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 D￿ember 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$on Director of Philanthropy- June Oldroyd Dlrector of Philanthropy- Ranjit Singh Independenl auditor Hlllier Hopkins LLP Chartered Accountants 249 Silbury BOu￿ard Milton Keynes MK9 1NA Page 1 Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNI￿ FOUNDATION IA Company Llmlted by Guaranteel REFERENCE AND ADMINISTrATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 klARCH 2023 Bankers Bank of Scotland 33 Okl Broad Stre8t Lor￿On EG2N IHZ Close Brothers 10 Crown Pl￿e London EC24 4 Handelsbanken AB 201 Silbury Boulevar¢l Mllton Keynes MK91LZ Solicilor8 EMW Seebed( House 1 Seebeck Place Milton Keynes MKS 8FR InveBtmgnt Managevs CCLA Senator House 85 Queen V￿tOr￿a Street Lon(lon EC4V 4ET Property Manager Hornbeam Llmtted 13 Furz¢on Lake Shlrwell Crescent Furzlon Milton Keynes MK4 1GA Page 2 Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNI￿ FOUNDATION {A C¢xnpany Llmlted by Guarnntee) cH￿R's STATEMEKr FOR THE YEAR ENDED 31 MARCH 2023 Th? chair presents her slatement for the year. 2022123 oMrs the final year of our last Stratsgi¢ Plan cowng 2018-2023 and a tlme when we are stlll feellng the legacy of the pandemlc. ri marked 8 year when many of the changes detsiled in the ptan were PLrt in to pl8Ge 8nd a year when the trustees and the stsff team worked dosely to develop a new plan to take u5 foTward. In October 2022 we18unched a £1 million match lund, and this attrathd ¢)ver £5C(I,000 additm)n￿ new donatDns into our Endowment fvnd a$ 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 P￿sIdents 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 OU￿81Ve$, 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 d￿er3e 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, prTh￿te 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 exper￿Ce. 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 $u¢h a poslttvely wbrant and ener9ising place to liv8 work and vistt. We are particularty proud that the Foundation wa¥ able to SUPFQrt numeTOU8 cultural evenls such as MK Prrde, the IF art festival, India day and many other wonderful events and acliwties that ce￿brate and embed our dwersty as a n￿Y desvJnated city. Sadly, the report h88 also hlghllghted a number of persistent i5SL5es that continue to negatively inpact our communities. Chief amongst these is child povety. 18,000 children in Milton Keynes are Irwng in poverty that is 29.9%. The impact of the Cost-of-Living Crises has segn a 110% increase in the use of the Foodbank between 2019 and 2020 and depre88lngly recent indications are that this continue5 to rlse during 2023. The Foundation held a Vital Ihinktng event whlch boLwJhl together organisatsons that focus in these issues and as a result the Child P¢)verty Partnership was set up. The group look8 at how vartous organisations and institutions can work effectivdy to ensure maximum amount of coverage for th￿r service and we were delighted to be abb to add £100,000 of our match fund pot to create and Endowment fund for the MK Foodbank. This fund will support th& running cost of the MK Foodbank for years to come. Additi¢)nally, ¥￿ are pl&￿ed to report that over ￿ of our grant funding was awarded to projects that support comfflunities lo get back Into work. supported the development of stronger communities and are directly focused on alleviatirtg poverty and dlsadvantage. all areas highlighted in the Vital Sign$ 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 C￿nMUnity 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 cap￿1 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 Sm￿1 percentage of thelr funds outside the MI￿On 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 ac￿8 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 nat￿nally. 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 Pr￿ritize how we work as an organisation and support and fund partner Organisat￿n9 and projects that address these threo prforltles: Disadvantage a￿1 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 r￿0very 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 wh￿h 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 edit￿n 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 Cc￿feren￿ 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 eStabl￿h a capital fund to support the development of new communty hubs prlmadty in the expansion areas of Mllton Keynes. As a Tesull, we are $eeklng a waiver from th8 SeGretary of State for Levelling Up to ensure the tt)tsl prcceeds from the transaction is retained. The released land will be dgveloped to provide much needed affordab￿ housing and enable the creation of the fve mmunty hub centres to provide quality facilities for the VCCS to enabk them effectively deliver their services to the people of Mliton KeyT￿. DurirvJ the year, the Brookland Development to create a new gyrnnast￿ arKI table tennts centre along wth 36 units of accessible housing and Gommunty centre received planning pemission. The development itsew was delayed following a steep rise in conslrudion costs and the selected contractor for the housing dement going into administration. There was no financial Impa￿ to the Foundation. atthough the Co￿rUctiOn of the housing and communty centr6 is delayed whiE8t a nthy cor)tractor1s procured. The propety estate includes 11 PToperties comprising 227.000 Square feet of 8ccommodation to be let lo voluntary, conjrunity and cultural sector groups or to GommerGid tsnanis ak)ng with 16 lel and 34 undeveloped Community Foundation Land (CFL) sile$. 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 Prot￿01 (IP) address, web pages accessed etc.) We colknt InfOTr￿I￿ alK*Ut ￿Jr supporters, donors. fundralsers, volunteer8 and employees. We collect Informat￿n to provide seMce8 OT goods, to prowde infonnatlon. to fundraise, for adminiStrat￿n. to assess and award grant8, re8earch. profilirvJ, analysis. and for the preVentionIdet￿ti0n 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 aTh￿her 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 sUppl￿rS 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:I1v￿I￿.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 h￿j1￿1￿.Mke￿7Munltyr0undation.co.u￿riVacy*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 Invest￿nt income derived from these funds would prOt￿t 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 gr￿h 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 fu￿11 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 sUSt￿nabl1fy 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 exFect8t￿8 this year as the conferendng facilities struggled to recover as anliapated followng the pandemlc. All step8 were t*en 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 defi￿1 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 fina￿101 ¥tatements also include the ValL￿tion 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 lease1￿1￿ 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 B￿k1, 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 th￿r Charities Ethical Common Investment Fund. CCLA investrnent objecllve ovèr a rolling 5*ear peritsj is to aCh￿e 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 FC￿ndati0n have been acquired in ￿rdance wtth these powers. The trustee5 have adopted an eth￿al 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 Endovm*nt 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 reqUI￿j to redLtce dskg affectlng the org8nlsation. The 2023 revlew of this p18n identified 31 risks (2022 - 33). The key risks we: Eccfflomic 1rnp￿t of the changed wothlng pattems following the 19 pand￿niC, 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 FoUrtdat￿n is governed by its Memorandum and Art￿leS of Associalon. The Artldes of ASs￿latIon 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 Trl￿t8eS 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 pro￿￿ed 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, Ind￿tIOn 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 kn￿￿edge 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 Found*ion aThJ ab￿ to carry out thelr d￿l￿S 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-t￿aY 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 su￿0Mmittee$ 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 prts￿e 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 par￿e3 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 strat￿1¢ 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 Interla 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.f￿e5 stat￿￿nI. 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 preparat￿n 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 a￿ayS 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 reason*ly 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 r￿u￿ 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 Id￿tirIcatiOn 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.. KIen￿ng, evaluating and comptying wth and regulatlons and whether they w￿9 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 state￿nts. ir￿lUdIng, 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-comp118r￿e ￿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 finan￿al statements 18 Ic¢ated on the Flnanc Reporting cour￿11,¥ website at.. vwrn.frc.o .uklaud￿oTsreS 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 I￿a¢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 S￿l9,n8 I7￿052 Expendlture on: Raising funds Charitable actiwlte8 2￿11￿82 1282 2,611282 3,081￿53 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 br￿ght fO￿ard 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 g￿n$ and10s58s I￿OgniSed 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 33￿39.543 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 y￿th 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 DI￿dends. interests and ren18 from investrnents Purchase of Intangib￿ assets Purchase 0ftang￿le fwed 8ssets PrcLeeds from sale of InVestn￿nIS 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$h and cash equlvajents In tho yoar Cash and ca8h equwalents al the beginnlng of the year 951,674 197,149 1,385.575 1,582,724 Cash and cash equlvalents at th8 end of the year 2,634,398 1,582. 724 The notes on pages 24 to 62 fomi part of these financial statements Page 23 Docusign En¥ÈlopÈ ID." 72DCBB6&DCC4451B-82EA4D1A8FF80207 MILTON KEYNES COMMUNITY FOUNDATION (A Company Limiléd by Guarantea) NOTES TO THE FINANCIAL sTATEmE￿rs FOR THE YEAR ENDED 31 MARCH 2023 General information Milton Keynes Community Foundatlon Limited Clhe Communty Foundation.) a private company incorporated and registered in England and Wales and limited by guararrtee. The registered address is Acom House. 381 Mldsummer Boulevard, Central Mllton Keyne8, MK9 3HP. Accounting pollclos 2.1 Basis of preparatlon of flnancial statomgnts The financial Statements have been prepared in 8ccordanGe with the Choritss SORP IFRS 102) - Accounting and Reportlng by Charilles: Statement of Recommended Practice applicable to ¢harities prep8rfng their accounts in accordance wlth the Flnancial Reporting Standard applicable in the UK and Republ￿ of Ireland (FRS 102} (effective 1 January 2019), the Financial Reporting Standard appIl￿b]e in the UK and Republic of Ireland (FRS 1￿2} aTrJ tho C¢)mpanies Act 2¢J)6. Milton Keynes Community Foundalw)n meets the definSt{c￿ of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical ¢o$t or tran8a¢tlon value Un￿$S othe￿188 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 Acti￿tieS 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 e￿Ule that thé organisation cOn￿nL*s 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 conc*m 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 rece￿ed and the an￿Unt of InccAne re￿1vable can be measured reliabty. Grants 8re I￿luded 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¢r￿d and induded in creditors as deferreil income. Where entitlomgnl occurs before income is r￿1V￿j, 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 ir￿lUded 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 quanlrf*d and included In these financlal statements, in accordance with the SORP L71teria. Any gron15 the Communlty FouNJation rer*ives 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 re￿iVed 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 be￿een both investment in¢ome and income from charitablo activities. That element treated as Investment i1￿C￿e 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 rePre￿nts income from hlre of meeting and (￿feW¢1￿j 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 t*nefits will be required in settlement and the amount of the Obl￿atiOn 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 befv*en 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 incI￿je8 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 ￿¢[x￿e and investrnent management exponw, induding management of tnvestsn8nt properties. Expenditure on charitable aclNil￿8 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 aSso￿ated with the strategi planning processes that contribule to the future development of the Communty FOundat￿n 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 1rre￿verabk 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 sTATEME￿rs 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 Pa￿nt Company under a legal obligation. measu￿ment 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 ststett￿nt of Financial Activities. 2.8 Tuation The Company is considered to pass the 18$ts Set out in Paragraph 1 Sthedule 6 of the Flnance Act 2010 and therefore it meets the definition of a Charitab￿ company for UK corporation tsx purposes. According￿. the Company is Wtentlally exempt from taxation in Tespect of income or capital gains received vmlhin c*e9ories covered by Chapter 3 Part 11 of the Corpor8bon Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to thg &Xtent that such income or gains are applied exclusiveby to Gharilable purp)ses. All expenditure is c1assff￿d under activity he&Jings that aggregate all costs related to the calegory. Irrewerable VAT Is chaffJed against the category of resources expended for which it is incuTred. 2.9 Intanglble assets and amortlsatlon Intangible assets costing £NIL or more are capitali8ed and recognised when future e(y)nomic beneffts are probable and thg cost or vslue of the a88el can be measured reliabty. Intangible assets are Inltialty recognised at cost. After recognltlon, under the cost model, intangible assets are measurèj at cost less any accumulated amorti$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. AMortIsat￿n k8 promded on the foll0v￿n9 basis.. Website 33% 2.10 Tangible flxerl assets and deprOGlatlon Tangible assets costlng £1.000 or mor8 are capli alised and r￿nISed 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 Impalm￿nt 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 I￿e$, using the straight4in8 method. DepreC￿tIOn is promded on the followlng ba81$'. Office equipment 25-50% The assets. residual values, useful livos and depreciattr3n methcantsl 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 Endo￿n￿nt 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 sh￿S￿￿ths 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 HC￿nson 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 I￿ntInued) 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 Pre￿nb"On ol Crlme 4094 28,389 16ZC02} 70 1.402 47J33 (165) 17 Rainscourt FuTrJ Tony Byrne Flrtar￿1aE 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 CoU￿Al 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•Spo￿e MK chrfsb.an Centre Fund Nomi8n Hawes Memorial Trust EndowrfTnenl NO￿an 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 Foc*J Bank M&G Crfsis in Communthes Flowthrough Fund David Imnks Endowmenl Fund BRC Communiti&s in Crisls Flovjthrough Fund DCMS commun￿e9 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 9nd0￿￿ent 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•strIct￿fUnd 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 a￿1 b898hotd propetleB by the gro￿, k%s rnortgages raised to purthasp proF¢rb&s, tog&th8r a res8￿8 towards future prcFerty maintenan¢•. R6strictsd funds Detsib ofthè various Testrtcted fundg c4n be fr￿nd on Our￿b8'￿. 8tatementoffund8- priorye8r BalanG& at Gainsl 31 IAard> (Loss&s) 2022 B￿anCe0t 1 Aprt2021 Transfers Exp9n(*lbY UnTrstrktsd fund8 DeBlgnated funds Prcpgrty 39,251155 875,0 63,084 40, 191,239 Genernllunds Cornm￿1ty 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 J￿110&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 G￿al Linfor. 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