Hertfordshlre Community Foundation Statement of Financial Attlvity (incorporating an income and expenditure account) For the year ended 31 March 2024 Company Registration No: 08794474 Charlty Reg15tratlon No: 1156082 HERTFORDSHIRE COMMUNITY FOUNDATION DIREcfoRS REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 CHAIRMAN'S STATEMENT
Hertfordshire Communlty Foundatlon Statement of Financlal Activity (incorporating an income and expenditure account) For the year ended 31 March 2024 REPORT OF TrIE TRusfEES FOR THE YEAR ENDED 31 MARCH 2024 CHAJRMAN'S ¥fATEMENT l arn pleased to present the Trustee's Annual Report and Financial Statements for the year ended 31 March 2024. It has been a year of change and growth at the Foundation. After nearly six years at the helm, Helen Gray left us for a new challenge within the charity sector. On behalf of all the Trustees, we thank her for her dedication and achievements at HCF. We soon welcomed Paul Robln as HCFS new CEO. Pauls commerclal and charity background stands hlm in good stead to lead the HCF team and grow both the endowment fund and awareness of HCF throughout the county. HCF has continued to manage hlgh IerS of pass-through fundlng from Hertfordshire County Council. Thls together wlth our own endowment rLwenues has led to a further increase in grant maklng at £5.46m. HCFS total grant making, slnce it was founded in 1988, now exceeds £30 million, Notable grant programmes Included the third year of the Department for Educatlon funded Holiday ActSvltles and Food Programme which addresses the triple Inequality of food poverty, physlcal Inac[lty and soclal isolation, HCF manages the grants for thls programme in partnership with Hertfordshlre Sports Partnership, The Communlty Opportunities Programme ran for a third year whlch supports the dellvery of day care servlces addresslng loneliness and isolation 10 older adults and those with disabilltles. In addltlon, we delivered a signlficant programme across the COLJnty to help address the cost of living crlsis, as part of the Government's Household Support Fund. My thanks go to Hertfordshire County Councll and to Herts Sports Partnership for partnerlng with HCF to deliver these programmes and much more.The future of the natlonal programmes providing current high levels of fundlng vla HCC Is uncertaln and unlikely to be sustainable In the medlum term, It remalns a prlorlty for HCF to develop new relationships for endowment growth as well as seeklng opportunltles to grow its endowment fund through trust transfers. Wlth last year's appolntment of a Head of Philanthropy along with the new CEOS cornmercial background, we have seen new funds Set up and a couple of trust transfer happen. The outlook for thls growth is positive for the coming year too. We are particularly pleased to have acquired the HertfordshSre Educational Fund as a trust transfer, whlch Is provldlng a valuable fundlng stream to support disadvantaged young people. Sadly, the social need In the county continues to grow across all themes and populations. HCF has receSved a $18niflcant increase in appllcations in the past year across all programmes. Wlth the continuing cost of living crisls, the lon8-term impact of the pandemic and charities faclng growing financial pressures, there is no sign of this abatlng. I would also like to extend my thanks to Anna Bates and Simon Filley who stepped down as Trustees. Anna was a key merr)ber of the Grants Committee and Simon provided valuable support and expertlse relatlng to our financial management. HCF'S ability to make an impact in the county is the result of an extraordinary team effort by a group of dedlcated staff, Trustees, volunteers and generous donors. My gratitude goes to everyone as we seek to make Hertfordshire a great county to live, work and enjoy. Henry Holland-Hibbert- Chalr of Trustees
Hertfordshlre Communlty Foundatlon Statement of Flnancial Activlty (incorporating an income and expenditure account) For the year ended 31 March 2024 INTRoDU10N The trustees present their report and accounts for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charitable companls Memorandum and Articles of Assoclatlon, the Companles Act 2006 and Accounting and Reporting by Charities., Statement of Recommended Practice applicable to charitle5 preparlng their accounts in accordance with the Financial Reporting Standard applScable In the UK and the Republic of Ireland (SORP FRS 102)- effectlve 1 January 2019. ADMIN ISTRATIVE DETAILS Trustees, staff and long-term volunteers who served during the year and up to the date of this report were.. Presldent Mr Robert Voss CBE Cstj DL Lord Lieutenant of Hertfordshire Ambassadors The Foundation Is advised by a group of people with a strong interest In the success of our work Trustees Henry Holland-Hibbert Anna Bates Sally Burton DL Jill Burridge Chalr of Trustees, Audit and Communlcations & Development Committees Grants Commlttee (resigned 4)r 23) Grants Committee Ichair) Research and lrnpact Committee (Chalr) and Communications & Development Committees Audlt committee Grants, Research and Impact and Staffing Commlttees Governance and Research & Impact Commlttees Governance Committee (Chalr) Audit Committee (Chair) (reslgned Sept 23) Audit Committee Grants Committee Communications and Development Commlttee (Chair) Investment Cornmittee (appolnted Sept 23) Cllr Terry Douris Suzy Harvey DL Gus Machado John Saner Slmon Tllley Jonathan Arrowsmith Suzanne Westlake Syd NadSm James Hopkins Staff Helen Gray Paul Robin Georgina Bawden Ingrid Dos Santos Helen Doubal Willow Humphries Danielle Hood Llnn Moyster Maureen Palmer Ana Siewniak Nicola Stokes Yvonne Green Emma Dalton Foundatlon Director (resigned Apr 23) Chief Executive Office (appolnted May 23) Grants Manager (resigned May 23) Office Manager Head of Grants Training and Development Manager (resigned Dec 23) Marketing Officer Finance Mar)ager Grants Admlnistrator Project Coordinator (HCFTraining & Development) (resignedjune 23) Grants Manager Marketing & Events Co~ordinator Grants Manager
Hertfordshlre Communlty Foundatlon Statement of Financial Actlvity (incorporating an income and expenditure account) For the year ended 31 March 2024 Christy Conroy (nee Winn) Amanda Jansen Sarah Greene Tony Kitchingman Katle Purcell Phllllpa Shaw Katie Spencer-shaw Grants Administrator Philanthropy Manager Grant Manager Grant Manager Grants Manager lappolnted Aug 23) T&D Project Co-ordlnator (appointed Aug 23) Project Manager T&D (appointed Feb 23) Volunteers Nlck Powesland Alex Wiltshlre Emma Simons OBJEcfivES AND AcfiviTIES Hertfordshire Community Foundation's (HCF) objectlves, as set out in the governing document, are to beneflt the communlty in the county of Hertfordshlre and immediate area, In partlcular to advance educatlon, protect mental and physical health and relieve poverty. HCF is the natural port of call for grant makln8 and philanthropy in the county of Hertfordshlre. We work in partnershlp wlth Indlviduals, companies and other organisations across every sector of the communlty to build a better life for all. Hertfordshlre Is generally percelved as an affluent county, However, this hldes the reality for many, and Hertfordshlre has places where need and deprivation is In the worst 10% in the UK - hlghlighted by HCF through Its independent'Hertfordshlre Matters 202(Y research. Regrettably all social need highlighted In this report has been exacerbated by the ongolng Impact of Covid-19 and the ongolng cost of living crlsls, demonstrating the Importance of local insight. To meet local need, HCF offers a professional and flexlble service to asslst donors, whether Indimduals, companSes or trusts, as well as public authorities and agencies to achieve their local charitable giving objectives, HCF further endorses its charltable purposes for public benefit through its vlslon and mlssion statements, together with its grant making policy. Respondlng to emerglng need Over the past year, HCF has maintained Sts focus on supporting Hertfordshire's most deprived communlties and supportin8 those in need. Grants contlnue to support groups and organlsatlons addressing the ongoing impact of the pandemic together with the cost-of-livin8 squeeze whlch Is havlng a marked impact on demand for HCPS support. HCF continues to monitor closely emerging needs Vlslon and Mlsslon Following a strategic review in February 2022, HCFsVislon and Mission statements were confjrmed as follows; Our Vislon,. A countywhere generous communlties work together to enhance the quality of Ilves in Hertfordshire.
Hertfordshlre Communlty Foundatlon Statement of Financlal Activity (incorporating an income and expendlture account) For the year ended 31 March 2024 Company Registration No: 08794474 Charlty Reglstratlon No,, 1156082 HERTFORDSHIRE COMMUNITY FOUNDATION DIRECTORS REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 CHAIRMAWS STATEMENT
Hertfordshire Communlty Foundatlon Statement of Financlal Activity (incorporating an income and expenditure account) For the year ended 31 March 2024 REPORT OFTHE TRUSfEES FOR THE YEAR ENDED 31 RCH 2024 CHAIRMAN5 sfATEMENT l am pleased to present the Trustee's Annual Report and Flnancial Statements for the year ended 31 March 2024. It has been a year of change and growth at the Foundation. After nearly six years at the helm, Helen Gray left us for a new challenge wSthin the charity sector. On behalf of all the Trustees, we thank her for her dedication and achievements at HCF. We soon welcomed Paul Robln as HCFS new CEO. Paul's commercial and charity background stands hlm in good stead to lead the HCF team and 8row both the endowment fund and awareness of HCF throughout the county. HCF has continued to manage hlgh levels of pass-through funding from Hertfordshlre County Council. This together wlth our own endowment rLwenues has led to a further Increase In 8rant making at £5.46m, HCF'S total grant rnaklng, slnce it was founded in 1988, now exceeds £30 mlllion. Notable grant programmes Included the thlrd year of the Department for Education funded Holld3y Activitles and Food Programme which addresses the triple inequallty of food poverty, physlcal Inactivity and soclal Isolatlon, HCF manages the grants for this programme in partnershlp with Hertfordshire Sports Partnershlp. The Community Opportunities Programme ran for a thlrd year whlch supports the dellvery of day care servlces addresslng lonellness and isolation to older adults and those wlth dlsabllltles. In addition, we dellvered a si8niflcant programme across the county to help address the cost of livlng crlsls, as part of the Government's Household Support Fund, My thanks go to Hertfordshlre County Council and to Herts Sports Partnership for parinerlng wlth HCF to deler these prograrnmes and much more.The future of the national programmes provlding current high levels of funding via HCC is uncertaln and unllkely to be Sustainable in the medium term. It remains a prlority for HCF to develop new relatlonshlps for endowment growth as well as seeking opportunlties to gr¢)w Its endowment fund through Irust transfers. Wlth last year's appolntment of a Head of Phllanthropy along wlth the new CEOS commercial background, we have seen new fund5 set up and a couple of trust transfer happen. The outlook for thls growth Is posltlve for the coming year too. We are particularly pleased to have acquired the Hertfordshire Educatlonal Fund as a trust transfer, whlch is PrdIng a valuable funding strearn to support dlsadvantaged young people. Sadly, the soclal need In the county contlnues to grow across all themes and populations. HCF has recelved a si8nlficant increase In applications in the past year across all pro8rammes. With the contlnuing cost of living crisi5, the Ion8-term impact of the pandemlc and charities facin8 8rowin8 financlal pressures, there Is no sign of thls abatlng. I would also Ilke to extend my thanks to Anna Bates and Simon Tilley who stepped down as Trustees. Anna was a key member of the Grants CommiLtee and Simon provided valuable support and expertise relating to our financial management. HCFS abllity to make an impact In the county is the result of an extraordlnary team effort by a group of dedlcated staff, Trustees, volunteers and generous donors. My gratitude goes to everyone as we seek to make Hertfordshire a great county to live, work and enjoy. Henry Holland-Hibbert- Chair of Trustees
Hertfordshlre Communlty Foundation Statement of Financial Activity (incorporating an income and expenditure account) For the year ended 31 March 2024 INTRoDU10N The trustees present their report and accounts for the year ended 31 March 2024. The financlal statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply wlth the charitable companys Memorandum and Articles of Association, the Cornpanies Act 2006 and Accountlng and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and the Republic of Ireland (SORP FRS 102)- effective 1 January 2019. ADMINISTRATIVE DETAILS Trustees, staff and long-term volunteers who seNed during the year and up to the date of thls report were., Presldent Mr Robert Voss CBE CStJ DL, Lord Lleutenant of Hertfordshire Ambassadors The Foundatlon Is adSed by a group of people wlth a strong interest In the success of our work. Trustees Henry Holland-Hlbbert Anna Bates Sally Burton DL Jill Burridge Chair of Trustees, Audit and Commun5catlons & Development Comrnittee5 Grants Committee {reslgned Apr 23) Grants Committee {Chair) Research and Impact Committee (Chair) and Communlcatlons & Development Committees Audit committee Grants, Research and Impact and Staffing Committees Governance and Research & Impact Commlttees Governance Committee (Chalr) Audit Committee (Chalr) (resigned Sept 23) Audit Committee Grants Commlttee Communlcations and Development Commlttee (Chair) Investment Committee (appointed Sept 23) Cllr Terry Douris Suzy Harvey DL Gus Machado John Saner Slmon Tilley Jonathan Arrowsmith Suzanne Westlake Syd Nadim James Hopkins Staff Helen Gray Paul Robin Georgina Bawden Ingrid Dos Santos Helen Doubal Willow Humphries Danielle Hood Llnn Moyster Maureen Palrner Ana Siewniak Nicola Stokes Yvonne Green Emma Dalton Foundation Director {resigned Apr 23) Chief Executive Office (appointed May 23) Grants Manager {reslgned May 23> Office Manager Head of Grants Tralnlng and Development Manager (resigned Dec 23) Marketlng Officer Finance Manager Grants Administrator Project Coordinator (HCF Training & Development) (resigned June 23) Grants Manager Marketing & Events Co-ordinator Grants Manager
Hertfordshlre Communlty Foundatlon Statement of Flnanclal Activity (incorporating an income and expenditure account) For the year ended 31 March 2024 Christy Conroy (nee Winn) Amanda Jansen Sarah Greene Tony Kitchln8man Katie Purcell Phlllipa Shaw Katle Spencer-shaw Grants Administrator Philanthropy Manager Grant Manager Grant Manager Grants Manager (appolnted Aug 23) T&D Pro2ect Co-ordinator (appointed Aug 23) Project Manager T&D {appointed Feb 23) Volunteers Nick Powesland Alex Wiltshire Emrna Simons OBjEIVEs AND AcfiviTIES Hertfordshlre Communlty Foundation's (HCF) objeciives, as set out in the governing document, are to beneflt the community In the county of Hertfordshire and Immedlate area, In particular to advance education, protect mental and physical health and relleve poverty. HCF Is the natural port of call for grant making and philanthropy in the county of Hertfordshlre, We work in partnership with indivlduals, companies and other organlsations across every sector of the communlty to bulld a better Ilfe for all. HertfordshSre is generally perceived as an affluent county. However, thls hides the reality for many, and Hertford5hire has places where need and deprlvatlon is In the VK)rst 10% in the UK- hlghlSghted by HCF through its Independent'Hertfordshire Matters 2020, research. Regrettably all social need hi8hlighted In this report has been exacerbated by the ongolng impact of Covld-19 and the ongolng cost of Ilving crisls, demonstrating the importance of local Insight. To meet local need, HCF offers a professional and flexible service to asslst donors, whether individuals, companles or trusts, as well as publlc authorltSes and agencies to achieve their local charltable gIng objectives. HCF further endorses its charltable purposes for public benefit through Its vision and mission statements, together with it5 grant making poIIcy. Respondlng to emerglng need Over the past year, HCF has maintalned Its focus on supporting Hertfordshlre's most deprived communities and 5UPPOrtlng those in need. Grants continue to SUPPOrt groups and organisatlons addressing the ongolng impact of the pandemic together with the cost-of-livlng squeeze which Is havlng a marked Impact on demand for HCPS support. HCF continues to monitor closely ernerging needs Vislon and Mlsslon Following a stratesic review in February 2022, HCFS Vlsion and Mission statements were confirmed as follows., Our Vision: A countywhere generous communities work together to enhance the quality of lives in Hertfordshlre.
Hertfordshire Community Foundation Statement of Flnanclal Actlvlty (incorporating an income and expenditure account) For the year ended 31 March 2024 Our Mission: To help those in most need In Hertfordshire by raising funds and connecting philanthropy to cornmunity needs and opportunities. Thls will be achieved by,. 1. Understandin8 the needs and challenges in the countythrough our Hertfordshire Matters project and other independent insight, to direct funds strategically and to advise donors. 2, Better understandlng the Impact of HCFS activltles on both beneficiarles and the wider communlty. 3, Generatlng new and repeat funding by promding professional philanthropic servSces to all donors through informed advice and excellent stewardship. 4. Provtng an efficlenL effective and supportive grant making service to address Identlfled need. 5. Developing a stronger, effective and more sustainable voluntary sector through HCF Training & Development. 6. Increasing HCPS profile amongst its key audiences. 7, Ensuring HCF operates with financial sustainabillw, transparency and accountability. Publlc beneflt The Trustees have referred to the Charity Cornmi55ion's general guidance on public beneflt when reviewlng the Foundation's aims and obJectSves and in planning future activities and can confirm that publlc beneflt Is delivered through: Building endowed funds and delivering pass through funding to provlde long term sustainable grant maklng to the local community Providlng professlonal philanthropy, grant maklng and corporate responsibility services Providing a grants programme for charities and the voluntary sector acro55 Hertford5hlre Undertaking research to identify need in Hertfordshire to inform HCF'S grants Strategy, engage with donors and demonstrate knowledge of the local communlty Soclal Investment In Aprll 2014 a communlty resource was opened in the form of the Nlgel Copplng Communlty Bullding in Stanstead Abbotts. HCF continues to work closely wllh its tenant, CVS 8roxbourne and East Herts, ensurlng the bullding serves as a communltyasset with fijlly equipped meetlng rooms and a communlty hall. Volunteers HCF'S activities, in particular in the areas of administration and grant support, are enhanced by the help of a small team of dedicated volunteers for which we are hugely grateful. Bein8 able to welcome volunteers back to the offlce in person has been a welcome development. Grant maklng policy When awarding grants, HCF aims to be equitable, inclusive, fair, transparent, professional and effective. We want to ensure that we are open and accessible to the wide range of groups and causes who could benefit while remaining true to the wishes of our donor5 and the needs of the county. Grant applications were revlewed by an experlenced team of assessors working closely wÉth Ihe Grants Commlttee, This enables HCF to distribute funds quickly and efficiently. The Grant Making Policy relates to the grant making activitywithin the Foundation and provides a clear and consistent guide and shows how we intend to operate to the highest grant making standards.
Hertfordshire Community Foundatlon Statement of Flnanclal Actlvity (incorporating an income and expenditure account) For the year ended 31 March 2024 It is our intention that all grant making and fund development actlvitles are co-ordinated to meet the needs and objectlves of HCF, the individual fund holders, the grantees and the county as a whole. ACHIEVEMENTS AND PERFORMANCE The Trustee5 are pleased to report on behalf of its donors and funders that HCF awarded 1038 grants wlth a comblned value of £5,427,321, the sixth consecutlve year In which grant5 in excess of £1 m have been awarded. The significant gr0h In grant maklng reflects a growth in pass through funds, notsbly from Hertfordshlre County Councll lin respect of the HolldayActivttles Programme funded by the Department of Education and a Community Opportunltles programme in support of older people), The Pollce and Crime Commlssloner and other major funders who SUPF(Jrted HCF during the year. In total HCF has awarded In excess of £30m in grant aid slnce it was founded In 1988. In additlon to its grant making activity, HCF manages over 100 endowment funds on behalf of its donors. Durlng the year, 6 new endowment fljnds were establlshed durlng the year and additionally several exlsting fundholders grew thelr funds further. HCF'S endowment fund reserve stands at £ 15,212,151 as of March 2024. Thls represents a £2,236,539 increase on the year end posltion at 31 March 2023. HCF also continues to support other groups dIreCtwIth affordable rented office space and an accessible meeting room at Foundatlon House. Grant rnaklng HCF distributed a total of1038 grants to groups and Indivlduals totalling £5,427,321 (2023.. 984 grants totalllng £5,211,664) reachlng In excess of130,000 beneficiaries. These figures exclude HCF Trainlng & Development grants which are detailed in the HCF Trainlng & Development section below. 547 grants were made to 327 local groups and organisations. Grants awarded Include,. £2,234,136 from the Department for Education ftjnded, Hertfordshire County Council (HCC) Holiday Actlvitles and Food Fund making 208 grants averaging £10,741 per grant. £1,552,705 from Hertfordshlre County Council for the Community Opportunities and Day Activitles programme maklng 34 grants averaging £45,668 per grant. £352,430 from HCPS named endowment funds (excluding Chlldren's Fund) making 171 (2023.'1071 grants with an average grant of £2,061 £326,803 from major donors making 26 grants averaging £12,596 £120,277 total grants advised ty donors to 26 groups average grant £4,626 £132,717 total grants from HCF passthrough funds supporting 38 groups £333,190 from HCC facilitated Household Support Fund from Department for Work and Pensions 75 grants with an average grant of £4,442 £65,506 from HCC Community Spaces Fund - Warm and Cool Spaces 38 grants with an average value of £1,724
Hertfordshlre Communlty Foundatlon Statement of Financial Actlvity (incorporating an income and expendlture account) For the year ended 31 March 2024 £82,345 from the PCC Action Fund for Hertfordshire, supporting 19 groups with an average grant of £4,334. £63,000 from the HCC Vaccine Inequality Fund supportlng 2 groups £33,448 from the HCC User Voice Fund for 6 groups wlth an average of £5,545 491 grant5 were made to Individuals and famllies to a total value of £152,419 including: £144,864 through Hertfordshlre Chlldren's Fund grants programme supportlng 473 families wlth an average grant of £306 £7,554.80 to 18 5ndlvlduals from the St Albans Care Leavers, Fund HCFTralnlng & Developrnent: 41 online courses and 13 In person courses delivered to 895 partlclpants. A total of133.5 hours tralning hour5 across 26 toplcs with participants from 216 unique organlsations 23 tutors gained Level 3 Award In Education and Trainlng.. £31,133 awarded to 31 organisations Advice and Guidance,. 23 organisations provided with grants assessments. 3 organlsatlons with Training needs analysis 5 organlsations supported wlth 22 hours of tailored consultancy Better Boards - 9 organisations supported with advisory support for thelr Trustees 2 Tralning conferences attended by 33 for Your Workforce Your Future and S6 for Trustees conference FINANCIAL REVIEW Flnanclal posltlon HCF'S endowment fund reserve stands at £15,212,151 as of March 2024. This represents a £2,236,539 Increase on the year end posltSon at 31 March 2023. Six new endowment funds were established during the year and additionally several existing fundholders grew their funds 1rther. Thls year's accounts show a surplus of £2,544,189 (2023: £854,642). This includes the net gain on Investments, Net Income prior to gains on Investment5 was £1,453,50812023.' £15, 338 surplus). Of this Surplus £1,174,585 represents donations in the fomi of trust transfers. Income for grant maklng increased significantly during the year wlth £5,427,321 belng distributed in grant aid includlng grants for training and development. The total net assets at 31 March 2024 was £16,372,364 (2023.. £13,282,177). Endowment funds totalled £15,212,151 at 31 March 2024 (2023: £12,975,612). Of these ftjnds, £607,619 (2023.. £607,619) represents social investment (the Nigel Copping Community Building) that could only be realised by disposing of the assets. Restricted funds totalled £362,768 at 31 March 2024 {2023'. £495,464). The balance of Ljnrestricted funds at 31 March 2024 was £797,445 (2023., £357,099).
Hertfordshlre Communlty Foundatlon Statement of Flnancial Activity (incorporating an income and expenditure account) For the year ended 31 March 2024 HCF'S income, including new income from fund development, totalled £7,736,483 (2023.. £6,142,270). This represents an increase of 26% Grant making as a percentage of total expenditure Is 86% at 31 March 202412023.. 86%,. 2022,, 85%, 2021,, 80%, 2020,, 68%, 2019.. 6996) Operatlons and govemance HCF'S charitable actlwty, taken as a percentage of overall activity, was 96.6% (2023.. 96,8%). Governance Costs, as a percentage of overall costs, were 0.65% {2023'. 0.57%). The cost of generating Income, as a percentage of total income, was 2.74% (2023: 3.14%). Trustee5 will contlnue to keep such statistics under review to ensure HCF manages its operations effectively, Investment pollcy and performance Invostments are held in accordance with the powers of the trustees set out in the kticles of Assoclatlon. The investment obJectlve Is to achieve an overall return on the Investments within the rlsk appetite set by the trustees and to provide financial returns to support stable and growing grant distribution across Hertfordshire. The Board of Trustees meets with the Fund Managers twice yearly, wlth other contact between meetlngs as required. Total return for the year from our investments with Rathbones was +1 0.8% which compares to the market benchmark of +10,7%, and the peer group {ARC Charity Steady Growth Index) of +9.4%. Total return (net) from our Investments with CCLA for the year was 13,11% whlch compares to the market benchmark of 16,73%, and the peer group (ARC, Charlty Steady Growth Index} of 9,38%. The Trustees look for a mix of income return and longer-term capital growth, with an overall return In line wlth the market average for charlties, measured agalnst a leading benchmark. The extent to whSch soclal, environmental or ethlcal considerations are taken Into account In declsions that may affect the value of the funds Is left to the discretion of the Investment managers. The Trustees, policy Is to delegate responsibility to the investment manager for the exerclsing of rights, Ilncluding voting rights} attaching to the Investments. More recently HCF has elerted to transfer funds held by CCLA from the CCLA Charlty Fund to the similarly performing CCLA Ethical Fund. This decision reflects HCFS commitment to supporting envlronmental matters and its deslre to be socially conscious. HCFS assets are available and adequate to fulfil its obligations on a fund by fijnd basis. Rlsk management A reglster tracking potential major risks is monitored and reviewed at every Board of Trustees meetlng and by the Governance Committee. The register identifies the risks, assesses the likelihood of an occurrence and the impact should it occur. It then identifies how the risk can be mitigated and specific actions required with, there appropriate, a timescale.
Hertfordshire Community Foundation Statement of Financlal Actlvlty (incorporating an income and expenditure accoLint) For the year ended 31 March 2024 The Trustees have Identifled the possible financial risks a5: a fallure to control expenditure or to generate income to budget, for example investrnent performance A crash in investment markets reducing HCPS abllity to draw down funds for grant makins The risk of fraud by staff, volunteers or Trustees authorised to rnake payments or commltting expenditure and falling to raise sufficient addition31 funds The loss ofany major pass-through funding programmes Havlng considered the major rlsks to which HCF Is exposed, the Trustees believe that they have systems in place to mltlgate those risks. ReseNes pollcy The Trustees have consldered the level of unrestricted reserves necessary to ensure the continuation of HCF'S actlvitles for the foreseeable future. This assessment is on8olng and is part of the Board ofTrustees' financial risk management. HCF'S unrestricted Incorne derlves from contributlons levied for the delivery of grant programmes and the management of funds, donations, sponsorshlp, events and gifts from both corporate and private sources, As a result, the Trustees believe that there is no justification for holding significant unrestrlcted reserves. HCF'S policy is to hold six months of operating costs In cash to manage the charllls Ilquidity. PLANS FOR THE FiJfuRE 1. Develop local philanthropy and income 2. Deliver Impactful grant programmes that address local need 3. Provide communlty leadership through research and training opportunltles 4, Contl nue to improve operational systems to deliver seice excellence Strate8lc objettives 1. To consistently award grants totalling in excess of £1.5 mllllon per year by 2025 to tackle need and deprivation In Hertfordshlre. 2, To grow HCFS endowment to £15m+ by 2025 by ralslng HCFS profile amongst its key target audlences and maximising any future match funding opportunities. 3. To become Hertfordshire's leading provider of VCSE training, support, capacity buildlng and Inslght 603 by 2025 supporting both adult and children's service organisations. The strategic objectives are under review and will be updated and published in 2025. STRucfuRE, GOVERNANCE AND MANAGEMEKr Hertfordshire Community Foundation is a company limited by guarantee (8794474) and a registered charlty (1156082) governed by its Memorandum and Artlcles of Association. The directors of the charitable company are its trustees for the purpose of charty law and throughout this report are referred to as the trustees. At 31 March 2024, the Foundation had 11 Trustees. The Trustees meet quarterly. Between these main
Hertfordshlre Communlty Foundation Statement of Financial Actlvlty (incorporating an income and expenditure account) For the year ended 31 March 2024 Trustee meetings, business is conducted throLJgh the following committees,, Audit and Investment Communlcations and Development Governance Grants Research and Impact Staff and Volunteers Terms of reference for each committee set out the delegated powers. The delegated responslbility of the Governance Committee includes searching for new Trustees with approprSate skills and background, for recommendation to the Trustees. New Trustees are then appointed by a resolution passed by a maJorlty of at least two-thirds ofthe existing Trustees. Prior to appolntmenL prospectlve trustees are Interwewed by members of the Governance Commlttee and meet wlth the Foundatlon Dlrector. New Trustees recelve an informatlon pack Including the Memorandum and Articles of Association, accounts, business plan, role descrlptlon and other HCF Ilterature. The day-to-day management of HCF Is delegated to the Foundation Director. The Foundatlon Director reports to the Board of Trustees at quarterly meetings wlth one additional Board meetlng used as a strategy planning session. Pay and remuneratlon for staff Is revlewed annually by the Staff and Volunteers Committee and a proposal Is presented to the Board of Trustees for ratification. At 31 March 2024, there were 15 part time and 1 full time members of staff. The Foundation Is also asslsted by a group of dedlcated volunteers. HCF is a quallty accredlted member of UK Communlty Foundatlons, the membership organisatlon that supports and promotes community foundatlons operating across the UK. Penslon Ilablllty As described in note I the charity makes payments to a defined contrlbution pension scheme for Its employees, paylng contrlbutions as they fall due. Hertfordshlre's charlty and voluntary sector The local voluntary sector remains under pressure as It recovers from the Impact of the pandemlc and as it faces significant Increases In operating costs due to rising energy costs and rlslng inflatlon.
Hertfordshlre Community Foundation Statement of Flnanclal Aciivlty (incorporating an income and expenditure account) For the year ended 31 March 2024 REFERENCE AND ADMIN15tRATIVE DEfAILS Foundatlon offlce and reglstered address Foundation House, 2 - 4 Forum Place, Fiddlebridge Lane, Hatfield, Hertfordshire, AL70 ORN Statutory Audltor Mercer & Hole LLP Chartered Accountants, 72 London Road, St hjbans, Hertfordshlre, AL11 NS Bankers Natlonal Westmlnster Bank plc, 104 Fore Street, Hertford, Hertfordshire, SG14 1 AB Investment managers CCLA Seriator House185 Queen Vlctoria Street | London | EC4V 4ET Rathbone Brothers Plc, 8 Flnsbury Circus, London EC2M 7AZ Sollcltors Taylor Walton, 107 Holywell Hill, St Albans, Hertfordshire, AL11 HQ statement of responslbllltles of the Trustees Law applicable to charities in England and Wales requires the Trustees to prepare flnanclal statements for each flnancial year whlch glve a true and falr view of the charitys flnanclal actlvltles during the period and of Its financlal posltlon at the end of the perlod. In preparlng financial statements giving a true and fair view, the Trustees should follow best practice and: Select sultable accounting policies and then apply them conslstently Makejudgements and estimates that are reasonable and prudent State whether appllcable accouniing standards and statements of recommended practlce have been followed, subject to any departures disclosed and explained in the financial statements Prepare the financial statements on the golng concern basis unless it is inappropriate to presume that the charity 11 continue In operation The Trustees are responslble for keeping accounting records which dlsclose wlth reasonable accuracy the flnanclal posltlon of the charlty and which enable them to ascertaln the flnanclal posltlon of the charlty and which enable them to ensure that the financlal statements complywith the Companies Act 2006. The Trustee5 are a150 responsible for 53feguardin8 the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees confirm that to the best of their knowledge there 15 no information relevant to the audit of whlch the auditors are unaware. The Trustees also confirm that they have taken all nece55ary steps to ensure that they themselves are aware of all relevant audit information and that thls has been communlcated to the aLJditors. By order of the Trustees on 2 October 2024. Henry Hol nd-Hlbbert Chalr of Trustees Jonathan Arrowsmlth Audit Committee Chairman
Hertfordshlre Community Foundation Statement of Flnancial Actlvity (incorporating an income and expenditure account) For the year ended 31 March 2024 INDEPENDENT AUDITORS REPORTTO THE TRUSTEES OF HERTFORDSHIRE COMMUNITY FOUNDATION FOR THE YE4R ENDED 31 March 2024 Oplnlon We have audlted the financlal statements of Hertfordshire Communlty Foundatlon Ithe'charitable companl) for the year ended 31 March 2024 which comprise the Statement of Flnanclal Activities, Balance Sheet, Cash Flow and notes to the financlal statements, including significant accounting policies. The financial reportlng framework that has been applied in thelr preparation is applicable law and United Kingdom Accounting Standards, including Financial Reportlng Standard 102 The Financial Reporting Standord applicable In the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our oplnion the financial statements.. give a true and fair wew of the state of the charltable companys affairs as at 31 March 2024, and of Its Sncomin8 resources and application of resources, includin8 Its Income and expenditure, for the year then ended; have been properly prepared in accordance with United Klngdom Generally Accepted Accounting Practice,. and have been prepared In accordance th the requlrements of the Companles Act 2006, Basls for oplnlon We conducted our audli In accordance wlth International Standards on Auditing (UK) (ISAs IUKII and appllcable law. Our responsibilities under those standards are further described In the auditor responsibillties for the audit of the financlal statements section of our report. We are independent of the charltable company In accordance with the ethlcal requirements that are relevant to our audit of the flnanclal statements In the UK including the FRC'S Ethic31 Standard, and we have fulfilled our other ethlcal responsibilitles In accordancewlth these requirements. We believe that theaudl( evidence we have obtained Ss sufficlent and appropriate 10 provide a basls for our oplnion. Concluslons relatln8 to golng concern In auditing the f5nancial statements, we have concluded that the trusteeg use of the golng concern basls of accounting in the preparation of the financlal statements is appropriate. Based on the work we have performed, we have not identified any material uncertaintles relating to event5 or conditlons that, individually or collettively, may cast significant doubt on the charitable company's abillty to contlnue as a golng concern for a perlod of at least twelve months from when the financial statements are authorised for Issue. Our respon5ibillties and the responsibilities of the trustees with respect to golng concern are described In the relevant sections of thls reF)Ort. Other informatlon The other inforrnation comprises the informatlon included in the trustees, annual report , other than the flnancial statements and our auditors report thereon.The trustees are responslble for the other information. Our opinion on the flnancial statements does not cover the other information and, except to the extent otherwise explicitly stated in our reporL we do not express any form of assurance concluslon thereon, Our responsibility IS to read the other information and, in doing so, consider whether the other
Hertfordshire Community Foundatlon Statement of Flnanclal Actlvity (incorporating an income and expenditure account) For the year ended 31 March 2024 Informatlon Is materially inconsistent with the financial statements or our knowledge obtained In the course of the audit or otherwlse appears to be materially misstated. If we identlfy such materlal inconsistencies or apparent material misstatements, we are required to determlne whether this gives rlse to a material mlsstatement in the financial statement5 themselves. If, based on the work we have performed, we conclude that there Is a material misstatement of this Other information, we are requlred to report that fact. We have nothing to report In this regard. Oplnlons on other matters prescrlbed by the Companles Act 2006 In our oplnlon, based on the work undertaken in the course of the audit: the Informatlon glven In the trustees, reporL whlch includes the strategic report and directors, report prepared for the purposes of company law, for the flnancial year for whlch the flnancial statements are prepared Is consistent with the financlal statements; and the strategic and dlrectorg report included wlthln the trustees, report has been prepared In accordance wlth applicable legal requirements. Matters on whlch we are requlred to report ty exceptlon In the light of the knowledge and understanding of the charitable company and Its envlronment obtalned In the course of the audit, we have not identified materlal mlsstatements in the strategic report and the directors, report Included within the trustees, report. We have nothlng to report in respect of the following matters In relation to whlch the Companies Act 2006 requires us to report co you if, in our opinion; adequate accountlng records have not been kept, or returns adequate for our audlt have not been recelved from branches noi vlsited by us,. or the flnanclal statements are not In agreement with the accounting records and returns,. or certain disclosures of trustees, remuneratlon specified by law are not made,. or we have not recelved all the Information and explanations we requlre for our audlt or the trustees were not entitled to prepare the financlal statements In accordance with the small companles, regime and take advantage of the small companieg exemptlon In preparing the dlrectors, report from the requirement to prepare a strategc report. Responslbllitles of trustees As explained rnore fully in the trustees, responsibilities staiement set out on page 10, the trustees (who are also the directors of the charitable company for the purposes of company law) are responslble for the preparatlon of the financial statements and for being satisfied that they give a true and falr vlew, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstaternenL whether due to fraud or error. In preparing the financial statements, the trustee5 are responsible for assessing the charitable companls ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basls of accounting unless the trustees either inter)d to liquldate the charltable company or to cease operatlons, or have no realistlc alternative but to do so. AudStor responslbllltles for the audit of the financial staternents Our oblectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatemenL whether dueto fraud or error, and to issue an auditorfs report that includes
Hertfordshire Communlty Foundation Statement of Flnancial Activity (incorporating an income and expenditure account) For the year ended 31 March 2024 our opinlon. Reasonable assurance is a high level of assurance, but is rsot a guarantee that an audit conducted In accordance with IsAS(U will always detect a material misstatement when it exlsts. Mlsstatements 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 declsions of users taken on the basis of these flnancial statements. Irregularitles, Includlng fraud, are instances of non-compliance wlth laws and regulations. We design procedures in line wlth our responsibilitles, outlined above, to detect material misstatements In respect of i rre8ularitles, including fraud. The extent to whlch our procedures are capable of detecting irregLJlarlties, Including fraud Is detailed below.. Based orl our understandlng of the charltable company and industry, we Identlfled that the princlpal rlsks of non-compllance wlth laws and regulations and we considered the extent to whlch non- compliance may have a material effect on the flnanclal statements. We also consldered those laws and regulations that have a dlrect impact on the preparation of the financlal statements such as the Companles Act 2006 and the Charlties Act 2011. We evaluated the trustees, incentlves and opportunltles for fraudulent manipulatlon of the financlal statements and the financlal report (including the risk of overrlde of controls), and determined that the principal rlsks were related to postlng inappropriate entrles including journals to overstate Income or understate expenditure, and management blas in accounting estimates. Audit procedures performed by the engagement team included: dlscusslons with management, including consideratlons of known or suspected instances of non-compliance wlth laws and regulations and fraud; o evaluation of the operating effectiveness of management's controls deslgned to prevent and detect irregularitles,. review correspondence with the Charity Commisslon for evidence of breaches,. o identlfylng and testingjournal entries Because of the inherent limitatlons of an audit, there Is a risk that we will not detect all IrregularStles, Includlng those leadlng to a material misstatement in the financial statements or non-compllance wlth regulatlon, Thls rlsk increases the more that compliancewith a law or regulation is removed from the events and transactlons reflected In the financlal statements, aswewill be less likelyto become aware of instancesof non-cornpllance, The risk Is also greater regarding irregularities occurring due to fraud rather than error, as fraud Involves Intentlonal concealmenL forgery, collusion, omission or misrepresentation. further descrlption ,Ilwww.frc.or at: .h_ttp.... . .uklaudiIor fildescri n-of-tfrie-a report. our responslbllities Is avallable on the FRC'S website uditor-s-res 13ud1t.assLSf¢nc_ ..- onsibililies:!or-the-aLidit-of-Lhe- 09 onsibili -f r. Thls description forms part of our auditor's We communicate with those charged with governance regarding among other matters, the planned scope and tlming of the audit and significant audlt findings, including any significant deficiencies in internal control that we Identify durlng our audit. Use of our report This report is made solely to the charitable companys fflembers, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we mlght state to the charitable companls members those matters we are required to state to them in an auditor's report and for
Hertfordshlre Communlty Foundatlon Statement of Flnanclal Actlvity (incorporating an incorne and expenditure account) For the year ended 31 March 2024 no other purpose. To the fullest extent permitted by law, we do not3ccept or assume responsibilityto anyone other than the charitable company and the charitable companys members as a body, for our audlt worl for this report, or for the opinlons we have formed. Jolene Upshall FCA Mercer & Hole LLP Chartered Accountants Statutory Audltor Date............................ 72 London Road St Albans ALI IYI S
oco - J f muJo J trror m ID Ln ai ffi oco o rrirN ¢ -Iiii' a)¢m V) * L¥1 O v)w0m(fj cfl rri r r4m*t O(JuoCoS
Hertfordshire Community Foundation Balance Sheet As at 31 March 2024 Company no: 08794474 2024 2023 note Flxed assets Tanglble assets Property Investrnent Investments Mlxed motive investments 409,110 230,081 14,295,003 607,619 15,541,813 641,389 16 17 18 12,029,737 607,619 13,278,745 Current assets Debtors Cash at bank and In hand 19 56,557 941,413 997,970 220,565 574,481 795,046 LSabSlltles Credltors: amounts due within one year Net current a55ets 20 (167,419) (245,617} 830,551 549,429 Total net aet5 16,372,364 13,828,177 The funds of the charlty 24 Endowment funds General Revaluation reserve 11,728,808 3,483,343 15,212,151 362,768 797,44S 10,582,950 2,392,662 12,975,612 495,464 357,099 Restricted Income funds Unrestrlcted funds 16,372,364 13,828,177 The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of the accounts. These accounts have been prepared in accordance with the provisions applicable to small companles subject to the small companles, regime and In accordance with FR5102 SORP. The financial statements were approved by the trustee5 on 2 October 2024 and slgned on their behalf by. J,0 Jonathan Arrowsmith Audlt Committee Chalrman Chalrman of Trustees
Hertfordshire Community Foundation Notes to the financial statements {continued) For the year ended 31 March 2024 2024 2023 Cash flows from operatlng athltles: Net cash provided byl(used in) operating activities (note i) 1,096,480 (450,130) Divldends, interest and rents from Investments Purchase of property plant and equipmerlt Proceeds from sale of Investments Purchase of Investments 469,436 (24,400) 331,553 (5,0331 (1,174,585) (166,196) Net cash provlded by (used In) Investlng actlvltles (729,549) 160,324 Change In cash and cash equlvalents In the reportlng perlod 366,931 (289,806) Cash and cash equivalents at beginning of the reporting perlod 574,482 864,288 Cash and cash equlvalents at end of the reportlng perlod (note11) 941,413 574,482 Net Incomel (expendlture) for the reportlng perlod (as per the Statement of Flnanclal ActlvStles) 2,S44,189 (854,642> Adjustment for: Depreciatlon IGainsYLosses on investments Dlvidends, interest and rents from Investments (Increase)Idecrease in debtors Increaselldecrea5e) in credltors 26,598 (1,090,681) (469,436) 164,008 (78,1981 22,378 869,979 (331,553) (201 ,755} 45,463 Net cash provlded by (used In) operatlng actfvltles 1,096,480 (450,130) AnaSysls of cash and cash equfvalents Cash In hand 941,413 574,482 941,413 574,482
Hertfordshire Community Foundation Notes to the financial statements (continued) For the year ended 31 March 2024 1. Accountlng policles Basls ofprepamtlon The financial statements have been prepared in accordance with the Statement of Recornmended Practice: Accounting by Charities preparing their accounts in accordance with the Financial Reportlng Standard applicable in the UK and Ireland (FRS? 02) effective 1 January 2019 (SORP FRS 102) and the Flnancial Reporting Standard applicable in the UK and Ireland and the Companies Act 2006, Assets and Ilabllltles are Initially recognised at historical cost or transaction value unless otherwise stated In the relevant accountlng policy note. Significant accountlng pollcies are listed below. Publlc beneflt entity The charity constitutes a publlc benefit entity as defined by FRS 102. Golng concern The trustees consider that there are no materlal uncertainties about the charltys ability to continue as a going concern. The trustees do not conslder that there are any sources of estimation uncertalnty at the reporting date that have a signlflcant rlsk of causlng material adjustment to the carrying amounts of assets and Ilabilitie5 wlthin the next reporting period. Funds strutture Endowment Funds These represent incoming resources that are required to be retalned or invested for the use of the charitls objectlves, Restrlcted Fund5 These represent income received where restrictlons on use, as determlned by the donor, whlch are narrower than the charltls general object5 Unrestricted Funds These represent Income which can be used for the general objects of the charltable company as determined by the Board of Trustees. Income recognltlon Income Is recognised once the charity has entitlement to the Income, it is probable that the income will be received and the amount of incorne receivable can be measured reliably.
Hertfordshire Community Foundation Notes to the financial statements {continued) For the year ended 31 March 2024 1. Accountlng policles (contlnued) Income from government and other grants Is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been meL It is probable that income will be received and the amount can be measured and is not deferred. DIdendS are recognised once the diwidend has been declared and notification has been recelved of the dividend due. This is normally upon notification by investment managers of the recelpt of the d*vidend. Income recelved in advance of recognition criteria being rnet is deferred until the criterla for recognltlon are met. Expendlture recognltlon Liabilities are recognised as soon as there is a legal or constructive obligation committing the charlty to that expendlture, it Is probable that settlement will be required and the amount of the obllgatlon can be measured reliabty. All expenditure is accounted for on the accruals basis. All expenses, includlng support costs and governance costs are all(Kated or apportloned to the applicable expenditure heading as follows.. Costs of raislng funds relate to the costs Incurred by the charlty In Induclng thlrd partles to make voluntary contributions as well as the cost of any actmties wlth a fundraising purpose and their associated support costs. Expendlture on charitable activities Includes the costs of activlties undertaken to further the charltable aims and objectlves of the charlty and their associaied support costs. Other costs represent those items not falling Into aryother headlng. AIIocL7tlon ofcosts Expenditure that is directty attributable to delivery of the charltles actlvltles or ralslng funds Is allocated to the activlty to whlch It relates. Support costs comprise costs Incurred in support of these actItIes. Included In support costs are costs Incurred In the governance of the charity which are prirnarily assoclated with the constltutlonal and statutory requirements. Support costs are allocated to activities based on an estimate of staff tlme spent on each activity during the financial year. Grantfvndlng Grants payable are payment made to third parties in the furtherance of the charltable objects of the charity. In the case of an unconditlonal grant offer this Is accrued once the reclplent has been notlfled of the grant. Grants awarded that are subject to the recipient fulfilling performance conditlons are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to the grant Is outslde the control of the charity. Provisions for grants are made when the intention to make the grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount payable.
Hertfordshire Community Foundation Notes to the flnancial statements (continued) For the year ended 31 March 2024 1, Accountlng policies (continued) Irrecoverable VA T Irrecoverable VAT is charged against the expenditure heading for whlch It was incurred. Depreclation of tanglblefixed assets Items of equipment over £SOO are capitalised and valued at historic cost. Depreciation is charged when assets are brought into use to wrlte off the cost of tangible fixed assets over their estimated useful lives as follows: Computer Equipment Furnlture and Fittings Freehold Property Freehold Improvements 33 113 % p.a. on a straight Ilne basls 2086 p.a. on a straight line basis Over So years Over period remaining to 50 years Investments Llsted investments are a form of basic financial interest and are Initlally recognised at their transaction value and subsequently measured at their fair value at the balance sheet date uslng the mld- market value. Mlxed motlve Investments comprise property owned by the charlty but used by third parties to undertake activities that promote the charltls alms. Income generated is incldental to the main purpose of the Investment rather than the purpose of the Investment. Mixed motlve investments are initially recognlsed and subsequently measured at transaction value le55 any Impairment. Investment properties are measured at falr value at each reportlng date wlth changes In falr value recognlsed In 'net galns l (losses) on investments, in the SOF Penslon Contrlbutlons The charlty makes payments to a defined contribution pension scheme for its employees. Contrlbutions are char8ed to the Statement of Financlal Activlties in the year they are payable. 2, Income from donatlons and legacles 2024 2023 Donatlons Other grants Membership 6,990,448 5,361,904 6,990,448 5,361,904 3. Income from charitsble actItIeS 2024 2023 Performance related grants Lettings Management fees 171,713 14,034 58,000 243,747 290,290 13,998 59,063 363,351
Hertfordshlre Community Foundation Notes to the financial statements (continued) For the year ended 31 March 2024 Included in performance related grants is £38,899 (2023: £36,246) made by local authoritles to fund the Workforce Development Programme for the voluntary sector in Hertfordshlre. At 31 March 2024, the performance criteria had been fully met, HCF contlnued to manage funds on Crowdfunder Hertfordshire platform on behalf of HCC. In 2023-24 £14,341 was distributed via the Sustainable Hertfordshire Fund, supporting 8 projects and £9,120 was distrlbuted vla the Community Innovation Fund, supporting 4 projects. 4. Income from other tradlng 2024 2023 Rent Fundraising Sponsorshlp 19,209 1,700 11,943 52,088 33,374 32,852 85,462 5, Income from Investments 2024 2023 Llsted Investments- within the UK Rental Income from Snvestment property Bank interest 391,473 36,994 40,969 469,436 325,586 5,967 331,553 6. Expendlture on ralslngfunds 2024 2023 Dlrect costs Support costs 13,060 199,187 30,697 162,237 212,247 192,934 7, ExPendUre on charltable actlvltles Actlvlty or Projett Current Year Dlrect Actlvlty Grants to Grants to Instltutlons Indlvtduals Support Costs Totsl 2024 Grants programme (note 91 HCF Training & Development Crowdfunder 5,274,902 38,899 152,419 471,694 5,899,015 170,890 823 471,694 6,070,728 131.991 823 132,814 5213,801 152,419
Hertfordshire Community Foundation Notes to the flnancial statements (continued) For the year ended 31 March 2024 Prlor Year Dlrect Grant Grants Actiwty In5tltutlons Individuals Support Costs Total 2023 Grants prograrnme (note 9) HCF Trainlng & Development Crowdfunder 5,092,503 36,246 119,161 441,124 5,652,788 245,210 36,000 441,124 5,933,998 208,964 36,000 244,964 5,128,749 119,161 8. Support Costs 2024 2023 Support Staff Costs Prernises Offlce costs DepreclatSon Other 293,244 44,397 42,706 26,597 94,S46 258,453 61,909 43,836 22,379 85,475 501,490 472,052 Governance Staff costs Trustee expenses Audlt fees Professional and legal fees Trustee indemnlty insurance Other 23,071 21,365 576 11,340 775 931 13,920 3,113 583 40,687 34987 Total 542,177 507,039 Allocated to act5vlties: based on staff tSme Ralsing funds Charltable Activltles 70,483 471,694 65,915 441,124 542,177 507,039
Hertfordshire Community Foundation Notes to the flnanclal statements Icontlnued) For the year ended 31 March 2024 9. Grant rnaking Current Year Grants to Instltutlons Grants to Indlvlduals Total 2024 Current Year Fairness (Deprivation) Housing (Housing and Homelessness) Safety (Crime and Safety) Healthy Living (Health and Wellbeing) Strong Communities Work and Learning (Education and Work) Environment 4,123,121 26,167 136,365 514,986 296,567 167,674 10,022 5,274,902 152,419 4,275,540 26,167 136,365 514,986 296,567 167,674 10,022 5,427,321 152,419 Further detalls can be found In the grant makn'ng section of the trustees report and a full list of awards Grants to Instltutlons Grants to Indlvlduals Totsl 2023 Prlor Year Falrness (Deprlvatlonl Housing (Houslng and Homelessness) Safety (Crime and Safety) Healthy Livlng (Health and Wellbelng) Strong Communities Work and Learning (Education and Work) Environment Emergency Coronavlrus Response 2,620,395 65,587 242,166 852,625 963,617 221,985 80,722 45,406 119,161 2,739,556 65,587 242,166 852,625 963,617 221,985 80,722 45,406 5,092,503 119,161 5,211,664 10. Net Income fortheyear Thls Is stated after chargingJ(credltlng): 2024 2023 Depreciation Auditors, remuneratlon Audit 26,597 22,379 13,920 11,340
Hertfordshire Community Foundation Notes to the financial statements Icontinued) For the year ended 31 March 2024 11. Analysls of staff costs, trustee remuneratlon and expenses, and the cost of key management personnel Staff costs were as follows: 2024 2023 Salarles and wages Soclal security costs Employers contrlbutlon to defined contribution pension schemes 432,282 34,153 37,863 376,756 29,519 30,717 504,298 436,992 One employee recelved employee beneflts (excluding employer pension costs) during the year of more than £60,000 {2023.' nil) Total employee benefits including employerfs national Insurance and penslon contrlbutlons of the key management personnel were £81,739 (2023.. £70,638). The charity trustees were not pald nor recelved any other benefits from employment wlth the charlty In the year (2023: nil). No trustee received payment for professional services supplied to the charlty (2023.. Trustee expenses represent the payrnent or re-lmbursement of travel and subslstence costs totalling £0 (2023.. £5761 incurred by O {2023.' 1) member. 12. Staff numbers The average number of employees (head count based on number of staff employed) durlng the year was as follows.. 2024 No,, 2023 No; Raising funds Charltable Activltles Support Governance 16 16 13. Related paty transattions During the year, trustees donated a total of£25,862 to the charlty(2023: £13,908). £0 (2023.. £0) had restrictions placed upon them. Terry Douri5, a Trustee, is a Hertfordshire County Councillor. There were no other related paty transactions to disclose for the year (2023.. none>.
Hertfordshire Community Foundation Notes to the financial statements (contlnued) For the year ended 31 March 2024 14,Taxation The charlty Is exempt from corporatlon tax as all Its income 15 charitable and is applied for charitable purposes. 15.Tanglble flxed assets Freehold land & bulldlngs Computer equlpment Furnlture & equlpment Total Cost: At beginning of year Additlons Transfer Disposals At end of year 874,666 57,485 6,696 83,303 17,704 1,015,454 24,400 (346,416) (346,416) 528,250 64,181 101,007 693,438 Accumulated Depreclatlon: At be8lnnln8 of year Charge for the year Transfer Dlsposals At end ofyear 244,652 15,500 (116,335) 49,096 6,752 80,317 4,346 374,065 26,598 (116,335) 143,817 55,848 84,663 284,328 Net book value: At beginning of year 630,014 8,389 2,986 641,389 At end of year 384,433 8,333 16,344 409,110 Land wSth a value of £100,000 (2023: £100,00015s Included wlthln freehold property and not depreciated. All assets are used for charitable purposes. 16.Investment Propety Part of the buildlng was reclassified in 2024 to move the area of the building occupled by tenants to investment property from fixed assets. At 1 Aprll 2023 Transfer At 31 March 2024 230,081 230,081
Hertfordshlre Community Foundation Notes to the financial ststements {wntlnued) For the year ended 31 March 2024 17. Investments 2024 2023 Fair value at the start of the year Additions at cost Disposal proceeds Net gain/(loss) on change in fair value Costs charged Equalisation Cash invested Cash re-invested Falr vale at the end of the year 12,029,737 1,174,585 15,073 1,090,681 (15,265) 12,733,520 166,196 {13,330) (854,814) (15,515) 88 104 14,295,003 350 13,330 12,029,737 Hlstorlc cost at the end of the year 10,811,659 9,637,074 2024 2023 Usted Investments all held wlthln the UK comprlse: Rathbone Unit Trust Management COIF Charities Investment Fund Cash held by brokers for re-investment 8,206,149 6,088,750 104 14,295,003 7,647,945 4,381,674 118 12,029,737 In August 2024 HCF recelved an additional £4,160,314 endowment investment from a trust transfer, 18, Mlxed motlve Investments 2024 2023 Freehold land and bulldlngs Cost at start of the year Addltlons 607,619 607,619 Cost at end of the year 607,619 607,619 This investment comprlses a Community Resource Centre in East Hertfordshlre funded by the Nigel Copplng Fund. 19. Debtors 2024 2023 Trade debtors Prepayments Accrued income Other Debtors 2,901 23,215 30,441 194,827 23,845 1,893 56,557 220,565
Hertfordshire Community Foundation Notes to the financial statements (Contlnued) For the year ended 31 March 2024 20, Credltors,. amounts falllng duewlthln one year 2024 2023 Trade Creditors Other creditors Accruals Deferred income 11,659 15,188 25,176 115,396 167,419 31,342 5,223 65,089 143,963 245,617 21. Deferred Income 2024 2023 Balance at the beginning of the year Amount released to income in the year Amount deferred in the year Balance at the end of the year 143,963 (138,2801 109,713 115396 162,097 (157,6841 139,550 143,963 22. Analysls of net assets between funds Current Year Unrestritted Restritted Endowment Total 2024 Tangible fixed assets Investments Investment Property Mlxed motive Investments Net current assets Net assets at the end of the year 24,677 384,433 409,110 14,295,003 14,295,003 230,081 230,081 607,619 607,619 {304,985} 830,551 15,212,151 16,372,364 772,768 797,445 362,768 362,768 Prlor Year Unrestrlcted Restrlcted Endowment Total 2023 Tangible fixed assets Investments Mixed motlve investments Net current assets 11,375 630,014 641,389 12,029,737 12,029,737 607,619 607,619 495,464 (276,258) 549,432 330,224 Net aets at the end of the year 341,599 495,464 11991,112 13,828,177
Hertfordshire Community Foundation Notes to the flnanclal statements Icontlnued) For the year ended 31 March 2024 23. Operatlng lease commitments The cha ritjls total future minimum lease panentS under non-cancellable operatlng leases are as follows for each of the followlng perlods.. 2024 2023 Less than one year 1-5 years 275 137 764 412 764
00 ij) ai co r Ln OOLn- mcotr ¢J Ln Ln ¢xi 10 P4 Lfi rri Lri Oln Ln cTh J Ln m mo ryi (Fb Di Ln a)
om
iDoin eoo(o ONtN 00 G) th Ln in IDO Lrio 00
OLn
mrso m rLn Lno Lnrn mm -fflO iOrO i ryi o OJ CO KO Ln al)0 Kci ai Ln ai o# rsm
OJ LDLn mo -s Lf> lyi alr rm O¢Ln o)mr ID G) u) (7) (J) uico# Lno J (Y) OLnco O) Ln KO LD r4 ) 00) co u) m ** c o)m mom ¢Jioo rqo ¢5) a) o Orn rf•l Gi KC <3b Ui O £ ryj