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2023-03-31-accounts

Trustees
Henry Holland-Hibbert Chair ofTrustees, Audit and Communications 8 Development Committees
Anna Bates Grants Committee
Sally Burton
DL		 Grants Committee (Chair)
Jill Burridge Research and Impact Committee (Chair) and Communications 8
Development
Committees
Cllr Terry Douris Audit committee
Suzy Harvey
DL		 Grants, Research and Impact and Staffing Committees
Will Hobhouse Communications and Development Committee (Chair) (resigned July 22)
Gus Machado Governance
and		 Research 8 Impact Committees
John Saner Governance
Committee
(Chair)
Simon Till ey Audit Committee (Chair)
Jonathan
Arrowsmith		 Audit Committee
Suzanne Westlake Grants Committee
James Williams MBE Staffing (Chair), Grants and Governance Committees (resigned Feb 23)
Syd Nadim Communications and Development Committee (Chair)

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2023 2022
note E F
Fixed assets
Tangible assets 15 641,389 658,734
Investments 16 12,029,737 12,733,520
Mixed motive investments 17 607,619 607,619
13,278,745 13,999,873
Current assets
Debtors 18 220,565 18,810
Cash at bank and in hand 574,481 864,289
795,046 883,099
Uabllltles
Creditors: amounts
year		 due within one 19 (245,617) (200,154)
Net current assets 549,429 682,945
Total net assets 13,828,177 14,682,8189
The funds ofthe charity 23
Endowment
funds
General 10,582,950 10,427,385
Revaluation
reserve		 2,392,662 3,262,642
12,975,612 13,690,027
Restricted
income		 funds 495,464 910,449
Unrestricted
funds		 357,099 82,343
13,828,177 14,682,819

2023 2022
6 f
Cash flows from operating
activities:
Net cash provided
by/(used
in) operating		 activities (note I) (450,130) (87,144)
Cash flows from investing actMtles:
Dividends,
interest and rents from investments		 331,553 288,311
Purchase ofproperty
plant and equipment		 (5,033) (8,360)
Proceeds from sale ofinvestments 0 0
Purchase ofinvestments (166,196) (756,749)
Net cash provided
by (used in) investing		 activities 160,324 (476,798)
Change
In cash and cash equivalents		 in the reporting period (289,806) (563,942)
Cash and cash equivalents
at beginning		 ofthe reporting period 864,288 1,428,230
Cash and cash equivalents
at end of		 the reporting period (note ii) 574,482 864,289
Net Income/ (expenditure)
forthe reporting		 period (854,642) 718,593
(as per the Statement ofFinancial Activities)
Adjustment
for:
Depreciation 22,378 20,453
(Gains)/Losses
on investments		 869,979 (621,266)
Dividends,
Interest and rents from investments		 (331,553) (288,311)
(Increase)/decrease
in debtors		 (201,755) 60,335
Increase/(decrease)
in creditors		 45,463 23,053
Net cash provided
by (used in) operating		 activities (450,130) (87,143)
Analysis ofcash and cash equivalents
Cash
In hand		 574,482 864,289
574,482 864,289
Page 19of32

Income from donations and legacies
2023f 2022f
Donations 5,361,904 4,041,272
Other grants
Membership 7,396
5,361,904 4,048,668
Income from charitable activities
2023 2022
f (As restated)f
Performance related grants 290,290 252,336
Lettings 13,998 13272
Management fees 59,063 27,000
363,351 292,708

2023 2022
E F
Rent 52,088 46,833
Fundraising 33,374 22,139
Sponsorship 0
85,462 68,972
5. Income from Investments
2023 2022
E E
Listed Investments —within the UK 325,586 287,826
Bank interest 5,967 485
331,553 288,311
6. Expenditure on raising funds
2023 2022
E E
Direct costs 30,697 6,480
Support costs 162,237 127,294
192,934 133,774

Activity or Project Activity or Project Direct Grant Grants Support Total
Current Year Activity Institutions Individuals Costs 2023
E E E E E
Grants programme (note 9) 5,092,503 119,161 441,124 5,652,788
HCF Training 8 Development 208.964 36,246 245,210
Rowlandson Sponsorship
Crowdfunder 36,000 36,000
244,964 5,128,749 1 19,161 441,124 5,933,998

Direct Grant Grants Support Total
Prior Year Activityf Institutionsf Individuals
f		 Costsf 2022f
Grants programme (note 9) 3,783,978 66,114 290,910 4,141,002
HCF Training 8 Development 177,347 39,325 216,672
Rowlandson Sponsorship 6,550 6,550
Crowdfunder 103,500 103,500
287,397 3,823,303 66,114 290,910 4,467,724
8. Support Costs Support Costs Support Costs
2023 2022
f f
Support
Staff Costs 258,453 264,793
Premises 61,909 34,886
Office costs 43,836 39,478
Depreciation 22,379 20,453
Other 85,475 27,083
472,052 386,693
Governance
Staff costs 21,365 19,283
Trustee expenses 576 20
Audit fees 11,340 11,000
Professional and legal fees 775
Trustee indemnity insurance 931 1,209
Other
34,987 31,512
Total 507,039 418,205
Allocated to activities: based on staff time
Raising funds 65,915 127,295
Charitable Activities 441,124 290,909
507,039 418,204

9. Grant making
Grants to Grants to Total
Current Year Institutionsf Individuals
f		 2023f
Fairness (Deprivation) 2,620,395 119,161 2,739,556
Housing
(Housing and Homelessness)		 65,587 65,587
Safety (Crime and Safety) 242,166 242,166
Healthy
Living (Health and		 Wellbeing) 852,625 852,625
Strong Communities 963,617 963,617
Work and Learning (Education and Work) 221,985 221,985
Environment 80,722 80,722
Emergency
Coronavirus		 Response 45,406 45,406
5,092,503 119,161 5,211,664
A full list ofawards made can be found at: v/ww. hertscf o~r ttk
Prior Year Grants to Grants to Total
institutions Individuals 2022
f f f
Fairness 2,534,285 66,114 2,600,399
Housing 4,844 4,844
Safety 99,246 99,246
Healthy
Living		 109,273 109,273
Strong Communities 648,492 648,492
HCF Training
8 Development		 237,539 237,539
Environment 22,447 22,447
Emergency
Coronavirus		 Response 127,852 127,852
3,783,978 66,114 3,850,092
0.Net Income forthe year
This is stated after charging/(crediting):
2023f 2022
f
Depreciation 22,379 20,453
Auditors'
remuneration		 (excluding VAT)
Audit 11,340 9,167
Other services

Staff costs were as follows: were as follows:
2022 2021
f f
Salaries and wages 376,756 303,653
Social security costs 29,519 21,564
Employer's contribution to deRned contribution pension schemes 30,717 24,234
436,992 349,451

2023 2022
No: No:
Raising funds 3.8 2.6
Charitable Activities 10.4 6.5
Support 43 2.8
Governance 1,5 1.1
20 13

15,Tangible fixed assets
Freehold Computer Furniture 8 Total
land
8&		 equipment equipment
buildings
f
Cost
At beginning ofyear 874,666 52,452 83,303 1,010,421
Additions 0 5,033 0 5,033
Disposals 0
At end ofyear 874,666 57,485 83,303 1,015,454
Depreciation
At beginning ofyear 229,152 44,262 78,273 351,687
Charge for the year 15,500 4,834 2,044 22,378
Disposals 0
0
At end ofyear 244,652 49,096 80,317 374,065
Net book value
At beginning ofyear 645,514 8,190 5,030 658,734
At end ofyear 630,014 8,389 2,986 641,389

Listed Investments 2023 2022
6
Fair value at the start ofthe year 12,733,520 11,355,505
Additions
at cost		 166,196 743,170
Disposal proceeds (13,330) (7,409)
Net gain/(loss)
on change		 in fair value (854,814) 636,650
Costs Charged (15,515) (15,822)
Equa)isation (1,802)
Page 27 of32

Cash invested 350 757,187
Cash re-invested 13,330 (733,959)
Fair value at end ofthe year 12,029,737 12,733,520
16.Investments
(continued)
Historic cost at the end ofthe year 9,637,074 9,470,878
2023 2022
Listed investments all held within the UK comprise: f f
Rathbone
Unit		 Trust Management 7,647,945 8,288,403
COIF Charities Investment Fund 4,381,674 4,443,164
Cash held by brokers for re-investment 118 1,953
12,029,737 12,733,520
17.Mixed motive Investments
2023 2022
f f
Freehold
land and		 buildings
Cost at start ofthe year 607,619 607,619
Additions
Cost at end ofthe year 607,619 607,619
This investment comprises a Community Resource Centre in East Hertfordshire funded by the Nigel
Copping
Fund.
18.Debtors
2023
f		 2022f
Trade debtors 194,827 8,892
Prepayments 23,845 4,204
Accrued income 1,893 5,714
220,565 18,810
19.Creditors: amounts falling due within one year
2023 2022
f (As restated)
f
Trade creditors 31,342 3504
Other creditors 5,223
Accruals 65,089 34,553
Deferred
Income		 (note 20) 143,963 162,097
245,617 200,154
Page 28of32

Deferred Income
2023 2022
(As restated)
E E
Balance atthe beginning ofthe year 162,097 52,150
Amount
released to income		 in the year (157,684) (102,324)
Amount deferred
in the year		 139,550 212,271
Balance atthe end ofthe year 143,963 162,097
Analysis ofnet assets between funds
Current Year Unrestricted Restricted Endowment Total
f E 2023f
Tangible fixed assets 11,375 630,014 641,389
Investments 12,029,737 12,029,737
Mixed motive investments 607,619 607,619
Net current assets 345,724 495,464 (276,258) 549,430
Net assets at the end ofthe year 357,099 495,464 12,975,612 13,828,175
(As restated) (As restated)
Unrestricted Restricted Endowment Total
Prior Year 2022
E E E
Tangible fixed assets 13,221 645,513 658,734
Investments 1.2,733,520 12,733,520
Mixed motive investments 607,619 607,619
Net current assets 69,1 22 910,450 (296,626) 682,946
Net assets at the end ofthe year 82,343 910,450 13,690,026 14,682,819

2023
E		 2022f
Less than one year 764 743
1-5years 0
764 1,487
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Changes to the balance s heet
As previously
reported AdJustment As restatedf
6
Creditors
Amounts falling due with one year (96,563) (103,591) (200,154)
Net Current Assets 786,536 (103,591) 682,945
Total net assets 14,786,410 (103,591) 14,682,819
The funds ofthe charity
Endowment funds
General 10,427,385 10,427,385
Revaluation reserve 3,262,642 3,262,642
13,690,027 13,690,027
Restricted income funds 1,014,041 (103,591) 910,450
Unrestricted funds 82,342 82,342
14,786,410 (103,591) 14,682,819
Changes to the statement of Financial Activities
Period ended 31 March 2022
As previously
reportedf Adjustment
F		 As restated
E
Charitable Activities 396,299 (103,591) 292,708
Net movement in funds 822,184 (103,591) 718,593