2021-12-31-accounts - Booker Prize Foundation

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				Booker Prize Foundation	Booker Prize Foundation	Booker Prize Foundation	Booker Prize Foundation	Booker Prize Foundation
				Trustees Annual		Report
				For the year ended 31		December 2021
The Trustees present their report and the financial statements for the							year ended 31"December 2021.These				have been
prepared	in accordance		with the Charities Statement ofRecommended					Pracfice	(FRS102)issued on 22 May 2014,current
legislation		and the arlides and		memorandum ofassociation. The Trustees have taken advantage						ofthe simpliTied	disclosures
available	to smaller companies			through Part 15ofthe Companies		Act	2006, including exemption			from preparing	a Strategic
Report.
Name				Booker Prize Foundation
Company		Registration
Number				04213467 (company limited by	guarantee)
Registered		Charity
Number				1090049
Trustees				The Trustees (who are the company			law directors) throughout			the year and up	to the
				date ofsigning this report were:
				Mark Damazer CBE
				Anthony Darner ACA (treasurer,			appointed		8 July 2021)
				Nicholas Barley
				Carol Lake OBE
				Bidishs SKMamata (retired	2 March 2022)
				Alexander James Naughtie	(retired			11 February 2021)
				Ben Okri OBE
				Mary Teresa Rainey OBE
				Professor Dame Louise Richardson
				Katherine Nicole Sheard
				The Rt Hon Lord David Wigetts
Company		Secretary		Evelyn Smith
Registered		Office		First Floor, 10Queen Street Place
				London EC4R 1BE
Auditom				Moore Kingston Smith LLP
				9Appold Street
				London EC2A 2AP
Bankem				HSBC
				The Peak, 333Vsuxhag Bridge	Road
				Virfioria, London SW1V1EJ
Solicitors				Bates Wells 6Braithwaite LLP
				10Queen Street Place
				London EC4R 1B

The Trustees	have reviewed	have reviewed	have reviewed		the risks	the risks	to	which the Foundation and its trading subsidiary are exposed, assessed	which the Foundation and its trading subsidiary are exposed, assessed	which the Foundation and its trading subsidiary are exposed, assessed
their likely impact		and	where		appropnate			have established		systems, procedures or insurance to mitigate these
risks, these are outlined			in accordance				with		the Foundation's	consideration of risk throughout 2021.
Key Risks										Management
Lack ofdirection		and strategy								Starling vrith a dedicated strategy meeting in October
										2010, the Trustees sre developing stmtegic objecbvss	in
										key areas. Most notably digital skelegy has been s priorily;
										and 2021 ssw the development end initial implementation
										ofa new strategy aimed at ensuring that BPF,and motri	of
										sll the books asaotfiateri with Ihe Booker prizes, are
										celebrated across the widest networks
Dependency	on	key personnel				/professional			senrice	Responsibilities ofthe Director and key consultants are
pmviders										set out in contracts with collegiate executive working
										anal/ling knowledge/networks to be shared and/or
										understood although personal contads and experience
										are essential; the significant resources available via Four
										Culture for administration &operations are an advantage
										ich would not necessarily be available to BPF/BPTL
										(or might cost more) if it took direct responsibility for
										these but there is recognition by ag concerned
										(BPF/BPTLJFour Culture) that mview ofthe
										almngements is needed (post year end note, this review
										ia underWay in 2022)
Exdusive Crankstarl Foundation						funding		(risks associated		Crankstari is a strong financial covenant - independent
both with model		offunding		and		identity	of funder)			due diligence wss undertaken by Krog for BPF/BPTL
										prior to entering into 2019core funding agreements on
										ich independent legal advisee was also taken; the
										Secretary is aware ofkey provisions &briefs and liaises
										with others to ensure compliance; there is awareness of
										impact ofcapped annual funding fi VAT on budgets; the
										board &Ihe executive are responsible forensuring there 's independent decision making (this acknowledged in
										funding agreement); insurance in place to indude Norih
										American claims (Crankstart ls a (/S entity); in extreme
										'rcumstsnces BPF/BPTL may tenninate funding
										agreement ifCrankstsrt bnngs BPFor prizes into
										disrepute and BPFhas a significant reserve (equivalent

Key Risks	Key Risks							fifienagssumt
								to one year funding at current level)
								The additional funding for online digital development	from
								the same source, Crsnkstart, underlines this dependency
								on a single source, but the new digital strategy
								contemplates partnerships with other third parties.
Scale and		ambition ofdigital		iniliative,		including	expansion	Recognition ofthe need for organisationsl development
of payroll		and anticipated		transformation of			the scale of	and growth needed to underpin the digital initiative.
the Foundation's operations								Ongoing engagement ofthe executive and board to seek
								to ensure, the challenges and scale oforganisational
								development/underpinning keeps up with the pace of
								online/digital activity.
Judges	&judging —various			risks associated with:
a) diversity		(or lack) ofpanel						a) recent (past 5years) panels have demonstrable
								diversity but need to maintain this
b) failure	to follow rules							b) lessons from 2019 Booker Pnze - emphasis in rules
								that judges must follow direction/guidance as to process-
								govemance (board) responsibility to underpin this
c) harm	caused by association				with judges views &			c)ongoing care &attention to choose ofjudges and their
activities	not related to judging				process			profile
d) exposure ofjudges to criticism and						campaigns		d) current dose liaison with judges by Literary Director/
(particularly		via social media)						International Administrator is key
								Trustees aware ofthe need for particular afiention to	the
Ongoing	risks assooated		with		Covid	19pandemic		Going Concern status of BPF8 BPTLfor at least 12
								months from the date ofthe approval ofthe finana el
								statements. Trustees satisfied both BPF &BPTL will	be
								able to continue in operational existence for the
								foreseeable future. :
								primary income source is a gant funding
								agreement from a weg-resourced US charitable
								donor (Crankstart Foundation) at a committed
								annual level ofF1.5 million in 2021 extended	to
								a 6year period expiring in 2024 (as well as
								additional restnrded grant funding starting in
								2021ofK1.152 million for 3years - to 2024 —for
								digital initiative.
								at the balance sheet date BPFhad free reserves
								ofE2,964,966(2020:E2,107,760);
								BPFand BPTLhave demonstrated the capadty
								to arxivities in response to the constraints of	the
								pandemic
								there are no onerous contractual or other
								financial commitment; in 2021 neither the BPF
								nor BPTLhad any premises-related
								commitments, and the appointment ofBPF's
								first employee in April 2021 has not affected	the
								BPF's ability to keep expenditure within
								appropriate and prudent planned, budgeted,	and
								controlled parameters.

					2021	2020
					E.	E
Cash sows from operating	activities
Net cash provided by / (ueed in) operating			eciivieas	14	034,615	75,592
Net cash provided by operating		activities			834,$15	75,592
Cash Ilows fram Investing	activities
Interest received					029	2,410
Net cash provided by Investing		activities			029	2,410
Change In cash and cash	equivalents		during tha year		835,244	TS,OOZ
Cash snd cash equivalents	at beginning		ofyear		2,100,250	2,090,240
Cash and cash equivalents	at end ofyear				3,003,494	2.160,250
Analysis ofcash and cash	equivalents
					2021	2020
					E	E
Cash at bank and in hand					703,494	1,568,250
Deposits					2,300,000	600,000
Total cash and cash equivalents					3,003,494	2,100,250
Analysis ofchanges In net	debt
				014an-zt	Cash Flows	31-Dec-21
					E	E
Cash				2,100,250	035,244	3,003,494
Loans felling due mthin one	year
Loans falling due after more	then	one year
Total				2,160,250	035,244	3,003N84

						2021f	2020 6
	Donation Income					2,652,000	1,500,000
	Turnover					2,652,000	1,500,000
	Direct costs
	Gross profit					1,999,464	711,153
	Administration costs					(103,101)	(155,433)
	Interest received					29	251
	Interest payable
	Profit on ordinary	activities for the year					Iv 11
	Shareholders' fund	brought		forward		5,001	5,001
	Profit for the financial year					1,896,392	555,971
	Charitable distribution		to parent undertaking			(1,896,392)	(555,971)
	Shareholders' fund		carried	forward
	The assets, liabilities		and funds ofthe subsidiary		were:
	Assets					1 788642	348194
	Liabilities
	Capital and reserves
4	Interest receivable	and similar income
						2021	2020
						f	6
	Interest on bank deposits					629	2,410

			'	asm~ Dorrrmorrs 'I~T)	Bom	~)4o)
					4	2	z	4
MIFNdkum an ofmrimbm		smloNMO
Booker prize Ihternatiorlsl Booker	Prize		205,355 238,090		195,NO 128,400	107300 86,313	NO,N0 N1,040	754,77 I 400,813
Olher chsrkable aclv0lez				167.755	471,19'7	148,40O	Tzs,aeo	225 333
Total Nzpondltsts aetlv Nloa	on cnerllsbm		800,Nt	14'7,744	TN,107	0mkezt	1,7N,424	1,4Ta,mlo
Total NzpendNum	Wm		9N,481	IdTTN			1,784,424	1,470.020
Total mlposdhuro	mimi		N7,207	IMVMT		071,417

Anal ls ofBx	ndnuro 2020	ndnuro 2020	ndnuro 2020
				Lkerary mvsnto	Oonaaono aml 0rants (Nod Tl	Omv Olmm Ccats	Bupport oasis (0s)
				8	2		0
Bapendzore on	charitable		amlvltlm
Booker prrzo				380,903		204,000	100,811	754,774
Internatrcnsl Booker 9ooker inlerrsscnsl		Prize/ pnzs	man	238274		1%,lkm	124,939	~N,010
Other vhariteble	octvzioo				153,037	15629
Tofsl BkpondNore		en charNabls		SW,247	teNNT	358,22O	071,417	4,470,020
~cNvNbm
Toml Dip mr dltfr	m	mme		N7,297	Ieezmv	3NpSI	z71,417	1,470,O20

Staffcosts													2021		2020	2020
													E			E
Wages snd salaries													75,000
Social sscurity costs													5,435
Pension contributions													991
													81,426
Staff Costs have been	agocsted to			chariitable			ac0vilies as		follows:
													2021		2020
													E			E
Charitable activities
Supportcosts													81,426
													81,426
Hig(BESgj~lfl
The number of higher paid			employees		who's emoluments				exceeded			E60,000were'
													2021		2020
670,000 -	E79,999
The pension contributions x'— """"		payable		in respect ofthis individual							amounted		to7991(2020:ENil)
													2021		2020
The average number of employees				during		the	year wss:
Key managemeni personnel			indude	the Trustees,				Company		Secretary,			the Literary	Director snd the
Internalional Booker Prize		Administrator.				Amounts		remunerated			to key management			personnel	amo	un
tc2204,029(2020:2212,713).
No remuneration wss paid			to any	trustee for			services as		a	trustee,		Ibis year or		last. One trustee		(
thme) was reimbursed	for	travel and subsistence						expenses		incurred		during the year totalling			Et25 (
E463) .
Donations													2021		2020
													6
Designer bookbinders													12,375	11,087
English PEN													2,000		5,000
International PEN													2,500
Ubrarles Project													16,380	37,200
National Literacy Trust													50,000	50,MO
National Literacy Trust - Booker Squad					Project								50,000
Royal National Institute University cfEast Anglie	of Blind People (Scholarship)												7,000 12,500	23,500 18,750
Edinburgh Book Festival													5,000		5,000
Other Charitable Ifestivals															2,500
											~157755			ls

ReconcglaNan		eimevement	eimevement	funds (conNnued)	funds (conNnued)
GQMPARATlvE		INFQRMATIDN:		Reconaglstlon	al	mavamenl	ln lands tar year	ended 31December 2020
Oraup				Balance bN		Income	Expsndltum	Transfers	Balanae clf
				E		E	E		E
Unresnlcled	Funds
Charitable funds				2,077,270	1,502,410		(1,476,920)		2,162,700
Trading funds				5,000					s,ooc
Total Unrastdcted			Funds	2,0$2,270	I.dgzrdf 0		(1,476,020)		2,107,700
Total Funds				2.082,270	f402,410		(1478,020)		2,107760
Cbarliy
				Balance bn		fiicatrie	Expendllura	Transfers	Bslsnae cN
				E		E	2	E	E
Unrestricted	Funds
Charitable funds				2,077,270		619,129	(593,639)		2,102,780
Torsi unmstdcted			Funds	2077270		810120	5 3830		2 102760
Tatal Funds

ReconcNlanon of	net	Income I iexpendllum) to net csun pm	vmed byoperaang amtimtes
			2021	2020
			E
Net iruome for the	year
Adiustments lun
liilerest recelvzid			(820)	(2,410)
(Increase) IDecrease		in debtors	(17,181)	36,000
(Decrease) Iincrease		in creditars	(4,780)	16,512
Net cash provided	by I(used In) operating actlvales		834,81$