Cornwall Community Foundation

(Limited by Guarantee)

Trustees’ Report and Financial Statements

For the year ended 31 December 2019

Charity registration number 1099977 Company registration number 04816191

Cornwall Community Foundation

Contents

Page

Report of the Board of Trustees 1 – 7

Independent auditors’ report 8 – 10

Statement of financial activities 11

Balance sheet 12

Statement of cash flows 13

Notes to statement of cash flows 14

Notes to the financial statements 15 – 35

Cornwall Community Foundation

Report of the Board of Trustees For the year ended 31 December 2019

The Board of Trustees present their annual report for the year ended 31 December 2019, together with the audited financial statements for the year which are also prepared to meet the requirements for a directors’ report and financial statements for Companies Act purposes.

The financial statements comply with the Charities Act 2011, Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting for 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 (FRS102).

Purpose and activities

Charitable purposes

These are:

 The promotion of any charitable purposes for the benefit of the community in the county of Cornwall and the Isles of Scilly and in particular the advancement of education, the protection of good health, both mental and physical and the relief of poverty and sickness.

 Other exclusively charitable purposes in the United Kingdom and elsewhere which are in the opinion of the trustees beneficial to the community including those in the area of benefit.

Public benefit, aims and objectives

The charity complies with the public benefit requirement through its grant making programmes.

We want Cornwall & the Isles of Scilly to be a great place to live for everyone - a place where people work together to address disadvantage and build strong, resilient communities.

Our mission is to inspire local giving to meet local needs. We aim to make sustainable funding available to address disadvantage and build strong communities by promoting effective philanthropy.

We have three strategic priorities:

• To increase substantially the funds at our disposal; • To deliver an efficient and effective grants programme; • To be at the core of the voluntary sector in Cornwall.

The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities and setting the grant making policy each year.

The grant making programmes are wholly directed at supporting community groups within Cornwall and the Isles of Scilly.

The charity’s fund development work is aimed at ensuring the funds continue to be available in the future so that income can be generated to continue to support the above groups for the benefit of the residents in the county.

In addition to the guidance from Charity Commission and the Fundraising Regulator the trustees have also used the Charity Governance Code as their frame of reference.

1 Cornwall Community Foundation

Report of the Board of Trustees For the year ended 31 December 2019

Strategic report

Review of achievements and plans for the future (incorporating Chairman’s Report)

In 2019 the Cornwall Community Foundation (CCF) awarded £734,870 to 469 community projects and individuals. In a time when inequality is increasing we can be very proud to say that the CCF has stepped up to the challenge of meeting the growing need.

Since 2003, the CCF has awarded more than £9 million to 5,000 local, grass-roots projects in Cornwall and the Isles of Scilly. At the end of 2019, CCF’s assets totalled £8,298,138 (an increase of £2,422,306 in the year), of which, total funds held and managed in the CCF’s endowment was £7,025,313 (an increase of £2,120,783 in the year). The financial objective of the CCF is to maintain at least the real value of the assets while generating a growing income to fund grant making. The investment objective is to produce the best financial return from its endowment within an acceptable level of risk.

The CCF received £1,360,372 in new endowment donations in 2019. Several new endowment funds were established during 2019. One of these, The Viscountess Boyd Charitable Trust, supports community projects in South East Cornwall and another family trust fund was transferred to our Community Fund to support projects all across Cornwall and the Isles of Scilly. The Lanherne Fund was established to strengthen community projects focusing on the environment.

The CCF received £120,000 from Cornwall Council and the National Lottery Communities Fund to establish the Headstart Kernow Fund to improve young peoples’ mental health. We are very grateful to The of Cornwall’s Benevolent Fund for the £20,000 donation towards the Crisis Fund and the £25,000 donation to match fund the #iwill programme. The #iwill programme, a joint initiative by the UK Government, the Big Lottery Fund and the CCF, supported projects that engage young people through community involvement to develop additional skills that are life-changing. Our Crisis Fund supports individuals in a crisis situation and the £44,499 awarded from this fund demonstrates the increasing challenges that many people are facing. Thanks to match funding from The Goldsmiths’ Company Charity we were able to award £44,065 to organisations helping elderly people. The Lord Lieutenant’s Fund for Youth awarded £21,612 to gifted young people.

Our fund development aims to substantially increase the funds at our disposal by prioritising endowment; encouraging annual contributions; increasing the contribution from local businesses and building an extensive base of through membership schemes.

Our Friends scheme is a very inclusive scheme with membership fees starting at £25 a year. At the end of 2019 we had 371 Friends. The Cornwall Women’s Fund was established in 2019 to help community programmes that benefit women and 21 members have joined the new scheme.

Our Business Club awarded a total of £33,589 to 16 community projects in 2019. Great Western Railway also donated £32,000 to support jobseekers and young people experiencing mental health challenges. The networking breakfasts for our business supporters were increasingly popular and gave the opportunity to our members to meet representatives from inspiring projects that they had supported. Many of our business supporters helped us beyond their membership fees. Rodda’s Creamery and St Austell Brewery supported our events with drinks and CCLA and The Nare Hotel sponsored our London event.

The Cornwall Club is going from strength to strength and provides vital support for our Community Fund. The North Cornwall Fund continues to build momentum and started to grant award by distributing £13,295 last year.

2 Cornwall Community Foundation

Report of the Board of Trustees For the year ended 31 December 2019

Review of achievements and plans for the future (incorporating Chairman’s Report) (continued)

We are very grateful to the Garfield Weston Foundation and Alan Rogers for supporting our Philanthropy Director position.

We are dedicated to adhering to the highest fundraising standards and are registered with the Fundraising Regulator. We continue to invest in staff training, and in September 2019, staff members and Trustees participated in the UK Community Foundations’ biennial conference in Glasgow.

We are getting closer to realising our ambition to reach £10m in endowments and g