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2024-04-01-accounts

Charity number: NIC101135 Company number NI 073343

Global Fund for Community Foundations - The (a company limited by guarantee)

For the year ended 31 March 2024

Period of account: 1 April 2023 31 March 2024

GLOBAL FUND FOR COMMUNITY FOUNDATIONS - THE

(A Company Limited by Guarantee)

Contents

Item Page
Reference and Administrative Details 1
Report of the Directors 2
Independent Auditor
s Report on the Financial Statements		 7
Consolidated Statement of Financial Activities 11
(incorporating Income & Expenditure Account)
Comparative Consolidated Statement of 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 2024

Company registered number NI 073343 (Northern Ireland)
Charity registered number NIC101135 (Northern Ireland)
Directors Robert Ian Bird
Amitabh Behar
Laura Garcia
Dr Barbara Jane Klugman
Bharat Mehta
Clotilde Perez-Bode Dedecker
Catherine Rodgers
Tamás Scsaurszki
Shubha Chacko
appointed 11 April 2024
Kamala Chandrakirana
appointed 1 August 2024
Felecia Lucky
appointed 1 October 2023
Secretary Jenny Hodgson
Principal and registered office The Mount
2 Woodstock Link
Belfast
BT6 8DD
Operational address 50 Oxford Road
Parktown
Johannesburg 2196
South Africa
Independent auditors Ross Brooke Limited
Chartered Accountants, Statutory Auditors
Suite I Windrush Court
Abingdon Business Park
Abingdon
Oxfordshire
OX14 1SY
Bankers HSBC
25 - 29 Royal Avenue
Belfast BTl lFB
Solicitors Jennifer EA Ebbage
Edwards & Co Solicitors
28 Hill Street
Belfast BTl 2LA

Page 1

GLOBAL FUND FOR COMMUNITY FOUNDATIONS - THE

(A Company Limited by Guarantee)

REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 MARCH 2024

Structure, Governance and Management

The directors present their report and the audited financial statements for the year ended 31 March 2024. The directors of Global Fund for Community Foundations (GFCF) for the purposes of company law and who served during the year and up to the date of this report are set out below:

The financial statements 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 NI073343), 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 operate as a group. A full set of consolidated accounts of the group is available.

The narrative below reflects 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 of Directors

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 applicants is also used as a method for board recruitment.

Eligibility criteria applied in the selection of new directors include demonstrated track record in the fields of community philanthropy, private philanthropy and / or international development aid, evidence of commitment to and vision and relevant specific expertise (in finance, particular programme, policy and geographic priority areas etc.). Other considerations include ensuring the diversity of the board as a whole in terms of age, gender, race / 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 confidence, with other directors prior to meeting potential board members in order to have all voices taken into consideration during the process. Should a candidate be approached to serve as a director, this will be approved 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 k

Page 2

GLOBAL FUND FOR COMMUNITY FOUNDATIONS - THE (A Company Limited by Guarantee)

REPORT OF THE DIRECTORS (continued) FOR THE YEAR ENDED 31 MARCH 2024

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.

Responsibilities of the Board of Directors

The Board of Directors is responsible for approving the annual strategy. However, decisions regarding allocation of grants, operations 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 twice annually to advise on high level strategy and to provide oversight in terms of grant making, governance and finances. Decisions concerning the pay and

personnel are taken by the Executive Director 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 Standards (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 state 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 these financial statements the directors are required to:

The directors are responsible for keeping proper accounting records which disclose with them reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection 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.

Objectives and Activities

The GFCF is a grassroots grantmaker working to promote and support institutions of community philanthropy around the world. Our long-term goal is to embed the practice and paradigm of community philanthropy as a cornerstone of a new architecture for effective, locally-owned and locally-driven development that shifts power and voice to the community level.

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 the infrastructure for sustainable development, poverty alleviation and citizen participation.

The three core objectives of the charity are listed in the table below, along with activities undertaken in line with

Page 3

GLOBAL FUND FOR COMMUNITY FOUNDATIONS - THE (A Company Limited by Guarantee)

REPORT OF THE DIRECTORS (continued) FOR THE YEAR ENDED 31 MARCH 2024

each objective, and how success is assessed with regards to each.

----- Start of picture text -----
Objective Activities Undertaken Assessing Success Aims
To support the Grantmaking Number of grants Short-term:
building of programmes Number of new partners Locally-owned and
institutional Technical assistance Connections between directed community
capacity among Peer exchanges partners philanthropy
community organizations, building
Local resources mobilized
foundations and assets, capacities and
by partners
community trust in the areas
philanthropy where they work.
organizations at
the local level.
To strengthen the Convenings of partners Number of convenings / Short-term:
field of Peer learnings activities number and range of Capacities,
community Research reports participants connections,
philanthropy Number of reports networks, practice,
GFCF website and E-
across the world, produced / downloads and visibility between
Bulletin
focusing on from GFCF website partners are
deepening Number of blogs / thought strengthened.
practice, fostering
pieces in E-Bulletin Evidence base for
thought
Increase in subscriptions community
leadership and
to E-Bulletin philanthropy as an
enhancing the
eco-system of local
voice and identity Increase in traffic to GFCF
actors responding to
of the field. website
urgent and changing
community needs at
the local level is
expanded.
To inform and Giving for Change Increase in traffic to Long-term:
influence the programme #ShiftThePower Profile of community
relationship #ShiftThePower Treehouse philanthropy amongst
between the Treehouse Number of new donors to a broader range of
community #ShiftThePower GFCF and partners development actors
philanthropy field Fellowships Number of new as an increasingly
and policy #ShiftThePower partnerships / new ways theorized and
makers, international Manifesto for Change of working demonstrated with INGOs and funders documented development practice,
development Building new and a core element of
agencies and the relationships with INGOs Number of registrations to broader efforts aimed
broader and funders the Summit, feedback at building local
from participants and
philanthropic #ShiftThePower Global ownership and
sector. Summit coverage of the event shifting power is
across the wider sector.
increased.
----- End of picture text -----

Plans for the Future

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

Page 4

GLOBAL FUND FOR COMMUNITY FOUNDATIONS - THE (A Company Limited by Guarantee)

REPORT OF THE DIRECTORS (continued) FOR THE YEAR ENDED 31 MARCH 2024

the foreseeable future, no significant changes to strategy or resource allocation are foreseen.

Public Benefit

In setting our objectives and planning our activities for the year the directors have given careful consideration to the Charity Commission for Northern Ireland's guidance on public benefit 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.

Achievements and Performance for the year ended 31[st] March 2024

should read £ 1,419,803auditors to correct

For the year ended 31st March 2024 the charity awarded small grants amounting to £ 1,502,774 to community philanthropy organisations and Fellows in 30 countries. The primary purpose of 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 emphasize efforts to reach and support those communities most marginalized, whether by poverty, prejudice, or other forms of exclusion. For the year ended 31st March 2024, GFCF grants supported institutional development of individual partners, #ShiftThePower Fellowships, #ShiftThePower Global Summit Weaving Activities on the Road to Bogota, Emergency Response and response efforts to the war in Ukraine.

A second programme 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 evidencebase for community philanthropy as a development practice.

philanthropy field and the broader #ShiftThePower movement 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 freedom of expression and claiming of rights. GFCF convened the #ShiftThePower Global Summit in Bogota, Colombia in December 2023 with 730 participants from 77 countries attending.

Financial Review

Overview

GFCF ended the financial year in a strong position, one that will allow the organisation to move forward and focus on implementing a sustainable operating model in 2024/25. In total, the GFCF raised income of £ 2,439,778 in 2023/24, compared to the previous financial year of funds raised of £ 7,200,212 which included a once off unrestricted donation of £ 4,260,281 in November 2022. During the 2023/24 financial year the organisation had been able to mobilize additional funds towards the #ShiftThePower Global Summit, which allowed for travel grants for attendees. Over this period, the GFCF spent £ 3,114,670 on charitable activities, which is higher than expenditure of £ 2,042,972 in the previous year (2022/23). The hosting of the #ShiftThePower Global Summit accounts for the increase in expenditure for the 2024 financial year. A portion of funds from the once off donation received in the 2023 financial year were spent towards the costs of the #ShiftThePower Global Summit. Expenditure on raising funds of £ 62,411 is higher than the previous year expenditure of £ 43,647 (2022/23). The increase in fundraising expenditure is due to the increase in fundraising for the #ShiftThePower Global Summit event and grants. The total funds carried forward to the financial year 2024/25 is £ 5,542,288 compared to £ 6,217,180 carried forward to the financial year 2023/24.

Principal Funding Sources

Page 5

GLOBAL FUND FOR COMMUNITY FOUNDATIONS - THE

(A Company Limited by Guarantee)

REPORT OF THE DIRECTORS (continued) FOR THE YEAR ENDED 31 MARCH 2024

donors (including trusts, foundations, multilateral and bilateral donors), and, occasionally, voluntary income for particular appeals and campaigns.

The principal funding sources for the year ended 31st March 2024 have been: Charles Stewart Mott Foundation, Conrad N. Hilton Foundation, Davidson Trust, Dutch Ministry of Foreign Affairs via Wilde Ganzen, European Union, Fondation Assistance Internationale, Foundation for a Just Society, Fund for Shared Insight, GlobalGiving, Global Greengrants Fund, Humanity United, Open Society Foundations, Porticus, Robert Bosch Stiftung and the Rockefeller Brothers Fund.

Reserves

For the year ending 31[st] March 2025 the directors will be developing and approving a GFCF reserve policy.

Risk Policy

For the year ending 31[st] March 2025 the directors will be finalising the development and approving a GFCF risk policy.

Auditors

UHY Ross Brooke, Chartered Accountants are deemed to be reappointed in accordance with Section 487(2) of the Companies Act 2006.

References and Administrative Details

Refer to page 1 of the accounts.

The Report of the Directors was approved by order of the Board of Directors

Ian Bird

Trustee

Date:

Page 6

GLOBAL FUND FOR COMMUNITY FOUNDATIONS - THE (A Company Limited by Guarantee)

GLOBAL FUND FOR COMMUNITY

FOUNDATIONS - THE FOR THE YEAR ENDED 31 MARCH 2024

Opinion

We have audited the financial statements of Global Fund for Community Foundations - The and its subsidiaries (the 'group') for the year ended 31 March 2024 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 Financial Reporting Standard

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements if appropriate.

Based on the work we have performed, we have not identified 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)

GLOBAL FUND FOR COMMUNITY

FOUNDATIONS - THE FOR THE YEAR ENDED 31 MARCH 2024

Other information

The directors are responsible for the other information. The other 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 financial statements does not cover other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material 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 performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors Annual Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

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 preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control 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 to 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)

GLOBAL FUND FOR COMMUNITY

FOUNDATIONS - THE FOR THE YEAR ENDED 31 MARCH 2024

Auditor's responsibilities for the audit 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 to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

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 that we identify 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 compliance 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 instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Page 9

GLOBAL FUND FOR COMMUNITY FOUNDATIONS - THE (A Company Limited by Guarantee)

GLOBAL FUND FOR COMMUNITY

FOUNDATIONS - THE FOR THE YEAR ENDED 31 MARCH 2024

https://www.frc.org.uk/auditors/audit-assurance-ethics/auditors-responsibilities-for-the-audit. This description forms part

Use of our report

Companies Act 2006

To the fullest extent

permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable

Caroline Webster FCA (Senior Statutory Auditor) For and on behalf of Ross Brooke Limited, Statutory Auditor Chartered Accountants and Registered Auditors

Suite I Windrush Court Abingdon Business Park Abingdon Oxfordshire, OX14 1SY

Date 24/01/2025

Page 10

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 2024

Note
Income from:
Donations and legacies
3
Investments
4
Other
0
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net (expenditure)/income
Transfers between funds
15
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward
15
-
-
-
-
-
-
funds
2024
£
-
-
-
-
-
-		 -
539,462
194,715
195,733
2024
£
-
Unrestricted
funds
1,018
539,462
(343,729)
(343,729)
4,280,643
3,936,914
(343,729)		 -
2,131,858
2024
£
Restricted
funds
112,187
-
2,244,045
2,575,208
2,575,208
(331,163)
(331,163)
1,936,537
(331,163)
1,605,374		 Total
funds
2024
£
2,131,858
194,715
113,205
2,439,778
3,114,670
3,114,670
(674,892)
-
(674,892)
6,217,180
(674,892)
5,542,288		 Total
funds
2023
£
7,197,424
482
2,306
7,200,212
2,042,972
2,042,972
5,157,240
-
5,157,240
1,059,940
5,157,240
6,217,180

The Statement of Financial Activities includes all gains and losses recognised in the year.

All activities derived from continuing operations during the above two financial periods.

The notes on pages 18 to 34 form part of these financial statements.

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 2023

COMPARATIVE YEAR INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023
Note
Income from:
Donations and capital grants
3
Investments
4
Other
0
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net (expenditure)/income
Transfers between funds
15
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward
-
2023
funds
£
-
-
-
-
-
-
-
-
-
-
-		 Unrestricted
funds
4,257,493
2023
£
482
-
4,260,281
-
4,260,281
-
2,306
4,280,643
4,260,281
20,362
4,260,281		 £
2,939,931
Restricted
funds
2023
-
2,939,931
2,042,972
2,042,972
896,959
-
896,959
1,936,537
896,959
1,039,578
-		 Total
funds
2023
£
7,197,424
482
2,306
7,200,212
2,042,972
2,042,972
5,157,240
-
5,157,240
1,059,940
5,157,240
6,217,180

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 18 to 34 form part of these financial statements.

Page 12

GLOBAL FUND FOR COMMUNITY FOUNDATIONS - THE

(A Company Limited by Guarantee)

CHARITY STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

Note
Income from:
Donations and legacies
3
Investments
4
Other
0
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net (expenditure)/income
Transfers between funds
15
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward
15
-
-
-
-
-
-
-
-
-
-
-
-
2024
£
funds		 3,939,827
4,279,748
(339,921)
(339,921)
-
535,654
(339,921)
535,654
1,018
195,733
194,715
-
2024
£
Unrestricted
funds		 1,602,461
1,939,841
(337,380)
(337,380)
-
2,580,784
(337,380)
2,580,784
111,546
2,243,404
-
2,131,858
2024
£
Restricted
funds		 Total
funds
2024
£
2,131,858
194,715
112,564
2,439,137
3,116,438
3,116,438
(677,301)
-
(677,301)
6,219,589
(677,301)
5,542,288		 Total
funds
2023
£
7,197,424
482
2,306
7,200,212
2,035,852
2,035,852
5,164,360
-
5,164,360
1,055,229
5,164,360
6,219,589

The Statement of Financial Activities includes all gains and losses recognised in the year.

All activities derived from continuing operations during the above two financial periods.

The notes on pages 18 to 34 form part of these financial statements.

Page 13

GLOBAL FUND FOR COMMUNITY FOUNDATIONS - THE

(A Company Limited by Guarantee)

CHARITY STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

COMPARATIVE YEAR INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023
Note
Income from:
Donations and capital grants
3
Investments
4
Other
0
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net (expenditure)/income
Transfers between funds
15
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward
-
-
-
-
-
-
-
-
-
-
-
£
-
2023
funds		 Unrestricted
funds
4,279,748
19,467
4,260,281
4,260,281
4,260,281
-
-
-
2,306
4,260,281
482
£
4,257,493
2023		 1,939,841
1,035,762
904,079
904,079
904,079
-
2,035,852
2,035,852
-
2,939,931
-
£
2,939,931
2023
Restricted
funds		 Total
funds
2023
£
7,197,424
482
2,306
7,200,212
2,035,852
2,035,852
5,164,360
-
5,164,360
1,055,229
5,164,360
6,219,589

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 18 to 34 form part of these financial statements.

Page 14

GLOBAL FUND FOR COMMUNITY FOUNDATIONS - THE

(A Company Limited by Guarantee) NUMBER: NI073343

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024

Note
Fixed assets
Tangible assets
12
Current assets
Debtors
13
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within
one year
14
Net current assets
Total net assets
Funds
Restricted income funds
Unrestricted income funds
Total funds
15		 2024
£
2,002
2,002
857,485
4,896,362
5,753,847
(213,561)
5,540,286
5,542,288
1,605,374
3,936,914
5,542,288		 2023
£
3,211
3,211
457,030
5,787,423
6,244,453
(30,484)
6,213,969
6,217,180
1,936,537
4,280,643
6,217,180

The financial statements on pages 11 to 34 were approved by the Trustees, and authorised for issue on

Ian Bird

Trustee

Page 15

GLOBAL FUND FOR COMMUNITY FOUNDATIONS - THE

(A Company Limited by Guarantee) NUMBER: NI073343

COMPANY BALANCE SHEET AS AT 31 MARCH 2024

Note
Fixed assets
Tangible assets
12
Current assets
Debtors
13
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within
one year
14
Net current assets
Total net assets
Funds
Restricted income funds
Unrestricted income funds
Total funds
15		 2024
£
2,002
2,002
856,815
4,889,317
5,746,132
(205,844)
5,540,288
5,542,290
1,602,461
3,939,829
5,542,290		 2023
£
3,211
3,211
456,665
5,786,682
6,243,347
(26,969)
6,216,378
6,219,589
1,939,841
4,279,748
6,219,589

The financial statements on pages 11 to 34 were approved by the Trustees, and authorised for issue on

Ian Bird

Trustee

Page 16

GLOBAL FUND FOR COMMUNITY FOUNDATIONS - THE

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Note
Cash flows from operating activities
Net cash provided by operating activities
17
Cash flows from investing activities
18
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2024
(1,085,776)
194,715
(891,061)
5,787,423
4,896,362		 2023
4,612,115
(2,283)
4,609,832
1,177,591
5,787,423

The notes on pages 18 to 34 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 2024

1. Accounting policies

Global Fund for Community Foundations - The is a 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 principal place of business is given on page 1 and the nature of its operations are set out in the trustees' report.

1.1 Basis of preparation 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 accounts 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 102), the Companies 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 functional currency 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 basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds 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

(A Company Limited by Guarantee)

GLOBAL FUND FOR COMMUNITY FOUNDATIONS - THE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1.4 Income

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is 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 fully 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 Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation 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 beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

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 gives 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 support costs cannot be directly attributed to particular headings they have been allocated to expenditure on charitable activities on a basis consistent with use of the resources.

The analysis of support 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 2024

1.6 Tangible fixed assets and depreciation

Assets costing £1,000 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 assets, at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life, as follows:

Computer equipment

20 percent per annum

1.7 Debtors

Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

1.8 Liabilities

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 currency

Foreign currency transactions are initially recognised by applying to the foreign 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 1 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.

Page 20

GLOBAL FUND FOR COMMUNITY FOUNDATIONS - THE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1.11 Pensions benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

GFCF employees are contracted for employment in the country in which the live. Specific details for pension schemes are worked out depending on the relevant national regulations of the country in question. Contributions are expensed as they become payable.

1.12 Fund accounting

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 cost 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.

2 Judgements and key sources of estimation uncertainty

Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are no critical accounting estimates 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 2024

3. Income from donations and legacies

##
2024
Grants
##
2024
Charles Stewart Mott Foundation
Choose Love
Davidson Trust
European Union
Ford Foundation
Foundation for a Just Society
Global Greengrants Fund
GlobalGiving
Conrad N. Hilton Foundation
Humanity United
National Philanthropic Trust
Open Society Foundations
Porticus
Robert Bosch Stiftung
Rockefeller Brothers Fund
Fund for Shared Insight
funds
-
-
Dutch Ministry of Foreign Affairs (Wilde
Ganzen)
0
funds		 Unrestricted
Restricted		 Total
funds
2024
£
2,131,858
Total
funds
2024
£
399,494
-
20,000
880,962
6,868
-
-
48,848
-
332,428
59,792
-
-
-
151,131
70,719
161,616
2,131,858		 Total
funds
2023
£
7,197,424
Total
funds
2023
£
247,756
230,015
20,000
428,494
129,761
930,564
254,074
-
334,191
-
41,649
4,257,493
200,184
87,130
-
36,113
-
7,197,424
funds
funds
2024
2024
£
£
-
2,131,858
Unrestricted
Restricted
funds
funds
2024
2024
£
£
-
399,494
-
-
-
20,000
-
880,962
-
6,868
-
-
-
-
-
48,848
-
-
-
332,428
-
59,792
-
-
-
-
-
-
-
151,131
-
70,719
-
161,616
-
2,131,858

Page 22

GLOBAL FUND FOR COMMUNITY FOUNDATIONS - THE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

4. Investment income

£
Interest - deposits
5.
Expenditure
Comparatives for the previous year
Building a global #ShiftThePower
movement
2023
-
-
Grants to community philanthropy
organisations
Connecting the field and strengthening to
evidence base for people-led development
Fundraising
-
539,462
not used
Grants to community philanthropy
organisations
Connecting the field and strengthening to
evidence base for people-led development
Building a global #ShiftThePower
movement
Fundraising
funds
2024
-
not used
2024		 Unrestricted
Restricted
funds
funds
2024
2024
£
£
194,715
-
Activities
undertaken
directly
Grant funding
of activities
2024
2024
200,717
1,184,075
278,016
-
993,100
235,728
59,167
-
1,531,000
1,419,803
Activities
undertaken
directly
Grant funding
of activities
2023
2023
105,625
1,096,889
225,348
16,524
225,109
48,708
37,918
-
594,000
1,162,121		 Total
funds
2024
£
194,715
Support
2024
117,982
26,219
16,395
3,271
163,867
Support
2023
206,529
45,897
28,696
5,729
286,851		 Total
funds
2023
£
482
Total
2024
1,502,774
304,235
1,245,223
62,438
3,114,670
Total
2023
1,409,043
287,769
302,513
43,647
2,042,972

Page 23

GLOBAL FUND FOR COMMUNITY FOUNDATIONS - THE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

6. Net income/(expenditure)

2024 2023
£ £
Net income/(expenditure) for the year includes:
Depreciation 1,209 643
Fees payable to auditor for:
2024 Statutory audit 13,302 -
2023 Statutory audit 1,998 11,202
2022 Statutory audit - 4,306
Grant audits 5,280 5,400
Other services 4,800 1,080
Charitable activities
Analysis of support costs
Support staff costs
Finance
Information technology
Rental
Human resources
Governance costs		 27,055
4,113
11,786
5,494
8,867
117,982
Grants to
community
philanthropy
organisations
2024
£
60,667		 Connecting
the field and
strengthening
to evidence
base for
people-led
development
Fundraising
2024
2024
2024
£
£
£
6,012
3,759
751
914
571
114
2,619
1,638
326
1,221
763
151
1,971
1,232
246
13,482
8,429
1,683
26,219
16,392
3,271
Building a global
#ShiftThePower
movement		 Total
2024
£
37,577
5,713
16,370
7,630
12,316
84,261
163,867

7. Charitable activities

Support costs are allocated based on staff time.

Page 24

GLOBAL FUND FOR COMMUNITY FOUNDATIONS - THE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

7. Charitable activities (continued)

Analysis of support costs (comparative)

----- Start of picture text -----
Grants to Connecting
community the field and
philanthropy strengthening
organisations to evidence
base for Building a global
people-led #ShiftThePower
development movement Fundraising Total
2023 2023 2023 2023 2023
£ £ £ £ £
Support staff costs 21,266 4,726 2,955 590 29,537
Finance 113,758 25,280 15,805 3,156 157,999
Information technology 7,689 1,709 1,068 213 10,679
Rental 9,195 2,043 1,278 255 12,771
Human resources 6,956 1,546 967 193 9,662
Governance costs 47,665 10,593 6,623 1,322 66,203
206,529 45,897 28,696 5,729 286,851
Grants to partner institutions - Charity and Group
0 Unrestricted Restricted Total Total
funds funds funds funds funds
## 2024 2024 2024 2024 2023
£ £ £ £
-
Institutional Development 940,746 940,746 711,931
Research - - - 16,524
- - -
Conferences & Convenings 5,264
- - -
COVID-19 response (22,356)
#ShiftThePower Fellowships 130,844 130,844 48,708
-
Ukraine war response 215,265 215,265 402,050
-
Emergency response 28,065 28,065
#ShiftThePower Summit 104,883 104,883 -
- -
1,419,803 1,419,803 1,162,121
Governance costs - Charity and Group
2024 2023
£ £
Staff costs 33,023 26,909
Board meeting costs 22,027 17,107
25,952 21,437
Other 3,259 750
84,261 66,203
----- End of picture text -----

8. Grants to partner institutions - Charity and Group

9. Governance costs - Charity and Group

Page 25

GLOBAL FUND FOR COMMUNITY FOUNDATIONS - THE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

10. Staff costs

Charity Group
2024 2023 2024 2023
£ £ £ £
Wages and salaries 113,383 160,968 161,980 196,571
Social security costs 9,392 14,551 9,392 14,551
Pension costs 6,803 9,571 6,803 9,571
Other staff/Employer of Record costs 129,578
233,832		 185,090
144,389		 178,175
233,832		 220,693
144,389
363,410 329,479 412,007 365,082
Staff numbers
Employment contract
Employer of record
The average numbers of persons (including senior
and group during the period was as follows:		 2024
No.
2023
No.
2024
No.
2023
No.
1
2
2
4
3
2
3
2
Charity
management team) employed by the Charitable Company
Group
4 4 5 6

GFCF has an international staff team. Staff are employed by employment contract in the countries in which GFCF has registered operations (United Kingdom & Northern Ireland and South Africa). Employees living in other countries are contracted through Employer of Record services to ensure that employees are employed under the national employment regulations of the country in which they live.

Employees employed by employment contract:

Executive Director United Kingdom Full time employee Finance Director South Africa Part time employee Employees contracted by Employer of Record services: Director of Operations and Communications Belgium Full time employee Knowledge Weaver & Influencing Manager Uganda Full time employee Global Network Weaver Nigeria Full time employee

Page 26

GLOBAL FUND FOR COMMUNITY FOUNDATIONS - THE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

10 Staff costs (continued)

The number of employees who received total employee benefits (excluding employer pension costs) of more than £60,000 is as follows:

Charity Group
2024 2023 2024 2023
No. No. No. No.
£100,001 - £110,000 - 2 - 2
£110,001 - £120,000 1 - 1 -
£120,001 - £130,000 1 - 1 -

11. Trustee remuneration and expenses

The trustees neither received nor waived any remuneration during the year (2023: £Nil).

Nine trustees received expenses totalling £13,688 (2023: Two trustees received expenses totalling £924).

Page 27

GLOBAL FUND FOR COMMUNITY FOUNDATIONS - THE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

12. Tangible fixed assets

GROUP
Land and
buildings
Land and
buildings
Furniture and
equipment
£
£
£
Cost or valuation
At 31 March 2023
-
-
-
Additions
-
-
-
Disposals
-
-
-
At 31 March 2024
-
-
-
Depreciation
At 31 March 2023
-
-
-
Charge for the year
-
-
-
On disposals
-
-
-
At 31 March 2024
-
-
-
Net book value
At 31 March 2024
-
-
-
At 31 March 2023
-
-
-
CHARITY
Land and
buildings
Land and
buildings
Furniture and
equipment
£
£
£
Cost or valuation
At 31 March 2023
-
-
-
Additions
-
-
-
Disposals
-
-
-
At 31 March 2024
-
-
-
Depreciation
At 31 March 2023
-
-
-
Charge for the year
-
-
-
On disposals
-
-
-
At 31 March 2024
-
-
-
Net book value
At 31 March 2024
-
-
-
At 31 March 2023
-
-
-		 Computer
equipment
£
6,615
-
(432)
6,183
3,404
1,209
(432)
4,181
2,002
3,211
Computer
equipment
£
5,944
-
(432)
5,512
2,733
1,209
(432)
3,510
2,002
3,211		 Total
£
6,615
-
(432)
6,183
3,404
1,209
(432)
4,181
2,002
3,211
Total
£
5,944
-
(432)
5,512
2,733
1,209
(432)
3,510
2,002
3,211

Page 28

(A Company Limited by Guarantee)

GLOBAL FUND FOR COMMUNITY FOUNDATIONS - THE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

13. Debtors

Prepayments and accrued income
Other debtors		 2024
2023
£
£
856,815
455,299
-
1,366
856,815
456,665
Charity		 2024
2023
£
£
856,815
455,664
670
1,366
857,485
457,030
Group

14. Creditors: amounts falling due within one year

Trade creditors
Accruals and deferred income
Other creditors
Other taxation and social security		 2024
2023
£
£
-
3,527
193,510
22,324
6,865
-
5,469
1,118
205,844
26,969
Charity		 2024
2023
£
£
-
3,527
201,227
25,839
6,865
-
5,469
1,118
213,561
30,484
Group

Page 29

(A Company Limited by Guarantee)

GLOBAL FUND FOR COMMUNITY FOUNDATIONS - THE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

15. Funds

Group

General unrestricted funds
Ukraine response
Total funds
Investing in community
philanthropy as a development
strategy
Advancing Practice in Meaningful
Participation
Inclusive financial eco-systems,
Tanzania
Strengthening #ShiftThePower
movement
Revitalizing Rainfed Agriculture in
India
Giving For Change Programme
Other Restricted funds
#ShiftThePower Summit		 £
4,280,643
486,552
9,093
-
584,909
110,170
431,167
87,130
227,516
-
1,936,537
6,217,180
Balance at 1
Apr 2023		 Income
£
195,733
640,216
80,276
316,681
-
880,962
-
-
64,030
261,880
2,244,045
2,439,778		 Expenditure
£
(539,462)
(596,744)
(81,982)
(100,010)
(424,998)
(579,212)
(216,174)
(48,030)
(266,178)
(261,880)
(2,575,208)
(3,114,670)		 £
-
-
-
-
-
-
-
-
-
-
-
-
Transfers		 £
3,936,914
530,024
7,387
216,671
159,911
411,920
214,993
39,100
25,368
-
1,605,374
5,542,288
Balance at 31
Mar 2024

Comparative information in respect of the preceding period is as follows:

General unrestricted funds
Restricted general funds
Total funds		 £
20,362
1,039,578
1,059,940
Balance at 1
Apr 2022		 Income
£
4,260,281
2,939,931
7,200,212		 Expenditure
£
-
(2,042,972)
(2,042,972)		 £
-
-
-
Transfers		 £
4,280,643
1,936,537
6,217,180
Balance at 31
Mar 2023

Page 30

GLOBAL FUND FOR COMMUNITY FOUNDATIONS - THE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

15. Funds (continued)

Charity
General unrestricted funds
Restricted general funds
Total funds
Comparative information in respect
General unrestricted funds
Restricted general funds
Total funds		 Income
Expenditure
£
£
£
4,279,748
195,733
(535,654)
1,939,841
2,243,404
(2,580,784)
6,219,589
2,439,137
(3,116,438)
of the preceding period is as follows:
Income
Expenditure
£
£
£
19,467
4,260,281
-
1,035,762
2,939,931
(2,035,852)
1,055,229
7,200,212
(2,035,852)
Balance at 1
Apr 2023
Balance at 1
Apr 2022		 £
-
-
-
£
-
-
-
Transfers
Transfers		 £
3,939,827
1,602,461
5,542,288
£
4,279,748
1,939,841
6,219,589
Balance at 31
Mar 2023
Balance at 31
Mar 2024

General unrestricted funds are the net proceeds of a one off donation of £4,260,281 received in November 2022.

Other Restricted funds - Funds are restricted for the core activities of the Charity within specified funding periods between 12 and 24 months, set out in the donors agreement documents.

Inclusive financial eco-systems, Tanzania - Funds restricted to activities specified by the donor agreement and identified in the appeal documents to the donor, to be implemented in a specific time period and country.

Strengthening #ShiftThePower movement - Funds are restricted to activities that are specified by the donor agreements and identified in the appeal documents to the donors, to be implemented within specified funding periods.

Revitalizing Rainfed Agriculture in India - Funds restricted to activities specified by the donor agreement and identified in the appeal documents to the donor. To be implemented in a specific time period and country.

Giving For Change Programme - Funds are restricted to activities specified by the donor agreement for the Giving For Change programme and identified in the appeal documents to the donor, to be implemented in a specified funding period and in specified countries.

Investing in community philanthropy as a development strategy - Funds are restricted to activities that are specific to the strategy outlined in the appeal documents to the donors and to the agreed activities, funding periods and countries stipulated in the donors agreement

Advancing Practice in Meaningful Participation - Funds are restricted for the activities specified by the donor and identified in the appeal documents to the donor, to be implemented in a specified funding period.

Ukraine response - Funds are restricted for the activities specified by the donors agreements to support community foundations in Ukraine and surrounding countries, to be implement within a specified funding periods.

#ShiftThePower Summit - Funds are restricted to activity costs that are specifically related to the Charity co-hosting the #ShiftThePower Summit in December 2023 and to be spent with in specified funding periods of 3 to 6 months.

Page 31

GLOBAL FUND FOR COMMUNITY FOUNDATIONS - THE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

16. Analysis of net assets between funds

Group
Unrestricted
funds
2024
£
Fixed assets
Current assets
Creditors due within one year
-
Analysis of net assets between funds - prior year
Unrestricted
funds
2023
£
Fixed assets
Current assets
Creditors due within one year
-
Charity
Unrestricted
funds
2024
£
Fixed assets
Current assets
Creditors due within one year
-
Analysis of net assets between funds - prior year
Unrestricted
funds
2023
£
Fixed assets
Current assets
Creditors due within one year
-		 Unrestricted
funds
2024
£
-
3,936,914
-
3,936,914
Unrestricted
funds
2023
£
-
4,280,643
4,280,643
Unrestricted
funds
2024
£
-
3,939,829
-
3,939,829
Unrestricted
funds
2023
£
-
4,279,748
-
4,279,748		 Restricted
general
funds
2024
£
2,002
1,816,933
(213,561)
1,605,374
Restricted
general
funds
2023
£
3,211
1,963,810
(30,484)
1,936,537
Restricted
general
funds
2024
£
2,002
1,806,303
(205,844)
1,602,461
Restricted
general
funds
2023
£
3,211
1,963,599
(26,969)
1,939,841		 Total
funds
2024
£
2,002
5,753,847
(213,561)
5,542,288
Total
funds
2023
£
3,211
6,244,453
(30,484)
6,217,180
Total
funds
2024
£
2,002
5,746,132
(205,844)
5,542,290
Total
funds
2023
£
3,211
6,243,347
(26,969)
6,219,589

Page 32

GLOBAL FUND FOR COMMUNITY FOUNDATIONS - THE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

17. Reconciliation of net expenditure to net cash flow from operating activities

Adjusted for:
Interest receivable
Depreciation and impairment of tangible fixed assets
Post-employment benefits less payments
Unrealised exchange movement
(Increase) / decrease in stock
(Increase) / decrease in debtors
Increase / (decrease) in creditors
Net cash provided by / (used in) Operating Activities
Net income / (expenditure) for the reporting period (as per the
statement of financial activities		 2024
£
(674,892)
(194,715)
1,209
-
-
(400,455)
183,077
(1,085,776)		 2023
£
5,157,240
(482)
643
-
-
(455,268)
(90,018)
4,612,115

18. Cash flows from investing activities

Purchase of tangible fixed assets
Interest received
Net cash provided by / (used in) Operating Activities		 2024
£
-
194,715
194,715		 2023
£
(2,765)
482
(2,283)

Page 33

GLOBAL FUND FOR COMMUNITY FOUNDATIONS - THE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

19. Analysis of cash and cash equivalents

Cash in hand and at bank
Total cash and cash equivalents		 2024
£
4,896,362
4,896,362		 2023
£
5,787,423
5,787,423

20. Analysis of changes in net debt

Cash At 1 April
2023
£
5,787,423
5,787,423		 Cashflows
£
(891,061)
(891,061)		 At 31 March
2024
£
4,896,362
4,896,362

21. Related party transactions

Unrestricted donations totalling £Nil (2023: £Nil) were received from trustees.

Page 34