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DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

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 2023

DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

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

CONTENTS
	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 - 23
Statement of Financial Activities	24
Balance Sheet	25
Statement of Cash Flows	26
Notes to the Financial Statements	27 - 60

DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

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 2023

Directors and Trustees	Professor Chris Booth-Mayblin, Chair
	Dr Nick Kitchen, Vice Chair (resigned 9 May 2023)
	Dr Julie Macdonald DL, Vice Chair
	Rick Plews FCA, Treasurer (retired 19 April 2023)
	Zaidah Ahmed MBE
	Paul Benington (retired 19 April 2023)
	Victoria Clarke Brown FCMA, DIR, Treasurer (from 19 April 2023)
	John R Holt DL (deceased 30 May 2023)
	Yiannis Koursis OBE (resigned 10 October 2023)
	Melvyn Lunn FCA
	Craig McKay DL
	Alex Pettifer MBE, Vice Chair (from 9 May 2023)
	Martin Ross
	The Earl of Scarbrough DL (retired 19 April 2023)
	Nick Pike (appointed 1 February 2023)
	Tricia Smith (appointed 1 February 2023)
	Tim Bailey (appointed 1 February 2023)
	Aref Mohammed (resigned 11 December 2023)
	Carole Diane O'Neill RGN JP (appointed 6 February 2023)
	Rachael Blake (appointed 20 February 2023)
	Reverend David Bussue (appointed 20 February 2023, resigned 11 October 2023)
	Darren Littlewood (appointed 15 November 2023)
	Julie Gill (appointed 16 January 2024)
	David Akeroyd (appointed 16 January 2024)
	Melinda Schofield (appointed 10 January 2024)
	Professor Jaydip Ray DL (appointed 22 March 2024)
	Guy Whitehead (appointed 12 April 2024)
Company registered number 07545536 Charity registered number 1140947 Registered office High Green Development Trust, The Campus Pack Horse Lane High Green Sheffield South Yorkshire 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

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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 2023

CAF Bank LTD Virgin Money

Bankers CAF Bank LTD Virgin Money Investment Advisor Investec Wealth & Investment Limited

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

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 KC

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

CHAIR'S STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2023

This last year has been another tough year for everyone as the voluntary sector continued to struggle with the COVID hangover and the cost-of-living crisis. As a consequence, we have seen increasing numbers of grant applications. The Foundation too, has not been immune to these challenges, but in spite of this difficult environment we, here at the Foundation, achieved some real successes. Our vision is to make a positive difference to South Yorkshire communities. To that end, we distributed £1,857,212 of grant funding to help people facing hardship and disadvantage. It is by connecting our generous donors, who care about the region, with community groups striving to build stronger and healthier communities, that we are able to deliver our vision.

We have been working to our key priorities set out in the Strategic plan, prepared in October 2021, and our business plan and KPIs have enabled us to monitor progress. We have focussed intently on building our endowment, employing a consultant to undertake research. We are now in a position to utilise this research and prepare an action plan for implementation. We also prioritised building partnerships and collaboration, and as a result relationships are strong with the Mayoral Combined Authority, Sheffield University, Sheffield City Council, Barnsley MBC and the NHS. To underpin this work and increase our visibility we have refreshed our website, branding and communications. This has been huge piece of work and underpins the delivery of both philanthropy and partnership building. The fourth priority was to confront the perennial problem of covering our operating costs. A Financial Sustainability group produced an action plan, together with a simple costing tool that can be updated each year. The work has resulted in the creation of smarter, more streamlined processes in grants. Smarter donor reports have been developed too that have received excellent feedback from donors.

Given the external funding climate the Foundation has done extremely well in bringing in income through their endowment, distribution of new funding programmes and research for the NHS, which all resulted in a £57k surplus at the year end. This year also saw us deliver year two of our themed grants programme, ‘Moving On Up’. This grant programme specifically supports organisations working with young people 14-30 years around employment and employability. Last year we produced an impact evaluation report to assess the effectiveness of year one, which was extremely positive.

Our priorities for the coming year will be steered by our strategy, but we will remain laser focussed on delivery, specifically implementation of our philanthropy action plan; continued focus on financial sustainability; continued work on building partnerships and collaboration to become the ‘go to funder’; and continuing to work on delivering an efficient, professional and inclusive grants programme; developing our range of SYFAB services.

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 operationalised our strategy. To assure effective governance and diversity, we have undertaken another skills audit of trustees over the past year, which has enabled us to refresh our Board and address succession planning. Last year we were able to recruit six new trustees with a range of skills, including, investment, business, HR, management, public sector, community organisations, as well as increasing our diversity in terms of gender, ethnicity, and age. Hitherto, the SYCF term of office for Trustees was two, fiveyear terms, with a maximum term of ten years. In line with NCVO guidance the Board approved a change to three terms of three years with a maximum of 9 years. This reflects good practice and provides more flexibility for new trustees, who over their term of office may experience changes in their work/life circumstances.

Finally, I would like to personally thank our staff, Trustees, grant panel members, our President, President Emeritus, Vice Presidents, Ambassadors and Honorary Vice Presidents for all their hard work, commitment and support throughout the year. Thank you to all our fundholders, donors and other supporters who make everything that we do possible. Without everyone’s continued contribution we would not to be able to deliver for the people of South Yorkshire.

Professor Chris Booth-Mayblin

Chair Date: 16th April 2024

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

TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023

The Trustees present their annual report together with the audited financial statements of the Company for the financial year 1 October 2022 to 30 September 2023. 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 (FRS 102) (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 37 years, since 1986, SYCF has made grants of more than £37m 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 2023

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:

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:

To help local people and businesses manage their charitable giving.
To build stronger communities and enrich lives through awarding grants.
To support the critical issues affecting our communities.

The Memorandum and Articles of Association were further updated in April 2023 to reflect GDPR changes and the terms of office for Trustees.

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 SYCF serves, which are identified via locally based Grant Panels, three yearly Vital Signs Reports, research contracts and other research. Before any grant is made, the public benefits of the proposed activities are carefully assessed. The impact of SYCF’s 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 2023

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:

Implement new approaches to grant making including themed programmes, based on a ‘place based’ approach and using our grant making to address urgent social need within South Yorkshire’s communities.
To become the ‘go to’ funder and partner of choice for those wanting to improve the quality of lives or communities.
Produce our Vital Signs research and intelligence on a regular basis to inform our decision making and demonstrate our impact.
Increase and adapt our collaboration and partnership working with stakeholders to become more impactful.
Aim to build our endowment to £20m by 2030.

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 6 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 last updated on 19 April 2023. 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 2023

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 had 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. There was a committee re-organisation in November 2022, which saw the HR Committee disbanded.

Executive Committee (E)
Grants Policy Committee (GPC)
Investment Committee (IC)
Future Funds Committee (FFC)

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 IC
	(up to 1 February 2023)
Dr Nick Kitchen	Vice Chair, E and Chair of HR (up to November 2022)
	(resigned 9 May 2023)
Dr Julia MacDonald DL	Vice Chair and Chair of GPC also on FFC, E
Rick Plews FCA	Treasurer - E, IC (retired 19 April 2023)
Zaidah Ahmed MBE
Tim Bailey	Chair of IC (from 1 February 2023)
Paul Benington	GPC, FFC (retired 19 April 2023)
Rachael Blake	GPC (from 20 February 2023)
Victoria Clarke Brown FCMA, CDIR	IC, E (Treasurer from 19 April 2023)
Reverend David Bussue	(resigned 11 October 2023)
John R Holt DL	GPC, IC (deceased 30 May 2023)
Yiannis Koursis OBE	GPC, HR (resigned 10 October 2023)
Darren Littlewood	FFC
Melvyn Lynn FCA	GPC, IC
Craig McKay DL
Aref Mohammed	FFC (resigned 11 October 2023)
Carole Diane O'Neill RGN JP	GPC, FFC
Alex Pettifer MBE	Vice Chair (from 9 May 2023), Chair of FFC, E, IC
Nick Pike	IC
Martin Ross	FFC, E
The Earl of Scarborough	FFC (retired 19 April 2023)
Tricia Smith	GPC, E

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 were formally ratified at the next AGM meeting in April 2023.

Darren Littlewood joined on 15 November 2023 and Julie Gill and David Akeroyd joined on 16 January 2024 and will be formally ratified on 16 April 2024. Melinda Schofield joined the Board on 20 January 2024, Professor Jaydip Ray DL was appointed on 22 March 2024 and Guy Whitehead was appointed on 12 April 2024, with their appointment being formally ratified at the AGM on 16 April 2024.

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

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Objectives and Activities (continued)

e. Management

Since October 2022, 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, leading on the implementation of the new website and a new Communications and Marketing Strategy.

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 Cost of Living Funds, 'Moving on Up' Fund, AESSEAL Lieutenancy 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. Many of these meetings took place remotely via Zoom, however face to face meetings have now been reintroduced.

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, Anne Dean, Audrey Harwood, Jane Austin, Carole O'Neill, Charlotte Williams, David Harris, Dennis Anderson, Derek Liddell, Diana Young, Dominic Williams, Dorothy Coates, Edmund Greenwood, Ernest Bailey, Geoff Smith, Graham Murdin, Halima Mohamed, Jennifer Hall, Joe Colville, John Johnson, 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, Peter Hallam, Philip Bates, Richard Appleby, Richard Leighton, Richard Scarbrough, Shafiq Hussain, Shahid Ali, Sharon Fudge, Susan Durant and Tim Plant.

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

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Objectives and Activities (continued)

We welcome the following, newly recruited grant panellists and volunteers: Adrian T Hunt, Aref Mohammed, Bridget Evans, Chris Booth-Mayblin, Craig Ellis, Emily Ahmed, Jaydip Ray, Rachael Blake and Tricia Smith.

The following have retired from the Grant Panels this year: Ann Rusby, Annette Whitehead, David Edmondson, Nicholas Anthony Kitchen and Paul Benington. We thank them for their time and contribution to the Foundation over many years of service. Brian Hodges, a long-standing volunteer, sadly passed away in December 2022. Tim Greenacre, a previous Trustee, sadly passed away in January 2024. We would like to thank both of them posthumously for their commitment and dedication to South Yorkshire Community Foundation.

Rachael Farrell, Philanthropy Coordinator and Adam Preston, Programmes and Projects Officer joined us on 21 November 2022 and 16 December 2022 respectively. Rachael and Adam both came through the RISE Graduate programme and have brought a wide variety of skills with them. Rachael is leading on our Vital Signs Report 2024 and the Foundation’s ‘Giving Network’. Adam is leading on the introduction and development of our new Salesforce CRM database and a number of environmental and other key projects.

In November 2023 Akhlaq Hanif left the Foundation. Akhlaq made a huge contribution to SYCF’s communications and marketing functions, primarily the development of a new website and refreshed branding.

During 2022/23 Sam Caldwell, Head of Grants, left the Foundation and in early October 2023, Jess O’Neill joined SYCF as the Grants and Partnership Manager to lead and strengthen the strategic work of our Grants Team.

Andy Kershaw also joined us as the Training Coordinator for South Yorkshire Funding Advice Bureau (SYFAB) on 11 January 2023. Natalie Harrison, an experienced communications consultant, joined SYCF on a temporary basis to work on our Communications and Marketing Strategy, on 30 October 2023.

Martin Singer continued to work with SYCF, coordinating and leading on the SY Charity Mentors initiative (SYCM), with responsibility for recruiting 32 mentors and 53 mentees, brokering relationships and developing the scheme. SYCM set up as a CIO in its own right on 4 December 2023.

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

In May 2023, SYCF saw the passing of John R Holt the H.M. Vice Lord-Lieutenant of South Yorkshire. John was a long-standing Trustee of SYCF and is very much missed. John served on GPC and IC committees as well as carrying out a range of community visits and official duties, noticeably during the 2019 Floods and Covid.

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, NHS, Integrated Care Boards 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.

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

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Objectives and Activities (continued)

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, 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.

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. In October 2023 we reviewed SY100 and re-launched a new scheme called the ‘South Yorkshire Giving Network’ (SYGN). 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.

Since the re-launch of the Giving Network, we have established two new dedicated SYGN Funds: the SYGN Endowment Fund and the SYGN Distribution Fund. All SYGN funds are Donor Directed, which means that members of the SYGN network will directly decide which grant applications are allocated funding.

25% of SYGN membership payments will go towards the SYGN Endowment Fund, which, once it has reached £25,000, will generate investment income to be given to community groups.
25% of SYGN membership payments will be directly distributed to community groups every year, with grant funding allocated and distributed by late 2024.
50% of SYGM membership payments will go towards the Foundation's core costs.

We have also relaunched our new SYGN LinkedIn page.

We continue to review 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 2023, SYCF has started to refresh its key messages and we launched a new website in August 2023.

SYFAB retained its contracts with both Barnsley MBC and Sheffield City Council with three-year and five-year contracts respectively. The team had 223 contacts with 128 different groups. Funds raised by groups which were helped by SYFAB were £156,845 from 21 different grants. 16 training sessions and webinars were held, with 183 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 finished in June 2023. SYCF are now working with Sheffield Social Enterprise Network (SSEN), Sheffield City Council, Sheffield Chamber of Commerce and a range of partners to deliver Social Enterprise grants of £30,000, funded through the Shared Prosperity Fund.

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.

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DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

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

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Objectives and Activities (continued)

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. Our move to High Green Development Trust in 2022 has firmly embedded the Foundation into a community campus and the local community.

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.

In the Articles of Association both the founding members, Locality and SYCF, are entitled to nominate two directors each. The SYCF nominated Director is currently Melvyn Lunn (from November 2021), with Nick Pike due to be officially appointed in February 2024; both are Trustees of SYCF. Thank you goes to James Newman OBE, the former SYCF Chairman, for serving as a nominated Director of Key Fund for a number of years, until November 2023.

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

h. 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. Also, the risk of competition from other regional initiatives and external fund raising bodies.

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 2023.

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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DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

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

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Achievements and performance

a. Main achievements of the Charity

Overall, SYCF was involved in delivering £1,857,212 in grant support to community groups and individuals during the year. Of this, £720,464 came from Statutory bodies, and £1,136,748 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	2023 £ % 230,310 12 237,339 13 140,682 8 1,156,518 62 92,363 5 1,857,212 100 (22,460) 1,834,752	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

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 Endowment funds under management by SYCF as at 30 September 2023 were valued at £11,971,782 (2022: £12,080,615).

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 continue to arrange and support donor site visits, which proves to be a powerful tool in closing the gap between the boardroom and the community. These visits provide a thoughtprovoking experience for the donor in seeing firsthand how their fund supports the local community, tackling key social issues and meeting beneficiaries.

We launched this year, in response to the Cost-of-Living Crisis, a fund for South Yorkshire enabling people who were able to donate their government heating rebate. This leveraged in just over £100,000 to date with a new Winter Warmer campaign currently open for this next coming year. This fund will provide much needed grant funding to community organisations addressing the cost-of-living challenges.

We researched and produced our last Vital Signs report in 2021. The Vital Signs report provides a thoughtprovoking 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 the Local Economy and Mental Health.

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DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

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

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Achievements and performance (continued)

All these major challenges for society today are intrinsically linked and we wanted to support communities holistically. Our next report to be published in 2024 may see a change in those priorities. This will lead SYCF to a review of where to direct its available resources. We have launched the survey for our fourth Vital Signs health check in 2023, in partnership with the Mayor for South Yorkshire.

As a result of the Vital Signs Report, SYCF have been running an Employment and Employability themed programme called Moving on Up, a pilot three year multiyear funding programme. This programme aims to inspire the next generation by helping remove barriers to employment by connecting young people with opportunities to engage with business and employers. The Evaluation Report for Year 1 was published in October 2023. The programme has attracted an extra £193,800 of funding.

c. Other notable activities during the year

As part of our ambition to be a sector leader in the region, we continue to chair the South Yorkshire Funders Group, which now meets five times a year.

We have worked on the evaluation of the Volunteering Futures Programme led by Bassetlaw CVS. This is a three year programme promoting volunteering opportunities to young people within Bassetlaw and Doncaster.

During 2022/23 we have developed a close working relationship with the South Yorkshire Combined Mayoral Authority, the Integrated Care Partnership and System, the University of Sheffield and Sheffield Hallam University. We worked 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 were 28 live mentoring relationships during 2022/23, with 32 mentors on board, who have volunteered their time.

We gave out £1,857,212 in grants to over 378 community groups supporting 25,621 beneficiaries during 2022/23.

SYCF carried out a range of research projects for the Integrated Care System (ICS) during 2022/23 and have developed a strong collaborative relationship with the ICS and ICB.

SYFAB extended its training programme adding new courses for 2022/23 and beyond.

d. Floods

A Flood Appeal was set up in October 2023 to respond to the floods for those affected in Catcliffe and Treeton in Rotherham and some properties in Barnsley.

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DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

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

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Achievements and performance (continued)

e. Financial Review

The financial year under review has seen an increase in funds of £410,574 before investment losses of £64,148, resulting in an overall increase in funds of £346,426.

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.

We were able to distribute over £1.8m in grants, an increase from the previous year of 15.6%.

There were several new funds in this financial year, with a broad range of activities and programmes. Most notable were research work for the ICB, Cost of Living Sheffield from the Shared Prosperity Fund, Legacy Fund, and Cost of Living South Yorkshire fund. From the myriad of activities undertaking 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 £2,943,635 compared with £2,273,917 in the previous year. Endowment income for the year comprised £73,961 from donors and investment income of £41,830. Restricted fund income for the year was £2,291,303. This comprised £371,979 of investment income, £874,707 from flow through funds, £1,009,617 from Statutory bodies, and £35,000 from mainly UKCF programmes. In addition, SYCF generated £536,541 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 £72,182.

Expenditure

Total expenditure for the year was £2,533,061 compared with £2,270,482 for the previous year. The cost of raising funds amounted to £64,373 (2022: £83,549), investment management fees were £38,876 (2022: £41,268) and governance costs were £45,595 (2022: £36,717). £1,935,279 was defrayed on charitable activities (2022: £1,697,722) of which £1,834,752 (2022: £1,586,844) was paid out in grants.

After taking into account losses on investment assets of £64,148 (2022: losses of £1,222,160), the net increase in funds for the year was £346,426 (2022: net decrease of £1,218,725).

After this net increase, total funds carried forward are £13,959,195 of which unrestricted funds are £460,227, restricted funds are £1,527,186 and endowment funds are £11,971,782.

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DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

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

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Achievements and performance (continued)

f. 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.

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 2023, investors have continued to grapple with another testing period in which renewed concerns arose about the health and momentum of the Chinese economy, oil prices strengthened, dashing hopes for a near-term peak in bond yields, and one of the leading credit agencies downgraded the rating of the US Government. These factors combined to make the year a challenging one for investors, saved only for those whose reference currency is sterling by the weakness of the pound, which declined against all other major currencies. Furthermore, investors continued to be challenged by stubbornly high levels of inflation in the developed world and a resulting ‘higher for longer’ interest rate environment as central banks continued to push up interest rates in an attempt to quell price rises.

Given these headwinds, it is unsurprising that consensus estimates for economic growth in the developed world for 2023 remained sluggish at around 1%. The resilience of the US economy thus far was perhaps the most surprising feature of the period, though there were also modestly increased projections for Japan and the UK through the year, with the UK avoiding recession and performing better than many forecasters had expected. Continental Europe saw a mixed set results, with a worsening picture for Germany offsetting slightly increased forecasts for the rest of the Eurozone. Within the Emerging Markets grouping, expectations rose for Brazil, India and Mexico, but were outweighed by lower predictions for China. Nevertheless, the aggregate growth rate for the emerging markets universe at 3.6% for the current year is still materially faster than that of the advanced developed economies.

Much of the change in outlook for the advanced economies is about the potential timing of a recession, since the prior estimates were predicated on US GDP growth (in particular) sliding into negative territory this autumn but recovering positive momentum by the end of next spring. Forecasts now have deferred that outcome, rather than cancelled it, so that the prognosis is of a similar six-month period of recession but starting early next year (calendar 2024) and concluding by the end of the summer. Unsurprisingly that change of timing has lowered 2024 forecasts more broadly both for the advanced economies in aggregate, but also for many countries within the emerging world, such that overall global growth next year is likely to be slightly slower than is forecast to be achieved this year.

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DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

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

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Achievements and performance (continued)

Portfolio

Over twelve months the portfolio returned 3.3% on a total return basis, which compares with the benchmark which returned 10.1%. Over the year there was underperformance from the UK equities, largely as a result of an underweight position in the oil & gas sector, as well as underperformance from the overseas equities, the latter as a result of an underweight position in the largest US technology stocks as these companies pay very little by way of dividends. There was outperformance from the fixed interest and commercial property assets within the portfolio, although returns from both of these asset classes were subdued due to rising interest rates. Over the year, the income generated by the charity’s investments has risen by 6.9%.

The overall net losses on investments, both realised and unrealised, were £64,148 (2022: losses of £1,222,160). The income generated in the year was £485,991 (2022: £475,156).

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 £13.9m. These comprise, £11.9m in endowment funds (of which £6.6m was permanent endowment and not available for distribution and £5.3m was expendable endowment and available for distribution), £1.5m in restricted funds (available for distribution but only for the purposes specified by the donor) and £0.5m 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.

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DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

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

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

The actual reserves at the end of the financial year were £460k, representing a surplus of £110k above the target level. As referred to above, the financial climate for SYCF remains challenging. The Trustees are therefore comfortable with a c31% surplus of reserves above target recognising that this results solely from an exceptionally favourable year in financial terms in 2022-23. 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 reserves around the target level. However, they recognise that these initiatives will take time to bear fruit.

c. Plans for the Future

Funds available for distribution continue to reduce from Central Government and come with more complex management specifications, so 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 continually 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 and measuring the social impact of our work.

SYCF continues its recruitment of new Trustees to the Board to ensure the filling of skills gaps on the board and to succession plan for future. We have a further four Trustees who will be coming to the end of their term of office in 2023/24. The recruitment has been driven 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:

As a strategic funder the three year pilot ‘Moving on Up’ fund is responding to the outcomes of the Vital Signs Report 2021, addressing issues for young people and barriers to their employability. A year one evaluation report has been published.
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.
We will continue to grow our Endowment Fund providing a lasting legacy for South Yorkshire.
We will continue to build the recently launched Giving Network of businesses and individuals.
We will work with our local partners to develop additional grant funding programmes to address gaps in funding coming into the region through continued strategic discussions with key partners.
Publish our 2023 Impact Report.
Our strategy to review the membership of our Board following a skills audit carried out by the Chair, with recruitment of new Trustees to the Board to full current skills gaps - digital, legal, HR, statutory sector.
The Financial Sustainability Group comprised of Trustees, which will be meeting throughout 2024, focusing on our cost base.
A review of our staffing resources to address future work priorities based on our 5 year Strategic Plan.

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DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

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

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Continuing our work on equality, diversity and inclusion ensuring that our work is truly reflective of the communities that we serve through our grant making and other services.
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 launched a new website in 2023, making it more accessible and intuitive.
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 in its services. SYFAB will be looking at how its expertise can be utilised more widely across the UKCF Network and to other organisations.
Working with our Professional Adviser Steering Group to run some specific events for professional adviers across the region.
Develop our environmental strategy, benchmarking ourselves against the UNSDGs; reviewing our ESG Investment Strategy.
Publish a 'Go to Funder' menu of services for funders.
Participation in the VSCE Alliance Steering Group and regional Shared Prosperity Fund Steering Group.
We have adopted a more agile and hybrid pattern of work going forward. This has proved so far to be a very effective and efficient way of deliverying SYCF's services.
Continuing to support the SY Charity Mentors initiative (SYCM) set up in January 2022. SYCM become a CIO in early December 2023, the CEO of SYCF is now one of their Trustees.
We will be delivering a number of new programmes:
In partnership with Sheffield Social Enterprise Network, Sheffield City Council and Sheffield Chamber of Commerce a £30,000 social enterprise grant scheme.
The Cost-of-Living Fund for Sheffield and completion of the grants process, monitoring and evaluation.
SWEF, a grant scheme for young entrepreneurs aged between 18-25 years of up to £2,000.
'Working with Research' - a SY-wide programme to develop community involvement in research, being delivered by SYCF, DiverseCity and the ICB. £40,000 of grants are available for community groups.
Further research projects for the NHS.
£600,000 Low Carbon Community and Cultural grants programme in partnership with Sheffield City Council. Grants are up to £15,000.
Involvement in the ICB's Participation Fund for community groups.
Distribution of grants to those affected by the November 2023 floods in Catcliffe and Treeton; attendance at the Joint Rotherham MBC and VCS Flood Response Group.

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.

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DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

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

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

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:

select suitable accounting policies and then apply them consistently;
observe the methods and principles of the Charities SORP (FRS 102);
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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.

Disclosure of information to auditors

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

so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.

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 16 April 2024 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 2023 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:

give a true and fair view of the state of the charitable company's affairs as at 30 September 2023 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.

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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

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.

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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)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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:

the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
through discussions with the directors and other management and from our commercial knowledge and experience of the sectors that the Charitable Company operates in, we identified the laws and regulations applicable to the Charitable Company; and
focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Charitable Company, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence.

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

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

performed analytical procedures to identify any unusual or unexpected relationships;
considered journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

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

agreeing financial statement disclosures to underlying supporting documentation;

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DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

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

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

reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims;
reviewing any correspondance with HMRC, relevant regulators and the Charitable Company's legal advisors.

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.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Use of our report

This report is made solely to the charitable Company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable Company's trustees 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.

Shorts

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

16 April 2024

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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 2023

Note Income and endowments from: Donations and legacies Charitable activities Investments Other income Total income and endowments 4 Expenditure on: Raising funds 5 Charitable activities 5 Investment management fee 5 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 2023 £ 36,663 353,891 145,387 600 536,541 64,373 414,542 47 478,962 57,579 14 (79) 57,514 402,713 57,514 460,227	Restricted funds 2023 £ - 1,919,324 371,979 - 2,291,303 - 1,935,279 - 1,935,279 356,024 41,721 - 397,745 1,129,441 397,745 1,527,186	Endowment funds 2023 £ 73,961 - 41,830 - 115,791 - 79,991 38,829 118,820 (3,029) (41,735) (64,069) (108,833) 12,080,615 (108,833) 11,971,782	Total funds 2023 £ 110,624 2,273,215 559,196 600 2,943,635 64,373 2,429,812 38,876 2,533,061 410,574 - (64,148) 346,426 13,612,769 346,426 13,959,195	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

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

The notes on pages 27 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 2023

Note Fixed assets Tangible assets 8 Investments 9 Current assets Debtors 10 Short term deposits 14 Cash at bank and in hand 14 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	178,371 154,276 1,852,574 2,185,221 (106,443)	2023 £ - 11,880,417 11,880,417 2,078,778 13,959,195 11,971,782 1,527,186 460,227 13,959,195	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

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 16 April 2024 and signed on their behalf by:

Professor Chris Booth-Mayblin	Victoria Clarke Brown FCMA, DIR
(Chair of Trustees)	(Treasurer)

The notes on pages 27 to 60 form part of these financial statements.

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SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2023

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 generated from 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	2023 £ (393,407) 559,196 1,803,003 (1,740,354) 621,845 228,438 1,778,412 2,006,850	2022 £ (649,725) 484,202 934,635 (927,576) 491,261 (158,464) 1,936,876 1,778,412

The notes on pages 27 to 60 form part of these financial statements

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DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

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, South Yorkshire, 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 (£).

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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 2023

2. Accounting policies (continued)

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 £460,000, of which £416,000 was held in ready access bank balances. In addition, there are certain expendable endowment funds, standing at £430,000 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).

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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 2023

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.

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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 2023

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.

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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 2023

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.

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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 2023

4. Total income

	Unrestricted funds	Restricted funds	Endowment funds	Total 2023	Total 2022
Income	£	£	£	£	£
Donations
Friends and members schemes	5,890	-	-	5,890	19,815
Donations and legacies	30,773	-	73,961	104,734	124,872
	36,663	-	73,961	110,624	144,687
Investments
Investment income	72,182	371,979	41,830	485,991	475,156
Bank interest	73,205	-	-	73,205	9,046
	145,387	371,979	41,830	559,196	484,202
Charitable activities
Funds for distribution as grants
National Campaign	-	35,000	-	35,000	148,308
Statutory	-	934,500	-	934,500	573,073
Individual and corporate	-	874,707	-	874,707	546,502
Disaster	-	-	-	-	2,027
Individual and corporate	-	1,844,207	-	1,844,207	1,269,910
Management fees
Statutory	110,500	-	-	110,500	34,960
National Campaign	2,800	-	-	2,800	11,865
Individual and corporate	71,372	-	-	71,372	38,651
CCG	23,550	-	-	23,550	48,117
SYCF Endowment funds	80,189	-	-	80,189	83,083
Social Enterprise Exchange	23,196	-	-	23,196	30,271
Other	4,800	-	-	4,800	8,000
Other trusts managed by SYCF	25,000	-	-	25,000	25,000
	341,407	-	-	341,407	279,947
Training courses / consultancy	9,584	-	-	9,584	8,462
Statutory	-	75,117	-	75,117	75,117
Grants	2,900	-	-	2,900	10,959
	12,484	75,117	-	87,601	94,538
Other income
Miscellaneous	600	-	-	600	633

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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 2023

5. Total expenditure

	Raising funds	Governance	Charitable activities	Investment costs	Total 2023	Total 2022
Direct costs	£	£	£	£	£	£
Salaries and associated costs	51,173	22,059	213,426	-	286,658	265,866
Office costs	4,370	1,563	24,931	-	30,864	36,228
Activity expenses	4,572	621	106,091	-	111,284	59,244
Professional fees	-	5,656	-	-	5,656	12,580
Auditors'remuneration	-	13,860	-	-	13,860	13,200
Apportioned support costs
Salaries and associated costs	3,799	1,638	21,391	-	26,828	23,694
Office costs	325	140	1,826	-	2,291	2,530
Activity expenses	134	58	756	-	948	2,124
Professional fees	-	-	-	47	47	50
	64,373	45,595	368,421	47	478,436	415,516
Depreciation	-	-	526	-	526	2,102
Total unrestricted costs	64,373	45,595	368,947	47	478,962	417,618
Grants distributed (net of returned grants)	-	-	1,834,752	-	1,834,752	1,586,844
Investment management fees	-	-	-	38,829	38,829	41,218
Endowment management fees	-	-	79,991	-	79,991	81,715
Other management fees	-	-	25,000	-	25,000	25,000
Returned to funder	-	-	410	-	410	10,761
Sheffield City Council Community Covid Recovery Grant	-	-	-	-	-	32,209
SYFAB salaries	-	-	75,117	-	75,117	75,117
64,373 45,595 2,384,217 38,876 2,533,061 2,270,482

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 - 14%, Governance - 6%, Costs of Charitable Activities - 80%.

Weekly staff hours analysis

	Raising funds Governance costs Charitable activities Total	Raising funds Governance costs Charitable activities Total	Raising funds Governance costs Charitable activities Total	Raising funds Governance costs Charitable activities Total
Staff hours	68	29	381	478
Support hours	2	1	9	12
Total	70	30	390	490

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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 2023

6. Staff costs

Wages and salaries Social security costs Employer's pension contributions	2023 £ 350,877 24,460 13,266 388,603	2022 £ 327,581 23,415 13,681

		364,677

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

	2023	2022
	No.	No.
Employees	14	15

The average headcount expressed as full-time equivalents was 13.0 (2022: 13.4).

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

		2023	2022
		No.	No.
In the band £60,001	- £70,000	1	-

The key management personnel of the charity consist of Chief Executive Officer, Head of Philanthropy & Programmes, Head of Grants, Head of SYFAB (shared post), Grant Officers, Grants Administrator, SEE Fund Manager, Barnsley Development Worker, SYFAB Training Coordinator, Business Services Manager, Philanthropy Coordinator, Finance Manager, Communications & Marketing Coordinator and Programmes & Project Coordinator. The total remuneration of the key management personnel was £389,990 (2022: £362,913).

7. Trustees' remuneration and expenses

During the year ended 30 September 2023, no Trustees received any remuneration or other benefits (2022: £nil).

During the year ended 30 September 2023, no Trustee expenses have been incurred (2022: £nil).

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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 2023

8. Tangible fixed assets Cost At 1 October 2022 At 30 September 2023 Depreciation At 1 October 2022 Charge for the year At 30 September 2023 Net book value At 30 September 2023 At 30 September 2022 SYCF's office equipment is used at its offices to support the work of its staff.	Office equipment £ 8,410
	8,410
	7,884 526
	8,410
	-
	526

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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 2023

9. Fixed asset investments Valuation At 1 October 2022 Additions Disposals Revaluations At 30 September 2023 Net book value At 30 September 2023 At 30 September 2022 Historical cost at 30 September 2023 was £9,918,518 (2022: £9,578,090). At 30 September 2023 the following investments exceeded 5% of the market value: JP Morgan Fund Icvc JPM Us Eq Inc C2 GBP Net Di; £737,000 Vanguard Funds Plc S&P 500 Ucits Etf Inc USD Dis; £903,673 Abrdn Oeic; £634,140	Listed investments £ 12,007,215 1,740,353 (1,803,003) (64,148)
	11,880,417
	11,880,417
	12,007,215

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	2023 £ 25,220 143,665 9,486 178,371	2022 £ 3,160 128,880 8,862 140,902

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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 2023

11. Creditors: Amounts falling due within one year

Trade creditors Other creditors Accruals and deferred income	2023 £ 4,948 54,645 46,850 106,443	2022 £ 2,892 262,736 48,658

		314,286

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

Net income for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges Investment income (Increase)/decrease in debtors Decrease in creditors Net cash used in operating activities	2023 £ 410,574 526 (559,196) (37,468) (207,843) (393,407)	2022 £ 3,435
		2,102 (484,202) 150,474 (321,534)

		(649,725)

13. Analysis of cash and cash equivalents

Unrestricted cash balances Restricted cash balances Short term investments Total cash and cash equivalents	2023 £ 415,743 1,436,831 154,276 2,006,850	2022 £ 410,267 1,279,050 89,095

		1,778,412

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

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DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

14. Analysis of changes in net debt

Cash at bank and in hand Liquid investments	At 1 October 2022 £ 1,689,317 89,095 1,778,412	Cash flows £ 163,257 65,181 228,438	At 30 September 2023 £ 1,852,574 154,276
			2,006,850

15. Financial instruments

	2023	2022
	£	£
Financial assets
Investments carried at fair value	11,880,417	12,007,215

Investment valuations are advised by Investec and CCLA. Investments are valued on the basis of midmarket 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.

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DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

16. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted funds 2023 £ Fixed asset investments 12,727 Current assets 498,940 Creditors due within one year (51,440) Total 460,227	Restricted funds 2023 £ - 1,527,186 - 1,527,186	Endowment funds 2023 £ 11,867,690 159,095 (55,003) 11,971,782	Total funds 2023 £ 11,880,417 2,185,221 (106,443) 13,959,195

Analysis of net assets between funds - prior year

Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total	Unrestricted funds 2022 £ 526 12,853 439,139 (49,805) 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

Page 39

DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

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 2022	Investment income	Income from returned grants	Grant expenditure	SYCF management fees	Transfers / other expenditure	Total as at 30 September 2023
Arthur Lee Charitable Fund	10,125	3,340	-	-	-	-	13,465
Yorkshire & Lancaster (Barnsley) Fund	1,622	9,341	-	(5,610)	-	-	5,353
Doncaster Chamber Benevolent Fund	53	324	-	(127)	-	-	250
Doncaster Community Endowment Fund	1,079	3,722	-	(2,486)	-	-	2,315
Deakin & Withers Fund	242,895	71,252	-	(47,021)	(25,000)	-	242,126
George & Clara Ann Hall Fund	2,701	2,757	-	(1,144)	-	-	4,314
General Fund	3	-	-	-	-	-	3
The Hallamshire Battalion Fund	734	820	-	-	-	-	1,554
Heald Head Cottage Charitable Fund	4,144	3,718	-	(5,729)	-	-	2,133
Henry Boot Fund	280	1,700	-	(672)	-	-	1,308
Hepworth Fund	282	1,741	-	(1,025)	-	-	998
High Sheriff of South Yorkshire Fund	-	-	-	-	-	993	993
Hugh & Ruby Sykes Fund	1,577	2,109	-	(2,049)	-	-	1,637
J P Morgan Fleming Fund	313	1,651	-	(630)	-	-	1,334
Keepmoat Fund	228	1,205	-	(710)	-	-	723
John Laing Fund	523	2,766	-	(1,629)	-	-	1,660
Lacewood Trust Fund	14,204	4,713	-	-	-	-	18,917
Carried Forward	280,763	111,159	-	(68,832)	(25,000)	993	299,083

Page 40

DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

Investec Wealth & Investments Fund	Total as at 30 September 2022	Investment income	Income from returned grants	Grant expenditure	SYCF management fees	Transfers / other expenditure	Total as at 30 September 2023
Mrs Audrey May Hampshire Lowe Fund	9,390	6,746	-	(11,945)	-	-	4,191
Investec Wealth & Investment Fund	167	791	-	(466)	-	-	492
Rotherham Community Fund	1,340	2,390	-	(2,297)	-	-	1,433
Roy Darlinson Acorn Fund	-	662	-	-	-	-	662
Pedder Family Charitable Fund	1,942	12,776	1,000	(8,120)	-	-	7,598
Sir Samuel Osborn Fund	17,128	9,402	-	(9,000)	-	-	17,530
Sir George Franklin Fund	6,036	2,363	-	(1,725)	-	-	6,674
The Abaculi Fund	6,502	2,572	-	-	-	-	9,074
The Hunter Community Fund	149	904	-	-	-	-	1,053
The Sheffield Benefactors Fund	12,049	5,165	-	(4,200)	-	-	13,014
The Sheffield Community Fund	162	558	514	(887)	-	-	347
The Barnsley Community Fund	1,288	4,416	-	(2,957)	-	-	2,747
South Yorkshire Outdoor Pursuits Trust Fund	846	4,027	-	(2,372)	-	-	2,501
Tinsley Relief in Sickness Fund	637	3,372	-	(1,986)	-	-	2,023
Total funds with permanent endowments	338,399	167,303	1,514	(114,787)	(25,000)	993	368,422

Page 41

DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

17. Restricted Funds (continued)

	Total as at 30 September 2022	Income from donations and grants	Income from returned grants	Grant expenditure	Transfers / other expenditure	Total as at 30 September 2023
AESSEAL Lieutenancy Fund	92,000	92,000	-	(67,020)	-	116,980
Anonymous	-	2,223	-	(2,000)	(223)	-
Blackstone Edge Wind Farm Community Fund	1,245	10,535	-	(8,240)	-	3,540
Blackstone Edge Wind Farm Low Carbon	20,371	-	-	(18,509)	-	1,862
Bramall Foundation Moving on Up	46,000	46,000	-	(46,000)	-	46,000
Cost of Living-South Yorkshire	1,849	90,600	-	(87,051)	-	5,398
Harry Harpham Memorial Fund	93	-	-	-	-	93
Loscar Wind Farm Community Fund	-	9,894	-	(9,375)	-	519
Moving on Up-General	900	2,160	-	(180)	-	2,880
NHS Charities Together Fund	1,318	370,323	-	(371,641)	-	-
Office Friendly Community Fund	101	1,678	-	-	-	1,779
Park Spring Wind Farm Community Benefits Fund	39,139	51,488	-	(51,213)	-	39,414
Legacy Fund	-	30,000	-	(24,737)	-	5,263
Paul Bloomfield MP Distribution Fund	39	-	-	-	(39)	-
Social Enterprise Exchange (SSE)	14,026	20,361	42	(23,874)	3,471	14,026
South Yorkshire Climate Action Fund	3,150	-	-	(3,150)	-	-
South Yorkshire Resilience Fund	786	-	-	-	-	786
Carried Forward	221,017	727,262	42	(712,990)	3,209	238,540

Page 42

DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

	Total as at 30 September 2022	Income from donations and grants	Income from returned grants	Grant expenditure	Transfers / other expenditure	Total as at 30 September 2023
SToRMS: The Dan McAllister Foundation Fund	4,747	7	-	(4,747)	-	7
Survival Guide	1,024	153	-	(1,080)	-	97
SWEF	-	21,875	-	-	-	21,875
Swiss Life-Moving on Up	-	18,000	-	(18,000)	-	-
Tween Bridge Wind Farm Community Benefits Fund	135,956	82,907	-	(115,072)	-	103,791
Violence Reduction Unit-Moving on Up	-	-	3,506	(3,506)	-	-
Volunteer Fund	10	-	-	-	-	10
The Young People Health & Wellbeing Fund	332	4,003	-	(3,000)	-	1,335
The University of Sheffield-Building Stronger Communities	-	20,500	3,000	(22,500)	-	1,000
Total Flowthrough Funds	363,086	874,707	6,548	(880,895)	3,209	366,655

Page 43

DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

17. Restricted Funds (continued)

	Total as at 30 September 2022	Investment income	Income from returned grants	Grant expenditure	Transfers / other expenditure	Total as at 30 September 2023
The AESSEAL Charitable Trust Grassroots Endowment Fund for South Yorkshire	20,474	-	-	(5,984)	40,989	55,479
Jackie Drayton Lord Mayor of Sheffield 2006/7 Grassroots Fund	89	539	-	-	-	628
Cutlers'Company Grassroots Fund	24,580	11,060	-	(7,975)	-	27,665
The Doncaster Community Grassroots Fund	468	2,856	-	(1,129)	-	2,195
Employment Bond Grassroots Fund for SY	14,187	17,976	1,494	(18,646)	(3,470)	11,541
Anonymous Grassroots Fund for SY	314	1,908	-	(755)	-	1,467
Great Barnsley Grassroots Fund	63	381	-	(152)	-	292
Great Doncaster Grassroots Fund	146	899	-	(500)	-	545
Great Rotherham Grassroots Fund	985	1,682	-	(1,706)	-	961
Great Sheffield Grassroots Fund	233	1,417	-	(840)	-	810
Hallamshire Battalion Grassroots Fund	1,928	4,650	-	(3,922)	-	2,656
Rotary Club of Hallam Grassroots Fund	157	960	-	(569)	-	548
Henry Boot Grassroots Fund	454	2,767	-	(1,095)	-	2,126
HSBC Grassroots Fund	152	923	-	(547)	-	528
The Samuel Roberts Trust Grassroots Fund	9,647	18,373	-	(6,406)	-	21,614
Hugh and Rugby Sykes Grassroots Fund	1,190	930	-	(1,366)	-	754
Investec Wealth & Investment Grassroots Fund	314	1,917	-	(1,136)	-	1,095
The Lloyd Grassroots Fund	185	1,129	-	(669)	-	645
Carried Forward	75,566	70,367	1,494	(53,397)	37,519	131,549

Page 44

DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

	Total as at 30 September 2022	Investment income	Income from returned grants	Grant expenditure	Transfers / other expenditure	Total as at 30 September 2023
Loscar Wind Farm Community Grassroots Fund	11,840	5,419	-	-	-	17,259
Neil & Julie MacDonald Grassroots Fund	5,248	11,840	-	(9,723)	-	7,365
P & A Group Grassroots Fund	194	1,177	-	(698)	-	673
Senta Grassroots Fund for SY	357	2,190	510	(1,647)	-	1,410
South Yorkshire Grassroots Fund	33	196	-	(39)	-	190
South Yorkshire Open Forum Grassroots Fund	11,138	19,989	-	(18,708)	-	12,419
Trustees and Supporters Grassroots Fund	294	1,809	-	(1,060)	-	1,043
UK Steel Enterprise Grassroots Fund	888	5,418	-	(2,140)	-	4,166
Wilkinson Institution Grassroots Fund	7,237	8,700	-	(9,753)	-	6,184
William Cook Charitable Grassroots Fund	220	1,341	-	(510)	-	1,051
Total Funds with Grassroots Endowments	113,015	128,446	2,004	(97,675)	37,519	183,309

Page 45

DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

17. Restricted Funds (continued)

	Total as at 30 September 2022	Investment income	Grant expenditure	Transfers / other expenditure	Total as at 30 September 2023
The AESSEAL Charitable Community First Fund SY Wide	17,530	15,039	(12,040)	-	20,529
AESSEAL CF B Fund-Expendable Capital Growth	2,164	4,694	(1,940)	-	4,918
The Henry Boot Community First Fund	118	514	(256)	-	376
The Sheffield Association in Aid of the Adult Deaf Community First Fund for Sheffield	4,481	2,967	-	-	7,448
SAAD CF B Fund-Expendable Capital Growth	5,784	1,122	-	-	6,906
The Doncaster Community Fund	139	615	(305)	-	449
Anonymous Community First Fund	43	186	(47)	-	182
R Children's Trust Community First Fund	3,619	704	-	-	4,323
Community First-South Yorkshire	113	498	(247)	-	364
William Cook CF B Fund-Expendable Capital Growth	337	1,597	(545)	-	1,389
William Cook Charitable Community First Fund	1,711	7,567	(3,755)	-	5,523
Total Funds with Community First Endowment	36,039	35,503	(19,135)	-	52,407

Page 46

DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

17. Restricted Funds (continued)

	Total as at 30 September 2022	Investment income	Income from donations and grants	Income from returned grants	Grant expenditure	SYCF management fees	Transfers / other expenditure	Total as at 30 September 2023
David Price Charitable Fund*	466	2,928	-	-	(1,119)	-	-	2,275
Frank & Pat Carter Family Fund Charitable Fund*	325	1,983	-	-	(784)	-	-	1,524
Henry Boot Charitable Fund*	294	1,789	-	-	(707)	-	-	1,376
Mark Dransfield & Deborah Holmes Charitable Fund*	15,573	8,017	-	-	(4,808)	-	-	18,782
Sarah Beckett Charitable Fund*	517	3,144	-	474	(2,334)	-	-	1,801
The Bloomer Family Rotherham Fund*	740	4,496	-	-	(1,777)	-	-	3,459
The Gregory Family Rotherham Fund*	329	1,995	-	1,180	(1,969)	-	-	1,535
The Ken & Janet Cooke Charitable Fund*	363	2,209	-	-	(563)	-	-	2,009
The Marven Gardling Fund*	410	2,496	-	1,082	(2,558)	-	-	1,430
The Stanley Race Community Fund*	1,304	7,939	-	-	(4,137)	-	-	5,106
The Stanley Race Bursary Fund*	8,971	3,731	-	-	(3,500)	-	-	9,202
Total Philanthropy Catalyst Endowment Funds	29,292	40,727	-	2,736	(24,256)	-	-	48,499
Total General Funds	879,831	371,979	874,707	12,802	(1,136,748)	(25,000)	41,721	1,019,292

& The Liz & Terry Bramall Foundation Philanthropy Catalyst Fund

Page 47

DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

17. Restricted Funds (continued)

	Total as at 30 September 2022	Income from donations and grants	Income from returned grants	Grant expenditure	SYFAB expenditure	Return to funder	Transfers / other expenditure	Total as at 30 September 2023
Covid-19-DCMS (NET & UKCF)	1,000	-	-	-	-	-	-	1,000
CCG ICS Genetics Fund	-	30,000	-	(10,000)	-	-	-	20,000
South Yorkshire & Bassetlaw Green Social Prescribing Programme	114,653	8,000	9,248	(131,704)	-	-	-	197
Cost of Living Sheffield-SCC	-	850,000	-	(578,628)	-	-	-	271,372
VCSE Participation Fund	-	46,500	-	(132)	-	-	-	46,368
Barnsley MBC	-	35,000	-	-	(35,000)	-	-	-
SCC Voluntary Sector Grant	-	40,117	-	-	(40,117)	-	-	-
Total Public Sector Funds	115,653	1,009,617	9,248	(720,464)	(75,117)	-	-	338,937

Let's Create Jubilee Fund	-	-	410	-	-	(410)	-	-
Wesleyan Foundation Fund	1,263	35,000	-	-	-	-	-	36,263
# iwill Fund	8,904	-	-	-	-	-	-	8,904
Total National Campaign Fund	10,167	35,000	410	-	-	(410)	-	45,167

Page 48

DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

Restricted Funds (continued) Total as at 30 September 2022 Investment income	Restricted Funds (continued) Total as at 30 September 2022 Investment income	Restricted Funds (continued) Total as at 30 September 2022 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 2023
	Total as at 30 September 2022
Flood Relief (South Yorkshire) 2019	123,790	-	-	-	-	-	-	-	-	123,790
Total Disaster Funds	123,790	-	-	-	-	-	-	-	-	123,790

Page 49

DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

17. Restricted Funds (continued)

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

	£
Barnsley	230,310
Doncaster	237,339
Rotherham	140,682
Sheffield	1,156,518
Outside South Yorkshire	92,363
Returned Grants	(22,460)
	1,834,752

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 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

DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

Public Sector Funds

These funds are provided by public sector bodies to be distributed to South Yorkshire communities in line with specific programme aims.

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

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.

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DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

18. Endowment Funds

Permanent Endowments	Total as at 30 September 2022	Investment income	Transfer	Investment management fees	SYCF management fees 22/23	Net movement in market value of investment	Total as at 30 September 2023
Doncaster Chamber Benevolent Fund	9,270	-	-	(34)	-	(58)	9,178
The AESSEAL Charitable Trust Grassroots Endowment Fund for South Yorkshire	974,232	40,343	(40,989)	(3,580)	(10,247)	(6,632)	953,127
Jackie Drayton Lord Mayor of Sheffield 2006/7 Grassroots Fund	13,163	-	-	(48)	(194)	(78)	12,843
Cutlers'Company Grassroots Fund	269,859	-	-	(977)	(3,974)	(1,606)	263,302
Employment Bond Grassroots Fund for SY	438,579	-	-	(1,589)	(6,459)	(2,608)	427,923
Anonymous Grassroots Fund for SY	46,562	-	-	(169)	(686)	(276)	45,431
Great Barnsley Grassroots Fund	9,313	-	-	(34)	(137)	(55)	9,087
Great Doncaster Grassroots Fund	21,949	-	-	(80)	(323)	(130)	21,416
Great Rotherham Grassroots Fund	41,050	-	-	(149)	(605)	(243)	40,053
Great Sheffield Grassroots Fund	34,568	-	-	(125)	(509)	(206)	33,728
Henry Boot Grassroots Fund	67,514	-	-	(245)	(994)	(402)	65,873
HSBC Grassroots Fund	22,513	-	-	(82)	(332)	(133)	21,966
Loscar Wind Farm Community Grassroots	132,227	-	-	(479)	(1,947)	(787)	129,014
Neil & Julie MacDonald Grassroots Fund	288,871	-	-	(1,046)	(4,254)	(1,719)	281,852
P&A Group Grassroots Fund	28,729	-	-	(104)	(423)	(171)	28,031
Carried Forward	2,398,399	40,343	(40,989)	(8,741)	(31,084)	(15,104)	2,342,824

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DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

	Total as at 30 September 2022	Investment income	Transfer	Investment management fees	SYCF management fees 22/23	Net movement in market value of investment	Total as at 30 September 2023
Investec Wealth & Investment Grassroots	46,786	-	-	(169)	(689)	(279)	45,649
Rotary Club of Hallam Grassroots Fund	23,419	-	-	(85)	(345)	(139)	22,850
Senta Grassroots Fund for SY	53,425	-	-	(194)	(787)	(318)	52,126
South Yorkshire Grassroots Fund	4,785	-	-	(17)	(70)	(29)	4,669
South Yorkshire Open Forum Grassroots Fund	487,691	-	-	(1,766)	(7,182)	(2,901)	475,842
Trustees and Supporters Grassroots Fund	44,127	-	-	(160)	(650)	(262)	43,055
UK Steel Enterprise Grassroots Fund	132,183	-	-	(479)	(1,947)	(786)	128,971
Wilkinson Institutional Grassroots Fund	212,258	-	-	(769)	(3,126)	(1,262)	207,101
The Samuel Roberts Trust Grassroots Fund	448,268	-	-	(1,624)	(6,602)	(2,666)	437,376
Hallamshire Battallion Grassroots Fund	113,443	-	-	(411)	(1,671)	(675)	110,686
William Cook Charitable Grassroots Fund	32,725	-	-	(119)	(482)	(194)	31,930
The Doncaster Community Grassroots Fund	69,694	-	-	(252)	(1,026)	(415)	68,001
The Lloyd Grassroots Fund	27,537	-	-	(100)	(406)	(163)	26,868
The Hugh and Ruby Sykes Grassroots Fund	22,692	-	-	(82)	(334)	(135)	22,141
The Hallamshire Battallion Fund	31,574	-	-	(115)	-	(197)	31,262
John Laing Fund	89,552	-	-	(326)	-	(559)	88,667
Keepmoat Fund	39,007	-	-	(142)	-	(243)	38,622
Investec Wealth & Investment	30,717	-	-	(112)	-	(191)	30,414
Hugh and Ruby Sykes Fund	68,286	-	-	(248)	-	(427)	67,611
Carried Forward	4,376,568	40,343	(40,989)	(15,911)	(56,401)	(26,945)	4,276,665

Page 53

DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

							Net
	Total as at 30			Investment	SYCF	movement in		Total as at 30
	September	Investment		management	management	market value		September
	2022	income	Transfer	fees	fees 22/23	of investment		2023
The Lacewood Trust	181,385	-	-	(659)	-		(1,135)	179,591
South Yorkshire Outdoor Pursuits Trust Fund	156,441	-	-	(569)	-		(978)	154,894
Yorkshire & Lancaster (Barnsley) Fund	266,967	-	-	(971)	-		(1,669)	264,327
Deakin & Withers Trust	1,730,980	-	-	(6,293)	-		(10,821)	1,713,866
Total Permanent Endowment	6,712,341	40,343	(40,989)	(24,403)	(56,401)		(41,548)	6,589,343

Page 54

DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

18. Endowment Funds (continued)

Expendable endowments	Total as at 30 September 2022	Income	Investment income	Gift Aid	Transfer	Investment management fees	SYCF management fees 22/23	Net movement in market value of investment	Total as at 30 September 2023
Acorn Fund	22,544	-	142	375	-	(84)	-	(171)	22,806
Arthur Lee Charitable Fund	99,844	-	-	-	-	(363)	-	(624)	98,857
AESSEAL CF B Fund Expendable Capital Growth	151,581	-	-	-	-	(551)	-	(948)	150,082
Anonymous Donor	735	8,036	219	-	248	(20)	(134)	(134)	8,950
The Barnsley Community Fund	169,941	-	-	-	-	(618)	-	(1,196)	168,127
David Price Charitable Fund & The Liz & Terry Bramall Foundation Philanthropy Catalyst Fund	68,782	20,000	-	-	-	(268)	(1,318)	(560)	86,636
Doncaster Community Endowment Fund	143,239	-	-	-	-	(521)	-	(895)	141,823
Frank & Pat Carter Family Fund	48,173	-	-	-	-	(175)	(715)	(302)	46,981
General Fund	434,322	-	-	-	-	(1,579)	-	(2,715)	430,028
George and Clara Ann Hall Fund	106,103	-	-	-	-	(386)	-	(663)	105,054
Heald Head Cottage	90,333	-	-	-	-	(328)	(1,340)	(566)	88,099
Henry Boot Fund	41,290	-	-	-	-	(150)	(613)	(259)	40,268
Carried Forward	1,376,887	28,036	361	375	248	(5,043)	(4,120)	(9,033)	1,387,711

Page 55

DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

	Total as at 30 September 2022	Income	Investment income	Gift Aid	Transfer	Investment management fees	SYCF management fees 22/23	Net movement in market value of investment	Total as at 30 September 2023
Henry Boot Charitable Fund & The Liz & Terry Bramall Foundation Philanthropy Catalyst Fund	43,453	-	-	-	-	(158)	(645)	(272)	42,378
Hepworth Fund	49,762	-	-	-	-	(181)	-	(311)	49,270
High Sheriff of South Yorkshire Fund	16,558	-	655	-	(993)	(58)	(240)	(118)	15,804
Hunter Community Fund	21,961	-	-	-	-	(80)	(326)	(137)	21,418
Jonathan Hunt Family Acorn Fund	10,117	1,200	471	600	-	(42)	(183)	(157)	12,006
JP Morgan Fleming Fund	53,468	-	-	-	-	(194)	-	(334)	52,940
Ken & Janet Cooke Charitable Fund & The Liz & Terry Bramall Foundation Philanthropy Cataylst Fund	53,656	-	-	-	-	(195)	(796)	(336)	52,329
Mrs Audrey May Hampshire Lowe Fund	262,082	-	-	-	-	(953)	-	(1,638)	259,491
Mark Dransfield & Deborah Holmes Charitable Fund & The Liz & Terry Bramall Foundation Philanthropy Catalyst Fund	194,764	-	-	-	-	(708)	(2,890)	(1,221)	189,945
Carried Forward	2,082,708	29,236	1,487	975	(745)	(7,612)	(9,200)	(13,557)	2,083,292

Page 56

DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

	Total as at 30 September 2022	Income	Investment income	Gift Aid	Transfer	Investment management fees	SYCF management fees 22/23	Net movement in market value of investment	Total as at 30 September 2023
Pedder Family Charitable Fund	287,263	35,000	-	8,750	-	(1,141)	(4,883)	(4,047)	320,942
Rotherham Community Fund	77,397	-	-	-	-	(281)	-	(484)	76,632
SAAD CF B Fund - Expendable Capital Growth	43,373	-	-	-	-	(158)	-	(271)	42,944
Sarah Beckett Charitable Fund & The Liz & Terry Bramall Foundation Philanthropy Catalyst Fund	76,389	-	-	-	-	(278)	(1,133)	(479)	74,499
Sir Samuel Osborn Fund	365,255	-	-	-	-	(1,328)	-	(2,283)	361,644
The Sheffield Community Fund	21,495	-	-	-	-	(78)	-	(135)	21,282
Sir George Franklin Fund	76,120	-	-	-	-	(277)	-	(475)	75,368
Stanley Race Community Fund & The Liz & Terry Bramall Foundation Philanthropy Catalyst Fund	192,870	-	-	-	-	(701)	(2,862)	(1,209)	188,098
Stanley Race Bursary Fund & The Liz & Terry Bramall Foundation Philanthropy Catalyst Fund	90,648	-	-	-	-	(330)	(1,345)	(568)	88,405
Carried Forward	3,313,518	64,236	1,487	9,725	(745)	(12,184)	(19,423)	(23,508)	3,333,106

Page 57

DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

	Total as at 30 September 2022	Income	Investment income	Gift Aid	Transfer	Investment management fees	SYCF management fees 22/23	Net movement in market value of investment	Total as at 30 September 2023
The Abaculi Endowment Fund	62,475	-	-	-	-	(227)	(927)	(391)	60,930
The Sheffield Benefactor Fund	166,375	-	-	-	-	(605)	-	(1,040)	164,730
The Bloomer Family Rotherham Fund & The Liz & Terry Bramall Foundation Philanthropy Catalyst Fund	109,230	-	-	-	-	(397)	(1,621)	(684)	106,528
The Gregory Family Fund & The Liz & Terry Bramall Foundation Philanthropy Catalyst Fund	48,455	-	-	-	-	(176)	(719)	(304)	47,256
The Marven Gardling Fund & The Liz & Terry Bramall Foundation Philanthropy Catalyst Fund	60,642	-	-	-	-	(220)	(900)	(380)	59,142
Tinsley Relief in Sickness Fund	109,189	-	-	-	-	(397)	-	(683)	108,109
William Cook CFB - Expendable Capital	61,715	-	-	-	-	(224)	-	(382)	61,109
The AESSEAL Charitable Trust Community First Fund SY	678,070	-	-	-	-	-	-	2,617	680,687
Carried Forward	4,609,669	64,236	1,487	9,725	(745)	(14,430)	(23,590)	(24,755)	4,621,597

Page 58

DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

	Total as at 30 September 2022	Income	Investment income	Gift Aid	Transfer	Investment management fees	SYCF management fees 22/23	Net movement in market value of investment	Total as at 30 September 2023
The Sheffield Association in Aid of the Audit Deaf Community First Fund for Sheffield	172,576	-	-	-	-	-	-	545	173,121
William Cook Charitable Community First Fund-SY	439,694	-	-	-	-	-	-	1,264	440,958
Anonymous Community First Endowment Fund	10,814	-	-	-	-	-	-	29	10,843
Community First Fund South Yorkshire	28,946	-	-	-	-	-	-	88	29,034
The Doncaster Community First Fund	35,785	-	-	-	-	-	-	109	35,894
The Henry Boot Community First Fund	29,916	-	-	-	-	-	-	91	30,007
R Children's Trust Community First Fund	40,874	-	-	-	-	-	-	112	40,986
Capital Expendable Funds	5,368,274	64,236	1,487	9,725	(745)	(14,430)	(23,590)	(22,517)	5,382,440
Total Endowment Funds 12,080,615 64,236 41,830 9,725 (41,735) (38,829) (79,991) (64,069) 11,971,782

£41,735 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 investment 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.

Page 59

DocuSign Envelope ID: 55F41626-99B1-4C68-A2E9-64B6536D414DDocuSign Envelope ID: 3669DE37-1385-482D-AB15-4EA9E5CFBECE

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

19. Operating lease commitments

At 30 September 2023 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	2023 £ 10,216 2,299 12,515	2022 £ 9,643 3,066

		12,709

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 2023 (2022: £nil).

Aggregate donations made by Trustees and other related parties during the year totalled £2,710 (2022: £2,600). There were no conditions or benefits attached to these donations.

Page 60

2023-09-30-accounts

SOUTH YORKSHIRE COMMUNITY FOUNDATION LIMITED

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

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 2023

Honorary Officers

President

President Emeritus

Vice Presidents

Honorary Vice Presidents

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

CHAIR'S STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2023

Professor Chris Booth-Mayblin

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

TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023

About South Yorkshire Community Foundation Limited (SYCF)

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

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Objectives and Activities

a. Objectives and Activities

Our Vision

Our Mission

Our Values

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

Objectives and Activities (continued)

b. Public Benefit

c. Governance

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

Objectives and Activities (continued)

d. Trustees

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

Objectives and Activities (continued)

e. Management

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

Objectives and Activities (continued)

f. Key Partnerships

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

Objectives and Activities (continued)

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

Objectives and Activities (continued)

g. Key Fund Investments

h. Risk Review

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

Achievements and performance

a. Main achievements of the Charity

b. Fundraising

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

Achievements and performance (continued)

c. Other notable activities during the year

d. Floods

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

Achievements and performance (continued)

e. Financial Review

Income

Expenditure

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

Achievements and performance (continued)

f. Investments

Investment Policy

Markets

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

Achievements and performance (continued)

Portfolio

Financial review

a. Going concern

b. Reserves policy

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

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

c. Plans for the Future

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

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Structure, governance and management

a. Constitution

b. Methods of appointment or election of Trustees

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

Statement of Trustees' responsibilities

Disclosure of information to auditors

Auditors

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

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