Reglstered number: 2032715 Charity numL7er: 295107 MILTON KEYNES COMMUNITY FOUNDATION (A Company Limited by Guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 MILTON KEYNES COMMUNITY FOUNDATION (Acompany Llmlted by Guarantee) CONTENTS Page Reference and Administrative Dètails of the Company, Its Trustees and Advisers Trustees. Report 3-11 IndependentAudltor's Report on the Financial Statements 12-15 Consolidated Statement of Financial Activities 16 Consolldated Balance Sheet 17-18 Company Balance Sheet 19-20 Consolidated Statement of Cash FIDWB 21 Notes to the Financial Statements 22-59 MILTON KEYNES COMMUNITY FOUNDATION {A Company Llmlted by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Devdeep Ahuja (resigned 21 September 20231 Christopher Shaw Shaun Lee (resigned 17 December20231 Sean O'Reilly Jason Sinclair Jill Heaton Shiiley Jones Kurshida Mir2a (resigned 21 September 20231 Preciou5 Lwanga Katy Mor¥is (appointed 17 April 20231 Jay Virgo lappoinled 17 April 20231 Radhika Srinivasan (resigned 23 June 20231 Laura McLean (appoinled 17 April 2023) Mallhew Downlon (appointed 17 April 2023) Richard Foiman Sydea Sidra Mehdi Company reglstered number 2032715 Charity registered number 295107 Registered officp Awrn House 381 Midsummer Boulevard Milton Keynes MK9 3HP Senlor Executlve Chief Executive- lan Revell Dire¢loF of FIna￿￿- Sarah Wilson Director of Philanthropy- June Oldroyd Irelired 31 December 2023) Director of Philanthropy- Ranjil Singh Director of Marketing- Claire Baldock (appointed 10ecember 2023) Independent auditor Hillier Hopkins LLP Chartered Accountsnts 249 Silbury Boulevard Milton Keynes MK9 1NA Page 1 MILTON KEYNES COMMUNITY FOUNDATION IA Company Llmlted by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Bankers Bank of Scotland 33 Old Broad Street London EC2N IHZ Close Brolhers 10 Crown Place London EC2A4FT Handelsbanken AB 201 Silbury Bouleverd Milton Keynes MK9 1LZ Sollcitors EMW Seebeck House 1 Seebeck Place Milton Keynes MKS 8FR Geoffrey Leaver Solicilors lappoinled l April 2024} 251 Upper Third Street Bouverie SquaTe Milton Keynes MK9 1DR Investment Managers CCLA Senator House 85 Queen Victoria Street London EC4V4ET Property Manager Hornbeam Limited (resigned 31 December 20231 13 Furzlon Lake Shlrwell Crescent Fu￿10n Milton Keynes MK4 1GA Kirkby Diamond lappoinled l January 2024) 15 Shenley Pavilions Shenley Wood Milton Keynes MK5 6LB Page 2 MILTON KEYNES COMMUNITY FOUNDATION IA Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees have pleasure in presenting their annual Teporl and audited consolidated financial statements for the year ended 31 March 2024, which are also prepared lo meet the requirements for a directors, and strategic report and accounts for Companies Act purposes. The Annual report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustee5 confirm that the Annual report and fir)an¢ial slalemenls of the chalilable company comply with the current statutory requirements, the requirements of the charitable company's governing document. the Companies Act 2006. Charities Act 2011 and the provisions of Ihe Slalement of Recommended Practice (SORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (effective 1 January 2019). The financial statements comprise the group accounts of Milton Keynes Community Foundation (the Foundalion'l arhd ils wholly owned subsidiary, MK Community Properties Limited. The accounts on pages 16 10 59 incorporate all the various funds within the Comtnunily Foundation_ An analysis of the group income and expenditure be￿en the various funds is provided in note 25. Since the group and the Company qualify as small under section 383 of the Companies Act 2006, the Group slralegic report required of medium and large companies under the Companies Act 2006 Islralegic Report and Directors, Report) Regulations 2013 has been omilled. Objectlvès and actlvltles Policies and obj¢¢tlvès The objects of the Communlty Foundation are defined In ils Memorandum and Arll¢les of Asso¢ialion, 211owng the Trustees to make grants out of capital and income to voluntary groups. charities and individuals who support people within the Milton Keynes unitary authority area. The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefi't when reviewing the Community Foundation's aims and objectives and in planning future activities and selling the grant making policy for the year. Fund holders have the opsy)rlunily to direct a srnall pgrcenlage of Ihoir funds outside the Milton Keynes Unitary Authority area. The Community Foundation has a Ihree-year strategic framework, covering 2023-2026. Our Strategic Plan States: Our Vision- is for a thriving Milton Keynes where everyone is conlribuling lo their community. Our Mission is Io send funding where it's needed most in Milton Keynes. By guiding businesses, philanthtopisls and charities to the right giving and grants, we're on a mission for a fairer community. Goal l= Promote philanthropy as a way of life across all our communities. Goal 2= Ensure all our dealings with VCCS stakeholders are consistent, fair, equitable and inclusive. Goal 3= Develop our role as an enabler of 2 thriving VCCS by building capacity- Goal 4= Align our p￿pety aclivilies with our philanthropic objectives. Goal 5.. Raise the profile of the Community Foundation and the VCCS sector as 8 voice lo influence change, locally, Tegionally, and nationally. Page 3 MILTON KEYNES COMMUNITY FOUNDATION IA Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Objectlves and actlvlties Icontinued) Priorities to achieve our mission of a fairer communily across Mlllon Keynes we wlll need lo focus and priorilize how we work as an organisalion and support and fund partner organlsalions and projects that address these three priorilies.. Disadvantage and Poverty Environmental Sustainability Promoting Diversity. Equily, and Inclusion In setting objetstives and planning for aclivilies, the Trustees have given due Consideration lo geneFal guidance published by Ihe Charity Commission relating lo public benefit, including the guidance 'Public benefit.. running a harity {PB21'. Achievements and pèrformance a. Maln achlevements ofthe Company 2023124 covers the first year ol our new Strategic Plan. 11 was a year dominated by the recovery of the sector and the longer-term impact of the pandemic. General grant giving pallerns stabilised and our fundin9 rounds have returned lo a regular pattern. Our new Rent subsidy policy continues lo be rolled out and ensures rental discounts applied follow SIM￿lar processes lo that of the Grant panel 2nd assessmenl processes. Our philanthropy activities this year have seen 7 new funds created. We launched our own self-funded match fund which allracled £325,000 in new donations. which we matched to the value of £175,000, During the year we dislribuled grants and rent subsidies lolaling £2,595.505. In January 2024 we launched and published the eleventh edition of the annual Vital Signs report. Our launch evenl was held al Unity Place and drew an audien￿ of over a hundied and thirty people. The Foundation's wholly ownecl trading subsidiary company, MK Community Properties Limited, continued to pmvide conference facilities alongside office leases and small business units for commercial and not for profil organisalions. The year saw an upturn in conference bookings. bul small business unil occupancy continues lo be a woiiy. We saw a shift towards more single occupancy offi￿S and in the year Iwo large, hard lo let offices were converteLI into 11 smaller units, all of which are now fully occupied. The year saw a major changè lo the management of our property estate. From 1 January 2024, we brought in- house the management of our two Central Milton Keynes buildings and outsourced the management of the wider estsle to a new agent, Kirkby Diamond. This change of approach has already seen changes in the way the estate is managed. Throughout the year we have continued lo seek lo establish a capital fund to 5UPPOrt the development ol new community hubs primarily in the expansion areas of Milton Keynes. As a result, we have obtained a waiver from the Secretary of Stale for Levelling Up lo ensure the majority of the proceeds from the transaction is retained, reducing payable clawback by 50/0. The released land will be developed to provide much needed housing. including affordable housing compliant lo MK Council planning policy and enable the creation of the five community hub cenlres to provide quality facilities for the VCCS to enable them lo effectively deliver their services lo the people of Milton Keynes. During the year, progress was made on the development al Granby, although the conslrucllon of the housing and community centre at the Brooklands development continues lo be delayed due lo contractor issues. Page 4 MILTON KEYNES COMMUNITY FOUNDATION IA Company Limited by Guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Achievements and PBrformance Icontinuedl b. Fundraislng activities and income generatlon The Community Foundation does not employ any person ￿ companies to act on ils behalf specifically to carry out any fundraising activities. The Community Foundation is registered with the Fundraising Regulator and subscribes to the standards and regulations required under the regislralions. During the yeai the Community Foundation reviewed our privacy notice.. The Privacy Notice in brief.. We collect information that is either personal data (such as names, addresses, and telephone numbers) or on-personal data (such as your Inlernet Prolocol11P1 address, web pages accessed elc.) We collect infoTmalion about our supporters, donors, fundraisers, volunteers and employees. We collect information lo provide service5 01 goods, lo provide information, lo fundraise. for administration, lo assess and award grants, research, profiling, analysis, 2nd for the prevenlionldeteclion of crime. We only collect the informalion that we need, or that would be useful to us In our aim to provide the best possible service. We do our very best to keep personal information secure, whereverwe collect personal data online. We never sell data, and we never share il with another company or charity for marketing puiposes. We only share data where we are required by law, or with carefully selected trusted suppliers who do work for us. All our suppliers are required by their contract lo Ireat your data as carefully as we would, lo only use il as instructed, and to allow us lo check that they do this. Our websites use cookies policyl for more information chèck https.'Ilwww.mkGommunilyloundation.co.uklcookies- The full Privacy Notice whiGh details what information is held, how the Foundation may use it, and what individual's rights are available on our website htlps.'Ilwww.mkcommunityfoundalion.co.uklprivacy~policyl. Financlal review a. Golng concern After making appropriate enquiries. the Trustees have a reasonable expectation that the Company has adequate resources lo continue in opeiational existence for the foreseeable future. For this reason, they continue to adopt the going concein basis in preparing the financial slalemenls. Further details regarding the adoption of the going concern basis can be found in the accounting polici9S. b. Reserves pollcy Since 1994 il has b2en the policy of the chaiily lo hold reserves in the Community Fund lotaling al least £1 million which have not been commilled or designated for any particular purpose. HowevÈr, in accordance with the elhos of Community Foundations, the TTuslees continue lo build Ihese invested funds over and above this minimum level in order to ensure that the investment income derived from these funds would protect future beneficiaries and operations of the charity from the effects of any unforeseen variations in ils income streams and underwrite a continuation in the year-on-year growth in the grants budget. Page 5 MILTON KEYNES COMMUNITY FOUNDATION (Acompany Llmlted by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Reserves policy (continued) Currently, such funds stand at £762,882 {2023 - £1,213.704). After the year end, these funds were returned lo the level specified by the Iruslees. A land sale in the subsidiary company. whlch was anlicipaled lo happen in the year did not complete until Ihe end of May 2024. This saw the balance owed to the Foundation being cleared, and a donation of £1 m was paid to Ihe Foundation. In March 201? the Foundation was successful in securing funds from the Office for Civil Society for the Community First Endowment Match Challenge. Since then. growth in the market means that the Community First Endowment is £15,112,101 on 31 March 2024 {2023 - £13,846,434). On 31 Maich 2024 the amoLFnt of unreslricled funds was £34,299,412 {2023 - £34,833,246) and the value of reslricled funds was £21,202,542 (2023 - £19,172,519). Wilhin the unreslricled funds, and separat& from the Community Fund. the Trustee5 have designated a Properly Fund equal in value lo the properties held by the group. less mortgages incurred lo purchase properties, together with a reserve towards the cost of future properly repairs and refurbishments. 11 is the intention of the Trustees that this fund will be maintained over a 10-yeaf period at levels that will be sufficient lo finan￿ the repairs and relurbishrnÈnt of the property poflfolio required lo ensure that the property portfolio remains in a 'fil for purpose, slate. The Trustees are satisfied that the charity's assets attributable lo each ol ils Funds are available and adequate to fulfil ils obligations in relation lo those funds. c. Flnanclal Review During the financial year ended 31 March 2024 the Community Foundation generated a net group loss before investment gains and losses of £201,88212023 surplus of £126,903). The total value of the Communily Foundation's endowment assets has increased lo £55,502,054 12023 £54.005.7661. This level of endowment funds continues lo ensure suslainabilily and enables the Community Foundation to continue lo support the growing local community in as many ways as possible. Our subsidiary company, MK Community Properties Limited, performed above expèclalions this year, with the conferencing facilities beginning lo ieturn lo pre-pandemic levels. Small Business Unil income was lower than anlicipaled with large offices being difficult lo fill. All steps were taken lo minimize the effect of this, and a restructure of staffing look place during the year. The result for the year was an operating surplus or £11,788 12023 deficit £142,407) before the fair value adjustment of £10,000 to result in a total surplus of £fj,78812023 delicil £2.834,1571- Freehold and Leasehold FO rties The financial statements also include the valuation of the investment properties held by the Community Foundation and ils trading subsidiary, MK Community Properties Limited. Any capital gain on revalu21ion of properties are subject lo claw back of an average of 46/0. these Cannot be spent on grants unless the properties are sold, and many are occupied by the voluntary or ¢haril8ble sector. Similarly, any gain on the revaluation of investments can only be realised if the investments are sold which impacts on the future inveslmeiil income. The freehold at7d leasehold properties were valued in the year by exlernal valuers KITkby Diamond, in accordance with the Royal Inslilulion of Chartered Surveyors Valu8llon- Global Standards (The Red Bookl, on the basis of Maikel Value. Whilst the Trustees are of the opinlon that there has been no material movement in value of these properties between that dale and 31 March 2024, they believe that valuation of the properties should be al Existing Use valuation to more appropriately rellecl the Cotnmunily Foundation's policy of allowing Voluntary and Community Seclor groups lo apply for a rent subsidy of up to 750/0. Page6 MILTON KEYNES COMMUNITY FOUNDATION {A Company Llmlted by Guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Financial Review Icontinuedl If thi¥ Existing Use valualion weie to be used, our Land and Buildings would be valued at £33,705,54312023 - £33,839,543) a decrease of £134,000. It was agreed in the year that we would get a formal valuation evory three year and in the interim these would be valued based on an agreed yield. This will start when the existing contract expires in a years time. d. Materlal Investments pollcy The group's investments were valued al the year-end al £20.845.815 12023 £18,651.9281. All these invesltnenls were held by CCLA in Iheir Charities Ethical Common Investment Fund. CCLA investment objective over a Folling 5-year period is to achieve an average return of CPI plus 50k, before fees and costs. The current income yield of the portfolio is circa 30h. The Community Foundation's investment policy was reviewed during the year bul remains broadly unchanged. The Truslees have discretion lo invest as they think fil and the inveslmenls held by the Community Foundation have been acquired in accoTdance with these powers. The Iruslees have adopted an ethical investment approach, which looks to optimize the lolal return from the investment portfolio whilst mitigaling risk, as far as PDssible. Under the terms of the Community First Endowment Match Challenge all funds raised under this programme must be held at CCLA. Also, fifteen of the restricted donor funds and the Grassroots Endowment Challenge funds were all invested with CCLA. e. Financial risk management obJeetive$ and policies The Trustees review annually the major risks to which Ihe charity is exposed to ensure systems and PTocesses have been oslablished lo mitigate those risks. This year a new approach has been adopted which is based on Charity Commission.. Charities and Risk Management ICC26}. The Risk Mitigation Plan identified 26 risks12023- 311. The key risks were.. Economic impact of the changed working pallems following the covid 19 pandemtc, especially related lo office space and flexible home working. Global recession affecting inveslmenl income and phllanlhropy. and potentially also affecting the level of voids in the buildings. Flnancial risk ¥nanagement objectlves and pollcl8s (continued} These risks are reviewed regularly by the Leadership team and any issues are reported back to Board. Structure J governance and management a. Constitution Milton Keynes Community Foundation Limited is a company limiled by guarantee and a registered grant making charity. Millon Keynes Community Foundation was established in 1986 and is engaged principally in the promotion of any charitable purpose for the benefit of the community in the Milton Keynes unitary aulhorily area. The Community Foundation also has a wholly owned trading subsidiary, MK Community Properties Limited. The subsidiary company operates as a provider of meeting and conference facilities. Ils aim is to support the charitable obje¢lives of ils parent undertaking, the Communily Foundation. Pa9e 7 MILTON KEYNES COMMUNITY FOUNDATION IA Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 structure* governanco and management{continuedl The Community Foundation is goveined by its Memorandum and Articles of Association. The Articles of Association deline those who sil on the 8oard of the Community Foundation as Trustees. The Articles of Association stale that the Trustees have the power to admit members lo the Communily Foundation. As sel out in the Articles of Association, the Board ol Trustees shall comprise not less than five and not more than ￿entY members. At e8ch Annual General Meeting one third of the Trustees retire by rolalion but they are eligible for re- eSeclion for up to three term5 each of three years provided that they are not othe￿iSe disqualified under the conditions sel oul in the Article5 of Association. The current Memorandum and Articles of Association are being updated by our r¢ew lawyers to rellecl best practice. These will be reviewed and agreed at the next Annual General Meeting. Anyone wanting lo become a Trustee musl apply in writing and is subject lo the Community Foundation's recruitment procedures before becoming eligible for election as a Trustee. Trustees are sometimes Etnployees or Trustees of olher Voluntary and Community Sector tsrganisations. All such relationships are at FKirmal Gommercial rates and are disclosed in note 15 and 36 lo these accounls. b. Methods of appointment or electlon ol Trustees, induction and tralnlng The management of the Group and the Company is the responsibility of the Trustees who are elected and co- opted under the lerms of the Trust deed. As sel out above, potential Trustees of the Community Foundation are either invited to apply to the Board or can be nominated by a member of the Community Foundation. Potential Trustees, who can demonstrate that they have the skills and knowledge required. will be Interviewed by a panel made up of Board members and which Involves the Chief Executive. Successful applicants are recommended lo join the BDard. All appointments as Trustees are confirmed at the Community Foundation's general meeting. The Community Foundation needs an informed, skilled and enlhusiaslic Boaid of TTUStees, supportive of the work of the Communily Foundation and able to carry out their duties of governance under Charity Law. The Community Foundation currently has 12 Trustees_ The Tfustees are responsible for ensuring the Community Foundation continues to meet its charitable objectives as sel out in its Memorandum and Articles of As50cialion. A Chief Execullve Is appointed by the Trustees to manage Ihe day-to-day operations of the Community Foundation. To facilitate effective operations, the Senior Leadership Team has delegated authority for operational mallers wlthln terms ol delegalion approved by the Trustees. The Board meels a minimum ol four limes a year and there are sub-commillees covering Properly, Resources, Remuneration, Audit and Philanthropy and Grants., all meetings are allended by senior members of the Executive Team. As well as these, lime-limiled task groups for specific projects are set up as and when required. Indemnily insurance has been taken out in respect of the Trustees as detailed in note 35 to the financial statements. Page 8 MILTON KEYNES COMMUNITY FOUNDAMON IACompany Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THEYEAR ENDED 31 MARCH 2024 structure, governance and management Icontlnuedl . Pay policyforkey management personnal The Board of Trustees considers that Ihe key management personnel of the group is the Strategic Leadership Team who are in charge of directing, controlling, running and operating the group on a day-lo-day basis. All Trustees give their lime freely and no Trustee received remuneration in the yeaF. Details of any Truslee's expenses and related party transactions are shown in note 15 and 36 to the accounts. The pay of the Slralegic Leadership team is reviewed annually by the Remuneration Committee and normally increased in line wilh average earnings. In view of the nature of Ihe charily. the Trustees benchmark against pay levels in other local voluntary sector organisalions of a similar size and the UK Community Foundation network. d. Related party relatlonships The Community Foundation 2nd ils wholly owned trading subsidiary MK ComTnunity Properties Limited provide services and support lo other charities and organisalions, including those that have Trustees in common with the Community Foundation. A full list of transactions with related parties in the yeai, along with the nature of the relationships. is shown in nole 36 01 these accounts. e. Trustees. Intlemnltles The group has purchased insurance for the Trustees and staff of the charity and the directors of the subsidiary company, MK Community Properties Limited, against liabilily arising lor wrongful acts in relation lo the charity and ils wholly owned subsidiary. Plans for future perlods Philanthro In alignmenl with the foundation's strategic plan and recent Voluntary sector reSea￿h we are WOTking towards the goal of 'Funding FaiTness'. Key areas of focus in the philanthropy delivery plan includè.. Diversify and grow income Distribute funding fairly and equitably Develop a strong business engagement prop05ilion Deliver on the findings ofthe recent Voluntary, Community and CulluTal Sector research As we plan for the year ahead, the focus is on diversifying our donor base including a strategy lo engage businesses_ The cost of living crisis continues to impact the cily and we are developing projects and have bee running a specific fund to SLtrpporl local charities. Our Vital Signs research continues to build momentum in the sector with voluntary groups being engaged lo meet the needs of the city based on the data in the reporl. We will continue lo encouragè philanthropists to support the charitable sector thmugh our e￿dowMenI fund match campaign creating a lasting legacy and support into the fulure. Our work lo engage cultural and diversity based giving continues through our work and support ol the MK Ethnic Business Community IMKEBCI. and the MK Pride Festival organisation. Our new 'Giving for Growth. strategy will provide businesses with a compelling proposal lo support Ioc21 causes through the foundation highlighting why il is good not only lor the city but also their busines5 value and profitability. Page g MILTON KEYNES COMMUNITY FOUNDATION IA Company Limited by Guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Plans for future period5 Icontlnuedl Since the end of the linancial year. the sale of land at Monkston has been completed and a capital receipt of £2.3m achieved. £1m uf this is lo fund the match fund which was launched in September 2022, with the remainder conlributiny lo the capital pol for future developments. Statement of Trustees, responslbllities The Trustees (who are also Ihe directors of the Company for the purposes of company lawl are responsible for preparing the Tr￿SteeS. Report and the financial s121ements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company law reqtjires the Trustees lo prepare financ121 slalements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that Ihey give a true and fair view of the Stale of affairs ol the Group and the Company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial slatemenls, the Trustees are required lo.. selectsuilable accounting policies and then apply them consislentw.. observe the methods and principles of the Charities SORP IFRS 102)., make judgments and accounting estimates that a￿ reasonable and prudent.. slate whether applicable UK Accounling Standards IFRS 1021 have been followed. subject lo any material departures disclosed and explained in the financial slalemenls.. prepare the financial statements on the going concein basis Unless it is inapp(opriale lo presume that the Group will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Grotjp and the Company's transactions and disclose with reasonable accuracy al any lime the financial position of the Group and the Company and enable them lo ensure that the financial slalements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for takin9 ieasonable steps lor Ihe prevention and detection of fraud and other irregularities. Disclosure of information to audltor Each of the persons who are Trustees at the lime when this TrugteÈs' Report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit informalion of which the charitable group's auditor is unaware, and that Trustee has taken all the sleps that ought lo have been taken as a Trustee in order to be aware of any relevant audit information and lo establish that the charitable group's audiloT is aware ol Ihal information. Auditor The auditor, Hillier Hopkins LLP, has indicated his willingness to continue in oflice. The designated Tru51ees will propose a motion reappoinling the auditor al a meeting of the Trustees. Page 10 MILTON KEYNES COMMUNITY FOUNDATION IA Company Llmltod by Guarantee) TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED31 MARCH 2024 Approved by order of Ihe members ol the board of Tru8lees and signed on their behalf by.. Matt ew Downton Chair of Trustees Page11 MILTON KEYNES COMMUNITYFOUNDATION IA Company Limitèd by Guarante0} INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILTON KEYNES COMMUNITY FOUNDATION Oplnlon We have audited the flnanclal slalemenls of Mlllon Keynes Community Found8tion Ilhe 'parenl ¢harSlable company'l and its subsidiariès {the group'l for the year ended 31 March 2024 whbch con)pri8e th8 Consolidated Statement of Financial Aclivilles, the Consolidated Balanee Sheet, the Company Balance Sheet, th@ Consolidated Slalemenl ol Cash Flows and the related noles, including a summary ol significant accounting policies. The financial reporting framework Ihal has k)een applied in their preparation is apPI￿able law and United Kingdom Accounting Stmndards. Including Financial Reporting Standard 102 'Th6 Financial Reporting S18ndafd applicablè In the UK and Republlc of Ireland, IUnile(l Kingdom Generally Accepted Accounting Pracllcel. In our opinion the finanGlal slatemenls.. a true and falr vlew of th8 Btale of tha Group's and of the parent choritsble company's affairs as al 31 March 2024 and ol Ihp Group's Incomlng r85ources and aN)lication of resources, including its income and expendilufe for the year then ended., have been propeTly prepared in a¢¢ord8nce with Ur¢lled Kingdom Generalty Accepted Accounling Practice., and have been prepaTed In accordan￿ with the requirements oflhe Ch8riti8s Act 2011. Basi5 for oplnlon We conducted our audit in accordance with Inlernatlon81 St8ndaTds on Audiling (UK) {ISA¥ (UKI) and applicable law. Our responsibilities under those standards ale further described in th& Auditor's respL¥nsibililies for the audit of the financial slalemenls section of our Teport. We are inrlependent of the Gioup in 8ccordan¢8 wilh the ethical require￿entS that ar¢ relevant lo our audil ol the financial statements in the United Klngdom. including the Financlal Reporting Council's Elhlcal Standard, arsd we have fulfilled our other ethlcal respon8ibilllles in accordance with the88 requlremenls. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a b&sis for our opinion. Concluslons relatlng to going concern In audillng the financial slalemenls. we havè concluded that the Truslee8' U50 of the going concern basi$ of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have performed, we have not Id8ntlfied any materlal uncertainties relatln9 to events or conditions that, individually or c¢lleclively, may cast 8ignllicanl doubt on the Gloup's OT the parent charitable company's abllity lo conllnue as a going concern for a period of al leasl twelve months from when the financial Slalements arg aulhorised IOT issue. Our responsibililies and the responsibilities of the Tru$leas w￿h respect Io going concern ara doscrib&d in the relevant sections of this report. Page 12 MILTON KEYNES CONIMUNITY FOUNDATION (A Company Limited by Guarantee} INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILTON KEYNES COMMUNITY FOUNDATION (CONTINUED) Other Infomiation The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report Iheffon. The TTu5tees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the exlenl otherwise explicitly slated in our report, we do not express any form of a55uTance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially incon8lStenl with the financial slalemenls or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent malerial mis8latem&nls. we are required to determine whether thi8 gives rise lo a material misstatement in the flnancial statements themselves. If, based on the work we have performed, we conclude that there is a material misslatemenl of this other information. we are required to report that fact. We have nothing lo report in this regard. Matters on which we are requlred to report by exception We have nothing to report in respeGt ol the following mallers where the Charities (Accounts and Reports) Regulations 2008 requires us to teport to you if, in our opinion.. the infoim21ion given in the Trustees, Report is inconsistent in any material respect with the financial slalements,, or the parent charitable company has not kepl sufficient a¢¢ounlin9 record5', or the parent charitable ¢ompany financial statements are not in agreement wilh the acc(iunling record8 2nd returns., or we have not ieceived all the information and explanations we require for our audit. Respon8ibilltle8 of trustees As explained more fully in the Trustees, Responsibilities Slalemenl, the Trustees (who are also the directors of the chaiitable company for the purposes of company law) are responsible for the preparation ol the financial statements and for being satisfied that Ihey give a true and fair view, and for such internal control as the Trustees deteimine is necessary lo enable the preparation of financial statements that are free f¥om material misslatemenl, whether due lo fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, dlsclosing, as applicable. mallers related to going concern and using the going concern basis of 2ccounling unless the Trustees eilher intend to liquidate the Group OT the parent charitable company or lo cease operations. or have no realistic alternative bul to do so. Page 13 MILTON KEYNES COMMUNITY FOUNDATION IA Company Llmited by Guarantee} INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILTON KEYNES COfv]MUNITY FOUNDATION {CONTINUED) Auditor's responslbilitles for thp audit of the financial statements We have been appointed as auditor under section 151 of the Charities Act 2011 and report In accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives ale lo obtain reasonable assurance about whether the financial statements ag a whole 2re free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high levèl of assurance, but is not a guarantee thal an audil conducted in accordance with ISAS IUKI will always delect a material misslalement when il exists. Misslalements can arise from fraud or error and are considered material if, individually or in the aggregale, they could reasonably be expected to influence Ihe economic decisions ol users taken on the basis of these financial slalements. Irregularities, including fiaud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delect material misstatements in respect of irregularilies, including fraud. The exlent lo which our procedures are Capable ol delecling irregularilies, including fraud is detailed below.. we consider the nature of the industry and sector. Control environment and business performance including the remuneration incentives and pressures of key management; the primary responsibility for the prevention and éetection of fiaud rests with both those charged with governance of the enlily and management. We consider the results of our enquiries of management aboLFI their own identification and assessment of the risks of irregularities., any mallers we identifi& having obtained and reviewed the Group's documentation of their policies and procedures relating lo". identifying. evalualing and complying with laws and regulations and whether they were aware of any instances of non-compliance.. delecling and responding to the risks of fraud and whether they have knowledge of any a¢lual, suspected or 211eged fraud., the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations., the matters discussed among the audit engagement team regarding how and where fraud might owur in the financial statements and any potential indicators ol fraud. As a result of these procedures, we considered the opportunities and incenlives that may exist within the organisalion for fraud and identified the greatest potential for fraud. In common with all audils under ISAS IUKI, we are also required lo perform specific procedures to respond to the fisk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. We also obtained an understanding ol Ihe legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulallons thal had a direct effect on the determination of vnalerial amounts and disclosures in the financial stalemenls. We focused on laws and regulations that could give rise lo a material misslalemenl in the financial slatemenls, including, but not limited lo, the Companies AGI 2006, Charities Act 2011 and relevant lax legislation. Page 14 1411LTON KEYNES COMMUNITY FOUNDATION IA Company Llmlted by Guaranteel INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILTON KEYNES COMMUNITY FOUNDATION ICONTINUEDI Because of the inherent limitations of arb audit. there is a risk that we wll not delecl all irregularities, including those leading lo a material mlsslatemenl in Ihe financial stslemenls or non-compliance wilh regulation. This risk increases the more that complian¢e with a law or regulation is removed from the events and transactions rèflected in the financial statements. as we will be les8 likely lo become aware of instances ol non-compliance. The risk is also greater regaiding irregularities occurring due lo fraud rather Ihan error, as fraud involves intentional oonGealmenl, forgery, collusion, omission or misrepresenlalion. A further descriplion of our re$pon3ibililies for the audit of the financial gtalemenls 1$ located on the Financial Reporting Council's website al.. Mvw.Irc.or .uklaudilorsres onsibililies. This des¢riplion foims part of our Auditor's Report. Use ofour report Thi5 ieport is made solely lo the charitable ¢ompany's Iruslees, as a borty, in a¢coidance wlh Part 4 ot the Charities IA¢¢oun15 and Reports) Regulations 2008. OUT audit work has been undertaken so that we might stale lo the ¢harilable company's trustees those matters we are required lo slate lo them in an Auditor's Report and for no other puip05e. To the fullest exlenl permilled by law, we do not accept or assume responsibility lo anyone other than the charil8ble Company and ils members, as a body, ft)i our audit WOTk. for this report, or for the oplnions we have formed. kllu PL6¥-, Hllller Hopkins LLP Chartered Accountants Registered Auditor 249 Silbury Boulevard Millon Keynes MK9 1NA Dale.. I. 11, IJZ4- Hillier Hopkins LLP are eligible to act as auditors in terms of section 1212 of the Companies A¢1 2006. Page 15 MILTON KEYNES COMMUNITY FOUNDATION IA Company Limited by Guarantee) CONSOLIDATED STATEMENT OF FINANCIALACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Restrlcted funds 2024 Total fEJnds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activities Other trading activtlies Investments 1,254,904 293.351 784,923 1,071,778 1,054,053 2,308,957 293,351 784,923 1,613,052 2,703, 139 479,764 662.253 1,547.831 541,274 Total income 3,404,956 1,595,327 5,000,283 5.392,987 Exponditure on: Raising funds Charitable a¢livilies 1,903,133 1,968,032 1,903,133 3,299,032 2,184,531 3.081.553 11 1,331,OOD Total expenditure 3,87fj.165 1,331,000 5,202,165 5,266.084 Net (expenditurellincome before net gainsl{lossesl on investments Nel gainsl{losses) on invoslmenls 1466,2091 170,617 264,327 1,527,554 {201,882) 1,698,471 126,903 (7,835,/15) Net (expenditureyincome Transfers between funds 295,5921 1238,142) 1,791,881 238,142 1,496,289 (7.708.812) 25 Net movement in funds {533,734) 2,030,023 1,496,289 (T. T08.812J ReGonclllatlon of funds: Total funds brought forward Nel movement in funds 34.833,246 (533,7341 19,172,519 2,030,023 54,005,765 1.496.289 61,714,577 (7. 708,812) Total funds carrigd fO￿ard 34,299,512 21,202.542 55,502,054 54,005, 765 The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 22 lo 59 form part of these financial slatemenls. Page16 MILTON KEYNES COMMUNITY FOUNDATION IA Company Llmlted by Guarantee) REGISTERED NUMBER.. 2032715 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixèd assets Intangible sssets Tangible assets Investments Sociel investmenls Investment prgpety 16 17 7,437 32,727 20,845.815 10,000 33,705.543 11,687 52, 189 18,651,926 10,000 33,839,543 20 18 $4,601,522 52,565.345 Curr&nt a$sets Debtors Cash at bank and In hand 21 981.401 1.653.708 1,094 12Q 2.534,398 2,635,109 3,629.518 Creditors: amounts falling duewiihin one year 22 11,234.5771 (2. 189,098) N¢t ¢urrent a6sets 1.400.532 1,440,420 Totsl assets less eurrent Ilabllltles 56.002,054 54.00& 765 Credllors.. amounts falling due afteT more Ihon one year 23 1500,000) Total net assets 65,502,054 54.005, 765 Charity funds Restricted fund8 Unrestricted funds 25 21,202.542 19,172,519 Designated lurÈds General funds 25 25 33,636.630 762,882 33, 619,612 1,2t3,634 Total unreslricled lund$ 25 34.299,512 34,833,246 Total funds 55,502.054 54,OQ5. 765 Page17 MILTON KEYNES COMMUNITY FOUNDATION (A Company Llmlted by Guarantee) REGISTERED NUMBER: 2032715 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024 The Company was gnlftled to eX8mption from audit under seclion 477 ofthe CompaniesAcl 20CE. The members have nol required the enlity to obtain an audit for the year in question in accordanc6 with seclion 478 ol the Companiès Act 2006. Htmver, an audil Is requlred in a¢eord8nce with Sgclion 151 ofthe Charities Acl 2011. The Truslees a¢knowledge their re5ponsibilllics for complying with the requirements ol thè Acl with respect to accounliny racords and preparation of financial slalemenls. The financial statements have been prepared In accordance wllh the provisions applKable lo entities subject to the small companles regime. The financlal statements were approved 8nd auth(￿S8d for issue by Ihe Trustees and signed on their behalf by.. (11)- Matth Downton Chair of Trustees Jlll Hfrat¢n Trustee The notes on pages 22 to 59 form part of Ihese financlal slalemenls. Page 18 MILTON KEYNES COMMUNITY FOUNDATION {A Company Limlted by Guarante8) REGISTERED NUMBER: 2032715 COMPANY BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Noto Flxed assets Intangible assets Tangible assels Investmenls Stxlal investments Investment pr￿ety 16 17 19 20 18 7,437 585 21,245,816 10,000 24,880,543 11,687 1,610 19,051,927 10,000 25.004,543 46,144,381 44,079,767 Current ass#ts Debtors Cash at b8nk and in hond 21 1.218,467 1fv22,305 1,33t,323 2,248,911 2,640,772 3,580.234 Creditors: amounls falling due withln one year 22 11,150,260> (2,019,600) Nètcurrent assets 1,490.512 1.560,634 Totsl assets lesg current Ilabllltles 47.634,893 4&640,401 Cr¢dllors.' amoun16 falling due after more than one year 23 1600,0001 Total net as$¢ts 47.134,893 45.640,401 Gharlty funds Resl¥i¢led funds Unreslricledlunds 25 21.201,490 19, 172,519 Designated funds General funds 25 25 26,226.199 708,204 25,298, 181 1, 169,701 Total unreslficted fLmds 25 25,933,403 26,467,882 Total funds 47,134,893 45.640.401 The Company's nel movement In funds for the year was £1,494.501 (2023- £{5,301,407)). Page 19 MILTON KEYNES COMMUNITY FOUNDATION IA Company Llmlted by Guarantee) REGISTERED NUMBER: 2032715 COMPANY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024 The Company w8s entitled lo exemption from audit under secllon 477 oflhe Companles Act 20(￿. The membeTS havè not required Ihe enllly lo obtaln 8n audit for the year In queslton in accordance with secllon 476 of the Companles Act 2006, How8ver, an audil is required in accordance with seclion 151 of the Charllles Act 2011. The TrLJslees 8cknowledge their Tespon8ibililies foi Gomptying with the requiremenls of the Acl with respect to accounting recordA and pr6paralion of financial slalemenls. The flnancial slalements have been prepared In accordance with the provisions applicable lo enli1188 subjeGI to the $mall companies regime. The finanGial statements were appr(wèd and aulhotised for issue by the Trustees and slgned on their behalfby.. Matthek Downton Chair of Trustees HÈaton Trustee Dale.. 2Ltrliol£l+ The notes on pages 22 to 59 form part oflhese fjnanclal Statemenls. Page 2D MILTON KEYNES COMMUNITY FOUNDATION {A Company Limited by Guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operating aclivities Net cash used in operating activities 1635,940> (465,997) Cash flows from investing activitigs Dividends, interests and rents fiom investments Purchase of tangible fixed assets Proceeds from sale of investments Purchase of investments Proceeds from the sale of investment property Purchase of investment propety 640,847 {23,878) 74,091 1435,810) 586.390 978,300 {934.476J 795,000 (7,543) Net cash provided by investing activities 255,250 1,417.671 Cash flows from financing activities Cash inflows from new boriowing Repayments of borrow(ng 500.000 11,000,000) Net cash lused Inllprovidod by financlng actlvllles {500,000) Change in cash and cash equivalent5 In the year Cash and cash equivalents al the beginning of Ihe ye8r 1880,690) 2,534,398 951,674 1.582,724 Cash and eash equivalents at the end of the year 1,653,708 2,534,398 The notes on pages 22 10 59 form part of these financial statements Page21 MILTON KEYNES COMMUNITY FOUNDATION {A Company Limited by Guarantee) NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General infomiation Milton Keynes Community Foundation Llmiled I'lhe Community Foundation") is a private company incorporated and registered in England and Wales and limited by guarantee. The registered address is Acorn House. 381 Midsummer Boulevard, Central Milton Keynes. MK9 3HP. Accounting policles 2.1 Basls of preparatlon of flnancial statements The flnancial 8lalements have been prepared in accordance with the Charities SORP IFRS 102) Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities p￿parIng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 leffeclive 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 2006. Milton Keynes Community Foundation meets the definition of a public benefil enlily under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise slated in the relevant accounting policy. The Consolidated Slalemenl of Financial Aclivilies ISOFAI and Consolidated Balance Sheet consolidate the financial slalements of the Company and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis. The Company has taken advantage ol the exemption allowed under section 408 01 the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial slalemenls. The financial statements are prepared in sterling, which is the functional currency of Ihe company. Monetary amounts in these financial slatemenls are rounded lo the nearest £1. 2.2 Going concern The aftermath of the Covid 19 Pandemlc continues to be fell by the sector, and we are no different. Donations across the sector are repotled lo be down 250￿, and Ihis is rellecled in our operations. We are however looking at diveisification of OUF client base and are hoping Ihal we will be able lo buck this trend. Our investment portfolio continues lo perform well, and we do not anlicipale a sÉgnilicant drop in inveslmenl income during the next 12- 24 months. That being said, we continue lo monitor our cos15 careful and continue lo undertake detailed planning and scenario lesling so that the Iruslees are able lo make informed decisions regarding the best COLtrse of aolion to ensure that the OTganisalion continues lo be financially sound. The Iruslees are satisfied that the group's asset's allfibulable lo each of ils funds are availablè and adequate to fulfil ils obligations in relation lo those funds. The Trustees are confident that Ihe Community Foundation is able to continue to meet ils liabilities as they fall due for the foreseeable lulure and that the financial statements should be prepared on the going concern basig. Page 22 PJblLTON KEYNES COMMUNITY FOUNDATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PMRCH 2024 Accountlng pollcles Icontinuedl 2.3 Income All income is recognised once the Company has enlillement lo thè income, it is probable that the income will be received and the amount of income receivable can bè measured reliably. Grants are included in the Consolidated Statement of Financial Aclivilie5 on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in Ihe relevant funds on the Balance Sheet. Where income is received in advance of enlillemenl of receipt, ils recognition is deferred and included in credilors as deferred income. Where entitlement occurs before income is received, the income is accrued. Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the lime of the donation. Income tax recoverable in relation to investment incomè is recognised at the lime Ihe investment Income is recelvable. Donations relating to a specific period and donations by deed of covenant, or under gift aid, where the full amounl has been deposited in advance are taken into income over the peiiod to which they relate. ￿ere possible, gifts in kind have been quantified and included in these financial slalements, in accordance with the SORP criteria. Any grants the Communily Foundation receives towards ils administration ¢osls are included on a receivable basis. Donated land is recognised al market value al date of re￿ipl. Property income Property incorne represents rents and service charges (net of VATI receivable on a Stra￿hl-lIne basis over the life of the lease. The assets for which rent is received are included in investment properties in fixed assets. Appropriately-apF)OrtiOFied gains or losses on property disposals are also included in property company income or expenditure. Property income has been analysed between bolh investmenl income and income from charitable aclivilies. That element Irealed as investment income relates lo those properties that are let on full commercial rental basis and that reported as income from charitable activities relales to income from properties let al a subsidised rer¢l lo Voluntary and Community Sector lenanls. Subsidiary company Income Property company income represents income from hire of meeting and conferencing facilities and fent from SmaS1 Business Units {net of VATI receivable on a slraighl-line basis. Any surplus income generated by the subsidiary company is distributed to the MK Community Foundation. Page 23 iVIILTON KEYNES COMMUNITY FOUNDATION (Acompany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Aecountlng pollcles Icontlnuedl 2.4 Expenditure Expenditure is recognised once there is a legal or conslruclive obligation to tr2nsfer economic benefit lo a third party. il is probable th21 a transfer ol economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditu￿ is classified by aclivity. The costs ol each activity are made up of the lolal ol direcl cos15 and shared costs. including support costs involved in undertaking each activity. Direcl costs allribulablo lo a single activity are allocated directly lo that aclivily. Share(J cosls which contribute to more than one activity and support costs which awe not allribulable to a single activity are apportioned between those activities on a basis consistent with the use of ￿sOurCeS. Central staff costs are allocated on tho basis of lime spent, and depreciation charges allocated on the portion of the asset's usè. Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charilable trading. These cosls incurred allracling voluntary income and investment managemenl expenses, including manaoemenl of investment properties. Expenditure on charitable activities is incurred on direclly undertaking the activities which further the Group's objectives, as well as any associated support costs. This includes the value of grants awarded. This also includes governance costs including those incurred in the governance ol the Community Foundation and ils assets. Expenditure th21 can be recognised as wholly allribulable to governance costs. for example audit fees and Trustee expenses, are directly allocated. All other costs, including staffing cosls, are apportioned on Ihe basis of an estimate ol the time spent by each member ol staff on governance-relaled issues. Such costs are primarily associated wilh the stralegiG planning processes that contribute to the future development of the Community Foundalion and its slatulory requirements. Grants payable are charged in the year when the offer is approved by the Trustees and accepted by the beneli¢iarie8. The value of such grants unpaid al the year-end is accrued. Grants wheie the beneflciary has lo meet ceriain condllion8 before the grant is released are not accTued. All expenditure is Incluslvè of Irrecoverablè VAT. 2.5 Government grants Government grants relating to langible fixed assets are Irealed as deferred income and released lo the Consolidated Slalement of Financial Activities over the expected useful lives of the assets concerned, Other grants are credited lo the Consolidated Slalement of Financial Activities as the related expenditure is incurred. 2.6 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group., this is normally upon notifi'cation of the interest paid or payable by the inslilulion with whom the funds are deposited. Page 24 MILTON KEYNES COMMUNITY FOUNDATION IA Company Limlted by Guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Aeeounting policies Icontinuedl 2.7 GiftAid In the case of a Gift Aid payment made within the Group, income is accrued when the payment is payable to the Parent Company under a legal obligation. Measurement is at the fair value receivable, which will normally be the transaction value. Where the right to receive Gift Aid has been established. the amount receivable is recognised as inveslmenl income in the Consolidated Slatemenl of Financial Aclivilies. 2.8 Taxatlon The Company is considered lo pass the tests sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation lax purposes. Accordingly, the Company is potentially exempl from taxation in re8pe¢l of income or capital gains received within calegories covered by Chapler 3 Part 11 of the Corporation Tax Acl 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the exlenl that such income or gains are applied excSusively to chaTilable purposes. All expendilijre is classifi'ed under activity headings that aggregate all cosls related to the category. Irrecoverable VAT is charged against the category of resources expended for which it is incurred. 2.9 Intangible assets and amortlsatlon Intangible assets cosling £NIL or more are capitalised and recognisèd when futuie economic benefits are piobable and the cost or value of the asset can be measured reliably. Intangible assets are initially reC￿nISed al cost. After recognition, uncler the cost model, intangible assets are measured al cost less any accumulated amorlisation and any aGGumulaled impairment losses. Amorlisalion is provided on intangible assets al rates calculated to wwile off the cosl of each asset on a slraighl-line basis over its expecled useful life. Amortisation is provided on the followir7g basis.. Website 33°/0 2.10 Tangible flxed assels and depreciation Tangible fixed assets costing £1,000 or more are capilalised and recognised when future economic benefits are probable and the c05t or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, lan9ible fixed assets a￿ measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Page 25 MILTON KEYNES COMMUNITY FOUNDATION IA Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Aceountlng policies Icontinued) 2.1 O Tanglble fixed assets and depreciation Icontlnuedl Depreciation is charged so as lo allocate the cost ol tangible fixed assets less their residual value over their eslimaled useful lives, using the slraight-line method. Depreciation is provided or7 the following basis.. Office fixtures & fillings 25- s￿/0 The assets, residual values, useful lives and depreciation fflelhods ate reviewed, and adjusted prospectively rf appropriate, or if there is an indulion of a signifKanl change since Ihe last reporting dale. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated Statement ol Finan¢ial Activities. 2.11 Investments Fixed asset investments are a form of financial instrument and are initially recognised al their transaction cost and SLJbsequently measured at fair value at Ihe Balance Sheet dale. unless the value cannot be measured rel￿blY in which case il is measured al cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl{Los8esl on investments, in the Consolidated Statement of Financial Aclivilies. Irbveslmenls in subsldiaries are valued al cost less provision for impairment. 2.12 Freehold and ltrasehold Investment properties The investment properties are held for long-leTm investment and are included in the group balance sheet al their open market values. The surpluseg or deficits on the revaluation of such properlies are transferred lo the Designated Property Fund. Depreciation is not provided in respect of investment propertses. 2.13 Debtors Trade and olhei debtor5 are recognised at the selllemenl amount after any trade discount offered. Prepayments are valued al the amounl prepaid net of any trade discounts due. 2.14 Cash at bank and Sn hand Cash at bank and in hand includes cash and 8horl-lerm highly liquid investments with a short malurily of three morblhs or less from the date of acquisition or opening of the deposit or similar account. 2.15 Financial inslruments The Group only has financial assets and financial Ilabililies of a kind that qualify as basiG linancial nslrumenls. Basic financial instruments are initially recognised al IransaGlion value and subsequently measured al their selllement Value with the exception of bank loans which are subsequently measured al amDrtised co81 using the effective interest method. Page 26 MILTON KEYNES COMMUNITY FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEWFENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontlnuedl 2.16 Liabilities and provislons Liabilities are recognised when there is an obligation at the Balance Sheet date as a resull of a past event, il is probable that a transfer of economic benefit will be required in selllemenl, and the amount of the selllemenl can be eslimaled reliably. Liabilities are recognised at the amount that the Company anllcipates il will pay to Settle the debt OT the amount il has received as advanced payments for the goods or services il must piovide. Provisions are measured at the best estimate ol the amounts required to sellle the obligalion. Where the effect of thè lime value of money is material. the provision is based on the present value of those amoLJnts, discounted at the pre-tax discount rale that reflects the iisks specific lo the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost. 2.17 Operating leases Rentals paid under operating leases are chaiged to the Consolidated Slalement of Financial Activities on a slraighl-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a slraighl-line basis over the lea8& teim, unless another systematic basis is representative of the tSme pallern of the lessee's benefit from Ihe use of the Seased asset. 2,18 Pensions The Group operates a defined Contribution pension schetne and the pension charge ropresents the amounts payable by the Group lo the fund in respect of the year. 2.19 Fund accounting General funds are unreslricled funds which are available for use at the discretion of the Trustees in furlheTance of the general objectives of Ihe Group and which have nol been designaled for other purposes. Desigrnated ftjnds comprise unreslricled funds Ihal have been sel aside by the Trustees for particular purposes. The aim and use of each designated tund is sel out in the notes lo the financial slatemenls. Reslricled funds are funds wh￿h are to be used in accordance with specific reslriclions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocaled to the appropriate fund. Pagg 27 MILTON KEYNES COMMUNITY FOUNDATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Critical accounting esllmates and areas of judgment Eslimales and judgments are continually evaluated ar￿ are based on historical experience and other factors, including expectations of future evenl8 that are believed to be reasonable under the circumstances. Critical accounling estimates and assumptions. The Group estimates and assumptions concerning the future. The Tesulling accounting estimates and assumptions will, by delinilion. seldom equal the related aclual results. The eslirllates and assumptions that have a significant risk of causing a maleiial adjuslmenl lo the carrying amounts of assets and liabilities within the next f nancial year are discussed below. Critical areas of judgment.. Property valuation There are estimates and assumptions made when the investment property portfolio is valued at their market value. These eslimales are Continually evaluated and are based on historical experience and other factors, including expectations ol future even15 that are believed lo be reasonablè under the Circumstan￿S. The key judgement relates to the classification of the property portfolio. The Truslees have considered whether the group's porllolio of properties should be accounted for as tangible fixed assets or as investment properties. Many of the properties are available on occasion to be rented lo the charily's beneficiaries al subsidised rents. However, the Trustees cons¢der that the propeflies are primarily held for long term investment with the objective of generating financial income andlor proceeds from their sale to maximise a surplus which can be used to make grants or to sUPPOrt the voluntary and community sector through subsidised rent. Accordingly, the Trustees consider that the properties are investment properties and that any changes in Iheif value should be recognised as gains or losses on investment properties. However, any rental income which is generated by properties let al sub51di5ed rates is recognised as income from charitable activities ialhe¥ than investment income lo reflect Ihe objectives of the charity. Page 28 MILTON KEYNES COMMUNITY FOUNDATION IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacies Unrestricted Restrieted funds funds 2024 2024 Total funds 2024 Donations General donations 1,254,904 1,054,053 2,308,957 Donations received in kind 1.254.904 1,054.053 2,308,957 Unrestricled funds 2023 Reslrioted funds 2023 Total funds 2023 Donatlons General donations Donations received in kind Grants 1,401,403 53. 7QO 39,369 1,208.667 2,610.070 53. 700 39,369 1,494,472 1,208.667 2, 793, 139 Donations received in kind are valued on the basis that such strvi¢es were purchased as a commercial transaction on an arms length basis. All such donations have been included as Un￿strICted income. They ale for the Community Pfize Draw. Land sites, IT subscriptions and Away day ￿$1$. Income from charltable activlties Unrestricted funds 2024 Total funds 2024 Service charge income 293,351 293,351 Page 29 MILTON KEYNES COMMUNITY FOUNDATION IA Company Limited by Guarantee) NOTES TOTHE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from charltable activities Icontinuedl un￿StriC1sd funds 2023 Tolal funds 2Q23 Service charge income 479, 764 479. 764 Income f rom other trading activilles Income from non charltable tradlng actlvities Unrestrlcted funds 2024 Total funds 2024 Trading income- MK Community Properties Ltd 784,923 784,923 Unreslricled funds 2023 Total funds 2Q23 Trading inGome- MK Community Properties Ltd 662,253 662.253 Investment income Unrestrlcted funds 2024 Restricted funds 2024 Total funds 2024 Property inveslmenls Listed investments Bank interest 970,091 99,573 2.114 970,091 640.847 2.114 541,274 1,071,778 541,274 1,613,052 Page 30 iVIILTON KEYNES COMMUNITY FOUNDATION {A Company Limited by Guarantee) NOTESTOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Investment income Icontinuedl unrestr￿ted funds 2023 Reslricled funds 2023 Tolal funds 2023 Propety inveslnEnts Listed Invest￿nIS 961,441 961,441 586,390 586.390 961,441 586.39Q 1.547,831 Expenditure on raising funds Costs of raising voluntary income UnTestrictgd funds 2024 Total funds 2024 other costs Apportioned costs Wages and salaries 13.229 53,348 282,941 13,229 53.346 282,941 349,616 349,516 Unrestricted funds 2023 To181 funds 2023 Other costs Apportioned costs Wages and salaries 76, 124 75,498 220,332 76, 124 75,498 220,332 3TI.954 371.954 Page 31 MILTON KEYNES COMMUNITY FOUNDATION (Acompany Limltod by Guaranteel NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on raising funds {continued) Fundraising tradSng expen868 Unrestricted funds 2024 Total funds 2024 Apportioned costs 29,656 29,658 Unr&slricted fiinds 2023 Total funds 2023 Apportioned costs Wages and salaries 22,060 7,262 22,060 7.262 29.322 29,322 Other trading expenses Unrestrlcted funds 2024 Total funds 2024 MK Community Properties Ltd Irading expenses MK Community Propertles Lld staff costs MK Community Properties Ltd depreciation 179,544 123,660 42,359 179,544 123,660 42,359 345,563 345,563 Page32 MILTON KEYNES COMMUNITY FOUNDATION IA Company Limlted by Guarantee) NOTESTOTHE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Exp¢ndilure on ralsing funds Icontinuedl other trading expenses Icontinued) Unrestricled funds 2023 Total funds 2023 MK Community Properties Ltd trading expenses MK Community Properties Ltd staff costs MK Community Properties Ltd depreclation t78,820 106,097 92.992 178,820 106,097 92,992 377,909 377,909 Investmentmanagementcosts Unrestricted funds 2024 Total funds 2024 Propety costs Loan interest payable 1,137,256 41,142 1,137,256 41,142 1,178.398 1.178.398 Unrestricle funds 2023 Total ftjnds 2023 Property costs L02n interest payable Apportioned costs Wages and salaries 1,366.518 36.079 550 t.366.518 36,079 550 2,200 2,200 1.405,347 1,405,347 Page 33 MILTON KEYNES COMMUNITY FOUNDATION (A Company Llmlted by Guarantee} NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 iVIARCH 2024 10. Analysis of grants Grants to Institutions 2024 Total funds 2024 Grants awarded 2.595,505 2,595,50S Grants to Inslllut￿nS 2923 Total riinds 2023 Grants awarded 2,363, 789 2,363, 789 Analysis of expenditure on charltable activities Summary by fund typè Unrestricted fund5 2024 Restrlcted funds 2024 Total 2024 Grants awarded fj.968,032 1,331,000 3,299,032 Unroslricted funds 2023 Restricted funds 2023 Tot81 2023 Grants awarded 1,282,805 1.798,748 3.081,553 Page 34 MILTON KEYNES COMMUNITY FOUNDATION IA Company Limited by Guarantee} NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Analysis of expenditurè by activities Activities undertaken dlrectly 2024 Grant funding of activities Support costs 2024 Total funds 2024 2024 Grants awarded 382,775 2.595.505 320,752 3,299,032 Aclivilies undertaken directly 2023 Grant funding of aclivilies 2023 Support costs 2023 Total funds 2023 Grants awarded 432,528 2,363, 789 285,236 3,081,553 Analysis of direct costs Grants awarded 2024 Total funds 2024 Staff costs Other costs Apportioned costs 151,245 129,920 101,610 151,245 129.920 101.610 382,775 382,775 Granls awarded 2023 Totgl funds 2Q23 staff costs Other cosls 165,175 141.420 125.933 165.175 141,429 125,933 Apportioned costs 432,528 432,528 Page 35 MILTON KEYNES COMMUNITY FOUNDATION IA Company Limited by GuaYantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Analysis of expenditure by actlvities IGontinuedl Analysis of direct costs (continued) Property costs shown here represent the cost of managing and maintaining our extensive propety portfolio. Costs that can be recognised as wholly allributable lo one of the above categories are directly allocated. All other costs, including staff costs. are apportioned on the basis of an estimate of the lime spent by each member of slatt within the category. The allocation of staff lime across variovs projecls changes from year lo year depending on the factors Identified and agreed by the Board. Staff costs have been apportioned as lollows.. Catergory.. 2024 2023 Cost of raising funds Property costs Marketing Investment management costs Charitable aclivilies support costs Govefnance costs 25.640 27.52Vo 14.250A 28.81 Yo 20.49'10 1.00¥. 11.27° 14,52% Analysis ofsupport costs Granls awarded 2024 Total funds 2024 staff costs 148,981 5,275 16,950 149.546 148,981 5,275 16,950 149,546 Depreciation Audit fees Governance costs 320,752 320,762 Page 36 MILTON KEYNES COMMUNITY FOUNDATION IA Company Limited by Guarantee} NOTESTOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Analysls of expendlture by actlvltles (continu¢d> Analysis of support Costs Icontinued) Grants awardeo Total funds 2023 2023 Staff costs Depreciation Audit fees Govornance costs 100,267 6,910 14,300 163. 759 100,267 6,910 14.300 163, 759 285,236 285.236 13. Audltovs remuneratlon 2024 2023 Fees payable to the Company's auditor for the audit ofthe Company's annual accounts 16.950 14,300 Fees payable lo the Company's auditor in respect of.. All taxation advisory services not included above 1,895 1,825 14. Staff costs Group 2024 Group 2023 Company 2024 Company 2023 Wages and salaries Social security costs Contribution to defined Conlribulion pension schemes 731.888 68,700 652,511 55,625 608,228 68,700 546,414 55. 625 32.332 18.908 32,332 t8,908 832,920 727.044 709,260 620,947 Page 37 MILTON KEYNES COMMUNITY FOUNDATION IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Staff costs Icontlnued) The average number of persons employed by the Company during the year was as follows= Group 2024 No. GroIip 2023 No. Marketing and Fund Development Charitable activities Operations Flnance and Governance 8.0 5.5 23.6 21.3 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. Group 2024 No. Group 2023 In the band £60,001- £70,000 In the band £80,001- £90.000 The total key management personr¢el of the parenl charity comprise the Trustees and the Senior Executive Team, as disclosed on page 1. The employee benefits of the key managemenl personnel were £296,97212023 - £286,471), including employer's national insurance of £29,46412023 - £30,790). The key managemenl personnel for the group are the same as for the charity. 15. Trustees, remuneration and expenses During the year. no Trustees recelved any remuneration or other benefits (2023- £NIL). During the year ended 31 March 2024, no Trustee expenses have been incurred or reimbursed for travel expenses (2023- £NIL). Page 38 MILTON KEYNES COMIVJUNITY FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Intanglble a88et8 Group and Company Webslte Cost Al 1 April 2023 17,000 Al 31 March 2024 17,000 Amortisalion Al 1 April 2023 Charge for the year 5,313 4.250 Al 31 March 2024 9,563 Nel book value Al 31 March 2024 7,437 At 31 March 2023 11,687 The amortisalion cha￿e for the year is apportioned bèiween expenditure on raising funds, grants made and property activity. Page 39 MILTON KEYNES COMMUNITY FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PJlARCH 2024 Tangible fixed assets Group Offlce flxtures & fittings Cost or valuation Al l April 2023 Additions 955,210 23,87B Al 31 March 2024 979,088 Depreciation Al 1 April 2023 Charge for the year 903,020 43,340 At 31 March 2024 946,360 Net book value A131 March 2024 32,728 At 31 March 2023 52,189 Page 40 MILTON KEYNES COMMUNITY FOUNDATION (A Company Limited by Guarantee} NOTESTOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Tangible fixed assets Icontinued) Company Officè fixtures & flltlngs Cost or valuatlon At 1 April 2023 40,650 At 31 March 2024 40,650 Depreciation At 1 April 2023 Charge for the year 39.040 1,025 At 31 March 2024 40,065 Nttt book value Al 31 Maich 2024 585 At 31 March 2023 1,610 The depreciallon charge for the year is apportioned between expenditure on raising funds, grants made and properly activity. Pag8 41 MILTON KEYNES COMMUNITY FOUNDATION {A Company Limited by Guaranteè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Investment property Group Long term Freehold leasehold investment investment property property Total Valuation Al 1 April 2023 Surplus on revaluation 32,034,043 1145,0001 1,805.500 11,000 33,839,543 {134,000) Al 31 Mareh 2024 31,889.043 1,816,500 33,705,543 Company Long term Freehold leasehold investment Investment property property Total Valuatlon At 1 April 2023 Surplus on revaluation 23,199,043 1135,000) 1,805,500 25,004,543 11,000 1124,0001 Al 31 March 2024 23,064.043 1,816,500 24,880,543 The investment properlies were valued at 31 December 2023 by external valuers, Kirkby Diamond, Chartered Surveyors, on the basis of open market value in accordance with the appraisal 2nd valuatio manual of the Royal Inslilution of CharterÈd Surveyors. The valuation approach is as described in the RICS Information Paper "Comparable Evldence in Property Valuation" The Truslees are of the opinion that there has been no material mvemenl in value of these properties between that dale and 31 March 2024. The historical cost of the properties is £2,994,97912023- £2,994,979). These valuations are not shown in these accounts as nel ol the claw back provision, see note 34 for information on these conlingenl liabilities in place on the larid and properb'es against these carrying values. Page 42 MILTON KEYNES COMNtUNITY FOUNDATION (A Company Limited by Guaranteel NOTESTOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Flxed asset Investments Llsted investments Group Cost or valuation At 1 April 2023 Additions Disposals Revaluations 18.651.925 435,810 (74.091) 1,832,171 At31 March 2024 20,845,815 Net book value At 31 March 2024 20,845,815 At 31 March 2023 18,651,925 The historical cost of investments held at 31 March 2024 was £13,731,80312023- £13,605.3901. Investments in subsidiary Listed companles investments Total Company Cost or valuatlon Al l April 2023 Additions Disposals Revaluations 400,001 18.651.925 435,810 74.091) 1,832,171 19.051,926 435,810 174,0911 1,832,171 At 31 March 2024 400,001 20,845.815 21.245.816 Net book value At 31 March 2024 400,001 20.845.815 21,245,816 At 31 March 2023 400,OQt 18,651.925 19.051.926 Page 43 MILTON KEYNES COMMUNITY FOUNDATION IA Company Limited by Guarantee) NOTES TOTHE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Principal subsidiaries The following were subsidiary undertakings of the Company.. Names Company Principal activity number Class of shares Holdlng MK Community Properties Limited 2650530 Providei of Meeting Ordinary £1 and Conference shares Facilities and Small Business Units Dormant MKCP Limited 9466716 Ordinary £1 shares The financial results of the subsidiaries for the year were= Names Income ProfiU{L0s5} Expendlture for the year Net assets MK Community Properties Limited MKCP Lirniled 784,923 {783,135) 1,788 8,767,161 20. Soclal Investments Group and Company SoGial Enterprise proje¢t Cost oy valuation Al 1 April 2023 10,000 10,000 Net book value Al 31 March 2024 10,000 Al 31 March 2023 10.000 The Community Foundation still holds a direct equity holding of £10,000 in Future Wolverton lo help fund a social enterprise project in the Gily. Page44 MILTON KEYNES COMMUNITY FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. Debtors Group 2024 Group 2023 Company 2024 Company 2023 Due withln one year Trade debtois Amounts owed by group undertakings Other debtors Prepayments and accrued incomg 250,543 449,280 164,316 446,644 120,213 487,294 340,942 426,947 161,494 401,940 120,213 610,645 161,495 484.345 981,401 f.095,120 1,218,467 1.331,323 22. Creditors: Amounts falling due within ong year Group 2024 Group 2023 Company 2024 Company 2023 Bank loans 1,000,000 131,287 85,166 139, 184 591.802 241,659 1,QOO,O(Xl 115.253 85.166 100,055 477,467 241.659 Trade creditors 83.802 62,281 151,411 602,384 334,699 80,306 62,281 114,711 558,263 334,699 Olhei taxation and social seCur￿ty other crediloTS Accruals and deferred income Grants ac¢nJed 1,234,577 2,189.098 1,150,260 2,019,6(K) Group 2024 Group 2023 ompany 2024 Company 2023 Deferred income al 1 April 2023 Resources deferred during the year Amounts released from previous peiiods 46,758 250,239 213,878 46. 758 146,7581 (250,239) 207,989 177,236 (297,989) 213.878 46,758 177,236 Deferred income represents rent and setvice charge income received in advance. Page 45 MILTON KEYNES COMMUNITY FOUNDATION {A Cornpany Llmlted by Guarantee) NOTES TOTHE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 23. Credltors: Amountsfalllng due aftermore than one year Group 2024 Group 2023 Company 2024 Company 2023 Bank loans 500,000 500,000 On 6 April 2023 the loan was renewed with Handelsbanken for £500,000 and was fixed a11.82010 above fixed iale for two years. The loan is secured by a fixed charge over Margaret Powell House. Acorn House and the units in Burners Lane. Stacey Bushes. The carrying value of these properties is £11,130.000 {2023 - £10,950,000). 24. Financial instruments Group 2024 Group 2023 Company 2024 Gompgny 2023 Financial assets Financial assets measured al fair value through income and expenditure 20,855,815 18.661,926 20,855,815 IB,661,926 Financial assets measured at fair value through income ond expenditure comprise of the listed and social inveslmenls. 25. Statement of funds statement of funds- current year Balance at 31 March 2024 Balance at 1 April 2023 Transfers Inlout Galn81 (Losses) Income Expenditure Unrestrlcted funds Deslgnated funds Propety 33,619.612 51,018 1134,0001 33,536,630 General fund8 Community 1,213,634 3,404,956 13,871,165) 1289,160) 304,617 762,882 Total Unrestrlcted funds 34,833,246 3,404,956 13,871,165) 1238.1421 170,617 34,299,512 Page 46 MILTON KEYNES COMMUNITY FOUNDATION (A Company Limited by Guarantee} NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Statement of funds (conlinued) Balance at 31 March 2024 Balance at I April 2023 Transfers inlout Gainsl (Losses) Income Expenditure Restricted funds Arts Fund 481,741 141 18,733 126,1721 50,363 524.665 Sports Rel8f Fund Margarel Powell (Grantsl MK DASS Fund 141 356 3S6 369,117 221 10.4?4 31,912 411,523 893 RSM Fund 225 14471 Women's Fu￿1 43,454 1,091 {3,8031 3.182 43,924 Ihe¢enlre.'Mk Fund 7.127 P,2001 (11,1821 16,8981 4,927 NiftyLift Funcl Famlly Funds Edward Hurley M6morial Fund Gtassroots Endowment Fund 60.858 1,421 4.321 55,419 327,592 290,930 16,746 173 26,987 33S,655 YO,339 114,1901 500 31,(64 363,368 1,067,290 1,280 92,S12 31,723 139.4231 11,1001 154.3951 1$24,4331 (4,3101 13731 96,468 1,156,057 180 Sh005niilhs Fund Sunqving Wnter Loc21 Giving New Communitieg Funds 7,833 45,950 72,$97 204,660 97,093 599,936 208,970 121 Jubilee Sports Fund 120 614 Community First EMC Hopkinson Music Fund 13,846A34 389.400 (369,1191 80.250 1.165.136 86,567 2,376 7,225 96,168 VW Fund 6,415 72,241 15.6451 37.5(K) 5,057 115,568 Music Centre FUNI 8.71$ 12,4201 12.0901 6.295 Buslness Leaders Fund Gieal Linford Walerslide Festival Fund Pievenlion of Crime Fund 2,094 47,933 1,414 4,300 53,647 17 Rainscourt Fund Tony Byrné Financlal Services Fund 6,257 15,8741 383 32,050 11,450 20,000 4,691 68,191 Page 47 MILTON KEYNES COMMUNITY FOUNDATION IA Company LlmSted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 25. stat8m8nt of funds {contlnuedl statement of funds- current year lcontinuedl Balance at 31 March 2024 Balance at 1 Aprll 2023 Transfers inlout Gainsl (Lossesl Income Expenditur8 Youlh Social Aclion Fund 15,769 15,769 Biamwell Fund 14,690 8,(X)O 114,5081 110,4501 8,182 Chicheley Fund ICAEW Social Moblltty Fund 73,700 7,581 5.377 76,208 111 New Cily Fu¢)d Tampon Tax Fund Olftey Education Trust Beadl8 Fund MK Council 2050 Fund - Hybrid MK Council 2050 Fund - Endowment 21,431 7,900 111,0001 18,331 2.047 2,047 6,501 6,501 84,921 2,643 (2,7501 8,0&fj 92,849 8.672 3.352 19.8391 105,715 10.192 118,095 105,718 105,718 W 1881,236) 13,848,434 Hopkin80N Music Fund Coventry Building Society Fund 88.070 2,358 13,8591 86,567 VW Fu￿1 18,433 112,0181 6,415 Music Centre Fund 10,365 11,650} 8,715 Page 51 MILTON KEYNES COMMUNITY FOUNDATION (A Company Limitèd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 25. stalementof funds lcontinuedl Statement of funds- prior year Icontlnuedl Balance at 31 March 2023 Balance al 1 April 2022 Transfer8 Inlout Galnsl (Losses) Income Expenditure BTg Local Conniburfow Fund 33.543 28,389 (62.OD21 70 Great Linford Waterslide Festival Fund Piev¢ntion ol Crlme Fund Rainscourt Fund Tony Byrne Financial SeNices Fund Youlh Social A¢li¢i Fund 48,B28 1.402 {2.297} 47,933 182 11651 12.4861 17 6,257 2.493 6,2 32,665 964 {1.579) 32,050 15,769 12,841 S3,399 15.769 14,690 73,700 Bramwell Fund fjo,o 18.1511 15,3331 Chicheley Fund ICAEW SocAal Mobility Fund 17,078 12.1101 111 111 New Clly Fund Tamptsn T8x Fund 17,892 2,047 13,550 110.0111 21,431 2.047 Olnèy Educalion Trust Beadle Fund MK Council 2050 Fund- Flowlhrough MK Council 2050 Fund- Endowment 6,501 88.241 6,501 84,921 2,621 11,650} (4.291) 25.325 2.467 {22,048) 12,9281 8,672 113,232 6.615 857 {8,3711 105,718 6,615 Walercare Fund TVP - Violent Crime Reduction 48 1571 105 Covid 19 Emergency R8sponse MK Chii5lian Centre Fund Noifflan Hawès Memorial Trust Endowment Norman Hawes Memorial Trust Flowthrough NET Emergency Appeal 52.220 3,222 (9,5921 q05 52,220 3.222 {9.592} 65,034 151.341 4.034 16,6061 148.769 8,386 8,386 389 389 9 Eons Limited 10,377 10,000 118,4251 1,952 Page 52 MILTON KEYNES COMMUNITY FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANC5AL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 25. Statement offunds Icontinuedl Stalement of funds- prior year Icontlnuedl Balance at 31 March 2023 Balance at I April 2022 Transfers Inlout Galnsl ILossesl Income Expenditure Anglian Walei Positive Difleren¢o 6,100 1,509 4.921 6.100 LEAP Fund 3,(X)O 4.509 Nel DCMS Fund Covid 19 Recovery Fund 14,2911 102.871 9,624 102,926 Sick Mans Fr¢end 19.6241 122,842) {4.365) MBS Fund- MK 23.8BO 18,90S 11,0381 (14,540) MBS Fund- Bucks Boswell M8ntsl Health Fund 13.354 20,843 250 949 15701 13,733 8,423 ECOS Aclive- MK {12,4201 DD McPhail {250} Personal Assurance Trust 4,500 4,500 Next Generation Fund 1,529 1,475 112) 2,992 National Hockey Fund 95,050 6,700 116,559) 110.800) 78,491 5,900 Rouleco Fund 10,OCKJ Refugge C¥isis AppÈal ToTrin AM Fund 9,254 2,031 10,681 2,9SS 1S,000 1,745 2,989 15,192 {9.190) 1,809 4,933 (871 {2,6791 Limb Family Fund Great Linford Fund 23,194 1,903 15,000 11.Q521 Thrive Homes MKC Platinum Jubilee Fund 16,921 116,921) David Lock Flowthrough Britsltsl and Wesl 10.000 {8.503) (6,538> 1,497 6,538 57.840 HeatDn Tarfant 50,(X)O 697,500 fjOO,(K)O 11.3541 106,486 667.500 52,077 Large Slialegic Gianl Food Bank M&G Crisis in Communities Flowlhrough Fund 130,000) 303.028 15781 3.600 13,598) Page 54 MILTON KEYNES COMMUNITY FOUNDATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 25. statemerrtof funds {continuedl Statement of funds- prior year Ic¢ntlnuedl Balance at 31 M8rGh 2023 Balance 8t 1 April 2022 Transfers inlout Gains1 ILo556s1 Income Expenditure David Wnks Endowment Fuiid BRC Communities in Crisis Flowlhrough Fund DCMS Communilies in Crisis Flowlhrough Fund Total restricted funds 5D,762 1,315 S2,077 3,005 13,W51 4,766 4.993 227 19 101,369 1,795,057 1,798,748 915,904 841063 19.172.519 Total of funds 61,714,578 5.819,737 15.692,83S 7.835,7151 54,005,765 26. Summary offunds Summary offunds-currentyear Balance at 31 March 2024 Balance at 1 April 2023 Transfers inlout Galnsl (Losses) Income Expenditure Designated funds General funds Restricted funds 33,619,612 ,213,634 51,018 {289,1601 1134.000) 33,536,630 304,617 762,882 3,404,956 {3,871,165) 19,172,519 1,595,327 {1,331,0001 238.142 1,527,554 21,202,542 54,005,765 5,000,283 15,202,165) 1,698.171 55,502,054 Summary offunds- prloryear 8alance al 31 ma￿1? 2023 B818nc8 at l April 2022 Transfers in/oiil GaFns/ (Losses) Income Expendilure Designaled funds General funds Reslricled hjnds 40,191,231 2,421,978 12 319. 192 4,024,668 (3,894,087) {1.235,096) (6,89Q.823) 33, 619,612 (103,829) 1,213,634 19, 101,369 1. 795,057 (1, 798. 748) 915.904 (841,063) 19, 172,519 61, 714, 578 5,819, 737 (5,692,835) (7,835,715) 54,005, 765 Page 54 MILTON KEYNES COMMUNifY FOUNDATION IA Company Limited by Guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANGIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 27. Analysls ol net a55ets between funds Analysi5 of net assets between funds- current perlod Unrestricted Restrlcted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Intangible fwed assèts Fixed asset investments Investment propety Social investments Current assets Creditors due within one year Creditors due in more than one year 32,727 7,437 32,727 7,437 20.845,815 20,845,815 33,705,543 10,000 2,635,109 {1,234,5771 1500,000) 33,705,543 10,000 2,278,382 11,234,577) 1500,0001 356.727 Total 34,299.512 21,202,542 55,502,054 Analysls of net assets bgtween funds - prlor perlod Unrestricted funds 2023 Reslrict6a funds Total funds 2023 Tangible fixed assets Intangible fixed assets Fixed asset Investments Inveslmenl property Social investments Current as8ets Creditors due wtlhln one year 52.189 11,687 52,189 11,687 18.651,926 t8,651.926 33,839,543 fo,000 3,629.518 (2, 189.098) 33,839.543 10.000 3, 108,925 (2, 189,Q98) 520,593 Total 34,833.246 19, 172,519 54,005, 765 Page 54 MILTON KEYNES COMMUNITY FOUNDATION (Acompany Limited by Guarantee) NOTESTOTHE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 28. Reconcillatlon of net movement in funds to net cash flow from operating activitie8 Group 2024 Group 2023 Nel incomelexpendilure for the period las per Slalemenl of Financial Activiliesl Adjustments for.. Depreciation charges Amortisalion charges Gainslllosses} on investments Dividends, interests and rents from inveslmenls Decreasel{increasel in debloTS Increase in creditors 1,496,289 (7, 708,812) 43,340 4,250 11,698,171) {640.8471 113,719 45,480 94,17 4,250 7,835.715 f586,390) (297,203) 192,268 Net cash used in operatlng aetivities {635,9401 (465.997) 29. Analysis of cash and cash equivalents Group 2024 Group 2023 Cash in hand Deposit accounts MK Community Property bank accounts 799,616 622,689 231,403 1,649.943 598,968 285,487 Total cash and cash èqulvalenis 1.653,708 2.534.398 30. Analysis of changes in net debt At 1 April 2023 Cash flows At 31 March 2024 Cash at bank and in hand Debt due within 1 year Debt due after 1 year 2,534,398 {1,000,000} 1880,6901 1.653.708 1,000,000 1500,0001 1500.000) 1,534,398 {380,6901 1,153,708 Page 54 MILTON KEYNES COMMUNITY FOUNDATION IA Company LlmStÈd by Guarantee) NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DIARCH 2024 31. Grant commllmants Unrestrleted Restricted funds fund5 Big Local Connlborrow Local Giving Analysis of grants made Total Voluntary groups and charities Individuals 891,312 624.433 1,515.745 Total 891.312 624,433 1,515,745 A complete list of all grant recipients foi the year can be found on our website. Reconclllatlon of grants payable 2024 2023 Grants to Voluntary Groups and Charities Grants through Local Giving Big Local Conniburrow Piojecl Grants to Individuals 891,312 624,433 594.065 535,545 52,011 1,515,745 1.181,621 Commitments al 1 April Commitments made in the year Grants cancelled or recovered 261,659 403,530 1,463,175 22,725 a,215,681 3.526 Grants payable for the year Grants paid during the year 1.440.450 1,367,410 1,212,15S 1.354,026 Commilmenlsal 31 March 334.699 261,659 Commitments al 31 March are payable as follows: Within one year After one year 334.699 261,659 334,699 261,659 32. Pension Commltments Thè group operates a delined contiibution pension scheme. The assets of the scheme are held separately from those of the group in independently administered fund managed by Royal London on behalf of the organisation. The pension cost charge represents contributions payable by the group lo the fund and amounted lo £32,33212023 - £18,908). There were £5,252 of contributions payable lo the fund at the balance sheet date12023 - £8,723). Page 54 MILTON KEYNES COMMUNITY FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIALSTATENJENTS FOR THE YEAR ENDED 31 MARCH 2024 33. Operatlng lease commitments Al 31 March 2024 the Group and the Company had commitments lo make future minimum lease payments under nOn-¢an￿lIable operating leases as follows.. Group 2024 Group 2023 Company 2024 Compan 2023 Not later than 1 year Later than 1 year and not later than 5 years 7,066 21,082 8,272 28.147 7,027 21,082 7,02T 28,109 28,148 36.419 28,109 35.136 34. Contingent liabllitles Under the arrangements surrounding the transfer on 27 November 1992 of certain properties from Homes England (formerly English Partnerships also previously known as the Commission for the New Towns), the group is under a conlraclual obligation lo repay amounts lo Homes England {"clawback l in respect of the nel capital gains arislng on certain disposals or change of Ljse in relation to either Community Related Assets {certain industrial units al Kiln Farm, Slaoey BLJshes and Number 56 Buckingham Slreet Wolverton) or Community Foundation Land sites132 undevelopèd and I developed). Based on the open market value, as al 31 March 2024 the lolal potential li2bility for the clawback was £7,952,603 12023 - £8,301,143). No provision has been made for this liability as the current proposed plans lor use of the land siles does not trigger this clause. If the Iruslees are reasonably certain that there is lo be chang&s in vse of Ihe 51te5, say for a change in slralegies, then al this point il would trigger the liability to be included in the account5. No provision has been made for deferied lax that may arise il the properties were sold in the futuie. It is the Trustees, opinion thal no lax would arisè on a future sale of the properties as any proliis fiom Slich sale would be distributed via Gift Aid to the company's charitable parenl Milton Keynes Community Foundation from ils subsidiary company, MK Community Properties Limited. Milton Keynes Community Foundation is parl of a VAT group with its subsidiary. MK Communily Properties Limited. and is therefore jointly liable for any VAT debts of MK Community Properties Limited. 35. Indemnity insurance The group has purchased insurance for the Trustees and staff of the charity and the directors of Ihe subsidiary company, MK Community Properties Limited, against liability arising for wrongful acls in relation lo the charily and ils wholly owned subsidiary. The cost of this insurance amounts to £1,706 12023 - £1,706}. Page 54 MILTON KEYNES COMMUNITY FOUNDATION (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 36. Relatod party transactlons A number of Trustees. as well as being individual members of the Community Foundation, are associated with organlsalions that are corporate membets of the Community Foundation. Total individual donations recèived from Trustees in the year amounted lo £15,283 12023 £26,010). Neither the Trustees nor their associated organisalions derive any benefil as a result of their membership of the Community Foundalion. Furthermore, as mentioned previously in this report, the Community Foundation is also able lo support the not-for-profit sector in Milton Keynes through the provision of properties that are let on preferential terms. The amount of this subsidy, the difference between the full commercial rental and the subsidised rent paid by the nol-for-profil sector tenants, is in excess of £1,152,000 per annum for the year to 31 March 202412023 - £1,216.0001. During the year Milton Keynes Community Foundation Limitèd charged rent and service chaiges ID MK Cotnmunity Properties Limited in Ihe sum of £429,68612023 - £426,751). These transactions have been temoved on consolidation. Durii)g the year, grants tolalling £1012023 - £6,420) were awaTded lo Worklree lof which J Sinclair and P Zumbika-Lwanga, Trustees, are trusleesl and giants totalling £nil 12023 £3,000) were awarded lo Trubys Garden Tea Rooms lof which Mrs K Mirza, who was a Trustee, is a Trustee). There was £nil oulslanding owed to the related party al Ihe year end12023 - £20,000>. Page 54