THE BERKELEY CHARITABLE FOUNDATION Report and Financial Statements For the period ended 30 April 2025 Company Number: 8548400 Registered charity in England and Wales: 1152596
Contents Page Reference and Administrative Information Trustees, Report statement of Trustees, Responsibilities Independent Auditor's Report to the members of The Berkeley Charitable Foundation Statement of Financial Activities 12 15 Balance Sheet 16 Cash Flow Statement 17 Notes forming part of the Financial Statements 18
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 (Resigned 19 January 2026) Wendy J Pritchard Alison J Dowsett Piers M Clanford The Venerable Elizabeth Adekunle Richard J Stearn (Appointed 19 January 2026} Senior Management Sally R Dickinson (Head of Foundation) Registered office Berkeley House 19 Portsmouth Road Cobham KT111JG Banker Barclays Bank PIC 1 Churchill Place London E14 5HP Auditor KPMG LLP 15 Canada Square London E14 5GL Charity registration number: 1152596 Company registration number: 8548400
Trustees, Report The Trustees present their report and accounts for the year ended 30 April 2025 ("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 Foundalion's charitab5e 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, beeen 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.
Related Parties The Berkeley Group provided goods and services to the value of £462,150 without charge {2024: £431,748), which is shown in the financial statements as both income and expenditure. During the year ended 30 April 2025, Wendy Pritchard was a Trustee of Richard House, a charity that is supported by the Foundation through grants. Whilst this charity is not deemed a 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 July 2024 and July 2025 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.. A safe place to call home Everyone has somewhere to live that is safe, secure and sustainable Journey to employment Every young person is prepared for work and has the opportunity to build a sustainable career Health and wellbeing Everyone has the support they need to live happier, healthier lives. Youth leadership Young people are empowered to positively impact their own lives and the communities in which they live A resilient voluntary sector Our con7n7unities include a voluntary sector that is effective, inclusive and well resourced
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, Gope 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.. We'll work in partnership with expert charities, investing in their work to help young people thrive We'll add value to our partnerships through our expertise, networks and relationship with Berkeley Group We'll learn from our work and share our learning across the public, private and voluntary sectors We'll ensure that diversity, equity and inclusion is at the heart of everything we do We'll enable young people to play an active role in the Foundation's 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.. Strategic Partnerships.. We have a small number of long-term Strategic Partnerships with organisations that share our goals and values. We aim to create transformational change through these relationships, including by drawing on the full range of support from our colleagues across Berkeley. We worked with eight strategic Partners during the year. Community Partnerships.. Each Berkeley Group operating business selects a local charity to partner with. These are usually small-to-medium sized organisations working in the local area, and provide a focus for staff fundraising and volunteering. We currently have 16 Community Partner charities. Resilience Fund Partnerships: Our Resilience Fund offers grants and support to small-to-medium sized charities to invest in their organisational development, building resilience for the future. We worked with 15 organisations through the Resilience Fund during the year. Over the last 12 months, our partnerships have reached 11,139 (2024.. 11,918} people across London, the South of England and Birmingham. We have donated £3.3 million (2024.. £3.6 million) to the voluntary sector through Foundation grants {£2.5 million) and staff fundraising direct to our charity partners (£800,000), and seen 58 % (2024.. 61 % ) of Berkeley staffget 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 £467,600 in match funding (2024. £493,500).
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 ofour 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: Crisis.. Our partnership with Crisis focuses on supporting a place-based approach to tackling homelessness in Brent through local systems change. The Change Foundation.. Our support for Street Elite, a programme which uses sport to engage young people impacted by crime, violence and inequality, was renewed for a further five years with a total additional funding commitment of £1.5 million. The Lord's Taverners.. Our partnership with the Lord's Taverners continues to support the Super 1s disability cricket programme and inclusive cricket in SEND schools across London, the South East and the West Midlands. The Mayor's Fund for London: We renewed our partnership with the Mayor's Fund for London in support of the Kitchen Social programme, which is tackling food insecurity through a network of community food and activity hubs. We have committed an additional £307,500 over the next three years. Money Ready (formerly MyBnk): Our partnership with Money Ready was renewed for a further three years- a total additional funding commitment of£1,083,973. Our funding continues to support their financial education programme aimed at preventing youth homelessness in London and Birmingham. Imperial College London: Our partnership with Imperial College London continues to support the Makerspace Programmes, aimed at engaging young people in the White City area in design and making. Groundwork London: We delivered the third year of our partnership with Groundwork London, which supports a bespoke youth leadership programme aiming to empower young people to create positive change in their communities and prepare them for careers in the green economy. New Horizon Youth Centre: Our partnership with New Horizon Youth Centre supports young people experiencing homelessness to secure housing, sustain independence and build essential life skills. Community Partnerships We have 16 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 £765,000 for their local partners (2024.. £879,000), 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.
Resilience Fund This year we launched the fourth year of our Resilience Fund, a funding programme which aims to help small-to-medium sized charities and CICS 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 fourth year, the fund is focused on supporting organisations working to build youth leadership skills. Our work also continued with our second and third cohorts of Resilience Fund partners. Funding for our second 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.. 2030 Goal Achievements in 2024125 A safe place to call home Everyone has somewhere to live that is safe, secure and sustainable We invested £960,000 in charities working to give everyone a safe and sustainable place to call home (2024.. £963,000) Our partnerships with homelessness charities supported 1,429 people experiencing or at risk of homelessness {2024-. 1,273) We continued our long-standing partnership with Crisis, focusing on funding its place-based work in Brent. We launched five new charity partnerships through the third year of our Resilience Fund, supporting organisations workin revent and tackle outh homelessness. We invested £579,000 in charities working to help young people prepare for employment and build a sustainable career12024.' £578,000} Our partnerships with employment and skills charities supported 301 young people {2024'. 4561 We renewed our Strategic Partnership with The Change Foundation in support of the training-for-work Street Elite programme, committing £1.5 million over five years. We continued our partnership with Imperial College London, equipping young people with skills for STEM careers. We have worked with Berkeley Group to deliver construction site tours, employability sessions and work experience for young people supported by our charity artners. We invested £1.4 million in charities supporting young people and their communities to live happier, healthier lives {2024.. £1.7 million}. Our partnerships with health and wellbeing charities reached 9,150 people in our local communities (2024: 10,0981. We renewed our Strategic Partnership with the Mayor's Fund for London in support of the Kitchen Social programme, which tackles food insecurity across London. We continued our work with The Lord's Taverners, delivering cricket coaching and competition to disabled young people in schools and communities across our areas of operation. Partnerships with a second cohort of Resilience Fund Partners came to an end during the year, working with or anisations im rovin outh mental health. Journey to employment Every young person is prepared for work and has the opportunity to build a sustainable career Health and wellbeing Everyone has the support they need to live happier, healthier lives
Youth leadership Young people are empowered to positively impact their own lives and the communities in which they live We invested £192,000 in charities working to ensure that young people can positively impact their own lives and the communities in which they live (2024.. £143,000). Our partnerships with youth leadership organisations reached 159 young people (2024.. 931. We launched a new funding programme targeting small-to- medium-sized organisations working to build leadership ski15s in young people. We are proud to be working with organisations that put youth involvement and youth voice at the heart of their work. For example, 1000/0 of the Street Elite coaching team are graduates of the programme and lived experience ex erls. We invested £168,000 through our Resilience Fund, to help small-to-medium sized voluntary sector organisations build their organisational resilience (2024.. £140,000). Each year we provide unrestricted funding to our charity partners through our match funding scheme and flexible grants pot that enables us to respond to external challenges. This year, we distributed £467,600 in unrestricted match funding {2024'. £493,500} and we provided a further £21 ,500 in unrestricted grants to our partners (2024.. £233,000). We delivered a programme of learning events for our charity partners, including a session on leadership for small charity leaders and a peer-led webinar series focused on buildin resilient or anisations. A resilient voluntary sector Our communities are supported by a voluntary sector that is effective, inclusive and well-resourced 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. 2030 Commitment Achievements in 2024125 Partnerships We'll build partnerships with expert charities, investing in their work to help communities thrive We extended our partnerships with three of our current Gharity partners. The average length of our grant agreements was 2.7 years (2024.. 2.7 years). We strengthened our commitment to flexible funding by unrestricting 25 % of all new grants. This year, 46 % (2024.. 51 % ) of our total funding was unrestricted or allocated towards core costs. This included £15,000 in unrestricted funding distributed in response to the racist riots. We maintained our commitment to IVAR'S eight principles for Open and Trusting Grant-making. We launched an anonymous partner survey. 95 % of respondents said they felt trusted by the Foundation to make the ri ht decisions.
Adding value We'll add value to our partnerships through our expertise, networks and relationship with Berkeley Group 58°/o of Berkeley staff got involved in our work through fundraising, volunteering or payroll giving {2024: 61 % ). staff raised £839,000 for the Foundation and our charity partners12024'. £941,000) and volunteered 1,900 hours of their time. We delivered a programme of learning events for our charity partners, including a peer-led webinar series focused on buildin resilient or anisations. We delivered six learning events in the year, bringing our charity partners together to network and share expertise {2024.' three events}. We shared our work externally through articles and blog posts and participation in a range of funders, networks and forums. We hosted a roundtable event for other funders interesting in building resilience in the voluntary sector and set up a funders, Resilience Neork in partnership with London Funders. We analysed EDI data collected through the Year 3 Resilience Fund application process and published a blog highlighting our learnings and plans for improvement. The Foundation tea, completed EDI in grant-making trainin with Social Justice Collective. We worked with young people from youth homelessness charity St Basils to design and develop the fourth year of our Resilience Fund programme. They are also supporting our decision-making process and will be part of the external assessment panel that makes the final funding recommendations. Learning and sharing We'll learn from our work and share our learning across the public, private and voluntary sectors Diversity, equity and inclusion We'll ensure that d iversity, equity and inclusion is at the heart of everything wedo Youth participation We'll enable young people to play an active role in the Foundation's work 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 £3,332,969 (2024.. £3,144,445). 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 increased slightly in the year primarily due to an increase in the funding contribution from The Berkeley Group, which has again advance funded commitments forecast for the next financial year. Expenditure in the year totalled £4,197,871 {2024'. £3,136,481). This related to commitments and grants to Strategic Partnerships, Community Partners and grants and donations to other charities within the Foundation's core focus areas, as we51 as support costs paid for by The Berkeley Group. The increase in the level of commitments made in the year is due to the renewal of two large multi-year partnerships- The Change Foundation for five years and Money Ready {formerly MyBnk) for three years. Grants and donations totalling £2,545,349 were physically paid by the Foundation during the year (2024.. £2,695,733). The Foundation made no political donations during the year {2024.' nil). In addition, a further £762,240 was raised by Berkeley Group staff via fundraising and £39,118 through Give As You Earn,. totalling £801,358 in the year {2024.' £899,972) 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 ,437 current Berkeley staff contributed to the Foundation in 2024125 {58°/0), and 27 % of all Berkeley staff were signed up to Give As You Earn at April 2025. 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 £892,135 (2024.. £1,757,037), with all funds being unrestricted. The Foundation is foNard 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. 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 2025, 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 2025126 include.. Make grants to five charities working to build youth leadership skills, through the fourth year of our Resilience Fund, and continue to deliver a strong programme of learning events for our Resilience Fund partners., Explore options for a new Strategic Partnership focused on youth mental health., Continue to improve the way we communicate our approach to funding and partnerships, so charities are clearer on what they can expect from working with us., Analyse and report on the impact of unrestricted funding across our partnerships; Collect, analyse and report on EDI data from grant applicants and charity partners-, Continue to seek opportunities to bring diverse perspectives into our team. 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, Annual Report and the financial statements The Trustees are responsible for preparing the Trustees, Annual 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.. select suitable accounting policies and then apply them consistently., make judgements and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards and the Statement of Recommended Practice have been followed, subject to any material departures disclosed and explained in the financial statements., assess the Charitable Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern., and use the going concern basis ofaccounting unless they either intend to liquidate the Charitable Company or to cease operations or have no realistic alternative but to do so. 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 board lanford Trustee 11 January 2026
Independent auditor's report to the members of The Berkeley Charitable Foundation Opinion We have audited the financial statements ofThe Berkeley Charitable Foundation ("the charitable company") for the year ended 30 April 2025 which comprise the Statement of Financial Activities, Balance Sheet, and the Cash Flow Statement and related notes, including the accounting policies in note 1. In our opinion the financial statements.. give a true and fair view of the state of the Charitable Company's affairs as at 30 April 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland., and have been prepared in accordance with the requirements of the Companies Act 2006. 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 ofthe 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 orto 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 COLtld 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.. we consider that the Trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate., and we have not identified and concurwith the Trustees, assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Charitable Company's ability to continue as a going concern for the going concern period. 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: Enquiring of Trustees and management, and inspection of policy documentation as to the Charitable Company's high-level policies and procedures to prevent and detect fraud, as well as whether they have knowledge of any actual, suspected or alleged fraud Reading Trustees, board meeting minutes Using analytical procedures to identify any unusual or unexpected relationships. We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit. 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 12
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 also performed procedures including.. Identifying journal entries and other adjustments to test based on risk criteria and comparing the identified entries to supporting documentation. These included journals with unusual postings to cash and revenue. Identifying and responding to risks of material misstatement due to non-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 management as required by auditing standards. Additionally, we discussed with management the relevant 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. Firstly, the Charitable Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies, and charities, legislation) and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the Charitable Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect.. anti-bribery and anti-money laundering laws, recognising the nature ofthe Charitable Company's activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. Context of the ability of the audit to detect fraud or breaches of laws and regulations 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 non- compliance 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 In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these 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 non- compliance 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.. we have not identified material misstatements in the other information., in our opinion the information given in the Trustees, Report, which constitutes the Directors, Report for the financial year, is consistent with the financial statements., and in our opinion those reports have been prepared in accordance with the Companies Act 2006. 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: the Charitable Company has not kept adequate accounting records or returns adequate for our audil have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns; 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 audit., or the trustees were not entitled to take advantage of the small companies, exemption from the requirement to prepare a strategic report. We have nothing to report in these respects. Trustees, responsibilities As explained more fully in their stalement 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 thal 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, matlers 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 misslatement 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.or uklauditorsres onsibilities. The purpose of our audit work and to whom we owe our responslbllities 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 exlent permitled 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 23 January 2026 14
T14E BElELFy CHARITABLE POUNDATION Triislees, Repoi't and finaiicial Sialeiiients 30 April 2025 Statement of Financial Activities (incorporating the Income & Expenditure account) for the year ended 30 April 2025 2025 Unrestricted funds 2024 Unrestricted funds Nole Income from: Donations and legacies Investments 3,191,867 141,102 3.009,552 134,893 Total 3,332,969 3,144 445 Expenditure on: Charitable activities Other (4,197,825) (46) 13,136,471) {10) Total 4,197,871 3,136,481 Net incomellexpenditurel (864,9021 7,964 Reconci1Sation of funds: Total funds brought foThvard 1,757,037 1,749,073 Total funds ¢arried forward 892,135 1757.037 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
TIIE BEIIKELf.Y C14ARITABLE fouNDATION Trustees, Report and Finaiioi&l Sialeiiicnls 30 April 2025 Balance Sheet at 30 April 2025 Note 2025 2024 Current assets Debtors Cash at bank 25,720 4,524,257 21,069 4,203,483 4,549,977 4,224,552 Creditors,. amounts falling due within one year (1.838,910) (1,354,322) Net current assets 2,711,067 2,870,230 Creditors: amounts falling due after one year {1,818,932) (1,113,193) Net assets 892,135 1,757,037 Funds Unrestricted: General Designated 892,135 1,757,037 892,135 1,757,037 The notes on pages 18 to 22 form part of these financial statements. These financial statements were approved by the Board of Trustees on IlJanuary 2026 and were signed on its behalf by.. Pmts anford Trustee 16
TIIE BEIIKELEY CHARITABLE bOUNDATION Triislees, Report atjd finaiicial Siatcinci)Is 30 Apiil 2025 Cash flow statement Note 2025 2024 Cash flDWS from operating activities 179,672 (127,186) Cash flows from investing activities 141,102 134,893 Change in cash and cash equivalents in the reporting period 320,774 7,707 Cash and cash equivalents at the beginning of the reporting period 4,203,483 4,195,776 Cash and cash equivalents al the end of the reporting period 4,524,257 4,203,483 NOTES TO THE CASH FLOW STATEMENT Reconciliation of net expenditure to net cash flow from operating activities 2025 2024 Net (expenditure)lincome for the reporting period Income from investments Increase in debtors Increase in creditors {864.902) 1141,102) (4,650) 1,190,326 7,964 (134,893) (9,247) 8,990 Net cash flows from operating activities 179,672 127,186 b. Analysis of cash and cash equivalents 2025 2024 Cash at bank 4,524,257 4,203,483 17
TIIE BEIIKEI.F.Y C14ARITABLE FOUNDA'I'ION Triislees. Repoi'l and Financial SlaleInenls 30 April 2025 Notes (forming part of the financial statements) Accounting policies 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 PracliGe applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 20151- (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 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 foward 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 stalernents. 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 uncertainlies 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 Income is recognised when.. the Foundation has unconditional enlitlemenl to the resources., the receipt of the income is considered probable., and Ihe value Gan be reliably measured. 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 aGcounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of Ihe charity. The estimated value of the time of staff employed by The Berkeley Group is accounled for as donated services, as are the costs paid for by The Berkeley Group on behalf of the Foundalion. 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 Bf.RKF.I.EY CIIAllI'fA13LF. FOIJNDATION 'rrLislees' Rei)ort and Financial Slalen)ents 30 April 2025 Notes (forming part of the financial statements) 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. Unresfricled funds The Foundation has two categories of unrestricted funds.. General Funds These funds are expendable at the discretion of the Trustees in furtherance of Ihe objectives of the Foundation. These resources arise from the accumulated surpluses and deficits on the provision of general charitable activities. Desi nated Funds These funds have a designated purpose as determined by the Trustees. Designated funds remain at the discretion of Ihe Trustees and may be transferred to general funds if deemed necessary. Taxatlon The Berkeley Charitable Foundation is Gonsidered 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 lax purposes. Accordingly, the charity is exempl from taxation in respect of income or capital gains received within Categories covered by Part 10 InGome Tax Act 2007 or Section 256 ofthe Taxalion of Chargeable Gains Act 1992, to the extent that such income or gains are applied exGlusively to charitable purposes. No tax charge has arisen in the period. Income from investments Income from investments represents bank interest earned up to the balance sheet date. Legal status of the charity The charity is a company limited by guarantee, incorporated in the UK, and has no share capital. In the ase of an insolvent winding up the members will be required to contribute the amount of £1 each to the assets of the charity. Income 2025 2024 Funding from The Berkeley Group Fundraising and Gift Aid GAYE Other donations Donated seNices 2,600,000 432 37,045 92,240 462,150 2,500,000 40,979 36,825 431,748 3,191,867 3,009,552 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 10. 19
THE BERKELEY CHARITABLE FOUNDATION Triist¢e5' Report and finaiicial Slaleiiiei)ts 30 April 2025 Notes (continued) (rorming part of the financial statements) Donated seNices 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, tolalling £451,399 (2024: £421,058}, 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 £10,751 {2024.' £10,690), are also set out in note 4 below. Charitable activities 2025 2024 Commitments charged in the year (Note 5} Support costs allocated Governance costs 3,735,675 451,399 10,751 2,704,723 421,058 10,690 4,197,825 3,136,471 Support costs allocated The average number of staff working for the Foundation during the year (full lime equivalentl was five (2024.. five). They are employed, and have their costs paid for, by The Berkeley Group. Additional support 15 also provided to the Foundation by olher 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.. 2025 2024 Wages and salaries Employerfs National Insurance Pension costs 346.940 38,940 26,076 324,010 33,028 13.867 411,956 370,905 The number of employees whose remuneration related to the Foundation (excluding employer pension costs) fell into the bands below were as follows.. 2025 2024 £90,000 - £100,000 £80,000 - £90,000 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 £39,443 were paid by The Berkeley Group on behalf of the Foundation12024- £50,153). 20
TIIE BERKELEY CHARITABLE FOUNDATION Tni%lees' Ileport and finaii¢ial Slalen)ents 30 April 2025 Notes (continued) (forming part of the financial statements) Govemance costs Governance costs comprise KPMG LLP audit fees and Trustee indemnity insurance, as set out below.. 2025 2024 Trustee indemnily insurance Fees payable to auditor- external audit 5,751 5,000 5,690 5,000 10.751 10,690 Grants and Commitments During the year £3,735,675 of grants and commitments made were charged to the Statement of Financial Activities. 2025 2024 Beneficiary Strategic Partnerships Crisis The Lord's Taverners Mayor's Fund for London Money Ready {Previously MyBnk) The Change Foundation Richard House Hospice Multip5e Sclerosis Trials Collaboration St Matthew's Project Resilience Fund Other Charities {£50,000 or less) 777,121 750,000 307,500 1,083,973 1,550,625 180,000 150,000 105,000 300,000 493,577 742,602 3,735,675 2,704,723 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.. 2025 2024 Grants payable brought forward (note 7) Amounls charged lo the Statement of Financial Activities 2,467,515 3,735,675 6,203,190 2,458,525 2,704.723 5,163,248 Payments in the year: Grants and donations (2,545,348) {2,695,733) Grants payable carried foNard (note 7) 3,657,842 2,467,515
I'HE BEIIKf,l.EY CIIAIII'I'ABLE fouNDA'I'ION riistees, Roport and Financial St8tcii)Lnts 30 April 2025 Notes (continued) (forming part of the financial statements) Debtors 2025 2024 Fundraising and Give As You Earn other debtors Bank interest 3,017 7,958 14,745 3,233 17,836 25,720 21,069 Creditors 2025 2024 Amounts falling due within one year- grants payable 1838,910 1,354,322 Amounts falling due afier one year - grants payable 1,818,932 1,113,193 Movement of fund5 Unrestricted Designated General Total Opening balance Income Transfers Expenditure 1,757,037 3,332,969 1,757,037 (4,197,871) Funds at 30 April 2025 892,135 892,135 Designated funds have a designated purpose as determined by the Trustees. Related Party Transactlons The Berkeley Group has provided funding to the Foundalion and has also provided donated services, as set out in notes 3 and 4 above. 22