Hertfordshlre Community Foundation Statement of Flnanclal Attlvity (incorporating an income and expenditure account) For the year ended 31 March 2025 Company Reglstratlon No: 08794474 Charlty Reglstratlon No.. 1156082 HERTFORDSHIRE COMMUNITI FOUNDATION DIREcfoRS REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2025 Hertfordshire Community Foundation Statement of Financlal Actlvlty (incorporating an income and expenditure account) For the year ended 31 March 2025 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 CHAIRMAN'S STATEMENT l am pleased to present the Trustees'Annual Report and Flnancial Statements for the year ended 31 March 2025. In fact, this will be my last Trustees, Report as I wtll step down as Chair at the AGM In Septernber and hand over the reins to the current Deputy Chair, James Hopkins. This year has seen slgnificant growth In our endowment funds, mainly due to the Trust Transfer of the Crouchfield Trust, an educational fund of more than £4 million. As well as the growth of our endowrnent funds to circa £19 mlllion, the past year has seen the ralsing of our profile, especlally to specific audiences. For example, through the continued partner5hlp a5 Officlal Charity Patron of the Herts Chamber of Commerce, HCF'S profile has been raised to the local corporate sector wlth manlfold benefits. Equally important has been the organising of our HCF'S own events for the Professlonal Advisors communlty with whom we are bullding mutually beneficial relatlonshlps for the long term. All the above growth and so￿ng of seeds for future growth has never been more needed. Hertfordshire may well be a leafy countywith prosperous and generous individuals and familles as well as flourishing buslnesses, but It also has its fair share of soc[31 need and deprlvation. So It Is pleaslng to report on 3nother year of hlgh levels of pass-through funding from Hertfordshire County Council as well as a record amount of grant giving from our own endowment revenues. Thls has led to a further Increase In grant making at £5.69m. HCPS total grant making, since it was founded in 1988, now exceeds £35 mlllion, Notable grant programmes included the fourth year of the Department for Education funded Holiday ActlvltSes and Food Programme which addresses the trlple Inequality of food povety, physical inactlvlty and soclal isolatlon, HCF manage5 the grants for this programme in partnershlp with Hertfordshlre Sports Partnership. The Communlty Opportunities Programme ran for another year too. Thls programme supports the delivery of day care services addressing loneliness and isolation in older adults and those with disabilitles. In additlon, we continued to deliver part of the Governmenvs Household Support Fund supportlng those for whom the cost of livlng crisls is affectlng the most. My thanks go to Hertfordshire County Council and to Herts Sports Partnership for partnering with HCF to deliver these programmes and much more. The continuing uncertainty about the lon8-term nature of such programmes, means that It remains HCPS priority to develop new relalionships for endowment growth as well as seeking opportunities to grow its endowment fund through trust transfers. The outlook for thls growth Is positive for the comlng year too. I would Ilke to take this opportunity to thank and pay tribute to the work ofjlll Burridge who stepped down as a Trustee after serving for nine years. Jill was Chair of the Research and Impact Commlttee and the Stafflng and Volunteers Committee. Her wise counsel will be mi55ed ty the Board. Although there wlll be challenges ahead, l am pleased that HCF is on a stable footing thanks to sensible long-term planning and the hard work of an extraordinary team of dedlcated staff, Trustees, volunteers and generou5 donors. W gratitude goes to ￿eryOne as we seek to make Hertfordshire a great county to live, work and enjoy for all. Henry Holland-Hibbert- Chalr of Trustees Hertfordshire Communlty Foundatlon Statement of Financial Attivity (incorporating an income and expenditure account) For the year ended 31 March 2025 INTRODucfioN The trustees present thelr report and accounts for the year ended 31 March 2025. The flnancial 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 Assoclation, the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice appllcable to charltles preparing their account5 in accordance with the Financlal Reporting Standard applicable in the UK and the Republlc of Ireland (SORP FRS 102)- effective 1 January 2019, ADMINISTRATIVE DETAILS Trustees, staff and long-term volunteers who served during the year and up to the date of thls report were.. Presldent Mr Robert Voss CBE Cstj DL Lord Lieutenant of Hertfordshlre Ambassadors The Foundatlon Is advlsed by a group of people with a stron8 interest in the success of our work. Trustees Henry Holland-Hlbbert Chalr of Trustees, Audlt and Communications & Development Committees, Investment Committee Grants Commitcee Ichalr) Research and Impact Committee (Chair) and Communications & Development Committees (resigned Oct 24) Cllr Terry Douris Audit commlttee Suzy Harvey DL Grants, Research and Impact and Staffing Commlttees Gus Machado Governance and Research & Impact Committees John Saner Governance Committee (Chalr} Jonathan Arrowsmith Audit Committee, Investment Committee Suzanne Westlake Grants Committee Syd Nadlm Communications and Developrnent Commlttee (Chalr) James Hopklns Investment Committee Penny Carey Governance Commlttee (started Oct 24) Meenal Hasmukh Sachdev Trusiee (Started Mar 25) Sally Burton DL Jill Burridge Staff Paul Robln Ingrid Dos Santos Helen Doubal Danielle Hood Llnn Moyster Maureen Palmer Nlcola Stokes Yvonne Green Emma Dalton Christy Conroy (nee Wlnn) Amandajansen Sarah Greene Chief Executive Office Offlce Manager Head of Grants Marketing Officer Finance Manager Grants Administrator Grant5 Manager Marketirig & Events Co-ordinator (resigned Oct 24) Grants Manager Grants Admlnistrator Phllanthropy Manager Grant Manager Hertfordshlre Communlty Foundatlon Statement of Flnanclal ACt￿lty (incorporating an income and expenditure account) For the year ended 31 March 2025 Tony Kitchingman Katie Purcell Phllllpa Shaw Katie Spencer-shaw Naoml Klchenslde Ernma Simon5 Grant Manager Grants Manager T&D Project Co-ordlnator Project Manager T&D Marketlng Co-ordlnator T&D (started Oct 24) Team Administrator {started Feb 24) Volunteers Nlck Powesland Alex Wlltshlre Emma Simons (became staff member in Feb 24) oBJE￿IVEs AND A￿1VITIEs Hertfordshire Community Foundatlon's (HCF) objectives, as set out In the governlng document, are to beneflt the communlty in the county of Hertfordshire and immediate area, iri particular to advance educatlon, protect mental and physical health and relieve povety. HCF is the natural port of call for grant making 3nd philanthropy In the county of Hertfordshire. We work Sn partnership wSth indivlduals, companies and other organlsatlons across every sector of the communlty to bulld a better life for all, HerÈford5hlre Is generally percelved as an affluent county. However, this hides the reality for many, and Hertfordshire ha5 places where need and deprlvatlon Is In the worst 10% In the UK- hlghllghted by HCF through Sts independent'Hertfordshlre Matters 202(Y research. Regrettably all social need highlighted in thls report has been exacerbated by the ongoing impact of Covid-19 and the ongoing cost of living crlsis, demonstratlng the lrnportance of local insight, To meet local need, HCF offers a professlonal and flexlble se￿ICe io assist donors, whether individuals, companles or trusts, as well as public authoritles and agencies to achieve thelr local charltable glvlng oblectlves, HCF further endorses its charltable purposes for public benefit through its vision and misslon statements, together wlth Its grant maklng pollcy. Respondlng to emerglng need Over the past year, HCF has maintained its focus on supporting HertfOrds￿.[re'S most deprlved communltles and 5UPPOrting those need. Grants contirkue to support groups and organlsations addressing the ongolng impact of the pandemlc together with the cost-of-living squeeze whlch Is hamng a marked impact on demand for HCF'S support. HCF continues to monitor closely emerging needs Vlslon and Mlsslon Followlng a strategic review in late 2024 and early 2025, HCFS Vision and Mission statements were confirmed as follows.. Our Vision: A county where generous communities work together to enhance the quality of lives in Hertfordshire. Our Mission.. To help those in most need In Hertfordshire by raising funds ancl connecting philanthropy to communlty needs and opportunities. Hertfordshire Community Foundation Statement of Flnanclal Actlvity (incorporating an income and expenditure account) For the year ended 31 March 2025 This will be achieved by. 1. Understanding the needs and challenges In the county through our Hertfordshire Matters project and other Independent insight, to direct funds strategicallyand to advlse donors. 2. Better understsndin8 the impact of HCFS activities on both beneficiarles and the wider community. 3, Generating new and repeat fundlng by providlng professional philanihropic services to all donors through Informed advice and excellent stewardship. 4. Proving an efficient, effective and supportive grant making Se￿iCe to address Identlfied need. S. Developing a stronger, effective and more sustainable voluntary sector through HCF Training & Development. 6. Increasing HCFS profile amongst its key audiences. 7, Ensurlng HCF operates with financial sustain3bllity, transparency and accountability, Publlc beneflt The Trustees have referred to the Charity Commlsslon's general guidance on public benefit when revlewlng the Foundatlon's alms and objectives and in plannin8 future activities and can confirm that publSc benefit is delivered through: Building endowed funds and dellvering pass through funding to provlde long term sustainable grant making to the local cornrnunity Provldlng professional phllanthropy, grant making and corporate responsiblllty servlces Provldlng a grants programme for charltles and the voluntary sector across Hertfordshlre Undertaklng research to Identlfy need In Hertfordshire to Inform HCFS grant5 Strategy, engage wlth donors and demonstrate knowledge of the local community Soclal Investment In April 2014 3 comrnunlty resource was opened in the form of the Nigel Copping Community Building In Stanstead Abbotts. HCF continues to work closely with its tenanL CVS Broxbourne and East Herts, ensurlng the building serves as a community asset with fully equipped meeting 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 whlch we are hugelygrateful. Belng able to welcome volunteer5 back to the office in person has been a welcome development. Grant maklng pollcy When awarding grants, HCF aims to be equitable, Inclusve. fair, transparent, professlonal and effective. We want to ensure that we are open and accessible to the wide range of groups and causes who could benefit whlle remaining true to the wishes of our donors and the needs of the county. Grant applications were reviewed by an experienced team of assessors working closetywith the Grants Committee. This enables HCF to dlstrlbLrte funds qulckly and efficiently. The Grant Making Policy relates to the grant making activitywithin the Foundation and provides a clear and conslstent guide and shows how we intend to operate to the highest grant making standards. It is our intention that all grant making and fund development activities are co-ordinated to meet the needs and objectives of HCF, the individual fund holders, the grantees and the county as a whole. Hertfordshire Community Foundation Statement of Flnanclal Activlty (incorporating an income and expenditure account) For the year ended 31 March 2025 ACHIEVEMENTS AND PERFORMANCE The Trustees are ple3sed to report on behalf of its donors and funders that HCF awarded 970 grants with a combined value of £5,693,821, the seventh consecutive year in which grants in excess of £1 m have been awarded. The significant growth in grant making reflects a growth in pass through funds, notably from Hertfordshire County Council {in respect of the Holiday Activities Programme funded by the Department of Educatlon and a Community Opportunities programme in support of older people) and other major funders who supported HCF during the year, In total HCF has awarded In excess of £35m in grant aid since it w35 founded in 1988. In additlon to Its grant making activity, HCF manages over 100 endowment funds on behalf of Its donors. During the year, 6 new endowment funds were established and additionally several exlstSng fundholders grew their funds further. HCFS endowment fund reserve stands at £18,567,338 as of March 2025. This represents a £3,355,187 Increase on the year end position at 31 March 2024. HCF also contlnues to support other groups directly with affordable rented offlce space and an accessible meeting room at Foundatlon House. Grant rnaklng HCF dlstrlbuted a total of 970 grants to groups and Individuals totalllng £5,662,850 (2024.. 1038 grants totalling £5,427,321) reaching in excess of 150,000 beneficiaries. These figures exclude HCF Training & Development grants which are detailed in the HCF Training & Development section below. S38 grants were made to 325 local groups and organlsations. Total value of granrs to groups was £5,554,780 wSth average grant of £10,325. Grants awarded include: £2,207,669 from the Department for Education funded, Hertfordshlre County Councll {HCC) Hollday Actlvities and Food Fund making 177 grants averaging £12,473 per grant £1,671,355 from Hertfordshlre County Councll for the Communlty Opportunltles & Day Activltles programme maklng 36 grants averaging £46,427 grant £693,926 from HCPS Foundation grants programme from named endowment funds (£564,310 excluding Children's Fund) and Passthrough funds {£204,272) making 161 grants wlth an average grant of £4,310 £74,656 total grants advtsed by donors making 30 grants averaging £2,488 £260,421 from major donors making 28 grants averasryng £9,301 £356,124 from HCC facilltated Household Support Fund from Department for Work and PensSons Including 42 grants for the HSF programme and 38 for Cornmunity Spaces average 8rant size £4,445.30 £200,000 from HCC Domestlc Abuse fund 8 grants with an 3verage grant of £25,000 £41,127 from the HCC Vaccine Inequality Fund £37,551 from the HCC User Volce Fund for 5 groups with an average of £7,510 £11,450 from the HCC Rural transport grani for 10 grants average of £1,145 432 grants were made to Indimduals and families to a total value of £108,870 including: Hertfordshlre Communlty Foundatlon Statement of Financial Activty (incorporating an income and expenditure account) For the year ended 31 March 2025 £108,212 through Hertfordshire Children's Fund grants programme supporting 430 farnilies with an average grant of £250. Thls Involves several different endowment revenues and passthrou8h funds £558 to 2 individuals from the St Albans Care Leavers, Fund HCF Tralnlng & Development: 4 grants awarded to support organisations taking practlcal steps to environmentsl su5talnabllity 5 participants took part In Level S Sustainable Business manager 1 Carbon Literacy training with 13 attendees 10 particlpants took part In 1 Omonth leadership development programme Her un 42 onllne courses and 8 In person courses delivered to 648 participants Total of103 hours training 225 unique organlsatlons supported £30,970 awarded in Training grants to 29 organisations 5 organisations given 15 hours of strategic consultancy 6 organisations supported with strategic advice for their Trustees 2 conferences attended by 100 people 12 tutors gained Level 3 in Education and Training FINANCIAL REVIEW Flnanclal posltlon HCF'S endowment fund reserve stands at £18,567,338 as of March 2025. Thls represents a £3,355,187 increase on the year end position at 31 March 2024. Six new endowment funds were establlshed during the year and additionally several exlstlng fundholders grew their funds further. A trust transfer of £4,105,571 was received during the year. After accountlng for net investment losses, the surplus was £3,543,450 (2024: £2,544,189). Before losses net income totalled £4,082,071 (2024,, £1,453,508>. Income for grant making Increased durlng the year wlth £5,693,821 being di5trlbuted In grant aid including grants for training and development. The total nec assets at 31 March 2025 was £19,915,814 (2024.. £16,372,364). Endowment funds totalled £18,567,338 at 31 March 2025 (2024: £15,212,151). Of these funds, £607,619 (2024: £607,619) represents social Investment {the Nigel Copping Community Building) that could only be realised by disposing of the assets. Restricted funds tot311ed £222,006 at 31 March 202512024,, £362,768). The balance of unrestrlrted funds at 31 March 2025 was £1,126,470 (2024.. £797,44S). HCF'S income, including new income from fund developmenL totalled £10,709,109 (2024.. £7,736,483). This represents an increase of 38%. Grant making as a percentage of total expenditure is 8696 at 31 March 2025 (2024,, 86%,. 2023,, 86%,, 2022,, 85%, 2021: 8096, 2020: 68%) Hertfordshire Community Foundation Statement of Flnanclal Activlty (incorporating an income and expenditure account) For the year ended 31 March 2025 Operatlons and governance HCF5 charitable actimty, taken as a percentage of overall activity, was 96% (2024.. 97%). Governance costs, as a percentage of overall costs. were 196 {2024'. 1 %). The cost of generating income, as a percentage of total income, was 3% (2024.. 3%). Trustees will continue to keep such statistics under review to ensure HCF rnanages its operations effectively, Investment pollcy and performance Investments are held In accordance with the powers of the trustees set out in the Articles of Association. The Investment objective is to achieve an overall return on the Investments within the risk appetite set by the trustees and to provide financial returns to support stable and growing grant distrlbutlon across Hertfordshire. The Board of Trustees meets with the Fund Managers twice yearly, with other contact between meetln8s as requlred. Total return for the year from our investments with Rathbones was +0.3% whlch compares to the rnarket benchmark for the period of +5.98%, and the peer group (ARC Charity steady Growth Index) of +2.7%. Total return from our investments with CCLA for the year was -1.496 which compares to the market benchmark of +6.6% and the peer group (ARC, Charity Steady Growth Index) of +2.7%. Returns for Rathbones and CCLA for the past 4 years Is Shown below. Rathbones CCL4 Return for year 0,396 10,8% -5,6% 5,7% Market Benchmark Peer Group Market Benchmark Peer Group 2.7% 9.496 -4.0% 6.3% Return 2025 2024 2023 2022 6.0% 10.796 -2.6% 8,6% 2.7% 9.4% .4.0% 6.3% -1.4% 13.1% -2,0% 11.6% 6.6% 16.7% -3.996 11.8% Total return for the 8 months slnce Inceptlon from our investments With Cazenove was-1,6% whlch compares to the market benchmark for the period of +4.4%, and the peer group (ARC Charity Steady Growth Index) of +0.6%. These flgures need to be put into context. The date on whlch the end of year perforrnance flgures were recorded colncided with the turmoll in the markets leading up to the'Llberation Daf tariffs announced by the Trump administration in America, These measures had already increased the average U.S. tariff rate to approxirnately 12%, the highest level since World War11 with more significant increases post 2 April 2025. Stock rnarkets reacted very negativety to these measures, seeing stark drops in indices acro55 the globe. These performance figures need to be read against this backdrop. Markets subsequently recovered on the news that these measures mlght be negotiable and would not be implemented for three months". 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 charities, measured against a leading benchmark. Hertfordshlre Community Foundatlon Statement of Flnanclal Actlvity (incorporating an income and expenditure account) For the year ended 31 March 2025 The extent to which social, environmental or ethlcal considerations are taken into account in decisions that may affect the value of the funds is left to the discretion of the investment managers. The Trustees, pollcy Is to delegate responsiblllty to the investment manager for the exercising of rights (including voting rights} attaching to the investments. HCF'S assets are available and adequate to fulfil its obligations on a fund by fund basis. Rlsk management A reglster tracking potentlal major risks is monitored and reviewed at every Board of Trustees meeting and by the Governance Committee. The register identifies the risks, a55esses the likelihood of an occurrence and the impact should it occur. It then identifies how the risk can be mitigated and specific actions required wlth, where appropriate, a tlmescale. The Trustees have identified the possible financial risks as.. a failure to control expendlture or to generate Income to budset, for example investment performance A crash In investment markets reducing HCF'S abillty to draw down funds for grant making The risk of fraud by staff, volunteers or Trustees authorlsed to make payments or commltting expenditure and failing to raise sufficient additional funds The loss of any major pass-through funding programmes Having considered the major rlsks to whlch HCF Is exposed, the Trusiees believe Ihat they have systems in place to mitigate those risks. Reserves policy The Trustees have considered the level of unrestricted reseNes necessary to ensure the continuation of HCF'S activities for the foreseeable future. Thls assessment Is ongoing and Is part of the Board of Trustees, flnancial risk management. HCF'S unrestrlcted Income derives from contributions levied for the dellvery of grant programmes and the management of funds, donations, sponsorship, events and gifts from both corporate and private sources, As a result, the Trustees believe that there is no justification for holding significant unrestricted reserves. HCFS policy Is to hold six months of operating costs in cash to manage the charltys Ilquldity. PLANS FOR THE FUTURE 1, Develop local philanthropy and incorne 2, Deliver impactful grant programmes that address local need 3. Prowde communlty leadershlp through research and training opportunities 4. Continue to Improve operatlonal systems to deliver service excellence strateglc Objett￿eS 1. To consistently award grants totalling in exce￿ of £1.5 million per year to tackle need and deprivation in Hertfordshire. Hertfordshire Community Foundation Statement of Financlal Actlvlty (incorporating on income and expenditure account) For the year ended 31 March 2025 2. To grow HCPS endowment to £25m+ by 2028 by raising HCPS profile amongst its key target audiences and maximi5ing any future match funding opportunities. 3. To become Hertfordshire's leading provider of VCSE tralnins suppor¢ capacity building and Insight by 2028 supporting both adult and children's se￿iCe organisations. STRu￿uRE, GOVERNANCE AND MANAGEMENT Hertfordshire Community Foundation is a compary limited by guarantee (08794474) and a registered charity (1156082) 8overned by its Memorandum and Articles of Association. The dlrectors of the charltable company are its trustees for the purpose of charlty law and throughout thls report are referred to as the trustees, At 31 March 2025, the Foundation had 12 Trustees. The Trustees meet quarterly. Between these maln Trustee meetings, buslness is conducted through the following commlttees.. Audit and Investment Communications and Development Governance Grants Research and lrnpact Staff and Volunteers Terms of reference for each committee set out the delegated powers. The delegated responsibility of the Governance Committee Includes searching for new Trustees wlth appropriate skllls and background, for recommendation to the Trustees. New Trustees are then appolnted by a resolution passed by a majority of at least two-thirds of the existing Trustees. Prior to appointment, prospectlve trustees are interwewed by members of the Governance Committee and meet with the Foundation Dlrector. New Trustees recelve an Information pack Including the Memorandum and Article5 of Associatlon, accounts, buslness plan, role description and other HCF Ilterature. The day-to-day management of HCF is delegated to the Foundation Director. The Foundatlon Dlrector reports to the Board of Trustees at quarterly meetings with one additional Board meetlng used as a strategy planning session, Pay and remuneratlon for staff is reviewed annually by the Staff and Volunteers Cornmittee and a proposal 15 presented to the Board ofTrustees for ratlfication. At 31 March 2025, there were 15 part tlme and 2 full time members of staff. The Foundatlon Is also assisted by a group of dedlcated volunteers. HCF is a quality accredited member of UK Community Foundations, the membership organlsatlon that supports and promotes community foundations operating across the UK. Penslon liablllty As described in note I the charity makes payments to a defined contributlon pension scheme for its employees, paying contributions as they fall due. Hertfordshire'5 charity and voluntary sector The local voluntary sector remains under pressure as it recovers from the impact of the pandemic and as It faces signlficant increases In operating costs due to rising energy costs and rising inflation. Hertfordshlre Communlty Foundatlon Statement of Financial Activity (incorporating an income and expenditure account) For the year ended 31 March 2025 REFERENCE AND ADM INISTRATtVE DETAILS Foundation offlce and reglstered address Foundation House, 2 - 4 Forum Place, Fiddlebridge Lane, Hatfield, Hertfordshlre, AL10 ORN StatutoryAudltor Mercer & Hole LLP Chartered Accountants, 72 London Road, St Albans, Hertfordshlre, AL11 NS Bankers National Westminster Bank plc, 104 Fore Street, Hertford, Hertfordshlre, SG14 1AB Investment manager5 CCLA Senator House, 85 Queen Victoria Street l London | EC4V 4ET Rathbone Brothers Plc, 8 Finsbury Circus, London EC2M 7AZ Cazenove Capital, 1 London Wall Place, London, EC2Y SAU Sollcltors Ta￿or Walton, 107 Holywell Hill, St Albans, Hertfordshire, AL11 HQ Statement of responslbllltles of the Trustees Law applicable to charlties In England and Wales requires the Trustees to prepare flnancial staternents for each flnanclal year whlch give a true and falr view of the charitys financial actSwtles during the perlod and of its financlal posltSon at the end of the perlod. In preparlng financlal statements glving a true and falr ￿ew, the Trustees should follow best practlce and: Select sultable accounting policles and then apply them conslstently Make judgements and estimates that are reasonable and prudent State whether applicable accounting standards and staternents of recommended practice have been followed, subject to any departures disclosed and explained In the financial statements Prepare the financlal statements on the going concern basls unless it 15 inappropriate to presume that the charlty will continue in operation The Trustees are responslble for keeping accounting records which disc105e with reasonable accuracythe financial position of the charity and whlch enable them to ascertaln the flnanclal position of the charity and which enable them to ensure that the financlal statements complyw5th the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence for taklng reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees confirm that to the best of their knowledge there is no Information relevant to the audlt of which the auditors are unaware. The Trustees also confirm that they have taken all necessary steps to ensure that they themselves are aware of all relevant audit information and that this has been communlcated to the audltors. By order of the Trustees on 2S September 2025. Henry Holland-Hlbbert Chalr of Trustees Jonathan ArrowsmFth Audit Committee Chalrman Hertrfordshire Community Foundation Statement of Flnanclal Actlvity (incorporating an income and expenditure account) For the year ended 31 March 2025 INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF HERTFORDSHIRE COMMUNITY FOUNDATION FOR THE YEAR ENDED 31 March 2025 Oplnlon We have audited the financial statements of Hertfordshire Community Foundation (the'charltable companF) for the year ended 31 March 2025 which comprise the Ststement of Financial Activities, Balance Sheet, Cash Flow and notes to the flnancl31 statements, including signlficant accounting policles, The financlal reporting framework that ha5 been applied in their preparation Is applicable law and Unlted Kingdom Accountlng Standards, InClud￿n8 Flnancial Reporting Standard 102 The Financial Reportlng Standard applicable In the UK ond Republic of Ireland (United Klngdom Generally Accepted Accoljnting Practice). In our opinlon the financlal statements: give a true and fair view of the state of the charitable comp3nls affairs as at 31 March 2025, and of its Incoming resources and application of resources. Including its income and expenditure, for the year then ended; have been properly prepared in accordance wlth Unlted Kingdom Generally Accepted Accountlng Practlce; and have been prepared in accordance with the requirements of the CompanlesAct 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Audltin8 (UK) {ISAs (UKI) and appllcable law. Our responslbllltles under those standards are further described In the auditor responsibilities for the audlt of the financial statements sectlon of our report. We are Independent of the charltable company in accordance with the ethical requirements that are relevant to our audit of the financial statements In the UK, Including the FRCS Ethical Standard, and we have fulfilled our other ethical responsibllitles In accordancewith these requirements. We believe that the audit evidence we have obtained Is sufflclent and appropriate to provide a basls for our opinion. Concluslons relatlng to golng concern In auditing the financlal statements, we have concluded that the trusteeg use of the going concern basls of accountlng In ihe preparation of the financial statements Is appropriate. Based on the work we have performed, we have not identified any materlal uncertainties relatlng to event5 or condltlons that, indlvldually or collectively, may cast significant doubt on the charitable company's ability to contlnue as a goln8 concern for a period of at least twelve months from when the financlal statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described In the relevant sections of this reporL Other Information The other Information comprises the information Included in the trustees, annual report , other than the flnanclal statements and our auditorfs report thereon.The trus:ees are responsible for the other informatior¥. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance concluslon thereon, Our responslbllity is to read the other infomiation and, In doing so, consider whether the other information Is materially Inconslstent wtth the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we Identify such material inconsistencles or Hertford5hire Community Foundation Statement of Flnanclal Actlvlty (incorporating an income and expenditure account) For the year ended 31 March 2025 apparent material misstatements, we are requlred to determine whether this gives rise to a materlal misstatement 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 required to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescrlbed by the Companle5 Act 2006 In our oplnlon, based on the work undertaken in the course of the audlt: the Informatlon glven In the trustees, report, which includes the strategic report and directors, report prepared for the purposes of company law, for the financlal year for which the flnancial statements are prepared Is conslstent with the financial staternents,. and the strategic and directors, report included withln the trustees, report ha5 been prepared in accordance wlth applicable legal requlrements. Matters on whlch we are requlred to report ty exceptlon In the Ilght of the knowledge and understanding of the charltable company and its environment obtained in the course of the audlt, we have not Identifled materlal mi55tatements in the strateg5c report and the dSrectors' report Included within the trustees, report. We have nothlng to report In respect of the followln8 matters in relation to which the Companles Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been recelved from branches not vlsited by us; or the flnanclal statements are not in agreement with the accountlng records and returns,. or certain disclosures of trusteeg remuneration specified by law are not made., or we have not received all the Information and explanations we require ft)r our audit ' or the trustees were not entitled to prepare the financial statement5 in accordance wlth the small companieg regime and take advantage of the sm311 companles, exemptlon in preparlng the directors, report from the requlrement to prepare a strategic report. Responslbllltles of trustees As explalned more fully In the trusteeg responsibilities ststement set out on page 10, the trustees (who are also the dlrectors of the charitable company for the purposes of company law) are responsible for the preparation of the financlal staiements and for being satisfied that they give a true and fair vlew, and for such Internal control as the trustees determine is necessary to enable the preparation of financlal statements that are free from material mi5statemenL whether due to fraud or error. In preparing the financlal statements the trustees are responsible for assessing the charltable companls ability to continue as a going concern, disclosing, as applicable, rnatters related to golng concern and uslng the going concern basis of accounting unless the trustees elther intend to liquidate the charitable company or to cease operatlons, or have no realistic alternattve but to do so. Auditor responsibllitles for the audit of the finanaal Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whetherdue to fraud or error, and to issue an audStorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted In accordance with ISAs(UK) will always detect a material mI￿tatement when it exists. Hertfordshire Community Foundatlon Statement of Flnanclal Activity (incorporating an income and expenditure account) For the year ended 31 March 2025 Misstatements can arise from fraud or error and are considered material if, individually or In the aggregate, they could reasonably be expected to influence the economlc decisions of users taken on the basi5 of these flnancial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We deslgn procedures In line with our responsibilities, outllned above, to detect materlal misstatements in respect of Irregularltles, including fraud. The extent to which our procedures are capable of detecting irregularlties, Including fraud Is detalled below.. Based on our understandlng of the charitable company and industry, we identified that the prlnclpal rlsks of non-compliance wlth law5 and regulations and we considered the extent to which non- compliance may have a materlal effect on the financlal ststements. We also consldered those laws and regulations that have a dlrect impact on the preparatlon of the financial statements such as the Companles Act 2006 and the Charities Act 2011. We evaluated the trustees, Incentives and OPF)Ortunitles for fraudulent manipulation of the financial statements and the financial report lincluding the risk of override of conirols}, and determined that the pr5nclpal rlsk5 were related to posting inappropriate entries Including journals to overstate income or understate expenditure, and management bias in accountlng estlmates. Audlt procedures performed by the engagement team included: discussions wlth managemenc including considerations of known or suspected Instances of non-compllance with laws and regulations and fraud,. evaluation of the operating effectiveness of management's controls deslgned to prevent and detect irregularitles; o review correspondence wlth the Charity Commission for evtdence of breaches,, dentI￿n8 and testingjournal entries Because of the inherent Ilmitations of an audit, there is a risk that we will not detect all irregularlties, Includlng those leading to a materlal mlsstatement In the financial staternents or non-compliance with regulatlon. Thls rlsk Increasesthe more that compliance with a law or re8ulation is removed from the events and transactions reflected in the financial statements, as wewill be less likelyto become aware oflnstancesof non-compliance. The rlsk is also greater regarding irregularities occurring due to fraud rather than error, as fraud Involves Intentional concealment, forgery, collusion, omlssion or misrepresentatlon. A further description our responslbillties Is available on the FRC'S at.. litt s'/lwww.frc..or urfl /auditors/audit-Bssurance/auditor-s-res onsibil es-for-the-audir-of-Ilie- fildesci-i ion-of- h or96 2%80%99s-res on o 4JoNmm rri rrfi In co cTh o) u) Ln Ln co a) ( cwm¢tn Oc)uO CO CLCf U Hertfordshlre Community Foundation Balance Sheet As at 31 March 2024 Company no: 08794474 2025 2024 FSxed Assets Tangible assets Property Investments Investments Mixed motive Investments 15 16 409,041 230,081 17,861,952 607,619 19,108,693 409,110 230,081 14,295,003 607,619 15,541,813 18 Current Assets Debtors Cash at bank and In hand 19 267,940 659,595 927,535 56,557 941,413 997,970 Credltors Amounts falling due with one year 20 (120.414) (167,419) Net Current ￿setS 807,121 830,551 Total Assets Less Current Llabllltles 19,915,814 16,372,364 Funds Endowment funds Perrnanent endowment Expendable endowrnent 18,567,338 15,212,151 18,567,338 222,006 1,126,470 19,915,814 15,212,151 362,768 797,445 16,372,364 Restrlcted incorne funds Unrestricted funds Total Funds The trustees acknowledge their responsibilities for complying wlth the requirements of the Companies Act with respect to accounting records and the preparation of the accounts. These accounts have been prepared in accordance wlth the provlsions applicable to small companies subject to the small companies, regime and in accordance with FR5102 SORP. The financial statements were approved by the trustees on 25 September 2025 and signed on their behalf by: Henry Holland - Hlbbert Chairrnan of Trustees Jonathan Arrowsmlth Audit committ￿ Chalrman Hertfordshire Community Foundation Balanee Sheet As at 31 March 2024 Company no: 08794474 2025 2024 Cash flows from operatlng actlvltles Net cash provided by/(used in) operating activities (note i) 3,284692 1,096,480 Dividends, interest and rents from Investments Purchase of propety plant and equipment Proceeds from sale of investments Purchase of investments 561,881 (22,820) 469,436 (24,400) (4,105,571) (1,174,585) Net cash provlded bylused In) Investlng actlvltles (3,566,510) (729,549) Change In cash and cash equlvalents In the reportlng perlod (281,818) 366,931 Cash and cash equtvalents at beglnnlng of the reporting period 941,413 574,482 Cash and cash equlvalents at end of the reportlng perlod (note11) 659,595 941,413 Net Income/(expendlture) for the reportlng perlod (as per the Statement of Flnanclal Actlvltles) 3,543,450 2,544,189 Adjustment for Depreciation (Gains) / losses on investments Divldends, Interest and rents from investments (Increaseydecrease in debtors Increasel(decrease) In creditors 22,890 26,598 538,621 (1,090,681) 1561,881) {469,436) (211,383) 164,008 (47,0051 (78,198) Net cash provlded byl(used In) operatlng actlvlties 3,284,692 1,096,480 Analysls of cash and cash equivalents Cash in hand 659,595 659,595 941,413 941,413 Hertfordshire Community Foundation Notes to the financial statements (continued) For the year ended 31 March 2024 1. Accountlng pollcles Bosls ofprepGrotlon The financial statements have been prepared in accordance with the Statement of Recommended Practice,, Accounting by Charities preparing their accounts in accordance with the Financlal Reportlng Standard applicable in the UK and Ireland (FRS102) effective 1 January 2019 (SORP FRS 102> and the Flnancial Reportlng Standard applicable In the UK and Ireland and the Companles Act 2006. Assets and Ilabllltles are Inltlally recognlsed at hlstorlcal cost or transactlon value unless otherwlse stated in the relevant accounting policy note. Significant accounting policies are listed below, Publlc beneflt enuty The charity constitutes a publlc benefit entity as defined by FRS 102. Golng concern The trustees conslder that there are no material uncertainties about the charitys ability to continue as 3 going concern. The trustees do not conslder that there are any sources of estirnation uncertainty at the reporting date that have a significant risk of causin8 material adjustment to the carrylng amounts of assets and liabiiiiles withln the next reportlng period. Funds 5trutture Endowment Funds These represent incoming resources that are required to be retalned or invested for the use of the charltls objectives, Restrlcted Funds These represent Income recelved where restrictions on use, as determined by the donor, whlch are narrower than the chariws general objects Unrestricted Funds These represent income which can be used for the general objects of the charitable companyas determlned by the Board of Trustee& Income recognltlon Income is recognised once the charity has entltlement to the income, It Is probable that the income will be received and the amount of income receivable can be measured reliably. Hertfordshire Community Foundation Notes to the flnanclal statements Icontlnued) For the year ended 31 March 2024 1 . Accountlng pollcles (contlnued) Income from government and other grants is recognised when the charity has entitlement to the funds, ny performance conditions attached to the grants have been met, It is probable that incorne will be received and the amount can be measured and is not deferred. Divldends are recognised once the dividend has been declared and notlflcatlon has been recelved of the dividend due. This Is normally upon notification by investment mana8ers of the receipt of the divldend. Income recelved In advance of recognition crlteria being met is deferred until the cr5teria for reco8nltlon are met. Expendlture recognltlon Llabllltles are recognlsed as soon as there is a legal or constructive obligatlon commltting the charlty to that expenditure, It is probable that settlement will be required and the amount of the obllgatlon can be rneasured rellably, All expenditure is accounted for on the accruals basls. All expenses, Including support costs and governance costs are allocated or apportioned to the appllcable expenditure heading as follows; Costs of ralslng funds relate to the costs Incurred by the charlty In inducing third parties to make voluntary contrlbutlons as well as the cost of any activities with a fundraislng purpose and thelr associated support costs. Expenditure on charitable actlvlties Includes the costs of actlvities undertaken to further the charltable alms and objectives of the charity and thelr associated support costs, Other costs represent those Items not falling into any other heading. Allocatlon of costs Expenditure that Is directly atirlbutable to delwery of the charitles actlvltles or raislng funds is allocated to the actlvity to whlch it relates. Support costs cornprlse costs Incurred in support of these actrvities. Included In support costs are costs Incurred In the governance of the charity which are primarily associated with the constitutional and Statutory requlrements. Support Costs are allocated to activities based on an estimate of staff time spent on each activity during the financial year. Grantfvnding Grants payable are payment made to third partles In the furtherance of the charitable objects of the charity, In the case of an unconditional grant offer this is accrued once the recipient h35 been notified of the grant. Grants awarded that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remainlng unfulfilled condition attaching to the grant is outside the control of the charity. Promsions for grants are made when the Intentlon to make Hertfordshire Community Foundation Notes to the flnanclal statements {contlnued) For the year ended 31 March 2024 the grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount payable. 1, Accountlng pollcles (continued) Irrecoverable VA T Irrecoverable VAT Is charged against the expenditure headin8 for whlch It Was Incurred. Depreclatlon of tangiblefixed ossets Items of equipment over £500 are capitalised and valued at hlstoric cost. Depreclation Is charged when assets are brought into use to write off the cost of tangible fixed assets over their estlmated useful lives as follows: Computer Equipment Furnlture and Fittings Freehold Property Freehold Improvements 33 113 % p.a. on a straight line basis 20% p.a. on a straight line basis Over 50 years Over period remaining to 50 years Investments Listed investments are a form of baslc financial interest and are Inltlally recognlsed at their transaction value and subsequently measured at thelr falr value at the balance sheei date using the mld- market value, Mixed motive Investments cornprlse property owned by the charlty but used by thlrd parties to undertake activltles thai promote the charitys alms. Income generated is incidental to the maSn purpose of the investment rather than the purpose of the investment. Mlxed motive Investments are initially recognised and subsequently measured at transaction value less any impalrment, Investment propertSes are measured at fair value at each reporting date with changes in fair value recognlsed in 'net gains l (losses) on Invesiments, in the SOFA. Pen51on Contrlbudons The charlty makes payments to a defined contribution penslon scheme for Its employees. Contributions are charged to the Statement of Financial Activities In the year they are payable. 2. Income from dOr￿tIonS and legacles 2025 2024 Donations Other grants Membership 9,896,465 6,990,448 9,896,465 6,990,448 Hertfordshire Community Foundation Notes to the flnanclal statements (continued) For the year ended 31 March 2024 3. Income from charltable aLllvttles 2025 2024 Perforrnance related grants Lettings Management fees 134,295 13,059 49,836 197,190 171,713 14,034 58,000 243,747 Included In performance related grants Is £30,970 {2024'. £38,899) made by local authorities to fund the Workforce Development Pro8ramme for the voluntary sector In Hertfordshire, At 31 March 2025, the performance criterla had been fully met. 4. Income from other tradlng 2025 2024 Rent Sponsorshlp Fundraising 24,609 3,200 25,764 19,209 1,700 11,943 53,573 32,852 5. Income from Investments 2025 2024 Llsted Investments - wlthln the UK Rental income from investment property Bank interest 489,935 40,911 31,03S 561,881 391,473 36,994 40,969 469,436 6, Expendlture on ralslng funds 2025 2024 Dlrect costs Support costs 30,728 228,475 13,060 199,187 259,203 212,247 7. Expendlture on charitable actl)Atles Actlvlty or Project Current Year Dlrect Grants to Actfvlty Instltutlons Grants to Indlvlduals Support Costs Total 2025 Grant5 programme (note 91 HCF Tralnlng & Development Crowdfunder 5,554,780 30,971 108,070 545,689 6,208,539 159,296 128,325 128325 5,585,751 108,070 545,689 6,367,835 Hertfordshire Community Foundation Notes to the flnanclal statements (contlnued) For the year ended 31 March 2024 Actlvity or Project Prlor Year Dlrect ACt￿lty Grants to Grants to Institutions Indlvlduals Support Costs Total 2024 Grants prograrnme (note 9) HCF Trainlng & 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 5,313,801 152,419 8. Support Costs 2025 2024 Support Costs Staff costs Premises Office costs Depreclation Other 317,204 53,766 41,048 22,889 154,071 588,978 293,244 44,397 42,706 26,597 94,546 501,490 Governance Costs Staff costs Trustee expenses Audit fees Professional and legal fees Trustee indemnity insurance Other 23,498 60 12,960 68 763 903 38,252 23,071 13,920 3,113 583 40,687 Total Support and Governance costs 627,230 542,177 Allocated to actmtles based on staff tlme Ralsing funds Charitable Activities 81,541 545,689 70,483 471,694 627,230 542,177 Hertfordshire Community Foundation Notes to the financlal statements (continued) For the year ended 31 March 2024 9. Grant maklng Grants to Instltutlons Grants to Indlvlduals Total 2025 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 2,810,595 83,312 212,900 2,052,152 303,823 73,111 18,887 5,554,780 108,070 2,918,665 83,312 212,900 2,052,152 303,823 73,111 18,887 5,662,850 108,070 Further detalls can be found in the grant making section of the trustees report and a full115t of awards rnade can be found at: Grants to Instltutlons Grants to Indlvlduals Total 2024 Prlor Year Falrness (Deprivation) Housing (Housing and Homelessness) Safety (Crime and Safety) Healthy Living (Health and Wellbelng) Strong Communities Work and Learnlng (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 152A19 10. Net Income for the year Thls Is stated after charglngJ(creditlng): 2025 2024 Depreciation Auditors, remuneration Audit 22,889 26,597 12,960 13,920 Hertfordshire Community Foundation Notes to the financial statements (continued) 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.. 2025 2024 Salarles and wages Soclal security costs Employerfs contribution to defined contribution pension schemes 478,496 39,323 41,886 432,282 34,153 37,863 559,705 504,298 One employee received employee benefits (excluding employer penslon costs) during the year of more than £70,000 {2024.' one employee received employee benefits of more than £60,000) Total employee benefits including employerfs national insurance and pension contributlons of the key management personnel were £94,52912024.. £81,739). The charlty trustees were not pald nor recelved any other benefits from employment with the charlty In the year (2024.. nill. No trustee received payment for professlonal services supplied to the charlty12024: nll} Trustee expenses represent the payment or re-lmbursement of travel and subsistence costs totalling £60 {2024.' £0) Incurred by 1 {2024: 0) mernber. 12. Staff numbers The average number of employees (head count based on number of staff employed) durlng the year was as follow5,' 2025 No; 2024 No; Ralslng funds Charitable Activitles Support Governance 16.1 16 13. Related party transactlons Durlng the year, trustees donated a tota5 of £19,125 to the charity (2024: £25.862). £0 (2024.. £0) had restrlctlons placed upon them. Terry Douris, a Trustee, is a Hertfordshire County Councillor. There were no other related paty transactlons to disclose for the year (2024; none), Hertfordshire Community Foundation Notes to the flnan¢lal statements {contlnued) For the year ended 31 March 2024 14.Taxatlon The charity15 exempt from corFK)ratlon tax as all Its Income is charitable and is applied for charitable purposes, 15.Tanglble fixed a55ets Freehold land & bulldlngs Computer equlpment Fumlture & equlpment Total Cost.. At beginning of year Additions Disposals Transfer At end of year 528,250 64,181 101,007 22,820 693,438 22,820 528,250 64,181 123,827 716,258 Accumulated Depreclatlon: At beglnnlng of year Charge for the year Transfer Disposals At end of year 143,817 8,565 55,848 5,424 84,663 8,900 284,328 22,889 152,382 61,272 93,563 307,217 Net book value: At beginning of year 384,433 8333 16,344 409,110 At end of year 375,868 2,909 30,264 409,041 Land with a value of £100,000 (2024: £100,000) Is Included wlthin freehold propertyand not depreclated. All assets are used for charltable purposes. 16.Investment Propety Part of the bullding was reclassilled in 2024 to move the area of the bullding occupied by tenants to investment property from fixed assets. At 1 Aprll 2024 At 31 March 2025 230,081 230,081 Hertfordshire Community Foundation Notes to the financial ststements (continued) For the year ended 31 March 2024 17. Investments 2025 2024 Fair value at the start of the year Additions at cost Disposal proceeds Net galn/{loss) on change in fair value Costs charged Equalisation Cash invested Cash re-lnvested Fair vale at the end of the year 14,295,003 4,105,571 4,122,830 (538,621) (17,476) 3,757 350 (4,109,462) 17,861,952 12,029,737 1,174,585 15,073 1,090,681 {15,265} 88 104 14,295,003 Historic cost at the end of the year 14,917,230 10,811,659 2025 2024 Llsted Investments all held within the UK comprise.. Rathbone Unit Trust Management CCLA Charities Investment Fund Cazenove Cash held by brokers for re-investment 8,023,095 5,832,031 4,001,422 5,404 17,861,952 8,206,149 6,088,750 104 14,295,003 18. Mlxed motlve Investments 2025 2024 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 comprises a Community Resource Centre In East Hertfordshire funded by the Nlgel CoppSng Fund. 19. Debtors 2025 2024 Trade debtors Prepayments Accrued income Other Debtors 218,238 18,714 30,988 2,901 23,215 30,441 267,940 56,557 Hertfordshire Community Foundation Notes to the flnancial statements (continued) For the year ended 31 March 2024 20. Credltors: amounts falllng due wlthln one year 2025 2024 Trade Creditors Other creditors Accruals Deferred income 15,817 7,504 20,632 76,461 120A14 11,659 15,188 25,176 115,396 167,419 21. Deferred Income 2025 2024 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 115,396 (42,704) 3,769 76,461 143,963 (138,280) 109,713 115,396 22. Analysls of net a￿et5 between funds Current Year Unrestrlcted Restrlcted Endowment Total 2025 Tangible fixed assets Investments Investment Property Mixed motive investments Net current assets Net assets at the end of the year 33,173 375,868 17,861,952 230,081 607,619 (508,182) 18,567,338 409,041 17,861,952 230,081 607,619 807,121 19,915,814 1,093,297 1,126,470 222,006 222,006 Prlor Year Unrestrlcted Restricted Endowment Total 2024 Tangible fixed assets Investments Investment Property Mixed motive investments Net current assets Net assets at the end of the year 24,677 384,433 14,295,003 230,081 607,619 (304,985) 15,211151 409,110 14,295,003 230,081 607,619 830,551 16,371364 772,768 797A45 362,768 362,768 Hertfordshire Community Foundation Notes to the flnanclal statements (continued) For the year ended 31 March 2024 23. Operatlng lease commitments The chariys total future minimum le3se payments under non.cancellable operating leases are as follows for each of the followlng perlods.. 2025 2024 Less than one year 1-5 years 167 275 137 167 142 24. Contlngent Assets HCF ha5 been informed that it is a beneficiary ofa legacy under a will. However, as at the date of approval of these financial statements, no formal conflrmatlon of the amount receivable has been recelved. As such, no Income or asset has been recognised In these accounts in respect of the legacy. ma)a)m jalll l-l 111 I o mTfr4Din ai rri Lri (x) (N ¢yJ rN co ¢J) Ln r io Ln invinLnN ￿rn￿ O Ln v Ln t oj Ln O th oi (ri (Yi ai rl mrLn ou) cTr *xJ fflr￿ oi Ln in r io ￿Ln oco 0￿0¢￿ O O Lr) i rri (ti fr f LD O (J) Lnm Hertfordshire Community Foundation Notes to the flnanclal statements (continued) For the year ended 31 March 2024