OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← The Berkeley Charitable Foundation

2024-04-30-accounts

THE BERKELEY CHARITABLE FOUNDATION

Report and Financial Statements

For the period ended 30 April 2024 Company Number: 8548400 Registered charity in England and Wales: 1152596

Contents

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Page| |Reference|and|Administrative|Information|2| |Trustees’|Report|3| |Statement|of Trustees’|Responsibilities|11| |Independent|Auditor's|Report|to|the|members|of The|Berkeley|Charitable|Foundation|12| |Statement|of|Financial|Activities|15| |Balance|Sheet|16| |Cash|Flow|Statement|17| |Notes|forming|part|of the|Financial|Statements|18|

----- End of picture text -----

I

Reference and Administrative Information

Directors and Trustees

The Directors of the charitable company (the Charity) are its Trustees for the purposes of charity law and throughout this report are collectively referred to as the Trustees.

The Trustees serving during the year and since the year end were as follows:

Robert C G Perrins

Wendy J Pritchard Alison J Dowsett Piers M Clanford The Venerable Elizabeth Adekunle (appointed 11 July 2023)

Senior Management

Sally R Dickinson (Head of Foundation)

Registered office

Berkeley House 19 Portsmouth Road Cobham KT11 1JG

Banker

Barclays Bank Plc 1 Churchill Place London E14 5HP

Solicitor

Harbottle & Lewis LLP Hanover House 14 Hanover Square London W1S 1HP

Auditor

KPMG LLP 15 Canada Square London E14 5GL

Charity registration number: 1152596 Company registration number: 8548400

y)

Trustees’ Report

The Trustees present their report and accounts for the year ended 30 April 2024 (“the year”).

The accounts have been prepared in accordance with the policies set out in note 1 to the financial statements and comply with applicable law and 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 2015).

Structure, Governance and Management

Governance

The Berkeley Charitable Foundation (“the Foundation”), a company limited by guarantee, was originally incorporated under the Companies Act 2006 on 29 May 2013 as The Berkeley Foundation 2013 and subsequently renamed The Berkeley Charitable Foundation on 22 July 2013.

The Charity’s governing document is its Memorandum and Articles of Association and this sets out the Foundation’s charitable objectives.

Organisation and Appointment of Trustees

The statutory power of appointing a new Trustee is vested in the Trustees of the charity. The number of Trustees shall not be permitted to fall below three.

The Trustees who have served during the year are set out on page 2.

Trustee Induction and Training

On appointment all Trustees go through an induction process, explaining how the Foundation operates, what its purpose is and where the focus for charitable giving lies. Trustees have appropriate knowledge and training for their role, and the Foundation has experienced personnel in investment matters.

Regular reporting allows the Trustees to maintain close control of the Foundation’s activities.

Organisational Structure and Decision Making

The Trustees meet quarterly and set the strategic goals of the Foundation. This includes the choice of charities supported, specific projects funded, the level of financial support and any external promotion. Trustees seek clear evidence of impact from partner charities.

The Trustees retain responsibility for all policy and decision making.

The Finance, Audit and Risk Committee also meets quarterly, between Trustee meetings, and is responsible for reviewing the system of internal control and risk management of the Foundation, reviewing applications to the Foundation for funding, reviewing the Foundation’s communication plans and overseeing the annual audit.

Officers, who are employees of The Berkeley Group, undertake the administration of the Foundation.

Reports on progress against key organisational performance metrics are provided to each Trustee and Finance, Audit and Risk Committee meeting.

3

Related Parties

The Berkeley Group provided goods and services to the value of £431,748 without charge (2023: £473,679), which is shown in the financial statements as both income and expenditure.

During the year ended 30 April 2024, Wendy Pritchard was a Trustee of Richard House, a charity that is supported by the Foundation through grants. Whilst this charity is not deemeda related party, disclosure is provided for transparency.

The relevant Trustee does not take part in the decisions concerning the approval of funding commitments to the respective charity.

Risk Management

A risk register for the Foundation, incorporating the key risks facing the organisation, is regularly reviewed by the Finance, Audit and Risk Committee and updated where necessary. This is presented at the quarterly Trustees’ meeting and approved annually by the Trustees.

The principal risks of the Foundation include public perception and adverse publicity.

The Foundation has policies, systems and procedures in place to mitigate these risks where practical, with support from Berkeley Group functions where necessary, including finance and communications. In respect of the principal risks identified, this includes ensuring good quality and regular external reporting of the charity’s activities and financial position, and appropriate segregation of duties and authority limits.

In addition, a report is provided annually to the Trustees on the internal financial controls within the charity. The report presented to the Trustees in both August 2023 and July 2024 concluded that the internal financial controls were fit for purpose and proportionate to the scale and complexity of the Foundation’s business.

Strategy and Vision

Our 2030 strategy, A Force for Change, was launched in 2021.

Developed with our board of trustees, charity partners and key stakeholders from across Berkeley Group, the strategy builds on the recommendations from the Institute of Voluntary Action Research’s ten-year evaluation of the Foundation’s work, particularly feedback gathered from charity partners through four focus groups and an anonymous survey.

Our 2030 vision is that young people and their communities will have the tools and resources they need to thrive and be a force for change in the world.

Our vision is supported by five impact goals, which define the difference we want to make through our work:

Everyone has somewhere to live that is safe, secure and sustainable

Everyone has the support they need to live happier, healthier lives.

  1. Youth leadership Young people are empowered to positively impact their own lives and the communities in which they live

  2. A resilient voluntary sector Our communities include a voluntary sector that is effective, inclusive and well resourced

4

The first three of these see us continuing our longstanding work to tackle homelessness, ensure young people can access decent, sustainable employment, and support good physical and mental health. Under our fourth goal of “Youth leadership” we are funding more work to develop the next generation of young leaders, and ensure that young people are able to influence positive change in their own lives and in their communities.

Finally, our work under “A resilient voluntary sector” is supporting small to medium charities and CICs to build their organisational resilience — their ability to plan for, cope with, and respond to change — whether through improved governance and people power, better financial planning or stronger systems and strategies. In this way, we hope to ensure that they will be around to support young people and their communities for many years to come.

Our five impact goals are supported by five commitments about the way we'll work:

Our activities and progress in each of these areas is reported over the following pages.

Activities and achievements

Activities

The Berkeley Foundation makes grants and works in partnership with expert charities and Community Interest Companies (CICs), in line with the impact goals set out in our strategy. We have three main levels of charitable partnership:

Over the last 12 months, our partnerships have reached 11,918 (2023: 11,613) people across London, the South of England and Birmingham. We have donated £3.6 million (2023: £3.9 million) to the voluntary sector through Foundation grants (£2.7 million) and staff fundraising direct to our charity partners (£900,000), and seen 61% (2023: 59%) of Berkeley staff get involved through fundraising, volunteering and Give As You Earn.

Berkeley Group continues to run a match funding scheme which matches Berkeley staff fundraising, volunteering and Give As You Earn contributions to our charity partners. During the year we paid £493,500 in match funding (2023: £353,300).

5

We remain committed to building strong, enduring and trust-based relationships with our charity partners, and believe that investing for the long term is the best way to maximise the impact of our funding. It enables us to build truly impactful partnerships which can harness skills, expertise, brand and reach, as well as funding.

Strategic Partnerships

Our Strategic Partnerships are central to our charitable giving and stretch across our five impact goals. They provide a core of strong, well-resourced, long-term partnerships, addressing the needs of the most disadvantaged people in society by combining the expertise and high-quality delivery of our charity partners with the skills, resources and networks of the Berkeley Foundation.

A brief summary of each of the eight partnerships we supported during the year is provided below:

Community Partnerships

We have 19 local partnerships with organisations nominated and selected by Berkeley Group staff. These range from grassroots homelessness projects to children’s hospices.

They are long-term relationships lasting at least three years and, in some cases, much longer. This gives the two organisations the chance to really get to know and understand each other. A partnership plan is developed which focuses not only on support through fundraising and match funding but also on staff volunteering and capacity building.

Community Partnerships are the main focus of staff fundraising across the Berkeley business. This year, staff raised £879,000 for their local partners (2023: £945,000), through a wide variety of fundraising events and through Give as You Earn. This money can make a huge difference to the small-to-medium sized organisations we support.

6

Resilience Fund

This year we launched the third year of our Resilience Fund, a funding programme which aims to help small-to-medium sized charities and ClCs build their organisational resilience and sustainability for the future. This was developed in response to the ongoing impact of the pandemic and the rising cost of living on people in our communities, and the increased pressure this places on charities as they strive to meet rising demand in an increasingly challenging funding environment. In its third year, the fund is focused on supporting the youth homelessness sector.

Our work also continued with our first two cohorts of Resilience Fund partners. Funding for our first cohort came to an end during the year, and we have seen positive indications of the progress made by these ten organisations during the funding period.

Achievements

The year has seen good progress against each of the impact goals and commitments set out in our 2030 strategy. Our achievements in the year are summarised below:

A safe place to call home
Everyone has somewhere to live that
is safe, secure and sustainable		 -
We invested £963,000 in charities working to give
everyone a Safe and sustainable place to call home
(2023: £1.1m)
-
Our partnerships with homelessness charities supported
1,273 people experiencing or at risk ofhomelessness
(2023: 891)
-
We renewed our long-standing partnership with Crisis,
focusing on funding its place-based work in Brent.
-
We have focused the third year ofour Resilience Fund on
supporting front line organisations working to prevent and
tackle youth homelessness.
Journey to employment
Every young person is prepared for
work and has the opportunity to build a
sustainable career		 -
We invested £578,000 in charities working to help young
people prepare for employment and build a sustainable
career (2023: £610,000)
-
Our partnerships with employment and skills charities
supported 456 young people (2023: 2,438)
-
We have worked with Berkeley Group to deliver
construction site tours, employability sessions and work
experience foryoung people supported by our charity
partners. Three people have moved into work with
Berkeley as a result ofour partnerships.
Health and wellbeing
Everyone has the support they need to
live happier, healthier lives		 -
We invested £1.7 million in charities supporting young
people and theircommunities to live happier, healthier
lives (2023: £1.7 million).
-
Our partnerships with health and wellbeing charities
reached 10,098 people in our local communities (2023:
8,208).
-
We renewed our Strategic Partnership with The Lord’s
Taverners, delivering cricket coaching and competition to
disabled young people in schools and communities
across our areas ofoperation.
-
Through our Resilience Fund, we continued to work with
10 organisations focused on improving the mental health
and wellbeing ofyoung people from Global Majority
communities.
Youth leadership -
We invested £143,000 in charities working to ensure that
young people can positively impact theirown lives and
the communities in which they
live
(2023: 138,000).
Young people are empowered to - Our partnerships with youth leadership organisations
positively impact theirown lives and reached 93 young people (2023: 76).
the communities in which they live - Weare proud to be working with organisations that put
youth involvement and youth voice at the heart oftheir
work. For example, 70% ofthe Street Elite workforce are
now either graduates or former volunteers ofthe
programme and 90% have lived experience ofthe issues
faced by young people recruited to Street Elite.
A resilient voluntary sector - We invested £167,000 through our Resilience Fund, to
Our communities are supported by a help small-to-medium sized voluntary sector
voluntary sector that is effective, organisations build their organisational resilience (2023:
inclusive and well-resourced £328,000).
- We delivered a programme of learning events for our
charity partners, including a session on financial
resilience in small charities.
- Wecontinued to support our charity partners through the
cost of living crisis, including distributing £197,000 in
additional unrestricted funding (2023: £65,000).
To help us reach our impact goals, we've setcommitments commitments to ensurewe are working in away that reflects
our vision and aligns with our strategy. They reflect our belief in partnership working and including young
people in decision-making processes.
Partnerships - We extended our partnerships with five ofour current
We'll build partnerships with expert charity partners.
charities, investing in theirwork to help -
communities thrive years (2023: 3.7 years),
- We increased the proportion of our total funding that is
unrestricted or allocated to core costs to 51% (2023:
46%). This included £197,000 in unrestricted funding
distributed in response to the ongoing cost of living crisis.
- We maintained ourcommitment to IVAR’s eight principles
for Open and Trusting Grantmaking.
Adding value - 61% of Berkeley staff got involved in ourwork through
We'll add value to our partnerships fundraising, volunteering or payroll giving (2023: 59%).
through our expertise, networks and - Staff raised £941,000 for the Foundation and our charity
relationship with Berkeley Group partners (2023: £1 million), and volunteered 1,992 hours
of their time.
- We delivered a programme of learning events for our
Resilience Fund partners, including a popular session on
financial resilience for small charities.
Learning and sharing - We delivered three learning events in the year, bringing
We'll learn from ourwork and share our charity partners together to networkand share
our learning across the public, private expertise (2023: three events).
and voluntary sectors - We funded our partners to undertake new research into
issues such as holiday activity and food provision, and
financial education for care leavers.
- We shared our work externally through articles and blog
posts and participation in a range offunders’ networks
andforums.

To help us reach our impact goals, we've set commitments to ensure we are working in a way that reflects our vision and aligns with our strategy. They reflect our belief in partnership working and including young people in decision-making processes.

8

Diversity, equity and inclusion
We'll ensure that diversity, equity and
inclusion is at the heart of everything
we do		 -
We launched our Equity, Diversity and Inclusion plan in
October 2023, setting out our priorities for ED! within our
organisation, and through our grant-making activities.
-
We introduced the DE! Data Standard into our grant
application form, and began collecting EDI data from
grant applicants for the first time.
Youth participation
We'll enable young people to play
an active role in the Foundation’s work		 -
We worked with young people from youth homelessness
charity St Basils, who got involved in ourwork in a range
ofways, including sharing their experiences with Berkeley
staff for World Homelessness Day, advising on the
development ofthe third year ofour Resilience Fund,
reviewing applications to the Resilience Fund and
participating in the assessment process.

Financial review

Funding for the Foundation comes from a variety of sources. The Berkeley Group staff raise money through sponsorship, Give As You Earn and by donating their time and talents. The Berkeley Group matches any monies raised, as well as providing the Foundation’s ‘core’ funding, paying its overheads and covering the cost of specific events. We also received a number of direct donations from individuals and companies who support our work.

Income for the year was £3, 144,445 (2023: £3,355,444). This includes funding received from The Berkeley Group in respect of commitments and grants to charities approved by the Trustees, donated services from The Berkeley Group, amounts raised directly for the Foundation through fundraising and Give As You Earn contributions, and direct donations from individuals and companies. Some of these commitments span a number of years and the committed funding is received up front from The Berkeley Group.

Income decreased slightly in the year primarily due to the decrease in the level of commitments made in the year, as set out below. The Berkeley Group has again advance funded commitments forecast for the next financial year.

Expenditure in the year totalled £3,136,481 (2023: £3,458,546). This related to commitments and grants to Strategic Partnerships, Designated Charities and grants and donations to other charities within the Foundation’s core focus areas, as well as support costs paid for by The Berkeley Group. The level of commitments made in the year decreased slightly, primarily due a lower number of multi year partnerships renewing in the year. The main partnerships renewing in the year were Crisis and The Lord’s Taverners, which each renewed for another three years.

Grants and donations totalling £2,695,733 were physically paid by the Foundation during the year (2023: £2,873,655). The Foundation made no political donations during the year (2022: nil).

In addition, a further £857,387 was raised by Berkeley Group staff via fundraising and £42,585 through Give As You Earn; totalling £899,972 in the year (2023: £991,146) and which was donated directly to the Foundation’s partner charities. These amounts are not reflected in these financial statements.

A significant percentage of The Berkeley Group staff support the work of the Foundation through direct giving, fundraising and volunteering. 1,565 current Berkeley staff contributed to the Foundation in 2023/24 (61%), and 29% of all Berkeley staff were signed up to Give As You Earn at April 2024. The value of the time and talent donated by Berkeley Group staff is also not included in these financial statements.

The charity is in a net asset position at the year-end of £1,757,037 (2023: £1,749,073), with all funds being unrestricted.

The Foundation is forward funded by Berkeley Group at each balance sheet date with all commitments approved by the Trustees, and all costs of the Foundation being borne by The Berkeley Group. In addition, advance funding has again been received before the year end from The Berkeley Group for other commitments forecast for the coming year not yet approved.

9

These matters have been assessed when considering the Basis of Preparation for the financial statements, as set out on page 18.

Reserves policy

The Trustees’ policy is to maintain sufficient reserves to meet existing and forecast commitments to charities. The reserves held at 30 April 2024, as set out in note 8 to the financial statements, complied with this policy as, given there are no running costs incurred by the Foundation, all reserves are available for distribution. The running costs of the Foundation are paid by The Berkeley Group, as set out in notes 3 and 4 to the financial statements.

Future actions

Each year, we develop and deliver against an annual business plan, which sets out how we will work towards the impact goals and commitments set out in our 2030 strategy, over the coming year. Objectives for 2024/25 include:

Public Benefit

The Trustees confirm that they have complied with their duty to have regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties, including when reviewing the Foundation’s aims and objectives and in planning future activities and setting grant making policy for the period.

The public benefit of the Charity’s activities is outlined under Mission Statement, Vision and Values; Activities and Achievements; and Future Actions above.

10

Statement of Trustees' responsibilities in respect of the Trustees’ Report and the financial statements

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under that law they are required to prepare the financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the income and expenditure for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charitable company and to prevent and detect fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

By order of the poard

P M Clanford Trustee 23 January 2025

11

Independent auditor’s report to the members of The Berkeley Charitable Foundation

Opinion

We have audited the financial statements of The Berkeley Charitable Foundation (“the charitable company”) for the year ended 30 April 2024, which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement and related notes, including the accounting policies in note 1.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the charitable company in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.

Going concern

The trustees have prepared the financial statements on the going concern basis as they do not intend to liquidate the charitable company or to cease its operations, and as they have concluded that the charitable company’s financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).

In our evaluation of the trustees’ conclusions, we considered the inherent risks to the charitable company’s business model and analysed how those risks might affect the charitable company’s financial resources or ability to continue operations over the going concern period.

Our conclusions based on this work:

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the charitable company will continue in operation.

Fraud and breaches of laws and regulations — ability to detect

Identifying and responding to risks of material misstatement due to fraud

To identify risks of material misstatement due to fraud ("fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

12

As required by auditing standards, we perform procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries. On this audit we do not believe there is a fraud risk related to revenue recognition because of the way in which donations and other income are generated from The Berkeley Group and paid over to the charitable company, which does not create an incentive or opportunity to manipulate the recognition of revenue.

We did not identify any additional fraud risks.

We performed procedures including:

Identifying and responding to risks of material misstatement related to compliance with laws and regulations

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the management (as required by auditing standards), and discussed the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

The potential effect of these laws and regulations on the financial statements varies considerably.

The charitable company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation and charity law) and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Whilst the charitable company is subject to many other laws and regulations, we did not identify any others where the consequences of non-compliance alone could have a material effect on amounts or disclosures in the financial statements.

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing noncompliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

Other information

The trustees are responsible for the other information, which comprises the Trustees' Report. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work:

13

Matters on which we are required to report by exception

Under the Companies Act 2006 we are required to report to you if, in our opinion:

We have nothing to report in these respects.

Trustees' responsibilities

As explained more fully in their statement set out on page 11, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless they either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue our opinion in an auditor's report. Reasonable assurance is a high level of assurance, but does not guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

A fuller description of our responsibilities is provided on the FRC's website at www.frc.org. u k/auditorsresponsibilities.

The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Sarah McKean (Senior Statutory Auditor)

for and on behalf of KPMG LLP, Statutory Auditor

Chartered Accountants

15 Canada Square, London, E14 5GL

24 January 2025

14

THE BERKELEY CHARITABLE FOUNDATION Trustees’ Report and Financial Statements 30 April 2024

Statement of Financial Activities (incorporating the Income & Expenditure account)

for the year ended 30 April 2024

2024 2023
Unrestricted Unrestricted
Note funds funds
£ £
Income from:
Donations and legacies 3 3,009,552 3,301,105
Investments 134,893 54,339
Total 3,144,445 ~~3,355,444~~
Expenditure on:
Charitable activities 4 (3,136,471) (3,458,377)
Other (10) (169)
Total (3,136,481) (3,458,546)
Net income/(expenditure) 7,964 (103,102)
Reconciliation of funds:
Total funds brought forward 1,749,073 1,852,175
Totalfundscarriedforward 1,757,037 1,749,073

The notes on pages 18 to 22 form part of these financial statements.

The income and resulting net expenditure in the financial year arise from continuing operations. There are no recognised gains and losses other than those disclosed above.

15

THE BERKELEY CHARITABLE FOUNDATION Trustees’ Report and Financial Statements 30 April 2024

Balance Sheet

at 30 April 2024

Note 2024 2023
£ £
Current assets
Debtors 6 21,069 11,822
Cash at bank 4,203,483 4,195,776
4,224,552 4,207,598
Creditors: amounts falling due within one
year n (1,354,322) (1,685,364)
Net current assets 2,870,230 2,522,234
Creditors: amounts falling due after one
year ff (1,113,193) (773,161)
Net assets 1,757,037 1,749,073
Funds
Unrestricted:
General 8 1,757,037 1,749,073
Designated 8 - -
1,757,037 1,749,073

The notes on pages 18 to 22 form part of these financial statements.

These financial statements were approved by the Board of Trustees on 23 January 2025 and were signed on its behalf by:

wu Trustee

16

THE BERKELEY CHARITABLE FOUNDATION Trustees’ Report and Financial Statements 30 April 2024

Cash flow statement

Note 2024 2023
£ £
Cash flows from operating activities a (127,186) (52,228)
Cash flows from investing activities 134,893 54,339
Change in cash and cash equivalents in
the reporting period 7,707 2,111
Cash and cash equivalents at the
beginning ofthe reporting period b 4,195,776 4,193,665
Cash and cash equivalents at the end of
the reporting period b 4,203,483 4,195,776
NOTES TO THE CASH FLOWSTATEMENT
a. Reconciliation of net expenditure to
net cash flow from operating activities 2024 2023
£ £
Net income/(expenditure) forthe reporting
period 7,964 (103,102)
Income from investments (134,893) (54,339)
(Increase) in debtors (9,247) (5,830)
Increase in creditors 8,990 111,043
Netcash flows from operating activities ~~(127,186)~~ ~~(62,228)~~
b. Analysis ofcash and cash
equivalents 2024 2023
£ £
Cashatbank 4,203,483 4,195,776

17

THE BERKELEY CHARITABLE FOUNDATION Trustees’ Report and Financial Statements 30 April 2024

Notes

(forming part of the financial statements)

1 Accounting policies

1.1 Basis of preparation and Going Concern

The financial statements have been prepared under the historical cost convention and in accordance with 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 2015) — (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Foundation meets the definition of a public benefit entity under FRS 102.

The financial statements have been prepared on a going concern basis which the Trustees consider to be appropriate for the following reasons.

The business model of the Foundation is such that its charitable activities are limited to those which are forward funded by The Berkeley Group at each balance sheet date. All commitments are approved by the Trustees and charged to the Statement of Financial Activities.

The Trustees have reviewed the forecast commitments for a period of at least 12 months from the date of approval of[these][financial][statements][which][indicate][that][ the][Foundation][will][have][sufficient] funds to meet its liabilities as they fall due for that period. In addition, advance funding was again received before the year end from The Berkeley Group for other commitments forecast for the coming year not yet approved.

The Foundation therefore has no specific unfunded commitments and no committed costs beyond its fixed costs of operation which are paid for by the Berkeley Group. The Berkeley Group has indicated its intent to continuing the activities of the charitable company for a period of at least the next 12 months from the date of signing of these financial statements.

Consequently, the Trustees are confident that the Foundation will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

The Trustees are also of the view that there are no material uncertainties about the entity’s ability to continue as a going concern.

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Income is recognised when:

1.3 Expenditure and liabilities

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.

Grants payable are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.

The estimated value of the time of staff employed by The Berkeley Group is accounted for as donated services, as are the costs paid for by The Berkeley Group on behalf of the Foundation. An equal amount is accounted for as a cost within support or governance costs as appropriate.

Governance costs represent the costs of meeting legal, constitutional and statutory requirements of the Foundation.

18

THE BERKELEY CHARITABLE FOUNDATION Trustees’ Report and Financial Statements 30 April 2024

Notes

(forming part of the financial statements)

1.4 Fund accounting

The Foundation has various types of funds for which it is responsible and which require separate disclosure:

Restricted Funds

Donations that are subject to specific conditions specified by the donor are recorded as restricted funds. From these funds, the donations and any income derived there from may only be utilised in accordance with the specific conditions. There were no Restricted Funds at the period end.

Unrestricted funds

The Foundation has two categories of unrestricted funds:

General Funds — These funds are expendable at the discretion of the Trustees in furtherance of the objectives of the Foundation. These resources arise from the accumulated surpluses and deficits on the provision of general charitable activities.

Designated Funds — These funds have a designated purpose as determined by the Trustees. Designated funds remain at the discretion of the Trustees and may be transferred to general funds if deemed necessary.

1.5 Taxation

The Berkeley Charitable Foundation is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable trust for UK income tax purposes. Accordingly, the charity is exempt from taxation in respect of income or capital gains received within categories covered by Part 10 Income Tax Act 2007 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. No tax charge has arisen in the period.

1.6 Income from investments

Income from investments represents bank interest earned up to the balance sheet date.

2 Legal status of the charity

The charity is a company limited by guarantee, incorporated in the UK, and has no share capital. In the case of an insolvent winding up the members will be required to contribute the amount of £1 each to the assets of the charity.

3 Income

Income
2024 2023
£ £
Funding from The Berkeley Group 2,500,000 2,750,000
Fundraising and GiftAid - 3,511
GAYE 40,979 44,092
Other donations 36,825 29,823
Donated services 431,748 473,679
3,009,552 3,301,105

Funding from The Berkeley Group is primarily in respect of the forward funding of commitments and grants approved by the Trustees and charged to the Statement of Financial Activities in the year, as set out in the Foundation’s Reserves Policy on page 9.

19

THE BERKELEY CHARITABLE FOUNDATION Trustees’ Report and Financial Statements 30 April 2024

Notes (continued)

(forming part of the financial statements)

Donated services reflect the approximate cost of services provided free of charge to the charity by The Berkeley Group, and the costs paid for by The Berkeley Group on behalf of the Foundation. These costs, totalling £421,058 (2023: £463,158), are included in charitable activities, as set out in note 4 below.

In addition, KPMG LLP audit fees and Trustee indemnity insurance are paid for by The Berkeley Group. These costs, totalling £10,690 (2023: £10,521), are also set out in note 4 below.

4 Charitable activities

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2024|2023| |£|£| |Commitments|charged|in|the|year|(Note|5)|2,704,723|2,984,698| |Support|costs|allocated|421,058|463,158| |Governance|costs|10,690|10,521| |3,136,471|3,458,377|

----- End of picture text -----

Support costs allocated

The average number of staff working for the Foundation during the year (full time equivalent) was five (2022: five). They are employed, and have their costs paid for, by The Berkeley Group. Additional support is also provided to the Foundation by other employees of The Berkeley Group.

Emoluments and reimbursed expenses were not paid to any Trustees during the period, who are all employees of The Berkeley Group.

The aggregate payroll costs of the staff working for the Foundation, and of employee services provided by The Berkeley Group are:

----- Start of picture text -----
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2024|2023| |£|£| |Wages|and|salaries|324,010|328,666| |Employer's|National|Insurance|33,028|38,370| |Pension|costs|13,867|12,723| |370,905|379,759| |The|number|of|employees|whose|remuneration|related|to|the|Foundation|(excluding| |costs)|fell|into|the|bands|below were were|as|follows:| |2024|2023| |£80,000|-|£90,000|1|1| |We|note|this|disclosure|was|not|included|in|the|prior year|financial|statements|

----- End of picture text -----

The number of employees whose remuneration related to the Foundation (excluding employer pension costs) fell into the bands below were were as follows:

All costs were covered as part of the Donations in Kind received from The Berkeley Group and therefore represented a £nil cost to the Charity. This disclosure includes the key management personnel of the Foundation.

In addition, other costs of £50,153 were paid by The Berkeley Group on behalf of the Foundation (2023: £83,399).

20

THE BERKELEY CHARITABLE FOUNDATION Trustees’ Report and Financial Statements 30 April 2024

5 Grants and Commitments

Notes (continued) (forming part of the financial statements)

Governance costs

Governance costs comprise KPMG LLP audit fees and Trustee indemnity insurance, as set out below:

2024 2023
£ £
Trustee indemnity insurance 5,690 5,521
Fees payable to auditor— external audit 5,000 5,000
10,690 10,521

During the year £2,704,723 of grants and commitments made were charged to the Statement of Financial Activities.

2024 2023
Beneficiary £ £
Strategic Partnerships
-
Crisis		 777,121 437,286
-
The Lord’s Taverners		 750,000 -
-
Imperial College		 - 600,000
-
 New Horizon Youth Centre -
-
 Groundworks -
-
Mayor's Fund for London		 - 255,000
Richard House Hospice 180,000 -
Multiple Sclerosis Trials Collaboration 150,000 -
St Matthew’s Project 105,000 -
St Basils - 114,483
Other charities (£50,000 or less) 742,602 827,929
Release ofcommitments previously made - -
2,704,723 2,984,698

The commitments to the Foundation's Strategic Partnerships are multi-year agreements with payments due on specific dates.

Payments made during the year are set out below:

2024 2023
£ £
Grants payable brought forward (note 7) 2,458,525 2,347,482
Amounts charged to the Statement of Financial Activities 2,704,723 2,984,698
5,163,248 5,332,180
Payments in the year:
Grants and donations (2,695,733) (2,873,655)
Grantspayablecarriedforward(note7) 2,467,515 2,458,525

21

THE BERKELEY CHARITABLE FOUNDATION Trustees’ Report and Financial Statements 30 April 2024

Notes (continued)

(forming part of the financial statements)

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |6|Debtors| |2024|2023| |£|£| |Fundraising|and|Give|As|You|Earn|3,233|3,525| |Bank|interest|17,836|8,297| |21,069|11,822| |7|Creditors| |2024|2023| |£|£| |Amounts|falling|due|within|one|year|-|grants| |payable|1,354,322|1,685,364| |Amounts|falling|due|after|one|year|-|grants|payable|1,113,193|773,161|

----- End of picture text -----

8 Movement of funds

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Unrestricted| |General|Designated|Total| |£|£|£| |Opening|balance|1,749,073|-|1,749,073| |Income|3,144,445|-|3,144,445| |Transfers|-|-|-| |Expenditure|(3,136,481)|-|(3,136,481)| |Funds|at 30|April|2024|1,757,037|-|1,757,037|

----- End of picture text -----

Designated funds have a designated purpose as determined by the Trustees.

9 Related Party Transactions

The Berkeley Group has provided funding to the Foundation and has also provided donated services, as set out in notes 3 and 4 above.

22