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 I￿erS 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[l￿ty 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
INTRoDU￿10N
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 del￿er 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 Pr￿dIng 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
INTRoDU￿10N
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 ad￿Sed 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
OBjE￿IVEs 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 gI￿ng
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 gr0￿h 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 dIreCt￿wIth 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 se￿ice 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
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our
responslbllities
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uditor-s-res
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-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
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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 a￿et5
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.
DI￿dendS 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 actI￿tIes. 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 actI￿tIeS
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, ExPend￿Ure 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 a￿ets 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 pa￿nentS 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

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