Reports & Financial Statements For the year ended 31 December 2021 BC Partners Foundation BC Partners Foundation Contents Page Charity information Report of the Board of Management Independent auditor's report Statement of financial actNlties io Balance sheet li Statement of Cash Flows 12 Notes to the financial statements 13-18 BC Partners Foundation Company registration no. 07260058 Charity information Charity registration number: 1136956 Company reiistration nurnber: 0726LK158 Rei5stered offlce: 40 Portman Square London WIH 6DA Bankers: Royal Bank of Scotland 250 Bishopsgate London EC2M 4AA Independent audltor: Mazars LLP 6 Sutton P142a Sutton Court Road Sutton Surrey SM14FS Trustees: Nikos Stathopoulos Cedric Dubourdieu RirhArd KiJn?pr Irp%ienpd 1 R April ?n?11 matth￿ Evans Francesco Lorèdan (resigned 8 February 20231 lan Kengelbach (resigned 21 July 20221 Laurian Douin (appointed 21 July 20221 BC Partners Foundation Company registration no. 07260058 Report of the Board of Management Introduction During 2021 the Trustees of the foundation continued to promote charitable giving arnongst BC Partners and its employees. This was achieved through continued e.mphasi5 on financial support for good causes including the donotion rnatchins Jcheme. ond encourosement ond Jupport lor oll employees to 3UPPOrt charitie3 by giving up their time. The Foundation Board of Trustees is madè up of alumri. employees and external directors and is represented in all 8C Partners offices worldwi(Je by a local representative. The Foundation continues to be principally funded by BC Partners with a continued higher proportion of donations being received from employees. Charlt•ble ghlng and •ctlv5tles During the year donations received have increased to £437,683 from £390,170 in 2020, an increase of 12.2%. Of total donations, 92% felates to donations from the BC Partners group reflecting the continued presence that the Foundation has within the firm. Donation5 havè been made to a broad ran8e of charities around the world. which can ￿ divided into three areas.. lil community development le.g.. infrastructure investments. development aid. health care improvements). lill environmental conservation le g, pollution reduction, natural preservation, clean technologiesl; Jnd liiil arts & education le.& educational, s¢holasti¢ or artisti¢ programsl. A list of the charitie5 5UPPOrted by the Four￿atIOn can be found at htt www.bc artner5.com about dLLn. The Foundation does not support unsdicited requests for donations but only supports charities nominated by 8C Partners employees and alumni. Responsible investment 41 BC P•rtners The BC Partners Foundation is a cornerstone in BC Partners, overall responsible investment strategy. As signatory ol the UN Principles for Responsible Investrnent l-UNPRI~I, Environmental, Social and Governance I"ESG'I issues and considèrations not only affect investment decisions. but are also enerained in the thinkine of 8C Partners, employees. The creation of the BC Partners Foundation was a natural addition to BC Partners, ESG approach to responsible investment. Report and audlted flnancl41 Statements The Board, acting as Trustees. presents the report and audited financial statements for the year ended 31 December 2021. These have been prepared in accordance with the Charity SORP IFRS 1021. the M¢morandum and Arti¢l¢* of ￿-￿•¢iatiOn of the £gmpany and th¢ provipion of th¢ Companie= Art 2006. BC Partners Foundation Company registration no. 07260058 Report of the Board of Management GovemlnK document The BC Partners Foundation is a company limited by guaranteè govemed by its Memorandum and Articles of Association dated 20 May 2010. and registered as a charity with the Charity Commission on 20 May 2010. Appolrltnient of trustees The directors of the company. who are also tharity trustees for the purpose of charity law. are appointed in accordance with the Articles of Association of the company and under the companls Articles are known as members of the 8oard of Management. There is no fixed term of office for members. The Foundation benefr(s from mèmbers of the Board of management being from a wide variety of backgrounds, with a diverse range of skilb. Trustee Sndurtlon and tralnlnt Induction pro8rammes for Board members are tailored to the needs of individuals. New Tiustees are sent the Foundation's Memorandum and Articles, and encouraged to familiarise themselves with the charity and the context within which it operates. They are made fully aware of the obligations of members of the Board of Management and the resourcing and current financial position of the Foundation as set out in the latest financial statements. Ory•nls•tlon The Trustees are listed on page one of the financial statements. They meet annually to discuss the running of the Foundation. The Tru5tee5 have delegated the day to day administration of the charity to M Evans (Trusteel. Responsibilities of the 8o•rd of M•na8ement CnmpAny rhArity Ixw r•fjiiirp thK* At)xrtl Tn finxnriAI %txTpmK*nt¢ fnr K*Arh finAnrixl PK*rind. whSrh givè a true and fair vièw of the state of affairs of the Foundation as at the balance shèet date and of its income and expenditure. In preparing these financial statements. the Board is required to.. clcct 4illtablc accountinE policica and thcn apply thcm con- -tcntlyi make judgements and estimates that are reasonable and prudent; state whether applicable accounting standartls an(1 Statements of Recommentled Practice have been followed. subject to any material departures disclosed and explained in the financial statements- prepare the financial 513tements on ihe going concern basis. unless it 15 Inappropriate to presumè that the charity will continue in operation. The Board is responsible for keeping adequate accounting records, which disclose with reasonable 3ccuraLy at any time thè financial position of the Foundation ar¥1 enable preparation of the financial statemènts complying with the Companiès Act 20(￿ and thè Chartties Act 2011. The Board is also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detertion of fraud and other irre8ularitie5. BC Partners Foundation Company registration no. 07260058 Report of the Board of Management Statement as to dlstlosure of Infomiatlon to thè audliors So far as the Trustees are awarè at the time this report is approved, there is no relevant audit information of which the Founilation's auilrtors are unaware,. and the Trustees have taken all steps they ought to have taken to make themselves aware of any relevanr audlT Informailon and io esTabllsh ThaT The audliors are aware of Ihai Informailon. Foundation's aim5 and objertbves The Foundation's aims are to encourage giving from employees and alumni of BC Partners and to distribute rants to a range of charities in line with the wishes of the Trustees and the employees of the group. Summ•ry of the m•ln •rtl¥ltles ynd¢rt•ken for the Publlc Benefit The charitws main activity is providing grants to a wide range of different charitie5. both in the UK and abroad. All of these charities provide a public benefit in different Way5, $0 by providing grants to these charities, the charitv 15 providin8 a public benefit throtygh ihem. The Foundation's Trustees have complied with their duty per the Charities Act 2011 to have due regard to the Public Benefit guidance published by the Charr(y Commission. Flnanclal revlew The running expenses of the Foundation are met by BC Partners LLP, so all income received can be used for charitable purposes through the provision ol grants. During the year, £437,683 was received as donations, and £368,311 was distributed as grants. The Foundation does not hold any investments and aims to distribute funds as soon as possible in order to support all of it5 charities. BC Partn•rÉ LLP int•nd# to donat# £IISO.C#XJ in 2022 to Èupport th• charitabl• purpos•s of th* BC Partn#r£ Foundation. Reserves Pollcy All funds received by the charity are for the sole purpose of charitable activities. The BC Partners Foundation aims to distribute these funds on a timely basis in order to achieve charitable objertives. BC Partners LLP supports BC Partners Foundation in meeting these objectives. Gr•nt policv Grants are awarded to a wide range of charities, both in the UK and abroad. The cost in the year represents actual grants payable to these charities. BC Partners Foundation Company registration no. 07260058 Report of the Board of Management Risk assessment The Foundation faces various risks to which the Trustees havè systems in placè to mitigate.. Thère is a risk that without due governante thè Foundation may not mÈèt its tharitable objÈctivÈs. To mltlgaie ihls fisk. we have erb5ured thai our Tru51ees have the felevani experlenie and competence to supervise all aspects of the Foundation's work,. There 15 a risk of potential conflicts of interest. To mitigate this a Conflicts of Interest Policy has been implemented enabling Trustees and staff to be aware of potential conflicts of interest and avoid situations where such a conflict might arise; and ThÈre are various financial risks fated by the Foundation. These are mttigated by the operation of stringent financial controls and procedures. UkraSne confllct The Trustees have assessed and continue to assess the impact, or potential impact, on the charity arising from the invasion of Ukraine by Russia. At present. the Trustees do not anticipate the conflict in Ukraine to have si8nifi¢ant impa¢t on the ¢harity. Co¥Sd-19 The trustees h•ve assessed the impa¢t of the pandemic on the activities of the Foundation. As expected, this has not had a 518nlflcanl Impact on the char￿v. Plans for future periods The Foundation aim5 to continue to grow in future periods, and to Continue to make employees of BC Partners aware of the work that it does. It will continue to match donations made by employees to charities, which it is hoped will encourage further growth in ¢haritable giving by employees. Audltors Mazars LLP were appointed as auditors to the BC Partners Foundation and have accepted appointment. These financial statements have been prepared in accordance with the provision applicable to companies subject to the small companies. regime. A5 approved by the Board of Management arKI s18ned on Ir5 behalf.. Matthew Evans Trustee Date: 11 April 2023 BC Partners Foundation Company registration no. 07260058 Independent auditoes report to the members of BC Partners Foundation Oplnlon We have audited the financial statements of BC Partners Foundation (the 'charity'l for the year ended 31 December 2021 which comprise the Statement of Firancial Activities. the Balance Sheet. the Statement of Cash Flows and notes to the finantial statements. including a summèry of significant atcounting policies. The financial reportins fromework th*Jt h*J3 been opplied in theif preparation 13 applicable low ond United Kinsdoffl Accounting Standards, including FRS 102 Yhe Financial Reporting Standard applicable in the UK and Republic ol Ireland" Iunited Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements- givè a true and fair view of the state of the charity's affairs as at 31 Oecember 2021 and of its income and expenditure for the year then ended; have been properly prepared in ac¢ordan¢e w((h United Kingdom Generally Accèpted A¢¢ountin8 Przclice,. and have been prepared in accordance with the requirements of the Companies Act 2(M)6. Basls lor oplnlon We Conducted our Judit in a¢¢ordan¢e with International Standards on Auditing IUKI IISAS IUKII and appli¢able law. Our responsibilities under those standards are further described in the Auditorfs responsibilitie5 for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statement5 in the UK. including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in a¢¢ordante with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to iolng concern In auditlng the financial statements, we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not ￿entifIed any material uncertainties relating to events or conditions that, individually or collertively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respert to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the Report of the Board of Management, other than the financial statements and our audrtorfs report thereon. I he trustees are responsible for the other information. Our opinion on the financial ststements th)es not cover the other information and. except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. BC Partners Foundation Company registration no. 07260058 Independent auditorfs report to the members of BC Partners Foundation 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 info¥fflation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially mi55tated. If we identify such material inconsistencie5 or apparent material misstatements, we are required of the other information. If. based on the work we have performed. we conclude that there is a material mi55tatement of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescrfbed by the Companles Act 2(M)6 In our opbnlon, based on the work undertaken in the course of the audit.. the information given in the Report of the Board of Managemènt which includès thè Oirèctors, Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements. an the Dirertors, Report included within the Report of the Board of Management ha5 been prepared In accordance with applicable le8Jl requirements. M•tters on which we are required to report by exceplion In light of the knowledge and under5tandin8 of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors, Report included within the Report of the Board of Management. Wè havè nothing to rèport in respect of thè following matters in relation to which the Companies Act 2006 requires us to report to you rf, in our opinion.. adequate and proper accounting records have not been kept. or returns adequate for our audit have not been received from branches not visited by us- or the finoneiol .totement. ore not in 06veementwith the oecountin8 retords ond returnts- or certain disclosures of trustees, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audr(. ftesponslblllrles of Twsiee5 As explained more fully in the Responsibilities of the Board of Mana8ement Set out on pa8e 3, the tru5tee5 Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for be ng satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that arè frèe from material misstatement, whether duè to fraud or error. In preparing the financial statements. thetrusteesare ￿sponSIblet01 assessing the charl￿S ability to continue as a going concern, disclosin& as applicable, matters related to going concern and using the 80ing concern basis of accounting unless the trustees either intènd to liquidate the charity or to cease operations, or havè no realistic alternativè but to do so. BC Partners Foundation Company registration no. 07260058 Independent auditorfs report to the members of BC Partners Foundation Audltorfs responslbllltles lor the audlt of the Ilnanclal statements Our objectNes are to obtain reasonablè assurance about whether the financial statèments as a wholè are freè from material misstatement, whether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a h￿h level of assurance but 15 not a guarantee that an audit conducted in dLLUI LldllL¥ wiill 1SAs IUKI will dlv¥dyS Ll¥l¥LI d iiidl¥i idl iiii5sldL¥iii¥riL wli¥ii IL ¥AisLs. Mi5sLdl¥rii¥iils Ldfi di is 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 userstaken on the basis of the financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Iriegularities. including fraud. are instances of non4omplian¢e with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, in¢ludin8 fraud. Based on our understanding of the charity and it5 irdu5try. we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements.. employment regulation, health and safety iegulation, anti-money laundering regulation. non