) (6,615) (47,003)
438,579
Anonymous Grassroots Fund for SY 52,436 - - (181) (702) (4,991)
46,562
Great Barnsley Grassroots Fund 10,487 - - (36) (141) (997)
9,313
Great Doncaster Grassroots Fund 24,717 - - (85) (331) (2,352)
21,949
Great Rotherham Grassroots Fund 46,228 - - (160) (619) (4,399)
41,050
Great Sheffield Grassroots Fund 38,928 - - (135) (521) (3,704)
34,568
Henry Boot Grassroots Fund 76,030 - - (263) (1,018) (7,235)
67,514
HSBC Grassroots Fund 25,353 - - (88) (340) (2,412)
22,513
Loscar Wind Farm Community Grassroots 148,907 - - (515) (1,994) (14,171)
132,227
Neil & Julie MacDonald Grassroots Fund 325,312 - - (1,125) (4,357) (30,959)
288,871
P&A Group Grassroots Fund 32,353 - - (112) (433) (3,079)
28,729
Carried Forward 2,702,822 39,542 (45,414) (9,343) (32,694) (256,514)
2,398,399

Page 52

�������������������� ������� � �� ������ � ����� �������

SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

Investec Wealth & Investment Grassroots 52,688 - - (182) (706) (5,014)
46,786
Rotary Club of Hallam Grassroots Fund 26,374 - - (91) (353) (2,511)
23,419
Senta Grassroots Fund for SY 60,164 - - (208) (806) (5,725)
53,425
South Yorkshire Grassroots Fund 5,387 - - (19) (72) (511)
4,785
South Yorkshire Open Forum Grassroots Fund 549,213 - - (1,899) (7,356) (52,267)
487,691
Trustees and Supporters Grassroots Fund 49,694 - - (172) (666) (4,729)
44,127
UK Steel Enterprise Grassroots Fund 148,857 - - (515) (1,994) (14,165)
132,183
Wilkinson Institutional Grassroots Fund 239,034 - - (827) (3,202) (22,747)
212,258
The Samuel Roberts Trust Grassroots Fund 504,816 - - (1,746) (6,761) (48,041)
448,268
Hallamshire Battallion Grassroots Fund 127,753 - - (442) (1,711) (12,157)
113,443
William Cook Charitable Grassroots Fund 36,854 - - (127) (494) (3,508)
32,725
The Doncaster Community Grassroots Fund 78,486 - - (271) (1,051) (7,470)
69,694
The Lloyd Grassroots Fund 31,010 - - (107) (415) (2,951)
27,537
The Hugh and Ruby Sykes Grassroots Fund 25,555 - - (88) (342) (2,433)
22,692
The Hallamshire Battallion Fund 35,063 - - (122) - (3,367)
31,574
John Laing Fund 99,447 - - (345) - (9,550)
89,552
Keepmoat Fund 43,317 - - (150) - (4,160)
39,007
Investec Wealth & Investment 34,111 - - (118) - (3,276)
30,717
Hugh and Ruby Sykes Fund 75,831 - - (263) - (7,282)
68,286
Carried Forward 4,926,476 39,542 (45,414) (17,035) (58,623) (468,378)
4,376,568

Page 53

�������������������� ������� � �� ������ � ����� �������

SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

The Lacewood Trust 201,426 - - (699) - (19,342) 181,385
South Yorkshire Outdoor Pursuits Trust Fund 173,727 - - (603) - (16,683) 156,441
Yorkshire & Lancaster (Barnsley) Fund 296,465 - - (1,029) - (28,469) 266,967
Deakin & Withers Trust 1,922,236 - - (6,671) - (184,585) 1,730,980
Total Permanent Endowment 7,520,330 39,542 (45,414) (26,037) (58,623) (717,457) 6,712,341

Page 54

�������������������� ������� � �� ������ � ����� �������

SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

18. Endowment Funds (continued)

Expendable endowments
Total as at 30
September
2021		 Expendable endowments
Total as at 30
September
2021		 Income Investment
income		 Gift Aid Transfer Investment
management
fees		 SYCF
management
fees 21/22
Net
movement in
market value
of investment
Total as at 30
September
2022		 SYCF
management
fees 21/22
Net
movement in
market value
of investment
Total as at 30
September
2022
Acorn Fund 22,714 1,455 735 121 - (83) - (2,398)
22,544
Arthur Lee Charitable Fund 110,876 - - - - (385) - (10,647)
99,844
AESSEAL CF B Fund
Expendable Capital Growth		 160,333 - - - 7,919 (569) - (16,102)
151,581
Anonymous Donor - 799 5 - - (1) (11) (57)
735
The Barnsley Community
Fund		 188,718 - - - - (655) - (18,122)
169,941
David Price Charitable
Fund & The Liz & Terry
Bramall Foundation
Philanthropy Catalyst Fund		 77,545 - - - - (269) (1,047) (7,447)
68,782
Doncaster Community
Endowment Fund		 159,066 - - - - (552) - (15,275)
143,239
Frank & Pat Carter Family
Fund		 54,310 - - - - (188) (733) (5,216)
48,173
General Fund 482,310 - - - - (1,674) - (46,314)
434,322
George and Clara Ann Hall
Fund		 117,826 - - - - (409) - (11,314)
106,103
Heald Head Cottage 101,842 - - - - (353) (1,374) (9,782)
90,333
Henry Boot Fund 46,550 - - - - (162) (628) (4,470)
41,290
Carried Forward 1,522,090 2,254 740 121 7,919 (5,300) (3,793) (147,144)
1,376,887

Page 55

�������������������� ������� � �� ������ � ����� �������

SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

Henry Boot Charitable Fund
& The Liz & Terry Bramall
Foundation Philanthropy
Catalyst Fund		 48,989 - - - - (170) (661) (4,705)
43,453
Hepworth Fund 55,261 - - - - (192) - (5,307)
49,762
High Sheriff of South
Yorkshire Fund		 19,134 - 667 - (1,148) (64) (252) (1,779)
16,558
Hunter Community Fund 24,759 - - - - (86) (334) (2,378)
21,961
Jonathan Hunt Family
Acorn Fund		 9,531 1,164 393 291 - (38) (154) (1,070)
10,117
JP Morgan Fleming Fund 59,376 - - - - (206) - (5,702)
53,468
Ken & Janet Cooke
Charitable Fund & The Liz
& Terry Bramall Foundation
Philanthropy Cataylst Fund		 60,492 - - - - (210) (816) (5,810)
53,656
Mrs Audrey May Hampshire
Lowe Fund		 291,039 - - - - (1,010) - (27,947)
262,082
Mark Dransfield & Deborah
Holmes Charitable Fund &
The Liz & Terry Bramall
Foundation Philanthropy
Catalyst Fund		 219,577 - - - - (762) (2,963) (21,088)
194,764
Carried Forward 2,310,248 3,418 1,800 412 6,771 (8,038) (8,973) (222,930)
2,082,708

Page 56

�������������������� ������� � �� ������ � ����� �������

SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

Pedder Family Charitable
Fund		 262,791 48,750 - 12,500 - (1,101) (4,371) (31,306)
287,263
Rotherham Community
Fund		 85,948 - - - - (298) - (8,253)
77,397
SAAD CF B Fund -
Expendable Capital Growth		 48,165 - - - - (167) - (4,625)
43,373
Sarah Beckett Charitable
Fund & The Liz & Terry
Bramall Foundation
Philanthropy Catalyst Fund		 86,121 - - - - (299) (1,162) (8,271)
76,389
Sir Samuel Osborn Fund 405,612 - - - - (1,408) - (38,949)
365,255
The Sheffield Community
Fund		 23,870 - - - - (83) - (2,292)
21,495
Sir George Franklin Fund 84,531 - - - - (293) - (8,118)
76,120
Stanley Race Community
Fund & The Liz & Terry
Bramall Foundation
Philanthropy Catalyst Fund		 217,442 - - - - (755) (2,934) (20,883)
192,870
Stanley Race Bursary Fund
& The Liz & Terry Bramall
Foundation Philanthropy
Catalyst Fund		 102,196 - - - - (355) (1,379) (9,814)
90,648
Carried Forward 3,626,924 52,168 1,800 12,912 6,771 (12,797) (18,819) (355,441)
3,313,518

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

The Abaculi Endowment
Fund		 70,435 - - - - (245) (951) (6,764)
62,475
The Sheffield Benefactor
Fund		 184,757 - - - - (641) - (17,741)
166,375
The Bloomer Family
Rotherham Fund & The Liz
& Terry Bramall Foundation
Philanthropy Catalyst Fund		 123,146 - - - - (427) (1,662) (11,827)
109,230
The Gregory Family Fund &
The Liz & Terry Bramall
Foundation Philanthropy
Catalyst Fund		 54,628 - - - - (190) (737) (5,246)
48,455
The Marven Gardling Fund
& The Liz & Terry Bramall
Foundation Philanthropy
Catalyst Fund		 68,367 - - - - (237) (923) (6,565)
60,642
Tinsley Relief in Sickness
Fund		 121,253 - - - - (421) - (11,643)
109,189
William Cook CFB -
Expendable Capital		 63,091 - - - 5,229 (223) - (6,382)
61,715
The AESSEAL Charitable
Trust Community First Fund
SY		 724,812 - - - (7,919) - - (38,823)
678,070
Carried Forward 5,037,413 52,168 1,800 12,912 4,081 (15,181) (23,092) (460,432)
4,609,669

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

The Sheffield Association in
Aid of the Audit Deaf
Community First Fund for
Sheffield		 184,405 - - - (2,042) - - (9,787) 172,576
William Cook Charitable
Community First Fund-SY		 469,764 - - - (5,229) - - (24,841) 439,694
Anonymous Community
First Endowment Fund		 11,553 - - - (129) - - (610) 10,814
Community First Fund
South Yorkshire		 30,928 - - - (344) - - (1,638) 28,946
The Doncaster Community
First Fund		 38,235 - - - (424) - - (2,026) 35,785
The Henry Boot Community
First Fund		 31,965 - - - (355) - - (1,694) 29,916
R Children's Trust
Community First Fund		 43,666 - - - (487) - - (2,305) 40,874
Capital Expendable
Funds		 5,847,929 52,168 1,800 12,912 (4,929) (15,181) (23,092) (503,333) 5,368,274
Total Endowment Funds 13,368,259 52,168 41,342 12,912 (50,343) (41,218) (81,715) (1,220,790) 12,080,615

£50,343 was transferred from endowment funds. The transfers to restricted funds principally relate to the annual total return transfer on the AESSEAL Grassroots Endowment Fund. These funds are represented by fixed asset investments and short term deposits awaiting invesment by the Trustees. To assist with the allocation of income earned on these assets each fund is allocated a unit share of these assets based on the value of the investments when donations are made. Unless agreed otherwise, 85% of the investment income of the permanent endowment funds is allocated to relevant restricted (distribution) fund for grants and the remainder to the administration fund. For full details of the funds, please see our website www.sycf.org.uk.

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

19. Operating lease commitments

At 30 September 2022 the Charitable Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2022
£
9,643
3,066
12,709		 2021
£
6,267
479
6,746

20. Related party transactions

The Charitable Company has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charitable Company at 30 September 2022.

Aggregate donations made by Trustees and other related parties during the year totalled £2,600 (2021: £3,267). There were no conditions or benefits attached to these donations.

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