Registered number: 07466391 Charity number: 1139326
BERRY STREET FOUNDATION (UK) LIMITED
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
BERRY STREET FOUNDATION (UK) LIMITED
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 - 8 |
| Notes to the financial statements | 9 - 18 |
BERRY STREET FOUNDATION (UK) LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021
| Trustees | D R Wolfe, Trustee |
|---|---|
| L G Wolfe, Trustee | |
| R U Redpath, Trustee | |
| V R Wolfe, Trustee | |
| Company registered number 07466391 Charity registered number 1139326 Registered office 66 Lincoln's Inn Fields London WC2A 3LH Accountants Blick Rothenberg Limited Chartered Accountants 16 Great Queen Street Covent Garden London WC2B 5AH Bankers Barclays Bank plc 43 Brook Street London W1K 4HD Solicitors Farrer & Co LLP 66 Lincoln's Inn Fields London WC2A 3LH |
Page 1
BERRY STREET FOUNDATION (UK) LIMITED
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the financial statements of Berry Street Foundation (UK) Limited (the company) for the year ended 31 December 2021. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
The trustees' report includes those elements of a strategic report required under the Companies Act 2006.
Objectives and activities
a. Policies and objectives
The company is registered as a members' limited liability company and was set up by a memorandum of association.
The company is constituted under a memorandum of association and is a registered charity number 1139326.
The charity is constituted as a limited company and is therefore governed by its memorandum and articles of association.
The objects of the charity are such charitable purposes for the benefit of the public as the Trustees may from time to time see fit.
The charity is organised so that the Trustees meet regularly to manage its affairs. There must be a minimum of two Trustees and a maximum of six. Trustees can co-opt further Trustees whose appointments would then need to be confirmed at the next general meeting.
In 2021 Berry Street Foundation continued to fund the project entitled “Mind the Dad” being carried out by the Anna Freud National Centre for Children and Families in conjunction with South West London NHS Trust perinatal services. The project: 1) increases awareness of fathers’ mental health and parenting difficulties amongst perinatal professionals through a range of training; 2) supports fathers in engaging with and accessing a range of evidence-based therapeutic interventions that will improve their mental health and parenting-- which include reflective parenting groups, video-feedback intervention to promote positive parenting, and parent-infant psychotherapy; 3) fosters more informal, community-based support networks alongside the therapeutic offer, that will increase fathers’ social connectedness; and 4) embeds fathers’ co-production in the work in order to reduce stigma around fathers’ mental health difficulties, encourage fathers to seek support, make services and content more relevant and accessible to fathers, and promote skills development and empowerment for participating fathers. The commitment was renewed for a further six months at a cost of £15,754.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
a. Reserves policy
The charity is currently reliant upon its income from the expendable endowment fund, and plans to retain sufficient free reserves to cover six months' expenditure. In the year, additional investments with a value of £206,302 were donated to the charity adding to the reserve base of the charity.
Page 2
BERRY STREET FOUNDATION (UK) LIMITED TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
a. Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
b. Transactions and financial position
The Statement of Financial Activities on page 5 shows the net increase in funds of £394,454 (2020: £408,167 increase) and at the balance sheet date the charity had surplus reserves of £1,287,995 (2020: £893,541) following the donation of investments from one of the trustees.
c. Investment policy
Management of the Foundation's investments is provided by Barclays Bank PLC which manages the investments in line with the investment policy set by the trustees and report back to the Board on the performance of the portfolio on a quarterly basis. The trustees have amended their investment policy so that they have divested investment away from the Barclays Charity Fund to holding a mix of investments in a mixed portfolio. The trustees continue to maintain an ethical investment policy.
a. Financial risk management
The Trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Page 3
BERRY STREEf FOUNDATION {UK) LIPAITED TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 statom•nt of Trusta•s' rosponslbiliti•s The Trustees (who are also the direclots of the tsjmpany for the purposes of company law) are re¥Sible for pParing the Trustees, report and financial stements in ac(x)rdan( with applic£b law artd United lQngdom Accounting Stsndards (United Kingdom Generally Accepted Aw)unting Pracb"ce). Company law requires the Trustees to propare financial ststgments for each financial . Under company law. the Trustees must not approve the finaneial stalements unless they are satisfied that they give a true and fair view of Ihe slate of affairs of the company and of rts incoming resources and application of resources, induding tts nwme and expenditure. for that per. In preparing these finanaal statements. the Trustees are required to: S818Ct suitable accounting pdioes and then apply them consistenuy. observe the methods a1 prinaples of Ihe Charibes SORP {FRS 1021: rnake judgments and 8¢counting estimates that are reaable and pnJden¢ stste whether applicable UK Accwntiry Stsndards IFRS 102} have been followed, subject to any material departures disclosed and explained in the financral statements. prepare the financial ststements on the )Ing oJn¢ basis unless it Is inappropriate to presume that the companywill ntinue in business. Tha Tru$t8es ar• responblO for k•8piTh3 adequate accounlin9 rOrdS that are sufftiènt to show aThJ 8xpl8in the ¢ompanVs transactions and disdose with reasonatle accuracy at any time the financial position of tha company and enable them to ensure th81 the financial slalements comFly with the Companies Act 2006. They are also responsible for safeguarding the assets of the cg)mpany and hen for takirvJ reasonable steps for the preventyon and de18Cti of fraLHI and other irregularrties. Small company •xemptlo In preparing this report. the tru51ees have taken advantage of the small company èxèmption provided ty Section 415A of the Companies Act 21)06. Approved by ler of the memteTr of ts board of Trustees aThJ sNJn&J on Ihair behalf ty. DRWol Tnjstee Date.. ./,,/. Page 4
BERRY STREET FOUNDATION (UK) LIMITED
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 FOR THE YEAR ENDED 31 DECEMBER 2021
Independent examiner's report to the Trustees of Berry Street Foundation (UK) Limited ('the company')
I report to the charity Trustees on my examination of the accounts of the company for the year ended 31 December 2021.
Responsibilities and basis of report
As the Trustees of the company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the company's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report.
Signed: Dated: 23 September 2022
Mark Hart FCA CTA
Blick Rothenberg Ltd 16 Great Queen Street Covent Garden London WC2B 5AH
Page 5
BERRY STREET FOUNDATION (UK) LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2021
| Note Income and endowments from: Donations and legacies 2 Investments 3 Total income and endowments Expenditure on: Raising funds 4 Charitable activities 5 Total expenditure Net income/(expenditure) before net gains on investments Net gains on investments Total transfers Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Endowment funds 2021 £ 206,302 - 206,302 - - - 206,302 200,591 (17,500) 389,393 886,762 389,393 1,276,155 |
Unrestricted funds 2021 £ - 11,291 11,291 6,001 17,729 23,730 (12,439) - 17,500 5,061 6,779 5,061 11,840 |
Total funds 2021 £ 206,302 11,291 217,593 6,001 17,729 23,730 193,863 200,591 - 394,454 893,541 394,454 1,287,995 |
Total funds 2020 £ 314,349 12,996 |
|---|---|---|---|---|
| 327,345 | ||||
| 2,648 3,570 |
||||
| 6,218 | ||||
| 321,127 87,040 |
||||
| - | ||||
| 408,167 | ||||
| 485,374 408,167 |
||||
| 893,541 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 9 to 18 form part of these financial statements.
Page 6
REGISTERED NUMBER: 07466391
BERRY STREET FOUNDATION (UK) LIMITED
BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2021
| Note Fixed assets Investments 8 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current liabilities Total assets less current liabilities Net assets excluding pension asset Total net assets |
16,281 (19,219) |
2021 £ 1,290,933 (2,938) 1,287,995 1,287,995 1,287,995 |
19,006 (33,158) |
2020 £ 907,693 (14,152) 893,541 893,541 893,541 |
|---|---|---|---|---|
Page 7
BERRY STREET FOUNDATION (UK) UMITED BALANCE SHEEf (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 2020 N¢> Charlty funds Endowment funds 11 1276,155 886.762 General funds Share capitsl Total funds 11 11 6,778 1.287.995 893.541 The ¢hafitable compan$ financial ststements have been weparnd in ac¢cYdance with the provisions applicable tr) companies subject to the small compans regime. The Trustees consider that the tharity is enlilled to exemption from Ihe requirements lo have an audit under the provisions of section 477 of the Companies Act 2006 fthe A(r) and members have not required the charity to obtain an audit for the year in quesb'on in 8cts)rdance wth section 476 of the Act The Trustees ackTr0ge their reSFsibMltseS for comF4yirwJ with the requirements of the Act wth respect lo accounting records and preparation of financial st*ements. The financial statements were approved and authori for issue by the trust995 and gned on their bghalf by.. Wolfe Twstee 24 Tha notes on paggs 9 to 18 ft)rm part of these financial Ststents. Page 8
BERRY STREET FOUNDATION (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Berry Street Foundation (UK) Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The financial statements are presented in Sterling (£).
1.2 Going concern
After making enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
1.3 Company status
The company is a company limited by shares. The member of the charitable company is Berry Street Foundation Charitable Trust.
1.4 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.
Expendable endowment funds are capital funds which may only be converted into expendable income at the discretion of the donor.
Designated funds are funds set aside by the trustees out of unrestricted funds for specific future purposes.
Investment income, gains and losses are allocated to the appropriate fund.
1.5 Incoming resources
All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Where the donated item is an investment, it is shown at fair value on the date of the gift.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid by the bank.
Page 9
BERRY STREET FOUNDATION (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1. Accounting policies (continued)
1.6 Resources expended
Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.
Grants payable are charged in the statement of financial activities when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
1.7 Liabilities
Liabilities and grant commitments are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
1.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.9 Investments
Investments are stated at market value at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year.
1.10 Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.11 Taxation
The company is a registered charity (1139326) and is not subject to corporation ta xon its income and gains to the extent they are used for charitable purposes.
2. Income from donations and legacies
| Endowment | Total | |
|---|---|---|
| funds | funds | |
| 2021 | 2021 | |
| £ | £ | |
| Donated investments | 206,302 | 206,302 |
Page 10
BERRY STREET FOUNDATION (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
2. Income from donations and legacies (continued)
| Endowment | Total | |
|---|---|---|
| funds | funds | |
| 2020 | 2020 | |
| £ | £ | |
| Donations | 314,349 | 314,349 |
3. Investment income
| Unrestricted funds 2021 £ Income from listed investments 10,195 Investment income 1,096 11,291 Unrestricted funds 2020 £ Income from listed investments 12,980 Investment income 16 12,996 |
Total funds 2021 £ 10,195 1,096 |
|---|---|
| 11,291 | |
| Total funds 2020 £ 12,980 16 |
|
| 12,996 |
4. Investment management costs
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2021 | 2021 | |
| £ | £ | |
| Investment management fees | 6,001 | 6,001 |
Page 11
BERRY STREET FOUNDATION (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
4. Investment management costs (continued)
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2020 | 2020 | |
| £ | £ | |
| Investment management fees | 2,648 | 2,648 |
5. Analysis of expenditure on charitable activities Summary by fund type
| Unrestricted funds 2021 £ Independent examination 1,965 Grants- The Anna Freud Centre 15,764 17,729 Unrestricted funds 2020 £ Accountancy 3,570 |
Total funds 2021 £ 1,965 15,764 |
|---|---|
| 17,729 | |
| Total funds 2020 £ 3,570 |
| 6. | Independent examiner's remuneration | |
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Fees payable to the company's independent examiner for the independent | ||
| examination of the company's annual accounts 1,965 |
3,570 |
Page 12
BERRY STREET FOUNDATION (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
7. Trustees' remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2020 - £NIL). During the year ended 31 December 2021, no Trustee expenses have been incurred (2020 - £NIL).
| 8. | Fixed asset investments Cost or valuation At 1 January 2021 Additions Disposals Revaluations Cash movements At 31 December 2021 Net book value At 31 December 2021 At 31 December 2020 Investments at market value comprise: |
2021 | Other fixed asset investments £ 907,693 557,402 (386,348) 241,131 (28,945) 1,290,933 1,290,933 907,693 2020 |
|---|---|---|---|
| £ | £ | ||
| Fixed asset investments | 1,290,933 | 907,693 | |
| All the fixed assets investments are held in the UK. |
| 9. Creditors: amounts falling due within one year Accruals Accrued grants |
2021 £ 3,465 15,754 19,219 |
2020 £ 1,650 31,508 33,158 |
|---|---|---|
Page 13
BERRY STREET FOUNDATION (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
10. Share capital
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Shares classified as equity | ||
| Allotted, called up and fully paid | ||
| 1(2020-1) Ordinary shares of £1.00 each | 1 | 1 |
Page 14
BERRY STREET FOUNDATION (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
11. Statement of funds
Statement of funds - current year
| Balance at | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Balance at | 1 | 31 | ||||||||
| January | Transfers | Gains/ | December | |||||||
| 2021 | Income | Expenditure | in/out | (Losses) | 2021 | |||||
| £ | £ | £ | £ | £ | £ | |||||
| Unrestricted | ||||||||||
| funds | ||||||||||
| General Funds - | ||||||||||
| all funds | 6,778 | 11,291 | (23,730) | 17,500 | - | 11,839 | ||||
| Share capital | 1 | - | - | - | - | 1 | ||||
| 6,779 | 11,291 | (23,730) | 17,500 | - | 11,840 | |||||
| Endowment | ||||||||||
| funds | ||||||||||
| Endowment | ||||||||||
| Funds - all | ||||||||||
| funds | 886,762 | 206,302 | - | (17,500) | 200,591 | 1,276,155 | ||||
| Total of funds | 893,541 | 217,593 | (23,730) | - | 200,591 | 1,287,995 | ||||
| Statement of funds - prior year | ||||||||||
| Balance at | ||||||||||
| Balance at | 31 | |||||||||
| 1 January | Gains/ | December | ||||||||
| 2020 | Income | Expenditure | (Losses) | 2020 | ||||||
| £ | £ | £ | £ | £ | ||||||
| Unrestricted funds | ||||||||||
| General Funds - all funds | - | 12,996 | (6,218) | - | 6,778 | |||||
| Share capital | 1 | - | - | - | 1 | |||||
| 1 | 12,996 | (6,218) | - | 6,779 | ||||||
| Endowment funds | ||||||||||
| Endowment Funds - all funds | 485,373 | 314,349 | - | 87,040 | 886,762 | |||||
| Total of funds | 485,374 | 327,345 | (6,218) | 87,040 | 893,541 |
Page 15
BERRY STREET FOUNDATION (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
11. Statement of funds (continued)
Page 16
BERRY STREET FOUNDATION (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
12. Summary of funds
Summary of funds - current year
| General funds Endowment funds |
Balance at 1 January 2021 £ 6,779 886,762 893,541 |
Income £ 11,291 206,302 217,593 Balance at 1 January 2020 £ 1 485,373 485,374 |
Expenditure £ (23,730) - (23,730) Income £ 12,996 314,349 327,345 |
Transfers in/out £ 17,500 (17,500) - Expenditure £ (6,218) - (6,218) |
Gains/ (Losses) £ - 200,591 200,591 Gains/ (Losses) £ - 87,040 87,040 |
Balance at 31 December 2021 £ 11,840 1,276,155 |
|---|---|---|---|---|---|---|
| 1,287,995 | ||||||
| Balance at 31 December 2020 £ 6,779 886,762 |
||||||
| Summary of funds - prior year | ||||||
| General funds Endowment funds |
||||||
| 893,541 |
13. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Fixed asset investments Current assets Creditors due within one year Total |
Endowment funds 2021 Unrestricted funds 2021 £ £ 1,276,155 14,778 - 16,281 - (19,219) 1,276,155 11,840 |
Total funds 2021 £ 1,290,933 16,281 (19,219) |
|---|---|---|
| 1,287,995 |
Page 17
BERRY STREET FOUNDATION (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
13. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Endowment funds 2020 £ 886,762 - - 886,762 |
Unrestricted funds 2020 £ 20,931 19,006 (33,158) 6,779 |
Total funds 2020 £ 907,693 19,006 (33,158) 893,541 |
|---|---|---|---|
14. Controlling party
The charitable company is a wholly owned subsidiary of the Berry Street Foundation Charitable Trust.
15. Related party transactions
During the year the charity received investments with a value of £206,302 from a Trustee.
Page 18