TRUSTEES’ REPORT For the year ended 31 March 2006
Constitution
The Oxfordshire Community Foundation is governed by a trust deed dated 25 April 1995 and is a registered charity, number 1046432.
Vision: to be the lead partner for community based charitable grant making in Oxfordshire.
Mission Statement
To develop income streams and capital funds to support the unmet needs of Community groups working with disadvantaged people across the County.
Objects of the Foundation
OCF raises funds in the Community to support a grantmaking programme currently targeted at:
·Education and Employability
·Health
·Poverty relief
·Diversion from crime
Trustees’ responsibilities for the financial statements
Charity law requires the Trustees to prepare financial statements that reflect a true state of affairs of the Foundation.
In preparing these statements the trustees are required to:
·select suitable accounting policies and apply them consistently
·make judgements and estimates that are reasonable and prudent
• state whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the financial statements.
·Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Community Foundation will continue in business.
Financial Review
The Foundation enjoyed a successful year financially.
Our total income, comprising donations and investment income, totalled £485,000 (2005£507,000).
This income supported our grant-
Our investment portfolio grew as a result of gains of £123,000 (2005 -
Post Balance Sheet Events
Since year end, the Trustees have made two significant operating changes.
Firstly a long leasehold interest has been acquired in a new property. The cost of purchase was £277,000 and was funded by diversifying the investment portfolio. The property will form the Foundation’s new offices and will provide an opportunity for rental income from subletting part of the space.
Secondly, in May 2006 the Director, Emma Tracy, was succeeded by a new Chief Executive, Barry Tanswell.
Projects
A total of 131 projects benefited from grants made by OCF. A breakdown of these grants appears in Appendix 1.
OCF receives funding from the following sources:
·individual donors
·trust funds
·companies
·UK Government Local Network Fund (ends late 2007)
·European Union European Social Fund (ends early 2008)
·Sport Relief
Future Developments
The funding situation for voluntary and Community groups in Oxfordshire presents
an ever challenging prospect. Many governmental funding schemes are due to conclude.
Whilst these may be replaced by other forms of funding, the Trustees are very aware
of the need to be more pro-
In particular, with the appointment of a new Chief Executive, greater emphasis will be given to the following in the coming year:
·attracting `high level giving’ individual donors.
·developing partnerships with the corporate sector.
·raising awareness of the Foundation through the media.
In addition, the Community Foundation Network, our membership body, will be bidding on behalf of all Foundations for other forms of funding.
Grant making Policy
·he Grants Panel identifies projects where our funds will make a real impact on the
ground. The process is highly targeted and designed to deliver a reasonable `spread’
of grants across the County. In 2005 -
·Local Network Fund for children and young people, funded by the DfES, granting up to £7,000 to projects benefiting young people suffering disadvantage.
·The Improving Employability Fund, granting up to £10,000 by the European Social Fund, supporting projects which increase the employability of certain target groups e.g. women returners to work, people with disabilities.
·Community Grant Fund, into which all unrestricted donations designated for grant-
·Sport Relief, granting up to £5,000, to distribute to community projects using sport and exercise to strengthen communities.
·Emergency Smalt Grants Fund, under which small organisations can apply for up to £500 and we will respond within a month.
Organisations are asked to complete a concise application form, which enables an initial assessment of:
·eligibility
·proposal quality
·the likely impact on social needs in the area
·monitoring and evaluation
·financial status
The Grants Panel meets bi-
enquiry.
Investment Policy
The capital of OCF is invested through our brokers, Hargreave Hale. The Fund was initially equally divided between equities and bonds. As previously stated, an investment was acquired in a long leasehold property in July 2006. Equal amounts were diversified from the portfolio to fund the purchase of the property.
Reserves Policy
The Trustees have agreed to maintain a minimum of three months cash reserve to cover commitments to operating costs.
Risk Statement
The Trustees have prepared a risk statement for the Foundation, which is regularly updated. In addition, in the coming year the Foundation will seek accreditation under a programme devised by Community Foundation Network in association with Government agencies. This will assist the network in their bidding process for new sources of funding. One of our trustees, Nigel Williams has agreed to manage this programme.
Organisation Structure
The Trustees meet quarterly. Any subcommittees meet in between Trustee meetings with
their recommendations discussed and approved at a full Trustee meeting. The day-
Trustee Changes
John Briggs was appointed a Trustee in July 2005 and became Chairman in November 2005. Anna Moon was appointed a Trustee in April 2005.
Michael Lear was appointed a Trustee in July 2005.
Colin Alexander was appointed a Trustee in October 2005.
Nigel Williams was appointed a Trustee in July 2006.
Nigel Hamway and Gavin Isle retired in April 2006. The Hon. Peter Jay and Simon Stubbings will retire at the conclusion of the AGM in 2006. We thank them all for their considerable contributions. Potential new trustees are currently being identified.
Connected charities
The Charity is a member of the Community Foundation Network, number 1004630. This network promotes the work of Community Foundations but has no executive involvement with any individual members.
The OCF acts as treasurer for a payroll giving consortium -
Auditors
The accounts have been audited by King Loose & Co. who seek re-
Acknowledgements
The Trustees would like to place their thanks on record to all our donors, supporters volunteers and staff.
On behalf of the trustees
John Briggs Chair
Date: 20/10/06
Independent auditors’ report to the trustees of
Oxfordshire Community Foundation
We have audited the financial statements of Oxfordshire Community Foundation for the year ended 31 March 2006 which comprise the Statement of Financial Activities, the Balance Sheet and related notes. These financial statements have been prepared under and the accounting policies set out therein.
This report is made solely to the trustees in accordance with section 43 and 44 of the Charities Act 1993. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditors’ 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 charity and the charity’s trustees for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of trustees and auditors
As described in the Statement of Trustees’ Responsibilities, the trustees are responsible for the preparation of financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Charities Act 1993. We also report to you if, in our opinion, the Trustees’ Report is not consistent with the financial statements, if the charity has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding trustees’ remuneration and transactions with the charity is not disclosed.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made in the preparation of the financial statements, and of whether the accounting policies are appropriate to the charity’s circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming an opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
Opinion
In our opinion:
·the financial statements give a true and fair view, in accordance with United Kingdom
Generally Accepted Accounting Practice of the charity’s state of affairs as at 31 March
2006 and of its incoming resources and application of resources in the year then ended;
·the financial statements have been properly prepared in accordance with the Charities Act 1993; and ·the information given in the Trustees’ Report is consistent with the financial statements.
King Loose & Co.
Chartered Accountants and Registered Auditors
St John’s House
5 South Parade
Summertown
Oxford
OX2 7JL
OXFORDSHIRE COMMUNITY FOUNDATION PRINCIPAL ACCOUNTING POLICIES For the year ended 31 March 2006
Basis of preparation
The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investment fixed assets to market value, and in accordance with applicable accounting standards and the Statement of Recommended Practice “Accounting for Charities”, as revised in June 2005
Incoming resources -
Income from grants is recognised when the terms of the grant have been met. Typically this is on a receivable basis. Income from donations is recognised when received.
Income received for restricted purposes is credited to specific restricted funds in accordance with any restrictions placed by the donor.
Incoming resources -
Income from investments is recognised on a receivable basis, other than dividend income, which is recognised on a received basis.
. Investment income arising from endowment funds is available for unrestricted purposes.
Basis of allocation of Expended resources
Expended resources have been allocated between the expense heading on the Statement of Financial Activities to the activity, where possible, to which the expenditure directly relates.
Expenditure which relates to several expense headings has been apportioned between these on appropriate proportions of each expenditure which the activity utilises.
Costs of generating funds
This represents costs of events, publicity and 10% of employment costs
Charitable activities
Grants payable are recognised on a payable basis.
Support costs of charitable activities represent all other costs incurred in achieving
the charity’s objects, including 85% of employment costs -
Governance costs
This represents the costs of the statutory audit, and 10% of employment costs to represent time spent liaising with and supporting the trustees in discharging their governance obligations.
Fixed assets
Individual assets with an original cost of over £200 are capitalised.
Depreciation is provided to write off the cost of these assets to their residual amount over their useful economic lives as follows:
Fixtures, fittings and equipment -
IT equipment -
Taxation
As a registered charity, the Community Foundation is not liable to taxation on its charitable activities. On the basis of these financial statements, no provision has been made for taxation.
Restatement of comparatives
Comparative figures for the year ended 31 March 2005 have been restated to comply with the requirements of the revised Statement of Recommended Practice and to more fairly represent the allocation of expenditure between expense headings.
There was no impact on the reported surplus for the period, or on funds balances.
OXFORDSHIRE COMMUNITY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2006
Abingdon Charities Working Together
This is a fund representing a consortium of Abingdon-
Sport Relief
This is a fund representing restricted grants received from the Sports Relief charity.
Other restricted funds
These represent small, restricted donations from anonymous sources.
12. Commitments
The Charity had no capital commitments at 31 March 2006. 13. Post Balance Sheet Events
Since the year end, the trustees have approved the acquisition of a long leasehold interest in a property to act as a permanent base for the Charity’s operations.
14. Related Party Transactions
Where a Trustee of the Charity has an interest in other charitable organisations, the policy of the Board is to have the interest declared and for the Trustee to take no part in discussions or decision making process involving that charitable organisation.
Where a Trustee’s related charity or organisation stands to benefit from an allocation of the Charity’s funds, they are not allowed to participate in the decision making process. Where they have personally, or through a related charity, donated the funds concerned, they are allowed to participate in the decision making process in accordance with the Charities Act 1993,
Simon Stubbings, a trustee, is also a trustee of the following .charities who donated movies in the year: Mr and Mrs JA Pye’s Charitable Settlement £7,500 (2005: £12,500) and Dandia Charitable Trust £7,000 (2005: £6,000). No amounts were due from these charities at the year end.
15. Restatement of comparatives
Comparative balances have been restated for compliance with the Statement of Recommended Practice “Accounting and Reporting for Charities” (revised 2005). There was no impact on the reported surplus for the year ended 31 March 2005.