Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 Reglstered numbw. 2032715 Char5ty number: 295107 MILTON KEYNES COMMUNITY FOUNDATION (A Company Llmlted by Guarantso) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNITY FOUNDATION (A Comiiany Llmlted by Guardnteel CONTENTS Page Reference and Adminlgtratlve Deta118 of the Company¥ ft8 Tn and Advlsors Chalts Statament Trustéés, Report .5-13 Independent Auditorf¥ R•port on the Flnancial Statèments 14-17 Consolldated StatomBnt of Flnancial Actlvltles 18 Consolidatod Balance Sheet 19-20 Company Balan Sheet 21-22 Consolldated Slatemont of Cash Fl¢)ws 23 Notés to the Flnanclal Statemgnts 24-62
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNITY FOUNDATION (A Company Llmlled by Guarantsè) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COkqPANY, ITS TrUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023 Trustses Devdeep Ahuja Lwrence Revill Ireslgned 20 Septemb9r 20221 Shaun Lee Sean O'Reilty Ja8cffl Sinctair Jill Heaton Shirfey Jones Kurshida Mirna Precious Lwanga Paul Nolan Christopher Shaw lappdnted 1 Dember 2022, resigned 19 May 2022> Katy Morris {8ppoinled 17 April 2023) Jayvirgo {appointed 17 April 20231 Radihika Srinivasan (appolnted 19 August 2022) Laura M¢Lean lappoir)ted 17 April 2023) atthew Downtown (appointed 17 Aprll 2023) Richard Foman (appointed 19 August 2022) Sydea Sidra Mehdi18ppointed 19 August 2022) Carole Baume (deceased 23 April 2022) Company regE8tered number 2032715 Charlty reglstered number 295107 Regi¥tsred offlce Acorn House 381 Midsummer 8oulevard Milton Keynes MK9 3HP Senlor Executiv• Chief Executive- lan Revell Dlreclor of Finance- Sarah WH$on Director of Philanthropy- June Oldroyd Dlrector of Philanthropy- Ranjit Singh Independenl auditor Hlllier Hopkins LLP Chartered Accountants 249 Silbury BOuard Milton Keynes MK9 1NA Page 1
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNI FOUNDATION IA Company Llmlted by Guaranteel REFERENCE AND ADMINISTrATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 klARCH 2023 Bankers Bank of Scotland 33 Okl Broad Stre8t LorOn EG2N IHZ Close Brothers 10 Crown Ple London EC24 4 Handelsbanken AB 201 Silbury Boulevar¢l Mllton Keynes MK91LZ Solicilor8 EMW Seebed( House 1 Seebeck Place Milton Keynes MKS 8FR InveBtmgnt Managevs CCLA Senator House 85 Queen VtOra Street Lon(lon EC4V 4ET Property Manager Hornbeam Llmtted 13 Furz¢on Lake Shlrwell Crescent Furzlon Milton Keynes MK4 1GA Page 2
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNI FOUNDATION {A C¢xnpany Llmlted by Guarnntee) cHR's STATEMEKr FOR THE YEAR ENDED 31 MARCH 2023 Th? chair presents her slatement for the year. 2022123 oMrs the final year of our last Stratsgi¢ Plan cowng 2018-2023 and a tlme when we are stlll feellng the legacy of the pandemlc. ri marked 8 year when many of the changes detsiled in the ptan were PLrt in to pl8Ge 8nd a year when the trustees and the stsff team worked dosely to develop a new plan to take u5 foTward. In October 2022 we18unched a £1 million match lund, and this attrathd ¢)ver £5C(I,000 additm)n new donatDns into our Endowment fvnd a$ a re8ulI the Endowment fund increased by more than £850,OC(J wthen the matth was applied. We are incredibly proud that we have been able to support so many organisations and to be part of delivering life changing and life-enhanclry projects to thousands of Mllton Keynes, cilEen8 8cro88 the whote cty councll aTea. We contlnue to drfve and promote Equity, Diversty and Inclusion throughout our organisatton. This has meant keoping a focus on our polioes. procedures. behaviours as well a5 ensuring that our Board of Trustees. our Honorary Structure (our amba55adors of PsIdents and Vice PresKJents who help us lo raise the profile of the Community Foundation and the VCCS as a yo¢ to Inffluen change) alony with our staff team mirror the dNersity of the MK communities. While there 18 still Work to do io maintain and continue to thallenge OU81Ve$, 37% of our Trustees are frC ethnicalty diverse backgrounds and 50% of our Board 15 female with a number of recent young people taking up Trustee rdes. Similarly. 47% of our Honorary Structure are ethnically der3e and 41% female. We have worked hard to improve our grant assessment process to include a focus on di[81ty and to ensure applications evi¢Jence how the proje¢t they seek to deliver activety encourage and create wiclusion, prThte equty and acknowledge issues of diversty. February 2023 saw us publtsh ttle 10th editlon of our Vrtal Signs Teport. This yearfs publicalh)n vrds a full report covering 12 major themes and ccynbines data and ob8eNations from local community organisalions to illustrate lived experCe. The launch was held in front of a large audign¢e in Mlddleton Hall In The Centre MK Shopping Centrg and inGluded a monlh4ong exhibiknon detai5ing th9 vast array of communty proje¢ts the Foundation has supported and covgring the maln finding of the report. As this was the tenth edition, we took opportunty to highlwJht trends over the last 10 years to shcw what ha5 changed aThJ what i8sue8 remain a focus of our attention going forward. Vrtal Signs highlighted that 34% of pecple livlng In Mitton Keynes are from Ethnically diverse communities (26.1% In 2022 and that 52% of school pupils are from ethnically dlverge backgrounds (compared with 42% in 2015116). We s* this as an enomiousty posilNe change and is on¢ of the reasons, we believe, that makes Milton Keynes is $u¢h a poslttvely wbrant and ener9ising place to liv8 work and vistt. We are particularty proud that the Foundation wa¥ able to SUPFQrt numeTOU8 cultural evenls such as MK Prrde, the IF art festival, India day and many other wonderful events and acliwties that cebrate and embed our dwersty as a nY desvJnated city. Sadly, the report h88 also hlghllghted a number of persistent i5SL5es that continue to negatively inpact our communities. Chief amongst these is child povety. 18,000 children in Milton Keynes are Irwng in poverty that is 29.9%. The impact of the Cost-of-Living Crises has segn a 110% increase in the use of the Foodbank between 2019 and 2020 and depre88lngly recent indications are that this continue5 to rlse during 2023. The Foundation held a Vital Ihinktng event whlch boLwJhl together organisatsons that focus in these issues and as a result the Child P¢)verty Partnership was set up. The group look8 at how vartous organisations and institutions can work effectivdy to ensure maximum amount of coverage for thr service and we were delighted to be abb to add £100,000 of our match fund pot to create and Endowment fund for the MK Foodbank. This fund will support th& running cost of the MK Foodbank for years to come. Additi¢)nally, ¥ are pl&ed to report that over of our grant funding was awarded to projects that support comfflunities lo get back Into work. supported the development of stronger communities and are directly focused on alleviatirtg poverty and dlsadvantage. all areas highlighted in the Vital Sign$ report. Page 3
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 ILTON KEYNES COPIMUNITY FOUNDATION (A Company Llmitsd by Guarnntso CHAIR'S STATEMENT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Milton Keyne5 Community Foundations Values of Fam8S8 remaln central lo all we do. Our StrategiG Goal over the ne three years is to build a thriving, phiLqnlhTOPiq Greatwe, equitable and FAIR communrty. Our PrioTity Uses are Dwdvantage and Poverty, Environmental suslainabilty and promoting Equity. Diversity, and Inclusion. Wjth a Mission to send funding whero it is needed tTh)st in Mirton Keynes, guidlrtg busines8, philanthropists and charthes to the rsht giving and grants. We are on a m188lon for a FAIRER communlty. It has been an Immense privilege to have been Chalr for the t Ihree years and it is wilh gmt prkl8 that I step dry•vn kn¢Jwng that the Foundation will Gorrtinue on Its loumey to bulkl a FAIRER CnMUnity Ythith ha$ * ts core thriving and finartcia1Sy 8UStalnabl& VCCS. KuTshlda Mirza Chalr of Tru8tee8 Dat&" 2iloq123 Pagg 4
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNITY FOUNDATION (A Company Limited by Guarantso) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 The TTUSte&s have pleasure in presentlng thelr annual report and 8udited consolidated financial statements for the year ended 31 March 2023, which are also prepared to meet the requlremenls for a dlrectors, and strategic port and accounts for Compars¢e8 Act purposes. Th8 Annual rep)rt serv8s the Purposes of both a Trustees. report and a dlrectors, report under company law. The Trustee8 confimi that the Annual report and financial statements of the charitable company comply wth the GurRnt ststutory requlrements. the requirements of the charitable company's governing document, the Companies 2006, Chartties Act 2011 and the provisions of the Statement of Recommen(led Practice ISORP) applKable to charities preparing thelr accounts In accordance with the Financial ReportlNJ Standard applicable in the UK and Republic of Irethj (FRS102) leffeGtfve 1 January 2019). The fin8nclal statements comprise the group accounts of Mihon Keynes C¢Jnmunity Foundalbn (the °Foundation') and 11$ wholly subsidiary, MK Community Properties Limited. The accounts on page5 16 to 55 incorporale all the warltws funds wlthln the Communty Foundation. An an8tysi8 of the group income and expenditure btheen the variou8 funds is provided in note 25. Slnce the group and the Company quallfy a8 small under sectlon 383 of the CL¥npani8s Act 2008, the Group strategic report roquired of medium and large companies under the Companies Act 2006 (Strategic Report and Dlredors, Report) Regu5ations 2013 has begn omitted. Obiectivos and actiwties a. Pollcle8 and oblectlves The objects of the Communlty Foundation are defined in its Memorandum and Articles of Association, albwing the Trustee¥ to make grants out of cap1 and income to voluntsry groups, charities and individu81s vtho support people within the Milton Keynes unitary authorsty area. The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Communlty Foundation's aims and objectives and in ptanning future athvit¢8s and settlng the grant making policy for the year. Fund hdders have the opportunty to direct o Sm1 percentage of thelr funds outside the MIOn Keynes UnltaryAuthorty area. The Community Foundabon has 8 threwear Strateg frameworL covering 2023-2026. Our Strateglc Plan Ststss: Our Wision- is for a thriviNJ Milton Keynes where everyon8 Is conlrlbutlng to their community. Our MIs61on is to fvnding where svs needed most in Mitton Keynes. By guiding busiwes, phllanthre(>ists and chariligs to the right and grants, we're on a misston for a fairer communlty. Goal 1.. Promote phi]anthropy as a way of lrfe ac8 all QUT MmunItIe& Goal 2.. Ensure all our deallngs with VCCS stakehoklers are wn818ten( fair. equitable and inclusivfj. Goal 3.. Develop our rolg a¥ an enabler of a thriving VCCS by buildlng capaclty. Goal 4.. Albn our prcyerty actlvlties with our phlLqnthropic objective5. Goal S: Ralse the profile of the Communty Fwndatton and the VCCS sector as a voice lo Infiuence change, localty. regionalty, 8nd natnally. Page 5
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNrrY FOUNDATION Company Limlted by Guarants•) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 ObJectlv8s and activltles Icontinuedl Priortdes - lo &hieve our mlsston of a fairer community across Mitton Keynes we will need to focus and Prritize how we work as an organisation and support and fund partner Organisatn9 and projects that address these threo prforltles: Disadvantage a1 Poverty Envlronmenlal Sustainability PmrTh)ting Diversty. Equlty. and Inclusion In setbng objectives and planning for tivItieS. the Tru5tegs have given (lue consideratlon to general guidance published by the Charity Commission rdatlng to public benefrt, in¢luding the guidance 'PubliG benefrt: running charity IPB2)'. Achlevements and perfom)ance . Main achlevemgnts of the Company 2022r23 covers the final year of our last Straleglc Plan. 11 was a year domlnaled by the r0very of the sector and the longer-term impact of the pandemic. General grant givin9 patterns Stobilised and our fundlng rouThJs have returned to a regular pattem. We have implemented our Rent subsidy policy in full whh ensures con8ider81ion of rental discounts are 8lmll8rto that of the Grant panel and assessment prc¢8s8es. Our philanthropy activitie8 this year have seen 9 new funds created. We L8unthed our own 8elf-fuNled match fvnd 1¢ attracted £520,( in th)nation8 and we made grant8 totaling £1,181,621. In February 2023 we launehed arKI publlshed the tenth editn of the annual Vital Signs report. The report covered the themes of.. Stronger Communities, Dfversity, Education, Health & Wellbeing, Work. Local Economy, Disadvanlago & Povety. Housing, Crime & Safety, Envlronment. Transport. Arts & Heritage. Our launch event was held in Middl&ton Hall * the CMK shopping centre and drew an aUdIen of over a hundred people. The Foundation's wholly owned tradin9 subsidtary company, MK Ccrfnmunity Properbes Limited. provides Ccferen fadlilies alongslde office Ygases and small buslness unbts for commercial and not for profit organisatK)ns. This enables us to offer subsKlised meeting and conference mom space and lo gonerale surplus income, which is paid bath to Foundation lo support our grant making. MK Communlty Propertie8 Llmited also owns 22 communty land sites and 115trateglc Community Foundation Land sites. Going forward the Foundallon faces Several short and longer-tem challenges. These chiefty relate to how we manage our propety estate to ensure we can mitigate the impact on our enwronmgnt, manage the rising costs of running our building especially related lo th& cost of utilities whilst seeking always lo mitigate the Impact to our tenants and us•rs alongside ensuring a Sustainab inccrfne lo fund the running of the organisalion and our many philanlhropic activities. The Foundalbn is not immune to the impact of the slowing of th8 economy Th)r the volatility in the maTkels that have all affected the resources we are able to deploy in achievlng our charitable oblectives. We therefor8 remain fr¢u5ed on adapting our buildings, iefining our offer and seryices to the voluntary, community and cultural se¢tOT whllst advocaling strongly for all the dfverse cot)Thuniknes acr088 the cty area of Milton Ke$ (urban and rural). Py6
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNI FOUNDATION (A Compary Limited by Guarnntee TRUSTEE8' REPORT (CONTINUED) FOR THE YEAR ENDED 31 RCH 2023 A¢hievements and pgrforman¢• {continued) ortfollo Throughout the year we have c¢Jttlnued to seek to eStablh a capital fund to support the development of new communty hubs prlmadty in the expansion areas of Mllton Keynes. As a Tesull, we are $eeklng a waiver from th8 SeGretary of State for Levelling Up to ensure the tt)tsl prcceeds from the transaction is retained. The released land will be dgveloped to provide much needed affordab housing and enable the creation of the fve mmunty hub centres to provide quality facilities for the VCCS to enabk them effectively deliver their services to the people of Mliton KeyT. DurirvJ the year, the Brookland Development to create a new gyrnnast arKI table tennts centre along wth 36 units of accessible housing and Gommunty centre received planning pemission. The development itsew was delayed following a steep rise in conslrudion costs and the selected contractor for the housing dement going into administration. There was no financial Impa to the Foundation. atthough the CorUctiOn of the housing and communty centr6 is delayed whiE8t a nthy cor)tractor1s procured. The propety estate includes 11 PToperties comprising 227.000 Square feet of 8ccommodation to be let lo voluntary, conjrunity and cultural sector groups or to GommerGid tsnanis ak)ng with 16 lel and 34 undeveloped Community Foundation Land (CFL) sile$. b. Fundralslng actfv5tles and in¢om• generatlon The Community Foundation does not employ any person or companies to act on its behalf specifically to carry out any fundraising actiwties. The Community Foundation is registered with the Fundra5ing Regulator and subscribes to the standards and regulations required under thg Tegistrations. During the year the ConNnunty Foundatlon review&J our privacy noti¢6'. The Privw NotKe in bri9f.' We collect Information that is ther personal data (such as names, addresses, an¢J telephone numbers) or non-personal dala (Such as your Internet Prot01 (IP) address, web pages accessed etc.) We colknt InfOTrI alKUt Jr supporters, donors. fundralsers, volunteer8 and employees. We collect Informatn to provide seMce8 OT goods, to prowde infonnatlon. to fundraise, for adminiStratn. to assess and award grant8, re8earch. profilirvJ, analysis. and for the preVentionIdetti0n of clim?. We onty collect the infoTmatlc that we need, or Ihat would be usefvl lo us in our alm to pmwd8 the best posslble seNK•. We do ¢)ur very best to keep personal infoTmatim se¢ure, whereverwe cc41ect personal data online. We nover sell data. and we never share It wth aThher company or chartyfor marketing purposes. We only share data where we are required by law. or with careful selected trusted supplters who do thork for us. Al Jjr sUpplrS are rwuired by their wntr8Ct to Ireal yo.ur data as carefully as v would. to only use it 95 instructed. and to allrm us to check that Ih8y do thi8. Our web5ite5 Use cwkies - for more information check https:I1vI.MkcoMMUnitY1oUndatlon.cO.uk1CO0kne polyi The bjll Prfvacy Notice %ich detalls what Informatlon is held, how the Foundati(Jn may use It. and what indnridual's rights are avaiLgble on our web5Tte hj11.Mke7Munltyr0undation.co.uriVacy*ol1cY1. Pagg 7
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNrrY FOUNDATION (A Company Umlted by Guarnntee) TRUSTEES. REPORT {CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 Achlevements and performance (Gontlnued) Financial revlthy a. Golng concorn After making appropriate enquiries, thg Trustees have 8 reasonable expectation that the Company has adequate resources to continue in operational existence ftsr the foreseeable future. For this reason. they continue to adopt the gofing concem basis in preparing the financial statements. Further dela118 regardlng the adoption of the going cem basis can be found in the accountlrtg policte8. b. Raserves pollcy sin 1994 it has been the poltcy of the charity to Fw)Id reseDM in the Community Fund totaling at least £1 million which havo not been committed or designated for any particular purpose. However, In accord8nce with the ethos of Community Foundations, the Tru81ees continue to build these invested fiJnd$ ¢)v8r and above thi8 minimum level in order lo ensure th the Investnt income derived from these funds would prOtt fubjre benefidaries and operations of tharity from the effects of any unforeseen variations in its income streams and underwrite a continu8Uon in the y8ar-on-year grh in the grants budget. Currently. such funds stand at £1213,704 (2022 - £2.421,970). In March 2012 the Foundation was succe$$ful In securlng funds from the Office for Civil Society for th? Community First End¢)wmenl Match Challeng8. Since then, growth in the market mean8 that the Communty First Endowment Is £13,846.434 on 31 Marth 2023. On 31 March 2023 the amount of unrestricted funds wa8 £34,833.316 (21Y22 - £42,613,2C6) arKI the vdue of r88tricted funds was £19,172,499 (2022 - £19,101,369). Within the unrestricted fvnds, and separate from the Community Fund, the Trustees havg designated a Propety Fund equal in value to the Properties hekl by the group, $$ mrtgages incuffed to Purchase properties, together with a reseNe towards the cost of future prcperty repalrs and refvrt)ishTnents. It 18 the intention of the Trustees that this fund 711 be maintained over a 10-year period at levels that will be sufficient lo finance the repairs and refurbishment of the propety Portfolh) required to ensure that the proFfjrty pothlio remans In a for purpose, 8tat8. The Trustees are satisfied that the chariVs assets attril)utabl8 to ea¢h of its Funds are available arKI adequate to fu11 its oblvJatK)ns in rglalion to those funds. Flnanclal Rovlew Durfng the ftnancial year ended 31 March 2023 the Communty Foundatv)n generated a n8t group surplus before investsnent gains and bs¥es of £126.90312022 surplus of £758,351}. The total value of the Ccffnmunty Foundation's endowmnt assets has decreased to £54,005,766 12022 -£61.714,5781. This level of endowment fund8 continues to ensure sUStnabl1fy and enables the Community Foundatton to continue to SUPF)rt the growing local community in as many ways as possible. Our subsldiary company, MK Community Propgrtigs Llmlted. perfomed beltr•V exFect8t8 this year as the conferendng facilities struggled to recover as anliapated followng the pandemlc. All step8 were ten lo minimise this loss. and a pLqn has been agreed to reduce the amount of conference space avai18ble from Aprll 2023 and to focus more on the Small Businéss Units that we are able to fill. The result for the year was an operating defi1 of £142,40712022 - £150.442) bthre the fair value adjustmgnl of £2,691,750 to result In a total deficit of £2.834.157.12¢)22- £150.422). Page 8
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNITY FOUNDATION (A Company Limited by Guarantse) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Flnanclal Rovlew (conlinuod) old and Leasehold rties The fina101 ¥tatements also include the ValLtion of the invgslment properues held by the Communlty Foundation and 11$ trading subsidiary, MK Communty PTcperties Limited. Any ¢apital gain on revaluatlon of properties aTe subje¢t to daw back of an average of 48%. these cannot b8 spent on grants unless the Properties are sold. and many are ¢upIed by the voluntary or charitable sector. StmiLqrly, ary gain on the revaluation of Investment8 can only be realised if the Investments are Sokl whl¢h Imp¥ts on the future inveslnwnt income. The freehokl and lease11 Propert were valued Sn the yeai by extemal valuers Kirkby DiarTh)nd, in accordance with the Royal Institution of Chartered Surveyors V81u8tion - Global Standards (rhe Red Bk1, on th& basis of Market Va5ue. Whilst the Trustees are of the opinion that thara has been no materlal movement in value of th&%e properties between that date and 31 March 2023. they bgligve that valuatlon of the properties should bg at knsting Use valuation to more appropriatety refflect the c(mUnty Foundation'$ policy of allowing Voluntary and Communlty Sector groups lo app for a rent subsity of up to 75%. 11 this Existing Use valuatkjn were lo be used, our Land and Bulldings would be valued at £33,839.543 12022 - £41,454,750) a decrease of £7.615.207. During the year the land gites v81ues have fallen consideTabty more than expected1£6,5.250) resuhlng In th8 maiorty ofthe fair value adjustment of £7.835.715 being in relation to the CFL srte5. d. IAaterlal Investments pollcy The group's investments were valued at th• year-end * £18,651.926 12022 £19.703.715). All these investrnents were hekl by CCL4 in thr Charities Ethical Common Investment Fund. CCLA investrnent objecllve ovèr a rolling 5ear peritsj is to aChe an average rdurn of CPI plus 5%, before fees and costs. The current income ydd of the p)rtfolb Is clrca 3%. The CommunSty Foundation'5 investment policy was reviewed during the year but remains broadly unchanged. The Trustees have discretion lo invest as they think fft and the investments h8kl by the Community FCndati0n have been acquired in rdance wtth these powers. The trustee5 have adopted an ethal investment opproach, looks lo oplimvze the total relurn from the investrfftnt p)rtfolio 1151 mitvJating risk, a5 far a$ possible. Under the tems of the Community First Endovmnt DAalch Chalknge 811 funds raised under thls progr8mr must be held at CCLA. Also. fifteen of the restricted donor funds and the Grassrcth Endovm)ent Challenge funds were 811 Invested wlth CCL e. Flnanclal risk managemont obJ•¢thieB and pollcles The Trustees review annually Ihg major risk8 to which the charity is exwsed to ensure systerrts and processes have been established to mitigate those rtsks. Intemal and extemal factors have been considered, and risks are dassrfied as GovernarKe, Operational, Financi81. Enwronmental and Ethmal. Legal and Reguktory or Reputational. The R18k Mthgation Plan, vthich fccu8ed actions reqUIj to redLtce dskg affectlng the org8nlsation. The 2023 revlew of this p18n identified 31 risks (2022 - 33). The key risks we: Eccfflomic 1rnpt of the changed wothlng pattems following the 19 pandniC, a$iallY relabj to meeting and conferencing. Global recession affecting investment incomg and philanthropy, and rthntHlly also alFecting the level of vlids in the buildings. Page g
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 IAILTON KEYNES COMMUNrrY FOUNDATION (A Company Umlted by Guoranteel TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Financial risk managemgnt obiKtiv•¥ and pollcleg (contlnugd) These rfsks are reviewed regularly by Ihe Lesjershlp team and any issues are report back to Board. Structure) governan¢e and managempnt . Constltutlon Milton Keynes Community Foundation Limlted is a cLxMpary limite¢J by guarantee and 8 regl8tered grant making harty. Milton Keynes Ccfflmunty Foundation wa5 eslabllshed in 1986 and is engaged prirtcipalw in the promotion of any charttable purpose for the benefft of the community in the M51ton Keynes unitary authority area. The Communty Foundat5on also has a wholty Own trading subsidiary. MK Community Properties Limited. The subsidiary company operates as a provider of meeting and conferenGe facilitle8. Its aim is to support th? charitable objectives of its parenl undertgking. the Community Foundation. The Community FoUrtdatn is governed by its Memorandum and ArtleS of Associalon. The Artldes of ASslatIon define those who sit on the Board of th8 C¢)mmunty Foundation a8 TTUStees. The Artides of Association stale that the Trustees have the power to admit members to the Cryrffiunty Foundation. As set out In the Articles of Ass(trOn, the Board of Trlt8eS shall c(Jmpri8e not less than five and not more than hventy members. At each Annual General Meetlng one third of the Trustees retire by rotation but they are eligib for re- election for up to three tem each of three years proed that they are not otherwise d1Squlrf under thg condftions set out in the Articles of AssLKiation. Anyme wanting to become a TTUSteo must ¥ply in ltIng and 15 subject to the Communlty Foundation's rKwitment pre¢edures bef bgcoming ellgible for election as a Trustee. Tru5te8s are stthetines Employe88 or Tru8tee8 of other Voluntsry and Ccffimunity Seclor organssalions. All such relationship8 are at nomal ¢ommerci81 r8te8 and are discbs8(l in note 1S arAI 36 to th88e accounts. b. MothodB of appolntment or elgctlon of Truste95, IndtIOn and tralnlng The management of the Group and the Compary Is the re8pon8ibilty of the TnJstee$ who are elected and c opted under the tems of the Trust deed. A8 set out above, potential TrLtstee8 of th& Communty Foundation are ellher invlted to appty to the Board or can be nominated by a member of the C¢)mmunty Foundation. Potential Trustee5, who can demonstrate that they have the skills and knedge requir8d, will be Interviewed by a panel made up of Board members and which Involves the Chlef Executive. Su¢cgs$ful applicants are rec¢Jnmended lo join the Board. All appointments as TruBtee$ are confimied al the Community Fourtd81)n's general m8etiTrJ. The Corrrfnunty Foundation needs an Informed, skilled and enthusiast Board of Trustees. 5UPPOttre of the WOTk ofthe Communty Foundion aThJ ab to carry out thelr dlS ofgovemance under Charity Lw. The Communiiy Foundation currently has 17 Trust. The Trustees are responsible for ensurlng the Communty Foundalon continues to meet its charitsble objectives as set out in ils Mermrandum and Artide8 of As¥octation. A Chi&f Executive is wpointed by the Trustees to manage the day-taY cperalions of the Community Foundation. To facilitate effective operations, the Senior Lead8T¥hip Team has delegated authorty for operational matters within term5 of dalegallon approved by Ihe Trusts8s. Page10
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 AIILTON KEYNES COMMUNITY FOUNDATION IA Company Limited by Gu•rant00) TRUSTEE8' REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 structure, govorn•ncg and management Icontlnued hleth¢xls of appointment or election of Trustees, Inductlon and tsalnlng Icontlnued) Th8 Board m8frts a minimum of four limes a year and there are su0Mmittee$ covering Property, Resources, RemuneratKin. Audbt and Philanthropy and Grants,. all meetings are attended by senior members of the Executive Team. As well as these, tim&limtted task groups for specific project8 are set up as and when required. Indemnty insurance has been taken out In respect of the Trustees a5 detailed in note 35 to the finandal c. Pay pollcy for key managgment P8rnonng1 The Board of Trustees considers that the key management personnel of the group ts the Strategic Leadership Team who arg in charge of directing, Controlling. running 8nd operatlng the group on a day4• basis. All Trustees give their time fredy and no TrLEslee receWI remunerati)n in the year. Details of any Tru*e's expen8e8 and Rlated paty transaction8 are shown in nots 15 and 36 to tha accounts. The pay of the Strategic Leadership team is reviewed annually by the Remuneratlon Committee and normally increased in line wlth average earnings. In viow ¢f the nature of the charity, the Trustees benchmark against P8y tevels in dher lo¢al voluntary sector organÉsation$ of a sh)Ilar slze and the UK Community FOUndath netsvork. d. Related party relatlonshlp¥ The Community Foundatlon and ils hyffiolty ¢)vm¢d trading substdiary PAK Community Properknes Limite(I prtse services and support to other charities and OTganisations, including those that have Trustees in common with the Community Foundation. A fvll Ilsl of transactions vith related pare3 in the year, dong with tha nature of the Teiationships, is shown in note 36 of th&se accounts. e. Tru8tee8' Indemnllles The group has purchased insurance for the Trust and staff of th8 charity arKI the dlrectors of the subsidiary company. MK Community Prcpertles Limited. against liabilty aii85ng for wrongful xt8 in relalion to the charity and ils wholly Nned Subsidiary. Plans forfuture PgTl¢)ds Phila Central to our strat1¢ Plan is the fows on Insplring phllanthropy in Mllton Keynes. To that erKI we have a 8peciflc Philanthropy strategy and annual dellvery Ptan. Key fccuses in philanthropy delivery plan include: Dlver8fy and grow our phllsnthrcyy ptogramme. Enable more impacthil grant giving. Build an effective marketlng and communrcatrons offer. Continue to devekjp a VCCS wiJg capacity buildlng offer. Page11
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNI FOUNDATION IA Company Llmitsd by Guaranteg) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Plans for future perlods {ry>ntinued) As th& Foundation plans for the year ahead, it kn¢)WS the needs of the sector and ils communities will continue to changg. The pandemic impad to the sector is not yel fully known. however the Foundation continues to conduct on-going surveys of the sector and suppotts the development of the Inter<uttural forum and the MK Ethnic Business Communty Nerk so that the Foundalion can continue to adapt and change its PTogrwnmes in response. As the Foundation started its 37th year as a charity, il launched a £1m Match Funding Programme ich will hopefvlly encourage new and estIng phiLanthropists in the uty lo bogin and eontinue theirjoumey with the Foundation. Our Board of Trustees ars fvlly aware of their re8ponsibilrties fr)r fundrai¥ing &tivitie8 and recewg an annual Charty Commission C20 report. The Phitanthrcpy & Grants Commlttge has delegated responsibilty for continuous monitoring of any fundraising activities. The foundation is also planning to Gondud research into the VCCS to deteminfj il¥ fvnding requirements and a review of the gr8nls programme. Govemance and Man ement The Foundation has established hse]f as a beacon OTganisation in teTms of diversity and inclusion. OUT Trustse group and the annual recruitment of trustee to Support the 3-ye8r tem of appointmen( continue to gnsure we alpJn to the diverssty across our communilifjs in Mitton Keyne$. The stsff team are 4ually dNerse this is providing a major factor in ensuring the communities we support see and experients inclusThie and equitable support and conslderation. The FndatIOn has adopted the United Nation Sustainable Development goals. alignlrtg them to our Vrtal signs and intemal practices. We have inlToduc&l sustsinable transport options for staff, reviewed our proGurement pc4icy and set up a worknng group look at how our processes and practice align wlh the goals. The Trustees continue to review our g¢)vernan stNctures and pracllce against the Govem8nc8 Code so that we can refresh and renew our processes and seek lo model best practits. Milton K8yn8s Community Foundation Is an accredited member of the UK Communty Foundations IUKCFI, and the Associalion of Charitable Foundations. Mgmber3hip fees are paid annually. Page 12
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COIAMUNfN FOUNDATION (A Company Llmlted by Guarantse) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Statemont of Tru8tees' responslblltties The Twstees (who are also the dlrectors of the Company for the purpose8 of company Lgwl are reswnsible for preparirrfJ the TnJstee5' Report and the financial statements in aGwrdance whh applicable and Unled Kingdom AcCnting Standards (United Kingdom Generalty Acceptgd Accounting Practice). Company requlres the Trustees to prepare financial 8tatemnts for each financial year. Under company law. the TTU5te85 must not approve the financial statements unle$s they are satisfied that they give a true and fair view of the slate of affairs of the Group and the Company and of their ineominy resources and application of resources, including their in¢ome and eynditure, for that P9rKxl. In preparing these financkql statements, the Tw$tees are required to.. select suli ab accounting poli¢ies and then apply them consisl8ntly', observe the method$ arKI prindpS of the Charities SORP (FRS 1021., make judgments and x¢ounting estimates that are r&qsonabh and pruden( state whether applicable UK Accounting Slandards {FRS 102) have been foll¢)wed, subject to any mrial departures disdosed and explained In the financial slalements", prepare the financial sL8tements on the going corscem ba818 unless it is inappropriate to pre8ume tPAt tha Group Y¢ill contuiue in busyness. The Twstees are responsible for keeping adequ acts)untiNJ record8 that are sufficignt to shoN and eyplgin the Group and the C¢)mpanYs transxtions and di8dose with reasonab accuracy at any time the ffinancial posilson of the Group and the Company and enab thwn to ensure that the financial statements comply wth the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hCe for t8king rea80ble stw forlhe prevenlbjn and detectsn of fraud and other irregularities. Dls¢losure of Inforniatl¢)n to audltor Each ofthg perwns who are Trustees al the timg whgn this Trustees. Report is approved has confimied that: so far a8 that Trustee is 8ware, there is no relevant audit information of whh the dritable group's auditor is unaware, and that Trustee has taken all the steps that ought to have been taken as a Truste8 in ord8T to be awaR of any relevant audit inf0Mn and to establish that the charitable group's auditor is aware of that infom)ation. Audltor The auditor, Hillier Hopkin8 LLP. ha8 indicated his willingness to conbnue In office. The designated Trustees wi propose a motion reappointing the auditor 8t a meeting of the Truslees. Approved by order of the mwnber8 of the bogrd of TTU8tees and signed on thetr behalf by: Kurshida Mlrza Chair of Trustees 21109113 Page 13
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNITY FOUNDATION (A C(*npany Limitad by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBER8 OF MILTON IYNEs COMMUNITY FOUNDATION Oplnlon Wg have audited the financHI stalgments of Milton Keynes Community Foundation (the 'parent charitabte companWI and its subsidiaries (the 'gTOUP') for the year erKled 31 March 2023 which ccthprise the Consolidated Statement of Financial A¢twities. the Consolidated Ba]anee Sheet. the Company Balance Sheet, the Consolidated Slatemenl of Cash Flows and the related notes, inclLKling a summary of signfficant 8ccounting policies. The financial reporting frarrework that has been applied in theiT preparation 1$ applicab kqw and United Kingdom A¢¢ounlng Stsndards, including Flnancial Reportlng Standard 102 'The Financjal Reporting Standard 4)plicable in the UK and Republic of Iland, (United Kingdom Generalty Accepted Accounting Practice). In our cyinion the financial statemerts.. give a true and fair view of the slate of the Group's and of the parent charitabte companls affalrs as at 31 March 2023 and of the Group's incoming resource5 and application of resources, including rts Income and expendUre for the year then ended; have be propety prepared in acurdanGe with United Klngdom Generally Accepted AntIng PractKe; and have been prepared in acwrdance with the requirernonts of the Charities Act 2011. Basis for opinion We conducted our audit in accordan Wbth Inlematbnal Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standaTds are further described in the Auditorf$ responsibilities for the audit of the financval $latements section of our report. We are independent of the Group in accordance with the ethical requirements that a relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'5 Ethical Standard. an(1 we havg fuilled our other ethical responsibilitie$ in accordance with these Tequiremenls. We believe that the audit enCe * have obtained 18 Sufficient and appropriate to provide a basis for our opinv)n. Conclusions rnlating to golng concern In auditing the financial statements, we have concluded that the Truste88' use of the going nCern basis of ac(#)unliThJ in preparation of the fin8nckg1 statements is apprcpriate. Based on the WOTk we have pgrfomied, we have nol idenlrfigd any material uncert8inttes relating to event5 or onditions that. indimdualiy or collgctwdy, may east 8ignifKant doubl on the Group's or the parent ch8rilable companys ability to continue as a going concem for a perM)d of at least monthB from when the finanugl statements are authortsed for issue. Our responslbiliknes and the re5ponsibililies of the Trustees with reSpt to going concern are described in the relevant s10n$ of thls rep¢)rt. Page 14
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 AILTON KEYNES COMMUNITY FOUNDATION (A Company Llmited by Guarnnteel INDEPENDENT AUDITORE REPORT TO THE MEMBERS OF MILTON KEYNES COMMUNITY FOUNDATION (copillNUEDI Other Infomiallon The other Infomiatkin ¢omprfses the infomwtion irKluded In the Annual Rewt other than the finoncial Statements and our Auditof8 Report therec. The Twstees a resrmible for the ¢ther infofmatK)n contained within the Annual Report. Our opinion on the finanaal statemgnts does ncrt cover the other infortratlon and, except to the 8xtent otheN41se expltlY slated in our reporL do not express ary fom) of assuraTKe corkdusic Ihereon. Our responslbllty l¥ to the other Informat aTrJ. in thjong so. conslder Wthether the other infomatlon is materially Inconsistent with the financial staer or Ir kn obtalned in the course of Ihe audit, or olhgrw18e 8ppear8 to be materially misstated. If we identify such material Irn81&tenda3 or apparent material ml88talements. we are required lo detem)ine whether this d8e to a m8terial mIsststnt in It ffinan¢ial 8t8lamenls thèmsgives. If. based on the work we have rforM90, w¢ corKlude Ihat thwe is a mthid miBslalwrenl of this other infornation, we are required to report that fact. We have ncthlryd to report in this regard. IAatt•rn (In whlch arn required to report by exceptlon Wo nothlng to rwrt in of the folhxiNJ mattern whern th8 Charhle8 (AccountB and Reports) RwJulatixw 2008 rw4ulres us to rep)rt to rf. n our opinion: Infomkn givon in tr* Trustees. Rewl Is Inconsl81onl In any materfal rospt the financial parent chwrt&>la c(¥Yyary financial statements 8ffj not In aoffjomont wlh the accounllng record8 and retuTn8; or have ncrt tecep•pd all the inft>rnth and expknatKm * ffjqulre for (wjr aud RHpoMlbllltl•• of tru8t• AS explalned mfft fully in the Tru3tees' Resp)nslkn.fe5 statnI. the Truste6s {who are abo the dirtors of the chgrilgble ¢ompary for the puwe$ of company Iwwl a resronsible for the prep8ration of the financial slalemenl8 and for belng Satk8T that they gNe a true and fair vithv, and lor suth irrtemal controt as the Tru81ee8 deternlne is necessary lo enable the preparatn d ffflancial stthnents that fre& friwn material mi88laleff£nl. whether due to fraud or error. In preparing the financial statements, the Trustees arn re8pon8lble lor as8es$lng Ihe Group'y aThJ the parent charitable companls abiljty to ccmtinue a8 a going concem, disclosing, as applicab. matters rdated to going concem and u8ing the golng concern basis of accounllng unles8 the Trustee8 either Intend lo IKJuhY8te Gffjup or the parent charitable c>)mpany orto cease operatlon8. or have no redlsti¢ amemauve but lo do so. P4e 15
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNITY FOUNDATION IA C¢)mpany Llmlted by Guarantee) INDEPENDEprr AUDrroR'8 REpoFrr TO THE MEMBERS OF MILTON KEYNES COMMUNITY FOUNDATION (CONTINUED) Audltofs responsibililies forthe audlt of the financio18tatements We have been appointed as auditor under Sectlon 151 of the Charities Act 2011 and report In accordance with Ihe Act and rdevanl regulations made or having effect thereunder. Our objectives are to obtain reasonalAe assurance about whether the finanual statements as a whoie are free from material mi$$tstement. whether due to fraud or eiror, and to issue an Auditors Report that indudes our cpinDn. Reasonable asurance i8 8 high level of assuronce, but is not a guarantee that an audtl conducted in Lordance with ISAS {UKI will aayS detect a maleriql mi8Stalement when it exists. Misslalements can arise from fraud or error and are considered material if, indmdually or In the aggregate, they coukl reasonly be expected to infiuence the economlc dedslon8 of users taken on th8 basis of these financl81 statwnents. Itr¢guiarities. including fraud, are instsnces of nonvcompliance with laws and regulations. We design prccedures in line with our responsibilities, Outlin above, to detect material mi5Statements In respect of irregularitles. including fraud. The extent to which our procedures are capable of dete¢rsg Irregularit$, including fraud Is detailed belcw.. we c(Thider the ru of the Indu8ty and 8ector. control environment and bu8lness perfornance induding the remuneratlon Incentives and pressures of key management., the primary responsibilty for the prevention and detection of fraud rests with both th08e ch8rged with govemance of the entity and manag¢mont. We consider the resums of our enquiries of management about their own IdtirIcatiOn and assessment of the risks of irregularities., ary matter8 we Identified having obtained and revi the Group's documentslion of th8Tr potiues and prctedures relating lo.. KIenng, evaluating and comptying wth and regulatlons and whether they w9 aware of any instances of non-compl¢ance'. detecting and wpondlng lo the risks of fraud and Nthether they have knovledge of ary xtual. suspected OT alleged fraud., the intemat controts established to mittgate risks of fraud or Mn-complianGe with jaws and regul8tion8', the matters dlscussed gmong the audit engagemgnt team regarding and vthere fraud might occur in the financial sta18menls and any polentkal indicators of ftaud. AS a result of these procedures, considered the Opportunit and incentives thal may exist wlhln the organlsalion for fraud and idenbfied the greatest potential for fraud. In common wlh all audms under ISAS (UK), we are 81s0 required to perfomi specrfic procedures to respond to the risk of management override, indudlng tssting loumals and evaluallng whether there was evidenco of btas by the directors that represented a risk of material mksstatement due io fraud. We also obtained an uTragTStanding of the legal and regulatory framework$ that the Group operates in. focusing on provisions of those laws and regulations that had a direct effecl on the determination of material amounts and d18Ctosures in the financial ststements. We focused on laws and regulations that Gould gNe rise to 8 material mi8Statemenl in the financial statents. irlUdIng, but ncl limked to, the Companies Act 20Cfj. Ch8ritle8 Act 2011 and relwant tax legislalDn. Page 16
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNrrY FOUNDATION (A Conipany Limitsd by Guarantsel INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILTON KEYNES COPdlMUNI FOUNDATION (CONTINUED) Because of the inherent limitations of an audit, there iq a risk that we will not delect all irregularities, includlng those leading lo a malerlal mL8818tement In the fin8nclal 81atement8 or non-comp118re th reguLgtion. Thls risk increases the more that compliance wlh a faw or regulation is Moved from the everlts and transactv)ns reftected In the financial statements, as we will be leBS likely to becom8 aware of ir¢stances of non-compliance. The risk is also greater regarding IrreguLqritie8 cccurring due to fraud rather than effor. as fraud involves intentional concealment, forggry, collusi(Jn, omission or mi$representstton. A further descrlptlon of tyjr respon8ibilbkne8 for the audit of the finanal statements 18 Ic¢ated on the Flnanc Reporting cour11,¥ website at.. vwrn.frc.o .uklaudoTsreS onsi Th18 description fcffjis part of our Auditorfs RepoFL Use of our report This report is mad& solely to ts charitable cc4npany8 members, a8 a body, in accordanGe with Part 4 of the Charities (Accounts and Reports) Regulations 2¢)08. Our audit work has been undertaken so that we might state to the chaTTtable company's members those matters we are required to sLqte to them in an Auditorfs Report and for no other purFose. To Ihe fullest extent permltted by law. we do not accept or a$$ume responsibility to anyone olh8r than the charitable company and Tts mfjmbfrrs, as a body, for our audil worK for this report, or for the opinions we have fomied. Hllller Hopkins LLP Chartered Accountants Registered Auditor 249 Silbury Boulevard Mition Keynes MK9 1NA Date: 4 October 2023 Hllller Fh)pkins LLP are eliglble to act as auditors in tems of secknon 1212 of the Cornpanles Act 2006. Page17
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNITY FOUNDATION IA C¢xnpany Umlted by Guarantse) CONSOLIDATED STATEMENT OF FINANCIAL ACTMTIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2023 Unregtricted Restricted funds funds 2023 2023 Tolal fvnds 2023 Total funds 2022 Nota Incom• from: Donat5ons and Ia¢le8 Charitable actNSties other trading activities Inveslment8 1,494,472 830.659 662.253 1.037297 1,208,667 2,703.139 830.659 662,253 1,623,687 3,263, 706 571.416 45a876 1,504,054 586J90 Total Incom• 024681 1.795,057 Sl9,n8 I7052 Expendlture on: Raising funds Charitable actiwlte8 21182 1282 2,611282 3,08153 1,85&741 3,180,960 11 1.798,748 Totsl expendlture 3.89£087 1,798.748 6,691835 5,039,701 Net incomel{expenditurel before net {lossesVgains on investments Net Ibssesllgains on Investments 130,694 16,994,652) (3,691) 1%.903 1841,0631 (7,835,715) 758351 1,620.513 Net lexpendlturelllncome Transfers beiwegn fund8 16,864,058) (915.904) 1844,754) 17.708.812) 915.904 2,374864 25 Net movement in funds (7,779,962) 71,150 (7,708,812) 2,37a864 Reconclllatlon of funds: Total funds brght fOard Nel movement Sn fijnds 42,613,209 17.779.962) 19,101,369 71.150 61,714,518 (7,708.812) 59,335,714 2,378.864 Total fund8 carried forward 34.833.247 19.172.619 54.005.766 61. 114,578 The Consolidated Statement of Financial Actfviligs indudes ail gn$ and10s58s IOgniSed in Ihe year. The notes on pages 24 to 62 fomi part of these financkql statements. Page18
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNif¢ FOUNDATION (A Company Limited by Guarantee) REGISTERED NUMBER: 2032716 CONSOUDATED BALANCE SHEEr AS AT 31 MARCH 2023 2023 2022 Flxed as6ets Intangible assets Tangible assets Investments Sodal Investments Investment property 11,687 52,189 18,651,926 10,000 3339.543 14937 14&365 19.703,715 10,OCLI 41,454,750 17 19 20 18 51565,345 61,330,767 Current assets Debtors Cash 8t bank and in hand 21 1,095,120 2.534.398 797,917 1.582.724 3,629,618 2,380,641 Creditors- amunts falling due wthln one 12.189,0981 {996.830) Net current assets 1.440.420 1.383.811 Total ass•ts Itss current Ilablllties 54,005,765 62,714,578 Creditors.. amunts falling due after more than one year 23 (1,000,0) TO1 net asuts M006,765 61,714,578 Charfty fund5 Restrlcted fund8 Unrestrithd fvnds 25 19.172&19 19,101,369 Designated funds General funds 2S 25 33.619.612 1,213,634 40, 191.231 2421,978 Total unrestricled funds 25 34,833.246 42.613,209 Totsl funds 54,005,765 61,714.578 The Trustees acknowtedge their resFtinsibililie8 for complying wth ts requlrements of the AGI with rg8P&t to awwnling records arKI preparation of financial Statements. Page 19
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNITY FOUNDATION {A Company Llmlted by Guarantee} REGISTERED NUMBER: 2032715 CON80LIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023 The financial statements have been prepared in accordance yth the provisions appliGabie to enliti8s subject to the small companles regime. The financlal statements were approved and authorised for issue bythe Trustoes aTbJ slgned on their behaff ty. Kurshida Mltza Chair of Trustees Jlll Heaton Trustee Date.. 21loqlzS The notes on pages 24 to 62 fonn part of thgse finanaal statements. Page 20
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNITY FOUNDATION IA Company Llmlt¢d by Guarantee) REGISTERED NUMBER: 2032715 COMPANY BALANCE SHEEr AS AT 31 MARCH 2023 2023 Flxed a56ets Intangible assets Tangbl8 a8set8 Investments ,. Social investments Investment propety 11,687 1.610 19 OS1,927 -10,000 26,004.643 15,937 2, 793 2Q103,776 10,C 29,928.OLkl 17 19 20 18 44,079,767 - _ 50.060,446 Current assets Debtors Cash at bank and in hand 21 1.331.323 1248,911 1.057, 732 1.310.343 3,680,234 2,364075 Creditors.. amounts falling due within one year {2,019,6001 (913,465) Net current assets 1,560,634 1,454,610 Total a88ets les8 current Ilabllllle8 45,640,401 51,51&056 Creditors: amounts falling due after nb)re than crt year 23 (1.000.0) Total net assets 45,640,401 50,515,056 Charity funds Restricted funds Unrestricted funds 25 19.172.519 19. 101.369 Designated funds General fvnds 25 25.298,181 1,169.701 28.664.489 2, 749,198 Total unrestricted furKI$ 26,467.882 31.413.687 Total funds 46,640.401 50.515,056 The Ccthpanys net movement in funds for the year was £(4.874.656) (2022- £2,529,306). The Trustees aGkncMledge their responsibilitM for eomplwng wlth the requirements of Ihe Act with respect to accounting records and preparatlon of financial statements. Page21
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 PAILTON KEYNES COMMUNITY FOUNDATION IA Company Limlted by Guardnteg REGISTERED NUMBER: 2032715 COMPANY BALANCE SHEET {COPlllNUED AS AT 31 MARCH 2023 The fin8nual statements have been prepared In accc*dance wlth the provisions appliGable to entities subject to the small ¢xthpani&s regime. The financial slatemBnts were approved and authorised issue bythe Trustees and slgned C their behalf ty. Kurshlda Mlrza ChaiT of Trustees Jlll Heaton Trustee 2iloql2s The r)ote8 on pages 24 to 62 forn part ofthgse finandal statements. Page 22
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNrrY FOUNDATION (A Company Llmlted by Guarantèol CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 Cash floTh3 from operating activities Net cash used in operating activwes (465,9971 (856, T20) Cash flows from Investlng actlvltles DIdends. interests and ren18 from investrnents Purchase of Intangib assets Purchase 0ftangle fwed 8ssets PrcLeeds from sale of InVestnnIS Purchase of Invesknents Proceed$ frryn Ihe Sale of investment pmpety Purchase of investment propety 586,390 595.759 (17,000) (29,408) 978AOO 1934N761 795,000 ,5431 (91,375) Not cash provlded ty Investlng acthrltles 1A17,671 1,053.869 Cash flows from finan¢ing a¢ti¥itiés Net cash provld•d by fin8n¢lng actlvllle8 Change In ¢a$h and cash equlvajents In tho yoar Cash and ca8h equwalents al the beginnlng of the year 951,674 197,149 1,385.575 1,582,724 Cash and cash equlvalents at th8 end of the year 2,634,398 1,582. 724 The notes on pages 24 to 62 fomi part of these financial statements Page 23
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNITY FOUNDATION (A Company Limiléd by Guarantea) NOTES TO THE FINANCIAL sTATEmErs FOR THE YEAR ENDED 31 MARCH 2023 General information Milton Keynes Community Foundatlon Limited Clhe Communty Foundation.) a private company incorporated and registered in England and Wales and limited by guararrtee. The registered address is Acom House. 381 Mldsummer Boulevard, Central Mllton Keyne8, MK9 3HP. Accounting pollclos 2.1 Basis of preparatlon of flnancial statomgnts The financial Statements have been prepared in 8ccordanGe with the Choritss SORP IFRS 102) - Accounting and Reportlng by Charilles: Statement of Recommended Practice applicable to ¢harities prep8rfng their accounts in accordance wlth the Flnancial Reporting Standard applicable in the UK and Republ of Ireland (FRS 102} (effective 1 January 2019), the Financial Reporting Standard appIlb]e in the UK and Republic of Ireland (FRS 12} aTrJ tho C¢)mpanies Act 2¢J)6. Milton Keynes Community Foundalw)n meets the definSt{c of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical ¢o$t or tran8a¢tlon value Un$S othe188 stated in the relevant accounting pollcy. The Consolidated Statement of Financial ActivitTo5 (SOFA) and Consolidated Balance Sheet ¢onsolldate the finanaal statements of the Company arKI its ¥ubsidiary undertakings. The results of the subsidtaries are consolidated on a line by line basis. The Company has tsken advantage of the exemption allowed under sec15on 408 of the Ccmpanles Acl 2006 and has not presented its own Statement of Financial ActitieS in these financial The financial ststemenls are prepared in sterfing, which Is the functional currency of the company. Monetary amounts in these financial 8tatements are rounded to the nearest £1. 22 Golng ¢orK•m The aftemiath of the Cowd 19 pandem continues to be f8f( by the seclor, and we are rb) different. Our investment portfolio continues to perform well. and we do not anticipats a significant drop In donallons during the next 12- 24 months. That being sakl. we continue to monitor our costs careful and continue to undertake detailed planning and scenario testing so that the trustees are able to make inforned declsbns regarding the best course of xtion to eUle that thé organisation cOnnLs to be flnancielly sound. The trustee8 are sa118fied that the groups a8seYs attributable to each of its funds are available and adequate to fulfil ils obllgalk)ns in Telation to those funds. The Trustees are confident that Ihg Community Foundation Is able to continue to meet its Ikgbilities as they fall due for the foreseeablg future and that the financi81 statements Should be prepared on the wing concm basis. Page 24
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNITY FOUNDATION IA Company Umlted by Guarantso) NOTES TO THE FINANCIAL STATEMEPtrs FOR THE YEAR ENDED 31 MARCH 2023 Accountlng pollcles Iconllnuedl 22 InGomo All income is recognised once the Company ha8 entiuement to th8 wiccffie, it is probable that the Income wlll te receed and the anUnt of InccAne re1vable can be measured reliabty. Grants 8re Iluded in the Con801id8led Statement of Financial Activities on a receivabl8 basis. Thg balance of income reeelved for specrflc pur)Se8 but not expended during the period is shown in the relevant funds on the Balance Sheet. Where inc¢)me i¥ recgN¢d in advance of entiuemenl of receipt. its recognition is d¢f¢rd and induded in creditors as deferreil income. Where entitlomgnl occurs before income is r1Vj, the Income is accrued. Gifts In kind donated for distribLrtlon are Induded at valLOtion and reccgntsed as Income when they are distributed to the prc4ects. Gifts donated foT resale ar8 irlUded a5 income when they are sold. Income tax recoverable in reklion to donati$ reLeived under Gift Aid or deeds of covenant 19 recognised at the tlme of the donation. Income tax recoverable In reiation to inveslment Inc is recognised at the tlme the Inv88tsnent income 15 reGeNabk. Donatljns reLqling to a speGific pgri¢)d and donations by deed of ¢ovenant. or under gift aid, where the fvll amount has been deposiled in advance a taken into income t)ver the perlod to which Ihey reLqle. Wher¢ possible. gffts in kind hav8 been quanlrfd and included In these financlal statements, in accordance with the SORP L71teria. Any gron15 the Communlty FouNJation rerives tthvards ts administration Costs are included on recthable basrs. Donated land is rwnisgd at market value al date of receipt. Propety Incom• Propety income represents rents and Se charges (net ofVAT) receivable on a slraight-llne basis I¢ the lifé of the lease. The assets for whlch rent is reiVed t included in investment propertles in frxed assets. Approprkgtety-apportioned gains tosses on propety dwsals are also induded In prcpety company income or expenditure. Property incorne has been analysed beeen both investment in¢ome and income from charitablo activities. That element treated as Investment i1Ce reL3tes to those properties that are let on full commerci81 rental basis and that reported as income from charitable activities relates to in¢ome from properti8s18t at a subsidised rent to Voluntary and commun Sedor tenan Subsidiary company Income Property company income rePrents income from hlre of meeting and (feW¢1j faci lities and rent from Small Business Units (net of VAT) receivable on a strwght-line bo5is. Any surplus income generated by th8 subshliary company k8 distributed to the MK Community Foundation as a gift aKI P8yment within nine months of the end of the finanaal year. Page 25
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COP11MUNI FOUNDATION (A Company Umlted by Guarnnlae) NOTE8 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accountlng polici•s Icontlnued 2.4 Expendlture Expendlture is recognised there Is a legal or constw¢Uve obligation to transfer economlc benefit to a third party, il is probable that a transfer of economic tnefits will be required in settlement and the amount of the OblatiOn can be measured reliably. Expendf(ure ks clas5ffjed by actNity. The costs of each activty are made up of the total of direcl costs and shared costs, including support costs invdved in undertaking eaGh a¢livlly. Dlrect costs attributable lo a slngle acaivity are allocated dire¢tty to that adivity. Shared cos18 which contribute to more than one adivity and support costs which are not attributable to a single xtivity are apportioned befven those admties on a basis ¢4)nsistenl with the use of resources. Central staff costs are allocated on the basis of time spenL and depreckgtion charges albcated on the portion of the asset's US8. ExpendItU on r8lslng lund8 incIje8 all expendlture Incurred by Ihe Group to raise fvnd5 for its charitable purposes and indudes costs of all fundraising activilte5 events and n0n4h8r1lab tr¥Jing. These costs incurred attracting voluntary ¢[xe and investrnent management exponw, induding management of tnvestsn8nt properties. Expenditure on charitable aclNil8 18 Incurred on directty undertaking the adivths whith further the Group's objectives, 85 well as ary assoctated 8UPPOrt costs. Thi5 includes the value of grants awarded. This also include5 govemaftcè costs includlng those incurTed in the governance of the Community FoundatK?n and its assets. Expenditure that ¢8n be recognised as wh attributable to governance osts. for example audit fees and Trustee expon$e$, are diredy allocated. All other costs, induding stthng costs, are apporttoned on the basis of an estimate of the time spent by each member of staff on governanc&relateJ issues. Such costs are primarily aSsoated with the strategi planning processes that contribule to the future development of the Communty FOundatn and ils statutory requirements. Grants payable are charged in tho >par when the offer is approved by the Trustees and acceptsd by the beneficiaries. The value of such grants unpaKI at the year*nd is aecrued. Grants where the bonefictary has to meet certain conditions before th8 grant 18 released aTe not aGcrued. All expendllure Is InclusN8 of 1rreverabk VAT. 15 G¢)vomment grants Govemmgnt grants ¥tIng to tanglble fLxed assets are treated a8 deferred income and reteased to the Consolidated Statement of Financial Activlues over the expected useful lfves of the asséts concemed. Other grants are credited lo the Consol(dated Statement of Financial Activitigs a$ the related &xpgnditure is incurred. 16 Interest recelvJb Inter8st on funds held on deFQSit is included when reGeNable and the amount can be measured reliabty by the Group- thts is normally upon notification of the irrterest pald or payable by the institution th whom the funds are deposited. Page 26
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON MeS COMMUNITY FOUNDATION (A Company Llmlted ty Guarantsèl NOTES TO THE FINANCIAL sTATEMErs FOR THE YEAR ENDED 31 MARCH 2023 A¢¢ounting policies Icontinued 2.7 Glft Ald In the case of a Gfft payment made withln the Group, income18 accrued when the payment is payable to the Pant Company under a legal obligation. measument is at thg fair value receNable, which will normally be the transaction valuo. Where the right to receive Grfl Ald has been established, the amount receivab k8 recognised 85 irNe5tment inGome in the Consolldaled ststettnt of Financial Activities. 2.8 Tuation The Company is considered to pass the 18$ts Set out in Paragraph 1 Sthedule 6 of the Flnance Act 2010 and therefore it meets the definition of a Charitab company for UK corporation tsx purposes. According. the Company is Wtentlally exempt from taxation in Tespect of income or capital gains received vmlhin c*e9ories covered by Chapter 3 Part 11 of the Corpor8bon Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to thg &Xtent that such income or gains are applied exclusiveby to Gharilable purp)ses. All expenditure is c1assffd under activity he&Jings that aggregate all costs related to the calegory. Irrewerable VAT Is chaffJed against the category of resources expended for which it is incuTred. 2.9 Intanglble assets and amortlsatlon Intangible assets costing £NIL or more are capitali8ed and recognised when future e(y)nomic beneffts are probable and thg cost or vslue of the a88el can be measured reliabty. Intangible assets are Inltialty recognised at cost. After recognltlon, under the cost model, intangible assets are measurèj at cost less any accumulated amorti$alion and any accumulated impaimient kisses. Amorbsation ig provKled on intangible assets at rate8 cakulated lo write off the cost of e&h a86et on a straight4ine basis OV its expected useful Ilfe. AMortIsatn k8 promded on the foll0vn9 basis.. Website 33% 2.10 Tangible flxerl assets and deprOGlatlon Tangible assets costlng £1.000 or mor8 are capli alised and rnISed future economic benefrts 8Te probabk and the cost orvalue of thg asset can be measured reliably. Tangible fixed assets sre Inmialty recogntsed at cost. After recognition. under the cost model. tangible ed a8sets are measured at cost less accumulated depTeciation and any accumulated Impalmnt losses. All costs incurred to bring a tangible fixed asset into Its intended working Conditi Should be included in the measurement of cost. Pag& 27
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNrrY FOUNDATION (A Company Umlted by Guarantse} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PIARCH 2023 AGwunting pollcles (continu) 2.10 Tangible flxed a580ts and depreclatlon {contlnued) Depreciation i8 charged so as to allocate the cost of tangib fixed assets les$ their residu81 val over their estimabj u¥eful Ie$, using the straight4in8 method. DepreCtIOn is promded on the followlng ba81$'. Office equipment 25-50% The assets. residual values, useful livos and depreciattr3n methc<ls are revi8wed, and adjusted prospectively rf appropriate, or if there is an indication of a $ignlficant change sinee the last reporting Gains and losses on disposa15 are detem)ined by Comparing the proceed8 with the carrying amount and are recognlsed in the Consolidated Statement of Financial Activitie¥. 111 Investments FExed asset Investments are a form of financkql instrument and are inltiolly re¢ognised at their transaction ttjst and subsequenly meaSUd 8t fair value al the Balancg Sheet dats, unless the value cannot bg measured reliabw in which case it 15 measured at CO81 less impalmnI. Investment gains and bsses, whether realised or unrealised, are combined and presented as 'Gatnsl(Losses) on investments, in the ConsolKlated Statemer¢t of Financial Activiknos. Investments in subslarieS are vallted at C08t le38 provi8ion for impairment. 112 Freehold and leasehold Investment propgrtles The irwestment pwerties are held for Eon*tem investment and are induded in the group balance sheet at their open market values. The surpluses or defrtS on the revaluatK)n of such prop9rti9s are IransfeTred to the Designatsd Property Fund. Depreciation is not provided in respect of Investsngnt properties. 113 Debtors Trade and other debtors are recognised at the Settlement amount after any trade discounl offered. Prepayments are valued al the amount Prepaid net of any trade di¥counts due. 114 Cash * bank and in hand Cash at bank and in hand in¢ludes cash and short4emi hlghly Ik4uid investments wth a short maturity of three months or less from the dale of acqui5tiion or opening of the deposft or similar account. 116 Flnanclal Instruments The Group onty ha8 financial assets and flnanual Ilabllities of a kind that qual as baslc financlal Instrumants. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlement value with the exception of bank loans whith aro subs8qugnlly measured al amortised cost using the effective interest method. Page 28
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNITY FOUNDATION IA Company Llmited by Guarantee) NOTE8 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accountlng pollcles Icontinued) 2.16 Uabllitles and provisions Liabllitte8 are recrYJnl8ed when there L8 an OblatIOn at the BaLancè Sheat date as a result of a past event, it i¥ probable Ihat a transfer of economic benefrt will be wuiTed in setdemenl. and the amount of the sduemenl can be estimated reliabty. Liabilities are recognised at the arnounl that the Company anticipates it wll pay to settle the debt or the amount it has received as advanced payments for the goods or service8 il must prov¢ée. Provisions are measured al the best estimate of the amourrts required to Settle the oblig81ion. Where the effect of the tlme value of money is material, the provision is based on the pr8sgnt value of those amounts, dtscounted al the pr&tax discount rale that reflects the risks specific lo the liabilty. The unwinding of the dbcount Is reeognlsed In the Con801kJated Statement of Financral Activities as a finance cost. 117 Operatlng10•S6S Rents1$ paid under operating 1&98es are charged to the Consolidated Stalement of Financigl Activities on a straight-line basis over ase term. 8erEfts received and receivable as an incertive to shjn an operating lease 8re rgcognised on a straight41ne basls over the lease temi, unless another systematiG ba$i$18 repsentatIve of the time pattern of the tessee's benefit from the use of the leased asset. 2.18 Pensions The Group operates a defined contributlon pension scheme and thé pension charp represents the nounls payable by the Group to the fund irt respect of the year. 2.19 Fund accountlng General funds are unrestricted ftjnds whlch are avallable for use al the dIretIon of the Trustees In fvrtherance of the general objectNes of the Group and whlch have not been designated for other purposes. Designat funds comprise unrgstricted fund$ that have been set asKle by the TrLtslees for partlcular purposes. Tho aim and use of each designated fund i8 set in the notes to the thanal Statements. Restricted fijnds are funds which are to be used In accordance wEth specific restrictions imposed by donors or which have been ralsed by the Group for particular purposes. The costs of Tai$ing arKI Jminsstering Suth fur$ are charged against the spedfic fund. The aim and use of each restrkted fun(1 is set out in the notes to the financkql statements. Investment Inc¢xne, gains and losses are albcaled to the appropriate fund. Page 29
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNITY FOUNDATION (A Company Limitsd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Crltlcal accountlng ostlmatss and areas ofjudgmont Estimates and judgmertts are continually evaluated aThI are based on historical experY&rKe and other factors, including expectations of future events that are belleved to be reasonable under the clrcum8tances. Crltical accounting estimaie8 and assumptTons'. The Group estimates aTrJ as$umption8 concerning thè fvture. The resutting xcounting e8MateS and assumptions w51. by definTtion, seldom equal the reLgled actual Tesutts. The estimates and assumptions that have a 8ignfficant risk of causing a materlal adju8tment lo the carrying amounts of assets and liabilit¢es within the next financial year are discussed below. Crili¢al areas ofjudgment Propgrty valuation There are estimate8 and a5sumption$ made when the investmt pwerty portfolio is valuad al Ihelr market value. These estimates are continualty evaluated and arè based on historical experience and other factots, including expectstlons of futur8 events that are believed to be reasonable under the ircumstanGes. The key judgem6nt relates to the da8slfkalon of the propety portfolto. The Trustees have considered ether the group's wrtfolD of propertie5 should be a¢counted for as tangible fixed assets or a5 Inveslmnl prop8r*es. Many of the properties are available on ocwton to be rented to the charitys benefickqri8s at subsidised rents. However. the Trustees considerthat the properties are prTmarily held for long tsm) investment with the objgclivg of generating financial income andlor proceeds from their sale to maximise a surplus which can be used to makg grants or to Support the voluntary and communty sector through subsidised rent. Aceordingly, the Trustees consider that the propertie¥ are investment properties and that any thanges in thelr value should be recogni8ed as gains or losses ors investment prcyrties. Hwever. any rental income which is generated by properties let at subsidlsed rates is recognised as income frcm charitable lmIleS rather than inve5trnent income lo refknt the objectives of the charity. Page 30
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNE8 COMMUNITY FOUNDATION (A Company Umlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 In¢om• from donations and legacies Unrestrlcted Restrlcled funds funds 2023 2023 Totsl funds 2023 Donationg Ggneral donations L)Onat received in kind 1,401,403 53,700 1,208,667 2,610,070 53,700 Subtotal donadons 1,455,103 1,208,667 2,863,TlO Grants 39,389 39,369 Subtotal 39.369 39.36# 1,494,472 1,208,667 2,703,139 UnTrslrfcled Restiicted fvnds funds 2022 2ff22 Donatlons Gfjneral donatb)ns Donations received irt knnd 1.484,720 916,220 862. 766 2,347,486 916.220 2,400,940 862. 766 3,263,706 Donation5 weived In kind are valued on the basls that Such services were purchased as a commercial transaction on an amis length ba818. such donaltons have been included as unr&strted IrOme. They are forthe Community Prvze Draw, Land sites, IT subscription$ and Away day costs. Inm* from charltable actlvltlos Unrnstricted funds 2023 Total funds 2023 Prop&ty rental and Service charge income 830,659 630,859 Pag& 31
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 IILTON KEYNES COPJIMUNrrY FOUNDATION (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL sTATEME1s FOR THE YEAR ENDED 31 MARCH 2023 Income from GhaTitsble actlvltles (continuod) Unrestricted fvnds 2022 fvnds 2022 Propety rental 8nd semce charge incom 571,416 571,416 InGom• from other tradlng actlvltle8 Income from non charit•blo trading athitsos Unrestrfcted funds 2023 Tolal funds 2023 Trading incc- MK Communty PrcpoTties Ltd e62,253 661253 Unresliicl8d funds 2022 Total funds 2ff22 Trading incc4ne- MK Communlty Prq)ertie8 Ltd 458.876 458,876 Invgstmont in¢om• Unrostricted Rostrictgd funds funds 2023 Total funds 2023 Prcpety Investments Ltsted Investments 1,037.297 1,037.297 686,3 586,3 1,037,297 586.390 1,623,687 P4e 32
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNITY FOUNDATION (A Company Llmlted ty Guarantse) NOTES TO THE FINANCIAL sTATEMErs FOR THE YEAR ENDED 31 MARCH 2023 Invéstmont incomo (¢ontinuod unsti7Cl6d R88fricted funds funds 2022 2022 Tot81 funds 2022 Propety investments Listed investments Interest receivable 912,550 912,5 591,502 591,592 912,552 591,502 1,504.054 Expendlture on ralslng funds Costs of ralsing voluntary Income Unrestrfcted funds 2023 Totsl funds 2023 other costs Apportioned costs Wages and salaries 76.124 75,498 220,332 76,124 75N98 220.332 371.954 371,954 Unreslricted fvnds 2022 funds 2022 Other costs Apportioned costs and salaries 58,965 58,709 194,646 58.965 5&709 194,646 312,320 312.320 Page 33
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNITY FOUNDATION IA Company Llmlted by Guarantso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Expgnditurn on ralslng funds (contlnued) Fundrnlslng tr•dinu expense8 Unrestricted funds Total fund5 2023 Apporboned c08ts we8 aThJ $818rie8 22.060 7,262 22.060 7262 29,322 29,322 Unreslrfcled funds 2022 Tolal funds Apportioned c0515 we$ and salaries 1,826 6,052 6,052 7,878 7,878 Other tradlng experr8e8 Unrestricted nds Total funds 2023 MK Community Prwrti88 Ltd trading expenses MK Community Propertles Ltd staff costs MK Community Properties Ltd depreciation 605.571 106.097 92.992 605.671 106.097 92.992 804.660 804.660 Page 34
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNITY FOLINDATION IA C¢xnpany Limited by Guardntsfr) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Expendltura on ral8lng funds {contlnuodl Other tradlng expenses (conllnu•d) Tot fvnds 2022 2022 MK Community Properties Ltd trading expe08 MK Community Properties Ltd staff costs MK Community Properbes Ltd depreciatNJn 434728 94494 78.098 43& 728 94494 78,098 609,320 609.320 Invegtment management CO8ts Unrnstricted funds 2023 Total fund5 2023 Property costs L02n Interest payable AppOrOnl c08ts Wages and salarles 1,366,518 36,079 550 2.200 1,366,518 36,079 2200 1,405,347 1,405,347 Un8[cled funds 2022 funds 2022 890.324 36.549 890.324 36,549 Loan intsresl payablg Apportioned costs Wages and salaries 929,224 929.224 Page 35
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 AIILTON KEYNES COMMUNITY FOUNDATION (A Company Llmlted by Guarantse) NOTES TO THE FINANCtAL STATEMEMrs FOR THE YEAR ENDED 31 MARCH 2023 10. AnalysEs of grants Grants lo. Institutlons 2023 Total fund$ 2023 Grants 8VArded 2,363,789 2.363,789 Grnnl$ to Instilutions 2022 Tot81 funds Grants awarded 2,619,398 2,619,398 11. Analysis of expendliure on Charltable acthiltle Summary by fund type Unrestrlcted Restrlcted funds funds 2023 Total 2023 Grants awarded 1,282.805 1,798,748 3.081W3 UnTrslricted R&*lricled funds fund9 2022 2022 2022 Grants awarded 1, 781.830 1.399. 130 3, 180,960 Page 36
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNITY FOUNDATION (A Company Llmfted by Guaranteg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PIARCH 2023 12. Analysls of expendllure by actlvltles Activltie8 undertakan dlrectly 2023 Grant fundlng of actlvltles 2023 Support Total funth 2023 2023 Grants awarded 432.528 2,363.789 285,236 3,081,553 Adwkies undert8ken direGIty Grant fvnding ol 8Ctiwbes 2022 Support Total funds 22 2022 Gran18 awarded 31ZI00 2,619,398 249.462 1180.960 Analysls of direGt c19 Grnnts awarded 2023 Total funds 2023 staff costs Other costs Apportioned $ts 165.175 141.420 125,933 16$175 141.420 126,933 432,528 432.528 Grants awarded 2022 Tolal 2(Y22 124,224 122.470 6&406 124,224 122,470 65,406 Other Costs Apporbon&Y costs 31ZIOO 312 100 P37
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNITY FOUNDATION Company Llmlted by Guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 12. Analysis of gxpenditure by activibg9 Icontinuedl Analysls of dirttt costs Icontlnued) Property cc&ts shown here represent the Cost of managlng and maintaining our extensive propwty portrolio. Costs that can be reCognij as wholly attrbi utable to one of the above categories are directly allocated. All other costs. including staff costs, are app)rtioned on the basis of an estimate of the time spent by eath member of staff within the category. The allocath)n of staff time acros8 variou8 projects changes from year to year depending on the facknrs Idenlffied and agreed by the Board. Staff w5ts have been app)Ttioned as follows: Calergjry: 2023 2022 Cost of rdising fvtyJ5 Prcyerty COSts Fundralslng trading IrAestment managenErt Gosts Charitable actlIeS 8upkrt costs Gxernae costs 28.81% 20.49% 8.42% 1.0 2e.76% 14.52% 35.54% 16.85% 1.11% 0.33% 22.75% 23.42% Anatysis of support costs Grants awarded 2023 Totsl funds 2023 Staff costs Depr8cialion Governance costs 100,267 6,910 178.059 100.267 6.910 178,059 285,238 285,236 Grants wallled 2022 funds 2022 Staff costs Depreciation 64,949 1941 180.573 64,949 3.941 180.573 249.463 249.463 Pag8 38
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNrrY FOUNDATION IA Company Limit•d by Guarantse) NOTES TO THE FINANCIAL STATEMEiirs FOR THE YEAR ENDED 31 PAARCH 2023 13. Audltorfs rèmunoratlon 2023 2022 Fees payable to Companws auditor for thg audit Oft cnPanY$ annual accounts 14.300 Fe89 payable lo the Company8 audltor in resp1 of.. All taxotion thsory seNiQS not Induded All norFaudit service8 mt 5nduded above 1,575 14. Staff costs Group 2023 Grix4) Company Company 2022 2023 2022 Wages and Salaries Social $o¢urtty costs Contribution to defined ContribUon pensh)n scheme8 652,511 55,625 533.916 56,849 546.414 55,625 438,422 56,849 18,908 24.629 18,908 24,629 727,044 615,394 620,947 519,9 The avera number of per80ns employèa by the Company during the year was as follov•B'. Group 2023 Gmup 2022 Mark9t1 and Fund Development Charitable activities operatn8 FInan ar IS)vwnar& &0 3A &3 21.3 19.3 Pap 39
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNifi FOUNDATION IA Company Llmlted by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 14. Staff Gosts Icontlnued) The number of empbye8s vthose employee benefits 18xGIL*JirKJ employer penSn costs) exceeded £60.000 was: Group 2023 Group 2022 In the band £70,001- £80,000 In Ihe band £80.001- £90,000 The total key managemenl personnel of the parent charty ccmprise thg TTuslees arKI the Senior Executive Team, as disGlosed on page 1. The employee benefrts of the key management personnel were £286.471 12022 - £285,057), induding employerfs national Insurance of £30,790 12022 - £28,040). The key management personnel for the group are the 8ame as for the charity. 16. Trustoes, remungration and •xpenses During the year. rK) Trustees received any rwnuneration or other benefits 12022- £NIL). During the year ended 31 March 2023. no Tru8tee eypenses have been irKurred or reimbur8ed forlravel expenses (2022- £NIL). Page 40
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 ILTON KEYNES COMMUNITY FOUNDATION (A Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 16. Intanglbla ass•ts Group and Company WebsSts Al 1 Aprfl 2022 17,000 At 31 March 2023 17,000 Amortisation At 1 April 2022 Charge for the year 1,063 At 31 March 23 5,313 Net book value At 31 March 2023 11,687 At 31 March 2tr22 15,937 The amorttion charge for the year 18 apportioned betsveen expenditure th ratSiTVJ funds, grants made and prcperty activity. Pagg41
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMhIUNI FOUNDAnoN IA Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 fuRCH 2023 17. Tangibl• fixed assets Group Olfice equlpmont Cost or valuatlon At 1 April 2022 956.210 Al 31 March 2023 965.210 Depreclatlon At 1 April 2022 Charge for the year 80846 94175 At 31 March 223 903.020 Net book valug At 31 March 2023 52.190 At 31 March 122 146.365 Page 42
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNITY FOUNDATION (A Company Llmlted by Guaranta•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 17. Tangible fixed assets {Gontlnued) C¢)mpany equlpment Cost or valuatlon At 1 Aprfl 2022 40,650 At 31 Mwch 2023 40,650 DepreclatloTr At 1 April 2022 Charge for Ihg yoar 37,857 1.183 At 31 MarGh 21Y23 39,IMO Net book value At 31 MarGh 2023 1.610 At 31 Math 2022 2, 793 The depreciation Gharge for the year is apPOrtne between expenditure on raising funds, grants and propety activity. Page 43
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNITY FOUNDATION (A Company Limitod by Guarantsè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Investment property Group Long temi Freehold leasehold Investment Investment property property Total Valuation At 1 April 2022 Additions Disposds Deficf( on Tevaluation 39.321.750 2,133,000 41.45L750 1794000) (795.0001 {6,500250) (327,5001 (6.827.750) At 31 Mar¢h 2023 32,034,043 1.805.500 33039,543 Company Long temi Freehold leasehold Invèstment Investment property proporty Total Valuation At 1 April 2022 Addiiions Disposals Defrt on revaluation 27,795,000 2,133,000 29,928.000 1795,0001 13M08,5001 95,000) {327.6001 (4136.0001 At 31 Marth 2023 23,199,043 1,805,500 25.004.643 The Inve81ment properties were valued at 31 Dember 2022 by extemal valuers. Kirby and Diamond, Chartered Surveyors. on the basis of open market value in accordance wf(h the appraisal and valuation manual of the Royal Institution of Chartered Surveyors. The valuation apPrh is as described in the RICS Infomiation Paper "Comparable EvKlence in Property Valuatlon" The Tru5tee8 are of the opinion that there has been no materfal movement in value of these propertie5 betsveen Itmt date and 31 March 2023. The historical ct of thg properties L8 £2,994.97912022- £2,994,979). These valuations are not shown in these awunts as net of the claw bad( provision, see nole 34 for inf0mlon on the8e contingent liabilrties in pla¢e on the land and propertles against these carying lu8s. Page 44
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COPIMUNITY FOUNDATION IA Company Umlted by Guardntoe) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 19. Flxed assel Investments Listed investments Group Cost or valuatlon At 1 April 2022 AdditvJns Disposals Revaluattons 19,703.715 934A76 78,300) 11,007,965) At 31 MaTch 2023 18.651.926 Net book valuo At 31 March 2023 18.651.928 At 31 March 2022 19.703.715 The historical cost of investmonts hebj at 31 March 2023 was £13,605,390 {2022- £13,005,3). Investments In sub8kllary Llstsd ¢ompanies Investments T¢)tsl Company Cost or valuation At 1 April 2022 Ad(lilions Disposals Revduaion$ 400 19,703,718 20,103,716 934,476 934N76 (978.300) (978,300Tr (1,007,965) {1,007,966 At 31 Marth 2023 400,001 18.651.926 19,051,927 Net book value At 31 Marth 2023 400.001 18,661,926 19,051.927 Al 31 March 2022 400.001 19,703,715 20, 101716 Page 45
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNITY FOUNDATION (A Company UM1t ty Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 19. Fixed asset Investments l¢ontinued) Principal subgldlarfes The followrvJ were subSidry undertaking8 of the Company. Namg Company numbèr Prfnclpal activty Class of sharo8 Holdlng MK Communlty PTowbes Llm 2650530 Prowder of Meeting Ordinary £1 end Conference shar85 Farylttle$ and Small Business Units. Domwnt 10(Y MKCP Limited 9468716 Ordinary £1 shares The firnCIal results of the subsljlarfes for tha year were: Names Income Exp•nditurn Profftl(Los$) Net assets I Surplusl (Deficltl for the year MK cOUnity Propertres LIMed MKCP LimTted 662,253 (3,496,410) (2,8341571 8,766.373 Soclal Investments Group and Company Social Ent•rpri¥e proigct C05t or v•luatlon At 1 April 2022 10,000 10,000 Net l)ook value At 31 March 2023 10,000 At 31 March 2022 10,000 The Community Foundation still holds a direct wuity holding cl £10,0 in Future Wolverton to help fijnd a soclal enterprffje prolect in lh8 aty. Page 46
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COkqMUNITY FOUNDATION IA C¢xnpany Limited by Guardntse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 21. Debtors Group 2023 Gmup 2022 Company 2023 Company 2022 Du8 wlthln on8 year Trade debtors Amounts owed by group undgrtaknngs Other debtCl8 Prepayments and accrued Income 449,280 18&358 340,942 426,947 161.494 401.940 131.489 395,866 110,839 419.538 161,495 110,838 501,721 1.095.120 797,917 1.331.323 1,057,732 Credltors: Amounts falllng due withln one year Group 2023 Group Company Company 2022 2023 2022 Bank loan5 Trade creditors Other taxatitin and 80cial securtty other creditors Accruats and deferred ineome Grants accrued 1,000,000 131.287 84166 139,184 591,802 241,659 1.000.IXIO 115,253 86,166 100.055 47T.467 241.669 16,240 46,243 103.899 426.918 403, 7,303 46.243 72,845 383,544 2,189,098 996,830 2.019.600 913,465 Group Gmup 2022 Company 2023 Company 2022 Defer income at 1 April 21Y22 Resources deferred during the year Amounts released frc*rt preVuS periods 250,239 273.615 46,758 250.239 (250,2391 (273,615) (207,9891 207,989 253,535 207,989 (253.535) 46,768 250,239 207.989 Deferred incomg reprfj¥ents rent and seryice charge income received in advance. Page 47
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNrrY FOUNDATION (A Company Llm5ted by Guarantse) NOTES TO THE FiNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Cr8ditots: Amounts falling duè after more than one year Group Group Company Cw8ny 2022 2023 2022 Bank h)ans I,000,OL I,ooo.oco On 6 April 2021 the loan wa8 renewed Handelsbanken for £1M and was frxed at 3.04% above fixed rate. The loan i8 secured by a fixed charge over Margaret Powell House, Acom Holtse and the unit8 in Bumers Lane, Stacey Bushes. The carrwng value of these properties is £10,950,cK)0 (2022 £11.400.000). Post year end this loan was repaid and a new loan taken wt for £5(KJ,000 for 2 years with fLxed rate at 1.82% above fixed ralg. Flnanclal Instruments Group 2023 Group 2022 Company 2023 Company 2022 Financial assets Flnancial assets measured at fak value through Ineome and expenditure 18,661,926 19, 713, 715 18.661.926 19, 713,715 Finan¢il assets measured at falr value through InCe arrtl expenditure comprise of the list&J and sc¢ial irwestmenls. Page 48
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KPINES COMMUNITY FOUNDATION (A Company Umlted by Guaranteg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ststomontof fund8 stat•mwrtolfunds- ¢urr•nt y•ar Balanco at Galn•l 31 March {Losse81 Balaneèat 1Ap 2022 Trnn¥f¢r¥ Inlout Incom• ExndItuTe Unrnstri¢tsd funds 006lgnatsd funds ProFerty 12 319.192 6.B90W23 33.619.612 0on•rnl Comnw 2A21 J78 103,829 1.213M4 Total ilnmtrlctsd funds 42M3 024 904 R¢strl¢t•d fvnds Arb Fund $09072 16.618 117.89)) f26,WJ91 481,741 141 Sports Re118f Fund Margwet P(hyeJl l(>antsl MK tX4SS FuTrl 141 358 386.7S6 10,407 111.OD)I 15C61 11.6811 11,1001 117,0451 369,117 221 RSM Fund 609 218 8n's Furyj 40.977 2227 5,741 8,000 11,6131 43054 7,127 60,858 NItyLIft FuTra Faft¥ FuThJs Karn HUrf Fund Grassroots Endonnt 11.409 11,1CDI 12.3C61 113,7801 291161 18,9D4 16.Wl 2911.930 346145 11.829 Is,8) 116,5191 334655 1.111151 1280 15.714 31,459 (24.7) 151.5241 1067.290 shSths FUTr 1.280 91512 97,093 20&970 Surviwng Imnter LOC 10.801 556.478 118,3031 1535,5441 500 76,159 209295 411 Jubiksè Fund 120 14101 1930,1941 121 Cornrmjrlty Flrst EVL HCnson Fwd Covth FAiktkng Soiiety Fund 14,934*4Y 523.217 1681,2361 (3,&591 13.846A34 Fund 18A33 112.0181 6A16 Page 49
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNfP( FOUNDATION IA Company Limited by Guardntse) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PIARCH 2023 Staternentof fund• Iconllnu•d) PJt¥tam•nt of fvnds-curr•nt y•ar IntInued) Balance at Galn81 31 March oss> Bplpnc• at 1 April 2022 In¢¢m• Expendlture Inloui Mu8icCeTrtfe Fthyl 10,365 1194 11.8SOI 11.10DI 8.71S Bu51ness Le&*rs FLu¥J BVJ Local Conniburrow Fund Great Linford Wat¢rslid8 Festwal FUTr Prenb"On ol Crlme 4094 28,389 16ZC02} 70 1.402 47J33 (165) 17 Rainscourt FuTrJ Tony Byrne Flrtar1aE Servi$ Fund Youth Soctal Actic Fund 25) 6,257 11.579) 32.060 16. 14769 14890 Br8mw•ll FUTh 12.841 $3.399 10,000 27.078 {41511 14, Chlcheley Fund ICAEWSocial Motilty Fund 12,110) 111 New City Fund Tompon Tax Fund Olney Edu¢3ti¢n Tntst Beadle Fund MK CoUAl 2C60 FuTrJ- Ftowthrwgh MK Couwl 2C60 FuTrJ- Endcthmont 17.892 13,S50 110.0111 21A31 1047 1047 6.501 88,241 6.001 Z621 1,&SOI 14.291) 8{921 26.326 1467 taC48) 8.6n 113.232 6,610 857 (&3711 104718 618 WateTcar8 Fund TVP- Violent CM Reduction Cowd 19 Emergency R•Spoe MK chrfsb.an Centre Fund Nomi8n Hawes Memorial Trust EndowrfTnenl NOan Hawe8 Mernorial Trust Flthvthrwgh NET Emergentt Appeal g Eons Ltm ArvJlian Water Pc4thve Dlffor8n 106 1222 64034 11,261 {1.100} 10.161 151,341 (B.6> 148,789 8.386 386 389 10,3TI 10.oc#J 11&425) 1,952 6.100 100 Page 50
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNITY FOUNDATION IA Company Limited by Guaranlee) NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 MARCH 2023 Statem•ntof lunds Icontlnu8dl 8tMtsment of fund8 currentyear Icontlnued) Balance yt GaIn 31 March (Loss) 2023 Balanc• at 1 April 2022 Transfvrn Inlout In¢om Expènditurè LEAP Fund 1.609 4A09 Ngt DCMS Fund 14,2911 Comd 19 Recovery Fund Slck Mans Frfend B05well Mental Health Fund 102,871 101926 9,624 19.6241 13,354 15701 11733 ECOS ActNe- MK 20,843 {12,4201 DD McPh811 Personal Assurancè Trust 260 12fj01 4,51JO 1,529 4L400 Next Gènwallon Fund 1,475 {121 {16,5591 (10,8001 19,190) 1992 Nation Hockey Fund Routèco Fund 95,050 74W 4900 6,7(Kl 10,000 1.745 2,989 15,1W Refugee Crfsls )eal Torrfn AM Fund 1.809 2,031 187) P.6791 4933 21194 Lirnb Famity Fund Gre8t Linford Fund 10.681 2,955 15.0(KI 11,0521 1.903 Thrwè Homès MKC Platinurn Jubll8è Fund 15,iMXI 18,921 10,0(KI 116.9211 18,5031 16.5381 David Lod( Flowthrough Bristol and West 1A97 8.538 Heaton Tarrant 57,840 11.3541 106.486 Large Strategic Grant FocJ Bank M&G Crfsis in Communthes Flowthrough Fund David Imnks Endowmenl Fund BRC Communiti&s in Crisls Flovjthrough Fund DCMS commune9 In Crk%is Flowthrough Fund Totat re¥trkted funds I30.0> 697,5LY) 667,500 303.028 100,OCiI 15781 402.4JO 3,6tsJ 13,5961 50.762 1.315 52.077 3,005 I3.0) 19 101.369 1.795.057 1.798,748 841.063 15.172A19 Total fund 61.714.678 5.819.737 15,692 ,835,7161 Page 51
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNif( FOUNDATION (A Company Umhed by Guardntge) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2023 stst•m•ntof lunds (continued) Milton Keyn&% Ctynmunty FouTrJation m8intaiM 8 numbor of separ fuTrJs. the rnovements in lch ar8 d8tsiked In thls noteand the netas8¢ts ofwhltharg anatysed in note 27. Moniesheld in funds can be eitherfiow-through Imon donAtèd In ona year are spent in the tsxt along With any Inveslment incorne eamedl OT 9nd0ent Imoni8s Bre hekl in fund until tho luThJ reach8s an agreed thl atwhkh time tha annud inco on the fund bAlane8 Is SF4nti. D8talls of th8lunds are a3fcllTh5.' Unr•strIctfUnd Thls fvnd is the rnaln fund of the Communlty Foundation Into whlth th8 majority of donations are madg. M¢)st grants are paKI out ol IhLs fvnd and Ihe maiority of the 8dmlnlstr8¥on cogts are bome by thi5 fund. Interest arKi Investsnent I¢8 is a6Jad to th1$ fund as eafftrJd. Da•lgnatodlund6 Thls fund represents the net boc4( vdue of the freehold a1 b898hotd propetleB by the gro, k%s rnortgages raised to purthasp proF¢rb&s, tog&th8r a res88 towards future prcFerty maintenan¢•. R6strictsd funds Detsib ofthè various Testrtcted fundg c4n be frnd on Ourb8'. 8tatementoffund8- priorye8r BalanG& at Gainsl 31 IAard> (Loss&s) 2022 BanCe0t 1 Aprt2021 Transfers Exp9n(lbY UnTrstrktsd fund8 DeBlgnated funds Prcpgrty 39,251155 875,0 63,084 40, 191,239 Genernllunds Cornm1ty 2.364448 3.46a784 (4640.571) (24.875) 253,184 2,421,970 Total funds 41,618,603 4.343.784 (4640,571) (24.875) 318.268 41611209 Page 52
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNrrY FOUNDATION (A Company Umltad by Guarante8 NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ststwn¢n¢of fund6 (Con•d) statsm•nt of funds- prioryear(¢ondnu•d) Balancoat 31 PAarch 2022 Balance at 1 Aprtl 2021 Tr•n$fg Inlout Galn81 {Los$esl come Exppndlturo Rfjstrl¢t•d ndS Arts Fwd 47B.994 17.352 12&585} 42.111 509.872 Sports Ralief Fund Mar9gret P(w811 (Grardsl 1341 2001 141 MK DASS Fund 349.817 10,255 26,683 386,765 RSM Fund 225 Fund 37.153 11521 2.531 Ihecents.'rt Fund {1,073) ftyuft Fund 49.396 1.389 {1,540) 3.613 62.868 Famity Futxls Kwa Hurlgy emrf81 FUTh 226.744 48,915 {6,X6} 17,208 291.861 318.811 10.523 {9,625) 5C(I 25.636 346.846 Endow1 Fwd 1.039N7 30,999 139,355) 1.111151 Shoosrnittro Fund 1.233 47 1,280 9,828 7,817 (1.7311 14714 Locd &vlng N8wCon)nunfdes Funds 11¢293 404.238 1444.3721 7&159 118,7451 209396 J110&spoNs Fund 150 187 Conmwrity First EMC 1U49N16 415.517 (399,2871 1.Cfj5.501 14934,647 lotknnson Muwr FLTrJ Covwty &jIng Souety FUTh 79.707 2,322 6,041 88,070 WFuTr 10.002 le,0 17,9291 18,433 Mu*Centr¥ Fund 10.365 10,36S 989 13.8451 3.194 Fund Page 53
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNrrY FOUNDATION IA Company Llmlted by Guarantse) NOTES TO THE FINANCIAL STATEMETrrrs FOR THE YEAR ENDED 31 MARCH 2023 Staternentof funds{contlnuedl Statementof lund¥- prlory•ar Icontlnuod) Balanceat 31 March 2022 Balanceat I Aprll 2021 Trnnsftr Galnsl Inlout ILoss•sl Ineom• Expgndlture Big Lctal Connbi urrry Fund Gal Linfor<l Watsrslldg Festival FuTrJ preVeOn ofcrnne Fd Rainscourt Fur Tony Byme Flnanclal Seth Fund Youlh Soclal Action Fund 38,398 143.4501 3.5 48.828 182 15,693 182 1493 113.2CQ} 46,744 {16.5() 2,471 32,666 13,273 13,291 47,541 2.4 110.450} {3,850) 15,769 12.841 53.399 Bramwtrll Fund Chirhdgy Fund ICAEWSOCI Mot41ty Fund 10,OC() 6,901 2.807 110 111 Newcity Fund Tampon Tax Fund Nallonal Lottery Fund 10,963 2,047 9.230 12.301) 17.892 1047 10,7 {40.700} Olney Educat1 Tntyt BeadLe FUTh MK Coundl 2050 Fund- Fbwthiough MK Council 2(60 Fund- Endowment 55,189 23.801 {4.388} 10.OCM) 88.241 31,1147 50,0 155,722} 26,326 101,434 6.61S 3,275 113.232 6.616 Watarcar& Fund TVP- Viobnl Crime Reduction 124,8401 418 Covid 19 Emergenc Rgspoftso MK Christlan Contrè Fund Nomian Haweg Mernorial Trust Endowment Norrngn Hawes M8morial Tnjst FIowthrgh NEf Emorgen¢y Appeal 10,170 137.49SI $122D 21A36 5,321 115,495} 11,211 137.023 3.975 10.343 151.341 8,386 8,381 389 Page 54
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNrrY FOUNDATION IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MARCH 2023 Stsl•mwrtoffvnds l¢ontinu8d) statement ol fvnd8- prloryear Icontlnuedl Balan¢0 at 31 March 8alan¢• at1 Aprfl 2021 Tran8f•rn Inlout Galnsl {Lsl Incom• Expondltur• 9 E0 knmited 2,802 10.000 (2.475 10.377 Anglian Water PosTtNe Differerte 6,100 3A19 11x1 LEAP Fund 7,WO {8.9101 1,212 1A09 4,291 DCMS Fund COVKI 19 RecoN*ry Fund 109.226 50,993 {67.3481 102.871 OCMS Cornmun M8l¢h 113751 9.624 24880 18.905 2,375 Skk Mans Frfjènd 9.624 MBS Fund- MK 11.038) 114.540) P2,8421 14,3651 MBS Fund- Bucks Boswell Mental Hèalth Fund ioooo 2,976 2e.coo 25.CQO IT61 15,1571 124.7501 454 13.354 ECOS Active- MK DD K4cPhail Personal Assur¥nL Trust 10.(IXJ 15,5COI 4,500 Next Generation Fund 1311 1,529 Nalonal Hockey Fund 100,CQO 10.LX)O 14.9501 {3.300} 98.050 71WJ Routeco Fund Rg(u960 CrisLs eal 9,321 2.139 8.143 2,955 {671 9264 1031 10.681 2,955 Torrin AM Fund 11081 2.538 Llmb Farnily Fund Gre81 Linford Fund Arts Council Qu8en¥ PLqtinum Jubile• Thrive Homes 29,755 15,Q)O 129,755} 1S,OOD Total re8trfct•d fund 17 717.111 1399 130 24mS 04.246 19,101.369 T¢)tal of funds 59 335 714 5.039,701 1.620.513 61714 $78 Page 55
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNITY FOUNDATION (A Company Lirnlt ty Guardnteg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 suNary olyunds Summary of funds-currentye4r Balancgat 31 Tr 2023 Balance at 1 Aprll 2022 Tran$f• lThlout Galrtsl ILo8so9) Inm0 Expendlture De¥ignatsd funds Ggneral fund8 40,191.231 12 2.421.978 4024,668 19.101.369 1,796.067 319,192 13.894,08n 11.235,0961 11,798,748) 916J04 16.8goMrdi 11018291 1841.0631 33.619.612 1.213.634 19.172.619 Re8tsicted funds 81.714,578 $,819,737 16.692,8351 17,836.7181 54.005.765 Summary of funth- prioryèar BalanG& at 1 Apn12021 Incomg Expwithtu Transfers In/out G8in (Losses) 31 Mar¢h 2022 Designated frJnds General fuTrJs 39,253,155 2,365.448 17.717,111 874OCO 146a784 1,451,268 40. 191.239 2.421,970 19. 101.369 rJ.640.571) (1.399,130) 124,875) 24,875 253,184 I,4,245 Resfficted funds 59,334714 479a052 f4039.7QI) 1.620.513 61.714.578 Page 56
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON INEs COMMUNITY FOUNDATION (A C¢)mpany UmEted ty Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 27. Anatysls of net a88ets between fund8 Anatysls of net assets betwegn funds - Guwrgnt yoar Unrestricted Rostricted funds funLts 2023 2023 Total funds 2023 Tangible fixed assets Intangible fixed assets Fixe(l a$$el investments Irwe5trnent property Soual Investhients Current 88sets Creditors due wthin one year 52.189 11.687 52.189 11.687 18,651.926 18,651,926 33,839,543 10.000 3.629.518 P.189,0981 33,839,543 10,Crf)O 3.108,925 12,189,098) 520,593 Total 34.833.246 19,172.519 H006,765 Analysls of net assets betw•en fvnds- prior year Unrestiicted Resfricted funds ftinds 2022 2022 Tol81 20r2 Tangible fixed a55ets Intangib fixed assets Fixed asset investments Investment propety Social investments Current assets Creditors due wlthin on8 year Creditors due in mor8 than one year 146,365 146,365 14937 15.937 602,346 19, 101,369 19,703,715 41,454,7XI 41,454, 750 10.two 10,000 2,380.641 2,380,641 (996,830) (996.830) (i.000.cw) (1,000,000) Total 42,613.209 19. 101.369 61,714,578 Page 57
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNITY FOUNDATION (A Company Limlted by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 28. Reconciliation of net movement in funds to net cash Ilow from operating actlvltles Group 2023 Gmup 2022 Nel incomel8xpenditure for the year (a8 per Statement of FinanGral 17,708.812) 2,374864 Activiliesl Adjustments for: Depreciatton charges Amortisation charges Gainslllosses) on investments Dividends, interests and rents frc4m investments Decreasel(increasel in deblors Inereaselldeer&9sel in Creditors Donated land site 94,175 80,976 4.250 1.063 7035,715 (1.620.513) {586.390) (595, T59) {297.203) 94,885 192,268 (321.236J (875,(0) Net cash used In operatlng acthiltles {465.9971 (856. 720) 29. Analysis of cash and cash equSvalerrt8 Group 2023 Group 2022 Cash in hand Deposit accounts MK Community Property bank accounts 1,649,943 598,968 285A87 1.235.358 74.985 272,381 Total cash and cash 8quivalents 2.534.398 1.582.724 Page 58
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNI FOUNDATION IA Company Llmlted by Guaranteel NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MARCH 2023 Analy61s of changes In net debt Al 1 Aprll 2022 Cash flows At 31 March 2023 Cash al bank in hand Debt due wllhin 1 year Debt due after 1 year 1,582,724 951.674 2,534.398 {1.000.IXIO) (1JXIO,0001 (1,000,000) 1,000,000 582,724 951.674 1.534.398 Page 59
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNITY FOUNDATION (A coMnY Limlted by Guarants•) NOTE8 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 31. Grant commltm8nts Unrestrict•d Rgstrl¢¢ed Big Local Local funqls funds Connlborrny Gtving Andys18 of grants made Tolal Voluntary grF$ and chariti Indiiiduals Total $94,LK5 52.011 535.545 1,181,621 S94065 52,011 535,545 1.181.621 A cPIete list ofall grant CIpnts for the year Gan k¢ I0d owwthlte. R•conciliation of grants payable 2022 Grants to Voluntary Groups and Chafftleg Grdnt8 through Local &iing Big Loc8[ Connlburwprt Project Grants to IndiiidlS 594,065 535,545 52.011 916.908 404,238 38,595 1,181,621 1.359.741 Commltmenls at l Aptil Commttmenls made in the yr Gfanls Gancelled or r&0red 403.530 553,282 1,215,681 3,526 1,376,220 16.479 Grants paYae the year Grants paid during the year 1.212.155 1,354.026 1,359,741 1,509,493 Commltmen18 at 31 March 261.659 403,530 commttMts at 31 March are payable as foll¢)WS.' Wfllln one year Aftw one year 261,659 403,530 261,659 403.530 32. Penslon commltments The group operates a defined contribution pension stheme. Thg assets ofthe scheme are held separalety from those of thg group in an independently admini8terefJ fund managed by Royal London on behalf of the organisation. The pensitin cost charge represents eontributiorffj payable by the group to the fund and amounted to £18,908 {2022 - £24.629>. There were £6.723 of contrbutions payable to the fvnd al thg balance sheet datg12022- £nill. Page 80
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNifi FOUNDATION IA Company Llmltsd by Guarnntse) NOTES TO THE FINANCIAL STATEMEIW6 FOR THE YEAR ENDED 31 IqARCH 2023 Op•rnting lea commltm8nts At 31 MaTch 2023 the Group and the Company had commitmerrt8 to make fvture mlnimum l&a8e payments under non<ancelL8ble operating leases a5 fdlows: Group 2023 Group Company Company 2022 2023 2022 18ter than 1 year Later than 1 year and not laterthan 5 yeaTS 8272 28,147 14470 7,841 7.027 28,109 7,057 7.057 36.419 24,311 35.136 14,114 Conllngent Ilabllltlgs Under the arrangements surrounding the transfer on 27 November 1992 of certaln properties from Homes England (formerly English Patherships also previousty known 88 the Commission for the New Towns), the group is under a contractual obligation to repay amounts to Homes England C'dawback") in respect of the net capital gains arising on certain di8posals or change of use in relation to either Community Related A88et8 (certain Industrial units at Kiln F8Th, Stacey Bushes and Number 56 Buckingham Street Wolvertonl or Corrffiunty Foundation Land sttes (32 undevelopwj and 1 devew). Bas&J on the open Maet value, as at 31 March 2023 the total potential Itabilty for the clawback was £8.301.143 {2022 - £12,086,750). No pThrysion has been made for thks liabilty as Ihe current prop08ed plans for use of the land sites does not trfgger this clause. If the trustees are reasonably certain that there is to b@ changes in use of the Sites, say for a ch8nge In Strategies, then * th18 p(xnt it woukl trigger th• Ilabilty to be included in the actounts. No provision has been made for deferred tax that rnay arise if the prcferties were sold in the fubjre. It18 the Trustees, opinion that no tax would ari$e on a future sale of the properties as any profits from suth sale would be distributed via Gift Atd to the companl8 charilable parent Milton Keynes Communty Foundation from its subsidiary company, MK Community Properties Mited. lon Keyne5 Community FourKlaIn is part of 8 VAT group with Ils subsKliary. MK Communty Prwtss, and 15 therefore joint liable for any VAT debts of MK Communty propert Limited. Indemnlty Insurnnc• The group has purch8sed insurance for th8 Trustees and staff of the tharty and the directors of the sub8idiary company, MK Community Prcyerties Limited, against liability arising for wrongful acts in relation to the charity and its vtholty owned subsidiary. The C¢ of th18 in8ur8nce amounts to £1.706 {2022 - £1,641). Pagg 61
Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNITY FOUNDATION (A c1)mnY Umlted by Guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2023 36. Related party transadion$ number of Trustees. as well as being indNKIu81 members of the Communty Foundation, are associated with organwtions that are eorporala members of the Community Foundation. Total individual donations received from Truslees in the year amounted 10 £26,01012022 - £1,605). Neither the Tru8tee8 rior their associated organisations derive any benefft as a result of their membeTship of tho Communty Foundation. Furthemore, as mentiowl pwously in thi8 report, the Communty Foundation is aL80 able to 8UPPOrt the not-for-profit sector in Milton Keynes through the provision of properties that are let on preferential terns. The amount of this subsidy, the drfference belween the full commercial rental and the subsidised rent paid by the not-lor-profil seGlor tenants. is in exG9s5 of £1,216.000 per annum for tha year to 31 March 202312022- £1,260,000}. During the year Milton Keynes Communlty Foundallon Llmited charged rent and semce charges to MK Community Properties Limited in the sum of £426,751 12022 - £266,772}. These trans&tion8 have b*n moved on eonsolidath)n. During the year, grants totalling £nil {2022 - £60.000) were awarded to MK Gallery Ent&rprises {of which K Chadwick. a Trustee, is a director), grants totalling £6,420 (2022 - £3,100) were award1 to Worktree (of which J Sinclair and P Zumbik&Lwanga, Trustges, are trustees) and grants totalling £3.000120Y2 - £nill were awarded to Trubys Garden Tea Rooms lof which Mrs K Mirza, a Tnjslee, is a Trustee). There was £20,000 outstanding owed to Ihe related paty at the year end (2022 - £60,000). Page 62