Charity number: NIC101135 Company number Nl 073343 Global Fund for Community Foundations - The (a company limited by guarantee) Directors, report and financial statements For the year ended 31 March 2023 Period of account: 1 April 2022 - 31 March 2023
GLOBAL FUND FOR COMMUNITY FOUNDATIONS- THE (A Company Limited by Guarantee) Contents item Page Reference and Administrative Details Report of the Directors Statement of Trustees, Responsibilities 22 Independent Auditor's Report on the Financial Statements Consolidated Statement ot Financial Activities (incorporating Income & Expenditure Account) Gomparative Consolidated Statement ol Financial Activities 12 Charity Statement of Financial Activities 13 Comparative Charity statement of Financial Activities 14 Consolidated Balance Sheet 15 Charity Balance Sheet 16 Statement of Cash Flows 17 Notes to the Financial Statements, incorporating: 18 Statement of Accounting Policies Other Notes to the Financial Statements
GLOBAL FUND FOR COMMUNITY FOUNDATIONS- THE (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2023 Company reglstered number Nl 073343 (Northern Ireland) Charily reglstered number NIC101135 (Northern Ireland) Dlrectors Robert lan Bird Amitabh Behar Laura Garcia Dr Barbara Jane Klugman 8haral Mehta Clotilde Pere2-Bode Dedecker Stephen Pittam - resigned 28 September 2022 Catherine Rodgers - appointed 24 June 2022 Tamas Scsaurszki - appointed 28 February 2023 Secreiary Jenny Hodgson Prlnclpal and reglstered office The Mount 2 Woodstock Link Belfast BT6 8DD Operaiional address Workshop17 Firestation 11 th Floor 16 Baker Street Johannesburg 2196 South Africa Independeni audltors Ross Brooke Limited Chartered Accountants, Statutory Auditors Suile I Windrush Court Abingdon Business Park Abingdon Oxfordshire OX14 1SY Bankers HSBC 25 - 29 Royal Avenue Belfast BTI IFB Solicitors Jennifer EA Ebbage Edwards & Co Solicitors 28 Hill Street Belfast BTI 2LA Page 1
GLOBAL FUND FOR COMMUNITY FOUNDATIONS - THE (A Company Limlted by Guarantee) REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 MARCH 2023 Structure, Governance and Management The directors present their report and the audited financial statements for the year ended 31 March 2023. The direclors of Global Fund for Community Foundations (GFCF) - for the purposes ol company law and who served during the year and up to the date of this report - are sel out below: Amitabh Behar Robert lan Bird {Chair} Laura Garcia Barbara Jane Klugman Bharat Mehta Clotilde Perez-Bode Dedecker Stephen Pittam - resigned 28 September 2022 Catherine Rodgers- appointed 24 June 2022 Tamas Scsaurszki - appointed 28 February 2023 The financial staiements comply with current statutory requirements, the Memorandum and Articles of Association, applicable Accounting Standards in the United Kingdom and the Statement of Recommended Practice {SORP) "Accounting and Reporting by Charities: Statement of Recommended Practice" SORP {FRS102). The charity is a charitable company limited by guarantee, incorporated on 29 July 2009 (company registration number N1073343}, registered with the HM Revenue & Customs as a charity, No. XT18816 and registered with the Charity Commission for Northern Ireland as a charity No. NIC101135. The GFCF is registered in the UK and South Africa. The two legal entities are inextricably linked and operale as a group. A full set of consolidated accounts of the group is available. The narrative below rellects a brief overview of the group and the work it does, the Board of directors have prepared a detailed Annual Report. This report is available upon request. Appointment to the Board ol Directors The composition, appointment and dismissal of directors is guided by the GFCF'S legal Statutes (U.K. and South Africa) and principles of good governance. The Board appoints directors. At every board meeting, GFCF directors are invited to recommend names of potential directors. The Nomination Committee (a sub-set of current directors) retains a record of this. Occasionally. and at the discretion of the directors. a global open call for applicanis is also used as a method for board recruitment. Eligibility criteria applied in the seleclion of new directors include demonstrated track record in the fields of community philanthropy, private philanthropy and / or international development aid, evidence of commitment to the GFCF'S core values, purpose and vision and relevant specific expertise {in finance, particular programme, policy and geographic priority areas etc.). Other considerations include ensuring the diversiiy of the board as a whole in terms of age, gender, race l ethnicity, lived experience etc. Short-listed candidates are invited to speak with the Nomination Committee and Executive Director, at which time a decision will be made regarding whether to approach them to serve. The Nomination Committee will consult, in conlidence, with other directors prior to meeling potential board members in order to have all voices taken into consideration during the process. Should a candidate be approached to see as a director, this will be approvéd and formalized by serving directors. requiring a majority of two-thirds of directors agree with the appointment. Each new director receives an orientation package as part of their induction. This comprises organizational statutes, governance manual, most recent strategic and operational Plans, latest annual report and audited financial statements and a selection of key publications that will orient the director to the organization's approach to community philanthropy and its ways of working. All new directors are required to review and sign off on the Governance Manual, returning this to the Executive Director for record keeping. Page 2
GLOBAL FUND FOR COMMUNITY FOUNDATIONS - THE (A Company Limited by Guarantee) REPORT OF THE DIRECTORS (continued) FOR THE YEAR ENDED 31 MARCH 2023 Responsibilities of the Board of Directors The Board of Directors is responsible for approving the annual strategy. However, decisions regarding allocation of grants, OP8rations and day-to-day allocation of resources lie with the GFCF management personnel. The Board of Directors delegates day-to-day management of the charity to the Executive Director. Jenny Hodgson. The Board of directors meets Mice annually to advise on high level strategy and to provide oversight in terms of grant making, governance and finances. Decisions concerning the pay and remuneration of the charity's key management personnel are taken by the Executive Direclor and Board of Directors. In making these decisions, U.K. charitable sector benchmarks, as well as geographic location of staff, are taken into consideration. The directors are specifically responsible for preparing the financial statements in accordance with applicable law and UK Accounting siandards (UK Generally Accepted Accounting Practice}. Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the stale of the affairs of the charity at the end of the financial year end and of the surplus or deficit for that year. In preparing Ih8se financial statements the directors are required to: a} Observe methods and principles of the Charities SORP,. b} State whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. c) Select appropriate accounting policies and apply them consistently- dl Make judgements and estimates that are reasonable and prudent" e) Prepare the financial statements on an ongoing basis unless it is inappropriate to presume that the charity will continue in business. The directors are responsible for keeping proper accounting records which disclose with them reasonable accuracy at any time the financial position of the charily and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding ihe assets of Ihe charity and hence for taking reasonable steps for the prevention and delection of fraud and other irregularities. In accordance with company law, as the company's directors, we certify that so far as we are aware. there is no relevant audit information (information needed by the charity's auditors in connection with preparing their report} of which the charity's auditors are unaware, and the directors have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the charity's auditors are aware of that information. Objeclives and Activities The primary object of the charity Is to act as a grassroots grantmaker working to promote and support the field and practice of communily philanthropy around the world. The charity works with individual community foundations and other local grantmakers and their networks around the world, with a particular focus on the Global South and the emerging economies of Central and Eastern Europe. Through small grants, technical support and networking, the charity helps these local institutions to strengthen and grow so that they can fulfil their potential as vehicles for local development and as part of Ihe infrastructure for sustainable development, poverty alleviation and cilizen participation. The three core objectives of the charity are listed in the table below, along with activities undertaken in line with each objective, and how success is assessed with regards to each. Page 3
GLOBAL FUND FOR COMMUNITY FOUNDATIONS- THE (A Company Limited by Guarantee) REPORT OF THE DIRECTORS (continued) FOR THE YEAR ENDED 31 MARCH 2023 Objective To support the building of institutional capacity among community foundations and community philanthropy organizations at the local level. To strengthen the field of community philanthropy across the world, focusing on deepening practice, fostering thought leadership and enhancing the voice and idenlity of the field. Aciivltles Undertaken Grantmaking programmes Technical assistance Peer exchanges Assessing Success Number of grants Number of new partners Connections between partners Local reSoUrS mobilized by partners Aims Short-t8rm." Locally-owned and directed community philanthropy organizations, building assets. capacities and trust in tne areas where they work. Convenings of partners Peer learnings activities Research reports GFCF website and E- Bulletin Number of convenings / number and range of participants Number of reports produced I downloads from GFCF website Number of blogs I thought pieces in E- Bulletin Increase in subscriptions to E- Bulletin Increase in traffic to GFCF website Short-term.. Capacities, conneclions, networks, practice, and visibility between partners are strengthened. Evidence base for community philanthropy as an eco-system of local actors responding to urgent and changing community needs at the local level is expanded. Long-term.. Profile of community philanthropy amongst a broader range of development actors as an increasingly theorized and documented development practice, and a core element of broader efforts aimed at building local ownership and shifting power - is increased. To inform and influence the relationship between the community philanthropy field and policy makers, international development agencies and the broader philanthropic sector. Giving for Change programme
ShiftThePower
Treehouse
ShiftThePower
Fellowships
ShiftThePower
Manifesto for Change Building new relationships with INGOS and funders Increase in traffic to
ShiftThePower
Treehouse Number of new donors to GFCF and partners Number of new partnerships I new ways of working demonstrated with INGOS and funders
ShiftThePower network
map Plans for the Fulure These objectives will continue to be advanced in the coming years by the charity. The Board of directors holds formal meetings twice annually to review progress and strategy based on experiences and lessons learned. For the foreseeable future, no significant changes to strategy or resource allocation are foreseen. Page 4
GLOBAL FUND FOR COMMUNITY FOUNDATIONS- THE {A Company Limited by Guarantee) REPORT OF THE DIRECTORS (continued) FOR THE YEAR ENDED 31 MARCH 2023 Public Benefll In setting our objectives and planning our activities for Ihe year the directors have given careful consideration to the Charity Commission for Northern Ireland's guidance on public benefil to ensure that the activities have helped to achieve the charity's purposes and provide a benefit to the beneficiaries. The directors believe that all the work of the GFCF is for the public benefit. as defined in law. Achlevements and Pertormance for the year ended 31st March 2023 For the year ended 31 st March 2023 the charity awarded small grants amounting to £ 1,162,121. The primary purpose ol the grantmaking programme is to build the capacity of community philanthropy institutions around the world. By fostering local cultures of giving, harnessing both local and external resources and through the use of grants and other support mechanisms, community philanthropy institutions are able to become trusted and effective changemakers able to empower communities to address their own development needs. GFCF grants particularly ernphasize efforts to reach and support those communilies most marginalized, whether by poverty, prejudice, or other forms of exclusion. For Ihe year ended 31st March 2023, GFCF grants supported institutional development of individual partners, research, #ShiftThePower Fellowships and response efforts to the war in Ukrain8. A second programrne relates to learning and sharing of good practice. The charity organized various online learning events. enabling practitioners in community philanthropy to exchange with and learn from colleagues working in different country contexts. Several reports and thought pieces were also produced, which aim to build the evidence-bas8 lor community philanthropy as a development practice. A third programme of the charity's work focused on continuing to raise the profile of the glob81 community philanthropy among policy makers, international development agencies and the broader philanthropic sector. In particular, the GFCF is a member of the Giving for Change consortium, a five-year, eight-country programme aimed at positioning community philanthropy, both nationally and globally, as a form of and force for Ireedom of expression and claiming of rights. Flnancial Review Overview GFCF ended the financial year in a strong position. one that will allow the organisation io move forward and focus on implementing a new and sustainable operating model in 2023124 and hosiing a #ShiftThePower Global Summit in December 2023. In total. the GFCF raised income of £ 7,197,424 in 2022123, a substantial increase from the previous financial year funds raised of £ 1,317,493 {2021122}. During the 2022123 financial year the organization had been able to mobilize additional funds in response to the humanitarian crisis caused by the war in Ukraine and a one-off of donation of US $ 5,000,000 (£4,257,493>. Over this period, the GFCF spent £ 2,042,972 on charitable activities, which is higher than expenditure of £1,752,373 in the previous year (2021122>. Expenditure on raising funds of £ 43,647 remained similar against the previous year expenditure of £ 33,924 (2021122). Net expenditure amounts to £ 2,042,972 for 2022123 compared to expenditure of £ 1,752,373 against the 2021122 net income, The total funds carried forward to the financial yoar 2022123 is £ 6,217,180 compared to £ 1,159,940 carried forward to the financial year 202112022. Principal Fundlng Sources The GFCF'S income is derived from a variety of sources. These are largely in the form of grants from institutional donors {including trusts, loundalions, multilateral and bilateral donors), and, occasionally, voluntary income for particular appeals and campaigns. The principal funding sources for the year ended 31 sl March 2023 have been: Charles Stewart Mott Foundation, Choose Love, Davidson Trust, Dutch Minislry of Foreign Affairs via Wilde Ganzen. European Union, Fondation Assistance Internationale, Foundation for a Just Society, GlobalGiving, Humanity United, Open Society Foundations, Porticus, Flockefeller Brothers Fund and the National Philanthropic Trust. Page 5
GLOBAL FUND FOR COMMUNITY FOUNDATIONS- THE (A Company Limited by Guarantee) REPORT OF THE DIRECTORS (contlnued) FOR THE YEAR ENDED 31 MARCH 2023 Reserves For the year ending 31 st March 2024 the direthors will be developing and approving a GFCF reserve policy. Risk Pollcy For the year ending 31$1 March 2024 the directors will be finalising the development and approving a GFCF risk policy. Audltors UHY Ross Brooke, Chartered Accountants are deemed to be reappointed in accordance with Section 487{2) of the Companies Act 2006. References and Admlnlstrative Detalls Refer to page 1 of Ihe accounls. The Report of the Directors was approved by order of the board of Directors and signed on the board's behalf by: lan Blrd Trustee Date.. 21 September 2023 Page 6
GLOBAL FUND FOR COMMUNITY FOUNDATIONS- THE (A Company Limlted by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GLOBAL FUND FOR COMMUNITY FOUNDATIONS - THE (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Opinlon We have audited the financial statements of Global Fund for Community Foundations The {the 'parent charitable company,) 2nd its subsidiaries (the'group,) for the year ended 31 March 2023 which comprise the consolidated and charity statement of financial activities, the consolidated and charity balance sheet, the consolidated cashflow statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice) including FRS 102 'th8 Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financial statements: Give a true and fair view of the staled of the charitable company's affairs as at 31 March 2023, and of its incoming resources and expenditure of resources, including its income and expenditure, for the year then have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinlon We conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUK)} and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial stalements. we have concluded thal the directors, use of Ihe going concern basis of accounting in the preparation of the financial staiements if appropriate. Based on the work we have performed, we have not idenlified any material uncertainties relating to events or conditions that. individually or Collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for the period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 7
GLOBAL FUND FOR COMMUNITY FOUNDATIONS. THE (A Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GLOBAL FUND FOR COMMUNITY FOUNDATIONS- THE (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Other Informalion The directors are responsible for the other information. The olher information comprises the information included in the directors, annual report, other than the financial statements and our auditor's report thereon. Our opinion on the firiaiicial statements does not cover other information and, except to the extent otheiSe explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial stalernents, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otheiSe appears to be materially misstated. If we identify such material inconsistencies or apparent malerial misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have perfomed, we conclude that Ihere is a material misstatement of this other information, we are required to report that fact. We have nolhing to report in this regard. Oplnlon on other matters prescribed by the Companles Acl 2006 In our opinion based on the work undertaken in the course of the audit.. the information given in the Directors, Annual Report for the financial year for which the financial statements are prepared is consistent with the financial statements. and the Directors, Annual Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors Annual Report. We have nothing io report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion-. adequate accounting records have not been kept. the financial statements are not in agreement with the accounting records and returns. or certain disclosures ol directors, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit. the directors were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage ol the small companies exemption from the requirement to prepare a strategic report. Responsibilities of the directors As explained more fully in the Directors, Responsibilities Statement set out on pages 3 the directors (who are also the trustees of the charitable company for the purposes of charity law) are responsible for the preparalion of the financial statements and for being satisfied that they give a true and lair view, and for such internal conlrol as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Page 8
GLOBAL FUND FOR COMMUNITY FOUNDATIONS- THE (A Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GLOBAL FUND FOR COMMUNITY FOUNDATIONS- THE (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Auditor's responslbllltles for the audlt of the financial statements We have been appointed auditor under the Companies Act 2006 and report in accordance with this Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are 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 level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists, Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected io influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are inslances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of deteciing irregularities, including fraud is detailed below: The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations" We identified the laws and regulations applicable to the company through discussions with management, and from our cumulative audit and knowledge and experience of the charity and the sector. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company and assessed the extent of compliance with laws and regulations; We assessed the susceptibility of the company's financial statements to material misstatement. including obtaining an understanding of how fraud might occur, by: making enquiries of management as to where they considered there was susceptibility lo fraud, their knowledge of actual, suspected, and alleged fraud; considering the internal controls in placeto mitigate risks offraud and non-compliancewith laws and regulations. To address the risk of fraud through management bias and override of controls, we: performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions. and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: agreeing financial statement disclosures to underlying supporting documentation; enquiring of management as to actual and potential litigation and claims" and and analysing legal costs to ascertain if there have been instances of non-compliance with laws and regulations. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control thai we idenlify during our audit. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that oompliance with a law or regulation is removed from the events and transactions reflected in the financial statements. as we will be less likely to become aware of inslances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather Ihan error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentalion. Page 9
GLOBAL FUND FOR COMMUNITY FOUNDATIONS- THE (A Company Lirnited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GLOBAL FUND FOR COMMUNITY FOUNDATIONS- THE (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 A further description of our responsibilities is available on the Financial Reporting Council's website at- htt sJlwww.frc.or .uklauditorslaudil-assurance-ethicslaudilors-res onsibilities-for-the-audit. This description forms part of our auditor's report. Use ot our report This report is made solely to the charitable company's members, as 8 body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. line Websler FCA For and on behalf of Ross Brooke Limited, Statutory Auditor Chartered Accountants and Registered Auditors IIILILS Suite I Windrush Court Abingdon Business Park Abingdon Oxfordshire, OX14 1SY Date Page 10
GLOBAL FUND FORCOMMUNITY FOUNDATIONS-THE (A Company Limited by Guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023 Unrestricted funds Restrirted funds Total Total funds 2023 funds 2023 2023 2022 Note Income from: Donations and legacies Investments 4.257.493 2,939.931 7,197,424 1.317,493 Other 2,306 2,306 23.802 Total Income 4,260,281 2,939.931 7,200,212 1,341,297 Expendfture on: Charitable activitles 2,042,972 2,042,972 1,752,373 Total expenditure 2,042,972 2,042,972 1,752,373 Net {expenditure)/income 4.260.281 896,959 5,157,240 1411,0761 Transfers between funds 15 Net movement in funds 4,260.281 896,959 5,157,240 1411,076) Reconciliation of funds: Total funds brought forward Net movement in fund5 20,362 4,260,281 1,039,578 896,959 1,059,940 5,157,240 1,471,016 1411,0761 Total funds carried forward 15 4.280.643 1,936,537 6.217,180 1,059,940 The Statement of Financial Activities includes all gains and losses recognised In the year. All activities derived from continuing operations during the above two f inancial periods. The notes on pages 18 to 31 form part of these financial statement5. Page 11
GLOBAL FUND FOR COMMUNITY FOUNDATIONS- THE (A Company Limited by Guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022 COMPARATIVE YEAR INFORMATION FOR THE YEAR ENDED 31 MARCH 2022 Unrestricted funds Restrlcted Total fund5 funds 2022 2022 2022 Note InMe from: Donations and capital grants Investments 1,317.493 1,317,493 Other 23,802 23,802 Total income 23,804 1,317,493 1,341,297 Expendlture on: Charitable activities (2,6611 1,755,034 1,752,373 Total Èxpendlture {2,661) 1.755,034 1,752,373 Net (expenditure)/lncome 26,465 1437,541} (411,0761 Transfers between funds 15 25,000 {25.000) Net movernent In funds 51,465 1462,541) (411.076) Reconclllatlon of funds: Total funds brought forward Net movement in funds 131,103} 51,465 1,502,119 (462.541) 1,471,016 1411,076) Total funds carrled fonvard 20,36Z 1,039,578 1,059,940 The Statement of Financial Activlties includes all gains and105ses recognised in the year. The notes on pages 18 to 31 form part ofthese financial statements. Page 12
GLOBAL FUND FOR COMMUNITY FOUNDATIONS- THE (A Company Limited by Guarantee) CHARITY STATEMENT OF FINANCIAL AcfiviTIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNn FOR THE YEAR ENDED 31 MARCH 2023 Unrestricted funds Restricted funds Total Total fund5 2023 funds 2023 2023 2022 Note ITome from: Donations and legacies Investments 4.257.493 482 2,939,931 7.197.424 1,317,493 Other 2,306 2,306 23.369 Total income 4,260,281 2,939,931 7.200,212 1,340,864 Expendire on: Charitable activitie5 2,035,852 2,035,852 1,756,643 Total expenditure 2.035,852 2,035,852 1,756,643 Net lexpendlture}/income 4.260.281 904,079 5,164,360 {415,7791 Transfers between funds 15 Net movement in funds 4.260.281 904.079 5,164,360 1415,7791 Reconciliation of funds: Total funds brought forward Net movement in funds 19,467 4,260.281 1.035,762 904,079 1,055,229 5,164,360 1,471,008 1415,779) Total funds carrled forward 15 4.279.748 1,939,841 6.219,589 1,055,229 The Statement of Financial Activitie5 includes all gains and losses recognised in the year. All activities derived from continulng operations during the above two financial periods, The notes on pages 18 to 31 form part of these financial statement5. Page 13
GLOBAL FUND FOR COMMUNITY FOUNDATIONS- THE IA Company Limited by Guarantee} CHARITY STATEMENT OF FINANCIAL ACTIVITIE5 IINCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022 COMPARATIVE YEAR INFORMATION FOR THE YEAR ENDED 31 MARCH 2022 Unrestricted funds Restrirted funds Totsl funds 2022 2022 2022 Note Incine from: Donations and capital grants Investments 1,317,493 1.317,493 Other 23,369 23,369 Total income 23,371 1,317.493 1.340.864 Expenditure on: Charitable activities (2,6611 1,759,304 1,756.643 Total expendlture (2,6611 1,759.304 1,756,643 Net lexpenditure)Ilncome 26,032 (441,811) (415.779) Transfers between funds 15 25,000 125.0001 Net movement in fund5 51,032 (466,8111 (415,779) Reconcillation of funds: Total funds brou8ht forward Net movement in funds {31,5651 51,032 1,502,573 1466,811) IA71.008 1415,779) Total funds carried forward 19,467 1,035,762 1,055,229 The Statement of Financial Activities includes all gains and losses recogni5ed in the year. The notes on pages 18 to 31 form part of these financial statements. Page 14
GLOBAL FUND FOR COMMUNITY FOUNDATIONS- THE (A Company Limited by Guarantee) NUMBER: N1073343 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Note Flxed assets Tangible assets 12 3,211 1,089 3,211 1,089 Current assets Debtors Cash at bank and in hand 13 457.030 5,787,423 1,762 1,177,591 6,244,453 1,179,353 Liabllltles Creditors.. amounts falling due within one year 14 {30,484} 1120,5021 Net current assets 6.213,969 1,058.851 Total net assets 6.217,180 1,059,940 Funds Restricted income funds Unrestricted intome funds 1.936,537 4.280,643 1,039.578 20,362 Total funds 15 6,217,180 1,059,940 The financial statements on pages 11 to 31 were approved by the Trustees, and authorised for issue on 21 September 2023 and are signed on their behalf, by.. lan Bird Trustee The notes on page5 18 to 31 form part of these financial statements. Page 15
GLOBAL FUND FOR COMMUNITY FOUNDATIONS- THE (A Company Limited by Guarantee) NUMBER: N1073343 COMPANY BALANCE SHE AS AT 31 MARCH 2023 2023 2022 Note Fixed assets Tangible assets 12 3,211 1,089 3,211 1,089 Current assets Debtors Cash at bank and in hand 13 456,665 5.786,682 1,366 1.169.464 6,243,347 1,170,830 Liabilities Creditors: amounts falling due within one year (26,969) 1116,690} Net current assets 6.216,378 1,054,140 Total net assets 6,219,589 1,055,229 Funds Restricted income funds Unrestricted income funds 1.936,537 4.283,052 1.035.762 19,467 Total funds 15 6,219,589 1,055,229 The financial statements on pages 11 to 31 were approved by the Trustees, and authorised for issue on 21 September 2023 and are signed on their behalf, by.. lan Bird Trustee The notes on pages 18 to 31 form part of these financial statements. Page 16
GLOBAL FUND FOR COMMUNITY FOUNDATIONS - THE (A Company Limited by Guarantee STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 Note 2023 2022 Cash flows from operating activities Net cash provided by operating activities 17 4.612,115 1328,5621 Cash flows from investlng artivlties 18 {2,283) 14311 Change in cash and cash equivalents in the year 4,609,832 1328,9931 Cash and cash equivalent5 at the beginning of the year 1,177,591 1,506,584 Cash and cash equivalents at the end of the year 5,787,423 1,177,591 The notes on pages 18 to 31 form part of these financial statements. Page 17
GLOBAL FUND FOR COMMUNITY FOUNDATIONS- THE (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 A¢¢ounting pollcles Global Fund for Community Foundations- The is 3 Charitable Company limited by guarantee in Northern Ireland. In the event of the charity being wound up, the liability of the guarantee is £1 per member of the charity. The address of its princip31 place of business is given on page l and the nature of its operations are set out in the trustees, report. 1.1 Basis of preparatlon of financial statements The Charitable Company constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 1021, the Companie5 Act 2006 and UK Generally Accepted Accounting Practice. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the funrtional currenry of the charity and rounded to the nearest £. A summary of the principal accounting policies adopted (which have been applied consistently. except where noted), judgements and key sources of estimation uncertainty, is set out below. 1.2 Subsidiary The Global Fund for Community Foundations (South Africa) NPC is a non profit company incorporated in South Africa. The main object of the company is to undertake and facilitate the conduct of public benefit activities within the Republic of South Africa and elsewhere on the continent of Africa in collaboration with the founding member, the Global Fund for Community Foundations. Its results have been consolidated. 1.3 Going concern The financial statements have been prepared on a going concern basi5 35 the trustees believe that no material uncertainties exist. The trustees have considered the level of fund5 held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Charitable Company to be able to continue as a going concern. Page 18
GLOBAL FUND FOR COMMUNITY FOUNDATIONS- THE (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 1.4 Income All incoming re50urce5 are included in the statement of Financial Activities ISOFAI when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it 15 probable that the income will be received. Grants received are recognised at fair value when the charity has entitlement after any performance conditions have been met. it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred. For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are f ully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled Investment income is earned through holding assets for investment purposes. Interest Income is recognised using the effective interest method. 1.5 Expendlture All expenditure is accounted for on an accruals basis and has been classified under heading5 that aggregate all costs related to the cate80ry. Expenditure is recogni5ed where there 15 a legal or constructive obli8ation to make payments to third parties. it is probable that the settlement will be required and the amount of the obligation can be measured reliably. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiarie5. It includes both costs that can be allocated directly to such attivities and those costs of an indirect nature necessary to support them. Irrecoverable VAT is charged as an expense against the activity for which expenditure ar05e. Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this glves rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity. Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs. governance costs, and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management. Where 5UPPOrt costs cannot be directly attributed to particular headin8S they have been allocated to expenditure on charitable activities on a basis consistent with use of the resources. The analysis of 5UPPOrt costs is included in note 7. Page 19
GLOBAL FUND FOR COMMUNITY FOUNDATIONS- THE (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 1.6 Tangible fixed assets and depreciation Assets costing £l.000 or more are capitalised as tangible fixed assets and are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed asset5, at rates calculated to write off the cost of each asset on a strai8ht-line basis over its expected useful life, a5 follows". Computer equipment 20 percent per annum 1.7 Debtors Debtors with no stated interest rate and receivable within one vear are recorded at transaction price. Anv 1055es arising from Impairment are retognised in expenditure. 1.8 Llablllties Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required In settlement, and the amount of the Settlement can be estimated reliably. Liabilities are recognised at the amount that the Charitable Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods of services it must provide. 1.9 Foreign currencv Foreign currenry transactions are initially recognised by applying to the forei8n currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate. 1.10 Taxation The Charitable Company is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a Charitable Company for corporation tax purposes. Accordingly, the Charitable Company is potentially exempt from taxation in respect of income or capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 1.11 Pensions benefits When employees have rendered service to the charity. 5hort-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. Page 20
GLOBAL FUND FOR COMMUNITY FOUNDATIONS- THE (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 1.12 Fund accountlng Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The c05t 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 Judgements and key sources of estimation uncertainty Accounting estimates and judgements are continually evaluated and are based on historical experience and other factor5, including expectations of future events that are believed to be reasonable under the circumstances. There are no critical accountin8 estimate5 and assumptions or critical areas of judgement. Page 21
GLOBAL FUND FOR COMMUNITY FOUNDATIONS- THE (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Income frorn donations and legacies Unrestrirted funds Restricted funds Total funds Total funds 2023 2023 2023 2022 Grants 4,257,493 2,939,931 7,197,4Z4 1,317,493 Unrestricted funds Restrlrted funds 2023 Total funds Total funds 2023 2023 2022 Adeso Africa Charles Stewart Mott Foundation Choose Love 114,800 423,111 247,756 230.015 247,756 230,015 Civicus 21,572 Davidson Trust Dutch Ministry of Foreign Affairs (Wilde Ganzenl European Union Ford Foundation Fondation Assistance International Foundation for a Just Society GlobalGiving Humanity United Inter-American Foundation National Philanthropic Trust Open Society Foundations PortlCUS Rockefeller Brothers Fund 20,OtKJ 428,494 20,000 428,494 534,793 129.761 930,564 129,761 930,564 125,417 254,074 334,191 41,649 254,074 334,191 41,649 12,964 1,753 4,257.493 4.257,493 200,184 87,130 36,113 200,184 87,130 36.113 41,531 41,522 4,257,493 2,939.931 7,197,424 1,317,463 Page 22
GLOBAL FUND FOR COMMUNITY FOUNDATIONS- THE (A Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Investment income Unrestricted funds 2023 Restrlcted funds 2023 Total funds 2023 Total funds 2022 Interest - deposits 482 Expenditure Activities undertaken dlrertlv 2023 Grant funding of activities 2023 Support Total 2023 2023 Grants to community philanthropy organisations Connectin8 the field and strengthening to evidence base for people-led development Building a global #ShiftThePower movement Fundraising 105,625 1,096.889 206,529 1,409.043 225,348 16,524 45,897 287,769 225,109 48,708 28,696 302,513 37,918 5,729 43,647 594,000 1.162,121 286,851 2,042,972 Comparativesfor the previou5 year Artivities undertaken dirertlv 2022 Grant fundSn8 of activities Support Total 2022 2022 2022 Grants to community philanthropy organisations Connetting the field and strengthening to evidence base for people-led development Building a global #ShiftThePower movement Fundraising 91,135 1,105,448 69,938 1,266,521 187,362 75,293 15,541 278,196 164,014 9,718 173,732 31.984 1.940 33,924 474,495 1,180,741 97,137 1,752,373 Page 23
GLOBAL FUND FOR COMMUNITY FOUNDATIONS- THE (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Net income/lexpenditure) 2023 2022 Net incomel{expenditurel for the year includes.. Depreciation Fees payable to auditor for.. 2023 Statutory audit 2022 Statutory audit 2021 Statutory audit 2020 Statutory audit Grant audits Other services 643 586 11.202 4.306 5,294 5.759 877 3,299 5,400 1,080 Charitable activities Analysis of support costs Grants to Connecting the Building a global community field and #ShiftThePower phllanthropy strengthening movement organlsations to evidence base for people-led develoDment 2023 Fundralslng 2023 Total 2023 2023 2023 Support staff tosts Finance 21,266 113,758 7,689 9,195 6,956 47,665 4,726 25,280 1,709 2,043 1,546 10.593 2,955 15,805 1,068 1,278 967 590 29,537 157,999 10,679 12,771 9,662 66,203 3,156 213 Information technology Rental 255 Human resources 193 Governance costs 6,623 1,322 206,529 4597 28,696 5.729 286,851 Support COStS are allocated based on staff time. Pa8e 24
GLOBAL FUND FOR COMMUNITY FOUNDATIONS- THE (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Charitable activitie5 (continued) Analysis of support costs Icomparativel Grants to Connecting the Building a global community field and #ShiftThePower philanthropy strengthening movement organisations to evidence base for peopl&led development 2022 Fundralslng 2022 Total 2022 2022 2022 Support staff costs Finance 8,739 9,096 4,959 12,097 7,822 27,225 1,942 2,021 1,102 2,688 1,738 6.050 1,214 1,264 689 242 12,138 12,633 6,888 16,801 10,864 37,813 252 Information technology Rental 138 1,681 1.087 3,783 336 Human resources 217 Governance costs 755 69.938 15,541 9.718 1,940 97,137 Grants to partner institutions- Charity and Group Restricted funds Total fund5 Total funds 2023 2023 2022 Institutional Development Research Conferences & Convenings COVID-19 response
ShiftThePower Fellowships
Ukraine war response 711,931 16.524 5,264 {22.3561 48,708 402,050 711.931 16.524 5,264 (22.356) 48.708 402,050 613,206 75,293 2,223 353.006 137,013 1,162.121 1.162,121 1,180.741 Governance costs- Charity and Group 2023 2022 Staff costs Board meeting costs Auditorfs remuneration Other 26,909 17,107 21,437 750 22.071 15.229 513 66,203 37,813 Page 25
GLOBAL FUND FOR COMMUNITY FOUNDATIONS- THE {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 io. Staff costs Charlty 2023 Group 2023 2022 2022 Wages and salaries Soci?1 security costs Pension costs 160,968 14.551 9,571 171,795 8.902 10.068 196.571 14,551 9,571 186,967 8,902 10,068 185.090 144389 190,765 122,156 220,693 144,389 205,937 122.156 Other staff related costs/consultancy 329,479 312,921 365,082 328,093 Staff numbers The average numbers of persons (including senior management team} employed by the Charitable Company and group during the period was as follows.. Charlty 2023 No. Group 2023 No. 2022 2022 Employment contract Employer of record The number of employees who received total employee benefits (excluding employer pension costs) of more than £60,000 is as follows.. Charlty 2023 Group 2023 No. 2022 No. 2022 No. £90.001- £100,000 £ioo,ooi- £iio,000 11. Trustee remuneration and expense5 The trustees neither received nor waived any remuneration during the year12022: £Nill. Two trustee5 received expenses totalling £92412022: £nill. Page 26
GLOBAL FUND FOR COMMUNITY FOUNDATIONS- THE (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 12. Tangible fixed assets GROUP Computer equlpment Total Cost orvaluation At l Apri! ?022 Additions 3,050 2,765 3.850 2.765 At 31 March 2023 6,615 6,615 Depreclatlon At l April 2022 Charge forthe year 2,761 643 2,761 643 At 31 March 2023 3,404 3,404 Net book value At 31 March 2023 3,211 3,211 At 31 March 2022 1,089 1,089 CHARITY Computer equlpment Total Cost or valuation At l April 2022 Additions 3,179 2,765 3,179 2,765 At 31 March 2023 Depreciation At l April 2022 Charge forthe year 2.090 643 2,090 643 At 31 March 2023 2,733 2,733 Net bookvalue At 31 March 2023 3,211 3,211 At 31 March 2022 1,089 1,089 Page 27
GLOBAL FUND FOR COMMUNITY FOUNDATIONS- THE IA Company Limited by Guafantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 13. Debtors Charlty 2023 Group 2023 2022 2022 Prepayments and accrued income Other debtors 455,299 1,366 455,664 1,366 396 1,366 1,366 456,665 1,366 457.030 1,762 Creditors: amounts falling due within one year Charity 2023 Group 2023 2022 2022 Trade creditors Accruals and deferred income Other taxation and Social security 3,527 22324 1.1 101,080 12,539 3,071 3.527 25.839 1.118 102,579 14,852 3.071 26.969 116.690 30,484 120.502 15. Funds Group Balance at I Apr 2022 Balance at 31 Mar 2023 Income Expendlture Transfers General unrestricted funds 20.362 4,260,281 4,280,643 Restricted 8eneral fund5 Total fund5 1,039,578 2,939.931 12,042,972) (2,042.972) 1,936.537 1,059,940 7,200,212 6.217,180 Comparative information In respett of the preceding period 15 as follows: Balance at I Apr2021 Balance at 31 Mar 2022 Income Expenditure Transfers General unrestritted funds 131,103) 23,804 2,661 25,000 20,362 Restricted general funds 1,502,119 1,317,493 11.755,0341 125,0001 1,039,578 Total funds 1,471,016 1,341,297 11.752,3731 1.059.940 Page 28
GLOBAL FUND FOR COMMUNITY FOUNDATIONS- THE (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 15. Funds (continued Charity Balance at I Apr 2022 Balan at 31 Mar 2023 Income Expendlture Transfers General unrestritted fund5 19A67 4,260.281 4279,748 Restricted general funds Total fund5 1.035,762 2,939.931 {2,035A52) (2.035,8521 1,939,841 1.055,229 7.200.212 6,219,589 Comparative information in respect of the preceding period 15 as follows: Balance at I Apr 2021 Balance at 31 Mar 2022 Income Expenditure Transfers General unrestricted funds 131.5651 23,371 2,661 25,000 19.467 Restricted general funds Totsl funds 1,502.573 1,317,493 11.759,3041 11,756,643) 125,0001 1,035,762 1,471.008 1,340,864 1,055,229 Restricted funds comprise grants awarded to the charity to cover the core objects as explained in the Report of the Directors 16. Analysls of net assets between funds Group Restricted general funds 2023 Unrestrirted funds 2023 Total funds 2023 Fixed assets Current assets Creditors due within one year 3,211 1,963.810 130,484 1,936,537 3.211 6.244A53 (30A84) 4,280,643 4,280,643 6.217,180 Analysis of net assets between funds- prlor year Restrfrted general funds 2022 Unrestricted funds 2022 Total funds 2022 Fixed assets Current assets Creditors due within one year 1,089 1,159,704 {120,3201 1,089 1,179,353 1120,5021 19.649 11821 19,467 1,040,473 1,059,940 Page 29
GLOBAL FUND FOR COMMUNITY FOUNDATIONS- THE (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 16. Analysis ot net assets between funds (continued) Charity Restricted general funds 2023 Unrestricted funds 2023 Total funds 2023 Fixed assets Current assets Creditor5 due within one year 3.211 1.960.295 (26.969) 3,211 6.243.347 126,969) 4.283.052 4,283,052 1.936.537 6.219.589 Analysis of net assets between funds - prior year Restrlrted general funds 2022 Unrestrlcted funds 2022 Total funds 2022 Fixed a55ets Current assets Creditors due within one year 1,089 1,151.181 1116,5081 1,089 1,170,830 1116.6901 19,649 {182) 19,467 1,035,762 1,055.229 17. Reconclliation of net expendlture to net cash flow from operatlng activities 2023 2022 Net income / lexpenditurel for the reporting period {as per the statement of financial activities Adjusted for: Interest receivable Depreciation and impairment of tangible fixed assets Unrealised exchange movement Ilncrea5e} / decrease in debtors Increase / {decreasel in creditors 5,157,240 (411,0761 14821 643 121 586 860 1455,268) (90,018) 38,363 42,707 Net cash provlded by / (used in) Operating Artlvttles 4,612,115 1328,562 Page 30
GLOBAL FUND FOR COMMUNITY FOUNDATIONS- THE (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 18. Cash flows from inve5tin8 activities 2023 2022 Purchase of tangible fixed assets Interest received {2,765) 482 {4331 Net cash provided by / (used in) Operatln8 Actlvltles (2,283) 14311 19. Analysis of cash and cash equivalents 2023 2022 Cash in hand and at bank 5.787.423 1,177,591 Total cash and cash equivalents 5.787,423 1,177,591 20. Analysis of changes in net debt At l April 2022 Cashflows At 31 March 2023 Cash 1,177,591 4.609.832 S,787,423 1,177,591 4,609,832 5,787,423 21. Related party transartlons Unrestricted donations totalling £Nil1£550} were received from trustees. Page 31